Family offices are increasingly shifting their investment strategies towards becoming their own private equity funds. A recent survey by BNY Mellon Wealth Management revealed that 62% of family offices made at least six direct investments in the previous year. This involved buying stakes in private companies or providing lending directly. Moreover, a staggering 71% of
Wealth
The U.S. saw a significant increase in its millionaire population in 2023, adding 600,000 new millionaires and boosting the total to 7.5 million people. These millionaires collectively amassed fortunes totaling $26.1 trillion, marking a 7% growth from the previous year. The definition of millionaires by Capgemini encompasses individuals with investible assets exceeding $1 million, excluding
Aston Martin, a renowned sports carmaker with a rich history of financial struggles, seems to be on the brink of a new era. With Executive Chairman Lawrence Stroll at the helm, the company is gearing up for a major transformation. Stroll’s ambitious plans, coupled with a flurry of new models and a marketing boost from
The mass migration of wealthy individuals from high-tax states like New York to Florida has resulted in record demand for household staff in elite Florida enclaves, particularly Palm Beach. According to staffing agencies, housekeepers in Palm Beach and South Florida are in high demand, with salaries often exceeding $150,000. Not only are there bidding wars
Recent surveys have highlighted a concerning trend – family offices are increasingly becoming targets for cybercriminals. According to a survey by Dentons, a global law firm, 79% of North American family offices believe that the likelihood of a cyberattack has significantly increased in recent years. What’s even more alarming is that a quarter of family
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
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