FOREWORD | OUR RESEARCH | 2020 AND COVID-19 | 1. TRANSPARENCY | 2. RELOCATION | 3. FAMILY & GENERATIONAL WEALTH | 4. THE ADVISER OF THE FUTURE | ABOUT BDO
OUR RESEARCH | KEY FINDINGS AT A GLANCE
OUR RESEARCH: OUR KEY FINDINGS AT A GLANCE
OUR GLOBAL SURVEY OF MORE THAN 350 PRIVATE CLIENTS AND PROFESSIONAL ADVISERS YIELDED A NUMBER OF KEY TAKEAWAYS
Following the impact of COVID-19, 57.2% of survey respondents expect significant or judicious alterations to wealth strategies. Less than 9% expect no change
70.8% believe HNWIs are moderately or very concerned about the privacy and safety
92.4% of respondents believe concern for personal or family reputation is critical when making decisions around tax structuring and compliance, with 59.2% saying it either “moderately” or “very much” impacts their decision-making
79.6% of respondents identified political stability as the primary criteria in HNWI relocation decision- making, ahead of lifestyle ( 72% ) and tax landscape ( 64.8% ).
63.2% of respondents said economic, political and social instability will very much ( 17.2% ) or moderately ( 46% ) prompt a trend towards HNWI relocation over the next 12 months.
Respondents were split over the extent to which rhetoric around the importance of ethical investing is typically matched by concrete investment, with 49.6% (moderately) and 40.8% (not particularly) respectively.
69.2% of respondents said the need to diversify investments amidst economic uncertainty is the principle factor driving changing attitudes to legacy among HNWI families, ahead of new Next Gen attitudes to social responsibility and philanthropy ( 48% )
risks posed by tax transparency and
reporting requirements. A mere 2.4% are ‘not at all concerned’
100%
50%
25%
0%
WORLD OF PRIVATE CLIENTS | NOVEMBER 2020 5
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