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  • Analysis
    4 years ago
    by aj0690
    +19 +1

    The Mogul Matrix: How Billionaires Go Shopping

    What do you do when you have the spending power of a small nation? If you happen to be Jay Z, you might pick up a box of Cap’n Crunch for a trip aboard your private jet. Or you could spend a tiny chunk of your immense wealth on perfecting the recipe for fake meat, like Google co-founder Sergey Brin. For a brand-new billionaire, you may just buy expansion packs for Settlers of Catan, a favorite of Facebook C.O.O. Sheryl Sandberg.

  • Analysis
    4 years ago
    by wildcat
    +20 +1

    Billionaire boom: Where the money is now

    The world has 155 new billionaires, pushing the worldwide total to 2,325. That's a 7% jump from 2013, according to the 2014 "Billionaire Census" from Wealth-X and UBS. So who is your standard billionaire? According to the report, the typical billionaire has about $3.1 billion, is 63 years old, and did not reach the $1 billion threshold until their late 40s.

  • Current Event
    4 years ago
    by canuck
    +12 +1

    400 wealthiest Americans now worth $2.3TRILLION

    The Facebook founder and CEO was today listed number 10 on the U.S. rich list, which was topped again by Bill Gates - worth $81.2billion - with Warren Buffett ringing in second with $67billion.

  • Analysis
    4 years ago
    by TNY
    +16 +1

    Number of global billionaires has doubled since the financial crisis

    The number of billionaires has doubled since the start of the financial crisis, according to a major new report from anti-poverty campaigners.

  • Analysis
    4 years ago
    by rhingo
    +26 +1

    85 richest now have as much money as poorest 3.5B

    If Bill Gates spent $1 million a day it would take 218 years to spend his fortune.

  • Analysis
    4 years ago
    by imokruok
    +18 +1

    With 41% of global wealth in the hands of less than 1%, elites and citizens agree inequality is a top priority

    People with a net worth of more than $1 million represent just 0.7% of the global population, but they have 41% of the world’s wealth. Meanwhile, those with a net worth of less than $10,000 represent 69% of the population, but just 3% of global wealth.

  • Current Event
    3 years ago
    by drunkenninja
    +18 +1

    Worried super rich 'plotting escape' in case people rise up against inequality

    Super rich hedge fund managers are buying 'secret boltholes' where they can hideout in the event of civil uprising against growing inequality, it has been claimed. Nervous financiers from across the globe have begun purchasing landing strips, homes and land in areas such as New Zealand so they can flee should people rise up. With growing inequality and riots such as those in London in 2011 and in Ferguson and other parts of the USA last year, many financial leaders fear they could become...

  • Analysis
    3 years ago
    by socialiguana
    +16 +1

    Why the Rich Don't Give to Charity

    When Mort Zuckerman, the New York City real-estate and media mogul, lavished $200 million on Columbia University in December to endow the Mortimer B. Zuckerman Mind Brain Behavior Institute, he did so with fanfare suitable to the occasion: the press conference was attended by two Nobel laureates, the president of the university, the mayor, and journalists from some of New York’s major media outlets.

  • Current Event
    3 years ago
    by mtnrg
    +1 +1

    CASTLES FOR SALE: 18 homes for millionaires with dreams of royalty

    Ever wanted to live like royalty? Well, you absolutely can — for as little as half a million and up.

  • Unspecified
    3 years ago
    by kabamman
    +7 +1

    TIL: (former) Billionaire Chuck Feeney has given away over 99% of his 6.3 Billion dollars to help under privileged kids go to college. He is now worth

    Chuck Feeney has earned $7.5 billion, but he's not on The Forbes 400. Instead, the Duty Free Shoppers founder has secretly given it away as fast as he's made it. All he personally has left is $2 million-- and credit for inspiring the modern philanthropy movement

  • Expression
    3 years ago
    by jasont
    +24 +1

    The $800 Million Family Selling Art Degrees and False Hopes

    It’s almost midnight, and Elisa Stephens wants another tequila and lime. “Shake the sh– out of it,” she tells the bartender. Stephens, 56, is wearing a fitted black skirt-suit with a Chanel clutch and a sparkling brooch the size of a Christmas ornament. She’s several drinks past her so-called “final final,” but who’s counting? After almost eight hours hobnobbing with style aficionados and well-heeled San Franciscans at her Academy of Art University’s spring fashion show...

  • Current Event
    3 years ago
    by manix
    +20 +1

    400 rich people lost $124 Billion in one day

    Four hundered of the richest people in the world lost about $124 billion on Monday after global sliding markets resulted in Chinese shares sinking the most since 2007, according to Bloomberg Billionaires Index. The wealth of 24 billionaires declined by more than 10 figures in just one day, including Bill Gates', whose fortune dropped by $3.2 billion, Jeff Bezos, Amazon’s president lost about $2.6 billion.

  • Analysis
    3 years ago
    by jedlicka
    +16 +1

    Dinner and Deception - Serving elaborate meals to the super-rich left me feeling empty.

    IT’S 4:25 p.m. I make my way through the kitchen, past the prep cooks, up to the locker room on the second floor. Getting dressed takes 10 minutes. That leaves 20 to get “family meal” before the porters break everything down. At 4:55, I’m ready. Lineup is in five minutes — “live at five.” I double-check my uniform, an expensive-looking suit issued by the restaurant, before I join the rest of the wait staff downstairs.

  • Expression
    3 years ago
    by messi
    +45 +1

    'I've never felt more isolated': The man who sold Minecraft to Microsoft for $2.5 billion reveals the empty side of success

    It's the dream of many a startup founder: Make something people love and wind up wildly rich, selling the company for billions. But after you do that, what comes next? It could be a sense of hopeless isolation. So says Minecraft founder Markus Persson (aka "Notch") in a strangely revealing series of tweets. Microsoft bought Minecraft for $2.5 billion almost a year ago, and the founder did not join Microsoft after the sale.

  • Current Event
    3 years ago
    by wildcard
    +23 +1

    Macau is getting rocked by reports of a $258 million casino heist

    Some more bad news for Macau's high rollers — or what is left of them. On Thursday, the Hong Kong-based investment bank Daiwa Capital Markets published a report saying that as much as $258 million had been stolen from a junket operating inside Wynn Macau. In Macau, junkets operate as third parties within casinos, bringing in cash that high rollers — the VIPs who bet big at the casino — use to leverage their bets.

  • Current Event
    3 years ago
    by Appaloosa
    +25 +1

    Russian billionaire's £250m 'mega-yacht' makes first voyage in Germany

    Built for Russian billionaire Andrey Igorevich Melnichenko, 'Sailing Yacht A,' is taking its test voyage in Kiel, northern Germany.

  • Expression
    3 years ago
    by rhingo
    +49 +1

    Children of the Yuan Percent: Everyone Hates China’s Rich Kids

    The fuerdai, China’s second-generation rich kids, are the most loathed group in the country. They’re also its future. Emerging from a nightclub near Workers’ Stadium in Beijing at 1:30 a.m. on a Saturday in June, Mikael Hveem ordered an Uber. He selected the cheapest car option and was surprised when the vehicle that rolled up was a dark blue Maserati. The driver, a young, baby-faced Chinese man, introduced himself as Jason.

  • Current Event
    3 years ago
    by bkool
    +33 +1

    Half of world's wealth now in hands of 1% of population

    Global inequality is growing, with half the world’s wealth now in the hands of just 1% of the population, according to a new report. The middle classes have been squeezed at the expense of the very rich, according to research by Credit Suisse, which also finds for the first time that there are more individuals in the middle classes in China – 109m – than the 92m in the US.

  • Analysis
    3 years ago
    by ppp
    +27 +1

    Inside the Secretive World of Elite Wealth Management

    Shakespeare said that all the world’s a stage, but the sociologist Erving Goffman added that most of the interesting stuff lies behind the scenes, in what he called the “backstage” areas of everyday life. Having spent the past eight years doing research on the international wealth-management profession, I have to agree with Goffman: The most revealing information comes from the moments when people stop performing and go off-script.

  • Expression
    3 years ago
    by yuriburi
    +44 +1

    Inside the Secretive Circle That Rules a $14 Trillion Market

    Fifteen of the biggest players in the $14 trillion market for credit insurance are also the referees. Firms such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. wrote the rules, are the dominant buyers and sellers and, ultimately, help decide winners and losers. Has a country such as Argentina paid what it owes? Has a company like Caesars Entertainment Corp. kept up with its bills? When the question comes up, the 15 firms meet on a conference...

  • Current Event
    3 years ago
    by zobo
    +27 +1

    Billionaire buys 7-year-old daughter Blue Moon diamond for record $48m

    A Hong Kong billionaire spent a record $48.4m buying an 12.03-carat diamond dubbed “Blue Moon” for his seven-year-old daughter in an auction in Geneva. Property tycoon Joseph Lau bought the rock at a Sotheby’s auction on Wednesday and immediately renamed it “Blue Moon of Josephine” after his daughter.

  • Current Event
    2 years ago
    by zritic
    +51 +1

    Los Angeles airport to build special terminal just for celebrities

    Special suite at LAX will let stars and the world’s wealthy glide directly from their limo to their first-class seat without having to interact with the public. Welcome to the 1%’s new airport terminal. Los Angeles international airport on Thursday won approval to build a special terminal to allow celebrities, sports stars and the world’s wealthy to glide directly from their chauffeur-driven limo to their first-class seat without having to interact with any of the general travelling public.

  • Current Event
    2 years ago
    by zyery
    +44 +1

    How London's super-rich are trying to buy immortality

    You’ve got the Lamborghini and the Learjet, the houses and quite possibly the palaces; Erdem designs your dresses and you’ve got heaps of diamonds. What next? Well, adornment can only take you so far: what good is that Lech heli-skiing pad when your knees are shot? What’s the point in building a multibillion-pound business when you’re unwittingly courting a heart attack?

  • Expression
    2 years ago
    by spacepopper
    +45 +1

    Mark Zuckerberg’s $45 Billion Loophole

    Much of the Internet is giddy over Mark Zuckerberg and Priscilla Chan’s pledge to “give” “99%” of their Facebook stock to “charity.” Bill and Melinda Gates said, “The example you’re setting today is an inspiration to us and the world.” Unfortunately, it’s not a very good example. Since the last gilded age, the super-rich have generally given to charitable organizations or to their own charitable foundations. That’s why we have the University of Chicago...

  • Expression
    2 years ago
    by socialiguana
    +38 +1

    What it's like to be an inheritor

    The ins and outs of inheritance are an emotionally wrought and economically ambiguous phenomenon. From morally disagreeing with your benefactor to barely knowing them, from inheriting enough money that you can retire to making just enough to buy a nice suit for a funeral, the lives of inheritors are just as varied as anyone else's. Yet inheritors and trust fund recipients are, at times, treated like the black sheep of the working world and are seen as...

  • Expression
    2 years ago
    by jedlicka
    +22 +1

    What It's Like to Be a Billionaire's Butler

    Call it Downton Abbey syndrome: The newest trend among the world' s ultra-rich—like, royalty-grade, private-plane-owning Scrooge McDuck rich—is to have a butler. But what type of person would willingly give over his life to serving the outrageously moneyed? As David Katz discovers, these are men and women with boundless grace, innate propriety, and the wherewithal to quickly hide six hookers on a mega-yacht.

  • Current Event
    2 years ago
    by geoleo
    +16 +1

    Just 62 people now own the same wealth as half the world's population

    Wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of humanity combined, according to a new report. The research, conducted by the charity Oxfam, found that the wealth of the poorest half of the world’s population – 3.6 billion people – has fallen by 41 per cent, or a trillion US dollars, since 2010. While this group has become poorer, the wealth of the richest 62 people on the planet has increased...

  • Expression
    2 years ago
    by rexall
    +25 +1

    How the rich have only got richer since 2000

    Less than one per cent of the wealth created since 2000 has gone to the poorest 50 per cent of the world's population, new research has revealed. The finding comes as the world’s richest business leaders and most powerful heads of state gather in Davos for the start of the annual four-day summit. Fifteen years into the millennium, the evidence suggests the world’s rich are only getting richer, while the least well-off half of the world remain in borderline poverty.

  • Expression
    2 years ago
    by wildcard
    +19 +1

    Could a Few Billionaires Close the World's Poverty Gap?

    This week, the richest business leaders and investors from around the world have gathered in Davos, Switzerland, for the annual meeting of the World Economic Forum. In keeping with tradition, a small portion of the agenda will be devoted to global development and the plight of people living at the other end of the global income distribution. Philanthropy is one way of linking the fortunes of these disparate communities.

  • Expression
    2 years ago
    by 8mm
    +27 +1

    From The Mag: The FBI vs. FIFA

    The exclusive account of how a small band of federal agents and an outsized corrupt official brought down the sports world's biggest governing body. Chuck Blazer looked out the window of his $18,000-a-month Trump Tower apartment, with its view of New York's Central Park. Most tourists on Fifth Avenue below could only dream of his kind of high-rise life. But after years of lavish excess, he was no longer fixated on the trappings of his success.

  • Current Event
    2 years ago
    by rawlings
    +30 +1

    China’s Rich Kids Head West

    On a crisp Sunday morning in November, Weymi Cho picked me up at my hotel, in downtown Vancouver, in her new car, a white Maserati GranTurismo with a red leather interior. She had slept only two hours the night before. A new karaoke machine had been installed in her apartment, a four-million-dollar condo with a view of the city’s harbor, and she and some friends had spent the night singing and drinking Veuve Clicquot.

  • Current Event
    2 years ago
    by dianep
    +21 +1

    Robert Mugabe holds $1m birthday party in drought-hit Zimbabwe

    President Robert Mugabe has come under fire for holding a lavish $1 million birthday party to celebrate his 92nd birthday in a drought-stricken town in Zimbabwe. Opponents said the event was "an affront to ordinary Zimbabweans" at a time when more than a quarter of the population are in need of food aid. Mugabe's birthday bashes have become an annual pilgrimage for loyalists but the decision to hold this year's party in Masvingo...

  • Expression
    2 years ago
    by zyery
    +46 +1

    A King in His Castle: How Donald Trump Lives, From His Longtime Butler

    Everything seemed to sparkle at the Mar-a-Lago estate here on a recent afternoon. The sun glinted off the pool and the black Secret Service S.U.V.s in the circular driveway. Palm trees rustled in a warm breeze, croquet balls clicked and a security guard stood at the entrance to Donald J. Trump’s private living quarters. “You can always tell when the king is here,” Mr. Trump’s longtime butler here, Anthony Senecal, said of the master of the house and Republican presidential candidate.

  • Current Event
    2 years ago
    by Pfennig88
    +5 +1

    Panama Papers reveal offshore secrets of China’s red nobility

    The eight members of China’s Communist party elite whose family members used offshore companies are revealed in the Panama Papers. The documents show the granddaughter of a powerful Chinese leader became the sole shareholder in two British Virgin Islands companies while still a teenager. Jasmine Li had just begun studying at Stanford University in the US when the companies were registered in her name in December 2010. Her grandfather Jia Qinglin was at...

  • Expression
    2 years ago
    by Borska
    +29 +1

    Tax havens don’t need to be reformed. They should be outlawed.

    The Panama Papers are not really about a central American state. They are a glimpse through a Panamanian keyhole of an orgy of tax evasion, money laundering and kleptocracy – amid the legitimate financial planning – hosted by the world’s tax havens. Seven years after world leaders came together at a post-financial crisis G20 summit in London and committed to end tax haven abuse, it is clear from these papers that no such end is in sight.