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A Different Mind-Set for the Super Rich

Oct 23, 09 | 1:56 am

By Francesca Levy with Kevin Traynor and Jhelum Bagchi

In this recession, unlike others, the super-rich haven't been immune. Individuals worth $1 million or more lost nearly 20% of their wealth last year, according to Merrill Lynch's 2009 World Wealth Report. Diminished prosperity around the world has knocked Louis Vuitton purses off the arms of ladies who lunch and caused home buyers to ditch their deposits on million-dollar homes.

There is some good news for them, though--this year, certain luxuries, say, nibbling on premium caviar, will be easier on their wallets. That's true in some world cities more than others.

Forbes examined the cost of luxury goods in nine global cities to find out what it cost for these cash-strapped fat cats to maintain their lifestyles. Just about everywhere, consumers of luxury goods have taken a knock to their spending power. The silver lining? In many cases, the steep cost of lavish commodities has softened--if by margins still prohibitive to anyone but the most fortunate.

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Source: Forbes.com