That one-percent category is no longer a monolith. It has become binary, at least in the Hamptons.
There is new money - and there is a lot of it. And, there is old money - which may have more constrains on it than new money.
Daily Mail reports on the growing tension betwen the two categories of wealth in the Hamptons. New money doesn't have to pay attention to cost. Not of real estate. Not of posh dining. Old money feels it does. That's the rub. The unbridled spending of the new monied is, of course, increasing the cost of living.
Could the offspring of the old money crowd find they can't keep up with the cost of living? That could be the major angst among this generation. Likely they are commuting into New York City to meet with lawyers specializing in estate planning. How can they arrange the whatevers to ensure their sons and daughters aren't driven out?
There had been that oft-quoted line by F. Scott Fitzgerald that the rich are different from the you and I. Well, that might not hold up anymore.
Old money may not be so different from you and I. Like us, they now know the phenomenon of being made to feel less-than by those with lots more money than they have or ever will have. New money is positioned to keep increasing their wealth - probably wildly. Old money might be stuck in the same-old.
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