The Microsoft co-founder has long been one of the world’s wealthiest people. Yi-Chin Lee/Houston Chronicle via Getty Imag
Bernie Sanders, the famously anti-billionaire senator of Vermont, and Bill Gates, the world’s seventh wealthiest person with an estimated net worth of $138.5 billion, make an unlikely pairing—especially when it comes to debating income inequality. Despite their differences, the duo sat down together to discuss wealth and taxation for the latest episode of Gates’ new Netflix series What’s Next? The Future with Bill Gates.
“Several of my friends raised an eyebrow when I told them I was going to meet with him,” said Gates in a blog post on Wednesday (Sept. 18) discussing his meeting with Sanders and the show, which aired the same day. “After all, Sen. Sanders is the first U.S. Senator in history to go on record saying that billionaires shouldn’t exist,” he added.
Sanders maintained this stance during their discussion, calling the existence of ultra-wealthy individuals “unacceptable” and “obscene.” Gates, meanwhile, suggested that billionaires should voluntarily donate their wealth but disagreed on outlawing them altogether. “But again, I’m biased,” conceded the Microsoft (MSFT) co-founder. Gates, who has given away some $77.6 billion via the Gates Foundation, has long been a champion for billionaire philanthropy and in 2010 helped create the Giving Pledge, a campaign that urges the ultra-wealthy to donate the majority of their wealth.
How much should the ultra-rich be taxed?
Despite their different stances on banning billionaires, both Gates and Sanders are advocates for higher taxes on the rich. “I’m amazed that the rich aren’t taxed substantially more than they are,” said Gates during the episode. “If you raise taxes a fair bit, there should be enough to somewhat raise the social safety net, which is not as well-funded as I would make it,” he added. The centibillionaire said his ideal tax system would leave the wealthy with a third of their current fortunes, which would give Gates around $46 billion given his current fortune. Sanders, meanwhile, said he “would go a lot further.”
Gates’ comments echo statements he made earlier this month in an interview with The Independent, where he voiced his desire for more progressive tax policies. “If I designed the tax system, I would be tens of billions of dollars poorer than I am,” he told the outlet.
In a 2019 blog post, Gates suggested increasing taxes on large investments by the wealthy and urged the U.S. government to raise the capital gains tax to equal taxes on labor. While those relying on salary and hourly work are taxed at a maximum of 37 percent, “the wealthiest generally only get a tiny percentage of their income from a salary; most of it comes from profits on investments, such as stock or real estate, taxed at 20 percent if they’re held for more than a year,” he said.
During his discussion with Gates, Sanders pointed to a similar idea proposed by Warren Buffett in 2011 when he criticized the fact that he was taxed less than his employees. “That is not what the American people want to see,” said the senator.
Earlier this year, JPMorgan Chase (JPM)’s Jamie Dimon—estimated to be worth $2.3 billion—said that higher taxes on the rich would help the nation bring its debt down while increasing economic spending and growth. “You would maybe just raise taxes a bit, like the Warren Buffett-type of rule,” Dimon told PBS, referring to a tax rule borne out of Buffett’s comments that dictates no households earning more than $1 million annually should pay a smaller share of their income in taxes than middle-class families.
Street scene in Old Bond Street, Mayfair, London, United Kingdom.
Pawel Libera | The Image Bank | Getty Images
LONDON — Monaco, Italy, Switzerland, Dubai. They’re just a few of the destinations trying to lure away the U.K.’s uber wealthy ahead of proposed changes to the country’s divisive non-dom tax regime.
Almost two-thirds (63%) of wealthy investors said they plan to leave the U.K. within two years or “shortly” if the Labour government moves ahead with plans to ax the colonial-era tax concession, while 67% said they would not have emigrated to Britain in the first place, according to a new study from Oxford Economics, which assesses the implications of the plans.
The U.K.’s non-dom regime is a 200-year-old tax rule, which permits people living in the U.K. but who are domiciled elsewhere to avoid paying tax on income and capital gains earnings overseas for up to 15 years. As of 2023, an estimated 74,000 people enjoyed the status, up from 68,900 the previous year.
Labour last month set out plans to abolish the status, expanding on a pledge set out in its election manifesto and stepping up earlier proposals by the previous Conservative government to phase out the regime over time.
It comes as Prime Minister Keir Starmer has pledged to improve fairness and shore up the public finances, with further announcements expected early next week at the Labour Party’s annual conference and during the Oct. 30 Autumn budget statement.
Finance Minister Rachel Reeves has said that scrapping the program could generate £2.6 billion ($3.45 billion) over the course of the next government. However, Oxford Economics’ research, which was produced earlier this month in collaboration with lobby group Foreign Investors for Britain, estimates the changes will instead cost taxpayers £1 billion by 2029/30.
CNBC reached out to the Treasury for comment and did not immediately receive a response.
“We are ringing out the alarm bell that this is a perilous time,” Macleod-Miller, CEO of Foreign Investors for Britain, told CNBC over the phone. “If the government doesn’t listen they’ll put at risk revenues for generations.”
Other countries are smelling the fear and actively promoting their jurisdictions.
Leslie Macleod-Miller
CEO at Foreign Investors for Britain
Under the proposals, the concept of “domicile” will be eliminated and replaced with a resident-based system, while the number of years in which money earned abroad goes untaxed in the U.K. will be cut from 15 to four.
Individuals will also have to pay inheritance tax after 10 years of U.K. residency and would remain liable for 10 years after leaving the country. They will also be prevented from avoiding inheritance tax on assets held in trust.
However, Macleod-Miller, a private wealth practitioner who launched the lobby group in response to the proposals, said the changes would stymy wealth generation and is instead calling for a tiered tax regime.
According to the Oxford Economics research, which surveyed 72 non-doms and 42 tax advisors representing a further 952 non-dom clients, virtually all (98%) said they would emigrate from the U.K. sooner than previously planned if the reforms were implemented. The 72 non-doms surveyed were said to have invested £118 million each into the U.K. economy.
The majority (83%) cited inheritance tax on their worldwide assets as their key motivator for leaving, while 65% also referenced changes to income and capital gains tax.
It comes as other countries are shaking up their tax regimes to incentivize wealthy investors.
Switzerland, Monaco, Italy, Greece, Malta, Dubai and the Caribbean island of the Bahamas are among the various destinations proving most attractive to wealthy investors, according to industry experts and agents CNBC spoke to.
“Wealthy investors have a lot of choices now and a lot of domiciles are fighting for them,” Helena Moyas de Forton, managing director and head of EMEA and APAC at Christie’s International Real Estate, told CNBC.
Moyas de Forton, whose team advises clients on international relocation, said Labour’s plans were the latest in a string of political developments which have shaken the U.K.’s reputation as a safe haven over recent years.
Monte Carlo skyline surrounded by sea and mountains, Monaco.
Alexander Spatari | Moment | Getty Images
“It’s just another hit,” she said. “I’m not sure if they’re all leaving but definitely they’re questioning and taking their time to see what’s changing.”
A record number of millionaires are expected to leave the U.K. this year, according to a June report from migration consultancy Henley & Partners, which cited the July general election as adding to a period of post-Brexit political flux. It is estimated that Britain will record a net loss of 9,500 high-net-worth individuals in 2024, more than double last year’s 4,200.
“It is definitely a danger. The markets are so fungible nowadays. It’s easy for people to move home. It’s easy for people to move their businesses,” Marcus Meijer, CEO of real estate investor Mark, told CNBC’s “Squawk Box Europe” of the non-dom changes last week from Monaco.
A lot of people are worried. They would rather get out now before it’s too late
James Myers
director at Oliver James
Among the alternative offerings available to the ultra wealthy are indefinite inheritance tax exemptions in Monaco, Malta and Gibraltar, and an absence of income, capital gains and inheritance tax in Dubai. In Italy and Greece, flat tax regimes allow the wealthy to avoid paying tax on their worldwide assets for an annual fee of 100,000 euros for up to 15 years.
Italy last month doubled its fee for new arrivals to 200,000 euros ($223,283) in a move its economy minister said was designed to avoid “fiscal favors” for the wealthy. However, Macleod-Miller said the regime would likely remain appealing to the top 1% even at a slightly higher rate.
“Other countries are smelling the fear and actively promoting their jurisdictions and attracting their investment and their families,” Macleod-Miller said.
“Italy is one of those countries which is courting the wealthy and seems to think if you treat them well they will contribute,” he added.
That is also impacting the U.K.’s prime real estate market. James Myers, director at London-based luxury real estate agency Oliver James, saw an uptick in sales activity in anticipation of Labour’s election in July. But now, around 30% to 40% of clients are lowering asking prices to generate a quicker sale.
“A lot of people are worried. They would rather get out now before it’s too late,” Myers told CNBC over the phone. Many of Myers’ multimillionaire and multibillionaire clients have already started to put down roots in Monaco and Dubai, with Italy “becoming a thing” more recently, too, he said.
Transactions in London’s super-prime residential market, which covers homes valued at £10 million and above, fell 22% in the year to July compared to the previous 12 months, according to whole market data published Wednesday by property agency Knight Frank.
Elegant townhouses in South Kensington, London, England, UK.
Benedek | Istock | Getty Images
The decline was most pronounced in properties valued above £30 million, with just 10 sales generated compared to 38 the previous year, which the report attributed to higher buyer discretion.
Stuart Bailey, Knight Frank’s head of super-prime sales for London, noted that Autumn Statement uncertainty had now replaced election uncertainty, with non-doms not the only group being spooked by Labour’s anticipated tax changes.
Ultra-wealthy U.K. citizens, who are typically highly active in the super-prime market, are also in “wait and see” mode ahead of possible changes to capital gains and inheritance tax. It follows previously announced VAT (tax levy) charges for private schools.
“Non doms are a sector of that super-prime market, but they’re not the be all and end all,” Bailey said over the phone.
That is, however, creating opportunities for other investors, Bailey noted. U.S. citizens, who are already subject to U.S. tax on their worldwide assets, and so-called 90 dayers, whose annual stay in the U.K. falls below the tax threshold, could ultimately benefit from reduced competition.
“U.S. buyers, especially those sitting on a lot of cash, would be crazy not to think it’s a good time to buy right now,” he said.
“Private investments” is a catch-all term referring to financial assets that do not trade on public stock, bond or derivatives markets. They include private equity, private debt, private real estate pools, venture capital, infrastructure and alternative strategies (a.k.a. hedge funds). Until recently, you had to be an accredited investor, with a certain net worth and income level, for an asset manager or third-party advisor to sell you private investments. For their part, private asset managers typically demanded minimum investments and lock-in periods that deterred all but the rich. But a 2019 rule change that permitted “liquid alternative” mutual funds and other innovations in Canada made private investments accessible to a wider spectrum of investors.
Why are people talking about private assets?
The number of investors and the money they have to invest has increased over the years, but the size of the public markets has not kept pace. The number of operating companies (not including exchange-traded funds, or ETFs) trading on the Toronto Stock Exchange actually declined to 712 at the end of 2023 from around 1,200 at the turn of the millennium. The same phenomenon has been noted in most developed markets. U.S. listings have fallen from 8,000 in the late 1990s to approximately 4,300 today. Logically that would make the price of public securities go up, which may have happened. But something else did, too.
Beginning 30 years ago, big institutional investors such as pension funds, sovereign wealth funds and university endowments started allocating money to private investments instead. On the other side of the table, all manner of investment companies sprang up to package and sell private investments—for example, private equity firms that specialize in buying companies from their founders or on the public markets, making them more profitable, then selling them seven or 10 years later for double or triple the price. The flow of money into private equity has grown 10 times over since the global financial crisis of 2008.
In the past, companies that needed more capital to grow often had to go public; now, they have the option of staying private, backed by private investors. Many prefer to do so, to avoid the cumbersome and expensive reporting requirements of public companies and the pressure to please shareholders quarter after quarter. So, public companies represent a smaller share of the economy than in the past.
Raising the urgency, stocks and bonds have become more positively correlated in recent years; in an almost unprecedented event, both asset classes fell in tandem in 2022. Not just pension funds but small investors, too, now worry that they must get exposure to private markets or be left behind.
What can private investments add to my portfolio?
There are two main reasons why investors might want private investments in their portfolio:
Diversification benefits: Private investments are considered a different asset class than publicly traded securities. Private investments’ returns are not strongly correlated to either the stock or bond market. As such, they help diversify a portfolio and smooth out its ups and downs.
Superior returns: According to Bain & Company, private equity has outperformed public equity over each of the past three decades. But findings like this are debatable, not just because Bain itself is a private equity firm but because there are no broad indices measuring the performance of private assets—the evidence is little more than anecdotal—and their track record is short. Some academic studies have concluded that part or all of private investments’ perceived superior performance can be attributed to long holding periods, which is a proven strategy in almost any asset class. Because of their illiquidity, investors must hold them for seven years or more (depending on the investment type).
What are the drawbacks of private investments?
Though the barriers to private asset investing have come down somewhat, investors still have to contend with:
lliquidity: Traditional private investment funds require a minimum investment period, typically seven to 12 years. Even “evergreen” funds that keep reinvesting (rather than winding down after 10 to 15 years) have restrictions around redemptions, such as how often you can redeem and how much notice you must give.
Less regulatory oversight: Private funds are exempt from many of the disclosure requirements of public securities. Having name-brand asset managers can provide some reassurance, but they often charge the highest fees.
Short track records: Relatively new asset types—such as private mortgages and private corporate loans—have a limited history and small sample sizes, making due diligence harder compared to researching the stock and bond markets.
May not qualify for registered accounts: You can’t hold some kinds of private company shares or general partnership units in a registered retirement savings plan (RRSP), for example.
High management fees: Another reason why private investments are proliferating: as discount brokerages, indexing and ETFs drive down costs in traditional asset classes, private investments represent a market where the investment industry can still make fat fees. The hedge fund standard is “two and 20”—a management fee of 2% of assets per year plus 20% of gains over a certain threshold. Even their “liquid alt” cousins in Canada charge 1.25% for management and a 15.7% performance fee on average. Asset managers thus have an interest in packaging and promoting more private asset offerings.
How can retail investors buy private investments?
To invest in private investment funds the conventional way, you still have to be an accredited investor—which in Canada means having $1 million in financial assets (minus liabilities), $5 million in total net worth or $200,000 in pre-tax income in each of the past two years ($300,000 for a couple). But for investors of lesser means, there is a growing array of workarounds:
Tarpon Island, a private island in Palm Beach, Florida, sold for $150 million in May 2024.
CNBC
A 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.
Sales of ultra-luxury homes surged in New York, Miami and Palm Beach, Florida, in the second quarter, even as they fell in much of the rest of the world, according to a new report.
The number of homes that sold for $10 million or more in the second quarter jumped 44% in Palm Beach, 27% in Miami and 16% in New York, according to a report from real estate firm Knight Frank.
New York led the U.S. in $10 million-plus sales, with 72, its highest total in two years, according to the report. Miami came in second with 55, followed by Los Angeles with 42 and Palm Beach with 36. Los Angeles saw a 29% decline in $10 million-plus sales, due largely to the new “mansion tax,” which adds a 5.5% charge on homes sold for over $10 million, the report said.
The biggest sale of the quarter was the $150 million deal in May for Palm Beach’s only private island, reportedly purchased by Australian infrastructure investor Michael Dorrell, according to The Wall Street Journal. In June, a historic 3.2-acre estate in Palm Beach sold for $148 million, while in Manhattan, the penthouse of the Aman New York was sold for $135 million in July.
Get Inside Wealth directly to your inbox
While demand in many top luxury markets is slowing from the 2021 peak, ultra-wealthy buyers continue to pay record prices for rare trophy properties, boosted in large part by rising financial markets, Knight Frank said.
“Substantial wealth creation has supported the growth in the global super-prime sales market,” said Liam Bailey, global head of research at Knight Frank. “The transformation of markets like Dubai, Palm Beach and Miami has more than offset the slowing experienced by some more mature markets.”
Globally, in the 11 top luxury markets that Knight Frank tracks, sales of $10 million-plus homes fell 4% over last year to $8.5 billion.
Dubai leads the world in ultra-luxury real estate, with 85 sales in the second quarter, the report said. The city has seen a stratospheric rise, as the ultra-rich from Russia, China, Europe and other areas moved to Dubai for its friendly tax and regulatory regimes. In 2019, Dubai had only 23 sales over $10 million. In the past 12 months, it has had 436 sales — although sales in the most recent quarter fell slightly from last year and the first quarter, Knight Frank said.
London saw one of the largest declines in the world, with sales of $10 million-plus homes plunging 47% from last year on fears of higher taxes on the U.K. wealthy, according to Knight Frank.
Although ultra-luxury buyers usually pay cash for their properties, falling interest rates throughout the world are expected to help support sales in the second half, according to the report.
Last week, 29 contracts were signed in Manhattan for properties priced over $4 million, according to the Olshan Luxury Market report — the strongest post-Labor Day week since at least 2006.
“With rates moving lower, total transaction volumes are likely to tick higher into 2025,” Bailey said.
Neglecting to plan your inheritance is a bit like leaving your garden unattended for a few seasons. What starts as a minor oversight can quickly turn into a jungle of complications. Shockingly, two-thirds of Canadians haven’t put their estate plans in writing, according to a 2024 survey by IG Wealth Management, despite an expected $1 trillion in assets set to be transferred via inheritances in the next decade.
When a significant sum of money lands in the lap of someone who didn’t earn it during their lifetime, it can lead to a host of challenges. Financial mismanagement, family discord and even legal battles can arise. Inheritors might feel overwhelmed, unsure of how to handle their sudden wealth, which leads to anxiety and poor financial decisions. As the saying goes, “Easy come, easy go.”
The pitfalls of inadequate inheritance planning
Without proper planning, wealth transfer can lead to several challenges for your heirs:
Risk of fraud and exploitation: Inexperienced heirs can become targets for financial scams and exploitation. Falling victim to such schemes can lead to significant financial losses, jeopardizing the inheritance intended to support their future.
Family disputes: Ambiguous inheritance plans can cause significant conflicts among family members. Clear, well-documented plans are crucial in preventing misunderstandings and ensuring that wealth is distributed according to the benefactor’s wishes.
Tax Implications: Unplanned wealth transfers can incur substantial tax burdens, reducing the overall inheritance value. Strategic planning can help mitigate these taxes, preserving more wealth for the beneficiaries. Proper estate planning can save heirs from unexpected tax liabilities and ensure a smoother transfer process.
Key considerations for transferring wealth
To avoid these pitfalls and ensure a smooth wealth transfer, parents and grandparents should consider the following strategies:
Clear communication: Talk openly with your children and grandchildren about your plans. Surprise inheritances can feel like a windfall, but they can also bring confusion and stress. A candid conversation ahead of time can prepare them mentally and emotionally for the responsibilities that come with managing wealth.
Structured distribution: Rather than a lump-sum transfer, consider staggered distributions or trust funds. This method can help reduce the risk of financial mismanagement. Setting up a trust can ensure your heirs receive funds in a controlled manner, reducing the temptation to splurge.
Education and financial literacy: Equip your heirs with the knowledge they need to manage their inheritance wisely. Financial literacy programs or meetings with a financial advisor can be invaluable. Well-informed individuals are more likely to make prudent financial decisions.
Supporting the next generation
When wealth is transferred, so too is the responsibility of managing it. Providing support for your heirs can make all the difference. Here are a few ideas to help:
Comprehensive guidance: Schedule regular meetings with a financial advisor to review the inheritance’s management and address any concerns or questions. This helps ensure that heirs stay on track with their financial goals.
Recognize inheritance grief: “Inheritance grief” refers to the emotional and psychological challenges that heirs may experience when they receive a significant inheritance. It can manifest in various ways, including mourning the loss of the loved one and the changes that come with inheriting wealth. Emotional support, financial education and careful estate planning can help heirs navigate their feelings and responsibilities effectively.
Communicate the family financial plan: I know that I mentioned communication already, but I cannot overemphasize the importance of this! Develop a family financial strategy that includes goals for wealth management, charitable giving and future investments. This plan can serve as a road map for heirs to follow, promoting responsible financial behaviour and long-term planning.
Don’t leave it too late
Inheritance planning might not be the most exciting topic, but it’s essential to ensure your legacy is preserved and appreciated by future generations. By addressing the challenges head-on and providing the necessary support while you are still capable of doing so, you can help your heirs navigate their inheritance with confidence and wisdom.
Next time you’re tempted to delay those estate planning talks, remember this: a little planning now can prevent a whole lot of heartache later. And who knows? It might just be the most rewarding conversation you’ll ever have.
Debbie Stanley is an estate and trust professional, and CEO of the estate firm ETP Canada. She is a writer, speaker and regularly featured guest on Zoomer Radio.
U.S. Vice President Kamala Harris speaks at an event with U.S. President Joe Biden (not pictured) in Prince George’s County, Maryland, U.S., August 15, 2024.
The Democratic presidential nominee’s plan aims to restore the higher child tax credit enacted via the American Rescue Plan in 2021, which provided a maximum credit of up to $3,600 per child, according to a fact sheet from the campaign.
The 2021 credit was up to $3,000 or $3,600, depending on the child’s age and family’s income. Harris’ proposed tax break would increase for middle- to lower-income families for one year after a child is born.
“We will provide $6,000 in tax relief to families during the first year of a child’s life,” said Harris during a policy speech in Raleigh, North Carolina.
A Trump campaign official told CNBC: “Trump will consider a significant expansion of the child tax credit that applies to American families.”
While Harris has followed President Joe Biden’s footsteps with her proposed child tax credit expansion, the $2,400 bonus for newborns is “different and somewhat surprising,” said Kyle Pomerleau, senior fellow and federal tax expert with the American Enterprise Institute. “That, to me, sounds very much like a response to JD Vance.”
The Harris campaign did not immediately respond to CNBC’s request for comment.
Senate Republicans earlier in August blocked an expanded child tax credit that passed in the House with broad support. However, Republican lawmakers are expected to revisit the measure after the election.
“There is bipartisan momentum behind expanding the [child tax credit],” said Andrew Lautz, associate director for the Bipartisan Policy Center’s economic policy program.
There is bipartisan momentum behind expanding the [child tax credit].
Andrew Lautz
Associate director for the Bipartisan Policy Center’s economic policy program
The size of the expansion and future credit design will hinge on which party controls the White House and Congress. But the House-passed bill and Senate negotiations could be a starting point, Lautz said.
Without action from Congress, the maximum child tax credit will drop from $2,000 to $1,000 once Trump’s 2017 tax cuts expire after 2025.
The American Rescue Plan temporarily increased the maximum child tax credit from $2,000 to either $3,000 or $3,600, depending on the child’s age. Families received up to half via monthly payments for 2021.
The child poverty rate fell to a historic low of 5.2% in 2021, largely due to the credit’s expansion, according to a Columbia University analysis.
If there’s a future child tax credit expansion, Pomerleau doesn’t expect it to be as large as the tax break that Harris or Vance have proposed.
Amid the federal budget deficit, lawmakers are already wrestling with trillions in expiring tax cuts that are “prohibitively expensive,” he said.
Expanding the child tax credit to $3,000 or $3,600 could cost an estimated $1.1 trillion over a decade, according to the Committee for a Responsible Federal Budget. Meanwhile, the expansion to $6,000 for newborns could cost $100 billion.
The Harris campaign’s economic plan fact sheet said she would fulfill her “commitment to fiscal responsibility,” including calls for higher taxes on wealthy Americans and large corporations.
Homeowners are sitting on$17 trillion in equity as of the end of the first quarter of 2024, according to CoreLogic. The average homeowner gained $28,000 in equity compared to a year earlier.
For many people, there’s no need to touch that money.
Home equity is “not like bread,” said Greg McBride, chief financial analyst at Bankrate. “It won’t go stale if it just sits there.”
Among polled homeowners, 55% see home improvements or repairs as a good reason to tap home equity, according to a new survey by Bankrate. The site surveyed 2,294 U.S. adults, including 1,133 homeowners, in late June.
Using home equity is “certainly a less expensive borrowing option than resorting to personal loans or credit cards,” McBride said.
As of Aug. 7, the current average home equity loan interest rate is 8.59%, according to Bankrate. The average HELOC interest rate is 9.37%.
While cash from savings continues to be the most common way homeowners fund renovation projects, or 83%, credit card use has increased, according to the 2024 U.S. Houzz & Home Study. Houzz surveyed 33,830 homeowners of ages 18 and older from Jan. 19 to Feb. 27.
About 37% of homeowners paid for their repair projects with credit cards, up from 28% who did so in 2022, Houzz found.
While tapping equity is cheaper, it still has risks. Rates are higher given the Federal Reserve’s spate of rate hikes, and you need to go in with a plan to pay off the debt.
Using home equity to invest in your home can make sense, said Jessica Lautz, deputy chief economist at the National Association of Realtors. Such projects not only help preserve the house, they may even enhance its value, boosting profits when you eventually sell.
The highest percentage cost recovered for exterior projects was from new roofing, at 100%, according to the latest Remodeling Impact Report by NAR. For interior projects, the highest percentage cost recovered was from refinishing hardwood floors, at 147%, and installing new wood flooring, at 118%, NAR found.
“We’ve found that hardwood floors have more universal appeal,” said Lautz. “For something like a roof, it’s a big project. … People may want to have that completed before they move into a home, make sure that the roof is in good working order.”
More than 1 in 10 millennialhomeowners said vacations or buying big-ticket items are good reasons to tap your home equity, according to Bankrate. But experts say this move is a “don’t.”
“If you have to finance the cost of your vacation, you can’t afford the vacation,” McBride said.
Plus, big-ticket items, such as a car or electronics, are depreciating in value from the point of purchase, he explained.
“You’re not only buying a depreciating asset, but you’re financing the purchase of that depreciating asset,” McBride added.
Affordable housing is an important topic for many Americans and both Walz and Vance have addressed the issue.
In May 2023, Walz signed housing legislation that included $200 million in down payment assistance. The bill also had $200 million for housing infrastructure and $40 million for workforce housing.
“We expect Walz to be an advocate for demand-side approaches to housing,” Jaret Seiberg, analyst at TD Cowen wrote in a July statement. “These are the type of housing ideas we would expect in a Harris administration,” she wrote.
Demand-side approaches to housing aim to help individual households by improving housing quality or reducing monthly housing costs.
Meanwhile, Vance, who is also a proponent of affordable housing, highlighted the issue in his Republican National Convention acceptance speech and along the campaign trail.
“Prior to running for Senate, Vance argued that one key to tackling poverty is to address affordable housing,” and he has opposed institutional ownership of rental homes and Chinese buyers for U.S. real estate, Seiberg wrote.
Without action from Congress, trillions of tax breaks enacted by Trump are scheduled to expire after 2025, including the child tax credit, which will drop from $2,000 to $1,000 per child.
Minnesota’s new child tax credit is unusual in its narrowness, but it is the most generous in the nation for low-income households.
Jared Walczak
Vice president of state projects at the Tax Foundation
“Minnesota’s new child tax credit is unusual in its narrowness,” said Jared Walczak, vice president of state projects at the Tax Foundation. “But it is the most generous in the nation for low-income households.”
However, a permanent federal child tax credit expansion could be difficult, particularly amid a divided Congress and increasing concerns over the federal budget deficit.
Walz’s campaign did not respond to CNBC’s request for comment.
Senate Republicans blocked a federal child tax credit expansion last week, and Sen. Mike Crapo, R-Idaho, the ranking member of the Senate Finance Committee, described the vote as a “blatant attempt to score political points.”
Despite the failed procedural vote, Crapo voiced openness to negotiating a “child tax credit solution that a majority of Republicans can support.”
Democrats scheduled the vote partially in response to Vance, who has positioned himself as a pro-family candidate. Vance was not present for the Senate vote, but has expressed support for the child tax credit.
Vance’s campaign did not respond to CNBC’s request for comment.
Vance has spoken out against student loan forgiveness policies.
“Forgiving student debt is a massive windfall to the rich, to the college educated, and most of all to the corrupt university administrators of America,” Vance, a Yale Law School graduate wrote on X in April 2022. “Republicans must fight this with every ounce of our energy and power.”
Outstanding education debt in the U.S. stands at around $1.6 trillion. Nearly 43 million people — or 1 in 6 adult Americans — carry student loans. Women and people of color are most burdened by the debt.
Vance does seem to approve of loan forgiveness in extreme cases. In May, he helped introduce legislation that would excuse parents from student loans they took on for a child who became permanently disabled.
Jane Fox, chapter chair of the Legal Aid Society Attorneys union, UAW local 2325, said it was hypocritical and incorrect of Vance to frame debt relief as a benefit to those who are well off.
“Student debt forgiveness is a working-class issue,” Fox said. “Those in the 1% who went to elite institutions and then worked in private equity as Senator Vance did rarely need debt relief.”
Vance’s campaign did not respond to CNBC’s request for comment.
Meanwhile, Walz, a former school teacher, has supported programs to alleviate the burden of student debt on people, said higher education expert Mark Kantrowitz.
“As my daughter prepares to head off to college next year, affordability and student loan debt are at the front of our minds,” Walz wrote on Facebook in 2018. “Every Minnesotan deserves a shot at a great education without being held back by soaring costs and student loan debt.”
It’s not you, it’s the leggings. And even Lululemon knows it.
The athleisure brand made an almost $100 dollar pair of leggings that allegedly flattened customers’ behinds with an ill-placed back seam. The effect is that the wearer’s backside is elongated. Released earlier this month on July 9th, the “Breezethrough” yoga pants line was unveiled to mixed reviews. Specifically, the V-shaped design that stretches to the waistband was deemed as often unflattering.
In response to the design backfire, $31 billion market cap Lululemon has pulled the product.
Issues with thin material as well as what was called “whale tail placement,” cropped up online soon after it launched. “I tried them on and they literally make [me]look rectangular,” said a customer on a Lululemon Reddit thread. Why is the seam on the back, the wearer pondered.
Lululemon did not respond to a request for comment.
Another commenter noted that the line was pulled from the online store quicker than they expected but that those who liked the pants would be able to get them in stores. The post was met with mixed reception. Some noted they liked the product and people were just sizing wrong. Others rejoiced. “It was Lululemon! Long live all the cute butts that fell victim to the crooked seam,” a customer joked.
Profits are flattening out, too, as CNN noted that the brand’s stock slipped by 16% this past month and 50% over the course of a year. The outlet spoke to JP Morgan Chase analyst Matthew Boss, who noted that negative customer feedback was the driving factor behind Lululemon rolling back the product. Recently, shares for the company slipped to the lowest level since 2020, to $247.32, but they are currently at $261.
Lululemon CEO Calvin McDonald said in an earnings call last month that “business remains strong,” pointing to international business as a source of potential growth. Even so, the company is making up for some missteps last year.
“When looking at women’s, we did not maximize the business in the U.S., which was the result of several missed opportunities, including a color palette and our core assortment, particularly in leggings that were too narrow,” he added.
The product was marketed initially as a “cool innovation” for hot yoga, according to the Wall Street Journal, which viewed old emails from the company. Reporter Alyssa Lukpat suggested that the design backfire was an attempt to cater to other generations, as she pointed out that the Breezethrough collection looks like other leggings that became popular on TikTok, a Gen Z mainstay.
Currently, here is the compilation of the most affluent owners of NBA teams.
20. Clay Bennett | Oklahoma City Thunder
Clay Bennett, chairman of the Professional Basketball Club LLC, became the principal owner of the Oklahoma City Thunder in 2008. Under his leadership, the Thunder has emerged as one of the premier franchises in the NBA, known for its player development and community engagement.
Full name: Clayton Ike Bennett
Date of birth: 24th November 1959
Age: 64 years
Place of birth: Oklahoma City, Oklahoma, United States of America
Nationality: American
Team: Oklahoma City Thunder
Net worth: $400 million
Bennett’s leadership of the Thunder has been transformative. The team’s move from Seattle to Oklahoma City and its subsequent success, including a trip to the NBA Finals in 2012, are testaments to Bennett’s vision and commitment.
His emphasis on fostering a strong team culture and his dedication to the Oklahoma community have made the Thunder a model franchise in the NBA. After a long rebuild, OKC has a respectable team that fought hard in this year’s playoffs and managed to reach the Western Conference semis, where they were eventually knocked out by the Dallas Mavericks.
Personal Insights: Clay Bennett’s leadership with the Oklahoma City Thunder reflects his deep connection to the team’s roots. He values community engagement and the importance of maintaining strong ties to the Oklahoma community.
Quote: “The Thunder represents the heart of Oklahoma. We’re committed to building a team that embodies the resilience and spirit of our community.”
Interview Excerpt: In an interview with The Oklahoman, Bennett stated, “Oklahoma City is a city with a strong sense of pride, and we want the Thunder to be a source of that pride.”
19. Jeanie Buss | Los Angeles Lakers
Jeanie Buss, daughter of the legendary Jerry Buss, has seamlessly taken over the reins of the iconic Los Angeles Lakers. As one of the most influential women in sports, her leadership has been marked by a deep understanding of the game and a commitment to maintaining the Lakers’ legacy.
Full name: Jeanie Marie Buss
Date of birth: 26th September 1961
Age: 62 years
Place of birth: Santa Monica, California, United States of America
Nationality: American
Team: Los Angeles Lakers
Net worth: $500 million
Jeanie Buss’s tenure as the Lakers’ owner has seen the team return to its championship-winning ways. Her decision to bring in key figures like LeBron James and Anthony Davis has solidified the Lakers’ position as title contenders. Buss’s leadership style, which emphasizes collaboration and respect, has made her one of the most respected figures in the NBA.
Personal Insights: Jeanie Buss’s ownership of the Los Angeles Lakers reflects her deep understanding of the team’s legacy. She values tradition, collaboration, and the importance of preserving the Lakers’ iconic status.
Quote: “The Lakers are a symbol of excellence, and we’re committed to upholding that legacy. We’re not just a team; we’re a tradition.”
Interview Excerpt: In an interview with the Los Angeles Times, Buss stated, “The Lakers are a family, and we want our fans to feel like a part of that family. Our goal is to deliver championship basketball and unforgettable moments.”
18. Vivek Ranadivé | Sacramento Kings
Founder of TIBCO Software became the majority owner of the Sacramento Kings in 2013. With a vision of making the Kings a global brand and a commitment to innovation, Ranadivé’s influence has been transformative.
Full name: Vivek Yeshwant Ranadivé
Date of birth: 7th October 1957
Age: 66 years
Place of birth: Mumbai, India
Nationality: American
Team: Sacramento Kings
Net worth: $700 million
Under Ranadivé’s leadership, the Kings have embraced a forward-thinking approach, from investing in analytics to building the state-of-the-art Golden 1 Center. His global perspective and emphasis on community engagement have redefined the Kings’ brand, positioning them as one of the most innovative teams in the NBA.
Personal Insights: Vivek Ranadivé’s leadership with the Sacramento Kings is marked by innovation and a global perspective. He values the importance of technology and community engagement.
Quote: “The Kings are more than just a basketball team; they’re a platform for innovation. We’re connecting with fans locally and globally.”
Interview Excerpt: In an interview with the Sacramento Bee, Ranadivé stated, “Sacramento is a vibrant community, and we’re determined to make the Kings a source of pride for the city.”
17. Glen Taylor | Minnesota Timberwolves
Glen Taylor, a self-made billionaire who started his journey in the printing business, has been at the helm of the Minnesota Timberwolves since 1994. His tenure has seen the team go through various phases, but his commitment to the Wolves has never wavered. In 2024, the Wolves reached the Western Conference Finals, which was their biggest success in years.
Full name: Glen A. Taylor
Date of birth: 20th April 1941
Age: 83 years
Place of birth: Springfield, Minnesota, United States of America
Nationality: American
Team: Minnesota Timberwolves
Net worth: $2.9 billion
Taylor’s leadership of the Timberwolves has been marked by a deep commitment to the Minnesota community. While the team has faced its challenges on the court, Taylor’s dedication to building a competitive roster and enhancing the fan experience remains unwavering. His recent efforts to revamp the team’s front office and coaching staff signal a new era for the Wolves.
Personal Insights: Glen Taylor’s leadership with the Minnesota Timberwolves is characterized by his strong sense of loyalty and commitment to the team. He values patience and believes in the power of building a winning culture from the ground up.
Quote: “Success with the Timberwolves is not just about immediate results; it’s about laying the foundation for lasting success. We’re building a team for the long haul.”
Interview Excerpt: In an interview with Star Tribune, Taylor stated, “Minnesota is home, and the Timberwolves are a reflection of the state’s spirit. We’re working to create a team that Minnesotans can be proud of.”
16. Ted Leonsis | Washington Wizards
Ted Leonsis, a tech industry titan and founder of Monumental Sports & Entertainment, has been the guiding force behind the Washington Wizards since 2010. His emphasis on community, innovation, and fan engagement has redefined the Wizards’ brand in the modern NBA era.
Full name: Theodore John Leonsis
Date of birth: 8th January 1957
Age: 67 years
Place of birth: Brooklyn, New York, United States of America
Nationality: American
Team: Washington Wizards
Net worth: $3.1 billion
Leonsis’s tenure with the Wizards has been marked by a commitment to building a competitive team and enhancing the overall fan experience. His investments in the team’s infrastructure, including the state-of-the-art Capital One Arena, and his focus on community initiatives have solidified the Wizards’ place in the heart of Washington, D.C.
Personal Insights: Ted Leonsis’s ownership of the Washington Wizards reflects his commitment to innovation and fan engagement. He values transparency and building a strong community.
Quote: “The Wizards are more than just a team; they’re a source of inspiration for Washington, D.C. We’re investing in the future and delivering exciting basketball.”
Interview Excerpt: In an interview with The Washington Post, Leonsis stated, “Washington, D.C. is a diverse and passionate city, and we’re working to make the Wizards a reflection of its spirit.”
15. Wes Edens | Milwaukee Bucks
Under the leadership of Wes Edens, the Milwaukee Bucks experienced significant achievements and growth. Edens, who acquired a stake in the team in 2014, played a pivotal role in transforming the franchise. Under his co-ownership, the Bucks won the NBA championship in 2021, marking their first title in 50 years.
Full name: Marc Lasry
Date of birth: 30th October, 1961
Age: 62 years
Place of birth: Helena, Montana
Nationality: American
Team: Milwaukee Bucks
Net worth: $3.3 billion
Edens was instrumental in the development of the Fiserv Forum, the team’s state-of-the-art arena, which has bolstered both team performance and fan engagement. His leadership extended beyond the court, emphasizing a positive work culture and strategic investments that have elevated the Bucks to a prominent position in the NBA.
Personal Insights: Edens’ leadership with the Milwaukee Bucks reflects his willingness to adapt and innovate. He values the importance of analytics and building a winning team with a global perspective.
Quote: “What I want to do is see things for what they are, not how other people see them.”
Interview Excerpt: In an interview Wes Edens stated, “Guys in Philly want to talk about the process, I’d rather talk about the results.”
14. Mark Cuban | Dallas Mavericks
Mark Cuban, the charismatic entrepreneur, and Shark Tank star is perhaps one of the most recognizable NBA owners. His passion for the game and his team, the Dallas Mavericks, is palpable every time he’s courtside, cheering, and sometimes even arguing calls with referees.
Full name: Mark Cuban
Date of birth: 31st July 1958
Age: 66 years
Place of birth: Pittsburgh, Pennsylvania, United States of America
Nationality: American
Team: Dallas Mavericks
Net worth: $5.4 billion
Cuban’s tenure as the Mavericks’ owner has been marked by innovation and a relentless pursuit of excellence. Under his watch, the Mavs secured their first NBA championship in 2011, led by Dirk Nowitzki. Cuban’s forward-thinking approach, be it in embracing analytics or in player welfare, has made the Mavericks a model franchise in the NBA.
Mavericks came real close to winning another championship in 2024. However, they lost to Boston Celtics in the Finals, and will look to bounce back in the upcoming season.
Personal Insights: Mark Cuban’s ownership of the Dallas Mavericks reflects his entrepreneurial spirit and willingness to challenge the status quo. He values transparency and fan engagement.
Quote: “The Mavericks are a platform for innovation. We’re embracing technology and analytics to build a team that competes at the highest level.”
Interview Excerpt: In an interview with ESPN, Cuban stated, “Owning the Mavs is a constant learning experience. We’re here to disrupt, innovate, and, of course, win.”
13. Gayle Benson | New Orleans Pelicans
Gayle Benson, after the passing of her husband Tom Benson, took over the reins of the New Orleans Pelicans. As one of the few female owners in the NBA, her leadership has been marked by resilience, community engagement, and a commitment to excellence.
Full name: Gayle Marie LaJaunie Bird Benson
Date of birth: 26th January 1947
Age: 77 years
Place of birth: New Orleans, Louisiana, United States of America
Nationality: American
Team: New Orleans Pelicans
Net worth: $6.1 billion
Gayle Benson’s stewardship of the Pelicans has been commendable. With a focus on community engagement, she has ensured that the team remains an integral part of New Orleans’ fabric. The drafting of young superstar Zion Williamson and the team’s ongoing development under her watch signal exciting times ahead for Pelicans fans.
Personal Insights: Gayle Benson’s leadership with the New Orleans Pelicans reflects her dedication to maintaining the team’s place in the heart of New Orleans. She values community and unity.
Quote: “The Pelicans are a source of pride for New Orleans. We’re investing in the team and our community to create a brighter future.”
Interview Excerpt: In an interview with NOLA.com, Benson stated, “New Orleans is a unique city, and we want the Pelicans to be a reflection of its spirit and resilience.”
12. Micky Arison | Miami Heat
Micky Arison, the chairman of Carnival Corporation, the world’s largest cruise operator, has been steering the Miami Heat with the same precision he manages his fleet of cruise ships. Under his leadership, the Heat has seen some of its most glorious moments, including multiple NBA championships.
Full name: Micky Meir Arison
Date of birth: 29th June 1949
Age: 75 years
Place of birth: Tel Aviv, Israel
Nationality: American-Israeli
Team: Miami Heat
Net worth: $8.4 billion
Micky Arison’s leadership of the Miami Heat has been nothing short of legendary. With Pat Riley at the helm and stars like Dwyane Wade, LeBron James, and Chris Bosh gracing the court, the Arison era has been golden for the Heat. His business strategies, combined with a deep passion for basketball, have made the Miami Heat a force to reckon with in the NBA.
Personal Insights: Micky Arison’s leadership with the Miami Heat is marked by a strong sense of loyalty and family. He values consistency and stability, evident in his long-standing commitment to the team.
Quote: “The Heat is more than just a team; it’s a family. We’re dedicated to maintaining the Heat culture and delivering championship basketball to our fans.”
Interview Excerpt: In an interview with the Miami Herald, Arison stated, “Winning is in our DNA. It’s not just about the trophies; it’s about the journey and the passion we bring to every game.”
11. Joe Tsai | Brooklyn Nets
Joe Tsai, co-founder of the e-commerce giant Alibaba, brought his global perspective to the NBA when he became the owner of the Brooklyn Nets. With a vision of making the Nets a global brand, Tsai’s influence has been transformative.
Full name: Joseph Chung-Hsin Tsai
Date of birth: 1st January 1964
Age: 60 years
Place of birth: Taipei, Taiwan
Nationality: Taiwanese-Canadian
Team: Brooklyn Nets
Net worth: $8.7 billion
Tsai’s ownership has seen the Brooklyn Nets rise to prominence, especially with the acquisition of superstars like Kevin Durant and James Harden. However, this Superteam failed to capitalize and win championships.
Personal Insights: Joe Tsai brings a global perspective to the Brooklyn Nets, emphasizing diversity and inclusivity. He values the power of sports in uniting people across borders.
Quote: “The Nets are more than a team; they’re a bridge between cultures. We’re building a global brand that resonates with fans worldwide.”
Interview Excerpt: In an interview with CNBC, Tsai stated, “Owning the Nets is a privilege. We’re committed to delivering an exciting brand of basketball to Brooklyn and beyond.”
10. Tilman Fertitta | Houston Rockets
Tilman Fertitta, a self-made billionaire, is known for his ventures in the hospitality industry. His acquisition of the Houston Rockets showcased his passion for sports and his commitment to bringing success to the team.
Tilman Fertitta’s net worth is an impressive $7.9 billion. He owns the Golden Nugget Casinos and Landry’s, Inc. His business acumen is evident in his ventures, and his ownership of the Rockets has been marked by significant investments in the team’s success.
Personal Insights: Tilman Fertitta is known for his hands-on approach to team management. He values a strong work ethic and entrepreneurial spirit, which he brings from his business ventures to the Rockets.
Quote: “Success in business and in sports requires a hunger to win. We’re not here to participate; we’re here to win championships.”
Interview Excerpt: In an interview with CNBC, Fertitta stated, “Owning the Rockets is a dream come true. We’re focused on delivering an exciting brand of basketball to Houston fans and competing at the highest level.”
9. Joshua Harris | Philadelphia 76ers
Private equity titan Joshua Harris co-founded Apollo Global Management and brought his financial acumen to the Philadelphia 76ers. Since acquiring the team, Harris has been instrumental in its resurgence, making the 76ers a powerhouse in the Eastern Conference.
Full name: Joshua J. Harris
Date of birth: 12th February 1965
Age: 59 years
Place of birth: Bethesda, Maryland, United States of America
Nationality: American
Team: Philadelphia 76ers
Net worth: $8.9 billion
Under Harris’s ownership, the 76ers have embraced the “Trust the Process” mantra, which has seen them draft young talents like Joel Embiid and Ben Simmons. Harris’s commitment to building a championship-caliber team is evident, and Philly fans have every reason to be optimistic about the future.
Personal Insights: Joshua Harris brings his financial acumen to the 76ers, but his leadership style is also marked by a dedication to fostering a culture of innovation and growth within the team.
Quote: “The 76ers are a symbol of resilience and determination. We’re investing in the future and working to create a winning legacy.”
Interview Excerpt: In an interview with Bloomberg, Harris stated, “Philadelphia is a city of champions, and we’re committed to delivering another championship to this passionate fan base.”
8. Robert Pera | Memphis Grizzlies
Robert Pera is the founder and CEO of Ubiquiti Networks, a wireless equipment manufacturer. His involvement in the NBA began with his purchase of the Memphis Grizzlies, and he has since been a significant figure in the league.
Full name: Robert J. Pera
Date of birth: 10th March 1978
Age: 46 years
Place of birth: United States of America
Nationality: American
Team: Memphis Grizzlies
Net worth: $9.1 billion
With a net worth of $16.1 billion, Robert Pera is one of the youngest and wealthiest NBA owners. His business ventures outside the NBA have been successful, and his commitment to the Memphis Grizzlies has been evident in the team’s performance and management.
Personal Insights: Robert Pera is known for his hands-on approach to team management. He values innovation and is open to adopting unconventional strategies to achieve success, both on and off the court.
Quote: “In the tech world, you have to adapt quickly to stay competitive. The same applies to the NBA. We’re constantly exploring new ways to enhance the fan experience and improve our performance.”
Interview Excerpt: In an interview with ESPN, Pera stated, “Owning the Grizzlies is not just a business venture; it’s a passion. We want to build a team that Memphians can be proud of.”
7. Tom Gores | Detroit Pistons
Tom Gores, founder of the private equity firm Platinum Equity, has been the driving force behind the Detroit Pistons since he acquired the team in 2011. With a keen business sense and a passion for revitalizing the Motor City, Gores has been instrumental in the Pistons’ recent endeavors.
Full name: Tom Gores
Date of birth: 31st July 1964
Age: 60 years
Place of birth: Nazareth, Israel
Nationality: American
Team: Detroit Pistons
Net worth: $9.1 billion
Under Gores’ leadership, the Pistons have made significant strides both on and off the court. His commitment to Detroit’s community is evident in the team’s move back to downtown Detroit with the state-of-the-art Little Caesars Arena. With a focus on building a competitive team and enhancing fan experience, Gores has reinvigorated the Pistons’ legacy.
Personal Insights: Tom Gores’ leadership with the Detroit Pistons emphasizes a deep commitment to the city of Detroit. He values community engagement and revitalizing the Motor City.
Quote: “The Pistons are a symbol of Detroit’s resilience. We’re investing in the team and the community to create a brighter future.”
Interview Excerpt: In an interview with Detroit Free Press, Gores stated, “Detroit has a rich sports history, and we’re working to add another chapter to it with the Pistons.”
6. Ann Walton Kroenke | Denver Nuggets
Source: Getty
Ann Walton Kroenke, an heir to the Walmart fortune, is a significant figure in the sports industry. Along with her husband, Stan Kroenke, she owns multiple sports teams, with the Denver Nuggets being one of their prized possessions.
Full name: Ann Walton Kroenke
Date of birth: 18th December 1948
Age: 75 years
Place of birth: United States of America
Nationality: American
Team: Denver Nuggets
Net worth: $10.9 billion
With a net worth of $10.9 billion, Ann Walton Kroenke is one of the wealthiest women in sports. Apart from the Nuggets, the Kroenke family owns teams like the Los Angeles Rams, Colorado Rapids, Colorado Avalanche, and the Arsenal Football Club. Their influence in the sports world is vast, and their commitment to excellence is evident in the performance of their teams.
Personal Insights: Ann Walton Kroenke’s leadership style is characterized by a commitment to excellence and a global perspective. She values teamwork and collaboration, both within her sports portfolio and her business ventures.
Quote: “Sports have the power to unite people from all walks of life. We want the Nuggets to represent the best of Denver and inspire the next generation of athletes.”
Interview Excerpt: In an interview with The Denver Post, Kroenke stated, “The Nuggets are a source of pride for Colorado. We’re dedicated to building a championship team and giving back to the community.”
5. Antony Ressler | Atlanta Hawks
Antony Ressler, co-founder of the private equity firm Ares Management, took over the Atlanta Hawks in 2015. With a keen eye for business and a passion for basketball, Ressler has been instrumental in the Hawks’ resurgence in recent years.
Full name: Antony P. Ressler
Date of birth: 16th July 1959
Age: 65 years
Place of birth: Washington, D.C., United States of America
Nationality: American
Team: Atlanta Hawks
Net worth: $11.3 billion
Under Ressler’s ownership, the Hawks have undergone a significant transformation. The team’s recent success in the playoffs, led by young star Trae Young, is a testament to Ressler’s vision and commitment. Off the court, his focus on community engagement and fan experience has redefined the Hawks’ brand, making them one of the most exciting teams in the Eastern Conference.
Personal Insights: Antony Ressler’s leadership with the Atlanta Hawks reflects his commitment to innovation and fan engagement. He values teamwork and the importance of building a strong organization from top to bottom.
Quote: “The Hawks are more than just a basketball team; they’re a source of inspiration for Atlanta. We’re investing in the future and building a winning culture.”
Interview Excerpt: In an interview with the Atlanta Journal-Constitution, Ressler stated, “Atlanta is a city with a rich sports history, and we’re working to make the Hawks a central part of that history.”
4. Matt Ishbia | Phoenix Suns
Matt Ishbia’s tenure as the owner of the Phoenix Suns has been marked by significant changes and high-profile decisions. On February 7, 2023, Mat Ishbia completed the purchase of the Phoenix Suns and the Phoenix Mercury, taking over from the previous owner, Robert Sarver, after receiving approval from the NBA Board of Governors.
Full name: Mathew Randall Ishbia
Date of birth: 6th January 1980
Age: 44
Place of birth: Detroit, Michigan, United States of America
Nationality: American
Team: Phoenix Suns
Net Worth: 12 billion
Ishbia has expressed ambitions beyond basketball, such as his interest in bringing an NHL team back to Arizona, indicating a vision for broader sports investment in the region. Under his leadership, the Suns traded for star player Bradley Beal, reflecting an aggressive approach to strengthening the team.
Personal Insights: Ishbia’s ownership began with a series of swift changes, including the firing of the Suns’ coach Frank Vogel after just one season, which drew significant attention and some criticism.
Quote: “You can’t win without happy people. You can’t win unless your people care. You can’t do anything without people caring and being happy.”
Interview Excerpt: In an interview for Cronkite News, Ishbia stated the following: “The narrative that the house is burning is incorrect. The Phoenix Suns are doing great. Excellent. Not as good as we want to be, but we are in a great place.”
3. Jody Allen | Portland Trail Blazers
Jody Allen, sister of Microsoft co-founder Paul Allen, is the owner of the Portland Trail Blazers. Her vast wealth is not just from the NBA but also from her inheritance and other business ventures.
Full name: Jo Lynn Allen
Date of birth: 1959
Age: 65 years
Place of birth: Seattle, Washington, United States of America
Nationality: American
Team: Portland Trail Blazers
Net worth: $20.3 billion
Jody Allen’s net worth stands at an impressive $20.3 billion. Apart from the Trail Blazers, she also owns the NFL’s Seattle Seahawks. Her business acumen and dedication to sports make her one of the most influential figures in the NBA.
Personal Insights: Jody Allen’s leadership style reflects her commitment to maintaining her late brother Paul Allen’s legacy. She places a strong emphasis on sustainability and philanthropy, aligning the team’s values with broader social and environmental goals.
Quote: “The Trail Blazers are not just a basketball team; they are a force for good in our community. We want to win, but we also want to make a difference.”
Interview Excerpt: In an interview with The Oregonian, Jody Allen stated, “Paul’s love for the Blazers was deep, and I am honored to continue his legacy. Our focus is on building a championship-caliber team and creating lasting positive change.”
2. Daniel Gilbert | Cleveland Cavaliers
Daniel Gilbert, the co-founder of Quicken Loans, America’s largest mortgage lender, is a prominent figure in both the business and sports worlds. His ownership of the Cleveland Cavaliers has been marked by significant investments in the team and the community.
Full name: Daniel Gilbert
Date of birth: 17th January 1962
Age: 62 years
Place of birth: Detroit, Michigan, United States of America
Nationality: American
Team: Cleveland Cavaliers
Net worth: $31.1 billion
Daniel Gilbert’s net worth is a commendable $15.7 billion. Apart from his ventures in the mortgage industry, he has diversified his portfolio with investments in various sectors, including the tech industry with StockX, an online sneaker sale platform. His commitment to the Cavaliers and the city of Cleveland is evident in his community initiatives and the team’s success.
Personal Insights: Daniel Gilbert is known for his resilience and commitment to the city of Cleveland. He values loyalty and hard work, traits that have shaped his leadership style with the Cavaliers.
Quote: “Cleveland is a city of champions, and we’re committed to keeping that legacy alive. We want to bring more championships to this great city.”
Interview Excerpt: In an interview with The Plain Dealer, Gilbert stated, “Owning the Cavs is a dream come true. We’re focused on building a championship culture and making a positive impact in Northeast Ohio.”
Simone Biles wouldn’t be on the mat if she didn’t spend time on the couch, she explained at this year’s Olympics in Paris.
As the most decorated gymnast in history, Biles knows keenly what it’s like to have an immense amount of pressure on her. She’s had the world’s gimlet-eyed gaze on her multiple times, after all. Biles came to this summer’s Olympics already setting records, currently holding the title as the oldest women’s gymnast to compete since the 1950s. While this isn’t Biles’ first rodeo, she’s making sure to play the high-stakes game a little differently this time around— on her terms.
“Being in a good mental spot, seeing my therapist every Thursday is kind of religious for me. So that’s why I’m kind of here today,” Biles said late last month after making the Olympic team.
The iconic gymnast made strides after the last Olympics, making a concerted effort not just to work on her mental health, but also to share insight about her journey publically to assuage stigma. She has also come forward as a survivor of sexual abuse of disgraced former national gymnastics team doctor Larry Nassar, explaining “it could help a lot of people. Four years ago, Biles made headlines after dropping out of the 2020 Summer Olympics in Tokyo due to what is called the “the twisties.”
The ailment is known as a disconnect between the brain and body which makes gymnasts disoriented. Biles’ candor regarding the toll that this condition took and her decision to leave catapulted her into a new type of spotlight: that of a mental-health advocate.
“We also have to focus on ourselves, because at the end of the day we’re human, too,” she said after leaving the competition. “So, we have to protect our mind and our body, rather than just go out there and do what the world wants us to do.”
Not only is Biles stepping into the arena with a newfound dedication to her well-being, she’s also making sure to look after her teammates. Biles provided advice to fellow gymnast Suni Lee after she struggled during her routine. Having gone through the exact same situation, Biles said she knew Lee needed support. She explained that’s exactly what she gave her, adding “ I know how traumatizing it is, especially on a big stage like this. I didn’t want her to get in her head.”
Her newly released Netflix documentary, Simone Biles Rising, further pushes back the curtain behind the trying experience that is competing on a national stage. Giving context to her re-emergence in the Olympics, Biles opened up about her process in going to therapy and dealing with past trauma.
Showing the screen her tattoo of Maya Angelou’s words, Biles says she’s not backing down from what she’s gone through. Rather, she’s letting it fuel her. “‘And still I rise’ is perfect,” she adds. “I feel like that’s kind of the epitome of my career and life story. I always rise to the occasion; even after all of the traumas and the downfalls, I’ve always risen.”
If you were on your deathbed right now, what would your biggest regrets be? The answer can change the way you decide to live the rest of your life.
Thinking about death can change how we live our lives. Our time on Earth is limited, and this realization can completely shift our perspective. It puts our real values and priorities into sharp focus, causing us to step back and re-evaluate if we are living our current lives in the best way possible.
When I was going through a period of depression in college, I would take the bus to the local cemetery by myself with nothing but my camera. I’ve always been comfortable with solitude and doing things alone, but these cemetery walks were an especially meaningful and humbling experience for me. Walking among the graves and reading the names of people I’d never know showed me that life is much bigger than my ego. The realization that death is a necessary part of life sparked me to reevaluate and see the bigger picture behind my choices and actions.
These cemetery walks were a powerful reminder that I would be dead one day too – but not yet – and that filled me with a sense of power and responsibility so long as I’m still breathing.
How people think about death can have a profound effect on their psychology. Some people face the prospect of mortality by ignoring it and engaging in escapist behaviors driven by materialism (“buy more things”) or hedonism (“seek more pleasure”). Others embrace the prospect of death and recognize that it means they need to make the most of their time here before it’s too late.
In the popular book The Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing, Bronnie Ware documents her experiences in palliative care, working closely with those who had terminal illnesses or were approaching the end-of-life. She identified five main regrets of the dying based on conversations and confessions with those on their deathbeds.
This article will outline her main findings along with my personal thoughts on each one.
Deathbed Motivation: Top 5 Regrets of the Dying
According to Bronnie Ware, the five most common regrets shared by people nearing death were:
“I wish I’d had the courage to live a life true to myself, not the life others expected of me.”
It’s cliché but true: you only have one life to live.
Many people cave to social pressures to choose paths in life that are expected of them, such as what school to attend, or what career to pursue, or what types of relationships to cultivate. However, what brings one person happiness isn’t necessarily what brings another person happiness. If we only try to make others happy, we often end up neglecting our own needs, wants, passions, and ideals.
Understanding your core values is one of the most important steps you can take in life. Knowing what you really want will help you make choices that are harmonious with what you really care about, not just what you think you “should do” or “ought to do.” One interesting study published in the journal Emotions found that our most enduring and long-lasting regrets are usually “ideal-related,” such as personal goals and aspirations.
Our biggest regrets are often the things we didn’t do but always wanted to, like starting a rock band, or writing a book, or traveling to a place we always wanted to visit.
“I wish I hadn’t worked so hard.”
Most people don’t lay on their deathbeds thinking, “I wish I spent more time at my job.”
Work is important and it can be fulfilling, but many people in today’s world become myopically focused on advancing in their jobs/careers or making more money by any means necessary (sometimes even in unhealthy, destructive, or unethical ways).
We wrongly believe that wealth is the only real measure of value in life, and thus we get distracted from other important things like spending more time with family, taking care of our health, giving back to our community, or pursuing personal passions.
In our materialistic and consumerist culture, nothing seems more important than “working hard” and “making money,” but as the saying goes, “You can’t take it with you when you die.”
“I wish I’d had the courage to express my feelings.”
We often have trouble expressing our true feelings toward people because we see emotions as weakness or we don’t want to risk being vulnerable.
This is especially true when it comes to feelings of love, gratitude, and appreciation. There are some families, cultures, and couples where it’s rare to hear the words, “I love you,” or “I appreciate you.” The feelings are taken for granted, but they are never explicitly said.
It’s important that we learn to express love and appreciation toward others while we still can (including toward family, friends, loved ones, or mentors), because we will often regret it if we miss our chance.
Recently I wrote my mom a thank you letter for her birthday. It helped me communicate a lot of feelings that I’ve always had but were difficult to say out-loud. It felt like an emotional weight was lifted off my shoulders once I finally expressed my tremendous gratitude for her and everything she’s done for me.
There are also people I’ve lost in life whom I was never able to tell that I appreciated them. Those are regrets I’ll have to live with – the crucial lesson is don’t miss the opportunity to tell people you love them while you still can.
“I wish I had stayed in touch with my friends.”
One common theme in life is that relationships come and go.
Our circle of friends often changes dramatically throughout high school, college, and into adulthood, especially when we move to new places or leave our hometowns. We tend to lose touch with people over time. Those who were once “best friends” we now go years without even speaking to.
In theory, it’s easier to stay in touch with people now more than ever; old friends and family are just a call, text, or email away, yet we rarely take advantage of these opportunities.
It’s never too late to check in on past connections. It can seem awkward at first to reach out to those we haven’t seen in years, but often they will appreciate the gesture and you both will enjoy reconnecting and reminiscing about your shared past.
The simple act of checking in on people on a regular basis (such as holidays, birthdays, reunions, etc.) can preserve our social connections over time and remind us all the positive relationships and social support we have. Each person you stay in touch with is another layer of meaning in your life.
“I wish that I had let myself be happier.”
People are too busy these days to be happy.
We get easily trapped in the hustle and bustle of daily life with work, school, chores, family, and other responsibilities and obligations. In the midst of all this, many forget the simple art of stepping back and finding happiness in the moment.
You don’t need to wait for something life-changing to be happy. Many people don’t realize that happiness is in their control and you can start finding it in little things, like savoring positive experiences, counting your blessings, having things to look forward to, and prioritizing positive activities. These are habits that are available to anyone no matter what their current situation is in life. You don’t need to be rich or famous; in fact, sometimes those people are the most distracted and least happy.
If happiness is a skill, then it’s something that’s worth learning. It isn’t magic, it’s a direct result of how you think, act, and view your world.
The Time That Remains
If you are reading this right now, then you still have power over how you live the rest of your life. Every new breath is a symbol of this power.
Which of the big five regrets do you relate to the most? Living too much by other people’s expectations, focusing too much on work, not communicating your true feelings, losing touch with old friends and family, or simply not finding time for more happiness?
These are important questions worth reflecting on. Take a moment to imagine yourself on your deathbed, which regrets would hurt the most? What can you still do about it?
Enter your email to stay updated on new articles in self improvement:
The original house used in the “Home Alone” movies on Nov. 8, 2021.
Erin Hooley/Chicago Tribune/Tribune News Service via Getty Images
An array of iconic homes are for sale — and buyers will almost certainly pay extra for that pedigree.
However, that premium is hard to quantify since some uber-wealthy buyers will pay almost anything to own a piece of pop culture, according to real estate experts.
“It’s like owning a Picasso” or a Fabergé egg, said Tomer Fridman, a real estate agent based in Los Angeles who specializes in luxury and celebrity homes.
“You’re buying something that’s super unique and something that is very rare,” he said.
Among recent notable listings: The Victorian home depicted on the sitcom “Full House” hit the market Thursday in San Francisco for $6.5 million. Last month, the “Home Alone” house — the brick estate famously boobytrapped by character Kevin McCallister — listed for $5.25 million.
John Lennon and Yoko Ono’s first New York City home, a two-story SoHo loft, also hit the market for $5.5 million in May. The Los Angeles home of the late Paul Reubens, best known for his character Pee-wee Herman, is also for sale, for about $5 million.
Luxury real estate prices recently hit a record high. The uber-wealthy are largely insulated from high mortgage rates since many can afford to make all-cash deals, according to real estate experts.
Famous homes generally command even loftier price tags than their market equivalents, those experts said.
Josh Altman, a luxury real estate agent in Los Angeles who is featured on the Bravo show “Million Dollar Listing,” estimates the premium can be perhaps 5% to 10% if the home is tied to a “household name” celebrity.
“There’s definitely this Hollywood cachet of ‘I bought so-and-so’s house,’” said Altman. His firm’s clients have included stars like Justin Bieber, James Cameron, Alicia Keys and Britney Spears.
“Home Alone” is “one of the most famous movies ever,” he added. “That’ll definitely get a premium, in my opinion.”
Many view the house as a collector’s item and make an “emotional purchase,” Fridman said.
Sellers can rake in a premium for a particular famous property via an initial pie-in-the-sky asking price or if potential buyers get into a bidding war, experts said.
“They’re one of one,” said Amanda Pendleton, a home trends expert at Zillow. “Some people with means will pay whatever it takes to own that home.”
Fans gather to take photos at 1709 Broderick Street, the house depicted in the filming of the TV show “Full House.”
Carlos Avila Gonzalez/San Francisco Chronicle via Getty Images
The listing for the “Home Alone” property, outside Chicago, leans into its collector status, spotlighting the “rare opportunity to own one of the most iconic movie residences in American pop culture.”
An offer is pending on that home and was made within a week of being on the market, said Andrea Gillespie, a spokesperson for Coldwell Banker Real Estate. The sellers’ asking price is more than triple the $1.585 million they paid in 2012.
The listing for John Lennon and Yoko Ono’s residence — the first time it’s been for sale in 53 years — also plays up its former occupants’ fame.
“Anywhere that they lived is going to have some sort of value,” according to Philip Norman, author of the biography “John Lennon: The Life,” recently told The New York Times.
Buyers of the “Full House” home have the option of getting handprints in concrete stones of the show’s cast members, including Bob Saget and John Stamos, according to Architectural Digest.
Infamy can also fetch a higher price, said Arto Poladian, a Redfin luxury real estate agent in Los Angeles.
In 2021, Poladian sold the so-called LaBianca house — the home where Charles Manson’s followers killed Leno and Rosemary LaBianca in 1969 — for $1.875 million.
The property’s notoriety generated interest and attracted more prospective buyers — “and ultimately with that interest you get a little bit of a higher premium than without it,” Poladian said.
The listing was geared to buyers like “history buffs” or those who wanted to “add their touches to reimagine one of LA’s most unique properties.”
It’s like owning a Picasso.
Tomer Fridman
luxury real estate agent
Sometimes, even being in the vicinity of a famous residence can help, he added. For example, in 2018 he sold the house next door to the one used for the filming of the original “The Karate Kid” movie.
“Any type of famous home — or a home next to a famous home — will draw interest from prospective buyers and lookie-loos,” he said.
There’s sometimes a ceiling to what super fans are willing to pay, said Pendleton.
She cited the “Brady Bunch” house as an example: The Studio City, California, home — which was remodeled to look identical to the home on the TV series — sold for about $3.2 million in 2023 after months on the market; it had been listed for $5.5 million.
The publicity attached to certain properties is likely a “turnoff” for some would-be buyers, Pendleton said.
Similarly, a superstar’s home won’t command as much of a premium if it’s not updated and move-in-ready, said Poladian.
For example, Kanye West — the rapper who now goes by Ye — bought a Malibu, California, mega-mansion for $57.3 million in 2021. However, he has struggled to sell the home, which he gutted and left in disrepair; he listed the home last year for $53 million but recently dropped the price to $39 million. (A contractor also sued West in January and a lien was placed on the property, potentially complicating a sale.)
“Kanye West can’t give his house away in Malibu,” said Altman, the Los Angeles real estate agent.
Ultimately, though, a home’s value — whether a sprawling, renowned estate or a run-of-the-mill bungalow — is in the eye of the beholder.
“At the end of the day, a home is worth whatever the person is willing to pay for it,” Pendleton said.
Entrepreneur Grant Cardone said collecting and displaying art gives him more fulfilment than investing.
Grant Cardone
Multimillionaire Grant Cardone, who has been collecting art for around 15 years, says he’s a spontaneous buyer.
“I don’t consider myself a connoisseur. I’m very new to the art world. If I like it, I buy it. I don’t care who did it,” he told CNBC. Alongside pieces displayed throughout his home, Cardone also has an art gallery to house his considerable collection.
CNBC spoke to Cardone by video call — behind him in his Miami home office was an untitled piece by American graffiti artist Retna that Cardone bought in an online auction.
“I clicked the button — really hadn’t done any research … and got the piece … And it got here and I absolutely freaking loved it,” he said. He paid “maybe $140,000” for the work, he said.
A piece called “It’s Now Time,” by the artist Fringe, seen in Grant Cardone’s home gallery.
Grant Cardone
Along a corridor in Cardone’s home are two pieces by American pop artist Burton Morris, both depicting red Coca-Cola bottles lined up in a repeating pattern named Coca-Cola 50A and Coca-Cola 50B. “This I bought from Tommy Hilfiger … it reminds me of the importance of scaling,” Cardone said — fashion designer Hilfiger is the home’s previous owner.
Cardone, a real estate investor and author of “The 10 X Rule: The Only Difference Between Success and Failure,” has around 17 million followers on social media and uses his platforms to give occasional advice on art investing.
“[Followers are] starting to see the art saying, hey, you know, [has] that been good for you? And I’m like, yeah, it’s good for me … It’s better than the dollar or the euro … The stock market doesn’t give me any fulfillment, I don’t go back and look at my Apple shares and feel good about it. But I walk in my gallery or down the kitchen or in my office and I see a piece and I’m like, man, it’s super cool.”
The gallery in Grant Cardone’s Miami home. A print of a piece by Basquiat is seen bottom left.
Grant Cardone
Inside Cardone’s gallery — complete with floor-to-ceiling windows and a security guard — is a work by American contemporary artist Kenny Scharf titled “Blipsibshabshok” (1997), an abstract painting featuring colorful futuristic symbols. Cardone owns a second Scharf, “Controlopuss” (2018), a striking image of a red multi-legged creature, acquiring it for $279,400 from auction house Phillips.
“This is a Basquiat right here. The original would be $45 million,” Cardone said, pointing to a print of a Jean-Michel Basquiat piece titled “Flexible” (1984/2016). The original was sold by auction house Phillips for $45.3 million in 2018. “This piece I bought with the house,” he said, gesturing to a work above the Basquiat titled “Read More” by American contemporary artist Al-Baseer Holly.
Grant said he chooses pieces to buy on instinct. “I’ll try to walk away from it. And if I keep seeing it, or I keep thinking about it, then I go back and say, OK, I’m supposed to have this,” he said.
“I plan on never selling any this stuff. It’s really for my personal enjoyment. And you know, art makes me happy,” he said.
Former investment banker Christian Levett has a different approach. He’s been collecting art for almost 30 years, starting with old master paintings and Roman, Greek and Egyptian antiquities before moving on to pieces by female abstract expressionists.
Art collector Christian Levett conducts private tours of his home in Florence, Italy. His collection is largely made up of abstract expressionist works by female artists.
Christian Levett
Aside from owning an art museum in Mougins, France, Levett conducts tours of the artwork on the walls of his home in Florence, Italy, where he lives for six months of the year — you could say his whole home is an art gallery. “It’s, kind of, a museum by private tour,” Levett told CNBC by phone.
Close to the city’s famous Ponte Vecchio bridge, Levett’s home has 20-foot-high ceilings, original frescoes and two floors of art, all by women. The collection is largely made up of abstract expressionist works by artists such as the impressionist Mary Cassatt and the surrealist Dorothea Tanning.
Once or twice a week, Levett invites small groups to see his collection, often taking tours himself. Groups are sometimes made up of students from the American colleges that have outposts in Florence, such as Harvard University and New York University, or come from museum or patrons’ groups.
A 1977 painting by American artist Joan Mitchell is a highlight of Levett’s collection, he said. The large piece, titled “When They Were Gone,” is nearly 240cm tall and 180cm wide, and hangs in his dining room.
Levett acquired it for about $2.8 million around 2015.
Christian Levett has switched from collecting antiquities to work by female artists, seen here in his Florence home.
Christian Levett
“It’s now probably a $15 million to $18 million picture at auction … Mitchell has always been one of the most important female painters of the 20th century,” Levett said.
He also spoke highly of an Elaine de Kooning oil painting of John F. Kennedy, commissioned as part of a series of portraits of the former U.S. president in 1963. Levett bought the artwork in 2020, paying around $600,000.
Levett said he opens his home to students in part because doing so might spark an interest in supporting art in future. “The students … are the acorns of the art world,” he said.
Work by female artists is Levett’s focus, and he is set to re-open his museum in France as the Female Artists Mougin Museum on June 21. He is currently selling the museum’s previous collection of art and antiquities via a series of sales at London auction house Christie’s, which have reached almost £9.5 million ($11.9 million) so far.
Christian and Karen Boros’ home is on top the bunker that houses their private art collection, the Boros Collection, in the center of Berlin, Germany.
John Macdougall | AFP | Getty Images
At a unique art space in Berlin, husband and wife Christian and Karen Boros live in a 6,000 square foot penthouse apartment above their private collection. The Boros Collection is housed in a former World War II bunker, a vast, high-rise building the couple acquired in 2003 and spent several years converting into a five-floor exhibition space, with their home on the sixth.
The bunker sheltered up to 4,000 people during the war, after which it was used as a storage facility for tropical fruit before becoming a nightclub. According to Raoul Zoellner, director of the Boros Foundation, 450 tons of concrete ceilings and walls were removed during its conversion into an exhibition space and home.
An artwork by Cyprien titled “Gaillard Lesser Koa Moorhen,” 2013, part of the Boros Collection.
Boros Collection, Berlin | Noshe
Christian, an advertising entrepreneur, bought his first artwork — a spade by German artist Joseph Beuys — when he was 18, he told the Financial Times.
“The bunker is not a museum … but an exceptional project initiated by an enthusiastic collector couple who could not have imagined how many diamond saws it would take to tear down dozens of bunker walls — or what that would set in motion,” Zoellner said in an emailed statement.
Karen and Christian Boros live in a penthouse apartment above their art collection in Berlin.
Max von Gumpenberg
Nearly 600,000 people have taken guided tours of the bunker since its conversion in 2008, with pieces from the Boros Collection shown on rotation, Zoellner added. At the moment, there are 114 works on view, with a “focus on the human body in a multiplicity of positions,” Zoellner said. “The works home in on the constant compulsion to optimize, the gradual adaptation of our bodies to technological devices,” he said.
Seattle Opera’s youth opera project performs Rootabaga Country. Photo: Sunny Martini
The philanthropic legacy of Paul Allen lives on through the foundation established by the Microsoft (MSFT) co-founder in 1988, and now, more than 800 arts and culture nonprofits across Washington, Allen’s home state, are set to receive a total of $10 million in grants from his eponymous foundation.
“From the Olympics to the Palouse, every corner of our state is brimming with diverse and rich cultural activity, and we are incredibly heartened by the extensive reach and continued impact of this program,” said Lara Littlefield, the Paul G. Allen Foundation’s executive director of partnerships and programs, in a statement. Its most recent round of grants ranges from $2,500 to $25,000 and follows $10 million given last year to Washington arts and culture organizations during the pilot edition of the Community Accelerator Grant program, which is funded by the foundation and administered by the Seattle nonprofit ArtsFund.
The grant program was created to aid sectors that saw audiences, workforces and revenues negatively impacted by the pandemic and economic inflation. The most recent round of grantees cited programmatic funding as a top need, followed by funds for salaries and labor, rent, mortgage and facility upgrades, and communications and marketing.
Mariachi Noroeste performs at Icicle Creek Center for the Arts. Photo: Robert Inn/Courtesy Icicle Creek Center for the Arts
This year’s recipients of Community Accelerator Grant funds include the Seattle Opera, Icicle Creek Center for the Arts, Spokane International Film Festival, Ballyhoo Theatre and Indigenous Performance Productions. The various organizations are spread across thirty-seven counties in Washington and represent disciplines like music, cultural heritage, theater and visual arts. Around 70 percent of grantees reported annual budgets of less than $500,000, according to the Paul G. Allen Foundation.
Paul Allen’s wide-ranging philanthropy
Co-founded by Allen and his sister Jodi, the Paul G. Allen Foundation has long invested in arts and culture across the Pacific Northwest with an emphasis on underserved populations and youth initiatives. Allen, who died in 2018, was an avid patron and collector of art—his holdings spanning 500 years sold for more than $1.6 million in 2022 at a Christie’s auction that stands as the largest private collection sale in history. The late billionaire also founded cultural initiatives like the Seattle Art Fair and Seattle’s Museum of Pop Culture, which recently received thousands of cultural artifacts—including musical instruments, movie props and memorabilia owned by David Bowie and Prince—from Allen’s estate.
Allen, who had an estimated net worth of $20.3 billion at the time of his death, donated more than $2.6 billion to initiatives in the arts, wildlife conservation and medical research during his lifetime. He gave $500 million to the Allen Institute for Brain Science, which he founded in 2003 in Seattle to catalyze brain research, and $125 million to establish the Allen Institute for Artificial Intelligence in 2018. The philanthropist’s other major contributions included separate $100 million gifts to support the fight against Ebola, aiding the Allen Institute for Cell Science and funding the bioscience research initiative Allen Frontiers Group.
As home values climb, more Americans owe capital gains taxes when selling property. But knowing how to calculate your home’s profit could reduce your bill, experts say.
Most Americans do not owe taxes for selling a primary residence because of a special tax break — known as the Section 121 exclusion — that shields up to $250,000 of profits for single filers and $500,000 for married couples filing together.
However, more U.S. home sales profits now exceed these thresholds, according to an April report from real estate data firm CoreLogic. Nearly 8% of sales exceeded the $500,000 limit in 2023, up from roughly 3% in 2019, the report found.
There are strict IRS rules to qualify for the $250,000 or $500,000 exemptions. Any profit above those limits is subject to capital gains taxes, levied at 0%, 15% or 20%, based on your earnings.
Capital gains brackets use “taxable income,” which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
“It is important to track your cost basis of the home,” which is your original purchase price plus closing costs from the purchase, according to Thomas Scanlon, a certified financial planner at Raymond James in Manchester, Connecticut.
You can reduce your home sale profit by addingoften-forgotten costs and fees to your basis, which minimizes your capital gains tax liability.
For example, you can start by tacking on fees and closing costs from the purchase and sale of the home, according to the IRS. These may include:
Title fees
Charges for utility installation
Legal and recording fees
Surveys
Transfer taxes
Title insurance
Balances owed by the seller
These could be small amounts individually but have a significant effect on the basis when tallied.
The average closing cost nationwide is $4,243, according to a report from Assurance, but fees vary widely. In the priciest state, New York, the average is $8,039, while California is a close second at $8,028.
“You also get credit for the expenses for the sale of the property,” added Scanlon, who is also a certified public accountant. That includes your real estate commissions and closing costs.
However, there are some fees and closing costs you cannot add to your basis, such as home insurance premiums or rent or utilities paid before your closing date, according to the IRS.
Similarly, loan charges such as points, mortgage insurance premiums, the cost to pull your credit report or appraisals required by your lender will not count.
You can further increase your home’s basis by tacking on the cost of eligible upgrades, experts say.
“The best way to minimize the tax owed from selling a house is to maintain an accurate record of home improvements,” said CFP and enrolled agent Paul Fenner, founder and president of Tamma Capital in Commerce Township, Michigan.
An improvement must “add to the value of your home, prolong its useful life or adopt it to new uses,” according to the IRS.
For example, you can increase your basis with additions, outdoor or exterior upgrades, adding new systems, plumbing or built-in appliances.
However, you cannot tack on repairs or maintenance needed to “keep your home in good condition,” such as fixing leaks, holes or cracks or replacing broken hardware, according to the IRS.
Of course, you will need documentation for any improvements used to increase your home’s basis in case of a future IRS audit.
If you do not have receipts, “at the very least, take pictures,” and gather any permits pulled for home projects, Scanlon from Raymond James said.
The National Museum of Brazil hopes to reopen by 2026. Pablo Porciuncula/AFP via Getty Images
Burkhard Pohl, the Swiss-German owner of one of the world’s biggest collections of private fossils, is making a major gift to help rebuild the holdings of the National Museum of Brazil. Located in Rio de Janeiro, the 200-year-old institution lost the majority of its 20 million artifacts in a devastating 2018 fire.
In accepting Pohl’s donation of more than 1,100 fossils that include dinosaurs, turtles, plants, insects and flying reptiles, the museum is kickstarting a campaign ahead of its planned 2026 reopening to restore what was lost. The National Museum of Brazil will partner with Pohl’s fossil and gem-mining company Interprospekt Group and the arts nonprofit group Instituto Inclusaritz to rally collectors and the scientific community to help replenish its collection. “We hope this will serve as an example for others, especially individuals, to participate in the reconstruction of the main museum of natural history and anthropology in South America,” said Alexander Kellner, the museum’s director, in a statement.
Burkhard Pohl (left), Alexander Kellner (right) and Frances Reynolds (center), founder of Instituto Inclusaritz. Diogo Vasconcellos/Courtesy National Museum of Brazil
Pohl comes from a long line of prominent collectors. The art holdings of his grandfather Karl Stroeher formed the basis of Frankfurt’s Museum of Modern Art, while his mother Erika Pohl-Stroeher owned Europe’s largest collection of minerals and gems. Pohl, meanwhile, has spent the past five decades amassing fossils. He’s even co-founded two museums—the Wyoming Dinosaur Center and China’s Sino-German Paleontological Museum—dedicated to the field.
A lucrative market for paleontological material
The Swiss-German entrepreneur isn’t the only prominent enthusiast of fossils, which have fetched staggering sums at auction in recent years with a tyrannosaurus rex selling for $31.8 million at Sotheby’s in 2020 and another dinosaur skeleton fetching $12.4 million in 2022. Mauricio Fernández Garza, the former mayor of Mexico’s San Pedro Garza Garcia, oversees a $120 million collection of fossils, artifacts and artwork, while German investor Christian Angermayer’s wide-ranging collection includes a tyrannosaurus rex skeleton and triceratops head.
Even celebrities like Nicholas Cage and Leonardo DiCaprio have gotten involved in fossil sales. Cage outbid DiCaprio to acquire a rare dinosaur skull for $276,000 in 2007, although the actor later agreed to return the fossil to Mongolia after discovering it had been looted.
The donation includes the well-preserved skull of a pterosaur. Handerson Oliveira/Courtesy National Museum of Brazil
Pohl’s gift to the National Museum of Brazil includes rare fossils like those of two dinosaurs that have never been previously described in scientific literature and two unstudied pterosaur skulls. The 1,104 fossils also include an example of the Tetrapodophis, which is possibly the earliest snake fossil.
Much of the donated collection comes from Brazil’s Araripe Basin, located between the states of Ceará, Pernambuco and Piauí. The region contains the Crato and Romualdo units, two formations that date back to 115 million and 110 million years ago respectively and are treasure troves for paleontological fossils.
The museum tragically lost much of its collection in a 2018 fire. Carl de Souza/AFP via Getty Images
The museum, which is associated with the Universidade Federal de Rio de Janeiro (UFRJ), is Brazil’s oldest scientific institution. After a fire triggered by a faulty air conditioning unit set its main building ablaze in 2018, it lost 85 percent of its entire collection and the majority of its entomology holdings and displays of Egyptian and South American mummies. While the National Museum of Brazil currently has around 2,000 objects ready for exhibition, it hopes to gather 10,000 more in the next two years, Kellner told the Guardian.
In addition to urging other collectors to contribute to rebuilding efforts, the institution’s collaboration with the Interprospekt Group will invite Brazilian researchers to participate in excavations in the U.S. In August of 2023, they hosted their first joint excavation at the Hell Creek Formation in Wyoming and Montana, inviting six Brazilian paleontologists and students in a mission that could bring North American dinosaurs to Brazil for display.
“I look forward to seeing how this collaboration enriches the museum’s offerings and inspires future generations,” said Pohl in a statement. “I hope others will join this important, collective effort to restore Brazil’s natural history collection.”
Ford Foundation and Omidyar Network recognize Anthropic’s groundbreaking generative language A.I.—which incorporates and prioritizes humanity—as an alignment with their missions to make investments that generate positive financial returns while benefiting society at large. Unsplash+
Artificial intelligence (A.I.) is having a very real impact on our politics, our workforce and our world. Chatbots and other large language models, text-to-image programs and video generators are changing how we learn, challenging who we trust and intensifying debates over intellectual property and content ownership. Generative A.I. has the potential to supercharge solutions to some of society’s most pressing problems, from previously incurable diseases to our global climate crisis and more. But without clear intent and proper guardrails, A.I. has the capacity to do great harm. Rampant bias and disinformation threaten democracy; Big Tech’s dominance, if further consolidated, has the potential to crush innovation. Workers are rapidly displaced when they don’t have a voice in how technology is used on the job.
As philanthropic leaders who manage both our grants and our capital for social good, we invest in generative A.I. that protects, promotes and prioritizes public interest and the long-term benefit of humanity. With partners at the Nathan Cummings Foundation, we recently acquired shares in Anthropic, a leading generative A.I. company founded by two former Open A.I. executives. Other investors of the company—which is recognized for its commitment to transparency, accountability and safety—include Amazon (AMZN) ($4 billion) and Google (GOOGL) ($2 billion).
We understand both the promise and the peril of A.I. The funds we steward are themselves the product of profound technological transformation: the revolutionary horseless carriage at the beginning of the last century and an e-commerce platform made possible by the fledgling internet at the end. Innovation is coded in our DNA, and we feel a profound responsibility to do all we can to steer the next paradigm-shifting technology toward its highest ideals and away from its worst impulses.
Every harbinger of progress carries with it new risks—a Pandora’s box of intended and unintended consequences. Indeed, as French philosopher Paul Virilio famously observed, “The invention of the ship was also the invention of the shipwreck.” Today’s leaders would do well to heed Tim Cook’s charge to graduates in his 2019 Stanford commencement speech: “If you want credit for the good, take responsibility for the bad.”
We are doing exactly this. At the Ford Foundation, we invest in organizations that help companies scale responsibly by developing frameworks for ethical technology innovation. We’re backing public-interest venture capital that funds companies like Reality Defender, which works to detect deep fakes before they become a larger problem. And we’re betting big on the emerging field of public interest technology. From organizations like the Algorithmic Justice League, which recently pressed the IRS to stop forcing taxpayers to use facial recognition software to log into their IRS accounts, ultimately leading to the end of that practice, to initiatives like the Disability and Tech Fund, which advances the leadership of people with disabilities in tech development, civil society is walking in lockstep with tech leaders to ensure that the public interest remains front and center.
Similarly, Omidyar Network aims to build a more inclusive infrastructure that explicitly addresses the social impact of generative A.I., elevating diversity in A.I. development and governance and promoting innovation and competition to democratize and maximize generative A.I.’s promise. It’s why, for example, Omidyar Network funds Humane Intelligence, an organization that works with companies to ensure their products are developed and deployed safely and ethically.
And now, Ford Foundation and Omidyar Network recognize Anthropic’s groundbreaking generative language A.I.—which incorporates and prioritizes humanity—an alignment with our own missions to make investments that generate positive financial returns while benefiting society at large. Anthropic is a Public Benefit Corporation with a charter and governance structure that mandates balancing social and financial interests, underscoring a responsibility to develop and maintain A.I. for human benefit. Founders Dario and Daniela Amodei started the company with trust and safety at its core, pioneering technology that guards against implicit bias.
Their pioneering chatbot, “Claude” distinguishes itself from competitors with its adherence to “Constitutional A.I.,” Anthropic’s method of training a language model not just on human interaction but also on adherence to ethical rules and normative principles. For instance, Claude’s coding incorporates the UN’s Universal Declaration of Human Rights, as well as a democratically designed set of rules based on public input.
Today, we see a unique opportunity for our colleagues in business and philanthropy to lay an early stake in a rapidly evolving field, putting the public interest front and center. According to Bloomberg, the generative A.I. market is poised to become a $1.3 trillion industry over the next decade. Investors who recognize this growing field as an opportunity to do well must also prioritize the public good and consider the full range of stakeholders who are implicated in the advent of this technology.
Ultimately, everyone with an interest in preserving democracy, strengthening the economy, and securing a more just and equal future for all has a responsibility to ensure that this emerging technology helps, rather than harms, people, communities and society in the years and generations to come.
Responding to angry customers is one of the hardest parts of her job, Natasha said.
Finding the right words, conveying the appropriate level of contrition — especially when the hotel isn’t at fault (read: rain complaints) — is a tedious and time-consuming process, said the director of a five-star resort, who asked that CNBC not use her real name to protect the resort’s name.
But now she has a secret weapon: generative AI.
Natasha pastes a traveler’s complaint into ChatGPT and asks the chatbot to write a response.
She said a task that would easily take her an hour is done “in two seconds.”
For all its faults, ChatGPT “does a pretty good job” responding to customer complaints, Natasha said.
“One [response] was much better than what I would have done,” she said. But “it has to be checked …you have to read through it.”
Responses tend to be “schmaltzy” and adjective-laden, she said. Still, they “hit the points of like ‘We’re sorry, we wish we could have done something, we’ll do better’ kind of thing.”
They also address every complaint mentioned by a traveler.
“It’s hard to write these letters; you have to go through line-by-line,” she said. “You wouldn’t be doing the person justice, if you didn’t respond to everything on the list … the AI does this really well.”
But best of all, artificial intelligence isn’t defensive like humans, said Natasha.
“The AI takes all the emotion out of it. Maybe the people were ass—–,” she said. “It doesn’t care.”
Responding to negative online reviews is even harder, said Natasha, since they are so public.
Plus, research shows that companies that don’t respond to online reviews — even positive ones — can harm their brand’s reputation.
In a ranking of U.S. hotel chains by their “online reputations,” the tech company SOCi found that a driving factor for low scores was “ghosting” — that is, failure to respond to traveler reviews.
The need to constantly monitor and respond to online feedback is partly why using generative AI for “reputational management” is worth an estimated $1.3 billion to the travel industry, according to a 2023 report published by the travel market research company Skift.
Not only can large language models track sites where travel reviews appear — from TripAdvisor to Yelp to Reddit — they can also help companies “respond to reviews, especially negative ones,” the report, titled “Generative AI’s Impact on Travel,” states.
Some 45% of hotels use reputation or review management software already, it said.
A screenshot of a discussion about using ChatGPT to write reviews on Airhosts Forum, a website for Airbnb hosts.
CNBC
But short-term rental owners use AI for these purposes too,said Luca Zambello, the CEO of the short-term rental property management platform Jurny.
“The short-term rental/Airbnb industry has been early adopters,” he said. “Within the next five years, I would say it is probably going to be adopted by the vast majority of the industry.”
He said responding to reviews is time-consuming, which is one of the reasons his company provides this service.
“The majority of our users absolutely love it,” he said. “It is really a no-brainer for companies once they see how good it is.”
Using AI to write penitent responses is a taboo topic in the travel industry, which prides itself on personal service. Conventional wisdom, too, has long held that apologies must “come from the heart.”
I want people to think that I am sitting there toiling away over their letter.
Natasha
Director of a five-star resort
When asked if she wants travelers to know she uses AI to respond to negative emails and reviews, Natasha said, “I sure do not. I want people to think that I am sitting there toiling away over their letter.”
One company that acknowledges using AI to deal with customer complaints is the travel booking platform Voyagu, which stores past customer communications to help travel advisors with future interactions, a company representative said.
“Travel advisors always reply to customers themselves, but Voyagu’s AI system tracks all communication — both written and verbal — and suggests a better way to respond,” she said.
Brad Birnbaum, CEO of the AI-powered customer service company Kustomer, said technology of this sort is being used “not just within hospitality, but really all forms of customer support.”
His company, which counts Priceline, Hopper and AvantStay as customers, uses AI to help customer service agents sound more professional, he said.
“We will take text that is really rough and convert it to elegant text, to empathetic text,” he said.
Birnbaum said customers likely don’t know that their interactions with agents are either generated or improved by AI.
“And I don’t think they would care,” he said. “As a matter of fact, I think they probably welcome an agent system because they’re going to get a better response faster.”
Michael Friedman, CEO of the family-run vacation rental company Simple Life Hospitality, said his company does not use AI to respond to customers.
“We never write an email with AI,” he said. ‘There is still a personal element in the ‘tone of voice’ that I believe AI is missing. … I believe there is nothing better than the human touch.”
Wanping Aw, managing director of the Japanese travel agency Tokudaw, said she had never thought to use AI to respond to customer complaints. But after learning that other travel companies are, she decided to test ChatGPT with a real-life problem she recently faced.
She typed: “Our guests are travelling to Mt Fuji. Their bus engine just started smoking. They are scared and anxious to know what is going to happen to their itinerary. What should we do?”
The result? “PRETTY AMAZING!” she told CNBC by email. “ChatGPT suggested exactly what we did!”
The chatbot provided a six-step plan that included evacuating the travelers and arranging alternative transportation.
Text showing the apology letter ChatGPT generated for Wanping Aw.
“Actually it’s better,” she said. “ChatGPT provided a good solution — better than my expectations — and also a great apology letter which I wouldn’t have able been to write under such stressful situations.”
A 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.
When people ask Dr. Jordan Shlain to describe his medical practice, he says simply: “It’s a family office for your health.”
“Family offices typically have a goal of preserving wealth,” he said. “Our goal is preserving your health. After the age of 24 you’re a depreciating asset health-wise. So we aim to decrease the slope of the curve for as long as possible.”
As depressing as that sounds for patients, Shlain’s strategy is paying off as a business model. His company, Private Medical, is at the forefront of a new type of health care for the ultra-wealthy that has taken concierge medicine to a whole new level. Rather than simply offering on-call doctors and faster visits, Private Medical has pioneered a highly personalized, all-in-one service that’s more akin to the most sophisticated family offices for investments.
Like family offices, Private Medical has an in-house team to manage a family’s entire health portfolio – from fitness and dietary tracking to longevity research, surgeries and medical emergencies. It now serves more than 1,000 wealthy families, with offices in California — San Francisco, Silicon Valley, Santa Monica and Beverly Hills — New York and Miami, and more offices on the way.
Private Medical’s team of 135 physicians, nurses, clinical staff, pharmacists and medical support professionals provides 24/7 on-call service, including home and office visits when needed. Private Medical doesn’t advertise and gets most of its business through referrals. It prefers to call patients “members.”
Shlain declined to give specifics on price, but clients of Private Medical say it charges $40,000 a year for each adult patient and $25,000 per patient under the age of 18. The annual fees cover the cost of visits, tests and procedures in the office, but not hospitalization.
The rise of family office-style medical practices – some of which are charging up to $60,000 a year for membership – reflects the surge in wealth among families worth $100 million or more and growing demand for hyper-personalized, data-driven health care from an aging class of billionaires and millionaires.
The market for concierge and personalized medical services for the wealthy is expected to grow by more than 50% by 2032, to nearly $11 billion a year, according to Precedence Research.
Shlain says insurance companies, overloaded doctors and inflated prices have turned the health-care system into what he calls a “sick care system.” Private Medical, for those who can afford it, aims to be proactive, running frequents tests and diagnostics on patients, constantly updating them with new research and science, and getting detailed information about a patient’s lifestyle, habits, family lives and work lives, Shlain said.
Shlain, whose father was a laparoscopic surgeon and whose mother had a Ph.D. in psychology, started out doing house calls for the Mandarin Oriental hotel in San Francisco. He took a “crash course” in high-end hospitality from top hotel concierges and realized health care should be more like five-star hotel service than an impersonal system of long wait times and error-filled diagnoses.
“I will know everything about you to help you make the best decisions in your life,” he said. “I’m 70% doctor, 15% psychologist, 10% rabbi and 1% friend.”
Private Medical’s job is often to protect its patients from the broader medical system, Shlain said. One of his patients, a 38-year-old entrepreneur and big donor to a major hospital, was admitted for a bowel obstruction. The hospital CEO and chief of surgery rushed to start performing surgery. Shlain pushed back and recommended waiting a day or two. The patient recovered on his own while in the hospital “and walked out without surgery,” Shlain said.
Shlain also creates personalized medical kits for patients to take with them when traveling or working. When one patient scratched his cornea playing beach volleyball in the Bahamas, the patient was able to treat his eye with a prescription in his medical kit rather than searching for a hospital on one of the nearby islands.
Like most services for the ultra-wealthy, the main benefit of Private Medical is access. Shlain has spent over 20 years developing relationships with more than 4,000 specialists in various medical and scientific fields to connect patients with the right person for their specific needs.
With roots in Silicon Valley and many tech clients, Private Medical is also connected to biotech startups doing cutting-edge research and exploring new treatments. Shlain said Private Medical conducts due diligence on four or five new companies a month to keep pace with fast-changing science and research.
When one patient was diagnosed with severe depression, Shlain worked with a new “precision psychiatric” group at Stanford that does an MRI of the brain and uses connectomes (a map of the neural connections in the brain) to determine which medication was best for treatment.
“He got the right medication, and now he’s better,” Shlain said.
Private Medical also prides itself on its technology, developed with some of the top CEOs and entrepreneurs in Silicon Valley. Its platform helps both doctors and patients easily access data, manage appointments and workflows.
Two big areas for his wealthy patients are longevity and sleep. With longevity, Shlain said there’s no magic bullet or diet or medication to roll back time, even for billionaires. The real goal, he said is to “enable you to live with your physical and mental faculties intact for as long as possible with the fewest high-quality interactions with the health-care system as possible.”
“Your good outcome is our income,” he said.
Sign up to receive future editions of CNBC’s Inside Wealth newsletter with Robert Frank.
Clay Bennett, chairman of the Professional Basketball Club LLC, became the principal owner of the 
