Retirement is being rejected by a new breed of wealthy worker, who want to carry on working for as long as they are able, says Barclays Wealth, in its latest Insights report, The Age Illusion: How the Wealthy are Redefining Their Retirement. The report, the twelfth in the Barclays Wealth Insights series, shows that HNWIs in Saudi Arabia (92%), United Arab Emirates (91%) and Qatar (89%) illustrated the biggest desire amongst global respondents to keep working in later life.
The research shows that, while GCC HNWIs are the most enthusiastic about working later in life, the "Nevertirees" are a global phenomenon. The concept is popular, but to a lesser extent, with the UK (60% of respondents) and US (54%) showing a desire to carry on working. Switzerland (34%), Spain (44%) and Japan (46%), on the other hand, are the least likely to continue working post-retirement age. To some extent, this can be explained by age differentials — 59% of millionaires in the emerging markets are under 45, compared with just 16% in Europe and 21% in the US
GCC respondents' desire to keep on working may also reflect different social attitudes to the concept of retirement itself. Europe has now had five decades or more to adapt to the concept of provisioned-for retirement at around age 65. In contrast, this concept does not have deep roots in the Middle East region.
Soha Nashaat, Chief Executive of Barclays Wealth Middle East says: "This represents a step change for wealthy people. Whilst previous generations looked to create their wealth early on in life with a view to enjoying it when they retired, this report reflects a different attitude, with people wanting to continue to challenge themselves well beyond the traditional retirement age. Indeed, many Nevertirees prefer to be actively engaged and challenged and are not bound by their age with regards to continuing their working life."
Sixty per cent of wealthy individuals polled in the global survey say that they plan to become a Nevertiree, shunning traditional retirement, instead of continuing to work, start businesses and take on new projects in their later years. The findings show that the concept of Nevertirement is expected to grow in popularity over the coming decades, with over 70% of respondents under the age of 45 saying that they will always be involved in some form of work.
