Myanmar rushing right past middle class to Emerging Ultra Wealthy
In a land where many residents live far, far below what would be considered middle class, Myanmar appears to be going right past go and racing towards an Emerging Ultra Wealthy. High-end jewelry stores and luxury car dealerships have popped up to cater to the ultra-elite that have emerged since 2012, when sweeping political reforms ushered in a wave or foreign investment, creating a class where “many luxury car buyers here have large fleets.”
For years Mr. Thiri Thein Than, 40, has done his higher-end shopping overseas. But in March, he visited a boutique that the Swiss watch company Franck Muller had just opened in the upscale Sedona Hotel overlooking Yangon’s Inya Lake — the company’s 44th location worldwide, and Myanmar’s first monobrand luxury watch store.Mr. Thiri Thein Than bought a Master Calendar Lunar watch in pink gold with a tiny moon that rises and falls with the lunar calendar. He said the watch, which sells here for $33,500, has drawn compliments at his office and makes him feel distinguished in crowds.
Source: Luxury in Myanmar: ‘A Long-Term Investment’ – The New York Times
