Ultra-Rich Hunt for Second Passports on Worries About Democracy

Wealthy investors are nervous.

So nervous that they’re lining up second passports, but not so nervous that they’re straying from tried-and-true investments like private equity. That’s according to Michael Sonnenfeldt, the founder and chairman of Tiger 21, a worldwide network of more than 1,200 high-net-worth investors with assets totaling more than $135 billion.

“It’s totally perplexing,” Sonnenfeldt said in an interview with Bloomberg News, referring to the mixed messages currently being sent by Tiger 21’s members.

Here’s what he thinks is going on in their minds and portfolios. The excerpts have been edited for length and clarity.

Q. What is the general ...