The majority of the world’s wealthiest investors are waiting for stocks to drop further before buying again, on concerns about the pandemic’s impact on the global economy, according to a poll by UBS Global Wealth Management.
Among the surveyed investors and business owners with at least US$1 million in investable assets or in annual revenue, 61 per cent want to see equities fall another five per cent to 20 per cent before buying, while 23 per cent say it’s already a good time to do so. Some 16 per cent say that now is not the time to load up on stocks as it’s a bear market.
High net-worth individuals are cautious on risk assets as 60 per cent say a global recession is highly likely to occur in the next 12 months, the April poll by UBS showed. Still, they remain largely positive about the long-term outlook