The art market is currently facing a period of significant transformation, characterized by a notable downturn in both demand and pricing, alongside evolving preferences influenced by generational shifts among collectors. This evolution not only highlights the inherent volatility of the art world but also provides a glimpse into changing consumer behaviors that may reshape the
Wealth
In the ever-evolving world of finance, family offices—private wealth management firms that serve ultra-high-net-worth families—are making significant strides in the startup investment arena. An analysis of 2024 investments has revealed that these entities are becoming formidable players in shaping the future landscape of venture capital. Historically, family offices were known primarily for managing wealth and
In a bold move to reclaim its position in the luxury market, Burberry is embarking on a comprehensive overhaul, aptly named “Burberry Forward.” Announced recently, this strategic plan seeks to reconnect the iconic British fashion house with its roots while simultaneously addressing the pressing issues of waning sales and brand relevance. The new direction is
The personal luxury goods market, a sector renowned for its resilience over the years, is now confronting an unprecedented slowdown. The annual report from Bain & Company starkly highlights this shift, marking the first significant decline in demand for luxury items—including clothing, bags, jewelry, and cosmetics—since the Global Financial Crisis. Excluding the pandemic’s lockdown-induced downturn,
The financial landscape is evolving, and family offices, the private wealth management advisory firms for high-net-worth families, are at the forefront of this change. Recent trends indicate these family-run entities are increasingly opting to bypass traditional private equity routes in favor of direct investments in private companies. A comprehensive survey conducted by Bastiat Partners and
As the political environment in the United States grows increasingly polarized, a significant number of affluent Americans are contemplating leaving their homeland. This trend has been ignited further by the upcoming elections, raising concerns about potential political and social discord, regardless of the outcome. Immigration lawyers and advisors specializing in high-net-worth families are noting an
Recent findings reveal an intriguing transformation in the landscape of philanthropy, particularly among affluent millennials and Generation Z. Unlike their predecessors, who primarily viewed charitable giving as a matter of duty, today’s younger wealthy individuals approach it with a renewed sense of activism and hands-on involvement. A recent survey from Bank of America Private Bank,
In a strategic move away from mass production, Rolls-Royce has introduced its inaugural U.S. “Private Office” located in Manhattan’s Meatpacking District. This sophisticated design studio caters specifically to the high-net-worth clientele aiming for tailor-made vehicles. In an automotive landscape where luxury doesn’t just mean opulence but personalized artistry, Rolls-Royce is striving to redefine what it
The financial strategies and investment trajectories of high-net-worth individuals often mirror broader economic trends, and Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs, is no exception. With a current net worth of approximately $11.5 billion, Powell Jobs has emerged as a significant player in the realm of artificial intelligence (AI) investment since 2022.
Recent findings reveal a notable dichotomy among millionaire investors regarding their political preferences, particularly when it comes to economic assessments. A new UBS survey has uncovered that a substantial majority of affluent individuals—those possessing at least $1 million in investible assets—are inclined to support Vice President Kamala Harris in the upcoming election, even while acknowledging