Author: bibi
Super Rich: ‘It’s Not About Necessity’
Friday, May 16th, 2008 @ 6:33 pm
You probably wouldn’t recognize Paul Parmar, but he is one of the fresh new faces of the super rich, and he says he’s “not really” affected by the current economic downturn.
Robert Frank, the personal wealth columnist for The Wall Street Journal and the author of “Richistan,” said there’s a new model for wealth in America.
“Since the 1930s, more than half of America’s wealth came from inherited wealth, so we all know about the Rockefellers and the Astors and the DuPonts,” he said. “But in the last 10 years, it’s all new money.”
Parmar, 37, is a prime example of a modern-day multimillionaire, living a life most people could only dream of. Home for Parmar is a 40,000 square foot mansion in Colts Neck, N.J., complete with four swimming pools (one indoor, three outdoor), a tennis court and a two-lane bowling alley.
Watch the story tonight on “Nightline” at 11:35 p.m. ET
Residing in ‘Richistan’
“They truly live in their own world or their own country that I call Richistan,” said Frank. “And even I underestimated the degree to which the wealthy are almost oblivious to the fact that we are in a recession. The super rich are unaffected.”
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