New York Times -- Luxury Manufacturers Are Turning To The American Rich.

Since the middle of 2013, the number of millionaires in the United States has increased by 1 million 600 thousand, and the American billionaires have gone beyond Hongkong and Russia.

The most important driving force for growth.

The 5000 square foot new store of Chanel (Chanel) extends the baroque style of the Chanel Chanel (Coco Chanel) apartment, decorated with bronze, with antique fireplace and luxurious reception hall.

Eve San Roland (Yves Saint Laurent), the largest storefront, is a 10 thousand square foot flagship store located on the Rodeo Drive in Beverly Hills, California, featuring white marble and polished brass ornaments, as well as a secret channel dedicated to celebrities behind stores.

In the Manhattan District,

(Herm s), Sabato Ferragamo (Salvatore Ferragamo) and Paul Smith (Paul Smith) are planning to open the world financial center (the World Financial Center) located on the Hudson River.

Its renovation cost US $300 million, with a glass pavilion and a European food market.

As Europe's high-income consumption in emerging markets, once seen as a luxury market, frustrated high-end luxury goods suppliers began to chase American millionaires.

And they say that wealth is not limited to the east coast and the west coast of the United States.

Some fast-growing industries, such as technology and energy, are pforming cities such as Houston, Dallas and San Jose into the world's riches with the highest density of wealth.

Kai Jie (Capgemini) and Royal Canadian bank RBC Wealth Management statistics show that since 2012, the number of high net worth people in Dallas has risen by 18%, and Dallas has jumped 20%.

As the market improves and the economic recovery moves forward, the proportion of the world's super rich is rising.

Since the middle of 2013, the number of millionaires in the United States has increased by 1 million 600 thousand. Credit Suisse estimates that this is the largest growth in the number of wealthy people worldwide, more than 90 thousand Chinese have crossed the million dollar mark.

In 2014, the ratio of Americans with net wealth of more than 50 million US dollars was eight to 1.

Credit Suisse says the United States will remain the richest country to date, and the aggregate wealth will be more than 114 trillion dollars by 2019.

Luxury retailers now see the American billionaires as their biggest growth force, ahead of Hongkong's riches and Russian tycoons.

"In the past year, the United States has been at the top of our investment plan."

Norsa, chief executive of Salvatore Ferragamo, a luxury footwear manufacturer in Italy, said (Michele Norsa).

"The west coast is full of opportunities, there are technology industries and tourists from Asia," Norsa said.

"As an important window to Latin America, Miami is also full of business opportunities.

We see opportunities not only this year, but also in the long run.

Strong luxury consumption in the US is good news for the luxury sector.

Because of weak asset prices, exchange rate pressures and economic and political turmoil, the luxury industry has been struggling to cope with slowing growth in Europe and emerging markets that once seemed to have the greatest potential for growth.

According to Bain, sales of luxury goods in China, in particular, may be the first decline in more than 10 years because of the impact of bribery.

The weakness of rouble and low consumer confidence have seriously affected another group of people who often consume large quantities of luxury goods: wealthy Russians.

Bain consulting estimates that us personal luxury spending grew by 5% over the past year to about US $73 billion, compared with a negative growth in China and Russia.

This week's report by Louis Vuitton, the world's largest luxury goods manufacturer, also highlights changes in the market.

The company said its annual sales in Asia dropped by 6% in 2014 compared with the previous year because of the poor market conditions in China.

European sales growth was 3%.

But its bright spot in the US has increased by 8% over the same period last year.

David Friedman, President of Wealth-X, a wealth consultancy, said: "the US hedge fund, technology and real estate industry has seen a new generation of people earning millions of dollars a year, who are 30-40 years old." (David Friedman)

Milton Tyrock (Milton Troche) is 29 years old and his father runs a family in New York.

Company.

Tyrock said that this year's business momentum is very good. He feels comfortable enough to upgrade his wardrobe.

"I want a bigger belt buckle."

As he said, he took the belt he bought for $450 to get out of Ferragamo's flagship store in Fifth Avenue.

"Even if you wear a T-shirt with it, you can soak the girl."

Most of the growing wealth in the United States comes from well performing equity markets, which increase the wealth of the high-income Americans who are most likely to invest in stocks.

In the United States, the rich also have more money to spend, because the highest marginal income tax rate is lower.

At the same time, high skilled and high-income immigrants from all parts of the United States also promoted high-end consumption.

The United States continues to attract these immigrants in a disproportionate proportion.

Experts say that the loss of global talent, in turn, the influx of talent in the United States, has also shifted more wealth and luxury consumption to the United States.

"The influx of affluent people has helped the United States, and they have brought additional impetus to the luxury market in cities such as New York, Miami and even Boston," said Bain D, a luxury goods consumer specialist at Claudia consulting, a consultancy at D.

Meanwhile, the number of international visitors to the United States has increased steadily, estimated at 74 million last year.

Experts say this also promotes luxury consumption.

Eve San Roland's brands are witnessing the impact of the pformation of the United States on them.

The company's Kering, a parent company in Paris, reported in October that luxury goods sales rose 3.5% to 1 billion 670 million euros ($1 billion 906 million) in the third quarter compared with the same period last year, while sales in North America increased by 12%.

French luxury brand Herm s is expanding its scale in Dallas, Houston, Miami, Boston and Seattle, and plans to open a trend shop in California's Palo Otto.

Hermes will also open a store in Brookfield Place, and is also its third store in Manhattan.

Robert Chavez, Robert Chavez, said the store will sell Hermes perfume.

"Before, we were very concerned about the growth of the BRICs."

He said, the implication is the five emerging economies Brazil, Russia, India, China and South Africa.

"But the world is changing, and now the United States has become a strong foundation."

The new luxury center in the US is not Manhattan.

According to Bain consulting, last year, New York spent more than 25 billion 500 million dollars on personal luxury goods, more than the total expenditure of Japan, the second largest market.

The focus of luxury goods in the United States is shifting to the centre of Manhattan, where it was once the domain of busy commuters and white-collar workers.

West The Westfield will open second luxury shopping centers in the region by the end of this year.

"This is an autonomous market, and it has grown enormously."

Sax Gerald (f Saks Fifth Avenue) parent company Hudson s Bay, chief executive officer Gerald L Star (Gerald L. Storch) said.

The company plans to open a shop in Brooke field square this spring.

However, not all luxury retailers are enjoying a good life.

Tiffany, the jewellery chain brand (Tiffany), lowered its annual forecast last month, due to poor sales in November and December.

Economist Morgan Stanley (Morgan Stanley) wrote in a recent report that the rapid growth of luxury consumption year by year may not be sustainable.

They wrote, "how many private planes can a man buy in the end?"

Some analysts say the weakness of the euro and yen may also inhibit tourism and spending (but European luxury brands have not cut prices), a sign that reflects the strength of American luxury consumers.

Dennis Friedrich (Dennis Friedrich), the chief executive, said that Brookfield's guests were still not easily affected by the exchange rate.

Brookfield invested $300 million to pform the former world financial center.

"Exchange rate changes will not change their minds."

Friedrich said, "we serve a very wealthy group."