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Billionaires only, please! London vault for the ultra-rich opens

Exclusive safety deposit bank near Harrods angles to be worlds most expensive Welcome to the billionaires new piggy bank. A bank vault in a grade-II listed 120-year-old former mansion next to the Dorchester Hotel on Londons Park Lane will open for business next week. This is no ordinary bank. This one will be slightly more discerning of its customers than the average high street bank branch. We wont deal with millionaires, says Sean Hoey, managing director of the facility, run by Ashok Sewnarain, said it was opening the London vault…

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World’s richest 0.1% have boosted their wealth by as much as poorest half

Inequality report also shows UKs 50,000 richest people have seen their share of the countrys wealth double since 1984 The richest 0.1% of the worlds population have increased their combined wealth by as much as the poorest 50% or 3.8 billion people since 1980, according to a report detailing the widening gap between the very rich and poor. The Share of global wealth by income groups The report, which drew on the work of more than 100 researchers around the world, found that the richest 1% of the global population…

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World’s witnessing a new Gilded Age as billionaires wealth swells to $6tn

Not since the time of the Carnegies, Rockefellers and Vanderbilts at the turn of the 20th century was so much owned by so few The worlds super-rich hold the greatest concentration of wealth since the US Gilded Age at the turn of the 20th century, when families like the Carnegies, Rockefellers and Vanderbilts controlled vast fortunes. Billionaires increased their combined global wealth by almost a fifth last year to a record $6tn (4.5tn) more than twice the GDP of the UK. There are now 1,542 dollar billionaires across the world,…

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