Headlines

• 25% of the public would feel more negatively about a successful person if they found out they'd made their money in finance & banking
• On the other hand, nearly a third of people would feel more positively about an entrepreneur if they discovered their wealth was derived from technology
• Younger people perceived finance entrepreneurs much more positively than older people, suggesting the reputation overhang from the Financial Crisis is starting to shift amongst the youngest respondents

Press release

London, UK ‒ Wealthy entrepreneurs who made their money from the finance and banking industries suffer from the worst reputations, according to a new landmark survey.

In fact, a quarter of the public (25%) said they would think more negatively of a successful individual if they found out that they'd made their money in finance, including wealth management, hedge funds, and investing. The results showcase the long shadow that the 2008 Financial Crisis continues to cast over the reputations of people in the industry.

The 2,000-person survey was conducted by OnePoll on behalf of Transmission Private, a leading communications agency that advises many of the world's most successful people on their personal reputations.

Surprisingly, financiers suffered from worse reputations than even entrepreneurs who had generated their wealth from notorious industries, such as mining and natural resources.

Respondents felt that the finance industry did not add wider benefit to society, and felt that individuals in the sector had been rewarded for failure in the past. This was a feeling that was amplified by memories of the 2008 Financial Crisis.

Jordan Greenaway, Managing Director of Transmission Private, said: "This shows the uphill battle that some entrepreneurs face getting the public on their side. Rightly or wrongly, the wealth generated from some industries, such as technology, is considered more acceptable than others, like banking."

Technology entrepreneurs, on the other hand, benefitted from the strongest reputations amongst the public. More than 31% of respondents said they would think more positively of wealthy individuals who had made their money in tech. Healthcare, manufacturing, and food & beverage entrepreneurs also fared well.

The public associated technology with innovation, self-made entrepreneurship (helped by high-profile technology entrepreneurs such as Gates, Musk, and Zuckerberg), and pushing the world forward – rather than profiting from mere rent-seeking activity.

It was not all bad news for finance though: younger people perceived finance entrepreneurs much more positively than older people. While 30 percent of people between the ages of 45 and 54 said they would think negatively of an individual who had made their wealth in banking, that proportion fell to 20 percent amongst people aged 18 to 24 years old.

The results suggest the reputation overhang from the Financial Crisis is starting to shift amongst the youngest respondents, who may not have memories of the crisis.

On the other hand, many of the youngest respondents were much more skeptical of people who had made their money from tech. In fact, 17 percent of respondents between 18-to-24-years-old said that they would think more negatively of an individual who had made their wealth from technology.

It may be that younger people are more aware of the drawbacks of technology, whether that’s the way some firms have been criticised for misusing data or the role that social media plays in bullying, trolling, and peer pressure campaigns.

Jordan Greenaway added: "We are proactively recommending that more clients think about how their source of wealth is presented to important stakeholders, such as peers, investors, employees, financial stakeholders, and other partners. This has a significant impact on perceptions and reputation.

"We are recommending that more entrepreneurs highlight the technological and digital elements of their portfolio, and are more cautious when talking about their financial, mining, and property holdings. These industries have a serious fight on their hands when it comes to reputation.

"Regardless of their primary industry, wealthy individuals should take concerted steps to highlight the positive societal impact of that investment activity as well as, potentially, the positive impact of the wider industry. Too often, this impact is poorly understood, and stakeholders need help understanding and visualising this positive impact."