The rich have always found creative ways to safeguard their wealth—Swiss banks accounts, safes hidden behind the walls and, of course, bars of gold.
But now, gold is being replaced as a store of wealth by a new breed of investments. According to BlackRock CEO Laurence D. Fink, art and real estate are outshining gold as a means of securing today's fortunes.
"Historically gold was a great instrument for storing of wealth," the chairman of BlackRock said Tuesday at the 2015 Credit Suisse Megatrends conference in Singapore. "Gold has lost its luster and there's other mechanisms in which you can store wealth that are inflation-adjusted."
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Fink said that as gold became more widely owned through ETFs and other financial instruments, it has become less attractive. The price of gold is down by more than a third from its recent peak in 2011.
Art and real estate have become better stores of value, Fink said.