Vellum Finance & Patrimoine

09/06/2026

🏛️ Inheritance Tax Rules by Country in 2026: What International Families Need to Know
As European and global tax authorities tighten rules amid budget pressures, cross-border families face a complex and shifting inheritance tax landscape in 2026. Proactive planning has never been more critical.
Here’s a clear breakdown of the key developments and planning considerations from the latest Vellum Finance analysis:

✅ United Kingdom (Major Reform): Shifted to a residence-based system for long-term residents (10/20 years). 40% rate above the frozen nil-rate band (£325k + £175k residence nil-rate band for direct descendants). Business Property Relief and Agricultural Property Relief capped from April 2026. Worldwide assets now exposed for long-term residents.
✅ France: Rates up to 45% for direct descendants (60% for others). Full spousal exemption and valuable life insurance benefits (up to €152,500 tax-free per beneficiary if policy taken out before age 70). IFI (real estate wealth tax) applies alongside.
✅ Italy: One of the more favorable regimes for close family — 4% above €1 million allowance per beneficiary (6% for siblings, 8% for others).
✅ Spain (Regional Variations): Highly attractive in regions like Madrid, Andalusia, and the Balearics with 99–100% relief (effectively 0–1%) for close family. Other regions and the national Solidarity Tax add complexity.
✅ United States: Federal exemption remains high at $15 million per individual ($30 million for couples) with a 40% top rate. Unlimited marital deduction and portability. Non-residents taxed only on US-situs assets above $60k.
✅ Tax-Friendly Jurisdictions: UAE, Singapore, Portugal (0% for direct heirs in many cases), Hong Kong, and others offer significant advantages — but require careful substance and anti-avoidance compliance.

➡️ Key Takeaway: With limited inheritance tax treaties and increasing scrutiny (CRS, anti-avoidance rules), families must combine residency optimization, holding structures, trusts, life insurance wrappers, and lifetime gifting. Professional cross-border advice is essential to avoid double taxation and protect multi-generational wealth.

🔗 Read the full country-by-country breakdown and practical planning steps here:
https://vellumfinance.com/en/wealth-legacy/inheritance-tax-rules-by-country-in-2026-what-international-families-need-to-know/
How is your family office or private wealth team preparing for the 2026 inheritance tax changes across jurisdictions? Are you prioritizing residency reviews, structuring, or gifting strategies? Share your thoughts in the comments 👇

13/05/2026

💰 Where Do the World’s Richest Families Invest Their Money in 2026?
The latest data reveals how ultra-high-net-worth families and family offices are positioning their capital for long-term preservation and growth amid market volatility.

According to 2026 reports from J.P. Morgan and Knight Frank, here is where they are allocating their wealth:

➡️ 35-40% in Private and Alternative Investments (Private Equity, Venture Capital, Infrastructure, and Private Credit) for higher returns and lower correlation to public markets.

➡️ 20-25% in Real Estate for stable income and strong inflation protection.

➡️ 30-40% in Public Equities, but highly selective (quality blue chips in AI, energy transition, and healthcare).

➡️ 10-15% in Bonds and Cash for liquidity and defense.

✅ The clear trend: A decisive move toward real assets, direct investments, and co-investments for greater control and resilience.

This sophisticated approach aims for 7-10% net annual returns while protecting multi-generational wealth.

🔗 Read the full analysis of the investment strategies of the world’s wealthiest families here:
https://vellumfinance.com/en/wealth-legacy/where-do-the-richest-families-invest-their-money-2026-investment-strategies-of-the-worlds-wealthiest/

How does your portfolio allocation compare to these strategies? Are you increasing exposure to private assets and real estate in 2026?
Share your thoughts in the comments 👇

Where do the richest families invest their money in 2026? Discover the preferred allocations of UHNWIs and family offices: private equity, real estate, and alternative assets. Full analysis and practical insights on vellumfinance.com

10/05/2026

Understand the key risks and effective mitigation strategies for Ukraine real estate investment in 2026. Practical guidance for multi-generational families and legacy investors in this clear expert analysis.

22/04/2026

🛢️ Oil Volatility in Q1 2026: 50%+ Surge, Geopolitical Drivers & How Substantial Family Wealth Can Take Advantage

The first quarter of 2026 served as a stark reminder of how quickly geopolitics can reshape energy markets. After beginning the year in a relatively stable mid-$60s range, Brent crude experienced extreme swings, surging more than 50% and briefly exceeding $100 per barrel in March before pulling back to the low-$90s by mid-April.

The latest analysis from Vellum Finance examines exactly what drove this volatility and provides clear, actionable guidance for family offices and high-net-worth investors.

Here’s a concise summary of the key insights:

➡️ The Trigger: Escalation involving Iran (U.S. and Israeli actions in late February) severely disrupted the Strait of Hormuz, responsible for ~20% of global oil supply. This, combined with secondary effects from Russia, rapidly flipped the market from surplus to deficit.

➡️ Price & Market Impact: Average production loss of ~2.13 million barrels per day. Energy sector outperformed strongly: upstream oil & gas producers +45%, broader energy sector +38% in Q1 (FactSet data).

➡️ Forecast Revisions: Analysts have sharply raised 2026 Brent crude averages, now expected at $82–85 per barrel (up ~30% per Reuters poll), with potential for mid-$90s if disruptions continue.

➡️ Near-Term Outlook: Elevated volatility likely to persist into Q2; market may shift toward a more balanced or slight surplus later in the year assuming no major new escalations.

➡️ Strategic Recommendations: Focus on quality energy producers with strong balance sheets, low break-even costs, and disciplined capital allocation. Use hedging tools (options, futures) for protection. Integrate selective commodity exposure within a diversified portfolio rather than over-concentrating.

In uncertain times, disciplined risk management and selective positioning turn volatility from a threat into a strategic advantage for long-term wealth preservation.

🔗 Read the full article with detailed data, updated forecasts, and practical implementation steps for family offices here:
https://vellumfinance.com/en/investment-strategies/analysis-of-oil-volatility-in-the-first-2026s-quarter-what-to-expect-next-and-how-to-take-advantage/

How are you currently positioning your portfolio for energy and commodity exposure amid ongoing geopolitical risks? Defensive hedging, selective upside plays, or staying on the sidelines?

Share your approach or questions in the comments 👇 I’d love to hear your perspective!

Analysis of oil volatility linked to Iran and Russia in the first four months of 2026 and its impact on the stock market. What to expect next and practical ways to navigate and benefit from ongoing volatility on vellumfinance.com.

15/04/2026

➡️ High net worth does not always equal true financial security.

Many ultra-high-net-worth families discover this the hard way. A strong balance sheet can hide serious vulnerabilities: illiquid assets that cannot be sold quickly, hidden debt and leverage, lifestyle inflation, concentration risk, and insufficient liquidity for emergencies or market shifts.

Studies confirm it. Only 36 percent of American millionaires actually feel wealthy despite impressive net worth figures.

Real financial security is about reliable cash flow, accessible liquidity, smart diversification, robust planning, and genuine peace of mind, not just a single number on paper.

Read the full article:
https://vellumfinance.com/en/wealth-legacy/why-is-a-high-net-worth-not-always-a-sign-of-financial-security/

Why is a high net worth not always a sign of financial security? Discover the hidden risks of illiquidity, debt, lifestyle inflation and concentration that can leave even wealthy families vulnerable in 2026 on vellumfinance.com

14/04/2026

💰 The 100 Richest Families in the World in 2026: Latest Rankings, Data & Key Trends

Multi-generational family dynasties continue to demonstrate extraordinary resilience and growth. According to the latest Bloomberg-based analysis from Vellum Finance (as of end-2025 data), the top 25 richest families now control nearly $2.9 trillion in combined wealth, an impressive surge of $358.7 billion in just one year. The top 10 alone exceed $1 trillion.

Here are the standout highlights:

1. Walton Family (USA) – $513.4 billion ~44% ownership of Walmart, serving 270 million customers weekly.

2. Al Nahyan Family (UAE) – $335.9 billion Oil reserves + $1.5 trillion sovereign wealth fund with major AI and tech investments.

3. Al Saud Family (Saudi Arabia) – $213.6 billion Public Investment Fund (> $1 trillion) and oil revenues.

4. Al Thani Family (Qatar) – $199.5 billion Natural gas, hotels, insurance, and global real estate.

5. Hermès Family (France) – $184.5 billion Iconic luxury group (Birkin bags and beyond) with 100+ family members involved.

6. Koch Family (USA) – $150.5 billion Koch Industries (energy, chemicals, materials).

7. Mars Family (USA) – $143.4 billion M&M’s, Snickers, and global pet food leadership.

8. Ambani Family (India) – $105.6 billion Reliance Industries (refining + telecommunications).

9. Wertheimer Family (France) – $85.6 billion Chanel, vineyards, and racing stables.

10. Thomson Family (Canada) – $82.1 billion Thomson Reuters via Woodbridge (media & information empire).

Key 2026 Trends

- Luxury and consumer goods empires thriving alongside retail giants.

- Middle Eastern sovereign families accelerating into AI, technology, and diversified global assets.

- Strong stock market tailwinds boosting established dynasties.

- Emphasis on generational governance, succession planning, and diversification into real assets for long-term preservation.

These families prove that true wealth isn’t just accumulated, it’s strategically preserved and grown across decades through disciplined strategy and family governance.

🔗 Read the full article with the complete analysis, deeper trends, and practical takeaways for family offices here:
https://vellumfinance.com/en/insights-education/the-100-richest-families-in-the-world-in-2026-latest-data-analysis-and-trends/

Which of these families’ wealth strategies stands out to you the most? Or what lessons can today’s high-net-worth families and family offices draw from these dynasties? Share your thoughts in the comments 👇 I’d love to hear your perspective!

Discover the 2026 ranking of the 100 richest families in the world according to Bloomberg. The Walton family leads with 513 billion dollars, followed by Gulf dynasties and French luxury houses. Full analysis of trends and what it means for your wealth on vellumfinance.com.

03/04/2026

💼 Active vs Passive Management: Which Strategy Truly Suits Substantial Family Wealth?

For families and family offices managing tens or hundreds of millions, the choice between active and passive investing goes far beyond simple returns. It directly shapes long-term wealth preservation, tax efficiency, liquidity, generational transfers, and legacy building in an increasingly complex world.
The latest analysis from Vellum Finance breaks it down with fresh 2025 data and practical guidance tailored to substantial (UHNW) family wealth.

Here’s a clear summary of the key insights:

1) Active Management: Professional managers aim to outperform benchmarks through stock selection, timing, and dynamic risk management. It shines in inefficient markets (small-caps, emerging markets, private equity, venture capital) and allows strong customization (ESG, impact investing, values alignment, tax-loss harvesting). Drawback: significantly higher fees (0.7–1.5% annually) and persistent underperformance, 79% of large-cap U.S. equity active funds lagged the S&P 500 in 2025 (S&P SPIVA scorecard, the worst in 25 years).

2) Passive Management: Tracks broad market indices via low-cost index funds or ETFs. Delivers market returns with ultra-low fees (

Active vs passive management: which strategy truly suits substantial family wealth? Latest 2026 evidence from SPIVA shows most active funds underperform. Discover the optimal core-satellite approach for family offices on vellumfinance.com.

31/03/2026

When geopolitical tensions escalate in the Middle East, your first call should be to your wealth manager.

In 2026, "extraction" has become a critical service for ultra-high-net-worth families:
- rapid,
- discreet relocation involving private aviation,
- elite security,
- instant liquidity access,
- and swift legal asset transfers out of high-risk zones.

Preparation separates those who navigate crises successfully from those who don't. The best wealth managers now build extraction protocols, multi-jurisdictional liquidity buffers, robust legal structures, and family communication plans long before they are ever needed.

True wealth management today is about protecting lives and legacies, not just portfolios.

Read the full article:
https://vellumfinance.com/en/global-perspectives/if-you-need-to-be-extracted-from-the-middle-east-call-your-wealth-manager/

If you need to be extracted from the Middle East, call your wealth manager. Discover how UHNWIs are using private banking for rapid evacuation, asset protection and crisis relocation amid 2026 geopolitical risks on vellumfinance.com.