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We are well-off, but I'm not comfortable with excessive materialism. How do I tell my 15-year-old daughter that she can't have everything she asks for? Although she sees me occasionally buying expensive cosmetics or clothes for myself, I still feel it's wrong to buy her the latest mobile or designer clothes. She has everything she really needs.

Yours sincerely, Chloe

The world of the rich seems to be divided into two camps. One camp consists of those who believe that it's right to buy their children anything they want, from the latest trainers to a flat in Belgravia ("to give them a start in life"). They feel: "Well, she's going to inherit pots of money from me …