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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

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...

This Man Pushed Bezos Down One Spot in Richest Rankings

Bloomberg ranks Gautam Adani as world's 2nd richest

(Newser) - Update: And then he was second. NPR reports that Gautam Adani of India has grabbed the No. 2 slot on the world's richest list from Jeff Bezos. It cites Bloomberg's Billionaires Index, which this week listed both Adani and Bezos as having a net worth of $147 billion;...

Elon Musk: Don't Be Offended by My Wealth. I Don't Spend It

Tesla CEO says he doesn't consume like a billionaire

(Newser) - If you begrudge Elon Musk his billions, take solace: He's not even spending all that money on himself. Like, not even on a villa, a mansion, or an apartment. USA Today reports the world's richest person talked about his $275 billion fortune in an interview with the head...

Wealth Inequality Grows, With 10% Owning 89% of Stocks

Gap has increased during the pandemic, helped by the market

(Newser) - Stock ownership is more concentrated than ever, Federal Reserve data show, with the wealthiest 10% of households owning 89% of US stocks. The stocks differential is reflected in the growing wealth inequity, CNBC reports, with 1% of Americans holding 32% of wealth, also a record. "The top 1% own...

Bezos Leaves CEO Post With a Pretty Penny in His Pocket

Amazon founder is worth $201.8B—about 740,000 times median net worth of an American at age 65

(Newser) - Jeff Bezos may be giving up his CEO title , but he'll hold onto world's richest man honors, at least for now. The Amazon chief officially hands over the reins Monday to Andy Jassy, the head of the company's web services, but not before amassing a net worth...

Elon Musk to Become Earth's 3rd Richest Person
It's a Very
Good Day for
Elon Musk

It's a Very Good Day for Elon Musk

Tesla CEO is about to become 3rd-richest person on the planet as his company joins S&P 500

(Newser) - Tesla and SpaceX CEO Elon Musk is set to overtake Facebook CEO Mark Zuckerberg as the world's third-richest person on Tuesday. Tesla's stock closed just above $408 on Monday but jumped 14% in after-hours trading following news that the company will join the S&P 500 index on...

Millennials Lag Well Behind Boomers in Amassing Wealth

Generation controls only 4.6% of US wealth, while boomers have 53%

(Newser) - Millennials are better educated than earlier generations and represent the biggest chunk of the workforce. But the financial rewards have not yet come to them. Federal Reserve data show the generation held 4.6% of the nation's wealth in the first half of the year, CNBC reports. The silent...

The Rich(est) Keep Getting Richer
Elon Musk
Joins an Elite Club

Elon Musk Joins an Elite Club

He is now one of 4 'centibillionaires' on the planet

(Newser) - MacKenzie Scott may just become the world's richest woman after all . Her ex-husband, Amazon CEO Jeff Bezos, should be celebrating, too. Bezos' wealth topped $200 billion on Wednesday as shares in the e-commerce giant hit a record. As Bloomberg reports, the climb brings Scott "to the brink of...

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