MySpace for millionaires? Facebook for the fortunate few? Ever since social networks have existed, brands have attempted to build small communities - on and offline - of wealthy elites, and most have failed. Why?

What is luxury? How does strategy in the luxury sector work? And what can it teach other brands? Marco Bevolo, one of the authors of Premium by Design: how to understand, design and market high end products, provides a vision of the business of prestige, desire and seduction.

HNWIs can take their pick of the finest luxury brands, defined by having a net worth of at least $2 million. There are 13.7 million of these consumers globally, but with so much to spend, how do they choose where to splash the cash first? And as their ranks grow, how will luxury shopping change?

Will premium brands step up to the luxury level? How will shoppers become more savvy in their spending? In what ways will luxury brands react to ‘digital’ and how do UHNWI really shop? As part of our Expert Outlook 2015 series we speak to three luxury experts about the promise of exclusivity, supreme quality and everything bespoke.