The IRS estimates that America’s top 1 percent fail to report about 21 percent of their income. Since then, Collins, now 61, has spent his life educating and writing about the impact of wealth inequality. A great-grandson of cold-cut magnate Oscar Mayer, Collins inherited $500,000 at age 25 and gave it all away to charitable organizations. “With average condominiums selling for over $4 million, Millennium Tower is not only a wealthy residence for the rich, but also a ‘wealth storage unit’ for global capital looking to park itself and hold value.”Ĭollins knows a little something about the ultra-wealthy. “Over 35 percent of the 443 condominiums are owned by shell companies and trusts, and almost 80 percent of the unit owners do not claim a residential exemption, indicating that the condo is not their primary home,” writes Collins. That’s because the Millennium is less of a playground for the rich and more of a tax shelter in the sky, writes Chuck Collins in his new book, “ The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions” (Polity), out next month. Spending on luxury items cools but travel remains heated: Saks Fifth AvenueĪt 60-stories high and 684-feet tall, Boston’s Millennium Tower, a residential luxury high-rise that opened in 2016, is the fourth-tallest building in the city. I grew up wealthy - here are the unspoken rules of ‘rich white’ people ‘Silent killer’ ends more American lives than obesity, drug ODs: new data NYC has 340K millionaires, is world’s wealthiest city: report
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