Interesting piece: The New, Subtle Ways the Rich Signal their
Wealth
“Eschewing an overt
materialism, the rich are investing significantly more in education, retirement
and health – all of which are immaterial, yet cost many times more than any
handbag a middle-income consumer might buy. The top 1% now devote the greatest
share of their expenditures to inconspicuous consumption, with education
forming a significant portion of this spend (accounting for almost 6% of top 1%
household expenditures, compared with just over 1% of middle-income spending).
In fact, top 1% spending on education has increased 3.5 times since 1996, while
middle-income spending on education has remained flat over the same time
period.”