close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Do people think you’re wealthy?

Are you wealthy in the UAE?

A new survey reveals how much money you need to be wealthy in the UAE

0

August 20, 2013 6:54 by



You may not be scrounging around the house for loose change, but how much money must you have to be considered wealthy? According to a new poll by the deVere Group, the answer largely depends on where you live in the world.

For instance, having US$1 million or US$2m in your bank account would likely mean that you’re financially comfortable, but in countries like the United Arab Emirates or Hong Kong, you would not necessarily be perceived as wealthy.

The survey, conducted with more than 900 of the financial advisor’s clients, reveals that in Hong Kong, the average level of wealth someone would need to be deemed ‘wealthy’ is US$2.8m. In the United Arab Emirates, that number is slightly less, but it’s still a staggering US$2.6m, while in the United States it would be US$1.4m, US$1.4m in the United Kingdom and US$1.2m in South Africa.

The poll was undertaken to help gain a more in-depth understanding into the perception of wealth, what people really think about money and to get a better grasp of their financial goals.

Interestingly, those polled were also asked whether money brings them happiness. As it turns out, the overwhelming majority believes that it does. Eighty six per cent of respondants in Hong Kong replied ‘yes’, with 84 per cent in the UAE, 81 per cent in the US, 77 per cent in the UK, and 72 per cent in South Africa responding in the same way.

Nigel Green, deVere Group’s founder and chief executive says, the poll highlights that wealth is “a subjective, largely relative issue”.

He adds: “It’s our experience that an increasing number of people across these five territories are becoming what would be deemed as wealthy.”

It’s clear that, as far as the findings are concerned, it is widely believed that money can bring people happiness. Green says he suspects the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity.

As American comedian Groucho Marx once said: “While money can’t buy happiness, it certainly lets you choose your own form of misery.”



0

Leave a Comment