The number of billionaires worldwide has been steadily increasing in recent decades. Forbes reported a jump to 2,755 billionaires globally in 2021, a significant increase from the 2,095 recorded in 2020. According to Wikipedia, 139 Australian billionaires made it to the world’s richest list in 2023. Mining magnate Gina Rinehart was the wealthiest Australian for the third consecutive year, with a net worth of $37.1 billion.
Alongside their growing numbers, these billionaires have accumulated fortunes, amassing diverse assets such as sprawling properties, luxury yachts, and private jets. But who manages these extensive portfolios? Who is at the helm during their times of crisis?
Well, there is someone whose entire career is built around being precisely that person. Meet Aron Moldovanyi, the go-to expert for ultra-high-net-worth (UHNW) individuals, known as the “Billionaire’s Genie.” Celebrated in Beverly Hills Magazine and Tribune India as the “Billionaire’s Right-Hand Man,” Moldovanyi stands out as a top family office executive, expertly navigating the private household sector for the world’s wealthiest.
In a recent interview, Moldovanyi, who is in Los Angeles for a USA-based diplomatic mission, offers a rare glimpse into his role in managing UHNW individuals’ personal affairs.
Family offices seem like a recent trend. I don’t think I had ever heard of them twenty years ago, but now it looks like every billionaire and wealthy person has one. How far back does this concept go, and what’s its origin?
You are not the first one to tell me this. Believe it or not, billionaires have had family offices for many decades. The concept itself originated in the late 19th century. The first family office was established in 1882 by John D. Rockefeller, who created an office to manage his family’s wealth and philanthropic activities. This model has since evolved, with more wealthy individuals and families establishing their own family offices to preserve and grow their wealth.
What exactly is a family office, and has its role changed over the years?
Family offices are private wealth management firms that provide comprehensive financial and advisory services to ultra-high-net-worth individuals and their families. They typically manage various assets, including investments, real estate, art collections, and philanthropic activities. They operate as a one-stop shop for all the needs of the billionaire and their family members, allowing them to focus on their personal and professional pursuits without worrying about their finances.
Today’s family offices often go above and beyond managing finances—they are often involved in every facet of a billionaire’s life, from philanthropy to organizing family events. It’s about providing a holistic service that covers all aspects of their life and wealth.
Managing the life of a billionaire must be a daunting task. What challenges come with managing a billionaire’s day-to-day life?
It can be. Managing the daily life of a UHNW individual requires a dedicated team of professionals who work tirelessly to ensure everything runs smoothly. From personal assistants and financial advisors to lawyers, household staff, and security personnel, each member is critical in helping billionaires maximize their wealth, protect their assets, and maintain their lifestyles. It is a challenging and rewarding profession, requiring a high level of expertise, discretion, and meticulous attention to detail.
What is it like to work for billionaires? Can you shed some light on the pros, cons, and perks?
Our job is a challenging but rewarding experience. It can provide opportunities for personal and professional growth, exposure to new and exciting experiences, and the potential for significant financial rewards.
However, it demands an extraordinary commitment to meet expectations, working with high pressure and in fast-paced environments. Billionaires are often very driven and have high expectations of themselves and their employees. They require unwavering dedication, exceptional work ethic, and high attention to detail from their staff. Balancing work and personal life can be challenging, but the perks, like traveling and networking, are unparalleled.
I love traveling to exotic locations, attending high-profile events, and interacting with influential people worldwide. I like the exposure to new and innovative ideas and the chance to work with talented and experienced colleagues.
What is your advice for people wanting to enter your industry?
Remember, landing a job in a family office takes time, effort, and dedication. Also, family offices have small, tight-knit teams, which means employees may have limited opportunities to move up the ladder. I consider myself very fortunate to hold both Executive Chief of Staff and Global Director of Properties at age 46.
If this is a career you are interested in, do your research. Keep working toward your goal, and don’t be afraid to seek advice and guidance from others. Above all, think outside of the box. Almost anything is possible if you approach a problem or situation from the right angle.
Lastly, what do you find most fulfilling about your role?
The most fulfilling aspect is the ability to make a tangible difference in the lives of our clients. Whether managing their wealth to ensure its growth and preservation or organizing aspects of their personal life, the satisfaction comes from knowing that our work enables them to pursue their passions and goals without hindrance.
Conclusion
The conversation with Moldovanyi shed light on the secretive world of family offices, an integral yet often unseen cog in the lives of the ultra-wealthy. His insights reveal a world where managing wealth goes hand in hand with managing lifestyles, presenting various challenges and rewards. S
Photo courtesy of Aron Moldovanyi
