Barron’s cover story, “Penta Millionaires: The New Rising Class” reports in 2015 there were a record one million households with more than $5 million in investable assets, up 5% from 2014. This should be fun. Let’s guess how much of this new wealth will actually stick. I’m not talking about the Pentas’ necessarily. I’m thinking more about the $25 million crowd. Imagine their burn rate—fueling those jets is expensive!
What caught my eye is the story of a Mr. Anthony Alves, 54, who sold his New Jersey company, Oasis Foods, putting his net-worth well over $25 million. “It was life-changing,” he said. I’d say:
He needed help figuring out how to live with this elevated level of wealth, so Alves’ advisors at Wells Fargo Private Bank had him assess short- and long-term goals, and then established a budget pegged to seven- to 10-year cycles. After making some initial lifestyle upgrades—a Maserati and a $2 million yacht for him, a new Mercedes-Benz for his wife, a new swimming pool, and a vacation home—Alves says his priority was his four children’s futures.
Untold Wealth – The Rise Of The Super Rich
Latest posts by E.J. Smith (see all)
- A Warning for the Global Economy - May 23, 2018
- Wealth Shock! “All of a Sudden Their Wealth is Gone” - May 22, 2018
- Big Government and Globalism: Small Town America in Despair - May 21, 2018