Robert Frank (the Wall Street Journal columnist, not the economist) profiles "YAWNS," the young, and wealthy, but normal, strain of rich folk. "They are men and women in their 30s and 40s who have become multimillionaires and billionaires during the wealth boom of the past decade. Yet rather than spending their money on yachts, boats and jets, yawns live modestly and spend most of their money on philanthropy." They sound peachy! But my lord:
Yawns spend substantial amounts of money and time trying to be normal. Natasha Pearl, founder of Aston Pearl, a New York-based concierge firm, says one of her yawn clients recently hired her to find a summer camp for his daughter that wouldn't be filled with other rich kids. She found him one in New England that was "very low-key." The client paid her $15,000 for the effort, even though the camp itself cost only $5,000 for the summer.
"It was worth it to him to send his child to a camp where the kids didn't arrive in private jets," Ms. Pearl says.
$15,000 to find a summer camp not packed with the spawn of the rich. And to think, every day, millions and millions of Americans locate summer camps that have resisted these hordes of monied tykes for free!
