A&H Magazine Q1 2022

Q1 2202

What's Inside Interview with Private Client Consultancy CEO & COO |  Pages 5 & 6 Portugal: Changes to the 'Golden Visa' scheme |  Pages 11 & 12 At Glimpse of Living in Spain as an Expat |  Pages 13 & 14 What did COP26 Achieve? |  Pages 15 & 16 ESG and Pensions |  Pages 19 & 20 The Youth and Financial Literacy |  Pages 21 & 22 What in the World is an NFT? Interview with Tyler Weitz |  Page 23 - 26 Virtual Reality for Seniors |  Pages 27 & 28 Tech Takeover? |  Pages 29 & 30 A Cautionary Tale - by Wealth Manager, Peter Smith |  Page 31 Health and Finance |  Page 32 Inflation |  Pages 33 - 34 The Millennial Investor |  Page 36 The UK Housing Market - Summary of 2021 and what to expect in 2022 |  Pages 37 - 38 Crime without Punishment - Cryptocurrency exit scams |  Pages 39 - 40 Who has all the Gold? |  Page 41

Disclaimer: Please read The information contained herein is proprietary to Private Client Consultancy and/or its contents providers. The information or any part thereof may not be copied, produced, or redistributed without the express permission of the CEO of Private Client Consultancy. We do not guarantee the reliability or completeness of any information provided. However, the content has been collated from what we view as reliable sources at the date of publication. The contents of this publication do not provide any financial, investment, or professional advice, nor are they intended to. The pages of this magazine shall not in any way be regarded as an offer or provision of financial, investment, or professional advice. Private Client Consultancy, its directors, officers, managers, employees, agents, affiliates, and/or subsidiaries accept no responsibility nor liability for any errors, omissions, inaccuracies (including those caused by a third party), loss or risk (personal or otherwise) which is incurred as a consequence, directly or indirectly, of the use of any information contained in this publication. Design, Editing, Production, Publication Private Client Consultancy A&H Magazine is published by Private Client Consultancy. This publication may not in whole or part be lent, copied, photocopied, reproduced, translated, or reduced to any electronic medium or machine-readable form without the express written permission of the publisher. Page 3 Private Client Consultancy

The magazine may include facts, opinions, views, and recommendations of individuals and organisations deemed of interest. Private Client Consultancy does not guarantee the accuracy, completeness, or otherwise endorse these views, opinions, or recommendations. Readers are responsible for their own investment decisions, and we would advise that they speak to their professional advisers prior to making these decisions. This material is for information purposes only and does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument. Always seek professional financial advice before investing. The information provided and contained in this magazine are believed to be reliable but are subject to change without notice. Private Client Consultancy makes no representation as to the completeness or accuracy of the information or of any opinions expressed. A&H Magazine/ Q1, 2022 www.pccwealth.com Private Client Consultancy Page 4

Interview with Andre w and Hollie Oliver - the husband and wife CEO and COO of Private Client Consultancy Q: What made you decide to start your own company? We had reached a point in our respective careers where we had made lots of contacts, met lots of people, and had great clients - we could see that the world was about to change dramatically due to Covid. We knew that the modus operandi and technology that was available in the international market was light years behind the UK and other domestic markets. We talked about a better way of doing things and decided to make it reality. Q: I’m sure there are several, but can you give us a few key examples of how you adapted and thrived in your business throughout the peak of the pandemic? It was mainly having a very clear vision of what we wanted to achieve and how we wanted to operate. I think the biggest realisation of knowing we had made that breakthrough was the day when we were only 4 months into it and a seasoned industry practitioner (who is not part of the business and didn’t really know us) paid the compliment that this must have taken years to build and cost a fortune. It hadn’t and it didn’t. I think having the right people on our bus and not sacrificing those standards has been key, as well as knowing what technology to make available. Q: Competition is healthy - But what in particular Q: PCC has come a long way in a relatively short period of sets PCC ahead of the rest in the financial services time. What are you most proud of achieving in that time industry? and why? A number of things – but, as I mentioned before, Hollie and I sometimes pinch ourselves as to what has I think that we have the right people in the right been achieved in the 16 months since we opened our places, and our technology, which is designed to doors. I think the thing which makes me most proud enhance the client journey but moreover enhance personally is that we all made the promise to ditch archaic the information and planning tools available to the and disliked practices – disliked by employees and often IFA, is second to none. detested by the public. Cold calling is one example. Q: What changes do you believe need to be made Covid was a catalyst, but every one of us had to have the within the industry, especially in light of the many courage to embrace new skills and practices to make a changes that have occurred in the past year and a positive change. Its now a million times better and half? healthier. We believe in more disclosure, more transparency, and a fair charging structure. I still can’t believe that so many companies are frightened of disclosing their fees and also that some companies still insist on charging monster up front fees just to access funds. Page 5 Private Client Consultancy Cont:

Q: Andy, you often mention ‘the right people on the bus.’ Q: You have aligned yourselves with some of the best and Can you elaborate on what that means, and why you use most strategic partnerships in the business. Why did you this particular analogy? choose these partnerships in particular? It comes from one of my favourite management books That’s a particularly great and crucial question. I suppose called From Good to Great by Jim Collins. He writes a Hollie and I have seen too many examples of partnerships chapter based on common traits that great companies being formed where the primary driver was price and demonstrate. profit, and not the true principles of client service, best advice, best offering, and performance. Many of the cultural aspects of the way we have set our stall out come from that book. The second big lesson he When external product providers and fund providers see puts forward is First who...then what. He strongly what you are achieving, then there is almost a queue of argues and then demonstrates with examples, that you providers wanting to help to look after our client’s money. fill your bus with the right people, decide which seat The skill is to kiss a lot of frogs but to understand exactly they should occupy, and then decide where to go. what the end goal is. It is one of the things that we have all done very well. It is never just me choosing, which can be If someone doesn’t like your particular bus they will fatal. But always a minimum of three people. And if one most often get off at the next stop. Most people stay has doubts, then that’s the end for that potential on, and we have been super conscious that if we have partnership. That goes for processes and other aspects of the right person, we accommodate which seat they are the business also. occupying, changing them if necessary. If you don’t, then the bus is often taken in the wrong direction, or Q: With so many exciting projects on the horizon – what’s the passengers are too rowdy. I particularly love it the next big thing(s) for PCC? when people call it the fun bus. We are in the throes of a MiFID license, have just launched Q: As COO, Hollie, what would you say is the most our own platform, and believe we have all of the important factor in the support your teams provide infrastructure ready to grow in a sustainable fashion. when it comes to taking care of your clients? Remember though, to grow at a certain rate or in certain locations we need the right people on the bus to make it In many other companies, sales support is a 9-5 happen: First who – then what! admin role, where input is purely functional and back office. Q: Where do you see the company in the next 5 years? As the financial services world has become much Almost an impossible question to answer. I want to be a more complex, the quality of the sales application fully recognised brand. Clearly, I want us to be financially pack we produce for our clients needs to be 100% successful – but the softer, fuzzier vision is that I want it accurate. The checks and balances we insist on to be the place to work; I want our clients to have ensures that happens. exceptional opinions of us; I want our employees to have developed into the best versions of their professional At PCC we act as another set of eyes and ears for our selves. We are on the way to that. advisers. Therefore, our sales support team is a fundamentally important part of the personal contact Q: And finally. What important ‘take-away advice’ can we have with both IFA and client, as well as the you give to those reading this today? relationship building process that we consistently maintain - meaning our service, and the standard of If you work hard and do the right things, right: success that service is second to none. will always follow. Private Client Consultancy Page 6

THE TAILORED GENT A suit is one of the biggest style investments a man can make. “The clothing that we are buying is becoming less cosmopolitan and more and more…well, British. This observation is based on the fact that, in recent years, the UK textile industry has been growing surprisingly quickly. A report published by The Alliance Project and cited by New Economy claims that this industry is now worth £9 billion to the national economy.”



Women in Business Watch out chaps! Women entrepreneurs statistics show that 252 million entrepreneurs out of approximately 582 million in the world are female. Added to 153 million women who have already been running businesses, we can see the impact of women on business. Research also shows that women now account for 41% of the global workforce and control more than $20 trillion in annual spending. Predictions are that this number will go up to $28 trillion in the next few years. Page 9 Private Client Consultancy

It's a London THING LONDON VIBES London is one of the richest cities in the world, with more than 80 billionaires. In fact there are more billionaires in London than any other city in the world and more than 80% of all billionaires in the UK live in London. LON DON At Harrods, the world famous luxury Knightsbridge department store, if you have the money, you can buy almost anything. Apart from alligators, airplanes, and property. Private Client Consultancy Page 10

Portugal Portugal has been ranked as one of the best places CHANGES TO THE to retire. Specifically, the Algarve was named the most desirable region by both CNN and Forbes. GOLDEN VISA SCHEME It is estimated that at least 100,000 retirees are living in the Algarve—many being British. This is of course due to the beautiful coastline, sunny weather, and excellent cuisine Additionally, the country’s retirement tax laws have made Portugal an ideal retirement location. To make the country a more appealing destination for foreigners, the non-habitual tax resident regime (NHR) was introduced in 2009. The NHR provides a discounted flat income tax rate to residents, and it is available to anyone who has not been a tax resident in Portugal for the previous five years. With the NHR, any international income is exempt from taxation for 10 years. A popular way people have been retiring to Portugal since Brexit is by applying for a golden visa. This kind of visa provides a residence permit to those who purchase a property or properties that are above a certain threshold. It also offers a pathway to a passport. However, since January 1, 2022, the investment amount has risen to €500,000. Additionally, it is no longer being offered in Porto, Lisbon, and highly populated coastal regions. Page 11 Private Client Consultancy

The scheme is ending in these places partly because it achieved what it was initially established to do—encourage investment. Property value has risen in many areas in Portugal largely because properties have been built to specifically target buyers with golden visas. To continue encouraging investment in low- density areas, the golden visa is still available within the rural parts of the country. When news broke that the scheme was changing, applications saw a huge increase from those who were hoping to be approved before the end of 2021. The golden visa is not the only option, though. While it does permit certain rights that other visas do not, those who are looking to relocate to Portugal may want to consider the retirement visa (D7) or the Immigrant Entrepreneur Visa (D2). The D7 visa requires applicants to prove they meet the income requirement of €665 per month. Under this visa, working for a Portuguese company is not allowed. The D2 visa allows you to establish a business in Portugal. You may qualify for the NHR tax scheme under both visas. With careful examination of your circumstances, moving to Portugal is still possible. Reach out to your Wealth Manager today to discuss your retirement strategy or email us at: [email protected] Private Client Consultancy Page 12

Living In Spain As An Expat Without doubt, Spain's climate, culture and stunning coastlines have long held it as being one of the most desirable expat destinations. It is still the number one destination for so many of us who are considering relocating abroad for a healthier and more relaxed lifestyle. Europeans especially love Spain for its proximity and glorious weather which lasts for the best part of the year. Many people who have already moved to Spain wouldn’t just say it was a good idea, they’d say it was the best idea they ever had. However, it's not the same for everyone. After all, one man’s meat could be another man’s poison. The only person who can really say if moving to Spain is a good idea - is you. With that said, there are a few obvious questions to ask yourself that should ensure your chances of loving your new life in Spain: Do you have some form of income and financial security? Are you the type of person who can cope when things don’t always go to plan? Will you ‘really’ make an effort to learn the language? Things happen slowly in Spain, sometimes frustratingly slow for expats. Mornings can easily stretch into afternoons, and in August, the whole country shuts down for one month as literally every Spaniard goes on vacation. Just like any country, Spain has its advantages and disadvantages. For expats, there are definitely more advantages than disadvantages when to moving to Spain. The cuisine in This is a vital consideration, especially Spain is for retirees. You naturally want your retirement income not just to last, but to thoroughly allow you to afford a better lifestyle than appealing, the you would have in your home country. wine is delicious, the history of the Living in Spain is cheaper than in the USA, UK or any other northern nation is European country. fascinating, and For a single person, a budget of €2,000- the flamenco 2,200 a month is enough for a dance is an art comfortable life in a big city. in itself. If you set your eyes on a smaller town, you will only need around €1,800 a Page 13 Private Client Consultancy month.

If you prefer a more temperate climate, The weather in Spain gives you endless Northern Spain is cooler. Alternatively, if you opportunities to live al fresco – a top reason why want as much sunshine as possible, the Costas the country is so appealing to sun-starved are ready and waiting. northerners. Whatever you fancy doing - much of the scenery in Spain is breathtakingly magnificent. If you’re a winter sports enthusiast or a lover of There is most definitely a part of Spain that appeals the great outdoors, what about the Pyrenees or to each and every one of us. the Sierra Nevada? If the dream of island living appeals most, you have the Spanish Balearic Settling down in a new country might seem daunting. Islands and the Canary Islands, each with their However, if you’ve planned well and thought things own unique character. through, Spain can be the best experience of your life. It gives the opportunity to enjoy a healthy lifestyle and beautiful weather for less money. If you are retiring to Spain from the UK, ask us about what your pension options are in Spain and how your pension income can be taxed there. [email protected] Private Client Consultancy Page 14

WHAT DID COP26 ACHIEVE? Did the UN conference make sufficient strides towards a greener world? In November of last year, leaders from around the world came together in Glasgow for the United Nations global climate summit. The two-week conference centred around plans for achieving a low-carbon future. Strategies for how to combat climate change are complex, and the real- world solutions for how countries will actually achieve these tremendous goals are convoluted. Therefore, we have compiled a list of the most important agreements made at last year’s summit. Page 15 Private Client Consultancy

Key outcomes They also must make these plans (which will include detailed accounts for how the country is making progress Scientists say that to slow the effects of climate change, in reducing emissions) publicly available. This will provide we must not exceed 1.5°C of global warming. more autonomy to both consumers and investors. It will allow them to make more informed decisions about At the rate of which carbon is being emitted into the whether they want to make contributions to a company. atmosphere, the world was not on track to reach this goal by 2030. Thus, the conference took what had been Unsustainable trading proposed in the 2015 Paris Climate Accord further. It pushed countries to pledge to implement tougher The international carbon markets are changing. That has practices to meet this crucial target. been true for some time. However now, more stringent rules for how to govern these markets are being put in Many nations have agreed to be more rigorous with their place. For example, countries with large forest areas will policies, but what exactly will these tougher practices now be able to trade some of the prospects for carbon- look like? sucking with nations that pollute heavily. Reducing emissions How this will affect the finance industry The current carbon emission levels are unsustainable. Private sector financial firms whose cumulative assets Therefore, the Glasgow Climate Pact made it so nations total $130 trillion signed the Glasgow Financial Alliance would need to present updated plans at next year's for Net Zero (GFANZ). This requires the dominant players conference for how they will improve their 2030 targets. within the financial industry to decarbonise portfolios by 2050. Global superpowers like the US and China are notorious for having weak climate plans. This pact will help ensure The organisers of COP26 are demanding that the entire that they are on the path to decreasing their carbon financial sector changes. These changes will undoubtedly footprints. Additionally, over 100 countries—including six increase risks associated with transitioning asset and loan of the world’s largest methane polluters—joined the portfolios. Global Methane Pledge, which will reduce methane pollution by 30% by the year 2030. There are trillions in both the private and the public sectors, which means that an overhaul of the former Non-renewable energy system will result in some growing pains. This is to be expected, and many firms have already started the Delegates agreed to push efforts to reduce use of coal transition into incorporating more sustainable funds. power in plants that have no technology to capture and store carbon. At Private Client Consultancy, we offer our clients ESG fund options and are committed to putting sustainability Other agreements included taking steps to end the at the centre of our investment process. In doing so, we financing of overseas fossil fuel projects, the phasing out recognise that climate risk management is essential, of coal use in general, and working towards stopping which is why we have partnered with trusted companies subsidies for fossil fuel. like Pacific Asset Management to assess the risks. Funding for adaptation Going forward Defences against the rising sea levels, stronger power While some say the conference was a step in the right grids, and more effective extreme weather warning direction, others argue that it was not enough, systems are necessary for every country to protect its considering the catastrophic nature of climate change. citizens. What is a positive development is that the conversation is shifting and targeting more issues. However, these preventative measures are costly. Poorer countries have a more difficult time shielding themselves Therefore, while the conference did not address all of the from the changing weather patterns that are being concerns that many have about the environment, it did caused by climate change. Therefore, wealthier countries signify a notable change in the global strategy. vowed to double the funding for such projects by 2025. Private Client Consultancy Page 16 Transparent reporting Some companies have already begun cultivating a culture of transparency by making their emissions reports available to the public. Many countries have not yet made this a legal requirement, though. The summit made it so that nations will need to follow a set of standardised emissions reporting practices from 2024.

In a nutshell SUSTAINABLE INVESTING The average portfolio is already impacted by sustainable trends. The question is whether when constructing a portfolio, the investor maximises the opportunities and manages the risks to adapt to a changing world. To build a sustainable portfolio, the first step is to understand your current ESG profile. [email protected] Page 16

IMPACT INVESTING Impact investing is gaining more attention among investors today, especially with the Millennials and Generation Z. The growing popularity of impact investing is not anecdotal, as a rising number of asset owners and managers have turned to impact investing in pursuit of meaningful financial and social gains. In a nutshell, impact investing focuses on generating positive returns for investors and society in general.

ESG & Pensions Page 19 Private Client Consultancy

To meet the demands of the climate conscious ESG screenings also do not always perform complete consumer, the finance sector has adapted by analyses. ESG funds seek out companies with diverse promoting more sustainable funds. However, while boards, but the analysis sometimes stops there. For there has been a lot of buzz around the ‘E’ in ESG example, the ESG score of one technology company (environmental, social, governance) investments, rose when a woman was added to the board. This is the ‘social’ aspect has largely been left out of the seemingly a positive advancement, but the problem conversation. was that she had previously been banned from being an officer or director of the company because of ESG is more than just the ‘E’ option backdating. Perhaps the urgency to incorporate sustainable Therefore, a company may be corrupt, but if it has a funds into portfolios is because climate change diverse range of employees and people in leadership seems to be a more immediate threat. After all, positions, it may still be scored favourably. human life is dependent on an inhabitable environment. However, social issues more What does this mean for pensions? directly affect people, and implementing social policies would have more of an impact on The British government first introduced ESG policies individuals’ daily lives. at the end of 2019. It required pension schemes to outline how they were addressing ESG factors in Additionally, social issues are more ambiguous their investments. More recently, in March of last than the environment. The ways in which we can year, a Call for Evidence was launched to examine tackle environmental problems are more straight how pension scheme trustees are including social forward, as a direct line can be drawn between a factors in their ESG policies. heavily polluting society and the effects of climate change. Pensions have perhaps previously been viewed as a mundane, albeit necessary, part of life. Now, many The data on carbon emissions is clear, which in are looking to pension schemes as a way of creating turn makes the solution obvious: if these change. More than ever before, people want their emissions are reduced, the environment will pensions to reflect their values and beliefs. However, improve. because governments and policymakers have not put social issues as a top priority like they have the Therefore, governments around the world are climate, this has therefore been reflected in pension devising strategies for how they will achieve a schemes. net zero goal. We are still in the early days of government However, data for societal matters is more sanctioned ESG efforts. complicated. The causes of social problems are not always clear. There may be multiple different Social investing is not in the spotlight as much as factors contributing to one problem, and there green investing is, but this will evolve over time. are myriad ways for how these problems can be As consumers continue to demand social change, addressed. the government will be forced to implement more policies that target these issues. In turn, there will For example, ensuring that there is diversity in be more socially conscious funds to invest in. the workplace is not a one-size-fits-all-solution like how putting a limit on carbon emissions is. As of right now, it is up to the individual to determine what matters to them. Social criteria examine how a company manages relationships with its employees, suppliers, If it is important to you that your investments align customers, and community. This data is difficult with your beliefs, then consulting with a trusted to obtain. It requires analysing what groups are financial adviser is imperative. not represented within a company and why these discrepancies exist. At Private Client Consultancy, we routinely conduct research into ESG opportunities and partner with With so many different variables at play, the qualified experts that assess the risk associated with issue becomes more complex. these investments and carefully analyse their ESG scores. [email protected] Private Client Consultancy Page 20

The Youth Go big (or go home). &Financial How countries are helping younger Literacy generations gain financial freedom It is no secret that promoting financial literacy in The UK has largely implemented financial literacy school greatly benefits children and other young training in schools. It is included in England’s people in general. Financial education is essential national curriculum in secondary schools. Some for one’s financial freedom. Research has shown MPs are calling for financial education to be that financial freedom leads to happier and included in primary schools. In Northern Ireland, healthier lives. Scotland, and Wales, financial capability is included in the curriculum at an earlier age. Unfortunately, so many are left behind and never obtain a basic understanding of savings, ISAs, Financial education is not currently mandated in investments, and retirement. This lack of the US, but some cities are taking it upon knowledge may result in detrimental effects on a themselves to test out creative strategies for person’s mental health and financial stability. increasing financial literacy amongst the younger population. For example, New Orleans, Louisiana Thus, financial literacy contributes to the health has partnered with companies like Mastercard and wellbeing of a society—both for the individual and MoCaFi in their Crescent City Card Program. and for the economy. Studies have shown that financial education has a direct impact on young The primary focus of the program is to provide a people’s ability to save, open a bank account, and be group of 125 people aged between 16 and 24 with confident with managing their money. When a $350 a month over a period of ten months. The student is taught this vital information, they are card that is provided to them will also grant access better prepared for managing their income as an to recreation centres established by the New adult Orleans Recreation Development Commission. Countries are becoming privy to the idea that this Stockton, California tested out a similar program kind of education should be implemented into for their citizens. Economic researchers found that school curricula to make future generations more it resulted in more full-time employment along financially literate. with improvements in the mental health of those who received the aid. In Europe, there are currently 35 countries involved in the European financial literacy Without government intervention, there are still movement. Within this movement, there are well steps one can take as a parent or educator to over 100 initiatives promoting education and promote healthy finance habits. First, it is imperative literacy around finances. These initiatives are to begin teaching about finances early on. Getting a looking to educating the youth. The hope is that child to understand and be comfortable with the economic problems and individual debt may be concept of money by the age of seven is a great place solved by equipping younger generations with to start. more financial know-how. Parents may create payslips for monthly chores and In a joint effort, Germany and Austria have set up a “direct deposit” scheme into the child’s bank implemented a banking competition in secondary account. Some banks even offer children’s bank schools where students attempt to successfully accounts for those aged 11 and older. Opening an run virtual banks. In Spain, the Asociación account for your child is a great opportunity to Española de Banca (AEB)—that is, the Spanish introduce more complicated financial concepts, such Banking Association—developed the “Tus as interest. finanzas, tu futuro” (Your finances, your future) program. This allowed for over 7,000 students to While these approaches differ in some ways, what learn about finance from various volunteers they have in common is a dedication to the youth, employed by banking entities across the AEB. financial freedom, and a more equitable future for all. Page 21 Private Client Consultancy

Private Client Consultancy Page 22

We spoke with digital artist and NFT trader TYLER WEITZ And asked ... What in the world iNs anFT? Page 23 Private Client Consultancy

Tyler Weitz, known by his social media handle Jordyn Austin, Marketing Assistant at Private Client @twizzle_stix, is a digital artist, animator, and musician Consultancy, was lucky enough to sit down with Tyler to based in Los Angeles, CA. talk about what inspires him to create, how he views the emerging technology, and what this all means for the For years, he has been working in graphic design as Art future. Director for the American software company, BlackLine. Additionally, he has built an impressive resumé by How did you get involved in selling NFTs? collaborating with brands like Ticketmaster, Snapchat, Comedy Central, and many more. It kind of fell into my lap. I’ve been working in 3D for a while —6 or 7 years now. And NFTs started strong in the 3D Recently, Weitz has emerged as a leading figure in the community. It’s branched out a bit more now to all digital arts community. With thousands of followers on different types of media and art, but for whatever reason, I Instagram, Weitz has created a lucrative business for think the word got out around the end of 2019, early 2020, himself by selling his 3D art as NFTS. within the 3D community. What is an NFT, you ask? It’s complicated, but stay with It’s already a community that kind of pushes the me here. boundaries with technology and experimenting with future tech. So, 3D art, NFTs, and this digital blockchain type of An NFT is a non-fungible token. transaction all kind of met in the same place, in terms of pushing tech. If something is fungible, it can be replaced by something else of the same value. For example, a £50 note can be I think that a lot of small artists started picking up on this replaced with five £10 notes. If something is non-fungible, idea of actually being able to monetise and sell 3D art, though, it is one-of-a-kind. A print of Van Gogh’s The Starry which really didn’t exist in the same space as maybe fine Night does not have the same value as the original art or other art for sale. So, it was a way for 3D artists to painting, and so the two are not interchangeable. start selling their art in a space where we’re taken Therefore, The Starry Night is non-fungible. seriously. A non-fungible token (NFT) works similarly to this. I found NFTs through some other artists that I follow. I However, instead of physical art, everything takes place in started seeing people talking about this NFT thing. I didn’t digital spaces. The art being sold is intangible, and it can know what it was, but I saw that they were selling art, and be anything digital—literally, anything. The first ever it kind of just worked in my favour. Tweet, posted by the CEO of Twitter, sold as an NFT for almost $3 million. I’m already doing what they’re doing. I’m making art all the time, I’m not selling it, but now there’s a platform where I An easy way of framing the conversation is to describe NFT can. trading as being akin to art collecting. An art collector may have a gallery full of paintings. An NFT trader may have a digital wallet full of unique blockchains for digital memes they purchased. While NFTs range from anything between a tweet and a viral video, Weitz can be found primarily within the 3D art space. He creates his art with digital software and then sells the blockchains to admirers of his work. Private Client Consultancy Page 24

Traditional artists typically sell their work in physical So, how do buyers pay you? Do they use crypto? galleries, at art fairs, etc. Can you explain what an NFT Yeah, it’s all done in crypto. There’s lots of different types transaction looks like? of crypto. There’s lots of different markets that accept different kinds of crypto. Most people probably do it in Well, that’s probably what confuses people, because it’s Ethereum. When I first started doing NFTs, I’d say non-fungible. So, it’s not a physical item that you can hold Ethereum’s price was probably around $800. And now in your hand. It’s all in a blockchain secured on the today, it’s over $5,000. internet. You buy this piece of art, and it is in your digital wallet secure to you. It’s kind of like buying stock in the Right, but aren’t things like this volatile? Any time Elon way that it works. Musk tweets to his millions of followers to invest in some new cryptocurrency, obviously the value skyrockets. When you buy stock in a company, no one sends you your That’s another question. literal brick of the company—it’s all kind of up in the air A lot of people are saying that these NFTs and and on the internet. cryptocurrencies are going to create financial bubbles, which kind of happened with the whole GameStop, A good example of how you can think of NFT ownership is Robinhood, Dogecoin craze. The value far surpassed the by comparing it to the Mona Lisa. There’s one Mona Lisa, intrinsic worth of the thing, and then people pulled their but you can take a picture of it, you can go online and investments and lost money. download a photo of it and put it on your wall. But it What are your thoughts on that? doesn’t have the same value. You don’t have the Mona Lisa. I think that’s all true. There’s definitely a lot of hype built into it. I think that will It works the same with NFTs. flatten out over time. It’s so early in the whole blockchain and NFT space that people are adopting it just because it’s For example, a Beeple piece of art sold for $70 million. You a buzz word. But I do honestly think that it’s something could take that piece of art and print it out, but it wouldn’t we’re going to be hearing about for a long time. have the same value. It’s not certified as yours. It’s going to evolve and become more regulated, but we’re still in the wild west or the gold rush era of NFTs. That leads me into my next question. How are NFTs If you think about it from the last year’s perspective, even protected? I remember hearing that the ‘Charlie bit my when people were making millions of dollars, there was finger’ video was sold as an NFT, but you can still find basically no direction from the government about what to clips of it online. Even if it’s not the exact original, you are do with all of it. still watching what is essentially the same video as the Besides getting taxed on it, there’s no regulations or person with the original blockchain. anything. So, I’m just wondering how they are protected and if a lot of stealing goes on. That’s interesting. I don’t know how I feel about that— selling a part of pop culture as an NFT and then deleting it off the internet. I’m not really in support of that. I think that’s kind of a way to hype something up to sell it for more. But at the end of the day, that doesn’t change the principle that using blockchain technology authenticates through your digital wallet that you own this thing, it’s in there, and no one can steal that. It doesn’t matter if I have the image or not. What matters is that the image is authenticated in my wallet that I own this thing. It’s almost like it goes beyond the actual piece of art. You can imagine it, like I said, as a piece of stock. It becomes almost like a coin or a form of currency within itself. Page 25 Private Client Consultancy

It seems like this all might lead into some sort of global With all of that said, I want to talk more about you and your currency. work. What inspires you to create your art, and could you walk me through your process? I think the government probably hates that. It’s definitely harder to track crypto. It also opens up a world to As I’ve mentioned, I’ve been doing 3D art for quite a while. I laundering. I mean, who knows. probably started around 2014. My goal was to get better by making art almost every day. Everything kind of trickled It’s an interesting technology because I think a lot of good down from there. can be done with it, and probably also a lot of bad. And that’s with anything digital. But I think there’s the potential I was making art 5 days a week, sometimes 7. So, I was just for NFT application far beyond just selling art. really kind of honing my skills. For example, it could change digital ticketing. Being able to It all came together when NFTs happened because at that buy an NFT that’s actually your ticket to a concert, and now point, I had just been making so much art that I felt like I it’s in your wallet—you can then bypass Ticketmaster. could jump into this crazy hype train, so to speak, and see where it goes. Instead of them being the middleperson, now it’s in the blockchain and you’re the one who buys it without fees. A lot of my art is kind of sci-fi and experimental. I get a lot That’s an idea I thought of for how you can create a new of my inspiration from retro tech, just because I’ve always ticketing company that sweeps Ticketmaster off the floor been so into technology. In a lot of my stuff, you can see because now it’s all done in a system that’s fair—it’s for that I draw from old-school computers and phones. Very trade. much influenced by growing up as an early 2000s kid. That comes out in my art. So, there’s applications that go far beyond the piece of art. But at the moment, the biggest use of NFTs is mostly in I kind of took my stand with my first collection of NFTs. owning media or owning a stake in some kind of media. It was a collection of these abstract sci-fi items that kind of have a computer element to them. There’s no definition of what the item does. It’s up to your interpretation. But they’re all animated pieces and it’s a cohesive collection of experimental gadgets. I called it the ‘Founder’s Collection’, and I’ve had some pretty good feedback on it. I have a lot of fans now that came from that collection. \"For me, it’s just about getting into a phase where I can make something that I really like, and also create something that people, at least in the demographic that I’m searching for, relate to.\" You can find Tyler at instagram.com/twizzle_stix His art is available on Rarible, a community-owned NFT marketplace: https://rarible.com/twizzle_stix Private Client Consultancy Page 26

irtual VReality How tech is confronting depression amongst our most vulnerable Page 27 Private Client Consultancy

In the early 1960s American filmmaker Morton Heilig debuted what is thought to be the first virtual reality (VR) technology. He called his machine the Sensorama. The Sensorama looked vastly different from the VR goggles we see today. Instead, it was a large contraption that resembled a modern-day vision test machine found at the optometrists. The Sensorama never became a success. However, his belief that VR would be the future of filmmaking was not wrong if one is to consider the capabilities we have for watching movies today. How virtual reality can improve mental wellbeing This ability to create a fully immersive experience by using technology is perhaps what drew Carleigh Berryman to virtual reality. The likes of Elon Musk have voiced real concerns regarding the unknown aspects of artificial intelligence, as so little is known about the true capabilities of this technology. Contrastingly, Berryman viewed it as a means for doing something good. She realised that a more technologically savvy society could contribute to the human experience in a meaningful way. In 2019, Berryman founded Viva Vita. The company takes virtual reality technology to senior living facilities to improve the mental health of residents. The idea for the company came after Berryman’s ‘Granny’ expressed to her that there are some mornings she doesn’t see a need to get out of bed. Unfortunately, this feeling is not unique to Granny. Berryman lives in the US where older adults account for 18% of deaths by suicide, despite making up only 12% of the country’s population. A staggering statistic. Berryman became committed to improving the quality of life for the elderly. With the VR headsets, seniors can now visit incredible destinations all around the world from the comfort of their homes while still maintaining the care they need. When 2020 arrived, Viva Vita proved to be a saving grace for both seniors and caregivers. Initially, the company offered in-person services, during the pandemic, however, this was no longer possible. Many of these individuals already face depression, and the lockdowns certainly did nothing to improve feelings of isolation. Berryman's team created a bespoke software that allowed the caregivers to facilitate the virtual reality tours, either for one person or an entire group. It became clear that Berryman had achieved her goal of enhancing this ‘quality of life’ aspect for the seniors when one resident expressed that VR gave her a reason to get up in the morning. Where virtual reality and finance intersect Virtual reality investments have seen an enormous amount of success. Viva Vita is one example, but there are many others. In fact, the global market is projected to triple over the next seven years. As a billion-dollar industry, virtual reality is undoubtedly one to watch. As it becomes less niche and is implemented into more everyday aspects of life, it will become increasingly affordable and user-friendly. As VR becomes accessible to a larger demographic of consumers, it in turn becomes a more attractive option for investors. An incredible feat it is that one woman’s love for her grandmother was the catalyst for improving the lives of so many others. Private Client Consultancy Page 28

TECH TAKEOVER? Are contactless check-ins and robot bartenders the future of labour? We all know how it goes. You call customer service, get barraged with an endless flow of automated responses that do not acknowledge your reason for calling, and hang on the line until frustration ensues. It is only once you have hit every possible button that you are finally sent to a live human to help sort out your problem. Up until a few years ago, these kinds of robotic encounters were mostly reserved for telephone calls. Now, a global pandemic and a swathe of tech billionaires later, these interactions are becoming more regular. Are they soon to be par for the course? The future of labour is changing, and the pandemic has accelerated this change. During the height of it, businesses scrambled to figure out how they could minimise human interactions to decrease the risk of exposure to the virus. This is not something we will be seeing an end to soon, even though we are approaching a post-pandemic world. Recently, an Israeli firm created an all-in-one bartending technology called Cecilia.AI. Cecilia.AI takes your order using voice recognition and communication, makes the drinks, and serves them to you. This removes any need for human labour, making it so businesses will have less employees to pay. Instead, there is the initial cost of the machines and routine maintenance. Similarly, food delivery services like Uber Eats are launching self-driving vehicles that will bring your takeaway right to your door. Page 29 Private Client Consultancy

Another area which has been irrevocably altered by the pandemic is the tourism industry. With the travel restrictions that were put in place, hotels were tasked with figuring out how to make visitors feel safe during their stay. To do so, many businesses turned to contactless check-ins, thermal imaging cameras that read guests’ body temperatures, and even room service robots. Huge chains like Marriott and Hilton are all shifting to digital customer service. Some are even creating their own apps through which you can order room service, change the temperature of your room, and more. These apps also store your hotel room key, so there is no need for a physical one. Some dread the inevitable tech takeover, fearing that it will lead to more futile results and annoyed customers. They argue that AI can’t deliver everything a human can, and that while humans make mistakes, there are bound to be glitches within a new robotic system. Others believe that this is what is in demand now, that people no longer want to sit through small talk with the concierge or the person serving their pint. And of course, many business owners view it as an opportunity to save on labour costs. One issue with these digital changes is that they risk excluding people. For example, the elderly, some people with disabilities, and those without smart phones may have trouble navigating this new digital arena. Additionally, there are many who rely on people like the bartender at their local pub for their daily socialisation. Replacing human bartenders with robotic ones may foster a sense of loneliness amongst those who already have relatively few social interactions. While robots may lower operating costs and make for more efficient transactions, they do come at a cost. Is it a cost that could be detrimental to the backbone of our society? Private Client Consultancy Page 30

A Cautionary Tale Client X had a highly successful professional First, the large villa in Spain was not passed on to his career. children effectively. Though the property was written in the children’s names, the asset was subject to the Due to his hard work and dedication, he full extent of Spanish inheritance tax laws because it accumulated a vast amount of wealth and did not qualify as a gift. provisions to look after himself and his partner in As Client X still retained full use of the property, without paying market rent, this was classed as a retirement, as well as to provide a strong legacy “gift with reservation” and taxed as such. to pass to his children. The ultimate goal was to do this in a tax efficient manner, leaving as much Next, because Client X was domiciled in the UK and to his children as possible. his estate was over the nil rate band, a 40% inheritance tax was charged. Of course, he had not Client X started out by purchasing a large villa intended for this to happen. in Spain, which he subsequently put into the names of his children. He and his wife Client X was led to believe that he would no longer remained residents of this property and did be liable for the hefty fees because he had left the so without paying rent. UK 10 years prior to his death, and he had removed all assets from the jurisdiction. Client X based this He then removed all his assets from the UK to belief on the casual conversations he had avoid any further tax from being applied by the exchanged with friends. British government. However, before doing so, Client X never sought out professional, But... the information Client X received - regulated financial advice. Instead, he turned to was incorrect. the advice he received in conversations with so- called “self-made” successful individuals. They Unfortunately, the plans that Client X had provided him with informal tips for how to made to set up his children after he avoid inheritance tax. passed completely fell apart. His hard- earned legacy was eradicated because he The partner of Client X passed first. had not sought proper advice. This He followed some years later. What happened mistake caused his children to go through next was entirely preventable. a very lengthy probate period. His estate was therefore ravaged by various tax Peter Smith liabilities and lawyer fees.   Wealth Manager The moral of the story is to not follow in the footsteps of Client X. It is imperative Private Client Consultancy to seek professional advice. Estate planning and preparing a last will and testament require knowledge of a complex area of the law. The word of Bob in the pub is not a replacement for the word of a qualified expert. Unfortunately, the children of Client X learned this the hard way. Page 31 Private Client Consultancy

Health & Finance It’s no secret that balancing your health and It’s important to take control of your health and finances is tough. financial responsibilities. Maintaining good physical and mental health is This means finding a good balance between the two important for the long-term well-being of yourself that work for you. This enables you to enjoy life and those around you. We can’t always choose more fully now while ensuring enough money is set when we get sick, but putting more emphasis on aside for later on down the line when it comes to our own health now instead of prioritising work or unforeseen illnesses. other activities will help us in the future if an illness occurs. A financial plan is essential for taking control of your finances and accomplishing specific goals. In It would help if you took some time every day for short, a financial plan is a timeline for the big self-care activities such as journaling or getting milestones in your life. Your financial plan should enough sleep. This ensures that emotions won’t get include events such as buying a home, saving for bottled up inside, leading to financial stress later on retirement, and paying for your kids’ college due to poor work performance. education. Plan for Retirement Insurance In addition to having a good health insurance plan, While you may be tempted to skimp on insurance, it’s important to have a realistic retirement plan. remember that it protects you from catastrophes If you don’t think about your future, the time after that can send your finances spiraling. work will be stressful financially and emotionally due to a lack of preparation. This leads to an unbalanced life where taking care of yourself is not possible because there are more financial pressures from unexpected events in this stage of our lives. Private Client Consultancy Page 32

IN TION Inflation is a measure of how much the prices of As the year drew to a close, inflation rose by goods (such as food or televisions) and services 5.6% in November 2021 com­pared to the same (such as haircuts or train tickets) have gone up month in 2020 where inflation was in fact, over time. Usually people measure inflation by unusually low, two tenths of a per­cen­tage comparing the cost of things today with how point higher than in October 2021, and its much they cost a year ago. The average highest level since September 1992. increase in prices is known as the inflation rate. The prel­im­ i­nary data, pu­blished by the So if inflation is 3%, it means prices are 3% National Statistics Institute (INE), marked new higher (on average) than they were a year ago. ann­ ual highs for inf­la­tion in Spain, which rose For example, if a loaf of bread cost £1 a year ago with­ out int­ er­ rupt­ ion since March. and now it’s £1.03, then its price has risen by 3%. One of the biggest impacts of the November data was that, under the new reform, pensions How much was will increase by 2.51%. Overall, the effect of a pint in 1960? inflation on the pension system will cost the state coffers around 5.9 billion euros. The average house price was £2,530 while a pint of beer cost 8p, a loaf of bread 5p and a pack of 20 cigarettes would set you back just less than 25p. A season ticket to see Manchester United in 1960, when Sir Matt Busby was manager and Sir Bobby Charlton a star player, cost £8.50. Page 33 Private Client Consultancy

Official figures show that inflation across the Inflation rose above 5% in America and 3% in 19 European Union countries that use the euro Britain, and roared much higher in many currency spiked to its highest level in over 13 emerging markets. years as we moved into December of 2021. Some economists are warning of the imminent The spike was said to be likely to stoke return of the chronically high inflation of the pressure on the European Central Bank to 1970s. Developments, it seems for most but accelerate moves to end its pandemic stimulus not all, are that 2022 will put such fears to rest measures, as inflation is running at double its —but not before making all the central bankers target of 2%. sweat a bit. However, Andrew Bailey, Governor of the Bank As the cost of living rises, your spending of England, continued to defend his decision power erodes over time. And with bank to keep interest rates at record lows despite interest so low, you could be earning negative inflation rising. rates of return. In the years immediately before the pandemic, As income rises, how can you protect your worrying about inflation seemed as passé as savings and retirement income? Talk to bell-bottomed trousers and leaded petrol. But people who know. as the global economy clawed its way back from the deep recession induced by Covid-19, [email protected] the old scourge reappeared once again. Private Client Consultancy Page 34

Your MONEY WORKING FOR YOU If you have a high income and low expenses, you might accumulate enough to retire in 10 years. For most people, it takes closer to 40 years. But at some point, if you save and invest regularly, you should be able to live off the income generated by your investments—the saved money that’s working for you. The earlier you start, the more time your money has to grow. Saving money is incredibly important. It gives you peace of mind, expands your options for decisions that have a major effect on your quality of life, and eventually gives you the option to retire. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions. You can become one of those people, too.

The Millennial Investor Digital investment platforms are lowering the bar of entry for millennials and Generation Z investors, whose style of investing differs greatly from preceding cohorts. Before the advent of the internet, trading and investing was the preserve of the wealthy who could afford a private stockbroker. Later, with the development of telephone trading and low-cost execution-only services, investing was democratised. Millennials and Gen Z feel more comfortable being self- directed and do not see value in traditional financial advice. Affluent millennials are increasingly comfortable using technology to manage their money, believing that it gives them a greater degree of control than using other investment management methods. Millennials do not shop like their parents did, they don’t consume media like their parents did, and they will not invest like their parents did. With online investing platforms now, many people who would never have had a financial adviser can build a diversified, institutional-quality global portfolio at very little cost and with professional support and oversight. Younger investors want to build portfolios and invest in a customised way that aligns with their values without sacrificing performance. Engagement levels of old-school investors aren’t going to become lower in the digital age as many would think. If anything, it will be the opposite, with more older people gaining digital confidence and digital services continuing to improve. Private Client Consultancy Page 36

The UK Housing Zoopla’ estimates that there Market were 1.5 million sales last year, with the total value of A summary of 2021 and what's expected in 2022 - Andrew Davies, homes changing hands at Business Development Director - API Global £473bn, some £95bn higher than in 2020. 2021 was one of the busiest years for the housing market in more than a decade. The trends driving the market have been well discussed: Zoopla forecast that house prices will end 2022 at a ‘reassessment of home’ prompted by the pandemic, a +3%, a slowing in growth from today’s +6.6%. We ‘search for space’ as well as low mortgage rates, and expect c.1.2m sales this year, down from 1.5m last better access to mortgages for first-time buyers. Not year, and back in line with the average transaction forgetting, the stamp duty holiday. levels seen in recent years. The end of the stamp duty holiday on the 30th of The firm expects the house price gains seen over September 2021 failed to dampen demand from the past year to bring more sellers to the market potential buyers, which is up 30% on the five-year in the coming months. However, a continued low average. Thanks to the tapering-off period at the end of supply will support price inflation. the holiday, the anticipated ‘cliff edge’ is nowhere to be seen, and the pandemic-induced boom still has further It points out, that housing remains affordable in to run. many markets, and competition among mortgage lenders will also keep rates low, leading to So, what has the impact been over the last few continued strong appetite in the sector this year. months? Minimal. That’s not to say that buyer demand remains at the unsustainable highs seen back in March and April, but it remains steadily above the five-year average, some 28% higher. This suggests that those pandemic drivers of activity in the market remain in play. Zoopla Research, recently conducted a nationally representative survey of UK households which found that 22% remain ‘eager’ or ‘very eager’ to move home in the next 18 months as a direct result of the pandemic. This is significantly higher than the usual 5% in a normal market. As offices confirm their new working practices, more households will be reflecting on their options to move home. Another factor which may increase consideration around moving is the increased housing equity among homeowners. The average value of a home has risen by nearly £50,000 over the last five years. In one in seven local authorities across the UK, 2/3rds of homes have risen by more than the average, giving households more scope to make their next move. Page 37 Private Client Consultancy

Reflecting the regional trend, the cities with the strongest price growth were Liverpool, Manchester, and Sheffield, all located in northern regions. At the other end of the spectrum, London—where the typical property costs 11.5 times average earnings— recorded price growth of just 2.3%. From our own sales figures, it only emphasizes the robust strength of the UK housing market compared to most. In 2019, as one of the biggest suppliers of Tier 1 investment grade property to overseas investors via our Financial institutional partners, we sourced and supplied 379 units. In 2020, bearing in mind we were very much in the midst of a global pandemic and didn’t supply any units in April and May, we finished the year supplying 394 units. For 2021, we finished just shy of 450 units supplied, and 2022 is forecast at circa 500. This all suggests that UK property is viewed as not just a solid investment market, but also as a low-risk haven in severe economic uncertainty. c o n The U K pr o p er ty mm oas r ket is , an d w il l r t y tinu e to b e , th e t ex cit i ng p ro p e market to invest in. Private Client Consultancy Page 38

Cryptocurrency Exit Scams In 2018, the digital world was rocked when news broke that Gerald Cotten, Canadian Bitcoin investor and CEO of Quadriga Fintech Solutions, mysteriously died. Cotten was honeymooning in India with his new wife when he fell ill with gastroenteritis. He was taken to a private hospital and died there. While the official cause of death was attributed to Cotten’s Crohn’s disease, no autopsy was performed. Page 39 Private Client Consultancy

In the month after Cotten’s death, Quadriga 1: Before investing, do an informal background continued accepting new funds. Customers check on the promoters and backers of the weren’t notified of the CEO’s death until a month company. Social media can often be misleading, after the fact. Suspicions were beginning to arise as fake companies can buy followers to create a around the details of the death when creditors false sense of legitimacy. If the developers and started questioning the authenticity of Cotten’s executives do not have any sort of background in death certificate. His name was misspelled on the the industry, or they have few connections, it document, and India is known to sell fraudulent would be wise to refrain from investing. papers. 2: Crypto projects always offer investors what is Additionally, the director of the company that called a ‘white paper’. All of the information about managed the hospital Cotten died in had recently the project, like how it was developed and a been convicted of financial fraud. detailed plan for how the coin will create business, is included in this document. If it is So, could Cotten still be alive? Had he faked his written poorly or any of it seems unclear or own death? ambiguous, that is a good indicator the scheme is not to be trusted. Quadriga customers were left furious and without answers as to why they were unable to 3: If something is being too heavily promoted, this access their funds. Without access to their funds, is also the sign of a scam. A recent example of this they couldn’t exchange or sell their coins. The would be the Squid token that was created after money—that is, hundreds of millions of dollars— the Korean drama Squid Game became the most was essentially gone, floating around somewhere popular series in Netflix history. The coin’s value in the ether. The only person with access to the jumped by more than 310% in just two weeks and money was Gerald Cotten. then collapsed. The creators walked away with a possible sum of over $2M of investors’ money. Cotten had prepared a will in the days leading up This could have been prevented, as there were to his trip to India. However, passwords and tell-tale signs of Squid’s fraudulent nature, such details for how to get into the account were as the white paper being riddled with mistakes conveniently left out of it. Not even his wife nor and investors having problems with selling their those close to him were ever provided with this tokens from the start. vital information. 4: Lastly, and this may be obvious, but if the If the conspiracy is true that Cotten did fake his company is promising unrealistic returns, stay own death, then this would be a prime example of away. a cryptocurrency exit scam. Today, years after Gerald Cotten and Quadriga, A cryptocurrency exit scam is when the promoter investors have yet to see their money. The same of a coin vanishes, and investors’ money is true for victims of the Squid scam. disappears with them. The promoter doesn’t necessarily need to devise an elaborate scheme Evidently, it is imperative to be diligent with your like Cotten allegedly did. research into up-and-coming crypto projects and avoid those with obvious red flags. Because so many projects are decentralised and anonymous, criminals can get away with this kind Private Client Consultancy Page 40 of crime without ever being tracked down. What to look out for There are various signs to keep an eye out for when determining if a project is a scam.

Who has all the GOLD? TOP 10 GOLD RESERVES Largest Gold Reserves – Top 11/20 Nations More than 50% of the world’s wealth lies in the G-8 nations. Possession of gold reserves is one of the main reasons for 8 1.Taiwan: 423.6 Tonnes countries to hold such a vast amount of wealth. G-8 is a slightly 2.Portugal: 382.5 Tonnes outdated name for the annual meeting of the top global economic 3.Kazakhstan: 375.3 Tonnes powers. Conceived in 1973 as a forum for world leaders, the G8 4.Uzbekistan: 351.5 Tonnes has, for the most part, been replaced by the G20 forum since 5.Saudi Arabia: 323.1 Tonnes about 2008. 6.United Kingdom: 310.3 Tonnes 7.Lebanon: 286.8 Tonnes If you look closely, you’ll see that in the top 10 list, 6 8.Spain: 281.6 Tonnes nations, excluding the USA, have been global empires 9.Austria: 280.0 Tonnes from the 15th century to the 20th century: 10.Poland: 228.2 Tonnes Apart from countries, two other transnational bodies or Source: bullionvault.com international authorities hold gold reserves of significant value. They are the International Monetary Fund (IMF) and European Central Bank. Each Holding 2814 tonnes and 504.8 tonnes of gold, respectively. Page 41 Private Client Consultancy

Or you can also email us at: [email protected]

ES +34 951 204 994 PT +351 281 023 851 www.pccwealth.com

www.pccwealth.com

www.pccwealth.com