The rise of the tiny family office – and what it says about society

When Michael Paulus sold his insurance business to Prudential for $2.35 billion in 2019, he vowed to play golf. But that only lasted a fortnight: “I became kind of miserable."

It is an inconvenient truth that families go from clogs to clogs in three generations, as those who inherit their wealth steadily fritter it away. And the rate of decline could be steepening.

Recently, Goldman Sachs released its third family office investment report. It is a solid piece of research that has received extensive media coverage.