The changing faces of wealth – Trends you should know to grow your business
What do the evolving demographics and preferences of the wealthy mean for your business? Our new report uncovers the trends and provides a guide to engaging ultra-high-net-worth audiences.
Centtrip Guide - The Changing Faces of Wealth
The faces of wealth are changing. We see it in our businesses every day. As wealth becomes younger and more diverse, its tastes, preferences and expectations are evolving. Suit-and-tie, fusty formality is out; sleek, cool and trustworthy technology is in. Discreet, well-informed professionalism is always, always a given.
At Centtrip, we support the businesses – the agents, intermediaries, partners and purveyors – that service the unique world of the ultra-wealthy. Our clients include yacht management companies, artists’ business managers, family offices and the like. Their success – your success – is the bedrock of our success.
That’s why we wrote our new report, The Changing Faces of Wealth. It explores the ways that wealth is changing and offers some suggestions on how to best engage with this new, less formal world of the ultra-wealthy.
Here are just some of the insights included in the report.
1. Wealth is getting younger
By 2030, the Gen X and Millennial generations’ share of global wealth will surpass that of baby boomers. As the baby-boomer generation passes, these younger generations are set to inherit a wealth transfer of up to $48 trillion.
The consequence?
Ways of engaging and doing business have changed. Suit-and-tie is out. WhatsApp and the like are in.
2. Sustainability is important … but not for everyone
Younger wealth shows the greatest concern for sustainability and ESG issues, but in general, it’s less of a concern for those in the US: “Almost half of millionaires in the US are not engaged with sustainability.”
The consequence?
Businesses need to address the sustainability concerns of their clients, but they need to tailor their positioning according to their client-base.
3. Personalisation is the ultimate luxury
“[UHNW] clients are willing to pay, but the service we provide must be tailored, bespoke and absolutely discreet. You will crash and burn if the level of service is not where it needs to be.”
The consequence?
In a world where reputation and referral are everything, businesses must invest time in understanding their clients and their needs, and in building long-term relationships so that they can meet and anticipate expectations.
The changing faces of wealth – get your copy now
“The Changing Faces of Wealth – a guide to engaging high-net-worth audiences” explores how the demographics and expectations of the very wealthy are evolving and what this means to our unique sector of specialist service providers. Based on research, interviews and our own experience, the report offers advice on how to create and build connections with this elite and exacting audience.
