Wealth

French luxury group Kering suffered a significant blow as its shares plummeted over 9% following a profit warning. The company anticipates a sharp decline of 40% to 45% in first-half operating income, compared to the previous year. This warning attributed to diminishing demand for its flagship brand, Gucci, is a major setback for the renowned
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The uber wealthy live in a world that is vastly different from the average investor. With a total net worth of over $100 million, these individuals are considered centimillionaires and make up the 0.001% club. Globally, there are approximately 28,420 centimillionaires, with concentrations in cities like New York City, the Bay Area, Los Angeles, London,
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In 2023, the superyacht industry experienced a significant decline in sales, according to the new SuperYacht Times’ State of Yachting report. Sales of new superyachts, defined as yachts over 100 feet long, fell by 17% compared to the previous year. The report highlights various factors contributing to this decline, such as long waiting lists, soaring
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In the current economic and political climate, wealthy U.S. families are exploring the option of acquiring second citizenships and national residences to mitigate financial risks. This emerging trend has gained traction as a form of risk management, prompting individuals to create “passport portfolios” consisting of multiple citizenships. Henley & Partners, a prominent law firm specializing
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One lucky individual from New Jersey has officially won the $1.128 billion Mega Millions jackpot, marking the game’s fifth-largest grand prize in history. This winner now faces a difficult decision between taking the annuitized prize spread out over time or a lump-sum payout of $536.6 million in cash. The Tax Bite Unfortunately, winning a massive
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When it comes to saving for retirement, many married couples overlook the potential benefits of spousal Individual Retirement Accounts (IRAs). While traditional IRA contributions typically require earned income, spousal IRAs offer an exception for single-income households. These accounts, whether Roth or traditional, can provide valuable tax breaks and enhance retirement savings for non-working spouses. Despite
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