The number of global billionaires has surged by 13% to a record 3,302, with their wealth growing 25% on average. This boom is attributed to the AI-driven stock market and a weaker US dollar, benefiting the US and UK significantly. The wealth gap continues to widen, sparking calls for increased taxes on the super-rich.
Financial advisors are increasingly seeking ultra-high net worth (UHNW) clients, defined as households with $20 million or more in assets. These clients, representing 0.3% of the US population, hold nearly 25% of investable wealth. Advisors must offer specialized services beyond portfolio management, including tax, estate, and business advisory, and act as mediators for complex family dynamics.
UK Labour figures Andy Burnham and Wes Streeting are considering a wealth tax on the super-rich, inspired by economist Gabriel Zucman's proposals. The tax aims to address growing inequality, with Zucman advocating a 2% levy on assets over $100 million, even for those who leave the country.
88% of UK millionaires are proud to live in Britain and 75% are willing to pay more tax to fund public assets, according to a survey by Patriotic Millionaires UK.
No wonder they are upset by the slogan ‘tax the rich’. Despite their wealth increasing 81% since 2020, they need our emotional support now more than everWon’t anyone think of the poor, poor, billionaires? Their endless money can buy them political power, but it can’t buy them love. Instead of being worshipped by the hoi polloi, titans of industry are denounced! Despised! Disrespected! Insert another D-word of your own!Thankfully, class solidarity is strong among the super-rich. Steve Roth bravely brought attention to the plight of his fellow billionaires during a recent earnings call. “I consider the phrase ‘tax the rich’ … spit out with anger and contempt by politicians … to be just as hateful as some disgusting racial slurs,” the Vornado Realty Trust CEO said. Continue reading...
The journalist Patrick Radden Keefe on trying to unravel the double life and tragic death of 19-year-old Zac Brettler – and what it tells us about London’s dark underbellyFor decades, London has been a magnet for global wealth, a flashy playground for the super-rich. To one teenage boy, it contained an elite scene he desperately wanted to be part of: the oligarch class.Not just rich, but powerfully connected billionaires who amassed such huge fortunes with so few questions asked that they helped turn London into what was called the “dirty money capital” of the world. Zac Brettler began posing as the son of one. Within months, he was found dead on the riverbank in central London. He was 19 years old. Continue reading...
Knight Frank analysis reveals 3,110 billionaires globally today, forecast to rise 25% to 3,915 by 2031. The ultra-wealthy population has been 'supercharged' by tech and AI profits, with the $30m+ millionaire class growing over 300% since 2021. Asia Pacific is expected to overtake North America as the billionaire capital by 2031, while Saudi Arabia and Poland will see the fastest growth.
Take Back Power, which targets the super-rich, says seven members were arrested at a training sessionSeven people from an activist group calling for higher taxes on the super-rich have been arrested by police on suspicion of conspiracy to steal.Police confirmed that six women and one man were detained in Salford, Greater Manchester, on Sunday over what they said was a coordinated plan to steal from high-end stores. Continue reading...
The author argues that while money may not buy superficial happiness, financial stability and disposable income are crucial for reducing stress, enabling experiences, and ultimately finding meaning and lasting happiness, especially for those struggling financially.
