New Horizons

FKG Value Compass for a Changing World

Traditional Values

• Respect: We acknowledge and value diverse people, perspectives, and contributions.

• Integrity: We act with honesty and remain steadfast to our ethical principles.

• Sustainability: We commit to environmental stewardship and the responsible use of resources.

• Tradition: We honor cultural heritage and time-tested principles, combined with forward-looking thinking.

• Responsibility: We are reliable and take accountability for our actions and outcomes.

• Innovation: We embrace progress and develop forward-thinking solutions.

• Excellence: We continuously strive for the highest quality and performance.

• Collaboration: We foster teamwork and align our efforts toward shared goals.

Additional Principles for a Digital World

• Human-Centric Technology: We strive to ensure that technology serves people and enhances their well-being.

• Digital Ethics: We align AI with ethical principles to enable the responsible use of technology.

• Trust: Trust is built on transparency, reliability, and data security.

• Transparency: We communicate clearly and openly, making our decisions traceable.

• Data Security: We respect data ownership and privacy.

• Empathy: We understand and address the needs of people.

• Authenticity: We uphold truth, combat misinformation, and promote accurate, verified information.

• Adaptability: We stay flexible and agile in a rapidly changing digital world.

The family businesses of the Fritz Kaiser Group are successful in multiple fields and committed to responsibility and sustainability. The group of companies is headquartered in the Principality of Liechtenstein – an economically and politically stable country without debts and with an international triple-A ranking. The group has offices in Vaduz, Zurich, Milan and Hamburg.

Fritz Kaiser

January 2025

New Horizons

Dear partners, clients and friends

We live in extraordinary times, marked by profound and rapid change. Geopolitical shifts, groundbreaking technological innovations, the growing impact of biotechnology, and the pressure of global crises on established industries are reshaping our world.

These times are full of contrasts. On one hand, we witness the painful realities of conflicts and wars, feeling deep concern and compassion for those affected. On the other hand, the world is increasingly dividing into two ideological blocs: Centralized power structures on one side and liberal democracies on the other. These shifts profoundly impact markets and societies, challenging all of us – both personally and professionally – in new and often unexpected ways.

Amidst this turbulence, one question stands out: How can we face change with courage and foresight, turning it into an economic springboard rather than being swept away by its current? Every challenge brings its opportunities: Courageous leaders creating new pathways, breakthrough innovations driving progress, and crises that lay the groundwork for a sustainable future. With an optimistic view of what lies ahead, we find confidence and a sense of direction toward new possibilities. Friedrich Nietzsche expressed it best: “You must have chaos within you to give birth to a dancing star”.

And Yet It Moves

Five hundred years ago, Copernicus and Galileo opened the door to a new understanding of our physical universe. By explaining earth’s rotation and the structure of the solar system, they fundamentally revolutionized our worldview.

Galileo’s Dialogue Concerning the Two Chief World Systems (1624) provoked Pope Urban VIII, leading to his arrest by the inquisition. He narrowly escaped execution by recanting his beliefs. Legend has it that as he left the courtroom, he murmured his now-famous words: “And yet it moves”. It wasn’t until 1992 – nearly 370 years later – that Pope John Paul II formally rehabilitated this brave visionary.

Today, humanity once again stands at the threshold of discovering new worlds – this time at the intersection of reality and virtuality. The emergence of digital universes like the metaverse, advancements in biotechnology, artificial intelligence, and humanoid robotics offer us not only new ways of understanding space, time, and life sciences but also the potential to seamlessly connect the physical with the digital. Humanoid robots, equipped with advanced AI, could become key bridges between humans and technology.

This time, however, the pace of change is breathtaking –and thankfully, there is no fear of the stake. These developments bring vast opportunities but also critical challenges for businesses: How can we responsibly harness these technologies? How can we create a sustainable balance between digital worlds and human needs?

When I asked ChatGPT this question, its answer was insightful: “The optimal interaction between AI and humans lies in a complementary partnership. Humans bring creativity, empathy, and ethical judgment, while AI provides data-driven efficiency, pattern recognition, and automation”.

A New Compass of Values for a Changing World

Navigating these new worlds requires integrating them into the value systems and governance frameworks of our businesses with a clear mind and open heart. This is essential to build trust and security among stakeholders and to ensure that these rapid, transformative developments are utilized meaningfully, ethically, and fairly – in the best interests of all.

Dancing Boldly and Confidently Amidst Chaos

The past year has taught us what drives sustainable success in challenging times: Seeing change as an opportunity, staying true to our values, and boldly forging new paths.

Our diversified group of companies – including Kaiser Partner Privatbank, the Seawind Group for renewable energy, and Roarington, the Classic Car Metaland – embodies a clear philosophy, an inspiring corporate culture, and a strong foundation of values.

2024 was a remarkably successful year for us – a reason to celebrate and a source of optimism. Allow me to share some highlights from three key areas of our business.

Kaiser Partner Privatbank Continues to Soar

Our family-owned private banking group achieved record-breaking results in the challenging year of 2024. By integrating our previously separate wealth advisory and fiduciary services, we have taken a major step towards becoming a modern Private Trust Bank – offering an international network, digital expertise, and a comprehensive suite of services for entrepreneurs, highnet-worth families, and independent asset managers.

The numbers speak for themselves: Assets under management increased by more than 40%, while revenue grew by 50% and profit by 60%. Detailed results will be published at the end of the first quarter.

Looking ahead, we are optimistic about further profitable growth in the coming year. We are especially proud to have once again earned top recognition in the FUCHS | RICHTER audit report –a Gault-Millau-style guide for banks. Independent and anonymous testers ranked us among the best, awarding us the “excellent” rating and a gold medal for client advisory services.

Pioneering in the Philippines

Through our Seawind Group, we have led the development of three offshore wind farms in the Philippines. In the fourth quarter of 2024, we became the first company to receive Certificates of Confirmation of Commerciality from the Philippine government for these projects, in which we hold a 50% stake.

This milestone marks significant progress toward the realization of 1,650 megawatts of renewable energy, producing 5 billion kilowatt-hours of electricity annually. This will supply clean energy to 1.4 million households, benefiting 5.7 million people in the Philippines.

Experiencing Classic Worlds Like Never Before

“The world is not enough”, said James Bond in 1999. With Roarington, we are creating the Classic Car Dreamland – a world of experiences for classic car enthusiasts that bridges digital and real worlds.

The vision for the Classic Car Metaland was born in 2019 during The Classic Car Trust’s forum event at the FIA in Paris. Today, Roarington boasts the world’s most advanced Classic Car Simulators. In 2025, we will unveil a stunning 3D dreamscape, allowing enthusiasts to drive certified digital twins of iconic real-world automobiles. Soon, people will be able to immerse themselves in this world as digital avatars – not merely as spectators, but as active participants.

Among our key partners and contributors are publisher Michael Ringier, ETH professor and Walt Disney Chief Scientist Markus Gross, architect Benedetto Camerana, Marcus Breitschwerdt (CEO of Mercedes-Benz Heritage), and Formula 1 World Champion Kimi Räikkönen. Companies such as Pininfarina, Zagato, Mercedes-Benz, MAUTO, and the 1000 Miglia are already part of our vision. In 2024, Roarington welcomed 13 million visitors. In 2025, Roarington will evolve into a truly unique world of experiences – a place where classic worlds come to life like never before.

The World Turns Fast – So Does the Carousel in My Mind

Life moves quickly, and so does the carousel in my head. It’s extraordinary what occupies my thoughts as a grandfather, father, husband, and entrepreneur while navigating this fast-paced world with perspective, integrity, and joy.

By 2026, it might even be possible to have a robot implant a Neuralink brain chip in just 10 minutes for the price of an Apple Watch, directly connecting our brains to the internet.

Yet, my thoughts will remain independent, self-driven, and multifaceted: “Tomorrow, the decision, the contract, and a media release must be finalized. Amazing how our banking team handles this. Has the Department of Energy in Manila published its decision on our project? My avatar is now learning Chinese. I need to stick to my diet, maintain my fitness program – and finish reading this fantastic book tonight. How is my grandchild doing in Scotland with their exam? I also need to finalize travel plans for the time-out month with Birgit”.

This mental juggling act keeps me energized – especially when I can look beyond the horizon and make new connections. I am deeply grateful to all who inspire me, from whom I learn, and, of course, to my friends, partners, clients, and our extraordinary employees. Together, we have celebrated successes, and I look forward to the opportunities ahead.

Warm regards,

Fritz Kaiser

2024 in Review

BRICs adds four new members; Iran, Egypt, Ethiopia, UAE.

Nvidia's market cap surpasses Alphabet and Amazon.

Sweden joins NATO.

Hualien, Taiwan suffers 7.4 magnitude earthquake.

Aurora borealis visible around the world.

Narendra Modi wins India's election but loses parliamentary majority.

UK Labour Party win in landslide victory.

Paris 2024 Olympics span July to August.

First U.S. interest rate cut since the COVID-19 pandemic.

U.S. port strike affects 36 ports.

Donald Trump is elected president of the U.S.

S. Korean President declares martial law which is outvoted hours later.

Markets Technology

Geopolitics Cultural Event

SEC approves spot Bitcoin ETFs.

Russian opposition leader Alexei Navalny dies in prison.

Putin wins Russian presidential election.

Iran launches retaliatory strike on Israel.

Iranian President Ebrahim Raisi dies in helicopter crash.

Putin and Kim Jong Un sign mutual defense pact.

Trump survives assassination attempt.

U.S. and Russia complete largest post-Cold War prisoner swap.

Hurricane Helene causes over 200 deaths and $200B in damages.

Flash ﬂoods kill 200+ in Spain.

China unveils ﬁve-year economic stimulus package of 10T yuan.

UnitedHealth CEO is murdered in NYC.

Neuralink chip ﬁrst implanted into human.

Private spacecraft Odysseus lands on moon.

Bank of Japan hikes rates for ﬁrst time in 17 years.

Flooding in Guangdong, China forces evacuation of over 110K people.

Trump becomes ﬁrst former president convicted of felonies.

WikiLeaks founder Julian Assange released from prison.

CrowdStrike outage causes over $5B in damages.

Kamala Harris becomes Democratic nominee for U.S. President.

China announces monetary stimulus, boosting equities.

Hamas leader Yahya Sinwar killed by Israeli forces.

Russia test-launches ﬁrst hypersonic Oreshnik missile.

Assad regime in Syria overthrown after 50-year rule.

2025 Prediction Consensus

We analyzed 300+ articles, whitepapers, podcasts, and interviews to create this big picture look at what experts predict for the coming year.

Experts believe that...

Trump will blame Powell for economic or market downturns

Nvidia will struggle to keep up with elevated expectations

Humanoid robots will enter the workforce

Healthcare will face AI and regulatory disruption

Shift away from ESG & DEI continues

Global trade restructuring amidst tariffs implementation

Technology

Economics

Markets

Everything Else

AI infrastructure buildout will continue and accelerate

European equities' returns to improve

Robotaxis available in more major cities

Middle East conﬂicts will continue

D.O.G.E. will struggle to cut signiﬁcant spending

Increased geopolitical uncertainty and market volatility

China's economy to keep struggling despite stimulus

Netﬂix and streaming services will push further into live events

Gold will make new all-time highs in 2025

Agents are next for AI

Dots = Predictions

Trump and Musk will fall out

Border and immigration policy reforms across developed nations

Markets will broaden beyond the Magniﬁcent 7

Germany and Canada to enter recession

S&P 500 will make new highs, returning 10-15%

U.S. bitcoin strategic reserve will kick off more adoption

Russia-Ukraine war will end

OpenAI reveals their AI-ﬁrst hardware product

Global M&A and IPO activity to rebound

Sources: The Global Forecast Series predictions database which includes 800+ predictions from Deloitte, Goldman Sachs, Atlantic Council, IHS Markit, Reuters, IMF, Forrester, Zillow, USDA, State of AI Report, Hubspot, EIU, Bloomberg, Economist, Fitch Solutions, Wells Fargo, Linkedin, Fortune, CNBC, Forbes, Vox, Barrons, UBS, Vanguard, Mastercard, Morgan Stanley, NiemanLab, Knight Frank, Udemy, All-In Podcast, Oliver Wyman, C|Net, SearchBlog, WSJ, Exponential View, TrendOne, TrendHunter, No Mercy / No Malice, Colliers, CBRE, Cushman & Wakeﬁeld, Wood Mackenzie, Kiplinger, The Verge, Gartner, Nasdaq, Saxo Group, Eurasia Group, RANE, Instagram, Kantar, McKinsey, PwC, Coinbase, MIT Tech Review, Center for Strategic and International Studies, WIRED, TechCrunch, BlackRock, Schwab, ING, and many more…