“Credit Suisse estimates that worldwide there are 98,700 ‘ultra-high net worth individuals,’ or people worth $50 million or more. Almost half of them live in the United States.” 100,000 is a lot of ultra high net worth individuals! And half of them are here! 50,000! I mean that just seems like a lot. It seems like I could run into one of them. Maybe tonight. They could be anywhere. They could be reading this right now. Hi.
In the Times, Jim Rutenberg has a profile of Joe Farrell, the largest real estate developer in the Hamptons who builds mansions and is described as being like Donald Trump, but “without the history of debt, the lush hair or the insults”. Farrell owns a 17,000-square-foot mansion called the Sandcastle that has two bowling lanes, a skate ramp, and a regularly stocked ATM machine with $20,000 in it “just for fun.” Jay Z and Beyoncé rented his house for $500,000 last summer—for two weeks.
That rich people don’t think they’re rich is nothing new, but the studies that confirm it are good to read every now and then if only to remind oneself that money doesn’t buy happiness, satisfaction (for most people, at least—of course it would for us). Two of the “top insights” from this new UBS report: “Wealth equals no financial constraints” (sounds nice) and “cash is still ‘king’” (quotation marks theirs).
Really quality way to spend an afternoon. Really feeling great about myself, yourself, all of ourselves. Defeated. Despondent. What is life, what is anything.
#champers #armparty #maldives #choppaondeck #yachting #daddy #amex #blackcard #lindsaylohan #carcollection #summering #fuelupthechopper #ostrichegg #getonmylevel
Let it be this one about Australian mining billionaire Gina Rinehart.
Is she an heiress? Inarguably. And yet she has, by hard work and guile and historic luck, multiplied the value of the business she inherited several hundred times over. The “h”-word seems to be partly a gender thing. The male scions of Australian family fortunes, such as Lachlan Murdoch (the eldest son of Rupert), are not routinely described in the press as heirs. Rinehart is the only woman among the rough lot riding the mining boom at tycoon level, and none of the others probably have to read much in the papers about how they really should be able to afford a hairdresser or a personal trainer.
Oh but there is so, so much more.