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Black and Hispanic U.S. Millionaires Own the Fewest Stocks, UBS Finds

  • UBS’s wealth management unit surveyed high-net-worth investors
  • Social impact investments may help close gap in stock holdings

Black millionaires in the U.S., as well as those who are Hispanic and Latino, have a smaller-than-average allocation to equities and greater interest in sustainable investing, according to UBS Group AG

Black Americans with at least $1 million to invest have 26% of their money in global equities on average, while Hispanic and Latino millionaires allocate 29% to stocks, according to a study released Wednesday by the wealth management unit of the Zurich-based bank. High-net-worth investors broadly have 41% of their wealth tied to public equities.