wealth

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Rich Turn to Pimping Basements
 Rich Turn to Pimping Basements 
GLOSSIES
Jul 29, 2008 9:29 AM CDT

Rich Turn to Pimping Basements

Media rooms, arcade games, full gyms making downstairs space not so musty

(Newser) - Basements are no longer the lowly underbelly of the high-end home. With the rise of home-theater technology, and widespread community opposition to mansion expansion, wealthy homeowners are increasingly turning basements into underground playgrounds, Portfolio reports, featuring everything from faux-'50s diners to recording studios to saunas. “Whether you have a...

Therapists See New Disorders in Mega-Rich

Today's wealthy are too narcissistic to be depressed, say shrinks

(Newser) - These days the rich in America are richer than ever—but with more money come more problems, from fears of inadequacy to neurotic consumption. To help them with their troubles, these titans of Wall Street or K Street call upon a small group of therapists who make a specialty of...

Not So Fast With Those Numbers, David Brooks
Not So Fast With Those Numbers, David Brooks
ANALYSIS
Jul 2, 2008 7:12 PM CDT

Not So Fast With Those Numbers, David Brooks

Obama's tax rate for the rich no steeper than in the '90s

(Newser) - Despite David Brooks' attempts to “muddy” the mathematical waters, Barack Obama’s tax plan doesn’t hit the wealthy very hard—and it’s the one that helps the middle class, Jared Bernstein writes in Talking Points Memo Café. Brooks wrote in the Times that moneyed Americans would pay...

Under Violent Seige, Tijuana's Elite Flee

Kidnappings rampant as drug cartel lashes out over crackdown

(Newser) - As drug-fueled violence skyrockets in Tijuana, the upper-class is fleeing the city, with more than 1,000 wealthy families migrating to the US, reports the LA Times. The Mexican city is now second to Baghdad in kidnappings and many American real estate agents describe clients who arrive missing fingers or...

How the Rich Can Buy Time
 How the Rich Can Buy Time 
May 4, 2008 2:49 PM CDT

How the Rich Can Buy Time

Why do anything if you can hire someone to do it for you?

(Newser) - Time is truly the currency of the rich, and W offers tips on today's ultimate luxury. How to save a few of those grains in the hourglass:
  1. Delegate: Outsourcing isn’t just for heartless CEOs—pay people to break in your smoking jackets for you.
  2. Don’t bother with books:
...

When It Comes to Yachts, Size Does Matter

Wealthy owners compete for 'bragging rights' with superyachts

(Newser) - Billionaires have a new way to one-up wealthy neighbors: Buy a bigger yacht. Such jumbo boats confer "bragging rights,” one expert says. "No question, that’s a very strong part of the motivation.” And competition is riding a new crest: Four times as many superyachts, all...

Buffet Unseats Gates as Richest Man on Earth

He's worth $62B; Gates is now third with $58B.

(Newser) - Bill Gates has passed the gilded torch: Warren Buffett and Mexican telecom mogul Carlos Slim have ended the Microsoft founder's 13-year reign as richest man on earth, Forbes reports. Buffett's fortune grew $10 billion this year to $62 billion, while Slim weighs in with an estimated $60 billion. Gates trails...

How to Be Middle-Class Rich
How to Be Middle-Class Rich
Feb 21, 2008 10:26 AM CST

How to Be Middle-Class Rich

You don't have to have über-big bucks to spend like you do

(Newser) - Middle-class millionaires are carving out a luxe lifestyle to define their 16.5-million strong group, Forbes reports. And while the $1 million to $10 million stashed in the bank doesn’t make them all that rich, that doesn't put much of a dent in lavish spending habits:
  1. Mega-home improvements, to
...

Wealth Doesn't Always Aid Health
Wealth Doesn't Always
Aid Health
Feb 18, 2008 3:17 AM CST

Wealth Doesn't Always Aid Health

UN finds child mortality rates uneven in developing nations

(Newser) - Citing new child mortality statistics, analysts say a nation's wealth doesn’t always translate into better health for its youngest citizens, the BBC reports. Every year, 10 million children die before their fifth birthday, with 99% of the fatalities occurring in the developing world. But even when conditions improve, survival...

Prep Schools' Endowments Skyrocket
Prep Schools' Endowments Skyrocket
Jan 26, 2008 1:15 PM CST

Prep Schools' Endowments Skyrocket

Institutions aim to fund needy students, top-notch facilities

(Newser) - Endowments at the nation’s elite prep schools have exploded over the past decade, mirroring the trend at top colleges, reports the New York Times. America’s older schools have fared best: the endowment of Phillips Exeter Academy in NH has broken $1 billion, double its amount in 2002, while...

A Tale of 2 (Rich) Candidates
A Tale of 2 (Rich) Candidates
Dec 23, 2007 11:52 AM CST

A Tale of 2 (Rich) Candidates

Edwards, Romney draw different lessons from good fortune

(Newser) - John Edwards and Mitt Romney are both self-made millionaires who used their wealth to climb the political ladder, the New York Times reports. But Edwards is an old-school populist who chalks up the current 1920s-level income gap to Reaganesque policies eroding the middle class, while Romney thinks the key to...

Rich Getting Even Richer, Even Faster

Gap between super wealthy and rest of US grows even bigger

(Newser) - America’s economy is great, the New York Times says, if you’re already super rich. Between 2003 and 2005, America’s top 1% saw a meteoric 42.6% jump in income. The rest of us? Well, the middle fifth earned an extra 4.3%, and the bottom fifth just...

Pervy Billionaire or 21st-Century Hugh Hefner?

Oops: Epstein 'playmates' turned out to be underaged

(Newser) - He owns the largest residence in Manhattan, several planes, and a private island. A superstar financial adviser to seriously wealthy clients, Jeffrey Epstein is also a patron of cutting-edge scientists and an FOB. But, New York magazine writes, he inhabits a sexual dream world populated by young girls giving "...

Young Tycoons in Endless Pursuit of Next Project

No rest for driven Silicon Valley moguls

(Newser) - Rather than reveling in his $100 million fortune, mogul Max Levchin spent a year feeling "worthless and stupid" after he sold PayPal to eBay at the age of 27. Too young to retire, too restless to become a philanthropist, Max was like many young Silicon Valley tycoons dogged by...

The Filthy Rich Take Over the Small Screen

America's middle class ousted from sitcoms, relegated to reality TV

(Newser) - Sitcoms, once a window into middle-class America, have been invaded by the uberrich. But the bourgeoisie hasn't disappeared from the small screen entirely: They're fighting each other on reality shows for big bucks or their 15 minutes of fame. And, Salon's Heather Havrilesky notes, it's not a healthy trend.

New Flood Gates Protect the Few, Not the Many

Charges surface of preferential treatment for rich neighborhoods

(Newser) - New Orleans is still at severe risk from a serious flood, even though the Army Corps of Engineers has spent 2 years and $1 billion on the city's hurricane protection system. What's more, much of what's been done will benefit only wealthier neighborhoods. “We’re still with this damned...

A Million Here, a Million There ...

... and before long, some Silicon Valley hotshots are feeling pretty average

(Newser) - Millionaires are a dime a dozen in Silicon Valley, where a seven-digit net worth was once a ticket to the good life. Today, lower-level millionaires have to clock 12-hour workdays just to stay afloat. The Times reports on some living embodiments of "be careful what you wish for."

Why the Whims of Matt Drudge Move the Media

And why the 'idiot with a modem' now lives in a $1M condo

(Newser) - Every day journalists in newsrooms across the country hope, pray and scheme to enhance the chances that one man will notice their breaking news. That man, Matt Drudge, controls Internet traffic so vast that a mention drives hundreds of thousands of readers to a single story. The same MSM types...

Indian Parents Spend It Like Beckham
Indian Parents Spend It Like Beckham
Jul 31, 2007 11:20 AM CDT

Indian Parents Spend It Like Beckham

Birthday parties rival weddings as Indian wealth soars

(Newser) - As the Indian economy skyrockets to new levels, so do the price tags of kids' birthday parties, the Washington Post reports. The celebrations are providing a golden opportunity for parents to showcase their little darlings—and their new prosperity. Some predict the birthday hoopla—complete with party planners, catered halls,...

Exploring the Two Sides of India
Exploring the Two Sides
of India
Jul 28, 2007 7:45 AM CDT

Exploring the Two Sides of India

A trip home reveals a society of extreme wealth and extreme poverty

(Newser) - The Delhi area is a microcosm of India, torn between urban sprawl and utter poverty. Endless construction, skyscrapers, highways, condos, and shopping malls share the city with naked children rummaging through garbage for food. Pasha Malla of the Morning News returns to his ancestral home on a mission to visit...

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