Here is something people without wealth frequently miss: unlike the masses who are clamouring just to get a few dollars, those who have amassed a large chunk of their life savings already, have something to lose! There are just 10 million 'high net worth” people in the world today that have more than 1 million dollars of investable assets (outside their home). Most of those 10 million people acquired their wealth from running business and they know that governments and individuals cannot spend their way to prosperity. Not surprisingly they are a feeling rather defensive and concerned about the world economy and government policies today. Here is the money quote in this clip:
“In the past [high net worth people] were fed a lot of products that had risk in them, and it turned out that a lot of the wealth advisors were selling not serving, they didn't understand the risks. Now members don't want to look at risk as volatility, they want to look at risk as what's ahead of us double dip, potential of terrorism, overhanging debt, political gridlock…so they want to be conservative, and they are holding more cash and more gold than they've held…”
Follow
____________________________
;
