Porsches, private jets, a phalanx of personal assistants, seafood kitchens and even personal advisers on acquiring fine art – they are all among the status symbols flaunted by chief executives.
The latest trophy will appear rather less appealing to many: an ice bath.
But having a cold water tub in your penthouse or mansion in which to plonk your shivering self is, believe it or not, a badge of prestige.
Celebrity fans of ‘cold water immersion’ – the fancy term for dunking yourself in freezing water – include pop stars Lady Gaga and Madonna.
The trend has taken hold in boardrooms and on trading floors.
The craze for cold water includes freezing showers and ice baths, where users dip into a low-temperature, sauna-style box or inflatable pod for a few minutes.
Trying it on for size: Hugh Wahla, former boss of fashion chain Urban Outfitters, is a fan of the big freeze
Like many a fad in the business world, it seems to have started in Silicon Valley.
Twitter founder Jack Dorsey says he starts his days at 5am with an ice-cold bath, just before he embarks on a five-mile walk to work. A cold dip is part of Richard Branson’s morning routine on his Necker Island.
Brewdog founder James Watt, who has an ice bath on the balcony of his luxury London apartment, claims it is the ‘single most important thing’ he does for his health.
Devotees claim there are plenty of physical benefits.
Exposure to the cold when alternated with a hot shower or a sauna, they argue, can improve circulation, which is beneficial for heart health. The cold can also help to numb pain receptors for those experiencing joint or muscle pain.
Bosses also believe it boosts their resilience to uncomfortable experiences, thus training their brains to better manage stress.
Some City slickers joke that the temperature of these dips is in fact much warmer than some investor meetings.
Hugh Wahla, a former boss of fashion chain Urban Outfitters and furniture shop The Conran Shop, is a fan of the big freeze. ‘Any time I face a new challenge, I remind myself that I went from hating the cold to loving ice baths,’ he raves, having just got back from a bone-numbing swim at the outdoor pool at Brockwell Lido in south London.
He even goes as far to say that experiencing ‘the bracing chill of the water’ is a ‘powerful way to build community and forge deep connections’ with co-workers.
James McMaster, boss of protein shake maker Huel, says daily cold showers make him ‘a better CEO’ while weekly ice baths help him to build mental endurance.
Managers at his company even took a communal dip together at an office party last year.
One UK technology firm founder says ice baths are popular with his thirty-something peers as a way to combat work stress.
Chilling out: Richard Branson taking a dip on Necker Island
It is even a thing on Wall Street. Vito Sperduto, head of RBC Capital Markets US, has said he hasn’t used hot water for years – even despite harsh New York winters.
Cold-water immersion can release ‘feel-good’ chemicals in the body.
Krissie Claire, who runs a marketing agency Kollectify, says she takes cold dips in the morning.
‘It’s self care, meditation, challenging, anxiety reducing, recovery for the muscles after exercise, a safe space and a place to overcome fear to prepare you for whatever comes at you,’ she says.
Many follow the teachings of Wim Hof, a Dutch motivational speaker dubbed ‘the Iceman’, who has popularised cold water immersion.
However, admiration for him has been clouded in recent weeks after accusations from his former partner that he abused her and her children for years. Hof denies these claims.
Ice baths come with health warnings, including a risk of hypothermia or frostbite should someone linger too long.
But anyone wishing to bathe like a boss can buy a cheap ice tub for less than £50 at High Street retailers, while fancier ones cost closer to £4,500.
Other City types head to venues such as Hackney Wick Sauna Baths in East London, which have barrels of freezing water. Or you could just take a cold bath or shower at home.
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