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Billionaires splash £1 trillion on luxury

Issue No. 2307

The world’s super-rich will spend almost £1 trillion on luxury this year, a report says. They are so rich that they’re looking for new ways to splash their cash—and posh “experiences” instead of things are the newest trend.

Helicopter skiing is particularly popular, it adds. But the most important factor is that it is as exclusive as possible.

Ivan Glasenberg, chief executive of mining firm Glencore, has spoken out to defend fat cat bosses’ pay. In a rare public speech he poured scorn on the executive pay backlash.

He told an industry dinner, “If you want good CEOs, you are going to have to pay.” Glasenberg pocketed £71 million last year from share dividends alone.

Joining the pro-fat cat movement is Sir Martin Sorrell of ad firm WPP. “I find the controversy over my compensation deeply disturbing,” he moaned. He gets £13 million.

“Pride goeth before destruction, and an haughty spirit before a fall.” So says the King James Bible.

Now children can read all about that thanks to education secretary Michael Gove’s £375,000 vanity project to send one to every school. Each comes with a humble inscription on the spine: “Presented by the Secretary of State for education”.

Adrian Beecroft, the top Tory donor who wants to make it easier to sack you, is in line for a big windfall from his shares in payday loan firm Wonga. The 4,000 percent interest lender is planning to float on the stock market—for £1 billion. So when Wonga takes the poor’s cash, Beecroft can hand it to the Tories.

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The Troublemaker
Tue 12 Jun 2012, 19:45 BST
Issue No. 2307
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