Trickle-Down

The editor's note in the January/February edition of Elite Traveler magazine:

It's only excessive if you can't afford it. At least that's my belief. As we enter 2009, it is amazing to see how the general media have tried to shame wealthy individuals into not spending. The fact of the matter is that the economic slump was not caused by the wealthy; it was caused by aspirational consumers who took out bigger mortgages than they could handle, leased cars they couldn't afford, and took vacations they shouldn't have.

Should a person with a net worth of, say, $100 million have scaled back his or her holiday party because of “the times”? If we want to speak about getting the economy going again, the answer is no. In fact, spending by the segment that Merrill Lynch Capgemini categorizes as Ultra High Net Worth, those having investible assets of at least $30 million, is going to be needed more than ever.

So what's the connection with Elite Traveler? Well, we get upset when our readers are being unfairly picked on. There was a good article in New York Magazine a while ago about the trickle-down effect of spending by wealthy consumers. According to the piece, spending by the top one percent of earners in the Big Apple supports 153,000 service jobs and 50,000 government employees.

I won't say more, except to let you know you can continue to expect the best of the privatejet lifestyle in every issue of Elite Traveler, and I do hope you continue to do the things that provide you the enjoyment you've earned and that your financial wherewithal supports. There are quite a few people depending on it!

With best wishes for an elite 2009!

All the best,
Doug Gollan
President and Editor-in-Chief