hr: Money

In all the talk of the American Recession, here is a startling figure. According to a new study by the Harrison Group, the wealthiest Americans, accounting for 10% of the population, are also responsible for over 50% of the overall purchases!

Photo Credit: puroticorico

And it seems, that they never had it so good. Paul Palmer, an Entrepreneur who owns five homes in three countries, a dozen cars, and three jets, says that he doesn’t care about the recession, and will certainly not stop spending oodles of cash.

In fact, the wealthiest Americans are actually purchasing more than they ever were. The sales of luxury items like cars, homes, and jewelery continue unabated, and are very much on the increase. In some cases, it is even setting unprecedented records.

For example, so far, 71 Manhattan apartments costing $10 Million have been sold so fart this year compared to only 17 sold last year! Pam Liebman of the Corcoran Group says that this part of the market is recession proof, and she wishes that there were more houses to sell.

Andy Serwer says that these people aren’t hurt at all and “To the extent that they are, they’re probably down to their last 50 Million” he says.