The rich don’t just think about money and making more of it, they are also concerned about health, according to a new survey.
Research firm Spectrem found that rich people consider the health of their spouse as their biggest personal concern.
Two-thirds of wealthy people spoken to by researchers said so, up from 62% last year, while 60% said they were concerned for their own health, which is up slightly from last year, too.
The same survey also revealed that the number of millionaires looking to maintain their current financial position fell from 65% to 62%.
Long-term health issues are also a concern, the survey for the group’s Millionaires Corner found, with just over half of rich people expressing their concern over spending their final years in a care home.
Healthcare costs
It’s no surprise to find that as rich people get older, much like the rest of the population, health concerns begin to play a significant part in their lives.
The survey found that 74% of millionaires aged over 65 said they were worried about their spouse’s health while just 42% of rich people aged under 45 expressed the same concern.
When it came to be worrying about their own health, 65% of rich people over the age of 65 said they were concerned compared to 43% of those aged under 45.
The Spectrem survey also reinforces a recent UBS Wealth Management study which found that rich people are increasingly concerned over the cost of healthcare in their later years –a worry that is greater than not having enough money for their retirement.
Many rich people believe that when they retire they will have saved enough money to live comfortably, but around 66% of them expressed a fear that rising healthcare costs could derail their financial plans.
Concerns over tax and inflation
The survey, which focuses on people who have investable assets of more than £3.2 million, found that 52% of rich people said tax was a concern while fears over inflation were a concern for 46%.
Rich peoples’ fears of increasing healthcare costs, especially in the US appear to be well-founded.
In the States, the AARP Public Policy Institute has released a report which shows that health insurance premiums have been rising faster than wages in recent years.
In the US the costs for healthcare have tripled in 20 years and have a disproportionately large burden on the elderly and it’s likely to grow significantly in the near future.
The survey also reveals other healthcare worries with nearly half of rich respondents said they would be worried about the financial costs brought on by a family health catastrophe with 44% saying they worried about not having someone to care for them in their old age.
