What a typical Slovak dollar millionaire looks like

Slovak millionaires prefer land in terms of yield, but also invest in collectibles for their pleasure.

(Source: Sme)

A typical Slovak dollar millionaire is a 51-year old man with a university education. He owns a company and the primary source of his assets is business. These findings are the result of an exclusive survey called the Wealth Report carried out by J&T Banka among Slovak dollar millionaires.

Slovak millionaires are two years younger than their Czech counterparts and as much as 10 years younger than other millionaires around the world. This is because before 1989 running a private business was forbidden in the then Czech-Slovak Republic. This meant that 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. This also means that the first post-revolutionary generation of millionaires has only now started approaching retirement age.

When looking at the portfolio of a Slovak millionaire, there is still visible cautiousness with 51 percent of the accounts standing for conservative instruments, but a greater openness to investment instruments is visible, representatives of J&T Banka informed in late September.

Wealthy Slovaks have come to favour investment especially in corporate bonds. These make up as much as 30 percent of their investment portfolios. This is two times more than is the case of millionaires around the world.

“Wealthy Slovaks perceive bonds as an opportunity to invest in local companies and projects, which they can directly see, know and participate in their development,” said Anna Macaláková, director of J&T Banka, adding that in this way they support the local economy.

In terms of yield, Slovak millionaires continue to believe in future construction sites the most.

The survey showed that wealthy Slovaks are increasingly interested in collectibles. They invest particularly in art, postal stamps and coins. The motivation is the personal pleasure they receive from these activities.

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