Where Do Millionaires Keep Their Money?

Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. Most of the 20.27 million millionaires in the U.S. did not inherit their money; only about 20% inherited their money. More than two-thirds of all millionaires are entrepreneurs. Here are some of the places the genuinely rich keep their money.

Cash and Cash Equivalents

Many, and perhaps most, millionaires are frugal. If they spent their money, they would not have any to increase wealth. They spend on necessities and some luxuries, but they save and expect their entire families to do the same. Many millionaires keep a lot of their money in cash or highly liquid cash equivalents.

They establish an emergency account before ever starting to invest. Millionaires bank differently than the rest of us. Any bank accounts they have are handled by a private banker who probably also manages their wealth. There is no standing in line at the teller’s window.

Studies indicate that millionaires may have, on average, as much as 25% of their money in cash. This is to offset any market downturns and to have cash available as insurance for their portfolio. Cash equivalents, financial instruments that are almost as liquid as cash. are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills.

Some millionaires keep their cash in Treasury bills that they keep rolling over and reinvesting. They liquidate them when they need the cash. Treasury bills are short-term notes issued by the U.S government to raise money. Treasury bills are usually purchased at a discount. When you sell them, the difference between the face value and selling price is your profit. Warren Buffett, CEO of Berkshire Hathaway, has a portfolio full of money market accounts and Treasury bills.

Millionaires also have zero-balance accounts with private banks. They leave their money in cash and cash equivalents and they write checks on their zero-balance account. At the end of the business day, the private bank, as custodian of their various accounts, sells off enough liquid assets to settle up for that day. Millionaires don’t worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank.

Other millionaires have safe deposit boxes full of cash denominated in many different currencies. These safe deposit boxes are located all over the world and each currency is held in a country where transactions are conducted using that currency.

Real Estate

For more than 200 years, investing in real estate has been the most popular investment for millionaires to keep their money. During all these years, real estate investments have been the primary way millionaires have had of making and keeping their wealth. The trend started with buying a primary home and then other residences, usually for tenants. After buying some personal real estate, then they have started buying commercial real estate like office buildings, hotels, stadiums, bridges and more.

Millionaires often have large real estate portfolios. Once they have established themselves as a buyer in the real estate market, real estate agents start bringing them deals and they find it easy to obtain financing. Large investors have many millions tied up in real estate. Real estate is not an investment to depend on for cash, but it is a lucrative investment in the long run and a tried and true investment for millionaires because they like passive income and find that real estate provides it.

Stocks and Stock Funds

Some millionaires are all about simplicity. They invest in index funds and dividend-paying stocks. They like the passive income from equity securities just like they like the passive rental income that real estate provides. They simply don’t want to use their time managing investments.

Ultra-rich investors may hold a controlling interest in one or more major companies. But, many millionaires hold a portfolio of only a few equity securities. Many may hold index funds since they earn decent returns and you don’t have to spend time managing them. They also have low management fees and excellent diversification.

Millionaires also like dividend-paying stocks for the passive income they provide. Of course, they are also interested in capital appreciation but, for some, that’s less of a concern than generating current income.

Private Equity and Hedge Funds

Unless you are a multimillionaire, you may not participate in a hedge fund or buy into a private equity fund. Public equity is well known since its shares trade on stock exchanges. One of its advantages is its liquidity. You can readily liquidate your public equity or shares of stock. Private equity funds, on the other hand, generally gets their investments from large organizations like universities or pension funds.

Investors of private equity funds have to be accredited investors with a certain net worth, usually at least $250,000. Accredited investors can be individuals as well as organizations, but they are defined by regulations. In other areas, private equity funds do not have to conform to as many regulations as public equity does. Some of the ultra-rich, if they are accredited investors, do invest in private equity.

Hedge funds are not the same as private equity. Hedge funds use pooled funds and pursue several strategies to earn outsized returns for their investors. Hedge funds invest in whatever fund managers think will earn the highest short-term profits possible.

Commodities

Commodities, like gold, silver, mineral rights or cattle, to name a few, are also stores of value for millionaires. But they require storage and have a level of complexity that many millionaires simply don’t want to deal with.

Alternative Investments

Some millionaires, along with the ultra-rich, keep a portion of their money in other alternative investments like such tangible assets as fine art, expensive musical instruments or rare books. Also, there are millionaires and the ultra-rich that have investments in intellectual property rights such as the rights to songs or movies. These can be very lucrative investments.

Cryptocurrency

It is estimated that there are around 100,000 cryptocurrency millionaires out there with the majority holding Bitcoin. To try to make your fortune in cryptocurrency, you have to be willing to take on some risk and many millionaires don’t have an appetite for risk.

You can take a small portion of a millionaire’s wealth and invest in one of the different cryptocurrencies. Plenty of people have become millionaires this way. Some have lost their money. More and more, cryptocurrency is becoming accepted as a legitimate investment that deserves a look when trying to accumulate wealth.

The Bottom Line

Millionaires have many different investment philosophies, so it’s difficult to generalize concerning where they keep their money. However, all of the above are legitimate investments for millionaires. They have a desire for a reduction of their risk, so many prefer diversified investment portfolios. More than one of these investments can be combined to try to enhance wealth.

Tips on Investing

Would you like to investigate how your investments are growing? Check out SmartAsset’s free investment calculator.

Do you have questions about how to start investing? It’s wise to begin by consulting a financial advisor. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals

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Source: Where Do Millionaires Keep Their Money?

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S&P 500 Closes At New Record Despite Inflation Hitting Nearly 40-Year-High

The stock market moved higher on Friday—extending this week’s rally—despite consumer prices surging 6.8% last month, the highest inflation reading in nearly 40 years, according to data released by the Labor Department.

Key Facts

The Dow Jones Industrial Average rose 0.6%, over 200 points, while the S&P 500 gained nearly 1% and the Nasdaq Composite 0.7%.

While markets took a hit after the first case of omicron was reported in the United States last week, stocks have recently bounced back as investors grow less fearful about the Covid omicron variant—with the S&P 500 hitting a new record high on Friday.

Even a bad inflation reading on Friday morning wasn’t enough to spook investors: Consumer prices rose 6.8% in the 12 months ending in November, according to Labor Department data, which shows inflation at a nearly 40-year high.

Some investors who expected an even higher inflation reading were relieved by the news and sent stocks up, while others remain optimistic about the ongoing economic recovery boosted by a strong labor market recovery.

Shares of tech giant Oracle jumped over 15%, a day after beating quarterly earnings estimates, while shares of at-home fitness company Peloton added to the previous day’s losses, falling over 5% on Friday.

Vaccine maker Moderna’s stock, meanwhile, fell nearly 6% as investors await more data and updates on the efficacy of the company’s Covid treatments against the omicron variant.

Big Number: $15.1 Billion

That’s how much Oracle cofounder Larry Ellison’s net worth jumped on Friday, to $135.7 billion, according to Forbes’ estimates. He is now the fifth richest person in the world.

Key Background:

After the emergence of the omicron variant led to a sell-off last week, stocks are now on pace for a solid weekly rebound. All three major indexes have risen by nearly 4% this week as investor concerns about the new variant abate amid news that vaccines are effective against it.

Crucial Quote:

“The inflation print from this morning will reinforce the Fed’s resolve to accelerate tapering,” predicts Anu Gaggar, global investment strategist for Commonwealth Financial Network. “With the strength in the economic recovery, it is time to take the crutches away,” he says, adding, “supply and labor shortages will keep aggregate prices elevated for longer, keeping inflation higher than the Fed target for a while.”

What To Watch For:

While December has historically been a great month for the stock market, the new omicron variant is causing “major volatility” and complicating the inflation outlook, says Ryan Detrick, chief market strategist for LPL Financial. Despite the myriad of challenges facing markets in 2022, he remains “optimistic” that stocks will finish the year on a solid note.

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I am a senior reporter at Forbes covering markets and business news. Previously, I worked on the wealth team at Forbes covering billionaire

Source: S&P 500 Closes At New Record Despite Inflation Hitting Nearly 40-Year-High

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More Contents:

Inflation Spiked Another 6.8% In November—Hitting 40-Year High As White House Tries To Temper Price Concerns

Stocks Rally For A Second Day—Dow Gains 500 Points—As Investors Shake Off Omicron Fears

This Vaccine Maker Can ‘Dominate’ The Covid Market For Years To Come, Wells Fargo Predicts

The Number Of Americans Filing For New Unemployment Benefits Just Fell To A 52-Year Low

Amazon shares dropped 2.1% after the e-commerce giant badly missed earnings and revenue expectations for the third quarter. Apple stock fell 1.8% after the tech giant’s quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs. It was the first time Apple’s revenues have missed Wall Street estimates since May 2017.

However, Microsoft rose 2.2% to surpass Apple as largest listed company in the world by market cap. Nike and Intel also had solid days to boost the Dow.

Despite the disappointing results from Big Tech, the stock market has been raking in records amid solid earnings even with global supply chain concerns. About half of the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year over year.

“So far, I think it is fair to say that companies have managed to navigate these headwinds effectively, of course having the benefit of strong demand,” said Angelo Kourkafas, an investment strategist at Edward Jones. “But they are not immune to it. These input cost pressures will show up as reduced revenue or potentially lower profit margins.”

“But I think so far, with about half to the S&P 500 companies having reported, the initial assessment is that profitability has remained fairly resilient because of strong demand and pricing power,” he added.

Shares of Exxon Mobil and Chevron rose on Friday after the energy giants topped earnings expectations. Starbucks, however, was under pressure after revenue from China missed expectations.

All three major averages posted their fourth positive week in a row and finished solidly higher for the month. The Nasdaq gained 7.2% for October, while the S&P 500 gained 6.9%. The Dow rose 5.8% for its best month since March. The month marked a rebound from September, where the major indexes declined.

Market sentiment was also helped by developments in Washington. On Thursday, President Joe Biden announced a framework for a $1.75 trillion social spending deal. The agreement, which is expected to make it easier to pass the separate infrastructure spending bill currently stalled on Capitol Hill, came in lighter on spending and taxes than earlier proposals.

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Yung-Yu Ma, chief investment strategist at BMO Wealth Management, said the deal appeared to be in a “sweet spot” and should create more optimism among investors.

“The tax portion of it is looking like it’s going to come in probably below all of the original expectations. So the burden for specifically corporate taxes is going to be lower than the concerns and the expectations in the marketplace were,” Ma said.

Treasury Secretary Janet Yellen spoke to CNBC on Friday morning, saying she was hopeful that the administration’s infrastructure package would be approved soon while saying she does not believe it will add to the inflation problems the U.S. has been experiencing.

“It will boost the economy’s potential to grow, the economy’s supply potential, which tends to push inflation down, not up,” Yellen said during a live “Worldwide Exchange” interview.

Alibaba Stock Keeps Falling, Sending Jack Ma’s Net Worth Down $30 Billion In A Year

Shares of tech giant Alibaba continued to fall on Friday, adding to the stock’s massive selloff after the company said earlier this week that it expects weaker revenue growth amid China’s slowing economy and Beijing’s ongoing regulatory crackdown.

Key Facts

The tech and e-commerce giant reported disappointing quarterly earnings late on Wednesday and slashed its revenue forecasts for the year ahead.

Alibaba shares plunged over 11% on Thursday following the report—one of the stock’s largest single-day declines on record—and is down more than 2% so far on Friday.

The stock’s downward trajectory has shaved billions off of the net worth of Alibaba founder and chairman, Jack Ma, who was once China’s richest person.

Ma’s fortune fell by another $350 million on Friday, bringing his net worth to $38.6 billion, according to Forbes’ estimates.

The billionaire’s wealth is down dramatically from its peak: Ma was worth as much as $66.6 billion when Alibaba’s stock price hit a record high of around $317 per share on October 27, 2020.

It has been a difficult year for the Chinese billionaire, who is also the cofounder of fintech giant Ant Group: Ma has largely kept a low public profile since Beijing’s regulatory crackdown heated up last year.

Key Background:

Since last year, the Chinese government has ramped up its regulatory scrutiny of major tech giants in the country—including Alibaba and its peers Tencent, Baidu and TikTok owner ByteDance, accusing them of anticompetitive practices and gathering large amounts of private user data. Billionaire Jack Ma briefly disappeared from public view after Chinese regulators shut down his fintech company Ant Group’s planned $35 billion IPO in November 2020.

Government regulators then fined Alibaba $2.8 billion in April 2021—the highest-ever antitrust penalty imposed in China—for acting like a monopoly. Shares of Alibaba are down nearly 40% so far this year.

What To Watch For:

In its earnings release, the tech giant warned of a “regulatory environment that [could] affect Alibaba’s business operations” as well as “privacy and data protection regulations and concerns.”

Crucial Quote:

Chinese president Xi Jinping “has not backed down” when it comes to the regulatory crackdown, John Freeman, vice president of equity research at CFRA, recently told Yahoo Finance. “There’s actually a delisting risk” when it comes to Alibaba shares, he warns.

Further Reading:

Alibaba Founder Jack Ma Reportedly Resurfaces In Hong Kong (Forbes)

Here’s Why Investors Should Take Another Look At China, According To This Asset Manager (Forbes)

Here’s What Investors Are Most Worried About—Including Meme Stocks And China Real Estate—According To Fed Report (Forbes)

Follow me on Twitter or LinkedIn. Send me a secure tip.

I am a New York-based reporter covering billionaires and their wealth for Forbes. Previously, I worked on the breaking news team at Forbes covering money and markets.

Source: Alibaba Stock Keeps Falling, Sending Jack Ma’s Net Worth Down $30 Billion In A Year

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U.S. Households’ Net Worth Hits Record $123.5 Trillion As Stocks Boom, But Debt Is Also Surging

While unemployment has remained stubbornly above pre-pandemic levels, record highs in the stock market have pushed the net worth of all households in the U.S. to a new high, despite the fast growth in household debt.

The net worth of households in the United States climbed to $123.5 trillion in the third quarter, up 8% from a year ago, the Federal Reserve said in a report Wednesday.

The Fed, which calculates net worths by subtracting overall debt held from the sum of assets like savings and equities, attributed the gains to the surging value of stocks, which jumped $2.8 trillion in the third quarter, as well as real estate, which increased in net value by $400 billion.

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Meanwhile, household debt, which includes mortgages, credit card debt and personal loans, jumped at an annual rate of 5.6% in the third quarter, reaching $16.4 trillion; that’s the fastest growth this decade, beating out a 3.9% increase in 2017.

Business debt fell 0.9% to $17.5 trillion in the third quarter, while federal government debt jumped 9.1% to $26 trillion.

CRUCIAL QUOTE 

“We’ve seen home prices rise, market prices for tradable instruments rise and savings increase… but those gains skew to upper income people,” KPMG Chief Economist Constance Hunter told the Wall Street Journal. “It’s a vicious cycle,” she added of the pandemic’s disparate impact on lower-income Americans. “Not only are lower-income households more impacted, they also are less likely to have the resources to draw upon to support their families.”

KEY BACKGROUND

The S&P 500 jumped 8% in the third quarter, while the tech-heavy Nasdaq Composite soared nearly 12%, and both have reached record highs in the fourth quarter–as has the Dow Jones Industrial Average. But far from everyone benefits from those gains. According to a Gallup poll in March and April, just 22% of Americans making less than $40,000 annually said they owned any stocks, compared to 84% of people making at least $100,000 per year.

TANGENT

There were 10.9 million unemployed people in the country last month, when the U.S. economy added a much lower-than-expected 245,000 jobs, according to data released by the Bureau of Labor Statistics last week. The number of unemployed people in the U.S. remains more than three times higher than it was before the pandemic, during which 22 million Americans have been forced into unemployment.

FURTHER READING

U.S. Household Net Worth Hits Record in Third Quarter (WSJ)

Unemployment Claims Spike Again As Covid-19 Spreads And Americans Wait For Federal Relief (Forbes)

10.9 Million Americans Are Still Unemployed—Rate Ticks Down To 6.7%, But Job Market Could Take Years To Recover (Forbes)Follow me on Twitter. Send me a secure tipJonathan Ponciano

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

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Wall Street Journal

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