Griffin also warned about another favorite asset class among today's rich: Luxury real estate. The billionaire has gone on a personal shopping spree of high-end real estate over the past two years, buying two floors of the Waldorf-Astoria in Chicago, a $200 million apartment in Manhattan and a $60 million penthouse in Miami — all of which set local records.
While brokers and developers like to tout real estate as an investment, Griffin contends that it's more of a lifestyle purchase.
"In the high-end real estate market there is that element of consumption. And that's different from just investing," he said.
"So I think one must have to keep that in mind, that when people make a decision to buy a piece of high-end real estate, it's not just an investment. It's where they spend time with their families and their loved ones."
Asked if he would rather own gold or a prestigious oceanfront property, the now-divorced Griffin didn't hesitate.
"I'd much rather be in Miami," he said. "We only live once."