AFFLUENT SHOPPERS AS ECONOMIC INDICATORS January 29, 2008
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The economy needs affluent shoppers to spend with enthusiasm. According to the government’s latest survey of consumer expenditures, the top 20 percent of households spend about $94,000 annually, almost five times the bottom 20 percent and more per year than the bottom 60 percent combined. These affluent shoppers account for about 40 percent of overall consumer spending, which makes up two thirds of all economic activity. In Chicago, Montopoli Custom Clothiers, a tailor to consumers willing to spend $3000 to $30,000 for a custom-made suit, has seen business suffer. Sales dropped 10 percent in October and November from the same period a year ago. Clients include commodity traders and CEOs of Fortune 500 companies. “I consider them a leading economic indicator,” said Jeff Landis, president of Montopoli Custom Clothiers. (Anne D’Innocenzio of Associated Press in Burlington Free Press 1/29/08)
BILLIONAIRES March 9, 2007
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During 2006, a record number of people became billionaires. The talley reached a high of 946, their combined wealth growing 35 percent to $3.5 trillion, according to Forbes magazine’s 2007 rankings of the world’s richest people. Bill Gates is still at the top with $56 billion, and Warren Buffet is #2 with $52 billion, but only three other Americans ranked in the top 20, though Americans account for 44 percent of the overall list. The #3 slot is held by a Mexican telecom giant with $49 billion, #4 is a Swede with $33 billion, and #4 is an Indian with $32 billion. There are now 53 Russian, 36 Indian, 13 Chinese billionaires on the list. (Jackie Farwell, AP, 3/9/07)
BEDS March 9, 2007
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Betting that weary-but-wealthy baby boomers are willing to spend as much — or more — money on their beds as they are spending on cars, college tuition, and land, a Swedish company called Hastens has launched the Vividus , which means “full of life” in Latin. The Vividus costs $49,500 right now, but will climb to $59,750 in April 2007. (Ashley M. Heher, AP, 3/9/07)
MARDY GROTHE ON WEALTH February 20, 2007
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Dr. Mardy Grothe, who produces a subscription service called Quotes of the Week also produces a Thought of the Week. The thought for February 18-24, 2007 is: “Excessive wealth is a great problem masquerading as a great good.”
MALCOLM FORBES ON WEALTH February 20, 2007
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On February 24, 1990, Malcolm Forbes died of a heart attack at his home in
Far Hills, New Jersey. At his death, Forbes was one of the world’s most
famous businessmen. Six months earlier, he celebrated his 70th birthday
by flying 800 rich and famous friends to a party in Morocco (the guest
list included Liz Taylor, Henry Kissinger, and Barbara Walters). Forbes
inherited Forbes Magazine from his father, B. C. Forbes, and turned it
into a huge cash cow that he used to finance a lavish and flamboyant
lifestyle, which included a private jet (named “Capitalist Tool”), a
luxurious yacht, a huge collection of motorcycles and hot-air balloons,
and a priceless Faberge egg collection. Forbes was a big-time quotation
lover, often personally selecting the quotations that appeared on the back
page of every issue of his magazine. He also penned a number of memorable
observations, including: “By the time we’ve made it, we’ve had it.” (Dr. Mardy Grothe’s Quotes of the Week for Feb 18-24, 2007)
