The Super-Rich Are Forming a New Exclusive Club
To show how exclusive you are, there’s nothing like turning away a billionaire.
Two members of the three comma club were among those nominated to join R360, a new, invitation-only investment and networking group for people with net worth of $100 million or more. Neither billionaire made it past the membership committee, according to Charles Garcia, one of the group’s managing partners.
“I took some grief for that,” said the 60-year-old entrepreneur, a consummate networker who founded Sterling Financial Investment Group in the late 1990s and chaired South Florida chapters of wealth network Tiger 21 for many years. “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.”
Neither of those are in line with the values considered core to the group. Members with those values — which include honor, entrepreneurial grit and generosity of spirit — are invited to go on a three-year “journey” to gain mastery across six kinds of capital: financial, intellectual, spiritual, human, emotional and social. A three-year family membership costs $180,000.
There are countless formal and informal networks for wealthy individuals and families, and R360 aims to find a place among them. Tiger 21, perhaps the most widely known group, has nearly 1,000 members paying dues of $30,000 a year.
For the ultra-wealthy, these groups provide a sort of confidential, supercharged coaching network on everything from figuring out one’s purpose in life to learning more about philanthropy to understanding the blockchain.