Emerging markets can make you rich – very rich. That’s the message from this year’s Sunday Times list of the richest people in Britain.
Uzbek-born businessman Alisher Usmanov (pictured) heads the rankings with a fortune of £13.3bn, derived mainly from Russian metals and mining. EM billionaires account for all of the top five of this year’s 25th anniversary list. Only one of the Sunday Times’s top 10 of 1989 is still there today – The Duke of Westminster, who has prospered partly because many EM newly-rich like to live on his estates in central London. Continue reading »
Joaquin Guzman (taken in 1993)
Guess what the biggest news from Monday’s update of Forbes’ latest rich list is.
Nope, it’s not that Carlos Slim, the Mexican telecoms tycoon, continues to be in the number one spot with an estimated US$73bn.
It is that Joaquín El Chapo (or shorty) Guzmán, another Mexican multimillionaire, has dropped off it for the first time in four years.
Continue reading »
These are hard times for Chinese government officials, it seems: corruption just isn’t what it used to be.
At least that’s the headline finding of Tuesday’s Hurun Chinese Luxury Consumer Survey 2013, which discovered that super-premium Chinese liquor (Moutai) and top end luxury watches are no longer the Chinese millionaire’s favourite gifts. Continue reading »
China’s billionaires and millionaires have long suspected that inclusion in China’s Hurun Rich List is bad for business. They worry that a high-profile ranking can often be followed by a high-profile knock on the door from the tax department, or worse.
Now, Chinese academics have published evidence which suggests that the rich are right to be concerned. Hurun-listed entrepreneurs are more likely to be arrested than their unlisted rivals – and, whether or not they are taken away for questioning, the mere fear that they might be can hit their share prices. Moral for investors – sell the listed, buy the unlisted. Continue reading »
It seems that the slowdown in the Chinese property market is hitting even those at the very top.
For the first time since it was launched in 1999, the annual Hurun Rich List of wealthy Chinese shows that manufacturing has overtaken property as the biggest source of wealth.
Manufacturing gets to number by one by a sliver, accounting for the wealth of 20.1 per cent of the 1,000 listed billionaires and millionaires on the list compared with 19.8 per cent for property. But in a league table, every point counts. Continue reading »
Being a millionaire isn’t what it used to be. In their new 2012 Wealth Report, the property consultancy Knight Frank and Citi Private Bank take a look at the rise of the centa-millionaires of the world – those with at least $100m in liquid assets.
More centa-millionaires are popping up across the world thanks to what the report says is the central trend dominating the world’s prime property markets: “the relentless growth of ‘plutonomy’ economics, a phenomenon that sees the wealth of the richest 1 per cent growing far quicker than that of the general population.” Continue reading »
It’s that time of the year again. Forbes is out with its annual rich list.
While Carlos Slim, with his $69bn, retained his crown as the world’s richest man for the third year running, the wealth god has been less kind to EM’s other super rich.
Among the five biggest losers on this year’s list, four of them are from the Brics countries – namely Russia and India. Continue reading »
The man who was Turkey’s richest has lost his top slot.
A reversal of fortune has afflicted Mehmet Karamehmet, whose net worth is now, says Forbes Turkey, down to a mere $2.9bn from $4bn last year.
According to the magazine’s list of Turkey’s most well-heeled people, Karamehmet’s fortune was edged out by the $3bn of Husnu Ozyegin, who sold his Finansbank to National Bank of Greece in a €5bn deal in 2006 and who remains involved in finance, retail and other sectors through his Fiba holding group. Continue reading »
What goes up, must come down. And so it is with India’s super rich. According to the Forbes 2011 rich list, India’s 100 richest people have collectively lost 20 per cent of their net wealth since last year’s rankings.
The Ambani brothers were among the biggest losers. Anil, the youngest of the two billionaire siblings, saw his wealth plummeted to $5.9bn from $13.3bn a year ago while his estranged elder brother Mukesh Ambani, who remains the richest man in the country, saw his net-worth drop $4.4bn to $22.6bn. Continue reading »
It takes more and more money all the time to qualify as wealthy in China: today’s publication of a list of China’s 50 richest people, by the Hurun Rich List, shows that it is increasingly tough to make the cut.
To qualify as one of the top 1,000 wealthiest Chinese, one must have personal or family wealth of $310m – double the amount required two years ago and triple that needed in 2008, in the midst of the last global financial crisis, the report finds. Continue reading »