Triangle Life releases Private Purpose: A New Lens on How the Global Wealthy Define and Drive Positive Impact

(BUSINESS WIRE) -- Triangle Life Insurance Co. Ltd.¹ (“Triangle Life”) announces today its new report, Private Purpose: A New Lens on How the Global Wealthy Define and Drive Positive Impact. In commissioning this study, Triangle Life has taken a fresh look at the positive impact of wealth.

Moving beyond conventional narratives, the research reveals a more complex and interesting personal reality. The research offers a nuanced perspective, exploring how HNW individuals (HNWIs) perceive the effect of their wealth

across personal, family, community and broader levels. It delves into how HNWIs define positive impact, how they are actively working to realise it, and the critical role advisors play in assisting clients to unlock its potential.

KEY FINDINGS INCLUDE:

• Wealth’s Positive Impact: 88% of HNWIs believe their wealth has a positive effect, with 66% describing that impact as very significant. Perceptions vary by life-stage and level of financial independence, with a stronger sense of positive impact emerging as responsibilities increase.

• Focus on Family, Legacy, and Broader Goals: Wealthy individuals focus their impact close to home, motivated by personal and family goals like improving family quality of life (98%), ensuring financial security (96%), and leaving a legacy (82%). Broader goals include creating local jobs (35%), promoting education and the arts (30%), and supporting local charities and philanthropic causes (28%).

• Views on Responsibility: HNWIs are split on whether the wealthy have a responsibility to positively impact society – 46% agree, while 30% disagree. However, this reflects views on obligation, not action; many still take meaningful steps guided by their personal values.

• A Global Perspective: Around the world, HNWIs strive to a make positive impact, often navigating diverse challenges. Supporting family, business, and community are common focus areas.

• Advisor Opportunity: Advisors are well placed to help HNW clients achieve their goals. With only 22% having documented plans and 30% open to advice in the next year, now is the time to guide them toward realizing their ‘private purpose’.

Headquartered in Bermuda, a global financial centre for insurance and reinsurance, Triangle Life is a life insurance company founded with a sole focus on serving the HNW market.

In creating this report, Triangle Life has adopted a segmented and multigenerational perspective — considering the values and motivations of those who have attained significant wealth, as well as individuals at earlier stages of their wealth-building journey.

The research offers a global view, drawing insights from HNWIs across North America, South America, Europe, the Middle East, Asia, and Africa. Triangle Life commissioned this research to support HNW advisors in elevating client conversations and delivering more personalised, effective solutions.

This publication marks the first in a series of research reports offering insights into the individuals that define Triangle Life’s focus within the HNW life insurance sector. The company recognises this as a timely topic and a pivotal period for HNW life insurance. Over the past decade, the global HNW population has grown substantially, reaching 22.8 million individuals worldwide—and that number continues to rise. An estimated USD30 trillion in wealth is expected to transfer from Baby Boomers to Generation X and Millennials over the coming decades ([1] Capgemini World Wealth Report 2024).

As a company exclusively focused on HNW life insurance, Triangle Life recognises the critical role it plays in navigating this shift. The way this wealth is transitioned will have significant and lasting implications. Triangle Life is committed to providing innovative solutions that support advisors in managing the complexities of wealth transfer.

The report launch follows the announcement of the backing from a diverse group of investors, including Aspida Holdings Ltd (Aspida), BroadRiver Asset Management L.P. and a series of family offices, who align with Triangle Life’s long-term vision and client-centric approach.

Bringing together an exceptional team of experienced HNW insurance leaders, led by CEO, Niall O’Hare, the company is dedicated to working with brokers to help HNW clients realise the positive impact of their wealth in securing legacy plans aligned with their values and aspirations.

Niall O’Hare, CEO, Triangle Life commented:

“Our Private Purpose report shines a light on the thoughts and motivations of the clients we seek to serve. Our aim is two-fold: to provide new and timely insight into HNW individuals around the world and also to support brokers in providing the best advice to their myriad of clients. We intend this to be the first in a series of reports and we look forward to sharing our thinking more broadly."

ABOUT TRIANGLE LIFE

Triangle Life is a Bermuda-based life insurance company providing solutions for HNW individuals, their families and businesses to help meet today’s client needs, as well as the transition to tomorrow’s demands and expectations. It is uniquely focused on solving the complexities of global wealth succession to enable HNW individuals to bestow a legacy aligned with their personal vision, goals and values.

ABOUT THE RESEARCH

Savanta conducted the following on behalf of Triangle Life

• 30-45 minute in-depth interviews with wealth advisors to high-net-worth (HNW) individuals

• CATI survey with n=262 potential or current HNW individuals

  • Current HNWs are defined as having a net worth of $5+ million USD in investable assets

  • Potential HNWs are defined as having a net worth of $1 million USD in investable assets but expect it to grow to 5+ million USD in the next 5 years

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