The wealth report

Closing the protection gap in a time of increasing risk.

Overview

In a wide-ranging survey, Chubb asked 800 affluent North Americans how they view their wealth, what they value most, who they turn to for financial advice, and what keeps them up at night.

We discovered why financial success is tougher than ever to achieve and more challenging to protect.

This eye-opening report examines the growing gap between what successful individuals and families value and how they choose to protect it against a myriad of risks.

Insights

Unprecedented insights and trends of affluent North Americans

The report examines the growing gap between what people value and how they choose to protect it against a myriad of risks.

68%

of respondents do not consider themselves wealthy.

81%

are collectors of fine art, jewelry, cars, wine and other valuables.

62%

see their home as an investment first and foremost.

76%

perceive exposure to extreme weather due to climate change as the top risk to their home.

Shifting mindsets of the wealthy
Investing in passions
Understanding the risk gap
Protection against risks

Changing times create a wealth conundrum

There are more millionaires in North America than ever before. Between 2019 and 2022, the number of U.S. households with net assets over US$1 million leapt by 63%, according to the U.S. Federal Reserve.

But making it into the millionaires’ club is not what it used to be. Turbulent times globally — including geopolitical pressures and changing weather patterns — and greater risks from lawsuits all seem to leave most wealthy North Americans feeling less wealthy and far more insecure about their future.

Beyond owning things

For successful people, wealth is more than the financial assets on their balance sheet. It is also the memories and stories behind the things they collect, the way they style their homes and the experiences they choose to create.

The pandemic accelerated a shift away from simply owning things and toward investments in entertainment, travel, and education — areas where respondents plan to increase spending over the next 12 months. They also plan to devote even more resources to their homes.

More worry for the wealthy

Compounding risks — from extreme weather, the shift in collectable assets, and the rise in personal liability settlements — are creating a growing threat to wealth preservation and well-being. There is a growing need to rethink how best to protect what matters most with appropriate risk and insurance management strategies.

Wealthy North Americans have particular reason to worry about personal liability. They recognize that the more they have, the more they stand to lose. Nine out of 10 respondents are concerned about the size of a verdict against them if they were to be a defendant in a liability case, yet only about one in three (36%) say they have excess liability coverage.

Most people don’t like to deal with insurance

It is nearly universal — even for wealthy families — to put every insurance policy on auto-renew and not give it much further thought. But taking the easy approach may leave a lot of potential resources on the table and expose people to unnecessary risks.

A more practical approach to protecting wealth begins with a basic understanding of where risks lie, the likelihood and cost of an adverse event, and the cost to insure against that likelihood.

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The wealth report — Closing the protection gap in a time of increasing risk

In a wide-ranging survey, Chubb asked 800 affluent North Americans how they view their wealth, what they value most, who they turn to for financial advice, and what keeps them up at night.

Download the report

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