Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering

How do rich people guarantee the safety of their money, when savings exceed the FDIC limit?
They might not have to open accounts at 12 bank because the coverage does allow multiple accounts at one institution if the accounts are joint accounts. It also treats retirement accounts a separate account. The bigger issue is that most millionaires don't have all their money siting in the bank. They invest in stocks, bonds, government bonds, international funds, and their own companies. Most of these carry risk, but they are diversified. They also can afford advisers to help them manage and protect their assets.