US ultra‑wealthy raise cash holdings to record levels

A recent Bloomberg report citing a Goldman Sachs survey shows that Americans with at least $1 million in investable assets are now keeping roughly 20 % of their total wealth in cash or cash‑equivalents, the highest proportion on record. The trend reflects heightened caution over market volatility, persistent inflation and fears of an AI‑related asset bubble.

Prominent figures illustrate the shift. Warren Buffett increased Berkshire Hathaway’s cash balance to $381.7 billion by the end of Q3 2025, adding about $21 billion to his net worth despite market swings. Peter Thiel sold approximately $100 million of Nvidia shares through his Thiel Macro fund, underscoring a defensive stance among high‑net‑worth investors.

The same survey finds a growing move toward alternative assets. Around 40 % of investors with $1‑5 million portfolios now hold non‑traditional investments, climbing to 80 % among those with over $10 million. Real estate and fine art top the list, viewed as ways to diversify and preserve capital during periods of financial uncertainty.