At the Four Seasons a stone’s throw from Wall Street, 52 heirs to incredible wealth gather to learn how to do one thing; stay rich.
The three-day Young Successors Program, which is being dubbed ‘Camp Rich’, was organised by UBS Group AG but other banking groups such as Morgan Stanley and Credit Suisse host similar events for what they hope will be their next generation of clients.
For the first time ever, a journalist was allowed to attend the event, and write about what she saw as long as she didn’t name anyone. Bloomberg wealth writer Suzanne Woolley – who aptly goes by @WealthWatch on Twitter – was the journalist in question, she documented the Dragon’s Den style pitching sessions, the personal branding workshops, and, of course, the wine tasting hosted by Jon Bon Jovi’s son Jesse.
Here are five life lessons us no-so-rich folk can learn from these wealthy millennials…
1. Networking actually works
As much as it has become a totally eye-rolly word, networking AKA 'hanging out with people who could help you out in life' really is effective. Attendees at the Young Successors Program said they have become investment buddies, friends and even romantic partners after meeting at these elite events.
2. Personal branding isn’t going anywhere
Cue another eye-roll. But if the richest youngsters are being taught about it – people who really don’t need to make a name for themselves because it is already made – then it’s not going out of fashion anytime soon. Better change your Twitter picture from a selfie to a headshot ASAP.
3. If you want to engage people, you need to give them an experience - even if it's a negative one
Scott Harrison, CEO of Charity: Water made a point about the horrible experience of some women in developing countries who have to carry huge amounts of unsanitary water long distances, by getting the attendees to walk a mile with a container similar to those used in the images shown by Harrison. As problematic as this presentation is, it’s unlikely they will forget the experience and are more likely to donate to the charity too.
4. It’s never too early to start planning for your future
For some of these heirs it could be years before they inherit businesses from their parents - the attendees at the Young Successors Program had an average age of 27. Instead of waiting, many are keen to set up businesses now like Jon Bon Jovi’s son Jesse who started rose wine company Hampton Water Wine earlier this year.
5. Rosé is important
OK not so much a life lesson as a truth universally acknowledged, but it was served alongside pretzels with cheese dipping sauce, and chia seeds.