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Full of captivating profiles and expert insights into the lives and lifestyles of the nouveau riche, "Richistan" looks behind the glitz to find the real story behind new money and its impact on the richest nation in the world. Unabridged. 7 CDs.
Frank, Wall Street Journalsenior special writer, created a stir in popular culture when he began his weekly WSJcolumn and daily blog called The Wealth Report, which discussed the way of life of "Richistanis," residents of the unique world of "Richistan," who have realized tremendous wealth. In 2003, the author learned that the number of American millionaire households had more than doubled since 1995 to over eight million and that these newly affluent were beginning to cluster and create their own universe. In 2003, WSJassigned Frank to focus full time on the life and times of the nouveau riche, which led to his popular Wealth Reporter column and, ultimately, to this fully fleshed work, which provides a fascinating analysis of the life and the culture of the ultra-rich. He digs deep, analyzing their high-end investing patterns and business savvy, charitable giving, and purchase of luxury goods and services. Frank describes their own personalized health-care system, specialized transport system, unlimited, customized travel network, household managers, and much more. He also provides an understanding of the paradoxical nature of many of the newly rich that explains why so many are as common as ordinary middle-class Americans, even though they have more money than they could ever spend and are nothing like the select few among this subculture who attract a media frenzy, like Warren Buffett, Donald Trump, and Bill Gates. The lively narration by Dick Hill helps maintain interest throughout this material, which provides an important contribution to the fields of economics and demography. Highly recommended for university and larger public libraries.
More Reviews and RecommendationsROBERT FRANK is a senior special writer at The Wall Street Journal, where he writes a weekly column and daily blog called The Wealth Report. He has been with The Journal for 13 years, with postings in Atlanta, London, Singapore and New York. He was part of a team of reporters that won an Overseas Press Club award in 1998 for its coverage of developing economies. He lives in New York with his wife and daughter.
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January 02, 2010: One had to keep in mind this book was written before the crash. In discussing this in a book club I found the critical comments on how the rich spent rather hypocritical. I find the majority of Americans spend the same % on "things" if analyzed. Would the average spend the same if we had the same.
I Also Recommend: What the Dog Saw.
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September 23, 2008: Wall Street Journal reporter Robert Frank has written a useful book on the new rich. He points to the huge gap between the rich and the rest of us. The richest 1% in the USA have 33% of the country?s wealth, more than the poorest 90% and the incomes of the richest 10% are growing by more than 10% a year. Yet median incomes for US households have fallen for five years running and median families make $3000 a year less than they did in 2000. How do the rich do this? The global pension, insurance and mutual funds have $46 trillion, wealth produced by the 95% who work. The CEOs, bankers and hedge-fund owners - the money managers - steal from this global river of cash. Governments help the rich to rob us. Bush?s tax cuts gave 80% of the tax savings to the richest 10%, 20% to the richest 0.1%. The result? Our savings, housing and pension funds vanish, so David Blunkett tells us that we have to work till we drop. Education, health and industry vanish too. But the rich get richer. In 2005, Hurricane Wilma wrecked Fort Lauderdale a month after Hurricane Katrina wrecked New Orleans ? yet the town still held the 46th International Boat Show and shifted its funds from the newly homeless have-nots to the have-yachts. When Google founders Sergey Brin and Larry Page bought themselves a Boeing 767 wide-body airliner, Page said that it would let them ?take large numbers of people to places such as Africa. I think that can only be good for the world.? Frank shares this folly. He ends by writing, ?If we accept that the rich aren?t the cause of the current inequities, but merely the lucky beneficiaries, we can also hope that they will use their wealth to help target society?s deepest problems.? He then refers to Andrew Carnegie?s 100-year-old dream of `reconciliation between rich and poor, a reign of harmony?. Why hasn?t this happened? Maybe it?s because we think that `the rich aren?t the cause of the current inequities?, because we still hope that `they will use their wealth to help target society?s deepest problems?.