World’s rich con­fi­dent of over­com­ing global risk

New Straits Times - - Business -

LON­DON: The global eco­nomic, fi­nan­cial and po­lit­i­cal land­scape has never been shakier, but the world’s rich are con­fi­dent they can steer through the fog of un­cer­tainty in the com­ing year “with­out so much as a dent in their fi­nances”, a sur­vey showed yes­ter­day.

The find­ings of UBS Wealth Man­age­ment’s sur­vey of more than 2,800 mil­lion­aires in seven coun­tries show a high de­gree of worry about the global fi­nan­cial sys­tem on the one hand, and supreme self-con­fi­dence and op­ti­mism on the other.

Some 82 per cent of those sur­veyed said this was the most un­pre­dictable pe­riod in his­tory.

More than a quar­ter are re­view­ing their in­vest­ments and al­most half said they in­tend to but haven’t yet done so.

But more than three quar­ters (77 per cent) be­lieve they can “ac­cu­rately as­sess fi­nan­cial risk aris­ing from un­cer­tain events”, while 51 per cent ex­pect their fi­nances to im­prove over the com­ing year com­pared with 13 per cent who ex­pect them to de­te­ri­o­rate.

More than half (57 per cent) are op­ti­mistic about achiev­ing their long-term goals, com­pared with 11 per cent who are pes­simistic.

And an over­whelm­ing 86 per cent trust their own in­stincts when mak­ing im­por­tant de­ci­sions.

“Most mil­lion­aires seem to be con­fi­dent they can steer their way through the tur­bu­lence with­out so much as a dent in their fi­nances,” said UBS WM.

Per­haps sur­pris­ingly, younger mil­lion­aires are more risk-averse than their older peers. Nearly half of the 18-34-year-old group are less will­ing to take risks af­ter the fi­nan­cial cri­sis, com­pared to less than 30 per cent of the over65 bracket.

The study sur­veyed 2,842 mil­lion­aires, with in­vestable as­sets of at least US$1 mil­lion (RM4.32 mil­lion), in Hong Kong, Japan, Sin­ga­pore, Mex­ico, Italy, Switzer­land and Bri­tain. Reuters

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