Nearly all (91 per cent) UK- and Channel Island-based high net worth individuals (HNWI) are dealing with emotional challenges directly linked to their financial position, according to Nedbank Private Wealth.

Its survey of people primarily residing in the UK, Isle of Man, and Jersey with investable assets of £1.5m or more, or a total net worth of £15m plus, found that HNWIs were feeling the psychological burden of responsibility that accompanies wealth.

These worries go beyond wider market concerns and focus on what the outcome could mean for their family and business’s futures.

Almost a third of HNWIs believed that the media portrays them as selfish and excessive, with Nedbank stating that this perception misses the ‘profound sense of duty’ many felt towards their employees, family members, and communities.

This pressure is particularly felt by wealthy women, according to a third of survey respondents, with balancing work and personal life cited as their primary challenge.

Three-quarters of HNWIs agreed that the amount at which people are considered wealthy has risen significantly over the past two years, with 81 per cent now believing true wealth was at £3m and above.

"This isn’t just a result of inflation, but a reminder that as assets grow, so does the stress and anxiety about how much is ‘enough’ to support those around them both now and in the future,” Nedbank noted.

A third of HNWIs were now prioritising long-term family security over short-term gains amid a shift in thinking towards legacy building and the impact they can have on those close to them.

“Conversations that were once focused on market performance are increasingly moving towards philanthropy and community investment, with many now wanting to include these plans within their wealth strategy,” Nedbank stated.

“The relationship between wealth and happiness is complex. While financial security can alleviate certain stresses, it can also contribute to entirely new ones and be overshadowed by the weight of responsibility it brings.”

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