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Flying south for forever

Pursuits
Bloomberg

Musk can have Austin. Ellison can have Lanai.

But for the New York elite, Palm Beach is beginning to look a lot like home—and the money is flowing.

Drawn by warmer weather, lower taxes, and looser Covid restrictions—not to mention talk of a Goldman Sachs hub—an influx of families has seen houses sell sight-unseen. New nannies are being trained over Zoom on proper table service etiquette. Some 65 new students from the Northeast have been added to Palm Beach Day Academy at $28,900 a year.

As a Sotheby's realtor put it in a letter clients: The median age is "dropping faster than SpaghettiOs from a toddler's highchair."

Palm Beach.

Photographer: Sean Pavone/Getty Images

The "season" is just beginning, with in-person parties, benefits, exotic car shows and concerts. New York galleries and restaurants—including Hamptons favorites Almond and Sant Ambroeus—have arrived, joining Mount Sinai and Hospital for Special Surgery in providing familiar comfort to anxious exiles. 

Much like the Hamptons in the 1980s, when bankers showed up en masse along with new clubs, new mansions and restaurants, the town's latest arrivals are exerting their influence in ways both subtle and obvious.

The blue-bloods with their Lilly Pulitzer outfits are no longer the only game in town.

Sant Ambroeus.

Photographer: Saul Martinez/Bloomberg

Living Rich 

If You Can't Afford a Patek Philippe Watch, How About a Clock?

An ode to the luxury brand's nautical-themed desk ornament, the Naviquartz

The Spread Between New and Blue-Chip Art Is Narrowing

The final marquee auctions this month have seen a shift in supply and demand—and maybe even taste.

A Day Trader's Side Hustle Is Turning Volatile Stocks Into Artworks
Gladys Estolas's data-driven landscapes have gained a following in finance.
Prince Harry and Meghan Will Produce and Host Podcasts for Spotify

Audio-streaming giant has signed a multiyear deal with the royal couple's company.

Ski Season Is Back, And So Are Coronavirus Lockdowns
Americans with cabin fever pine for the slopes.

From the Pages of Businessweek

It's boom time for philanthropy, especially at a local level.

MacKenzie Scott gave away $4.2 billion in 4 months, zeroing in on 384 groups tackling food insecurity, racial inequity, and high local poverty rates. That's after announcing $1.7 billion in gifts in July.

The pandemic has been a magnifying glass on our own towns and cities. By turning inward, we can have outsize effects on the neighbors we have yet to know.

Eating for good.

Illustration by Bill Rebholz

Rich(er) communities benefitting from urban flight helped food pantries forge new ways of giving and volunteering. Saving arts organizations like the Cleveland Ballet and Tucson Symphony became a source of civic pride. And an army of volunteers is level the playing field for Black-owned restaurants with a spicy new dining guide

'Tis the season to pay it forward. If you still need a gift, branded merchandise has become an omnipresent option to support local businesses, pitch in, and put your money where your heart is—right on top of it.

More Feel-Good Philanthropy Stories

Merch for all.

Source: Vendors

Protest Energy Delivered $100 Million for Bail Funds in 2020
The Best Friend of U.S. National Parks Is ... a Car Company?
This $99 Pair of Earbuds Does a Lot More Than Just Sound Good
Billionaires Urge Tax Reform to Free $1 Trillion for Charity
39 Green Gifts for a Climate-Friendly Holiday Season

Winter Wonderland From the Pursuits Archive

We're fantasizing about flurries. And now you can, too.

And if you read just one thing...

China's Spoiled Rich Kids Learn to Avoid the Wrath of Xi Jinping

As inequality grows, the second generation of China's ultra-rich class wants to avoid becoming a target.

 

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