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Drazen_ | E+ | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Over the next 25 years, more than $120 trillion in wealth will be passed down to inheritors, according to Cerulli Associates.Only 27% of these future beneficiaries — primarily widows and children — plan to keep their benefactor’s wealth advisor, per Cerulli’s survey of investors with at least $250,000 in financial assets. The share drops to 20% for those who have already inherited their riches,…

New York’s Wall Street elites are signing massive checks to support Andrew Cuomo’s mayoral race, while some of the rank-and-file are donating to Zohran Mamdani in hopes that someday their much smaller paychecks can land them an apartment without roommates.Business Insider’s analysis of donation data and conversations with donors on Wall Street shed light on this divide ahead of Thursday night’s first general election debate.Almost 80% of higher-earning, front-office workers, like investment bankers or hedge fund managers, donated to Cuomo and affiliated groups. The Mamdani camp won out among nearly every other job function, receiving direct donations from almost 90%…

This as-told-to essay is part of Lonely at the Top, a series that examines the link between wealth and loneliness. It is based on a conversation with Jeremy Barker, founder and CEO of Murphy Door, which specializes in selling hidden doors and storage solutions. It has been edited for length and clarity.I was only making $6.13 an hour.I always knew I wanted to be a firefighter and started training during high school. I would have been thrilled with my career, but the shockingly low pay wasn’t what my dreams were built on — I couldn’t even afford college. I knew…

What do New York, Dallas, and Tokyo have in common? A lot of really rich people.The ultrawealthy — meaning anyone worth more than $30 million — are concentrated in certain hotspots, with some 19% of them living in just 10 cities worldwide, according to a report by wealth intelligence firm Altrata.New York comes out on top in terms of the number of ultrawealthy people, with 21,380, according to the report. Hong Kong is next, at 17,215, followed by Los Angeles. The other top cities include San Francisco, Chicago, Tokyo, London, Dallas, Washington, DC, and Houston, in that order.America doesn’t just…

President Trump speaks at the Justice Department on March 14. Andrew Harnik/Getty Images hide caption toggle caption Andrew Harnik/Getty Images This year, President Trump has been calling on the Department of Justice to prosecute his perceived enemies — and the DOJ seems to be taking direction. In the last few weeks alone, prosecutors secured indictments against former FBI Director Jim Comey and New York Attorney General Letitia James. The White House has signaled more cases may be on the way. For those defendants, the costs of fighting criminal charges in a high-profile case are enormous, and they can reverberate for…

Virginia Republican candidate for governor, Lt. Gov. Winsome Earle-Sears, and former Rep. Abigail Spanberger, the Democratic candidate for governor, wait to speak at the 54th Annual Buena Vista Labor Day Festival on Sept. 1 in Buena Vista, Va. The commonwealth will hold its off-year election for governor and other statewide offices on Nov. 4. Win McNamee/Getty Images North America hide caption toggle caption Win McNamee/Getty Images North America ARLINGTON, Va. — Only two states, Virginia and New Jersey, hold their elections for governor the year after the presidential election and the year before the midterms. The races are often seen…

When Selena Gomez launched Rare Beauty, she drew on a piece of advice from one billionaire friend — Taylor Swift.Speaking at the Fortune Most Powerful Women Summit on Wednesday, Gomez opened up about her friendship with the pop star and how Swift’s words have shaped her management style.”She’s one of the most brilliant people I’ve ever met. She is very strong in her lane, and she gives great advice all the time,” Gomez said.”I’m not sure what I would say I’ve done for her other than been there as a friend, but one thing stuck out to me, and I’ll…

This as-told-to essay is based on a conversation with Camden Hauge, 37, the founder of China Wine Club. Her words have been edited for length and clarity.I grew up in New Jersey, just outside New York City, poring over my grandmother’s collection of Gourmet magazines instead of storybooks.I always wanted to have a restaurant, but living between two incredible — and intimidating — food capitals, New York and later London, that dream felt far away.From 2010 to 2012, I worked in advertising at Saatchi & Saatchi in London. When the company offered me an overseas posting in Shanghai, I said…

Speaking on Wednesday at the Salesforce Dreamforce conference in San Francisco, Brian Niccol acknowledged that he’s made a mistake during his first year as Starbucks’ CEO.”Initially, we had taken the tactic like ‘hey, we just got to get this business turned around and then we’ll start talking about what’s going on,’ and the reality is we needed to get into conversation from day one so people understood, transparently, what we are trying to do with Starbucks,” Niccol told interviewer Heather Ruden, the area vice president of global field marketing at Salesforce.Since taking the role of CEO in September 2024, Niccol…

This as-told-to essay is based on a conversation with Benjamin Leong, a 31-year-old former full-time traditional Chinese medicine physician in Singapore who is an AI engineer at a medtech startup. It has been edited for length and clarity. Business Insider has verified his employment and salary.I was always interested in the medical field. Unfortunately, I didn’t get into medical school, so I thought traditional Chinese medicine was the best alternative. It offered me a chance to practice as a clinician, but in a different role and setting.During my studies, we had a biostatistics computational module. That’s where I realized that…