Skandia International has published a new study into consumer confidence and sentiment towards wealth which was carried out across the territories relevant to Skandia International / Old Mutual Wealth.
Called the ‘Wealth Sentiment Survey’, the study explores the notion of wealth and what it means for people across four different continents. It analysed aspects such as the feeling of financial security, how the sentiment has changed over the past 12 months, the factors influencing the changes and how this may be impacting the behaviour of people across different parts of the world.
Key findings include:
Globally, the average level of wealth in US dollars that people say they would need before being termed wealthy is in the region of $1.8 million.
Money does make the world go around it seems - as many as 80% of people believe money can bring them happiness.
Surprisingly the global average income people think is required to feel ‘happy’ is an alarming US$161k – 15 times the global average for an individual’s income of US$10,700* (*Source - IMF, based on IMF’s assessment of individual economic output in 2012, adjusted for Purchasing Power Parity).
Globally, and despite the prevailing economic turmoil, more than half (53%) of individuals feel they have become financially more affluent since the global financial crisis of 2008.
The average level of international personal debt, excluding mortgages, based on the selection of countries covered in the study, stands at US$11,788.
More than half of people (54.3%) that took part in the study would consider living in a different country.
Globally the appetite for risk is marginally tipped towards higher rather than lower levels. A third of people state they have a high appetite for risk, compared to just over a quarter who say they have a low appetite or no appetite at all.
Skandia commissioned CoreData Research UK to produce the study, which was conducted in August 2012 and included over 5000 individuals across 13 countries.
View the report highlighting the key findings