getting wealthier — they are forming their own virtual country,” notes Robert Frank in his WSJ “Wealth Report” blog, in discussing his book out today, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich.
“Never before have so many Americans become so rich so quickly,“ he writes. And they are harder to recognize than old money. Some “needed” bigger yachts (we’re talking a private cruise ship), others have caused a “butler boom” yet many wear worn jeans. Some even “hired thugs” to keep their identity private.
They are ...
• Wealthier than most nations, with the top 1% controlling $17 trillion in wealth.
• Building their own breakaway republic, with its own health-care system (concierge doctors), travel system (private jets, destination clubs), giving and language. (”Who’s your household manager?”)
Millionaire households at every level ($1 million, $10 million, $100 million) have more than doubled over the past decade.