NEARLY half of rich investors say that their financial priority is to “protect their wealth in order to afford a comparable lifestyle throughout their retirement”, according to a new survey.
Financial advisers at deVere Group questioned 232 of their “high net worth” clients, who were each worth more than £1 million, about their priorities for amassing wealth.
Some 47 per cent highlighted saving for retirement as their main motivation, while 34 per cent said they were looking to increase their existing wealth to provide for loved ones and 19 per cent responded that it was to amass wealth to pass on to their heirs.
Nigel Green, chief executive of the deVere Group, said: “We asked our high-net-worth clients one simple question: ‘What do you really want from your wealth?’
“Their answers underscore that, despite their fortune, many have concerns about funding their retirement due to continually rising living costs and unexpected expenses, including medical bills.
“Family obligations, such as school and university fees for children and grandchildren, and being able to leave loved ones a decent estate, were also major priorities for those we surveyed.”
Green added: “Strikingly, it appears high-net-worth individuals understand that with great wealth comes great responsibility.”
Figures from HM Revenue & Customs show that the UK has the fourth-largest number of high net worth individuals after the United States, Japan and Germany.