By Andrew Shirley.
Unique survey data compiled by Knight Frank offers a revealing insight into the attitudes of Spanish high-net-worth individuals
The Wealth Report, published each year by Knight Frank’s global research teams, is full of interesting numbers, but some of the most fascinating are contained in the results of its annual Attitudes Survey.
Based on responses from the world’s leading wealth advisors and private bankers, the survey provides a detailed view of the lives of the world’s wealthiest people, from their investment decisions to where they send their children to school.
This year we have been able to crunch the numbers at a country level for a growing number of locations, including Spain. So what do they tell us and do Spanish HNWs taking a different view to the wealthy in other parts of the world?
Well, to start with, let’s look at the most important factors when it comes to managing their wealth and investments.
At a European and global level “wealth preservation” was considered, perhaps unsurprisingly, the key driver. But while 66% of survey respondents overall and 77% in Europe selected this as a top-five factor for their clients, it was considered crucial by 89% of those in Spain, a level only surpassed by South Africa.
This conservative outlook is reinforced by the 79% of Spanish respondents who consider “minimising risk” and the 74% who believe “portfolio diversification” to be very important. Across Europe as a whole these factors were considered far less crucial.
But it seems the younger generation take a slightly different view. When we asked what factors were more important to their millennial clients – those coming of age since 2000 – almost three-quarters chose “capital growth”.
In terms of home ownership, Spain follows the global pattern with HNWs owning on average three houses. However, Spaniards do seem more content at home. When asked if their clients were planning another home purchase in the next few years, our respondents said only 16% were looking for somewhere overseas, compared with a European average of 25%.