Cash holdings by Asia's rich rise to five-year high

The Asia-Pacific region saw slower growth in the number of millionaires and in total wealth in 2016

Rich Asians boosted their cash holdings to the highest level in five years as they sought to buffer their wealth against any downturn in buoyant financial markets, according to a survey by Capgemini.

High-net-worth individuals, or those with at least $1 million in investable assets, were also moving into cash to provide ammunition to re-enter the market at lower levels in the event of a correction, the Capgemini survey of wealthy people in the Asia-Pacific region excluding Japan said. Cash holdings rose to about 25 per cent of financial assets in the second quarter, from 21 per cent in the 2016