Exploring the Excesses of the Ultra-Wealthy in Evan Osnos’s New Collection

While reading Evan Osnos’s “The Haves and Have-Yachts,” a collection of his expanded essays on the ultrarich, I was repeatedly reminded of Weegee’s 1943 photograph titled “The Critic.” The image depicts two socialites adorned in furs and jewels, wearing poised smiles as they enter the Metropolitan Opera’s opening night, while a disheveled woman in a simple coat casts a disdainful glare from the side.

Osnos approaches the subject of immense wealth with urbane skepticism rather than outright condemnation. Though the lavish lifestyles of yacht owners, tech entrepreneurs, and hedge fund managers often eclipse his own, it’s evident he maintains a degree of professional distance. Rather than condemning privilege or success, Osnos acts as an observer documenting the unsettling scale of excess.

In his acknowledgments, Osnos credits an anonymous Silicon Valley passenger from a flight nearly a decade ago who inspired his investigation into the shifting notions of wealth, governance, and the future emerging among tech elites. It’s implied that both men enjoyed first-class accommodations rather than economy seats.

Raised in Greenwich, Connecticut, Osnos is the son of a publishing executive. After graduating from Harvard, he studied in China following the Tiananmen Square crackdown. By 2008, he was reporting from Beijing at a time when many American business magnates were capitalizing on opportunities there. His 2014 book “Age of Ambition,” which won the National Book Award, portrayed China’s rise with parallels to America’s Gilded Age.

Returning to the U.S., Osnos focused on the world of plutocrats just as a new era of extravagant wealth and dubious schemes took hold. While he exposes many facets of opulence, his underlying message is that extreme wealth often becomes its own kind of imprisonment. He highlights Anthony Scaramucci’s view that the ultrarich typically funnel their resources into art, private jets and yachts, philanthropy that brands buildings and hospitals, or immersive experiences.

Entertainment at exclusive parties includes performances by stars like Rod Stewart, Usher, and Mariah Carey. Some entrepreneurs sell “experiential yachting” recreations of historic battles, such as Midway, complete with tactile weaponry to amuse restless billionaires. The narrative also introduces estate planners who expertly help the wealthy avoid paying taxes, while a socially prominent but mediocre actor is revealed to be running a Ponzi scheme disguised as a flourishing film production career.