Something that the rich have in short supply is time. They don’t have time, not even for their kids. But since they have lot of money they hire the best Nannies for their kids at exorbitant salaries. The Times of London had carried an article on the matter and some of the facts revealed in the article are truly eye opening. The demand for quality Nanny in London has seen a dramatic increase due to the mega-rich Russians, Sheikhs and Chinese pouring into London. Imperial Nannies, a British staffing agency has recorded the highest salary of a nanny at $200,000.
This exorbitant offer was made by a Russian client who wanted to poach a nanny from another family. They also had a client who employed individual nanny for each of their three kids at a salary of $130,000 a year. The total for three nannies adds up to $390,000 a year. These rates are of course exceptions and not the norm. But a good nanny doesn’t come cheap as a typical salary for a nanny in Britain is about $75,000 plus free room and board with a car thrown in.
According to the article the nannies normally have a self contained flat on a separate floor. In any case they have an independent room with en-suite bathroom. And since they serve the rich they are more often than not living in the Central District of London. There have been cases of Nannies insisting on flying only business class. A lot of them fly private on the family planes. One of the nannies got a house as a gift from her Saudi patrons. The financial crisis has had no impact on the demand for good nannies as the super rich have hardly been affected. Teachers-turned-nannies, who can help the kids with school work are the first choice. Model Linda Evangelista‘s demand for $46,000 a month as child support from French billionaire Francois Henri-Pinault for the four year old son he had fathered puts in shade the London prices. The kid needs a child care team that could cost up to $25,000 a month. His school could be another $3,000, clothing and extra curricular activities would need another $8,000 a month and a dedicated driver would mean another $8,000. People in New York are not sure if Linda can manage to raise her son on just $46,000 a month.