Charday Penn | E+ | Getty Images Up to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what’s being called “the horizontal wealth transfer,” according to a new report. Over the next 20 to 30 years, aging baby boomers and older generations are expected
Wealth
In this article RACE-IT Follow your favorite stocksCREATE FREE ACCOUNT In the world of luxury, Hermès is arguably the gold standard. Its sales are growing double digits even as other luxury companies post declines or dramatically slower growth. Wealthy customers lucky enough to be anointed as Birkin-bag worthy can purchase a Birkin 25 for about $11,000
Two young adult couples enjoying a day at the races. Two couples enjoying a drink at the races. Solstock | E+ | Getty Images Millennials are poised to be the wealthiest generation in history, but are they ready to handle the large inflow of money? A vast $90 trillion wealth transfer over the next 20
In this article RACE-IT Follow your favorite stocksCREATE FREE ACCOUNT Ferrari’s all-electric model won’t be launched for over a year, but early tests indicate it has all the driving traits and emotion of a true Ferrari, according to Ferrari CEO Benedetto Vigna. “The final judge will be the client,” Vigna told CNBC during the opening
Zhangkun | Moment | Getty Images LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year’s general election expected to further exacerbate the exodus. The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in
The UAE expects to see a net inflow of 6,700 millionaires from around the world by the end of 2024, according to new research. Buena Vista Images | Stone | Getty Images The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row. That’s according to
Fg Trade | E+ | Getty Images Generation X may be the biggest beneficiary from the $84 trillion Great Wealth Transfer in the next 10 years, according to a new study. While millennials and members of Generation Z are expecting the biggest inheritances in the coming years as baby boomers pass down their fortunes, Gen
Christina Lewis, founder of Beatrice Advisors, at her home office with a portrait of her father, Reginald Lewis. Cindy Johnson Christina Lewis had her first asset allocation meeting with her wealth manager when she was 13. “I remember the meeting well,” Lewis said. “It was a turbulent time for my family. And [the advisor] was
Westend61 | Getty Images Family offices are increasingly becoming their own private equity funds and investing in companies directly, according to a new survey. A majority (62%) of family offices made at least six direct investments last year, where they buy a stake in a private company or provide lending, according to the survey of
Zoom In IconArrows pointing outwards Credit: J.P. Morgan Private Bank A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox. Today’s workaholic wealthy rarely have time to sit back and read
Luxury homes in the historic district of Palm Beach, Florida. Felixmizioznikov | Istock | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox. Housekeepers in Palm Beach and
B2m Productions | Digitalvision | Getty Images The U.S. far outpaced the rest of the world in minting millionaires last year, adding 600,000 new millionaires and powering record fortunes at the top, according to a new study. America’s millionaire population grew 7.3% in 2023 to 7.5 million people, according to a report from Capgemini. Their
With a parade of new models and a marketing tailwind from Formula 1, sports car maker Aston Martin expects to become cash-flow positive this year, according to executive chairman Lawrence Stroll. “We’re now at a really transitional moment, with an inflection point for this company,” Stroll told CNBC. “We’re introducing all our products, finally, after
A computer with a “system hacked” alert due to a cyber attack on a computer network. Teera Konakan | Moment | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to
Shoppers line up to enter a Cartier store, a unit of Cie. Financiere Richemont SA, on Canton Road in the Tsim Sha Tsui area of Hong Kong. Billy H.C. Kwok | Bloomberg | Getty Images Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported record full-year sales, even
Equinox gym Courtesy: Equinox High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity. Equinox is teaming up with lab-test startup Function Health to launch “Optimize by Equinox,” a personalized health program that includes everything from personal training
A general view of the exclusive men-only Garrick Club on March 21, 2024 in London, England. Leon Neal | Getty Images News | Getty Images LONDON — Members of Britain’s exclusive all-male Garrick Club has reportedly voted to permit women to join the institution for the first time in its 193-year history. The vote on
The New York City skyline. Alexander Spatari | Moment | Getty Images New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study. New York’s millionaire population has surged 48% over the past decade, despite fears of
Depressed young male smoking cigarette, drinking alcohol and holding his head in hand. Mixmike | E+ | Getty Images Can money buy happiness? Contrary to what some may think, a million-dollar paycheck does not necessarily come with a problem free pass. While wealth can bring with it some unconventional problems — such as being denied
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The key May art sales at major auction houses are expected to be down from last year, as wealthy buyers and sellers take
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