Elaine Bunting's blog
Web log entry dated 10 October 2008
Feeling the pinch?
Even now, the majority view is that the super-rich and their superyacht playthings will be unaffected by the financial crisis. I think that defies logic, and there's some evidence that even the rich are beginning to feel a cool draught.
If the spending power of the rich diminishes, the superyacht industry could also face the end of inflated prices driven up by speculators who bag scarce build slots worldwide and 'churn' new boats for up to double the build costs. What will happen when that bubble, like all bubbles, eventually bursts?
You're not really supposed to sound pessimistic in the marine industry, as everything tends to be sprinkled with fairy dust, but The Times has splashed today on the fortunes of what they call the über-rich. Read it here
As always, comments welcome.
Elaine Bunting
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