Rich folks across the globe are hunkering down for a doubtlessly turbulent 2020, in keeping with UBS World Wealth Administration. Bloomberg stories:

A majority of wealthy traders count on a major drop in markets earlier than the tip of subsequent 12 months, and 25% of their common belongings are presently in money, in keeping with a survey of greater than 3,400 international respondents. The U.S.-China commerce battle is their prime geopolitical concern, whereas the upcoming American presidential election is seen as one other important menace to portfolios.

“The quickly altering geopolitical atmosphere is the most important concern for traders world wide,” mentioned Paula Polito, shopper technique officer at UBS GWM, in a press release. “They see international interconnectivity and reverberations of change impacting their portfolios greater than conventional enterprise fundamentals, a marked change from the previous.”

Practically four-fifths of respondents say volatility is prone to improve, and 55% suppose there will likely be a major market sell-off earlier than the tip of 2020, in keeping with the report which was performed between August and October and polled these with a minimum of $1 million in investable belongings. Sixty % are contemplating growing their money ranges additional, whereas 62% plan to extend diversification throughout asset courses.