Contrary to popular belief in the UK, not all expats are multimillionaires sunning themselves on yachts moored off the Monaco coast. However, all expats interested in managing their offshore wealth effectively could do worse that look at how high net worth individuals do it themselves.
A new report from The Economic Intelligence Unit suggests that high net worth individuals living offshore tend to choose investments in shares and property over other popular options including alternative investments such as art, commodities or bonds.
These internationally mobile high net worth individuals were found to be, “generally self-made, having earned their wealth as professionals (29%), entrepreneurs (17%) or executives of public organizations (12%). Thirty percent grew up with wealthy parents.
“Millionaires aged 40 and under generated wealth through more diverse means, with only 17% earning wealth as professionals, compared with 26% of those in the 41-to-50 group and 41% of those older than 50.
“Respondents born in Asia/Pacific generated wealth at a younger age, with 46% aged 40 and under, compared with just 19% of those from other regions.
“Twenty-nine percent of residents of Singapore and 28% in the U.K. were most likely to have three or more personal residences, compared with 18% of those in Canada and 9% of those in the U.S.”