15th August 2013
Investors in the UK believe someone to be wealthy if they have £837,000 in assets while 78% say money brings happiness.
Interestingly, US investors very nearly agree on the amount you need to be wealthy at $1.4m just $100,000 more than in the US. International adviser firm deVere surveyed its clients in five territories to understand what they regard as wealthy.
Obviously the survey will be a little biased as it is restricted to people who are already making a point of managing their money, yet it is interesting none-the-less.
In Hong Kong the average level of wealth someone would need to have to be deemed ‘wealthy’ would be 2.8 million USD (21.7m HKD), in the United Arab Emirates it would be 2.6 million USD (9.5m AED), in the United States it would be 1.4 million USD, in the United Kingdom it would be 1.3 million USD (837,000 GBP), and in South Africa it would be 1.2 million USD (11.9m ZAR).
The firm surveryed more than 900 deVere clients throughout June and July, across these five territories – from where the international financial consultancy runs some of its largest operations. Clients were asked ‘At what level of personal wealth would you deem someone wealthy?’
The average level of wealth that people would need to have acquired, according to those surveyed, would be 1.86 million USD.
The firm also asked ‘Does money bring you happiness?’ The overwhelming majority believe that it does with 89 per cent of those in Hong Kong replying ‘yes’, with 86 per cent in the UAE, 83 per cent in the US, 78 per cent in the UK, and 74 per cent in South Africa responding in the same way.
Overall, 82 percent of the survey’s participants believe that money does bring happiness.
deVere Group’s founder and chief executive, Nigel Green, says: “The poll highlights that wealth is a subjective, largely relative, issue. It’s our experience that an increasing number of people across these five territories are becoming what would be deemed as ‘wealthy’. However, whatever level you are financially, the most vital thing is to have a sound, workable, progressive financial strategy.
“In addition, as the findings reveal, it is widely believed that money can bring happiness. I suspect the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity.”