When you're a London banker with more than a million dollars in bonus money to burn, the yachts, James Bond cars and luxury homes are yours for the taking.
Britain's financial elite are prowling penthouses, visiting exclusive shops and considering the possibilities for spending the £17.3 billion bonus pot that a blazing hot market has earned them this year.
Sales of million pound London houses and flats are already booming and the bonus bonanza for merchant bankers and traders at global powerhouses like Merrill Lynch, Goldman Sachs and Lehman Brothers is expected to drive demand through the roof.
International real estate sales company Knight Frank said in a report available from its offices and entitled: "Rich City" that the market for the type of London residences sought by bankers is expected to see the strongest growth in 2007.
"The super-prime market (_4 million +) is significantly out-performing the overall London market..." it said. "This boom is forecast to continue into 2007, with year-end bonuses for London's financial elite estimated to increase..."
Housing in the capital is not the only sector soaking up chunks of big money from bankers in the square mile of London and its satellite enclave in Canary Wharf collectively known as "The City".
Shiny new Ferraris, Porsches, Aston Martins and other expensive cars piloted by well-heeled new owners have been roaring along the rain-soaked streets of London's financial districts every morning since bonus season began.
Pendragon, Plc - Europe's largest automotive retail group - said its prestige car division Stratstone has seen growing interest in Ferraris, Range Rovers and the Aston Martins made famous by James Bond over the December to March bonus season.
"The two hot cars at the moment are the Aston Martin V-8 and Range Rover Sport," Pendragon chief executive officer Trevor Finn told Reuters.
Punters at the London Boat Show last week pored over themulti-million pound yachts on display, checking out the hot-tubs, cabins and considering where best to keep the champagne cold on a sail around the sunny Mediterranean.
"To buy one of these boats is quite simple," said Brian Peters, chairman of Peters-Opal, one of Europe's largest retailers of luxury motor yachts and sailing boats.
"You just write a cheque." Those sentiments may have been on the mind of Joel Plasco, the chief executive officer of London stockbroker Collins Stewart. His company sponsored the boat show and as he admired one of the biggest yachts at the show last week he looked thoughtful.
"I don't have a yacht," he said. Music and film lovers are also splashing out on high quality systems for home entertainment, Sales staff at a shop for luxury electronic goodsmaker Bang & Olufsen said one customer splashed out £45,000 in a single visit for a 65-inch plasma-screen TV, state-of-the-art speakers and a few other big-ticket items.
"We are expecting great things," Bang & Olufsen sales consultant Richard Makings told Reuters.
About 4,200 bankers in the City will pocket bonuses of more than one million pounds each, according to an estimate from the Centre of Economics and Business Research.
A report published last week by Heartwood Wealth Management found that 46 per cent of City workers who anticipated receiving a bonus this year plan to spend it all.