Billionaires Front and Center
Worlds top ten billionaires, with 1,416 more billionaires to go. Aggregate net
worth is the equivalent of $5.4 trillion and includes stakes in public and
private companies, real estate, yachts, art and cash - debt is taken into
account. The U.S. leads the tally with 442 billionaires, Asia-Pacific has 386
billionaires, Europe has 366 billionaires, the Americas has 129 billionaires and
Middle East & Africa contain 103 billionaires.
Carlos Slim Helu & Family $73 billion - 73 year old Mexican telecommunications
Bill Gates $67 billion - 57 year old Microsoft co-founder - was the wealthiest
person in the world from 1995 to 2009, excluding 2008, when he was ranked third;
during 2011 Gates was the wealthiest American as well as the second wealthiest
person in the world.;
Amancio Ortega $57 billion - 76 year old co-founder of the Inditex fashion
Warren Buffet $53.5 billion - 82 year old CEO of Berkshire Hathaway - was the
wealthiest person in the world in 2008 - Buffett is also a notable
philanthropist, having pledged to give away 99% of his fortune to philanthropic
causes, primarily via the Gates Foundation.;
Larry Ellison $43 billion - 68 year old co-founder and CEO of Oracle;
Charles Koch $34 billion - 77 years old and David Koch $34 billion - 56 years
old - Koch Industries;
Li Ka-shing $32 billion - 84 years old, Hutchison Whampoa Limited and Cheung
Liliane Bettencourt & family $30 billion - 90 year old L'Oreal heiress, Liliane
suffers from dementia and was replaced on the company's board by her 25-year-old
grandson Jean-Victor Meyers in February 2012.;
Bernard Arnault & family $29 billion - 63 years old LVMH Moet Hennessy - Louis
Christy Walton & family $28.2 billion - 64 year old widow of John T. Walton, one
of the sons of Sam Walton founder of Wal-Mart, she supports the Walton Family
Charitable Support Foundation, which prioritizes education and benefits
And the youngest billionaires at the steamy age or 28 - Mark Zuckerberg with net
worth of $13.3 billion and Dustin Moskovitz with net worth of $3.8 billion.
The Dow Jones Industrial Average on Monday, closed at its second-highest level
ever with a gain of 38 points at 14,127.82. Investors are hailing the gains of
the Dow amidst news of weakness and tightening reported in China. China’s
Shanghai Composite Index ended with its biggest percentage fall since August
2011, lower by 3.7%.
Former Federal Reserve Chairman Paul Volcker on Monday took issue with a concern
from bankers, who suggest that firms and regulators may have a difficult time
differentiating between legitimate market-making actions and prohibited,
profit-making speculative transactions, in a speech before the National
Association for Business Economists. “People tell me you don’t know what a
proprietary trade is. It’s baloney,” Volcker said. “You could have a litmus test
with the head of a bank if I was a regulator: ‘Mr. chairman, do you know what a
proprietary trade is in your bank?’ Volcker said he has yet to find an executive
that did not know what a proprietary trade was and added that if he found one
that didn’t know what it was, that would be the time to find a new chairman.
Volcker suggests that there is something “wrong or dysfunctional” with the
regulatory system for the the failure of agencies to approve all the rules based
on the Dodd-Frank Act. “You may ask whether they were legitimate questions. I
have no doubt that there were many questions that were entirely appropriate. 200
pages? How many lobbyists were writing these, not with the intent of clarity,
but with the intent of obscurity,” Volcker said. Volcker was referring to pages
Hess Corp. (HES) said on Monday that the company will sell its “downstream”
businesses, energy marketing, energy trading, retail businesses and assets in
Indonesia and Thailand. Hess also announced a share buyback plan of up to $4
billion as well as an increase in its annual dividend by 150% in Q3. The firm
intends to focus on exploration and production.
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Mar 4, 2013