wealth

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Older Americans Have 47 Times More Wealth Than the Young

Gap has widened in past 25 years: Pew

(Newser) - A new analysis by the Pew Research Center shows a widening age gap when it comes to wealth: In 2009, a typical household headed by an adult aged 65 or older had 47 times more net wealth than its counterpart headed by someone younger than 35. That’s a median...

US Becoming &#39;Democracy in Name Only&#39;
US Becoming 'Democracy
in Name Only'
paul krugman
Nov 4, 2011 1:32 PM CDT

US Becoming 'Democracy in Name Only'

Income inequality threatens 'whole nature of our society': Paul Krugman

(Newser) - A new CBO report tells the same old story, writes Paul Krugman in the New York Times : The very rich are getting much richer at the expense of everyone else. Cue the think tanks and "obfuscators" who say it ain't so for all kinds of reasons. They're...

Madonna's Bro Homeless, Living Under Bridge

Anthony Ciccone not living in material world

(Newser) - Madonna might be a material girl, but her big brother isn't. He's homeless, living under a bridge in MIchigan—and complains he's been deserted by his famous sis and the rest of his kin. "My family turned their back on me when I was having a...

America&#39;s 5 Priciest Zip Codes
 America's 5 Priciest Zip Codes 
Oct 14, 2011 3:25 PM CDT

America's 5 Priciest Zip Codes

New Jersey, California, and New York neighborhoods top the list

(Newser) - 90210's claim to fame extends beyond Tori Spelling and Shannen Doherty. The zip code is also one of the five priciest in America. With the help of Altos Research, Forbes crunched 20,000 zip codes' worth of real estate listings to zero in on the poshest geographic areas in...

Bill Gates, Warren Buffett, Larry Ellison, George Soros Among Richest Americans on Forbes List
 Bill Gates  
 Richest 
 American 
 Again 
forbes rankings
Sep 21, 2011 2:47 PM CDT

Bill Gates Richest American Again

His $59B tops Warren Buffett's $39B

(Newser) - Forbes is out with its annual ranking of the richest Americans, with some familiar names up top. Highlights from the magazine and MSNBC :
  1. Bill Gates, $59 billion
  2. Warren Buffett, $39 billion
  3. Larry Ellison (Oracle), $33 billion
  4. (tie) Charles Koch, $25 billion
  5. (tie) David Koch, $25 billion

Why Money Actually Isn&#39;t the &#39;Root of All Evil&#39;
Why Money Actually Isn't
the 'Root of All Evil'
OPINION
Sep 10, 2011 8:31 AM CDT

Why Money Actually Isn't the 'Root of All Evil'

Common warning is actually a misquote: Trent Hamm

(Newser) - “Money is the root of all evil,” a concerned friend recently wrote to Christian Science Monitor financial blogger Trent Hamm, wondering why Hamm would devote his blog to helping people accumulate wealth. But that phrase, which you’ve probably heard or even said yourself, is actually a misquote,...

Now Rich Germans Want to Pay More Taxes

Wealthy folks worldwide take Buffett's lead

(Newser) - Warren Buffett’s plea for raised taxes seems to have caused a chain reaction: A French group followed suit , and the head of Ferrari said he should pay more. A group of wealthy Germans is the latest to seek higher rates, the Guardian reports. The 50-member alliance has asked...

What It's Like to Have Your Own Private Island

Apparently, it's quite a bit of work

(Newser) - The latest Rich Person Trend: Buying your own private island in the Exuma Cays, a little-known cluster of 365 small and mostly uninhabited islands in the Bahamas. Tyler Perry, Tim McGraw, and Faith Hill are among the newer buyers, joining older purchasers including Johnny Depp and David Copperfield. But what...

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(Newser) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of...

Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

(Newser) - If you're wondering where all your money has gone, odds are a millionaire added it to his or her pile. Although millionaires make up just 0.9% of the world's population, they control 39% of its wealth—up 2% since 2009—according to a report by Boston Consulting...

We Need a Real Populist in Next Election

America's wealth gap has spiraled out of control: David Francis

(Newser) - With the gap between rich and poor Americans exploding—and hardly anyone talking about it—what Washington needs is a “genuine populist,” writes David R. Francis in the Christian Science Monitor . Some quick facts: The wealthiest 1% “took 23.5% of the nation’s income in 2007,...

Carlos Slim Tops Billionaires List

Mexican tycoon world's richest man with $74 billion

(Newser) - Mexican telecoms tycoon Carlos Slim is the richest person in the world for the second year running, according to Forbes' latest list of billionaires . The 71-year-old Slim, now worth an estimated $74 billion, widened the gap with No. 2 Bill Gates thanks to some canny business moves last year, including...

Welcome to Our Post-Materialist World
Welcome to Our
Post-Materialist World
David Brooks
Feb 15, 2011 1:41 PM CST

Welcome to Our Post-Materialist World

David Brooks: We're getting happier, but not wealthier

(Newser) - America is rapidly transforming into a post-materialist world—and that’s put a screeching halt to our economic growth, argues David Brooks of the New York Times . To prove the point, he imagines two men. The first lived from 1900 to 1974, watching the world move from horse-drawn buggies to...

Most Americans Think Rich Are Too Rich

Or at least too much richer than the poor. Study finds 92% prefer Swedish model

(Newser) - Most Americans—even rich ones and Republicans—think too much money is concentrated in the hands of too few, according to a study unearthed by Huffington Post . Researchers found that, across income and ideological groups, people both underestimated how much money is in the hands of the richest and expressed...

Millionaire Population in America Grows

Number of households with more than $1M in assets up to 5.5M

(Newser) - The number of millionaires is on the rise again. The population of rich Americans has been growing over the course of the year, even as the economy has stuttered over the first half of 2009 and poverty has increased . In the 12 months ending in June, the number of American...

World's Most Generous People? Not Us


 World's Most 
 Generous 
 People? 
 Not Us 
IN CASE YOU MISSED IT
Sep 12, 2010 5:30 PM CDT

World's Most Generous People? Not Us

Aussies, Kiwis top philanthropy index

(Newser) - Home to the world's biggest coral reef and most poisonous snake, Australia now boasts another superlative: the most generous people in the world. The Land Down Under came out on top in the latest Gallup World Giving Index, which ranks countries' philanthropy on the basis of individual donations, volunteer time,...

For the Rich, Sleep a Status Symbol

 For the Rich, Sleep 
 a Status Symbol 
IN CASE YOU MISSED IT
Sep 5, 2010 5:52 PM CDT

For the Rich, Sleep a Status Symbol

Young heirs feel no need to look busy

(Newser) - Looking industrious has fallen out of favor among America’s upper crust. Jamie Johnson, who covers the lifestyles of the rich for Vanity Fair , writes that it’s fashionable for today’s wealthy heirs to lounge in bed until 4 or 5 in the afternoon—any stigma once associated with...

Middle Class Morphs Into 'New Poor'

Ever more Americans heading downward

(Newser) - At first, it seemed the financial crisis wouldn't leave the US deeply scarred, that's we'd ultimately emerge from it with renewed energy—until Americans stopped to look around and realized that somewhere along the way the middle-class had atrophied, leaving a small super-rich elite and swelling ranks of the poor....

Home Aquariums Get Fancy, and Expensive
 Introducing the 
 $200K Home Aquarium 
what recession?
Aug 19, 2010 1:37 PM CDT

Introducing the $200K Home Aquarium

Some people, apparently, can still afford this stuff

(Newser) - Looking for the perfect final touch to trick out your Manhattan penthouse? Consider a 700-gallon, $200,000 aquarium. Such high-end systems are the new status symbol among the “what recession?” set, reports the New York Times . These aren’t your 50-gallon waiting room tanks: They can be 14½ feet...

Thanks for the Generosity, You 'Robber Barons'
Thanks for the Generosity, You 'Robber Barons'
robert reich
Aug 5, 2010 3:50 PM CDT

Thanks for the Generosity, You 'Robber Barons'

The rich-poor divide is getting even worse

(Newser) - It's "admirable" that Bill Gates and Warren Buffett got their billionaire buddies to pledge huge sums to charity, writes Robert Reich at Salon . Not so admirable is "what this reveals about how much money is now concentrated in so few hands," he says. "It’s more...

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