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+34 +1
Wynn: 'Nobody likes being around poor people'
Steve Wynn has just tossed a verbal grenade into the class wars. In a presentation to investors Wednesday night, Wynn — founder of Wynn Resorts — said his company is like a luxury brand that focuses on people with money. He explained that an environment that attracts and caters to the wealthy will attract everyone else. "Rich people only like being around rich people," he said. "Nobody likes being around poor people, especially poor people."
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+27 +1
How Warren Buffett’s Son Would Feed the World
When his three children were young, Warren Buffett installed a dime slot machine on the third floor of the family’s house, in Omaha, Nebraska. The objective was to convey the dangers of gambling, but it also meant the children’s allowance remained in his hands. “I could then give my children any allowance they wanted, as long as it was in dimes, and I’d have it all back by nightfall,” he remarked once at a Berkshire Hathaway annual meeting.
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+26 +1
What's It Like To Be Rich? Ask The People Who Manage Billionaires' Money
Several years ago, sociologist Brooke Harrington decided to explore the secret lives of billionaires. What she found, she said, shocked her.
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+26 +1
Jeff Bezos Is Now the World's Second Richest Person
Jeff Bezos has leapt past Amancio Ortega and Warren Buffett to become the world’s second-richest person.
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Jeff Bezos Is Now the World's Second Richest Person
Jeff Bezos has leapt past Amancio Ortega and Warren Buffett to become the world’s second-richest person. Bezos, 53, added $1.5 billion to his fortune as Amazon.com Inc. rose $18.32 on Wednesday, the day after the e-commerce giant said it plans to buy Dubai-based online retailer Souq.com. Bezos has a net worth of $75.6 billion on the Bloomberg Billionaires Index, $700 million more than Berkshire Hathaway Inc.’s Buffett and $1.3 billion above Ortega, the founder of Inditex S.A. and Europe’s richest person.
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+21 +1
How to Stay Rich in Europe: Inherit Money for 700 Years
The richest Florentine families in 1427 still are: New research shows Europe leads the world in inherited wealth. Lamberto Frescobaldi sets two wine glasses atop a wooden barrel in the spacious cellar of his company's winery in a 1,000-year-old castle not far from Florence. Uncorking a bottle of Nipozzano, he takes a sip and nods. The red that his family supplied to Michelangelo and Pope Leo X still tastes pretty darn good.
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+21 +1
How Do You Make the List to Buy a Supercar? Be Like These Guys
Find out why buying a limited-edition supercar takes more than wheelbarrows of cash.
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+15 +1
Treasury secretary's wife brags about wealth, clothing on social media
Louise Linton, Treasury Secretary Steven Mnuchin's wife, has issued an apology after setting social media abuzz with her Instagram couture hashtags and condescension toward another user Monday. After a visit to Louisville, Kentucky with Mnuchin, Linton posted this Instagram about her "great #daytrip" -- and she added hashtags highlighting her designer garb and accessories: Roland Mouret pants, Tom Ford sunglasses, Hermes scarf and Valentino heels.
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+21 +1
Asia Now Has More Billionaires Than the U.S.
The world’s wealthiest individuals are on a roll with billionaires in Asia leading the pack. Billionaire wealth increased 17 percent to $6 trillion in 2016, after a decline the previous year, UBS Group AG and PricewaterhouseCoopers said in a report issued Thursday. Led by China, the number of the region’s billionaires surpassed the U.S. for the first time. But don’t shed a tear for the richest folks in the U.S.: American billionaires still control the most wealth at $2.8 trillion.
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+19 +1
Billionaire wealth shatters $6tr barrier for first time
The total number of billionaires and their collective wealth has now reached an all time high — breaking the $6 trillion mark, according to the latest annual billionaires report from UBS and PwC. Despite geopolitical uncertainty, their numbers have swelled by 10 per cent to 1,542 by the end of 2016, with a new member of the global elite UHNW club being minted every two days in Asia.
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+21 +1
Bill Gates, Jeff Bezos and Warren Buffett are wealthier than poorest half of US
The three richest people in the US – Bill Gates, Jeff Bezos and Warren Buffett – own as much wealth as the bottom half of the US population, or 160 million people. Analysis of the wealth of America’s richest people found that Gates, Bezos and Buffett were sitting on a combined $248.5bn (£190bn) fortune. The Institute for Policy Studies said the growing gap between rich and poor had created a “moral crisis”.
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+22 +1
A Gift Guide for Billionaires
What to buy the person who has everything this holiday season. By Justin Ocean.
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+22 +1
Africa is not poor, we are stealing its wealth
Africa is poor, but we can try to help its people. It's a simple statement, repeated through a thousand images, newspaper stories and charity appeals each year, so that it takes on the weight of truth. When we read it, we reinforce assumptions and stories about Africa that we've heard throughout our lives. We reconfirm our image of Africa.
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+15 +1
Jeff Bezos Is Richest Person on Earth With Over $100 Billion
Amazon CEO Jeff Bezos has become the first person to amass a fortune surpassing $100 billion in Forbes magazine’s annual ranking of the world’s moguls. The milestone announced Tuesday underscores the growing clout of Bezos and the company he founded in 1994 as an online bookstore. These days, Amazon sells almost everything imaginable online. It’s now trying help people manage their lives with its digital assistant Alexa, which is implanted in its Echo line of internet-connected speakers.
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+33 +1
A Millionaire Mindset Never Made Anyone Rich
The notion that just thinking something can make it happen is a joke. Too bad some people fall for it.
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+2 +1
Google’s chief futurist says basic income will spread worldwide by the 2030s.
Ray Kurzweil is Google’s director of engineering and believes UBI is inevitable.
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+1 +1
These hedge fund managers made more than $3 million a day last year
There's an old saying that hedge funds are not so much an investing platform as a compensation plan. If so, they may be the most lucrative compensation plans ever. The annual "Rich List" of top hedge fund earners from Institutional Investor is out and the numbers are so large that they're almost hard to conceive. Four hedge fund managers made more than $1 billion last year. That's $1 billion in annual pay, not net worth. They make today's CEOs look like charity cases — the top hedge fund managers made...
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+17 +1
Forget shiny Rolexes and Louis Vuitton handbags — rich people are investing more in education and health, and it shows that discreet wealth is the new status symbol
Owning a Louis Vuitton handbag, multi-million dollar Bugatti, or shiny Rolex has always been a marker of elite status. But such flashiness is becoming less ubiquitous among the ultra-high-net-worth crowd. They're spending more than ever before on security and privacy, trading in hilltop houses for homes in hidden neighborhoods invisible on Google street view.
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+19 +1
The top 26 billionaires are as wealthy as 3.8 billion people
The world's billionaires are growing $2.5 billion richer every day, while the poorest half of the global population is seeing its net worth dwindle. Billionaires, who now number a record 2,208, have more wealth than ever before, according to an Oxfam International report published Monday. Since the global financial crisis a decade ago, the number of billionaires has nearly doubled.
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+29 +1
Study Shows Richest 0.00025% Owns More Wealth Than Bottom 150 Million Americans
As survey data continues to show that raising taxes on the wealthy is extremely popular among the U.S. public, new research by inequality expert and University of California, Berkeley economist Gabriel Zucman found that the richest 0.00025 percent of the American population now owns more wealth than the 150 million adults in the bottom 60 percent. Zucman, who helped Sen. Elizabeth Warren (D-Mass.) develop her "Ultra-Millionaire Tax" proposal, observed in a working paper (pdf) that "U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties."
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