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How Nicolas Cage Really Went Broke
How Nicolas Cage Really Went Broke
Nov 7, 2009 3:46 PM CST

How Nicolas Cage Really Went Broke

Actor 'spent money like it was water,' friends say

(Newser) - Nicolas Cage’s money woes aren’t all his money manager’s fault. Cage “lived like a sheik,” a friend tells the Daily Beast . “Spent money like it was water.” Here’s a sample of what he spent it on:
  • More than a dozen homes, including
...

'Billionaire Bloodbath' Costs America's Super-Rich $300B

Mere multi-millionaires make it into Forbes 400 as slowdown shrinks fortunes

(Newser) - America's 400 richest people became a whole lot poorer over the last 12 months, according to the latest Forbes list. Their total wealth fell by a whopping $300 billion to a total $1.27 trillion, with 314 of the 400 experiencing a fall in fortunes. A Forbes editor described the...

Generation of Rich Brats Sparks Chinese Anger

Lethal car accident, lenient sentence trigger wave of Internet outrage

(Newser) - Public outrage aimed at new generation of elites is widening class divisions as China prepares to mark 60 years of Communist rule, the Wall Street Journal reports. The sons and daughters of those who got rich after the economic reforms of the early '80s are widely seen as being above...

How to Tell If You're a WASP
 How to Tell If You're a WASP 
Sep 21, 2009 4:16 PM CDT

How to Tell If You're a WASP

(Newser) - Being a WASP is a lot more than being just white, Anglo-Saxon, and Protestant. Author Tad Friend expounds at length on the criteria for true WASP-hood in his upcoming book Cheerful Money: Me, My Family, and the Last Days of WASP Splendor. Vogue offers the highlights:
  • Your refrigerator "contains
...

NYC Prep Paints Sad Picture of City's Excess

Parents, schools angry at 'manipulative' show

(Newser) - Post-crash New York City has become a symbol of spiritual emptiness, writes Vanessa Grigoriadis for New York magazine. NYC Prep is the latest reality show to exploit this symbolism, allowing the rest of America to watch Manhattan’s lost souls—this time, teenagers—pursue decadence and social standing. In the...

Credit Crisis Snips Ranks of Super Rich

Millionnaires' club gets smaller as investments plummet in value

(Newser) - Won't somebody think of the poor millionaires? The global financial crisis has hit the world's "super rich" hard and left many of them merely extremely wealthy, the Financial Times reports. The number of "ultra high net worth individuals" with over $30 million to invest shrank by nearly...

SD Rancher: I Won't Squander $232M Lotto Win

(Newser) - South Dakotan Neal Wanless has just hit it big—$232 million in lotto winnings—but he promises to be wise and generous with his newfound wealth, reports the Argus Leader. “I want to thank the Lord for giving me this opportunity and blessing me with this great fortune,”...

UK Billionaires' Ranks Halved in Downturn

Wealthiest lose collective $228B

(Newser) - The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost...

'Giving-While-Living' Philanthropy Dies in Ireland

Philanthropists clench fists as wealth evaporates

(Newser) - Like the rest of the recession-plagued world, Ireland isn’t as affluent as it used to be, but the country is especially weakened now that declining wealth is denting its burgeoning culture of philanthropy, GlobalPost reports. Three years ago, the Irish were Europe’s second-wealthiest citizens, but bad assets have...

Against All Odds, Bloomberg Got Richer in 2008

New York mayor got wealthier as rest of rich list top 20 got poorer

(Newser) - How does he do it? Last year was so bad for the world's billionaires that a third of them were demoted to mere multi-millionaires but Michael Bloomberg bucked the trend big time by actually increasing his wealth, the New York Daily News reports. The New York mayor, with an estimated...

Utah, Hawaii Happiest States; W. Va. Not So Much: Poll

Happiness poll links bliss to wealth

(Newser) - Money can't buy happiness? Tell that to 350,000 Americans surveyed in a Gallup study. The jolliest congressional districts were also among the wealthiest, the gloomiest among the poorest. Researchers also attributed contentment to factors like outdoor recreation and a young population, the AP reports. Utah, Hawaii, and Wisconsin ranked...

Need an Orgasm? Bag a Rich Man
Need an Orgasm?
Bag a Rich Man
Jan 18, 2009 5:26 PM CST

Need an Orgasm? Bag a Rich Man

Size (of wallet) matters, suggesting women are inherent gold-diggers

(Newser) - A man's wallet can carry a woman to the peak of ecstasy, a new study says. Based on surveys of 5,000 people across China, British researchers have found that “women’s orgasm frequency increases with the income of their partner,” said one author of the study. He...

Afghans Infuriated by Gaping Wealth Divide

Corruption fuels scattered elite class

(Newser) - Afghanistan is one of the poorest countries in the world—but while many are forced to beg for change, scattered neighbors are living in mansions, having mysteriously accumulated vast wealth, the Washington Post reports. Stories of drug trafficking, smuggling, and abuse of international aid abound. “All the jobs and...

Poverty May Be a Brain Drain
Poverty May Be a Brain Drain
Dec 6, 2008 5:40 PM CST

Poverty May Be a Brain Drain

Low-income kids respond less to visual data; researchers point to talk at home

(Newser) - Children from poor families absorb information less effectively than their wealthier peers, the BBC reports. Using brain scans, scientists measured the cerebral activity of 9- and 10-year-olds after briefly showing them images. “The low socioeconomic kids were not detecting or processing the visual stimuli as well,” said one...

Robin Hood, Beware: The Rich Get Poorer
Robin Hood, Beware: The Rich Get Poorer
Analysis
Oct 27, 2008 1:28 PM CDT

Robin Hood, Beware: The Rich Get Poorer

Financial crisis hits US wealthiest hard, reduces inequalities

(Newser) - Barack Obama and John McCain have sparred over the country’s income gap, but that gap is shrinking rapidly, Robert Frank writes in the Wall Street Journal. Financial crises always knock the rich down a peg, and this one is no different. One economist predicts the top 1%’s share...

Gates Tops Rich List With $57B

Leads Forbes ranking for 15th year

(Newser) - Microsoft founder Bill Gates leads the latest Forbes list of America's richest people with a fortune estimated to be $57 billion. It's the 15th year in a row that the visionary behind the computer revolution has topped the ratings. But the rich are not getting richer, Forbes reveals. Several fortunes...

Obama Flips 'Elitist' Tag Onto McCain

Flap over number of houses touches a nerve in both camps

(Newser) - John McCain's inability to recall how many homes he owns could throw a wrench in his attempt to paint Obama as an elitist, the Washington Post reports. The furious back and forth between camps—the Obama team pounced and mocked, while McCain's charged hypocrisy and pulled out the Rezko card—...

Go Figure: Candidates Differ Wildly on What 'Rich' Means

Answers match personal wealth, tax proposals

(Newser) - If there was a "gotcha" question in Saddleback Pastor Rick Warren's interviews with the presidential candidates Saturday, it was asking them each to take a shot at defining "rich."  Barack Obama said people making more than $250,000 per year. John McCain went with $5 million—...

$1K iPhone App? Get Control of Your Store, Apple

It 'shouldn’t be a place where a bunch of outlaws can run amok,' blogger pleads

(Newser) - Though the $1,000 “I Am Rich” iPhone application that so enrages Don Reisinger seems to have disappeared from Apple’s store since his original Mashable post this morning, his call for the giant to impose some order on would-be price-gougers stands. “There’s nothing stopping other developers...

Rich Turn to Pimping Basements
 Rich Turn to Pimping Basements 
GLOSSIES
Jul 29, 2008 9:29 AM CDT

Rich Turn to Pimping Basements

Media rooms, arcade games, full gyms making downstairs space not so musty

(Newser) - Basements are no longer the lowly underbelly of the high-end home. With the rise of home-theater technology, and widespread community opposition to mansion expansion, wealthy homeowners are increasingly turning basements into underground playgrounds, Portfolio reports, featuring everything from faux-'50s diners to recording studios to saunas. “Whether you have a...

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