Economic slump or not, according to The New York Times the ultra-rich aren't slowing down on spending. This news follows right along with the current trend of contradicting reports we keep hearing, like the fact that luxury retailers are reporting steadily falling sales while private jet spending is holding steady or even going up but luxury car sales are down. So what is it, are the rich spending or aren't they? Or is it just that the ultra rich are still spending, but all those who are just "middle-of-the-road" rich are cutting back?

Having a million dollars isn't what it used to be. In fact, having a million dollars in the bank in today's world only equates to being a "middle-class millionaire." To be truly rich you'll have to clear somewhere around $10 million in the bank, and to be considered "crazy wealthy" those stacks of dough will need to add up to more than $30 million. That is a lot of money.

So what to the rich and the crazy-wealthy of the world do with all that cash? Of course they all have their quirks, but some things are pretty consistent: lavish home improvements (think private massage rooms and relaxing zen gardens), one-of-a-kind jewels and jewelry, obnoxiously fast and expensive vehicles, fashion fashion fashion, lots of traveling to exotic locations, and of course all kinds of conveniences and amenities like concierge services and fine dining.

If you had unlimited funds what would you most look forward to spending it on?

Having or chartering a private jet used to be a big deal, a very special luxury enjoyed by only the elitest of the elite, but private air travel is practically a necessity for even "entry level" wealthy people in today's world. Even with the economy in the condition it's in, those accustomed to traveling privately aren't giving up the luxury in exchange for less expensive commercial flights. And although chartering private jet travel certainly isn't cheap it's not as pricey as it used to be -- as little as $10,000 will get you where you want to go.

If the economy has any kind of negative effect on private air travel experts expect it to be in how much people fly, not in the privacy they expect when they do. Many of those who use private charters and/or own their own jets consider it a necessity in their lives, not a splurge.

Do luxury markets really hold up better than others during an economic crunch? Many experts say no, and it would seem the steady decline in luxury auto sales is backing them up. Estimates say that automobile sales fell in March, which would mark the 5th straight month of decline and could result in the lowest numbers since 2005. Analysts speculate the drop in auto buyers has to do with several factors, including higher-end buyers holding onto their vehicles longer (waiting for the market to improve) and fewer entry-level lux auto owners being able to afford to buy right now due to increasing costs in other areas of their budget.

Do you have a year end bonus burning a hole on your pocket? Well then you better get to spending it (you know, for your own safety...) and of course there are more than enough people willing to give you ideas and take your money. Want a new car? An exotic vacation? An expensive work of art? Year end bonuses for some (namely bankers and Wall Street execs) this year are calculated to be somewhere in the $49 billion range altogether, so recession or not there's sure to be some serious spending going on.

Unfortunately I'm not part of that $49 billion demographic, but some of these spending ideas sure look awesome, especially the private jet charter. Hmmm, where wouldn't I like to go?

Women love to shop...it's like a law of nature or something. But it's no secret that lately the economy has been slowing down and the luxury market has been taking a hit -- high-income women may still love shopping but they're doing it a lot less. So how do luxury retailers plan to weather this storm? By making their products so compelling and irresistible that other purchases are put on hold to make room. High-end shoppers on a budget are not likely to trade down and start shopping at cheaper retailers, but instead they just become choosier with what they buy. In other words they may be buying less, but they're not stopping completely. So that awesome new handbag may have to yell a little louder to get attention, but it can still call your name like it always did.

Those who cater to the high-end luxury shoppers in New York don't just have the Christmas season to worry about. They are now waiting to see how the Wall Street bonuses will be spent. Bonuses seem to be down so far this year, a tough one in which many banks cut jobs as they dealt with losses caused by fallout from the subprime mortgage market. Reuters say that headhunters have reported that payouts for some of the most successful fixed income traders this year were flat to down 5 percent and some were down 10 percent to 20 percent.

This could be bad news for the real estate and art markets as well as luxury retailers including jewelers and auto dealers. Even those who did get a healthy bonus may not be in a shopping mood. Many in financial services are also fretting over job security and may put their bonus money into savings rather than celebratory spending.

A luxury lifestyle has come back to haunt the former director of the National Museum of the American Indian. W. Richard West Jr. spent more than $250,000 in Smithsonian money on first-class transportation and luxury hotels in just four years according to records obtained by The Washington Post. During those four years he was away from Washington for 576 days on trips that included speaking engagements, fundraising and work for other nonprofit groups. He zipped around the globe hitting Paris, Singapore, New Zealand, Greece and Indonesia.

West, who recently retired from the director's post says his trips were approved by supervisors and were part of his job, representing the museum around the world. He has a defender in Jacqueline Johnson, executive director of the National Congress of American Indians, who praised his record of service. The Smithsonian has been facing a lot of heat lately with allegations of spending abuses by former Secretary Lawrence Small, who resigned. While West was making his travels,top Smithsonian officials were allowed unlimited leave with pay.

It is said that West traveled more than other Smithsonian museum directors. I wonder if he would have faced the same scrutiny if he flew coach. It can be hard to pin down which hotels qualify as luxury versus simply convenient or available but first class plane flights, like flying by private jet, is easily identifiable as being perhaps, a bit decadent.

There has been a definite slow down in the spending habits of the average American consumer this holiday season, and although the super rich weren't predicted to be affected the modestly rich, or "aspirational consumers," were another story. They were expected to slow down with the rest of us, and it seems those predictions were right on. Some of the biggest retailers catering to both the very wealthy and the merely "well-off" are making note of major slow-downs -- and even a loss of some of their customer base as many of their lower-income clientele retreat from stores like Neiman Marcus and Nordstrom to Kohl's and JCPenny's.

Are you spending less this holiday season?

It may not be the prettiest food we've ever seen but the 750-gram (26-ounce) white truffle shown above, is one pricey delicacy. The "Queen Tartufo" Alba ttruffle recently was auctioned off for $208,000 and will be served at a banquet in Hong Kong. The truffle had been shipped from Alba in Italy's Piedmont region to Hong Kong for the charity auction which benefits Mother's Choice, a charity that provides care for pregnant women.

It's an expensive year for the truffle market. A bad truffle season in Alba has driven prices up to an average of $4,000 a pound with small truffles less than an inch in diameter sells for around $50. Luckily you don't need a lot of truffle to make an impact. A few thin shavings over pasta or an omelette can make a simple meal luxurious. Black truffles from Italy are a cheaper alternative at $500 a pound. Or you can always go American, Oregon white truffles can be found for $40 for three ounces. They aren't held in quite as high regard as Italian truffles but they are gaining in popularity and there is even an Oregon Truffle festival held in January.

I can't believe I'm about to say this: Oh, those poor rich people.

But it's kinda true, if you're in a generous and sympathetic mood and willing to look at the numbers. The more money you have the more money you need, it's as simple as that. The luxury market and the prices of luxury goods is rising at about 3 times that of the standard market and of standard goods. Part of the reason for this is the fact that although there's more and more money floating around in the world there is still a finite amount of goods to be purchased with that money, and for people with money to spend status symbols become almost exclusively defined by their price: the higher the better.

It's a LOT more complicated than that, but it really can all be summed up in the simple phrase "it's expensive being rich!"

Popular televangelist Creflo Dollar is being called on the carpet again for his "prosperity gospel" which teaches that God brings riches to the faithful. Iowa Sen. Charles Grassley, the top Republican on the Senate Finance Committee, is asking whether or not churches such as the one run by Creflo Dollar and his wife Taffi really are non-profits. Dollar is just one of the televangelists asked to provide financial information to the committee.

In an interview with CBS News, Dollar addressed the widely reported claim that he has two Rolls-Royces. Dollar says he only has one Rolls-Royce and that one was purchased by donors or members of the church and that it was a surprise to him. This is not the first time Dollar has had to address the Rolls issue, nor is it the first time he has used this answer. In fact, a quick search brings up a Businessweek interview in 2005 where Dollar said the church congregation gave him the Rolls-Royce saying that they wanted him to drive the best and that he felt to turn it down would be a "a dishonor to the people that gave it to me."

Although the super-rich are still spending money like they always do, they aren't the only ones who support the luxury market and signs seem to say that some other groups, namely the next level down, are getting a little tight-fisted with the cash. Many high-end retailers are reporting disappointing sales and drops in demand by as much as 20%, and the usually highly anticipated Christmas shopping season is looking "cloudy at best."

So far the most affected consumers seem to be households earning $50,000-$150,000, with spending suffering less as household income increases. However, experts warn that if this trend continues even the richest spenders may begin to curtail some of their habits.

We first became familiar with Mukesh Ambani when we saw the picture of his planned billion-dollar skyscraper home. It turns out that Ambani, who we already knew as the richest man in India is now said to be the richest man in the entire world skating past Carlos Slim, Bill Gates, Warren Buffet and fellow builder of blockbuster homes, Lakshmi Mittal. BloggingStocks took a look at the actions of the top five reporting that Gates and Buffett are also the world's biggest philanthropists and that Slim has also pledged a desire to set up a $10 billion foundation. Mittal is busy buying up the world's steel production. Ambani is the chairman of Reliance Industries and his businesses include petrochemicals, oil refining, textiles, retail and biotechnology. Thus far his efforts on behalf of his fellow man just might be limited to subsidizing the 600 staff his new home is said to require.

Consumer spending overall might be down (just a 1.3 percent growth rate in the second quarter) but that isn't stopping luxury consumers according to an article in the Chicago Tribune. A survey from Unity Marketing reveals that spending among those with an average income of of $155,000 was up nine percent overall (spending an average of $15,283 on luxury goods and services in the second quarter). Specific categories such as home goods, jewelry and entertainment were all up over 50 percent. The most aggressive spenders are, according to Pamela Danziger of Unity Marketing, the younger, uppermost segments of the luxury spenders. Unity Marketing dubs them the "Want-It-All" generation and reports that luxury shoppers under 40 outspent older shoppers by 39 percent. Inspired perhaps by the conspicuous consumption shown by the celebs in the media like the Beckhams shown here, this group is accustomed to getting what they want without waiting.