Too many good things? Australia’s richest people reveal the biggest burdens of accumulating money in a Private Wealth Network survey.
Some of Australia’s richest people have revealed the burden of living with lots of money, with wealthy Australians saying their wealth can affect their relationships.
In a new survey by wealth management firm Private Wealth Network (PWN), wealthy people also worry about how much of their wealth would be inherited by their children.
According to the investigation. More than 70 percent of wealthy Australians said they were trying to hide their millions from others.
A survey of wealthy Australians has found their wealth can affect the relationships they have with friends and family.
More than half said their wealth affected their friendships, while 61 percent said being financially well-off could lead to division between families.
David Werdiger, son of former billionaire real estate company Julliard Group director Nathan Werdiger, said being rich can have its hassles.
He told the Financial analysis people who have accumulated wealth can often be perceived differently.
“It may be (because of) how it affects friendships. It could be for security reasons…people make assumptions about you…’, Mr Werdiger said.
“Or they might hit you (for money) or other negative things might happen.”
Richard Milroy, founder and executive director of PWN, said the number of people in the survey who said they hide their wealth from others was “truly remarkable”.
“Respondents said they felt people treated them differently because of their wealth (and) that it was harder to have real relationships,” Mr Milroy said.
He said parents were also concerned about their children being judged because they grew up in an environment where they had access to wealth that very few of them would have.
The survey also reflects current attitudes towards inheritance. Nearly 90 percent of those surveyed said families could easily pass on too much wealth to their children.
According to the survey conducted by Private Wealth Network, more than 70% of wealthy Australians said they try to hide their wealth from others.
However, Mr Werdiger said families who hide their wealth from their children can fuel distrust.
Mr. Werdiger, a wealth transition consultant for family businesses, said wealthy families must build trust with each other and find ways to use their wealth as a force for good.
The PNW survey collected responses from 44 family offices, investment funds created to manage the financial assets of wealthy families.
A wealth management expert says families shouldn’t go so far as to hide their wealth from family because it could fuel a cycle of distrust.
There are approximately 2,000 family offices in Australia.
More than two million Australians are now millionaires, according to a report from major bank Credit Suisse.