What the Ultra-Wealthy Are Actually Doing With Their Money in 2025

A fresh Charles Schwab survey just dropped some interesting intel on how millionaires (talking $1M+ investable assets) are reshaping their financial playbooks this year.

The Confidence Trap

55% of high-net-worth investors are bullish on markets and their portfolios, while 56% feel good about the broader economy. Sounds great, right? Not so fast. Experts are pumping the brakes here — policy uncertainty is the wild card, and another year of record gains is probably fantasy.

Portfolio Moves: The 64% Strategy

64% of these wealthy folks plan to shake up their portfolios in the next 3 months. But here’s the kicker: 63% want to keep risk levels exactly where they are. The advice from pros? Rebalance at least once a year and ask yourself the hard “what if” questions:

• What if markets tank 30%? Can I handle it?
• What if they moon another 30%? Would I actually sleep at night?

The goal isn’t fancy portfolio optimization — it’s making sure your asset allocation matches your goals AND your risk tolerance.

Where the Money’s Actually Going

Spending More On:

• Travel: 40% (the winner)
• Healthcare: 26%
• Real estate/home upgrades: 23%

Spending Less On:

• Luxury goods: 31%
• Education: 26%
• Cars: 20%

Takeaway? Rich people are choosing experiences over status symbols and watching their wallet on the “stuff” front.

The Bottom Line

65% plan to maintain or increase spending in 2025, but everyone’s watching inflation and policy risk like hawks. The game isn’t about chasing returns — it’s about staying disciplined and intentional with your capital.