THE ISSUES Wealth


ANNASTASIA SEEBOHM


CEO of the Brilliant Minds Foundation and former global CEO of luxury concierge service Quintessentially


Over the past 15 years there has been a growing desire to see wealthy people engage more directly in how to better use their wealth in society – not just through their own economic power, but also by utilising their skills for the benefit of the wider community. Whether they’re helping to raise local educational standards, tackle poverty or homelessness, support underprivileged children or the elderly, or encourage efforts around climate change, the expectation to get involved is higher. I think the wealthy now are much more invested in philanthropy as part and parcel of ‘being rich’, and better understand the need to help those less fortunate, rather than just looking to develop their own family name. The pandemic of course caused another great shift in the perception of wealth, as even the super-wealthy struggled to do the things they wanted to do or needed to do easily – be it last-minute travel, access to experiences, or spending time with loved ones. The pandemic challenged the idea that money could buy you anything – instead, for the rich, their wealth became a tool to make changes in their own life, and to help others who needed it. The past 18 months have seen people refocus their priorities more than ever. Now people are looking beyond money and status when it comes to defining success in life, and care more about personal wellness, happiness, the environment around them, and being able to connect with the people and things they care about.


FRANÇOIS PAULY CEO of the Edmond de Rothschild Group


The geographies of wealth have shifted undeniably. We have seen an increase in private banking clientele from a variety of regions, most notably from Asia and the Middle East. Today, this means that there isn’t a single understanding or definition of wealth, but a more diverse vision according to cultures and values. We have also witnessed a shift in demographics. Our bank has continued to attract entrepreneurs, who are turning to us for advice on how to consolidate their wealth. But we are also supporting clients who are second or third generation of entrepreneurs and are increasingly interested in a more holistic vision of wealth. They are no longer involved in a day-to-day business but want to understand how to manage assets to transfer them to future generations, with a desire to pass on more than they received. Last but not least, the priorities of the wealthy have shifted.


Forward-thinking visions have become more essential as clients are increasingly conscious of the world’s challenges, and of the role they can play in addressing them. For many, wealth is no longer considered an end in itself, but as a starting point for making change happen.


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