David Batty writes about the increased risk of social media posts by the children of the ultra-wealthy, who often unwittingly reveal their parents’ hidden assets. There is a need to devise family social media policies that set out a code of conduct for posting sensitive content, such as photos of jets, yachts, and property.
The article begins as follows:
From selfies on super-yachts to posing with private jets, the young heirs of the uber-wealthy have attracted worldwide envy and derision by flaunting their lavish lifestyles on social media.
But these self-styled rich kids of Instagram are, often unwittingly, revealing their parents’ hidden assets and covert business dealings, providing evidence for investigators to freeze or seize assets worth tens of millions of pounds, and for criminals to defraud their families.
Leading cybersecurity firms said they were using evidence from social media in up to 75% of their litigation cases, ranging from billionaire divorces to asset disputes between oligarchs, with the online activity of super-rich heirs frequently providing the means to bypass their family’s security.
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Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal