Wealthy U.S. families are increasingly seeking second citizenships and national residences to diversify their risk and hedge against financial uncertainty. This trend has been on the rise, with the number of Americans applying for alternative citizenships outnumbering every other nationality. The concept of building “passport portfolios” consisting of multiple citizenships is becoming more common among
Wealth
The wealth of the top 1% reached a new high of $44.6 trillion by the end of the fourth quarter, driven by a surge in stock prices. The Federal Reserve’s data shows that the total net worth of the top 1%, defined as those with assets exceeding $11 million, increased by $2 trillion in the
Recently, a single ticket sold in New Jersey made someone an instant billionaire by winning the $1.128 billion Mega Millions jackpot. However, before the winner starts counting their money, tax experts caution that a significant portion of the prize will be taken by the taxman. The final jackpot amount dropped slightly from the estimated $1.13
Mumbai, India’s most populous city and financial capital, has made history by becoming the city in Asia with the highest number of billionaires, surpassing Beijing and Shanghai, according to Hurun Research Institute’s global rich list. With a remarkable 92 billionaires, Mumbai now ranks third globally, behind New York and London, solidifying its position as a
When it comes to planning for retirement, many married couples often focus on individual retirement account (IRA) contributions based on earned income. However, there is a lesser-known strategy that can help lower your tax bill or boost your refund: the spousal IRA. In single-income households where one spouse is not working, a spousal IRA can
The Mega Millions jackpot has reached an astounding $1.1 billion, tempting many to try their luck at winning big. However, experts warn that even with such a massive amount of money, there are significant financial pitfalls that winners need to be aware of. Last year’s record-breaking $1.6 billion grand prize may have been larger, but
When it comes to leadership styles, the well-known billionaire entrepreneur Mark Cuban is known for being anti-micromanaging. In a recent post on social media platform X, he expressed his views on this common leadership practice. According to Cuban, if you are constantly micromanaging those around you, it could be a sign that something is amiss.
In recent years, a new trend has been emerging in the ultra-luxury travel industry – quiet luxury. This trend is characterized by wealthy travelers opting for discreet and exclusive experiences over traditional glitzy and see-and-be-seen destinations. Rather than vacationing in popular hotspots like Capri, the affluent are now seeking out remote and secluded destinations that
Singapore has recently implemented a new passport-free travel system at its land borders with Malaysia, allowing travelers to use self-generated QR codes instead of physically presenting their passports. This new system, which applies to car travelers at the Woodlands and Tuas checkpoints, aims to streamline the immigration process while maintaining high security standards. Benefits and
The recent announcement by French luxury group Kering regarding a sharp decline in Gucci sales has sent shockwaves through the fashion industry. With shares plummeting by 14% in just one day, it is clear that investors are concerned about the future prospects of the company. The warning of a 20% year-on-year drop in Gucci sales