High net worth individuals do not expect their wealth to expand over the long term at quite the same rate as they had hoped almost two years ago, suggesting the global economic volatility has dented confidence, according to a report by Scorpio Partnership, the research firm.

Although confidence in the ability to grow wealth is high in the short term, the survey of 1,751 HNW individuals shows that predictions have been reined in further ahead. The Futurewealth Report: The Essence of Success is produced in conjunction with Standard Chartered Private Bank and SEI Global Services.

In the latest survey – the previous one was published in 2009 – it found that people expect to triple their wealth over 10 years to $6.4 million; in the report of two years ago, they expected to increase wealth by four times.

The majority of respondents equate success with financial achievement, and those who are most financially successful have three qualities in common:  their “energy levels” – or commitment plus drive – were 80 per cent above the average in the survey; they focus about 60 per cent of that energy on innovation and recognise the importance of taking responsibility for others as they strive towards success. Another finding is that 56 per cent of respondents see charitable giving as a measure of success.

Survey participants had an average wealth of $2 million. Some 42 per cent of the sample group live in North America, 36 per cent in Asia-Pacific, 19 per cent in Europe and the rest in other parts of the world. Some 70 per cent are employees and the remaining 30 per cent are business owners. Fieldwork for the survey was carried out between September and November last year.

To view the report in full, click here.