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Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich Paperback – June 24, 2008

4.4 out of 5 stars 219

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THE NEW YORK TIMES BESTSELLER

RICH-I-STAN n. 1. a new country located in the heart of America, populated entirely by millionaires, most of whom acquired their wealth during the new Gilded Age of the past twenty years. 2. a country with a population larger than Belgium and Denmark; typical citizens include “spud king” J. R. Simplot; hair stylist Sydell Miller, the new star of Palm Beach; and assorted oddball entrepreneurs. 3. A country that with a little luck and pluck, you, too, could be a citizen of.

The rich have always been different from you and me, but Robert Frank’s revealing and funny journey through “Richistan” entertainingly shows that they are truly another breed.

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Editorial Reviews

Review

"Let's face it: we all want to know about the Rich. We know they're different than us, but how? We want to pry, but we're too polite or inhibited to ask, even if we get the chance, which is increasingly rare since they're walling themselves off in gated estates, floating around on mega-yachts or hiding behind the telephones at Christies auctions. Thank goodness the Wall Street Journal has unleashed Robert Frank as its "wealth reporter," a title which hardly does him justice. His inexhaustible curiosity, piercing eye for detail, and understated wit reminds me of Tom Wolfe, which is about the highest praise I can bestow. I can't remember the last time I've had so much fun with a work of non-fiction as I did reading Richistan."
—James B. Stewart, author of
Den of Thieves and DisneyWar

“Like an anthropologist in the Amazon basin, Frank goes native . . . instead of a loincloth, he dons a white tuxedo.”    
New York Times Book Review

“Robert Frank charts the surprisingly volatile power of the burgeoning American multimillionaires, blue-collar workers turned fur-collared swells who increasingly and often uneasily wield their newfound influence like a club.”    
Vanity Fair

“Frank explores the new world of wealth in America and hands it to us on a silver platter. . . . His sharply drawn portraits of life in Richistan give us new insight into how America really works.”
Chicago Sun-Times

“[Robert Frank] takes us on a whiz-bang tour of the lives of the new rich.”
Portfolio

"Robert Frank truly understands the lives of today's wealthy. His entertaining profiles and fresh analysis make this a great read and a definitive portrait of the current boom."
—Ronald O. Perelman, billionaire financier, philanthropist.

"I couldn't put it down. Frank's field guide to the new rich is as funny as it is fascinating."
—Chris Anderson, editor in chief of
Wired magazine and author of The Long Tail

"There's no group in society that fascinates me more than the new rich, or the
nouveau riche, as they used to be called, especially the ones with social ambitions. The great 19th century English novelist Anthony Trollope created one of literature's greatest new rich characters in Augustus Melmott, who gave a ball for the emperor of China and everybody of social importance, who had sworn they'd never speak to him or his common wife, came and danced the night away. In Robert Frank's riveting book, Richistan, the same sort of attention-getting extravagance continues. Frank understands how great fortunes are made and how great fortunes are spent. I had a wonderful time reading this book."
—Dominick Dunne

"When Frank, a columnist for the
Wall Street Journal, began noticing that the ranks of America's wealthy had more than doubled in the last decade, and that they were beginning to cluster together in enclaves, he decided to investigate this new society, where "$1 million barely gets you in the door." The "Richistanis" like to consider themselves ordinary people who just happen to have tons of money, but they live in a world where people buy boats just to carry their cars and helicopters behind their primary yachts, and ordering an alligator-skin toilet seat won't make even your interior designer blink. But Frank doesn't just focus on conspicuous consumption. He talks to philanthropists who apply investment principles to their charitable contributions and political fund-raisers who have used their millions to transform the Colorado state legislature. He also meets people for whom sudden wealth is an emotional burden, whose investment club meetings can feel like group therapy sessions. It's only in the final pages that Frank contemplates the widening gap between Richistan and the rest of the world-for the most part, his grand tour approach never loses its light touch."
Publisher's Weekly

About the Author

ROBERT FRANK is a senior special writer at The Wall Street Journal, where he writes a weekly column and daily blog called The Wealth Report. He has been with The Journal for 13 years, with postings in Atlanta, London, Singapore and New York. He was part of a team of reporters that won an Overseas Press Club award in 1998 for its coverage of developing economies. He lives in New York with his wife and daughter.

Product details

  • Publisher ‏ : ‎ Crown; Reprint edition (June 24, 2008)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 288 pages
  • ISBN-10 ‏ : ‎ 0307341453
  • ISBN-13 ‏ : ‎ 978-0307341457
  • Item Weight ‏ : ‎ 14.7 ounces
  • Dimensions ‏ : ‎ 5.19 x 0.65 x 8 inches
  • Customer Reviews:
    4.4 out of 5 stars 219

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Customer reviews

4.4 out of 5 stars
4.4 out of 5
219 global ratings

Top reviews from the United States

Reviewed in the United States on July 15, 2007
I really like this book as it gives an insight into the wealthy life. So many people are hesitant to discuss their wealth. So the fact that the author was able to get into the middle of the lives of these few rich people, was very interesting.

I asked a friend if he'd like to read it when I was done, and he said, "You know, not everyone is as interested in rich people as you are, Dan."

That really hit me... that's why that person will never become wealthy. At least from what he does with his life (lottery ticket notwithstanding.) If you aspire to become something, it stands to reason that you'd have a desire to read about others that have done what you are aspiring to do. If you want to become the best tennis player in the world (or even just a good one) and you have a passion for tennis, doesn't it make sense to read books that give you an insight into the lives of Billy Jean King, Chris Everett, Arthur Ashe, John McEnroe...etc? If you don't have enough interest in the subject to even pick up a book to read about others that have done the same thing, you probably don't have enough drive to make it happen anyway. Now, there's nothing wrong with that I guess. But this person DOES want to be rich. This book won't make you rich, but it'll fuel your desires to do so... which is an important ingredient to attaining wealth.
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Reviewed in the United States on November 9, 2009
A Wall Street Journal writer summarizes his experiences reporting on "the rich and famous". The good news is that many have earned their money, added value to society directly and through "trickle down", and remain busy earning more money and wealth. More have begun to adopt responsibility for society ala Carnegie. The bad news is that the rich tend to have no more self-awareness than you and I. They are stuck on the treadmill of "more, more and conspicuous consumption" described by Thorstein Veblen 100 years ago. Whatever they have, they need more. The recent spate of books on "happiness" and the lack of correlation with income for individuals, countries and timeframes tells this same tale. Those who are wealthy, parents, educators, uncles, mentors, counselors, lawyers, accountants and advisers should read this book. The rich and soon-to-be rich can benefit from self-awareness, accountability, community and spiritual growth, and the impact on society is magnified. Thanks to Frank Rich for telling a neutral and accessible story.
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Reviewed in the United States on June 3, 2011
This book is certainly provocative, along with its flaws. Statistics are blended with stories of individuals and/or endeavors, leading to good "food for thought." I'm giving it four stars for the effort, which for me means that it is worth a read, as a book that fits on one's bookshelf, complemented by other "good," but not great, books.

The author tells us that in writing the book, he was primarily interested in those with a net worth in excess of $10 million, which he finds to be the beginning of the level of "Middle Richistan." This level ranges up to about $100 million, after which starts the level of "Upper Richistan."

Members of Lower Richistan, with between $1 million and $10 million net worth, tend to be politically conservative, and tend to be headed toward being poorer relative to those above them. As a result, they are increasingly frustrated, trying to keep up with those above them. All this per the author. But I tend to disagree. I can't imagine a high percentage of those in this net-worth range really worrying, day after day, about how to get richer. The author acknowledges the book, "The Millionaire Next Door," but does not give one the confidence that he read it.

The truth is that the author does not really give a hoot about the folks in this lower level of Richistan. That is not what the book is about. He says that "true wealth" begins at $10 million. And, per the author, most of these folks have made their money by starting their own company and selling it.

But these guys and gals, at some point, come to realize that they cannot possibly spend all their money in their lifetime. This is after they have bought houses right and left, then yachts and jets, then investments in art and such. In short, this group clearly ends up with more money than it knows what to do with. It is this concept that tends to define them, to themselves, their peers, and those "below" them. But, especially for the newly super rich, it also appears that many are unsure of who they are at this level, even as they find they are incapable of not seeking more wealth. For example, they typically believe that they can do more with their investments than simply put it into boring stocks and bonds. They are now, for example, in the position of buying small companies and/or investing early in promising private ventures.

Just the inclusion of its statistics may make the book worth reading. Some examples:
* American Millionaire households doubled from 1995 to 2003, from about four million to about eight million.
* 2004 was the first year that found more American millionaires than those in Europe.
* John D. Rockefeller was the first American billionaire, way back in the early 1900s.
* The middle class ruled the U.S. in the 50s, 60s and much of the 70s, not the super rich.
* The share of the nation's wealth held by the top 1% (minimum of $6 million in net worth in 2007) jumped from about 20% in 1970 to 33% in 1989.
* Half of the nation's wealth was created in the past 10 years.
* The total value of all U.S. stocks rose from about $3 trillion in 1990 to $17 trillion in 2007.
* Top federal marginal tax rate has dropped from 91% in 1963 to 34% in 2007.

The thesis of this book appears to be that the new super rich of today differ from the super rich of yesterday in how they made their money, how they view themselves, and how they affect the rest of us. The question is whether this thesis is convincing, based on the material in the book.

First, the author tries to make the case that extreme wealth is made quicker today than yesteryear. He uses the term "Instapreneurs." And here is where he tells us about some specific examples. One guy makes it via shampoo products, others via miniature ceramic villages, development of a private ski and golf community, developers of salsa and of pizza cheese products, or founders of dot.com companies. It's all over the place. And, I think we can all agree that with more wealth flying around, there are more opportunities for more wealth to be created. And in today's world, things can happen fast.

But, in short, I don't find this point that making money today is different than making money in the past all that convincing. I think that the ability to make fortunes fast is simply "scaleable" as the pie gets bigger, both because of more consumers and more money available for capitalization.

Second, the author claims that there is a different mindset with today's super rich compared to those of the past. Relative to this are some points made:

* Before 1800 in the U.S., it was rare for new fortunes to be accumulated. Most new money came from old money. In the late 1980's, things began to change. Only about 10% of today's millionaires inherited the bulk of their money.
* The new rich are much younger than their counterparts in previous generations.
* Richistans are far more diverse in age, race, gender and geography.
* After making their money, they are "too young to retire, too driven to relax...."
* The new rich have, in many ways, formed their own country, free from the restrictions or limitations that come from a single country.

Again, I do not buy the claim that the super rich today are much different than they were in the past. There are too many variables to make that claim stick. And some of the profiles done in the book sound very much like super rich of the past. Super rich is super rich.

And, while there is some "balance" in the book, some of the extremes get to me a bit. For example, the author spends a full chapter on what appears to be a shameless promotion of the Starkey Mansion Butler Boot Camp. What this entails is a $12,000 opportunity for folks to learn to be proper, educated sycophants to their super rich employers. Says one near-graduate: "I realized I liked being around wealth." And, according to the author, butlers and "household managers" are all the rage these days for the super rich.

In another example of excess, he spends a chapter telling us gory details of the life of the guy who made his fortune founding a private golf and ski resort. He and his wife live on a huge spread that has a private, world-class golf course, a huge house and more. They own a private jet, which they use to fly between other homes. Says the book, "He is always building a new home...." We are told that the guy is "workaholic wealthy." We're also told that this is basically an "ordinary" guy who made himself into one of the super rich, who is driven to live a life at the super-rich level. They have a kitchen staff of 10 at the home, and a total of more than 100 employees at the home. Yet, we are told that the guy "prefers to be around regular people;" although, he once "walked into a Bentley dealership and bought a $250,000 convertible on impulse." Finally, we are told that in 2006, the couple filed for divorce. I almost wanted to clap!

On the balance side, there are discussions about whether the super rich and their spending and other activities are good or bad for the U.S. economy, overall. The "trickle-down theory" is examined from both sides, as is the impact of the super rich being responsible for more and more of the nation's overall spending. Of interest is a section where the accumulation of debt is discussed. Somewhat surprisingly, the super rich tend to have a ton of debt. They appear to love to leverage what they have. Oracle CEO, Larry Ellison, for example, apparently hates to sell any of this options or shares; instead, he borrows against them, sometimes at an alarming percentage.

One oddity in the book is a chapter on how a 2004 upset in Colorado politics was engineered. What would have been more interesting and relevant would have been a chapter on the super rich who seek/buy political office: Michael Bloomberg, Donald Trump, Meg Wittmann, etc. And then there is the information about super rich forming self-help groups amongst themselves to share investments opportunities, personal advice, etc. Along with this, we get discussions about whether being super rich leads to happiness or not. Involved here is whether the super rich can "buy" their way into the social status they seek; also, can they assuage the guilt of having so much money by making it known that they are giving away sizable amounts of it for the public good?

As a part of writing the book, the author immerses himself in the world of the annual Ft. Lauderdale International Boat Show, where everyone who wants to buy or sell a super yacht gets involved. Here, the sky is limit, with larger yachts selling for tens of millions of dollars. The city rolls out the red carpet for this event, even in a year when a hurricane decimates much of the rest of the city. In this final chapter, the author emphasizes how these folks live in another world, relative to the rest of us. He questions, "How long can this last?" But it is here that the author also makes the point that these folks are becoming more international than not. They have little legal or moral option to their home countries when they buy multi-million-dollar yachts. They have crossed over the line to reside in Richistan, which is where they intend to stay.

The author wants to end on a positive note. He mentions Andrew Carnegie, the great American industrialist, who is famous for returning his wealth for the public good. But looking back on the life of Andrew Carnegie, one finds that it is story of multiple personalities: On the way up, he was nasty as can be to his workers and his competitors. Once on the top, he has a benevolent side to his personality. So, unconvincingly, I think, the author makes the pitch that we can hope to have many more Andrew Carnegies emerge from Richistan.

But I don't find that this is a convincing pitch. It is what it is. The super rich CAN form their own country in many ways. They CAN call their own shots. They are under little pressure to spread their wealth around benevolently, and they are infamous for using their money to influence politicians who can help them make even more money. If there is a saving grace to all this, it is infrequent that children of the super rich want to work as hard or be as prominent as their parents. Not many have the same fire in the belly.

So, in the end, I do not think this book reaches a thesis convincingly. But it is still worth a read.
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Reviewed in the United States on November 6, 2022
Hace un descripción con hechos del fenómeno económico y sus consecuencias
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Top reviews from other countries

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Antonio Carlos do Amaral Maia
4.0 out of 5 stars Um mundo à parte
Reviewed in Brazil on January 10, 2014
Leitura divertida e informada sobre a vida dos muito ricos e o mundo em que vivem. Vale a leitura com certeza. Existe uma ótima tradução em papel
Mr O.
5.0 out of 5 stars Indispensable in my book collection
Reviewed in the United Kingdom on May 13, 2015
Wonderful read that gave great insights
Stella Carrier
5.0 out of 5 stars Nation Of Wealth
Reviewed in Canada on March 27, 2012
'Richistan' by Robert Frank contains some fascinating stories of various self-made millionaires. 'Richistan' is packed with both inspirational and informative content. The following is some of the interesting details woven in this tome:
Page Seven: The distinctions that are made between 'Lower Richistan', 'Middle Richistan', and 'Upper Richistan.'
Chapter One: Butler Boot Camp (Pages Thirteen To Thirty-Five): Fascinating details are discussed around the 'Butler Bootcamps' opening up across the U.S. A high number of these jobs are being filled by women. Another fascinating detail: A butler can start out making anywhere from $80,000 to $120,000 due to a shortage of qualified hires to meet the demand.
Chapter Eleven: Aristokids (Pages Two-Hundred and Nineteen To Two-Hundred and Fifty) Information is discussed on 'bootcamps' that teach wealthy children how to inherit and/or handle the riches made by their parents.
'Richistan' by Robert Frank is most likely to be enjoyed by those who are curious to know about self-made millionaires.
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KZZR
4.0 out of 5 stars Pretty good
Reviewed in Japan on March 20, 2014
I understood well what occurred at the golden time of America before Lethman shock. I would like to know the aftermath to the Richistan more. The book does not describe it enough. So, I rank down the book from five stars.
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sowm
4.0 out of 5 stars Four Stars
Reviewed in Canada on November 26, 2016
Good