A new report on emerging risks affecting wealthy households — those with assets of $500,000 to $5 million — highlights climate change, theft of collectibles and cybersecurity as top concerns.

Chubb’s new “2024 Wealth Report: Cultivating Resilience in a Changing Landscapes,” indicates 90 percent of respondents cited climate change as a leading concern, 92 percent fear liability lawsuits, 81 percent worry about theft of collectibles, as well as gaps of insurance in key areas, such as cyber.

The survey of 800 affluent U.S. residents also found that 63 percent of respondents say there are more opportunities for building wealth now than ever before, reflecting more optimism than last year, when 66 percent said that building wealth was more challenging. Despite this, more than half (61 percent) do not consider themselves wealthy, including many with investable assets of more than $10 million.

“We’re seeing a shift in how the wealthy perceive and prepare for risk as they recognize the far-reaching impacts of climate, cybersecurity and the safeguarding of high-value collectibles,” said Ana Robic, division president, Chubb North America Personal Risk Services.

Climate change has become the leading risk for affluent households, with 90 percent of respondents listing it as a concern, up nearly 20 percent from last year’s report. Another 53 percent reported being considerably or greatly concerned.

Many wealthy families (86 percent) say they will spend more on their homes over the next 12 months. Eighty percent of respondents who are concerned about climate change see home renovations as the best time to add sustainable features, the survey found.

“The scale of recent climate events is driving wealthy families to rethink their approach to property protection,” said Jennifer Naughton, executive vice president and risk consulting officer, Chubb Personal Risk Services. “Our findings reveal a greater demand for guidance on mitigating climate impacts—from property resilience planning to sustainable renovations.”

The digital lives of affluent families create distinct vulnerabilities, placing cybersecurity among the top risks in this year’s report.

Identity theft (56 percent) and cyber-bullying (55 percent) are the top two concerns, with phishing, malware and ransomware attacks cited as additional concerns.

The report additionally finds that the more assets a family has, the more likely they are to be targeted by cybercriminals.

One in six households with assets exceeding $25 million reported that a family member has been victimized by a cyber-related attack.

Collections of high-value items are a key part of wealth expression among today’s affluent, with nearly half planning to acquire fine art, jewelry, cars, wine and other valuables over the next 12 months.

Protecting these collections is cited as a major priority by those surveyed, with 81 percent of collectors fearing theft, and another 67 percent believing damage to their collections during travel is their biggest risk.

Nearly a third of affluent collectors report plans to self-insure their new acquisitions, an approach that leaves significant value unprotected, according to Chubb.

“High-value collections are a unique and irreplaceable part of many families’ legacies,” said Laura Doyle, senior vice president, Fine Art and Valuable Collections product leader, Chubb Personal Risk Services. “Protecting these assets requires specialized expertise and coverage, as they are more than just investments—they’re often deeply personal items that families want to preserve for future generations.”

Approximately three-quarters of survey respondents with substantial collections say they have already decided who will inherit them, but only 64 percent have taken the legal steps to ensure this happens.

Wealthy individuals are increasingly worried about liability-related risks.

Chubb’s report reveals that 92 percent of respondents are concerned about the potential financial impact of a liability lawsuit, yet only 28 percent carry sufficient excess liability coverage.