High Net Worth Business Owners Share Common Traits

Today’s high net worth and ultra-high net worth business owners mostly came from a modest upbringing. These entrepreneurs, the real job creators in society, are not well protecting themselves and don’t have a strong succession plan, a study from Bank of America’s U.S. Trust finds.

Wealthy business owners lacking proper succession planning

Of business owners with at least $3 million in investible assets, nearly 60 percent grew up in middle- or lower-income households while 77 percent founded their firms. These business creators often see their businesses as extensions of themselves and take a different outlook on employees. The report noted 93 percent say they would not cut...