The fallout from coronavirus has provoked fears among the world’s wealthy, with the majority planning to curtail travel and move closer to family in a world they see permanently altered by the pandemic.
More than half of respondents in a survey of wealthy investors by UBS Group AG said they feared not having enough liquidity in the event of another pandemic, while a similar percentage expressed worry about leaving sufficient money to their heirs.
The crisis “feels very personal,” said Bonnie Park, head of wealth planning for UBS in the Americas. “In the U.S. specifically, 82% of investors feel their lives have changed permanently.”
To be sure, the poor and working classes have borne the brunt of the economic fallout from Covid-19, which has triggered the worst economic contraction since the Great Depression and resulted in tens of millions of layoffs. Of the wealthy investors surveyed, 70% said they’d been financially affected by the pandemic, with 36% of those describing the impact as “significant.”
59,017 in U.S.Most new cases today
-6% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.103 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4.4% Global GDP Tracker (annualized), June