This chart shows how the super-rich invest their assets in different parts of the world

Japan kimono brokerage stock indicesREUTERS/Yuya ShinoIn Japan, the ultra-wealthy are starting to invest a bit more in stocks, but they still like to hold onto cash in order to maintain their lifestyles.

The latest annual World Wealth Report from Capgemini and RBC Wealth Management just came out, and it has some important insights on where and how the world’s ultra-rich are investing their millions.

Last year, high net worth individuals, or HNWIs (defined as people with investable assets of $US1 million or more, excluding primary residence, collectibles, consumables, and consumer durables), became slightly riskier: stocks overtook cash as the number one asset in their portfolios.

The biggest jumps in equity holdings were in Japan and Latin America, even though more Japanese HNWIs prefer cash than anything else.

The reason some HNWIs are hanging onto cash is to maintain financial stability, while others, particularly in emerging markets, still hold cash in order to invest in “unique financial opportunities,” according to the report.

In Japan and North America, meanwhile, HNWIs are most likely to hang onto their cash in order to maintain their lifestyle.

Here’s a breakdown of all HNWI assets by geographic region:

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