Geographies of the Super-Rich

Geographies of the Super-Rich

Edited by Iain Hay

This timely and path-breaking book brings together a group of distinguished and emerging international scholars to critically consider the geographical implications of the world’s super-rich, a privileged yet remarkably overlooked group.

Chapter 3: Overseeing the fortunes of the global super-rich: the nature of private wealth management in London’s financial district

Jonathan V. Beaverstock, Sarah J.E. Hall and Thoma Wainwright

Subjects: economics and finance, regional economics, geography, economic geography, human geography, urban and regional studies, regional studies


Up until the early-1980s, the sleepy world of private banking remained a ‘gentlemanly’ affair serving its traditional clientele: royalty, the landed gentry, industrialists and entrepreneurs and, latterly from, for example, the 1970s, the billionaires and millionaires from the Middle East and other foreign jurisdictions (see Maude and Molyneux 1996). But this cosy world of private banking came under fierce competition following the discovery of the private wealth of individuals by wholesale banks and professional service accounting, legal and insurance firms. Financial deregulation on Wall Street and in London from the mid-1980s, combined with the longest running bull market during the 2000s, created astronomical levels of individual private wealth which needed to be ‘managed’. In short, the private wealth management sector grew to service this ever-expanding market. Referring back to Roberts (2008), it is no surprise that many banking, financial and professional services wanted to enter what was to become a new financial services market for the global super-rich, private wealth management (Beaverstock et al. 2012).

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information