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☆ I run a group for individuals worth at least $100 million. Our members want their kids to have purpose — and prenups.
▼ + stars: | 2024-11-25 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

R360 is a peer-to-peer networking group for people who have a net-worth of at least $100 million. There's a lot of concern about making sure children don't become spoiled or entitled. They don't want to hand over their wealth to their kids and have money go toward causes they don't support. AdvertisementThe adult children want to fill their parents shoesWe host a group for the adult children of our members. Families are transferring money over a lifetimeOur members aren't afraid to leave their children money.

Persons: Barbara Goodstein, didn't, They've, I've, they're Organizations: New Locations: New York City

☆ This tactic to avoid income taxes without moving to Florida could surge thanks to a 'silver tsunami'
▼ + stars: | 2024-11-02 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Dan Griffith of Huntington Bank expects ING trusts will surge in popularity with dealmaking on the rebound coinciding with a "silver tsunami." However, Wyoming and South Dakota are also options as they do not tax trust income or capital gains and protect trust assets from creditors. "This can apply even if they don't live in a state with a state income tax." Since beneficiaries do have to pay state income taxes — if applicable — when they receive distributions. ING trusts cannot be used to defer income taxes on salaries or income from tangible assets in the state.

Persons: —, Dan Griffith, dealmaking, You've, Griffith, Bank of America's Timothy Herbst, It's, it's, Bob Lord, They're, Steve Oshins, Herbst, Oshins Organizations: Service, Huntington Bank, ING, Bank of America's, Patriotic Millionaires Locations: Florida, Texas, Nevada, York, California, North Carolina, Delaware, , Wyoming, South Dakota, Oregon, Ohio

☆ China's ultra-rich population sees 'dramatic' growth in last 10 years, outpacing the U.S., report shows
▼ + stars: | 2024-09-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

The world's super rich club expanded significantly over the past 10 years, with China leading the charge, according to the latest report from New World Wealth and investment migration advisor Henley & Partners. The number of centimillionaires surged 54% worldwide over the past decade to 29,350, particularly in China and the U.S., according to the report. China's growth was driven in large part by the emergence of tech centimillionaires and industrial titans, Steffen said. Most of China's centimillionaire boom happened between 2013 to 2020, Andrew Amoils, wealth analyst at New World Wealth, told CNBC. Since 2020, the number of ultra-rich has only risen about 10%, he added.

Persons: Henley, Juerg Steffen, — outpacing, Steffen, Andrew Amoils Organizations: Wealth, Henley & Partners, CNBC Locations: China, U.S, America

☆ Here's where the world's top 0.001% are putting their money, according to wealth experts
▼ + stars: | 2024-04-22 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"While there is no official threshold, centimillionaires or individuals with a total net worth of over $100 million, is a good benchmark as entry into the 0.001% club," said Kevin Teng, CEO of WRISE Wealth Management Singapore, a wealth enterprise for ultra-high net worth individuals. Family offices as investment vehiclesIndividuals of such wealth generally have their money managed by single family offices, which handle everything including their inheritance, household bills, credit cards, immediate family expenses, etc., said Andrew Amoils, an analyst at global wealth intelligence firm New World Wealth. "These family offices often have foundation arms for charities and venture capital arms that invest in high growth startups," said Amoils. The number of family offices in the world has tripled since 2019, topping 4,500 worldwide last year with an estimated $6 trillion in assets under management combined. Ultra high net worth individuals also explore potentially buying stakes in professional sports teams, said Dandrew's Buscemi.

Persons: Yana Iskayeva, Kevin Teng, Salvatore Buscemi, Teng, Buscemi, Michael Sonnenfeldt, —, Andrew Amoils, Dandrew's Buscemi, Jerry Jones, Jayne Kamin Organizations: WRISE Wealth Management Singapore, Bay Area, NFL, Dandrew, CNBC, Dandrew Partners, Tiger, Dallas Cowboys, Getty Locations: centimillionaires, New York City, Bay, Los Angeles, London, Beijing, WRISE, United States, Oxnard , California

☆ No matter how well Taylor Swift's 'The Tortured Poets Department' does, it won't be how she makes most of her money this year
▼ + stars: | 2024-04-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

Taylor Swift's new album "The Tortured Poets Department" is almost guaranteed to be a bestseller. But no matter how well it does, it won't be the way Swift earns most of her money this year. In fact, the remaining leg of her Eras tour will add much more to Swift's billion-dollar fortune. Swift's Eras Tour brought in more than $1 billion in ticket sales last year over its 66 dates. Swift's cut is unknown, but based on industry standards, she will surely earn nine figures in 2024 from ticket sales.

Persons: Taylor, Swift, —, Taylor Swift, Clayton Durant, Tatiana Cirisano, Durant, Cirisano, Luminate Organizations: Department, Service, Spotify, Bloomberg, Management, NYU Steinhardt's Music Business, Billboard, Napster, Apple Locations: Paris

☆ Tech execs are buying $150,000 red-light therapy beds and $70,000 hyperbaric chambers for their wellness quests
▼ + stars: | 2023-08-26 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Big-ticket items included $150,000 red-light therapy beds and $70,000 hyperbaric chambers. It's not just tech bros who seem to be obsessed with health, wellness, and longevity trends. AdvertisementAdvertisementThe Information, a subscription tech industry news site, recently conducted an anonymous poll of 500 subscribers' health and wellness habits. At Next Level Therapeutics, a wellness center in New York City, a 15-minute NovoThor full body red light therapy session costs about $55, according to its booking page. Among the general population, wellness trends like cold plunges and red light therapy are gaining popularity as the quest to live longer increasingly goes mainstream.

Persons: It's, Jeff Bezos, Mark Zuckerberg, Elon Musk, Bryan Johnson, Dustin Giallanza, they'd, James Carroll, Thor Photomedicine, Carroll, Keith Rabois, Miami Rabois Organizations: MLB, MLS, Mayo Clinic, Venture, Founders Fund, FDA, Miami Locations: Braintree, NovoThor, New York City, Mayo

☆ The 45-year-old millionaire tech exec who's trying to age backwards says he won't get any more blood plasma infusions from his teenage son because there were 'no benefits detected'
▼ + stars: | 2023-07-11 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

The tech exec trying to reverse his aging process stopped getting blood plasma infusions from younger people. Johnson also gave some of his own blood plasma to his father; he says those results are "pending." The millionaire tech founder who's trying to age backwards says he's stopped receiving blood infusions from younger people, including his son. Alternative methods of plasma exchange or young plasma fractions hold promise." The 45-year-old centimillionaire said he'd received a 1-liter blood "young plasma" donation once a month for six months; one of these came from his 17-year-old son, Talmage.

Persons: Bryan Johnson, Johnson, who's, he's, centimillionaire, he'd, Talmage, Richard, Bryan Organizations: Bloomberg Locations: Bryan

☆ A 45-year-old tech exec who claims to have reduced his biological age by 5 years says he finishes his last meal of the day by 11 a.m.
▼ + stars: | 2023-07-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Bryan Johnson spends up to $2 million a year on a rigorous program to reduce his biological age. The tech exec recently confirmed he eats his last meal of the day at 11 a.m.His typical "dinner" consists of meals like an orange and fennel salad or a stuffed sweet potato. In order to dramatically reduce his biological age, 45-year-old tech entrepreneur Bryan Johnson abides by a rather unconventional eating schedule: He eats his last meal of the day at 11 a.m.Johnson has an $2 million-a-year anti-aging program known as Project Blueprint. Johnson wrote that this behavior had repercussions on his mood, sleep, and performance. Since then only "Morning Bryan" is authorized to make decisions on when, what, and how much to eat, Johnson wrote.

Persons: Bryan Johnson, Bryan Johnson abides, Johnson, Cara Cara, he's, Bryan, overate Organizations: Bloomberg, eBay, OS Fund Locations: Braintree

☆ Meet Blake Resnick, a 23-year-old college dropout who went on to win a Peter Thiel-backed fellowship, supplies drones to Ukraine, and is now worth over $100 million
▼ + stars: | 2023-04-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Blake Resnick, the founder and CEO of Brinc Drones, is now worth $100 million, per Bloomberg. After the shooting, he cold-called the lieutenant in charge of the Las Vegas SWAT team to ask about technology that could've helped the police identify and stop an active shooter. Born in Las Vegas to a doctor and a special education teacher, Resnick's adventures with science began early on in his childhood. At 14, he built a nuclear fusion reaction in his parent's garage in Las Vegas, according to a bio on his website. Perhaps unsurprisingly, Resnick features among the Forbes 30 under 30 list of achievers in the age group in 2021 and 2022.

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