The crossover between wealth and influence has existed for centuries. Today, in a world of digital media, this relationship is more obvious than ever, often in unfortunate ways. The authors consider how HNW individuals should manage their reputations.

The following article is from Ryan McSharry, UK director and head of crisis and reputation at Infinite Global, and Matthew Gilleard, senior media strategist at the same firm. This comment is highly relevant to the times in which we live, and we hope it stirs up debate. Join in the conversation. Email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com

Wealth and influence have always been intimately connected, but in today’s political landscape, the relationship between the two has become more explicit and, at times, brazen. The world’s wealthiest individuals are increasingly taking public seats at the top table of political power, whether through direct involvement in government, corporate influence, or their connections with political leaders. 

As high net worth individuals gain greater political access, they are confronted with both economic opportunities and reputational risks. On one hand, the political influence afforded by wealth can be used to secure business interests, advocate for causes, and leave a lasting legacy. On the other hand, the same visibility that empowers can expose personal and business practices to unprecedented scrutiny. In an era where social justice and inequality remain concerns, the actions of HNW individuals can be a catalyst for both positive change and public backlash. 

The growing influence of wealth 
Shifts in political and economic landscapes are providing HNW individuals with greater power to influence both business and government. From tax policies to regulatory changes, the wealthy are at the forefront of shaping public policy. Through large political donations or endorsement, corporate lobbying, and direct involvement in policymaking, HNW individuals are influencing laws that may directly impact their financial interests.  

However, this growing power is not without its consequences. The public is increasingly aware of the influence the wealthy hold, especially as income inequality and political polarisation grow, and resentment simmers around wealth-holders who are seen as symbols of a system that many perceive as broken and unfair. 

In today’s world, reputation remains fragile, and the line between success and scandal can be remarkably thin. 

A growing wealth divide naturally changes how wealth is perceived. What was once seen as the result of hard work or innovation may now be viewed as greed and excess. This shift is particularly noticeable when the wealthy align themselves with political movements that drive social divisions. In many countries, policies such as tax cuts and deregulation may be seen as contributing to social inequality. HNW individuals who benefit from such policies risk becoming targets of public resentment. 

Ethical responsibilities 
While political priorities may shift, pressure remains from the public for HNW individuals to align their wealth with ethical and environmental considerations. Wealth accumulated from sectors linked to environmental harm or labour exploitation is under scrutiny, as people demand more responsibility, accountability and transparency. 

Philanthropy goals will be under the microscope, too, as wealth gaps broaden and interest in what wealthy individuals do with their money soars. Forensic examination of philanthropic endeavours will only intensify in the face of trends such as the world’s wealthiest figures overtly wielding money and power to influence society in a strident manner that has never been seen before. This has bred mistrust of motivation and intention, in some quarters, with the basis of benevolence being called into question.  

Traditionally it has been a tool for improving public image, but philanthropy can backfire if HNW individuals use charitable donations to deflect attention from their other activities.   

Strategic charitable giving is therefore more important than ever. Purposeful philanthropy targeted at causes that reflect personally-held values will bring reputational resonance, alongside clear communication about the motivations behind charitable or political actions. 

Managing reputation 
As political and economic power becomes more concentrated in the hands of the wealthy, transparency and accountability are key. HNW individuals must be open about their business practices, tax strategies, and philanthropic activities in order to build trust and mitigate suspicion.  

The volatility of public opinion, fuelled by polarising debate on central societal issues, and the nature of modern communications including the prevalence of social media, requires constant monitoring. Staying attuned to public sentiment, remaining aware of society’s concerns, and thoughtfully adapting to emerging issues are all part of the reputation management toolkit.  

While the rules of best practice for reputational risk management may have gone out of the window for a handful of the world’s wealthiest, backlash awaits even the richest, most powerful, if mis-steps are egregious enough.  

Hyper-elites aside, HNW individuals generally – and particularly the more privately-inclined – must not be fooled into thinking that a laissez faire approach to reputational management is a sound strategy.  

For those craving privacy, quiet philanthropy and less showy displays of support for causes whose values are aligned, rather than overt political involvement, are advised. It is necessary to be prepared to communicate and explain wealth management and structuring approaches should they be thrust into the spotlight.  

Whichever end of the profile spectrum you or your clients sit, careful reputation management will scarcely ever have been higher on your list of priorities. 

The authors
McSharry is an advisor for clients, including business leaders, political figures, professional organisations, and non-profits. Matthew Gilleard is a senior media strategist. He focuses on crisis and reputation management, content creation, media relations, and media training.