Good morning! Today, let’s dive into something interesting over at Savvy Scott. We’re exploring whether you should splurge more on Christmas gifts when your income goes up. Fascinating, right?
When thinking about Guatemala, many people imagine small huts, dirt roads, and general poverty. However, if you’re wealthy in Guatemala, you are extremely wealthy. The Gini index, which measures income disparity, ranks Guatemala very high. Only a few countries in Southern Africa have a greater income inequality. Let’s look at some examples of the extravagance among the rich in Guatemala — these are firsthand accounts, not hearsay.
## Commuting in Style: Helicopters
In Guatemala City, traffic is notoriously bad due to the city’s rapid growth and a burgeoning middle class that can now afford cars. It’s not uncommon for wealthy individuals to use helicopters to get to work. They often have helipads at their homes or offices for this purpose.
## Sky-High Transportation: Private Jets
Guatemala has one of the highest numbers of private jets and helicopters per capita in the world. Aside from drug lords, these aircraft are mainly used by the privileged. Since the roads are poor and clogged with traffic, the rich prefer to fly, even for short trips. Unfortunately, this has led to numerous accidents, often due to partying pilots.
## Buying Homes with Cash
When wealthy Guatemalans get married, their parents usually buy them a house, typically costing between $500,000 and $750,000. Mortgages are rare among the affluent; they mostly use credit cards for their finances.
## Living with Bodyguards
Due to a history of kidnappings in Guatemala, many rich individuals have bodyguards. This can be exhausting since these same bodyguards might be the ones plotting abductions thanks to their inside knowledge. It’s common to see armed bodyguards waiting outside fancy restaurants. Even local officials have bodyguards, though sometimes for dubious reasons.
## Lavish Weddings
When rich Guatemalans get married, the spending is immense. It’s not unusual to hear about $25,000 spent on flowers alone. Weddings typically have 500-800 guests, and it’s common for guests to bring more people along. There’s no formal seating arrangement, making the events even more unpredictable.
## Frequent Trips to Miami
Miami serves almost as a second home for affluent Guatemalans. They often fly there multiple times a year to shop since they feel the variety and quality in Guatemala are limited. Despite the beauty of their own country, they rarely travel within it.
## Marrying Within the Elite Circle
Social circles are very tight for the wealthy in Guatemala. From daycare to college, they socialize within their elite class. Marriages usually happen within specific families, and a person’s last name often decides if they’re an acceptable match. It’s a close-knit community where social status is paramount.
## Pinterest-Perfect Homes
Many rich households in Guatemala resemble picture-perfect Pinterest posts. They employ low-cost help to keep everything pristine, but such homes can sometimes lack a sense of lived-in warmth.
## Never Repeating Dresses
For social events, it’s considered a faux pas to wear the same dress twice. Women frequently buy new outfits, often from Miami, to maintain appearances. If they can’t afford it, they might borrow dresses from friends, but never repeat outfits at significant events.
## Inherited Wealth and No Work
Many of the wealthy have never had to work, thanks to inherited money. There’s a local saying about how wealth quickly disappears across generations. Keeping up with the affluent lifestyle often leads these individuals into significant debt, sometimes in the millions.
## The New Definition of “Millionaire”
In Guatemala, being a millionaire often means having at least $10 million. While local currency calculations might label someone a millionaire with $130,000, true wealth here starts in the multi-millions. This starkly contrasts with the average local income.
## Large, Opulent Homes
Luxury homes in Guatemala are massive. Typical houses have multiple bedrooms, each with a private bathroom, and walk-in closets. Guest rooms and service rooms are also standard, with larger homes employing several staff members.
## Enormous Living Spaces
Luxury apartments and houses in Guatemala are huge. One-bedroom apartments can be as large as a five-bedroom home in Paris. Medium-sized houses are around 5,000 square feet, with 10,000 square feet or more not being uncommon.
While spending money can be fun, it’s somewhat disheartening to see the hard work of previous generations spent on such extravagances. What do you think? Is this standard rich behavior? Is $10 million the new $1 million?