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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 percent of those surveyed said this is 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 pct) believe they can
"accurately assess financial risk arising from uncertain
events", while 51 percent expect their finances to improve over
the coming year compared with 13 percent who expect them to
deteriorate.
More than half (57 pct) are optimistic about achieving their
long-term goals, compared with 11 percent who are pessimistic.
And an overwhelming 86 percent 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," UBS WM said.
"They identify economic and financial risks as their big
concerns and they have serious doubts about the world's
corporate and financial system. And yet, they stride into the
future with assurance," the report said.
Among the other findings, 68 percent say they suffer from
"information overload" as they make their investment decisions,
and nearly three quarters (72 pct) say short-term distractions
get in the way of their financial plans.
Still, the report highlighted some aspects of their investment
behavior that could ultimately work against them. For instance,
75 percent of those surveyed see cash as a safe option, "even
though it will perform poorly compared with other asset classes
in the context of rising inflation."
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 percent of the over-65 bracket.
The study surveyed 2,842 millionaires, with investable assets of
at least $1 million, in Hong Kong, Japan, Singapore, Mexico,
Italy, Switzerland and Britain.
(Reporting by Jamie McGeever; Editing by Ralph Boulton)
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