The Birth of TIGER 21: A Network for Wealth Preservation and Beyond
Michael W. Sonnenfeldt, a highly successful entrepreneur and real estate developer, founded TIGER 21 in 1999 with a singular goal: to create a network where high-net-worth individuals could learn from one another about wealth preservation and the challenges that come with significant wealth. By the time he was 31, Sonnenfeldt had already achieved enormous success, including developing the Harborside Financial Center, a project he undertook with a partner when he was just 25. However, his next venture didn’t fare as well, and he lost money, which served as a wake-up call. This experiencemade him realize the importance of preserving wealth rather than just chasing the next deal.
After selling his real estate merchant bank, Emmes, in 1998, Sonnenfeldt decided to focus on creating a platform where individuals like himself could share knowledge and experiences. He started TIGER 21 with six individuals he had connected with through Vistage, a coaching organization for business executives. These members, like Sonnenfeldt, had sold their businesses and were transitioning from entrepreneurship to wealth management. The idea was simple: create a space where people could discuss their financial strategies, family dynamics, and legacy planning in a confidential and supportive environment. Over time, TIGER 21 grew into a community of nearly 1,600 members, each with a minimum net worth of $20 million.
The Core Values and Membership Criteria of TIGER 21
TIGER 21 is more than just a networking group for the ultrawealthy; it’s a tightly-knit community built on trust, confidentiality, and shared learning. Membership is rigorous and based on the "five Cs": character, contribution, capacity, conditions, and capital. While the minimum net worth requirement is $20 million, the organization also looks for individuals who demonstrate integrity, a willingness to contribute to the group, and the capacity to engage meaningfully.
Once accepted, members pay an annual fee of approximately $33,000, plus a one-time initiation fee of $5,000. The cost reflects the exclusivity and value of the network, which offers members access to monthly meetings, expert speakers, and a unique opportunity to present and defend their investment portfolios in front of peers. These meetings are structured to foster open dialogue, with segments dedicated to global updates, personal challenges, and in-depth portfolio reviews. The confidential nature of these discussions ensures that members feel comfortable sharing their successes and setbacks without fear of judgment or exposure.
Wealth Preservation and the Challenges of Family Legacy
One of the most pressing concerns for TIGER 21 members is how to manage their wealth in a way that doesn’t negatively impact their children. Sonnenfeldt often hears members worrying about "not screwing up their kids," a phrase that reflects the deeper anxieties of passing wealth to the next generation. These concerns go beyond financial planning and touch on issues like fairness, equality, and instilling the right values in children.
To address these challenges, TIGER 21 has established a family office division, where leaders of single-family offices can gather to discuss estate planning, family governance, and succession planning. This division costs an additional $50,000 annually and is tailored to individuals responsible for managing family wealth. Through these discussions, members share best practices and strategies for raising children who are financially responsible and grounded. For example, one member shared how they taught their children the value of labor by having them work odd jobs and save for their first car, while another discussed the importance of creating a family "charter" to outline shared values and expectations.
The Monthly Meetings: A Space for Learning and Growth
At the heart of the TIGER 21 experience are the monthly meetings, which are designed to be both informative and therapeutic. Each meeting begins with a "world update," where members discuss how global events have impacted their investment strategies and personal lives. This is followed by a segment where members share their personal challenges, whether they’re related to family, health, or financial decisions. The meetings also feature expert speakers who address topics ranging from biodiversity to international markets, ensuring that members stay informed about a wide range of issues.
One of the most unique aspects of these meetings is the "portfolio defense," where a member presents their investment portfolio to the group for feedback. This process is both intimidating and enlightening, as members must defend their financial decisions while also learning from the insights of others. The confidentiality of these sessions creates a safe space for members to be vulnerable and open, knowing that their discussions will remain private. Over time, this process has led to what Sonnenfeldt calls "magnificent learnings," as members gain new perspectives and strategies for managing their wealth.
The Broader Impact of TIGER 21: A Community Beyond Finance
While TIGER 21 is primarily focused on wealth preservation and financial strategy, its impact extends far beyond the realm of finance. The organization has become a community where members can discuss topics like legacy, health, and philanthropy, all of which are critical to building a fulfilling life after entrepreneurship. For many members, the transition from running a business to managing wealth is a daunting one, and TIGER 21 provides a much-needed support system.
The mix of wealth creators and inheritors within the group also adds a unique dynamic, as each brings a different perspective to the table. Entrepreneurs who have built their wealth from scratch can learn from those who have inherited it, and vice versa. This diversity of experience helps members navigate the complexities of wealth management while also exploring their roles as parents, philanthropists, and community leaders.
In essence, TIGER 21 is more than just a networking group for the ultrawealthy; it’s a community of individuals who are committed to using their resources wisely and living meaningful lives. By fostering open dialogue and shared learning, the organization helps its members avoid common pitfalls and make smarter decisions about their wealth, their families, and their legacies. As Sonnenfeldt often says, "It doesn’t matter how much money you have—if you do something smart, it’ll pay off. And if you do something stupid, it’ll kick you in the butt." Through TIGER 21, members gain the wisdom and support they need to make the smartest choices possible.
