There’s been a big rise in the megarich taking extended time out to explore the world and discover how “real people live”.
What it means:According to a travel agency, the ‘global 1 percent’ - i.e. the richest people in the world - have recently got really keen on gap years. (Btw, wondering what it takes to be part of the 1 percent club? According to Credit Suisse, you need to have a net worth - which is figured out by adding up your salary, savings, and the value of all the stuff you own, and minusing any debts or bills you need to pay - of $871,320.)
Because rich people tend to be a bit older than the stereotypical gap year teenager, they’re usually taking these jaunts with their family. The aim is apparently to see “how real people live” and popular activities include snow leopard spotting, living with African tribes and diving with sharks (which, ofc, is a typical Monday morning for us common folks). Price tags can run up to a million dollars per trip.
Could this trend be a good thing? Lots of local communities like that tourists bring wealth into their area by spending money in local restaurants and shops, and by causing new jobs to be created to cater to their toursity whims. And plenty of people would rather billionaires splashed their money on things that benefit ‘normal’ people rather than stashing it in the bank or buying another luxury sports car.
We live in the same neighbourhood, area, country, and planet with about seven billion other people, and our economies inevitably overlap all the time. That means the economic choices we make might have consequences outside our control, and someone else’s choices might have a direct effect on your economy – even if you’ve never met them before…