Succession… but make it reality.

We are currently amidst one of the most monumental wealth transfers in history, and astonishingly, most are oblivious to its occurrence.

When we talk about wealth transfer, we're not referring to some Robinhood-esque redistribution from the rich to the poor. Nor are we discussing the clash between old earth and new earth or old money versus new money.

What's happening is a colossal multi-trillion-dollar shift between generations of Ultra High Net Worth (UHNW) families - a true testament to succession at its finest.

In North America, around 29% of the Next Gens have already taken the reins and assumed control of their families' operations, while another 25% are projected to follow suit within the next decade.

It will undoubtedly be intriguing to observe the shifting tides and the trends in wealth and money that will be set by these Next Gens. Their actions will resonate worldwide, influencing the global economy.

This transfer of wealth among UHNW families represents a significant event, and it will be captivating to witness how the next generations approach wealth management and business operations.

What's encouraging is that many of these next-generation wealth handlers already possess their own businesses, oversee family foundations, or have acquired an MBA or real-life experience that will aid them in their newfound roles.

It's crucial to acknowledge that this wealth transfer also has the potential to significantly impact the economy and investment markets.

The priorities, values, and investment strategies of the next generation may differ from their predecessors, leading to changes in the way wealth is managed and invested.

This shift can sometimes create a divide amongst the generations and make it challenging for the predecessors to fully relinquish control.

For instance, certain next-gen UHNW individuals may prioritize socially responsible investing, environmental sustainability, and impact investing.

Moreover, technological advancements and shifts in the global economy are also expected to influence the approach of the next generation of UHNW families to wealth management and investment.

One of the greatest challenges faced by most families is how to teach the Next Gen, from a stewardship perspective, to act as owners and not mere operators.

They must learn how to become effective board members and representatives, governing with the spirit of preserving family wealth for generations to come.

Dynasty-level thinking is essential.

Regardless of the specific trends that emerge, it is evident that the transfer of wealth between generations of UHNW families will significantly impact our financial landscape in the coming years, making it an intriguing subject to observe and analyze as changes unfold.