LUXEMBOURG, 27 March 2017 – Europe’s wealthiest millennials are embracing all that modern life has to offer; half of them have already relocated to live and work overseas and two thirds intend to in the future. But, their familiarity with the world around them means that they perceive a number of challenges to future wealth creation: 26% of high net worth individuals (HNWIs) under the age of 35 believe strong inflation will be the most significant challenge to growing their wealth, a further 22% cite weak economic growth and 21% reference low interest rates.

These findings, drawn from Essential Wealth: The Many Hats of the Modern Wealth Manager, are based on the views of 604 HNWIs from Belgium, Denmark, Finland, France, Sweden and the United Kingdom, with an average wealth level of EUR 2.2 million.
The research reveals that to counter the challenging market conditions, younger investors are turning to proven asset protection and investment structures – like life assurance – to safeguard their wealth. Sixty percent of HNWIs under the age of 35 have a life assurance policy, compared to just 40% of those over 55.

Figure 1: Life assurance usage


The changing market environment also means that HNW investors are raising the set of requirements for their wealth advisors. Clients continue to seek wealth advice for the potential for greater investment returns. However, active risk management and the ability to learn from an advisor are important secondary considerations for investors.

Just over half of Europe’s HNWIs over the age of 35 state that their wealth manager acts as their primary educational source when learning about wealth. This dips to a third of millennial investors.

Instead, HNWIs under the age of 35 are looking to their wealth advisors to help them drive forward their wealth creation strategy.
Almost half of millennial clients believe that their wealth advisors could increase their confidence by becoming more proactive in discussing goals. 52% of this age group would also like to see advisors offer new products which better suit their needs and 49% believe their advisors could deliver greater transparency around portfolio allocations.

Commenting on the findings, OneLife’s Chief Executive Officer Marc Stevens stated “Increasingly, the wealth advisor is required to play multiple roles to support a client in their wealth creation. They must plan ahead for this increasingly demanding clientele, taking into consideration their geographical mobility and other multiple personal needs.”

Luxembourg leads the way for its tax environment

With HNW clients living increasingly international lives, it is little wonder that they see a wealth of opportunities beyond their own borders. The research findings reveal the motivations of HNWIs to invest in different offshore centres.

Luxembourg stands out to HNW investors for its optimal tax environment. One in four investors choose to invest in Luxembourg for this reason, a larger proportion than in any other geography.

“Fiscal neutrality is a pillar of the Luxembourg value proposition,” said Stevens. “Clients with a contract in Luxembourg are only subject to tax in their country of residence, which is a benefit in cases where clients relocate to another country. In reality, the benefits of investing in Luxembourg are far broader. This market also delivers asset protection, diversification and flexibility for investors.”

Figure 2: Reasons to invest in different markets



>> To read the full report please visit:

>> A summary of key findings as well as infographics also are available on


For more information please contact:
Michele Nerantzis

Marketing Communication Manager
T: +352 45 67 30 4316
Vinciane Derulle

Senior Marketing Communication Officer OneLife
T: +352 45 67 30 4989
1. In total, 604 individuals took part in this poll on wealth as a taboo. The average level of wealth among these individuals was EUR 2.2 million.
2. The respondents were from Belgium, Denmark, Finland, France, Sweden and the UK.
3. The research was conducted using an online survey. Participants were identified using profiling techniques to determine their likelihood of qualifying as HNWIs. They were contacted directly by email.
4. The research was conducted by Scorpio Partnership in collaboration with OneLife


About OneLife

OneLife exists to overturn conventional attitudes to life assurance. As a specialist in this area with over 25 years’ experience, we develop cross-border financial planning solutions for Ultra High Net Worth, High Net Worth, and High Affluent clients across Europe and beyond.
Whether it’s a question of long-term savings, inheritance planning, or simply understanding how to better manage your wealth, we are dedicated to providing sophisticated, compliant and innovative solutions that are crafted to suit each individual and their evolving needs.
Together with a solid network of select partners — including private banks, family offices and independent financial advisors — our dynamic team of international experts offer a fresh approach that helps understand and anticipate the needs of wealthy clients in a world of change.
With €5bn in assets under management, OneLife is owned by J.C. Flowers & Co — one of the leading investment firms in the international finance industry.

About Scorpio Partnership

Scorpio Partnership is a pioneer in the art of translating the complex needs of wealthy clients into practical, innovative and profitable solutions to target these customers. This award-winning firm has developed client insight from thousands of millionaires and billionaires around the world. With this knowledge, the firm has implemented strategic research, practical consulting and business innovation projects in over 35 countries.