Stuart Jeffries in The Guardian:
In this droll and timely analysis of extreme wealth, New Yorker staff writer Osnos notes that superyacht demand is outstripping supply. In some countries you have to wait for bread, water or inoculations; in others for giant sea-going vessels. In 1990, there were 66 US billionaires; by 2023 there were over 700, an increase of more than 1,000%. In the same period, the number of US yachts measuring longer than 76 metres has gone from “less than 10 to more than 170”. Median US hourly wages, in contrast, have risen by just 20%. Maths is not my strong suit, but this suggests inequality is spiralling.
There’s also a spiralling inequality in political power. Trump postures as a president for blue-collar Americans, but the people who shared the stage when he took his oath of office on 20 January tell another story. In that symbolic moment Elon Musk, Mark Zuckerberg, Bezos and Sergey Brin showed their influence was rising with their net worth. “The world watched America embrace plutocracy without shame or pretence,” writes Osnos. Meanwhile, shame and pretence are in plentiful supply elsewhere. One yacht owner tells Osnos: “No one today – except for assholes and ridiculous people – lives on land in what you would call a deep and broad luxe life. Yes, people have nice houses and all of that, but it’s unlikely that the ratio of staff to them is what it is on a boat. Boats are the last place that I think you can get away with it.”
More here.
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