A majority of the ultra-wealthy expect a recession next year and are hunkering down

Langkung ti satengah jalma anu beunghar di sakumna dunya parantos nyiapkeun resesi.

That is according to a UBS survey of 360 global family offices with an average family wealth of $1.2 billion. Results showed 55% of family offices see a recession by 2020, and to mitigate risks, 45% are already adjusting their portfolios including shifting to bonds and real estate, while 42% are increasing their cash reserves.

“We are very cautious, even now with the market we don’t feel very comfortable,” said a survey respondent, who is a managing partner at a multi-family office in North America.

Perang dagang escalated antara AS jeung Cina geus deepened takwa a resesi, sedengkeun nu disebut inversion kurva ngahasilkeun, fenomena pasar beungkeut nu sajarahna prediksi hiji downturn ékonomi, ogé inténsif masalah. Seueur investor sareng ekonom anu kasohor kalebet Jeffrey Gundlach sareng David Rosenberg nembé ngingetkeun résiko resesi anu ningkat.

“Who knows what will happen with Brexit, what will happen in the EU, and what will happen between the U.S. and China,” said another survey respondent, a CEO of a single family office in Europe. “There are so many open questions, and this could have a dramatic impact on the market. In general, we think we have reached our peak.”

Survei ogé ngungkabkeun kalima kantor kulawarga ngirangan paparan ngungkit dina investasina pikeun ngaréspon kana ekspektasi resesi taun hareup.

The ultra-wealthy’s prediction of a recession came as many democratic presidential candidates have proposed wealth taxes to cut income inequality. Elizabeth Warren and Bernie Sanders have both unveiled tax proposals that would tax the richest Americans’ assets.

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