New UBS Family Office Quarterly is out.

The new three-part human and financial capital strategy.

What company stages are family offices targeting?

Will there be a U.S. wealth tax? What you need to know. A federal wealth tax looks highly unlikely for now and would face serious constitutional challenges. Notable activity is at state level, where California and others are targeting billionaires and high earners - J.P. Morgan Private Bank

Family offices must prepare to shift from dictatorship to democracy. The skills that build a fortune, control, speed and risk-taking, are often exactly the wrong ones for preserving it. Founders must accept proper governance and prepare their heirs, or the family legacy could become a very expensive mess - Professional Wealth Management

IPOs minting a new class of ultra-high-net-worth ‘IPO Bros’. Huge potential IPOs such as SpaceX, Anthropic and OpenAI could make thousands of employees suddenly very rich. This crowd is younger, more entrepreneurial and keener to take risks than traditional inherited-wealth clients - Fortune

Study reveals family offices struggle with regulatory support for crypto investment. A survey of 200 family office professionals found 86% are moving into crypto, but 70% struggle to find regulatory and reporting support. The appetite is clearly there, but the compliance support still look shaky - IFA Magazine

From space rocks to smartwatches, AI millionaires rewrite the luxury playbook. America’s newly minted tech millionaires are spending on meteorites, sports teams, property and experiences rather than designer clothes. Luxury brands may be eyeing the AI wealth boom, but T-shirts, Apple Watches and reinvesting still seem to be winning - Reuters

Private chef salaries reach $300,000 as the rich seek their own Michelin stars. Ultra-wealthy clients are paying top dollar to enjoy the ultimate in gastronomy from the comfort of their own home, with added tailoring to personal tastes and specific diets. It’s part of a trend for big spending on key household roles that help manage the complexity in their lives - CNBC  

ICYMI: last week’s newsletter shared insights from Altrata’s new World Ultra Wealth Report 2026.

That’s all for now - see you on 𝕏, reddit or LinkedIn.

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