Where do really rich people have their savings? +85k
Discussion
After an inheritance, I've split my savings into various separate institutions, I'm not rich by any means!!
Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
If you’re rich enough, you will be offered some decent banking services and they can guide you.
NS&I is fully secure, as it’s effectively lending to the government. Up to £2m I believe.
I also think the risk of a large financial institution collapsing and you losing all your money is extremely low. I know 2008 happened, but since then there have good capital controls to stop it happening again.
NS&I is fully secure, as it’s effectively lending to the government. Up to £2m I believe.
I also think the risk of a large financial institution collapsing and you losing all your money is extremely low. I know 2008 happened, but since then there have good capital controls to stop it happening again.
Rich people don’t have cash in savings accounts. Well, not stacks of it anyway.
Hell, sensible ‘normal’ people don’t have large sums of cash in savings accounts.
They have investments and the money is in those.
Said investments can take the form of, for example, shares or physical assets (cars, art, wine, etc)
Choose your poison.
Hell, sensible ‘normal’ people don’t have large sums of cash in savings accounts.
They have investments and the money is in those.
Said investments can take the form of, for example, shares or physical assets (cars, art, wine, etc)
Choose your poison.
Slyjoe said:
After an inheritance, I've split my savings into various separate institutions, I'm not rich by any means!!
Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
Investments. Business. Shares. Bullion. Real estate. Alternate investments (art, cars, wine et al). Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
Relative of mine has around £40m of assets. It’s spread around and invested in various things, £1m with Vanguard, some elsewhere, some somewhere else. It’s tends not to be on deposit 
Usually has a (full day!) review meeting with the advisor each quarter. This also covers estate planning / family ‘education’.
Usually has a (full day!) review meeting with the advisor each quarter. This also covers estate planning / family ‘education’.
Slyjoe said:
After an inheritance, I've split my savings into various separate institutions, I'm not rich by any means!!
Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
Where do the very rich stick it all? I can't imagine them having hundreds of accounts with the 85k max insured limit.
I couldn't get a sensible answer from Google.....
Many thanks in advance.
When you say very rich, do you mean at the hundred billion level?
If so, Mr Warren Buffett is your guide.
He certainly would not put his long-term money in cash accounts, or cash equivalents. As he rightly says, you are guaranteed to lose money doing that. Inflation will steal the value from you.
Having made his money in equity stakes, almost all of his wealth is in company shares.
People continually talk about diversification, so perhaps even more surprising, almost all of his money is invested in just one company.
That company though is diversified in various ways itself.
Many share investors saw book losses last year, but it was possible to end the year up. It all depended on where your investments were placed and whether a little luck came your way. Mr. Buffett finished up in 2022.
Slyjoe said:
ReallyReallyGood said:
Google “wealth management”
I think that's the best answer for me so far, I did have a look at Coutts bank initially, but the website laughed at the significant, but the relatively paltry amount I had You don't mention the amounts involved but if it's six figures you can quite easily find yourself paying someone almost a salary for managing your wealth.
Fees matter just as much as returns.
Gassing Station | Finance | Top of Page | What's New | My Stuff