Ultra-rich Americans are dropping stocks and stockpiling historic piles of cash. Where their wealth’s going instead

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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. 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. Warren Buffett's Berkshire Hathaway holds approximately $365.5 billion in cash as of August, 2026 (2).

Another prominent name is billionaire investor and co-founder of PayPal, Peter Thiel, who sold roughly $100 million worth of Nvidia shares through his hedge fund, Thiel Macro, in the third quarter of 2025 (3).

While Nvidia's stock price surged by nearly 35% in 2025, such moves by the ultra-wealthy spark concerns about a potential AI bubble (4). In 2026, Nvidia is up 25% year to date.

As U.S. equities grapple with uncertainties amid the ongoing tariff concerns and potential market overvaluation, cash and cash equivalents might help you hold onto your wealth in stormy weather.

Cash may be king for the ultra-wealthy, but that doesn't mean they're letting piles of money sit idle. Even when they hold more cash during uncertain markets, they typically look for places where that money can remain accessible while still generating a return.

That matters for everyday investors, too. With inflation hitting 3.4% in July, money sitting in a standard checking or savings account may gradually lose purchasing power if it isn't earning enough interest (5).

That's where a high-yield savings account or cash account can come in handy. Rather than taking on stock-market risk with money you may need in the near future, you can keep it relatively liquid while allowing it to earn a more competitive rate.

A high-yield account like a Wealthfront Cash Account can be a great place to grow your uninvested cash, offering both competitive interest rates and easy access to your money when you need it.