millionaires

Millionaires held cash worth 24% of their portfolios in Spring 2023 up by 10% during the same period in 2022

U.S. Department of Education will now begin collecting student loan payments, not collected from those who defaulted since 2020

World Economic Forum founder and chairman Klaus Schwab resigns with immediate effect

U.S. Dollar is now used in nearly 50% of global payments, the highest level in more than 12 years

Donald Trump has said there is virtually no inflation and Jerome Powell should cut interest rates

Per CNBCMillionaires 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 2001ChatGPT's portfolio outperformed random ones, with managers saying the AI is a co-pilot' not a 'prophet'Resources:CNBC

Unusual Whales

Homepage

News Index

News Article