Did you know that the fastest growing segment of the cell phone market is for phones that cost more than $8,000! For the ultra rich, a high-end cell phone means something quite different from what we probably use. They're plunking down thousands -- even millions -- for handsets loaded with gold, gems, and other over-the-top extras.
The biggest purveyor of cell-phone bling is Vertu, the British subsidiary of mobile phone giant Nokia, which makes phones costing from $6,500 to $72,500. Even the lower-priced models boast fine materials such as Italian leather and 18-carat gold, while top-of-the-line units are studded with hundreds of diamonds and other precious stones. And every phone has access to a concierge service that can help you, say, charter a private jet to the Bahamas.
And if you think phones this expensive comprise a mere fraction of the overall market... Think again. Vertu sells about 200,000 handsets a year at an average $8,000 each. That works out to a cool $1.6 billion, nearly 3 percent of Nokia's $58 billion revenues.
George Parker
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