NEWS ABOUT: millionaires

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The Wealthiest Americans' Top Worry Is ...

Above all, it's health—their spouse's or their own

(Newser) - What's left to worry about when money is no object? Health, apparently. According to a report from two financial-advisory groups, American millionaires with a net worth up to $25 million rank their spouse's health as their number-one concern, Business Insider reports. Those who are merely affluent—with $100,... More »

For First Time, Most Members of Congress Are Millionaires

More than half qualify, says new tally

(Newser) - It isn't too much of a stretch to say that John Boehner now presides over a millionaires' club, reports the Center for Responsive Politics . Its analysis of financial disclosure forms reveals that more than half of the members of Congress qualify. Specifically, 268 of the 534 current members had... More »

France Gets Its Millionaires Tax

Constitutional Council finds revised 50% tax is constitutional

(Newser) - Francois Hollande finally got his millionaires tax today, with France's Constitutional Council clearing the way for the president's much-debated move to level the playing field for the middle class, reports Reuters . Hollande's tax was originally a 75% tax on income over $1.38 million; the council ruled... More »

72% of Millionaires Don't Think They're Rich

To those with millions to invest, wealth means financial freedom

(Newser) - Having millions of dollars to invest doesn't make you rich, at least according to those who have those millions. A study by investment firm UBS has found just 28% of people with between $1 million and $5 million in investable assets consider themselves wealthy, ABC News reports. While your... More »

Inside Al Gore's Crazy Riches

He may have as much money as Romney. Here's why

(Newser) - If it's not polite to talk about one's money, then Al Gore had quite the rude Monday. His riches (which, at an estimated $200 million, definitely qualify as riches) were the subject of both a Bloomberg piece (for which he declined to be interviewed) and a New York ... More »

The Schools Most Likely to Produce Rich People

US dominates the list

(Newser) - Most of the world's richest people have something in common: They went to school in the US. Wealth-X has compiled a report on which universities worldwide boast the most "ultra high net worth" alumni—defined here as those with $30 million or more—and US universities dominate the... More »

France Council Blocks 75% Tax on Millionaires

Government plans to resubmit plan soon

(Newser) - French President Francois Hollande's controversial plan to levy a 75% tax on income above 1 million euro ($1.3 million) has been rejected by a constitutional council, reports Reuters . The tax had been set to go into effect in 2013, despite the protests of many the nation's high... More »

Woman Scores $7M Fortune From Long-Lost Relative

Cleaning crew finds thousands of gold coins in dead man's garage

(Newser) - For those who dream of some long-lost dead relative leaving you a fortune, it apparently can actually happen. Arlene Magdanz, a San Francisco-area substitute teacher, is now officially a millionaire seven times over thanks to a dead first cousin. The AP reports that a crew cleaning out Walter Samaszko Jr.... More »

'Pathetic' Depardieu Quits France in Tax Rage

Trades barbs with PM, turns in passport after he moved to Belgium

(Newser) - For those American liberals who threaten to move to France should a presidential election not go their way, Gerard Depardieu is noisily heading in the opposite direction and burning his bridges as he goes: The actor is publicly surrendering his French passport and lambasting socialist PM Jean-Marc Ayrault, who had... More »

Dems Buck Obama on Tax Cuts, Say $250K Too Low

Tax debate, election year politics, divide party

(Newser) - Critics are lining up against President Obama's push to let the Bush tax cuts expire for the top 2% of earners—and that's just in his own party. Democrats facing elections this fall are breaking with the president, arguing that Obama's proposed $250,000 threshold is too... More »

Millionaire Missing From Florida Yacht

Guma Aguiar's empty yacht runs aground in Fort Lauderdale

(Newser) - A Florida millionaire's yacht came ashore this week—without the millionaire. Fort Lauderdale police are hunting for Brazilian-born Guma Aguiar after his empty yacht beached with the ignition running and lights on. The Coast Guard suspended its search yesterday after 70 hours hunting for the missing man in vain,... More »

North America No Longer Home to Most Millionaires

The honor now goes to Asia

(Newser) - North America may have retaken one crown from Asia yesterday, but it was forced to relinquish another today: The latter is now officially home to the most millionaires in the world, according to a new report by Capgemini. Its 3.37 million millionaires, a boost of 1.6% over 2010,... More »

Brazil's Wealthy Build Homes in Nature Preserves

Millionaire squatters dodge the law, trample on pristine land

(Newser) - Millionaire squatters? They're not so unusual in Brazil, where more and more of them are claiming land in nature preserves and building spectacular, secluded homes that are perfectly illegal, Bloomberg reports. The owners protect themselves by registering the property in the name of a holding company, and, when the... More »

French Frontrunner Wants 75% Tax on Millionaires

Francois Hollande: Those making more than 1M euros should pay huge rate

(Newser) - A poll out today continues to give Francois Hollande the edge over Nicolas Sarkozy in round one of France's presidential election, 31.5% to 27%, and a hearty lead in the runoff, 58% to 42%. Should the Socialist frontrunner indeed win, here's another percentage that will likely be... More »

Millionaire Hospitalized After Schlocky Spending Spree

Ed Bazinet blew about $60M on tchotchkes at two trade shows

(Newser) - A wealthy Manhattan businessman was hospitalized in a mental institution after spending $20 million on ice-cream scoops, barbecue tools, scented sachets, and other gewgaws at the New York International Gift Fair, reports the New York Post . Ed Bazinet, who struck it rich selling ceramic figurines, went from booth to booth... More »

Music Mogul Leaves $1.5M to Chauffeur, Doorman

And Alan Meltzer's ex-wife wants you to know that she really, really doesn't care

(Newser) - A chauffeur and a doorman are suddenly well-off after music mogul Alan Meltzer left them both a large chunk of his $10 million estate. Meltzer "was such a nice guy," says his chauffeur, who got $1 million. "He was always joking. He never looked down on anybody.... More »

Obama's Buffett Rule: 30% Minimum Tax for Millionaires

Warren Buffett secretary Debbie Bosanek is there as a guest

(Newser) - President Obama made his expected pitch for the Buffett rule tonight, with Warren Buffett secretary Debbie Bosanek attending his State of the Union speech to hear it in person. After noting Buffett's complaint that she pays a higher tax rate than her billionaire boss, Obama fleshed out the details,... More »

After Senate, Santorum Got Rich on Consulting Gigs

He's made millions off Senate experience

(Newser) - A funny thing happened between the end of Rick Santorum’s Senate career and his now-ascendant presidential run: He became a millionaire. Santorum has oft touted his blue collar upbringing, and when he left the Hill in 2006 he was indeed one of its least wealthy denizens, with assets valued... More »

Dems Drop Millionaire Tax, GOP Unveils Spending Bill

House in a hurry to wrap things up for Christmas

(Newser) - In an effort to reach a compromise in one of the two year-end battles facing Congress, Democrats have decided to drop their demand for a surtax on millionaires to finance payroll tax cuts. Without a deal, 160 million workers will face an automatic Social Security tax increase on Jan. 1,... More »

Democrats May Offer New Payroll Tax Proposal

They might back away from demand for tax on millionaires

(Newser) - Democrats may jettison their demand for higher taxes on millionaires as part of legislation to extend payroll tax cuts for most Americans, officials said today. The move comes as President Obama and Congress struggled to clear critical year-end bills without triggering a partial government shutdown. Republicans, too, signaled an eagerness... More »

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