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LUX speaks with Alan Hooks, Managing Director, Head of Private Clients UK at Julius Baer, about the Swiss private bank’s 2022 report on the changing consumption and spending habits of the wealthy around the world
Alan Hooks
LUX: Are we seeing a generational change in the way high net worths (HNIs) and ultra high net worths (UHNIs) spend and invest, taking into account sustainability considerations"

Alan Hooks: Certainly we have seen that shift in approach from a next generation perspective, and that’s where the acceleration of these conversations are coming from. So when you talk about investment habits, the majority of those conversations are held with the future custodians of the wealth of the family, so we are seeing that manifesting itself quite considerably in those conversations. When it comes to consumption habits, the report also shows that high net worths, and ultra high net worths are typically early adopters of new technology, new product design, that will have a positive impact on the environment. With that advocacy comes some responsibility because typically that early adoption will mean others will start to follow. I think that’s an important trend to observe, and we?ve seen that come out of our Global Wealth and Lifestyle Report over the last few years.
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If you look at the shifting patterns ...