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December 4, 2019 | Gilded Age Redux: Bank Vault Exclusively for Billionaires

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel ( Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog:

A new bank vault in a grade-II listed gothic mansion built in 1899 for soap magnate Robert William Hudson, will have more of the feel of an “exclusive private members club than a bank” next to the Dorchester Hotel on London’s Park Lane will open for business next week.

“We won’t deal with millionaires,” says Sean Hoey, managing director of the facility, run by International Bank Vaults (IBV).

“We will be dealing only with billionaires.

…all applicants will be vetted to ensure we maintain a certain calibre of clients.

…Many prospective customers, Hoey says, are rich people from overseas (mostly Russia, China and the Middle East) who maintain a home in London in the summer.

IBV says it is opening the London vault due to spiking demand from the world’s wealthiest people for safety deposit boxes, in fear of a possible reaction against rising inequality and the impact of the climate crisis, as well as storing their wealth in gold bars as banks begin to charge them to store cash deposits.  See: Billionaires only, please! London vault for the ultra-rich opens.

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December 4th, 2019

Posted In: Juggling Dynamite

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