Rich people all over the world, from bankers to celebrities, with the exception of the Greeks, are finally stepping up to the plate and offering to buy as many new luxury items as they can if it will help revive the world's ailing economies.
From Beijing to Tokyo, New York to Beverly Hills, Paris to Monte Carlo, them that has are opening the purse strings and buying up Lamborghinis, super yachts and Manhattan real estate like never before. Even North Korea's leader, Kim Jong Il is getting in on the act by attempting to buy two luxury yachts. But the US is onto him, and although the purchases would help the world economy that much more, the US government is steadfast in their aim to keep luxury items out of the hands of those who can afford them when used for evil purposes. Although we don't really know how that works.
Meanwhile, in China, luxury car sales are up more than 122% over last year. In Japan, at least 1 of every 2 women own at least one Louis Vuitton handbag. In fact, the Japanese are now buying twice the amount of luxury goods as Americans.
While the Chinese and Japanese are more likely to flaunt their new-found luxury social status, many of the rich in America are still trying to find ways to hide their wealth by purchasing luxury items on the sly, especially in light of the fact that they feel the present administration may be going after them for their fair share of taxes.
Whereas maybe 4 years ago, during the Bush administration, a Texas oilman would own anywhere from 5-10 high-end automobiles and house them in his multi-million dollar mansions in say New York, Dallas, and Los Angeles, he may now pay a service to have the newly-purchased luxury items shipped to various offshore asset havens where they'll be safe from the grubby hands of the less fortunate. Most of the uber riche believe that by merely continuing to purchase luxury items, they are doing their part and see no reason to pay elevated taxes on top of that.
There are still some high-end superstars who are slow to jump aboard the bandwagon, however, to help out their fellow countrymen. From Madonna to Paris Hilton, quite a few of these overpaid celebrities continue to lease their cars, jewels and yachts rather than pay for them outright. Until they do belly up the bar and start purchasing high-end luxury items like the others, we can continue to see a sluggish economy where, at least in America, the American dream is still just that, a dream.