Wealth

Brent Lewin | Bloomberg | Getty Images
Alibaba Group's founder and executive chairman, Jack Ma, waves as he arrives for a meeting at the Ritz-Carlton hotel in Hong Kong.

Alibaba‘s initial public offering will unleash a flood of wealth for founder Jack Ma and his partner Joseph Tsai. But unlike some other recent tech IPOs, the big money isn’t being spread around the company. According to regulatory filings, Ma’s 206.1 million shares could be worth between $13.6 billion and $14 billion at an estimated share price …

Photographer | Collection | Getty Images

The world economy is going through a rough patch, yet the world’s billionaire population is at an all-time high. A new survey shows that 155 new billionaires were minted this year, pushing the total population to a record 2,325 – a 7 percent increase from 2013. Credit goes to the United States – home to the most billionaires globally – where …

Wealth gap taking toll on state revenue

Many states are in a financial squeeze, according to a report released today by Standard & Poor’s, as income inequality is taking a toll on state governments.

Merdith Baer Home

For most people, staging a house before a sale usually involves a good cleaning, a fresh coat of paint, some new throw pillows and maybe a $10 orchid from Home Depot. But for the super rich, getting a home ready for sale has become a high-priced production. Today’s mansion stagers are dressing up their clients’ homes …

Feng Li / Staff | Getty Images
A Prada store in Beijing.

China created 40,000 new millionaires in 2013, bringing the total to 1.09 million, according to a new study. The growth of 3.8 percent is a bit of an improvement from last year’s 3 percent gain. But it’s still only about half the growth rate of 2010 and 2011, suggesting that China’s economic slowdown and the …

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The widening gap between the wealthy and the rest of America during the recovery can largely be explained in one word: stocks. According to recent data from the Federal Reserve, America has the lowest level of stock ownership in 18 years. Yet stock ownership for the wealthy is at a new high—and that has accounted for …

Amanda Gordon | Bloomberg | Getty Images
Ken Griffin and Anne Dias-Griffin attended the Whitney Museum of American Art's fall gala in New York in 2011.

Prenups are supposed to be the ultimate divorce insurance for the wealthy. Yet like insurance, prenuptial agreements are often challenged when there’s a claim. The increasingly bitter and public divorce battle between hedge fund billionaire Ken Griffin and his wife of 10 years, Anne Dias-Griffin, centers on the couple’s prenup, signed in 2002. In an …

CNBC
Jo-Wilfried Tsonga tries out Babolat’s Play smart racket on the court with CNBC’s Robert Frank.

Technology has radically changed the game of tennis—from the rackets and strings to the data used to analyze opponents. Now, a new “smart racket” may take the tennis tech battle to a whole new level. Babolat recently introduced a $399 racket called Play that has built-in sensors and software to connect it to an Apple iPhone or …

Source: Lisa Sanguedolce
Le Dolci bakery’s $900 cupcake

The cupcake craze has come and gone. But the three-figure cupcake craze may be just beginning. A Toronto bakery recently whipped up a $900 cupcake for a customer who wanted to buy “something special” for his wife’s 40th birthday. It’s now offering the extravagant confection to the public. Created by Le Dolci bakery, the cupcake …

David L. Ryan | The Boston Globe | Getty Images
Massachusetts Park Rangers take the ALS Ice Bucket Challenge in Boston.

It’s the ice bucket that opened the floodgates of charitable giving. Ever since golfer Greg Norman challenged NBC’s “TODAY” host Matt Lauer to toss an ice bucket over his head in mid-July to raise money for the Hospice of Palm Beach County in Florida, the Ice Bucket Challenge has become a social media and media …

Source: RM Auctions
1964 Ferrari 275 GTB.

Wealthy car collectors shelled out more than $400 million for collectible cars at the Pebble Beach auctions over the weekend, shattering the previous record and raising new questions about a vintage-car bubble. According to Hagerty, the collectible car insurance firm, the sales totals for auctions at Gooding & Co., RM Auctions, Mecum Auctions and others …

Uber

Struggling to snag a dinner reservation in the Hamptons this weekend? Fret not! Uber is here to help. The startup is joining forces with Kitchensurfing to launch UberCHEF, an on-demand professional chef service available Saturday in Bridgehampton, Southampton, East Hampton and Montauk. Chefs will serve anywhere from six to 16 people and are available for lunch …

The sculpture 'Balloon Dog (Red)' (1994-2000) by artist Jeff Koons
Michael Gottschalk | AFP | Getty Images
The sculpture 'Balloon Dog (Red)' (1994-2000) by artist Jeff Koons

A story went viral Wednesday about Alibaba selling a version of Jeff Koons’ famous balloon dogs for only $500. But since then, the dogs have disappeared. Koons’ real balloon dogs, of course, set a record for the highest-priced work ever sold by a living artist when an orange dog sold at Christie’s last fall for $58.4 …

John Lund | Blend Images | Getty Images

As inequality grows, the wealthy account for a greater share of income and spending. But a new paper suggests that there is an upside to inequality for companies and workers that can best cater to the newly rich. Nathan Wilmers, a sociology Ph.D. candidate at Harvard, looked at how the growing impact of wealthy consumers is reshaping …

Mitchell Funk | Photographer's Choice | Getty Images

New York City is filled with anecdotal stories about rich people moving to Florida for lower taxes. A columnist in the New York Post wrote this year that, “One friend says 10 wealthy people have told him they are leaving and another says disgusted New Yorkers bought $1 billion in residential property in Florida.” Former Mayor Michael …