Elite Societies and Clubs: The New Markers of Wealth and Influence
Today, wealth distribution has become more widespread throughout much of the Western world, largely due to the role of media platforms in empowering individuals.
The internet has been the catalyst for this change, with social media platforms further leveling the playing field by making visibility accessible to everyone. Overall, media has played a significant role in wealth creation for many people. It's worth noting that owning a media platform stands out as one of the most achievable paths to socioeconomic advancement for those in lower-income brackets and the middle class.
This scenario is markedly different from that of the 1960s and 1970s. Back then, possessing a Ph.D. or an MD almost guaranteed a much higher social status and ensured mobility. You were considered a professional, indicating a market for your specialized skill set.
Today, however, degreed professionals find themselves on the fringes, heavily leveraged. Entrepreneurs, whether they hold academic credentials or not, are ascending. High school dropouts are achieving significant success by leveraging their understanding of influence and developing talents and skills that are more practical today than a Ph.D. might ever be.
With this shift comes a desire for power, influence, and acceptance, as well as to be seen as more sophisticated, wealthier, and attractive.
Social media, once an expression of art, has now become an expression of ego and status. This shift has sparked a desire to display legitimacy.
This desire manifests in various forms. Typically, the top 0.001% gravitate towards statement assets, which are spectacular indicators of astronomical wealth, influence, and power. A statement asset is defined as something that makes one appear wealthier, smarter, and better connected than one's peers. Behind the scenes, friends might boast about knowing the family that owns an NFL team or a skyscraper or mention co-investing with well-known families in a venture. Their status is elevated through association.
However, the specifics of their ownership or their role in such investments may not be widely known. What is recognized is their ownership of assets like sports teams, which consistently retain their value—a privilege not available to all, as illustrated by the late Rush Limbaugh. Other examples include ultra-high-end fine art, prime Class A real estate in major cities, European sports leagues, and anything aspirational yet unquantifiable on Instagram.
But what do these circles of influence and power look like in the real world?
At their core, societies and clubs are microcosms of shared values. Members use their associations not just for identity, but as an indicator of their aspirations and desired affiliations. Professional societies, spanning every trade and profession worldwide, offer their members a distinct identity through their affiliation. However, not all clubs and societies hold the same values. For instance, 85 Broads, now known as Ellevate, has become a hub for accomplished female professionals from Goldman Sachs, offering tools, resources, and support for reputation building and networking.
These societies value execution, trust, accountability, responsiveness, and urgency in assisting fellow members. Their emblem is their ability to get things done.
Then there are the "flex clubs," great for social networking and meeting successful individuals from various industries. These clubs, akin to "cars and coffee" gatherings, are enjoyable and often provide opportunities to meet fascinating and sometimes famous individuals. However, less discerning experiences, such as meeting a celebrity on an island, lack depth, amounting to little more than an expensive selfie.
Whatever your values, they should guide your choice of club. A club worth joining today must offer its members a significant boost—beyond events, fine wine, and key opinion leaders. For many families, the ability to execute takes precedence over any luxurious event or experience.
Many of these clubs, societies, and salons employ dedicated staff solely for facilitating warm introductions. Trust is crucial for facilitating swift action, and a track record of execution is highly valued. This immediate support is what these families seek—they have a problem that needs solving, potentially affecting their bottom line or identity, and it's crucial to address it with complementary skills or talents.
Member onboarding generally involves a background check, especially with clubs and investments that are more exclusive. The process should include warm, respectful introductions, akin to introducing someone to their future spouse. The level of discretion or publicity of these introductions varies by club but is typically immediate, allowing new members to mingle with the "whales" of the club. Our member families, for example, value discretion, ensuring there are no unwanted revelations.
Ultimately, the higher the barrier to entry for a club, the more consequential the network you will build. Even 85 Broads, now Ellevate, would likely appeal to even the most cynical of observers, such as Groucho Marx.
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