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The wealth report

Closing the protection gap in a time of increasing risk.


In a wide-ranging survey, Chubb asked 350 affluent and high net worth individuals in the U.K. how they view their wealth and the main threats to the things they value most.

With an introduction from Stephen Vaughan, Head of Personal Risk Services Europe, the report also looks at the role of the insurance market in response to the new risks and challenges facing the wealthy of today.

Stephen Vaughan
Stephen Vaughan

“Successful individuals and families worked hard to build their wealth. Now is a pivotal moment to take action and shore up protection of what they value most with comprehensive risk and insurance strategies.”


Head of Personal Risk Services Europe, Chubb


Insights and trends of affluent individuals in the UK

The report examines the growing gap between what people value and how they choose to protect it against an array of risks through appropriate insurance, risk management and loss control programmes.


believe that affluence, upward mobility and prosperity are out of reach for middle-income families in the U.K.


are collectors with jewellery, gems and watches named as the most widely collected items, followed by fine art and wine.


see theft as the greatest risk to their valuables.


expect their insurance carrier to provide up-to-date asset valuations for their collections and 47% want loss prevention advice.

Building wealth is now more challenging than ever before

Inflation, higher interest rates and worries about economic competitiveness make for an unsettling outlook even for those who can most afford it.

49% of respondents with net assets of more than £1 million, in particular younger respondents, do not consider themselves wealthy yet.

More than eight out of 10 believe that the influence of wealth in the U.K. is already too big.

77% say the competitiveness of the U.K. economy poses the greatest threat to their wealth.

What keeps them up at night? Government spending, first and foremost. They also worry about global conflicts, the threat

Beyond owning things

Wealth building has always been linked to the pursuit of passions and values. To the U.K.’s most financially well off, affluence can also mean the memories behind the things they collect, how they style their homes and the experiences they create.

66% plan to increase their discretionary spending on international travel.

£6.9 million is the average value of respondents’ primary home, with 31% planning to upgrade or renovate their properties and 23% looking to increase the number of homes they own.

Eight out of 10 respondents are collectors of fine art, jewellery, cars, wine and other valuables, with 62% saying they did so out of passion and 38% seeing it as an investment.

Personal collections are now part of the great wealth transfer from baby boomers to millennials, but the next generation does not always share their parents’ passions. Almost half of respondents who plan to divest their collections soon, would like to give it to family members.

More worry for the wealthy

Extreme weather, the shift in collectable assets, and the rise in thefts are creating new threats to wealth preservation for the U.K.’s high earners. Yet many of the most damaging risks arise much closer to home.

71% said that damage during renovations was the greatest risk to their homes, while half are worried about the impact of extreme weather events.

Six out of 10 respondents have taken protective measures such as inspecting water pipes and installing fire detectors.

86% say that theft is the primary worry when it comes to their collections, with many believing social media exposure is making them more of a target for thieves.

Collections are subject to all the same risks that concern homeowners, as well as other vulnerabilities specific to each item. Accidents and damage during travel or transit are among the top concerns for collectors.

Most people don’t like to deal with insurance

To manage their wealth and protect it from risks, high net worth individuals in the U.K. rely primarily on their financial advisors (83%) and themselves (82%).

But they may not be getting the right advice to adequately protect their wealth. An insurance broker can provide a more considered approach to protecting wealth beginning with a basic understanding of where risks lie. A good broker can also point out coverage gaps and offer advice on how best to mitigate risks.

Just under half of home and car owners feel their current insurance policies offer good value and one in three say they would be willing to pay higher premiums to get the right coverage.


The wealth report — Closing the protection gap in a time of increasing risk

In a wide-ranging survey, Chubb asked 350 affluent and high net worth individuals in the U.K. how they view their wealth and the main threats to the things they value most.

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