With inflation, weak economic growth and low interest rates top-of-mind as barriers to wealth creation, these young European-based individuals are turning to “proven asset protection and investment structures” such as life assurance to safeguard their wealth, according to a study called Essential Wealth: The Many Hats of the Modern Wealth Manager.

For example, it found that 60 per cent of HNW individuals under the age of 35 have a life assurance policy compared to 40 per cent of those over the age of 55.

The study by OneLife and Scorpio Partnership is based on the views of 604 HNW individuals from Belgium, Denmark, Finland, France, Sweden and the UK with an average net worth of $2.4 million.

Beyond advice for greater investment returns, risk management and the ability to learn from an advisor are important secondary considerations for investors, the study also found.

Meanwhile, nearly half of those polled believe their wealth advisors could be more proactive in discussing their broader financial and life goals, while over half (52 per cent) would like to be offered products that better suit their needs and 49 per cent would welcome greater transparency around portfolio allocations.

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

The research also uncovered the motivations of HNW individuals to invest, live and work in different offshore centres. Luxembourg stood out for its tax environment, with a quarter of respondents selecting the city for this reason.

“Fiscal neutrality is a pillar of the Luxembourg value proposition,” Stevens said. “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.”

Movinga recently ranked the locations it believes could be the most likely to gain a "Brit influx from the Brexodus", with Luxembourg featuring in the top five.