Author Robert Frank, takes us on a very vivid journey that paints a very clear picture. He gives a great account of how these new families start out, and upgrade to levels of daily consumption that have never been seen. Lower Richistan have families in the US$1-10M in wealth, with a primary residence of $810K. Middle Richistan has $10-100M in wealth and a primary residence of $3.8M. Upper Richistan is the $100M crowd with a residence of $16.2M.
It seems there is always another level of wealth to aspire to, and services that the rich want that soon become a need. The great mind candy that I enjoyed most explained how a single mother developed a butler school aimed at these Richistani families, that grew well beyond her early expectations. You learn that beach homes in the Hamptons, or ski chalets in Aspen, need to be better served in Richistan.
There are many other entrepreneurs featured like Tim Blixseth who started Yellowstone Club, a gated private community resort in the rocky mountains of Montana. Ed Bazinet made more than $250 million from the sale of his ceramic mini-village items, and now tries to focus on how to spend his cash on a new Gulfstream jet and modern art collection. Small hobby experiments can grow into very big businesses when the market timing is perfect. Any person can make money from any idea when the timing presents itself. Who these entrepreneurs are, and how much money they make is a guilty addiction and deep fascination for myself.
The Top 3 Takeaways from this book that really impact any reader are:
1) There is a lot to learn about how to be rich and successful in any society. You have to learn about the key market factors, and adapt to them constantly. Small ideas can grow into big businesses fast.
2) The best entrepreneurs know how to make money and keep doing what they do best. It is in their DNA and never turns off. You need to maximize the power of your ideas or inspirations with all business opportunities.
3) Becoming a successful entrepreneur, follows no pattern. It is the personal drive that is the common pattern, but the business itself. The determination needs to be at the core.
The most encouraging pattern though is that there often is none. Money can be made from almost any business by a very driven entrepreneur. Once there, the goal is to find the right residence in Richistan, and try and settle down. It does not come naturally for them, and they often find themselves starting a new business opportunity. Settling down is not in their DNA. That may be the most common thing among these Richistanis. This is a great luxury read that is inspirational, and well worth a weekend!
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