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
Wealth
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,
Winning a lottery jackpot can seem like a dream come true, but the harsh reality is that a significant portion of the winnings will be lost to taxes. The recent $1.128 billion Mega Millions jackpot winner in New Jersey will undoubtedly experience a considerable tax impact on their windfall. Experts have revealed that the lucky
Mumbai, India’s financial capital, has recently taken the lead in Asia with the most number of billionaires, surpassing Beijing and Shanghai. According to Hurun Research Institute’s global rich list, Mumbai now boasts a total of 92 billionaires, marking a significant shift in wealth distribution in the region. This marks the first time that Mumbai has
When it comes to planning for retirement, it’s essential to explore all available options to lower your tax bill and boost your savings. One lesser-known strategy that can benefit married couples is the spousal IRA. This unique opportunity allows non-working spouses to contribute to an individual retirement account, providing a current-year tax break and increasing
The Mega Millions jackpot, which reached an astounding $1.1 billion, poses significant financial challenges for potential winners. While the grand prize is not as high as last year’s record $1.6 billion, winners still need to navigate through various obstacles to secure their winnings. With two payout options available – a lump sum of $525.8 million