Redefining Wealth in Business Families

When we look back at previous generations, it could be argued that the primary focus was generally on creating wealth for wealth’s sake. But current next-generation family members are changing that, and dialing up the human capital and social elements. It’s still about creating wealth, but now more questions are being asked about, ‘how can we use this wealth to improve society?’ and less about ‘what we can do to just keep building it.’ This process is referred to as a ‘wealth refresh,’ and it underscores the importance of the family itself as it redefines wealth and addresses the purpose for the wealth.