Globalization and the Rich and Famous

Globalization , we knew was leveling the playing ground for your typical middle class young person whether in China,India, Eastern Europe. Latin America  or Africa provided they had good reliable Internet access.

It was therefore interesting to read the Rana Faroohar’s Newsweek article on how the rich and famous  have changed with globalization. The earlier more feudal model for the rich was to have one place where you grew up – your kids went to the same college for four generations and you supported all the local institutions. All this is changing according to Newsweek. Now the rich are much more nomadic and might come from the developing world. The Indian steel tycoon Laxmi Mittal is a good example. Mr . Mittal  grew up in Rajastan, India in  modest  circumstances and simply decided to take up the export end of the family steel business. He’s now reported to be the biggest steel tycoon of the world a very much old world business; but his lifestyle from the most expensive home in London to the flamboyant daughters wedding in France  and his India visits are all pretty free flowing- globally .

The really rich are today no longer rooted in one country and keep moving around – they also do not restrict their philanthropy to local organizations. Consider the good works of the Bill and Melinda Gates Foundation in Asia and Africa. Clearly great telecom and the Internet is helping all this and the feudal model and family homes like Blandings Castle for Lord Emsworth in PG Wodehouse is all changing.

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