Richistanis

Robert Frank’s book, Richistan, is an engaging discussion of the people who live in Richistan. It leads us to some thoughts about performance philanthropy. 

Remember back in the day when having a million bucks meant you were filthy rich?

Nowadays it means you’re merely “affluent.”

Having a million dollars just ain’t the unique status symbol it used to be. Check out the numbers. Turns out that between 1995 and 2003 the number of millionaires in the United States doubled to about eight million households. And all these millions of millionaires milling about are collectively wealthier than most countries. By 2004, for example, the richest 1 percent of Americans earned about $1.35 trillion annually, which is more than the total national income of France, Italy or Canada.

That’s a shocking statistic, but it also raises an interesting question: If you have more money than most countries, why not start one of your own?

Well, that’s exactly what the new rich have done, according to Wall Street Journal reporter Robert Frank. They’ve created their own health-care system (concierge doctors), travel networks...