New Billionaires-Only Bank Vault to Protect Ultra-Wealthy's Gold Collection
Wed, January 22, 2020

New Billionaires-Only Bank Vault to Protect Ultra-Wealthy's Gold Collection

As an increasing number of billionaire investors pay more attention to gold in light of heightened market volatility nowadays, International Bank Vaults found it opportune to open a new facility in London / Photo by: Bank of England via Flickr

 

Paul Tudor Jones is a billionaire hedge fund manager. In June, he spoke to business media outlet Bloomberg, remarking that gold is gaining more importance nowadays as an asset class. 

Sam Zell shares the same perspective as Tudor Jones. The billionaire real estate investor also had mentioned to Bloomberg in January that he had invested in gold for the first time this year. 

Zell cited that he believes the precious metal is a suitable hedge as the international supply of it dwindles. 

As an increasing number of billionaire investors pay more attention to gold in light of heightened market volatility nowadays, private vaults service provider International Bank Vaults (IBV) found it opportune to open a new facility in London. 

This bank vault will reportedly accommodate the new investments of high-net-worth individuals, based on the report posted online by Business Insider, an American financial and business news website.

Sean Hoey is the managing director of the forthcoming vault located in a mansion beside the Dorchester Hotel on ritzy Park Lane of the British capital. He announced that they will not deal with millionaire clients, but only billionaire ones.

IBV relayed that they already received a few inquiries from ultra-wealthy prospective clients. These billionaires are reportedly willing to pay $3.2 million yearly to rent a whole room for their precious gold collection.

When it opens next week, the new bank vault for high-end customers will reportedly be home to the most expensive safety deposit boxes in London. Each of these containers measures 2 inches tall, 6 inches wide, and 19 inches deep. 

The smallest of these high-end safety deposit boxes will be available for rent for $776 yearly. The new vault is reckoned to be heavily armored to accommodate its valuable cargo.

Moreover, it was built with steel walls to prevent robbers from tunneling in. Hoey remarked that they designed the new facility to give the feeling of an exclusive private members club to their clients, instead of making them feel like they are in a typical bank.

To complement the new vault for billionaires, IBV also bought a Rolls-Royce sedan that will chauffeur their affluent clients to and from the facility. The company recruited "white-gloved custodians" to assist their exceptionally wealthy customers with their personal belongings as well.