According to a survey of high-net-worth individuals, wealthy UAE residents might never retire because they are financially responsible for their children.
Wealthy UAE parents more likely to end up 'nevertirees'
Being rich may not be all it's cracked up to be. According to a survey released yesterday of high-net-worth individuals, wealthy UAE residents might never retire because they are financially responsible for their children, who know little about money. That is only a slight simplification of the Barclays Wealth survey, which analysed how rich people around the world saw their retirement. It found that the Gulf features the largest density of "nevertirees", the survey's term for people who intend to continue working in some capacity for the rest of their lives.
Saudi Arabia led the list, with 92 per cent saying they did not plan to retire at all, while the UAE was right behind at 91 per cent. The lowest percentages were found in Switzerland (34 per cent), Spain (44 per cent), Japan (46 per cent) and the US (54 per cent). When asked whether they agreed with the statement "I am financially responsible for my children", 98 per cent of UAE residents said they agreed, the highest percentage in the survey. In the US, only 44 per cent agreed, while in the UK the total was 51 per cent. Meanwhile, only 55 per cent in the UAE said they agreed with the statement"I think my children have a proper understanding of money", the third-lowest total among countries surveyed.
Monaco led the way in terms of financial literacy, with 87 per cent saying their children had a solid grasp of financial issues. The survey polled more than 2,000 individuals who own more than £1 million (Dh5.8m) in investable assets.