The richest investors in the US have been forced to rethink how they manage their wealth, in some case taking a more hands-on stance because of the financial crisis, according to a survey of attitudes taken by Barclays Wealth.

In the study The Changing Wealth of Nations, the eleventh in the Barclays Insights series, it was shown that 60 per cent of US HNW individuals are less trusting of the government, with one in four believing that the economy will deteriorate in the next 5 years.

In addition, 1 in 5 report spending more than 5 hours per week actively investing and 44 per cent of survey respondents are reviewing their portfolios more than they have done in the past, although this does not mean that they are consulting their advisors more frequently.

US HNW individuals have been one of the most affected groups from the financial crisis, as it stemmed from the collapse of several US financial institutions. More than 37 per cent of HNW individuals lost money, leading most of them to talk less with their wealth managers and start taking matters into their own hands.

"Global economic uncertainty has prompted a new wealth consciousness in high net worth individuals in America and around the world. As we start the new decade, wealthy investors are paying closer attention to how their wealth is being managed and taking a more hands-on role in the process of investment itself," said Matthew Brady, the head of wealth advisory, Americas at Barclays Wealth.

As regards the types of investment products US HNW individuals now prefer, 60 per cent said that the downturn had made them more concerned about preserving wealth, with around 47 per cent admitting being averse to high-risk investments. Among the alternative options, equities and real estate emerged as the asset classes of choice.

Around 75 per cent of wealthy US citizens are self-made, with savings as their primary wealth source. Of this demographic, 75 per cent said that the main priority now is to save and not to purchase. In contrast, luxury items like art, fashion, and interior design was ranked lowest in importance.

The changes in financial appetite is, perhaps, best attributed to the modified definition of wealth among US HNW individuals post-crisis. When asked what "wealth" means to them, 91 per cent said it is driven by freedom of choice, while 80 per cent said wealth is a reward for hard work. Only 38 per cent shared the view of wealth as a means to get respect from family and peers. An equal percentage (32 per cent) said they would give more or will not give to charity.

The Barclays survey, conducted in conjunction with Ledbury Research from February to March 2010, is based on the responses of more than 2,000 high net worth individuals in 20 countries, including 500 from the US. All the respondents have over $1.5 million in investable assets and 200 of whom have more than $15 million in surplus.