The New Elite: Inside the Minds of the Truly Wealthy
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We are all fascinated by them - that enigmatic class of people often referred to as the rich. In our fantasies, we envision them living in extreme luxury in million dollar mansions, cruising on yachts and jetting off to exotic locales at a moments notice. In "The New Elite", the authors reveal what drives our country's most powerful and influential class, what they want, where they shop and how they really spend their money. With candor and unique insight, they reveal that the people who drive our economy are not Ivy-league educated, luxury seeking socialites. Today's power elite no longer have last names like Rockefeller, DuPont, and Vanderbilt and they aren't necessarily in the limelight. Nearly half of them attended state schools and most of them come from poor or middle class backgrounds.While they include luminaries like Bill Gates, David Geffen, Ralph Lauren and Donald Trump, they may also include the small business owner next door. Based on thorough research and unprecedented access, "The New Elite" uncovers the five classes of America's new wealthy - including those who struggle with its implications, those who refuse to let it change them, and those who give it away and how each of them is changing our culture and economy. Often surprising and eminently entertaining, this is an enlightening and illuminating look at America's real ruling class, the profound ways they have redefined what it means to be rich, and the very real ways they are reshaping our country and our world.
Industrial Average was started in 1896. It didn’t reach 1000 until 1972, and it took another eleven years for it to gain a mere 100 points and close above 1100. But 1983 was the start of the biggest and longest bull market in history. It took just four years for the Dow to close above 2000, another four years for it to close above 3000, and four more years to hit 4000. (Alan Greenspan’s famous comment about the irrational exuberance of the stock market came on December 5, 1996; the Dow Jones
shirt—and will even buy it and feel good wearing it—and then in the next moment wonder if they have lost their character and sense of values for doing so. They struggle with the idea of indulging themselves when so many in the world have so much less, yet they have worked hard to achieve what they have—haven’t they earned the right to enjoy their money? They are certain that their spouses and families have sacriﬁced (as they have) to attain ﬁnancial success. A wrestler will indulge his wife with
patrons, directors are most aggressive about defending their wealth and building on it. Over 80 percent still deﬁne themselves as being on the front lines of their businesses, well ahead of any other group. This steadfast Republican segment (73 percent) feels that they have earned every penny they have and that the government is usually excessive and wasteful in attempting to tax it away from them. Directors pride themselves on their competence and conﬁdence in all aspects of life, including
everything they have Be Democrats Resemble the stereotypes of inherited wealth estate, oil and gas, commodities, and currencies. Directors also clearly have the highest spending patterns associated with the good life they are creating. One-third own a boat, 60 percent have a second home, and over half have three or more cars (typically a new Mercedes, but many also drive Cadillacs). They far outspend others in and around the home, from outdoor landscaping to home furnishings. They are the most
started locally and grew globally, today some of the hottest buzzwords in entrepreneurial circles are global start-ups, born global, and micro-multinationals. The bottom line for our purposes is that today’s wealthy are far more likely to have an intricate network of international connections, relative to the generations of wealthy individuals who came before them. We’ve seen how their career paths as entrepreneurs were likely to be international in some form; with two-thirds still actively on