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The latest news on Billionaires from Business Insider

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    HongKongBillionairesNeighborhood JackMa (26 of 32)

    • The world's billionaire population grew to an all-time high of 2,754 people in 2017.
    • Three Asian countries had the strongest growth in total net worth in 2017: China, India, and Hong Kong.
    • As a city, Hong Kong added more billionaires than any other major city in 2017, bringing its total count to 93 — just 10 fewer billionaires than New York City.

     

    Hong Kong has been the world's most expensive city for the better part of a decade, and it's only getting richer.

    In 2017, Hong Kong added 21 billionaires, bringing its total count to 93 — just 10 billionaires behind New York City, according to Wealth-X's latest Billionaire Census. That's the city-state's largest annual billionaire gain to date. New York added just one billionaire in 2017.

    While Hong Kong's billionaire count as a country still pales in comparison to the United States — 93 people to 680 people, respectively — it probably won't be long before Hong Kong overtakes New York as the world's billionaire capital city.

    According to Wealth-X research, Hong Kong's surge in wealth was "driven by a strong domestic economic performance, the upturn in global financial markets (reflecting the region's status as one of the world’s largest financial centers), and enhanced trade and investment links with mainland China."

    It's a rebound victory for Hong Kong, which experienced the largest decline in billionaire count of any major city back in 2016, thanks to a falling stock market.

    top 10 billionaire cities

    Li Ka-shing is Hong Kong's richest man with a net worth around $35 billion. He retired in March from running CK Hutchison Holdings and CK Asset Holdings, the two massive conglomerates that he built in Asia's most famous rags-to-riches story. The richest person in New York, Michael Bloomberg, is worth around $53 billion.

    The next five richest billionaires in Hong Kong built their fortunes in real estate. It's no wonder the region is known for its steep cost of living — and home to the world's most expensive neighborhood. The Peak, as it's called, has been synonymous with wealth, luxury, and exclusivity since the colonial era, reported Business Insider's international correspondent Harrison Jacobs. 

    It's the kind of neighborhood that consistently breaks records for the most expensive real estate in the world with residents like bankers, expats, business magnates, celebrities, and, more recently, Chinese millionaires and billionaires, Jacobs reported. In 2015, it was rumored that Jack Ma, the Chinese billionaire who founded Alibaba, purchased a $191 million mansion there, but it has never been confirmed.

    top 10 billionaire countries

    Thanks in part to Hong Kong's gains, Asia's total billionaire population rose to 784, according to the Billionaire Census, surpassing North America's billionaire population (by 57 people) for the first time in history in 2017.

    "Dynamic wealth creation [in Asia] was supported by improved emerging-market growth, more resilient currency movements against the US dollar, higher infrastructure spending, booming real estate prices, and robust demand from an expanding middle class," reported Wealth-X. 

    The world's total billionaire population grew by nearly 15% to 2,754 people, and total combined wealth increased to $9.2 trillion, a 24% jump from the previous year thanks to strong global economic growth and big corporate earnings.

    SEE ALSO: Inside the most expensive part of the world's most expensive city, the Hong Kong billionaire enclave where Alibaba founder Jack Ma may have bought a $191 million mansion

    Join the conversation about this story »

    NOW WATCH: Here are the world's richest black billionaires


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    prince albert II family net worth

    • Royal families are known for having a high net worth.
    • The net worth of some European ruling royals — such as Queen Elizabeth II and the British royal family— pales in comparison to the net worth of other ruling royals across the globe.
    • Meet the top ten richest ruling royals in the world, ranked by their billion dollar net worths.

    If you think the net worth of Europe's royal families is high, think again.

    Where some European royals have the highest net worth among the continent's royal families, such as Prince Albert II of Monaco, they rank much lower compared to other royal families around the globe.

    Worldwide, Queen Elizabeth II and the British royal family's $500 million-plus net worth doesn't even make the cut for the top 10 richest royals.

    Below, see just how much the world's richest ruling royals are worth (net worth estimations may fluctuate).

    Hint: they're all billionaires. 

    SEE ALSO: The 10 richest royal families in Europe, ranked

    DON'T MISS: Meghan Markle could wear a custom-designed tiara worth nearly $700,000 on her wedding day — here's how much the tiaras of other British royal brides are worth

    10. Prince Albert II, Monaco

    Net worth: $1 billion

    Prince Albert II of Monaco's net worth reportedly comprises a fourth of the land he reigns over; the Philadelphia-area home of his mother, Grace Kelly, which he purchased in 2016 for an estimated $754,000; an antique car collection; shares in a Monte Carlo resort; and a pricey stamp collection.



    9. Emir Sheikh Tamim bin Hamad Al Thani, Qatar

    Net worth: $1.2 billion

    Emir Sheikh Tamim bin Hamad Al Thani took over the throne of Qatar after his father, Hamad bin Khalifa Al Thani, stepped down in 2013. 

    The former emir's estimated net worth of $2.4 billion comes from Qatar Investment Authority, which manages the country's oil and gas reserves.



    8. Grand Duke Henri, Luxembourg

    Net worth: $4 billion

    The Grand Ducal Family of Luxembourg doesn't receive a salary, but has been granted around $324,851 every year since 1948 to carry out functions. Not that they need it, since their net worth is in the billions.



    See the rest of the story at Business Insider

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    stanford university campus

    • Billionaires don't all follow the same path to success, but some of them look pretty similar.
    • Of the world's 2,754 billionaires, more than 560 hold an undergraduate or graduate degree from one of 10 American colleges.
    • Elon Musk, Warren Buffett, and the founders of Google are all part of this group.
    • The top-producing billionaire colleges are Harvard, Stanford, and the University of Pennsylvania.

    The world's total billionaire population grew by nearly 15% from 2016 to 2017, to 2,754 people, according to Wealth-X's latest Billionaire Census

    While the path to mega-riches certainly isn't the same for all, more than 560 of those billionaires — 567, to be exact — hold a degree from one of 10 top American colleges. That includes Elon Musk, Warren Buffett, and the founders of Google.

    In its tally, Wealth-X counted alumni with both undergraduate and graduate degrees, counting alumni of multiple institutions more than once, but left out those with diplomas, certificates, honorary degrees, and those who dropped out.

    According to the report, 188 living billionaires are Harvard University alumni — and that doesn't include Harvard dropouts Mark Zuckerberg and Bill Gates, two of the richest men in the world.

    The next highest-billionaire producing school is Stanford University, with 74 known billionaire alumni, including Nike cofounder Phil Knight. Notably absent from the list is Princeton University, the alma mater of Jeff Bezos, the world's richest person.

    Below, check out the 10 US colleges that have minted the most billionaires.

    SEE ALSO: Jeff Bezos is so rich that spending $1 to the average person is like $88,000 to him — here's what spending looks like when you're a billionaire

    DON'T MISS: Hong Kong could overtake New York as the world's billionaire capital very soon

    10. University of Michigan — 26 billionaire alumni

     

     



    (TIE) 8. University of Southern California — 29 billionaire alumni

     

     



    (TIE) 8. University of Chicago — 29 billionaire alumni

     

     



    See the rest of the story at Business Insider

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    Andres Manuel Lopez Obrador Mexico rally

    • A month before Mexico's presidential election, leftist Andres Manuel Lopez Obrador's lead continues to grow.
    • Business leaders and wealthy Mexicans are dismayed, and they've tried to warn voters away from the frontrunner.
    • But such warnings are unlikely to persuade Mexicans who are backing AMLO.


    Mexican presidential candidate Andres Manuel Lopez Obrador's lead has only grown, and with just a month until the election, business leaders are cautioning their countrymen about the potential consequences of his victory.

    Lopez Obrador, known as AMLO, was runner-up in the two previous presidential elections but appears to have the 2018 race in hand, buoyed by widespread dissatisfaction with the political establishment and the direction of the country.

    Polling firm Parametria put his support at 45% at the end of May, up 6 points from an April poll. Polling by newspaper Reforma over the same period put his support at 52%, 4 points higher than a late-April poll.

    Ricardo Anaya, running for a coalition of the conservative National Action Party and the leftist Party of the Democratic Revolution, was second in both polls, slipping 5 points to 20% in the Parametria poll and falling 4 points to 26% in the Reforma poll. Jose Antonio Meade, of the governing centrist Institutional Revolutionary Party, was third in both, holding steady at 14% in Parametria's poll and up 2 points to 19% in Reforma's poll.

    Lopez Obrador, who ran for the PRD in 2006 and 2012, is campaigning at the head of the leftist National Regeneration Movement, a party he started in 2014.

    Mexico Andres Manuel Lopez Obrador election Michoacan

    "AMLO's lead has grown in recent weeks," James Bosworth, founder of risk-analysis firm Hxagon, told Business Insider.

    "For a large majority of Mexican voters, this election is about who is the best alternative to remove the PRI from the presidency, and voters have chosen AMLO over Anaya," said Bosworth, whose firm's polling average showed Lopez Obrador 12 points ahead.

    'They want to create fear'

    In a letter published this week, Mexican billionaire German Larrea, head of mining and rail company Grupo Mexico, warned about the risk of a "populist" president and cited the economic struggles of Venezuela, Argentina, and Cuba.

    "If this populist economic model, in which everything supposedly belongs to and comes from the state, and in which people are given things without working for them, ends up being imposed on Mexico, investment will be disincentivized, seriously affecting jobs and the economy," the letter said.

    The letter did not mention Lopez Obrador by name but did reference his more contentious proposals, including rolling back the energy and education reforms of current President Enrique Peña Nieto.

    Mexico Andres Manuel Lopez Obrador rally campaign

    Lopez Obrador responded the day the letter was published, telling a rally he understood "that German Larrea doesn't want change, because he's done very well."

    At end of May, executives at Palacio de Hierro, a chain of luxury stores owned by Mexico's second-richest man, billionaire Alberto Bailleres, gathered staffers at a store in Mexico City for a mandatory meeting in which they emphasized that voting for the candidate most likely to beat Lopez Obrador was "the best chance we have of preserving the economic system that allows us to employ you," according to Bloomberg.

    "It's not fair," a Palacio de Hierro worker, who requested anonymity, told Bloomberg. "They want to create fear." In a statement, Palacio de Hierro denied it was trying to influence the election or doing "any proselytizing activity."

    Aeromexico aeroplanes are pictured on the airstrip at Benito Juarez international airport in Mexico City, Mexico, November 28, 2017. REUTERS/Ginnette Riquelme

    Supermarket chain Grupo Comercial Chedraui has put election materials in the workers' areas of some stores, which it told Bloomberg are meant to "lawfully inform employees about the importance of the election."

    The materials include posters noting Cuba and Venezuela are the only countries in the region that don't hold free, democratic elections. Conditions in Venezuela are often used as a cudgel against Lopez Obrador, with critics casting him as a Hugo Chavez-style populist who will lead Mexico to ruin

    The chief of Coca-Cola bottler Femsa warned in a video of "catastrophic effects" created by Mexico's past populist leaders. The head of manufacturer Grupo Vasconia told staffers that anger about corruption, impunity, and lack of opportunity "can cloud our judgment and could lead us down the road of populism."

    Leaders from food company Grupo Herdez and construction firm Grupo Chihuahua issued similar warnings. Cinema company Cinepolis de Mexico and airline Grupo Aeromexico also advised employees to carefully consider their votes.

    'Mafia of power' vs. 'good and honest people'

    Lopez Obrador has said he will target corruption, reduce violence, reinvigorate the economy, and address chronic inequality if elected president, though he has offered few concrete policy details.

    His detractors describe him as a dangerous authoritarian statist with retrograde ideas, though his tenure as mayor of Mexico City is generally considered a successful one marked by pragmatic, moderately progressive policies.

    He has butted heads with corporate leaders, saying they were trying to unite his rivals, and he frequently criticizes a "mafia of power" as working to protect its privileges at the expense of "good and honest people."

    But he has towed a more moderate line during this campaign. He has said he would be a market-friendly president, promising to respect investors and not to expropriate businesses. In May, he told a business forum that Mexico needs "businessmen to get this country going."

    Carlos Slim

    Lopez Obrador's threats to cancel to a $13 billion airport project in Mexico City drew criticism from business leaders, including Mexico's richest man, billionaire Carlos Slim, with whom Lopez Obrador collaborated as mayor of Mexico City. In March, however, he dropped that opposition.

    At a rally that month, he waved a white handkerchief to symbolize the "peace and love" he wanted to have with the business community, saying his conflict was with a small group that had benefited from close ties to government, rather than businesses in general.

    Such comments by businesses and their executives aren't necessarily illegal. But, while the race is not over, it seems unlikely those comments will sway voters.

    "Six years ago, Peña Nieto was supported by the business community, which has harmed the business community's credibility," Bosworth told Business Insider.

    Under this administration, he added, "Mexico's citizens have seen poor economic growth, a major drop in the peso’s value, and rising inflation. Over 60% of Mexican voters believe the economy has worsened in the past year."

    The peso's falling value and rising inflation have driven down most Mexicans' purchasing power, making basic goods harder to get. Human-rights groups have warned about the country's economic inequality and paltry wages.

    "That is why warnings that an AMLO win will hurt the economy ring hollow to most voters' ears," Bosworth said. "They already think the current government has harmed the economy."

    SEE ALSO: Another major Mexican company is shutting down some of its operations amid record levels of violence

    Join the conversation about this story »

    NOW WATCH: Here's what 'Narcos' and 'Sicario' get right and wrong about drug cartels


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    russian heiress wedding Irina Chigirinskaya

    There are weddings of mere mortals, and then there are weddings of billionaire heiresses.

    Irina Chigirinskaya, an 18-year-old Russian heiress, recently got married near Moscow in a lavish ceremony that cost about $1.6 million, according to the Daily Mail — and photos and videos of the celebration are jaw-dropping.

    The celebration included opulent decorations, bottomless Champagne, live musical performances, choreographed dancing, and a multitiered wedding cake.

    The bride's dress is estimated to cost nearly $219,000, and the food rang in at more than $460,000, according to the report.

    Here's a peek inside the celebration.

     

     

     

     

     

    Chigirinskaya married Moris Mirelli, 23, at the Agalarov Golf and Country Club near Moscow.

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    Chigirinskaya is the daughter of billionaire construction tycoon Alexander Chigirinsky, the Daily Mail reported.



    1,500 guests attended the nuptials.

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    The celebration included more than $460,000 worth of food.

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    "Guests were treated to salmon carpaccio, all kinds of fish, Uzbek pilaf, shish kebab, Iranian apricots, fresh berries and cake," a source told the Daily Mail.

    "Bottles of chilled French Champagne did not have time to end, as new ones appeared on the table," they added.



    See the rest of the story at Business Insider

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    Larry Ellison

    • The most wealthy entrepreneurs in the world got to where they by taking very different paths.
    • Some of them even had to get through multiple personal and professional speed bumps before achieving a fortune.
    • There's one common theme in that case: they were able to tap into their grit, willpower, and discipline after adversity.

    Overcoming gut-wrenching failure is often a surprising prerequisite for achieving phenomenal success.

    In fact, it’s actually quite the rarity to have an impeccable track record like the legendary investor Warren Buffett that dates all the way back to the very early years.

    It’s far more normal for entrepreneurs to experience incredible amounts of adversity through their careers, whether it’s a business bankruptcy or a tragic personal setback. Instead of capitulating, these people are able to tap into their grit, willpower, and discipline to help them surmount catastrophic moments and set a foundation for future achievement.

    BILLIONAIRE EXAMPLES

    Today’s infographic comes to us from Quick Base, and it shows the career trajectories of 10 billionaires ranging from Richard Branson to Oprah Winfrey.

    It shows us that experiencing massive failures is common to even the most financially successful individuals – and it’s how one get through these tough events that really counts.

    Courtesy of: Visual Capitalist

    Walt Disney’s first studio went bankrupt in just two years, while Jack Ma couldn’t even get a job at KFC. Elon Musk has a lengthy timeline of failures as well.

    Oprah Winfrey overcame multiple obstacles early on, including childhood abuse, a miscarriage at 14, and sexual abuse in the workplace.

    For many of these entrepreneurs, it would have been socially acceptable to give up after these tragic events. However, as Churchill says, it was their ability to persevere that actually helps define their success in the first place.

    Meanwhile, the results for the billionaires above speak for themselves.

    Jeff Bezos has a massive empire and is the richest person on the planet. Oprah became the first female African-American billionaire in 2003. Walt Disney started a studio that has stood the test of time, and Jack Ma is a well-known billionaire and personality even outside of China.

    SEE ALSO: Amazon, JPMorgan, and Berkshire Hathaway have picked the CEO to run their joint health venture

    Join the conversation about this story »

    NOW WATCH: What having a dog does to your brain and body


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    Wal-Mart family Jim Walton, Alice Walton and Rob Walton

    • The Walton family is the richest family in America.
    • Sam Walton founded Walmart in 1962. It is now the world's largest retailer by revenue with sales of $500 billion from its nearly 12,000 stores worldwide. 
    • Walton's descendants have a combined wealth of $151.5 billion, according to Bloomberg. This is more than Jeff Bezos, Bill Gates, and Warren Buffett, and $52.8 billion more than the second-richest family in the United States, the Kochs. 
    • In public, the Waltons live a pretty modest life despite their wealth. Here's how they spend their fortune.

    The Waltons are the richest family in America, but they're pretty discreet about it. 

    According to Bloomberg's Billionaires Index, the Walmart heirs have a combined wealth of $151.5 billion, which is more than Jeff Bezos, Bill Gates, and Warren Buffett. In fact, they are worth $52.8 billion more than the second-richest family in the United States, the Kochs. 

    The three children of Walmart founder Sam Walton co-own Walton Enterprises, which is the biggest shareholder of the company and the reason behind their wealth. Walmart is the world's largest retailer by revenue with sales of $500 billion from its nearly 12,000 stores around the world. 

    Only one of the siblings, Rob Walton, sits on the board of the company. James Walton, his brother, served on the board until 2016, before being replaced by his son Steuart in 2016.

    Alice Walton, the youngest sibling, has never taken an active role running the business and has instead become a patron of the arts.

    When the company has a good quarter, the family makes millions of dollars in dividends. However, despite their fortune, the Waltons seem to live a pretty modest life, at least in public.

    Here's what we do know about how the wealthy family spends its fortune: 

    SEE ALSO: Walmart's Alice Walton is the richest woman in the world — here's how she spends her $43.7 billion fortune

    Sam Walton, who died in 1992, opened the first Walmart store in Arkansas in 1962.



    He was married to Helen Ronson. Together, they had four children: Rob, John, Jim, and Alice.

    The Walton family own 50% of Walmart's total stock between them. 



    This is Samuel Robson "Rob" Walton, the oldest Walton son. He served as chairman of Walmart until 2015.



    See the rest of the story at Business Insider

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    An elite club of investors, entrepreneurs, and heirs that spans industries and countries demands only one qualification of its members: Have a fortune of at least $1 billion. 

    The world's billionaires are tracked in real time by lists like Bloomberg's Billionaires Index and Forbes' World's Billionaires, which monitor net worths and recognize new members when their assets increase in value to surpass the billion-dollar mark. 

    For years, the technology industry has dominated this list. It's churned out names like Jeff Bezos, Bill Gates, and Mark Zuckerberg, who were briefly the three richest people in the world in July, and have for years sustained spots in the Top 10. It seems the tech industry isn't slowing down with regard to its contributions, either. 

    As of January 2018, the tech sector has already created 11 billionaires, according to Bloomberg's Anne Vandermey. While it's a long way to the top, these co-founders have joined the ranks of the most well-known names in the world by creating a newly public, newly acquired, or newly funded tech company that helped push them over the top.

    Here are the 11 newest billionaires in tech in 2018, and the events that helped get them there:

    Arash Ferdowsi is a co-founder of Dropbox, which went public in March.

    Source: Dropbox Stock Pop Puts Kansas Native in Tech Billionaires Club, Bloomberg



    Daniel Ek is a co-founder and CEO of Spotify, which went public in April.

    Source: Spotify Founders Enriched to the Tune of $5.8 Billion in Listing, Bloomberg



    Binny Bansal is a co-founder and CEO of Flipkart, which sold 77% of its stake to Walmart in May.

    Source: Walmart’s $16 Billion India Investment Hits Waltons' Fortune, Bloomberg



    See the rest of the story at Business Insider

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    luxury honeymoon yacht

    • Billionaire honeymoons are out of this world — especially when it comes to their requests.
    • Writer Brandon Presser recently spent time with luxury travel consultancy Ovation Vacations, according to an article he wrote for Bloomberg, and it was an eye-opening peek at the whims of rich people.
    • Some of the wildest requests involve stocking a minibar with 16 different condoms and recarpeting a 210-foot yacht for $80,000.

    If you think planning the logistics for your honeymoon is a nightmare, then you need to spend some time with Ovation Vacations, a luxury travel consultancy for billionaires.

    That's exactly what writer Brandon Presser did for an article for Bloomberg, in which he gained firsthand experience in arranging honeymoons for rich people — for better or for worse.

    As the mastermind behind honeymoon planning for the world's richest people, Ovation Vacations charges a minimum of $20,000 to plan a honeymoon, but it doesn't take long for the bill to increase — especially when a private flight is involved, writes Pressler. On the average trip of 2.78 weeks, accommodation typically runs for $1,950 a night, he says.

    "We'll do anything for our clients as long as it's legal in the country they're visiting," Ovation Vacations president Jack Ezon told Presser.

    Presser does the math: With more than 200 honeymoons a year at an average of $20,000 a trip, Ovation Vacations plans almost $1 million worth of honeymoon travel every month.

    But some trips alone exceed that — like a monthlong $1.85 million yacht trip in the Indian Ocean and a $1.62 million 45-day tour from Oceania to the Mediterranean for a royal couple.

    hotel room

    But planning such luxurious honeymoons also means earning generous tips. Ezon told Presser that such tips have come in the form of $100,000 checks and Hermès cuffs, to name a few.

    If there's one thing Presser learned during his brief experiences arranging a meeting between a Jew and the pope and coordinating an international flight for a sheikh's bird, it's that billionaires have some one-of-a-kind requests for post-nuptial perfection — requests that involve jumping through a lot of hoops to meet.

    Ezon and the Ovation Vacations team shared countless stories with Presser — here are some of the wildest requests they've made happen:

    • Stocking a minibar with 16 different types of condoms for a new husband
    • Providing a bride with Elchim hairdryers in every honeymoon spot, from Sri Lanka to Laos
    • Remodeling a hotel bathroom's granite sink by raising it by seven inches for $40,000, so a TV actress wouldn't have to bend over to wash her face during a five-night stay 
    • Recarpeting a 210-foot yacht for $80,000, so a husband's wife could wear heels on board 
    • Rebuilding a Caribbean beach in front of a couple's villa after it was destroyed by a storm for $50,000
    • Coordinating an overnight stay in King Louis XIV's bed in Versailles
    • Hiring German clinicians to supply intravenous vitamin B-12 solutions for Champagne hangovers at the cost of $2,250 a day
    • Booking $21,055 first-class suites on transatlantic Emirates and Etihad flights for Falcons (the birds)
    • Arranging a meet-and-greet with Vladimir Putin
    • Delivering feminine hygiene products hidden inside baguettes to an embarrassed wife
    • Flying a husband from the Maldives to Bangkok and arranging a "nightlife escort" after his wife left him 36 hours into the honeymoon

    Read the full story on Bloomberg »

    SEE ALSO: Rich people of different ages prefer to spend their money in vastly different ways

    DON'T MISS: Rich people tend to view money the same way, no matter how old they are — with one big exception

    Join the conversation about this story »

    NOW WATCH: The simple rule this couple follows to avoid fighting about money


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    Elon Musk

    • Elon Musk, CEO of Tesla and SpaceX, has a net worth around $20.1 billion.
    • Musk said in January he will not receive any form of payment or compensation until Tesla reaches $100 billion in market cap.
    • On March 21, Tesla shareholders approved a plan awarding Musk $2.6 billion in stock options that will vest as the company hits key milestones over the next decade.

     

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

    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.

    Despite a massive net worth hovering around $20.1 billion, Musk has never taken a paycheck from Tesla, refusing his $56,000 minimum salary every year.

    On Wednesday, Tesla shareholders approved a plan awarding Musk $2.6 billion in stock options, reports CNBC, which will vest in 12 tranches, or portions, as the company hits key milestones over the next decade. The $2.6 billion amount is at current stock value. U.S. News notes that if Musk meets the goals and the stock value rises during that time period, it "could net him more than $50 billion."

    In January, Tesla announced it would pay Musk nothing for the next 10 years — no salary, bonus, or stock — until the company reaches a $100 billion market cap. If and when that happens, Musk could potentially overtake Amazon CEO Jeff Bezos as the richest person in the world.

    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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    Bernard Arnault

    • The average age for becoming a millionaire is 37. 
    • The average mark for becoming a billionaire is 51.
    • The gap between becoming a millionaire and billionaire has ranged from one year to 26 years.

    Some people say that making the first million is the hardest.

    Others, like oil tycoon T. Boone Pickens have quipped that the first billion is a “helluva lot harder”.

    Regardless of which is true, it’s interesting to examine how long it took the world’s wealthiest to reach the million and billion dollar benchmarks, as well as how many years were in between.

    MILLIONS TO BILLIONS

    Today’s infographic comes to us from Betway, and it provides a study of the 100 wealthiest billionaires that topped the 2018 edition of the Forbes Rich List.

    Courtesy of: Visual Capitalist

    Based on the top 100 billionaires studied from the Rich List, the average age for hitting millionaire status is 37. Meanwhile, the billion dollar mark is hit on average at the age of 51.

    This puts the average time period to go from millionaire to billionaire at 14 years.

    MAKING THE JUMP, BY INDUSTRY

    Even with this small sample size, it’s clear that how fast this jump happens depends greatly on industry.

    Tech entrepreneurs were by far the fastest on the list to go from millionaire to billionaire, with an average time of only 7.3 years. That number is averaged down by entrepreneurs such as Jeff Bezos, who has singlehandedly been able to amass an impressive empire of companies and assets in a very short period of time.

    SEE ALSO: A $150 billion investment chief on why a trade war has him nervous

    Join the conversation about this story »

    NOW WATCH: Why Rolex watches are so expensive


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    robert downey jr bruce lee

    • Discovery is about to begin production on a new show called "Undercover Billionaire."
    • In the show, an unnamed self-made billionaire will try to create a million-dollar company from scratch in 90 days.
    • They will not be allowed to access his previous contacts or wealth, and will be sent to an unfamiliar city.
    • Succeed or fail, the show will be a commentary on the American dream.


    If you dropped a self-made billionaire off in a random city, with just a few dollars and the drive to build something, could they make a million-dollar business in a few months?

    That's the question Discovery is trying to answer with its new show, "Undercover Billionaire," which is about to begin production on a 90-day shoot.

    "The billionaire came to us with the idea of wanting to test himself," Discovery's chief brand officer, Nancy Daniels, told Business Insider in an interview. He was someone "who had come from nothing" before making it big, and was "100% confident" he could do it again, she said.

    Here's the test they devised: He'll be given three months to build a million-dollar company from scratch in an unfamiliar midsize city, without the benefit of his past contacts, and something like $200 dollars in his pocket (the exact amount is still being worked out).

    Daniels wouldn't reveal the billionaire's name or industry — because of concerns about spoiling the shoot — but said he wouldn't be recognizable to most people.

    In the show, the audience will know who he is from the start, but the people he's working with won't know until the end, when he will gift them whatever business he ends up creating (they'll have a cover story to explain the cameras).

    "We truly are following him do this," Daniels said.

    He could succeed or he could fail spectacularly. But whatever happens, good or bad, will be a commentary on American capitalism and the idea of the self-made man. How much of his initial success was luck, and how much was his innate drive and ability? Can entrepreneurial lightning strike twice for someone without huge financial backing?

    The show is fundamentally about "taking your own life into your own hands," Daniels added. And the results will say a lot about the extent to which that is possible.

    The billionaire has explained to the producers a few business avenues or industries he thinks he could explore in the show, and none are in his previous wheelhouse, Daniels said. He's really trying to get back to his own origin story: no contacts, no expertise, no money.

    "Before I met him, I was suspicious [of his chances]," Daniels said. But after meeting him, she thinks he just might be able to pull it off. He'll have 90 days to prove her right.

    SEE ALSO: Netflix’s ‘Wild Wild Country’ directors explain how they unraveled the story of a cult famous for sex, Rolls Royces, and bioterrorism

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    Mark Zuckerberg

    • Most billionaires needed a lifetime of work to amass their fortunes, but others were able to earn $1 billion in a relatively short amount of time.
    • The list includes online commerce pioneers like Jeff Bezos and tech innovators like Mark Zuckerberg and Evan Spiegel, who all became billionaires with less than six years of work.
    • Some of the billionaires who got rich quick are among the most influential business players in the world.


    Making a billion dollars sounds like it would take a lifetime of hard work.

    But some people managed to pull it off in just a year.

    We compiled a list of self-made billionaires who made their fortunes the fastest. The list includes pioneers of online commerce to early execs of the biggest social media site on the planet, and many of them are among the wealthiest and most influential players in the business world.

    Read on to see who became a billionaire within the shortest time frames. But be warned — their results aren't easy to replicate.

    SEE ALSO: Meet John Collison, the 27-year-old Harvard dropout whose tech startup turned him into the youngest self-made billionaire in the world

    SEE ALSO: How many years it took the 23 richest people in the world to go from millionaire to billionaire

    Eduardo Saverin — 1 year

    Eduardo Saverin's saga, from co-founding Facebook with Mark Zuckerberg in 2004 to getting squeezed out of the company a year later, was dramatized in the movie "The Social Network."

    Despite working at Facebook for less than a year, Saverin retained a minority stake in the company, which translated into more than $1 billion by 2010. Today, Saverin is worth more than $9 billion.



    Evan Spiegel and Bobby Murphy — 3 years

    Evan Spiegel and Bobby Murphy founded Snapchat in 2011 after they came with the idea of a photo-sharing app in which the pictures disappear.

    By 2014, their sizable stock holdings put their net worths over $1 billion, and the 20-somethings appeared on the Forbes billionaires list one year later.



    Sean Parker — 1.5 years

    Sean Parker may have co-founded the pioneering music-sharing site Napster, but it was his brief stint as president of Facebook that earned him billionaire status.

    Parker served as Facebook's first president for a little over a year starting in 2004. He left the company in early 2006, but retained nearly 70 million Facebook shares, according to Bloomberg. He sold about 3.5 million of them ahead of Facebook's 2012 initial public offering, putting him firmly in billionaire territory.



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    amazon jeff bezos matt damon chris hemsworth

    • Amazon CEO Jeff Bezos had a fun weekend, which he documented on Twitter.
    • Bezos' festivities included making pancakes with singer Ciara and her husband Russell Wilson, going to the movies, and tweeting with The Rock.

    Even the CEO of one of the most valuable tech companies in the world needs to let his invisible hair down every once in awhile.

    This past weekend, Amazon CEO Jeff Bezos made pancakes with singer Ciara and her husband Russell Wilson, the quarterback of the Seattle Seahawks.

    The reason for the breakfast shindig is still unclear: Business proposition or just a bonding of breakfast lovers?

    Bezos also took his kids to see Rampage, Dwayne "The Rock" Johnson's latest action flick, and snapped a photo of his best impression of the wrestler-turned-actor.

    Smolder = The Rock-approved.

    As you can see, Bezos (and his recent Twitter game) reminds us that he is, in fact, a regular joe. Just another regular joe, with a net worth of $119 billion. 

    SEE ALSO: A day in the life of the richest person in history, Jeff Bezos — who made $6.44 billion in one day and still washes the dishes after dinner

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    Bill Gates Summer Books

    Whether you want to launch an empire or become the best in your field, who better to consult than those who have achieved the peak of professional and financial success?

    That's why we've rounded up 25 books by self-made billionaires. From the business insights of Bill Gates to the leadership lessons of Richard Branson, the wisdom collected in these pages extends far beyond the classroom.

    Learn how these masters of industry achieved the impossible, in their own words.

    SEE ALSO: 16 business books that will change your life forever, according to my coworkers

    'The Virgin Way' by Richard Branson

    Although Branson confesses he's never read a book on leadership, his nearly 50-year entrepreneurial career has taught him a thing or two about building a business.

    In "The Virgin Way," the billionaire founder of Virgin Group offers lessons on management and entrepreneurialism, including the importance of listening to others and hiring the right people. Branson is honest about his successes as well as his failures, such as underestimating Coke's influence when he tried to launch Virgin Cola in the 1990s.

    Overall, the book is a compelling glimpse into the life of someone who's never shied away from a challenge.

    Find it here »



    'Onward' by Howard Schultz

    After resigning as Starbucks CEO in 2000, Schultz returned to the post in 2008, just as the company was struggling through a financial crisis. "Onward" details how the billionaire brought the global coffee chain back to life.

    Readers will learn how Schultz made tough decisions — like temporarily shutting down more than 7,000 US stores — in order to help Starbucks grow without neglecting its core values.

    They'll learn, too, about Schultz as a person, as he weaves together his unique business strategy with anecdotes about growing up in Brooklyn, New York. It's an honest and passionate recounting that will inspire entrepreneurs and everyone else to be brave in the face of adversity.

    Find it here »



    'How to Win at the Sport of Business' by Mark Cuban

    In "How to Win at the Sport of Business," Dallas Mavericks owner and "Shark Tank" investor Cuban fleshes out his best insights on entrepreneurialism from his personal blog.

    He writes candidly about how he progressed from sleeping on his friends' couches in his 20s to owning his own company and becoming a multibillionaire. It's a story of commitment and perseverance — Cuban writes that even though he didn't know much about computers, he beat his competition because he spent so much time learning about the software his company sold. 

    Find it here »



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    Elon Musk

    • Billionaires and millionaires in the US include people from all over the world.
    • Through a combination of ambition and hard work, many immigrants living in the US, such as Elon Musk (Tesla), Sergey Brin (Google), and Pierre Omidyar (eBay) have risen to be some of the richest people in the world. 

     

    Moving to a new country is a big risk. Beyond the obvious barriers of distance, language, and culture, new residents often face prejudice and worse when moving to a new country simply to survive — nevermind thrive. Who will be there to rescue you if you fail in a foreign land? What kind of safety net will you have?

    Through a combination of ambition, skill, and luck (and, in several cases, a knack for computer science), many American immigrants have risen to the highest and most exclusive echelon of society.

    Here are 15 immigrants who struck it rich after the big move:

    SEE ALSO: Here's where immigrants are moving to in the US

    1. Celine Dion

    Net Worth: $400 million

    Country of Origin: Canada

    The French Canadian pop star may not in the financial stratosphere as some of the tech giants on this list, the Las Vegas mainstay known for "My Heart Will Go On" has done pretty well for herself.



    2. Bharat Desai

    Net Worth: $1.2 Billion

    Country of Origin: Kenya

    Born in Kenya and raised in India, Desai came to the US to work for Tata Consultancy Services. He and his wife, Neerja Sethi, then started their own consulting firm, Syntel, in their suburban Detroit apartment with just $2,000.



    3. Eren Ozmen

    Net Worth: $1.46 billion

    Country of Origin: Turkey

    This self-made woman emigrated from her native Turkey to pursue an advanced degree at the University of Nevada. Since then, she has amassed a fortune from owning and running Sierra Nevada Corp., a private defense and aerospace company whose clients range from NASA to the U.S. Air Force, with her husband.



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    Jan Koum Brian Acton

    • WhatsApp cofounder Jan Koum is leaving Facebook, which acquired his company in 2014 for $19 billion.
    • Koum, who will leave before his stock award fully vests, could be losing out on as much as $1 billion, Bloomberg reported.
    • He has so far sold over $7 billion in Facebook stock.

    WhatsApp cofounder Jan Koum announced on Monday that he planned to resign from Facebook— and he might be leaving a lot of money on the table.

    Depending on when Koum's last day at Facebook is, he might lose out on as much as $1 billion in stock awards, Bloomberg reported, citing regulatory filings.

    Facebook bought WhatsApp in 2014 for $19 billion, making Koum and his cofounder Brian Acton billionaires.

    Usually, stock awards after a merger are distributed on a four-year "vesting cliff"— if you last all four years, you get your entire stock grant. Both Koum and Acton, who quit Facebook in September, will have left the company within that time.

    According to Bloomberg, Koum still has three vesting dates through the end of the year: one in May, one in August, and the final one in November. The value of the shares he would get if he still worked at Facebook is just under $1 billion at Facebook's current share price.

    Koum will also leave Facebook's board of directors, the company confirmed in a filing with the Securities and Exchange Commission.

    Don't cry for Koum, though — he has already sold about $7.1 billion worth of Facebook shares, according to Courtney Yu, the director of research at Equilar, which tracks board compensation. Koum still holds over 11 million shares of Facebook, worth over $2 billion as of Tuesday.

    So he's got plenty of money, even if he is leaving stock on the table.

    In his goodbye note, posted on Facebook on Monday, Koum said he planned to collect "rare air-cooled Porsches."

    Here's his full note:

    "It's been almost a decade since Brian and I started WhatsApp, and it's been an amazing journey with some of the best people. But it is time for me to move on. I've been blessed to work with such an incredibly small team and see how a crazy amount of focus can produce an app used by so many people all over the world.

    "I'm leaving at a time when people are using WhatsApp in more ways than I could have imagined. The team is stronger than ever and it'll continue to do amazing things. I'm taking some time off to do things I enjoy outside of technology, such as collecting rare air-cooled Porsches, working on my cars and playing ultimate frisbee. And I'll still be cheering WhatsApp on — just from the outside. Thanks to everyone who has made this journey possible."

    Rob Price and Matt Weinberger contributed reporting.

    SEE ALSO: The billionaire cofounder of WhatsApp is leaving Facebook to collect cars and play ultimate frisbee

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    Monaco Grand Prix Lewis Hamilton

    • John Paul is a luxury concierge service that is available 24/7 to its millionaire and billionaire clients.
    • While most requests are for hard-to-get tickets or restaurant tables, the service has also handled numerous extravagant requests.
    • One of the most extravagant requests was for a client who asked to watch the Monaco Grand Prix, one of the most prestigious races in the world, from a vantage point "no one else could get."
    • John Paul arranged for the client to watch the race from a yacht and get an audience with Prince Albert II of Monaco.

    As a luxury concierge service to ultra-wealthy people around the world, John Paul has seen some strange and extravagant requests.

    The net-worth of the company's clients usually stretches from $30 million to $260 million, with a few that go even higher. Their clientele is well-traveled and educated. Once you've traveled to every island hotspot and stayed in private villas, it takes something extra to get a "wow" from clients.

    In recent years, according to Amber Treshnell, John Paul's CEO of Americas, the company has helped fly in a client's favorite lasagna from Venice for a Christmas Eve celebration, arranged a visit with Santa in the Arctic Circle for a client's children, and help craft a wedding proposal dinner in Dubai at At.mosphere, the tallest restaurant in the world.

    "We are constantly challenged with finding things that are not searchable on the internet. These are people who have traveled the world, been to many exciting destinations, and they want the next best thing,"  a concierge at John Paul for last 11 years told Business Insider.

    "No is not an option. So long as it is legal and ethical, we can do it."

    The concierge, who John Paul asked to keep his name confidential out of respect for his privacy, helped work on possibly the most extravagant request the company has ever fulfilled, which came during the Monaco Grand Prix, considered one of the most prestigious Formula One races in the world.

    The client wanted to attend the Grand Prix, but was not satisfied with viewing it from the perfect balcony, according to the concierge. He wanted "something nobody else can get."

    The concierge helped arrange for the client to watch the race from an ultra-luxury yacht. Not only that, but the concierges were able to get the client an audience with Prince Albert II of Monaco.

    "Our client was over the moon when we presented this idea. He could never have done that himself. But, with our connections, we were able to make it happen," he said.

    Providing that experience, according to the concierge, was "ultra, ultra expensive" and required 24/7 work to make happen.

    Monaco Grand Prix

    "The logistics are quite layered and detailed," he said. "Of course, first there is a moment of panic. How do we take this client request and make it happen? You work backwards and make the steps."

    Concierges, according to John Paul, see their value in their connections and network. When a request like the Monaco Grand Prix comes in, the concierge said he begins by combing his Rolodex for "someone who knows someone who knows someone." If his connections come up empty, he will contact concierges at other John Paul offices so they can tap into their networks.

    Once they have a connection that can make the experience happen, the team puts everything through several layers of vetting. With millionaire and billionaire clients, there is always the risk that someone is trying to steal clients' money. John Paul prides itself on its vetting abilities.

    "We don't want to put our clients in danger because they are coming to us as the authority on providing them with access that is unquestionably honest and straightforward," he said. "We don't want them to worry about that access."

    SEE ALSO: A day in the life of the world's most famous tailor, who works 12 hours a day, 6 days a week, and has made suits for Bill Clinton, Russell Crowe, and Bruno Mars

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    Oprah Winfrey

    • Billionaires don't always come from moneyed backgrounds.

    • In fact, many famous billionaires actually grew up poor.

    • From George Soros to Larry Ellison to Oprah Winfrey, here's a look at how some of the wealthiest people on the planet came up from nothing.



    Billionaires aren't all born with silver spoons in their mouths.

    In fact, many came from nothing at all.

    The "rags-to-riches" trope may be a cliché, but it's one that's definitely grounded in reality for some famous billionaires.

    Through extraordinary grit and perseverance, individuals across the globe have beat the odds and achieved their own rags-to-riches stories.

    Here are 19 people who started off life poor and went on to become billionaires:

    SEE ALSO: From fry-cook at McDonalds to waitress at Hooters, here are the unglamorous first jobs of 24 highly successful people

    DON'T MISS: What Jeff Bezos, Elon Musk, and 23 other highly successful people were doing at age 25

    Guy Laliberté was a fire-eater before founding Cirque du Soleil.

    Net worth: $1.19 billion

    At the beginning of his career, Laliberté had fire in his belly — literally. The Canadian-born circus busker played the accordion, walked on stilts, and ate fire.

    Later on, Business Insider previously reported, he took a chance and flew a troupe from Quebec to Los Angeles without purchasing a return fair. The circus troup traveled to Las Vegas and became Cirque du Soleil.

    Laliberté is now the CEO of Cirque de Soleil.



    Kenny Troutt, the founder of Excel Communications, paid his way through college by selling life insurance.

    Net worth: $1.41 billion

    Troutt grew up with a bartender dad and paid for his own tuition at Southern Illinois University by selling life insurance. He made most of his money from phone company Excel Communications, which he founded in 1988 and took public in 1996. Two years later, Troutt merged his company with Teleglobe in a $3.5 billion deal.

    He's now retired and invests heavily in racehorses.



    Montpellier rugby club president and Entrepreneur of the Year Mohed Altrad survived on one meal a day when he moved to France.

    Net worth: $2.6 billion

    Born into a nomadic tribe in the Syrian dessert to a poor mother who was raped by his father and died when he was young, Altrad was raised by his grandmother. She banned him from attending school in Raqqa, the city that is now capital of ISIS. Altrad attended school anyway, and when he moved to France to attend university, he knew no French and lived off of one meal a day.

    Still, he earned a PhD in computer science, worked for some leading French companies, and eventually bought a failing scaffolding company, which he transformed into one of the world's leading manufacturers of scaffolding and cement mixers, Altrad Group.

    He has previously been named French Entrepreneur of the Year and World Entrepreneur of the Year.



    See the rest of the story at Business Insider

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    HongKongBillionairesNeighborhood JackMa (26 of 32)

    • The world's billionaire population grew to an all-time high of 2,754 people in 2017.
    • Three Asian countries had the strongest growth in total net worth in 2017: China, India, and Hong Kong.
    • As a city, Hong Kong added more billionaires than any other major city in 2017, bringing its total count to 93 — just 10 fewer billionaires than New York City.

     

    Hong Kong has been the world's most expensive city for the better part of a decade, and it's only getting richer.

    In 2017, Hong Kong added 21 billionaires, bringing its total count to 93 — just 10 billionaires behind New York City, according to Wealth-X's latest Billionaire Census. That's the city-state's largest annual billionaire gain to date. New York added just one billionaire in 2017.

    While Hong Kong's billionaire count as a country still pales in comparison to the United States — 93 people to 680 people, respectively — it probably won't be long before Hong Kong overtakes New York as the world's billionaire capital city.

    According to Wealth-X research, Hong Kong's surge in wealth was "driven by a strong domestic economic performance, the upturn in global financial markets (reflecting the region's status as one of the world’s largest financial centers), and enhanced trade and investment links with mainland China."

    It's a rebound victory for Hong Kong, which experienced the largest decline in billionaire count of any major city back in 2016, thanks to a falling stock market.

    top 10 billionaire cities

    Li Ka-shing is Hong Kong's richest man with a net worth around $35 billion. He retired in March from running CK Hutchison Holdings and CK Asset Holdings, the two massive conglomerates that he built in Asia's most famous rags-to-riches story. The richest person in New York, Michael Bloomberg, is worth around $53 billion.

    The next five richest billionaires in Hong Kong built their fortunes in real estate. It's no wonder the region is known for its steep cost of living — and home to the world's most expensive neighborhood. The Peak, as it's called, has been synonymous with wealth, luxury, and exclusivity since the colonial era, reported Business Insider's international correspondent Harrison Jacobs. 

    It's the kind of neighborhood that consistently breaks records for the most expensive real estate in the world with residents like bankers, expats, business magnates, celebrities, and, more recently, Chinese millionaires and billionaires, Jacobs reported. In 2015, it was rumored that Jack Ma, the Chinese billionaire who founded Alibaba, purchased a $191 million mansion there, but it has never been confirmed.

    top 10 billionaire countries

    Thanks in part to Hong Kong's gains, Asia's total billionaire population rose to 784, according to the Billionaire Census, surpassing North America's billionaire population (by 57 people) for the first time in history in 2017.

    "Dynamic wealth creation [in Asia] was supported by improved emerging-market growth, more resilient currency movements against the US dollar, higher infrastructure spending, booming real estate prices, and robust demand from an expanding middle class," reported Wealth-X. 

    The world's total billionaire population grew by nearly 15% to 2,754 people, and total combined wealth increased to $9.2 trillion, a 24% jump from the previous year thanks to strong global economic growth and big corporate earnings.

    SEE ALSO: Inside the most expensive part of the world's most expensive city, the Hong Kong billionaire enclave where Alibaba founder Jack Ma may have bought a $191 million mansion

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