Equinox, the high-end fitness chain, is making waves in the industry with the launch of one of the most expensive gym memberships in the world. Priced at $40,000 per year, the “Optimize by Equinox” program is designed to enhance overall health and longevity. By partnering with lab-test startup Function Health, Equinox aims to provide a
Wealth
Running a family office is no longer a cheap endeavor, with the average cost now surpassing $3 million per year. According to a recent study by the J.P. Morgan Private Bank, wealthy families are spending anywhere from $1 million to over $10 million annually to operate their family offices. This increase in costs can be
Recent studies have shown that large family offices are making a significant move towards alternative investments rather than traditional stock markets. According to the JPMorgan Private Bank Global Family Office Report, these family offices have allocated almost half of their investments in private markets and alternatives. This shift aims to achieve higher returns and lower
The wealth gap among rich millennials and the rest of their age group has continued to widen, leading to increased class tension and resentment. Recent studies have shown that the top 10% of millennials have amassed more wealth than the previous generations, while the majority struggle with student debt, low-wage jobs, unaffordable housing, and low
Kering, the French luxury group, experienced a significant drop in its shares by over 9% on Wednesday. This decline came after the company issued a warning regarding its first-half profits, citing a substantial decrease in demand for its flagship brand, Gucci. The group expects a sharp decline of 40% to 45% in first-half operating income
The ultra-wealthy, defined as individuals with a net worth surpassing $100 million, operate in a world of their own when it comes to investing strategies. These centimillionaires, numbering around 28,420 globally, are clustered in major cities such as New York City, the Bay Area, Los Angeles, London, and Beijing. These locations are favored due to
Superyacht sales have experienced a downward trend in 2023, with a notable 17% decrease in sales of new yachts over 100 feet long. The main reasons behind this decline are attributed to long waiting lists, increasing costs, and sanctions affecting oligarchs. Buyers looking to purchase a new yacht over 200 feet are facing wait times
The landscape of tax audits is shifting, with state tax collectors ramping up their efforts to target high earners. In New York alone, there were a staggering 771,000 audits in 2022, representing a significant 56% increase from the previous year. Surprisingly, this uptick in audits comes at a time when the number of auditors in
Wealthy U.S. families are increasingly seeking second citizenships and national residences as a way to mitigate their financial risk. This trend has been highlighted by a leading law firm that specializes in high-net-worth citizenships. The concept of “passport portfolios” has gained popularity among the wealthy, with many individuals now holding multiple citizenships to hedge against
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, driven by an end-of-year stock rally. This group, defined by the Federal Reserve as those with wealth over $11 million, saw their total net worth increase by $2 trillion. The gains were primarily from their stock holdings,