Where could you store millions safely?

manhattan

As the title says:

I was thinking about this earlier that where do millionares stash their cash? Surely they wouldn't have hundreds of accounts of 50k?

ebyard

manhattan wrote: »

As the title says:

I was thinking about this earlier that where do millionares stash their cash? Surely that wouldn't have hundreds of accounts of 50k?

1. Offshore (Switzerland, Caymen Islands, Isle of Man, Jersey, Monaco..)
2. Property
3. Investment portfolios

Mostly.

Squibbler

Maybe they have large piggy banks

musehead

Why would it help to store money offshore?

Crapula_2

musehead wrote: »

Why would it help to store money offshore?

Compensation-wise it probably won't. Jersey for example has no guarantee at all except to residents of the island (Apparently there is or will be a 100% guarantee to them at some point or not).

jon3001

manhattan wrote: »

As the title says:

I was thinking about this earlier that where do millionares stash their cash? Surely they wouldn't have hundreds of accounts of 50k?

I'm sure they have their fair share of hard assets:

1. Property
2. Land
3. Art
4. Antiques
5. Jewelry
6. Depreciating collections of automobiles

Billionaires, like Richard Branson, might even have their own private island:
http://www.neckerisland.com/

Crapula_2

while nearly billionaires like alan sugar own tatty office buildings in brentwood.

Robertpestonrules

Don't they store it all in their nuclear bunkers?

Blah99

They store it here, amongst other places:

http://www.coutts.com/

1echidna

Perhaps they take a hit in bad times like just about everyone else but it doesn't bother them much because they have much money. When things are on the up they recover their wealth and more.

Crapula_2

Blah99 wrote: »

They store it here, amongst other places:

http://www.coutts.com/

Could anybody here explain if and how this is any safer than RBS?