The Role of Culture in Wealth Management

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The U.S. airline network is like a fabric where everything is just connected nearby to get 3,000 miles you might have to take 30 trips of 100 miles each but because it is scale-free and there's long-range connections you can get there in two trips. The offshore financial network is that kind of thing with some hubs that really super duper connected and then there are some smaller hubs and then below that even smaller hubsYeah I alluded to the fact that my my informants in the qualitative study had told me that although wealthy people ultra wealthy people from all over the world have a lot in common with each other sometimes more incommon with each other than with the people of their own

The modern world is large and interconnected, and there are a lot of systems that might be important to how it functions but about which most people are barely aware. One of these is the offshore wealth management network, which wealthy individuals can use both legitimately (to invest and plan their money) and less legitimately (to avoid taxation or hide questionable practices generally). Brooke Harrington is a sociologist who has studied offshore wealth management, including by training to be one. In a recent paper, she and colleagues analyze networks of offshore wealth managers as a complex system, uncovering power-law behavior and interesting nation-dependent network structures.

Web site with transcript: https://www.preposterousuniverse.com/podcast/2023/05/22/237-brooke-harrington-on-offshore-wealth-as-a-complex-system/

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Brooke Harrington received her Ph.D. in sociology from Harvard University. She is currently a professor of sociology at Dartmouth College. Among her awards are the IPM Outstanding Book Award from the American Sociological Association. She is the author of Capital Without Borders: Wealth Management and the One Percent.

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