Fears of recession, natural disaster, unrest and negative interest rates send the wealthy in search of safe places to stash cash and valuables.
A few blocks from Grosvenor Square in Mayfair, 46 Park Lane resembles a private club with wood-paneled walls and an ornate fireplace dating back to Britain’s Victorian era.
Hedge fund titan Ray Dalio captured the anxiety last month when he warned the global economy is under threat from an explosive mix of ineffective monetary policy, a widening wealth gap and climate change. A majority of wealthy investors are stockpiling cash in anticipation of a sharp market drop before the end of next year, according to a survey of clients from UBS Global Wealth Management.
There are more than 25 million safe-deposit boxes by some estimates in the U.S. alone. They can be used for the mundane to the exotic. “Much of the decline can be attributed to clients opting to store documents online, especially younger clients,” said Bank of America spokesman Don Vecchiarello. Some bankers said the desire for safe-deposit boxes makes little sense. To avoid charges on their accounts, the wealthy can spread their cash across multiple banks. Clients also need to buy insurance in case something happens to the money, such as a fire. Safe-deposit box firms sometimes subsidize that extra cost, with IBV London offering 100,000 pounds of complimentary insurance for each hired container.
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