Working class consumers around the world are tightening their belts, driven by runaway fuel prices, global inflation, and a wrath of new import tariffs introduced by US president Donald Trump. In the US, retail sales plunged 0.6 percent between May and July, blowing an expected 0.1 percent drop out of the water.
In such a depressing financial environment, one class of consumer seems to be having a heyday: the ultra-rich in general, and the billionaires buoyed by the AI boom in particular.
According to the Financial Times, the number of billionaires in the US rose 13 percent from April 2025 to 2026, minting some 3,302 individuals with net worths over ten digits. Of them, over 1,000 are based in the US.
Of course, there’s no use in having billions of dollars if you’re going to stay shuttered away in a gaudy McMansion like some Old Moneyed hermit. As such, the nouveau riche tech billionaires are spending big time on travel toys like luxury cars, state-of-the-art superyachts, and the latest and greatest in private jets.
