The Federal Reserve’s quantitative easing program was on full display in 2021 as it inflated the largest asset bubbles in history. Elites were showered with free money as asset prices of stocks, bonds, and real estate went quite literally through the roof.
One of the results of soaring asset prices is the enrichment of the elites. The best way to show this is through luxury car sales. In a new report Monday, Rolls-Royce reported unprecedented 2021 demand for its high-end vehicles.
Based at Goodwood West Sussex, the BMW-owned firm delivered 5,586 cars last year, up 49% compared with 2020.
Rolls-Royce said there was “high demand for all models,” especially the Ghost and Cullinan models.
Chief executive Torsten Muller-Otvos defined 2021 as “a phenomenal year” for Rolls-Royce.
“We delivered more cars than at any time in the marque’s 117-year history with unprecedented demand for all products in every global market.
“If you order a Rolls-Royce today, you will expect to take delivery of it about a year from now,” he said.
Luxury British carmaker Bentley also reported a record in 2021 as global sales soared 31%.
And of course, easing Fed monetary policy stokes asset price inflation that only enriches wealthy Americans. Since the pie of Americans who own assets such as stocks and bonds is heavily concentrated in just a few hands — it should make sense that an enormous amount of wealth was created last year for elites. Today’s report provides insight into what they did with that money: purchase luxury cars.