Simply put…the world has a multitude of problems from war, to illness, to economic strife. What is evident is that a solid percentage of super-rich families (net worth = US $500 million or more) are—in various ways—addressing these problems currently and in the future. Aside from the actions they are taking today, super-rich families are looking to prepare future generations to be well prepared to deal with these and other world-spanning problems.
These super-rich families are taking great pains to ensure their children are future global leaders and competent to take on the world’s challenges. In many respects, quite a number of associations, mastermind groups, business schools, consultancies, think tanks, and training organizations are indeed focused on providing the educational foundation global leaders require to be effective.
The complication is that many of the efforts to educate future global leaders fall short of what is becoming necessary. Exceptional business success including entrepreneurial efforts is required. Additionally, the ability to create wealth across the spectrum and at all levels—worldwide, regional, country, local, and personal is required. For wealth to be created on all these levels, global leaders may not be enough. Consequently, there is a need for global stewards.
How to foster global stewardship? What is required is smartly combining educating global leaders with a strong understanding, facility, and appropriate skills for thoughtful stewardship. These individuals have judgment derived from knowledge, skills, values, and ethics.
Stewardship is a mindset supported by select skills centered on the responsible and conscientious management of resources. Having the appropriate mental perspectives and insights to be a steward is not enough. Also required are the skills and competencies to be effective.
Essential to educating global stewards is the ability to build strong win-win relationships. Global stewards make concerted efforts to understand the worldview of others. Thus, the ability to ascertain the needs, wants, and preferences of others combined with the ability to be empathic are essential. The importance of empathy cannot be underrated. Very often there are major differences in perspective among parties. Global stewards, by being empathetic tease out areas of agreement. They are able to discern ways to add value to others all the while pursuing ways to accomplish their self-interests.
The role of professionals: Helping educate global stewards is arduous and essential. The pedagogical mechanics have to center on clearly articulating and actualizing professional and often personal development of those aspiring to become or better themselves as global stewards.
While some super-rich inheritors will be more than able to become global stewards based on their present positioning, expertise, and abilities, others will look to enhance their knowledge, skills, capabilities, and perceptions. They will then turn to educational resources that are highly adaptable and designed to meet their needs, wants, and parameters on multiple levels.
Some multi-family offices, private client lawyers, and high-net-worth accountants are making concerted efforts to work with super-rich inheritors with the aim of empowering them. While these professionals can provide some of the education by leveraging the expertise of certain in-house professionals, their main role is to marshal the educational resources that can enable these inheritors to become global stewards.
In taking the reins, super-rich inheritors are very likely to have a dramatic and far-reaching impact on many facets of the lives and well-being of all living things throughout the world. They are especially well positioned because of their upbringing, wealth, and commitments to take on the role of global stewards.
RUSS ALAN PRINCE is the Executive Director of Private Wealth magazine (pw-mag.com) and Chief Content Officer for High-Net-Worth Genius (hnwgenius.com). He consults with family offices, the wealthy, fast-tracking entrepreneurs, and select professionals.