Friday, 26th June 2009 (120 views) Several of Australia's richest people have elected to invest in gold due to the economic crisis, a local news source has suggested.
The Australian reported that many millionaires decided to withdraw their money from increasingly unstable wealth management funds and instead use it to buy up traditional safe haven commodities such as gold and jewellery.
Rich people around the world followed the same tactics in order to move away from the "volatility" of the financial markets, the publication said.
It mentioned this information while discussing why Australia ranked 11th out of 71 nations in Merrill Lynch and Capgemini's latest list of the countries with the greatest proportion of people worth more than US$1 million (£606,000).
Earlier this week, financial expert Jeff Clark stated that a lot of investors do not own enough gold, but added that now is an ideal time to purchase the precious metal due to the economic turmoil.
