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1-Page Summary of Richistan

Introduction

America may not be the most powerful country in the world. It’s losing to invisible countries, such as China and Russia. However, it is still a powerful nation because of its wealthy citizens.

What makes the world these people live in so different from the rest of the world? They live in mansions, travel around the globe and invest their money all over. Therefore, shouldn’t we call this place a country of its own?

There are four classes of people in Richistan. The first class is Lower Richistan, which has a net worth between $1 million and $10 million. It’s conservative and gets most of its wealth from income. Then there’s Middle Richistan, which has a net worth between $10 million and $100 million; it gets much of its wealth from equity investments. Upper Richistan is home to thousands of millionaires with hundreds of millions or billions in assets each, but they’re not the top dogs because there’s one more class above them: Billionaireville, where billionaires live (there were 13 in the 1980s but now there are 400).

In recent years, the population of Richistan has exploded. The rich are getting richer and more numerous. As their power surges, the difference between their lifestyles and everyone else’s is growing so great that they may as well be living on another planet. However, there are also other differences among the citizens of Richistan: how they became citizens, what it’s like inside Richistan, etc. In his book “Richistan”, Wall Street Journal reporter Robert Frank explores these issues by looking at this new country through a sociological lens; he offers a glimpse into real lifestyles of the rich and famous (butlers boot camp), how wealth disparity works (the third wave), why people become wealthy in the first place (making it), what life is really like in there (living it), whether you can get kicked out for not having enough money or being too poor to enter in the first place (losing it), etc.

Butler Boot Camp

Butlers used to be in high demand, but as the population of Richistan started growing around 2000, a new kind of servant was needed. These employees would have to perform all the duties that butlers did, while making sure their employers were happy and comfortable with modern technology. The position is similar to what a butler used to do, except it’s called a House Manager now instead.

Starkey created a boot camp to teach people how to be butlers. The cost of the training is more than $12,000, which may seem like a lot of money, but it’s worth it because students can earn up to $120,000 per year as they work at mansions. At Starkey’s boot camp, students learn skills such as cutting cigars and placing phone orders for Ben & Jerry’s ice cream for their bosses on yachts in the Mediterranean Sea.

The Third Wave

The top 1% of the US controls a disproportionate amount of its wealth, but this is nothing new. In 1890, half of the country’s wealth belonged to that small group. When new technologies arrive and financial speculation soars, it tends to benefit the richest citizens disproportionately.

However, in the decades after World War II, the wealthiest Americans had less money than before. This was because there was a new ethos that favored the middle class. However, by 1980 and Reagan’s economic policies were enacted, this trend reversed again. The ’80s became known as the decade of greed because wealthy people once again took up more wealth than others.

Despite this, the 80’s was seen as a prelude to the 90’s and 2000s, when Richistan grew even more powerful.

Making It

In today’s world, there are more ways to get rich than ever before. This is because the paths to wealth have become more numerous and diverse.