Most Slovak dollar millionaires said their wealth has increased by between 2 percent and 9 percent over the last 12 months. (source: Unsplash )
The number of Slovak dollar millionaires continues to rise, according to new research.
They are mostly economically active men, owners or managers of companies and the average age of Slovak millionaires has not changed in the last two years and remains at 53. However, a generation of younger millionaires who are the successors to the entrepreneurs who emerged after the fall of the totalitarian regime in 1989 has established itself, while the country has also seen the emergence of a group of successful leaders of startups, according to the latest J&T Banka Wealth report.
The aim of the report is to map the investment behaviour and lifestyle of dollar millionaires- people whose disposable wealth is at least $1 million.
“The number of dollar millionaires is rising,” said Stanislav Pánis, analyst with J&T Banka, although he added there is lack of hard data about local dollar millionaires. “We estimate there to be between 30,000-40,000.”
The Slovak world of millionaires remains overwhelmingly male. The percentage of female Slovak millionaires jumped by 2 percentage points from the previous year to 18 percent and is up 7 percentage points from 2021. In the Czech Republic, the story is much the same, although the share of women millionaires actually fell, dropping from 13 percent last year to 10 percent.
The survey also revealed that 43 percent of dollar millionaires said their main objective of wealth management was the growth of the value of their assets Ensuring annuities and a regular source of income was identified as the main goal by 37 percent.
The last 12 months from the view of the appreciation of millionaires’ assets can be described as a period of stabilisation or a reversal of the trend after a turbulent 2022. The last year was marked by high inflation, an energy shock, troubled logistics chains, and the continuing negative effects of the Russian invasion of Ukraine.
Most dollar millionaires said their wealth has increased by between 2 percent and 9 percent over the last 12 months, and a significant fall in the number declaring a decline in the value of their wealth, from 21 percent to 8 percent.
When asked about the expected development of their wealth over the next 12 months, millionaires were optimistic. Three quarters said they expect an increase in the value of their wealth, again most often between 2 percent and 9 percent.
In terms of Slovakia’s most pressing current problems, 33 percent of millionaires cite the functioning of the healthcare system as the greatest concern, while 25 percent consider growing misinformation to be a threat.
J&T Banka conducted the survey in cooperation with the Perfect Crowd agency in September via an online questionnaire. A total of 331 dollar millionaires (119 Slovaks and 212 Czechs) participated in the survey. Qualitative insights were complemented by in-depth interviews with 22 respondents (eight in Slovakia and 14 in the Czech Republic).
