RBC Wealth Management & The Economist Intelligence Unit Releases Study on UHNW Women in UK
RBC Wealth Management & The Economist Intelligence Unit (the EIU) has released a study on UHNW women in the UK, with many of them running businesses with a focus on social impact and legacy.
” RBC Wealth Management & The Economist Intelligence Unit Releases Study on UHNW Women in UK “
The study reveals increasing trends on women being more entrepreneurial and owns more businesses. It also highlights younger high net worth (HNW) women in the UK are more in control of their financial situation and how they manage their wealth, compared to the previous generations.
- 92% of women in the UK believe women have greater opportunities to own their own business than previous generations, with 44% of female business owners hoping to pass their businesses on to their offspring;
- 26% of British women describe themselves as business owners or entrepreneurs, suggesting that legacy and wealth among HNW business owners is transforming;
- 61% of UK business owners state that it is important to them that their business make both a positive economic and charitable impact on the community and 71% say it’s important to protect the livelihoods of their employees.
The study was released on 13th June 2018.
Commissioned by RBC Wealth Management, The Economist Intelligence Unit (EIU) undertook a study of 1,051 high-net-worth individuals (HNWIs), including 207 respondents in the UK, from March to May, 2018. The minimum investable wealth of respondents was US$1 million (£743,000). The margin of error on the UK sample is 6.8 percent with a 95 percent confidence level. The survey explored how the meanings of legacy and wealth are being redefined across regions, genders and generations.
Ross Jennings, Head of Sales & Relationship Management:
“We are pleased and encouraged by these findings, which verify that what we have been seeing across our client base for some time is indicative of a broader shift in wealth creation. The distribution of wealth around the world is on the cusp of major change; women represent an increasing share of wealth generation and have distinct goals for their finances, prioritising values such as family legacy and making a positive impact on the community. At RBC, we are laser focused on ensuring we understand these priorities and goals so that we can provide the best possible advice and service to meet both.”
Katherine Waller, Director, Relationship Management:
“We are seeing a considerable uptick in the number of wealthy female clients seeking advice on how to align their investment goals with their personal values in order to achieve their legacy aspirations. As such, we are redefining the role of a traditional wealth manager, by acting as trusted partners to our clients and designing strategies that not only deliver on their financial objectives, but also align with their ideals.”
Fiona Lucas, Managing Director, Relationship Management:
“Men have previously been the generators of wealth but women are breaking this trend, increasingly establishing themselves at the forefront of business ownership and decision making across the UK. As such, preparing the next generation to take on business responsibilities is a core priority for many of our clients, as it is for us as advisers. We recognise that the growing number of female entrepreneurs and business owners will have a significant positive impact on society, as they focus on using their wealth to help their families and make a positive social impact. We are excited by the opportunity to partner with today’s high net worth women and a generation of young women who will inherit businesses and build their own wealth as they create and preserve lasting and meaningful legacies.”
Source: Official Press Release