In this article, Hassans' Partner, Nigel Feetham, asks the question, what could the coronavirus mean for big business and private wealth once the dust settles? How do we best manage, if not survive this?
With the coronavirus potentially, if not probably, being a life changing event in every sense (economic, social and political), many businesses and policy makers will be asking the same question. Nigel offers up some insightful thoughts on the possible scenarios, including countries embracing higher taxation and nationalisation as quick fixes for the deep economic recession (perhaps even depression) that is expected to follow.
Nigel explores the notion that one of the best strategies might well be to: "keep it local’...minimise dealings outside the jurisdiction of the ownership structure, manage its affairs in the home jurisdiction and use independent local professionals well versed with corporate governance. If ever it was time to invest in professional infrastructure and intellectual capital (instead of the ostentatious display of wealth) it may be now."
It's a good read :-)
Buying a yacht and luxury house with a private berth in Monaco, which has so often been associated with the lifestyle of the super-rich, may no longer sound like such a good idea.