Tag Archives: Billionaires

The Most Billionaires Live In These 20 Cities

billionaire cities

The world’s 2,325 billionaires live all over the place, but they cluster together in a few moneyed metropolises. 

A full 34% of the world’s billionaires base themselves in the below cities, according to a report from the research firm Wealth-X

Continue reading The Most Billionaires Live In These 20 Cities

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Billionaires double since financial crisis

The number of billionaires has more than doubled to 1,645 since the financial crisis.

But as the ranks of those with 10-figure fortunes swelled, the gap between the rich and poor has widened rapidly, a new Oxfam report on inequality finds.

The growing inequality is dangerous and can even lead to violence and dangerous living conditions, Oxfam finds.

billionaires planet story

Here are some other findings:

It’s an elite club: The world’s richest 85 people own as much as the entire poorer half of the world.

And they’re getting richer by the second: Last year, these 85 people grew $668 million richer each day. The combined wealth of today’s billionaires has grown by 124% in the last four years to $5.4 trillion.

Men dominate: Only three of the 30 richest people in the world are women.

Women are lonely at the top and lesser paid: Only 23 of Fortune 500 companies are headed by women. But even these top women are likely to be paid less for doing the same jobs as their male colleagues.

Riches not flowing to poor: Mexican magnate Carlos Slim reclaimed the title of world’s richest man in 2014. But the number of Mexicans living in poverty grew by 3% since 2010.

Growing country = growing poor: It’s the same story in many other countries. In the last decade, Zambia’s economy grew on average 6% a year, lifting the country to the World Bank’s lower-middle income category. Yet the number of Zambians living below the poverty line grew from 65% to 74% during the same period.

Born poor and staying poor: Being born to poor parents means staying poor for life. Half of the kids born to low-income parents in the U.S. will grow up to be low-income adults. In Peru, two-thirds of those kids stay poor.

It’s better in Denmark: Denmark has one of the lowest inequality rates — only one in seven kids from low-income families end up there.

Inequality leads to violence: Latin America, the most unequal region according to Oxfam, is also among the most dangerous in the world. Millions of people in Latin America have been murdered between 2000 and 2010 and the continent has 41 of the world’s 50 most dangerous cities. Oxfam says inequality contributes to the violence.

Icahn, Soros, Druckenmiller, And Now Zell: The Billionaires Are All Quietly Preparing For The Plunge

“The stock market is at an all-time, but economic activity is not at an all-time,” explains billionaire investor Sam Zell to CNBC this morning, adding that, “every company that’s missed has missed on the revenue side, which is a reflection that there’s a demand issue; and when you got a demand issue it’s hard to imagine the stock market at an all-time high.”

Zell said he is being very cautious adding to stocks and cutting some positions because

“I don’t remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter people’s thinking.”

Zell also discussed his view on Obama’s Fed encouraging disparity and on tax inversions, but concludes, rather ominously, “this is the first time I ever remember where having cash isn’t such a terrible thing.” Zell’s calls should not be shocking following George Soros. Stan Druckenmiller, and Carl Icahn’s warnings that there is trouble ahead.

Billionaire 1: Sam Zell

On Stocks and reality…

“People have no place else to put their money, and the stock market is getting more than its share. It’s very likely that something has to give here.”

“I don’t remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter people’s thinking,” he said. “If there’s a change in confidence or some international event that changes the dynamics, people could in effect take a different position with reference to the market.”

“It’s almost every company that’s missed has missed on the revenue side, which is a reflection that there’s a demand issue,” he said. “When you got a demand issue it’s hard to imagine the stock market at an all-time high.”

He also lamented about how difficult it is to call a market top. “If you’re wrong on when, that’s a problem.” His answer: “You got to tiptoe … and find the right balance.”

“This is the first time I ever remember where having cash isn’t such a terrible thing, despite the fact that interest rates are as low as they are,” he added.

Zell also said it’s unfortunate that “this inversion thing has been captured as a political, electioneering item.”

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Billionaire 2: George Soros

Soros has once again increased his total SPY Put to a new record high of $2.2 billion, or nearly double the previous all time high, and a whopping 17% of his total AUM.

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Billionaire 3: Carl Icahn

Ironically, Carl Icahn – poster-child of the leveraged financial engineering that has overtaken US equity markets on the back of Central Bank largesse – told CNBC that he was “very nervous” about US equity markets. Reflecting on Yellen’s apparent cluelessness of the consequences of her actions, and fearful of the build of derivative positions, Icahn says he’s “worried” because if Yellen does not understand the end-game then “there’s no argument – you have to worry about the excesssive printing of money!”

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Billionaire 4: Stan Druckenmiller

Simply put, Druckenmiller concludes, rather ominously, “I am fearful that today our obsession with what will happen to markets and the economy in the near term is causing us to misjudge the accumulation of much greater long term risks to our economy.”

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The 15 Most Influential Billionaires Behind The Scenes Of US Politics

House of cards raymond tusk

Politics and business have always had a sticky relationship.

The Brookings Institute released a ranking of U.S. billionaires according to their political influence. 

The billionaires’ influences are measured by the “use of great wealth for campaign expenditures, activism through non-profit organizations and foundation, holding public office, media ownership, policy thought leadership, and behind the scenes influence.”

15. Art Pope

15. Art Pope

Until recently, Art Pope was North Carolina’s state budget director and has been influential in the resurgence of the GOP in the state.

14. Pierre and Pamela Omidyar

14. Pierre and Pamela Omidyar

The Omidyars criticized U.S. surveillance, and their foundation works on government transparency, property rights, and economic development.

13. Jeff and Mackenzie Bezos

13. Jeff and Mackenzie Bezos

Jeff Bezos recently purchased the Washington Post and has supported $2.5 million to the Washington state referendum in support of same-sex marriage.

12. Mark Zuckerberg

12. Mark Zuckerberg

Zuckerberg works on immigration reform with the FWD.us organization and has pushed for school reform in Newark, New Jersey.

11. Peter Thiel

11. Peter Thiel

Peter Thiel contributed $2.6 million to the super PAC for Ron Paul in 2012, and he recently expressed support for increased minimum wage.

10. Warren Buffett

10. Warren Buffett

Buffett has been a strong Obama supporter and advocates higher taxes on wealthy individuals.

9. Penny Pritzker

9. Penny Pritzker

Pritzker is an Obama supporter and served as U.S. Secretary of Commerce in his administration.

8. John and Laura Arnold

8. John and Laura Arnold

The Arnolds have contributed millions to state lawmakers in order to shift costs to employees and reduce pension benefits.

7. Bill and Melinda Gates

7. Bill and Melinda Gates

The Bill & Melinda Gates Foundation has been extremely influential in education reform and contributed $100,000 to support same-sex marriage in a Washington state referendum.

6. Rupert Murdoch

6. Rupert Murdoch

Murdoch owns both the Wall Street Journal and Fox News — two major news organizations. Plus, he works with Bloomberg on immigration reform.

5. George Soros

5. George Soros

Soros gave $1 million to Obama in 2012 and signed up as the finance co-chair of the “Ready for Hillary” super PAC.

4. Sheldon Adelson

4. Sheldon Adelson

Adelson spent a whopping $93 million “seeking to defeat President Barack Obama in 2012” and promised to spend two times that much next election.

3. Tom Steyer

3. Tom Steyer

Steyer is interested in climate change and works extensively to raise public awareness.

2. Michael Bloomberg

2. Michael Bloomberg

Bloomberg is donating $50 million against the NRA with his super PAC Independence USA. He also has the nonprofit organizations Mayors Against Illegal Guns, Everytown for Gun Safety, and Partnership for a New American Economy.

1. Charles and David Koch

1. Charles and David Koch

The Koch brothers have contributed $30 million in “campaign ads targeting vulnerable Senate Democrats in a number of states” and that number “is expected to rise to $290 million by Election Day.” Plus, they are running ads against Obama’s health care act.

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