Insider Today: The billionaire's calendar

November 16, 2023 • 5 min read

with Dan DeFrancesco

Almost to the weekend! Gen Z’s vocabulary knows no bounds. What the rest of us consider small talk at work, Gen Zers have rebranded as “corporate flirting.” Here’s a full breakdown of all their jargon. 

In today’s big story, we’re unpacking all the far-flung places and high-end events billionaires visit and attend throughout the year.

What’s on deck:

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The big story

Life in the three-comma club

There’s the rich. There’s the wealthy. And then there are billionaires. 

Divisions in socioeconomic classes have only widened in the wake of the pandemic, but some places remain melting pots. (After all, who doesn’t love to eat good in the neighborhood?)

The exception, however, is billionaires. 

For them, it’s not the difference between flying first class over economy or a luxury suite instead of a standard room. It’s private planes and secret islands. 

For a glimpse at how 0.00003% of the world’s population lives, Business Insider’s Madeline Berg mapped out the typical annual calendar of a billionaire. From the World Economic Forum’s annual meeting in Davos in January to the Monaco Yacht Show in September, Madeline has a full breakdown of the average social calendar for the richest people in the world. 

The irony of these events is that billionaires’ expenses are often comped or heavily discounted despite their exorbitant wealth, Madeline told me. Meanwhile, the general public has to fork over a small fortune to get their foot in the door.   

Whether you view billionaires’ jetsetting lifestyles with delight or disgust, there’s no denying their relevance. 

If you put enough wealthy and powerful people in one place, business is bound to get done. Just look at the history of deals from Sun Valley’s summer camp for billionaires.

Laszlo Balogh/ Reuters, Tom Cooper/TAS23/Getty Images, Getty

But even if your bank account is limitless, money can’t buy everything.

(No, I’m not talking about meaningful relationships or the love of a family member. Leave that for everyone else to worry about.)

When it comes to sold-out events or limited-edition luxury items, the people serving the financial needs of the uber-wealthy are happy to oblige, writes Business Insider’s Hayley Cuccinello.  

From organizing an elephant procession down a busy London road to finding the right medical specialists after a grave diagnosis, anything is on the table to stay in a client’s good graces. 

These types of luxury services won’t necessarily win new clients, Hayley writes, but they do serve as a way to strengthen the relationship between a private bank and its ultra-rich clients. 

3 things in

Markets

🔔 Before the opening bell: US stock futures fall early Thursday as investors await economic data on jobless claims, industrial production, and the housing market.

Getty; Marianne Ayala/Insider

1. Ken Griffin has some thoughts. The billionaire hedge fund manager touched on a variety of topics during a recent interview, including how remote work makes it easier for companies to fire people. The Floridian also made the case for why Miami could overtake New York as a financial hub. And the political megadonor said he’d like to see former President Donald Trump debate presidential hopeful Nikki Haley.

2. Here’s what is helping to inform the Fed’s decision about what to do with rates. As 2024 market predictions pour in, many hinge on if and when the Fed will start cutting rates. These 10 academic journals are favorites among central bankers when developing their policies.  

3. The investors pushing in — and cashing out — of the market’s hottest stock. Regulatory filings show these hedge funds are starting to take profits in their stakes in Nvidia, the best-performing S&P 500 stock in 2023. But firms linked to Bill Gates and Ray Dalio are buying up shares.

3 things in

Tech

Lelanie Foster for Insider

1. Tech’s quiet connecting force: Ruzwana Bashir. About $1 billion worth of ticket sales goes through her startup Peek every year. In an industry where success is often measured by how much noise a startup makes, Peek — and Bashir — have proved they don’t need the limelight to commandeer an industry.

2. Leaked email: An Amazon team is racing to launch new products similar to those from GitHub. In the email obtained by Business Insider, a new VP lauded his team for building similar products to GitHub in a much shorter period of time. Plus, he urged them not to be discouraged that rivals beat them to market.

3. Tesla added — and quickly deleted — a $50,000 resale fee for its Cybertruck. The unusual clause spooked some investors and Cybertruck order holders. This could be a sign that the truck is going to be a smaller release than expected.

3 things in

Business

Matt Harrison Clough for Insider

1. Make America Build Again. For the past 50 years, the US has been coasting. After talking with dozens of experts, a reporter has a radical plan to fix this: blanket the country with affordable houses, clean energy, and mass transit — fast.

2. 2024 will be Gen Z’s year to change work as we know it. Some Gen Zers are pretty shocked and depressed at having to work a 9-to-5 schedule. But by early 2024, there will likely be more Gen Zers working full-time than baby boomers. This could change the workplace as we know it.

3. These four red-state cities could be the future of America. Americans and businesses are flocking to cities like Houston and Miami — often leaving coastal cities behind. These could be the future hubs for the energy, healthcare, and finance industries.

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The Insider Today team

Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.

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