JP Morgan: 75 Percent of Ultra-Rich Expect Recession in Next 2 Years

Newsmax – April 19, 2018

A total of 75 percent of ultra-high net worth investors reportedly are bracing for the economy to plunge into recession with the next two years.

A J.P. Morgan survey found that of those expecting an economic downturn in the U.S., a fifth of respondents — 21 percent — believe it will begin in 2019 and 50 percent expect the next recession to start in 2020, CNBC.com reported.

J.P. Morgan Private Bank’s Spring Investment Barometer questioned more than 700 global private clients across Europe and the Middle East. “Ultra-high net worth individuals” are generally classified as anyone with more than $30 million in liquid financial assets, and high-net worth is defined as having more than $1 million, CNBC reported.

To be sure, the global economy will race further ahead this year, expanding at its fastest pace since 2010, but trade protectionism has the potential to quickly tire it out, the latest Reuters polls of over 500 economists worldwide suggest.

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