The 2015 U.S. Trust Insights on Wealth and Worth survey has found that many business owners and entrepreneurs share at least five similar attributes.
The survey is based on a nationwide survey of 640 high net worth and ultra high net worth adults, of which 118 are business owners, with at least $3 million in investable assets, not including the value of their primary residences.
The five attributes shared by these high net worth entrepreneurs are:
A Passion for their Business
Nine in ten business owners say they have a clear sense of purpose for their lives, and three quarters of respondents consider meaningful work an important aspect of their purpose.
Personal and Business Lives that are Closely Intertwined
A high proportion of business owners’ finances are tied up in their companies. Forty-four percent say most of their income and financial assets are linked to their firms. For owners under the age of 50, that is especially true. Nearly two-thirds of those responding (64 percent) say their businesses represent most of their income and assets.
A Focus on Health, Family and Financial Security
Seventy-six percent say their health is their most important personal asset. Yet, 35 percent say they’ve sacrificed their health for the sake of their careers.
A Strong Sense of Responsibility for the Needs of Others
Seventy-nine percent say they typically put the needs of others ahead of their own. Partly as a result, 59 percent say their personal, work, financial, and social goals often conflict with each other.
A Desire to Give Back to Society
Nine in 10 business owners say that giving back to society is important, if not essential, to their lives. And they place greater relative importance on giving back than non-business owners.
U.S. Trust, Bank of America Private Wealth Management, which conducted the survey, is a private wealth management organization. The company says it provides resources and customized solutions for wealth structuring, investment management, banking and credit needs.
U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A.
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