Are you the publisher? Claim or contact us about this channel

Embed this content in your HTML


Report adult content:

click to rate:

Account: (login)

More Channels

Channel Catalog

Channel Description:

The latest news on Billionaires from Business Insider

older | 1 | (Page 2) | 3 | 4 | .... | 50 | newer

    0 0

    vanisha mittal

    What's it like to be raised by the .001%?

    A few Quora members who happened to grow up in billionaire households took a stab at answering that question.

    Here's what John H. Hillman V, a grand-nephew of billionaire industrialist and venture capitalist Henry Hillman, had to say:

    Aside from knowing that I come from solid stock, which I try to live up to, I have constant reminders such as the Hillman Library which was named after my grandfather and is the main library of the University of Pittsburgh. The question I most often hear about that building is: "Don't you like, own a library or something?"


    I have great friends. I can't clarify that enough. They are all lifelong friends who know me well. It isn't like I have hangers-on or people who want to be in my life because of a perceived wealth, though I believe others in my family might have that problem.

    Every month I get a stranger that says "Hey, are you related to the Hillmans...?" or something like that. Basically I just go with the flow. I am modest, live a modest life and it's all just fun and respect. Respect for my family and respect for people that are interested in "us." When I think of my family's fortunes I think of how much has been given back to Pittsburgh and that is mainly how I identify with it.

    Another anonymous Quora user who explained what life was like for his billionaire grandparents and great grandparents in Europe (who later lost everything in WWII:

    Our family lived in a 150 room mansion with a staff of 30+ servants. One obvious sign of wealth is having people work directly for you, for your personal life. Leaders of large organizations, such as CEOs, congressmen, and so on, maintain personal aides but these talented assistants serve a business need. The extremely wealthy keep others around to run their personal lives, servants who work at any time day or night and live onsite. Grandpa's immediate family was only 4 people, yet the cooking staff alone was 7 people. They paid a yacht captain to maintain a boat used only once or twice a year.


    My grandfather and granduncle both went to a boarding school that reminds me greatly of Hogwarts from the Harry Potter books. The school was in a castle, with each grade having their own well appointed common room with hand carved pool tables and marble fireplaces.  Each grade had just 15-20 students, and I believe the school faculty outnumbered the students.

    Grandpa said that one did not "apply" to this school, you were invited. He showed me a class photo and read off who each boy was and what his father did. The list was quite intimidating, as these families basically owned and ran that part of the world. (Sadly, most died in that war).

    ...Like John H. Hillman, V says, one is well aware of the "stock" you come from. The pressure on my siblings and I was implied without anyone ever speaking about it. I post this anonymously because people can react strangely, so we don't talk about it much.

    Now meet the world's hottest billionaire offspring >

    Please follow The Life on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    flavia sampaio

    These billionaire wives and girlfriends are no bimbos.

    Despite having access to all the money in the world, these women write novels, start companies, edit magazines and practice law.

    In addition to their brains and entrepreneurship, many also happen to be gorgeous.

    From the talented and beautiful Dasha Zhukova to the inquisitive and stylish Princess Ameera of Saudi Arabia, it's no wonder billionaires wanted to date these incredible women.

    Dasha Zhukova is dating oligarch and billionaire Roman Abramovich, one of the richest men in the world.

    Why she's awesome: The gorgeous Dasha is an entrepreneur, magazine editor and fashion designer. She's opened a contemporary art museum and her fashion label recently announced a collaboration with Urban Outfitters.

    Read more about the amazing life of Dasha Zhukova >

    Stephanie Seymour is married to billionaire Peter Brant. They recently reconciled after a rough patch a couple years ago.

    Why she's awesome: Seymour is a former supermodel who has appeared on the cover of Vogue and in many Sports Illustrated swimsuit issues. She's also appeared on television and movies.

    Salma Hayek is married to Francois-Henri Pinault, the billionaire who runs Gucci, among other brands.

    Why she's awesome: Hayek has an Oscar nomination for the film Frieda and is starring in the recently-released Savages with Blake Lively. She also does philanthropy through UNICEF, helping raise awareness for child vaccines. 

    See the rest of the story at Business Insider

    Please follow The Life on Twitter and Facebook.

    0 0

    alexander soros

    In the event that you've always wanted to know about the life of the son of one of the world's most legendary investors, turn your attention to the profile of Alexander Soros published by the New York Times this morning. 

    For Alexander, son of billionaire investor George Soros, things haven't always been easy. And with a dad like George Soros—who survived the Holocaust in hiding, is among the richest men in the world, and has donated billions to charity—can we really blame him?

    The Times tells the story of a son who spent his formative years with a Nanny, his brother and the staff of the 14-room Soros estate in Katonah, NY, rarely, if ever, seeing his father. The young Alexander, we're told by the Times, was "acutely aware" of the life he was born into, and would have given anything to be just a regular boy in a regular "subdivision" where he could play a regular ol' game of football with the regular neighborhood boys. 

    As Soros told the Times: “As a kid, all you want to be is normal,” he said. “When all you’re being fed is vichyssoise, you want to eat Big Macs like everyone else.”

    After years hiding from his wealth, Soros has just recently emerged as a power-player int he world of Philanthropy, where, for the first time in his 26 years, he hasn't felt the need to hide his last name. Soros sits on the board of his father's Open Society Foundation and started The Alexander Soros Foundation earlier this year. 

    Nowadays it's hard to believe that the Big Mac-deprived Alexander is the same man that was spotted just last week hosting a charity auction with his father, joking to hopeful bidders that they too could “see [his] dad in shorts.”



    Please follow Clusterstock on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    louis bacon moore

    Senator Bernie Sanders (I-VT) has released a report on how much the country's billionaires have given to Super PACs iin 2012. Unsurprisingly, there are a bunch of Wall Streeters on his list.

    According to the report, 26 billionaires (with a combined net worth of $195 billion) have given over $61 million to Super PACs this year.

    You can get a pdf of the report here, but if you don't want to read all of it, we've got the Wall Streeters listed for you below.

    From the report:

    • Kenneth Griffin is worth $3 billion and he has given $2.08 million to super PACs in 2012.
    • Louis Bacon is worth $1.4 billion and he has given $500,000 to super PACs this year.
    • David Tepper is worth $5.1 billion and he has given $375,000 to super PACs this year.
    • Bruce Kovner is worth $4.5 billion and he has given $500,000 to super PACs this year.
    • John Paulson, the hedge fund manager who made his fortune betting that the sub-prime
      mortgage market would collapse, is worth $12.5 billion. He has donated $1 million to
      super PACs.
    • Peter Thiel is worth $1.5 billion. He has donated $6.7 million to Super PACs this year.
    • Julian Robertson is worth $2.5 billion and he has given $1.25 million to super PACs this

    Consider yourself informed.

    Please follow Clusterstock on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    Khalifa Bin Zayed Al NahyanSheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, is apparently the billionaire who commissioned Project Azzamthe mysterious code name for the world's new largest yacht.

    News of the yacht, which will clock in at a record 590 feet, broke in May. But now the New York Post is reporting that the UAE president is behind the ship, and he's paying a whopping $627.4 million for it.

    At 590 feet, Project Azzam will dwarf Russian billionaire Roman Abramovich's $485 million, 536-foot yacht Eclipse, which is currently the largest yacht in the world.

    According to the Post:

    Unlike most propeller yachts, Azzam is said to boast a custom propulsion system with four giant water jets, to make it one of the fastest on the seas. Reports say the gas guzzler’s tank would have to hold an astounding 264,172 gallons of fuel. Only two locations reportedly could accommodate a yacht so big — Monaco and Antibes, although sources said Sheikh Khalifa wants to cruise the Seychelles.

    Just to put Project Azzam in perspective, 590 feet is more than a football field and a half long. And an AirbusA380 is 239 feet long.

    Here's a snapshot of the still-under-construction boat, sent to us by

    Project Azzam Yacht

    Now check out another billionaire sheikh's insane car collection >

    Please follow The Life on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    dinosaur, skeleton

    There's a rumor floating around about Australian billionaire Clive Palmer.

    According to someone in his inner circle, Palmer may be plotting to clone a dinosaur from DNA, Sunshine Coast Daily's Kathy Sundstrom reports.

    Palmer would put the dinosaur in his new Coolum Palmer Resort in the Middle East, says Sundstrom.

    The resort is also rumored to have a 20-story sky needle and giant ferris wheel.

    "While Mr Palmer was quick to deny he had plans to build a sky rail to Mount Coolum, he remains silent about the latest [dinosaur] speculations," writes Sundstrom.

    "He declined to answer questions relating to the dinosaur rumours and the Middle East. A spokesman said Mr Palmer would hold a press conference in Brisbane on Friday."

    No word yet on what kind of dinosaur Palmer has in mind. (fingers crossed for an herbivore)

    Palmer is the same billionaire who's set on making Titanic II, which he says will be ready to set sail in 2016.

    Please follow SAI on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    Mark Zuckerberg in his car

    Everyone needs a set of wheels to get from point A to point B.

    After reviewing sites like BornRich, The L.A. Times and CNET, we found the kind of cars rich tech moguls drive vary from extremely modest to ridiculously expensive.

    Some choose to be flashy in $100,000 electric sports cars while others are content cruising around in everyday vehicles.

    Facebook CEO Mark Zuckerberg drives an Acura TSX. The car starts at a modest $30,000

    The Co-founder of Airtime, Sean Parker, zooms around San Francisco in an Audi S5. The car's price tag starts at $50,900. When Parker is in L.A., he cruises around in a flashier $100,000 Tesla

    A lover of Porsche, Microsoft billionaire Bill Gates has quite a collection. One being the 911 Porsche Convertible that has a MSRP of $82,100

    See the rest of the story at Business Insider

    Please follow SAI on Twitter and Facebook.

    0 0

    eclipse yacht

    When it comes to luxury superyachts, bigger is always better. Needless to say, these yachts are massive.

    Superyacht Times just compiled a list of the world's 100 longest superyachts, and we're taking a look at the top 20.

    All of them are at least as long as a football field and could swallow some of their fellow yachts whole. There's no doubt that these boats rule the seven seas.

    #20 — Roman Abramovich's "Luna" — 377.3 feet long (2010)

    #19 — Roman Abramovich's "Pelorus" — 377.3 feet long (2003)

    #18 — "Issham Al Baher" — 379.79 feet long (1973)

    See the rest of the story at Business Insider

    Please follow The Life on Twitter and Facebook.

    0 0

    Larry Ellison wine glass

    Larry Ellison bought his own Hawaiian island, but the previous owner isn't quite done with it yet.

    The AP reports billionaire David Murdock, who sold the island to Ellison, will be holding on to three key pieces of property.

    He'll have his seven-bedroom, seven-bathroom, 44,921-square-foot mansion worth over $6 million.

    He'll keep his grocery store, which is one of just three grocery stores on the island.

    And, most controversially, he'll keep the rights to a wind farm project that people of Lanai hate.

    Some other fun stuff he negotiated for himself:

    • a lot across the street from the home
    • assorted apartments
    • two massive wood sculptures that reside in a resort lobby
    • two carved elephant tusks
    • a woodworking shop that makes furniture
    • and 1,000 rare orchid plants.

    This info was revealed through documents filed to the Hawaii Public Utilities Commission. What isn't known is how much Ellison paid for 98 percent of the island’s 141 square miles. The Maui News reported that Murdock had wanted to sell for sometime and was looking fo  $500 million to $600 million.

    But if Ellison doesn't get to keep those 1,000 rare orchids, well, who knows how much he was willing to pay.

    Don't miss: 10 Reasons You Wish You Were Larry Ellison

    Please follow SAI: Enterprise on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    tiger beer malaysia soccer fieldHeineken's $6bn bid for Asia Pacific Breweries (APB) faces a challenge from a group linked to Thai billionaire Charoen Sirivadhanabhakdi, which could force the Dutch brewer to pay more to control the maker of Tiger beer.

    The world's third biggest brewer has to decide whether to raise its bid or risk losing control of one of Asia's fastest growing brewers to the family of Thailand's second richest man.

    Heineken agreed to buy stakes in the Asian brewer held by Singapore conglomerate Fraser and Neave (F&N) last Friday, only for the Thai group to now muscle in on the deal with a higher price for F&N's 7.3pc direct stake.

    Kindest Place Groups, a vehicle owned by Charoen's son-in-law, made a surprise offer of S$55 a share to buy F&N's direct stake in APB, S$5 a share more than Heineken agreed to pay in its deal announced last week. F&N controls around 40pc of APB, mostly via a joint venture with Heineken.

    The Thai companies, ThaiBev and Kindest Place, had already put Heineken on the back foot last month when they paid $3bn (£1.9bn) to take stakes in F&N and APB.

    Heineken, which controls 42pc of APB, agreed to pay F&N S$50 a share for its APB stake which values it at S$5.1bn (£1.5bn). The Heineken deal is worth around $6bn if a buyout of minority shareholders is included.

    Heineken's APB bid is already at a rich multiple of 17.4 times (EBITDA) core profits, above the 15.4 times paid by Anheuser Busch InBev for Mexico's Modelo in June.

    The Amsterdam-based brewer put a brave face on the situation saying its bid was better than the Thai offer.

    "We are convinced that our bid is richer and offers more value to shareholders," a Heineken spokesman told Reuters.

    Heineken shares fell to close 2.4pc lower at €44.38 on worries about the prospect of a bidding war with the powerful Thai business family, which could be pushing to control APB or just extract a higher price for its stake.

    "With this latest turn of events, Heineken's current offer will fail. It will have to offer more than S$55 per share to outbid the Thai group, possibly S$60 per share," said Goh Han Peng, analyst at DMG & Partners Securities in Singapore.

    If Kindest Place's offer succeeds, it will control more than 15pc of APB, having already agreed to buy 7.9pc of the beer maker from Oversea-Chinese Banking Corp and its insurance unit Great Eastern Holdings last month at a lower price of S$45 a share.

    Charoen can also try and block the full sale of APB to Heineken by voting against the deal through Thai Beverage PCL, which he controls. ThaiBev, the maker of Chang beer, is F&N's biggest shareholder with about 24pc.

    Analysts say Charoen recognises the value of the APB business, which has a dominant position in most markets where it operates such as Vietnam and Singapore, and is expected to enjoy a rising stream of profits for many years to come.

    Charoen and ThaiBev had not previously indicated whether they supported or opposed the sale of APB to Heineken.

    Japanese beermaker Kirin, F&N's second-largest shareholder with about 15pc, has also not made its views known, although analysts believe it may be interested in F&N's soft drink interests rather than its brewing.

    F&N said Kindest Place's offer will lapse at 5pm Singapore time on August 16.

    Please follow Business Insider on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    mark zuckerbergThe world's biggest youngest billionaire is Facebook founder Mark Zuckerberg, but who else is young and flush with cash?

    Bankrate took a look at published reports and compiled the top nine, other than "Zuck," who are younger than 35 and at billionaire status.

    While some inherited their fortunes, most continue to work hard for their money in various fields.

    Mark Zuckerberg

    Age: 28

    Net worth: $17 billion

    It's common knowledge that the world's richest young billionaire is Facebook founder Mark Zuckerburg.  At 28, his net worth is around $17 billion, landing him at No. 35 of Forbes' list of billionaries.

    That's just shy of what Google co-founders Sergey Brin and Larry Page are worth ($18.7 billion each), who at 38 and 39, respectively, are still considered young by most people's standards.

    Fahd Hariri

    Age: 31

    Net worth: $1.3 billion

    He is the son of late Lebanese Prime Minister Rafic Hariri and, along with the inheritance left from his father, earns his money though construction, real estate and investments.

    Ayman Hariri

    Age: 34 

    Net worth: $1.3 billion

    Like his brother, Fahd Hariri, Ayman Hariri received a sizable amoung of his late father's wealth (along with his three other siblings).  

    He oversees the construction division as a board member of Saudi Orger, a construction, telecom, and real estate conglomerate.

    See the rest of the story at Business Insider

    Please follow Your Money on Twitter and Facebook.

    0 0


    Billionaires have changed the way our world works. They’ve altered the way we communicate, travel, and live. And along the way, they have made incredible amounts of money for their efforts.

    Learning from the 10 billionaires below is not only a good idea if you want to boost your bank account, but also if you want your work to make a difference.

    With that in mind, here are 10 lessons from billionaires on earning money, succeeding in business, and finding happiness in life.

    1. “You become what you believe. You are where you are today in your life based on everything you have believed.” —Oprah Winfrey, net worth of $2.7 billion

    First and foremost, you have to believe that greatness is possible. Many of the world’s billionaires have shifted the way our world works, because they believed that they were capable of doing something that was previously impossible.

    Change is possible. Greatness is possible. But you can’t do anything unless you first believe in yourself.

    2. “What we say here every day is that our success is really based on our members' success, our community's success.” —Pierre Omidyar, net worth of $6.7 billion

    Your success is directly tied to how much you do for others. It’s not what you know. It’s not who you know. It’s what you do for who you know. Success follows generosity.

    3. “The typical human life seems to be quite unplanned, undirected, unlived, and unsavored. Only those who consciously think about the adventure of living as a matter of making choices among options, which they have found for themselves, ever establish real self-control and live their lives fully.” —Karl Albrecht, net worth of $25.4 billion

    Everything you do (or choose not to do) is a choice. Most of us think that life happens to us, but in reality life is something that we choose either by actively pursuing options and creating our own circumstances, or by blocking opportunities and limiting our beliefs of what is possible.

    You can choose the type of life you want to live.

    4. “I think that our fundamental belief is that for us growth is a way of life and we have to grow at all times.” —Mukesh Ambani, net worth of $22.3 billion

    Success is not an event—it’s a process. Billionaires embody that process better than most of us. They are on a constant quest to improve, enhance, and outperform themselves. It’s a constant, internal drive to become a better person.

    5. “Getting the job done has been the basis for the success my company has achieved.” —Michael Bloomberg, net worth of $22 billion

    Billionaires have grit and perseverance. Top performers work hard at hard things. And that means that successful people do the things that most people don’t want to do, and that’s why they get the job done.

    6. “If I'm going to do something, I do it spectacularly or I don't do it at all.” —Prince Alwaleed Bin Talal Alsaud, net worth of $18 billion

    Developing a world-class skill means that you have the capability to ignore everything else. You have to be able to focus on doing an incredible job or on ignoring it completely. Greatness doesn’t come from simply “putting the time in” … you have to put the time in with effort, energy, and resolve.

    7. “It's through curiosity and looking at opportunities in new ways that we've always mapped our path at Dell. There's always an opportunity to make a difference.” —Michael Dell, net worth of $15.9 billion

    Take a look at any market-leading company. Are they compromising on their product in one way or another? That’s an opportunity for disruption, growth, and change. Any unmet need, any annoying problem, any half-baked solution offers a chance to change things.

    8. “The role of business is to produce goods and services that make people's lives better.” —Charles Koch, net worth of $25 billion

    If your only goal is to become rich, then you’re going to have trouble meeting your goal. However, if your focus is on making people’s lives better, then you’ll find that success comes much more quickly.

    9. “No person will make a great business who wants to do it all himself or get all the credit.” —Andrew Carnegie, net worth of $298.3 billion (in 2007 dollars)

    Success unshared is failure. Our connections with other people are what give our work meaning. The things we do will only matter if they are shared with others.

    10. “The ultimate definition of success is: you could lose everything that you have and truly be okay with it. Your happiness isn't based on external factors.” —Tony Hsieh, net worth of $840 million

    So often, we push happiness out on the horizon of life. “Once I get this job, I’ll be happy.” Or, “If only I landed that promotion, then everything would be good.”

    Of course, life doesn’t work that way, and there is always another goal once we reach our previous idea of happiness. Money is important, but your life should never be built around it.

    Happiness comes before success, not after it.

    James Clear is the founder of and the creator of The Remora Method, a step-by-step system for boosting your income by $500 per week.

    DON'T MISS: The 9 youngest billionaires in the world >

    Please follow Your Money on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    Earlier this summer, we (and just about every other website with a sense of humor) wrote about Joe Schwenk aka HamptonsBorn, the Hamptons handyman who tweets about the absurd requests he gets from his wealthy 'citiot' clients.

    The twitter feed is hilarious for observers, but potentially embarrassing for clients, so Schwenk does his best to keep them anonymous.

    But today his best simply wasn't good enough.

    Here's how we figured it out:

    Ron Baron, the founder of Baron Capital Group, was just on Squawk Box this morning talking markets from his Hamptons home (nice property sir, seriously).

    While we were watching Baron speak, we noticed this tweet from HamptonsBorn's twitter feed (we watch it like hawks).

    hamptonsborn baron

    Noting the time, and the 'MrB' we conjectured that HamptonsBorn's client could only be Baron.

    Here's a shot of Baron speaking with Steve Liesman from his ocean dune.

    liesman ron baron

    Sorry, Schwenk.

    Please follow Clusterstock on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    roman abramovich sunglasses

    Russian oligarch Roman Abramovich just won a $6.5 billion legal battle against former friend and business partner Boris Berezovsky in the biggest personal court case in British history.

    The months-long court case stemmed from a longstanding dispute in which Berezovsky claimed Abramovich had intimidated him into selling shares of Sibneft (later bought by Gazprom), the Russian oil giant the two had invested in during the 1990s.

    Berezovsky sought $6.5 billion in damages in the case filed in London's High Court last October.

    But the British judge on Friday found Berezovsky to be an "unreliable witness" and dismissed his claims in their entirety, according to the BBC.

    Abramovich, the billionaire of the Chelsea football club, must be pleasedthe ruling absolves him from paying billions of dollars to his former business partner, although Berezovsky could still file an appeal.

    Life is pretty sweet for Abramovich. He was orphaned as a child, but today is worth an estimated $12.1 billion and leads a fabulous life, from his gorgeous girlfriend and palatial home to his massive security staff and celebrity-studded parties.

    Abramovich is the owner of Chelsea Football Club, one of the top soccer teams in the world.

    Source: The Independent

    He just won a $6.5 billion court battle against "frenemy" Boris Berezovsky. It was over a decades-old business deal involving a Russian oil company.

    Source: The Guardian

    Abramovich has a security staff of 40 people, which reportedly costs him $2 million a year.

    Source: The Daily Mail

    See the rest of the story at Business Insider

    Please follow The Life on Twitter and Facebook.

    0 0

    Zong Qinghou

    Sept. 6 (Bloomberg) -- Zong Qinghou, head of China’s third- largest beverage maker, is the country’s richest man after disclosing his stake in closely held Hangzhou Wahaha Group Co. is more than double previous estimates.

    The 66-year-old soda and juice tycoon owns more than 80 percent of Wahaha, the company’s spokesman Shan Qining said in an interview on Sept. 3. That stake elevates Zong’s net worth to $21.6 billion, according to the Bloomberg Billionaires Index. He is now $13.4 billion wealthier than Robin Li, founder of the nation’s biggest search engine.

    Zong, a chain-smoking member of the Chinese legislature who says he spends just $20 a day, ranks No. 23 globally and trails only Li Ka-Shing and Mukesh Ambani in Asia. Baidu Inc. Chairman Li’s net worth has dropped 3.8 percent year-to-date.

    Wahaha has benefited from decades of rapid economic growth in China. The company has about 60 factories in 29 provinces across the country, making soda, food and baby formula, as well as children’s apparel, its website shows.

    “Zong has made himself a billionaire by staying in the right industry, positioning Wahaha well and eventually seizing the opportunity of growth in smaller Chinese cities,” said Zhang Lu, an analyst at Capital Securities Corp. in Shanghai. “Given the fact that Wahaha is already a well-known brand domestically, disclosing his share and wealth would help to boost the global profile of both Wahaha and Zong himself.” 

    'Laughing Children'

    Zong founded Wahaha, which means “laughing children” in Chinese, 25 years ago with two retired teachers and a $22,048 loan. It has a 7.2 percent share of China’s soft drink market, according to London-based researcher Euromonitor International. Coca-Cola dominates with a 16.8 percent share, followed by Hong Kong-listed Tingyi (Cayman Islands) Holding Co.

    In 2011, Hangzhou, China-based Wahaha generated $11 billion in revenue and $1 billion in profit, Zong said in a March 2012 interview with Bloomberg News. The closely held operation may boost net income to $1.6 billion in 2012 on sales of $13.3 billion, helped by the Chinese government’s push to boost domestic consumption, he said.

    The beverage maker’s valuation is derived using the average enterprise value-to-sales and price-to-earnings multiples of three publicly traded peers: Tingyi, Hebei Chengde Lolo and China Huiyuan Juice.

    Based on an analysis of dividends, market performance and taxes, Zong has about $1.9 billion in cash and other liquid assets, according to data compiled by Bloomberg.

    Baidu Falters

    Baidu’s stock has declined about 23 percent on the Nasdaq since the end of the first quarter on concerns the most-popular search engine in China may face more competition from Qihoo 360 Technology Co., which started a new search tool on Aug. 16, Barclays analyst Alicia Yap said.

    Kaiser Kuo, a Beijing-based spokesman for Baidu, declined to comment.

    Zong’s net worth change shows the opacity of wealth in China, where disclosure requirements are less transparent than in countries such as the U.S.

    The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York and listed in U.S. dollars at current exchange rates.

    --Michael Wei, with assistance from Peter Newcomb and Pamela Roux in New York. Editors: Patrick Chu, Matthew G. Miller

    To contact Bloomberg News staff for this story: Michael Wei in Shanghai at

    To contact the editor responsible for this story: Patrick Chu at

    Please follow The Life on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    Some rich people think they could start all over again and still get rich.

    T. Boone Pickens is one of these people, and he said as much in a striking graduation speech, as described to Business Insider's Rob Wile:

    "I was giving a commencement address at my grandson's graduation from St. Stephens & St. Agnes in Alexandria, Virginia, and i looked at the graduates that were sitting there and i felt like they were drifting off, and we were getting close to lunch, and they were thinking 'why doesn't this guy shut up and we'll go eat.' I said to them, I'll tell you what I'll do. I'll make you an offer today. I will trade my spot for your spot. And they go 'what is he talking about?' Of course I couldn't do it, but I said you're sitting there, you want to figure out how you can get rich like I am, have a ranch, have an airplane, have a lot of money: 'how can i do what he did?' Right here [snap] I'll trade with you. I said I'll come and sit there and put on your graduation hat and you take this and you get the airplane, you get the ranch, whole deal. I said you are in the spot i'd like to have. To be 18 years old, to be you and start out again."

    Pickens discusses the keys to success in the rest of the interview:

    Don't miss: 21 Ways That Rich People Think Differently >

    Please follow War Room on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    ralph lauren ricky lauren

    New York Fashion Week is still in fully swing, and before it ends we thought we would meet the biggest winners in the fashion industry.

    From big box clothes retailers to high-end designers, fashion has made some people very, very wealthy.

    We took a look at the data on Forbes' latest billionaires list (which lists the net worths of the world's richest as of March 2012) to determine the 15 wealthiest people in fashion.

    #15 Leslie Wexner

    Net worth: $4.3 billion

    Forbes billionaires rank: 248

    Nationality: U.S.

    Background: Wexner is the chairman and CEO of Limited Brands, which operates Victoria's Secret, Abercrombie & Fitch, and Express, among other major mall chains.

    The company made $9.6 billion in revenues in the last fiscal year.

    #14 Isak Andic

    Net worth: $4.8 billion

    Forbes billionaires rank: 221

    Nationality: Spain

    Background: Andic is the co-founder of the Spanish fashion retailer Mango.

    The apparel chain today operates more than 2,000 stores in 104 countries, and finished FY 2011 with revenues of $1.8 billion.

    #13 Johann Rupert

    Net worth: $5.1 billion

    Forbes billionaires rank: 199

    Nationality: South African

    Background: Rupert is the chairman and CEO of Richemont, the luxury goods holding company that controls brands like Cartier, Alfred Dunhill, Montblanc and Chloé.

    Richemont acquired e-tailer Net-a-Porter for $343 million in 2010.

    See the rest of the story at Business Insider

    Please follow The Life on Twitter and Facebook.

    0 0

    cigar top hat rich inequality wealthy

    SINGAPORE (Reuters) - Many millionaires got poorer in the last year, but billionaires did just fine, using their heavyweight money management teams to ride out market and economic turmoil that hit the lesser rich, research company Wealth-X said on Monday.

    The ranks of people with at least $30 million edged up to 187,380 but their total wealth fell 1.8 percent to $25.8 trillion -- still a sum bigger than the combined size of the U.S. and Chinese economies, Wealth-X said in a report.

    Hardest hit globally were those in the $200 million to $499 million range, whose numbers dropped 9.9 percent and whose fortunes shrank 11.4 percent, the World Ultra Wealth Report said, using data for the year through July 31.

    But the really, really rich got even richer as the number of billionaires rose 9.4 percent to 2,160 people and their wealth grew 14 percent to $6.2 trillion.

    "Even at a billion or two billion, they have a much larger entourage, they have much more in the way of investment advice. They certainly get the attention of every major bank," Mykolas Rambus, Wealth-X's chief executive officer, told Reuters.

    "This was the issue about that mid tier, the $100- to $500-million risk land. I don't think it appears these guys employ enough talent to help their own portfolios plus their holding companies to be successful."

    As Europe struggles and the U.S. economy recovers fitfully, the affluent are shifting away from speculative investments into private companies, commodities and property, said Wealth-X, a Singapore-based firm that provides intelligence on the ultra-rich to banks, fundraisers and luxury retailers.

    Asia suffered the worst regional loss of wealth, with a fall of 6.8 percent to $6.25 trillion due to weaker equity markets and lower export demand from the West, it said.

    While wealth also shrank in Europe, Latin America and the Middle East, the rich saw their fortunes grow in North America (up 2.8 percent to $8.88 trillion) and Oceania (up 4.4 percent to $475 billion) -- much of that in Australia.

    But Asia's rich cannot be discounted, Wealth-X said, as the fall in wealth in Japan, China and India -- home to 75 percent of ultra high net worth (UHNW) Asians -- will reverse, based on the strength of the region's financial systems and economies.

    "Total Asian UHNW wealth is forecast to surpass the U.S. combined wealth by 2020," it said.

    The full report is available at

    (Editing by Ron Popeski)

    Please follow The Life on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    china women wealthy luxury shopping cartier

    Chinese billionaires lost almost a third of their combined wealth in the past year as Asia’s mega rich experienced the biggest drop in their total net worth compared to anywhere else in the world, a new study shows.

    The group saw their fortunes shrink by a whopping $160 billion from August 1, 2011 to July 31st this year, according to an annual study by wealth intelligence firm Wealth-X released Monday, largely due to the poor performance of its equity market with the benchmark Shanghai Composite Index falling 20 percent in that period.

    “A key driver in their wealth diminishing was, in general, equities, which were down… so too were the valuations—and that makes a substantial part of their net worth,” Mykolas Rambus, CEO of Wealth-X told CNBC on Monday.

    In total, the population of China’s ultra-high net worth (UHNW), which are individuals with assets worth $30 million and above, shrank by 2.3 percent in the past year, while their combined wealth decreased nearly 7 percent to $1.6 trillion. That compares to a 3.3 percent gain in the combined wealth of such individuals in the U.S., which saw their net worth hit almost $8.3 trillion this year.

    Rambus says individuals holding assets in real estate and manufacturing in China’s coastal provinces were the hardest hit as factory production moved inland.

    “If you pick a region like Guangdong, there’re still a number of individuals who held substantial assets—factories, properties, raw goods, you name it—who are all staring at diminished demand; empty factories in some cases,” he said.

    On the whole, the wealth of the UHNW individuals across Asia fell by nearly 7 percent to $6.3 trillion in the past year, led mainly by declines in the continent’s three biggest economies China, Japan and India, which account for about 75 percent of its ultra-rich population.

    India’s mega-rich population saw the largest decline—not just in the region but in the world—with 485 people leaving the ranks of the UHNW.

    “The Indian equity markets, which have significant impact on the local UHNW population, declined by 8 percent during the measuring period while the Indian rupee declined by 25 percent,” the report said.

    Rambus, however, notes that the findings do not indicate that there are an increased number of UHNW individuals who have gone bankrupt, rather, “it’s just that their prospects aren’t exiting and the value of their assets has diminished as a result of what’s happening the markets.”

    Meanwhile, Japan, which is home to the highest number of super-wealthy people in Asia at 12,830, saw the largest decline in their combined wealth globally with a decrease of $195 billion in the past year.

    The key reasons behind the decline were a slumping equity market, which fell 16 percent during the period, and weak property and manufacturing sectors, which compounded the fallout from Japan’s 2011 earthquake and tsunami, the report said.

    “It’s a one after another shock for Japan and frankly, this is to a degree somewhat of the policies in the last many years coming to roost, being accelerated by the events that happened in Japan in the last two years,” Rambus said. “So you have a number of individuals who are taking money out of Japan, looking for new investment opportunities offshore.”

    While latest figures point to a slowdown in wealth growth in Asia, Rambus remains optimistic on the region, which he says is experiencing a “temporary dip.”

    “The long term trajectory is still the same, there’s still lots of wealth being created in Asia,” Rambus said. “There’s no question about it, it’s just distribution and temporary lull in the markets.”

    Please follow The Life on Twitter and Facebook.

    Join the conversation about this story »

    0 0

    Steve Ballmer surfaceThe Forbes 400 is out and once again plenty of tech people made the list.

    We've gathered the 15 richest people in tech on the list. The biggest change from last year is that Mark Zuckerberg has taken a big fall. Turns out the public markets don't value Facebook the way private markets did. 

    Other than Zuckerberg, just about everyone else's wealth grew as the markets were friendly to older, more traditional tech companies.

    15. Gordon Moore $4.8 billion, up from $3.7 billion last year

    Where the money came from: He founded Intel. Also, "Moore's law" is named after him.

    Source: Forbes

    14. James Goodnight, $7.3 billion

    Where the money came from: He founded software company, SAS.

    Source: Forbes

    13. Eric Schmidt, $7.5 billion, up from $6.2 billion last year.

    Where the money came from: He spent 10 years as CEO of Google before stepping aside to let Larry Page take over. He's still the executive chairman.

    Source: Forbes

    See the rest of the story at Business Insider

    Please follow SAI on Twitter and Facebook.

older | 1 | (Page 2) | 3 | 4 | .... | 50 | newer