Influx

A new class of wealth is emerging in the US, the likes of which have never been seen before and we are not talking about the handful of Web 2.0 billionaires.

Traditionally, the wealthy comprised the ranks of self-made entrepreneurs, doctors, accountants and lawyers, but these professions are now mere paupers when compared to the hedge fund manager, whose wealth is reaching stratospheric heights.

Prince & Associates recently polled the buying habits of 294 hedge fund managers with a median net worth of $61.7 million.

According to the survey, these managers spent the following average amounts by category:

Fine art: $3.99 million
Yacht charters: $429,700
Jewelry: $376,400
Hotels & resorts: $304,900
Watches: $271,300
Fashion and accessories: $204,200
Traditional spa services: $124,000
Electronics: $99,300
Entertaining friends: $76,700
Wine & spirits for the home: $48,900

According to Fortune Magazine, this trend is leading to some resentment among the “merely rich”, who have worked just as hard and if not harder for their wealth and find it unfathomable that people who haven’t followed the same rules are making 10x as much as they are.

The “merely wealthy” are finding themselves shut out of co-chairmanships for non-profits and are finding it hard to compete for private school slots for their kids.

Needless to say, it seems crazy that people who are in the top 99% wealth bracket are bickering amongst themselves, while middle class incomes are stagnating and the general income gap between rich and poor appears to be widening.