decline

From Vincent Massey to Ed Rogers: Canada’s history of family firm feuds rivals Succession

November 26, 2021

In 1925, Vincent Massey, the scion of one of the wealthiest families in Canada, did something that Ed Rogers today would find unthinkable. He quit.

In 1925, Vincent Massey, the scion of one of the wealthiest families in Canada, did something that Ed Rogers today would find unthinkable.

He quit.

Massey (pictured below right) was the fourth-generation heir to his family’s Massey-Harris farm equipment company, then already well on its way to becoming Canada’s first truly global firm. Despite this, Massey decided that his future lay not in tractors, but in public service and philanthropy. He later became governor general of Canada.

FB Roundup: Exor, L’Oreal, Bahlsen

September 25, 2020

Agnelli family’s Exor deals risk with GEDI but reward with Fiat Chrysler; e-commerce, Chinese and comfort sales cushion L’Oreal against the coronavirus, heiress Verena Bahlsen leads her family business to innovation and social responsibility.

Agnelli family’s Exor deals risk with GEDI but reward with Fiat Chrysler

The completion of the Agnelli family’s €104.2 million ($121 million) buy back of control of GEDI from the De Benedetti family came at a fortuitous time as Italy’s largest editorial group suffers in the first half of the year of the coronavirus.

Economic uncertainty shrinks world’s ultra-wealth by $2 trillion

July 12, 2019

The wealth of the world’s richest people, often leaders of legacy business families, has been hit the hardest by global economic turbulence to the tune of $2 trillion—the first downturn in seven years.

The wealth of ultra-high net worth individuals (UHNWI), who represent the richest 1% of the world’s high net worth individual (HNWI) population, accounted for 75% of the total global wealth decline, according to the new World Wealth Report 2019 released this week.