Wealth. In a popular sense, it is the lifestyle of
the rich and famous. Celebrities, CEOs, Wall Street Hedge Fund Managers, Monarchs,
Prime Ministers and Foreign Dignitaries all fall into this category. While some
aspire to have this lifestyle, others criticize the exuberance of it. Their
expensive tastes saturate the luxury goods market with Lamborghini, Patek Philippe,
and Ermenegildo Zegna – words as illusive to the tongue as it is to the pockets
of many. The media portrayal of these movers and shakers of the world is a lavish
lifestyle that most would envy. Whether it is the fictional portrayal of
Ironman’s wealth or the real life example of SpaceX and Testla Motors CEO (the inspiration
behind the character Ironman himself), Elon Musk, the lifestyle of the affluent
thrives in American media. What is it about this lifestyle that captivates so
many people?
For me and other colleagues of mine, the chase of
this lifestyle is a measure of success. Success not measured in monetary value,
but as a leader in his industry. The commonality of everyone I have listed
above is not just their wealth. It is their influence in society. It is their
names and legacy that will live on in the history books that future generations
read. As Economic students, we are type-A personality people labeled as goal-oriented,
success driven sharks thriving in a dynamic fast paced culture. With the recent
recession and turmoil in Europe, there have been many debates on class and the connotations
of wealth have been dragged through the mud. The Occupy Wall St. movement raises
the issue of unequal wealth. In other parts of the world, the economic boom of emerging
markets such as The United Arab Emirates, Brazil, Russia, India and China have newly minted a
social class of extraordinary wealth.
I have always believed that one should aspire to
climb up the social ladders, not pull others down to their level. A few summers
ago I had the opportunity to work with some of the wealthiest clients through
an internship. In the financial world, they are known as ultra-high net worth
clients. These guys, millionaires and billionaires, are the people who have
more commas in their bank accounts than there are in this sentence. Moreover,
they have overcome and continue to face challenges that are tremendous feats. Their
lifestyle rewards them with every victory but the losses can be that much more
painful, when you have so much to lose.
The multiple facets of the luxury market are as
complex as the consumers that drive it. The effects of wealth cannot be measured
in a monetary value despite our efforts to attribute a number to it. How is
wealth created and destroyed? What value can do consumers attain through
purchases that seem absurd to many? How are the new generations of young adult
who are heirs to these vast empires that their forefathers built going to shape
the luxury market? Are the technological advances in the world closing the
wealth gaps? These are the intricacies that are not depicted when we think of
wealth. Have a seat as we travel on our luxury yatch, jet, or sports car and navigate
through this world.
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