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Laxman Pai, Opalesque Asia: A survey of Ultra-High-Net-Worth Individuals (UHNWI) reveals that 47% of family wealth consists of financial assets. Despite diverse asset types, a concerning trend in geographic diversification was uncovered.
Despite the trend of diversifying booking centers, nearly half of high-net-worth individuals still keep all their assets in a single country, according to the study by data firm Owner.One.
According to the report, the diversification of booking centers has recently become a growing trend amongst wealthy individuals. Geopolitical risks, residency in a second home, and children's educational pursuits abroad are some of the commonly cited reasons. Nonetheless, some keep assets concentrated in one location.
"Almost half (47%) of respondents maintain all their capital and assets in a single country, with only 22% spreading their wealth across three to four countries. A significant 71.4% of wealth owners focus their assets in just one or two countries," the report noted.
Moreover, 43 percent of respondents were unaware of know-your-customer (KYC) requirements for providing ownership continuity. While 30 percent understand and file necessary documents, 21 percent have encountered issues and now maintain documents more diligently.
The study was based on a survey of 8,500 individuals with a net worth between $3 million and $99 million from 19 countries across Africa, the Middle East, Asia, the EU, the UK, and Nor...................... To view our full article Click here
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