Wealth

Asia's rich lack succession plans as private wealth nears $99 trn by 2029

Chaotic handovers have the potential to freeze assets in legal disputes, fragment family empires, and destabilise companies that have grown rapidly but lack the governance structures

Datanomics: 43% candidates in Phase-2 of Bihar polls are crorepatis

Ran Kaushal Pratap Singh of the Vikassheel Insaan Party tops the list with assets valued at Rs 368 crore

High net worth individuals rent stock exchange space for trading edge

HNIs have increasingly turned to co-location after pandemic

Richest MLA holds ₹3,383 cr in assets, poorest owns just ₹1,700: ADR data

State-wise, Karnataka's MLAs collectively possess the highest wealth at Rs 14,179 crore, followed by Maharashtra and Andhra Pradesh, reveals the latest ADR report

Why shift in wealth-creation strategies under the new tax regime important?

The removal of deductions means investors must focus on real returns and financial goals rather than just tax savings, say experts

Yawning wealth difference widening inequalities in China, warns report

China's wealthiest individuals continue to grow richer, widening economic inequalities in the country despite the ruling Communist Party's efforts to control private businesses and implement policies aimed at boosting people's incomes, a report here said. The combined wealth of the 5.12 million families in China with over six million yuan (USD 824,000) in assets was stated to be about 150 trillion yuan (over USD seven trillion) in 2024, according to a report published by the Hurun Research Institute. Of this, the wealthiest 130,000 families accounted for 58 per cent in 2024, which is up from 56 per cent a year earlier, the report said. China's per capita disposable income was stated to be 41,314 yuan (over USD 41,314) last year, up 5.3 per cent from 2023, the Hong Kong-based South China Morning Post reported, citing the report. Analysts have warned that Beijing needs to work harder to narrow the wealth gap in society more broadly as it tries to ignite a private sector-led economic

Morgan Stanley plans to hire more Asia wealth relationship managers

The firm's 140 relationship managers in the region could grow to 200 over the next few years, said Vincent Chui, head of wealth management for Asia Pacific

Delhi polls: I-T dept sets up control room to monitor unaccounted wealth

The Income-Tax Department on Wednesday said it has set up a 24x7 control room to keep a vigil on movement of unaccounted cash, bullion and other valuables to ensure clean and fair Delhi assembly elections. The Directorate of Income Tax (Investigation), Delhi, has made several arrangements to keep a vigil on the movement of unaccounted cash, bullion and other valuables, likely/suspected to be used for electoral purposes, during the Model Code of Conduct within the NCT of Delhi, the finance ministry said in a statement. The directorate has opened a 24x7 Control Room at Civic Centre, New Delhi, and has also issued a toll-free number 1800111309 where any person can communicate with and give any information to the Income Tax Department regarding suspicious movement/ distribution of cash, bullion, precious metals, etc, within the NCT of Delhi, in connection with the Delhi Assembly elections. The voting for Delhi Assembly polls will be held on February 5 and counting will take place on ...

Adani Green fastest wealth creator during 2019-24: Motilal Oswal study

Given its sheer size, RIL has remained the top wealth creator on an absolute basis during 11 out of the last 17 five-year study periods

The Pareto principle in wealth creation

For Do-It-Yourself investors, Arun Kumar's book offers an easy primer on everything from how to get started to avoiding pitfalls

India should impose tax on ultra-wealthy to tackle wealth inequality: Study

India needs to impose a 2 per cent tax on net wealth exceeding Rs 10 crore and a 33 per cent inheritance tax to deal with the problem of rising inequality in the country, a new research paper co-authored by economist Thomas Piketty has suggested. The paper titled 'Proposals For a Wealth Tax Package to Tackle Extreme Inequalities in India' propose a comprehensive tax package on the ultra-wealthy to tackle the massive concentration at the very top of the wealth distribution and create valuable fiscal space for crucial social sector investments. "Raise phenomenally large tax revenues while leaving 99.96 per cent of the adults unaffected by the tax. "In a baseline scenario, a 2 per cent annual tax on net wealth exceeding Rs 10 crore and a 33 per cent inheritance tax on estates exceeding Rs 10 crore in valuation would generate a massive 2.73 per cent of Gross Domestic Product (GDP) in revenues," the paper suggested. The paper said that the taxation proposal needs to be accompanied by ..

PM Modi vs Rahul Gandhi assets declared: Who's wealthier and by how much?

Prime Minister Narendra Modi and Congress MP Rahul Gandhi, who are locked in an intense face-off in the 2024 Lok Sabha elections, have declared their assets

Impact of divisions in family businesses: Motivations and consequences

By embracing a proactive stance towards addressing emerging challenges, family conglomerates such as Godrej could potentially have emerged as global powerhouses

Multi-billion dollar Godrej family split may not attract tax, say lawyers

A family settlement is defined as an arrangement between members of the family with the intent to avoid disputes

PM Modi's 'infiltrators' remark: What did ex-PM Manmohan Singh say in 2006?

Lok Sabha elections 2024: During a rally in Rajasthan, PM Narendra Modi claimed that former PM Manmohan Singh believed that Muslims had 'first claim on resources' and wealth of the nation

Saudi Arabia's sovereign wealth fund in talks to buy national airline

The PIF would be taking over ownership of the airline from the government with a view to improving efficiency and profitability

UBS starts job cuts at HK, Singapore wealth units after profit slump

Wealth generation in China has stalled as the nation's economy struggles to regain momentum amid a property crisis and a selloff in equities

Wealth of 5 richest men doubled since 2020; 5 bn people now poorer: Oxfam

Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group Oxfam said on Monday. Releasing its annual inequality report on the first day of the World Economic Forum (WEF) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder. It further said that 148 top corporations made USD 1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay. Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes. The world's five richest men have more than doubled their fortunes from USD 405 billion to USD 869 billion since 2020 "at a rate of USD 14 million per

Heirs beat self-made billionaires for the first time: UBS Group AG

Of the 137 people who became billionaires last year, 53 inherited fortunes amounting to a combined $150.8 billion, according to a study published on Thursday

Bankman-Fried lied to the world as he built crypto empire: Prosecutors

Prosecutors included several references to former Alameda Research co-chief executive officer Caroline Ellison in their opening statements