Ultra-rich Americans are moving cash out of the market and hoarding historic levels. Here’s where they’re putting it

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High net worth individuals — typically those with $1 million or more in investable assets — held large portions of their total portfolio in cash in 2024. According to a survey conducted by Goldman Sachs, wealthy individuals park roughly 20% of their net worth in cash and cash equivalent holdings (1).

Higher market volatility and fears regarding persistently high inflation levels are a few major contributors to the shift away from equities and bonds.

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And at least some ultra-high-net-worth individuals seem to agree. Before retiring on Dec. 31, 2025, Warren Buffett — the former Berkshire Hathaway CEO and the world’s ninth-richest person according to Forbes real-time net worth tracker (2) — had built the company’s cash balance to a staggering $381.7 billion by the end of the third quarter of 2025 (3).

The strategy paid off — Buffett’s net worth grew by roughly $21 billion last year, despite a tumultuous market backdrop.