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The latest news on Billionaires from Business Insider

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    Donald Bren and Trump

    When it comes to real estate wealth, one Donald is the clear winner.

    California native Donald Bren is the wealthiest real estate baron in America, with an estimated net worth of nearly $17 billion, according to Bloomberg's Billionaires Index, nearly six times President Trump's fortune.

    Unlike Trump, whose wealth is inherited according to Bloomberg, Bren is a self-made mogul who turned a $10,000 bank loan into a multi-billion dollar empire.

    Bren's privately-held real estate investment company, Irvine Company, is the largest landowner in California.

    Irvine Co.'s portfolio of properties exceeds 110 million square feet and includes office buildings, apartments, marinas, and hotels, most of which is located in picturesque Orange County. Bren also has a footprint in Trump's native New York City as the majority owner of the New York Met Life building.

    In total, Bren owns one-fifth of Orange County, an area five times the size of Manhattan, according to Bloomberg.

    At 85 years old, Bren, a former US Marine, is still running the show as chairman of Irvine Company — here's the story behind his success.

    SEE ALSO: Meet Alice Walton: How America's wealthiest woman spends her Walmart fortune

    DON'T MISS: 24 mind-blowing facts about Warren Buffett and his $77 billion fortune

    Donald Bren was born in Los Angeles in 1932. His father, a movie producer, and his mother, a patron of the performing arts, divorced when he was 10. His father remarried to an actress and his mother to a well-off industrialist.

    Sources: Wealth-XFortune



    Bren and his brother attended Beverly Hills High School and spent their summers working as carpenters for their dad's real estate development business. A key lesson he learned from his father: "When you hold property over the long term, you’re able to create better values and you have something tangible to show for it," Bren told the Los Angeles Times in 2011.

    Sources: Fortune, Los Angeles Times

     



    Bren earned a partial athletic scholarship to the University of Washington for skiing. He was reportedly a stylish skier and an avid competitor who was set to go to the 1956 Olympics but couldn't participate because of a broken ankle.

    Source: Fortune



    See the rest of the story at Business Insider

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    Hatchimals_Thumb_3

    Canada has two new toy billionaires.

    Ronnen Harary and Anton Rabie, the childhood friends who founded Spin Master and still each own about 30% of the company, are now in the exclusive billionaire's club, according to Bloomberg's calculus.

    The company, which was founded in Toronto in 1994, got a 56% stock boost this year after the release of their hit toy, the Hatchimals.

    That makes both Harary and Rabie worth about $1.4 billion.

    Hatchimals have been nothing short of a sensation for the brand, which has become one of the fastest-growing in the toy business. Hatchimals were one of the hardest-to-find toys of the 2016 holiday season, and they were widely considered the "it" toy every kid wanted.

    In 2016, Spin Master had $1.2 billion in sales amid a toy market that has seen giants like Mattel and Lego miss sales expectations in the last year.

    SEE ALSO: This robot monkey that attaches to your finger and sings when you clap is set to become the hottest toy this holiday

    Join the conversation about this story »

    NOW WATCH: Ex-Google employees created a vending machine to replace corner stores — and the idea is being mocked all over Twitter


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    University of Michigan law school

    Graduating from college isn't a prerequisite to becoming one of the richest people in the US.

    But certain schools mint more billionaire graduates than others, according to an analysis by Forbes of the undergraduate degrees earned by the billionaires on its newly released 2017 Forbes 400 list.

    Harvard may boast the richest dropouts — looking at you, Bill Gates and Mark Zuckerberg — but it doesn't take the top spot for number of graduates with three commas in their net worths. That honor goes to the University of Pennsylvania — the alma matter of America's first billionaire president, Donald Trump.

    The most common college degree among billionaires, according to Forbes, is a bachelor’s degree in economics from the University of Pennsylvania's Wharton School of Business. Even Warren Buffett studied there for two years before ultimately transferring to and graduating from the University of Nebraska.

    Princeton, which is the best college in America, is one of only two Ivies that didn't make the top 10 list, along with Brown University. The University of Michigan, which counts seven billionaires among its alumni, is the only public state school to make the list.

    Scroll through to see the 10 universities that have produced the most billionaire graduates.

    SEE ALSO: Meet the 9 richest people in America, who have a combined fortune of $567 billion

    SEE ALSO: 11 self-made American billionaires who are on the Forbes 400 list for the first time

    10. Cornell University: 5 graduates



    9. Duke University: 6 graduates



    8. Dartmouth University: 7 graduates



    See the rest of the story at Business Insider

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    Evan Spiegel Miranda Kerr

    In the US, it doesn't take a lifetime to amass a 10-figure fortune.

    In fact, nearly 3% of America's richest people— those with fortunes of at least $2 billion — are under 37, or part of the millennial generation (born between 1981 and 1998).

    That's according to this year's Forbes 400 list, which determined the net worths of the wealthiest people in the US by taking into account stakes in public and private companies, real estate holdings, and other assets including art, jewelry, cars, and planes. All net worth estimates are current as of October 17, 2017.

    Scroll through to see America's richest young people and how much their fortune is worth according to Forbes.

    SEE ALSO: Mark Zuckerberg and his college sweetheart wife Priscilla Chan are worth $74 billion — see their houses, cars, and travels

    DON'T MISS: 11 self-made American billionaires who are on the Forbes 400 list for the first time

    10. Julio Mario Santo Domingo III: $2.4 billion

    Age: 32

    Source of wealth: Inherited, Anheuser-Busch InBev 

    Forbes 400 rank: 340



    9 (TIE). Evan Spiegel: $3.1 billion

    Age: 27

    Source of wealth: Snapchat

    Forbes 400 rank: 248



    9 (TIE). Bobby Murphy: $3.1 billion

    Age: 29

    Source of wealth: Snapchat

    Forbes 400 rank: 248



    See the rest of the story at Business Insider

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    Peter Singer explains how Bill Gates and Warren Buffett are changing the world like no other humans in history. 

    Singer is the Ira W. DeCamp Professor of Bioethics in the University Center for Human Values at Princeton University and Laureate Professor in the School of Historical and Philosophical Studies at the University of Melbourne.

    In 2013 he founded The Life You Can Save along with Charlie Bresler. His most recent book is The Most Good You Can Do.

    He teaches and lectures about the ways in which we can change the culture of giving in affluent cultures. Following is a transcript of the video.

    Peter Singer: Bill Gates has set an amazing example in terms of the amount of money that he has donated to philanthropy, but perhaps even more important, the concern that he's had to make sure that this money does the most good it possibly can.

    And on top of that, Warren Buffett has then realized that his friend Bill Gates is doing this, that he's putting a lot of effort into making sure that his money does the most good, and so Buffett as well has donated most of his fortune to The Gates Foundation.

    And this not just in dollar terms, but even in inflation-adjusted dollar terms, this is the largest philanthropic donation in history. It even outstretches that of Andrew Carnegie or John D. Rockefeller.

    So I’m really impressed by this and I'm impressed by the fact that the Gates in particular and Melinda Gates I should mention as well, have both made it their life's work to really try to help people in poverty, to really live up to the idea that every human life has equal value whether it's the life of an impoverished person in a developing country or the life of one of their fellow Americans.

    When I talk about how effectively we can give and how we can save lives at the relatively small cost to ourselves, the obvious question the people ask, is, “Well, how much is enough? What's what's the stopping point, right?” I can give enough, for example, to save a life quite easily and that wouldn't involve much sacrifice, or really any sacrifice to my lifestyle.

    But having done that I could give more and save more lives or I could donate to charities that are restoring sight in people who are blind because of cataracts for example. And again there's many that I could. 

    So where do I stop? And I don't think there's any straightforward answer that question that applies to everybody. People find their own limits, I know some people in the effective altruism movement who said, “I'm just going to live on a basic income.”

    Other people say, "No I'm going to give 10% of what I earn."

    And that can be a very substantial amount, but for people who are comfortably well off,  it's not really a significant sacrifice to give 10% of what you earn, and in fact in terms of the fulfillment that you get from it, in terms of the sense that you're living a life with a different purpose, with a broader purpose that you're living a life perhaps that's more in harmony with your values, and I know many many people who say, "It's not a sacrifice at all."

    Join the conversation about this story »


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    Larry Ellison

    • There are 1,542 billionaires in the world, according to a new report by UBS.
    • More than 560 billionaires live in the US — the most of any country — and they control the most wealth.
    • If current trends continue, the total wealth of Asia's billionaires could overtake US billionaires in four years.

     

    The number of commas in your net worth is a status symbol, and Americans have serious bragging rights.

    According to a new report from Switzerland-based bank UBS, the US is home to the most billionaires — and billionaire wealth — of any country in the world.

    But China and India are catching up quickly.

    Three-fourths of the world's newly-minted billionaires from 2016 are from China and India, according to UBS. The countries added 67 and 16, respectively, to their total billionaire count.

    If these trends continue, it will take only four years for the total wealth of Asia's billionaires to overtake US billionaires, according to UBS.

    But for now, the US maintains the world's largest concentration of billionaire wealth. A total of 563 American billionaires control $2.8 trillion, up from $2.4 trillion last year.

    Keep reading to find out the top 14 countries with the most billionaires, and how many live there.

    SEE ALSO: The 11 richest millennial billionaires in America

    DON'T MISS: Mark Zuckerberg and his college-sweetheart wife, Priscilla Chan, are worth $74 billion — see their houses, cars, and travels

    14. Singapore: 21 billionaires



    13. Spain: 25 billionaires



    12. Turkey: 29 billionaires



    See the rest of the story at Business Insider

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    mark cuban

    • A new report by UBS and PwC found the total wealth of the world's billionaires grew by 17% in 2016 to $6 trillion. 
    • Billionaires, according to the report, are "turning their attention to sports."
    • John Matthews, coauthor of the report, told Business Insider that owning a sports team is not just an ego play for billionaires.

    Billionaire wealth grew by 17% to $6 trillion, according to a report released Thursday by $3 trillion money manager UBS and consultancy PwC.

    And a chunk of that money is going into sports. 

    Billionaires, according to the wide-ranging report, are looking to leave their mark on history and are ramping up their philanthropy efforts and patronage of the arts and sport. 

    "Billionaires are turning their attention to sports," the report said. "As the price tags on sports clubs appreciate, often it’s only billionaires who have the financial firepower to buy
    them and make the necessary follow-on investments."

    In Asia, for instance, the uber wealthy are driving the growth of soccer with billionaire's like Alibaba's Jack Ma funding new training schools. 

    Wealthy people, of course, have always been patrons of sports teams and clubs, but the reason why they are backing sports has changed, according to John Matthews, one of the reports coauthors. He told Business Insider that owning a sports franchise used to be an ego play, and he often advised his billionaire clients against buying teams. 

    "I would tell my clients the fastest way to become a millionaire is to become a billionaire and then buy a sports team," he said. 

    Today the motivation behind owning a team is more pragmatic. As such, Matthews thinks it makes good sense for some billionaires to buy a team. For instance, owning a sports team can help billionaires connect with communities they might have business interests in. 

    "Yet owning a sports club is more than a prestige project or business venture," the report said. "In the US and to a certain extent in Europe, this is a chance to promote your community, to establish a legacy as the person who took the community’s sports club to great success."

    Owning a team can also open the door to other business opportunities. 

    "One billionaire told us that you do not really buy sports clubs for financial returns," the report said. "Instead it opens the door to amazing people – you sit at the table with 'stars, sheikhs, famous businessmen and regular guys from around the world, all in the same room, all talking only about the ball.'”

    The report said 109 billionaires own the top 140 sports brands. The average age of these tycoons is 68. Here's an overview of the sports teams owned by billionaires:

    Screen Shot 2017 10 26 at 10.24.26 AM

    Join the conversation about this story »

    NOW WATCH: This is what separates the Excel masters from the wannabes


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    china luxury rich car

    • Asia is outpacing the United States in terms of number of billionaires, according to UBS.
    • China led the way in billionaire growth.
    • The majority of China's billionaires were self-made.
    • Singapore experienced a billionaire increase of 24%.

     

    Asia now has more billionaires than the US, and may soon also overtake the world's largest billionaire market in terms of total billionaire wealth.

    UBS today launched a new report on billionaire wealth which showed that for the first time, Asian billionaires outnumbered their US counterparts with 637 billionaires compared to the latter's 563.

    Asiagrowthbillionaire

    And while the total wealth of Asia's billionaires grew by almost 30 per cent to $2 trillion, the US remains the largest concentration of billionaire wealth at $2.8 trillion.

    Despite this, the upward trend in Asia's billionaire market could result in Asia overtaking the US in terms of billionaire wealth in just four years.

    asianewealthpace

    The study, jointly published with PwC, was based on 1,542 billionaires across 14 largest billionaire markets which account for around 80% of the billionaire wealth globally. Of these, the key Asian markets identified were China, Hong Kong, Singapore and Japan.

    Unsurprisingly, China led the growth in Asia's billionaire count, with 318 billionaires in 2016, an increase of 27% from the year before.

    Singapore experienced an increase of 24% billionaires from 2015 to a total of 21 in 2016, while Hong Kong saw an increase of 8 per cent to 69, and Japan registered a growth of 22% to 33.

    This means that Asia produced a new billionaire every other day in 2016.

    newbillionaire

    Of all the Asian markets studies, Singapore was the only billionaire market which did not register any drop-offs.

    Thanks to China's booming entrepreneur culture, $789 billion of the $804 billion in the country's billionaire wealth was self-made.

    selfmade

    In contrast, Singapore's $59 billion in billionaire wealth is made up of just $27 billion in self-made wealth, with the remaining $32 billion being multi-generational.

    When broken down further, Singapore's 21 billionaires most commonly earned their wealth from the health industries, real estate and consumer & retail businesses. Only 57% of these companies are publicly listed, the lowest in all four key Asian markets studied.

    Overall though, 63% of Asia's 568 billionaire-linked companies were publicly listed. This is in contrast to just 37% of the 421 US companies and 40% of the 256 in Europe.

    Ravi Raju, Head Global Ultra High Net Worth Asia Pacific, UBS, said: "Today, three out of five billionaires in Asia have a relationship with UBS. Many of the Asian billionaires are first generation entrepreneurs. This has led to a rise of many Asian billionaire-linked companies that are publicly listed."

    Singapore's billionaire wealth was also uniquely 100% male-owned. Hong Kong had the highest female representation of 14%.

    The report also found that billionaires and entrepreneurial ultra high net worth population are increasingly turning to their peers to orchestrate deals and access significant funding outside of capital markets.

    Many billionaires' family businesses also maintain high allocations to private equity. On average, Asia Pacific family offices allocate a fifth of their average portfolio to private equity (including direct venture capital and private equity, co-investing and private equity funds).

    "What fuels part of the Asian century are wealthy family businesses with next generations coming on board to be stewards of long term sustainability and success. In doing so, our many interactions with next gens tell us of their keen interest to broaden and strengthen their networks, and demonstrating strong collaborative spirit for what they believe in.

    "They're passionate about making positive impact to society and are exploring ways and opportunities on how this can be part of the family business agenda," Ng Siew Quan, Asia Pacific Entrepreneurial and Private Business Leader, PwC said.

    While they are known for also putting money in philanthropy, billionaires globally are also creating alternative legacies through the arts and by investing in sports clubs.

    While 42 US collectors continue to lead the list of top art collectors, Asian – and especially Chinese – art collectors are increasingly active. In 2016, there were 14 Asian art collectors compared to just 1 in 2006.

    Despite this, the number of Singapore billionaire collectors on the list remains at zero, partly due to most of the collections being held privately, Ravi Raju said.

    You can view the report's Asian country comparison in the table below:

    countryspecific

    SEE ALSO: The wealth of China's uber-rich lawmakers is growing faster than the economy

    Join the conversation about this story »

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    Kentucky Derby Hat

    • John Mathews is the head of private wealth management and ultra high net worth at UBS, where half of the world's 1,500 billionaires bank. 
    • Despite typical stereotypes of the ultrawealthy, Matthews is struck by how "normal" his clients are, and how thoughtful they are with their wealth.
    • The new generation of billionaires in particular is motivated not only by wealth creation but a broader sense of purpose. 

     

    We are all familiar with the stereotype of the ultrawealthy. Flashy, show-off, perhaps even complacent.

    Half the world's 1,500 billionaires bank with UBS and the reality we see day-to-day could not be further from that caricature.

    Whenever we meet our clients we are struck by how normal they are. Yes they are usually intensely focused, bright and passionate, particularly when it comes to their business. But they are also often quiet, thoughtful and preoccupied as much by the responsibilities of great wealth as by its benefits.

    That sense of the 'burden of wealth' is having some interesting effects. The new generation of billionaires in particular is motivated not only by wealth creation but a broader sense of purpose. This means even more commitment to improving living standards, job creation, and providing broader access to cultural capital. As governments around the world cut back on spending, there is a growing feeling that the private sector must play a bigger role.

    Our Billionaire Insights 2017 report, now in its fourth edition, has for the first time started to quantify that broader social contribution. Billionaires are a major creator of jobs. The 1,542 billionaires we analyzed own or partly own companies that employ at least 27.7 million people worldwide – roughly the same as the UK's working population.

    1. Arts and culture

    Billionaires are creating alternative legacies through their cultural pursuits. Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public. Maja Oeri, a Swiss pharmaceuticals heiress, illustrated the trend when she donated a large proportion of the funds for the 2016 extension of the Kunstmuseum Basel, the city's municipal art collection. Similar initiatives have proven to be equally successful: US museums like the MoMA in New York and SFMOMA thrive on support from billionaires.

    2. Sports

    The ultrawealthy are also helping sports clubs to become more sustainable, helping them to deliver associated benefits to the communities of which they are a part. For example, Jack Ma's Alibaba has invested in Evergrande Taobao FC, recruiting international players and coaches, building one of the world's biggest football schools, dominating the league and becoming the first Chinese winners of the Asian Champions League in 2013.

    3. Philanthropy

    Networks and communities are playing an increasingly important part in enabling this sort of purpose-driven activity. A prominent example is The Giving Pledge. At the end of May 2017, 160 signatories, including some of the world's wealthiest individuals and families, had committed more than half their wealth to philanthropy.

    4. Impact investing

    Impact investing is also growing fast. The Rise Fund, for example, aims to balance competitive financial returns with positive societal outcomes. Its Founders Board includes billionaire entrepreneurs, rock stars, royalty.

    5. Family

    Looking ahead, the global impact of billionaire wealth is set to grow even further, with an estimated USD2.4 trillion of billionaire wealth expected to be transferred in the next two decades.

    It may be that what we have seen so far is just the tip of the iceberg. As billionaires' wealth grows, so too does their sense of responsibility and their ambition. Stopping climate change, improving public education, alleviating poverty, eradicating malaria, finding a cure for Alzheimer's and so on. It is a forbidding, world-changing to-do list and we will continue to cheer them on as they tackle it.

    John Mathews is the Head of Private Wealth Management and Ultra High Net Worth at UBS.

    SEE ALSO: Meet the 9 richest people in America, who have a combined fortune of $567 billion

    SEE ALSO: There are over 1,500 billionaires worldwide — here are the 14 countries where the world's richest people live

    Join the conversation about this story »

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    bill gates mark zuckerberg friends

    Even wildly successful entrepreneurs start out from scratch. But while some build their empires from a young age, others stumble across success, while many more have to roll up their sleeves to make their businesses work.

    Find out how the likes of Mark Zuckerberg, Bill Gates, Richard Branson, and J.K. Rowling got started, and overcame their fears to make millions.

    SEE ALSO: Here are the richest suburbs of each of America's 35 biggest cities

    Tony Robbins used to be a janitor.

    Life and business strategist Tony Robbins is a bestselling author known for motivating and leading others to success. He is chairman of a holding company that has more than a dozen diverse businesses — from a resort to an insurance marketing firm — with combined annual revenue of more than $6 billion. On Feb. 28, he debuts his latest book, "Unshakeable: Your Financial Freedom Playbook."

    Of course, this level of success didn't come easy. As a teenager, Robbins was chased out of his home by his alcoholic mother. Instead of returning home, he took a job as a janitor to support himself, created a plan and went to work filling seminars for late-motivational speaker Jim Rohn.



    Mark Cuban owned a pub in college.

    Entrepreneur and "Shark Tank" veteran Mark Cuban helms some pretty lucrative business ventures — and he's outright said business is his morning meditation.

    The entrepreneur co-founded video portal Broadcast.com, which Yahoo purchased for $5.7 billion in 1999. The following year, he bought the Dallas Mavericks and a 50 percent stake in the American Airlines Center for $280 million. The basketball team is now valued at $1.4 billion.

    Among his first business ventures, though, was a bar named Motley's Pub, which he bought with friends before his senior year at Indiana University. The bar was shut down five months later, but the ambitious move was an early indicator of his sky-high potential.



    Warren Buffett started investing at age 11.

    Most kids spend their free time playing, but 11-year-old Warren Buffett was a mathematical prodigy laser-focused on the stock market. His first stock purchase was six shares of Cities Service, an oil company now known as Citgo. That investment cost him $38 per share.

    Initially, the stock dropped. Then, it turned around, allowing him to make a small profit. Since then, the Berkshire Hathaway CEO has turned a once-failing textile company into a worldwide powerhouse valued at approximately $396 billion.



    See the rest of the story at Business Insider

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    Elon Musk

    Elon Musk may be the world's richest rocket scientist.

    With a fortune hovering around $20 billion, the 46-year-old CEO of Tesla and SpaceX and cofounder of OpenAI has said he won't be happy until we've escaped Earth and colonized Mars. Luckily, he has the mind and the money to make it happen.

    A notorious workaholic, Musk doesn't spend cash on lavish vacations or expensive hobbies. Instead, the entrepreneur spends most of his time at the office or in factories, retreating to one of his four Los Angeles mansions at the end of the day.

    Scroll through to find out what we know about how Musk, a father of five, amassed his fortune and how he spends it.

    SEE ALSO: Mark Zuckerberg and his college-sweetheart wife, Priscilla Chan, are worth $74 billion — see their houses, cars, and travels

    DON'T MISS: A look at the demanding schedule of Elon Musk, who works in 5-minute slots, skips breakfast, and largely avoids emails

    As a child growing up in South Africa, Musk taught himself to code. By the time he was 12, he sold the source code for his first video game for $500.

    Source: MONEY



    Just before his 18th birthday, Musk moved to Canada and worked a series of hard labor jobs, including shoveling grain, cutting logs, and eventually cleaning out the boiler room in a lumber mill for $18 an hour — an impressive wage in 1989.

    Sources: MONEY, Esquire Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future



    Musk got a pay cut to $14 an hour when he started a summer internship alongside his brother, Kimbal, at the Bank of Nova Scotia after cold-calling — and impressing — a top executive there.

    Sources: MONEY, Esquire Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future



    See the rest of the story at Business Insider

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    Melinda Gates

    Melinda Gates is the third most powerful woman in the world, and the top American to make the Forbes 2017 most powerful women in the world list.

    Gates — who shares an estimated fortune of nearly $90 billion with her husband — has become one of the most prolific philanthropists in the world as co-chair of the Bill and Melinda Gates Foundation, which she helmed virtually on her own for the first six years of operation.

    In addition to the pair's education and healthcare initiatives, Gates takes a personal interest in women's issues around the world. At the forefront of her agenda is expanding the availability of contraception and bringing awareness to the concept of time poverty — the notion that hours of daily unpaid work like household chores end up "robbing women of their potential."

    In 2016, Gates was awarded the Presidential Medal of Freedom, the highest civilian award in the US, by President Obama.

    Keep scrolling to learn more about her life and how she became one of the world's richest and most powerful women.

    SEE ALSO: Inside the daily routine of billionaire Bill Gates, who loves cheeseburgers, tours missile silos, and washes the dishes every night

    DON'T MISS: There are over 1,500 billionaires worldwide — here are the 14 countries where the world's richest people live

    Melinda Gates (neè French) grew up in Dallas, Texas, with her parents — a stay-at-home mother and an aerospace-engineer father — and her three siblings. The family belonged to the local Roman Catholic parish.

    Source: Telegraph



    The Frenches were intent on sending all four of their children to college, so Melinda's father started a side business for rental properties. "We would help him run the business and keep the books," she said. "We saw money coming in and money going out."

    Source: Fortune



    Gates was valedictorian and head of the drill team at her high school, Ursuline Academy of Dallas. In 2007, the Gates Foundation donated $7 million to Ursuline for the construction of The French Family Science, Math, and Technology Center — a 70,000 sq. ft. LEED Gold certified laboratory and classroom building.

    Source: Ursuline Dallas, Marie Claire



    See the rest of the story at Business Insider

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    Tom Brady and Gisele Bundchen.

    • Power couples balance successful marriages with high-powered careers.
    • From entertainment to politics to tech, these happily married pairs span many industries.
    • They're not just powerful — they also have a combined fortune of over $260 billion.

     

    Some people seem to have it all.

    Juggling a successful career or marriage has its challenges, but doing both well can quickly launch you into power couple status.

    Devoting time to the relationship may be harder for power couples. But across many industries, from entertainment to politics to tech, these duos have managed to stay happily married while building empires together.

    Scroll through to see seven of the richest power couples in the world.

    SEE ALSO: Mark Zuckerberg and his college-sweetheart wife, Priscilla Chan, are worth $74 billion — see their houses, cars, and travels

    DON'T MISS: Inside the decade-long relationship of Ivanka Trump and Jared Kushner, who met at a networking lunch and once broke up because of religious differences

    Tom Brady and Gisele Bündchen

    Combined net worth: $540 million

    Both halves of this tanned and toned power couple, who have been married for eight years, are in the top earners of their respective industries. Supermodel Gisele Bündchen is the highest-paid model in the world, raking in $30.5 million in 2016, and Patriots quarterback Tom Brady is the third-highest paid player in NFL history. His endorsement deals earn him about $8 million annually.

    Perhaps the most telling example of their wide-ranging influence is the viral news of their insane diet, which is composed of 80% vegetables and 20% lean meats.



    Ivanka Trump and Jared Kushner

    Combined net worth: Between $207 million and $762 million

    The eldest daughter of President Donald Trump and unpaid adviser in the White House, Ivanka Trump just celebrated her eighth wedding anniversary with husband Jared Kushner, a senior adviser to the president and owner of a real-estate empire.

    Their estimated net worth was revealed earlier this year in public filings that document the couple's assets, including a $25 million art collection, and income from the Ivanka Trump lifestyle brand and various investments.

    Kushner suggests the couple, who are parents to three children, have their roles figured out: "I would say she is definitely the CEO of our household, whereas I’m more on the board of directors."



    Beyoncé and Jay-Z

    Combined net worth: $1.16 billion

    Beyoncé and Jay-Z are entertainment royalty. The couple — who has been married since 2008 and have three children — earn their wealth primarily from music producing credits, album sales, live performances, and worldwide tours, as well as stakes in streaming service Tidal, a private jet company, and a luxury champagne brand.

    This summer, they bought an $88 million mansion in Los Angeles — for which they took out a $59 million mortgage — making it the sixth priciest home purchase in LA history. Not bad for the highest-paid celebrity couple in the world.



    See the rest of the story at Business Insider

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    hugh grosvenor1

    • Hugh Grosvenor, the Duke of Westminster named in latest Paradise Papers leak.
    • Grosvenor, 26, is Britain's youngest billionaire, having inherited the vast Grosvenor estate after his father's death in 2016.
    • The Grosvenor Group set up two offshore trusts — Vesta Limited, based in Bermuda, and Nakar Holding SA, based in Panama.

     

    LONDON — Hugh Grosvenor, the Duke of Westminster, is the latest major figure in Britain's ruling class to be named in the so-called Paradise Papers — a major leak revealing how the world's rich and famous hide their money in offshore tax havens.

    The Duke, who inherited the vast fortune of his family after the death of his father last year, and subsequently became Britain's youngest billionaire at the age of just 26, is named by The Guardian newspaper on Wednesday.

    Grosvenor reportedly managed, thanks to careful planning from his family's estate, to avoid paying 40% "death duties" usually levied when assets pass from one generation to another.

    The latest story produced from a leak of 13.4 million files from two offshore service providers and 19 tax havens' company registries shows that several decades ago the Grosvenor estate set up two offshore trusts — Vesta Limited, based in Bermuda, and Nakar Holding SA, based in Panama. Both of these firms had shares in Grosvenor International Holdings Ltd, the international branch of the family's business.

    "In March 2007, Grosvenor announced it was buying out Vesta and Nakar for £40 million. The reason given was to "better align the shareholders’ interests with the group’s activities." The companies were dissolved later that year," the Guardian reports.

    A spokesperson for the Grosvenor Estate said:

    "Two small overseas trusts were established over 50 years ago, when it was accepted common practice to facilitate the acquisitions of some non-UK assets. No family member has received any benefit derived from these but, as UK residents, if they ever did then they would be fully liable to tax in this country.

    "Our policy is to uphold the highest standards of business practice. We are careful to ensure that our ownership of overseas property is through vehicles incorporated in the same country as the asset. Where the group occasionally has entities in offshore locations, it is typically as a result of the requirements of joint-venture partners."

    The Grosvenor estate is one of London's largest landowners, with around 300 acres of West London property in its portfolio, including in wealthy, well-heeled areas like Belgravia and Mayfair.

    The Grosvenor Group's portfolio also includes the Liverpool One shopping district in Liverpool, as well as shopping centres in China, and apartment buildings in Canada and Japan.

    No wrongdoing is being alleged by the ICIJ or the Guardian: "There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any people, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly."

    You can read the Guardian's full report on the Grosvenor estate here.

    Join the conversation about this story »

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    Patrick collison, john collison, stripe, sv100 2015

    You've almost certainly heard of Mark Zuckerberg, Jeff Bezos, and Elon Musk. 

    But have you heard of Patrick Collison, David Zalik, or Lucy Peng?

    As I'm sure you know, the first group of men were startup founders who went on to become tech billionaires. What you may not know is the second group of people have also joined the tech billionaires club.

    We're taking a look at some of that club's new members. To compile this list, we pulled from Forbes wealth rankings and the Bloomberg Billionaires index. To narrow it down, we limited it to people who have made the bulk of their wealth in the past three years.

    Combined, these nine men and women have a net worth in the trillions of dollars, come from different countries and continents, and have companies in a range of tech industry sectors. Here are nine of the newest tech billionaires: 

    SEE ALSO: The 9 richest people in tech

    Rishi Shah, CEO of Outcome Health

    Age: 31

    Net worth: $3.6 billion 

    Company: Health technology firm Outcome Health

    Position: CEO, Founder 

    The son of a doctor, Shah dropped out of Northwestern to launch Outcome Health with Shradha Agarwal, now the company's president. Outcome Health sells tablets and large touchscreen devices to doctor's offices and other healthcare providers and provides software for them that's designed to help them communicate with patients about health conditions, treatments, and other matters. The devices can also display advertising. 

    Outcome Health was valued at $5.6 billion in May 2017. Shah owns 80% of the company.

    Source: Forbes



    Frank Wang, CEO of DJI Technology

    Age: 37

    Net Worth: $3.2 Billion 

    Company: Chinese drone maker DJI Technology 

    Position: Founder, CEO 

    Wang's company, DJI Technology, has been selling drones since before they were cool. Now, though, they're big business. Between 2016 and 2020, the total amount spent on the robotic aircraft will total $100 billion, Goldman Sachs has estimated. DJI's sales accounted for some 70% of the consumer and commercial portions of the drone market last year, according to Goldman Sachs. 

    Wang started DJI in 2006 out of his dorm room at Hong Kong University of Science and Technology, and his company was one of the first to market a ready-to-fly drone that actually flew. He's been riding the industry's wave ever since and became Asia's youngest tech billionaire in 2017.

    Sources: Forbes, Reuters, and Mashable 



    Jan Koum, CEO of WhatsApp

    Age: 41

    Net Worth: $9.7 billion 

    Company: Messaging app developer WhatsApp 

    Position: CEO, Cofounder

    Koum moved from Ukraine to Mountain View, California, with his mother when he was 16 and  taught himself computer technology in high school. He grew up poor, living off food stamps, before landing a job as an engineer at Yahoo. After leaving Yahoo and spending time in South America, he applied for a job at Facebook but was rejected.

    Koum and his cofounder Brian Acton then launched WhatsApp. The app started as a service that allowed users to share their status updates with friends but soon morphed into the messaging service it is today. 

    In 2014, WhatsApp caught the attention of Facebook CEO Mark Zuckerberg. Koum and Zuckerberg talked shop for two years before Facebook offered to buy WhatsApp in 2014 for $22 billion in cash and stock. As Facebook's stock value rose, so did Koum's net worth. 

    Sources: Forbes and Business Insider

     



    See the rest of the story at Business Insider

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    gordon ramsay tana megan holly AP richard shotwell invision

    Many high-profile business magnates, billionaires, and celebrities believe that they've worked too hard to simply hand their fortunes over to their kids when they die.

    And with inheritance tax in the UK set at 40% on all values over £325,000 ($425,000), it's clear why many members of the super-rich elite would rather their money went towards more worthwhile causes.

    Business Insider has compiled a list of 12 high-profile millionaires and billionaires — some of whom are the world's biggest business magnates — who won't be signing over their fortunes to their kids in their will.

    Whether the money's going to worthy causes or they're simply planning on spending every last penny themselves, scroll on to discover 12 high-profile billionaires and millionaires who aren't leaving a penny to their children — ranked in ascending order by their net worth.

    Nigella Lawson — $15 million (£11.5 million).

    Nigella Lawson is a food writer, TV personality, and journalist. Lawson was one of the pioneers behind the 21st-century "food porn" revolution with her books including "Feast,""Nigella Express," and "How to Be a Domestic Goddess." Lawson is worth an approximate $15 million (£11.5 million), according to The Richest.

    Lawson has two adult children from her first marriage and one step-daughter from her second marriage to advertising mogul Charles Saatchi, which ended in 2013.

    In an interview with My Weekly in 2008, during her second marriage, Lawson said: "I am determined that my children should have no financial security. It ruins people not having to earn money.

    "I argue with my husband Charles, because he believes that you should be able to leave money to your children. I think we’ll have to agree to disagree."



    Gordon Ramsay — $160 million (£122.2 million).

    Owning and operating 40 restaurants around the globe with 16 Michelin stars between them, Gordon Ramsay is one of the biggest names in the British restaurant industry. The well-renowned celebrity chef has a strong TV presence and has made $60 million so far this year thanks to shows such as "MasterChef USA,""MasterChef Junior" and "Hell’s Kitchen."

    The father of four has no intention of leaving his fortune to his children, who still sit in economy on flights while Ramsay and his wife, Tana, peel off for first class: "It’s definitely not going to them," Ramsay told the Telegraph.

    "And that’s not in a mean way; it’s to not spoil them. The only thing I’ve agreed with Tana is they get 25% deposit on a flat, but not the whole flat.

    "I’ve been super lucky, having that career for the last 15 years in the US. Seriously, it has earned a fortune and I’ve been very lucky, so I respect everything I’ve got," Ramsay said.



    Sting — $300 million (£229 million).

    Sting is a musician best known for being the frontman of rock band The Police. The singer has received 16 Grammy Awards, three Brit Awards, a Golden Globe, and an Emmy Award. He has an approximate net worth of $300 million (£229 million), according to The Richest.

    The father of six publicly declared that his children will not inherit a penny of his vast fortune in an interview with the Mail on Sunday in 2014. He said: "I told them there won’t be much money left because [my wife and I] are spending it! We have a lot of commitments. What comes in we spend, and there isn’t much left.

    "I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate," he said.



    See the rest of the story at Business Insider

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    warren buffett bill gates

    • This post from Matt Bodnar originally appeared on Quora as an answer to the question "Which decision-making strategies yield the best results?"
    • Billionaires like Warren Buffett believe in the power of compounding knowledge through constantly learning and studying.
    • Charlie Munger believes that a successful entrepreneur needs to be multidisciplinary.
    • Successful people tend to use mental models, psychological concepts or tidbits of wisdom that in some way explains how the world works.

     

    I've studied billionaires, talked with neuroscientists, psychologists, astronauts, and more — and from all of those conversations — I've put together a framework I call "the Art of Decision-making."

    The Art of Decision-making has 4 key components:

    • Harness the power of compounding by building on your knowledge and getting 1% smarter every day
    • Focus on and study things that don't change or change very slowly over time — master the principles and you can invent the tactics
    • Follow the path of worldly wisdom and focus on acquiring multidisciplinary knowledge across academic disciplines like psychology, mathematics, and biology
    • Build a toolkit of mental models so that you can better understand reality and achieve your goals.

    The more time and energy you invest in your decision-making ability, the more it continues to build and build on itself by harnessing the power of compounding

    Becoming a master at the Art of Decision-making cascades through everything you do. It's not incremental growth in your knowledge, it's exponential growth. Einstein described the power of compounding as the "eight wonder of the world" — and if you've ever crunched some numbers on a compound interest calculator you know how powerful compounding can be over time.

    If you get 1% better at thinking — at understanding how the world works, how human behavior works, how economic systems function, and understanding your own brain — that 1% improvement impacts everything you do. You're not just going to benefit at work, but when you deal with your spouse, or negotiate the purchase of a new car, or decide where to invest your savings. You're entire life is essentially a long chain of decisions.

    These small incremental improvements in decision-making aren't noticeable at first, but they eventually result in a huge transformation in how you think, act, and understand the world.

    Here's a quote from our dear friend Warren Buffett, when asked what the key to success was he pointed to a stack of books and said:

    "Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it."

    charlie munger

    Spend your time mastering the core principles that underpin psychology and human behavior, because those things never change

    A key piece of building a compounding machine of knowledge — that over time will let you vault over almost everyone on the planet in terms of sheer brain power — is focusing on knowledge that doesn't change or changes very slowly over time.

    Many people focus their time and energy on learning rapidly changing tactics, the minutiae, highly specific actions and pieces of advice without a broader context. As Sun Tzu once said "tactics without strategy is the noise before defeat" and Ralph Waldo Emerson said:

    "As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure to have trouble."

    People gobble up the latest article "10 Things You Can Do To Improve Your Email Opt-In Rate" but the problem with studying knowledge like that is that it changes — it doesn't give you something to build up and build upon over time — in 18 months all of the advice in that article will be useless. If you spent a year in 2004 reading every book on high performance banner ads — none of that knowledge would be relevant today.

    But if you flip that, if you study the strategy — spend your time mastering the core principles that underpin psychology and human behavior, reading things like the book Influence by Robert Cialdini — you can invent marketing tactics on the fly — because you understand the bigger picture. And that knowledge changes very slowly over time — it's a core foundation that you can build upon and grow from.

    This also means that the best kind of knowledge to focus on and spend your time investing in is not ephemeral junk like facebook, twitter, and buzzfeed, but the core pillars of human knowledge and the major academic disciplines, which brings us to the principle of Worldly Wisdom.

    Cultivate worldly wisdom by collecting knowledge from lots of different disciplines and areas of life

    The next key component of The Art of Decision-making is cultivating what Charlie Munger (the billionaire business partner of Warren Buffett) called Worldy Wisdom.

    Here's a great description of the concept of worldly wisdom from Robert Griffin's book "Charlie Munger: The Complete Investor:"

    Munger has adopted an approach to business and life that he refers to as worldly wisdom. Munger believes that by using a range of different models from many different disciplines — psychology, history, mathematics, physics, philosophy, biology, and so on — a person can use the combined output of the synthesis to produce something that has more value than the sum of its parts. Robert Hagstrom wrote a wonderful book on worldly wisdom entitled Investing: The Last Liberal Art, in which he states that "each discipline entwines with, and in the process strengthens, every other. From each discipline the thoughtful person draws significant mental models, the key ideas that combine to produce a cohesive understanding. Those who cultivate this broad view are well on their way to achieving worldly wisdom."

    Being multidisciplinary means collecting knowledge from lots of different disciplines and areas of life and building an approach to understanding the world that integrates all that knowledge into a cohesive framework.

    In order to get what you want you have to understand how to get there, and in order to do that, you have to understand how things work — things like human behavior, economic systems, money, biology, and mathematics. Josh Kaufman explains this beautifully in The Personal MBA:

    "Every business fundamentally relies on two factors People and Systems…To understand how businesses work, you must have a firm understanding of how people tend to think and behave — how humans make decisions, act on those decisions, and communicate with others. Recent advances in psychology are revealing why people do the things they do, as well as how to improve our own behavior and work more effectively with others.

    Systems, on the other hand, are the invisible structures that hold every business together. At the core, every business is a collection of processes that can be reliably repeated to produce a particular result. By understanding the essentials of how complex systems work, it's possible to find ways to improve existing systems, whether you're dealing with a marketing campaign or an automotive assembly line."

    The problem is that too many people have a very narrow focus — they master one piece of the puzzle, say marketing or finance, and think that has all the answers. But reality is messy and complex and interwoven. Most big events in our lives aren't caused by one simple explanation; they are the result of an interplay of factors.

    A multidisciplinary approach intertwines and strengthens itself by enabling you to pull from different disciplines of knowledge and bring the exact tools necessary to understand and solve tough challenges and to achieve complicated and difficult goals. As Peter Bevelin writes in Seeking Wisdom:

    "Since no single discipline has all the answers we need to understand and use the big ideas from all the important disciplines: Mathematics, physics, chemistry, engineering, biology, psychology, and rank and use them in order of reliability."

    elon musk

    A mental model is a concept, an idea, a tidbit of wisdom that in some way explains how the world works

    Now its time to go deeper into Mental Models, which we briefly touched on earlier. A mental model is simply a concept, an idea, a tidbit of wisdom that in some way explains how the world works. Mental models are one of the cornerstones of high leverage thinking. In fact, Charlie Munger puts it pretty bluntly:

    "Developing the habit of mastering the multiple models which underlie reality is the best thing you can do."

    When a billionaire tells me something is "the best thing I can do" — I listen. And I've spent a tremendous amount of time studying billionaires, people like Charlie Munger, and mental models so that you don't have to.

    A few examples of mental models would be concepts like the 80/20 principle and compounding, both of which we discussed earlier, as well as concepts like expected value and base rates from mathematics, notions such as confirmation bias, anchoring, and social proof from psychology, the prisoner's dilemma from game theory, or the concept of natural selection from biology.

    Elon Musk has another great way of describing this.

    "One bit of advice: it is important to view knowledge as sort of a semantic tree — make sure you understand the fundamental principles, ie the trunk and big branches, before you get into the leaves / details or there is nothing for them to hang on to."– Elon Musk

    While this may seem a bit overwhelming, the good news is that you don't have to become an expert in physics and chemistry. The whole idea is to master the big ideas. Take the major principles from a 101 textbook and combine them into a framework of mental models that offers a rich and deep tool kit to look at, understand, and manipulate reality to your ends.

    Checklists and decision journals both allow you to step outside your head, use an external system to eliminate bias from your thinking

    I will also share two specific strategies for making better decisions.

    • Checklists
    • Decision journals

    Checklists and decision journals both allow you to step outside your head, use an external system to eliminate bias from your thinking and make sure you cover all possible mental models that may address a particular problem.

    "No wise pilot, no matter how great his talent or experience, fails to use his checklist." - Charlie Munger

    Checklists are a vital tool to get out of your own head and make sure you haven't missed anything. Even experts like doctors routinely miss basic things like washing their hands, and implementing checklists in hospitals has saved thousands of lives as a result.

    Decision journals help make your thought process clear and mitigate cognitive biases. Biases like hindsight bias and creeping determinism can disrupt your thinking and make your analysis of an event incorrect after the fact.

    Michael J. Mauboussin, the Global Head of Strategy for Credit Suisse, describes decision journals as follows:

    "Most professionals and businesspeople don't keep track of how good their decisions were. They keep track of how things turned out as the result of their decisions. Over the long haul, of course, good decisions provide a much higher chance of desirable outcomes. But in the short run the link between decisions and results can be very loose.

    The primary way to focus attention on the decision-making process is to keep a journal that documents your thinking. This is how you impose accountability on yourself. Here's what you do. Go out and get a notebook. When you are making a consequential decision in your portfolio, business, or life, write down what you expect to happen, why you expect it to happen, and attach probabilities to your views. If you are so inclined, also jot down how you feel physically and emotionally. Make sure you note the date and time."

    A decision journal freezes your thoughts in time so you can go back later and see where you went wrong, and what you could have done instead. This provides you with an opportunity to improve your thinking in an iterative way.

    Months after a decision has taken place, you can go back and review what you thought, see where your thinking was wrong, and start correcting it.

    Combine all these factors to become a high-level thinker

    When you combine all of these factors, you are putting your brain on a high leverage rocket ship — and with the power of compounding you will start leaving other people in the dust and be well on your way to mastering The Art of Decision-making.

    SEE ALSO: I negotiate major deals for Chance the Rapper, Foo Fighters, and the Rolling Stones — here are 3 tips for getting what you want

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    • About half of all of the world's ultra rich — those with a net worth over $50 million — live in the US.
    • China, Germany, and the United Kingdom follow the US.
    • The number of ultra-high-net-worth individuals increased by 13% in 2017.

     

    Forget millionaires. Make way for the ultra-rich.

    Credit Suisse released its annual Global Wealth Report, which calculated that about 148,200 adults around the world could be classified as ultra-high-net-worth (UHNW) individuals in 2017. That means they have a net worth above $50 million.

    There were about 19,600 more UHNW individuals in 2017 than in 2016, a 13% increase. All regions saw an uptick.

    Looking under the hood of the data, about 54,800 of these individuals are worth at least $100 million, and about 5,700 are worth over $500 million.

    Credit Suisse also figured out where the UHNW adults live around the world. The United States has, by far, the greatest number of UNHW individuals, accounting for about 49% of the world's total. It is followed by China, Germany, and the United Kingdom.

    You can see the full list below:

    where super rich live

    SEE ALSO: The US is creating millionaires faster than anywhere in the world — but it's not as impressive as it sounds

    DON'T MISS: 7 ways rich people could benefit from Trump's new tax plan

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    • Larry Ellison, Oracle's founder and former CEO, has an extensive real estate portfolio.
    • His holdings include multiple homes in Malibu and Lake Tahoe, as well as mansions in San Francisco and Silicon Valley. 
    • He also owns 98% of the Hawaiian island of Lanai.


    Oracle founder Larry Ellison is no stranger to the real estate market — he's been called"the nation's most avid trophy-home buyer" and has all but taken over entire neighborhoods in Malibu and the Lake Tahoe area. 

    When asked by CNBC in 2012 why he would buy more homes than he could possibly live in, Ellison referenced his love of art. 

    "I'm going to start these art museums that are basically converted homes, and I have one for modern art, and I have one for 19th-century European art, and one for French impressionism,"Ellison said to CNBC. "I've got Japanese. I own a home in Kyoto, Japan actually on the temple grounds in Nanzenji that is going to become a Japanese art museum. So, a lot of them are museums." 

    Though his 2012 purchase of the Hawaiian island of Lanai has been his largest overall investment by far, he's made a number of blockbuster purchases over the last two decades. 

    SEE ALSO: Tech billionaire Larry Ellison just bought a historic Lake Tahoe casino that once belonged to Frank Sinatra

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    In 1988, Ellison paid $3.9 million for a William Wurster home in San Francisco's swanky Pacific Heights neighborhood, a popular area that's now home to other tech moguls like Mark Pincus, Jony Ive, and Trevor Traina. Several news outlets reported Ellison planned to buy the home next door for $40 million, but the sale never happened.

    Source: Curbed SF 

     



    His home in Woodside, California, modeled after a 16th-century Japanese emperor's palace, is worth an estimated $70 million. The 23-acre estate took nine years to design and build, and it was completed in 2004.

    Source: SF Gate

     



    He also owns a historic garden villa in Kyoto, Japan, which was reportedly listed for $86 million, though the price he actually paid is unknown.

    Source: SF Gate, Japan Property Central

    Pictured: Nanzen-ji Temple, which is right near Ellison's estate



    See the rest of the story at Business Insider

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    katharina andresen

    • Katharina Andresen, 22, was fined 250,000 kroner (£23,000) on Friday for drink-driving.
    • Andresen also received a 13-month ban.
    • Andresen is the world's second youngest billionaire behind her sister Alexandra, 21.


    22-year-old billionaire Katharina Andresen has been fined 250,000 kroner (£23,000) and issued a 13-month ban from driving after she was caught driving under the influence of alcohol.

    Andresen was caught over the limit during the Easter weekend earlier this year while driving to her family’s ski chalet in Hafjell, Norway where drink-driving fines are based on the defendant’s income.

    The 22-year-old, with a net worth of $1.23 billion (£927.6 million), could have been fined up to 40 million kroner (£4.8 million) if the figure was based on Andresen’s assets, according to the Telegraph.

    Usually, drink-drivers in Norway are fined 1.5 times their gross monthly salary, but the fine can fluctuate based on what the judge considers the "real financial position" of the defendant, according to the Norwegian newspaper VG.

    Because the heiress and Amsterdam University College student has no fixed income, the fine only reflected her net worth and was reduced to 250,000 kroner (£23,000).

    Drink-driving laws in Norway are some of the strictest in Europe and only allow 0.02% blood alcohol content. Andresen had a blood alcohol content of 0.06% one hour after being pulled over by police, according to the Guardian.

    In the UK, blood alcohol content while driving should not exceed 0.08% in England, Wales, and Northern Ireland, and 0.05% in Scotland.

    Andresen and her younger sister Alexandra, 21, became the world’s youngest billionaires in 2007 when their father — investment mogul Johan Andresen — passed down 42% of the family-owned investment company to each of them.

    Neither of the Andresen sisters — whose luxe interests include designer brands, horseriding, and international travel— work for the company.

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