raybarrow wrote: I know it's a nice problem to have but the thought occurred what do the rich/super rich do? £85K per bank wouldn't touch the surface of some people's fortunes.
Is their position in that respect any different to those of us who choose to invest?
I mean, we don't put all out eggs in one basket, and inevitably one or two eggs get broken. But the diversification means overall we're (hopefully) still up, or a least a single failure isn't a catastrophe.
Most - I'd guess all, to be honest - of the super rich will have their investments spread across multiple brokers - or more likely multiple direct equity holdings with the amounts they're likely investing, probably through multiple shell companies that they also own, offshore to give a degree of privacy.
Any cash balances they might have at any point in time will likely be a tiny fraction of their overall wealth, and likely only fleeting transfers of large amounts of money - which even then will still only be a fraction of their wealth.
You don't get super rich leaving your money in bank or savings accounts
A single bank failing will just be a minor nuisance, not a catastrophe for them.
In other words, I doubt the £85K protection barely even registers on their radar.
I suspect the biggest problem the super rich face is finding a financial advisor / account / etc who (1) they can trust not to run off with their wealth, and (2) who they can trust to manage their wealth competently.