Per CNBC
Millionaires held cash worth 24% of their portfolios in Spring 2023 up by 10% during the same period in 2022
7/14/2023
Millionaires have started to hold more cash in Spring 2023 up from its 2022 numbers. In Spring 2022, millionaires only held 14% of their portfolios in cash compared to its Spring 2023 numbers at 24%.
In fall 2022, the percentage of cash that millionaires held in their portfolios was at 16%. This came from the CNBC Millionaire Survey in April 2023, which involved 764 participants with at least $1 million or more in their portfolios.
The $1 million or more had to be from the individual's investible assets. Another Capgemini Research Institute survey saw similar results, with more affluent investors holding more cash.
Carolyn McClanahan, a certified financial planner, gave a statement regarding the situation.
McClanahan: “If you’re 20, 30 years old, it’s not smart to keep your 401(k) in cash because you’re not going to be [touching] that... If they need money in the short term for buying a home, having a baby, changing a career, it’s not a bad deal to keep more cash for that... Cash is OK as long as you understand what your needs are.”
In March, it was reported that cash trumped stock-bond portfolio for the first time since 2001. This came as individuals could get more out of cash compared to the regular stock-bond portfolio.
During that time, it was also reported that ChatGPT's portfolio outperformed random ones, with managers saying the AI is a "co-pilot," not a "prophet."
See flow at unusualwhales.com/flow.
Other News:
- Cash trumps stock-bond portfolios for the first time since 2001
- ChatGPT's portfolio outperformed random ones, with managers saying the AI is a co-pilot' not a 'prophet'
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