Richemont, the Swiss luxury group behind renowned brands like Cartier, has seen a significant boost in its shares following the announcement of record full-year sales. Despite a 1% decline in fiscal fourth-quarter sales driven by a slowdown in Asia-Pacific, the company managed to achieve an all-time high of 20.6 billion euros in group sales for
Wealth
Shenzhen, a city in China known for its technological advancements and business-friendly environment, has experienced a significant surge in millionaires over the past decade. According to a recent report by New World Wealth and Henley & Partners, Shenzhen recorded a staggering 140% growth in its millionaire count, outperforming other first-tier cities in China such as
Being super rich may seem like a dream come true to many, but the reality is far from that. While some may believe that money can buy happiness, the truth is that a million-dollar paycheck does not come with a problem-free pass. According to therapists who have worked with the ultra-rich, individuals in this category
The art market is facing a downturn in terms of sales at major auction houses such as Christie’s, Sotheby’s, and Phillips. It is expected that the key art sales in May will be down from the previous year, with a projected total of $1.2 billion. This amount signifies an 18% decrease from the previous year
In a historic move, members of Britain’s prestigious Garrick Club have voted to allow women to become part of the institution for the first time in its 193-year history. This decision marks a significant milestone for the exclusive all-male club, which has long been criticized for its patriarchal traditions and lack of diversity. The vote,
New York City has established itself as the richest city in the world, boasting an impressive 359,500 millionaires and 60 billionaires. Over the past decade, the city’s millionaire population has seen a remarkable 48% surge, defying concerns of wealth flight and the impact of the Covid-19 pandemic. With a total wealth of over $3 trillion,
Equinox, the renowned fitness chain, has set a new standard in the industry by introducing one of the most exclusive gym memberships in the world. Priced at a whopping $40,000 per year, the “Optimize by Equinox” program is designed to enhance overall health and promote longevity. This groundbreaking initiative is a collaboration with lab-test startup
The cost of operating a family office is on the rise, with the average now at around $3.2 million per year, as stated in the J.P. Morgan Private Bank Global Family Office Report. This increase in expenses is primarily attributed to the growing competition for talent within family offices. As family offices expand in size
A new study has revealed that large family offices are increasingly diversifying their portfolios by moving away from traditional stock market investments and towards alternative investment options. According to the JPMorgan Private Bank Global Family Office Report, family offices now have 46% of their total portfolio allocated to alternative investments. These alternatives include private equity,
The wealth gap between rich and average millennials is widening, creating tension and resentment within the generation. While the majority of millennials struggle with debt, low-wage jobs, and financial insecurity, the elite few are amassing wealth at unprecedented rates. Studies show that the top 10% of millennials are far wealthier than their counterparts from previous
