Wealth
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The Garrick Club: Changing Times
It has been reported that members of the prestigious all-male Garrick Club in Britain have finally voted to allow women to become members for the first time in its long 193-year history. The decision, which was reached with a 59.98% majority in favor, comes after a secret debate that lasted for two hours near the…
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The Global Wealth Ranking: An Analysis of the World’s Richest Cities
When it comes to wealth and affluence, New York City stands tall as the richest city in the world. With 359,500 millionaires and 60 billionaires calling it home, the city’s financial status is unmatched. Despite concerns of wealth flight and the impact of the Covid-19 pandemic, New York’s millionaire population has seen a remarkable increase…
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Are $40,000 Gym Memberships the Future of Fitness?
As the health and wellness industry continues to grow, high-end fitness chain Equinox is making headlines with the launch of a $40,000-per-year gym membership called “Optimize by Equinox.” This exclusive program, developed in partnership with lab-test startup Function Health, is aimed at improving overall health and longevity. It represents a paradigm shift in the way…
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The Rising Cost of Operating Family Offices
The cost of operating a family office has risen significantly in recent years, with the average now reaching over $3 million annually. According to the J.P. Morgan Private Bank Global Family Office Report, wealthy families are spending anywhere from $1 million to more than $10 million per year to run their family offices. This surge…
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The Shift to Alternatives: The Growing Trend Among Large Family Offices
In the world of family offices, a significant trend has emerged where large family offices are reducing their exposure to the stock market and increasing their investments in private markets and alternative assets. According to a recent study conducted by the JPMorgan Private Bank Global Family Office Report, family offices have approximately 46% of their…
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Wealth Inequality Among Millennials: A New Era of Class Tension
The wealth gap among millennials is widening, creating a stark contrast between the rich elite and the rest of their age group. Recent studies have shown that the disparity between affluent millennials and their struggling counterparts is the largest of any generation. While the majority of millennials face challenges such as student debt, low-wage jobs,…
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The Decline of Kering: A Look at the Luxury Market
The recent plummet in shares of French luxury group Kering has sent shockwaves through the industry, with a warning of a significant downturn in first-half profits. This decline is attributed to waning demand for its flagship brand, Gucci. The luxury market, known for its discerning clientele, has been facing challenges as consumer preferences shift and…
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The Unique World of Centimillionaires: An Inside Look at Their Investing Strategies
Centimillionaires, individuals with a total net worth of over $100 million, belong to an exclusive club that is reserved for the ultra-wealthy. According to Kevin Teng, CEO of WRISE Wealth Management Singapore, there are approximately 28,420 centimillionaires globally. These individuals are mostly concentrated in cities like New York City, the Bay Area, Los Angeles, London,…
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The Changing Landscape of Superyacht Sales in 2023
In the year 2023, the superyacht industry faced a significant decline in sales, with new superyacht sales dropping by 17%. This decline can be attributed to a combination of factors such as long waiting lists, soaring costs, and sanctions on oligarchs. According to the SuperYacht Times’ State of Yachting report, there were only 203 sales…
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State Tax Agencies Increasing Audits on High Earners
State tax collectors are ramping up their efforts in auditing high earners, with New York experiencing a significant increase in audits. This surge in audits is accompanied by a decrease in the number of auditors due to budget constraints. However, the state is managing to audit more individuals with fewer auditors by harnessing the power…