Robert Frank is an award-winning journalist, best-selling author and leading journalistic authority on the American wealthy. He joined CNBC in May 2012 as a reporter and editor for the news organization.
Prior to joining CNBC, Frank was with The Wall Street Journal for 18 years, serving as a foreign correspondent in London and Singapore, and later covering Wall Street and corporate scandals. For eight years, he was the paper's Wealth Reporter, covering the lives, culture and economy of the new rich.
Brokers say prices for high-end properties across Europe for American buyers are down 25 to 40 percent from a year ago.
Facebook has created more billionaires under 40 than any other company.
Forget sports cars, diamonds and yachts. Today's wealthy prefer to spend their money on something else.
The latest sign that the ultra-wealthy are nervous about putting more money into today's markets.
One of the brokers on the popular TV show 'Million Dollar Listing New York' just put a seriously expensive penthouse on the market.
A case of 1978 Romanée-Conti Grand Cru sold for $476,280 -- or about $39,700 a bottle -- on Saturday, making it one of the most expensive cases ever auctioned.