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Jun 29 2008

How Billionaires Beat Credit Crunch

THE REST of us might be battling to cope with rising food and fuel prices as the credit crunch hits hard.

But while we are fretting about our extra mortgage payments, the demand of the super-rich for the most luxurious goods is soaring.

A painting by French impressionist Monet last week sold at auction for more than £40million.

The mystery buyer caused shockwaves as Le Bassin Aux Nympheas was expected to fetch only £24m.

Oil-rich Arab princes and Russian oligarchs lead the way when it comes to seeking out the finest things money can buy.

They include everything from dream houses and motors to space travel.

BILLY PATERSON takes a look at the most ostentatious status symbols coveted by the world's biggest spenders.

£13K HANDBAG

THIS season's must-have fashion accessory is the alligator hide Burberry Warrior handbag. Costing £13,000, its rivets and fastenings are hand painted with vintage gold and it comes nestling in a leather box.

£50K LOO STOP

WITH luxury travel firm Avolus, pets ride in chauffeur-driven cars, jets, helicopters and yachts. Boss Justine Angelli said: "On a transatlantic flight we had to stop in Canada for a dog to do its business. It cost £50,000."

£40K HUNT

TRAVEL agents Dream Escapes offer the super rich the chance to hunt, shoot and fish on the Corrour Highland Estate, Fort William. The deer-stalking break costs £40,000 for six people on a three-night stay.

£13M SPACE FLIGHT

HUNGARIAN-born billionaire Charles Simonyi realised a dream when he became a space tourist last year. The 59-year-old software tycoon spent £13million for his 13-day trip into orbit.

£40M ARTWORK

A MONET masterpiece, above, went for a cool £40.1million last week and art remains a passion for big-spenders. Chelsea owner Roman A bramovich gave paintings worth £60million to his lover this month.

£100 BURGER

FOR fast-food lovers with expensive tastes, Burger King have launched the world's dearest burger.

The treat, which costs £100, features flame-grilled Wagyu beef, white truffle, pata negra ham slices, crystal onion straws and shallot-infused mayonnaise in an Iranian saffron and white truffle-dusted bun.

£20K PHONE

FORGET your Nokia pay-as-you-go and check out this gold and diamond-encrusted mobile, main picture.

The customised Amosu phones cost £20,000 from Selfridges & Co and come with a matching bluetooth headset for £6250.

But you'd better hurry if you want one as they're only making 100.

£70M HOUSE

MORTGAGE worries do not concern the UK's richest man.

Billionaire Lakshmi Mittal last week shelled out £70million for a house in London's Kensington Park Gardens - and won't even live there.

Mittal already owns a £250million home in "KPG" - the largest in London after Buckingham Palace.

£225 COCKTAIL

LONDON'S Westbury Hotel launched its £225 Chopardissimo cocktail last week. It includes vodka Martini with Beluga caviar and a rosewater and mint jelly.

But that's cheap compared to the £35,000 Flawless cocktail at London's Movida club - with gold flakes and an 11-carat diamond ring.

£1M BUGATTI

IF you fancy a life in the fast lane, there is only one car if you've got the readies - the Bugatti Veyron.

The Italian supercar costs around £1million and is the world's fastest road car with a top speed of 253mph.

But it is soon to be overtaken in the exclusivity stakes by the special-edition Bugatti EB Veyron 16.4 Pur Sang.

Even some billionaires will be disappointed as there are only five being made. Price has yet to be decided.