Private wealth is increasing at a phenomenal rate. As family businesses are sold, older entrepreneurs who built successful companies in the 90s prepare to cash out and new tech entrepreneurs float their organizations, the individuals involved all have one thing in common – the need to preserve and invest their vast fortunes.
The ultra-rich are taking back control. Family offices are becoming more sophisticated, employing former bankers and private equity dealmakers, and they are forming a rapidly growing global network. This, in turn, means they are increasingly doing deals directly with each other. Read the full article here.
Ever since Bill Gates famously stated that “banks are dinosaurs” back in 1994, the industry has been careful to stay up-to-date with emerging tech developments and trends to avoid their predicted extinction. And while many innovations have been implemented by most of the world’s leading banks, they all seem to focus predominantly on consumer banking services.