The other 1%
Updated: Aug 28, 2020
As the ultra-wealthy get wealthier and the gap widens still, what are some of the newer benefits to being rich?
Well if you're really really rich, it's whatever money can buy! Whilst most people worry about the impending apparent recession ..."the number of ultra-high net worth individuals (UHNWIs) – those with assets of more than $30m (£26.5m) – rose by 6% last year". This group is set to grow still, by 27% to 650,000 by 2024. Whilst almost half of the current number of UHNWIs live in the US, the growth of this group is set to come from countries including India, Egypt, Vietnam, China and Indonesia. Brands are catering to this group with opulent items in unexpected places, like League of Legends, where you can now purchase Louis Vuitton character skins, and if you get peckish while playing feel free to munch on a Supreme branded Oreo for the small ebay resale price of $25,000 AUD.
Luxury brands offer you ways to feel even richer, with other rich people Roll’s Royce has developed ‘Whispers’, an exclusive digital member’s club offering products and experiences geared towards the rich and wealthy. Whispers will be a digital platform where members will be able to have secure and private connections to other like-minded people (the also own a Roll’s Royce) and access to luxury activities that only wealthy people could ever think to afford – a commissioned personal portrait, a private concert from the New York philharmonic or designing your own racetrack. Ready to join? I hear the cheapest model is around $600k.
The wealthy will get better access to 5G. New research from McKinsey suggests that only one quarter of the world will get access to true 5G. The global rollout of 5G is difficult and very expensive, and as a result, slow and currently limited, often to those with greater spending power. Although as it spreads it will potentially widen the wealth gap further "Those networks will bring download speeds 10-times faster than current 4G network and allow 100-times more devices to connect to each cell site, enabling new applications that will improve healthcare, manufacturing, and other industries."
Zara Cooper & Sylvia Jahn