"The rich prefer to invest in property, which they see as the safest asset class, and the one with which they are often most familiar", Philippe Sednaoui, chief executive officer of Barclays’s Swiss wealth business, said in an interview at his office in Geneva. “Clients were telling us they were afraid of inflation and property is a good reserve of value, not unlike people investing in gold, but how much gold can you have in a portfolio?” he said.

Gloom of Rich in Japan, U.S. Is Surpassed by Monaco, Barclays Wealth Says…The gloom of wealthy Japanese and U.S. investors about the prospects for the global economy over the next five years is only surpassed by the pessimism of those in Monaco, according to a survey by Barclays Plc. More than half the people in Monaco with more than 1 million pounds ($1.44 million) to invest expect the economy to deteriorate, London-based Barclays Wealth said in a report today. That compares with 35 percent in Japan, 25 percent in the U.S., 17 percent in Switzerland and 16 percent in the U.K.
By Warren Giles, May 23, 2010 Bloomberg

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