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Wealthy Investors Sell Stocks And Buy Bonds: Survey

Despite this year’s market rally, wealthy investors have been selling stocks and buying bonds, according to a new survey from Citigroup (C).

Citi’s private banking arm said that its latest poll found more than half of the 268 family offices it surveyed, which have a combined net worth of $565 billion U.S., increased their holdings of fixed income instruments in recent months.

At the same time, 38% of wealthy investors polled reduced their holdings of stocks. The findings represent the largest shift from stocks to bonds since Citigroup began the survey in 2020 during the Covid-19 pandemic.

Citigroup said wealthy investors have also been seeking out private equity investments as the market for initial public offerings (IPOs) remains sluggish worldwide.

The poll also found that the biggest worries among high-net-worth investors remain inflation, rising interest rates, and uncertainty surrounding political relations between the U.S. and China.

Two thirds of the respondents to Citigroup’s poll were based outside the U.S., said the bank.

Citigroup’s own stock has declined 20% over the last year to trade at $40.59 U.S. per share.