Happy rich man – millionaire wins money.
For the world’s elite, what bankers and financial services providers refer to as private clients, the mass affluent or the ultra-high net worth, the lines between their personal wealth, assets and liabilities, and those of their underlying business interests have blurred. Indeed, as Elon Musk’s $40 million tweet recently illustrated, this segment cannot easily shield their personal, enterprise or family office wealth from adverse market responses. Add in the effects of rising populism, born in part from severe income inequality, and it is not inconceivable to see hoards with torches and pitchforks demanding retribution or, at a minimum, redistribution.
Negative market and popular sentiments aside, the concentration of wealth in the hands of business, investment and entrepreneurial leaders is one of the principal engines driving philanthropic activities around the world. This is so because the mass affluent do not need to form large committees plagued by analysis paralysis to support causes and projects they care about. While the very pointy end of the market, with the likes of Warren Buffet, Bill and…
