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exactly, meaning longer front overhang, shorter wheelbase, worse weight distribution and handling, etc. fwd is fine for just going a to b but just isn't considered luxurious.
The Concord had a 113" wheelbase and that BMW was 117". That's a big difference.
FWD seems to have permeated entry level luxury, but I do think a longitudinal engine/RWD based setup is mandatory beyond that lower level. A Lexus ES is a fine and comfortable car to ride around in. If people prioritize comfort in their luxury without caring much about the driving dynamics, an ES will fit them perfectly. You start going up in price and caring about driving dynamics and FWD simply won't do.
For most of automotive history (up until maybe 15 years ago or so) luxury MEANT comfort.