Ultra-rich US investors hoard cash as economy fears over Covid-19 grow

The economic hit from the pandemic has failed to put a halt to rising stock prices

A group of multimillionaire investors in the U.S. are hoarding cash at unprecedented levels.

Tiger 21, a club of more than 800 investors, reported Thursday that its members have raised their cash holdings to 19% of their total assets on concerns over the economic consequences of the Covid pandemic in the U.S. That’s up from about 12% since the start of the outbreak. About a quarter now expect the crisis to continue until the end of next June, the group said.

“This rise in cash is an extraordinary change -- statistically, this is the largest, fastest change in asset allocation Tiger 21