Marktkommentar UBS: Does wealth make us rich anymore?
UBS White Paper
At UBS, our promise is that together we protect and grow our clients’ wealth over generations. But what it means to be wealthy has been in a state of flux in recent years.
Physical and financial assets are diminishing as a sign of affluence and no longer offer the same security against environmental, political, and social challenges.
As the world’s largest wealth manager, we want to go beyond finance to understand what wealth really means today. In this White Paper, we explore the changing nature of wealth for individuals, companies, and governments.
We are witnessing the gradual dematerialization of wealth, particularly in mature markets. While physical and financial assets will always be important, individuals, firms, and governments are coming to appreciate that an increasing share of their wealth is tied up in human capital, environmental capital, and intangible assets like brand, sustainability, legacy, and humanity.
For individuals, the return on knowledge and ideas is rising as the return on financial assets falls. Companies can now achieve higher valuations with less investment in physical capital. And nations with a highly skilled and educated workforce are better prepared for tomorrow’s world than those with the traditional trappings of wealth, such as large foreign exchange reserves and natural resources.
What it means to be wealthy is changing. The aim of this White Paper is to shed light on some of these trends, outline potential challenges for policymakers, and offer recommendations on how together, we can protect and growth wealth over generations.
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