The global economic landscape is on the brink of a significant transformation as an estimated $9 trillion is set to be transferred among spouses and partners in what is being referred to as “the horizontal wealth transfer.” Contrary to the traditional belief of wealthy individuals passing down their fortunes directly to their children, this new
Wealth
The Ambani wedding, often dubbed as the “wedding of the year,” is set to be a three-day extravagant celebration of love and opulence. The groom, Anant Ambani, the youngest son of Mukesh Ambani, India’s wealthiest man, is all set to tie the knot with Radhika Merchant, the daughter of Encore Healthcare owner Viren Merchant. The
The 2024 Global Wealth Report from UBS predicts a significant increase in the number of global millionaires over the next five years. This growth is expected to occur in 52 out of 56 economies that were surveyed, showing a positive trend in wealth accumulation worldwide. The leading countries in terms of growth include Taiwan, Turkey,
As estimates show, millennials are on track to become the wealthiest generation in history, with a projected $90 trillion wealth transfer over the next two decades. However, the question arises: are millennials prepared to handle the significant influx of money? Despite being set to inherit astounding wealth from the silent generation and baby boomers, concerns
Ferrari, the iconic luxury automaker known for its roaring combustion engines, is making a bold move towards an all-electric model. While the electric Ferrari won’t be available for over a year, early tests indicate that it embodies the driving traits and emotion that define a true Ferrari. According to Ferrari CEO Benedetto Vigna, the final
The United Arab Emirates has been recognized as the world’s leading wealth magnet for the third consecutive year, according to the latest research by Henley Private Wealth Migration Report. The report projects an unprecedented net inflow of 6,700 millionaires into the tiny Gulf nation by the end of 2024. This number is significantly higher than
As the $84 trillion Great Wealth Transfer approaches in the next decade, Generation X is poised to emerge as the primary beneficiaries. While millennials and Generation Z may be anticipating substantial inheritances from the wealthy baby boomers, it is actually Gen Xers who are projected to receive the largest windfalls in the near future. According
Christina Lewis, the daughter of Reginald Lewis, founder of TLC Beatrice International, had her first asset allocation meeting with a wealth manager at the age of 13. After facing a tragic loss and inheriting a large fortune, she went on to work with multiple wealth managers over the years. Her experience led her to create
In a recent survey conducted by BNY Mellon Wealth Management, it was found that family offices are increasingly shifting towards making direct investments in companies rather than relying solely on traditional investment vehicles. The survey revealed that a significant majority of family offices, numbering at 62%, made at least six direct investments in the past
The United States experienced a significant increase in millionaires last year, outpacing the rest of the world. According to a report from Capgemini, the U.S. added 600,000 new millionaires in 2023, bringing the total millionaire population to 7.5 million people. These millionaires amassed fortunes totaling $26.1 trillion, representing a 7% increase from the previous year.