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

A thoroughly depressing book, in part because the author attempts to stand on “unbiased” ground while exploring the lives of those whose net worth is over $10 million. Inherently raises the question of whether it’s possible to consume at that level and still honestly say you’re giving proper attention to the poor and downtrodden. The chapter on performance philanthropy is worth noting—much more so than the chapter on relieving the cramped space of the super-yacht by paring them with mini-yacht companion ships.

Robert Frank is a reporter at the Wall Street Journal who, a number of years ago, began a column on what it's like to be rich in America. This soon became a very popular column and he was tasked to work on it full time. This book represents the synthesis of his experiences over the past few years.

"Richistan" is a colloquial term Frank uses to describe the booming numbers of wealthy. Starting in the late 1980s, there has been a doubling or tripling of the number of wealthy households in the US, currently at over 9 million with $1 million or more in net assets. Within this "nation within a nation" there is a class system, with the "lower class" rich (or "merely affluent") in the 1-10 million net worth range, the "middle class" rich in the show more 10-100 range and the "upper class" rich in the 100-1 billion range. The billionaires, estimated to be about 1000 strong in the US, are in a separate group entirely. Each of these groups have distinct spending patterns and investment goals. 90% of these new rich came from middle or lower class backgrounds and everything about them is different from the stereotypes of the "old" rich: how they made their money, how they spend it, how they give it away.

Frank's book is both easy reading and hard to put down. I listened to the audiobook version, going through the 7 hours in "no time". Although educational, this is also a very funny book. The audio greatly enhances the humor as the narrator has perfect timing and change of voice, many times I was laughing out loud, yet at the same time going "ah-ha!". A rare treat. show less

Frank, who writes for the Wall Street Journal, has examined the inhabitants of a virtual country within the United States made up of the more than eight million millionaires, focusing especially on the richest of the rich, those worth between 100 million and 1 billion dollars. These people have their own sometimes intriguing and sometimes peculiar lifestyle, and face problems the rest of us are free of: households full of servants and managers who must themselves be managed, the concern over how their children can be raised not to be Paris Hilton (solution: leave them with nothing), and how to spend their money in a way that will impress the ever-richer superrich. Not all is excess and frivolity, however. These people have found a new show more approach to philanthropy that is intriguing, and their tendency to pursue work as a creative endeavor is worthy of respect. Unfortunately, the book was published just before the current economic downturn, so one wonders how many of those nouveau riche are still riche. show less

About: A guide to the lives of the very wealthy "new rich"

Pros: Very tight and well written, wonderful use of both data and human profiles.

Cons: May make you feel inferior. I Would have liked a longer chapter on the kids of the new rich; but this is not really a con, because the book was so good, I just want more.

Grade: A

This book examines the lives of the newly wealthy in America. Its a little dated, in that it was written before the recent real estate crash, but apart from that is a very good book. It is readable, interesting, and raises some interesting questions about what will happen with wealth in an increasingly globalized world. The book also does a good job of highlighting the increasing gap between the ultra-wealthy and not just the poor, but the middle class as well. I really enjoyed this book.

http://www.stillhq.com/book/Robert_Frank/Richistan.html

Describes the lifestyles of america's wealthiest citizens along with the social and economic forces that helped them achieve their wealth. Some of the descriptions of extravagance were mildly entertaining, but overall the book did not explore its subject in much depth.

It was an easy, interesting read, but I went to write a review barely a week later and couldn't remember a thing. And that isn't normal for me.