7 in 10 wealth owners keep assets in at least 2 countries: survey

The report surveyed 13,500 individuals with a net worth between $3m and $99m.

Over 7 in 10 (71.4%) of wealth owners concentrate their assets within one or two countries, which may complicate compliance with Know Your Customer (KYC) regulations, according to a survey by Owner.One.

Of this, 43% said that they are unaware of the KYC requirements necessary for proving ownership continuity.

Almost half (47%) of the respondents said they keep all their capital and assets in a single country, while only 22% have distributed their wealth across three to four countries.

Whilst 30% understand and file the necessary documents, 21% have encountered issues and now maintain these documents more diligently.

A fifth of wealth successors recognise the need to improve their KYC compliance efforts, both for themselves and the original capital founders.

Moreover, 73% of private transactions by individuals under compliance restrictions ranged from $134,000 to $4m, which indicates the stringent scrutiny faced by High-Net-Worth and Ultra-High-Net-Worth individuals in their financial dealings.

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