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

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Author: Robert Frank
Publisher: Crown
Category: Book

List Price: ~~$24.95~~
Buy Used: $5.12
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Avg. Customer Rating: 4.0 out of 5 stars

66 reviews
Sales Rank: 43312

Media: Hardcover
Number Of Items: 1
Pages: 277
Shipping Weight (lbs): 1.6
Dimensions (in): 9.3 x 5.8 x 1.2

ISBN: 0307339262
Dewey Decimal Number: 305.52340973
EAN: 9780307339263
ASIN: 0307339262

Publication Date: June 5, 2007
Availability: Usually ships in 1-2 business days
Shipping: Expedited shipping available
Shipping: International shipping available
Condition: very good Used - Good

Customer Reviews:

Showing reviews 6-10 of 66

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tourists in wealth land September 21, 2008
Satisfied my voyeuristic urges to hang out with rich people. Actually a fascinating journey into the lives of a growing (and fortunate) set of American's who have benefited from economic and tax policies that have benefited their tribe. One thing I learned is that increasingly the rich are those who start and sell businesses rather then inherit their money. Liberals like me who spend more time reading about the poor can benefit from understanding how the other half lives

4 out of 5 stars

A quick read September 8, 2008
Of the many "take aways" that I learned from this book is:
1. You need $10 million to be rich in America.
2. Your kids can have a great career, good salary, great locations,
and excellant accomodations by learning to manage the Wealthy's
projects.

4 out of 5 stars

Entertaining but little else August 11, 2008
1 out of 2 found this review helpful

If you are hoping to glean secrets of how the superwealthy obtained their riches you may be disappointed.
When the author introduces a real life character he does briefly describe the nature of business that made that character rich, but there are no secrets, business strategies, or other helpful concepts you could use to create your own personal vault of money.
That said, there is a number of entertaining stories of wealthy people and how they spend their money. Your inner gossip craver may love that.

1 out of 5 stars

Sad Political Slant July 21, 2008
0 out of 8 found this review helpful

The book had a promissing start, but quickly deteriated into Republican bashing and lefty egalitarian slant. Reads like a bad New York Times article.

4 out of 5 stars

Entertaining look at the super rich July 19, 2008
2 out of 2 found this review helpful

This book was well written, easy to read, entertaining, and funny.

The author hung around places where really rich folks hang out for a year or two, then wrote a book based upon his findings. I can think of a lot worse ways to do research for a book!

The author says the very wealthy are so insulated from the rest of society that they make up their own country within a country.....aka Richistan.

The author divides the millionaire crowd into 3 wealth segments:

Lower Richistan.......$1-10M
Middle Richistan......$10-100M
Upper Richistan.......$100M to $1B

The author reports that as of 2004...the number of millionaire+ households was:

$1M.........9,050,000
$5M.........1,440,000
$10M.........530,000
$25M.........110,000

If we assume there were about (320M population divided by 2) 160M households in the U.S. back in 2004......that means about 6% of U.S. households had millionaire status (9.05M/160M).

The author reported a new rule-of-thumb which I had not heard of before.......that regardless of your wealth level.....you think you need 2X your current wealth level to feel "really wealthy".

I found the section on butler boot camp to be funny. There are so many millionaires needing butlers (or household managers) to take care of their 3 or 4 houses and yachts that demand exceeds supply of butlers. For a mere $12K, you can attend butler boot camp for 8 weeks, and get an average starting pay of $75K.......with a top end pay of $120K. The down side is you have to put up with prima Dona chefs and manage many vendors with an annual operating budget in the $2M range.

I found the section on "performance based philanthropy" interesting. Some entrepreneurs make their fortune then decide to be philanthropists. When they investigate the large, traditional philanthropic organizations.......they find that less than $0.50 of every dollar donated actually does real work for the beneficiaries. Some organizations have tremendous over-head which reduces their efficiency. A few philanthropists decide they can run a more efficient organization......and then up super efficient organizations which then compete against the large traditional organizations.

The section on rich kids points out the age-old difficulty of preventing large family fortunes being spent within 3 generations.

The "who can buy the biggest yacht" section was also entertaining. It seems that to display your super rich status, you need at least a 400 foot long yacht. Of course, the bad news is the regular marinas can't handle a boat that big......so you have to park your trophy yacht out by the rusty ocean going vessels!

The final conclusion of the author is that the U.S. is at risk for another minor social revolution because of the disparity of wealth.....with the top 1% now controlling 33% of the total wealth. He points out the 2 previous social revolutions in the U.S. where in the early 1900's Teddy Roosevelt broke up the large business trusts and the 1930's with FDR and his many New Deal proposals.

Of course, the fact there are disparities in the wealth distribution is not new news. Wilfred Pareto found that in several European countries in the late 1800's and early 1900's.....20% of the population controlled 80% of the wealth. If you check the latest figures for the U.S., you will find Pareto's 80:20 Rule still applies today.

Over-all, this book is easy to read and gives an entertaining view of the world of the citizens of Richistan.

Other books which may help you gain citizenship to Richistan are shown below:

Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing

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