DIRS.INFO The most relevant business & tech news

☆ A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.
▼ + stars: | 2024-03-23 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

A $20-million sky mansion sits on top of a 33-story luxury apartment complex in India. The spectacular home was designed for businessman Vijay Mallya. AdvertisementVijay Mallya might never get to live in the mansionThere's a real possibility that Mallya won't ever get to live in the sky mansion. Indian businessman Vijay Mallya arrives at the Royal Courts of Justice in London, February 2020. On the list were defense dealer Sanjay Bhandari, diamond trader Nirav Modi, and Vijay Mallya.

Persons: Vijay Mallya, Mallya, —, Vijay, instagram Irfan Razac, superrich, Ambani, Ashwin, Tom Tugendhat, Sanjay Bhandari, Nirav Modi Organizations: Service, Prestige Estates, Business, Kingfisher, Financial Times, Royal, of Justice, Reuters, of State Security, Press Trust of, The, India's Central Bureau of Investigation, National Investigation Agency Locations: India, Bengaluru, Mumbai, London, Reuters India, Japan, Canada, New Zealand, Norway, British, Press Trust of India, The Times

☆ Jeff Bezos' move to Miami shows just how hard it is to tax the rich
▼ + stars: | 2024-02-13 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

AdvertisementEarlier this month, Bezos announced plans to unload 50 million Amazon shares , worth about $8.5 billion, over the next year. Last week, he sold 12 million shares worth more than $2 billion, per SEC filings. But he stopped in 2022 — the same year Washington state imposed a 7% capital gains tax on gains of over $250,000 for those domiciled there. Florida, in contrast, has a capital gains tax rate of zero. In fact, it is one of the eight states that does not have a capital gains tax.

Persons: Jeff Bezos, he's, —, Rich, Lauren Sanchez, Blue, Sanchez, Miami, Bezos, It's, Ken Griffin, Carl Icahn, Daniel Och, Josh Harris, Griffin —, it’s, it's, Bill Gates, Steve Ballmer, MacKenzie Scott Organizations: Miami, Service, SEC, CNBC, Sunshine State, Evergreen State Locations: Washington, Florida, Miami, Canaveral, Texas

☆ 45 American families are worth more than $10 billion — and the wealthiest one is even richer than Elon Musk
▼ + stars: | 2024-02-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Forbes found that there are 45 American families with fortunes exceeding $10 billion. The Walmart founder Sam Walton's heirs are richer than Elon Musk, with a $267 billion fortune. AdvertisementThere are 45 American families worth at least $10 billion, and the richest one is wealthier than Elon Musk, Forbes says. Forbes estimates the 45 superrich families are collectively worth about $1.3 trillion, or roughly 10 times Warren Buffett's personal fortune. The descendants of John D. Rockefeller — the nation's richest man in his prime — barely made Forbes' list, with a $10.3 billion fortune.

Persons: Forbes, Sam Walton's, Elon Musk, Koch, Lauder, Pritzker, Rockefeller, —, Warren, Hearst, John D, MacMillan, Campbell, Brown, Forman, Jack Daniel's, Busch, Haslam, Warren Buffett's Berkshire Hathaway, it's Organizations: Walmart, Elon, Service, Forbes, SpaceX, Marriott, Carnegie, Vanderbilt, Getty, Cargill, Hyatt Hotels, Anheuser, Busch, InBev, Centers, Warren Locations: Marriott, Hearst

☆ How the superrich, like Walmart's Waltons, get richer by using trusts to give to charity and save on tax
▼ + stars: | 2024-01-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine

☆ The one thing the superrich want in their homes is simple — and it's actually cheap
▼ + stars: | 2024-01-16 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +5 min

"They want to be comfortable everywhere," an interior designer told Sotheby's of his luxury clients. Folks want to be at ease in 2024, according to Sotheby's luxury outlook for the year ahead , and no one has more spending power to make that a decadent reality in their homes than the wealthiest among us. Actor David Harbour showed Architectural Digest his Brooklyn backyard sauna and cold plunge pools, by New York-based modular sauna company Swelter House, in February 2023. "I got really into sauna and cold plunge, like, three years ago," he said, standing in the doorway of the Finnish-style sauna. Eklund's own home in Beverly Hills, California has an infrared sauna and a cold plunge pool, though, he told BI, he's "not the average buyer."

Persons: Sotheby's, —, Loro Piana, Kendall Roy, Robert Stilin, Stilin, Michael Gabellini, Gabellini Shephard, Kendall Jenner, Kardashian, Fredrik Eklund Bravo, Fredrik Eklund, John Gomes, David Harbour, Eklund, luxuriating, Liliya Krueger, Jenner Organizations: Service Locations: Los Angeles, Brooklyn, New York, Beverly Hills , California

A major new study has revealed just how much elite colleges admissions in the U.S. systematically favor the rich and the superrich. David Leonhardt, a senior writer for The Times and The Morning, walks through the data and explains why the study is fueling calls to abandon longstanding practices like legacy admissions.

Persons: David Leonhardt Organizations: The Times Locations: U.S

☆ Meet the latest way the superrich prove they're really, totally worried about the environment: $10 million electric superyachts
▼ + stars: | 2023-07-22 | by ( Cork Gaines | ) www.businessinsider.com time to read: +3 min

Nico Rosberg took the Sunreef 80 Eco, a luxury electric yacht, for a spin. Sunreef Yachts recently unveiled their second-generation Sunreef 80 Eco. The Sunreef 80 Eco solar panels are built into the body and mast of the yacht. Sunreef 80 Eco deck. Sunreef 80 Eco YouTube/Nico RosbergYou can watch the entire tour of the supertoy here.

Persons: Nico Rosberg, Rosberg, Elon Organizations: Sunreef Yachts, Sunreef, Eco

☆ 3 travel agents for the world's wealthiest people share exactly where the 1% are traveling this summer, from Botswana to the Côte d'Azur
▼ + stars: | 2023-07-20 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +9 min

Summer travel can be done on a budget, but for the world's wealthiest people, no expense is spared. Top travel agents shared the hottest spots they're seeing this year, from Paros to the Côte d'Azur. Instead, look to the elite group of agents who help wrangle those jaunts and cater to the wealthiest, most demanding vacationers. Courtesy of John CliffordJohn Clifford in San Diego runs International Travel Management and has expertise with LGBTQ+ travel. Insider asked these travel professionals to share the secrets of where and how the richest 1% are vacationing in summer 2023.

Persons: they've, Jules Maury, Jules Maury Jules Maury, Scott Dunn, John Clifford, John Clifford John Clifford, Edward Granville ., Edward Granville Edward Granville, Granville, Maury, I've, Clifford, he's, Côte, they're, We've, Rod, it's, Paros, It's, Cosme, Parilio, Avant, she's, she'd, Milos Organizations: Côte, Service, San Diego, Travel Management, d'Azur, Porto Heli, Italy, Avant Mar, HBO, Domenico Palace Locations: Paros, Wall, Silicon, San, Red Savannah, London, COVID, Europe, Cannes, France, Africa, Botswana, Namibia, Botswana's Okavango Delta, Kenya, Porto, Greece, Italy, Spain, Athens, Amalfi Coast, Rome, Sicily, Domenico

☆ In the Age of Trump, It’s Hard to Be Humble - The New York Times
▼ + stars: | 2023-06-17 | by ( Nicholas Kristof | ) www.nytimes.com time to read: +15 min

OK, now wait, listen, when I hear the words “housing policy,” I tend to sort of doze off. And I’m talking, like, the most regressive, meaning, Texas, which is the conservative bastion of anti-taxes, is more progressive than Washington State, liberal Washington State. So over here in Illinois, which is the quintessential liberal state, there’s this one county that contains the city of Chicago. Blue states are the places where tens of thousands of homeless people are living on the streets. Blue states are the places where economic inequality is increasing most quickly in this country.

Persons: I’ve, they’ll, there’s, Binya Appelbaum, He’s, There’s, it’s, ” “, Binya, ”, “, they’re, Don’t, — you’ve, Let’s, Bill Gates, Jeff Bezos, It’s, you’re, don’t, We’re Organizations: Republican, Times, Democratic Party, Republican Party, House Democrats, City Council, Palo Alto, Washington State, Democratic, Republicans Locations: U.S, America, California, San Diego County, Palo Alto, Calif, San Francisco, Palo, Washington State, Texas, Washington, Nevada, Illinois, Chicago, Cook County, Connecticut

☆ How Democrats Can Win Workers
▼ + stars: | 2023-06-13 | by ( David Leonhardt | ) www.nytimes.com time to read: +4 min

Today, I’ll be writing about what Democrats might do about the problem, focusing on a new YouGov poll, conducted as part of the Center for Working-Class Politics study. A key point is that even modest shifts in the working-class vote can decide elections. If President Biden wins 50 percent of the non-college vote next year, he will almost certainly be re-elected. But candidate messages that explicitly mentioned race were unpopular. Democrats who have won difficult recent elections, including both progressives and moderates, have often presented a blue-collar image.

Persons: I’ll, Biden, ”, Bhaskar Sunkara, Matthew Yglesias, Mark Kelly of Arizona, Marcy Kaptur, Jared Abbott, Harry Truman, Franklin Roosevelt Organizations: Center, Democratic, Jacobin, Voters, Ohio, Progress, Swing Locations: Chicago , Los Angeles , New York, Philadelphia

☆ The Mystery of the Disappearing van Gogh
▼ + stars: | 2023-05-29 | by ( May | ) www.nytimes.com time to read: +1 min

He also controlled a hidden offshore network of more than 130 companies holding over $5 billion in assets, according to corporate documents obtained by The New York Times. Among them was Sotheby’s invoice for the van Gogh. Today, Mr. Xiao is a man who has fallen far. And the still life, according to several art experts, has been offered for private sale. For a century after van Gogh gathered flowers and placed them in an earthen vase to paint, the artwork’s provenance could be easily traced, and the piece was often exhibited in museums for visitors to admire.

☆ Opinion | The Great Genius of ‘Succession’ Was Hovering Two Inches Above Reality
▼ + stars: | 2023-05-29 | by ( Kurt Andersen | ) www.nytimes.com time to read: +2 min

Like most of the great cable dramas, and to me, like so much of contemporary life, “Succession” was simultaneously tragic and comic, entertaining and horrifying. On the surface, the show blurred fiction and reality in a way that was juicy and fun. “Succession” has perfectly captured the current zeitgeist, with all its confusions and contradictions. At least 53 million ordinary folks watched Vogue’s video of the rich and famous arriving at the Met Gala on May Day. “Succession’s” huge HBO budgets afforded it the verisimilitude of endless private planes and extravagant locations filled with hundreds of extras.

☆ Luxury Brands Don’t Just Sell to the Superrich
▼ + stars: | 2023-05-27 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/luxury-brands-dont-just-sell-to-the-superrich-c329b3e3

☆ I tested a private jet simulator. It was like playing a video game — but way more stressful.
▼ + stars: | 2023-05-21 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

I tried out a private jet simulator at a BAE Systems location in England. I tested its latest head-up display (HUD) technology, which is designed to make flying easier. I visited a BAE Systems base to try out its latest private jet simulator and experience what it's like to fly celebrities or the superrich around the world. My visit also gave me the opportunity to use one of BAE's most powerful tools — its head-up display (HUD). According to Charles, BAE is working on proposals for airlines, private jet operators, and prospective military clients to use the equipment.

The characters on the HBO show "Succession" often reference real events and billionaire figures. Here's what the Roys have said, done, and worn that capture the real-life world of the rich. Top editors give you the stories you want — delivered right to your inbox each weekday. The HBO drama, which has won awards for its acting and writing, is also incredibly well-researched. There are obvious nods: The Roys, like the Murdochs and the Arnaults, have succession drama that's made for TV.

☆ Gov. Hochul Gets a Budget Deal, but No Signature Win
▼ + stars: | 2023-04-28 | by ( Grace Ashford | ) www.nytimes.com time to read: +1 min

ALBANY, N.Y. — It was around dinner time on Thursday, with many New York State lawmakers already heading home to their districts, when Gov. Kathy Hochul dropped a budget bombshell: Roughly four weeks past the deadline, she and legislative leaders had reached a tentative deal. She hastily convened a news conference in the Capitol’s ornate Red Room to announce the handshake agreement, but there were no hands to shake. Neither the leader of the Assembly nor the Senate was present, leaving Ms. Hochul to make a solitary victory lap around a $229 billion budget that, if passed by the Legislature next week, will be one month overdue. She backed off from her pledge to construct 800,000 new homes, a potential centerpiece of her first term.

☆ A recovering overspender explains how she makes a game out of having a 'no-spend day' to break bad habits and get her finances back on track
▼ + stars: | 2023-04-23 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Rebecca Sowden explains "no-spend days" and shares money-management strategies on TikTok. "No-spend days" involve training your financial habits so that you can meet goals and pay off debt. 'No-spend days' can really add upOne trend she's promoted is the "no-spend day" challenge. One TikTok user, @thesavvysagittarius, set a goal of doing as many no-spend days as she can until she pays off her debts, which she said adds up to about $13,000. "We're left with these habits that we got used to, these activities that include spending money that's really not sustainable.

☆ Scott Galloway looked at 100 charts on US inequality for his new book. America is adrift, but here's why he's optimistic.
▼ + stars: | 2022-12-21 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

NYU professor Scott Galloway spoke to Paul Constant about his book "Adrift: America in 100 Charts." Galloway says we need to bring back the middle class, but there's still hope for the US. This process offered him several important new insights into the decaying of the American middle class — and a surprising sign of optimism for the future. Galloway believes America has been its own worst enemy, with outsized political division keeping us from solving the problem of inequality. "First you have to acknowledge that the middle class is an accident, and it's not self-sustaining," Galloway said.

☆ Nobel economist Paul Krugman slams Elon Musk and Sam Bankman-Fried, and says we're living in an era of 'petulant oligarchs'
▼ + stars: | 2022-12-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Nobel laureate Paul Krugman slammed Elon Musk and Sam Bankman-Fried as "oligarchs" in an op-ed. His comments follow Musk's chaotic revamp of Twitter, a project that's sparked growing scrutiny over his leadership style and political tweets. The same narrative could also be applied to Sam Bankman-Fried, the disgraced crypto executive facing charges of fraud, money laundering, and conspiracy after the collapse of his crypto exchange, FTX. But the tarnished reputations of both Musk and Bankman-Fried could mean the allure of the "genius entrepreneur" has evaporated. "Musk and Bankman-Fried may end up doing a public service, by tarnishing the legend of the genius entrepreneur, which has done a great deal of harm," Krugman said.

☆ UK charity backed by disgraced crypto kingpin Sam Bankman-Fried sounds alarm to British regulators after FTX collapse
▼ + stars: | 2022-11-30 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Lawyers for FTX have said the company was "effectively run as a personal fiefdom of Sam Bankman-Fried." Hashim said that "Effective Ventures" is an umbrella for two charitable organizations, Effective Ventures Foundation in the U.K. and the Centre for Effective Altruism US. Alameda Research has donated grant money to the group since 2017, the same year the firm was launched by Bankman-Fried, according to the charity's U.K. financial records. The Centre For Effective Altruism has received approximately $14 million from the Future Fund, according to the fund's website. Bankman-Fried personally committed $16.5 billion from himself and FTX to effective altruism charities, according to a slide from conference about the philanthropies last year in London.

Around 48 hours before it kicks off the soccer World Cup, officials made the shock announcement Friday that Qatar is banning alcohol sales from its stadium perimeters. FIFA, the sport's troubled international governing body, said in a tweet that the decision had been made "following discussions between host country authorities and FIFA." Budweiser beer kiosks at the Khalifa International Stadium in Doha stand empty on Friday. It also presents a major headache for sponsor, Budweiser, which has a $75 million advertising deal with FIFA. FIFA's statement thanked AB InBev, Budweiser's parent company, for its "understanding and continuous support" to "cater for everyone" during the World Cup.

☆ I spent a night on a superyacht and now I know why the superrich love them so much
▼ + stars: | 2022-11-13 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

I spent a night on a superyacht in Croatia that can accommodate up to 30 people. The superrich love them and the yachting industry is booming and I now know why. Miha Menegalija of charter broker Goolets says owning a superyacht is one way to showcase your wealth. GooletsBefore boarding the Ohana, I had never been on a boat, let alone on a superyacht. It may not come as a great surprise, but I certainly could get used to spending plenty of time on a superyacht.

☆ Ferraris and Aston Martins Are Still Selling Well—When They Can Be Built
▼ + stars: | 2022-11-02 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

The superrich are throwing more money than ever at fancy cars. That doesn’t always make them super-profitable to manufacture. Ferrari reported “remarkable order intake” alongside third-quarter earnings on Wednesday. The luxury-car maker doesn’t disclose reservations, yet orders for its Purosangue model—its long-discussed answer to sport-utility vehicles, launched in September with a starting price of €390,000 in Italy, equivalent to $385,000—are running “way above our most promising expectations,” said Chief Executive Officer Benedetto Vigna on a call with analysts.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

☆ Silicon Valley's not-so-secret thing for turning everyone into millionaires is angel investing. Here's how they do it.
▼ + stars: | 2022-10-11 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +10 min

Once only for the superrich, angel investing is now open to anyone with a few thousand dollars. With an estimated 360,000 active angel investors, it's become a favorite pastime in Silicon Valley. "It felt like gambling," David Spreng, a veteran venture-debt investor who's been angel investing as a side hustle for more than a decade, said. He wrote his first angel check shortly thereafter, a $1,000 investment in an electric-aircraft maker. The currency of Silicon Valley"Your currency, for lack of a better term, in Silicon Valley is you either started a company or you angel invest, right?"

Search resuls for: "superrich"

25 mentions found