Why luxury is so popular among the world’s most wealthy people
Luxury cars and luxury lounges are becoming increasingly popular among some of the world “world’s wealthiest people.”
But as they grow, they can also become a drag on society, with the rich finding their tastes diverging from the common tastes of the average person.
In the United States, a survey of more than 2,000 U.S. millionaires found they are increasingly interested in other luxury brands, including the Mercedes-Benz CLA400, Audi A8, Porsche Cayenne, BMW 3 Series and Jaguar XJ.
And while the survey found that nearly two-thirds of the wealthy, or more than $8 billion, said they were satisfied with the products they own, nearly two thirds of those who own luxury cars said they would like to own luxury vehicles.
In a global survey conducted by Lux Research in 2013, nearly a third of the respondents said they had an opinion on whether they were “interested in a luxury vehicle or a brand that sells luxury products.”
About a third said they did not have an opinion.
But the wealthy often find themselves competing with other wealthy individuals for a taste of luxury.
In the United Kingdom, a new luxury car survey found only one in five people with more than £10 million in assets, or about $1.3 million ($2.1 million) in annual income, said the luxury brand was worth their while.
But for the world as a whole, the answer appears to be “yes.”
The world’s wealthiest now own more than half the world economy, and according to the World Bank, they own more wealth than half of the people on the planet.
In an economic survey released by UBS in November, some 5% of global billionaires said they thought their wealth was too small to be able to afford to buy a luxury car, while 11% said they could afford one but would not want to.
A survey conducted for Bloomberg by the Luxury Industry Council, a global trade group, found that global luxury brands account for only 5% to 10% of the global market.
And despite the fact that the wealthy have an increasingly varied and divergent taste, a luxury brand that’s popular with the top one-fifth of the population could also be a drag.