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- 06/17/15--06:20: _This chart shows ho...
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- 06/27/15--08:40: _Here's how Li Ka-sh...
- 06/28/15--06:35: _How to buy a supery...
- 06/29/15--15:22: _After 32 years of h...
- 06/30/15--10:05: _15 books by billion...
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- 07/10/15--16:59: _7 common behaviors ...
- 06/17/15--14:23: Peter Diamandis: How to come up with the next billion-dollar idea
- 06/18/15--09:04: 11 European billionaires who never went to university
- 06/20/15--05:00: Inside the awesome world of billionaires' superyachts
- 06/20/15--08:16: Here's what millionaires think about their bankers
- 06/21/15--06:01: 9 books to read if you want to be a billionaire
- 06/23/15--09:56: Meet Len Blavatnik, the richest man in Britain
- 06/27/15--08:40: Here's how Li Ka-shing became the richest man in Hong Kong
- 06/28/15--06:35: How to buy a superyacht like you're Larry Page or Mark Cuban
- 06/30/15--10:05: 15 books by billionaires that will teach you how to run the world
- 07/03/15--06:05: The most over-the-top tech billionaire vacation homes
- 07/10/15--16:59: 7 common behaviors of self-made billionaires
The latest World Wealth Report from Capgemini and RBC Wealth Management came out on Wednesday, and it has some important insights on where and how the world's ultrarich are investing their millions.
Last year, 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), became slightly riskier: Stocks overtook cash as the No. 1 asset in their portfolios.
The biggest jumps in equity holdings were in Japan and Latin America, even though more Japanese HNWIs prefer cash than anything else.
The reason some HNWIs are hanging onto cash is to maintain financial stability, while others, particularly in emerging markets, still hold cash in order to invest in "unique financial opportunities," according to the report.
In Japan and North America, meanwhile, HNWIs are most likely to hang onto their cash in order to maintain their lifestyle.
Here's a breakdown of all HNWI assets by geographic region:
Entrepreneur Peter Diamandis, who has founded companies like Space Adventures and Planetary Resources, explains why he is optimistic for the future. He backs up this optimism with ideas from his 2012 book titled "Abundance: The Future Is Better Than You Think."
Diamandis also recently released his newest book titled "Bold: How to Go Big, Creat Wealth and Impact the World."
Produced by Will Wei. Edited by Jason Gaines.
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There's no doubt that having a degree can open certain doors for you in life, but that's not to say that without one you can't break into the 1%.
Though many of today's most successful business people are alumni of Ivy League or Russell Group institutions, there are a surprising number of billionaires who never even graduated university - about 35%, in fact.
(Net worth figures according to Forbes)
11) Sir Alan Sugar - Net worth: £1 billion ($1.54 billion)
How he made his money: Consumer electronics and founder of Amstrad
What he did instead of university: Sugar grew up on a council estate in London and dropped out of education when he was just 14. He then went on to work for the Ministry of Education as a statistician for a brief period before selling electronics and car aerials from the back of a van he bought for £50. He has been very vocal about his opinion of higher education, branding university "a waste of time."
10) John Caudwell - Net worth: £1.7 billion ($2.7 billion)
How he made his money: Telecoms and founder of Phones 4 U.
What he did instead of university: Caudwell was 15 when he left education, and he spent his younger years as a second-hand car dealer. It wasn't until 1987, aged 35, shortly after the first mobile phones became commercially available, that he and his brother ventured into the telecoms market and founded the business that would eventually build them their fortune.
9) Ingvar Kampgrad - Net worth: £2.2 billion ($3.4 billion)
How he made his money: Founder of IKEA.
What he did instead of university: Kampgrad showed entrepreneurial spirit from a young age, selling match sticks to his neighbours as a child from his bike. At 17, his dad gave him a small cash reward for his school studies which he used to create IKEA. He chose business over education and five years later, he added furniture to IKEA's product portfolio. He opened the first IKEA in 1958, aged 32.
See the rest of the story at Business Insider
The 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.
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?
SG: 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?
SG: 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?
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.
Every millionaire needs a good wealth manager.
The annual Capgemini and RBC Wealth Management World Wealth Report asked high net worth individuals, or HNWIs (people with investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables), around the world about their primary bankers.
The report found that overall, global millionaires are pretty happy with their managers, with a 72.5% satisfaction rating.
But the best wealth management bankers appear to be in North America, where the super-rich surveyed said they were 82.1% satisfied.
Japanese millionaires were least satisfied with their bankers, at 56.6%.
Here's the breakdown:
If there's one habit most super-successful people share, it's this: They read. A lot.
Many of them have shared the books that helped shape them personally and professionally. If you want to emulate these titans of industry, reading their faves seems like a good place to start.
From classic literature to business management guides, we rounded up their top picks, so you can start stocking your shelves.
'The Intelligent Investor' by Benjamin Graham
Among Wall Streeters, Graham is known as the father of value investing. Billionaire investor Warren Buffett credits Graham's book with laying the foundation for his investment philosophy when he read it at age 19.
"To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information,"Buffett said. "What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must provide the emotional discipline."
'Making the Modern World' by Vaclav Smil
This book by an environmental sciences professor focuses on the costs of increasing material consumption and the potential for dematerialization in the future.
"It might seem mundane, but the issue of materials — how much we use and how much we need — is key to helping the world's poorest people improve their lives,"Gates writes."Think of the amazing increase in quality of life that we saw in the United States and other rich countries in the past 100 years. We want most of that miracle to take place for all of humanity over the next 50 years."
'The Hitchhiker's Guide to the Galaxy' by Douglas Adams
This work of science fiction helped billionaire entrepreneur Elon Musk through an existential crisis during his adolescence. In the book, a supercomputer deduces the answer to a meaningful life is the number 42, though it's not clear what the original question was.
"It highlighted an important point, which is that a lot of times the question is harder than the answer," Musk said in an interview. "And if you can properly phrase the question, then the answer is the easy part. So, to the degree that we can better understand the universe, then we can better know what questions to ask."
See the rest of the story at Business Insider
Britain's richest man isn't even British — it's Ukraine-born billionaire Len Blavatnik.
Blavatnik is worth $20.1 billion, rising to prominence after his privately held industrial group, Access Industries, purchased Warner Music Group for $3.3 billion in 2011.
Since investing in tech giants Spotify and Beats, his wealth has ballooned, propelling him to the top spot from the number four spot on the Sunday Times Rich List just last year.
From hanging out with famous musicians to partying on his yacht, get to know Britain's richest man.
Blavatnik attended Moscow University of Railway Engineering until his family immigrated to the US in 1978.
He went on to earn his masters degree in computer science at Columbia University and his MBA at Harvard Business School. He remained loyal to his alma mater: In 2013, he donated $50 million to Harvard to sponsor life sciences entrepreneurship.
In 1986, Blavatnik founded Access Industries, a privately held industrial company. Initially, AI was involved in Russian investments but has since diversified its portfolio.
See the rest of the story at Business Insider
The foundation will focus on funding programs in three main categories: life sciences, global public health, and civic engagement.
"In the increasingly complex and interconnected world we live in, the problems we’re confronted with are systemic ones, and they call for systemic answers," Parker said in a press release.
"In order to achieve scale and leverage, the philanthropists who take on these challenges will need to search for fresh answers to these problems and aggressively implement the solutions they discover."
Parker recently pledged $24 million to develop the Sean N. Parker Center for Allergy Research at Stanford. He also donated $4.5 million to support a malaria elimination program at the University of California San Francisco’s Global Health Group.
"The Parker Foundation will apply the lessons learned from Silicon Valley start-ups to our philanthropic initiatives: we must move fast, make concentrated bets based on our convictions, have the courage to make mistakes and learn from them," Parker said in the press release announcing the launch of the foundation.
Forbes estimates Parker's net worth to be about $2.9 billion.
Jack Ma, founder and executive chairman of Chinese ecommerce giant Alibaba, has just purchased a 28,120-acre property in the Adirondacks, The Wall Street Journal reports.
Ma, whose net worth is estimated to be as much as $23.9 billion, reportedly spent $23 million on the property, known as Brandon Park.
Ma's main motivation for the purchase was for conservation reasons, but he reportedly also plans to use it as a vacation home from time to time.
The park comprises more than nine miles of the St. Regis River, several lakes, streams, and a great deal of forestland. It sits in an area of the Adirondacks that is protected by the state of New York; heavy logging and mining work in the late 20th century depleted much of its natural timber and water resources.
Ma has made many donations to conservation efforts in his home country of China, helping to create the Sichuan Nature Conservation Foundation and the Laohegou Nature Reserve in Sichuan.
In 2014, Ma created a charitable trust that now has an endowment of $3 billion.
"Protecting the environment in China will always be Jack’s first and foremost priority, and he will continue his strong efforts here,” Alibaba spokesman Jim Wilkinson told The Wall Street Journal. "This international land purchase reflects Jack’s belief that we all inhabit the same planet and we all breathe the same air, so we are dependent on each other for our collective future."
Brandon Park previously belonged to heiress Wilhelmina du Pont Ross, but it was transferred to a private LLC in 1999. Several homes stand on the property, and there's a barn and several sheds.
Ma became a billionaire after Alibaba's $25-billion IPO in September 2014.
However, he has often spoken about the burden of wealth, saying during a luncheon at the Economics Club of New York: "The money I have today is a responsibility. It's the trust of people on me."
Li Ka-shing has an incredible rags-to-riches story. He was forced to drop out of school as a child to support his family. But today he is one of the world's richest men. He opened his first factory at the age of 22 and within a few years saw great success as a manufacturer, property developer, business magnate, and investor.
He's now become a major investor in disruptive technology. He was one of the first big investors in Facebook, and his most recent big acquisition was British telecom company O2, which he purchased at the end of March for $15 billion.
Li Ka-shing was saddled with financial responsibility from a young age. After his family fled to Hong Kong from southern China during WWII, his father died of tuberculosis. He had to leave school before the age of 16 to work in a factory.
Source: Business Insider
For almost four years during the Japanese occupation of Hong Kong, he sent 90% of his pay to his mother. Perhaps his early success as a breadwinner taught him the generous values that have made him famous for his philanthropy today.
Li was clearly influenced by his experience of working as a child. “It doesn’t matter how strong or capable you are; if you don’t have a big heart, you will not succeed,” he said.
See the rest of the story at Business Insider
Nothing quite says "I've made it" like a luxury yacht decked out with amenities.
The superyacht has become a status symbol among the wealthiest in tech — from Google CEO Larry Page's 193-foot "Senses" all the way up to Microsoft cofounder Paul Allen's 414-foot "Octopus."
But even if you're a billionaire fresh off of an IPO, there are a lot of things to consider before choosing to add a yacht to your toy collection.
"Buying a yacht — it’s not a logical business decision. You can’t rationalize it," Rupert Connor, owner of crew agency Luxury Yacht Group, said to Business Insider. "You can’t use a spreadsheet to say, 'This is the breakeven point for happiness.'"
How much are you willing to pay?
You can usually find listings for boats currently available for purchase or charter on yachting industry sites like Yachtworld.com and Yatco.com. Individual firms, like Fraser Yachts, often maintain their own internal listings.
On the higher end of the scale, there's "Imagine," a 213-foot yacht that's on the market for $82 million.
But that list price doesn't even begin to tell the whole story of how much money you should be willing to spend if you decide to buy a yacht.
Annual operating costs — fuel, crew salaries, maintenance, and paint, for example — can be very steep.
Though many in the yachting world have said that you should expect to pay 10% of the purchase price on operations each year, Connor says that fees can actually be much higher than that.
Connor stressed the importance of surveying a yacht before buying it, as you may uncover structural flaws whose fixes will definitely stretch your budget.
"As boats get older, the capital value goes up, and the operating and maintenance costs also go up," Connor said. "The 10% figure is wrong, and it gets repeated all the time."
For a 200-foot-yacht, like Page's "Senses," fuel alone could cost about $800,000 annually. Maintenance might cost as much as $750,000 a year.
Page reportedly paid $45 million for the yacht in 2011 — it has a jacuzzi, helicopter pad, and interiors designed by Philippe Starck.
How often can you reasonably use it?
Some would-be yacht owners might think they could offset the costs of a yacht by making it available for charter when they're not using it.
However, Connor says that it does not make much financial sense to buy a yacht just to charter it, as the operating costs will far outweigh any profit you might make.
"Most people who buy yachts don’t have to rationalize the purchase, though. They can afford it," Connor said.
Michael Busacca, U.S. Commercial Director and COO at Fraser Yachts, says it is possible to make money out of chartering your yacht if you give up the freedom of using it whenever you want.
Still, it's probably best not to depend on charter to make up the difference.
"The owner needs to be very flexible on their own personal usage while in charter, especially during peak charter periods such as Christmas and New Years," Busacca said to Business Insider.
How many crew members are you looking to hire?
The number of crew members you'll hire will vary depending on the size of the yacht. While an 80-foot yacht might require only two crew members to operate, you might need to hire up to 60 people if you have a larger boat.
According to Fraser Yachts, some of the most commonly hired crew members include a captain, chief mate, chief engineer, chief steward, chef, and deckhands.
Luxury Yacht Group suggests setting a salary of $7,000 to $15,000 a month for an experienced captain. Mates should make between $3,000 and $7,000 a month, while a deckhand makes between $2,000 and $4,000. Crew members should be paid more on larger yachts, according to Luxury Yacht Group's guidelines.
Allen reportedly keeps a permanent crew of 60 onboard "Octopus." The yacht has 28 cabins just for the crew, according to the Superyacht Times.
What amenities do you want?
Yachts can come with all kinds of special features.
"Of course, new build yachts can be fully customized to the client's liking," Busacca said. "Many requests include, but are not limited to, on-deck hot tubs, gym, wave runners, tenders, separate crew quarters, on deck master stateroom, satellite communication and entertainment systems."
Google chairman Eric Schmidt reportedly paid $72.3 million for the 194-foot yacht "Oasis" in 2009. The superyacht has plenty of amenities, including a pool, jet skis, and a gym that can be converted into a disco.
Allen's "Octopus" yacht is fully equipped with a pool, two helicopters, a movie theater, basketball court, and a recording studio.
Former Oracle CEO Larry Ellison named his 288-foot yacht "Musashi" after a revered 16th-century Japanese warrior. The boat's amenities include two master suites and a basketball hoop.
Mark Cuban's 288-foot "Fountainhead" yacht is the sister ship to Ellison's "Musashi." The two ships look nearly the same from the outside, though Cuban reportedly went for a more antique-inspired interior.
Where will you register the yacht?
Where you decide to register your yacht is very important, as it determines how much you will pay in taxes, how liable you will be for operating in international waters, and how you can operate the yacht as a commercial enterprise.
Places like the Cayman Islands and Marshall Islands are popular among yacht owners because they operate under tax laws similar to Delaware's, where many businesses often choose to incorporate.
"There are tax benefits to registering in the Cayman Islands," Connor said. "The flag behind the yacht shows which rules you're following."
Clive McCartney, U.S. Manager of Yacht Services at Fraser Yachts, explains what you should take into consideration.
"There are many things to consider including tax implications, operational requirements and the service required from your flag state," McCartney said. "Do they have their own surveyors or do they contract it to third parties, what safety code do they apply, how do they treat exemption requests, and what is their safety record? Registration of the yacht should be discussed with your Maritime Attorney and your Yacht Manager before making a decision."
Malta and the Isle of Man are also common registration points among European yacht owners.
Malibu, California might be losing one of its saltiest residents.
The estate — which once belonged to Doris Day — comprises five parcels of land first bought in 1970 and 1999. Geffen combined them to make two gigantic homes, complete with a swimming pool, screening room, and privacy hedges aplenty.
Of course, there's no public listing for this infamous property. It's currently being "shopped" to the pre-screened clients of one of LA's "preeminent brokers," Variety reports.
This secretive style is certainly Geffen's signature. The reclusive billionaire has had many squabbles with the public interest, the main bone of contention being the fact that California law requires all beaches be accessible to the public.
In 1983, Geffen applied for a permit to build a new house on the properties he'd had conjoined, according to the California Planning & Development Report. The permit required the dedicating of a "vertical easement" (aka a sidewalk-to-shore pathway) for public use. Before the permit was even approved, Geffen went ahead with construction and the pathway was built and blocked with a locked gate.
By 2002, the State of California's Coastal Commission and Coastal Conservancy and Access for All public agencies finally agreed to his proposal, but Geffen and the City of Malibu sued to stop the public from using it, alleging Access for All's acceptance of the permit was illegal and unconstitutional. Geffen dropped the suit before a second circut court ruled against him, and the gate was unlocked.
Geffen has also agreed to "lateral easements" (taking some of his land away in the rear of the property and offering it to the beach) in exchange for permission to build "privacy buffers."
He's even gone so far as to install gigantic hedges in front of the property and, allegedly, build fake garages to prevent the public from parking in front of his house.
That's a lot of drama to inherit — on top of a $100 million price tag.
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Whether you want to launch an empire or become the best in your field, who better to consult than those who've achieved the peak of professional and financial success?
That's why we've rounded up 15 books by self-made billionaires. Learn how these masters of industry achieved the impossible, in their own words.
'The Virgin Way' by Richard Branson
Although Branson confesses he's never read a book on leadership, his nearly 50-year entrepreneurial career has taught him a thing or two about building a business.
In "The Virgin Way," the billionaire founder of Virgin Group offers lessons on management and entrepreneurialism, including the importance of listening to others and hiring the right people. Branson is honest about his successes as well as his failures, such as underestimating Coke's influence when he tried to launch Virgin Cola in the 1990s.
Overall, the book is a compelling glimpse into the life of someone who's never shied away from a challenge.
'Onward' by Howard Schultz
After resigning as Starbucks CEO in 2000, Schultz returned to the post in 2008, just as the company was struggling through a financial crisis. "Onward" details how the billionaire brought the global coffee chain back to life.
Readers will learn how Schultz made tough decisions — like temporarily shutting down more than 7,000 US stores — in order to help Starbucks grow without neglecting its core values. They'll learn, too, about Schultz as a person, as he weaves together his unique business strategy with anecdotes about growing up in Brooklyn, New York. It's an honest and passionate recounting that will inspire entrepreneurs and everyone else to be brave in the face of adversity.
'How to Win at the Sport of Business' by Mark Cuban
In "How to Win at the Sport of Business," Dallas Mavericks owner and "Shark Tank" investor Cuban fleshes out his best insights on entrepreneurialism from his personal blog.
He writes candidly about how he progressed from sleeping on his friends' couches in his 20s to owning his own company and becoming a multi-billionaire. It's a story of commitment and perseverance — Cuban writes that even though he didn't know much about computers, he beat his competition because he spent so much time learning about the software his company sold.
See the rest of the story at Business Insider
Everyone needs to take a vacation every once in a while, especially during the holidays.
But vacation means something a little different when you're a millionaire or even a billionaire.
From massive island retreats to private superyachts, these tech executives' second homes take luxury vacations to the next level.
In October 2014, news surfaced that Facebook billionaire Mark Zuckerberg had bought a 750-acre property on the North Shore of Kauai. He reportedly paid more than $100 million for the estate, which includes a white-sand beach and former sugarcane plantation.
When Microsoft billionaire Paul Allen isn't cruising the high seas on one of his superyachts, he can relax at one of his many luxurious retreats. In addition to an island in Washington and a beachfront Hawaiian estate, Allen owns a hilltop mansion on the Côte d'Azur called the Villa Maryland. He employs a staff of 12 and counts Bono and Andrew Lloyd Webber as neighbors.
Salesforce CEO Marc Benioff loves all things Hawaii. He wears Hawaiian shirts to work and even named his dog "Koa," after a type of Hawaiian tree. He also owns a 5-acre estate on the Big Island, which he purchased for $12.5 million in 2000.
See the rest of the story at Business Insider
MALIBU, Calif. (AP) — It may be called "Billionaires' Beach," but the pristine views along one of Malibu's most exclusive coastlines are now easily accessible to anyone.
After a decade-long legal fight that pitted public access advocates against a wealthy homeowner who refused to build a path, the California Coastal Commission is officially opening a third accessway along the 1.5-mile Carbon Beach on Tuesday.
"It's an amazing stretch of coast that should be open to everyone," said Charles Lester, the commission's executive director.
Carbon Beach is renowned for its majestic shoreline and high net-worth celebrities and homeowners. Heavy-hitters include Larry Ellison, former chief executive of Oracle Corp.; Hard Rock Café co-founder Peter Morton; and entertainment mogul David Geffen.
Geffen spent years fighting against public access before opening up a path promised in 1983 in exchange for a remodeling permit. At the time, it was one of about 1,300 promised walkways, though many were never opened.
State law guarantees the public beach access up to the mean high tide line. But in areas like Malibu, many affluent and influential residents have taken extensive measures to keep beachgoers out of their sandy backyards.
The lengthy legal quarrel over Carbon Beach access dates back to the 1980s. The state's Coastal Commission issued Lisette and Norman Ackerberg building permits in exchange for providing a public accessway beside their house.
The Ackerbergs put up various impediments, including a 9-foot-high wall, large boulders, and a tennis court to resist building an easement.
In 2009, Lisette Ackerberg, whose husband died in 2004, filed a lawsuit against the Coastal Commission to overturn its order opening a public pathway. California's 2nd District Court of Appeals ruled in favor of the agency.
In 2013, the commission approved a settlement requiring Ackerberg to pay $1.1 million in fines. Some of the money will go to the Mountains Recreation and Conservation Authority to operate and maintain the pathway and reimburse the Attorney General's office for legal fees.
Ackerberg said she and her husband considered themselves advocates for both the environment and people with disabilities. She has offered to build a wheelchair-accessible path to address the lack of accommodation for the disabled.
"If this battle brings ADA (Americans with Disabilities Act) access to other accessways, that is progress and a worthy endeavor," Ackerberg wrote in an email.
Graham Hamilton, chairman of the West LA/Malibu chapter of the Surfrider Foundation, said he is pleased with the opening, but he also acknowledged the remaining challenges ahead.
"It's a small victory in a very large battle," Hamilton said. "We hope that any development that is going to take place in the future remembers the citizens' rights under the California Coastal Act and state constitution, which allow public access to coastal lines."
The Carbon Beach West pathway, as it's officially known, will open between sunrise and sunset.
The commission plans to open at least 18 additional access ways in Malibu.
Facebook has spawned dozens of young millionaires in the three years since its 2012 IPO.
A few early investors and employees, however, became billionaires thanks to their involvement with the company.
According to a recent Wealth-X ranking, Facebook has created more billionaires under the age of 40 than any other company.
Whatsapp cofounders Jan Koum and Brian Acton, for example, both became billionaires after Facebook bought their company for $19 billion in 2014.
We're taking a look at Facebook's original billionaires — the young entrepreneurs who made it big after the social network's IPO — to see what they're up to now.
Ousted cofounder Eduardo Saverin now lives in Singapore.
Net worth: $5.4 billion
Saverin has made a number of investments in international tech companies since moving there in 2012.
He's also a cofounder of Los Angeles-based Velos Partners, whose investments include Hampton Creek Foods and Silvercar.
Saverin and fiancee Elaine Andriejanssen were rumored to be getting married at an ultra-private ceremony on the French Riviera during the last weekend of June, according to Forbes, though those rumors have not been confirmed.
Cofounder Chris Hughes has moved on to media and politics.
Net worth: estimated at $850 million
After leaving Facebook in 2007, Hughes worked on digital strategy for Barack Obama's 2008 campaign and founded Jumo, a nonprofit social network that has since merged with the GOOD organization.
In 2012, Hughes purchased a majority stake in the New Republic, a move that has been controversial in the media industry.
He is married to former New York congressional candidate Sean Eldridge. Together they own an 80-acre estate in Garrison, New York, a two-bedroom home in Shokan, New York, and a loft in New York City's Soho neighborhood. The apartment is currently on the market for $8.75 million.
Cofounder Dustin Moskovitz focuses on philanthropy and running his software firm, Asana.
Net worth: $9.1 billion
Moskovitz left Facebook in 2008 to start task-management app Asana, which he runs full-time to this day.
He and his wife Cari have donated millions of dollars to causes like malaria eradication and marriage rights through Good Ventures. They are also signers of the Giving Pledge, which means that they plan to give away at least half of their wealth.
In a 2013 Quora thread, Moskovitz described the responsibility he and his wife feel with regards to their wealth: "Cari and I are stewards of this capital. It's pooled up around us right now, but it belongs to the world. We are not perfect in applying this attitude, but we try very hard."
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Malibu's Carbon Beach has long been one of the most exclusive enclaves in the world.
With just 70 properties, the stretch of beach between the Pacific Ocean and Pacific Coast Highway is home to Hollywood elite and billionaire business tycoons, earning it the nickname "Billionaires' Beach."
But the sandy crescent isn't just for billionaires anymore. After a years-long fight, California will open a new path to allow the public to access the beach. It will be only the third such entrance to the 1.5-mile stretch of sand; residents have fought hard for decades to limit public access.
Keep scrolling to see some of the ultra-rich residents of "Billionaires' Beach."
Madeline Stone and Meredith Galante contributed to this story.
The 21-mile tract of Pacific Coast shoreline that makes up Malibu is one of the most exclusive places in the world. But Carbon Beach, which extends for just over one mile along the coast, is even more elite, earning it the nickname "Billionaires' Beach."
Carbon Beach is comprised of around 70 private residences, which are owned by some of the biggest names in the entertainment business, along with tech titans, lawyers, and financiers. It's also home to the Malibu Beach Inn, a boutique hotel wih a popular oceanfront restaurant.
Music industry mogul David Geffen has been a longtime Carbon Beach resident, but he is reportedly trying to sell his compound for $100 million. Geffen was a leader in the fight against public beach access, but eventually opened a path near his home in exchange for a remodeling permit.
See the rest of the story at Business Insider
The biggest names in tech and media have arrived in Sun Valley, Idaho for the annual conference hosted by investment bank Allen & Co.
The event is known as "billionaire's summer camp" for a reason — Elon Musk, Rupert Murdoch, Barry Diller, Jeff Bezos, Jack Dorsey, and Sheryl Sandberg have already made their arrival at the Sun Valley Resort.
And their preferred mode of transportation? Private plane.
The event is considered one of the year's biggest for private jets, with officials at Friedman Memorial Airport expecting between 250 and 300 jets operate on Tuesday alone, according to Airport Manager Rick Baird.
"This is the busiest week we will have all year-round by far," Baird told Business Insider.
Baird warned of possible delays in a letter to flight operators in June.
"The most arrival-congested window at SUN, during this event, is between the hours of 12:00 pm and 6:00 pm (lcl) on these days," he wrote. "Scheduling arrivals prior to or after this period will likely afford less inconvenient delay."
According to Forbes, there are about 1,826 billionaires on the planet. Of those, 290 joined the club in 2015.
That's an increase of about 19%. At that rate the number of billionaires would double every four years, which means that in about 90-94 years, depending on population growth, everyone on the planet would be a billionaire.
Absurd? Well, yes, of course!
But the math works only because I'm making three very bad assumptions: that the number of billionaires continues to increase at an all time high historic rate — very unlikely; that a billion dollars in 2110 will be worth a billion dollars today — even more unlikely; and the most absurd assumption, that everyone has the ability to be a billionaire — definitely not!
So, while I can't promise a formula for getting you into the billionaire's club, what I can tell you is that there are a set of amazingly consistent behaviors and beliefs among billionaires that set them apart.
While I've only had the opportunity to know or work with six billionaires, I have noticed a distinct set of seven behaviors among these individuals that illustrate in vivid terms how they look at the world differently than most people do. And what's most impressive is that their behaviors and their beliefs walk in lockstep. Not true for most people whose behaviors undermine their beliefs.
See how close do your behaviors come to each of these seven.
Oh, and by the way, just so that we're straight; these behaviors don't guarantee a billion dollar valuation, but they are just as important to building success at any scale.
"The stock market is a device for transferring money from the impatient to the patient."– Warren Buffett
The Oracle of Omaha may be one of the best-known billionaires, but every billionaire I've met seems to have the same uncanny aptitude for being patient and staying the course. You can easily chalk it up to the fact that when you already have billions you can afford to be patient, but I knew some of these folks well before they were millionaires, much less billionaires, and they may have become more patient with time but their belief in waiting out market cycles and sticking to their vision is unwavering.
They're impervious to rejection.
"Be prepared for the rejection. No matter how bad it is don't let it overcome you and influence you — keep on going towards what you want to do-no matter what... You need to be as enthusiastic about door number one-hundred as door number one."– John Paul DeJoria
DeJoria was homeless and actually lived in a car before taking to the streets to sell his first product, shampoo. The billionaires I've met are nearly impervious to rejection. It's an ability to perform the equivalent of radar lock on their vision of the future. They seem to thrive on rejection as an indicator that they are going in the right direction. It's a necessary behavior if you are going to overcome all of the incredibly rational reasons why you can't succeed. Selling shampoo out of your car, really?
They dream big.
"If your dreams don't scare you they are too small."– Richard Branson
Billionaires dare to dream big. Their goal is to change the world not to build wealth. Many people translate this into arrogance. Perhaps it looks that way from a distance. But I can tell you that up close it is a firm and unbending conviction in wanting to, as Steve Jobs once said, put a definitive dent in the universe.
They don't make excuses.
"The world wants things done, not excuses. One thing done well is worth a million good excuses."– H. Ross Perot
When I sold my company to Ross Perot it quickly became evident that there was a clear attitude at Perot Systems of, "Do whatever it takes; and never, ever make excuses for why it can't be done." Unreasonable? Absolutely, but when Ross was at EDS and two of his employees ended up being imprisoned in Iran he didn't make excuses for why he couldn't do anything about it. Instead he took on the nearly impossible task of rescuing them, including a personal trip to Iran that could easily have cost him his own freedom. The rescue succeeded; no excuses needed.
They don't have regrets.
"I knew that if I failed I wouldn't regret that, but I knew the one thing I might regret is not trying."— Jeff Bezos
If you've followed any of my writing you know how I feel about having regrets; there is no place for them, they serve no purpose other than to chew up time and energy that is better applied to the future. Learn your lessons and move on to apply what you've learned. If you're still dwelling on the past you just haven't learned your lesson yet.
They don't stand still.
"The biggest risk is not taking any risk ... In a world that's changing really quickly, the only strategy that is guaranteed to fail is not taking risks."— Mark Zuckerberg
This is one of my favorites. While it's attributed here (and often) to Zuckerberg, I heard it first from Peter Drucker. In his book Innovation and Entrepreneurship he makes a solid case for how the only risk in business is the risk of standing still, even though the greatest perceived risk is innovating. We don't want to believe we're standing still, and yet that's the way most of us behave.
They build the future.
"You can't just ask customers what they want and then give it to them. By the time you build it, they'll want something new."— Steve Jobs
This last one is to me the single most important attitude of success at any level. Jobs created the future over an over; first in computers, then in animation, then in music, then in mobile devices. Accept that the future is just a continuation of the past and you've accepted that innovation is simply not possible. You've locked the door to disruption and left the keys under the doormat where you think nobody else will find them. Yeah, that's not such a good idea.
So, how did you do? Ready to start counting those billions? Let me give you a head start; rather than focus on the billions focus on aligning your beliefs with these seven behaviors and even if the billions don't come the gratification of success will.
Besides, you could always bank on being around in one hundred years when we'll all be part of the club!
SEE ALSO: The 25 richest self-made billionaires