The Wealthy Plan to Spend Even More in 2008 on Unique Learning Experiences

The wealthy seek unique experiences, such as a vacation, a class or an event with prominent cultural leaders, according to a new study by American Express of their U.K. Centurion card holders (i.e. the super-rich).

The study found that 46% of the wealthy plan to spend more in 2008 on new learning experiences. That exceeded planned spending on technology products, home furnishings, charities and fashion.

Culinary luxury is a top sub-sector of the new experience economy: 85% plan to travel abroad for a memorable meal.

Source: Wall Street Journal Wealth Report

Wynn, Bellagio and Venetian Ranked Most Prestigious Casinos by High Net Worth Consumers

High net-worth consumers rated Wynn the most prestigious luxury casino in the 2008 Luxury Brand Status Index (LBSI) survey from the independent New York City-based Luxury Institute. Respondents noted that the casino had a great golf course and was very comfortable and sophisticated. The Bellagio was ranked second, the Venetian third.

Researched by Kara Davey

Cities Where Workers Earn the Most

Want to earn more money? These are the top 5 cities where workers earn the most money:

1. Copenhagen
2. Oslo
3. Zurich
4. Geneva
5. Dublin

Not until the 13th spot on the list do we find a U.S. city - New York City.

Source: UBS Prices and Earnings 2008; Researched by Alicia Roman

Wealthy Consumers Rate Top Luxury Fashion Brands

Top 3 Men's Luxury Fashion Brands: Ermenegildo Zegna, Armani and Brioni
Top 3 Women's Luxury Fashion Brands: Bottega Veneta, Hermes and Valentino

Market for Used Jets Booming Despite Economic Downturn

The waiting list for buying Gulfstream's new jet model is 10+ years and growing, despite the shaky economy. What's a jet-starved consumer to do? Buy a used one, for a lot more than what a new one costs.

A brand new Gulfstream G450 sells for about $40 million, but a used one can now fetch $4 million to $5 million more than that.

Why? Because the waiting list for buying a new jet is so long that the impatient buyer will pay more to have the jet in their hands ASAP. That’s also led to a new trade in jet flipping, where people sell their waiting “slots” for new planes for big profits.

Source: Wall Street Journal Wealth Report, May 2008

40% of Super-Wealthy Consumers Plan to Purchase a Home in the Next Year

Good news for those who work in the luxury housing market. Of consumers earning $500,000 or more:

• 40% say they plan to purchase a home in the next 12 months
• 33% say their purchase would be a second home
• 25% would be buying home number three

Source: Harrison Group, 2007

Economic Downturn Has Little Effect on the Super-Wealthy

The top 1% of Americans control 33% of the nation's wealth - that's $17 trillion in wealth, which is greater than the GDPs of Japan, Germany, the U.K. and France combined.

This group has so much money that it is "not really affected by the economic downturn."

Source: ABC News, May 16, 2008