Nick Tucker, head of UK domestic at UBS, said: “Some people would argue the world is easier to predict than ever. Britain’s wealthy clearly feel the opposite.
“In response, we see evidence of short-termism creeping in, people reacting to each event as uncertainty grows. Investing on your own doorstep can be tempting in this climate.
“Holding onto cash can feel safer, even as it erodes your wealth in real terms. Although confidence remains high, neither approach is likely to work well in the long-term.
“In an unpredictable world, it remains best to look to the long-term, focus on your goals and invest in a balanced portfolio across a range of assets and locations.”
