wealth

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Zuckerberg Steals a Title From Jeff Bezos

Facebook founder is now the world's second-richest person after Elon Musk

(Newser) - Elon Musk leads the Bloomberg Billionaires Index with at least $50 billion more than those behind him. That means that, for now, the title of world's richest person is out of grasp for Meta CEO Mark Zuckerberg. Second place, however, is all his. For the first time, the Facebook...

A Megamansion Backlash Appears to Be Growing

Wall Street Journal reports towns across the US are imposing, or at least considering, size restrictions

(Newser) - In East Hampton, New York, big-box stores are capped at 15,000 square feet. Personal homes, though, can go up to 20,000 feet. It's a point made by the planning director of the municipality, where a working group has proposed cutting the biggest-allowable house size in half, to...

When It Comes to Wealth, There's No 'Happiness Plateau'

Money does indeed buy happiness, and the more, the better, per new research

(Newser) - "Does money buy happiness?" is one of our most-asked existential questions, and not only does Matt Killingsworth believe the answer is a resounding "yes"—he says the more you have, the happier you may be. According to new research by the senior fellow at UPenn's Wharton...

A 'Horizontal Wealth Transfer' Is Coming in the US
A 'Horizontal Wealth Transfer'
Is Coming in the US
in case you missed it
Jul 21, 2024 7:15 AM CDT

A 'Horizontal Wealth Transfer' Is Coming in the US

Large inheritances will move to surviving spouses as Baby Boomers age

(Newser) - It's a harsh reality for aging Baby Boomers: Over the next 20 to 25 years, their nest eggs will pass to surviving heirs. In fact, a new UBS Global Wealth Report estimates the total amount changing hands in that span will be a staggering $84 trillion. And while that...

America's Wealthy Live in These 10 Suburbs

The 1% are branching out to suburban life

(Newser) - American's wealthy class is moving on out to the 'burbs. In GOBankingRates' latest analysis, a push away from big metropolises has placed quieter locations at the top of their list of the wealthiest suburbs in America. After crunching the numbers on cities with over 5,000 households, they...

It May Be the Most Lavish Wedding of the Year

Son of Asia's richest man to tie the knot this month after celeb-studded pre-parties

(Newser) - The youngest son of Asia's richest man is about to tie the knot, and what a party it will be. The Indian union of Anant Ambani—son of Reliance Industries CEO Mukesh Ambani, worth $118 billion—and his longtime girlfriend Radhika Merchant, daughter of pharma tycoon Viren Merchant, is...

50 People Just Gave Away This Heiress's $27M

Marlene Engelhorn's fortune will go to 77 groups, including one centered on tax justice

(Newser) - A council of 50 randomly selected Austrians have come to a decision on how to spend a 32-year-old heiress's fortune—without any input from the heiress herself. Earlier this year, Marlene Engelhorn, a descendant of the founder of chemical firm BASF who's criticized inherited wealth as "contradicting...

Around 1 in 24 New Yorkers Is a Millionaire

City has more wealthy residents than any other, according to investment consultancy

(Newser) - New York City has more millionaires than any other city in the world, even before the price of their homes is taken into account, according to investment migration consultancy Henley and Partners. In its latest ranking , Henley says New York City has 349,500 millionaires, with a millionaire defined as...

Millennials' Wallets Are Doing Pretty Well Post-Pandemic

Young Americans under 40 watched their wealth grow by nearly 50% since 2019, per CAP

(Newser) - While all eyes remain on the US economy as we barrel toward the November election, Axios reports on a noteworthy stat out of the left-leaning Center for American Progress , finding that younger Americans are doing pretty well financially post-pandemic. To wit, the average household wealth of those under the age...

Sam Altman Joins a Pretty Exclusive Club

OpenAI CEO is officially a billionaire, according to Forbes

(Newser) - There's a new billionaire in town. Sam Altman, the 38-year-old CEO of the company that created ChatGPT, is now worth at least $1 billion, according to Forbes , putting him at No. 2,747 on the magazine's list of the world's richest people . Though Altman has no equity...

Today's 'Baby' Billionaires Didn't Exactly Earn Their Wealth

For the first time, none of the 30-and-under set on 'Forbes' list of youngest billionaires is self-made

(Newser) - There are nearly 2,800 billionaires in the world, as of last count, and 15 of them are 30 or under—and, for the first time, everyone from that younger set has inherited their wealth. It's part of the advent of what Forbes calls the "great wealth transfer,...

Trump Now Among 500 Richest
Trump's Net Worth Doubles
Mar 26, 2024 6:04 AM CDT

Trump's Net Worth Doubles

He's now among 500 richest people, per Bloomberg

(Newser) - There was good and bad but overall, Monday was a great day for Donald Trump and, as Bloomberg reports, "the single-greatest day on record for the former president's wealth." In merging his social media company Trump Media and Technology Group with Digital World Acquisition Corp., Trump took...

The New Trust Fund Babies: Pets of the Super Rich

Trusts are being set up for pets so Fido doesn't lose his private chauffeur

(Newser) - Pets are a special part of the family, so owners often make plans in case they pass away first. But the uber-wealthy are predictably taking that a step further by leaving massive estates to their furry friends, ensuring they won't lose their doggie therapists and private chauffeurs. And, per...

Americans Put a Price on Happiness: $1.2M

That's how much people say they'd need to be happy in new survey

(Newser) - Most Americans (59%) think money can buy happiness, and a new survey on the subject even puts a number on it. On average, Americans say they'd need about $1.2 million to achieve happiness, according to the survey by financial services firm Empower . The figure breaks down in interesting...

Trump Didn't Make This List, and He's Not Happy

Former president slams 'Forbes' after not making it into the magazine's top 400 billionaires

(Newser) - This year's Forbes 400 list of America's richest came out last week, and the magazine notes the "superrich are riding high again," making back $500 billion they collectively lost last year. Elon Musk tops the list with his $251 billion, followed by the usual suspects of...

Every Generation Lost Wealth Last Year—Except One

Millennials defied the odds, and their own reputation

(Newser) - An annual assessment of individuals' wealth by Swiss banking giant UBS found that the US got hit harder than any other nation last year. The Global Wealth Report says the total net worth of Americans dropped by nearly $6 trillion in 2022, with 1.8 million Americans losing their status...

Reward for the Super Rich: $14M a Day

That's how much the billionaires on Bloomberg's richest list made in the first half of the year

(Newser) - The stock market had a strong first half of the year, with the benchmark S&P rising 16% and the tech-heavy Nasdaq up an even stronger 39%. All of which translates into some hard-to-fathom profits for the richest of the rich. According to Bloomberg , the 500 people on its Billionaires...

First 'Comprehensive Audit' of King's Wealth Unveiled

Spokesperson calls figures from 'Guardian' a mix of 'speculation, assumption, and inaccuracy'

(Newser) - While he's not in the same league of wealth as the king of Saudi Arabia, the sultan of Brunei, or even the Prince of Liechtenstein, Britain's King Charles III has inherited assets that have inflated his net worth to well over $2 billion, according to the Guardian . The...

Hobby Lobby Founder's Heirs Won't Get the Company

Wealth is a 'curse,' David Green says of decision to move control to trust

(Newser) - Hobby Lobby founder and CEO David Green says he chose to give away ownership of the company, as described in his 2017 book , to avoid the "curse" of "wealth" that "can really wreck a family." "From the very beginning, our purpose was to honor God...

Even With $2.5B, Oprah Isn't Among 400 Richest in US

Kanye West doesn't make the cut, either, though Donald Trump does

(Newser) - Donald Trump has found his way back onto Forbes' list of the 400 richest Americans. The former president was excluded in 2021 for the first time in 25 years. But with an estimated net worth of $3.2 billion—up from $2.5 billion last year—he's back for...

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