Richad is an über wealthy Expat living in Dubai. His and his family’s wealth go back 4 generations from the time his grandfather set up their trading business in the East. He has chosen to live in Dubai after living in England with his family for 20 years or so for various reasons: “Dubai is a safe, clean and centrally located city. It’s easy to travel from Dubai to Europe and the east where the core of my business lies. More importantly, Dubai has a really good quality of life – you can easily get anything you want – a great big house and staff to work there too.” He also mentions that it’s closer to his native Bombay where his mother lives at the moment, so he can pop in and out when need be.
Unlike many others who have lost a lot of money in the recession, Richad’s business has thrived. He says he is one of the very few lucky ones that have on the contrary made money as a result of the recession. “Our core trading business at the moment is in asphalt. A key raw material for infrastructure, the latter which is a key industry most governments around the world have shifted their focus to, away from real estate. So we have made more money than we probably did before the recession. We also have not speculated in the real estate market and hence we have not lost money.”He did say though that he has bought property (home and offices) to use and although they have depreciated slightly, he is not bothered and is sleeping well at night.
Unlike many, he believes in the calculated risks and in being content with everything. That’s always been his philosophy in life and business – it’s gotten him and his family this far with 4th generation wealth. So it must work for them. “The key is not to be consumed by greed. That in my opinion is what has fuelled the recession and the failure of many. I may have lost on the price of the property, but that’s okay. I have to accept it and hope tomorrow would be better. I have not borrowed money on this property, so if I win a little less than expected … it’s still a win. And in life you win some, you lose some.”
There is an aura of confidence, calm and ease in his voice as he opens up to me; because at the core of it all, he’s made it. He truly believes that money doesn’t grow on trees. So although he and his family (wife and two adult boys) are privileged and lucky, he knows that this has come after working very hard for over 30 years in preserving and growing what wealth his father had passed on. He feels that he does not have to prove himself to anyone and consequently does not have to flash to demand the respect of his peers or others. “There is a big difference between commanding respect and demanding it. And I truly believe that the latter is driven by a need for people to show the whole world that they have made it.”
He did not have to take a step back from his lavish lifestyle at all. He feels that as a person, he is still living well and travelling well – always first class – always exclusive holiday destinations, the best clothes and the best homes. He is by nature a more conservative and cautious man, and he believes that with age comes the wisdom of spending lavishly because you deserve it rather than splurging for the sake of it. He has always been a moderate man except when it comes to his shoes! He has a shoe fetish and owns over 300 pairs of very expensive shoes. He buys them because he loves them not to flash or tell people ‘look at me’.
He feels he deserved them with his hard earned money so there is no feeling of guilt associated with the purchase at all. He loves that his Berlutis are unique “…each piece is hand stained, so it’s like buying art - no two pieces will ever look the same…” This feeling of exclusivity is what he is after. “Not everyone knows or can recognize a Berlutis, only those who know.”
He drives a Bentley and has a BMW X5 parked in the driveway for his wife, but still goes to work in his 5 year old Lexus RX 350 because again, it’s not about the flash. He does what makes him comfortable.
With a base in Dubai, a home in Bombay and London, he spends his year moving with the weather, 3 months in each location and finally holidaying with his closest of friends in Gstaad and Geneva.
His dream is for his two boys to have the platform base for them to continue to excel and build their wealth for the next 4 generations. He soon hopes to work a little less and invest time in his passion: playing golf all around the world with his wife and friends by his side. “In the end, I really believe my wealth lies in the people around me – family and friends.”
Classic wealth will always exist, recession or not. Those are the true representations of the luxury industry. This industry, in the incredible boom around the world, became like all other industries, commercial and available to all. With easy credit the mass had access to luxury. And based on speculation we have heard this year, the world will never pick up like it did pre-this recession. People will not have those massive big bonuses and make tons and tons of money like they used to.
The Truth: Classic Luxury will always prevail. It’s those few, ‘in the know’, that will always seek uniqueness. One they genuinely believe they so deserve!!
Challenge: Bring back the exclusivity of luxury brands to those privileged few.
No comments:
Post a Comment