Catering to the very wealthy is more profitable than anything else

An analysis from the FT this week argues (rightly!) that catering to the very wealthy is more profitable today than producing for the upper middle class.  As they put it, 

“A £3,000 Cartier bracelet, even if it’s entry-level for Cartier, is certainly more high-end than a £400 pair of sneakers from Gucci or Burberry." 

The article also reminds us that a Chanel flap bag today costs today more than 10,000 dollars. 

I found the article interesting for at least two reasons: (a) we have a growing market for the very wealthy that, at the same time, shapes the aspirations of everyone else in a futile race to nowhere; (b) we often forget how crazy it is to have an "entry-level" bracelet that costs several times then monthly minimum wage and a bag that costs like a car!