More than three quarters of high net worth Americans (with investable assets of $3 million or more) accumulated their wealth through income from their work, while just over a quarter inherited at least some of it, according to U.S. Trust (multiple responses were allowed).
More than four in 10 plan to continue working after “retirement,” including 16% who plan to embark on new careers, 7% who want to start new businesses, and 21% who say they will simply never retire from their current work. Just under half (47%) feel there have been personal costs to creating their wealth.
While more than nine in 10 (96%) say they’re wealthier than their parents, just under half (49%) expect their heirs to be equally or more well-off. Nine in 10 (91%) have made wills, and 88% have estate plans, but 39% of those with estate plans acknowledge that they’re not comprehensive.
Only a third of high net worth parents (33%) have disclosed full details of their wealth to their children. Just over half (52%) have disclosed some details, while 15% haven’t told their children anything about the family finances.
For the most part, parents’ reluctance to tell their children about the family wealth stems from fears that they won’t handle the information responsibly. [Affluent Market, Finance, Family]
Source: “U.S. Trust Insights on Wealth and Worth: Survey of High Net Worth and Ultra High Net Worth Americans, 2011,” U.S. Trust, Bank of America Private Wealth Management, Keith Banks, President, One Bryant Park, New York, NY 10036; 212-852-1000; also, Lauren Sambrotto; 646-743-0812; l.sambrotto@bankofamerica.com; www.ustrust.com/survey. Price: Available online at no charge.
© Copyright 2011, EPM Communications, Inc. May not be reproduced without written consent of publisher.