Goldman Sachs just brought together around 50 Gen Zers from ultra-rich families for a deep-dive on investing, wealth management, and leadership.
Over the course of the two-week wealth bootcamp in July, the multimillionaire 18- to 23-year-olds attended workshops led by senior Goldman Sachs leaders and industry experts in coaching and luxury.
One morning, the Gen Zers spent nearly an hour learning how to digest Wall Street Journal articles, strengthening their confidence in reading market news and pinpointing what to take away. And in the afternoons, they’d go through a whole host of crash courses; learning the role of an equity trader from one of Goldman’s own managing directors; touring trading floors, where they got a firsthand look at deals and trades; and studying hedge fund basics and ways to create diverse portfolios.
It was all part of Goldman’s third annual NextGS Investment Intensive Program in New York City. And learning how to understand markets and communicate effectively will come in handy as they step into generational fortunes; much of the Gen Z cohort are kids of the members of Goldman’s private wealth management division, which boasts an average account size of over $90 million, and services clients with fortunes ranging from $10 million to more than $1 billion in assets.
“A fundamental reason we created this program was to allow the young adult children of our families the opportunity to become more confident,” Brittany Boals Moeller, region head of Goldman Sachs’ San Francisco PWM division, tells Fortune. “Many of the participants are not finance majors. They have vastly different academic backgrounds and career ambitions.”
The wealthy Gen Z cohort learned confidence, leadership, and communication skills
The programming goes far beyond the ins-and-outs of finance. With 20-something professionals often getting flak for their workplace unpreparedness, this program has made sure they’re ready to step into high-powered roles.
The multimillionaire attendees spent an entire day sharpening their communication, presence, and leadership skills with coaching company LifeHikes CEO Bill Hoogterp.
Over the course of one eight-hour session, the Gen Zers were split up into pairs and told to act out scenarios in work and school, strengthening their confidence in situations like job interviews and group projects.
Rob Kaplan, the vice chairman of Goldman Sachs, even led a session on how to reach their leadership potential, which Fortune attended exclusively—discussing ownership, ambition and personal growth.
“They’re thinking about their first jobs. They’re thinking about how their careers are going to start, and so I actually think these concepts of leadership and communication and presence are super important for them,” Boals Moeller says. “They’re not always what you learn in school.”
The investments catching Gen Z’s eye: sports teams, crypto, and AI
The NextGS Investment Intensive Program went into all corners of the wealth basics, teaching attendees about economic cycles, fixed income, credit scores, and budgeting. But beyond traditional investing, the Gen Zers also had the chance to engage with the wealth flooding their TikTok timelines—sprawling mansions, luxury accessories, and sports ownership.
At the tail end of the first week, the Gen Zers were introduced to arts and collectibles. They learned about major players in the art and collectibles markets, and received guidance on best practices for buying what catches their eye. The program even brought on legendary auction house Christie’s for a session on luxury watches, jewelry, and handbags.
In week two, the cohort learned about real estate and infrastructure, exploring the market’s evolution and how to diversify their property assets.
Investing in sports was another popular session. Pouring money into soccer and football leagues has become a popular investing strategy for the ultra-rich; Jeff Bezos recently became a minority stakeholder in Liverpool F.C., and others, like Ryan Reynolds, Mark Cuban, Steve Ballmer, and Bernard Arnault have all invested in sports teams. During the session, Goldman’s young attendees explored the industry’s economics as well as ownership dynamics.
“It’s meant to allow them a glimpse into a particular industry, and I’m sure that some of our client families will be going back wanting to have a career that interlinks between investing in sports,” Boals Moeller explains. “I can definitely see that coming through.”
Aside from premier teams and Hermès pursues, Boals Moeller explains that the college-aged attendees are especially interested in private markets and alternative investments. Raised in the internet era, they grew up trading and coming across digital assets.
Now, they’re looking to build a strong stock portfolio, invest in cryptocurrency, and ride the wealth wave of AI. Boals Moeller said that AI came up in almost every single session—not only in seeking how to decode the tech sector and the geopolitics that play into it, but also how to navigate it as a human being.