Page 2 - Wealth

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

Jack Ma's wealth drops $4.1 bn as Ant's valuation slashed: Report

The 58-year-old tycoon has a 9.9% stake that's now estimated to be worth $4.1 billion less than almost a year ago

Rishi Sunak, Akshata Murty's fortunes take a hit in new rich list analysis

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their UK rich list debut last year, lost around GBP 201 million since then as a result of a drop in the value of Murty's shares in Infosys, according to a media report on Friday. The couple has slipped from 222nd position in 2022 to 275th in this year's tally with an estimated wealth of GBP 529 million, largely attributed to the Indian software firm co-founded by Murty's father Narayana Murthy, claimed "The Sunday Times Rich List" 2023. The couple's most valuable asset has long been a shareholding in Infosys, an Indian IT giant set up by Murty's father, the rich list analysis said. Over the past year, their wealth has fallen by more than half a million pounds a day. When the pair made their debut on the Rich List 12 months ago, this stake was worth about GBP 690 million. Since then Infosys' shares have plummeted owing to lower revenues from its banking, tech and other clients, it noted. The annual compilation of ..

Entrepreneurs create wealth; it is time to celebrate their spirit

They put their wealth at risk and implement projects that produce goods and services, writes U R Bhat

Many of the world's billionaires share a zodiac sign, study finds

Take a look at the most common zodiac signs among billionaires

As wealth inequality grows, is it time for an Indian inheritance tax?

Country had had 20 billionaires at the last count: more than some other major economies

Adani planning to open family office in Dubai or New York to manage wealth

Adani family is currently talking to consultants and tax experts about the plans; location of the office is still in flux, and may change based on the advice they receive and availability of resources

Six months on, crypto tax leading to siphoning of India's wealth: Experts

The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal

Ring-fence your wealth from creditors by setting up wills and trusts

It is a versatile instrument suited for the wealthy, but it must be drafted carefully

State of the Indian economy: Unequal, uneven distribution of wealth

The income gap between states is growing and the pain of inflation is worse for those falling behind

Mark Zuckerberg risks $24-bn wealth wipeout after Meta misses estimates

Meta's share price was down about 20% in after-hours trading on Wednesday.

Collective wealth of top 500 billionaires soared more than $1 trn in 2021

The gains mean there are now a record 10 fortunes in excess of $100 billion, more than 200 above $10 billion

Global wealth surges as China overtakes US as world's richest nation

Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase.

Decoded: Why 'Pandora Papers' leak is crucial from India's perspective

350 Indian names have cropped up in the latest leak

'Pandora Papers' expose offshore financial dealings of hundreds of Indians

More than 300 Indian names are part of the list.

MacKenzie Scott donates $2.7 bn more within a year, blasts wealth gap

Scott, 51, shook up the philanthropy world last year with the pace and magnitude of her giving.

Financial wealth in India jumps 11% in pandemic year to $3.4 trn: Report

The 11 per cent growth in financial wealth was at par with the compounded annual growth rate for the five years to 2020, the report by BCG said