Who's holding $65 billion in cash? Mystery puzzles Britain's audit office

As cash declines in day-to-day transactions, Britain's National Audit Office has uncovered a mystery: the number of pound notes in circulation has soared, so who is holding around £50 billion ($65 billion) in cash? In July 2020, the number of notes in circulation reached a record high of 4.4 billion, with a monetary value of £76.5 billion, up from £24 billion in 2000.
 

But the National Audit Office (NAO) said the Bank of England (BoE) in 2018 estimated only about 20 per cent and 24 per cent of the value of notes in circulation were being used or held for