Free Republic

Desperate one-percenters are dropping small fortunes on private professional fire crews to protect their mansions as California’s most expensive wildfires continue to devour some of the wealthiest neighborhoods in Los Angeles. Private fire protection companies often contract with state and local governments to help battle wildfires, but in recent years California’s fire firms have begun offering “on call” services, ready to to show up with their own water supplies, trucks, hoses, fire-quenching chemicals, and other industrial-grade equipment. But these heroes-for-hire come with a hefty price tag, with some outfits charging $2,000 an hour for their services, the Daily Mail reported....

The number of China's billionaires has dropped by a third since 2021, according to an annual rich list, as difficulties for the country's economy and government crackdowns took their toll. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them.... China's economy has been grappling with a prolonged housing crisis,...

Nearly ten thousand millionaires are predicted to flee the jurisdiction of the United Kingdom this year amid expected tax raids from the left-wing Labour Party government of Sir Keir Starmer. While the previous Tory government of Rishi Sunak ushered in the highest tax burden since the Second World War, in large part to pay for the debts accrued during the coronavirus lockdowns, it is widely predicted that the fall budget of the Labour government will see further money grabs by the British state, with likely targets including capital gains and inheritance taxes. According to a report from The Times of...

LONDON — A record number of millionaires is expected to leave the United Kingdom this year, according to new research, with this year’s general election expected to further exacerbate the exodus. The Henley Private Wealth Migration Report indicates that Britain will experience a net loss of 9,500 high-net-worth individuals in 2024 — more than double last year’s figure of 4,200 (which in itself was a record-high figure). The U.K. came second to only China in Henley’s ranking, with the eastern Asian giant expected to see net outflows of 15,200 millionaires in 2024. The projections mark a stark turnaround for Britain,...

Proving that the Big Apple still has plenty of juice, a report finds that it holds more millionaires than any other large metro area in the word. Indeed, New York City’s count of millionaires is up 48% from just a decade ago. The data, compiled by Henley & Partners, show that nearly 350,000 New Yorkers — one in every 24 — have at least a seven-figure liquid net worth.

If you don't follow far-left Massachusetts Democrat Senator Elizabeth Warren on X, you should — if only for 24 hours. Hilarity reigns, as Warren never misses a concocted opportunity to rail against "profiteering" corporations, "the rich" not paying their "fair share," and "free" this and "free" that.Warren and Vermont Sen. Bernie Sanders have long pushed for a wealth tax that would begin with billionaires. Unlike Sanders, who believes billionaires shouldn't even be allowed to exist, Warren "only" thinks they should be taxed to smithereens (See: wealth redistribution).Now Warren, along with leftist Democrat Reps. Pramila Jayapal (WA) and Brendan F. Boyle...

Only a small share of millionaires say they feel wealthy,.. Persistent inflation has taken a toll on most Americans’ financial security, making it harder to feel well off.. What does it take to be rich? “The short answer is more... Feeling “rich” is increasingly elusive. Even among millionaires, only 8% would characterize themselves as wealthy these days. Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, ... Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs,...

Sen. Bernie Sanders (I-Vt.) on Thursday joined a group of millionaires in their call for Group of 20 (G20) nations to tax the ultrarich. In an open letter to G20 heads of state, Sanders, along with more than 300 millionaires, economists and politicians, called on the world’s largest economies to enact new tax regimes — at both national and international levels — that will prevent the “ultra-rich” from being able to “avoid paying their dues.”

A cool $1 million is not what it used to be. There are more millionaires in the U.S. and globally than ever before, with nearly 24.5 million millionaires nationwide as of 2022, according to the latest Global Wealth Report from the Credit Suisse Research Institute. Even so, having seven figures in the bank offers less security than it used to in the face of inflation and extreme market swings. “That mark is easier to obtain but it may not deliver what we expect,” said Dave Goodsell, executive director of the Natixis Center for Investor Insight. These days, fewer Americans, including...

Hong Kong saw a net outflow of 65,295 and 66,334 residents in February and March respectively, according to the city’s official immigration data. The trend will remain strong, as a new poll revealed that nearly 80 percent of Hong Kong residents surveyed were interested in emigrating. In mid-March, Bartra interviewed nearly 500 Hong Kong residents aged 18 and above through an online questionnaire. According to the poll, 79 percent of the respondents indicated that they are considering emigration or will consider this in the future; 48 percent indicated that it was “possible in the future,” and 31 percent indicated that...

Despite boasts about going after the 1%, they haven’t been the federal tax agency’s focus for some reason.It has become a tiresome, platform talking point over the past few election cycles – the rich are not paying enough taxes. Corporations have been accused of paying zero income taxes. The empty claim from Bernie Sanders was always “the millionaires and billionaires” needed to pay their fair share. (He quickly dispatched ‘millionaires’ from his cliche’ the day his personal wealth was revealed to place him in that particular bracket.) Recently Elizabeth Warren has been sniping at Elon Musk within her vapid claim...

More than 100 millionaires say current tax systems are “not fair” and increasing wealth tax would help resolve inequalities made dramatically worse by the Covid health crisis. Millionaires from around the world have signed an open letter asking governments to tax them at higher rates. The letter was published online Wednesday, mid-way through Davos, the World Economic Forum’s annual meeting being held virtually this year. The signatories of the letter, which was the result of a joint initiative from inequality advocacy groups Patriotic Millionaires, Millionaires for Humanity and TaxMeNow, said current tax systems were “not fair”. While only 100 millionaires...

A recent research report published by AfrAsia Bank listed the top 10 countries in the world that had the largest outflow of high-net-worth individuals (HNWI) in 2019. China topped the list with the most millionaires leaving for other countries in that year, followed by India.The study only covered HNWIs with a net worth of $1 million to $9.9 million who have settled in a new country for at least six months. The report also listed the top destinations for millionaires.China saw 16,000 millionaires leave in 2019, much more than India in second place, which saw 7,000 of its financially wealthy...

Fidelity, the largest 401(k) provider in the US, has just released its third-quarter analysis titled "Building Financial Futures" that outlines the number of 401(k) millionaires hit a new high during the pandemic, reported WaPo. Fidelity said client balances of more than one million dollars for 401(k) accounts increased to 262,000, up 17% from the previous quarter. The number of IRA millionaires also increased to 234,000, up 15% in the quarter. Both breached the highs recorded in4Q19 when Fidelity reported 233,000 401(k) millionaires and 208,000 IRA millionaires.Market performance was primarily the reason for increases in 401(k) account balances in 3Q20. Despite...

A few weeks ago, I was talking to a relatively high-level sports executive about the election, which is to say we were discussing something terrible Donald Trump had said or done. We agreed that Trump was likely to lose. “But he could always still win — even Nate Silver says that,” I remarked. The executive then said something that stunned me, though the more and more I think about it, the more sense it makes. “If Trump wins, or if he refuses to concede, I’m telling you right now: There won’t be any sports for a month,” he said. “Maybe...

New Jersey Gov. Phil Murphy on Thursday announced a new deal with fellow Democrats to hike taxes on the state's wealthiest individuals and couple that with a one-time tax rebate for lower-income households. Under the plan, the state's gross income tax rate on individuals earning between $1 million and $5 million would increase from 8.97% to 10.75%. Wages over $5 million are already taxed at the top marginal rate of 10.75%. Someone earning $4 million would pay roughly $71,200 more in taxes each year, while someone making $1 million would see an increase of about $17,800 per year. Murphy's administration...

What’s NFL Sunday? You mean rich Democrats who hate and slander their fans playing football. Count me out! — Mark R. Levin (@marklevinshow) September 13, 2020

In response to a video in which Oprah Winfrey encourages white people to admit they are racist, radio legend Rush Limbaugh pummeled the popular black author and former television host. "This country is defined by people who came from nothing, like she did," Limbaugh said on his national broadcast Wednesday. "How in the world did she do it with so much white privilege and so much racism? Who in the world screwed up and let The Oprah become a billionaire? Which one of you white people made that mistake? Was it one of the King brothers who was her first...

The world’s wealthiest people are also the most mobile.High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they’re simply looking for a change of scenery.Today’s graphic, using data from the annual Global Wealth Migration Review, maps the migration of the world’s millionaires, and clearly shows which countries are magnets for the world’s rich, and which countries are seeing a wealth exodus.The Flight of the...

Late Monday night President Donald Trump tweeted that he would be halting immigration to the United States during the Wuhan coronavirus pandemic. He expanded on that decision during Tuesday's White House Coronavirus Task Force briefing, saying immigration will be suspended for the next 60 days. Failed presidential candidate Beto O'Rourke (D) took to Twitter to criticize the president's decision. Beto made the claim that Trump is "attempt[ing] to distract us from his total mismanagement" of the Wuhan coronavirus.