Survey: Majority of wealthy Americans say climate change damage a threat to their homes

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Dec 21, 2023
1 year ago

About three-fourths of wealthy Americans and Canadians say that damage from severe weather due to climate change poses the biggest threat to their homes, according to Chubb’s Inaugural Wealth Report.

The survey of 800 high-net-worth individuals also found that they consider the loss of value of investments (80%) and inflation (74%) as the biggest risks to their fortunes.

Other findings of the report, which offers insights into how the wealthy plan to protect their assets in the coming year:

  • A majority think building wealth is harder than ever, with 68% saying they don’t consider themselves wealthy — even those with assets greater than $10 million.
  • 73% plan to increase spending in 2024, especially on real estate.
  • 62% say they have a passion for what they collect, with 86% of respondents saying that damage to their collections during travel is their biggest risk and 77% worried about theft.
Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.