United States

America’s richest are losing confidence in the stock market

The rich and famous want out of this volatile market. America’s wealthiest people have lost investing confidence — and they may be right on the verge of a flight to the safety of CDs and other cash products as market losses mount, with a staggering $13 trillion estimated by ET Intelligence Group to have vanished in equities worldwide in 2018. “In periods of uncertainty, the wealthy tend to be more concerned with asset protection rather than growth,” said Joseph Biondolillo, principal at financial planning firm Biond Financial. “They tend to be defensive-oriented, and willing to wait for the dust to settle and for all the facts to be in.” Confidence among these bruised US multimillionaires and affluent investors in general ...