Category Archives: economy

Here’s Where Europe’s Wealthiest People Live

UBS and Wealth-X have teamed up again to produce the World Ultra Wealth Report for 2014, totting up the number of people with $30 million or more (£19.1 million). The number of mega-wealthy Europeans is up to over 60,000 this year, and UBS have got a map showing the cities they live in.

There’s a huge amount of information in the report: you might be surprised to learn that Germany has far more ultra-high net worth (UHNW) residents than the UK. With a population only 25% higher than the UK, Germany has 65% more super-wealthy people, and nearly a third of Europe’s total.

Continue reading Here’s Where Europe’s Wealthiest People Live

Advertisements

8 of the most expensive real estate developments in American history

A rendering of Hudson Yards, a new neighborhood planned for Manhattan’s far west side.Related Companies

With an estimated cost of $20 billion , New York City’s Hudson Yards neighborhood is set to become the most expensive private real estate development in American history.

When construction is complete in 2024, it will include all types of buildings, from luxury condos to boutiques to offices.

Elsewhere in the US, there are several similar projects — some of which cost billions.

Take a look at a few below.

City Center in Las Vegas, Nevada.

City Center in Las Vegas, Nevada.

The City Center in Las Vegas (from left to right: Mandarin Oriental, The Crystals, Aria, the Veer Tower, and Vdara).Wikipedia Commons

Located on the Las Vegas Strip, the City Center features 16.7 million-square-feet of casinos, high-end shops, hotels, and luxury condos.

Construction on the estimated $8.5 billion project (which includes five towers) started in 2006, and the development opened three years later.

Continue reading 8 of the most expensive real estate developments in American history

Bulgaria President Vetoes Anti-Corruption Law

SOFIA — President Rumen Radev on Tuesday vetoed anti-graft legislation passed by Bulgaria’s parliament, saying the bill failed to offer the means to effectively investigate corruption networks.

Radev acted only a day after Bulgaria, the European Union’s poorest country, assumed the six-month, rotating presidency of the bloc for the first time since it joined the EU in 2007.

Bulgaria has made scant progress towards stamping out graft and organised crime, and the European Commission, the EU’s executive, has repeatedly rebuked the Black Sea country for failing to prosecute and sentence allegedly corrupt officials.

Continue reading Bulgaria President Vetoes Anti-Corruption Law

How a severe drought in Sicily in 1893 created the Mafia

Historical links between climate and political uprisings are well documented.

A drought in France in 1788 resulted in widespread crop failure (pdf) and soaring food prices, which historians believe stoked the French revolution of the following year. More recently, four years of drought in Syria between 2006 and 2010 created mass unemployment, contributing to the civil war that rages to this day.

A provocative new paper makes the case that a drought also created the world’s most notorious criminal organization.

The Mafia first appeared in Sicily around 1860, taking advantage of the island’s weak regional government and its distance from Rome to run local protection rackets. For decades, the organization was made up of unremarkable criminals, concentrated around Palermo, the provincial capital.

Continue reading How a severe drought in Sicily in 1893 created the Mafia

Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics

Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings.

Continue reading Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics

Norway’s $1 Trillion Wealth Fund Wants Out of Oil and Gas Stocks

Norway’s $1 trillion sovereign wealth fund proposed dumping about $35 billion in oil and gas stocks, including Royal Dutch Shell Plc and Exxon Mobil Corp., to protect the economy of western Europe’s biggest petroleum producer.

The nation will be “less vulnerable” to a drop in oil by not being invested in stocks of companies in the industry, the Oslo-based fund said Thursday. The Finance Ministry said it would study the plan and decide at the earliest in “autumn 2018.” The Stoxx Europe 600 Oil and Gas index reversed gains after the announcement, sliding 0.4 percent as of 1:14 p.m. in London.

Continue reading Norway’s $1 Trillion Wealth Fund Wants Out of Oil and Gas Stocks

Advertisements
Advertisements
%d bloggers like this: