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For those outside the Westminster bubble, the announcement felt less like a starting pistol than a final gasp. But unlike Sunak, who with his wife Akshata Murty is worth an estimated £651 million ($828 million), most of us can’t afford it. The British economy never fully recovered from the 2008 recession and, consciously or not, most people still feel the sting every day. As Sam Knight recently noted in the New Yorker, the average British worker is estimated to be £14,000 ($17,800) worse off per year now than they would be if earnings had risen at pre-crisis rates. Her disastrous mini-budget wiped £30 billion off the UK economy that autumn, according to independent think tank Resolution Foundation, and sent interest rates rocketing.
Persons: Holly Thomas, Katie Couric, Rishi Sunak, Keir Starmer, Tony Blair, Akshata Murty, Sam Knight, Brexit, Liz Truss, It’s, there’s, , Boris Johnson, Johnson, who’d, that’s, Blair Organizations: Katie Couric Media, CNN, London CNN —, Conservative, Westminster, Labour, British Medical Association, BMA, Commission, Yorker, Evening, Office, National Statistics, Tory, Foundation Locations: London, Westminster, England, British, Europe, Rwanda
Wealth Tax and the Next Great Migration
  + stars: | 2024-05-22 | by ( Robert Frank | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWealth Tax and the Next Great MigrationAs over a dozen states consider tax hikes on the wealthy, the debate over what happens when the ultra-wealthy decamp for more tax-friendly parts of the country is reaching a crescendo. CNBC Wealth Reporter Robert Frank speaks with Tax Foundation's Jared Walczak about the "millionaire tax flight" and Bess Freedman, CEO of Brown Harris Stevens about the implications for real estate and the broader economy.
Persons: Robert Frank, Jared Walczak, Bess Freedman, Brown Harris Stevens Organizations: Wealth, CNBC
This led to me making and selling icons and wallpapers, which was my first experience making money online. I decided not to go to university and instead make money onlineDespite my parents' typical concerns about formal education, I convinced them to give me a year to try making money online before considering university. AdvertisementMy themes became popular, and in 2014, I was approved to sell them on Tumblr's official online store, which significantly increased my income. I expanded my income streams after leaving the startupI started an online store called ULX Store in 2018 to sell my designs and other products. My approach to online business emphasizes starting with one main income stream and then using the earnings from that to diversify into other areas.
Persons: , Oliur Rahman, wouldn't, Plasso, I'm Organizations: Service, Business, XDA Developers, GoDaddy, YouTube Locations: Dubai
Shirley Conran, the industrious and proliferous British author whose 1982 novel, “Lace,” was a tale of female autonomy disguised as a bonkbuster (to use the British term for a steamy best seller) that made her a millionaire and introduced the lowly goldfish into the erotic canon, died on May 9 in London. She was 91. The cause of her death, in a hospital, was pneumonia, her son Jasper Conran said. She was also the author of “Superwoman,” a witty and proudly feminist primer on household management. The title was ironic, Ms. Conran wrote: “A Superwoman isn’t a woman who can do anything, but a woman who avoids doing too much.”Her mantra, “Life is too short to stuff a mushroom,” became a feminist rallying cry, finding its way onto matchbooks, dish towels and throw pillows.
Persons: Shirley Conran, , Jasper Conran, Conran, Femail, Organizations: Daily Locations: British, London, England
Massachusetts' new tax on the wealthy generated $1.8 billion, exceeding expectations. The increased revenue comes amid high-income earners leaving the state. AdvertisementMassachusetts' new tax on the wealthy has become a bigger boon for the state than expected. It could help make up for the loss of high-income earners in recent years. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Boston Globe, Business Locations: Massachusetts
Most Americans don't think they need to be millionaires in order to achieve financial success. Fewer than 20% of Americans define being "financially successful" as "being a millionaire," according to Bankrate's 2024 Financial Success survey. Nearly 60% of Americans say they would feel financially successful if they were able to "live comfortably," according to the survey. "Salary is often not the best barometer for financial success," Foster says. Increased prices for everyday necessities such as food and housing may also shape the way Americans picture financial success.
Persons: Gen, Sarah Foster, Bankrate's, wouldn't, Foster Organizations: Millionaires, CNBC Locations: U.S
As you weigh job prospects and potential roles, "always choose the best boss," Corcoran, a millionaire real estate entrepreneur and investor, said in a TikTok video last week. "Don't take any job based on how much it pays," she said. "I've never met anyone who worked for a bad boss and enjoyed their job. "If you have a bad boss for a long time, it can [damage] your ego," Corcoran added. "I've had bad bosses, I know what that feels like.
Persons: Barbara Corcoran, Corcoran, I've Organizations: Yahoo Finance
BI spoke to a dozen millennials who have achieved or are on track to achieve financial independence. Brad Barrett, the host of the "ChooseFI" podcast, said "vanishingly few" people with the wherewithal to reach financial independence are retiring early. AdvertisementHe argued that achieving financial independence and hitting a specific number is "the simplest part." Advertisement"I defined myself by the pursuit of financial independence," Sabatier, the author of "Financial Freedom," said. Don't delay figuring out what you really want, why you're pursuing financial independence, and what you want to do after."
Persons: Jace Mattinson, Mattinson, Jace Mattison, Jace Mattison Mattinson, Motley, they're, Millennials, millennials, Scott Rieckens, Brad Barrett, you've, Bill Schaninger, Naina Dhingra, Schaninger, Mitch, , Brian Luebben, Grant Sabatier, Sabina Horrocks, She's, she'd, Michelle Schroeder, Gardner, Wes, I'm, Lauren, Steven Keys, Steven, you'll, We're Organizations: he'd, Business, FIRE, Facebook, McKinsey, FI, Academy, Marketing Locations: Austin, Minnesota
While public auction sales are declining in the art world, private sales — done behind closed doors between discreet buyers and sellers — are growing. Classic cars are also seeing a shift to private sales, especially with the most expensive and rare models. But its newly formed RM Sotheby's private sales division has seen its sales more than quadruple over the past four years, according to Shelby Myers, global head of private sales for RM Sotheby's. The rise in private sales for classic cars, art, real estate and other markets is being driven by social media, technology and cooling prices for collectibles. "They're leaving money on the table," said real estate broker Noble Black of Douglas Elliman.
Persons: Robert Frank, Phillips, Christie's, Mark Rothko, Ken Griffin, Ferraris, Shelby Myers, We've, Myers, Patrick Dovigi's, Steve Wynn, Thomas Peterffy —, Douglas, Ernie Carswell, Carswell, He's, Noble Black, Douglas Elliman Organizations: Christie's, CNBC, Sotheby's, Hamptons, Malibu , Bel Air, Beverly Locations: Sotheby's, Christie's, Manhattan, Malibu, Aspen, Palm, Manhattan's Greenwich, Palm Beach, Los Angeles, New York, Eastern, Palm Springs, Malibu ,
China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.
Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S
I made a plan, paid off my debt in three years and ultimately became a millionaire in my thirties. Today, I run a coaching business called Crush Your Money Goals, where I teach others how to make their money work for them. Regardless of how much wealth I continue to build, these are seven frugal habits that I don't intend to quit— no matter how much money I have. I've even repurposed those extra toothbrushes and toothpastes to clean my shoes when they've gotten dirty from long walking tours. Why these frugal habits will always mean so much to me
Persons: I'm, Bernadette Joy, It's, I've Locations: Charlotte , North Carolina, Asia, Seoul
Mumbai, India CNN —For millions of Indians, it’s the city where dreams come true – just look around. Vegetable seller Sachin Chaudhary poses for a picture during an interview with CNN in Mumbai, India, on April 16, 2024. A billboard with India's Prime Minister Narendra Modi displayed on a road in Mumbai, India on April 15, 2024. Noemi Cassanelli/CNNA man cycles along a road in front of the Shiv Sena headquarters in Mumbai, India, on April 16, 2024. Sanjay Sardesai sits on his motorbike outside of the Indian National Congress headquarters during an interview with CNN in Mumbai, India, on April 16, 2024.
Persons: Mukesh Ambani, , , Sachin Chaudhary, Noemi Cassanelli, Rajani Bhat, “ I’m, , ” Rajani Bhat, Narendra Modi, ” Kalpita Shinde, it’s, Helen D’Souza, ” Helen D’Souza, CNN ‘, Shiv Sena, Bhat, chai, Parag Sawla, Parag, Chaudhary, Modi, Sanjay Sardesai, CNN Sanjay Sardesai Organizations: India CNN, CNN, Bharatiya Janata Party, BJP, India's, sips, Indian National Locations: Mumbai, India, New York, Colaba, Modi, Dadar
Kansas City Chiefs kicker Harrison Butker encouraged women to focus on homemaking and being mothers. He quoted Taylor Swift, a billionaire career woman who outearns him, in his commencement speech. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKansas City Chiefs kicker Harrison Butker kicked up dust about women entering the workforce during a Catholic college's commencement, arguing they should instead focus on being wives, mothers, and homemakers.
Persons: Harrison Butker, Taylor Swift, Swift, Organizations: Kansas City Chiefs, Service, Business
Nicole Shanahan Ventures Onto the Stump for Kennedy
  + stars: | 2024-05-13 | by ( Chris Cameron | ) www.nytimes.com   time to read: +1 min
She quoted Carl Jung as she opened her meandering speech, cited what she called the “ruthless” American psyche, alluded to her friendship with the director of the “Black Panther” movies and talked about how Americans needed to remember their ancestors. Nicole Shanahan, the Silicon Valley millionaire chosen by Robert F. Kennedy Jr. as his running mate, had previously said that she would spend little time on the campaign trail, leaving stump speeches mainly to Mr. Kennedy. But in her first outing on the hustings, in Houston on Saturday about a month and a half after she joined Mr. Kennedy on his independent presidential ticket, Ms. Shanahan signaled that she was a fitting match for him, speaking about the electorate as if it were the victim of a vast Covid-related conspiracy and defying easy categorization along partisan lines. “I often said Covid was the truth serum,” she said of the pandemic. We’re not going to stand that anymore.”
Persons: Carl Jung, Nicole Shanahan, Robert F, Kennedy Jr, Kennedy, Shanahan, Covid, , We’re Organizations: Silicon Locations: Houston
Each month, they pay $3,700 for their mortgage, $3,342 on their credit card debt and $2,495 on their auto loans. 'The house is burning down'When Sethi asked Kevin and Michelle why they needed help despite their high income, Kevin said impulse buys like drinks at 7-Eleven have really added up. The couple owes $73,000 in credit card debt and $99,000 on two auto loans for luxury cars. "That's a total distraction from what's really going on here, which is the house is burning down." At the time of the podcast's recording, the couple's fixed costs came out to about 73% of their monthly income.
Persons: Ramit Sethi, Rich, Kevin, Michelle, Sethi
AdvertisementThis is one of the arguments Donald Trump's lawyers have advanced in his defense for his hush-money trial: Trump didn't do anything wrong. Cohen met with Allen Weisselberg, the now-former Trump Organization CFO, in January of 2017 to hash out how he'd get reimbursed by Trump and the Trump Organization, according to records shown at trial. Occasionally, he'd write "VOID" on one he didn't want to be paid, according to Trump Organization employee Deborah Tarassoff. If Trump had a question about a check, he'd talk with a Trump Organization employee about it, Westerhout testified. Advertisement"Am I correct that when he would sign checks, he was often multitasking?"
Persons: , Donald, Trump, Michael Cohen, reimbursing Michael Cohen —, Stormy Daniels, Daniels, Cohen, Hope Hicks, Hicks, Susan Necheles, Madeleine Westerhout, Necheles, Westerhout, he's, — Trump, Allen Weisselberg, he'd, Weisselberg, Jeffrey McConney, Trump's, Keith Schiller, Deborah Tarassoff, Tarassoff, Rhona Graff, Donald Trump, Westerhout didn't, Rebecca Manochio, Manochio, Graff, what's Organizations: Service, Business, FBI, The Manhattan, Attorney's, Trump Organization, Wall Street, Trump, Washington Post, FedEx, White, Manhattan, New York Locations: United States, New York, North Korea, Russia, Manhattan, Washington, DC, New York City, Westchester
He is running for the Senate as an immigrant who made good, reaching out to Ohio voters with a stirring, only-in-America bootstraps story: arriving as a child from Colombia, taking a risk on a struggling business, and then turning it into a smashing success and himself into a millionaire 100 times over. Running under the banner of Donald J. Trump’s populist political movement, Bernie Moreno, the Republican challenging Senator Sherrod Brown, humbly calls himself a “car guy from Cleveland” and recounts the modest circumstances of his childhood, when his immigrant family started over from scratch in the United States. “We came here with absolutely nothing — we came here legally — but we came here, nine of us in a two-bedroom apartment,” Mr. Moreno said in 2023, in what became his signature pitch. His father “had to leave everything behind,” he has said, remembering what he called his family’s “lower-middle-class status.”But there is much more that Mr. Moreno does not say about his background, his upbringing and his very powerful present-day ties in the country where he was born.
Persons: Donald J, Bernie Moreno, Sherrod Brown, Cleveland ”, , ” Mr, Moreno, Organizations: Senate, Republican Locations: Ohio, America, Colombia, Cleveland, United States
Silver Spring, Maryland CNN —The farmers market in this suburb of Washington, DC, was a ripe crowd for Angela Alsobrooks, who’s locked in an increasingly contentious Senate Democratic primary on Tuesday. “I would really like to see a Black woman in the Senate. If elected in November, Alsobrooks, the executive of Prince George’s County, could become only the third Black woman ever elected to the Senate. (The one Black woman currently serving — California’s Laphonza Butler — was appointed and isn’t running to stay beyond this year.) “Electing women is not just good for Maryland,” Alsobrooks told supporters assembled outside her campaign office.
Persons: Angela Alsobrooks, who’s, , Kathy Pruitt, California’s Laphonza Butler —, Alsobrooks, David Trone, , Mileah Kromer, Trone, Larry Hogan, ” Pruitt, Hogan, Brian Snyder, “ I’ve, ” —, it’s, ” Alsobrooks, ” Ellen Malcolm, , Maryland’s Barbara Mikulski, Wes Moore, Sen, Ben Cardin, Barbara Lee, Lisa Blunt Rochester, Pamela Luckett, “ It’s, that’s, he’ll, Alsobrooks hasn’t, doesn’t, Joanne Benson, Donald Trump, It’s, Prince, Krystal Oriadha, you’re, — who’s, — doesn’t, ” Benson, She’s, Glynda Carr, Black, ” Carr, hasn’t, Pruitt Organizations: Maryland CNN, Democratic, Takoma Park, Prince, Senate, Goucher College Poll, Maryland, House Democratic, GOP Gov, Maryland Gov, Saint Anselm College, Reuters, Bowie, Democrats, PAC, Washington Post, Gov, California Rep, Spring, Republicans, NBC, CNN, Capitol, , GOP, AFI, NRA, Higher Locations: Maryland, Washington, Alsobrooks, Prince George’s County, George’s, Manchester , New Hampshire, Black, America, who’s, Delaware, Prince George’s, Higher Heights
Consulting firm Henley & Partners identified 3 US cities with huge potential for wealth growth. AdvertisementNew York, Los Angeles, and Chicago may no longer hold the same sway for millionaires and billionaires anymore, according to consulting firm Henley & Partners. The numbers of wealthy residents in these cities might be smaller than in the major hubs, but their rate of growth is much higher. New York, for example, has 349,500 millionaires, according to Henley & Partners, while Scottsdale only has 14,500. AdvertisementHere's a look at the three American locations Henley & Partners projected will boom with wealthy residents in the coming years.
Persons: Henley, , Mehdi Kadiri Organizations: Henley & Partners, Greenwich, Service, — Henley, Partners, New Locations: Scottsdale, Palm Beach, New York, California, York, Los Angeles, Chicago, Austin, Miami, Los Angeles , New York, London, Scottsdale , Arizona, Phoenix, Beach , Florida, Connecticut, Greenwich, Darien
Shao Chun Chen built wealth by sticking to simple principles: live below your means and invest early and regularly. Shao shared the strategies he used to increase his income while working his day job, plus the formula he used to achieve financial independence. Shao Chun Chen worked at Google Singapore for eight years. Shao Chun Chen"I forced myself. To play good offense, start by evaluating your day job.
Persons: Shao Chun Chen, He's, Merrill Lynch, Shao, you've, You've Organizations: Business, NTU Singapore, Google, BI, Google Singapore, National University of Singapore Locations: Singapore
New York City is now home to 349,500 millionaires. Meanwhile, rising living costs are forcing lower-earning residents out of the city. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNew York City is the metro with the highest number of millionaires, according to a ranking released Tuesday by immigration consultancy Henley & Partners. Some wealthy residents moved out, but lots more moved in during the pandemic, bringing the Big Apple's millionaire count to 349,500 — more than any other city in the world,With a population of 8.2 million, this means that one in 24 New York residents is a millionaire.
Persons: Organizations: Henley & Partners, Service, Big, Business Locations: York City, New York
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter eight years at Google, Shao Chun Chen was laid off on February 14, 2024. "A big part of your identity is where you work," Chen, who was leading a sales team at the time, told Business Insider. He says he focused on three things throughout his 20s and 30s to grow his investment portfolio and achieve financial independence. He about tripled his salary at Google and worked his way up to making six-figures, according to employment verification letters viewed by BI.
Persons: , Shao Chun Chen, Chen, He'd, Merrill Lynch, It's, you've, WIMUT THAMMAKESORN Chen, you'll, it's, Chen wouldn't, he's, Shao Chun Chen Chen Organizations: Service, Google, Business, BI, National University of Singapore, NFL, NUS, BMW Locations: Singapore
New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. The Bay Area's millionaire population has surged by 82% over the past decade, to 305,700. The U.S. is home to 11 of top 50 richest cities, according to the report. "Notably, U.S. cities have significantly outperformed other western cities over the past decade when its comes to overall wealth and millionaire growth." Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1.
Persons: Andrew Amoils, Amoils, Juerg Steffen, Robert Frank Organizations: Henley & Partners, Area, Federal Reserve, Research, New, London, Sydney Locations: York, California, Orlando, Pittsburgh . New York, Brazil, Italy, Canada, San Francisco, U.S, Tokyo, London, China, Beijing, Singapore, Los Angeles, New York, Area, France, Hong Kong
A nine-year-old boy mistook a businessman as homeless and gave him his last dollar. AdvertisementA nine-year-old boy in Baton Rouge, Louisiana, mistook a businessman as homeless and gave him his last dollar, local news outlet WBRZ reported. As he finished, nine-year-old Kelvin Ellis Jr. approached him with his hand held out, thinking Busbice was a homeless man. Because if you are, here's a dollar,'" Ellis Jr. recalled, adding that he had always wanted to help a homeless person. As a thank you for the kind gesture, Busbice bought Ellis Jr. breakfast as well as a coffee for his father.
Persons: Matt Busbice, Busbice, hadn't, , Kelvin Ellis Jr, Ellis Jr, Ellis, WBRZ, Hurricane Ida Organizations: Service, CBS News, Ellis Jr Locations: Baton Rouge , Louisiana, Louisiana
This post originally appeared in the Insider Today newsletter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda:But first: Get in, we're going to the Met Gala. An aerial shot shows Jared Leto on the red carpet at the 2023 Met Gala.
Persons: , Jared Leto, Neilson Barnard, MG23, Anna Wintour, Bunny, Jennifer Lopez, Chris Hemsworth, Shou Zi Chew, I'm, Yulia Reznikov, everyone's, Morimoto, Chris Burnett, hasn't, they're, Tyler Le, Anne Hathaway's sizzling, Jerry Seinfeld Organizations: Business, Service, Disney, Victoria & Alberts, Metropolitan Museum, Art's Costume, Vogue, Costume Institute, Social, BI, HGTV, Netflix Locations: Epcot, Victoria, Scottsdale , Arizona, Scottsdale Scottsdale , Arizona, Scottsdale, Michigan
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