Richemont, the Swiss luxury group that owns Cartier, saw its shares rise by as much as 6.3% following the announcement of record full-year sales. Despite a 1% decline in fiscal fourth-quarter sales, the group reported a 3% increase in overall sales to reach 20.6 billion euros. This surge in sales came at a time when
Wealth
Shenzhen has experienced an unparalleled surge in millionaire growth over the past decade, outpacing other first-tier cities in China such as Beijing and Shanghai. According to a recent report by New World Wealth and Henley & Partners, Shenzhen saw a staggering 140% increase in its millionaire population, with an additional 10% growth in 2023 alone.
Contrary to popular belief, being incredibly wealthy does not necessarily equate to a trouble-free life. While some may envision a million-dollar paycheck as a solution to all problems, the reality is quite different. According to therapists who work with the ultra-rich, these individuals often grapple with feelings of isolation, depression, and paranoia. The common misconception
The current state of the art market suggests a decline in May auction sales at major auction houses compared to previous years. Wealthy buyers and sellers seem to be taking a break from the record-breaking prices of 2021 and 2022. Reports indicate that art auction sales at Christie’s, Sotheby’s, and Phillips are expected to reach
The recent decision by the Garrick Club in London to allow women to join its all-male institution for the first time in its nearly two-century history is a significant and long-overdue step. The exclusive club, which has been criticized for its patriarchal establishment, finally opened its doors to women with a vote that passed with
New York City has been crowned as the richest city in the world, boasting a staggering 359,500 millionaires and 60 billionaires. This financial hub has seen a 48% increase in its millionaire population over the past decade, defying concerns of wealth flight and the impact of the Covid-19 pandemic. With a total wealth exceeding $3
High-end fitness chain Equinox has recently launched an exclusive gym membership package called “Optimize by Equinox.” This program comes with a hefty price tag of $40,000 per year, making it one of the most expensive memberships in the world. The aim of this program is not just to provide traditional gym services but to go
The cost of running a family office has surged in recent years, with the average annual expenditure now exceeding $3 million. This spike is attributed to the intense competition for top talent in the industry, which has driven up staffing expenses significantly. According to the J.P. Morgan Private Bank Global Family Office Report, wealthy families
A new study has revealed that large family offices are moving away from traditional stock market investments in favor of alternative asset classes such as private equity, real estate, venture capital, hedge funds, and private credit. According to the JPMorgan Private Bank Global Family Office Report, family offices now have nearly half (46%) of their
A recent study has shed light on the significant wealth gap that exists among millennials, with the top 10% of this generation surpassing the wealth of previous generations while the majority struggle with financial burdens such as student debt, low-wage jobs, and unaffordable housing. This divide has led to a new wave of class tension