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C ON T E N T S EDITION 04 |

2023

the worthy 100

This list supports our mission to elevate individuals using their talent, wealth, and influence to generate positive impacts.

elevate your gift-giving game

Photo courtesy of Virgin Experience Gifts (featured in our gift guide).

75 C O V E R ( L E F T TO R I G H T ) G R E TA G E R W I G , J E R O M E P O W E L L , TAY L O R S W I F T, S I M O N E B I L E S , F R A N D R E S C H E R , C H R I S S H E P H E R D , S TA C Y L O N D O N , Z A I N A B S A L B I , J O H N K E R R Y, A D M . L I S A F R A N C H E T T I , WAWA G AT H E R U , W I L L . I . A M , M I C H A E L M I L K E N

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Forecast

MUSEUM CRED FOR AI ART

Markets adjust to higher interest rates

HAwai’ian wellness recharge

Government Subsidies Devastate Global Fisheries

the customscented home

due dilligence tips for art investors

the best luxury evs

How Urban Retail Can Bounce Back

92 24

Why Millennial inheritances may be smaller

Techonomy 96

syntehtic actors arrive

AI boosts cancer detection

100

add love to the climate dialog

108

Departments 108

114

112

116

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Our Mission Is Building Worth Beyond Wealth Worth helps our influential, successful community better invest their time and money. We believe business is a lever for social and economic progress. From practical financial advice to exclusive profiles of industry leaders, Worth inspires our readers to lead more purpose-driven lives. Through our conferences, digital channels, and quarterly print publication, we connect the people and companies that are building the future. We showcase products and services that are indulgent, luxurious, and sustainable.

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CEO’S LETTER

Where Financial Prosperity Meets Social Responsibility BY JOSH KAMPEL

ust a few years ago, when we added the phrase “Worth Beyond Wealth” to our masthead, I don’t think we predicted the profound shift in the mindset of rising generations but also those at the pinnacle of their careers. This shift reflects a growing recognition that success comes with a responsibility to tackle the world’s most pressing challenges. Business executives, investors, entrepreneurs, and celebrities are realizing the immense influence they hold and the positive impact they can have. Don’t get me wrong; I’m a proud capitalist who believes we can merge purpose with prosperity. Solving some of the world’s most pressing issues presents a colossal economic opportunity for businesses and investors. Shifting towards more sustainable and responsible practices, we have the

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chance to not only make a positive impact but also to prosper financially. The marriage of profit and purpose is not a pipe dream but a promising reality. In this issue, we celebrate our 3rd annual Worthy 100 list, a testament to the exceptional individuals making an indelible impact. These visionaries have dedicated themselves to the cause of positive change, and their stories will inspire and motivate us all. Their inclusion in our Worthy 100 list recognizes their unwavering commitment to creating a better world.

“In the face of global challenges, we must collaborate, working in unison to find practical solutions.”

We spotlight the individuals and organizations who understand that success is not an isolated achievement but a platform for greater responsibility. The stories inspire and catalyze discussions around how each of us, in our various capacities, can contribute to this transformative journey. This responsibility starts with understanding our potential as individuals and as a collective to make a difference. This responsibility cannot be taken lightly. In a world fraught with complex issues such as climate change, inequality, poverty, and health crises, it has become abundantly clear that our success cannot be measured solely by the wealth that we amass. True success is achieved when we use our influence and resources to drive meaningful change and contribute to the betterment of society. As we enter an election year, we must avoid politicizing the most critical issues facing our world. It has created a division that has hindered progress. In the face of global challenges, we must collaborate, working in unison to find practical solutions. A united effort, transcending partisan lines, is essential for tackling issues that affect us all. Together, we can be the change-makers, the catalysts for a world where prosperity and purpose are intertwined and where our successes are measured not only in wealth but in the positive impact we leave in our wake. — Josh Kampel C E O, WO RT H M E D I A

josh.kampel@worth.com

E DITOR ’ S LE T TE R

Wealth ≠ Happiness

When building a ‘good life,’ impact and agency matter more than money. BY DAN COSTA

e live in an era of breathtaking technological innovation and unprecedented prosperity. Yet, despite our advancements, there’s a persistent discontent—a sense of missing the mark when building a life that counts. And that’s not just my gut feeling; data back it up. This paradox is called the “hedonic treadmill,” coined in the late 1990s by psychologists Brickman and Campbell. The concept suggests that humans have a baseline level of happiness. Earnings and acquisitions might give us temporary highs, but we inevitably regress to the norm. Take, for example, the influential work of Daniel Kahneman and Angus Deaton, who found that life satisfaction increases with income, but only up to a point—around $75,000 a year. After that, the additional dollars add no measurable increase in daily happiness. An even more recent study in Nature Human Behaviour stretched that optimal income to around $95,000 for life satisfaction but confirmed that beyond that number, life satisfaction levels off or even declines. Worth Magazine’s average reader is significantly more affluent than the average American, but in all likelihood, they are no happier for it. The lesson here is clear: Money can alleviate misery but doesn’t buy happiness.

BREAKING THE CYCLE The idea of the hedonic treadmill actually echoes a much older concept: the Buddhist idea of Samsara, the endless cycle of birth, death, and rebirth, characterized by suffering. The Buddha taught that desire and attachment are the roots of all suffering and that the end of desire leads to Nirvana, a state of eternal bliss. Now, I’m not suggesting that you ditch your possessions and head for a monastery. However, the essential insight is worth considering: The constant craving for more—be it more money, more gadgets, or more likes on social media—is a recipe for discontent. The antidote? Finding contentment in what we have and who we are. And that’s not just a Buddhist notion; it’s backed by current psychological research, showing that gratitude and contentment are strong predictors of well-being. Agency and impact are indispensable elements for a fulfilling life. Agency gives you the control to make decisions and act on them, enhancing your happiness. Studies like those by psychologist Julian Rotter demonstrate that people who believe they have control over their lives are generally happier. Impact takes this a step further by providing purpose to your actions. Consider Bill Gates, who shifted from a tech magnate to a philanthropist. His sense of agency in business has extended to creating a global impact through his foundation, exemplifying a life of both success and significance.

These are the types of people and life stories that we have celebrated in this year’s Worthy 100. The names on this year’s list use their personal time and financial capital to create social and emotional dividends. They invest in charities, yes, but they also invest in ideas, communities, and innovation that will improve society. They’ve transcended the hedonic treadmill by amassing wealth and investing in things that offer long-term dividends in happiness and societal impact. Think of it as a balanced portfolio for life. Best of all, we can learn from them. By understanding that building a “good life” involves a multi-faceted investment strategy. Wealth is a part of it, but it’s not the endgame. You must consider how your actions and financial and emotional investments impact you, your community, and even the world. If you find yourself solely chasing the next big thing, whether a paycheck or a social media following, you’re missing out on the more profound, sustainable happiness from a balanced life portfolio. Of course, some argue that our obsession with happiness is itself misplaced. As Ralph Waldo Emerson wrote, “The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.” By that standard, this year’s Worthy 100 winners have lived very well. — Dan Costa E D I TO R I A L D I R E C TO R

dan.costa@worth.com

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CONTRIB UTORS

Dhara Singh Dhara Singh is a multifaceted journalist who has covered breaking news, long-form feature stories, and social issues in personal finance and technology. Her work has appeared in Yahoo Finance, Cashay, CNET, Bankrate, and other outlets. She has also appeared on Yahoo Live and the Money, Honestly podcast to share her stories. Outside of journalism, she is passionate about empowering business owners to use their life experiences and create impact through her Stories to Sales coaching programs. She has spoken at the UN Affiliated Humanitarian Focus Foundation, NJ.com, and the Women Thrive Summit. You can find Dhara solo traveling, hiking, or visiting new coffee shops when she’s not working.

Allen D. Applbaum & Naphtali Rivkin A partner at StoneTurn, a global risk advisory firm in New York City, Allen began his career as a Federal prosecutor in the U.S. Department of Justice, where he served as deputy chief of the Criminal Division and as chief of the General Crimes Unit in the U.S. Attorney’s Office for the Southern District of New York. During his tenure, Allen prosecuted sensitive and high-profile white-collar, racketeering, international money-laundering, organizedcrime, and corruption cases. Naphtali Rivkin, currently an investigator with StoneTurn, was formerly a director of research for a boutique due diligence and investigations firm and a contracting intelligence analyst with the U.S. Department of Defense. Early in his career, he served as the communications director for a DCbased nonprofit where he worked to display art in the U.S. of artists from undemocratic countries. He previously served as an intelligence officer in the U.S. Army reserve.

Kathryn Tully Kathryn Tully is a freelance journalist covering the arts, business, and finance. She has written news, features, and profiles for the Financial Times, The Economist, Observer, Smithsonian Magazine, the BBC, Forbes Magazine, and The Guardian, among others. For eight years, she wrote an art market blog for Forbes called Priceless, which is now a quarterly art investment newsletter on Substack. Kathryn started working as a journalist over 20 years ago in London, but has lived in New York City for 18 years—10 of those in Brooklyn. In late 2016, she set out on an 18-month road trip around the U.S. and Canada in a travel trailer and is currently completing a book about this experience.

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COURTESY OF STUART THURLKILL

AI ART

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Is AI-generated Art Museum Worthy? MoMA has made a high profile acquisition of an artwork created using generative artificial intelligence. But will this sway other museums, collectors, or artists? BY KATHRYN TULLY

YUE MINJUN, COURTESY OF LIVEART

or some people, “Unsupervised —Machine Hallucinations— MoMA, 2022” is a mesmerizing, profoundly beautiful and constantly evolving new art form. For others, like art critic Jerry Saltz, it’s derivative, digital merriment, akin to a massive techno lava lamp. For “Unsupervised,” Refik Anadol, a Turkish American artist, trained a machine learning model to interpret and reimagine data on all the art in MoMA’s collection. For the 10 months that the site-specific installation was on display in MoMA’s lobby, until it was taken off view in October 2023, it certainly attracted a lot of attention, both from art critics and museum goers. Visitors stood or sat, sometimes for hours at a time, looking at the constantly morphing and shifting installation, which also responds to changes in light, movement, sound and the weather outside the museum. New forms were continuously generated on a 24-by-24-foot digital screen. Given that the average museum visitor spends about 30 seconds in front of an artwork before they move on, according to MoMA, “Unsupervise” created a stupendous amount of engagement. In October, MoMA announced that it had acquired “Unsupervised” for its permanent collection. The acquisition was made possible because of a joint gift by Ryan Zurrer, through his own 1OF1 collection, and by Pablo Rodríguez-Fraile and Desiree Casoni, through the couple’s RFC Collection.

It is the museum’s first acquisition of a work created using generative artificial intelligence and a bold move, even for an institution that has championed digital artists, and other forms of generative art, for decades. Andras Szántó, a strategic advisor to museums and cultural institutions, thinks that MoMA’s acquisition of “Unsupervised,” and the validation it provides, will encourage more museums, collectors, and artists to explore such art. “At a very early stage in the game, one of the most important institutions of art is taking this leap,” says Szántó, who also advises Refik Anadol Studio, but was not involved in “Unsupervised.” “I think it’s the beginning of a new chapter for this art form.” Others are not so sure. Magda Sawon, co-founder of Postmasters Gallery in New York City, established in 1984, has been selling digital art to institutions such as MoMA, the Metropolitan Museum of Art, and The Whitney Museum of American Art for over 20 years. She thinks that while this acquisition could raise the profile of such art with the public, with collectors, and with museums, it is not a given. “Here we have an incredibly high profile acquisition that people don’t want to stop watching when they sit in front of it,” she says. “It does have an impact, but whether it is a trigger to create an enormous field of AI generative art is a big question.” MoMA is one of a number of institutions that have exhibited works created with generative AI. Earlier this

year, The Denver Art Museum exhibited “Us.” A collaboration between two indigenous artists, poet Jennifer Elise Foerster, and visual artist Steve Yazzie, “Us” combined audio narration with video that used generative AI to draw on artworks featured in “Near East Far West,” one of the museum’s temporary exhibitions. In New York, “Reconfigured,” an exhibition of works from the Whitney’s collection that closed in June 2023, featured “Im here to learn so :)))))),” a video installation by artists Jemima Wyman and Zach Blas. The work from 2017, which questions the problematic aspects of artificial intelligence chatbots and how they learn, incorporates projections created using generative AI software. However, Szántó says that most institutions are still not ready to incorporate generative AI into their permanent collections, whatever the context, given how quickly the technology is evolving and the limited amount of museum curators or directors that understand it. “There [is] a limited number of curators who speak this language and even fewer museum directors, who for the most part, didn’t come up in the digital era,” he says. “It will take them a while for the comfort level to be there to really deeply bring this material into museums.” Could “Unsupervised” inform how other museums incorporate this type of work into their collections, if and when they do? The machine learning model employed by “Unsupervised” uses only publicly available data about MoMA’s art collection, which at least means the data is fairly sourced. That addresses a major ethical sticking point with AI-generated art: that it can be trained using millions of copyrighted images by other artists without their knowledge or consent. While it seems much more of a celebration of AI than a critique, MoMA’s curators say the installation is a way for the museum to engage with the public debate about what artificial intelligence can and can’t do, or should and shouldn’t do. Anadol created his own AI model for “Unsupervised,” which

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AI ART

GROWING THE PRIVATE MARKET FOR DIGITAL ART It has taken a long time for the art market to validate the broader universe of digital art, which has been around for decades, because the market still centers around tangible, material objects. “I’ve worked with digital art since 1996, and we have not accomplished what I thought we would because of the resistance to new things and to digital things,” says Sawon. Trading volumes have slumped since early 2022, but the emergence of NFTs as a new ownership and distribution model has helped to grow the market for digital art, including generative works created with AI. The “Unsupervised” installation, for example, comes with a companion NFT, so that art buyers can own individual artworks based on Anadol’s MoMA project. It means that the installation directly benefits the market

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for Anadol’s work—and even more unusually, the museum too, because MoMA also receives a cut of the NFT’s primary and secondary sales. Art NFTs are enabling artists who have never worked in digital media to create and sell works to a large number of collectors. In August, for example, LiveArt, a platform for Web3 art, or art based on blockchain technology, launched “Kingdom of the Laughing Man,” a collection of NFTs by Yue Minjin, one of the top-selling Chinese contemporary artists at auction.

“Anadol also uses unsupervised machine learning in this work, generating something new, a “hallucination,” rather than a regurgitation of the art the machine encounters.”

For the first release from the NFT collection, called “Boundless,” Yue Minjin created generative works that are based on his iconic laughing man self portraits. He used generative AI to map hundreds of different graphic layers and then render those in different combinations to create 999 unique versions of his laughing man. The face appears in an array of different colors against a huge variety of backgrounds. In some, he has insects, skulls, or flowers for eyeballs. In others, he appears with horns or other adornments on, or sometimes floating within, the top of his head. “It’s an opportunity for an artist with an already established career to use an entirely new medium, which is pretty interesting,” says Elena Zavelev, head of marketing and partnerships at LiveArt, and also CEO and co-founder of CADAF, a company that has produced digital art fairs since 2019. Boundless sold out in just two hours, despite the flagging NFT market.

COURTESY OF THE MUSEUM OF MODERN ART

manipulates existing generative AI programs using custom software to render what people see in the installation. He is an advocate of other artists also creating their own AI models to control the data, the process, and the output. Anadol also uses unsupervised machine learning in this work, generating something new, a “hallucination,” rather than a regurgitation of the art the machine encounters. It is also a new way of driving visitor engagement and potentially another way to get visitors thinking about MoMA’s vast collection. Szántó thinks that artworks created with generative AI will eventually become part of a lot of museum collections, just as photography and video and other forms of digital art did before it, but that museums are generally slow to adopt new media, and that validation from scholarship and the art market takes time. “Think of how long it took for photography to establish itself as a museum-ready medium,” he says. “It will probably take a generation for this type of art to comfortably fit in.”

COURTESY OF THE MUSEUM OF MODERN ART

But most NFTs do not feature acclaimed artists, and the volume of art NFTs traded has dropped precipitously since their peak in mid 2021. Sawon works with Kevin McCoy, who created the first art NFT back in 2014, and has also sold art NFTs to institutions like the Whitney. However, she doesn’t think that NFTs have delivered on the promise to showcase all the digital art created over time and put it into the hands of collectors. “There are a few pockets of amazing work that is being purchased by good institutions, but overall I don’t think NFTs delivered on that level,” she says. Acquiring and owning digital art can still be complicated, but Zavelev thinks that collectors will take a closer look at art created with generative AI now that it has MoMA’s stamp of approval. “I think that collaborations like this one between Refik and MoMA definitely make traditional collectors look more

closely at this because they see it, they find it fascinating, and they get more familiar with it,” she says. She adds that even Web3 collectors, who already collect digital art extensively, are looking for confirmation by traditional art institutions that this type work is valuable. A NEW TOOL FOR ARTISTS? MoMA’s acquisition also creates legitimacy for other artists, who may be thinking about using generative AI—if only to confront in their own work some of the concerns that AI generates about copyright, bias, and appropriation, among other issues. “We’re probably going to see a very rapid innovation cycle, partly as the technology accelerates, but also as artists figure out what their agendas are with this set of possibilities,” says Szántó. For Sawon, though, generative AI is not necessarily going to be a game changer for digital artists. “AI is this

huge field of panic, irritation, and fascination, but if you go back to art and artists, it’s essentially just a tool,” she says. “Great artists will use it to make amazing things, but bad artists won’t.” She also points out that artists creating algorithmic works is nothing new. In May, Postmasters Gallery held a group show called Machine Violence, which featured several digital art pioneers, such as Jennifer and Kevin McCoy, Eva and Franco Mattes, and Miltos Manetas. “The pieces in that show were there precisely to make this argument that algorithmic work, and work that depends on software and certain levels of randomization, were being created 20 or more years ago,” says Sawon. She cites the example of Horror Chase, an installation created in 2002 by Jennifer and Kevin McCoy, in which the artists reenacted the chase sequence from the movie Evil Dead II on a special set, before digitizing each shot and using custom algorithmic software to create a randomized sequence, with some shots reversed, sped up or slowed down. Sawon says this was the first example of what is now known as algorithmic cinema. Despite the mixed critical response to “Unsupervised,” it’s certainly been a crowd pleaser at MoMA. It can be quite beautiful, warm, and multidimensional, which is no small feat on a large flat screen. At times, waves and swirls of vibrant, rapidly changing forms and colors appear and disappear, seeming to slosh about within the sides of an enormous three-dimensional frame. In the end, it is not the technology used, but the work itself, that has appealed to MoMA’s visitors. “Refik is a super innovative artist, and that’s one of the most interesting parts about this, but I’m not sure if the audience knows what’s behind this artwork,” says Zavelev. “I think they are just drawn to the beautiful, ever-changing imagery.”

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SENSEI

Rest & Recharge The Sensei Lanai Four Seasons has built a custom program that blends high tech, high touch, and deep work for the ultimate rest and recharge escape. BY KIRSTEN CLUTHE

For years, I’ve dreamt of taking a vacation that would give me the time and space to focus solely on my well-being. In an age when wellness and self-care have become the cornerstones of a fulfilling life, many resorts have developed wellness programs, from sleep-focused retreats to daylong immersions in nature. Finding the right blend of personalization and guidance is key. It’s easy to slip into a wellness program when surrounded by experts to help you along the way, but it’s much more complicated when you’re back in New York City trying to do breathwork on the subway. When Four Seasons Sensei Lanai landed on my desk, it had all the right ingredients. The brainchild of tech innovator Larry Ellison and renowned physician Dr. David Agus, who envisioned a retreat where guests can embark on a holistic journey of self-discovery and renewal, Sensei is a sanctuary for those seeking a transformative experience. The term “Sensei” itself, meaning teacher or mentor in Japanese, underscores the resort’s commitment to guiding guests toward their personal wellness goals. Sensei’s Rest & Recovery program was developed due to guest feedback—the many people who traveled to Lanai seeking to improve their sleep and recover from the stress of everyday life. Guests can

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customize their itineraries with the guidance of dedicated wellness mentors who provide expertise in fitness, nutrition, mindfulness, and more. The resort’s approach is rooted in science and tradition, fusing the latest advancements in health with age-old practices like Japanese forest bathing, yoga, and mindfulness meditation. My journey began two weeks prior on a call with my “sensei.” The introductory call aimed to establish goals for my trip—areas of concern, challenges in my life, personal preferences, eating and sleeping habits, and anything else that I wanted to concentrate on. I had several very clear areas of focus—improved sleep and getting more time to myself. I was also processing a lot of grief that seemed like it was on an endless loop. Based on that first call, my sensei put together a personalized plan that I would follow and, as it turns out, would be adjusted a bit during my trip. Shortly after my call, I received a WHOOP device in the mail. WHOOP is a wearable fitness tracker and health monitoring system designed to help individuals optimize their performance, recovery, and overall wellbeing. The instructions were to wear the WHOOP in the weeks leading up to my trip to provide data to my sensei,

give her insight into my behavior, and help her personalize my program. This is the part where you start to think a lot about how you spend your time, how well you’re sleeping, how much alcohol you consume, and how much stress you’re under. Traveling to the island means a connecting flight through Honolulu or Maui, and I discovered that stopping over en route can be an excellent way to begin the shift towards wellness. I began my rest and recovery vacation in Honolulu to recharge from the 10-hour flight and acclimate to the time change. By all accounts, it was a pro move. When it was time to go, Sensei Lanai sent a car to pick me up and drop me at the Lanai Air hangar at HNL for a semiprivate, 25-minute flight to the island. The journey was officially on. And I had no idea what was going to happen.

COURTESY OF SENSEI LANAI FOUR SEASONS

s our plane descended towards the landing strip, the first thing I noticed about the island of Lanai was the lack of lush, jungle-like greenery and broad sandy beaches typical of Hawaii. Instead, my view held rugged, dramatic cliffs and a vast landscape dotted with dark green pine trees and dusty clay terrain dropping into the deep blue Pacific. A hidden gem in the Hawaiian archipelago, Lanai starkly contrasts with the bustling tourist destinations of Hawaii. This secluded island, once the world’s largest pineapple plantation, has evolved into a serene and exclusive getaway for those seeking respite from the fast-paced world.

COURTESY OF SENSEI LANAI FOUR SEASONS

I disembarked from the plane, dropped into a white Tesla, and drove slowly to the resort, passing through Lanai City, the compact town center. The resort is nestled in the island’s mountains, about a 20-minute drive from the beach. The air is cooler, and there’s a more interesting weather experience at Sensei. The grounds are lush, with beautifully manicured trees, plants, and flowers surrounding the pathways connecting buildings to outdoor experiences. The main lobby feels like a vacation home with its sprawling wrap-around porch, floorto-ceiling windows, and fireplaces dotted throughout. Sensei Lanai is also known for its incredible art collection: The resort’s commitment to blending art and environment is evident in every corner, where carefully curated works adorn the tranquil spaces. Part

of the wellness experience, the art serves as a portal to connect with the island, its culture, and one’s senses. The guest rooms are peaceful and cloud-like, designed in shades of white and natural wood, each with its own balcony or lanai—the perfect place to rest your head after a day of wellness activities and adventure. I met with my sensei to review my itinerary on the day I arrived. We reviewed the data captured by the WHOOP device and dug deeper into the purpose of my stay. The days were divided into three modes defining the day’s events: Movement, Nourishment, and Rest. Each day included activities to help me reach my stress-reduction goals, sleep better, and experience less pain. Though the activities didn’t increase in intensity over my five-day stay, it required a different level of at-

tention and effort. The first day began with Yin yoga, a slow-paced style with poses are held for 3-5 minutes—a great way to refresh your body after a long plane ride. There were several activities on my itinerary that I’d never tried before—a sound bath, aerial yoga, and perhaps the most intimidating, “Reframing Resistance” at Adventure Park. The adventure park was scheduled for day three, presumably after I’d gotten my body ready for a more intense workout and my mind more relaxed. The only thing I knew going into it was that it involved trees. This is the point in the story when I should mention that the itinerary designed for me was not set in stone—I was free to swap out or skip activities if I chose to do so. I didn’t. The point of the journey was to reconnect with myself to heal and feel

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better, which included pushing myself. I will admit that it helped that I was surrounded by such incredible natural beauty and the generous spirit of the staff. The adventure park is nestled among Lanai’s many Cook Island Pines— tall, slender trees with a distinctive, straight trunk and symmetrical, tiered branches. They are known for their striking appearance, resembling large, green exclamation points dotting the island’s landscape. It was in the trees that I would spend two hours going through a series of mental and physical obstacles. The primary activity was climbing. I am not a climber and learned during the session, not unexpectedly, that I fear heights. Harnessed in and helmeted, the direction was to climb up a tree to reach a log suspended 25 feet above ground, walk across the log to another tree, and rappel back down. From the ground, this looked entirely doable. I reached the top of the tree and stepped onto the log. This is when I realized that I might have a fear of heights. My guide, AJ, told me to close my eyes, lean into the fear, and activate the breathwork I’d been working on to help manage the stress. The point, he explained, was to acknowledge the fear and accept it instead of trying to fight it. I did—and I still decided to rappel down instead of cross the log. AJ told me to let go of the tree I’d climbed up and step out onto the log so I could position myself to rappel down. I did as he instructed, then turned around, leaned back into my harness, and was safely guided to the ground. As I descended, I looked up at the log where I’d been standing and realized I’d made it halfway across. Maybe it wouldn’t have been as frightening as I’d imagined to have continued across to the other tree, after all. The adventure park offers a variety of activities to address personal challenges or just have fun, such as ziplining through lush forests, off-road tours exploring Lanai’s rugged terrain, and a two-story aerial course over water with bridges, puzzles, and obstacles (you’re harnessed in so you can navigate through safely).

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Thankfully, each day ended with a 120-minute spa treatment in a private Hale—private teak and glass houses that feature soaking tubs, steam shower, sauna, hot and cold plunge pools, and an outdoor shower. Each spa session included an hour massage, customized to my needs, followed by an hour of private time in the Hale with tea and fruit providing a burst of nourishment. Each evening, dinner was at Nobu, the culinary backbone for the “nourishment” part of my program. The menu blends traditional Japanese flavors with contemporary innovation, and every meal is a gastronomic journey, so clean and fresh that you know you’re doing something right for your body. I spent 90 minutes of “mindful eating” with Sensei’s staff dietician as part of my program, and even though the diet was not a primary area of concern, I was reminded of the pleasure of a slow meal, savoring every bite and allowing space for both conversation and silent moments.

“I reached the top of the tree and stepped out on to the log. This is when I realized I might have a fear of heights.”

Between programmed sessions, I had plenty of time to enjoy the saltwater pool, walk through the gardens, and even pull off a sunset sail—an activity co-managed with the Four Seasons Lanai. This sister property overlooks Hulopoe Bay. My sensei closely managed my Rest and Recovery journey at Sensei Lanai. We met each day for an hour to discuss what I was experiencing during my stay and whether we needed to adjust anything. She was intelligent and enthusiastic, and our conversations were low-key therapy sessions that included learnings from the data being tracked by my WHOOP device. These gave key insights, as it turned out, to my patterns and how the program at Sensei was changing my behavior. Four Seasons Sensei Lanai is more than a wellness retreat; it’s a soulful escape, where you can tap into the power of combining ancient wisdom with modern science. I left Sensei feeling better than I’d felt in a very long time, armed with tools to help me live a harmonious life. And if I need reminding, I have a detailed recap of the program and the insights I’d gained while I was there, which my sensei shared with me after I’d returned home. This is a destination that is indeed worth the journey.

COURTESY OF SENSEI LANAI FOUR SEASONS

SENSEI

PERFUME

The Custom-Scented Home Discover the art of designing a tailored fragrance that speaks to you.

No longer content with off-theshelf scents, this olfactory trend is about curating an immersive sensory experience for the people who live in the home and those who visit. For centuries, fragrance has been an essential part of the environment. Cire Trudon, established in 1643, was the candle maker for Louis XIV, who featured the candles prominently in the grand châteaux, including the Palace of Versailles. Today, a Cire Trudon scent is the mark of luxury. Fragrances are developed with renowned perfumers, and each glass surrounding the candle is made in Tuscany, their shape inspired by champagne buckets. Trudon works with hotels and restaurants worldwide to develop distinctive scents for hotel lobbies, guest rooms, and spas. Rathbornes, founded even earlier than Cire Trudon, bears the distinction of being one of the world’s oldest candle manufacturers, with an unbroken lineage that extends back to 1488. Established in Dublin, Ireland, Rathbornes has upheld a legacy of craftsmanship and quality for over five centuries. Over the years, they’ve evolved from producing traditional tallow candles to crafting luxurious scented candles renowned for their exceptional fragrance blends, often inspired by the Irish landscape and its rich history. To create a custom scent for your home with a luxury brand like Trudon or Rathbornes, you can choose between room sprays, candles, diffusers, or a heated cameo–a decorative object containing scented wax

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that melts when lit, spreading the fragrance rapidly into the air. Perfumer Joelle Lerioux Patris explains the difference between the forms. “Candles offer warmth and comfort, and some of the most qualitative ones even diffuse their scent when cold, without being lit. The sprays diffused on the fabrics of the house leave a lasting trail, and diffusers can ensure a continuous veil of fragrance in the atmosphere.” It all depends on how you want to experience the scent.

“This olfactory trend is about curating an immersive sensory experience for the people who live in the home and those who visit.”

Joelle is the founder and creator of Le Perfumer Francais. She has created some of the most popular scents in the world for brands like Givenchy and Acqua Di Parma. Her creations include fragrances for skin, beauty, and the home. When working on a custom fragrance for the home, she brings the client into her world, which includes a plant garden and studio where they can spend a few days immersed in scent. She explains, “From this meeting is born the inspiration, which will trigger a time of deep reflection to find the right idea, the one full of meaning, before starting the composition.” After working with the client, she is intentional in her presentation and does not give them a selection. Rather, she provides the result of their collaboration. “I refuse to be a self-service perfumer who focuses on quantity/variety and, therefore, I fully accept that I do not always satisfy my customers. Luckily, it’s very rare not to follow through on a fragrant story because there is a real commitment on my part and the person who comes to me. Collaboration begins if everyone is in harmony with [each] other.” Her creations are indeed one of a kind, as expressed in the fragrance she developed for Barber Pisterzi, a line of grooming products from Italy. “I took immense pleasure in composing the perfumes of the entire Pisterzi Italian Grooming Art range, inspired by barber shops in NYC and Milan, highlighting notes of vetiver and coffee, or even gentian and Calabrian citrus. Or, more surprisingly, parsley and sandalwood!” If you happen to be in Miami during Art Basel this December, you can experience Joelle Lerioux Patris’s fragrances in person, through her collaboration with artist Vanessa Moselle. Under the art direc-

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magine stepping into a home where the story is told through scent. From the moment you cross the threshold, you’re greeted by a bespoke aroma that harmonizes with the environment and enhances the personality of the homeowner, whether it’s an opulent penthouse overlooking Central Park or a cozy cabin nestled in the Rockies. Home fragrance is a subtle yet powerful art, and in the realm of luxury living, where every detail matters, people are increasingly turning to custom fragrances to elevate their living spaces.

OF CIRE TRUDON

BY KIRSTEN CLUTHE

P H OTO O F J O Ë L L E L E R I O U X PAT R I S B Y R A P H A Ë L L U G A S S Y, C O U R T E S Y O F L E PA R F U M E U R F R A N Ç A I S

tion of gallery owner Lisa Braun, Joelle chose and interpreted seven photographs by Moselle and created seven perfumes for an exhibit called “Joy Venture.” Finding your signature scent takes an open mind and some experimentation. It also helps to have a guide, even if you’re not working with a personal perfumer like Joelle. LA-based Luckyscent, founded in 2002, helps customers source niche, hard to find fragrances for personal use and for the home. Walk into their Scent Bar in LA or New York City, and you’ll find yourself surrounded by shelves tagged with words like: “Clean” “Citrus,” “Floral,” and “Smoke.” When helping a client choose the right scent, the Luckyscent team asks the customer what kind of mood they want to set. Some home fragrances are more potent than others, so it’s also important to know whether the customer is looking for something bold or more understated, explained Claire Jelinek, who works on Luckyscent’s social team. “Someone’s personal scent preferences can be a great jumping-off point if they’re unsure what direction to go for a home fragrance,” Jelinek says. “Some fragrance companies make candles that exactly match their best-selling fragrances, and there are many people out there who would love for their homes to smell the same way they do.” Candles and diffusers aren’t the only way to fill your life with the scent that you love. Brands like Le Labo and Maison Francis Kurkdjian sell laundry detergent based on popular perfumes. For French luxury perfumer Frederic Malle, a room spray isn’t enough. The brand has a Perfume Gun that promises to transform your decor faster than wallpaper, instantly changing the atmosphere with one of Malle’s sumptuous aromas. Speaking of wallpaper, Flavor Paper offers a scratch and sniff for your interior—scented wallpaper in cherry, banana, and “Cannabliss—a very pleasant yet dank scent that is made from true flowering hemp. ”

Whatever form your scented environment takes, there are many options available at all price points to help you make the air in your home reflect your taste. Home fragrance also makes a great hostess or host gift, and we asked Claire and Emi at Luckyscent about the fragrances

they’re excited about as we approach the holiday season. “For this time of year, many of us like home scents that skew a little bit holiday, e.g., pine, spices, chestnut, woods, gourmands, etc. They’re a great way to make the home feel festive and cozy on those icy cold nights.”

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WINTER 2023

ART INVESTING

Buyer Beware: Art Regulation is Intensifying Would you invest millions without conducting due diligence? Long left underregulated, the art market is facing an accountability reckoning. BY ALLEN D. APPLBAUM AND NAPHTALI RIVKIN

here are more ways to get in trouble buying and selling art and antiquities today than ever before. Buyers who fail to do their due diligence may face financial, legal, and reputational damage no matter their intentions. Take the case of Shelby White, a trustee of the Metropolitan Museum of Art whose name hangs on the Greek and Roman galleries. In August 2023, the Manhattan District Attorney announced the return of 42 antiquities to Italy at the conclusion of their investigation into stolen antiquities in her collection.

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In a statement to reporters, White’s lawyer said that their client “acquired objects, in good faith, at public auction and from dealers [she] believed to be reputable.” But that did not stop the Manhattan DA from seizing 89 antiquities from 10 countries with a combined value of $69M from White’s home. At the very least, it is a lesson for every collector that relying on advice of so-called “trusted intermediaries,” with an incentive to make a sale, may no longer be enough to safeguard your investment. White’s case is one of many investigated by the Manhattan DA’s Antiquities Trafficking Unit, formed in 2017 in part as a response to ISIS’s use of looted artifacts to fund terrorism. Throughout the 2000s, law enforcement agencies such as the FBI primarily investigated antiquities smuggling as a violation of the National Stolen

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Property Act, which makes it illegal to transport looted antiquities across state lines. New York State added a provision in 2014 that presumes art and antiquities dealers conducting transactions in New York know that an object was stolen unless they make a “reasonable inquiry” into the true ownership of the object. The Manhattan DA has referenced this law to seize pieces, raid museums, and arrest dealers over the last five years. The reach extends beyond New York’s borders. In October 2023, the Manhattan DA attempted to seize from the Cleveland Museum of Art an antique statue with disputed provenance valued at $20M. The Manhattan DA had jurisdiction because the museum had purchased it from a New York gallery in 1986, highlighting how consequential New York law and law enforcement are to the global art market. A savvy investor conducts thorough due diligence before committing significant capital to a real estate transaction, a merger or acquisition, or any other business venture. Why, then, is art any different? IT’S NOT THE FIRST TIME THIS HAS HAPPENED While enforcement has ramped up over the last year, the art market’s opacity has long been a focal point for policy makers and law enforcement. “Since the 1990s, the U.S. government has been using the asset forfeiture laws to seize and return stolen and looted art and antiquities, even from an innocent third party who made an unknowing purchase,” notes Sharon Cohen Levin, a partner at Sullivan & Cromwell and the former chief of the Money Laundering & Asset Forfeiture Unit at the U.S. Attorney’s Office for the Southern District of New York. However, as U.S. sanctions have become a tool of “first resort” to address varying national security, foreign policy, and economic issues, we are likely slated to see the ripple effect of such policy in the art market and a renewed responsibility for collectors and their intermediaries.

“Under current U.S. sanctions, art and antiquities acquired from a sanctioned person can be seized and forfeited, and a purchase through an intermediary may not be a valid defense,” says Cohen Levin. “In this landscape, the need for due diligence in the art market is greater than ever.” NAVIGATING A MAZE OF REQUIREMENTS The complexity of the newer rules that govern antiquities and art transactions go beyond the traditional remit of art consultants and experts. The techniques and tools required to lift the corporate veil on shell corporations and vet sellers, dealers, and intermediaries are more familiar to professional asset tracers with financial forensics and law enforcement backgrounds than to art provenance investigators with art history and research backgrounds. Our careers may provide context. A former federal prosecutor and deputy chief of the Criminal Division at the U.S. Attorney’s Office for the Southern District of New York, Allen has led numerous multinational asset tracing and recovery cases where the alleged perpetrators use art and antiquities to evade sanctions and conceal proceeds of crimes. Naphtali is a corporate intelligence and investigations professional who advises private clients, foundations, and cultural institutions on some of their most complicated issues of art provenance, acquisition diligence, and disputes. Suffice it to say: We’re following this space closely.

“A savvy investor conducts thorough due diligence before committing significant capital to any other acquisition. Why is art any different?

Since Russia’s February 2022 invasion of Ukraine, the U.S. and its partners have ramped up enforcement against Russian oligarchs and their intermediaries attempting to evade sanctions in the art market. The U.S. Department of Justice (DOJ) and other agencies have formed the KleptoCapture Taskforce, which has “seized, forfeited, or otherwise restrained” over $500 million in assets belonging to Russian oligarchs and their supporters and enablers. The Office of Foreign Assets Control’s (OFAC) “50 Percent Rule” states that property that is at least 50% owned by a blocked individual or entity is itself considered blocked. Pleading ignorance will not be enough to prevent U.S. authorities from seizing the asset. We were not shocked to learn that leaked documents from Cyprus identified sanctioned oligarch Roman Abramovich as the ultimate beneficial owner of almost $1 billion worth of Picassos, Monets, Bacons, and Freuds. As is often the case, the artwork was acquired through a consultant on behalf of several shell corporations registered to friends or family of the sanctioned individual in friendly offshore jurisdictions. The art is then held in private residences or storage for years or decades and is again sold to private buyers through consultants and intermediaries, most of whom simply do not have the skills, mandate, or independence to verify the true ownership of these valuable assets. DO YOUR DUE DILIGENCE Securing an art investment against legal, financial, and reputational risk puts the onus on buyers to have a better understanding of recent anti-money laundering (AML) and sanctions regulations. Leading investment advisors prudently recommend that investors “do your own due diligence.” The time has definitely come to adopt that mindset with alternative investments like art. Between 2018 and 2023, various new laws and regulations sought to further address money laundering, terrorist financing, and sanctions evasion via illicit antiquities. The U.S. AML Act of 2020 brings anyone involved in the

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ART INVESTING purchase or sale of antiquities under the AML compliance regime, subject to the rules and regulations of a “financial institution.” The EU Fifth Money Laundering Directive of 2018 (adopted in 2020) and UK AML Guidelines (revised in February 2023) go further. Both say that “art market participants” who buy or sell more than 10,000 euros of art will be required to register with relevant authorities, “put in place anti money laundering processes, nominate a person responsible for AML compliance, train staff, report suspicions and keep records.” The UK and EU directives are broader than current U.S. regulation, as they apply to all professional art market participants, including dealers, consultants, and galleries, and artworks from all eras—not just those involved in antiquities transactions. They also broadly apply to anyone buying art in the UK or EU, including advisors and intermediaries making purchases on behalf of overseas clients. While we applaud the new regulation for attempting to make the $67.8 billion art market less hospitable to antiquities trafficking, sanctions violations, money laundering, and tax evasion, buyers would be best advised to consider the side effects of these new regulations. It is perfectly legal and understandable to not want your neighbors and the press to know the details of your art collecting, whether for security purposes, social stature, or a host of personal preferences. However, some of the new regulations make that privacy harder to achieve. Transacting through a reputable auction house that has a know your customer (KYC) process might be a good way to protect yourself while also maintaining your privacy. Through the Financial Crimes Enforcement Network (FinCEN), the U.S. Department of Treasury sets standards for KYC, many of which now apply to antiquities transactions per the U.S. AML Act of 2020. Buyers should increasingly expect dealers, auction houses, and even

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consultants to run their names and passports through at least a cursory background screening that includes, among other things, databases of sanctioned individuals. Beware of intermediaries who shirk even a modicum of buyer due diligence, because it means they are almost certainly avoiding asking tough questions of the sellers, ultimately exposing buyers to potential liability down the road. Large institutional auction houses apply their version of KYC to all of their transactions, with Sotheby’s collecting personal information like passports and source of funds information. However, in February 2023, federal prosecutors in New York reportedly subpoenaed several established auction houses for years of records in an investigation of Russian oligarchs using art to launder money. So all of that private information is not guaranteed to stay private at the auction house. Most art sales on the secondary market do not transact through the “big three” houses—Christies, Sotheby’s, and Phillips. Buying art from an individual, company, or dealer may help preserve some of the privacy that could be lost if you buy through a large auction house, but you are then on your own when it comes to due diligence. Be aware that sanctioned oligarchs may attempt to raise cash by selling art through private intermediaries. Plundered art and antiquities often find their way onto the market after a war—the conflict in Ukraine could exacerbate such a situation. Art looted by the Nazis and ISIS is still being disputed and seized by authorities, indicating the long-term impact of such conflicts.

“Beware intermediaries who shirk buyer due diligence. They are almost certainly avoiding asking tough questions of the sellers.”

Art with a wartime connection is not the only risk: The New York Times recently investigated van Gogh’s “Still Life, Vase with Daisies and Poppies,” which went missing soon after being bought by a Chinese movie producer at Sotheby’s for $62 million in 2014. The painting is reportedly being offered for sale on the private market, but allegations that the painting’s true owner is a Chinese billionaire with hundreds of offshore companies and deep ties to the Chinese Communist Party (CCP) has made buyers think twice. Even if an individual is not sanctioned, some buyers may have qualms about transacting with the CCP, just as other investors avoid purchasing shares of companies that profit from oil or war. WHERE THE ART MARKET GOES FROM HERE Government regulation is finally having an impact, and buyers should do their own due diligence to avoid a problematic purchase and preserve the value of their investments. When buying a work of art or a prized artifact, collectors traditionally have asked: Do I love this? Is it authentic? Will it appreciate? While those of course are all still valid questions to ask, buyers would now be prudent to add: Who is the ultimate seller? Are they, their family, or their companies sanctioned? Depending on my jurisdiction, do I have an obligation to screen for and report money laundering risk? And have I communicated adequately with authorities to satisfy their concerns? As more geopolitical crises emerge, today’s art market might begin to echo the regime after Europe’s last great war, when governments and courts spent decades repossessing, repatriating, and returning art obtained and transacted by often willfully ignorant parties in the decades following WWII. Buyers should know that diligence is not just the right thing to do; it is also a prudent business decision.

Business Ownership at a Crossroads: Key Questions for Planning What’s Next DOUG MACAULEY, MANAGING DIRECTOR AND NICOLE NAVA, SENIOR INVESTMENT DIRECTOR CAMBRIDGE ASSOCIATES PRIVATE CLIENT PRACTICE

amilies who have built the majority of their wealth in one company eventually face the fundamental question: is it time to divest from the family-owned business? This investment likely created the family’s wealth but, depending on the current circumstances, a concentrated investment – like in a family business – can considerably increase portfolio risk. Because of this reality, the choice of whether or not to divest is often debated by family members. Cambridge Associates has guided many family investors through this decision, aided by five important questions. 1. Am I an Insider with Control Over Business Decisions? Most company owners are insiders with control over key management decisions. This affords better insight into the company’s inner workings and future trajectory. By contrast, a person with a large holding but who lacks control over company decisions, such as capital allocation, may be putting their investment at risk. Unforeseen market or business downturns may also increase undue risk exposure. Thus, an objective assessment of insider status and control is critical.

ADOBE

2. What is My Relative Opportunity Cost? To estimate the opportunity cost of holding onto a concentrated family-business investment, it’s important to weigh the risk and return profile of the current position versus other investment opportunities. In particular, it’s crucial to look at risk/reward both objectively–analyzing industry/sector developments, demographic shifts, changing consumer preferences, etc.—and subjectively, taking into account factors such as personal and family goals, retirement objectives, and timing around a generational wealth transfer. For many business owners, the investment decision is more connected to the subjective—i.e., how they feel about their financial health. Therefore, “reward” may be a better term to use in analyzing subjective returns–e.g., how rewarding might continued involvement be compared to other opportunities? By considering both objective and subjective risk and return, owners can achieve clarity around their commitment to retaining their business and/or the need to protect the gains they have accumulated. 3. Does My Succession Plan Align with My Vision? Owners often face a choice to sell or to pass the business along to family members. Weighing this decision raises several factors, including the company’s vision and the next generation’s interest

and abilities. Business owners must also take into account the time needed to transfer knowledge and how changes might be viewed inside and outside the company. In short, it is imperative to consider all players and develop a detailed governance plan to ensure organizational stability. 4. Do I Want Control Over the Sale of My Company? Most business owners want control over the decision to sell, including price and timing, but unexpected events such as changes in health, performance downturns, and industry shifts can undermine that control. To maximize control over outcomes, business owners should undertake advanced planning, identifying what factors—including time, valuation, and leadership— might prompt a move toward selling. 5. Do I Have a Plan for What’s Next? Every business owner has company goals, but their goals for life after ownership may be less defined. Without a clear plan, some delay selling their business, fearing a loss of identity, lack of purpose, or post-sale boredom. These concerns require careful deliberation and cannot be downplayed. Planning for Preferred Outcomes The pros and cons of maintaining a concentrated investment in a business may seem overwhelming, but a thorough assessment of the business, tradeoffs, timeline, and succession plan can help family business owners make the decision with confidence. For more information on how Cambridge Associates works with private clients and family offices, please visit www.cambridgeassociates.com

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BEST EVS

The Best Luxury EVs Automakers are keen to fill the demand for the next generation of highend electric vehicles built for speed, range, and performance.

BY OLIVER RIST

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lectric vehicles (EVs). Conjure up one of the earliest examples in your mind, and you’re probably picturing little hatchbacks that look more like golf carts than anything else. But you can happily forget about them now. EVs have evolved. They went mainstream a few years ago, so makers like Audi, Mercedes, and Tesla, among others, turned those golf carts into cars you will want to drive. But this year, and especially over the next few years, if you’re looking for the latest in EV innovation, you’ll investigate the luxury and supercar market. This is where EV engineering is blossoming from something you’ll settle for in the name of sustainability and green energy to something you’ve just got to have right now! These cars are amazing, and we’ve compiled a list of our ten favorites.

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BEST EVS

2024 Cadillac Celestiq Say the name Cadillac, and many of us picture massive black SUVs with a Chevy Yukon-style footprint, just sporting a Cadillac logo on the grill. If that’s in your head, blink it away because it is not the Celestiq. Cadillac isn’t going after Chevy’s high-end customers with this car, it’s going after Bentley’s, and it’s doing a damn fine job. What’s great about the Celestiq is that even though most of its marketing is around its “ultra-luxury” features, it has excellent EV specs, too. Cadillac is building the Celestiq around its Ultium EV platform. This two-motor design is like the Audi etron, but with a beefier battery pack at a claimed 111-kWh compared to the Audi’s 93kWh. That culminates in an all-wheel drivetrain combining 600 horsepower with an also-estimated 300-

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mile range. But the Audi will still edge it on torque, as Cadillac estimates it’ll do the 0-60 thing in 3.8 seconds, compared to the e-tron GT’s 2.9. However, you won’t see a Celestiq until next year, so if you’re looking for tested, non-estimated numbers, you’ll need to wait until after New Year’s. Now, to all that ultra-luxury goodness. First, you probably won’t see any of it in the flesh unless you buy one. That’s because every Celestiq is “bespoke,” to use Cadillac’s word. Every car will be custom-built to that individual customer’s specifications. And not by some faceless factory bot, either, but by hand. Yeah, this isn’t your grandpa’s Cadillac. But while its bespoke-ness certainly makes it exclusive, it’ll also make the Celestiq a rare sight on your local highway, since production will be minimal. It also means the price

Price: Announced at $300,000+ Range: Estimated 300 miles Battery capacity: 111 kWh Charging level: 2 Charger: Onboard 200 kWh Charging times: Claimed 78 mile range in 10 minutes at public charging sites.

is currently vague. Cadillac confirms that it’ll be well over $300,000, but that’s all the details you’ll get now. Given that this was referenced as a starting point, I’d expect that an actual price, once you get all the bespoke out of your system, will be considerably higher. Still, if you manage to land one, you’ll enjoy it. This will be a singularly smooth ride based on what Cadillac is showing on its virtual tours of the Celestiq. The cockpit is a sea of

2024 Lotus Evija

electronics. Where most luxury cars these days have central infotainment displays between 10 and 12 inches, the Celestiq’s entire cockpit is one large display that’s almost 60 inches long. And that’s just for the driver and passenger, who both have their set of controls on this screen. If you’re in the back, you’ll still have access, just via a more normal-sized 12.3-inch screen that’ll let the kids surf the interwebs or tick off the driver by messing with the 38-speaker stereo (yeah, you read that right: 38-speaker, 3D surround sound). There are too many luxury features for us even to begin listing here. From an intelligent glass roof with adjustable opacity to various 3Dprinted components to the car saying ‘hi’ with a customized light show every time your key fob gets in range, it’s about customizable ultra-luxury.

My name is Evija. Lotus Evija. British EV engineering at its most bleeding edge. Lotus doesn’t bill the Evija as an EV supercar but an EV hypercar. Who knows what that means outside of a marketing meeting. But on the road, it means 0-60 in under three seconds and a top end of 218mph, which should get you wherever you’re going in plenty of time, though probably with an unwanted police escort. On the EV specs front, the Evija flirts with the truly ragged edge. That starts with the battery, which is a 2,000 kW behemoth that Louts built in partnership with Williams Advanced Engineering. That battery delivers a target of 375 kW to four independent motors, one for each wheel. That’s what gives the Evija all that power. But it’s also got some radical charging characteristics. Lotus claims it has the world’s fastest charging battery, which can handle an 800kW charge. That can get you to a complete set of battery bars in nine minutes flat. But even using a more standard, circa 350 kW public station, you’ll get the car to 80% in 12 minutes and 100% in just 18. On the range side, the Evija isn’t quite as ragged edge, promising only an average-sounding 250 miles, but at 218mph, who cares? The rest of the car is just like Mr. Bond. Ultra cool and brimming with gadgetry. A couple of dihedral doors give you the maximum space to get in and out of the vehicle. Everything

Price: $2,000,000+ (estimated) Range: Estimated 300 miles Battery capacity: 70 kWh / 2,000 kW Charging level: Custom Charger: Custom 800 kWh, supports level 3 chargers as well Charging times: 100% in 18 minutes at 350 kW; 100% in 9 minutes via 800 kW you need to know is on a single digital display behind the wheel, like your current battery charge, your remaining range, and how close to the speed of sound you’re currently getting. There’s what Lotus describes as a “ski-slope style” central console that features all the buttons you need to control the rest of the car’s functions. These provide haptic feedback and are recessed into the console with its own lighting. Those are just a few sample features, though. There’s a very long list of other options, but you can see that up close when you set yours up, which you’ll have to do, because just like the Cadillac Celestiq, every Evija will be made-to-order for a particular customer. And get yours quick, because they’re only making 130 of these things, and they started back in 2020. Sure, the Evija targets extraordinary track times more than the smooth-as-a-cloud driving experiences some of our other luxury EVs are touting. But if you’re looking for EV performance that’ll truly set your hair on fire, I’d strongly recommend giving one of these a try.

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BEST EVS

2024 Tesla Model S Plaid The Model S represents the current top of Tesla’s EV line, and the S Plaid version stands out among the Ses because it’s fast. Very fast, at least for what’s still a mainstream production car. However, if you’re thinking of competitors, think more of Porsche than Audi or Mercedes. The S Plaid’s performance is powered by a 100-kWh capacity battery that provides an impressive 405-mile range, according to Tesla. How quickly you can charge your S Plaid depends on whether you’re using Tesla’s Supercharge platform. If you’re charging via AC, then you’ll get about 17 kW worth of power, which means you’ll be at 100 percent in just over 7 hours. If you’re charging at a max 250 kW DC fast charger, you can get from 10 percent to 80 percent in about 30 minutes. Now for the good stuff. All that electric juice gives the Plaid upwards of 670 horsepower, with a top speed of just over 200mph and a zero-to-sixty time of 2.1 seconds. That’s squarely in supercar territory but with a starting price of around $111,000. That’s a very nice compromise if you don’t have a spare two million smackers to drop on a car. You might be slightly disappointed with the Tesla S’ plushness. Yes, it’s still classed as a luxury EV, but you’ll find more luxury in the Mercedes EQS. You won’t find all the customizable environmental controls that you would in the Mercedes, and the Tesla’s

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Price: Starting at $111,000 Range: Estimated 405 miles Battery capacity: 100 kWh Charging level: DC charging up to 250 kW Charger: 11 kW AC onboard Charging times: 80% charge in 30 minutes using 250 kW charging stations ride is said to be more in line with high performance than the Merc’s emphasis on quiet and smoothness. The Model S yoke steering is famous or infamous, depending on whether you like that method. It’s not my cup of tea, but some people love it. But you’ll still be happy with the cabin if you’re a technofreak. Mainly because it’s all built around a honking 17-inch digital console that controls everything, including all infotainment and climate controls. Those controls include all the temperature and air basics, adjustable per seat, and ventilated seats. You can connect your phone via Bluetooth and hear your conversations on the car’s 22-speaker audio system. More advanced technology features are all about Tesla’s self-driving beta technology. Quick summary: It’s still there, they’re still working on it, and all the bugs still haven’t been worked out. But updates are coming at a fairly regular rate, and the car accepts them over the air, so as long as Tesla’s CEO doesn’t implode, who knows?

Lucid Air Sapphire So far, we’ve seen EVs focus heavily on luxury or emphasize performance. But what if you could have both? That’s what Lucid wants to deliver with its Air Sapphire. The company bills it as a “luxury super sports-sedan,” which sounds like snake oil until you dig into its specs. Its EV chops are a cut above much of the current crop. The Air Sapphire is built using a custom 900V+ electrical architecture that supports charging via AC levels 1, 2, and the most powerful 3. That lets the Air Sapphire add 20 miles to its range every minute, if you’re charging via its peak rate of just over 300kW. The onboard 19.2kW AC charger can hook up to any public charging station and deliver up to 80 miles of range per hour of juicing. Those electrical chops translate into some surprisingly muscled performance claims. Lucid says the Air Sapphire has upwards of 425 miles of range on a single charge, the longest of any car we’ve seen. It is built around a three-motor drivetrain, which is all custom-made and pumps out over 1,230 horses, which can push the Air Sapphire from 0 to 60mph is an eyeopening 1.89 seconds and achieve a top end of 205 mph. But that’s all performance. Looking at the Air Sapphire luxury specs makes you want it even more. Ultraplush heated and adjustable seats will also massage the kinks out of your neck. And then there’s Lucid’s DreamDrive Pro driver assistance features, which include LIDAR. If you’re looking for the best cross-over between hair-blazing speed and an interior that’ll feel like a comfy cocoon, the Air Sapphire should be on your list. Price: Starts at $249,000 Range: Estimated 427 miles Battery capacity: 118 kWh Charging level: DC charging up to 300 kWh Charger: 19.2 kW onboard AC charger Charging times: 20-mile additional range per minute at max rate

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BEST EVS

2024 Mercedes EQS The Mercedes EQS and its SUV sibling are another example of more mainstream luxury EVs. But similar to the Audi e-tron GT, just because it’s mainstream doesn’t mean it’s boring. This car is gorgeous on the outside, and what it lacks in EV performance specs, it makes up for in a very luxurious cabin equipped with some serious digital smarts. On the EV side, the EQS is built around a honking battery with a 108.4 kWh capacity, which puts its overall range at a respectable 350 miles. It supports 240 kW charging, which will get you up to 80% charged in about a half hour, though a full charge can take up to 11 hours or a bit more via AC. You’ll find decent specs on the performance side, but it’s apparent that Mercedes has built this baby for an ultra-quiet, ultra-smooth driving experience rather than blazing track times. Depending on the model, you’ll get between 335 and just over 500 horsepower with a 0-60 time that averages around 5 seconds, depending on the model and the powertrain. If you’re unimpressed with the EQS’ EV specs, just poke your head in the door and you’ll see where Mercedes shines. The most apparent feature is the massive, 56-inch-wide digital cockpit that Mercedes calls its Hyperscreen. This is a three-screen system that handles everything from climate controls and driving assist features to the ultra-high-end infotainment system. If you’re looking to break speed records, keep looking. But if you want a smooth ride enjoyed in German luxury’s lap, this is a car you want to check out. Price: Starting at $106,000 Range: Estimated 350 miles Battery capacity: 108.4 kWh Charging level: DC charging up to 240 kWh Charger: 11 kW onboard Level 2 AC charger Charging times: 80% charge in 30 minutes using optimal charging stations

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2024 Porsche Taycan Picture the 4-door Porsche Panamera and then stick an electric motor in it. That’s essentially a Porche Taycan, though you can also get sibling vehicles as a station wagon-y-slash-SUV-type chassis, called the Cross or Sport Turismo. The Taycan’s EV system uses a two-motor design—one for the front and another for the rear wheels—a design platform it shares with the Audi e-tron GT. That’s based on a 93.4 kWh capacity battery that can push over 500 horses if you’re driving the Taycan S, but that can jump up to 670 and even 750 if you’re driving the Turbo or Turbo S, respectively. Those higher-end Taycans will also get you to the 60 mph

Price: Starting at around $92,000 for the base model Range: Estimated 246 miles Battery capacity: 93.4 kWh Charging level: DC charging up to 270 kWh Charger: 19.2 kW onboard Charging times: up to 80% in 22.5 minutes fast charging at 270kW DC; 8 hours and 35 minutes via standard AC.

mark in around 2.4 seconds, with an expected top end of 155 mph, depending on the exact model. EV range is a little disappointing, coming in at only 246 miles. However, charging times were pretty good. The onboard 9.6 kW AC char-

Maserati GT Folgore

ger will get you to full bars in 9.5 hours, while optimal 270 kW public charging stations should get you to 80% in around 22 minutes. Step back from the powertrain, and the Taycan is all you’d expect from a Porsche. The interior is plush and has all the technology features you want, and then some. The virtual cockpit behind the steering while is about 16 inches wide, bolstered by two center console screens. The top screen measures 10.9 inches and handles all your driving and telemetry functions. The one below is smaller at 8.3 inches and handles mainly climate and infotainment features, based on the An-

droid Auto operating system, with Apple CarPlay built on top. Those entertainment and climate features are mirrored in yet another display dedicated to the front passenger and two more optional 5.9-inch screens in your headrests, so the folks in the back don’t feel left out. You’ll find the usual driver assist features, like lane and braking assist, on the safety front. But you’ll also get some standouts, like night vision and remote-control parking. Bottom line: not to trivialize it, but this is a Porsche. Which is great. Everything you want in one, including the performance, just with a humming EV motor, not the usual petrol-fueled roar.

We recently spoke with Maserati’s U.S. CEO, Bill Peffer, who made several significant promises regarding Maserati’s GT product line and the company’s vision around all-electric vehicles. We’re happy that the GranTurismo Folgore is making good on those claims. Even though Peffer downplayed how important EV specs might be to the average Maserati customer, the company has nevertheless put quite a bit of engineering emphasis into that aspect of the car. The Folgore EV powertrain is designed around a custom 800-volt platform that drives three e-motors, one in front and two in the back. The battery is produced in conjunction with Mirafiori and has a capacity of 92.5 kWh. That adds up to 818 horsepower, a 279-mile range (450 km), and a top speed of 201 mph. Once you start running out of juice, Folgore’s charging stats will look pretty good, though not quite the best we saw on this list. At its optimal 270 kW rate, the car will add 62 miles of range (100km) every five minutes. You’ll get an 80% recharge at public charging stations in 18 minutes. On the luxury side, peek your head in the cabin, and you’ll find it’s just as slick as the gorgeous exterior. All the expected climate, seat, and entertainment controls are there, and even better for the sustainability-conscious, it uses materials that Maserati says are taken from recycled fishing nets. Maserati has dropped in Amazon’s Alexa digital assistant, as well as primary telemetry data you can see through a mobile app and a custom location feature in case the car gets stolen.

Price: Estimated $210,000 Range: Estimated 279 miles Battery capacity: 92.5 kWh Charging level: DC charging up to 270 kWh Charger: 22 kW onboard AC charger Charging times: 80% charge in 18 minutes using optimal charging stations

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BEST EVS

2024 Audi e-tron GT Starting at just over $107,000, you’ll undoubtedly find more expensive luxury EVs on this list, but you won’t find many with more style. Audi introduced its all-electric family of sedans and SUVs several years back, and that maturity shows in the sleek finish on the 2024 GT. It is also apparent in the car’s guts, which house an impressively refined drivetrain. Its EV specs aren’t on the bleeding edge but are still competitive. Mostly. Audi has built its electric drivetrain around a 95 kWh battery that powers two motors, one in front and one in back. Audi claims the car has a 249-mile range between charges, which is a bit of a weak point, though it’s not alone with that short range—even on this list. Audi also boasts that you’ll be able to recharge in just under 23 minutes (if you can find a charging station capable of 270 kW worth of DC). Those two motors let Audi classify the e-tron GT as an AWD Quattro, and a fast one at that. Even the baseplatform e-tron GT has over 500 horsepower, but its higher-end RS version

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brings that up to just under 640hp. That makes this one of the fastest EVs on the market, which Autoweek’s testing confirmed. In its EV speed test, the e-tron GT peaked at 156 mph and hit 60mph in 2.9 seconds. Its cousin, the Porsche Taycan (see above), slightly edges out the e-tron GT, even though the two cars share the same platform. Another plus is that if you’re looking to play with the acceleration in this car, Audi’s dropped in an advanced cooling system that, supposedly, will handle all kinds of irresponsible driving without any heat degradation. On the luxury side, the e-tron GT is no ascetic. Audi has all the bells and whistles, including a heads-up display and complete climate control with adjustable seat warmers. Audi says the seats are deliberately positioned for a sporty driving experience, but personally, I’d enjoy a few massage features more. There are various leather-based trim options and a sustainable noleather option made entirely of recycled materials. Your infotainment options are centered around a 10-inch central touchscreen console, backed up by steer-

Price: Starting at $107,000 Range: 249 miles Battery capacity: 93.4 kWh Charging level: DC charging up to 270 kW Charger: 19.2 kW AC onboard Charging times: up to 80% in 22.5 minutes fast charging at 270kW DC; 8 hours and 35 minutes via standard AC. ing while-mounted controls and voice recognition software. Safety features include an abundance of airbags and a nice list of driver-assist technologies. That portfolio starts with adaptive cruise control and includes lane and braking assistance. Even cooler, the e-tron GT has remote self-parking, so that you can park your car with your smartphone. Audi has even added lasers to its LED headlight array. These little guys use a dedicated microchip to precisely align the headlights with the direction the car is going. The 2024 Audi e-tron GT is undoubtedly an example of a mainstream EV compared to many other cars on this list. But that doesn’t preclude it from being both stylish and fast.

Rolls Royce Spectre I was looking for one word to describe the Rolls Royce Spectre, but all I could say was, “oooh.” Nothing impresses more than a Rolls, and the Spectre is no exception to that rule. On the EV side, the Spectre is powered by a 102 kWh battery with a good, Rolls-tested range of 329 miles. Its charging capacity is limited to 195 kW for DC fast charging. That will get you from 10% to 80% in around 34 minutes. The Spectre’s 22kW AC charger will get you to a full charge in a surprisingly quick 5 hours and 30 minutes, at least according to Rolls Royce. What that EV data translates to when it comes to performance is 584 horsepower, a 0-60 time of 4.4 seconds, and a top speed of 155 mph. What does that cradle look like? Let’s just take the doors as an example. Rolls Royce says these doors are laser-welded onto the car and describes them as pillarless coach doors. They have power assist to help you open them and a door brake to help you close them again. They even have sensors, so they open the same regardless of whether you’re parked flat or on a hill. That’s just the doors. It’s difficult to fit the rest into a space this small. I mean, these guys spent over 830 hours designing the hood ornament! Your interior light isn’t a bulb; it’s 4,796 soft LEDs that Rolls calls “stars.” Your frame is based on a proprietary design Rolls calls the Architecture of Luxury. While that sounds a little much, it’s pretty innovative, being constructed entirely out of aluminum, with flexible structure points that Rolls Royce can adjust as needed. Price: Starting at $420,000 then rising sharply Range: Estimated 329 miles Battery capacity: 102 kWh Charging level: DC charging up to 195 kW Charger: 22 kW AC onboard Charging times: 80% charge in 34 minutes using 250 kW charging stations; 5 hours and 30 minutes via AC.

2024 Rimac Nevera We’re back in supercar territory with this one—oops, I mean hypercar. We’re also pretty far across the pond, as this puppy comes from Zagreb, Croatia, not that it has any impact on oomph. Floor the pedal on this one, and you will go hyper, since it’s pushing just over 1,900 horses on its all-electric drivetrain. That drivetrain is based on a liquidcooled 120 kWh battery that powers four motors, one at each wheel. That gives a decent 340-mile range, and as long as your charging station supports 500 kW, you’ll get to 80% capacity in around 19 minutes. But those are the EV nerd numbers. The hair-raising performance numbers include 1,914 horsepower, a top end of 258 miles per hour, and a zeroto-sixty warp speed of 1.85 seconds. But those performance numbers don’t tell the whole story, not by a long shot, as the car is designed from the ground up to milk every possible drop of performance value. For example, the whole body is adjustable. The front hood, the rear wing, and even the undercarriage can all move independently in response to changing driving conditions. A sophisticated algorithm will do that automatically, or you can add your own two cents by messing with advanced settings, like adjustable downforce or different drag coefficients. Even better, you can have the Nevera nag you, too. Yup, this car includes an AI Driver Coach. By

Price: Estimated $2,200,000 Range: Estimated 340 miles Battery capacity: 120 kWh Charging level: DC charging up to 500 kW Charger: 22 kW AC onboard Charging times: 80% charge in 19 minutes using 500 kW charging stations leveraging 12 ultrasonic sensors, 13 cameras, six radars, and the Nvidia Pegasus operating system, Nevera’s driving coach will analyze your performance and give you pointers. You can overlay the driving coach over specific racing tracks, and it’ll give you audio and visual cues on the right lines to take through corners as well as your optimal acceleration and braking points. Rimac also stresses the Nevera’s creature comforts, though it prefaces this by saying the car will easily accommodate two riders in full racing gear. But, while it’s probably not as comfy as a Mercedes EQS, it’s still highly customizable. Three digital screens let you set up the Nevera’s controls whenever you need them. At an estimated starting price of $2.2 million, this isn’t a daily driver. But if you’re looking for the bleeding edge of EV super—er, hypercars, then this is your baby. But you better grab it soon because, just like the other super/hypercars here, it’s a limited production run, with the Nevera’s ending at just 150 units.

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K I AWA H

Sustaining People At South Carolina’s Kiawah Island and elsewhere, real estate investment firm Southstreet Partners is becoming known for its preservation-oriented philosophy of “designing with nature.” But they couldn’t do it without investing in their employees. BY RICHARD BRADLEY

long-term stewardship of uniquely beautiful places. But for Southstreet, sustainability isn’t just about natural preservation. A tenet of their sustainability philosophy means taking the same engaged, long-term approach with the thousands of people who work at the firm’s properties. For Southstreet, sustainability is about more than beautiful homes and amenities designed in harmony with the natural environment. It’s about investing in people who work in and live on or near their properties. PA R T N E R C O N T E N T

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“Nature is a part of the conversation, but we consider our people a part of this community and when we talk about sustainability, they are an integral part of that conversation,” says Dixie Norris, Southstreet’s Vice President of Human Resources. Sustainable management is a company-wide philosophy for Southstreet, but it really began at Kiawah. “When we first got to Kiawah in 2013, it was obvious that a lot of our employees had long relationships with the [previous ownership],” says South-

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nyone who’s been to Kiawah Island, the 10-square-mile barrier island that’s about 40 minutes by car south of Charleston, South Carolina, knows that it’s a place of profound beauty, with vast stretches of unspoiled beaches, rivers, wetlands, marshes, lush trees, and undergrowth, home to 20 species of mammals, 40 species of reptiles, and about 250 species of migratory and resident birds. Even as the island has been thoughtfully developed with roads, homes, and seven outstanding golf courses, a number of committed stakeholders have worked diligently—and successfully—to preserve the island’s natural beauty. One of those stakeholders is a Charleston-based real estate private equity firm called Southstreet Partners, who purchased Kiawah Partners in 2013. Southstreet was founded in 2009 and is owned by four partners—Chris Randolph, Will Culp, Jordan Phillips, and Patrick Melton. At Kiawah and subsequent investments, such as Palmetto Bluff in South Carolina and The Cliffs in North and South Carolina, Southstreet is becoming known for its philosophy of “designing with nature,” an approach to design that prioritizes natural preservation not just as a moral imperative, but as a means of enhancing stakeholder value. Designing with nature means forward-looking,

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street partner Chris Randolph. “There was a lot of trepidation for them with that transition—they’d only known one employer in their entire careers.” Southstreet was acutely aware that, if they didn’t make the right moves, their roughly 500 employees had other options, jobs at nearby resorts or the restaurants and hotels of Charleston. “We had to lean in to become the employer of choice,” Randolph says. Doing so was a business imperative. Most Kiawah employees live on two neighboring barrier is-

lands, Johns and Wadmalaw Islands. (Together with Kiawah and Seabrook, they’re known as the Sea Islands.) The challenges of geography mean that “this isn’t the easiest place to recruit people.” And even before the pandemic, the hospitality industry in general was known for frequent employee turnover. The more employees leave, the more customer service suffers. That’s particularly true at Kiawah, a small, close-knit community where the warmth of Southern hospitality matters. Kiawah Island Club Members “often have close relationships with the staff, because they interface with them every day,” Randolph says. “You’ll see employees and management forming these relationships with members that far outstrip what you usually see.” At the same time, Randolph admits, “these are hard jobs. We’ve got customers who expect a lot. So, we know we have to take care of our team.” They started simply by talking with their employees, asking for input through informal conversations, company-wide events, meetings with managers, and frequent employee surveys. Over the years, the partners at Southstreet have shown that they respond to what they hear: An initiative to expand activities for children came from employee feedback that Kiawah parents wanted more support, so that they had kidfree time to play golf, get a massage, or go out to dinner by themselves. And Southstreet fosters career advancement. “We offer a lot of opportunities for growth from a learning and development standpoint as well as career elevation,” Randolph says. “We try to foster a career path, not just a gig.” Giving employees a ladder for advancement is a win-win for everyone. And, of course, wages matter; Southstreet has increased its average hourly wage by some 69% since 2013. There are other incentives: Employees who successfully refer a friend or family member for employment receive a $400 stipend. Management commits to providing employees with a 401(k) plan and promotes its usage,

which is rare in the hospitality business. That philosophy of investing in people paid off during the COVID-19 pandemic. Like most resort communities, Kiawah had to slash its food and beverage and amenity offerings during 2020 and 2021, even as many Kiawah homeowners found the island an ideal place to ride out the pandemic. Elsewhere in the region, many service businesses were laying off all or much of their staff. “All around us we were seeing companies lay off 90% of their workforce,” says Dixie Norris. Southstreet, though, committed to keeping all its staff working. There were “zero layoffs, zero pay reductions, no benefit reductions.” Instead, Southstreet created alternate projects for their food and beverage employees, like grocery shopping, food delivery, and to-go food programs. “What keeps employees with the company is if they feel valued,” Norris added. Sometimes Southstreet goes to unusual lengths to show that. There have been some tragic incidents over the past 10 years in our Kiawah family, and the Southstreet Partners are always the first ones to ask what they can do to help. Things like providing housing for an employee and her family after her house burned; or when the parent of another employee needed emergency medical care at a remote facility and the family couldn’t afford to fly him there, Southstreet paid for an air ambulance. The benefits are numerous. First and foremost, Southstreet employees have steady employment with which to support their families. It’s also work that provides them with a sense of value. And for the company management, treating employees as valued partners fosters worker retention and productivity. Plus, there are intangible benefits. “When employees are happy and engaged and working toward the same goal of taking care of our members, that shows up with how they treat the members and go that extra mile,” Norris says. She tells

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the story of a member who, while playing a round of golf, approached an employee asking for a screwdriver because he’d broken his glasses. The employee hopped in a car, drove about half an hour to a glasses shop in Charleston, and then rushed them back before the member had even finished his round. “You don’t get that kind of customer service if employees aren’t engaged,” Norris says. Perhaps the best example of Southstreet’s commitment to both its customers and its employees lies in a decade-long project, soon to be completed, to bring health care to the Sea Islands. Over the years, the partners at Southstreet recognized that health care was one of their major challenges; other than a handful of individual doctor’s offices, there wasn’t any. For Kiawah homeowners, many of whom are older, that absence was a roadblock to enjoying lengthier stays on or even retiring to the island. Doctors’ appointments typically required a drive to Charleston, and there were no emergency medical facilities at all. For employees, the absence of health care was an even bigger challenge. They lacked the resources and taking a day off to drive into Charleston wasn’t a viable option. So, early in their stewardship, the partners reached out to the Medical University of South Carolina (MUSC), the state’s renowned healthcare provider, to see if the Charlestonbased medical center could develop a healthcare facility on Kiawah. At first, MUSC was skeptical. The idea “just didn’t fit the normal health care delivery model,” says Dr. Patrick J. Cawley, CEO of MUSC Health. “There wasn’t enough foot traffic, car traffic, to generate enough business to make it financially worthwhile.” But after talking with members of the community who were committed to raising money for a medical center, Cawley changed his mind. “This was a very dedicated community who wanted to live there, wanted to age there,” Cawley says. “I started to hear from the community that they would support this [through philanthropic

giving].” Southstreet committed to donating the necessary land at a value of $6 million. “We don’t get a lot of community developers who do that,” Cawley says. “So, we decided to make a move and dive in.” Due to the complexity of state and federal regulations and the challenges of medical design, the process has taken years. But construction is about to get underway, and 16 months from then, MUSC will open a 30,000-square foot, state-of-theart medical center on Kiawah that’s open not just to community guests and residents, but to all the residents of Kiawah, Johns, and Seabrook IsPA R T N E R C O N T E N T

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lands. With a 24/7 emergency room, more primary care, more specialty care, and the impressive resources of MUSC to draw upon, the new MUSC Health Sea Islands Medical Pavilion will be a healthcare lifeline for Kiawah members and guests, but also for employees, and local residents. Much of the credit goes to Southstreet, Cawley says. “It’s typically elected officials who think about these things, not developers. But this is not just a flash in the pan where they have a meeting or two and then step back. They’re thinking decades out.” For Southstreet, that’s part of what sustainability means.

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K I AWA H

The Dos and Don’ts of Inheritance BY SUSAN HIRSHMAN, DIRECTOR OF WEALTH MANAGEMENT, SCHWAB WEALTH ADVISORY

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n inheritance involves several important considerations, both for those who are transferring wealth and for the recipients. With U.S. households projected to transfer $72.6 trillion in assets to heirs over the next two decades, according to Cerulli and Associates, the so-called “great wealth transfer” will affect a growing number of Americans. Because all estates and families are different, the distinctive aspects of both will play the biggest role in determining how the transfer of wealth should be handled. No matter the size of the estate, a benefactor should follow some basic estate planning guidelines. It is imperative that documents and matters are in place to have a seamless transfer, including a will, up-to-date beneficiary designations, and a revocable trust. When creating these documents, it is important to consider family dynamics, as well as heir preferences, needs, and limitations. For example, if one child is in a low tax bracket and another one is in a higher tax bracket, does it make sense to leave certain assets (e.g., an IRA) to one heir over the other? Will heirs who receive a vacation home collectively share the house without arguments or will one want to be bought out? If a current spouse isn’t the parent of your children, how do you ensure that assets left to that spouse will get passed to your children when the spouse dies? The key to an effective wealth transfer strategy is consideration and communication. It is important to discuss your plans, reasoning, and considerations openly with your heirs. Furthermore, it’s important for each heir to understand what their roles and responsibilities are regarding the estate administration and distribution. Discuss with them if they have the time, temperament, and training to take on that role. For example, you may want to name one brother as the trustee of a testamentary trust for the other brother. Talk to the potential trustee about whether he wants this responsibility, or if he is uncomfortable with the idea of being his “brother’s keeper.” To help address these issues, a family wealth mission statement may help ensure family harmony during a wealth transfer. These documents focus on your values and insights, helping to steer your legacy for generations to come. The considerations associated with wealth transfer aren’t limited to the benefactors. Heirs, too, have a responsibility— especially when it comes to thinking about their own wealthmanagement plan. Among other issues, heirs should consider how the inheritance impacts their financial and estate planning goals and investment plan. There may be potential new income and estate tax implications as well. Does the inheritance push the value of your estate above the estate tax exemption and/or advance you to a higher marginal income tax rate? Does the inheritance present an opportunity to retire early or purchase a

vacation home? Does the inheritance allow you to participate more actively in philanthropy? Other issues may crop up unexpectedly. For heirs who are on Medicare, will the inheritance increase your income to make you subject to Income-Related Monthly Adjustment Amount (IRMAA)? In all cases, it is paramount to review your own wealth and estate plans and think strategically about how best to optimize your financial and familial situation. This may be the time to consult with a financial planner or other investment professional. In situations where it is impossible to remove emotions from decision-making, you may want to consider using neutral third parties, such as property managers, professional estate sellers, or real estate agents. Remember, court battles can be long, expensive, and cause lasting and irreparable family strife. There’s little doubt that an inheritance carries mixed emotions for both the giver and the beneficiary. But just like with any family financial decision, a measured and thoughtful approach will contribute to a bespoke, tax-efficient, and mindful outcome. Disclaimer This information is for general informational purposes only and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

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100 THE WORTHY

This year’s Worthy 100 list supports our mission to elevate individuals using their talent, wealth, and influence to generate positive impacts. By highlighting the voices and choices of those working to create change, we hope to do our part. BY SEÁN CAPTAIN, DAN COSTA, KIRSTEN CLUTHE, EVA CROUSE, GABRIELLE DORÉ, MARSHALL HONOROF, RUTHIE KORNBLATT-STIER, MARTINE PARIS.

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INDEX Dario & Daniela Amodei, 40 Bernardo Arévalo, 40 Anne Bader-Martin, 40 Perpetual Baffour, 40 Simone Biles, 41 Steve & Connie Ballmer, 41 Judy Blume, 41 Shannon Bream, 42 Karen Cahn, 42 Kim Carter, 42 Nalleli Cobo, 42 Frank Chi, 43 Rumman Chowdhury, 43 Kristy Caylor, 43 Pinky Cole, 43 Tom Collichio, 44 Asha Curran, 44 Jason “Jelly Roll” DeFord, 44 Michael & Susan Dell, 44 Fran Drescher, 45 Vincent Eckert, 45 Claudia Gonzalez Romo Edelman, 45 Lisa Franchetti, 45 Stacy Francis, 46 Brooks Fuller, 46 Wanjiku “Wawa” Gatheru, 46 Evan Gershkovich, 46 Greta Gerwig, 47 Dr. Shieva Ghofrany, 48 Peter Gleick, 48 Claudia Goldin, 48 Derek Gonzalez, 48 Hemley Gonzalez, 49 David Gruber, 49 Sir Lewis Hamilton, 49 Emily Hanford & Mark Seidenberg, 49 David Hogg, 50 Ernest & Jaycee Holmes & Travis Thompson, 50 Leah Hunt-Hendrix, 50 Chris Jacobs, 50 Mark Z. Jacobson, 51 Suleika Jaouad, 51 Kate Kallot, 51 Scott Kirby, 51

John Kerry, 52 Jhillika Kumar, 53 Rena Lee, 53 Simone Leigh, 53 Miriam Leuchter, 53 Daniil & David Liberman, 54 Alex Liftman, 54 Cate Luzio, 54 Ricky Martin, 54 Stacy London, 55 Matthew McConaughey, 56 Kathy Magee, 56 Graham Macmillan, 56 Adam Met, 56 Michael Milken, 57 Edward Mitchell, 58 Narges Mohammadi, 58 Montana Climate Kids, 58 Dustin Moskovitz, 58 Carlijn Nouwen, 59 Caroline O’Connor, 59 Dr. Patrick O’Shaugnhessy, 59 Alexander Olesen & Graham Smith, 59 Jorge M. Pérez, 60 Kim Petras, 60 Jerome Powell, 60 Arati Prabhakar, 60 Michael “Killer Mike” Render, 61 Yoel Roth, 61 Dr. Jonathan Sackner-Bernstein, 61 Brandon “Stix” Salaam-Bailey, 61 Zainab Salbi, 62 Basant Sheouda, 63 Jeff Skoll, 63 Artis Stevens, 63 Natalie Tran, 63 Chris Shepard, 64 Mustafa Suleyman, 65 Justin van Fleet, 66 Clarissa Ward, 66 Fani Willis, 66 Emma Watson, 66 Taylor Swift, 67 Will.i.am, 68 Tim Woolmer, 69 Susie Wolff, 69 Andrew Youn, 69 Yana Zinkevych, 69

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Dario & Daniela Amodei

Bernardo Arévalo

Anne BaderMartin

PRESIDENT-ELECT, GUATEMALA

FOUNDER, ONE CAN HELP

COFOUNDERS, ANTHROPIC

In 2022, Transparency International ranked Guatemala as one of the most corrupt countries in the world, just ahead of Honduras, and just behind Iran. Presidentelect César Bernardo Arévalo de Léon is working hard to change that, and facing stiff resistance every step of the way. Early on in the election process, three other promising candidates in Guatemala faced spurious disqualifications. During his campaign, Arévalo ran on a strong anticorruption platform, drawing attention to the continual erosion of democratic norms in his home country. Since a 2015 UN report incriminated Guatemala’s president and vice president in a corruption scandal, the government has harassed and intimidated reformers, often forcing them into exile. Despite fierce opposition from the entrenched powers-that-be, Arévalo won the presidential election in June 2023. With 58% of the vote, his victory over former first lady Sandra Torres was a landslide. However, before he takes office in January 2024, he’ll have to overcome even more resistance from obstinate government officials. At present, Guatemalan attorney-general Maria Consuelo Porras is attempting to suspend Arévalo’s political party, Semilla, in an attempt to invalidate his upcoming presidency. Arévalo, however, remains steadfast, and claims that his quest to fight corruption in Guatemala is more vital than ever, as autocratic regimes around the world attempt to undermine democratic norms.

Systemic poverty affects children just as much—if not more—than the adults who care for them. Back in 2005, Massachusetts attorney Anne BaderMartin realized that many poor families and their legal advocates lacked the resources necessary to stay together, build wealth, and ultimately break a vicious cycle. She founded One Can Help, which connects foster children and other underserved young people, as well as their families, with the resources they need to navigate the juvenile court and child welfare systems. One Can Help is a network of attorneys, social workers, and child advocates who work together to help families in both the court and welfare systems. Bader-Martin sees poverty as a severe obstacle to achieving justice, particularly where children are concerned. This year, Bader-Martin has continued the work that she began 18 years ago. In March, Massachusetts attorney general Andrea Campbell spoke on behalf of One Can Help, praising the organization’s hands-on approach to providing aid. As of June, the organization claims that it has helped more than 15,000 children and families, saving the state of Massachusetts more than $9 million in the process. Bader-Martin and her organization have helped children and families who often have nowhere else to turn, and hopefully helped make an entire state’s legal system a little more equitable in the process.

The sibling cofounders of the buzzy AI startup, Anthropic, CEO Dario and company president Daniela Amodei are on a mission to save the world from bad actors intent on abusing AI to spread misinformation, perpetrate scams and hack into systems. In pursuit of creating a safer and more ethical AI, they have been training their chatbot Claude with a set of rules called Constitutional AI which aims to instill values that will help the model distinguish right from wrong and enable it to morally correct itself when instructed to produce harmful outputs. Prior to cofounding Anthropic in 2021, both worked at OpenAI. Dario was the head of research for ChatGPT’s foundation model and Daniela was head of safety and policy. Before that, Dario worked at Google Brain and with AI pioneer Andrew Ng at Baidu. With all of its specialized AI talent, Anthropic has generated a great deal of interest from the tech giants seeking to compete with OpenAI’s ChatGPT and other rivals. That includes Amazon, which just announced an investment of up to $4 billion in the company, and Salesforce Ventures, which was an early investor. Even Google has a stake and and just committed to invest up to $2 billion more over time.

Perpetual Baffour RESEARCH DIRECTOR, THE LEARNING AGENCY LAB While an advanced education in technology often leads to a lucrative Silicon Valley job, for Perpetual Baffour, it’s led to a career improving education for all students, in all fields, from kindergarten through college. As research director at the nonprofit Learning Agency Lab, she studies how technology can improve the educational process—including using artificial intelligence to tailor the experience for both student and teacher. With a master’s degree in computer and information technology from the University of Pennsylvania, Baffour served as a fellow at the university’s Center for Community Partnerships, then a researcher at the Center for American Progress. But she found her calling in education, first as a data analyst at the School District of Philadelphia, then joining the Learning Agency in 2018. The organization runs competitions for data scientists developing technologies to improve the educational experience. In 2023, it released a case study showing that AI can now evaluate and provide feedback on short student essays as well as a teacher can. The goal is not to replace teachers, but to complement the work of overstretched educators. In that vein, Baffour encourages everyone to, “advocate for responsible AI in education, where these technologies are built alongside teachers and students for fairness, transparency, and inclusivity.”

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COURTESY OF PERPETUAL BAFFOUR

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Simone Biles U.S. GYMNAST Following a two-year hiatus from the sport, Simone Biles has returned victorious in 2023 as the most decorated gymnast in history, with 37 combined world championship and Olympic medals. And with that accomplishment, she has also become a beacon of hope for those struggling with mental health issues. At the Tokyo Olympics in 2021, as Biles was heading off to the finals, she developed a case of “the twisties”—a dangerous condition in which a gymnast loses the sense of where they are in the air and can suffer serious injury upon landing. Prioritizing wellness over winning, she dropped out. It was during this time away from competition that Biles was able to address the trauma she suffered from convicted sex offender Larry Nassar, who was the USA Gymnastics national team doctor for much of her career. Along with other star athletes, she testified before Congress to ensure that future generations will be protected. And in 2022, she was awarded the Presidential Medal of Freedom for standing up against abuse and changing the narrative around mental health. Now at 26, she’s back on the top of her game and heading off to the 2024 Paris Olympics with GOAT status, being celebrated as the greatest gymnast of all time.

Steve & Connie Ballmer

GETTY

COFOUNDERS, BALLMER GROUP Steve and Connie Ballmer come from the tech and philanthropic worlds. Steve, the former Microsoft CEO, and his wife, Connie, have used their financial resources and united commitment to philanthropy to support a variety of causes through the Ballmer Group. Founded in 2015, the organization is committed to improving economic mobility and opportunity for children and families in the United States. Through their organization, they have supported nonprofits and social services in a variety of different areas, such as education, childcare, community development, homelessness, criminal justice reform, climate change, public health, gun safety, and more. As of December 31, 2022, the Ballmer Group has reported over $850 million in giving and 380 active grants. In September, they pledged $175 million to StriveTogether to support the organization’s goal of putting at least four million additional young people on a path to economic mobility. Through their continued philanthropic efforts and commitment to providing the necessary financial backing to enact social good, Steve and Connie Ballmer rightfully earned their spot on the 2023 Worthy 100 list.

Judy Blume AUTHOR Menstruation, religion, masturbation. For the past 50 years, Judy Blume and her confident treatment of sensitive subjects have long been the target of controversy. In a world that has deemed the prospect of an empowered young woman a threat, the work of Blume, alongside her perseverance against censorship, has been a critical force in guiding thousands of girls through adolescence. This year, Blume has once again come to the forefront of the discussion of female authorship and autonomy. Florida’s Martin County School District banned her 1975 novel Forever for its candid exploration of teenage sexuality, and a film adaptation of one of her most beloved books, Are You There God? It’s Me, Margaret, debuted. Blume has additionally worked this year to raise over $3 million (along with other authors including Amanda Gorman and Suzanne Collins) to help PEN America open an office in Miami, in order to combat Florida’s book-censorship initiatives. “It’s not just the books under fire now that worry me,” says Blume on her website. “It is the books that will never be written. The books that will never be read. And…as always, young readers will be the real losers.” WORTH.COM

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Shannon Bream

Nalleli Cobo

ANCHOR, FOX NEWS SUNDAY

COFOUNDER, PEOPLE NOT POZOS

Countering a TV news environment beset by political ranting on the right and left, attorney and journalist Shannon Bream offers a thoughtful and warm voice. The former host of Fox News at Night, Bream, became, in late 2022, the first female anchor of Fox News Sunday, while retaining her role as the network’s chief legal correspondent. An evangelical Christian, Bream has probed both sides of the Supreme Court’s decision overturning abortion rights. She pushed Democratic senator Ben Cardin to acknowledge his support for the procedure up to the due date. But she also questioned the political wisdom of Republicans’ strident anti-abortion position, saying “Hey, do you want to be like North Korea, or do we want to have more reasonable restrictions?” Bream reserves her religious views for her books, including the 2021 New York Times # 1 bestseller The Women of the Bible Speak. In 2023, she published her latest work, The Love Stories of the Bible Speak: Biblical Lessons on Romance, Friendship, and Faith. “Start from the place of mutual respect; assume the best about someone you may disagree with most,” she tells Worth.

Nalleli Cobo has been an environmental activist for the past 13 years. That’s impressive, when you consider that the Los Angeles native turned 22 this year. When she was nine years old, Cobo realized that an AllenCo oil well in her neighborhood was responsible for her frequent and debilitating illnesses. She cofounded People Not Pozos (“pozos” is Spanish for “oil wells”) to hold the AllenCo company accountable. Since then, the oil well has shut down and the executives are facing criminal charges. In fact, in 2023, the Los Angeles City Council nixed all plans for future oil wells, thanks in part to Cobo’s efforts. She continues to investigate environmental racism in LA, which exposes minority populations to disproportionate health risks. After successfully completing cancer treatment in 2023, Cobo received a coveted “Activist of the Year” award from the advocacy organization Consumer Watchdog. She’s also currently up for a Pritzker Award from the UCLA Institute of the Environment and Sustainability. “Together, we can make a difference by holding elected officials, industries, and corporations accountable,” Cobo told Worth. “We must phase out fossil fuels for the sake of our health, safety, and environment. The time for change is now.”

Karen Cahn FOUNDER AND CEO, IFUNDWOMEN Karen Cahn has been a trailblazer in catalyzing economic empowerment for female entrepreneurs. Cahn’s mission-driven crowdfunding platform, IFundWomen, was designed to level the playing field, particularly for women and marginalized groups who historically have been underrepresented in venture capital funding. Her unique approach not only includes a fundraising platform but also involves coaching and community components, arming entrepreneurs with the requisite skills to succeed. Using their proprietary coaching methodology, the IFundWomen Method, Cahn and her team help entrepreneurs prepare comprehensively for the fundraising process. Through her initiatives, IFundWomen has cultivated an entrepreneur member base of over 100,000, with 70% identifying as women of color. In just four years, the platform has achieved a remarkable feat—parity in funding between founders of color and non-WOC founders. With a genuine focus on creating debt-free solutions, Cahn has been instrumental in redefining the contours of entrepreneurship for women, making capital more accessible and equitable. Her work serves as a testament to the monumental change that is possible when vision, strategy, and advocacy converge.

Kim Carter FOUNDER, TIME FOR CHANGE FOUNDATION Carter has experienced incarceration and homelessness firsthand. As such, she knows better than most how these two social ills can feed into each other and perpetuate a vicious cycle. In 2002, she created the Time for Change Foundation, which helps women and children get off the streets, out of prisons, and into stable environments where they can heal and thrive. Time for Change employs a “full continuum” approach for its beneficiaries, helping low-income women find housing, break drug addictions, expunge criminal records, and reunite with their children. To date, Carter and her organization have helped more than 1,000 women in her native California. Over the next few years, she aims to tackle gaps in income and political representation based on sex and race. Carter’s influence has grown well beyond a single organization in California. This year, the anthology film “Tell It Like a Woman” became available for streaming in the United States. One segment, “Pepcy & Kim,” stars award-winning actress Jennifer Hudson as Carter, bringing the Time for Change Foundation’s laudable origin story to a wider audience. Carter’s work has already helped hundreds of individuals directly, and a movie based on her work may well inspire more people to follow her example.

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Frank Chi FILMMAKER AND ACTIVIST Frank Chi is a Los Angeles and New York City-based filmmaker and activist renowned for crafting narratives that drive social justice and inclusion. His work includes the critically acclaimed HBO original documentary, “38 at the Garden,” which delves into NBA player Jeremy Lin’s iconic “Linsanity” run. The film has won a Sports Emmy and was shortlisted for an Academy Award. Frank also gained recognition for his contribution to the “Notorious RBG” campaign, honoring the late Supreme Court Justice Ruth Bader Ginsburg. But Frank’s reach extends beyond the silver screen. A recipient of the Bank of America Neighborhood Builders Social Equality Award, he has directed a $200,000 grant to The Center for Asian American Media, empowering future Asian American storytellers. His thought leadership in social justice has led to collaborations with partners such as Senator Elizabeth Warren and Planned Parenthood. His early career began with a stint on the Obama Media Team in 2008, setting the stage for over a decade of impactful storytelling. Frank continues to challenge and redefine the American narrative with his films and partnerships, focusing on themes of justice, equality, and inclusion. His commitment to breaking barriers and creating opportunities has made him a key player in advancing social equality.

Rumman Chowdhury

P H OTO B Y OT H E L L O B A N A C I

COFOUNDER, HUMANE INTELLIGENCE As artificial intelligence becomes more sophisticated, the technology will require industry experts to ensure that it complies with ethical standards. The trick, of course, is that those same experts will also have to determine what those ethical standards should be. Enter Rumman Chowdhury, former director of machine learning ethics, transparency, and accountability at Twitter, and recent cofounder of Humane Intelligence. Social media aficionados may recognize Chowdhury as one of the authors of the damning 2021 report that illustrated Twitter’s propensity to amplify right-wing voices, which may have led to her eventual dismissal under Elon Musk. Her new venture aims to prevent some of the same mistakes in nascent AI projects. Humane Intelligence has already begun taking clients, although the list is currently private. Still, the company plans to reveal more information soon, and has already provided some stark examples of the machine learning missteps that it hopes to overcome, from misleading medical recommendations, to biases concerning the LGBT community. “Be technically literate,” Chowdhury advises Worth readers. “Generative AI puts the power of AI in everyone’s hands. AI is a tool for the masses, not just the powerful. It can be harnessed to do good if we are intentional about its impacts.”

Kristy Caylor

Pinky Cole

FOUNDER, FOR DAYS

From working in reality television to founding one of the most sought-after vegan restaurant chains (Slutty Vegan), Pinky Cole is redefining what it means to be plant-based. For the Baltimore native with Jamaican roots, Cole’s success goes far beyond food. Her bold branding is intended to not only add a sprinkle of fun, but also to spark a conversation about the health and sustainability benefits of plant-based food options for those who’ve never considered them before. After she was forced to shutter her first restaurant in Harlem due to a grease fire in 2016, Cole took a gamble, opening her first Slutty Vegan food truck in 2018. An astronomical success, she turned over $4 million in profit within the first six months of opening and immediately reinvested the proceeds back in her local Atlanta community. She’s helped struggling local businesses cover their rent, paid the tuition of over 30 college students at Clark Atlanta (her alma mater), and worked to provide coats and warm clothing to community members in need. This year, she released her first book, I Hope You Fail, an account of how the losses in her life led her to success.

A fashion industry insider for the past 20 years, Kristy Caylor has taken it upon herself to be a pivotal force for sustainable change. After years growing businesses and brands for Gap Inc., such as Banana Republic Petites and Banana Republic Japan, Caylor founded Maiyet, the first mission-driven luxury fashion brand to be a competitor on the global scale, featuring sustainable and artisanal pieces from remote areas around the world. Soon after, she founded For Days, a brand with the ambitious objective of transforming the fashion industry into a circular economy—through refurbishment, reuse, and remanufacturing. Unlike many other major figures in fashion, Caylor works to address the need for new clothing without creating landfill waste or costing the environment. As a longtime sustainability innovator and visionary, Caylor has been profiled for her work in global publications including Vogue, the New York Times, and the Wall Street Journal, to name a few. She is also a member of the Council for Fashion Designers of America and the World Economic Forum’s Global Future Council on Consumerism. Though she’s already had a marked impact on the fashion industry, Caylor continues to work tirelessly towards a sustainable future.

FOUNDER, SLUTTY VEGAN

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Tom Colicchio

Asha Curran

Jason “Jelly Roll” DeFord

CHEF

CEO, GIVING TUESDAY

MUSICIAN & PHILANTHROPIST

Tom Colicchio is renowned for his culinary expertise, evident from his successful restaurants, Craft, Craftbar, and Craftsteak, and his pivotal role as a head judge on Bravo’s “Top Chef.” But his impact extends far beyond the kitchen, reaching into societal issues like food policy reform, diversity in the culinary world, and food insecurity. Colicchio’s initiatives to diversify the culinary scene are noteworthy. He is known for his efforts to uplift underrepresented groups in the industry, particularly female and BIPOC (Black, Indigenous, People of Color) chefs. Colicchio has actively provided funding opportunities for these individuals that they might have struggled to secure otherwise. His influence isn’t limited to the professional kitchen. Colicchio is actively involved in addressing food insecurity issues via his partnership with Smile Farms. This organization focuses on providing adults with developmental disabilities the opportunity for meaningful work in agriculture. Through his advocacy for cultural inclusivity in the culinary industry and commitment to combating food insecurity, Colicchio has made an indelible impact that resonates beyond his delicious dishes.

Giving Tuesday started out as an antidote to the crass commercialism of Black Friday and Cyber Monday. When the holiday started in 2012, its goal was to continue the spirit of Thanksgiving, and encourage people to think about what they could give to others, rather than what they could buy for themselves. Since then, the idea has grown and expanded into an entire philanthropic organization, and Asha Curran is currently steering the ship. Having spent most of her career in education, nonprofits, and philanthropy, Curran leveraged her experience to turn Giving Tuesday into a global force for good. Rather than espouse a single cause or charity, the organization encourages everyday people to donate their time or money to a cause that they find meaningful. Giving Tuesday even counts small, everyday acts of kindness as a win. Under Curran’s leadership, Giving Tuesday has continued to raise massive amounts of money for charity, including $3.1 billion for its 10-year anniversary in 2022 alone. She’s also launched the Giving Tuesday Data Commons: a $26 million project, which tracks philanthropic efforts all around the world. While the Data Commons project is still in its infancy, Curran believes that the project will foster collaboration, innovation and, above all else, generosity.

Bucking stereotypes is nothing new for DeFord. With his imposing build and intense tattoos, he doesn’t fit the conventional image of a country singer. His music ranges from rap confessionals to acoustic ballads. And yet, legions of fans and critics alike adore Jelly Roll for his unconventional songwriting, spirited performances, and heartfelt subject matter. Earlier this year, he won for “Male Video of the Year,” “Male Breakthrough Video of the Year,” and “Digital-First Performance of the Year” at the CMT Music Awards for his hit song “Son of a Sinner.” Jelly Roll’s earnest songs come from hard-won life experience, however. In his teens and 20s, he served time in correctional facilities in his native Tennessee, having committed both violent and nonviolent crimes. This past year, the musician gave back by partnering with Impact Youth Outreach, a Nashville-based nonprofit that helps at-risk young people. Jelly Roll donated hundreds of thousands of dollars to the organization, helping it create ten new scholarships, a music program, and even a recording studio. Over time, Jelly Roll’s philanthropy could help a whole new generation of musicians discover their love for the medium, and give them the ability to share their songs with the world.

Michael & Susan Dell Michael Dell is one of the wealthiest men on Earth, having made his fortune creating Dell Technologies and the computer brand of the same name. In 1999, he and his wife founded the Michael & Susan Dell Foundation, which aims to spread some of that wealth around the world. The organization’s goal is to break the cycle of intergenerational poverty through three main pillars: education, health, and family stability. Operating in the United States, India, and South Africa, the Michael & Susan Dell Foundation helps connect students with college educations, children with healthy meals, and parents with rewarding jobs. Michael and Susan themselves hold active roles in the organization, serving on the board of directors and continuing to provide funding. In fact, in October 2023, Michael made his biggest donation ever to the foundation: approximately $140 million in Dell stocks. If past experience is any indication, the money should go to good use. Since 1999, the Michael & Susan Dell Foundation has distributed more than $2.4 billion, including $15 million last year to help Ukrainian refugees. Dell’s generosity has also earned him a spot among the nation’s top philanthropists this year. Michael and Susan set an admirable example for other magnates who want to share their tremendous wealth.

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V I A C R A F T E D H O S P I TA L I T Y. C O M

COFOUNDERS, MICHAEL & SUSAN DELL FOUNDATION

Fran Drescher PRESIDENT, SAG-AFTRA She’s been the fighting force of the Screen Actors Guild in its historic strike against the Hollywood studios. Getting her start in cinematic classics like Saturday Night Fever, Fran Drescher found fame with the hit television series, The Nanny, which she co-created and coproduced. The show ran for six seasons and earned her a star on the Hollywood Walk of Fame, along with multiple Emmy and Golden Globe nominations. After the series ended, Drescher wound up in a battle for her life against uterine cancer. Her book about her journey, Cancer Schmancer, became a New York Times bestseller and kicked off two decades of raising awareness about the importance of early detection. For her philanthropic work, she has won numerous awards, including City of Hope Woman of the Year, and has been touted as one of the best celebrity lobbyists for her tenacity in getting women’s health legislation passed. Re-elected as SAG-AFTRA president by an overwhelming majority, she’s been an inspirational leader in trying to reshape the film and television industry for the modern era by demanding fair wages and protections against AI, particularly important for the vast majority of members who are not celebrity millionaires and don’t earn enough to qualify for union healthcare benefits.

Vincent Eckert

GETTY

HEAD OF INTERNAL ENVIRONMENTAL MANAGEMENT, SWISS RE Eckert has led environmental management within the Swiss insurance giant since 2007, which has won praise even from stringent environmental groups. With an education in physics, engineering, and business administration, Eckert began his career as an environment, health, and safety manager at industrial companies before joining Swiss Re in 2007. He is also director of the Swiss Climate Foundation, a coalition of financial industry firms that fund climate initiatives for smalland medium-sized businesses in Switzerland and Liechtenstein. Swiss Re has made substantial environmental commitments under Eckert’s leadership, including a 2019 pledge to achieve net-zero greenhouse gas emissions by 2030. (It’s claimed to be carbon-neutral since 2013, but that was largely through purchasing carbon offsets.) Swiss Re was also one of the founders of RE100, a program run by Climate Group, which has signed on hundreds of companies worldwide to commit to 100% renewable energy. This year, Swiss Re won highest praise from the nonprofit group Transport and Environment’s Travel Smart campaign, which tracks global companies’ progress towards zero-emissions travel.

Claudia Gonzalez Romo Edelman FOUNDER, WE ARE ALL HUMAN Edelman has spent the span of her twentyfive year career dedicated to engendering social change through global mobilization and marketing. She’s worked to maximize her impact by raising both awareness and funds for various humanitarian issues at global organizations, including the United Nations, the United Nations Refugee Agency, UNICEF, and the Global Fund to fight AIDS, Tuberculosis, and Malaria. Most recently, she founded the We Are All Human Foundation, a New York Citybased non-profit focused on advancing diversity, equity, and inclusion across the nation. One of its primary 2023 initiatives is Hispanic Star, a program devoted to furthering the careers of Hispanics and Latinos throughout the U.S., particularly those of Latina women whose experiences are too often undervalued and overlooked. As part of Hispanic Star, she’s released a series of children’s books detailing the accomplishments of major Latino figures including Supreme Court Justice Sonia Sotomayor, astronaut Ellen Ochoa, and baseball player Roberto Clemente. She has also advocated for greater Latina recognition through op-eds and other journalism. “[Latinas] are the incredible, invisible economic powerhouse—the secret sauce of extraordinary future growth,” she wrote in an April op-ed for MSNBC. “As a Latina, we represent an untapped treasure with exponential potential.”

Lisa Franchetti ADMIRAL, UNITED STATES NAVY While Lisa Franchetti initially studied to become a journalist, life took her in a different direction in 1985, when she began serving in the United States Navy. Since then, her list of achievements has been impressive. She’s been a navigator aboard the destroyer tender USS Shenandoah, an assistant surface operations officer aboard the aircraft carrier USS George Washington, and a commanding officer aboard the guided-missile destroyer USS Ross. Franchetti has served as a de facto military ambassador in South Korea. She’s commanded ships, squadrons, and strike groups; she’s earned the Legion of Merit five times; and she’s attained the rank of four-star admiral. Franchetti became acting chief of naval operations, following the retirement of Adm. Michael M. Gilday earlier this year. In September 2023, President Joe Biden nominated Franchetti to take on the position permanently. If the Senate confirms her, she’ll become the first female CNO in United States military history, as well as the first woman to serve on the Joint Chiefs of Staff in the Pentagon. “If your place is at the table, sit at the table; if you have something to say, say it,” she told Worth. “Leadership traits are not specific to men or women. Being a good leader is about being you and doing what you need to do to accomplish your mission and take care of your people.” WORTH.COM

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Stacy Francis CEO, FRANCIS FINANCIAL Stacy Francis is the CEO and president of Francis Financial, a boutique wealth management and financial planning firm that specializes in providing comprehensive advice to women facing a transition, such as divorce or widowhood. As a certified financial planner, certified divorce financial analyst, certified grief recovery specialist, and certified estate and trust specialist, Francis has received numerous awards for her financial savvy. A few of these accolades include the National Money Hero Award by CNN Money Magazine, the Women’s Choice Award for Financial Advisors, and Forbes Top Women Wealth Advisors. Francis donates 10% of her firm’s proceeds to charities, including Savvy Ladies, a non-profit she founded with the mission to financially empower and educate women. Francis has accumulated over 20 years of financial planning experience and is using it to help close the gender gap in financial literacy. Her non-profit, Savvy Ladies, has helped over 10,000 women through free one-on-one counseling, workshops, and retreats. They are offering these resources in an attempt to fight against the financial abuse and exploitation of women, and instead hope to empower them to understand the importance of educating themselves.

Brooks Fuller DIRECTOR, NORTH CAROLINA OPEN GOVERNMENT COALITION One important function of the press is to hold government officials accountable for their actions. In North Carolina, this function is currently under threat, according to journalism professor Brooks Fuller. Ever since 2019, Fuller has served as the director of the North Carolina Open Government Coalition, a nonpartisan organization that teaches state residents about their rights to public records and meetings. Fuller, who teaches media ethics and original research methods at Elon University, holds degrees in both law and journalism, and has used both to great effect to stand up for free speech. This year, Fuller has taken the North Carolina government to task for House Bill 259. Buried within the 625-page document is a stipulation that government officials can invoke legislative privilege “in all instances.” This allows North Carolina lawmakers to unilaterally refuse to share any document that they created or received during their tenure in office. Fuller has condemned the bill in no uncertain terms, calling it “a devastating blow to public access.” How the North Carolina government responds could have profound implications for free speech all across the country. Whatever the outcome, Brooks has already equipped a generation of students with the tools to hold their leaders accountable.

Evan Gershkovich JOURNALIST, WALL STREET JOURNAL After Russia’s alarming arrest and detention of Wall Street Journal reporter Evan Gershkovich in March 2023, he quickly became one of the most pivotal geopolitical figures globally. Gershkovich began working at the Journal’s bureau in Moscow covering the war in Ukraine in 2022. While reporting on the Wagner military group in March of 2023, he was arrested by Russia’s Federal Security Service on charges of espionage, making him the first American journalist to have been arrested on those charges since the Cold War. Though both the Wall Street Journal and the U.S. Government have vehemently denied the allegations against him and have called for his immediate release, Gershkovich continues to be detained in Moscow’s Lefortovo prison, a jail infamous for its severe and isolating conditions. While ambassadors from the U.S. and the United Nations work on securing his release, Gershkovich’s courage in reporting the truth about Russia, despite the serious risk to himself, has stood as a powerful symbol for free speech while Russia’s assault on Ukraine continues. As asserted in an official statement by the U.S. Department of State, “Journalism is not a crime.”

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Wanjiku “Wawa” Gatheru FOUNDER, BLACK GIRL ENVIRONMENTALIST As a young black woman in America, Wawa Gatheru knows better than anyone the brunt that women of color particularly face from climate change. The daughter of Kenyan immigrants, Wawa grew up in rural Connecticut gardening with her mother and grandmother—an experience that formed her critical understanding of the intersection between care for the planet and care for communities. As a student at the University of Connecticut, she delved into the world of environmental scholarship and quickly became one of the state’s most vocal figures in climate justice, serving as a lead organizer in Connecticut’s first Youth Climate Lobby Day and being named a United Nations global health fellow. After becoming the first Black person in history to receive the Rhodes, Truman, and Udall Scholarships, Gatheru founded her own national nonprofit, Black Girl Environmentalist. The organization is dedicated to educating and empowering Black girls and women across the climate movement, from community building to green workforce development. She also sits on the boards and advisory councils for organizations including the National Parks Conservation Association, Earth Justice, and the Environmental Media Association.

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Greta Gerwig Conquering Hollywood and Empowering Women

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he is the highest-grossing solo female director of all time, raking in more than $1.4 billion in worldwide box office sales for “Barbie.” Her take on the iconic doll has sparked important conversation around how rampant sexism still is throughout society. With critically acclaimed comingof-age films like “Frances Ha” in 2012, “Lady Bird” in 2017, and “Little Women” in 2019, Greta Gerwig is known for delivering that special brand of storytelling that can whimsically take an audience on the hero’s journey, while simultaneously exploring the often dark and paradoxical demands made of women in pursuit of the feminine ideal.

She got the chance to co-write and direct “Barbie” when Margot Robbie, who produced and starred in the film, realized the movie needed the director’s unique vision. Gerwig addressed the complexity of challenges women face in everyday life–from being boxed into roles in their relationships to having to fight for the right to reach their full potential in their jobs– while sugar-coating it with optimism to ensure the story resonates with the widest audience possible. “I wanted to channel something that had that ache in it, but also something so wild and unruly,” Gerwig told the Associated Press. Having written the screenplay with her partner Noah Baumbach during the pandemic lockdown, she felt the need to create something that would spill out over the edges and drive audiences back into movie theaters to enjoy the spectacle with a large group of people in front of a giant screen, she explained. With that, Gerwig wound up creating not just a vehicle for conversation, but also a commercial success beyond anyone’s wildest expectations. Just three weeks into the blockbuster’s run, her loud and proud creation became a billion dollar box office bonanza, with the chief executive officers of Warner Bros. Discov-

ery and Mattel singing her praises. Not only did the “Barbie” movie spike company earnings, but its genius global marketing campaign turned every asset across WBD’s divisions pink. And it had a ripple effect across the greater U.S. economy, resulting in a frenzy of consumer spending from random runs on pink paint to a surge in sales of Birkenstocks. It also boosted dissimilar movies released at the same time, including “Oppenheimer” which grossed close to a billion dollars thanks to a viral Barbenheimer meme. Although she has yet to win an Oscar, Gerwig has won big where it counts the most—convincing the Hollywood studio chiefs to give her the blockbuster budgets that have traditionally gone to men. Across the entire entertainment industry, women are still woefully underrepresented, comprising less than one third of directors, writers, producers, editors, and cinematographers, according to the Center for the Study of Women in Television and Film at San Diego State University. The hope is that Gerwig’s success will pave the path for other female filmmakers. Netflix has already given her the greenlight to write and direct the first two in a series of films for the Chronicles of Narnia franchise. Authored by C.S. Lewis in the 1950s, the story begins with the young adult classic, The Lion, The Witch and The Wardrobe, about four British siblings who escape into a fantasy world in the English countryside during the World War II blitz of London. Being entrusted with one of the most beloved children’s tales of all time, Gerwig told the Inside Total Film podcast that she’s properly scared of it, which she is taking as a good sign. “Having another big canvas is exciting—and also daunting,” she said.

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A B C D EFG H I J K L M N O P Q R S T U V W X Y Z

Dr. Shieva Ghofrany

Peter Gleick

CO-CREATOR, TRIBE CALLED V

Since founding the Pacific Institute in 1987, Peter Gleick has worked across the spheres of environmental science, public health, and climate justice to ensure that people across the globe have access to clean water. Gleick’s individual research, in tandem with the work of the Pacific Institute, has redefined the human right to water while examining the intersection between economic pressures and global sustainability. Over the past decades, Gleick’s pioneering work has been key in landmark civil rights cases and statutes around the world. In 2010, the United Nations General Assembly drew from his research when formalizing the human right to water; and the Pacific Institute contributed testimony to a landmark civil rights case regarding citizens’ access to clean water in South Africa. Gleick has received the prestigious MacArthur Fellow “Genius Award,” the U.S. Water Prize, and the Carl Sagan Prize for Science Popularization. This year, he published The Three Ages of Water, an account of how water has shaped the course of human history. “The world faces a series of deepening crises,” Gleick told Worth. “[but] we’re learning how to use water more efficiently, restore natural ecosystems…and reverse the trend of dangerous climate changes. Let’s make the transition from today’s challenges to that positive future as fast as possible.”

Women who live near Stamford, Connecticut might already be familiar with Dr. Shieva Ghofrany. She’s a wellrespected OB/GYN at Coastal Obstetrics and Gynecology, but that’s only part of her story. For starters, she’s a science communicator, tackling common questions about women’s health for a wide audience. She’s a YWCA Woman of Distinction, having earned the accolade for helping everyday women conquer their fears and discover their own “fierce juju.” On top of that, Ghofrany co-created A Tribe Called V: an organization that demystifies pregnancy, fertility, mental health, and other issues that American society has tended to stigmatize. At A Tribe Called V, the language is calming and down-to-earth, and no topic is taboo or off limits. “Let’s woman together” is the organization’s rallying cry. Readers can learn the answers to common OB/GYN questions via digestible Instagram posts, or free Q&A sessions on Zoom. This year, Ghofrany has also weighed in on the politics of maternal health. She has claimed that the American healthcare system is “broken,” citing high maternal mortality rates, personnel shortages, prohibitive costs, restrictions on reproductive rights, and outright racism. Ghofrany has already inspired individual women to seek better medical outcomes, but in the future, she might accomplish something similar on a national scale.

SCIENTIST AND AUTHOR, THE THREE AGES OF WATER

Claudia Goldin NOBEL LAUREATE, HARVARD UNIVERSITY Claudia Goldin has been paving the path for women in economics, academics, and the workforce since 1973. After receiving her PhD in industrial organization and labor economics from the University of Chicago, she went on to teach at the University of Wisconsin, Madison and Princeton, before achieving tenure at the University of Pennsylvania. In 1990, she joined the economics department at Harvard, becoming the first woman to ever be offered tenure in that department. Goldin is the former president of both the American Economic Association and the Economic History Association. For almost thirty years, she was the director of development of the American Economy Program at the National Bureau of Economic Research. This past October, Godin smashed the glass ceiling when she was awarded the Nobel Prize in Economics for her fifty years of groundbreaking research on the gender pay gap and women’s labor market outcomes. She is only the third woman to win the award, and the first to win it for solo work.

Derek Gonzalez Derek Gonzalez named his first restaurant, Pilo’s Street Tacos, after his beloved aunt. Pilo had Down Syndrome, but Gonzalez remembers how “she embodied so much love and life,” rather than focusing on her disability. To honor Pilo and others like her, he launched the Goat Hospitality Group, whose mission is to hire, train, and employ people with physical and mental disabilities—or “special abilities,” as Gonzalez calls them. Leveraging his experience in the financial sector, Gonzalez opened four restaurants in Miami, Florida, with two more to follow later this year. These establishments include everything from a laid-back Mexican street food spot to a vibrant LGBT nightclub. Gonzalez invites diners to join a “party with a purpose,” claiming that his restaurants help people with disabilities “achieve their dreams, increase their independence, and [find] companionship.” To that end, the Goat Hospitality group is currently in the process of opening two new restaurants by the end of the year: MIA and LunaSol. The latter will be a rooftop lounge; the former is still a bit of a mystery. “Other venues can help shatter the disability employment gap,” Gonzalez told Worth. He highlighted Gigi’s Playhouse, which provides resources for individuals with Down Syndrome, and the National Center on Health, Physical Activity and Disability (NCHPAD), which advocates for people with physical disabilities.

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P H OTO B Y A N D R E A C A R S O N

FOUNDER, GOAT HOSPITALITY GROUP

David Gruber FOUNDER & PRESIDENT, PROJECT CETI

P H OTO B Y TO N Y R I N A L D O

Biologist David Gruber is asking what would happen, as the song goes, “if I could talk to the animals.” His Project CETI (Cetacean Translation Initiative) is using AI in an attempt to decode whale songs. It’s just the latest in a career of trying to understand undersea life. A professor of biology and environmental sciences at Baruch College, Gruber conducted pioneering research in marine biofluorescence and bioluminesce. He’s discovered over 200 species with the capabilities, including the first sea turtles to exhibit them. To understand the perspective of fluorescent sharks, he helped develop a “shark’s eye” camera that captures the species’ blue-and-green-only vision. To understand jellyfish, he developed robots to delicately handle the fragile creatures. In 2017, Gruber’s attention turned to whales, and research on possible conversations between sperm whales through the same clicking sounds they use to echolocate prey. Together with AI experts, Gruber hatched a plan to use machine-learning to determine what whales might be saying, and perhaps how to talk back. Launched in 2020, Project CETI is making extensive recordings of sperm whales in the Caribbean, and this year released research highlighting its AI-deciphering progress. It also captured spectacular video of sperm whales’ team effort in the birthing process.

Hemley Gonzalez

Sir Lewis Hamilton

FOUNDER AND CEO, RESPONSIBLE CHARITY

RACE CAR DRIVER

Cuban-American Hemley Gonzalez, a former real estate broker, was always heavily involved in philanthropic work. But after becoming disenchanted by the flawed processes for delivering aid, he began his own non-profit in 2009. He worked for four years to secure funding, and in 2013 started delivering aid to impoverished families in India. Gonzalez is now a full-time humanitarian philanthropist working to improve education, access to birth control, and self-employment in India. His non-profit, Responsible Charity, assists low-income families by connecting them with resources. With over 400 beneficiaries, 40 active scholarships, and two community centers (one in Kolkata and one in Pune), the non-profit is working to provide kids with scholarships, mentorship, and after-school programs. Gonzalez is a firm believer that education is not enough to overcome poverty, so he developed a specific module to provide ongoing support that helps children and their families break out of the poverty cycle. Responsible Charity was created in response to Gonzalez’s discomfort with the lack of transparency at other organizations he volunteered with, so he has made conspicuous reporting a pillar of the organization’s process.

Hamilton holds the record for 103 Grand Prix victories and is tied with motorsport legend Michael Schumacher for winning seven Formula One world championships. In 2021, he was knighted for his accomplishments and is considered to be one of the greatest racing car drivers of all time. A young karting champ, Hamilton became pegged for greatness at the age of 13 when he was signed by Formula One to its drivers development program and landed on the cover of Autoweek magazine. He won his first championship with McLaren in 2008, and in 2013 joined the Mercedes-Benz team, where he started dominating the sport, repeatedly finishing first in back-to-back races. With his astonishing record chronicled in the hit Netflix series “Drive to Survive,” Hamilton has also been instrumental in expanding F1’s fan base around the world. But throughout his journey, he has had to fight racism and harassment in a predominantly white sport. Now at the height of his success, Hamilton is using his platform to educate fans about the importance of diversity and has launched a charitable foundation, called Mission 44, to empower young people from underserved communities with science, technological, engineering and math programs, particularly giving back to his hometown of Stevenage, England.

Emily Hanford & Mark Seidenberg CHILD LITERACY ADVOCATES Reading, comprehending, and synthesizing written information is a vital part of the way we communicate. That’s why child literacy is so important—and why Emily Hanford and Mark Seidenberg were dismayed to discover that most schools could not teach it effectively. Since the 1980s, American children have learned to read through a method called “balanced literacy,” which emphasizes word recognition and reading comprehension over phonics. And it doesn’t work. The number of students who cannot read at grade-appropriate levels hasn’t changed in decades. Hanford and Seidenberg have embarked on a quest to fix child literacy in the United States, each in his or her own way. Hanford created a podcast called “Sold a Story,” which breaks down the history and shortcomings of balanced literacy in eight highly entertaining parts. Meanwhile, Seidenberg has maintained a blog called “Reading Matters,” which breaks down the science of child literacy for everyday readers. The two have collaborated frequently, and their efforts have begun to bear fruit: School districts across the country are finally adopting a scientifically sound approach. “If you think your child is struggling to learn how to read, trust your gut,” Hanford told Worth. “Ask questions. Seek help ... Many kids who are having difficulty are not getting the instruction they need”. WORTH.COM

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David Hogg COFOUNDER, LEADERS WE DESERVE Having survived the Parkland school shooting in 2018, David Hogg posited that there was an intimate connection between far-right politics and realworld violence. Since then, he has appeared on TV, gone on speaking tours, and written books to shine a light on the root causes of gun violence in the United States. He even co-founded the wildly influential March for Our Lives, which gathered hundreds of thousands of protesters in Washington, D.C. to hold politicians accountable for their tacit acceptance of the status quo. Changing that status quo, Hogg reasoned, would require a new generation of politicians. Earlier this year, he cofounded Leaders We Deserve, which aims to help Millennial and Gen-Z candidates get elected. Through this new organization, Hogg aims to “identify and elect more trailblazers—youthful, audacious, and charismatic leaders,” providing them with much-needed funding and logistical support. The organization will soon endorse its first round of candidates. If the campaign is successful, Millennial and Gen-Z constituents could soon see politicians who look, act, and vote just like them. Leaders We Deserve could also help get two underserved generations interested in American politics, as they’ll finally feel like they have a voice in the process.

Ernest & Jaycee Holmes & Travis Thompson COFOUNDERS, CODEHOUSE The tech sector in the United States is largely White. That means that a lot of talented STEM students are missing out on careers in the tech sector, and that the tech sector is missing out on their contributions. That’s why in 2019, Ernest Holmes, Jaycee Holmes, and Tavis Thompson founded CodeHouse. This nonprofit organization helps connect students of color with opportunities in the tech world. From mentoring students directly, to helping them apply for scholarships, to hosting events with major tech companies, CodeHouse has already helped thousands of students develop their latent skills. Companies such as Adobe, Dropbox, Google, Microsoft, Paypal, and Pixar have already partnered with the organization. In creating CodeHouse, Holmes, Holmes, and Thompson drew upon their own experiences in the tech world. Ernest is a technical program manager at Google; Jaycee was a program manager at Microsoft; and Tavis is a product manager at Zillow. So far, 2023 has been a busy year for their organization. In March, CodeHouse hosted Tech Exposure Day in Atlanta, where high school students could meet leaders in the tech field and participate in hands-on demos. The nonprofit has also provided tens of thousands of dollars for promising scholars at historically Black universities.—MH

Leah HuntHendrix COFOUNDER, WAY TO WIN Despite coming from one of the country’s richest families, Hunt-Hendrix aims to be a champion for middle- and working-class Americans, and uses her considerable wealth to advance progressive causes. She seems to have the right qualifications for the job, having earned a PhD in Religion, Ethics, and Politics for a dissertation entitled “The Ethics of Solidarity.” In 2011, she joined the Occupy Wall Street movement, and since then, has founded three separate activist groups: Solidaire, Way to Win, and Emergent Fund.Solidaire channels resources to social justice movements, such as the Black Feminist Fund and Equality Labs. Way to Win supports progressive political candidates, particularly in the American South and Southwest. The Emergent Fund is a “rapid response” organization that supports Black and Indigenous social movements such as Medicine Bowl and HEARD. At present, Hunt-Hendrix is also writing a book called Solidarity (due in Mach), which will examine the historical context of the concept. Furthermore, all three of her organizations are actively funding dozens of initiatives, sometimes contributing tens of millions of dollars in the process. Hunt-Hendrix demonstrates that, when it comes to activism, our actions are more important than our backgrounds, and that each of us can contribute something unique to the effort.

Chris Jacobs American politicians face intense pressure from constituents, lobbyists, and fellow party members to espouse certain ideas and vote a certain way. When an elected official follows his conscience, the backlash can be intense, as former United States congressman Chris Jacobs learned firsthand last year. A Republican representative, elected to oversee New York’s 27th Congressional District, which includes the city of Buffalo. Jacobs initially had a close relationship with the rest of the Republican party, as well as the National Rifle Association (NRA). When he ran for office in 2020, the NRA endorsed him, and he said he was proud to receive it. That all changed in May 2022, after two high-profile mass shootings in Buffalo. Jacobs bucked the norms of the Republican party, stating that he now supported an assault weapons ban, as well as a higher minimum age for gun ownership. One month later, he suspended his reelection campaign, and hasn’t been back in the political arena since then. Instead, he has dedicated his energy to revitalizing Buffalo, particularly by focusing on its emergent tech sector. With his background in real estate, Jacobs has set his sights on Buffalo’s up-and-coming downtown area, hoping to make it a place where innovative startups can flourish.

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FORMER U.S. CONGRESSMAN

Mark Z. Jacobson

Scott Kirby

DIRECTOR, ATMOSPHERE/ENERGY PROGRAM, STANFORD UNIVERSITY

CEO, UNITED AIRLINES

Climate change has been a crucial issue for the past 30 years, and Mark Z. Jacobson has helped detail it every step of the way. Back in 1990, he helped create the first urban air pollution computer model. Ten years later, he discovered the role of “black carbon”— essentially, soot—in global warming. He’s advocated for wind energy since 2005; he testified before Congress about the dangers of climate change in 2007; he helped draft climate roadmaps for three U.S. states between 2013 and 2016. His 2022 book, No Miracles Needed: How Today’s Technology Can Save Our Climate and Clean Our Air, proposes how to solve climate change with solutions that we could theoretically implement today. 2023 has been another banner year for Jacobson, with two new research papers in Smart Energy and New Scientist, both focused on renewable energy sources. He also continues to serve as a professor of civil and environmental engineering, as well as the director of the Atmosphere/Energy Program, at his alma mater, Stanford University. When Worth asked Jacobson what readers can do to help, he replied that they should strive to “Eliminate combustion by supporting the electrification of all energy and providing the electricity from only clean, renewable sources.”

The question of whether air travel can ever be sustainable is a thorny one. Still, Scott Kirby believes that the aviation industry can at least attempt to tackle the problem. At present, Kirby is the CEO of United Airlines, having previously served as its president. Before that, he was the president of American Airlines— and before that, was president of US Airways. As an old-school aviation veteran, Kirby carries some weight in the industry, and he’s using his influence to implement and amplify green initiatives. He helped create the United Sustainable Flight Fund, in which United has partnered with Air Canada, Hawaiian Airlines JetBlue, and other aviation partners to invest almost $200 million in sustainable aviation fuel. United also eschews carbon offsets, which Kirby sees as a bit of a shell game. Kirby also envisions a diverse future for United. Under his leadership, his company created the United Aviate Academy, which aims to train 5,000 new pilots by 2030. Moreover, at least half of those pilots will be women or people of color. Between his eco-friendly initiatives and his social conscience, Kirby has outlined one possible path for the future of aviation. His company’s investments could help make it a reality.

Suleika Jaouad AUTHOR, BETWEEN TWO KINGDOMS When diagnosed with a rare form of acute myeloid leukemia in 2011 at age 22, Suleika Jaouad was given at most a 35% chance of survival. The diagnosis cut her career aspirations as a foreign news correspondent devastatingly short. But from her treatment bed at Sloan-Kettering, she began to write. Her experience as a cancer patient soon became “Life, Interrupted,” a column for the New York Times. Since then, Jaouad’s talks and writings have become indispensable guides for thousands of people around the world grappling with life-threatening illness. She served on Barack Obama’s Presidential Cancer Panel, in addition to the national advisory board of Family Reach, and the Bone Marrow and Cancer Foundation. Her 2019 Ted Talk, “What Almost Dying Taught Me About Living,” was one of the year’s most popular, with almost 5 million views. In 2021, the same year her cancer returned, Jaouad published the book Between Two Kingdoms: A Memoir of a Life Interrupted, a candid discussion of her cancer diagnosis, treatment, and recovery—and a New York Times bestseller. This year, after marrying Grammy-Award winning musician Jon Batiste, her struggle with cancer as it interwove with her husband’s process of writing his first symphony was featured in the documentary American Symphony.

Kate Kallot FOUNDER, AMINI Kallot has a seemingly impossible goal: to transform an entire continent. Last year, she founded Amini (“believe” in Swahili), a startup that will use advanced AI algorithms to provide necessary ecological and economic data that African countries need to thrive. At present, the entire continent contributes approximately 3% of the global GDP—despite possessing one third of the planet’s mineral reserves and two-thirds of its unused arable land. Kallot aims to redress this imbalance with satellite imaging, weather data, and machine learning systems. Together, these tools could optimize Africa’s agricultural, mineralogical, and industrial output, and empower the workers responsible for it. Having pioneered data management and global initiatives at Intel, Arm, and Nvidia, Kallot seems uniquely suited to her role. In May, Amini secured $2 million in funding from venture capital firm Pale Blue Dot, and Kallot believes the company will reach profitability within a year. Amini’s most pivotal days are still ahead of it, but if the company succeeds, it could have dramatic ramifications for the 1.2 billion people who call Africa home. Regardless of where they live, though, Kallot advised Worth readers to “[move] relationships from extractive to regenerative for our people and our planet.” WORTH.COM

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John Kerry A Model of Public Service and Global Climate Leadership

n small, elite community of failed presidential hopefuls, John Kerry diverges sharply from the norm. Many veer towards lucrative speaking engagements, consulting jobs, or, at best, advisory roles in subsequent administrations. However, Kerry’s career has followed an arc of ever-increasing impact that puts him into his own category. This unyielding commitment to public service and a global vision for climate stewardship makes him an obvious choice for the Worthy 100 List. After losing the presidential election in 2004, Kerry returned to the Senate, continuing to build on his more than two decades of legislative experience. He took on critical roles, chairing committees and spearheading initiatives on issues ranging from foreign relations to climate change. In 2013, he was appointed Secretary of State under President Obama, a role that would serve as a prelude to his current position and aspirations. During his tenure, Kerry was instrumental in negotiating the Iran nuclear deal. He also laid the groundwork for the Paris Agreement on climate change. His unwavering focus on arguably the most urgent global crisis of our time sets Kerry apart.

THE BIGGER PICTURE Kerry’s unwavering belief in the power of collective human action is what distinguishes him. He views the fight against climate change as the “new industrial revolution,” a phase of unprecedented innovation and job creation where the private sector has as much of a role as governments do. In an age of increasing polarization and retrenchment into nationalistic concerns, John Kerry is a statesman for the world. His focus on climate change goes beyond the parochial concerns of any single nation; it is a vision for humanity.

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CLIMATE CRUSADER ON A GLOBAL SCALE Kerry’s latest role as Special Presidential Envoy for Climate under the Biden administration has given him a unique platform to mobilize national and global efforts. One of his first acts was to rejoin the Paris Agreement, reversing the previous administration’s

decision and signaling a renewed American commitment to global climate goals. Kerry’s diplomacy has not been limited to state actors alone; he’s been instrumental in involving the private sector, notably engaging CEOs of major corporations to consider the role they can play in achieving global carbon neutrality. Kerry’s work has been revolutionary in driving climate financing. He has advocated for reform in multilateral development banks, called for greater private-sector investment, and even thrown his weight behind controversial ideas like voluntary carbon markets. His approach to removing various risks—political, insurance, and financial—from climate investment is poised to entice more private sector money into green ventures. A radical yet pragmatic mind, Kerry has also been influential in structuring the Energy Transition Accelerator—a targeted carbon credit system that incentivizes the closure of coal plants and other fossil fuel burning facilities, complemented by the deployment of renewables. This aligns with his vision for a more effective way of channeling concessionary funding towards sustainable goals, as traditional methods are proving too slow to meet the urgent demands. Kerry doesn’t see climate change as a solely a technological or financial challenge but integrates social and geopolitical elements into his strategy. For instance, he is deeply aware of the need for fossil fueldependent countries to transition responsibly. He’s openly discussed the limitations of carbon-capture technologies and acknowledges that the ultimate goal has to be aligned with the scientific roadmap to limit global temperature rise.

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Jhillika Kumar

Rena Lee

Simone Leigh

COFOUNDER, MENTRA

DIPLOMAT, HIGH SEAS TREATY

VISUAL ARTIST

Neurotypical people don’t have all the answers, but it’s often tough for neurodivergent people—with disorders such as autism and ADHD—to break into the job market and find meaningful work. Enter Jhillika Kumar, who cofounded Mentra in 2018, when she was 19 years old. Menta matches neurodivergent jobseekers with recruiters and companies that can make use of their unique abilities. Kumar seems to be the ideal woman for the job, as a self-described “AuDHDer” (someone who has both autism and ADHD). In the past five years, Mentra has attracted more than 33,000 users, buoyed by intuitive website design, powerful candidate-matching algorithms, and a deep pool of previously untapped talent. Mentra charges an annual fee for companies that want to use its services, but remains free for job applicants. That makes sense, given the company’s claims that neurodivergent companies are 72% more productive and 19% more profitable than their neurotypical counterparts—and that 80% of neurodivergent individuals are either un- or underemployed. This year, Mentra received $3.5 million in seed money from Shine Capital, on top of a $1 million investment last year from OpenAI’s Sam Altman. If Mentra continues to grow, it could benefit neurodivergent employees, small businesses, big corporations, and even the worldwide workforce as a whole.

Our planet’s oceans and ocean ecosystems represent over 95% of the Earth’s biosphere and produce over half of the oxygen we breathe. Rena Lee, Singapore’s ambassador for Oceans and Law of the Sea Issues, and president of the United Nations Intergovernmental Conference on Marine Biodiversity of Areas Beyond National Jurisdiction, understands our oceans’ critical value better than anyone. In March, Lee led United Nations member states to an historic decision with the finalization of the High Seas Treaty, one of the most important global steps in combating climate change and protecting almost two-thirds of all ocean waters. The new agreement includes over 75 articles and provisions to protect international waters from destructive trends, including pollution and unsustainable fishing practices. Member nations who signed the treaty must now assess potential environmental impacts of their ocean activities beyond their immediate jurisdictions. After almost two decades of discussions and indecision, Lee’s strong background in the practice of international climate law allowed her to provide an effective legal framework for the treaty. Her determination additionally provided a powerful cohesive force to help 193 nations find common ground, granting our oceans a chance at a healthier future for decades to come.

At this point in her career, it’s safe to say that Simone Leigh has made a global impression. Born and raised in Chicago, Leigh has since created sculptures for display in Boston, Miami, New York, San Francisco, and London. In 2022, she even attended the 59th Venice Biennale, representing the United States with her visionary artwork. Her “auto-ethnographic” displays combine elements of American folk art, domestic craftwork, and themes from the African diaspora, creating memorable figures from clay, bronze, and raffia (palm leaf fibers). Brick House, arguably her most influential work, sat atop the New York City High Line from 2019 to 2021, impressing locals and tourists alike with its striking features. While Leigh has already impressed the art world with her daring and timely sculptures, she seems to have even more exciting times ahead. From November 2023 to March 2024, the Smithsonian’s Hirshhorn Museum will exhibit Leigh’s Venice sculptures, along with three new works. After that, Leigh’s artwork will be on display at the Los Angeles County Museum of Art, followed by the California African American Museum, with exhibitions lasting until January 2025. With her artwork in so many institutions, both public and private, Leigh has helped thousands of patrons explore powerful Black and feminist themes in American art.

Miriam Leuchter

P H OTO B Y N A N C Y A D L E R

EXECUTIVE DIRECTOR, JOSEPHINE HERRICK PROJECT Josephine Herrick was a photographer who taught wounded World War II veterans how to take pictures as a healing exercise. The project named after her has been running for more than 80 years, and Miriam Leuchter has helped keep Herrick’s vision alive. Leuchter, who previously oversaw the Popular Photography and American Photo magazines, currently serves as the Josephine Herrick Project’s executive director. There, she and her staff teach the art of photography to groups that are often underrepresented in the field, including children from low-income families, immigrants, people with disabilities and—just as Herrick did—military veterans. The organization then showcases these photos in public spots, ensuring that each budding photographer has a potential audience. This year, Leuchter and her organization put together the “Visions Made Visible” exhibition at the Soho Photo Gallery in New York City. This innovative art project gathered a group of teenage immigrants in NYC, taught them the basics of camerawork, and then challenged them to capture their experiences in portraits, cityscapes, and nature photography. “Slow down, pay attention to others, and really listen to each other,” Leuchter told Worth. “Especially now We can all work to building understanding in everything we do.” WORTH.COM

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Daniil & David Liberman COFOUNDERS, HUMANISM Serial entrepreneurs Daniil and David Liberman have done a little bit of everything. Since 2005, these two Russian-born brothers have founded a video game company, an animation studio, and a social network. From there, they helped turn Snapchat into what it is today, and used their earnings to invest in a variety of startups. Their latest idea—investing in people, rather than companies, for monetary return—is an unconventional idea, and won’t sit well with everyone. But the brothers are determined to try it firsthand to see whether it succeeds or fails. In 2021, Daniil and David created Libermans Co, which essentially offers investors “shares” in the brothers themselves, and the work they will put out over the next 30 years. Expanding on this idea, they also founded Humanism, which will let investors do the same thing for anyone who wants to sell some of their labor in advance. Humanism is currently looking for its first round of subjects, and is especially interested in women, immigrants, and people of color. If the project finds an audience, then a whole swath of talented individuals could find the resources they need to succeed, and the drive to work hard for years to come.

Alex Liftman GLOBAL ENVIRONMENTAL EXECUTIVE, BANK OF AMERICA Since assuming leadership of Bank of America’s environmental group in 2010, Alex Liftman has been instrumental in crafting and implementing a comprehensive climate strategy for one of the world’s leading financial institutions. Liftman led the ambitious effort to commit Bank of America to achieve net-zero emissions before 2050, even participating in creating the Net-Zero Banking Alliance to broaden the sector’s commitment to climate targets. She didn’t just stop at pledges. She was the architect behind issuing Bank of America’s first benchmark-sized corporate green bond, effectively making the institution a leader in ESG-themed bonds and attracting ethical investment. In 2007, Liftman had already set the groundwork for sustainable finance, mobilizing $20 billion over ten years. Now, she collaborates closely with the bank’s Global Sustainable Finance Group to achieve an audacious commitment: to deploy $1.5 trillion in sustainable finance by 2030. She has also prioritized transparency and accountability through initiatives like BofA’s Environmental and Social Risk Policy Framework, its Human Rights Statement, and its TCFD Reports, which were industry milestones for disclosing financed emissions targets and baselines. Her team has further integrated Stakeholder Capitalism Metrics in the Annual Report, displaying a comprehensive understanding of the interplay between corporate performance and social responsibility. Alex Liftman’s pioneering efforts in sustainable finance, commitment to carbon neutrality, and transformative leadership at Bank of America make her a deserving inclusion in Worth’s Worthy 100 list of 2023.

Cate Luzio FOUNDER, LUMINARY Luzio didn’t just notice the lack of diversity among financial professionals in the United States; she did something about it. After spending two decades at Bank of America, JP Morgan, HSBC, and similar institutions, Luzio founded Luminary: a professional organization that connects women in the workplace, and provides them with networking and training opportunities. Through Luminary, Luzio has fostered a diverse, inclusive community that provides networking and development opportunities for women who want to level the corporate and entrepreneurial playing field. Since its founding in 2018, Luminary has provided fellowships for more than 1,800 businesses, and created an online collective where women can sell both goods and services. In March 2023, Luzio hosted the second annual #InThisTogether Women’s History Month Summit. There, participants could learn directly from Luzio and other female entrepreneurs, as well as network with each other, take professional headshots, and learn how to optimize their online presences. Currently, Luzio is being treated for breast cancer, and has used her diagnosis as an opportunity to spread awareness about the disease—and the value of prioritizing one’s health. She also shared some advice for Worth readers: “Do better by listening and learning from others, speaking up and advocating for yourself, as well as investing time and energy into improving yourself and your skills and those around you.”

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Ricky Martin RICKY MARTIN FOUNDATION When we think of Ricky Martin, the first thing that comes to mind is his song “Livin’ La Vida Loca.” The 1999 anthem about “living the crazy life.” But after an earthshattering experience in India just three years later, Martin turned his attention to ensuring that every child has the opportunity to live one at all. The Ricky Martin Foundation, launched in 2004, was the reaction to when Martin rescued three young girls from child trafficking off the impoverished streets of India. This moment is what led him to create a foundation centered around providing education and solutions for international efforts to abolish child trafficking, a modern form of slavery. To make his work the most effective possible, Martin focused on involving the foundation in studies centered around both human and child trafficking. For instance, the study Human Trafficking in Puerto Rico and the Challenge of an Invisible Crime is touted as one of the first comprehensive studies on human trafficking in Puerto Rico. The Ricky Martin Foundation worked in collaboration with the University of Puerto Rico and Johns Hopkins University. Through Martin’s committed work to end child slavery and human trafficking, he has found himself on the 2023’s Worthy 100 list.

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Stacy London Making Menopause Fashionable

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o call Stacy London a trailblazer is an understatement. The fashion consultant and media personalityturned-entrepreneur has recently lent her ingenuity to demystify and destigmatize menopause, a subject often relegated to hushed conversations and ageist judgments. Through her continued advocacy, Stacy has pivoted towards fulfilling a more significant mission—educating the world on a topic that, surprisingly, remains a cultural enigma. Stacy began her journey with State of Menopause, a venture she co-founded during the pandemic. More than a mere line of products aimed at alleviating menopausal symptoms, State of Menopause became a platform for empowering discussions. She combined her business acumen with her deep empathy for women traversing this biological milestone, creating products that met a critical need while facilitating dialogue. In 2022, she hosted the Menopause CEO Summit, which achieved something extraordinary— it brought competitors together. Assembling different brands, experts, and advocates, the summit served as a unified voice for change. While menopause has started gaining press attention, a disconnect remains between what is reported and what the consumer feels comfortable discussing. Stacy identified this gap and made it the summit’s mission to bridge it. Stacy London is driven to catalyze policy change, instigate clinical research, and light a fire under a topic that deserves urgent attention. Her ability to shed light on ‘uncomfortable’ subjects and

her dedication to societal education make her a leader whose influence transcends fashion and television. As Stacy moves into what she describes as her ‘fifth career,’ she embodies the evolving nature of success. Her journey—from fashion to television to entrepreneurship and now, to advocacy—stands testament to the fact that purpose and meaning can be rediscovered at different life stages. Stacy’s work epitomizes the adaptability, influence, and impact that Worth seeks to celebrate.

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Graham Macmillan PRESIDENT, VISA FOUNDATION Visa, the ubiquitous credit card provider, made more than $31 billion in revenue last year. As such, it’s in a good position to share some of its enormous wealth. The Visa Foundation invests in underfunded communities around the world, particularly in minority- and womenowned businesses. Graham Macmillan has been in charge of that effort for the past four years. Since then, the foundation has housed the homeless in San Francisco, fed the hungry in Ontario, and provided COVID-19 relief all around the world. Macmillan, who has extensive experience in both the corporate and nonprofit financial spheres, believes that the Visa Foundation’s work to empower women is particularly important. To that end, he takes a special interest in helping the “unbanked”: people—often female—who don’t have access to mainstream financial institutions. In March, the American Red Cross recognized the Visa Foundation as its Philanthropic Company of the Year. Macmillan is especially proud of Visa’s 33year partnership with the humanitarian organization, citing the American Red Cross’s commitment to helping victims of natural disasters. “What I would ask others to consider is ‘what’s the contribution you want to make to community and society through your role?’” he asked Worth readers. “It starts with doing just one thing in service to someone else.”

Kathy Magee PRESIDENT, OPERATION SMILE In the United States, children born with cleft lips or cleft palates usually have access to the medical resources they need to correct the condition. That’s not the case in many other countries in the world, where cleft lips and palates are difficult to repair, and can cause significant problems later in childhood, from stunted language skills to malnutrition. That’s why in 1982, Kathy Magee founded Operation Smile: a nonprofit organization that recruits medical volunteers and provides healthcare resources to treat these conditions. Since then, Operation Smile has set up operations all around the world, with a special focus on developing countries and disadvantaged communities. Magee herself has had an active career in the past four decades. After studying nursing and education in both the United States and Switzerland, she has traveled overseas to help treat children, spearheaded a Women in Medicine initiative, and expanded Operation Smile’s range of operations to more than 30 countries. For her efforts, she received the President’s Call to Service Award in 2007. Last year, Operation Smile treated more than 20,000 patients. This year, the organization has hosted hundreds of medical events, from educational seminars to surgeries, in Mexico, Colombia, Morocco, Malawi, China, Thailand, and beyond.

Matthew McConaughey ACTOR Matthew McConaughey is not just an Academy Award-winning actor; he is a philanthropist, author, and social activist whose reach extends far beyond the silver screen. McConaughey is known for his philanthropy and activism. He founded the “just keep living” Foundation, an organization focused on empowering high school students to lead active lives and make healthy choices. After a devastating mass shooting in his hometown of Uvalde, Texas, McConaughey took his advocacy work a step further by launching the Greenlights Grant Initiative. This initiative aims to funnel federal dollars into school safety measures, working on education, support, and advocacy fronts to make American schools safer. The catalyst for McConaughey’s initiative was the tragic mass shooting at Robb Elementary School in his hometown of Uvalde, Texas, in May 2022, which left 19 children and two teachers dead. The project aims to help schools access funding for mental health services, security systems, and other safety measures. McConaughey, a father of three, is deeply committed to the cause and has actively raised awareness. Though specific fundraising numbers from the Greenlights Grant Initiative are not publicly disclosed, its significance lies in its strategic approach to tapping into existing federal funds and making them accessible to schools that may lack the resources to apply for grants. This is a critical step in safeguarding schools and, by extension, the future of America’s children.

Adam Met FOUNDER, PLANET REIMAGINED Adam Met is a modern-day renaissance man. Readers might know him best as the bassist from the indie pop band AJR, but music is only one of his many talents. Met also holds undergraduate degrees in business and philosophy, a Master’s degree in constitutional religious law, and a PhD in international human rights law. Using his fame as a force for good, he founded Planet Reimagined in 2021. This environmental advocacy organization provides fellowships and training for up-and-coming voices in climate research and advocacy. Met himself made good on the organization’s claim earlier this year, when he met with a bipartisan group of congresspeople to find common ground on environmental policy. Working with both Democrats and Republican representatives, Met discovered that more than six million acres of federal land are ideally suited to renewable solar and wind energy installations. Fans of Met’s music need not worry, either, as AJR is also hard at work on a stage adaptation of the children’s book Harold and the Purple Crayon. Met also had a recommendation for eco-minded Worth readers: “Come learn about Planet Reimagined’s unique approach to bridging research and advocacy, and how you can be a more effective leader on climate change and beyond.”

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Michael Milken From Wall Street Disgrace to Medical Research Pioneer

The Milken Institute, based in Santa Monica, has become a nexus for global medical research. With $1.2 billion of Milken’s fortune and another $1 billion raised from donors, the Institute funds groundbreaking initiatives across the globe. From leveraging data analytics to understand under-representation in clinical trials to creating milestone-based funding models through blockchain technology, Milken is pioneering in his approach to democratize medical science. One of his most notable achievements is challenging the competitive silos that researchers often work in. Thirty years ago, Milken was struck by the lack of collaboration between top cancer research centers MD Anderson and Sloan Kettering. Fast forward to today, and he has been instrumental in building frameworks for increased information sharing and collective research. He firmly believes that the only competitor should be the disease itself, and breaking down the barriers between scientists could pave the way for faster, more-effective cures. Milken is also an evangelist for preventive medicine. Drawing from his extensive research and international observations, he notes the rise in lifestyle-induced diseases like diabetes in countries such as China, attributing them to shifts in diet and lifestyle. According to him, prevention is better than cure and might very well be the “next great drug.” He envisions a future where the lines between the grocery store’s produce section and the pharmacy are blurred, underscoring the significance of nutrition in medical research. But Milken’s vision goes beyond the financial and the scientific. He recognizes the changing demograph-

ics in America and the subsequent necessity for more equitable representation in clinical trials. Using his influence, he has been pushing for broader ethnic diversity in research, ensuring that the benefits of medical advancements are universal rather than selective. The narrative of Michael Milken is one of stark contrasts—a life story of spectacular downfall and impressive transformation. Milken’s journey is a lesson in redemption, resilience, and renaissance. And as he continues to break new ground in medical science, one thing is clear: Milken has managed to reinvent himself in a way that allows him to make invaluable contributions to humanity. It’s a second act few could have predicted but one that will leave an indelible mark on medical history.

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ichael Milken is a name that once was synonymous with the financial excesses of the 1980s. An indisputable king of junk bonds, his financial machinations earned him both admiration and criticism in Wall Street circles. However, Milken’s spectacular rise met with a humbling fall when he was indicted for insider trading in 1989 and served 22 months in prison. It was a setback that could have easily ended his influence and standing in society. But instead of descending into obscurity, Milken embarked on a journey of redemption that has made a transformative impact on medical research. Milken’s story is not merely a tale of personal rehabilitation but of visionary philanthropy driven by a deeply personal mission. Stricken with prostate cancer in 1993—a diagnosis that was considered terminal at the time— Milken rejected despair and found renewed purpose. His battles with life-threatening disease, coupled with a family history marred by ailments, instilled in him an urgency to expedite medical research for the betterment of humanity. Today, Milken is at the helm of a philanthropic empire focused on advancing medical science. His book Faster Cures, co-written with Geoffrey Evans Moore, serves as a memoir and a manifesto. It advocates for a paradigm shift in the medical research ecosystem, proposing the infusion of business principles to spur innovation. Milken argues for greater collaboration among researchers, an agile path through cumbersome government regulations, and injecting public and private funding to lure top talent into research.

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Narges Mohammadi NOBEL LAUREATE & ACTIVIST “Woman—Life—Freedom.” This motto, chanted by Iranian protesters in 2022 after a young woman died in police custody, is emblematic of Narges Mohammadi’s life’s work. Born in Iran in 1972, Mohammadi has been a vocal figure in Iranian politics since the 1990s, advocating for civil disobedience in order to fight against the country’s oppressive and often violent policies. Since 2009, she’s been imprisoned multiple times for her activism in the notorious Evin Prison and has endured extreme conditions and brutality as a result. But despite her government’s attempts to silence and defame her, Mohammadi has continued to advocate for human rights from behind bars, specifically the abolition of Iran’s hijab and chastity laws and the abolition of the death penalty. During Iran’s 2022 protests, some of the largest demonstrations in the country’s history, Mohammadi, though imprisoned, managed to smuggle reports to the BBC and the New York Times detailing the sexual, physical, and psychological abuse faced by Iran’s female prisoners. In October of 2023, while still in prison, she was awarded the Nobel Peace Prize for her tireless work against the oppression of women in Iran and what the committee called her “courageous fight for human rights, freedom and democracy.”

Edward Mitchell INDEPENDENT LIVING ADVOCATE Edward Mitchell is an impactful national spokesman for the ABLE (Achieving a Better Life Experience) program, a financial initiative empowering Americans with disabilities to maintain financial independence. Based in Jackson, Tennessee, Mitchell, who himself suffered a lifealtering spinal cord injury, has been instrumental in highlighting systemic issues affecting the disabled community, especially related to financial restrictions imposed to maintain disability benefits. Mitchell has driven the national conversation on modifying asset limitations on disability benefits, and he has played a role in illuminating the struggles of working disabled Americans to lawmakers. The ABLE Age Adjustment Act, which will expand eligibility for ABLE accounts, can be viewed as a significant milestone in the journey where Mitchell has been a vocal advocate. Although the Act will go into effect in January 2026, it marks a significant step toward economic stability for millions of disabled Americans, including veterans. His work has drawn attention to often-overlooked aspects of disability rights, pushing the envelope for change and creating a more inclusive future. “We are not asking for special treatment,” says Mitchell. “We are asking for fair and equitable accommodations that will allow us to grow and pursue our lifelong passions to attain the American dream of families, homeownership, and retirement.”

Montana Climate Kids PLAINTIFFS, HELD V. STATE OF MONTANA Sixteen young people (ages 5-22) had an immeasurable impact on the future of climate litigation this past summer. The case, Held v. State of Montana, struck down two state laws preventing state agencies from considering the potential climate impacts of emissions from fossil fuel extraction projects. Though a relatively specific decision, the case is the first of its kind and will serve as a powerful legal precedent for similar litigation pending in Utah, Virginia, Hawaii, Alaska, and on the Federal level. The plaintiffs—Taleah H., Lillian and Ruby D., Claire V., Nathaniel and Jeffrey K., Olivia V., Mica K., Eva L., Grace G., Georgianna F., Badge and Lander B., Kian T., Sariel S. and Rikki H—are all Montana natives hailing from communities across the state, from the Flathead Indian Reservation to Livingston. (As most are minors, names are redacted for their privacy.) They grew up with a deep love for their state and its unparalleled natural landscape, where they’ve spent their lives hiking, fishing and skiing. But many suffer from asthma or other health conditions resulting from the wildfires, extreme temperatures, and smoke conditions caused by climate change. Others have had their homes destroyed due to unprecedented fires and floods.

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Dustin Moskovitz COFOUNDER, GOOD VENTURES Entrepreneur Dustin Moskovitz earned billions of dollars co-founding Facebook and Asana. Now, he’s applying his keen eye for successful projects to the world of philanthropy. In 2011, Moskovitz co-founded Good Ventures, which supports an incredibly eclectic variety of causes. Moskovitz believes that humanity has made great strides over the past few decades, and that funding wide-reaching, transparent charities is a reliable way to continue that trend. Since its inception, Good Ventures has invested in everything from malaria treatment in developing countries, to LGBT rights in the United States, to reducing the risk of natural disasters anywhere on Earth. The organization has also partnered with Open Philanthropy to help wealthy donors determine which causes they should support, with the resources they have available. This year, Moskovitz’s organization has directed millions of dollars to a variety of causes. Good Ventures has invested in AI research, housing reform, life sciences, animal welfare, coworking spaces, video production, medical advancements, and career counseling, among dozens of other initiatives. The grants themselves range from $30,000 to $10 million. Moskovitz and Good Ventures serve as salient reminders that humans are a diverse species, and the next big idea that improves our planet could come from almost any field of study.

Carlijn Nouwen COFOUNDER, CLIMATE ACTION PLATFORM – AFRICA Africa boasts almost 20% of the world’s population and a plethora of natural resources, and yet possesses the lowest carbon footprint of any permanently inhabited continent on Earth. Carlijn Nouwen, a financier and public servant with an engineering background, believes that Africa could be an example to a warming world, achieving a net-negative carbon footprint while creating a thriving middle class. Having spent almost 10 years with Dalberg Advisors in Africa, Nouwen knows how to build communities through investment, securing funds for dozens of private- and public-sector projects. In 2021, she cofounded Climate Action Plan – Africa, which helps fund eco-friendly businesses on the continent, and tests the viability of different green initiatives. The organization focuses on renewable energy, workforce development, and natural resource distribution. This year, Nouwen’s organization contributed to the Villars Framework for a Sustainable Trade System, a proposal from the World Trade Organization that wants to make global commerce more sustainable, inclusive, and transparent. The report came out in September, and discusses how African economies can grow while still maintaining the continent’s vital biodiversity. Over the next few years, Nouwen hopes to help Africa realize its potential as both a leader in climate mitigation, and an economic powerhouse.

Caroline O’Connor PRESIDENT OF BUSINESS OPERATIONS, MIAMI MARLINS The trajectory of Caroline O’Connor’s career is anything other than ordinary. After holding longterm executive positions at both IBM and Morgan Stanley, this past year she was named the president of business operations of the Miami Marlins, making her the second-ever female president of a Major League Baseball team in history. Her position makes her one of a select few trailblazing the path for women in the male-dominated world of professional sports business management. Though she’s only held the position for a short time, O’Connor has already had a marked impact for the team. Since taking the role, she has prioritized connecting with the local Miami community and improving game attendance. She’s facilitated events where over 2,000 fans are able to meet players at LoanDepot Park; organized cultural celebrations for the Marlins’ local Florida community, such as Venezuelan Heritage Day; and worked hand-in-hand with the Miami Chamber of Commerce. Under O’Connor’s aegis, the Marlins drew the team’s largest home crowd in over six years (32,000 spectators to their game against the Detroit Tigers), and viewer streaming has increased by 80%.

Dr. Patrick O’Shaugnhessy PRESIDENT & CEO, CATHOLIC HEALT Dr. Patrick O’Shaughnessy is on the Worthy 100 this year for visionary leadership and transformative efforts in healthcare. Leading a $3.2 billion health system that encompasses six acute care hospitals, three nursing homes, and over 16,000 employees, Dr. O’Shaughnessy is more than just a healthcare executive; he’s a visionary who’s leveraging strategic partnerships to address complex societal issues. This is not just a garden but a multipurpose ecosystem designed to tackle two pressing issues: mental health and food insecurity. For patients, the gardening experience serves as a therapeutic outlet and provides meaningful employment, which Dr. O’Shaughnessy argues is a crucial element in mental health treatment. Moreover, all the produce grown here is earmarked for donation to Mercy Hospital’s Family Care Program, directly serving those who are food insecure in the Long Island community. Dr. O’Shaughnessy’s initiative continues beyond food donation. The patients receive direct referrals to community resources like the Federal Supplemental Nutrition Assistance Program (SNAP), making this a full-circle approach to wellness. The garden embodies his belief in population health management, highlighting his conviction that healthcare providers should go beyond the clinical setting to address social determinants of health. This project encapsulates Dr. O’Shaughnessy’s belief in population health management as a holistic solution to systemic challenges. His work with Smile Farms exemplifies a progressive healthcare model that focuses not just on treatment but on meaningful, multi-dimensional community impact.

Alexander Olesen & Graham Smith COFOUNDERS, BABYLON MICRO FARMS Alexander Olesen and Graham Smith first met as students at the University of Virginia, where they quickly discovered a shared passion: providing nutritious produce to those in need. Soon after, they banded together to design a low-cost micro farm, an agricultural method that uses specialized and compact equipment to automate food growing, in order to do their part in providing food to refugees. In 2017, the duo leveraged their shared passion into a full-time venture, co-founding Babylon Micro-Farms with the goal of giving everyone the capacity to grow their own food. Drawing on the principles of sustainable hydroponic farming, they designed their trademark modular micro-farm—a system that allows users to grow vegetables three times faster and using 90% less water than outdoor farming techniques. Babylon manufactures and sells 32-by-66-by-96-inch machines that use controlled environments and hydroponics to grow leafy greens, herbs, and more. In contrast to other indoor agricultural systems, Babylon’s microfarms don’t use soil, sunlight, or even standard seeds. Instead, Babylon is able to remotely manage each machine in order to ensure that each crop receives adequate water and light, maximizing the per-acre yield of each crop. WORTH.COM

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Jorge M. Pérez

Kim Petras

Jerome Powell

JORGE M. PÉREZ FAMILY FOUNDATION

SINGER/SONGWRITER

CHAIR, FEDERAL RESERVE

Just a few people in the world or in history embody a city. For example, Frank Sinatra was New York, Aretha Franklin was Detroit, Elvis Presley was Las Vegas, Édith Piaf was Paris. Well, Jorge M. Pérez is Miami. As the founder and CEO of Related Group, Pérez is known for his integral role in reshaping Miami through his real estate efforts. But that’s not why we’ve decided to award him as a member of 2023’s Worthy 100. We have nominated him for his work as an active philanthropist and for involvement within the art, Latinx, and wider Miami community. Current initiatives include ensuring internet connectivity, racial equity, music access, support for local businesses, safety and wellbeing for the LGBTQIA+ community, promoting Biscayne Bay Recovery, and more. In March, through the Jorge M. Pérez Family Foundation, combined with personal donations from himself and his wife, Darlene, Pérez has given more than $214 million to organizations focused on arts and culture, health and wellbeing, education, the environment, and economic development. Just in the following month, the launch of the third edition of the Pérez CreARTE Grants Program (Pérez CreARTE) was announced. From 2023-2025, they have pledged to invest over $3.5 million in MiamiDade organizations focused on creating a globally recognized arts ecosystem within the county. But this initiative just emphasizes Pérez’s commitment to the arts, as in 2012, his $40 million pledge to the Miami Art Museum led to its renaming as the Pérez Art Museum Miami (PAMM).

Kim Petras is the first openly transgender artist to reach number one on the Billboard charts in the United States and first to win a Grammy award for best pop duo, with Sam Smith. She has collaborated with other celebrities, from Nikki Minaj to Paris Hilton and Charli XCX, and has over a billion streams on Spotify. Petras had a breakout year in 2023, landing on the cover of Sports Illustrated’s Swimsuit Issue, walking the red carpet at the Met Gala, and performing on Saturday Night Live. But she’s had to overcome much discrimination in her career. At age 16, she became worldfamous as one of the youngest people to undergo genderaffirming surgery. When the German-born singer-songwriter moved to Los Angeles, she was repeatedly told there was no place for her in the music industry. Petras wound up self-publishing her first two albums and found an alternative path to fame as a dance-pop icon and fashion influencer by going directly to her fans online and in the clubs. An activist for LGBTQ+ rights, her visibility has broken down barriers that have helped others feel seen and heard, and she’s used her platform to warn against the dangers of a rise in hate rhetoric.

It takes a brave leader to try to hit the brakes on a booming economy in order to rein in inflation, but Jerome Powell appears to be doing just that—and so far, without triggering a recession. As the 16th chair of the Federal Reserve, he has hiked interest rates closing in on a dozen times since Russia’s invasion of Ukraine, when shortages sent price increases to 40-year highs. And as rates soared from 0% to 5% and banks began to fail, Powell was instrumental in calming the public by giving assurances that the US banking system is sound, all depositors’ savings are safe, and that he is prepared to do everything in his power to keep it that way. At age 70, Powell is the oldest Federal Reserve chair to serve and the only one without an economics degree. Rather, he majored in politics at Princeton, got his law degree from Georgetown, and spent his career as a Wall Street investment banker before entering government service. Although his path to office has been untraditional, Powell has remained steadfast in his mission to return inflation to 2% and mitigate the risk it poses to those least able to afford the rising costs of essentials, like food, housing, and transportation.

Arati Prabhakar DIRECTOR, W.H. OFFICE OF SCIENCE & TECHNOLOGY POLICY From becoming the first woman to earn a PhD in applied physics from Caltech to being named the first female director of the National Institute of Technology, Arati Prabhakar has been a trailblazer for women in science. Currently director of the White House Office of Science and Technology Policy, she has worked tirelessly this year to drive the future of responsible AI innovation and regulation. Prabhakar’s extensive experience in both the private and public technology sectors allows her an optimal vantage point with which to understand 2023’s AI explosion. Though she’s aware of the particular risks posed by AI that could potentially lead to civil rights violations, she also understands the indispensable role that novel technologies play in our world. Under her recommendation, this year the Biden Administration has placed a new emphasis on legislating and regulating AI, in addition to developing more trustworthy AI systems. “Every huge advance that we have ever had that shaped our world came because industry and government and academia and civil society all came together and wrestled with each other and argued and figured out how to move forward,” she said in a talk in September. “This is how we’re going to chart our course.”

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Michael “Killer Mike” Render RAPPER AND ACTIVIST For hip-hop fans, “Killer Mike” needs no introduction. A true Atlanta original, he has released six hit solo albums, as well as a number of collaborations with talents from Outkast to El-P. However, Killer Mike’s musical talents are only part of the story. He’s also an actor, social activist, and political commentator. He’s been a regular guest for Stephen Colbert and Bill Maher, as well as a campaigner for Bernie Sanders. With his animated oratory and keen analysis of the Black experience in the United States, Killer Mike has inspired a whole generation of fans to bridge the gap between entertainment and advocacy. This year, Killer Mike gave the keynote address at the Foundation for Individual Rights and Expression (FIRE) Gala in New York City, speaking passionately in defense of free speech. In an era of extreme political polarization and anti-intellectualism, he reminded his audience that free speech is valuable for every American, whether you’re quoting Frederick Douglass or George Wallace. “Once you become in power, to use government as a bludgeon is as evil as the masters before you,” he said in his FIRE speech. Killer Mike reminds music fans and activists alike that words have power, and they need to use that power for good.

Yoel Roth TRUST & SAFETY ADVOCATE In the wake of Elon Musk’s acquisition of Twitter (now X), Yoel Roth, Twitter’s former head of trust & safety, has emerged as one of the most important figures in the charged discourse around social media apps and their ethical responsibilities. Starting in 2016, Roth was part of a team at Twitter working to counter disinformation relating to that year’s presidential election. Shortly thereafter, he began leading the company’s initiative to counteract false information on the platform and was the first to mark Donald Trump’s tweets as inaccurate in the lead up to the 2020 election. Despite stepping down from X late in 2022 due to ethical disagreements with Elon Musk, Roth has continued to advocate for social media users’ right to accurate information and the crucial role of content moderation across platforms. Through writing, speaking, and even testifying before Congress, Roth is determined to forge a safe future for social media users and employees worldwide. As such, he’s become a target of internet hate and disinformation himself. This past year, Elon Musk falsely accused Roth of pedophilia upon his departure from X, and an internet hate-storm ensued. Roth received countless death threats and has been forced to move repeatedly for his and his family’s safety.

Dr. Jonathan Sackner-Bernstein FOUNDER, RIGHT BRAIN BIO With over 80 published scientific articles that have been cited more than 4,000 times, Jonathan Sackner-Bernstein’s research has been integral to the fields of both cardiology and neuroscience. Joining Columbia University in 1993, he performed key research, investigating the safety and efficacy of the heart failure drug nesiritide. In 2008, he joined the FDA, where he played a crucial role in spearheading safety and innovation programs and worked to prepare the Administration for a new wave of medical devices and technologies. In 2021, Sackner-Bernstein published a seminal study in the Journal of Parkinson’s Disease, with data indicating that Parkinsons sufferers experience dopamine excess rather than deficiency, and that patients could benefit from lowered dopamine levels. This year, Sackner-Bernstein founded and launched Right Brain Bio, a company devoted to developing a therapy for Parkinson’s based on his research. “I’ve learned that presenting a contrarian view is a really, really tough battle,” he explained. “If I could change anything about human behavior, it would be that people would be willing to give 15-20 minutes to hear the data…before dismissing a completely novel idea—especially when the novel idea can address a major health problem that no one can address.”

Brandon “Stix” SalaamBailey RAPPER, ENTREPRENEUR, & FOUNDER OF THE THINKWATTS FOUNDATION Brandon “Stix” SalaamBailey is a Watts, California, native who has deftly traversed the boundaries between entertainment and social impact. As an American rapper and record producer, his musical acumen is well-established. Yet his role as the founder of the ThinkWatts Foundation makes him a standout for the Worthy 100. ThinkWatts is dedicated to fostering sustainable change in underprivileged communities. It offers an impressive range of community programs, including free financial literacy courses and entrepreneurship training. Stix has used his influence to activate multilevel interventions in Watts, from feeding hundreds of residents through a Weekly Meal program to developing outdoor courts and indoor gym facilities in partnership with Planet Fitness. The organization’s expansive resource hub provides residents access to many resources, from sewing and printing machines to coding classrooms. His hands-on approach ensures that the ThinkWatts Foundation is not just another non-profit but a comprehensive vehicle for social change. ThinkWatts’ reach is not confined to Watts alone; its impact extends across seven cities in Los Angeles County, affecting over 40,000 residents. Stix exemplifies the rare blend of artistic brilliance and a committed sense of social responsibility, making him a star in both arenas. WORTH.COM

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Zainab Salbi

ainab Salbi has created a legacy that stretches across international borders. Salbi’s journey began at the age of 23 when she founded Women for Women International. This humanitarian organization supports female survivors of war by providing them with the resources and skills needed to rebuild their lives. Throughout her tenure, from 1993 to 2011, the organization went from assisting 30 women internationally to aiding over 420,000 and amassed a global distribution of over $146 million in aid. Salbi understood the importance and impact of someone’s unique narrative and decided to delve into the world of literature. Her works are created with the focused purpose of giving a voice to the voiceless and offering a glimpse into their oftenoverlooked worlds. They include Between Two Worlds: Escape from Tyranny, Growing Up in the Shadow of Saddam (co-authored with Laurie Buckland), The Other Side of War, and Women’s Stories of Survival and Hope. She dove into the world of television, becoming the executive editor and host of shows such as “Through Her Eyes” with Yahoo News, “#MeToo, Now What?” with PBS, “The Zainab Salbi Project” with Huffington Post, and “The Nida’a Show” with TLC Arabia. Each series was created to provide women with stories of transformation, resilience, and courage to empower others and shed light on the realities of those forgotten. Now, Salbi has set her sights on climate activism but still focuses on women’s stories and issues. Thus, the creation of Daughters for Earth. The organization provides funding for climate solutions, increases

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awareness about the vital role women play in climate change, and mobilizes other daughters of Mother Earth to take proactive steps to protect our planet through programs such as “The Hummingbird Effect.” In 2023, their inaugural year, Daughters for Earth have already provided $1.2 million to 50 women’s projects spanning 24 countries. But to have such outreach in their first year, Salbi and her cofounder Sofia de Meyer knew they needed to create a council that reflects the diverse views of those most affected by climate change. They made two councils of over 50 women focused on effecting change—The Wise Daughters Council and their Advisory Council. Some notable members include Farwiza Farhan (founder and chair at HAkA), Dr. Gladys Kalema-Zikusoka (founder of Conservation Through Public Health), Helena Gualinga (climate justice and human rights defender), Xiye Bastida (co-founder of Re-Earth Initiative), Nemonte Nenquimo (co-Founder of Ceibo Alliance, 2020 Goldman Prize Winner), Leymah Gbowee (founder and president of Gbowee Peace Foundation Africa, 2011 Nobel Peace Prize Winner), and many, many more inconceivably powerful, determined, and dedicated women. Zainab Salbi’s journey from founding a humanitarian organization to becoming a voice in literature and media, and now a climate activist, is a testament to her relentless commitment to social change and empowerment. Her inclusion in Worth magazine’s 2023 Worthy 100 list is a well-deserved recognition of a career dedicated to elevating marginalized voices and driving meaningful impact on a global scale.

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Empowering Women to Rebuild Their Lives, and the Earth

Basant Shenouda

Jeff Skoll

Artis Stevens

FOUNDER, SKOLL FOUNDATION & SKOLL GLOBAL THREATS FUND

CEO, BIG BROTHERS BIG SISTERS

FOUNDER, BASANT BLAST

Since leaving eBay’s helm in 2001, the company’s first president, Jeff Skoll, has directed his life and wealth toward philanthropy. Through direct funding, organizational support, and partnerships, the Skoll Foundation supports social leaders and nonprofits working to address global problems—particularly in health, education, equity, justice, and climate. To focus on issues such as pandemics, water security, nuclear nonproliferation, and Middle East conflict, Skoll created the Skoll Global Threats Fund in 2009. As of today, Skoll has distributed about $1.12 billion worldwide. Skoll founded the film production company, Participant in 2004 to advance purpose-driven storytelling. Examples include “An Inconvenient Truth” (2006) highlighted the dangers of climate change. “The Help” (2011) detailed the lives of African-American women domestic workers in the Civil Rights era. “Spotlight” (2015) told the story of journalists who exposed sex abuse in the Catholic Church. And “ROMA” (2018) provided a deep look into the life of a domestic worker in Mexico City, focusing squarely on issues of class, race, and social inequality. Skoll’s repertoire of deliberate actions to provoke global change, commitment to humanitarian causes, and purposeful passion for storytelling is what makes him one of 2023’s Worthy 100.

Having grown up with the benefit of youth development programs, Brunswick, Georgia native Artis Stevens knows from personal experience the life-changing impact of mentorship. After ten years as national vice president for the Boys and Girls Club of America, Stevens became senior vice president and CMO for the 4-H Club of America. In 2020, he was named the first-ever Black president and CEO of Big Brothers Big Sisters of America (BBBS). Over his tenure, Stevens has worked to create a variety of equitable programs for children across a diversity of communities. From partnering with the NBA and the NFL to collaborating with Alpha Phi Alpha and Lambda Theta Phi (the first national fraternities established for African American and Latino men, respectively) to increase the numbers of male mentors across the country, he has established BBBS as the foremost youth mentoring program. Under Stevens’s aegis, BBBS has proven the critical impact that youth mentorship has “to address the world’s greatest challenges—from equity and access to justice and opportunity.” This year, he was awarded the Golden Halo Award for his outstanding social impact achievements, and hopes that his work will “spark a global conversation about how to empower and uplift young people.”

As an immigrant from Egypt lacking access to professional experiences or resources, Basant Shenouda found herself up against a pile of job rejections upon graduating from college in Ireland. But Shenouda shared the story of her professional struggles across social media platforms. Her story caught the eye of a recruiter at LinkedIn, and she soon found a position as an implementation consultant at the platform. In the process, Shenouda developed a following of over 100,000 on LinkedIn, becoming the largest social media career content creator from the Middle East. Shenouda was determined to share her knowledge with other underprivileged individuals in similar situations. Thus, she created Basant Blast in 2020, a nonprofit devoted to fostering career education and mentorship to all, regardless of socioeconomic status or background. Within the past year, the nonprofit has provided over 150,000 individuals with free resources and reached over 20 million job seekers through social media. Now a graduate student in Management at Harvard University, she hopes to amplify her impact. “It is how we bypass difficult circumstances that really showcase who we are,” says Shenouda. “If you are building strong relationships based on being a giver to the world, the world will give you so much back.”

Natalie Tran

C O U R T E S Y O F C R E AT I V E A R T I S T S A G E N C Y

EXECUTIVE DIRECTOR, CREATIVE ARTISTS AGENCY FOUNDATION Natalie Tran, the executive director of the Creative Artists Agency (CAA) Foundation— the charitable branch of the country’s foremost talent and sports agency—has worked for the past 16 years to leverage the organization’s influence and generate sustainable social change. As the daughter of Vietnamese refugees, she was raised attending free art museums and after-school programs. Accordingly, she understands firsthand the profound impact that altruism can have on one’s life. In 2018, Tran co-founded the I am a voter. campaign, a nonpartisan effort aiming to boost voter turnout across states. Shortly thereafter, she went on to found Civic Alliance in 2020, a business coalition designed to help revitalize employees’ voter turnout and engagement with their civic systems. Its initiatives include mobilizing employees to serve as poll workers and encouraging companies to offer their spaces as potential voting centers. Participating companies include Amazon, Dow, Facebook, and Salesforce, in addition to professional sports leagues such as MLB, the NBA, and the NFL, to name a few. “Everyone has the power to do good—simple actions can create a ripple effect for change,” Tran explained. “Register one person to vote! Read to one student each week! Plant a tree! The future suddenly looks so much brighter.”

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Chris Shepherd Filling Bellies and Fulfilling Lives

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worker is eligible, and the nonprofit aims to respond to all applications within 24 hours. Unlike public benefits and insurance, which often put arduous requirements on applicants, Southern Smoke asks simple, intuitive questions and requires only a few pay stubs to verify employment. A real person works with a team of industry professionals to review the case. Then, the nonprofit apportions out money based on how much it has available. Charity Navigator has awarded Southern Smoke a coveted four-star rating, praising the organization’s compassionate mission statement and transparent finances. Shepherd and Southern Smoke also launched the Behind You initiative. This program offers free mental health counseling across five states: California, Illinois, Louisiana, New York, and, of course, Texas. Working with local universities, Behind You connects restaurant workers with experienced clinicians, and ensures complete confidentiality along the way. In an industry where long hours, demanding customers, and intense physical labor are the norm, Behind You provides critical relief for workers. Altogether the organization has already donated $11 million to food and beverage workers in need (at press time). Shepherd was particularly proud to highlight that $250,000 of that

money went to workers in Hawaii, who had lost wages due to the devastating wildfires. Even though Southern Smoke is less than a year old, the Houston food festival that bears its name has been going since 2015. Each year, dozens of chefs and local sponsors gather to wine and dine the populace, while raising money for charity. This past October, the festival raised almost $2 million, which will go toward Southern Smoke’s emergency relief and mental health initiatives. While the restaurant industry can be a hectic, intimidating, and even dangerous place to work, Shepherd represents what we love about it: creativity, camaraderie, and the simple pleasure of a good meal. “Find a cause you believe in, and believe in yourself enough to support that cause in any way you can” he advises Worth readers. “It just takes one person to get a wave started.”

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ailing from the Midwest, Shepherd may seem like an unlikely champion of the Texas culinary scene. But in addition to creating some of Houston’s favorite restaurants, Shepherd has also exposed some of the glaring holes in the hospitality industry’s safety net. Despite spending almost a decade in the fine dining scene, he is very much a force of good for the everyman, not to mention the everyman’s palate. Eleven years ago, Shepherd helped redefine the Houston food scene when he opened Underbelly. The restaurant, which eventually grew into a whole hospitality group, focused on fresh, local ingredients and upscale versions of comfort food favorites. When Shepherd suddenly left Underbelly Hospitality last summer, it shocked the city’s foodies and left them wondering what the ambitious chef would do next. The answer: to provide much-needed resources for employees in the food and beverage sphere. Earlier this year, Shepherd founded the Southern Smoke Foundation to tackle some of the restaurant industry’s biggest problems. Cooks, suppliers, servers, bartenders, delivery people, and other food workers often grapple with low wages and stressful workplaces. Southern Smoke offers solutions for both of these problems, all across the United States. The organization collects donations and gives the money directly to restaurant workers who need emergency funds, whether it’s to pay for medical treatment or deal with a natural disaster. Southern Smoke keeps the red tape to a minimum. Donors provide money in the form of cash, stocks, or mutual funds; and restaurant workers can apply for those funds on Southern Smoke’s website. Any full-time food and beverage

Mustafa Suleyman Steering the Ethical Course of AI

n an era dominated by technological innovation, few individuals are closer to the intersection of ethics and artificial intelligence like Mustafa Suleyman. His articulate vision for AI’s future is complemented by an active commitment to limit its potential hazards, making him an irrefutable choice for inclusion in the 2023 Worthy 100 list. Mustafa Suleyman’s initiation into the world of AI came through his cofounding of DeepMind in 2010, which was acquired by Google in 2014.

DeepMind broke significant ground in AI research, making substantial contributions to machine learning algorithms and neural networks. But perhaps the most compelling aspect of DeepMind’s operations was its pioneering ethics board, an initiative largely influenced by Suleyman’s vision. This was an early acknowledgment of the inevitable intertwining of AI technology with ethical considerations. After leaving Google, Suleyman teamed up with LinkedIn cofounder Reid Hoffman and founded Inflection.ai. The company has a concentrated mission: to build AI technologies devoid of racial, gender, or violent biases. Inflection’s first product, an AI assistant named “Pi,” already sets a benchmark by being a safer alternative to known chatbots in the market, including ChatGPT and Google’s Bard. Suleyman’s viewpoints on AI echo the principles of “radical abundance”—the belief that AI can be a democratizing force, providing equal access to intelligence for all. But he pairs this optimism with caution, emphasizing the need for “ethical containment” to limit potential

misuse of the technology. He draws parallels between AI safety and past technological advancements, such as airline safety, showcasing a belief that society can reap AI’s benefits while curbing its risks. Public welfare is at the core of Suleyman’s approach. He advises that AI development should be publiccentric, and its deployment must solve problems plaguing society. His recent book, The Coming Wave, is a public manifesto of sorts, elucidating the enormous promise of AI while cautioning against its potential pitfalls. It serves as a tool for educating the public and policymakers alike, providing a well-rounded perspective to navigate the complex landscapes of AI ethics. Suleyman has also been proactive about government involvement in AI regulation. He has advocated for the role of policy in containing the commercial imperatives of Big Tech companies, thus ensuring that the technology serves the greater good and not just corporate interests. Suleyman doesn’t just speak about change; he acts on it. His ventures, publications, and public advocacy work together to sketch a roadmap for ethical AI, serving as a guide for existing companies and future startups. His influence is magnified by his refusal to separate profitability from responsibility, effectively proving that the two can co-exist. Suleyman’s ability to synthesize complex ethical issues into actionable plans makes him especially worthy while maintaining an equilibrium between AI’s vast potential and its inherent risks. His relentless pursuit of a more ethical technological future certifies his position as one of the most impactful leaders in the AI community today.

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Justin van Fleet

Clarissa Ward

Fani Willis

PRESIDENT, THEIRWORLD

CHIEF INTERNATIONAL CORRESPONDENT, CNN

DISTRICT ATTORNEY, FULTON COUNTY, GEORGIA

Clarissa Ward has spent the past twenty years reporting from hot zones around the world, from Syria to Ukraine to Somalia to Gaza. Beginning her career in 2003 at the Fox News International Desk, she covered stories ranging from the capture of Saddam Hussein, the death of Pope John Paul II, and the Israeli-Lebanese War. In 2007, she embedded with the U.S. military in Iraq, before becoming a Moscowbased news correspondent for ABC. Shortly thereafter, she moved to CBS, and in 2015 was named Christiane Amanpour’s successor as the chief international correspondent for CNN. In addition to her seven Emmy Awards, Ward received a prestigious Peabody Award in 2012 for her coverage inside Syria during the uprising. Over the past year, Ward’s tireless reporting has been instrumental in conveying information from the Ukrainian frontlines. Traveling from Kharkiv to Kyiv, her coverage focused on life for children and wounded civilians. Most recently, Ward has been on the ground in Israel and Palestine, documenting the escalating conflict at great risk to her own life. This past year, she was awarded the National Press Club’s Fourth Estate Award for decades of uncovering the violence that underpins our world.

Fani T. Willis, District Attorney for Fulton County, Georgia, has earned her place on the Worthy 100 list for two exceptional reasons: her commitment to justly fulfilling her duties and her resilience in the face of racially charged abuse aimed at derailing the democratic process. Since assuming office on January 1, 2021, Willis has reshaped the criminal justice landscape of Fulton County. She has introduced innovative reforms, such as Fulton’s first pre-indictment diversion program, designed to give those who can benefit from a second chance the opportunity to earn one. She has also revolutionized the office’s transparency in law enforcement use-offorce cases, thereby fulfilling her commitment to make the criminal justice system in Fulton County more equitable and transparent. However, her work has not come without personal cost. Willis and her family have been targets of doxing and threats, especially in light of her investigation into efforts to overturn the 2020 presidential election results in Georgia. Despite numerous attempts at intimidation, including threats from congressional lawmakers and offensive, racially charged language, Willis remains undeterred. She has publicly stated that such threats are “a waste of time” and won’t deter her from her mission. Unyielding in her quest for justice and unflappable in the face of hatred, Willis exemplifies both professional and personal integrity.

From his humble beginnings in rural Maryland, Justin van Fleet has become one of the top figures in global education. As a fellow at the Brookings Institute, he studied the role of schooling in developing countries and the function of philanthropy in financing educational systems. In 2012, he was appointed to two positions at the United Nations. As such, he played a pivotal role in establishing the International Finance Facility for Education and the Education Cannot Wait Fund, the UN’s global fund for schools and teaching in emergencies and protracted crises. In 2019, van Fleet was named president of Theirworld, an international children’s charity dedicated to ending the global education crisis. Theirworld has worked with the Lebanese government to bring education and schools to over 300,000 refugee children. This year, Theirworld partnered with the Ukrainian organization Smart Ovista to help refugee students stay connected to educators in their homeland by providing free laptops. “We can’t let any disruption sidetrack a young person’s right to an education—even war,” said van Fleet. “Supporting this work and helping to empower education in conflict zones is one thing any person can do to ensure a brighter future.”

Emma Watson ACTOR, ACTIVIST Emma Watson is an English actor best known for her role as Hermione Granger in the “Harry Potter” film franchise. She has also starred as Belle in the live-action musical recreation of Disney’s “Beauty and the Beast”—the second-highest-grossing film of 2017— and as Meg March in Greta Gerwig’s reincarnation of “Little Women” (2019), along with many other high-profile supporting roles. Her acting prowess has earned her a number of accolades, including the Young Artist Award and three MTV Movie Awards, and she was named one of the 100 most influential people in the world by Time magazine in 2015. However, widespread popularity and immense success in the film industry only scratches the surface of Watson’s capabilities. Beyond her success as an actor, Watson has emerged over the last few years as a forcible activist for international women’s rights. Named a goodwill ambassador for the UN in 2014, Watson has been traveling the globe to advocate for education for women and girls, visiting Bangladesh and Zambia to promote humanitarian efforts. Her speech before the UN, promoting the HeforShe campaign, established her position as a feminist global changemaker. She is also a passionate climate and sustainable fashion advocate, supporting relevant causes on social media and through her book club, “Our Shared Shelf.”

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Taylor Swift Pop Sensation Blazing a Trail for Creators’ Rights

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aylor Swift is the world’s highest paid female entertainer and an economic force to be reckoned with as she rides pop stardom to billionaire status with her record-breaking The Eras Tour. Crashing Ticketmaster with unprecedented demand, the show has been the fastest-selling concert tour in the ticketseller’s history, and is on track to becoming the first billiondollar concert tour ever, possibly topping $1.5 billion, as estimated by Pollstar. Her domestic tour alone is projected to add a whopping $5 billion to the U.S. economy, with concert-goers spending an average of $1300 per show on tickets, outfits, merchandise, food, drink, and travel, according to research firm QuestionPro. Her concert film, which premiered this October, had the highest grossing opening weekend ever, raking in $92.8 million, and is currently the go-to jam for 10-year old dance parties in theaters across the U.S. and abroad. With hundreds of millions of adoring fans cheering her on, Swiftie mania has become a cultural phenomenon, dominating much of the media coverage for 2023. The pop star has even boosted ratings and merchandise sales for the NFL with fans who have been watching for her in the stands as she roots on her boyfriend, Kansas City Chiefs tight end Travis Kelce. A Fanatics spokesperson told The Hollywood Reporter that sales of Kelce jerseys jumped 400 percent during her attendance of his Sep. 24 game. NBC reported a record 27 million viewers during her appearance at his Oct. 1 game, making it the most watched Sunday broadcast since the Super Bowl.

With 274 million followers on Instagram, 94.6 million on Twitter (X), 79 million on Facebook, 54.6 million on YouTube, and 22 million on TikTok, Swift has used her platform to advocate for women’s and LGBTQ+ rights, including the reauthorization of the Violence Against Women Act’s protections against domestic violence, stalking, and date rape, and the Equality Act to protect the LGBTQ+ community from discrimination at work, school, and other public spaces. Swift has also been known to reach out to fans to help them through hard times. This has included paying down student debt, contributing to GoFundMe campaigns for rent, and even giving a service dog to a boy with autism, among her other philanthropic gestures, according to Billboard. On the road during her concert tours, she often donates to food banks in communities she has performed in and has generously doled out millions of dollars in bonuses to her crew in appreciation for the work that’s been done to make her show a success. But perhaps her most significant achievement has been in blazing a trail for creators’ rights. In 2015, Swift boldly stopped Apple from skirting payments to artists by threatening to pull her hits from the platform. And more recently, she won a battle to regain ownership and control over her first six albums when her label, Big Machine Records, refused to sell her the rights to her works unless she re-signed with them. Rather than give in to what she considered to be onerous terms, Swift left for a more lucrative deal with Universal Music Group’s Republic Records, which offered her ownership over all of her recordings

in addition to the opportunity to rerecord her earlier works. She has since recorded Taylor’s Versions of her multi-platinum albums “Fearless,” “Red,” and “Speak Now” to much fanfare, and her re-release of “1989” this past October is expected to become to be her biggest re-recording to date, a steep hill to climb as her previous album, “Midnights,” currently holds the Guinness World Record for ‘Most Streams on Spotify in 24 hours.’ In a blog post to her fans, Swift urged young artists to learn how to protect themselves during negotiations, telling them: “You deserve to own the art you make.”

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Will.i.am Pushing STEAM After-School Programs that Empower First-Generation College Students

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In addition to his Grammy wins, he has been recognized with an Emmy Award, a CLIO Award, the World Economic Forum’s Crystal Award, and an honorary fellowship by the Institution of Engineering and Technology (IET). He has been a judge and mentor on the popular singing talent show The Voice UK (2012-present), along with stints on The Voice Australia and Kids. In 2009, Will formed the i.am Angel Foundation, a nonprofit organization that provides educational opportunities to underprivileged youth, particularly in science, technology, engineering, the arts, and mathematics (STEAM). The foundation has helped over 10,000 disadvantaged students from Southern California access in-class and after-school educational programs. Students participate in hands-on learning models for robotics, coding, app development, and geographic data mapping. In 2021, the i.am Angel Foundation teamed up with the Los Angeles Unified School District, the second-largest state-run public school system in America, to offer robotics clubs as an official after-school activity. This program has

the capacity to serve over 12,000 kids. In addition to mainstay i.am Angel services, one of the primary branches of the foundation is the “i.am College Track.” This program has supported over 400 students from Roosevelt High School in Southern California, 96% of whom will be the first in their families to apply to college. And 94% come from low-income households living at or below the federal poverty line. Will.i.am has used his platform to generate real change for real people. Not all artists seek to extend their influence beyond their industry, but Will’s desire to stay ahead of the curve, engage with his audiences, and be a generator of real change has helped to define his impactful career.

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ill.i.am, 48, born William James Adams Jr., is an acclaimed singer-songwriter, rapper, and producer best known as the founder and lead of The Black Eyed Peas. Growing up in the housing projects in Boyle Heights, Los Angeles, Will developed a deep sense of creativity and drive from an early age. Although his musical talent launched him into international stardom, his distinction in other fields, including technology, education, philanthropy, and activism, reflects a multifaceted, impact-driven entrepreneur. As a creative force behind The Black Eyed Peas’ rise to fame, he played a crucial role in creating chart-topping hits and iconic songs that have sold millions of copies and earned seven Grammy Awards. The group’s groundbreaking sound, featuring hip-hop, pop, and electronic music elements, churned out anthems of their time like “Where Is the Love?” “Scream & Shout,” and “Let’s Get It Started.” He is still creating music as a solo artist and recently released two new singles, “MIND YOUR BUSINESS,” featuring Britney Spears, and “LET’S GO,” created in collaboration with F1. But Will.i.am is doing more than creating iconic hits. Constantly seeking to innovate and adapt to the changing landscape of the music industry, his interest in technology has led him to explore new frontiers. And it does seem like he has his finger in every pie. He has served on the World Economic Forum’s Fourth Industrial Revolution Advisory Committee and the Global Artificial Intelligence Action Alliance. Notably, he invested in the development of Beats headphones, which became an industry sensation before being bought by Apple for approximately $3 billion in 2014.

Tim Woolmer

Andrew Youn

Susie Wolff

FOUNDER, YASA

CO-FOUNDER AND CEO, ONE ACRE FUND

DIRECTOR, F1 ACADEMY

YASA founder and engineer Tim Woolmer is leading the world of luxury vehicles to a net-zero future. After graduating from Oxford University, Woolmer founded YASA in 2008 and quickly began selling a radical new design of electric motor to luxury car manufacturers such as Ferrari and McLaren. Woolmer’s pioneering engine is only one-third the weight of typical electric motors but possesses over 3x greater power densities than those of Tesla and other brands. In 2021, Mercedes-Benz acquired YASA as the heart of the brand’s initiative to go fully electric by 2030. Woolmer’s electric engine now powers Mercedes new Vision OneEleven, a luxury sports car unveiled in January of 2023 and slated to move shortly into series production. In 2022, Woolmer received the Royal Academy of Engineering’s 2022 Colin Campbell Award, and this past year, he was awarded Automotive News Europe’s 2023 Rising Star Award. Hailed by Forbes Germany as “The Savior of Mercedes,” Woolmer is committed to achieving net-zero mobility and told the magazine that he hopes his work will spur a new generation of efficient, electric vehicles globally.

Since its inception in 2006, One Acre Fund has been a lifeline for smallholder farmers, providing them with the financing, agricultural inputs, and training they need to increase yields and profits substantially. Andrew Youn’s revolutionary approach centers on a deep understanding of the farmers’ needs, cultivated by living among them in rural communities. His efforts have not gone unnoticed; One Acre Fund has grown from supporting 40 families to empowering four million farmers across nine African countries. The organization’s work is especially critical in a world grappling with climate change and food insecurity—two issues disproportionately affecting Africa’s vulnerable farming communities. One Acre Fund’s recent recognition as the recipient of the 2023 Conrad N. Hilton Humanitarian Prize, accompanied by $2.5 million in unrestricted funding, underscores the organization’s effectiveness and positions it well to achieve its ambitious 2030 target of assisting 10 million farming families. Through Youn’s leadership, One Acre Fund continues to serve as a beacon of sustainable development and empowerment.

For the past twenty years, Susie Wolff has worked to break the glass ceiling for women in motorsports. In 2014, she became the first woman since 1992 to participate in a Formula One race at the British Grand Prix. Two years later, she launched Dare to Be Different, a nonprofit organization aimed at encouraging female interest and participation in competitive driving. And in 2018, she became the CEO of Monaco’s only racing team. In March, she became inaugural director of the F1 Academy, Formula One’s new all-female driver category. In an almost exclusively male sport, Wolff’s career has helped to pave the way for a new generation of women in Formula One racing. Though still in its infancy, the F1 Academy is driving major change across the sport, finally granting talented women a legitimate stage to compete at the highest level of motorsports. This past October, 18year old F1 Academy driver Bianca Bustamente became the first woman to be selected for McLaren’s driver development program. Wolff hopes that both her work and the Academy will continue to “inspire women around the world to follow their dreams and realize that with talent, passion and determination, there is no limit to what they can achieve.”

Yana Zinkevych POLITICIAN AND FRONT-LINE MEDICAL VOLUNTEER Yana Zinkevych, a beacon of resilience and altruism, has been instrumental in Ukraine’s defense against external aggression. She is the founder of Hospitallers, a volunteer paramedic battalion that has been indispensable on the Ukrainian front lines since its inception in 2014. Remember, Russia’s aggression in Ukraine extends far further than the last invasion in 2022. At 27 years old, Zinkevych is also one of the youngest members of Ukraine’s Parliament, where she heads the military medicine subcommittee. Trained in tactical first aid, Yana has personally escorted over 200 wounded soldiers to safety, and her organization has conducted around 6,000 evacuations. She continues to impart this vital knowledge through combat first aid courses, equipping volunteers with skills and tools to save lives. Despite being paralyzed from the waist down due to a car accident in 2015, her resolve remains unbroken. Her leadership from a wheelchair proves not just her indomitable spirit but also her ingenuity in orchestrating complex logistics and medical procedures in the heat of conflict. Zinkevych’s initiatives have impacted thousands of lives, both military and civilian, marking her as an exceptional young leader in times of unprecedented crisis. WORTH.COM

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Elevate G Your Gift-Giving Game

BY EVA CROUSE

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ift-giving is a tricky art. It is usually best to tread lightly around passionate hobbies, but you still want the item or experience to feel personal. Similarly, finding something functional, but not mundane, is just as challenging. (Socks are the eternal exception to this rule.) A good guiding principle is to think about their passions and then find something simple to upgrade or treat them to. Whether it is a whimsical lamp that adds some ambiance to your homebody’s favorite space, a stunning set of Japanese kitchen knives to upgrade the experience of the best home cook, or a skydiving excursion for the adrenaline junkie, there is something on this list for everyone. Happy Shopping!

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WINTER 2023

GIFTS

Gifts for Good Parker Clay Mari Backpack

Sony WH-1000XM5 Over-Ear Headphones

People who like brown leather tend to really like brown leather (I’m definitely one of them). From bags and phone cases to boots and keychains, the material exudes a timeless, autumnal charm. If you’re shopping for someone who appreciates this look, it will likely be evident in their style. That’s where the Mari Backpack from Gifts for Good comes in. This backpack is practical, featuring a dedicated laptop sleeve, an internal water bottle holder, and ample space for headphones, cables, notebooks, and more. What elevates the Mari Backpack, however, is the meaningful impact it delivers. It’s crafted by Parker Clay, an organization dedicated to producing leather goods with integrity. Their meticulous craftsmanship occurs in an expanding production facility in Ethiopia, which operates in line with fair trade principles, ensuring ethical production practices. Notably, the women behind these products earn wages that exceed the national average by 87%. Each purchase of this bag empowers Ethiopian women by providing 30 hours of wellcompensated labor.

The WH-1000XM5s are topping the charts for best over-ear headphones this year. This isn’t entirely surprising, as their predecessor, the XM4s, were also a preferred pick for audiophiles. The newest version is equipped with adaptive noise cancellation that employs 2 processors to control 8 speakers. Through the headphones’ paired app, you can select full canceling, variable-level ANC, or none at all. This feature makes them a great choice for travel or working from a bustling cafe. Over-the-ear headphones can be notoriously uncomfortable when worn for a long time, so Sony made sure to equip this design with extra plush cushions for improved comfortability. The battery life boasts 30 hours of playback, while quick charging ensures minimal downtime between use (about 3 minutes for 3 hours of playback). What’s more, these headphones offer touch controls, making navigation easy and intuitive, while their “speak-to-chat” function pauses your audio during IRL conversations. Blending style, comfort, and innovative tech, these headphones are a great option for a holiday gift.

PRICE: $399 WHO’S IT FOR? THE AUDIOPHILE ON THE GO.

Loro Piana Napier Gloves

PRICE: $450 WHO’S IT FOR? THE ONE WHO IS ALWAYS COLD. These cashmere gloves, exclusively available on Loro Piana’s website, are a great choice as we head into the winter months. Ultra soft and made in Italy, they are not only stylish but also functional for any fashion-forward woman. Loro Piana is well known for their commitment to quality, and these gloves are no exception. They are built to last, making them a long-term wardrobe staple when cared for properly. These are a great choice for those who appreciate a touch of cashmere in their winter wardrobe.

H E A D P H O N E S V I A S O N Y, M A R I B A C K PA C K V I A G I F T S F O R G O O D , N A P I E R G L O V E S V I A L O R O P I A N A

PRICE: $398 WHO’S IT FOR? THE ONE WHO IS ALWAYS ON THE GO.

History by Mail Subscription

PRICE: $40-$75 WHO’S IT FOR? THE HISTORY BUFF.

H I S TO R Y B Y M A I L V I A U N C O M M O N G O O D S , N E W YO R K T I M E S B O O K R E V I E W V I A T H E N E W YO R K T I M E S

Whether you’re buying this subscription for personal exploration or gifting it to a history enthusiast, it offers an engaging, hands-on approach to exploring our world’s most fascinating and impactful moments. Every month, a package containing a carefully curated collection of documents, replicas, and artifacts is delivered to your doorstep. One month might unveil an authentic reproduction of a Civil War-era letter, Rosa Parks’ police report from the Montgomery Bus Boycott, or correspondence between Albert Einstein and FDR. Combining education with the excitement elicited from an ongoing gift, Uncommon Goods’ History by Mail subscription offers recipients a tangible peak into the past. Subscription lengths may vary from 6-12 months depending on the package you select.

The New York Times Book Review: 125 Years of Literary History PRICE: $50 WHO’S IT FOR? THE BOOKWORM.

Buying a book for the person who has read everything can feel comparable to buying a professional chef a new spatula. But we found the solution for you. This epic coffee table book is a compilation of the most compelling book reviews published by The New York Times over the past 125 years. Dive into this magical time capsule and see what The Times had to say about works we now consider classics, like The Great Gatsby, Mrs. Dalloway, The Grapes of Wrath, or A Tree Grows in Brooklyn. Also, understanding how some of these works were originally received compared to their eventual legacy is perhaps the most encouraging thing you can give a burgeoning writer. It’s a comparative literature fanatic’s treasure trove.

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WINTER 2023

GIFTS

Miyabi Artisan Magnetic Easel Knives

Ninja Creami At-Home Ice Cream Maker

This ten-piece set, available at Williams Sonoma, is one of the best options on the market. Handcrafted in Seki, Japan, a renowned center for knife craftsmanship, these knives are both extremely functional and beautiful. The SG2 micro-carbide powder steel cores are safeguarded by 100 layers of steel. Miyabi’s pioneering ice-hardening technique preserves the sharpness of the blades and prevents corrosion. These knives are built to last. Their sharpness combined with ergonomically designed, D-shaped handles, constructed of Rosewood and Pakkawood, make them a great chopping companion. The set comes with a wooden easel inset with magnets, which serves as convenient storage and an eye-catching kitchen display. Whether they are a novice or seasoned home cook, these blades will elevate anyone’s experience.

There are only so many boxes of chocolate you can give your friend with an insatiable sweet tooth. The Ninja Creami is a more creative option. With an infinite number of possible flavors, this ice cream maker allows you to turn just about anything into a frozen dessert in about 15 minutes. Whether you are a classic ice cream lover or prefer a gelato, sorbet, or milkshake, it can do the job. The Creami allows you to tailor your frozen desserts to your taste or dietary preferences, while its seven auto-iq preset programs simplify the process— ensuring your creations always turn out perfect. It even comes with a comprehensive recipe book, offering inspiration for classic and unique frozen treats.

PRICE: $230 WHO’S IT FOR? THE ONE WITH A SWEET TOOTH.

Mill Food-Recycling Kitchen Bin PRICE: $396, BILLED ANNUALLY, BIN INCLUDED WHO’S IT FOR? ANYONE WITH A KITCHEN.

Food waste typically goes into a landfill where it creates large amounts of methane–a greenhouse gas 80 times more potent than CO2 (!)—as it decomposes. With this food recycling bin, you can give someone the gift of lighter, less frequent trash runs and the knowledge that they are not contributing to a flawed waste removal system. This is essentially a high-tech trashcan explicitly designed for food scraps. Rather than dumping your leftovers in the garbage, you can drop them in the Mill, and it will dry and grind your scraps into an odorless material the company calls “food grounds.” Once the bin is full, which takes about a month for an average-sized household (four people), you can either keep the grounds to add to your compost or city-provided bin or empty it into a provided box and place it on your porch for free, on-demand pickups.

WINTER 2023

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N I N J A C R E A M I C O U R T E S Y O F N I N J A , M I L L B I N C O U R T E S Y O F M I L L H O M E , M I YA B I K N I V E S V I A A M A Z O N

PRICE: $1,399.95 WHO’S IT FOR? THE ONE WHO LOVES TO COOK.

L A M P CO U RT E SY O F M O M A D E S I G N , T H E R AG U N P R O CO U RT E SY O F T H E R AG U N , L A N DS C A P E CO U RT E SY O F V I R G I N E X P E R I E N C E G I F TS

MoMA Nesso Table Lamp

PRICE: $515, NON-MEMBER $464, MEMBER WHO’S IT FOR? THE WHIMSICAL HOMEBODY

4th Generation Theragun Pro PRICE: $499 WHO’S IT FOR? THE ONE WHO KNEADS SOME RELAXATION.

This massage gun makes an excellent gift for those seeking advanced relaxation or muscle recovery. Combining sleek design with major power, the gun delivers precise, effective muscle relief and improved mobility. It boasts industryleading amplitude and force to reach deep muscle tissues. But despite its power, it’s still quite quiet.

Available at the MoMA Design Store, this funlighting piece adds a bit of intrigue to any interior. Designed by Giancarlo Mattioli and Gruppo Architetti Urbanisti, it is also a piece of art. The unique and organic shape resembles a soft, luminous mushroom. Its undulating lines create a play of light and shadows across a space, making it a striking focal point in any room. Made from high-quality injection-molded ABS resin, it’s both lightweight and durable. This lamp’s design offers brilliant, ambient light and serves as an aesthetic statement. It’s a piece that sparks conversation and makes a bold style statement in modern, minimalist, or eclectic interiors.

Virgin Experience Gifts PRICE: VARIED WHO’S IT FOR? THE ONE WHO WANTS A BREAK FROM ROUTINE.

The best gift I ever received was an introductory flight lesson at the Great Barrington Airport in Western Massachusetts. As I took off in the twoseater Cessna and looked out at the fall foliage covering the Appalachian mountains, it ignited a true passion. A year later, I am now well on my way to earning my private pilot’s license. Pushing someone slightly outside their comfort zone and encouraging them to try something they have always found intriguing is an incredibly thoughtful way of showing how in tune you are with their passions. With Virgin Gifts, you can choose from a vast list of adventures. They offer thousands of experiences all over the U.S. Everything from hot air ballooning to whale watching, race car driving to spa days, are available for purchase—and yes, they offer introductory flight lessons. They do their best to provide stress-free booking, returns, and complimentary exchanges, taking the hassle out of planning. Depending on the location, experience, and duration, cost may vary between dozens to thousands of dollars, but Virgin provides good price for value. Whether your recipient is an insatiable adrenaline junky or is more risk-averse, you will be able to find something memorable to share with them.

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WINTER 2023

GIFTS

Moda Operandi Lux Wave Leather-Covered Coffee Machine

While on the (much) pricier side for a coffee maker, this Italian espresso machine offers both gorgeous form and high-end function. Finished in premium leather, this very fancy Nespresso machine is visually stunning. It serves as an eye-catching centerpiece in any kitchen, perfect for adding a touch of sophistication to any countertop. This machine requires no fancy artistry to operate and instead ensures an ideal brew and easy cleaning every time.

Long Distance Friendship Lamp PRICE: $198 WHO’S IT FOR? YOUR FARAWAY BESTIE.

Tap your lamp, and theirs will change color, letting them know you are thinking of them. Despite the ease of communication afforded by modern technology, remaining genuinely connected to our loved ones can still be challenging. For some, texting, phone calls, and video chats can feel like a warm hug. But this lamp could be the perfect solution for those with screen fatigue who still want to stay connected. Purchasing the set allows you to take one and gift the other to your friend. They easily connect to your home’s Wi-Fi router and allow you to communicate with just a touch.

Huckberry FlannelLined Waxed Trucker Jacket PRICE: $298 WHO’S IT FOR? THE (RUGGED) OUTDOORSMAN

For the outdoor enthusiast or styleconscious individual, consider gifting them this waxed trucker jacket from Huckberry. The waxed cotton exterior exudes a classic charm and provides reliable weather protection. It’s a versatile choice for hiking, camping, or exploring the urban jungle. The flannel lining adds extra warmth and comfort, perfect for cooler seasons, and it’s designed for easy layering.

WINTER 2023

WORTH.COM

CO F F E E M AC H I N E CO U R T E SY O F M O DA O P E R A N D I , JAC K E TS CO U R T E SY O F H U C K L E B E R RY

PRICE: $4,309 WHO’S IT FOR? THE COFFEE FANATIC.

Garmin Approach R10 Golf Launch Monitor PRICE: $600 WHO’S IT FOR? THE GOLF ZEALOT.

This highly capable golf launch monitor offers golfers an array of data and functionalities. Through its Doppler radar technology (which produces velocity data about objects at a distance), the compact device provides 14 essential data metrics, covering both ball and club, helping athletes improve their game. A standout feature is the access to a vast library of 42,000 virtual golf courses, making it a versatile tool for range practice and athome use. Occasional misreads are more common when used indoors, so we recommend this for hitting the courses IRL. But it’s compatible with E6 software, enabling users to simulate play on various courses and even participate in online tournaments. For those seeking to refine their swing, the R10 seamlessly correlates shot data with video recordings, facilitating in-depth analysis. Boasting a battery life of 10 hours, this device can accommodate extended practice sessions.

G O L F L A U N C H M O N I TO R V I A G A R M I N , I M P O S S I B L E C O L L E C T I O N V I A R O L E X

Rolex: The Impossible Collection Hardcover Book

PRICE: $1,200 WHO’S IT FOR? THE WATCH FANATIC. Delving deep into the world of Rolex, The Impossible Collection showcases 100 of the most remarkable and iconic timepieces ever created by the Swiss brand. The book provides an in-depth exploration of Rolex’s history, from its early days to the modern era. It showcases rare and historically significant models, such as the Submariner dive watch, the Daytona auto-racing fave, and the aptly named Explorer, with stunning photographs and insightful commentary. It features intricate descriptions of each timepiece, highlighting their unique features, historical importance, and the craftsmanship behind them. As Rolex is notoriously secretive about its production processes, this book is essentially a look behind the velvet curtain.

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WINTER 2023

GIFTS

Brilliant Earth Diamond Tennis Bracelet

PRICE: $2,195 WHO’S IT FOR? THE JEWELRY COLLECTOR.

Connolly Nomadic Leather Jewelry Box PRICE: $1,308 WHO’S IT FOR? THE JEWELRY COLLECTOR.

This jewelry box, available on abask.com, takes inspiration from antique Portuguese sea chests, reinterpreting their distinctive features, like studs, color-contrasted stitching, through a modern lens. It is equipped with two handles and a removable interior tray (for easy organization), making it distinctly practical. Its water-resistant, vegan leather exterior makes it very durable, and its soft microfiber lining prevents scratches and tangling. This is a beautiful choice for a jewelry lover, as it playfully merges vintage charm with contemporary design. While its lock-and-key system may not be as secure as a safe, it is a great option for storing and protecting precious, often-worn items.

WINTER 2023

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B R A C E L E T C O U R T E S Y O F B R I L L I A N T E A R T H , J E W E L R Y B OX V I A C O N N O L LY

A diamond tennis bracelet is a timeless staple in any jewelry lover’s collection. It was originally popularized in the Roaring ‘20s and was referred to as an eternity bracelet before being rebranded in the ‘70s by tennis pro, Chris Evert, who wore the accessory during her matches. This singlecarat, diamond tennis bracelet from Brilliant Earth is a great option for your loved one. Adhering to the traditional style, it is simply crafted with the brightest stones and is sure to add an invaluable piece to your recipient’s growing collection. But this bracelet’s appeal extends beyond its century-long tradition. Brilliant Earth has gone above and beyond national ethical regulations, called the Kimberly Process (KP), aimed to block the sale of “blood diamonds” that fund armed rebellions and are often mined using forced labor. KP is a flawed standard because it is based on the last country of export, meaning a diamond can be KPcertified even if it was smuggled in from another country. Going further than the KP, Brilliant Earth’s “Beyond Conflict Free ‘’system ensures that the country of origin (Canada or Botswana), is not only responsibly sourcing but also sustainably sourcing their diamonds.

Le Labo Perfume Classic Collection Discovery Set PRICE: $107 WHO’S IT FOR? THE COGNOSCENTI OF SCENTS

Choosing a signature scent is an incredibly personal, intimate decision—a lot like buying a new wallet. It can be challenging to parse through all the different options, discerning which notes appeal to you and how they interplay with your natural scent. The process takes time, and whether you are new to the world of perfume or are looking to reinvent your signature, a discovery set is a great place to start. This classic collection of 15 testers from Le Labo is a beautiful choice. From cult classics like the smokey, leathery Santal 26 to more unique offerings like the woodsy yet floral LYS 41 (my favorite), this set has something for everyone. Even if your (new) scent isn’t in this box, the kit provides a wide range of notes, from seductive musks to delicate florals and everything in between. Finding components you enjoy, like sandalwood or jasmine, can be a cornerstone on which to build. Plus, it’s an enjoyable experience to parse through the options, return to favorites, or try something new for a few weeks. You don’t need more than a spritz or two, so these testers last.

Parachute Home Cloud Cotton Robe

R O B E C O U R T E S Y O F PA R A C H U T E H O M E , P E R F U M E S E T V I A L E L A B O

PRICE: $109 WHO’S IT FOR? THE ONE WHO NEEDS SOME SELF-CARE.

This robe would make a luxurious addition to any existing (or nonexistent) loungewear collection. Crafted from 100% Turkish cotton, it combines comfort, durability, and aesthetic. Featuring a relaxed fit and cozy, absorbent, waffle weave texture, this robe is perfect for postshower indulgence or cozy mornings at home. Additionally, Parachute is committed to sustainable practices, creating textiles that are built to last. They are Climate Neutral Certified— which denotes a pragmatic approach to CO2 reduction in line with the Paris Agreement—and are beginning to convert to a circular production model through their upcycling program that breaks down and remanufactures returned items to resell them on their site.

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WINTER 2023

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FORECAST

New data and fresh insights show that many aspects of the economy may not be what they once seemed. The U.S. posted stunning growth, although it will likely slow in 2024 (82). The urban retail apocalypse may be greatly exaggerated, with both high-tech and old-fashioned city planning offering solutions (89). Millennials’ inheritances could be coming a lot sooner, but also be a lot smaller (92). And the world community has a chance to fix misguided fishing subsidies that have devastated the oceans and exacerbated global inequality (86). WORTH.COM

WINTER 2023

ECONOMY

Markets Have Adjusted to the Reality of Higher Interest Rates, for Longer The resilience of the economy suggests an extended period of restrictive monetary policy and higher bond yields. BY LARRY KANTOR & BOB DIAMOND

here has been nothing but good news this year on the U.S. economy, which has continued to grow solidly despite the biggest tightening in monetary policy in over 40 years. The Fed funds rate—the overnight interest rate for banks that is the Federal Reserve’s main policy tool—was lifted from zero in March of last year to over 5.25%. Yet that hasn’t hurt the unemployment rate, which remains below 4%, equivalent to full employment. Recession forecasts – which were nearly unanimous coming into 2023—have been abandoned. Instead, economic activity has accelerated this year: US GDP growth averaged over 2% in the first half and rose at a torrid pace of nearly 5% in the third quarter, the strongest quarter since 2021. While prices for many goods and services are higher than they were before COVID, the rate of increase—i.e., inflation, which is key to the longrun health and stability of the economy—has fallen dramatically. Even as the economy has exhibited surprising strength, financial markets have been rattled over the past few months. With the incredible resilience of the economy in mind, Fed policymakers have made it clear that they do not intend to reduce rates anytime soon, and markets have finally given in to that reality. Along with a few other factors outlined below, this has produced

WINTER 2023

WORTH.COM

a surge in bond yields. Higher bond yields reduce the discounted value of future corporate earnings, and at the same time provide a greater alternative return to equities. As a result, stock prices have declined. With 10-year U.S. Treasury yields at their highest levels in more than 15 years—over 4.5%—it is reasonable to ask whether they are sustainable. We would argue they are, and that interest rates and Fed policy are returning to levels that prevailed before the financial crisis. BOND YIELDS OVER 4% ARE CONSISTENT WITH THE CURRENT ENVIRONMENT Fed policy rates and bond yields have been abnormally low since the financial crisis of 2008. The Fed funds rate averaged less than 1% since then (before the recent Fed tightening), compared with an average of over 4% during the prior 15 years. Policy rates below 1% are not

a sign of economic health, as they reflect an economy in need of stimulus. Similarly, 10-year U.S. Treasury bond yields averaged around 2.5% after the financial crisis, compared with roughly 5% before. In addition to the resilient economy causing policy rates to be higher for longer, federal debt has surged some 40% (by nearly $10 trillion) since Covid appeared. This is requiring the U.S. Treasury to issue more debt, which translates to higher yields to entice investors to buy the additional bonds. Finally, the Fed has shifted from quantitative easing to quantitative tightening: Instead of buying $80bn of U.S. Treasuries and $40bn of mortgagebacked securities per month, it is now allowing $60bn and $35bn respectively of those bond holdings to mature without buying new bonds to replace them. WHERE DO WE GO FROM HERE? While a recession will occur at some point (the business cycle still holds) it is unlikely to happen anytime soon, barring some exogenous event, such as a widening of the war in the Middle East. The major interest-rate sensitive cyclical sectors—housing and manufacturing—already got clobbered last year in response to the massive tightening in monetary policy and are now bottoming (notwithstanding the recent weakness in housing in response to the jump in mortgage rates). Meanwhile, the labor market keeps creating jobs, and consumers continue to spend. Wages are now rising at a faster pace than inflation, and household balance sheets remain in very good shape: Debt payments as a percent of disposable income are at reasonable levels, well below what is typically seen prior to recessions. Moreover, consumers retain a huge amount of excess savings (reflecting the Covid stimulus packages as well as reduced spending from when people were stuck at home). Recent estimates suggest around $1.2 trillion.

10-Year Treasury Yields vs. Federal Funds Rate Federal Funds effective rate

10-year treasury yield

0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Source: U.S. Federal Reserve

THE U.S. ECONOMY IS SLOWING HEADING INTO YEAREND While a near-term recession seems unlikely, the acceleration in the U.S. economy seen this year is probably over, as there are several headwinds that are slowing things down in the fourth quarter. Student loan repayments resumed October 1. Some 40 million people are saddled with student loan debt amounting to $1.7 trillion, with average monthly payments of $350. Meanwhile, higher bond yields and lower stock prices will increase borrowing costs and reduce wealth, thus weakening consumer and busi-

ness spending. Thirty-year mortgage rates are now over 7.5%, the highest in over 20 years. The dollar has risen since mid-summer, which will hurt manufacturing by curtailing exports and increasing imports. A government shutdown before year-end remains a distinct possibility, and it would hit the economy hard. Congress extended the September 30 deadline for passing spending bills, but there is a good chance that it will be unable to come to an agreement that would keep the government running by the end of the year. (The story may be clearer by the time you read this.)

That said, spending and output recover once government activities resume and workers receive back pay. As a result, government shutdowns end up having little net effect on the economy. THE U.S. ECONOMY SHOULD REBOUND NEXT YEAR FOLLOWING A FOURTH QUARTER LULL Most forecasts for GDP growth in the fourth quarter are in the 1-2% range, and that seems reasonable at this point given these headwinds. What happens next year is more difficult to assess. Most likely the economy will settle into

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WINTER 2023

ECONOMY

An Economic-Growth Rollercoaster Settles Down GDP, percentage change from previous quarter 30% 20% 10% 0% -10% -20% -30% 2020

2021

2022

2023

Source: U.S. Federal Reserve

trend-like growth of around 2%, as there are no obvious business cycle triggers to shift growth significantly up or down. With the labor market and household balance sheets looking healthy and the tightening in monetary policy over for now, a recession next year seems unlikely. At the same time, the effects of higher interest rates on credit and the persistence of a restrictive monetary policy make it unlikely that the economy will go on a tear next year. There is one factor that could cause the economy to surprise on the upside in 2024: The U.S. is pursuing its first industrial policy in decades. Legislation subsidizing infrastructure, semiconductor, and clean energy spending has been passed. It is unclear how quickly this will translate into additional capital spending, but this could generate renewed acceleration in the U.S. economy. Turning to inflation, while the data over the summer showed dramatic improvement, forthcoming figures are likely to show a modest uptick. The Fed focuses on core

WINTER 2023

WORTH.COM

inflation, which excludes food and energy prices. Core inflation rose at an annual rate of 2.4% in the third quarter, close to the Fed’s 2% target and down from 3.7% in the second quarter. A portion of that slowdown, however, was due to temporary effects, such as used car prices coming back down to earth. While falling housing costs are likely to push inflation lower, healthcare and other services are set to exert some upward pressure over the next few months, causing core inflation to move back up somewhat. On a year-over-year basis, core inflation is running around 4%, well above the Fed’s target. Taking all the various factors into account, core inflation is likely to be consistent with a trend of 3-3.5% in coming months. What does all this mean for monetary policy? 2023 has turned out better than anyone could have expected when policy rates began to be raised aggressively in March of last year. The Fed has managed to pull off an historic tightening in monetary policy without triggering a recession. At the same time, inflation has come down sharply from

its peak of last summer, and the trend has moved closer to the Fed’s target. The Fed’s dramatic hike in its policy rate has finally triggered a tightening in financial conditions, which should help keep the brakes on economic growth and moderate inflation. A NEW EQUILIBRIUM With the economy, inflation, and financial conditions all falling into place, the Fed is likely to remain on hold for the rest of this year, although there is a chance of one more quarter-point rate hike. The economy is coming off its robust third-quarter pace as yearend approaches, but the odds of a recession anytime soon seem remote. While the sharp drop in inflation seen this summer is unlikely to persist, it should settle at a reasonable underlying pace, albeit somewhat above the Fed’s 2% target. The surge in bond yields and decline in stock prices over the past few months seem consistent with the resilience of the economy and the realization that the Fed will maintain a restrictive policy well into next year.

Steven Check

Jason Whitby

Check Capital Mangement

Stone Point Wealth

Vince A. Dileva

Morris Nutt

SEIA

Trinity Capital Management

Nadine Gordon Lee

Michael Nathanson

The Colony Group

FISHING

How Government Subsidies Devastate Global Fisheries and Local Economies Big fleets backed by public money are removing fish from the world’s oceans at unsustainable rates. Can a new treaty help? BY MICHAEL PUTTRÉ

verfishing is a global problem that, like many of the modern era, has intensified with growing populations and prosperity. The seafood boom has put pressure on wild populations of certain species, threatening the collapse of productive and valuable ocean fisheries. Fishing capacity of richer nations has expanded accordingly and threatens to crowd out poorer nations that can’t keep up. Much of the root causes of overfishing come down to the ability of richer nations to subsidize catches far from their own shores. The World Trade Organization (WTO) has emerged as a leading forum for combating overfishing through the crafting of trade rules backed by fines and sanctions. Nevertheless, it has taken 20 years for the WTO to make any real headway on the problem.

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OVERGRAZING THE GLOBAL COMMONS People are eating more seafood. According to the UN’s Food and Agriculture Organization (FAO), total wild catch and farmed fish and other seafood (hereafter “fish”) production has expanded from 19 million metric tons in 1950 to 178 in 2020, at an annual growth rate of over 3%. Live catch numbers are more significant than overall production in a biodiversity sense. The FAO says global capture production has remained relatively stable in recent decades, fluctuating between 86 and 93 million metric tons per year since the late 1980s. The People’s Republic of China is far and away the world’s largest live-capture harvester, taking 11.77 million metric tons in 2020, 15% of the world’s total. The United States took 4.23 million metric tons, or 5%. In 2020, the first-sale value of wild caught fish worldwide was $406 billion. Growth in aquaculture—fish farming—has supplied an increasing amount of the world’s demand, expanding from 13.1 million metric tons in 1990 to 87.5 million in 2020, for a whoping 569% increase. Right now, consumption of fish from aquaculture is about equal to that from live catches from fisheries. The numbers might suggest that the world has reached a certain equilibrium with regard to fish consumption. However, these overall statistics hide the disproportionate impact on certain species and regions. Wild catches are increasingly made at unsustainable rates, and fishing fleets

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Yet a 2022 agreement on poaching and a pending major conference in Abu Dhabi in February 2024 have bolstered the hopes of those seeking to address overfishing by tackling subsidies in a comprehensive way through the WTO. But some experts are skeptical that member nations will be able to overcome fundamental disagreements—including on what constitutes a subsidy—and are seeking other remedies.

with the highest government subsidies are getting an increasing share. The generally accepted definition of unsustainable fishing is taking wild fish faster than they can reproduce. In 1974, 90% of fisheries were naturally sustaining. By 2019 (the latest year the FAO has data for) sustainable levels decreased to 64.6%. SUBSIDY OR ECONOMIC DEVELOPMENT? When catches in a given fishery drop off, fleets in richer nations can afford to modernize their vessels to take more fish using more expansive netting or dredging equipment, switch to different species, or go further afield in search of new fishing grounds. Poorer nations and many traditional fishing communities often cannot keep up and are restricted to their own coastal regions. Furthermore, many ocean fish have wide ranges that move freely across the exclusive economic zones (EEZs) of particular nations. This is especially true of the most economically desirable predatory species, such as tuna and swordfish. Long-endurance fishing vessels routinely operate just outside EEZs and make hauls that might otherwise be available to local fishers. Many coastal countries that are rich in fish stocks but do not have modern fishing fleets often make deals that allow foreign vessels to access their waters. Such bilateral access agreements often see the richer country gain more from the bargain, particularly at the expense of poor fishing communities lacking political power. The main differentiator between rich and poor fishing nations is the amount of government subsidies available. Some are direct payments to fleet owners or tax breaks for refitting older vessels, buying new ones, or reducing fuel costs. Others come in the form of price supports for catches, whereby the government pays fishers the difference between market price and a set target price, or economic support to work-

ers in lean times. Even community assistance for improving port facilities and regional economic development essentially serve as subsidies for the fishing industry. One of the most challenging aspects of addressing subsidies through international negotiation is that countries do not always agree on what constitutes a subsidy. Discounted fuel is pretty straightforward. But what about unemployment assistance for people in the industry down on their luck? An influential paper in the journal Marine Policy classified subsidies into beneficial, harmful, and ambivalent categories based on their effects on increasing fishing capacity —generally regarded as contrary to sustainability since world live catches are at, near, or beyond sustainable levels already. Beneficial subsidies include governmentsponsored conservation efforts and scientific research meant to improve fisheries management. The paper identifies the most harmful subsidies as those for cheap fuel and money for fleet expansion and modernization.

The so-called ambivalent subsidies are the most difficult to come to terms with. A program supporting vulnerable fishing communities during difficult times is understandable and compassionate. On the other hand, the same program could keep people in the industry and even attract new ones when otherwise the people might have found other livelihoods. Rashid Sumaila is lead author of the subsidies paper and a professor of interdisciplinary ocean and fisheries economics at the University of British Columbia in Vancouver. He says the issue is so difficult to resolve because neither economics nor environmental science are able to encompass all of the factors contributing to global overfishing: It’s more than just profits versus environment. “Profits are important, but that’s not all of it,” Sumaila says. “It’s about food for people. It’s about jobs. It’s about conservation. So, you need to bring all of these together in order to get a more effective way to manage our oceans.” Of course, the more factors you take into consideration, the more difficult it becomes to reach agreement among

Increasing Stress on Oceans Over Four Decades World marine ﬁshery stocks 100% Overﬁshed 75%

50%

Maximally sustained ﬁsh

25% Underﬁshed 0% 1974

1980

1990

2000

2010

2019

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Source: UN Food and Agriculture Organization

FISHING the parties. At the same time, a comprehensive agreement taking many factors into account has the potential of becoming stronger and more widely supported. If it can be ratified. MULTILATERAL AGREEMENTS TAKE TIME In June 2022, the WTO adopted an agreement to curb fishing subsidies for certain activities. The Office of the U.S. Trade Representative calls it the “first multilateral trade agreement with environmental sustainability at its core.” While notable for addressing fishing subsidies on an international basis, the agreement is confined to a rather narrow range of activities, including illegal fishing, catches in overfished areas, and fishing in unregulated areas. These are all generally recognized as bad things, which is one reason why it was possible to get any agreement at all. Many prominent fishing powers have accepted the protocol, including China, the United States, Japan and the European Union; however two thirds of WTO members need to sign on for it to be formally ratified. Ernesto Fernández Monge, senior officer for conservation support at the Pew Charitable Trust, works with WTO negotiators on trade and environmental issues. He regards the 2022 agreement as a clear win in the campaign to reduce subsidies harmful to fish stocks. It represents a real international rule with consequences under trade rules that could also provide momentum for a more comprehensive WTO agreement next year, he says. Again, that’s if even this moremodest agreement can be ratified. The length of the process is frustrating, particularly for activists. But Fernández Monge, who early on worked as legal advisor for Costa Rica’s WTO’s mission in Geneva, says the pace of the negotiations is necessary for members to look beyond their individual perspectives and agree on a global approach that is in everybody’s interest. “In the beginning, the WTO members were focused on the subsidies issue in the context of how it affected

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their particular economic concerns,” he says. “I think it took all this time to build the understanding that fishing policies are not just about their own economics. And in the last five to seven years, member countries are starting to understand that overfishing is a global problem with far-reaching implications for the environment and everybody’s welfare, economic and otherwise.” The multifaceted nature of the overfishing problem and the sheer number of people affected across nations seem to compel an international, interdisciplinary approach. Elizabeth Mendenhall, associate professor in the department of marine affairs at the University of Rhode Island, cites the UN Law of the Sea Convention underpinning a vast array of international law, including territorial waters and EEZs, as a reason the WTO approach to solving the global overfishing problem could work. “One of the reasons the Law of the Sea is considered so successful is its high subscription rate,” Mendenhall says, citing its 168 members. “The World Trade Organization is in the same league in the sense that it really is representative of the international community and is very connected to economic development and economic growth. Member countries are really interested in the outcome of negotiations. There are high stakes in this,” she says. WHAT ARE THE ALTERNATIVES? Poor countries may have valuable fishery resources in their EEZs but can’t afford to exploit them. So they often sign access agreements with other powers that have the money and wherewithal to access them with their superior fishing fleets. Fish are taken and money is transferred. On the face of it, this results in a situation where a poorer nation derives economic benefit from a sovereign resource that it is unable to develop itself. In reality, it is usually the ability of the richer nation to subsidize its fishing fleet that enables it to go abroad to catch fish in other nations’ waters, even with legal sanction. Moreover, the

formulation of access agreements is not necessarily to the benefit of the people of the country possessing the fish stocks. Andrew Johnson, a UK-based fisheries ecologist who established MarFishEco, a consultancy that advises clients on the impact of fisheries agreements, says the problem is not in the agreements so much as in the imbalance of power between the parties. “Without trying to sound too neocolonial, I think the issue is making sure the coastal nations understand the value of their resources and that there are better ways to negotiate,” he says. “Because these access agreements are kind of flown in from outside, numbers are put on the table, and signatures are signed by people who maybe don’t understand the full remit and value of what they are signing to.” Johnson points out that many agreements are signed by privileged people in resource-rich nations that personally benefit from resources that should belong to all of the people of their nations. It’s easy to point the finger at the rich countries, but the corruption of elites in coastal nations with fish stocks should not be ignored. All the more reason, advocates say, for a comprehensive international trade agreement on fisheries management that has real enforcement mechanisms. Christine McDaniel, senior research fellow at the Mercatus Center at George Mason University, has organized a Future Fisheries project in concert with the Center for Governance and Markets at the University of Pittsburgh with the goal of bringing an interdisciplinary approach to the problem of overfishing. “If you were a smaller nation, why wouldn’t you want the WTO behind you?” McDaniel says. “Multilateral and enforceable rules can help stand up to richer nations eyeing your resources. Even if a bilateral access agreement is easier to get, is it going to help you get the full value of your resources?” It’s a good question, and many eyes will be on the WTO talks in Abu Dhabi next February.

R E TA I L

How Urban Retail Can Bounce Back High-profile theft and lower downtown populations are problems bigger than individual retailers, and solutions will have to be bigger than them too. BY ROB PEGORARO

P H OTO B Y S A M K I T T N E R

he retail industry might as well be walking around with two shopping bags of existential angst: one over thefts that threaten stores’ everyday bottom lines, the other over a lagging return of office workers to downtowns— which poses a longer-term businessmodel risk. But that doesn’t mean that you can chalk up every store closure to those trends—or even attribute any single shuttering to either rising theft, a subset of what retailers call “shrink,” or lower foot traffic. “If a variety of factors, including shrink, are making a store unprofitable, then they’re going to close it,” says John Harmon, an analyst with Coresight Research. Emphasis on variety, he added: “Maybe the landlord raised the rent, or the location didn’t turn out to be so good.”

The NoMa neighborhood in Washington, D.C.

See, for example, Target announcing in September that it would close nine stores in New York City, Seattle, Portland and the Bay Area—while its list of 35 upcoming stores (as of late October) includes multiple urban locales, five in New York alone. And depictions of retail decline as a “doom loop” cycle for city centers should be viewed in the context of earlier forecasts that got negated by reality. “This fear is not new, nor is it destiny,” wrote Tracy Hadden Loh and Hanna Love in a March 2023 paper for the Brookings Institution, in which they recount over three decades of city centers seen as “dangerous and declining,” then “increasingly unaffordable and exclusive,” and now “being ‘dead’ once again.” NOT THE THEFT AS MUCH AS THE THREAT The theft picture can look bad enough both up close–when barren shelves greet you in a store–and seen in media headlines covering developments like major retailers fleeing downtown San Francisco in response to sometimes violent robberies. It can seem less awful, however, in the big-picture perspective provided by the National Retail Federation’s 2023 Retail Security Survey, prepared with the Loss Prevention Research Council. The overall figures there show that shrink, as calculated by retailers who responded to the survey, hasn’t changed that much over recent years. As the report says on page one, the average shrink rate in fiscal year 2022 increased to 1.6%, up from 1.4% in FY 2021 and in line with shrink rates from 2020 and 2019. And most of that $112.1 billion in FY 2022 loss didn’t involve shoplifting of any sort: While theft by outsiders added up to 36%, thefts by employees accounted for 29%, and unspecified inventory-

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R E TA I L management failures comprised 27%, with the balance going to “unknown” and “other.” But NRF’s survey also captures the fear of retailers scared of violent theft, with 88% saying that thieves are “somewhat more or much more aggressive and violent compared with one year ago.” (think of the well-publicized smash-and-grab robberies that have plagued high-end shops around San Francisco’s Union Square.) And retailers who said they were specifically tracking violent theft attempts said they had seen those increase by 35%. Coresight’s Harmon said that explains why retailers often tell employees not to disrupt shoplifting attempts in progress: “It’s not fair to ask them.” Respondents said much of the theft problem involves organized retail crime (“ORC” for short) orchestrated to snatch products for illegal resale in places that can range from sidewalk markets to an eBay storefront. But the NRF report did not put numbers on the scope of the ORC problem. Some skeptics have pointed to police-department statistics to suggest that retail chains are latching onto theft in a blamestorming exercise to justify closing stores that don’t pencil out for other reasons. For example, journalist Judd Legum looked at crime stats near to-be-closed Target stores in Seattle and San Francisco and concluded in his Popular Information newsletter, “This data suggests that factors other than crime are driving Target’s decisions.” Harmon, however, warns against taking those comparisons too far: “A lot of these thefts are just not reported.” A July 2023 report by Seattle’s city auditor backs that up, noting that the Seattle Police Department said it received zero theft reports in the first quarter of 2023 from unspecified “large downtown retailers” that had brought on more

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of their own security guards and for unstated reasons elected not to file reports to the department. That report also underscores the importance of police work to break up ORC rings, citing 2019 efforts by Auburn, Wash., police to prosecute suspects behind thefts of an estimated $18 million worth of goods. The work paid off for local retailers, which the report said later “reported at least a 30 percent drop in ORC.” COUNTERMEASURES, ONE STORE COUNTER AT A TIME The NRF survey found that closing stores was a third-place remedy, with about 28% of respondents saying they had shuttered some locations versus 45% saying they had reduced the opening hours of some stores. About 30% reported that they had “reduced or altered” their on-the-shelf inventory. That last change is hard for shoppers to miss when they see retailers locking up some products or dropping others. For example, Giant Food recently removed national brands from one theft-prone location in Washington, D.C., leaving only in-store brands instead of closing its sole store east of the Anacostia River in one of the District’s poorer and most majority-Black neighborhoods. Coresight’s Harmon put in a plug for less-obvious countermeasures. Increased use of computer-assisted video surveillance can help a store spot patterns of loitering that could be a prelude to shoplifting. “Often, if an associate walks up to a would-be shoplifter and asks, ‘Can I help you?’, they lose their nerve,” he says. Cameras set up above self-checkout stations can also remind shoppers that they’re being watched. For example, while Walmart has closed self-check lanes at three Albuquerque, N.M., locations, it runs machine-vision-powered cameras above self-check stations at more than 1000 stores.

Amazon takes that idea to a logical extreme with the “Just Walk Out” automatic billing that its Amazon Fresh stores and some third-party retailers now employ. You scan a credit card or digital ID on entering, cameras and sensors log everything you put in your cart, and you’re automatically charged for whatever you walk out with. Stealing essentially becomes impossible. But Harmon is much more bullish on a form of in-store tracking that operates even when individual products sit on shelves. Cheap radio-frequency-identification (RFID) stickers can function without a battery, be read by cheap hardware, and allow real-time tracking of products, whether they’re moved by staff or a shoplifter. Retailers can also employ these tags as a direct theft countermeasure: Lowe’s is working with power-tool manufacturers to have them embed RFID tags in their hardware to render these tools inoperative until an RFID scanner at a checkout counter unlocks them. This “Project Unlock” initiative also envisages having that scan write an anonymized record of the transaction to a public blockchain to provide subsequent verification of a legitimate purchase. FEWER NEIGHBORS, MORE PROBLEMS Business districts that have fewer people around represent a different problem for retailers. More than two and a half years after the widespread availability of COVID-19 vaccines and the subsequent drop in severe infections, office occupancy in the top 10 markets remains stuck at around 50%, according to weekly reports from the building-security firm Kastle. “Does it take a bite of retail? Yes it does,” says Sharon Woods, owner and founder of

LandUseUSA Urban Strategies, a real-estate development consultancy in Laingsburg, Mich. “Routine-based purchases get hit pretty hard by a lack of commuter traffic,” says Owen Riley, another analyst at Coresight. He points to groceries and convenience stores as the most common casualties of this trend, although he adds that smaller cities below Kastle’s top 10 are seeing a stronger return to office. And flexible return-to-work schedules may not do retailers many favors. “They’re there on Tuesday, they’re not there on Wednesday,” Riley says. “It’s tough to build any sort of a routine around that, and that includes shopping.” Cities tiring of hoping for a resurgence of traditional commuting patterns are increasingly leaning into converting older, less valuable office buildings to residential use. Washington, D.C., for example, now features multiple such projects under way on downtown streets that were once unbroken stretches of office space. But the large areas between exterior walls in many office buildings, plus such other possible building-infrastructure wrinkles as plumbing and electrical work, can complicate conversion projects. Says Woods: “It’s not cheap. It’s not as easy as it looks.” American-style zoning has traditionally emphasized functional segregation of neighborhoods—so obvious you can see them from 35,000 feet up. Offices go here, homes go there, shops belong at intersections in between. Riley suggests that the past few years of having home and work “all just muddled together” have shown that it’s time to drop that school of zoning thought. “It probably means that the future is not separating things out as we used to,” he says. “Siloing things doesn’t look like it’s coming back.”

Shoplifting Accounts for Only One Third of Losses Top Causes of Retail "Shrink"

Unknown/other 8%

Theft by outsiders 36% "Inventory management failures" 27%

Theft by employees 29% Source: National Retail Federation

MIXED-USE FROM THE START One of Washington’s newest neighborhoods illustrates how mixing and matching office and residential development can yield a more resilient local market. NoMa—the name abbreviates “North of Massachusetts Avenue,” a traditional boundary between that neighborhood and Capitol Hill— has steadily grown upwards since the 2004 opening of a station added between existing stops on the Red Line of Washington’s Metro mass transit. But this growth has happened without tilting too much towards office or residential—and with space set aside for ground-floor retail in these new structures. “We have apartments, we have office space, we have hotels, and we have lots of retail,” says Maura Brophy, NoMa Business Improvement District president. “We’ve had much more retail open than close since the start of the pandemic.” That’s not because the neighborhood doesn’t have office spaces vacant for a chunk of the week. “We do experience the ongoing effects of remote work when it comes to less activity in the neighborhood,” she allows. But having residential mixed in does dampen those effects: “Whether there’s someone working in an office or working from home, there are people working in NoMa.”

The BID uses Placer.AI’s location-analytics software to track pedestrian activity through people’s smartphones; that data shows pedestrian counts approaching 60% of pre-pandemic levels, Brophy says. The area also benefits from two high-profile examples of destination retail: a flagship REI store built in the shell of the since-dilapidated arena that hosted the Beatles’ first U.S. concert in 1964, and the Union Market food hall (which itself used to be much less shiny) and the cluster of shops and growing around it. Woods endorses having unique places like that to provide experiences that people can’t get by shopping online or driving to shopping districts hosting the same Anyplace, U.S.A., establishments. “The downtowns that are going to succeed are the ones that offer ways for patrons to feel socially connected,” she says. “The downtowns that are thriving right now are managing to knit together some discovery-type retail.” Brophy credits NoMa developers, retailers, and residents for fueling this symbiotic relationship. As she says: “They’re proving this hypothesis that mixed-use neighborhoods are the post-pandemic neighborhood of choice.”

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I N H E R I TA N C E

Millennial Inheritances May Look Different Than Expected

“I do have an inheritance in my parent’s real estate business, and my first priority is to ensure financial stability,” says Benedict Ang, a professional MMA fighter and senior coach at Total Shape, an Indiana-based fitness website. “I’ll invest thoughtfully, diversifying my portfolio and maintaining a financial cushion for unexpected expenses.” Ang also mentions that he, like his parents, wants to give back much of that inheritance to philanthropic causes and continue building on his parent’s legacy.

The projected $68 trillion wealth transfer from Baby Boomers to Millennials could be smaller, and arrive in unconventional forms.

Another element that will shorten the timeline of wealth transfer is the tax environment. Five years ago, President Donald Trump signed The Tax Cuts and Jobs Act of 2017 into law, providing eight years of estate and gift tax relief through an elevated exemption of $12.92 million per individual and $25.84 million for married couples. However, The Tax Cuts and Jobs Act will expire in 2025, cutting these exemptions in half unless Congress enacts new provisions. “This looming change in tax legislation may motivate Baby Boomers to make sizable gifts to take advantage of the current exemptions,” Ciprich states. In addition to passing down an estate, Ciprich sees many of his clients passing down annual cash gifts to their Millennial children and taking advantage of so-called 529 accounts. You can pass these investment accounts to future generations, who can use them for qualified education expenses such as higher education. According to current estate and gift tax guidelines, you can give up to $17,000 a year, or $34,000 if you’re a married couple, to as many individuals as you wish. But as far as 529s are concerned, singles can give up to $85,000 in a single year, and married couples $170,000, where the money will

BY DHARA SINGH

commonly cited estimate in the financial industry is that Baby Boomers will pass down $68 trillion to their children—providing the Millennial population with five times as much wealth in 2030 as it has today. However, some financial experts argue that current economic conditions, ranging from skyrocketing housing prices to rising elderly healthcare costs, will shape how much, when, and how Baby Boomers will pass down these inheritances. So, what does this mean for the Millennial recipients? HOUSING COSTS CUT INHERITANCE TIMELINES One trend experts notice is that many Baby Boomers are transferring inheritances in their lifetimes versus on their way out. “More and more of my clients who are nearing retirement, part of that Baby Boomer generation, are starting to step in and help their adult children gain access to the housing market,” said James Ciprich, partner and wealth advisor at Corient, an investment firm managing $149 billion for private clients. “The motivation is clear: They want to help their children buy their first home or even buy it for them in a real estate market that has been out of reach for the past few decades.”

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Besides the cost of home values, which have increased more than 87% from July 2008 to July 2023, according to the S&P Case Shiller Index by the St. Louis Fed, rising interest rates also add to the home-buying conundrum. Federal Reserve data also points to how Millennials haven’t been able to gain a significant share of the U.S. real estate market in the last 15 years. As of Q2, 2023, Millennials own just 12.4% of the real estate market, vs. 43.5% for Baby Boomers. (Boomer’s share hasn’t changed much from fifteen years ago, when it was 47.4% of the market.) When asked how they wish to spend their inheritances, Millennials also share a fiscally responsible vision like their parents.

TAX CHANGES SPUR EARLIER GIVING

Baby Boomers Still Own Lion’s Share of Stocks Corporate equities and mutual fund shares by generation 40% Silent and earlier Baby Boomer GenX 30%

Millennial

20%

10%

0% 2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

Source: Federal Reserve

grow tax-free for years to come. Tax laws incentivize earlier giving, and Ciprich states that retirees should generally consider gifting in their lifetime for reasons such as helping their children start a business or buy a home. Waiting 10-15 years to receive inheritances might mean Millennials miss out on time-sensitive business and housing opportunities. There’s a danger, in fact, in holding on to too much money. “The decision comes down to whether their estate will grow to the point where it exposes them to federal and state taxes,” Ciprich says. “In these situations, they prioritize family and charities over the government.” Experts say that it’s rare that many individuals will have to pay any estate tax to the IRS, especially if they fall below the $12.92 and $25.84 million exemptions for individuals and married couples. Retirees will, however, have to pay attention to their respective states to see if they live in one of seventeen with estate or inheritance

taxes. These states include Washington, Oregon, Minnesota, Illinois, New York, and New Jersey. CHOOSING BETWEEN LEGACIES AND HEALTHCARE While some Boomers pass down properties to their Millennial children, one expert argues that rising long-term healthcare costs may take away even the possibility. “Waves coming of Baby Boomers find themselves in a position where their largest asset is their home, and they have to figure out how to cover their cost of aging,” said Laurie Allen, CFP, owner of LA Wealth Management, a firm

“Another element that will shorten the timeline of wealth transfer is the tax environment...The Tax Cuts and Jobs Act will expire in 2025, cutting these exemptions in half.”

advising both Baby Boomers and Millennial clients. “Some homes must be sold to cover ongoing costs.” The California market, where Allen’s office resides, saw that nearly half (49%) of Californians skipped or postponed some type of health care, such as visiting their doctor, dentist or home care, in the last 12 months due to cost. But it’s not just California, as 22% of those 65 and older, according to Kaiser Family Foundation, will forgo medical treatment due to skyrocketing costs. This means fewer dollars to pass down to their children. Allen’s advice to Millennial children and parents is simple: protect your inheritance and opt for long-term care insurance through an external provider. Long-term health insurance covers assistance for activities such as, but not limited to, bathing, transportation, and eating that some people may no longer be able to do.. WORTH.COM

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I N H E R I TA N C E

Boomers and GenX Dominate Real Estate Real estate shares by generation $40 trillion Silent and earlier Baby Boomer GenX $30

Millennial

$20

$10

$0 2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

Source: Federal Reserve

“When I bring up long-term care for my clients 50 and older, many people scoff at the price and say they don’t want to pay $200-$300 a month,” Allen says, referring to insurance premiums. “But I tell Millennials, if it’s affordable for you, take care of your parent’s long-term health care so you can protect your assets.” It’s worth noting that more than half of American boomers believe Medicare will cover their long-term healthcare costs, which is inaccurate, according to a recent study by Banker’s Life, an insurance and retirement solutions provider. Medicare only covers care after hospitalization, and supplement plans will have limited coverage for food delivery and transportation to medical visits. Retirees cannot tap into Medicaid, which is meant for low-income Americans unless they’ve depleted their savings. They must explore options from an insurance marketplace, agents, or their current employer.

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RISING LIVING COSTS SHRINK INHERITANCES Experts also predict the high cost of living may reduce much of the investment inheritances Millennials expect to receive. Some Millennials may not get a substantial multi-million dollar inheritance slice; they may simply get their parent’s home or none of the above. “I see two stories: One involves a Baby Boomer parent who was fortunate enough to buy property when it was more affordable where, thanks to the significant appreciation in property values, they’ve left behind a substantial inheritance, even if they didn’t have much else to pass on,” Allen states. “If they own a mortgagefree home worth $1.2 million or more, it’s a substantial inheritance. They can potentially avoid significant taxes by placing the home in a trust.” Allen then points out that the other story we may see is Baby Boomers passing down their investments through a trust.

“If parents were savvy enough to save earlier, they’re passing on investments in addition to homes through a trust and making sure appropriate beneficiaries are named,” Allens says. Like the real estate numbers, Baby Boomers’ stock market shares haven’t shifted much in the last decade and a half. While the older generation’s portfolios continue to grow, their children’s lag. According to the Federal Reserve, in 2008, Baby Boomers retained 48.1% of these investments, only 7.6% behind what Baby Boomers own today. In 2023, Millennials straggle far behind at only 2.4%. Overall, the wealth transfer from Baby Boomers to younger generations is a macro-trend that will shape the future of financial and economic landscapes. The changing attitudes of Baby Boomers towards wealth transfer, focusing on lifetime gifting and meaningful spending, will shape how much their wealth is transferred to younger generations. But ultimately, people will only know exactly how this $68 trillion is shared and how much once decades have passed.

GETTY

TECHONOMY

In a conversation at the Techonomy Climate NYC conference, Prof. Katharine Hayhoe explains that relating to people’s values and emotions, rather than rattling off facts, is the first step in explaining climate change (100). In cancer diagnosis, we learn that AI can help doctors immensely, but maybe never unseat them (99). But AI replacements may pose a bigger danger in Hollywood, as “digital humans” grow remarkably lifelike (96). WORTH.COM

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A I AVATA R S

AI Actors Are Ready for a Close-up The actors’ strike puts the spotlight on AI replacing performers. It’s early days, but soon it’s going to become impossible to distinguish real from virtual. BY ROBIN RASKIN

ri Inbar, the CEO and founder of Augmented World Expo, stood on stage in front of a live audience in October and had a conversation—with himself. Or rather a virtual hologram of himself. Created using facial recognition, volumetric capture technology, and holography, the fake Inbar spoke in his voice, using words produced by ChatGPT. Fake Ori and real Ori traded barbs about each other’s skill sets. “Your words are a pile of cliches,” said the real Inbar to his doppelganger. “I’m not so sure that yours aren’t the same,” said the AI. Real Inbar underscored the key message of the demo, saying, “It’s a human’s job to double down on what makes us human.”

As tools to create synthetic virtual humans become widespread, less expensive, and accessible to all, it’s going to be increasingly difficult to tell what’s real and what’s fake. It may not matter; and it’s likely to produce entirely new revenue streams. Real Tom Hanks can’t be everywhere all at once, but fake Tom Hanks can. Better yet, he can remain eternally young. In a preview of what’s to come, Hanks and Robin Wright have signed on to a Robert Zemeckis film in which Metaphysic, a company that specializes in creating digital humans, will de-age them live and in real time using generative AI, eliminating the need for laborious compositing or special effects work. Elsewhere, you can find future-media-savvy Paris Hilton in myriad virtual personae. She’s an AI driven chatbot on Meta’s Instagram, WhatsApp, and Facebook platforms, and also part of

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the Metaphysic personalities being virtualized. Other businesses include dabbling in NFTs and building her own Roblox world. Ninety-one-year-old James Earl Jones signed away his signature Darth Vader voice to Disney. It will be recreated using a voice cloning app called Respeecher. The company uses sound bites to “clone” an actor’s voice, allowing a studio to employ it in new roles in perpetuity. Actors can be anywhere, everywhere, all at once, forever. THE BIRTH OF VIRTUAL HOLLYWOOD Sophisticated video effects were once expensive and confined to specially equipped studios. Today, new tools are putting the power of special effects—virtual human creation—into the hands of everyone. You may have seen or read about virtual humans (created without permission or license) in the likes of Tom Hanks and Tom Cruise. Hanks was recently ex-

ploited as selling a dental plan on social media. Gayle King’s likeness was pushing weight loss gummies. Shenanigans like these have Hollywood celebrities flocking to digital studios to create, claim, and manage their own digital likenesses—to combat fakes and secure the royalties due on their likenesses. Remington Scott, CEO and chief architect of HyperReal in New York City, creates amazingly realistic A-List virtual humans. At the same time, he’s also developing the underlying rights management system to ensure that digital likenesses are tracked and compensated across multiple platforms. “Own, copyright, and monetize is our mantra,” says Scott. Hyperreal produces what it calls hypermodels—ultrarealistic digital re-creations of a person’s entire body, face, voice, motion-captured performance movements, and mannerisms. The company has created nearperfect likenesses of young Paul McCartney, TikTok star Madison Beers, and others. Scott wants to digitize once, but use the likeness everywhere, whether that’s TikTok, Fortnite, or Netflix. The resolution and the real-ness will vary by platform—a TikTok video versus a large-screen movie, for example. The cost of creating a virtual human will vary, too, based on the level of realism. “Everything about performance capture is tied to a technology, and the technology is always changing,” says Scott. He’s been a part of Hollywood’s digital scene for decades, from the first digitized home video games in the 1980s, to the first motion capture studio dedicated to entertainment, to directing the motion capture on the first hyperrealistic feature film. “It’s about data compression, and while it’s getting better every day, we’re still in beta,” he says.

AU G M E N T E D WO R L D E X P O

When building an actor’s digital double, Hyperreal develops “source code,” an amalgam derived from an individual’s motion, voice, appearance, and logic. The highly detailed, 3-D models around iconic images can be licensed for future use, with royalties going to the artist or their studios. Hyperreal takes a fee for managing the platform. Metaphysic has been making a name for itself, too. In a bit of digital trickery, company cofounder Tom Graham recently swapped his face, live on the TED stage, with the face of his event moderator and TED curator, Chris Anderson. It even spoke with Anderson’s perfect British accent, created using Metaphysic voice cloning. Metaphysic is lur-

ing top tier actors and actresses who recognize the need to get out in front of ownership of their virtual likenesses. The company’s roster of clients includes Tom Hanks, Octavia Spencer, and Anne Hathaway. Like HyperReal, Metaphysic will create ultra-realistic humans and manage the usage rights. Will Kreth, founder of HAND (Human & Digital), says we need “a set of standards-based, resolvable persistent IDs for both real and virtual identities.” His company is creating a system of “citationbacked notability,” verifying that someone is indeed a “real” celebrity in entertainment or sports, based on their work credits and linked data. The company’s registry creates a unique digital identifier to automate the provenance of three

things: a notable legal person (i.e. birthdate and legal citizenship of a country), licensable virtual human identity (i.e. every version of a notable legal human that was or will be scanned or captured for performances), and fictional characters (non-human characters who are often portrayed by notable legal persons in their image and/ or voice likeness (such as Batman or Barbie). VIRTUAL AT BIRTH You don’t need a real human to create a virtual human. A new generation of celebrities are being born virtual, with influence and the power to be monetized. Mave is an AI-powered K-pop girl group. They have an ultra-human look, can speak four languages, and have

Ori Inbar chats with his digital double.

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A I AVATA R S racked up 20 million Spotify views for “Pandora,” their single recording. The entertainment company behind the phenomena, Kakao, created Mave using a combination of motion capture of the human body and face, AI for speech and lyric creation, synthetic audio, and more. Kakao Entertainment’s K-Pop band, Mave is entirely virtual. Beyond entertainment, everyday virtual humans are hard at work, too. On Chinese TV, you’ll see QVC-like shopping segments where virtual clones of real streamers sell products on e-commerce platforms like Taobao and Douyin. (Those not in China cannot sign up and will not be able to have the full experience.) Once the avatars are generated through facial recognition and motion capture, they are trained to read AI-generated scripts with their mouth movements perfectly synced to the words. Build these synthetic humans once, and you can use them again and again simply by altering the text. Synthetic stars like these are selling billions of dollars of goods in a single ecommerce shopping event in China, according to reporting by Technology Review. Anina.Net (her screen name), an American actress and fashion designer living in Beijing, makes a nice living representing products on shopping networks in China. She told me that she wasn’t overly concerned about virtual streamers stealing her job. “Typically, they can’t do much,” she tells me. “They can’t hold up products or demonstrate anything. They can’t even breathe, so they look quite unnatural.” At least, for now. Shopping virtual assistants are just the beginning. We’re also seeing newscasters going virtual. Hour One, a virtual human company, can create news videos that simulate a real newscast, including different camera angles, chyrons, spliced-in video footage, and other content.

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VIRTUAL HUMANS FOR WORKING STIFFS What to do if you’re not an A-list celeb or a big shopping network? The cost of creating a highquality motion capture varies. Day rates of $500 in a studio are not uncommon, and top-quality full-body motion capture can cost thousands of dollars. One of the easiest ways to get started with synthetic humans is by using libraries of synths available on sites like Synthesia, D-ID and Hour One. They are being widely used for internal communications, training videos, promos, explainer clips, and more. You choose from a number of realistic video characters, assign them a voice and a tone (like enthusiastic or serious), and train them on a script. It doesn’t produce a likeness of you, but yields synthetic humans that can be used in a variety of ways. Frederic Werner of the International Telecommunications Union uses synthetic humans to help event attendees navigate the organization’s AI for Good webinars. “It seemed like a waste of time to have a human dress up in office clothes just to tell attendees how to navigate the site, over and over again,” he says. “With 150 webinars a year, and 3 hours

“Once generated through facial recognition and motion capture, avatars are trained to read scripts with their mouth movements perfectly synced to the words. Build these synthetic humans once, and you can use them again and again.”

of a human’s time for each one, it made sense to automate routine functions.” Werner chose Synthesia to create a video avatar. It is ridiculously simple to use, offering 140 avatars, a selection of clothes, and some control over their style of speech. The results look stilted; there’s no mistaking these fakes for humans. But you definitely get a usable video that can introduce a lesson, a training, or webinar. D-ID is a little slicker. In addition to letting you select from a library of avatars, the program incorporates AI image generation, so that you can ask it to synthesize a character from your imagination—a ghost, for example—and have that character recite a typed-in script or a recording of your own voice. This produces video that can be a little more creative. Hour One is the most AI rich of these services. Its built-in generative AI will write a script for you based on prompts, it’ll choose footage for your video, and it will let you choose an avatar. You can create multiple scenes for your video. As you experiment with these tools, remember that people can react viscerally and negatively to synthetic humans. In all but the top-of-the-line celebs, virtual humans tend not to or use their hands, for instance, and they don’t show normal human emotions. So, use them judiciously, says Werner. “They make sense in situations where the virtual humans do something like an intro, followed by the introduction of real humans,” he says. We are rapidly moving past the uncanny valley where virtual beings looked like zombies, to an age where it will be difficult to tell who’s real and who’s a digital fabrication. Usage of our digital likeliness will become codified and commonplace. We’re in for a wild ride.

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In Cancer Detection, AI Saves Critical Time A study comparing radiologists’ results to AI tools found that the key distinction lay not in performance but in reduced workloads. BY MEREDITH SALISBURY

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or years, artificial intelligence pioneers have predicted that AI-powered tools would transform the practice of medicine. While we are nowhere close to a full transformation, these tools are inching closer to routine clinical use. An important step in that path is comparing the performance of AI-based tools and medical experts in detecting health problems. Recently, several new studies have been conducted to find out what happens when you pit AI against skilled medical professionals. The

results show remarkable potential for augmenting clinicians’ ability to diagnose illness efficiently. These studies focus on cancer, which is often detected by spotting irregularities on imaging scans. That kind of pattern recognition is squarely in the wheelhouse of AI, making it a good initial application for understanding how these tools might improve healthcare. Two large studies in Sweden examined the outcomes of mammography-based breast cancer detection. One included more than 80,000

women, and the other nearly 56,000. In both cases, mammogram results for a control group were analyzed by two radiologists (the standard in Sweden), while results for the AI test group were analyzed by one radiologist plus an AI detection tool. The smaller study also tested the AI analysis on its own, without any human radiologist involved, as well as readings by two radiologists plus AI. While AI champions might hope that the computational tool would trounce human performance, that’s not what happened. Instead, both studies found that augmenting the radiologist with an AI tool improved detection by a relatively small amount. The larger study reported that replacing one of the two traditional radiologists with AI led to similar cancer detection rates as having two radiologists, while the smaller study cited a 4% increase in cancer detection with the implementation of AI. When used alone, AI detection also led to a decrease in false positives, which in regular practice could reduce the number of unnecessary biopsies for patients. But in both cases, the real value of the AI tool was in saving time. The studies reported that the groups evaluated with AI and a radiologist had reduced workloads of 44% to 50%. If that result held up in routine clinical practice, a single radiologist would be able to screen nearly twice as many patients for cancer compared to standard practices. As more hospitals and healthcare systems are affected by a global shortage of radiologists—particularly as increased cancer screenings mean higher demand for these specialists—any tool that improves efficiency without compromising patient care could prove advantageous. Additional trials will be needed before AI tools can be implemented in regular practice for analyzing mammograms, but these studies strongly suggest that AI will have an important role to play in improving healthcare through routine cancer screenings. WORTH.COM

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The Intersection of Love and Climate Science Dr. Katherine Hayhoe keeps her climate data close, but says personal connections make climate converts. BY DAN COSTA

atherine Hayhoe is a prominent climate scientist, communicator, and professor at Texas Tech University, but her superpower is bridging the gap between scientists and the public. A recipient of multiple awards, Hayhoe has been named one of TIME’s 100 Most Influential People and Fortune’s World’s Greatest Leaders. Her approach uniquely integrates science, faith, and emotion into the climate conversation. This interview is a condensed version of her conversation at Techonomy Climate NYC this Fall. The complete interview can be viewed online at Worth.com. Dan Costa: I am a big fan of your newsletter, “Talking Climate.” Each week, you include good news, bad news, and some actions we can take to improve the world. Maybe we can start there? Katherine Hayhoe: I’ll start with the not-so-good news, what you see in the headlines. Every day this year, the headlines have been full of natural disasters occuring around the world. And they’re happening because we are digging up and burning coal, gas, and oil, producing heat-trapping gases that are building up in the atmosphere and wrapping an extra blanket around our planet. About 75% of that blanket comes from fossil fuel use, 25% comes from cutting down trees, and from unsustainable agricultural practices. The bad news is that the weather dice are loaded against us. Wherever you live, you always had a chance of rolling a double six naturally–droughts, floods, heatwaves, wildfires–those have always happened. But heat waves are more intense than they used

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to be. You heard the horrible news about the Libya flood. That same week, there were seven recordbreaking floods worldwide. In Canada, we had the worst wildfire season on record. It wasn’t that there was more lightning starting the fires. It was that once they started, they burned a much greater area. Two years ago, 85% of people in the world had personally experienced the impacts of climate change. Today, we’re pushing 100. That’s the bad news.

“The way I talk about this has completely changed. I start with the heart. Then I pull from the head, the data and the facts and the figures. Because, believe me, they’re there.”

The biggest predictor of whether people are willing to accept the science of climate change is not how educated they are... It’s literally where [they] fall on the political spectrum. Wildfires were something that happened on the West Coast. Then, last summer, wildfires in Canada forced us to cancel soccer practice in New Jersey because we were told not to let our kids outside. You’ve seen the photos of the city covered in haze. It makes the argument hard to ignore. So that’s not-so-good news. But the good news is that conversations about solutions are happening everywhere. I can write good news stories now about breweries, shoe companies, streaming companies, and real estate investors. There is good news about people taking action worldwide. And that’s just incredibly encouraging. In terms of communicating and rallying the cause, how have you changed how you communicate over the years? That’s an excellent question for a scientist because scientists generally agree that if you just put the data out there, that’s enough. You’re lucky if you get published in the Journal of Geophysical Research Atmospheres. And that’s an actual title. But what if new information came out on dark matter in the universe? Scientists could publish it. And most people in the general public, if they even heard about it, would say, “Sure, that’s okay. I agree.” But if new information comes out about climate change, which for 15 years now has been the most politically polarized issue in the United States, many people would say, “No, I disagree.”

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The biggest predictor of whether people are willing to accept the science of climate change is not how educated they are. It’s not how smart they are. It’s not about science. They know. It’s literally where you fall on the political spectrum. So, I learned that even though we have all this information in our heads, the best place to start a conversation is not with the facts and the data, the polar bears and the ice sheets. It’s here, my family, my kid, the things I

love doing, the places I love, and finding other people to connect with over something we share. And don’t stop there. Talk about the risks that climate change poses to things and people and places we love, whether that’s our supply chain or our child, but then connect it to our hands; what can we do to make a difference? And so, the way I talk about this has completely changed. I start with the heart. I connect

it to the hands if needed. I pull from the head, the data and the facts and the figures because, believe me, they’re there. But the most important thing is that I’ve been to many different events across Climate Week so far. And I went to one the other night that was a survey of hundreds of 1000s of people across all the G20 countries, except Russia, to figure out what motivated people to care about climate change and to act on cli-

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H AY H O E mate change. They surveyed all these people and had 90 slides worth of data graphs, charts, and figures. And the entire presentation boiled down to one simple word. And you know what that one word is that motivates people worldwide, no matter what country they live in, what language they speak, or what sector they’re in? Love. That’s it. Can you give me a specific example of how you make that personal connection? How do you appeal to the heart instead of just the head? Speaking with someone who you have nothing in common with is a challenging to start to finding something you both love. And in some cases, you’re just not the right person to have that conversation. But the people you work with, you all have something in common, right? The people who live in the place where you live, you have something in common with the people who are all parents at your kid’s school or who all play on the rec sports team with you, you have something in common with them. I learned this lesson myself early on. We moved to West Texas. Now, as a Canadian, moving to the U.S. is one thing; moving to Texas is another, and moving to West Texas is another thing altogether. Within a couple of months, I got invites to speak to community groups who were curious about climate change. They’d heard a lot of conflicting information and didn’t know who to believe. The first time I did this, I showed up with data, I started with data, continued with data, and ended with data. Ocean heat content increases in extra joules. Arctic sea ice extension,

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millions of square kilometers– not miles! Global temperature changes in degrees Celsius, not Fahrenheit. And I got to the end, and people said, why does this matter? I realized I needed to start by talking about why it mattered. So, the first group I talked to was a women’s group. I added more about what mattered. Then, they wanted to know more about Texas, so I added a bit more about Texas for the next event. I went down the chain, senior citizens homes, high school classes, and then eventually, I made it to the Second Baptist Church—not First Baptist! For those of you who are aware, in small-town America, First Baptist is a main street; it’s got the white pillars, and they do not invite climate scientists to do anything questionable in those hallowed halls. But Second Baptist is on the edge of town. They have other rooms besides the sanctuary to put the climate scientists. And they can do it on a Wednesday night, not Sunday. What those people did not know, because I’ve never told anybody, is that I’m a climate scientist because I’m a Christian. I was planning to be an astrophysicist. My first five research papers are on galaxy

“I went down the chain, to senior citizens homes, to high school classes, and then eventually, I made it to the Second Baptist Church...What those people did not know is that I’m a climate scientist because I’m a Christian.”

clustering around quasars, which is really cool. But when I took a class on climate change, I realized that climate change is urgent and is based on physics. And climate change disproportionately affects the poorest and most marginalized people in the world. And it’s not fair. Because of my faith, I realized I had to do something about this. I never told anybody. So, at Second Baptist Church, I figured if I’m ever going to do it, this is the time and that’s the place. And it was scary because I’d never done this before. I still loaded up the data, but I used data on how climate change affects West Texas. I had information on wind and solar energy and how it’s revolutionizing rural communities in West Texas. Then I added some Bible verses and was prepared to be laughed out of the room. But when I went through that presentation, people started nodding when I got to Texas. I got to the wind turbines, and people nodded more. Then I got to the Bible verses and people’s faces just opened in an incredible way I’d never seen before. The questions I got afterward were deeper, more personal, and more meaningful. That was when I realized that the more closely we can connect with someone over shared values, the better the connection we make, the more clearly they understand that they’re the perfect person to care about climate change. I’m now part of Science Moms, an organization for mothers and parents who care about climate change. I still reach out to communities of faith. I do a lot in Texas, where I live, and I build on all those connections. I even started conversations over a shared love of knitting and wine.

Risky Business Not insuring your valuables is like a game of Russian Roulette BY LINDA S. HOPKINS “Risk is just an expensive substitute for information.”—Adrian Slywotzky.

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ou’re on vacation, and you realize one of your diamond stud earrings has fallen off; you come home from a business trip to discover your wine cellar has failed, and your collection is ruined; a tree fell through your roof, and several pieces of original art are damaged or destroyed; a burglar ransacked your home and made away with two vintage guitars, four guns, and your grandmother’s silver…. Maybe you’re willing to gamble, but it won’t happen. But if you rely on your homeowner’s insurance to cover such losses, you are in for a rude awakening. According to Robert Kerdasha, managing director of The Summit Advisory and partner at AssuredPartners, basic homeowners policies offer limited coverage on valuables such as jewelry, wine, guns, silver, or art. “Even with a Chubb policy, which is one of the best, there’s only coverage for $5,000 at best for each category. Many people think it’s a $5,000 limit per item, but the limit applies to the total loss,” he explained. What to schedule and why In the insurance industry, “schedule” is a fancy term for list. Policyholders wishing to guard items of value should list those items and purchase additional coverage with a scheduled personal property policy. The good news is that your scheduled property is protected against all risks and is not subject to the standard policy deductible. “Let’s say you have an antique Persian rug worth $50,000. A normal homeowners policy covers fire, lightning, theft, vandalism, and water discharge. If my cleaning lady spills bleach on it, or I spill wine on a white cowhide and stain it, the carriers I write will cover it, but it’s subject to the deductible. If you schedule it, you eliminate the deductible, giving you all-risk coverage,” Kerdasha explained.

By all-risk, he means all risks. “For example, if you have a $35,000 painting, the policy we write will cover art subject to the deductible. But if somebody’s got a $10,000 Ben Ham on the wall and it falls, some carriers would say breakage is not covered under the homeowners policy,” Kerdasha pointed out. In either case, if the art is scheduled, it is covered for the total amount, regardless of the peril that created the loss. It may come as a surprise, but all-risk also applies to flood. “Let’s say I schedule a piece of art, and my home is flooded, and it looks like a fishbowl. There is no exclusion for that for flood,” Kerdasha explained. “Whereas if the house floods, the homeowner’s policy doesn’t cover the general contents. You have to have flood insurance, which doesn’t cover the art.” The bottom line is insurance policies can be complicated and confusing. That’s why you need an expert like Robert Kerdasha to help guide you to the right coverage. “We habitually ask every customer, ‘What are your valuables?’ My trademark would be that I sit down, listen to a customer, and understand that their risk tolerance differs from the last person I spoke to,” Kerdasha said. “Define your catastrophe. Can you handle a $5,000 deductible or $100,000 deductible? Let’s tailor what we’re doing to meet that threshold.”

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Kerdasha has over 30 years of experience in the insurance industry, cutting his teeth with Liberty Mutual and transitioning to higher-value markets with more specialized carriers such as Chubb, AIG, and PURE, which are geared toward high-value homes. He founded Premiere Coastal Insurance Group in 1999 and joined the AssuredPartners team in 2014. Kerdasha is one of approximately 327 insurance professionals worldwide to hold the prestigious designation of CAPI certification (Certified Advisor of Personal Insurance) from the Wharton Executive Education program. This program helps insurance agents and brokers serve as trusted advisers to successful clients. He wants to share his knowledge and experience with you, whether writing a new policy or helping you evaluate your existing approach to determine if your coverage is adequate. “Nobody values what they have until they have a loss,” Kerdasha said. “Then they truly appreciate why they’re insuring what they’re insuring.” Based in Bluffton, S.C., but licensed in all 50 states, Robert Kerdasha can insure all your properties and valuables nationwide. For more information, call (843) 405-8270 or (912) 220-9994.

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The Quest to Harness Bond Market Volatility

nflation is a financial specter that spooks investors and destabilizes economies. For a time, it seemed as if the Federal Reserve had tamed this beast under the helm of Paul Volker. However, like a resilient villain in a horror movie franchise, inflation is returning. As it steals the purchasing power of assets and makes future financial goals more elusive, investors are desperate for viable protective strategies. In the latest edition of Worth Knowing, Worth had the opportunity to sit down with Nancy Davis, Portfolio Manager of The Quadratic Interest Rate Volatility and Inflation Hedge ETF (NYSE: IVOL), to discuss this pressing issue. Davis is no stranger to market intricacies; she is the Founder and Chief Investment Officer of Quadratic Capital and has previously been the Head of Credit, Derivatives, and OTC Trading at Goldman Sachs’ prop group. Her ETF, IVOL, was named the Best New US Fixed Income ETF of the Year when it was launched in 2019. Making Sense of Inverted Yield Curves One of the most critical market indicators Davis follows is the yield curve, especially when it’s in an inverted state. Yield curve inversions—where short-term interest rates are higher than long-term ones—have historically preceded recessions. Davis simplified the concept, likening the yield curve to a teacher who clues you into what’s likely coming in the economic exam. Currently, that curve is cautioning investors about impending financial turbulence. The crux of our discussion revolved around IVOL as an instrument designed to navigate these choppy financial waters. Davis elaborated on how her ETF stands apart from traditional protective securities like Treasury Inflation-Protected Securities (TIPS). While TIPS can offer some inflation protection, they

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are confined to the CPI (Consumer Price Index) and have limitations on duration and zero bounds on inflation. The IVOL Strategy So, what exactly is in IVOL’s toolkit? Davis explained that IVOL holds a blend of TIPS and options on inflation expectations. This blend allows it to perform well even in ‘risk-off’ periods. For instance, during the recent SVB banking stress, IVOL’s returns exceeded 14% as the curve steepened and market volatility increased. IVOL offers investors a unique proposition: access to over-the-counter (OTC) markets, which were traditionally off-limits to retail investors in ETFs. More importantly, IVOL is designed as a hedge against inflation. This access to a broader range of assets and markets is key to IVOL’s strategy for inflation protection. A Versatile Investment Vehicle In this era of uncertainties, IVOL provides a multifaceted investment vehicle. Its utility is not confined to a

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single investment category. As Davis puts it, investors have utilized IVOL to complete their Aggregate Bond allocations, replace TIPS, diversify equity risk, and more. Moreover, IVOL offers distributions, providing at least 30 monthly basis points, adding another layer of appeal for income-focused investors. Navigating today’s market complexities requires innovation and a willingness to tread uncharted territories. Davis has engineered IVOL to do precisely that—provide investors with a protective hedge against volatile markets and inflationary pressures. With the NY Fed signaling a 60% chance of recession based on yield curve metrics and uncertainties like government shutdowns looming, investors would do well to consider diversifying their portfolios. IVOL is a testament to financial ingenuity and a beacon in these uncertain times. To delve deeper into this revolutionary ETF, visit www.ivoletf.com. You can watch the entire conversation with Nancy at Worth.com.

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Investment Strategies for a Low-Growth Economy BY VINCE DILEVA MS, CFP®, AIF®

If you google, as I did, the title of this article, you will, of course, get numerous results. But after I viewed page after page of entries, it seemed that nearly every entry centered on planning for a recession. This is not inherently a bad idea since the U.S. has had 15 recessions since the Depression. However, while reviewing that list, it becomes clear that recessions are illusive phenomena, triggered by numerous events, both domestic and global. This time last year, many in our profession were predicting a recession in 2023 for any number of reasons. Whether from a continuing strong jobs market or the Fed’s rate policy seeming to help cool inflation, it never happened. The result? Recession talk has now moved to 2024. So, what’s my point, and our counsel to investors? Rather than plan for a recession that may or may not come in the next year, or beyond, create a financial plan for the economy we are living in RIGHT NOW. That is, a low-growth economy grinding along with inflation at 3-4%, unemployment at around 4%, GDP growing at 1-2%, and the cost of borrowing money at 6-8%. And, recession talk aside, it is most likely an economic environment we are going to be in for a while. So, how can investors work a lowgrowth economy to their advantage? For starters, stop hoping interest rates will go down. At the time of this writing, the Fed has paused rate increases, but has hinted that there may be more to come. Of course, if there actually is a recession next year, the Fed will lower rates to heat up the economy. But we’ve covered that possibility already. So, instead of wishful thinking, here are a few strategies to consider in this low-growth economy. 1. For equity and stock market investing over the next 12 months, look at overseas investments. Consider that

the S&P 500 is trading at 19 times forward earnings, while overseas markets are trading at 10-12 times forward earnings. So, make sure you are looking not just at the U.S. but at Europe, in particular, as an investment opportunity.

3. In a low-growth economy, you will want to build more cash flow into your portfolio, which is easier to do in today’s market. Focus on yields with alternative strategies, such as private debt and covered calls. At the time of this writing, yields in these strategies are in the 8-11% range.

2. In our view, the biggest opportunity is in the bond market. We are looking at a corporate bond yields of 5.5-6%, and a municipal bond rate of 3-4 %. So, if rates do go down for any reason, you have locked in that rate for the next six to seven years. Also, keep some money in short-term treasuries at 5.5%, and you can move that money into other bonds if rates go higher or into stocks if equity prices drop.

As we all know, trying to predict the future is a risky business. Of course, that does not mean you do not prepare for whatever it may bring. Implementing a financial strategy that allows you to take advantage of current market opportunities will not only help protect your investments in the event of a recession but will also put you in a position to have a well-diversified portfolio regardless of whether a recession arrives.

ABOUT THE ADVISOR VINCE DILEVA seia.com

Vince DiLeva, MS, CFP® , AIF® is a Managing Senior Partner with SEIA. His emphasis is in investment management and overall wealth management strategies with affluent individuals and corporations. With over $17 billion of assets as of 9/30/23, SEIA’s infrastructure supports a customized investment management approach. Vince’s focus is on personally-crafted portfolios that keep clients on track to meet both their short-term and longterm goals. He assists in managing the many complexities of your busy financial life including risk management, investment, retirement, tax and estate planning. Vince has been in the securities and insurance industry since 1996. He currently serves on SEIA’s Investment Committee, which meets monthly to analyze current trends in the fixed income, equity and alternative investments markets. Vince received his Bachelor’s degree in Business Administration with an emphasis in Finance and Marketing from Loyola Marymount University. He received his Master of Science degree with an academic emphasis in Financial Planning from the College of Financial Planning in 2003. He earned the CERTIFIED FINANCIAL PLANNERTM certification from the Certified Financial Planner Board of Standards, Inc. in 1999. Vince resides in Redondo Beach with his wife and three children. $17.6 Billion in assets managed by SEIA and its affiliates as of 9/30/23 Disclaimer The reported Assets Under Management (AUM) represents the combined total of Signature Estate & Investment Advisors, LLC (SEIA) and its affiliated entities as of 09/30/2023. AUM includes portfolios continuously supervised or managed by SEIA and its affiliates. Only assets where SEIA and its affiliates have discretion to select or change money managers are counted. The AUM encompasses assets like stocks, bonds, ETFs, mutual funds, and cash, among others. Assets managed by third-party managers, where SEIA and its affiliates lack discretionary authority, are excluded. For more details on the Professional Designations listed above, including description, minimum requirements, and ongoing education requirements, please contact (310) 712-2323 or visit seia.com/ disclosures. SEIA is an SEC-registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Securities offered through Signature Estate Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SEIA, 2121 Avenue of the Stars, Suite 1600, Los Angeles, CA 90067, (310) 712-2323. CA Insurance License # 0B84300.

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SEIA

Charitable Remainder Trust: A Philanthropic Game Changer BY GARY K. LISKA MS, CFP®, AIF®, CMFC®, AAMS®, Founding Partner of SEIA

A charitable remainder trust (CRT) is a powerful financial instrument designed to provide both personal financial benefits and a lasting legacy of giving. As the donor, you establish an irrevocable trust, and in return, you gain a potential income stream for yourself or other beneficiaries, with the remainder of the assets earmarked for your favorite charity or charities. The key to this strategy lies in its ability to generate income while enabling you to pursue your philanthropic aspirations. It’s a tool that not only contributes to charitable causes but also assists in securing your financial well-being. Let’s delve into the core features and advantages of CRTs and how working with SEIA can be your key to a seamless, well-structured philanthropic and financial future.

Types of Charitable Remainder Trusts Charitable Remainder Unitrusts (CRUTs): These trusts distribute a fixed percentage of the trust assets, which is revalued annually. The flexibility of CRUTs allows for additional contributions, ensuring a consistent income source and adaptability to your evolving needs. Preserving Highly Appreciated Assets: For individuals with long-term appreciated assets, CRTs offer an invaluable benefit. By contributing non-income-producing property or other appreciated assets to the trust, you can avoid capital gains taxes upon sale. This preserves the full fair market value of your assets, providing more for both income and charitable beneficiaries. Income Tax Deductions: Funding a CRT offers the potential for a partial income tax charitable deduction. This deduction is based on a calculation of the remainder distribution to the charitable beneficiary, reducing your overall tax burden. Tax-Exempt Investment Income: The CRT’s investment income is entirely exempt from tax. This makes it an attractive option for diversifying your assets and potentially reducing the

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tax implications of your investments. Consider donating low-basis assets to the trust to eliminate income tax on the sale of those assets while benefiting your named income beneficiary.

Assets Eligible for Donation A CRT is a versatile tool that can be funded with various types of assets, including: Cash Publicly Traded Securities Certain Types of Closely Held Stock (except S-Corp stock) Real Estate Certain Other Complex Assets n n n

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The ability to use a diverse range of assets helps ensure that you can tailor your CRT to your unique financial circumstances and philanthropic goals. Incorporating CRTs into your estate planning and wealth management strategies can be a game-changer. By working with SEIA, you’ll benefit from

their extensive experience in helping clients establish tax and charitable giving strategies within their estate plans. SEIA’s guidance will help empower you to make informed decisions that align with your financial goals and philanthropic aspirations. In conclusion, a Charitable Remainder Trust is more than a financial instrument; it’s a gateway to a legacy of giving and financial stability. By embracing the power of CRTs, you can generate income, preserve the value of highly appreciated assets, take advantage of income tax deductions, and achieve asset diversification. Your choice to partner with SEIA helps ensure that your CRT is tailored to your unique needs, unlocking the full potential of this philanthropic and financial strategy. As affluent individuals, you possess the means to make a significant impact. A Charitable Remainder Trust can be your vehicle to transform your financial prosperity into a legacy of positive change for the world.

ABOUT THE ADVISOR GARY K. LISKA seia.com

Gary K. Liska has been in the financial services industry since 1994. He is a founding partner of SEIA, an independent registered investment advisory firm headquartered in Los Angeles, CA. Gary is a CERTIFIED FINANCIAL PLANNERTM professional and Accredited Investment Fiduciary® (AIF®), and he holds a Master of Science degree in financial planning. He is also a core member of SEIA’s investment committee, and he and his team specialize in comprehensive wealth management strategies for both individuals and corporations. $17.6 Billion in assets managed by SEIA and its affiliates as of 9/30/23 Disclaimer The reported Assets Under Management (AUM) represents the combined total of Signature Estate & Investment Advisors, LLC (SEIA) and its affiliated entities as of 09/30/2023. AUM includes portfolios continuously supervised or managed by SEIA and its affiliates. Only assets where SEIA and its affiliates have discretion to select or change money managers are counted. The AUM encompasses assets like stocks, bonds, ETFs, mutual funds, and cash, among others. Assets managed by third-party managers, where SEIA and its affiliates lack discretionary authority, are excluded. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. They are methods used to help manage investment risk. Rebalancing can entail transaction costs and tax consequences that should be considered when determining a rebalancing strategy. SEIA is not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas. For more details on the Professional Designations listed above, including description, minimum requirements, and ongoing education requirements, please contact (310) 712-2323 or visit seia.com/disclosures. Securities offered through Signature Estate Securities, Inc., member FINRA/SIPC. Investment advisory services offered through SEIA, 2121 Avenue of the Stars, Suite 1600, Los Angeles, CA 90067, (310) 712-2323. CA Insurance License # 0B39385.

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THE COLONY GROUP

The Exit Plan: Avoid These Mistakes to Maximize Success BY MAX HASPEL, JEREMY KUHLEN AND JOHN F. WEEKS

For some entrepreneurs, thinking about exit planning is about as pleasant as thinking about that other “exit” plan—a last will and testament. To wit: 50% of owners haven’t thought about how they’ll leave their companies and, of those who have, most have no written plan or team in place to facilitate the transition. Exit planning is crucial, however. Roughly three quarters of businesses taken to market don’t sell, according to Exit Planning Institute owner Christopher M. Snider’s book Walking to Destiny—and having a plan can tip the scale toward success. The field of exit planning has also made unprecedented strides in the last decade. Why not avail oneself of the latest strategies and resources when many millions of dollars can be at stake? Here are the top myths about this misunderstood arena—and how to avoid falling into their traps: Myth 1: Exit planning can wait until you’re ready to “exit.” This sounds reasonable: Why start thinking about leaving a party, after all, when one still has a half-full champagne glass in hand? But exit planning should begin the day a business is created, or not long after. Why? It’s just good business strategy. When you’re focused on creating transferable value it acts as a catalyst to determine business priorities, helps management and employees think like an owner, and creates a strong and lasting company culture. Most importantly, it makes the timing of an exit irrelevant! The business is always ready to grow or exit. What business owner doesn’t want that type of control? Myth 2: An owner’s merit is vital to a business’ value. The vision, blood, sweat, and tears that owners put into building their businesses are key to value creation. But the business itself needs to be the star

in the end. Why? Again, transferable value: Once a founder exits, a business’ value drivers need to remain. To help in creating such a structure—which not only puts more power in the hands of your leadership team and employees but also frees up a founder to devote time to honing a company’s strategy and mission—a Certified Exit Planning Advisor’s (CEPA) services can be helpful. Myth 3: A plan for what’s next is irrelevant to valuation. Sure, a business owner can wait to address post-sale plans until after the sale itself. But business owners without a “what’s next” (meaning the upcoming phase of life) plan are a red flag for buyers

and exit planning advisors. Why? Sellers’ cold feet is the number one reason mergers and acquisitions go south. Sometimes strong buyers won’t even engage with sellers without such a plan—and if they do, a business’ price can go down and sales terms can become less favorable. The above, of course, is just the tip of the iceberg. For more on the arena, order a copy of the second edition of our book, Personal Financial Planning for Executives and Entrepreneurs: The Path to Financial Peace of Mind. And in the end, our biggest tip might be simply this: Exit planning can be intimidating, complicated, and take precious time to engage in, but it’s also the key to a top-notch future—and present.

ABOUT THE ADVISORS

thecolonygroup.com

Max Haspel, CEPA (Certified Exit Planning Advisor) Managing Director, Senior Wealth Advisor & President of Colony Business Owner Services Max is the President of Colony Business Owner Services and a Senior Wealth Advisor. With over 25 years of experience, Max leads Colony’s national Business Owner Services practice and its Long Island-based team in serving the needs of successful entrepreneurs and their families. He and his team specialize in advising business owners on exit planning by helping prepare owners, their businesses and their families for success during and after the transition. Max founded, grew and ultimately exited a business, and has experience in business exits both as an advisor and entrepreneur. Jeremy K. Kuhlen, CFP, CRPS, AIF, CEPA® Senior Wealth Advisor Jeremy is a Senior Wealth Advisor and a Principal at The Colony Group. His team provides a goal-focused and planning-driven approach to help clients align their lives with their wealth. He is a CERTIFIED FINANCIAL PLANNERTM practitioner, a Chartered Retirement Plans SpecialistSM, an Accredited Investment Fiduciary®, and a Certified Exit Planning Advisor that spends his time counseling clients on tax-efficient diversification strategies, philanthropic planning, cash-flow management, retirement planning, risk management and tax planning. John F. Weeks, CExP Managing Director, Family Wealth & Business Transition Planning John is a financial service professional with more than 30 years of experience. John makes introductions to those who may benefit from our capabilities and expertise, and works directly with clients to define financial goals, create appropriate strategies, and monitor and provide feedback about their progress towards those goals. John holds the Certified Exit Planner (CExPTM) designation and is a member of The BEI Network of Exit Planning ProfessionalsTM. Disclaimer “The Colony Group, LLC (“Colony”) is an SEC Registered Investment Advisor with 21 offices across the United States, with our headquarters in Boston. Registration does not imply that the SEC has endorsed or approved the qualifications of Colony or its respective representatives to provide the advisory services described herein. Colony is registered to do business as “The Colony Group of Florida, LLC” in Florida, and “The Colony Group of Missouri, LLC” in Missouri. Information provided herein is general and educational in nature. Services offered are provided pursuant to an advisory agreement with the client. Colony’s Form ADV Part 2A, 2B, Form CRS and Privacy Statement will be provided on request and as required by law. For a description of fees payable for investment advisory services, please see Colony’s Form ADV Part 2A.”

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WAT C H E S

Last year marked a record for thefts, with Rolex topping the charts. Experts weigh in on how to keep your watches safe. BY CAIT BAZEMORE

ollecting luxury items is exciting, but owning them also comes with the inherent risk of theft. Timepieces have long been a target of such crimes. You can trace it back to the 1700s when watches first became a luxury item. In her book, Hands of Time, award-winning designer, watchmaker, and historian Rebecca Struthers writes of 18th century England, saying, “the proliferation of watches was matched by a surge in pickpockets and street robbers” and goes on to add that these “stolen watches were quickly and easily disseminated into London’s criminal underground through pawnbrokers and second-hand shops.”

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Watch Thefts Are on The Rise

In more recent years, you may recall one of the most notorious watch heists in history of Breguet’s Marie Antoinette pocket watch in 1983, or the infamous “Bling Ring” who robbed Orlando Bloom of ten prized watches in the early 2000s. Countless celebrities, from tennis champion Rafael Nadal to the late James Gandolfini have made headlines with their stolen watches. Now thieves have expanded their sights beyond those in the spotlight and into the mainstream. According to The Watch Register, a major global database for tracking lost or stolen timepieces, approximately 6,815 watches worth more than $1.3 billion were reported stolen or missing in 2022, a 60% increase from 2021. This year, the numbers are continuing to grow.

Registrations of watches lost or stolen in the U.S. have spiked 106% in 2023 compared to those during the same time frame in 2022. As we’ve seen historically, law enforcement has noted that celebrities have been a greater target for such thefts thanks to their widespread presence and visibility. Social media platforms like Instagram and YouTube have long served as a place for celebrities to flaunt their collections, making them more vulnerable to potential threats but also helping prominent watch models become more recognizable to previously untrained eyes. Among the reports from The Watch Register, the number of thefts is particularly concerning in a few key markets and for a few key brands. A whopping 47% of the thefts have been reported in England, with the U.S. and Germany next in line at 9% each. In addition, Rolex is the brand with the highest frequency of being lost or stolen, representing 44% of the timepieces reported to The Watch Register’s database and valued at $550 million. The Daytona, GMT, and Oyster Perpetual are the most frequently stolen, thanks to their level of demand, growing waitlists in the primary market, and high value in the secondary market. Omega and Breitling come in next at 7% and 6%, respectively. The growing number of stolen Rolex watches in England first came into the spotlight in 2021 when a group called the “Rolex Rippers” executed many successful robberies in London and the surrounding areas. The gang’s initial approach targeted celebrities who had mistakenly shared their collections on social media. However, the “Rolex Rippers” later expanded to the mainstream, with attacks on civilians leaving museums and pubs. According to The Independent, in the six years between 2015 and 2021, the number of stolen watches recorded in England and Wales nearly doubled, from 6,696 to 11,035, thanks to groups like

the “Rolex Rippers,” who are now facing hefty jail sentences. CRIME INCREASE CORRELATES TO THE GROWTH OF THE SECONDARY MARKET In one sense, this rise in thefts directly correlates to the rise of the pre-owned watch market. The secondhand market has recently exploded into a 27-billion-dollar business. It is expected to hit $85 billion, thereby outselling new models in the next decade, according to a report by Swiss firm LuxeConsult. The boom in the past few years is largely due to the pandemic, which, for many big brands, brought the production of new watches to a screeching halt. Watches are inherently time-consuming to produce, thanks to their intricate mechanics and abundance of decoration and hand finishing, so recouping that lapse in production hasn’t been quick or easy. As a result, many boutiques have been left with countless “for display only” signs on their watches, waitlists for popular brands and models have mounted to epic proportions, and the demand in the pre-owned market has soared. One could argue there has never been a better time to sell a timepiece, and thieves have seized the moment, hoping to get a piece of the very lucrative pie.

“Beyond protecting your current collection from theft, it’s equally imperative to be a discerning buyer in the secondary market, with the growing influx of stolen goods.”

The state of the secondary market, combined with a growing inflation rate, elevated interest rates, tight lending standards, and fear of a recession, may contribute to the growing number of thefts. However, there’s more to the story and more at play regarding the recognition and attention to these thefts by law enforcement. Many authorities are finally beginning to recognize that watch theft may only be the tip of the iceberg as more and more watch thefts can be linked to larger organized crime groups and bigger crimes, like money laundering and embezzlement. In addition, brands are starting to take the thefts more seriously and are working to offer solutions for their customers. In April of this year, at the international watch and jewelry trade show Watches & Wonders, the luxury group Richemont—home to some of the biggest brands in the watch industry like Cartier, Jaeger LeCoultre, and Vacheron Constantin—announced the creation of their new platform called Enquirus. This free service allows watch owners and industry partners to register, declare, and search for lost and stolen watches, using the watch’s serial number, through individual or business accounts. Anyone involved in buying, selling, and collecting pre-owned items to confirm their lost or stolen status offers peace of mind and assists law enforcement agencies to collaborate across borders. Another prominent brand, Audemars Piguet, also announced a new policy around the same time, It adds theft protection to the existing complimentary two-year coverage service on watches purchased in Audemars Piguet boutiques, AP Houses, or via official retailers. It offers the option of replacement or reimbursement, should the watch get stolen at home or while traveling.

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It’s certainly encouraging to see brands getting more proactive and providing solutions for their customers to protect their watches against theft. However, some of the leading experts seem to feel this isn’t enough. According to Joshua Ganjei, the CEO and head curator of European Watch Company, a multigenerational family owned business and one of the leading pre-owned watch retailers for over 30 years, these individual registries are missing the mark. And the industry is lacking a unified database to track the lifecycle of a timepiece. Other experts agree. Tannie Ng the vice president of art, jewelry, and valuable collections management at Chubb, the largest insurer of high-net-worth families in the U.S. and top insurer for America’s billionaires, shared that they report all stolen watches to each of the different databases out there. But one of the biggest challenges within the industry overall is that there is not one centralized database available. That said, both Ganjei and Ng implore collectors to take protective measures into their own hands. For Ng, collectors can do two crucial things to protect their watches at home. The first is a central monitor alarm system. “It’s important that the system is comprehensive,” emphasized Ng. “We see break-ins happen easily where a thief will scale to the second-floor level of a home. They’ll break into a window that doesn’t have a glass break sensor, so that alarm doesn’t sound. So really having that comprehensive alarm system is a first layer of protection.” The second layer of protection is a high-security safe, but according to Ng, not all safes are created equal. “We define a high security safe as one that’s over 750 pounds, so it’s not easy for one person to move,” shared Ng. “And then you want what we call a security rating of TRTL 30×6. That essentially means that it’s going to take at least 30 minutes for someone to use a professional torch and tools to break into a safe.”

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Ng was also eager to share a few tips for collectors when traveling with their watches. Her first couple of suggestions seem pretty basic but are worth reinforcing. “If you’re going to wear a watch when you’re traveling, be mindful of which watch you pick and choose something that’s going to fly under the radar. Maybe don’t take your Patek Philippe 5711. Then, if you’re going to travel with multiple watches, make sure to keep them in a nondescript case that’s not easily identifiable, and always keep them in your carry-on and be sure the bag remains on your person or within sight.” Ng had one last precaution you can take once you arrive at your destination. “Don’t use the in-room hotel safe,” Ng cautioned. “Every one of those safes has default codes... Instead, speak to the hotel about storing your watches in their main vault.”

NAVIGATING A PRE-OWNED MARKET SATURATED WITH STOLEN GOODS Beyond protecting your current collection from theft, it’s equally imperative to be a discerning buyer in the secondary market, with the growing influx of stolen goods. With the pre-owned market booming and more and more pre-owned dealers coming onto the scene, Ganjei emphasized the importance of shopping at reputable retailers who are properly vetting their watches. He suggests looking for pre-owned retailers that keep watchmakers on staff who will perform a full service on the watch and check the serial number against available databases. Ganjei also recommends looking at the pre-owned dealer’s warranty policy, which adds trust in the seller’s confidence in their goods. Still, the most important piece of advice he shared is looking for a pre-owned watch with a complete set, chiefly box and papers, as an indication of authenticity from the original owner.

P H OTO V I A P E X E L S , B Y A N TO N Y T R I V E T

WAT C H E S

MEDIA

Human Failings

Enjoy a jaunt through a technological dystopia and a poor account of human error. BY JASON ASHLOCK

BOOK

Blood in the Machine BY BRIAN MERCHANT History is bunk, Henry Ford famously quipped. Though no one can claim to know precisely what he intended by the phrase—Ford was notoriously slippery in his rhetoric—one can approximate his meaning. Why would a brutal capitalist and ingenious technologist find much value in the baggage of the past when the machine-fueled future promised such glory and treasure? The kind of creeping techno-fascism now emerging from the cracks of our social foundation thrives on such Fordian forgetfulness. The dramatic scale in which algorithm-driven platforms have come to dominate our social engagements and consumer behaviors are quite likely to be surpassed by the brutal speed at which artificial intelligence will suffuse every aspect of society. Such shifts have both known and as-yetunknown implications on the health of our democracies, the psychologies of our children, and the fabric of our communities. Thus, the knowledge of how previous epochs dealt with technologically induced upheavals, and their accompanying progress and despair, is not merely educational; it’s an essential tactic for survival. In his new book Blood in the Machine, Brian Merchant aims to recover our memories, and by doing so sharpen our mental acuity for the battles that are to come. He awakens us with a narrative jolt—placing us in the heat of violent rebellion, among the ranks of self-trained soldiers fighting neither for notion nor nation but for the fundamental dignities of human life in a system that measures it against the pull of progress and finds it wanting. We are in north England, where with cleverness and brutality, textile workers calling themselves Luddites have decided to make their stand against

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industrialization’s steady, callous march. For a time, they manage the near-impossible, creating a counterweight to the power of the capitalists and the will of a king. Merchant’s pages are proxies for screens: He writes cinematically, with the texture and detail of David Grann and the prose flourishes of Doris Kearns Goodwin. His predilection for intimacy stitches the long book together through individual narratives that carry us into bedrooms, backrooms, and barrooms. We overhear and overlook. We are witnesses to heroism, barbarism, desperation, despotism. By the time we are 400+ pages into the saga, we are rung out by outrage—at the level of the body and the collective. And only then does Merchant click his heels and take us home. We carry our outrage with us. Scraping off the syrupy mythologies of Silicon Valley, Merchant masterfully connects the dots, bringing the social tensions and capitalist infrastructure of 1810s to bear on the gig economy, robotics industry, artificial intelligence, and the labor battles that are messily—if not yet violently— wrestling once more with the threat to human dignity and thriving. The Luddite’s war, of course, was lost. Throwing, in Mario Savio’s rebellious words, “their bodies upon the gears and upon the wheels, upon the levers, upon all the apparatus” only slowed what now seems the inevitable victory of the machines. Yet what one takes from the Merchant narrative is not the first tragedy of Luddite imprisonment and destruction but the second tragedy of forgetfulness. Nowadays, the Luddites are reduced to metaphor, a symbol of simpleton resistance, a backward and uneducated stance toward the high virtues of technological advancements. We’ve all been living in Yoko Ogawa’s novel The Memory Police, and the Luddite’s have been erased—relegated to the realm of the pathetic when they should have been elevated as prophets. And in this lies Merchant’s echoing warning: The most potent effect of transformative technology is not in what it creates, but it what it disappears. Every breakthrough technology seals the fate of previous practices of work, play, and connection. Perhaps the benefits of said technology—the economic value it enables, the efficiencies it unleashes, the creativity it prompts—outweigh the costs to human experience, communal engagement, and environmental thriving. Perhaps not. Or perhaps, worst of all, no one measures the losses or the gains. “The greater the wonders of a technology,” Neil Postman claimed, “the greater will be its negative consequences.” And yet the wonder mesmerizes so effectively, the ledger grows dusty. Attention elsewhere, no one sees how far we’ve drifted toward the red.

TELEVISION

Human Footprint SHANE CAMPBELL-STATON, PBS Television—high-brow, low-brow, and maybe especially middle-brow—can be considered using a Tolstoyan assessment. Shows are like the families in Anna Karenina: all great ones are alike, while every bad instance of television is bad in its own way. Thus, we have a friendly way of saying that “Human Footprint,” a new, well-intentioned limited series on PBS, hosted by Princeton biologist Shane Campbell-Staton, is frustratingly unique. First, there is the muddled conceit. Ostensibly a show about the impact of human life on Earth, the show gymnastically avoids formulating judgments on whether that impact has been good or bad. To manage this contortion requires a script that comes off sounding quite a bit like a university student’s gap year journal. There are a lot of questions. One ponders a great deal. According to the show’s promotional literature, this hedging avoids being a “doom and gloom tale of human villainy.” (Methinks the good doctor doth protest too much.) Such open-ended queries and forced cheerfulness comes at the expense of a more courageous confrontation with all we’ve wrought and wronged—and what is required now that we know. One imagines Sir David Attenborough rolling in his tent. The muddled thinking infects the episodes. In Episode 1, we are introduced to the idea of invasive species and asked to consider the question, “what truly belongs?” It is not a bad essay prompt for the fall semester’s philosophy class but an ineffectual frame for a conversation that addresses the invasive Asian carp. Introduced purposefully a half-century ago to aid in controlling aquaculture, the carp— predictably—has migrated far from its intended locale, with devastating consequences. It now propagates destructively, overwhelming native fish populations, degrading water quality, damaging wetland vegetation, and threatening waterfowl ecosystems. Ingenious engineering methods and local interventions costing tens of millions of

dollars have been undertaken to prevent the carp from bringing their catastrophic masses to the Great Lakes. How do we grapple with such havoc unleashed by past leadership that failed their obligations to environmental care? Somehow, after surveying the facts, Dr Campbell-Staton lands on a head-scratching recommendation: Eat more carp. The lesson, it appears, is that we ought to be less fussy about the tiny, crunchy bones—a minor penance for the sins of our fathers. This failure—to elevate the facts to the level of system critique, or to draw viewers toward a demand for more circumspect actions of their leaders, or to press on the painful knowledge that some bad actions cannot be taken back—represents a demoralizing abandonment of responsibility. And yet the carp fiasco was merely an appetizer. In a startlingly misguided choice, we find the American mustang next up for analysis in a truncated storyline riddled with inexcusable inaccuracies and gross (though convenient) simplifications. Given our host is a biologist, one might be forgiven for expecting science. Instead, we are handed myth and propaganda in a logical square knot. Step one: Unroll the myth—Wild mustangs of the American West are not native but brought by

conquering Spaniards. Step two: Wrap myth around propaganda. As a non-native invasive species, they are more threat than responsibility; our duty of care goes to the ecosystem they may harm, not the herds themselves. Step three: Pull taught. While we’ve come to worship them over the centuries because of their power and agility, they’re more useful as an icon, a symbol of Americana, a use value that requires only a few of them to keep our tether to the past. They are, after all, quite ill-suited for the present. A tidy logic. One beloved by the Bureau of Land Management that has overseen a decades-long failure of policy and implementation that has resulted in billions of dollars spent to violently capture and hold more than 60,000 wild horses for the rest of their incarcerated lives. Forget virtue. The truth would have made for better television. Imagine Dr. Campbell-Staton untying the knot: The wild horses, confirmed by a recent study based on the research of 84 independent researchers and published in Science magazine, are native. Their plight—to be hounded by helicopters just after their foals are born, relegated to holding pens never to run wild again—has nothing to do with their threat to an ecosystem in which

they rightfully belong. Their populations are managed brutally because ranchers need their land for cattle. The invasive species on the native habitat of the American wild mustang is—wait for it—the cow. Subsidized by the U.S. government, consumed at an unsustainable scale, supported by a powerful lobby, buoyed by a masterful myth. Eat more carp, said Dr. Campbell-Staton. The braver, truer provocation would have been to eat less beef. Bad television brings good talent down with it. The extraordinary writer David Phillips, whose book Wild Horse Country won the Pulitzer Prize, makes an unfortunate cameo in which his intelligence and artistry are reduced to a staged phone call and some trite commentary on myth. Dr CampbellStaton himself is a warm, likable presence who likely ranks high on RateMyProfessors. One feels he is honestly out with his lantern, searching for a true thing—but the way was lost in the fog of production without a clear thesis. The failure of “Human Footprint” is most notable against the backdrop of its intentions. As Oscar Wilde put it: All bad poetry is sincere. There is a promising, watchable show to be born out of Campbell-Staton’s concept, one that brings the wounds we’ve made to the wild world into a confrontation with our anthro-centric psyche. This version isn’t it.

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BOSTON

The Other Emerald City BY KIRSTEN CLUTHE

n a city where history whispers through cobblestone streets and innovation thrives in world-class institutions, Boston is an exceptional tapestry of old and new. Because of its manageable size, you might forget that Boston is, in fact, America’s oldest big city. Time has enriched this New England gem with an exceptional culinary scene and abundant cultural experiences. The new MGM Music Hall at Fenway is a 5,000-seat concert venue that hosts world-class performances from artists like the Yeah Yeah Yeahs, Boyz II Men, and Mitski, all on the calendar this season. Boston is also arguably America’s largest college town, with over 50 higher-education institutions and countless storied pubs where students and teachers have swapped world-changing ideas for centuries. And with the opening of several new hotels, including the first Raffles property in North America, there’s never been a better time to uncover the treasures of Boston, past and present. WHERE TO STAY

Raffles Boston Raffles is the latest luxury property to open in Boston, and true to the brand, the hotel celebrates its literary heritage and global viewpoint through its impeccable design. It was inspired, in part, by the city’s Emerald Necklace— a string of interconnected parks designed by landscape architect Fred-

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erick Olmsted in the late 19th century. From the unassuming entrance on Stuart Street, guests are guided to the 17th-floor lobby, also called the “The Writer’s Room,” a Raffles flagship experience inspired by the writers who spent time at the hotel’s infamous Long Bar in Singapore. There is a Long Bar in Boston, too, as well as Amar, its signature restaurant featuring Portuguese cuisine under executive chef

George Mendes. The botanical influences resonate throughout, but Blind Duck, the forthcoming speakeasy, takes it to an entirely different level— floor-to-ceiling floral wallcoverings and a deep green palette will make you feel like you’re enjoying bartender Roger Avila’s signature Singapore Sling in the middle of a hidden forest. The grand spiral staircase in the main lobby provides sweeping views of the city, and public and private spaces reference Boston’s Back Bay. It is designed to make guests feel like they’re staying in one of the neighborhood’s iconic brownstones. In the guest rooms, revolutionary flourishes like copper accents inspired by Paul Revere’s copper plating company blend with mid-century modern furnishings as a play on Boston’s iconic history and architecture. Bath amenities are by Guerlain, the brand behind the forthcoming spa, and the private bars in every room feature local spirits.

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Finding quiet, luxury, and surprising greenery is common in the heart of Boston.

A Raffles experience is only complete with its celebrated butler service. Whether arranging a private dining experience, drawing a bath to the perfect temperature, or offering expert advice on local attractions, Raffles butlers go above and beyond to ensure a seamless and memorable stay for every guest. In Boston, they can get you a meet and greet with your favorite Red Sox player or a private Museum of Fine Arts tour. All you have to do is ask. WHAT TO DO: WALK The Emerald Necklace The best way to see Boston is to walk, and Frederick Olmstead had that in mind when he created the park system. In 1870, he said, “We want a ground to which people may easily go when the day’s work is done, and where they may stroll for an hour, seeing, hearing, and feeling nothing of the bustle and jar of the streets where they shall, in effect, find the city put far away from them…” Take advantage of his guidance with a walking tour of the Emerald Necklace, a green oasis amidst the city. Begin your journey at the Boston Common, the southernmost point of the Emerald Necklace and America’s oldest public park. From there, you can hit the Public Garden and Commonwealth Avenue Mall, a tree-lined promenade with beautiful Victorian brownstones, statues, and a central greenway. Other notable locations include Kelleher Rose Garden, a delightful spot with over 1,500 rose bushes, and the Overlook, which provides a fantastic view of the city skyline. Learn more about the Emerald Necklace and grab a map here. Isabella Stewart Gardner Museum Isabella Stewart Gardner was a prominent American art collector and philanthropist known for her eclectic tastes and deep appreciation for the arts. She traveled extensively and accumulated a remarkable collection of European, Asian, and American art. Her museum, a Venetian palace-inspired building, is a testament to her passion for art and culture. Its collection features works from Vermeer, Rembrandt, and John

Singer Sargent. The museum is also famous for an ongoing mystery—in March 1990, 13 works of art were stolen from the museum. (The thieves remain at large.) Among the pieces stolen were works by Degas and Rembrandt. The museum is offering a $10M reward. Learn more about the theft and the rest of the museum here.

a nod to seaside clam shacks (albeit fancy ones). And the menu features the New England-style classics you want when you’re in Boston—lobster rolls (a favorite with diners), fried clams, and a beer-battered fish sandwich served with fries. The drink menu has thoughtfully chosen, seafood-friendly wine and beer offerings.

Forget Newbury Street, Hit Charles Street This iconic street, lined with cobblestone sidewalks, gaslit lanterns, and 19th-century brownstones, is the Boston of your dreams. Located in the Beacon Hill neighborhood, Charles Street encapsulates the essence of old-world Boston and keeps it very local. Grab lunch at Figs pizza, then hit womanowned December Thieves for gorgeous, modern jewelry, accessories, and home goods from small-batch producers and artisans. Finish off your trip to the neighborhood with a browse and a cup of coffee at Beacon Hill Books and Cafe.

Krasi Go to Krasi for any meal—brunch, lunch, dinner, or late night—and you will never get tired of the place or the menu. Krasi means “wine” in Greek, and the expertly sourced all-Greek wine (and spirits) list is something you won’t find in many places outside of the Aegean Islands. The interior is industrial-chicmeets-the-beach, the vibe is convivial and social, and the food menu expands as you need. Nosh on shared plates of charcuterie, freshly baked pita, and dips, or settle into meatier offerings like grilled sea bream and braised short rib.

WHERE TO EAT AND DRINK High Street Food Hall High Street Food Hall is a modern take on the food courts of our youth, organized around the best food and drink that Boston has to offer. It’s a perfect spot to grab fried chicken at Haley Janes and watch a game on the vast LED entertainment system that plays multiple sports games simultaneously. Meet friends for drinks at Daiquiris and Daisies, a craft cocktail counter that makes some of the best drinks in the city. Or for something sparkling, grab a seat at Bubble Bath, a champagne and wine bar that pairs its pours with hot dogs and popcorn. Little Whale Oyster Bar Is there anything better than fresh seafood and a crisp glass of champagne? We think not. Any visitor to Boston will eventually cross Newbury Street, named one of the “coolest streets in the world.” When you get there, grab dinner at Little Whale Oyster Bar. The vibe is elegant but casual, the decor

Hecate Bar Underneath Krasi is a mystical cocktail bar called Hecate, named for the goddess of magic, witchcraft, and ghosts. Co-owned by Demetri Tsolakis of Krasi upstairs, the subterranean refuge is accessed through an alley door and only holds 24 seats. The experience is inspired by Greek mythology, as is the cocktail menu. Presented in a leather-bound book, each cocktail has a backstory and is a complex mixture of spirits you’ve probably never heard of before. You could call it a speakeasy, but a password is not required—all you need is the knowledge that it exists, and a reservation. Wally’s Cafe Wally’s Cafe, the iconic jazz club in the heart of Boston’s South End, is one of the oldest continuously operating jazz clubs in the United States. Founded in 1947 by Joseph L. Walcott, the first Black owner of a nightclub in Boston, Wally’s maintains a no-frills, intimate vibe. With three live music sets each night, catching a great show is easy. It’s also where you’ll see some of Boston’s up-and-coming local talent from prestigious music schools like Berkeley.

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Juliete Dos Santos, Ella Funt’s sommelier, breaks down their must-try menu. BY JONATHAN RUSSO AND DEBORAH GRAYSON

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P H OTO B Y D E B O R A H G R AY S O N

All Natural in the East Village

ew neighborhoods in America possess as much cultural importance as New York City’s East Village. Its historical roots run deep—Peter Stuyvesant, the colony’s first official, lived on Bowery. Later centuries saw wave after wave of immigrants move to the area, and, in the sixties, venues like the Filmore East, a stage for Jimmy Hendrix and The Grateful Dead, made it a mecca for the counterculture, hippie lifestyle. Later, musicians gave birth to punk rock, while actors and writers created experimental theater. The list of notables who have resided there is impressive. They range from William Burroughs to Iggy Pop, Lady Gaga, and Daniel Radcliffe. Sadly, the area declined during the suburban exodus of the 70s and 80s, when its streets became grimy, and its park became host to hard-core drug culture. Today, the East Village is a very cool place. The slightly lower rents and small spaces allow for many indie restaurants, galleries, and fashion stores. Bars play a role in the vibrant hospitality scene. On any warm weekend, locals and visitors deliver an energy overflowing into the streets, helping make New York one of the world’s go-to destinations. In another sign of the East Village’s renewal, the backers of the natural wine bar Ella Funt and architect/designer Annabel Karem Kassar, have chosen to walk this rich historical path, linking colorful bygone days with the hip present. Their space on East 4th Street has a long and, some would say, sordid past. From the ’30s to the late ’60s, long before right-wing legislators worried about such things, it was Club 82, a burlesque drag spot frequented by Elizabeth Taylor, Frank Sinatra, Errol Flynn, and Salvadore Dali. The latter named one of the performers Ella Funt, and the name stuck. Later, it became a ‘disco’ where Blondie honed her craft and the New York Dolls performed. Its final incarnation was as a gay movie theater.

Rather than gut the space and make it a minimalist Nordic esthetic, they have gone out of their way to envelop the two dining rooms and bar with an East Village remake of the walls of Les Templiers, a legendary restaurant in Collioure, France, filled with Modernist work. The local art adorning the walls, as if to channel Ella Funt, the drag queen who performed in the basement, is quite erotic. Ella Funt describes itself as a “neo-bistro with a unique take on French cuisine.” So, it makes sense to have a sommelier from Paris, Juliete Dos Santos. Over a glass of Clandestin, a wine from Catalonia, she described where her passion for all Biodynamic and natural wines came from. “For some strange reason, wine was always a woman’s responsibility in my family. Food was too and that is why I care deeply about pairings. Wine was always on the dinner table, and it was important to get it right.” Her route to New York, sommelier, and general manager was a bit circuitous. She left her home in the west of France to pick up an MBA, then traveled to Korea for an adventure before returning to Paris, where she went to Mention Complementaire, a hands-on school for the equivalent of a Master’s in wine. That led to a series of jobs in Paris wine bars. Her growing reputation brought her to the attention of Lounes Mazouz, Ella Funt’s primary partner. “I met Juliete while dining at Le Servan, one of my favorite restaurants in Paris,” Mazouz says. “I

“For some strange reason, wine was always a woman’s responsibility in my family. Food was too, and that is why I care deeply about pairings.”

saw how incredibly comfortable and enthusiastic she was while advising on and serving wine. Her knowledge of classic and organic wines, which I intended to bring to Ella Funt, was spot on. Juliete was interested in moving to New York, so we quickly agreed she would join the Ella Funt team, and here we are!” By the glass, only Biodynamic and natural wines are served. However, Juliete reserves a few slots from the 60-bottle list—with a goal of 120 bottles by the end of the year—for organic wines from very select growers, producers, and distributors like Jenny & Francois, Polaner, and Steven Graf, whom she trusts. The list is 60% white, which includes orange wine; the rest are red. Despite her nationality, Juliete is not at all French-centric. She sources from all the major wine regions. When asked about natural wine’s inconsistency from vintage to vintage, or even bottle to bottle, she countered that this is not an issue because she chills all the wine in the cellar. “I do not keep them cold. I keep them fresh, and, importantly, I only pour wines I have tasted.” The patrons at Ella Funt are there for the food, wine, and ambiance. Like many New York City restaurants, a level of affluence is needed. A dinner tab for two can reach the $200 range. Thus, Juliete feels the need to deliver an educational experience. She wants the takeaway to be, “Wow. I never had a wine like that.” So, the East Village continues to reinvent itself. Currently, thanks to Ella Funt, it is the coolest place to eat “neo-bistro French-inspired” food while drinking the most interesting Biodynamic and natural wines that a true wine professional can source. In her own words, here are Juliete’s favorites, all available in the U.S., and why

JULIETE’S FAVORITES WINES AT THE MOMENT WHITES • Terra Vita Vinum, Anjou Blanc, “Grandes Rogeries” 2019: I hope to always have this wine in our fridge. This amphora-aged Chenin Blanc has it all: the citrus, the quince, the light honey flavors, and most importantly a bright and sharp spine characterized by its chiseled finish. •Pattes Loup, Chablis Premier Cru, “Butteaux Mise Tardive” 2018: My list would be incomplete without a nice Burgundy Chardonnay. Crisp minerality, elegant white flesh fruits, and light smoky finish makes this cuvée your perfect everything white wine. •Donkey & Goat, California, “The Gadabout” 2021: This crazy Chardonnay, Picpoul, Marsanne, Vermentino blend won my heart as a surprisingly accessible wine. A mouthful of Rhône Valley flavors with a California touch. Round stone fruits plus sharp citrus results in the balance I want. ORANGE •Al Di La Del Fiume, Emilia Romagna, “Fricando” 2021: This lightly macerated Albana grape is smoky, umami, and juicy with delicious tannins and (my favorite part) opens up beautifully throughout the first third of the meal. Yes, first third because there is no way such a bottle would last an entire meal! REDS •Matthieu Barret, Cornas, “Billes Noires” any vintage: Rhone wine of my dreams. Deep, intense flavors and jammy fruits, licorice, blackcurrants, leather, and black olives aromas. Velvety tannins, long finish. Elegance and composure. As we say in French, “Tout y est!” •Château de Béru, Épineuil, “Hauts Dannots” 2019: Another masterpiece from Athénaïs de Béru. It is of course fruity but also spicy and displays great mastery in oak aging. Balanced and always fresh. •Domaine de la Butte, Bourgueil, “MiPente” 2020 (or any of their reds, really...!): Anyone who knows me knows how picky I am with Cabernet Francs. But what can I do when a drop of Jacky Blot’s Loire Valley wine hits my lips? Simply enjoy its peppery, fruity, and perfectly earthy flavors.

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P O W E R A N D I M PA C T

Listen and Learn Before You Lead Oscar Munoz, the former CEO of United Airlines, sheds light on key moments and mentors that have defined his approach to business and leadership. BY JIM MCCANN

n a candid conversation with Jim McCann, founder and CEO of 1800flowers.com and chairman of Worth Media Group, Oscar Munoz, the former CEO of United Airlines, offers an intimate look into the personal and professional experiences that have shaped his approach to leadership. From the formative influence of his grandmother to career-defining moments in major corporations like PepsiCo and CSX, Munoz delves into the power of mentorship, the indispensability of corporate culture, and the importance of self-awareness. This compelling interview provides valuable insights into how understanding culture and valuing human connections can lead to transformative leadership. Note: This interview has been condensed for length and clarity. The full version can be found on the Power and Impact podcast feed. Jim McCann: Oscar, you have a book called Turnaround Time: Uniting an Airline and its Employees in the Friendly Skies. And what a time to do it, during COVID and after personal challenges that we’ll get into. Let’s start with the early days and your early influences. Oscar Munoz: I was born to a single mother. And she subsequently left Mexico a year after to come to Los Angeles, where her older brother lived—he had arranged all her paperwork. She went up there to try to make a living and left me with my grandmother for seven and a half years, where I grew up. My grandmother was such an influence and these latent and dormant values in me that you recognize only later in life. She was incredibly hardworking, but her character and approach to humans was something else. She didn’t have a job or a home. We traveled all over northern

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Mexico with family and friends. And one of the things I talk about in the book is the concept of the “Familia” within Latino heritage. You quickly realize that you don’t you don’t need homes, you don’t need anything, because there’s always someone there with their arms open. And we took full advantage of that over the years. So, we wandered around in different places with different family members for many years. Importantly, everywhere we went, every location we stopped in, and every interaction we had with family or friends, she was always so bright and giving to the point where those were the dormant values that came into me. Only later, when I faced issues and had to make tough decisions, did those values come up. And they very much led my leadership style, like “listen and learn.” But it all came directly from her. It sounds to me like when you had those difficult decisions to make you’d find yourself grasping at those values that you learned in early life even though you didn’t know you were learning them.

Yeah. That’s the wonderful thing about these latent and dormant things. You don’t know you have them until you need them—until you’re tested. You worked at PepsiCo, you worked at Coca-Cola, you worked at CSX. What do you think you learned most from those experiences? Over my years of experience, I’ve learned that it comes down to the people you surround yourself with. If you let them in, it is the people around you who will help you course correct. I had one boss who said all the right things. And then he closed the book one day and said, “Oscar can I offer some advice to you? As a friend rather than as someone you work with?” And I thought he would ask me to date his daughter or something. But he said something I remember to this very day. He said, “You know, you’re good, you’re really good. And if I could give you any advice, it would be to realize that you’re not yet as good as you think you are.” And I remember sitting and thinking, “Wait, that didn’t sound like an accolade.” And it was kind of, in today’s more contemporary language, a “slow your roll” moment. The most important lesson is when you let people in, they will not let you drive off a cliff. And so, to answer your question, the most important lesson that developed my leadership style all came from people along the way who cared enough to stop me in my tracks and give me some good input that redirected my efforts. You quote Peter Drucker often about how culture eats strategy every day. And here you’d worked in two companies in the same industry that could not have had more cultural differences. But your need to understand how those cultures differed and then learn how to adapt to be effective within them, I think, is an important lesson.

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When people ask me about this, I say, “Listen and learn before you lead.” If you take the time to listen to the right people and learn from that, it makes whatever decisions you have to make going forward more palatable—more acceptable—because they feel they’ve been part of it. And importantly, it becomes durable. And that’s where success happens. You came from one crazy part of the transportation industry, the railroad industry, where you’d had a terrific career. But then you decided to jump into the aviation industry. Tell us about how you decided to jump in with both feet into this crazy, crazy, broken company [United].

Yeah, and it’s even crazier than that decision, given where I was then. So, I was on the airline board, just for a couple of years. But I had a very full job at CSX, the railroad company. I was president, and I had been anointed to be the chairman and CEO, about to be announced. I was part of a wonderful team at CSX where we took that sleepy little company from a $7 billion market cap to probably a $70 billion market cap today. And what I quickly learned as I was about to be promoted, is “What’s next for me to do?” I don’t do maintenance well. I build bridges. I solve things. And when the opportunity at United slowly came up, I began to use my own words against me.

Knowing yourself and what you do well is crucial for when an opportunity arises. And the decision to make the change at the time that I did was based on this concept that I’ve dubbed “knowledge of contribution.” Essentially it means knowing yourself, really knowing yourself, not just the version you want to project to others. Know what you do best and the areas that may not be your best traits. Well Oscar, I really enjoyed getting to know you. Well, thank you, Jim. Thanks for having me. WORTH.COM

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EVENTS

THERE’S STILL A LOT TO LEARN AND EXPERIENCE AS 2023 WRAPS UP AND A NEW YEAR BEGINS.

NOVEMBER

DECEMBER

ACM International Conference on AI in Finance

Climate Justice at Home and Beyond: Research, Policy & Action 2023

NOVEMBER 26-28, 2023 BROOKLYN, NY The 4th annual ICAIF conference (offered both inperson and virtually), will focus on the integration of AI and finance. Panels and workshops will discuss AI safety, how to utilize machine learning in investor modeling, and much more.

DECEMBER 4, 2023 BOULDER, CO If you find yourself in Colorado at the beginning of December, take a trip to UC Boulder to attend the final lecture of this year-long series. Since January, speakers from across different sectors have come together to discuss how we can all better address climate justice in research, policy, and outreach.

Women Healthy Aging Innovation Summit 2023 DECEMBER 6-7, 2023 LOS ANGELES, CA Come together with industry leaders to understand the innovations occurring within med tech focused on midlife women. With the goal of improving health span, not just lifespan, this summit will address menopause, longevity, and cardiovascular health.

Innovations in Lending, Alternative Financing, Fintech & Private Credit Summit 2023 DECEMBER 5-7, 2023 DANA POINT, CA Opal Group presents this conference covering the finance industry. Join industry professionals and learn about maximizing returns and reducing risk in marketplace lending.

JANUARY

Future of FinCrime Summit 2023

DECEMBER 7-9, 2023 WASHINGTON, DC

This one-day event will bring together innovators and thought leaders from AML, fraud, sanctions, and cybersecurity to network, learn, and push things forward in financial crime prevention. Enjoy many different session types, including keynotes, workshops, and panel conversations. Learn what the latest threats are to your financial security.

Over these two days, learn from thought leaders and practitioners as they share their insight into how to create a more equitable community. You will hear not just “ideas,” but concepts founded in evidence-based research and their subsequent strategies.

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DECEMBER 6, 2023 NEW YORK, NY

Washington Innovation in Longevity Summit 2023 DECEMBER 12-13, 2023 WASHINGTON, DC The topic of longevity has been a major theme throughout 2023, with no hint of subsiding In December. Head to Washington to hear from entrepreneurs and investors on how to position yourself within the longevity market and learn how your company could impact our aging population.

World Economic Forum Annual Meeting 2024 JANUARY 15-19, 2024 DAVOS, SWITZERLAND The 54th annual World Economic Forum meeting will focus on exploring the opportunities enabled by new technologies and their implications on decisionmaking and global partnership.

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NASPA Racial Equity and Social Change Conference 2023