Richistan by Robert Frank - Chapter 1

Chapter 1: The Rise of the New Rich

In this chapter, Frank explores the rise of the new rich, who are often self-made and from blue-collar backgrounds. He argues that these new rich are more likely to be driven by status and material possessions than the old rich, who were more likely to be motivated by a sense of noblesse oblige.

For example, Frank cites the case of Donald Trump, who was born into a wealthy family but made his own fortune in real estate. Trump is a classic example of the new rich, who is driven by a desire for status and material possessions. He is known for his lavish lifestyle, which includes a gold-plated toilet and a private jet.