Rich folks across the globe are hunkering down for a doubtlessly turbulent 2020, in accordance with UBS International Wealth Administration. Bloomberg experiences:

A majority of wealthy traders count on a major drop in markets earlier than the tip of subsequent yr, and 25% of their common property are at present in money, in accordance 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 vital risk to portfolios.

“The quickly altering geopolitical setting is the largest concern for traders around the globe,” mentioned Paula Polito, consumer 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.”

Almost four-fifths of respondents say volatility is more likely to enhance, and 55% assume there shall be a major market sell-off earlier than the tip of 2020, in accordance with the report which was carried out between August and October and polled these with at the very least $1 million in investable property. Sixty % are contemplating growing their money ranges additional, whereas 62% plan to extend diversification throughout asset courses.