The Investment Trends report, now in its thirteenth year, showed that there were 485,000 HNW investors as at September 2020 – a figure similar to 2019 (490,000) but still significantly larger than 2018 levels (460,000).
“The size of the Australian HNW population remains resilient despite tough market conditions at home and abroad. While the uncertain investing climate had minimal impact on market size, it has profoundly impacted the attitudes and preferences of HNW investors towards investing and advice,” Choi said.
“The last 12 months saw a large shift in the perceptions of advice among HNW investors, with a sharp increase in ‘validators’ who are open to receiving financial advice (56%, up from 40% in 2019) and a corresponding fall in ‘self-directed’ HNWs who prefer making decisions on their own (34%, down from 49%),” said Choi.
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