{"id":4025,"date":"2019-08-19T15:00:00","date_gmt":"2019-08-19T20:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/the-shifting-landscape-of-global-wealth\/"},"modified":"2023-11-01T10:42:18","modified_gmt":"2023-11-01T14:42:18","slug":"the-shifting-landscape-of-global-wealth","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/the-shifting-landscape-of-global-wealth","title":{"rendered":"The shifting landscape of global wealth"},"content":{"rendered":"<div>\n<p> \t\t\t\t\tThe world of wealth is witnessing a historic transformation. By 2030 the share of global wealth held by Baby Boomers will be surpassed by Gen X and Millennials<sup>1<\/sup>\u2014cohorts brought up in a far more interconnected, technologically savvy and globalized age. In some instances the impact of this shift will be shaped by local factors, such as demographic changes. In other instances this shift will reflect shared characteristics, as demonstrated by the greater popularity of overseas investing among younger high-net-worth individuals (HNWIs<sup>2<\/sup>) brought up in an era of globalization.<sup>3<\/sup> Whatever the drivers, the landscape of wealth is changing\u2014from local to global, and from one focused on returns to one founded on personal values. \t\t\t\t<\/p>\n<h4>A more globalized investor emerges<\/h4>\n<p> \t\t\t\t\tDespite rising economic concerns and a tradition of investor home bias<sup>4<\/sup> in large parts of the world, the new landscape of wealth appears less interested in borders. According to a survey commissioned by RBC Wealth Management<sup>5<\/sup> and conducted by The Economist Intelligence Unit (EIU), younger HNWIs are substantially more enthusiastic about foreign investing.<sup>6<\/sup> The U.S. is a particularly high-profile example of a country where a long-standing preference for investments in local markets appears set to be transformed.<sup>7<\/sup> \t\t\t\t<\/p>\n<p> \t\t\t\t\tAlthough part of this focus on global investment opportunities can be attributed to the natural preference among younger investors for growth, it is noticeable that their enthusiasm is backed by their business peers. Business owners and entrepreneurs (BOEs) across all ages surveyed skewed in favour of foreign investments (a trait they also share with ultra-high-net-worth individuals<sup>8<\/sup>). Similarly, younger investors see globalization as providing more opportunities to generate wealth than in the past\u2014again, a trend shared with BOEs. \t\t\t\t<\/p>\n<h5>FIGURE 1: Beyond borders<\/h5>\n<h6>Percentage of survey respondents choosing more foreign investment as a preferred position.<\/h6>\n<p> \t\t\t\t<iframe class=\"highcharts-iframe\" src=\"https:\/\/cloud.highcharts.com\/embed\/5FmC3NYZO\/\" style=\"border: 0; width: 100%; height: 520px\"><\/iframe>  \t\t\t\t<\/p>\n<h4>Mind the generation gaps<\/h4>\n<p> \t\t\t\t\tWhile the new contours of the wealth map are increasingly global, this emerging population of younger investors is still choosing to invest in areas that have a social dimension. Notably, younger investors are almost twice as likely to adopt an ethical approach to investing as older investors,<sup>9<\/sup> with Asia the most enthusiastic (perhaps reflecting awareness of the rapid increase in inequality that has accompanied the region\u2019s economic success<sup>10<\/sup>). This passion for ethical investment is echoed in their views of investing according to environmental, social and governance (ESG) criteria, with more than four fifths of younger investors viewing it as increasingly important. Alongside this interest in impact investment, there is a simultaneous willingness to experiment. Over the next five years, Millennials and Gen X investors are more keen to explore alternatives, including hedge funds and private equity, and newer asset classes like cryptocurrencies, compared with Baby Boomers.<sup>11<\/sup> \t\t\t\t<\/p>\n<p> \t\t\t\t\tOlder investors may be more likely to adopt a less risky investment strategy than their younger peers, which could be part and parcel of the older cohort\u2019s common focus on locking in a legacy or inheritance for their children.<sup>12<\/sup> Yet exploring the differences between older and younger investors can lead to some unexpected conclusions; for example, there exists a widespread perception that Millennials and Gen Z value unique experiences such as travel and sports more than material goods,<sup>13<\/sup> but our survey found this to be equally true of older investors.<sup>14<\/sup> \t\t\t\t<\/p>\n<p> \t\t\t\t\tAlso of note, older HNWIs\u2019 investments are not necessarily as conservative as one might assume. For example, when it comes to their preferences over the next five years, older investors (particularly men) choose the technology sector more often than younger investors. They are also increasingly exploring newer investment vehicles, such as exchange traded funds (ETFs), with a quarter of the older cohort saying ETFs align with their investment preferences (compared with 17 percent of those in the 18\u201354 age range). \t\t\t\t<\/p>\n<h5>FIGURE 2: Exploring options<\/h5>\n<h6>Which of the following asset classes, if any, most aligns with your investment preferences? (Percentage of respondents)<\/h6>\n<p> \t\t\t\t<iframe class=\"highcharts-iframe\" src=\"https:\/\/cloud.highcharts.com\/embed\/jbpRgZq2z\/\" style=\"border: 0; width: 100%; height: 520px\"><\/iframe>  \t\t\t\t<\/p>\n<h4>Wary but confident<\/h4>\n<p> \t\t\t\t\tAll investors, regardless of age, express some jitters about the state of the global and domestic economy, although these worries run particularly deep among the younger cohort. Almost 60 percent of younger investors report they are concerned about ensuring their financial well-being, about twice the level of Baby Boomers and members of the Silent Generation. Their unease primarily centres on domestic issues, such as the rising cost of living and changing employment opportunities. Older and wealthier investors, on the other hand, are more likely to cite global economic uncertainty and tariff barriers as their key issues. \t\t\t\t<\/p>\n<h5>FIGURE 3: Fear factors<\/h5>\n<h6>Which of the following external factors most concern you about your ability to create, preserve or manage your wealth? (Percentage of respondents selecting each option)<\/h6>\n<p> \t\t\t\t<iframe class=\"highcharts-iframe\" src=\"https:\/\/cloud.highcharts.com\/embed\/1j0kUJo7q\/\" style=\"border: 0; width: 100%; height: 520px\"><\/iframe>  \t\t\t\t<\/p>\n<p> \t\t\t\t\tYet this uncertainty has not bred pessimism; four fifths of younger investors say they are confident they will reach their financial goals for creating, preserving and managing their wealth. Admittedly, they acknowledge getting there will not be easy\u2014more than three quarters of respondents agree that today\u2019s market requires investors to be far more flexible and responsive in their investment strategies, as well as more attentive to their portfolio. Nonetheless, despite the backdrop of macroeconomic and geopolitical concerns, the new holders of wealth appear confident and ready to not only face the future, but reshape it. \t\t\t\t<\/p>\n<p>   \t\t\t\t<!-- References --> \t\t\t\t<\/p>\n<div class=\"footnote spacer-20\">\n<h5>References<\/h5>\n<ol>\n<li>Gen X is defined as people born between 1965 and 1980; Millennials are defined as those born between 1981 and 1996; Baby Boomers are defined as those born between 1946 and 1964; see Cale Tilford, \u201cThe millennial moment \u2014 in charts\u201d, Financial Times, 5 June 2018, <a href=\"https:\/\/www.ft.com\/content\/f81ac17a-68ae-11e8-b6eb-4acfcfb08c11\" target=\"_blank\" class=\"link-ext\" rel=\"noopener\">https:\/\/www.ft.com\/content\/f81ac17a-68ae-11e8-b6eb-4acfcfb08c11<\/a><\/li>\n<li>For the purposes of this study, HNWIs are defined as having more than US$1MM in investable assets.<\/li>\n<li>Younger HNWIs are defined as people born between 1965 and 1997 (Gen Z, Millennials, and Gen X). Older HNWIs are defined as people born in 1964 or earlier (Baby Boomer or Silent Generation).<\/li>\n<li><a href=\"https:\/\/www.economist.com\/briefing\/2019\/07\/06\/conservatism-is-fighting-for-its-life-against-reactionary-nationalism\" target=\"_blank\" class=\"link-ext\" rel=\"noopener\">https:\/\/www.economist.com\/briefing\/2019\/07\/06\/conservatism-is-fighting-for-its-life-against-reactionary-nationalism<\/a><\/li>\n<li>The survey covered seven countries: the UK, U.S., Canada, Hong Kong (SAR), Mainland China, Taiwan and Singapore.<\/li>\n<li>72 percent of younger HNWIs have foreign investments, compared with only about half of their older counterparts.<\/li>\n<li>In the U.S. almost two-thirds of older respondents prefer domestic investments, compared with just 39 percent of younger investors.<\/li>\n<li>Those with investable assets of more than US$5MM.<\/li>\n<li>Over the next five years 12.9 percent of younger investors plan to invest more ethically, compared with 6.6 percent of their older counterparts.<\/li>\n<li><a href=\"https:\/\/www.unescap.org\/blog\/reimagining-crazy-rich-asians-social-commentary-inequalities-asia-pacific\" target=\"_blank\" class=\"link-ext\" rel=\"noopener\">https:\/\/www.unescap.org\/blog\/reimagining-crazy-rich-asians-social-commentary-inequalities-asia-pacific<\/a><\/li>\n<li>When asked how they anticipate adjusting their investment strategy over the next five years, 23 percent of Millennials and 18 percent of Gen Xers choose investing in more alternatives, compared with 12 percent of Baby Boomers.<\/li>\n<li>When asked to list their three most important investment goals, 28.5 percent of older investors choose leaving an inheritance, compared with 13 percent of younger investors.<\/li>\n<li><a href=\"https:\/\/www.cnbc.com\/2016\/05\/05\/millennials-are-prioritizing-experiences-over-stuff.html\" target=\"_blank\" class=\"link-ext\" rel=\"noopener\">https:\/\/www.cnbc.com\/2016\/05\/05\/millennials-are-prioritizing-experiences-over-stuff.html<\/a><\/li>\n<li>When asked whether they prefer to spend their wealth on experiences rather than material goods, 74 percent of older investors agree, compared with 70 percent of their younger counterparts.<\/li>\n<li>The term \u201cinvestor\u201d includes HNWIs, grown children of HNWIs, and those with high incomes but who do not qualify as HNWIs.<\/li>\n<\/ol><\/div>\n<p> \t\t\t\t<!-- end References -->  \t\t\t\t<!-- DISCLAIMER FOR REGIONAL AND EXECUTIVE SUMMARY ARTICLES --> \t\t\t\t \t\t\t\t<!-- end DISCLAIMER FOR REGIONAL AND EXECUTIVE SUMMARY ARTICLES --> \t\t\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The high-net-worth population is changing\u2014from local to global, and from one focused on returns to one founded on personal values.<\/p>\n","protected":false},"author":0,"featured_media":12444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[235],"tags":[297,401],"rbcwm_content_owner":[],"rbcwm_need":[68],"rbcwm_segment":[66],"rbcwm_solution":[82],"rbcwm_topic":[65],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-4025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-wealth","tag-global-wealth","tag-new-wealth-rising","rbcwm_need-grow","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-education"],"acf":{"rbcwm_subtitle":"Future-proofing prosperity in a time of upheaval.","rbcwm_post_author":[],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["No"],"perspective_disclaimer":["No"],"expandable":[],"omit_from_pages":[],"disclaimer_footnote":"<p>\n\t\t\t\t\t<p>\n\t\t\t\t\t\t\u00a9 The Economist Intelligence Unit Limited 2019. 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