2012 Rich List!!

It’s that time of the year again! The 2012 Times Rich List has been revealed and there might just be one or two surprise inclusions.

First and foremost, let’s just just get this general piece of good news out the way first: the rich list record has been exceeded!

Yes, it seems that hard financial times for us, generally mean good times for those on top. 2012 has seen a rise of just under 5 per cent since 2011, with a figure of £414 billion, edging 2008′s record of £412.8 billion. Ironically, the previous record was set just months before financial crash which we are set to recover from.

Round of applause, for being the ones to benefit from our misery.

Now onto the juicy gossip.

A further round of applause is due for Lakshmi Mittal heads the list for the seventh year running. However, his now wealth falls just £385 million ahead of second placed Alisher Usmanov, after seeing his wealth fall by £4,814 to a miserly £12,700m. Well maybe not miserly.

Speaking of runner-up Usmanov’s fortune has also fallen by £85 million. Shame on him! Well actually, praises to him, as this is due to generous, charitable donations worth £91 million.

Third, is Chelsea FC owner Ramon Abramovich, and the reason why it’s become even harder for Liverpool to win the Premier League. His money reaches figures of £9,500 million, however, has seen his wealth fall by £800 million.

 

 

Investment Banking Down and Wealth Management Up

Banks keep denying plans to cut investment banking jobs, despite Wall Street’s tough predictions for the economy in times ahead. Lack of investment activity in the M & A sector has led to widespread speculation that the jobs of senior bankers are teetering on the brink.

Firms like UBS are choosing to focus on wealth management jobs rather than investment banking. This is seen as a response to new rules and the changing climate of big banking. This is also leading to a decline in earnings, according to Forbes magazine.

This is a particular trend in Australia, where the banking group ANZ announced investment banking job losses this week. One industry spokesperson did comment that the changes would mostly affect “back office roles” rather than the jobs on the ‘shopfloor’, so to speak. Industry insiders have claimed that the roles which would be cut were ‘superfluous management’, suggesting that this change is viewed by many in the sector as a positive step. There is even talk of moving these roles ‘offshore’. Hiring would continue, but the types of roles being advertised would differ slightly to what was on offer in the past.

So far into 2012, the Australian financial sector has reputedly lost 3,000 jobs in investment banking. So keen are the banks on offering wealth management, that some banks are even offering free wealth management services on a trial basis. A portfolio of wealth management services includes specialised legal advice, tax planner, estate specialists, accountants and investment strategists.

It continues to be ‘all change’ in the banking industry after four years of tumult which has seen some of the longest standing institutions and practices crumble. Finance continues to be an attractive industry for those seeking large financial reward for their work.

Alisher Usmanov Jumps For Places to 2nd in UK’s Richlist

Steel and mining industry tycoon Alisher Usmanov has earned a staggering £7.7 billion in the past year, seeing him jump to 2nd place in Britain’s rich list of 2011. That’s by far the biggest financial increase by any of the world’s top 20 tycoons, and one that will have desperate Arsenal fans begging for him to increase his 27% stake hold in the club to full ownership. So how did Alisher make his money and will he ever assume control of Arsenal?

Alisher acquired his wealth through mining, lumber and investment.

Early Life

The son of a state prosecutor in the Soviet Republic’s capital Tashkent, Alisher was born in Chust Uzbekistan, 1953. Aged twenty, he studied International Law at the Moscow State Institute for International Relations. Four years later however, he was arrested and imprisoned for complying with an official in receiving bribes and extortion. He was to be pardoned however, with the charge deemed fabricated. He soon married gymnastics coach under the name of Irina Viner in 1992.

Stakes

Usmanov owns stakes in precious metals, iron, ore, steel, media, and natural gas companies. He is also the co-owner of Metalloinvest co-founded by Vasiiliy Anisimov. Gazprominvestholdings, Gallagher Holdings are also his properties – both of which are gas companies – with the latter dealing with steel, technology and oil.

Other stakes include media firms and newspapers such as Kommersant.

As for the answer to the second question about Arsenal: no chance!

Bill Gates Super Facts

A website on the world’s richest wouldn’t be complete without the one and only Bill Gates. But we’ve read enough biographies, heard enough on how he made his money. So how about we just fill the page with Bill Gates facts! Details on the billionaire’s wealth that would make you want to spit out your coffee and go out and make some money.

  • I’ll begin with the obvious one. His net worth is £38bn. Moving on…

  • He has already given away £28bn in the name of charity. That’s four times more than the net worth of the richest man in Africa and a quarter of the estimated value of the richest Brit ever!

  • He has helped rid India of Polio! And in January 2012, India announced its first polio free year. Ratings
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  • He earns around £156 every second! Which is around £12mil a day and £4.8bn a year!

 

  • America’s national debt is £3.8trillion. If Bill Gates were to pay for this himself, he’d complete it within ten years! So that means some two millenniums quicker than me perhaps!
  • If the man was a country, he’d be the 37th richest country in the world! Ahead of Saudi Arabia & Portugal to name but a few.

 

  • Let’s delve on the topic of the countries Bill Gates is richer than for a second. Congo has almost half his fortune!

 

That’s enough for now. But no doubt I’ll be back with a plethora of Bill Gates super facts, just to make you feel great about yourself!

 

 

The Richest of the Rich

We’ve all been there, the yearning for that extra dollar, or in this case, that extra one million dollars. Content or not with your placement in society, if you are not in the top 1% of the nation in earnings and worth, you definitely want to be, whether you’re conscious about it or not. We all want to be the Mr. Slim or the Ms. Walton. What, you don’t know who those people are? Well, I don’t blame you. If you do, I commend you because you’re clearly paying a lot more attention to the world of wealth and power than I am. Maybe, its because there are things in life that are more important, and I focus my time on those things. Laugh.Out.Loud.

Interesting Fact / Myth Buster #1:

Mr. Warren Buffet is NOT the richest man in the world. He is actually ranked #3.

So who is the richest man alive? Drum roll please…and the winner is, Carlos Slim! If you’re like me then you’ll have the reaction of, “Um, who is that?” Well, let me tell you. Carlos Slim hails from the land of Mexico and is the CEO of telecommunications companies Telmex and America Movil. Growing up in Mexico City, Carlos was mentored by his father in practical business skills at a very early age and by the time he was 12 years old, he had owned shares of stock in the Mexican bank. I could continue describing his life story, but I won’t because that would be a lot more boring than speaking about whose richer than who. Basically, the main point is, Warren Buffet is not the richest and neither is the infamous Bill Gates, which brings me to my next interesting fact/myth buster.

 Interesting Fact / Myth Buster #2:

Bill Gates is ranked #2 and is ahead of Warren Buffet by a whopping $17 billion.

I guess this isn’t that surprising. After all, Bill Gates did create the biggest industry of computers and related technology that made millions of people’s lives more convenient and entertaining.

So I’ve talked about the 3 richest men alive in the world, but what about women? Just who are the richest women alive? I already mentioned the first woman, Ms. Christy Walton. Worth a sum of 24.5 billion dollars as of 2011, Ms. Walton obtained her fortune through inheritance of her deceased husband, John Walton, the CEO of Walmart. However, this doesn’t necessarily mean she is the most powerful woman on the planet.

Interestingly enough, after a Google search of the richest men and women alive, Google retrieved results of mostly monetary value for men, but power value for women. Do I smell a potential research paper topic?

Anyways, this article does not address the power value in these ridiculously wealthy people, just how rich they are. However, if we were talking about power, itwould obviously be Oprah for women and Chuck Norris for men.



Following Ms. Walton is the inheritor of L’Oreal (you know, “Because You’re Worth It.”), Liliane Bettencourt. From the land of France and at the ripe age of 88, she has a net worth of $23.5 billion. In 3rd, is, you won’t believe it, another Walton. Alice Walton, in relation to Christy Walton, is considered the 3rd richest woman in the world with a net worth of $20.9 billion. What’s interesting to note is that Warren Buffet has a net worth of $44 billion and if you combined the net worth of both Waltons, they only surpass Mr. Buffet’s fortune by $0.4 billion.

So there you have it, the richest of the rich, The Crème de la Crème. If I made you feel better about yourself, then this article is more optimistic than I thought.

Queen’s Park Rangers Stakeholder Tops UK Rich List

Lakshmi Mittal has been named number one in the Sunday Times as Britain’s richest once again, with an estimated fortune of £17.5 billion. The owner of super rich global steel company, Arcelor Mittal, Lakshmi has topped the Times’ list for seven consecutive years, and remains on top despite falling stock markets wiping nearly five billion off his good fortune.

So how did Lakshmi get so rich and how does he spend his money?

Well just for clarification, Lakshmi didn’t amass his £17.5 billion through Queen’s Park Rangers; as surprising as that is to believe.

Roots

Lakshmi was born in the Churu district of Rajasthan, India. Early on, his family moved to Calcutta, in West Bengal.

He has two brothers, Pramod and Vinod and belonged to a family whose means of wealth was through owning a steel making business. After graduating with a Bachelor Degree in Business and Accounting – which he attained while helping to run the family business – Lakshmi soon fell out with his family (don’t get any ideas kids). The consequence of this fall out was the acquisition of a steel making plant in Indonesia. This canny buy led to the purchase of the aforementioned Arcelor Mittal. From then, it’s been upwards and onwards.

The bumps in the road

Mittal Steel soon became a global steel producer with operations in 14 countries.  However, Mittal Steel’s road to success did not come without its bumps. A succession of multiple fatalities in Mittal’s mines led to accusations of slave labour conditions. Furthermore, in Kazakhstan, December 2004, an explosion caused by faulty gas detectors led to twenty three deaths.

 

In fact, the deaths of ninety-one coalminers in between 2004-2007 led to a criminal investigation, during which it was revealed that workers were pushed beyond their means. This can more be attributed to local managers rather than Lakshmi himself; however such brutality has no doubt put a stain on an otherwise fine reputation.

Well that’s ‘fine’, if one ignores the infamous ‘Mittal Affair’ where the then UK Prime Minister Tony Blair intervened in a business affair to act favourably for Lakshmi’s assets; at the same time of it being revealed that Lakshmi recently donated huge sums to the Labour Party. But hey, what’s mass money, if you can’t bend the law with it!

On a brighter side

Mittal is also an active philanthropist setting up the Mittal Champions Trust, supporting potentially world class athletes. For Comic Relief in 2007, he also donated £1 million, as part of a BBC celebrity special version of the Apprentice.

All in all

  • Net worth: £20.3 billion
  • Chairman & CEO of Arcelor Mittal
  • Owner of Karrick Limited
  • Co-owner of Queen’s Park Rangers

How to Avoid Tax

There are some things in life; we just hate to do, even though we know ultimately it’s in our best interests: think eating vegetables or sleeping when you’re a kid. As grown-ups, paying tax probably tops this list. So for those, hell bent on not eating their vegetables, here’s a few tips on how to spend less on taxes.

  • Get a Pet!

 

Pets do more than moan when their hungry, break things and mess up your favourite china rug. If you have a service animal, the expenses of maintaining it can be claimed. Businesses also have the power to deduct animal costs which in some way helped an otherwise unbearable problem.

 

  • The MP Method

Tell HM Revenue and Customs that your second home is in fact your main residence. By doing so, you will avoid capital gains tax (CGT), as according to the UK tax system, an individual is allowed to purchase or sell their main home CGT free.

  • Invest in Child Funds

Investing into child funds are a great way of saving money from tax. Capital stored in these will not be touched by the government and while one may consider child tax funds to be a thing of the past, the introduction of the Junior ISA, has brought it back into place and given the people of Britain a storage facility for their money.

 

  • Sharing’s Caring

Share capital gains and income between spouses and partners. The transference of money between partners and spouses guarantees a zero gain and zero loss policy in regards to your assets.

Have any more tips to help avoid taxpaying? Let us know!

Clive Calder Graces Rich List

The co-founder of Zomba Group and its subsidiary Jive Records came in at 1st in the Times Music Rich List, with an estimated £1.3 billion. As if that wasn’t an achievement enough, Clive is officially the richest individual in Britain whose primary income source is music.

His journey is one that begun in South Africa and readers might be surprised to know that the mogul actually tried his hand at being a musician himself; playing the bass guitar for local bands.

Barry Weiss and Clive Calder - Barry Weiss Honored with UJA Federation of NY's 2009 Music Visionary Award

Soon, his inclination for the arts, extended to a more business minded directive, leading to the creation of his first record company in 1971, with Ralph Simon.

The pair enjoyed a flourishing relationship and soon opened publishing offices in New York. Three years later in 1981, Jive was formed; their first label.

Barry Weiss and Clive Calder - Barry Weiss Honored with UJA Federation of NY's 2009 Music Visionary Award

With a success roster that included Backstreet Boys, ‘N Sync and Britney Spears, it’s no wonder why and how Clive Calder became so wealthy and successful.

 

Super Rich See Money Increase Despite Recession

We seem to be in the midst of an economic crisis. The UK, nay, the world, struggles within a climate of debt, rising costs and expected losses. However, there lies an elitist club in Great Britain, who are escaping the torment of the depression scot free. Actually, that would only tell half of the reality. The full truth is that they’re seeing their money multiply in such times, with the largest annual increase in wealth amongst UK’s richest occurring in 2010.

According to this year’s Sunday Times Rich List, Britain’s millionaires are now worth a collective £335.5 billion.  That means their up by £77.265 billion, which is a whopping 29.9 per cent. To put things into further context, in the midst of a recession, our country’s richest have seen their capital increase by almost one third.

£11.65 billion of that money rise came from Lakshmi Mittal alone, who remains undisputed at the top of the rich list, and doesn’t look like he’s going to be moving any time soon. Ever heard the maxim it’s easy to get to the top but harder to stay there? Well Lakshmi deserves a round of applause for managing to do so for yet another year and being up an impressive 108 per cent for that matter. The individual in the top 20, whose percentage increase was the largest however, was Anil Agarwal, who made a staggering 583 per cent profit.

While these findings are likely to cast a plethora of envious eyes from those who spent 2010 trying not to spend and overcoming bad credit card debt; it shows that there is money to be made for those who have the money to spend to make it. Did that make sense?

Perhaps another image of beautiful monies will translate better…

Britain’s All Time Rich List

We all know Lakshmi Mittal’s the richest person in Britain. Who however, is the richest person to have ever grace these shores? Ah, your knowledge on riches seems to be faltering my friend. Let’s take a look.

1st Alan Rufus

With an estimated worth equivalent to £81bn in our time, Alan Rufus was the richest Brit ever. His value is impressively almost double that of Carlos Slim, currently the richest man in the world!  So who was Alan Rufus? Well there’s a few conflicting views on the specifics, but what we do know for sure was that he was a relative of William the Conqueror, which means that he may have been Scandinavian or even French! So how did he make his money then? The simple answer is: property. Yes, he was a landowner, and a very wealthy one, after being rewarded for his allegiance to William the Conqueror while invading England. His properties are said to have stretched through Yorkshire, Suffolk, Cambridgeshire, Northamptonshire and London.

2nd William of Warenne

2nd in our list is another companion of William the Conqueror whose affiliation with Britain’s last invader seems to have brought him an overabundance of land. It looks as if once grabbing the British crown, the Duke of Normandy was so privileged with his achievement that he really went out of his way to thank those who helped his cause. Both William of Warenne and Mr Number One Rufus gained their wealth as a gift from William after the war. William of Warenne held lands in sixteen counties and boasted an estimated worth of what is the equivalent of £74bn in today’s money.

3rd Richard FitzAlan

Otherwise known as the 10th Earl of Arundel, FitzAlan was born in Sussex, England 1306. His father was a stark ally of the previous ruler King Edward II, and in grew under the protection of our very own William of Warenne’s descendent. As a result Richard FitzAlan undoubtedly grew up as heir to a wealthy heritage. However, he wasn’t allowed access to this fortune until a change in political conditions led to Richard gradually being able to reacquire his rightful inheritance. Richard grew to be the sole commander of the English Army in the North, a very prosperous title indeed. And just to amass even more to his fortune, Richard soon succeeded to the Earldom of Surrey, which means he inherited what was still around of the fortune of William of Warenne: nice! Oh, and his estimated net worth was the equivalent of £59bn!

So there you have it, the three richest people to have ever lived in Britain. Fancy competing for a spot in the top three?