Rolls-Royce flying high as rich get richer
LONDON — They are rolling symbols of wealth and excess, starting at $263,000 a pop, with most buyers choosing custom options that can easily double the price. And they are more popular than ever before.
Rolls-Royce reported a startling rise in demand for their distinctive cars Tuesday.
The British-made cars, updated to reflect the technical know-how and marketing might of parent company BMW, have become must-haves for the new global elite. That group is growing in number even as much of the world struggles to get by in an era of low growth, low expectations and high unemployment.
The company said 1,968 cars were sold in the first half of this year compared with 1,475 in the same period last year.
The 33-per-cent rise in sales is explained not just by the cars’ plush leather seats and gleaming paintwork — those are old standbys for the brand — but also by the rising number of billionaires worldwide. A Forbes survey says there are 1,645 billionaires in the world, 219 more than a year ago.
“If you look at the number of ultra-high net worth individuals around the world, that number is clearly growing,” said company spokesman Andrew Ball. “The luxury market is growing at the high end and we are delighted to be part of that.”
The phenomenon helps to explain the strong sales of mega-yachts, rare jewelry and complicated, handmade Swiss watches. There are more people with more money looking for ways to stand out from the crowd — and in this context, a Rolls becomes a very noticeable statement.