U.S. millionaires raise cash on fears Fed can't tame inflation, stave off recession: CNBC

NEW YORK, June 16 (Xinhua) -- American millionaires are raising cash in response to lingering inflation fears, reported CNBC on Wednesday on the basis of its Millionaire Survey.

Millionaires surveyed by the network ranked inflation as the top risk to both the economy and their personal wealth, said the report.

"It's the first time since the survey began in 2014 that inflation has edged out all other risks in the ranking," it said.

Forty-two percent of the millionaires said inflation would last "at least a year or two," and an additional 19 percent said it would last more than two years.

"Clearly, there is a shift to a very pessimistic concerned outlook," said George Walper, president of Spectrem Group, which conducts the CNBC Millionaire Survey. "They are not confident that the Federal Reserve can handle these problems."