If there’s one thing we’ve learned from reading W, it's that being wealthy is incredibly demanding. The parade of evidence continues in December’s issue with the article “Nouveaux Pauvres.” Does the title make you hate it already? Yeah, us too, but the subhead manages to be even worse! “London’s new prosperity has
once posh types feeling poor,” it says. Uh, yeah. Cry us a river. For a moment, we entertained the faint hope that that the article would prove to be an intelligent discussion about the economy, inflation, and the state of the British pound. No such luck!
We didn’t have to read too far into the article to discern that that piece serves primarily as a venue for the formerly wealthy (and still undeniably well-off) to complain about their lowered standard of living. Like this guy, who “asked not to be named,” and no wonder:
“…there was my own kid, going to state school down at the bottom of the hill. For the first time in my life, I felt working class.”
Aw, and to think this fellow grew up in a seven-bedroom home! How the mighty have fallen!
To be fair, the article does cite some mind-boggling stats: Britain’s housing prices have increased 52 percent in the last five years. Skilled clerical temp workers are earning $400,000 a year working in finance, which is more than twice the salary of a fashion magazine editor-in-chief. Which is a totally relevant and helpful salary comparison. (Also, is being bitchy considered a skill? If so, we’re moving.) And, the article continues, prices at Abercrombie and Fitch are twice what they are in the U.S., like the people in this piece would ever deign to shop there.
Of course, there’s no explanation of why feeling (though not actually being) working class is so
terrible, especially when, by all accounts, the people profiled still
have more money than they could possibly need. And the plight of those who truly are working class? Ignored, natch.
At least those super-rich types are incredibly compassionate. Or not so much.
One investment banker, who asked to remain anonymous [because he’s a total ass], said the vast majority of his colleagues would not be able to send their children to private schools… “Of course, it would be a real struggle for them, but you know, tough s---,” [sic] he says. “That’s just the way it is now.”
Charming!
Fortunately for those who can still scrape up enough silver to send their kids to a private school, there are also establishments where they can gather to discuss their world-domination cabal and not have to worry about encountering the hoi polloi. Yet another anonymous banker type (what is it with these guys?) fills us in on the clubs that cater to wealthy men:
“True, it’s difficult to become a member, but once you’re in, membership costs almost nothing, you never have to fight to get a table, and the meals are considerably cheaper than Zuma,” says one London banker, referring to a top foodie haunt.
Oh, good! The insanely wealthy are saving money! The article goes on to further detail the adversity the wealthy face everyday in this new, cash-crazed England:
Some Londoners have caved and begun sending their kids to state schools or “the scruffier private schools”…
And:
Hector Macdonald….is seeking his fortune outside the UK. He’s been snapping up houses, not in Belgravia but in Bulgaria, “because they’re cheap and it’s a good investment,” he says.
Still more! An art collector (is that an actual profession? sounds like a hobby) with a net worth upwards of $20 million says:
“We’re ‘comfortably’ poor. We’re swimming on the edges of real wealth.” By that she means the sort of wealth that buys a private jet, or at the very least, an account with NetJets. “The rich don’t fly commercial anymore,” she says.
Are your eyes filling with tears yet? The struggles of the rich continue!
Helen Kirwan-Taylor, an American writer whose English husband heads up a hedge fund, is one of the only people on her block in Holland Park without a chauffeur.
Kirwan-Taylor, at least, does acknowledge that there are worse problems than having to drive your own car:
“London is what it is because of the creative industries based here,” says Kirwan-Taylor. “And if the intellectual body of the city—the artists, writers, designers, creative directors—can no longer afford to live here, that’s a big risk we’re taking.”
Perhaps those artsy types should just marry bankers like she did!
Others predict the growing ranks of the discontented might well spur a new wave of creativity in literature and art.
Because, you know, being poor begets art. The wealthy folk know all about that, because they saw Rent. The stage production, even, not merely the movie!
The article wraps up with a brief paragraph about the action the government is considering to normalize the economy, then reminds us of who’s truly suffering in this situation.
But it might be too late for [Lady Kinvara] Balfour, who, like many young London professionals, is contemplating a move abroad. “You can do so much more with your money in America,” she says.
Indeed! In this great land, the rich can revert to feeling superior to the rest of us.
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