Here's an interesting little paradox. Here we are, in the midst of an economic crisis where all the talk is of things getting worse before they get better. Amidst all this talk of crisis, there is re-assurance from both the Conservatives and the Conservatives Lite...sorry, Labour, that the rich must pay the price for their failures. Fine words. Question is, when taxpayers are bailing out the rich to a massive degree, are the rich really hurting? Well, it appears not according to this story in today's Guardian which highlights just how much the rich are really hurting:
Monte Carlo boat show finds demand for floating palaces higher than ever
While others panic about the financial crisis, this weekend's Monaco Yacht Show proved that the mega-rich have never been richer. Yacht brokers describe an eastern European new rich, boosted by oil wealth, keen to outdo their rivals. Middle Eastern viewers and occasional Latin Americans are following suit.
As the number of multi-billionaires grows, the superyacht industry is enjoying such a boom that demand for the most expensive models outstrips supply. Boats built to personal specifications have grown to such vast proportions that the labels superyacht and megayacht are no longer enough. Those on the dockside now talk of the gigayacht - multi-storey, 120-metre floating mansions that resemble cruise liners. The cost of the biggest new boats exceeds €200m.
So, are the rich really paying the price? Or is it the average tax payer?