Burberry Group, a British luxury fashion house, faced a major setback as it dropped out of the U.K.’s FTSE 100 stock market index. The retailer’s declining sales and a series of management changes culminated in its relegation to the FTSE 250 during September’s quarterly rebalancing. This move marked the end of Burberry’s 15-year run in
Wealth
Back in 1916, the world saw its first billionaire when John D. Rockefeller of Standard Oil reached a net worth of $1 billion. This achievement was considered monumental at the time and sparked a fascination with the idea of becoming a billionaire. Fast forward to the present day, and the focus has shifted to who
Sports team owners who have reaped the benefits of skyrocketing team values are now facing new challenges in the form of succession planning and taxes. As the average age of team owners continues to rise and team values hit the billions, there is growing concern about ensuring smooth ownership transitions to the next generation of
The population of crypto millionaires has seen a staggering 95% increase over the past year, with a total of 172,300 individuals now holding more than $1 million in crypto assets. This surge in wealth can be attributed to the rise of bitcoin exchange-traded funds and other crypto assets, which have experienced significant growth in recent
The annual Monterey Car Week auction saw a 3% decrease in sales compared to the previous year, with a total of $391.6 million in sales across five auction houses. This decline is attributed to a shift in collector preferences from classic cars of the 1950s and 1960s to more modern vehicles. Only 72% of the
Bernard Arnault, founder and CEO of LVMH and the world’s fourth-richest person with a net worth of $184 billion, is making waves in the tech industry. Through his tech-focused venture firm and family office, Aglaé Ventures, Arnault has made significant investments in artificial intelligence (AI) companies. These investments, totaling more than $300 million, have caught
The private jet industry has seen a significant decline in the first half of the year, with private jet flights dropping by 15% compared to their peak in 2022. Despite a brief uptick during the Summer Olympics, where a record 713 private jet flights were recorded to Paris in the last week of July, the
In an ongoing family feud within the Murdoch family, Nevada has emerged as a significant player in the realm of family trusts and wealth protection. Legal industry rankings now place Nevada as the leading state in the country for asset-protection trusts, showcasing its allure as a hub for safeguarding substantial fortunes. Nevada boasts a unique
Wealthy investors and family offices have been reducing their stock holdings, moving towards private markets, due to concerns about an overheated tech sector. In fact, UBS family office survey found that family offices have 35% of their portfolios in private equity compared with just 28% in equities. Another Deloitte survey showed a drop in family
Dolce and Gabbana’s newly released luxury perfume for dogs has caused quite a stir, with animal welfare organizations raising concerns over its hefty price tag of over $100. The fragrance, inspired by the brand-owner’s own pet dog, Fefé, boasts a blend of Ylang Ylang, Musk, and Sandalwood notes housed in an elegant green lacquered bottle