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The Calibre survey found more than two-thirds (67 percent) of the survey's respondents have had investable assets of at least $25 million for five years or less. These individuals have not given as much attention to managing wealth and transferring it to the next generation, or selecting charities, as those who have been wealthy longer. They also are less concerned about being discrete with their wealth or about potential family conflict caused by wealth, while those who have had their wealth longer are more careful not to show it to outsiders.

“While the survey does not necessarily represent the views of all ultra wealthy individuals, it does offer a seldom-shared perspective that suggests it takes time for individuals to understand the impact of substantial wealth on their personalities, their personal lives and their families,” said Keith Whitaker, Director of Family Dynamics at Calibre.  “At Calibre, we understand that it takes time, communication and planning to develop appropriate wealth transfer strategies. This survey will guide us in helping our clients use their wealth today and shape their legacies for the future.”

Among survey participants overall, only about half (48 percent) attributed their wealth to “smart risk-taking.” A far greater percent (78 percent) attributed their wealth to “hard work.” One-third (33 percent) said their wealth was the result of “luck and good timing,” while nearly half (47 percent) agreed their wealth “is a blessing from God.”

The Calibre survey is one of the first unbiased, quantitative surveys of ultra high-net-worth individuals not affiliated with any particular firm.  The survey has a margin of error of 7.1 percent at a 90 percent confidence level. HNW estimates fewer than 50,000 households have $25 million or more in investable assets. HNW conducted the e-mail survey March 27-April 13, 2006 using double-blind screening process. Nearly 700 people responded to the survey, of which 299 met the primary criteria of having $25 million in investable assets. Additional screening (16 separate criteria) narrowed the total to 134.

“Because the survey was not limited to Wachovia clients, it helps us anticipate the needs of current and future clients,” Whitaker said. “One size does not fit all when it comes to advising people about their wealth, so we're excited to have a sampling of people with diverse perspectives.”

A Snapshot of Calibre Survey Participants:

• 85 percent of survey respondents have owned $25 million in investable assets for 10 years or less – 67 percent have had $25 million in investable assets for less than five years.
• 77 percent of survey respondents are under 60 years of age – and the largest segment of survey participants – about a third -- are 35 to 44 years old.
• Of survey respondents, more than three quarters of the ultra affluent are married, and seven in 10 are married to their first and only spouse.
• Nearly three quarters have children – four in 10 of whom are still in the home.
• 42 percent are professionals.
• One-third said they are neither Republican nor Democrat.
• At least 20 percent have alternative investments, such as private equity, venture capital, REITs and/or hedge funds. 23 percent have no equity investments, while 30 percent have no bonds.

The More Established Perspective
One-third of respondents (33 percent) reported that they had held $25 million in investable assets for more than five years. For the most part, these individuals accumulated their wealth through inheritance or business ownership. They report that managing their wealth is challenging and takes a significant amount of time. They often serve on the boards of the charities they support financially, and often their families have maintained an interest in certain charities across generations. Most have a wealth transfer strategy in place.

“This reaffirms our experience at Calibre that wealthy client families almost universally are interested in wealth transfer strategies that create a meaningful legacy,” said Whitaker.

A Balance of Male and Female Views
Nearly half of the respondents in the survey were women (48 percent). While men expressed attaining financial security as a top priority (39.98 percent), women expressed that priority to a greater degree (54.17 percent). Seventy-one percent of men attributed their wealth to hard work, while 85.19 percent of women did so.

“The strong level of participation by women in this study offers a special opportunity for better understanding women’s perspectives,” said Stacey Haefele, President of HNW. “The results tell us that men and women often express similar priorities and grapple with similar issues, but the two sexes express those priorities to different degrees.”

About Calibre (www.calibre.com)
With more than $16 billion in assets, Calibre is one of the largest multi-client family office practices in America, dedicated to serving the unique financial needs of families with multi-generational wealth.  Calibre offers integrated wealth management solutions for families whose financial status requires the use of sophisticated planning techniques, advanced investment strategies and flexible financial information systems. Calibre’s experience and knowledge span the core disciplines of wealth management, including financial and tax planning, trust and estate administration, asset strategy and investment management, private banking and credit services, investment custodial services, charitable services, and family dynamics advising.

About Wachovia
Wachovia Corporation (NYSE:WB) is the fourth-largest wealth manager in the U.S., based on private banking assets under management of $298, including some assets from Wachovia Securities and Wachovia Wealth Management  (Barron’s, October 2005). Wachovia is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders’ equity of $48.9 billion at June 30, 2006.

About HNW
HNW, Inc. is a strategic marketing firm based in New York. HNW offers research, software, marketing consulting, and integrated agency services to businesses seeking to capture and serve the high net worth market.