Affluent North Americans are more confident about the economic outlook heading into 2026, but remain deeply concerned about cyber-exposure, extreme weather and gaps in their own wealth-protection planning, according to Chubb’s 2025 wealth survey, released yesterday.

The report, The Resilient Mindset, draws on responses from 1,000 high-net-worth individuals, most reporting investable assets above $5 million.

Cybersecurity ranked as the number-one risk, with cyberbullying and identity theft cited as the most common worries. Despite this, only 41 per cent of respondents said they carry a stand-alone cyber insurance policy.

Extreme weather also emerged as a near-universal concern, especially for homeowners.

Seventy-four per cent said flooding represents the greatest threat to their property, while nearly nine in ten have made physical upgrades such as impact-resistant windows, fire-resistant roofing or back-up power systems. Eighty-three per cent are increasing insurance coverage for weather risks they cannot control.

The report highlights a striking disconnect between perceived threats and practical planning. Nearly half of respondents do not have a will, and 74 per cent lack a formal estate plan, even among families with more than $25 million in assets. The findings come as North America prepares for what analysts describe as the largest generational wealth transfer in history.

Collectors reported similar gaps. While 44 per cent plan to expand their collections, 77 per cent do not intend to insure new acquisitions. A majority said they prefer to research purchases independently rather than work with specialists.

Millennials showed the biggest shift in taste, expressing higher interest in sports memorabilia and luxury handbags than older generations, who continue to favour fine art, timepieces and wine.

Luxury spending is expected to rise overall. Ninety-three per cent of respondents plan domestic travel in the coming year and 81 per cent plan international trips.

Real estate, entertainment and education also ranked among top spending priorities.

Boat ownership, another strong lifestyle indicator, brought its own unease.

Ninety-four per cent of owners said they worry about the experience level of people operating their vessels, and nearly half cited inadequate insurance coverage as a major concern.

Melissa Scheffler, division president of Chubb North America Personal Risk Services, said many wealthy families remain exposed despite their financial strength.

“This report exposes a critical liability that too many successful North Americans are still unnecessarily exposed to financial and reputational threats,” she said. “Closing this protection gap requires moving beyond simple coverage to a partnership that provides the specialised expertise and foresight necessary for long-term security.”