Some of the richest people around the world think the stock market will continue to go up. So why are they sitting on a big pile of cash?

According to a recent Citi Private Bank survey of more than 50 representatives from large family offices, which manage assets on behalf of high net-worth families, nearly two-thirds of wealthy investors think it’s more likely that the stock market will go up at least 10 percent over the coming year than lose value.

But these investors have, on average, almost 40 percent of their portfolio allocated toward cash. Stocks only averaged 25 percent of their portfolios. The rest are in bonds and alternative investments such as commodities and real estate.

What gives?

Steven Wieting, global chief investment strategist, with Citi Private Bank, said that even the world’s richest people are still suffering from “the scars of the 2008-2009 downturn.” As a result, these people are “under-invested bulls.”

Read the full story here