What issues are currently on the minds of wealthy families? The Julius Baer Family Barometer investigated this question. The Bank surveyed 1,800 internal and external experts worldwide who work with and advise ultra-high-net-worth clients (UHNW) and their families. The 2024 edition, which was compiled in collaboration with management consultants PwC Switzerland, was published on Monday.

The endeavour to pass on companies and other assets to the next generation, i.e. succession planning and therefore a family-specific topic, is at the top of the list of priorities. However, the majority of current owners do not involve future beneficiaries in strategic discussions about asset management. 48 per cent are barely involved and 6 per cent are not involved at all.

Half do not talk about the money

Discussions about wealth transfers are also often not held for fear of family conflicts (46 per cent), because it is not considered necessary (22 per cent) or because there is a lack of knowledge (13 per cent).

The authors of the study call for wealth recipients to be more involved in discussions about wealth management so that they are better prepared for their future tasks. They also recommend the involvement of professional advisors and appropriate training for the donor generation in order to facilitate discussions about wealth transfers.

Professional governance is often just an appearance

Taxation is the second most important social issue on the list of priorities, followed by another family-specific issue, namely growth and development opportunities for individuals and families. Here too, the authors recommend training (this time for the receiving generation) in wealth management and the involvement of external advisors. This could reduce the risk of wealth disappearing after one generation.

In 4th place is family management. It is reported that governance shows a high degree of professionalisation. But de facto, the dependence on informal framework conditions remains high, the authors soberly state.

Politics also concerns families

And as with normal company surveys, political uncertainties are currently at the top of the list of concerns in the Family Barometer. Specifically, it is about the consequences that polarisation, the new geopolitics and the resulting fragmentation of the global economy could have on wealth management.

The results are shown separately for the three regions of Europe, Asia and the Middle East, so that geographical differences in the assessment are also visible.