Paradoxes are interesting things. Take the one that inspired our cover story, for instance: the more money, influence and power someone has, the more they tend to rely on other people.
As with any good rule, there are exceptions but, in general, an increase in one’s net worth is accompanied by a broadening of horizons, a raising of expectations and a general aggrandisement of ambitions. Before you know it, you are employing a bevy of advisers and perhaps even an entire family office to coordinate your personal and professional interests. From time to time, the two are difficult to separate.
[See also: Confidant’s trick: what happens when a trusted adviser goes rogue?]
Inevitably, there are some things – important things, difficult things, personal things, embarrassing things – that are better dealt with by a small number of highly capable, highly trusted individuals. And as soon as those people do one of these things, they become even better candidates to take care of the next one. And the one after that. Keep the circle small. Get things done quickly, discreetly and with the minimum of fuss. It makes complete sense. Until it goes wrong, of course.
Spear’s contributing editor Robert Jackman explores some cautionary tales that have illustrated just how bad it can get when a UHNW’s trusted adviser goes rogue. He also hears from some experts in the Spear’s network who offer wise counsel on how to avoid the same fate.
The story is a nice companion to one of our other major features in this issue: a new edition of the Spear’s Power List. Our selection of the 100 most influential people in the world of private wealth made a splash last year, but if the 2024 list is indicative of anything, it is the rapid pace of change at the top: 42 of our 100 from 2023 have been displaced in the rankings by new entrants.
[See also: New regime, new taxes?]
Content from our partners
As usual, we have an array of stellar interviews. The man at the helm of Sotheby’s, Charles Stewart, speaks exclusively to Stephanie Bridger-Linning about his plan to scoop up an even larger share of the stuttering global art market. It’s a tough job, running one of the world’s two great auction houses, but it may have just become a little easier, thanks to the injection of $1 billion from new partners in Abu Dhabi.
We also speak with restaurateur Sally Clarke, who is celebrating 40 years of her Kensington institution; England rugby player Maro Itoje, about his education charity that aims to transform the lives of children in Nigeria and other African countries; golf legend Gary Player, who answers our Midas questionnaire; and we have lunch with Gediminas Žiemelis, Lithuania’s richest man.
Our special Briefing section is on tax, and couldn’t have been better timed. As a new prime minister and chancellor plot their first Budget, every HNW in the UK is considering their next move. We publish the findings of the 2024 Spear’s Tax Survey, which includes some datapoints that Rachel Reeves may find useful ahead of her big announcement on 30 October. We also consider the polarisation of global attitudes to inheritance tax; chart the rise to prominence of a particular species of tax lawyer; take a closer look at the motivations and calculations of successful people who are thinking of quitting the country; and assess the private equity industry’s stance toward mooted changes to the way in which ‘carry’ is taxed.
[See also: Flight risk: Britain’s super-rich are on the run]
Elsewhere, we have a debut columnist in the form of historian and author Paulina Bren, who writes about the first women to make their mark on Wall Street. And there are features on the apparently irresistible rise of jeweller Jacob Arabo; the prevalence of spiritualism in the world of jewellery; a special-ops division of car-maker McLaren; and the bicentenary of two of Scotland’s most famous distilleries. Finally, I should also plug my own piece about the significance and semiotics of three weddings that took place this summer: those of Anant Ambani, the Duke of Westminster and yours truly.
I hope you enjoy the magazine.
This letter was first published in Spear’s Magazine Issue 93. Click here to subscribe.
