The Financial Times reports on a survey of the 90 very wealth families with combined assets of $100bn conducted by multi-family office Fleming Family & Partners that shows the long-term, risk-adverse views of the wealthiest. Even with deflation fears lapping at their heels, these families are fixated on inflation and looking to London property along with art and collectibles:

But if there are two factors that make the rich stand out, on this survey, it is their fear of inflation and their faith in London and its property market. The world is at risk of a deflationary shock. Commodity prices, including gold, are falling. Central banks are trying to provoke inflation. But 71 per cent of respondents said they were more worried now about a steep rise in inflation than they were five years ago. […]

Their favourite asset classes for the next three decades are emerging markets equities, developed equities and agricultural land, in that order. Private equity comes close after farmland, while art and collectables were also a more popular asset class than any kind of bonds. “Quite simply, our clients favour assets they can touch,” says Mark Zapletal of Warenberg Trust.

Ultra-rich fear inflation, but love London (Financial Times)