The ‘richcession’ isn’t happening. The ultra-wealthy have never been richer and they’re still spending like crazy.

• The “richcession” – a recession that disproportionately impacts the wealthy, isn’t in the cards. 
• Experts say the richest are actually even richer and spending more than they were before the pandemic.
• You can thank rising stock prices and YOLO spending culture for the boom in luxury markets.

The so-called “richcession”—the idea that the super wealthy are feeling economic pain more than other groups right now—isn’t panning out as a reality, and in fact, rich people have never been wealthier, and are spending more than they were before the pandemic, experts told Insider.

“The rich are a lot richer today than they were pre-pandemic. Leverage is low. They have very little debt and make a 30-year-fixed rate loan and they’ve locked in very low interest rates,” according to Moody’s chief economist Mark Zandi. “When people say ‘richcession’ I just don’t see it.”