Public Wealth Initiative - From GPD to Citizen Welfare

Public wealth is a cornerstone of a nation’s fiscal sustainability and social prosperity. The establishment of a Public Wealth Observatory, inspired by innovative frameworks, It aims to create an independent, multidisciplinary platform dedicated to redefining the understanding, management, and enhancement of public wealth. Hosted within a leading academic institution, this Observatory will focus on promoting transparent public asset management, improving fiscal practices, and aligning public finance with long-term value creation.

I – Objectives

1. Promoting Transparent Public Wealth Accounting
• Advocate for modern, accrual-based public accounting systems.
• Develop methodologies to measure and report public sector net worth accurately.
2. Enhancing Legislative and Policy Quality
• Identify inefficiencies and structural challenges in current public asset management systems.
• Propose policies to optimize the management of public assets and liabilities.
3. Fostering Engagement with Stakeholders
• Collaborate with government entities, financial institutions, civil society, and international bodies.
• Promote awareness of public wealth concepts among citizens and policymakers.
4. Supporting Policymakers and Academia
• Provide data-driven insights and practical recommendations to improve public wealth management.
• Facilitate academic research and policy-oriented studies on public finance and sustainability.

II - Organisational Structure

1. Scientific Leadership
• Directed by experts in public finance, accounting, and policy analysis.
2. Advisory Board
• Composed of representatives from government agencies, international organizations (e.g., IMF, OECD), academia (Ecomomics: ISEG, NovaSBE), and industry experts in finance and public management.
3. Thematic Working Groups
• Public Asset Valuation: Strategies for transparent valuation of public assets.
• Sustainability in Public Finance: Addressing the intersection of environmental, social, and governance (ESG) factors with public wealth.
• Global and Digital Finance: Exploring the impact of globalization and digitalization on public asset management.

III - Observatory Activities

1. Research and Reporting
• Annual Public Wealth Reports: Assess the state of public wealth nationally and internationally.
• Analytical studies on innovative public asset management practices.
2. Events and Discussions
• Conferences, roundtables, and workshops involving stakeholders from multiple sectors.
• Public engagement events to enhance awareness of public wealth’s societal impact.
3. Digital Knowledge Hub
• Online portal featuring research papers, policy briefs, and interactive tools for understanding public wealth metrics.
4. Capacity Building
• Specialized training for public officials, finance professionals, and students in public sector accounting and asset management.

IV - Funding and Sustainability

1. Diversification of Funding Sources
• Secure funding through research grants, institutional partnerships, and international collaborations.
2. Accountability and Transparency
• Publish detailed annual reports on activities, outcomes, and financials.

V - Expected Outcomes

1. Redefining Public Wealth Paradigms
• Shift focus from traditional fiscal indicators (e.g., debt-to-GDP ratios) to public net worth and asset efficiency.
2. Enhanced Governance and Transparency
• Support governments in adopting best practices for asset management and financial reporting.
3. Stronger Linkages Between Policy and Research
• Bridge gaps between academic research and actionable policy frameworks.
4. Global Leadership
• Position the Observatory as a thought leader in public wealth finance, influencing international standards and practices.

Conclusion

The Public Wealth Observatory seeks to redefine how societies perceive and manage public wealth, fostering sustainable and equitable development. By integrating cutting-edge research, inclusive dialogue, and practical solutions, it aims to transform public finance into a tool for long-term societal prosperity.

Institutional Collaborations

The Observatory will engage with global institutions, professional organizations, and academic networks to expand its reach and impact, ensuring the principles of public wealth finance resonate across borders.