As one of the leading wealth management firms, addressing wealth inequality through its Foundation may seem like a contradiction. Yet to chairman Noel Quinn, it is a clear opportunity. Many of the Bank’s clients do not necessarily come from wealth. Like Noel himself, they have created their own wealth through hard work and dedication, and thanks to opportunities they were able to access. Guiding others through that very journey is a natural linkage between wealth management and the creation of opportunities – a connection the Foundation seeks to extend to others. 

Wealth is often reduced to assets. More fundamentally though, it refers to a wealth of opportunities, to safe living, access to quality basic services such as education and healthcare, and a supportive environment and network. Without realising at the time, Noel now recalls the decisive moments in his career when people in his environment were quietly mentoring him in his development. Such stewardship can shape careers and even change the course of a life.

Access as the make-or-break asset

Wealth inequality is less about the distribution of assets than about access to education, employment, networks, and even basics such as electricity or food. Where access is missing, potential remains unrealised. What may appear as individual disadvantage can, at scale, contribute to wider social divides, growing tensions, and a sense of injustice across communities and societies. 

Connecting “those who can create opportunity with those who need opportunity” is essential to lower tensions between the different parts of society. This pioneering type of collaboration might bring challenges but to Noel it is the right way forward. “I don't think [this collaboration] should be put off by tension. I think you try and bring dialogue, bring connectivity, use networks and try to remove the tension through collaboration, networking, and support. If we don't do that, the tension will be even greater.”

“Connecting those who can create opportunity with those who need it is how we begin to bridge the divide.” While the divide is becoming increasingly apparent, there are commonalities between the groups to build upon. Emerging markets are eager to create employment in their own markets and follow the successful road others have been able to pursue over the past century through access to energy and resources. 

“I actually think there's a role for those that have enjoyed developments in their markets to try and bring solutions for the emerging markets.” Access to water and energy at affordable rates is critical for sustainable agriculture and income generation activities. When access is unavailable, opportunities across the various spheres of life are limited. Climate resilience, sustainability, and employability are not isolated topics but rather interrelated.

Different kinds of capital at work

Philanthropy has a crucial role to play in this process. It can be that first dollar toward a blueprint others can follow. “It's having somebody who has good intent, a vision for how a change can have a positive impact on people and is willing to share part of their wealth and be the founding donation to start a journey.” 

The Julius Baer Foundation frequently invests in very-early-stage projects to create momentum, leading to more self-sustaining solutions at a later point. Philanthropic support might be replaced through the project’s own momentum, government support or other economic institutions. Yet, without that first donation, energy, and work, these initiatives would not get off the ground.

Threefold power as a roadmap

The magic happens when connecting three powerful resources: the work of our partner organisations on the ground, the Foundation’s expertise, and, often, clients’ intent. This triangle of action is the Foundation’s biggest opportunity. Many of the Bank’s clients are genuinely interested in recycling some of the benefits they have accumulated to help others. Including this group enables the Foundation to kickstart bigger projects and more initiatives, a clear ambition of Noel as chair and current custodian of the Foundation originally founded by the Baer family. 

Having witnessed the lasting positive impact on communities that the Foundation, its partner organisations, and clients can achieve together, Noel sees the next five years as an opportunity to scale this collaborative model. “Now, the challenge for us is to do more of that, start new initiatives, help initiate new ideas in different markets around the world […]. That, for me, is a roadmap that we can deliver, and hopefully, other foundations will follow as well.”