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CZECH REPUBLIC: Most millionaires are business owners

posted onJune 28, 2017

The average age of Czech and Slovak dollar millionaires is 53 years-old, they are business owners and university graduates, according to Wealth Report 2017 released by J&T Banka.

The wealthiest Czechs and Slovaks have not become rich over night: they have earned their wealth through the long-term development of their businesses. The primary source of their assets is business (66%), investment (13%) and employment (13%). Inheritance is the primary source of wealth for 8% of Czech and Slovak millionaires. The typical millionaire respondents launched their businesses themselves in the 1990s and could not depend on inheritance or significant assistance from their parents, as is often the case in the developed world.

The world of billionaires and millionaires, measured by wealth, also remains a predominantly male club. In the Czech Republic, 86% of dollar millionaires are men; in the Slovak Republic, this number is as high as 96%. A similar trend can be seen elsewhere in the world. Of the nearly 2,500 billionaires in the world, only 294 (around 12 percent) are women, according to Wealth-X and UBS World Ultra Wealth Report.

Dollar millionaires in the world of investment

38% of respondents in the Czech Republic gave preference to sites for construction as an investment.

33% rated investment in apartments and houses as the next best place to put their wealth, followed in the third place by investment into start-ups (27%).

Dollar millionaires and politics

Czech millionaires are critical of the situation on the local political scene and consider corruption as a major problem.

They are also critical towards the EU, in particular with the policy towards the migration crisis, which is regarded as a safety threat by 84% of them.

Over 40% of Czech dollar millionaires welcome the election of Donald Trump as US president.

Dollar millionaires and philanthropy

77% of Czech dollar millionaires said they contribute to charity.

About J & T BANKA Wealth Report 2017

The survey, which took place between February and March 2017, was conducted by J&T Banka in cooperation with Perfect Crowd, a research agency. The objective of the survey was to map the investment behaviour and lifestyle of dollar millionaires, i.e., individuals whose available funds are worth at least USD 1 million.

The survey included a total of 263 million dollar millionaires (192 Czechs and 71 Slovaks)The data was collected through an on-line questionnaire. In-depth interviews with 15 respondents supplemented the qualitative view.

J & T BANKA provides investment, corporate, and retail banking services in the Czech Republic, Slovakia, Croatia, and Russia.

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