rich

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The 'US Wealth Machine' Got a Big Boost in 2023

New Capgemini report says the US added 600K millionaires to its ranks in 2023

(Newser) - The United States welcomed a whole lot of affluence into its midst in 2023—600,000 new millionaires, give or take. That's per Capgemini's latest "World Wealth Report," which CNBC notes shows the US "far [outpacing] the rest of the world in minting millionaires last...

Today's 'Baby' Billionaires Didn't Exactly Earn Their Wealth

For the first time, none of the 30-and-under set on 'Forbes' list of youngest billionaires is self-made

(Newser) - There are nearly 2,800 billionaires in the world, as of last count, and 15 of them are 30 or under—and, for the first time, everyone from that younger set has inherited their wealth. It's part of the advent of what Forbes calls the "great wealth transfer,...

'Monster' Stock Rally Sets Dizzying Record for the 1%

America's richest claimed collective net worth of $44T in Q4 of 2023, thanks to soaring stocks

(Newser) - By most objective measures, stocks are soaring of late, with the market on Thursday notching its best first quarter in five years. Who should be particularly stoked: America's richest 1%, a demographic that CNBC reports was able to claim a combined net worth of $44 trillion in Q4 of...

Report: Record Number of US Millionaires Seek 'Escape Plan'

But US remains a top destination for wealthy migrants

(Newser) - Henley & Partners is a company that specializes in helping wealthy people move to different countries—and business is booming. A company report says 120,000 high-net-worth individuals changed countries in 2023, up from 51,000 a decade earlier, Quartz reports. The company, which defines a high-net-worth person as somebody...

IRS Commish to Rich Tax Cheats: Pay Up

Danny Werfel says agency is taking new measures to make sure everyone pays their fair share

(Newser) - IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are shorting the government: Pay your fair share so "others aren't shouldering the burden of funding our government." Werfel, who hits the one-year mark at the helm of the IRS this month, said in a...

Anti-Poverty Group: We're Entering a 'Decade of Division'

Oxfam says we could see the world's first trillionaire within 10 years

(Newser) - The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos. Oxfam, which for years has been trying to highlight the growing...

12 Richest People Cause More Pollution Than 2M Homes

New Oxfam report points the finger at the 1% for more carbon emissions than poorest 2/3 of world

(Newser) - If you're feeling guilty that you haven't yet bought an EV or installed solar panels on your roof to cut down on your portion of greenhouse gases, you're (somewhat) off the hook—you can blame the 1% for a lot of that pollution. A new Oxfam International...

Millionaires Feel Like They're Just Middle Class These Days

Only 8% of those with at least $1M consider themselves wealthy, per new survey

(Newser) - A million dollars just doesn't stretch the way it used to. So say all the millionaires who now place themselves squarely in the "middle class" category, according to a new poll from Ameriprise Financial. In the survey of more than 3,000 US adults, nearly 600 were found...

Reward for the Super Rich: $14M a Day

That's how much the billionaires on Bloomberg's richest list made in the first half of the year

(Newser) - The stock market had a strong first half of the year, with the benchmark S&P rising 16% and the tech-heavy Nasdaq up an even stronger 39%. All of which translates into some hard-to-fathom profits for the richest of the rich. According to Bloomberg , the 500 people on its Billionaires...

You Don't Have to Be Crazy Rich to Own a Submarine

Or at least a share of one

(Newser) - Submarines have been around for roughly 400 years , but it's only in the last few that the rich have thought about owning one, as they might a plane or yacht. In fact, "everyone with a yacht over 150 feet is at least considering one" these days, Erik Hasselman...

Meet the 10 Richest People in the World

You know many of them already, including Elon Musk at No. 1, per 'Forbes' annual billionaires ranking

(Newser) - If Forbes is trying to make us feel bad for the world's billionaires, it's not really working. The magazine notes that, collectively, this group is now worth $400 billion less than they were a year ago, thanks to the ongoing pandemic, tepid markets, and war—but 1,000...

A New Tax Plan Requires a Fundamental Shift
Democrats'
New Strategy:
Novel Tax on
Billionaires
the rundown
Oct 26, 2021 11:02 AM CDT

Democrats' New Strategy: Novel Tax on Billionaires

It would require the richest of the rich to pay taxes on assets even if they don't sell them

(Newser) - Democrats in Congress are still trying to figure out how to pay for President Biden's wish list, and it looks like they're settling on a plan to levy a novel penalty on the very richest of Americans. Coverage:
  • The idea: The proposal being worked out would require about
...

Jeff Bezos' Wallet Just Had a Record-Setting Day

Amazon founder added $13B to his net worth on Monday

(Newser) - How do you treat yourself when you make $13 billion in one day? We'll have to ask Jeff Bezos, who, per Bloomberg , saw that amount added to his net worth Monday, the largest single-day boost to one person's wealth since the Bloomberg Billionaires Index began in 2012. A...

Meet the World's Richest Female Musician and Her $600M

That would be Rihanna, per 'Forbes'

(Newser) - The world's richest female musician has a net worth of $600 million—and it's mainly not from her music. Forbes has bestowed the honor upon Rihanna, noting that the bulk of her fortune (about $570 million of it) comes from the Fenty Beauty cosmetics line she co-owns with...

For First Time in 24 Years, a New No. 1 on Forbes 400

Jeff Bezos unseats Bill Gates

(Newser) - Jeff Bezos recently became the richest person in modern history , and on Wednesday came another milestone for the Amazon founder: For the first time since 1994, Bill Gates has been unseated at the top of the Forbes 400. Bezos is the first new No. 1 in 24 years, with a...

Suit: Snapchat CEO Said App Was 'Only for Rich People'

Evan Spiegel didn't want to expand in 'poor countries like India and Spain': complaint

(Newser) - Snapchat's "elusive" CEO may want to stay under the radar until the latest hubbub surrounding something he supposedly said clears up. Business Insider reports that Snap chief Evan Spiegel is being sued by Anthony Pompliano, who worked for the company for just a few weeks in 2015, with...

Rich People More Likely to Ignore You on Street
Rich People More Likely
to Ignore You on Street
NEW STUDY
Oct 23, 2016 10:28 AM CDT

Rich People More Likely to Ignore You on Street

Study says the lower classes hold little 'motivational relevance' for the wealthy

(Newser) - No, you're not imagining it. Rich people really aren't interested in you. A new study found the wealthy spend less time looking at other people, probably because the lower classes hold less "motivational relevance" for them, meaning the hoi polloi aren't worthy of their attention, Live...

Trump's Butler Dishes on How the 'King' Lives

White baseball cap means good mood; red baseball cap means stay away

(Newser) - "You can always tell when the king is here," Anthony Senecal tells the New York Times . The king he's referring to: Donald Trump. Who Senecal is: Trump's longtime butler, who offers the paper fascinating insight into how the GOP front-runner lives at his Mar-A-Lago estate in...

Here Are the 5 Richest Millennials

Facebook's Mark Zuckerberg is the one who has the most to smile about

(Newser) - Members of Generation "Y Do We Always Get a Bad Rap?" (aka millennials) take great umbrage at being labeled unmotivated slackers, and Wealth-X's list of the 20 richest people under the age of 35 may help put that stereotype to rest. MarketWatch points out some of them share...

Report: Rich Americans Give Less to Charity

At least in terms of percentage of income

(Newser) - Around the Great Recession years, wealthy Americans are giving less of their income to charity while middle- and low-earners give more—and those who supported Mitt Romney for president give the most of all, the Christian Science Monitor reports. According to the Chronicle of Philanthropy , Americans who make over $200,...

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