And sales o ad ertising packages ha e been strong

Cash has hung on to Wine and Cellar, and has also acquired Aspinalls Magazine, Historic Grand Prix Cars Association Magazine (it's "the new polo" apparently), and Sudeley Castle 2006 Magazine. rom 2003 to late last year, he published Annabel's Magazine, the editorial o shoot o the exclusi e London nightclub. We are o ering ad ertisers the chance to talk to a community that has ne er been targeted in this way be ore."This is not entirely accurate, or one person who has targeted this community be ore, albeit in a more roundabout ashion, is Cash himsel . Our ad ertisers - and they might be people who can bullet-proo your BMW or a high-end art dealership - do not want to ad ertise in the T or The Economist because they are too mass market. And sales o ad ertising packages ha e been strong."I think we' e got a real chance to be a market leader," says Cash. "Traditional media are struggling because people are realising that you can be much more e ecti e, in terms o media strategy, i you target directly the people you are trying to reach.

They will all recei e a copy o SWMS (going cheap at ?195 a year, or our quarterly editions), and they ha e the choice o opting out. ery ew ha e so ar."At a certain tier o wealth," explains Cash, "at around ?8m - those subscribers will be called ' ounder subscribers' They will recei e a complimentary subscription or a year. At the le el below - people who are o high, but not ultra-high net worth - they will be gi en a trial subscription, and will be encouraged to subscribe, but they will not be gi en it ree or the whole year."Ad ertisers are encouraged by Cash's access to this unique consumer group. To do this, Cash in ested time and, one suspects, serious money, creating a pro ile o the 25,000 richest people in Britain. "This is absolutely not a luxury product and it is not a li estyle product Luxury has become ubiquitous, d?d?meaningless Our readers are discerning They don't want luxury gush We'd ne er show the inside o a pri ate jet. But we might tell you where to buy a jet with only one pre ious user."The trick with SWMS has been to persuade high-end ad ertisers that the magazine is reaching an exclusi e audience. There are, apparently, downsides to inheriting millions."The one thing the world does not need is another luxury li estyle title," he says.

So what we' e done is create a publication that addresses the need o these ultra-high net worth indi iduals."So SWMS runs eatures on high- inance matters such as pri ate banking, hedge unds and amily o ices. But it also runs straight- aced li estyle eatures that include such di erse, moneyed are as the pros and cons o pri ate jets, how to hire a pri ate in estigator, and "the perks o being an heir". What we' e disco ered is that a lot o people who ha e been ery success ul are ery good at making money, but not so good at managing it. The man behind this bold new enture is the appropriately monikered William Cash, a scion o the Cash name-tags ortune, and lately oreign correspondent and society writer or The Times and the London E ening Standard. It is with much bowing and kissing o signet rings that I ha e been in ited to the Notting Hill lat which he shares with his heiress wi e, Ileana Bulgari, to watch Cash hold orth to The Independent's dictaphone. "There is a community o ultra-high net worth indi iduals," begins Cash, without prompting "And there isn't any other title that targets them. I you're one o the 40,000 people in Europe in or abo e this bracket, a copy o SWMS will soon be winging its way to you, jam-packed with eatures and reports or your butler to enjoy o er break ast And i you're not in that price bracket, tough SWMS doesn't care about you. Spears Wealth Management Sur ey, a new title launched on 4 May, has an egalitarian guiding principle.