Word: riche
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Dates: during 2000-2009
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...this love affair between the global rich and London isn't just about saving a few thousand bucks - after all, the weather's better in Monaco. When Scorpio Partnership, a wealth management-strategy think tank, asked affluent clients why they chose London over, say, New York City, Paris or Munich, the good reputation of Britain's schools, the country's political stability, the growing pool of talent in the financial-services sector and historical ties to Britain were frequently offered reasons. "Another thing is the legitimacy, particularly for foreigners coming from emerging markets like Russia," says managing partner Sebastian Dovey...
...driven inflation has hit liquid assets as well. At the London International Vintners Exchange, an online marketplace for fine wines, managing director James Miles has watched prices for the top Bordeaux double over the past two years, driven in part by wealthy foreigners. "These guys all aspire for the rich man's toys, which doesn't just mean having boats and fast cars, but also having a great cellar," he says. A 12-bottle case of 2000 Chateau Lafite Rothschild that sold for $8,800 in 2005 cost $20,000 last year, while a case of Chateau Petrus that went...
...Class Divisions While upscale businesses have unquestionably benefited from the influx of rich foreigners, it's less clear that their money trickles into the larger economy, helping lift living standards for less-wealthy Londoners. Paul Knox, head of U.K. wealth advisory services at JP Morgan, says rich expats "have tremendous spending power. Interior designers, domestic staff, schooling for their children, bars, restaurants, taxis, and more." On the other hand, "If a rich person brings $1 million into the economy, not all of that $1 million is going to filter into the wider economy," says Jonathan Said, senior economist...
...with the world's rich come their kids, future soft diplomats who either grow up to study, live and work in London or go back home with lifelong links to the city. "You go to Hong Kong now, and half the top businessmen you talk to were educated in Britain," says Barnaby Lenon, headmaster of Harrow, a top boarding school for boys where 10% of the students are foreigners. "Even if our students don't stay in London, if they're involved in the world of finance, it's going to be indirectly a great help to British business...
...enormous amount of money, but the numbers who put anything back into this country are trivial," says economist Will Hutton, CEO of consultancy the Work Foundation. There are a handful of foreigners at the top of the Sunday Times Giving List, a record of charitable donations by the rich and powerful, but Hutton wants to see more. "I would like to see people endowing universities, backing social entrepreneurs, helping to restore our galleries and our museums. To the question 'What is a life well-lived?' I don't think 'To be as greedy as possible' is the right answer...