Handbook on Wealth and the Super-Rich PDF
Preview Handbook on Wealth and the Super-Rich
HANDBOOK ON WEALTH AND THE SUPER-RICH Handbook on Wealth and the Super-Rich Edited by Iain Hay Flinders University, Australia Jonathan V. Beaverstock University of Bristol, UK Cheltenham, UK • Northampton, MA, USA © Iain Hay and Jonathan V. Beaverstock 2016 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2015950293 This book is available electronically in the Social and Political Science subject collection DOI 10.4337/9781783474042 ISBN 978 1 78347 403 5 (cased) ISBN 978 1 78347 404 2 (eBook) Typeset by Servis Filmsetting Ltd, Stockport, Cheshire 2 0 Contents List of figures viii List of tables ix List of contributors x 1 They’ve ‘never had it so good’: the rise and rise of the super- rich and wealth inequality 1 Jonathan V. Beaverstock and Iain Hay 2 Reconsidering the super- rich: variations, structural conditions and urban consequences 18 Sin Yee Koh, Bart Wissink and Ray Forrest PART I WEALTH, SELF AND SOCIETY 3 Historical geographies of wealth: opportunities, institutions and accumulation, c. 1800–1930 43 Alastair Owens and David R. Green 4 On plutonomy: economy, power and the wealthy few in the second Gilded Age 68 Iain Hay 5 Interrogating the legitimacy of extreme wealth: a moral economic perspective 94 Andrew Sayer 6 Billionaire philanthropy: ‘decaf capitalism’ 113 Ilan Kapoor 7 Making money and making a self: the moral career of entrepreneurs 132 Paul G. Schervish 8 Taking up Caletrío’s challenge: silence and the construction of wealth eliteness in Jamie Johnson’s documentary film Born Rich 155 Sam Schulz and Iain Hay v vi Handbook on wealth and the super-r ich 9 ‘One time I’ma show you how to get rich!’ Rap music, wealth and the rise of the hip- hop mogul 178 Allan Watson 10 Biographies of illicit super- wealth 199 Tim Hall PART II LIVING WEALTHY 11 Capital city? London’s housing markets and the ‘super- rich’ 225 Rowland Atkinson, Roger Burrows and David Rhodes 12 The residential spaces of the super-r ich 244 Chris Paris 13 Reconfiguring places – wealth and the transformation of rural areas 264 Michael Woods 14 Performing wealth and status: observing super- yachts and the super- rich in Monaco 287 Emma Spence 15 Flights of indulgence (or how the very wealthy fly): the aeromobile patterns and practices of the super- rich 302 Lucy Budd 16 Looking at luxury: consuming luxury fashion in global cities 322 Louise Crewe and Amber Martin 17 The luxury of nature: the environmental consequences of super- rich lives 339 Aidan Davison PART III WEALTH AND POWER 18 Attracting wealth: crafting immigration policy to attract the rich 363 John Rennie Short 19 Sovereign wealth and the nation- state 381 Adam D. Dixon 20 Super- rich capitalism: managing and preserving private wealth management in the offshore world 401 Jonathan V. Beaverstock and Sarah Hall Contents vii 21 Troubling tax havens: multi-j urisdictional arbitrage and corporate tax footprint reduction 422 Ronen Palan and Giovanni Mangraviti 22 No change there! Wealth and oil 442 Isaac ‘Asume’ Osuoka and Anna Zalik Index 463 Figures 2.1 Trends of the usage of selected wealth- related terms in English- language books, 1900–2000 23 2.2 Trends of the usage of ‘super-r ich’ in English- language books, 1900–2000 24 3.1 Composition of estates at death, England and Wales, 1870–1935 57 3.2 Composition of estates at death in South Australia, 1905–15 (selected assets as percentage of total estate) 59 3.3 Composition of estates at death in Rio de Janeiro, Brazil, 1815–89 (selected assets as percentage of total estate) 61 4.1 Top 0.1% wealth share in the United States, 1913–2012 71 4.2 Cost of Living Extremely Well Index (CLEWI) outpacing inflation, 1982–2014 77 11.1 Top 10 000 house sales in London between 2011 and 2013, £1.35 million1 235 12.1 Some of the many homes of the super- rich 251 15.1 Proportion of fixed- wing business aircraft by world region, 2014 315 15.2 Business aviation hours flown in the USA, 2004–10 318 15.3 Number of business jet shipments worldwide, 1996–2013 318 19.1 The geography of sovereign wealth funds 384 19.2 Crude oil prices, 1861–2012 387 19.3 Global imbalances, 1996–2009 393 20.1 The ABS–offshore practice network and nexus for private wealth management 404 20.2 The origins and destinations of offshore wealth, 2009 and 2012 409 viii Tables 1.1 The global population of HNWIs and value of private wealth, 1996–2013 5 1.2 The growth rate of personal wealth for the top richest population, 1987–2013 6 4.1 Millionaire households, 2013 73 9.1 Hip- hop artists and producers with an estimated net worth exceeding US$100 million in 2014 184 9.2 Estimated net worth of leading female hip- hop artists and producers 185 11.1 London postcode districts with the largest number of adults classified as ‘Global Power Brokers’ 232 13.1 Wealthiest landowners in Britain and Ireland, 1872, by value of land 267 13.2 Most expensive villages in England, by house sales over £1 million to 2011 276 13.3 Most expensive small towns in the United States, 2011, by median house value 276 13.4 Major foreign landowners in Scotland, 2010 279 15.1 Approximate price per hour of operating different types of business aircraft 306 15.2 Distribution of business aircraft by world region, 2014 316 15.3 Business aviation aircraft purchases by country, 2012 317 20.1 Global top ten mega-w ealth managers by assets under management, 2012 406 20.2 Global population of HNWIs and value of private wealth, 1996–2012 407 20.3 Growth of total assets under management in Singapore, 1998–2012 410 20.4 The top five global financial centres in the Global Financial Centre Index 411 20.5 Millionaire households in proximity to Singapore, 2012 414 20.6 Global cities ranked by projected UHNWI population, 2023 416 ix
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