The Ultra-Rich Are Flourishing and Sticking Around in California
The number of millionaires in the Golden State has surged at a time lower-income residents are leaving.
Core, a members-only club opening next year, held an inaugural reception at San Francisco’s Transamerica Pyramid in June.
Photographer: Michaela Vatcheva/Bloomberg
The scene on the 36th floor of San Francisco’s Transamerica Pyramid was reminiscent of the pre-pandemic boom years: well-to-do attendees hobnobbing over wine and appetizers, being pitched access to an exclusive enclave with a private bar, restaurant and gym in the heart of the city.
It was the inaugural reception for Core, a members-only club opening next year for Californians ready to shell out $15,000 to $100,000 in initiation fees, along with thousands more in annual dues. For the New York-based company, the expansion marks a big bet that wealthy clientele will flock to the city’s ailing downtown.