Posted purely for entertainment purposes only & If You need a laugh. 17th November 2006 Lavish: From top, Rosario Saxe-Coburg and Prince Kyril of Bulgaria, Nichola Pease and Gabrielle Sacconaghi As the immaculately coiffeured woman spoke, tears of self-pity welled up in her beautiful eyes. "Ive no childcare at all," she confided to her friend. "I have to do it all myself." Downstairs in the laundry area of her £4milion London town house, two Filipina maids and a housekeeper busied themselves ironing and putting away linen. "Ive just organised the school run, and Im exhausted," she sighed, sinking into the expensive sofa and examining her manicure. At that very moment, her seven year-old son, Sebastian, stepped out of the familys chauffeur-driven BMW at the door of his expensive Notting Hill prep school. Another Filipina ran after him, carrying his monogrammed grey school cap and sports kit. Back at home, his mother picked up the telephone to call her project manager, to enquire waspishly on the progress of the familys plans for a basement swimming pool, paid for with her banker husbands latest £1m bonus. "Thats what these women are like," says Rachel Johnson, author of the novel Notting Hell, which charts the lives of bankers wives. "They literally dont think they have help with the children unless its a Norland nanny. Third World help doesnt count." Welcome to the world of the City WAGs the new superbreed of bankers wives and girlfriends. These pampered creatures inhabit a rarefied world of extreme wealth, where the towels are always white and fluffy, a member of staff is employed to walk the family dog, and children are status symbols, indicative of their husbands massive salary and bonus packages. The men are todays Masters of the Universe the term coined by author Tom Wolfe in Bonfire Of The Vanities, to describe the alpha-male New York bond traders of the Eighties. The women are the social X-rays he chronicled, who exist on rocket and parmesan salad and employ a host of personal trainers, stylists and servants in order to hang on to their men in the face of cut-throat female competition. They are growing in number: a record 4,200 City high-fliers will collect bonuses worth more than £1 million each in the next few weeks, according to the Centre for Economics and Business Research 40 per cent more than last year. As a result of markets trading at a five-year high, an increase in mergers and acquisitions and competition for senior staff, an astonishing £8.8billion will be paid out in total. This week, Armstrong International, an executive search firm, revealed that European heads of corporation finance can expect to receive up to £5m. Senior workers will get around £1m, and even juniors at major banks such as Goldman Sachs, JP Morgan and Citigroup can expect around £350,000. "This is the fastest growing area of wealth creation in British history, and leaves the internet boom of 1999-2000 trailing in its wake," says wealth watchdog Philip Beresford. "We are seeing the emergence of British Masters of the Universe, and a global elite who are basing themselves in London. "Forget the £1m home £2m is the norm for these people. For £5m you will get a property with a bit of class, £10m for real luxury. For a London home with a large garden that pretends it is in the country, investment bankers and hedge fund managers think nothing of spending £20m plus. "An indication of the massive wealth generated is that the private jet market is enjoying the mother of all booms. You could have a decent-sized air force with all the private planes on order for real high-fliers in the Square Mile." Some WAGs are even said to use these jets for shopping trips. Major players in the City are taking home as much as £75m a year, according to society magazine Tatler. Glued to screens watching the Nikkei index rise and fall, or monitoring the markets via their Black-Berry, they have no time to spend their vast fortunes, however, which is where their wives come in. "The City WAGs are the chief executives on the home-front," says Beresford. "They take the high-powered decisions on how the money is spent. "Spending £500,000 a year on top of housing costs is the norm in this arena. The cash goes on everything from luxury items to car dealers, security firms, private schools and companies which organise tailor-made holidays. "These extremely glamorous women will employ an average of ten people to help them keep an immaculate home, look wonderful, take care of their stressed husbands needs, and bring up the children," explains Beresford. "They spend hours each week at the gym, and pay huge amounts for plastic surgery. They all drive 'Chelsea tractors' but many have chauffeurs in their pay, too. "Big families are status symbols for the City WAGs, because they are another excuse for stratospheric spending. Rachel Johnson says: "In this world, having four children shows you have the wealth to maintain a large household with the requisite staff, chill-out spaces, slate-floored larders and walk-in wardrobes. "Of course, theres also the Porsche Cayenne, the family skiing holidays in Gstaad and the second home in the Cotswolds. Its all highly competitive." The wives of bonus-rich partners in Londons City law firms tend to live in the leafy streets of Barnsbury, in Tony Blairs former stomping ground of Islington, North London, while the Square Mile spouses live in the exclusive stucco-fronted garden squares of Notting Hill. Here, sought-after properties change hands for more than £4.5m, while bankers homes in The Boltons in South Kensington, Mayfair or Knightsbridge cost even more. According to Savills, house prices in these areas increased by 22.5 per cent in the first six months of this year, and many sold for 20 per cent more than the asking price. Their children go to school at Wetherby School in Notting Hill, Pembridge Hall, Sussex House or Westminster Under School. Here, wearing traditional English school uniforms beloved of the nouveau rich, they are moulded for Eton and Harrow. Unlike the brash World Cup WAGs, these women are not brassy: they have their hair done at John Frieda, where they spend hundreds of pounds a month on subtle blonde highlights and styling, and lunch with girlfriends at the sophisticated restaurant San Lorenzo behind Harrods. They spend thousands of pounds a year on fashionable cultural events. Popular ones include First Night Club at the Royal Opera House, Covent Garden, which, for an annual subscription of £33,900, guarantees members four top tickets for the first nights of all productions, and a table at the Floral Hall Balconies Restaurant (plus complimentary champagne). At the top of the tree currently are the Hedge Fund WAGs. The current issue of Tatler notes: "Hedge fund managers are the Paris Hiltons of finance: sexy, rich and so confident you want to smack them. It is without question the business to be in right now. This new class of super-rich has become the talk of the town." Queen Bee in this circle is the blonde Gabrielle Sacconaghi, a chic European who is girlfriend to Louis Bacon of Moore Capital, described as one of the worlds top-ten hedge fund managers. Reputedly more powerful than the legendary investor George Soros, Bacon, 49, is by far the biggest of the daredevil managers who take big bets on the direction of stocks, bonds, currencies and commodities. He is said to be worth £558m, and closely guards his privacy. Sacconaghi accompanies him to polo matches, and moves in Britains most aristocratic circles. In May, she became godmother to Lord and Lady Dalmenys son, the Hon. Albert Caspian Harry, alongside Sophie, Countess of Wessex, and Viscount Strathallan. Conveniently for Sacconaghi, the divorced Bacon owns homes in Belgravia, Colorado and the Bahamas, a Long Island estate and nearby island, a grouse moor in Scotland and three private polo grounds. Then theres Rosario Saxe-Coburg, whose husband, Prince Kyril of Bulgaria, is a principal at GLG Partners asset management. She is often seen at charity events on the arm of her friend, Hugh Grant, because her husband is usually at work. Giancarla Alen-Buckleys husband, Michael, is co-founder of RAB capital. A member of the super-rich Forte family, she is one of Mustiques leading hostesses and a WAG ringleader organising social events from her £10m Holland Park townhouse. Crispin and Nichola Pease are known as the industrys Posh and Becks. The founder of Odey Asset Management, Crispin recently bought his wife a £300,000 diamond ring. Unusually in WAG circles, Nichola works she is reputed to earn £3.5m a year at JO Hambro Capital Management but only four days a week, so she can see her three children on Fridays. Their combined annual income is said to be in excess of £10m, and they own a six-storey Georgian home in Chelsea, worth over £6m. Michael Spencers wife, Lorraine, organised a party for his 50th birthday at their St Tropez mansion, hiring Robbie Williams, at a reported cost of £1m, to sing to 300 guests at the fabulous celebration.