What does wealth mean in 2021? Experts comment on the future of HNWs
As Spear’s celebrates its 15th anniversary, leading entrepreneurs, economists, philanthropists and advisers are addressing some fundamental questions
Where do we go from here? Ideas about wealth and rich people will undoubtedly evolve over time, but what will drive that evolution? If the conversations and shifting behaviors around wealth suggest the direction of the journey, what can – or should – the wealthy and their advisers do to respond to them?
CEO of the Foundation of Shining Minds and former global CEO of luxury concierge service Quintessentially
We are witnessing a wheel of change with an increasing number of disruptors. In recent times, the crypto industry has flourished globally, delivering extraordinary returns and creating as many as 100,000 bitcoin millionaires on their own. The behavioral patterns of this new class of millionaires are yet to be revealed. The fintech industry and the art world are also undergoing substantial changes, potentially generating new millionaires. We must remain hopeful that global issues resonate and lead these people to support worthwhile initiatives. I think everyone should try to play a role in creating a better future for all.
Former News of the World editor and communications director for Downing Street, now founder of the public relations consultancy Coulson Partners
Like the Victorian industrial philanthropists of two centuries ago – Rowntree, Peabody, Cadbury, Carnegie, Tate – we will see wealthy people driving huge innovations in the future. As our more militant, demanding, and socially conscious younger generations grow older, there will be an even greater expectation that those with wealth must bring about positive change – not just through charity, but in business. and for our planet. The resources they control and the partnerships they can catalyze between different sectors and geographies mean that the rich of tomorrow will face demands for progress for all of us. Regardless of how one might view the Bezos / Musk rocket race, it undoubtedly accelerated the accessibility of space beyond state-sponsored efforts.
But beware of aspiring philanthropists. Just as we now see a 21st century lens – and judgment in the rearview mirror – applied to historical wealth creation, the wealth generators of the future will come under even greater scrutiny. It will no longer matter not only how you spend your money, but how you did it. And to be on the safe side of that judgment before wealth is reached you have to see the corners. The heated debate will not be about whether your statue is taken apart, but whether it should be erected in the first place.
CEO of Network and former partner of Goldman Sachs
The origin of wealth is constantly changing. Looking back, wealth was mainly the preserve of powerful families who had amassed fortunes over the centuries and continued to dominate in terms of roles and responsibilities in society. More recently, there has been a drastic shift in terms of who else has been able to create extraordinary wealth, whether they are entrepreneurs or employees in the fields of technology, finance, construction. real estate and other rapidly growing sectors. This means that while there are still significant financial imbalances in society, the middle class has grown significantly and wealth creation is not only acceptable, but also recognized as a driver of change which is now an integral part of our business. lifestyle, like the hyper- growth tech companies that we all increasingly rely on.
In the future, fortunes will continue to be made and lost, and some aspects of wealth management will remain fairly consistent. It will always be necessary, for example, to plan the years of retirement or to consider inheritance and transfer of wealth; however, among many other things, technological advancements have helped to increase awareness and significantly improve access to information. I suspect those who generate wealth in the future will be more caring, with a greater interest in tackling societal imbalances and increased attention to environmental and socially responsible investing, as well as philanthropy. We are already seeing these new strands in overall wealth planning, especially with regard to the different philosophies when clients are planning an intergenerational wealth transfer. I believe wealth will be viewed in a more rounded way, interwoven with a focus on long-term health – mental and physical – and with stronger ties to helping the greater global good than in the past.
general manager of the Taxpayers Alliance
As we look to 2022, we see the bugle calls for a tax increase getting louder and louder. Activists are calling for new levies like a “wealth tax,” designed to punish those who have worked hard, saved smart, or done well. Yet, as our research has shown – and many taxpayers know firsthand – we already face the highest tax burden in 70 years. Government cannot intimidate its path to economic growth, and unlocking the investments we desperately need will ultimately require lower and simpler taxes to free up wealth, jobs and prosperity for the entire country. .