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Posts Tagged ‘Carlos Slim Helu

World’s eight richest people have same wealth as poorest 50%

Bill Gates, Amancio Ortega (Spanish fashion chain Zara), Warren Buffett,  Carlos Slim Helú, Jeff Bezos, Mark Zuckerberg, Larry Ellison and Michael Bloomberg

The world’s eight richest billionaires control the same wealth between them as the poorest half of the globe’s population, according to a charity warning of an ever-increasing and dangerous concentration of wealth.

In a report published to coincide with the start of the week-long World Economic Forum in Davos, Switzerland, Oxfam said it was “beyond grotesque” that a handful of rich men headed by the Microsoft founder Bill Gates are worth $426bn (£350bn), equivalent to the wealth of 3.6 billion people.

The development charity called for a new economic model to reverse an inequality trend that it said helped to explain Brexit and Donald Trump’s victory in the US presidential election.

Oxfam blamed rising inequality on aggressive wage restraint, tax dodging and the squeezing of producers by companies, adding that businesses were too focused on delivering ever-higher returns to wealthy owners and top executives.

The World Economic Forum (WEF) said last week that rising inequality and social polarisation posed two of the biggest risks to the global economy in 2017 and could result in the rolling back of globalisation.

Oxfam said the world’s poorest 50% owned the same in assets as the $426bn owned by a group headed by Gates, Amancio Ortega, the founder of the Spanish fashion chain Zara, and Warren Buffett, the renowned investor and chief executive of Berkshire Hathaway.

The others are Carlos Slim Helú: the Mexican telecoms tycoon and owner of conglomerate Grupo Carso; Jeff Bezos: the founder of Amazon; Mark Zuckerberg: the founder of Facebook; Larry Ellison, chief executive of US tech firm Oracle; and Michael Bloomberg; a former mayor of New York and founder and owner of the Bloomberg news and financial information service.

Last year, Oxfam said the world’s 62 richest billionaires were as wealthy as half the world’s population.

However, the number has dropped to eight in 2017 because new information shows that poverty in China and India is worse than previously thought, making the bottom 50% even worse off and widening the gap between rich and poor.

With members of the forum due to arrive on Monday in Switzerland, where guests will range from the Chinese president Xi Jinping, to pop star Shakira, the WEF released its own inclusive growth and development report in which it said median income had fallen by an average of 2.4% between 2008 and 2013 across 26 advanced nations.

Norway, Luxembourg, Switzerland, Iceland and Denmark filled the top five places in the WEF’s inclusive development index, with Britain 21st and the US 23rd.

The body that organises the Davos event said rising inequality was not an “iron law of capitalism”, but a matter of making the right policy choices.

The WEF report found that 51% of the 103 countries for which data was available saw their inclusive development index scores decline over the past five years, “attesting to the legitimacy of public concern and the challenge facing policymakers regarding the difficulty of translating economic growth into broad social progress”.

Basing its research on the Forbes rich list and data provided by investment bank Credit Suisse, Oxfam said

the vast majority of people in the bottom half of the world’s population were facing a daily struggle to survive, with 70% of them living in low-income countries.

It was four years since the WEF had first identified inequality as a threat to social stability, but that the gap between rich and poor has continued to widen, Oxfam added.

“From Brexit to the success of Donald Trump’s presidential campaign, a worrying rise in racism and the widespread disillusionment with mainstream politics, there are increasing signs that more and more people in rich countries are no longer willing to tolerate the status quo,” the report said.

The charity said new information had shown that poor people in China and India owned even fewer assets than previously thought, making the wealth gap more pronounced than it thought a year ago, when it announced that 62 billionaires owned the same wealth as the poorest half of the global population.

Mark Goldring, chief executive of Oxfam GB, said: “This year’s snapshot of inequality is clearer, more accurate and more shocking than ever before. It is beyond grotesque that a group of men who could easily fit in a single golf buggy own more than the poorest half of humanity.

“While one in nine people on the planet will go to bed hungry tonight, a small handful of billionaires have so much wealth they would need several lifetimes to spend it. The fact that a super-rich elite are able to prosper at the expense of the rest of us at home and overseas shows how warped our economy has become.”

Mark Littlewood, director general at the Institute of Economic Affairs think-tank, said:

“Once again Oxfam have come out with a report that demonises capitalism, conveniently skimming over the fact that free markets have helped over 100 million people rise out of poverty in the last year alone.”

The Oxfam report added that since 2015 the richest 1% has owned more wealth than the rest of the planet.

It said that over the next 20 years, 500 people will hand over $2.1tn to their heirs – a sum larger than the annual GDP of India, a country with 1.3 billion people.

Between 1988 and 2011 the incomes of the poorest 10% increased by just $65, while the incomes of the richest 1% grew by $11,800 – 182 times as much.

Oxfam called for fundamental change to ensure that economies worked for everyone, not just “a privileged few”.

Note: Wealthiest 62 persons own half the global wealth or $3.6 trillion
1% of the richest own 99%o of global wealth or $7.6 trillion.

Question 1: what the wealth of the 62 person represents to the 1% richest?
Question 2: How many of the 62 families represent of the number of multinational companies?

 

Richest person ever: Mansa Musa, Timbuktu, Mali, and the next richest in history

You surely heard of Mansa Musa, the richest person ever.

The 14th century emperor from West Africa was worth a staggering $400 billion, after adjusting for inflation, as calculated by Celebrity Net Worth.

To put that number into perspective — if that’s even possible — Net Worth’s calculations mean Musa’s fortune far outstrips that of the current world’s richest man Carlos Slim Helu and the  other rich people combined.

According to Forbes, the Mexican telecom giant’s net worth is $69 billion.

Slim edges out the world’s second wealthiest man, Bill Gates, who is worth $61 billion, according to Forbes.

Mansa Musa Of Mali Named World’s Richest Man Of All Time;

Gates And Buffet Also Make List

Some of the oldest fortunes in question date back 1,000 years.

No. 7 on the list, for example, is William the Conqueror.

The illegitimate son of the Duke of Normandy, William lived between 1028-1087 and gained infamy for invading and seizing England in 1066.

According to the Encyclopaedia Britannica, when Musa died sometime in the 1330s, he left behind an empire filled with palaces and mosques, some of which still stand today.

But the emperor really turned historic heads for the over-the-top extravagances of his 1324 pilgrimage to Mecca. (Mecca royal family must have reaped wealth due to these pilgrimage?)

The trip, which he embarked up on during the 17th year of the monarch’s glittering reign, was hosted by the leaders of both Mecca and Cairo and apparently was so brilliant, it “almost put Africa’s sun to shame.”

Musa’s wealth was a result of his country’s vast natural resources. The West African nation was responsible for more than half of the world’s salt and gold supply, according to Net Worth.

Of course, the entry also notes that the fortune was also fleeting. Just two generations later, his net worth was gone — wasted away by invaders and infighting.

As The Independent points out, while the numbers bandied about by this newest list are shocking, many aspects of the run-down aren’t surprising: there are no women included, for example, and only three of the richest men are still alive today.

Americans dominate the list, however, taking 14 of the 26 spots, including slots two and three. (In just 2 centuries?)

The “poorest” man on the list is Warren Buffet, who had a peak net worth of $64 billion. Buffet, a noted philanthropist, has since given billions of his fortune away, and Forbes now lists his net worth at closer to $44 billion.

Try to add up the net worth of the Rothschild family below and this family has amassed worth trillion from wars in Europe, USA and the rest of the world. They also own the Federal reserve bank.

Patsy Z  shared this link

Meet Mansa Musa, one of the wealthiest people in history:

Jessica Smith tells the story of how Mansa Musa literally put his empire – and himself – on the map.
ed.ted.com

Click through below for the 26 Richest Men Ever:

The Richest Men Ever

1 of 21

 

WikiMedia:

1. Mansa Musa I – Ruler Of Malian Empire (1280-1331)
Estimated worth: $400 billion

And the rest:

21. Jay Gould (railroad tycoon, 1836-1892) $71 billion

22. Carlos Slim (business magnate, 1940- ) $68 billion

23. Stephen Van Rensselaer (land owner, 1764- 1839) $68 billion

24. Marshall Field (Marshall Field & Company founder, 1834-1906) $66 billion

25. Sam Walton (Walmart founder, 1918-1992) $65 billion

26. Warren Buffett (investor, 1930- ) $64 billion

Current list of Billionaires

A few facts:

70% of Saudi wealth is in the hands of its billionaires, versus 24% in the Gulf Emirates

Ankara, the Capital of Turkey, has the most number of millionaires, about 45,000

London has the most concentration of wealthy people, tackled by New York

Apparently, Bill Gates overtook Carlos Slim Helu this year. What Gates did to increase his wealth for about $10 bn in a single year?

 

Rank Name Net Worth Age Source Country of Citizenship
1

Carlos Slim Helu & family

$73 B 73 telecom Mexico
2

Bill Gates

$67 B 58 Microsoft United States
3

Amancio Ortega

$57 B 77 Zara Spain
4

Warren Buffett

$53.5 B 83 Berkshire Hathaway United States
5

Larry Ellison

$43 B 69 Oracle United States
6

Charles Koch

$34 B 78 diversified United States
6

David Koch

$34 B 73 diversified United States
8

Li Ka-shing

$31 B 85 diversified Hong Kong
9

Liliane Bettencourt & family

$30 B 91 L’Oreal France
10

Bernard Arnault & family

$29 B 64 LVMH France
11

Christy Walton & family

$28.2 B 59 Wal-Mart United States
12

Stefan Persson

$28 B 66 H&M Sweden
13

Michael Bloomberg

$27 B 71 Bloomberg LP United States
14

Jim Walton

$26.7 B 66 Wal-Mart United States
15

Sheldon Adelson

$26.5 B 80 casinos United States
16

Alice Walton

$26.3 B 64 Wal-Mart United States
17

S. Robson Walton

$26.1 B 70 Wal-Mart United States
18

Karl Albrecht

$26 B 93 Aldi Germany
19

Jeff Bezos

$25.2 B 50 Amazon.com United States
20

Larry Page

$23 B 40 Google United States
21

Sergey Brin

$22.8 B 40 Google United States
22

Mukesh Ambani

$21.5 B 56 petrochemicals, oil & gas India
23

Michele Ferrero & family

$20.4 B 88 chocolates Italy
24

Lee Shau Kee

$20.3 B 85 diversified Hong Kong
24

David Thomson & family

$20.3 B 56 media Canada
26

Prince Alwaleed Bin Talal Alsaud

$20 B 58 investments Saudi Arabia
26

Carl Icahn

$20 B 77 leveraged buyouts United States
26

Thomas & Raymond Kwok & family

$20 B real estate Hong Kong
29

Dieter Schwarz

$19.5 B 74 retail Germany
30

George Soros

$19.2 B 83 hedge funds United States
31

Theo Albrecht, Jr. & family

$18.9 B 63 Aldi, Trader Joe’s Germany
32

Alberto Bailleres Gonzalez & family

$18.2 B 82 mining Mexico
33

Jorge Paulo Lemann

$17.8 B 74 beer Brazil
34

Alisher Usmanov

$17.6 B 60 steel, telecom, investments Russia
35

Iris Fontbona & family

$17.4 B 71 mining Chile
36

Forrest Mars, Jr.

$17 B 82 candy United States
36

Jacqueline Mars

$17 B 74 candy United States
36

John Mars

$17 B 77 candy United States
36

Georgina Rinehart

$17 B 59 mining Australia
40

German Larrea Mota Velasco & family

$16.7 B 60 mining Mexico
41

Mikhail Fridman

$16.5 B 49 oil, banking, telecom Russia
41

Lakshmi Mittal

$16.5 B 63 steel India
43

Aliko Dangote

$16.1 B 56 cement, sugar, flour Nigeria
44

Len Blavatnik

$16 B 56 diversified United States
44

Cheng Yu-tung

$16 B 88 diversified Hong Kong
46

Joseph Safra

$15.9 B 75 banking Brazil
47

Rinat Akhmetov

$15.4 B 47 steel, coal Ukraine
47

Leonid Mikhelson

$15.4 B 58 gas, chemicals Russia
49

Leonardo Del Vecchio

$15.3 B 78 eyeglasses Italy
49

Michael Dell

$15.3 B 48 Dell United States
51

Steve Ballmer

$15.2 B 57 Microsoft United States
52

Viktor Vekselberg

$15.1 B 56 oil, metals Russia
53

Paul Allen

$15 B 60 Microsoft, investments United States
53

Francois Pinault & family

$15 B 77 retail France
55

Vagit Alekperov

$14.8 B 63 Lukoil Russia
56

Phil Knight

$14.4 B 75 Nike United States
56

Andrey Melnichenko

$14.4 B 41 coal, fertilizers Russia
58

Dhanin Chearavanont & family

$14.3 B 74 food Thailand
58

Susanne Klatten

$14.3 B 51 BMW, pharmaceuticals Germany
58

Vladimir Potanin

$14.3 B 53 metals Russia
61

Michael Otto & family

$14.2 B 70 retail, real estate Germany
62

Vladimir Lisin

$14.1 B 57 steel, transport Russia
62

Gennady Timchenko

$14.1 B 61 oil & gas Russia
64

Luis Carlos Sarmiento

$13.9 B 80 banking Colombia
65

Mohammed Al Amoudi

$13.5 B 69 oil, diversified Saudi Arabia
66

Tadashi Yanai & family

$13.3 B 64 retail Japan
66

Mark Zuckerberg

$13.3 B 29 Facebook United States
68

Henry Sy & family

$13.2 B 89 diversified Philippines
69

Donald Bren

$13 B 81 real estate United States
69

Serge Dassault & family

$13 B 88 aviation France
69

Lee Kun-Hee

$13 B 72 Samsung South Korea
69

Mikhail Prokhorov

$13 B 48 investments Russia
73

Alexey Mordashov

$12.8 B 48 steel, investments Russia
74

Antonio Ermirio de Moraes & family

$12.7 B 85 diversified Brazil
74

Abigail Johnson

$12.7 B 52 money management United States
76

Ray Dalio

$12.5 B 64 hedge funds United States
76

Robert Kuok

$12.5 B 90 diversified Malaysia
78

Miuccia Prada

$12.4 B 64 Prada Italy
79

Ronald Perelman

$12.2 B 71 leveraged buyouts United States
80

Anne Cox Chambers

$12 B 94 media United States
81

Stefan Quandt

$11.9 B 47 BMW Germany
82

Ananda Krishnan

$11.7 B 75 telecoms Malaysia
82

Alejandro Santo Domingo Davila

$11.7 B 36 beer Colombia
82

James Simons

$11.7 B 75 hedge funds United States
82

Charoen Sirivadhanabhakdi

$11.7 B 69 drinks Thailand
86

Zong Qinghou

$11.6 B 68 beverages China
87

Dirce Navarro De Camargo & family

$11.5 B construction Brazil
87

John Fredriksen

$11.5 B 68 shipping Cyprus
89

Gerald Cavendish Grosvenor & family

$11.4 B 62 real estate United Kingdom
90

Harold Hamm

$11.3 B 68 oil & gas United States
91

Rupert Murdoch & family

$11.2 B 82 News Corp United States
91

John Paulson

$11.2 B 58 hedge funds United States
91

Azim Premji

$11.2 B 68 software India
94

Ernesto Bertarelli & family

$11 B 48 biotech, investments Switzerland
94

Charlene de Carvalho-Heineken

$11 B 59 Heineken Netherlands
94

Hans Rausing

$11 B 87 packaging Sweden
94

Jack Taylor & family

$11 B 91 Enterprise Rent-A-Car United States
98

Lui Che Woo

$10.7 B 84 gaming Hong Kong
98

Laurene Powell Jobs & family

$10.7 B 50 Apple, Disney United States
100

Eike Batista

$10.6 B 57 mining, oil Brazil

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