Scorpio Partnership is a London-based strategic consulting firm which took on the task of going out and finding the world’s future wealthy and asking what makes them tick. They identified the usual suspects – professionals, business owners, early-stage entrepreneurs, and used some “creative profiling techniques” to broaden their search. The study's findings were published this month in the The Future Wealth Report (PDF 400k).
Those contacted were asked, “Do you plan to be wealthy one day?” The average wealth of those who responded was $2 million USD. They aspire to a total wealth goal of about $7.4 million. Achieving four times what they are worth today is how most future wealthy define “making it.”
Of the group surveyed, the future wealthy in North America reported having taken the biggest financial hit during the last 12 months.
- 40% said their net worth had decreased
- 24% said their wealth had stayed the same
- 36% reported a wealth increase.
They are optimistic about their ability to maintain their assets.
- A full 80% of the North Americans do not expect to lose any money in the next 12 months.
- Only 4% thought their wealth might decline in that period.
- Jobs (83%)
- My business (25%)
- Listed investments (21%)
- Marriage/partner (19%)
- Sale of real estate (17%)
- Focus on brands that deliver quality experiences with a hint of understated luxury
- Simple pleasures, rather than up-market brands, appeal to this group
- Want to be known as generous and hospitable more than known for professional and financial acumen
- Are willing to talk about money openly with their friends
- Prefer to make donations anonymously
- Choose a car that feels great to drive over one with a Wow factor
- View money as a means to an end
- A majority view being a good person as the top priority for how they want to be remembered
- Home life is the source of greatest happiness and fulfillment
- Measure success in terms of achieving specific personal and professional ambitions
- Ethical, moral and family values matter