The 2024 Wealth Report

Affluent individuals measure wealth not by asset brackets alone, but by more personal goals: achieving financial security, pursuing passions, creating experiences and protecting their families and legacies. 

Though they may have attained a rare level of financial success, 61% do not consider themselves wealthy, including many with investable assets of more than $10 million.

A perfect split

50% of respondents say they would prefer to never retire…

…while 50% dream of retiring as soon as possible. 

Climate change, cybersecurity and the safety of their collections are among the greatest worries of the wealthy, reflecting the compounding of traditional and emerging risks for those who have more assets to protect. Their wealth makes them an enticing target for cybercriminals and outsized personal injury lawsuits.

With more wealth, more danger

Those with $25 million or more in assets are four times as likely to be victimized by a cyber-related attack.

Affluent North Americans are spending with an eye to the future, particularly in real estate. For those who are concerned about climate change, renovations present a prime opportunity to future-proof their homes. 

After a period marked by pandemic-inspired nest-building and post-pandemic spending, a smaller percentage than last year plan to increase outlays for travel, entertainment and education in the 12 months ahead. 

Divesting remains rare

46% of collectors plan to acquire fine art, jewelry, cars, wine and other valuables over the next 12 months. Only 5% anticipate divesting, primarily by gifting to family members.

The affluent are protecting more than their assets; they are protecting their family’s well-being, the comfort and security of home and their posterity. But many of them are also facing the future without a clear plan for it.

A significant number of respondents in every age do not have a will, and less than a third overall have an estate plan. Nearly a third of collectors plan to self-insure new acquisitions, and half of those who carry cyber insurance do not believe they are adequately covered.

A looming problem?

43% of baby boomers aged 60-69 do not have a will. Only 29% of these younger boomers have an estate plan..