19 hours ago
Florida voters on Tuesday approved a major overhaul of the state's property tax system. But the droves of billionaires and other ultrawealthy people who recently moved there are unlikely to notice much of a difference from its headline tax break.
Amendment 3—which raises the homestead exemption on non-school property taxes from $50,000 to $150,000 in 2027 and to $250,000 in 2028—passed with 62% of the vote, according to the ***** ociated Press. Supporters pitched Amendment 3 as relief for everyday homeowners, and for many, it is. But because the exemption is a flat dollar amount, it does far less for the billionaires who turned South Florida into one of the country's wealthiest enclaves.
Take Citadel CEO Ken Griffin, who moved his firm from Chicago to Miami, and Amazon founder Jeff Bezos also moved to Miami in 2023 and has since bought a $237 million compound on Indian Creek, the island nicknamed "Billionaire Bunker." Bezos is also reportedly buying a $69.5 million oceanfront estate in nearby Golden Beach.
Experts told Fortune, though, the bigger factor of Amendment 3 for people like Griffin and Bezos is a less-noticed part: a tighter limit on how fast taxes can rise on second homes, rentals, and other properties that aren't a primary residence. Florida caps how much those properties' taxable values can increase each year, and Amendment 3 cuts that cap from 10% to 5%. In a hot market like South Florida's, that slows tax growth on homes whose values are climbing quickly, and many wealthy buyers own more than one.
But for a billionaire who claims a Florida homestead, the savings from Amendment 3 aren't that noticeable. Raul Gastesi, a real estate attorney and cofounder of Miami law firm Gastesi Lopez Mestre & Cobiella, calculated that at the statewide average non-school tax rate, the expanded exemption will save a homestead owner about $2,085 a year once fully in place. A home ***** sed at $350,000 would see its local services property tax bill fall from about $3,135 to about $1,050. A $50 million homestead would go from about $524,000 to about $522,000.
#Florida #moved
Amendment 3—which raises the homestead exemption on non-school property taxes from $50,000 to $150,000 in 2027 and to $250,000 in 2028—passed with 62% of the vote, according to the ***** ociated Press. Supporters pitched Amendment 3 as relief for everyday homeowners, and for many, it is. But because the exemption is a flat dollar amount, it does far less for the billionaires who turned South Florida into one of the country's wealthiest enclaves.
Take Citadel CEO Ken Griffin, who moved his firm from Chicago to Miami, and Amazon founder Jeff Bezos also moved to Miami in 2023 and has since bought a $237 million compound on Indian Creek, the island nicknamed "Billionaire Bunker." Bezos is also reportedly buying a $69.5 million oceanfront estate in nearby Golden Beach.
Experts told Fortune, though, the bigger factor of Amendment 3 for people like Griffin and Bezos is a less-noticed part: a tighter limit on how fast taxes can rise on second homes, rentals, and other properties that aren't a primary residence. Florida caps how much those properties' taxable values can increase each year, and Amendment 3 cuts that cap from 10% to 5%. In a hot market like South Florida's, that slows tax growth on homes whose values are climbing quickly, and many wealthy buyers own more than one.
But for a billionaire who claims a Florida homestead, the savings from Amendment 3 aren't that noticeable. Raul Gastesi, a real estate attorney and cofounder of Miami law firm Gastesi Lopez Mestre & Cobiella, calculated that at the statewide average non-school tax rate, the expanded exemption will save a homestead owner about $2,085 a year once fully in place. A home ***** sed at $350,000 would see its local services property tax bill fall from about $3,135 to about $1,050. A $50 million homestead would go from about $524,000 to about $522,000.
#Florida #moved
2 days ago
CD ownership among American families surged 65%, jumping from 6.5% to 10.7% between 2022 and 2025, driven by higher deposit rates.
Median CD balances rose 23% while mean balances grew only 4%, signaling gains spread broadly among typical savers rather than wealthy account holders.
Treasury bills currently yield up to 4.39%, well above the national average 12-month CD rate of 1.76%, which trails inflation running at 3.7%.
Read More: Avoid these 13 retirement mistakes before they derail your future (sponsor)
For much of the last decade, bank certificates of deposit paid so little that many savers didn't bother with them. A CD is a savings account that holds money for a fixed term. A saver agrees to leave money with a bank for a set period, like 12 months, and the bank pays a fixed rate.
#deposit #account #rate
Median CD balances rose 23% while mean balances grew only 4%, signaling gains spread broadly among typical savers rather than wealthy account holders.
Treasury bills currently yield up to 4.39%, well above the national average 12-month CD rate of 1.76%, which trails inflation running at 3.7%.
Read More: Avoid these 13 retirement mistakes before they derail your future (sponsor)
For much of the last decade, bank certificates of deposit paid so little that many savers didn't bother with them. A CD is a savings account that holds money for a fixed term. A saver agrees to leave money with a bank for a set period, like 12 months, and the bank pays a fixed rate.
#deposit #account #rate
2 days ago
Your retirement savings could get a boost or face new tax consequences, depending on what happens after the November midterm elections.
Congress is weighing proposals that could double federal retirement savings incentives for eligible workers while forcing some wealthy Americans to withdraw more money from their accounts.
Read More: Worried about market swings? See why investors are moving to gold and silver IRAs
Find Out: FREE 2026 Investor Guide + Up to $25,000 in Silver with Qualifying Purchases
The stakes extend beyond millionaires. Changes to tax rules could also affect how much you save in your 401(k), when you convert an IRA to a Roth and how much of your retirement money you ultimately keep.
#Retirement #savings #money
Congress is weighing proposals that could double federal retirement savings incentives for eligible workers while forcing some wealthy Americans to withdraw more money from their accounts.
Read More: Worried about market swings? See why investors are moving to gold and silver IRAs
Find Out: FREE 2026 Investor Guide + Up to $25,000 in Silver with Qualifying Purchases
The stakes extend beyond millionaires. Changes to tax rules could also affect how much you save in your 401(k), when you convert an IRA to a Roth and how much of your retirement money you ultimately keep.
#Retirement #savings #money
2 days ago
More than 1 in 5 Americans in their prime working age have nothing saved for retirement. That's according to The Penny ****** der's 2026 State of Retirement Report, which found that the median amount saved is less than $37,000.
The Penny ****** der's Pollfish survey asked 1,000 U.S. adults between the ages of 30 and 60 about their retirement planning. Among the survey's findings:
22% of U.S. adults between the ages of 30 and 60 say they have $0 saved for retirement. And 24% currently put nothing from their income toward retirement.
The median amount saved is $36,708. The average amount saved (including those with $0) is $147,159, but that number likely skews higher because of a small percentage of ultra-wealthy households raising the average.
28% reduced or paused retirement contributions in the past year to pay for current living expenses.
#Retirement #penny #nothing #adults
The Penny ****** der's Pollfish survey asked 1,000 U.S. adults between the ages of 30 and 60 about their retirement planning. Among the survey's findings:
22% of U.S. adults between the ages of 30 and 60 say they have $0 saved for retirement. And 24% currently put nothing from their income toward retirement.
The median amount saved is $36,708. The average amount saved (including those with $0) is $147,159, but that number likely skews higher because of a small percentage of ultra-wealthy households raising the average.
28% reduced or paused retirement contributions in the past year to pay for current living expenses.
#Retirement #penny #nothing #adults
6 days ago
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Feeling wealthy in retirement is often just that — a feeling. Having an active social life, a solid purpose and enough cash in the bank to never worry about monthly bills might be all you need to describe yourself as a "rich" retiree.
Feelings aside, what do the cold, hard numbers show? Most Americans agree you need at least $2.2 million (1) to be considered wealthy in America. But they might be surprised to see that you actually need considerably more than that to land in the top 10% of U.S. retirees.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
A single line on your car insurance policy could be inflating your premium by up to 30% — here's what to change
#need #actually #moneywise #feelings
Feeling wealthy in retirement is often just that — a feeling. Having an active social life, a solid purpose and enough cash in the bank to never worry about monthly bills might be all you need to describe yourself as a "rich" retiree.
Feelings aside, what do the cold, hard numbers show? Most Americans agree you need at least $2.2 million (1) to be considered wealthy in America. But they might be surprised to see that you actually need considerably more than that to land in the top 10% of U.S. retirees.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
A single line on your car insurance policy could be inflating your premium by up to 30% — here's what to change
#need #actually #moneywise #feelings
11 days ago
The wealthy live in a different reality, and they often flaunt it arrogantly in front of others. Here, we share some absurd situations witnessed by drivers of Reddit, who observed firsthand how affluent individuals behave while being driven around.
Navigating city traffic on a daily basis is no simple task. Drivers encounter all sorts of passengers, each with their own unique stories, expectations, and distinct personalities.
In this instance, drivers share their experiences transporting wealthy individuals, recounting the unexpected situations that can arise when dealing with such extravagant and highly idiosyncratic personalities. Get ready to read some unusual things about wealthy people.
Pinterest
"My father drove one of the comedians from blue collar comedy tour and he said he heard him talking to someone about how much merchandise they sold at the show that he was just performing. I thought that was kinda cool."
#drivers #Share
Navigating city traffic on a daily basis is no simple task. Drivers encounter all sorts of passengers, each with their own unique stories, expectations, and distinct personalities.
In this instance, drivers share their experiences transporting wealthy individuals, recounting the unexpected situations that can arise when dealing with such extravagant and highly idiosyncratic personalities. Get ready to read some unusual things about wealthy people.
"My father drove one of the comedians from blue collar comedy tour and he said he heard him talking to someone about how much merchandise they sold at the show that he was just performing. I thought that was kinda cool."
#drivers #Share
11 days ago
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By most traditional measures, having a net worth of $1 million should put someone firmly in the "wealthy" category. Yet a growing number of millionaires don't see it that way.
Just one third (36%) of the nation's wealthiest citizens — those with at least $1 million in investable ***** ets — consider themselves wealthy, according to Northwestern Mutual's 2025 Planning and Progress study.
Further, nearly half (49%) of American millionaires say their financial planning needs improvement, citing the possibility of outliving their savings, the impact of taxes in retirement, and potential long-term care needs as their top financial concerns.
This gap may be surprising, but it highlights how rising costs, longer lifespans, and shifting expectations have redefined what it means to feel rich in modern America.
#Planning #financial #disclosure #progress
By most traditional measures, having a net worth of $1 million should put someone firmly in the "wealthy" category. Yet a growing number of millionaires don't see it that way.
Just one third (36%) of the nation's wealthiest citizens — those with at least $1 million in investable ***** ets — consider themselves wealthy, according to Northwestern Mutual's 2025 Planning and Progress study.
Further, nearly half (49%) of American millionaires say their financial planning needs improvement, citing the possibility of outliving their savings, the impact of taxes in retirement, and potential long-term care needs as their top financial concerns.
This gap may be surprising, but it highlights how rising costs, longer lifespans, and shifting expectations have redefined what it means to feel rich in modern America.
#Planning #financial #disclosure #progress
29 days ago
It's not easy being a billionaire in the event that a stock market bubble bursts.
Just ask billionaire Bridgewater ****** ociates founder Ray Dalio, who sounds like he's worrying about potentially massive wealth destruction if the artificial intelligence trade goes south.
"Everybody says 'I'm worth a billion dollars' but, OK, try to spend that," Dalio said at the Forbes Global CEO Conference in Singapore on Wednesday. Bloomberg first reported his comments.
Dalio suggested that measures that force the ultrawealthy to liquidate their unrealized gains, such as a wealth tax, could hasten or contribute to a bubble popping.
"In order to spend that, you have to sell wealth in order to get money — and so the bubble usually ****** at that," he added.
#spend #bridgewater
Just ask billionaire Bridgewater ****** ociates founder Ray Dalio, who sounds like he's worrying about potentially massive wealth destruction if the artificial intelligence trade goes south.
"Everybody says 'I'm worth a billion dollars' but, OK, try to spend that," Dalio said at the Forbes Global CEO Conference in Singapore on Wednesday. Bloomberg first reported his comments.
Dalio suggested that measures that force the ultrawealthy to liquidate their unrealized gains, such as a wealth tax, could hasten or contribute to a bubble popping.
"In order to spend that, you have to sell wealth in order to get money — and so the bubble usually ****** at that," he added.
#spend #bridgewater
29 days ago
My husband, who is 59 and an only child, recently inherited $3 million from his father. I'm 57, and we've been married since we were in our 20s. We've always kept most of our money separate, although we split the household bills and own our house together.
He grew up wealthy. His family had a big house, belonged to a country club and paid for his college and graduate school. He's always been comfortable spending money on things I think of as luxuries. My parents were middle-class and worked hard, but they never had much saved.
My brother-in-law convinced his parents to sign over their home and life savings to buy a $3 million compound. Do I intervene?
America's favorite index is misleading investors about the state of the stock market
We both still work. He's a partner at a consulting firm and makes $350,000 a year. I work in healthcare administration and earn $145,000. We have $1.6 million in retirement accounts, a little more than half of which belongs to my husband. We owe $280,000 on our $1.1 million house.
#we 've #husband #only
He grew up wealthy. His family had a big house, belonged to a country club and paid for his college and graduate school. He's always been comfortable spending money on things I think of as luxuries. My parents were middle-class and worked hard, but they never had much saved.
My brother-in-law convinced his parents to sign over their home and life savings to buy a $3 million compound. Do I intervene?
America's favorite index is misleading investors about the state of the stock market
We both still work. He's a partner at a consulting firm and makes $350,000 a year. I work in healthcare administration and earn $145,000. We have $1.6 million in retirement accounts, a little more than half of which belongs to my husband. We owe $280,000 on our $1.1 million house.
#we 've #husband #only
29 days ago
Kevin Bacon and Kyra Sedgwick are one of Hollywood's most adored couples. Their decades long marriage and movie and TV success is a testament to their enduring love story but that's not to say they haven't faced hardship.
The couple — who are worth an estimated $100 million — previously faced a financial scandal that turned their lives upside dow.
It led to a huge lifestyle change and impacted their future in a way they never expected. Here's what happened.
They've been together since the '80s (@ AFP via Getty Images)
In the early 2000s, Kevin and Kyra Sedgwick, like many wealthy individuals, looked for opportunities to grow their bank balance through investments. They were introduced to a high-return investment opportunity that seemed too good to pass up... only it turned out to be a Ponzi scheme.
#kyra #sedgwick #turned #bacon
The couple — who are worth an estimated $100 million — previously faced a financial scandal that turned their lives upside dow.
It led to a huge lifestyle change and impacted their future in a way they never expected. Here's what happened.
They've been together since the '80s (@ AFP via Getty Images)
In the early 2000s, Kevin and Kyra Sedgwick, like many wealthy individuals, looked for opportunities to grow their bank balance through investments. They were introduced to a high-return investment opportunity that seemed too good to pass up... only it turned out to be a Ponzi scheme.
#kyra #sedgwick #turned #bacon
29 days ago
Michael Dell, philanthropist and founder of Dell Technologies, pushed back against critics who argue that allowing wealthy investors to donate individual company stocks to Trump Accounts could have a nefarious impact.
Under new rules that took effect last week, charities can put individual stocks into kids' accounts as a donation. Trump Accounts are tax-advantaged investment vehicles that can be used for education expenses, starting a business, or saving for retirement. They were authorized in last year's One Big Beautiful Tax bill. Previously, the money was required to be invested in low-cost index funds.
Read more: Trump Accounts expand to stock donations. What are the benefits and risks?
So far, ***** eX President Gwynne Shotwell is the only donor to announce a major stock contribution, pledging more than 2 million shares to benefit lower-income children ages 11 to 17 living in lower-income areas.
"It's kind of hard for me to believe that's a bad thing, right?" Dell said Wednesday in an interview with Yahoo Finance. "That these children are going to somehow be negatively influenced because they now have one share of ***** eX, but they didn't have before, right? The alternative is they didn't have it, right?"
#last #lower
Under new rules that took effect last week, charities can put individual stocks into kids' accounts as a donation. Trump Accounts are tax-advantaged investment vehicles that can be used for education expenses, starting a business, or saving for retirement. They were authorized in last year's One Big Beautiful Tax bill. Previously, the money was required to be invested in low-cost index funds.
Read more: Trump Accounts expand to stock donations. What are the benefits and risks?
So far, ***** eX President Gwynne Shotwell is the only donor to announce a major stock contribution, pledging more than 2 million shares to benefit lower-income children ages 11 to 17 living in lower-income areas.
"It's kind of hard for me to believe that's a bad thing, right?" Dell said Wednesday in an interview with Yahoo Finance. "That these children are going to somehow be negatively influenced because they now have one share of ***** eX, but they didn't have before, right? The alternative is they didn't have it, right?"
#last #lower
29 days ago
Michael Dell, philanthropist and founder of Dell Technologies, pushed back against critics who argue that allowing wealthy investors to donate individual company stocks to Trump Accounts could have a nefarious impact.
Under new rules that took effect last week, charities can put individual stocks into kids' accounts as a donation. Trump Accounts are tax-advantaged investment vehicles that can be used for education expenses, starting a business, or saving for retirement. They were authorized in last year's One Big Beautiful Tax bill. Previously, the money was required to be invested in low-cost index funds.
Read more: Trump Accounts expand to stock donations. What are the benefits and risks?
So far, **** eX President Gwynne Shotwell is the only donor to announce a major stock contribution, pledging more than 2 million shares to benefit lower-income children ages 11 to 17 living in lower-income areas.
"It's kind of hard for me to believe that's a bad thing, right?" Dell said Wednesday in an interview with Yahoo Finance. "That these children are going to somehow be negatively influenced because they now have one share of **** eX, but they didn't have before, right? The alternative is they didn't have it, right?"
#accounts
Under new rules that took effect last week, charities can put individual stocks into kids' accounts as a donation. Trump Accounts are tax-advantaged investment vehicles that can be used for education expenses, starting a business, or saving for retirement. They were authorized in last year's One Big Beautiful Tax bill. Previously, the money was required to be invested in low-cost index funds.
Read more: Trump Accounts expand to stock donations. What are the benefits and risks?
So far, **** eX President Gwynne Shotwell is the only donor to announce a major stock contribution, pledging more than 2 million shares to benefit lower-income children ages 11 to 17 living in lower-income areas.
"It's kind of hard for me to believe that's a bad thing, right?" Dell said Wednesday in an interview with Yahoo Finance. "That these children are going to somehow be negatively influenced because they now have one share of **** eX, but they didn't have before, right? The alternative is they didn't have it, right?"
#accounts
29 days ago
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
An inheritance can make two people equally wealthy on paper and still leave them with very different ideas about what to do next.
Two brothers each received $400,000 and took their money in opposite directions — one toward rental properties, the other toward getting out of debt. Before long, one brother was already predicting which of them would have the richer retirement.
"That's why I'll retire rich and you won't," he told his brother.
Don't Miss:
#brother #i 'll #commission
An inheritance can make two people equally wealthy on paper and still leave them with very different ideas about what to do next.
Two brothers each received $400,000 and took their money in opposite directions — one toward rental properties, the other toward getting out of debt. Before long, one brother was already predicting which of them would have the richer retirement.
"That's why I'll retire rich and you won't," he told his brother.
Don't Miss:
#brother #i 'll #commission
29 days ago
This is one of the best letters that I have read in my lifetime ("We lived within our means: I earned $30,000 as a pastor and still retired comfortably"). I used to be a mortgage-loan officer; I would get a couple that each made six figures, but would have difficulty qualifying them for a loan amount they wanted because of their consumer-debt load.
Conversely, I would have a blue-collar "Joe Sixpack" that made substantially less but saved and saved and saved, and who got the loan he needed for a house. People in the U.S. need to wake up and not be compulsive: Quit buying things you really don't need. It's that way with the federal government as well, and based on that.
'People in the U.S. need to wake up': As a mortgage loan officer, I rejected applications from wealthy couples. Here's why.
Google makes a fresh bet on nuclear power as the AI energy crunch intensifies
We'd better get real quick or we're going to have a financial crisis that makes the Great Recession of 2008 look like a picnic.
#makes
Conversely, I would have a blue-collar "Joe Sixpack" that made substantially less but saved and saved and saved, and who got the loan he needed for a house. People in the U.S. need to wake up and not be compulsive: Quit buying things you really don't need. It's that way with the federal government as well, and based on that.
'People in the U.S. need to wake up': As a mortgage loan officer, I rejected applications from wealthy couples. Here's why.
Google makes a fresh bet on nuclear power as the AI energy crunch intensifies
We'd better get real quick or we're going to have a financial crisis that makes the Great Recession of 2008 look like a picnic.
#makes
30 days ago
My husband and I recently learned about an estate plan that I believe could leave him with little or none of his parents' inheritance, while their plan for long-term care remains murky. Could you give us your two cents?
They have two children: my husband, 47, and his older brother, 57. His parents, both 80 and in excellent health, own their home outright and have about $600,000 in a brokerage account, in addition to pensions and Social Security.
'People in the U.S. need to wake up': As a mortgage loan officer, I rejected applications from wealthy couples. Here's why.
Google makes a fresh bet on nuclear power as the AI energy crunch intensifies
The parents originally bought their home to be close to the older brother and his family. My husband and I live on the East Coast. He is a few years from retiring from the military and plans to work as a contractor afterward. We both expect to work for at least another 10 years. He has a good relationship with his parents and visits three times a year to help care for them.
#plan
They have two children: my husband, 47, and his older brother, 57. His parents, both 80 and in excellent health, own their home outright and have about $600,000 in a brokerage account, in addition to pensions and Social Security.
'People in the U.S. need to wake up': As a mortgage loan officer, I rejected applications from wealthy couples. Here's why.
Google makes a fresh bet on nuclear power as the AI energy crunch intensifies
The parents originally bought their home to be close to the older brother and his family. My husband and I live on the East Coast. He is a few years from retiring from the military and plans to work as a contractor afterward. We both expect to work for at least another 10 years. He has a good relationship with his parents and visits three times a year to help care for them.
#plan
1 month ago
Wealthy baby boomers have spent decades building their fortunes—and the foundations, donor-advised funds, and giving traditions that come with them. But as the $124 trillion Great Wealth Transfer gets underway, a growing share of the older generation isn't so sure their kids will carry on tradition the way they hope.
Fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024, according to research from Bank of America released last week. The share of parents who believe their children share their commitment to giving back fell even more sharply to 65% from 76%. The bank surveyed more than 1,430 wealthy individuals in the U.S. aged 21 or older with at least $3 million in investable ******* ets, excluding primary residence.
The confidence gap in philanthropy mirrors a broader anxiety wealth advisors have noticed about whether heirs are ready for any of it.
"This is a very real concern I'm hearing from ultra-affluent families right now," Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S. Bank, told Fortune of parents' fears that wealth could dampen their children's drive. Trent Von Ahsen of Cedar Point Capital Partners also told Fortune his clients are leaning on mentorship and phased wealth transfers rather than lump-sum inheritances.
But the irony is younger donors are, by several of the study's measures, more engaged donors than older generations. Gen Z and millennial donors support an average of 12 charitable causes, compared with eight among wealth donors overall. They're also roughly twice as likely to use a donor-advised fund, and 87% say honoring their family's philanthropic tradition is important. Meanwhile, 86% say it's equally important to establish their own charitable identity.
#advised
Fewer than half of wealthy Americans (47%) believe the next generation is prepared to take on family philanthropic causes, down from 55% in 2024, according to research from Bank of America released last week. The share of parents who believe their children share their commitment to giving back fell even more sharply to 65% from 76%. The bank surveyed more than 1,430 wealthy individuals in the U.S. aged 21 or older with at least $3 million in investable ******* ets, excluding primary residence.
The confidence gap in philanthropy mirrors a broader anxiety wealth advisors have noticed about whether heirs are ready for any of it.
"This is a very real concern I'm hearing from ultra-affluent families right now," Tom Thiegs, managing director of leadership and legacy at Ascent Private Capital Management with U.S. Bank, told Fortune of parents' fears that wealth could dampen their children's drive. Trent Von Ahsen of Cedar Point Capital Partners also told Fortune his clients are leaning on mentorship and phased wealth transfers rather than lump-sum inheritances.
But the irony is younger donors are, by several of the study's measures, more engaged donors than older generations. Gen Z and millennial donors support an average of 12 charitable causes, compared with eight among wealth donors overall. They're also roughly twice as likely to use a donor-advised fund, and 87% say honoring their family's philanthropic tradition is important. Meanwhile, 86% say it's equally important to establish their own charitable identity.
#advised
1 month ago
Jordyn Woods has spent much of her life in the spotlight, first as Kylie Jenner's longtime best friend and later as a model, entrepreneur and celebrity in her own right. From her Hollywood connections and family background to her relationship with NBA star Karl-Anthony Towns, Woods has built a life that extends far beyond her former ties to the Kardashian-Jenner family.
But how much do we really know about the life Woods has created for herself? From whether she grew up wealthy and where she lives today to the eye-catching engagement ring she received from Towns and her estimated net worth, here's everything to know about Jordyn Woods' life, career and finances.
Despite her close ties to the Kardashian-Jenner and Smith families, Jordyn Woods did not grow up in a wealthy celebrity household. Her father, John Woods, was a television sound engineer who worked on "The Fresh Prince of Bel-Air", while her mother, Elizabeth Woods, worked as a talent and brand manager. Her parents' careers gave Jordyn an early connection to Hollywood, and her family became particularly close with Will Smith and Jada Pinkett Smith through her father's work, according to People.
Jordyn has acknowledged that she had certain privileges growing up in California and being surrounded by successful people, but she has also pushed back against the idea that her family was wealthy. In a 2025 interview with Crystal Renee Hayslett, she explained that her father worked extremely hard to provide for their family and said that they "definitely struggled," emphasizing that being around wealthy people did not mean her family had the same financial resources.
Jordyn Woods currently lives in Los Angeles, California, with her husband, NBA star Karl-Anthony Towns. TMZ reports the couple purchased a $14 million home in the Los Angeles area, putting them among the city's many celebrity homeowners. Their move into the luxury property came as Woods continued to expand her career beyond social media, while Towns built his fortune through his NBA career.
#woods #jordyn #towns #smith
But how much do we really know about the life Woods has created for herself? From whether she grew up wealthy and where she lives today to the eye-catching engagement ring she received from Towns and her estimated net worth, here's everything to know about Jordyn Woods' life, career and finances.
Despite her close ties to the Kardashian-Jenner and Smith families, Jordyn Woods did not grow up in a wealthy celebrity household. Her father, John Woods, was a television sound engineer who worked on "The Fresh Prince of Bel-Air", while her mother, Elizabeth Woods, worked as a talent and brand manager. Her parents' careers gave Jordyn an early connection to Hollywood, and her family became particularly close with Will Smith and Jada Pinkett Smith through her father's work, according to People.
Jordyn has acknowledged that she had certain privileges growing up in California and being surrounded by successful people, but she has also pushed back against the idea that her family was wealthy. In a 2025 interview with Crystal Renee Hayslett, she explained that her father worked extremely hard to provide for their family and said that they "definitely struggled," emphasizing that being around wealthy people did not mean her family had the same financial resources.
Jordyn Woods currently lives in Los Angeles, California, with her husband, NBA star Karl-Anthony Towns. TMZ reports the couple purchased a $14 million home in the Los Angeles area, putting them among the city's many celebrity homeowners. Their move into the luxury property came as Woods continued to expand her career beyond social media, while Towns built his fortune through his NBA career.
#woods #jordyn #towns #smith
1 month ago
Savannah James, entrepreneur and wife of billionaire basketball player LeBron James, is at the center of a viral social media debate about wealth and generosity after revealing that her long-time best friend flies in business class or coach while James sits in first class on trips they take together, dividing the internet over what the super wealthy should pay for among friends.
April McDaniel and Savannah James on May 17, 2025.
James, who owns a skincare brand and whose husband is worth an estimated $1.4 billion, and her best friend April McDaniel spoke to the "Mental Wealth" podcast about how their extreme difference in wealth impacts their friendship.
McDaniel, who owns a marketing agency called Crown + Conquer, said the pair live "two different lifestyles" and that she doesn't expect to fly in first class seats with James because "that's not in my budget."
McDaniel also said she and James plan trips around how she can make it work financially—"we don't just show up at Fashion Week week-of," she said.
#mcdaniel #class #week #friend
April McDaniel and Savannah James on May 17, 2025.
James, who owns a skincare brand and whose husband is worth an estimated $1.4 billion, and her best friend April McDaniel spoke to the "Mental Wealth" podcast about how their extreme difference in wealth impacts their friendship.
McDaniel, who owns a marketing agency called Crown + Conquer, said the pair live "two different lifestyles" and that she doesn't expect to fly in first class seats with James because "that's not in my budget."
McDaniel also said she and James plan trips around how she can make it work financially—"we don't just show up at Fashion Week week-of," she said.
#mcdaniel #class #week #friend
1 month ago
WASHINGTON (AP) — The Group of Seven wealthy democracies said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with "substantial" amounts of diesel after the fuel recently hit record high prices in the United States.
President Donald Trump said the diesel release would happen "immediately," echoing a G7 promise to start "immediately" with a "frontloaded substantial release" of diesel within the next 20 days and the rest over four months.
Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections, and Trump announced the action Friday on social media. The president's approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22. Diesel prices have hit records in Europe, too.
France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference talks that Macron presided over. The G7 countries are Canada, France, Germany, Italy, ******* an, the U.K. and the U.S., plus EU representation.
#Diesel #prices #release #substantial
President Donald Trump said the diesel release would happen "immediately," echoing a G7 promise to start "immediately" with a "frontloaded substantial release" of diesel within the next 20 days and the rest over four months.
Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections, and Trump announced the action Friday on social media. The president's approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22. Diesel prices have hit records in Europe, too.
France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference talks that Macron presided over. The G7 countries are Canada, France, Germany, Italy, ******* an, the U.K. and the U.S., plus EU representation.
#Diesel #prices #release #substantial
2 months ago
Shark Tank entrepreneur Kevin O'Leary only found out his mom was rich when she died.
"She kept this little account secret from both of her husbands her whole life, she was married twice," O'Leary told the Motley Fool. "The executor called me up and said, 'You've got to come down here, your mother has died a very wealthy woman.'"
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#o 'leary #died #fool #you 've
"She kept this little account secret from both of her husbands her whole life, she was married twice," O'Leary told the Motley Fool. "The executor called me up and said, 'You've got to come down here, your mother has died a very wealthy woman.'"
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#o 'leary #died #fool #you 've
2 months ago
A question has bedeviled a wealthy Lake Tahoe enclave for years: Who is poisoning the towering trees that stand sentry on the North Shore?
Residents of Incline Village, Nev., hope a $147,000 reward will generate some answers.
"It's the most appalling, selfish thing that anyone could do, especially for trees that are irreplaceable," said Chris Nolet, a retired certified public accountant and consultant to the biotechnology industry who ***** embled a small group of private donors known as Friends of Burnt Cedar Beach to put up the bulk of the reward. "These trees are 100 years old."
The donors are offering $122,000 for information leading to the successful prosecution of anyone responsible. The Incline Village General Improvement District, which owns and manages the residents-only beach where the poisonings took place, has put up another $25,000 and installed additional cameras around the trees.
The move came after an investigation failed to generate actionable leads, Nolet said.
#incline #nolet #beach #anyone
Residents of Incline Village, Nev., hope a $147,000 reward will generate some answers.
"It's the most appalling, selfish thing that anyone could do, especially for trees that are irreplaceable," said Chris Nolet, a retired certified public accountant and consultant to the biotechnology industry who ***** embled a small group of private donors known as Friends of Burnt Cedar Beach to put up the bulk of the reward. "These trees are 100 years old."
The donors are offering $122,000 for information leading to the successful prosecution of anyone responsible. The Incline Village General Improvement District, which owns and manages the residents-only beach where the poisonings took place, has put up another $25,000 and installed additional cameras around the trees.
The move came after an investigation failed to generate actionable leads, Nolet said.
#incline #nolet #beach #anyone
2 months ago
Marriott International, Inc. (NASDAQ:MAR)'s Middle East business showed a meaningful improvement in July, with revenue per available room (RevPAR) declining 12% year over year, a sharp improvement from the 43% decline in the second quarter. The improvement came despite continued regional conflict, suggesting that demand is proving more resilient than initially feared. More importantly, Marriott's global business remains strong: global room revenue increased 7% in July, with the U.S. and Canada up 8%.
However, the Middle East remains a risk to Marriott International, Inc. (NASDAQ:MAR)'s growth strategy. The region represents only about 3% of Marriott's global fees but 6% of its development pipeline, meaning prolonged conflict can have an outsized impact on future hotel openings. Supply-chain disruptions and restricted capital flows have already delayed projects, pushing Marriott toward the lower end of its full-year net unit growth target.
The biggest positive is that the Middle East headwind appears to be easing faster than expected. Moving from a 43% RevPAR decline in the second quarter to just 12% in July suggests travel demand can recover even as geopolitical risks remain elevated. If the conflict stabilizes, Marriott International, Inc. (NASDAQ:MAR) could see a relatively quick rebound in regional occupancy and room rates.
More importantly, the Middle East is not large enough to overwhelm Marriott's broader global performance. The company generated a 7% increase in global room revenue in July, while U.S. and Canadian room revenue rose 8%. RevPAR growth was also broad-based across luxury, premium/select and mid-scale brands, suggesting that Marriott's strength is not dependent solely on wealthy travelers.
Marriott also benefits from an ***** et-light, fee-driven model, meaning stronger hotel demand can translate into attractive cash generation without requiring the company to own most of the underlying properties. Barron's has highlighted the resilience of this model, alongside the strength of Marriott Bonvoy and additional growth opportunities from its credit-card partnerships.
#marriott #middle #room
However, the Middle East remains a risk to Marriott International, Inc. (NASDAQ:MAR)'s growth strategy. The region represents only about 3% of Marriott's global fees but 6% of its development pipeline, meaning prolonged conflict can have an outsized impact on future hotel openings. Supply-chain disruptions and restricted capital flows have already delayed projects, pushing Marriott toward the lower end of its full-year net unit growth target.
The biggest positive is that the Middle East headwind appears to be easing faster than expected. Moving from a 43% RevPAR decline in the second quarter to just 12% in July suggests travel demand can recover even as geopolitical risks remain elevated. If the conflict stabilizes, Marriott International, Inc. (NASDAQ:MAR) could see a relatively quick rebound in regional occupancy and room rates.
More importantly, the Middle East is not large enough to overwhelm Marriott's broader global performance. The company generated a 7% increase in global room revenue in July, while U.S. and Canadian room revenue rose 8%. RevPAR growth was also broad-based across luxury, premium/select and mid-scale brands, suggesting that Marriott's strength is not dependent solely on wealthy travelers.
Marriott also benefits from an ***** et-light, fee-driven model, meaning stronger hotel demand can translate into attractive cash generation without requiring the company to own most of the underlying properties. Barron's has highlighted the resilience of this model, alongside the strength of Marriott Bonvoy and additional growth opportunities from its credit-card partnerships.
#marriott #middle #room
2 months ago
WASHINGTON, Sept 9 (Reuters) - Three U.S. lawmakers have called on the American government to blacklist a set of Indian IT firms over what they describe as "more than fifteen years of targeted espionage against U.S. citizens, businesses, and the lawyers representing them."
In a letter issued Wednesday, Democratic Senators Ron Wyden and Sheldon Whitehouse, along with Republican Representative Pat Harrigan, asked the Commerce Department to add BellTroX, CyberRoot, and Sunkissed Organic Farms Pvt. Ltd. (formerly known as "Appin Technology Pvt. Ltd.") and its subsidiaries, to the Commerce Department's Entity List. Such a designation would cut them off from U.S. software, cloud infrastructure, and cybersecurity tools.
Sunkissed representatives, CyberRoot and the Commerce Department did not respond to requests for comment. BellTroX could not be reached for comment.
All three companies have been described in media coverage and in reports published by major tech firms as being fronts for hack-for-hire activities.
In 2022, Reuters named CyberRoot and BellTroX as key players in the cybermercenary industry, saying they were frequently tapped by Western lawyers and private investigators to spy on one another during legal and business disputes. A 2023 Reuters report identified Appin as a pioneer in the field, saying the company grew from an educational startup to a hack-for-hire powerhouse that stole secrets from executives, politicians, military officials and wealthy elites around the globe.
#three
In a letter issued Wednesday, Democratic Senators Ron Wyden and Sheldon Whitehouse, along with Republican Representative Pat Harrigan, asked the Commerce Department to add BellTroX, CyberRoot, and Sunkissed Organic Farms Pvt. Ltd. (formerly known as "Appin Technology Pvt. Ltd.") and its subsidiaries, to the Commerce Department's Entity List. Such a designation would cut them off from U.S. software, cloud infrastructure, and cybersecurity tools.
Sunkissed representatives, CyberRoot and the Commerce Department did not respond to requests for comment. BellTroX could not be reached for comment.
All three companies have been described in media coverage and in reports published by major tech firms as being fronts for hack-for-hire activities.
In 2022, Reuters named CyberRoot and BellTroX as key players in the cybermercenary industry, saying they were frequently tapped by Western lawyers and private investigators to spy on one another during legal and business disputes. A 2023 Reuters report identified Appin as a pioneer in the field, saying the company grew from an educational startup to a hack-for-hire powerhouse that stole secrets from executives, politicians, military officials and wealthy elites around the globe.
#three
2 months ago
President Donald Trump pledged Wednesday to send every American adult $5,000 if Republicans retain control of the House and Senate in the midterm elections, an extraordinary gambit to reverse his party's sagging fortunes in November.
The dubious promise would most likely cost more than $1 trillion and require congressional approval, and would further exacerbate the country's nearly $1.8 trillion annual budget deficit and concerns about inflation.
"If the Republicans win, you win with us and you get $5,000," Trump said during the GOP's midterm convention in Dallas. "It will be called the Trump Dividend."
He likened the payments to a corporation's distributions to shareholders, citing "our tremendous strength and success economically."
Within an hour, Vice President JD Vance appeared to try to walk back Trump's proposal — at least in part — by suggesting the dividend payments would not go to the wealthy. Vance suggested it could be paid for by U.S. tariff revenues, though the suggested payment dwarfs what the U.S. has taken in through the protectionist measures.
#president #republicans #midterm #suggested
The dubious promise would most likely cost more than $1 trillion and require congressional approval, and would further exacerbate the country's nearly $1.8 trillion annual budget deficit and concerns about inflation.
"If the Republicans win, you win with us and you get $5,000," Trump said during the GOP's midterm convention in Dallas. "It will be called the Trump Dividend."
He likened the payments to a corporation's distributions to shareholders, citing "our tremendous strength and success economically."
Within an hour, Vice President JD Vance appeared to try to walk back Trump's proposal — at least in part — by suggesting the dividend payments would not go to the wealthy. Vance suggested it could be paid for by U.S. tariff revenues, though the suggested payment dwarfs what the U.S. has taken in through the protectionist measures.
#president #republicans #midterm #suggested
2 months ago
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After dominating the early-2000s with hits like "Bartender" and "Buy U a Drank," it may not come as no surprise that singer Faheem Rashad Najm (aka T-Pain) is wealthy enough to buy a private jet.
However, his journey from hit singles to private jet money also involved a detour through financial struggles. In a 2019 interview on The Breakfast Club (1) radio show, T-Pain confessed he lost his initial $40 million fortune because of bad management.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold
#finance #drank #faheem
After dominating the early-2000s with hits like "Bartender" and "Buy U a Drank," it may not come as no surprise that singer Faheem Rashad Najm (aka T-Pain) is wealthy enough to buy a private jet.
However, his journey from hit singles to private jet money also involved a detour through financial struggles. In a 2019 interview on The Breakfast Club (1) radio show, T-Pain confessed he lost his initial $40 million fortune because of bad management.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold
#finance #drank #faheem
2 months ago
Bloomberg reported on August 25, 2026, that BlackRock, Inc. (NYSE:BLK) cut the minimum size for converting large Bitcoin holdings directly into shares of its iShares Bitcoin Trust ETF to $1 million in July, down from $25 million when the in-kind conversion process first became available. The fund has facilitated more than $5 billion of these conversions, up from more than $3 billion when Bloomberg first reported on the trend in October, according to Robbie Mitchnick, BlackRock's head of digital ******* ets. The process, which can take more than a week, lets holders move Bitcoin from private wallets into a regulated fund structure while retaining price exposure. Mitchnick said "kidnappings, ransom demands, and custody failures" motivate some holders to make the switch. Rival issuer Bitwise has cut its own minimum even further, from $100 million to $3 million, Bloomberg reported.
This is a fast-scaling new source of fee-generating ******* ets for BlackRock, Inc. (NYSE:BLK). The $5 billion processed through IBIT is up from $3 billion just months earlier. It shows accelerating adoption of a service that pulls previously self-custodied Bitcoin wealth directly into BlackRock's ******* et base rather than competing for ******* ets already inside the traditional financial system.
Cutting the minimum by 96% meaningfully widens who can use the service. Dropping the threshold from $25 million to $1 million brings the option within reach of family offices and wealthy individual holders, rather than limiting it to the largest Bitcoin holders. That gives BlackRock access to a substantially larger pool of potential conversions as the practice becomes more common.
IBIT's scale gives it a head start in capturing this migration. The fund already holds roughly 3.645% of Bitcoin's total supply and lists net ******* ets of $60.65 billion. It is scale advantage that likely makes it the default destination for holders deciding where to move their coins, reinforcing BlackRock's position as conversions boost industry-wide.
The process remains manual and slow despite the lower headline minimum. Bitwise chief investment officer Matt Hougan said the conversion process industry-wide is "still bespoke, from introducing a client to a market maker to working with the adviser, but it's becoming more standardized," and Mitchnick himself said conversions can take more than a week. That means BlackRock, Inc. (NYSE:BLK) has not yet turned this into a fully automated, scalable pipeline even as it markets lower minimums to a broader audience.
#blackrock #billion #minimum
This is a fast-scaling new source of fee-generating ******* ets for BlackRock, Inc. (NYSE:BLK). The $5 billion processed through IBIT is up from $3 billion just months earlier. It shows accelerating adoption of a service that pulls previously self-custodied Bitcoin wealth directly into BlackRock's ******* et base rather than competing for ******* ets already inside the traditional financial system.
Cutting the minimum by 96% meaningfully widens who can use the service. Dropping the threshold from $25 million to $1 million brings the option within reach of family offices and wealthy individual holders, rather than limiting it to the largest Bitcoin holders. That gives BlackRock access to a substantially larger pool of potential conversions as the practice becomes more common.
IBIT's scale gives it a head start in capturing this migration. The fund already holds roughly 3.645% of Bitcoin's total supply and lists net ******* ets of $60.65 billion. It is scale advantage that likely makes it the default destination for holders deciding where to move their coins, reinforcing BlackRock's position as conversions boost industry-wide.
The process remains manual and slow despite the lower headline minimum. Bitwise chief investment officer Matt Hougan said the conversion process industry-wide is "still bespoke, from introducing a client to a market maker to working with the adviser, but it's becoming more standardized," and Mitchnick himself said conversions can take more than a week. That means BlackRock, Inc. (NYSE:BLK) has not yet turned this into a fully automated, scalable pipeline even as it markets lower minimums to a broader audience.
#blackrock #billion #minimum
2 months ago
Institutional investors are beginning to allocate capital to "evergreen" private market funds that Blackstone Inc. (NYSE:BX) and KKR & Co. Inc. (NYSE:KKR) originally built for wealthy individuals, the Financial Times reported.
Evergreen funds let investors access capital at set intervals rather than locking it up for a decade-long private equity fund life. Blackstone's wealth business has seen institutions begin allocating to its evergreen products, though they currently make up "only a small proportion of the capital raised," said Joan Solotar, who leads that business. KKR has separately raised the share of deals its evergreen K-Series funds can take from a longstanding 7.5% cap to as much as 20% in some cases, the FT reported.
Institutional investors are validating years of investment by Blackstone Inc. (NYSE:BX) and KKR & Co. Inc. (NYSE:KKR) in wealth-focused products. Both firms, along with Apollo, have expanded evergreen vehicles for individual investors, and institutions now choosing these funds provide another source of sophisticated capital for the products. That adoption could help Blackstone and KKR expand their wealth-management businesses beyond traditional individual investors.
KKR's renegotiated deal-allocation terms provide another sign of growing demand for its evergreen funds. KKR & Co. Inc. (NYSE:KKR) increased the co-investment cap for its K-Series funds from 7.5% to as much as 20% in vehicles such as its $8 billion European Fund VI. The larger allocation gives KKR's wealth-focused funds access to more investment opportunities and could help the company grow ****** ets and fee revenue from this channel.
Evergreen structures solve a current problem for institutional investors, not just individuals. Many institutions have grown more cautious about committing to traditional private equity as managers have struggled to exit investments and return capital. Evergreen funds' greater liquidity gives institutions an alternative way to stay invested without that same lockup risk.
#investors #capital #institutions #private
Evergreen funds let investors access capital at set intervals rather than locking it up for a decade-long private equity fund life. Blackstone's wealth business has seen institutions begin allocating to its evergreen products, though they currently make up "only a small proportion of the capital raised," said Joan Solotar, who leads that business. KKR has separately raised the share of deals its evergreen K-Series funds can take from a longstanding 7.5% cap to as much as 20% in some cases, the FT reported.
Institutional investors are validating years of investment by Blackstone Inc. (NYSE:BX) and KKR & Co. Inc. (NYSE:KKR) in wealth-focused products. Both firms, along with Apollo, have expanded evergreen vehicles for individual investors, and institutions now choosing these funds provide another source of sophisticated capital for the products. That adoption could help Blackstone and KKR expand their wealth-management businesses beyond traditional individual investors.
KKR's renegotiated deal-allocation terms provide another sign of growing demand for its evergreen funds. KKR & Co. Inc. (NYSE:KKR) increased the co-investment cap for its K-Series funds from 7.5% to as much as 20% in vehicles such as its $8 billion European Fund VI. The larger allocation gives KKR's wealth-focused funds access to more investment opportunities and could help the company grow ****** ets and fee revenue from this channel.
Evergreen structures solve a current problem for institutional investors, not just individuals. Many institutions have grown more cautious about committing to traditional private equity as managers have struggled to exit investments and return capital. Evergreen funds' greater liquidity gives institutions an alternative way to stay invested without that same lockup risk.
#investors #capital #institutions #private
2 months ago
By Marcela Ayres
BRASILIA, Sept 4 (Reuters) - Brazil's wealthiest captured a record share of national income under President Luiz Inacio Lula da Silva, tax-return data show, offering a striking counterpoint to the leftist leader's effort to convince voters that gains have been widely shared under his administration as he seeks reelection in October.
Lula has pointed to falling inequality, as measured by a record-low Gini coefficient in 2024, and rising employment as evidence that his administration prioritizes poorer Brazilians.
But tax-return data paint a more complex picture: high interest rates, partly a consequence of increased government spending, fueled a boom in financial income that disproportionately benefited the wealthy, even as stronger labor markets, wage gains, and social programs improved conditions at the bottom of the income distribution.
"If government benefits, on the one hand, are well targeted, they can have a positive social impact," said Otaviano Canuto, a former World Bank vice president.
#income #record
BRASILIA, Sept 4 (Reuters) - Brazil's wealthiest captured a record share of national income under President Luiz Inacio Lula da Silva, tax-return data show, offering a striking counterpoint to the leftist leader's effort to convince voters that gains have been widely shared under his administration as he seeks reelection in October.
Lula has pointed to falling inequality, as measured by a record-low Gini coefficient in 2024, and rising employment as evidence that his administration prioritizes poorer Brazilians.
But tax-return data paint a more complex picture: high interest rates, partly a consequence of increased government spending, fueled a boom in financial income that disproportionately benefited the wealthy, even as stronger labor markets, wage gains, and social programs improved conditions at the bottom of the income distribution.
"If government benefits, on the one hand, are well targeted, they can have a positive social impact," said Otaviano Canuto, a former World Bank vice president.
#income #record
2 months ago
MOSCOW (Reuters) - The Russian economy runs a risk of going "berserk" if it is run to focus entirely on the needs of the military-industrial complex, President Vladimir Putin's international development envoy was quoted as saying on Tuesday.
The comments by Boris ****** ov to business news outlet RBC were a rare sign of concern in Kremlin circles about the increasing pressure on the slowing economy to secure a victory in the 4-1/2-year war in Ukraine.
Titov, appointed in 2024 as Putin's special representative to international organizations for achieving sustainable development goals, is a wealthy businessman who used to own Russia's leading producer of sparkling wine. He led an influential business lobby and ran for president in 2018.
"Military and civilian economies have always existed in symbiosis everywhere. Many technical inventions that are useful for all originated within the military-industrial complex. The key lies in maintaining balance," ****** ov told RBC.
US pauses new strikes, Iran comments
#development
The comments by Boris ****** ov to business news outlet RBC were a rare sign of concern in Kremlin circles about the increasing pressure on the slowing economy to secure a victory in the 4-1/2-year war in Ukraine.
Titov, appointed in 2024 as Putin's special representative to international organizations for achieving sustainable development goals, is a wealthy businessman who used to own Russia's leading producer of sparkling wine. He led an influential business lobby and ran for president in 2018.
"Military and civilian economies have always existed in symbiosis everywhere. Many technical inventions that are useful for all originated within the military-industrial complex. The key lies in maintaining balance," ****** ov told RBC.
US pauses new strikes, Iran comments
#development
2 months ago
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If you use a rewards credit card, you're more like a millionaire than you may think. Although most adults have credit cards, millionaires are even more likely to use them. According to the Federal Reserve, almost all adults with incomes over $100,000 have a credit card in their name.
But if millionaires are so wealthy, why do they rely on credit? Credit cards provide plenty of benefits, even for the super-wealthy. However, you don't need a seven-figure net worth to take advantage of those benefits.
Dig deeper: Our top picks for best credit card
Millionaires use credit cards thanks to the convenience and perks they provide. These are some of the key benefits of using a credit card — even for people who can easily afford any purchase in cash:
#even #benefits #adults #wealthy
If you use a rewards credit card, you're more like a millionaire than you may think. Although most adults have credit cards, millionaires are even more likely to use them. According to the Federal Reserve, almost all adults with incomes over $100,000 have a credit card in their name.
But if millionaires are so wealthy, why do they rely on credit? Credit cards provide plenty of benefits, even for the super-wealthy. However, you don't need a seven-figure net worth to take advantage of those benefits.
Dig deeper: Our top picks for best credit card
Millionaires use credit cards thanks to the convenience and perks they provide. These are some of the key benefits of using a credit card — even for people who can easily afford any purchase in cash:
#even #benefits #adults #wealthy
