The severe economic downturn has crimped spending in most income categories - except the ultra rich. If you're wealth drops from $30,000,000 to $20,000,000 that's still a lot of zeros.
Most people worth at least $30 million “are not facing a personal liquidity crisis and expect to spend as much or more this holiday season than they did last year,” said Russ Prince, the president of Prince & Associates Inc. The private-wealth researcher surveyed 518 people, each of whom own at least one jet.
They aren’t cutting back because of some kind of moral rationale,” Prince added. “They don’t feel guilty about spending."
I have no problem with this as long as they aren't ultra rich because of banking, the car industry, some other goverment bailed out industry.
Comments
JRodgers
December 06, 2008
I disagree. In times like these, the ultra rich cut back as much and as quickly as anyone.
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JB
December 08, 2008
Depends how you were raised. I was raised to treat money very carefully and I've been very lucky to make a lot. My losses are absolutely stunning if I look at them on an absolute basis, but less so (although still depressingly high) on a percentage of capital basis. It will be years before I lease a private aircraft for travel again, and yes I feel very guilty about spending.
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