In 1917, B. C. Forbes published the first issue of Forbes. In it, he wrote that “business was originated to produce happiness, not pile up millions”. It was a roadmap to doing good business in today’s world: It starts with the purpose of creating happiness. But Forbes was not naive-he knew that in order to fulfill a purpose, you need to make a profit.
This was echoed by opening speaker Peter Brabeck-Letmathe. Brabeck-Letmathe spent half a century at Nestlé, almost 20 years of which were as CEO or President and thus leading the company. He outlined the role of multinationals in creating a new type of capitalism and stated that while it’s important to focus on doing good business, “passion doesn't pay very much.”
Rico Travella, member of the executive board at Alternative Bank Switzerland (ABS), and Lenah Crass of radicant bank disagreed to some extent. Travella explained how, at ABS, maximising profits is not the goal. Rather, the bank wants to enable firms that help the environment and society. Under 30 listmaker Noëlle Demole shared how she “learns, earns - and returns”. With her NGO Shere Khan Youth Protection, the Julius Bär employee helps teenagers in India get off the streets and follow their dreams. She finances their business ideas or education. Pren Pervorfi rounded out the first bloc of the day and talked about how smzh tries to retain a human touch in the era of artificial intelligence. Pervorfi outlined that the financial advisor helps its employees with technological tools-but they don’t see machines replacing the quality of personal relationships with clients.
After a networking lunch, during which speakers mingled with the audience, David Hughes of the Schranner Negotiation Institute and Janet Hotz of HSBC explained how to be successful in high-stakes negotiations-and how to create win-win situations in business. Oliver Künzler, head of corporate at Wenger & Plattner, went on to talk about M&A, including the acquisition of Formula 1 team Sauber by Audi, which is entering the Formula 1 in 2026-the transaction is being handled by Künzler. Lia Pittaouli, head of private banking at Eurobank, gave insights into how she manages money for the superrich, while Bling founder and U30 listmaker Nils Feigenwinter gave insights into how he helps his clients manage their children's money.
In the third and final bloc of the Money Summit 2024, art-forger-turned-painter Wolfgang Beltracchi dove into the history of art and the art market in Europe. He also paid his respects to the painting masters of old: “Today we don't paint anything new. We just paint what has already been painted and give it a new spin.” For Beltracchi, the art market is highly inflationary-even though most artists lack talent. He was followed by Andrej Majcen, co-founder and newly appointed CEO of Bitcoin Suisse, who talked about cryptocurrencies. For him, as for many at the Summit, money means that he has the freedom to go after projects he is passionate about.
Serg Bell topped off the lineup of speakers. He is not only the founder of Acronis, Switzerland’s most valuable software company, but also the founder of Constructor Group, which includes two technical universities in Schaffhausen and Bremen. Asked whether he sees his universities as a business case or as mere philanthropy, he replied: “Business, of course. We want to achieve things and without money, you can't do much.”
It was a fitting end to a successful premiere. If you agree with the speakers or not, the first-ever Forbes Money Summit provided plenty of food for thought. It would not have been possible without the right partners: Glo, smzh, Wenger Plattner, the Boardroom, the N-Conference, START Global and the Park Hyatt Zurich.
For those who could not make it to the Summit - or want a second round - check out our social media channels on Instagram and LinkedIn, where we posted live coverage. And stay tuned for the Money Summit in Vienna on June 6th this year. We hope to catch you there!
More about the Money Summit 2024 in Zurich: forbes.swiss/a...
Get your tickets for the Money Summit 2024 in Vienna: www.forbes.at/...
Video: Sören Funk
28 сен 2024
