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
Wealth
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
Kering, a French luxury group, experienced a significant setback as its shares plummeted more than 9% in early trading on Wednesday. This decline was a result of the company’s warning about an expected sharp downturn in first-half profits, primarily due to dwindling demand for its flagship brand, Gucci. The group projected a 40% to 45%
The uber wealthy live in a world apart from the average investor, and this is reflected in their investing strategies. Centimillionaires, individuals with a total net worth of over $100 million, are part of the 0.001% club, according to Kevin Teng, CEO of WRISE Wealth Management Singapore. There are around 28,420 centimillionaires globally, mainly concentrated
Superyacht sales experienced a significant decline in 2023 due to a variety of factors. According to the SuperYacht Times’ State of Yachting report, sales of new superyachts over 100 feet long dropped by 17% compared to the previous year. This decline can be attributed to long waiting lists, soaring costs, and sanctions placed on oligarchs.
State tax collectors are ramping up their efforts to audit high earners, even as the IRS focuses on cracking down on the wealthy. In New York, for example, the Department of Taxation and Finance reported a significant increase in audits in 2022 compared to the previous year. But what’s surprising is that this increase is
In recent years, there has been a growing trend among wealthy American families towards obtaining second citizenships and national residences. This trend, often referred to as “passport portfolios,” involves wealthy individuals accumulating multiple citizenships to hedge against financial risks. While the United States passport remains highly regarded, many affluent Americans are seeking additional citizenships as
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, fueled by a surge in stock holdings. This marked a $2 trillion increase in their total net worth, with all gains coming from stocks. Corporate equities and mutual fund shares held by the top 1% saw a
Winning the $1.128 billion Mega Millions jackpot is a dream come true for many, but the excitement might be short-lived once the taxman comes knocking. Experts warn that the winner will face significant tax implications, regardless of whether they choose the annuitized prize or the lump-sum payout. Before the lucky winner receives a penny of