The Age of the Common Millionaire

The wealth of a new breed of an estimated 1.3 million super rich listed in Forbes is measured by the market price of their holdings rather than by property or other real assets, according to Heller (The Naked Manager, etc.) who in brisk, colorful prose charts the various paths to riches, legitimate and fraudulent. In comparing the strengths and weaknesses of dynastic management of inherited fortunes to those that are self-made, he evaluates the advantages of today's prevalent financing through public equities as opposed to private ownership, although he reminds us that wealth still tends to flow upward from the weak to the strong. Providing multiple examples ranging from razors to art dealing, Heller maintains that financial success can only be achieved if product, technology or service is combined with astute marketing. He describes the recent rash of mergers and leveraged buyouts and the junk-bond explosion, then focuses on the ""common millionaire,'' who fills a ``gap in the market'' with midpriced hotels, temporary office help, regional fast-food franchises and chain discount stores. (April)