Wealth

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 …

Andreas Brandt | Digital Vision | Getty Images

The leisure class is getting far less leisurely—especially in retirement. Millionaires are twice as likely to keep working in retirement than the broader population, according to a new survey from Merrill Lynch and Age Wave. A third of the people polled with $1 million to $5 million in investible assets are currently working in retirement. …

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Sold sign on a home in San Francisco, May 27, 2014.

If San Francisco needs a new name in the zany plan to create six Californias, they might as well call it “Millionaireville.” According to DataQuick, the median home price in San Francisco in June hit the seven-figure mark for the first time. It was also the first time that any of the Bay Area-counties had hit the seven-figure median. Read …

Fabrice Coffrini | AFP | Getty Images

Auction giant Christie’s reported a record first half, with art sales jumping 12 percent to $4.5 billion. The results show that the art market, which many consider to be in a bubble, continued to maintain strength in the first half. It also highlights the relative strength of Christie’s, which is privately held, compared to rival Sotheby’s, …

David Paul Morris | Bloomberg | Getty Images
Larry Page, co-founder and chief executive officer at Google Inc.

Wealth, we hear constantly, comes from hard work. But Google chief Larry Page—no slouch in the wealth department—says the workweek should be shorter. And most millionaires who commented in a recent survey agree. In a discussion with tech investor Vinod Khosla, Page said “the idea that everyone needs to work frantically to meet people’s needs is just not …

JodiJacobson | iStock | Getty Images

Overseas buyers scooped up $92.2 billion of U.S. real-estate last year, driven mainly by wealthy Chinese looking for a safe haven for their families and fortunes. According to a new report from the National Association of Realtors, sales activity from international buyers surged 35 percent in the 12 months ended in March. While international buyers …

Source: Bonhams
Ferrari 250 GTO Berlinetta.

One of the Holy Grails of the car collecting world is about to come up for auction—and it’s likely to set an all-time price record. A 1962 Ferrari 250 GTO will be put up for auction by Bonhams in August, as part of the events surrounding the Pebble Beach Concourse d’Elegance. While Bonhams won’t give …

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Mark Zuckerberg

For most Americans, the Dow 17,000 milestone is just a number. But for some corporate founders, the market rally this year has meant a fortune. The Dow’s total market capitalization has grown by $156.4 billion this year to $4.91 trillion, adding to pension funds, endowments and mutual fund holders. Read More Prince Harry about to gain $17 …