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
Wealth
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
India is poised to experience the fastest growth in ultra high net worth individuals globally in the coming years, as per a report by consultancy Knight Frank. Mumbai, the financial capital of India, has surpassed Beijing to become Asia’s leading billionaire hub. It currently ranks third globally in terms of billionaire count, trailing only behind
Jeff Bezos, the founder and executive chairman of Amazon, has been making waves with his recent investments in artificial intelligence. While his high-profile purchases of luxury real estate and extravagant yachts have grabbed headlines, it is his foray into AI that is truly capturing the attention of the tech world. Recent data reveals that all
The United Arab Emirates has been recognized as the world’s top wealth magnet for the third consecutive year, as reported by the Henley Private Wealth Migration Report. This trend is expected to continue, with a projected net inflow of 6,700 millionaires by the end of 2024. The appeal of the UAE lies in its zero
Family offices are known for their exclusive and personalized approach to managing the wealth of high net-worth families. However, in recent years, there has been a noticeable shift in how these family offices compensate their employees. As the competition for talent intensifies, family offices are reevaluating their compensation plans to attract and retain top-notch professionals.