October 21, 2013

"The seriously rich wrestle with issues that most of us never have to consider."

"Problems such as..."
... shall I customise my Learjet so that I can stand upright in it? How can I make it to number one on the rich list? Do I own too many Basquiats and Koonses? Should I go public on my $2bn Gates Foundation donation?

While many deliberate over these conundrums, one overriding issue surpasses all the others: where should I stash my cash and, therefore, where should I live?

17 comments:

PB Reader said...

And the wealthy in the US are increasingly trapped in the US due to the capital controls and reporting requirements imposed on foreign insitutions.

Glen Filthie said...

Well I don't have to worry about Lear jets, limos and charities...I DO have to worry about where to stash my cash - I don't trust my gov't or the banks anymore.

The rich can look after themselves, the socialists can keep their hands where I can see them...and nobody will get hurt.

Freeman Hunt said...

"“Investors at the luxury sector are highly sophisticated and look to invest in major cities to meet the educational requirements of their children,” says Sunn."

If the idea is to send their children to elite colleges, this is not a savvy strategy. Go live somewhere underrepresented at these colleges and acceptance is much more likely.

Peter said...

In my experience, the truly rich are some of the cheapest people on Earth (that is, they really don't like to pay for things.

But what the truly rich really put up with is people constantly pestering them. With business proposals, or just plain begging. With businesses and service people who intend to gouge them because, after all, they're so rich that the extra taken will be just a rounding error.

And so, the truly rich either spend their time in the company of other truly rich or, when they're not, they "dress down" so as not to appear rich.

Which still does nothing to solve the problem of how to motivate their offspring. For, as they say, "There's no one quite so helpless as the rich man's son."

Freeman Hunt said...

The article makes light, but there really are serious issues that the rich must confront. Who to trust. Who friends are. How to give effectively. Not falling into the trap of outsourcing important things (all childcare, for example.) And, for the religious rich, trusting and loving God, not money.

madAsHell said...

I thought Thurston Howell was dead.

betamax3000 said...

The Rich Can Certainly Afford Great Amounts of 'Therapeutic Cuddling' at Sixty Dollars an Hour to Cuddle Those financial Worries Away. They Would be Able to Keep Their Own Private Staff of 'Therapeutic Cuddlers' On Call Twenty-Four/Seven, One on the Jet at All Times, Have Special Rooms For Them at the Mansion, Right Next to the Naughty Rooms With Those Naughty Non-Therapeutic Cuddlers Who Are Also On Call. More than Sixty an Hour For Those, though. Still: Rounding Error.

James Graham said...

Google is on its toes alert: the FT article has an ad for Learjet.

Luke Lea said...

shall I customise my Learjet so that I can stand upright in it?

The truly rich don't have Lears. Anyone who can afford a $2 billion contribution owns a Gulfstream or something equivalent.

n.n said...

I am not so petty or envious to be concerned about my neighbor's Learjet or his beachfront property in Hawaii.

Rusty said...

It's a good question because most private jets are leased out when the owners isn't using them.

elkh1 said...

Glen Filthie said...
"I don't trust my gov't or the banks anymore."

You can't trust your cash either. It devalues in front of your eyes. The couple of millions you've stashed away for a Learjet may buy you a little scale model for your grand kid.

Marshal said...

Freeman Hunt said...
If the idea is to send their children to elite colleges, this is not a savvy strategy. Go live somewhere underrepresented at these colleges and acceptance is much more likely.


The truly rich and/or politically connected don't have to worry about admissions. Their children will be admitted on the likelihood their parents or later they will be able to donate generously.

Rusty said...

Marshal said...
Freeman Hunt said...
If the idea is to send their children to elite colleges, this is not a savvy strategy. Go live somewhere underrepresented at these colleges and acceptance is much more likely.

The truly rich and/or politically connected don't have to worry about admissions. Their children will be admitted on the likelihood their parents or later they will be able to donate generously.

Or as more likely the case. A hefty "fee" in addition to their regular tuition.

Alex said...

This used to be the case, but the new hi-tech rich like Larry Page use their huge wealth to better the world through advancing technology like:

Google Glass
Project Loon
Google Fiber
Self-driver cars

Yes Google Uber Alles.

damikesc said...

The rich should stay here until a Republican is in office. Bush had a far more "fair" economy than Clinton or Obama. I would no longer have issues with antitrust suits, by the truckload, on the robber barons in the tech industry.

heyboom said...

Learjets can't be customized to allow one to stand upright in it. The only way to do that is to buy a larger Learjet or a larger jet of another make and model.