Nearly half (48%) of the ultra-wealthy with at least $25 million in investable assets claim they amassed their fortune as the result of “smart risk-taking,” according to survey by Wachovia unit Calibre, though more than three-quarters said “hard work” got them to where they are. The online survey also found that 20% of the well-heeled put their money in alternative investments, while 23% had no equity investments and 30% had no bond investments. The poll was well-populated by relatively nouveau riche, with 67% having their investable assets for five years or less, while 85% had their wealth for 10 years or less. The results, says Keith Whitaker, director of family dynamics at Calibre, indicate that “one size does not fit all when it comes to advising people about their wealth.”