When the deVere Group, the world’s largest independent financial advisory organisation, asked a selection of its clients who have investable assets of more than Dh5.6 million (£1 million), “what is your number one strategy to build wealth?” 52 per cent answered to work hard, 27 per cent replied to save, and 21 per cent said to invest wisely.
“There’s a certain perceived mystery surrounding how the wealthy become wealthy. But our study shows that the majority of millionaires accumulate their money the old fashioned way – they work for it,” says deVere Group’s chief executive, Nigel Green.
“Over half of those surveyed build their fortune by working hard, with putting money aside and intelligent investing coming second and third, respectively, as key strategies.”
He adds: “It is a sign of the times, I suspect, that most high-net-worth individuals are currently prioritising protecting their wealth over actively growing it. However, I believe that there is a gentle shift on its way as confidence amongst high-net-worth individuals seems to be increasing.”
Last month, the deVere Group published findings of a poll in which it was concluded that high-net-worth investor confidence is at its highest level in three years, with 53 per cent of those surveyed saying that they were feeling bullish about the outlook for the next 12 months.
Green concludes: “Interestingly, the results of our ‘strategies for building wealth’ poll were not wide apart, suggesting a combination of all three – working hard, saving, and smart investing – is how the rich really become rich.”
The survey polled 311 deVere Group clients who have investable assets of more than £1 million.
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