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What the rich really want

By Judy Martel · Bankrate.com
Sunday, January 29, 2012
Posted: 10 am ET

What tops the financial list of what the rich want? It may not be what you think. Although they do want to get richer, the top concern is probably the same as everyone else's: to maintain their lifestyle in retirement.

Cerulli Associates/Phoenix Market International surveyed high-net-worth individuals to find out what they are looking for from financial advisers. Second on the list is funding college education for their children, followed by protecting their current net worth. Aggressively growing wealth comes in fourth.

Fewer of the rich are concerned about leaving money to heirs or to charity -- those two concerns rank fifth and sixth on the list, followed by minimizing taxes.

This study complements others that indicate the rich don't want to necessarily spend their lives adding to their fortune: They want to enjoy it, too. And, even though past studies have shown that the well-off don't believe their children will be better off financially than they are, they don't feel obligated to leave them money either.

Unless they inherited, the rich likely took risks to earn their fortune. Now that they've made it, they want to take care of big family obligations and ensure a comfortable retirement for themselves.

What tops your list of financial desires?

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January 30, 2012 at 9:13 am

It depends on who you talk to. While all are interested in maintaining their lifestyle and their wealth a few have no qualms about subverting our government with huge political contributions to get them to pay even of lower percentage of tax on their income than anywhere else in the industrialized world. A few are rightfully concerned that the disappearance of our middle class threatens their future earnings and yields.

January 30, 2012 at 3:58 am

Over the years working in a tax CPA firm has taught me the rich want more. End of discussion.

January 29, 2012 at 2:03 pm

They want the poor to stop blaming them for their poverty. They want the government to stop taking money out of their pockets and wasting it.