That may be because there are now more rich people in the United States than ever before. What changing is what they are willing to spend money on — such as increasingly pointless displays of wealth.
David M. Thompson is the managing director for Phoenix Marketing International, which tracks data analytics related to the markets patronized by the 1%. He says that 6.21% of Americans are worth $1 million or more.
That is the equivalent of about 7.7 million households in the United States, a 5.8% increase from 2018.
According to a Forbes study, there are probably over 2,000 billionaires on Earth right now. The average billionaire is worth more than $2 billion.
In comparison, the average American wage earner barely makes $60,000 annually.
Put another, $1 is the financial equivalent of $1,355 to a billionaire.
How do shopping habits between the average person and the elite compare?
In 2015 a company called Privé Porter, which specializes in transacting rare Hermès handbags, sold a Himalayan Birkin crocodile handbag for $298,000.
Note that Privé Porter does offer its clientele a 4% discount if money is wired to the stored instead of the transaction being completed via cash. Who says the elite don’t like to save? That 4% discount is worth $11,920.
When they decide to charge it some use artisanal, handcrafted credit cards made out of gold, encrusted with gems, and designed to look like works of art.
The $50,000 credit card
Rosan Diamond is an artisanal manufacturer of luxury credit cards that are designed to look like card-sized pieces of art worthy of exhibition.
Each card can take up to two months to create. They are made of precious metals such as gold and inlaid with diamonds, pearls, and any other precious gems.
Rosan Diamond artisans can make a client credit card look like ancient fresco masterpieces, an impressionist painting or any form of art. Clients can choose from pre-created design or commission a custom design.
Rosan Diamond credit cards are accepted anywhere VISA is accepted. The card, while viable, is hardly practical. It is designed for show and shouldn’t be inserted into an ATM or card reader.
Because of that flaw, companion credit cards are issued with the artisanal card for actual use.
Each commissioned Rosan Diamond card costs anywhere between $18,000 to $50,000.