When it comes to high net worth individuals, such reports are quite shocking and may send shock waves down their spines. As a result, they are seeking secure ways of storing their money, precious stones, and even Cryptocurrencies. Many people think that banks are the only places one can store cash. But there are other ways of securing your wealth, but they also come at a cost.
When we refer to safe havens for the rich, then we mostly assume and think of Switzerland. Switzerland is known for storing excess cash for the filthy rich without interest and securing the money from external persons who want to access it. As a result, Switzerland has, for a long time, been a haven for the rich. But due to the banks facing hard times and now opting to start charging, many people are thinking of other ways of storing their cash.
One of the security equipment being used by the affluent in society is the vault. London is known for being the safest place on earth and is considered a safe haven by many wealthy individuals. It also boasts of being the continent with the highest number of billionaires, and as a result, you will get that it vault services, which are trusted by many other billionaires.
In London, two main competitors offer the services, and they are
- IBV International Vaults and
- Metropolitan Safe Deposits
They offer the most sophisticated strongholds. IBV International will be opening a vault in London that will cost $3.2 million a year to store money, prized possessions, precious stones, and works of art.
Tough economic times ahead have led to the increase in demand for deposit boxes, and although they don’t come cheap, they are flying off the counter. Most bankers are not of the idea because after paying all that cash, you still have to ensure your prized possession has some insurance.
The trend is falling out in the USA as banks close branches and opts not to have new ones. The demand has fallen in the USA due to the young clientele that is preferring storage of information, especially documents online.
Apart from theft, the other issue is getting cash back into your account. In most cases obtaining your money back is hard and can raise eyebrows, and if you don’t have the proper documentation, then you may most likely lose your money.
As a piece of security equipment, vaults are not 100% safe. For instance, in London, one vault was drilled open by burglars who made their way through the wall of an underground vault making off with $20 million worth of jewelry. Ironically, the heists do lead to boosting other firms offering safe-deposit boxes.
Companies are investing heavily in the provision of security equipment that ensures the safety of investment for the latter days. Vaults don’t have interests, but they are rather expensive to own, but for the filthy rich, it is a must-have.