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New Nordstrom Billionaire Emerges As Retail Shares Surge

Nordstrom Inc., the Seattle-based retailer whose shares have surged 17 percent since June, has produced a new billionaire.

Monaco Tops In Ultra-Rich Per Capita


Monaco has more ultra-high-net-worth people per capita than any other country-more than double the number of the first runner up, according to Wealth-X.

Ultra Wealthy Smitten With Public Equities, Survey Says


Tiger 21's ultra-high-net worth members increasingly are selecting public equities as their favorite investment option, according to a new survey.

U.S. Bank Makes Three Appointments


New wealth management appointments have been made by U.S. Bank and BNY Mellon.

Obama Victory Leads Wealthy To Make Quick Pre-2013 Moves

The race is on for wealthy Americans to save on taxes before Jan. 1, as President Obama's re-election means his administration will push to let Bush-era tax cuts expire for high earners.

First Republic Buys Luminous Capital


Luminous Capital LLC, an independent wealth advisory firm started by a group of Merrill Lynch employees in 2008, is being sold to a subsidiary of First Republic Bank.

Spousal Lifetime Access Trusts: The Time Is Now

by Jay E. Rivlin and Toni Ann Kruse

Many clients are eager to take advantage of the $5.12 million gift exemption before it expires but are hesitant to part with such a significant portion of assets...

Rich Choose ETF Over Hedge Funds, Berkshire

U.S. millionaires would rather match the stock market through an exchange-traded index fund than try to beat it using higher-fee hedge funds or Warren Buffett's Berkshire Hathaway.

BNY Appoints Private Banker


BNY Mellon has appointed a new private banker in its Manhattan office.

UHNW Prefer Charity Over Luxury Items, Study Says


Investors worth $25 million or more are more likely to donate $100,000 to charity than spend it on jewelry, collectibles, boats or other discretionary items, according to a Spectrem study.

Armstrong Faces $200 Million Salary Loss With Reputation Ruined

Lance Armstrong may lose as much as $200 million in future earning potential, more than the wealth he accumulated in a championship cycling career now gutted by revelations of doping.

Vekselberg Becomes Richest Russian After Oil Deal

One of the biggest oil deals in history has made Viktor Vekselberg the richest man in Russia.

Billionaire Paulson Donates $100 Million For Central Park

Billionaire John Paulson and the Paulson Family Foundation are donating $100 million to the Central Park Conservancy, the largest parks donation ever.

Farallon's Steyer To Step Down As Spokes Named Sole Manager

Thomas Steyer, the founder of $20 billion hedge fund Farallon Capital Management LLC, will exit the firm after more than a quarter century to focus on public service.

Albert Ueltschi, Pilot, Billionaire, Buffett Cohort, Dies At 95

Albert Ueltschi, a pilot who founded aviation-training company FlightSafety in 1951, expanded it into an international powerhouse and sold it to Warren Buffett for $1.5 billion, has died...

Hidden Billionaires Unzipped From Europe With $950 China Shoes

Surging demand for $100 Zara dresses and $3,000 Prada handbags in emerging markets has created three new billionaires who hail from countries at the center of the European debt crisis.

Mack Starts Fund-of-Funds With Investor For Magic Johnson

John Mack is going into business with a 77-year-old tax lawyer who oversees more than $15 billion in investment assets for clients such as ex-basketball star Magic Johnson.

Wealthy Advised To Sell For Gains Before Unfriendly 2013

Sell. That's the message from some financial advisors, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates.

Key To UHNW Market: Know The Client, Study Says


A key for a financial advisor to gain ultra-high-net-worth clients is to know the client before you meet him, says David Friedman, president and co-founder of Wealth-X.

Company Changes Name


Insurance advisor Frank Crystal & Company has changed its name to Crystal & Company.

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