Truly Disgusting Wealth

[Wiley50]

http://observer.guardian.co.uk/uk_news/story/0,,1973979,00.html?gusrc=rss&feed=11


Why £3m in liquid assets doesn't count as serious money any more


Super-rich indulge in increasingly esoteric spending to prove they're worth it

Amelia Hill, culture and society correspondent
Sunday December 17, 2006
The Observer

No whim is too ridiculous. No extravagance out of reach. Stratospheric City bonuses announced last week and an influx of international financiers have created a fresh echelon of British super-rich living lives of unheard of affluence.

In what has been termed the 'Marie Antoinette' syndrome, this breed of the mega-wealthy inhabit a world of riches reminiscent of the French royal court just before the revolution. Personal worth of £500m and above is common.

'The gap between the rich and the super-rich is getting ever larger,' said William Cash, editor of the new quarterly journal Spear's Wealth Management, itself so exclusive that one has to be invited to subscribe - and only those with liquid assets exceeding £5m need bother inquiring. 'The super-rich inhabit a world the rest of society can hardly dream of. It's a parallel universe.'

Since 2000, the wealth of Britain's richest 1,000 individuals is estimated to have doubled to more than £250bn between them, thanks to rising property prices, buoyant financial markets and an influx of super-rich from Russia. Last week the investment bankers Goldman Sachs - known as 'golden sacks' -announced record profits, with large bonuses for senior staff. One was said to have got £50m. Hundreds of other staff have collected £1m payments while senior traders are believed to have earned up to £10m each. Last week another bank, Morgan Stanley, set a new benchmark for anyone aspiring to be considered rich, indicating that it was no longer interested in taking on UK private clients with less than £3m in liquid assets.

'Because it is no longer anything special to have a liquid wealth of up to £5m, those in that wafer-thin upper echelon of wealth are having to emphasise their status by spending their money in increasingly imaginative and extraordinary ways,' said Frank Rejwan, UK managing director of Quintessentially, the global concierge service whose 'elite' membership is by invitation only and costs a basic £24,000 a year.

[Cassandra]

1. But...but...what about all those factories they're building...

to employ the masses?
Not!

[diane in sf]

2. this is disgusting!

Everyone of these jerks requires an army of serfs to rip off to afford this lifestle. Unfortunately we are the serfs.

[treestar]

3. Let's see if one of them has the imagination to spend it

helping the poor?

[novalib]

4. REVOLTING!!!!!

The people of Britan should be REVOLTING!!!!!

"'Because it is no longer anything special to have a liquid wealth of up to £5m, those in that wafer-thin upper echelon of wealth are having to emphasise their status by spending their money in increasingly imaginative and extraordinary ways,' said Frank Rejwan, UK managing director of Quintessentially, the global concierge service whose 'elite' membership is by invitation only and costs a basic £24,000 a year".

What a DISGUSTING STATEMENT!!!!!

24,000 POUNDS A YEAR???!!!!

Do you have any IDEA how much 24,000 pounds will buy??? Entire FAMILIES could live on 24,000 pounds!!!

People lie Frank Rejwan and members of "Quintessentially" should be IMPRISONED for such OBSCENE SPENDING in the midst of such poverty and NEED around the WORLD!!

They are ABUSERS of HUMAN RIGHTS!!!!

[Eric J in MN]

5. "William Cash, editor of the new quarterly journal Spear's Wealth Management,"

Is "Cash" his birth-name, or did he change his name to Cash when he decided to edit a "Wealth Management" journal?

[Warpy]

6. Poverty is the most massive WMD in the world

and it's aimed directly at us, wielded by the super rich who can think of nothing beyond grabbing more and more wealth away from the people who create it through their hard work.

We've always been great at creating wealth. We've simply never learned how to distribute it away from mindlessly cruel hoarders.

[novalib]

7. Actually,

Actually, there is NOTHING "WMD" about poverty itself.

I would just HATE for anyone to feel that POOR PEOPLE are "WMD's!!

THE POOR ARE THE VICTIMS!!!

Actually, it is THE CREATION and SUSTAINING and REFUSING TO DO ANYTHING ABOUT POVERTY that are the REAL WMD's!!!

[Warpy]

8. Read it again

Poverty is the worlds most dangerous WMD.

Poverty is the STATE OF BEING POOR, caused by maldistribution of wealth controlled by the wealthy.

Please don't put words into my mouth I'd never say. You won't like the result.

[novalib]

9. BFD!!!!

We Disagree.

BFD!!!

You apparently think that THE STATE OF BEING POOR is a WMD.

I happen to think that the ACT of RICH PEOPLE CREATING AND SUSTAINING POVERTY is the TRUE WMD.

You apparently think that the STATE OF BEING POOR is a WMD.

I happen to think that the CAUSING OF a MALDISTRIBUTION OF WEALTH CONTROLLED BY THE WEALTHY is the TRUE WMD.

So we disagree.

Like I said, BFD.

[Cleita]

10. Seems like it's time for the governments of those citizens to

start collecting some really hefty taxes on their wealth and redistribute it on programs for the needy. Even if they took 60% in taxes, I doubt they would even miss it.

Let's see. I envision really stiff licensing on property, cars, yachts, jewelry and anything else that can get a value attached to it. Make them buy yearly licenses for the privilege owning useless but pricey goods and assets.