Attempting to keep up with Roman Abramovich (second from left) is not advised. Credit: Condé Nast Archive.
The days following New Year’s Eve traditionally are a time for reflection. Those wishing to excel in the year ahead tend to review their previous accomplishments and consider areas for improvement. More often than not, though, especially for those living among the upper class’s notoriously mercenary leadership, the self-examination takes a negative turn. The wealthy seem to get tangled in the net of their own anxiety by worrying that, at any moment, they might be dropped unceremoniously from the ranks of fashionable society.
There are a few specific fears that rich people in posh cities all over the world are experiencing right now. First and foremost, they’re fretting over the fact that they’ll never have as much money to spend as the mysterious Russian billionaire Roman Abramovich. Of course, no one knows exactly what kind of fortune Abramovich has managed to amass for himself (estimates range anywhere from $10 billion to more than $20 billion), but it’s clear he possesses the ability to establish ever higher standards for luxury, and other billionaires are beginning to get nervous that they can’t keep up.
News of the Russian tycoon’s latest celebration at his $90 million home in St. Bart’s made headlines everywhere. The event was an impressive gathering of A-listers from around the globe, where even the hired help could boast of rubbing shoulders with special guests The Black Eyed Peas. And all of this talk of extravagance ignores Abramovich’s unparalleled fleet of yachts, some of which typically winter in the harbor not far from his oceanfront estate. The newest addition to the flotilla, reports say, is a 500-plus-foot behemoth that officially claims the title of Largest Private Yacht in the World. For those agonizing about how to keep pace with the high-rolling Mr. Abramovich, utter despair is inevitable.
Second on the list of nagging concerns is the fear that the tentative economic recovery of 2010 will not survive in 2011. Naturally, people from all financial backgrounds have legitimate doubts about the stability of the economy from time to time, but for the wealthy such worrying takes on a nearly obsessive quality. Because money preserves the preeminent status of the entire upper class, sudden drops in the market threaten to destroy everything that the rich stand for.
And finally, the Madoff scandal continues to provoke extreme horror. Wealthy investors from almost every industry, from finance to Hollywood, are terrified that the next money manager they choose might turn out to be nothing more than a malicious conman. The havoc caused by Madoff and a few of the lesser offenders left an indelible mark on the minds of the power elite. So many of them lost sizable fortunes and consequently were dislodged from their comfortable perches atop the social ladder that a fear of swindlers spread like wildfire. As the year begins and fresh investment strategies are implemented, the wealthy live in a state of agitation, trying to avoid falling by the wayside.
In the early stages of this week, dismay seems to be overwhelming hope among the rich. Perhaps it’s simply the case that life at the top of the power structure is naturally anxiety-inducing. Or maybe something more ominous is affecting the aristocratic psyche. Only time will tell us for sure.