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The latest news on Billionaires from Business Insider

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    Warren Buffett

    Warren Buffett is now the world's third-richest person.

    But he could be even richer. 

    On Tuesday, Bloomberg News reported that Buffett was recently passed by Amancio Ortega, the Spanish fashion magnate, as the world's second-richest person. 

    Buffett's net worth currently stands at $70.2 billion, but according to Bloomberg, without his philanthropic giving Buffett's net worth would be $102 billion. 

    This would've made him the richest person in the world.

    According to the Bloomberg Billionaires Index, Bill Gates, a board member at Buffett's Berkshire Hathaway, is the world's richest person with a net worth of around $86 billion. 

    Ortega's net worth currently stands at $71.5 billion. 

    Both Buffett and Gates have signed the Giving Pledge, a pledge to give away at least half of their wealth to philanthropy or charity during their life or through their will. 

    SEE ALSO: Warren Buffett tells Bill Gates why he's such an optimist

    Join the conversation about this story »

    NOW WATCH: Here's what happens when you get bitten by a black widow


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    Ackman

    It looks as if we now know what the smaller of Bill Ackman's two new investments is.

    Forbes reports that Pershing Square Capital, Ackman's $20 billion hedge fund, disclosed a stake in Nomad Holdings, a special-purpose acquisition company (SPAC) that trades on the London Stock Exchange (ticker: NOMHF).

    Ackman snapped up a 21.7% stake in Nomad that's worth about $350 million, the report said.

    Nomad was cofounded in early 2014 by billionaire fund manager Noam Gottesman and Ackman's friend Martin Franklin, the chairman of Jarden. (Pershing Square talked about Jarden Corp. at the Sohn Conference back in May.)

    Shares of Nomad are up 55% since the company went public in September.

    In late April, the company said it was acquiring Iglo Foods, the largest frozen-food business in Europe. Ackman said at the Sohn Conference last month that Nomad intended to use its Iglo acquisition "as a base for future food-industry acquisitions."

    This isn't the first time Ackman has dabbled in SPACs. It has proved to be a hugely successful investment strategy in the past for Ackman. In February 2011, he disclosed a 30% stake in the cash-shell company Justice Holdings (it traded under the ticker symbol JUSH on the London Stock Exchange).

    That investment vehicle was also cofounded by Ackman's buddy Franklin.

    Ackman later used Justice Holdings to buy Burger King and returned the burger chain as a publicly traded company listed on the New York Stock Exchange. Last year, Burger King acquired the Canadian coffee and donut chain Tim Hortons. It now trades as Restaurant Brands International.

    Last month, during a conference call with Pershing Square Holdings investors, Ackman said his fund had two new investments, one small and one large.

    It appears Nomad is definitely the smaller of the two investments.

    Ackman said the large one was "approaching 15% of capital." (That would be about $3 billion, according to our calculations.) He also said during that call that it could be "a couple of months before we are required to make a disclosure." (Hedge funds are required to file a disclosure with the Securities and Exchange Commission if they own 5% or more of a company's stock.)

    Now here's a chart of Nomad:

    Nomad

    Join the conversation about this story »

    NOW WATCH: 6 shortcuts in Excel that will save you a ton of time


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    Since it's World Environment Day, billionaire entrepreneur and explorer Sir Richard Branson shared some incredible photos from his adventures in the ocean. 

    One of the photos shows Branson swimming with a massive whale shark. Another shows him bravely kneeling next to a tiger shark. They're pretty incredible. 

    Check them out! 

     

    SEE ALSO: The 25 most absurd photos of eccentric billionaire Richard Branson

    Join the conversation about this story »

    NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants


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    Vladimir Potanin

    Russian oligarch Vladimir Potanin, who runs the world's largest nickel producer, and Natalia Potanina divorced last year.

    At the time, Potanin offered his wife of 30 years a settlement including a monthly allowance of $250,000 (that's $3 million a year) — as well as properties in Moscow, London, and New York.

    But Potanina says she deserves way more from the richest man in the country, worth an estimated $15.4 billion according to Russia's Forbes.

    "Natalia claims Potanin's real wealth is held in offshore companies, and she's launched an international legal battle to get hold of it,"CNN reports.

    Under Russian law, anything acquired during marriage "should be divided equally" in a divorce.

    And Potanina is arguing that, consequently, she deserves that half share. (For what it's worth, half of $15 billion could "buy her the New York Yankees twice, four Buckingham Palaces, or 14 Airbus super jumbos," according to CNN.)

    In any case, Potanina knows what she'd do with the money.

    "I want to give my shares to the state," she told CNN. "I want to avoid corporate conflicts. I want such a big strategic object to be under the state control."

    Legal experts recently told The Moscow Times that Potanina faced an uphill battle, as Russian courts do not usually take the time to investigate the elaborate legal schemes that oligarchs use to hide their wealth.

    "Our courts want to limit the time they spend on the trial; often they will make a ruling based on the documents presented and refuse to wait for additional evidence," Yana Teplyakova, a Moscow lawyer who has dealt with a number of high-profile divorce cases, told The Moscow Times.

    Potanin yachtPotanin, who has since remarried, had been planning to give away "at least" half of his wealth prior to the divorce.

    "I also see it as a way to protect my children from the burden of extreme wealth, which may deprive them of any motivation to achieve anything in life on their own," he said.

    Check out the whole report on CNN >

    SEE ALSO: Russia risks losing the 2018 World Cup... and that would actually be a good thing

    Join the conversation about this story »

    NOW WATCH: Someone figured out the purpose of the extra shoelace hole on your running shoes — and it will blow your mind


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    John Paul DeJoria, co-founder of the Paul Mitchell hair products empire and the Patrón Spirits Company, looks back and reveals the business pursuit he regrets most from his career. 

    Produced by Justin Gmoser and Graham Flanagan. Edited by Jason Gaines. 

    Follow BI Video: On Facebook

    Join the conversation about this story »


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    larry ellison champagne

    Larry Ellison, Oracle's billionaire cofounder and current CTO, is famous for his brash personality.

    He's shown time and time again that he's willing to go to great lengths to win, both in business and in his extracurricular activities. 

    We've rounded up the stories that best show how competitive Ellison really is. 

    Ellison wants to be dominant in everything he does. On Oracle's competing with Microsoft to be the number one software company, Ellison told 60 Minutes in 2004, "We're in second place. We're trying to catch them. They're not making it easy ... They have a monopoly. We don't. Darn it."

    Source: 60 Minutes

     



    Ellison obsessed over beating Gates for years. Former Microsoft CTO Nathan Myhrvold told Vanity Fair in 1997: "I mean, the guy’s got six billion bucks. You’d think he wouldn’t be so dramatically obsessed that one guy in the Northwest is more successful. [With Larry] it’s just a mania."

    Source: Vanity Fair



    He led huge changes in the America's Cup sailing competition, moving away from standard catamarans to expensive, futuristic AC72s. The boats are 13 stories tall and reach speeds of up to 50 mph.

    Source: Business Insider

     



    See the rest of the story at Business Insider

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    546%2020%20GALACTICA%20STAR[1].JPG

    The ultimate rite of passage for any billionaire is to get a superyacht — a floating palace in which the megarich can live in luxury on the sea.

    These boats have cutting-edge technology, including fixed-pitch propellers combined with a Rolls-Royce central booster jet that lets them travel at the speed of a car.

    The interiors put five-star hotels to shame, too.

    But when you have the level of fortune that rivals a small country's gross domestic product, you can customise your boat with whatever you want. Prices for the smallest yachts, without extra customisation, start at €66 million (£48 million, $74 million). The megarich — people with budgets way beyond that — are able to afford some of the craziest customisations.

    Sara Gioanola, a manager at the Dutch superyacht builder Heesen Yachts told Business Insider that clients were demanding to have one new feature in particular on their boats: waterfalls.

    Here is a shot of a waterfall placed in one of Heesen Yachts' largest boats — the Project Kometa. The boat is 70 metres long and can achieve a top speed of almost 30 knots (about 34 mph).

    70m Kometa DECKSHOT 16

    The waterfalls aren't just for aesthetic purposes. They serve a couple of other cool functions as well.

    "The big trend at the moment is that clients want bigger platforms to fit more guests and, at the same time, be closer to the water and the surrounding environment," said Gioanola. "They are wanting infinity pools, which are pools that give a visual effect of the water extending into the horizon, as well as waterfalls. The waterfalls look beautiful but they can also create a water banner, depending on the amount of water gushing, to enable a privacy shield."

    It's tough for the paparazzi to get their shots if you're standing behind a wall of falling water. That's a real concern if your guests are film stars, politicians or royalty.

    Waterfalls' second purpose is entertainment: "They can also be used to project movies onto it," Gioanola says.

    If you turn up the flow on this indoor waterfall, it becomes a screen:

    quinta waterfall

    Join the conversation about this story »

    NOW WATCH: This 1998 supercar could auction for $15 million


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    sara blakely

    Before she became the billionaire founder of shapewear company Spanx, Sara Blakely failed a lot.

    She didn't make it as a standup comedian. She couldn't become a lawyer like her dad because she failed the LSAT — twice.

    She even auditioned to play Goofy at Disney World, but because she was shorter than the required 5'8", they made her a Chipmunk instead, Blakely said on a panel at the Forbes Women's Summit in New York on Wednesday.

    She spent seven years selling fax machines and was rejected almost daily. People would hang up on her cold calls and rip up her business card in front of her. 

    "It was great life training," Blakely said.

    Not only did she get used to hearing "no," but she learned how to get to a "yes."

    "I had to learn to be concise, to tell them what's in it for them," she said.

    All that training proved useful when she cut the feet off her pantyhose one day and realized she had a viable product: a slimming, seamless undergarment that no one would know you were wearing.

    She kept her day job selling fax machines and worked on the Spanx prototype nights and weekends. While looking for a manufacturer to produce it, she spent months knocking on doors of North Carolina factories and getting them slammed in her face, she said.

    "Who are you?" they would ask. "Sara Blakely," she would say.

    "Who are you with?" they'd ask. "Sara Blakely," she'd say.

    "Who is backing you financially?"they'd ask. "Sara Blakely!" she'd say.

    Finally, she said, one guy "took pity" on her. After initially rejecting her, he'd reconsidered. He said he had daughters.

    The rest, as they say, is history. Spanx is now a household name, and Blakely is one of the world's wealthiest self-made women.

    The false starts and constant rejection taught her something profound about herself.

    "One of my greatest weaknesses,"Blakely said, "is also one of my greatest strengths: being underestimated."

    SEE ALSO: The fabulous life of Spanx billionaire Sara Blakely

    Join the conversation about this story »

    NOW WATCH: Billionaire John Paul DeJoria reveals the investment mistake that cost him over $1 million


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    Beverly Hills Greek Billionaire

    Alki David, the Greek Coca Cola bottling heir who has earned the title of "bad boy billionaire," is tired of his Italian-style villa in Beverly Hills.  

    The listing says the price is available on request, but The Los Angeles Times reports that David is asking $35 million for the property. 

    The two-story home packs six bedrooms, 11 bathrooms, and more sitting rooms than you can count. 

    Marc Noah of Sotheby's International Real Estate has the listing. 

    An Italian-style villa with 16,000 square feet of living space is now for sale in Beverly Hills.



    The mansion is listed for a reported $35 million and comes with a private gated driveway.



    As you enter the grand foyer, a horse sculpture greets you. (The house has various horse-themed rooms.)



    See the rest of the story at Business Insider

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    Pierre Omidyar

    Some entrepreneurs who have made billions off of their tech ventures like to spend them in some pretty extravagant ways, whether it be on private planes, summer homes, or even an entire island. 

    Others turn to more-philanthropic efforts, choosing to donate their wealth to different causes through foundations and trusts. 

    We've rounded up some of the most generous people in tech, all of which have decided to donate large portions of their wealth to charity rather than leave all of it to their children. 

    Microsoft cofounder Bill Gates

    Gates has been open about his decision not to leave his $84.9 billion fortune to his three children. They will reportedly inherit just a small slice, about $10 million each.

    "I definitely think leaving kids massive amounts of money is not a favor to them,"he said in a Reddit AMA in February. 

    He founded the Bill & Melinda Gates Foundation in 1994, and it currently has more than $36 billion in assets. Gates also teamed up with longtime friend Warren Buffett to start a campaign called "The Giving Pledge," which encourages other billionaires to donate at least half of their fortune to charity. 



    AOL cofounder Steve Case

    Case helped millions of Americans get online, and now he's donating much of his wealth to developing other technologies.

    He founded the Case Foundation in 1997, which focuses on using technology to make philanthropy more effective. He also started an investment firm called Revolution, which invests in startups outside of Silicon Valley, and signed the Giving Pledge.

    "We share the view that those to whom much is given, much is expected. We realize we have been given a unique platform and opportunity, and we are committed to doing the best we can with it," he and wife Jean wrote."We do not believe our assets are 'ours' but rather we try to be the responsible stewards of these resources."



    Salesforce CEO Marc Benioff

    Benioff recently launched a campaign called SF Gives, which challenged tech companies to raise $10 million for San Francisco-based nonprofit programs in just 60 days. 

    He's encouraged other corporations to follow his 1/1/1 model, which says that a company should donate 1% of its equity, 1% of its employees' time, and 1% of its resources to philanthropic efforts.

    He and wife Lynne have also personally given a total of $200 million to the children's hospital at UCSF. 

     



    See the rest of the story at Business Insider

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    546%2020%20GALACTICA%20STAR[1].JPG

    The ultimate rite of passage for any billionaire is to get a superyacht — a floating palace in which the megarich can live in luxury on the sea.

    These boats have cutting-edge technology, including fixed-pitch propellers combined with a Rolls-Royce central booster jet that lets them travel at the speed of a car.

    The interiors put five-star hotels to shame, too.

    But when you have the level of fortune that rivals a small country's gross domestic product, you can customise your boat with whatever you want. Prices for the smallest yachts, without extra customisation, start at €66 million (£48 million, $74 million). The megarich — people with budgets way beyond that — are able to afford some of the craziest customisations.

    Sara Gioanola, a manager at the Dutch superyacht builder Heesen Yachts told Business Insider that clients were demanding to have one new feature in particular on their boats: waterfalls.

    Here is a shot of a waterfall placed in one of Heesen Yachts' largest boats — the Project Kometa. The boat is 70 metres long and can achieve a top speed of almost 30 knots (about 34 mph).

    70m Kometa DECKSHOT 16

    The waterfalls aren't just for aesthetic purposes. They serve a couple of other cool functions as well.

    "The big trend at the moment is that clients want bigger platforms to fit more guests and, at the same time, be closer to the water and the surrounding environment," said Gioanola. "They are wanting infinity pools, which are pools that give a visual effect of the water extending into the horizon, as well as waterfalls. The waterfalls look beautiful but they can also create a water banner, depending on the amount of water gushing, to enable a privacy shield."

    It's tough for the paparazzi to get their shots if you're standing behind a wall of falling water. That's a real concern if your guests are film stars, politicians or royalty.

    Waterfalls' second purpose is entertainment: "They can also be used to project movies onto it," Gioanola says.

    If you turn up the flow on this indoor waterfall, it becomes a screen:

    quinta waterfall

    Join the conversation about this story »

    NOW WATCH: This 1998 supercar could auction for $15 million


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    mark zuckerbergHow did the Forbes 400 get to be fabulously wealthy?

    That's what every investor wants to know, so Merrill Lynch CIO Ashvin B. Chhabra studied the members of the list to see what they had in common.

    In his book, "The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals," he breaks down the world's billionaires into four categories: business owners, money managers, real estate magnates, and those who inherited money.

    He discovered that no matter what category they fell into, the richest Americans had one common trait: ignoring the conventional wisdom about investing.

    They didn't grow their wealth by investing in portfolios based on the idea of asset allocation and diversification, as financial advisers traditionally suggest. Instead, they did the opposite.

    Chabbra writes:

    All four primary sources of wealth creation represented in the Forbes 400 involve "idiosyncratic risk"— the kind of risk that, according to the tenets of modern portfolio theory, "rational" investors can and should eliminate by diversification. Yet most of the people on the list believed, and still believe, that focusing on what they know best is the least risky strategy.

    That doesn't mean that the average investor should forget about having a balanced portfolio, though. Chhabra points out that just because it worked out for the 400 billionaires on the Forbes list doesn't mean that it's a good idea. For every high-profile success story, there's sure to be plenty of lesser-known failures. 

    He also notes that landing on the Forbes 400 is one thing, but staying on it is another. Only 36 people who were on the original list in 1982 remained on it for the next 24 years. So while this strategy may be effective when it comes to building wealth, it may not work so well for maintaining it. 

    For the average person, it's still a good idea to have some variety in your investments. Here's how to do it, and here's what a truly diversified portfolio looks like.

    SEE ALSO: This Is The Hardest Part Of Getting Rich, According To A Billionaire

    Join the conversation about this story »

    NOW WATCH: JAMES ALTUCHER: Why investing in a 401(k) is a complete waste of money


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    Elena yachtThe lifestyle of a billionaire wouldn't be complete without the purchase of a superyacht. 

    We're not just talking about luxury yachts to hold a few parties to cruise around the shores of the mega-rich's playgrounds like St. Tropez or Monaco – these are palatial boats that rival the best hotels in the world and use cutting edge technology to give them the on-water speed equivalent of a Ferrari. 

    Having some nice bedrooms, a dining room, and a party platform is no longer just enough for the mega-rich – they want waterfalls, infinity pools, several dining areas, and enough room to hold a billionaires' party of the century.

    So, Business Insider spoke to Sara Gioanola, a manager at Heesen Yachts, to get a glimpse into the insanely awesome world of superyachts.

    Heesen Yachts is a Dutch company that builds these luxury titans of the sea in a South Netherlands' shipyard.

    Galactica Star

    BUSINESS INSIDER: So firstly, how much do these superyachts cost and what are the options for customisation?

    SARA GIOANOLA: Talking about prices is always a delicate subject but we can say that you're looking at entry prices of €66 million (£48 million, $74 million) for the smallest and most uncustomised superyacht. 

    We have two choices for our clients. They can either come up with their entirely own concept and project or they can have a semi-customised boat.

    Usually our clients already know a lot of very experienced architects and engineers and come to us to build it but then we have many people who like to do the semi-customisation using our own architects and engineers which takes less time to build than the other choice.

    We can modify super structures, add or take away features. The list is probably endless in the type of extravagance and customisation they want but if they can imagine it – we will do our very best to build it. 

    BI: What are some of the coolest trends developing in terms of what billionaires' want on their yachts?

    WATERFALLFULLSG: The big trend at the moment is that clients want bigger platforms to fit more guests and, at the same time, be closer to the water and the surrounding environment.

    They are wanting infinity pools, which are pools that give a visual effect of the water extending into the horizon, as well as waterfalls. The waterfalls look beautiful but they can also create a water banner, depending on the amount of water gushing, to enable a privacy shield. They can also be used to project movies onto it.

    A major, and quite impressive, customisation requirement is actually an engineering one, rather than design. One client wanted their 70-metre superyacht to have a 30+ knot speed (around 35 miles per hour). We added a third engine, a Rolls-Royce central booster jet to increase the speed.

    BI: How long does it take to make some of these superyachts, considering the level of customisation, and how do they pay for it?

    myskySG: For a semi-customised superyacht, I would say 2.5 years on average and for a fully customised superyacht, depending on the complexity, it would be 3 years onwards. 

    We currently are building 10 superyachts at the moment in the shipyard for delivery between 2016-2017 and it's pretty much split 50/50 on semi-customisation and full customisation.

    When purchasing a boat, the clients would have to sign a letter of intent and then pay a 10% deposit. We then work with the client on an agreement for payment instalments and a delivery date. When the final payment is made, we hand over the boat.

    BI: Are you seeing growing demand from any region in particular for these superyachts?

    081214_0117

    SG: To be honest, everyone around the world is buying our boats – apart from China. We're very popular with people in the US and in Russia. Russian clients really appreciate the terms of the agreement we lay out for clients and our track record of financial stability and delivering the boats on the delivery date we agree on.

    BI: What makes Heesen Yachts different to other superyacht builders out there?

    SG: It's first Dutch shipyard to uses all aluminium and super structures and precious metals in its boats. Aluminium is a lot more precious than steel, is lighter, more flexible and allows the boats to go faster.

    After being founded in 1978, we have delivered around 170 boats so far and the shape is very unique, compared to other builders because of our heritage and where it is built.

    We have a serious limitation on the length we can build, our yachts range from 35 metres to around 70 metres because our shipyard is in the heart of the South Netherlands and the boats have to be able to navigate the canals and go under nine bridges to reach the North Sea.

    That means we have a maximum air draft - the distance from the surface of the water to the highest point on a boat. So, when you get a superyacht from us, you'll get a more streamlined vessel because the build is very much influenced by where we build our ships.

    However, our dry dock is 90 metres in length, meaning we can build vessels up to 80 metres.

    We also invest heavily in technology as demands are always evolving. Because of this, we have introduce a number of innovations to the yachting world, including a type of wing, which is like a spoiler on a F1 car, that increases stability and comfort for those on board by 40% and decreases fuel consumption by 35%. It's a huge breakthrough as it saves the client a lot more on fuel costs too. But it's not just us saying it, we've won lots of awards for our boats since we began.

    yacht bedroom

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    NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants


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    Hasso Plattner SAP

    Bill Gates, Larry Ellison, and Jeff Bezos are among some of the wealthiest tech tycoons here in the US. 

    But there are plenty of extremely wealthy tech executives across the globe who are making major contributions to their country's tech scenes.

    With the help of Forbes' Billionaires List, we've rounded up the wealthiest tech tycoons in 14 countries across the globe. Each has played a major role in technological advances around the world, raking in billions while doing it.

    Brazil: Eduardo Saverin

    Net worth: $5.1 billion

    Background: Saverin became a billionaire after cofounding Facebook with Mark Zuckerberg. He was born in Brazil but attended school in the US before renouncing his American citizenship and moving to Singapore in 2012. He still owns about 53 million shares of Facebook stock and spends his time as an angel investor.



    Canada: Garrett Camp

    Net worth: $5.3 billion

    Background: Calgary native Camp cofounded StumbleUpon in 2002, when he was still a graduate student. After selling the company to eBay for $75 million in 2007, he went on to start Uber with Travis Kalanick. Uber was most recently valued at more than $50 billion. 



    China: Jack Ma

    Net worth: $25.3 billion

    Background: Ma is the founder and executive chairman of Alibaba, the Chinese e-commerce company whose $25 billion initial public offering set a record for the New York Stock Exchange in 2014. He grew up poor in communist China, failed his college entrance exam twice, and was rejected from dozens of jobs, including one at KFC.



    See the rest of the story at Business Insider

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    Screen Shot 2015 06 15 at 10.30.19 AMSeventy children of Chinese entrepreneurs crammed into a Beijing hotel over the weekend to learn how to behave themselves, as Chinese authorities increase their criticism of the bad behavior by the offspring of the country’s nouveau riche.

    A series of scandals – including a Beijing car crash during a road race between young drivers in a Ferrari and a Lamborghini as well as the online antics of the son of China’s richest man – led to a call last week from President Xi Jinping for officials to guide the nation's "second-generation rich" in “how to behave after becoming affluent.” 

    The class, now in its third year, was established at the request of an entrepreneur worried about his son’s love of racing cars. The organizer is an official from a district government in Xiamen, in the southeastern province of Fujian -- one of China’s most freewheeling business environments. 

    Most of the students work for their parents' companies and are an average age 27. In class, they're given a grounding in traditional Chinese culture and morality, with sessions that involved the study of Confucian, Buddhist and Taoist classics, the Beijing Youth Daily newspaper reported. In addition to reciting Confucian scriptures on filial piety, they attended classes on management and economics and were expected to take part in community service activities. 

    The students – who jetted in from as far away as Tibet and Taiwan – had to donate 1000 yuan -- around $160 -- to charity if they arrived late or missed a session. Course supervisor You Xiaobo said children of wealthy families “often have a sense of superiority” and such strict rules would teach them discipline and responsibility.

    One of the attendees was quoted saying the course would help students to deal with the “pressure” of growing up rich and enable them to "raise their level" and contribute to society and the country.

    Private entrepreneurs now play a dominant role in the creation of wealth in China, but some observers believe they are regarded with suspicion by authorities and a number of top entrepreneurs have been jailed on financial charges in recent years.

    With Chinese leadership cracking down on corruption and seeking to rein in excessive behavior -- as President Xi seeks to shore up the Communist Party’s legitimacy by calling for a return to more traditional socialist values -- last week’s government comments could be seen as a veiled warning to private entrepreneurs and their offspring.

    wang jianlin

    According to the official United Front Work Department, which is organizing the attempt to guide the young and wealthy, “Some rich young people… know only how to show off their wealth but don’t know how to create wealth. If this behavior becomes a common problem for family-run businesses and makes all private entrepreneurs look bad -- or affects social confidence towards private businesses -- it will no longer be simply an economic problem.”

    The department urged them to invest in “their businesses, the real economy and charitable endeavors, instead of merely focusing on their quality of life,” and said it would teach them to “increase their faith in the party and the government.”

    The comments are the latest in the increasingly puritanical tone promoted by the government. Earlier this month, the organizers of the Miss World China pageant announced they were abandoning the contest’s trademark bikini round and would instead send contestants for training with leading Confucian scholars. 

    Officials have also banned scantily clad models from China’s biggest auto show and digital gaming expo in recent months, and the state media has published a number of articles criticizing “vulgar celebrities" – some of which were directed at Wang Sicong, the son of China’s richest man: real estate tycoon Wang Jianlin.

    The younger Wang has gained celebrity and notoriety in equal measure on Chinese social media. He was criticized earlier this year after saying that his main criterion for choosing a girlfriend was that she have a large chest. He attracted further criticism after he was reported to have made vulgar comments about his dog on social media and then posted a picture of that same dog wearing two Apple watches.

    The Chinese media and online community were also shocked by a case in the U.S., in which six wealthy Chinese kids studying in Los Angeles reportedly kidnapped a female classmate who they then tortured and abused in a public park. Three of those involved were minors, and there was further controversy after one of the parents of those involved tried to pay a witness not to give evidence.

    Chinese media commentary Monday suggested that this bribery attempt was a reminder that many wealthy people in China believe they can behave as they wish, suggesting that U.S. law might not be so forgiving.

    Last week, China sentenced Zhou Yongkang, the former security chief, to life in jail. The case involved bribes of approximately $21 million that were alleged to have been paid to his wife and son by business contacts.

    But while there has been gratuitous evidence of corruption involving heads of private companies and excessive behavior by their offspring, some of China's wealthiest young believe they are being stereotyped by the media. Lin Han, a 28-year-old contemporary art collector who founded a nonprofit art museum in Beijing’s 798 art district, said in a recent interview with the South China Morning Post that people usually focused on the “worst aspect” of China’s second-generation rich.

    “There are many people like me who are making big efforts but have not received enough attention,” Lin said.

    SEE ALSO: China's civil crackdown has entered a new phase

    Join the conversation about this story »

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    AP221075937010

    A source confirmed to Business Insider that real estate mogul and reality television star Donald Trump plans to release a two page document on Tuesday that will list his net worth at $9 billion. 

    Trump, who has said he may launch a 2016 campaign, also has a "major announcement" scheduled for Tuesday. The Washington Post, which was first to report Trump's plans to detail $9 billion in assets in an article published Monday, said the disclosure will be "part of his likely entry into the race for the Republican presidential nomination."

    Trump has previously flirted with the possibility of making a White House bid in multiple other election cycles, which has led many observers to doubt his intentions this year. In an interview with Business Insider in April, Trump said he plans to "surprise a lot of people" in 2016. 

    According to the Washington Post, the document detailing Trump's assets will "provide a valuation of his hotels and other properties, ... show hundreds of millions in cash on hand and an outline of his debt." If he is indeed worth $9 billion, his fortune is far greater than was previously believed. 

    Forbes estimated Trump's net worth to be $4.1 billion as of last month. This makes him the 405th richest person in the world on Forbes' billionaires list. A net worth of $9 billion would mean Trump was the 142nd richest person on the list. 

    SEE ALSO: TRUMP: 'I'm going to surprise a lot of people' in 2016

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    bill gatesThere are two types of billionaires: those who inherited their wealth, and those who built it from nothing.

    Our friends at Wealth-X, a database of information about ultra-high net worth individuals, focused on the latter to compile a list of the wealthiest self-made billionaires in the world.

    From tech mogul Bill Gates to Alibaba founder Jack Ma, here's who made the list. 

    25. Len Blavatnik

    Estimated net worth: $20.1 billion

    Though he's known as one of Britain's richest residents, Blavatnik is a native of Ukraine. He earned degrees at Moscow State University, Columbia, and Harvard Business School before founding Access Industries in 1986 and investing in aluminum and chemical companies. In recent years he began investing in tech, with stakes in Spotify and Beats. Blavatnik also owns Warner Music, which he bought in 2011 for $3.3 billion.



    24. Li Ka-Shing

    Estimated net worth: $20.1 billion

    Ka-Shing is one of the richest men in Asia, but his power far exceeds his wealth. He's known for investing in new, blossoming tech startups and was an early Facebook backer. Recently, the company he chairs, Hutchison Whampoa, bought the UK's second-largest mobile operator, O2. Last year he invested $23 million in plant-based egg-replacement company Hampton Creek through his firm Horizon Ventures.

     



    23. Patrick Drahi

    Estimated net worth: $21 billion

    The third-richest person in France, Drahi founded Altice, a multinational cable and telecommunications holding company, in 2002. Altice operates throughout France, Belgium, Israel, Portugal, and the Dominican Republic, and garnered international attention for its $1.8 billion IPO in January 2014. Drahi is coming to the US soon, too — he's taking over American cable company Suddenlink.



    See the rest of the story at Business Insider

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    Prince Alwaleed happy

    DUBAI (Reuters) - Saudi Arabian billionaire Prince Alwaleed bin Talal said he had settled a libel suit against the Forbes magazine group over its reporting on his fortune, which he claimed was billions of dollars larger than the magazine estimated.

    A brief statement from Alwaleed's private office on Tuesday said the suit against Forbes and two writers had been settled "on mutually agreeable terms". Forbes did not immediately respond to an emailed request for comment.

    Alwaleed, whose Kingdom Holding holds stakes in high-profile Western investments from Twitter to Citigroup, Euro Disney and London's Savoy Hotel, filed a defamation suit against Forbes in London in 2013.

    That year Forbes estimated his net worth at $20 billion in its widely watched billionaires list. Alwaleed argued that the magazine undervalued Kingdom Holding by not using the full market price of its Saudi-listed shares, and had implied the company was not transparent in its financial reporting.

    On Monday, the Saudi stock exchange opened to direct foreign investment; previously, foreigners had only been able to buy shares via indirect channels.

    In his statement on Tuesday, Alwaleed said that because of the market opening, Forbes was now comfortable with using Kingdom Holding's market price in valuing that component of his wealth. He did not elaborate on this or on other parts of the dispute, or disclose financial terms of the settlement.

    Forbes' website currently puts Alwaleed's net worth at $22.6 billion, making him the world's 34th richest person. The website says this estimate is based on Forbes' own calculation of the value of Kingdom Holding's assets, not the market price of its shares, because only 5 percent of the company is publicly traded on the Saudi stock market. 

    (Reporting by Andrew Torchia, editing by Louise Heavens)

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    Sara Blakely

    Sara Blakely, the billionaire founder of shapewear company Spanx, has made a lot of mistakes along the way, but she's learned even more. 

    Last week at the Forbes Women's Summit in New York, Blakely shared her best advice for entrepreneurs.

    "As soon as you can afford to, hire your weaknesses," she said. "What you're not good at is usually what you don't like."

    Blakely hired a CEO to run the business when Spanx was just two years old, she said. It allowed her to focus on the things she was particularly good at, such as marketing, selling on QVC, and inventing new products.

    "Hiring a CEO was very critical for me to stay on my strengths," she said.

    This echoes the advice of other successful entrepreneurs, like media CEO Gary Vaynerchuk, who advises forgetting about your weaknesses and betting on your strengths, and "The 4-Hour Workweek" author Tim Ferriss, who says 80% of results come from 20% of your efforts.

    No matter what your personality or skills may be, understanding how you can add the most value is the surest path to success.

    SEE ALSO: Why doing nothing for a year was the best career decision Food Network star Ina Garten ever made

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    Bill Gates wince

    Even the superrich have things to worry about.

    According to the latest Capgemini and RBC Wealth Management World Wealth Report, younger rich people have a lot more on their minds than older ones do.

    The report laid out the wealth-related concerns of the world's high-net-worth individuals, or HNWIs, (defined as people with investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables).

    Overall, the No. 1 concern for the ultrarich last year was "my and my family's health," followed closely by "ensuring my assets will last throughout my lifetime" and "being able to afford the lifestyle I want in retirement."

    But when you look at this demographic's worries broken down by age, interesting trends emerge. For example, millionaires under the age of 45 are far more likely to be worried about rising education costs. The green on the chart represents the concerns of wealth managers for their clients.

    But there are plenty more. Take a look:

    Fig_18_HNWI Concerns and Wealth Manager Assessment of HNWI Wealth Relate...

    SEE ALSO: This chart shows how millionaires invest in different parts of the world

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