Welcome to Richistan, USA
The American Dream of riches for all is turning into a nightmare of inequality. But a backlash is brewing, reports Paul Harris in New York
As the rest of the country struggles to get by, a huge bubble of
multi-millionaires lives almost in a parallel world. The rich now live in their
own world of private education, private health care and gated mansions. They
have their own schools and their own banks. They even travel apart - creating a
booming industry of private jets and yachts. Their world now has a name, thanks
to a new book by Wall Street Journal reporter Robert Frank which has dubbed it
'Richistan'. There every dream can come true. But for the American Dream itself
- which promises everyone can join the elite - the emergence of Richistan is a
mixed blessing. 'We in America are heading towards 'developing nation' levels of
inequality.
ยท 'Affluent' is Richistani for 'not really rich'. According to Frank, you need about $10m to be considered entry-level rich.
clipped from: observer.guardian.co.uk