In a historic move, the members of Britain’s prestigious all-male Garrick Club have finally voted to allow women to join the institution for the first time in its 193-year history. The decision, passed with 59.98% in favor after a two-hour confidential debate, marks a significant shift for the exclusive club located in central London. The
Wealth
New York City has been declared as the richest city in the world, based on a recent study conducted by Henley & Partners in collaboration with New World Wealth. The city boasts of a staggering 359,500 millionaires and 60 billionaires, showcasing its financial dominance on a global scale. Despite concerns surrounding wealth flight and the
Equinox is making headlines by launching one of the most expensive gym memberships in the world with their new program, “Optimize by Equinox.” This $40,000-per-year personalized health program is aimed at improving overall health and longevity. Partnering with lab-test startup Function Health, Equinox is taking a leap into the fast-growing market for longevity and wellness.
The costs associated with managing a family office have skyrocketed in recent years, with the average annual operating expenses exceeding $3 million. This increase is largely driven by the growing competition for talent within the industry, which has led to higher staffing expenses. As the number of family offices continues to rise, they are increasingly
Recent studies have revealed that large family offices are significantly moving away from traditional stock market investments in favor of alternative options. A new report by the JPMorgan Private Bank Global Family Office Report highlights that family offices now have 46% of their total portfolio allocated to alternative investments. These alternative choices encompass a diverse
The wealth gap among millennials is widening, with the top 10% of the generation accumulating more wealth than their predecessors. While the majority of millennials face challenges such as student debt, low-wage jobs, and unaffordable housing, a small elite group is thriving. According to a recent study, the average millennial has 30% less wealth at
Kering, the French luxury group behind brands like Gucci and Yves Saint Laurent, has been facing a challenging time in the luxury market. The company recently issued a warning that it expects a significant decline in first-half profits, leading to a sharp drop in its stock price. This can be attributed to waning demand for
The uber wealthy, specifically centimillionaires with a net worth of over $100 million, operate in a world apart from the average investor. According to Kevin Teng, CEO of WRISE Wealth Management Singapore, this exclusive group of individuals epitomizes extreme wealth and is highly selective when it comes to investments. Unlike the average investor looking for
The year 2023 saw a significant decrease in superyacht sales, with new sales of yachts over 100 feet long falling by 17% compared to the previous year. According to the SuperYacht Times’ State of Yachting report, there were only 203 sales of new superyachts in 2023, down from 245 in 2022 and a significant drop
Recent reports indicate that state tax collectors are ramping up their efforts to audit high earners. In New York, for example, there was a significant increase in audits in 2022, with the state Department of Taxation and Finance reporting 771,000 audits, a 56% increase from the previous year. Surprisingly, despite a 5% decline in the