More than half of the world’s richest families say they expect a recession by 2020, according to a survey by UBS and Campden Wealth Research.Almost half said they are shifting assets into cash, not only to mitigate market risk but also to capitalize on “opportunistic” investments in case of a downturn.More than 90% of private firms that handle money for the ultra-rich think the growing trade war between the U.S. and China will have “major economic implications.” The world’s wealthiest families are girding for a recession by 2020, in part by stocking up on a critical financial asset when times get tough: cash. That’s the conclusion of a new study by investment bank UBS and Campden Wealth Research, which surveyed 360 ultra-rich households with so-called “family offices,” or investment firms that are dedicated to managing their personal fortunes. Some of the families cited in the survey, who had an average wealth of $1.2 billion, said they were setting aside cash not only to hedge against a downturn, but also to capitalize on potential investment opportunities. ”A notable 56% of family office executives are anticipating a recession by 2020,” the UBS report noted. “In response, a number of family offices are preparing themselves with… Read full this story
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