LTRT

FamilyWealthTransfer2024

Thoughtleadership

FamilyWealthTransfer2024

LTRT

BrianAlster

ChiefExecutiveOfficer

ManuelBianchi

SeniorVicePresidentandGlobalHeadofSales

AmandaCifone

SeniorMarketingDirector

Contributors

D’ArcyFellona

ClientSuccessManager,

FinancialServicesandLuxury

EmmanuellaModilim

VicePresident,GlobalHeadofClientSuccess

Leadauthors

MayaImberg

SeniorDirector,HeadofThoughtLeadershipandAnalytics

MaeenShaban

DirectorofResearchandAnalytics

Design

EdenWillis

SeniorDirector,HeadofFinancialServices

StephanieWarburton

DirectorofVisualCommunications

DawnLastre

VisualCommunicationsSpecialist

?DelinianLimitedanditsaffiliatedcompanies.May2024.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.

Contents

01

Executivesummary1

02

Introduction2

03

Anincreasingfocusonwealthtransfer3

04

Thegreathandoverduringthenextdecade5

05

Signsofthetimes10

06

Profilingthenextdecade’sultrawealthydonors13

07

Methodology20

08

AboutAltrata21

Altrata|FamilyWealthTransfer2024

01

Executivesummary

>

>

>

Some1.2millionindividualsworth

morethan$5mareexpectedtopassoncollectivewealthofalmost$31trnoverthenext10years.Thissumisgreater

thantheGDPoftheUSandismorethan10timesthemarketcapitalizationof

technologygiantMicrosoft.

Individualswithanetworthofmorethan

$100mwillaccountforalmosthalfofthe$31trnbeingpassedon.Thevalueofwealthbeingtransferredwillvaryenormously

acrossthedifferentwealthtiers.The

veryhighnetworth(VHNW)–individualswithfortunesofbetween$5mand$30

–willaccountfor87%ofallthepeople

transferringthiswealth.Theremaining13%,ultrawealthyindividualswith$30m+,will

passon64%ofthetotalwealth.

Familywealthtransferwillbe

influencedbyshiftingglobaltrendsandanincreasinglycomplexgeopolitical

environment.Somemajortrends

includecomplexsuccessionplanningforincreasinglyglobalizedwealthyfamilies(underliningthecrucialroleofexpert

advisors),thedisparitybetweenthe

values,experiencesandaspirationsof

wealthholders(oftenfounders)andtheiryoungerbenefactors,andanincrease

inwealthbeingpassedonduringthelifetimeoftheheadofafamilyratherthansolelyupondeath,requiringearlyengagementandpreparation.

>

>

>

GenerationXwillbefirstinlinetoinherit

fromtheirwealthyparents.Muchis

oftenmadeinthemediaofmillennialand

GenerationZinheritorsbut,infact,most

heirs(excludingpartners)arecurrentlyintheirmid-to-late40s.Millennialsandthe

youngerGenZaremorelikelytoreceive

sumsfromtheirgrandparents–legacies

thatwilloftenbelesssubstantialthanif

theyhadbeeninheritedfromtheirparents.

WealthydonorsinNorthAmericaandEuropewilltogetheraccountfor71%ofglobalwealthtransfersupto2033.

Individualswith$5m+innetworthin

NorthAmericawillpassonmorethan

$14trn–a46%share;Europecomprisesa22%share,passingon$7.4trn.DespiteAsiabeinghometomorewealthy

individualsthanEurope,justafifthofwealthtransferswillbeinAsiadue,

inlargepart,tothedonors’youngeraverageage(exceptinJapan).

Thenextdecade’sbeneficiarieshave

astrongerinterestinenvironment

andhealthcarecausesthanthose

whoarepassingonthiswealth.Whilethepopularityofthefavoritecausesismostlysimilar–witheducationbeing

themostpopularfieldforphilanthropic

donationsfollowedbytheartsandsocialwelfare–whatcomesacrossstarklyis

thatthebeneficiarieshaveahigherlevelofengagementinallofthetopcauses.

Altrata|FamilyWealthTransfer2024|1

02

Introduction

Withoveraquarterofwealthyindividualsexpectedtopassontheirfortunesinthenextdecadeto2033,theseindividuals’andtheirfamilies’valuesandapproachtowealthtransferhavesignificant

implicationsforawiderangeoforganizations–fromfamilyofficesandfinancialservicesproviders,totheluxurygoodsindustryandthenon-profitandcharitysectors–whenitcomestofuturedonorengagement.

Altrata’slatestglobalwealthtransferreport–poweredbyWealth-Xdata–examinesthegrowing

focusamongthewealthyonsuccessionplanningandthetransitionprocess.Ourforecastshighlightthestaggeringlevelofwealthtobepassedonintheperiodto2033,includingacrossdifferentwealthtiersandonaregionalbasis.Ourfocusisontheglobalpopulationofwealthyindividualswithanet

worthofmorethan$5m,withaparticularemphasisonthosewithfortunesinexcessof$100m.

Wediscussthemajorthemesandgenerationalshiftsthatwillinfluencethewealthtransferprocessanddonorengagementoverthecomingyearsasfamiliesseektoensureasuccessfullegacy

transition.Addingdeeperinsight,wedrawoninterviewswithfourseniorAltratasectorspecialists,

providingdeeperinsightintothechallengesposedbyrecentextrememarketshocks,contrasting

intergenerationalviews,themotivationsoftheyoungerwealthygeneration,andshiftingtrendsinthetimelineofwealthtransfers,aswellasindonorandadvisorengagement.

Wethenprofileindetailthewealthyindividualswhowillbepassingontheirfortunesoverthenext

decade,providingafullerunderstandingofdemographiccharacteristics,wealthsource,industry

focusandsocialinterests,whichcanallinfluenceandshapeanindividual’sapproachto,andoutlookon,wealthpreservationandsuccessionplanning.

Altrata’scomprehensivedataprovidesunrivaledinsightintothewealthyindividualswhowillbe

passingonsignificantfortunes,theircharacteristicsandtheemergingchallengesandopportunitiesinthewealthtransferlandscape,makingitanessentialreadforallorganizationsthattargetand

provideservicestothewealthy.

Keydefinitions

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5m-$30m.

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+,alsoreferredtoastheultrawealthy.

Donors

Individualspassingontheirwealth.

Beneficiaries

Individualsinheritingthiswealth.

Altrata|FamilyWealthTransfer2024|2

03

Anincreasingfocusonwealthtransfer

Withthestrongexpansionoftheglobalwealthypopulationinrecentdecades,includingasurgein

first-generationwealth,issuesrelatingtosuccessionplanningandlegacytransitionhavegained

increasingprominence.Formanywealthyfamilies,theheighteneduncertaintyandhealthrisksduringtheCovid-19pandemicwillhaveservedasacatalysttofocusonand,insomecases,acceleratetheirwealthtransferstrategy.

Thenext10yearswillseesignificantgrowthinthenumberofwealthyestatespassedontothenext

generation,throughlifetimegivingandinheritanceondeath.Thiswilltakeplaceinaworldofrising

complexity,tensegeopolitics,andmajorenvironmentalandtechnologicalchange,presentinga

challengingenvironment(aswellasnewopportunities)forwealthyfamiliesandtheprofessionalswhoadvisethem.

Passingonsubstantialwealthcanbeanintricateandemotionalprocess,ofteninvolvingthetransition

ofownershipandmanagementofoneormorebusinesses,propertyandotherluxuryassets,aswellasnon-commercialinterestssuchasphilanthropicfoundationsorartcollections.Theincreasingly

globalspreadofwealthyfamiliesandtheirinvestmentsaddsacomplicatingfactor,asdoesthe

numberofpeopleinvolved,rangingfromthosepassingontheirfortunes,theirspouses,children,

siblings,grandchildren,friendsandassociates,tootherstakeholderssuchasadvisorsinthelegal,

financialandphilanthropyspheres.Familydynamicswilltendtobeoneofthebiggesthurdlesto

overcomeinthetransitionprocess,givenoftencontrastingintergenerationalworldviews,business

outlooksandlegacyaspirations.Moreoftenthannot,successionwillnotonlyinvolvethehandoveroffamilywealthbutalsoatransferofvalues.

Majoraspectsoffamilywealthtransferplanning

Family

governance

Businesstransition

Philanthropy

Financial

and

investment

management

Realestate

and

luxuryassets

Reporting, legal,taxandothers

Wealthprot

ection/Wealtht

ra

nsfer/Wealthenh

ancement

Altrata|FamilyWealthTransfer2024|3

Anincreasingfocusonwealthtransfer

Whilewealthpreservationandsuccessionplanningarerelevantissuesformany,thisreportfocuses

onthetransferofwealthinanexclusivegroupofindividuals–thosewithanetworthofmorethan

$5m.Thiswealthypopulationtotalsnearly4.4millionworldwide,collectivelyholdingassetsworthinexcessof$88trn.Weexpectthatoveraquarteroftheseindividualswillseektopassontheirfortunesinthenextdecadeto2033,whichwillinvolvethetransferofastaggeringlevelofwealth.Generationalattitudestobusiness,investment,socialissuesandphilanthropyhaveimplicationsforallmannerof

assetmarketsandluxurygoodsindustries,aswellasfortheroleoffamilyofficesandfuturedonorengagementbythenon-profitandcharitysectors,especiallywhentargetingthoseinthevery

highestwealthtiers.

Altrata|FamilyWealthTransfer2024|4

04

Thegreathandover

duringthenextdecade

Thegrowthofthenumberofmulti-generationalwealthyfamiliesisgatheringmomentum.Some1.2millionindividualswithanetworthof$5mormoreareexpectedtotransfertheirfortunesoverthenext10years.Thisequatestomorethanaquarterofthecurrentglobalwealthypopulation($5m+),underliningthescaleofthisupcomingtransitionandthepotentialforasignificantreshapingof

wealth-creationandlegacy-buildingstrategiesbythenextgeneration.

Intotal,weforecastthatalmost$31trnofcollectivewealthwillbetransferredby2033.Thisisa

colossalsum,greaterthanthegrossdomesticproductoftheUS($27.4trnin20231),theworld’s

largesteconomy,andmorethan10timesthemarketcapitalizationofUStechnologygiantMicrosoft,theworld’smostvaluablecompanyatthetimeofwriting2.

Globalwealthtransferoverthenextdecade

Wealthtransferbythosewith$5m+innetworthto2033

1.2m

Numberofindividualswith$5m+passing

onwealth

$

$30.9trn

Totalwealthtobepassedon

Note:Thedataispre-taxationandanyotherregulatoryrequirements.

Source:Wealth-X,anAltratacompany,2024

1.2millionindividualswith$5m+willbe

passingontheirwealthoverthenextdecade.

1USBureauofEconomicAnalysis.

2/

Altrata|FamilyWealthTransfer2024|5

Thegreathandoverduringthenextdecade

Wealthtransfersbytier–topheavy

Thevalueofestatesbeingtransferredwillvaryenormouslyacrossthedifferentwealthtiers,given

thehighlyunevendistributionofnetworthamongthe$5m+wealthypopulation.Justoverhalfoftheforecast1.2millionwealthtransfersoverthenextdecadewillbebyindividualswithanetworthof

between$5mand$10m.Anotherthirdwillinvolvethosewithfortunesofbetween$10mand$30m.Overall,theVHNWclassisexpectedtoaccountfor87%ofallindividualtransfersby2033,withtheircollectivenetworthof$11.1trncomprisingjustoverathird(36%)ofthetotalwealthbeingpassedon.

Despitebeingmuchfewerinnumber,approximately155,000UHNWindividualsareforecasttopassonacumulative$19.9trn.Aroundathirdoftheindividualsinthisultrawealthycohorthaveanetworthinexcessof$100mso,forthem,theaveragesizeofhandoverscalesupconsiderably.

Wealthtransferbytier

Globalwealthtransferto2033bywealthtier

Wealthtier

$1bn+

$100m-$1bn

$30m-$100m

1,061,095$11,056bn

$5m-$30m

Totalwealthtobepassedon

Numberofindividualspassingonwealth

1,379

$8,983bn

$4,937bn

$5,967bn

35,840

117,683

Note:Thedataispre-taxationandanyotherregulatoryrequirements.

Source:Wealth-X,anAltratacompany,2024

Some37,000individualswithanet

worthinexcessof$100mwilltransfer acollective$13.9trninwealthby2033.

Attheverytopofthewealthpyramid,weexpect1,380billionairestoredistributetheirwealthoverthenextdecade.Thisexclusivegroupwillaccountforjust0.1%ofthetotalnumberofwealthtransfersbutastartling16%(almost$5trn)ofthecollectivenetworthbeingpassedon–anillustrationofthehighlyskeweddistributionofwealth.Thisimpliesanaveragetransferof$3.6bnperbillionaire.

Altrata|FamilyWealthTransfer2024|6

Thegreathandoverduringthenextdecade

Wealthtransfersbyregion

DonorsinNorthAmericawillaccountforhalfoftheglobalwealthtransfersoverthenextdecade.

Ofthe1.2millionwealthyindividualsgloballypassingontheirfortunesoverthenextdecade,49%willbefromNorthAmerica,collectivelytransferringestatesworthatotalof$14.1trn(a46%share).ThisisatestamenttothescaleofwealthheldintheUS,thecountrywithbyfartheworld’slargestpopulationsofVHNWandUHNWindividuals,andalsoreflectsaslightlyolderwealthdemographiccomparedwithmostotherregions.

Wealthtransferbyregion

Globalwealthtransferbyregionto2033bythosewith$5m+innetwo比h

$30,944bn

Totalwealthtobepassedon

World

●1,215,996

Numberofindividualspassingonwealth

Asia

238,508$6,081bn

Europe

NorthAmerica

$7,437bn

268,701

$14,104bn

MiddleEast

30,672$1,296bn

597,309

LatinAmericaandtheCaribbean

Africa

b

Pacific

8,320$214bn

45,113$1,288bn

27,374$524bn

Note:Thedataispre-taxationandanyotherregulatoryrequirements.Thetotaloftheregionsmaynotequaltheglobaltotal,asaresultofrounding.

Source:Wealth-X,anAltratacompany,2024

NorthAmericaandEuropewilltogetheraccountfor71%ofglobalwealthtransfersto2033.

Some270,000wealthydonorsinEuropeareforecasttopassonacumulative$7.4trnby2033,

withtheregionaccountingfor22%ofallwealthtransfers.AfifthofwealthtransferswillbeinAsia.

ThisregionhasalargernumberofVHNWandUHNWindividualsthanEuropebut,withthenotable

exceptionofJapan,theaverageageofwealthyindividualsacrosstheAsiancontinentisyoungerthaninalmostallmajorwesternmarkets.Thisgapisnarrowing,giventheagingdemographictrendsin

anumberofAsiancountries(notleastinChina),butitwillbeadecadeormorebeforetheregion’s

shareofglobalwealthtransfersisonaparwiththatofEurope.Lookingoutsidethe‘bigthree’regions,theaveragetransferperwealthyindividualintheMiddleEast,ataround$42m,isforecasttobethe

largestofanyregion.

Altrata|FamilyWealthTransfer2024|7

Thegreathandoverduringthenextdecade

Inallmajorregions,donorswithanetworthof$100m+willaccountfor40-50%oftotaltransferredwealth.

Ineachregion–andmirroringtheglobaltotal–itwillbetheindividualswith$100m+innetworth

whopassonthegreatestamountofcumulativewealthby2033,despitecomprisingaminorshare

ofthewealthypopulationineachcase.InNorthAmerica,the$100m+cohortwillaccountfor43%ofallwealthtransferredintheregionoverthenextdecade.ThisisasimilarsharetoAsia’sandslightly

belowthatofEurope(48%).ThestandoutistheMiddleEast,wherearound60%ofthecumulativewealthtobepassedonbythewealthywillbebyindividualswith$100m+fortunes.

Thisisreflected,tosomeextent,intheaveragesizeoftheestatebeingtransferred.InNorthAmerica,theaveragewealthtransferinthe$100m+tieramountsto$379m,aroundtheglobalaverage.ThisishigherthaninAsia($345m)butlowerthanthe$433mintheMiddleEast(andalsobelowthatinLatinAmericaandAfrica).

Wealthtransferbythetoptier

Wealthtransferbyregionto2033bythosewith$100m+innetwo比h

$13,920bn

Totalwealthtobepassedon

37,218

Numberofindividualspassingonwealth

World

Europe

Asia

9,715

7,468

NorthAmerica

$2,576bn

$3,599bn

MiddleEast

15,946$6,046bn

1,828$791bn

t

Africa

7

LatinAmericaandtheCaribbean

b

Pacific

208

$95bn

1,440$650bn

613

$163bn

Note:Thedataispre-taxationandanyotherregulatoryrequirements.

Source:Wealth-X,anAltratacompany,2024

Altrata|FamilyWealthTransfer2024|8

Thegreathandoverduringthenextdecade

Beneficiaries

Whostandstoreceivethissubstantialwealthoverthenextdecade?Whilepartners,childrenandphilanthropicorganizationsareoftenthemorelikelyrecipients,othersincludesiblings,grandchildren,friendsandassociates.

Focusingjustonchildren,muchisoftenmadeinthemediaofmillennialandGenerationZheirsbut,

infact,GenerationXwillbefirstinlinetoinheritfromtheirwealthyparent(s).Atagloballeveloverthenextdecade,thecurrentaverageageofthechildrenwhowillbeinheritinghoversaroundthemid-to-late40s.Theaverageagediffersacrossregions,reflectingthewealthdynamicsandfamilystructuresofeachregionandtheageofitswealthypopulation.MillennialsandtheyoungergenZ,fornow,are

morelikelytoreceivesumsasgrandchildren,whichwilloftenbelesssubstantial.

Thenextgenerationofwealthyinheritors

fromtheirwealthyparent(s)overthenextdecadebyregion

Currentaverageageofthechildrenwhowillbeinheritingwealth

FromUHNWparents

FromVHNWparents

LatinAmericaandtheCaribbean

44.8

50.6

MiddleEast

Pacific

Africa

Asia

Europe

NorthAmerica

50.443.0

50.344.2

49.942.6

48.746.8

47.946.0

47.646.1

Source:Wealth-X,anAltratacompany,2024

GenerationXwillbethefirstinlinetoinheritfrom

theirwealthyparent(s)overthenextdecade.

Altrata|FamilyWealthTransfer2024|9

05

Signsofthetimes

Whilethefundamentalsofwealthtransferplanninganditsprocessestendtobelargelystable,shifting

globaltrendsandanincreasinglycomplexgeopoliticalenvironmentimplyaneedforregularadaptationinresponsetoemergingchallengesandopportunities.Thisappliesequallytothewealthypassingon

theirfortunesandtothecompaniesandadvisorswhoservethem.DrawingoninterviewswithfourseniorAltratasectorspecialists,herewehighlightanumberofmajorthemesthatwillinfluenceandshapethe

progressionoflegacyplanninganddonorengagementoverthecomingyears.

Avolatileworld

Thesubstantialtransferoffamilywealthoverthenextdecadeissettooccurinaperiodcharacterizedbymorefrequentgeopoliticalconflict,risingpoliticalpopulism,heightenedtraderestrictions,

widespreadanti-eliteandanti-immigrantsentiment,moreextremeclimateeventsandgrowingfiscalpressuresfromagingpopulations.Structuraltrendssuchasthegreen-energytransition,expandedindustrialincentives(primarilyaimedatboostingdomesticeconomies),increasedregionalization,

greaterdefensespending,andbroadeningadoptionofgenerativeartificialintelligencewilladdtothecomplexityofsuccessionplanningforincreasinglyglobalizedwealthyfamilies.Suchtrendswill,however,presentnewopportunitiesforbusinessventures,assetdiversificationandphilanthropicactivityforthenextgenerations.

“

Ithinkalotoforganizationshavematuredinthepastfewyearsandbetterunderstandtheimportance

oflookingbeyondthatsingleclientorfamilyhead,

focusingmoreontheirwidercircleoftrustandall

individualswithastakeinthewealthtransferprocess.

-ManuelBianchi,

SeniorVicePresidentandGlobalHeadofSales,Altrata

“

Thismixofeconomicuncertainty,politicalpolarizationandastrongerfocusamongmanyprospective

heirsonsocialissuesandtheenvironmenthasthepotentialtorevealstarkintergenerational

differences.Thesemayleadtoconflictoverthedistributionandfutureownershipoffamilywealth.Complicationscouldalsoariseinthetransitionprocessforportfolioswithcross-borderexposuretomultiplecountries’legalandtaxregimes,whichareconstantlyinflux.Volatilegeopolitics(and

therapidexpansionofultrawealth)hasspurredacleartrendoverthepastdecadeforgreater

diversificationofassetsacrossgeographies,industriesandfinancialinstruments,bringingrewardsbutalsoheightenedexposurerisks.Allofthesefactorsunderlinethechallengesofsecuringan

intergenerationallegacy,thecrucialroleofexpertadvisors,andtheimportanceofputtinginplaceclearandcomprehensivewealthtransferplans.

Altrata|FamilyWealthTransfer2024|10

Signsofthetimes

“

Theyounger

generationsareveryfocusedoncharity

andfoundations.Thisdoesn’tnecessarily

implylarger

donations,butthereiscertainlystrongerengagementandaninterestinwantingtobemoreinvolvedwiththeworkof

organizationsandseeingtheirimpact

“

overtime.

-D’ArcyFellona,

ClientSuccessManager,

FinancialServicesandLuxury,Altrata

Generationalshift?

Personalinterestsandmotivationsinevitablyevolveovertimeand,fromanindividualperspective,asaperson

agesandtheirtotalwealthevolves.The‘generationgap’isaconstant.Agrowingproportionofchildren–mostlyfromGenerationX(bornbetweenthemid-1960sand

theearly1980s)butalsoMillennials(bornearly1980stolate1990s)–aresettoinheritsubstantialwealthoverthenextdecadeandhaveadifferentmindsettotheirolder

(wealthy)peers.Theseprospectiveheirsare,attheveryleast,moreawareof(andinfluencedby)issuesrelatingtotechnologicalchange,theenvironmentandsocialjusticethananypreviousgeneration(seepage19).

Whilegeneralizingtoadegree,thereisalsoabroad

acknowledgementamongthoseservingthewealthy

thattheyaremoreglobal–havingoftenlived,workedorstudiedinmorethanonecountry–moredigitallyaware,highlymobileandmoreactivistthantheirelders.Amid

shiftingeconomictrends,itistobeexpectedthatnew

technologies,theclean-energytransitionand‘impact

investing’willbeafocusofmanyheirs’ambitions,whichmaynotnecessarilyalignwithafamily’sexistingbusinessstructuresorthelegacyplansofthosetransferringtheirfortunes.Thisisespeciallythecasewhensubstantial

familywealthisbeingpassedonforthefirsttime(an

increasinglycommonscenarioinpartsofAsiaandthe

MiddleEast).Insuchinstances,thedisparitybetweenthevalues,experiencesandaspirationsofwealthfounders

andtheiryoungerbenefactorscanoftenbegreaterthaninestablished,multi-generationalwealthyfamilies.

Altrata|FamilyWealthTransfer2024|11

Signsofthetimes

Theearlierthebetter–seekingconsensus

Traditionally,mostwealthtransferstookplaceonthedeathofthosepassingontheirfortunes.

However,therehasbeenagradualshiftinthistimeline,withmoresignificantlevelsofwealthnowbeingpassedonduringthelifetimeoftheheadofafamily.Insomecases,thisissimplyforpractical,logisticalortax-planningreasons.However,amidthestrongglobalexpansionofwealth,thedifferingvaluesandprioritiesofyoungergenerations,andanever-risingnumberofpotentialinvestmentopportunities,

morefamiliesarechoosingtostartthehandoverprocessatanearlierstagetoempowerandbetter

preparetheirheirsforfinancialstewardshipbytransferringlimitedamountsofwealthtooversee.Morethanever,youngergenerationsneedtobeconvincedaboutthenatureofsuccessionplansrather

thansimplybeingtoldthem,underliningtheimportanceoffindingacommonpurposeamongfamilymembers.

Itisnoeasytasktoensurefutureassetsaredistributedinawaythatisconsideredrelativelyequitableandeffectivebyallthoseinvolvedwhilesustainingthefamily’svalues(ortakingtheminanew

direction).Asnotedabove,thenextgenerationswillhavefreshviewsaboutbusiness,investment

andphilanthropy.Someindividualswillbekeentoexplorenewventuresmorealignedtothemodern

world,whileothersmayprefertostepawayfromtheirfamilies’businessesandholdingsentirely.Thosepassingonwealthmaygettheirassumptionswrongaboutwhatroletheirchildrenorgrandchildren

wanttotakeinthefamily’sfortunes,sohonestconversationsattheearliestpossiblestageareessentialtoreducepotentialconflictinthefuture.

Thedegreeofpreparationmadeforwealthtransferoftenhaslittlecorrelationwiththelevelofan

individual’sorafamily’swealth.Inessence,itboilsdowntoanopennesstoengage,whileunderstandingthatunlikemanyfinancialandlegaltransactions,preparationsforasmoothandenduringhandover

ofwealthshouldbeanevolvingprocess.Earlyengagementissimilarlykeyamongthoseproviding

servicestothewealthyandseekingcharitabledonations.Thereisagrowingacknowledgementoftheimportanceofidentifyingandbuildingrapportwiththosewhowillbeinheritingwealth,asopposedtothemoretraditionalfocusontheheadofthefamilyandprimarybusiness.

“

It’simperativetoengageasearlyaspossibleto

“

understandfamilydynamicsandeachindividual’sbusinessrolesandinterests,takingaveryholisticapproachtoidentifyconnectionsandbuildtrust.

-EmmanuellaModilim,

VP,GlobalHeadofClientSuccess,Altrata

Altrata|FamilyWealthTransfer2024|12

06

Profilingthenextdecade’sultrawealthydonors

Whilethepersonalcircumstances,familybonds,businessinterestsandestatestructuresthatinfluencewealthtransferplanningwillbeuniquetoeachindividual,valuableinsightscanbegainedwhen

examiningthecharacteristicsofthesuperrichbenefactorswhowillbepassingontheirfortunesover

thenextdecade.Demographics,wealthsourceandtier,primaryindustryfocusandleisureinterests

canallinfluenceandshapeanindividual’sapproachto,andoutlookon,wealthpreservation,successionplanningandphilanthropicengagement.Hereweexaminethesechar