Wealthy support greater effort to promote social equality
Friday, June 27, 2014
Ninety percent of wealthy individuals say they would be willing to pay higher taxes, support more job creation and greater educational opportunities in an effort to promote more income equality, according to a new survey by US Trust.
Social investing also received a high response rate as 60 percent of respondents said it was possible to invest in companies while also achieving environmental and social goals and also achieving “market rate returns.”
Another 43 percent said social, political and environment values could be reflected in their investment choices.
This annual study found that changing family structures, multi-generational and extended family circumstances, evolving gender roles, and generational views on investing and use of wealth are challenging traditional approaches to wealth planning.
Legacy issues were also on the minds of the wealth, based on the survey. This may be because the majority of wealthy Baby Boomers surveyed grew up in middle-class or lower families, and 61 percent are the first generation in their family to be wealthy.
A problem with this newly-acquired wealth is that the wealth builders said they wanted to leave an inheritance, but were concerned their children would “not be mature enough to receive one.”