What is it like to be discreetly wealthy in Europe?

Being discreetly wealthy in Europe, particularly in countries like Germany, is characterized by a distinct set of behaviors, attitudes, and societal norms. Here are some key aspects:

Preference for Anonymity

Wealthy individuals in Europe, especially in Germany, often prefer to maintain a low profile and avoid drawing attention to their wealth. Many refuse to be photographed, and some have managed to remain without public photos for decades. This anonymity is sought to avoid social envy and to lead relatively normal lives without the scrutiny that comes with public recognition14.

Cultural Attitudes Towards Wealth

Unlike in some other regions, such as the United States, wealth in Europe is not typically flaunted as a status symbol. Instead, it is often obscured, reflecting a cultural attitude where wealth is not necessarily prized but rather seen as something to be managed discreetly. This approach is rooted in the broader societal context where income inequality is a significant issue, and the wealthy may feel a need to keep a low profile to avoid social criticism1.

Family and Historical Ties

Many wealthy families in Europe have long histories and deep roots in their respective countries. For example, families like the Wallenbergs in Sweden have vast financial and industrial empires that span centuries. These families often manage their wealth through traditional banking and financial institutions, such as Skandinaviska Enskilda Banken (SEB), which plays a pivotal role in the economic landscape3.

Financial Management and Advice

Wealthy individuals in Europe often rely on professional wealth management services to handle their financial affairs. Companies like UBS Global Wealth Management, Credit Suisse, and BNP Paribas offer comprehensive advice and investment services tailored to the specific needs of high-net-worth individuals. These services include investment planning, tax planning, estate planning, and retirement planning, all designed to protect and grow their wealth discreetly25.

Views on Social and Economic Issues

The wealthy in Europe may hold varied views on issues like income disparity and wealth distribution. Some, like Dirk Rossmann, the founder of the Rossmann drugstore chain, are more open about their wealth and its implications, while others remain silent. The documentary "Top of the World: The Discreet Lives of the Super-Rich" explores these perspectives, revealing that many wealthy individuals are aware of the economic divide but may not always feel accountable for it or willing to discuss it publicly14.

Fear and Self-Imposed Isolation

There is a significant element of fear and self-imposed isolation among the wealthy. Some heirs to large fortunes may fear that their wealth will be tainted by historical associations, such as ties to the Third Reich. This fear, combined with a desire to avoid social envy and maintain privacy, leads many to live secluded lives, even in urban centers where they can remain unrecognized14.

In summary, being discreetly wealthy in Europe involves a strong preference for anonymity, a cultural aversion to flaunting wealth, reliance on professional wealth management, and often a complex relationship with the broader societal issues of income inequality and historical legacy.