Category Archives: Billionaire News
In Canada the top .01% of income earners have an average income of $6 million, and collectively earn 1.5% of our total income. Sounds like a lot until you look at the US, where the top .01% earn an average of $24 million each – which adds up to a 4.5% share of the total.
(from Canadian Business, Dec 9, 2013, Editor’s Letter by Duncan Hood)
Spanx Billionaire Sara Blakely On Giving Her Fortune Away
Billionaire Words of Wisdom
Master the secret to success
Saudi Arabian billionaire prince on his country’s economic futures in wake of tumbling gas price
Prince Alwaleed Bin Talal ranks 17th on the Bloomberg list of billionaires, and has urged his nation to diversify its economy as the U.S. increases its own energy production. He speaks with the “CBS This Morning” co-hosts about how increased production of oil in the U.S. may affect global relations.
Warren Buffett & Bill Gates on Measuring Performance, Wealth, Billionaires, Financial Crisis
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. It can involve studying processes/strategies within organizations, or studying engineering processes/parameters/phenomena, to see whether output are in line with what was intended or should have been achieved.
Performance measurement has been defined by Neely as “the process of quantifying the efficiency and effectiveness of past actions”, while Moullin defines it as “the process of evaluating how well organisations are managed and the value they deliver for customers and other stakeholders”. Discussion on the relative merits of these definitions appeared in several articles in the newsletter of the Performance Management Association.
Wikipedia – Performance Measurement
The wealth effect is an economic term, referring to an increase (decrease) in spending that accompanies an increase (decrease) in perceived wealth.
The effect would cause changes in the amounts and distribution of consumer consumption caused by changes in consumer wealth. People should spend more when one of two things is true: when people actually are richer, objectively, or when people perceive themselves to be richer—for example, the assessed value of their home increases, or a stock they own goes up in price.
Demand for some goods (especially Inferior goods) typically decreases with increasing wealth. For example, consider consumption of cheap fast food versus steak. As someone becomes wealthier, their demand for cheap fast food is likely to decrease, and their demand for more expensive steak may increase.
Consumption may be tied to relative wealth. Particularly when supply is highly inelastic – or in the case of monopoly – one’s ability to purchase a good may be highly related to one’s relative wealth in the economy. Consider for example the cost of real estate in a city with high average wealth (for example New York or London), in comparison to a city with a low average wealth. Supply is fairly inelastic, so if a helicopter drop (or gold rush) were to suddenly create large amounts of wealth in the low wealth city, those who did not receive this new wealth would rapidly find themselves crowded out of such markets, and materially worse off in terms of their ability to consume/purchase real estate (despite having participated in a weak Pareto improvement). In such situations, one cannot dismiss the relative effect of wealth on demand and supply, and cannot assume that these are static. (see also General equilibrium).
However, according to David Backus, an NYU economist, the wealth effect is not observable in economic data, at least in regards to increases or decreases in home or stock equity. For example, while the stock market boom in the late 1990s (q.v. dot-com bubble) increased the wealth of Americans, it did not produce a significant change in consumption, and after the crash, consumption did not decrease.
Economist Dean Baker disagrees and says that “housing wealth effect” is well-known and is a standard part of economic theory and modeling, and that economists expect households to consume based on their wealth. He cites approvingly research done by Carroll and Zhou that estimates that households increase their annual consumption by 6 cents for every additional dollar of home equity.
The wealth effect and the Paradox of Thrift are contradictory. The paradox assumes, incorrectly, that people will spend when they feel wealthy, based on the wealth effect, but not when they are actually more wealthy.
Wikipedia – The Wealth Effect
Exclusive Billionaires Resort Fully Booked Way Ahead Of The Festive Season
Published on Nov 12, 2013
Tourism in Kilifi county has landed a major boost after Italian billionaire Flavio Briatore announced named exclusive billionaires resort will open its doors mid next month. The resort is the latest high end tourists facility along the pristine Malindi coastline and is already fully booked for the december holiday season.
Why Icahn’s Betting More Than $1 Billion on Apple
Aug. 14, 2013 (Bloomberg) — Bloomberg “Street Smart” anchor Trish Regan recaps her interview with billionaire activist investor Carl Icahn about his stake in Apple and calling for the company to use $150 billion for share buybacks.
Jorge Paulo Lemann: Meet the Burger, Beer Brazillionaire – Finance Expert
Aug. 29, 2013 (Bloomberg) — Bloomberg’s Alexander Cuadros examines the wealth Brazilian billionaire Jorge Paulo Lemann, the former professional tennis player who built his fortune on some very well-known American brands. He speaks on Bloomberg Television’s “In The Loop.”
Buildings for Billionaires
A new crop of ultra-luxurious New York high rises are vying to be the next hot “it” building and are attracting billionaires from nearby as well as abroad.
Buildings for Billionaires
African’s billionaires has more than doubled
The number of African billionaires has more than doubled from 25 to 55 in the latest Ventures magazine African billionaire roll. Most of the super-rich live in Nigeria and South Africa. With Nigeria’s Aliko Dangote leading the pack followed by South Africa’s Allan Gray.
Billionaires Dumping Stock + Running From Wall St.
Billionaires are jumping ship from Wall St., with Warren Buffet and George Soros among the notable 1% dumping their stocks in an effort to avoid a feared market crash. We look at analysis of the moves by the power hitters and how too big to fail banks look set to take another hit in this Buzzsaw news clip with Tyrel Ventura and Tabetha Wallace.
How This Billionaire Got Rich Off Hair and Tequila
Patron Spirits Founder John Paul DeJoria explains to Tom Keene and Sara Eisen that in order to build a global brand you need to give back and make the world a better place on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)
Two Singaporean tycoons make it to the Forbes global list of billionaires. Find out who they are.
Indian Billionaire Builds World’s Most Expensive Home
Hong Kong – Megacities
A peninsula bounded by more than 200 islands – only a handful of them inhabited, Hong Kong is the most densely populated urban region on the planet. In the recent past it has been rocked by economic and financial upheaval. Yet it has come through with some of the most high-tech, counterfeit-proof currency in the world, as well as some of the most complex bank building structures. Hong Kong has more billionaires per capita than anyplace on earth. This episode shows how such a small city accomplished such immense technological feats. The journey begins inside the printing facilities of Hong Kong Printing Limited and follows the currency to the Big 3 banks in Hong Kong, before it is then circulated through the economy.
Dangerously Rich Billionaire Lifestyle