Looking back at Citywealth Forum: Embracing the new world of private wealth

Jodie Gray, Director, Private Client recently attended the Citywealth Forum in London, which focuses on key issues impacting ultra-high-net-worth individuals (UHNWIs) and wealth management professionals.

Chaired by Joshua Rubenstein, Partner and National Chair at Katten Muchin Rosenman in New York, the Forum brought together private wealth advisers, wealth managers, and industry leaders to discuss the emerging trends, investment strategies, and wealth preservation techniques that are shaping the future of private wealth management.

The key message was clear, managing private wealth is becoming more complex, more scrutinised and more exposed to technological and reputational risk than ever before. In this article, Jodie explores the themes and takeaways highlighted throughout the day.

Increasing complexity created by global mobility and transparency requirements

As global mobility increases, so does the complexity of managing private wealth across multiple legal systems and jurisdictions. Discussions highlighted the growing challenges developing from cross-border family structures, particularly where religious and civil law interact in areas such as marriage, divorce and succession. This outcome shows an increased use of various structures, for example there is growing use of Sharia-compliant finance structures, including Sukuk and Islamic real estate structures and an ongoing debate regarding cryptocurrency and whether it constitutes speculative or gambling activity under Sharia principles. Differences in legal frameworks, including forced heirship regimes and varying approaches to ownership and contractual arrangements, are creating complex and unique planning considerations for internationally mobile families.

There is also a clear rise in disputes linked to capacity, vulnerability and succession planning, with greater scrutiny being placed on decision-making and the potential for undue influence. Establishing a trust may be assessed similarly to making a will from a capacity perspective and capacity can fluctuate significantly due to illness, medication or treatment. This is being mirrored in the philanthropic space, where governance, transparency and reporting expectations are becoming more sophisticated. These developments point to a landscape where wealth structuring is no longer just technical, but requires careful navigation of legal, cultural and regulatory complexity. There is a strong emphasis that personal relationships and trust remain critical despite increasing digitisation and AI.

Rising political pressure and technology-driven risk reshaping global wealth planning

International finance centres are continuing to evolve, positioning themselves not only on tax efficiency but on broader factors such as political stability, regulatory credibility and the overall quality of environment for internationally mobile families.

Jurisdictions including Monaco for example, emphasise security, stability, lifestyle and education as key attractions for UHNW families. However, this increasing sophistication is developing alongside heightened political scrutiny of private wealth and a growing global compliance burden. Global tax reform, transparency initiatives and shifts in domestic policy, particularly in the UK, are reshaping the attractiveness of key jurisdictions. Some speakers suggested the UK is becoming less competitive for internationally mobile wealth, particularly following the non-dom changes, when compared with jurisdictions such as Switzerland, Italy, Portugal, UAE, France and Spain.

Technology is also introducing a new layer of risk that cannot be ignored. The rise of AI-driven misinformation, digital impersonation and challenges around jurisdiction and enforcement is changing how reputation is managed in practice. Existing legal frameworks such as defamation, privacy and data protection laws are currently being adapted to address AI-related issues. For families and their advisers, reputation management is increasingly viewed as a core risk-management issue and requires practical strategies in an environment where information and misinformation can spread rapidly and globally.

Why advisers need to balance technical expertise, adaptability, governance and long-term relationship management

Due to rising challenges and complexity, advisers are required to balance a mix of technical expertise, regulatory awareness and commercial judgement. Traditional investment approaches are being challenged by economic uncertainty and evolving client expectations, with growing interest in alternatives, multi-asset strategies and “safe haven” assets. Areas such as ESG, crypto assets and changing tax environments are adding further layers of complexity to both investment and structuring decisions.

What emerged clearly is that technical knowledge alone is no longer enough. Advisers must also demonstrate adaptability, clear communication and strong governance frameworks, particularly when working with globally mobile and often entrepreneurial families. Building long-term, trust-based relationships remains crucial, but must now be reinforced by an ability to navigate rapid change, manage risk and support clients through an increasingly uncertain and digitally connected landscape.

Overall, the main takeaway from the Citywealth Forum is that the private wealth landscape is becoming more complex, more scrutinised and more exposed to both technological and reputational risk. Internationally mobile families require robust structuring and an innovative approach that considers legal, political and societal shifts alongside more traditional financial objectives, with advisers needing to balance technical expertise, adaptability, governance and long-term relationship management.