The super-rich were meant to be recession-proof. That myth has been punctured this year as oligarchs' share portfolios disintegrate and sales of luxury yachts, diamonds and watches falter. We had it topsy-turvy, according to one British chief executive. It is the super-poor who are immune.

Leo McKee, the veteran retailer, is chief executive of BrightHouse, a private equity-owned company that rents flashy television sets to poor people who cannot get credit. It looks like a vulnerable business model as unemployment rises, in-comes fall and people begin to learn, painfully, to live within their means.