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“Winner takes all” markets

Like Hollywood, many industries are coming to be dominated by "stars" who can command multi-million pound earnings. What are the consequences of the rise of the "super-rich"? Will there be a revival of philanthropy?

Newspaper readers have recently been offered a new source of sensation: a sombre-looking bloke in glasses and beard, from London EC4. Not Melinda Messenger, but Gavyn Davies. Not sex, but money.

The occasion for this interest was the announcement that the New York investment bank Goldman Sachs is to transform itself from a partnership into a company quoted on the stock market, putting between ?50m and ?100m in the hands of each of its 34 London-based partners. The most prominent of these is Davies, its chief economist, a long-standing Labour supporter and friend of Gordon Brown.

Davies’s appearance on the…

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