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☆ Millionaires support raising Federal Deposit Insurance Corp. limits. They may be overlooking ways to access more coverage on deposits now
▼ + stars: | 2023-06-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Currently, the Federal Deposit Insurance Corp. insures $250,000 per depositor for each ownership category for deposits held at an insured bank. That year, the standard maximum deposit insurance amount was temporarily raised to $250,000, from $100,000. How future deposit insurance may changeThe FDIC in May released a report that outlined three options for the future of the deposit insurance system. This may include an increased, yet also "finite," deposit insurance limit, the FDIC's report states. A third choice, targeted coverage, would provide different levels of deposit insurance coverage for different types of accounts, with higher coverage for business payment accounts.

Persons: Lauren Justice, First Republic —, Martin Gruenberg, Gruenberg, Ted Jenkin, Atlanta . Jenkin, Jenkin Organizations: Bank, Bloomberg, Getty, Valley Bank, Signature Bank, CNBC, Millionaire Survey, Federal Deposit Insurance Corp, First, Committee, Silicon Locations: Beverly Hills , California, First Republic, Atlanta .

☆ Using cash like a millionaire may not make sense for most investors. Here's why
▼ + stars: | 2023-06-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

The poll considered cash and cash-like investments to include money market funds, checking and savings accounts, plus certificates of deposit. A recent Capgemini Research Institute survey also found affluent investors are holding a record share of cash. On one hand, having more money in cash today isn't necessarily a bad move due to higher interest rates, advisors said. Yet, the CNBC millionaire survey suggests wealthy millennials shifted into cash more readily than older investors. When to boost cash holdingsBut there are circumstances in which it may make sense to up one's cash-like holdings, she said.

Persons: Ted Jenkin, Jenkin, it's, millennials, X, Young, Carolyn McClanahan, what's, McClanahan, Cash Organizations: Millionaires, CNBC Millionaire Survey, Research Institute, Federal Reserve, CNBC, Planning Partners Locations: Atlanta, Jacksonville , Florida

☆ CNBC Daily Open: How quickly prospects change
▼ + stars: | 2023-06-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +4 min

Kevin Mazur | Getty Images Entertainment | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. Treasury Secretary Janet Yellen told CNBC she wouldn't be surprised if more banks start to consolidate, given the increased pressures on the banking system. The bottom lineProspects — for both firms and markets — changed as quickly and suddenly as the haze engulfed New York. Smaller companies are more sensitive to economic conditions because they tend not to have the financial heft to defy a downturn.

Persons: Chris Licht, Kevin Mazur, Janet Yellen, wouldn't, Yellen, Elon Musk, Licht's, Donald Trump, Matthew Furlong, Ryan Cohen, Cohen, GameStop's, Russell, That's, LPL, Quincy Krosby Organizations: CNN Worldwide, Warner Bros, Madison, Garden, Getty, CNBC, Dow Jones, Treasury, Millionaires, CNBC Millionaire Survey, Warner Bros Discovery, CNN, GameStop, Big Tech, Microsoft, Google, Nvidia, Qualcomm, Nasdaq Locations: New York City, U.S, Mongolia, New York

☆ Millionaires are hoarding cash, betting on higher rates, CNBC survey says
▼ + stars: | 2023-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Millionaire investors are adding to their mountains of cash, betting on higher interest rates and weak stock markets in 2023, according to the CNBC Millionaire Survey. Of the survey respondents, 28% said they have purchased more fixed income, as they expect interest rates to remain high. Millionaire investors are still betting inflation will persist for years, potentially keeping interest rates higher for longer. Three-quarters of millennial millionaires say inflation will come down to 2% within two years, with one in four saying it will hit the 2% target within a year. CNBC's Millionaire Survey was conducted online in April.

Persons: Elias Ghanem, George Walper, Walper Organizations: CNBC Millionaire Survey, Capgemini Research Institute, Financial Services, Spectrem, Millionaire Survey, CNBC, Millionaires, Millionaire, Valley Bank, First, Signature Bank, Federal Deposit Insurance Corporation

☆ Millionaires favor DeSantis in Republican presidential primary, but support for Trump grows
▼ + stars: | 2023-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Ron DeSantis is the favorite Republican candidate among millionaires, although their support for former President Donald Trump is growing, according to the CNBC Millionaire Survey. The share of Republican millionaires backing Trump jumped from 17% at the end of 2022. DeSantis fares better among millionaire independent voters than Trump does, as 20% favor DeSantis and 7% back Trump. In a head-to-head race between Biden and Trump, millionaires still favor Biden by a slim margin. Former Vice President Mike Pence has 10% of Republican millionaires' support, up slightly from 8% in 2022.

Persons: Ron DeSantis, Donald Trump, Trump, DeSantis, Hillary Clinton, Joe Biden, Thomas Peterffy, Biden, Mike Pence, Nikki Haley, Gavin Newsom, Kamala Harris Organizations: Florida Gov, CNBC Millionaire Survey, Republicans, GOP, Trump, Republican, CNBC Millionaire Surveys, Disney, Biden, Former South Carolina Gov, Democratic, California Gov Locations: Florida, California

☆ Wealthy cut back on spending due to higher inflation, CNBC survey finds
▼ + stars: | 2023-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWealthy cut back on spending due to higher inflation, CNBC survey findsCNBC's Robert Frank joins 'Squawk Box' to break down the latest CNBC Millionaire Survey results.

Persons: CNBC's Robert Frank Organizations: CNBC, CNBC Millionaire Survey

☆ Millionaires are betting on higher rates and a weaker economy, CNBC survey says
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMillionaires are betting on higher rates and a weaker economy, CNBC survey saysCNBC's Robert Frank joins 'The Exchange' to discuss findings from the CNBC Millionaire Survey including more millionaires moving out of banks and into treasuries, concerns about fallout from the retail banking crisis, and support for raising the FDIC limits.

Persons: Robert Frank Organizations: Millionaires, CNBC, CNBC Millionaire Survey Locations: treasuries

☆ Millionaire investors haven't been this bearish since 2008
▼ + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Millionaire investors are betting on double-digit declines in stocks next year, reflecting their most bearish outlook since 2008, according to the CNBC Millionaire Survey. The last time millionaire investors were this gloomy was during the financial crisis and Great Recession more than a decade ago. Inflation, rising rates and the potential for recession are all weighing on the minds of wealthy investors, Walper said. The bleak outlook could also put additional pressure on markets, since millionaire investors own more than 85% of individually held stocks. Nearly half (46%) of millionaire investors have more cash in their portfolio than last year, with 17% holding "a lot more."

☆ Millionaires plan to cut their holiday spending due to inflation
▼ + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey. The CNBC Millionaire Survey found 80% of millionaire respondents — those with investible assets of $1 million or more — say they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared to 78% of baby boomers. "They're becoming more cautious about how they're spending their money," said George Walper, president of Spectrem Group, which conducts the Millionaire Survey with CNBC. While inflation has impacted their spending, millionaires are split when it comes to inflation-driven changes in their investment portfolio.

☆ Most millionaires investors agree that stocks will suffer big losses in 2023, CNBC survey finds
▼ + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost millionaires investors agree that stocks will suffer big losses in 2023, CNBC survey findsCNBC’s Robert Frank joins ‘Squawk Box’ to break down the latest results from CNBC’s Millionaire Survey.

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