Within the higher reaches of American society there’s an explosion in private wealth like by no means earlier than. There has at all times been extraordinary affluence in the USA, however as we speak that wealth has soared to staggering heights, creating a brand new and rising class of Individuals dubbed the Tremendous Wealthy. In 1985, there have been solely 13 billionaires within the U.S.; as we speak there are greater than 1,000. Along with lots of of hundreds of newly minted multi-millionaires, they dwell nearly untouched by a recession that has a crushing influence on many Individuals, indulging a parallel world of luxurious the place a number of houses, private staffs and numerous possessions develop together with their outsized fortunes. This creation of unprecedented wealth has introduced us to a second in American historical past that has been described because the “New Gilded Age.”
The documentary examines the hovering ranges of affluence in rarefied locations in the USA, with uncommon entry to a number of terribly rich individuals who enable cameras into their houses and speak overtly in regards to the blessings – and burdens – their fortunes carry. Invoice Gross, billionaire founding father of the funding agency PIMCO, admonishes his rich friends, accusing a lot of them of reckless, indulgent spending and a have to “maintain rating.”
Nowhere is that this wealth being created extra shortly, extra dramatically and extra controversially than on Wall Road, the place the arrival of the hedge fund has turned even mediocre performers into millionaires and introduced star expertise even larger riches. Faber interviews 43-year-old Anthony Scaramucci, a hedge fund government price over 80 million {dollars} who, like a lot of his colleagues, got here from modest beginnings and grapples together with his newfound wealth, aware of the best way he’s seen by others. Glenn Stearns, a 44 year-old CEO who owns a number of homes around the globe, struggles to maintain his kids grounded and wrestles with deciding how a lot to depart to them, and the way a lot to present to philanthropy.
Faber additionally addresses the results of all of this cash on the remainder of us, and the downward stress created by this new wealth on those that aren’t tremendous wealthy, however merely wealthy; collectively, they’re referred to as “middleclass millionaires.” Laurel Touby offered her web site Mediabistro.com for 23 million {dollars} in 2007. Left with ten million {dollars} after taxes, she tells Faber of her shock find that it wasn’t sufficient to purchase the residence of her desires or dramatically alter her way of life.
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