Did you know that there are 211,275 ultra high net worth (UHNW) individuals in the world and they have a combined net worth of nearly US$30 trillion?
But what keeps them up at night?
Wealth-X conducted an Attitudes Survey in conjunction with Knight Frank to gain insights into the motivations and behaviours of the ultra wealthy around wealth management, philanthropy, wealth transfer and more.
Respondents were asked to select three pressing issues regarding the UHNW population’s wealth, both for the past 10 years and next 10 years.
Here are their 3 big concerns:
- Succession and inheritance issues,
- Wealth taxes and
- The global economy
Globally, succession and inheritance issues (cited by 56% of respondents), wealth taxes (50%) and the global economy (47%) were identified as the three main factors threatening wealth creation over the next decade.
After the top three identified risks were legislation directly affecting the wealthy (36%) and stock market volatility (32%).
At the bottom of the list of 12 were “Know Your Client” initiatives (4%) and anti-money laundering initiatives (4%).
When asked why their clients were so concerned about handing their wealth to the next generation, 62% of respondents said they didn’t feel their children would be encouraged to make their own wealth, while almost half said they wouldn’t know how to handle the investments.
At a regional level, personal security and safety was high on the agenda in Latin America, with 63% of respondents citing it as a concern that has grown over the past 10 years.
Read more about the Attitudes Survey here.
Graphic by Knight Frank
You may also be interested to read: Everything You Need To Know About The World’s Ultra Wealthy In 3 Minutes
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