"New Yorkers assume that we live in the most expensive city in the country, and cost-of-living indexes tend to back up that assertion. But those measures are built around the typical American’s shopping habits, which don’t really apply to the typical New Yorker — especially not college-educated New Yorkers with annual household incomes in the top income quintile, or around $100,000. According to a recent study by Jessie Handbury, an economist at the University of Pennsylvania’s Wharton School, people in different income classes do indeed have markedly different purchasing habits. That may not be surprising, but once you account for these different preferences, it turns out that living in[...]
How is 7.7% unemployment considered good news? When it's a little less than 7.9%, and people with money are ready to find good news wherever they look.
The housing markets are booming, where the rich people live. The stock markets haven't gone so high since Dick Cheney was in the White House—except for the NASDAQ, which still hasn't recovered completely from the dot-com bust of 2000, even though the tech companies are doing pretty well and NASDAQ stocks are at a 12-year high. Monthly rents in San Francisco now average $2,700 for a one-bedroom apartment. New car sales are back to pre-recession numbers.
And 12 million working-age Americans [...]
Stereotypical rich people of days gone by, with their brass-buttoned Navy blazers and exotic European sports cars, used to love to feast upon caviar. Why? Nobody knows, but it had something to do with caviar being a weird and expensive thing from a strange and threatening place: Communist Russia, or Red China—wild sturgeon were already in short supply by the 1950s, when Ian Fleming made his social-climbing civil servant an aficionado of the appetizer. By the 1960s, it was the show-off rich people restaurant appetizer of choice. Then humanity continued destroying rivers and fisheries and whole ecosystems until the Earth's caviar systems all collapsed. Wild caviar, that beloved snack of [...]
"The family’s patriarch and matriarch keep a low profile, splitting their time between a large, lavishly furnished apartment on Paris' famous Left Bank and a 6,000 acre estate in the sought-after Loire Valley." —Don't you think there's something going wrong over at Forbes when they decide they have to apply descriptors to "Left Bank" and "Loire Valley"?
If you read just one piece of hysterical overheated lunacy today, although I certainly hope you read many of them, definitely make it third-generation rich man and Harper's magazine funder John R. MacArthur's rant about the Internet. The dot com bust didn't end my Internet travails. It wasn't so long ago—maybe eight years—that I found myself trapped in a corridor at Harper's, surrounded by a small mob of what I can't help but refer to as "young people." These youthful members of my editorial staff—one of them now the co-editor of Mother Jones Magazine—were imploring me, demanding even, that I meet the Internet revolution head on by posting [...]
"A drill-down to the zip code level shows that the zip code with the largest number of very rich households is 10023 on the Upper West Side of Manhattan, with 7,621 such households. That zip code, plus one other on the Upper West Side, one on the Upper East Side of Manhattan, and the Washington suburb of Potomac, Maryland, each have about 0.2 percent of all the nation’s very high-income households. Rounding out the 20 zip codes with the most very high-income households are several in Manhattan (on the Upper East and Upper West Sides, Midtown East, and Greenwich Village), the New York suburb of Scarsdale, Chicago’s Lincoln Park, [...]
"Their problem, which required a series of five architects to solve, was this: they had bought a 40-room Georgian manor house, and they wanted to occupy it as a family of six."