Within the global findings of this UBS report, it revealed a number of significant regional variations in how people thought about the impact of the pandemic, the outlook for markets and their priorities in life.

Three quarters of wealthy investors polled by UBS recently said they think that life will be changed permanently because of the coronavirus pandemic, with Latin Americans being most convinced of that view, compared with Swiss individuals who are more ambivalent.

Significantly for the wealth management industry, the UBS study found that 83 per cent of investors wanted more guidance than usual from their financial advisor during the pandemic.

The Swiss bank surveyed more than 3,750 investors who were made up of 25-30 year olds with at least $250,000 in investible assets, 31-39 year olds with at least $500,000 in investible assets and those persons aged 40 or above with at least $1 million in investible assets. The global sample was split across 15 markets: Argentina, Brazil, mainland China, France, Germany, Hong Kong, Italy, Japan, Mexico, Singapore, Switzerland, Taiwan, the UAE, the UK, and the US. The research was conducted in May.

The survey found that seven in 10 people will cut travel and trips to the office; half of them intend to move closer to their families; 46 per cent may forsake living in cities for less populated areas and 88 per cent said staying healthy is their top priority. Some 67 per cent of investors said the pandemic has affected how they think about their money.

The findings showed that 56 per cent worry about not having enough saved if there is another pandemic; 58 per cent feared they may have to work longer to make up for retirement losses; 60 per cent fretted about being a financial burden to their family if they get sick and 54 per cent think they might not leave enough money for the next generation. 

In an answer that could suggest a change in risk appetite, the survey showed that 81 per cent of respondents said a “sense of fear” will remain for a long time.