Magazine article USA TODAY

Sky's the Limit for Super-Rich

Magazine article USA TODAY

Sky's the Limit for Super-Rich

Article excerpt

Americans may be fretting about rising energy prices, the worsening home mortgage crisis, and falling home values but, in the rarified air at 40,000 feet where the super-rich cruise aboard their private jets, it is a different story. A custom jewel-encrusted saddle for a pony, a $30,000 couture dress for a four-year-old, a $200,000 restored classic Camaro--these were among the holiday gift lists of the world's super-rich, those whose household net worth tops $10,000,000 (with many whose net worth is much higher).

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According to the annual Elite Traveler Magazine-Prince & Associates Spending Survey, the super-rich will increase their annual outlays by between 17-67% across more than a dozen luxury categories this year. Some of these items include jewelry, corporate gifts, events at hotels, and holiday travel expenditures--like yacht charters and private island and villa rentals. Recognizing that getting there is half the fun, more than 60% of the super-rich will travel by private jet and over one-third will give "jet cards" to friends, family, and colleagues. …

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