The Wealth Report

Top Five Signs That You’re Wealthy

Posted: 26 Apr 2011 08:50 AM PDT

Obama has his definition ($250,000 a year in income). Donald Trump has his (his net worth depends on how “he’s feeling,” as in “I’m feeling $2.7 billionaire-ish today” ). And millionaires have theirs ($7.5 million). But a new survey shows offers some other clues on how to know if you are rich.

: Bloomberg News; He knows he’s rich.

The survey, done by Phoenix International and U.S. Trust of people with $3 million or more in investible assets, and cited in U.S. News and World Report, says that you know you are wealthy when…

1–Money is no obstacle. More than half (56%) said they considered themselves wealthy when they could buy anything without money concerns.

2–The Magic Number. A little more than a third of the millionaires say they became wealthy when they hit a certain number. A quarter of the respondents said it was $1 million to $2 million saved, while another quarter said it said it was $2 to $4 million. Only 15% said they needed $5 million to $10 million and 4% said they needed more than $10 million. (They must all live in New York City).

3–Pursue their passion. Ok, so not everyone can become lemur rescuers or deep-ocean submarine explorers, but 14% of mere millionaires say the ability to pursue an interest or passion is a sign they are wealthy. Of that group, most say they plan to travel or "have fun."

4–You tell friends "Have Your Family Office Call Mine!" Of course, if you have a family office, you probably have more than $100 million, in which case you probably already know you are rich.

5–You think a salary of $1.6 million a year is "not a lot of money."

Can you finish the sentence "You know you're wealthy when…"?

Chinese Billionaire Hasn’t Paid for $80 Million Vase

Posted: 25 Apr 2011 09:44 AM PDT

Remember the heart-warming story of British family that found a valuable Chinese vase in the attic? Well, it hasn’t had a happy ending.

Last year, the U.K. auction house Bainbridges sold a Qing Dynasty vase for more than $80 million–the highest price ever paid at the time for a Chinese antiquity.

: Reuters; The Chinese vase from the Qianlong period is seen in a photo released by Bainbridges Auctioneers in 2010.

The sellers were a British lawyer, Anthony Johnson, and his mom, Gene, who found the vase in Gene's late sister's attic. It was reported to have been brought back from China by an “adventurous uncle” in the family during the 19th Century Opium Wars, according to the Mail on Sunday.

Yet the family's good fortune didn't last long. As the FT reported in February, the buyer of the vase–who remained anonymous–has yet to pay for the vase.

The Mail on Sunday says the buyer is a Chinese billionaire who is a member of the Communist Party. His close ties to the government, which has been seeking to return what it calls “stolen treasures” of China, has led some to believe the government used the buyer as a front to sabotage the auction and prevent it from being sold. Items that fail to sell at auction or that become the focus of controversy can sometimes lose their value at future sales.

The vase remains in storage until payment, according to Bloomberg.

A spokesman for Bainbridges couldn't be reached for comment. Bloomberg reports that French auctioneers have imposed new restrictions on buyers–including deposits and strict payment terms–to clamp down on nonpayments.

In 2009, Christie's sold a pair of 18th-century bronze animal heads sold for more than $50 million to a Chinese bidder. The bidder never paid and the sale was canceled.

UPDATE: The London Telegraph cites sources close to the alleged Chinese buyer saying the billionaire was not the buyer. The mystery continues!