Wealth
Wealthy families are spending an average of $3 million to run their family offices, according to a J.P. Morgan Private report, and the biggest cost is staffing.
Unlike stocks, alternatives such as private equity and private companies have more gradual valuation changes, smoothing out volatility.
The surge in wealth among millennial heirs is creating new markets for wealth-management firms, luxury companies, travel firms and real estate brokers.
Shares of French luxury group Kering sank more than 9% Wednesday after the company warned it expects a sharp downturn in first-half profits as demand for its Gucci brand continues to wane.
Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.
The rise of family office-style medical practices reflects the surge in wealth and growing demand for hyper-personalized, data-driven health care.
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