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Robbie Cowan for eprivateclient on "COVID-19: Leading families in a fragile world"

Posted on 1 June 2020

Robbie Cowan, Principal Advisor, Family Advisory of MDR Mayfair, has written an article discussing the different aspects of the pandemic that heads of families are facing right now, including its consequences on family dynamics and wealth security and philanthropic engagement. "As science and technology step up to the COVID-19 challenge, there is a renewed faith that we can solve problems through innovation and creativity. This has led people to see through the fragility of our world to imagine a better future for their children and for those who follow."

"Some of the wealthiest families have seen significant falls in their wealth – in exceptional cases by as much as 72 percent – although more often between 20 percent and 40 percent. This has been especially so for families whose wealth is tied to holdings in large family-linked companies. Of course, there have also been winners. But with no end to the crisis in sight, or any real understanding of how economies will emerge from the lockdowns, many families are asking searching questions about their wealth and ongoing prosperity."

From ongoing underinvestment in healthcare to impacts of global warming and pollution HNW families see differing philanthropic concerns. In Robbie's words, "not content with simply giving, these ‘activist philanthropists’ combine giving with advocacy, motivating public opinion and influencing public policy. These families have understood that whatever the cause they are invested in, when philanthropy is linked to advocacy, the impact is multiplied. They also see the potential for philanthropy to act as a talisman, uniting family members behind a common goal and providing the family with a vehicle for expressing their values and purpose. There is good reason to hope that COVID-19 will accelerate and galvanise these efforts to create a better world."

In order to read the full article, click here. [subscription-only]

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