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Greenwich: The New Newport, Only Tackier & Nerdier

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The Independent’s Chris Walker spent a day out in the hedge fund wonderland of Greenwich, Connecticut. It reminds him of Newport, Rhode Island circa the early days of the last century. Only with less culture, worse taste and more geeks.

A new gilded age? I spent this 4 July in the various palatial Vanderbilt family homes in Newport, Rhode Island. Newport was Greenwich's predecessor 100 years ago, with some 300 mansions at its peak. True, whereas the Vanderbilts spoke French at table and dined in white ties, today's financiers are more often T-shirted geeks who studied physics at college. On the other hand, the building mania that is gripping Greenwich is creating a new Newport. The average price paid for a house in Greenwich last year was $2.5m, but 16 went for over $10m. Many more are built from scratch for even more.

The gilded cages of the hedge-fund Vanderbilts
[The Independent]