As the world continues to be plagued by economic volatility brought on by the ongoing Covid-19 pandemic and unresolved geopolitical events, consumer outlook on the global economy has become understandably trepidatious. Conditions like high inflation and skyrocketing gas prices plummeted U.S. consumer confidence to a record low benchmark of 50 in June 2022, as recorded by the University of Michigan’s Survey of Consumers. This figure is down 8.2 points from the survey’s data from May of the same year and the lowest benchmark recorded since 1980.
According to CNN, the survey likewise pointed to a 20 percent decrease in consumers’ perceptions of their own personal finances, and a 24 percent reduction in business condition assessments for the year to come.
Now, private wealth advisor Patrick Dwyer is harnessing his years of expertise in the financial sector to help his clients navigate the complexities of the current global market conditions. Dwyer is a former private wealth advisor at one of the world’s most reputed investment institutions, Merrill Lynch, and currently holds a post at New Edge Wealth based in Miami. During Dwyer’s time at Merill Lynch, the private wealth advisor was instrumental in building the company’s fourth largest private wealth team and personally oversaw the handling of more than $3.8 billion worth of client assets.
Dwyer has nuanced observations on the present-day relationship between the United States and China, the two largest economies in the world. He makes sure to note that while it was once predicted that many U.S.-based industries would relocate to China, this did not ultimately come to pass.
The private wealth advisor reveals that many U.S. financial institutions are putting investments into low-risk and high-reward Chinese technology, particularly in cases where the tech’s necessary parts cannot be manufactured anywhere other than China. The trickle-down result will be the average American consumer will experience a higher quality of living for a lower cost across the tail end of the decade, says Dwyer. As the modern world continues to rely increasingly on the power of machine technology, computer chips manufactured in China and other non-U.S. countries will become vital for the U.S. to keep up its standard of development.
In Miami – where Dwyer calls home – the private wealth advisor feels particularly optimistic about the city’s future trajectory, especially with high-profile tech and financial companies establishing campuses in the sunny South Floridian metropolis. Considering Dwyer’s personal specialization in technological innovation across the artificial intelligence, biotech, and data industries, the wealth advisor is excited by the presence of new ventures in these fields speaking up in Miami.
Dwyer has backed up his belief in Miami’s future with his own investments in the city, faithfully running the Miami-based Dwyer Family Foundation in effort to provide philanthropic aid and educational opportunities to families across the metropolitan area.
Though only time will tell how the global economic situation will unfold, Dwyer’s experienced opinion certainly provides insight into how the near future might look to consumers around the world.
This article was written in cooperation with Tommy Herd