World

Wealthy confident they can weather global financial storm

LONDON: The global economic, financial and political landscape has never been shakier, but the world's rich are confident they can steer through the fog of uncertainty in the coming year "without so much as a dent in their finances", a survey showed yesterday.

The findings of UBS Wealth Management's survey of more than 2,800 millionaires in seven countries showed a high degree of worry about the global financial system on the one hand, and supreme self-confidence and optimism on the other.

Some 82 per cent of those surveyed said this is the most unpredictable period in history. More than a quarter were reviewing their investments and almost half said they intend to but hadn't done so.

More than three-quarters (77 per cent) believed they could "accurately assess financial risk arising from uncertain events", while 51 per cent expected their finances to improve over the coming year compared with 13 per cent who expected them to deteriorate. - REUTERS

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