The One Percent Paradox

By the end of this year, we know for certain that a few things will come to pass: A millionaire will have been elected president of the United States; the national unemployment rate will hover at an uncomfortably high level; and American men will have spent more money on personal luxury goods — watches, shoes, jewelry, and big-ticket clothing items — than in any other single year in history. More than during the Greed Is Good days of the 1980s. More than during the Internet boom of the 1990s. More than during the conspicuous-consumption craze of the 2000s, with luxury powerhouses like Richemont (home to the likes of Cartier, Dunhill, and IWC), LVMH (which owns Louis Vuitton, Fendi, Berluti, Bulgari, and TAG Heuer, among others), PPR (see: Gucci, Brioni, Bottega Veneta, and more), and Hermès all reporting sustained double-digit growth and record profits in 2012.

Read more: Esquire