(Yicai) Sept. 12 -- China’s mid- and high-net-worth individuals are mainly concerned about their financial security, their children’s marriages, and unexpected risks, the findings of a new survey showed.

More than 70 percent of people with investable assets of over CNY1 million (USD137,200) responded that financial security is their top priority, pushing out wealth creation and asset appreciation, according to the survey of 1,000-plus individuals carried out by Taikang Family Office, the Health Legal Research Center of Wuhan University, and Dataway

High-net-worth individuals face income, market, longevity, and death risks, but can use their savings, financial and physical assets, life annuities, and life insurance policies to hedge, said Gao Hao, director of the global family business research team at Tsinghua University’s PBC School of Finance.

Nearly 57 percent of the survey’s respondents also said they are worried about the risks associated with their children’s marriages, the risk of property division, and the debt linked with their own marriages.

Big data on litigation show that disputes within family businesses arising from divorce, inheritance, property, and assets are the biggest concerns for mid- and high-net-worth individuals, said Wu Yiwen, deputy dean of Wuhan University Law School and executive director of Wuhan University’s Health Democracy Research Center.

Nearly half of the survey’s respondents plan the share-out of their wealth in advance through legal documents such as wills. Gifts, residences, estate management, insurance, and trusts are also options and should be planned early on, the survey results showed.

China’s well-heeled are also anxious about getting old, especially about finding a trusted guardian to handle their personal care and property should they become incapacitated.

Last year, the number of high-net-worth Chinese individuals with investable assets in excess of CNY10 million (USD1.4 million) rose to nearly 3.2 million, and that figure is expected to grow rapidly in the future.

Editor: Futura Costaglione