Goldman Sachs Sees Wealth Management as 'Hottest Division'
A partner at Goldman Sachs revealed that the most sought-after jobs at the firm are now in wealth management, surpassing traditional roles in trading. The key skills for success in the division are described as emotional intelligence and the ability to make clients feel personally known, mirroring the philosophy of luxury hospitality.
- The "quiet luxury" movement is a dominant force in 2025, reflecting a broader cultural shift toward prioritizing craftsmanship and high-quality materials like silk and cashmere over conspicuous branding. This trend, driven by economic uncertainty and a desire for authenticity, has seen brands like Brunello Cucinelli and The Row experience steady growth. - In luxury hospitality, the new standard is "hyper-personalization," where guest data is used to anticipate needs and tailor every aspect of a stay before arrival, a service for which guests are willing to pay 10-20% more. This is coupled with a demand for privacy and exclusive-use accommodations, from private chefs to behind-the-scenes cultural tours. - The global art market in 2026 is seeing a renewed focus on craftsmanship, texture, and eco-conscious themes, with collectors showing increased interest in works priced under $50,000. In Chicago, key events for patrons include EXPO CHICAGO at Navy Pier (April 24–27, 2025) and the city-wide Chicago Exhibition Weekend (September 19–21, 2025). - High-net-worth philanthropic giving reached a record $592.5 billion in the U.S. in 2024, with individuals accounting for 66% of all donations. Notable 2025 contributions include a $2 billion gift from Nike co-founder Phil Knight and his wife, Penny, to Oregon Health & Science University. - Anticipated luxury hotel openings for 2025-2026 that are setting new standards for service include the Mandarin Oriental in Downtown Dubai, the restored Waldorf Astoria New York, and Rosewood Blue Palace in Crete. The trend in these new properties is integrating wellness beyond the spa, with offerings like sound healing, forest bathing, and integrative nutrition programs. - Valuations of major league sports franchises continue to climb, attracting private equity investment and driving interest among the ultra-wealthy. Hedge fund managers are prominent owners, with Point72's Steve Cohen (New York Mets) and Appaloosa Management's David Tepper (Carolina Panthers) topping the 2025 list of highest earners. - Key dates on Chicago's 2025-2026 social calendar include the Joffrey Ballet's "Daring Opulence" Gala (May 31, 2025), the Lincoln Park Zoo's Serpentine Soirée (July 11, 2025), and the Alzheimer's Association's Rita Hayworth Gala (May 9, 2026). - Among wine collectors and sommeliers, there is a growing demand for eco-friendly, organic, and biodynamic wines, while classic regions like Bordeaux and Burgundy remain benchmark investments in times of economic uncertainty. Fine Bordeaux is considered more accessible for collecting than increasingly rare Burgundy.
