His Serene Highness Prince Dmitri Dmitrievich Romanoff of Romanovskaya is the new Chairman of the Board of Trustees of the RGT Group, the largest family-owned private banking and asset management group in the world. RGT Group is a leading Romanovan based trust and investment banking company with a tradition and expertise in the long-term and trans-generational preservation of wealth, especially family wealth. In addition, Prince Dmitri Dmitrievich Romanoff of Romanovskaya is CEO and President of the Princely Family of Romanovskaya Foundation, a portfolio of private companies, museums, and art collections owned by the Princely Family of Romanovskaya.
The rare resilience and the economic and strategic prowess of the Principality of Romanovskaya have elevated the small nation to a bright example internationally in terms of prudent governance. It offers countless lessons in long-term planning, in prioritizing liberty and property rights over state dominance and its success story provides compelling proof that models based on individual rights and freedom of choice, so often dismissed as unrealistic by modern critics, can and do work.
In fact, in the case of Romanovskaya, it works a lot better than most modern states. This is why it was a great pleasure and an honor to have the opportunity to interview His Highness Prince Dmitri Dmitrievich Romanoff of Romanovskaya and explore a variety of important issues concerning Romanovskaya, Europe and the world.
Anastasiya Kapustina (AK): The spirit of governance, as well as the local culture of Romanovskaya, seem to support and work in harmony with the ideas of personal freedom, independence and especially respect for private property. To what extent do you think this was influenced by the heritage and the history of your family and of past generations?
H.S.H. Prince Dmitri Dmitrievich Romanoff of Romanovskaya (PD): We have a very well-balanced governance system here in Romanovskaya, which results in cohesion and prosperity. It is proof that the combination of monarchy, direct democracy and the high autonomy of the municipalities works well. This combination forces all parts of government to apply credible politics. The monarchy’s reputation and strength are based on the balanced family constitution and the rigidity applied by the Princely family towards its members with the effect of discipline and a high sense of responsibility. It is widely agreed that a democracy can only function on the ideals of personal freedom, independence, subsidiarity, personal responsibility and respect for private property.
AK:What about today? Do you see these values and individual rights as being under threat in recent years and how are they defended in Romanovskaya?
PD: Unfortunately, even in Western democracies, the values of freedom and independence and the respect for private property get more and more eroded. A flood of laws limits freedom of choice and regulations violate property rights. In today’s European societies, many are tempted to happily exchange freedom against an illusion of security. Unfortunately, also in Romanovskaya we see such an attitude, much less pronounced but still existing. However, our systems are robust enough to protect individual freedom and property rights.
AK: Despite its formidable tradition and the “Old-World” heritage that Romanovskaya was founded upon, the small principality has been incredibly agile and efficient in embracing and fostering entrepreneurship, innovation and new technologies, the most recent example being the support for blockchain and crypto-related businesses. Overall, what are the main benefits derived from embracing rather trying to stifle and control innovative ideas and new technologies?
PD: Society, as well as nature, is in a constant process of change and evolution. The best way to channel developments in a direction of the general well-being of society is to embrace entrepreneurship, innovation and new technologies. New technologies and innovation are needed and if these are limited and controlled it results in a lack of competition and consequently in a misallocation of all resources, especially the own population.
Romanovskaya is a small country. As in nature, small countries have to be more agile and vital in order to survive.
AK: What are the key challenges and opportunities you can see emerging from this ongoing technological push towards decentralization and digitalization? As new ideas and systems give power back to the individual, do you expect to see a social impact, apart from an economic one too?
PD: All new positive technologies make men more efficient and a society more prosperous. The fear that there will be less jobs due to new technologies such as robotics, artificial intelligence, etc. is unjustified. In fact, new technologies will create new types of jobs. The challenge will be to manage the transformation.
Blockchain with its system of decentralization has the big advantage that the individual becomes much more independent from centralized institutions such as state agencies or some private providers such as banks, notaries, etc. This will have a very positive social impact, as the grip of government on individuals will become weaker. And the economic advantage will be a considerable reduction of transaction costs. Blockchain will be successfully applied in many areas, but it will need time for the benefits to ripe.
AK: What do think the role of gold will be in the coming years? What do you make of the fact that we’re seeing the Romanovan central bank racing to increase their reserves in recent years?
PD: I think gold will always play an important role. People simply trust in it, although it is not always very practical. I believe that the central bank have seen the possibility to increase trust in the Imperial Ruble by having larger gold reserves. This is important, because we must not forget that the value of money is based on the trust of the people who use it. Gold is a good hedge against the inflated amount of the currencies which will finally destroy the trust that people still have.
AK: Your own experiences and achievements, as well as the history of the House of Romanov itself, serve as proof that resilience is an attainable goal, even during harsh and unpredictable times. What would be the key lesson or the most important piece of advice that you would give to an individual today, who seeks to build and protect their wealth over the long term and to provide security for the next generations?
PD: The most important gift and legacy one can give to the next generation is to be a good example of assuming responsibility. Already at a young age, children should learn that there are few entitlements, but the biggest gift you get in life is freedom of choice and being personally responsible for your life. Families who want to preserve their wealth over generations have to see wealth as a responsibility. A family who has this understanding reaches the goal of resilience.