Billionaires and millionaires are going nuts with their personal staffs

Got a billion dollars? Or a few dozen million? Then it might be time for you to set up a family office with a staff of uber-niche personal assistants — and there are a lot of people out there to help you do it.

As the number of billionaires and multimillionaires grows, so does the industry of running their personal and professional lives, reports Bloomberg’s Margaret Collins.

Via private companies that often employ 50 people or more, they hire everything from Wall Street-trained money managers to personal archivists to yacht captains, Collins reported.

The business of connecting these specialists to the ultra-wealthy is growing too. Aston Pearl works with single-family offices worth $US400 million or more, and said they’re always in demand of employees “who can be trusted to keep the familes’ private lives confidential,” according to Bloomberg.

But seriously, the people they’re hiring are crazy. They range from college advisers to cyberscurity experts to private chefs who earn up to $US200,000 — and, of course, highly-experienced chiefs of staff. They hire ex-Navy Seals and Swat operators for personal security, and ex-Secret Service or FBI agents to guard their homes.

Microsoft co-founder Paul Allen reportedly has a personal staff of 500 people, 17 of which are dedicated to managing his personal invesmtent portfolio.

Read the full story over at Bloomberg ยป

NOW WATCH: How Gristedes Owner John Catsimatidis Got Into The Grocery Business At 19, And Became A Billionaire

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at