Road To Riches
May 18, 2013 Leave a comment
Highlights Of The Toys For Big Boys Expo-Dubai
February 9, 2013 2 Comments
The Big Boys Toys Show in Dubai attracts millionaires from around the world who are in search of six-and seven-figure luxury toys of all shapes and sizes.
Here are some of this year’s highlights:
Davos Prophesies
January 23, 2013 2 Comments
If you are inclined to follow the news reporting of the WEF-2013,do so by all means but don’t take everything that is said seriously.
There might be something as the wisdom of the crowds,but the “wisdom” gained from the sound bytes generated from some of the billionaires and the financial ,political and academic elite gathered at Davos,Switzerland may not be the most accurate.
The predictions that emanate from Davos always have a ring of plausibility to them because of the credibility of the speakers. But all too often they fall short. Here is one example: Bill Gates has made the pilgrimage to the Alps for more than a decade and made a series of somewhat famous – or infamous – predictions in that time.When asked about Google back in 2003, he didn’t have an upbeat outlook on the company’s future nor its founders. “These Google guys, they want to be billionaires and rock stars and go to conferences and all that,” Gates said. “Let us see if they still want to run the business in two to three years.”
To the left are other such projections. Not all turned out wrong,but even people who got one thing right got other things wrong.So watch the Alpine scenery and the power show,go to Switzerland if you must ,these days its become pretty cheap,but don’t take everything you hear as serious investment advice.
Forbes Real – Time Billionaires
June 8, 2012 3 Comments
A couple of days back I did a post on Bloomberg’s daily updated Billionaire’s list.Here is the link if you are coming in late: http://wealthymatters.com/2012/05/25/bloomberg-billionaires-list/.
Today I found out that Forbes has a similar list which is updated with a fifteen minutes lag. You can take a look at this list here:http://www.forbes.com/real-time-billionaires/.
The differences in the 2 lists are due to differences in the methodology used to estimate the net worth of these billionaires.The differences might seem huge,but keep in mind that if these net worths were so easy to tally up easily they wouldn’t be such large fortunes .
Now have fun watching huge sums being made and lost in the time it takes to snap your finger.
JP Morgan’s Summer Reading List
May 31, 2012 6 Comments
Every June, J.P. Morgan Private Bank sends its wealthy clients its official “Summer Reading List,” a collection of 10 books specifically chosen to appeal to the tastes and preoccupations of the wealthy. It is like a virtual book club for billionaires.If you want to know what the wealthy will be reading this summer take a look at this list of books.JP Morgan picked these books for their inspirational messages, thought-provoking content and stunning detail.
In”Passion and Purpose,” dozens of recent Harvard Business School MBAs share personal stories on assuming the mantle of leadership in ways unlike any Read more of this post
The High Beta Rich
May 26, 2012 2 Comments
Robert Frank’s new book “High-Beta Rich-How The Manic Wealthy Will Take Us To The Next Boom,Bubble And Bust” is based on interviews with more than 100 people with net worths (or former net worths) of $10m or more. These include the Blixseth family, former billionaires who had to lay off all 110 staff in their enormous residence; the Siegels, who had to abandon the largest private house in the US before it was completed; and Jack Warner, who built a fortune from various business, but ended up a penniless handyman.It is also a tale of how the financial crash of 2008 has affected the US more generally. It includes numerous unemployed former butlers, unoccupied mansions and falling tax revenue for fiscally-pressed state governments. In addition, Frank tells the story of upmarket repo men who specialise in repossessing planes, yachts and the like from indebted millionaires.So basically Frank revisits the lives of the people he profiled in Richistan, and follows up on what has happened to them in the years since he wrote the book in 2006. By 2011, some of these rich people have since gone from riches to rags, or merely to less affluence. His follow up on the people whose jobs it was to serve the needs of the rich shows how many of them are now finding it hard to secure stable jobs from the rich since the 2008 .Since the book with vivid sketches of how the rich, and the formerly rich, really live is a sequel to Richistan, published in 2007, in which he profiled the lives of the rich before the recent financial bust, do read it before starting on this one. Read more of this post
Robert Frank On Richistan
May 26, 2012 Leave a comment
“Richistan: A Journey Through The 21st Century Wealth Boom and the Lives of the New Rich” is a book by Robert Frank who writes “The Wealth Report,” a Wall Street Journal weekly column and blog.The book is an eye-opening, educational and at times amusing summary of Frank’s years of analysis of the “new rich”.They came to his attention in 2003 when he noticed that statistics from the Federal Reserve Board showed a curious pattern: the number of millionaire households in the U.S. had doubled since 1995 and showed no sign of slowing.
So what is Richistan? Frank defines it as the domain–effectively an exotic country(stan)-of the world’s households that are worth $1 million or more.
So who are the denizens of Richistan?
According to Frank, less than 10 percent of Richistanis are from Old Money -the community of bluebloods whose ancestors made their money in the first Gilded Age-and only 3 percent are celebrities. The rest are: Read more of this post
Bloomberg Billionaires List
May 25, 2012 1 Comment
What I find interesting about the list is the daily fluctuations in these net worth figures.Obviously,these figures are for staggering amounts of money simply because these people are so wealthy.But as a percentage of their net-worth it’s not all that large.This is in huge contrast to the “financial advisers” who so glibly talk about “true investors” being comfortable with upto a 50% drop in portfolio values.It’s obviously easier to play round with and/or lose someone else’s money. Read more of this post
Just How Well Off Are You?
September 8, 2011 Leave a comment
Do you know if you are a HNI? Or if your income makes you rich in India?
Envy and jealousy are pretty useless but there’s nothing like goal setting to get where you want to be wealth wise. It helps to know just where you stand.
According to the National Council for Applied Economic Research (NCAER), you are rich if your family’s annual household income exceeds Rs 17 lakh.There are 3 million rich households in India comprising some 16 million individuals.So 1.38% of Indians are rich in income terms.
However income doesn’t equal wealth just as being rich doesn’t mean being wealthy.For more on this distinction please refer to this older post here: http://wealthymatters.com/2011/01/26/the-definition-of-income-and-wealth/ . Read more of this post
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