The luxury goods market, once resilient to economic fluctuations, is experiencing a transformative downturn in 2024, as reported by Bain & Company’s annual luxury insight report. This projected performance shift marks the first substantial dip since the Global Financial Crisis of 2008, excluding the anomalies of the Covid-19 pandemic. Several factors, including escalating economic uncertainties
Wealth
In the world of high-net-worth individuals, family offices have emerged as crucial players. Traditionally, these private firms manage the wealth and investments of affluent families, offering a range of services including financial planning, asset management, and estate administration. However, the recent trends indicate a noteworthy transformation in how these entities operate, particularly with their approach
In a striking shift in behavior among wealthy Americans, a considerable segment is contemplating leaving the United States as the national political landscape becomes progressively unsettling. The upcoming election serves as a catalyst for this contemplation, with many affluent citizens expressing apprehension about potential social and political turbulence, regardless of the election’s outcome. According to
The landscape of charitable giving is undergoing a transformative shift, largely driven by the aspirations and values of younger generations. Wealthy millennials and members of Generation Z are challenging traditional philanthropic norms, viewing themselves not merely as donors but as active change-makers and advocates for social causes. A recent study by Bank of America Private
Rolls-Royce has long been synonymous with luxury and exclusivity, but in a bold move, the British automotive giant has launched its first U.S. “Private Office” in New York City’s Meatpacking District. This innovative space caters to a niche market of affluent clients seeking bespoke automobile designs that reflect their unique tastes and lifestyles. This new
In the rapidly evolving landscape of technology, artificial intelligence (AI) has emerged as a frontrunner, capturing the attention of high-net-worth investors eager to tap into its burgeoning potential. Among these investors, Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs and a prominent philanthropist, is making waves with her family’s investment entity, the Emerson
A recent UBS survey highlights intriguing findings about millionaire investors’ voting intentions and their perceptions of the economy as the U.S. heads towards important elections. The survey, which polled 971 individuals possessing a minimum of $1 million in investible assets, reveals a notable inclination towards Vice President Kamala Harris, with 57% indicating their intent to
Family offices, the private investment entities that serve affluent families, are displaying unprecedented optimism in the wake of shifting monetary policies. A recent survey conducted by Citi Private Bank indicates that these entities are ready to reinvest substantially into the market, particularly now that indications suggest the Federal Reserve may start easing interest rates. With
The affluent strata of society has been dramatically transformed over the past ten years, as revealed by recent findings from New World Wealth and investment migration experts Henley & Partners. A steep increase in the number of centimillionaires, individuals holding a staggering $100 million or more in investable assets, has redefined the landscape of wealth
As the political landscape in the United States becomes increasingly polarized, the implications for wealth transfer and estate planning are profound, particularly among high-net-worth individuals. The potential for a change in government—and consequently, tax policies—has prompted a flurry of activity among wealthy investors eager to optimize their financial legacies. With heightened concerns regarding the impending