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January 29, 2021

Growing Influence: Spear’s 500 Launches Biggest Guide Yet

With 1,818 profiles, the Spear's 500 reflects the growing influence of millionaires and billionaires.

By Alex Martin

Spear’s, the award-winning wealth magazine for high-net-worth individuals, has launched its most comprehensive guide to the top private-client advisers, wealth managers, lawyers and service providers. With 1,818 profiles, the Spear’s 500 2021 database reflects the growing influence of millionaires and billionaires and their increasing demand for private-client services.

The expansive online database includes an array of services from wealth managers, divorce lawyers, accountants and tax lawyers to private doctors, interior designers and nannies. There is even a selection of whisky advisers who specialize in finding fine and rare bottles to invest in.

“Ultra-high-net-worth individuals hold more of the world’s wealth than ever before,” says Spear’s editor Edwin Smith.

“Is it a case of more money, more problems? Not exactly. But, understandably, wealthy people want to protect their wealth from threats. These range from stock market volatility and bad investments to more personal concerns, such as an invasion of privacy, a potentially expensive divorce or an errant family member who might be in line to inherit – and perhaps squander – a vast sum.

“Being very rich can be very complicated. That’s partly why the market for advising high-net-worth individuals – and especially ultra-high-net-worth individuals (who have investible assets of $30 million or more) – has grown so much in recent years.”

[See also: Entrepreneur Derek Notman on Reimagining Wealth Management]

The Spear’s 500 online database contains 1,818 profiles

The Spear’s 500 also shows there is an increasing demand for philanthropy advisers. A recent report from Wealth-X claims philanthropy is now the biggest interest among ultra-high-net-worth individuals, including over half of all billionaires. This shows a growing desire from the world’s richest to give back not just through wealth creation but charitable efforts.

It is believed the focus on philanthropy will only grow stronger as the demographic of HNW and UHNW individuals becomes younger, more female and increasingly passionate about environmental and social issues. This in turn will drive change among private-client services. UBS recently announced the decision to recommend sustainable options to its clients. Far from being purely philanthropic, the world’s largest wealth manager added that a wholly sustainable portfolio provides the same or higher returns than a traditional one.

Smith added: “The world’s wealthiest don’t just benefit wider society by building companies that employ people and thereby create wealth for others. They have also reached into their own pockets to make donations or invest for impact in response to the pandemic.”

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