Mayfair Economy

Black Market Dollar Exchange Sparks Argentina Luxury Sales Crackdown

"Argentines who buy a car valued at more than 350,000 pesos ($58,600) will now be required to justify the transaction with the Financial Information Unit, the nation’s money-laundering watchdog, according to a Nov. 11 decree. Argentina is boosting its currency controls as consumers faced with 25 percent annual inflation turn to everything from luxury cars to gold and bitcoins as a store of savings. With the black market offering holders of undeclared U.S. currency 3.8 pesos more than the official exchange rate of 5.9764 pesos per dollar, demand for premium cars from Volkswagen AG’s Porsche and Bayerische Motoren Werke AG is causing a 33 percent jump in imports this year." Continue reading →

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The Millionaire Residency Visa

"For foreigners, it used to be that hard work and plenty of patience for bureaucratic red tape would garner access into a coveted country. But, these days, sometimes all it takes to grab that golden ticket is achieving multimillionaire status and promising to make a hefty investment in a new homeland. Countries such as the United States, Australia and New Zealand are all embroiled in a global tug-of-war for the wealthy, and each has either rolled out or reauthorized what are known as millionaire visas in recent years. These programs, which are aimed squarely at wealthy investors, fast-track these individuals' path to permanent residency—and sometimes even citizenship." Continue reading →

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What it costs to raise a royal baby

"How much does it cost to live like a prince these days? William earns £35,000 ($54,000) or so as a helicopter air-sea rescue pilot for the Royal Air Force. More importantly, he is also supported by his father, Prince Charles, the Prince of Wales, who has an annual income of about £19 million ($29 million), essentially real-estate income from the 133,000-acre Duchy of Cornwall estate. William and Harry also jointly inherited around £17 million ($26 million), before tax, from their mother’s estate. But for all American rubberneckers, here’s some good news. You could probably live like a prince for a lot less than that. Here’s where you’ll spend your money." Continue reading →

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Chelsea Clinton’s $10M digs at Madison Square

"Chelsea Clinton is buying a $10.5 million spread right across the street from Madison Square Park, sources told The Post yesterday. The former first daughter and her husband, Marc Mezvinsky, signed a contract for the massive, 5,000-square-foot pad at The Whitman last month, the sources said. Last week, ex-President Bill Clinton and former Secretary of State Hillary Rodham Clinton toured the apartment, graciously posing for photographs with the hard hats who were working at the building. Chelsea, 33, and Marc, 35, 'live in the neighborhood and found the building on their own while out walking,' a source said." Continue reading →

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A Finicky Thief of the Finest Silver Is Arrested Again

"Even before someone carefully removed a windowpane from a secluded Buckhead home here one rainy June night and slipped away with a 1734 silver mug that had belonged to George II, it was clear to detectives that a meticulous thief with a singular obsession was stealing the great silver pieces of the Old South. For months, exquisite sterling silver collections had been disappearing, taken in the dead of night from historic homes in Charleston and Belle Meade, Tenn. The police did not at first connect the thefts, some of which initially went unnoticed even by the owners. But as the burglaries piled up, a retired New Jersey detective watching reports on the Internet recognized a familiar pattern." Continue reading →

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Global Cities of the Super-Rich

"The report also ranks the global cities that matter the most to these high-net-worth individuals, based on four categories: economic activity, political power, quality of life, and knowledge and influence. Overall, New York and London top this list as well, followed by Paris, Tokyo, Hong Kong, Singapore, Sydney, Washington, D.C., Toronto, and Zurich. This list is similar to my own ranking of the world's most economically powerful cities. The cities are also ranked on each category individually, and the table below (from the report) charts the leaders in each of the four categories." Continue reading →

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World’s costliest auctioned car ‘in Swiss hands’

"The most valuable road car ever sold at auction, a candy red Ferrari convertible that fetched $27.5 million at a sale in the US last weekend, was acquired by a Swiss buyer, a report says. The unidentified successful bidder acquired the 300-horsepower NART Spider sports car, built in 1967, at an auction in Monterey, California. The car was previously owned by Eddie Smith Jr., the son of Eddie Smith Sr., an American multi-millionaire from North Carolina who bought the car new in 1968 after travelling to the Ferrari plant in Modena in northern Italy. With a 3,866cc V-12 engine and five-speed transmission, the two-seater was only one of 10 such models made." Continue reading →

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Over 50% Of Electric Cars Sold In US Are In 5 Cities

"Here’s the list: Los Angeles, California; San Francisco, California; New York City; Seattle, Washington; Atlanta, Georgia. Georgia offers a tax credit for electric vehicles that is equal to 20% of the vehicle’s cost, up to a maximum amount of $5,000. California has many charging stations, which might have contributed to its presence in the list above, but it also offers a $2,500 incentive for electric vehicles. New York City has its own EV policies that surely helped stimulate EV adoption a bit, but the fact that it is the largest city in the US (by far) is also surely a factor." Continue reading →

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Tesla Motor’s Model S is the safest car ever tested

"Tesla Motor’s fully electric luxury sedan, the Model S, isn’t just the best car ever tested by Consumer Reports. It is also the safest car ever tested by U.S. regulators. The Tesla Model S has earned a 5-star safety rating, both overall and in each individual category, from the National Highway Traffic Safety Administration (NHTSA). The car has a Vehicle Safety Score (VSS) of 5.4 stars, a better than perfect score. The car has received glowing reviews, but with a base price of about $70,000 it is too expensive to be enjoyed by most Americans. Tesla hopes to begin selling a cheaper fully electric SUV, the Model X, in 2014." Continue reading →

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Will the new gold iPhone lead to an unexpected windfall for Apple in China and India?

"Amid all the head-scratching about the apparently confirmed (but not by Apple) rumor of a forthcoming gold iPhone, one observation has come up again and again: It’s likely to be quite popular in China and India. In China, '[N]othing trumps gold as a symbol of wealth and privilege,' Simon Cousins, CEO of China-focused PR company Illuminant told Gizmodo. All Things D, among others, has reported that the gold coating would be an option on the iPhone 5S. Gold is also extremely popular in India." Continue reading →

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