Q4, 2025


Contents 36 18


26 LIQUID LUNCH Edwin Smith meets Dan Nardello of Nardello & Co, a global leader in investigations `


28 SHRUTI ADVANI Many HNWs feel they’re no longer wanted in the UK, perhaps not even tolerated. How did it come to this?


29 ANNAMARIA KOERLING Why mediation skills are so important for advisers who work with families


The Agenda


14 EDITOR’S LETTER By Edwin Smith


16 READERS’ LETTERS Our readers share their views


18 DIARY Food writer and critic Tom Parker Bowles on his soſt drinks revolution


20 PHILANTHROPY With Olivia Leland, co-founder of the Giving Pledge and Co-Impact


22 THE HEDGEHOG News from around the HNW universe, including from the City to Mustique


24 BOOKS Andrew Ross Sorkin’s 1929: The Inside Story of the Greatest Crash in Wall Street History


30 JAMES CHEN The world of philanthropy is playing it safe, funding what is already working rather than embracing risk


20


 TAX


34 EXIT POLL The 2025 Spear’s Tax Survey reveals what the experts think of the government’s tax reforms


36 A MOVING STORY Henley & Partners’ annual wealth migration report is under fire


38 COMING A CROPPER How farmers are adjusting, a year aſter the chancellor’s attack on their inheritance tax relief


40 MR WEALTH TAX Why academic Arun Advani is the man this government listens to when it comes to taxes


41 THE POLL ON TAX How an upcoming Swiss referendum on wealth tax is ruffling feathers


38


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