First, the ultra-rich only need to preserve a fraction of their holdings to maintain their lifestyle. They can tolerate a much higher risk level and so keep much of their investment portfolio—typically well over half—fully engaged in stock and bond markets. Second, the rich are far more likely to realize they can’t take it with them, and there’s no reason to die with $100 million in the bank. They tend to start transferring assets to the next generation or charities long before they pass on.
