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6 February 2025

Investing in Resilience: Private-Sector Essential Service Options for UHNWIs

Rick Caruso
Source: Wikimedia

The owner of the Palisades Village Mall is Rick Caruso, a real estate developer with a net worth of approximately $5.8B according to Forbes. As the fire approached his property, he hired a team of firefighters – with their own trucks with hundreds gallons of water – to protect it. The decision was successful; the buildings in the shopping village were some of the only ones left standing in the vicinity.

In 2022 Caruso ran for Mayor of Los Angeles. He lost to current Los Angeles Mayor Karen Bass, whom many commentators believe mismanaged the city’s preparations to prevent the recent devastation. It is widely believed that many of the fire hydrants in the districts worst affected by the disaster ran dry.

UHNWIs frequently turn to private providers for essential services, often starting with familiar areas like healthcare, personal security, and education. Increasingly, however, they are recognizing the importance of a more comprehensive approach that encompasses services traditionally provided by governments such as firefighting – highlighted by the recent Los Angeles wildfire – utilities, disaster preparedness, and environmental monitoring/protection. More information on private-sector services covering these areas is below.

01 Firefighting

Public firefighting services are typically the first line of defense against fires, relying on publicly funded fire departments and infrastructure. However, during large-scale incidents or in areas with limited public resources, private firefighting services can provide critical supplemental support.

According to the National Wildfire Suppression Association, an American organization with over 300 members providing fire safety services, over 40% of firefighters in the United States are employed in the private sector. Information on private-sector firefighting in Europe is more limited, but several companies like Danish multinational Falck are active in the sector – primarily serving as government contractors. In the United States, it is more common for private firefighting companies to serve insurance companies and occasionally wealthy individuals in addition to governments.

For UHNWIs, private firefighting services can offer several key advantages:

  • Rapid response. Private companies can often deploy resources more quickly than public agencies, especially during widespread emergencies when public resources are stretched thin.
  • Targeted protection. Private firefighters can focus specifically on protecting a client’s property, implementing tailored defense strategies.

Specialized equipment and expertise. Private companies may possess specialized equipment or expertise in areas such as wildfire suppression or high-value asset protection.

02 Utilities

Governments typically play a significant role in the provision of essential utilities like electricity, water, and sewage treatment. Utility companies often operate as regulated monopolies, ensuring consistent service and managing large-scale infrastructure. However, for UHNWIs seeking greater control and resilience, private utility solutions offer compelling alternatives.

While contracting a completely independent, large-scale private utility provider is generally not feasible due to infrastructure requirements and regulatory constraints, UHNWIs can achieve significant independence through:

  • Off-grid solutions. Solar power systems, combined with battery storage, can provide reliable electricity independent of the public grid. Similarly, private wells, water purification systems, and self-contained sewage treatment facilities can ensure water security and sanitation.
  • Backup power systems. Installing robust backup generators can provide emergency power during grid outages, safeguarding essential systems and maintaining comfort.
  • Private microgrids. For larger estates or communities, private microgrids can offer a more sophisticated and resilient approach to power distribution, allowing for local generation and management.

These solutions not only enhance resilience but can also contribute to sustainability goals and reduce long-term operating costs.

03 Disaster preparedness

Government agencies typically provide disaster preparedness information, evacuation orders, and emergency shelters during large-scale events. However, for UHNWIs, a more comprehensive and personalized approach to disaster preparedness can significantly mitigate risks.

Private disaster preparedness services can include:

  • Customized evacuation plans tailored to specific properties and family needs, including pre-arranged transportation, secure destinations, and communication protocols.
  • Private emergency shelters and bunkers providing safe and secure refuge during disasters, equipped with essential supplies and life support systems.
  • Pre-arranged contracts with emergency response and recovery firms for rapid access to resources and expertise for post-disaster cleanup, rebuilding, and logistical support.
  • Advanced warning systems that leverage private weather forecasting services, sensor networks, and real-time data analysis to provide early warnings of impending disasters.

These proactive measures can provide peace of mind and significantly enhance safety and security during emergencies.

04 Environmental monitoring and protection

Growing awareness of environmental risks and increasing emphasis on environmental, social, and governance factors are driving demand for private environmental monitoring and protection services. These services address concerns related to personal health, regulatory compliance, and responsible environmental stewardship.

Private options include:

  • Private air and water quality monitoring systems that can provide real-time data on air and water quality within and around a property, enabling proactive measures to mitigate risks.
  • Private environmental remediation and cleanup services for addressing environmental contamination or pollution issues on a property, ensuring compliance with regulations and protecting human health.
  • Private land management and conservation services. For larger estates, these services can ensure responsible land stewardship, protect natural resources, and enhance biodiversity.

Investing in these services not only protects personal health and property value but also demonstrates a commitment to environmental responsibility, aligning with the growing global focus on sustainable practices.

Tracking Investments in Resilience with Altoo

Typically, resilience-oriented investments like those outlined above will be linked to specific assets, especially real estate holdings. For example, a contract with a private firefighting company will concern a specific property to be protected. The expenditure should therefore be factored into cashflow or upkeep calculations for the property. The Altoo Wealth Platform can make the process of keeping these records – and all records associated with the property – fast and easy, with all figures clearly presented and available for analysis in intuitive dashboards. The service contract itself can also be digitally stored alongside other important documentation regarding the property like insurance policies and rental agreements. 

To learn more, please contact us for a demo!   

5 February 2025

Sidestep the Storm: Minimising Natural Disaster Risk for High-Value Collections

Protecting physical collectibles from physical damage typically involves using some form of structure with special features. For example, art collections can be kept in climate-controlled environments with sensors to detect rising ambient moisture levels. Even so, a natural disaster like a wildfire, flood, or earthquake can put any such structure at an exponentially higher risk of being compromised.

For smaller collectibles like rare coins, it is possible to invest in structures like safes that can survive almost anything nature can throw at it. But for larger (and larger collections of) collectibles like luxury cars, it is often impractical to take such measures. Also, the owners of such valuable items typically prefer to keep them on display – not locked away – to be enjoyed by themselves and guests.

For UHNWIs with a global mindset, a more practical approach will likely be to collect valuables in homes in geographical areas that are statistically unlikely to be affected by the most destructive natural disasters. Here are recommendations for identifying such areas, assuming that wealthy individuals will prefer to own homes in reasonably prosperous and well-populated metropolitan centers.

Defining the Risks: Types of Natural Disasters Most Likely to Destroy Luxury Homes

The natural disasters and extreme weather most likely to obliterate houses include:

  • Tsunamis. A tsunami is a series of powerful ocean waves typically caused by events such as underwater earthquakes, volcanic eruptions, or landslides. Waves can travel across entire oceans and cause devastating inundation upon reaching coastal areas.

    Cities at most risk of being affected by tsunamis are located along coastlines near subduction zones.

    Examples: Honolulu, Tokyo
  • Hurricanes/Typhoons/Cyclones. These storms form over warm ocean waters when a cluster of thunderstorms becomes organized and rotates due to a combination of low wind shear (changes in wind speed and/or direction with height) and the Coriolis effect (an effect of Earth’s rotation). As warm, moist air rises and condenses, releasing heat, the storm intensifies. They are called hurricanes when forming on the North Atlantic, Northeast Pacific, and Central North Pacific Oceans, typhoons when forming on the Northwest Pacific Ocean, and cyclones when forming on the South Pacific and Indian Oceans.

    Cities at most risk of being affected by these storms are located in tropical and subtropical coastal regions.

    Examples: Miami, Hong Kong
  • Powerful tornadoes. A tornado is a violently rotating column of air extending from a thunderstorm to the ground. It forms when wind shear creates a rotating horizontal vortex that is then tilted vertically by a thunderstorm’s updraft in a highly unstable atmosphere (warm air below, cold air above).

    Cities at most risk of being affected by powerful tornadoes are located in regions with specific meteorological conditions most frequently found in the central United States, often referred to as “Tornado Alley.” While large metropolitan areas are less likely to experience a direct hit from a powerful tornado, surrounding areas and smaller cities within these regions are at risk.

    Examples: Oklahoma City, Dallas-Fort Worth, Kansas City

    Wildfires. Wildfires typically occur in areas with dense vegetation, dry climates, steep slopes, and high winds.

    Examples: Los Angeles, Sydney, Cape Town.
  • Earthquakes. The majority of earthquakes occur along tectonic plate boundaries, where the interaction of moving plates creates stress that is released as seismic waves, sometimes triggering other hazards like tsunamis and landslides.

    Examples: Tokyo, Los Angeles, Istanbul
  • Heavy landslides. Especially when involving debris flows (a mixture of water, rock, soil, and vegetation), landslides can crush and bury homes.

    Cities at most risk of being affected by heavy landslides are located in areas with steep slopes, unstable geology, and heavy rainfall.

    Examples: Los Angeles, Hong Kong, Rio de Janeiro
  • Floods. Prosperous areas can face a variety of flood risks, including overbank flooding from rivers and urban flooding caused by heavy rainfall overwhelming drainage infrastructure. 

    Examples: London, New York City, Amsterdam

Where to Disaster-Proof a Collection, According to Research

While the 2024 World Risk Report and older – yet valid, as meteorological and geological patterns are relatively stable – research from insurer Swiss Re address the global risks of natural disasters, such information will likely be an imperfect tool for UHWNIs aiming to disaster-proof their collections.

The World Risk Report tends to focus on countries as opposed to cities. This approach is effective for smaller countries, but whether it is effective for larger countries like the United States – where risk profiles differ significantly from the east to west coasts – is questionable.

Swiss Re’s research takes a rather more city-centric approach but also focuses on rather broad factors like productivity losses due to employees being out of the office.  While such things do matter to UHNWIs and everyone else with a stake in a given economy, the research tends not to parse out issues like damage to collectibles owned by an area’s wealthiest residents.

Despite its shortcomings, this research can lead UHNWIs to make some broad conclusions:

  • Western, Central, and Southern Europe are among the safest places to safeguard collections from natural disasters. According to the 2024 World Risk Report, Monaco was the state least likely to be severely impacted by force majeure. Andorra, San Marino, and Luxembourg followed next in the ranking. Eleven of the 15 safest states were located in Western, Central, and Southern Europe, including Switzerland, Malta, and Denmark. Two states from the Northeastern Arabian Peninsula, Qatar and Bahrain, also ranked highly at #8 and #9, respectively.
  • Japan as well as Los Angeles and Amsterdam are among the places in which collections are at most risk of being lost to natural disasters. According to Swiss Re’s analysis, Tokyo and Nagoya ranked among the top 10 riskiest cities worldwide across all three dimensions of risk they assessed (related mainly to societal and economic impact). Los Angeles, Amsterdam, and Osaka also appeared in the top 10 for two of these dimensions.


Comparing all of the information presented so far in this article with research from Henley & Partners on millionaires’ favorite places to live, Paris, Milan, Frankfurt, and Geneva might be ideal cities in Europe for keeping collections. Geneva seems to be particularly appealing; it was the city in mainland Europe that saw the highest rise (+36%) in the population of millionaires from 2013 – 2023.

Keeping Track of Collections with Altoo

Wherever collectibles are kept, the Altoo Wealth Platform can help their owners keep track of them and the items’ current values. The Altoo Wealth Platform is an advanced digital solution that consolidates, analyses, and visualises data on all the diverse holdings typically present in UHNWIs’ portfolios, both bankable and non-bankable. For UHNWIs managing extensive collections across various – hopefully disaster-safe – locations the platform’s gallery view helps maintain a comprehensive inventory, including item location and current valuation. Valuations, insurance policies, and other important digital documents connected to individual items can be attached to each item’s record for easy, logical access.

Please contact us for a demo!

24 January 2025

The Davos Data Playbook: Lessons for Family Offices

Even just a quick browse through WEF’s website reveals a tremendous emphasis on data-driven insights, as should be expected from any modern, professional organisation. Virtually every published report or article presents statistical or otherwise numerical evidence supporting the WEF’s various initiatives. Also, the WEF website has a dedicated section devoted to intelligence where key issues and research findings are displayed in intuitive dashboards. Here is an example of how the WEF visualises the topical ecosystem of financial and monetary systems:

Much of the most recently published material – for example, this video recap of economic predictions for 2025, which summarizes key survey results – include at least a few data points. Almost all of the key arguments made in the summary of the WEF’s latest Global Risks Report are backed up with visualised data.

The WEF and family offices serve different – albeit sometimes overlapping –  purposes. Even so, the WEF’s demonstrated success in operationalising data should lead family officers to: 

  • Conclude that their family clients and the WEF community as a whole take similar analytical approaches to achieving their respective goals. Influential and time-constrained decision-makers require understandable and actionable data to inform their strategies.
  • Ask how the WEF operationally excels at leveraging data to drive high-stakes discussions and negotiations at Davos. Answers can help family officers serve their own stakeholders better.  

To answer this operational question, we can map out how the WEF approaches data based on publicly available information. Their strategy includes:

01 Partnerships to ensure access to high-quality data

The WEF is actively advancing data quality and trustworthiness through several initiatives such as the Data for Common Purpose Initiative (DCPI). Launched in December 2020, this initiative aims to create a foundational governance framework that allows for the ethical sharing of data across various sectors. Key priorities include unlocking data from silos while protecting privacy rights and promoting a responsible approach to data exchange. The WEF has stated that three critical principles to uphold in the data economy are data integrity, interoperability, and inclusivity in the sense of ensuring that the right data is accessible to the right people.

02 Partnerships to integrate data from multiple sources

One of the WEF’s notable technology partners is with Salesforce, which has helped the Forum create a single source of truth based on both internal data regarding attendees as well as the external data (for example on sustainability and economics) the attendees discuss.

03 Partnerships to transform raw data into easily understandable visuals

An example of such a partnership is the one the WEF has with Accurat, a design agency focused on data storytelling that has helped the Forum clearly present important facts and figures in a number of high-profile reports since 2016. According to the agency’s founder, before the partnership began “the team at the WEF was used (as everyone else in 2016) to doing things the traditional way: manual graphic processes and hundreds of hand-crafted country profiles for each published report.”

Altoo: A one-stop solution for family offices to follow the Davos data playbook

After evaluating the WEF’s approach to working with data, the most important takeaway family offices should have is that the Forum relies on a wide variety of external partners for help. In other words, they do not try to do it all themselves.

Neither should family offices. Nor do they need to rely on multiple partners to handle different aspects of the wealth data value chain. The Altoo Wealth Platform can automatically access the latest digital information on all of the family’s bankable and non-bankable holdings, analyse it, and present it in easy-to-understand dashboards. Actionable insights around portfolio and asset performance, anticipated cashflows, and a wide variety of other financial metrics are all available with just a few clicks.

To learn more, please get in touch!

Learn More about the World Economic Forum

The 2025 World Economic Forum was the first not to be under the operational leadership of Klaus Schwab, who founded the organization in 1971 as the European Management Forum. While the global politicoeconomic landscape has evolved significantly since then, Schwab remained remarkably consistent – and successful – in focusing on three increasingly important aspects of global cooperation. Ultra high net worth individuals (UHNWIs) should consider not only the importance of these aspects but also how he addressed them through his leadership.
A wave of technological innovation is transforming the way the world’s wealthiest manage their assets. Artificial intelligence, blockchain, and quantum computing are no longer futuristic concepts - they are reshaping wealth management today. Klaus Schwab, founder of the World Economic Forum (WEF), describes this era as a “societal revolution,” where collaboration and innovation will determine success across industries, including financial services.
Each year, the World Economic Forum (WEF) in Davos spotlights a set of thematic priorities deemed essential for business and political leaders to discuss as they direct the course of multinational corporations and national policies. While not every ultra-high-net-worth individual (UHNWI) attends this prestigious gathering or directly steers the trajectory of a company or country, all UHNWIs can leverage WEF thematic priorities as tools for charting their own personal financial priorities in the year ahead. To facilitate “Mini Davos” brainstorming sessions, in this article we present the thematic priorities on the 2025 WEF agenda and suggest how UHNWIs can align
The wealth management industry is at a crossroads. Shaped by evolving client expectations, technological advancements, and increasing regulatory scrutiny, wealth managers - including individual advisors, ultra-high-net-worth individuals (UHNWIs), and family offices - should balance delivering immediate value with building long-term resilience. This is not just a strategic objective but a critical imperative for survival in a rapidly transforming market.
As the World Economic Forum (WEF) prepares for its 54th annual meeting in Davos from January 20–24, 2025, Altoo is closely following this globally influential event, committed to contributing to discussions on the future of technology solutions. With its innovative digital wealth management platform, Altoo brings fresh insights to the challenges and opportunities highlighted at the forum. Through a series of upcoming articles, Altoo will explore how the key theme of this year’s gathering align with the evolution of wealth management, and how technology can be harnessed to drive industry-wide transformation.
The 54th Annual Meeting of the World Economic Forum (WEF) is now taking place in the beautiful town of Davos, Switzerland. It brings together a wide range of world leaders and thinkers. A focus on artificial intelligence (AI) at Davos this year – alongside perennial issues related to geoeconomics and climate change – indicates the significant extent to which this innovative technology is expected to shape our world.
The Magic Mountain, a novel by the German writer Thomas Mann, made the small town on the edge of the Swiss Alps world-renowned. The story of a decadent society of lung patients from various countries curing their ailments at the sanatorium in Davos before the outbreak of the First World War has gained popularity. Thus, the location became immortal in a literary sense. Still, Davos has much to offer today.
Established in 1971 as a non-profit foundation with headquarters in Geneva, Switzerland, the World Economic Forum (WEF) has a long tradition of bringing people together. All of them have one thing in common: the foremost political, business, cultural, and other leaders of society have the drive and the influence to make positive change. As usual, taking place in Davos, the top mountain resort in Switzerland, the 54th Annual Meeting will be held from January 15–19, 2024.

24 January 2025

From European Forum to Global Stage: Key Lessons for UHNWIs from Klaus Schwab’s WEF Leadership Journey

In 2024, Klaus Schwab announced his departure from the WEF’s day-to-day management and now serves as the chairman of its board of trustees. While he – like all leaders of influential organizations – has received his fair share of criticism, he undoubtedly “got it right” when recognising and acting on the importance of: 

01 Globalisation

In the late 1960s and early 1970s, there was a widespread concern in Europe about American economic dominance. This concern was popularised by Jean-Jacques Servan-Schreiber’s book “Le défi américain” (“The American Challenge”), which highlighted the perceived technological and managerial gap between Europe and the USA. This “American challenge” included the fear that European companies would be sold to American investors and that the US would dominate markets due to its advancements in technology and management.

Klaus Schwab founded the European Management Forum in 1971 as a direct response to this “management gap”. Schwab was motivated by Servan-Schreiber’s book and wanted to help introduce European economic players to modern American economic methods. The initial 1971 meeting – organised to coincide with the 25th anniversary of the Centre d’Études Industrielles (CEI) in Geneva, where Schwab was teaching – involved a number of American participants, including US economist Harvard Business School Dean George P. Baker, who acted as chair, and liberal US economist John Kenneth Galbraith, who was a keynote speaker.

As the 1970s unfolded, however, geopolitical events like the oil crisis of 1973/1974 demonstrated that transatlantic competitive tensions were far from the only issues worth addressing on the global stage. Schwab invited Chinese statesman Deng Xiaoping to attend the European Management Forum in 1979 and by the 1980s was inviting other high-ranking political leaders from around the world. In 1987, Schwab changed the name of the organization to the World Economic Forum (WEF), marking a definitive emphasis on the global issues it is known for addressing today.

Lesson for UHNWIs

Schwab’s initial focus on bridging the transatlantic management gap was a prescient recognition of the increasing interconnectedness of economies. Expanding his organization’s scope demonstrated his ability to adapt to changing realities and recognize the broader implications of globalisation.

For UHNWIs, this historical trajectory offers a valuable lesson: globalisation is not a recent phenomenon, but a decades-long process with evolving dynamics. Just as Schwab recognized the need to broaden his initial focus, UHNWIs must adopt a global perspective when managing their wealth. Diversification across geographies and asset classes is crucial not only for maximising returns but also for mitigating risks associated with geopolitical instability and economic shocks in any single region. Security, both financial and personal, also takes on a global dimension in this context, requiring careful consideration of international regulations, political climates, and potential threats.

02 Stakeholder capitalism

Since 1971, Schwab and the Forum have continued to make a basic argument that businesses should not focus not just on financial profits but also the interests of customers, suppliers, and society as a whole.

This message has been a recurring theme at Davos meetings and has appeared in one form or another in even the earliest of Schwab’s books. Schwab, who holds a doctorate in engineering, published Moderne Unternehmensführung im Maschinenbau (Modern Management in Mechanical Engineering) in the same year as he founded the Forum. This short book included one of the earliest German-language discussions of the concept of what is today known as stakeholder capitalism.

Over recent years, many of the highest-profile global initiatives – discussed on the WEF stage or otherwise making headlines – related to stakeholder capitalism have revolved around the use of environmental, social, and governance (ESG) metrics for businesses. Internally, the WEF sets detailed operational guidance and standards regarding its organisation’s sustainable practices.

Lesson for UHNWIs

A frequent critique of the WEF in general and Schwab in particular is that they are creating an elitist facade: a spectacle of the world’s best-resourced individuals and organizations professing concern for global welfare while pursuing self-interest behind the scenes. For example, many supposedly green-minded WEF attendees have come under fire for adding to global warming by taking private jets to Davos.

It is hard to argue, however, that Schwab and the WEF have ever been inconsistent in their public stance on stakeholder capitalism. When Schwab published his first book in 1971, he and the Forum were nowhere near as influential as they are today. Throughout the decades, their emphasis on broader societal well-being has remained steadfast.

UHNWIs will not need the WEF to remind them that it is a good idea to think beyond their own interests. History holds countless examples of ultra-wealthy people advancing public good through philanthropy and socially-conscious business practices.

Instead, the lesson here is about the importance of defining principles, sticking to them, and leading by example. Enduring legacies stem from clear visions backed by decisive action.

Remember that any influential person’s vision of a better future – and the actions he or she takes to advance this vision – can be expected to receive at least a little criticism in one form or another.

03 Networking

Schwab is known as one of the world’s most influential networkers. His ability to bring together disparate groups of business leaders, politicians, and members of civil society was the primary driver behind the WEF’s rise to the global influence it enjoys today.

For example, his networking skills are widely regarded as having ultimately led to the creation of the World Trade Organization following the Uruguay round of General Agreement on Tariffs and Trade deliberations. The idea for these deliberations is said to have stemmed from discussions among WEF participants brought together by Schwab.  

Lesson for UHNWIs

While the ultra-wealthy understand networking’s value for advancing immediate interests, the greater opportunity lies in becoming a connector. By strategically linking members of their networks, UHNWIs can create exponential value that extends far beyond bilateral relationships.

Just as Schwab’s power stemmed from connecting disparate groups, UHNWIs who facilitate meaningful introductions often find themselves at the center of valuable new ventures and opportunities. This reciprocal dynamic often creates a virtuous cycle: those known for making thoughtful connections tend to receive similar high-value introductions in return. The most valuable component of any network is its “nodes.”

Applying These Lessons with the Altoo Wealth Platform

Klaus Schwab’s track record heading up the WEF demonstrates how a global outlook, consistent principles, and strategic networking can shape international dialogue for decades.

While not every UHNWI shares Schwab’s mission and extensive network, every UHNWI can use the lessons outlined above with respect to the management of their wealth. Almost every UHNWI has an internationally diversified asset portfolio, a desire to leave a meaningful legacy, and a network of advisors, family members, and other stakeholders.

The Altoo Wealth Platform can make translating these lessons into financial peace of mind fast and easy by:

  • Automatically consolidating, analysing, and visualising financial data from multiple sources around the world. With comprehensive visibility of their portfolios, UHNWIs can know exactly how their wealth- and legacy-building principles are being applied in near real-time. 
  • Facilitating secure, efficient communications among stakeholders. The platform features one-stop digital messaging capabilities and digital storage for important files like contracts and insurance policies, which can be logically linked to individual assets to make the right information available to the right people.

If you would like to learn more, we look forward to hearing from you!

Learn More about the World Economic Forum

Earlier this month, some of the world’s most influential movers and shakers in business and politics convened in Davos for the 2025 World Economic Forum. While what they discussed addressed critical issues shaping the global economy and political order, we recommend that family officers also zoom out and consider how these discussions were structured and enabled by data. WEF participants – like all family office clients, whether they attended Davos this year or not – demand clear, accurate data and depend on expert teams to provide it.
A wave of technological innovation is transforming the way the world’s wealthiest manage their assets. Artificial intelligence, blockchain, and quantum computing are no longer futuristic concepts - they are reshaping wealth management today. Klaus Schwab, founder of the World Economic Forum (WEF), describes this era as a “societal revolution,” where collaboration and innovation will determine success across industries, including financial services.
Each year, the World Economic Forum (WEF) in Davos spotlights a set of thematic priorities deemed essential for business and political leaders to discuss as they direct the course of multinational corporations and national policies. While not every ultra-high-net-worth individual (UHNWI) attends this prestigious gathering or directly steers the trajectory of a company or country, all UHNWIs can leverage WEF thematic priorities as tools for charting their own personal financial priorities in the year ahead. To facilitate “Mini Davos” brainstorming sessions, in this article we present the thematic priorities on the 2025 WEF agenda and suggest how UHNWIs can align
The wealth management industry is at a crossroads. Shaped by evolving client expectations, technological advancements, and increasing regulatory scrutiny, wealth managers - including individual advisors, ultra-high-net-worth individuals (UHNWIs), and family offices - should balance delivering immediate value with building long-term resilience. This is not just a strategic objective but a critical imperative for survival in a rapidly transforming market.
As the World Economic Forum (WEF) prepares for its 54th annual meeting in Davos from January 20–24, 2025, Altoo is closely following this globally influential event, committed to contributing to discussions on the future of technology solutions. With its innovative digital wealth management platform, Altoo brings fresh insights to the challenges and opportunities highlighted at the forum. Through a series of upcoming articles, Altoo will explore how the key theme of this year’s gathering align with the evolution of wealth management, and how technology can be harnessed to drive industry-wide transformation.
The 54th Annual Meeting of the World Economic Forum (WEF) is now taking place in the beautiful town of Davos, Switzerland. It brings together a wide range of world leaders and thinkers. A focus on artificial intelligence (AI) at Davos this year – alongside perennial issues related to geoeconomics and climate change – indicates the significant extent to which this innovative technology is expected to shape our world.
The Magic Mountain, a novel by the German writer Thomas Mann, made the small town on the edge of the Swiss Alps world-renowned. The story of a decadent society of lung patients from various countries curing their ailments at the sanatorium in Davos before the outbreak of the First World War has gained popularity. Thus, the location became immortal in a literary sense. Still, Davos has much to offer today.
Established in 1971 as a non-profit foundation with headquarters in Geneva, Switzerland, the World Economic Forum (WEF) has a long tradition of bringing people together. All of them have one thing in common: the foremost political, business, cultural, and other leaders of society have the drive and the influence to make positive change. As usual, taking place in Davos, the top mountain resort in Switzerland, the 54th Annual Meeting will be held from January 15–19, 2024.

22 January 2025

How Collaboration and Innovation Are Shaping Wealth Management for the World’s Wealthiest

The stakes are particularly high in wealth management. As the Altrata World Ultra Wealth Report 2024 suggests, the global UHNWI population is expanding at an annual rate of 9%. For wealth managers, keeping pace with this shift requires adopting cutting-edge technologies to meet the rising expectations of tech-savvy clients.

AI and Blockchain: The Foundations of WealthTech

Artificial intelligence (AI) and blockchain technology are at the heart of this transformation. AI enables wealth managers to sift through vast datasets to offer personalized insights and automate routine tasks like compliance checks, freeing advisors to focus on strategic planning.

A survey by Accenture found that nine out of ten financial advisors believe AI can help grow their books of business by more than 20% through improved client engagement and operational efficiency. Additionally, PwC’s research forecasts that assets managed by AI-enabled digital platforms, such as robo-advisors, are expected to nearly double, reaching almost $6 trillion US dollars by 2027.

Blockchain, meanwhile, enhances security and transparency in wealth management. By enabling real-time transaction verification and smart contracts, it ensures faster, more reliable services. These tools are no longer optional but essential in a sector where 66% of clients now demand a digital-first approach to managing their wealth according to F2 Strategy’s 2024 WealthTech Outlook.

Collaboration as the New Imperative

This year’s focus at the WEF on “Collaboration in the Intelligent Age” highlights the increasing demand for integrated solutions in wealth management. Platforms like Altoo exemplify this trend, bridging the gap between UHNWIs, family offices, and financial advisors.

“Altoo’s platform is a game changer. Our clients describe it as a world-class asset management solution with exceptional security features.” says Ian Keates, CEO of Altoo.
By providing a centralized dashboard that aggregates data across global institutions, the Wealth Platform offers clients complete visibility into their wealth, empowering better decision-making.

This ethos of collaboration is also evident in Altoo’s partnership with ALBAPAZ, a multi-family office. “Altoo allows us to ensure optimal wealth allocation, conduct regular valuations, and deliver detailed reporting,” says Dominik Unger, ALBAPAZ co-founder. The integration of technology and human expertise enables his clients to navigate complex wealth structures with agility and confidence.

Challenges for Traditional Firms

While innovators thrive, traditional wealth management firms face an uphill battle. Many still rely on outdated systems that are slow, error-prone, and incapable of meeting modern expectations. The Capgemini World Wealth Report shows that over 60% of UHNWIs prefer a hybrid model blending digital tools with human expertise – a model that requires significant investment in technology.

The consequences of failing to modernize are stark. Fintech disruptors and robo-advisors are rapidly eroding the market share of legacy firms. Meanwhile, clients increasingly demand seamless, mobile-first experiences and greater transparency – services that traditional approaches struggle to provide.

What UHNWIs Should Look for in WealthTech Providers

As the wealth management landscape evolves, choosing the right technology partner is critical for UHNWIs. Here is what to prioritize:

01 Security and Privacy: Ensure the platform uses advanced encryption and complies with international data regulations.

02 Usability: Opt for solutions with intuitive interfaces that simplify complex financial data.

03 Flexibility: Look for platforms that can be tailored to manage diverse, multi-jurisdictional portfolios.

04 Support: Robust client service and onboarding expertise are essential for smooth integration.

The Future: Hyper-Personalization and Sustainability

The future of wealth management lies in hyper-personalization, driven by AI and real-time analytics. McKinsey predicts that 80% of firms will adopt integrated platforms to meet client demands for bespoke solutions. Simultaneously, sustainability is becoming a key consideration, with ESG (environmental, social, governance) factors increasingly influencing investment decisions.

“Technology is not just a tool – it is a cornerstone of modern wealth management strategy.
By embracing advanced platforms and collaborative approaches, wealth managers can not only keep pace but lead the industry into the Intelligent Age, “ underlines Ian Keates.

The Time to Act is Now

The clock is ticking on the future of wealth management. As Klaus Schwab emphasizes, “The future will be shaped by those who harness the power of technology and human collaboration.”Wealth managers must act decisively, embracing innovation to serve the growing ranks of UHNWIs. Platforms like Altoo, with their emphasis on security, usability, and collaboration, are setting the standard for this new era. The Intelligent Age is here, and those who adapt will define the future of wealth management.