What must private clients consider as they transfer their wealth to the next generation and to philanthropic causes?
As the world becomes more complex, so do the financial and fiscal needs of high net-worth individuals.
Looking at the year ahead, I see our private clients needing help with an expanding range of issues – beyond the usual tax planning, advice and returns we’re on hand to help with. In today’s globalised world, they and their families have an increasingly international footprint. At the same time, the global tax environment is becoming more tightly regulated – and more complicated as a result.
In an exclusive interview with Campden FB, David G. Wilson talks about growing up in the family that created the James Bond movie franchise and how he’s pushing things forward into gaming, Web3, the metaverse and beyond – cementing his reputation as an astute custodian of the family wealth.
As the 'shirtsleeves-to-shirtsleeves curse’ would have it, 70% of ultra-high net worth families lose their fortune by the second generation, while an astonishing 90% squander it by the third generation. That’s a lot of hard-earned inherited wealth misplaced due to poor preparedness and lack of vision.
With a rich tradition of philanthropy, Hong Kong is well positioned to lead Asia in addressing social needs and navigating sustainability, says Christine Ho, deputy global head of FamilyOfficeHK at Invest Hong Kong.
Coupled with a rich tradition of philanthropy and its existing role as a global center of business and commerce, Hong Kong is well positioned to lead Asia in addressing social needs and navigating sustainability as well as families’ succession.
Hong Kong has a rich tradition of philanthropy. Both the public and private sectors have been front and center in addressing social challenges throughout history.
The pioneering But family is taking an open-minded and forward-thinking attitude to the thorny subject of governance and succession. What’s more, the paterfamilias has charged his next-gen daughter with establishing the strategy… An uncommon tactic that is already reaping dividends.
While many countries in the West understand the importance of having a clear governance plan, ultra-high-net-worth Asian families tend to be led by the patriarch or matriarch, often with little thought given to family succession [1].
A third-generation member of hotels and residential development businesses, Doris Sommavilla talks exclusively to Campden FB about family legacy, increasing diversity and planning for the future…
Having felt the aftershocks of her grandfather’s unprepared succession and experienced first-hand the effects of her father’s sudden passing, Doris Sommavilla knows all too well how poor governance can threaten the future of a family business.
A third-generation member of hotels and residential development businesses, Doris’ Italian family have invested their wealth in hospitality, entertainment, residential projects and beyond in Italy, Eastern Europe, and the United States.
The sixth-generation family member and managing director of Riso Gallo talks about the joining the family firm, branching out of the rice business, and planning for next-gen succession.
Riso Gallo has been proudly serving up the finest risotto rice since the company was first documented in 1856. Founded in Genoa, the company – made famous by its recognisable red cockerel logo – has since grown to sell its products all over the planet.
For husband-and-wife team Benedikt and Isabelle Himbert, working together with the shared vision of taking the family business to greater heights is something they’ve been preparing for their whole lives.
For husband-and-wife team Benedikt and Isabelle Himbert, working together with the shared vision of taking the family business to greater heights is something they’ve been preparing for their whole lives.
With a family history that has seen fortunes rise and fall on numerous occasions, Maximillian Gehrmann discusses the main reasons why intergenerational wealth is lost.
There’s a very good reason why Maximillian Gehrmann feels an affinity for a famous quote from Germany’s first-ever chancellor Otto von Bismarck: “The first generation earns the money, the second manages the wealth, the third studies history of art, and the fourth degenerates completely.”
With a family line that dates to the year 1000, Octavian Pilati learnt from an early age the weight and importance of legacy. But when a crisis saw him taking over the family business at the age of 26 and subsequently shepherding a successful exit, he saw an opportunity to break out on his own and advise others of the pitfalls of fractured family dynamics and unclear succession planning.
With a family line that dates to the year 1000, Octavian Pilati learnt from an early age the weight and importance of legacy. But when a crisis saw him taking over the family business at the age of 26 and subsequently shepherding a successful exit, he saw an opportunity to break out on his own and advise others of the pitfalls of fractured family dynamics and unclear succession planning.
The chairman of Campden Club’s two-day event on March 30 and 31 talks to Campden FB about his main takeaways.
The chairman of Campden Club’s two-day event on March 30 and 31 talks to Campden FB about his main takeaways.
Over two days at The Grand Hyatt Hotel in Berlin, members of ultra-high-net-worth financial families took part in a series of revelatory presentations and sessions in which the subject of legacy, pertaining to the three key pillars of purpose, people and profit, was discussed.
