Staff wise you’re probably right that they don’t get paid much more than the middle/high wages of that area. Like if a personal chef is typically $80k, maybe this one get $100-120k kinda thing, but I doubt it’d suddenly become $200k if we used these as example numbers.
But the businesses like the restaurants that cater to the HNW individuals will bring in more profits as they can charge stupid amounts for the meals. Their staff probably get tipped better, at least if it’s a tipping country, which then ends up in the economy even at the lower staff levels.
For things like the cars, like you said that probably employees less people job wise and the wealth concenrates into the owner of the fancy car shop and a small amount of sales staff, but they also will be able to spend their higher earnings at more expensive places too.
I’m not saying things would just collapse from all of this kind of spending going away, I’m just saying it’s not nothing and it does have an impact.
Staff wise you’re probably right that they don’t get paid much more than the middle/high wages of that area. Like if a personal chef is typically $80k, maybe this one get $100-120k kinda thing, but I doubt it’d suddenly become $200k if we used these as example numbers.
But the businesses like the restaurants that cater to the HNW individuals will bring in more profits as they can charge stupid amounts for the meals. Their staff probably get tipped better, at least if it’s a tipping country, which then ends up in the economy even at the lower staff levels.
For things like the cars, like you said that probably employees less people job wise and the wealth concenrates into the owner of the fancy car shop and a small amount of sales staff, but they also will be able to spend their higher earnings at more expensive places too.
I’m not saying things would just collapse from all of this kind of spending going away, I’m just saying it’s not nothing and it does have an impact.