Wealth

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There’s a reason they’re called the leisure class. A new study found that American millionaires plan to spend an average of $13,429 on leisure travel and will take six vacations this year. The study from BMO Private Bank also found that most millionaires travel during nonpeak weeks, during the spring and fall. Not surprisingly, 1 …

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Move over, Jay-Z and Beyonce. According to data compiled by Wealth-X, Microsoft co-founder Bill Gates and wife Melinda are the world’s wealthiest couple, with a combined net worth of $85.7 billion. Amancio Ortega Gaona, the co-founder of Spanish retail firm Inditex, and his second wife, Flora Perez, earned the number two slot with a combined …

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Millionaires are expected to control nearly half of the world’s personal wealth by 2019, according to a new study, suggesting that the wealth gap will continue to widen. The Global Wealth report from Boston Consulting Group (BCG) said the number of millionaires in the world grew to 17 million in 2014, up from 15 million …

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It’s another list that Warren Buffett can say he tops. At the age of 84, the Berkshire Hathaway chief is the oldest CEO in the S&P 500, according to data provided to CNBC by S&P Capital IQ. The only other CEO over 80 on the list is Fox’s Rupert Murdoch, who also is 84 but …

David A. Grogan | CNBC
John Pauslon

Harvard University received a $400 million endowment for its School of Engineering and Applied Sciences—its largest ever gift, the school announced Wednesday. (Tweet This) The donation comes from John Paulson, the billionaire money manager behind Paulson & Co., who graduated from Harvard Business School. To honor his donation, the school (which counts former Microsoft CEO …

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There is no formula for becoming a billionaire. To paraphrase Tolstoy, each billionaire is a billionaire in his or her own way. Yet a growing body of statistical and qualitative surveys provide some common patterns among billionaires that offer clues into the “billionaire personality” and what it takes to make extreme wealth. The latest comes …

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More than 900 billionaires have been created worldwide over the past two decades, but a new report says the billionaire boom may be about to end. ( Tweet This ) The global wealth wave that has minted most of the world’s billionaires over the past 20 years could be ending in the next decade or …

Source: CNBC
American Pharoah

When American Pharoah crossed the finish line at the Kentucky Derby, he earned more than the most coveted title in horse racing, he earned another couple million to his name. As he continues chasing a Triple Crown victory at the Preakness this Saturday, his earning potential can only go up from here. Even before American …

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Pablo Picasso's “Les femmes d’Alger (Version O)”

A sale is set to make history later Monday, with expectations that a multi-million dollar sale of a Pablo Picasso masterpiece could smash a world record. Picasso’s colorful 1955 cubist creation “Les femmes d’Alger (Version “O”)” will go under the hammer at a sale by auction house Christie’s in New York, with estimates that it …

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Republicans and Democrats may not agree on much, but when it comes to investing, their stock bets are lining up. Both Republican and Democratic millionaires are heavily favoring financial stocks, and they are also in agreement on where to take profits: in significant numbers millionaires of both political stripes have reduced exposure to the technology …

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The luxury-home market saw a burst of sales activity in the first quarter, though prices are starting to fall. According to the CNBC Luxury Real Estate Report, compiled by Redfin, sales of homes priced at $1 million or more were up 13 percent year over year—the strongest year-on-year increase in several quarters. Yet the average …

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Billionaire David Tepper once called himself a “middle-class dad trapped in a rich man’s body.” Most millionaires, it turns out, have similar feelings of wealth denial. A majority of millionaires polled describe themselves as middle class or upper middle class despite being among the wealthiest 10 percent of Americans, according to the results of the …

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American millionaires plan to leave the vast majority of their wealth to their kids, giving less than 10 percent to charity, according to a new survey. The CNBC Millionaire Survey, which polled Americans with a net worth of $1 million or more, found that more than half plan to leave each of their children $1 …

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The Canadian city of Toronto was the hottest luxury real estate market in 2014, bucking a slowing trend in the world’s top property hubs, according to a new report from Christie’s International Real Estate. In 2014, year-on-year luxury real estate sales slowed in the nine of the world’s top 10 property markets, which top-end international …

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Americans with an advanced degree are 50 times more likely to become millionaires than those without a high school diploma, according to a new study. In a paper, William Emmons, a senior economic advisor, and Bryan Noeth, a lead policy analyst, both at the Federal Reserve Bank of St. Louis’ Center for Household Financial Stability, …