The Financial Times reports the worldwide market for luxury goods will hit $1.5 trillion this year — about equal to the entire economic output of Spain or Australia — as the number of wealthy grow in emerging markets like Brazil and China.
Boston Consulting Group says spending on experiences, such as safaris, grew 50% faster than on goods last year. The overall market will expand 7% this year.
As the FT reports: “The gap in income inequality is growing, which is unfortunate, but as a result there are more and more millionaires every year,” said Jean-Marc Bellaiche, a senior partner at BCG and co-author of the latest report.
If your clients are millionaires, they may be looking to invest in status symbols to bolster their portfolios. Here are some how-to articles to help them get richer.