wealth news stories on Newser

Tech's Richest Hate Showing Off Wealth

Matt Cantor — Fri, 18 May 2012 16:10:05 CDT

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 house. "The message here...

China's 'Princelings' Rolling in Cash, Power

Matt Cantor — Fri, 18 May 2012 14:40:06 CDT

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 prime minister's son runs...

Romney's Bain Pal: Rich Should Get Richer

Kevin Spak — Wed, 02 May 2012 12:53:20 CDT

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 that wealth...

Richest Counties in US

John Johnson — Sun, 29 Apr 2012 17:15:00 CDT

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

More Women 'Marrying Down'

Neal Colgrass — Sun, 08 Apr 2012 16:33:45 CDT

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 in 1958 had a 38%...

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

Matt Cantor — Thu, 05 Apr 2012 17:45:05 CDT

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 in...

Slim Still World's No.1 Fat Cat

Rob Quinn — Thu, 08 Mar 2012 02:00:00 CST

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...

Majors That May Get You Into the 1%

Evann Gastaldo — Wed, 18 Jan 2012 14:27:05 CST

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

Kevin Spak — Tue, 27 Dec 2011 07:14:55 CST

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...