Serving the Super-Rich

The Bottom Line

BBC

Personal Journals, Society & Culture, Business

4.6 • 606 Ratings

🗓️ 27 March 2014

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Serving the super-rich: what do the seriously wealthy do with their money? How do they preserve or spend their multi-million or even billion pound fortunes? And who is helping them manage those assets? With more billionaires in the world than ever before, working for the very rich is a growth industry. Whether finding staff for their superyacht or helping them give away the money, there's a raft of businesses ready to serve the ultra high net worth individual. Evan Davis talks to three firms whose job is to serve the wealthy elite.

Guests:

Richard Wilson, CEO, Billionaire Family Office

Karen Clark, Director and Head of Private Clients, SandAire

Lucy Challenger, Manager, Bespoke Bureau

Producer: Sally Abrahams.

Transcript

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0:00.0	Thank you for downloading this program. In this edition of the bottom line, Evan Davis and guests discuss the business of serving the world's super rich.
0:09.1	Hello and welcome to the program. Now, there are probably a couple of thousand billionaires in the world, a couple of hundred thousand very wealthy people with assets of $30 million or more.
0:21.9	And here's a question. How do you get money off these folks?
0:25.5	Well, you might be able to think of a number of ways, but one is to work for them, sell to them, serve them.
0:31.7	And as the world's rich become richer, more people are finding themselves doing just that.
0:36.4	Indeed, businesses big and small are having
0:38.3	to respond to the demands of ultra-high net worth individuals. Today, we'll hear about some of those
0:44.3	businesses and about life on the planet super rich. Well, let's take a few minutes to meet each of my
0:51.7	three guests. First of all, Richard Wilson is chief executive of billionaire family
0:56.9	office. It's based on the west coast of the US in Portland, Oregon. Richard, I want you to explain
1:03.0	what a family office is because this is not part of the vocabulary of most people. So what is a family office?
1:09.5	Sure. It's just very simply, they help manage
1:11.6	the capital of people with a lot of money. And it could be that they have $20 million or $100 million or
1:16.7	a billion or more, but it just means a dedicated team taking care of all aspects of your capital.
1:21.5	So it's a kind of financial advisor, a quite advanced level, quite involved and engaged financial advisor,
1:29.2	but that is what you're effectively, that's what you're selling.
1:31.8	Yes, more complete.
1:32.5	They look at many things under one roof.
1:34.3	They all talk to each other very closely, and that's why you get the extra value.
1:38.0	Right.
1:38.4	You're a multifamily office, but what is the difference between a single family office and a multifamily office?
1:42.5	A single, simply a dedicated team set
	...

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