In the age of exponential wealth
The exponential creation of wealth in recent decades is rather extraordinary. Symbolised by the Trente Glorieuses period, it is the result of a combination of several factors which, by aligning themselves, have multiplied their effects. We are talking here of the modernisation of production tools and the increase in global productivity linked to industrialisation. The strong demographic growth – from 2.5 billion human beings in 1950 to 7.8 billion in 2020 – has also accelerated the process. In the end, this mechanism has allowed a whole generation of entrepreneurs, industrialists, engineers and financiers to build up enormous economic empires, some even exceeding the financial weight of many states.
Training for succession
This exponential wealth is now in the hands of a whole generation of heirs, who will have to find solutions to consolidate and perpetuate their assets. It is a challenge that of course requires not only specialist skills in many areas, but also a certain vision for the future. In particular, succession and transmission are among the identified challenges. It is therefore easier to understand why the issue of training the next generation has become so strategic for families. Indeed, a family’s wealth has often been built up by one or two visionary generations who have developed successful management skills and a robust business model. While this experience is an asset for running a business, it is also a serious advantage for facilitating the implementation of a structure for overall management of its assets.