Shenzhen city skyline. Photographer is my life. | Getty Images China’s Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth
Wealth
Depressed young male smoking cigarette, drinking alcohol and holding his head in hand. Mixmike | E+ | Getty Images Can money buy happiness? Contrary to what some may think, a million-dollar paycheck does not necessarily come with a problem free pass. While wealth can bring with it some unconventional problems — such as being denied
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The key May art sales at major auction houses are expected to be down from last year, as wealthy buyers and sellers take
A general view of the exclusive men-only Garrick Club on March 21, 2024 in London, England. Leon Neal | Getty Images News | Getty Images LONDON — Members of Britain’s exclusive all-male Garrick Club has reportedly voted to permit women to join the institution for the first time in its 193-year history. The vote on
The New York City skyline. Alexander Spatari | Moment | Getty Images New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study. New York’s millionaire population has surged 48% over the past decade, despite fears of
Equinox gym Courtesy: Equinox High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity. Equinox is teaming up with lab-test startup Function Health to launch “Optimize by Equinox,” a personalized health program that includes everything from personal training
Sdi Productions | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The typical family office costs more than $3 million a year to operate, as competition for
Westend61 | Westend61 | Getty Images Large family offices have nearly half their investments in private markets and alternatives, as they move out of the stock market in search of higher returns and lower volatility, according to a new study. Family offices have 46% of their total portfolio in alternative investments, which includes private equity,
The new Gucci store on Bond Street on 27th September 2023 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images Shares of French luxury group Kering sank more than 9% at open on Wednesday, after the company warned that it expects a sharp downturn in first-half profits as a result of waning demand for
Dr. Jordan Shlain, founder of Private Medical. Credit: Jordan Shlain A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. When people ask Dr. Jordan Shlain to describe his medical practice, he says
In this article RDFN Follow your favorite stocksCREATE FREE ACCOUNT Real estate is increasingly a tale of two markets — a luxury sector that is booming, and the rest of the market that continues to struggle with higher rates and low inventory. Overall real estate sales fell 4% nationwide in the first quarter, according to
Yana Iskayeva | Moment | Getty Images The uber wealthy live a world apart and their investing strategies also look vastly different from the average investor’s portfolio. “While there is no official threshold, centimillionaires or individuals with a total net worth of over $100 million, is a good benchmark as entry into the 0.001% club,”
A water slide on Savannah, a 274-foot hybrid superyacht. Courtesy of Northrup & Johnson A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Superyachts sales took a dive in 2023, as long
Photo Of Robot Examining Invoice With Magnifying Glass. Andreypopov | Istock | Getty Images Even as the IRS makes headlines for cracking down on the wealthy, state tax collectors have become even more aggressive with audits of high earners, according to tax attorneys and accountants. In New York, the tax department reported 771,000 audits in
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a
Martin Puddy | Digitalvision | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The wealth of the top 1% hit a record $44.6 trillion at the end of the
Xavier Lorenzo | Moment | Getty Images There is officially one winner for the $1.128 billion Mega Millions jackpot — and the taxman will take a sizable share, experts say. A single ticket sold in New Jersey won the game’s fifth-largest grand prize after matching all six numbers drawn Tuesday night, Mega Millions announced Wednesday.
With 92 billionaires, Mumbai ranks third behind New York and London, but ahead of Beijing, and Shanghai. Tuul & Bruno Morandi | The Image Bank | Getty Images Move over, Beijing. Mumbai is now the Asian capital with the most number of billionaires, according to Hurun Research Institute’s global rich list. This is the first
The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty Images The Mega Millions jackpot soared to an estimated $1.1 billion without a ticket matching all six balls on Friday night. It’s smaller than last year’s record $1.6 billion grand prize, but the victor could still face
Vm | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The U.S. has rapidly overwhelmed China as the world’s top spot for millionaires and billionaires, according a