As discussed in the previous blog, both high-net-worth and ultra-high-net-worth individuals are on the rise. Let’s examine a little closer in detail as to what this exactly means. With the help of Wealth-X research, we have learned that there are 199,235 UHNW individuals across the world. When their wealth is combined, it equals to that of $27.8 trillion. These individuals have increased a whopping 6.3% in the last year alone.
In this week’s blog, I interview family office expert, Daniel Goldstein, who has been advising UHNW families across Europe and the United States on their liquid investments, businesses, structuring, direct real estate investments, family dynamics, yachts, concierge services and philanthropy since 1994.
The desire for progeny of wealth families to develop an appreciation for financial independence is often top of mind for the family office. Especially families seeking to preserve their wealth for generations yet to be born appreciate the need for all of their members to be thoroughly educated and prepared for the responsibilities of family wealth. Without this preparation, families may not be adequately prepared to make shared decisions as owners. Family Office Exchange (FOX) has found that wealth education activities can help increase the odds of producing next generation family entrepreneurs; Through cultivate the knowledge, commitment and unity among family members, fostering a sense of engagement and ownership, maintaining family wealth while encouraging their philanthropic endeavors, and grooming the next generation to successfully take responsibility for their wealth, the question of sustaining the family wealth may not be as feared.