The bulk of their assets are in investments.
Typically liquid assets like cash or cash equivalents (CD’s and other short term investments that can be easily converted to cash) are held in a bank (or multiple banks) that are FDIC insured.
Where do millionaires keep their liquid money?
The bigger issue is that most millionaires don’t have all their money siting in the bank. They invest in stocks, bonds, government bonds, international funds, and their own companies. Most of these carry risk, but they are diversified. They also can afford advisers to help them manage and protect their assets.
Which banks do millionaires use?
Top Banks for Millionaires
The most popular banks for HNW customers, according to surveys and industry studies, include J.P. Morgan Chase, Bank of America, and Wells Fargo. But smaller banks and credit unions are also popular with millionaires and multi-millionaires—and those names rarely make the “Best Of” lists.
How much cash do millionaires have?
How much do millionaires keep in banks? – Quora. For starters the term “millionaire” ranges from having over $1 million to having $999 million. As you can imagine it is absurd to think everyone in that group allocates money the same.
Where do the wealthy invest their money?
Investing Only in Intangible Assets
Instead, UHNWIs understand the value of physical assets, and they allocate their money accordingly. Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork.