A weekly collection of news and highlights. Included this week:

  • Billionaires can’t talk to their kids about money

  • Family office networks drive massive capital shifts

  • Crazy growth in demand for private jets

  • What skills are useful in wealthy circles

  • AI legal advice - what could go wrong?

  • Living Large: Billionaires’ Rows around the world

𝕏 highlights

When family offices are preferred to family businesses.

Rausing family office (Tetra Pak) pulls out of HK.

Sergey Brin’s family office mobilizing against the California billionaire tax.

UHNW demand for PJs > corporate demand.

Family office networks driving massive shifts in capital.

A family business appointing a non-family CEO.

Weird myths around money and happiness.

reddit highlights

Aspiration over on Reddit.

in highlights

Contrasting findings from UBS next-gen report.

If you look at the whole picture – across age groups, generations and geographies – wealth managers are by far the most…

A couple of contrasting findings from today's new UBS report on 'next gen'. If you look at the whole picture – across age groups, generations and geographies – wealth managers are by far the most relied upon source of advice for succession planning among members of wealthy families. Wealth managers are much more influential than lawyers, tax advisers, or even people who work for the family office.

The Anthropic feeding frenzy is real.

Anthropic is raising a funding round, priced at ~$900B (we think). Having done this for 8+ years, no hype cycle has come close. The last week has been insane.

Anthropic is raising a funding round, priced at ~$900B (we think). Having done this for 8+ years, no hype cycle has come close. The last week has been insane. Here’s what I’ve seen:

Wealthy asking AI for legal advice - what could go wrong?

Wealthy Clients Use AI for Legal Advice, Raising Concerns

My latest for CNBC: Even the wealthy are asking AI for legal advice. What could go wrong? Lawyers told me that their well-heeled clients are increasingly using AI chatbots not only to research tax topics but to second guess their lawyers' advice. This forces attorneys to spend hours defending their work and explaining why AI recommendations are incorrect or inappropriate for the client's situation.

Family Office news roundup

Heiress wins court battle to undo £1.2m inheritance tax blunder. The family owners of a historic English estate have been saved from a £1.2m inheritance tax bill, having successfully challenged a “mistake” that threatened the future of their ancestral home -Independent

The signal in the sell-off: wealth management’s value in the AI era. Markets are punishing wealth managers, but McKinsey argues that’s missing the bigger picture: that AI is about to reshape the industry and firms need to lean into it - McKinsey & Company

Billionaires can’t talk to their kids about money. Ultra-wealthy families are terrible at discussing money, especially with their kids, right as trillions are set to pass down in the “great wealth transfer.” Poor communication, not lack of planning, is the real risk here - Fortune

Sowell launches “family-office lite” offering for clients with $5M+. Sowell is rolling out a new private wealth arm targeting clients with $5m+. It’s a land grab for UHNW clients as firms realize the real money is in deeper relationships - WealthManagement.com

Ex-Starbucks CEO moves with family office to Miami. Howard Schultz has moved from Seattle to Miami, taking his private family office with him, while keeping the Schultz Family Foundation in Seattle. The move fits the wider billionaire migration to Florida, with Schultz reportedly buying a $44m Surfside penthouse - MSN / Bloomberg

Living Large: the finer things in life

Where do the world’s billionaire’s call home? Billionaires’ Row is often the most desirable street in the most sought-after neighborhood in the world’s wealthiest cities. So where are these exactly? From London and New York, to Paris, Singapore and Hong Kong, here’s a short roundup of Billionaires’ Rows along with notable residents and what property is going for.

ICYMI: last week’s newsletter shared insights from the latest Knight Frank Global Wealth Report.

Until Friday, see you on 𝕏, reddit or LinkedIn.

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