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The latest news on Billionaires from Business Insider

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    Mark Zuckerberg

    Frugality is a subjective term. To the average Joe it could mean eating meals at home or scouring the internet for cheap flights.

    But to a billionaire it means showing up to work in a T-shirt and jeans, driving a Toyota or Volkswagen, and, in some instances, foregoing the purchase of a private jet or lavish vacation home.

    Surprisingly, some of the richest people on earth are incredibly frugal, each one with their own penny-pinching habits.

    From eating lunch in the office cafeteria with their employees to residing in homes worth a fraction of what they could afford, these eight self-made billionaires — many of whom are also generous philanthropists— know the secret to keeping their net worth high.

    SEE ALSO: 'I never touched it': Serena Williams tried to deposit her first million-dollar check in the bank drive-thru

    DON'T MISS: 7 unexpected truths you probably didn't realize about the richest people in the world

    Warren Buffett, chairman and CEO of Berkshire Hathaway, still lives in the same home he bought for $31,500 in 1958.

    Net worth:$74 billion

    The "Oracle of Omaha" is one of the wisest and most frugal billionaires around. Despite his status as one of the richest people on earth, he still lives in the same modest home he bought for $31,500 in 1958, doesn't carry a cellphone or have a computer at his desk, and once had a vanity license plate that read "THRIFTY," according to his 2009 biography. And when his friend of 25 years Bill Gates visits Omaha, Buffett picks Gates up from the airport himself.

    Buffett also has a decidedly low-brow palate, known not just for investing in junk-food purveyors like Burger King, Dairy Queen, and Coca-Cola, but also for filling up on them as well. The Buffett diet includes five Cokes a day, as well as Cheetos and potato chips.

    At his annual shareholder's meeting in 2014, Buffett explained that his quality of life isn't affected by the amount of money he has:

    "My life couldn't be happier. In fact, it'd be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more because it doesn't make a difference after a point."



    Mark Zuckerberg, founder and CEO of Facebook, drives a manual-transmission Volkswagen hatchback.

    Net worth:$70 billion

    Despite his status as one of the richest tech moguls on earth, Mark Zuckerberg leads a low-key lifestyle with his wife Priscilla Chan and their young daughter. The founder of Facebook has been unabashed about his simple T-shirt, hoodie, and jeans uniform.

    "I really want to clear my life to make it so that I have to make as few decisions as possible about anything except how to best serve this community," Zuckerberg said.

    The trappings of wealth have never impressed the 33-year-old, who in December 2015 announced he would donate 99% of his Facebook shares during his lifetime.

    Zuckerberg chowed down on McDonald's shortly after marrying Chan in 2012 in the backyard of their $7 million Palo Alto home — a modest sum for such an expensive housing market and pocket change for a man worth more than $70 billion. In 2014, he traded in his $30,000 Acura for a manual-transmission Volkswagen hatchback.



    Carlos Slim Helú, founder of Grupo Carso, has lived in the same six-bedroom house for more than 40 years.

    Net worth:$65.3 billion

    Rather than spending his fluctuating fortune, Carlos Slim funnels his billions back into the economy and his vast array of companies. He once mused to Reuters that wealth was like an orchard because "what you have to do is make it grow, reinvest to make it bigger, or diversify into other areas."

    The 77-year-old is by far the richest man in Mexico, but he forgoes luxuries like private jets and yachts and reportedly still drives an old Mercedes-Benz. Slim runs his companies frugally, too, writing in staff handbooks that employees should always "maintain austerity in prosperous times (in times when the cow is fat with milk)."

    The businessman has lived in the same six-bedroom house in Mexico for more than 40 years and routinely enjoys sharing home-cooked meals with his children and grandchildren. He's got a couple of known indulgences, including fine art — in honor of his late wife — and Cuban cigars, as well as an $80 million mansion in Manhattan, which he previously tried to sell.



    See the rest of the story at Business Insider

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  • 07/27/17--09:37: The 9 richest people in tech
  • Jeff Bezos

    Jeff Bezos has overtaken Bill Gates to become the richest person in the world.

    A jump in Amazon's share price has propelled the CEO into top place, knocking Gates off his post after four years running. If this holds until the end of the day's trading, Bezos will have a net worth of roughly $90 billion. 

    Technology tycoons continue to dominate lists of the richest people in the world. According to the Bloomberg Billionaires Index, one-third of the 30 richest billionaires have earned their fortunes in this sector. 

    Tech money proves to be hard-earned as well: All nine of the richest billionaires are self-made, thanks to the powerful companies they built themselves, including Amazon, Facebook, Microsoft, and Google.

    For the ranking, Business Insider culled data from the Bloomberg Billionaires Index as of July 27, as well as live data from Amazon's share price. The index updates daily to provide up-to-the-minute data on the world's wealthiest men and women. You can read the full methodology here.

    Below, read on to see the nine richest billionaires who made their fortunes in tech.

    Emmie Martin contributed reporting to an earlier version of this article.

    SEE ALSO: Amazon CEO Jeff Bezos is the new richest person in the world — here's how he got there

    9. Steve Ballmer

    Net worth:$30.6 billion

    Age: 61

    Country: US

    Industry: Technology

    Source of wealth: Self-made; Microsoft

    Steve Ballmer dropped out of business school at Stanford in 1980 to join Harvard friend Bill Gates at Microsoft as the company's first business manager, earning a $50,000 salary and a stake in the company. During his tenure, Ballmer held positions as vice president of marketing, vice president of systems software, and executive vice president of sales and support, and was often referred to as "the numbers guy."

    He became CEO of the company in 2000 after Gates stepped down, and he remained in charge of the software giant until Satya Nadella replaced him in 2014. While running Microsoft, the company's revenue grew by 294% and profits by 181% — although its market share was surpassed by Google and Apple during the same period. Still, the early stake Ballmer acquired in the company made him immensely wealthy. 

    After stepping down as CEO, Ballmer fulfilled his dream of owning an NBA franchise, paying $2 billion in a deal to buy the Los Angeles Clippers, now his main venture. 

    Ballmer's net worth has increased $4.18 billion in the last year.



    8. Ma Huateng

    Net worth: $31.1 billion

    Age: 45

    Country: China

    Industry: Technology

    Source of wealth: Self-made; Tencent Holdings

    Software engineer Ma Huateng (aka Pony Ma) founded China's largest internet portal, Tencent Holdings, in 1998. He was 26. Ma's company has a number of successful and widely used platforms in its portfolio, including QQ, its instant-messaging service, which is one of the world's 10 largest websites; a mobile-texting service (WeChat) with over 900 million users; a mobile-commerce product (WeChat Wallet); and an online-gaming community (Tencent Games), the largest in China.

    Ma's wealth has increased by $10.3 billion in the past year.



    7. Jack Ma

    Net worth: $43.8 billion

    Age: 52

    Country: China

    Industry: Technology

    Source of wealth: Self-made; Alibaba

    The richest person in China, Alibaba founder and executive chairman Jack Ma reportedly started China's first internet company in 1988: China Yellowpages. He lost control of that company to a state-owned telecom in 1996 and started Alibaba three years later with just $60,000. Fifteen years after its inception, the e-commerce company broke records with a $25 billion initial public offering— the world's largest ever.

    Post-IPO, however, Alibaba's good fortune began to slip. The company's shares dropped 22% in 2015, most likely because of China's slowing economy and concerns over counterfeiters using the company's platform. Ma didn't worry, though. He acknowledged that 2016 would be a trying time for the Chinese economy, but remained confident in Alibaba's long-term success.

    Ma's wealth has increased by $10.5 billion over the past year. 



    See the rest of the story at Business Insider

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    chryseis tan

    The INSIDER Summary:

    • Chryseis Tan is an investor and CEO... and the daughter of a Malaysian billionaire.
    • She shares her fashion, travels, meals, and lifestyle with 178,000 Instagram followers.
    • She got engaged to another Malaysian billionaire's son in June.


    Chryseis Tan's Instagram bio is simple: "I want to travel the world."

    Of course, many people share her desire to see new places. But those people aren't the daughter of a Malaysian billionaire.

    Tan, a 28-year-old investor and CEO in her own right, travels in private jets, enjoys 18-course meals at trendy restaurants, and has some killer #OOTDs.

    Here's why her 178,000 Instagram followers can't get enough of her glamorous lifestyle.

    Chryseis Tan is more than just an heiress.

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    Her father, Vincent Tan, does happen to be the 20th richest man in Malaysia...

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    ...but she has plenty of her own ventures keeping her busy.

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    See the rest of the story at Business Insider

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    billionaire wedding

    The INSIDER Summary:

    • Sophie Lasry and Alexander Swieca both have billionaire parents.
    • They got married on August 6 at Cipriani Wall Street, a New York City landmark.
    • The star-studded guest list included Jennifer Lopez and A-Rod, and the Clintons.


    Sophie Lasry and Alexander Swieca both have hedge fund-founding billionaire parents. It's only fitting, then, that their lavish wedding on August 6 took place on Wall Street.

    Attended by Jennifer Lopez, A-Rod, and the Clintons, who are longtime friends of the Lasry family, the celebration featured a chandelier of flowers over the wedding canopy, and an equally floral photo booth. 

    Here's what it was like inside.

    Sophie Lasry and Alexander Swieca are both children of billionaires.

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    Lasry's father is Avenue Capital Group founder Marc Lasry, worth $1.59 billion. Swieca is the son of Henry Swieca, the founder of Talpion Fund Management with a $1.73 billion fortune.

     



    Their wedding took place at Cipriani Wall Street, a New York City landmark that once housed the New York Stock Exchange, as well as the headquarters of the National City Bank.

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    In addition to the traditional chuppah (wedding canopy), a chandelier of flowers cascaded down from the ceiling.

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    See the rest of the story at Business Insider

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    Q_portraits_2287 (1)

    • Aaron Simpson runs private concierge club Quintessentially, which promises to deliver "anything, anywhere, anytime, as long as it's legal and moral."
    • The company is believed to have around 100,000 customers globally, including 800 billionaires who pay up to £150,000 ($195,000) a year in fees.
    • Members have reportedly included Madonna, Richard Branson, and J.K. Rowling.
    • It once hired out the Egyptian pyramids for a client's private event. It also had a metal detector delivered to an address in the French Alps for a member who lost his house keys in the snow.

    When 45-year-old Aaron Simpson graduated from Oxford, chances are he didn't predict that his future would involve organising flash mobs in New York City or hiring the Egyptian pyramids for marriage proposals.

    However, as co-founder and group executive chairman of global private concierge club Quintessentially, a company that has called itself a "wish-fulfilment empire," an average day often involves making insane ideas a reality.

    If that's not an extravagant enough career, alongside heading up the company's 65 global offices, Simpson is also in the process of building a £250 million 220 metre superyacht that will be the "world’s largest floating private members club for the global elite."

    So how did Essex-born Simpson end up with one of the most impressive little black books in the world, packed with names of billionaires in the top 1% of the 1%?

    After finishing a degree in geography at Oxford, Simpson started out as a film producer making movies in London, both with his own companies — Hot Air and Flashlight Films — as well as working with Elton John's Rocket Pictures.

    But working in film was more of a "recreational sport" than a career, and along with two business partners, he began to explore an entirely new idea.

    Making the "inaccessible accessible" for the "time poor but cash rich"

    Tanagra 5463

    In an interview with Real Clear Life, Simpson said that one year Elton John asked him to go and buy Christmas cracker fillers, and gave him a "few hundred thousand pounds in cash" to do so.

    The task, which was for a dinner party of 12, inspired him to think: "Why not create a company for time poor but cash rich people?"

    He had met lawyer Paul Drummond, who "had a bit of a brain on him," while studying at Oxford. The final piece of the jigsaw was Ben Elliot, the nephew of Duchess of Cornwall Camilla Parker Bowles. He was introduced through Camilla's son Tom Parker Bowles, who was the PR agent on one of his films.

    "It all went uphill from there," Simpson told Business Insider.

    The trio created Quintessentially in 2000 as a way to "access the inaccessible in London." They managed to pull together money from private investors, and the company took off largely due to their connections and word of mouth.

    "We had lots of access at lots of different points because of our connections," Simpson said. "I was looking after film people coming into London — that gives you great access, I just got to know everybody. So did Ben, he had nightclubs, and Paul put all the legal framework together."

    "Anything, anywhere, anytime, as long as it's legal and moral"

    Animal Ball at Clarence House

    When the company started, it had four employees. "We're now 2,500 people in 60 countries looking after lots and lots of very happy, wealthy people," Simpson said.

    The company's biggest hubs are London, New York, LA, Hong Kong, and Dubai, and it also has offices in the likes of Berlin, Munich, Geneva, and Milan. It has 28 businesses under the Quintessentially umbrella, including Quintessentially Estates, Events, Travel, Weddings, Wine, and Gifts, as well as the insurance service Quintessentially Covered.

    "We can do anything, anywhere, anytime, as long as it's legal and moral," Simpson said.

    Most of the company's time is spent looking after the top two tiers of its membership: The Dedicated and Elite members. The former is more for the "professional class," such as CEOs, while for Elite members "time is money, so they just want to get it done."

    Each is given a lifestyle manager who can be contacted 24/7. Quintessentially has a website and an app — both of which it is in the process of relaunching — but most interactions happen over email or on the phone, according to Simpson.

    "We find people prefer to talk to human beings at our level," he said. "At the luxury end they really want to deal with someone, they want to make sure that their preferences are right and that they’re well looked after."

    While the company declined to reveal the names of any of its members, reports have suggested that the likes of Madonna, Richard Branson, J.K. Rowling and P Diddy are amongst its past and present clientele.

    An Instagram post showing a collection of first edition Harry Potter books being delivered to the Quintessentially office in London suggest the reports might be true.

    There is nothing more exciting than receiving stunning first-edition books at Quintessentially HQ, particularly when it is the Harry Potter collection.

    A post shared by Quintessentially (@quintessentially) on Mar 5, 2017 at 3:25am PST on

    The company did, however, send Business Insider a testimonial from the "PA to Coldplay" who said that the service has been "indispensable," adding: "They have never failed to come up with a restaurant booking or any other bespoke service offering for us regardless of what time, place, or country it is in and no matter how last minute."

    From Times Square flash mobs to James Bond chase scenes

    Requests can involve absolutely anything, according to Simpson. From sourcing a rare Patek Philippe watch — which normally has a near-10-year waiting list — within the hour, to having metal detector delivered to an address in the French Alps for a member who had lost his house keys in the snow.

    The company once organised a flash dance mob in Times Square to Pharrell's "Happy" as a birthday surprise, complete with a personalised birthday message displayed on nearby advertising boards.

    According to the BBC, the company even arranged for a man to "hire to Egyptian pyramids" and fly in 300 family and friends so he could pop the question in front of them. Building an exact replica of the Batcave and recreating a James Bond chase scene are also among the things it has done for members.

    It also deals with corporate clients and luxury brands, including Ferrari and Gucci. It provides "white label" concierge services, as well as helping them with services such as public relations. And it works two ways. Ferrari, for example, has also helped boost Quintessentially's client base by offering free memberships alongside car purchases.

    The company declined to reveal the exact cost of its memberships, and Simpson said the price points often change. However, he estimated that members are looking at around £7,000 a year for the Dedicated service, and up to £20,000 for the Elite.

    The BBC reported that the firm has an estimated 100,000 customers around the world, including 800 billionaires who pay up to £150,000 a year.

    The company "never deals" with more than 5,000 clients in one city and has waiting lists in some locations. "Personalisation is key," Simpson said. "A lifestyle manager will look after a certain number of people. That hasn’t changed."

    A move to 'mindful entrepreneurialism'

    Photoshootin' with the big boss @quintessentially #AaronSimpson 📸📸📸🇬🇧🇬🇧🇬🇧

    A post shared by 💎 E M I L Y B R Y A N T 💎 (@emilykbryant) on Mar 1, 2017 at 5:03am PST on

    Alongside the extravagant requests, Simpson said the company has seen another, perhaps more surprising, trend among its members. He calls it "mindful entrepreneurialism," which is a move "away from purely hedonistic entrepreneurialism and 'bling' more towards how people are thinking about how their activities impact both environmentally and socially."

    Good Chance_563

    For example, one of his clients is building one of the largest yachts in the world, which is actually a marine research vessel.

    "When he uses it for the two to three weeks a year he uses it, it’s a superyacht, but the rest of the time it’s a marine research vessel, and it’s been built for that purpose," he said.

    "Whereas people used to fly and flop and sit on the beach drinking pina coladas, getting burnt, now they’re very much more active in ecosystems."

    "It’s not just about going up the Eiffel Tower anymore," he added. "It’s about how it was constructed, and why it was constructed, and what is it made of."

    Wellness requests are also abundant. "Everyone wants to live forever, don't they? I can't think of anything worse," Simpson joked. "Social media is absolutely awash with it. Everyone’s got a fitness video, everyone’s got a makeup video, everyone’s got a diet plan."

    The Rich Kids of Instagram

    I was actually on the phone this time

    A post shared by mattymattyc (@mattymattyc) on Apr 30, 2017 at 2:28am PDT on

    The impact of social media on these luxury lifestyles has been complicated.

    Simpson said there's no doubt the company gets requests based on what and where Instagram photos. "Do bloggers influence as much as they think? They probably do. But I think a lot of our clients are very savvy and [already] live that life," he added.

    He described how instead of showing their "real self"— "you basically have your 200 friends, you look crap in the morning, and the cat’s been sick on your bed"— many Instagram users project the person they "really want to be."

    "You wake up surrounded by roses and chocolates with four guys massaging your feet," he said. "There’s endless supplies of Champagne, you’re in Monte Carlo one day, and Venice the next."

    These accounts sound strikingly similar to those featured on the Rich Kids of Instagram accounts which, over the past few years, have gone viral around the world. Business Insider has previously documented the lives of these privileged youngsters, including the Rich Kids of Hong Kong and the Rich Kids of Switzerland.

    "They probably do have a follower base who really dig what they’re putting on Instagram," Simpson said, adding: "I get the concept of 'I’m so rich I don’t care.' We have certain clients where next generation issues are different. Children spend their money and advertise it on social media, and the only way you’ve got is to cut them off."

    One of his clients, a 23-year-old, had his annual allowance cut from £40 million to £18 million and "couldn’t do it" according to Simpson.

    "That’s an extreme example of what is [happening across] wealthy families," he said."If you’re a good parent they’ll probably end up OK. If you buy them out of every situation, you’re training them."

    "If I saw my daughter or son sitting next to a pile of cash on a private jet, I’d say land it, take it back home," he added. "It’s damaging [to the] family brand.”

    However, he said Quintessentially's clients are less likely to be the ones bragging about their lifestyles on social media."We’re dealing with people who don’t need to pretend about that lifestyle."

    'No average day'

    There's no average day for the cofounder, who is based at the London office, pictured above, and has two young daughters with his wife.

    "I meet some members, sometimes they want to meet about talk about business networking ideas," he said. "More generally I’m chief troubleshooter through all the issues that arise, mainly around humans. Machines don’t complain."

    The company recently underwent a restructure to bring all of its 28 businesses under one roof, which has been a major focus for Simpson, and has meant lots of behind the scenes work. "It's one for all and all for one rather than separate camps," he said.

    The strategy appears to be paying off. Since the restructure, Simpson told the BBC that Quintessentially's revenue stands at £150 million. This is significant jump on its most recent Companies House earnings for the 12 months to April 2016, which put its revenue at £22.1 million. This produced a pre-tax profit of £396,000.

    He told Business Insider that the annual membership fees are what make the money. "Without it, we wouldn’t be here," he said, though he added: "We also make money other ways depending on the business. We have 28 business threads. If we found you an apartment or house, we would make a percentage commission on the transaction."

    Like some of its clients, the company is also determined to do some good. In 2008, the Quintessentially Foundation was launched, which has since raised £9.5 million to "improve the education, health and welfare of disadvantaged children and young people worldwide."

    _M8E3405

    Building the world's largest superyacht

    The next big project on the horizon for Simpson? Quintessenially One, the world's largest superyacht.

    Pictured below in an artists' impression, it will "provide the opportunity for the global elite to tour the world and attend the world's most desirable events," such as the Cannes Film Festival and the Monaco Grand Prix, and will play host to mega parties with star performers.

    10

    Due to make its first voyage in 2019-2020, Quintessentially One is billed as the "the world’s largest floating private membership club," but securing a spot onboard will, of course, be by invitation only.

    But it seems he won't stop there. The company is also reportedly looking into hotels and clubs, and is due to roll out its first destination in 2018 in Hong Kong, followed by London.

    "When you get the brand right and the feeling around the brand right, lots of things come to you, because there’s positive energy," Simpson said.

    Join the conversation about this story »

    NOW WATCH: There's a place off California's coast called the 'Red Triangle' where over 1/3 of great white shark attacks happen


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    SKIBO_10355 (1024x768)

    The Carnegie Club at Skibo Castle, situated in the Northern Highlights of Scotland, calls itself the country's "best kept secret."

    The 8,000-acre property is home to a championship golf course, a spa, and 21 elegant guest rooms. It is also one of the most prestigious private members' clubs in the UK.

    The Carnegie Club was founded by one of the world's first billionaires — American industrialist and philanthropist Andrew Carnegie — who "spared no expense in transforming it into a millionaire’s playground," according to the company.

    Its 350 members include CEOs, oil tycoons, and Russian, Swiss, and Austrian aristocrats. Madonna has also been a member — and even married Guy Ritchie at Skibo Castle in 2000.

    It's now looking for new people to join its ranks, a spokeswoman told us. Membership costs £8,000 ($10,400) per year, plus a one-off joining fee of a whopping £25,000 ($32,400). There's also a rigorous joining process.

    So what lies inside the doors of this secretive Scottish spot? Scroll down to see inside the exclusive, private Carnegie Club inside Skibo Castle.

    Welcome to Skibo Castle, home to the private members' Carnegie Club.



    It was founded by American industrialist, philanthropist, and one of the world's first billionaires Andrew Carnegie. Carnegie came to Skibo in 1898 and transformed the estate into what he considered to be "heaven on Earth."

     

     



    It has called itself a "millionaire’s playground." Its members include CEOs, oil tycoons, and Russian, Swiss, and Austrian aristocrats.

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    "Skibo’s membership is 40% American, many of whom are business leaders, CEOs, and oil tycoons largely from Texas, Boston, and New York," the Club told Business Insider.

    "There are a large proportion of American guests who have Scottish ancestry and have an interest in Scottish and British culture. The remaining percentage largely hail from Britain, many from London and surrounds, as well as Austrian aristocrats, Swiss and Russians."



    See the rest of the story at Business Insider

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    emir boat

    The INSIDER Summary:

    • Emir Bahadir is a real estate mogul, entrepreneur, and Instagram star with 557,000 followers.
    • His luxurious lifestyle involves private jets, exclusive parties, and glamorous vacations.
    • He hopes to inspire other entrepreneurs to work hard and live their dreams.


    Emir Bahadir likes to stay busy.

    When he's not running his New York City brokerage firm or designing clothes, skincare products, and bitmojis, the 25-year-old is jet-setting to glamorous vacations and exclusive parties around the world with 557,000 Instagram followers watching his every move.

    In his first US interview, Bahadir spoke to INSIDER about his fabulous lifestyle — and how it's not always as perfect as Instagram might make it seem.

    SEE ALSO: We went to a glamorous poker event where billionaires, athletes, and poker pros face off

    Emir Bahadir is an entrepreneur and businessman from Istanbul, Turkey.



    "Growing up, I was raised very international," he told INSIDER.

    He attended The American School in Switzerland and NY,  and traveled frequently with his family — who happen to be Turkish real estate moguls.

    "I'm pretty accustomed to packing a bag and jumping on a plane and attending a dinner in Europe on the same day, because that's the way my family functions, that's the way that I grew up," he said. 



    While he still has the support of his family, he also has his own goals.

    "I've proven to them that I can do things on my own," he said. "At the end of the day, my reason for everything is to be respected for who I am today, rather than my last name or what my family has built over the years."



    See the rest of the story at Business Insider

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    Bill Gates, Warren Buffett, and Jeff Bezos may be the richest men in the world, but they aren't the only billionaires.

    There are 2,043 people across the globe with three commas in their net worths, according to the 2017 Forbes Billionaires list. The 23 wealthiest have $1 trillion collectively.

    In 2017, 10 of the world's billionaires — fewer than 1% — are black, down from 12 last year, reports Forbes contributor Mfonobong Nsehe. Three of the 10 are women. All but one, Isabel Dos Santos, are billed by Forbes as self-made.

    To compile the full list, Forbes uses stock prices and exchange rates to estimate the net worths of the world's richest people, and then ranks them based on their wealth. This year's list was created using data from February 17, 2017, but Forbes also maintains a current snapshot of the world's billionaires, updated daily.

    Continue reading to see the richest 10 black billionaires in the world, according to the 2017 Forbes Billionaires list.

    SEE ALSO: Meet the richest man in Africa — the only black billionaire among the world's 50 richest people

    DON'T MISS: The highest-paid men earn over $200,000 more than the highest-paid women in the US

    Mohammed Ibrahim: $1.14 billion

    Self-made billionaire, 71 year-old Mohammed Ibrahim, was born in Sudan and now lives in the United Kingdom, where he is the 11th wealthiest citizen. Ibrahim became a billionaire after selling his telecommunications company, Celtel International, in 2005, according to Forbes. Now he spends much of his time focusing on improving the lives of African citizens through the Mo Ibrahim Foundation.



    Michael Jordan: $1.31 billion

    One of the most successful athletes of all time, Michael Jordan, 54, made a total of $90 million as a basketball player, according to Forbes. Since retiring from the NBA, he has amassed the majority of his wealth through his relationship with Nike and other corporate partnerships. Jordan, who also owns a stake in the Charlotte Hornets, now makes more in one year than he did during his entire professional basketball career, as Business Insider's Cork Gaines reported.



    Folorunsho Alakija: $1.61 billion

    Folorunso Alakija, vice chair of Nigerian oil company Famfa Oil, got her start in business as the founder of an elite Nigerian fashion label, according to Forbes. The 66 year-old self-made billionaire lives in Lagos, Nigeria and has four children. Her son, Folarin Alakija, recently married Iranian model Nazanin Jafarian Ghaissarifar, in a lavish, multi-million dollar wedding, which took place in England.



    See the rest of the story at Business Insider

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    Aliko Dangote

    Nigerian businessman Aliko Dangote was worth a cool $12.2 billion as of March 2017, according to Forbes.

    His fortune, which amounts to about 3% of Nigeria's total GDP, renders him the richest person in Africa by a landslide — and the highest-ranked black billionaire in the world.

    That's impressive, but it's about half of what Dangote was worth in 2014, when he commanded a fortune of $25 billion.

    The majority of his wealth stems from a more than 90% stake in Dangote Cement, a publicly traded company on the Nigerian Stock Exchange with a market cap of $11 billion.

    Dangote's business interests span several African countries. He owns cement plants in Zambia, Senegal, Tanzania, and South Africa. In 2011, the commodities baron invested $4 billion to build a facility on the Ivory Coast.

    Earlier this year, Dangote announced plans to invest $3.8 billion in sugar and rice and $800 million in dairy production as Nigeria navigates its first economic recession in at least two decades due to falling oil prices. 

    Dangote, who has been CEO and president of Dangote Group for more than 35 years, is also an active philanthropist. As chairman of The Dangote Foundation, he oversees several education, agriculture, and health initiatives, including a $12,000-per-day food program for the undernourished.

    "Aliko is Africa's richest man, and his business activities drive economic growth across the continent. That's impressive, but I know him best as a leader constantly in search of ways to bridge the gap between private business and public health,"wrote Bill Gates, the richest person in the world, of his fellow philanthropist in Time Magazine. The tech mogul also praised Dangote's success in removing Nigeria from the global list of endemic countries in his fight to eradicate polio.

    In January 2016, Dangote and Gates announced a $100 million pledge to cut malnutrition in Nigeria, Africa's most populous country and leading economy. The pair also signed a deal to enhance immunization programs in the country's Northern states.

    This is an updated version of a previous post.

    SEE ALSO: Meet the world's 10 richest black billionaires

    Join the conversation about this story »

    NOW WATCH: We may have been wrong about ‘good’ cholesterol all this time


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    Mark Cuban

    Everybody makes mistakes when it comes to money — and billionaires are no exception.

    In a new interview with MONEY, "Shark Tank" investor Mark Cuban and Spanx founder Sara Blakely, both self-made billionaires, discussed starting their respective businesses years ago with little money and tons of grit.

    Blakely decided early on that she'd grow her company with only the cash she had on hand: "I've never really had debt — if I can't afford it, I don't buy it."

    Cuban, on the other hand, turned to credit cards.

    "For me, the hardest lesson I learned was getting my credit cards ripped up," said the Dallas Mavericks owner. "I would charge something and think I would be able to pay it off and then not be able to. I can't tell you how many credit cards I had ripped up."

    But it didn't take long for Cuban to realize "that debt was not my friend," he said.

    "Over time, what I've learned is using a credit card is okay if you pay it off at the end of the month. Just recognize that the 18% or 20% or 30% you're paying in credit card debt is going to cost you a lot more than you could ever earn anywhere else," Cuban said.

    He's right — the opportunity cost of racking up high-interest credit card debt is immense. As MONEY explains, the average annual return for US stocks is 10%, 6% for government bonds, and 3% for cash.

    If your credit card interest rate is higher — the average is 16.67% right now— you'll save more by paying off the debt, or staying out of it in the first place, than you'd earn if you invested it.

    "The key is living within your means. Saving money and putting some into a low-cost mutual fund — like an [S&P index] fund — and living as inexpensively as you possibly can, will pay off dividends," said Cuban, who became a millionaire at age 32 after selling his first company.

    Less than a decade later, he sold his second company, Broadcast.com, to Yahoo for $5.7 billion. His net worth today is $3.7 billion, according to Bloomberg.

    "If you're making $30,000 or $40,000 a year, it's hard. But at the same time, if you can find a way to save, if you can find a way to invest inexpensively in the market, you can start to build your net worth," said Cuban, who reached his first $1 million in part by learning to "party like a rock star, but still live like a student." 

    Blakely, who is worth around $1.2 billion, agrees. "As my means change, maybe what I can spend changes, but I always keep that as my baseline. If I'm spending well below my means, I'm going to be in good shape."

    Read the full story on MONEY »

    SEE ALSO: The book Mark Cuban says taught him to 'party like a rock star, but still live like a student' helped him reach his first $1 million

    DON'T MISS: A self-made millionaire explains how a 'painful' money mistake he made in college led him to the investment strategy that made him rich

    Join the conversation about this story »

    NOW WATCH: The unglamorous first jobs of Warren Buffett, Mark Cuban and other successful businessmen


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    instagram misselp

    The London private members club scene is arguably the most prestigious in the world.

    Earlier this year Business Insider compiled a ranking of the capital's most exclusive members' clubs, and found that one was particularly intriguing.

    5 Hertford Street is so exclusive that it declined to give even a ballpark indication on the cost of membership.

    We were instead sent one photo of the bar at its downstairs nightclub called Loulou's, which only left us wanting to see more of what actually goes on down there.

    Its Instagram account is also private. But after some digging, we've managed to put together a rare glimpse behind the scenes at the only members' club for those in the know, including Lupita Nyong'o, George and Amal Clooney, Mick Jagger and Leonardo DiCaprio when they're in London, as well as young royals Prince William and Princess Eugenie.

    So if you're curious as to where the young, rich, beautiful and connected head to after hours, keep scrollin'.

    Perched on the corner of Shepherds market, in London's Mayfair, behind an unmarked maroon door sits this secretive and exclusive private members' club. Royals, billionaires, and A-listers are all known to frequent the club — when they can get a reservation.

    It's owned by Robin Birley an English businessman the son of Lady Annabel Goldsmith and night club owner Mark Birley. Birley, who has now also inherited his father's private members' club Annabel's, also owns the upmarket sandwich chain Birleys. 



    Step inside and you will find quintessentially English clashing patterns and prints on the carpets and walls — the club's trademark style — reminiscent of an eccentric upper-class country home. Fashion designer Rifat Ozbek is behind its boho-chic interior.

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    Eclectic art lines the walls of the various living and sitting rooms which are lit by cabaret-style table lamps. Expect to see members wandering around in smoking jackets, velvet slippers and signet rings.

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    See the rest of the story at Business Insider

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    In 2017, 10 of the world's billionaires — fewer than 1% — are black, down from 12 last year, reports Forbes contributor Mfonobong Nsehe. Three of the 10 are women. All but one, Isabel Dos Santos, are billed by Forbes as self-made.

    To compile the full list, Forbes uses stock prices and exchange rates to estimate the net worths of the world's richest people, and then ranks them based on their wealth. This year's list was created using data from February 17, 2017, but Forbes also maintains a current snapshot of the world's billionaires, updated daily.

    Join the conversation about this story »


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    instagram misselp

    The London private members club scene is arguably the most prestigious in the world.

    Earlier this year Business Insider compiled a ranking of the capital's most exclusive members' clubs, and found that one was particularly intriguing.

    5 Hertford Street is so exclusive that it declined to give even a ballpark indication on the cost of membership.

    We were instead sent one photo of the bar at its downstairs nightclub called Loulou's, which only left us wanting to see more of what actually goes on down there.

    Its Instagram account is also private. But after some digging, we've managed to put together a rare glimpse behind the scenes at the only members' club for those in the know, including Lupita Nyong'o, George and Amal Clooney, Mick Jagger and Leonardo DiCaprio when they're in London, as well as young royals Prince William and Princess Eugenie.

    So if you're curious as to where the young, rich, beautiful and connected head to after hours, keep scrollin'.

    Perched on the corner of Shepherds market, in London's Mayfair, behind an unmarked maroon door sits this secretive and exclusive private members' club. Royals, billionaires, and A-listers are all known to frequent the club — when they can get a reservation.

    It's owned by Robin Birley an English businessman the son of Lady Annabel Goldsmith and night club owner Mark Birley. Birley, who has now also inherited his father's private members' club Annabel's, also owns the upmarket sandwich chain Birleys. 



    Step inside and you will find quintessentially English clashing patterns and prints on the carpets and walls — the club's trademark style — reminiscent of an eccentric upper-class country home. Fashion designer Rifat Ozbek is behind its boho-chic interior.

    Instagram Embed:
    http://instagram.com/p/BJ_Rj5qjVG4/embed/
    Width: 658px



    Eclectic art lines the walls of the various living and sitting rooms which are lit by cabaret-style table lamps. Expect to see members wandering around in smoking jackets, velvet slippers and signet rings.

    Instagram Embed:
    http://instagram.com/p/BW0q6OcFze-/embed/
    Width: 658px



    See the rest of the story at Business Insider

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    liliane bettencourt

    LONDON — Europe's wealthiest individuals are a mixed group.

    Some of them founded iconic international brands like Lego and Ikea, and some owe their billions to the wealth of centuries-old dynasties.

    There are those in eastern Europe who made their money recently after the collapse of the Soviet Union, industrialists from Scandinavia with fortunes derived from old industry, and some in Western Europe with ancient royal connections.

    Business Insider has used Forbes' 2017 Billionaires' List to determine the wealthiest individual in each European state, ranked from the least wealthy upwards.

    In some countries, no residents made the Forbes list, and the countries were therefore not included in this ranking.

    Monaco's Tatiana Casiraghi — NET WORTH: £1.9 billion ($2.4 billion)

    Beer heiress Tatiana Casiraghi is Monaco's richest resident, and she also happens to be a royal there. Casiraghi inherited the bulk of her fortune from her late grandfather, who sold his Colombian brewery Bavaria for billions in 2005. She is married to Prince Andrea Casiraghi of Hanover, who is fourth in the line to the Monaco throne.



    Finland's Antti Herlin — NET WORTH: £2.9 billion ($3.7 billion)

    Finland's richest man made his money in an unlikely way — the escalator and elevator business. He's the great-grandson of Harald Herlin, who purchased the KONE engineering company in the 1920s.



    Poland's Dominika & Sebastian Kulczyk — NET WORTH: £2.8 billion ($3.6 billion)

    The sibling pair share the fortune left by their father Jan, who died in 2015. They have run their father's portfolio of investments and assets since 2014.



    See the rest of the story at Business Insider

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    donald trump shrug

    The S&P 500 has soared since President Donald Trump's election victory on November 8. But his biggest campaign donors have been largely left out in the cold.

    A group of Trump's 24 biggest financial backers has seen their collective net worth rise by just 0.6% since the election, while the S&P 500 has climbed more than 14%, according to a report from Bloomberg's Brendan Coffey and Jack Witzig.

    Those donors — all members of Bloomberg's Billionaires Index— forked over more than $29 million combined to Trump's campaign and affiliated political groups, Coffey and Witzig calculated using federal records.

    The underperformance relative to the broader stock market stems from the group's outsized exposure to the energy and retail sectors, they found. 

    The energy group has come under pressure as oil prices have dropped 10% year-to-date, spurred by a persistently high level of stockpiles worldwide. While there's been speculation that oil prices will rebound, that hasn't yet come to fruition. Going forward, oil prices will at least partially hinge on economic data, which, when positive, raises expectations for energy demand.

    Meanwhile, the retail space has been marred by more than 6,300 store closings so far in 2017. The closings have stemmed from years of declining sales and Amazon's ability to disrupt everything in its path, which has put everything from the grocery stores to sporting good retailers on notice.

    The S&P 500 Energy Index has slipped 8% since the election, while a gauge of retailers in the benchmark has fallen 10%.

    Bringing up the rear since the election is Harold Hamm, the chairman and CEO of oil producer Continental Resources. His net worth has plunged by almost 27% since November 8, Bloomberg data show.

    That's not to say every one of Trump's billionaire campaign benefactors has struggled. The president's richest donor is casino titan Sheldon Adelson, who's seen his wealth grow by 4% since the election.

    The best-performing member of the group assessed by Bloomberg has been Thomas Peterffy, the founder, chairman and CEO of Interactive Brokers Group. He's outpaced the S&P 500, adding 20% to his net worth.

    See the original Bloomberg article here...

    Screen Shot 2017 08 23 at 12.03.39 PM

    SEE ALSO: Stocks are flashing a bigger warning sign than they did for Brexit and the US election

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    NOW WATCH: THE BOTTOM LINE: New record highs for stocks and a deep dive into Apple's iPhone


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    Screen Shot 2017 09 07 at 14.28.27For most people in their twenties, life is a constant balancing act between paying off student debt and finding the funds to be independent and still have fun.

    That's not the case for the world's super-young, super-rich elite.

    We took a glimpse at the lives of the world's five youngest billionaires — all 27 years old and under — to see how they spend their days and their seemingly unlimited funds.

    From zooming Ferraris to international dressage competitions, scroll down to meet the world's five youngest billionaires, presented by age in ascending order, and see how they spend their fortunes.

    SEE ALSO: The fabulous life of Anna Wintour

    Meet the world's youngest billionaire: Alexandra Andresen.

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    Alexandra has a net worth of $1.3 billion thanks to her father Johan Andresen's work in investment banking.

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    21-year-old Alexandra is a keen horse rider and has at least four horses.

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    See the rest of the story at Business Insider

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    isak andic getty julien M hekimian stringer

    Although the fashion business might not always be entirely glamorous, there's something profoundly alluring about the world of runways and spring-summer collections.

    Not to mention the amount of money that goes around. Fashion United estimated the global apparel market at $3 trillion (£2.21 trillion).

    Business Insider has compiled a list of the 25 richest people in the fashion industry. Using information from Forbes' 2017 list of billionaires, the list contains designers, founders, CEOs and marketing moguls that have made their fortunes in fashion retail — from fast fashion to haute couture.

    Scroll on to discover the 25 richest people in the fashion industry, including a description of each brand's rise to prominence, ranked in ascending order.

    =23. Alexandre Grendene Bartelle — $2.4 billion (£1.77 billion).

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     Alexandre Grendene Bartelle (right) with twin brother and Grendene co-founder Pedro Grendene Bartelle and daughter Lise Grendene.

    Alexandre Grendene Bartelle founded the shoe brand Grendene in 1971 with his twin brother Pedro. Grendene is a household name in its home country of Brazil, and international supermodel Gisele Bundchen even released her own line of flip-flops in partnership with the brand.

    Grendene is now the world's largest sandal manufacturer and Brazil's leading shoe exporting company, according to Forbes. Some of Alexandre Grendene Bartelle's fortune is also a result of his investments in sugar and kitchen unit manufacture.



    =23. Bernard Lewis — $2.4 billion (£1.77 billion).

    Bernard Lewis founded UK high street fashion retailer River Island in 1948 with three of his brothers. Lewis decided to move into fashion retail following the success of his greengrocer's shop which he founded beforehand, according to nephew and current River Island chief, Ben Lewis. The high street name has come a long way since then, with sales reaching £932.7 million last year, in a report by Fashion United.

    River Island has always been a family business. Lewis remains Chairman of the company, with his son Clive taking on the role of Deputy Chairman. Nephew Ben Lewis is now chief of operations.



    =22. Miuccia Prada — $2.6 billion (£1.9 billion).

    Miuccia Prada holds a 28% stake in luxury fashion and handbag brand Prada. She shares the role of CEO with her husband, Patrizio Bertelli. The husband and wife have a net-worth of $2.6 billion (£1.9 billion) each.

    Prada was founded in 1913 by Miuccia's grandfather as a luxury luggage company. It was under Miuccia Prada's leadership that the brand expanded into fashion and designer womenswear. Miuccia Prada is also the founder of the Prada subsidiary, Miu Miu, which was founded in 1993.



    See the rest of the story at Business Insider

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    Screen Shot 2017 09 18 at 6.26.04 PM

    This past weekend, Karen Karapetyan — son of Russian real estate mogul and billionaire Samvel Karapetyan — married social media star Lilit in a glamorous wedding at the Armenian Apostolic Church in Moscow. 

    There were reportedly thousands of flowers, a four-tier cake, and a guest list that included Vladimir Putin's PR representative, Dmitry Peskov.

    See all the details, below.  

    SEE ALSO: Supermodel Karlie Kloss runs a coding program for young women — take a look inside their brand-new office

    The couple invited 200 guests to the event. Lilit is a social media star who documents much of her travels and glamorous lifestyle on Instagram, where she has more than 11,000 followers.

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    Karen Karapetyan is the son of Samvel Karapetyan, who heads the Tashir Group real estate firm. According to Forbes, Samvel's net worth is estimated at $4.6 billion.

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     Source: Forbes



    Fashion designer Zuhair Murad — whose couture line has been worn by celebrities like Jennifer Lopez and Beyonce — posted photos of Lilit in her wedding gown.

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    See the rest of the story at Business Insider

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    Alice Walton (Jim out of focus)

    Walmart heiress Alice Walton is once again the richest woman in the world. 

    With the death of the French heiress of cosmetics giant L'Oreal Liliane Bettencourt, Walton has gone from the second richest to the richest woman on the planet.

    Prior to her death, Bettencourt was the 15th richest person in the world, while Walton was No. 19.

    With an estimated net worth of $38.4 billion, Walton is a member of one of the richest families in the world. 

    Alice, along with older brothers Jim and Rob — who also graced the list, produced with Wealth-Xa company that conducts research on the superwealthy— have a combined net worth of $101.5 billion, thanks primarily to their stake in retail giant Walmart.

    Unlike her brothers, 66-year-old Walton never took an active role in running the retail empire her father started in 1962, though she's still managed to become the target of pushback from minimum-wage Walmart employees who view her highfalutin lifestyle as insensitive and ignorant to the plight of many workers.

    Alice Walton

    Instead of spending time at Walmart, Walton became a patron of the arts at a young age. When she was just 10 years old, Walton saved up her allowance to buy a reproduction of Picasso's "Blue Nude,"she told The New Yorker.

    "Collecting has been such a joy, and such an important part of my life in terms of seeing art, and loving it,” she said.

    She began buying watercolor pieces in the 1970s and adorning the walls of her Rocking W Ranch with them. From there she moved on to more serious original works, particularly those by classic American artists; her immense personal collection now includes pieces from Andy Warhol, Norman Rockwell, and Georgia O'Keefe, among others.

    crystal bridges museum arkansas

    In 2011, she opened the $50 million Crystal Bridges Museum in Arkansas to house her $500 million collection. When it opened, Crystal Bridges already had four times the endowment of the famous Whitney Museum in New York.

    Before delving into the art realm, Walton made a brief career as an equity analyst and even founded her own investment bank, Llama Company, in 1988. The company closed about 10 years later, shortly after Walton was arrested for driving under the influence of alcohol (not for the first time).

    Twice divorced with no children, Walton is also a lover of horses, which she breeds at Rocking W Ranch, located in Texas, and rides competitively. The 1,456-acre ranch, however, is currently for sale for nearly $20 million.

    Walton is one of just four women to make our list of the 50 richest people on earth — and each inherited their fortune. The next wealthiest woman is 93-year-old Liliane Bettencourt, the French heiress to the L'Oreal fortune, with a net worth of $29 billion.  

    Melissa Stanger contributed reporting to this piece. 

    SEE ALSO: The 50 richest people on earth

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    NOW WATCH: Here’s where the 20 richest people in America live


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    michael dell

    More billionaires started out as salespeople than any other occupation, according to a new analysis of the world's 100 wealthiest individuals.

    British recruiting firm Aaron Wallis broke down the backgrounds of the world's 100 richest people, and found that 10% of them started out hawking goods and services.

    "It could be that people who are familiar with business deals at an early point in their career will take this forward to be successful in the million and billion-pound deals that come later on in their life," the group's report stated in its conclusion. 

    "Certainly, this is true of the story of George Soros, the 29th richest person in the world, who started his career as a traveling salesman for a toy and gift wholesaler before making his fortune as a trader and broker. The same could be said of Michael Dell, who started working as a cold call salesman for a newspaper before making his money as the founder of the computer hardware company Dell."

    The next most common first job for billionaires was stock trader — which in some ways is a sales job by another name, as it requires excellent communication skills to get the best deal. Software developer and engineer came next in the list: Each field was the first job for five of the billionaires on the list. Meanwhile, the first job for two of the world's richest people was construction worker.

    The study also looked at the college majors of the world's richest individuals. Engineering was the most common university degree on the list, with 22 having studied the subject.

    "There’s a clear trend between the people who studied an engineering subject and the richest 100 in the world," the firm said. "Many of the entrepreneurs who made their money in technology studied engineering, for example Jeff Bezos of Amazon, or Larry Page of Google."

    A business degree was second-most-common at 15, followed by finance and economics at 11. Only three billionaires studied computer science — but that doesn't include individuals like Bill Gates, who also studied but it dropped out. A full 25% on the world's richest list do not have degrees.

    Only 17% of the list started their own business as their first job, suggesting that it is in fact one of the most difficult paths to financial superstardom; 53% started out at another firm. And 30% became ultra-rich through the easiest path possible: They inherited their wealth.

    SEE ALSO: The scientific reason why entrepreneurs like Richard Branson think they are invincible

    Join the conversation about this story »

    NOW WATCH: All blue-eyed people have a single ancestor in common


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