wealth

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Chinese Leader's Family Is Now Very, Very Rich

New York Times says Wen Jiabao's family worth $2.7B

(Newser) - It's good to be the king, or at least the prime minister. A New York Times investigation pegs the worth of Chinese leader Wen Jiabao's family at $2.7 billion. The family amassed the wealth after Wen's rise to power, thanks to investments and byzantine financial deals...

We Need New Fixes for Inequality
 We Need New Fixes 
 for Inequality 
OPINION
Oct 15, 2012 1:55 PM CDT

We Need New Fixes for Inequality

The economists think the right and left are both out of ideas

(Newser) - Wealth inequality is a growing problem around the globe, but when politicians debate it "it mostly produces heat, not light," grumbles the Economist in a new op-ed. "At the core, there is a failure of ideas." Conservatives don't think inequality matters, and liberals think raising...

In China, Billionaires Fall on Hard Times

Number of billionaires drops for first time in 7 years

(Newser) - Chinese wealth is suffering, according to an annual report that tracks it. The Hurun Rich List finds that, for the first time in seven years, the number of billionaires (in US dollars) in the country has fallen; it's now down by 20 people from last year, to a total...

World&#39;s Richest Woman Tells &#39;Jealous&#39; Poor to Drink Less
World's Richest Woman to
'Jealous' Poor: Drink Less
IN CASE YOU MISSED IT
Sep 2, 2012 8:49 AM CDT

World's Richest Woman to 'Jealous' Poor: Drink Less

And stop complaining, says Gina Rinehart

(Newser) - Australia's Gina Rinehart may be the world's wealthiest woman, but she's almost certainly not winning any votes for most beloved. The mining tycoon tackled the subject of those who are "jealous" of the rich in a magazine column, and offered them some advice: "Spend less...

Gawker: Help Us Decode Bain Files

Site posts cache of financial documents

(Newser) - Gawker is slowly assembling an investigative report on Bain Capital, and it wants your help (though it might help if you're a tax attorney or an accountant). The site has acquired a trove of internal files that "reveal the mind-numbing, maze-like, and deeply opaque complexity" of Mitt Romney'...

Poorer Give More to Charity
 Poorer Give More to Charity 
new study
Aug 20, 2012 8:34 AM CDT

Poorer Give More to Charity

But rich donate big when living in diverse areas

(Newser) - When it comes to charitable donations, lower-income people are willing to part with a much bigger chunk of their discretionary income than big earners are, a study finds. Households that bring in $50,000 to $75,000 a year give 7.6% of their post-tax and post-living expenses income, on...

Surprising Jobs That Earn 6 Figures

Elevator repairmen make the list

(Newser) - It's not just investment bankers, doctors, and the Waltons who earn sizable salaries. Forbes has compiled a list of 20 surprising occupations that pay out more than $100,000, at least for those in the top 10% of their professions. A sampling:

6 Walmart Heirs Worth Same as Bottom 41% of US

Their combined worth is $89.5 billion

(Newser) - Who has more money: the six heirs to the Walmart fortune or the bottom 41.5% of all American families put together? Trick question—they're about the same. The Economic Policy Institute calculates that in 2010, six members of the Walton family were together worth $89.5 billion. That...

20% of Voters Less Likely to Pick Mitt Due to Wealth
20% of Voters Less Likely
to Pick Mitt Due to Wealth
survey says
Jul 12, 2012 9:16 AM CDT

20% of Voters Less Likely to Pick Mitt Due to Wealth

New Gallup poll finds that for most, it makes no difference

(Newser) - It's usually good to be the rich guy, but money can't buy Mitt Romney love among some 20% of the electorate: A new Gallup poll finds that one in five registered voters is less likely to vote for Romney because of his $200 million-plus net worth. On the...

North America No Longer Home to Most Millionaires

The honor now goes to Asia

(Newser) - North America may have retaken one crown from Asia yesterday, but it was forced to relinquish another today: The latter is now officially home to the most millionaires in the world, according to a new report by Capgemini. Its 3.37 million millionaires, a boost of 1.6% over 2010,...

Tech's Richest Hate Showing Off Wealth

From Facebook to Google, Silicon Valley frowns on flashy spending

(Newser) - Facebook's staff may be full of zillionaires, but don't expect Ferraris in the parking lot. Silicon Valley, where almost 14% of homes earn more than $200,000 per year, is deeply opposed to conspicuous consumption—hence Mark Zuckerberg's iconic hoodies and Facebook COO Sheryl Sandberg's underground...

China's 'Princelings' Rolling in Cash, Power

Relatives of top leaders enjoy 'Red Nobility'

(Newser) - The wealth of Bo Xilai's family members was no anomaly. Known as "princelings," close relatives of many Chinese leaders are on a fast track to fortune and power, the New York Times reports. The president's son used to head a company with a security-scanner monopoly; the...

Romney&#39;s Bain Pal: Rich Should Get Richer
 Romney's Bain Pal: 
 Rich Should Get Richer 
NYT MAG COVER STORY
May 2, 2012 12:53 PM CDT

Romney's Bain Pal: Rich Should Get Richer

New book 'may be the most hated of the year' New York Times predicts

(Newser) - If you're angry about the growing divide between America's rich and poor, former Bain Capital executive Edward Conard has a message for you: Get over it. Conard is a member of the 0.1%, a top Mitt Romney donor, and the author of Unintended Consequences, a book arguing...

Richest Counties in US
 Richest Counties in US 
Apr 29, 2012 5:15 PM CDT

Richest Counties in US

Suburbs of Washington, DC, lead the way

(Newser) - Forbes rounds up the richest counties in the US, with the DC suburbs in northern Virginia again dominating. The top five:
  1. Loudoun County, Virginia: $115,574 median household income
  2. Falls Church City, Virginia: $114,409
  3. Fairfax County, Virginia: $105,416
  4. Los Alamos County, New Mexico: $103,643
  5. Howard County,
...

More Women &#39;Marrying Down&#39;
 More Women 'Marrying Down' 
Apr 8, 2012 4:33 PM CDT

More Women 'Marrying Down'

College degrees, bigger paychecks mean women can marry 'beneath them'

(Newser) - Kate Middleton's rags-to-riches marriage may seem weirdly anachronistic to future generations, the Daily Mail reports. According to a British study, women are not only more likely to get a higher education , they're less likely to "marry up" and more likely to "marry down." Brides born...

What It's Like to Be a Billionaire —for a Day

New York Times reporter Kevin Roose conducts lifestyle experiment

(Newser) - Driving in a Rolls Royce, getting a bodyguard, flying on a private plane: These aren't normally things that New York Times financial reporter Kevin Roose gets to do. But as a guy who writes about billionaires, he wanted a chance to live like one for 24 hours, he explains...

Slim Still World&#39;s No.1 Fat Cat
 Slim Still World's No.1 Fat Cat  
BILLIONAIRES LIST
Mar 8, 2012 2:00 AM CST

Slim Still World's No.1 Fat Cat

Forbes counts a record 1,226 billionaires

(Newser) - There are more billionaires than ever in Forbes' annual list , but no surprises at the top. Mexican telecom tycoon Carlos Slim heads up the list for the third year in a row, with an estimated net worth of $69 billion. Bill Gates, Warren Buffett, and French luxury-goods magnate Bernard Arnault...

Majors That May Get You Into the 1%

Definitely consider pre-med

(Newser) - Want your kid to make it into the 1%? Then the New York Times ' Economix blog knows which majors you might want to steer him or her toward. In an analysis of census data, it found that the majors with the best chance of making it into that coveted...

Congress Is Increasingly Richer Than You

Figures show widening wealth gap, and with it polarization

(Newser) - Before he ran for Congress in 1974, Gary Myers was a steel mill worker. His campaign set him back $33,000. Today, Myers’ seat is occupied by Mike Kelly, a wealthy car dealer who married into the Phillips oil fortune. His campaign cost $1.2 million. That contrast is emblematic...

Middle-Class Neighborhoods Dying Off

Stanford study says numbers have dropped sharply since 1970

(Newser) - A major new study from Stanford finds that America's middle class is shrinking in a big way, reports the New York Times . The researchers looked at 117 of the nation's biggest metropolitan areas and discovered that 44% of families live in areas defined as middle class, down from...

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