If anything he should be angry at his accountant. I assume he has one if he has 800k. How many wake up calls does someone need. In the UK when banks were failing, before there was a solution the Government said they would guarantee the first £50k of savers. It might have then gone up to £100k.
My parents who have a fairly large sum of money hired a decent accountant to mitigate a large portion of the risk. Spreading their money between a fairly large number of bank accounts.
You then look at when Iceland banks failed. Lots of people lost money.
The Cyprus banking sector size was ridiculous. It was 7x Cyprus GDP. If the sector failed it was fairly obvious Cyprus would be unable to save it. You have no idea what the terms would be of a bailout or if a small country like Cyprus would get one..
So back to my main point. Get a decent accountant. Understand where your money is going.
My parents who have a fairly large sum of money hired a decent accountant to mitigate a large portion of the risk. Spreading their money between a fairly large number of bank accounts.
You then look at when Iceland banks failed. Lots of people lost money.
The Cyprus banking sector size was ridiculous. It was 7x Cyprus GDP. If the sector failed it was fairly obvious Cyprus would be unable to save it. You have no idea what the terms would be of a bailout or if a small country like Cyprus would get one..
So back to my main point. Get a decent accountant. Understand where your money is going.