Does wealth lead to happiness?
Some say money can’t buy you love, but can it at least get a little bit of happiness?
This latest work encapsulates the views of 2,800 HNWs (high net worth individuals) with an average net investable worth of $1.4m across nine Asian markets. The results reveal some striking disparities among the region’s wealthy. If happiness is the achievement of a positive life-wealth balance the study reveals that Malaysians, Indians, Indonesians and Thais are the most content when it comes to their life-wealth balance. We have decided to call this grouping the Mints by the way…. and while they may not have as much cash as the Brics they know how to smile. The least content were South Koreans, Singaporeans and residents of Hong Kong.
The calculus of happiness has been based on the levels of energy and satisfaction Asia-based millionaires are ascribing to their friendships and to their finances.
The linkage between happiness and confidence in wealth creation ambitions is significant. Happiness does not mean these Mints are sloths when it comes to wealth creation. Intriguingly, those nations with the happiest life-wealth balance scores also had among the shortest time frames for tripling their prosperity.
Meanwhile, the adage goes that fortune favours the brave. But in Asia, investors now seem to recognise fortune is also more likely to favour those with good advice. Notably, across the region, the Futurepriority insight uncovered that virtually all millionaires are increasingly interested in seeking out professional guidance in decisions surrounding their wealth. The investors are fully aware that they cannot achieve their goals alone and they need to find advice.
The recognition of the need to seek professional support is a true step change in the regional wealth landscape. The findings show clearly the traditional opinion of Asian HNWs as day-traders is outdated and a wave of advised-clients is beginning to emerge. The critical question to us is to whom these wealth creators are going to turn to get this advice and what financial institutions need to do to get their interest.
Once again, each country displays unique preferences about which providers they want. The insight shows that private banking services are more popular in India, Indonesia and Thailand, meanwhile the experienced investors of China, Hong Kong and Singapore show more interest in online investment providers.
