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According to data from the Federal Reserve, the number of U.S. households with net assets over $1 million grew 63% from 2019 to 2022. Canada has also seen a significant increase in millionaires, with their numbers increasing 23% in 2021 alone, according to Credit Suisse. This means there are now more millionaires in North America than ever before, and with increased wealth comes increased risk.
For Chubb's inaugural Wealth Report, released in December, researchers surveyed 800 individuals in the U.S. and Canada who had investable assets of at least $500,000; although the majority of respondents (79%) reported assets between $1.5 million and $50 million. Some of the most prevalent concerns about risk held by the respondents were the possibility of damage to their property from weather-related events or climate change, protecting their fine art and collectibles, and being targeted in liability lawsuits.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
