The Groundbreaking Women Issue 2025

Groundbreaking Women 2025

The trailblazing founders of Togethxr—Alex Morgan, Chloe Kim, Simone Manuel, and Sue Bird—are among this year’s winners.

For a limited time, enjoy a more immersive travel experience courtesy of AmaWaterways! Spend up to four additional nights exploring a fascinating destination — with world-class hotels, excursions and more all included when you reserve your river cruise and take advantage of this special offer.

CHAIRMAN

Jim McCann

CHIEF EXECUTIVE OFFICER

Josh Kampel

PRESIDENT

Paul Stamoulis

EDITORIAL

EDITORIAL DIRECTOR

STAFF EDITOR

ASSISTANT EDITOR

CREATIVE DIRECTOR

CONTRIBUTORS

Dan Costa

Eva Crouse

Gabrielle Doré

Nicole Dudka

Jason Allen Ashlock, Cait Bazemore, Mark Bell, Kirsten Cluthe, Evan Cornog, Gordon Feller, Deborah Grayson, Max Isaacman, Chidinma Iwu, Larry Kantor, Pam Kreuger, Oliver Rist, Jonathan Russo, Tim Stevens, Paul Tumpowsky

PARTNERSHIPS, ADVERTISING & EVENTS

VP OF PARTNERSHIPS & DIRECTOR, LEADING ADVISORS

VP OF SALES & MARKETING

VP OF PARTNERSHIPS

VP OF PARTNERSHIPS

JEWELRY & WATCH SALES DIRECTOR

Greg Licciardi

Kendall Wyckoff

Ron Stern

Al Torres

Heather Hanson

PRODUCT, OPERATIONS & FINANCE

MARKETING COORDINATOR

DIRECTOR OF HOSPITALITY

Khushi Kewalramani

Kimberly Anderson-Marichal

Our Mission Is Building Worth Beyond Wealth

Worth helps our influential, successful community better invest their time and money. We believe business is a lever for social and economic progress. From practical financial advice to exclusive profiles of industry leaders, Worth inspires our readers to lead more purpose-driven lives. Through our conferences, digital channels, and quarterly print publication, we connect the people and companies that are building the future. We showcase products and services that are indulgent, luxurious, and sustainable.

The Smartest Bet in Business: Why Investing in Women Pays Off

Despite the data proving female-led businesses outperform their male-led counterparts, they receive only a fraction of the funding.

BY JOSH KAMPEL

As a girl dad, I’m incredibly proud we produced this issue. From the cover featuring four incredible athletes turned entrepreneurs to our Groundbreaking Women list, I hope this issue will inspire girls—like my daughters—to believe they can accomplish anything. Representation matters, and when women see leaders who look like them excelling in sports, business, finance, and beyond, it reinforces that no goal is out of reach.

As a businessperson, I am equally proud of this issue because it highlights a massive economic opportunity that too often goes overlooked: investing in and supporting womenled businesses, including professional women’s sports. The momentum is undeniable, but the disparity in funding remains significant. We aim to

highlight the opportunities and leaders who might not be getting the recognition they deserve.

In the world of startups, the numbers tell a stark story. Despite producing higher returns on investment, women-led startups receive just a fraction of the available venture capital. In 2023, only 2% of venture capital funding went to allwomen-founded businesses in the United States, and the numbers are similarly low across Europe and other global markets. Even more telling is that only 15.4% of venture capital-backed startups have at least one female founder, and women of color receive less than 1% of total VC funding.

This funding gap is not just an issue of fairness; it’s a missed economic opportunity. Studies show that female-led companies generate higher revenue per dollar invested than those founded by men— more than twice as much revenue per dollar invested. And yet, the barriers to funding persist, often due to deeply ingrained biases in the investment community and out-

dated perceptions about risk.

Beyond our Groundbreaking Women list, this issue reflects what makes Worth unique: a carefully curated intersection of business, finance, luxury, innovation, and impact. We strive to create content that informs and sparks action, connecting our successful and influential community with ideas that shape industries and drive meaningful change.

At Worth, we are committed to championing these conversations. We recognize that those who embrace new perspectives and challenge the status quo will shape the future of business and investing.

I hope you find this issue both inspiring and thoughtprovoking. More importantly, it encourages action, whether mentoring a young woman, investing in a female-led venture, or rethinking your approach to leadership and growth.

— Josh Kampell CEO josh.kampel@worth.com

Breaking Barriers: The Fight for Gender Equality in Leadership

Women comprise nearly half the workforce but far fewer leadership roles.

BY DAN COSTA

The fight for gender equality has come a long way, but it’s still far from over. Women now make up nearly half the workforce in the U.S., yet the numbers tell a different story when it comes to leadership. We see the same patterns repeated across industries: women excelling in entry and mid-level roles but facing systemic roadblocks when advancing to the highest positions. Despite efforts to bridge the gap, the glass ceiling is still intact.

In the corporate world, women hold 34% of board seats at S&P 500 companies and just 11% of board chair roles. The numbers have improved, but not nearly fast enough. A decade ago, these figures were even lower, and while progress should be acknowledged, we must ask—why is the pace so slow?

At the highest executive levels, the trend is just as troubling—women represent only 11.8% of C-suite executives, and that number is actually declining. This means fewer women are making it into the CEO pipeline. This stagnation is particularly disheartening, given that research consistently shows that diverse leadership teams outperform their homogenous counterparts. Companies with greater gender diversity see higher profitability, stronger governance, and better decision-making. The business case

is clear—so why aren’t more organizations making gender parity a priority?

THE BARRIERS THAT REMAIN

The persistence of gender inequality can be traced back to several structural and cultural barriers, but there are three apparent obstacles.

Work-Life Balance Expectations: Women are still disproportionately expected to shoulder caregiving responsibilities. The pandemic made this glaringly obvious when millions of women left the workforce due to childcare challenges. Without policies that support working parents—like paid family leave, flexible work arrangements, and affordable childcare— women will continue to be pushed out of leadership pipelines.

Pay Gaps: Women in the U.S. still earn 82 cents for every dollar earned by men, and for women of color, the gap is even wider. Over a lifetime, this disparity translates to significant financial disadvantages, impacting wealth accumulation and retirement security.

Lack of Representation in HighGrowth Fields: Women remain underrepresented in some of the most lucrative and influential industries, including tech, finance, and engineering. The gender gap in STEM, particularly, limits women’s opportunities to lead in sectors driving the future economy.

Despite this environment, this year’s Groundbreaking Women honorees reflect the breadth of achievement, influence, and impact across industries. Jacqui Patterson, recognized with the Earth Award, has dedicated her career to environmental justice, ensuring marginalized communities are part of the climate conversation. Christina Hammock Koch, who became the first woman assigned to fly around the

moon in 2024, has redefined what’s possible in space exploration and serves as a role model for aspiring scientists and engineers. Bridget Grimes, founder of WealthChoice LLC, empowers women executives with financial strategies tailored to their unique career challenges, paving the way for economic independence. Michele Walsh, Executive Vice President and Chief Philanthropy Officer at UNICEF USA, has led groundbreaking philanthropic efforts that mobilize billions for global child welfare, demonstrating the power of mission-driven leadership.

In sports, Alex Morgan, Chloe Kim, Simone Manuel, Sue Bird, and Jamie Chadwick have dominated their respective fields and used their platforms to advocate for more significant gender equity in sports media and sponsorships. In technology, Rashida Hodge at Microsoft is advancing AI innovation while championing diversity in the industry.

At Worth, we believe in recognizing the women already breaking barriers and paving the way for the next generation. That’s why we’re excited to invite you to the Groundbreaking Women Summit 2025: Rise and Lead on April 10th at the Pendry Hotel in New York City.

This event will bring together some of the most influential women in business, politics, and social change to share their insights, stories, and strategies for success. It’s not just a celebration—it’s a call to action. The time for incremental progress is over. The future belongs to those who demand real change.

— Dan Costa EDITORIAL DIRECTOR dan.costa@worth.com

Stevens is a freelance automotive and technology journalist with more than 25 years of experience. He is a frequent contributor to major domestic and international online, print, and broadcast news outlets including MotorTrend, TechCrunch, Wired, CBS, and AP, sharing his insights and perspectives on everything from cybersecurity to supercars.

Tim also serves as a juror for the World Car Awards and regularly acts as speaker and moderator at major industry events like CES, Web Summit, SXSW, NAIAS, and AutoMobility LA. He formerly served as editor-at-large and VP of content at CNET. Before that, he was editor-in-chief of Engadget and editorial director at AOL Tech.

A frequent traveler and avid cyclist, if he’s not on a plane he’s probably out putting in miles on his road bike.

Jason Allen Ashlock

Jason Allen Ashlock has spent the last 20 years tracking the power of storytelling, chasing it across graduate studies in religious history, then in literary theory, leveraging it inside big publishing and digital startups, and now activating it inside global enterprise. His findings reveal how narratives form our understanding of self and world, giving shape to personal leadership journeys, team and organizational change, human development, and social upheaval. His daily practice applies these theories against the challenges of customer and employee experience inside a sprawling global organization of more than 80,000 colleagues. And his keynotes and workshops train organizations of all kinds how they can intentionally harness narrative intelligence to connect, influence, innovate, forecast, and transform.

Cait Bazemore is a New York City-based journalist with over a decade of experience working with content in the luxury space. In recent years, Cait has specifically honed in on her passion for luxury watches and jewelry. She’s contributed to both print and digital publications including Worth Magazine, Robb Report, The New York Times, Gear Patrol, Watchonista, HODINKEE, The Hour Glass, Revolution, Modern Luxury, and Watches & Culture Forum as well as podcasts like Beyond the Dial and The Deep Track.

In her spare time, Cait writes poetry and completed a residency in Paris working on her debut collection (forthcoming 2024). Most recently, Cait began her journey to becoming an enameller with an apprenticeship under one of the world’s few Grand Feu enamellers, Vanessa Lecci.

Cait Bazemore

Tim Stevens

Mercedes Manufaktur Is 21st Century Bespoke

How Mercedes-Benz is bringing together tech and craftsmanship to create a new generation of customized creations.

BY TIM STEVENS

AMercedes-AMG S63 is moving silently towards me across the clean, white floor at Mercedes-Benz’s Manufaktur Studio. It’s a new space inside the company’s massive factory in Sindelfingen, just outside of Stuttgart, Germany. That luxury sedan isn’t moving so smoothly because it’s electric. No, there’s a big V-8 under the car’s violet hood, but it isn’t running. This car is being carried along by something Mercedes calls an “Autonomous Guided Vehicle,” or AGV.

The Autonomous Guided Vehicle is basically a low-profile shuttle that can pick up a whole car and move it from place to place. In this case, the S-Class is being deposited onto one of nine workstations on the Manufaktur Studio floor. There, a team of workers will descend, sort of like a Formula One pit crew, but at a far slower and more deliberate pace to turn this super-sedan into something that’s one-of-a-kind.

If you are a privileged customer of high-end Mercedes-Benz cars, like the S-Class sedan or G-Class SUV, your custom-ordered car will be plucked from the assembly line by one of these automated shuttles. There, it will receive the personalization you requested, all installed by hand. This is part of a program Mercedes is rapidly expanding due to exploding demand.

MAKING MORE EXCLUSIVE

Mercedes’ Manufaktur program, which first launched in 2019 for the G-Class, had initial offerings that mostly included special paint colors

and small fineries designed to add a touch of personalization.

The Manufaktur program now covers the AMG GT and S-Class. Michael Schiebe, CEO of Mercedes’ high-performance AMG division, told attendees at the Studio’s grand opening that 90% of all G-Class SUVs receive at least one bit of Manufaktur finery, whether that be a limitededition color or a slightly unusual shade of leather.

Options like those have traditionally been installed right on the regular manufacturing line. This new Manufaktur facility dials the bespoke treatment up rather significantly.

Buyers can now choose from fresh hues of leather upholstery and a range of different stitching patterns and thread colors to create a custom look. They can even request seats made wider or narrower than the stock dimensions—a perfect fit for every privileged backside.

The hides covering those seats are scanned and processed using a new AI-backed system that automatically looks for subtle imperfections like scars from insect bites or barbed wire, ensuring perfect surfaces everywhere. But, despite the hides being digitally scanned and laser cut, they’re still applied and often sewn by hand. I couldn’t help but compliment a worker on the line using a perfect pattern of stitches on a steering wheel, a process that takes hours.

And, for those who want more, Mercedes can custom-embroider any logo onto headrests, pillows, or other surfaces.

NEXT-GENERATION PAINT

Custom-upholstered pillows are nothing compared to what the Manufaktur program can now do on the hood. Mercedes is offering a new process it calls PixelPaint which allows remarkably high-quality custom graphics to be painted onto the hood. Think of it like a big inkjet printer. But where the quality of your humble HP DeskJet would fail to impress under close examination, the painted Maybach logos arrayed across the hood of the S-Class on display in the Studio looked beautifully crisp and clean.

That first demo is somewhat garish, a Coach-style inundation of one of the brand’s logos. Eventually, owners can provide their designs for inclusion on hoods. Nina Stransky, a product manager at Mercedes-Benz, said the company is also considering using the same technology on other body panels, eventually creating highquality painted custom designs on every side.

The PixelPaint process is digital, largely automated, and, Mercedes says, far more efficient than traditional painting, thanks to a lack of waste. But there’s craftsmanship here, too. The fine pinstripe that helps ease the transition on the company’s two-tone paint jobs is still applied, polished, and smoothed by hand until it blends perfectly with the rest of the paint.

And there will be far more paints to choose from soon. Mercedes showed off four new hues at the opening event for the new facility. These four are the first of 50 new Manufakturspecific colors that will launch in 2025, meaning 80 shades will soon be offered.

More subtle modifications are available as well. Through MercedesBenz’s Guard program, buyers can

request that their car be outfitted with glass capable of meeting European VPAM VR10 ballistics protection. That is to say, able to withstand shots from a Kalashnikov automatic rifle and survive a blast from up to 265 pounds of TNT. Despite that, these Guard machines have the same outward shape and style as a typical Mercedes.

TRACKING IT ALL

Between the endless exterior and interior colors, plus custom upholstery options and other possible tweaks, keeping track of all this could be a massive chore. To ensure everything stays according to the plan and the wishlist of the person who placed the order, Mercedes uses digital twins for

each car. These track every option and customization and ensure everything is installed correctly.

“We always think about, how do we manage the complexity? How do we increase flexibility?” Jörg Burzer, told me. He’s a Member of the Board of Management of Mercedes-Benz Group AG for Production, Quality, & Supply Chain Management. “The tool we are using for mastering this challenge is digitalization. There’s no way to use paper to manage all these parts coming in.”

That’s all based on NVIDIA digital twin tech, hosted in the Microsoft Azure cloud. Mercedes says it can process up to 20 cars a day through the Manufaktur Studio in this way. Machines are rescued from the factory floor, customized, and carried further to the Center of Excellence just down the road for the most important part: delivery.

In a striking building full of rooms highlighting every possible option a buyer could ever want, those who place their orders return later to receive their perfectly customized

machines. Dramatically (and a bit clichéd), the vehicles are hidden under the typical silver sheet before they are unveiled to show the fruit of much labor. And money.

It’s an impressive place, and seeing how these cars come together, the seamless mixing of high-tech and high-skill was even more so. But it’s also a shrewd move for MercedesBenz, catering to customers who only buy the best and take the time to tick every box on the options sheet.

These buyers increasingly demand a level of personalization and pedigree in their cars that was simply impossible for a company like Mercedes, which sold over 2 million vehicles last year. That’s about 5,500 cars per day.

This new Manufaktur facility can only handle 20 per day. It’s a custom shop inside a massive factory building with hand-crafted, digitally curated machines. It’s a study in contrasts but an effective one, and as the market for bespoke vehicular creations continues to boom, there’s only more to come.

“The tool we are using for mastering all of this challenge is digitization. There is no way to use paper to manage all of the parts we have coming in.”

Discover the greatest secrets of the Land of the Pharaohs! The time has come for the legendary Dr. Zahi Hawass to unveil ancient Egyptian mysteries that were lost for millennia.

The real-life Indiana Jones returns to North America to share the latest discoveries, reveal groundbreaking finds drawn from his most recent excavations and make the most thrilling announcements of his remarkable career.

Join Dr. Hawass for a captivating all-new multimedia presentation prepared exclusively for this historic tour. Stay after the lecture for a Q&A session and a book signing.

This event will make history – live on stage – and you won’t want to miss it!

A ROYAL EVENING

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The Visionary Behind Citizen Watch Group’s Global Expansion

Jeffrey Cohen has expanded Citizen Watch Group’s global reach through strategic brand integrations, including Bulova, Frederique Constant, and Alpina. Looking to 2025, he’s leading Bulova’s 150th anniversary celebrations with new innovations and a global campaign.

BY CAIT BAZEMORE

Citizen is one of the most influential watch companies on the planet with over 100 years of operation. It offers one of the widest ranges of products, in terms of style, functionality, and price point thanks to strategic partnerships, like that with Disney, and as the breadth of powerhouse brands under its umbrella. In particular, Citizen is the market leader in the U.S. when it comes to mid-priced luxury, making Citizen Watch America one of the most integral subsets of the Japanese-based business.

At the helm of Citizen Watch America is industry veteran Jeffrey Cohen. As President and CEO, Cohen is responsible for the company’s full portfolio of brands, including Citizen, Bulova, Caravelle, Wittnauer, Frederique Constant, Alpina, and Ateliers DeMonaco in the USA, Canada, Caribbean, United Kingdom, Ireland, Mexico and Latin America.

We were fortunate enough to sit down with Cohen to learn a bit more about his passion for watches, his leadership approach, how he measures success, the importance of work-life balance, and so much more, including the big plans he has in store for Citizen Watch Group in 2025.

When did you know you wanted to be involved in the watch industry?

When I was younger, I always admired people wearing watches. It says a lot about the person based on the watch they’re wearing—for instance, whether they’re more forward-thinking or traditional. I remember feeling it was important to have one for my first job interview out of college—I wanted to make that first impression others had made on me. But when I entered the watch industry as a career, I never thought it would be for a very long time—I hadn’t counted on falling in love. I saw immediately the beauty and passion of the watch world, and I knew that this would be my life.

Can you share a pivotal moment in your career journey that shaped your current leadership approach?

Operational agility and unlocking the power of people have always been a focus of my management style. In my years with Citizen, I’ve been responsible for leading the integration of the Bulova and Citizen brands in the U.S., Canada, Mexico, and the UK, and then the integration of Alpina and Frederique Constant after Citizen Watch Group acquired the brands in 2016. I was pleasantly surprised by the relative ease of these major transitions, and I credit this to the quality of the people, the unique strengths each brand brought to the group,

and the ability to adapt, evolve, and remain agile. There has never been a question that we’re even stronger together.

What role should business play in driving social and environmental progress?

We believe in sustainable and ethical business practices and doing what we can to be a good corporate citizen across all of our brands. These initiatives include everything from Citizen’s eco-drive technology and Alpina’s straps and recycled cases repurposing ocean plastics to supporting organizations like 1% for the Planet, Save the Beyond, The Leather Working Group, Everybody Solar, and social projects like the Veterans Watch Maker’s Initiative, Maestro Cares, and the Latin Music Preservation Fund. We have big sustainability goals at Citizen—we’ve expanded solar power to many of our factories, improved eco-friendly packaging, and continue to focus on driving down carbon emissions. Values and ethics—being a good corporate citizen—and extending those values to your employees, partners, and customers is a core part of our company culture. You can read our full sustainability report right here.

How do you navigate and adapt to evolving market trends and consumer preferences within the watch space?

As a company, we’ve had an aggressive and progressive focus on digital transformation for the last 10 years. We actively leverage data from current and prospective consumers to track evolving market trends and consumer preferences. Insights from our ongoing conversation with the end consumer inform our strategies from marketing to channel and product development.

How do you foster innovation and creativity within Citizen’s company culture?

I foster innovation and creativity through cross-capability collaboration within our corporate culture. For example, our product development and marketing teams sit together so that every day, collaboration can happen organically from inception to final delivery. We also have monthly meetings where every discipline (sales, sales ops, marketing, data and analytics, media, retail development, e-comm, finance, creative, legal…) from every brand gets together to reflect on the performance of past activity and gets informed of upcoming initiatives. Overall, we strive to have a very open environment where everyone is encouraged to speak up and bring in their ideas to the table.

Can you share examples of how you’ve collaborated with other watch industry leaders to address common challenges or opportunities?

I’m the Chairman of the 24 Karat Club, which aims to foster the interests of the jewelry industry, and I’m an active member of the American Watch Association, which also aims to foster relationships between leaders within the industry. I’m also the current Chairman of Jewelers for Children, which has donated more than $62 million to help children who are victims of catastrophic illness or lifethreatening abuse or neglect. When we’re privileged to be successful, it’s so important to give back, and as a father, children are a cause that’s particularly important to me.

How do you prioritize well-being and work-life balance as a leader in the watch industry?

Maintaining a work-life balance can be challenging especially when you’re so passionate about your work, but I have a wonderful and supportive wife who encourages me to do what I love while also striving for balance. When I’m not in the office, I work from my home in the Berkshires, which allows me to connect with nature and bring the peace and tranquility that comes

from that environment into my work. I think your environment is so important and has a major impact on how you show up in the world. I also enjoy collecting art by the American pop artist Steven Kaufman, who worked with Andy Warhol, and surrounding myself with this art brings me joy and helps keep me balanced.

Do you have any upcoming events or projects within the Citizen umbrella that you’re particularly excited about?

In 2025, Bulova will be celebrating its 150th Anniversary and Accutron its 65th anniversary. Bulova is the only watch company that has been operating continuously in the New York City area. We started the celebrations early with a few private screenings of the Bulova documentary that highlights both brands, including the space and military history with Accutron having provided the timing mechanisms for 46 NASA missions and Bulova being the only privately owned watch to go to the moon. Bulova and Accutron have such rich histories—we’re constantly learning new things through collectors we meet—and making that documentary has really highlighted how important the brands are within horological history and American history as a whole.

So, for next year, we’re planning an 18-month rollout inclusive of everything: the documentary film, a new movement caliber, a traveling and interactive digital museum, and a refreshed brand campaign. Our 150th anniversary is going to be impactful, engaging, and unforgettable for consumers and the trade across the globe.

What practical advice would you offer aspiring leaders, in the watch industry or other fields, who aim to make a positive impact?

There are three key pieces of advice I’d offer to aspiring leaders in the watch industry and beyond: be a good listener, on that finds the white space in everything. Build a culture that’s engaging. And always be a market leader, not a market follower.

Flexjet’s $7 Billion Deal and Final Destination Perks

With a massive order from Embraer, Flexjet is expanding its fleet and stepping up to compete with industry giants.

BY EVA CROUSE

Before using drones, traffic updates in New York City were reported by a guy in a helicopter. It was an enviable job if you could ignore the noise pollution imposed on those below.

On a sunny Tuesday in February, I got to see just how quickly a Sikorsky S-76 super-midsize helicopter can traverse the width of Manhattan and scope out whether the city’s new congestion pricing seems to be working (it does).

This daydream was part of the seven-minute flight from the East 34th St. Heliport to Flexjet’s airport in Teterboro, NJ, and is one of the offerings the private aviation company hopes will set it apart. Flexjet offers helicopter services designed to provide

connections between private jets and final destinations.

Although the helicopter ride is a nice perk for Flexjet fractional owners, it’s not what’s stealing headlines. The company has inked a deal with their long-standing manufacturer, Embraer, worth up to $7 billion. This is the largest firm order for both companies and will effectively double Flexjet’s fleet size. The agreement secures the Phenom 300E (the new and improved version of the Phenom 300) and Praetor 500/600 jets—along with Flexjet’s commitment to Embraer.

This move puts Flexjet squarely in competition with industry heavyweights like NetJets and VistaJet, both of which have been on buying sprees over the last five years. NetJets signed

a $5 billion deal with Embraer in 2023 and a separate $6 billion order with Bombardier in 2024. VistaJet, meanwhile, has opted for acquisitions over single-vendor purchases, absorbing Air Hamburg and Jet Edge in 2022 to expand its fleet.

Flexjet’s order stands out for its focus on midsize and super-midsize jets, a category increasingly in demand. The Phenom 300 has been the best-selling light jet for 12 consecutive years, and is prized for its speed (0.8 mach), 2,010-nautical-mile range, and advanced avionics—features that make it a go-to for business and private aviation.

The Praetor 500 and 600 prefer to balance range and efficiency, appealing to high-net-worth travelers who don’t need an ultra-long-haul aircraft.

While Embraer boasts impressive ESG commitments through 2050, sustainability remains the elephant in the hangar. Embraer has tested 100% SAF in these models, but they’re only certified to fly with a 50% blend. This is the current industry standard, and with private aviation expanding and no immediate regulatory pressure from the new administration, will the industry’s green ambitions keep up—or take a backseat to ever-expanding growth?

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The Silent Bull Is Best

Lamborghini’s latest Urus dials up the personality but keeps the practicality, becoming the ultimate wild SUV.

BY TIM STEVENS

Lamborghini is not a brand that has grown quietly. Since the beginning, it’s been one of the loud ones—literally. Big engines making lots of noise in cars painted in loud colors are a hallmark of the brand, driven by people who generally don’t shy away from the attention it attracts. It’s rolling performance art and isn’t for everybody, but it has earned a legion of rabid, global fans.

That said, I wasn’t expecting much from Lamborghini’s latest, a plug-in SUV. The Urus SE is a new take on the company’s biggest, tallest machine since the wild LM002. But where that so-called “Rambo Lambo” of the 1980s was dripping in aggression and attitude, about as sophisticated in styling and driving feel as a cinderblock, the initial release of the Urus was just a little too refined for my tastes. Practical, even.

A version with a plug, a big battery, and the ability to run silently must be a step in the wrong direction, right? Actually, no.

An afternoon behind the wheel of a 2025 Lamborghini Urus SE, dashing through the fields and hills around Lamborghini’s historic headquarters in Sant’agata, Bolognese, left me utterly and unexpectedly smitten.

ELECTRIC RECIPE

Let’s start with the basics. Yes, the Urus SE is a plug-in hybrid, and so it brings all the practicalities you’d expect from that style of propulsion to the table. It has a big battery—25.9 kWh worth, about one-quarter the size of a Tesla Model S—enough to cover up to 37 miles on a charge.

That powers a 189-horsepower electric motor that tucks nicely inside the transmission. That means the motor has access to each of the eight speeds in the automatic transmission so that it can power this big bull up to 81 mph all on its own. In other words, there’s a very good chance you could complete your entire commute without spinning up the 4.0-liter, twin-turbocharged V8.

But you’ll probably want to at some point because that’s the only way you’ll get the system power of 789 hp and 700 poundfeet of torque. That’s more even than the performance-minded Urus Performante that Lamborghini released a few years back.

That extra power comes with one significant compromise: about 500 pounds. But even the Performante weighs about 5,000 pounds, so you hardly notice the additional ballast here.

I liked the driving character of the Urus SE better than the Performante. Yes, the Urus Performante is fun and wild, and all those things a Lamborghini should be, but the SE was surprisingly playful. When I finally escaped the traffic crowding the streets around the little towns of rural Italy, I found a few open and twisty roads where I could dig deeper into the throttle. The Urus SE wagged its tail with delight. A quick shot of the accelerator results in an immediate exuberance that I was not expecting.

The electric side of the equation helps, with an instant kick of torque to augment the big

power that comes from the V8. It’s the kick you want from a machine fronting a golden bull logo on the nose.

ADDING PERSONALITY

Even without a logo on the nose, it’s easy to tell that this is a Lamborghini. The lurid Arancio Egon paint is enough, plus the ornate 22inch wheels. The Urus SE has a few visual tweaks to help differentiate it, and on the inside, a few custom appointments came courtesy of Lamborghini’s burgeoning Ad Personam program.

Like Mercedes-Benz with its Manufaktur, Porsche with its Sonderwunsch and Exclusive Manufaktur, and plenty of other premium brands, Lamborghini is getting in on the in-house customization business. Before setting out in my orange Urus, I spent much of the day touring the company’s facilities.

Lamborghini’s Ad Personam program offers hundreds and hundreds of different colors, a dizzying spectrum of hues that can be had in traditional glossy or a more trendy matte finish. A range of interiors is also available, even custom embroidery if you’d rather have your logo on the headrest than another prancing bull. (Sacrilege, I say.)

But even if you stick to the standard options boxes in Lamborghini’s online configurator, you’ll still need to do a remarkable amount of literal handiwork to build the company’s cars.

HOME BASE

Lamborghini’s factory is historical to the extreme, with cars like the Urus and Revuelto rolling down assembly lines on the same property Ferruccio bought 60-odd years ago. The process, though, is radically different than before. Automated shuttles carry chassis from station to station, stopping to pick up parts installed mainly by hand.

Engines, motors, and batteries are likewise carried in, married together as the line continues, the resulting product looking less like a science experiment and more like a car with every step.

Yes, there is automation, but it’s always amazing to see how much is still done by hand. A growing team of talented engineers lay up many of the carbon fiber panels and components found inside and out of the company’s sports cars, like Revuelto. Woven carbon sheets are pressed, molded, and baked in a remarkably manual process.

Upholstery, too, is largely assembled by hand. Large sheets of custom-dyed hides are digitally cut with lasers to maximize their use, but after that, the pieces are sewn together by dozens of workers using an array of sewing machines. Surfaces are covered, and leather is applied using the same bone tools that have been stretching hides for centuries.

SILENT ESCAPE

As I returned to Lamborghini’s headquarters in the Urus SE, gripping one of those hand-stitched steering wheels, I found myself stuck again in an ever-growing traffic quagmire. Everyone was heading home, and I found myself not needing the power or wanting the noise of that V8.

So I toggled the Urus SE to full electric mode so that I could cruise through towns and traffic silently. It was an unusually serene experience for a Lamborghini, but after a long day, it was not unwelcome. Silent running is a lovely feature in a plug-in hybrid, even in a Lamborghini.

But I did fire up that V8 one more time. A father and son were walking home together, and the little boy gazed wide-eyed at my orange SUV as I cruised towards them. With a few pulls of the mode lever and a bit of a tap on the throttle, the V8 barked into life, leaving the two of us smiling.

Restoration and Resilience in Morocco’s Atlas Mountains

Sir Richard Branson’s Kasbah Tamadot reopens, balancing refined luxury and heartfelt community efforts.

BY EVAN CORNOG

Has anyone had more fun over the past half-century than Sir Richard Branson? He has made his mark in various fields, and his swashbuckling persona has become a key asset of his global empire. Along the way, he has fallen in love with a handful of idyllic spots around the world and turned them into luxury getaways under the rubric of Virgin Limited Edition (VLE). Worth recently attended the re-launch of VLE’s Moroccan branch, Kasbah Tamadot.

It is a very uncharacteristically foggy fall morning in the foothills of Morocco’s Atlas Mountains. Sir Richard Branson–self-made billionaire, serial entrepreneur, adrenaline-addicted adventurer–is leading our small group on a hike along a mountain path. The weather deprives us of the usual panoramic views of red-stone cliffs and hillside villages, but the hike, through a landscape dotted with juniper trees, feels like a stroll through an ancient Japanese landscape painting. At Branson’s insistence, we have started soon after dawn. It’s not as if we were sitting around. The previous afternoon, Branson had led another group on a bracing bike ride up (and then swiftly down) a mostly paved road up into the mountains. One rider’s Apple watch reported that we had climbed the equivalent of 81 stories. It felt like more.

At age 74, Branson had every right to feel a bit fatigued on the morning hike, but he was frisky and full of high spirits. At one point, when some of the hikers in the fog were lagging a bit behind his lead group, he signaled to those in the lead to hide behind a few trees, and

we then attempted to surprise the laggards when they approached. Some may think this behavior is a bit jejune for a man in his seventies, but it is this youthful eagerness to laugh and have fun that Branson has always tried to infuse into his projects. (Virgin by name and virgin by nature–he has said that one of his favorite fictional characters is Peter Pan.) He is also a most courteous guide: along our route, Branson used fallen branches to construct arrows to point the way for the trailing group at points where the path was hard to follow.

That blend of playfulness, politeness, merriment, and hospitality characterizes Kasbah Tamadot. This luxury resort is one of the chief attractions of Virgin Limited Editions, a collection of nine luxury resorts around the world. The properties in the VLE portfolio are all places Branson fell in love with and transformed into high-end accommodations for well-heeled travelers whose taste for adventure matches his own. Branson’s enthusiasm is reflected in the welcoming spirit of the hotel staff, an entirely Moroccan team primarily drawn from the

“The meaning of the word ‘kasbah’ varies depending on where you are in Northern Africa —generally taken to mean a town fortress, it can also mean a fortified granary and in the Berber regions of Morroco, it often means a walled villa.”

surrounding area, which the Berber people dominate.

The meaning of the word “kasbah” varies depending on where you are in Northern Africa–generally taken to mean a town fortress, it can also mean a fortified granary, and in the Berber regions of Morocco, it often refers to a walled villa—as in the case of Kasbah Tamadot. The villa was built in the 1920s as the residence of a provincial official, in the days when much of Morocco was a “protectorate” of France (other parts of Morocco were under Spanish “protection”). When Branson purchased the place in the 90s, it was possessed by an Italian antique dealer named Luciano Tempo, who had put his

stamp on the property with his collection and by commissioning the decorative painting of some of the ceilings.

Branson learned about the place from his parents, who first came to visit it in 1988. After he bought it, his mother, Eve Branson, developed a passionate interest in the well-being of the surrounding area. Through the Eve Branson Foundation, she set up English classes for residents, organized rubbish bins to help keep settlements tidier, and encouraged local crafts. She died in 2021 at the age of 96. However, the vividness with which her son talks about her makes one think she might enter the room at any moment.

Just as Branson’s commercial enterprises have sometimes been battered by financial storms, his favored retreats have sometimes been hit by natural catastrophes. In September of 2017, his beloved Necker Island hideaway in the British Virgin Islands was struck by Hurricane Irma, which caused significant destruction to buildings, trees, and infrastructure. And on September 8, 2023, Morocco was hit by a magnitude 6.8 earthquake with an epicenter less than 60 kilometers from Kasbah Tamadot. Nearly 3,000 people were killed, and more than 5,000 were injured in the quake, which caused heavy damage in Marrakech and over much of the central part of Morocco, including the area around Kasbah Tamadot.

The pre-earthquake property comprised the villa itself, its grounds, and some luxurious tents erected by Branson for visitors to experience a kind of accommodation evocative of the lives of nomadic peoples–while maintaining a high standard of luxury. The quake damaged the villa and destroyed its library and the structure that served as the property’s mule shed. Nobody who works at Kasbah Tamadot died, but nearby towns were hit hard. The Eve Branson Foundation responded by raising over $1 million (including contributions from former guests at the Kasbah) to support relief, recovery, and rebuilding.

Faced with the damage the quake caused to the property, VLE restored the villa and the tents and expanded and improved the property. VLE added six large “riads”—the term refers to a traditional Moroccan house with a courtyard and garden. These riads can be booked entirely–with three separate bedrooms, each with a sitting room and outdoor space. Or one can book just one of the units, as the three sections of each riad can be enjoyed independently. I stayed in one of the rooftop tented suites of a riad, a kind of mini-villa in the sky, consisting of a bedroom with ensuite bath, a separate sitting room (also with bath), and a patio with chaises, a sofa, chairs, and table, as well as a private hot tub. The roofs of the bedroom and sitting room are indeed tented, and both rooms share a glorious view across the villa’s gardens to the surrounding hills. Riads are like the Kasbah itself–inwardlooking structures that lavish their attention on the interior courtyards, gardens, etc., with a surrounding enclosure to provide privacy.

Near the riads, in the place of the ruined mule shed, the new restaurant Asayss sits in a roofed structure open to the surrounding landscape front (including the beautifully landscaped gardens of the Kasbah). At the same time, drapes are used to keep the sun out of diners’ eyes or to keep heat in the room, as conditions

warrant. Highlights of the cuisine at Kasbah Tamadot include traditional Moroccan tagines and a variety of bread baked in conventional Moroccan ovens. In addition to Asayss, one can dine at Kanoun—a more traditional dining room in the villa—and at an assortment of outside tables overlooking the main pool and the gardens.

These improvements were accomplished within just a year of the earthquake’s strike, and throughout this period, all Kasbah Tamadot employees were paid. At the same time, the resort worked to relieve the suffering of those in surrounding communities and to help them rebuild. In the nearby village of Tamgounssi, which still displays the scars of the quake, we visited a weaving workshop established and supported by the Eve Branson Foundation. In one room, women were working

on looms, weaving colorful fabrics made into laundry bags, tablecloths, pillowcases, and other decorative and practical items used at Kasbah Tamadot and other VLE properties. They are also available for purchase in the gift shop within the villa. In another room, women were making colorful rugs—a large one made here serves as the red carpet for the entrance of Kasbah Tamadot. (Another initiative offers training and facilities for local men to learn carpentry skills.)

Building skills must have come in handy over the past year as the hotel staff and others worked to rebuild, expand, and improve the property. With about 150 employees and as a magnet for local tourism, Kasbah Tamadot is an integral part of the local economy. As Branson and his team celebrated the reopening of the property, it was clear

that there was genuine enthusiasm among the staff. The expansion of the accommodations from 26 to 42 rooms/suites and the doubling in the number of diners the resort can serve at a sitting is a proclamation of confidence that the earthquake was an interruption, not an end, to the Kasbah’s story.

The resort offers fantastic views of the surrounding mountains and valleys but does not sit antiseptically apart from the local community. The walls surrounding the property do not block the views, including nearby village structures still being repaired and reinforced; the market town of Asni is a short bike ride away. VLE encourages visitors to switch off their devices and relax on the property with pools, gardens, and dining options. However, guests are also encouraged to engage with local culture by visiting a local mar-

ket, learning how to bake traditional bread, or having a cup of fresh mint tea at a local Berber residence. The souks and other attractions of Marrakech lie just an hour away.

On-site activities include tennis, gym sessions, and visits to the Asounfou Spa, which consists of a traditional steambath cleansing called a hammam, which is extraordinarily relaxing and restorative. And even when Branson is not in residence, hikes and bike trips into the surrounding hills are easily arranged. Younger visitors may enjoy many of these activities and are encouraged to visit the Animal Palace, where they can admire and pet goats, sheep, donkeys, and rabbits. While there was a good business reason for Branson to be present for the reopening of Kasbah Tamadot, there was also a palpable sense of family connection with the place,

which is dear to his heart. The festivities marking the re-opening included much music, food, a spectacular firework display, a strolling magician, and Branson himself presiding over the revels in a purple cape (of local manufacture). One could sense the relief all involved with the enterprise felt that after the disastrous effects of the earthquake, Kasbah Tamadot was once again ready to welcome a new slew of visitors.

These days, many high-end resorts stress their connections to the local communities and their efforts to make a positive contribution through employment, environmental efforts, and educational initiatives. The message is even more compelling when personalized by Sir Richard Branson and his mother’s foundation among the Berber peoples of the Atlas Mountains.

The Potlatch Club: A Legendary Hideaway Reborn

Once abandoned, The Potlatch Club has been masterfully restored, blending history, luxury, and the allure of its legendary guests, from Greta Garbo to Paul McCartney.

BY JONATHAN RUSSO AND DEBORAH GRAYSON

After a short 40-minute flight from Miami, we depart the plane and are struck by the primitive simplicity of the tiny Eleuthera airport, a world away from overdeveloped Florida. We find our baggage on the tarmac and head to customs.

We’re in the Bahamas, which have always been a refuge/hideaway for those fleeing something—initially the law. Once known as “The Republic of Pirates,” Nassau, at the turn of the 18th century, had 1,000 brigands…vastly outnumbering the more staid citizens.

Perhaps the most influential refugees for the islands’ future were the Tories, the losers in the American Revolution. They fled the Colonies and began afresh as Bahamians.

In the 19th century, rogues, including gangsters fleeing the law, rum runners, and such, used the short 50mile boat ride from Florida to escape the consequences of their actions.

By the end of the century and into the next, the Bahamas saw new arrivals—those with lots of money who wanted to recover from affairs or divorces gone bad, have one away from society’s scrutiny, or, as in the case of the Duke of Windsor, recover from the trauma of throne abdication.

Hence, there was the rise of exclusive “clubs,” intimate hotels, or groups of houses that functioned like private estates. Usually started by a wealthy individual or an already tight group, these spots gave the phrase “members only” real agency.

Clubs like The Lyford Cay, Ocean, Cat Cay, and Nassau Yacht Club, founded between the 1930’s-1960’s, were among the most prominent, On the 110-mile-long island of

Eleuthera—one of the 16 major Bahamian islands—there was Potlatch, named after the Pacific Northwest Indigenous term for “gift.”

Established initially as a pineapple plantation in the 1920s, it later became a private homesite. Over the years, various owners added dwellings to the property. Then, in 1967, a group of New York socialites transformed it into their retreat, founding the Potlatch Club. Friends invited friends, land was sold, and a small community emerged. The resulting structures were so architecturally intriguing that they have become the focus of today’s exquisite restoration efforts.

Some of the boldface names who enjoyed Potlatch’s privacy were Greta Garbo (who hopefully fulfilled her wish to “be alone”), Elizabeth Taylor, and Raymond Burr. Later, Paul and Linda McCarthy celebrated their honeymoon there. Even nuptial bliss could not stop him from using the Club’s stationery to write “Bathroom Window” and “Oh Darling.” Seeing the framed hand-written originals in the charmingly refurbished library is a treat.

However, in 1979, the socialites’ funding dried up when their husbands

grew tired of supporting the venture. Potlatch sat abandoned for over 30 years until two childhood friends and now business partners, Bruce Loshusan and Hans Febles fell in love with the overgrown property. They were captivated by its potential, notably the main house’s classic fireplace and the 120-year-old black-and-white tile floor in the entry hall, which hinted at the grandeur of its past. Just $28,000,000 in upgrades later, Potlatch re-opened in April 2024 with the tile floor and fireplace restored.

The original building, now called The Clubhouse, sits on a nondescript road and houses the reception area and library. Passing through it into the compound is an Alice-in-Wonderland experience. Potlatch reveals itself with a sweeping view of gardens, lawns, and cottages against the backdrop of blue water that usually only exists in a tropical fantasy.

The white, talc-like sand beach is protected by an extensive reef, creating calm and delightful swimming in water so clear that even small sand ridges at great depths can easily be seen. There are many different blues in the Caribbean, but the aqua in places like Eleuthera is the most iconic and arresting.

Some of Potlatch’s other historic buildings have been restored and repurposed. They now house the spa and gym. Guests stay in newly constructed, traditionally designed Bahamian cottages.

With 11 ‘keys’ and only 14 rooms (one house has four bedrooms), spread over 12 acres, the hotel retains the privacy it was known for. Even more privacy can be achieved by buying out the hotel, something both corporate retreats and family reunions have done. Plus, hush-hush, we were told that a celebrity couple had reserved the entire resort for themselves this winter.

The eight individual cottages, each strategically nestled amongst mature, undisturbed foliage, are situated to maximize ocean views. Hans told Worth, “Much of the excavation to build the cottages had to be done by hand not to disturb the rare Silver Top palms, which can’t be transplanted.” Along with McCartney’s lyrics, the library has Han’s original plan for the cottages. A series of architects recommended he build 2-story units along the waterfront— but he declined, saying this wouldn’t be faithful to Potlatch’s history or the sense of place he was trying to create.

Because he’s so connected to the property, Hans lives there and is often seen lovingly nurturing the lush foliage. He’s assisted in running the hotel by what seems to be an unusual staff for a Caribbean island—a team of Bhutanese hospitality experts headed by General Manager Kezang Dorji, whose crew have worked with him in resorts worldwide. “I love Eleuthera. I’ve been lucky to have lived in Asia, Africa, and other Caribbean islands; this place is truly special.” He added, “This is a very low-key island. We only have five hotels, each with no more than 20 rooms. ”

In addition to designing the grounds, Hans and Bruce worked closely with Caribbean interior design doyenne Amanda Lindroth. Each cottage interior contains a few one-of-a-kind items, so no two cottage interiors are the same. Hans aimed for “rooms to feel modern while evoking the informal elegance of a Caribbean estate.” Seemingly inconsequential touches, like bamboo curtain rods, show that no detail was too small for consideration.

Those bold enough to turn off the air conditioning and open the screened sliders are enveloped by the breeze and sounds of breaking waves and rustling palm leaves.

For dining, the newly constructed Fig Tree restaurant has a soaring cathedral ceiling and a wall of glass that accordions open to a large al

fresco patio set next to the original club’s pool. Hans laughed at his obsessiveness when he described how he selected the lighting. “I thought I wanted old fish traps to surround the overhead lights. I found them in Vietnam, but the shipping was prohibitive. Luckily, a further search led me to collapsable hand-woven replicas made by artisans in Morocco. Each one bears the name of its creator.” Han’s story provided context for these artistic, eye-catching creations that, along with the numerous evocative black and white Bahamian photos from the 1950s that encircle the room, make the restaurant unique. These additions are not just visually striking; they set the mood Hans strives to create.

With a dearth of decent restaurants on the island, Potlatch has quickly become a dining destination for the décor and the dishes created by Bhutanese chef Choki Wangmo. Hans told us, “Neighborhood people have discovered us. One man dines nightly for a dish Choki makes just for him. Guests come from as far away as Harbour Island. They usually stay the night. Along with a distinctive meal, they escape the crowds up there.”

”Much of the excavation to build the cottages had to be done by hand not to disturb the rare Silver Top palms, which can not be transplanted.”

The menu changes every few days to accommodate local produce and fish deliveries. Importing ingredients is easier and more reliable, but Potlatch is committed to re-invigorating the moribund farming scene and supporting organic growers. Hans explained, “Farms are cropping up again, and by committing to purchase the crops, we hope to encourage the farmers. People left Eleuthera to farm in Nassau. Now they’re returning.”

Breakfast, which includes homemade granola, avocado toast, waffles, and omelets of every kind, is available daily.

Lunch, with its changing menu and choices ranging from salads like ancient grain and seared sesame tuna to fish taco bowls and wagyu burgers, is also available daily.

For one dinner, a starter featured beets, which everyone agreed are sweeter on Eleuthera than elsewhere. It was followed by just-caught seabass on a bed of house-made squid ink noodles topped with local shredded mango salad.

Another night, we shared a creatively stuffed, island-grown winter squash served with a green apple and carrot slaw in lemon vinaigrette. It’s unusual to compliment Caribbean ice cream, but their homemade chocolate was as good as any Italian gelato we’ve tasted.

Insider tip: If you ask, Choki may agree to make an off-menu Bhutanese feast, as she did for us one night.

After dinner, we ran into Hans and asked about the reward for his and Bruce’s painstakingly perfect re-invention of Potlatch …not an easy accomplishment on a remote island. He smiled. “At sunset, one of my greatest pleasures is seeing guests dressed for dinner, each with a glass of wine, strolling the grounds and marveling at the sea.”

What’s Next for the TCJA?

BY LEN HIRSH, MBA, CFP ®, CPWA ®, AIF ® PARTNER

Many of the tax provisions from the Tax Cuts and Jobs Act (TCJA) of 2017 are set to expire on January 1, 2026. Absent congressional action, a significant number of Americans will face higher tax bills and a more complex tax code starting in 2026. However, with a Republican President and Republican control of both chambers of Congress— albeit with a slim margin—it is reasonable to expect that certain TCJA tax provisions could be extended through a process known as “budget reconciliation.”

Earlier this year, several news outlets reported that the House Budget Committee Republicans began assembling policy options for a bill that may be introduced later this year. While there is no certainty as to which options will make it into the final legislation, some of the policy considerations being discussed include:

• Eliminating the home mortgage interest deduction

• Eliminating the exclusion on municipal bond interest

• Eliminating the Head of Household filing status

• Eliminating the child and dependent care credit

• Eliminating Health Savings Accounts (HSAs)

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• Eliminating the estate tax

• Repealing the “Green Energy” tax credits for clean vehicles

• Amending the state and local tax (SALT) deduction

These potential changes reflect the priorities of legislators who will be shaping future tax policy. While it’s too early to know which measures will ultimately be included in the final legislation, this list provides insight into the proposals being considered. These items may be part of the “one big, beautiful bill” that President Trump wants Congress to pass, addressing taxes and border enforcement in the months ahead.

Budget Impact

One of the biggest challenges in extending many of the TCJA provisions is the associated cost. According to a November 13, 2024, update from the Congressional Budget Office (CBO), fully extending all expiring or scaled-back TCJA provisions would cost an estimated $4.0 trillion from fiscal year (FY) 2025 to 2034, with the bulk of the financial impact beginning in FY 2026.

However, not all extensions would lead to revenue losses. Certain provisions could actually increase government revenue over time. For instance, continuing the

elimination of personal exemptions, which had a significant effect on Form W-4 and the federal income tax withholding process, is projected to generate over $1.7 trillion in additional revenue through FY 2034.

What’s Next?

Without congressional action, the expiration of TCJA provisions would lead to broad tax changes, impacting nearly every taxpayer and business. For individuals, the most significant shifts would likely include higher tax brackets and a reduction in the standard deduction, potentially leading to larger tax liabilities. For business owners, the most notable change will likely be the elimination of the Qualified Business Income (QBI) deduction, which has provided a substantial tax break for pass-through entities.

However, we anticipate that at least some of these tax provisions may be extended. With a long legislative process ahead, the outcome remains uncertain. Whether you’re a business owner or an individual taxpayer, staying informed of potential changes and considering proactive financial planning may help navigate these developments and help ensure your long-term financial success.

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Len Hirsh, MBA, CFP®, CPWA®, AIF®, is a Partner with Signature Estate & Investment Advisors, LLC (SEIA), providing holistic wealth management for high-net-worth individuals, organizations and businesses. His focus includes investment management, retirement planning, and estate planning strategies primarily for entrepreneurs, executives, athletes and entertainers.

A CERTIFIED FINANCIAL PLANNER® professional, a Certified Private Wealth Advisor® (CPWA®), and an Accredited Investment Fiduciary® (AIF®), Len holds an MBA from the UCLA Anderson School of Management and a BA from Colgate University. He holds his Series 7 and 66 securities licenses, he is a licensed insurance agent (Insurance License Numbers by State: CA: 0L46886, CO: 846830, FL: W974438, IL: 18249189, OR: 18249189, TN: 3002655784, and UT: 1033650), and he can speak fluent Spanish. When not spending time with his wife, daughter, and son, Len enjoys skiing, surfing, traveling, performing live music, and playing beach volleyball. He is also active in charitable causes, including the Signature Fund for Giving.

$24.4 Billion in assets managed by SEIA and its affiliates as of 12/31/2024.

SEIA is not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas. The reported Assets Under Management (AUM) represents the combined total of Signature Estate & Investment Advisors, LLC (SEIA) and its affiliated entities as of 12/31/2024. AUM includes portfolios continuously supervised or managed by SEIA and its affiliates. The AUM encompasses assets like stocks, bonds, ETFs, mutual funds, and cash, among others. For more details on the professional designations listed above, including description, minimum requirements, and ongoing education requirements, please contact (310) 712-2323 or visit seia.com/disclosures. SEIA is an SEC-registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Securities offered through Signature Estate Securities, LLC, member FINRA/SIPC. Investment advisory services offered through SEIA, 2121 Avenue of the Stars, Suite 1600, Los Angeles, CA 90067, (310) 712-2323.

lhirsh@seia.com PARTNER CONTENT

Where AI Meets the Heart of Travel

Discover how Black Tomato’s innovative platform personalizes journeys by tapping into what matters most—how you want to feel.

BY DAN COSTA

Tom Marchant has redefined luxury travel by pioneering a model where every journey transcends indulgence to become a deeply personal and transformative experience. As the co-founder of Black Tomato, Marchant has continuously pushed the boundaries of bespoke travel, emphasizing connection, purpose, and emotional resonance. His forward-thinking approach, exemplified by innovations like the “Feelings Engine,” blends cuttingedge AI with a some expert human recommendations., creating trips tailored to destinations and the emotions travelers seek. Whether it’s a luxury Nile cruise through Egypt, an immersive cultural escape in Morocco, or a familyfriendly odyssey across Greece’s ancient ruins and sun-drenched islands, each itinerary is crafted to match travelers’ desires.

How has the travel industry evolved since you co-founded Black Tomato, and what trends have surprised you the most over the years?

When we started Black Tomato, luxury was often synonymous with indulgence and opulence. Over time, it’s shifted towards a deeper sense of meaning where people seek growth, connection and purpose. What surprised me the most was how much travelers were now savoring the journey as much as the destination itself. In a world where daily life revolves around immediacy and automation, it’s been a pleasant surprise to see more people romanticizing travel’s slower, more intentional aspects. We’ve always believed in the power of the journey, but it’s exciting to see that perspective resonate with so many others now.

What is the key to creating deeply personalized travel experiences that resonate with today’s travelers?

The key is listening and truly understanding what people want and the ‘why’ behind their desires. By tapping into their motivations and the emotions they want to feel on the trip, we can design journeys that go beyond expectations in ways they never imagined. It’s also about the details--the little moments and personal touches that make someone feel uniquely seen and cared for. We always make sure to go into each trip planning with thoughtfulness and intention. That’s where the magic lies.

What are the most significant changes you’ve seen in what travelers seek from their trips, particularly post-pandemic?

Travel has become more purposeful —people want to connect with their loved ones, nature, and themselves. At the same time, there’s a growing appreciation for slowing down, embracing tranquility, and finding experiences that nurture the body and mind. Immersion in nature-rich

environments like desert retreats or remote mountainous landscapes has become especially appealing. The rise in shoulder season, attributed to increased flexibility at work, also reflects a desire for quieter, more intimate experiences that allow for true immersion without the distraction of large crowds.

How is Black Tomato addressing the challenge of offering luxury travel experiences that are mindful of environmental and cultural impact?

For us, travel is about connection and respect. We recognize the responsibility of exploring new places. We are very conscious about respecting local cultures, working in ways that give back and positively impact our planet and the communities who call it home. Whether it’s working with partners that are locally owned and operated to benefit surrounding communities or sourcing local grassroots experiences like reforestation projects and wildlife conservation, we’re committed to regenerative travel as a company. We collaborating with those who share our attitude, and support the local communities to minimize the impacts of tourism.

What emerging destinations or experiences are you most excited about introducing to your clients?

Greenland is an emerging destination to keep on the radar, especially with United’s new direct flight route from Newark to Nuuk launching in June. This will make it far easier for US travelers to access its raw landscapes and unique culinary culture rooted in locally sourced ingredients. Our team ventured out to this uncharted territory last summer and crafted a new itinerary with tons of adventure experiences like catching arctic char with bare hands, sailing on a traditional schooner boat, and swimming in the glaciers.

Okinawa is another destination that we’re excited for the world to discover even more, especially for the

non-first timers to Japan. It has long been a secret hideaway for locals but is often overlooked by Tokyo, Kyoto, and Osaka amongst international travelers. With Rosewood Miyakojima opening its first hotel in Japan this year, we look forward to our clients experiencing Okinawa’s gorgeous beaches and mountains, distinct local culture, and Blue Zone lifestyle through our new itinerary, which includes a longevity-focused cooking class, special sake-tasting of Awamori, and jungle canyoning in Iriomote Island to name a few.

How do you see technology shaping the future of luxury travel, from planning and personalization to the on-theground experience?

As travelers crave more meaningful connections with the world and themselves, technology will reshape how those experiences are imagined, planned and delivered with greater intimacy and personalization. Innovation has always been a key part of what we do, and we embrace new technologies like AI to enhance, not replace, the human touch in travel.

This belief is central to a new platform we’re launching called The Pursuit of Feeling, which celebrates travel’s raw, emotional power. At the heart of this is The Feelings Engine, an industry-first innovation transforming the trip planning process through augmented intelligence—a seamless blend of cutting-edge AI technology with Black Tomato’s 20 years of human expertise. The engine will converse with you by asking how you want to feel, making bespoke travel recommendations from our extensive proprietary data of carefully researched and curated experiences.

Should the user want to book the experience, they are passed onto our human travel experts, who will finetune the experience to meet the client’s exact needs, ensuring it’s tailored perfectly for them. It’s a long-held insight from our clients that they may not know where they want to go, but they always know how they want to feel. The Feelings Engine takes this founding philosophy to new heights, combining the

best of human insights with leading technology.

What have been the most significant lessons or challenges in building Black Tomato into a leader in the luxury travel industry?

We’ve navigated through challenges like the recession and the pandemic by remaining focused on our mission which has always stayed the same at the core: to create experiences that inspire and move people emotionally.

As the travel landscape evolves, we must stay ahead of trends by conducting extensive boots-on-theground research, closely listening to our clients, and finding creative ways to reimagine the travel experience. This can be everything from developing strategic partnerships to creating imaginative travel products like Take Me on a Story (family itineraries based on classic children’s literature) and See You In the Moment (centered around group experiences), which were inspired by the shifting desires that emerged out of the pandemic. This constant innovation and adaptability have driven us to where we are today.

What does “worth beyond wealth” mean to you?

It’s about providing an experience that feels meaningful and transcends material luxury. It’s the quiet awe of standing in silence under the Northern Lights, the satisfaction of walking a path less traveled or the personal growth that comes from seeing the world through new eyes— the moments that stay with you and have lasting impacts on your life long after the trip ends.

It’s also about creating something deeply personal and intentional, designed specifically with that individual in mind rather than a generic experience. Thoughtfulness is at the core, ensuring every detail reflects a genuine connection to the person it’s meant for.

Progress is never a straight line. It’s pushed forward by those who refuse to accept limits, challenge conventions, and rise higher when met with resistance. The Groundbreaking Women of 2025 are more than just leaders in their fields—they are pioneers, disruptors, and architects of a future where success is measured by individual achievement and the doors they open for others.

In this year’s list, we introduce you to a new wave of leaders who are shaping the future and proving that the sky isn’t the limit. From the vastness of space to the frontlines of activism, entrepreneurship, and entertainment, these women are redefining success and carving out room for more to follow.

20 25 Groundbreaking Women

BY EVA CROUSE & ALEXIS NIKOLIA BUNCICH

Sports Sponsorship Gets a New Playbook

Togethxr’s powerhouse founders—Sue Bird, Alex Morgan, Simone Manuel, and Chloe Kim—are redefining how women’s sports are valued, attracting the money and attention they’ve long deserved.

For decades, women’s teams have been sidelined by the sports economy—underfunded, under-promoted, and undervalued. Much like the healthcare industry’s long neglect of menopause—a market projected to reach $28 billion by 2033—the sports industry has overlooked one of its most powerful assets: women. As media coverage and sponsorship dollars finally started to take notice, a long-overlooked fan base is surging to the forefront. Once confined to niche corners of the internet, these fans are now driving record-breaking viewership and attendance, leaving brands scrambling to tap in.

Talent has never been in short supply, but the infrastructure to support it was. Sponsorship deals have disproportionately favored men’s leagues; a Wasserman report found that media coverage of women’s sports hovered at a dismal 15% in 2023. Even the highest-performing female athletes have routinely earned a fraction of what their male counterparts make.

The 2024 WNBA No. 1 draft pick, Caitlin Clark, is guaranteed just $76,000 in her first year—compared to the NBA’s top pick, who will take home $10 million. And on Forbes’ annual list of the 100 highest-paid athletes? Not a single woman could be recognized.

But companies like Togethxr are changing that. Founded by four of the most dominant athletes of their generation—Alex Morgan, Sue Bird, Chloe Kim, and Simone Manuel— Togethxr is a media and commerce brand dedicated to elevating women in sports and culture.

In the past year alone, women’s sports have shattered records. The 2024 NCAA women’s basketball championship outearned the men’s final, pulling in 18.9 million viewers compared to the men’s 14.8 million. The 2023 FIFA Women’s World Cup was watched by nearly 2 billion people worldwide, making it the most-viewed women’s sporting event in history. Attendance and TV ratings for the WNBA, National Women’s Soccer League (NWSL), and Women’s Super League (WSL) are soaring. Angel City FC, in its inaugural season, averaged 19,313 fans per game at BMO Stadium, leading the NWSL in attendance. And at the 2024 Paris Olympics, women athletes comprised nearly half of the participants, marking a historic achievement in gender parity.

Deloitte forecasted that 2024 women’s pro sports revenue would surpass $1 billion for the first

time—a 300% increase from 2021. It did. This isn’t a fleeting moment or passing fad—it’s a seismic shift in how women’s athletic contributions are valued. And now that the money is flowing, salivating brands, sponsors, and investors won’t just be paying attention— they will be scrambling to stake their claim.

Even though the numbers make the investment opportunity clear, corporate dollars and media attention still lag behind the demand.

That’s where companies like Togethxr step in. The media and commerce brand amplifies female athletes on social media, showing how adversity has honed their personal stories to be complex, compelling, and diverse and proving their commercial power. It produces films, docuseries, and specials that spotlight professional and up-and-coming athletes, giving their journeys an often poetic cinematic treatment with a delightful tendency to go viral.

Since its founding in 2021, Togethxr has amassed over 3.1M followers across its social platforms, the bulk of which is found on TikTok with 2.5M followers. The TikTok audience skews younger, providing valuable insight into Togethxr’s reach: Gen Z thinks women’s sports are cool. According to a report by World Data Lab, Gen Z’s spending power is expected to grow to $12T by 2030.

Togethxr is capitalizing on Gen Z’s spending power (and every other generation’s) through their apparel. And it’s a marketing masterclass. Clapping back at the old, dismissive, and misogynistic trope of “Nobody watches women’s sports,” Togethxr’s T-shirts, hoodies, and totes all rep one slogan: “Everyone Watches Women’s Sports.” By June of 2024, the company reported $3M in Tshirt sales alone. Everyone from Dawn Staley, the coach of the University of South Carolina’s women’s basketball team, to Ted Lasso star Jason Sudeikis were seen sporting the famous cotton T-shirts courtside, and it was repped all over at the 2024 Paris Olympic Games.

WNBA legend Sue Bird, Soccer star Alex Morgan, Olympic swimming gold medalist Simone Manuel, and Olympic snowboarding champion Chloe Kim are Groundbreaking Women on Worth’s 2025 list for their help reshaping the entire culture around women’s sports. And though they need no introduction, we invite you to meet the founders: Sue Bird is one of the most decorated basketball players in history, redefining the point guard position over her 21-year WNBA career. Selected first overall by the Seattle Storm in the 2002 WNBA Draft, Bird led the franchise to four championships (2004, 2010, 2018, 2020) and was named to a record 13 WNBA All-Star teams. Internationally, she cemented her legacy as a cornerstone of Team USA, winning five Olympic gold medals (2004, 2008, 2012, 2016, 2020) and four FIBA World Cup golds, making her the most decorated athlete in FIBA World Cup history.

Bird has tirelessly advocated for gender equity, LGBTQ+ rights, and athlete empowerment. She has used her platform to champion social justice, working on initiatives that address pay disparities in women’s sports and promoting voter engagement. Her retirement in 2022 marked the end of an era on the court, but her influence continues to shape the future of sports and beyond.

A two-time FIFA Women’s World Cup champion (2015, 2019) and Olympic gold medalist (2012), Alex Morgan is one of her generation’s most decorated soccer players. Over her career, she scored 123 international goals— fifth-most in U.S. history—and was named to the FIFA FIFPro World XI multiple times, including in 2019 and 2023. Morgan has been integral to the U.S. Women’s National Team’s success, from her dramatic overtime header against Canada in the 2012 Olympics to leading the team in both World Cup victories.

At the club level, Morgan helped launch San Diego Wave FC, where she became a standout player and a fan favorite. She played there until her retirement in September 2024, ending her career as one of the most prominent figures in women’s soccer.

Off the field, Morgan has been a fierce advocate for gender equity in sports, playing a key role in the USWNT’s fight for equal pay, which culminated in the landmark 2022 settlement with U.S. Soccer. Now, she’s bringing the same competitive drive that made her a global icon to reshape women’s sports business.

At the 2016 Rio Olympics, Simone Manuel became the first Black woman to win an individual Olympic gold medal, securing the 100-meter freestyle title with an Olympic-record time of 52.70 seconds. In a sport dominated by white athletes, Manuel became an icon for young Black swimmers who could suddenly see themselves on the podium. She won two silver medals at the 2016 Olympics: one in the 4x100-meter freestyle relay and the other in the 50-meter freestyle. She also added another gold to her collection in the 4x100-meter medley relay. Four Olympic medals made her one of the most decorated swimmers of the Games.

A passionate advocate for mental health, Manuel has openly discussed her experiences with overtraining syndrome after Rio, highlighting the importance of mental health in sports. Her resilience and advocacy continue to inspire, and her work

with Togethxr champions female athletes, elevates the sport, and amplifies the voices of Black athletes who often feel like they have to swim upstream.

Finally, Chloe Kim is regarded as one of the most dominant snowboarding athletes. Born in 2000 to South Korean immigrant parents, Chloe Kim skyrocketed to fame early. At just 17, she became the youngest woman to win Olympic gold in snowboarding at the 2018 Pyeongchang Winter Games—a record she still holds. Her near-perfect 98.25 score in the halfpipe made her a global sensation.

Beyond her Olympic success, Kim has claimed multiple X Games gold medals. She is known for her skill and precision in executing complex tricks, including the “frontside 1080,” a feat that only a few athletes can land consistently.

As one of the few women of color in a sport dominated by white male athletes, Kim has become a powerful role model for young girls, particularly those of Asian descent. Her success, paired with her openness about navigating mental health challenges—such as her struggles with pressure and self-doubt, which she’s shared in interviews and on social media—has made her a key advocate for mental health in women’s sports. Kim has also directly challenged gender disparities in snowboarding, highlighting the unequal prize money for female athletes, the lack of female representation in snowboarding media coverage, and the often limited sponsorship opportunities compared to their male counterparts. Her influence is shifting the landscape for women in the sport, pushing for more equality in both visibility and opportunity.

These four founders built Togethxr to demonstrate the overlooked value of women’s sports, batting sponsors over the head with stats that have long been available yet mind-bogglingly ignored. The company isn’t just filling a gap—it’s reshaping an industry that has long underestimated the value of women’s sports.

Jenna Weiss Berman

HEAD OF AUDIO AT PAPER KITE PRODUCTIONS

Jenna Weiss-Berman is a trailblazer in the podcasting world, known for co-founding Pineapple Street Studios.

Pineapple Street is a critically acclaimed podcast production company that has created some of the most talked-about and awardwinning podcasts, including “Missing Richard Simmons,” “Wind of Change,” and “The Catch and Kill Podcast.” The studio earned a reputation for its innovative approach to storytelling, often blending investigative journalism with compelling narratives to engage listeners on a deep level.

In 2019, Pineapple Street Studios was acquired by Entercom, now known as Audacy, where Weiss-Berman served as Executive Vice President of Podcasts. In this role, she oversaw Audacy’s podcast network and studios, including Pineapple Street Studios and Cadence13, focusing on strategy and developing new podcast content and distribution partnerships.

In February 2025, the former Audacy executive further cemented her influence in the industry by joining Amy Poehler’s Paper Kite Productions as their Head of Audio. Weiss-Berman has risen to the top of the podcasting food chain not by making the loudest noise but by amplifying the right voices, and it will be fascinating to see where she steers Paper Kite Productions

Jamie Chadwick

RACE CAR DRIVER

Jamie Chadwick has carved out her place in motorsport, redefining what’s possible for female drivers. In 2024, the British racer made history as the first woman since 2010 to win an INDY NXT race, claiming her victory at Road America—A Wisconsin track known as one of the best in the U.S.

Competing for Andretti Autosport, she secured multiple top-ten finishes and ended the season 12th overall. After dominating Europe’s all-female W Series, her move to INDY NXT has tested her against some of the best up-andcoming drivers, and she continues to prove she belongs at the top level.

Off the track, Chadwick partnered with Daytona Motorsport to provide free karting sessions for young girls in the UK. This culminated in The Jamie Chadwick Series, an all-female competition to attract more women and girls to racing. She also advises at the F1 Academy, using her experience to help train the next generation.

Balancing life between the UK and the U.S., Chadwick remains focused on her driving while pushing for more excellent female representation in motorsport. She says, “I want to do the absolute best I can, to represent women in the sport in the best way possible.”

Doechii

MUSICIAN

Doechii made history at the 2025 Grammys, becoming the third woman to win Best Rap Album since the category’s creation in 1989. As she accepted the award, Doechii seized the opportunity to deliver a poignant message, as so many have done before her. “I know that there are so many Black women out there that are watching me right now, and I want to tell you: You can do it. Anything is possible,” she said. “Don’t allow anybody to project any stereotypes on you that tell you that you can’t be here—that you’re too dark, that you’re not smart enough, that you’re too dramatic, or that you’re too loud. You are exactly who you need to be to be right where you are, and I am a testimony.”

Her speech, which immediately went viral, embodies the part of Doechii that has contributed significantly to her meteoric rise—she is an advocate. She speaks out for young Black girls, artists, the LGBTQ+ community, and her hometown of Tampa, Florida. During the same speech, the rapper took her chance to call out, “Labels! Go to Tampa! There’s talent there, okay?”

Doechii, who started releasing music on SoundCloud, is exhibit A. Blending rap, pop, and Afrobeat influences, she has created a distinctive style that resonates with her now global audience.

Ayo Edebiri

ACTOR & COMEDIAN

Hollywood may excel at pushing the envelope with graphics and special effects but often stalls out when driving toward social and cultural change. With razorsharp wit and profoundly human storytelling, Ayo Edebiri has carved out a space in an industry traditionally resistant to shifting narratives.

Edebiri is one of the main characters in the FX original series “The Bear,” which is set in Chicago and explores the challenges of running a family-owned restaurant and the struggles of its staff. It has earned critical acclaim for its raw, realistic portrayal of the high-pressure restaurant industry, and with multiple Emmy wins, it has made a lasting cultural impact.

In the movie “Bottoms,” Edebiri flipped the teen comedy genre on its head, delivering a hilariously unhinged, subversive take on high school queerness and female rage. Introducing representation in a new way, “Bottoms” isn’t just a queer movie—it serves as a cultural moment, cementing Edebiri as a fearless voice in modern storytelling.

Beyond the screen, Edebiri’s stand-up and writing keep pushing boundaries, tackling everything from identity to politics with her signature mix of intelligence and absurdity. As a queer woman of color, she’s not just a rising star—she’s a force driving a new era of comedy, proving that authentic, boundary-pushing storytelling isn’t just welcome; it’s necessary.

Jay

Graber

CEO OF BLUESKY

As the CEO of Bluesky, Jay Graber has pushed her company to new heights. Founded by the original Twitter team and dubbed “the new Twitter” following Elon Musk’s controversial acquisition of the social media giant, approximately 30 million users have flocked to Bluesky.

A software engineer by training, Graber has been CEO of the app since 2021, and has vowed to leave the control of the ad-free app in users’ hands. The user-focused approach has stood out to those exasperated by the Twitter/X debacle. Central to this vision is the AT Protocol, an open-source framework that allows users to own their identities, move between platforms, and interact across different services without being locked into a single provider.

Graber views Bluesky as just one step to decentralizing the internet and allowing users to operate without ties to specific apps or platforms. The revolutionary idea has grown millions of users since its inception and grows larger daily.

Bridget Grimes

FOUNDER OF WEALTHCHOICE

Bridget Grimes is the founder of WealthChoice working with women executives, entrepreneurs, and individuals facing life transitions. Wealthchoice offers tailored strategies to build financial security. “Life transitions” could include career shifts, divorce, entrepreneurship, etc. Grimes believes financial empowerment is the key to long-term stability and freedom, particularly for women navigating pivotal moments. The firm’s mission is to provide financial planning and a strategic partnership, ensuring that women have the resources, education, and support they need to make confident decisions about their wealth.

In addition to her practice, Grimes co-founded the Equita Financial Network, which connects and supports women-led financial firms. This initiative aims to mentor women professionals in financial planning and ensure they have the resources and community to thrive.

Grimes also serves as a CFP Board Ambassador, advocating for financial literacy and the value of certified financial planners. She’s a sought-after speaker and author, and her book Corner Office Choices: The Executive Woman’s Guide to Financial Freedom provides straightforward, actionable advice for women in leadership roles.

May Habib

CEO AND CO-FOUNDER OF WRITER.COM

May Habib’s path to becoming one of the most influential women in AI didn’t start with technology—it started with language. Born to Lebanese-Canadian parents, she grew up as a family interpreter, acutely aware of the barriers language can create. “Language as a barrier has just been very front and centered,” she has said, a realization that fueled her passion for breaking down those walls.

Originally planning to pursue a PhD at Oxford, she followed a different path, going from Harvard to finance to the world of artificial intelligence. That pivot led her to co-found Writer.com, an enterprise AI company built to generate text and transform how businesses work.

Unlike generic large language models, Writer.com prioritizes customization, security, and accuracy. Its Palmyra models don’t scrape the open web—they are built around a company’s knowledge, ensuring brand voice consistency and regulatory compliance. One of the few female founders in AI, May is proving that AI isn’t just about automation—it’s about empowering people with better tools.

Ali Harnell

PRESIDENT OF LIVE NATION WOMEN

As President and Chief Strategy Officer of Live Nation Women, Ali Harnell is reshaping the live entertainment industry, leading initiatives that promote women’s representation and empowerment. Since joining Live Nation in 2019, Harnell has been instrumental in expanding programs that provide mentorship, business development, and visibility for female artists and executive.

Live Nation Women supports female entrepreneurs through the Live Nation Women Fund, which invests in female-founded live music businesses. The company has also backed Gritty In Pink, a platform for female creators. Additionally, in partnership with Crowded House and The Push, Live Nation offers mentorship opportunities for women and gender-nonbinary youth, helping them gain experience in the live entertainment industry and fostering greater inclusivity.

Harnell’s dedication to equality in the music industry has earned her numerous accolades, including being named to the Women of Live Hall of Fame in 2024. Save The Music also honored her as a “Champion of the Year” for her contributions to the music and arts communities.

Rashida Hodge

VP AT MICROSOFT

Rashida A. Hodge’s influence in 2024 is felt in tech and her community. As Corporate Vice President of Azure Data and AI Customer Success at Microsoft, she leads efforts to help companies navigate the complexities of data and AI. Her work directly impacts businesses leveraging emerging technologies to drive growth and innovation.

Beyond her corporate role, Hodge made waves with her philanthropic efforts. In December 2024, she established the Rashida A. Hodge Scholarship Fund, a $1 million endowment providing full scholarships for Virgin Islands public school graduates to attend North Carolina State University. This initiative honors her family’s legacy and aims to build a pipeline of future tech leaders.

Hodge also strongly advocates for diversity in the tech industry, serving on the boards of organizations like Sonatype and Girls Inc. She continues to use her platforam to ensure that more women, particularly those from underrepresented backgrounds, find opportunities in emerging technologies. Her work in 2024 is a testament to her dedication to professional excellence and community empowerment.

Christina Hammock Koch

ASTRONAUT

Astronaut Christina Hammock Koch spent 328 days aboard the International Space Station, setting the record for the longest single spaceflight by a woman while advancing research on long-duration missions. She made history again on October 18, 2019, when she and Jessica Meir completed the first-ever all-female spacewalk, spending over seven hours replacing a failed battery. Now, she’s set to break another barrier as a mission specialist on Artemis II, becoming the first woman to fly around the moon.

“As a NASA astronaut, I have the privilege and responsibility to represent the American people as we conduct science aboard the International Space Station and prepare for a mission around the Moon as part of NASA’s Artemis campaign,” Koch told Worth. “I’m proud to be part of a dedicated and talented team exploring space to advance our country’s scientific and industrial goals and showcase the incredible things we can do when we come together to do big things.”

Koch’s resilience and dedication to STEM have made her a role model for future women in science and technology. During her 328-day ISS mission, she engaged students through programs like the Genes in Space-6 experiment, the first to use CRISPR technology in space. Emphasizing the power of representation, she said, “Future space explorers need to see people who remind them of themselves.” Her achievements continue to prove that no field is out of reach.

Somi Javaid

FOUNDER OF HER MD

Dr. Somi Javaid is reshaping how we think about women’s healthcare—both in practice and perception. As founder and Chief Medical Officer of HerMD, she’s built an integrated care model prioritizing sexual health, menopause, and pelvic wellness, ensuring women receive evidence-based, patient-first treatment under one roof. But her work extends far beyond the clinic.

Dr. Javaid has been instrumental in shifting public perception through advocacy and media, leading initiatives like Peanut’s The Reframing Revolution and The Renaming Revolution. The former created a royalty-free image gallery showcasing diverse representations of women’s bodies, while the latter challenged the subtly sexist language embedded in women’s fertility and pregnancy care. She is at the forefront of breaking stigmas, ensuring women’s health is treated with the same gravity and visibility as any other form of healthcare.

Her impact hasn’t gone unnoticed. For her advocacy in reproductive health, she’s been named to Inc.’s Female Founders 250 List (2024) and has received honors such as the Women on Top Award, the Women Who Mean Business Award, and the Blossom Award. A Cincinnati Top Doc, she continues to push for systemic change, ensuring women no longer have to fight to be heard in their healthcare journeys.

Amanda Nguyen

ACTIVIST

Although less than 1% of bills passed through Congress unanimously, in 2016, Amanda Nguyen’s bill did. The Sexual Assault Survivor’s Rights Act establishes statutory rights in the federal code for survivors of sexual assault and rape, including ensuring survivors have the right to receive a free forensic medical examination, and sexual assault evidence collection kit and that survivors are informed before the destruction of their kit. Nguyen’s activism began during her time as a Harvard undergraduate with dreams of becoming an astronaut. After being raped on campus, Nguyen became passionate about fighting for the rights of survivors. She realized that because she had filed her rape kit as a “Jane Doe,” she’d only have six months to take legal action before the state of Massachusetts destroyed all of the evidence. Since then, Nguyen’s activism has skyrocketed, and she’s been nominated for the Nobel Peace Prize, named a TIME Woman of the Year, addressed the United Nations, and been named to Forbes 30 under 30. Nguyen’s memoir, Saving Five, will be released later this year. While her initial dreams of becoming an astronaut were temporarily put on pause, Nguyen will become the first Vietnamese woman to go to space later this year.

Jacqui Patterson

ACTIVIST

Jacqui Patterson is a pioneering advocate of climate justice and social equity. As the founder and Executive Director of The Chisholm Legacy Project, she has dedicated her career to empowering Black communities disproportionately affected by climate change. The project is a resource hub, connecting frontline communities with the tools they need.

Patterson’s journey into environmental justice began during her tenure with the Peace Corps in Jamaica, where she witnessed firsthand the impacts of environmental degradation on marginalized communities. This experience propelled her into a career addressing the systemic inequalities that exacerbate climate vulnerabilities.

Before establishing The Chisholm Legacy Project, Patterson served as the Senior Director of the NAACP Environmental and Climate Justice Program. In this role, she led initiatives that highlighted the link between environmental issues and civil rights, advocating for policies prioritizing Black communities’ health and well-being.

Shirley Chisholm’s legacy deeply inspires Patterson’s work, encapsulated in the famous quote, “If they don’t give you a seat at the table, bring a folding chair.” She ensures that marginalized populations sit at the table and take charge of shaping solutions.

Brooke Shields

ACTOR

Multi-hyphenate actor-model-author-entrepreneur-mom Brooke Shields has been in the public eye for decades. Beginning modeling before age 1, the 59-year-old has won People’s Choice Awards and GLAAD Media Awards and has been nominated for several Golden Globes. Now, she’s placing her focus on empowering women as they age. Her aptly named memoir, Brooke Shields is Not Allowed to Get Old, was released earlier this year and serves as a memoir about aging in the public eye, as well as a practical guide to getting older, using the words of both experts and everyday women to encourage healthy aging. The book will be celebrated with a six-city tour.

Shields’ commitment to aging well can also be seen through her entrepreneurial project: Shields is the Founder and CEO of Commence, a haircare line created especially for women over 40. And since last May, Shields has served as president of the Actors Equity labor union, representing actors, stage managers, and other workers in the performing arts industry.

Mary Smith

PRESIDENT OF THE AMERICAN BAR ASSOCIATION

Mary Smith is a transformative leader in the legal field, making waves as the first woman and person of color to serve as the American Bar Association (ABA) president. In 2024, her leadership has been pivotal in shaping the future of law and justice in the U.S., focusing on access, equity, and reform. Smith’s dedication to the ABA’s core mission of advancing the rule of law has driven her to address critical issues such as legal inequality, systemic racism, and the future of legal education.

Under her guidance, the ABA has implemented programs that promote diversity and inclusion, ensuring that underrepresented voices have a platform within the legal profession. Smith is also a vocal advocate for bridging the gap between legal services and underserved communities, emphasizing that justice should be accessible to all. “The law is a powerful tool for change, and it must be used to uplift everyone, not just those who can afford it,” Smith says.

Beyond her role at the ABA, Smith is a trailblazer for women and minorities in law, inspiring a new generation of legal professionals.

Miriam Spritzer JOURNALIST

Miriam Spritzer is a Brazilian reporter and red-carpet correspondent based in New York. She has written for outlets including Marie Claire, Harper’s Bazaar Brasil, L’Officiel Brasil, and Steal The Look. She’s interviewed some of the biggest movie stars of the year, including Ariana Grande, Cynthia Erivo, and Emma Stone. Spritzer’s Instagram reels of interviews have racked up millions of views, and she is a host of the podcast “Keeping Up with the Pop,” where she chats with fellow entertainment journalists about the latest in film and television. Aside from having her finger on the pulse of the culture as a journalist, in July, Spritzer was elected to become a Board Member of the Golden Globe Foundation, which supports underrepresented communities in the creative arts and journalism in Southern California.

Talia Bender Small

FOUNDER OF THE FEMALE QUOTIENT

Talia Bender Small is the President of The Female Quotient, where she leads efforts to advance workplace gender equality. Under her leadership, The FQ’s Equality Lounge has grown into a high-profile platform, bringing executives and industry leaders together to address structural barriers for women in business. Speakers have included Sheryl Sandberg, Gabrielle Union, and JPMorgan Chase CEO Jamie Dimon, with discussions covering leadership, corporate accountability, and equity in the workplace.

In response to the pandemic, Bender Small transitioned The FQ’s programming online, hosting over 800 virtual sessions to sustain momentum on gender equity. Since then, she has expanded partnerships with Fortune 500 companies to integrate these conversations into corporate initiatives, focusing on measurable change.

Beyond events, she has overseen research efforts analyzing gender gaps in leadership and pay equity, working with companies to apply data-driven strategies. As an Adweek Executive Mentor and a Forbes 30 Under 30 honoree, she continues to push for corporate accountability and structural change in workplace diversity efforts.

Pooja Tilvawala

FOUNDER, YCC

Pooja Tilvawala is an emerging leader in technology and business, making significant strides in the intersection of AI, innovation, and sustainability. As the founder and Executive Director of the Youth Climate Collective (YCC), a tech startup focused on harnessing artificial intelligence to tackle global environmental challenges, Tilvawala has positioned herself at the forefront of the growing movement toward tech-driven sustainability solutions. In 2024, her company’s groundbreaking projects are helping industries reduce waste, increase energy efficiency, and develop innovative, sustainable systems.

Tilvawala’s work is not just about technological advancement but purpose-driven innovation. Her focus on using AI to solve complex environmental issues demonstrates her commitment to creating a future where technology serves the planet, not just profit.

“I believe in technology’s ability to drive change, but it has to be used responsibly,” Tilvawala explains. Her leadership is shaping the conversation around how tech can be leveraged for long-term environmental impact.

In addition to her entrepreneurial success, Tilvawala is a strong advocate for women in tech. She mentors the next generation of innovators and strives to make the industry more inclusive.

Michele Walsh

CPO AT UNICEF USA

Michele Walsh serves as the Executive Vice President and Chief Philanthropy Officer at UNICEF USA, where she has been instrumental in advancing the organization’s mission to support children worldwide.

Under Walsh’s leadership in 2024, UNICEF USA’s Impact Fund for Children (IF4C) made significant strides in addressing global health challenges. The IF4C invested $35 million in UNICEF Supply Division programs, focusing on improving global health by mitigating health supply challenges.

Additionally, under Walsh’s guidance, UNICEF’s Office of Innovation continued to leverage technology to address critical issues affecting children. The 2024 Impact Brief highlights the organization’s commitment to using innovation to tackle challenges such as climate change, pandemics, and conflicts, aiming to positively impact every child everywhere.

Walsh’s dedication to philanthropy and child welfare has been recognized in various forums. In a discussion on the role of UNICEF USA in the world, she emphasized the importance of empowering those closest to the communities impacted, ensuring that decision-making reflects the needs and perspectives of those served.

Serena Williams Bari Weiss

CO-FOUNDER OF THE FREE PRESS

Bari Weiss has emerged as one of the most influential voices in modern journalism. In an era of fractured trust in the media, Weiss built an independent media company that thrives on intellectual rigor and fearless inquiry. Through The Free Press, which she founded in 2021 with her wife, Nellie Bowles, she has championed a return to unbiased journalism.

The platform’s $100 million valuation is not just a business milestone—it signals a deep hunger for honest, unfiltered reporting.

Beyond media entrepreneurship, Weiss’s influence extends into cultural and political discourse. Her podcast, “Honestly,” has become a go-to forum for nuanced conversations, where guests from across the ideological spectrum engage in dialogue often absent from mainstream outlets.

Weiss is not just reporting on the battle for free speech and independent thought—she is shaping it. As a speaker and thought leader, she challenges conventional wisdom and proves journalism can be principled and profitable.

ATHLETE

Since Serena Williams established herself as the GOAT of tennis, she’s expanded into her entrepreneurial excellence with her makeup brand WYN, production company Nine Two Six, and venture capital company Serena Ventures. Before retiring from competitive tennis in 2022, Williams took home 23 Grand Slam titles, four Olympic gold medals, and remains the only player to accomplish a career Golden Slam (winning the Australian Open, French Open, Wimbledon, US Open, and an Olympic Gold medal) in both singles and doubles.

Now, she’s focusing on running her businesses and lifting talented founders. Williams’ venture capital firm invests specifically in technology companies owned or led by unrepresented founders, including women, Black, and Latino founders. As an activist, Williams has also used her platform to stand up for Black women’s maternal health. In 2022, Williams penned her own birth story into an Elle essay to highlight the fact that Black women are three times more likely to die after childbirth than white women. As an entrepreneur, activist, and sports great, Williams has used her platform to lift others.

The Ultimate Wealth Tech Stack: 10 Tools Every Financial Advisor Should Use

From real-time risk analysis to AI-driven client insights, these efficient tools are empowering financial advisors, putting them in control of their operations.

BY OLIVER RIST

Most Worth readers are wildly different iconoclasts but share one common characteristic: financial success. Particularly when it comes to investments. Choosing the proper software arsenal is critical if your business is about helping them succeed. What features do you need and why? And how should they be presented? It’s a complex set of decisions, but we’ve decided to make the job easier.

THE GUTS: PORTFOLIO MANAGEMENT AND TAXES

Analysis features should be at the core of any wealth professional’s toolkit. You’re juggling clients with different financial goals, risk tolerances, and investment horizons. The relationship is about allocating and balancing every client’s portfolio, so features that help you handle those needs in a personalized way should be at the top of your must-have list.

Most software vendors put these capabilities under “rebalancing features.” It is a good name since you’re looking for things that will let you rebalance a client’s portfolio quickly in case they want to change their strategy or when the market throws you a curveball, which will probably be happening often over the next two to four years. We’ll discuss risk management in more detail below, but rebalancing also impacts what is needed. Any toolset that builds new client investment plans also needs to factor in risk and the ability to adjust that risk level on a perclient basis. And while the front ends of those features differ from tool to tool, my favorite is adjustable dashboards.

You should be able to create dashboards unique to every client, which means they need to be easily customizable so you can see just the important data in that person’s portfolio. Most tools have this capability, but the key is how user-friendly it is to customize your dashboard’s look and feel and get it to show precisely what you need.

Another characteristic that will vary from client to client is the grim specter of taxes. There are software tools that do nothing but tax optimization. Still, if you can find a set of tax features that work for you under a soup-to-nuts wealth management tool, it’ll drastically reduce the time it takes to move data between different software platforms.

It also helps you apply the client’s current tax picture to other tasks, like investment planning, so you can build for tax-advantaged growth. That means you’re looking for features that will let you apply each customer’s tax implications to their long- and short-term plans. You should be able to identify opportunities for tax savings throughout the year and quickly adjust each customer’s strategies in response to any tax law changes. A big win would be automation features that automatically react to such changes.

A potential difficulty here is record-keeping. Every investment manager has a different way of maintaining client records – not just their own, but those given to them by the client. Those could come from their bankers, business managers, local government bodies, or other sources.

The preferred solution is a tool that lets you integrate this information into your other feature sets, like portfolio balancing. But at a minimum, you should be able to attach this information to individual client records as PDFs or some other electronic document type that you can access easily. Which brings us to storage. Attaching documents to client records can send your storage requirements soaring depending on your many customers. Your wealth management toolset needs to have provisions for storing that data not just per client but also with the ability to separate that data so it’s not visible to different clients. Records also shouldn’t be visible to staffers who work with only a subset of your overall client roster because they don’t need to see (and shouldn’t) information provided by customers other than their own.

You or your IT staff will also need to consider how much storage you’re willing to give every client, when such records will be purged—usually on a Time to Live (TTL) basis, and how they’re backed up. Even virtual disk space can get pricey once you move into the petabyte range.

TOP TOOLS FOR PORTFOLIO MANAGEMENT

Several top-tier platforms stand out for wealth managers seeking the best tools to optimize portfolio management, tax efficiency, and data storage. Orion Advisor Solutions and Morningstar Office offer powerful portfolio rebalancing and performance tracking, ensuring advisors can swiftly adjust client strategies in response to market shifts. Tamarac provides seamless CRM integration,

making it ideal for firms prioritizing a streamlined workflow. Holistiplan and BNA Income Tax Planner are excellent choices for tax planning, automating tax analysis, and ensuring advisors can proactively adjust strategies to maximize taxadvantaged growth. Addepar excels in data aggregation, integrating client records and financial insights across multiple platforms, reducing administrative burdens. Given the ever-growing need for secure document management, Box for Financial Services and NetDocuments provide scalable storage solutions with advanced permission controls, ensuring compliance while keeping sensitive client data organized and protected.

“Box for Financial Services and NetDocuments provide scalable storage solutions with advanced permission controls.”

but also to them. The more they understand, the more they’ll want to discuss things with you, which means you’ll strengthen the relationship and build trust every time you interact. It’s much easier to give accurate advice and present clients with a clear investment roadmap if they have some understanding of what you’re talking about.

CLIENT CONSIDERATIONS

Maintaining a close and personal relationship with every client is critical. When customers feel like they’ve become just another report to you, they start looking for other investment help. It’s a personal relationship; losing sight of it can mean the difference between keeping a customer and waving goodbye.

How well a set of financial planning features addresses that need is something not every wealth professional looks for right away, but they should. Yes, planning tools should deliver personalized strategies for each client’s goals and financial situation. They need to be able to provide you with enough information to create a tailored plan that maximizes a customer’s economic well-being. However, they must also present that information so customers can easily digest it. That all-important strategy report should be as straightforward as possible, not just to you

To get there, your toolbox needs to address data aggregation without giving you a migraine. Your chosen software solution should be able to pull together every client’s complete financial picture, meaning accounts, investments, and assets, and present that information.

Dashboards can help here, but usually they aren’t enough. You should be able to generate an endto-end report of this information before you sit down to rebalance a client’s portfolio. When applying new tweaks, the entire report and any attached dashboards should react automatically rather than asking you to adjust them separately.

That’s not just for time efficiency but also to minimize errors. Whenever a human has to move or adjust data, you open the door to a potential mistake. Hunting those down can be extremely difficult. So, the depth and ease with which your software can move this data for you are essential considerations. Effective data aggregation lets you build comprehensive plans faster and track performance more accurately. That builds trust and leaves customers with a clear understanding of their financial status and progress.

It also helps you address those curveballs we mentioned earlier. You’re looking to brew a secret sauce of successful wealth-building strategies that differentiate you from the competition, and smart data aggregation is at the heart of that mission. Markets can change quickly, as can clients’ financial situations. Reacting to changes fast is an important part of emphasizing your expertise, which helps them feel secure.

A big part of that is offering alternative investments that might help clients reach their goals faster. These features allow you to deliver diversification options that factor in uncorrelated assets, overall risk reduction, and the impact of market fluctuations.

Seeing how an alternative investment choice can affect every client individually gives you a leg up on generating higher returns than the traditional investment categories familiar to most customers. Think of private equity investments, for example. They can yield substantial profits through strategic acquisitions, which is something many clients don’t initially consider.

This capability will likely combine several software-level things, notably data aggregation, market tracking, and the client’s risk tolerance. If you’re doing a hands-on evaluation of a potential software solution, it’s a workflow you’ll want to try. Look at things that will let you identify opportunities, track progress and outcomes, and do anything that improves client presentation and reporting.

If you’ve ever filled a sales role, you’re probably considering CRM platforms now. We’re talking about customer relationship management (CRM) tools for those that aren’t. Generally, these are products aimed at sales professionals because they’re designed to keep track of each client’s details easily. That’s important for wealth managers, too.

CRM systems are big, smart databases that create records for every client with data points you can

specify and alter at will. That should include the customer’s investment preferences, risk tolerance, and financial goals at a minimum, but the more detailed a CRM record can get, the better off you’ll be.

That’s because this isn’t just about having an easier time accessing your client’s information. It’s also about automatically making that data available for analysis and planning. Opening a record in a separate window and getting a reference report is one way of working, but it’s time-consuming and error-prone. Innovative CRM tools will apply their data to your actions in other parts of your wealth management tool. For example, they might do it in the form of thresholds. If you’re building a plan for a customer with a certain level of risk tolerance, your CRM features can alert you automatically if your plan is above or below what the client wants. It’s a great concept, but it won’t be ready out of the box. You need to correlate the information in a CRM record with every action to which you want that data applied. Some tools offer this ability with a long list of checkboxes to customize yourself. Others will require you to work with your IT pro and maybe even a database administrator. That’s especially true if the software you choose doesn’t have CRM features builtin but instead wants to integrate with a third-party CRM platform. In that case, you’re mapping data relationships between two different software packages, which can be time-consuming and difficult. But hopping over that hurdle can be more than worth it. These features track every customer interaction, so even out of the box, they’re great for timely follow-ups that keep your clients informed and engaged. You can use them to kick off automated email streams, remind you of appointments and customer meetings, and when it’s time to generate reports. That kind of personalization is tough to achieve on your own, so automating it makes it easier to build trust and keep customers happy.

TOP CRM TOOLS FOR WEALTH MANAGERS

The right technology stack ensures wealth managers maintain strong client relationships and deliver personalized financial strategies. eMoney Advisor and MoneyGuidePro lead the way in goal-based financial planning, offering interactive dashboards and clear, visually appealing reports that make complex financial strategies easy for clients to understand. For seamless data aggregation, Addepar and ByAllAccounts consolidate client financial data from multiple sources, providing a holistic financial picture in real-time. Regarding CRM solutions, Salesforce Financial Services Cloud and Wealthbox streamline client interactions, track preferences, and automate follow-ups to enhance engagement and trust. These platforms ensure wealth managers can proactively tailor their services, adjust financial plans, and confidently offer alternative investments. For those focusing on alternative assets and diversification, CAIS and iCapital Network provide robust marketplaces for private equity and hedge fund investments.

MANAGING ESG AND OTHER RISK FACTORS

All of what’s above is about what you’re showing your clients. But there’s plenty left to do behind the scenes. At the top of that list are risk profiling and assessment features. They should measure every investment’s success potential and how well it fits a client’s needs. They need to factor in what the client wants, what they think the client needs, and what the outside world is doing to that plan.

You need this information in a format that helps you make informed decisions while balancing risks and returns. The key here is customization—for you this time, not the client. Every manager works differently, so you’re not necessarily looking for a tool that just offers a static set of features. You’re looking for a system that will give you the information you need to work how you want.

That can take many forms, so evaluating a potential platform can be complex. Wealth management tools keep gobs of information that might be applicable here. You need to identify the data you want to use and the place you want to use it, meaning which screens in the software you want to do this kind of analysis.

“CAIS and iCapital Network provide robust marketplaces for private equity and hedge fund investments.”

You should also be able to decide how you want the final work to look and where you want it applied. For instance, you may like it as an old-school reference report or want it applied automatically wherever needed. You might also want to work with another tool, like Excel, which means the software should be able to move data back and forth without hassle.

The more you customize risk and assessment workflows to your style, the more impact they’ll have in the long run. They should improve performance and successful outcomes for your customers, but they should ensure you stay compliant with regulatory requirements because they’re documenting the rationale behind your investment decisions.

They’ll also help with ESG (Environmental, Social, and Governance) screening and reporting. ESG is how you match your clients’ values to the investment options you provide. It’s a bit like matching their financial goals with their personal beliefs, which sounds a little granola but will help you build that all-important trust relationship.

After all, responsible investing is more important to a larger swath of customers than it’s ever been. For example, you’ll encounter more clients who want to account for sustainability and ethical business investments. Having a software platform that addresses ESG means you can present clients with the long-term impact of their investments on society and the environment, which is a win-win for everyone.

On the ESG front, MSCI ESG Research and Sustainalytics provide industry-leading ESG ratings and analytics, enabling advisors to screen investments for sustainability, governance, and ethical impact. YourStake is another strong option, offering personalized ESG reporting that aligns portfolios with client values and regulatory frameworks.

FactSet and Morningstar Direct provide deep investment analysis with flexible reporting for wealth managers who need a highly customizable platform. These allow advisors to integrate ESG factors into overall portfolio performance evaluation. Lastly, Clarity AI offers AIpowered ESG insights, automating data aggregation and impact measurement across client portfolios.

TOP TOOLS FOR MANAGING ESG

Wealth managers need powerful tools that integrate risk profiling, ESG screening, and compliance tracking to manage ESG and risk factors effectively. Riskalyze stands out for risk assessment, providing a quantifiable “Risk Number” that aligns investment choices with client risk tolerance. Finametrica and Pocket Risk offer deep psychometric risk analysis for a more behavioral finance-driven approach, helping advisors anticipate client reactions to market shifts.

PROTECTING THE BITS AND BYTES

Financial data is sensitive. It’s a treasure trove of customer information you need to guard with your life—or at least your servers. Cybersecurity covers a lot of ground, which your IT staff will traverse, but you need input and understanding to ensure your clients understand that their data is safe. The bottom line is that customers feel safer if they can talk to you about security than when they have to squint their eyes at a terms and agreements document.

Cybersecurity is also a critical aspect of regulatory compliance. Strict regulatory controls, like GDPR and CCPA, will impact any financial professional. Knowing which regulations apply to you and staying compliant avoids potentially nasty legal penalties and keeps your reputation intact. Frightened clients tend to be fleeing clients.

The specific capabilities you’re looking for in cybersecurity can be legion. Pinning them down is a combination of your IT department’s expertise, possibly a consultant’s recommendations, the needs of your legal team, and what you think your clients will need to feel protected. From your perspective, this should cover phishing attacks, malware, and ransomware. For your clients, you need to consider protecting encrypted communications and ensuring they understand how and when you’ll interact with them so they’ll know when someone is trying to fool them.

If your software choice integrates with a website so clients have direct access to their portfolios, you should be able to use multifactor authentication (MFA) and dictate strong passwords. MFA can take several forms, from sending them a one-time code in a text or an email to using a physical token or even something biometric, like a voice scan. These days, whether it’s part of your basic toolset or a website management platform, these features are absolute must-haves.

TOP SECURITY TOOLS

To ensure robust cybersecurity in wealth management, professionals must adopt tools that protect sensitive financial data, comply with regulations, and safeguard client interactions. BlackCloak is a leading solution for high-net-worth individuals and financial firms, offering personal digital security and privacy protection against cyber threats. KnowBe4 provides comprehensive security awareness training, helping firms prevent phishing, social engineering, and ransomware attacks through simulated exercises.

For encryption and secure communication, Virtru offers client-side email and file encryption, ensuring sensitive financial communications remain protected. LastPass Business and 1Password Teams are excellent choices for enterprise password management, enforcing strong credential policies and minimizing the risks of breaches due to weak passwords.

Regulatory compliance is a must, and OneTrust helps firms navigate GDPR, CCPA, and other data privacy regulations by automating compliance workflows and data protection strategies. For multifactor authentication (MFA) and identity security, Duo Security by Cisco provides biometric authentication, mobile push approvals, and adaptive access policies, adding an extra layer of defense against unauthorized access.

Palo Alto Networks Cortex XDR and CrowdStrike Falcon deliver AIdriven threat detection, malware prevention, and endpoint security to guard against cyber intrusions for firms needing end-to-end cybersecurity monitoring.

to learn, AI can help you predict market trends and potential investment outcomes based on historical data and real-time information.

It’s also a great way to personalize your customer relationships. An AI can help you find and keep track of all your client’s unique needs and goals no matter where you’ve stored them—emails, CRM records, meeting notes, and even scanned correspondence. It points you to all that information, and AI parses the data and builds a summary. Your CRM record might be built off a questionnaire the client filled out earlier in the year, but perhaps they changed their mind about something in an email. That’s something you might forget that an AI will find and incorporate into its report, and it can do it in seconds.

How AI is implemented can vary greatly. Many tools advertise that they’re “powered by AI.” But exactly what that means varies from vendor to vendor. You should base your decision on what you need today and what you might want tomorrow.

TOP AI TOOLS

A new generation of AI, blockchain, and tokenization tools is redefining financial services to help wealth managers stay ahead of the curve. ForwardLane leverages AI-driven analytics to provide hyper-personalized investment insights and client recommendations, while Broadridge AI enhances predictive modeling to anticipate market trends and optimize investment strategies. Addepar integrates AI-powered data aggregation to generate customized reports and portfolio breakdowns with real-time insights.

For wealth managers looking to integrate blockchain for security and transparency, Figure and Securitize offer blockchain-powered platforms that streamline private equity, alternative assets, and digital securities transactions. Fireblocks provides institutional-grade blockchain security for managing and transferring digital assets, ensuring compliance and security.

NEW KIDS ON THE BLOCK

All the features we’ve discussed have proven their importance over the last several years. But there are also new features you might want to consider, especially artificial intelligence (AI). Sure, it’ll probably take all our jobs, but you can make hay with it.

AI is all about questions and patterns. If you give an AI the right query, it can help you spot patterns, trends, and anomalies that might be much more difficult to find manually. Once it has had a chance

Having an AI deliver a quick and highly detailed report for every customer might be enough. But suppose the competition starts doing smarter investment analysis via AI tomorrow (and most are already doing that now). In that case, you’ll want to ensure your software vendor’s AI capabilities can keep pace. That’ll almost certainly mean involving your IT professionals and probably consulting an AI specialist.

Then there’s blockchain and tokenization, which have risen over the last few years. Blockchain is a decentralized and immutable ledger that records all transactions. It’s an ironclad way of ensuring transparency and security. It allows you and your clients to verify the integrity of every financial transaction, and its built-in encryption is another security layer. It’s a digital vault that keeps everything safe and sound.

Tokenization is transforming access to alternative investments, and iCapital Network and CAIS enable fractional ownership of private equity, real estate, and hedge funds, broadening investment opportunities. Tokensoft allows financial firms to issue digital securities and tokenize traditional assets while maintaining regulatory compliance.

At its center, the meat of wealth management software boils down to decision-making. The real goal here is to ensure you’ve got a set of tools that can keep providing you with valuable insights no matter what happens in the world.

Every feature we’ve discussed above will help you achieve that goal, but you’ll need to decide which ones you need and how you need to use them. It’s a lengthy and likely difficult process. Still, the result should be a platform that emphasizes client satisfaction and your ability to stay competitive in what’s very likely to be a volatile market for some time to come.

Groundbreaking Women Summit 2025: Rise and Lead

LIVING WELL

In the inagural release of the Living Well section, we bring you the latest breakthroughs to help you better understand your longevity and healthspan. Learn what wearable tech is teaching us about women’s health (52), and how a metric once reserved for professional athletes is now considered the strongest predictor of your lifespan (54).

How Wearable Tech Empowers Women’s Health

From fertility tracking to cardiovascular insights, innovative devices can empower women to take charge of their health management.

BY KIRSTEN CLUTHE

Two years ago, I embarked on a wellness journey to the Four Seasons Sensei Lanai after having gone through breast cancer treatment. Ahead of the trip, my wellness guide sent me a WHOOP device so I could start tracking my health before I arrived. The WHOOP was a mysterious thing —a simple black band for my wrist with an app that held a world of data, from the quality of my sleep to how much stress I experience and how I recover. To get the most out of my trip to Lanai, I had to wear the WHOOP and track all the data for two weeks, including logging daily behavior, like how much alcohol or caffeine I consumed and when I woke up. Logging daily habits aside, privacy was also a consideration. Where was all the information going? Who would be able to see it? What could it be used for? That concern was balanced by the reminder that, as someone who had been diagnosed with and received treatment for breast cancer, I had been the beneficiary of decades of research and data. So, I opted in and got used to tracking everything, and I started to rely on the data to let me know how things were going in my life.

Over the past decade, wearable health technology has transformed how we manage our health. For women, it has the potential to become a game-changer. According to a 2023 report by Statista, the global wearable technology market is projected to reach $118 billion by 2028, with a notable 35% increase in femalefocused wearables since 2020. A 2022 McKinsey study revealed that 60% of women prefer wearables that provide personalized health insights, emphasizing a growing demand for more targeted products. Products like WHOOP, the Oura Ring, Apple Watch, and Fitbit have incorporated features such as menstrual tracking, pregnancy monitoring, and stress management tools, and they can assist women in every stage of life.

The Oura, a smart ring that collects data on over 20 biometrics, including heart rate, sleep, and stress levels, provides personalized insights and guidance and is stylish,

making it more appealing to wear. It has been seen on celebrities like Jennifer Aniston and Gwyneth Paltrow, and because it doesn’t have a display, it doesn’t distract like other screenbased devices. The ring can also use temperature data from the finger to detect slight increases in basal body temperature, which can indicate ovulation and help women trying to conceive or better understand their reproductive health.

While much of the focus on wearable health tech for women has been on fertility and pregnancy, these devices are also making strides in other areas. Sleep health, HRV (heart rate variability) analysis, heart rate monitoring, temperature tracking, and early illness detection are just some of the benefits of using a tracking device.

Fitbit, a wearable device that has existed since 2007 and is now owned

and operated by Google, has also entered the women’s health space. The latest device is the Charge 6, which has a sleek design, lightweight construction, and advanced healthtracking features. One of its best features is its ECG (electrocardiogram) functionality for heart health insights—the company says that the heart rate tracking is 60% more accurate than other models during high-intensity activity.

By tracking heart rate variability (HRV), another familiar player—the Apple Watch—can detect irregular heart rhythms (such as atrial fibrillation) and perform ECG readings for early detection of cardiovascular conditions. Its blood oxygen monitoring provides insights into respiratory and overall wellness, while the fall detection and emergency SOS features enhance safety, especially for older users. The Apple Watch also integrates comprehensive fitness tracking, including activity rings, workout detection, personalized coaching, and mindfulness features such as guided breathing exercises and stress tracking, encouraging users to maintain a healthy lifestyle.

While wearables provide vast data, translating this information into actionable insights is challenging. Many users feel overwhelmed by the sheer volume of metrics available, as I did when I started using my WHOOP device. However, with the help of several apps that help users understand the data, like Natural Cycles, which integrates with devices like the Oura Ring to make fertility tracking more accessible, and Fitbit and WHOOP, which provide daily readiness scores, users can gain a sense of of of control and confidence in their health management. Of course, to get detailed insights that help you understand the data, you need to subscribe to a membership plan. I had to do the same with my WHOOP device and found it worth the monthly fee.

Many users have expressed the need for more education on interpreting their health data and

integrating it with healthcare providers. The ultimate goal is to create an ecosystem where wearable devices track health metrics and act as a bridge between users and their doctors, facilitating more personalized and effective care. We are moving closer to the day when we can walk into our physician’s office and have all our health information readily available. This progress is a reason for optimism and underscores the potential of wearable health technology in the healthcare landscape.

As wearable devices collect increasingly sensitive data, the issue of privacy is a serious concern. Women’s health data, in particular, is incredibly personal. While these devices offer unparalleled insights, they also gather information that could be misused. This concern is amplified in regions with restrictive reproductive rights laws. In some cases, women fear that their health data could be used against them, highlighting the importance of robust encryption and user control over data sharing. Recent debates around data ownership and third-party sharing have made many users question how secure their information is. This underscores the need for robust data protection measures and clear, transparent policies from companies in the wearable health tech industry.

Wearables collect vast amounts of personal health data, so ensuring this information remains secure and used ethically is essential. As innovation continues, striking a balance between technological advancement and user privacy will be key to the sustainable growth of wearables in women’s health.

The rise of wearable technology tailored for women is an essential advancement in personal health monitoring and wellness management. These devices provide invaluable insights into sleep patterns, heart health, stress

“Striking a balance between technological advancement and user privacy will be key to the sustainable growth of wearables.”

levels, and reproductive health, enabling us to make informed decisions about our well-being. But when it comes to finding the right device, it comes down to what works with your lifestyle. Are you a minimalist who prefers to focus without distraction or a multitasker who likes seeing all the data in real time?

The WHOOP changed my behavior in a significant way. It has given me a much better understanding of my habits, which is ultimately good for my health. By harnessing the insights from these devices, we can bridge the gap between everyday wellness management and professional medical care. As more companies understand women’s healthcare, we can expect products and services to help us better manage our health and wellness journey.

One Fitness Metric That Predicts How Long (and Well)

You’ll Live

VO2 max testing isn’t just for elite athletes. It’s a powerful predictor of longevity, heart health, and independence as you age.

BY GABRIELLE DORÉ

If you read any health stories online, I can almost guarantee you’ve heard the buzzwords “resistance training,” “lean mass,” and “protein intake.” While growing your skeletal muscle mass is incredibly important for living a long, independent life, there’s one muscle in particular we need to remember: the heart.

Your heart’s health represents your cardiovascular fitness, and the best way to measure that is by testing for VO₂ max. Your VO₂ max is the maximum amount of oxygen your body can use during intense exercise. This metric indicates how efficiently your heart, lungs, and muscles work together to supply oxygen, making it a powerful indicator of athletic performance and, more importantly, longevity.

Worth sat down with Nicholas DiMeglio, a certified strength and conditioning specialist from Performance Optimal Health, to explain the importance of VO₂ Max for longevity and why you should test it.

HOW VO₂ MAX IS MEASURED & WHY WHAT YOU CHOOSE IS IMPORTANT

“The gold standard for testing VO₂ max would be the Bruce Protocol,” explained DiMeglio. The Bruce Protocol is where you run or walk on a “graded treadmill that increases speed and inclines across multiple stages. It’s the most accurate test we can do but requires access to lab equipment and a team of trained clinicians who can run the test and interpret the results,” he explained.

For this story, I had my own VO₂ max tested by Amy Julien at Longevity Westport by Dexafit using the Bruce Protocol. After a quick onboarding, she connected me to a metabolic cart with a face mask and chest heart rate monitor. Once I was all hooked up, we were off to the races.

As the test went on and my effort increased, the metabolic cart measured the amount of oxygen I inhaled and how much carbon dioxide I exhaled. The heart rate monitor assessed my cardiovascular efficiency. I ran until I hit my VO₂ max, which meant my body could no longer use extra oxygen to fuel my muscles, so it switched over to anaerobic energy sources, which resulted in lactic acid accumulation and that feeling of gasping for air.

I was happy to find out that my current training regime allowed my VO₂ max results to put me in a healthy standing for my age and gender, even though I never run and didn’t prep for the test. It made me wonder how I’d perform on a different modality.

My background is in rowing, and I still jump on an erg a few times a week. I questioned how using a tread-

mill rather than a rowing machine could have affected my performance. Depending on your experience with certain exercise modalities, your results could vary based on the implement you use,” said DiMeglio. “If you’re a cyclist, your test results on a bike could look very different than if you run on a treadmill, so the person’s experience level should be considered when choosing which test to run,” he explained.

After I showed DiMeglio my results and spoke about my rowing, he asked for my recent best 2000m test time, gender, and body weight and input those numbers into Concept 2’s VO₂max Calculator for Indoor Rowing. The resulting numbers were more reminiscent of when I was competitive.

But why do these numbers matter beyond athletic performance?

HOW VO₂ AFFECTS YOUR LONGEVITY

Peter Attia has long preached the importance of VO₂ max testing and its connection to longevity. In an episode of his podcast, “The Drive,” he explained how there is a clear relationship between VO₂ max and all-cause mortality. Moving from a low VO₂ max (bottom 25th percentile) to a below-average level (25th to 50th percentile), you can lower your mortality risk by 50%. If you were to take it to an above-average level (50th to 75th percentile), you would have an even more significant risk reduction of around 70%.

Barbara Strasser and Martin Burtscher’s study, “Survival of the fittest: VO₂max, a key predictor of longevity?,” published in Frontiers in Bioscience-Landmark in 2018, strongly echoes Attia, stating, “[VO₂ max] is the strongest independent predictor of future life expectancy in both healthy and cardiorespiratorydiseased individuals,” regardless of either sex or race. The study also highlights that a higher VO₂ max is associated with a lower risk of chronic diseases, including cardiovascular disease, metabolic disorders, and certain cancers.

Furthermore, the American Heart Association has stated that “CRF (cardiorespiratory fitness),” as tested through VO₂ max, “is a stronger predictor of mortality than established risk factors such as smoking, hypertension, high cholesterol, and type 2 diabetes mellitus.”

But beyond survival, VO₂ max also plays a role in the quality of life over time, aka health span.

Strasser and Burtscher pointed out in their study that your VO₂ max declines by 7-10% per decade after age 30, accelerating in those who live a mostly sedentary lifestyle. However, research suggests that endurance training focused on expanding your VO₂ can slow this decline, allowing a trained 70-year-old to have the cardiovascular fitness of an untrained 50-year-old. This leads to an extended health span as mobility is preserved, enabling long-term activity and independence in advanced years.

TRAINING YOUR VO₂ MAX

By incorporating VO2 max training, you can maintain cardiovascular fitness and mitigate its inevitable decline into old age. But how do you train to support a healthy VO₂ max? DiMeglio detailed two main training options, depending on your wants and needs.

n Low-Intensity Steady State (LISS): This is one of the best and most sustainable ways to improve VO₂. Using standard cardio equipment (treadmill, stationary bike, rowing machine, etc.), you can create a periodized program to improve VO₂. The best way to progress is by increasing total time, distance, or speed. For this protocol, you should maintain a heart rate of about 60-70% of your max heart rate. Since this is a sub-heart rate max protocol, you can do this more frequently than other methods. LISS methods can be used 3-7 times per week. Beginners can start with 15-20 minutes per session and increase each session to 45+ minutes as they gain experience and improve their fitness levels.

n Interval-Based Training: Perform an exercise maximally for a short burst and then rest for a set amount of time. An example would be Tabata training, which is eight rounds of 20 seconds of work followed by 10 seconds of rest. This method takes significantly less time than the LISS method (typically 10-30 minutes) but is highly fatiguing, and the recovery takes much longer. This protocol shouldn’t be performed as frequently throughout your train-

ing week. To perform the interval method correctly, you must work within 85-100% of your maximal heart rate. You can use intervalbased training 2-4 times per week. Beginners should start with 2x per week and monitor their recovery between sessions before increasing their frequency.

TRACKING FOR LONGEVITY

Now that my VO₂ max baseline has been set, I plan to add it to my annual physical to help keep track of my heart health as I age—beyond the typical cardiac blood tests. While cholesterol levels and blood pressure are necessary metrics, VO₂ max directly measures how well my body delivers and utilizes oxygen—a key factor in my longevity and health span.

“For anyone looking to live a healthier and more fulfilling life,” said DiMeglio, “a higher VO₂ max will make daily tasks much easier. Leaving you with more energy to spend with family and friends [over time].”

Improving my ability to run a mile or row 2000m means more than how fast I can do it. It indicates the health of my VO₂ max and my heart, which, in turn, makes it more than a fitness performance metric. Instead, it measures how well I prepare my body for a long, active, and independent life.

Mastercard’s Raja Rajamannar on Purpose, Passion, and Innovation

Mastercard’s CMO shares how the company uses technology and purpose-driven initiatives to create lasting global impact.

By Dan Costa

At a time when brands are expected to be more than just businesses, Mastercard has emerged as a global leader in purpose-driven innovation. Raja Rajamannar, the company’s Chief Marketing and Communications Officer, is at the helm of this transformation, whose approach transcends traditional marketing metrics to focus on societal impact, technological advancement, and authentic consumer connections. I had the opportunity to sit down with Raja to discuss how Mastercard is leveraging its vast resources to support displaced families, empower small businesses with AI, and redefine the experience economy. Our conversation delved into the evolving role of the CMO, the integration of sustainability into business strategy, and how passion and purpose can coexist not just as buzzwords, but as the foundation for lasting global impact. Whether it’s through initiatives like the “Where to Settle” campaign for Ukrainian refugees or pioneering AI tools for entrepreneurs, Raja’s vision is clear: innovation without purpose is just noise. Here’s how Mastercard is making sure its impact resonates far beyond the balance sheet.

Mastercard has launched initiatives like the “Where to Settle” campaign for Ukrainian refugees and the Small Business AI tool in the U.S. How do you determine which social challenges to prioritize, and what role does purpose play in your personal leadership philosophy?

We’re focused on ensuring that every person and family can thrive in the digital economy. That North Star charts the course for our business but is also the guiding light for our purpose-led initiatives, allowing us to do well as we do good in a sustainable, authentic, and real way. You see this reflected in our products and services, partnerships, and campaigns.

For instance, when we saw a need to support displaced families in the early days of the Ukrainian refugee crisis, we launched “Where to Settle.” Leveraging our expertise in digital payments, financial inclusion and global networks, we provided practical solutions that directly addressed their needs. It was good for people, good for the community, and good for our brand. Similarly, with the Small Business AI tool piloting in the U.S., we’re empowering small businesses by giving them access to AI tools, hoping to enable them to grow even further.

I firmly believe, personally and professionally, that it’s critical to have a North Star that keeps you consistent and enables greater trust to be built—whether between employees or consumers and brands. It also creates accountability that allows for greater, longer-term impact. People sometimes act like making purpose profitable is something you need to whisper about, but I say it loudly. If brand purpose isn’t authentic, it will fall flat and unintentionally harm existing consumer relationships. When you passionately pursue your purpose, profit follows.

You’ve spoken extensively about the shift toward experiential and multisensory marketing. How do you align these innovations with the company’s mission to connect people to their passions and purposes?

Consumers are increasingly seeking memorable experiences, plain and simple. Research shows a clear shift toward prioritizing experiences over things. People are spending more on their passions and consciously saving to fuel them, which drives economic activity across categories like travel, music, and sports — a phenomenon we call Passionomics. Understanding this shift, we’ve leaned into these insights and are seeing incredible results.

From expanding our restaurants globally, including Peak by Priceless in New York City, to offering special access through our partnership with McLaren Racing, and collaborating with Netflix to deliver immersive experiences like Netflix House and Netflix Bites, these are just a few examples of how we’re creating unforgettable moments that connect our cardholders to their passions.

Your Small Business AI tool demonstrates Mastercard’s commitment to inclusive mentorship. How do you see AI evolving to bridge gaps in equity and opportunity further globally?

Small businesses are the backbone of our economy. When small businesses thrive, we all thrive. Through our work with entrepreneurs, we’ve identified a significant gap in access to essential resources, particularly mentorship. A 2024 U.S. Small Business Administration survey found that more than 90% of small- and medium-sized business owners believe mentorship improves their chances of success, yet only 25% have a mentor. While AI can never replace human mentorship, this insight inspired us to focus on developing tools that help bridge this gap.

Our Small Business AI chatbot offers ongoing guidance to entrepreneurs at every stage of their journey, providing access to diverse, responsible sources of content whenever needed. AI is powerful because it helps level the playing field, acting as an enabler for success.

Looking ahead, AI-driven consumer applications will become more mainstream and accessible, continually evolving and improving to help consumers in highly specific ways, tailored to their personalized needs. This will further empower entrepreneurs and small businesses.

Urban mobility campaigns promote sustainable solutions like public transportation. How does sustainability factor into Mastercard’s strategy, and how do you engage consumers in these efforts?

Public transportation is a win in so many ways: it makes cities more efficient, reduces congestion, and helps the environ-

ment. We’re focused on creating seamless and inclusive transit experiences that encourage the use of digital payments and make sustainable travel more accessible. Through contactless payments for trains, buses, bikes, and scooters, we’re making public transport easier and more secure to use. But it’s not just about convenience — we also want to make it fun and engaging. With campaigns like “Tap, Go & Play,” we’re gamifying the experience, offering incentives to encourage people to ride more often. By doing this, we’re helping make public transport a regular habit while supporting more sustainable travel.

Your partnership with McLaren unlocks unique experiences for fans. How do these collaborations deepen Mastercard’s connection with consumers, and what’s next for sports and experiential marketing?

Our partnership with McLaren Racing perfectly exemplifies our experiential brand strategy. By aligning with an iconic team like McLaren and in a sport that’s skyrocketing in popularity, we’re creating extraordinary opportunities for fans worldwide.

Whether we’re unlocking unique, behind-the-scenes moments by giving fans special access to tickets or the team garage, meeting the drivers, or hearing an incredible artist while at a race, we’re unlocking unique, behind-the-scenes moments. These experiences help build an emotional bridge between fans and Mastercard, showcasing that we’re not just a payments company but a brand that understands and invests in what people care about.

As we look to the future, we’re committed to staying ahead of the curve, exploring opportunities across sports, culinary and other cultural arenas to connect with consumers wherever their passions lie. For example, gaming is one of the fastest-growing passions worldwide, with a massive, dedicated fanbase. Seeing this, we recognized a clear opportunity. We became the first global sponsor of League of Legends in 2018. Since then, we’ve expanded our partnerships to include Valorant and launched programs like the Mastercard Gamer Academy. This initiative takes a group of dedicated individuals from around the world, offering training, travel and unique experiences that help them turn their passion into a career focused on the game they love.

What does our motto “worth beyond wealth” mean to you?

To me, “worth beyond wealth” is a powerful reminder that true success isn’t measured solely by financial gain but by the positive impact we can create in the lives of others. This aligns deeply with Mastercard’s philosophy of doing well by doing good, using our resources, technology and partnerships to make a meaningful difference. It’s a call to focus on what truly matters.

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FORECAST

Atlas Merchant Capital’s Larry Kantor and Bob Diamond have reviewed the data and offer their insights into how Trump’s trade and immigration policy will affect the economy. (60) Pam Krueger has tips for managing your money in 2025. (64) UBS has new numbers on the world’s billionaire class. Spoiler: the U.S. still dominates the globe. (68) Finally, we look at the actual value of Nvidia as an investment. (70)

Boom or Bust? How Trump’s Economic Policies Could Reshape Growth

Higher tariffs and fewer immigrants present major economic risks, but deregulation could be helpful.

BY LARRY KANTOR AND BOB DIAMOND

The U.S. economy is in very good shape. Real GDP—or inflation-adjusted output—has been growing at a 2 ½ to 3% pace. The unemployment rate is 4%—consistent with full employment—and core inflation has settled around 3%, down significantly from the COVID-induced surge of 9%.

Financial markets reflect this solid performance. The S&P advanced by around 25% in 2023 and 2024 and has risen at about the same annual pace since the November election. Long-term interest rates have moved up due to stronger-than-expected economic growth, higher-than-expected inflation, the persistence of large budget deficits and the implication that the Federal Reserve will not reduce rates as much as had been expected. The dollar has strengthened significantly, mostly reflecting the direct and indirect effects of the massive outperformance of the U.S. economy.

Hourly U.S. Earnings

Average hourly earnings of all employees, total private

Source: FRED

Markets have also adjusted to the notion that the economy can handle higher interest rates, and that core inflation is unlikely to get down the Fed’s target of 2% anytime soon. After cutting its target interest rate by a whole percentage point in the last four months of 2024, the Fed has adopted a wait-and-see posture regarding further easing.

The U.S. experienced a prolonged period of unusually low inflation and interest rates following the financial crisis. The Federal funds rate averaged less than 1%, and 10year U.S. Treasury yields ranged between 1.5-3%. Persistently low inflation reflected free trade and the productivity-enhancing benefits of the internet. Those days are over. We are now in an environment of increasing tariffs and a push to produce in home countries. Meanwhile, the Covid experience has induced firms to take risk into account instead of focusing solely on cost in determining where to produce and source inputs. They have diversified their supply chains and are maintaining higher inventories.

A recession seems unlikely anytime soon. There is no evidence of the excess that usually precedes reces-

sions. Both household and business balance sheets are healthy and don’t appear over-extended in terms of debt burdens or excessive risk-taking.

The big question is how President Trump’s economic policies will pan out. His proposals on tariffs and immigration pose a risk to continued strength of the U.S. economy, while his commitment to deregulation could provide an additional boost.

TARIFFS RAISE REVENUE BUT INCREASE PRICES AND REDUCE OUTPUT

Significantly higher tariffs on imports from key trading partners would undermine international trade, which boosts U.S. economic growth and exerts downward pressure on inflation. Free—or unfettered—trade is inherently mutually beneficial since no one forces people or countries to trade. When it comes to trade between countries, it’s more complicated and nuanced since some sectors of the economy are made worse off and others better. Empirical studies reveal a net positive effect, but it doesn’t always feel that way.

Global trade took off in the 1980s, reflecting the increasing recognition of its benefits and the opening of the Communist bloc. The U.S. became a major importer of manufactured goods and an exporter of technology. Manufacturing employment in the U.S. fell sharply and many towns and cities that hosted those firms were hollowed out. On the plus side, hundreds of millions of Americans buy all kinds of goods for much lower prices than they otherwise could. This allows them to spend more money on other things like cell phone and streaming services, travel and going out to restaurants and entertainment venues, which provides additional jobs in those and many different industries. But that benefit is much less evident and visceral than losing manufacturing jobs and hollowing out of cities.

One of the underlying reasons for the U.S. economy’s persistent strength has been its ability to absorb

social upheavals that accompany technological and economic progress. Over 90% of Americans were farmers at the time of the Revolution, but if that were the case today, the U.S. would be a poor country. Millions of people left for cities instead of spending their lives on farms during the Industrial Revolution, and the U.S. became an industrial giant. While that is no longer the case, the U.S. now dominates the technology sector.

There’s another, less obvious benefit of international trade for the U.S. It has historically had a lower saving rate than most other countries but maintains a very high level of investment, especially in technology. That’s because the trade deficit is matched by a surplus in the capital account: foreigners buy much more U.S. assets than Americans buy of theirs. Foreign ownership of U.S. assets provides the U.S .with a huge advantage. When foreigners buy U.S. Treasuries, stocks, and corporate and mortgage securities, the supply of loanable funds in the U.S. increases, lowering interest rates and providing more funds for domestic investment. This allows Americans to save less and spend more—boosting U.S. economic growth—while enjoying the benefits of investment.

President Trump has argued for 60% tariffs on Chinese goods and 25% on imports from Mexico and Canada. These are the U.S.’s biggest trading partners, accounting for more than half of all merchandise imports. The President has also proposed 10-20% tariffs on all other imports. The current average tariff on all U.S. merchandise imports is 2.3%.

If all were enacted, this would represent the biggest increase in U.S. tariffs since the Smoot-Hawley Act of 1930, which was legislated with the goal of protecting American farmers and other industries from foreign competition. It ended up provoking massive retaliation by other countries that resulted in a trade war, reduced global trade by some 60%, and significantly worsened the severity of the Great Depression in the U.S. and

around the world.

Many of these tariff proposals may not be enacted and instead used to extract concessions from U.S. trading partners. The President has already delayed the tariffs on Canada and Mexico with the prospect of those countries delivering on illegal border crossings and drug trafficking. In addition, the sharp decline in the stock market when the tariffs were first announced may act as a bulwark against further action.

Tariffs are charged as a percent of the price an importer pays a foreign seller. Much of the increased cost to importers is passed along through higher prices to consumers. In addition to these direct costs, tariffs also incite damaging retaliatory action by the countries on which the U.S. imposes tariffs.

President Trump raised tariffs in his first term and the U.S. economy and financial markets performed very well before Covid hit. But those tariffs were much more narrowly focused than what he has proposed this time around. And a huge tax cut was enacted in 2017—before the tariffs were imposed—that gave the U.S. economy momentum and more than offset the negative effects.

While the U.S. economy held up, the tariffs imposed during President Trump’s first term caused a recession in the manufacturing sector instead of protecting it as intended. Employment in manufacturing fell by 48,000 in 2019, following retaliatory measures by China and the EU, which imposed tariffs on U.S. exports of steel, aluminum, pork, soybeans, whiskey, blue jeans, and other items.

The tariffs did raise revenue, but even if all the proposed tariffs are carried out, they would be nowhere near enough to replace U.S. income taxes, as President Trump has suggested. Tariff revenue amounted to $77bn last fiscal year, or roughly 1.5% of federal tax revenue. A 60% tariff on all imports from China and a 10% across-the-board tariff on all other imported goods would generate some $450bn in revenue. While that would

be a significant haul for the U.S. Treasury, it pales compared to the revenue raised by personal income and payroll taxes—$2.4 and $1.7 trillion, respectively.

FISCAL POLICY NOT LIKELY TO HAVE A MAJOR IMPACT

President Trump has also promised to cut both federal taxes and spending. The Tax Cuts and Jobs Act of 2017 lowered personal and corporate tax rates. Personal income taxes were reduced for all income brackets, and the statutory corporate tax rate was lowered from 35% to 21%.

The personal income tax cuts are scheduled to expire at the end of this year and the President has proposed extending them or making them permanent. He has also proposed additional tax cuts, such as

• Eliminating taxes on Social Security benefits, tips and overtime pay

• Cutting the statutory corporate tax rate further to 20% overall and 15% for companies that produce their products in the U.S.

• Scrapping the $10,000 deduction limit on state and local taxes

A major difference between tariffs and fiscal policy is that both houses of Congress must pass spending and tax changes. While Republicans have majorities in both, they are notably thin, which should make new legislation difficult. By contrast, the President can effectively dictate tariffs. Most, if not all, the extensions of the Trump tax cuts—which had broad Republican support—are likely to pass, even though the Congressional Budget Office estimated that the full extension would add $4.6 trillion to budget deficits over the next 10 years. But there are enough remaining Republican deficit hawks in Congress to suggest that prospects for any new tax cuts are limited.

Budget deficits averaged 1-3% of

GDP in the years before the financial crisis, but soared to double digits following two recessions and the massive fiscal and monetary stimulus that followed. Deficits have shrunk since then but have remained over 6% of GDP the past couple of years, the most significant non-recession budget deficits since World War II. The outsized deficits have brought U.S. government debt to $35 trillion, an increase of over $25 trillion over the past 18 years. Interest payments on federal debt have also exploded, doubling to over $1 trillion and still growing.

President Trump has also created a new government agency run by Elon Musk called the Dept of Government Efficiency—or DOGE—that promises large spending cuts. It is unlikely that spending reductions will be enough to quell concerns about the high levels of U.S. government deficits and debt. Musk initially set a target of $2 trillion in spending cuts but more recently said a more realistic number is $1 trillion. Even that would be very difficult to achieve and would put only a dent in the growth of federal government debt anyway.

Discretionary spending—that is, spending not dictated by law—has become a relatively small component of overall federal spending and, at this point, doesn’t seem excessive. It is now around 6% of GDP, well below the 8% 50-year average, and amounts to only 26% of total government spending, down from over 60% in the 70s. Moreover, around half of discretionary spending is accounted for by defense appropriations. The wars in Ukraine and Israel have depleted U.S. weapons, and there is a need for restocking, making it difficult to reduce

Mandatory spending now accounts for twothirds of the budget, 80% if you include interest payments.”

overall discretionary spending.

On the positive side, Elon Musk believes that he can apply new technology to government services that will require less workers. DOGE has already offered incentives for federal workers to quit, although legal obstacles to this effort may be difficult to overcome. Given the technological innovations behind such companies as Tesla, Space X, Starlink and Neuralink, there is reason to believe Musk can achieve success in this effort. That said, the stated goal is to cut 10% of the federal workforce and save around $100bn per year, a large amount of money but not compared to the $6.75 trillion that the U.S. government spent in fiscal year 2024. Mandatory spending now accounts for two-thirds of the budget, 80% if you include interest payments, which are not required by law but are functionally mandatory. The total now amounts to over 17% of GDP compared with the 50-year average of 13%.

Social Security, Medicare, and veterans’ benefits account for the bulk of mandatory spending, and demographics are the main source of the increase. The aging of the U.S. population—reflecting the huge cohort of the baby boom generation that is now retiring, the increase in life expectancy, and our historically low birth rate—is the main reason for the increased spending on these programs.

REDUCED IMMIGRATION WOULD REDUCE OUTPUT AND INCREASE PRICES

A potential solution to this problem is more immigration. However, the political climate has moved in the opposite direction, and immigration to the U.S. has already begun to decline. President Biden signed an executive order last summer that has significantly reduced humanitarian entries into the U.S. President Trump has already signed a slew of executive orders that are intended to reduce both legal and illegal immigration as well as deport immigrants who are in

the U.S. but do not have legal status. At this early stage, the effects have been limited to thousands of people, not enough to have an appreciable impact on the overall economy. But if it extends to hundreds of thousands or millions, it will damage output, employment, and inflation.

The U.S. needs immigration now more than ever. It increases our labor supply, boosting our supply of goods and services. Among the most critical challenges facing the U.S. today is its declining population growth, which is lower than at any point in its history. Immigration accounted for most of its now meager 0.4% population growth. The labor force has also grown less than 1% over the past year. Without immigration, the prime-age workforce (between the ages of 25 and 54) would have seen essentially no growth over the past 25 years, dramatically restricting the ability to grow the economy and staff key industries.

Demographics undermine the financial viability of vast social programs like Social Security and Medicare. These programs operate like Ponzi schemes: when the labor force grows faster than the retirement population, they tend to fund themselves. That changed beginning in 2021, and these programs under current law are expected to go bust by 2035.

There are basically 3 solutions: raise taxes, cut benefits, or open the door to more immigration.

The viability of Social Security and Medicare is not the only risk associated with less immigrants. They make up a large component of the U.S. population and workforce. In 2023, nearly 48 million immigrants lived in the U.S., accounting for over 14% of the population. Immigrants comprise an even bigger portion of our workforce: more than 19%.

U.S. economic data show that immigration has been a boon for the U.S. economy. It surged postpandemic, adding 5 million workers between 2021 and 2024. That is why wage growth has moderated despite strong job growth and a very low un-

employment rate.

Immigrants are a net benefit to the U.S. economy. A study by the CATO Institute in 2023 estimated that firstgeneration immigrants contributed an average of $16,207 per capita to the economy yet cost an average of just $11,361. Undocumented immigrants pay nearly $100 bn in federal, state, and local taxes per year, with more than a third going to payroll taxes that fund programs that illegal immigrants are barred from accessing.

DEREGULATION CAN BOOST GROWTH BY INCREASING EFFICIENCY

There is little clarity on which regulations the Trump Administration will try to eliminate and whether it can succeed. Deregulation can boost growth and lower inflation by increasing the efficiency of the private sector. But it can also have damaging effects.

Government regulations are necessary. We need them to keep our food supply, cars, planes, pharmaceuticals, and workplaces safe and our environment cleaner. However, frustration with their sheer volume and scope is understandable. The Code of Federal Regulations has ballooned to more than 180,000 pages. Regulations affect almost everything produced in the economy, and in many circumstances, their complexity—especially when layered on top of state and local rules—can make it difficult for businesses to operate and for new and much-needed construction of infrastructure to be built.

President Trump has explicitly attacked government regulatory policy in at least three areas: electric vehicles, energy, and banking.

The President has already revoked Biden’s executive order that half of all vehicles sold in the U.S. should be electric by 2030. He also ordered the suspension of using unspent funds for EV charging stations, is reconsidering mandates for more stringent emissions rules, and wants to eliminate the $7,500 federal credit for EV purchases. These efforts will almost certainly be challenged, not

only for environmental reasons. The carmakers supported Biden’s 50% mandate since they invested heavily in electric vehicle production.

President Trump has declared an “Energy Emergency”, and pledged to expand oil production, make the U.S. the dominant energy producer and achieve energy independence. However, the U.S. is already producing record amounts of oil and natural gas due to the shale boom and advancements in hydraulic fracking. It is now the biggest producer of oil and natural gas in the world by far and is energy independent. The U.S. has been a net exporter of natural gas since 2017 and a net exporter of oil and petroleum products since 2021. The only way to induce companies to produce more energy at this point is if prices rise.

Finally, bank deregulation is likely to be helpful for our banking system, financial markets and their customers. The Dodd-Frank bill passed after the financial crisis required banks to hold more capital and use less leverage to ensure their safety. It has largely succeeded, and banks are better capitalized than ever. However, their inventories of securities are much smaller due to the capital and risk requirements, making them less capable of quelling market disturbances. Some loosening of capital requirements in certain markets, like the repo market, would probably improve the liquidity of financial markets and reduce volatility.

The Trump Administration will likely be more friendly to bank mergers that should increase the efficiency of the banking system and allow small and mid-sized regional and community banks—who provide specialized services to many small firms and local customers—to thrive. Consolidation of the banking system has been going on for decades due to economies of scale. The U.S. still has more than 4500 banks, and more consolidation is necessary to attract capital to the smaller institutions that will allow them to continue to serve their communities.

Money Moves for 2025: Your 5 Key Questions Answered

New tax laws and a shifting investment landscape will require adjustments. Make sure you, and your financial advisor, are ready.

BY PAM KRUEGER

Nearly two-thirds of Americans (65%) are starting off the year feeling optimistic, according to a recent survey by Fidelity Investments. Yet, beneath the surface of this optimism, caution is the word of the year. A third of those making financial resolutions are resolving to become more conservative investors in 2025. Why the shift?

Inflation’s ebb is promising, but the lingering effects of recent economic disruptions—and the uncertainties surrounding a brand new administration— have many treading carefully.

For high net worth individuals, the stakes are different but no less critical. The financial landscape is shifting, tax policies are poised to change, and market dynamics are evolving. The ever-present specter of volatility means that smart money management is non-negotiable.

Here are five essential money management questions—and actionable answers—to help you navigate 2025 with clarity and confidence.

1. WHAT ARE THE BIGGEST FINANCIAL CHALLENGES FOR HOUSEHOLDS IN 2025?

Overall, the biggest challenge for most households this year is handling uncertainty. A recent study by First Insight, a consumer tech and research firm, reveals a fascinating disconnect: 55% of consumers express confidence in their financial situation, and 57% worry about a potential recession in 2025. This split highlights the tension between personal financial stability and broader economic anxieties.

Inflation may have cooled, but interest rates remain stubbornly high. Trade disputes and tariffs—vowed by President Donald Trump—could drive prices higher, adding to the uncertainty. As a result, 2025 could become another year for tightening belts while carefully planning for long-term goals.

Kendrick Maddox, a Senior Wealth Advisor with Edge Capital Group in Charlotte, NC, and a fee-only advisor in the Wealthramp network offers this key advice: “Budgeting effectively in uncertain times starts with acknowledging these economic realities. Don’t let optimism over inflation’s decline lull you into complacency. A disciplined approach to spending and saving is essential.”

Maddox’s advice is an important reminder to build a financial buffer: set aside 6-12 months of living expenses in an emergency fund and cut back on unnecessary costs to prioritize long-term goals. Leveraging technology, such as budgeting apps and financial planning tools, can streamline your money management process and help you stay on track.

The silver lining? Conservative financial resolutions in 2025 don’t have to feel restrictive. Instead, they can lay the foundation for achieving larger financial goals once today’s uncertainties settle.

2. HOW CAN YOU SAVE SMARTER IN 2025?

With interest rates still elevated, high-yield savings accounts can provide a safe place to park cash while earning a competitive return. However, effective saving goes beyond choosing the correct account. Prioritize tax-efficient contributions to retirement accounts and explore opportunities to accelerate income into 2025.

The Internal Revenue Service announced several changes to retirement account contribution limits for 2025, offering new opportunities for high-income earners and everyday savers to build wealth. Let’s start with 401(k)s. The annual contribution limit for 401(k) plans has increased from $23,000 in 2024 to $23,500 in 2025.

Those aged 50 and older can still make an additional catch-up contribution, but the real game-changer is for savers aged 60 to 63. Thanks to SECURE 2.0 legislation, these individuals can now make a “super catch-up” contribution of $11,250, bringing their total contribution limit to $34,750.

For individuals at the peak of their earning potential, this super catch-up provision is a strategic way to turbocharge retirement savings while taking advantage of tax-deferred growth. IRAs also offer opportunities to optimize savings. While the base IRA contribution limit remains unchanged at $7,000, the income ranges for determining eligibility have increased.

“Thanks to the SECURE 2.0 legislation, some individuals can now make a “super catch-up” contribution of $11,250, bringing their total contribution limit to $34,750. ”

For example, single taxpayers covered by a workplace retirement plan will face a phase-out range of $79,000 to $89,000. The phase-out range for married couples filing jointly will be $126,000 to $146,000. Roth IRA income limits have also been adjusted, with phase-outs ranging from $236,000 to $246,000 for married couples and $150,000 to $165,000 for single taxpayers.

Regarding maximizing these contributions, Brett Spencer, CFP, CEPA, founder of Impact Financial in Boston, and a trusted advisor on Wealthramp, emphasizes one critical point: “Consistency is key. Even small increases in contribution limits add up over time, especially for those nearing retirement.”

Lastly, simplify your saving strategy by automating contributions. Setting up recurring transfers to your retirement and savings accounts eliminates the temptation to spend and ensures steady progress toward your financial goals.

3.

WHAT ARE 2025’S KEY INVESTMENT OPPORTUNITIES

Investment strategies for 2025 hinge on one word: diversification. Spencer cautions that if the S&P 500 reverts to its 30-year average price-to-earnings valuation, a correction of over 20% could occur. Market volatility, coupled with a shifting political environment, amplifies this risk.

Similarly, Eric Nelson, CFA and founder of Servo Wealth Management in Oklahoma City, is also a fee-only advisor who emphasizes the dangers of over-concentration in popular S&P 500, Nasdaq, and US Total Market index funds. Nelson, a seasoned investment manager, warns, “Your index funds could be in trouble,” highlighting the dominance of a few large-cap tech stocks dubbed the “Magnificent 7.” While these stocks have delivered stellar returns, the risk of a sharp correction is growing.

“No asset class goes up forever. The better it’s done recently, the more likely it is to underperform in the future,” Nelson explains. Diversifying into small-cap, value, and international equities is essential to managing this risk. History supports this approach: during the dot-com bust, the Nasdaq fell 75%, while small-cap value funds gained ground, underscoring the importance of spreading investments across asset classes.

For high-net-worth individuals, Maddox highlights private equity as an attractive diversification tool. “Deal activity in private equity has been subdued since 2022, but we expect a gradual return in 2025. Allocating to private equity over multiple years can help balance risk while capitalizing on long-term growth opportunities,” he says.

Alternative investments, such as private equity and real estate, can offer additional diversification benefits but require careful consideration. These assets often come with higher fees, lower liquidity, and longer time horizons, making them best suited for investors with the resources and risk tolerance to navigate these complexities.

4. HOW DO 2025 TAX CHANGES AFFECT YOU?

Tax policy changes in 2025 could profoundly impact households across all income levels. President Trump has pledged to extend the individual income and estate tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA). With both the House of Representatives and Senate under Republican control, this effort is likely to succeed. However, these provisions are set to expire at the end of 2025, and if they do, the financial implications could be significant.

Take the estate and gifting tax exemption, for example. It’s currently set to drop from $13.99 million to $7 million by year-end. Spencer emphasizes the urgency of preparing for this change: “For someone with a $13 million estate, this represents an

additional $2.3 million in taxes,” he explains. To mitigate this, strategies like setting up irrevocable trusts and transferring assets early can lock in today’s higher exemption levels. These steps, however, require careful planning, so it’s vital to act early.

Changes to the Qualified Business Income (QBI) deduction pose another challenge on the income tax front. The top tax rate for qualifying income is set to rise from 29.6% to 39.6%. Accelerating income into 2025 and strategically managing expenses can help maximize the deduction and minimize tax liability. For instance, W-2 wages and “qualified property” increase your QBI deduction, while other costs might be better delayed to 2026 if tax brackets increase.

Special depreciation rules also warrant attention from business owners. While the 100% deduction is no longer available, assets placed in service in 2025 will allow for 20% more depreciation than those placed in 2026. A $100,000 asset represents an additional $20,000 deduction in 2025.

The key takeaway? Tax planning is not a “set it and forget it” endeavor this year.

“Inflation may have cooled, but interest rates remain stubbornly high. Trump’s trade disputescould drive prices up, adding to uncertainty.”

5.

DO YOU NEED AN ADVISOR?

With so much in flux, the real question may not be how to manage your finances but whether you should manage them alone.

“Even seasoned investors can benefit from a second opinion,” Nelson says. He emphasizes the value of working with a registered investment advisor (RIA) who can provide unbiased, comprehensive planning tailored to your goals.

Spencer echoes this sentiment: “The complexity of today’s financial landscape – tax planning, portfolio diversification, retirement strategies – requires expertise. Sitting down with a trusted advisor can help you identify blind spots, optimize opportunities, and build a plan that reflects your unique needs.”

When evaluating financial advisors, insist on working with a fiduciary. Unlike other financial professionals, fiduciaries are legally obligated to put your interests first, ensuring that their advice aligns with your goals rather than their incentives.

PROTECTING YOUR ASSETS IN 2025 AND BEYOND

The year ahead brings both challenges and opportunities. While inflation may be easing, interest rates, tax policy shifts, and market volatility remind us that uncertainty is constant. By staying proactive—reviewing your budget, diversifying your investments, planning for tax changes, and seeking professional guidance—you can turn 2025 into a year of growth and stability while building a solid foundation for long-term success.

As Nelson wisely notes, “You don’t want to be the last one standing when the music stops. And the music always stops.”

UBS Report: Global Billionaire Wealth Hits Record $14 Trillion in 2024

The U.S. dominates wealth creation with a 27.6% surge to $5.8 trillion, while China sees a decline amid regulatory changes; tech and industrial sectors lead growth.

BY DAN COSTA

In the landscape of global wealth, 2024 marked a watershed moment. The UBS Billionaire Ambitions Report, celebrating its tenth year of publication, revealed the accumulation of unprecedented wealth—reaching $14 trillion globally—and unmasked profound shifts in how capital moved across borders, generations, and industries. These changes reflected more profound transformations in technology, society, and global power dynamics, offering a window into the future of wealth creation and distribution.

THE GREAT WEALTH DIVERGENCE: AMERICA’S DOMINANCE AND ASIA’S REALIGNMENT

The United States emerged as the undisputed epicenter of billionaire wealth creation, with American billionaires’ fortunes surging by 27.6% to reach $5.8 trillion in 2024. This remarkable figure represented over 40% of global billionaire wealth, reinforcing America’s position as the world’s primary wealth generator. U.S. billionaires increased 11.2% to 835, with 101 new additions to the ranks, while only 20 individuals saw their wealth drop below the billiondollar threshold.

Jennifer Gabrielli, Head of UHNW Client Solutions at UBS, attributed this success to America’s unique economic environment: “The U.S. continues to show consistent economic growth, strong market performance driven by

solid fundamentals, and is a market where innovation is encouraged and rewarded.” This combination of factors created a self-reinforcing cycle of wealth creation, particularly in technology and industrial sectors.

In stark contrast, China’s wealth trajectory told a story of strategic realignment. Chinese billionaire wealth retreated to $1.8 trillion from its 2020 peak of $2.1 trillion. This decline reflected what Gabrielli described as the impact of “China’s common prosperity campaign, tougher regulatory environment, and falling share of global equity market indices.” The number of Chinese billionaires dropped from 588 to 501, with 138 individuals falling below the billion-dollar mark while 53 new billionaires emerged.

The Americas region demonstrated robust growth, with the number of billionaires increasing from 867 to 973 and their collective wealth rising 26.9% to $6.5 trillion. Central and South America showed particular vitality, with Brazil adding 19 new billionaires, bringing its total to 60, and regional wealth increasing by 20.8% to $411.4 billion.

In the APAC region, India emerged as a bright spot, with billionaire wealth surging 42.1% to $905.6 billion and billionaires growing from 153 to 185. This growth, driven by rising equity prices and rapid economic expansion, partially offset the decline in Chinese wealth.

THE TECHNOLOGY AND INDUSTRIAL REVOLUTION

Technology remained the most dynamic sector for wealth creation, with tech billionaire wealth tripling from $788.9 billion in 2015 to $2.4 trillion in 2024. This growth spanned multiple waves of innovation, from e-commerce and social media to the generative AI boom. “The tech sector has consistently been a driver of wealth globally, but especially in the U.S., over the last three decades,” Gabrielli noted. “More recently, AI has been a big growth engine, and we expect that to continue, and even accelerate, in the years to come.”

The industrial sector emerged as a powerful secondary engine of wealth creation, with industrial billionaires increasing their collective wealth from $480.4 billion to $1.3 trillion. This growth was fueled by national investments in competitive advantages, particularly in the green economy, demographic challenges, and economic reshoring. The sector benefited from industrial policy interventions, especially in technologically advanced businesses like aerospace, defense, and electric vehicles.

The investment landscape for billionaires evolved rapidly. The report showed that 43% of billionaires planned to increase their real estate exposure, while 42% aimed to boost their holdings in developed market equities. Notably, 40% intended to increase their allocation to gold and precious metals, suggesting a heightened awareness of geopolitical risks and market volatility.

Dan Scansaroli, Head of Portfolio Strategy Americas at UBS CIO, observed that “Billionaires are generally leaning into capturing the impact of AI on global productivity and potential increases in corporate profitability. Many are

“Billionaires are generally leaning into capturing the impact of AI on global productivity and potential increases in corporate profitability.“

comfortable investing in highrisk/high-reward venture capital and growth equity private equity companies, specifically focusing on technology, healthcare, and energy.”

The UBS reports show that 2024 was when global billionaire wealth reached an unprecedented $14 trillion. The United States solidified its dominance, fueled by technological innovation and strong economic fundamentals, while China faced a decline amid regulatory shifts. As billionaires adapt to new economic realities, it seems likely this trend of consolidation of wealth will continue in 2025.

Technology Remains a Major Driver of Billionaire Wealth

Nvidia, Generative AI, and the Billion-Dollar Question

As Nvidia advances generative AI, the debate heats up: Is it a safe growth stock or a bubble waiting to burst?

BY MAX ISAACMAN

Artificial intelligence (AI) has moved from speculative buzz to a transformative force reshaping the industry, with Nvidia Corporation (symbol: NVDA) leading the charge. As the driving power behind generative AI—a burgeoning subset that processes raw data to create predictive outputs—Nvidia has dominated the GPU market and achieved unprecedented stock performance. With the generative AI market projected to grow from $40 billion in 2022 to $1.3 trillion by 2032, Nvidia’s meteoric rise sparks optimism and caution. While some investors see it as the cornerstone of future growth, others question whether its valuation already accounts for its potential. Probably the most effective way to value AI stocks is to look at their earnings, growth prospects, and stock prices. The largest and most heavily traded AI stock, with a gigantic price movement, is that of Nvidia Corporation (symbol: NVDA). Part of this sector is the generative AI subset, which had limited activity a year ago and now is an important market. Generative AI, simply put, takes raw data and generates statistically probable outputs. It is constantly developing, and there are countless possibilities for its use. (Disclosure: my clients own NVDA)

Graphics Processing Units (GPUs) handle graphics-related work such as graphics, effects, and videos. According to a report from IoT Analytics, “NVIDIA leads the data center GPU segment with a 92% market share, while OpenAI and Microsoft have a combined share of 69% in the foundational models and platforms market.

The services market is more fragmented, with Accenture currently seen as the leader with a 6% market share.”

BLOOMBERG INTELLIGENCE WEIGHS IN ON GROWTH PROSPECTS.

According to a new report by Bloomberg Intelligence (BI) “the generative AI market is poised to explode, growing to $1.3 trillion over the next 10 years from a market size of just $40 billion in 2022. Growth could expand at a CAGR [compound annual growth rate] of 42%, driven by training infrastructure in the near term and gradually shifting to inference devices for large language models (LLMs), digital ads, specialized software, and services in the medium to long term, BI’s research finds.”

NVDA IS REASONABLY PRICED, CONSIDERING EARNINGS EXPECTATIONS.

The price/earnings to growth ratio (PEG) is calculated by dividing a company’s P/E by its growth expectation; it allows an analyst to value a company based on the price/earnings multiple and its growth factor. Using Yahoo Finance’s current year’s average earnings estimates, its next year’s (the year 2026) average earnings estimates, and its trailing 12-month price/earnings multiple, NVDA has a PEG ratio of 1.65 (in early November 2024). This is a relatively high ratio, but not when considering the company’s growth.

For comparison, Morningstar.com, using its long-term earnings estimates and present P/E earnings for the SPDR S&P 500 ETF Trust (symbol: SPY), shows a 1.82 PEG ratio for SPY. SPY is the broadbased index that many money managers use as their big-cap benchmark.

NVDA soared 223% over the last year and 858% over the last two years for the period ending 11/01/2024. Although its future is promising and its valuation reasonable, some investors think that its outlook is already reflected in its market price. Other investors and analysts think otherwise. There are reservations about how big AI will become and regarding the costs involved in operating in the AI market.

One early NVDA investor, Scottish Mortgage Investment Trust, Edinburgh, Scotland, has sold about 866 million GBP worth of its NVDA over the last 6 months for just this reason, according to The Times of London. The Times quotes Tom Slater, lead manager of the trust, saying,

“The primary challenge hindering large-scale AI adoption remains the high cost … This raises concerns about the sustainability of current capital equipment spending, including Nvidia chips.”

NVDA still remains the trust’s fifth-largest single holding.

A differing opinion comes from a Senior Analyst at Bank of America, Vivek Arya, who thinks the stock should be bought for growth. On CNBC Television in October, he said about NVDA that “the opportunity is much larger, and their competitive position is much stronger, and finally we look at the stock. We have a stock that is trading less than 1 times earnings growth, and if you were to take an average of the other so-called Mag 7 stocks, they are trading at less than 1.9 times their average earnings growth for next year.” That is why Arya says, “There is a large opportunity, even at these levels: the company is executing well, and the valuation is very compelling, even at these levels.”

HOW ABOUT BUYING ETFS FOR A BASKET REPRESENTATION IN THE CHIP SECTOR, INCLUDING NVDA?

Buying sector representation might be a good strategy so that an investor can own some NVDA as well as other companies in the semiconductor sector. Owning other companies offers diversification. But often, sector exposure through funds or ETFs does not give spectacular results that some of the individual issues in that sector will return.

Consider the VanEck Semiconductor ETF (symbol: SMH), for example. As of the time of this writing and using Yahoo! Finance as a source, NVDA comprises about 20% of the SMH portfolio. That is a large holding of one stock. Over the two years ending 10/31/2024, SMH is up about 150%, a great return, but NVDA is up about 868%. Over five years, SMH had a return of 285%, beating the S&P 500, which was up about 90% in that period, which is also good but not as good as NVDA’s performance.

SAN FRANCISCO, THE AI INDUSTRY’S HOME.

In SMH’s portfolio, 7 of the top 10 companies have their headquarters in the San Francisco Bay Area. This is not by happenstance. A Brookings Institution report in July 2023 stated that “AI activity, even more than most digital technologies, remains heavily concentrated in a short list of “superstar” tech cities.” And that “Generative AI activity specifically also appears to be highly concentrated so far, as nearly half of generative AI job postings of the last year were published in just six AI-leader metro areas (San Francisco, San Jose, New York Los Angeles, Boston, and Seattle).”

The report further stated that, “Among these hubs, San Francisco and San Jose, Calif. alone accounted for about one-quarter of AI conference papers, patents, and companies in 2021. These Bay Area metro areas also boasted about four times as many AI companies,

Stock Performance Since Going Public

NVIDIA Corp. (NVDA) total return

S&P 500 total return (ˆSPXTR)

Technology Select Sector SPDR ETF (XLK) total return

Source: Edgar

job postings, and job profiles as the average values of the next tier of 13 early adopter metro areas. Central to their success are the world’s two top universities in AI research (Stanford and the University of California, Berkeley) as well as many of the world’s leading investors in AI research and development, including Alphabet, Facebook, Salesforce, and NVIDIA.”

Importantly, the area contains an already developed private and public donor and “angel investing” base, as well as a legion of early-stage company backers. The top universities in this Area are impressive, including Stanford University, the University of California, Berkeley, and others. Google, Salesforce, and many other leading tech giants started and have their headquarters in the area, with their army of trained technicians and executives.

AI-skilled people are already in San Francisco, and many more are arriving as the industry grows.

Determining the ultimate size and calculating the cost to the tech industry of AI varies between

industry professionals and investors: some think AI will continue growing exponentially, and those who believe that the whole thing is overblown and that it is not such a big deal.

No matter what the outcome is, San Francisco has the infrastructure to supply it with money and people, and if more is needed, people will flock to the area to participate in more growth.

Much of the funding for the AI boom started back in 2022 and 2023 and came from big tech firms.

Nvidia’s role in the AI revolution is emblematic of the industry’s promise and reflects its challenges. As a dominant player in GPUs and generative AI, the company has delivered remarkable growth, drawing investor enthusiasm and skepticism. Whether through direct investment in Nvidia or broader exposure via ETFs, the decision ultimately hinges on an investor’s confidence in AI’s long-term trajectory and Nvidia’s ability to remain at the forefront of this technological revolution.

$TRUMP Coin, Bitcoin Booms, and the Return of Risk

Crypto markets soared after Trump’s victory—but can his policies sustain growth, or will deregulation create more chaos than opportunity?

BY CHIDINMA IWU

When Donald Trump reclaimed the presidency in 2024, few anticipated the immediate seismic shift his victory would trigger in the global crypto markets. Bitcoin, which had lingered around $68,000 before the election, skyrocketed past $100,000 within weeks, ultimately peaking at an unprecedented $106,000. Dubbed the “Trump Bump,” this dramatic surge wasn’t just the product of market speculation—it was fueled by the president’s vocal support for digital currencies, his crypto-friendly cabinet appointments, and a wave of deregulation promises that electrified investors. Trump’s sudden pivot from crypto skeptic to blockchain evangelist marks a defining moment for the industry, raising a pivotal question: Can his administration’s policies sustain this momentum, or will the pursuit of unchecked growth sow the seeds of financial chaos?.

Experts predicted crypto-friendly cabinet appointments, first-day deregulation policies, and more investors getting on board to shape the dawn of the American crypto boom. All those predictions have come true.

The new commerce Secretary is a crypto fan. “The CEO of Cantor Fitzgerald, Howard Lutnick, head of Trump’s transition team and appointee as Commerce Secretary, is a major Bitcoin holder and investor in Tether, the largest stablecoin network,” says Bill Barhydt, CEO of Abra, a crypto trading and investments app.

The new chairman of the SEC is also a crypt enthusiast. “He has appointed crypto-friendly regulators like Paul Atkins to lead the SEC and Silicon Valley investor David Sacks as the AI/crypto czar,’ says Todd Ruoff, asset management expert and CEO of Autonomys. Also anticipated is the appointment of Travis Hill, one of America’s influential innovators, to lead the FDIC (Federal Deposit Insurance Corporation), which could be a green light for banking policy.

Perhaps most revealing days before his inauguration, President Trump became the first sitting U.S. president to launch his own cryptocurrency by introducing the $TRUMP meme coin on January 17, 2025.

Hosted on the Solana blockchain, the coin’s value surged from an initial $10 to over $70 within days, achieving a peak market capitalization exceeding $14 billion. Trump’s company, CIC Digital LLC, retains an 80% stake in the total coin supply, positioning him to benefit significantly from its appreciation. Additionally, entities associated with the coin have reportedly generated nearly $100 million in trading fees within the first two weeks of its launch, further augmenting the financial gains attributed to this venture.

Trump wasn’t always so bullish on crypto. In 2021, he called for more regulatory policies and called it a scam. But this kind of reversal isn’t unusual in the crypto industry according to crypto analysts like Alexandr Sharilov, Co-Founder at Coindataflow. com. “This skepticism was inherent

in most people at the very beginning of Bitcoin’s creation,” Sharilov says. “More importantly, he has the team and policies needed for proactive change, and they seem to already be in his pouch.

THE NEXT FOUR YEARS UNDER TRUMP

Crypto under Trump is far from bleak. Experts mostly see upsides, with a few downsides that can be managed. Johnny Gabriele, head of Decentralized Finance at CryptoOracle says, “The fear that crypto will one day “just go away” or “just go to zero” will quickly diminish, leading to new investors joining the fray (which has been made easier by the BTC and ETH ETFs).”

Gabriele says that the Strategic National Bitcoin Stockpile, which Trump mentioned at a BTC conference in Nashville last year, will be critical to how crypto runs moving forward. The BTC stockpile is projected to be a national reserve of seized BTC tokens, some of which were auctioned off under the Biden Administration.

Barhydt thinks these years will be broadly entrepreneur—and businessfriendly, starting with crypto. He says Trump will work towards restoring billions of dollars lost in investment opportunities after regulatory attacks on trading during the Biden Administration.

“We believe that banks will begin to custody digital assets for their clients, investment advisors will start offering digital asset investment opportunities to their clients, and crypto startups that were previously attacked will now find a regulatory sandbox that they can work in that makes sense for all involved.

Ruoff agrees. “The potential repeal of SAB121 [Staff Accounting Bulletin 121, a banking policy requiring banks to list their customers’ digital assets as liabilities on balance sheets] under Trump’s administration would allow traditional financial institutions to hold crypto on their balance sheets, accelerating institutional adoption

and market maturity. This approach will likely spur innovation and investment in the industry as entrepreneurial talent forced offshore will return to the U.S.”

The deregulation process that Trump will undertake might take some time, but Ruoff hopes to obtain regulatory clarity and reduce (and even eliminate) pending enforcement actions.

What will be most beneficial to the industry will depend on the execution and balance of innovations with consumer protection laws. “That is to say, I don’t think this will be the wild-west some are expecting.”

According to Ruoff, traders and investors should expect the advancements of key bills like the FIT21 Act, which aims to establish a clear framework for token classification and trading, and the Bitcoin Strategic Reserve Act, which could elevate Bitcoin to a national reserve asset. These bills could also shift oversight from the SEC (Securities and Exchange Commission) to the CFTC (Commodity Futures Trading Commission).

David Materazzi, an executive in currency markets and the CEO of Galileo FX, an automated trading platform, says Trump’s less regulation approach to management is just what crypto needs. “He’s not going to overcomplicate things or slow down the market. The timing’s right, too. Institutions like BlackRock and Fidelity [U.S. leading asset management companies] are already set up to capitalize. Trump knows how to attract capital, create jobs, and generate revenue.”

In addition to a less aggressive enforcement approach, creating a dedicated Crypto Council and Bitcoin Advisory Board could lead to better coordination between the government and crypto sectors. “Both retail and institutional investors would benefit from the eventual approval of more spot crypto ETFs (Exchange-Traded Funds), assuming these tokens first establish regulated futures markets,” Ruoff tells Worth. He also thinks financial institutions might be able to offer more crypto-related services and

products due to relaxed regulations.

This would also supercharge competition from crypto-native companies as the playing field levels for SMEs (Small and Medium Enterprises). “Crypto payments are blockchain’s killer app. There’s no arguing the current latency in the ACH and FedWire systems would benefit from an upgrade to stablecoin rails.”

A downside to this–a more unrestrained trading market supported by the government–and a significantly large area of concern is the potential disruption to traditional financial systems. Ruoff affirms they’ll be hit hard.

“The inarguable efficiency of stablecoins for cross-border payments will challenge the position of existing financial intermediaries, potentially disrupting large revenue streams,” he says. “These intermediaries are floating trillions of dollars in short-term fixed-income markets, courtesy of the friction in the current financial markets. Large banks’ inability to interposition themselves in the flow of funds would lead to significant decreases in overnight interest income.”

SECURITY VS. INNOVATION

Perhaps Trump’s promise to make America the crypto capital of the planet is more easily attainable than imagined. Continents like Europe and Asia prioritize security and have tightened their crypto adoption and transaction controls.

In contrast, Trump is keen on deregulation; it could be relatively easy for his administration to achieve this goal.

However, concerns about the long-term security of crypto ownership under his tenure remain. Some experts are warning that the president’s new policies may make crypto easy to exploit by both local and foreign terrorist groups. In 2023, for example, a reported $5.6 billion was lost to crypto scams under Biden’s stringent regulations. An exponential expansion of the market could be a catalyst for more fraud.

“Growing the industry also increases the potential for market volatility, which could pose risks to less-informed investors. It’s important to note that these policies’ actual implementation and long-term effects remain uncertain,” says Ruoff.

“While the appointments and campaign promises have thus far been promising for the industry, the conversations about consumer protection are far from over. I would expect some sort of a regulatory framework for launching new projects, although it will be less of the round peg in a square hole that is the current Form S-1 for new equity listings.” He continues, “The administration should proceed cautiously so as not to allow a return to the scam-rife industry we saw 2 years ago.”

In another facet of security concerns, Materazzi predicts a possible, more dangerous finish for crypto. “The biggest risk isn’t regulation, it’s quantum computing,” Materazzi says. Quantum computers are already running inside large corporations and big government labs. “If that tech cracks Bitcoin’s encryption, it’s game over. Bitcoin goes to zero. That’s a bigger threat than anything else.”

The stakes couldn’t be higher as the U.S. embarks on this bold, deregulated crypto experiment under Trump’s leadership. The promise of an innovation-driven economy, boosted by institutional adoption and entrepreneurial resurgence, stands alongside the looming threats of financial instability, security vulnerabilities, and potential market exploitation.

“In the ideal outcome for traders/investors, there would be less regulation and more freedom to trade.” Materazzi says. “Institutions could thrive.“ Even so, he adds, “Nobody truly knows what crypto will do the next minute... let alone in 4 years.”

The Silent Generation’s Wealth Transfer

With $60 trillion on the move, younger generations must balance ambition with caution to preserve their family legacies.

BY MARK BELL

Depending on which report you read, we are on the cusp of a massive generational wealth transfer of between $20 and $60 trillion.

As seniors in the Silent Generation (born between 1928 and 1945) give way to Baby Boomers, the last of whom turn 60 this year, younger Gen Xers (1965 to 1980), Millennials (1981 to 1996), and perhaps some members of Gen Z stand to inherit large sums. This phenomenon will not happen overnight and is estimated to span a 20-year time horizon.

As a result of the most significant wealth transfer in history, there are lots of conversations happening within and between generations on how to manage the family’s wealth best. Entrepreneurs and business owners who created wealth are increasingly interested in engaging their family members to be active participants in managing their assets, and the idea of legacy has expanded and evolved with the times. This modern view of legacy is the topic of a book written for wealth creators by Robert Balentine and Adrian Cronje, First

Generation Wealth: Three Principles for Long-lasting Wealth and an Enduring Family Legacy. It’s predicated on the idea that most people creating generational wealth want to avoid the “shirtsleeves to shirtsleeves” phenomenon that says the third generation loses much of the wealth created in one generation. While it sounds easy in practice to maintain wealth once it has been made, studies have shown that about 70% of wealthy families lose it all by the second generation, and 90% lose it by the third.

The authors of First Generation

Wealth write, “Over the course of our careers, we’ve seen clients nail the transfer of wealth. We’ve also seen clients blow it. Not all the blame for shirtsleeves-to-shirtsleeves lies at the feet of the third or even second generation. Firstgeneration wealth creators have a weighty responsibility and a priceless opportunity to influence whether their wealth and legacies defy odds and continue thriving for a fourth-gen and beyond.”

One reason the shirtsleevesto-shirtsleeves phenomenon is so prevalent is that those with newly created or inherited wealth often do not have the investment experience necessary to protect and grow wealth, nor has it been modeled for them. As a result, they are susceptible to the lure of quick-money investment promises. They see news about startups exploding onto the scene and imagine the impact that investing in the next Uber, Tesla, or Nvidia would have on the family’s balance sheet (and their legacy of growing it).

Here’s the thing about these kinds of investments—for every early-stage company that goes on to produce outsized, unicorn-like returns, hundreds, maybe thousands, of similar companies raised capital only to flame out and return zero dollars to investors who backed them.

A Harvard Business School Professor, Shikhar Ghose, found from his research that 3 out of 4 venture capital-backed companies fail to return initial invested capital and an estimated 30-40% fail with a total loss of invested principal.

NOT ALL PRIVATE CAPITAL IS CREATED EQUALLY

Private capital investments refer to investments that aren’t available on the public securities exchanges—in other words, they are not made into a publicly traded stock or security. The “private” in

private capital refers to companies, assets, or debt securities that do not trade in the listed markets.

While it’s good to be skeptical of concentrated, speculative bets in the “hottest” private deals, the private markets can be a strong driver of excess return in intergenerational families’ portfolios. The key is for families to make diversified, right-sized investments in partnership with fund managers with differentiated alpha in their arena. Rather than investing in one-off, lottery ticket-style private deals, think about investing alongside managers who have expertise in the companies or assets they invest in.

One way to implement private capital investment is to focus on smaller, sector-focused fund managers in more defensive markets. For example, consider working with a middle-market manager for primary buyout exposure with a strategy predicated on buying sectors such as aerospace and defense or industrial companies at conservative valuations—often below 10x EV/ EBITDA. This means that when rates rise and multiples contract, they can still achieve their return targets because their investment thesis is not reliant on other buyers being willing to pay a high price. This approach to private capital means you seek to acquire companies at reasonable prices, drive EBITDA growth beyond the point of purchase, and expect an exit that isn’t reliant on favorable macroeconomic conditions. This is admittedly a sophisticated approach to investment that requires discernment from a wealth manager or other experienced advisor to identify and vet the opportunity.

Another approach is to work with other families and family offices who often have a mentality focused on wealth

preservation rather than creation. By partnering with other investors from similar familial capital sources, we can align our risk tolerance and avoid undue investment risk. This conservative approach to direct investments means that there is much hand-sitting. Still, when we look back at the pile of the hundreds of deal write-ups we have done over the last half decade and reflect on the “passes” we have recommended, we take solace in the capital we have protected.

THE BEST DEALS ARE SOMETIMES THOSE YOU DON’T MAKE

The highs and lows of private investing over the past three years have served as a reminder to practice patience and stick to a program that works for you and your family. When the next cycle of market over-exuberance presents itself— as it does every 10 to 20 years—and

Boomers Still Hold the Most Wealth

Wealth by generation As of Q1, 2020

Source: Federal Reserve Board

you start to question if “this time is truly different,” it is a good idea to take a step back, breathe, and stick to the program. While some of these companies will survive and become the next Uber or Tesla or NVIDIA, the vast majority will not. Although it lacks the excitement of seeing your investment on the front page of Bloomberg, sticking to a disciplined, conservative Private Capital program will get you to your goals quicker and without the volatility or capital destruction involved in chasing the so-called “hot dot.”

Mark Bell, Ph.D. is a Partner at Balentine, an independent wealth management firm with offices in Atlanta and Raleigh. Bell is Head of Business Advisory and Private Capital Multi-Family Office Investment Strategist.

Baby Boomers

Venture Capital Investments Fuel MENA Region’s Entrepreneurial Boom

Noor Sweid, managing partner of Global Ventures, is transforming the MENA region’s entrepreneurial landscape by identifying high-potential markets and empowering founders to solve urgent challenges.

BY DAN COSTA

Noor Sweid, founder and managing partner of Global Ventures, is transforming the Middle East and North Africa (MENA) region’s entrepreneurial landscape. Leading one of the world’s top-performing venture capital firms, Sweid is driving innovation and impact across sectors like fintech, healthtech, and agritech. With a laser focus on untapped opportunities and the resilience of local founders, she leverages the region’s youth-driven dynamism and rapid digital growth to fuel groundbreaking ventures.

In this interview, Sweid reveals how Global Ventures identifies highpotential markets and empowers

founders to solve urgent challenges. She breaks down the strategies behind her firm’s global success and explores how MENA startups are leapfrogging traditional infrastructure to deliver transformative solutions.

Your investment track record is exceptional, with Fund I being in the top decile fund globally and Fund II in the top quartile. What strategies or philosophies have been key to achieving such standout performance in the MENA region?

Thank you—it’s a testament to our incredible founders and the great companies they are building. Our suc-

cess in partnering with them is influenced by our focus on the comparative advantages presented by the MENA region. There are many untapped opportunities and significant strengths that we benefit from being close to in this part of the world.

With over 50% of MENA’s population under the age of 30, internet penetration above 80%, and government policies encouraging diversification away from a reliance on energy production—we have a highly dynamic and creative business environment for investors and startups. The region’s venture capital ecosystem has grown from $990 million in 2019 to an all-time high of $3.1 billion in 2022 at a CAGR of 52%—emphasizing the sector’s impact and potential.

Our investment strategy has always focused on market opportunity and founder strength. The market opportunity in MENA is tremendous—not just because of the macroeconomics, but also because we have so much to build. Founders operate in areas where legacy incumbents may not yet exist, building fintech to solve for financial inclusion without many incumbent banks, healthtech to solve for access to care given the lack of access to healthcare in MENA, and so on. Looking at innovative technologies across sectors that are yet to be built out enables us to identify the markets that have strong potential.

Then we select the most amazing founders in these sectors. Regional founders are inherently resilient and focus on building sustainable business models with strong unit economics. This resilience stems from historical capital scarcity, forcing them to craft innovative solutions and operate with extreme capital efficiency. In many cases, founders had to build their own

infrastructure from scratch, tackling gaps in critical areas like logistics, payment systems, and technology stacks. These constraints led to creative and resourceful approaches, achieving milestones with much less funding than counterparts in developed ecosystems and reaching break-even points sooner. This scarcity-driven ingenuity gave rise to what we call the “Adversity Advantage,” where businesses are built with robust financial logic, deep local market understanding, and resilience by design, enabling them to thrive despite challenging conditions

How do you see MENA’s entrepreneurial ecosystem evolving over the next five years, particularly with the rise of international investments in the region?

Global interest in the MENA region will continue to grow as prominent international venture capital firms such as Sequoia and QED observe and act upon the region’s investment opportunities.

In 2024, 52% of venture capital dollars came from abroad. As recently as five years ago, 75% of venture capital dollars were domestic—emphasizing the excitement and opportunities the region offers. This continuing international momentum will develop the ecosystem as more opportunities are identified and investments are completed.

The region’s progress goes beyond innovation. It focuses on creating foundational pillars for resilient economies, sustainable growth, and a more inclusive society. Key sectors like financial services, healthcare, education, food and agriculture, and supply chains are driving economic prosperity. Digital innovations, such as the shift from cash transactions to fintech solutions and advancements in agritech, are transforming industries and enhancing regional stability.

Government initiatives will continue to be a tailwind for momentum in the ecosystem too. Initiatives such as Abu Dhabi’s ADIO and Hub 71;

and DIFC’s Innovation Hub—help to embed industry in the economy. They give critical backing and mentorship for startups, bypassing traditional development stages, enabling entrepreneurs to operate in an environment geared to help them flourish.

You’ve spoken about emerging markets leapfrogging traditional technology hubs. What unique conditions in the Middle East enable this, and how are startups leverage these advantages?

The region’s historical lack of traditional infrastructure has yielded a unique opportunity to leapfrog directly to advanced technologies, in ways that more developed markets cannot—with sectors such as fintech, e-commerce and digital health freed from some of the usual growing pains.

Fintech is a perfect example. New digital payment systems have given smaller businesses a path to rapid expansion—including access to credit—all without traditional physical banks. Paymob, MENA’s leading financial services enabler, is a portfolio company of ours whose technology leapfrogs legacy infrastructure. Its omnichannel gateway offers over 50 payment solutions—empowering 350,000 merchants with access to innovative financial services.

In digital health, Proximie provides a compelling example. The acute lack of healthcare and medical infrastructure, coupled with the proliferation of smartphones, created an urgent demand for innovative solutions. Proximie’s virtually enabled surgery platform emerged as a necessity for patients who otherwise had no access to care. In markets with established healthcare infrastructure, virtually assisted surgery might have been dismissed as supplementary. However, in regions with no alternative, it became a vital lifeline. This lack of incumbents enabled Proximie to develop and prove its solution, growing into a global success story in healthcare provision

What sectors or industries in the MEA region are you most bullish on for the next decade, and why do you believe they present unique opportunities for venture capitalists?

We expect various sectors—such as supply chain tech, agritech and climate tech—to evolve over the next five years and receive greater investor interest. We recently invested in Immensa—MENA’s largest additive manufacturing company, which serves the Global Energy spare parts market—a sector largely untapped by existing additive manufacturing players and valued at $91 billion—of which the Middle East compromises 35%.

For example, various applications of AI—including additive manufacturing combined with big data—can cut the costs and lead times of industrial spare parts procurement. A regional, home-grown business— Immensa—offers end-to-end solutions involving assessment, digital categorization, and production-ondemand of digital spare parts. Such is Immensa’s impact, that together with ADNOC and standards organization, Det Norske Veritas, it has created the world’s first guideline for 3D printing parts for the energy sector.

Agritech developments will continue to gain recognition and investment dollars as regional (and global) food security challenges become more pressing. In KSA for example, 85% of fresh produce is still imported. We have invested in iyris—a sustainable agritech whose innovative technologies provide growers with extended growing seasons, increased yields and profitability— while boosting local, regional, and global food supply chains.

Finally, despite its obvious success to date, even more will be achieved in the fintech sector via new innovation. As particular markets mature, more demand is created for accessing different services previously unreachable, or which did not even exist.

Fixed-Income Gets Flexible

From short-term T-Bills to liquid corporate bonds, investors have more options than ever.

BY MAX ISAACMAN

In today’s changing financial landscape, fixed-income investors are no longer limited to traditional bonds and Treasury securities. The rise of Exchange-Traded Funds (ETFs), innovative bond platforms, and targeted credit indexes have fundamentally transformed how investors approach income generation, risk management, and portfolio diversification. From the complexities of navigating TreasuryDirect to the flexibility of short-term T-bill ETFs and corporate bond indexes designed to “beat the blob,” new tools offer both seasoned and novice investors unprecedented control over their fixed-income strategies.

TREASURIES TODAY: MORE HOOPS, MORE HURDLES

It was once so simple: Investors went to the federal government’s TreasuryDirect website to find and purchase securities. Selling or transferring their Treasuries was also easy—but not anymore. Heavy volume has slowed response times on the TreasuryDirect website, meaning requests for lost or stolen savings bonds take at least 4 months to complete; savings bonds not in the investor’s name take at least 6 weeks to process. It is not surprising that Treasury securities are attractive to many investors. They are the safest investment, and the full faith and credit of the U.S. Government, such as it is these days, backs their principal and interest.

A simple way to invest in Treasuries is to buy the iShares 20+ Year Treasury Bond ETF (TLT). TLT has a 30-day SEC yield (as of Nov 27, 2024) of 4.46 percent, which is state-tax-free, and makes interest payments monthly. TLT’s interest rate fluctuates based on its market price. Due to its duration, the price often experiences significant swings, such as moves of over 1% per day in either direction.

SHORTER TERM TREASURY INVESTMENTS

Investors could consider the Global X 1-3 Month T-Bill ETF (CLIP) for something much less volatile that still yields a good return. CLIP holds Treasury bills with maturities ranging from 1 to 3 months, pays interest monthly, and offers an interest return of 4.52% (as of December 1, 2024), which is a strong return considering that long-term Treasury rates, such as the 30-year Treasury bond, are yielding only about 4.40%.

(Disclosure: I own CLIP)

Being in the short end with its high rates has advantages. Rob Scrudata, Global X Director, told Worth, “When you are talking about Treasuries, you’re talking about just overall credit. With CLIP, you’re still getting rates in short-term instruments that you haven’t been able to get for so many years.”

“With CLIP, you’re getting rates in short-term instruments that you haven’t been able to get for so many years.”

As far as maturity goes, he says, “I think the short end of the curve is one of the most ideal places you can talk about. In many money market funds, you get more than just Treasuries. You can get unsecured commercial paper . . . and you may not be as well protected as you are with Treasury instruments.” Rob explains, “The expense ratios can be a lot higher, too . . . that’s one of the biggest value propositions for this fund. It’s one of the lowest cost instruments in these markets.”

CLIP’s total expense ratio is 0.07, and it is comprised of Treasury bills. Money market funds hold Treasuries, commercial paper, bankers’ acceptances, and certificates of deposit.

TARGETED MATURITY TREASURIES

By accessing the U.S Treasury Benchmark ETF Series, investors can pick the U.S. Treasury they want and buy and sell it in their brokerage accounts. Each Treasury Series is based on the ICE BofA index, which purchases a single issue at the beginning of the month and sells that issue at the end of that month. So, the currently held security of a maturity will be sold, and the proceeds rolled into the new maturity.

When the U.S. Treasury issues new securities, the result will determine the coupon rate of the new ‘run-of-the-mill security.’ –make this ‘on-the-run’ security, for a full explanation: Each ETF will provide single security exposure to the most current (on the run) US Treasury security at each of the key tenors. Each ETF will track an ICE index specific to each tenor. The ETFs intend to distribute interest monthly; their expense ratio is 0.15.

The result is that investors always hold the latest Treasury issue. Investors don’t have to roll over issues, sell and buy them, or do anything other than keep them until they wish to sell.

This mechanism is used for all maturity issues. F/m Investments states that economies of scale reduce securities’ operating costs and allow investors to easily switch from one maturity to another.

BEATING THE BLOB BY USING THE F/M INVESTMENT CREDIT SERIES

F/m Investments found that traditional indexes contained too many older, illiquid securities, creating a “Blob” effect—where indexes expanded without a clear investment strategy, becoming just a mass of bonds. F/m states that these indexes are inefficient and not useful to investors.

To remedy the blob effect, F/m Investments worked with ICE, a leading bond index provider, to create a new series of indexes. The new ICE US Target Maturity Corporate Indexes will not allow serial issuers to dominate an index. Critically, the new indexes are built to be investible, holding far fewer individual bonds and using the most liquid bonds from each issuer. Similar to the F/m Investments Treasury Series, each corporate series rebalances monthly, capturing the latest market coupon.

KEEPING CREDIT SERIES BONDS CURRENT

Like how F/m rolls Treasuries into the most current issue, F/m has structured its Credit Series to do the same thing. As Peter Baden, CIO at F/m Investments, told Worth, the bonds are “Always on the run, always current, always liquid. In the Benchmark series, we’re able to do this in the most accurate way that we can bring credit evenly weighted, the most recent issue, one or two bonds per issuer. All of a sudden, you have a completely different way to create an index that is better and more investible than the indexes that are out there.”

“All of the sudden you have a completely different way to create an index that is better and more investible than the indexes that are out there.”

Credit Series holders will not be subject to the Blob, Peter told Worth. “The problem,” he said, is that “So many indexes are built with banks, financial services, and other interest-sensitive industries comprising big positions in the portfolio. And then you’d say, ‘Holy Cow, where is my diversification?’”

He further points out that the F/m Investments Credit Series was developed to address the portfolio concentration problem “by being as precise as we can and by weighing everything differently as it has been weighted in the past.”

ARE INDIVIDUAL BOND ETFS AND OTHER PACKAGED OFFERINGS BETTER?

It’s gotten better for bond buyers recently. Brokerage firms and index providers have introduced new products so that bond buyers can find products or securities that fit their needs. There are differences between trading individual bonds and bonds that fit into some wrapper, such as ETFs or index funds. Some of the differences follow.

For investors buying smaller amounts of securities, meaningful diversification in individual bonds is difficult. Five thousand-dollar and tenthousand-dollar blocks of individual bonds sometimes trade thinly, and even then, trade-in discounts and premiums eat into the smaller-block bonds’ returns. However, it is not impossible to trade these bonds. Some of the newer firms specialize in trading smaller blocks and charge reasonable fees.

Some bonds, especially lower-credit bonds, may have liquidity problems in adverse market conditions. In times of financial or economic distress, especially for unrated bonds, there may be a very thin market, causing deep discounts on some bonds. However, if an investor wishes to trade lowcredit-rated bonds, there are bond specialty firms and departments with major brokers who can usually fill the investor’s needs.

Individual bonds pay interest quarterly, semi-annually, or annually and remit directly to the bondholders. Although bonds are held by bond ETFs, mutual funds, and in other securities structures, many of these structures offer monthly interest payments. Most investors welcome monthly payments and are helpful in financial planning construction.

While the traditional appeal of fixed-income remains—offering safety, predictable returns, and portfolio balance—the pathways to achieving these outcomes are more dynamic than ever. The key for investors is to embrace this new flexibility, leverage innovative products, and stay informed about how market conditions impact individual bonds and the funds holding them.

Brad Benbow

John Beyer

Jack Craven

John Craven

Robert Courser

& Olivier Aries

Phil Daniels

Jacob Werksman Mastering Your G.A.P.

Gloria Feldt

Andy Fullmer

Brian Fullmer

Andrew DeJoy

Andrew DeJoy Fullmer

Jim McCann & George S. Everly

Herman

Dottie Herman

Kuba

Kuba Jewgieniew

Silver Kung

Patience Marime-Ball

John Beyer with Glenn Plaskin

Live a Little Better

John a Better

Zachary A. Schaefer The

ZacharyA.Schaefer The Missing Conversations

Sarah Samuels

Silver Kung & S.

Bill McKendry

Tucker Perkins

Illana Raia

Leslie A. Rubin

& Daniel J. Mitchell

Bill & J

Misha Your G A P

Zach Schaefer

Ruth MD

Ruth Shaber, MD

Janet

Janet Sherlund

Dr. Stefano Sinicropi

Dr Stefano

Jacob Werksman

Misha Zelinsky

Worth’s Leading Advisors of 2025

In an era of dynamic shifts in financial landscapes and the increasing intricacy of personal wealth management, Worth magazine understands the necessity for guidance that anticipates the needs of the affluent. The Leading Advisors program, which has been recognizing top-tier wealth management firms since its establishment in 2002, relaunched in 2024 with a fresh, data-driven focus. This reinvigoration is more than just a renewal of commitment; it’s a direct response to the evolving demands of our readers searching for reliable and insightful financial stewardship.

The genesis of the Leading Advisor program was to spotlight the prowess and integrity of independent Registered Investment Advisor (RIA) firms that stand out in a crowded marketplace. However, as the financial world has grown in complexity, so too have the concerns of our readers. High-net-worth individuals face various challenges, from navigating volatile markets to planning for intergenerational wealth transfer, requiring sophisticated and personalized advice.

The program aims to address today’s turbulent financial environment by providing a curated list of advisors who are leaders in their field and pioneers in adapting to market changes and the evolving needs of affluent clients. Working with our partners at ISS Market Intelligence, Worth’s editorial staff evaluated more than 41,000 RIAs and financial advisors in the United States and identified the top 350 firms.

Leading Advisor Criteria

The core value of the Leading Advisor program lies in its rigorous selection process and the credibility it bestows upon listed advisors. Each firm featured has successfully cleared stringent benchmarks:

n Assets Under Management (AUM) of Over $500 Million: Demonstrates substantial experience and trust in handling significant wealth.

n Predominantly High-Net-Worth Clients: Shows specialized expertise in managing the complex financial situations typical of wealthier clients.

n Substantial Planning Clientele: Indicates a focus on comprehensive financial planning rather than simple asset management.

n Independence from Broker-Dealers: Ensures advice is unbiased and purely client-centric.

These criteria spotlight firms that manage wealth and craft tailored strategies considering the broader financial picture. Thus, they enhance our readers’ ability to make informed choices about who manages their wealth.

Editorial Integrity and Independence

At Worth, our commitment extends far beyond the mere presentation of data. The Leading Advisor program is constructed on a bedrock of editorial integrity and independence, devoid of any influence from the firms we evaluate. This independence is pivotal in upholding our readers’ trust and ensures that our listings genuinely reflect merit and excellence in wealth management.

Our methodology is transparent and comprehensive, ensuring that the advisors we feature are among the industry’s best. We believe in the importance of not just

Abacus Planning Group, Inc. Columbia, SC

Aberdeen Wealth Management LLC, Lake Bluff, IL

Abound Wealth Management, LLC Franklin, TN

Accredited Investors Wealth Management Minneapolis, MN

Acropolis Investment Management, L.L.C. Chesterfield, MO

Adero Partners, LLC Walnut Creek, CA

Aegis Wealth Bethesda, MD

Aequitas Investment Advisors, LLC Hingham, MA

Alesco Advisors LLC Pittsford, NY

Align Impact, LLC Santa Monica, CA

Allium Financial Advisors, LLC Lake Oswego, OR

AlphaCore Capital LLC La Jolla, CA

Altfest Personal Wealth Management New York, NY

growth but growth by design. This means that our featured firms are actively enhancing their capabilities and offerings to serve their clients better, not merely growing their assets under management by riding market trends.

A Renewed Commitment to Excellence

The of the Leading Advisor program affirms Worth’s dedication to excellence in financial journalism and our commitment to serving as a vital resource for the high-networth community. Worth is more than a magazine; it’s a platform where the best in the business converge to discuss, innovate, and shape the future of wealth management.

We will update The Leading Advisor list annually as new company data is released.

To learn more about the list or license the Leading Advisor logo email Greg Licciardi at Greg.Licciardi@Worth.com.

Andersen McLean, VA

Apex Financial Advisors, Inc Morrisville, PA

Arbor Wealth Advisors LLC Troy, MI

Argos Capital Partners, LLC Saint Louis, MO

Armstrong, Fleming & Moore, Inc. Washington, DC

Aspen Capital Management, LLC Boise, ID

Atlas Capital Advisors Inc. San Francisco, CA

Atwood & Palmer, Inc. Kansas City, MO

Austin Asset Austin, TX

Autumn Lane Advisors, LLC Houston, TX

Aviance Capital Partners LLC Naples, FL

Avidian Wealth Solutions, LLC Houston, TX

Avion Wealth Spring, TX

Avitas Wealth Management, LLC Los Angeles, CA

Bahl & Gaynor Inc Cincinnati, OH

Bailard, Inc. San Mateo, CA

BakerStreetAdvisors,LLC San Francisco, CA

BakerAvenue San Francisco, CA

Balentine Atlanta, GA

Ballentine Partners Waltham, MA

Baron Wealth Management, LLC Troy, MI

Bartlett & Co. Wealth Management LLC Cincinnati, OH

Bason Asset Management Denver, CO

BBR Partners, LLC New York, NY

Beacon Pointe Advisors, LLC Newport Beach, CA beaconpointe.com (212) 574-4070

Beaird Harris Dallas, TX

Bedel Financial Consulting Inc Indianapolis, IN

Bell Investment Advisors Inc Oakland, CA

Biltmore Family Office, LLC Charlotte, NC

BIP Wealth, LLC Atlanta, GA

Black Coral Financial Advisors, LLC Budd Lake, NJ

Black Diamond Financial, LLC Towson, MD

Blankinship & Foster, LLC Solana Beach, CA

Bleakley Financial Group, LLC Fairfield, NJ bleakley.com (973) 575-4180

BlueSky Wealth Advisors, LLC New Bern, NC

Blume Capital Management, Inc. Berkeley, CA

Bordeaux Wealth Advisors Menlo Park, CA

Boston Research and Management, Inc. Manchester, MA

Bradley Foster & Sargent Inc Hartford, CT

Brandywine Oak Private Wealth LLC Kennett Square, PA

Breeds Hill Capital LLC Charlestown, MA

Briaud Financial Advisors College Station, TX Bridgewater Advisors Inc. New York, NY

Brighton Jones LLC Seattle, WA

Broadview Financial Management, LLC Menomonee Falls, WI

BSW Wealth Partners Boulder, CO

Burt Wealth Advisors Rockville, MD

Burton Enright Welch Walnut Creek, CA

Cabot Wealth Management Salem, MA

Cahaba Wealth Management, Inc. Atlanta, GA

Callan Capital, LLC La Jolla, CA

Canal Capital Management, LLC Richmond, VA

Cap Strat Villa Park, IL

Capital Counsel LLC New York, NY

Capstone Financial Advisors Inc Downers Grove, IL

Cardiff Park Advisors San Marcos, CA

Carret Asset Management, LLC New York, NY carret.com (212) 593-3800

Cerity Partners LLC New York, NY ceritypartners.com (212) 850-4260

Chatham Capital Group Inc Savannah, GA

Chatham Wealth Management Chatham, NJ

Check Capital Management Inc Costa Mesa, CA checkcapital.com (714) 641-3579

Chequers Financial Management LLC San Francisco, CA

Chesley, Taft & Associates, LLC Chicago, IL

Chevy Chase Trust Company Bethesda, MD chevychasetrust.com (240) 497-5000

Choreo, LLC Rockford, IL

Churchill Management Group Los Angeles, CA

Circle Advisers Inc New York, NY

Circle Wealth Management, LLC Summit, NJ

Clariti Wealth Advisors Wilmington, DE

Clayton Financial Group, LLC Saint Louis, MO

Clifford Swan Investment Counselors Pasadena, CA

Clune & Associates Chicago, IL

CMH Wealth Management, LLC Portsmouth, NH

Coastal Bridge Advisors Westport, CT coastalbridge advisors.com (800) 700-5524

Colony Family Offices, LLC Charlotte, NC

Concentric Wealth Management LLC Lafayette, CA

Connecticut Wealth Management, LLC Farmington, CT

Conservest Capital Advisors Inc Wynnewood, PA conservest.com (610) 642-9588

Consilium Wealth Management Danville, CA

Constellation Wealth Advisors Cincinnati, OH

Coons Advisors Columbus, OH

Covenant Partners, LLC Nashville, TN

Creative Capital Management Investments LLC San Diego, CA

Creative Planning Leawood, KS creativeplanning.com (913) 338-2727

Crescent Grove Advisors Lake Forest, IL

Cresset Asset Management, LLC Chicago, IL

Crestwood Advisors Boston, MA

D’Orazio & Associates, Inc. Falls Church, VA

Dash Investments Woodland Hills, CA

Deerfield Indianapolis, IN

Delegate Advisors, LLC Chapel Hill, NC

Destination Wealth Management Walnut Creek, CA

Diversified Management Inc Milwaukee, WI

Douglas C. Lane & Associates New York, NY

Duncan & Haley, Ltd. Seattle, WA

Eagle Ridge Investment Management LLC Stamford, CT

Edelman Financial Engines Santa Clara, CA edelmanfinancial engines.com (822) 752-6333

Ferguson Wellman Capital Management, Inc. Portland, OR

Fi3 Financial Advisors, LLC Indianapolis, IN

Fiduciary Financial Group, LLC San Rafael, CA

Fiduciary Wealth Partners, LLC Newton Lower Falls, MA

Fielder Capital Group LLC Nashville, TN

Fierston Financial Group Inc West Hartford, CT

Financial Advisory Corporation Grand Rapids, MI

Financial Alternatives, Inc. La Jolla, CA

Financial Partners Group, LLC Gallatin, TN

Financial Solutions Advisory Group Chicago, IL

Financial Symmetry Inc. Raleigh, NC

Financial Synergies Houston, TX Firestone Capital Management Inc Miami, FL

Focus Partners Wealth, LLC Boston, MA wealth.focus partners.com (617) 557-1741

Fort Point Capital Partners LLC San Francisco, CA

Foster & Motley Inc Cincinnati, OH

Fountainhead Advisors Warren, NJ fountainheadadvisors.com (732) 346-1900

Frank, Rimerman Advisors LLC Palo Alto, CA

Franklin, Parlapiano, Turner & Welch LLC Houston, TX

Freestone Capital Management, LLC Seattle, WA

FRG Family Wealth Advisors Bellevue, WA

Fulcrum Capital, LLC Seattle, WA

Full Sail Capital, LLC Oklahoma City, OK

G2 Capital Management, LLC Columbus, OH

Galecki Financial Management Inc Fort Wayne, IN

Garde Capital, Inc. Seattle, WA

Geller Advisors LLC New York, NY

Geometric Wealth Advisors, LLC Washington, DC

Gerber, LLC Columbus, OH

GHP Investment Advisors Inc Denver, CO

Gibson Capital, LLC Wexford, PA

Gilman Hill Asset Management, LLC New Canaan, CT

Glassman Wealth Services, LLC Vienna, VA

Goodman Financial Corporation Houston, TX Santa CA engines com 752-6333

Godsey & Gibb Wealth Management Richmond, VA

Goelzer Investment Management Carmel, IN

LEADING ADVISORS

Grand Wealth Management, LLC Grand Rapids, MI

Granite LLC CT

Granite Group Advisors, LLC Stamford, CT ggaretirement.com (203) 210-7814

HighTower Advisors, LLC Chicago, IL hightoweradvisors.com (312) 962-3800

ggaretirement com 210-7814 LLC IL hightoweradvisors com 962-3800

Graves Light Lenhart Harrisonburg, VA

Great Point Wealth Advisors, LLC Boston, MA

Greenwich Wealth Management, LLC Greenwich, CT

Gresham Partners, LLC Chicago, IL

Gryphon Advisors, LLC Evanston, IL

GSG Advisors LLC Mount Laurel, NJ

Guyasuta Investment Advisors, Incorporated Pittsburgh, PA

Hall Capital Partners LLC San Francisco, CA

Hamilton Point Investment Advisors, LLC Chapel Hill, NC

HeadInvest Portland, ME

Heartwood Wealth Advisors, LLC Richmond, VA

Henry H. Armstrong Associates, Inc. Pittsburgh, PA

Heritage Financial Services Westwood, MA

Heritage Investors Management Corp Bethesda, MD

Heritage Wealth Advisors Richmond, VA

JMG Financial Group Ltd Downers Grove, IL

Joel Isaacson & Co., LLC New York, NY

Hollow Brook Wealth Management LLC Katonah, NY

Hopwood Financial Services, Inc. Reston, VA

Howard Financial Services, Ltd. Dallas, TX

HTG Investment Advisors Inc New Canaan, CT

Independent Family Office, LLC Albany, NY

Innovia Wealth, LLC Grand Rapids, MI

Integris Wealth Management, LLC Monterey, CA

Ironwood Investment Counsel, LLC Scottsdale, AZ

Isthmus Partners, LLC Madison, WI

ISTO Advisors, LLC Troy, MI

IWP Wealth Management LLC Denver, CO

Jackson, Grant Investment Advisers, Inc. Stamford, CT jacksongrant.us (203) 322-1198

Janiczek Wealth Management Denver, CO

Jentner Wealth Management Akron, OH

JFG Wealth Management, LLC Denver, CO

Linscomb Wealth Houston, TX

Live Oak Private Wealth, LLC Wilmington, NC

Johnson Financial Group LLC Denver, CO

Johnson Investment Counsel, Inc. Cincinnati, OH

Johnson Wealth Inc. Milwaukee, WI

Jordan Park Group LLC San Francisco, CA

JVL Wealth Strategies Wyoming, MI

Kendall Capital Management Rockville, MD

Klingenstein Fields Advisors New York, NY

Klingman and Associates, LLC New York, NY

Koss-Olinger Consulting, LLC. Gainesville, FL

Kutscher Benner Barsness & Stevens, Inc. Seattle, WA

Lafayette Investments, Inc. Ashton, MD

Lake Street Advisors Portsmouth, NH

Legacy Advisors, LLC Plymouth Meeting, PA Lido Los Angeles, CA

Lifecycle Financial Planners Inc. Bloomfield Hills, MI

Lindbrook Capital, LLC Calabasas, CA

MIO Partners, Inc. New York, NY

Moneta Group Investment Advisors, LLC Saint Louis, MO

LNW San Francisco, CA LNW Seattle, WA

Lodestar Private Asset Management LLC Alamo, CA

Loring, Wolcott & Coolidge Fiduciary Advisors, LLP Boston, MA

Lountzis Asset Management, LLC Reading, PA

LVM Capital Management Ltd Portage, MI

Lyell Wealth Management LP Menlo Park, CA

Main Street Research LLC Lakeville, CT

Marietta Wealth Management, LLC Marietta, GA

Maslow Wealth Advisors Austin, TX

Materetsky Financial Group Boynton Beach, FL

McRae Capital Management Inc. Morristown, NJ

Meridian Wealth Advisors, LLC Austin, TX

Meritage Portfolio Management, Inc. Overland Park, KS

Mill Creek Capital Advisors, LLC Conshohocken, PA

Monograph Wealth Advisors, LLC, Manhattan Beach, CA

Montag Atlanta, GA

Monument Group Wealth Advisors, LLC Concord, MA

Morling Financial Advisors, LLC Fremont, CA

Morton Wealth Agoura Hills, CA

Moss Adams Wealth Advisors LLC Seattle, WA

Mozaic, LLC Beverly Hills, CA

myCIO Wealth Partners, LLC Philadelphia, PA

NavPoint Financial, Inc. Prior Lake, MN

Neumann Capital Management San Mateo, CA

New England Private Wealth Advisors, LLC Wellesley Hills, MA

Northeast Financial Westport, CT

Novare Capital Management Charlotte, NC

NPF Investment Advisors Grand Rapids, MI

O’Brien Wealth Partners LLC Waltham, MA

O’Rourke & Company, Incorporated Boston, MA

Oakmont Corporation Los Angeles, CA

Obermeyer Wealth Partners Aspen, CO

Oliver Luxxe Assets LLC Gladstone, NJ

Operose Advisors LLC Milwaukee, WI

Opus Capital Management Cincinnati, OH

Osborne Partners San Francisco, CA

Oxford Financial Group, Ltd Carmel, IN

Palisade Asset Management, LLC Minneapolis, MN

Paragon Capital Management Denver, CO

Parkside Advisors LLC Berkeley, CA

Pathstone Englewood, NJ

Pathway Financial Advisors, LLC South Burlington, VT

Patton Wealth Advisors Dallas, TX

PDS Planning Inc Dublin, OH

Peak Asset Management, LLC Louisville, CO

Pegasus Partners Mequon, WI

Pennington Partners & Co., LLC Bethesda, MD

Perennial New York, NY

Personal CFO Solutions LLC Chester, NJ

Perspective Wealth Partners, LLC Boise, ID

Peterson Wealth Advisors, LLC Orem, UT

Pinney & Scofield, Inc. Cambridge, MA

Plancorp, LLC Saint Louis, MO

PrairieView Partners, LLC Saint Paul, MN

Prio Wealth LP Boston, MA

Private Advisor Group, LLC Morristown, NJ privateadvisorgroup.com (973) 538-7010

Proffitt & Goodson Inc. Knoxville, TN

Promus Capital, LLC Chicago, IL

Prowell Financial Management, LLC Exton, PA

Punch & Associates Investment Management, Inc. Minneapolis, MN

QuadCap Wealth Management, LLC Frisco, TX

Rappaport Reiches Capital Management, Skokie, IL

Regent Peak Wealth Advisors, LLC Atlanta, GA

Resonant Capital Advisors, LLC Madison, WI

Reynders, McVeigh Capital Management, LLC Boston, MA

Riverbridge Minneapolis, MN

Riverview Capital Advisers LLC Boston, MA

Riverwater Partners LLC Milwaukee, WI

Roble, Belko and Company, Inc. Sewickley, PA

Rock Point Advisors, LLC Burlington, VT

Roffman Miller Associates Inc Philadelphia, PA

Rossmore Private Capital, LLC Glastonbury, CT

Roundview Capital, LLC Princeton, NJ

RPG Investment Advisory, LLC Pleasanton, CA

RTD Financial Advisors Inc Philadelphia, PA

RZH Advisors LLC Stamford, CT

Sage Financial Group Inc. Conshohocken, PA

Sage Mountain Advisors, LLC Atlanta, GA

Salomon and Ludwin Henrico, VA

Sanctuary Wealth, LLC Indianapolis, IN sanctuarywealth.com (317) 975-7729

Sand Hill Global Advisors, LLC Palo Alto, CA

Sargent Investment Group Bethesda, MD

Satovsky Asset Management LLC New York, NY

SBK Financial, Inc. Richmond, VA

Schaper Benz & Wise Investment Counsel Inc Neenah, WI

Scharf Investments, LLC Los Gatos, CA

Schechter Investment Advisors, LLC Birmingham, MI

SCS Capital Management LLC Boston, MA

SEIA Los Angeles, CA seia.com (310) 712-2323

Sensible Financial Planning and Management, LLC Waltham, MA

Sequent Asset Management, LLC Houston, TX

Seven Post Investment Office LP San Francisco, CA

Seven Springs Wealth Group Brentwood, TN

Shade Tree Advisors LLC Saratoga Springs, NY

Sigma Investment Counselors Northville, MI

SignatureFD, LLC Atlanta, GA signaturefd.com (404) 253-7600

Silicon Valley Capital Partners, L.P. San Jose, CA

Silvercrest Asset Management Group LLC New York, NY

SilverOak Wealth Management LLC Minneapolis, MN

Simon Quick Advisors, LLC Morristown, NJ

Single Point Partners Boston, MA

Sivia Capital Partners, LLC Mill Valley, CA

SlateStone Wealth LLC Jupiter, FL

Smith & Howard Wealth Management, LLC Atlanta, GA

Smith Salley Wealth Management Greensboro, NC

Soltis Investment Advisors, LLC Saint George, UT

Southeast Asset Advisors, LLC Thomasville, GA

SPC Financial Inc Rockville, MD

St. Clair Advisors, LLC Cleveland, OH

Stack Financial Management Inc Whitefish, MT

Stage Harbor Financial Westwood, MA

Stansberry Asset Management, LLC Roanoke, TX

Stepp & Rothwell Inc Overland Park, KS

Sterling Investment Advisors Ltd. Berwyn, PA sterling-advisors.com (610) 560-0400

Stone Summit Wealth LLC Miami, FL

stonesummitwealth.com (786) 540-0323

Strata Wealth Advisors, LLC Dallas, TX

Strategic Financial Services Utica, NY

Strategic Wealth Partners, Ltd. Independence, OH

Summit Financial Strategies Inc Columbus, OH

Summit Rock Advisors, LP New York, NY

Summitry, LLC San Mateo, CA Syverson Strege West Des Moines, IA

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TECHONOMY

China leads the world in renewable energy production, but it still might be enough to save its economy. And that is before all the new tariffs kick in. (88) At Davos this year, the world’s leaders are waking up to the effect of cell phones on our children. Spoiler: it is not good. (90) Has Deepseek cracked the code for low-cost, low-energy AI? (92)

China’s Climate Gamble

A booming renewable sector is not enough as coal dependence, climatedriven food insecurity, and financial gaps loom large.

BY GORDON FELLER

China is the world’s greatest hope and its most significant challenge in the fight against climate change. On the one hand, it’s building more wind and solar capacity than the rest of the world combined, racing ahead of its ambitious renewable energy targets. On the other, it burns more coal than the rest of the planet put together— pushing global emissions higher even as it pledges carbon neutrality by 2060.

This paradox defines China’s climate strategy. Billions of dollars are pouring into green finance, futuristic clean-energy projects, and cuttingedge technology, yet the nation’s industrial engine still runs on fossil fuels. Climate change isn’t just an environmental issue for China—it’s a food security crisis, a geopolitical balancing act, and an economic puzzle with no easy answers.

China is set to cement its position as the global renewables leader, accounting for 60% of the expansion in global capacity to 2030. The country is forecast to be home to every other megawatt of all renewable energy capacity installed worldwide in 2030 after surpassing its end-of-the-decade 1200 GW target for solar PV and wind six years earlier. Since ending feed-in tariffs in 2020, China’s cumulative solar PV capacity has almost quadrupled, and wind capacity has

doubled, driven by cost-competitiveness and supportive policies. China’s success stems from comprehensive support for large-scale and distributed renewables across all renewable technologies.

China has set ambitious goals as the world’s most significant carbon dioxide (CO2) emitter, with such emissions rapidly increasing in recent years. The government wants CO2 emissions to peak by 2030 to achieve its mega-goal: greenhouse gas neutrality by 2060. The world has been watching Beijing’s efforts to phase out fossil fuels.

To meet these goals, China requires substantial financial investments, estimated at $320 billion to US$1 trillion annually until 2030. With the government able to provide only about 15% of this funding, there’s a significant gap that needs to be filled by private-sector investments.

China has been developing a comprehensive green finance framework in response to this challenge. The country has issued various guidelines and taxonomies to define and standardize green investments, including the “Green Bond Project Catalog” and the “Green Industry Guidance Taxonomy”. These aim to channel more capital into renewable energy, energy efficiency, cleaner transport solutions, and ecological protection.

A key initiative in this direction is the new national-level US$400 million Strategic Green and Low-Carbon Investment Fund, supported by the World Bank. This aims to expand equity financing for green investments by mobilizing long-term capital and implementing best-practice green investment standards. The World Bank contributes U.S. $198

million as initial capitalization to attract additional capital from domestic and foreign institutional investors.

The fund will invest in four main areas: energy saving and environmental protection, cleaner industrial production, energy efficiency improvement, and the clean energy industry. It will prioritize private small-medium enterprises and target ventures with significant potential for positive environmental and climate outcomes.

Despite these efforts, some vast challenges remain. China’s green finance framework still has some gaps compared to international norms, such as allowing a higher percentage of green bond proceeds for non-green expenditures. Additionally, there’s a need for more robust investment criteria throughout the project cycle and an improved understanding of how to incorporate environmental, social, and governance issues into decision-making.

China’s leaders say that they’re working to balance economic growth with environmental sustainability. The success or failure of its green finance initiatives could have far-reaching implications for global climate action and sustainable development. Since economic growth is still the primary yardstick for measuring the Chinese Communist Party’s successes, the government has been unwilling to curb industrial and utility pollution. In 2021, Coal burning in China exceeded the country’s all-time peak year for such - back in 2013. Today, China consumes 30% more than the entire world combined, according to the latest comprehensive assessments conducted by the Paris-based research teams at the International Energy Agency.

The country’s intensive focus on renewable energy development has been the primary driver

on their path toward a ‘net zero economy.’ Other factors have been critical in their push towards decarbonization: the costs of retrofitting existing coal-fired power plants and upgrading the power grid to accommodate renewable energy; bureaucratic inertia; technology innovations (or, sometimes, the absence of those); market-based schemes. Given China’s enormous coal-dependent infrastructure, transitioning from fossil fuels will be challenging. Due to the intermittence of renewable energy—since the shine only shines for so long each day, if at all, and the wind doesn’t blow constantly—green energy’s growing role in the electricity mix requires more than just more windmills and photovoltaics. Simply put, China has the potential for large-scale renewable resources, but it has a long way to go to achieve carbon neutrality.

Climate change is not merely China’s environmental predicament—it’s also China’s food security crisis. The country faces significant challenges as climate change impacts agricultural production. The nation has maintained a 95% self-sufficiency target for staple crops like wheat since 1996, but changing consumer preferences and quality demands are reshaping the wheat market.

Chinese wheat production primarily yields medium-gluten varieties suitable for traditional foods like noodles and steamed bread. However, rising incomes and urbanization drive demand for Western-style baked goods, which require high- and lowgluten wheat varieties. This shift has created a gap between domestic production and consumer needs, with an annual shortfall of about 3 million tonnes of highquality wheat.

China imports wheat from various countries, including France, Canada, Australia, and the US, to

meet surging demand. Australian wheat, known for its quality and competitive pricing, is particularly valued for making high-end traditional Asian foods. European wheat, especially French, is preferred for baked goods due to its association with long-standing baking traditions.

Chinese buyers and the consumers at the far end of the chain increasingly prioritize wheat quality, considering factors such as protein content, processing capabilities, and suitability for enduse products. Australian wheat is recognized for its advanced seed breeding, favorable growing conditions, and sustainable farming practices. However, due to cultural associations, European wheat maintains a strong reputation in the baking industry.

The baked goods market in China is growing rapidly, although per capita consumption remains low compared to Western countries. Political tensions and trade disputes have affected wheat imports from countries such as Canada and Australia, leading to market share fluctuations.

While China aims to maintain wheat self-sufficiency, climate change continues to affect global wheat production. As a result, China may face increased challenges in balancing domestic production with import needs. The country’s ability to adapt its agricultural policies and trade relationships will ensure food security and meet evolving consumer demands in the coming years.

China’s climate strategy is a high-stakes balancing act—leading the world in renewable energy expansion while still grappling with coal dependency, financial gaps, and climate-driven food insecurity. The success of its green finance initiatives and infrastructure investments will determine whether it can truly pivot to a sustainable future.

Raising Kids in the Age of AI

Insights from Davos 2025 on navigating the challenges of technology-driven childhoods and building a better future.

BY DAN COSTA

AI, political disruption, inequality—these were the topics I expected to discuss in Davos this year. Yet, on my first day in town, I listened to an unflinching examination of a “global experiment” in which children are the test subjects and society hangs in the balance.

Any parent will tell you screen time, phone addiction, and the hazards of social media are big topics in the U.S. It turns out that parents across the globe feel the same way, and in many places, they are doing something about it.

At the Future House, a group of thought leaders gathered to tackle one of the most pressing issues of our time: how social media and technology are reshaping childhood. Moderated by Dr. Mitch Prinstein, Chief Psychology Officer of the American Psychological Association, the conversation explored the complex interplay of innovation, ethics, and the psychological well-being of the next generation. Panelists included Jon Haidt, NYU professor and bestselling author; Tristan Harris, co-founder of the Center for Humane Technology; Julie Scelfo, Executive Director of Mothers Against Media Addiction; and Sheila Warren, CEO of the Project Liberty Institute.

THE SCOPE OF THE PROBLEM

Dr. Mitch Prinstein set the stage with a sobering reality check: “50% of kids report at least one symptom of clinical dependence on social media. A third are online almost constantly. They’re not just losing time—they’re losing the ability to think and reflect.” With that, the panel launched into a candid exploration of how technology has infiltrated nearly every aspect of childhood.

Jonathan Haidt, author of the best-selling book, The Anxious Generation, emphasized the moral and psychological dimensions of the issue, pointing out how technology is eroding the spaces traditionally reserved for community and family. “Technology has taken over spaces that used to belong to families, schools, and communities,” he said. “We’re raising a generation primed to consume content rather than build community.” Haidt painted a vivid picture of what’s at stake, likening endless scrolling and algorithmic

optimization to “shortcuts for learning” that ultimately undermine long-term development.

Tristan Harris, known for his sharp critiques of Big Tech, such as The Social Dilemma, compared the social media business model to that of Big Tobacco. “This is an engagementbased business model,” Harris warned. “It’s the race to the bottom of the brain stem, optimizing for addiction, not well-being. And now AI is supercharging this.” His example of an AI chatbot that encouraged a teenager to self-harm underscored the unintended but devastating consequences of innovation without oversight.

IT IS PERSONAL FOR PARENTS

Julie Scelfo brought a personal lens to the conversation, recounting how her daughter’s use of gamified educational apps during the pandemic was both a source of joy and a glimpse into a digitally intermediated future.

“During the pandemic, my daughter FaceTimed her friends while solving math problems in a gamified app. It was competitive, social, and joyful. But it’s also a reminder that these digital interactions are becoming their reality,” Scelfo said. Her anecdote shows the dual-edged nature of technology: It is a tool for connection but is also a substitute for more profound, real-world experiences.

Sheila Warren broadened the lens, emphasizing the systemic nature of the problem. “The capture of entire communities by monopolistic platforms is real,” she said. “The stickiness of these ecosystems makes it nearly impossible to leave. Project Liberty is working to create alternatives that give people real choice and voice.”

The need for bold regulation and collective action emerged as a central theme throughout the conversation. “We don’t let kids gamble or drink, but we allow them to use products designed to addict them,” Haidt remarked, stressing the urgency of age verification systems and phonefree schools. “The U.S. has fallen behind. We’ve had no meaningful regulation since the 1990s.”

Scelfo spotlighted grassroots efforts, describing how Mothers Against Media Addiction rallied parents to demand local and legislative changes. “Parents can’t fight this alone. That’s why we started Mothers Against Media Addiction. We’re organizing communities to demand changes at the school and legislative levels,” she said.

Harris pointed to international progress as a source of inspiration.

“The EU’s Age-Appropriate Design Code is a step forward. It ensures platforms don’t expose kids to endless scrolling and harmful algorithms. Why can’t the U.S. follow suit?” he asked.

FOUR STEPS: HEALTHIER, HAPPIER KIDS

As the discussion shifted toward solutions, the panelists laid out practical steps to reclaim childhood from the grip of screens. Haidt outlined “four norms” for families: no smartphones before high school, no social media until age 16, phone-free schools, and a renewed focus on unstructured play. “If we can normalize these practices, we’ll create healthier environments for kids to grow,” he said. Indeed, A growing body of evidence shows the negative impact of smartphones on learning and social well-being and the benefits of removing them from classrooms. A 2015 study by the London School of Economics found that banning phones in schools led to a 6.4% improvement in test scores, with lowachieving students benefiting the most, seeing a 14% increase. In France, a nationwide ban on smartphones in schools was enacted in 2018 for students under 15, following research linking unrestricted phone use to distractions and declining academic performance.

“Take the phone away at night. Protect their sleep. It used to be rude to call someone after 10 p.m. Lets bring that back.”

Prinstein encouraged parents to take immediate, manageable actions. “Start with simple steps,” he said. “Take the phone away at night. Protect their sleep. It used to be rude to call someone after 10 p.m. Let’s bring that back.”

THE ROLE OF TECHNOLOGY COMPANIES

The discussion wasn’t limited to families and policymakers; the panelists directly called out Big Tech and its business models.

“The platforms know their designs are harmful,” Harris said. “But they’re trapped in a business model that prioritizes profit over safety.”

Warren proposed rethinking the economic incentives driving the industry.

“What if we shared the profits more equitably, or adopted subscription models that don’t rely on exploiting user data?” she asked.

Haidt didn’t mince words. “You won’t make as much money with ethical business models,” he acknowledged.

“But we shouldn’t wait for profit-driven solutions. We need public-private partnerships to fund digital public infrastructure, much like we fund parks and libraries.”

As the session concluded, the panelists issued a resounding call to action.

“This isn’t just a parenting problem or a policy problem. It’s a societal problem,” Scelfo said. “We need a global movement to protect our children and rebuild our communities.”

Harris left the audience with a sense of possibility. “The awareness is here.

The momentum is building. Now it’s about turning light bulbs into laws.”

As Prinstein succinctly puts it.

“Children are not just smaller adults. They’re developing beings who need our guidance and protection. Let’s not fail them.”

Chinese AI Tech Could Cut Projected Spike in U.S. Electricity Demand

Are we planning too many new power plants to fuel data centers? Advocates call for more protections for consumers—and the climate.

BY PAM RADTKE / FLOODLIGHT

Anew artificial intelligence model from China not only upended stock markets this week, it also called into question whether the rush to build new, mostly fossil-fueled power plants to run data centers is premature.

The new AI model from China, DeepSeek, uses less power and cheaper computer chips than the AI technologies currently in broad use in the United States, according to the Chinese company and analysts.

“There is a reason electricity stocks fell alongside tech stocks yesterday,” said Logan Atkinson Burke, executive

director of the Alliance for Affordable Energy. “The news of more efficient AI means the plans and promises for unlimited load growth from AI points to the likelihood that energy needs have been overstated.”

The Alliance is a utility watchdog in Louisiana tracking the development of what would be one of the state’s larger power plants to provide energy to a massive Meta data center proposed for north Louisiana. The cost of the center, pegged by Entergy Louisiana in state regulatory documents as at least $5 billion, was announced later as a $10 billion project.

A recent U.S. Department of Energy study found that by 2028, data centers could consume 12% of the nation’s power—they currently use about 4%. A significant percentage of that power would be for artificial intelligence.

Up to 50,000 megawatts (MW) of new electric generation could be needed by 2030 to power this data center boom, according to an analysis by S&P Global. That’s an amount that could thwart the move to fight climate change, activists worry.

But if data centers switch to a more energy efficient technology, like DeepSeek, residential and other customers could be left paying for new energy infrastructure that is not needed, consumer advocates say.

In Virginia, North Carolina, South Carolina and Georgia alone, utilities are planning to build more than 20,000 MW

of natural gas power plants by 2040— roughly the same amount of electricity that all of South Carolina uses during its summer peak—according to a new report by the Institute for Energy Economics and Financial Analysis. IEEFA says more consumer protections are necessary so data center operators can’t walk away from a power plant built for its use.

The concerns aren’t just hypothetical. In early January, Microsoft said it was pausing construction of its $3.3 billion data center in Wisconsin to evaluate recent changes in technology.

When Floodlight asked whether Microsoft is considering Chinese AI development or other more efficient models, the company declined to answer. Meta didn’t respond to a question about whether DeepSeek or similar technology could alter its plans for Louisiana.

“We have all these forecasts for significant growth, and obviously we’re going to start building as if those forecasts are certain,” said Savannah Wilson, an energy policy analyst with Clean Virginia, a utility watchdog group. “But with a new advance like this, it’s very easy for that to suddenly change, and then to have all these pieces of infrastructure that have been built that you may no longer need, be-

cause all of a sudden your systems are more efficient.”

Wilson spoke during a recent webinar that addressed the hidden costs of data centers—including energy, water and land—that are increasing as big tech’s demand for such centers has skyrocketed in the past year.

Utilities and regulators in Indiana and Georgia have enacted safeguards to protect ratepayers, while Duke Energy, which operates in six states, will require a minimum payment from data center operators, regardless of how much energy they use.

Davante Lewis, a commissioner of Louisiana’s utility regulatory body, said he appreciates the measures already put in place between Meta and Entergy Louisiana to build 2,200 MW in natural gas generation for Meta’s data center. Meta, for instance, has agreed to pay for much of the necessary electric transmission for the project to protect consumers. But Lewis says he still has questions about the deal, which the commission is expected to approve this year.

The development of DeepSeek has heightened his concerns. He wants to know that if Meta leaves Louisiana, the cost of the additional gas plants and transmission lines “doesn’t get spread around to other people in the rate base.”

Lewis added, “The announcement of new emerging technology only enhances those questions.”

Meta has committed to taking power from the new natural gas power plant for 15 years, but Lewis noted the lifespan of a natural gas power plant is usually 30 years.

A research note from investment and financial firm Jefferies said DeepSeek’s success could go two ways: Either drive the industry to “pursue more computing power to drive even faster model improvements” or “refocus on efficiency … meaning lower demand for computing power as of 2026.”

For now, prominent climate activist Bill McKibben sees the introduction of DeepSeek as a potential climate win.

Writing in his weekly newsletter, McKibben said: “The increasingly gloomy idea that there was no possible way we could ever deal with climate because AI would soak up every new electron that sun and wind could ever provide may not be quite as true as it seemed to some a week ago.”

This article was originally published by Floodlight and is part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.

From Wrist to Reel

How TikTok, Instagram, and YouTube are rewriting the luxury watch industry’s playbook.

BY CAIT BAZEMORE

The advent of social media has transformed marketing strategies, particularly in the luxury sector. However, among the many facets of luxury, the watch industry has been slower to adapt. Before 2020, many top watch brands like Patek Philippe and Rolex didn’t even have e-commerce platforms to sell their watches online, let alone put much emphasis on digital platforms outside traditional media like Instagram, TikTok, or YouTube.

The pandemic marked a significant shift in the relationship between the luxury watch industry and the digital medium. With the shutdown of brick-and-mortar operations, in-person events, and industry tradeshows, brands had no choice but to go online to sell their wares to stay connected to their clientele. This shift ultimately spurred the rise of watch influencers across social media platforms. Here, we dive into their evolution and some key insights from four leading watch influencers.

EARLY GROWTH ON SOCIAL PLATFORMS

It’s essential to look at two camps of influencers that rose from the shifting landscape of the luxury watch industry during the pandemic. Because the production of new watches largely stopped and the secondary market experienced a massive boom, many collectors became dealers, aiming to capitalize on record-high resale values. Social media platforms like Instagram became a ripe scene for sales. However, this hindered progress for more established luxury watch influencers.

“Social media is relatively new ground, and with that, there’s a certain amount of risk, especially with influencers who rose to fame overnight,” explains Tristan Veneto, aka “TGV”), founder of The Urban Gentry, a YouTube channel created more than a decade ago with nearly 600K subscribers. “Luxury watch brands have naturally been slow to adapt to social media because of this,” he continues. “The risk was made worse with the flipping and dealing hype during the pandemic.”

These flippers and so-called influencers have primarily come and gone as the market has normalized and the secondary market has passed its peak. Alternatively, the key group to look at is the one with staying power. This population of influencers queued in on the expanding presence of brands and collectors in the digital space. In addition to the pandemic effectively requiring brands to build their online presence to stay relevant, the movement also brought droves of old and new watch lovers into the digital realm.

THE POWER OF THE DIGITAL COMMUNITY

Before the pandemic, the opportunities for the community in the watch space were more exclusive and insular, from formal industry events and tradeshows to more casual collector meetups. These occasions were primarily invite-only and reserved for members of the industry or collectors

who’d earned their place in the inner circle of the watch world. With the constraints of physical gatekeeping removed in the digital space, a new universe opened to enthusiasts of all levels of interest, knowledge, and socioeconomic standing. Online, the watch industry isn’t just for a select few—it’s for everyone.

“The luxury watch space has historically been dominated by affluent men,” confirms Lydia Winters, co-founder of This Watch Life podcast and the Instagram account @ LydiasWatches, which clocks more than 15k followers. “But influencers are bringing more diversity and joy into the world of watches. My aim with anything I create is to be open, be inclusive, and show how fun watches and watch collecting can be for everyone.”

Key individuals like Lydia have tapped into the watch industry’s potential to reach a broader audience and seized it as an opportunity to educate and welcome both newcomers and veterans into the watch space.

“My goal—and what I believe many other creators are doing—is to lower the barrier to entry for collecting,” agrees Georgia Benjamin of her namesake Instagram @GeorgiaBenj with nearly 19k followers. “The idea that watches are only for the wealthy or those with family heirlooms is outdated,” she continues. “I’m here to educate people about the history and magical romance of watches while showing how they can be accessible and an extension of personal style. Watches have shifted from symbols of status to expressions of individuality, and influencers lead that charge by sharing their unique perspectives.”

MAKING WAVES: THE IMPACT OF SOCIAL MEDIA INFLUENCERS

This approach of harnessing more diversity, individuality, inclusivity, and openness has caused a few key shifts. First, it’s helped bridge the gap between the industry’s long-standing core demographic (Boomers/Gen X) and the up-and-coming generation of budding collectors (Millennials/Gen Z).

“I believe social media influencers, and more specifically video content creators, are the future of the watch industry, particularly when it comes to capturing a younger generation of collectors,” asserts Ben Cook, CoHost of the podcast Wrist Enthusiast Radio and founder of the popular TikTok and Instagram accounts @ BensWatches, both of which have amassed more than 155K followers. “Just look at the statistics,” he shares, “58% of Gen Z consumers report having purchased something they saw on social media (5WPR), 71% of Gen Z reports they discover new products on social media (Hubspot), and 58% of Gen Z consumers report having bought something off a recommendation of an influencer (Survey Monkey).”

Another key shift worth examining is the relationship between social media influencers and the prevalence of hype watches in the primary and secondary markets—a trend that’s a bit more polarizing.

“I fundamentally believe watches should be purchased for function, enjoyment, meaning, and style—collected as art, not as commodities for short-sighted profit. If they hold or gain value, that’s just a bonus,” clarifies TGV. “The influencers who understand this will continue to shape and be the future of this watch culture online.”

Lastly, the rise of social media influencers in the watch space has given both traditional media and brand ambassadors a run for their money, as some watchmakers are witnessing the power of influencer marketing on their bottom line.

“I got my start on TikTok and even with over 100K followers, I never heard from any of the watch companies.”

“Social media influencers are shaping the culture of luxury watches hugely,” affirms Winters. “An influencer feels more like a friend giving you a recommendation, and that’s weighted differently from a major publication or celebrity telling you to like or buy something.” TGV agrees: “Connecting the right brand with the right type of influencer and audience can make or break a product. Today, this can be achieved for far less investment than traditional marketing like celebrity ambassadors or billboards,” he adds.

However, this isn’t entirely true across the board, and the watch industry still has a way to go before fully embracing this new culture in the social media universe.

“The automotive industry is putting a heavy emphasis on influencers, fragrances are dominating TikTok, fashion trends are getting driven by Instagram—these industries understand how important social media is, and they’re doing well in areas where the watch industry is falling short,” explains Cook. “I got my start on TikTok, and even with over 100k followers, I never heard from any of the watch companies I was talking about,” he confesses. “It wasn’t until I expanded to Instagram that watch brands started taking notice.”

“As we’re expanding beyond the old ways of traditional advertising and print media, the difficulty comes when brands attempt to control or expect the same methods of coverage as before, while balancing the expectations of an actively engaged audience unlike before,” TGV explains. “Sharing my real, independent opinions with my audience is at the core of why I make watch content, and thankfully, more brands are warming to this approach on social media and beginning to understand that the quality of the content is more important than just numbers of subscribers or views.”

Savoring Mexico City’s Culinary Renaissance

Mexico City’s food scene is surging—but one chef is looking back in order to move forward.

BY DEBORAH GRAYSON AND JONATHAN RUSSO

We consider ourselves mole aficionados. Few sauces can beat them as a topping for chicken or enchiladas. Decades ago, we went so far as to make a pilgrimage to Oaxaca, not just to see the Colonial city and visit the nearby Zapotec ruins but also to sample and feast on the local moles. So, on a recent trip to Mexico City (CDMX), we searched for an authentic rendition and found it at Mux Restaurant in the revitalized hipster neighborhood of Roma Norte.

CDMX has a reputation for being chaotic, and parts, like the Centro Historico, are chaotic. Conversely, Roma Norte has been a haven of low-rise residential buildings since the early days of the 20th century. Streets are quiet, tree-lined, and filled with birdsong. Many intersections are graced with architecturally significant mansions.

Unfortunately, a 1985 earthquake destroyed numerous buildings, which have mostly been replaced by nondescript, six-story housing. Despite these visual glitches, it’s a great neighborhood to hang out in, especially for a caffeine fix. Every block offers at least one choice for an artisanal cup of joe.

While most think of a mole as a dark brown, sweetish paste, all moles, which means ‘sauce,’ are not created equal. They all contain chili, ground nuts/seeds, and spices, but the flavor profile and look can vary widely. The most famous contain chocolate— both white (mole blanco) and dark (mole negro and mole poblano). Some add tamarind and even avocado. The recipes are complex, regional, and always proprietary. It’s not unusual for mole poblano to have over 20 ingredients, while Oaxacan moles have over 30.

CDMX is a hot destination. According to the dean of restaurant publicists, Steven Hall, “Mexico City is in the midst of a food boom. Proof is Michelin recently gave a star to a humble taqueria in a fringe neighborhood. Reservations are as hard to get as when Japan was having its culinary moment.”

He added, “Because restaurants are eager to snag a Michelin star, and it’s rare that it goes to traditional Mexican cooking, they’re labeling their

concept ‘nouvelle,’ which also allows them to appeal to a wider audience.”

Focusing on Mexican food, there are three hunger-relieving methods for satiety, starting with the ubiquitous street food, where, from early morning until late at night, large quantities of hand-shaped on-thespot tortillas are filled with a variety of meats, vegetables, cheeses, and toppings. If you want to be indoors and not jostled by pedestrians squeezing past you, there are unpretentious, fluorescently-lit restaurants where customers can flavor their food with house-made salsas. Above this are ‘tablecloth’ restaurants that adorn their guacamole with fried grasshoppers or ant larvae.

Enrique Olvera’s Pujol sits at the very top of the ladder. With its two Michelin stars and a month-long wait for a reservation, this almost 25-yearold restaurant in the elegant Polanco neighborhood (think Beverly Hills) has only two prix-fixe options, a formal tasting menu served in the restaurant and an omakase taco menu

available in the bar. Olvera’s piece de resistance is his “mole Madre,” a sauce he’s continuously nurtured for years, giving mole a place next to mother of vinegar or sourdough starter.

While not on a level with Pujol, Mexico City has several other haute destination restaurants with global reputations whose chefs are, culinarily, looking forward. The word nouvelle appears in many restaurant descriptions.

Then there’s Mux, where 42-yearold chef/owner Diana Lopez del Rio looks backward.

Located in Roma Norte, Mux, with its quietly elegant ambiance showcasing kitchen objects in well-placed niches, is a project inspired by Diana’s grandmother, who told Diana when she was young, “Your life will be defined by following your passion.”

From an early age, that passion was food, which took Diana through the usual gastronomic progression— school, a series of onerous kitchen jobs, culinary teacher, a move to the big city (CDMX), and opening her own

Ayurvedic restaurant Volver, which closed during the pandemic. The good news is that, through Volver, she attracted devoted backers who financed her vision for Mux, which opened in 2021.

The first evidence that she’s serious about her mission is the menu. Changing four times a year, it’s more like a monograph. Many pages long and printed on heavy stock, it contains photos of farmers, fields, and Indigenous people. Every entrée has an attribution, along with a flavor and ingredient description.

Diana jokingly told us, “I always credit the recipe creators because, not being a fully indigenous person, I worry people will think I’m stealing their recipes and culture.” She added, “My desire is to express our heritage through food.”

In a city where, at the high end, it’s easier to find fusion food, sushi, or escargot than anything containing masa (corn meal), Mux is rebelliously embracing centuries of culinary tradition by inviting guests to taste

a Mexico that is at risk of being eclipsed.

Our visit coincided with her immersion into Puebla, which, along with Oaxaca, is universally considered the home of mole. The current menu features seven wildly different varieties, one of which is an herbbased soup. Heartier choices include a tomato and cuaresmeño (jalapeno) mole, a little-known and earthy copi chili mole, sesame and pumpkin seed mole, a sweet and smoky piloncillobased mole, and, of course, the classic of classics, mole negro.

Puebla is also the home of a Slow Food-designated salt from Zapotitlan Salinas, which Ms. Lopez not only uses throughout the menu but also features in four regional dishes. This ‘fossil salt’ is taken from what was a prehistoric sea. Its name refers to the age of the sea, not the presence of marine life in the salt. Records show locals have extracted it for the last 2000 years and continue to do so following ancient methods.

Mux’s current menu also includes non-mole and non-salt choices. Particularly delicious was the chilatole (cornmeal and chipotle soup).

SPIRITS AND WINE

Almost all Mexican food is accompanied by agave-based libations, mezcal, and tequila.

According to Steven, “Interest in tequila has reached a feverish pitch. On the other hand, Mezcal is a bartender’s spirit because of its smoky quality and boutique nature. Plus, since it’s not mass-produced, distilleries lack the marketing budgets to build awareness.” To put his statement in context, one popular tequila brand sold twelve times as many cases worldwide as all the mezcals sales combined.

Not surprisingly, the mezcals and tequilas at Mux are chosen with the same concern for authenticity as the food. Diana told us, “I know all the producers and visit them regularly. They must be as concerned as I am with traditional distilling methods and terroir. We never serve mass-pro-

duced, industrial spirits.” True to her word, the mezcals we sampled (one of which was her house pour) were distinctive, redolent flowers with a smooth, smoky, yet clean palate. Steven concurred. “I think the importance of organic and ethically made products is very much with us. Mexico is no exception. People there know products made by small producers are often better. Without a doubt, ‘ethical’ is a meaningful concept.” We’ve tried to live by this long, so hearing an expert’s observation is gratifying.

Mux has a separate bar around the corner from the restaurant. It provides a convivial spot to sample small-batch artisanal drinks without eating dinner.

While agave-based cocktails are the beating heart of a Mexican drinks program, Diana says, “Wine is playing an increasingly important role, especially among the young.” In response, Mux carries several natural and/or organic selections; all made ethically in Mexico by an expanding generation of young winemakers, many of whom trained in Europe and have returned with their passion and knowledge. Working with her sommelier, Diana has devised an innovative (for Mexico) pairing menu featuring these wines.

Now that Mexico City has become a culinary destination, artisanal food and ethically produced wines and spirits will likely be increasingly on the menu.

The Tech Elite’s Story of Progress— And Who It Leaves Behind

BY JASON ASHLOCK

BOOK

More Everything Forever

BY ADAM BECKER

The future is perpetually receding. Or, as the Polish philosopher Zygmunt Bauman reminds us, “The future is not a destination. It is a horizon, and horizons are not to be reached.” A poetic warning in which Silicon Valley’s most pious optimists seem disinterested. For them, the future is a corporate roadmap with guaranteed returns. In More Everything Forever, Adam Becker surveys the grand ambitions of our technological elite—their messianic faith in AI, their imperialist yearnings for space, their moral gymnastics in the name of humanity’s unborn trillions—with the sharp eye of someone watching a high-stakes magic trick where the rabbit never actually appears.

The book’s dramatis personae are the usual titans of futurist fantasy— Sam Altman, Eliezer Yudkowsky, Jeff Bezos, Elon Musk, Marc Andreeson— each convinced that their particular vision of progress will not only carry civilization forward but preserve it from destruction. Their rhetoric toggles between utopian rhapsody and apocalyptic alarmism, each prophecy serving the same purpose: to justify their power in the present.

Becker begins with artificial intelligence, the great cosmic dice roll of the coming century. Altman, CEO of OpenAI, believes AGI (artificial general intelligence) is inevitable and will usher in a world of limitless prosperity, where AI-driven abundance eliminates poverty and

drudgery. Such an achievement would require a radical redistribution of wealth—not through government but through corporate shareholding, where the public owns fractional slices of an AI-powered economy. It’s an innovation-age feudalism, where the lords of Silicon Valley manage the estates and the peasantry receives dividends instead of wages.

Yudkowsky, in contrast, is gripped by terror. He sees AGI not as salvation but as an extinction-level event, an intelligence too vast and alien to be controlled. His prescription? A global halt to advanced AI research, enforced if necessary by nuclear deterrence. Between Altman’s giddy accelerationism and Yudkowsky’s doomsday cultism, one wonders whether AI is a technology or a theological schism. Perhaps the real question is not whether AI will destroy us or save us, but why its most vocal prophets seem incapable of imagining a future that is neither utopian rapture nor total annihilation.

These are familiar fictions. Since the Enlightenment, the West has told itself stories of progress as an inevitability, a moral force. The Industrial Revolution promised universal prosperity; it delivered empire, extraction, and class warfare. The space age was meant to democratize the stars; it became a Cold War arms race with a more poetic PR strategy. The neoliberal digital revolution was heralded as an engine of equality; it gave us monopolistic platform capitalism. Utopian predictions of whatever age have a strange quality in common: they tend to serve those making them.

Perhaps the most explicitly moralized version of this logic comes in the form of longtermism, the philosophical movement that has entranced much of Silicon Valley’s leadership. Popularized by William MacAskill, longtermism holds that we should prioritize the welfare of future generations—not just our greatgrandchildren, but the potential trillions of humans (or post-humans) who might exist if civilization expands beyond Earth. In his book What We Owe the Future, MacAskill makes a compelling case for taking our long-term impact seriously. The central premise is not absurd; many of our greatest follies stem from thinking too short-term. But Becker rightly points out that longtermism, in the hands of the tech elite, can slide from ethical consideration into a justification for present-day power. If the moral weight of the future dwarfs all current suffering, then almost any action in its name can be rationalized—including monopolizing AI research, consolidating wealth, and steamrolling regulation. The logic, carried to extremes, risks treating the living as expendable in service of the hypothetical.

Nowhere is this future-obsession more literal than in the tech industry’s spacefaring ambitions. Bezos dreams of a trillion-person interplanetary civilization, Musk of self-sustaining Martian colonies. They frame it in existential terms: expand or perish. The idea that Earth might remain our home—requiring care, repair, and redistribution—barely registers. In PostGrowth, Tim Jackson calls this obsession with endless expansion a “story we have told ourselves for so long that we barely recognize it as a story.” Becker, like Jackson, notes that the myth of infinite progress is ultimately a deferral of reckoning. It allows those at the helm to avoid engaging with the limits of the planet we already have.

This is the quiet devastation at the

heart of More Everything Forever: the realization that these grand technoutopian visions, rather than democratizing the future, consolidate control over it.

The rhetoric of inevitability—AGI will come, we will colonize space, growth will continue—serves a specific function: it forecloses alternative paths. The billionaire futurists do not seek to debate the future but to own it. Their dreams of a perfectly optimized, AI-managed, intergalactic society do not invite participation; they demand submission.

And yet, as Becker reminds us, the physical universe is unsentimental. Physics has its own story to tell. Spoiler: it does not include infinite growth. Energy is finite. The stars will burn out. The Singularity is a fantasy not because intelligence won’t advance but because history does not move in straight lines.

Tim Jackson warns in Post-Growth that the real crisis of capitalism is its addiction to acceleration: we are so conditioned to believe that progress means “more” that we struggle to imagine prosperity in any other form.

But some of us manage to. Becker meticulously dissects the grandiose visions of his male anti-heroes, but some of the sharpest critiques of AI, longtermism, and techno-accelerationism have come from women. Dr. Kate Crawford, who deconstructs the myth of AI as a neutral force; Joy Buolamwini, who reveals how these systems reinforce bias; and Shannon Vallor, who argues that technological progress without ethical guardrails is meaningless.

Even beyond AI, the loudest futurists tend to be men. Simultaneously, many female researchers, engineers, and philosophers focus not on hypothetical space colonies but on fixing the problems we already have—algorithmic bias, environmental collapse, surveillance capitalism. The real stakes, they know, are here and now. AI is not an abstract existential gamble but as a force already entrenching inequality, consolidating power, and reshaping society in ways that demand scrutiny.

These voices are the braver prophets, calling us to tell a better story of the future, not one of extraction and conquest, but one of responsibility and repair. Stories of sustainability rather than expansion, of governance rather than control, of futures that belong to the many rather than the few. Intelligence—whether human or artificial—means nothing without wisdom. The question is not whether AI will surpass us, or whether we will colonize the stars. It is whether we will let the men who dream of such futures write our history for us.

Two Young Indie Darlings Reinterpret Country Music’s Weathered Soul

BY JASON ASHLOCK

MUSIC

Send a Prayer My Way

JULIEN BAKER AND TORRES

They’re not the first indie darlings to seek new frontiers in country music, but Julien Baker and Torres might be the most deliberate about it. With Send a Prayer My Way, the duo enters country’s open pastures not as tourists in borrowed boots but as artists genuinely grappling with what country does that indie can’t. Baker and Torres, both architects of raw, emotionally intricate songwriting, have thrown themselves into country’s most demanding elements: plainspoken storytelling, unmediated vocals, melodic ease, and the gravitational pull of place.

It helps, of course, that neither of them arrived without baggage. Baker and Torres, Southern by birth (Tennessee and Georgia, respectively), have histories of gravitating toward, resisting, and reinventing the music of their roots. Baker, the delicate existentialist of the boygenius trio, has long draped her narratives in reverb, distortion, and liturgical hush, speaking in tongues of doubt and devotion.

Torres, sharper-edged and more confrontational, has spent the last decade alternating between wry detachment and primal yearning, veering from folk-rock to art-punk to synth-driven grandeur.

That these two would find common ground in country—a genre built on tension, contradiction, and longing— feels not just logical, but overdue.

What Indie Can’t Do

If the indie and alternative worlds have given Baker and Torres license to experiment, subvert, and luxuriate in ambiguity, country gives them something more radical: the permission to be direct. Indie music, particularly the strain that raised them both, often prides itself on poetic distance, on sly evasion and elliptical truths. The best country songs, by contrast, cut straight through. There is no room for mystery when a steel guitar wails its own version of grief; no space for detachment when a story is laid out in three chords and the gospel truth.

Baker’s hallmark is the patient dissection of pain, an emotional generosity that has built an audience less adoring than familial. But confession can sink into its own echo, buried in sonic mist and literary remove. Country forces Baker’s hand; in a country song, say it plainly or don’t say it at all. For Torres, who has long played with the theatrics of power and persona, country is a risk of a different sort. Her sharpness as a lyricist has often come from tension— between her voice and her arrangements, between sincerity and subversion.

The result is an album that neither artist could have written alone, and one that neither could have written without stepping outside the constraints of indie’s cultivated cool.

Tradition as Cage and Canvas Country’s genre-bound obligations could swamp a lesser duo, as indeed it has other pretenders to the category. The expectation set is so known, it can trigger a kind of comedy, as Orville Peck embraces in his playful country camp. Or it can prompt a feeling ofw cynical commercialism: Post Malone singing about trucks feels about as authentic as our sitting President reading the Bible. But Baker and Torres are up to something else, wrestling with country’s tropes on their own terms, inhabiting them with both reverence and self-awareness. No token dobros here.

Consider the album’s title: Send a Prayer My Way. As country a shorthand as “bless their heart,” a throwaway plea uttered over truck stop coffee or between two phone lines full of static. But in Baker and Torres’s hands, it’s not just a gesture of faith—it’s a question of who, exactly, is on the receiving end of that prayer. Country music has always been tangled up in faith and doubt, sin and salvation, and both Baker and Torres have spent years orbiting those themes. Here, they lean into country’s mythic weight, but without the cheap certainty that adheres to the genre’s most vapid writers.

Take their single “Silvia,” a short, pensive missive that showcases the astonishing way the duo elevates one of country’s favorite ballad categories: the Leaving Song. Country music thrives on motion, on the tension between running away and coming home. Baker, who has long treated her music as a kind of nomadic reckoning, knows the weight of this trope well. Torres, too, has always been a traveler in sound and geography. The question they pose here isn’t simply where they’re going, but what it means to move at all— emotionally, sonically, spiritually— and what is left behind when the road won’t stop calling.

The Sound of a Reckoning

And then, of course, there is the music itself. We can’t talk about Send a Prayer My Way without considering how its sound both challenges and reshapes its two creators. Baker’s voice—so often stretched to its breaking point in her indie work—is given more room to breathe in country’s softer, earthier arrangements. The absence of indie’s cavernous reverb forces a new kind of clarity, a new kind of presence.

Torres, always a master of texture and contrast, reins in the bombast of her more theatrical instincts, leaning instead into the slow burn of twang and melody. The result is a new kind of urgency—not one built on volume or distortion, but on restraint. Something is thrilling about hearing two artists known for pushing against boundaries instead commit to country’s discipline—not in submission, but in curiosity.

With Send a Prayer My Way, Baker and Torres haven’t just dabbled in country—they’ve made it their own. What could have felt like a one-off novelty project, a hipster’s detour into honky-tonk aesthetics, instead feels like the product of deep engagement with the sound of country, with its history, its contradictions, its emotional possibilities.

The real success of this album isn’t that Baker and Torres have entered country, but that they have expanded it, and brought to it a perspective that feels at once authentic and transformative. Don’t let the line-dancing distract. They are here to reckon with what country music has always done best: tell the truth—with pedal steel and slide guitar.

The Best New Hotels

Here’s where you’ll want to check in next.

BY PAUL TRUMPOSKY

In the ever-evolving world of luxury hospitality, the latest crop of new hotels doesn’t just raise the bar—it redefines it. From the sun-soaked beaches of Santa Monica to the secluded shores of Seychelles, these properties aren’t just places to stay; they’re destinations in their own right. Whether it’s the quiet opulence of The Surrey in New York, or the eco-chic sanctuary of Rosewood Miyakojima in Okinawa, each offers a fresh take on what it means to travel well.

This isn’t about the biggest lobbies or the flashiest amenities (though there are plenty of both). It’s about thoughtful design, impeccable service, and singular experiences that’ll linger long after checkout. These hotels set new standards, surprise even the most seasoned globetrotters, and—yes— justify the hefty price tags.

The Surrey, A Corinthia Hotel

New York, New York

The Surrey has returned, freshly polished and impeccably dressed— much like its clientele. After a multimillion-dollar revamp, this Upper East Side grand dame is now an ultra-discreet sanctuary where quiet luxury reigns supreme. The Martin Brudnizki-designed interiors whisper Art Deco elegance, favoring soft pastels over his usual maximalist flair. Rooms are spacious, refined, and serenely beige, but pops of personality (and expensive art) keep things from feeling too sterile. Casa Tua, the hotel’s ItalianMediterranean dining partner, serves a well-heeled crowd of gallery owners and fashion executives, who sip flawless martinis under flattering, low lighting. A hidden private club upstairs ensures the exclusivity factor remains intact. The service is unwaveringly attentive—staff will not allow you to lift so much as a coffee cup. With an impressive spa, a rooftop terrace, and Central Park and the Met just steps (like 50) away, The Surrey is where you go when you want to live on Madison Avenue like a local—one with excellent taste and a hefty bank account.

Regent Santa Monica Beach

Santa Monica, California

Regent Santa Monica Beach has finally arrived as the American flagship of the storied Asian brand, replacing the old Loews with fewer rooms, bigger price tags, and a lot more “elevated” … everything. The $150 million overhaul means even entry-level rooms are palatial by Santa Monica standards, with amenities like monogrammed pillowcases, Dyson hairdryers, and enough toiletries to stock a small boutique. Michael Mina’s Orla delivers a Mediterranean-inspired menu at prices that remind you just how luxurious your stay is. The Guerlain Spa promises treatments with Himalayan orchid extracts— because regular facials simply won’t do. Service is polished, formal, and impressively intuitive, whether or not you’re a hotel critic. Expect a hefty $90 nightly resort fee, but at least it comes with a “beach butler” (just don’t ask for a cocktail—Santa Monica frowns on that). Santa Monica has been waiting for an offering like this, and it’s arguably the new gold standard of beachfront indulgence.

AREV St. Tropez

Saint-Tropez, France

AREV Saint Tropez is a dream—literally, if you translate its name. This boutique newcomer takes the nautical theme seriously, with interiors resembling a yacht so flawlessly decorated it might make actual boat owners question their choices. With just 50 rooms, the hotel feels intimate, yet lively enough for the occasional DJ-backed poolside revelry. It is Saint Tropez after all.

The Strand restaurant revives a local legend, serving Mediterranean fare alongside an extensive Champagne list, with an entire lounge dedicated to bubbly. The staff operates like an elite concierge team—available via WhatsApp to arrange beach transfers via electric buggy or deliver a muchneeded post-party cappuccino. The pool, emblazoned with the phrase A Rêve in the Sun, sums up the experience: leisurely, stylish, and effortlessly indulgent.

Between the padel court, pétanque, and an olive-tree-shaded terrace, AREV gives you every reason to stay put. But should you venture out, St. Tropez’s boutiques and beach clubs are just minutes away.

Rosewood Miyakojima

Okinawa, Japan

Luxury-seekers with Tokyo-fatigue, take note—Japan’s newest high-end hideaway isn’t tucked into a city skyline but perched on a remote Okinawan peninsula, surrounded by postcardperfect beaches and sea turtles with better real estate than you.

Rosewood Miyakojima brings the brand’s “A Sense of Place” philosophy to an island most travelers have never heard of outside of World War II history buffs, and certainly has never seen an international brand build a sand castle like this. The 55 villas range from a modest 645 square feet to a sprawling 2,152-square-foot retreat, each featuring a private pool for those who like their ocean views chlorinated and temperature-controlled.

With an Asaya spa, four restaurants, and access to Japan’s most stunning beaches, Rosewood Miyakojima aims to redefine luxury in Japan—or at least introduce well-heeled travelers to a new corner of it in the sand.

Mandarin Oriental, Mayfair

London, United Kingdom

If Mandarin Oriental Hyde Park is a grand dame in pearls, then its Mayfair sibling is her stylish, elusive niece who prefers whispered exclusivity over opulent fanfare. Tucked discreetly into Hanover Square, this 50-room, 22-suite retreat feels more like a billionaire’s private residence than a traditional hotel—except, of course, for the hybrid Bentley house car and subterranean spa the size of a small embassy.

Rooms are plush yet understated, with gold, navy, and silk floral wallpaper that gently remind you that you’re in a Mandarin Oriental, not an oligarch’s pied-à-terre. Akira Back’s restaurant serves truffle-laced, umamipacked everything, while ABar Lounge and Dosa cater to cocktail connoisseurs and chef’s-table obsessives.

With no grand entrance, no crowds, and no obvious signage, this is a hotel for those who prefer their luxury served softly, with a side of discretion. Mayfair’s sleekest new address isn’t looking for attention—it’s already got it.

Beach Club at The Boca Raton

Boca Raton, Florida

If Boca Raton’s Harborside is where guests go to play pickleball and compare hedge fund strategies, the Beach Club is where they go to forget all that. The result of a $130 million facelift, this 210-room oceanfront retreat delivers a brighter, breezier, and blissfully stress-free alternative to Boca’s more buttoned-up side.

Rooms are coastal elegance without the kitsch—think marble, cerused woods, and just enough coral velvet to remind you you’re in Florida. The pools (three), beach (private), and cabanas (plush) make it difficult to choose where to recline, though the butleresque service ensures you won’t have to move much either way. Marisol and Onda bring a Mediterranean-meetsCaribbean culinary flair, and Sorbetto, a pink Fiat-turned-boat, ensures guests can float around Boca in style.

For those who believe “vacation” should be a verb, there’s paddleboarding, beach volleyball, and jet skis. For everyone else, there’s a piña colada with your name on it.

The St. Regis Longboat Key Resort

Longboat Key, Florida

The St. Regis Longboat Key takes Florida luxury up a notch—or at least a few thousand gallons, courtesy of its 350,000-gallon snorkeling lagoon teeming with stingrays and tropical fish. Built on the site of the legendary Colony Hotel, this resort blends St. Regis’ signature polish with a touch of Old Florida whimsy, nodding to Sarasota’s circus history in everything from wallpaper to pool floaties.

Rooms are spacious, sophisticated, and could be anywhere in the Marriott universe—save for the fact that your butler will happily launder your swimsuit while you enjoy a cocktail at the Monkey Bar. Dining runs the gamut, from a steakhouse with a rooftop Nikkei spot, with Gulf views to an Italian restaurant inspired by the Adriatic. The thermal spa invites deep relaxation, while the Winding River ensures kids (and indulgent adults) can float the day away. In short, it’s exactly what you’d expect— plus a few delightful surprises.

The Lana, Dorchester Collection

Dubai,

United Arab Emirates

The Lana is what happens when Dubai meets discretion—a rare sight in a city where luxury is usually measured in gold-plated square footage. This is Dorchester Collection’s first Middle East outpost, and it swaps over-thetop excess for refined restraint. The lobby is all pink marble and gilded honeycombs, service is telepathic but never fawning, and suites come with Buckingham Palace-grade mattresses and bathtubs positioned for Burj Khalifa views.

Dining is a parade of Michelin-level indulgence, from Jean Imbert’s French Riviera nostalgia to Martin Berasategui’s Basque mastery. There’s even a Dior Spa on the 29th floor, because nothing says relaxation like a facial with Bordeaux vine sap.

The rooftop High Society pool bar is the place to be at sunset, but there’s no beach, no water park, and no rollercoaster inside your suite—which, in Dubai, makes The Lana practically a wellness retreat. Luxury, but make it quiet.

Waldorf Astoria Seychelles Platte Island

Platte Island, Seychelles

The Waldorf Astoria Seychelles Platte Island is the kind of place where even the turtles have five-star accommodations. This tiny private island retreat is equal parts ecoparadise and luxury hideaway, where the biggest decision of your day is whether to sip a cocktail at Lalin Bar or watch baby hawksbill turtles shuffle to the sea from your villa’s private deck.

The 50 villas are castaway-chic with serious square footage, all set back from the beach to protect nesting turtles (so you’ll have to walk a few extra steps to dip your toes in the water—tragic, truly). Dining is surprisingly ambitious for an island this size, from plant-based tasting menus at Moulin to Creole classics at Maison des Epices. Activities? Reef walks, catamaran rides, and the occasional guided coconut harvesting session.

If your idea of “roughing it” includes a private infinity pool and room service omelets, Platte Island is calling.

Nekajui, a RitzCarlton Reserve

Peninsula Papagayo, Costa Rica

For travelers who like their rainforest rugged—but only to a point—Nekajui, the meaning of “lush garden” in the local Chorotega dialect, Nekajui (NEKah-wee), a Ritz-Carlton Reserve, delivers Peninsula Papagayo’s wild beauty in a hyper-curated package. Set above Bahia Huevos, this 107-room retreat offers treetop spa treatments, private plunge pools, and a nature experience designed to be admired, not endured.

Rooms and suites balance Guanacaste’s hacienda aesthetic with every modern indulgence, while dining spans from refined Peruvian at Puna to toes-in-the-sand Iberian bites at Niri Beach Club. The suspended treetop bar serves botanical cocktails with a side of sweeping Pacific views, and the coffee house ensures caffeine levels remain at boutique-hotel standards.

Adventures are plentiful—zip-lining, paddleboarding, and SurfX lessons for those eager to tame Costa Rica’s legendary waves.

Old School Cool Meets Modern Luxury in Austin

The Texas capital has evolved from a laid-back college town into a cosmopolitan hub—without losing its weird, wonderful charm.

BY KIRSTEN CLUTHE

Austin was an under-the-radar college town known for its creative culture and bohemian vibe for a long time. “Keep Austin Weird” is more than a slogan; it’s a way of life for many Austinites. Yet the last two decades have transformed Austin into one of the fastestgrowing cities in the United States. That growth has resulted in shiny high rises that dominate the skyline, a booming tech sector, and a lot of traffic, but it has also sparked a world-class culinary scene and a swath of luxury hotels. Despite these changes, Austin has managed to maintain its counterculture spirit. The music scene is as vibrant as ever; you’ll find art in museums and the local landscape, and your best meal might be from a food truck.

STAY

Fairmont Austin

The Fairmont Austin is located at the edge of downtown, overlooking the Waller Creek Greenbelt Trail. The light-filled lobby, decorated in soothing shades of blue and green, is anchored by a replica of Texas’s oldest oak tree—one of a dozen pieces of art created for the hotel by local artists. The spacious rooms offer sweeping views of Lady Bird Lake, the vibrant Texas landscape, and the state capitol. The hotel boasts one of the largest rooftop pools in the city, along with the only full-service spa in downtown Austin. After checking in, you can relax with a cocktail at the hotel’s stylish Fulton bar, a popular spot to see and be seen. If you prefer a more intimate experience, Room 725 offers a semi-private lounge where you can indulge in Champagne, caviar, and a rare selection of pre-embargo Cuban cigars.

EAT

There are so many excellent dining options in Austin that it’s easy to become overwhelmed. It’s recommended to plan your meals by making reservations where you can—and where you can’t time your arrival when doors open or when you’re comfortable waiting for a table. And, of course, no visit to Austin would be complete without indulging in some BBQ.

BBQ at LeRoy & Lewis Austin’s barbecue scene is legendary, and LeRoy & Lewis is redefining it with “new school” barbeque. They partner with small, local farms and ranches that raise their livestock ethically and sustainably. Their inventive menu includes a Barbacado—a halved avocado topped with Barbacoa, onions, jalapeno salsa, and queso fresco—and a New School BBQ sandwich with kimchi. Their cocktail menu is a fun, high-low mix of spirits, beer, and wine.

Authentic Southern dining at Olamie. Situated in a classic Southernstyle white house with black shutters in downtown Austin, Olamaie has received numerous accolades for its contemporary take on traditional dishes rooted in American history. Led by Executive Chef Michael Fojtasek and Chef de Cuisine Amanda Turner, the menu infuses diverse culinary influences, particularly from the African diaspora. The restaurant’s biscuits are a must-try.

A fusion of Texas barbecue and Japanese izakaya culture, Kemuri Tatsu-ya is a must-visit for adventurous food lovers. Tucked away in the city’s East Side, this lively spot from the team behind the famed Ramen Tatsu-ya blends Austin’s love for smoked meats with Japanese flavors in an equally laid-back and electric atmosphere. The menu is a creative mash-up of smoky, umami-rich bites—think brisketstuffed onigiri, BBQ eel tacos, and ramen packed with smoked fish. The bar program is just as impressive, featuring highballs, sake, and Japanese whiskey to round out the experience. With its neon-lit retro aesthetic, paper lanterns, and hiphop-infused soundtrack, Kemuri Tatsu-ya delivers a dining experience that’s playful and bold.

Comedor is a sleek, contemporary Mexican restaurant known for its innovative approach to traditional flavors. Designed by renowned architect Tom Kundig, the restaurant’s minimalist, industrial aesthetic contrasts the warmth and depth of its cuisine. Helmed by chef Philip Speer, Comedor’s menu reimagines Mexican staples with a modern, elevated twist. Signature dishes like the bone marrow tacos, served with hoja santa tortillas and a rich, umami-packed salsa, showcase Speer’s commitment to bold flavors and artful presentation. Comedor’s bar program features an impressive selection of mezcals, craft cocktails, and natural wines. The nixta oldfashioned, made with Oaxacan corn whiskey, is a standout.

DRINK

Small Victory

This speakeasy-style cocktail bar, led by star bartender Laura Maddox, is inside a parking garage. It is a dimly lit, intimate space specializing in perfectly crafted classic cocktails. It has been named one of Austin’s best bars year after year. Reservations are suggested.

Sunset Drinks at P6

P6 is a stylish rooftop lounge offering sweeping views of Lady Bird Lake, a Mediterranean-inspired menu, and craft cocktails. What was once a parking garage has been transformed into one of the city’s most coveted sunset spots, with an airy and intimate design—think plush seating, soft pink hues, and twinkling lights that set the mood for a perfect evening.

Driskill Bar

Driskill Bar at the Driskill Hotel is where everyone eventually ends up. Rustic leather couches, cowhide barstools, a grand Texas Longhorn mounted on the wall, and live music on Friday and Saturday give it a quintessential Austin vibe. It’s where politicians, musicians, and writers have gathered for over a century, sipping whiskey late into the evening. The bar’s cocktail menu pays homage to its heritage with expertly crafted drinks like the Batini, a nod to Austin’s famous bat population, and the Texas Two-Step, a bourbon-based concoction with just the right kick. The whiskey selection is extensive for those who prefer a neat pour, featuring some of the finest Texas and Kentucky bourbons.

DO

Buy Some Boots.

Austin has a great shopping scene, including some hometown brands that have made it to the national stage, like Kendra Scott and Outdoor Voices. But first, boots.

Allens Boots has been outfitting cowboys, country stars, and stylish visitors with handcrafted boots since 1977, and with over 10,000 boots from well-known brands such as Lucchese, Old Gringo, Frye, and Liberty Black, you’re sure to find a pair. Floor-toceiling shelves are lined with an incredible array of cowboy boots in every imaginable color, texture, and design—from classic ostrich and alligator skin to bold, hand-tooled patterns. It’s a must-visit, even if you live in New York and think you’ll only wear them three times — these boots are made to last a lifetime.

Bats at Sunset on the Congress Avenue Bridge

One of Austin’s most unexpected and mesmerizing attractions is just after sunset beneath the Congress Avenue Bridge, where the world’s largest urban bat colony puts on a nightly show. From March to October, over 1.5 million Mexican freetailed bats emerge from their roosts under the bridge, swirling into the sky in a dark, twisting ribbon as they set off to hunt for insects. Gather along the bridge, the Butler Hikeand-Bike Trail, on a boat or kayak in Lady Bird Lake for the best vantage points. They make their appearance between late March and early Fall.

See some live music.

Austin is known as the world’s live music capital because of its many venues, so you can choose where to catch a show—but Austin City Limits might be the crown jewel. What started in 1974 as a small PBS program showcasing Texas musicians has evolved into a globally recognized platform for legendary performances across all genres. ACL’s home is the state-of-the-art Moody Theater, an intimate venue in downtown Austin where you can catch live tapings of the show. How to snag a ticket? About a week before each taping, ACL posts an online entry form for a chance to receive passes for every show open to the general public.

SXSW

MARCH 7-15

AUSTIN, TX

SXSW 2025 returns to Austin, uniting innovators across tech, music, and film. This year’s event promises cutting-edge sessions, film screenings, live music showcases, and unparalleled networking opportunities, fostering creativity and collaboration on a global scale.

Groundbreaking Women Summit

APRIL 10

NEW YORK, NY

HumanX

MARCH 10-13

LAS VEGAS, NV

Explore the future of human experience at HumanX. This forward-thinking event highlights breakthroughs in user experience design, immersive technology, and AIdriven interactions. Connect with visionaries shaping the intersection of humanity and technology.

Palm Beach Boat Show

MARCH 19-23

PALM BEACH, FL

Experience nautical luxury at the Palm Beach International Boat Show. Discover a stunning showcase of yachts, boats, and marine gear worth over $1.2 billion. Network with enthusiasts and industry leaders along Flagler Drive.

Formula 1 Miami Grand Prix

MAY 2-4

MIAMI, FL

Worth’s Groundbreaking Women Summit champions female leadership and innovation. Featuring thoughtprovoking panels, inspirational keynotes, and networking, the event empowers women to drive impact across industries.

The Formula 1 Miami Grand Prix roars back to the streets of Magic City. Witness the world’s best drivers compete on this iconic circuit, where high-speed thrills meet the vibrant Miami atmosphere.

RIA Edge

APRIL 1-2

NASHVILLE, TN

RIA Edge brings together wealth management professionals and advisors to explore the latest strategies in scaling, marketing, and growing advisory practices. With keynotes and workshops, the event focuses on driving success in the RIA sector.

Milken Global Conference

MAY 4-7

LOS ANGELES, CA

Dive into critical discussions on global challenges at the Milken Global Conference. Industry leaders, policymakers, and innovators convene to address issues spanning finance, health, and philanthropy, shaping the future of our world.

Worth All Access

Unlock a year of exclusive access with Worth All Access, your passport to all the impactful events, thought-provoking discussions, and curated luxury experiences Worth has to offer.

WHAT YOU GET FOR $1,200 (VALUE: $2,250)

• Access to All Worth Marquee Events

– Groundbreaking Women Summit | April 10th, Pendry Hotel, New York, NY

– Living Well: Health & Longevity | June 4th, Raffles Hotel, Boston, MA

– Techonomy Impact: Climate & Beyond | September 24th, New York, NY

– Techonomy 2025 | November 17th & 18th, Civic Hall, New York, NY

• Invitation to All Magazine Launch Parties in NYC, the Hamptons, and Miami.

• Access to Exclusive, Invite-Only Events

• A Full Year Subscription to Worth Magazine

• Signed Copy of Lodestar – personal touch from our Chairman Jim McCann to inspire your journey.

Worth All Access is more than a ticket; it’s a gateway to powerful connections, bold conversations, and transformative opportunities.

Purchase Worth All Access at: worth.com/all-access worth.com/all-access

Point Your Bow Toward Bermuda.

600 nautical miles off the US East Coast lies the ideal place to dock your yacht, step ashore and take your travels to another level. Here in Bermuda, luxurious accommodtions, world-class cuisine, championship golf and immersive spas await. All bathed in the sun, overlooking the sea and surrounded by our famous pink-sand beaches.

Chart a course for spectacular times today.