Business & Finance
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Family Wealth Background
We are witnessing an era of unprecedented transfer of wealth from one generation to the next as the world’s most affluent individuals approach retirement and contemplate their succession and wealth planning issues.
The needs of these families are extensive, complicated, and require expert advice, so many are considering a Family Office to help them manage this transition and provide a crucially provide a framework for the Next Generation (Next Gen).
The problem is especially difficult for many advisers is that they are ill-equipped to connect with these Next Gen clients who are technology savvy and expect a very different service experience than their parents did.
Wealth Transfer in numbers
There were 187,500 global Ultra High-Net-Worth Individuals (UHNWI), those with investable assets of over $30 million, in 2016, according to Knight Frank in their annual Wealth Report.
According to Bank of America the great transfer of wealth will see a handover of about $12 trillion from those born in 1920s and 1930s to the Baby Boomers. However, the Boomers are expected to transfer some $30 trillion in assets to their heirs over the next 30-40 years in just the US alone.
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The Monaco Economic Board (MEB) recently hosted an event in Turin, Italy featuring the Monte Carlo Ballet in an effort to strengthen bonds between the two regions. Turin is the undisputed centre of the Piedmont region of Italy. Not only is it the regional capital, it is also the economic hub where success stories abound […]
Monaco achieved a record-breaking GDP of more than €6 billion in 2018, according to the latest figures from statistics group IMSEE. The Monegasque Institute of Statistics and Economic Studies (IMSEE) this week published the 2018 Gross Domestic Product (GDP) report showing positive growth in all sectors. After the slowdown of the past few years which […]
Monaco has presented its business credential at the 2nd China International Import Expo (CIIE) in Shanghai. On the initiative of Monaco’s Embassy in China with the MEB’s support, the Principality of Monaco had a stand at the expo from 5th to 10th November, providing a unique opening into the market of the world’s second largest economy. […]
With quarterly earnings season coming to an end, investors will be examining the heavy load of key macro data that is expected next week. Inflation readings from major developed markets are likely to tell a similar story. Inflation continues to remain muted in the US, UK and eurozone, as global growth weakens and monetary easing […]
Robert Friedland, the international financier and a major player in the mining industry, was the guest speaker at the meeting and summer cocktail of the Monaco Venture Private Equity and Venture Capital Association (MVCA) last night. Zsolt Lavotha, Chairman and President of MVCA, gave a review of the first half of 2013 to the 60 members and guests, with an impressive list of activities, among them several high quality co-investment meetings, VIP lunch speakers such as Luc Vandevelde, former chairman of Carrefour, a full day event with Stephen Schwarzman, founder of Blackstone Group, one of the world's most prominent Private Equity Groups, and of course the global entrepreneur event THE EDGE, which MVCA co-organized with the International University of Monaco…But the show last night belonged to Robert Friedland, founder of Ivanhoe Capital, his private family business providing venture capital to mainly the mining, energy and technology field. Ivanhoe Capital has raised billions of dollars since its inception and Friedland also founded and was Executive Chairman of Ivanhoe mines which in 2012 was sold to Rio Tinto, the world's third-largest mining group by market capitalization (>$130billion). With a larger than life personality, Friedland provided his view on the future of precious metals and backed it up with seriously interesting facts and demographics. His lively presentation was highly enlightening in the field of mining, the world economy in general,and including several provocative statements that mesmerized the audience. Friedland was listed as one of the 10 most influential people in Steve Jobs’ life by the Business Insider, and he counted him among his good friends and who actually influenced the choice of name for his Apple company. Michel Bouquier presented Friedland with the Monaco Private Label Card, to join an exclusive group who receive preferential treatment in the Principality. Article first published June 26, 2013.
Agricorp Invest SA, a unit of the Monaco-registered group Monaco Resources, has acquired a majority stake in the Macedonian mushroom and vegetable processing plant, Bonum, the company said.
Agricorp Invest S.A., via its wholly owned subsidiary Agri Food Invest Luxembourg, which operates and develops agricultural and food projects in Africa, Europe and Asia, said in a statement it “is pleased to announce a diversification of its portfolio by investing in Bonum, a company based in Skopje and near Kumanovo, in the Republic of Macedonia.” The value of the deal was not disclosed.
Commenting on the deal in a Facebook post, former prime minister and ruling party leader Nikola Gruevski, said the brownfield investment is planned to create 100 new jobs within a year. The plant will be reorganised and its production is expected to double as a result of the investment, he added. Monaco Resources, at 2, rue de la Lujerneta, has operations spanning mining, agribusiness, energy, logistics and financial services. (Source: seenews.com)