Working class consumers around the world are tightening their belts, driven by runaway fuel prices, global inflation, and a wrath of new import tariffs introduced by US president Donald Trump. In the US, retail sales plunged 0.6 percent between May and July, blowing an expected 0.1 percent drop out of the water.
In such a depressing financial environment, one class of consumer seems to be having a heyday: the ultra-rich in general, and the billionaires buoyed by the AI boom in particular.
According to the Financial Times, the number of billionaires in the US rose 13 percent from April 2025 to 2026, minting some 3,302 individuals with net worths over ten digits. Of them, over 1,000 are based in the US.
Of course, there’s no use in having billions of dollars if you’re going to stay shuttered away in a gaudy McMansion like some Old Moneyed hermit. As such, the nouveau riche tech billionaires are spending big time on travel toys like luxury cars, state-of-the-art superyachts, and the latest and greatest in private jets.
As Toby Edwards, co-chief executive of luxury aerospace company FlyVictor told the FT, the “private aviation golden standard of yesteryears, sipping champagne on crisp linen [tablecloths], has largely gone out the window with this cohort.” Instead, Edwards notes they want bizarre-but-subtle luxuries like “specific types of water” and “health-conscious catering.”
“They’re flying privately for efficiency and discretion,” Edwards explained, “not to impress socially.”
Of course, the AI boom isn’t just raising the boats of the top percentile. As economist Mark Zandi observed in a June post on social media, Americans across the top 20 percent of the US income distribution — individuals earning $175,000 or more per year — accounted for nearly 60 percent of outlays in the first three months of 2026, a financial category that includes consumer spending, charitable donations, and debt payments.
“The emergence of the AI super-wealthy has opened up a whole new wave of demand for those companies providing access to private jets, yachts and supercars,” Paul Charles, a luxury travel consultant told the FT. “The notion of the discerning client is rather outdated and so companies now have to adapt to cater to a new generation of luxury-focused traveller, created by this AI wealth.”
**More on tech billionaires: **Young People Hate AI CEOs So Passionately That It’s Almost Hard to Believe