Lion of the Blogosphere

The rise of discreet wealth

Business Insider reports that 10007, Tribeca, is Manhattan’s wealthiest Zip Code:

the lack of pomp and grandeur among such Tribeca residents is part of the rise of discreet wealth, in which showing off wealth is no longer the preferred way to signify having it. Instead, the wealthy are choosing to invest in intangible things, like education and health.

It’s like the whole world is reading my blog!

Written by Lion of the Blogosphere

April 18, 2019 at EDT pm

Posted in Wealth

32 Responses

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  1. Coincidentally in a post yesterday, I posited the question “is being straigh-laced… a high class tendency”. Big overlap between straight-laced and discreet if I’m not mistaken.

    Armando

    April 18, 2019 at EDT pm

    • In my experience straight-laced and high status are negatively correlated.

      Curle

      April 19, 2019 at EDT pm

  2. “It’s like the whole world is reading my blog”

    I’ve posted a few links in the past showing the wealthy are separating themselves from the average prole who consumes frivolously in an age of never-ending glut and smut (or what you called a post-scarcity world).

    Ok, what, who's this again?

    April 18, 2019 at EDT pm

  3. In today’s environment, it wakes sense to invest in things that the government will find difficult or impossible to confiscate.

    Suncalc

    April 18, 2019 at EDT pm

  4. I’m sure that every one of those rich cretins are wearing Timex watches and clothing from Old Navy.

    Progressive Music Lover

    April 18, 2019 at EDT pm

    • They would not buy clothes from Old Navy, because that would require them to walk into a store crowded with proles. One of the major benefits of being rich is that you can insulate yourself from proles.

      Lion of the Blogosphere

      April 18, 2019 at EDT pm

      • Yes. Now Lion agrees that Meriprolestan is just that.

        Ok, what, who's this again?

        April 18, 2019 at EDT pm

      • Old Navy has enough of a trendy hip style to avoid complete prole-dom.

        Peter

        ironrailsironweights

        April 18, 2019 at EDT pm

      • Anyone can do that now. In fact, it’s quite a bit easier in places other than NYC. Why do you think malls are dying and Amazon sales are up?

        bobbybobbob

        April 18, 2019 at EDT pm

      • old navy is prole due to employing nams as cashiers and being headquartered in ameriprolestan, especially in san francisco, which is teeming with noncreative asians who lack creativity. i only wear clothing from companies based in spain and montreal, like zara and aldo

        gm

        April 18, 2019 at EDT pm

      • “old navy is prole”

        “being headquartered in ameriprolestan, especially in san francisco…”

        Well, yeah. it’s obvious!

        Ok, what, who's this again?

        April 19, 2019 at EDT am

  5. “[P]enthouses in 30 Park Place, which has Four Seasons private residences, are selling for about $30 million, Hagan and Lu wrote.”

    Damn! And I owned Boardwalk AND Park Place each with four houses and a hotel and sold them at the bottom of the market.

    a bee ee?

    April 18, 2019 at EDT pm

  6. If you are rich you must signal it in one way or another. Living in this zip code is enough of a signal, having a certain job title, sending your kids to a certain school etc. It is a must if you want to keep your wealth or for mating.

    The problem starts when you are rich and don’t have all those signals, usually self made blue collar people or even just an owner of a decent business in New Jersey or some place like that. Sometimes you don’t want to move to one of those desired zip codes because all your family and friends are in a different place. In that case you must find some other way to flash your wealth, like bling or a fancy car.

    At the end of the day everybody make sure the environment knows their position in the wealth hierarchy and having an article in an important paper about your “unassuming” zip code is just one of those ways.

    Hahsed

    April 18, 2019 at EDT pm

  7. Those people’s lives are based on the very tangible asset of Tribeca real estate.

    Justice Duvall

    April 18, 2019 at EDT pm

  8. Material existence is fleeting as a person with decent IQ and free from daily grind should easily realize.

    Yakov

    April 18, 2019 at EDT pm

  9. Stealth wealth has its benefits. Once people know you have a lot of money they treat you differently. Sometimes they treat you with more respect but usually they get jealous and expect you to pay for everything. In any event, it changes the dynamics and often the integrity of otherwise sound relationships. Especially with family. I was fortunate some years ago to receive a large inheritance that put my net worth into the seven figures. Now i don’t live my life any differently except that i travel more. We live in a modest house and drive Japanese cars. When i was younger i was preoccupied with status symbols to prove my success. The funny thing is that once i had f.u. money i didn’t care about that anymore. I’ve seen the same progression with other people except for the most ego driven psychopaths like corporate guys who need to impress clients and whores. Once you are rich there is no real benefit to broadcasting it because it becomes a liability more than an asset. If you get rich don’t tell anyone. Not even the girls you date. I did not tell my wife even before she married be and i’m glad i didn’t.

    B.T.D.T.

    April 18, 2019 at EDT pm

    • I once received a six-figure inheritance. Being young and immature, I blew through it quickly … but I did gain a new perspective on life.

      Material things don’t interest me anymore. Time is more valuable than property. Peace of mind is more precious than gold.

      My favorite pastime is taking long walks along the river and the bay, especially at night. Even the lake is a nice place to sit for a while. I can sit and poke around on my phone and not have to worry about impressing anyone. The world might be crumbling all around me, but if I can zone out and relax for a while, then I don’t really care.

      Of course, I don’t have a wife and kids. Will I ever? Maybe, maybe not. I would feel like a failure if I died without having children, but, then again, I would also feel like a failure if I worked my ass off to feed a brood of ungrateful brats and ended up dying alone anyway after my wife ran off with her personal trainer. Given current trends (such as dysgenic fertility), I’m not certain that life in the future will be worth living.

      I’m also not certain how much time I have. Both of my paternal grandparents died of cancer in their forties. My maternal grandfather – a classic Type A overachiever, from whose estate the aforementioned inheritance came – died of cancer in his mid-sixties. I might be dead in ten years, or I might be alive at the dawn of the twenty-second century. Either way, I’ll deal with new situations as they crop up.

      There are as many definitions of failure as there are of success. I’m not particularly neurotic, so I can live with pretty much anything that happens to me.

      Stan Adams

      April 19, 2019 at EDT am

      • ‘There are as many definitions of failure as there are of success. I’m not particularly neurotic, so I can live with pretty much anything that happens to me.’

        Wrong. Evolutionary there is only one definition of failure and success: to be or not to be and nothing else matters. A man that sacrifices himself for his nation would also achieve success because the nation is one’s most precious possesion. Almost anything else is a failure.

        Yakov

        April 19, 2019 at EDT am

      • Like you, I revel in long walks at night. I used to do it on a uber-private TOOS golf course, figuring I wasn’t hurting anybody, but eventually the cops mounted an effort to close me down. It was like being in a movie, having to hide underbrush while flashlights washed over me. I wonder if I should plot some revenge. Near the TOOS club there’s a bridge where kids do a lot of tagging. Maybe I coukd hire tyem to paint the clubhouse, tge night before the big member-guest tournament.

        You know me

        April 19, 2019 at EDT am

  10. Rejecting materialism and conspicuous consumption in favor of intangibles like health and education is a good thing. I support that myself. But not the way they’re doing it. The article suggests it’s tied to status whoring, virtue signalling, striving, etc. They’re taking otherwise good things and turning them into expressions of pettiness. No one that shallow is truly self-actualized.

    destructure

    April 18, 2019 at EDT pm

  11. They still need to take subways. Unless of course they walk to work in Manhattan, which is doable.
    Lot of it is inherited wealth. A 2 bedroom in Manhattan goes for $2 – $3 million depending on the building. I’m not referring to shitty co-opes with $1200 a month HOA fees.

    Who can afford $2 – $3m ? What is that like $12-$15k mortgage a month? Meaning $150k – $180 a year in mortgage, then what $25k in property taxes, So $200k in housing expenses total. That’s post tax, so $350k a year just for housing pre-tax income!

    That means you need to earning $500 – $600k salary to afford that. I know there are many hedge fund guys, investment bankers and doctors (specialist, not your regular family doctor), but there aren’t that many that can afford a $2million condo.

    So who is buying all this realestate. Rich chinese, russian, and people from other parts of the US that buy these condos for their kids!

    uman

    April 18, 2019 at EDT pm

  12. “Experts in high-end security previously told Business Insider that the wealthy are spending more on measures to conceal their wealth at home as they seek more security in a technological age.”

    Sounds like same old TOOS to me.

    Curle

    April 18, 2019 at EDT pm

  13. My God, how boring. I’m reminded of what was said about Moscow in the Brezhnev era. It’s the capital city of a continent spanning superpower. One of the greatest and most powerful empires in world history. You’d expect a grand city to rival Rome, Paris, or Constantinople. Instead it was nothing but a bunch of utilitarian concrete blocks and depressing utilitarian state stores.

    Well here we are today. In one of the greatest periods of wealth creation in world history. A new gilded age. Fortunes from nothing. Tens of billions being amassed by men in the span of only a few years. Where’s the excess, where’s the opulence? Ostentation to make Louis XIV blush.

    What do we get instead? Exposed brick and a bunch of dorks with Vineyard Vine fleeces. What a pointless waste.

    Doug

    April 18, 2019 at EDT pm

    • Vineyard Vines is for posers. TOOS does not wear labels. The clothing does not necessarily have to be expensive either. L.L. Bean will do.

      B.T.D.T.

      April 19, 2019 at EDT am

    • Oh there’s plenty of ostentation around. It’s just different than it used to be.

      https://one57.com/

      peterike

      April 19, 2019 at EDT am

  14. The entire city of San Francisco was built off of the discrete wealth from the Gold Rush.

    A Dilettante

    April 19, 2019 at EDT am

    • I’ve also read San Francisco was built off the riches that were generated in Virginia City NV during the silver boom where so much silver was mined the government changed the monetary system. Mark Twain worked there as a reporter at the time.

      “Early Virginia City settlers were in large part the backwash from San Francisco and the California Gold Rush, ten years before. Mine owners who made a killing in the Comstock mines spent most of their wealth in San Francisco.” https://en.m.wikipedia.org/wiki/Virginia_City,_Nevada

      BTW – remarkably well preserved town. Near Reno and definitely worth a trip.

      Curle

      April 19, 2019 at EDT am

  15. what about rich kids of instagram etc tho

    james n,s,w

    April 19, 2019 at EDT am

    • I guess children, even rich children, have always done stupid stuff their parents don’t approve of.

      Lion of the Blogosphere

      April 19, 2019 at EDT am

  16. BTW – the best social signal is huge estate that’s been in the family since the 17th century. Better, an English family estate. Or maybe a family home in Newport RI your ancestor built. New money will always be a little crass.

    Curle

    April 19, 2019 at EDT am

  17. Lion believes the wealthy will work to status signal while the less fortunate will spend their idle days playing video games.

    I believe the future will come to the point where telecommuting will signify a definition of SWPL work while working in the conventional office setting is prole.

    Ok, what, who's this again?

    April 20, 2019 at EDT pm


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