China’s $6 trillion consumer market is digging itself out of a slump

BEIJING — China’s consumption recovery from zero-Covid is getting off to a solid start – after a depressing fourth quarter. When Michelin-starred restaurant Rêver reopened Thursday from a Lunar New Year break, it was fully booked, said Edward Suen, chief operating officer of the Guangzhou venue. Reservations for the next three days were near capacity, … Read more

Why People Wait Years for $100,000 Watches That Look Like Spaceships

(Bloomberg Businessweek) — Let’s get one thing straight: Maximilian Büsser, the creative force behind the red-hot MB&F brand, isn’t making watches he thinks you’ll like. He already did that. For about seven years, the son of a Swiss diplomat and a mother from Mumbai was head of the watch division at luxury jeweler Harry Winston … Read more

Richest 1% amassed almost two-thirds of new wealth created since 2020: Oxfam

Skyline in lower Manhattan. Gary Hershorn | Corbis News | Getty Images Over the last two years, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says. A total of $42 trillion in new wealth has been created since 2020, with … Read more

Millennial couples go with smaller gatherings

Wedding ceremonies are held differently even within India with some couples choosing big religious ceremonies, while others lean toward a more intimate celebration. Rvimages | E+ | Getty Images Indian weddings are big business. But some of them may not be quite so big this year as they once would have been. The celebrations are … Read more

Condo king of Miami Jorge Perez bets big on Fisher Island

Just off the coast of Miami Beach, on ultra-exclusive Fisher Island, there is one crane on one construction site. It is the last plot of land available for development and an unlikely bet on luxury real estate at a time when the housing market appears to be in freefall. Jorge Perez, also known as “the … Read more

Billionaire Jack Ma Is Giving Up Control of Ant Group

Jack Ma, chairman of Alibaba Group Holding Ltd., speaks during a Bloomberg Television interview on the sidelines of the Xin Philanthropy Conference in Hangzhou, China, on Wednesday, Sept. 5, 2018. Ma said he is dedicating more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on … Read more

Millionaires plan to cut their holiday spending due to inflation

A pedestrian carries shopping bags while walking through Union Square on May 17, 2022 in San Francisco, California. Justin Sullivan | Getty Images American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC … Read more