Friday, September 01, 2006

Wealth, Happiness, and Consumption

Scientific research has shown that money can buy happiness, but this is ridiculous.

A new study of the shopping habits of private jet owners reveals some stomach-turning statistics.

With an average annual income of over $9 million, and a net worth nearly 10 times that amount, they certainly have more to spend than the average American...and do they ever. Here is a short list of annual spending by category:

Adventure travel...$98,000
Hotels and resorts...$157,000
Villa/chalet rentals...$168,000
Events at hotels and resorts...$224,000
Yacht rentals...$404,000
Home improvements...$542,000

Definitely not the millionaires next door.

Some might argue that this supports the notion of estate taxes and soaking the rich. I disagree. The fact that people might waste their money does not give us the right to take it away. But this kind of conspicuous consumption is still hard to take (though compared to Larry Ellison's $194 million yacht, maybe these guys aren't so bad!).

Normally, I would try to draw some sort of business lesson from all of this, but I think I'll content myself with asking you, faithful readers, to shoot me if I ever strike it rich and start spending $147,000 per year on watches!


Rebe said...

I could almost pay my mortgage off with what they spend on watches in just one year!
Normally not fan of weapons but I'll keep the gun loaded. Just in case.

John Waste said...

If they buy the right art that $1.75M could be considered an investment.