Top three financial priorities of millionaires revealed
1Arabia is an omnibus news portal for the Gulf and MENA region, with special focus on
politics, business, economy and technology.

 

The poll shows that 59% of the clients surveyed cited ensuring that they had enough money for their desired retirement was their number one financial priority. 

Nigel Green, CEO of deVere Group, says: “The emphasis on retirement planning reflects a growing awareness even among high-net-worth individuals of the importance of securing their financial future as soon as possible to maintain their desired lifestyle in retirement.

“As individuals accumulate wealth, the focus shifts towards preserving and enjoying that wealth during their later years, underscoring a strategic approach to financial longevity.

“HNWIs are increasingly looking for comprehensive wealth management strategies that not only grow their assets but also ensure a seamless transition into a financially secure retirement. 

“This aligns with a broader societal trend of recognising the need for adequate financial planning to maintain a comfortable lifestyle after work as we’re living longer, meaning the money we save throughout our working lives has to last longer.

“In addition, in the future, it’s unlikely that governments will be in a position to support older people like they have done for previous generations; plus many company pension schemes have ballooning deficits.”

The second most cited financial priority, identified by 20% of respondents, is growing and protecting current wealth to provide for loved ones now. 

Of the findings, Nigel Green comments, “HNWIs are increasingly focused on preserving and expanding their wealth to help safeguard the financial future of their loved ones in real-time. 

“It could be reasonably assumed that this has come into sharper focus during the recent cost-of-living crisis, when families were squeezed harder financially.”

The third most cited priority is amassing wealth to pass on a larger estate, as highlighted by 17% of respondents. 

“The aspiration to be able to pass on as much as possible to our loved ones is a very human instinct,” notes the deVere CEO.

“The survey’s results illustrate the commitment among HNWIs to create a lasting financial legacy for future generations.”

Legacy planning involves intricate financial strategies, such as establishing trusts and effective tax planning, to ensure the smooth transfer of assets from one generation to the next. 

As family values and the preservation of wealth become central themes for HNWIs, the survey results highlight a shift towards more intentional and strategic estate planning.

4% of respondents shared different priorities.

The deVere Group’s survey not only provides a valuable snapshot of the financial priorities shaping the decisions of high-net-worth individuals globally, its CEO says it also highlights how financial institutions and advisors must respond to meet the needs of their affluent clientele.

“Understanding the nuances of retirement planning, family-focused wealth management, and legacy planning will be crucial for financial professionals working with high-net-worth clients.”

He concludes: “The survey reveals that despite their accumulated wealth, millionaires aren’t resting on their laurels and remain committed to working hard to maintain financial security for themselves and their loved ones.”

https://www.1arabia.com/2024/03/top-three-financial-priorities-of.html
Emirates for everyone

What's your reaction?


You may also like

Comments

https://iheartemirates.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations