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Rich hoard cash as their wealth reaches record high


12,040 of these new ultra high net worth (UHNW) individuals were minted in the year ending June 2014, said the Wealth-X and UBS World Ultra Wealth Report released on Wednesday. This meant a 6 percent increase from last year which pushed the global population of these millionaires to a record 211,275.

With the annual gross domestic product of the U.S. closing in on the $17 trillion mark, according to the World Bank, this means that the ultra-rich now have almost twice the wealth of the world's largest economy.

Nonetheless, Simon Smiles, chief investment officer at UBS Wealth Management, warned of the risks the wealthy few face.

"This report finds that UHNW individuals hold nearly 25 percent -- an extremely high proportion – of their net worth in cash," he said in Wednesday's accompanying press release.

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