If you’ve got it, flaunt it – tastefully, of course. From the Medicis to Marie-Antoinette, that age-old human trait has sustained small armies of quality manufacturers. In the 21st century, it may be Asia’s Wangs and Satos, but plus ?a change.

The important question is whether – or when – today’s chilly economic climate may infect this cushioned elite and cause them, too, to rein in spending. Judging by recent numbers from a couple of top-end manufacturers, it will not be this year. Richemont, the Swiss maker of Cartier jewellery and Baume & Mercier watches, shrugged off the problems posed by a strong Swiss franc and produced a 29 per cent sales increase (or 36 per cent at constant exchange rates) in the six months to September. Italian leather specialist Tod’s strode to 15 per cent in the first nine months of 2011.

Of course, both companies can thank the swelling ranks of wealthy Chinese: mainland China led the sales charge. But US revenue growth was also in the strong double-digits, and in Richemont’s case even disaster-struck Japan, the luxury industry’s number two market, clocked up 9 per cent.