“Since the financial crisis, the wealthy have become the nation’s top cash hoarders. The savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter. That’s up from 34 percent in the second quarter of 2012—and more than three times their savings rate in 2007. A separate study from Bank of America recently found that 56 percent of millionaires have a ‘substantial’ amount of cash. Only 16 percent of them plan to invest that cash in the next couple of months. Perhaps the wealthy are wise to keep more money on hand in case those record-breaking markets start to falter.”

http://www.cnbc.com/id/100935856

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