Reviews

The New Elite: Inside the Minds of the Truly Wealthy by Jim Taylor, John Butman, Doug Harrison

niniane's review

3.75

Describes how to market to wealthy people, by understanding their psychology. My two biggest takeaways: 

Wealthy people want quality, but they don't know what exactly that entails in a vertical, so they rely on brand as a shortcut. They learn how to distinguish quality in 500 categories over 20 years, e.g. wine, appliances, glassware, decorating, gardeners, clothing. They join private clubs where they learn these distinctions from other wealthy people.

They categorized wealthy people into 5 groups:

1. Neighbors: Small-town business owners who have deep ties to their community. E.g. the person who owns a chain of stores in a town.

2. Wrestlers: Tormented with identity issues, not yet comfortable with money, worried about its effect on other relationships.

3. Mavericks: Quirky tastes and not listening to others. Entrepreneurs who like to "win", often financially disorganized.

4. Directors: Republicans who buy luxury brands, fly private jets, and want to control politics.

5. Patrons: Devoted to charitable causes, feel happy and unconflicted

alfajirikali's review

3.0

If the research compiled in this book is accurate, many stereotypes were dispelled.