Rentiers (that is, people who relied primarily on inherited wealth) made up about 10% of the population, but owned 70% of aggregate wealth; they spent heavily on luxuries as their income from capital assets could sustain a living standard far beyond what labor income alone would permit.[147] Paris became world-famous for making consumerism a social priority and economic force, especially through its grand department stores and upscale arcades filled with luxury shops. These were "dream machines" that set the world standard for consumption of fine products by the upper classes as well as the rising middle class.[148] Aristide Boucicaut, the son of a small clothing-shop owner, became partner in a variety store called Le Bon Marché in Paris in 1848. He became owner in 1852 and transformed it into the first modern department store in Paris with high-volume buying, low profit margins, seasonal sales, discounts, advertising, a mail-order catalog, and entertainment and prizes for customers, spouses and children.[149] [150] Goods were sold at fixed prices with guarantees that allowed exchanges and refunds.[151] It became the model for other Paris department stores, including La Samaritaine, Printemps and Galeries Lafayette.