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☆ ‘Scandals and secrets’: On board the world’s most exclusive private residential ship
▼ + stars: | 2024-02-24 | by ( Francesca Street | ) edition.cnn.com time to read: +15 min

Welcome to The World, an exclusive private residential ship home to 165 superluxe apartments. Antonucci’s children were in their early 20s during his stint as a World resident, but they came and visited their parents on board from time to time. Unlike on an ordinary cruise ship, residents are able to make renovations and decorate according to personal tastes. Peter AntonucciFor many residents, the social life on board The World is also a big part of the appeal. The World’s owners also chose not to respond to Antonucci’s account of life on board.

Persons: CNN —, – you’ve, “ I’m, Peter Antonucci, you’ve, Antonucci, he’d, ”, he's, Peter Antonucci Antonucci, “, Antonucci didn’t, they’d, Antonucci can’t, ” Antonucci, –, aren’t, “ They’re, I’ve, ’ Antonucci, There’s, carousing ”, wasn’t, I’d, ‘, Antonucci “, he’s Organizations: CNN, HBO, CNN Travel, “, Street, Wimbledon, ” Locations: Antonucci, Belize, Panama, New York, Europe, Maldives, Seychelles, Australia, New Zealand, London, Rio de Janeiro, Florida, Solomon Islands, South Africa

☆ The Farmers Had What the Billionaires Wanted
▼ + stars: | 2024-01-19 | by ( Conor Dougherty | ) www.nytimes.com time to read: +1 min

For six years a mysterious company called Flannery Associates, which Mr. Sramek controlled, had upended the town of 10,000 by spending hundreds of millions of dollars trying to buy every farm in the area. It sued a group of holdouts who had refused its above-market offers, on the grounds that they were colluding for more. Residents worried it could be a front for foreign spies looking to surveil a nearby Air Force base. The truth was that Mr. Sramek wanted to build a city from the ground up, in an agricultural region whose defining feature was how little it had changed. They and others from the technology world had spent some $900 million on farmland in a demonstration of their dead seriousness about Mr. Sramek’s vision.

Persons: Jan Sramek, Flannery, Sramek, Michael Moritz, Reid Hoffman, Laurene Powell Jobs, Steve Jobs Organizations: American Legion, Flannery Associates, Air Force, Silicon, LinkedIn, Emerson, Apple Locations: Rio Vista, Calif, Rio

☆ Elizabeth Warren says lawmakers need a raise so that Congress isn't 'the plaything of multimillionaires and billionaires'
▼ + stars: | 2024-01-14 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren is backing a pay raise for members of Congress. "Congress should not be the plaything of multimillionaires and billionaires," she told BI. But she also emphasized that congressional staff need a raise even more. AdvertisementSen. Elizabeth Warren is joining calls for members of Congress to get a pay raise. But Warren, who makes plenty of money via book sales, was even more adamant when it came to the need to raise pay for congressional staff.

Persons: Sen, Elizabeth Warren, —, who've, Warren, Patrick McHenry of, Alexandria Ocasio, Cortez, hasn't, Republican Sen, JD Vance, Ohio, Vance Organizations: Service, Massachusetts Democrat, Republican, Democratic Rep, Senate, United, Washington Locations: multimillionaires, Patrick McHenry of North Carolina, Alexandria, Cortez of New York, United States

☆ A $174,000 salary isn't enough for members of Congress. In fact, they should probably give themselves a $100,000 raise.
▼ + stars: | 2024-01-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +12 min

With a salary of $174,000 per year, members of Congress make more than 80% of American households. Stunted salary growth and limited perksThe salaries for members of Congress haven't budged in nearly 15 years. Historically, Democrats have been more willing to push for higher pay for members of Congress, including Rep. Alexandria Ocasio-Cortez of New York. For simplicity's sake, let's put the number at $274,000 — a $100,000 raise for members of Congress. Nor is jacking up lawmakers' salaries likely to be a panacea that solves every problem in a troubled institution.

Persons: that's, —, It's, David Schweikert, we're, Daniel Schuman, reimbursements, Schuman, Patrick McHenry of, — he's, he's, Republican Sen, Mitt Romney, who've, Democratic Sen, Elizabeth Warren of, Alexandria Ocasio, Cortez, Steny Hoyer, Dan Kildee of, who's, Kildee, Sen, Elizabeth Warren, Kent Nishimura, Maxwell Frost of Florida, Deb Fischer, Nebraska, JD Vance, Ohio, Ro Khanna, Tom Williams, Chip Somodevilla, Vance, Khanna, Gregg Harper, Harper, I'm, Warren, let's Organizations: Service, DC, Arizona, Business, POPVOX, budged, Senate, Republican, Democratic, Getty, United States Senate, —, Bureau of Labor Statistics Locations: Washington, Arizona, multimillionaires, Patrick McHenry of North Carolina, Utah, Elizabeth Warren of Massachusetts, Alexandria, Cortez of New York, Cortez, Dan Kildee of Michigan, DC, Ohio, California, America, Mississippi

☆ 'Selling Sunset' agents are freaking out about LA's new mansion tax — but it's not just millionaires who should be worried
▼ + stars: | 2023-11-12 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +10 min

This time, it hinges on Los Angeles' new mansion tax, which impacts homes sold for over $5 million. She added of the city's mansion tax, "This is a very reasonable and equitable way to generate some resources that can support those needs." Unintended consequences of a mansion taxColloquially known as a mansion tax, United to House LA (Measure ULA) passed in November 2022 with 58% support. Shane Phillips, a UCLA housing researcher whose work helped inspire LA's mansion tax, is worried about the mansion tax depressing new development, particularly of multi-family buildings. Phillips argued that if the law is tweaked to exempt first-time sales, the mansion tax "will unquestionably do more good than harm."

Persons: —, Mary Fitzgerald, Nicole Young, Jason Oppenheim, It's, Oppenheim, — aren't, Mari Castaldi, Karen Bass, Shane Phillips, Phillips, that's, Billy Rose, you'll, Rose, doesn't, Castaldi, Phillips isn't Organizations: Service, Netflix, Oppenheim Group, realtors, California Association of Realtors, Budget, House, LA Times, UCLA, Agency Locations: Angeles, Los Angeles, New York, Washington, Massachusetts, Chicago, Santa Fe, California, LA

If you have all or most of your money in a single investment account, you're missing opportunities to build wealth. If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. If you're making estimated quarterly tax payments, you'll need to accumulate funds in your tax savings account as you earn them. Note that a "tax savings account" is not a different banking product — it's just a designated use for a savings account, like an emergency fund would be. (Like the tax savings account, this isn't a different product your bank offers — it's a specific use for an account like a high-yield savings account.)

Persons: —, Ally, Charles Schwab, it's, you'll, Roth, you've, It's, Robinhood, That's, We're, There's, I've, multimillionaires, Read Organizations: Service, Roth IRA, Roth, IRA

☆ Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest.
▼ + stars: | 2023-10-27 | by ( Josh Zumbrun | ) www.wsj.com time to read: 1 min

Home purchases are helping to create a growing upper middle class. Photo: Roberto Schmidt/Agence France-Presse/Getty ImagesLast week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.

Persons: Roberto Schmidt Organizations: Agence France, Federal Reserve

☆ Billionaires are driving South Florida home prices to new records
▼ + stars: | 2023-10-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

From Palm Beach to Miami Beach, luxury home prices in Florida's richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. "The prices are mind-blowing," said Chris Leavitt, a top Palm Beach broker with Douglas Elliman. Miami Beach has also seen a spike in prices from wealthy buyers — especially billionaires. "Both Palm Beach and Miami Beach are disconnected from the interest rate trend."

Persons: Douglas Elliman, Miller Samuel, Chris Leavitt, Jonathan Miller, Leavitt, James Tigani, Harvey Jones, Tommy Hilfiger, Michael Cantanucci, Corcoran, Eric Schmidt, Ken Griffin, Alex Rodriguez, Griffin, Jeff Bezos, Tom Brady Organizations: Palm, Tech, Brokers, National Football League, CNBC Locations: Palm Beach, Miami Beach, Manhattan, New York , New Jersey, California, Florida, Miami

☆ Florida's mega-rich could pay $600K for annual home insurance in elite enclaves as the state is slammed with increasingly severe hurricanes
▼ + stars: | 2023-09-09 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Insurance rates in Florida have tripled in recent years, according to Bloomberg. For the ultra-rich, insurance companies could sell five- to six- figure policies. Homeowners across Florida have seen rates increase threefold in the past few years, the report found. Weather risks, along with a combination of other factors, have caused insurance companies to pivot and stop issuing new policies in Florida. California, a state that is prone to wildfires and extreme weather, has also experienced an exodus of insurance companies.

Persons: Diddy, Jennifer Lopez, Ken Griffin, Idalia, Mark Friedlander, Oscar Seikaly Organizations: Bloomberg, Service, Homeowners, Citadel, Sunshine State, National Weather Service, Insurance Information Institute, Farmers Insurance, AAA, Farm, Allstate, NSI Insurance Locations: Florida, Wall, Silicon, Florida's, Star, Texas, . California, Napa Valley

☆ Check out a ghost town of deserted Chinese mega-villas built for multimillionaires that's now overrun by farmers and left to rot
▼ + stars: | 2023-07-24 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +6 min

Chinese farmers have moved into a cluster of abandoned villas in China to grow crops and rear cattle. Jade Gao/AFP via Getty ImagesThe half-built villas are now overrun by local farmers, who plow the land and plant crops on the overgrown lawns of abandoned villas. Local farmers now plow the land of the abandoned development. Jade Gao/AFP via Getty ImagesThe insides of the buildings look post-apocalyptic too, like shots straight out of "The Last of Us." Shenyang's ghost villas are just one of many "rotten" real estate projects across China's urban landscapeThe interior of a deserted housing sales building.

Persons: Jade Gao, —, riche, Guo, who's, Li Gan, Gan Organizations: Twitter, Service, AFP, Greenland Group, Getty, Getty Images, Texas, M University, Survey, Research Center, China Household Finance, Chengdu's Southwestern University of Finance, Economics Locations: China, AFP, Weibo, Wall, Silicon, Shenyang, China's, Liaoning province, Greenland, Evergrande, Li

President Biden and his advisers are elevating a new outside group as the leading super PAC to help re-elect him in 2024, making it the top destination for large sums of cash from supportive billionaires and multimillionaires. The blessing of the group, Future Forward, is a changing of the guard in the important world of big-money Democratic politics. Since the 2012 election, a different group, Priorities USA, has been the leading super PAC for Democratic presidential candidates. “In 2020, when they really appeared from nowhere and started placing advertising, the Biden campaign was impressed by the effectiveness of the ads and the overall rigorous testing that had clearly gone into the entire project,” Anita Dunn, a senior White House adviser to Mr. Biden, said of Future Forward. Future Forward has raised $50 million so far this year, the group said.

Persons: Biden, “, ” Anita Dunn, Mr, Harris, ”, Biden’s, Donald J, Trump Organizations: PAC, Democratic, USA, White, Biden, Democratic National Committee

☆ The State Wealth-Tax Alliance
▼ + stars: | 2023-01-25 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Democrats finally have a strategy to stop billionaires from fleeing high tax states: Block the escape routes. That’s the logic behind coordinated moves in progressive states to tax wealth. The confiscatory tax alliance emerged late last week when lawmakers from eight states unveiled plans to target wealthy residents. California, New York, Illinois, Maryland, Hawaii, Minnesota, Connecticut and Washington state are all represented, and several of the sponsors have already released bills. “We are here today to put billionaires and multimillionaires on notice,” said Washington state Sen. Noel Frame on a Zoom call.

President Joe Biden lambasted House Republicans’ tax agenda on Monday, targeting the new majority’s push to revoke new Internal Revenue Service funding, abolish the federal tax agency and replace the income tax with a federal tax on consumption. Speaking at the National Action Network’s Martin Luther King Jr. Day breakfast in Washington, D.C., Biden referred to Republicans as "fiscally demented" and pledged to veto their tax legislation, which is all but certain to fail in the Democratic-controlled Senate. President Joe Biden speaks at the National Action Network's Martin Luther King, Jr., Day breakfast, in Washington, DC., on Monday. They didn’t say if elected their plan was to make inflation worse.”The other tax bill in Biden’s crosshairs was introduced last week by Rep. Buddy Carter, R-Ga., and would abolish the IRS, eliminate income taxes and institute a federal consumption tax.

Rep. Kevin McCarthy, R-Calif., speaks to Rep. Matt Gaetz, R-Fla., in the House Chamber on Jan. 6, 2023. She said it’s a bad idea for the House to bring up those bills. Still, some of the more moderate Republicans acknowledge that they’ll have to make compromises with Democrats to get immigration bills signed into law. The GOP rules package adopted Monday identifies the seven bills that will get speedy votes in the House. “Many of their radical things will be stopped in the Senate because we have a Democratic majority,” Schumer said, vowing not to let ultraconservative lawmakers defund the FBI.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

☆ Cramer: What I learned about investing from the first millionaire I met as a kid
▼ + stars: | 2022-12-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

He didn't talk much on the drive in, just listened to call-in radio shows and then the opera, the Metropolitan Opera, brought to you by Texaco. And if you ran out of those, you might have to close on one of the most important business days leading up to Christmas. But Mr. Paul was a supplier, a decent man, and most importantly a retired Marine Corps colonel. One day Pop asked me to summon up the courage and ask Mr. Paul to show him his stock ledger. Mr. Paul, in short, was a millionaire.

☆ Former Twitter employees have filed another lawsuit against the company, saying it laid off an unfair share of women workers
▼ + stars: | 2022-12-08 | by ( Sam Tabahriti | Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Former employees have since filed lawsuits against Twitter accusing it of various unfair practices. The lawsuit — filed in San Francisco Federal Court — alleges that Musk's new policies had a "disproportionate impact" on women. According to data analyzed in the lawsuit, Twitter laid off 57% of the its female employees and only 47% of its male employees. Former employees argue that Twitter provided them with less than the required 60-day notice and docked months of severance pay. Liss-Riordan noted that she had also filed a similar suit against Tesla over its layoffs in June 2022.

☆ South Carolina Democrats stunned by Biden’s plan to put them first in 2024
▼ + stars: | 2022-12-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Alex-Seitz-Wald-Circle-Byline-Template.Jpg | Alex Seitz-Wald | ) www.nbcnews.com time to read: +4 min

Not even Rep. Jim Clyburn, the longtime dean of South Carolina Democrats and a key Biden ally, received an early heads-up. He found out Thursday night in a phone call from the president, according to a South Carolina Democratic official. Gerald Herbert / AP fileFor a red state, South Carolina plays an outsize role in Democratic politics. The South Carolina plan has plenty of detractors, especially from states that were passed over for the prime spot. Instead, South Carolina would go first, followed by New Hampshire and Nevada on the same day, trailed by Georgia and then Michigan.

☆ Wilko Johnson, 'Game of Thrones' actor and Dr. Feelgood guitarist, dies at 75
▼ + stars: | 2022-11-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

LONDON — Wilko Johnson, the guitarist with British blues-rock band Dr. Feelgood who had an unexpected career renaissance after being diagnosed with terminal cancer, has died. Born John Wilkinson in 1947, Johnson was raised on Canvey Island, a marshy, industrial oil town in England’s River Thames estuary. He studied Anglo-Saxon literature at Newcastle University and worked as a schoolteacher before forming Dr. Feelgood with other local friends. Johnson later said that if the band had been able to follow its managers’ instructions to behave, “I’m pretty sure we’d be multimillionaires. He released another album, “Blow Your Mind,” in 2018, and played gigs with his Wilko Johnson Band until last month.

☆ How I made my first $1 million on OnlyFans: 4 creators explain how they built their businesses on the platform
▼ + stars: | 2022-10-24 | by ( Jp Mangalindan | ) www.businessinsider.com time to read: +1 min

Some OnlyFans creators have become multimillionaires since joining the platform. Four successful OnlyFans creators shared with Insider how they made their first $1 million. Once OnlyFans creators figure out how to monetize their accounts through subscriptions, photos, videos, and messaging, the upside can be massive. A number of successful OnlyFans creators — who largely create adult content — have become multimillionaires, even after the platform's 20% cut. Insider spoke with four OnlyFans creators who shared how they earned their first $1 million on the platform.

☆ How 4 OnlyFans creators made their first $1 million on the platform
▼ + stars: | 2022-10-21 | by ( Jp Mangalindan | ) www.businessinsider.com time to read: +1 min

☆ The US tops the world with more than 140,000 ultra-rich citizens worth more than $50 million, after adding another 30,000 to the rolls in 2021
▼ + stars: | 2022-09-23 | by ( Lakshmi Varanasi | Andy Kiersz | ) www.businessinsider.com time to read: +3 min

The US has the highest number of individuals with worth more than $50 million, according to a new global wealth report. The US is also home to the majority of people with more than $100 million in wealth. Credit Suisse's report found that over the past two years, the number of "ultra high net worth individuals" — those with more than $50 million in assets — in the world has grown by 50%. China, which ranks second for the number of ultra high net worth individuals, only claims 12% of the world's share. As of 2021, the top 1% controls more than 35% of the country's wealth, the report noted.

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