#USA #New York #Cybersecurity #Chubb #Wealth Survey

Chubb's 2025 Wealth Survey: The Resilient Mindset

Chubb has unveiled intriguing findings from its 2025 Wealth Survey, aptly titled "The Resilient Mindset: Turning Risk Awareness into Advantage." This detailed report surveys affluent families in North America, carrying assets over $5 million, and highlights a blend of optimism and vulnerability, particularly as the nation braces for an unprecedented generational wealth transfer.

Key Insights into Affluent Mindsets

The survey results reveal a striking dichotomy among high-net-worth individuals. Around 79% of respondents anticipate economic growth in the next year, with 67% expressing that current opportunities for wealth building are greater than ever before. This positive sentiment, however, is coupled with apprehensions related to potential investment losses, severe weather events, and heightened economic competition.

Cybersecurity: The Foremost Concern

Cybersecurity emerges as a significant worry, ranking as the top issue for affluent families. Concerns regarding cyberbullying and identity theft are paramount; paradoxically, only 41% of those surveyed have invested in standalone cyber insurance. This figure is concerning given that high-net-worth individuals often face higher risks from advanced cyber threats, such as phishing and social engineering scams.

Challenges in Estate Planning

As affluent Americans prepare for an extraordinary generational wealth transfer, estate planning remains troublingly inadequate. A staggering nearly 50% lack a will, while 74% have no estate strategy, even among those with assets exceeding $25 million. This lack of preparedness can expose their fortunes to uncertain fates and misallocation.

Generational Wealth Transfer Dynamics

The generational wealth transfer is further complicated by differing interests between wealthy parents and their millennial children. For example, millennials are notably more inclined to invest in sports memorabilia and luxury handbags, whereas their parents often value fine art and timepieces. Notably, 36% of those intending to pass collections to heirs express doubts regarding the legacy's continuation, highlighting a disconnect in desires across generations.

Laura Doyle, Senior Vice President at Chubb, emphasizes the importance of proactive dialogue about family legacies, urging families to assess collection intentions and consider alternatives such as donation or sale. She insists that effective stewardship and foresight in planning are essential for families aiming to preserve both their artworks and familial harmony.

Continuous Pursuit of Luxury

Despite apprehensions regarding wealth sustainability, high-net-worth individuals remain committed to luxury spending. A significant 44% plan to expand their collections while just 9% intend to downsize. Travel emerges as the primary expenditure area, with over 80% preparing for both domestic and international trips, reflecting an inclination toward experiential luxury.

Upcoming spending trends show:

• - 93% on domestic travel
• - 81% on international travel
• - 59% on real estate
• - 57% on entertainment

Interestingly, only 25% are focused on collections or education expenses, prioritizing immediate experiences over assets.

Wealth Protection Vulnerabilities

The report highlights that financial affluence does not guarantee adequate wealth protection. A wide 77% of collectors do not plan to insure their valuables, leaving them vulnerable to potential loss. Furthermore, an overwhelming 86% of collectors choose DIY approaches to research rather than consulting experienced advisors.

Additionally, extreme weather and climate challenges are identified as pressing threats to wealth, with 74% of affluent homeowners citing flooding as their foremost worry. As a reactive measure, 86% have undertaken home enhancements, such as installation of fire-resistant features and impact-resistant windows.

Concerns Regarding Luxury Recreational Activities

Ownership of luxury boats or yachts is a noteworthy interest for many affluent families; however, associated anxieties persist. 94% of boat owners express serious concerns about operator qualifications, while 32% admit anxiety regarding their own boating proficiency. Major concerns include:

• - Mechanical Breakdown - 55%
• - Inadequate Insurance Coverage - 48%
• - Potential Liability - 46%
• - Storm Protection - 43%

Melissa Scheffler from Chubb reiterates the need for families to address these critical protection gaps, advocating for a shift from mere coverage to meaningful partnerships that enhance asset security and ensure long-term resilience.

Conclusion

The 2025 Chubb Wealth Survey underscores the necessity for affluent families to embrace resilience through strategic planning and collaboration. By acknowledging risks and addressing estate planning gaps while leveraging emerging economic opportunities, high-net-worth individuals can more effectively navigate challenges ahead. With the impending generational wealth transfer, now is the time for families to engage in deep discussions about their legacies, ensuring they not only preserve their wealth but also nurture harmonious family relationships that endure across generations.