Recession Not Slowing Ultrarich

Fancy cars, wines, homes selling at deep discount

(NEWSER) - In the midst of its worst recession in modern history, Ireland has become a bargain hunter’s paradise, with high-end cars, homes, and wines selling for a song. “It’s a bit like old vultures over the carcass,” one shopper tells Bloomberg . “You’ll see all sorts of places coming down. The recession seems to be biting.” More»

Recession halts 30-year rise of the super-wealthy

(NEWSER) - Since the 1970s, the rich have been getting richer with stunning consistency, but now, thanks to the recession, that decades-long run has hit a wall, the New York Times reports. Wall Street pay is indeed returning to normal, but for every investment banker who’s benefiting from that, several more are unemployed. And unlike the last recession, they likely won’t be able to immediately recover on the back of a new bubble. More»

(NEWSER) - Even the still-rich are unhappy in this economic climate, though their dolor is more likely to come from shame than anything else, USA Today reports. 54% of people who have $100,000 to spend after such mundane things like mortgage payments and taxes “feel guilty purchasing luxury goods” nowadays, according to a survey. But it’s not just because of the disapproving glares of the masses. More»

Space at prime ski destination may appeal to recession-proof snow bunnies

(NEWSER) - America’s economy may be going downhill, but evidently not in the ski destination of Vail, Colo., where one resident is offering a parking space close to prime slopes for $500,000, the Vail Daily reports. “There’s always somebody out there who has money to spend on a good Vail parking spot,” reasons its owner. More»

Global economic downturn? What global economic downturn?

(NEWSER) - As the global economy falters, many people are fighting to make ends meet. And then there’s the Chinese billionaire who spent $500,000 for 27 bottles of wine today. The sale set a record for a single lot. “I don’t think he has bought this as an investment,” said an executive from the selling company. “He has bought it to drink.” More»