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Q2, 2024 Contents 14 16 36 The Agenda 10 EDITOR’S LETTER By Edwin Smith 12 READERS’ LETTERS Our readers share their views 14 DIARY Gallerist Pearl Lam on life as a champion of Asian contemporary art 16 PHILANTHROPY Rory Stewart on efficient ways to help the world’s poorest people 18 TALKING HEADS To the Lanesborough, for a Spear’s event focusing on mental health 20 THE HEDGEHOG News from around the HNW universe, from property to the restaurant scene 22 BOOKS Orlando Whitfield’s All That Glitters 24 LIQUID LUNCH With fabled interior designer Martin Brudnizki 26 ROBERT AMSTERDAM Why we shouldn’t believe everything we see and read about Ukraine 27 ANNAMARIA KOERLING The era of private trust companies 29 MATTHEW GOODWIN The Tories need a lot more than pre-election tax cuts to right the ship 31 GUIDO ALFANI Issues over social mobility existed for centuries before nepo-babies arrived The Briefing 33 WEALTH MANAGEMENT 34 CALL OF DUTY The FCA’s new ‘consumer duty’ regulations are causing headaches for UK wealth management firms 36 A PERFECT STORM For the first time since the 2008 crash, the Masters of the Universe are feeling positive 39 HOT SPOT With 4,500 millionaires having moved to the UAE in 2023, wealth managers are licking their lips 41 ARC AND ITS COVENANTS How ARC’s private client indices have become part of the furniture across the industry
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‘Every table in Necker is made to be danced on and every pool is made to be jumped in’ RICHARD BRANSON ON HIS CARIBBEAN ISLAND, p62 The Issues 43 44 SUCCESSION AT THE HOUSE OF ARNAULT LVMH supremo Bernard Arnault is turning 75 and facing a family dilemma, says John Arlidge. Which of his children should take over? 52 THE DARK ART OF THE DEAL The colourful life of Russian billionaire Dmitry Rybolovlev, who spent $2 billion on art and ended up pursuing Sotheby’s in court 62 BEACH FOR THE STARS Richard Branson has opened up Necker Island (slightly) to paying guests. Aisha Alli heads west to sample the charms of a unique location 44 Arcadia 69 NICK FOULKES Remembering a princess who lit up rooms from Mayfair to Mexico 70 DAISY DUNN How the haves and the have-nots co-existed in tightly packed cities in ancient times 71 SAM LEITH Why there are far worse things than newspapers or magazines being ‘a rich man’s plaything’ 72 CAROLINE PHILLIPS Inside the world of etiquette, from leg-crossing to olive-handling 74 ED CUMMING The only place outside Japan to eat Tajima beef is in... Mayfair 76 EDWIN SMITH The developer that’s reaching for the sky in Dubai, via branded residences The Good Life 79 80 READY FOR BUSINESS Inside the Dorchester Collection’s ambitious new Dubai hotel 82 SHAPE OF THINGS TO COME Timothy Barber charts the rise and rise of Richard Mille, the horological choice of the rich and famous 89 HISTORY CLASS Jonathan Ray savours the bicentennials of three of the great spirit houses 90 GREAT LEAP FORWARD Mark Walton steps into the future, courtesy of the Lotus Eletre 94 DIAMOND LIFE How the skilled operators at David Morris are keeping an old craft alive 98 HARBOUR DREAMS Behind the scenes in Jeddah at the inaugural race of a nascent electric powerboat racing series 106 MIDAS With mezzo-soprano Dame Sarah Connolly 90 82

Q2, 2024

Contents

14

16

36

The Agenda

10 EDITOR’S LETTER

By Edwin Smith

12 READERS’ LETTERS

Our readers share their views

14 DIARY

Gallerist Pearl Lam on life as a champion of Asian contemporary art

16 PHILANTHROPY

Rory Stewart on efficient ways to help the world’s poorest people

18 TALKING HEADS

To the Lanesborough, for a Spear’s event focusing on mental health

20 THE HEDGEHOG

News from around the HNW universe, from property to the restaurant scene

22 BOOKS

Orlando Whitfield’s All That Glitters

24 LIQUID LUNCH

With fabled interior designer Martin Brudnizki

26 ROBERT AMSTERDAM

Why we shouldn’t believe everything we see and read about Ukraine

27 ANNAMARIA KOERLING

The era of private trust companies

29 MATTHEW GOODWIN

The Tories need a lot more than pre-election tax cuts to right the ship

31 GUIDO ALFANI

Issues over social mobility existed for centuries before nepo-babies arrived

The Briefing 33

WEALTH MANAGEMENT

34 CALL OF DUTY

The FCA’s new ‘consumer duty’ regulations are causing headaches for UK wealth management firms

36 A PERFECT STORM

For the first time since the 2008 crash, the Masters of the Universe are feeling positive

39 HOT SPOT

With 4,500 millionaires having moved to the UAE in 2023, wealth managers are licking their lips

41 ARC AND ITS COVENANTS

How ARC’s private client indices have become part of the furniture across the industry

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