Rich Asians stocked up on cash

Asian rich people have started hoarding cash to make deals when the coronavirus pandemic goes down. This is reported by Bloomberg. According to the head of DBS Group Holdings, Joseph POON, in recent months, customers have increased their money supply by 40 percent. “Ultra — high-net-worth clients believe that there will be good opportunities in the market when the effects of the pandemic reach the economy,” he believes.

According to POON, some rich people are going to invest cash in maintaining their own business, and they consider e-Commerce and the logistics sector as investments. Private DBS Group Holdings only serves clients whose investment assets amount to at least five million Singapore dollars (over 3.7 million US dollars).

As for the American rich, they, on the contrary, have become impoverished by a record. In particular, due to the fall of stock exchanges, 10 of the richest American businessmen in the IT industry lost $ 44 billion. For example, Amazon founder Jeff Bezos has been impoverished by nine billion dollars, and his company’s shares have fallen the most since June. The fortune of Tesla founder Elon Musk fell by $ 8.5 billion, and Microsoft Creator bill gates lost 2.9 billion in a day.