High net worth individuals (HNWI) believe their wealth has a positive effect, but have split opinions on whether the wealthy have a responsibility to positively impact society, a study from Triangle Life has found.

The Bermudan-based firm’s research of global HNWIs found that 88 per cent felt their wealth has a positive impact, with 66 per cent describing that impact as very significant.

Perceptions were found to vary depending on life-stage and level of financial independence, with a stronger belief of positive impact for those with more responsibilities.

Triangle Life also revealed that HNWIs were split on whether they had a responsibility to positively impact society, with 46 per cent agreeing and 30 per cent disagreeing.

However, the report noted that this reflected views on obligation, not action, and many still took “meaningful steps” that were guided by their personal values.

Wealthy individuals tended to focus their impact closer to home, driven by personal and family goals.

Almost all (98 per cent) HNWIs were motivated by improving family life, while 96 per cent cited ensuring financial stability, and 82 per cent highlighted leaving a legacy as a motivating factor.

Broader goals identified in the report were creating local jobs (35 per cent), promoting education and the arts (30 per cent), and supporting local charities and philanthropic causes (28 per cent).

Triangle Life said that advisers were well placed to support HNW clients achieve their goals, with only 22 per cent having documented plans and 30 per cent open to advice in the next year.

“Our Private Purpose report shines a light on the thoughts and motivations of the clients we seek to serve,” commented Triangle Life CEO, Niall O’Hare.

“Our aim is two-fold: to provide new and timely insight into HNWIs around the world and also to support brokers in providing the best advice to their myriad of clients.

“We intend this to be the first in a series of reports and we look forward to sharing our thinking more broadly."

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