Rich People Buying "Trophy Trees" And "Enormous Crystals" For Their Mansions
Shortly after the virus pandemic struck, the Federal Reserve unleashed liquidity spigots to drive down borrowing costs and keep the economy from further collapsing. Much of the emergency bond-buying continues to this day and has greatly benefited wealthy people.
So much so that house prices are surging to stratospheric levels, along with stocks, bonds, antique cars, wine collections, and fancy artwork have also dramatically risen in price.
Over the last year, the world's billionaires added more than $5 trillion to their wealth, with the wealthiest 2,755 people on earth amassing more than $13 trillion.
With all this newfound wealth - what are some of the wealthiest people buying besides megayachts?
Two buying trends this year are "trophy trees" and "enormous crystals."
Mansion Global reports Michael Chen, a Los Angeles real estate developer, has bought a 150-year-old, 15-foot olive tree imported from Tuscany, which he calls the "tree of life." The trophy tree sits in the middle of his $65 million Beverly Hills mansion.
In Miami, Fernando Wong Outdoor Living Design, a company that specializes in landscaping, said the trophy tree business is booming. The wealthy are demanding nondisclosure agreements to keep their horticultural endeavors super secret.
Besides exotic trees worth hundreds of thousands of dollars, the rich are also furnishing their homes with giant crystals.
According to Los Angeles Times, wealthy buyers purchase crystals sculpted into love seats and coffee tables to furnish their homes.
Mineral collector Peter Megaw said the global market for high-end crystals is becoming fine art, with scarcity driving prices higher for unique pieces.
Work-at-home and lockdowns turbocharged the craze for self-healing crystals that also create lavish decorations.
The wealthy are spending $125,000 amethyst coffee table or a $333,000 peach-colored quartz the size of a laundry basket.
Here's a $45,000 amethyst throne.
A 900-pound quartz chair.
More fine crystal pieces.
Trophy trees and crystals, two buying trends of the super-wealthy this year.
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