There’s a split between how millionaires in the US and the rest of the world manage their holdings.
In uncertain economic times it makes sense to diversify assets and spread holdings across a broad portfolio. Well, it makes sense to do this even in more certain economic times.
But today’s times are just about as uncertain as they come, so why — accord to the latest GlobalData Wealth Management Survey — are HNWIs (high net worth individuals) in the US not doing this?
US millionaires seemingly prefer to entrust the vast majority of their wealth with one wealth manager, with a far higher percentage choosing to do so than the rest of the world.
They also tend to have fewer relationships with wealth management firms. Globally, however, millionaires tend to spread their investments across multiple providers.