以下文章来源于棱镜 ，作者温世君 世界上最有钱的女人，拥有多少财富？答案是112 4亿美元，超过了比尔·盖茨当前1059亿美元的身家。她如何获得这样的财富？答案是来自她的爸爸。 她是75岁的爱丽丝·沃尔顿，沃尔玛创始人山姆·沃尔顿最小的孩子，也是唯一的女儿——1949年，31岁的山姆·沃尔顿在有了三个儿子之后，才迎来这位千 金。 爱丽丝·沃尔顿拥有的惊人财富，离不开父亲对家产的"公平分配"。作为老派的企业家，"精打细算"零售文化的代表，山姆·沃尔顿在1992年去世前就早已明 确：将以沃尔玛（WMT.N）股权为核心的家族财富，平均分配给四位子女。 目前，沃尔顿家族控制的"沃尔顿企业"与"沃尔顿家族控股信托"两个实体，仍持有沃尔玛52.07%的股权。对于一家拥有60多年历史的巨型上市公司而言，家 族仍保持如此强的控制力颇为难得。 作为现代 零售 业的标杆，如今的沃尔玛在全球拥有210万名员工、10750家门店（包括以创始人名字命名的山姆会员店），在19个国家 服务 着 2.7亿线上线 下客户，2025财年营收达6809.85亿美元，连续12年位居全球500强首位。 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深 ...

Core Viewpoint - Alice Walton, the world's richest woman, has a net worth of $112.4 billion, surpassing Bill Gates' $105.9 billion. Her wealth primarily comes from her father, Sam Walton, the founder of Walmart, who ensured an equitable distribution of family wealth among his children [4][5]. Group 1: Walton Family Wealth - The Walton family maintains significant control over Walmart, holding 52.07% of its shares through "Walton Enterprises" and "Walton Family Holdings Trust" [4]. - Alice Walton ranks 15th globally in wealth, while her brothers Rob and Jim Walton rank 13th and 14th, with net worths of $123.7 billion and $121.1 billion, respectively [7]. - The combined wealth of the Walton family members amounts to $419.6 billion, making them the second richest family globally, just behind Elon Musk [8]. Group 2: Walmart's Business Performance - Walmart employs 2.1 million people and operates 10,750 stores globally, serving 270 million customers. The company reported a revenue of $680.985 billion for the fiscal year 2025 [5]. - Walmart's stock price has increased from $37 to $104 per share since mid-2022, resulting in a market capitalization exceeding $826 billion [5]. - In the second quarter of fiscal year 2026, Walmart's revenue reached $178.9 billion, a 5.6% increase year-over-year, driven by growth in China, Walmex, and Flipkart [10][11]. Group 3: Walmart's Strategy in China - Walmart is closing traditional stores in China while expanding its Sam's Club membership stores, which have shown strong performance with a 30.1% increase in net sales [13]. - The number of Walmart stores in China has decreased from 420 in 2019 to 279, while Sam's Club locations have increased from 23 to 56 [13][14]. - Membership fees from Sam's Club generated over $1.3 billion in revenue last year, indicating a successful strategy to target middle-class consumers [13]. Group 4: Alice Walton's Lifestyle - Alice Walton, now 75, lives a life detached from Walmart's daily operations, focusing on her interests in art and philanthropy [15][19]. - She established the Crystal Bridges Museum of American Art and recently funded a medical school that offers free tuition to its first cohort of students [19].

Group 1 - Hong Kong has accelerated its efforts to attract family offices, surpassing the target of 200 family offices set in the 2022 Policy Address ahead of schedule [1][2][3] - The number of family offices established with the assistance of the Investment Promotion Agency does not include those that have set up independently, indicating that the total number may be significantly higher [2][3] - The Hong Kong government has implemented various favorable measures, including tax incentives and the establishment of the Hong Kong Wealth Management Academy, to create a competitive environment for family offices [3][6] Group 2 - Over 80% of the newly established family offices in Hong Kong are from the Greater China region, with others coming from Asia-Pacific, Europe, the Americas, and Oceania [6] - The total asset management value in Hong Kong exceeded HKD 35 trillion by the end of last year, reflecting a year-on-year growth of 13% [8] - The Hong Kong IPO market has shown remarkable performance, with fundraising reaching HKD 106.7 billion in the first half of 2025, leading global capital markets [8][9] Group 3 - The competition between Hong Kong and Singapore for family office dominance in the Asia-Pacific region is intensifying, with both cities offering unique advantages [15][16] - Singapore has seen a significant increase in family offices, with over 2,000 established by the end of 2024, reflecting a year-on-year growth of 42.9% [11] - Regulatory changes in Singapore, including tightening of tax incentives and enhanced scrutiny of family office applications, may impact its competitiveness in attracting overseas ultra-high-net-worth individuals [12][13] Group 4 - The rise of family offices is driven by an anticipated USD 5.8 trillion intergenerational wealth transfer in the Asia-Pacific region from 2023 to 2030, with ultra-high-net-worth families expected to account for nearly 60% of this transfer [14] - Family offices in both Hong Kong and Singapore benefit from clear and unique capital and income handling, which enhances their attractiveness as wealth management solutions [16] - The trend of families establishing offices in multiple jurisdictions is growing, with approximately 29% of respondents indicating that their family offices operate in various regions [16][17]

Core Viewpoint - The private banking business of several joint-stock banks in China has shown strong growth momentum in the first half of 2025, with significant increases in both asset management scale (AUM) and client numbers compared to the end of last year [1][2]. Group 1: Private Banking Performance - Among 12 joint-stock banks, 6 disclosed their private banking AUM and client numbers, with a total AUM of 4.65 trillion yuan as of June 30, 2025, up 4.49% from 4.45 trillion yuan at the end of last year [2]. - The total number of private banking clients for these banks reached 315,700, reflecting a growth of 7.53% compared to the end of last year [2]. - Notably, Minsheng Bank reported an AUM growth of 11.79% and a client number increase of 12.84%, while Zhejiang Commercial Bank saw AUM growth of 13.26% and client number growth of 15.52% [2]. Group 2: Strategies for Growth - Zhejiang Commercial Bank has implemented four key strategies to enhance its private banking business: 1. Strengthening the private banking system and upgrading service frameworks since 2024 [3]. 2. Expanding client acquisition channels through targeted activities for specific demographics, such as senior clients, and enhancing cross-border service capabilities [3]. 3. Focusing on family office services, which have seen significant growth in coverage and scale since 2024 [3]. 4. Expanding the range of customized and multi-strategy products to improve client asset allocation success rates [3]. Group 3: Family Trust and Office Business - Joint-stock banks are increasingly investing in family trust and family office services, with CITIC Bank emphasizing a comprehensive solution for ultra-high-net-worth clients [4]. - Zhejiang Commercial Bank's family office services are a core part of its private banking strategy, leveraging an expert service system and a fully online management system [4]. - In the first half of 2025, Zhejiang Commercial Bank signed 692 family trust agreements, adding 5.6 billion yuan in managed assets, and has successfully launched 62 elder care service trusts, marking a significant step towards scalable development in this area [5].

Core Insights - Chanel is one of the most iconic luxury brands globally, with the Wertheimer family holding 100% ownership, leading to a wealth of approximately $91 billion by September 2025 [1] - Alain and Gérard Wertheimer each own 50% of Chanel, with their current wealth around $44.5 billion [1] - Arthur Heilbronn is emerging as a key figure in the family office Mousse Partners, indicating a significant shift in family wealth management [1][2] Group 1: New Generation Leadership - Arthur Heilbronn, aged 38, joined Mousse Partners in 2019 and has taken on critical management roles, overseeing investments in real estate, banking, and media [2] - Heilbronn's appointment to a core holding company board reflects his growing influence and the family's thoughtful succession planning [4] - He is the son of Charles Heilbronn, the founder of Mousse Partners, and is positioned to ensure a smooth transition as the older generation steps back [4][6] Group 2: Mousse Partners Overview - Mousse Partners, part of Mousse Investments, focuses on family wealth management and has offices in New York, Beijing, and Hong Kong [7] - The firm employs over 30 professionals, including former analysts from major banks, and emphasizes long-term, sustainable investments across various asset classes [7][10] - Mousse Partners has supported numerous startups and has made significant investments in sectors like mental health, digital advertising, and biotechnology [10] Group 3: The Wertheimer Family's Discreet Approach - The Wertheimer family, known for their low-profile approach, has maintained control over Chanel while avoiding public attention [12][14] - Alain and Gérard Wertheimer have successfully managed the brand since the 1990s, with a focus on preserving the legacy of Coco Chanel [12][14] - The family has a history of discretion, often attending fashion events in a low-key manner, which contrasts with other luxury brand leaders [14] Group 4: Emerging Trends in Wealth Management - The rise of family offices like Mousse Partners signifies a shift in wealth management strategies among ultra-high-net-worth families, focusing on long-term perspectives [18] - Mousse Partners exemplifies resilience and wisdom in wealth preservation, adapting to global economic uncertainties [18]

Core Insights - The acquisition by Wanjing Capital, a newly established company, marks a significant shift in the power dynamics and wealth transfer within the New City family, particularly with the emergence of the young leader Wang Kaily [1][5][12] Group 1: Acquisition Details - On August 11, 2025, China New Retail Supply Chain Group Co., Ltd. announced its resumption of trading, sparking speculation about its underlying motives [1] - Wanjing Capital, registered on July 11, 2025, is solely owned by 26-year-old Wang Kaily, who is closely linked to the "Hua Sheng Trust" established by family member Wang Zhenhua [1][4] - The acquisition funding comes from internal resources through trust equity realization, without external loans, indicating a strategic financial maneuver [1][6] Group 2: Wang Kaily's Background - Wang Kaily has an impressive academic background, graduating from Peking University in 2021 and obtaining a master's degree from the University of Sydney in 2023, followed by another degree from University College London in 2025 [3] - Her career began in investment holding at Astrum Apex Investments Limited, focusing on project evaluation and investment opportunities, which aligns her with the family's traditional industries [3][4] Group 3: Business Performance - The core business of China New Retail Supply Chain Group remains traditional construction, primarily operating in Singapore, with annual revenues of 6.66 million, 5.56 million, and 5.55 million Singapore dollars from 2022 to 2024, alongside net losses of 1.5 million, 1 million, and 800 thousand Singapore dollars [4] Group 4: Implications of the Acquisition - The acquisition signifies a generational shift in control over real estate and new consumer projects, reflecting a redistribution of power and influence within the New City family [5][12] - The family trust serves as both a financial reservoir and a risk buffer, highlighting the family's sophisticated approach to wealth management across generations [6][12] Group 5: Future Prospects - The new generation's focus on trendy sectors like digital media and strategy public relations contrasts sharply with the traditional real estate and construction industries, indicating a cultural shift [8] - The success of Wang Kaily's ventures will depend on her ability to convert family trust funds into tangible business value, as the operational challenges ahead are significant [10][12]

Group 1 - Wang Kaili's emergence in the capital market is a strategic decision influenced by family reputation isolation and wealth distribution considerations [1][3] - Wang Zhenhua, her father and founder of New Town Holdings, has a tarnished reputation due to a criminal conviction, leading to a restructuring of the family power dynamics [1][3] - Wang Kaili is positioned as the family's representative in the investment sector, aiming to explore new value growth paths for the family [1][2] Group 2 - The funds for the acquisition amounting to HKD 223 million are sourced entirely from internal resources of Wanjing Capital, which Wang Kaili benefits from through the "HuaSheng Family Trust" established by her father [1][2] - Wang Kaili has a strong educational background, holding degrees from Peking University, Sydney University, and University College London, and has gained practical experience as a director at a private investment company [2] Group 3 - The family has adopted a "son in charge of the main business, daughter in charge of capital" model for wealth succession, mitigating the impact of personal reputation issues on the family business [3] - Wanjing Capital, established shortly before the acquisition, serves as a special purpose vehicle (SPV) for this transaction, with Wang Kaili as the sole shareholder and director [4][5] Group 4 - The acquisition price of HKD 0.6189 per share represents a significant discount of over 80% compared to the pre-suspension price of HKD 3.5, indicating that the focus is on the company's listing status rather than its business fundamentals [5][8] - Despite a surge in stock price due to market speculation, the target company has a traditional business model and continues to report losses, lacking substantial support for its inflated valuation [6][8] Group 5 - Wang Kaili's control over the Hong Kong-listed company exemplifies a blend of family strategy, capital tools, and institutional arbitrage, with her playing a crucial role in funding, establishing, and managing the investment platform [8] - This case reflects a growing trend among emerging family offices to utilize trust structures for wealth isolation and SPV operations for capital management, indicating a potential new paradigm in family wealth succession and investment strategies [8]

Group 1 - The recent family wealth disputes of a well-known entrepreneur's descendants have brought offshore family trusts into the spotlight, highlighting their role as a wealth transfer tool for the wealthy [1] - Family trusts provide unique features such as asset independence, allowing trust property to exist independently of the settlor, trustee, and beneficiaries, which meets the long-term wealth management needs of high-net-worth individuals [1] - In addition to wealth transfer, family trusts can also protect assets, mitigate risks, and provide for retirement, ensuring financial security for the elderly [1] Group 2 - The establishment of family trusts must comply with legal and regulatory requirements, and the assets placed in the trust must be legitimate and lawful [2] - The motivations for setting up a trust must align with its intended purpose; improper motives, such as hiding assets or evading debts, can render the trust invalid [2] - Offshore family trusts are established in jurisdictions outside the settlor's residence, with popular locations including Hong Kong, Singapore, and the British Virgin Islands, which have favorable legal frameworks for trust management [3] Group 3 - Offshore family trusts are subject to more complex legal regulations compared to domestic trusts, and there have been instances where such trusts have been legally challenged [3] - The minimum investment for family trust products is typically 10 million yuan, with a "low-cost" version available for 1 million yuan, making these financial tools accessible to a broader range of high-net-worth individuals [3] - As of the end of last year, the total balance of family trusts in China reached 643.579 billion yuan, indicating significant growth in this sector [3]

Core Insights - The article highlights the increasing focus of ultra-high-net-worth individuals and family offices on renewable energy investments, marking a shift in capital allocation logic amidst the energy transition [1][2][4]. Investment Trends - The "Breakthrough Energy Alliance," founded by prominent figures like Bill Gates and Jack Ma, aims to promote the commercialization of clean energy technologies through investments [2][4]. - The "Breakthrough Energy Ventures fund" (BEV) has raised over $3.5 billion and invested in over 120 companies in cutting-edge fields such as nuclear fusion, lithium batteries, and hydrogen energy [4][5]. Family Office Strategies - Family offices are increasingly viewing renewable energy not just as a single investment avenue but as a strategic asset class for risk hedging and growth [6][14]. - A "core + satellite" investment strategy is commonly adopted, where core investments are in stable clean energy assets, while satellite investments target high-risk, high-growth energy tech companies [6][14]. Infrastructure Investment - A survey of 175 family offices revealed a strong optimism towards infrastructure investments, with 75% of respondents viewing this asset class favorably [12]. - Family offices are focusing on transitional infrastructure, such as data centers and solar panels, rather than traditional assets like toll roads [12][14]. Investment Participation Methods - Family offices engage in renewable energy investments through three primary methods: providing financing for projects, directly investing in clean tech startups, and building and operating renewable energy assets [15][18]. - Notable examples include Guzman Energy Group receiving $130 million in mezzanine debt from the Walton Family Office, and family offices like Treehouse Management developing their own renewable projects [16][19]. Active Family Offices in Renewable Energy - Several family offices are actively investing in renewable energy, including Capricorn Investment Group, Formica Capital, and Vulcan Capital, each with significant commitments to sustainable investments [20]. Conclusion - The article emphasizes that family capital is becoming a silent driver of the energy revolution, reflecting a unique patience and vision in long-term investment strategies [20].

家族传承，作为顶级富豪的人生最后一战，总是以唏嘘结尾。 「世人行动实系幻影。他们忙乱，真是枉然；积蓄财宝，不知将来有谁收取。」 这句节选自《圣 经》的话，是前亚洲女首富龚如心与公公王廷歆的「世纪遗产案」初审败诉时，原审 法官任懿君在判词中的开场。 历史不会重复，但总是押着相似的韵脚。 最近，一场围绕 21亿美元的离岸家族信托争夺战将「饮料帝国」娃哈哈推上舆论风口。 2024年12月，宗继昌、宗婕莉、宗继盛三个人向香港高院申请了一份临时禁令，针对娃哈哈董事长宗馥 莉，和一家在英属维京群岛（BVI）注册的公司——Jian Hao Ventures Limited，阻止他们处置、处理或 减少后者在汇丰银行开立账户中的资产价值。 原告主张，娃哈哈集团前董事长宗庆后生前为他们设立了信托，承诺给三名子女每人7亿美元。截至 2024年初，该账户余额约18亿美元。但在2024年2月宗庆后去世、宗馥莉接管集团后，有法律文件显 示，约110万美元已从汇丰银行账户转出。 双方矛盾由此激化，娃哈哈的继承之战也随着香港高院的一纸诉状而被揭露于人前。 目前该事件的最新进展是，香港高等法院将于 8 月 1 日进行聆讯，宣布决定。 因为此前 ...