A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.Housekeepers in Palm Beach and South Florida are cleaning up, with salaries often topping $150,000 and bidding...
Category: Wealth
China’s Shenzhen metropolis sees fastest growth in millionaires globally
Shenzhen city skyline.Photographer is my life. | Getty ImagesChina's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report.Shenzhen recorded 140% growth in millionaire count, according to the report from New...
An art market full of cracks is about to face a $1 billion test
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The key May art sales at major auction houses are expected to be down from last year, as wealthy...
New York tops the list of the 50 richest cities in the world
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of California is close behind, according to a new study.New York's millionaire population has surged 48% over the past decade, despite fears of wealth flight and the Covid-19 pandemic hollowing out...
Family offices are looking beyond the stock market for higher returns, new report finds
Large family offices have nearly half their investments in private markets and alternatives, as they move out of the stock market in search of higher returns and lower volatility, according to a new study.Family offices have 46% of their total portfolio in alternative investments, which includes private equity, real estate,...