A recent study published in the Proceedings of the National Academy of Sciences suggests that when people spend money on time-saving services such as a house cleaner, lawn care or grocery delivery, it can make them feel a little happier. By comparison, money spent on material purchases — aka things — does not boost positive emotions the way we might expect.
Mukesh and Anil Ambani inherited their father’s fortune. But while Mukesh’s wealth made him India’s richest man, his brother’s net worth tumbled to less than $2B. The story of their diverging fortunes is steeped in a family feud that has captivated India for over a decade.
The amount of money adults in the US owe due to educations is over $1.3 trillion and jumps up by more than $2,000 every second. The average borrower owes $28,000. Some cash-strapped former students are choosing to leave America behind in order to avoid paying off their giant debts.
Why do so many Americans live in poverty? Because so many rich people benefit from it. This is the thesis of the lauded sociologist Matthew Desmond. He shows how employers, financial institutions, and landlords extract money from low-income families while rich families hoard opportunities for themselves.
In one of the best decades the American economy has ever recorded, families were bled dry by landlords, hospital administrators, university bursars, and child-care centers. For millions, a roaring economy felt precarious or downright terrible.
Africa is changing so fast, it is becoming hard to ignore. In the short term, the continent faces many problems, but in the long term, it could rival China’s economic might. By the end of this century, Africa is set to play a much bigger role in world affairs. The Asian growth miracle is likely to slow Africa’s rapid rise could be next.
Because my father believed that debt was sinful, and believed God wanted him and my mom to have as many kids as possible, they were too broke to help me pay for college. Because of this anti-debt theology, I wasn’t allowed to take out student loans, and had to attend a really conservative Christian college because it was so cheap.
More and more rich people are buying art and stashing it in strange places. According to infamous scammers, it’s not even close to legit. In some respects, it mirrors the giant pools of money sloshing around in Manhattan or London real estate—funds that are relatively concentrated in a few hands spending it in a few places.
Millennials entered the workforce during the worst downturn since the Great Depression. They are now entering their peak earning years in the midst of an economic cataclysm more severe than the Great Recession. They will be the first generation in modern American history to end up poorer than their parents.
Thirty-two-year-old French economist Gabriel Zucman scours spreadsheets to find secret offshore accounts. The minimum amount Zucman calculated the wealthy stash in offshore accounts: $7.6 trillion.
Hong Kong has more ultra-rich people than any other country, yet 1 in 5 people still live in poverty. SBS Dateline’s Marc Fennell asks why the gap between rich and poor is so extreme.
Jim Pattison roars through rural Saskatchewan in his silver pickup truck, barreling down the prairie road that runs arrow-straight to the horizon. Tossed into the back seat is a sleeping bag and crimson pillow—the unlikely berth for Canada’s self-made billionaire when he can’t find a motel.
Michael Oswald’s film The Spider’s Web reveals how at the demise of empire, City of London financial interests created a web of secrecy jurisdictions that captured wealth from across the globe and hid it in a web of offshore islands. Today, up to half of global offshore wealth is hidden in British jurisdictions.
Many of the recent political shifts in the West—the election of Donald Trump, the rise of populism in Europe and Brexit—can be partially attributed to the fear of mass migration. Yet increasing migration is one of the quickest ways to make the world richer.
Politicians are floating the idea that the economy supersedes the needs of living, breathing human beings; cruise and airline companies are demanding bailouts and full control over the terms; senators are doing crimes in broad daylight; and billionaire corporatists who did the same are asking regular people for money.
A recession is no picnic. A financial crisis leaves wounds that last for decades. A pandemic, though, can sow a unique kind of chaos. The rich got even richer after the Great Recession, but the Great Depression changed the social order.
Increasing interest rates, inflation, and supply chain disruptions notwithstanding, the McMansion is alive and well. Far from being a boomtime fad, it has become a durable emblem of our American way of life.
The new literature of minimalism is full of stressful advice. Pack up all your possessions, unpack things only as needed, give away everything that’s still packed after a month. Or wake up early, pick up every item you own, and consider whether or not it sparks joy.
The 2008 crisis and the government’s response made obvious the extent of economic and political inequality in the United States, and the absolute decline in wealth and well-being for a growing fraction of Americans. Evidence of decline is manifest to those of us living in America in the first decades of the 21st century.
Philanthropists are putting record sums into tackling the world’s most pressing problems. And unlike the mega-donors of the past today’s philanthropists want to see the results in their lifetimes. But how altruistic is this new golden age of giving? Have these mega-donors become too powerful?
The motion made the Patek Philippe Grandmaster Chime the most expensive watch ever sold by a wide margin. The Grandmaster Chime is a modern watch made specifically for the Only Watch auction, which donates 100 percent of its proceeds to Duchenne muscular dystrophy research.
Meritocracy has become a leading social ideal. Politicians across the ideological spectrum continually return to the theme that the rewards of life – money, power, jobs, university admission – should be distributed according to skill and effort.
Fertility rates have been dropping precipitously around the world for decades — in middle-income countries, in some low-income countries, but perhaps most markedly, in rich ones. Something is stopping us from creating the families we claim to desire. But what?
There are two different tales we tell ourselves about houses. The primary story is about bright futures, long lives, children, grandchildren, and hard-earned success. The second story, the darker story, is about the horror of being trapped.
Sociologists Daniel Laurison and Sam Friedman have uncovered a striking, consistent pattern in data about England’s workforce: Not only are people born into working-class families far less likely than those born wealthy to get an elite job—but they also, on average, earn 16 percent less in the same fields of work.
Because of the shadowy nature of Russian economics, some even believe that Vladimir Putin is the wealthiest man on the planet, with a net worth in excess of 200 billion dollars. But most headlines focus on his high-profile international disputes and subterfuge. How does he spend his billions?
Videos of men riffling through documents are meant to offer proof that thousands of people from a Dominican family, the Rosarios, are the heirs to a multibillion-dollar fortune they believe resides mainly in Credit Suisse’s vaults and those of Banco Santander SA in Spain.
With breath-taking views, luxurious interiors, endless amenities and eye-watering price tags, this new wave of properties are strictly for those with a 10-figure bank balance. But how did this area come to be? What sparked its growth in this particular district? How were planning controls addressed?
Caviar is one of the most expensive foods in the world. Selling for up to $35,000 per kilo, it’s revered and relished by aristocrats across the globe. But it’s an acquired taste. Turns out, caviar wasn’t always so valuable.
After finding meth paraphernalia, the only way for a property owner to be protected from any liability, both monetary and/or criminal, is to have the property properly tested for meth residue, and if found, cleaned according to state guidelines and by a state-certified inspector.
Last year billionaire Sun Hongbin quietly transferred $4.5bn worth of shares in his Chinese real estate firm to a company on a street corner in Sioux Falls, South Dakota. Thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions.
Every year, about 70 billion dollars that the US could be using for infrastructure, law enforcement, healthcare or education is missing. It’s hidden deep within shell companies and anonymous entities in places like the British Virgin Islands. What exactly is a shell company and how does it work?
One of the ultimate symbols of luxury and affluence is private jet travel. An experienced bizjet pilot breaks down the industry, the costs, who can really justify such an expensive luxury, and why.
I have never seen what is going on now: the systematic, wholesale transformation of New York into a reserve of the obscenely wealthy and the barely here—a place increasingly devoid of the idiosyncrasy, the complexity, the opportunity, and the roiling excitement that make a city great.
Why luxury goods don’t impress, but repel. One story that’s true: Acquiring something luxurious can temporarily increase one’s self-esteem. One story that’s not: Acquiring something luxurious can impress potential friends.
According to Chris Ryan, the author of ‘Civilized to Death: the price of progress’, rich people have the tendency to distance themselves from people because of their wealth differential.
Nauru, an island in the South Pacific, is known for its high rate of poverty and unemployment. Only a few decades ago, the island was listed among world’s richest countries while it was a major phosphate exporter but as the resources exhausted, the national systems started to fail.
Five grand for mystery sushi. Seven for plastic cups. And more fuel than the plane could possibly hold. Such are the deceptions stinging the billionaires and mere millionaires of today’s private jet-set class. In an era of ultra-wealth, reports of shady billing related to private-jet travel are on the rise.
Thomas Piketty’s 753-page book “Capital in the Twenty-First Century”, published in 2013, sold 2.5 million copies worldwide and helped put inequality on the global agenda. But his latest, the even thicker “Capital and Ideology”, may prove still more influential.
When the Venetian merchant Marco Polo got to China, he saw many wonders. One of the things that astonished him most, however, was a new invention, implemented by Kublai Khan, a grandson of the great conqueror Genghis. It was paper money, introduced by Kublai in 1260.
