Hey, (really, really) rich people – do you never want to hang out with the hoi polloi again? Now, you don’t have to!
A new club, which claims to offer exclusive investment opportunities, access to West Point generals, confidential support groups and private getaways, has been formed by a wealthy investment banker to help with all these needs and more.
To be qualified to join R360, participants must have a net worth of $100 million or more, be able and willing to afford the $180,000 for a three-year membership and pass muster with the membership committee.
R360 members include Richard Branson, Michael Cole, former chief executive officer of Cresset Asset Management, and Charles Garcia, the founder of Sterling Financial Investment Group.
And according to Garcia, the club is so exclusive, it’s already turned down two billionaires.
“I took some grief for that,” Garcia told Bloomberg. “One person seemed to want to leverage the group to benefit their own business activities, and the other didn’t want to integrate his family.”
Garcia says both people didn’t align with the “values” of the group described in the report as honor, entrepreneurial grit and generosity of spirit.
“When people get wealth of $100 million or more, their issues are far greater than for people who are wealthy but not at that level,” Cole, one of R360’s managing partners, told Bloomberg. “They’ve achieved success, and are looking more at how can I make an impact on things that matter to me — for myself, for my family, for society.”
R360 has 48 founding partners who each contributed $350,000 for part ownership of the group — and is looking to add 50 members a year until it reaches 500.
R360 claims its raison d’etre is “to architect an oasis for strategic wealth creators and their families to flourish.”