Wealthy Business Owners Live To Work

Wealthy business owners enjoy their work so much that 43 percent, which is almost double that of affluent Americans who do not own a business, want to work until age 70 or later, according to a new survey by PNC Wealth Management, a member of The PNC Financial Services Group, Inc.

These owners are more than twice as likely to work no matter how much money they have, according to the survey findings. Sixty-one percent strongly or somewhat agree with the statement, “I will continue to work, no matter how much money I have,” while only 27 percent among non-business owners responded in the same manner.

Of those who responded that they intend to work until at least age 70, 54 percent said their main reason to do so is because “I enjoy working and don’t want to stop.” This was followed by: 20 percent – “My work is a big part of who I am”; 10 percent – “To maintain my current standard of living in my retirement”; and 8 percent – “I fear I will be bored in retirement.”

PNC’s study of nearly 600 affluent business owners found more tend to be younger, male and wealthier compared to the overall affluent respondents. Results include: Median age of 54 versus 63; and 76 percent male/24 percent female versus 68 percent male/32 percent female. The survey also revealed the median investable assets for business owners are $1.34 million compared to $786,000 among non-business owners.

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