Triangle Life Unveils Global Report On Positive Impact Of Wealth

KUALA LUMPUR, Sept 8 (Bernama) -- Triangle Life Insurance Co Ltd (Triangle Life) in its new report finds 88 per cent of high-net-worth individuals (HNWIs) believe their wealth has a positive impact, with 66 per cent describing that effect as highly significant.

The research titled Private Purpose: A New Lens on How the Global Wealthy Define and Drive Positive Impact highlights that wealthy individuals are primarily motivated by family-oriented goals, including improving quality of life (98 per cent), ensuring financial security (96 per cent) and leaving a legacy (82 per cent).

Broader objectives include job creation (35 per cent), support for education and the arts (30 per cent) and contributions to charitable causes (28 per cent), according to a statement.

Views differ on whether the wealthy have a social responsibility to create positive impact, with 46 per cent agreeing and 30 per cent disagreeing. However, many still pursue meaningful initiatives guided by personal values.

The report underscores the role of advisors, noting that only 22 per cent of HNWIs have documented plans, while 30 per cent are open to advice in the coming year. This presents a critical opportunity for advisors to guide clients in achieving their “private purpose”.

The global HNW population has grown to 22.8 million, with an estimated US$30 trillion in wealth expected to transfer from Baby Boomers to younger generations in the coming decades, according to Capgemini’s World Wealth Report 2024. (US$1=RM4.20)

The report is the first in a series of research publications aimed at providing deeper insights into HNW clients and strengthening advisory services in the life insurance sector.

Triangle Life, headquartered in Bermuda, commissioned the study to explore perspectives from HNWIs across North America, South America, Europe, the Middle East, Asia and Africa.

The company recently secured backing from Aspida Holdings Ltd, BroadRiver Asset Management LP and several family offices that share its long-term vision and client-centric approach.

-- BERNAMA