UBS Confidence Index

Millionaires worldwide are generally feeling good about their finances and the global economic outlook. But they're less sure about investing. And millionaires in some countries are not quite as confident, especially Hong Kong, Singapore, Taiwan and the UK. They're the findings of the new UBS Confidence Index: a major study of 3,200 millionaires in eight global markets.


 

Positive thinking

The study found nearly two thirds of millionaires feel optimistic about economic conditions (61%) and the outlook for their own finances (64%) in 2018. Looking longer term, they're still upbeat, with 58% feeling confident about domestic economic prospects over the next decade


 

Mixed feelings

While global confidence is high, individual markets fall into two distinct groups. Millionaires in Hong Kong, Singapore and Taiwan, as well as those in Italy and 'Brexit Britain', are more cautious than their peers elsewhere. In any case, the proportion stating they are ‘not confident’ remains fairly low.

And the most confident? Millionaires aged under 35, who feel optimistic about their finances and the economic outlook for the short and long-term.


 

Main concerns

When asked about issues that concern them, cyber security, terrorism and healthcare costs came out top. But they're less worried about falls in investments markets. Market downturns rank fifth, and other financial factors, like volatile markets, interest rate rises, commodity and currency values, and inflation, fail to figure in the top five concerns.


 

Asset Allocation

That said, millionaires seem cautious about investing, and hold the biggest proportion of their wealth in cash (25%). They also seem to prefer investing close to home, opting for domestic stocks (16%) rather than international markets (11%).

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About the research

The cited research was conducted among over 5,400 millionaires with at least USD 1 million investable assets (excluding property). The global sample was split across nine markets: Germany, Hong Kong, Italy, Singapore, Switzerland, Taiwan, UAE, the UK, and the USA. In the USA, over 2,200 people were surveyed, while a minimum of 400 responses were gathered in each of the other eight markets. The research was conducted by UBS Wealth Management in the USA, and by YouGov in the other markets. Fieldwork took place between November 2017 and January 2018.

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