Millionaires move markets. Managing the money of millionaires should therefore mean that one can ride in the slipstream of their fortune-making endeavours. Or so the market wisdom goes. In this context, the global wealth management industry has been attracting a lot of attention. Its star has been in the ascendant. For the past decade, while other parts of the financial markets have stumbled, wealth management appears to have shone brightly – as a concept, if not as a successful business.