When Enough is Enough

THE WALL STREET JOURNAL—For the wealthy, 2007 was the year that bigger was better — from yachts and incomes to personal staff and art collections.

In 2008, the rich are likely to be uttering a new mantra — downsizing.

The fallout from the debt-market crisis, along with growing concerns about inequality and the environment, are likely to usher in a year of moderation for the rich. Don’t worry: Conspicuous consumption won’t disappear.

Yet the recent surge in the population of millionaires and billionaires is likely to slow, at least in the near term. Buzzwords like “mass luxury” and “exclusive” are likely to be replaced by terms like “authenticity” and “sustainability.” In 2008, the rich will strive to be more down to earth, even as they take off in their new G550 private jets.

“I think there is increased anxiety among the wealthy,” says Peter White, a New York-based counselor to rich families. “But I also think there is a greater understanding of the interconnectedness of things, that what they do in their individual lives can have broader implications.” Read article.