Wealth

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 …

Justin Tallis | AFP | Getty Images
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 …

Tom Knibbs | Photographer's Choice | Getty Images

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 …

Gail Shotlander | Getty Images

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 …

Linda Goodhue Photography | Moment | Getty Images

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, …

Stewart Cohen | Getty Images

A report from UBS found that wealth is a double-edged sword for today’s millionaires, bringing plush comforts and a better lifestyle but also carrying increased stresses, anxieties and sacrifices with family and relationships. Today’s millionaires also feel they are one stock-market crash away from losing their fortunes and that there is no such thing as …

Steve Mitchell | AP
Jeff Greene

The best way to reduce inequality is for the government to borrow $1 trillion to improve infrastructure and create middle-class jobs, billionaire Jeff Greene said. Speaking Monday on a panel on inequality at the Milken Institute Global Conference, Greene said the combination of globalization and advances in technology will make inequality in the U.S. even …

Alexandra Wyman | WireImage | Getty Images
Justine Musk

There is no shortage of hypesters and hucksters offering the “secret” to getting rich. The reality is that all kinds of people get rich in all kinds of ways, most of them involving being the right person in the right place at the right time. Sure, working hard, being smart, overcoming failure and breaking convention …

Michael Fein | Bloomberg | Getty Images
Banners hang outside Memorial Church on the Harvard University campus in Cambridge, Massachusetts.

The wealth gap is widening among America’s colleges and universities. (Tweet this) The improved economy and rising stock market have helped repair the damage to university endowments, but the biggest investment gains and largest gifts have flowed to the wealthiest schools, according to a recent analysis by Moody’s Investors Service. Got a question about business or …

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The top-earning 1 percent of Americans will pay nearly half of the federal income taxes for 2014, the largest share in at least three years, according to a study. According to a projection from the non-partisan Tax Policy Center, the top 1 percent of Americans will pay 45.7 percent of the individual income taxes in …

Dimas Ardian | Bloomberg | Getty Images

What’s the secret to making money like the rich? Capital gains. A study from the non-partisan Tax Policy Center looked at the sources of income for American taxpayers of different income levels. It found that the higher you go up the income ladder, the greater share of income comes from capital gains. For the 99 …

Emile Wamsteker | AP
Picasso's Women of Algiers Version 'O' is up for auction at Christie's.

The big spring auctions are still more than six weeks away, but there are already signals that they could continue to fuel the art market’s dizzying climb. Among the new records that could be set is that of the most expensive painting ever sold at auction. Christie’s said Wednesday that Pablo Picasso’s 1950s masterpiece “Les …