Must Read Money Stories, Monday, Nov. 3

by November 3, 2014

MRMS
Taylor Swift, mini-mogul.
In case you missed it, Taylor Swift’s new album, 1989, came out last week. It may be the only album to go platinum in 2014. New York Magazine decided to crunch some numbers on Swift’s wealth. It calculated she owns $86 million in real estate, from Newport, RI, to Nashville and Los Angeles, to her new place in TriBeCa in Manhattan. New York thinks she has music earnings of about $205 million, endorsement deals of $33 million (Diet Coke, Target, Keds) and a net worth of about $195.8 million, after taxes. And her tax bill? She’s probably forked over about $100 million through the years.

Neiman Marcus, Web player. We know all the jokes about “Needless Markup” and the glitzy stuff in the Christmas catalogs. But, Neiman Marcus is fast shifting its focus to the Web, according to our friends at Marketplace. About 24 percent of business at Neiman Marcus is now done online, and 70 percent of customers go to the website to research by category before going into the store, said Neiman Marcus CEO Karen Katz. Interestingly, the recession has turned the Neiman’s customer into a smart shopper. “She is very deliberate in how she is spending her money. There has to be a real value.”

Amazon.com, tree house. Amazon released some long-awaited statistics about its workforce, and they show men are solidly in charge. In a blog post, Amazon said 67 percent of its employees are men, 33 percent are women. Worldwide, 75 percent of its managers are men, 30 percent are women. In the U.S., Amazon says 60 percent of all employees are white, 15 percent are black, 13 percent are Asian, 9 percent are Latino, and 3 percent are “other.” Among managers in its American operations, 71 percent are white, 18 percent are Asian, 4 percent are Latino and 4 percent are black. Said the company: “Our diverse perspectives come from many sources including gender, race, age, national origin, culture, education, as well as professional and life experience.”

Tom Menino, urban mechanic. Boston is burying its former mayor on Monday, and Thomas Menino’s legacy as an urban mechanic is assured. The longest serving mayor in Boston history, Menino was a tireless advocate of economic development. The policies he pursued were depicted two years ago in this story in Governing. Menino, who died last week, Most of the country didn’t get to know him until the 2013 Boston Marathon bombings, and his garbled intonation earned him the nicknamed, “Mumbles.” But his influence on the Hub is evidenced by the places his cortege is scheduled to pass, from Fenway Park to Blue Hill Avenue.