Friday, October 3, 2008

Richistan

I managed to read a book on the always late train to Chicago--Richistan! I think you will all love it. My interest as a former marketing gal continues to be how consumers shop and live. I was always putting together lifestyle boards for work, etc. The books is written by a Wallstreet Journal reporter, Robert Frank who actually lived in among the wealthy. This book breaks the rich in the USA and world into the following categories:

LOWER RICHISTAN

Household Net Worth: $1million to $10 million

Population: 7.5 million households

Chief Source of Wealth: Salaries, small business, equity

Average 2006 Spending: Watches: $2000 * Cars $44,000 *Jewelry: $9200 * Spa Services: $5300

Primary Residence: $810,000

MIDDLE RICHISTAN

Household Net Worth: $10 million to $100 million

Population: 2+ million households

Chief Source of Wealth: Business Ownership , Equity, Salaries

Average 2006 Spending: Watches: $71000 * Cars $158,000 *Jewelry: $126,000 * Spa Services: $42,000

Primary Residence: $3.8 million

UPPER RICHISTAN

Household Net Worth: $100 million to 1 billion

Population: in the thousands

Chief Source of Wealth: Business Ownership , Equity

Average 2006 Spending: Watches: $182000 * Cars $311,000 *Jewelry: $397,000 * Spa Services: $169,000

Primary Residence: $16.2 million

What I found most interesting, this new wealth group really live in their own world. They care little about being allowed into the old money clubs, so successful marketers..like Donald Trump, are building new private clubs for them that cost $250,000 to join. They want philanthropy to perform and are willing to boot the old money guard to accomplish their goals. They want big planes, big boats, big houses, and flant their money vs. hide it. They are raising their kids differently (teaching them to manage their money vs. being trust fund babies with hobbies) too. They work hard and play hard. I think you will find this book worth reading.

New Watch: Franck Muller

Rolex ranked 10th, Cartier Ranked 13th and Breguet is #5

3 comments:

Kappa Prep said...

Hope you are having a delightful time in Chicago! This sounds like a very interesting read. I love just about everything written by WSJ reporters!

Tres Poshe Preppy said...

This looks very interesting! I mean really, $169,000 on spa treatments.... sign me up! ;)

The Mrs. said...

I am going to read this for sure!!!