Ultra-rich defy economic downturn with lavish spending
Contrary to the notion of a "richcession" where the wealthy are hit hardest by economic downturns, experts say that the ultra-rich are actually becoming wealthier and spending more than ever before. Rising stock prices and a YOLO spending culture have contributed to the boom in luxury markets. High-income households have significant savings, and the top 1% holds a large portion of national wealth. While preferences have shifted towards experiences rather than goods, luxury spending remains strong, with sales in the global luxury goods and services market growing 20% last year. Luxury real estate and high-priced items like luxury cars, yachts, and jets have also seen increased sales.