We’d all like to have the problems of high net worth individuals, wouldn’t we (along with the good wardrobe, Ferrari and Rolex)? But wealth is no longer the status symbol it once was – one just has to log in to Twitter to see the super-wealthy coming under attack by social justice warriors – and it seems that rich folk don’t have it as easy as they once did. In fact, high net worth individuals (HNWIs) are showing a lot more interest in downscaling these days. “More conscious HNWIs are definitely moving away from a more opulent lifestyle to a more liquid holding of wealth,” says Sunel Veldtman, CEO and chief client strategist, Family Foundation Wealth. “The new status symbol is far more likely to be bought citizenship in a country like Portugal than a flashy car or a holiday home.”
What are the biggest risks facing your high net worth clients? Our April issue ponders this question along with several others, including what actually constitutes high net worth these days, where wealthy South Africans are choosing to live and study, and whether or not these individuals are externalising their funds as never before. We look at some of the trends among the wealthy (downsizing and donating, anyone?) and also touch on other topics like choosing an executor, the benefits of group gap cover, and what the Financial Sector Conduct Authority (FSCA) has been up to.
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