Oct
25
2008
Economic populism is back, with attacks against inequality and the “greedy rich” back in style. But at the very moment that the public is outraged over the rich getting richer, the rich might actually be losing their share of the nation’s wealth.
Fred Bell, a one-time millionaire and now unemployed, sells apples at his stand on a busy street corner in San Francisco, Ca., on March 7, 1931 during the Great Depression. Bell, known as “Champagne Fred” in the earlier days, has nothing left of his share of the Theresa Bell fortune as a result of the stock market crash in 1929.
Of course, the economic crisis is effecting all income and wealth groups. But if history is any guide, the proportion of national income and wealth held by the richest 1%–decried for years as being close to pre-Depression levels–probably will shrink markedly in coming months.
To understand why I interviewed Emmanuel Saez, the income-share expert and economics professor at the University of California, Berkeley. Here is an edited excerpt: Read more »
Oct
25
2008
Crisis, schmisis. When super wealthy car freaks want something, money is no object.
According to press reports in London, Aston Martin already has buyers lined up for its entire production of the One-77, a 200-mph car that is expected to be launched next fall. Sticker price: $2.04 million. That blows past the Bugatti Veyron’s once-shocking price tag of $1.2 million. Read more »
Tags: Amount Of Money, Applications, Benz, Bugatti Veyron, Cars, Environment, Freak, Hock, Horsepower, Liter, London, Money, Nma, Porsche, Price Tag, Prius, S Line, Shock, Telegraph, Toyota
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Oct
25
2008
A year ago, Wealth Report readers told me how much money it took to be considered “rich” in their town. The answers ranged from a $500,000 income in Manhattan to $1 million to $2 million in total net worth in Kansas City.
The point, of course, is that wealth is relative. Being “rich” depends on where you live.
Now, the folks at U.S. News & World Report have come up with a more scientific process of defining “rich” in various towns. Basically, they used census data to calculate the top 20% of earners and top 5% of earners in 40 metro areas. Then they did some division and multiplying to calculate top-wealth levels for childless couples and families of four. Read more »
Tags: Ata, Atlan, Cisco, Doubt, Earners, Heir, Household, Household Income, Incomes, Las Vegas, Methodology, Metro Areas, Middle Class, Mili, Money, Much Money, Net Worth, Rocess, San Fran, San Francisco
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