Tag

Ultra Wealthy

All articles tagged with #ultra wealthy

local-government-finance1 month ago•1 min saved

NYC rolls out pied-à-terre tax notices aimed at ultra-wealthy out-of-town homeowners

New York City has begun notifying owners of homes valued above $5 million that are used as secondary residences by non‑New Yorkers about the new pied-à-terre tax, a first‑in‑the‑state annual surcharge designed to tax the ultra‑wealthy and fund city services. The program, a key part of Mayor Zohran Mamdani’s pledge to tax the rich, is expected to raise about $500 million annually. Letters are going out, a help site was launched, and the city added staff to implement the measure, with examples like billionaire Ken Griffin cited to illustrate the policy.

via USA Today|

#local-government-finance #new-york-city #pied-a-terre-tax

business1 month ago•3 min saved

Ultra-wealthy chase Michelin-starred convenience with record private-staff salaries

A Morgan & Mallet International study finds that the ultra-rich are hiring more household staff to manage multiple homes, driving salaries to new highs: private chefs can earn up to $300,000 per year and butlers up to $180,000, with personal assistants reaching as much as $250,000. Demand spans chefs, PAs, nannies, housekeepers, chauffeurs and estate managers, fueled by expanding real estate portfolios and a tighter talent pool. Privacy and discretion are now essential, and staff tenure has fallen to about three years as families move between countries and properties.

via CNBC|

#business #household-staff #michelin-starred

business6 months ago•3 min saved

Ultra-wealthy family offices close 2025 with bold stock bets and gold tilt

Billionaire family offices used year-end filings to load up on equities — with Omega Advisors boosting Rocket Companies and Manchester United, Appaloosa expanding Micron, and Duquesne starting Bloom Energy — while Rausing’ Longbow trimmed core tech bets. Crypto exposure included WIT’s Bitcoin ETF and Coinbase moves, and Ray Dalio’s Marino Management shifted heavily into SPDR Gold Trust, underscoring divergent strategies across stocks, crypto, and gold as 2025 closes.

via CNBC|

#business #cryptocurrency #equities

business11 months ago•3 min saved

Ultra-Wealthy Millennials and Gen Zers Set to Surpass Baby Boomers by 2040

The ultra-wealthy population is growing, with millennials and Gen Z expected to comprise over a third of this group by 2040, driven by wealth transfer and changing industry focuses, signaling significant shifts for businesses serving the ultra-rich.

via CNBC|

#business #gen-z #generational-shift

financeeconomics2 years ago•2 min saved

"Millennials Set to Inherit $90 Trillion, Poised to Become Richest Generation in History"

Millennials are set to inherit $90 trillion over the next two decades, potentially making them the richest generation in history, but this wealth transfer is likely to deepen wealth inequality as it primarily benefits those from affluent families. The shift in wealth will bring significant changes in how it is utilized, with younger generations showing less interest in traditional wealth-building methods like property ownership. The number of ultra-wealthy individuals globally has increased, with North America leading the growth, and the interest in property investment remains strong among this group.

via CNN|

#financeeconomics #inheritance #millennials

environment2 years ago•0 min saved

"The Environmental Toll of Superyachts and Private Jets: Unveiling the 'Polluter Elite'"

A report from Oxfam reveals that the carbon footprint of the world's wealthiest 0.1% is 77 times higher than the level needed to limit global warming to 1.5C. The report highlights the extravagant transport habits of the ultra-wealthy, including superyachts, private jets, and space flights, which contribute significantly to their high carbon emissions.

via The Guardian|

#carbon-footprint #environment #oxfam-report

society3 years ago•4 min saved

The Secret Infiltration: Ultra-Wealthy at Burning Man

The ultra-wealthy have been accused of infiltrating the anti-capitalist Burning Man festival in Nevada, raising concerns about the event's original ethos. Critics argue that the presence of luxury camps and exclusive experiences contradicts the festival's principles of radical self-expression and communal living. Some attendees have expressed frustration at the growing disparity between the wealthy and the rest of the participants, leading to calls for greater transparency and a reevaluation of the event's values.

via CNN|

#anti-capitalist #burning-man #infiltration

business3 years ago•5 min saved

"Nanny earns up to $167/hour working only 2 months a year for the wealthy"

Gloria Richards, an off-Broadway actress, spends half of each year nannying for the ultra-wealthy, earning up to $167 per hour, plus covered flights and accommodations. Nannying for the ultra-wealthy isn't always about childcare: Richards spends most of her working hours coordinating children's educational and social calendars. She gets paid up to $2,000 per day for 12 to 15 hours of work, she says. The glamour comes with an emotional tax: Richards often acts as a companion for neurodivergent children with absent and complicated parents, she says. And as a Black woman helping raise wealthy white kids, she has to navigate cultural situations tactfully — or risk losing her paycheck.

via CNBC|

#boundaries #business #emotional-tax