The finance empire of Liechtenstein’s Prince Hans-Adam II, which has been in existence for almost 1,000 years, is thriving. LGT Group, the royal family’s private banking and asset-management firm, reported record assets under management of almost 306 billion Swiss francs ($334 billion) as of June 30, 2022. The firm has been expanding rapidly, recently acquiring Abrdn Plc’s discretionary fund-management business in the UK and Jersey. LGT is also hiring former Credit Suisse staff and has plans for organic growth.
LGT’s success mirrors the resurgence of Liechtenstein, a small Alpine nation that was once known as a tax haven. The firm has more than doubled its assets under management and operating income in the past decade, rebounding from the fallout of the 2008 financial crisis. LGT is now among the firms poaching Credit Suisse staff after the bank’s collapse and acquisition by UBS Group AG.
Prince Hans-Adam II, the sole beneficiary of LGT, has seen his wealth increase significantly, making him Europe’s richest royal. His fortune is estimated at about $9.2 billion, and he owns the family’s most valuable assets personally. The prince and his family’s wealth originated from land acquired in the 12th century and has been managed and expanded through LGT.
In addition to LGT, the royal dynasty still owns land, real estate, and a major art collection. LGT’s value has surged this year, outperforming the MSCI World Bank Index. Liechtenstein has increased its transparency in recent years, moving away from its reputation as a tax haven.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇩🇪 🇦🇹 ðŸ‡ðŸ‡º 🇨🇿 ðŸ‡ðŸ‡° 🇨🇠🇱🇮 🇬🇧 🇯🇪 🇮🇳 🇦🇺 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Charles III, Max, Ajay Punjabi, Olivier de Perregaux, Hans-Adam II |
| Companies | Validus Wealth, UBS, LGT Group, Abrdn Plc, Crestone |
| Currencies | Swiss Franc |
| Securities | None |
