Core Insights - The "Beyond Wealth" study by First Citizens Wealth reveals that business owners and wealthy Americans are adapting their financial strategies to navigate economic challenges while maintaining optimism about their ventures [1][4] Group 1: Business Owners' Financial Strategies - A significant majority of business owners (66%) fund their operations through personal savings, with 40% relying on traditional bank loans [2] - Experienced entrepreneurs are more likely to utilize private equity or venture capital, with 38% of seasoned owners doing so compared to 18% of first-time owners [2] - Experienced owners are also reinvesting in their businesses at higher rates, focusing on long-term growth despite economic pressures [3] - Business owners are adjusting pricing strategies (34%), increasing marketing efforts (23%), and changing vendor relationships (22%) in response to economic challenges [3] Group 2: Business Exit Plans and Financial Confidence - Most business owners plan to exit through a sale, with family, business partners, or management as common successors, yet only 40% intend to retire post-exit [4] - There is a strong sense of control and optimism among business owners, with 54% expressing confidence in their financial situation, compared to 35% of wealthy non-owners [7] Group 3: Wealthy Americans' Financial Behavior - Wealthy Americans have diversified their sources of wealth, with "stock/options in company employed with" seeing the largest year-over-year increase [5] - Despite strong financial positions, over half of wealthy Americans feel stressed about finances, primarily due to inflation (62%) and stock market volatility (44%) [6] - Wealthy Americans are cutting back on discretionary spending, particularly on luxuries, in response to financial stressors [6] Group 4: Investment Trends Among Wealthy Americans - Most wealthy Americans focus on traditional assets like stocks and mutual funds, but there is a growing trend towards diversification, with 45% owning private equity and 35% owning cryptocurrencies [8] - Generational differences in investment preferences are evident, with Millennials favoring private equity and cryptocurrencies, while Boomers prefer more traditional savings methods [8]