Britain's wealthiest liquid asset millionaires are spending up to £5 billion1 on security measures to protect themselves, their families and their properties.
The figure is revealed as part of a report commissioned by Zurich Private Clients, which explored millionaires' perceptions and experiences of crime.
Over 90 per cent of millionaires have invested up to £30,000 on security, with a fifth (21 per cent) concerned that they are being specifically targeted by criminals because of their wealth.
More than a third (38 per cent) of affluent addresses have been broken into, and nearly a fifth (19 per cent) have suffered at the hands of car thieves.
However, it is also anxiety towards 'modern crimes' that is leading to the nation's elite re-enforcing their security - with more than a half (58 per cent) fearful they could be victims of muggers, 54 per cent concerned that their identity may be stolen, and just under half (40 per cent) anxious about being car-jacked.
While recent crime statistics show that serious crime has fallen in recent years2, the perception is that crime is rising. Nearly three quarters (72 per cent) of millionaires feel that the number of muggings and kidnappings has increased over the last 10 years.
It is perhaps an increase in high-profile stalking cases that has resulted in just under a third (30 per cent) worrying about being stalked. While a third (30 per cent) are concerned they may be held to ransom, and 29 per cent are fearful that they or their family may be victims of organised criminal gangs.
Hamish Brown MBE, ex-Head of Stalking, Metropolitan Police, comments:
"What's important to remember is that the likelihood of being affected by a serious crime, for example, kidnapping or ransom, is still very slim. Interestingly, it's the fear of crime that's actually impacting upon people's anxieties. Whilst this fear is unlikely to go away, there are steps that the wealthy can take to provide peace of mind, and this includes seeking advice from security and insurance experts."
Kris Coombes, Zurich Private Clients, adds: "As specialist insurers of historic houses, fine art collections and jewellery, we strongly recommend that those who feel more at risk due to wealth, check that they have sufficient quality risk prevention measures in place. This should start with a personal visit from a respected insurer to provide risk management advice and ensure that cover is tailored to an individual's needs. Wealthy individuals should also check that lifestyle cover is included as part of their insurance; for us this includes insurance for identity fraud, cover for car-jacking to the providing of temporary relocation in the event of stalking."
Zurich advises that there are five steps that the wealthy can do to minimise their security risk:
- Buy a domestic shredder. There has been a huge rise in identity crime and fraud in recent years. Ensure that all your personal documents, bills, account details etc are either securely stored at home or shredded once you have finished with them. Burglars will now actively look for this kind of documentation.
- Make sure your intruder alarm is linked to an Alarm Receiving Centre. The Police will not respond to a burglar alarm going off unless it has been confirmed. If you only have an audible alarm system, you are relying solely on your neighbours or members of the public to alert the Police if you are away on holiday at the time.
- Purchase a personal attack alarm. These are small hand held devices which when activated emit a high-pitched noise to draw attention to you and a potential attacker.
- Check the integrity of your perimeter security. Ensure that garden gates are secured with deadlocks and padlocks, fit movement sensitive security lighting and make sure that CCTV cameras are digitally recorded.
- Hide car keys at night. A growing number of vehicle thefts in the UK involve car key theft from the home. Try not to leave car keys near to the front door at night and if you do ensure that your letterbox has a letterbox guard fitted to prevent car keys from being easily dragged through the letterbox. According to recent figures from Tracker (April 06) 59% of cars recorded stolen to them involved car key theft.
For further information contact:
Kris Coombes, Zurich, on t: 020 7553 5133 m: 07789 878172 e: kris.coombes@uk.zurich.com
Lisa Pearson, Band & Brown, on t:020 7419 6934 m: 07974 951 218 e: lisa.pearson@bbpr.com
Elly Kestenbaum, Band & Brown, on t:020 7419 7315, m: 07813 030 369, e: eleanor@bbpr.com
1.The report studied millionaires with liquid assets of £1 million and upwards. In the UK there are 185,000 individuals with liquid assets of more than £1 million (data sourced from Tulip Research Wealth Report 2006). Of those 91% are spending up to £30,000 on security, this totals a collective spend of up to £5,050,500,000.
2. As recorded in the 2004/2005 Home Office 'British Crime Survey and Police Recorded Crime Report'
Notes to Editors
Methodology:
The research was carried out by The Survey Shop during April and May 2006, and is based on a sample of 300 UK millionaires with liquid assets of £1 million and above.
About Zurich:
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
Zurich Private Clients is the only insurer that can provide insurance for a High Net Worth individual's main home together with their cars, motorbikes, yachts and holiday homes. All a client's policies can share one renewal date with a 0% interest free direct debit to make their insurance as easy as possible.
Some other key benefits of Zurich Private Clients' cover include:
- A Lifestyle Protection that includes Identify Fraud cover up to £20,000.
- Personal Protection: Zurich provides cover to pay for the cost of improving security, temporary relocation and for security guards at a policyholders home if they become the victim of stalking.
- Road Rage and Car Jacking Cover: under its Motor policy Zurich provides cover to pay for medical and counseling costs up to £5,000, incurred following such an incident.
About Hamish Brown MBE:
Hamish retired as a Detective Inspector in 2004 from the Specialist Crime Directorate at New Scotland Yard after over 30 years service with the Metropolitan Police. He had spent the vast majority of his career in the CID working in central London. He has considerable experience in dealing with rape, murder, contract killing and other serious and sensitive investigations. A specialist in the offence of stalking and harassment, he is considered the United Kingdom's acknowledged authority on the subject, expert in the interpretation, practice and application of legislation and an advisor on the formulation of UK policy. For more information on Hamish please visit www.hamishbrownmbe.com
Spokespeople:
A Zurich spokesperson is available for further comment
