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Wealthy Asians Seek Refuge in U.S. Dollar During Currency Turmoil

U.S. Dollar

U.S. Dollar

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Asia’s wealthiest families are snapping up dollars as a haven from the volatility plaguing financial markets, providing another source of demand for the greenback.

Rich individuals are chasing the greenback’s rally to a decade-high as the U.S. prepares to raise interest rates for the first time since 2006. Stamford Management Pte in Singapore, which oversees $200 million for Asia’s multi-millionaires, says about 90 percent of its holdings are now in the U.S. currency. SandAire Ltd. and Woodside Holdings Investment Management have boosted dollar assets to the maximum their rules allow.