To borrow a line from Fiddler on the Roof: If I were a Rich Man…..what would I do with that wealth?
Well, a new survey of high net worth Canadians conducted for RBC Royal Bank says I’d probably be getting antsy about the state of the stock market and be thinking about preservation of what I’ve already got over trying to make the pile bigger.
In short, sentiment is beginning to shift to preservation from accumulation.
That may be something of a signal that experienced and successful investors are feeling the uncertainty of global trade issues, political uncertainty and simply that we’ve been on a long bull run and maybe it’s time for a correction or recession.
The RBC study also found that those with money tend to shy away from showy displays of luxury, preferring to spend on experiences rather than material goods. Incidentally, the findings on this one show Canadians are pretty much in sync with wealthier people globally.
But even with all the economic uncertainty these days, these individuals are more fearful about Canadian tax changes undermining their wealth than a topsy turvy investment climate.
Source: http://www.rbc.com/newsroom/news/2019/20190911-wealth.html http://www.rbc.com/newsroom/news/2019/20190911-wealth.html