The world is a very insecure place right now – conflict, climate change, and fears of recession dominate the headlines. But for some people, things are going rather well – the wealthy.
Despite the global turmoil, the number of billionaires in the world is growing and the personal wealth of each of them is increasing too.
So what to do with all that money? The growing trend for the ultimate luxury experience is a clue as to what the very rich are doing with their cash. For the tourist industry in particular, it’s an opportunity.
In Switzerland, which has long cultivated a reputation for understated luxury, the number of five-star hotels is increasing faster than any other category. Many of them were built in the early 20th century – grand belle epoque palaces serving a then emerging class of privileged, primarily English tourists.