Richistan

April 23, 2007
W
hen 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.

Starred review from December 15, 2007
Frank, "Wall Street Journal" senior special writer, created a stir in popular culture when he began his weekly "WSJ" column and daily blog called The Wealth Report, which discussed the way of life of "Richistanis," residents of the unique world of "Richistan," who have realized tremendous wealth. In 2003, the author learned that the number of American millionaire households had more than doubled since 1995 to over eight million and that these newly affluent were beginning to cluster and create their own universe. In 2003, "WSJ" assigned Frank to focus full time on the life and times of the nouveau riche, which led to his popular Wealth Reporter column and, ultimately, to this fully fleshed work, which provides a fascinating analysis of the life and the culture of the ultra-rich. He digs deep, analyzing their high-end investing patterns and business savvy, charitable giving, and purchase of luxury goods and services. Frank describes their own personalized health-care system, specialized transport system, unlimited, customized travel network, household managers, and much more. He also provides an understanding of the paradoxical nature of many of the newly rich that explains why so many are as common as ordinary middle-class Americans, even though they have more money than they could ever spend and are nothing like the select few among this subculture who attract a media frenzy, like Warren Buffett, Donald Trump, and Bill Gates. The lively narration by Dick Hill helps maintain interest throughout this material, which provides an important contribution to the fields of economics and demography. Highly recommended for university and larger public libraries.Dale Farris, Groves, TX

Copyright 2007 Library Journal, LLC Used with permission.