Filthy Rich

In the 'Hidden Brain' episode titled 'Filthy Rich,' host Shankar Vedantam delves into the secretive world of the ultra-wealthy through an interview with sociologist Brooke Harrington of the Copenhagen Business School. Harrington, in a quest to understand the lives of billionaires, trained to become a wealth manager, discovering the intimate and often hidden aspects of her clients' lives. Wealth managers, as Harrington describes, must engage in 'know your client' activities that go beyond financial details, venturing into personal matters such as family secrets, potential legal issues, and personal vices that could pose financial risks.

Harrington's research involved interviews with wealth managers across 18 countries, revealing that these professionals often know their clients better than the clients' own families. The wealth managers she spoke with recounted stories of fulfilling bizarre requests to demonstrate their loyalty and resourcefulness. For example, one wealth manager was tasked with procuring 1,000 sides of smoked salmon on short notice as a test of his abilities. The episode also touches on the disconnect between the wealthy and the rest of society, as exemplified by a story of a wealth manager traveling internationally without ever encountering passport control, highlighting the extent to which the ultra-rich can operate outside of normal societal constraints.

The wealth managers' roles extend beyond financial advice to include personal counseling, managing family disputes, and even breaking bad news to clients' children. Harrington points out that while wealth can amplify common life challenges, it also offers the means to navigate them discreetly. The episode further explores the moral and ideological dimensions of wealth management, with some managers viewing their work as a defense against what they perceive as unjust taxation, while others struggle with the ethical implications of their role in sustaining inequality.