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High-net-worth investors prioritize their health and building their wealth

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A recent survey released by the U.S. Trust, from the Bank of America Private Wealth Management branch, reveals that high-net-worth (HNW) investors value their health as much as the importance of building their wealth. The respondents also identified two key areas that they think need to improve in their lives: giving back and pursing their passions.

The report, “U.S. Trust Insights on Wealth and Worth,” surveyed 640 HNW individuals with at least $3 million in investable assets and is part of the largest annual studies regarding the attitudes and preferences of the HNW market on growing, preserving and passing on their wealth.

The study also found that:

  • 98 percent agreed that the most valuable asset they have is their health and investing in health is as important as investing to build wealth

  • 9 in 10 respondents said that they are willing to spend more money on their health

  • 86 percent said that giving back is an important part of their lives; women and millennials stood out for driving interest to this area

  • 83 percent of millennials said that they struggle to balance competing priorities in their lives (work-life balance)

  • More than half of the HNW investors said that if they needed long-term care, they would stay in their own homes, assisted by their families or private home health care. Only 23 percent said that they would move in to a luxury long-term care facility, but 44 percent said that they haven’t planned for the cost of long-term care or out-of-pocket health expenses

  • Overall, 28 percent said that their wealth comes at the expense of their health, while 53 percent of millennials also said this

  • Only one in five HNW parents strongly agreed that their children will be prepared for handling their inheritance

  • While 54 percent said that they believe their family would benefit from developing a formal set of principles to guide the meaning of their wealth, only one in 10 has done so

  • About 20 percent of HNW investors said that they are looking for advice on the best way to invest in a low-interest rate environment; 34 percent are having these discussions with a trusted advisor now

For more on the report, take a look at the graphics below and the next pages (click to enlarge).

See also: 

4 of the wealthiest families who lost it all

How (and how not) to reach the HNW retiree market

Giving to get: The secret to landing high-net-worth clients