Worth's Travel Issue 2025

Latitude, Luxury, and Longevity

Resorts in Costa Rica, retreats in India, and mountain sanctuaries in Utah are blurring the line between travel and transformation.

Whole. Live Well. At The Cliffs, wellness is a complete approach. It’s more than fitness—it’s about connecting with nature, community, and yourself. Whether you’re hiking, biking, golfing, playing racquet sports, boating, or enjoying social gatherings, everything you do is inspired by the stunning beauty of the Carolina Mountains. With seven distinct communities across three regions of the Western Carolinas, The Cliffs offers an unparalleled lifestyle. One membership grants access to everything, from tranquil lakeside retreats to vibrant mountain living. A whole experience for an extraordinary way of life.

CHAIRMAN

Jim McCann

CHIEF EXECUTIVE OFFICER

Josh Kampel

PRESIDENT

Paul Stamoulis

EDITORIAL

EDITORIAL DIRECTOR

SENIOR EDITOR

CREATIVE DIRECTOR

SENIOR ADVISOR & CONTRIBUTING EDITOR

CONTRIBUTORS

Dan Costa

Eva Crouse

Nicole Dudka

Margaret Molloy

Jason Allen Ashlock, Meehika Barua, Cait Bazemore, Kirsten Cluthe,Alexis Buncich, Deborah Grayson, Max Isaacman, Chidinma Iwu, Larry Kantor, Pam Kreuger, Rob Pegararo, Jonathan Russo, Tim Stevens, Paul Tumpowsky

PARTNERSHIPS, ADVERTISING & EVENTS

VP OF SALES & MARKETING

ASSOCIATE ACCOUNT MANAGER

VP OF PARTNERSHIPS

DIRECTOR OF SPECIAL PROJECTS

Kendall Wyckoff

Neil Madlener

Ron Stern

Gabrielle Doré

PRODUCT, OPERATIONS & FINANCE

DIRECTOR OF HOSPITALITY 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 New Philanthropists: Millennials Are Changing How—and Why—We Give

A generation raised on transparency and technology expects philanthropy to deliver systemic solutions, not just statements of intent.

BY JIM MCCANN

Millennials have been described in various ways, ranging from techsavvy and values-driven to socially conscious and hard to categorize. One thing is certain: They’re now the largest adult generation in the United States, numbering more than 72 million. They’ve entered their prime years of earning, parenting, leading, and shaping the world around them. And they’re doing it on their own terms.

This generation is poised to inherit trillions, take over family enterprises, and set the tone for what wealth and legacy will mean in the decades to come. But their size isn’t the only reason we’re paying attention. Millennials are already rewriting the rules of business, culture, and, increasingly, giving.

That’s why we launched the Worth Millennial Report last year, in partnership with Boston Consulting Group. We set out to better understand this influential and fast-evolving generation, particularly those at the upper end of the income spectrum, earning $250,000 or more, with a significant portion reporting incomes of $500,000 or more. These so-called trailblazers are reshaping the narrative around wealth. They’re more likely than older generations to spend according to their values and care deeply about sustainability, transparency, and whether the brands they support reflect a broader sense of purpose.

This quarter’s issue explores what that means for philanthropy. (See page 82.)

What we discovered is a generation that cares deeply about alignment. Their giving reflects a desire for values to match action. They’re skeptical of traditional gatekeepers, and they bring that mindset into everything they do, including how they give. They’re donors and participants.

They care less about galas and naming rights, and more about measurable outcomes and realtime feedback. Crowdfunding platforms and peer-to-peer campaigns often feel more authentic to them than formal appeals. And they expect organizations to earn their trust.

This presents both a challenge and an opportunity for families, advisors, and nonprofits. Engaging the next generation will require more than passing the baton.

It means rethinking what generosity looks like and recognizing that legacy may be less about permanence and more about progress.

As Caroline Hodkinson of Bessemer Trust noted in an earlier issue, younger clients are funding institutions and questioning them. They aim to understand how education is connected to workforce development, or how a health intervention might intersect with early childhood care. They’re seeking systemic solutions.

For those managing family foundations or advising high-net-worth clients, the takeaway is clear: if you want to engage the next generation, don’t just invite them to give; instead, involve them in the process. Invite them in. Invite them to ask hard questions. Give them access to decision-making. Be open to different forms of contribution. And above all, build relationships rooted in trust. As Hodkinson puts it, those relationships aren’t just valuable today—they tend to be passed down.

This issue of Worth offers a roadmap for such engagement. It examines the mechanics of wealth transfer, yes, but also the human side of that transition.

What does it mean to inherit responsibility along with resources? How do you preserve a legacy while making room for change? What happens when giving becomes less about recognition and more about results?

We don’t pretend to have all the answers.

But we believe the questions matter. And we believe the people asking them—this generation of rising leaders— are worth paying attention to.

— Jim McCann CHAIRMAN, WORTH MEDIA GROUP

The Journey Continues

Our community is using its influence and capital to drive change— in business, health, philanthropy, and travel. Worth is proud to amplify those efforts across every platform.

BY JOSH KAMPEL

At Worth, we believe that the most valuable journeys aren’t just about the destinations— they’re about transformation. This issue celebrates one of the enduring passions of our community: travel. Not just as an escape, but as an expression of curiosity, culture, wellness, and purpose. As we hear from our readers, advisors, and partners, the interest in meaningful experiences continues to grow. Travel is no longer a break from life; it’s a way to live more fully.

The continued rise in experiential travel reflects a broader shift in how our community is choosing to spend its most valuable resource: time. Whether exploring far-flung destinations, discovering new culinary cultures, or immersing in wellness retreats, our audience values journeys that enrich their lives beyond the surface. In a world of endless information and limited bandwidth, we remain committed to curating content that aligns with what matters most.

That’s why Worth continues to evolve. Our editorial focus is sharper than ever—at the intersection of business, finance, lifestyle, innovation, and impact. These pillars are not siloed but interconnected, reflecting how today’s leaders think and live. They want to grow their businesses while making a positive contribution to society. They aim to stay ahead of the curve in AI and emerging technologies, while also remaining grounded in health, wellness, and longevity. And they want their investments—whether in companies, causes, or experiences—to align with their values.

Health, wellness, and longevity have become particularly central to this conversation. With advances in medical science, biotechnology, and data-driven diagnostics, we are entering a new era where personalized health is no longer a distant goal but a real-time possibility. We recently explored these topics at our inaugural Living Well conference in Boston. That content can be found on Worth.com.

“Our audience values journeys that enrich their lives beyond the surface.

This issue also features content from the Milken Global Conference, where we remain proud media partners. Milken’s dedication to finance, health, and philanthropy mirrors our own commitment to conversations that drive progress. It’s a forum where public and private sector leaders explore how to build a better world—and one we’re honored to help amplify.

Looking ahead, we’re preparing for a dynamic second half of the year. Our editorial and event calendar features our Impact Conference, held during the UN General Assembly, where the global conversation around sustainability and impact takes center stage. We’ll also host our Techonomy conference, focusing on the future of artificial intelligence and its impact on reshaping business, policy, and society. And in December, we’ll publish our annual Worthy 100 list, honoring the influential leaders who are using their success as a force for good.

As always, thank you for being part of this journey. Your time, attention, and trust fuel everything we do.

— Josh Kampel CEO josh.kampel@worth.com

We Tour the World— But Won’t Let It In

Even as Americans travel freely, U.S. policy is forcing out students, scholars, and entrepreneurs. The cost to our economy and society is steep.

BY DAN COSTA

This issue of Worth is devoted to the art of travel—a celebration of the journeys that expand our horizons and deepen our understanding of the world. Over the past year, I’ve had the privilege of visiting the serene beaches of the Papagayo Peninsula in Costa Rica (see page 36), the glamour of Monaco, the charm of Nice, the vibrancy of Barcelona, and the warmth of Barbados. Each destination offered a new lens through which to view culture, community, and possibility.

Travel, especially international travel, is an incredible privilege. Americans enjoy an unparalleled freedom to cross borders, often without a second thought. And yet, we are increasingly denying the same privilege to others who wish to visit our country, study here, build businesses here, or even reside here.

Recent U.S. policies have made it more difficult for foreign nationals to enter or remain in the United States. The Trump administration’s most recent expansion of its travel ban now blocks entry from 12 countries, disproportionately targeting students and professionals from regions with which we once eagerly built partnerships.

Meanwhile, international students, who contributed over $43.8 billion to the U.S. economy in the 2023-2024 academic year, are facing heightened scrutiny. New visa restrictions, arbitrary revocations, and even politically motivated deportations are driving many of the world’s top students and scholars away. Cases like those of Columbia University students Yunseo Chung and Mahmoud Khalil, both legal permanent residents targeted for deportation over protected political expression, are alarming signals that our openness is eroding.

The consequences extend well beyond individual lives. We are witnessing the beginnings of an academic brain drain. A recent Nature poll found that 75% of U.S.-based scientists are now considering leaving the country due to the political climate and visa uncertainty. Entire research programs are losing talent they spent years cultivating.

That loss will not be easily replaced. America has long been the world’s most attractive destination for knowledge workers and entrepreneurs. Nearly half of Fortune 500 companies were founded by immigrants or their children, including Apple, Google, and Moderna. These firms have generated trillions in revenue and created tens of millions of jobs worldwide. Their founders did not merely visit the U.S.—they chose to stay, build, and contribute.

In today’s Fortune 500, nearly 10% of CEOs are foreign-born—many of them rising through the ranks of companies that embraced global talent. Leaders like Satya Nadella (Microsoft), Sundar Pichai (Google), and Arvind Krishna (IBM) are potent reminders that America’s competitiveness depends on keeping its doors open.

Yet today, would those same individuals choose the U.S.? Increasingly, talented students, scientists, and entrepreneurs are choosing Canada, Europe, and Asia instead—places where visas are more predictable, academic freedom is protected, and immigrant contributions are welcomed.

And it isn’t just about scientists and CEOs. Working-class immigrants have also been a net positive for the U.S. economy. Immigrants fill critical gaps in sectors ranging from construction and agriculture to hospitality and elder care—industries that are currently experiencing acute labor shortages. According to a 2023 report by the National Bureau of Economic Research, immigrant workers increase U.S. GDP by an estimated 2% annually and contribute more in taxes over their lifetimes than they consume in public benefits.

The U.S. Chamber of Commerce reports that 70% of job growth in recent years has been attributed to immigrant labor, and the American Immigration Council found that immigrants contributed $492.4 billion in taxes and had $1.4 trillion in spending power in 2021 alone. In short, immigrants—at every level of the economy—don’t take jobs; they grow markets and strengthen the nation’s economic fabric.

As we enjoy the privilege of global travel, let’s remember the strategic value of keeping our doors open. Welcoming the smartest, hardestworking, and yes, sometimes most desperate people from across the globe is the foundation of the American experiment. It is what made America great in the first place.

Today, U.S. visa policy is sending a different message—and we will pay the price in lost innovation, reduced economic competitiveness, and diminished global leadership.

We hope to see you there.

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

Max Isaacman is a writer and investment advisor in San Francisco. He wrote the groundbreaking first ETF book How to be an Index Investor (2000), the first Nasdaq Market book, The Nasdaq Investor (2001), and the factor-based book Investing with Intelligent ETFs (2008), all published by McGraw-Hill. He wrote Winning with ETF Strategies (Financial Times Press/Shanghai University of Finance and Economics Press, 2013). He was a columnist for the award-winning San Francisco Examiner, wrote for Delta Airlines SKY magazine, Financial Technology News, American Association of Independent Investors Journal, the Emmy Award-winning website Minyanville.com, and other print and digital outlets.

For many years, Isaacman was the institutional department manager at East/West Securities. He helped build an office and was the managing partner at Cowen & Company. Max was a vice president at Lehman Brothers, a representative at Merrill Lynch, a vice president at the Bank of California, and held other positions.

After about forty years of practicing yoga, Max still does it, pretty much daily. He thinks everybody should do yoga; especially when they get older. Max and wife, Joyce, spend what time they have when not working visiting children and grandchildren. His email is exch13@aol.com

Alexis

Alexis Buncich is a freelance writer and producer based in New York City. She graduated from Columbia University with a Bachelor of Arts in English Literature. She especially loves writing travel and coming-of-age stories. You can find her work at alexisbuncich.com.

Jonathan Russo & Deborah Grayson

Jonathan and Deborah have written about interesting destinations and people for decades. They focus on unique experiences on land and sea. Artisanal food and ethically made wine are passions. Jonathan was a NYC talent agent for decades and Deborah has masters degrees in public health and clinical nutrition. They live in NYC and Shelter Island NY.

Max Isaacman

Buncich

Audi’s New RS E-Tron GT Performance Is a Shocker

Mid-cycle refreshes are supposed to be boring, but not this.

BY TIM STEVENS

The mid-cycle refresh is a fact of life for most car models—a few nips and tucks made by designers and engineers after something has been on the market for a few years. The goal is to deliver renewed presence at your local dealership, but the updates tend to be scant. That’s not the case for Audi’s newly refreshed RS e-tron GT Performance. The big clue about what’s new is right there in the name: Performance.

Audi’s RS e-tron GT has never been a slouch. When it launched in 2020, it offered over 600 horsepower in an electric sedan, along with a good dose of comfort and practicality, and no shortage of curb appeal. It served as a visual preview of Audis to come, and now that many of the company’s models have caught up to its look, it’s time for a refresh.

But while the new e-tron GT has the obligatory minor styling tweaks to nose and tail, it also offers a massive leap forward in terms of speed and accelerative aggression, areas where the previous generation of the car was certainly not lacking.

MORE, MORE, MORE

It starts with more power, way more, to the tune of 912 hp if you go for the top-spec RS e-tron GT Performance. And why wouldn’t you? There’s a lesser, S e-tron GT with 670 hp plus smaller wheels and a few other downgrades, but the Performance is the only one that can blast you from a standstill to 60 mph in just 2.4 seconds.

That is a literal eye-opening experience. At full tilt, the RS e-tron GT Performance is uncomfortably quick. For my time behind the wheel,

Audi secured some evening time at the Speed Vegas track outside of Las Vegas, where, under the lights, the car and I within it surged forward up the inclined straight.

Launching is easy, with no complex preparations or warming procedures as required in the Tesla Model S Plaid. In the Audi, you just put your left foot on the brake, your right foot on the gas, and then lift off the brake again. But don’t do that before taking a deep breath and resting your head back on the headrest. The sudden onset of G-force is so strong that you’ll struggle to breathe during the launch, and trying to keep your head upright without support is a great way to get a strained neck.

Thankfully, it’s over soon enough. I ran an RS e-tron GT Performance up over 130 mph, a process that took only a few seconds more than the initial sprint to 60. It’s impressive how the car just keeps on pulling hard well

past triple-digit speeds. Plenty of EVs are geared so short that once you get up to a decent rate of velocity, their acceleration starts to taper off.

Not the Audi. It relies on a twospeed transmission for the electric motor at the rear axle, a rare setup that ensures optimal torque and power at a much broader range of speeds. This car was, after all, designed and tested in the land of the limit-free Autobahn, and I can only imagine how good it would be to run there.

DESERT CRUISING

The rest of my testing was sadly limited to the highways and byways around Las Vegas, running out to Charleston Peak and back. It’s a stark and lovely landscape once you leave the casino trappings behind, but the roads are not only marked with extremely conservative limits, they don’t tend to have a lot of character to them. After all, if you need a road from A to B and there’s nothing but desert in between, there’s no reason to inject many curves.

“This car was, after all, designed in the land of the limit-free Autobahn, and I can only imagine how good it would be to run there.”

While not the most exciting drive, it was a good chance to sample the GT’s chops as a cruiser, where it excels. This year, the car also picks up a new active suspension. It’s the same basic setup found on Porsche’s Panamera and the GT’s corporate cousin, the Taycan. It relies on an advanced hydraulic setup on all four corners

that can do everything from countering roll in corners to lifting the car about two inches as soon as you open the door. That makes getting into and out of this ultra-low sedan a lot easier.

More importantly, the suspension can work some magic on imperfect roads. The RS flavor of the GT rolls on ultra-low-profile tires stretched over 21-inch wheels, which would typically result in disastrous ride quality. But even over bumpy, broken asphalt, the GT was perfectly comfortable. Ad, if you have passengers with sensitive stomachs, you can set the car to lean into turns and even

tilt forward and backward during acceleration and braking. This sensation is a little odd, but strangely easy on the inner ear.

Eventually, I got far enough into the Spring Mountains that the road found some terrain to wind through. Here, that suspension proved its worth. Combined with the quick, sharp steering, the RS e-tron GT Performance swung through the corners like something far lighter than its 5,137 pounds. Even over stretches of gravel or snowmelt, it never faltered, its Quattro all-wheel drive ensuring all the power went to the ground.

MECHANICAL DETAILS

That power is provided by a pair of revised motors, which pull from an upgraded battery pack. Capacity is now 105 kWh (95 kWh usable), and range climbs to 278 in the RS e-tron GT Performance, up from 249 before. If that weren’t enough, a new charging architecture means it can suck down electrons at a rate of up to 320 kW, which means you can go from a 10 to 80 percent charge in just 18 minutes. That means adding over 200 miles of charge in about as much time as it’ll take you to use the restroom.

The interior hasn’t seen any real upgrades outside of the steering wheel, a new design featuring capacitive-touch buttons of the sort that everyone hates on Volkswagen’s current crop of EVs. I hate them here, too. The only other notable change is the option of getting something called forged carbon fiber on the dashboard, mirror caps, side skirts, and rear diffuser. Instead of the smooth, orderly, woven carbon you’re used to, forged carbon is chopped and mixed into a resin slurry before being molded, creating a messy, speckled look. I’m not a fan of the look, but Lamborghini has certainly sold plenty of the stuff on its cars, so I may be in the minority here.

The other visual tweaks to the GT are more appealing. The refreshed nose is more open, with more room for breathing, allowing those upgraded motors and battery to stay cool, while the diffuser on the rear end is far less fussy than before. It’s still a very busy car from a visual standpoint, but its mix of angular forms and organic shapes is still compelling.

For 2025, Audi’s updates to the RS e-tron GT Performance are certainly more than a typical mid-cycle refresh. Big power and range gains will keep everyone grinning, and the suspension is a revelation. Yes, the new starting price of $167,000 is a substantial boost over the outgoing car, but it feels eminently worth it.

BookTok Shakes Up the Literary World

Young creators on TikTok are reshaping how—and which—books sell.

BY ALEXIS NIKOLIA BUNCICH

Original. Unsettling. God tier. Addicting. These are some of the words and phrases you’ll hear thrown around when scrolling through the #BookTok hashtag on TikTok. Boasting over 53.8 million videos and encompassing a broad range of trending sounds, the BookTok community has skyrocketed the careers of authors like Rebecca Yarros, Ana Huang, and Sarah J. Maas, all of whom have become #1 New York Times bestsellers.

When videos go viral on TikTok, millions of views correlate to commercial success not only for the content creators themselves but also the authors they’re reacting to. On BookTok, viewers have a direct call to action: Buy the book I recommend. Like FashionTok, BookTok promotes the “see and buy” content that’s become even more popular with the introduction of TikTok Shop.

But this process doesn’t end after readers hear a dramatic review and immediately check out an online shopping cart. With the rise of BookTok, new bookstores are opening across America, and a rising community of readers has a forum to connect.

YOUNG WOMEN DRIVE BOOKTOK SALES

Like we saw during 2023’s BarbieMania, BookTok sales rely mostly on the influence and purchasing power of young women. One report published by The New Americanist found that age negatively correlates with the number of print books bought each month, meaning the younger you are, the more likely it is that you’ve bought a physical print book in the last month. 32% (predominantly millennials) of participants bought a book from Bookstagram (book-centered Instagram), and 31%(predominantly Gen Z) bought a book from BookTok. Overall, those in their 20s and 30s are highly influenced by bookish social media.

And scrolling down #BookTok or any of its related hashtags (#Reading with 5.5M videos, #BookRecommendations with 5.1M videos, or #Bookwork with 6.2M videos, to name a few), both videos and comments are primarily posted by women who appear to be in their 20s or 30s.

In the same vein, many of the books being reviewed on TikTok are in genres primarily consumed by women, but dismissed by heady literary snobs, like romance and fantasy. However, as commercial indicators, those snobs would be missing out big time.

According to Publishers Weekly, Emily Henry’s romance novel Great Big Beautiful Life leads bestsellers, with 137, 474 units sold since its publication date at the end of April. Dark romance Lights Out is also a top seller, with 227, 798 units sold. While these books are nestled amongst books by juggernauts like Mel Robbins and Suzanne Collins, their numbers place them near the top of the list.

Great Big Beautiful Life and Lights Out also top the New York Times Best Sellers Fiction List, with Rebecca Yarros’ latest book in The Fourth Wing romantasy (romance and fantasy) series in fourth place after fourteen weeks on the list.

These sales numbers appear to directly correlate to BookTok engagement, with #EmilyHenry, #FourthWing, and #LightsOut at 99.2K, 648.6K, and 86.5K videos, respectively.

Jane Nutter, a Senior Communications and Marketing Manager at independent publisher Kensington Publishing Corp, told Worth that BookTok is led by younger generations. Readers seek out recommendations from both content creators and authors themselves.

Nutter explained, “Readers are increasingly turning to peer to peer reviews rather than more traditional coverage. This is particularly true for younger generations like Millennials and Gen Z.”

‘BOOKTOK’ IS AN ENTIRELY NEW GENRE

Despite its influence on romance, fantasy, and romantasy, BookTok surpasses any sort of individual genre and serves as its own definer.

A BookTok read is something that’s trendy. It can be high-brow, low-brow, short, or long. It can be a new release or a classic. But a BookTok read gets people talking—and it gets content made.

In anticipation of popular BookTok author R.F. Kuang’s upcoming release, Katabasis, which spins Dante’s Divine Comedy on its

head, several creators have even published reading lists to prepare. BookTok creator @piasreads’ list includes books like The Iliad, Antigone, The Epic of Gilgamesh, and, of course, Divine Comedy itself.

At this point, BookTok starts to look less like a medium to talk about your so-called “guilty pleasures” and more like a university reading list. The platform has given literary creators the chance to democratize the type of analysis that often only happens in formal institutions.

Although there’s only a limited amount of time in the typical 60-second video and BookTok tends to follow the influencer pattern of showing and telling rather than sparking debate, there is plenty of engagement for creators who do just that.

Although it’s also a place to show off a book haul or a book-themed outfit, BookTok has surpassed the influencer jail that had Gigi Hadid reading Camus at fashion week and Jacob Elordi filling each cargo pant pocket with a different feminist read. Instead of vague bookish aesthetics, BookTok has become a forum for real engagement about literature.

And who better to trust for your book recs than your peers? If an author is active online or builds a community surrounding their work, it’s considered in the marketing and acquisitions strategies. The organic content being churned out by BookTokers serves as genuine word of mouth—this isn’t your everyday Amazon reviewer; it’s a trusted member of your online peers.

Nutter explained, “Authors who create engaging videos and are responsive to reader comments and feedback are particularly good at cultivating a fandom which turns out readers to buy their books in droves. Buying a book just to support the author and to have them succeed can be just as [valid a] reason to purchase than simply because it’s a book they want to read.”

BRICK AND MORTAR BOOKSTORES ARE RISING FROM THE DEAD

You might draw the conclusion that since BookTok is primarily an online community, its consumer influence extends exclusively to online retailers. You’d be wrong.

In January, Barnes & Noble announced its plan to open at least 60 new bookstores in 2025, a recordbreaking number just surpassing its former high of 57 new stores in 2024. This follows decades of bookselling declines and store closures that led many to believe physical bookstores were dead.

And large booksellers like Barnes & Noble aren’t the only retailers seeing a bump in sales—The American Booksellers Association told the Associated Press that their membership increased by 200 members in 2024, and 190 stores are set to open within the next two years.

In a twist of how we’ve come to think of the in-person-to-onlinecommunity pipeline, BookTok is bringing the online discussions to physical places-- and giving enthusiasts the opportunity to make face-to-face connections and spend their money in so-called “zombie” retail spaces.

BOOKTOK REPRESENTS A LARGER FINANCIAL TREND

BookTok’s success really serves as a case study for a bigger theme: When young women are interested in something, their purchasing power is strong. From Barbie to The Eras Tour to The Renaissance Tour to BookTok, media that’s geared toward and created by young women has broken box office records, streaming records, ticket sales recordings, music tour records, and now bookstore opening records.

When publishers decide to invest in women, their chosen media may skyrocket past virality and come to redefine the media landscape. And considering the mythical influence of the BookTok community, it seems that they will.

Painting with Dinosaur Mud

In a world where duct-taped fruit can sell for millions, Ulrike Arnold is doing something quietly radical: painting with dinosaur dust, meteorite particles, and Earth from every continent. The result isn’t spectacle—it’s soul.

BY EVA CROUSE

Ulrike Arnold doesn’t buy her paint. She makes it from the land beneath her feet.

When I visited Amangiri, Aman’s luxury resort in the Utah desert, one of her works stopped me mid-step. A massive canvas dominated the lobby wall—earthy, swirling, magnetic. The colors, green, pink, red, brown, and black, seemed pulled directly from the surrounding landscape. The texture wasn’t just visual; it was mineral...hand-ground and gritty.

I later learned that Arnold creates her pigments on-site, grinding local stones, sand, and even ancient mud into paint. She comes to Amangiri regularly to work in the desert and in the caves just beyond the property, making each piece a literal reflection of the land around it.

“So what’s the weirdest material you’ve ever made paint out of?” I asked Arnold during our WhatsApp call in April.

“Well, the dinosaur. I call it dinosaur mud,” she said.

“Sorry,” I said. “But, what’s dinosaur mud?”

Arnold was part of a hiking group that accidentally discovered several dinosaur vertebrae. “Of course, later, with paleontologist, they got it out,” she said. “And I ask them, ‘Hey, can I have something of the mud under this baby dinosaur?’ And they said of course.” The German artist describes this precious, prehistoric earth as having a lovely grey tone, and she uses it across different projects.

But 95-million-year-old mud isn’t even the rarest earth she makes her paint from. In fact, some of them aren’t Earth at all.

“I also have the meteorite dust, which I get from a scientist,” she continued. “I sneaked in a conference 22 years ago in Flagstaff and I met him (the scientist). He has to cut the slice off to send to the NASA, and these particles which fall off, he collected because it’s so precious he couldn’t throw it away.”

Usually one would be suspicious of a supplier offering special dust for free, but Arnold hit the jackpot. Literally. Her work with time, Earth, and space has attracted high-profile buyers, including Miley Cyrus, Drew Barrymore, and other notable clients, whom she declined to confirm.

Arnold doesn’t just gather pigments from nature; she also paints within it. Her canvases are made on-site, wherever she feels a magnetic pull: in caves, deserts, and even on top of volcanoes. She uses only materials from the land around her, welcoming the impact weather has on the canvas while she works. The result is a visual and elemental fingerprint of the place. In wine, this is called terroir—the way geography, soil, and climate shape the product. Arnold’s work is a kind of painterly terroir: a document of time, place, and presence, expressed through earth itself.

She paints outside not for drama, but for collaboration. “I want to integrate what’s happening,” she told me. “If there’s sand, wind, hail—let it in.” In one case, a guest at Amangiri watched in awe as hail began to fall on a piece still drying on the table. The texture, created by chance and storm, thrilled him. He bought the piece on the spot.

That moment encapsulates Arnold’s entire ethos, she told me. Her work isn’t

a performance—it’s doing its best to capture as much spiritual and physical reality on one canvas as possible. Her collectors span everyone from UPS drivers to tech billionaires, from tourists to actors. But the throughline is always the same: connection. People don’t buy her work to show off. They buy it because it makes them feel something real.

Arnold’s most ambitious piece to date is a towering, two-part canvas that forms an exclamation mark: a 21-foot vertical rectangle suspended above a round base. Painted on both sides, the piece must hang freely in a space at least 13 meters high. What makes it extraordinary is not just its scale, but its materials: it contains earth from all seven continents, including soil from Armenia, Brazil, Easter Island, and Arizona, as well as meteorite dust. The colors—layered and raw—speak to one another in harmony, forming what Arnold sees as a visual dialogue among cultures and geologies.

“It’s a symbol for peace on Earth,” she told me, “and at the same time, a symbol for our endangered environment.”

The piece was first displayed at a telescope facility in Flagstaff using a crane and was filmed for a documentary. Arnold and her producer hoped it would find a home at the United Nations in Geneva, where it was enthusiastically received, but logistical funding remains an obstacle. “They said, ‘We love it, but we don’t have the budget,’” Arnold said. She’s now searching for a sponsor who shares the vision of letting the piece travel—to hang as a global symbol of environmental unity before eventually returning to her collection.

Arnold paints with material that has lasted 95 million years—actual dinosaur mud, meteorite dust, stones shaped by time. Her work isn’t trying to outsmart the art world. It’s not a spectacle or a riddle. It’s time and place, an unconventional landscape portrait that doesn’t aim to imitate the lighting, colors, and terrain. It is a laboratory sample infused with the artist’s skill.

Burn, Rebuild, Repeat?

The latest LA wildfires didn’t just destroy homes—they exposed how climate change, soaring insurance costs, and the price of rebuilding are forcing even the rich out of luxury neighborhoods.

BY EVA CROUSE

On the morning of Jan. 8, Darya Allen-Attar saw her home burning on CNN. The Pacific Palisades house where she had raised her three children, collected decades of family memories, and built a life in one of LA’s most coveted neighborhoods was reduced to rubble. “One of my neighbors sent me a picture—she had seen my house burning on the news at three in the morning,” Allen-Attar recalled. “It was still standing but burning from the inside.”

Her street, Iliff St., sits in a quiet, leafy pocket of the Palisades—a neighborhood long considered an urban haven, flanked by the Santa Monica Mountains on one side and the Pacific Ocean on the other. It was not the kind of place where people thought they would lose everything to wildfire.

“We left the Palisades thinking we’d be gone for a couple of days at most,” Allen-Attar said. “We’d evacuated before, back in 2019, but our little urban community had never really been threatened. We didn’t take much—just the basics.”

And yet, in a matter of hours, nearly 93% of the neighborhood burned.

The LA wildfires exposed the hidden economics of disaster: as climate risks mount, the cost of living in exclusive enclaves rises alongside them.

For years, Los Angeles’s wealthiest homeowners have operated under the assumption that their resources could insulate them from disaster. In neighborhoods like Malibu, Pacific Palisades, and the Santa Monica Hills, resilience was a commodity that could be bought, fortified, and maintained.

Private firefighting contracts, costing anywhere from $3,000 to $10,000 a day, promise rapid-response teams

that defend estates when public services are stretched too thin. While some measures are required by California Building Codes, homeowners with means can invest heavily in fireproofing their properties: replacing wood siding with stucco, swapping shake roofs for tile, installing emberresistant vents, smart surveillance systems, and private water tanks.

It was an ecosystem built on the illusion that money could buy safety.

The January wildfires shattered that illusion. Fueled by historic drought, 100 mph winds, and recordlow humidity, a series of 14 fires ripped across Los Angeles and San Diego counties between Jan. 7 and Jan. 31. Nearly 40,000 acres burned, more than 16,000 structures were destroyed, and at least 29 people were killed.

According to the UCLA Anderson Forecast, insured losses from the Palisades and Eaton Canyon fires are estimated at $75 billion, with total property and capital losses ranging from $95 billion to $164 billion. Affluent enclaves like Pacific Palisades, Altadena, and Malibu took the brunt of the damage.

Even the most fortified properties couldn’t withstand the scale and speed of this fire season. In the aftermath, wealth determined who had the means—and the will—to return.

“It was almost as if they let us burn,” said Suze Yalof Schwartz, a Pacific Palisades resident and founder of Unplug Meditation, whose home in the Riviera section of the Palisades was destroyed. “The fire department was on one street, but as our street was burning, nobody even went down [it].”

THE NEW BARRIER TO ENTRY

The fires revealed a quiet shift underway: the cost of climate risk is now measured in the ability to shoulder financial risk, raising barriers to entry in elite neighborhoods.

“The price that it would cost to rebuild our current home would be twice as much in that exact same size, in that 1950s style,” Schwartz said. “It

would cost twice as much or more to actually rebuild that size of a home.”

In addition to rising construction costs and high demand for materials in the decimated area, insurance markets have become increasingly hostile. Many insurers have pulled out of California entirely, while others have drastically raised premiums or slashed coverage in high-risk zones.

“The [main] problem would be to build something and not be able to get insurance on it,” Schwartz said. “You have to be able to afford to build something and not have insurance on it. We don’t have that luxury.”

Among those watching the shifting landscape is Ramtin Ray Nosrati, a Los Angeles-based luxury real estate developer whose company has built some of the city’s most expensive hillside homes. Nosrati said the problem extends beyond individual homeowners. “There weren’t enough fire trucks. Reservoirs had no water. We actually have fewer fire stations now than 30 or 40 years ago—that’s a real problem,” he said. Indeed, the number of fire stations in Los Angeles has declined over the past several decades—from 112 in 1960 to 106 in recent years—despite the city’s population doubling, according to city records.

A SHIFTING REAL ESTATE LANDSCAPE

The devastation triggered a shift in Los Angeles’s real estate market, as families faced costly rebuilding or walked away, fueling demand in safer areas.

According to a February analysis by Westside Today, home sales in Santa Monica surged 166% in the

“Rebuilding means assuming enormous financial risk in an era when wildfires are not a question of if, but when.”

month following the fires, while listings in Beverly Hills and Brentwood nearly tripled. Real estate agents described frenzied bidding wars as displaced residents searched for temporary or permanent homes. In one case, a newly listed Brentwood property received 10,000 online views in a single hour, with prospective tenants offering to pay a year’s rent upfront.

“A lot of people are thinking about moving,” Schwartz said. “A lot of people from the Palisades ended up moving to Manhattan Beach. It’s almost like the Palisades is now in Manhattan Beach.”

The market shift has also triggered ripple effects in less affluent communities. In Altadena, a historically middle-income neighborhood that suffered widespread damage, more than 30 burned-out lots were listed for sale within weeks of the fires. Many belonged to longtime residents who could not afford to rebuild without adequate insurance coverage.

Community groups in Altadena have raised alarms about post-fire gentrification. Locals say the fires were still raging when developers started reaching out to homeowners who had just lost everything. Their rallied response has stolen headlines with signs that read: “Altadena is Not for Sale.”

REBUILDING AT ANY COST

As residents debated whether to rebuild, state and local officials moved to fast-track recovery. In late March, Gov. Gavin Newsom signed an executive order suspending key environmental protections to accelerate infrastructure repairs in the burn zones.

The order waived provisions of the California Environmental Quality Act (CEQA) and the California Coastal Act, long considered cornerstones of the state’s environmental policy. It specifically targeted utility repairs, clearing the way for Southern California Edison and other providers to move power lines underground without undergoing the usual environmental reviews.

“We are determined to rebuild Altadena, Malibu, and Pacific Palisades stronger and more resilient than before,” Newsom said in a statement. “Speeding up the pace that we rebuild our utility systems will help get survivors back home faster and prevent future fires.”

Sparking overhead power lines have been blamed for igniting some of California’s deadliest fires. Burying those lines is considered one of the most effective ways to reduce ignition risks.

However, the governor’s decision to bypass environmental laws has drawn criticism from advocacy groups, who argue that resilience and oversight are not mutually exclusive. Susan Jordan, executive director of the California Coastal Protection Network, told The Los Angeles Times that Newsom’s continued exemptions build on concerning environmental practices she’s seen in the fires’ aftermath. “I hope that the governor will one day recognize that the Coastal Commission is a willing partner and one of the best tools he has in his toolbox to ensure a quick, informed and coordinated response to establish

future long-term resiliency along the coast,” Jordan said.

Critics warn that waiving environmental reviews could allow utilities and developers to cut corners, potentially exposing communities to future risks. In some cases, public health safeguards were also relaxed to expedite cleanup; the state declined to require soil testing for toxins on many burned lots, prompting concern from environmental health groups.

The trade-offs reveal the central tension in California’s wildfire response: how to rebuild quickly enough to get displaced families back into homes while balancing long-term safety, environmental protections, and equity. It’s easy to understand why there’s pressure to cut red tape in the aftermath of a disaster, but the consequences of rebuilding too fast without oversight can be lasting.

THE FUTURE OF LUXURY IN A FIRE ZONE

Buyers with means are shifting away from hillside communities and toward flatter, urban neighborhoods, where fire risk is perceived to be

lower. Redfin data shows that the demand for luxury properties in Santa Monica, Brentwood, and Beverly Hills has grown. At the same time, sales have slowed, and prices have softened in hard-hit areas like Pacific Palisades and Altadena.

At the same time, the Palisades and other hard-hit neighborhoods are seeing fewer new listings and more distressed sales. Many of the properties now on the market belong to longtime residents who, unable to afford the cost of rebuilding or securing insurance, are choosing to sell their land and leave.

Nosrati said the decision to rebuild is about more than money.

“When you’re dealing with a $40 million home, rebuilding can’t happen in a vacuum,” he said. “The city has to come back to life first. No homeowner at that level wants to move into what still feels like a war zone.”

For homeowners like Allen-Attar and Schwartz, the decision is not so simple. Rebuilding means assuming enormous financial risk in an era when wildfires are no longer a question of if but when.

“I would love to rebuild,” Schwartz said. “I love our neighborhood. It’s so beautiful, and I feel so grateful that I got to live there. And I would like to go back there.”

The question looming over Los Angeles’s luxury neighborhoods is whether resilience itself has become an asset that only the very wealthy can afford. In Pacific Palisades, Malibu, and beyond, climate change is not just threatening homes; it’s quietly redrawing the boundaries of who belongs.

“Hopefully, it’ll just be a more modernized version of what once was,” Schwartz said. “And a more safe version of what once was.”

The January fires made one thing clear: no amount of money can buy immunity from the forces of nature. But as the cost of climate risk rises, those who can’t afford to adapt may find themselves priced out of the places they once called home.

UNLOCK MORE BENEFITS

A First Look at the Ultra-Luxe Spa at Nekajui

The new Nimbu Spa at Nekajui, a Ritz Carlton Reserve property, delivers a rare combination of ecological design, elite-wellness, and an experience so transportive, it redefines what a spa can be.

BY KIRSTEN CLUTHE

Being one of the first guests to experience Nimbu Spa & Wellness at Nekajui, a Ritz-Carlton Reserve property, felt like an invitation into a new dimension of luxury. Not the kind tethered to status symbols, but the kind defined by presence, place, and precision.

Nekajui is one of only a handful of Ritz-Carlton Reserves in the world, with just five properties globally, each located in a remote destination selected for its ecological and cultural significance. These Reserves are the brand’s most exclusive offering, focused not on opulence for its own sake, but on creating singular, immersive experiences in places that feel untouched and are unforgettable.

Nimbu is the spa at the heart of Nekajui, perched above the Pacific Ocean on Costa Rica’s Peninsula Papagayo, a protected 1,400-acre enclave known for its biodiversity and dramatic beauty. Fringed by rainforest and flanked by volcanic hills, the peninsula is a magnet for travelers who prioritize conservation, privacy, and transformative experiences. It’s not uncommon to spot white-faced capuchins and scarlet macaws within steps of your suite.

From the moment you step inside, it’s clear: this isn’t your typical resort spa. The treatment rooms at Nimbu are architectural marvels, built into the hillside like modernist treehouses, each with a cinematic view of the Pacific framed by the jungle. These are not just treatment rooms; they are suspended sanctuaries, crafted from reclaimed teak and volcanic stone, where silence becomes an active ingredient in the experience.

My visit began with a guided walk through the open-air corri-

dors—lined with reclaimed wood, volcanic stone, and native flora—to the spa’s hydrotherapy circuit. The centerpiece here is the largest hydrotherapy pool in Latin America, wrapped around a dramatic marble island with multiple thermal jet stations and an underwater soundscape. The resort boasts six pools in all, but the hydrotherapy pool is reserved exclusively for the spa. I lingered as long as possible (and still dream about it).

Next came the signature volcanic stone massage, which used locally sourced stones and custom botanical oils to release every trace of tension. But what happened after the treatment elevated the experience even more. I was quietly escorted to a private outdoor shower and soaking tub, both perched on a cliffside terrace overlooking the Pacific. There, I was given the gift of time: time to sip champagne, soak in silence, or swing gently in an open-air daybed as the sun dipped toward the horizon.

Nimbu’s treatment menu reflects a balance of global modalities and hyper-local wisdom. There are moon cycle alignment therapies, a Guayacán tree bath ritual, and marine-based detox scrubs using salt harvested from the Nicoya Peninsula. Every treatment is built around the idea of reconnecting with nature’s rhythms—slow, cyclical, and deeply restorative.

There’s also a plant-forward, locally sourced wellness menu served on-site. My lunch—a Costa Rican bowl with seared queso turrialba, roasted sweet potatoes, and avocado over brown rice—was one of the best meals I had all week. Add a glass of champagne and a seat facing the sunset, and the spa turns into a retreat you don’t want to leave. A reminder that indulgence and well-being are not mutually exclusive.

What makes Nimbu a standout is not just the exclusivity (which it offers in spades), but the intention behind every detail. This is wellness that respects its cultural context. It’s luxury that lives lightly on the land. It’s a space built for those who know that well-being isn’t a splurge—it’s an investment in clarity, energy, and a longer life.

Worth Knowing

LOCATION: Nekajui, a RitzCarlton Reserve, Peninsula Papagayo, Costa Rica

SPA DESIGN: Treehouse-style treatment rooms, volcanic stone finishes, reclaimed native materials

SIGNATURE TREATMENTS:

Volcanic stone massage, moon cycle therapy, hydrotherapy circuit, marine salt detox

ECO CREDIBILITY: Built with low-impact architecture, locally sourced ingredients and botanicals, community engagement

LATITUDE, LUXURY, AND LONGEVITY

Luxury travel is shifting from opulence to intentionality. In Costa Rica, resorts like Peninsula Papagayo prioritize biodiversity, with coral restoration and wildlife tracking built into the guest experience. At Amangiri in Utah, design and programming embrace the desert’s raw beauty—from yoga atop rock spires to naturally-formed amphitheaters—while emphasizing environmental responsibility. In India, Rajasthan’s palacial hotels offer more than grandeur: They immerse travelers in deep cultural and spiritual traditions, from the chaos of Old Delhi to the serenity of Alwar. Across these destinations, the new luxury isn’t about escape—it’s about connection, purpose, and the privilege of presence.

Walk a 12-inch-wide bridge 400 feet above the Utah floor

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Retreat to nature in Costa Rica

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Exoplore the meditative stillness of Ranakpur Temple in India

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Meet luxury innovator

Richard Kessler

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BLENDING LUXURY AND RESPONSIBILTY

The Amangiri resort is designed to disappear into Utah’s desert, to not detract from its surroundings. But in a place where the landscape is the draw, luxury comes with responsibility.

BY EVA CROUSE

My pulse skyrockets as I take the first step onto the 12-inch-wide, swaying, metal bridge suspended about 400 feet in the air. “I’m clipped in,” I remind myself repeatedly as I take step after step toward our guide, who’s waiting for me on the other side. When I get to the middle, I stop, knowing this is the kind of view you only get a handful of times in your life (if you’re lucky). I can see for miles across the dry, red desert, speckled by rocks the size of castles. I can see the layers of color formed by millions of years, massive pressure, and major climate events. This is my first time trying Via Ferrata—a combination of rock climbing and hiking at a very high altitude—and it’s oddly comforting to know that Lady Gaga has walked this same bridge.

The Amangiri resort, nestled deep in the desert and bordered by the Navajo Nation, has earned its fame by keeping a low profile. Sitting tight against Utah’s Arizona border, Page and Flagstaff are the two closest pods of civilization. Because of this, the resort operates on Arizona time; when they told us to switch our clocks, I joked that we were in a bubble outside of time and space. Standing in the middle of a bridge hundreds of feet in the air, surveying what felt like all 920 acres of the resort’s alien-looking property, it didn’t feel like a joke anymore.

“I’m going to have to parse out which feelings are prompted by Amangiri, and which ones are just from visiting the Southwest for the first time,” I told a fellow journalist as we disembarked the tiny aircraft in Page. The sun set as we swooped low, gliding beneath the clouds. Golden light illuminated the red, rocky terrain, the Colorado River zigzagging beyond—its path carved deep into stone, revealing layers of history pressed into long lines of green, pink, red, brown, and white.

I soon discovered there was nothing to parse. Amangiri embraces the terrain in every detail of its design—blending into the landscape while offering a luxurious return to the Earth, even if it looks more like Mars. Except here, there’s water.

The main pool curves in an organic “U,” wrapping around a massive stone centerpiece. Nearby, weddings are held in a natural rock amphitheater just steps from the property’s luxury tents. Designed to provide an even more secluded experience, the tents connect guests more firmly to the land through isolation. Sitting close to the resort, a short golf cart ride away, the campground doesn’t sacrifice an ounce of the luxury you experience in the main resort.

Whether it’s in a tent or a room, every guest opens their doors to a breathtaking view, with no obstructions spoiling the line of sight across the flat, arid landscape.

Arriving after sunset, the morning brought my first view from the room, and I half expected to see a herd of wildebeest grazing in the distance as I sat up in bed, nestled in crisp, soft white sheets. Indeed, our host, Anne-Francoise Guibert, told us that they refer to it as the “American safari.” It’s easy to see why. But unlike African safari experiences, Amangiri offers a ridiculously wide range of activities—from helicopter rides over the Grand Canyon, to yoga classes atop a severalhundred-foot rock (you have to take the helicopter to get there), to via ferrata and tours of Lake Powell. Oh, also hot air balloon rides. Essentially, you can drink in the landscape from every angle imaginable.

All of those outdoor and/or airborne activities are in addition to the experiences available inside the resort itself.

From the moment you arrive, the amenities at Amangiri make it clear this is not just a hotel—it’s a meticulously choreographed experience of immersion, indulgence, and intentional stillness.

The spa is a hushed sanctuary; its lobby is filled with the sounds of a crackling fire in the hearth, and as candlelight fills the room, its flickering glow harmonizes with the fire’s sound. After your eyes adjust from the desert sun to the dim warmth, it feels like a cave, a church, and the coziest living room combined. The effect is deeply calming, designed to dissolve tension at a cellular level. Inside, pools glow, and the scent of a cedar-lined sauna permeates the facility. If you’re into pain, there’s a cold plunge where you can reset your entire nervous system. Luckily, it’s right next to the sauna and steam room.

The heart of the resort is the main pavilion, where floor-to-ceiling windows pull the desert inside and a row of oversized fireplaces parade down the center of the space, filling it with the nostalgic, grounding scent of bonfire. The open kitchen is tucked neatly into a corner, inviting the sound of searing steak and the smell of freshly chopped herbs and citrus into the already enticing room. Low couches in deep earthy tones, warm woods, and carefully chosen textures gently pull your eye around the room. It’s a masterclass in combining privacy and community in one area, just by using furniture and sensory experiences.

The pavilion is where guests convene for meals on their own schedule, unless they choose to take advantage of room service. Gentle reminders that privacy is always available are everywhere. The meals mirror the ethos of Amangiri, centering local ingredients without omitting any of the comfort foods you may be craving during this period of deep restoration. The menu includes ingredients like slow-braised buffalo, elk tenderloin, rainbow trout, and prickly cactus, along with many native herbs. And even if it leans into local ingredients, there is no shortage of seafood with dishes like ahi tuna akami, grilled octopus (my favorite), and wood oven prawns. If the menu is out of your

wheelhouse, or if you, for some reason, brought your children, you can always order off menu—the incredibly accommodating chefs take requests, so you can absolutely order french fries to eat in the bathtub while you sip a glass of crisp, cold white wine. For breakfast, and I cannot stress this enough: Get the cast-iron pancake. Healing often requires movement; you can test your body to quiet your mind in the fully equipped gym or the yoga and pilates studio, where classes are offered throughout the day. There’s also a lap pool over by the tents.

Because it’s so close to the massive and sprawling Navajo Nation, the resort employs

many people living on the reservation. Nightly workshops are available to educate guests on Navajo customs, like learning to weave a dream catcher or observing a musical performance. Drinking margaritas in a hot tub after a full-body massage is also an available activity. I recommend trying both to get the whole experience.

However, the resort’s biggest attraction isn’t the hot air balloon ride or the impressive 920 acres of uninhabited land. It’s what brought our host, Guibert, from Paris to Utah 20 years ago. It is ideally situated to explore four of the most beautiful parks in the world: Bryce Canyon National Park (2.5 hrs by car), Zion National Park (2 hrs), the Grand Canyon (2.5 hrs), and Lake Powell (20 mins).

Guibert came to Amangiri as a guest, eager to explore and hike around the National Parks. But her solo trip took an unexpected turn. She fell in love with her hiking guide. Now, she, her hiking guide (now husband), and their son live just minutes from the resort and spend most of their time outside—a far cry from her previous job in finance.

After a few days touring the resort and surrounding area, high and low, I found myself sitting on the bench outside my room, looking over the flat, dry ecosystem that stretched as far as I could see. The sky had turned a deep shade of orange, and the castle-sized rocks sprinkled about were casting long, dark shadows. It was a moment of appreciation for, well, the really big rocks. But as I sat there, I received a gut punch from a single “bling” of my phone, the screen lighting up where it sat forgotten. It was an Apple News notification about the nationwide rallies protesting federal funding cuts to the National Park Service (NPS).

In early 2025, the Trump administration enacted significant budget cuts to the NPS, including the termination of approximately 1,000 employees, primarily those in their probationary period.

These cuts raise concerns about the maintenance and operation of national parks, as well as their impact on visitor services and public safety. Indeed, our tour guide at Lake Powell, known simply as “Captain Bob,” told us that there was nobody left to keep the

bathroom facilities clean for visitors, so he and his team members have had to step in to clean them themselves at times.

The consequences of these cuts are already visible, with the department operating with 2,400 fewer employees than the previous year. The U.S. Army Corps of Engineers, which manages recreational facilities at federal lakes and reservoirs, also announced closures and reduced hours at over 30 locations.

Staffing challenges are compounded by a growing maintenance backlog exceeding $22 billion, which will worsen with reduced staffing. Gateway communities—towns that rely on park tourism—may face economic ripple effects if visitor experiences decline.

Despite these challenges, visitation remains high. In 2024, national parks saw a record 331.9 million visits, a 2% increase from the previous year. In 2023, National Park tourism generated approximately $26.4 billion.

Protests have erupted at over 100 national parks and monuments across the U.S., organized by the Resistance Rangers—a coalition of off-duty park service employees. These demonstrations are intended to raise awareness and urge elected officials to restore all funding and staffing to the NPS.

These parks are more than vacation destinations. They’re cathedrals carved by time.

And you don’t have to look far to see the impact of federal disinvestment with your own eyes. Just pull off at a rest stop with overflowing trash bins, or visit a trail where the ranger station sits shuttered. Or listen to a guide like Captain Bob talk about scrubbing toilets because there’s no one left to do it.

Places like Amangiri remind us what it feels like to be small in the best way—to stand still, breathe deeply, and let the land do what it does best: heal. But that kind of restoration isn’t owed to us. It’s a quiet offering, one that asks something in return. We only deserve places like this—where the silence feels sacred and the horizon stretches without interruption—if we’re willing to care for the lands beyond the property line. Beauty and responsibility are two sides of the same coin. If we’re lucky enough to stand in awe, we’re also called to stand up.

PURA VIDA!

A morning surf, a forest hike, and a sunset chef’s table— Peninsula Papagayo redefines responsible luxury.

BY DAN COSTA

One of travel’s greatest pleasures is discovering the food, customs, and idioms that resist easy translation. In Costa Rica, that phrase is Pura Vida—two words that serve as a greeting, a farewell, a thank you, a you’re welcome, and sometimes, an entire worldview. It embodies a slower rhythm, an appreciation for the present moment, and an increasingly rare optimism. In a world recovering from a pandemic and weathering political unrest and economic headwinds, it’s easy to see why Pura Vida resonates. What’s harder to believe—until you’ve seen it—is how luxurious and forwardlooking that simplicity can be.

Costa Rica is one of the most biodiverse countries on the planet, containing an estimated 5% of the world’s species in a territory roughly the size of West Virginia. Nationwide, it is home to more than 500,000 species, including over 900 species of birds, 1,250 butterflies, 14,000 plants, and nearly 250 mammals–despite representing just 0.5% of the world’s forests.

COSTA RICA

Peninsula Papagayo is situated on the northwestern Pacific coast of Costa Rica, within the Guanacaste Province. The peninsula’s tropical dry forest supports over 200 species of birds, capuchin monkeys, coatis, and ocelots. Walking through these woods, howler monkeys broadcast their presence at dawn, and crab burrows lace the forest floor. There are also pumas stalking the forest, but you are unlikely to see one unless you walk the forest alone at night. (Not advisable.)

ROOTED IN HISTORY, DESIGNED FOR TOMORROW

Historically, Peninsula Papagayo was home to the Chorotega indigenous community, whose cultural legacy still informs regional identity. Their ceramics, tools, and language traditions endure in artisan workshops and cultural centers throughout Guanacaste. The peninsula’s modern transformation began in the 1970s as a national strategy to build a sustainable tourism economy. In 1999, Costa Rica passed Law 6758, establishing development regulations to conserve at least 70% of the land. That law laid the groundwork for Papagayo’s low-density, high-value model.

That hard cap has made the remaining 30% of the Peninsula even more valuable. Peninsula Papagayo is home to three major luxury resorts— Four Seasons Resort Costa Rica, Andaz Costa Rica by Hyatt, and the recently opened Nekajui, and a Ritz-Carlton Reserve. The Four Seasons includes 182 rooms, suites, and private residences; Andaz features hotel accommodations and wholly-owned condominiums; and Nekajui will offer 107 rooms plus 36 branded residences. In total, the peninsula includes a growing portfolio of high-end real estate, such as the 20-villa Four Seasons Private Residences at Prieta Bay, Andaz Residences, and Ritz-Carlton-branded estate homes, positioning it as one of Central America’s most exclusive resortresidential communities.

Peninsula Papagayo operates under a vertically integrated model that differentiates it from most luxury resort destinations. The entire 1,400-acre peninsula is co-owned and managed by a single development partnership between Gencom, a Miami-based investment and development firm, and Mohari Hospitality, a global investment company founded by entrepreneur Mark Scheinberg.

This unified ownership structure allows for a long-term, purpose-driven vision—one that integrates hospitality, real estate, wellness, and envi-

ronmental stewardship. What began as an isolated luxury outpost has matured into a cohesive, curated community where every detail—from the design of private residences to the guest experience at the Four Seasons, Andaz, or upcoming Ritz-Carlton Reserve—is aligned under one strategy.

“They’re drawn to the peninsula’s vertically integrated model, which ensures a cohesive, hightouch experience,” said Francesca Poddie, COO of Peninsula Papagayo.

IMMERSIVE EXPERIENCES ABOVE AND BELOW

During my stay at the Four Seasons, I was struck by its extraordinary setting—a narrow isthmus that connects two pristine beaches, one facing the Pacific Ocean and the other overlooking the calm waters of Culebra Bay. You can walk from one coast to the other in under five minutes, (see our cover!) but in that short span, the scenery shifts dramatically from crashing surf to tranquil shallows.

COSTA RICA

One evening at sunset, I hiked up to one of the highest points on the peninsula for a Kundalini yoga session. The practice was held in an open-air yurt perched atop the ridge, its circular structure offering uninterrupted 360-degree views of the ocean on one side and the bay on the other. As the session began, the early light spilled across the floor, the breeze moved through the space like a silent participant, and the instructor’s voice echoed softly against a backdrop of birdsong and distant waves. Breathing deeply and quickly in that elevated space—between ocean and sky, movement and stillness—it is impossible not to feel the high. And yes, it may have been simple hyperventilation from the yoga practice, but the effect was real.

Zip lines in the Palmares conservation area stretch across forest canopies, offering a rare aerial view of ecosystems inhabited by crabs and iguanas. Hiking trails trace old cattle paths, now restored as wildlife corridors. And unlike resorts that insulate visitors from their environment, Papagayo’s architecture, shaped by visionaries like Ronald Zürcher and Antoine Predock, invites nature into every corner.

One afternoon, I joined a guided snorkeling tour in Culebra Bay, where Peninsula Papagayo’s coral restoration project is based. Launched with the University of Costa Rica, the Culebra Reef Gardens Alliance has deployed over 150 coral structures and restored over 10,000 coral fragments. According to internal monitoring data, fish density around the reefs has increased by 197% in two years. “Guests actively participate in coral planting and even adopt coral structures, getting updates every three months,” said Susana Vicente, Director of ESG. “This project has significantly improved marine biodiversity.”

Indeed, snorkeling just off the beach, I swam with giant sea turtles, mingled with schools of tropical fish, and, unfortunately, lost a fin I had improperly buckled to my foot. Will coral grow on a rubber fin?

From the water to the land, biodiversity is the focus. The resort deploys motion-activated cameras to monitor jaguars, pumas, and peccaries. Biologists track nesting sea turtles. Guests are invited to night hikes, citizen-science excursions, and the resort’s monthly Biodiversity Talks series, which brings visiting researchers to speak about current projects.

Dining at the Four Seasons Resort Costa Rica combines local flavors and traditional dishes.

Executive Chef Emiliano Rabia Sotil infuses international flavors while maintaining local and Latin American ingredients. At Bahia, the resort’s main all-day restaurant, Latin American dishes are elevated with wood-fired techniques and locally sourced ingredients—think grilled prawns and café chorreado brewed tableside. Pesce offers refined Italian fare emphasizing fresh seafood and house-made pastas. At the same time, Nemare, set at the golf clubhouse, delivers a smoke-forward steakhouse menu inspired by the Chorotega word for “smoke,” featuring showstoppers like a 22 oz. Ojo de Bife rib-eye and roasted bone marrow.

The Four Seasons also leans into Costa Rica’s rich coffee traditions, offering a dedicated tasting class, a guided tour of local farms, and even a coffee scrub treatment at the spa. (No sugar, no cream.) At the very least, you should partake in the traditional Chorreado at breakfast. This method involves pouring hot water over ground coffee held in a cloth filter, known as a bolsita, allowing the brew to drip directly into a cup, resulting in a strong, fresh flavor.

REAL ESTATE WITH PURPOSE

But Papagayo is not just for guests. It’s a thriving residential community. Recently, the Costa Rican government introduced digital nomad visas and tax incentives for retirees and investors, recognizing the rise of remote work and lifestyle migration.

As a result, real estate on the peninsula has surged in value post-pandemic, as affluent families from the U.S., Canada, and Europe sought second homes in climate-resilient, well-governed destinations. In 2021, real estate transactions on the peninsula topped $200 million. Properties range from $1.8 million Andaz-branded condos to $25 million custom estates like Casa Las Olas. Ritz-Carlton Reserve’s Nekajui project adds 107 residences, including ten-bedroom villas and ocean-view suites. Many are sold before construction finishes.

Residents become members of The Club at Peninsula Papagayo, which grants access to Prieta Beach Club, the Ocean Course golf club, a wellness center, and curated outdoor programming. The marina at Marina Papagayo is one of Central America’s premier jumping-off points for deepsea fishing. It’s 180 slips accommodate yachts up to 250 feet. Charter operators report high season bookings for sailfish, marlin, tuna, and mahi-mahi. Much of this fishing occurs near the Costa Rica Thermal Dome, a rare upwelling of nutrients supporting one of the richest marine food webs in the Eastern Pacific. This makes it one of the best spots in the world for ocean sport fishing.

BUILDING FOR SCALE—NOT SPRAWL

Infrastructure is expanding to meet demand. Liberia International Airport, just 45 minutes away, welcomed more than 1.4 million international arrivals in 2023 and now offers nonstop flights from 17 U.S. cities. A private aviation terminal is in the works. Jet traffic is projected to double by 2026. Meanwhile, The Park—a 20-acre family recreation complex with food trucks, pickleball courts, and an adventure playground—is slated to open in 2025.

Even as it scales, Papagayo keeps community impact front and center. Creciendo Juntos, a nonprofit launched in 2002, supports 19 surrounding communities. It has upgraded 21 public schools, provided free preventive care to over 9,000 people annually, and launched job training

programs in green tech, hospitality, and English. In 2024, the “Heart of the House” initiative paired students from the Liberia Special Education Center with internships at Four Seasons and Andaz. Three of them were hired full-time.

“We ensure everyone has equal opportunities,” Vicente told me. “Offering free English lessons and initiatives to support women employees in staying within the workforce.”

The peninsula’s concierge team – or Explorers Club guides, as they’re called – arranges for residents to meet Guanacaste’s artisans and characters: one day you might roll up your sleeves for a private pottery workshop with Chorotega indigenous craftsmen, and the next, join local fishermen at dawn to learn traditional net-casting techniques.

“There is a growing appetite for hands-on, purpose-driven adventure: travelers seek opportunities to learn traditional fishing techniques, train alongside elite athletes, or contribute to reforestation efforts,” Poddie says.

A RESILIENT VISION

Of course, no paradise is immune to global pressures. In 2023, ocean surface temperatures in the Gulf of Papagayo exceeded 95°F for six straight weeks, killing over 30% of coral cover in shallow reefs. The restoration team moved quickly, rescuing fragments and accelerating out planting. Within a year, 60% of coral structures had recovered. “Proactive restoration efforts have since encouraged recovery,” Vicente noted. But the event served as a warning—and a motivator.

As I left the peninsula, I thought about how Peninsula Papagayo challenges our assumptions about what luxury can mean. It’s not just about secluded beaches or oceanfront villas. It’s about foresight, stewardship, and living well without leaving a heavy footprint.

“Preserving biodiversity and luxury hospitality are not mutually exclusive,” Vicente said. “Our goal is to ensure that both thrive together for generations.”

Papagayo isn’t just a resort for those drawn to a more intentional future. It’s a blueprint—a realworld model for integrating capital, climate, and community. Pura Vida isn’t a catchphrase here. It’s a strategy, and it’s working.

INDIA IN FULL COLOR

Luxury meets lived-in history on a two-week immersion through Rajasthan, where palatial hotels, ancient rituals, and modern contradictions collide.

BY DEBORAH GRAYSON AND JONATHAN RUSSO

“India is a hard sell to Americans,” the manager of New Delhi’s Imperial, one of the world’s best luxury hotels, told us. Admiring the classical Raj interior, we didn’t understand why. He added,

“Travelers from Europe, Asia, and even Latin America have been coming for decades, but Americans are hesitant.” We’re embarrassed to say that his observation, until recently, included us.

India is on the rise. As the world’s 5th largest economy and most populous country, with 1.4 billion people, 52% of whom are under 30 years old, many economists and investors are looking at India as they did China 40 years ago.

First, let’s address a few basic questions you might have before considering a trip to India. It’s a democracy, has a very educated English-speaking workforce, and a cohort of tech-savvy youth. Cell phones and debit cards work perfectly.

That said, this is a land of extremes. Sari-clad women walk miles carrying gathered firewood on their heads while others arrive at luxury hotels by helicopter.

Posh, high-rise developments in Delhi and Mumbai are sprouting up like mushrooms, making NYC’s Hudson Yards look like a Shaker village. Yet, many people are desperately poor. Cows and water buffalo wander freely through urban areas and graze on mounds of garbage. Roads, even those far out of town, are lined with decrepit stores, selling used tires, gas cannisters (for cooking), soft drinks, sugar cane juice extractors, and scooter repair services.

There is endless roadside trash. Outside the gate to our 5-star hotel was a cart selling dried cow dung patties for use as fuel. Unhelmeted families of 4 ride a single scooter. India is not yet Europe.

From early morning until late at night, a purposeful torrent of bodies heads somewhere by camel, foot, bicycle, scooter, tuk-tuk, car, bus, train, or jet. Vehicles signal their intention amid the pandemonium with relentless horn honking.

Instead of bristling against this cacophony, people are gentle and welcoming, possibly because spirituality is woven into every aspect of life, along with respect for family, tradition, and good deeds (to increase one’s karma). For example, each morning, the first chapati (bread) baked is placed outside as an offering to a passing animal. Hinduism was repeatedly described to us as a way of life, not a religion. Small shrines to varying deities are everywhere.

PLANNING A TRIP

It started with Admiral International Travel, an agency based out of Sarasota, Florida. Founder and CEO, Malaka Hilton, has decades of experience arranging tours around India. She told Worth, “We

invest the time to truly understand each traveler— their passions, pace, personal style—and then convey these nuances to our trusted partners on the ground, ensuring that every moment feels thoughtfully curated, intuitive, and entirely their own.”

Admiral is a member of Virtuoso, the leading global travel agency network specializing in experiential and luxury travel. The invitation-only organization is comprised of more than 1,200 travel agencies, primarily in the U.S. Travelers receive VIP services, room upgrades, and unique experiences. Virtuoso holds its partners to a high standard. Everything promised must be delivered.

Admiral and Virtuoso work with Shanti Kohli, Managing Director of India’s Amber Tours. Kohli’s company was started by his well-connected father in 1972 when a friend, who happened to be a maharajah (prince), asked if he could arrange a tour for the maharajah’s friends, The Beatles.

Amber met us at the arrival gate in Delhi, escorted us through immigration and customs, and introduced us to Prem, our driver for the next two weeks. Amber reps greeted us in each new city. In other words, we were never adrift or fending for ourselves.

There is no detail too small, from endless hydration to hand towels after touring a temple to bug spray for evening tours, that hasn’t been anticipated. Our SUV was a cocoon, complete with food, drink, and air conditioning. We were on a magic carpet ride, free to experience a 5,000-year-old culture. (If driving isn’t your thing, flights are available between most cities.)

WHICH CITIES SHOULD YOU VISIT?

According to Hilton, 95% of first-time visitors to India go to Rajasthan because of the significance of its sights, so we made it our focus. Here’s a breakdown.

NEW DELHI

The governmental center of India holds numerous elegant, broad, tree-lined streets, along with many gardens, mosques, and Mughal tombs (the Mughals were a Muslim dynasty of Turkic-Mongol origin that ruled most of northern India from the 15-1700s). And just as there is no “one India,” there is no “one Delhi.”

Still jet-lagged, we were immediately overwhelmed by the architectural grandeur and beauty of the Jama Masjid, one of the largest, most striking, and historic mosques in India. But beyond its sweeping domes and red sandstone minarets, the mosque also drips with fraught political history. In 1919, it became a key site of resistance when Mahatma Gandhi addressed crowds protesting the Rowlatt Act—a British law that allowed civilian imprisonment without trial. Gandhi later returned to the mosque to fast in solidarity with the movement, and decades later, he would be assassinated here in Delhi. The site of his death is now a museum.

Leaving the mosque, our guide led us down a winding alley where we saw a working relic of the city’s infrastructure, a centuries-old, fully functioning outdoor laundry, complete with a statue to the god of cleanliness.

Sikhs, a thread in the fabric of India’s population, have an enormous temple in Delhi where thousands of people are served a free meal. Our insider tour of the vast kitchen reinforced our burgeoning understanding of the scale of this country.

The neighborhood of Old Delhi is what our cinema-driven imaginations thought India would be. Chaotic to the outsider, orderly to the

participants who calmly navigate ancient, narrow, goods-packed streets with hand-pulled carts, bicycle rickshaws, and heavy loads on bent backs. Endless displays of brightly colored saris, foods (including milk being condensed in a charcoal-fired cauldron), spices, household goods, wedding iconography, handmade shoes, bangles, and gold-embroidered wedding dresses line the streets. Dogs sleep amongst the chaos. Everyone, except the dogs, was hard at work in 105-degree heat. Even as New Yorkers, used to the Lexington Ave subway at rush hour, we were impressed by this sea of humanity.

On the outskirts of the city is Noida, filled with an impressive number of glass-tower high rises and shopping malls. Since this is the future, Old Delhi may not be around in a decade or two.

VARANASI

Varanasi is a short flight from Delhi but, as the spiritual capital of India, it’s another world on so many levels. Hindu pilgrims visit the holy Ganges to bathe, make offerings, take samples home, and daily cremate hundreds on the riverbank. Witnessing these ceremonies from a boat was cause for reflection. Our guide, sensitive to the varying responses westerners have to this ritual, allowed us to absorb it within our comfort zone.

Every evening, local priests “put the lady Ganges to sleep” in an elaborate multi-hour sight and sound extravaganza with chanting, fire, and offerings to the river. Thousands attend. Through Virtuoso, we were given a coveted privilege. Not only did we have chairs while others sat on the ground but we were also invited to participate in the ceremony by ”feeding” the Ganges with an offering of milk and rose petals, while chanting and swirling incense.

As mentioned, crowds don’t faze us, but Varanasi at night makes Old Delhi seem sedate. Multitudes move—on foot, rickshaws, bicycles, scooters—many honking, all traveling in different directions without an inch of space between them. Amid this, vendors display their wares, and people somehow shop.

The next day, we visited a workshop Shanti sponsors, where abused women are offered a fresh start through the ancient art of handpainting wooden objects.

AGRA

In the late 18th century, Goethe wrote, “See Naples and die.” We doubt he’d been to the Taj Mahal, or he might have substituted this wonder of the world. We’re moderately jaded travelers, but the Taj Mahal is the Taj Mahal. The architectural perfection is mesmerizing at dawn.

Serendipity had it that we were in Agra the night of a Hindu Amber employee’s wedding. We were invited to join and watched the groom arrive with great pomp in a neon-lit, horse-drawn carriage.

ALWAR

In selecting the itinerary, we put ourselves in the hands of Admiral and Amber, but were unsure when they chose this valley, in the middle of nowhere, between Agra and Jaipur.

“Nowhere” turns out to have magic at every turn.

The main sights include a “cow dust tour” and a largely intact, abandoned 16th-century town. Cow Dust, an early evening jeep tour in an adjacent valley, allowed us to watch the cows, sheep, and goats come home from grazing. Women in colorful saris sorted newly harvested wheat. The valley transported us back in time a thousand years. This was a highlight of our 2-week trip.

Bhangarth Fort was another Alwar essential sight. It felt like a mini-Angkor Wat or Machu Picchu. There were once 9,000 homes there, but it was abandoned for reasons that remain unknown…. unless you accept our guide’s story of a beautiful princess, a sorcerer living on a hill, and an angry god who took the shape of a wrecking ball.

JAIPUR

An hour and a half away is Jaipur, the “pink city,” which is the capital of Rajasthan.

We were privileged to tour some of the private spaces in the City Palace, where the current Maharajah lives. Being on the Silk Route created immense wealth, which supported jewelry, rug weaving, and textile artisans (including hand block printing). These crafts remain in worldwide demand.

Amber’s connection allowed us to visit the factory of a 4th-generation jewelry maker so renowned that he wasn’t willing to share the names of the worldfamous brands he fabricates for. We also got to tour the private Gyan Museum, housed on the top floor of this jewelry workshop. Worth a visit, it contains an eclectic but stunning amalgam of historical textiles, hookahs, miniature paintings, jewelry, and carpets.

Your Hotel: The Key to a Great Trip

It’s crucial to know that, unlike travel to other countries, hotels are the key to a positive experience traveling in India. They provide a sanctuary from the throbbing crowds and heat, plus guaranteed safe food and drink.

Our luxury accommodations often sprawled over dozens of manicured acres. The “palace” hotels really were, or are, royal residences. Spacious hotel pools and numerous fountains honor the cultural love of water. At the 5-star level, India has perfected hotel culture. The service, amenities, finishings, and furnishings are opulent perfection.

DELHI:

Delhi’s grand hotels, like the Imperial, Oberoi, and Leela are very different, but could each hold their own anywhere in the world.

We stayed at the Imperial, a classic Raj-style building from 1936, filled with period photos, antique furniture, and Indian art. It’s justifiably legendary Asian restaurant, Spice Route, was imagined by one of India’s leading designers.

The Oberoi, on the other hand, is sleek and modern. Refurbished in 2018, they’re proud of having purified air in every room. Here you can sample an upscale interpretation of Delhi street food at Dhilli.

The Leela has Megu, one of Delhi’s best Japanese restaurants.

VARANASI:

Built in 1782 as a guest house for a Maharajah, the Taj Nadesar Palace is a 14-room hotel that feels more like a secluded home.

Queen Elizabeth and Lord Mountbatten were both guests, and the hotel oozes history. Lord Mountbatten, the last Viceroy of British India, oversaw the 1947 Partition, which displaced over 10 million people. Today’s royalty, i.e., business tycoons and politicians, enjoy the privacy the ample grounds provide.

AGRA:

The Oberoi Amarvilas is the only hotel with views of the Taj Mahal from every room. Like all Amarvilas, all details of this hotel and its extensive grounds have been curated to artistic perfection. From the pool, the grounds slope upward, showcasing water features and a meditation pavilion. A Hollywood set designer couldn’t have created a better Moghul palace. It’s just a short golf-cart ride to the Taj Mahal for a dawn visit.

ALWAR:

The Amanbagh becomes part of the mystical experience of this valley. With only 37 rooms on 47 acres set behind 16th-century walls, the hotel is a sanctuary for peacocks, parakeets, and playful monkeys, one of whom stole fruit from our room.

In a nod to Moghul architecture, many of the freestanding suites have domed ceilings and private pools. True to all Amans, most of the staff are from the local village.

At night, the grounds are lit by hundreds of candles. The chef is passionate about serving local, organic food, and the extensive vegetable, ayurvedic (medicinal), and herb gardens are well utilized in his eclectic menu.

JAIPUR:

Located 30 minutes from Jaipur’s old city, the Oberoi Rajvilas’ 71 rooms meander over 32 acres with two 300-year-old buildings at the center, one of which still functions as a Hindu temple.

The rooms have a Raj feel (India meets English country). Evening entertainment features a 16th generation gypsy puppeteer, who captivated us with his skillful performance. For a once-in-a-lifetime experience, consider booking the Kohinoor Villa, a private compound.

JODPHUR:

The Umaid Bhawan Palace, managed by Taj, is perhaps the ultimate fantasy accommodation. Constructed between 1929 and 1944, one wing is still the residence of the royal family.

The massive, 347-room (none of which are identical) red sandstone palace is set on a hilltop amid 26 acres. There is a spacious outdoor pool, a whimsically tiled indoor pool, formal gardens, tennis courts, and an awardwinning collection of antique cars. Dining is limited to hotel guests. Even a jaded world traveler will be impressed by the scale and opulence of this palace.

UDAIPUR:

Being a popular tourist destination, there are a number of good hotels, but the best are the Oberoi Udaivilas and the Udaipur Taj Lake Palace.

They are also a study in contrasts. The former, on 22 verdant, sloping acres, contains an old hunting lodge and has 89 rooms and suites, many with private or shared pools. Most offer stunning lake and City Palace views. Traditional music and dance provide nightly entertainment.

The Taj Lake Palace is much smaller. Built on an island in 1646 as the Maharajah’s summer home, it still contains the original tile, glass, and inlay work. Access is by private boat. Romantic and filled with history, there are three lovely restaurants. Bhairo, the intimate rooftop venue should be booked in advance.

MUMBAI:

Located on the historic waterfront, Mumbai’s Taj Palace was India’s first grand hotel. Built in 1904 with an impressive Victorian architectural influence and a soaring 5-story dome, this 285-room, antique-filled hotel has hosted the world’s luminaries, including British royalty, Hollywood A-listers, and even Ravi Shankar, who actually lived in the hotel. It remains an iconic experience.

Across the narrow peninsula lies the Oberoi Mumbai. This modern glass tower with a 20-story central atrium is for guests seeking a luxury minimalist experience. Our most unique culinary experience was at Ziya, their modern Indian restaurant. Put yourself in Michelinstarred, celebrity chef Vineet Bhatia’s hands. You won’t be disappointed.

Everyone goes to Jaipur for the UNESCO World Heritage Amber Palace and the Hawa Mahal (an ornate, pink, multi-story screen where the women of the court watched the world pass by). The Palace was once the royal residence.

JODHPUR

Jodhpur, the second largest city in Rajasthan, is a five-hour drive on a truck route west of Jaipur. It’s not a pretty journey. From the Moghul era, Jodhpur has been known as “the blue city” because Brahmans painted their homes this color as a sign to attackers they were the protected, religious class.

The extraordinarily imposing and ornate Mehrangarh Fort is the reason to visit. Perched on a summit, seemingly sprouting from the rock below, this sandstone former home of the local Maharajah is in excellent condition. Very smart curators have filled it with howdahs (royal elephant saddles), furniture, royal baby cradles, old doors, rugs, and miniature paintings. The royal meeting room echoes Versailles with its gold leaf, frescoes, and coffered ceilings.

RANAKPUR TEMPLE/UDAIPUR

As mentioned, drives can be long and not particularly scenic, but the five hours from Jodhpur to Udaipur are remarkable. Midway is the spiritually transfixing Ranakpur Temple, with its 1444 intricately carved marble pillars. A major Jain religious site, we were guided through the temple by the son of the head priest (an Amber perk), who encouraged us to remain for a few quiet minutes in meditation. The post-Ranakpur road to Udaipur is hilly and fertile. We glimpsed rural India, including a tribal wedding procession and oxen-powered water wheels.

Udaipur is the “gem” of Rajasthan. With five 16th-century lakes, flowering trees, and clean streets, it’s home to the sprawling City Palace (another UNESCO World Heritage site, hotel, and current home of the monarch). Rajasthan is peppered with palaces. What makes Udaipur special are the lakes and islands.

Mumbai: Unless you’ve experienced other sprawling Asian cities, Mumbai’s scale doesn’t seem possible. Enormous luxury skyscrapers go on forever. Given Britain’s long influence, the city center has many imposing Victorian, Indo-Saracenic (Indian, Islamic, and Western blend), and Art Deco (the 2nd largest collection in the world) buildings.

It’s a walking city, much like any sophisticated European one, just with more traffic. Full of dichotomies, at dawn, beneath the luxury towers, men sit on the street collating newspapers for bicycle delivery, while the flower, produce, and outdoor fish markets are beehives of activity.

THE LASTING TAKEAWAY

We were constantly aware of the role of spirituality in everyday life. Occasionally, we were overwhelmed by the scope of the country’s history. Luckily, our guides throughout were helpful, articulate, highly knowledgeable, and interesting people. They were also windows into modern India. Our immersion into Indian culture was so fascinating and rewarding that midway through, we started to plan our next trip, to southern India, which we’re told is completely different, but no less intriguing.

The writers were guests of Admiral Travel International in Sarasota Fl, in partnership with Amber Tours, a destination management company in India. Both are part of the Virtuoso luxury travel network.

RICHARD KESSLER’S JOURNEY FROM DAYS INN TO BOUTIQUE HOSPITALITY

Track the path one hotelier took from affordable lodging pioneer to luxury boutique hotel innovator.

BY DAN COSTA

Richard Kessler doesn’t just build hotels; he crafts experiences that blend luxury, culture, and art. After launching his career as co-founder and CEO of Days Inn of America in 1970, Kessler chose a path far removed from the predictable hospitality trajectory. When Days Inn was sold in 1984, he stepped back, exploring ventures in real estate and banking, accumulating insights he would later apply on a grander scale. Eventually returning to his hospitality roots, Kessler introduced America to the boutique hotel concept, inspired by European aesthetics and storytelling. Each property in his Grand Bohemian portfolio is meticulously curated around local history, art, and culture, designed not merely to accommodate but to captivate. From unique art collections to bespoke cultural offerings, Kessler’s hotels aim to engage guests intellectually and emotionally. As he continues to expand, Kessler’s ambition remains clear: making his hotels places where guests leave, as he says, “more informed, more excited, more passionate, more alive.”

Your journey in hospitality began with the cofounding of Days Inn of America in 1970. What inspired you to transition from a successful career with Days Inn to creating The Kessler Collection of boutique hotels?

Cecil Day hired me in 1970 when he was selling his apartment business as his right-hand hand to learn the development business. Three months later, we launched Days Inn of America. My role was in charge of the development program, and two years later, he and I began setting up development companies that we owned to build Days Inns. In 1975, Cecil asked me to become the chairman and CEO of the development companies and the operating companies of Days Inn at the age of 29. In 1979, I launched a division for developing boutique hotels. The first one was the Mulberry Inn in Savannah, Georgia, and the second was the Heritage Inn in Orlando, FL. In 1984, Days Inn was sold, including the Boutique division. At that point, I decided to take a 30day vacation to figure out my next steps. I didn’t want to go back directly into the hotel business because after 14 years of high-intensity building from coast to coast, I wanted something new. I developed a 500-acre planned unit development with retail, office space, and a gated community, located north of Savannah. I also developed a 1,000-acre international industrial and commercial park north of Atlanta. Simultaneously, I started a bank management company and over a five-year period opened a network of eleven Federally Chartered De Novo Banks.

I anticipated that these experiences would help me in the future when developing larger-scale projects. After completing these, I decided to go back to my roots, but this time solely focusing on bringing the boutique hotel concept from Europe to America. Remembering the success of the first two boutique hotels, I knew that I wanted to continue building the idea. In 1992, few people were developing boutique hotels. So, I pioneered it and created the Grand Bohemian brand with this in mind.

With properties primarily in the Southeastern United States, how do you decide on new locations and markets for The Kessler Collection? Each hotel in your collection has a distinct theme and story. Can you share your process for conceptualizing and bringing these unique designs to life?

We choose sites by thinking about where people want to be and not where they have to be. Places you want to be are driven by entertainment. Places you have to be are driven by pricing. If you go where people want to be, they will have money to spend. Once we find a location, we start thinking about what that city or town has to offer and its history. We asked, ‘What void does this city have?’ What does this city need? The Grand Bohemian concept is about art and entertainment and culture. It gives the opportunity to take the theme in many directions. Once I chose a theme, I then searched my inventory of art to tell the story. This process then defines the hotel’s story and what it will contribute to the market.

The Kessler Collection is renowned for its emphasis on art and music. How do you select the artworks and musical themes that define each property? Each hotel in your collection has a distinct theme and story. Can you share your process for conceptualizing and bringing these unique designs to life?

With each project I set out to develop something where the guests leave better than they arrived. I want them to leave more informed, more excited, more passionate, more alive, more rested, and energized from the experience. Disney did a lot of that early on and that has been a huge inspiration in my career. One thing Disney did was provide entertainment with threads of education. When kids or parents visit, there is something learned. We try to build these threads of entertainment and cultural growth in each hotel as well.

For example, I’ve been to Argentina three times. I enjoyed the tango dancers that are so curated and beautiful. It is exciting and colorful. When I think of Charlotte, North Carolina, it’s generally very conservative in taste. When I think about what that city needs, it needs color and excitement, and energy. My experience in Argentina came to mind. Charlotte needed the Argentine spirit. I then went to Argentina and found artists I liked. I purchased many pieces of original art as well as I pulled relevant art from

my collection that would embrace and accentuated the concept. I also commissioned artists to create large paintings of gauchos and gaucho life to make one of the most beautiful hotels we’ve ever made, the Grand Bohemian Charlotte.

You’ve mentioned that you want your restaurants to be “half a grade better” than the hotels. How do you ensure the dining experiences complement and enhance the overall guest experience?

To ensure a memorable dining experience, it takes attention to menu development. We work with our talented chefs to create our pleasing and tasty foods. We do menu tests and tastings every three months, putting emphasis in food quality that is well presented. For example, if we have steak on the menu, we will bring in steaks from five different purveyors and rate them based on flavor and texture, then choose the best. Then we look at plating. We always like to see three colors on every plate because people do eat with their eyes. This curation of menu and food quality is what we are known for, which attracts many locals to our hotels and restaurants.

In your view, what are the key elements that transform a hotel stay into an unforgettable experience for guests?

You play to your strengths. Kessler’s one goal is to create exuberant guests. We excel at creating experiences and offering warm hospitality through intuitive service, curated menus, art, music, culture, and storytelling. If all of our staff, from valet and front desk staff to housekeeping and managers, focus on this one goal of creating exuberant guests, we have succeeded in transforming a stay into an unforgettable experience.

Your son, Mark Kessler, serves as President and COO, and your daughter-in-law handles interior design. How has involving your family influenced the evolution and culture of your company?

Anyone who has been in a family business knows that it is both wonderful and challenging. It can be difficult to separate business needs and personal feelings, as sometimes we disagree and have different opinions. In Mark’s case, he is good with people and developing relationships. He has a refined aesthetic sense about him, and his talented wife, Diana, is in charge of our hotel interior design. We work together to create the Kessler portfolio. We decide what a hotel is going to be and how to express it. The three of us strive to create unique and beautiful hotels to share with our Grand Performers and our guests.

Beyond hospitality, you’ve been involved in various philanthropic endeavors, such as supporting the arts and education. How do these initiatives align with your values and the mission of The Kessler Collection?

Talented people have always inspired me and have always had a passion for the arts. I love to work with artists, musicians, chefs, and anyone who wants to have fun with their talent, which is why our staff members are called Grand Performers. In every company under the Kessler portfolio, I prioritize hiring creative-minded staff because art is not just something we offer; it is who we are. We don’t build hotels, we curate them. In line with this core value, we offer numerous scholarships at colleges and other organizations to support students who are looking to pursue their passion for the arts. What innovations or trends in luxury hospitality are you most excited about, and how do you plan to incorporate them into your properties?

One thing I’m excited about is the market itself. The travel industry is so vast that it’s demanding more creativity from developers. The market is getting more sophisticated every year, and guests are demanding more. Big companies like Disney have created higher expectations for guests, and for me, that challenge is exciting. For example, the tiny house movement and glamping are two new markets that are on my radar for the Kessler brand. I can create a development at a much lower cost per key than a traditional development with these concepts while delivering a 4-5 star experience.

Of course, you can’t ignore AI. My education at GA Tech was centered on operations research, which is the foundation of AI. I understand what it can do. In 1970, I knew then that this would be the future tool for business, and indeed for hospitality growth. I’m surprised it’s taken this long to become top of mind and relevant. We are just beginning to understand how to apply it. While it has a lot of applicability for Kessler in solving problems and understanding markets, a computer can’t create a beautiful smile. We are working through how to use this technology while continuing to provide the warm hospitality that our brand is known for as these systems become more sophisticated.

At Worth, we believe in “Worth beyond Wealth.” What does this philosophy mean to you personally and professionally?

Wealth generally implies financial wealth. However, there is wealth beyond this. When you look at worth, worth speaks to personal values. On a personal level, worth beyond wealth requires giving back through philanthropy. Philanthropy is an expression of the values people think are worthy of dedicating their wealth and their time. On a professional level, a project’s worth beyond wealth is a massive part in our development philosophy. We begin all projects by asking: What will this project be worth in this city? What is its value? What is missing in this city that it doesn’t have? All of these questions are addressing the worth question. When it comes to wealth, our properties are created to fill the void of what is missing and leave guests culturally rich. They leave our property having been moved, challenged, and changed. We want to challenge their intellect and challenge their beliefs. It’s a cycle. When they depart, they can share this wealth with their communities.

LIVING WELL

In this edition, our “Living Well” section looks at the pros and cons of going “california sober,” basically swapping alcohol for marijuana. (p60) Deborah Grayson explains what electrolytes really do and who needs more of them. (p54) Finally, we have an exploration of the latest research in brain science and its impact on neurodegenrtative desiases like Alzheimers. (p62)

Electrolytes: Miracle Hydration or Marketing Hype?

They’re the darlings of wellness influencers and beverage giants alike. But what do electrolytes really do—and who actually needs them?

You’d be hard-pressed to scroll through social media right now without stumbling on an electrolyte powder promising to “supercharge your hydration.” But do you really need them? Are your levels actually depleted? Unless you’re training for a marathon, doing high-intensity exercise for more than an hour daily, or traveling somewhere oppressively hot, the answer is probably no. Electrolytes are in everything we eat and drink, and sometimes even water.

Electrolytes are essential to basic body functions, but unlike carbs, proteins, and fats, they haven’t sparked much public debate—until now. As micronutrients, they’ve mostly operated in the background while macronutrients stole the spotlight.

On the surface, electrolytes are simple: common minerals and salts— like sodium, magnesium, potassium, calcium, and phosphate—that, when dissolved in water, lose or gain an electron and become electrically charged.

So why are electrolytes having their moment in the health and wellness industry? Perhaps, because we’re obsessed with optimizing performance. Proof is the sheer size of the sports nutrition industry, which amounts to $49 billion worldwide. We demand our bodies to function at peak level, and the thought du jour is that electrolyte supplements—probably because we lose them when we sweat—are a way to get there.

Dr. Joel Fuhrman, a boardcertified family physician, seventime New York Times best-selling author specializing in natural healing, and president of the Nutritional Research Foundation, begs to differ. He told Worth, “One of the major contributors to cardiovascular death worldwide is excess sodium [the most prevalent electrolyte] because

it raises blood pressure,” he said. “Also, it’s inflammatory, increases the risk of stomach cancer, and decreases the immune response.”

Dr. Fuhrman explained that when we consume too much salt, the body has to ditch the excess. That means we’re urinating and sweating it out, but our bodies can’t isolate sodium, so we’re also losing a host of other valuable electrolytes.

“We need less than 1000 mg/day [the Federal guideline is 2300mg]. The American Heart Association thinks it should be much lower than they’ve endorsed, but they don’t believe people would adhere to it, so they’ve kept their recommendation at less than 2300mg/day.”

As mentioned, electrolytes are minerals. On a cellular level, they are essential to life. We’re like

cars, with pistons, engines, and brakes—but without an electrical system telling those parts when and how to work, the car goes nowhere. Without electrolytes, our hearts wouldn’t beat, our legs wouldn’t move, and our brains wouldn’t send and receive information.

The human body is 60% water, essentially salty water, which resides in three primary places: inside cells, around the cells, and in the blood, which is 80% water.

One of the ways electrolytes work is by regulating the concentration of salt inside and outside of cells, enabling the two-way transport of nutrients.

The process is a bit like brining a turkey. Soaking a bird in salty water helps it absorb and retain moisture, resulting in a juicier roast. Similarly, electrolytes help the body manage fluid balance by controlling how water moves in and out of cells. They keep salt levels on both sides of the cell membrane in check, ensuring that water ends up where it’s needed, whether in muscles, organs, or tissues.

That’s the big picture. Here are the players.

MAJOR ELECTROLYTES:

SODIUM:

Maintaining Fluid Balance: Salt is the electrolyte most people are familiar with and the primary component of most electrolyte formulas. When we sweat, it’s released through the pores. Additionally, vomiting, diarrhea, and taking certain medications (like for high blood pressure or diabetes) contribute to sodium loss. Luckily, it’s very easy to replenish. Healthy salty foods include edamame, dried seaweed, salted nuts (which also supply phosphates), olives, and tinned fish. Or, you could follow Dr. Fuhrman’s advice and trust your body to slowly adapt to lower sodium intake.

DEBORAH GRAYSON, MPH, MS, RD

POTASSIUM:

Nerve Impulse Transmission

Potassium works hand in hand with sodium in one of the body’s most essential functions—facilitating nerve impulse transmission, in other words, sending constant messages back and forth through the body, brain, and central nervous system. One cup of orange juice, a banana, or half an avocado each contains 500mg of potassium, more than most people would sweat out in an hour’s active exercise.

CALCIUM: Retracting Muscles

Calcium plays a central role in muscle contraction, which isn’t just something you need at the gym while doing bicep curls. The heart is a muscle, and it must contract approximately every second. Because the body has a relentless need for heart-contracting calcium, when the diet doesn’t supply enough, calcium is withdrawn from its primary storage facility, the bones, which serve multiple purposes besides providing a structure for the body to exist around. If it isn’t replenished, which can be challenging, osteoporosis (thinning and/or brittle bones) can result. Calcium also aids in blood clotting, nerve impulse conduction, and fluid balance. As anyone who’s ever seen a “Got Milk?” ad over the last 30 years can tell you, dairy products are high in calcium. Other sources include leafy greens (best absorbed when eaten with citric acid from lemons or oranges), canned fish containing bones (sardines or salmon), and calcium fortified foods, like soy milk. To get enough calcium, many people will need to take a readily available and inexpensive supplement, which isn’t the same as an electrolyte powder.

MAGNESIUM: Relaxing Muscles

Like calcium, magnesium is stored in bones and is essential for muscular response. While calcium tells the muscle to contract, magnesium tells

them to relax. Traditional advice for people who experience leg cramps has been to take magnesium because it’s thought that the muscles’ inability to relax signals a deficit. Additionally, magnesium assists in energy production, nerve function and blood pressure regulation. Magnesium is high in bananas, nuts, grains, greens, and meat.

The electrolyte industry has mastered the art of selling a solution to a problem most people don’t have. By reframing ordinary thirst or fatigue as evidence of an electrolyte imbalance, brands have created a booming market. In 2019, Liquid I.V.—still a fledgling startup—raised $5 million from celebrities like Kevin Hart, Kendall Jenner, Justin Bieber, James Corden, and White Lotus star Patrick Schwarzenegger. A year later, Unilever bought the company for $500 million.

Aubry Bright, MS, exercise physiologist and Health Promotion Consultant for Washington State, told Worth, “I’ve never recommended them to anyone. If it’s already a part of what a client does, I wouldn’t ask them to stop, but I don’t think they’re necessary for overall recovery for an average person working out hard. People can get hydration and elec-

trolyte needs met from water and the food they eat.”

Dr. Fuhrman offers an alternative to electrolyte powders:

“Eat green vegetables. Without vegetables, the lymphocytes that live in the small intestines atrophy, and our gut microbiome decreases. We should get electrolytes in a package made by nature with antioxidants and a host of micronutrients, fibers, phytonutrients. When we combine different vegetables, we have robust immune protection.”

In other words, consuming electrolyte powders may accomplish one thing: replenishing lost minerals and boosting fluid retention. Vegetables do that and much more. Dr.Fuhrman walks through all of his nutrition recommendations in his latest book, Eat For Life.

The final word goes to Dr. Marion Nestle, author of 15 books about the intersection of nutrition and big business. She is also an emerita Paulette Goddard Professor in the Department of Nutrition, Food Studies, and Public Health—and Professor of Sociology—at NYU. “Fruits, vegetables, grains, and beans are full of electrolytes, way more than you can ever get in a drink. If you want all those minerals, eat your veggies!”

Is America Going California Sober?

A generational shift in how we relax is transforming industries—from Heineken to THC startups.

BY ALEXIS BUNCICH

The American buzz is in transition. As cannabis dispensaries multiply and alcohol warnings mount, a growing number of consumers—especially younger ones—are rethinking what it means to relax, socialize, and celebrate. The battle for mindshare and market share between weed and whiskey is more than a matter of taste—it’s a shift in values, wellness priorities, and state-by-state policy.

DRY JANUARY GAINS NEW PATRONS

When a new federal report on the risks of alcohol came out midmonth, Americans participating in the sobriety challenge were likely celebrating their decision. The report, which found that drinking just one alcoholic beverage per day could increase the risk for liver cirrhosis, several kinds of cancer, and other injuries, sparked headlines and raised waves among the sobercurious.

According to the report, both men and women have a one in 1000 risk of dying from alcohol use if they consume more than seven

drinks per week, and if they consume over nine drinks per week, that risk increases to one in 100. Although men and women who consumed one drink per day had a lower risk for ischemic stroke, they had a higher risk of liver cirrhosis, esophageal cancer, oral cancer, and injuries.

But your specific drinking patterns shape your risk—even infrequent occasions where you’re drinking high amounts of alcohol may eliminate the potential benefits of lower risk for ischemic stroke.

Additionally, women have a greater risk of alcohol-attributable cancer per drink consumed and a higher risk of liver cancer. However, women had a lower risk of diabetes mellitus when they drank one drink per day.

Also in January, U.S. Surgeon General Vivek Murthy called for cancer warnings on alcohol, similar to those that are already printed on cigarettes.

Overall, the month brought health warnings at a time when Americans were already prone to examine their alcohol intake and try sobriety. Consumer Researcher Civic Science found that in 2025, a record number of Americans were interested in Dry January. 54% of Americans 21+ who drink alcohol reported they were at least “somewhat likely” to participate in the month-long challenge, and Gen Z adults ages 25 to 29 were among the most likely to join.

NON-ALCOHOLIC ALTERNATIVES

SURGE OVER HOLIDAYS

Although Dry January sees nonalcoholic beverage sales surge, there are additional increases during other holidays, too. For example, non-alcoholic beverage also also surge on the Fourth of July and New Year’s Eve. Americans are looking for alcohol alternatives even during holidays where drinking is the norm.

One study found that nearly half of Americans want to drink less in 2025, and experiences like zero-proof bars, sober meetups, and even sober travel have popped up nationwide. The desire to stop drinking but maintain a social life has created niche micro-environments where businesses can thrive.

THE SEARCH FOR ALCOHOL ALTERNATIVES

With many Americans ditching or taking breaks from alcohol, there has been a market opportunity for alternatives. Drink giants like Heineken have created non-alcoholic versions of favorite beverages, and non-alcoholic spirits have also taken off in the celebrity entrepreneur space, with Bella Hadid’s Kin Euphorics, Blake Lively’s Betty Buzz, and Lewis Hamilton’s Almave.

In 2023, non-alcoholic beer, wine, and spirits sales reached $565 M. In 2024, sales surged to $823M, meaning it could be well on its way to a billion-dollar industry.

There is another obvious market opportunity for those peddling alcohol alternatives—cannabis. Along with non-alcoholic drinks, big brands have designed CBD and THC seltzers.

YOUNG AMERICANS PREFER CANNABIS

Members of Gen Z may be putting down the liquor bottles, but they could be picking up the pen. Cannabis research company New Frontier Data found that 69% of consumers 18-24 reported that they preferred cannabis to alcohol, and numerous studies have found that younger Americans continue to drink less, with one Gallup poll finding that drinking use amongst Americans 18 to 34 fell from 72% to 62% over the past two decades.

And when it comes to Dry January, a survey from CivicScience found that 21% of participants were replacing alcohol with canna-

bis—and the biggest demographic to do so? Gen Z, with 21-24-yearolds making up 34% of that group, followed by 25-34-year-olds at 24%.

Gen Z’s preference for cannabis could indicate a larger shift toward consumer preference for marijuana over alcohol.

THE INCREASING POPULARITY OF AMERICAN CANNABIS

Along with its growth in popularity, cannabis is also becoming legal across the United States, with nearly half of the states legalizing small amounts for adult recreational use, and an additional group of seven states decriminalizing it. In 39/50 states and Washington, D.C., medical cannabis is legal, and according to a report by Pew Research Center, 79% of Americans live in a county with at least one cannabis dispensary.

The United States is quickly becoming a cannabis-centered country, although federal legalization may not happen anytime soon.

POLICY AND PURCHASE

Although cannabis itself is popular, enforcing legal boundaries around regulated smoke shops has proven tricky. Unlicensed smoke shops tend to pop up when cannabis has been legalized, but vendors are still finding their feet and getting licensed. While they’re gradually shutting down, they’re still selling, and new illicit locations could be popping up in the meantime. For example, as of July 2024, the New York City Mayor’s office announced that over 750 illegal smoke shops have been shut down in New York City alone.

According to TimeOut, there may be up to 2,000 unlicensed dispensaries in New York State, with just 112 licensed dispensaries in New York State and 44 in New York City. Unlicensed dispensaries present dangerous consequences for consumers using cannabis— operating outside the legal system, they are not vetting their products

the way legal shops are, meaning products are unregulated and potentially unsafe.

Osbert Orduña is the CEO of The Cannabis Place, a dispensary led by a Service Disabled Veteran, Minority Owned, and justice-involved team, which operates in New Jersey and New York. He told Worth that the illicit cannabis market is a troublesome obstacle for legal vendors.

Orduña emphasized the danger of illicit cannabis products, stating that regardless of the specific product, legal cannabis shops are held to a high standard of quality.

“[Even a dime bag has] all the required labelings, all the required information, and on top of that, there’s never a seed or a stem in there, because it’s not something that’s tolerated in the legal market.”

Unlike alcohol, however, cannabis retailers are still finding their footing when it comes to maintaining clientele while adhering to local law. After all, cannabis is still technically considered a Schedule I substance by the United States federal government. Although marijuana wasn’t banned federally until 1970 with the passage of the Controlled Substances Act, which classified marijuana as a Schedule I drug, the impact of that legislation is still being felt. With a federal ban, despite individual states legalizing cannabis, it’s still difficult for dispensaries and smoke shops to operate. For instance, social media and bank accounts could be subject to a shutdown at any point.

Orduña told Worth that in the past, The Cannabis Place has had both its Instagram and bank accounts shuttered.

And the instability of the market, due to legal restrictions, has caused even large cannabis companies to invest in other products, some turning to booze and hemp to make up for the lack of THC product sales where weed isn’t legalized.

HEALTH EFFECTS OF CANNABIS VS. ALCOHOL

Consumer Researcher Civic Science found that when it comes to health, those Americans who consider themselves ‘very’ healthy were the most likely to participate in Dry January this year. However, those who considered themselves ‘not very’ healthy were the secondmost likely. Either way, those at either end of the health spectrum seem to be interested in sobriety and what it can do for them.

However, there are also risks associated with cannabis. According to a 2024 study by the American Heart Association found daily marijuana use raises the risk of stroke by 42% and heart attack by 25%, even if the person has no prior history of heart disease and has never smoked or vaped tobacco. It’s also been linked to gastrointestinal problems and lung disease.

“According to a 2024 study by the American Heart Association, daily marijuana use raises the risk of stroke by 42% and heart attack by 25%.”

While the “California sober” lifestyle is calling out to many, it isn’t a one-stop shop for those seeking to improve their health. Those who are genetically predisposed to alcoholism may also be genetically predisposed to cannabis use disorder, meaning that switching from alcohol to weed isn’t recommended for those looking to wean off alcohol dependencies.

But for those simply seeking a healthier high, they may want to seek out legal storefronts.

WHO WILL DOMINATE THE MARKET?

The question is whether there is room for both cannabis and alcohol, or whether Americans are slowly migrating toward a “California sober” lifestyle. With the liquor industry accounting for a $250 billion USD, even a small dip into the overall market could account for a skyrocketing opportunity for investors.

According to cannabis tech company FlowHub, the cannabis industry is expected to reach $45 billion USD in 2025.

WILL MARIJUANA BE FEDERALLY LEGALIZED IN 2025?

With a new president and administration, the federal future of weed is yet to be determined. While the majority of Americans support legalizing cannabis, it’s ultimately up to legislative action. According to the Pew Research Center, an overwhelming majority of Americans (88%) believe that marijuana should be legalized for either medicinal or recreational use. 57% of Americans believe it should be legalized for both medicinal and recreational use.

In May of 2024, the Biden Administration’s Department of Justice proposed reclassifying marijuana from a Schedule I substance to a Schedule III substance, which would have signified the drug having a “moderate to low potential for physical and psychological dependence.”

But with Donald Trump in charge, it’s hard to say where this initiative will go next. While on the campaign trail in September 2024, Trump indicated he was in favor of rescheduling the substance, but he’s been quiet on this front since taking office in January.

Although the Trump administration doesn’t appear to be prioritizing legalization, there are several measures moving through Congress which would impact the cannabis industry, including the SAFE Banking Act, which would give cannabis businesses better access to financial services; the States Reform Act, which would deschedule cannabis among other reforms; and the Strengthening the Tenth Amendment Through Entrusting States 2.0 Act, which would amend the Controlled Substances Act to

omit cannabis produced in and sold in compliance with state law.

Trump’s tariffs are also estimated to raise prices for cannabis users, which could slow down the overall market, according to Reuters. Since cannabis is still a state issue, the impact will differ depending on the location—in New York, all cannabis is required to be sold in-state. But according to The New York Times, goods required in the process, like infrastructure, metal tins for pre-rolled joints, and vape hardware, will all see price increases.

THE FUTURE OF THE BUZZ

While people may ultimately turn to alcohol and cannabis for different reasons, one question remains: How will people kick back in the future? According to Orduña, cannabis is customizable in a way that alcohol just isn’t.

Orduña says, “Some people [will say], ‘I’m having trouble sleeping, which are the products that help me sleep?’ ‘I don’t like to smoke. I don’t like to vape. So what can you recommend?’ Okay, well, here we have these beverages. We have these edibles. We have these tinctures [...] and then our budtenders will speak to them about the ease of use of the different products, etc. The time set of effect, the duration of effect.”

He emphasized that customers can even find products with low to no calories, which isn’t possible with alcohol.

Alcohol isn’t going to disappear anytime soon. Although sober experiences are becoming gradually more available, much of Americans’ social lives revolves around drinking. There may not be one trend to designate the future of the American buzz, the desire for new experiences is likely to lead the way.

Mental Wealth

Brain

health isn’t

just a

medical

issue—it’s an economic, social, and ethical imperative. And it’s redefining what it means to age well.

BY MEEHIKA BARUA

Not long ago, brain health was something most people didn’t think about—until it became impossible to ignore. Conversations about cognitive decline, mental health, brain fog, and cognitive resilience, have moved out of the shadows and doctors’ offices and into family kitchens and corporate boardrooms. What used to be a niche topic for neurologists and researchers is now a mainstream conversation, touching millions of lives and drawing the attention of technologists, investors, policymakers, and everyday people who want to live longer, healthier, and more independent lives.

The global burden of brain-based illnesses is immense and growing. In 2021, the World Health Organization (WHO) reported that neurological illnesses were collectively the leading culprit of illness and disability worldwide, with 1 in 3 individuals affected. For dementia alone, nearly 10 million new cases are diagnosed yearly, and the total number is projected to triple by 2050. Additionally, the COVID-19 pandemic caused cognitive issues and mental health challenges for people of all ages. A 2022 survey of long COVID patients revealed that 57% reported persistent cognitive symptoms, like brain fog and memory problems.

At the same time, a large-scale study found that older adults who’d had COVID-19 faced a 69% higher risk of developing Alzheimer’s within a year of infection. The pandemic’s toll on mental health was also significant, as evidenced in the early 2020s by the many people who publicly acknowledged their own and others’ mental illness, either brought on by or worsened by the loneliness and isolation of physical distancing.

The potential economic upside of focusing on brain health adds to the imperative to prioritize it. The McKinsey Health Institute estimates

that advancements in cognitive wellness could unlock $26 trillion in global economic value by 2040. Much of this comes from delaying or preventing neurodegenerative conditions that require costly long-term care and rob societies of human potential. This includes reduced strain on healthcare systems and fewer unpaid caregiving hours.

Brain health has become a priority for health systems, tech innovators, and individuals. Although neurological disorders, serious mental illness, dementia, or cognitive decline have historically been difficult to predict, prevent, diagnose, and treat, recently developed combinations of high-tech tools, lifestyle interventions, and broader societal awareness are challenging the status quo.

Science and technology are transforming how we diagnose brain conditions and intervene to improve brain health. New Alzheimer’s blood tests—some over 90% accurate— are supplementing invasive spinal taps and costly PET scans. fMRI can spot early decline before symptoms appear. AI is advancing fast, analyzing speech, MRI scans, and even smartphone use to detect subtle cognitive shifts. At Boston University, researchers have built an AI model that predicts whether someone with mild cognitive impairment will develop Alzheimer’s within six years—using only voice recordings.

Recent research shows that even those at high genetic risk for brainrelated conditions like dementia or depression aren’t necessarily destined for them. A 2024 Lancet Commission report found that up to 45% of dementia cases could be delayed or prevented by addressing 14 lifestyle factors—like managing hypertension, hearing loss, diabetes, and depression, and staying socially active, eating well, and exercising.

Studies show that adults who adopt four or five healthy behaviors have a 60% lower risk of developing Alzheimer’s compared to those who adopt none. And it’s never too

late to start—older adults adopting new routines still see real cognitive benefits.

“There is so much potential for dramatic breakthroughs in brain science. However, we’re entering an era where we understand that people have a degree of agency over their own brain health and should not simply wait for scientific breakthroughs to address brain illnesses,” says Cara Altimus, PhD, managing director of the Science Philanthropy Accelerator for Research and Collaboration (SPARC) team at Milken Institute Strategic Philanthropy. “The more we understand how lifestyle factors impact cognitive resilience, the more power individuals have to shape their brain health outcomes and the more we collectively understand the value of pushing the science forward.”

The commercial landscape is also catching up to this growing interest. According to industry research, the global digital brain health market is valued at over $248 billion and is expected to nearly double by 2034. Venture capital investments in neurotech topped $1.4 billion in 2023 alone, indicating strong investor confidence. Major tech firms and startups are investing in cognitive wearables, brain-computer interfaces, and real-time monitoring tools.

This growing body of knowledge has inspired a wave of new tools for consumers, including the digital cognitive testing tools “Staying Sharp” from AARP, UsAgainstAlzheimer’s BrainGuide, BetterBrain’s dementia risk test, and the McCance Brain Care ScoreTM. Platforms like Mindstrong have explored using smartphone metadata to monitor real-time brain function. Apps like Lumosity, with over 100 million users, reflect the growing appetite for brain training and mental fitness. At the same time, AI and wearable technology are becoming more sophisticated—from EEG headbands that track brain waves to VR programs designed to boost focus and memory.

“Technology is allowing us to move from generalized brain health advice to highly personalized interventions,” Altimus says. “With realtime data tracking and AI-driven insights, we can provide people with actionable recommendations tailored to their unique cognitive profiles.”

Wearables and other tools are also creating new ways for individuals to engage with their cognitive health daily. Devices that monitor sleep, movement, and even voice patterns can now generate personalized brain health reports, enabling users to track metrics such as memory, processing speed, and executive function, identifying areas of strength and concern. These tools provide early warnings of cognitive decline and offer tailored suggestions for lifestyle changes to reduce risk.

Similarly, a SPARC-led initiative on bipolar disorder, Breakthrough Discoveries for thriving with Bipolar Disorder (BD2), is building a large data platform that links wearable data, like sleep patterns, with genetic sequences, brain scans, blood test results from thousands of individuals with the disorder. This integration is central to BD2‘s goal: ensuring new findings—such as how certain sleep schedules might help regulate mood—can be quickly validated in real-world bipolar populations, helping more people with the disorder thrive day to day.

EQUITY

Not everyone has the same access to medical advances, or ability to make lifestyle changes. In the U.S., Black and Hispanic Americans face significantly higher rates of dementia than white Americans, but are far less likely to receive an early diagnosis. Globally, more than 60% of people with dementia live in low- and middle-income countries, where care resources are scarce. Rural populations, even in wealthy countries, are underserved. A 2023 global study found that one in five people with

dementia receive no caregiving assistance at all. Socioeconomic disadvantage in childhood is associated with a 200-300% increase in mental health illness in adulthood.

“Equity in brain health is the next frontier,” says Altimus. “True progress means making these advancements accessible to everyone, regardless of socioeconomic status.”

Significant initiatives are stepping in to bridge these gaps. The 10,000 Brains Project, a philanthropic initiative incubated in partnership with SPARC, will support scientific institutions in combining different types of data, including brain scans and clinical records, to map neurodegenerative disease patterns across populations to move toward precision diagnostics and therapeutics for neurodegenerative diseases. The project aims to use AI models trained on diverse datasets to identify previously undetected trajectories of cognitive decline—especially in populations historically underrepresented in clinical research.

MILKEN INSTITUTE’S ROLE

The Milken Institute has become a leader in the brain health space. SPARC partners with funders in the biomedical and healthcare fields to guide philanthropic dollars to where they can make outsized impact in early-stage scientific research as well as in later-stage application to people’s lives. The Alliance to Improve Dementia Care brings together advocacy organizations, academic researchers, policymakers, providers, philanthropists and people living with dementia and caregivers to advance prevention, early detection and diagnosis, and access to comprehensive and equitable care.

“Our goal is to break down silos and create a more unified approach to address the fragmented and costly dementia care journey ,” says Diane Ty, managing director of the Milken Institute Future of Aging team. “We want to ensure that breakthroughs in diagnostics and treatments translate into real-world impact as we march toward a world where precision medicine for brain health becomes the norm.”

Despite all the innovation, a key challenge remains in treating brain health as a holistic concept. “While distinctions of “mental health” and “neurological disease,” may be necessary for medical professionals, the brain is a single organ and doesn’t care about the difference between the two,” says Sylvie Raver, senior director of the SPARC team at Milken. “As we learn more about the brain, it’s increasingly clear that what’s good for your mental health is good for preventing neurological and neurological disease as well.”

“We need to stop thinking about brain health as separate from overall health,” Raver explains. “The health of our brains is deeply connected to what we eat, how we move, manage stress, and even interact with others. It’s clear that what’s good for our bodies is good for our brains.”

Academic institutions are also contributing to this multidisciplinary ecosystem. Universities are launching new brain health centers that bring together neuroscientists, engineers, and behavioral scientists to collaborate on early detection and intervention strategies. Publicprivate partnerships are accelerating clinical trials and scaling up promising technologies. At the same time, philanthropy is fueling bold research into precision medicine, diverse and multimodal data sets, and models of care that are best for various serious mental illnesses. According to Altimus, “Philanthropic partnerships with scientists, universities, and startups are driving a renaissance in brain health discovery and new tools that can pay dividends in improving health and quality of life for everyone.”

“Adults who adopt four or five healthy behaviors have a 60% lower risk of developing Alzheimer’s compared to those who adopt none.”

Researchers and advocates are pushing for messaging that connects scientific insights to everyday habits. That means championing a healthy diet, restorative sleep, regular exercise, and social connection as foundational elements of cognitive wellness.

It’s not just a matter of innovation—it’s about integrating common-sense good practices into routine healthcare, schools, and the workplace. Primary care practices are starting to include cognitive screenings in annual physicals. Employers are offering mental fitness programs as part of their wellness benefits. Schools are introducing neuroscience-based curricula to promote cognitive development from a young age. These efforts aim to make brain health a regular part of life, not just a concern in old age. The future of brain health will be defined by personalization, prevention, investment, and equity.

“The next decade will be transformational,” Ty predicts. “By working together, we can create a future where brain health is integrated into every aspect of life, from healthcare systems to workplace wellness initiatives.”

Insiders Discuss How to Invest in AI

5 key takeaways from Vincent and Sacra’s coverage of the pre-IPO access, long-term strategy, and where the value may really lie.

AI has gone from curiosity to kingmaker in tech investing, and investors are racing to figure out where the real opportunity lies. But beneath the noise, we’re still in the early stages of figuring out what’s real, what’s hype, and where the smart money is going. In April, three insiders—Slava Rubin (Vincent), Josh Kampel (Worth Media), and Jan-Erik Asplund (Sacra)—got together to tackle the question on every investor’s mind: how do you actually invest in AI without getting burned? In a live event packed with real talk and sharp insights, they broke down where the real opportunities are, what to watch out for, and how to get pre-IPO exposure before the wave crests.

Here are the main takeaways:

Investors Need to Understand the Sector Before Investing in It. AI is a massive space. It includes hardware providers such as Nvidia and AMD, cloud providers such as Microsoft and Coreweave, model companies such as OpenAI and Anthropic, and both B2B and B2C apps such as Perplexity and Glean. It touches nearly every major tech company and many startups, so investors need to look beyond whether a company is an “AI company” and determine what type of “AI company” it is.

“Where is the value being captured now in this value chain and where will it be captured in the future?”

---Jan-Erik Asplund

Identifying Top AI companies Requires Careful Analysis

“For any new innovation that’s happening, I’m simplifying here, there’s probably 100 companies that are doing that exact thing. 90 of them are gonna die, for sure. And the rest of the 10, only five of them are gonna be breakouts of any kind. So you have to be able to find the five out of the 100 that you’re going to make real money on. And of course, if you pick like the one, two or three at the top, the ones that really break out over the course of the decade, you could have huge returns.” ---Slava Rubin

Public: Private:

In a Rapidly Evolving Ecosystem, Investors Have to Stay Informed. The world of AI startups is highly competitive and constantly changing, so investors need to make sure to continue to do their own research. It is not only the top companies that deserve attention, but also the many smaller companies that have the potential to break into the top tier. There is also going to be a growing integration of AI into all sectors, meaning that there are companies that aren’t thought of as AI companies now that will be in the future.

“I think that’s just what we’re going to see is that every company will become an AI company.” --Josh Kampel

They picked the top 10 public and top 10 private AI companies, which include the Magnificent Seven tech stocks, as well as the giant private startups OpenAI, Anthropic, and xAI. See above. But the list also includes names you might not expect, such as Palantir and defense startup Anduril, which speaks to how widely investors should cast their net when thinking about AI.

Strategic Differentiation Is Key. Companies that will deliver the highest returns over the next decade are the ones that differentiate themselves, either with their product or their scale. Companies with no strategic moat to protect their product or business model will either fail or get swallowed up by bigger players. Investors should be targeting companies that are likely to remain major players ten years from now.

Investors Should Consider Their Own Risk Tolerance and Investment Style. Investing in AI-related companies presents the potential for significant returns, but of course, that can also come with commensurate risk. Public stocks are generally less volatile than shares of private companies, with much greater liquidity, but generally less upside. There is also less risk in investing in a basket of AI companies to get exposure to the sector, as opposed to picking a few companies in the hopes of selecting a winner.

“You make your choices in terms of public versus private, of course, that’s up to you. You also have to think about whether you want to be a stock picker or you want to have index exposure.” ---Slava Rubin

This is just the start of the conversation surrounding AI. In five or ten years, we will look back to 2025 and the ecosystem could look unrecognizable. Any investor should continue monitoring the sector, and understand there is still considerable upside that may warrant serious investment.

Living Wellness at The Cliffs

At The Cliffs, a collection of seven luxury communities in the rolling Western Carolina mountains, a philosophy of “designing with nature” inspires members to live active, engaged lives.

By Richard Bradley

Jeff Moser, cofounder of the Charlotte, N.C.-based investment firm Golden Capital Management, first heard about The Cliffs in 2007, when a colleague handed him a magazine ad showcasing the collection of seven private club communities in the nearby Blue Ridge Mountains. The advertisement spotlighted some of the health and fitness activities available at The Cliffs—tennis, golf, hiking, biking, fishing.

“This is so you,” his colleague said. Jeff, who had loved the outdoors since he was a boy, had to agree.

The exchange led to a tour of The Cliffs at Keowee Falls, one of the seven communities, and in short order Jeff and his wife DeeAnn purchased a lot overlooking the 26-mile Lake Keowee and built a home. They found themselves energized by the time they spent there—the beauty of the woods and the water, the warmth of their fellow residents, the ability to be outdoors and active four seasons a year. Jeff played tennis, cycled, hiked and fly-fished. DeeAnn, who had been a casual tennis player, grew more immersed in the sport. “Now,” jokes Jeff, “she plays tennis nine days a week.”

In 2017, they built another home, this one at The Cliffs at Mountain Park near Greenville, S.C., and moved there full-time. The combination of natural beauty and abundant health and wellness amenities invigorates both the Mosers. “As soon as I pull out my driveway, there are pastures, cattle, old barns, waterfalls,” says Jeff. The natural environ-

ment provides an inspiring backdrop for Jeff’s tennis, yoga, and golf—he loves to walk the golf course at Mountain Park rather than use a cart in order to reflect upon his shots and get some additional exercise.

“I’m out there on the course for four hours,” he says, “I don’t want to go four hours without exercise.”

Though The Cliffs attracts people from all over the United States and overseas as well, these seven communities, totaling about 20,000 acres threaded through the Blue Ridge Mountains of North and South Carolina, remain something of a secret. Originally master-planned as residential golf communities by a local developer in the 1990s, The Cliffs were, from the beginning, designed with health and fitness in mind. Today each community features a clubhouse, a wellness center with massage rooms, yoga, and other fitness options, and a golf course designed by legendary golf names such as Jack Nicklaus, Gary Player and Tom Fazio. Other outdoor sports include racquet sports—tennis, pickleball, and the increasingly popular Padel— swimming, boating and watersports, hiking, and road- and mountain-biking. The location helps: the region offers four distinct seasons and is considerably more temperate than that experienced by residential communities in places like Florida, Texas and elsewhere in the Southeast. The inclusive organization of the community also promotes wellness: Members can access the amenities at any of the seven communities, which increases the breadth of

available activities as well as the chance to spend time with nearby neighbors.

That culture of health and fitness can have a dramatic impact on members who come to The Cliffs after many years devoted to their professional lives. “I have seen this multiple times,” Jeff Moser says. “Men and women whose job causes them to have to travel, to entertain…. When they come here, they’re not in the shape they would like to be. At The Cliffs, they see people looking fit and healthy, and they get to know the instructors and personal trainers who work here—I have seen people just transform their bodies.”

That culture of health has always been central to the ethos of living at The Cliffs, but it was raised to another level after 2019, when real estate investment firm South Street Partners bought The Cliffs. South Street, which is based in Charleston, S.C., and Charlotte, N.C., is known for their practice of “designing with nature,” the concept of developing the built environment in harmony with the natural one, elevating the financial value of its properties while enhancing the spiritual pleasures of living in them. The firm has gained a reputation for making great places even better, in part by recognizing and reinforcing what was already great about them. At earlier acquisitions Kiawah Island and Palmetto Bluff, two iconic South Carolina luxury conservation communities, South Street brought a thoughtful, long-term perspective to their development, a purposeful intent to embrace nature and create environments that would be appreciated by generations to come.

“Over time, I’ve noticed that South Street spends more time on the site than typical developers do,” says Mark Permar, an accomplished architect and land planner who has worked with South Street at properties across their portfolio. “That’s about going to see the place in all its moments— different times of the day, different times of the year.” Why does such attention to detail matter? Because, Permar says, truly excellent designers really commit to experiencing land in all its hours, seasons, and vantage points. That way they’ll notice subtle but important nuances, elements to design around, aspects to preserve and highlight, that they might otherwise overlook.

“What’s so interesting about The Cliffs is that all its communities share different attributes of the natural environment, but the micro-environments have special qualities to them,” Permar says.

“The remarkable landscapes which unfold across The Cliffs’ seven communities are a constant source of inspiration and present endless opportunities to weave buildings into these spectacular natural settings,” says Chris Randolph, Managing Partner at South Street. “We believe creating a built environment that enhances and preserves quality of life is foundational to the pursuit of health and wellness.”

At The Cliffs, South Street has partnered with like-minded brands to build new amenities which continue elevating their exceptional wellness offerings. Summerour Architects,

a firm known for helping to create and update some of the country’s most renowned luxury properties—places like Blackberry Farm in Tennessee, Cataloochee Ranch in North Carolina, and Sea Island in Georgia— are nearing completion on a stunning new Sports Pavilion at The Cliffs at Mountain Park.

“We always like to start with the site and the context and work from the ground up,” says Brad Mann, a principal at the firm.

This shared philosophy of designing with nature ensures that this new amenity is much more than a pool, pool house and courts for racquet sports; this is a space that integrates the hills and woods and sky around it while fostering both physical exercise and social interaction. In the lexicon of architects, it blurs the divisions between the natural environment and the built one.

“We’re creating a destination for neighbors to gather outside as a community and enjoy this serenity and scenic surrounding of the mountains, the fresh air, really creating a space that invites people to come and participate,” Mann says.

The Cliffs’ focus on health and community reflects what architect Keith Summerour calls “the maturation of the components of lifestyle.” Americans’ priorities for luxury living have changed, Summerour says. In the past, health was considered a nice side effect of living in luxury, but not the goal of it; the aesthetic experience of luxury was an end in itself. Today, health and fitness are paramount, and we’ve redefined luxury not as the freedom to be unhealthy—to smoke and drink and eat poorly—but as a lifestyle that helps us get healthy and stay that way for as long as possible.

When his firm first started designing luxury properties, what prospective buyers were most interested in was “a comfortable room with some great food and really good service,” Summerour says. Obviously, those things still matter. But “Americans have matured. Now, we focus on hospitality as health.” That means choosing to live a holistic life of family and social engagement, intellectual stimulation, and mental and physical well-being.

“The whole region of the Southeast is experiencing this phenomenon,” Summerour adds. “Grandparents may have moved to The Cliffs, but now their kids are having kids, and they’re all coming here too.”

For member Jeff Moser, that inclusion of family is paramount; he wanted to live in a place that brought generations together, rather than isolating them. “South Street Partners have provided for that in terms of both amenities and membership opportunities,” he points out, noting that club members with full golf memberships can extend “legacy memberships” to their immediate family members one generation above and below them—providing them with full access to The Cliffs’ amenities with no additional dues.

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“The Cliffs” says Brad Mann, “is a very conscious attempt to draw people back together—and from a wellness standpoint, the reengaging of generations is critical.”

Members of The Cliffs can enjoy all these health and wellness benefits at many different entrance points and levels of commitment. (They can also take advantage of the proximity to the cultural stimulation of vibrant nearby towns like Asheville, Greenville, and Clemson.) Often, like DeeAnn Moser, they’ll find themselves getting deeper into their pastimes as they grow fitter and more engaged, or as they work out with new friends in cycling groups, tennis tournaments, group hikes, and other communal activities.

The proof of the pudding lies in the story of someone like Alexis Ressler, who moved with her husband from Vermont to join The Cliffs in 2019. A graduate of the University of Vermont in Burlington, she had lived in the state since 1999, building a practice as a psychiatric nurse practitioner, committing to eight years as a captain in the Army Reserve, and becoming a hardcore athlete. A skier, biker, swimmer and runner, Alexis regularly raced in triathlons, and in 2016 she was the women’s champion in the Armed Forces Triathlon. Eventually, though, the long winters and short, muddy springs of Vermont wore her down—it was hard to train under those conditions. In May 2019, she came to Asheville with her husband Arnie, a psychologist who specializes in Buddhism and mindfulness, for a conference. When she wanted to go for a swim and he wanted to play golf, the staff at their hotel recommended they check out The Cliffs. “They said, ‘You can do it all at this place,’” Alexis remembers.

After a visit to The Cliffs at Walnut Cove, just about 15 minutes from downtown Asheville, she was “really impressed.” When Alexis and Arnie returned to Vermont, there was freezing rain falling—in May. That did it. “We bought a lot within ten days.”

A few months after they moved into their new home, Covid hit. If you had to hunker down during a pandemic, The Cliffs were an ideal place. “We’re tucked down in this little cove, looking up at the Blue Ridge Parkway and mountains all around and the Carolina blue sky,” Alexis says. Socially, the couple found it easy to make new friends. “Everybody who lives here has a great story and life experience,” she adds. “I’ve made so many new friends who are just really good people. If you wanted to, you could have dinner with friends every single night.”

The couple could work from home, and getting outdoors to exercise was easy. “We kind of fell into a cycling group,” Alexis says. Arnie played golf and biked; she swam, ran, and took up mountain biking and golf, neither of which she had done before. She also became a devotee of the community’s wellness center, where she works out and prioritizes getting a massage every other week. In 2022, Alexis began having knee issues and stopped bike racing. Instead, she trained and completed a six-mile open water swim off Charleston, and hiked Mount Kilimanjaro, then won the nine-hole golf championship at Walnut Cove. At the time of this interview, she had just returned from a 50-mile trek in Patagonia, Chile, and was planning a 12-mile swim around Key West and a day-long rimto-rim hike of the Grand Canyon.

For Alexis, the move to The Cliffs has been physically liberating. In weather that allows her to be outdoors four seasons a year and a social environment where she has felt supported in exploring new sports, she’s managed a transition from committed triathlete to new passions, new challenges, and a holistic sense of well-being in mid-life.

“I love Vermont,” she explains. “But if we hadn’t moved here, life would be so different.”

To explore life at The Cliffs, call 864.400.5776 or visit cliffsliving.com/worth.

FORECAST

Atlas Merchant Capital’s Larry Kantor and Bob Diamond predict how the new tariff environment will move markets. (p68) Discover how Quantum computing could fuel the next big tech boom. (p76) Find out why most wealth families lose all of their money and what makes millennials give differently. (p83)

Highest Tariffs in Over a Century Threaten Expansion

Tariff whiplash, capital outflows, and policy inconsistency are fueling a volatile environment for markets and businesses.

BY LARRY KANTOR AND BOB DIAMOND

Mutual Assured Destruction (MAD) has prevented a global nuclear war. That was also true for international trade until the Administration raised tariffs on U.S. imports to levels not seen since 1909, igniting a trade war. Before the inauguration, the average tariff rate on U.S. imports was around 2.5%, but following the reciprocal tariffs announced on April 2 affecting almost every trading partner, it shot up to 22-24%. That is the highest U.S. average tariff rate since 1909, even greater than the 20% average tariff of the 1930 Smoot-Hawley Act, which deepened and extended the Depression. And that was when imports were a much smaller percentage of U.S. GDP: 3-4%, instead of over 11% now.

The 90-day pause on reciprocal tariffs provided hope that the Administration would back off, but it did not reduce the average tariff rate. The increase in tariffs to close to 150% on China, which amounts to a virtual embargo on a major source of U.S. imports, more than offsets the reductions elsewhere. The average tariff rate should move back down over time because the extreme skew toward China will cause imports to shift toward countries with lower tariffs. There is also potential for exemptions and negotiations, although negotiating trade deals with over 70 countries in the 90 days before the pause ends does not seem realistic. Individual trade agreements take many months under normal circumstances. In this case, many countries have close trade ties with China, making successful trade agreements with the U.S. much more difficult. If average tariffs remain at 15% or higher for more than a few months, it would cause significant damage to the U.S. economy (as well as to most trading partners). U.S. inflation would increase, and economic growth would drop, most likely producing a recession.

FINANCIAL MARKET VOLATILITY IS ALREADY TESTING TARIFF RESOLVE

There are signs that the Administration might back off, as the volatility in financial markets has already generated alarm. It’s not just the sharp drop in the stock market; equities were expensive by almost every valuation metric, and current prices are nowhere near pricing in a recession. More worrisome was the surge in bond yields following the announcement of worldwide reciprocal tariffs on April 2, despite the elevated risk of recession, which usually causes interest rates to fall. This occurred as the value of the U.S. dollar continued to decline despite expectations of smaller trade deficits. A coincident drop in stock and bond prices along with the currency is typical for emerging market countries during times of crisis. Not so for developed countries, especially the U.S. The U.S. share of global equity market capitalization has already begun to decline.

FREE TRADE HAS BEEN A AOON FOR THE U.S.

The adverse reaction of financial markets and the recent plunge in consumer and business confidence in the biggest global trade war since the Depression reflects how beneficial free trade has been. Put simply, no one forces countries to trade, implying that it is inherently mutually beneficial. Tariffs are a barrier, and the enormous increases imposed by the Administration are upending the global trading system, which has become a critical conduit for the worldwide supply chain. Around 40% of U.S. imports are used as inputs to domestic production, and it would take many years for U.S. manufacturers to build domestic production facilities to make up for its loss.

CAPITAL FLIGHT THREATENS U.S. ECONOMIC EXCEPTIONALISM

Recent capital flight is a significant concern because the capital account surplus that the U.S. has enjoyed for decades—foreigners buying more U.S. assets than Americans buy from

them—has generated an enormous addition to the supply of loanable funds. The net dollars that leave the country due to trade deficits come back in the form of foreign purchases of U.S. stocks and bonds. Foreigners could instead sell the dollars for other currencies, but they invest in the U.S. because it has by far the largest, most liquid and safest financial markets in the world. Recent capital flight suggests that the safety feature is now in doubt in the minds of foreign investors.

Foreign capital inflow has kept interest rates lower than they would otherwise be and fostered a high level of investment. The U.S. has a relatively low savings rate, which usually implies less investment. But foreign inflows make up the difference, allowing for both a high consumption rate that boosts current growth and lots of investment that powers future growth and has propelled the U.S. to dominance in technology.

TARIFFS INDUCE RETALIATION

Aggressive tariffs have other negative effects besides disrupting the supply chain and the capital flowing into the U.S. They always generate retaliation that damages some of the industries the tariffs are meant to protect, such as manufacturing, agriculture and technology. China has already retaliated with a 125% tariff on U.S. exports and has also added U.S. companies to their Unreliable Entities list and set new export restrictions to the U.S., including metals necessary to produce microchips. The EU has delayed retaliation in response to the pause in reciprocal tariffs. Still, without a mutually acceptable trade deal it will likely enact tariffs roughly equivalent to the 20% rate announced by the U.S.

THE BENEFITS OF FREE TRADE HAVE MORE THAN OFFSET THE COST

The exports from China and other developing countries have indeed hollowed out U.S. manufacturing and many cities that hosted them,

and those are very visible and visceral costs. But it has also allowed hundreds of millions of Americans to buy goods for much less money than they could have otherwise. This allows them to spend much more money on services, such as travel, cell phone plans, streaming services, and going out to restaurants, gyms, salons, and entertainment venues. Empirical research shows that the net effect is greater output, more jobs, and lower prices. The U.S. has had trade deficits every year since 1975, and they have helped keep inflation relatively low even as economic growth has been strong.

U.S. POLICY REACTION TO WEAKER GROWTH IS CONSTRAINED

If a recession occurs soon, U.S. policymakers would be constrained on how much and how quickly they could respond. The Federal Reserve normally reacts to signs of impending recession with huge interest rate cuts, having taken them to zero in the last two downturns. But the huge increase in tariffs amounts to a negative supply shock that means that a downturn in the economy will be accompanied by higher inflation, making the Fed more cautious.

Most macroeconomic shocks are on the demand side, which makes it easier for central banks to respond since prices and output move in the same direction. Countries outside the U.S. are facing a negative demand shock, which reduces both output and prices. As a result, some central banks like the ECB are already cutting rates.

With the Fed funds rate currently over 4 1/4%—considered by most economists to be restrictive—some reduction in Fed policy rates is still likely this year. And if bond yields continue to rise in response to capital flight, the Fed may well resume buying bonds, injecting liquidity to stabilize financial markets. On the fiscal side, the US is currently saddled with usually high debt levels, which would limit the size of any fiscal response.

ECONOMY

THE U.S. ECONOMY IS ON SOLID GROUND BUT TROUBLE LURKS AHEAD

Fortunately, the U.S. economy has been quite resilient and is on solid footing, suggesting that it will take at least a couple of months for significant weakness to show up in the data. It also means that if the tariffs are temporary a prospective downturn is likely to be short-lived. The labor market is healthy, with strong job growth and an historically low unemployment rate. Jobless claims—which are released weekly and a good indicator of the health of the labor market— have remained quite low. In fact, payroll income has been running at nearly a 5% annual rate over the past 3 months, which—along with the sharp drop in energy prices—should mitigate the damage to household spending. Household and business balance sheets also look healthy: Household net worth increased by $14 trillion last year to a level of $169 trillion. Meanwhile, the debt service ratio—total debt payments divided by income—is on the low side at

11.3% (it reached almost 16% before the financial crisis and was trending around 12% before Covid). The corporate sector also looks healthy, with high net profit margins and a strong pace of business investment powered by AI.

While current economic data look solid, the outlook going forward has deteriorated. Business and consumer confidence have already taken large hits, and the April regional Fed surveys reveal a sharp drop in capital investment intentions. Household wealth has also begun to fall, reflecting lower stock and bond prices.

TARIFF POLICY IS KEY TO WHERE WE GO FROM HERE

Economic policy is typically overrated as a determinant of the business cycle. The economy’s performance is the product of decisions made by billions of consumers and companies around the world and is subject to numerous other influences. But the current Administration’s trade policies are so extreme that they have become a dominant fac-

Is the Era of the Strong Dollar Over?

Source: FRED

tor. Further complicating matters are the frequent changes in tariffs, which have elevated uncertainty on the part of both consumers and businesses and are producing extreme volatility in financial markets.

The bottom line is that the extent to which U.S. economic growth slows and inflation increases is as much a political issue as an economic one. The Administration has already backed off some tariffs and increased others, and it’s difficult to know which tariffs will stick and how high they will ultimately be. There are also legal issues regarding whether the executive branch of the government has the power to enact these tariffs. If the current tariffs remain in place and the reciprocal tariffs are resumed, prices will rise and the economy will weaken significantly, with a recession a likely outcome. That said, the recent backtracking in response to a weaker dollar, lower stock and bond prices and the associated evidence of capital flight provides room for optimism that the current tariffs won’t last long.

ABCs of Property & Casualty Insurance

BY DAVID A. ROBERTSON, JD, CFP ® PARTNER

For individuals and families with significant assets, protecting what you’ve built requires more than standard insurance policies. Property and Casualty (P&C) insurance is a cornerstone of comprehensive wealth protection, yet its nuances are often misunderstood. As climate-related risks increase—with events like California wildfires underscoring potential exposure— understanding and optimizing your P&C coverage is not just prudent—it’s critical. This guide outlines the ABCs, to help you navigate the fundamentals.

A is for Assets: Protecting Your Valuable Property

The ‘Property’ component of P&C insurance safeguards physical assets against damage or loss from various perils such as fire, theft, vandalism, and natural disasters. For many, “property” includes not just a primary residence but also estates, custom homes, worldwide vacation properties, and valuable collections.

Understanding Coverage Needs for Unique Assets

Standard homeowners policies often have sub-limits for valuable items like jewelry, art, antiques, or wine collections, which are typically far below their actual worth. A more comprehensive policy can address this gap by offering:

ABOUT DAVID A. ROBERTSON

Disclaimer

• Higher Coverage Limits: Sufficient limits for custom homes, extensive estates, and multiple properties.

• Replacement Cost Coverage: Rebuilding or replacing property to its original standard without depreciation, with extended replacement cost offering protection.

• Scheduled Personal Property: Specific “scheduling” or “floating” high-value items like art, jewelry, and electronics at their appraised value.

• Coverage for Other Structures: Protection for guesthouses, custom pools, and other structures.

• Luxury and Collector Vehicles: Specialized coverage for high-end cars, classic vehicles, yachts, and private aircraft.

B is for Being Liable: Shielding Yourself with Casualty Insurance

The ‘Casualty’ portion of P&C insurance protects against liability, covering legal costs, settlements, and judgments if you’re found responsible for injury or property damage. Personal liability risks increase with multiple properties, domestic staff, hosting events, nonprofit board involvement, and owning assets like pools, watercraft, or exotic cars.

Why Standard Limits Fall Short Liability limits in standard homeowners (typically $300,000$500,000) or auto policies are often grossly inadequate to protect substantial assets. A major lawsuit could potentially exceed these limits.

The Crucial Role of Umbrella/Excess Liability Policies

An umbrella or excess liability policy adds an extra layer of protection, activating once the limits of your primary policies (home, auto, watercraft) are exhausted.

C is for Comprehensive, Custom Coverage with the right Carrier Standard insurance products are designed for the average consumer and often do not adequately address the unique risks of affluent individuals and families. In today’s complex environment, off-the-shelf coverage may fall short. Ensuring your property and liability coverage is comprehensive, customized, and insured by a carrier familiar with your needs is key to protecting your lifestyle, legacy, and loved ones. To make certain you know your ABCs, a periodic review and analysis of all your P&C coverage by a qualified professional is paramount with today’s fluid insurance markets. Partner with your advisor to design a strategy tailored to your unique needs.

seia.com drobertson@seia.com

David A. Robertson, JD, CFP®, is a Partner at Signature Estate & Investment Advisors, LLC (SEIA), offering financial planning guidance to affluent individuals and families. Focused on simplifying complex financial decisions, he helps clients develop tailored strategies that integrate key areas of wealth planning. Prior to joining SEIA, he provided family office services and managed public and private investments at other wealth firms.

David earned his Bachelor of Arts degree in Economics, with honors, from Colgate University in 1983. He went on to earn a Juris Doctor (JD*) from Case Western University School of Law in 1986, where he served as an editor of the law review. He obtained his CERTIFIED FINANCIAL PLANNER® certification in 1994, and he is a licensed insurance agent (OH Insurance License # 633046).

$24.3 Billion in assets managed by SEIA and its affiliates as of 3/31/2025.

*Licensed attorney, not currently practicing. SEIA is not engaged in rendering legal, accounting, or tax services. The reported Assets Under Management (AUM) represents the combined total of Signature Estate & Investment Advisors, LLC (SEIA) and its affiliated entities as of 3/31/2025. 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.

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The War-Driven Boom Fuelling the Next Space Age

From Ukraine to low-Earth orbit, defence spending is accelerating the development of critical space technologies— and offering startups a new path to scale.

BY BOGDAN GOGULAN

Earlier this month, at the SmallSat Symposium, a panel issued a sobering warning to startups: do not chase defence dollars at the expense of long-term sustainability. Why? Because companies, particularly in the space sector, may be tempted to prioritize profits over producing valuable products and services with broader, longer-term applications. It’s, of course, true that any company should be wary of ‘leaning in’ too closely to what seem like fads. But the warning overlooks an important reality: the shift towards defence investing is not a trend. It’s a transformation in space and space investment, and one that will have positive—albeit unintended—consequences.

Across the space sector, there has been a noticeable shift toward focusing on pure defence investing. Companies that once prioritised commercial applications or, at most, maintained dual-use business models are now making full-scale pivots to defence. That move isn’t random. It’s the product of geopolitical changes, such as the ongoing conflict in Ukraine, and a widespread perception that the world is undergoing a significant transformation. As Michael Gove, who served in the Cabinets of four British prime ministers, put it recently: ‘The ideal of a rules-based international order, where multilateral institutions restrain states pursuing their self-interest, has proved to be a false hope … we are back to a world closer to that of Thucydides in which the strong do what they can and the weak suffer what they must.’

The change is also happening at the public sector level. In 2024, global government expenditure on space programs surged to $135 billion—up 10% from the previous year. The primary driver was rising defence budgets. A recent Bruegel report concluded that without the United States’ support, “Europe could need 300,000 more troops and an annual defence spending hike of at least €250 billion” to keep the continent safe. Governments worldwide have been investing in space-based defense technology, recognizing that the sector is the cornerstone of any modern military.

One of the unintended yet highly beneficial consequences of this shift among startups is its impact on the private space sector. Increased defence investment is breathing new life into aerospace and deep-tech innovation. Companies that previously struggled to secure commercial funding are now benefiting from sustained government investment, allowing them to work on cuttingedge technologies. These include (among many others) optical communications, necessary for secure and high-speed space-based data transmission; Earth observation, essential

for climate monitoring, disaster response, and resource management; and synthetic aperture radar (SAR), which enables all-weather, day-and-night imaging capabilities with high precision.

Despite the opportunities that await here, moving from purely commercial to defence markets is not without its hurdles. Startups can face significant challenges. Government contracts often come with delayed payments and lengthy procurement cycles, creating cash flow issues for smaller firms that lack financial reserves. Defencerelated technologies are subject to stringent export controls and compliance requirements, heaping bureaucratic burdens on startups that many are ill-equipped to bear. But for those companies that make the pivot successfully, the rewards far outweigh these obstacles. Defense funding provides long-term stability and a runway for companies to develop worldclass technology that may later be commercialized in other sectors. In other words, to pivot into space doesn’t necessarily mean leaving behind the commercial world.

Some startups are making fullblown pivots to defence, but the real sweet spot remains in the world of dual-use technology— those innovations that serve both commercial and defence markets. Companies that maintain this balance benefit from diverse revenue streams, greater resilience to market fluctuations, and the ability to shift emphasis as commercial demand evolves.

The success of this dual-use approach is evident in the companies that have seamlessly integrated their offerings across various sectors. Take the SAR satellite company ICEYE, whose data is used in flood response, maritime activity monitoring, and conflict zones, such as Ukraine. Or FibreCoat, whose advanced materials protect satellites from the harsh conditions of space, regardless of their intended use.

As I’ve suggested, given the scale of government investment, as well as the ongoing volatility in the broader geopolitical landscape, it’s doubtful that the present shift in focus towards defence is merely a fad. A new world order is in place, and national security considerations will continue to play a defining role in geopolitics for years to come.

The space sector should aim for a balanced ecosystem where defence and commercial activities support each other. The current surge in defence spending is helping to accelerate technological innovation, funding infrastructure that will ultimately benefit the commercial sector. As companies continue to develop dualuse applications, they can ensure that the innovations sparked by defence priorities also drive broader commercial progress.

That’s good news because space touches almost every area of modern life. It’s the backbone of the world economy. It plays a vital role in navigation, communication, connectivity, and sustainability. The space

economy is projected to reach $1.8 trillion by 2035, according to a report by McKinsey and the World Economic Forum. We may well be entering a new golden age for the industry, one in which entrepreneurs have access to more capital, investors are more willing to back high-risk ventures, and technology development is progressing at an unprecedented pace. If companies can navigate the challenges of defence contracting while remaining mindful of the broader commercial applications of their products, the entire space ecosystem stands to benefit. For startups, the key will be balancing short-term defence opportunities with long-term strategic growth, so ensuring that today’s pivot does not become tomorrow’s dead end. But if the evolution towards more significant defence investment is managed wisely by all involved parties, it could propel the space industry into its most vibrant era yet.

Bogdan Gogulan is C.E.O. and Managing Partner of NewSpace Capital

The Final Frontier Is the Next Battleground

Source: The Business Research Company

Quantum Leap: Why Investors Are Turning to NextGen Computing

With breakthroughs like Google’s Willow chip, quantum computing is moving from theory to investment thesis— and ETFs like QTUM are leading the charge.

BY MAX ISAACMAN

Let’s get one thing straight: quantum computing is weird. It’s a field where particles can be in two places at once, where logic gets fuzzy, and where “processing power” is measured in mindbending superpositions and entangled states. But for all its scientific strangeness, quantum computing is also getting… surprisingly practical.

As explained in an article published by the MIT Technology Review, “A quantum computer harnesses some of the almost mystical phenomena of quantum mechanics to deliver huge leaps forward in processing power.” Quantum machines promise to outstrip even the most capable of today’s—and tomorrow’s—supercomputers.

The report states that conventional computers will remain prevalent and continue to be effective in solving various problems. However, for solving particular issues, such as creating smaller and more powerful batteries for electric vehicles (EVs), quantum computers can be particularly helpful. Thanks to breakthroughs—such as Google’s new Willow chip, which recently performed a calculation faster than any classical computer could complete—the quantum realm is shifting from the physics lab to the investor’s playbook. Big Tech is all in. ETFs are emerging. And if you know where to look, quantum is no longer just a moonshot. It’s a market.

CALCULATING VALUE WHILE CONSIDERING GROWTH

To effectively value a company or an index, an investor can examine the price-to-earnings-to-growth ratio (PEG), which is calculated by dividing a company’s P/E by its expected growth rate.

For example, Morningstar.com, using long-term earnings estimates and the current P/E ratio for the SPDR S&P 500 ETF Trust (symbol: SPY), calculates a 2.08 PEG ratio for SPY. The SPY is a broad-based index that many money managers use as their benchmark for large-cap stocks. The lower the PEG ratio, the cheaper the valuation.

One ETF that features stocks related to quantum computing is the Defiance Quantum ETF (symbol: QTUM). QTUM replicates an index that is composed of companies that derive at least half of their revenue or operations from developing quantum computing and machine learning technology.

In early January, according to Morningstar, QTUM demonstrated historical yearly earnings growth of 3.75%. Looking forward, Morningstar estimates long-term earnings growth at 9.85%, representing a significant increase. Based on this, QTUM is selling at a PEG ratio of 2.07, which is rel-

atively high but reasonable given its expected growth. QTUM is trading at about the same PEG ratio as SPY, a broad-based growth tilted portfolio. The difference between the historical growth rate and the expected longterm earnings favors QTUM: QTUM is expected to increase its earnings by 6.2%, whereas SPY is expected to increase its earnings by 4.35%. (Disclosure: my clients and I own QTUM)

WHAT IS QUANTUM COMPUTING?

One feature of quantum computing, as reported by The Quantum Insider, is that “in sectors like healthcare, cybersecurity, and finance, quantum computing (QC) is poised to present novel avenues for tackling computational challenges.” In contrast to other intricate tech fields, such as artificial intelligence (AI) or virtual reality (VR), quantum computing often appears as an enigma to most individuals, except to its practitioners.

The article states that quantum computers can execute tasks that are beyond the capabilities of conventional computers, and new uses for the powerful computers are constantly being discovered. Due to the numerous applications and providers in the field, The Quantum Insider, in its latest review, includes only 100 companies in its Quantum Intelligence Platform.

Recently, the quantum computing sector received a boost when Google announced that its Willow chip had achieved a breakthrough, demonstrating significantly more substantial computational power than initially thought, and that it could be utilized in commercial systems.

In The Quantum Insider, Matt Swayne wrote that “Google Quantum AI’s new 105-qubit Willow chip marks a new milestone in quantum computing for the company, demonstrating enhanced computational power, scalable error correction, and a path toward commercially viable systems. In a benchmark test, Willow performed a calculation in minutes that would take the fastest classical supercomputer an astro-

nomical timeframe, illustrating the exponential advantage of quantum over classical computation.” Google’s recent announcement about the performance of its Willow chip

THE WILLOW BREAKTHROUGH

Tim Bajarin, President of Creative Strategies, wrote in a Forbes article that quantum computing could be a powerful tool if it could overcome some hurdles. He also stated that “Willow could be the breakthrough that transforms quantum computing from technical curiosity to a practical tool.” Forbes noted that Mr. Bajarin is “credited with predicting the desktop publishing revolution three years before it reached the market.”

Willow is the new chip developed by Hartmut Neven and his team; Neven is the Founder and Lead at Google Quantum AI. In an article written for Google, Neven concludes, “Our new chip demonstrates error correction and performance that paves the way to a useful, large-scale quantum computer.” Neven explains that Willow can reduce errors exponentially and solves a quantum error correction problem that has been sought after for almost 30 years.

Neven also stated that Willow made a computation in under five minutes that would take another supercomputer 10 septillion years –septillion years, he explained, is older than the age of the universe.

In the Google article, Neven wrote, “The Willow chip is a major step on a journey that began over 10 years ago. When I founded Google Quantum AI in 2012, the vision was to build a useful, large-scale quantum computer that could harness quantum mechanics — the ‘operating system’ of nature to the extent we know it today — to benefit society by advancing scientific discovery, developing helpful applications, and tackling some of society’s most significant challenges. As part of Google Research, our team has charted a long-term roadmap, and Willow significantly advances us along that path towards commercially relevant applications.

WILLOW AND ERROR CORRECTION

As for Willow’s error correction ability, Bajarin says, “For nearly 30 years, one of the fundamental roadblocks for quantum computing has been its reliability. As quantum systems add more qubits (the quantum equivalent of classical bits), they tend to become more errorprone. That’s where Willow’s design is a game changer. It reduces errors exponentially as it scales up its qubits, a feat that no previous system has come close to accomplishing. Willow doesn’t just add more qubits—it makes them more reliable, an essential ingredient if quantum computers are ever going to tackle real-world problems.”

Bajarin continued, “Google’s focus on scalability and fault tolerance also reflects the broader vision for quantum computing.” Willow is a promising prototype for building more significant, more fault-tolerant quantum computers. In that sense, it serves as a stepping stone to a much more powerful quantum ecosystem that could eventually tackle problems beyond the capabilities of today’s classical computers.

“Quantum computing eventually will revolutionize the entire computing market,” according to Bajarin. “Its potential to process data at 100 times the speed we have today will drive faster drug discovery, impact the way Data is processed, harvested, and managed, and make it possible to get answers to complex questions in seconds.

“It will also accelerate the processing of multimodal AI data to create new forms of visual, imaging, and life-like personas that make reading and understanding data easier for everyone to comprehend.”

BIG COMPANIES ARE INVESTING IN QUANTUM COMPUTING (QC)

The QTUM website makes clear that big tech is heavily engaged and leading the charge in QC.

Companies leading the research, development, and commercialization

of QC include Google, Microsoft, IBM, Intel, Honeywell, IonQ, DWave, and Rigetti Computing.

Governments, financial services companies, international retail firms, and defense establishments have all joined tech giants IBM, Google, and Microsoft in recognizing and investing in the potential of QC. CB Insights reported a 500% increase in venture capital funding in the quantum space between 2015 and 2020.

While D-Wave offered the first commercially available quantum computer (QC) in 2011, frontrunners such as Google and Microsoft have primarily focused on providing cloud access to their nascent QCs.

QTUM invests in smaller companies, and smaller QC companies have a higher investment risk, but also a more significant investment potential. It may take some time for smaller companies to generate the earnings they promise.

And investors may not want to wait. QTUM offers size diversification, holding both small and big QC companies.

As for QC taking time to develop, Samuel O’Brient wrote a timely article in The Street about Nvidia’s CEO Jensen Huang’s opinion about QC: “Despite recent advancements in quantum technology, Huang isn’t optimistic that it will disrupt markets soon. When asked about his take on quantum computing, Huang offered a vague prediction for how long he believes the technology’s evolution will take.

The timeline for when quantum computing will make a tangible, beneficial impact has long been a subject of debate among researchers and industry leaders. Huang said, “If you said 15 years for beneficial quantum computers, that would probably be on the early side. If you said 30, that would probably be on the late side,” he mused. “But if you picked 20, I think a whole bunch of us would believe it.”

Quantum Investments Are Growing and Diversifying

$3

$2.5b

$2.0b

$1.5b

$1.0b $0.5b

$0

Source: Statista

QTUM’S ENTRANCE INTO THE QC ETF MARKET

Sylvia Jablonski, CEO and CIO of Defiance ETF, explained that QTUM was introduced to the market in 2018. Defiance pondered the future of tech stocks and believed that the future of computing would be closely tied to areas such as AI, machine learning, supercomputing, and quantum computing. “We set out to launch the ETF,” she told Worth, “Thinking that this is what the future of tech and computing would be. So, last year, with AI and Microsoft and all eyes being on Nvidia, we thought that CQ would take off.

QTUM began growing. Jablonski said, “We added a number of quantum stocks to our basket of AI stocks, thinking that CQ stocks would be central to the growth of AI, a future based on data centers and machine learning. You have to manage data learning and machine loading at a faster speed,

essentially, and there was no way to do that with our regular supercomputers, so we thought surely the industry would go in that direction. And it has.”

The growth rate should continue strong, Jablonski said, because “computers are important in every sector. Whether it’s finance or logistics, energy, or machine learning, it fits into everything. We knew that the time for this would come.” Jablonski stated that it is evident that major companies will become more involved in CQ. “You would have to have companies like IBM, Microsoft and Amazon involved,” she said. Jablonski said you would also have pure-play companies in the mix, companies that were spending all their money on research, such as IonQ, D-Wave Quantum, and Rigetti Computing. As far as money invested in the sector, she said, “Many investors have profited so much from AI that they

have started looking around for what the next AI thing is.” And turned to QC.

WAYS TO INVEST IN QC

Investors can select the stocks they prefer, analyzing company data and other factors required for informed investment decisions, or they can use ETFs, choosing from a variety of approaches and strategies that result in each ETF holding different stocks.

Rising Wave, a San Franciscobased company that offers a fully managed cloud service, has compiled a list of QC growth ETFs that might be a place to start.

Quantum computing may still be years from transforming the world, but the investment landscape is shifting.

Between chips like Google’s Willow, the rise of quantum-focused ETFs, the sector is shedding its sci-fi image and stepping into realworld relevance.

The $84 Trillion Question–Will Your Family’s Wealth Last or Disappear?

Wealth rarely lasts: 70% of families lose it by the second generation, 90% by the third.

BY PAM KRUEGER

For many families, the ability to pass on money to the next generation is both a point of pride and a sign of success. A study by Edward Jones and Age Wave found that 77% of retirees say leaving an inheritance is important. But while the intention is clear, the outcome is far less certain. Research shows that inheritances often shrink or disappear within one or two generations. Even among wealthy families, long-term wealth preservation is the exception, not the rule.

More than 80% of Americans want to leave money or assets to a loved one, according to an Ameriprise study. Yet only 64% feel they are on track or prepared to leave an inheritance, and even fewer (50%) have a formal plan in place. Just 21% of parents who intend to leave money to their children have told them how much they will receive.

The urgency for creating a plan is growing as we enter what’s being called the “great wealth transfer.” With an estimated $84 trillion set to change hands in the coming decades, the stakes have never been higher.

THE GREAT WEALTH TRANSFER AT A CROSSROADS

The country’s oldest and wealthiest generations are reaching the end of their lives. Today, Americans aged 70 and older control more than 30% of U.S. wealth, according to the Federal Reserve’s Survey of Consumer Finances.

Collectively, Baby Boomers and the remaining older generations are expected to transfer an estimated $84 trillion by 2045, Cerulli Associates has found. Roughly $53 trillion will come from Baby Boomers alone. Where’s all that money going? Approximately $72.6 trillion is expected to be inherited, while $11.9 trillion will be directed toward charitable causes. Among heirs, women are set to benefit the most. McKinsey & Company estimates women are expected

to control much of the $30 trillion in financial assets currently held by Baby Boomers by 2030, primarily due to longer life expectancies and demographic shifts.

But much of the wealth being passed down won’t come in the form of cash. Instead, a significant share will be tied up in retirement accounts, such as IRAs and 401(k)s, which require careful planning and management.

Because here’s the thing: History suggests much of this wealth won’t survive.

The wealth management world has a saying: “Shirtsleeves to shirtsleeves in three generations.” It’s not just a cliché. Research by the Williams Group wealth consultancy found that 70% of wealthy families lose their wealth by the second generation, and 90% by the third.

Family businesses fare no better. Only 30% of family-owned businesses survive into the second generation, 12% into the third, and a mere 3% into the fourth, according to the Family Business Institute.

SEVERAL FORCES CONSPIRE AGAINST LASTING WEALTH

For one, economic and market shifts are a significant threat. Inflation steadily erodes purchasing power. At a historical average inflation rate of around 3%, money loses half its value in roughly 24 years. Market volatility can also deliver sudden, steep blows. Recently, new tariff proposals wiped out more than $6 trillion in the stock market in just two days. And historically, bear markets—defined as a 20% drop from a market high—have occurred roughly once a decade.

Taxes take their toll as well. Nearly all assets passed down to heirs— whether retirement accounts, real estate, or investments—face some form of tax consequence. Many assets held in traditional, tax-deferred retirement accounts will be taxed upon withdrawal, often pushing heirs into higher income tax brackets. Careful planning is essential for managing tax burdens.

Underpinning it all, however, is family dynamics.

Some heirs may be unprepared to manage newfound wealth. A survey by U.S. Trust found that only 37% of wealthy parents believe their children are well prepared to handle an inheritance. Others may already be burdened by debt or lack the financial discipline needed to sustain inherited wealth. Miscommunication—or worse, no communication—from the original wealth holders often leaves heirs guessing about intentions, fostering resentment and conflict.

Even when plans are laid out, disputes between siblings or extended family members over fairness, control, or differing visions for how money should be used can quickly escalate, fracturing both relationships and fortunes.

Close-knit families can also struggle when faced with the pressures and expectations that come with inherited wealth. Differences in generational values can shape how wealth is used. Younger heirs, for instance, are far more likely to prioritize sustainable investing and charitable giving than their parents. Cerulli Associates found that 60% of Millennials plan to change financial advisors after receiving an inheritance, reflecting a broader shift in attitudes around money management.

WHY WEALTH SPUTTERS OUT BY THE THIRD GENERATION

Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” The same can be said for family wealth. While bad luck

and market forces can undoubtedly play a role, family wealth is rarely lost due to poor investments. More often, it disappears because of a lack of planning, discipline, and family alignment. In many cases, it’s doomed from the start. Consider how many people don’t have even the most basic estate documents in place. According to Caring. com’s 2024 survey, nearly two-thirds of Americans still don’t have a will. Even among high-net-worth families, it’s not uncommon to find outdated documents, uncoordinated trusts, and unclear instructions for heirs. Without proper planning, wealth starts to erode due to unnecessary forces, mainly taxes. For instance, the current estate tax exemption of roughly $13.6 million per individual is set to drop by half after 2025 unless Congress acts. While many families may not have estates large enough to trigger federal estate taxes, heirs still owe taxes on many types of inherited assets. For example, new rules under the SECURE Act 2.0 generally require non-spouse heirs to fully withdraw in-

herited IRA funds within 10 years, potentially triggering substantial taxes if distributions aren’t managed wisely. Then there’s spending discipline, or the lack of it. It’s much easier to make a million dollars than it is to keep a million dollars. Many heirs never develop the same financial mindset as the generation that created the wealth. Behavioral finance experts call this the “house money effect,” a tendency where people treat unexpected gains, like inheritances, more casually than money they earned themselves. Without a strong stewardship mentality, inheritances can be seen as windfalls rather than responsibilities.

But perhaps the greatest threat to wealth isn’t financial—it’s family. The top reason wealth doesn’t last more than a few generations? According to the Williams Group, a breakdown of trust and communication within the family. Fights over fairness, control, or differing visions for how money should be used can destroy both relationships and fortunes.

WEALTH TRANSFER

AT WORST, A FAMILY COULD END UP LIKE THE VANDERBILTS

Cornelius Vanderbilt, a shipping and railroad magnate, built one of the largest fortunes of his era, worth an estimated $200 billion in today’s dollars. When he died in 1877, he left the vast majority of his wealth to one son, William, who doubled it within a few years. Yet within just three generations, the fortune was gone. By the time of a 1973 family reunion, none of the 120 Vanderbilt descendants present were millionaires. Today, while the Vanderbilt name lives on, and is associated with landmarks like Vanderbilt University, its wealth has all but disappeared.

GENERATIONAL WEALTH STRATEGIES THAT WORK

If history shows how easily wealth can disappear, it also shows how families can beat the odds. Successful wealth transfers aren’t accidental. They’re built on structure, communication, and education.

Trusts are often the first tool families use to protect assets and set clear guidelines for how wealth should be used. A trust allows the original owner, or grantor, to specify how and when assets are distributed to beneficiaries, often adding conditions to encourage responsible stewardship. For example, an incentive trust might release funds once a beneficiary graduates from college or has been in a steady job for a specific period. There are many types of trusts, from simple revocable living trusts to more complex generationskipping trusts designed to minimize estate taxes.

Beyond legal structures, some families have found that treating wealth like a business can defuse future conflicts. Family constitutions lay out a shared mission, define roles and responsibilities, and establish a process for making collective decisions and resolving disputes. Like a corporate mission statement, a family constitution helps guide values and decisionmaking long after the original wealth creator is gone.

On a larger scale, family offices can offer comprehensive support across generations.

A family office is a private financial headquarters that manages everything from investment portfolios and estate planning to philanthropy, tax strategy, and even personal affairs. Family offices—either single-family or multi-family—were once reserved for the ultra-wealthy, typically those with $100 million or more in assets. But increasingly, multi-family offices offer scaled-down services to families with less, providing access to professional management and legacy planning at a lower threshold.

The growth of family offices reflects a shift toward more intentional wealth management. Deloitte reports that more than two-thirds of family offices have been created since 2000.

Tax planning is another critical strategy that a fee-only financial advisor should guide.

One significant advantage is the step-up in basis, which allows heirs to inherit assets, such as stocks and real estate, at their current market value, minimizing capital gains taxes when those assets are sold. However, this benefit, along with other tax exemptions, is always subject to change as policymakers look for new sources of revenue.

“Research from UBS shows that millennial and Gen Z heirs are less interested in lavish lifestyles and more focused on using wealth to support causes they care about.“

Under the new 10-year withdrawal rule for non-spouse heirs, large inherited IRAs can create hefty, unexpected tax bills if the funds are left untouched until the deadline. A more strategic approach is to make smaller, planned distributions each year to avoid being pushed into a higher tax bracket all at once, which helps spread the tax liability more evenly over the 10 years.

Finally, maintaining a diversified investment portfolio remains one of the best ways to defend against market volatility and wealth erosion. Diversification across asset classes, industries, and geographies can help protect inherited wealth from the inevitable ups and downs of the markets while providing opportunities for long-term growth.

Financial literacy and self-sufficiency also play a vital role in preserving wealth. Research by Thomas Stanley and William Danko in The Millionaire Next Door found that many self-made millionaires deliberately teach their children from a young age about the importance of budgeting, saving, and living below their means. They also warn against “economic outpatient care”—giving too much financial assistance to adult children, which can foster dependency and erode financial responsibility.

Fortunately, many younger heirs seem poised to handle wealth more thoughtfully. Research from UBS shows that millennial and Gen Z heirs are less interested in lavish lifestyles and are more focused on using wealth to support causes they care about. They view themselves as stewards of family wealth, with reputation and impact as top priorities. Impact investing, ESG (environmental, social, and governance) strategies, and philanthropy often rank high on their list.

These generational shifts could help turn the tide. Younger heirs are more likely to seek professional advice early, engage in philanthropic giving, and view wealth as a means to make an impact rather than for self-enrichment. With proper preparation, governance, and values in place, today’s families have a real opportunity to preserve not only their wealth but also their legacy for generations to come.

Millennial Donors Aren’t Who You Expect

They earn more, give less—and yet, they might be the most consequential generation of changemakers yet.

BY ROB PEGORARO

The popular image of millennials often puts the members of that generation at one end of the philanthropy spectrum: the receiving end. At best, this storyline goes, millennials may throw a little money at the occasional GoFundMe. However, like generations of Americans before, this cohort—which the Pew Research Center defines as people born between 1981 and 1996—contains financial multitudes.

Census Bureau data from 2023 show that the median household income for householders aged 35 to 44, the upper two-thirds of the millennial demographic, was $101,300, the second highest among the five, under-65 age brackets covered. (The picture wasn’t as bright for householders aged 25 to 34, half of whom are millennials and half Gen Z: Their median household income was $85,780, good for fourth place.)

A study commissioned by Worth Media Group and done in partnership with Boston Consulting Group that looked into the most well-off millennials, so-called trailblazers, found outsized income coupled with a concern for living and spending their values— and an alternate approach to philanthropy.

The nearly 2,600 trailblazers surveyed make more money, with the household incomes of 82% topping $250,000 and almost 20% at $500,000 and up, and they try to spend it more conscientiously. This survey found that trailblazer millennials are 30% more likely than older generations to consider if a brand shares their values and 67% more likely to consider the sustainability aspects of a purchase. Trailblazers also self-identify as more aware and engaged: About 67% said involvement in initiatives advancing social justice was crucial, and 58% called themselves politically engaged. Both figures surpassed the numbers for older generations by 40%.

However, that combination of money and motivation has not resulted in the change you might expect in charitable giving. To wit, 76% of trailblazers did not donate money in the last year, but 44% of those non-donors preferred volunteering time—far more than the 31% of Gen X non-donors and 21% of Baby Boomer non-donors who had the same preference.

And even among donors, 68% didn’t just give money but were actively involved in one way or another.

All of this presents challenges to nonprofits that they can’t meet only with a better social-media game.

THE DECLINE IN DONATIONS IS REAL BUT NOT UNIVERSAL

“Giving incident rates have been on the decline,” said Jon Bergdoll, associate director of data partner-

44%

ships at Indiana University’s Lilly Family School of Philanthropy. But, he added, it’s not specific to millennials: “That is a crossgenerational effect dating back to the Great Recession.”

In January, the school published a report, “The Next Generation of Philanthropy,” that cited previous study data showing an overall drop in donations to secular causes since 2008—with millennials’ secular giving rate peaking at 32.3% in 2009 and then declining steadily to 21% in 2021, the most recent year available.

But millennials who did reach for a credit card or (presumably less likely) a checkbook were keener to donate to charities covering such basic needs as food, clothing, and housing: The share of millennial households giving to basic-needs efforts rose from 8% in 2008 to 14% in 2019.

32% 24% of Millennials who haven’t donated in the past year prefer to give their time and skills through volunteering, fostering a deeper connection with the organizations they support. TIME OVER MONEY

David Dietz, director of impact initiatives for the global philanthropy community Nexus, said he’s seen a similar shift among members interested in “on-theground institutions, especially in a thing like disaster relief.”

He added that while the Trump administration’s slashing of foreign-aid efforts have raised awareness of human needs overseas, private charity can only do so much: “Philanthropy is just not going to come close to filling the billions of dollars that USAID gets.”

Donations to educational institutions also remain a smaller share of millennial giving, even as millennial earning power has grown. The Lilly School’s study found that only 3.5 % of millennial households gave to education causes in 2003, and just 6.5% in 2019.

HANDS-ON ENGAGEMENT

Source: Worth Millennial Mindset Report, 2024

They are championing causes that align with their values, such as:

35%

68% of Millennials in the last 12 months are actively participating in events, serving on boards of charities, and contributing their expertisesurpassing the involvement of older generations and redefining what it means to be involved.

Bergdoll said that may be a function of how many millennials are already giving money to colleges and universities as student-loan repayments. Millennial donors giving to educational institutions have more specific societal goals beyond supporting one school or another. “They’re exploring how to think about education and job training as they intersect with the other issues that they fund, such as early childcare and healthcare,” said Caroline Hodkinson, head of philanthropy and family governance advisory at Bessemer Trust. For example, that private advisory firm has been seeing a growing interest among clients in supporting nursing scholarships.

HOW PEOPLE ARE GIVING

Millennials are also finding different ways to give. The Lilly School study found that younger generations were more willing to donate through more personalized online mechanisms, like crowdfunding platforms and Facebook birthday platforms.

Bergdoll noted that this can also be a function of the 2017’s tax law changes, which left most taxpayers ineligible to deduct donations to qualifying charities. That makes a gift to a GoFundMe no more or less tax-relevant than a donation to a longstanding 501(c)3: “They’re a lot less likely to be receiving a tax benefit for their giving.”

However, he continued, younger donors also write their own definitions of philanthropy that go beyond cash gifts to include volunteering time or skill. “They’re doing these things in place of giving,” he said, cautioning that volunteering also declined overall during the pandemic and still seems to be recovering.“We definitely see a lot of people who join different boards, join community foundations,” said Dietz.

Hodkinson said interest among Bessemer clients in serving on the boards of educational institutions can meet those organizations’ own interests: They can diversify their boards with younger members who bring fresh perspectives.

Nonprofits making those opportunities open to potential donors can also help themselves stand out in a crowded market.

“There’s close to two million nonprofits in the United States alone,” Hodkinson said. “You can’t fund them all.”

MEETING DONORS AND POTENTIAL DONORS WHERE THEY’RE AT

These changes give leadership at nonprofits a great deal to think about. Bergdoll advised charities to recognize that younger donors are much more likely to try to do their own due diligence, researching a nonprofit’s operations and effectiveness at length before committing to a charitable gift.

The Lilly School’s report advised nonprofits not only to hire social-media experts but also to “seek collaboration with influencers who align with their organi-

“There’s close to two million nonprofits in the United States alone,” Hodkin said. “You can’t fund all of them.”

zation’s mission and values,” and develop expertise in “emerging technologies such as blockchain and other advanced online engagement tools to improve transparency and accountability.”

Dietz advised against the traditional and time-consuming nonprofit practice of trying to keep the generosity of donors by preparing lengthy and info-dense year-end reports.

While he suggested that larger organizations may be unable to get away from putting out a 100-page annual report, smaller projects should think about better ways to use that organizational bandwidth.

Dietz, in turn, cited two things that charity: water founder Scott Harrison (also a Nexus board member) did to earn donors’ trust.

“One, he used technology to make it very transparent,” Dietz said, nodding to how that nonprofit provides real-time multimedia documentation helping impoverished communities design and build water projects such as wells.

“He did a ton of work to capture the process on video and share it back in real time,” he said.

Harrison’s other decision was to address longstanding concerns about how much of a donation goes to the work of a charity by setting up a second tier of funding, paid for by wealthier donors, that only covers charity: water’s operating costs. “

Bessemer’s Hodkinson, meanwhile, advised nonprofits not to forget the value of making a human connection with a potential donor. “It’s the relationship,” she said. What can cement that, she added, is “often being able to speak with one or more representatives of the organization, perhaps do a site visit.”

And done right, building trust can pay benefits over generational cycles: “Those relationships get passed down too.”

Investing with Intelligence— and Intuition

BNY Wealth CIO, Sinéad Colton Grant, shares lessons in global leadership, bold bets, and building portfolios for what’s coming next.

BY DAN COSTA

Few investors see the world as broadly or clearly as Sinéad Colton Grant. With a career spanning Dublin, London, San Francisco, and now New York, Colton Grant brings a uniquely global perspective to her role as Chief Investment Officer of BNY Wealth. Her path through some of the world’s most sophisticated investment institutions—BlackRock, JPMorgan, and Mellon—has shaped her views on markets and her thoughtful, nuanced approach to leadership.

In this conversation, she reflects on the pivotal risks that defined her career, including her midstream move from Europe to the U.S., the rise of digital assets and tokenized finance, and the new demands of a generation of wealth creators who want both performance and purpose. We discuss why private markets open a new frontier for investors, how blockchain is poised to reshape asset management, and what “worth beyond wealth” truly means.

You’ve worked in London, Dublin, and New York. How did those geographic shifts shape your worldview and your leadership style?

I lived and worked in Europe before relocating to the U.S, mid-career. I learned quickly that even in a major international city like New York, global is local, and how you engage with teams in different cities across the globe is subtly different.

For example, when introducing a New York-based team to a new strategy or approach, by presenting the approach in a high-octane, energetic way, highlighting the potential benefits, the team will be highly energized and excited about execution. However, in London, things move more slowly. Gradually introducing new concepts and explaining how the idea will work, including the potential pitfalls, allows the team to more progressively acclimate to the new idea before starting down the path of change.

Having a strong understanding of cultural nuances is critical, which means adapting your message to your audience. Otherwise, it won’t land. Inspiring and motivating teams is an essential part of leadership, and while much of the core is constant across the globe, the softer side is different.

We often ask leaders about inflection points—was there a risk you took in your career that felt uncertain at the time but proved essential in retrospect?

Relocating from London to the U.S. was a huge inflection point, personally and professionally. The easy option would have been to stay in London, with many exciting opportunities ahead. The U.S. was a huge draw, home to the world’s largest and deepest financial markets. My first home was San Francisco, where I had the opportunity to be fully immersed in a tech-centric world, including the powerful start-up ecosystem. There is much to love about San Francisco, including the weather, food, and

thirst for what’s next, whether it’s for the latest app or where to find the best coffee (Saint Frank, in case you’re wondering).

Ultimately, though, New York was calling. As the premier hub for finance and wealth in the U.S., this is where everything happens. The energy, the deals—everyone is working on something, and everything seems possible as the dynamism of the U.S. economy is in full effect. While it took time to establish new networks, being part of a growing and expanding financial ecosystem focused on innovation has allowed me to expand horizons, accelerate my career, and give back to the community in ways that I had never dreamed possible.

Given your background in digital assets, how do you foresee blockchain technology reshaping traditional wealth management?

Digital assets have progressed from marginal assets to almost mainstream. Many investors see this, with cryptocurrencies and digital assets as a growing portfolio allocation. Half of our recent family office investment survey respondents indicated they were either actively investing or had done so previously.

Tokenization of assets is one of the most significant transformations of financial markets that will take place over the next decade. It allows for fractional ownership of assets, which facilitates easier ownership transfers without the use of intermediaries, as smart contracts enable automatic trade execution. While a few tokenized money market funds exist today, this capability could potentially be extended to public or private assets, from equity stakes to works of art.

Blockchain transactions are realtime, which could enable 24/7 trading of all assets held in a portfolio. Within family offices, asset transfers among family members could also be streamlined.

The real-time, ‘always on’ transformation is significant, but it brings

heightened security risks that investors must be aware of. While the decentralized nature of the blockchain enhances security, many investors hold digital assets directly, which increases the risk of fraud or hacking, with the immutability of transactions an additional concern.

With the current economic landscape, what sectors or asset classes present the most promising opportunities for investors?

Sometimes, to identify the best opportunities, we must remember historical context. Market structure has changed dramatically since the late 1990s when there were approximately 8,000 public companies in the U.S. Today, there are fewer than half that number, while the number of private equity-owned companies has multiplied over fivefold. Meanwhile, the size of the private credit market has grown from $300B in 2010 to almost $1.8B today, including dry powder. Private assets represent a much greater proportion of the investment universe today, and illiquidity premium boosts returns.

During periods of economic uncertainty, opportunities emerge for nimble private assets investors. Growth equity, distressed debt, and opportunistic real estate are all likely to see attractive deal flow in the coming quarters. Additional inflation hedging solutions with exposure to the high-tech economy, such as non-traditional infrastructure (cell towers, data centers, etc.) is also attractive. Sports team investing is also an emerging non-traditional inflation hedging.

Take advantage of volatility to deploy tax-managed equity and fixed income solutions that generate taxable losses while continuing to deliver investment results in line with the desired benchmark. These taxable losses can be applied across your total portfolio, minimizing taxes where possible, so you get to keep more of the returns generated, which enhances wealth accumulation.

How do you see the evolution of client expectations influencing the future of wealth management services?

Client expectations are increasingly holistic, meaning that they don’t only want a great investment portfolio; they also want advice on asset location, structuring, planning, and managing for taxes. In addition, they want exposure to leading-edge investments, and they want all of it delivered through a seamless platform. Blockchain and real-time payments will become table stakes sooner than we think.

What does ‘worth beyond wealth’ mean to you?

Family and community, health, time, purpose, and meaning— being out of balance in any one of these can make you feel poor, even while you are financially well off. For me, it can be summarized as how we contribute to society and how we try to make life a little better for everyone.

In addition to supporting family and friends, we each need to find areas that we believe contribute to society. One of the areas I focus on is supporting educational opportunities for our kids and in our communities. Growing up in Ireland, education was greatly prized, with government-funded, highquality schooling broadly available at zero to very low cost. The laser focus on education for all has a historical context; during the 19th century, under British rule, schooling was denied to Irish language speakers. The educational foundation I received has brought me many tremendous opportunities. I strongly believe in its transformative power and support several initiatives in Ireland that sponsor holistic academic and vocational education.

LEADING ADVISORS

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 Josh Kampel at Josh.Kampel@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

Tanglewood Total Wealth Management, Inc. Houston, TX tanglewoodwealth.com (713) 840-8880

Tarbox Family Office, Inc. Newport Beach, CA

Team Hewins, LLC Redwood City, CA

The Advocate Group, LLC Hopkins, MN

The Arkansas Financial Group, Inc. Little Rock, AR

The Burney Company Reston, VA burney.com (866) 928-7639)

The Caprock Group, LLC Boise, ID

The Clarius Group, LLC Seattle, WA

The Colony Group, LLC Boston, MA

The Fairman Group, LLC Wayne, PA

The Family Firm, Inc. Bethesda, MD

Disclaimer

The Fiduciary Group Savannah, GA

The Harbor Group, Inc. Bedford, NH

The Investment Counsel Company Las Vegas, NV

The Mather Group, LLC Chicago, IL

The Portfolio Strategy Group, LLC White Plains, NY

The Wealth Collaborative, Inc. Thousand Oaks, CA

Three Bell Capital LLC Dallas, TX

Tiedemann Advisors, LLC New York, NY

Tiller Private Wealth, Inc. Bethlehem, PA

Tobias Financial Advisors Fort Lauderdale, FL

Tolleson Private Wealth Management Dallas, TX

Tortoise Investment Management, LLC West Harrison, NY

Tower Bridge Advisors Conshohocken, PA

Trebuchet Consulting, LLC Pittsburgh, PA

True North Advisors, LLC Dallas, TX

Twin Focus Capital Partners, LLC Boston, MA

Valeo Financial Advisors, LLC Carmel, IN

Venturi Private Wealth Austin, TX

Veratis Advisors, Inc. Cary, NC

Veris Wealth Partners, LLC San Francisco, CA

Verity Investment Partners Beaufort, SC

Verum Partners LLC Charlotte, NC

Vestia Personal Wealth Advisors Fort Wayne, IN

Vivaldi Capital Management LP Chicago, IL

Wade Financial Advisory, Inc. Campbell, CA

Waldron Private Wealth Bridgeville, PA

Wallington Asset Management Indianapolis, IN

Warner Financial, Inc Bethesda, MD

Warwick Partners Bryan, TX

Waters, Parkerson & Co., LLC New Orleans, LA

Waterway Wealth Management, L.L.C. Spring, TX

Watts Gwilliam & Company, LLC Gilbert, AZ

Waypoint Wealth Counsel LLC Atlanta, GA

Waypoint Wealth Partners Mill Valley, CA

Wealth Architects, LLC Mountain View, CA

Wealth Care LLC Merritt Island, FL

Wealthspire Advisors New York, NY

WealthStar Advisors, LLC Plano, TX

Wealthstream Advisors, Inc. New York, NY

Weatherly Asset Management Del Mar, CA

Welch & Forbes LLC Boston, MA

Wellspring Financial Advisors, LLC Cleveland, OH

WESCAP Group Glendale, CA

Wescott Financial Advisory Group LLC Philadelphia, PA

West Coast Financial, LLC Santa Barbara, CA

West Financial Advisors, L.L.C. Des Moines, IA

West Financial Services, Inc. McLean, VA

Westmount Partners, LLC Los Angeles, CA

Wharton Business Group, LLC Malvern, PA

Williams Jones Wealth Management, LLC New York, NY

Windsor Advisory Group, LLC Columbus, OH

Wingate Wealth Advisors, Inc. Lexington, MA

WMS Partners, LLC Towson, MD

Woodmont Investment Counsel, LLC Nashville, TN

Woodward Financial Advisors, Inc. Chapel Hill, NC

Young Richard C & Co Ltd Newport, RI

Zhang Financial Portage, MI

Zuckerman Investment Group Chicago, IL

ZWJ Investment Counsel Inc Atlanta, GA

Worth magazine is a publisher and does not recommend or endorse investment, legal, insurance, or tax advisors. The listing of any firm in the 2024 Worth Leading Advisors Program is conducted by our editorial team (at times in partnership with certain research organizations) and does not constitute a recommendation or endorsement by Worth magazine of any such firm and is not based upon Worth magazine’s experience with, or prior dealings with, any advisor. The information presented for each firm and/or advisor, including but not limited to any related profile, statistical data, presentation, report, commentary, recommendation, or strategy, has been provided by such advisor and/or third party data sources without independent verification by Worth magazine. Any such information is the sole responsibility of the advisor and/or third party data sources. Worth magazine makes no representation or warranty as to the accuracy or completeness of such information, assumes no liability for any inaccuracies or omissions therein, and disclaims responsibility for the suitability of any particular investment recommendation or strategy for any person. Nothing contained in Worth magazine constitutes or should be construed as any form of investment, legal, insurance, or tax advice or as a recommendation to buy, sell, hold, or trade any securities, financial instruments, or assets. Readers are advised to consult their legal, financial, insurance, and tax advisors prior to making any investment or pursuing any investment strategy. Past, model, or hypothetical performance is not indicative of future results.

TECHONOMY

National Geographic Explorer Dan Buetner has been studying the places where people live longer, so-called Blue Zones. Find out how you can make your own. (p96). Then we get an update on the war in Ukraine where tanks and planes have been replaced by drones. Human conflict will never be the same. (p98)

Dan Buettner Reveals the Hidden Secrets of Blue Zones for Longevity

Dan Buettner, founder of Blue Zones, reveals how structural changes can lead to healthier aging and longevity.

BY DAN COSTA

At the Milken Institute Global Conference, I had the opportunity to catch up with Dan Buettner, a National Geographic explorer, best-selling author, and founder of Blue Zones—a global initiative that has revolutionized the way we think about longevity and healthy aging.

If you haven’t read Buettner’s work, here’s the premise: only 20% of your lifespan is determined by genetics. The remaining 80%? That’s shaped by environment and behavior. Buettner and his team identified five places around the world where people consistently live longer, healthier lives: Okinawa (Japan), Sardinia (Italy), Ikaria (Greece), the

Nicoya Peninsula (Costa Rica), and Loma Linda (California).

These regions, now called the Blue Zones, don’t rely on high-tech medicine or radical diets. Instead, they offer a masterclass in environmental design. “They live in environments where their unconscious behavior is slightly better every day for decades,” Buettner said. “That’s the big idea.”

THE LONGEVITY BLUEPRINT: DESIGN, DON’T DISCIPLINE

While corporate wellness programs and fitness apps focus on individual motivation, Buettner emphasizes the power of structural nudges. In Blue Zones, move-

ment is an integral part of daily life—residents walk to friends’ homes, grow their food, and live in homes without modern labor-saving devices. These small, habit-forming activities, repeated over decades, are what lead to meaningful healthspan gains.

“Exercise as a public health initiative has failed in America,” he noted. “Only a quarter of Americans get 20 minutes of activity a day. The people in Blue Zones don’t exercise; they move naturally.”

Through the Blue Zones Project, Buettner works directly with city governments,

developers, and business leaders to transform communities. The initiative helps municipalities adopt policies that promote walkability, ban junk food advertising, and prioritize public spaces over car traffic.

One data point Buettner shared: neighborhoods without billboard advertising (usually for fast food, alcohol, and soda) have 15% lower average BMI than those with similar demographics and visible billboards.

Buettner also sees massive opportunity in corporate longevity strategies. Employers can incentivize healthier behavior without relying on gym memberships or wellness challenges. In his own company, Buettner eliminated parking reimbursements and instead paid employees who biked, walked, or took public transportation. “It cost less than gym memberships and added 4,000 to 5,000 steps to their day.”

WHY THE WEALTHY SHOULD PAY ATTENTION

For high-net-worth individuals, longevity is a top concern. But Buettner’s research offers a counterintuitive insight: the path to a longer life isn’t through luxury clinics or expensive supplements—it’s through small, structural changes to everyday life. And the most powerful interventions are often made at the urban planning or corporate policy level, not in the doctor’s office.

“The real solution isn’t in a pill,” Buettner said. “It’s in how we build our homes, design our cities, and structure our days.”

As longevity investing gains momentum—and city governments and developers begin thinking about “healthspan infrastructure”—Buettner’s work offers a data-driven roadmap for healthier, longer living at scale.

Drones Are Now the Deadliest Weapon in Modern Conflict

The Pentagon’s 16-year procurement cycle won’t cut it in a world where drone swarms and AI are updated nightly.

BY DAN COSTA

Imagine this: A quiet afternoon in a bustling city, the usual cacophony of cars and chatter suddenly punctuated by silence. Citizens glance upward to see small, nearly silent drones forming precise formations overhead. Without warning, an unseen digital command ripples through the swarm, and each drone moves swiftly and silently to neutralize threats identified moments ago through AI-driven passive surveillance systems. This eerily calm operation completes within minutes—no gunfire, no explosions, just a surgical precision previously unimaginable. Welcome to the new battlefield.

This vision isn’t science fiction—it’s rapidly becoming the reality of modern warfare, vividly illustrated during a sobering panel at this year’s Milken Global Conference titled “The Future of Warfare.” Former Google CEO Eric Schmidt opened the panel with a stark account of the ongoing conflict in Ukraine, describing it as “the most frightening thing you’ve ever seen. The death and destruction, the number of people killed on both sides, will just destroy your heart.” Schmidt, now deeply involved in advising the Pentagon on AI and technology strategy, framed Ukraine as ground zero for transforming how wars are fought.

The conflict in Ukraine has rapidly evolved into a drone-centric war. Schmidt highlighted Ukraine’s ambitious objective: “Their goal for the year is to build 10 million drones, the vast majority of which are not very sophisticated, but highly effective.” This monumental shift to drone technology has compensated dramatically for Ukraine’s initial lack of traditional military assets, particularly in air and naval forces.

But the drone arms race is not onesided. Schmidt detailed how Russia, initially caught unprepared, has now aggressively scaled its capabilities. “I underestimated the Russian ability to get their act together,” Schmidt admitted. “They have taken the design

called the Shaheed 136 out of Iran, and they’ve now built it. It’s a very big, dumb drone, but dumb drones kill you, too.” Schmidt’s observations highlight a broader shift—where simplicity and quantity often outperform complexity and sophistication.

Statistics underscore this transformation’s scale. The United Nations recently reported drones accounted for 27% of civilian deaths and 30% of injuries in Ukraine as of early 2025, surpassing any other weapon system. Moreover, drones now cause roughly 80% of battlefield casualties in Ukraine, according to defense analytics from National Security News. Globally, drone use is widespread— over three dozen nations, including

China, Turkey, and Iran, now operate armed drone fleets.

Jeffrey Cole, CEO of Hidden Level, a defense startup specializing in passive radar technology, reinforced this urgency during the Milken panel. Cole described his company’s passive sensing tech as “giving a full 3D picture on everything from small drones to dark drones (which don’t emit any radio frequency) to fighter jets, stratospheric balloons, and fast-moving projectiles.” Hidden Level’s technology offers a distinct advantage in stealth detection, essential given drones’ silent threat.

Indeed, it isn’t just in Ukraine. Earlier this year, a flurry of drone sightings set off a panic across much of the Northeast United States. Asked if it was some enemy plot as many online were suggesting Cole simply said, “There is a lot of interesting stuff up there.”

Cole remembers one incident vividly: “I got a phone call on a Saturday during the Army-Navy game. They said, ‘How quickly can you deploy?’ 24 hours later, we were operational over the entire New England airspace.” Within minutes, Cole’s system had identified and helped apprehend a drone operator threatening aircraft at Stewart Air Force Base. “Under seven minutes, they were at his house and had him arrested,” Cole explained.

Matt Markel, CTO of Epirus, introduced an even more direct solution— high-powered microwaves designed to disable drones. Markel described his system straightforwardly: “It disrupts the electronics. The drone doesn’t know how to fly, so it can’t. And then it falls.” Remarkably effective, Markel claimed complete success in field operations: “We’ve had great success against every single drone system we’ve tested.” The Epirus technology represents a leap forward, eliminating expensive missile systems in favor of reusable, highly targeted, cost-effective countermeasures.

Mariam Sorond, CEO of NextNav, brought another crucial dimension to the discussion: vulnerabilities in

GPS systems, essential for civilian infrastructure and military operations. Sorond revealed that GPS is deeply embedded in critical infrastructure, including water supply management, banking, and transportation. She warned of GPS’s susceptibility to jamming and spoofing, emphasizing a need for terrestrial alternatives. “Our enemies are getting smarter,” she cautioned. “They’re going after vulnerabilities we haven’t closed yet.”

Sorond emphasized that protecting GPS signals isn’t just about defense—it’s also an economic imperative. “If we lose GPS, it’s a $1.6 billion economic impact per day,” she stated starkly, highlighting how deeply intertwined security and economic stability have become.

The speakers agreed on the urgency of modernizing and accelerating U.S. defense procurement systems. Schmidt, critical of the Pentagon’s sluggish acquisition process, described a bureaucratic nightmare: “The typical new weapon cycle is about 16 years from start to finish,” he lamented. “Do you think we can accurately predict the weapons we’ll need in 16 years, given the innovation we’re seeing? Of course not.”

Cole echoed this, detailing his experience navigating the procurement process. “We developed on our own dollar, making it commercial off-the-

“We have 5,000 Abrams tanks in warehouses in Germany that we don’t need,” says Eric Schmidt.

shelf, which allowed rapid government acquisition,” Cole explained.

“We went from prototype to program of record in under two years—a process that normally takes eight years or more.” This acceleration, though exceptional, demonstrates the possible speed if traditional procurement channels embrace innovation.

Looking ahead, Schmidt foresees a deeply unsettling yet potentially stabilizing outcome: warfare dominated by AI-driven drones. “No human can plan a battle to either attack or defend without AI,” he asserted. “You and I each have a million drones—no one is making decisions in real time. It’s AI-on-AI warfare.” He argues that the vast uncertainty of outcomes could ironically serve as a powerful deterrent, forcing nations to reconsider initiating conflicts.

Yet, such optimism is cautious. Schmidt warned that the Pentagon remains resistant to fundamentally rethinking defense structures. He provided a stark example: “We have 5,000 Abrams tanks in warehouses in Germany that we don’t need,” he stated bluntly. In contrast, Schmidt argued for embracing innovation: “America needs to dominate this future,” he urged. “There’s plenty of money for national security. It just needs to be spent innovatively.”

The Milken panel underscored a critical inflection point: The future of conflict is no longer about human pilots, tanks, or traditional battlefields. Instead, it involves invisible networks, silent drones, and rapid, AI-driven decisions beyond human comprehension. This shift demands new ways of thinking, funding, and operating—changes that the Pentagon and governments worldwide must urgently embrace.

Whether we like it or not, human participation in warfare is changing. As Schmidt explained, “We’re breaking the connection forever— the war will be prosecuted over the internet, and people will be drinking coffee while robotic systems do the fighting.”

Unfortunately, it is people who will still do the dying.

How to Perfectly Pair Your Closet Staples and Watches for Summer

Make the most of your watch box this season with styles you already have in your wardrobe.

BY CAIT BAZEMORE

There’s an art to pairing your watch with your outfit. Sure, many watches are quite neutral—those enthusiasts just starting their collecting journey may choose a certain model for this reason. If you’re going to have a one-watch collection, you better make sure it’s versatile and goes with nearly everything. However, if you’re a seasoned collector, you’ve likely graduated to all types of pieces spanning the full spectrum of shapes, sizes, materials, and colors.

What better season to make a bold, playful, or even a little wild fashion choice? Whether you’re embracing casual Friday at the office, heading to a concert over the weekend, or hitting the bluest body of water on your next vacation, give yourself permission to have fun with your outfits and the watches you pair with them. If you need a little more inspiration, we’re breaking down all the conventions so you can break them yourself this summer.

SIZE MATTERS

If you’re already a little inspired to approach your watch box and wardrobe with a little more swagger this season, you may be thinking “go big or go home.” It makes sense—summer is practically screaming at you to grab the nearest ultra-lightweight, oversized sport watch, strap it on your wrist, and hit the green or

the nearest pool. Yes, sport watches were in fact made for the warmer months when you might be more active and need a timekeeper with a certain depth rating.

This year, we urge you to think outside the dive watch. The early 2000s trend of “bigger is better” has long since faded, and the pendulum has swung the other way. With the growth in popularity of vintage models, modern collections have followed suit, leading to more modestly sized watches on the market. The great news is that these styles are inherently more versatile.

If you still need to dress up for an important work meeting or a fancy date night, a sub-40mm timepiece like the 36mm Jaeger-LeCoultre Master Ultra-Thin Moon still slips easily under a shirt cuff or a linen blazer. However, if you want something sportier to wear with your favorite jeans and polo or a sundress, consider a model like the Breitling Chronomat Automatic 36mm, which is available in a variety of materials and colors (more on that later). Last but certainly not least, don’t think we forgot your annual beach vacation. If you still need a performance-based timekeeper to strap over your wetsuit or simply pair with your most flattering swimwear, divers like the Zenith Defy Revival pack a one-two-punch with water resistance up to 600 meters all housed in a sleek 37mm design.

MATERIAL PLAY

Choosing the watch materials that tie in with your summer wardrobe may be more intuitive. On a sweltering day, you want something lightweight on the wrist, no matter what you’re wearing. Thankfully, in the scope of modern watchmaking, effortless and airy materials abound without sacrificing style.

The most obvious answer for die-hard fans of the iconic bracelet watch is to swap stainless steel for titanium. No matter what you’re rocking—sandals or heels, a suit or a tennis skirt—a classic style like

the Tudor Pelagos Ultra will quite literally pair with almost any attire. You can dress it up or down and take it day to night, from weekend brunch to a business dinner. Some of the other ultra-lightweight materials are more casual. Carbon leans on the sportier side, perfect for a day on the grounds at one of the tennis Grand Slams or your favorite baseball team’s doubleheader. Strap on a model like the TAG Heuer Monza Flyback Chrono and complete the look with your go-to all-white ensemble at Wimbledon or a baseball hat and jersey.

Alternatively, there’s the ceramic option if you want to keep the weight (and sweat) off your wrist this summer while still looking cool. Like titanium, ceramic can straddle the line between laid-back and subtly elevated (as elevated as we care to get during the lazy days of summer). If you opt for a color like basic black or white ceramic, the watch can take on a sleeker look when paired with crisp linen and the right loafer or block heel. However, if you choose a bolder colored ceramic, you might keep the look more relaxed with a simple tee and shorts. Either way, Audemars Piguet has crafted one of its iconic models in various ceramic configurations.

A RAINBOW OF COLORS

Speaking of color choices for summer, here’s where things get fun. We know you’re long past the days of school’s out for summer and a truly carefree season. You still have your 9-5, business travel, and other buttoned-up family obligations. Outside these occasions, it’s time to let the season sing. Even if your wardrobe tends toward monochromatic and neutrals, let your watch taste the rainbow.

Over the past few years, watchmakers have become increasingly playful with color. Color can take so many forms on a watch, from the dial to the bezel, the strap to the gem setting. The options are endless for brands that are doing color well: Hublot, Oris, Moser, Nomos, and even a traditional Maison like Rolex are a few that immediately come to mind.

Our advice, especially in the summer months: don’t be afraid of color. Stick to an earth-toned ensemble and let your wrist pop with a bright dial. Wear your most fabulous florals and double down with colored gem settings. Give your favorite model a makeover with a new strap in your favorite hue, and don’t take it off all season, even if it clashes—throw caution to the wind.

BONUS: GO OFF WRIST

If you want to give your friends something to talk about at your next summer barbecue, take your time keeping off the wrist. Ladies, ditch your traditional jewelry for a sautoir or make your own pendant watch with a dainty pocket watch and a beautiful chain. Whether you’re keeping it simple with a basic white tee and jeans or more whimsical with a flowy deep-v dress, a watch necklace is a gorgeous complement.

“Ditch your traditional jewelry for a sautoir or make your own pendant watch with a dainty pocket watch and a beautiful chain.”

Did someone say pocket watch? If Johnny Depp, Justin Timberlake, and David Beckham have endorsed this fashion statement for the past decade, it’s good enough for us. Men, you can add a subtle statement to a pair of dark denim or your best linen suit— your grandfather will be proud.

Viniculture’s New Frontier: Regenerative Agriculture

More than a buzzword, regenerative agriculture promises healthier soil, smarter farming, and—if winemakers are right—better wine in your glass.

BY DEBORAH GRAYSON AND JONATHAN RUSSO

You’d be forgiven for flunking a quiz with just one question: What’s the difference between sustainable, organic, Biodynamic, and natural wine? That was last year’s test.

This year’s pop quiz comes with a twist: Regenerative agriculture just joined the lineup.

In the $300 billion wine industry, regenerative agriculture is the new buzzword—shorthand for growers who think in decades, not harvest seasons.

“When we plant, it’s for 100 years,” says Dominique Arangoits, winemaker and technical director at the esteemed Château Cos d’Estournel in Bordeaux. “And the regenerative model ensures this.” The definition of “regenerative” varies depending on who you ask, but everyone agrees on one thing: it’s about improving the soil.

Austrian winemakers Stephanie and Eduard Tscheppe of Gut Oggau describe regenerative agriculture as a soil-first approach—focused on rebuilding humus, the nutrient-rich layer created by decomposed plant matter. Healthier soil means healthier fruit—and, they say, a more expressive wine. “Because grapes yield a super sensitive juice, showcasing all the steps in farming, the drinker can feel and taste the difference when it’s right.”

A more complex definition factors in labor practices, packaging, and everything involved in the supply chain.

The National Resources Defense Council, an organization dedicated to saving the planet, is a big advocate for regenerative farming, often saying it’s the antithesis of everything the industrial agricultural complex embraces.

Regenerative agriculture relies on a suite of techniques: cover cropping, no-till farming, composting, mulching, and crimping, as well as avoiding fuel-based inputs like synthetic fertilizers, pesticides, and fungicides. It also often incor-

porates agroforestry—integrating trees and shrubs into the landscape as conservation buffers. It aims to mitigate climate change, preserve water by increasing the soil’s ability to absorb this precious resource, and increase biodiversity.

The result of these practices is a stronger, more self-reliant vine, with a more robust root system that can withstand drought by finding deeper water—essential in our time of climate stress.

RA is at the heart of Cos d’Estournel, where only 65% of their land is planted in grapes. Another 10% of the agricultural land is a reservoir of biodiversity, i.e., cultivated habitats alive with plants and animals that balance the estate’s total ecosystem. The rest is unmanaged forest and a wetland.

The goal, from the vintners’ perspective, is terroir on steroids. As Arangoits put it, “It took 24 years, but I finally understand that the grapes’ terroir isn’t solely contained in the vineyard. It doesn’t end where the vines stop.”

Regenerative agriculture has roots in the early 1950s, when Scott and Helen Nearing moved to Maine and started an organic farm in pursuit of a more landconnected life. The movement picked up steam in 1969, when a group of Haight-Ashbury hippies founded Morningstar Farm East in Taos County, New Mexico. They trucked organic produce back to San Francisco to support free food programs.

That pro-social ethos, linking agriculture to community, started with them. Though the farm dissolved by 1973, the back-to-the-land spirit of organic farming had already taken hold across the country.

The term “regenerative agriculture” was coined in the 1980s but has only recently stepped into the spotlight. More familiar labels like sustainable, organic, and Biodynamic often overlap with, or are included in, the growing use of the term.

California’s Tony Coturri made wine “as it was meant to be” as a partial RA pioneer as far back as 1963. With no chemical intervention in the field and zero manipulation in the winery, “just grapes” has been his motto.

Across the pond in England, RA farming has taken off. Groundswell, an RA farming festival in its ninth year, drew 8,000 attendees to Hertfordshire for lectures, forums, and business advice. Their goal is to make RA mainstream and profitable.

ETHICAL CELLAR

Big business has taken notice. PepsiCo recently announced plans to manage 1.8 million acres under regenerative agriculture, doubling its previous commitment. Unilever has also entered the space, growing mustard for Colman’s using regenerative methods.

Words matter. In both the United States and Europe, “organic” carries legal and regulatory weight, while “Biodynamic” is a trademarked term governed by the Demeter Society, which enforces strict standards based on Rudolf Steiner’s agricultural philosophy.

In the United States, the leading recognition for regenerative farming is the Regenerative Organic Certified™ (ROC) label. Based in Northern California, the nonprofit behind it has members around the world. By 2023, the Regenerative Organic Alliance had certified 6 million acres of vineyards—12 times more than the year before. Whether winegrowers are drawn to the certification itself or the farming principles behind it, the momentum is clear.

Right now, the majority of RA farms are operating on the honor system while they work toward certification. As Morgan TwainPeterson, co-owner of Bedrock Wines (which is currently seeking ROC), told us, “One of the fundamental issues of RA is that context matters. You have to adapt your tools to the situation instead of Biodynamics, which I’m not a huge proponent of. For example, at Bedrock, we’re not tilling, we graze animals in vineyards during the winter, and we plant an incredibly diverse cover crop consisting of 22 plant species.”

Digging down into the term, Morgan added, “Soil biology is first and foremost. Everything is about building or preserving it. So anything, like a root-killing herbicide, which depletes the soil’s ability to hold water, is bad. Tilling does the same thing. We’re in California, a state that’s drought-prone. For

every 1% increase in soil organic matter (carbon), you get a waterholding capacity increase of 18-22,000 gallons/acre. Some conventionally managed vineyards have a total capacity of .5%—4-6% is my goal. Another way to look at this is that tilled soil can absorb half an inch of water per hour. Non-tilled land can absorb up to 10 inches per hour, which captures enough water to replenish the aquifer.

“We’ve also found that mulch, some from crimping cover crops, keeps the soil up to 40 degrees cooler. On a hot day last summer, I measured the temperature in my crimped field and my neighbor’s in the open sun. There was an unbelievable difference.”

A wine drinker may reasonably ask, “What’s in it for me?” Several things, some of them determinant and others tangential.

First, consumers who have a choice of where to spend their dollars, supporting RA’s practices, is a step toward healing the earth …no small goal.

Second, as is true in Biodynamic farming, and as noted wine writer Jancis Robinson has so aptly observed, any winemaker going to the Herculean effort to grow grapes Biodynamically would be unlikely not to put the same effort into turning those grapes into fine wine.

“The more there is a conversation between crops, soil, and the finished fruit, the better the result will be. ”

Her assessment is echoed by David Skurnik, owner of the eponymous wine importer and distributor, who told us, “I think most producers are working regeneratively because they believe it’s what’s best for the land, and for the ecosystem where their vines grow, and by extension, the earth. I think they feel healthier vineyards produce better wines, which there is a lot of evidence to support.”

Morgan agreed, saying, “Wine is a unique libation. It gives you optics into everything upstream that’s in the bottle. That’s what is helping to save wine—the new generation cares about what’s going into their bodies. They’re savvier about greenwashing.”

Morgan continued, “The more microbial your soil is, the healthier your grapes will be. The more there is a conversation between crops, soil, and the finished fruit, the better the result will be. For wine, this translates into physiological ripeness and skin thickness, resulting in the ability to make a lower alcohol product, which is what younger drinkers prefer.”

Vintners committed to regenerative agriculture are also unlikely to use any of the hundreds of additives and flavor enhancers legally permitted in wine—none of which are required to appear on the label.

Regenerative agriculture is, as the saying goes, on the side of the angels. But it also asks us to reckon with decades of extractive farming practices. The good news: we can help reverse the damage. By doing our homework and supporting regenerative winemakers, we become part of the healing. The Ethical Cellar will drink to that.

48 Hours in Toronto

Short on time, big on experience—Toronto delivers. From five-star stays and art-world gems to natural wine bars and sensory cocktail lounges, here’s how to spend a high-style weekend in Canada’s cultural capital.

BY KIRSTEN CLUTHE

Lately, more and more Americans are looking north, and Toronto is the perfect reminder that crossing the border can feel like a true escape, with all the culture, food, and charm you could want, just a quick flight away. The city is clean and cosmopolitan, like New York’s cooler cousin, who reads poetry, wears Sid Neigum, and always knows the best wine bar before it opens. It’s got all the ingredients anyone could want in an urban escape: excellent food, a global wine list, culture on every corner, a live music scene that punches way above its weight, and charming, walkable neighborhoods that keep delivering surprises.

Whether you’re craving a summer rooftop drink or a museum day in the middle of a rainy spring, Toronto works in every season. My go-to? A two-day reset that includes natural wine, local art, a luxurious hotel, and a night out for fondue and unparalleled cocktails.

Let’s start with where I landed: the Shangri-La Toronto, a sleek, tranquil five-star sanctuary in the heart of downtown. The rooms are a dream, featuring plush king beds, heated bathroom floors, and a soaking tub with a view of the CN Tower that became my unofficial morning ritual. A Fazioli piano with Joni Mitchell lyrics engraved inside its lid anchors the lobby lounge, where you can sip oolong and listen to live music, or kick off happy hour with caviar and Champagne.

I chatted with Hotel General Manager Ashwin Mathu. He’s happily settled in Toronto, and some of his local favorites include Kensington Market and the Don Valley trails for a nature escape within the city. On his dining out list are Bar Raval for Spanish tapas, Edulis for an intimate, ingredient-driven meal, and Pai for some of the best Thai food in the city.

The real win? Bosk, the hotel’s signature restaurant. It’s seasonal, elevated, and not overly fussy, focusing on Canadian ingredients and an extensive wine list. If you’re not up for a full meal, the Lobby Lounge serves a killer afternoon tea and late-night snacks. There’s also a serene spa and wellness floor featuring a 20-meter indoor pool, hammam, infrared sauna, and a luxurious treatment menu. If you’re in the mood for something more cinematic, the hotel can even arrange a helicopter to Niagara for a day of wine tasting in Ontario’s most prestigious wine region.

Be sure to visit the Art Gallery of Ontario (AGO), a stunning redesign by Frank Gehry that’s as much about the architecture as the art. The Canadian contemporary wing is a highlight, and its special exhibitions often feel fresh and globally relevant, featuring topics such as hip-hop photography, Indigenous futurism, and feminist painters. Don’t miss the spiral staircase or the gift shop, which rivals MoMA’s in both curation and design.

A quick walk from AGO will lead you to Grape Witches, a funky, feminist-forward natural wine bar that feels like it could exist in East Nashville or Silver Lake, but with a distinctly Toronto vibe. Think lowintervention Canadian wines, retro glassware, briny snacks, and staff that’ll talk you into trying a blackcurrant cider that tastes like nothing else in your glass all year.

Grab dinner at Bar Piquette, where I revisited my love of fondue—cheese, bread, white wine, repeat. It’s intimate and candlelit

and feels like a scene from a French film, with servers who actually care about what you’re drinking. The menu includes hard-to-find wines expertly paired with Europeaninspired small plates. The kind of place that’s made to linger.

To cap off the evening, go full sensory with cocktails at BarChef, a moody, modernist lounge founded in 2008 by Frankie Solarik, a pioneer in modernist mixology. Solarik’s approach involves crafting cocktails that engage all senses—taste, smell, sight, and touch. Each drink is meticulously prepared using house-made infusions, bitters, and syrups, often incorporating elements such as dry ice, edible gels, and aromatic garnishes to enhance the overall experience. My drink arrived with a hint of cedar smoke, a chilled ceramic bowl, and a shot of something herbaceous that reset my palate in the best way. Pro move: Sit at the bar and let them surprise you.

Toronto’s neighborhoods are tailormade for wandering:

l Queen Street West is your go-to for indie boutiques and art galleries.

l Kensington Market offers a diverse range of vintage finds, secondhand records, and international snacks.

l Yorkville is an upscale neighborhood with designer stores, cafes, and galleries nestled into restored Victorian rowhouses.

l If the weather’s right, rent a bike and head to Toronto Islands for skyline views and an afternoon picnic.

For a rooftop view, nothing beats the CN Tower. It offers the most iconic aerial view (and it’s worth doing at least once), but for a stylish rooftop drink with a skyline vibe, head to Harriet’s Rooftop at

TORONTO TRAVEL TIPS

STAY

Shangri-La Toronto – Splurge on a room with a view. Don’t skip the spa.

DRINK

Grape Witches for natural wine; BarChef for cocktail theatre.

SEE

Art Gallery of Ontario; Frank Gehry meets modern Canadian genius.

EAT

Bar Piquette for fondue and seasonal fare; Bosk for a luxe dinner.

SHOP

Queen West, Kensington Market, and Yorkville.

DO

Helicopter to Niagara, explore the islands, or hit a live show.

1 Hotel Toronto for a pre-sunset drink. It’s one of the best skyline views in the city—stylish, with a DJ and craft cocktails that rival anything in Brooklyn or Barcelona. Bonus points for the eco-forward vibe and rooftop, which makes it feel like a summer escape even in the shoulder season.

And the music scene? Always at the top of my list. On this trip, I lucked out with Phantogram at Danforth Music Hall, but you’ll find someone interesting playing almost every night—at Massey Hall, Horseshoe Tavern, or a jazz basement in the Annex.

Toronto lives and breathes music, and the audiences are in it for the right reasons.

As I stood by my hotel room window the next morning—espresso in hand, CN Tower framed in glass—I realized: Toronto is one of those rare cities that doesn’t scream for your attention. It just quietly offers you everything.

The Best New Hotels

From rooftop cocktails in Florence to barefoot wellness in the Caribbean, these just-opened retreats are redefining what it means to check in with style.

BY PAUL TUMPOWSKY

Anew wave of hotel openings is redefining what it means to check in and check out. From reimagined palazzos in the heart of Rome to whisper-quiet sanctuaries tucked into Bangkok’s urban jungle, these just-opened stays blend bold design, intuitive service, and immersive experiences in ways that feel distinctly 2025. Whether it’s a rooftop negroni in Florence, the newest architectural icon in Dubai, or a salt-air spa escape on a quiet Caribbean Island, this year’s standout debuts cater to every kind of traveler who can afford it. Some push architectural boundaries; others embrace tradition. All deliver something rarer than five stars: a true sense of place. Here, we spotlight the top new hotel openings around the world, each offering its invitation to pause, indulge, and rediscover the art of staying somewhere unforgettable.

Aman Nai Lert

Bangkok

Bangkok, Thailand

In a city known for its buzz, Aman Nai Lert enters with a whisper. Tucked into a private park in central Bangkok, this urban sanctuary offers a rare kind of calm, more akin to a monastic retreat than a metropolitan showpiece. The design is signature Aman: minimalist, meticulous, and mercifully mute in a city that rarely is. Suites look out over lush treetops rather than traffic, and interiors are so hushed they might absorb stress on contact.

Dining is elevated, with menus that reinterpret regional classics and international staples in quietly confident ways. The service, meanwhile, is practically clairvoyant (it is an Aman after all).

Guests split their time between a spa that worships at the altar of stillness and a pool that dares you to post a selfie on your phone. In a city where luxury is often loud, Aman Nai Lert proves that true indulgence prefers not to shout and won’t need to.

Jumeirah Marsa Al Arab

Dubai, United Arab Emirates

Emerging from the Gulf like Poseidon’s yacht, Jumeirah Marsa Al Arab is Dubai’s latest entry in the high-stakes game of architectural one-upmanship. Designed by Shaun Killa (yes, that one), it completes Jumeirah’s nautical trilogy with swagger.

Interiors channel superyacht elegance with a side of curated restraint—curving corridors, artfully secluded lounges, and ceiling fixtures that look like they were handpicked from Neptune’s underwater stash. Pierre Hermé handles the pastries, which arrive at breakfast looking like museum pieces. Naturally, every room faces the sea—because anything else would be undignified—and the minibar offers Dubai’s buzziest chocolate bar for the price of a decent martini.

With 11 restaurants, four pools (one for grown-ups, another just for VIPs), a marina, and a wellness complex that flirts with sci-fi, this isn’t just a hotel—it’s a floating republic of indulgence. At over $1,200 a night, is it worth it? If your butler greets you in a Bentley and your toddler expects lobster Benedict for breakfast, yes—absolutely.

SLS Barcelona

Barcelona, Spain

If Gaudí and Studio 54 had a child, it might resemble the SLS Barcelona. Making its European debut in the flashy Port Fòrum district, SLS’s new “urban resort” arrives with 471 rooms, six bars and restaurants, three pools, a ballroom the size of a small Catalan principality, and enough mirrored surfaces to require sunblock use inside.

The design? Think yacht club meets fever dream—undulating façades, oversized headboards, and bathrooms inspired by fashion-week dressing rooms. Cosmico, the rooftop club, promises day-to-night revelry and likely at least one influencer doing laps with a cocktail.

SLS doesn’t do understated, but if you like your luxury loud and your tapas paired with curated lighting and house beats, you’re home. Bonus points for sea views, private balconies, and a tapas bar that dares to elevate the anchovy.

Is it Barcelona’s most refined hotel? No. But it’s undoubtedly the most ready for its close-up.

Collegio alla Querce, Auberge Resorts Collection

Florence, Italy

Florence, for all its majesty, can feel like an open-air museum where everyone’s jostling for a front-row seat. Enter Collegio alla Querce, an Auberge Resorts Collection debut, where you can admire the Renaissance spectacle from a noble distance, ideally from your private terrace with a Negroni in hand.

Perched in Le Cure, a leafy hillside neighborhood just above the city, the hotel occupies a former boarding school transformed into a stately escape. Its view—spanning the Duomo, Giotto’s bell tower, olive groves, and distant Tuscan hills—rivals anything hanging in the Uffizi. It’s Florence, curated.

Inside, it’s a delicious contradiction: grand yet cosy, flooded with light and lined with art from the owner’s collection. You wander past frescoed ceilings, 1930s design nods, and rooms so spacious they make your London flat feel like a monk’s cell. All this, just over ten minutes from the city centre—and a world away from the queue outside the Accademia.

Waldorf Astoria

Osaka

Osaka, Japan

New York’s most storied hotel brand has landed in Osaka—on floors 28 through 38, naturally—bringing Art Deco swagger and kimono-level elegance to the city’s trendforward Umekita district. Waldorf Astoria Osaka is grand in that particular, considered way. The dramatic lobbies with sweeping views set the tone, while the kumiko woodwork (assembled with no nails) and corner suites, large enough to host a small diplomatic summit, reinforce this new entrant’s place in the city.

Rooms come with floor-to-ceiling views, and pajamas so plush they might be reason enough to extend your stay.

Dining is serious: a French brasserie where even the toast has provenance, and a Japanese restaurant that treats Wagyu with the reverence of a national treasure— served with side orders of moon-inspired serenity.

The Peacock Alley is already the new spot to see and be seen—ideally while sipping vintage Champagne under a 144-year-old Seiko clock. And yes, the pool has perfect skyline views. Is this a breakthrough moment for Osaka luxury? Perhaps. But don’t worry— it’s all very tastefully done.

Corinthia Bucharest

Bucharest, Romania

Bucharest’s Corinthia Grand Hotel du Boulevard reopens after a decade-long renovation, likely with more scaffolding than guests have seen until now. Originally debuted in 1873 with such novelties as electric light and elevators, it now returns as a 30-suite boutique hotel with all the usual suspects: bespoke furniture, Belle Époque bones, and spa treatments promising balance, serenity, and suitably soft lighting.

Positioned at the photogenic intersection of Calea Victoriei and Elisabeta Boulevard, the hotel offers an opulent refuge from Bucharest’s energetic blend of post-communist chaos and sidewalk cafes. Dining ranges from maximalist Mediterranean revelry at Sass’ (imported from Monaco, DJs included) to the chandeliered elegance of Boulevard 73, with French-Romanian fusion on the plate and a ball gown in the mood.

No pool, limited parking—but there’s always a day trip to nearby Snagov Monastery, where Dracula allegedly rests, and the lakeside villas suggest the undead aren’t the only ones living forever.

The Shelborne by Proper Miami, Florida

Proper Hospitality’s Miami debut comes dressed in sun-bleached travertine and ocean breeze. The Shelborne, a 1940s Collins Avenue classic, has undergone a $100 million transformation, thankfully preserving its Art Deco bones (yes, the iconic diving board still stands) while layering in just enough matte brass and modern polish to make it 2025-ready.

Rooms lean into soft earth tones and textured calm, while the penthouse suite flaunts 1,700 square feet of coastal smugness. Downstairs, chef Abram Bissell’s Pauline delivers upscale Miamian-Caribbean fare, and Little Torch serves up tropical cocktails with a knowing wink—because this is still Miami, after all.

The pool scene is pure vintage fantasy, cabanas come with bathrooms (praise be), and the Beach Club doesn’t make you choose between cocktails and SPF. This is not a party hotel, per se—but it is where chic people nap after the party. Which, frankly, is just good planning.

Orient Express La Minerva

Rome, Italy

In the heart of Rome, just steps from the Pantheon and Bernini’s elephant, the Orient Express La Minerva makes a theatrical debut as the brand’s first hotel—and it’s no quiet entrance. Set in a 17th-century palazzo, the reimagined property mixes Belle Époque splendor with Hugo Toro’s bespoke maximalism: think Murano glass, record players, and bathrooms charming enough to host a dinner party.

The rooftop restaurant Voliera competes with the skyline for attention, and the minibar, stocked entirely with local goods, suggests Romans snack well. Downstairs, Minerva herself presides over the bar, martini in hand (presumably).

With 93 unique rooms, all polished and poetic, and a spa that channels ancient Roman rituals with a thoroughly modern twist, this is travel with a capital T. There’s even a ballroom should your toga party plans escalate. If this is the brand’s opening act, Venice (opening later this year) may need to step it up.

Rosewood Amsterdam

Amsterdam, Netherlands

Justice has never looked so well-appointed. Housed in Amsterdam’s 17thcentury Palace of Justice, the newly minted Rosewood Amsterdam delivers historic gravitas with a side of canal views and croissants. The 134-key stunner marks Rosewood’s Dutch debut and trades gavels for gilt-edged indulgence. Interiors by Piet Boon blend judicial austerity with modern Dutch elegance—textured wallcoverings, hand-painted flourishes, and just enough moody restraint to make your minibar martini feel like a quiet act of rebellion.

Service is Rosewood-level intuitive (yes, they knew you’d want ayurveda after a flight). At the same time, amenities—like the Asaya Spa, canalfacing suites, and a vintage law library turned lounge—anchor the property as both sanctuary and scene. Dining will span from seasonal Dutch fare to patisserie temptation. Pricing is suitably reasonable for this level of luxury, not including the damage to your self-control and wallet in the patisserie.

Salterra, a Luxury Collection Resort & Spa

Turks & Caicos

Tucked away on the quieter shores of South Caicos, Salterra is what happens when a former salt outpost gets a luxury glow-up. This newly minted resort unfolds across sun-bleached sands and dramatic bluffs, where wild donkeys might outnumber fellow guests. The aesthetic blends natural textures with a reverence for local heritage—think hand-carved furnishings, fossil stone pathways, and the occasional artistic nod to native wildlife.

Suites are spacious, beach-facing, and mercifully well-stocked. Dining leans into island flavors with the kind of confidence only fresh lobster can justify. Days are easily filled with seato-spa experiences, from snorkeling over coral nurseries to herbal soaks in the salt room.

Yes, you’ll need to hop a puddlejumper to get here, but the payoff is privacy, polish, and a slower, saltier rhythm of life. It’s a resort that whispers luxury rather than shouts it, though your butler might still anticipate your drink order before you do.

The Frick Reopens with a Narrative Shift

A subtle architectural overhaul gives way to a more profound transformation, as the Frick repositions itself—not just physically, but philosophically—as a museum that listens more than it lectures.

BY JASON ASHLOCK

Rachel Cusk once wrote a novel without a center. Its protagonist retreats into silence, letting others do the talking. There’s no dramatic arc, no tidy resolution. Just space—spaciousness, really—for stories to surface on their own terms. It was called Outline, and its quietness was both unnerving and liberating.

Something like that has happened at the Frick.

After five years behind scaffolding, the museum has reopened, not so much reinvented as re-voiced. It no longer insists. It suggests. Rooms unfold more slowly. Narratives loosen. The visitor is no longer being instructed on how to look but offered the quiet permission to do so.

Technically speaking, the Frick’s $220 million renovation is a textbook success in preservation-minded design. Selldorf Architects, with Beyer Blinder Belle, have accomplished the rarest of architectural feats: a comprehensive upgrade that doesn’t feel like an interruption. No glass pavilions announcing progress. No architectural fanfare elbowing for attention. Instead, they’ve expanded the museum’s footprint by a modest 10%, stitched together long-severed wings, and restored forgotten spaces to dignity.

However, dwelling on the infrastructure is somewhat to miss the point. The Frick has not simply gained an auditorium, a café, a suite of new ADA-accessible entrances, or more

gallery space. It has gained something rarer in the museum world: a new narrative posture.

The change begins with access. For the first time in its nearly 90-year public history, the private second-floor family quarters are open to the public. These aren’t grand halls but intimate rooms: Adelaide Frick’s boudoir, now a gallery of delicate bronzes and domestic-scale portraits. The Boucher Room, painstakingly returned to its original upstairs location, feels less like a museum showpiece and more like a lingering question. These spaces offer proximity not just to art, but to the past, with all its contradictions, silences, and decorums.

The Frick, once a citadel of certainty, now makes room for questions: there is an opening at the center, which is why I walked it thinking of Cusk’s dissolving self, chorus of borrowed voices, refusal to resolve. The old Frick narrated with confidence: this is beauty, this is civility, this is taste. The new Frick steps back. It lets the visitor shape the story. It has, like Cusk’s narrator, opted for outline over thesis.

You feel it in the pacing of your visit. There’s more light now, not just through restored skylights and glasslink corridors, but in the interpretive atmosphere. Where once there was reverence, there is curiosity. The museum still guards a staggering trove of Western art—from Bellini to Rembrandt to Goya—but the way it

offers that art has softened. The portraits still gaze out from their gilded frames, but now the house around them feels less like a set of instructions and more like an invitation.

The effect is palimpsestic—a manuscript written over, where traces of the original remain. The legacy of Henry Clay Frick—industrialist, collector, unapologetic capitalist—still echoes through the marble halls. But new layers have been added: education rooms, research library links, staircases that open rather than close. The result is not a contradiction, but a deepening.

That deepening is echoed in one of the museum’s first major postrenovation exhibitions: Vermeer’s Love Letters. On view this summer, the show reunites three of the artist’s luminous interior scenes: Mistress and Maid, from the Frick’s own collection, and two borrowed masterworks—The Love Letter and Woman Writing a Letter,

with Her Maid. Each painting centers a moment of female interiority, of paused intention. Something is being written, or read, or rewritten. Messages pass silently across class lines, through rooms heavy with unspoken things. A letter began in one voice, finished in another.

What is a legacy collection to do in a century so skeptical of legacy? How does a house built on steel and smoke become a civic space in an era allergic to plutocracy? Still a mansion of European masterworks, still a shrine to a singular collector’s vision, the Frick’s grandeur hasn’t been scrubbed out, but rather clarified and re-situated. The air feels less perfumed, more breathable. The institution no longer insists on its rightness. It listens.

This is the renovation’s real triumph. Not its new café (though the view of the garden is sublime), nor its auditorium (though the acoustics

deserve applause), nor its accessibility upgrades (long overdue, thoughtfully executed). It’s the museum’s newfound ability to pose questions rather than deliver declarations.

There is irony here, of course. That the house of Frick—an edifice of robber baron wealth, of privately hoarded beauty turned reluctantly public— should be the one to model institutional humility, but perhaps that irony is the point. The past can’t be undone. But it can be reframed.

And the frame, as any museumgoer knows, can change everything.

You feel it most as you leave, through the expanded reception hall where Murano glass fixtures throw warm light on Breccia Aurora marble, and the garden, restored to Russell Page’s original vision—breathes just beyond the window. This is still the Frick. But it’s the Frick in outline: luminous, layered, and finally, open.

The Countess and the Nazis

BY RICHARD JAY HUTTO

“In the long run,” W.G. Sebald wrote, “there is nothing more difficult than to write the history of the past so that the reader really believes it.” One of the hardest things to believe is how quiet the hinge moments of history. How fascism doesn’t arrive in jackboots but in a dinner jacket, clearing its throat, complimenting the wine, and asking to see your papers. One of the recurring lessons of the 20th century—and one of its more disquieting motifs—is that authoritarianism tends to enter by invitation, not intrusion.

normalization of the abnormal, the soft administrative pulse of authoritarianism as it filters through the household staff, the hunting party, the guestbook. He becomes a man of his milieu. He nods along. He reports his wife’s indiscretions. He manages the forestry budget.

Sebald, that genius of cultural grief and narrative disquiet, wrote that “the memory of the particular is always shadowed by the general.” Hutto’s rendering of history aims to do the opposite, speaking not in broad strokes, but in the details that persist: a letter not sent, a dinner uneaten, a final walk up a familiar staircase. The human and historical ache at the heart of the book is hard to shake. While we watch particular, private lives absorb—and resist—the public collapse of conscience, the general—our politics, our perils— lurks always in the corner of the frame. BOOK

In The Countess and the Nazis, Richard Jay Hutto—a lawyer, historian, and artful narrator of high-society dramas—turns his attention to the quietly harrowing life of Muriel White Seherr-Thoss, who lived through such a creaking hinge of history. Born into Gilded Age American wealth, Muriel married into German aristocracy, restored a pair of castles in Silesia, and spent decades among the soft furnishings and rigid conventions of continental nobility. But as Hitler’s regime gathered force, she became an unlikely resistor—shielding POWs, aiding Jewish families, and defying the Gestapo until her final, fatal stand. Hutto’s deeply researched narrative is not quite biography, not quite political history, but something more intimate: a portrait of one woman’s slow, lonely moral reckoning, rendered through missives, memories, and margins.

She was not, at first glance, anyone’s idea of a dissident. She played the part she was cast in: wife, mother, chatelaine. But the play changed. The backdrop shifted. And the lines—what one could say, or not say—began to sharpen. Hutto tells this story with orchestral restraint. Muriel doesn’t become a firebrand. She becomes a problem. A person who, over dinner, asks a high-ranking Nazi how she might become an “honorary Jew.” A person who says no, repeatedly, when silence would be safer.

Neither does her husband, Count Hermann Seherr-Thoss, storm off into history as a villain. He does what many did. He aligns. He adjusts. He files the reports. What Hutto shows, with almost maddening delicacy, is how ordinary that process was. The

Muriel’s resistance is deeply domestic. The arc of her transformation—documented through Hutto’s meticulous mining of letters, diaries, and family memory—is incremental. She begins by squinting at the direction of things. She delays paperwork. She hides British POWs. She assists Jewish families in fleeing. She refuses to reveal the whereabouts of her sons. Her resistance isn’t coded in banners but in absences— what she withholds from the regime, and what she refuses to surrender of herself. Finally, when the Gestapo arrives at her Dobrau Castle, she offers the ultimate refusal. She climbs the tower and leaps. A final, uncooperative silence.

It is a cinematic ending in its austerity. And yet Hutto avoids theatrics. He is not here to canonize. He is here to observe. Muriel’s act, as he presents it, is not martyrdom but protection—of her children, of her integrity, of the last square of moral ground she can still call her own. There is something especially haunting about her particular place in the social order. She was not powerless. She had standing, wealth, even a certain diplomatic immunity of style. But she was also a woman in a man’s world, a foreigner in a tightening nationalist state, a mother in a war machine that had no room for tenderness. She had options, but few good ones. She played the hand she had.

It’s hard not to read this now and feel the chilly draft of contemporary air. The book does not announce itself as a parable. That’s to its credit. But it’s impossible to ignore the resonance. The slow normalization of cruelty. The administrative quietness of injustice. The way everyone, somehow, just keeps going to dinner.

And that, perhaps, is what makes the book so disquieting now. It reads not as an echo but as a forecast. Hutto doesn’t draw the contemporary parallels; he doesn’t have to. We’re doing it for him. The signs are familiar: the erosion of norms, the bureaucratization of brutality, the comfort of believing that this, too, will pass. Hutto reminds us that it may not. Muriel’s story lingers because we recognize in her choices something alarmingly close to our own questions. Would we know when to say no? Would we recognize the moment when compliance tips into complicity?

EVENTS

MARK YOUR CALENDAR FOR A SEASON OF CAN’T-MISS EVENTS, FROM ELITE CONFERENCES TO CULTURAL ICONS TO SUN-SOAKED EXPERIENCES.

JUNE

Cannes Lions International Festival of Creativity

JUNE 16–20

CANNES, FRANCE

The Cannes Lions International Festival of Creativity returns to the French Riviera, celebrating breakthrough ideas and innovation across advertising, media, and entertainment. Attendees can expect inspiring talks, networking opportunities, and a showcase of the world’s most creative work.

Hamptons Fine Art Fair

JULY 10–13

SOUTHAMPTON, NY

The Hamptons Fine Art Fair draws collectors and connoisseurs to the East End. Discover modern and contemporary works from over 100 galleries, alongside exclusive VIP events and private viewings in one of summer’s most stylish settings.

Aspen Ideas Festival

JUNE 25–JULY 1

ASPEN, CO

The Aspen Ideas Festival brings together global thought leaders to discuss ideas shaping our future. Topics span climate, democracy, innovation, health, and leadership, all set against the stunning backdrop of the Rockies.

AUGUST

Burning Man

AUGUST 24–SEPTEMBER 1

BLACK ROCK DESERT, NV

Wimbledon Championships

JUNE 30–JULY 13 LONDON, UK

Experience the tradition and prestige of Wimbledon. The world’s oldest tennis tournament offers two weeks of thrilling matches, timeless elegance, and iconic moments on grass courts, attracting the sport’s elite and a global audience.

A gathering like no other, Burning Man transforms Nevada’s Black Rock Desert into a temporary metropolis of creativity, self-expression, and community. Expect large-scale art, radical innovation, and an unforgettable experience under the desert sky.

JULY

Sun Valley Writers’ Conference

JULY 19–21

SUN VALLEY, ID

The Sun Valley Writers’ Conference gathers top writers, thinkers, and policymakers for high-level discussions and literary exploration. Set in the picturesque Sun Valley, the conference offers intimate sessions and opportunities for meaningful dialogue.

U.S. Open Tennis Championships

AUGUST 24–SEPTEMBER 7

NEW YORK, NY

Cap off summer in the city with the U.S. Open. Flushing Meadows comes alive as the sport’s top stars compete for Grand Slam glory—offering electrifying matches, celebrity sightings, and one of the most vibrant atmospheres in sports.