Downturn created "crisis of trust" among ultra wealthy

A Societe Generale Private Banking survey finds that ultra-HNWI have increased their due diligence following the financial crisis and are putting more emphasis on trust and transparency than on high returns.
Vincent Magnenat
Vincent Magnenat

Vincent Magnenat, deputy to the CEO of marketing in Singapore and South Asia at Societe Generale Private Banking, talks to FinanceAsia about the results of a qualitative survey entitled “Seven key trends for investing, giving and spending among the very rich”, which was sponsored by his firm.

Why are the very rich no longer feeling secure about their wealth
The key reason is because of the 18 months of nail-biting volatility in financial markets and the wealth destruction on a massive scale.

In fact, this year we conducted a timely survey on the topic of ultra-high-net-worth individuals ultra-HNWI and their behaviour in terms of investment, philanthropy and consumption post the downturn. The...

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