High-earning millennials, most likely to spend pandemic savings on travel, are already spending on luxury travel. It's a good sign for the economy.
Those worth $15 million to $30 million comprise just 16% of very high net worth millionaires, but hold 32% of the cohort's wealth, per Wealth-X.
The pandemic economy was defined by solitary leisure activities, which left a huge hole in it. The wealthy need to spend after reopening to fill it.
Education and health became status symbols with the rise of "discreet wealth" in the 2000s. They've also far outpaced the rate of inflation.
The wealthy may be gaming the system, but vaccine and wealth inequality are alike, with lack of coordination and underinvestment advantaging the rich.
Wealthy couples breaking up spend as much as $US20,000 a day for private judges, reported The New York Times. Pandemic divorces are on the uptick, as couples reckon with unhappy marriages during quarantine. Political, parenting, and financial differences are the main sources of contention. Visit Business Insider’s homepage for more […]
The US central bank’s economic rescue efforts during the pandemic have supported America’s recovery, which is turning out to be K-shaped. To stimulate the economy after a dramatic slowdown and stock-market crash triggered by the coronavirus pandemic, the Federal Reserve bought Treasury bonds and mortgage-backed securities, a process known as […]
Wealthy people snatched up bizarre items during the coronavirus pandemic – take, for example, this $US31.8 million T. rex , or this $US1.9 million pigeon . Many millennials and Gen Zers have also leaned into nostalgia-tinged purchases, stocking up on Patagonia vests that cost up to $US1,000 and trading $US1 […]
Tesla is being inducted into the S&P 500 today. Tesla CEO Elon Musk has seen his net worth increase by nearly $US65 billion since the announcement that Tesla would join the index, on November 16. But Musk, now the world’s second-richest man, is relatively “cash-poor” because his fortune is so […]
Jennifer Risher is an author who previously worked as a recruiter and product manager at Microsoft. The following an excerpt from her new book, “We Need to Talk: A Memoir About Wealth.” In it, she shares her rapid journey to wealth in her early 30’s during the dot-com boom, and […]
Millionaires and billionaires are known for dropping big on yachts, mansions, and cars. But some have more eccentric taste and unique spending habits. Nicolas Cage likes rare artifacts and exotic pets, hedge-fund manager Steve Cohen likes his art weird, and Kanye West wants pretty much all of his stuff to […]
Business Insider interviewed two insiders in the elite preschool world to hear their experience helping the wealthy and famous land their kids a spot at a top institution. One key part of the process involves passing the preschool interview – meaning parents invest heavily in training their children to behave […]
You can tell how rich a New Yorker is by where they’re riding out the pandemic. The “old elite” fled to the Hamptons, wrote New York Times columnist Ben Smith, and the “second tier” headed for Hudson Valley. The two rivals have long attracted the wealthy, but more have been […]
The rich keep getting richer. Some of America’s richest have already grown their wealth by billions in 2020 during the coronavirus pandemic, according to a new report by the left-leaning Institute for Policy Studies. US billionaire wealth has almost doubled in the past decade alone. Visit Business Insider’s homepage for […]
A DC-based media executive attended two secret dinner parties where fellow guests included politicians and the food was prepped by a personal chef, reported CNN’s Vicky Ward. Ward wrote that she’s heard of many people attending illicit gatherings during the pandemic, but that the wealthy “are more able and willing” […]
Visitors in ritzy vacation towns are reportedly buying extra freezers to store all of the food they have been stocking up on. Many people have fled to second homes in more suburban areas (like the Hamptons and Cape Cod) in order to escape coronavirus hotspots like New York City. As […]
Some wealthy families are quarantining with their household staffs, Katherine Clarke reported for The Wall Street Journal. Owners of high-end staffing agencies told Clarke that many of these families are offering extra money to their quarantine staff, but still keep staff who choose not to work on payroll. The wealthy […]