wealth

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Carlos Slim Tops Billionaires List

Mexican tycoon world's richest man with $74 billion

(Newser) - Mexican telecoms tycoon Carlos Slim is the richest person in the world for the second year running, according to Forbes' latest list of billionaires . The 71-year-old Slim, now worth an estimated $74 billion, widened the gap with No. 2 Bill Gates thanks to some canny business moves last year, including...

Welcome to Our Post-Materialist World
Welcome to Our
Post-Materialist World
David Brooks
Feb 15, 2011 1:41 PM CST

Welcome to Our Post-Materialist World

David Brooks: We're getting happier, but not wealthier

(Newser) - America is rapidly transforming into a post-materialist world—and that’s put a screeching halt to our economic growth, argues David Brooks of the New York Times . To prove the point, he imagines two men. The first lived from 1900 to 1974, watching the world move from horse-drawn buggies to...

Most Americans Think Rich Are Too Rich

Or at least too much richer than the poor. Study finds 92% prefer Swedish model

(Newser) - Most Americans—even rich ones and Republicans—think too much money is concentrated in the hands of too few, according to a study unearthed by Huffington Post . Researchers found that, across income and ideological groups, people both underestimated how much money is in the hands of the richest and expressed...

Millionaire Population in America Grows

Number of households with more than $1M in assets up to 5.5M

(Newser) - The number of millionaires is on the rise again. The population of rich Americans has been growing over the course of the year, even as the economy has stuttered over the first half of 2009 and poverty has increased . In the 12 months ending in June, the number of American...

World's Most Generous People? Not Us


 World's Most 
 Generous 
 People? 
 Not Us 
IN CASE YOU MISSED IT
Sep 12, 2010 5:30 PM CDT

World's Most Generous People? Not Us

Aussies, Kiwis top philanthropy index

(Newser) - Home to the world's biggest coral reef and most poisonous snake, Australia now boasts another superlative: the most generous people in the world. The Land Down Under came out on top in the latest Gallup World Giving Index, which ranks countries' philanthropy on the basis of individual donations, volunteer time,...

For the Rich, Sleep a Status Symbol

 For the Rich, Sleep 
 a Status Symbol 
IN CASE YOU MISSED IT
Sep 5, 2010 5:52 PM CDT

For the Rich, Sleep a Status Symbol

Young heirs feel no need to look busy

(Newser) - Looking industrious has fallen out of favor among America’s upper crust. Jamie Johnson, who covers the lifestyles of the rich for Vanity Fair , writes that it’s fashionable for today’s wealthy heirs to lounge in bed until 4 or 5 in the afternoon—any stigma once associated with...

Middle Class Morphs Into 'New Poor'

Ever more Americans heading downward

(Newser) - At first, it seemed the financial crisis wouldn't leave the US deeply scarred, that's we'd ultimately emerge from it with renewed energy—until Americans stopped to look around and realized that somewhere along the way the middle-class had atrophied, leaving a small super-rich elite and swelling ranks of the poor....

Home Aquariums Get Fancy, and Expensive
 Introducing the 
 $200K Home Aquarium 
what recession?
Aug 19, 2010 1:37 PM CDT

Introducing the $200K Home Aquarium

Some people, apparently, can still afford this stuff

(Newser) - Looking for the perfect final touch to trick out your Manhattan penthouse? Consider a 700-gallon, $200,000 aquarium. Such high-end systems are the new status symbol among the “what recession?” set, reports the New York Times . These aren’t your 50-gallon waiting room tanks: They can be 14½ feet...

Thanks for the Generosity, You 'Robber Barons'
Thanks for the Generosity, You 'Robber Barons'
robert reich
Aug 5, 2010 3:50 PM CDT

Thanks for the Generosity, You 'Robber Barons'

The rich-poor divide is getting even worse

(Newser) - It's "admirable" that Bill Gates and Warren Buffett got their billionaire buddies to pledge huge sums to charity, writes Robert Reich at Salon . Not so admirable is "what this reveals about how much money is now concentrated in so few hands," he says. "It’s more...

Meet the World's Richest Moms
 Meet the World's Richest Moms 
May 9, 2010 5:15 AM CDT

Meet the World's Richest Moms

There are 70 billionaire moms in the world

(Newser) - We hear a lot about Angelina , but she isn't the only mom making serious bank. According to Forbes ' count, there are 70 billionaire mothers in the world (compared to 555 dads). Some of them—think Mars and Heineken—are old names. Others, are relative newcomers. Here are some of...

With Health Bill, Obama Ends the 'Age of Reagan'
With Health Bill, Obama Ends the 'Age of Reagan'
Analysis
Mar 24, 2010 6:56 AM CDT

With Health Bill, Obama Ends the 'Age of Reagan'

Marks biggest assault on wealth inequality since the '80s

(Newser) - The health care reform bill was the government’s biggest attack on economic inequality in more than 30 years, a period of time that’s seen government policy and market forces consistently push the opposite direction. That’s why Barack Obama fought so hard for it, writes David Leonhardt for...

Recession Tips From the Rich
 Recession Tips From the Rich 
use less gas...on your yacht
Feb 24, 2010 12:21 PM CST

Recession Tips From the Rich

Yacht fuel eating up too much of your budget? You're not alone.

(Newser) - Still looking for ways to cut costs in these tough economic times? Let these actual rich people, as overheard by Nell Scovell, guide you. She recounts their advice in Vanity Fair :
  • “With diesel at the marina up over $3 a gallon, we’re trying to keep the Hinckley’s
...

How Nicolas Cage Really Went Broke
How Nicolas Cage Really Went Broke
Nov 7, 2009 3:46 PM CST

How Nicolas Cage Really Went Broke

Actor 'spent money like it was water,' friends say

(Newser) - Nicolas Cage’s money woes aren’t all his money manager’s fault. Cage “lived like a sheik,” a friend tells the Daily Beast . “Spent money like it was water.” Here’s a sample of what he spent it on:
  • More than a dozen homes, including
...

'Billionaire Bloodbath' Costs America's Super-Rich $300B

Mere multi-millionaires make it into Forbes 400 as slowdown shrinks fortunes

(Newser) - America's 400 richest people became a whole lot poorer over the last 12 months, according to the latest Forbes list. Their total wealth fell by a whopping $300 billion to a total $1.27 trillion, with 314 of the 400 experiencing a fall in fortunes. A Forbes editor described the...

Generation of Rich Brats Sparks Chinese Anger

Lethal car accident, lenient sentence trigger wave of Internet outrage

(Newser) - Public outrage aimed at new generation of elites is widening class divisions as China prepares to mark 60 years of Communist rule, the Wall Street Journal reports. The sons and daughters of those who got rich after the economic reforms of the early '80s are widely seen as being above...

How to Tell If You're a WASP
 How to Tell If You're a WASP 
Sep 21, 2009 4:16 PM CDT

How to Tell If You're a WASP

(Newser) - Being a WASP is a lot more than being just white, Anglo-Saxon, and Protestant. Author Tad Friend expounds at length on the criteria for true WASP-hood in his upcoming book Cheerful Money: Me, My Family, and the Last Days of WASP Splendor. Vogue offers the highlights:
  • Your refrigerator "contains
...

NYC Prep Paints Sad Picture of City's Excess

Parents, schools angry at 'manipulative' show

(Newser) - Post-crash New York City has become a symbol of spiritual emptiness, writes Vanessa Grigoriadis for New York magazine. NYC Prep is the latest reality show to exploit this symbolism, allowing the rest of America to watch Manhattan’s lost souls—this time, teenagers—pursue decadence and social standing. In the...

Credit Crisis Snips Ranks of Super Rich

Millionnaires' club gets smaller as investments plummet in value

(Newser) - Won't somebody think of the poor millionaires? The global financial crisis has hit the world's "super rich" hard and left many of them merely extremely wealthy, the Financial Times reports. The number of "ultra high net worth individuals" with over $30 million to invest shrank by nearly...

SD Rancher: I Won't Squander $232M Lotto Win

(Newser) - South Dakotan Neal Wanless has just hit it big—$232 million in lotto winnings—but he promises to be wise and generous with his newfound wealth, reports the Argus Leader. “I want to thank the Lord for giving me this opportunity and blessing me with this great fortune,”...

UK Billionaires' Ranks Halved in Downturn

Wealthiest lose collective $228B

(Newser) - The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost...

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