As we head into 2024, we’re taking time to reflect on the groundbreaking year we’ve had at Crain Currency. We’ve put Marcus Baram up to the task of curating our best stories of the year to get a sense of what resonated with our audience. From the rise of artificial intelligence and the absence of a recession to the appeal of impact investing and turnover in the family office world, it was indeed an intense year. Our coverage reflected such things as well as offered insights and commentary on the issues that dominated discussions in family offices around the world.
And before 2023 ends, we bring to you a feature on the fine-dining cities that are home to the most exquisite tasting menus in the world. So as you begin your year-ahead planning for all things investments, trust and estates, and office management, don’t forget to think through a few well-planned vacations for the year ahead.
While we know most of you are powering down to enjoy the holiday season with your families, we will continue to bring you coverage throughout the rest of the year, so be on the lookout for additional story collections such as philanthropy and travel.
As always, we appreciate any comments, ideas, and insights that would make this newsletter more useful. I look forward to growing this family office community with your help. Please email me at [email protected].
HANDPICKED: The top 10 most-read stories this year in Crain Currency
By MARCUS BARAM
From the rise of artificial intelligence and the absence of a recession to the appeal of impact investing and turnover in the family office world, it was an intense year. Our coverage highlighted that drama as well as offered insights and commentary on the issues that dominated discussions in family offices.
Here are the 10 Crain Currency stories that attracted the most readers this year, ranging from serious analysis to lifestyle trend pieces:
10) How artificial intelligence is launching family offices into the future
"AI" is today’s buzzword. But for some family offices, artificial intelligence is already changing the way they work and helping launch them into the future. While businesses of every stripe are exploring the benefits — and perils — of enhancing their operations with AI, family offices are uniquely suited to benefit from the technology.
9) Why some next-gen family office members prefer impact investing over philanthropy
San Francisco-based investor Jim Chowdry had recently finished grad school when he decided to take a more active role in his family office. "I knew that we had money, and I didn't really understand how it was invested or what the assets were," he said.
8) Next generation drives global family office expansion
Family offices are increasingly becoming international, with locations scattered across the globe, to take advantage of friendlier tax and regulatory compliance in other countries and pursue direct deals with promising startups. Spurred by next-gen family members, the pandemic-related rise in remote work and new technologies, this cross-border growth also presents challenges — legal, cultural and logistical — that need to be overcome.
7) Liqian Ma on what’s next for impact investing
In many ways, impact investing is about intentionally gaining a deeper and more holistic understanding of the broader systems around us and seeking to shape those systems for the better. Growing up in a northern Chinese city, I saw that coal was used for everything from power generation to steel mills to the meals that my grandmother cooked on her coal-fired stove.
6) Why that famous adage about family offices is so wrong
Within the family office community, it is time to take [Sam] Walton’s motto to heart and challenge the oft-recited adage, “If you have seen one family office, then you have seen only one family office.” Academics, advisers and families repeat this slogan ad nauseam. But it is just plain wrong.
5) The power spas of New York City
Fortunately, in this extraordinary (and extraordinarily intense) city, on every other corner, there is a spa for everyone — whether you’re looking to escape, unwind, detach, unplug, recharge or restore. The trick is understanding where the best ones are. In the spirit of luxurious relaxation, here is our list of the top power spas in the city, tested by bona fide spa snobs and categorized by what they do best.
4) Behind closed doors: Family members tell us why they joined the family business
For next-gen family office members, one of the biggest decisions is whether to join the family business. The process can be exciting but also emotionally fraught, full of expectations as well as the potential for disappointment. And for some, it can be an enormous comfort and a confidence booster — a sign of trust that you can carry on the family legacy.
3) Geller’s Oliveira talks about the biggest challenges in wealth management today
There's been a decline in trust as far as wealth management is concerned, and a lot of these ultra-high-net-worth individuals want to have in-house advice. Also, I think that there's more complexity out there; and because of that, individuals want to tailor what they have in-house to their particular needs. They don't want to work with a big bank or brokerage house that builds a kettle of soup, if you will, and serves everyone out of that same kettle of soup.
2) Robles leaves Family Office Association amid differences with current leadership
Angelo Robles launched the membership organization for ultra-high-net-worth individuals in 2008 but recently resigned over differences about the group's direction, he told Crain Currency in an interview. "I wanted to move onward and upward, and they're going in a different direction," he said, adding that it's painful to leave an organization he still considers his "baby" and hopes to launch a new venture.
1) Creating your legacy: Forging your path in the family business (VIDEO)
In the debut of Crain Currency Conversations, Editor Kristen Oliveri sat down with KC Crain, CEO of Crain Communications, and Salvatore Ferragamo Jr., CEO of Il Borro, to talk about creating legacy and forging your own path within the family business. The two men spoke candidly about the inner workings and structures of their businesses, as well as the great challenge of continuing to innovate in a fast-paced, ever-changing world. This invitation-only webinar for our family office audience members covered additional topics, including succession planning, engaging the rising generation and how both families are making a philanthropic impact.
These are the best fine-dining cities in the world
By BETH TREFFEISEN
When seeking the perfect backdrop for your special moments, immerse yourself in sophistication. Be it a birthday, anniversary, promotion or any occasion that needs to be celebrated, the challenge lies in finding the ideal setting. Some cities excel in attracting fine-dining establishments, making them perfect for creating unforgettable memories.
Before planning your next vacation or business networking event, explore these cities that specialize in upscale experiences. To compile this list, we took into account Michelin-star restaurants, the Zagat guide and walkability.
Here’s our list of the best fine-dining destinations in the world:
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PARIS
Paris, the City of Light, boasts 118 Michelin-star restaurants — a density of 2.87 per square mile — making it an ideal destination for walkable fine dining. Notable establishments include Le Cinq, serving modern and elegant French cuisine. The 10-course December tasting menu, which runs for 675 euros (about $730) per person, pairs with wine tastings and live music. The Bistrot d’Henri serves traditional family French dishes in a relaxed setting, and Le Florimond emphasizes seasonal products for a sustainable menu.
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TOKYO
This bustling metropolis combines tradition and modernity and is a global culinary hub. The city has the most Michelin-star restaurants worldwide at 198 within 847 square miles. A few raved-about ones include Narisawa, which serves a seasonal and carefully sourced menu of innovative Japanese dishes; Ishikawa, where a tasting menu goes for 45,000 yen ($310) per person; and Ryugin, whose eight-course tasting menu costs 44,000 yen ($300).
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KYOTO
This ancient city, which blends historical charm and natural beauty, is famous for its traditional tea ceremonies, geisha districts and shrines. But it is also a hotbed of culinary delights, with 97 Michelin-star restaurants within 320 square miles. A few favorites include Kikunoi Honten, which has traditional Japanese food ranging from 29,000 yen ($200) for lunch to 74,000 yen ($500) for dinner; Isshin, known for its rare use of the cow’s inner shoulder blade; and Seto, renowned for its homegrown chicken meals.
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OSAKA
Considered the commercial heart of Japan, the city is considered a culinary paradise and is often called the “kitchen of Japan.” Osaka has 92 Michelin-star restaurants, making it a walking destination with 1.07 per square mile. A few top restaurants include the traditional tea-house-style Kashiwaya, whose sustainable menu tells the "tale of the four seasons." Courses range from 28,500 yen ($200) for weekday lunches to 83,000 yen ($570) for a special course dinner. Also check out the French cuisine at Point and the tempura and hassun restaurant Shunsaiten Tsuchiya, which costs 39,500 yen ($260) for dinner, including more luxurious ingredients.
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HONG KONG
A financial and cultural hub known for its iconic skyline, vibrant street markets and active harbor, Hong Kong is also famous for its international and local cuisines. The city has 76 Michelin-star restaurants over 426 square miles. A few include The Chairman, a humble-looking restaurant known for its Cantonese cuisine; Amber, located in the Mandarin Oriental, featuring a seven-course tasting menu with caviar and hand-selected wine at 2,888 Hong Kong dollars ($370); and L’Atelier, located in the Landmark Atrium shopping mall.
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LONDON
Known for its history, arts scene and iconic landmarks such as the Tower of London, Buckingham Palace and the London Eye, London also hosts 74 Michelin-star restaurants and a growing food scene. One place of note is the Sketch, inside an 18th-century townhouse tea room that converts into a cocktail lounge every evening. The experience is equally about wandering the eclectic rooms as it is enjoying the modern French cuisine. There’s also The Fat Duck on High Street, a sensory menu known for its innovative contemporary British cuisine, with a 12-course tasting menu ranging from 295 pounds ($375) to 395 pounds ($500) per person; and on Dean Street, the more affordable Barrafina, serving classic tapas and seafood.
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NEW YORK CITY
The city that never sleeps is home to many museums, theaters, entertainment and, most important, a diverse selection of food, with 70 Michelin-star restaurants. A few top stops include Eleven Madison Park in the city's heart, serving a 10-course tasting menu of entirely plant-based items at $365 per guest; Daniel, with its elegant French cuisine; and Masa, located in The Shops at Columbus Circle, offering a modern sushi menu.
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SINGAPORE
This small but dynamic nation is known for its multicultural society, reflected in a famous culinary scene that boasts 55 Michelin-star restaurants throughout its 275 square miles. Some offerings include Labyrinth, a modern twist on local Singaporean street foods. Waku Ghin, in the famous Marina Bay Sands, offers a five-course prix fixe menu at $250 a person and is known for its Japanese fine-dining experience, boasting several celebrity chefs; while Les Amis serves classic French cuisine.
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SAN FRANCISCO
The “City by the Bay,” known for its tech hub, rolling hills and fog-encapsulated Golden Gate Bridge, is also a popular destination for fine dining. The city boasts a diverse culinary scene, from seafood at Fisherman’s Wharf to the enticing aromas of Chinatown and authentic Mexican flavors in the Mission District. The city has 26 Michelin-star restaurants within its 47 square miles. Some notable stops include Benu, a minimalist destination with New American cuisine that offers a tasting menu of $420 per person; Lazy Bear, serving contemporary modern cuisine in a two-story warehouse; and Nari, featuring contemporary Thai-Californian cuisine.
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BARCELONA
Located along the Mediterranean Sea and with Gothic and modernist architecture by Antoni Gaudi, this vibrant city is well-known for its delicacies, with 24 Michelin-star restaurants over its 39.2 square miles. One of those spots is Disfrutar, which features experimental tasting menus for 275 euros ($300) for dinner and 145 euros ($160) for a wine pairing. Caelius, in the Ohla Barcelona hotel, serves French-influenced Mediterranean cuisine; and Moments, in the Mandarin Oriental Barcelona hotel, serves food with Catalan tradition.
LOOSE CHANGE
- More than half of Asia-Pacific family offices grew assets under management in 2023: 58% reported an increase in AUM, with 32% seeing an increase of more than 10%. Their aggregate wealth was $68 billion.
- VistaJet introduces holiday menu with sky-high delicacies: The private aviation company, which has long prided itself on its attention to cuisine, is turning up the heat this year with the launch of a menu in partnership with two culinary all-stars.
- “Largest fancy vivid yellow diamond to ever sell at auction” goes for $5.5 million: At Sotheby’s recent Magnificent Jewels auction in New York, $38.4 million worth of bling was sold, including a rare 133.03-carat fancy vivid yellow diamond for $5.5 million.
- Help us with a story: We’re working on a story about family offices that have dedicated philanthropic arms. If you have any comments on the topic, reach out to [email protected].