Wealthy investors stockpiling cash in anticipation of rising interest rates, CNBC survey finds.

Millionaire investors are hoarding cash and betting on higher interest rates and weak stock markets in 2023, according to the CNBC Millionaire Survey. More than a third of millionaire investors report keeping more of their money in cash, with 24% of their portfolio in cash, up from 14% a year ago. They are also purchasing more fixed income, as they expect interest rates to remain high. Millionaires are more bearish on the overall economy, with 60% expecting it to be "weaker" or "much weaker" at the end of 2023. They are also betting that inflation will persist for years, potentially keeping interest rates higher for longer.