Wealth Creators Bullish
Tuesday, June 01, 2010

Over half of wealth creators around the world say they have made money in the last 12 months and are on track to repeat their successes in 2010.

According to research carried out by the Scorpio Partnership and Morar Consulting for Standard Chartered Private Bank, 56% of the 202 individuals who took part in a survey said they had profited from their investments in the last year, in spite of the uncertain economic landscape.

Last September, 78% of the wealth creators who took part in the Futurewealth Project's first online poll said they expected to make money in 2010 even though the economic recovery looked highly uncertain at that time.

Projecting the results of the latest poll forward, 71% will meet their target for wealth creation by September 2010, according to research.

On average, the participants in the survey have personal wealth of USD2m and a target to quadruple that wealth within 10 years. They include corporate executives, business owners and academics, as well as those raising families and taking career breaks.

Key findings of the research show that almost three-quarters (74%) of the respondents say increasing their income is their main goal for 2010 and almost 80% are planning to do so by seeking promotion or changing job. In addition, 33% are looking to launch a new business or buy into an existing one. Over half (58%) have considered moving country or city in the last five years and 79% say that the move would be for business or career reasons. Almost half (46%) say that tax is a motivating factor in their decision to move to a different country.

"This groundbreaking research is giving us a clear insight into the attitudes and expectations of the future wealthy, who are both an interesting group of customers and an important economic phenomenon," said Catherine Tillotson, managing partner, Scorpio Partnership. "They are the world's up-and-coming wealth creators and those who have taken part so far have given us useful insight into their life-goals and priorities."

"The future wealthy are vocal positive, globally mobile and highly demanding in terms of service quality," noted Peter Flavel, global head of Standard Chartered Private Bank. "They are clearly an important client group and their high level of confidence confirms our expectations about the market's growth potential."