Investable assets represent a significant but minority share of the total assets of the very rich, according to new research from Spectrem Group.

More than half (54%) of all assets held by individuals who have a net worth of at least $5 million are illiquid, or not readily convertible to cash. Investable assets account for 44% of total assets.

The illiquid holdings of the very rich, on average, consist of privately held businesses (15% of all assets), principal residences (12%), other real estate (12%), insurance and annuities (8%), defined-contribution and defined-benefit plans (6%) and restricted stock (1%).

The investable assets of the very rich, on average, consist of stocks and bonds (28%), managed accounts (23%), deposits (13%), mutual funds (12%), IRAs (9%), alternative investments (8%) and other investments (6%).

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