Customer Reviews


15 Reviews
5 star:
 (10)
4 star:
 (3)
3 star:    (0)
2 star:
 (2)
1 star:    (0)
 
 
 
 
 
Average Customer Review
Share your thoughts with other customers
Create your own review
 
 

The most helpful favorable review
The most helpful critical review


40 of 45 people found the following review helpful
5.0 out of 5 stars An intreging look into the little understood lives of the wealthy
It has been said that the wealthy are different. Well, not so much. In fact, according the in-depth study done by the authors of this book, the wealthy came not from wealth but from middle class backgrounds. They therefore have all of the middle class ethics and needs, wants and desires.

Yet within the wealthy, there are differences. From first becoming wealthy...
Published on September 28, 2008 by Susanna Hutcheson

versus
1 of 1 people found the following review helpful
2.0 out of 5 stars All stats and that's it.
I thought it would be more interesting read but no. It's mostly marketing and survey stats and what not. It lost me soon after I start reading it.
Published 7 months ago by ultrajedi


‹ Previous | 1 2 | Next ›
Most Helpful First | Newest First

40 of 45 people found the following review helpful
5.0 out of 5 stars An intreging look into the little understood lives of the wealthy, September 28, 2008
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
It has been said that the wealthy are different. Well, not so much. In fact, according the in-depth study done by the authors of this book, the wealthy came not from wealth but from middle class backgrounds. They therefore have all of the middle class ethics and needs, wants and desires.

Yet within the wealthy, there are differences. From first becoming wealthy to having had wealth over a decade or more, money brings different meaning to the groups within the wealthy.

If you're a marketer, you should read this book. I came to it as someone who makes a living understanding different groups and how to sell to them. To that end, I got a good deal of useful information from the book.

You'll learn what they read, what they buy, how they feel about their wealth and money in general. You'll learn far more about them by reading this book than anything you might see on television.

It is full of research. It has lots of facts and figures and very little editorializing, which I like. This is by far the most interesting and best written book on this subject that I've read and I highly recommend it to you.

- Susanna K. Hutcheson
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


40 of 45 people found the following review helpful
5.0 out of 5 stars Surprise!, December 10, 2008
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
You are likely in for a shock when you read this well written and well researched book on the rich. Donald Trump and Paris Hilton are the image many people hold of the elite. But the research reveals the very wealthy are quite different from these images.

First off, there has been an explosion in the number of the wealthy, not only in the US, but world wide. And having a net worth of one million only puts you in the affluent range; you need at least 5 million to have arrived at real wealth.

Most interesting is the research into what the wealthy are like compared to the beliefs of marketeers. Marketeers believe only about half of the very wealthy are married; the truth is that 83% are. And while fully 48% of the wealthy consider luxury items such as expensive watches and cars as a "waste of money" (p 19), marketeers think only 18% of the very wealthy would agree.

Further shocks: about 36% grew up in either poverty or lower middle class circumstances. Both the wealthy and the children of the wealthy believe strongly in hard work, in school and later. And they like to shop at places like Walmart and Target. The very wealthy named Ralph Lauren and MAC cosmetics as among their favorite brands, brands which are available in most malls.

The area that has seen the biggest growth in the wealthy is in Africa. The area that has seen the least growth is Europe (p 157). In the US,so many people are now well off, if not wealthy, that luxury has pervaded the US. "Once exotic items, such as sushi and refined organic products, are now found on grocery store shelves" (p 94).

Full of eye opening information.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


47 of 56 people found the following review helpful
5.0 out of 5 stars Best book on The Minds of The Wealthy to Date, September 24, 2008
Verified Purchase(What's this?)
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
I've spent the last 18 months researching academic journals, scientific and popular literature about how those who achieve the top 5% of wealth end up where they are. I've gone through three dozen books, of which four were quite good and the others were brutally poor.

The New Elite by Taylor, Harrison and Kraus stands head and shoulders above the rest.

The book serves two broad purposes.

1) You learn how wealthy people think and who they really are.
2) You learn the fundamentals of how they will perceive your marketing to them. (Are they interested in what you have to sell?)

Either of the two is a good enough resaon to pick up and devour this book.

THK have undertaken their own research which asks all the right questions. Their analysis is spot on and what readers of every income bracket can gain from what is here could be life changing.

This is not a self help/how to be successful book. It does not set out to accomplish that, but if you simply read between the lines...

Five stars.

Kevin Hogan
Author of The Science of Influence
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


11 of 12 people found the following review helpful
5.0 out of 5 stars Inside the minds of the World's Elite!, September 29, 2009
By 
C. Dzialo (Michigan, USA) - See all my reviews
(REAL NAME)   
Verified Purchase(What's this?)
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
This is a very good book on information about the Elite. There is much information on how they become what they are, who they are, and how wealth has changed them. Most feel that wealth has not changed them, and most came from Middle Class, and still hold Middle Class Ethics.

There is a quite a bit of information on the explosion of wealth across the world. As another review mentioned, in Africa and Asia.

It also does shed light that many Americans do not think of the class divergence in today's society. Many are too busy thinking about what new items to buy or hanging out with friends. Though the middle and lower class do wish they had more money, they often don't understand how much the Elite own. The top 10% of America's population owns more then 75% of American Wealth... and to think 90% of other American's share the other 25%.

There is also some good information on the Elite and Politics. Most people spend their life climbing the political latter, while the Elite use their wealth to insert them self into high-politics. One would be surprised that the Elite only obtain elected offices 20% of the time, despite often spending 10-30M million on campaigning. At least people today will somewhat vote on good values and character and not ones wealth.

Very Good Book! Read it in one day!
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


7 of 7 people found the following review helpful
5.0 out of 5 stars Engrossing, February 11, 2011
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
This book about wealthy Americans is very interesting and well written, so I was able to breeze through it in only two days. Illustrating wealth concentration (which is particularly high in the US), the top 1% of Americans (about 1 million households) own 34% of US wealth and are defined in this book as "wealthy"; they typically have at least $5 million in net worth (excluding their primary home) or have at least $500,000 annual discretionary income. The top 5% (about 6 million households) own 60% of US wealth and are defined as "affluent"; they typically have at least $1 million in net worth (excluding their primary home) or have at least $125,000 annual discretionary income.

The main research method of the authors was to interview thousands of wealthy people who were willing to talk with them at length. This raises significant concern about their sample being nonrepresentative, since willingness to talk with interviewers can select for people with particular backgrounds and motives, and moreover the information they provide may not necessarily be accurate or unbiased. In addition, if you'd like to use this book to discover how to become wealthy, there's also the general caution that the traits of wealthy people aren't necessarily causes of their wealth, since some traits may be largely shared with non-wealthy people or may be *effects* rather than causes of wealth. With these major caveats in mind, here are the key findings from the book (accordingly, to be taken with a grain of salt):

(1) More than 90% of the wealthy come from middle-class backgrounds and thus attain their wealth themselves rather than inheriting it. In most cases, their wealth comes from involvement in businesses, after working hard (including long hours) and persistently (including continuing after substantial failures) in pursuing individual passions, rather than aiming for wealth directly. Their wealth often comes fairly suddenly after many years of low compensation, rather than being steadily accumulated, and this abrupt change in circumstances is often disorienting for several years, as well as being disruptive to social relationships.

(2) Their personality traits include optimism, self-confidence, control of emotions, a problem-solving and learning orientation, and aiming for win-win outcomes. Many of them also consider themselves lucky, while recognizing that luck is intertwined with the noted personality traits.

(3) The vast majority are married, describe themselves as middle class at heart, and don't want people to know that they're wealthy. Their average age is 47, although their wealth increases substantially with greater age.

(4) About 90% are college graduates, with about half attending public colleges and half private. About 60% of their kids are in public schools.

(5) About 95% describe themselves as very happy, and it does appear that additional money provides additional happiness up to a point, provided that the additional money is used mainly to obtain freedom and control of one's destiny, rather than buying material things.

(6) About 50% of them consider luxury items to be a waste of money, and about 75% say they're very conservative in how they spend their money, tending not to be impulse buyers. For example, about 80% of them shop at Target and Best Buy and make use of sales and coupons (in addition to shopping at higher-end retailers). Their average primary home value is $2 million, with a median of $1.2 million, and about 25% of them have a smaller second home. Less than 20% own a boat and only 4% own a yacht. The average purchase price of their cars is about $50,000, and they tend to buy premium cars (eg, Mercedes and BMW) or ordinary cars (eg, Toyota and Ford) rather than exotic cars (eg, Porsche and Bentley). In selecting purchases, they mainly look for craftsmanship, quality, and service, along with appreciating technology, while giving relatively little importance to status display. In seeking these attributes, they need to learn to make "subtle distinctions," which can take years, and this is where skilled salespeople come in. And they tend to involve their kids when making significant purchasing decisions.

(7) Especially during their first five or so years after becoming wealthy, they tend to maintain their original middle-class interests, except that they spend a lot less time watching TV than the middle class, and more time attending events, traveling (averaging more than five vacations a year), and exercising. As more years pass, they get used to the idea of being wealthy, and they become more worldly and sophisticated in their tastes.

(8) They often have some difficulty in managing their wealth, in part because they often try to do it themselves rather than relying on professional advisors. About 50% get no professional financial advice, and more than 25% don't have an updated will. However, more than 90% do get help in more mundane services such as housecleaning and gardening.

(9) They now form a small and interconnected global community with similar mindsets worldwide.

(10) About 98% donate money to charities, with the average annual total being about $64,000. About half donate publicly and half anonymously. And many are board members of charities or form their own charities.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


3 of 4 people found the following review helpful
5.0 out of 5 stars Valuable resource for industry professionals, July 16, 2012
Verified Purchase(What's this?)
Taylor, Harrison, and Kraus are spot-on with this book. The biggest surprise I've had working in the industry is that marketers think that wealthy people will buy anything just because they can. This book provides the research to refute the common misconception that the wealthy spend just to spend. The New Elite is an insightful book that will truly help anyone working in the luxury industry.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


1 of 1 people found the following review helpful
2.0 out of 5 stars All stats and that's it., February 13, 2014
By 
ultrajedi (New York, NY) - See all my reviews
Verified Purchase(What's this?)
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
I thought it would be more interesting read but no. It's mostly marketing and survey stats and what not. It lost me soon after I start reading it.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


2 of 3 people found the following review helpful
5.0 out of 5 stars The Real Rich, April 30, 2012
This review is from: The New Elite: Inside the Minds of the Truly Wealthy (Hardcover)
This book is excellent in researching who the rich really are - middle class individuals with middle class values like you and me. It is a refreshing and healthy look at the wealthy and not the over exaggerated look through the eyes of the media. If you want to know who the rich are, their values and work ethics and more, then this book is for you.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


4.0 out of 5 stars interesting perspective and stats, October 20, 2013
By 
J. Spanbauer (Cincinnati, OH) - See all my reviews
Verified Purchase(What's this?)
Interesting statistics on the wealthy in America. I liked the insights from the interviews and statistics. A little too political in a few chapters.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


5.0 out of 5 stars The Approach is Excellent, July 30, 2014
Verified Purchase(What's this?)
I love that this book is not just a collection of "lessons" that someone compiled about how to become rich, but that it's a portrait of rich people. That's a huge distinction, and it's what makes this book different from a self-help-wealth book.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


‹ Previous | 1 2 | Next ›
Most Helpful First | Newest First

Details

The New Elite: Inside the Minds of the Truly Wealthy
The New Elite: Inside the Minds of the Truly Wealthy by Stephen Kraus (Hardcover - September 10, 2008)
Used & New from: $0.01
Add to wishlist See buying options
Search these reviews only
Rate and Discover Movies
Send us feedback How can we make Amazon Customer Reviews better for you? Let us know here.