The luxury powerhouse LVMH has made history by becoming the first luxury brand to sponsor the Olympic Games. This groundbreaking partnership between the Olympic Committee and LVMH, led by Chairman and CEO Bernard Arnault, represents a significant investment of approximately $160 million. The collaboration encompasses a wide range of LVMH brands such as Celine, Louis
Wealth
The global population of individuals worth $30 million or more, known as ultra-high-net worth (UHNW) individuals, saw an 8% increase in 2023. According to Altrata’s World Ultra Wealth Report 2024, there are now 426,330 UHNW individuals worldwide. Their collective wealth surged by 7% to a staggering $49 trillion, driven primarily by a year-end stock rally.
Hugo Boss, a German fashion house, faced a significant setback as its shares plummeted by up to 10% following the company’s decision to revise its sales outlook. This move reflects the ongoing challenges in the luxury sector, with the company citing “persistent macroeconomic and geopolitical challenges” as key factors contributing to the revised forecast. China
The global economic landscape is on the brink of a significant transformation as an estimated $9 trillion is set to be transferred among spouses and partners in what is being referred to as “the horizontal wealth transfer.” Contrary to the traditional belief of wealthy individuals passing down their fortunes directly to their children, this new
The Ambani wedding, often dubbed as the “wedding of the year,” is set to be a three-day extravagant celebration of love and opulence. The groom, Anant Ambani, the youngest son of Mukesh Ambani, India’s wealthiest man, is all set to tie the knot with Radhika Merchant, the daughter of Encore Healthcare owner Viren Merchant. The
The 2024 Global Wealth Report from UBS predicts a significant increase in the number of global millionaires over the next five years. This growth is expected to occur in 52 out of 56 economies that were surveyed, showing a positive trend in wealth accumulation worldwide. The leading countries in terms of growth include Taiwan, Turkey,
As estimates show, millennials are on track to become the wealthiest generation in history, with a projected $90 trillion wealth transfer over the next two decades. However, the question arises: are millennials prepared to handle the significant influx of money? Despite being set to inherit astounding wealth from the silent generation and baby boomers, concerns
Ferrari, the iconic luxury automaker known for its roaring combustion engines, is making a bold move towards an all-electric model. While the electric Ferrari won’t be available for over a year, early tests indicate that it embodies the driving traits and emotion that define a true Ferrari. According to Ferrari CEO Benedetto Vigna, the final
The United Arab Emirates has been recognized as the world’s leading wealth magnet for the third consecutive year, according to the latest research by Henley Private Wealth Migration Report. The report projects an unprecedented net inflow of 6,700 millionaires into the tiny Gulf nation by the end of 2024. This number is significantly higher than
As the $84 trillion Great Wealth Transfer approaches in the next decade, Generation X is poised to emerge as the primary beneficiaries. While millennials and Generation Z may be anticipating substantial inheritances from the wealthy baby boomers, it is actually Gen Xers who are projected to receive the largest windfalls in the near future. According