The rich kids of social media

I have been told the rich were once discrete with their money, this is clearly not the case anymore. People have always held wealth and power and this will continue into the future so any thoughts of envy are wasted. The proliferation of social media fame is now projecting rich kids with no real skills into online currency.

The social media platforms of Instagram, Twitter, Facebook, Snapchat and Tumblr are the tools of the socialite with obligatory selfies that are now the currency of the nouveau rich. They already have the money, now they are seeking online fame driven no doubt by the success of Paris Hilton and the Kardashians.

The disdain of people making their fortune within a generation is elitist and unfounded, the nouveau rich are no longer unrefined and uneducated - described as the great unwashed. I do have issues with the term nouveau rich as generational wealth is generally one of privilege and not hard work. My personal interaction with rich kids is somewhat limited due to my working class background.

I respect effort, ingenuity and application so I respect self-made people. With tertiary education now available for all socio-economic classes. The knowledge gap between generational wealth and nouveau rich has narrowed, in modern times, we are all educated.

We can go to an art gallery to view a Renoir, Picasso, Dali or a Monet but we are unable to afford to buy one at auction. We have the ability to pay the gallery entrance fee and stand in front of this great artwork, we can take art classes at either college or university just like the rich kids.

I have to admit, I have an Instagram account with no pictures posted but I can't say I use it that much, more to check what is going on - I'm a follower. I like to read so I am seeing articles coming up with titles such as The Rich Kids of Tehran, The Rich Kids of Instagram and The Rich Kids of Dubai; this phenomenon is increasing.

Social media is the new currency of the showy and unsophisticated; what was once seen as vulgar is now viewed de rigueur. I must admit I find it a little crass, this outward display of wealth is more than a little self-centred, it acts to cover up their personal short-comings and self worth. As I'm interested in luxury goods from a business perspective, my interest is more than passing.

The fashion and luxury goods market is based on discretionary spending and generally cyclical in nature, yet most of these people are not self made instead spending their parents money in an indiscriminate manner - pathetic really. Instead, use your time, effort and parent's money to assist those less fortunate than yourselves.