Hong Kong’s wealthy residents have boosted their cash holdings to multiyear highs as the trade war and political unrest fan fears of recession.
Rich individuals in the city are holding close to a third of their total holdings in cash, a level not seen since the 2008 financial crisis, according to consultancy Capgemini.
Hong Kong’s family offices— the advisers that invest the wealth of the super-rich — have also turned to cash, with holdings at 12-14 per cent, according to research from UBS’s wealth management division and data provider Campden Wealth.
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