Richistan: A Journey through the American Wealth Boom and the Lives of the New Rich.

Frank, Robert (author).

Frank, a Wall Street Journal columnist, observes the unprecedented rise of wealth in the U.S., which has essentially created a new “country,” here dubbed Richistan, with a net worth of $1–$10 million in over 7 million households, $10–$100 million in over 1.4 million households, and $100 million to $1 billion in thousands of households, plus more than 400 billionaires. Stemming from the rise of financial markets, new technology, and a freer flow of goods and information, this “river of money” courses around the world, seeking investments not only in stocks but in hedge funds, private-equity funds, and venture capital. Conducting extensive interviews, the author tells stories of these wealthy individuals, neither deifying nor denigrating them. With emphasis placed here on the increasing gap between the wealthy, middle class, and poor, we also learn about the challenges to society of this great disparity, the responsibility that this abundant wealth carries, and Frank’s hope that some of this enormous pool of money will be used to solve widespread social problems. Excellent book.