It took a generation before confidence and optimism returned after the Great Depression. Today, it has taken less than a year, if a survey of the “future wealthy” is to be believed.
The Future Wealth Report, a survey conducted by the Standard Chartered Private Bank and Scorpio Partnership, found that 78% of the 1,414 “future wealthy” (persons with an average wealth of $2 million) feel their wealth would increase in the next 12 months. This is in stark contrast to the actual increase in wealth over the past one year: Only 41% said their wealth had gone up.
Optimism is particularly infectious in those from the Indian subcontinent where four out of five future wealthy said they expected their fortunes to go up in the next one year (see here).
So, what makes the “future wealthy” so optimistic? Hard to say. But one thing stands out: Those most bullish about their future are to be found in emerging markets and places that have not borne the brunt of the recent crisis. It is not surprising that fewer of the optimistic future wealthy are to be found in North America.