Introducing the new face of wealth in Australia

As the wealth landscape in Australia experiences one of the most significant generational and economic shifts in recent decades, the Chubb 2025 Australian Wealth Report explores how 200 High-Net-Worth Individuals (HNWIs) are redefining what it means to be wealthy — and rethinking how best to protect what matters most. The findings reveal five key themes shaping the future of wealth and security in Australia.

The ‘Great Wealth Transfer’ is reshaping Australia’s financial landscape. Younger generations are emerging as a significant proportion of wealth-holders in Australia, with inheritance sitting at the heart of this shift. While more than half of boomers more likely to have earned their way to wealth – with 54% being self-made - nearly four in five (79%) of millennial HNWIs attribute at least half of their wealth to inheritance.

This change is also reshaping attitudes toward wealth. Younger HNWIs are taking a more optimistic and lifestyle-focused approach to their money, seeing it as a means to create freedom, pursue opportunity, and retire earlier than previous generations. According to the report, 72% of millennials and 65% of gen z aspire to early retirement — far higher than the 23% of post-war individuals and just 9% of boomers who share the same ambition.

“This year’s Wealth Report shows that High-Net-Worth Australians’ approach to wealth is influenced by inheritance, innovation and rapid technological change, with wealth now defined as much by identity, lifestyle and legacy as by financial assets,” said Angela Capponi, Head of Personal Lines, Chubb Australia and New Zealand.

This evolving mindset is also influencing how the next generation builds and protects their portfolios, with many pursuing entrepreneurial ventures and alternative investments that reflect and support their values and lifestyle aspirations. 

Younger HNWIs are taking a future-focused approach to wealth protection, putting plans in place now to safeguard their wealth and lifestyle for the years to come. As their needs and priorities evolve, so too does the role of professional advisors to meet these challenges and opportunities.

“As the nature of wealth evolves, so too must the strategies to protect it,” said Capponi.

As they navigate their newfound wealth, gen z is looking beyond family for advice, seeking tailored support from their expert advisors. Younger wealth-holders value responsiveness (60%) and preservation expertise (67%) as priorities when engaging with advisors, reflecting their desire for tailored support rather than simply transactional advice. 

Personal collections are emerging as a priority for Australians expanding their wealth portfolios in the next 12 months. Whether acquired as expressions of personal identity, or intended as heirlooms for future generations, collections increasingly extend beyond a hobby for HNWIs.

The Chubb 2025 Wealth Report found that 79% of affluent Australians own at least one personal collection, with jewellery, fine art, and watches/timepieces among the most common. These collections often carry deep personal significance, yet protection doesn’t always keep pace with their emotional and financial value.

When it comes to protection, more than two-thirds (68%) of High-Net-Worth Australians have no clear succession or estate plan in place for their collections. The most commonly perceived risks include theft, fire, fraud and water damage — reinforcing the need for comprehensive and tailored protection.

Property continues to be the cornerstone of Australian wealth, but its meaning goes far beyond financial value.

Over half (51%) of Australia’s HNWIs describe their home as the emotional foundation of their family – with 39% seeing it as an investment in their family’s future.

As the risks facing homes evolve — from water intrusion and fire to weather-related and security threats — prevention and appropriate protection are becoming more important than ever. Many HNWIs have rated internal water-related damages and fire-related damages (including bushfire and electrical fire) among the top perceived threats to their home.

The report found that in-home protections focus heavily on technology solutions for security concerns, with 70% reporting state-of-the-art security systems, and 62% investing in physical property defences. Yet fewer are addressing the more common, day-to-day risks such as internal water damage (despite it being a top perceived threat).

The findings highlight a growing appreciation for preventative measures and expert guidance as part of a more holistic approach to protecting property and lifestyle.

As High-Net-Worth Australians invest in smart technologies to protect their homes and collections, this can introduce increased cyber risk to wealth portfolios. Digital risk is a key challenge for wealth protection, requiring advisors to understand where their high-net-worth clients may be vulnerable to data breaches and cybersecurity risk.

As digital exposure grows, personal cyber security needs to be viewed with the same diligence as physical item protection. True wealth protection now requires a connected approach — one that considers every aspect of security, from home and collections to data and reputation.

For more insights into the changing nature of wealth protection in Australia, download the Chubb 2025 Wealth Report.