How has the optimal portfolio structure evolved?

We look at how the composition of savers’ portfolios has evolved between money, short-term securities, bonds, equities and real estate, in the United States and the euro zone. We look at the following questions: What has been the link between expansionary monetary policies and the weight of money in portfolios? Have savers accepted a higher weight of money in wealth, or have they reinvested money in other asset classes? Have the expansionary monetary policies and the very low long-term interest rates discouraged people from holding bonds? Have investors switched to equities (to obtain returns) or real estate (to protect themselves against the risk of a loss of the value of money)? We see, in the United States and in the euro zone: A very stable wealth structure; in particular the weight of bonds is stable despite the fall in long-term interest rates; A slight increase in the weight of money in wealth linked to the expansionary monetary policies and the fact that the money has not yet been reinvested in equities and real estate.