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.
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.
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%).
UBS House View
For investment ideas, portfolio implications and more regional content, visit out CIO website.
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.
If you want to know more
Come and see us so we can tell you more about how we work.