Billionaires would never have a bad year... if they didn't exist.
Sam Pizzigati, veteran labor journalist and Institute for Policy Studies associate fellow, edits Inequality.org. His recent books include: The Case for a Maximum Wage and The Rich Don't Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970 .Last year, for instance, ended with a torrent of news stories about howthe 12 months that had just gone past “a year to forget,” with almost $1.5 trillion “wiped from the fortunes of the richest 500 alone.
But honors for the biggest nosedive of all have to go to Elon Musk. The world’s richest man at the start of 2022, MuskSo did all these losses have our billionaires shaking in their boots? Did they start tightening their belts a bit in 2022? Spend less on the world’s most fabulously expensive luxury must-haves?
Not exactly. In fact, not all. The world’s most celebrated purveyors of pure extravagance actually registered record years in 2022. Rolls-Royce had its best-ever annual sales total, selling a record 6,021 “motor cars,” up 8 percent over 2021.on New Year’s Day, “are now happy to pay around half a million Euros for their unique motor car,” a sum equal to about $540,000 in the United States, the company’s single largest market.
“Our order book stretches far into 2023 for all models,” the Rolls-Royce chief added. “We haven’t seen any slowdown in orders.”
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