On this episode, we dig into how global wealth trends—rather than hype cycles or short-term market noise—are reshaping the luxury watch industry. Drawing on reporting originally published by ScrewDownCrown (Substack), we use the UBS Global Wealth Report to examine the rapid rise of the “EMILLI” cohort: individuals with $1–5 million in net worth. This group has quadrupled since 2000 and now represents the core audience for sub-$10,000 to $50,000 watches, helping explain why mechanical timepieces remain viable luxury goods in 2025 despite their declining practical relevance.

We then look at how this wealth is distributed geographically—and why that matters. The U.S. remains a structural engine for the watch industry thanks to strong millionaire growth and a powerful wealth effect driven by real estate and equity markets. China’s growth is slowing, Western Europe is shrinking, and while markets like India offer long-term potential, today’s addressable audience is far smaller than population headlines suggest. The result is a global landscape with fewer obvious growth levers than brands would like to admit.

Finally, we explore how inequality itself fuels luxury demand. Drawing on academic research and firsthand experience, we look at how hierarchical workplaces and concentrated wealth amplify status-driven consumption across income levels. Watches operate not just as objects of desire, but as social signals—markers of success, belonging, and aspiration. Understanding these structural forces, not just products or trends, is key to understanding where the watch market goes next.

Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.