Mar 2022
For the last five hundred years, posh “society,” is where the wealthiest and most influential people in the world mingled, inter-married and conducted business. If you’ve ever watched “Downton Abbey”, “The Gilded Age” or even “Crazy Rich Asians” you’ll know what I mean.
Maslow’s hierarchy of needs - a psychological pyramid that describes human fulfillment - states that part of our human nature (once your basic needs are met) is the desire to attain social position. Having mere wealth is just not enough once you are in the top levels of achievement.
In the 1970’s Arab money started pouring into the west. Arab petro-dollars bought swaths of land in the UK, in London and New York. The Arabs dazzled everyone with their wealth and bling but they never penetrated posh society.
Then in the 90s the second, Asian wave, of new wealth washed eastward and they had a bit more success in society. But starting about 20 years after the fall of the Soviet Union, Russians started coming to the west with new money to invest - in the UK, in particular.
Russia became the billionaire capital of the world, oligarchs were everywhere buying anything not nailed down and eventually trying to insinuate themselves into posh “society”. Tatler (THE magazine of society) even began publishing a Russian version. If you were a wealthy Russian, you were moving up. By 2022, they weren’t too far from the edge of REAL success.
That’s what evaporated three weeks ago - with the invasion of Ukraine - Russia’s luxury infrastructure and their hopes of acceptance into posh society. Gucci, Chanel, Hermès, Dior, Apple and Tatler (just to name a few luxury brands) have left Russia to rot. If you’re Russian now, the chances of being admitted into posh society are gone for the next 20 years - at least.
You may say “so what?” Well, one way a dictator holds onto power is through mercantile largess. The granting of rights within the Russian sphere of influence - to control and distribute goods and services - is how oligarchs are created. The support of these oligarchs is important and transactional.
A man with a 100-million dollar yacht - looking at what chunks of their wealth may well be confiscated in the west - or lost to the Ruble’s collapse - could easily offer life-changing wealth to any henchman willing to end Putin one way or another.
Will this happen? I don’t know. But this is the system they’ve set up for themselves.
Maslow’s hierarchy of needs - a psychological pyramid that describes human fulfillment - states that part of our human nature (once your basic needs are met) is the desire to attain social position. Having mere wealth is just not enough once you are in the top levels of achievement.
In the 1970’s Arab money started pouring into the west. Arab petro-dollars bought swaths of land in the UK, in London and New York. The Arabs dazzled everyone with their wealth and bling but they never penetrated posh society.
Then in the 90s the second, Asian wave, of new wealth washed eastward and they had a bit more success in society. But starting about 20 years after the fall of the Soviet Union, Russians started coming to the west with new money to invest - in the UK, in particular.
Russia became the billionaire capital of the world, oligarchs were everywhere buying anything not nailed down and eventually trying to insinuate themselves into posh “society”. Tatler (THE magazine of society) even began publishing a Russian version. If you were a wealthy Russian, you were moving up. By 2022, they weren’t too far from the edge of REAL success.
That’s what evaporated three weeks ago - with the invasion of Ukraine - Russia’s luxury infrastructure and their hopes of acceptance into posh society. Gucci, Chanel, Hermès, Dior, Apple and Tatler (just to name a few luxury brands) have left Russia to rot. If you’re Russian now, the chances of being admitted into posh society are gone for the next 20 years - at least.
You may say “so what?” Well, one way a dictator holds onto power is through mercantile largess. The granting of rights within the Russian sphere of influence - to control and distribute goods and services - is how oligarchs are created. The support of these oligarchs is important and transactional.
A man with a 100-million dollar yacht - looking at what chunks of their wealth may well be confiscated in the west - or lost to the Ruble’s collapse - could easily offer life-changing wealth to any henchman willing to end Putin one way or another.
Will this happen? I don’t know. But this is the system they’ve set up for themselves.
BLT word of the day challenge: henchman: a trusted follower who performs illegal tasks for a powerful person.
