Mar 1, 2004
Elite Traveler magazine released its 2003 Luxury Spending Survey. What it calls the Elite Affluent have a net worth of 10 million dollars or more. They spent over $5,000 on electronic gadgets for the holidays and over $20,000 a year on clothes. Typically they belong to two or more golf courses and own at least two houses worth over a million dollars each.
Some of the biggest companies don't even expect their CEO's to pay for incidentals out of salaries that top 10 million dollars a year. Gillette paid James Kitts $3,240 for parking fees; Oracle paid Lawrence Ellison $8,360 for a personal trainer. And then there was Tyco, which bought Dennis Kozlowski a house in Florida worth 29 million dollars and a Fifth Avenue apartment in Manhattan for 17 million dollars.
This elite of bosses makes enough just in interest and dividends to keep five average working families per year. Maybe we need to take over their big mansions.