As we step into the new year, we reflect on the past 365 days that have deeply impacted our world. Much has happened worldwide that has shaken the foundations of certainties we once held. The complexities inherent in our ever-evolving global, business, and familial spheres necessitate a recalibration of approaches in the search for stability.
Family businesses are faced with a choice to adapt and diversify their approach as the complexity within the world, their business and family is increasing. This is confirmed in the Family Barometer 2023 report, issued by Julius Baer and PwC, which uncovers the globalised nature of family affairs, the changing landscape of taxes and regulations, the role of family governance, the impact of political stability, and the dynamics of philanthropy. The report further found that families will have to rethink and reinvent their old thought patterns and might have to start considering consulting with experts to help them navigate the myriad challenges and opportunities.
The report focused mainly on Europe, Asia, the Middle East and the Americas but the key findings resonate globally. The report was mainly built from the responses of the "Rising Generation," aged between 18-40. This revealed a cohort striving to leave an enduring imprint and legacy. The top five findings that stood out were not surprising:
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Family Barometer 2023
