Wealth

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The super-rich club has become less exclusive, with the amount of billionaires doubling since the financial crisis, according to a report from global charity Oxfam. There were 1,645 billionaires globally as of March 2014, according to Forbes data cited in the Oxfam report, up from 793 in March 2009. Oxfam honed in on this figure …

The exterior of One57. Source: One57.

The building known as One57 has ruled over New York real estate when it comes to height, price and public relations. But now, sales at One57 may be coming back down to earth. The 1,004-foot tower looming over the southern edge of Central Park held the title as the highest residential tower in New York …

Pininfarina

Ferrari just got even more exclusive. The Italian luxury automaker is gearing up to start production on its invite-only supercar known as the Ferrari Sergio, and only six people will be able to get their hands on one. The concept car, unveiled at the 2013 Geneva Motor Show, was designed in collaboration with Italian firm …

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Placards during demonstration for higher wages in Chicago.

Most millionaires are concerned about inequality, and nearly half support a higher minimum wage and more taxes on the rich, according to a new survey. The survey, from PNC Wealth Management, found that 64 percent of millionaires are “concerned” about economic inequality in America, and about half of those millionaires are “extremely concerned.” Yet millionaires …

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US colleges produce the most billionaires American universities produce the majority of the world’s billionaires, according to this year’s Wealth-X and UBS Billionaire Census report. Sixteen out of the top twenty schools with the most billionaire undergraduate alumni were located in the U.S, with Ivy League names dominating the top-five list. University of Pennsylvania came …

Source: Bonhams
Motherboard of Apple 1 computer

One of the few remaining examples of Apple’s first pre-assembled computer, Apple-1, sold for $905,000 at an auction in New York on Wednesday, far outstripping expectations. The relic, which sparked a revolution in home computing, is thought to be one of the first batch of 50 Apple-1 machines assembled by Apple co-founder Steve Wozniak in …

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Continental Resources CEO Harold Hamm pauses as he looks out a window during an interview in his Oklahoma City offices

Jack Ma is now $2 billion poorer than he was last month. He’s down to his last $23 billion. Rich company founders and shareholders benefited from the market’s rally to record highs in September, but its free fall this week has shaved billions from their fortunes, showing just how exposed today’s rich have become to …

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The world’s millionaire population will leapfrog to 53 million from 35 million over the next five years, supported by an explosion of wealth in emerging markets, according to Credit Suisse. China will be a large driving force in the growth of global wealth, alongside Indonesia, India, Mexico and Brazil, the bank said. The number of …

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A new dating app called Luxy matches wealthy singles…to wealthy singles. It describes itself as “Tinder, minus the poor people.” The app’s iTunes page claims members are CEOs, investors, millionaires, and fitness models. So far, there are 3,000 users, and the average male user’s income is $200,000, company spokesman Darren Shuster told Vice. Shuster also told CNN that Luxy’s rich …

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The Waldorf Astoria hotel in New York.

The hotel famously called “the greatest of them all” is now the most expensive of them all. Hilton Worldwide Holdings said it’s selling the famed Waldorf Astoria hotel in New York for $1.95 billion to China-based buyer Anbang Insurance Group. The price makes the Waldorf the most expensive single hotel ever sold in the U.S., according …

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New York and California may be the richest states, but when it comes to charity, they’re not even among the top 25. An analysis from The Chronicle of Philanthropy, which uses data on tax returns, found that Utah was the most charitable state in 2012, as measured by giving as a percentage of adjusted gross income. …

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A trader works on the floor of the New York Stock Exchange.

The Dow is up less than 3 percent for the year. Treasurys are yielding next to nothing. And the stock markets in many countries overseas have tanked. So why are wealthy investors expecting double-digit returns this year? Are they crazy? Or are they all great investors? Turns out, they could be a little bit of …

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Forget sports cars, diamonds and yachts. Today’s rich prefer to spend their money on vacations, entertainment and collectibles. According to a new study from Spectrem Group, Americans worth more than $25 million think of themselves as frugal but actually live large. More than half agreed with the statement that “saving and investing my money gives …

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At some point, we’ve all fantasized about winning the lottery and living the high life, replete with mansions, sports cars, yachts and exotic travel. But the reality of hitting the jackpot isn’t some glamorous Kardashian-style existence. Instead of finding themselves in the lap of luxury, 70 percent of people who come into sudden money are …

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Call it the housing bubble 2.0. While real estate in much of the country is hitting a slow patch, luxury home sales in Silicon Valley are soaring nearly as fast as Facebook stock. Sales of homes in San Jose, California, priced at $1 million or more jumped 76 percent in 12 months ended in July, according to …