(and Their Wealth Generally)
? More than half of high net worth individuals (53%) feel obligated to share their family’s wealth with charitable causes, but the wealthiest are concerned about the details of their giving.
? Among people with $10 million or more in investable assets, 28 percent said that deciding which financial charity to donate to was one of their top three financial worries. This illustrates the scope of the opportunity for advice and counsel.
? More than one-third of people with $10 million or more in investable assets do not have a healthcare proxy, will or trust to protect their assets, nor a named trustee or administrator.
? Fewer than half (46%) of survey respondents say they have become happier as they have accumulated wealth. Nearly one-third (29%) of respondents with more than $10 million in investable assets agree that having a lot of money brings more problems than it solves.
? Half (49%) of survey respondents with children at home worry that their kids will grow up feeling “entitled.” And nearly as many 44% believe their children are spoiled.
Source: PNC Advisors, January 2005.
The nationwide survey polled 792 affluent Americans, including nearly 500 high net worth individuals with more than $1 million in investable assets.