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How do the genuinely wealthy
find each other when everyone
wears Prada these days? Not
easily. Buffeted by a storm
of information, plagued by commission-hunting
locusts and often isolated
geographically, their peer networks have
never been more fragile.
Doug Regan, who as president of
the special wealth management unit
of Northern Trust advises dozens of
America's richest families, defines
Ultra High Net Worths (UHNW) as
those individuals and families with
more than $100m (€68m) of net assets.
Regan observes tremendous demand
for peer networking events where all
the wannabes and sharks are kept out.
Once together in a private setting, the
seriously rich are "astonishingly candid
with each other" he says.
Apparently, they're also
phenomenally competitive and much,
much more open about discussing wealth
than they used to be. "The founding
generation did not talk about wealth, but
today children can Google their parents."
One recent networking event put
on by Northern Trust, titled Inspiring
Human Capital, helped families discuss
what wealth means. The collective
answer? "If you are UHNW you have the
privilege of living out your values."
Defining those values is trickier, but
philanthropy is the hottest ticket these
days, "the new competitive sphere for
UHNW families", says Regan.
Right on cue is a new company
offering peer networking and
philanthropy in one shot. Called
Everlands, co-founder Bob Burch speaks
of his childhood dream of packing a six
shooter and riding as a cowboy across
the American plains. Today he is living
his dreams by acquiring 45 must-have
retreats and hunting lodges all over the
world and offering them as a fractional
investment to rich individuals ''selfselecting –
in light of core values of love of
nature, family values and conservation."
It goes without saying that they are
also self-selecting in terms of wealth.
Burch has invested €17m of his own
money plus an additional €680,000
towards a conservation endowment.
The Everlands business model envisages
a total membership of 1,800 by 2012,
rewarding each of 20 founder members
with a projected return on investment
of 48%. For regular members, who will
pay a third to two-thirds of a million
euros plus annual dues of €27,000,
the investment angle is less obvious
although conceivably memberships could
one day be traded at a profit.
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