The meeting of the Private Wealth Council was held in Bad Ragaz, Switzerland. The overall theme of the meeting was 'Future Sources of Wealth' and the Council held a private interactive workshop session on 'The Creation of Future Private Wealth'.
In a first round of the Council's workshop, the assembly was divided into 3 groups to define with spontaneous thoughts the three terms: 'private wealth', 'creation' and 'private wealth creation'.
The following captures the input of participants:
Private Wealth means:
- USD 5 million and beyond
- Independence
- Opportunities
- Responsibility
- Personal potential & growth
Creation
- Creation motivates people and facilitates self-improvement or 'something' (undefined)
- Creation is equal to finding new ideas that are innovative and add value
- Chaos allows creation and might be even a prerequisite for unleashing new ideas
- Creation happens through imagination, a vision or through a process of analyzing/strategizing
Private Wealth Creation:
- People who create private wealth are talented entrepreneurs, risk takers and have an open attitude towards learning and displaying drive
- Private wealth gets created at the frontier of the economy and society
- Wealth creators are in command/control
- Sustainability plays a crucial role in private wealth creation
The assembly then split into four scenario working groups with the topics (1) Politics/Security, (2) Technology, (3) Individual, and (4) Economics/Wealth Management Industry.
Each working group was asked to explore the implications of the respective scenarios in terms of how they would impact the creation of future private wealth.
