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- 11/12/12--13:47: _The Incredible Disp...
- 11/27/12--06:38: _How Billionaire Hei...
- 11/28/12--09:36: _Meet The Rich And F...
- 12/01/12--13:50: _Billionaires Are Go...
- 12/07/12--06:36: _A Billionaire Heir ...
- 12/12/12--05:02: _Don't Believe For A...
- 12/23/12--07:06: _Meet The World's Ne...
- 12/26/12--03:55: _The Biggest Losers ...
- 01/02/13--09:12: _The 10 Billionaires...
- 01/02/13--13:39: _HOUSE OF THE DAY: B...
- 01/02/13--15:20: _Bill Gates Is $7 Bi...
- 01/03/13--14:38: _Fashion Designer To...
- 01/11/13--10:59: _A Writer Describes ...
- 01/11/13--12:37: _What It Was Like To...
- 01/16/13--08:34: _15 Frugal Billionai...
- 01/18/13--13:45: _DISCOVERED: 8 Hidde...
- 01/19/13--07:38: _13 Good Reasons Why...
- 01/23/13--07:36: _Bloomberg's New Bil...
- 01/28/13--09:09: _Nazi Propaganda Min...
- 01/28/13--10:17: _This Taiwanese Bill...
- 12/07/12--06:36: A Billionaire Heir To Aldi Supermarkets Has Died
- 12/26/12--03:55: The Biggest Losers Of 2012
- 01/02/13--09:12: The 10 Billionaires Whose Net Worth Rose The Most In 2012
- 01/02/13--15:20: Bill Gates Is $7 Billion Richer Than He Was A Year Ago (MSFT)
- 01/03/13--14:38: Fashion Designer Tory Burch Is Officially A Billionaire
- 01/16/13--08:34: 15 Frugal Billionaires Who Live Like Regular People
- 01/18/13--13:45: DISCOVERED: 8 Hidden Billionaires No One Knew Existed
- Juan Gallardo Thurlow (Mexico) — $1.4 billion (Organizacion Cultiba SAB stake)
- Luis Enrique Yarur (Chile) — $2 billion (Empresas Juan Yarur SAC/Banco de Credito & Inversiones stakes)
- Patricia Angelini Rossi (Chile) — $1.7 billion (inheritence from uncle/ Antarchile SA shares)
- Ana Maria Marcondes Penido Sant’Anna (Brazil) — $2.1 billion (CCR SA stake)
- Rosa Evangelina (Brazil) — ~$1 billion (CCR SA stake)
- Rafael del Pino y Calvo-Sotelo (Spain) — $2.2 billion (Ferrovial SA stake)
- Leopoldo del Pino y Calvo-Sotelo (Spain) — $1 billion (Ferrovial SA stake)
- Maria del Pino y Calvo-Sotelo (Spain) — ~$1 billion (Ferrovial SA stake)
- 01/19/13--07:38: 13 Good Reasons Why You Should Become a Billionaire
- In 1931, Goebbels married Magda Quandt, who'd previously been married to industrialist Guenther Quandt (as well as another man before).
- Harald Quandt (actually the son of Magda's first husband) wound up living with Goebbels after the marriage.
- When Guenther — himself implicated as a Nazi follower though not involved in the regime’s crimes — died, Harald and his half-brother Herbert Quandt inherited his fortune.
- 01/28/13--10:17: This Taiwanese Billionaire Is Launching An Asian 'Nobel Prize'
It was in a cab driving down Fifth Avenue, passing an apartment building on E. 66th Street, that Michael Gross, author of a book about the rich and famous residents of 740 Park Ave., realized that the best way to write about aristocrats was through real estate.
"The whole idea that America has no caste system was the sub-theme of my eighth book, about Ralph Lauren," Gross told Business Insider. "And that notion, that there isn't one, is ridiculous."
"These buildings are a perfect way to tell a larger story," he said. "I wanted to write about the wealthiest, and most discerning people. ... Real estate is kind of the perfect vehicle to do that. Those buildings are natural. Only rich people can live there."
In the new documentary "Park Avenue: Money, Power, and the American Dream," a film directed by muckraking vet Alex Gibney and inspired by Gross' book on 740 Park Avenue, social disparity and the wealth gap are explored further. The documentary premieres Nov. 12 on PBS.
The film shows that those who live on the Manhattan's Park Avenue use their wealth and power to "manipulate the game" and "bend the rules" to help themselves get richer. In the documentary, experts talk about how presidential candidates would come to 740 Park Avenue to fundraise money for their campaigns.
On the flip side, Park Avenue in the Bronx is the poorest congressional district in the country.
In the opening scenes of the documentary, the narrator evaluates the rare chance that someone growing up on the Bronx's Park Avenue would end up living on Manhattan's. Geographically, they are close (about a 10-minute drive), but in terms of lifestyle, the two couldn't be more different.
Of the 700,000 people who live in this district in the South Bronx, 40 percent live in poverty. The average person makes less than $40 a day, according to the documentary.
"From here the view has looked very different the past 30 years ... it's looked very different than the other Park Avenue," the narrator says. "They've seen their wages drop, and the prices of almost everything else go through the roof. They've lost their jobs because of bankers across the river. ... They're even worse off than they were a generation ago."
After a discussion of income disparity, the film delves into how the super-rich are spending their money: on real estate. In many cases, their Park Avenue condos are passed down along family lines, assuring that the wealth stays within the family.
Billionaire heiress Tamara Ecclestone has a handbag collection valued at more than $1 million.
Her father, Formula One boss Bernie Ecclestone, doesn't appreciate her shopping habit and often confronts his daughter.
Tamara told InStyle magazine about how she justifies the excess:
"Sometimes he's like, "Another handbag, Tamara? That's a bit nuts"...I think he's glad that I'm not hurting other people. I've never been to rehab. It could be worse," she said.
Ecclestone's favorite handbags are the Hermes Birkin bags, which cost more than $10,000. She has more than 30 of them.
Nicknamed "Billionaire's Beach," the Carbon Beach section of Malibu is home to Oracle CEO Larry Ellison, entertainment mogul David Geffen, former Dodgers CEO Jamie McCourt, and other business tycoons.
Ellison loves Carbon Beach so much that he owns 10 properties there, including one he bought just this week.
What makes Carbon Beach so great — and expensive?
The AP's Jeanne Cooper answered the question in 2006, shortly after Geffen lost a court battle against the construction of a public-access walkway near his home. She wrote:
Locals talk about the breadth and dryness of the sand driving up prices to a minimum of $15 million for a small beachfront lot.
And unlike Malibu Colony homes, the houses tend to be built right on the sand, with no seawall blocking the view of the beach from the patio. For visitors (or paparazzi), that means being able to see the lifestyles of the rich and famous without a telescope while strolling the sand. But really, Carbon Beach's relative exclusivity - in terms of price and public access - is its main selling point.
We decided to see what all the fuss was about.
Welcome to Billionaire's Beach. Malibu has 21 miles of shoreline, but Carbon Beach extends for just one mile along the coast.
"Billionaire's Beach" has its own boutique hotel, called the Malibu Beach Inn. The hotel has 47 rooms.
Source: Malibu Beach Inn
The inn, which was renovated in 2007, is right on the water. So even if you can't afford a multimillion-dollar home there, you can spend a night living like a Billionaire's Beach resident.
Source: Malibu Beach Inn
See the rest of the story at Business Insider
Martin Sorrell, founder of the world’s biggest advertising firm, said online promotions are set to boom in India, spurred by investments in retail by billionaires Mukesh Ambani and Sunil Mittal.
Digital advertising at the Indian operations of Sorrell’s WPP Plc may account for 20 percent of revenue in the next seven to 10 years, from 10 percent, Sorrell said in an interview in Mumbai.
WPP reported $500 million of sales in the nation last year, he said. India, in September, allowed overseas multibrand retailers to own up to 51 percent in store operators in Asia’s third-largest economy.
“People like Mukesh Ambani and Sunil Mittal are making big bets in retail, big investments,” said Sorrell. “The Indian population, particularly youngsters, are quite facile with technology. As mobile phones become more widespread and as the cost comes down, I think you’ll see greater use.”
Ambani’s Reliance Industries Ltd. and Mittal, who has a wholesale venture with Wal-Mart Stores Inc. are increasing spending on retail stores to tap a market that Technopak Advisors Pvt. estimates will expand to $725 billion by 2017. Rising use of mobile devices in the nation with the world’s largest population under 30 will spur digital ad sales, according to Sorrell. India has more wireless connections than the combined inhabitants in the U.S., euro area and Japan.
Spending on ads “is going to be driven in a large part by consumer goods, retail companies and the mediums that they are choosing are mobile and social media,” said Neha Gupta, an analyst at Gartner Inc. in New Delhi. “Their interest in spending in these areas has drastically increased.”
Reliance Industries, which operates the world’s largest refining complex, in June announced a joint venture with Brooks Brothers to sell suits, sportswear and accessories in India. That adds to the more than 1,300 Reliance stores offering products from groceries to Apple Inc. iPads.
Ambani, who ranks 21st on the Bloomberg Billionaires Index with a net worth of $21.9 billion, in June pledged to boost revenue from his retail operations at least fivefold from the current 76 billion rupees ($1.4 billion) within four years. Reliance Retail will have some of the company’s highest growth rates and earnings potential, Ambani, 55, told shareholders.
Wal-Mart, the world’s largest retailer, is in talks with partner Bharti Enterprises Ltd. about opening retail outlets in India after the government eased rules for foreign ownership in multibrand store chains.
Wal-Mart, which operates 17 wholesale outlets at its venture in the South Asian country, will take 12-18 months to open retail stores in the world’s second-most populous country, Scott Price, head of Wal-Mart’s Asia operations, said in a Sept. 21 interview in Hong Kong.
Ambani and Mittal, India’s 8th richest man with a net worth of $7 billion, have also invested significantly in telecommunications. Mittal’s Bharti Airtel Ltd. is India’s biggest mobile-phone operator while Ambani is readying a 4G network in order to tap demand for high-speed wireless Internet.
Retail and consumption will spur advertising spending and the increased adoption of smartphones will contribute to driving more ads online and on to mobile handsets, Sorrell said.
“Mobile is a cheap form of access to the Internet,” Sorrell said. “In India, China, Russia, Brazil -- these markets will leapfrog what we saw in the mature markets, which was use of the PC. They will skip to mobile. The smartphone, mobile advertising -- that will be the access point.”
Internet advertising spending is projected to increase 15 percent in 2013, while total ad growth will be weaker on concerns about Europe, the U.S. budget and the lack of major media events next year, according to Zenith Optimedia Group Ltd. Global Web ad spending is expected to jump to $101.8 billion next year from $88.4 billion, according to Zenith.
Mobile ads, which still make up a smaller part of total spending, may grow 51 percent worldwide to $9.7 billion, according to New York-based EMarketer Inc.
In India, Google Inc. expects Internet users to more than double to 300 million by 2015, making it the world’s largest Internet market after China. The number of Internet users in India is growing at a rate of 38 percent a year, from 137 million users in October, according to Rajan Anandan, managing director of Google India.
India may increase its base of active mobile-phone subscribers to more than 872 million at the end of 2015, according to researcher Gartner Inc. The nation of 1.2 billion people, where only 3.1 percent of households had computers or laptops with Internet access as of the 2011 census, had 699 million active mobile subscribers in September, according to the Telecom Regulatory Authority of India.
Spending on online advertising in India will surge 54 percent to 43.9 billion rupees at the end of March, from 28.5 billion rupees a year earlier, according to IMRB International, a unit of WPP, the world’s biggest advertising company.
WPP, based in Dublin, slashed its full-year sales growth target for the second time in two months on Oct. 25, after clients in North America and Europe cut spending.
“2013 has no events; it has no Olympics, it has no World Cup, no elections,” Sorrell said. “2014 has the Brazilian World Cup, the Sochi winter Olympics, and of course we have another election in America. We’re likely to see significant spending again.”
WPP, which employs 14,000 people in China and 12,000 in India, is upbeat about the outlook for both the markets, the 67- year-old chief executive said.
“We are India bulls as well as China bulls,” Sorrell said of the Asian nation that has become WPP’s third-largest market, contributing $1.3 billion of annual revenue. While growth in China will be driven by urbanization, India has “big scope for growth” in advertising and marketing, as well as retail and distribution, he said.
--Editors: Suresh Seshadri, Arijit Ghosh
Berthold Albrecht, the billionaire heir of the cut-price supermarket chain Aldi and one of Germany's richest men, has died at the age of 58, his family announced on Friday.
Albrecht was buried last month in a private ceremony attended by close family and friends, according to full-page death notices placed by both his family and his Aldi Nord group in newspapers such as the business daily Handelsblatt.
There was no mention of the place or cause of his death.
Berthold's father and founder of the Aldi group, Theo Albrecht, died in July 2010 aged 88.
The Albrecht family is one of the richest in Germany. Berthold and his brother, also called Theo, ranked second place with a combined fortune of 16 billion euros ($20.7 billion), according to the monthly Manager Magazin.
I keep hearing that the billionaires and big corporations that poured all that money into the 2012 election learned their lesson. They lost their shirts and won’t do it again.
Don’t believe that for an instant.
It’s true their political investments didn’t exactly pay off this time around.
“Right now there is stunned disbelief that Republicans fared so poorly after all the money they invested,” said Brent Bozell, president of For America, an Alexandria-based nonprofit that advocates for Christian values in politics.
“Congrats to @Karl Rove on blowing $400 million this cycle,” Donald Trump tweeted. “Every race @Crossroads GPS ran ads in, the Republicans lost. What a waste of money.”
Rove’s two giant political funds — American Crossroads (a Super PAC) and Crossroads Grassroots Policy Strategies (a so-called nonprofit “social welfare organization” that doesn’t have to report its donors) — backed Mitt Romney with $127 million spent on more than 82,000 television spots. Rove’s groups spent another $51 million on House and Senate races. Ten of the 12 Senate candidates they supported lost.
The return on investment for American Crossroads donors turned out to be just 1 percent, according to any analysis by the Sunlight Foundation, a Washington-based group that advocates for open government.
Among Rove’s investors was Sheldon Adelson, the billionaire who owns the Las Vegas Sands Corporation.
Adelson invested more than $100 million in the election, mostly on Republicans who lost – including $20 million that went to Romney’s super PAC “Restore Our Future,” $15 million to another super PAC that almost single-handedly kept Newt Gingrich’s Republican primary campaign going, and about $50 million to nonprofit Republican fronts such as Rove’s Crossroads GPS.
Adelson wasn’t alone, of course. Texas industrialist Harold Simmons invested $26.9 million; Chicago Cubs owner Joe Ricketts invested close to $13 million; a network organized by billionaire industrialists Charles and David Koch invested $400 million.
But if you think these losses mean the end of high-stakes political investing, you don’t know how these people work.
You see, if and when they eventually win, these billionaires will clean up. Their taxes will plummet, many of laws constraining their profits (such environmental laws preventing the Koch brothers from more depredations, and the anti-bribery Foreign Corrupt Practices Act that Adelson is being investigated for violating) will disappear, and what’s left of labor unions will no longer intrude on their bottom lines.
And they have enough dough to keep betting until they eventually win. That’s what it means to be a billionaire political investor: You’re able to keep playing the odds until you get the golden ring.
Looking ahead, Adelson tells the Wall Street Journal he’s ready to double his 2012 investment next time around. “I happen to be in a unique business where winning and losing is the basis of the entire business,” he says, “so I don’t cry when I lose. There’s always a new hand coming up.” He isn’t looking back at his losses. “I know in the long run we’re going to win.”
Exactly. Adelson, Simmons, the Koch brothers, and other billionaires will keep pouring in as much money as it takes to eventually win — unless they’re stopped. And procurers like Karl Rove will make sure they’re at the gaming table.
Relative to their net worth, the billionaire investors have been playing for a pittance. Forbes magazine estimates Adelson’s net worth at $21.5 billion. His Las Vegas Sands Corporation just approved a special dividend paying him about $1.2 billion this year, ahead of any possible tax increases that might emerge from congressional budget negotiations.
In the meantime, he and other billionaire political investors are profiting from their reputations as high-stakes players.
Adelson says he has many friends in Washington, “but the reasons aren’t my good looks and charm. It’s my pocket personality,” referring to his political investments. And his determination to keep playing the odds ensures his Washington friends will continue to pay attention.
POLITICO reports Adelson recently met with three GOP governors said to be eying the 2016 presidential race.
This week he met separately with House Speaker John Boehner and Majority Leader Eric Cantor (the Adelsons invested $10 million in super PACs affiliated with Boehner and Cantor),possibly to discuss changes to the Foreign Corrupt Practices Act.
As income and wealth become ever more concentrated in America, the nation’s billionaire political investors will invest even more.
A record $6 billion was spent on the 2012 campaign, and outside groups poured $1.3 billion into political races, according to data from the Federal Election Commission and the Center for Responsive Politics.
That’s why Citizens United v. the Federal Election Commission has to be reversed – either by a Supreme Court that becomes aware of the poison it’s unleashed into our democracy, or by constitutional amendment.
It’s also why we need full disclosure of who contributes what to whom.
And public financing that matches public money to contributions from small donors.
Most fundamentally, it’s why America’s widening inequality must be reversed.
Read more posts on robertreich.org »
Nick Woodman is the 36-year-old founder and CEO of GoPro, a wearable camera produced by Woodman Labs that can capture footage for athletes as they whiz down a mountain or surf 6-foot waves.
Last week, Foxconn purchased 8.88% of Woodman's camera company for $200 million. Forbes learned that Woodman is the majority owner. Even if he owns minimum of 51% of the company, that means Woodman is now a billionaire, worth at least $1.15 billion.
Inc interviewed the GoPro founder over the summer. Reporter Tom Foster paints a picture of a "total bro" who throws around the word "dude" frequently. He's a thrill seeker and also the survivor of a failed dotcom startup.
Here's his story:
Woodman was a visual arts major from UC San Diego who started a marketing company called funBag in the early 2000s.
He raised outside capital for the operation, and things were looking good. Then the tech bubble burst, and Woodman found himself failing to save his company and out of a job.
So in 2002, when he was inspired to try a startup again, he decided he'd do whatever he could to bootstrap the operation and build something that could be instantly profitable.
An idea struck him while surfing in Australia and Indonesia for five months. Woodman had been frustrated that he couldn't take good action shots of himself or his friends while they were catching waves. Surfers were using disposable cameras strapped to their wrists with a rubber band. It would often fly off in the middle of the action and hit them in the face.
Woodman wanted to invent a strong, adjustable, elastic band that could secure a camera to a person's body as they participated in an extreme sport.
To fund the project, Woodman and his now-wife purchased 600 belts made of sea shells from a Bali market. Each cost them $1.90. When the Woodmans returned to the states, they drove up and down California's coast selling the belts for as much as $60 a pop.
With that money and a $35,000 loan from his mother, Woodman created the first GoPro camera straps. It took him 2 years to perfect the product. Jill, Woodman's wife, took the position as the straps' salesperson. The company's first break came in 2004, when a Japanese company ordered 100 items at an action sports tradeshow.
Eventually, Woodman began creating his own cameras and mounts, so extreme athletes like racecar drivers could point the cameras back on themselves while racing. Enthusiasts began uploading videos of their GoPro experiences online, and word spread.
Now, GoPro's cameras retail for $300 with all sorts of add-ons that can be purchased to capture amazing moments in real-time. The company has grown to 150 people, and Woodman is rolling in cash.
Here's what footage taken by GoPro looks like:
Stock markets can go up as well as down, as 2012 has proved. But there are plenty of City folk who can conspire to produce eye-watering losses for themselves even against the positive backdrop of a rising market. The year has been notable for some collapsing fortunes and reputations. Investments have gone wrong, dodgy practices have been exposed and bankers have paid for costly demergers on the domestic, if not professional, front. So here is our list – not nearly definitive or scientific – of who lost their shirts and how in 2012.
As was gloriously revealed in the libel courts, Nat Rothschild will pay good money for a thrashing. That line has proved to be true in a corporate sense too. The financier, who in January regaled Mr Justice Tugendhat with the colourful tale of being "beaten by a 25-year-old banya keeper man … before jumping into ice cold water" at a sauna, started the year with a fortune of £1bn, according to this year's Sunday Times Rich List. That may need revising.
Shares in his mining creation Bumi have slumped by almost 70% this year, while those in electricals group Volex (where he's a big investor) have lost by 75%. The value of Rothschild's oil group, Genel, has also slipped by 6%, leaving predictions that Nat will become the "richest Rothschild of them all" looking somewhat bullish.
When Facebook floated in May, the shares of 28-year-old founder Mark Zuckerberg were worth just south of $19bn (£11.75bn). He is now $5bn less rich after the market told him he'd overcharged by 28%. The slump wasn't a big surprise as it's still not clear to anybody born before 1990 how the company will generate enough profits to justify its hefty valuation.
There has also always been an army of willing sellers of the shares within the company itself.
Or as Zuckerberg candidly put it: "We're going public for our employees and our investors. We made a commitment to them when we gave them equity that we'd work hard to make it worth a lot and make it liquid, and this IPO is fulfilling our commitment." They sold.
Last year the former Barclays banker was supposed to be worth £300m. No longer.
That figure halved in 2012 after his marriage to Diana – which had reached its "natural end" a couple of years ago – reportedly ended in divorce.
Jenkins now seems to be consoling himself in the arms of the model Elle Macpherson, while his 37-year-old socialite former wife, who arrived penniless in Britain in 1993, instantly became one of Britain's richest women.
That seems like a reasonable reward for introducing her husband to Sheikh Hamad bin Jassim bin Jabr al-Thani, a Qatari prince and manager of the nation's sovereign wealth fund who invested £8bn in Barclays. Arguably, it saved the bank from a state bailout.
He may possess a name that would suit some Vegas card sharp, but Carlos Slim is actually the world's richest man.
He's just less rich than he was, after a year in which two European investments have slumped in value by about €2bn (£1.62bn).
America Móvil, Latin America's largest telecoms operator, which is controlled by Slim and his family, made its first significant investments in Europe this summer, by acquiring about a quarter of Holland's KPN and Telekom Austria for a combined €4bn.
The value of the 23% stake in Telekom Austria has fallen about 42% and the 28% in KPN by about 46%, according to estimates by the asset management group, Bernstein.
Meanwhile in August, Bloomberg estimated Slim's worth had slumped by $1.7bn. The poor lamb is now only worth north of $70bn.
Amazingly, after the clothing label French Connection first came up with its FCUK brand, customers found the gag amusing enough to keep buying the T-shirts for several years.
The shares soared on the back of this marketing triumph until, suddenly, the joke was on the investors.
The acronym went out of fashion and the new ranges never seemed to sell quite as well without a replacement gimmick.
That has been particularly painful for founder Stephen Marks, who owns 42% of the shares. The value of those slumped again last year – this time by 30% – and made Marks £4.8m poorer. For him, it's no laughing matter.
Peter Cummings, the former HBOS banker once considered a genius for lending billions of pounds to people who couldn't pay it back, found another way to lose money in 2012.
He got himself a lifetime ban from the Financial Services Authority for his role in the banking crisis and was £500,000 less rich too, after the regulator clobbered him with a fine.
Cummings remains the only former HBOS banker to be penalised by the City regulator as a result of the near-collapse of the bank which was rescued by Lloyds in September 2008.
The 57-year old Scottish banker believes he's been singled out. He may have a point.
David Einhorn and Greenlight Capital
Back in 2009, David Einhorn and his Greenlight Capital hedge fund celebrated being £5.8m richer than they might have been after the American fund manager dumped all his shares in Punch Taverns just before the pub group announced a £375m fundraising that knocked 30% off the stock.
It was not a lucky punt. Einhorn had been told by a corporate broker acting on behalf of Punch Taverns what the company was planning. And moments after that conversation, he flogged his entire Punch holding.
In January, the Financial Services Authority decided this was just not the way things should be done. The regulator fined Einhorn and his company, making them £7.2m less rich.
The ENRC "trio"
ENRC shareholders had a terrible 2011 – and the company followed up that performance with another shocker in 2012. The City fretted over the outcome of two investigations – one into allegations of corruption in ENRC's business in Kazakhstan and another into the group's African operations – which are interesting the Serious Fraud Office and contributed to the shares more than halving over the year.
That drop mainly affected the three founders – aka "the trio"– of Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov, who collectively own about 35% of the shares. Between them, they are now £1.6bn less rich.
Stephen Hester, the boss of mostly state-owned Royal Bank of Scotland, is fond of presenting himself as an everyman ("I'm blue Labour, or pink Tory" he is fond of saying). So perhaps it's not too surprising to discover how pliable he can become after a touch of public opprobrium. Hester responded to public outrage about his bonus in January by (after initial resistance) renouncing it. The sacrifice made him £1m less rich.
Ivan Glasenberg (again)
Ivan Glasenberg, left, who the City widely regards as a world class trader, is becoming a regular in this annual list. He's the largest individual shareholder in commodity trading group Glencore, so his wealth is rather exposed to one stock. Sadly for Ivan, that stock keeps falling – losing 12% this year and marking down his 15% stake by more than £500m.
This article originally appeared on guardian.co.uk
Billionaires had a good 2012.
According to Bloomberg, the richest 100 billionaires added $241 billion to their wealth this past year.
As a whole they're worth $1.9 trillion.
Bloomberg kindly gave us the data on the Top 10 gainers, how much they're worth, and how much they made.
They come from a range of industries including tech, telecom, and chemicals.
Net worth: $21.2 billion
How much he gained in 2012: $6.8 billion
What he does: Russian oligarch with massive investments in natural resources.
Net worth: $23.6 billion
How much he gained in 2012: $6.9 billion
What he does: Amazon CEO and founder. Amazon shares had a huge 2012.
Net worth: $62.7 billion
How much he gained in 2012: $7 billion
What he does: Microsoft founder and Chairman.
See the rest of the story at Business Insider
British socialite and racing heiress Tamara Ecclestone has not been shy with her money. She is well-known for her $1 million handbag collection, posing naked with £1 million of her own money to promote her reality show, and for most recently allegedly trying to acquire a $125 million mansion in Holmby Hills to outshine her sister.
So it comes as no surprise the 28-year-old television personality and model would have to part with some amount of real estate to pay the difference. Yesterday the elder Ecclestone sister listed her 7-bedroom Chelsea home with John D Wood & Co. real estate for £19.75 million, or roughly $32.18 million at today's rates, according to celebrity real estate blogger The Real Estalker.
The Real Estalker also pointed out that if someone were to purchase the home at its full listed price, they would have to pay the required U.K. Stamp Duty Land Tax as well, in this case 7 percent of the purchase price. That adds up to an additional £1,382,500, or around $2.25 million, meaning the potential price of the pad could come close to $35 million in total.
The London mansion comes with its own swimming pool, courtyard for parking, and accommodation for live-in staff.
Tamara's pad is on Old Church Street in London. It has a private courtyard for parking in the back.
Source: John D Wood & Co.
A single, wide staircase with glass railings leads throughout the airy interior.
Source: John D Wood & Co.
A small, working fireplace sits under the flat screen TV for a cozy sitting area.
Source: John D Wood & Co.
See the rest of the story at Business Insider
He's the second-richest.
You read that right. Despite his considerable, praiseworthy charity work, the Microsoft cofounder is getting wealthier.
In 2012, he wound up $7 billion ahead with a net worth of $63.4 billion, according to Bloomberg's Billionaires Index published today.
That's not to say that he isn't giving a lot of money away. He is. The Bill and Melinda Gates Foundation is working with a $36.2 billion endowment, most of it from Gates.
But lately he's been earning money faster than he can give it away.
His wealth in 2012 was helped by a 2% rise in Microsoft's stock price. But he's been slowly selling off chunks of his Microsoft stake. Microsoft stock now accounts for less than 20 percent of his fortune.
So if his wealth isn't just from Microsoft, where does Bill Gates invest? He's got a somewhat secretive investment company called Cascade Investment, according to documents filed with the SEC. From those filings we know that Gates owns stakes in companies like tractor maker Deere& Co; garbage collector Republic Services; soft drink maker Coca-Cola; and auto retailer Auto Nation, among others.
Tory Burch is officially a billionaire.
Her ex-husband Chris sold some of his stake in her company last week, ending an acrimonious legal battle and securing Tory's status as a billionaire.
The women's apparel company she started in 2004 is now worth an estimated $3.5 billion, making her 28.3 percent stake worth over $1 billion, according to Forbes.
She could be worth even more if the company decides to go public, something that many industry people speculate could happen now that her legal battle is over.
Tory Burch LLC brought in $800 million in revenues in 2012, according to Forbes. By comparison, Michael Kors brought in $800 million in revenues in 2011, went public that year, and is now worth $10 billion.
Burch started her business in her kitchen 10 years ago. Today, she is famous for her Reva ballet flats, which are a staple among working women.
In 2011, Wall Street lost one of its greatest to brain cancer, billionaire private equity investor Teddy Forstmann.
And while Forstmann was a huge public figure — he was a philanthropist who also owned IMG, the biggest sports and modeling talent agency in the world — a lot of his life was quite private.
On the private side of things was the Gulfstream V (G V) jet he got after buying, turning around, and then selling the Gulfstream in the 1990s.
The February issue of Vanity Fair has a long profile of Forstmann's last days told by a man who spent many of them with him — Rich Cohen, the ghostwriter working on Forstmann's biography. Forstmann loved to travel, so Cohen ended up spending a lot of time on the Gulfstream going from New York City to Paris, London and beyond.
Here's what it was like:
We met at a heliport on the west Side of Manhattan. Teddy's driver carried his bags across the concrete. I followed behind with my own, battered valise, climbing into the passenger cabin of the helicopter as Teddy gave the signal and up we went....
Soon the helicopter set us down on a runway at the Morristown Municipal Airport in New Jersey. Teddy's plane was waiting, its turbines already spinning, its crew standing in starched uniforms, its jet bridge ascending to technological heaven as the tycoon and his ghost made their way across the tarmac...
Teddy's plan was all command center: deep leather chairs, financial journals, and flat-screens. There was a bed, but it was hidden away, disguised...
We landed in Paris as the sun was going down. the city was gold and blue and strung with lights. When you are rich, you do not stand in line to show your passport. Instead, after the G V rolled to a stop, scotch glasses clinking in the tray beside the single malts, a customs official came aboard, greeted us in her beautiful language, gave our documents the once-over, sad, Oui Oui Monsieur Forstmann, and bid us adieu as we moved on to the car, then off through the moody twilit streets.
Pretty boss, right?
Writer Rich Cohen had the pleasure and the frustration of being late billionaire investor Teddy Fortmann's shadow during his last days.
In 2010 Cohen was contracted to ghostwrite Forstmann's biography, but Forstmann died of brain cancer before he could finish.
Before then, though, Cohen ate, traveled and riffed with the legend. He wrote about the experience in the February issue of Vanity Fair. The article is a melancholy look at a man who seems almost subconsciously aware of his own end — and he's lonely.
From Vanity Fair:
In the fall of 2010 I started to write Teddy's book. This meant a change in our relationship. Instead of being me and Teddy in the world, it was going to be me and Teddy in my mind, and he didn't not like it. It increasingly seemed to me that, for Teddy, the purpose of the book was fun, and the fun was having a friend to pal around with, tell stories to, a friend who would listen and be impressed and make you believe that it had all been worth it after al. Teddy or his office would call several times a week. He wanted me to travel with him to India, New Orleans, Brazil. when I said no, it was time to write, he got pissed. "What kind of ghostwriter are you?" he asked.
It was this frustration on Forstmann's part that lead to his one and only argument with Cohen. Forstmann wanted Cohen to have dinner with him on the first night of Rosh Hashanah and wouldn't take no for an answer.
For the first time, I got mad at Teddy. I stopped being a ghost. I put my body on and started to shout. I mean, here i was on Rosh Hashanah, with my wife and my children, my little thing, my on lt little thing in this too big world, and a billionaire who had everything else was demanding I give him this too. I said something like, "First of all Teddy...Rosh Hashanah is two days and two nights@ Second, you call yourself a dodger fan? I though Sandy Koufax settled this about 40 years ago. If Koufax didn't pitch in the World Series on Hom Kippur, I'm sure as hell not coming into the city to have dinner at Marea on Rosh Hashanah.
It stunned Teddy. He was not used to people talking to him this way. He behaved like a bear that had been slapped in the nose. "I'm not mad at you," he said finally. "When I get mad believe you will know it."
Cohen writes that he only saw Forstmann one more time after this argument before he died.
Have you ever wondered what you would do with a billion dollars?
These 15 frugal billionaires have answered that question for real, and their response is "not much."
Instead of dropping dough on jets, yachts, and mansions, they have saved up, lived modestly, and given away huge amounts of money to charity.
Warren Buffett, chairman and CEO of Berkshire Hathaway
Net worth: $46 billion
Buffett still lives in the Omaha, Nebraska, home he bought for $31,500 more than 50 years ago.
He doesn't own a yacht because, as he puts it, "Most toys are just a pain in the neck." When he married his second wife, rather than a lavish affair, it was a brief afternoon wedding at his daughter's house in Omaha.
He has also given billions of dollars to charitable causes and begged Washington to increase his taxes.
Mark Zuckerberg, founder of Facebook
Net worth: $9.4 billion
As the mastermind behind Facebook, Zuckerberg is a billionaire many times over. But the 28-year-old leads a surprisingly low-key lifestyle.
He recently upgraded to a $7 million house in Palo Alto, but The Los Angeles Times called the home "still well below his means."
Zuckerberg reportedly drives an Acura "because it's safe and not ostentatious," and famously wears the same gray t-shirt and hoodie to work every day.
His wedding to longtime girlfriend Priscilla Chan took place in his backyard, and the pair was seen digging in at a McDonald's on their Italian honeymoon.
Chuck Feeney, co-founder of Duty Free Shoppers Group
Net worth: currently $2 million (he's given away billions)
A Depression-era veteran with a strict personal motto: "I set out to work hard, not get rich."
The co-founder of Duty Free Shoppers has donated more than $4 billion to disadvantaged children and public health initiatives, all while going to great lengths to remain an anonymous donor.
“He has no ego . . . He always chooses the second-cheapest wine from the wine list,” according to his biographer, former Irish Times journalist Conor O’Clery. “When we traveled together he was always dressed like a down-at-heel American tourist.”
See the rest of the story at Business Insider
Bloomberg News' Alex Cuadros & David de Jong have uncovered eight hidden billionaires that no one knew existed.
These people have their fortunes in publicly-traded companies and live in Mexico, Chile, Brazil and Spain, according to the report.
They're considered hidden because you might see them walking around, but you wouldn't recognize them. It's for safety reasons, a source told Bloomberg.
Here are the eight billionaires we didn't know about until today:
The Bloomberg Billionaires Index tracks the world's wealthiest people's fortunes based on market and economic changes and Bloomberg News reporting. The list is updated daily.
Having a billion dollars would be pretty cool.
Everyone knows that.
But why exactly?
The mansions, exotic vacations and luxury cars are obvious, but there are TONS of other awesome perks that come with earning ten-figures.
We've included 13 reasons why should become a billionaire.
You could afford to live in a sky scrapper.
Well, the "grand tour" at your house warming party would be pretty impressive when everyone realizes that you're using the word "house" quite loosely and in fact you actually just built yourself a sky scrapper to live in.
Billionaire Indian business magnate Mukesh Ambani and his wife and three kids live in this 27-story home in Mumbai named "Antilia."
You could turn your home into your own personal art museum.
As a billionaire, you could afford to fill your palatial home or office with works from your favorite artists.
Billionaire Steve Cohen, the founder of SAC Capital, owns an impressive art collection, which is said to be worth around $1 billion. It includes pieces by Monet, Picasso, Jasper Johns, Jeff Koons, Damien Hirst, Willem de Kooning, Francis Bacon and Andy Warhol, according to a 2010 Vanity Fair profile.
There's no need to take public transportation ever again.
Forget waiting for the Subway, which can feel like the pits of hell in the summertime.
If you're a billionaire, you could be flying in your helicopter to work and/or docking your yacht at the nearest harbor a la media exec Barry Diller.
See the rest of the story at Business Insider
Bloomberg has an amazing team of reporters hunting down the world's billionaires. Some of these super wealthy are out in the open and living opulently, others are hidden and living modestly.
Veteran billionaire tracker Matt G. Miller and his team will find them and rank them.
And now Bloomberg has created a new data visualization tool that will let you see the world's richest in a way you've never seen them before.
Not only can you filter billionaires by country, gender, and industry, but you can also track their wealth and rank on a day to day basis.
Right now the list includes 100 billionaires, but expect this application to grow. Miller says he and his team have 100s of suspects and they're working every day.
Welcome to Bloomberg Billionaires, here are the 100 richest ranked for today. This is the 'Explore' option, there's also a Map, Plot, and Rank.
If you scroll down, you'll see that you can change the date you're looking at. You'll also see that the ranks will change.
Click on each person, and page will appear that includes the billionaire's bio, Bloomberg's method for collecting their information, and their level of confidence that the information is completely accurate.
See the rest of the story at Business Insider
The step-grandchildren of Nazi propaganda chief Joseph Goebbels are billionaires, although their wealth comes mostly from their biological relatives, Bloomberg's David de Jong reports.
Here's how the relationship works:
That included ownership of two large manufacturing firms as well as stakes in Daimler-Benz and potash miner Wintershall AG.
Today, Herbert's widow Johanna Quandt, 86, and their children Susanne Klatten and Stefan Quandt remain BMW’s dominant shareholders, de Jong says. Meanwhile, he writes, "the billionaire daughters of Harald Quandt -- Katarina Geller-Herr, 61, Gabriele Quandt, 60, Anette-Angelika May-Thies, 58, and 50-year-old Colleen-Bettina Rosenblat-Mo -- have kept a lower profile."
Goebbels poisoned himself and his biological children as the war was ending.
One of Taiwan's richest men on Monday launched what has been widely touted as the Asian equivalent of the Nobel Prize, and it is even more lucrative than the famed Swedish award.
Samuel Yin, head of the sprawling Ruentex business empire which has invested heavily in China, said that by donating Tw$3 billion ($101 million) for the Tang Prize he had fulfilled one of his biggest dreams.
"I hope that the prize will encourage more research that is beneficial to the world and humankind, promote Chinese culture and make the world a better place," he said in a statement released by the prize foundation.
The prize is named after China's Tang Dynasty (618-907), which is much admired by Yin, the foundation said.
The dynasty has inspired generation after generation with admiration for its vibrant characteristics of self-confidence and cosmopolitan inclusiveness, which are the qualities that the Tang Prize seeks to promote, it said.
Beginning in 2014 prizes will be awarded every two years in four different categories — sustainable development, biopharmaceutical science, sinology and the "rule of law"— to individuals, regardless of nationality.
The winner in each category will receive Tw$50 million ($1.7 million), compared to the eight million Swedish kronor ($1.2 million) that comes with a Nobel Prize.
The Tang Prize will help raise Taiwan's profile in the international scientific community, the statement said.
Nobel Prizes are awarded in the fields of physics, chemistry, physiology or medicine, literature, peace and economics.