Super-rich spending spree is not over yet

The seriously wealthy in Britain are splashing out as energetically as ever.

Far from being hit by the credit crunch, the seriously wealthy in Britain are splashing out as energetically as ever, if not more so. In May, Chris Evans spent £5.5m on a 1961 Ferrari 250 GT California Spyder at an auction in Italy a record for a Ferrari. Evans is not alone, says the Mail. The luxury car market is booming, with the new Rolls-Royce Phantom Coupe, which costs £295,000, sold out until next year.

Fine wines are doing well, too. "We've sold many cases of 1982 Chateau Lafite Rothschild (£20,000 a case) this summer," says a Berry Bros spokesman. "Our problem is sourcing enough wines at this level, not selling them." Meanwhile, in the fashion world, Mulberry, purveyors of expensive leather handbags, says UK sales are up 29%, Burberry says profits are up 25% and designer Karl Lagerfeld is having no trouble selling £25,000 Chanel Couture outfits, even if, as you might guess, many of his clients are wealthy Russians.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.