“As Australia faces numerous socio-economic shifts like changing tax regulations and the rise of generational wealth transfers, so too does the way HNWIs understand and express their prosperity,” the report read.

“In the last few years, we have been witnessing a generational tipping point, where new money and old values are converging – and at times colliding – in complex and compelling ways.”

It continued that there is now a re-emergence of inherited wealth, and where previous generations spent decades building their fortunes and setting their children up for success, Gen Z and Millennials are more likely to inherit their wealth.

“This marks a fundamental change in mindset – from wealth creation to wealth preservation and taking steps to insure and protect their future,” it read.

The survey showed that 68 per cent of those surveyed with investible assets between $5 million and $10 million admitted they don’t yet know who they would leave their collections to as part of their estate plan.

It also found that 72 per cent of Millennials were motivated by early retirement, compared to just 9 per cent of Boomers. Seventy per cent of HNWIs planned to acquire jewellery and gems to build their collections, and 60 per cent identified cyber risk as a considerable concern for their wealth portfolio.

Younger HNWIs were embracing alternative investment paths, entrepreneurial ventures, lifestyle-focused goals, and early retirement ambitions – a mindset focused on control, impact, and reimagining what prosperity could look like.

“This translates into lifestyle aspirations. Retirement, once seen as a long-term goal, is now a near-term dream. An overwhelming 72 per cent of Millennials and 65 per cent of Gen Zer’s surveyed dream of retiring early,” the report read.

“This stands in stark contrast to 23 per cent of post-war and 9 per cent of Boomers, who grew up in vastly different economic conditions. This generational shift reveals a powerful mindset change from wealth as security to wealth as freedom.”

The report found that as the financial and emotional value of personal collections grows, a critical gap is emerging: protection and succession planning are failing to keep pace with the worth and significance of these assets.

“While most affluent Australians say they have a multi-generational wealth transfer strategy in place, many still overlook the fate of their most unique and emotionally significant possessions.”

It also revealed that younger HNWIs are increasingly gathering and sharing information within their personal networks, particularly with family, reflecting a more collaborative and values-led approach to decision making.

“Yet as wealth structures become more complex, the role of trusted advisers remains critical in navigating risk, ensuring protection, and making informed long-term choices.”