Wealthy Consumption....lessons for the poor

Wealth of 85 richest people equal to that of poorest 3.5bn - World Economy News | Latest Trends & Markets | The Irish Times - Mon, Jan 20, 2014: "Global inequality has increased to the extent that the €1.2 trillion combined wealth of the 85 richest people is equal to that of the poorest 3.5 billion — half of the world’s population — according to a new report from development charity Oxfam.
And the report, entitled Working For The Few, claims that growing inequality has been driven by a “power grab” by wealthy elites, who have co-opted the political process to rig the rules of the economic system in their favour.
Oxfam called on attendees at this week’s World Economic Forum, which brings together politicians and business leaders in the Swiss ski resort of Davos, to take a personal pledge to tackle the problem by refraining from dodging taxes or using their wealth to seek political favours."

$28,000 a Night: Hotels Race to Attract Superrich Clientele - NYTimes.com:

In most hotels, luxury is measured by the thread count of the linens (minimum 400, please) or the brand of the bathroom toiletries. But for those at the highest end of the market, where the only restraint on consumption is how conspicuous they want to be, a race to the top has broken out, with hotels outdoing one another to serve this tiny, if highly visible, niche.

Take the Jewel Suite by Martin Katz at the New York Palace, one of two recently opened specialty suites. The three-story, 5,000-square-foot space — a sort of penthouse Versailles — itself resembles a jewel box, albeit one with its own private elevator and views of the Empire State and Chrysler Buildings.

It’s hard to imagine Louis XIV being left wanting. The floor in the entryway on the 53rd floor is glittering black marble arranged in a sunburst pattern, while a 20-foot crystal chandelier hangs from the ceiling. The living room sofa is a brilliant sapphire blue and a tufted ivory chaise has a pearlescent sheen. Two floors up, in a second living room next to a vast private terrace, the wet bar (one of two in the suite) and half-bath are swathed in a sparkling wall covering, and an angular lavender sofa calls to mind an amethyst crystal. Iridescent tiles lining the private rooftop hot tub give the impression of sinking into a giant opal.

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Ms. Danziger described it as a “shock and awe” campaign that would help drive bookings of regular rooms. “You’ve got the brand building side and you’ve got where the money is really being made.”

In the end, the rich are getting richer, and the hotels are looking to serve them, Mr. Loeb said.

“The income stratification is more dramatic and that brings this on,” he said. “That’s what we’re really talking about, highly conspicuous consumption as wealth flows from the broader population to a very small subset.”