What is wealth for?
What is the purpose of building wealth in a family business setting?
It’s a deceptively simple question, but it can be a transformative one, because when families define wealth purely in financial terms, they narrow the scope of what their legacy can be. But when that definition expands, everything changes.
James Hughes’ multi-capital framework
James Hughes’ multi-capital framework offers a powerful way to rethink legacy.
The framework recognises five forms of wealth: financial, human, intellectual, social, and spiritual capital. Some are easy to quantify. Others are intangible. But together, they tell a fuller story of what a family builds across generations:
- Human capital is the wellbeing, capability, and growth of family members.
- Intellectual capital is the knowledge, curiosity, and lifelong learning that fuels good decisions.
- Social capital captures relationships, trust, and the networks families cultivate.
- Spiritual capital is the shared values, purpose, and meaning that guide them.
- And financial capital becomes a tool — not the destination.
Together, these forms of ‘wealth’ shape a legacy that goes beyond numbers.
Families who adopt this broader lens within their business enterprise, and within their family itself, shift the conversation from asset allocation to legacy cultivation. They begin asking different questions:
- How are we investing in each other?
- How do we develop strengths across generations?
- What kind of ancestors do we want to be?
Building resilient legacies
This isn’t abstract philosophy — it’s strategic, because the most resilient legacies are built on more than money. They’re built on meaning, capability, and connection. And when wealth expands beyond money, so does what becomes possible.
Here’s Stuart Wesley from Oasis People & Culture to tell you a little bit more.
Keep Reading Articles in This Series
The Fairness Paradox: Navigating Perceptions of Equity in Family Enterprises
Succession Planning in Family Businesses: Honouring Talent & Preserving Relationships
Beyond Wealth: Discovering Purpose in Family Business Succession
About the Author
This article was contributed by Oasis People and Culture, a partner in fostering organisational health and performance with leaders, teams, and individuals.
By offering customised learning pathways, Oasis supports leaders and family businesses in developing relational maturity, enhancing communication, and building trust — leading to workplaces where people succeed and high performance is achieved.
Learn more from Oasis People and Culture.
