The perils of extreme wealth

[NW-Bound]

I've always thought that it would be nice to be extremely wealthy....and totally anonymous.

(I've accomplished the second part without any effort.)

Dunno about that. You have posted plenty of photos of yourself.

Maybe you are really wealthy?

 

[Nemo2]

Dunno about that. You have posted plenty of photos of yourself.

Those aren't me...just random down and outs I happened upon.

 

[kcowan]

Maybe you are really wealthy?

He retired at 46 and travels extensively. Anymore proof needed?

 

[NW-Bound]

"I'd like to live as a poor man with lots of money." -- Picasso

I do not live as a poor man, nor want to. Having a few millions is not enough to have a lifestyle that stands out as rich, so I do not have to worry about being a tall poppy.

This begs a question: how much is enough to stand out? My guess is that even at the low 8-figures, meaning in the decamillionaire rank, one is still not in that exclusive club. Perhaps in the centimillionaire range?

So, the "perils of extreme wealth" are not a problem most people have to deal with.

 

[NW-Bound]

He retired at 46 and travels extensively. Anymore proof needed?

Wealth can be measured in different ways, so yes, Nemo is already proven rich.

 

[Nemo2]

He retired at 46 and travels extensively. Anymore proof needed?

Naaah....just cheap is all.

 

[Scrapr]

They weren't necessarily universally "beloved"

Barry Sherman was a hardass and crossed a lot of people and made a lot of enemies. I'm sure his wife was a very nice person and they did good things with their billions but he apparently pissed off a lot of people along the way.
With dirty tricks done both for and against him.

Read the middle part of this article, for instance.

Two legacies, one dark mystery: Toronto elite reeling after violent deaths of Barry and Honey Sherman | National Post

Main suspect. Big Pharma?

 

[Meadbh]

The plot thickens....

Barry Sherman allegedly duped by convicted fraudster - Toronto - CBC News

 

[tinlizzy]

So they were found with leather belts around their necks, seated with their butts slightly off the ground, hoisted to the pool railing. Her blood on the pool deck below her but no blood on her clothing from the waist down. No ropes or binding found at the scene but ligature marks on both their wrists.

Definitely seems like murder.

 

[Bamaman]

Had one friend get his brief case lifted out of a locked car, and it had his Merrill Lynch statement showing $20 million+. From then on, he had to be very security conscious.

Fred Smith at Federal Express has 10 children and he has a personal security staff on the level of Secret Service. They are very vigilant of where he and his family goes.

I knew a guy that was VP at Federal Express over European locations. He had a security staff and a bulletproof Mercedes.

if someone is a billionaire, security comes with it. You and your family could be in danger without some visible security if you live in many places.

 

[jollystomper]

I've always thought that it would be nice to be extremely wealthy....and totally anonymous.

(I've accomplished the second part without any effort.)

It probably is not that difficult. The operative action is wanting to stay anonymous. Earning big bucks can feed ones ego and, along with the perceived power that others will place in you (though that is really because they hope to get some of your crumbs), is a real temptation to let others know how "high" your society stand is.

For example, DW and I went to school with one friend whose family had some money and he has been fortunate to grow it. But not a lot know about it because he and his refuse to seek publicity for it. They are anonymous philanthropists as much as possible and refuse to receive awards/recognition for anything they have done.

 

[Elbata]

Know a guy who does security for a billionaire.

I've wondered how is security allowed to bring their guns to other countries, and also enter big sporting events, etc.

The security this man and his children live under is something I would not like. I get the idea they are never alone except at home or hotel room.

 

[NW-Bound]

It probably is not that difficult. The operative action is wanting to stay anonymous. Earning big bucks can feed ones ego and, along with the perceived power that others will place in you (though that is really because they hope to get some of your crumbs), is a real temptation to let others know how "high" your society stand is.
...

It is true that rich people often have high visibility, but that may be unavoidable due to how they make the money. Being an officer of a public company, you are known to the whole world. Even owners of private companies cannot escape public knowledge.

And then, when your source of money is anonymous (it can be inheritance instead of illegal dealing), if you live in a mansion or own a luxurious yacht, you will attract attention.

The only way to "fly below the radar" is to live LBYM, but then you cannot enjoy your wealth. What fun is for a billionaire or even a centimillionaire to live like a decamillionaire?

PS. OK, it is enough fun to live like a decamillionaire, I think. The rest of the fun is in "counting" your money. In private.

 

[RobbieB]

You count it, I'm too busy spending it -

 

[NW-Bound]

Johnny Depp, is that you?

Hmm... This forum is visited by many celebrities (or notorious persons). The other day, we already heard from Julian Assange.

 

[HawkeyeNFO]

I guess at some point these people outgrow just needing an umbrella policy from USAA.

 

[FlaGator]

Originally Posted by Nemo2 View Post
I've always thought that it would be nice to be extremely wealthy....and totally anonymous.

(I've accomplished the second part without any effort.)

It probably is not that difficult. The operative action is wanting to stay anonymous. Earning big bucks can feed ones ego and, along with the perceived power that others will place in you (though that is really because they hope to get some of your crumbs), is a real temptation to let others know how "high" your society stand is.

For example, DW and I went to school with one friend whose family had some money and he has been fortunate to grow it. But not a lot know about it because he and his refuse to seek publicity for it. They are anonymous philanthropists as much as possible and refuse to receive awards/recognition for anything they have done.

Yes, not impossible, but does take some effort to remain anonymous.

Had an acquaintance several years ago who managed yachts "for a guy". Took about 2 years before I figured out who "the guy" was. Even when I did, I didn't recognize the name and found incredibly little about him with a google search. And this is someone with a couple of planes, several large boats and was a regular at Davos. Helps to not make a point of getting yourself media coverage.

 

[Danmar]

"I'd like to live as a poor man with lots of money." -- Picasso

I do not live as a poor man, nor want to. Having a few millions is not enough to have a lifestyle that stands out as rich, so I do not have to worry about being a tall poppy.

This begs a question: how much is enough to stand out? My guess is that even at the low 8-figures, meaning in the decamillionaire rank, one is still not in that exclusive club. Perhaps in the centimillionaire range?

So, the "perils of extreme wealth" are not a problem most people have to deal with.

Agree. I would guess you would need about 9 figures to stand out but even that is dependant on where you hang out. Much easier to blend in in up scale places.

There are many people who want to stand out and make an effort to do so. They could probably do it for less. I also think you could keep a fairly low profile with a 9 figure net worth if you wanted to. Most mega Corp CEO’s would end up close to 9 figures I would think. There are lots of these guys around.

There is some very serious wealth in the US.

 

[redduck]

Had an acquaintance several years ago who managed yachts "for a guy". Took about 2 years before I figured out who "the guy" was. Even when I did, I didn't recognize the name and found incredibly little about him with a google search. And this is someone with a couple of planes, several large boats and was a regular at Davos. Helps to not make a point of getting yourself media coverage.

How did you figure out it was me?

 

[45th Birthday]

I know three billionaires and half a dozen people with nine figure net worths. None of them has security. The billionaires are not particularly anonymous, and are quite generous.

 

[Sunset]

Frankly I think your common thieves would be more than pleased to get their hands on $1 million from robbing a plain old retired millionaire during a house break-in.
Of course for most the process of the crime would take many days increasing the risk, and the oddity of the money transfers would possibly add extra obstacles.

No need to be a Billionaire or even 10+ millionaire to attract the attention of scummy people.

 

[audreyh1]

What does this crime have to do with the victims being billionaires? It’s hard to see how the perpetrators would gain financially from the victims. Any heir will be scrutinized. If it’s revenge - that can be against anyone. If it was to stop some legal or business maneuver, again that could happen to any business person.

 

[HFWR]

If I was a billionaire, I’d hire a security detail...

 

[jollystomper]

It is true that rich people often have high visibility, but that may be unavoidable due to how they make the money. Being an officer of a public company, you are known to the whole world. Even owners of private companies cannot escape public knowledge.

And then, when your source of money is anonymous (it can be inheritance instead of illegal dealing), if you live in a mansion or own a luxurious yacht, you will attract attention.

The only way to "fly below the radar" is to live LBYM, but then you cannot enjoy your wealth. What fun is for a billionaire or even a centimillionaire to live like a decamillionaire?

PS. OK, it is enough fun to live like a decamillionaire, I think. The rest of the fun is in "counting" your money. In private.

Maybe I run in the wrong multi-millionaire/billionaire circles. Many of my well off friends do not LBYM, but what they live for is not visible items of "stereotypical wealth status symbols" like huge mansions or yachts (as one once told me, "you'll find me on a yacht when I decide that it will be my primary residence").

They enjoy their wealth with things like multiple season tickets to their favorite sports teams (which they do quietly share), or renting vacation homes when they feel like it, so they can come and go and not worry about being tied down or maintaining properties.

I guess my observation is that the multi-millionaires and billionaires we see and hear about, for better or worse, are those that tend to want to fly above the radar, for whatever reason... but there can be lots more enjoying their wealth in their chosen way and staying out of sight. Maybe even visiting forums like these occasionally to see how the other half lives.

 

[marko]

Maybe I run in the wrong multi-millionaire/billionaire circles. Many of my well off friends do not LBYM, but what they live for is not visible items of "stereotypical wealth status symbols" like huge mansions or yachts (as one once told me, "you'll find me on a yacht when I decide that it will be my primary residence").

They enjoy their wealth with things like multiple season tickets to their favorite sports teams (which they do quietly share), or renting vacation homes when they feel like it, so they can come and go and not worry about being tied down or maintaining properties.

We call this 'quiet money'. Big, old family money and tend to live out of sight in woodsy areas near me. Winter homes in Tortola etc. Nice Hinckley 37 Picnic Boat around $900K in value but never a showy white behemoth; too "new money" for their taste. Often seen driving a beat up Mercedes station wagon to the yacht club (leaving the Bentley at home)