Rich People Reveal Secrets to Becoming Wealthy
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It takes a strong work ethic and the ability to constantly generate new ideas to become rich, a new poll of ultra-wealthy Americans found.
Conducted by SEI, the survey shows that 80 percent of rich people believed a person's work ethic was important in achieving financial success, and nearly all of those polled (95 percent) agreed that innovation is critical to their ability to continue being successful.
The research points to an awareness that sustaining wealth for multiple generations requires an ability to adapt to changing conditions and, at times, reinvent business or financial strategies.
"After everything that's gone on in recent years, they understand that sometimes it takes a different approach to be successful," said Michael Farrell, managing director for SEI Private Wealth Management.
Those surveyed were mixed on where they expect innovation to come from.
Nearly half of those polled believe professional advisers are the most likely source of innovation, while 37 percent expect innovation to come from those in the business sector. Thirty-six percent expect innovation to come from younger family members.
Despite their expectation that professional advisers should drive innovation, only 2 percent view wealth management as the most innovative industry.
The study was based on surveys of more than 100 individuals representing families with an average of more than $20 million in financial assets. The results are part of an ongoing series that SEI has developed in collaboration with Scorpio Partnership to help gain insights on wealth goals, behavior and issues of ultra-high-net-worth families.
Chad Brooks is a Chicago-based freelance business and technology writer who has worked in public relations and spent 10 years as a newspaper reporter. You can reach him at chadgbrooks@gmail.com or follow him on Twitter @cbrooks76.