Crisis, what crisis? Luxury boom shows staying power of ultra-rich
For the world’s richest, their money – and their lifestyles – really do seem to reflect a new Gilded Era. I can’t help but wonder when, and how, it will all end.
We may be heading for a global recession, but there’s one group of people who can’t seem to stop spending – the world’s richest.
While retail sales in general have been falling, and the stock market was down by 20 per cent last year, spending on luxury goods and experiences actually grew by roughly the same amount in 2022, as wealthy individuals unleashed their animal spirits.
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Financial Times
Rana Foroohar is a global business columnist and an associate editor at the Financial Times, based in New York. She is also CNN’s global economic analyst.
