“I remember there was a time when the value of his enterprises was very low,” recalls Patrick, the youngest son of Carlos Slim Helú. It was the early 1980s, and Mexico was in the depths of a massive financial crisis. Periodically the elder Slim would round up his three teenage sons for an economics lesson. Full article
As millionaires look for more ways to spend their money, they also look for different avenues to be break away from the pack of haves and have nots.
It seems everybody these days has their prized piece of art, luxury yacht or huge diamond jewelry. But what about a gold bicycle?
Scandinavian design company Aurumania, recently launched a limited edition run of 10 of the world’s most expensive bike.
Each of these bikes is hand-built and gold-plated with 24-carat gold. They are then decorated with over 600 Swarovski crystals.
Hand-sewn leather grips and a Brooks leather saddle provide finishing touches to the bike, with each limited edition number embossed with gold leaf and set into a leather badge onto the bike’s headtube.
The price for the golden bike will cost you an eye popping $118,000! I guess that’s chump change for a true millionaire, right?
The company has also created a 24-carat gold wall holder for the bike, so your prized bike can be proudly displayed as a fine work of art.
Recent studies show that since 2000, the number of women over age 45 buying “mid-sized sporty” cars is up about 277 percent. According to Sandra Kinsler, editor-in-chief of WomanMotorist.com, about ”One third of all women now out-earn their husbands. And there are a lot of successful single female executives and entrepreneurs. ”
This trend of women obtaining record levels of wealth is clearly visible on our nation’s highways and city streets. Women can be found cruising along in high-end luxury cars like never before.
What are they driving? Aston Martin DB9 Volante, Bentley Continental GTC, Jaguar XK Convertible, Mercedes-Benz CLK-Class, and Prosche 911 Carrera …. to name a few. Full article
John McCain and Barack Obama’s supporters aren’t the only ones cheering America these days. Art collectors are getting in on the act as well by sending auction houses a very important message: Patriotism sells.
Take the sale of a 5-inch-tall carved wooden eagle. At the end of August in Rockland, Maine, the small eagle carved around the turn of the last century and perched on two American flags sold for more than $60,000–over 10 times its pre-auction estimate.
The sale of the eagle was just one of the highlights of the three-day auction at James Julia Inc.
The other top seller was ”The Goddess of Liberty,” a life-size wood carving from the late 19th century. The sale price for this quirky piece of Americana was $143,750. Full article
For the English socialite worried about getting shot, oversize paramilitary gear simply won’t do. Fortunately, London’s super rich can now maintain their security without sacrificing style.
On July 14, Miguel Caballero, the world’s only producer of “designer bulletproof fashion,” started selling his high-security garments at posh London department store Harrods. His new collection includes blazers, raincoats and suede jackets, some replete with a comforting stab-proof lining.
Customers get to select from three levels of ballistic protection. For instance, a polo shirt that can withstand a slug from a 9-mm revolver costs roughly $7,500; a version for about $9,800 protects wearers from automatic weapons, including mini-Uzis.
The Colombian designer began producing high-security fashion 16 years ago while studying at Bogotá’s Los Andes University, where his classmates–many of whom were the children of politicians–wore protective vests that were heavy and nondiscreet. Fast-forward to his latest leather jacket, which weighs a trim 2.6 lb. (1.2 kg) and doesn’t scream bulletproof.
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Billionaire Ty Warner’s has a luxury pad at the Four Seasons New York. The Beanie Baby tycoon spent a jaw-dropping $50 million to create the 4,300-square-foot suite and is charging guests $30,000 a night to stay in it.
Spending top dollar is the norm for millionaires who travel. There are obviously many jet-setting millionaires (and billionaires) who don’t think twice about dropping tens of thousands of dollars on a luxury pad in a foreign city.
After all, while Warner’s suite at the Four Seasons has earned the title of “most expensive hotel room in the United States” there are other resorts with rooms that come with five-digit price tags.
For instance, the Ritz-Carlton Tokyo has a suite listed for $22,000 a night, while the Ritz-Carlton Moscow has a room listed for $19,600 a night. Putting both to shame is the yet-to-be open suite at the Palms casino in Las Vegas. The $40,000-a-night Hugh Hefner Sky Villa, a Playboy-themed extravagance, will cost you a whopping $40,000 a night.
So who, exactly, has the means to plunk down $20,000 for a hotel room? The answer may surprise you.
According to hotel staff, most of the rich guests are not rock stars or movie stars; rather they are super-wealthy globetrotters (business owners and entrepreneurs) who expect to stay in accommodations that are on par with their own palatial mansions. You know the types. They don’t think twice about shelling out $40 for a hamburger and they certainly don’t wince at dropping a few grand for a hotel room that has the same luxurious furnishings as their own homes.
According to managers at the Four Seasons New York, home to two $15,000-a-night Presidential suites, during the months of September, October, November, and December (the peak season for New York hotels) the lofty suites are booked solid.
VIP tour companies are catering to the super rich with eye-popping tour packages for the upcoming Beijing Olympic Games in August.
While most foreign visitors to Beijing for the 2008 Olympics are preparing to take the subway to venues and wait in long security lines, some fortunate people might find their Olympic experience a little more … luxurious and comfortable.
Remote Lands, which is a tour company that offers super-high-end Asian travel packages — such as luxury yacht trips to Borneo, or yak skiing in India — is offering VIP security packages for the Olympics.
The company says the special packages mean expedited customs, helicopter rides that buzz past Beijing’s notorious traffic, access to special traffic lanes, and security details of local police
The package doesn’t come cheap, though, starting at $20,000 a day. Prices go up from there depending on the additional staff, motorcycle escorts, and other “incidentals”.
A publicist said that the people using the service will be “high-profile, well-heeled, and in need of security wherever they travel.” So far, they include a famous Hollywood producer, a billionaire European media mogul, and Wall Street financier–all traveling with their families. Two of the families will be arriving in their G5′s. Full article
So who are the top tech fat cats?
Which tech CEO earned just $1 in 2007? Who raked in $74 million before retiring? Which newcomer managed to accumulate $3 million after less than two weeks on the job?
When it comes to tallying top executives’ compensation packages, recent rules from the U.S. Securities and Exchange Commission make it tougher for public companies to be evasive. Read on to find out what 30 technology chiefs cost their companies in 2007, once their salaries, bonuses, stock awards and more are added together.
Note: These figures are based on the summary compensation tables included in public companies’ proxy statements (DEF 14A form), as filed with the SEC. Full article
A 450,000 square feet luxury shopping centre has opened on the Las Vegas Strip at The Palazzo Resort-Hotel-Casino. The shopping center, Shoppes at the Palazzo, houses more than 60 luxury brands such as Anya Hindmarch, Christian Louboutin, Fendi, Montblanc and Jimmy Choo, as well as department store Barneys New York. It is owned by General Growth Properties.
Daniel J. Sheridan, executive vice president of General Growth Properties, Inc., said that the center was setting the new standard on the Las Vegas Strip for luxury retail.
“Home to an 85,000-square-foot Barneys New York and more than 60 premier luxury brands, The Shoppes at The Palazzo comprises one of the city’s most comprehensive and luxurious retail offerings to date,” he said.
The Shoppes at the Palazzo also offers nearly a dozen dining venues such as a gourmet wine bar, a French steakhouse, an Italian café and a restaurant fusing Japanese, Brazilian and Peruvian cuisine. Read more…
With a rising number of millionaires and a growing middle class, China is poised to become the second biggest consumer of luxury goods by 2015.
The key for international companies to introduce their luxury products in China and compete against native companies will be the brands that clearly understand China’s consumer needs.
The quickly evolving Chinese society is directly effecting what consumers buy. For example, the fashion industry in China is changing rapidly, as Chinese consumers want to make purchases that reflect their newfound success and social status.
To deal with this trend, several foreign fashion brands have actually moved their production to China, resulting in China becoming an integral part of the high-end fashion industry in all aspects.
Coach Inc., which offers desirable luxury handbags and accessories, has ambitious plans for its line in China. But they understand the need to know the consumer.
In addition, luxury car manufacturers are gaining traction in China’s new economy. According to a study by BMW Group, “Only 3.7 percent of the Chinese population, i.e. around 50 million people, earned enough money to buy a car in 2002. By 2010 this figure should increase to 13 percent.”
As China continues to build dominance as both a manufacturer and a consumer of luxury goods, companies that understand both sides of the market have a higher chance to succeed and grow market share.
To conclude, in terms of growth opportunities for luxury brands, it has only just begun.
For hundreds of years now, luxury watches have been regarded as symbols of wealth, success and meticulous engineering. The fine artisanship of luxury watches such as Rolex, Cartier, Breitling, TAG Heuer, Patek Philippe and others, has made them more than just timepieces. That is why for most people, owning a luxury watch is a symbol of having arrived, of success and triumph.
Luxury watches can quickly represent a status upon their wearers. Wearing a Rolex or Cartier watch signifies great class and wealth of the bearer. When buying luxury watches, there are several pointers that one should know before buying and investing in an expensive timepiece.
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