Despite the trend of diversifying booking centers, nearly half of high net worth individuals still keep all their assets in a single country, according to a study by data firm Owner.One.
The diversification of booking centers has been a growing trend amongst wealthy individuals in recent times. Geopolitical risks, residency in a second home and children's educational pursuits abroad are some of the commonly cited reasons. Nonetheless, some keep assets concentrated in one location.
According to a study by Owner.One – a firm focused on secure storage and transfers of asset data – 47 percent of high net worth individuals keep all their capital and assets in a single country. Around 24 percent have assets in two countries while 22 percent are booked in three or four countries.
KYC Troubles
Moreover, 43 percent of respondents were unaware of know-your-customer (KYC) requirements for providing ownership continuity. While 30 percent understand and file necessary documents, 21 percent have encountered issues and now maintain documents more diligently.
The study was based on a survey of 8,500 individuals with a net worth between $3 million and $99 million from 19 countries across Africa, the Middle East, Asia, the EU, the UK and North America.
