Rich millennials want to be their own boss: Research


Millennials across the world believe that a traditional path to work and a permanent job are "obsolete".

Despite the greater uncertainty, they would rather start their own company than work for somebody else, UBS said in a research note on Tuesday.

Almost three-quarters of the 2,000 top-earning millennials surveyed considered themselves "likely" to start their own company and 9 percent of them have already done so.

"These 18-34 year old are confident in their abilities to move beyond the confines of a safe office job and into an entrepreneurial future which is less certain but charged with greater potential," UBS said in its latest Wealth of experience report.

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This generation is also the most mobile so far and expect to live and work in several places across the world in pursuit of their career goals.

Seven in 10 millennials surveyed said they would move abroad to pursue an opportunity. London, New York and Dubai are their top three locations to achieve their ambitions.

"Many of the next cohort in today's job market are ready to deliver this (a versatile and flexible workforce, full of entrepreneurial energy) – showing a drive to work hard and utilize their skill-sets running their own businesses," UBS said.

However, millennials in developed countries think that their prospects could be hindered by moribund economic growth.

For example, only 37 percent of German millennials believe that they will be better off than their parents.

By contrast, young people in countries such as China, India and South Africa are more confident in achieving their aspirations.

"Millennials in (India, South Africa and Mexico) are the most likely to envisage being better off than their parents throughout their lifespan and becoming relatively better off at age 25, 40 and 65 (74 percent in India, 71 percent in Mexico and 66 percent in South Africa believe they will be better off than their parents at age 65)," UBS said.

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