Rich people spend how much would be satisfied?
For the wealthy, 2007 was the year that bigger was better -- from yachts and incomes to personal staff and art collections.
In 2008, the rich are likely to be uttering a new mantra -- downsizing. (
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The fallout from the debt-market crisis, along with growing concerns about inequality and the environment, are likely to usher in a year of moderation for the rich. Don't worry: Conspicuous consumption won't disappear.
Yet the recent surge in the population of millionaires and billionaires is likely to slow, at least in the near term. Buzzwords like 'mass luxury' and 'exclusive' are likely to be replaced by terms like 'authenticity' (
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'I think there is increased anxiety among the wealthy,' says Peter White, a New York-based counselor to rich families. 'But I also think there is a greater understanding of the interconnectedness of things, that what they do in their individual lives can have broader implications.'
wow goldHere are some of the most likely trends among the super-rich for 2008.
Conventional wisdom today says the wealthy are exempt from the forces of economic gravity. Luxury real-estate sales are booming, say real-estate agents, even as the rest of the housing market craters. Neiman Marcus is outshining Wal-Mart. The rich will continue to spend, we're told, because they're receiving the lion's share of the nation's wealth and income growth.(
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This has held true -- so far. The rich (especially the super-wealthy) will fare better than the broader consumer, since they have more of a financial cushion. Yet because so much of today's wealth is tied to f
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