By Robert Frank of the Wall Street Journal If you think Linda Evangelista is over-paying for child care in New York, imagine what she would be paying in London. According to an article in The Times of London by Fiona Neill, the mega-rich Russians, Sheikhs and Chinese pouring into London in recent years have jacked up the cost of a British nanny. A British staffing agency called Imperial Nannies cited a Russian client who wanted to poach a nanny from another family. Their salary offer: $200,000 a year. Then there was the Imperial Nanny client with three kids who employed a nanny for each child — at around $130,000 a year. (Read more: Top five places to find the rich and single) These aren’t the norm, of course. More typical in Britain are salaries of $75,000 a year – with free room and board. Usually that means a “a flat that is self-contained or on a separate floor, or at least a room with en-suite bathroom — in a desirable Central London borough, and almost always includes a car,” according to the article. Some British nannies specify that they only fly business class — though many have use of the family planes. One nanny was given a new wardrobe by her Italian employer, while another was given a house by her Saudi patrons. (Read more: Why are million-dollar earners vanishing?) According to Imperial, the financial crisis hasn’t hurt demand for top nannies, because they super-rich haven’t been effected by the crisis. (Which is what staffing agencies always say, true or not). The big demand is for teachers-turned-nannies, who can help the kids with increasingly demanding school work. Yet according to a British “manny” named “Nick,”all that costly coddling can be better for the nannies than the rich kids. The wealthy parents, he said, give too little time and attention to their kids. Read the entire post at the Wall Street Journal
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on August 22, 2011. Filed under