Climate-related risks, cyber threats, and security of valuable collections are the primary concerns for affluent households, as these emerging risks threaten their ability to build and maintain wealth, according to Chubb’s 2024 Wealth Report.

The report, based on a survey of high net worth North Americans, most with assets exceeding $5 million, found that 90% of respondents listed climate risk as a leading concern, up nearly 20% from last year. Cybersecurity also emerged as a top risk, with identity theft (56%) and cyberbullying (55%) being the primary worries.

Additionally, 81% of collectors expressed concerns about theft of their high-value items, with 67% believing damage to their collections during travel is their biggest risk.

“High-value collections are a unique and irreplaceable part of many families’ legacies,” said Laura Doyle, senior vice president, Fine Art and Valuable Collections product leader, Chubb Personal Risk Services. “Protecting these assets requires specialized expertise and coverage, as they are more than just investments—they’re often deeply personal items that families want to preserve for future generations.”

Despite these concerns, 63% of respondents believe there are more opportunities for wealth creation now than ever before, reflecting a more optimistic outlook than last year. However, more than half (61%) do not consider themselves wealthy, including many with investable assets of more than $10 million.

“We’re seeing a shift in how the wealthy perceive and prepare for risk as they recognize the far-reaching impacts of climate, cybersecurity, and the safeguarding of high-value collectibles,” stated Ana Robic, division president of Chubb North America Personal Risk Services.

The report also highlighted a significant insurance protection gap, with only 28% of respondents carrying sufficient excess liability coverage, despite 92% expressing concern about the potential financial impact of a liability lawsuit.

View the full Chubb report here. &