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
Wealth
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,
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
State tax collectors are ramping up their efforts to audit high earners, with New York reporting a significant increase in audits despite a decrease in the number of auditors. In 2022, New York’s tax department conducted 771,000 audits, which was a 56% increase from the previous year. Surprisingly, the number of auditors in New York
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
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, driven by a year-end stock rally that boosted their portfolios. According to the Federal Reserve’s latest data, the total net worth of the top 1%, defined as those with wealth exceeding $11 million, increased by $2 trillion
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
The latest data from the Hurun Research Institute reveals that Mumbai has surpassed Beijing and Shanghai to become the Asian capital with the most number of billionaires. With a total of 92 billionaires, Mumbai now holds the third spot globally behind New York and London. This significant shift marks the first time that India’s most
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
The Mega Millions jackpot has reached an astounding $1.1 billion, with no ticket matching all six balls in the recent drawing. While this grand prize is slightly less than last year’s record-breaking $1.6 billion, the winner could still face significant financial pitfalls. If you happen to be the lucky winner, you will have two payout