Wealthy Americans say it’s harder than ever to build and protect wealth

investmentnews.com:

High-net-worth individuals in the United States and Canada are feeling challenged by weather risks, the economy, and potentially ruinous lawsuits, according to a new survey.

Two-thirds of respondents with investible assets of at least $500,000, with the majority reporting assets of $1.5 million to $25 million, told the inaugural Wealth Report from Chubb that it’s harder than ever to build and protect their wealth. They worry about their investments losing value amid volatility driven by the economic environment and the uncertainty around it.

Affluent North Americans are working harder to maintain their wealth, with 83% of participants employed and almost one-third saying they don’t want to retire. This is not all about money though, as many are able to do work that they enjoy because of their wealth, even those who inherited it.

But beyond the economy, respondents are concerned about their property, with 76% citing climate-related extreme weather as the top risk to their homes, 63% concerned about water damage, for example from hurricane or flood damage, and 31% saying wildfires are too close for comfort.

“We have experienced the consequences of increasing frequency and severity of weather-related property damage across the country with more powerful storms, wildfires, and the unexpected occurrence of deep freezes in southern states,” commented Jennifer Naughton, executive vice president and risk consulting officer for Chubb Personal Risk Services. “While weather has received substantial attention, damage within the home from internal sources such as plumbing line failures, leaky waterlines to an appliance or AC units can be destructive and often require long and costly repairs for those impacted.”

Four-fifths of poll