Slovak millionaires are better prepared for crisis

The regular Wealth Report by J&T Banka suggests that wealthy people in Slovakia want to invest mostly in real estate and plots, as well as gold.

Illustrative stock photoIllustrative stock photo (Source: AP/TASR)

Although more than a half of Slovak dollar millionaires expect the crisis to start in about two years, they are better prepared for the worsened conditions than in 2008.

As much as 70 percent of respondents in the recent Wealth Report 2019 survey carried out by J&T Banka say that they would not panic and sell their assets like they did during the previous crisis. Conversely, they would use it for investments.

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The Wealth Report survey also suggests that nearly 80 percent of wealthy Slovaks has been investing regularly and over the long term.

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“It’s good that our clients are investing systematically,” said Anna Macaláková, head of J&T Banka, as quoted in a press release, adding that in the case of one-off investments there is a risk that the investment will be made when the price is the highest. “The advantage of regular investments is the creation of an average price that is rising due to technological progress or demographic development.”

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