While this may seem like a silly question, as people with lots of money will not be concerned about a lot of problems the rest of us face every day. Usually our problems revolve around money and the lack of it. But spare a thought (I know it’s hard) for people with a lot of money.
Tax
For people who earn the most in the country, the top 1% of the richest people in the UK, tax is far and away the single biggest financial concern. This top 1% of people in the UK pays just under a quarter of the tax bill charge by HM Revenue and Customs. That’s a lot! The more you earn the more you get taxed and with the way the UKs tax laws are set up, it really costs a lot for rich people to live here. This begs the question, why do rich people stick around, or are they just so rich, paying high taxes doesn’t matter.
Swiss Banking
To avoid this tax problem it is possible to register your address and bank in another country where the tax system is more favourable to the rich. Smaller countries like Monaco, Switzerland, Andorra, Barbados and the Isle of Man are known as tax havens where there is no, or very low personal or business tax rates. By saving their money or moving there, well off people can save a large portion of their income which would in the UK have been taken by the tax man.
Investments
Making investments can be a way for richer people to protect their money. Stocks and shares as well as antiques and cars are harder to tax than direct income and savings. A good investment advisor is normally never far away from particularly well off people and skilled entrepreneurs. They will need a good credit card transaction service to keep those investments safe. Also money transfer services become more and more useful if you start needing to move funds.
Security
Personal and financial security is a concern for better off people as criminals would jump at the chance to either rob them personally or hijack their bank details via an online payment scam. By ensuring they are using a secure credit card transaction system, or a trustworthy payment service provider, it is possible to ensure the safety of money, even a lot of money online. If in doubt though, cheques are a safe bet. Check processing directly with a bank or through a merchant account provider is one of the most secure ways to bank.