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Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich
 
 
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Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich (Hardcover)

by Robert Frank (Author)
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Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich + All the Money in the World: How the Forbes 400 Make--and Spend--Their Fortunes + The Official Filthy Rich Handbook
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Product Description

From Publishers Weekly

When Frank, a columnist for the Wall Street Journal, began noticing that the ranks of America's wealthy had more than doubled in the last decade, and that they were beginning to cluster together in enclaves, he decided to investigate this new society, where $1 million barely gets you in the door. The Richistanis like to consider themselves ordinary people who just happen to have tons of money, but they live in a world where people buy boats just to carry their cars and helicopters behind their primary yachts, and ordering an alligator-skin toilet seat won't make even your interior designer blink. But Frank doesn't just focus on conspicuous consumption. He talks to philanthropists who apply investment principles to their charitable contributions and political fund-raisers who have used their millions to transform the Colorado state legislature. He also meets people for whom sudden wealth is an emotional burden, whose investment club meetings can feel like group therapy sessions. It's only in the final pages that Frank contemplates the widening gap between Richistan and the rest of the world—for the most part, his grand tour approach never loses its light touch. (June)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.


From AudioFile

Robert Frank, Wall Street Journal wealth reporter, shows us how the inhabitants of Richistan--a parallel country of the rich--live. This is not the other half; its the other one percent. Richistanis worry about their financial security and raising children not to be Paris Hilton. They have butlers, $600,000 Franck Muller watches (Rolexes are cheap), and alligator skin toilet seats on private jets. Dick Hill does his usual masterful work, faithfully translating Franks frequent amusement. Hills light tone is perfect for relating the foibles of those with unlimited funds. Hill also creates appropriate voices for the many interviewees and others quoted in the book--a particular favorite is the philanthropist from Texas who applies business rules to his charity giving. A.B. © AudioFile 2007, Portland, Maine-- Copyright © AudioFile, Portland, Maine --This text refers to the Audio CD edition.
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6 of 6 people found the following review helpful:
5.0 out of 5 stars Lifestyles, Spending, Fears, and Anxiety of the New Rich, Aug 8 2007
If you enjoy intimate looks at private lives, Richistan will entertain you. If you want to learn how to improve your own life, Richistan will only frustrate you . . . by raising your sensitivities to the material things you don't have.

The book has many key lessons for the new rich:

1. If you want to be rich today, you'd better be someone who starts a successful business that can be sold for big bucks. Inheriting money is a loser's game.

2. Once you are rich, you'll be left feeling poor . . . because others have so much more. You'll lust for a way to instantly double your money.

3. You won't be able to hire the quality of help you need to get rid of daily frustrations. The help you hire will, however, charge you an arm and a leg and will complicate your life.

4. Unless you work hard to insulate them from your wealth, your children will simply be clueless about how to run their lives in any meaningful way. You, too, could be the parent of a rich parasite with a drinking or drug problem.

5. Unless you cash out, your sense of being wealthy can lead you to spend money that you can't afford to spend. A financial disaster could follow.

6. In the race to prove you count, buying things doesn't work very well. The scale of what's expected is rapidly ratcheting up . . . as are the costs. Many times, more is less in terms of satisfaction.

7. Turn your money toward self-directed philanthropy or changing the political environment, and a few million bucks can have a huge impact.

8. Your spending will reach obscene levels. Does any family really need $80,000 a year in massages?

9. You'll only feel comfortable with people with the same wealth you have. Those with less will see you as a mark. Those with more will put you down and make you feel poor.

The book also suggests (but doesn't really develop) the point that there's a split between the very rich and the merely rich, in terms of attitudes and lifestyle. The merely rich are the local professionals who vote Republican (the ones the best selling how to books emphasize) and want to belong at the country club. The really rich are entrepreneurs, and they think the whole system (whatever system it is) stinks. They plan to replace or improve on what the merely rich like (think Donald Trump).

The best parts, to me, were those where a person or a married couple were profiled. I was particularly interested in the story of Philip Berber, the Jewish Irishman, who is reshaping third-world philanthropy by nudging aside the NGOs in Ethiopia to let the people help themselves through his personal charity, Glimmer of Hope. His story begins on page 157.

The book is a very easy read, and it goes down like a good ice cream soda. Everyone will end up feeling superior to most of the people in the book. What more can you expect from buying and reading a book?

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