For Taylor Swift, it’s over. The Music Queen is no longer the youngest lady to become a self-made billionaire. According to a media house, serial entrepreneur Lucy Guo is now the youngest self-made woman billionaire, surpassing pop sensation Taylor Swift at the age of thirty. Her former business, Scale AI, is approaching a tender offer scheduled for June 1st, and this milestone comes at a significant financial leap. Early workers and investors can cash out their shares as part of the deal, which values the AI data annotation company at $25 billion, an 80% increase from its $13.8 billion valuation in May.
Lucie Guo, Who is She?
In 2016, Guo co-founded Scale AI, a crucial business for the AI sector that organises data for machine learning models. OpenAI and the US government are among its clients. Guo, a Bay Area native and first-generation Chinese-American, learnt to code in middle school before leaving to work for the Thiel Fellowship, a $100,000 grant program for aspiring business owners established by Peter Thiel, dubbed Donald Trump’s man in Silicon Valley.
Guo met co-founder Alexandr Wang at Quora, where she worked before joining Scale AI, and then at Snapchat. She started Backend Capital, a venture capital firm, after leaving Scale and made billion-dollar investments in firms like Ramp. She established Passes in 2022, a creator subscription platform similar to OnlyFans that has raised $50 million and is worth $150 million. The site is used by celebrities including Shaquille O’Neal and Olivia Dunne. Through memberships, live streaming, one-on-one calls, and fan management tools, Passes is a platform that helps creators make money off of their brands. The Silicon Valley dream is embodied by Guo’s ascent from self-taught coder to billionaire. She surpassed 35-year-old Taylor Swift, who had held the distinction since Forbes labelled her a billionaire in 2023.
Financially Independent, Retire Early (FIRE)
In a previous interview with a media site, Guo stated that the FIRE movement had a significant impact on her early career choices. She went on to say that since Reddit offers a wealth of information on wealth and money management, she would search for Lean FIRE (financially independent, retire early) and Fat FIRE communities. “You can afford a lower salary if you’re young,” she remarked. She found it appealing that she might live a reasonably comfortable life in retirement with, in essence, not much money. She has long promoted a thrifty way of living, telling people who want to increase their money to “live below your means”. She undoubtedly has access to a lifestyle that many would only dream about as a recent addition to the billionaire’s club.
In May 2021, Forbes stated that Kylie Jenner is no longer a self-made billionaire. Forbes claims that Kylie inflated the sales figures of Kylie Cosmetics, accusing her team of forging tax returns to boost her net worth and thus revoking her billionaire status. Kylie Jenner sold her company 51% to Coty in a deal valued at $1.2 billion. Her income after-tax estimation was $340 million. After analyzing, Forbes reported that Kylie Jenner is “not a billionaire“.
Forbes previously released the annual World’s Billionaires list and Kylie was the world’s youngest self-made billionaire in 2020, just before CVID-19. Yes, the youngest self-made billionaire, she didn’t inherit her business; she built it herself. Kylie was a billionaire with a net worth of $1 billion. Yet, the Kardashian-Jenner sister’s ‘self-made’ status has attracted a degree of controversy, considering the wealthy, reality TV famed background from which she descends.
Kylie Jenner – Biography
Name
Kylie Jenner
Born
August 10, 1997
Age
Los Angeles, California, United States
Nationality
American
Education
Laurel Springs School (2012–2015), Sierra Canyon School (2012)
Kylie Kristen Jenner was born on August 10, 1997, in Los Angeles, California to parents Kris and former Olympic gold medalist Bruce Jenner. Kylie has an elder sister, Kendall Jenner. Kylie has three half-sisters – Kourtney, Khloé, and Kim Kardashian and half-brothers – Brandon, Brody Jenner and Robert Kardashian. Kylie has been in the news since childhood, thanks to the paparazzi being crazy for her family.
Kylie grew up in the spotlight among her famous siblings in the reality series, Keeping Up With The Kardashians. Jenner attended the private Sierra Canyon School and earned her high school diploma from Lauren Springs High School in California. Additionally, she’s amassed a mega social media following and in 2015 was named one of Time magazine’s Most Influential Teens.
Kylie Jenner – Career
The Kardashians are one of the most widely followed families today when it comes to entertainment. Every member of the Kardashian clan is wildly popular for their controversial and non-controversial antics. For a long time, Kim Kardashian stole the limelight.
Kim was at the fore of her celeb family when it came to coverage in tabloids and magazines. However, the last two or three years have seen another Kardashian member take Kim’s place—Kylie Jenner. She’s harnessed her family’s fame to launch her business ventures including a successful cosmetics line.
Kylie Jenner started her on-screen career in 2007, appearing as a main cast in the family’s popular reality television series ‘Keeping Up with the Kardashians‘. She has also appeared in many of the spin-off shows focused on her sisters, Kourtney and Khloé. In 2011, she, following Kendall, earned a huge sum of money endorsing two nail lacquers from the Nicole by OPI brand, named “Rainbow in the S-kylie” and “Wear Something Spar-Kylie“. Kylie and Kendall launched ‘The Kendall & Kylie Collection’ with PacSun in February 2013.
Taking advantage of such a massive following and appreciable looks, Kylie launched the ‘Metal Haven by Kendall & Kylie’ clothing & jewelry line with her sister in June 2013 followed by a collaboration with Steve Madden for shoes and handbag collection. The reception was overwhelming. The succeeding fame got her in music videos.
The collective result was a soaring presence on all major social media platforms, particularly Instagram and Snapchat. Top celebrities admired her, she hosted shows and appeared on several media channels all of which added to her growth. This combined with exposure and famous background allowed her to cash in and become a hit with commercial audiences.
In 2015, Kylie individually launched her hair extension line, ‘Kylie Hair Kouture‘ with Bellami Hair. She became the second ambassador ever for the skincare line ‘Nip + Fab’ in March 2015. She became the face of PUMA in the fall of 2016. She again teamed up with her sister Kendall to launch their clothing line ‘Kendall & Kylie’ with Topshop, a British fashion retailer in June 2015. She launched her website and a paid lifestyle app in September 2015, along with her lipstick line ‘Kylie Lip Kit’.
Kylie Lip Kit
It was taken to the next level when she started her full-fledged cosmetic line – Kylie Cosmetics. In 2018, she invested $250,000 of her own money from modeling gigs in 2015 for the first batch of 15,000 lipsticks.
Kylie Jenner stated, “I said, ‘I’m ready to put up my own money. I don’t want to do it with anyone else.”
The product sold out in seconds with her media presence being a pivotal factor. The millions of fans who revered Kylie through social media were an easy target audience.
Kris Jenner, her mom, supported Kylie in this initiative by pitching in with the appropriate strategies and tactics. The mom-daughter duo sold 500,000 kits in no time. There was no looking back and sales blew through the roof. She further included many beauty products in her brand. Jenner’s business was immediately promising.
She further cemented her spot in November when she agreed to sell 51% of her Kylie Cosmetics to beauty giant Coty Inc., an American multinational beauty company, for $600 million. The deal, which closed in January 2019, valued her business at about $1.2 billion. Cash from the sale and her remaining 49% share of the company make Jenner one of just 2,095 people in the world with a ten-digit fortune.
In March 2019, Jenner was highlighted by Forbes as the youngest-ever self-made billionaire as part of its annual ranking of the planet’s richest people. With her net worth up to $1 billion, the then-21-year-old became the youngest member of the billionaires’ club and the youngest-ever self-made billionaire. She surpassed the benchmark once set by 23-year-old Mark Zuckerberg.
Showing no signs of slowing down, she went on to launch her Kylie Skin skincare line in May 2019.
Kylie Jenner launched Kylie Skin in May 2019
In April 2020, the makeup mogul, Kylie Jenner made into Forbes’ 2020 World’s Youngest Billionaires list for the second year in a row. With her billion-strong wealth, Jenner became ‘one of just 2,095 people in the world with a ten-digit fortune’.
After analyzing filings of the deal with beauty giant Coty Inc., it was revealed that Kylie Jenner inflated the sales values to boost her valuation. Later Forbes removed her from the list and stated that Kylie Jenner was no more a billionaire.
Kylie Jenner – Philanthropic Work
Kylie Jenner has come forward to help fight the COVID-19 pandemic. Kylie has donated $1 million to buy protective equipment including face shields and masks for the first responders. In mid-March, after being requested by the surgeon general of the United States to do so, she issued an Instagram plea to follow social distancing instructions. She asked her approximately then 169 million followers on Instagram to just stay home for the sake of safety.
Not only this, Kylie Jenner and her mom, Kris Jenner, announced that they would make a mass hand sanitizer donation to hospitals in southern California. At the same time, their custom product, a joint effort with Coty Inc., will be “dedicated to first responders working to support our communities” during the coronavirus pandemic. Coty, a major stakeholder in Kylie Skin and Kylie Cosmetics, will be making Kylie’s hand sanitizer in its factories as many medical professionals currently facing severe shortages.
Apart from this, Kylie Jenner has been involved with several charities over the years. In 2013, she and her sisters raised money for the Children’s Hospital Los Angeles by auctioning old clothes on eBay.
It’s the power of social media. I had such a strong reach before I was able to start anything.
Conclusion
While she was the youngest, there were nine other billionaires under the age of 30, including Snapchat co-founder Evan Spiegel, 29, with a net worth of $1.9 billion, and digital payment app Stripe co-founder John Collison, 29, with a net worth of $3.2 billion at that time. Yet, this social media star cum entrepreneur, Kylie has carved a special place for herself in the digital segment. She is the epitome of social platform influencers and has become an inspiration for many millennials. Above all, she was the youngest billionaire ever!
FAQs
What is the net worth of Kylie Jenner?
The net worth of Kylie Jenner is $$710 million as of May 2024.
Is Kylie Jenner a billionaire?
Kylie Jenner was declared a billionaire by Forbes in March 2019, largely due to the success of her cosmetics company, Kylie Cosmetics. However, in 2020, Forbes revised this assessment, stating that she was not, in fact, a billionaire.
How did Kylie Jenner become a billionaire?
Kylie Jenner became a billionaire through her cosmetics company, Kylie Cosmetics, utilizing her massive social media following, and selling a 51% stake to Coty Inc. for $600 million, valuing the company at $1.2 billion.
Today, if we require any cosmetic product at our doorstep that is assured of its quality and also comes with a discounted price, the first name that comes to our mind is Nykaa.
Thanks to Falguni Nayar, the visionary entrepreneur and the mastermind behind Nykaa, who made cosmetic shopping so convenient & reliable for customers.
Falguni Nayar is one of the most remarkable success stories in the beauty and cosmetics industry. With a career that transitioned from the world of finance to the realm of beauty, she proved that it’s never too late.
In this article, let’s go through Falguni Nayar’s journey from the boardroom to the beauty counter, which is an inspiring tale of perseverance and vision.
Falguni Nayar – Biography
Name
Falguni Nayar
Birthplace
Mumbai, India
Born
February 19, 1963
Nationality
Indian
Education
Master of Business Administration, Indian Institute of Ahmedabad
Falguni Nayar was born in a Gujarati family in Mumbai in 1963. Her father was a businessman and ran a small bearings company. Her mother assisted her father in their business.
Her early life laid the foundation for her remarkable journey as an entrepreneur. Born and raised in Mumbai, she went to Sydenham College of Commerce and Economics for her graduation between 1980-1983 and finished her Bachelor’s degree in Commerce (B.Com).
After completing her undergraduate studies, she continued to pursue excellence in the field of finance between 1983 and 1985 by enrolling in the Indian Institute of Management, Ahmedabad (IIM-A), one of India’s most renowned business schools.
At IIM-A, she obtained her Master of Business Administration (MBA) degree, further enhancing her analytical skills and business acumen.
This educational experience at IIM-A played a pivotal role in shaping her career path and equipping her with the knowledge and skills that would prove invaluable as she embarked on her entrepreneurial journey, years later, with Nykaa.
Post her graduation, she joined A.F. Ferguson & Co. where she worked as a manager for around eight years. In 1993, Nayar left her position at A. F. Ferguson & Co. and joined Kotak Mahindra Group. She started out as the mergers and acquisitions (M&A) team head at Kotak Mahindra before opening institutional equities operations in London and New York City.
In 2001, she came back to India. She was appointed the managing director of the investment banking division of Kotak Mahindra Capital and director of the institutional equity division of Kotak Securities in 2005.
In 2012, she left her position and started Nykaa, at the age of 50, with $2 million of her own funds. By 2021, Nykaa’s value had increased to $2.3 billion and by 2023 her net worth had risen to $2.6B.
Nayar is one of the two self-made female billionaires in India, along with Kiran Mazumdar-Shaw, founder of Biocon Limited.
While talking about her career, she says,
“I am not a person who has strong emotions. I see everything in terms of facts and figures. So, I was only concerned about work and targets. There has never been space for anything else in my career.”
Falguni Nayar – Personal Life
Falguni Nayar lives in Mumbai. She has been married to Sanjay Nayar since 1987, whom she met in the business school. The couple has two children, Adwaita Nayar and Anchit Nayar. Adwaita serves as the CEO of Nykaa Fashion & Anchit heads the retail and e-commerce divisions.
Strongly relying on facts and figures, Falguni is a big fan of numbers which play a major role in her way of working.
However, the numbers on social media don’t interest her much. She is not a very active person on social media. When asked the reason, she says in an interview,
“I don’t know. I think there is enough to gain on social media also. I am who I am and I can’t change myself. I think being active on social media has a huge amount of time and effort….”
Falguni Nayar – Nykaa
Falguni Nayar, while nearing her 50s, decided to quit her job & start Nykaa which means “one in the spotlight,”. She created Nykaa in 2012 intending to serve as a one-stop shop for all beauty and wellness requirements.
Since its launch, Nykaa has rapidly expanded to rank among India’s top online merchants of cosmetics, skincare, haircare, and personal care items.
Revenue of Nykaa from Financial Year 2018 to 2022
Along with offering products for sale, Nykaa’s website also contains virtual try-on options and beauty tutorials. Nykaa has also established a physical presence, with shops located in several cities across India. These shops give a variety of beauty services as well as the chance for customers to try products before buying them.
In October 2020, the company entered a new avenue launching Nykaa Man, India’s first multi-brand e-commerce store for men’s grooming. Further, the company expanded into fashion by launching Nykaa Design Studio, which was renamed Nykaa Fashion.
Nykaa – IPO
On November 10, 2021, Nykaa went public with a valuation of $13 billion. Nayar’s net worth increased to $6.5 billion shortly after Nykaa went public, making her the richest self-made woman in India and propelling her into the top 20 Indians by net worth.
From its beginnings to its global prominence, Nykaa stands as a testament to the ever-evolving landscape of cosmetics.
Falguni’s Support for Women
Falguni Nayar, being a self-made female billionaire, is someone who supports women and encourages them to be independent and committed to taking up responsibilities.
In an interview, she says,
“We hire a lot of women in our organization. I always encourage women to be committed to their work and take on more responsibility. Often, what is lacking in women is commitment. When I see them committed, I try to provide them much-needed support. In fact, our largest category — skincare — is handled by a woman,” she says.
Falguni Nayar – Awards and Recognitions
Here are some prominent awards and recognitions for Falguni:
Nayar was enlisted on the Forbes India Rich List in 2022 at position 44
She has received many accolades including the FICCI Ladies Organization (FLO) award for the top woman achiever in the field of banking and the Business Today Award
She was a Founding Member of the Asia Society in India
She is a member of several boards, including the Aviva Insurance Board, Dabur India, and also serves as an Independent Member of the Tata Motors Board
Meet Nykaa’s Falguni Nayar: Track Her Journey As An Entrepreneur At 49 To Billionaire At 58
FAQs
Who is Falguni Nayar?
Falguni Nayar is the founder and CEO of Nykaa, an Indian lifestyle retail brand of beauty, wellness, and fashion products.
What is the net worth of Falguni Nayar?
The net worth of Falguni Nayar is $2.6 billion (2023).
Who is the CEO of Nykaa Fashion?
Adwaita Nayar, daughter of Falguni Nayar is the CEO of Nykaa Fashion.
Amid the towering buildings and bustling streets of the big city, there’s a guy named Michael Bloomberg. He’s not just your average success story – he’s the brain behind the big changes in business and politics.
Born in Boston in 1942, Bloomberg didn’t start with a silver spoon. He was hungry for knowledge and had a knack for seeing what others couldn’t. His journey took him from the busy trading floors & dingy office spaces to the high-powered world of finance. But he didn’t do things the usual way. He brought a corporate touch to City Hall, leaving a lasting impact on the city we all know and love.
So, let’s dive into the life of Michael Bloomberg – a man whose story is written in the city skyline, who made a mark on Wall Street, and whose influence reaches into both the powerful rooms of politics and the caring side of making the world a better place.
Michael Bloomberg – Biography
Name
Michael Rubens Bloomberg
Birthplace
Boston, Massachusetts
Born
February 14, 1942
Nationality
American
Education
Electrical Engineering at Johns Hopkins University, MBA at Harvard Business School
Michael Bloomberg’s journey began on February 14, 1942, in the vibrant city of Boston, Massachusetts. Growing up in the middle-class neighborhood of Medford, he was the son of a bookkeeper and a real estate agent, William Henry Bloomberg.
Bloomberg’s early life was marked by a curiosity that set him apart; This curiosity, combined with a natural aptitude for numbers, hinted at the future financial wizard he would become.
After graduating from Medford High School, Bloomberg took a significant step toward his future success by enrolling at Johns Hopkins University. His time at Hopkins was characterized by a relentless pursuit of knowledge, majoring in Electrical Engineering.
After college, he attended Harvard Business School and in 1966, was hired by a Wall Street firm, Salomon Brothers.
Michael Bloomberg – Career
Michael Bloomberg’s illustrious career kicked off in the early 1960s when he joined Salomon Brothers, an investment bank. His initial role was far from glamorous – he started as a lowly entry-level employee.
However, Bloomberg’s innate knack for innovation soon came to the forefront. He recognized the potential of computerized data systems in finance and developed a groundbreaking system that provided real-time market information.
Unfortunately, when Salomon Brothers was acquired in 1981, Bloomberg was let go, but this setback fueled his entrepreneurial spirit.
In 1981, armed with a vision and determination, Bloomberg founded Bloomberg L.P. (formerly Innovative Market Systems), a financial data services company. What began as a startup housed in a single room soon transformed into a global giant, revolutionizing how financial professionals accessed and analyzed market information.
In 1982, The Bloomberg Terminal, a proprietary software platform, became an indispensable tool on trading floors worldwide.
Beyond finance, the company expanded into media, technology, and various philanthropic initiatives.
Later in the 90s, he co-founded Bloomberg News and launched Bloomberg television.
In 2001, just weeks after the terrorist attacks of 9/11, Bloomberg’s career trajectory took an unexpected turn when he entered the political arena, winning the mayoral election in New York City.
After three terms in office in 2001, 2005, and 2009, Bloomberg returned to his business ventures and continued his philanthropic efforts.
Today, his legacy is multifaceted – from reshaping Wall Street to influencing urban governance and beyond, Michael Bloomberg remains a dynamic force in business and public service.
With Jewish ancestry, Michael Bloomberg was born to Charlotte (Rubens) and William Henry Bloomberg.
He was married to Susan Meyer in 1976 and divorced in 1993. He has two daughters, Georgina Bloomberg and Emma Bloomberg.
Reportedly, Diana Taylor, a former Wall Street executive and former New York State Superintendent of Banks has been his companion for over 20 years.
He takes a keen interest in public welfare, climate change, and other philanthropic activities.
Michael Bloomberg – Company Name
Bloomberg L.P., a provider of media and financial information, was co-founded by Michael Bloomberg in 1981. He provided the seed funding for the company and currently holds 88% of its projected $12 billion in annual revenues.
The company has more than 15000 employees & is spread around 73 countries worldwide.
Michael Bloomberg – Partner Investments
Michael Bloomberg has made one partner investment along with Qatar Investment Authority. Below are the details of the investment:
Announced Date
Organization Name
Investor Name
Lead Investor
Funding Round
Money Raised
December 1, 2021
Travelling Folks
Qatar Investment Authority
Yes
Pre-seed Round
₹2.3 million
Michael Bloomberg – Philanthropy
As much as Michael Bloomberg is known for his business and political journey, he is equally known for his big-hearted philanthropy.
He is the founder of Bloomberg Philanthropies which focuses on five main areas for change: public health, environment, education, government innovation, and arts & culture.
He has also donated more than $14.4 billion to gun control, climate change, and other causes.
He has promised to donate Bloomberg Philanthropies his share of Bloomberg L.P. when he passes away, if not before.
In addition to the $1.5 billion he had already donated to Johns Hopkins University, Bloomberg pledged $1.8 billion to the institution in 2018 to help the students.
He began several initiatives to combat the COVID-19 pandemic in 2020, including providing $40 million to support low and middle-income nations in their attempts to stop the disease’s spread.
An Earth Day Message from Mike Bloomberg | Mike Bloomberg
Michael Bloomberg – Welfare-oriented Activities
One of the most outspoken and persuasive voices in America on vital issues, such as climate change, gun violence, and public health, Bloomberg is a very active participant in social causes.
He also holds the following responsibilities:
Global Ambassador for Noncommunicable Diseases and Injuries
UNFCCC Global Ambassador for the Race to Zero and Race to Resilience
Secretary-General’s Special Envoy for Climate Ambition and Solutions
The chair of the Defence Innovation Board
Michael Bloomberg – Awards and Recognitions
He was listed in the 10th place in Forbes The 400 Richest People In America 2023
Bloomberg was named the 39th most influential person in the world in the 2007 and 2008 in Time 100
In 2010, Vanity Fair ranked Bloomberg #7 in its “Vanity Fair 100” list of influential figures
Michael Bloomberg – Interesting Fact
Michael Bloomberg earned his pilot’s license in 1976, and can often be spotted flying his helicopter around the city.
FAQs
What is Bloomberg L.P. about?
Bloomberg L.P., a provider of media and financial information, was co-founded by Michael Bloomberg in 1981.
How much share does Michael Bloomberg hold in Bloomberg L.P.?
Michael Bloomberg provided the seed funding for the company and currently holds 88% of its projected $12 billion in annual revenues.
Who is the current CEO of Bloomberg L.P.?
Vlad Kliatchko was appointed as the CEO of Bloomberg L.P. in 2023.
In 2021, the global art market value was $65.1 billion. Art possesses the ability to motivate us, enhance our environment and life, and enable us to perceive things from other’s perspectives. It’s been typical for those with money and prestige to spend millions on it since the Revolution and even before that.
Often we hear paintings getting sold for thousands of dollars or so at the auction these days, it makes you wonder what inspires someone to pay a fortune for artwork.
Important Motivations Among Art Buyers Worldwide as of January 2022
Let’s look at these 14 reasons why wealthy individuals prefer expensive paintings.
In several countries, including the United States, tax regulations favor you if you purchase expensive art frequently. For example, if you sell an artwork and deposit funds in a bank, you are ought to incur capital gains tax on it, however, if you invest in another artwork with the same funds, you’ll escape paying taxes.
Prestige
An artefact that looks perfect, and which was also made by a world-famous artist, is unique, and in certain scenarios is a well-known creation, will offer the bidder quite the thrill once the hammer drops at auction. A strong feeling when we see something we’ve wanted for years, the same feeling will indeed be amplified if it’s a Monet, Van Gogh, or Hearst.
Investment
Most individuals buy stuff as they intend to invest in it. Some people buy houses to reside there. Some of them think of it as a long-term investment, an asset providing them with monthly earnings while also increasing in value over time. Art, too, is a strategic idea to invest in.
Owning modern art for €400 today might be worth €600,000 in 10 years. In about 10% of situations, indeed, fine art has consistently fetched increasingly better returns over the last 50 years.
One can be sure that when they get their hands on a Leonardo da Vinci, it will smash records. In 2017, his painting Salvador Mundi sold for a record-breaking $450 million. This is why it’s an insanely important aspect of why the rich buy art.
Leonardo Vinci’s Salvator Mundi
Diversifying your portfolio
Because art is indeed going to increase in value if it already has a significant value and is somewhat risky, you may consider investing in some art to diversify your holdings, particularly if you’ve got a large, highly high-value portfolio or want to make art a small component of it.
The main principle, regardless of the worth of your investments, is to have variety. If you have a few high-risk stocks and a large number of safe stocks or you’re extremely wealthy, have billions in shares, bonds, and real estate, and would like to invest more in something risky but thrilling? Investing in artwork seems logical at this point.
An aspect of your lifestyle
Previously, the wealthy went shopping for fashion, fancy cars, or yachts; but, times have changed. Art has become a must-have thing for the rich. Nothing beats being an art lover if you’re glamorous and want people to appreciate it. It’s not only about possessing it; it’s more about being seen at auctions and exhibitions.
While art is typically a high-risk asset, it has several unique advantages.
Art market rate fluctuations are different from share market price swings, implying that they could be used to hedge against a recession or crisis.
People purchase art during times of risks and uncertainties and profiting, such as during WWII. Today in nations with unstable economies and currencies that are subject to depreciation, the wealthy frequently invest in art as a means of diversifying their risks.
To enrich their environment
Almost everyone wants their homes and offices to appear attractive and feel better in them, and regardless of whether us being wealthy or not, we design them to make the time we spend there more enjoyable. Rich people whether it’s their multimillion-dollar homes or the workplaces of the businesses they manage, they’ll do the same for it.
To boost imagination
It’s no surprise some of the world’s top talented artists invest in art, and owning beautiful art on your walls will surely spark your imagination. Some celebs who possess art are incredibly innovative, and this isn’t limited to those who work in that industry. Startups and corporate leaders can be inspired by art as well. Perhaps it’s because artists are creative and bold, traits that entrepreneurs like and appreciate when they see a wonderful piece of artwork.
To brag about it
Investing intelligently in the equity market or in a prosperous firm you manage, demonstrates your financial acumen. You may be flaunting by purchasing a fancy home, a yacht, or a Ferrari, but it is also something essential that you will utilize.
Even if it’s a solid investment, purchasing a work of art worth $1 million demonstrates exceptional choice, however, there’s something indulgent about it since it’s something you wouldn’t need but desire. When you’re wealthy, you’re more inclined to want to flaunt it, and art is a perfect way to do so.
Quality
Usually, the rich purchase fancy clothing because they value quality over cost. You can own a masterpiece lasting hundreds of years and even be bequeathed to your children. The caliber of art gives you the feeling that you’re purchasing something valuable that will outlast your legacy.
Although kids who inherit valuable artwork seem to be keener on selling them than preserving them. This isn’t surprising, since parents and children often have different preferences, and the urge to sell the art mom and dad used to adore for a six-figure price might be impossible to deny for certain individuals.
If you possess a luxury condo that you rent to super-rich with taste, hanging some pricey artwork is one approach to boost the rent prices. Not only that, but it also raises the property’s worth. In some ultra-exclusive groups, art is anticipated to cost the same as a typical home, and a modest picture of Van Gogh’s starry night is believed to not cost about the same as a conventional house.
To set up Art Galleries
The wealthy all across the world enjoy buying art and displaying it in exhibits where they discovered it, often with their signatures on it. In some circumstances, where self-interest is a prominent factor, there are very specific advantages to establishing art galleries. When the hella rich in China open an art gallery, it’s usually because it’s a tried-and-true method of obtaining approval for real estate deals.
Cultural pride
Over the last 20 years, the quantity of pricey masterpieces from China and Africa specifically has increased dramatically, notably among purchasers from such countries, implying that when you are wealthy, it is natural to want to acquire fine art that makes you proud of where you came from and demonstrates your love of your culture.
We’ve now arrived at the truly evil aspect of the art business, namely, money laundering for organized crime. The wealthy people who earned a fortune through illegitimate ways would suppress their sources of wealth from the regulators, and expensive art deals are the optimal method to do so.
Now we know why pricing is very subjective, and even specialists have difficulty in determining value. Inflating the worth of a piece is simply based on what you want it to be.
Deals are frequently made behind closed doors and discreetly. Although current laws on how art sales are done have indeed been strengthened, it’s logical to conclude that money laundering remains a major factor in global art purchases.
Conclusion
Even if they don’t know much about art, most people choose to have it because of their love or have some sentiment attached to it. They consider it as an investment as it helps them to diversify their portfolio. And lastly, they do want others to appreciate it if they have paid a high price for that artwork.
FAQs
Why do rich people buy paintings?
Rich people buy paintings to diversify their portfolios, design their homes or avoid tax.
What is the most expensive painting ever sold?
Salvator Mundi by Leonardo Da Vinci is the most expensive painting priced at $450 million.
Is art used for money laundering?
Yes, many wealthy people who earned a fortune through illegitimate ways often launder money through art.
The worldwide COVID-19 pandemic may have pushed the world economy into a chaotic situation, with 2020 and 2021 projected to be worse than any of the years since the global financial crisis. However, billionaires, in theselected group of countries, have seen their financial situation improve during the phase of the pandemic, which has been financially painful for most people around the world.
According to a US report, Billionaires have doubled their wealth in the pandemic. Their wealth sees more growth during Covid-19 than in the last 14 years. The total wealth for billionaires stood at around $5 trillion and it is the biggest surge since forever.
The sharp surge in the wealth of the richest Americans is being driven by the bounceback of the stock market in the US, primarily driven by the unprecedented action from the US Federal Reserve. Despite the surge in US Covid-19 cases and the record 43 million Americans filing for unemployment benefits, the country had hovered at record highs.
Investors have been buying equities, with Big Tech companies and those linked to healthcare such as Big Pharma and hospital stocks among the major beneficiaries as the US Fed’s emergency responded to the crisis by cutting interest rates to 0% and undertaking to buy unlimited amounts of bond translated into assets such as stocks, despite being risky investments, seeing fresh demand.
During the pandemic crisis, Amazon shares surged nearly 50% while Facebook recovered from the troughs that it hit in the month of March to record highs. Bezos, Facebook founder’s net worth surged over $30 billion since March 18.
A recent study calculated billionaire wealth using data provided by the Forbes Global Billionaires List, an actual assessment of net worth. March 18, 2020, is used as the starting date as it roughly corresponds with the time when the US Government began imposing lockdown restrictions.
“At a time of enormous economic pain and suffering, we have a fundamental choice to make. We can continue to allow the very rich to get much richer while everyone else gets poorer and poorer. Or we can tax the winnings a handful of billionaires made during the pandemic to improve the health and well-being of tens of millions of Americans,” the US Senator Bernie Sanders said.
Billionaires in India
In India, Mukesh Ambani’s net worth rose to nearly $79.3 billion, calculated on August 10, 2020, making him the fourth richest person in the world. Ambani’s wealth rose by $22 billion in 2020. He slowly shifted his focus to e-commerce, with tech giants seeking to buy a piece of India’s fastest-growing digital market.
On the other hand, his conglomerate Reliance Industries was slammed by a decrease in demand for oil amid COVID-19, its share price has more than doubled from the low in March as its digital unit got billions in investments from companies including Facebook and Google.
Major Indian pharma companies’ Share prices were on fire amidst the raging pandemic. Pharma tycoons like of companies like Sun Pharma, Dr Reddy’s Laboratories, Aurobindo Pharma, Divi’s Laboratories, Cipla etc. have doubled their net worth during the crisis. The wealth of Sunil Mittal and Gautam Adani of Adani Group has also grown largely.
There is a severe wealth level of financial inequality, which exists in India, and the fact that during the pandemic that inequality has become much worse. The extraordinary wealth gains that billionaires have earned during the pandemic come at a time when COVID-19 pandemic may double the poverty in India.
Billionaires Who Got Richer
Some of the Worldwide Billionaires who have grown richer and richer even during the Pandemic, they have never ceased to grow and surprise their onlookers.
Billionaires who got rich in pandemic
Steve Ballmer
The former Microsoft CEO Steve Ballmer’s net worth has increased tremendously during the pandemic. The tech billionaire had donated around $28 million to coronavirus charities in the month of August. The initial net worth was $52.7 billion and the amount gained was $18.5 billion, summing up the total endnet worth $71.2 billion.
Ma Huateng
Chinese advanced technology billionaire Ma Huateng’s wealth has increased by 53.5% during the pandemic. The beginning net worth was $38.1 billion, it rose to end net worth of $58.5 billion with total amount gained $20.4 billion.
A giant tech company called Facebook, its Founder and CEO Mark Zuckerberg became 77% richer during the pandemic. He donated $180 million to coronavirus charities as of August in 2020, a drop in the bucket for the tech billionaire. The initial net worth was $54.7 billion, which turned into a net worth of $96.8 billion. Gaining a huge amount of $42.1 billion.
Mukesh Ambani
The net worth of the Indian billionaire, Mukesh Ambani has increased to around $48.4 billion during the pandemic. He donated $68.32 million of the amount and 0.09% of his total net worth to coronavirus causes. The beginning net worth was $36.8 billion, it became the total sum of $85.2 billion. It makes the gained amount as $48.4 billion.
Jeff Bezos
Currently, the richest man in the world, Jeff Bezos, has made most of his profits during the pandemic through his e-commerce site called Amazon. Bezos gave nearly 64.3% of his total net worth to coronavirus causes, which amounts to $127 million worth of donations. The beginning net worth stood at $113 billion and the latest net worth was $185.6 billion, gaining the amount of $72.6 billion.
Conclusion
The worldwide billionaires did extremely well during the global pandemic crisis, growing their already-huge fortunes to a new level. Millions and millions of citizens faced great economic desperation, the already rich Billionaires became richer all this while.
FAQs
Who is the richest man in the world?
Elon Musk is currently the richest person in the world with his net worth of $219 billion.
Has billionaires beme richer in pandemic?
Billionaires has increased their wealth duric pandemic.
Our India stands as the second-largest population in the world with a rapidly thriving economy over the past few decades. Before India’s Independence, agriculture played a vital role in developing the economy.
Following the 21st century, we have witnessed numerous entrepreneurs arising in every corner of India with a motive to bring a prosperous future for Indians.
Conscientiously, India became the third-largest in terms of real Gross Domestic Product (GDP) after the United States of America and China. Because of this fact, our entrepreneurs are the sole reason for the success of the Indian Economy, which stated that over 58.5 million entrepreneurs are there in India, of which nearly 13% are women.
Without any background or experience, some self-made business people took the determination to create a miracle in burgeoning the economy and ultimately becoming the richest entrepreneur at a very young age.
Net Worth – $1.5 Billion Founded – Zerodha Education – Graduation in engineering
Nithin Kamath – Youngest Billionaire in India
With an aim of breaking all barriers which are faced by investors and traders in India regarding cost, technology and support. Nithin Kamath, a Chartered Accountant (CA) took part in building a hassle-free online discount brokerage firm- Zerodha. He is the Founder as well as the CEO of Zerodha. He is mostly known for tweeting educational and informative content on social media.
Ultimately, the company became India’s first discount brokerage firm, after it was founded in the year 2010. As of 2021, Zerodha is said to have over 5 million active clients. The net worth of Nithin Kamath is INR 14500 Crores.
Nikhil Kamath
Net Worth – $1.5 Billion Founded – Zerodha Education – School Dropout
Nikhil Kamath – Youngest Billionaire in India
Nikhil Kamath is the Co-founder of India’s biggest trading platform, Zerodha. Although he dropped out of his school at a young age, he hustled and secures a job in a call centre, when he was just 17. Nikhil Kamath, after getting into trading along with his brother founded Zerodha. When he got into stock markets, he decided to start trading.
Zerodha solves all the problems and barriers faced by traders and investors. The current net worth of Nikhil Kamath is INR 11100. Zerodha was founded by Nikhil Kamath and his brother in the year 2010. He is one of the richest self-made billionaires in India at the age of 40.
Divyank Turakhia
Net Worth – $1.76 Billion Founded – Media.net Education – Graduated from Narsee Monjee College of Commerce and Economics
Divyank Turakhia – self made Billionaires in India
Divyank Turakhia being tech-savvy, began his career in coding at the age of 8 and mastered every aspect of computer programming. He was born on 29th January 1982 and did his schooling at Arya Vidya Mandir in Bandra and holds a degree in the field of Commerce and Economics from Narsee Monjee College in Mumbai. He founded media.net and later sold it to Chinese consortium for $900 million.
According to IIFA Wealth, He is the second richest self-made entrepreneur under 40, and his net worth is estimated to be 12,500 crores.
Ankit Bhati
Net Worth – $615 Million Founded – Ola Education – IIT Bombay
Ankit Bhati – Youngest billionaire in India
Ankit Bhati is the Co-founder and was the former CTO of one of India’s most popular and used ridesharing Ola Cabs. Ola Cabs was founded in the year 2010. . Recently, Ankit Bhati has launched a new SaaS startup named Amnic. The net worth of Ankit Bhati is INR 1600 Crores. With the increasing demand for ridesharing systems, Ola Cabs are one of the two ridesharing companies that are dominating the Indian market.
Bhavish Agarwal
Net Worth – $990 Million Founded – Ola Education – IIT Bombay
Bhavish Agarwal – Youngest billionaire in India
In recent times, Ola resulted in a turning point in the development of the Indian economy, where people encountered comfortable rental transport at an affordable rate. Bhavish Aggarwal commenced their idea of innovating technology-based cab services in India and started Ola and became one of the richest entrepreneurs with a net worth of close to INR 7500 Crores.
Net Worth – $1.3 Billion Founded – Paytm Education – Bachelor of Engineering from Delhi College of Engineering
Vijay Shekhar Sharma – Youngest billionaire in India
Vijay Shekhar Sharma is one of those Indian billionaire businessmen who achieved many things at such a young age. He is none other than the founder and chief executive officer of the financial technology firm, Paytm. He sold the website that he created while in college, named indiasite.net for $1 million.
He then started One97 Communications where they provided people with exam results, cricket scores, ringtones and jokes. In 2010 it became the parent organization of Paytm. In 2017, Forbes ranked him as India’s youngest billionaire and in the same year, he was headlined in Time Magazine’s World’s 100 Most Influential People 2017 List.
Berkshire Hathaway’s Warren Buffet subsidized $300 million in the business in 2018. And again in 2020, Forbes featured him as the 62nd richest person in India and his net worth is $2.3 billion.
Binny Bansal
Net Worth – $1.3 Billion Founded – Flipkart Education – Graduate from IIT Delhi
Binny Bansal – Self-made Billionaires in India
Binny Bansal is the founder of the e-commerce platform named Flipkart. He co-founded Flipkart in 2007 and now he has become one of the biggest names in the Indian e-commerce industry. At first, Binny Bansal worked at Sarnoff Corporation, Binny Bansal completed his degree in computer engineering from IIT Delhi. He was the former CEO of Flipkart.
Flipkart was launched in 2007, at first it was more like a small book store, then it become an e-commerce platform. In 2018, Walmart acquired Flipkart. Today the valuation of Flipkart is around $37.8 billion.
Sachin Bansal
Net Worth – $1.3 Billion Founded – Flipkart Education – Graduate from IIT Delhi
Sachin Bansal – Self-made Billionaires in India
Sachin Bansal is an Indian entrepreneur who co-founded one of the most popular Indian e-commerce platforms Flipkart. Flipkart is an e-commerce company that is famous for selling consumer electronics, fashion, groceries and lifestyle-related products. Flipkart was acquired by Walmart in 2018. Sachin Bansal got his degree in Computer Engineering after attending IIT Delhi and founded Flipkart along with Binny Bansal. The net worth of Sachin Bansal is INR 8848 Cores.
Ritesh Agarwal
Net Worth – $1.1 Billion Founded – Oyo Rooms Education – College Dropout
Ritesh Agarwal – Youngest Billionaire in India
This 27-year-old Ritesh Agarwal is one the youngest billionaire in 2021 in India. He is the Founder and CEO of OYO Rooms. He commenced OYO Rooms as a small lodging portal under budget.
In 2012, it was added to the accelerator program by Venture Nursery. In 2013, it won $100,000 in the Thiel Fellowship program and in 2013, he launched OYO Rooms. The company was a success and the stakes tripled when Agarwal purchased $2 billion worth shares in the company.
He is named in the Forbes 30 under 30 list for Asia and also is nominated for the Business World Young Entrepreneur Award. As per reports, Ritesh Agarwal’s net worth is around $1.1 billion.
Net Worth – $650 Million Founded – Zomato Education – Graduate from Indian Institute of Technology, Delhi
Deepinder Goyal – Self made Billionaire in India
Deepinder Goyal is the founder of Zomato, which delivers food from restaurants to every corner of the city. Foodiebay was the name of the firm when they initially started, that is in 2008 and later in 2010, they renamed the company Zomato when the company gained popularity among the people.
It also acquired Cibando, Gastronauci, Poland’s restaurant search assistance in 2014, and Seattle founded Urbanspoon, it turned out to be their massive gain. As per the report, Deepinder Goyal’s current net worth is around Rs 2,200 crore.
Conclusion
Our entrepreneurs are the sole reason for the success of the Indian Economy. Many fresh talents are rising from the corners of the country and are giving a hand in creating a prosperous. As of 2021, there are many such successful entrepreneurs, here we have just mentioned a few.
FAQs
Who is the youngest self-made billionaire in India?
Nikhil Kamath, the co-founder of Zerodha is India’s youngest billionaire at the age of 34.
Who is the youngest self made billionaire entrepreneur in the world?
Austin Russell founder of Luminar Technologies is the world’s youngest self-made billionaire.
Who is India’s youngest millionaire entrepreneur?
Sunil Butolia is India’s youngest millionaire at the age of 18.
Who are self made entrepreneurs?
Self made entrepreneurs are the people who have started with a lack of money, education, or social status and have become both rich and successful through their own efforts.
Who is the world’s youngest billionaire?
The world’s youngest billionaire is German heir Kevin David Lehmann, who is just 19.
How many Indian billionaires are there now?
Currently, there are 215+ Indian billionaires, with 58 new additions, as of March 2022.
There are over 2775 billionaires present in the world and with a total net worth of $13.1 trillion. The country that tops the list of most number of billionaires is the United States of America. The number of billionaires may seem less in a world where billions of people exist but these few have created businesses that made them who they are today; It has also changed the outlook of all those industries from where they came from.
These people turned their ideas into successful businesses and are now earning billions of dollars. All these are not that easy, one needs to be the best in their field for that.
You may find billionaires in almost every industry, but there are some that have given the world a larger number of billionaires who are out there ruling it. What is intriguing is that even during the pandemic, the wealth of billionaires has increased over an average of 27% in many industries.
In this article, we will talk about the industries that have given the most number of billionaires to the world. So let’s get started.
“The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
The top position is taken by the industry of technology in this. Some of the data suggest that 70% of the top 10 richest people belong from the technology industry. It is in the first position because of evident reasons.
Technology serves us with the solution for almost any kind of problems and has taken the responsibility to make our life easier. It is quite evident that with new innovation every day, the tech industry will provide the world with more billionaires in the future.
Top billionaires in the tech industry
Jeff Bezos (Amazon)
Elon Musk (Tesla, Space X)
Bill Gates (Microsoft)
Mark Zuckerberg (Facebook)
Healthcare
The pandemic was a severe boost to the healthcare sector and has worked as a boon for many healthcare companies. Vaccine producers, diagnostic test producers saw immaculate growth in their business. Since 2020, the healthcare industry is surging at a tremendous pace and with the current condition, it seems unlikely to stop.
The strike of Covid-19 proves how health is a prime factor in human lives and without it; everything will just become a façade. The global healthcare industry is ready to reach over $10 trillion by 2022.
Top billionaires in the Healthcare industry
Jiang Rensheng & family (Chongqing Zhifei Biological Products)
Li Xiting (Mindray Bio-Medical Electronics)
Zhong Huijuan (Hansoh Pharmaceutical)
Xu Hang (Mindray Medical)
Finance And Investments
There are reports that state that the most number of billionaires in modern times comes from the Finance and investment sector. The business of money has been quite a success in the recent era. The money made by the people even the billionaires are managed by financial institutions. Whenever people transact money they take help from these financial institutions, so it is quite probable that this sector comes in the list of the top 10.
The entire world economy depends on financial institutions. Fintech startups are taking the world in storms and these industries would use the opportunity to create more billionaires in the future as they are the root of the economy.
The production of goods with the help 0f machines, tools as well as labor from raw materials is one of the most important sectors, as almost every creation depends on this. It is said to be the driving force since forever.
The growth of a nation immensely depends on the manufacturing sector. The manufacturing sector has seen a huge surge even during the Covid-19, this sector has over 300 billionaires in the world.
Top billionaires in the Manufacturing industry
He Xiangjian (Midea Group)
Fashion and Retail
Clothes are another significant necessity in human life. The fashion and retail industry focuses on making clothes. It is a $2.5 trillion industry and deals with luxury apparel brands. Fashion startups are also making noise in this sector and are on the verge of producing more and more billionaires in the future. There are 273 billionaires in the world in this industry.
Top billionaires in the Fashion industry
Bernard Arnault (LVMH)
Amancio Ortega (Inditex)
Phil Knight (Nike)
François Pinault (Kering)
Food And Beverage
Over 7 billion people exist in this world, so naturally, food must be provided to all of them. The number is only going to increase in the future; therefore the growth of this industry is inevitable. This sector till now has successfully contributed in the list of industries that have given us the most number of billionaires.
All other things can wait but for the survival of a human being, food and beverages are the most significant things. The food and beverages industry has over 219 billionaires from all over the world and it is only going to increase in the future.
Top billionaires in the Food and Beverage industry
Zhong Shanshan (Nongfu Spring)
Giovanni Ferrero (The Ferrero Group)
Qin Yinglin & family (Muyuan Foodstuff Co.)
Jacqueline Mars (Mars Inc.)
Real Estate
It is said to be the oldest source of creation of wealth. It is also said to be an open industry where anyone can be a part of it who are interested to. People who are already billionaires and are wealthy also show their interest in investing in the real estate industry, as it is considered as one of the most profitable sectors. There are over 215 billionaires in this sector.
Top billionaires in the Real Estate industry
Lee Shau Kee (Henderson Land Development)
Hui Ka Yan (Evergrande Group)
Yang Huiyan & family (Country Garden Holdings)
Wu Yajun (Longfor Properties)
Hospitality Industry
It is another important form of industry that has given quite a number of wealthy people. Providing the guests with home-like services is one of the main factors of this industry. Food, comfort, entertainment, and lodging are all included in this sector. The global hospitality market is expected to reach $4132.5 billion by the end of 2021.
Top billionaires in the Hospitality industry
Sheldon Adelson (Sands Hotel)
Donald Trump
William Barron Hilton (Hilton Hotels & Resorts)
Phillip Ruffin (Ruffin’s hotel)
Renewable Energy
Climate change is a serious factor in the world, right now. Saving the world has become a necessity, thanks to this industry some of the billionaires are able to make tons of money and become a savior as well. The energy market is coming out slowly and is on verge of becoming one of the most important sectors in the near future. It has given the world over 180 billionaires.
Top billionaires in the Renewable Energy industry
Elon Musk
Robin Zeng (Amperex Technology)
Aloys Wobben (Enercon)
Li Zhenguo (LONGi Green Energy)
Entertainment and Media
The entertainment industry is a very big part of the world economy. Digital media technology has started helping people make big in this industry. There is a need for entertainment in life, especially during the Covid-19 lockdown, this sector helped people to avoid boredom. Dramas, films, music all these are the source of entertainment. This sector has 95 billionaires and more in the making.
Top billionaires in the Entertainment and Media industry
Being a billionaire is not an easy job, one needs to have patience, perseverance, and the will to do hard work. Some of the industries are recently on-trend and have provided the world with the most number of billionaires. It doesn’t mean that it is easy in these industries to make tons of money, in fact, it is quite hard and challenging.
FAQ
Which industry produces the most billionaires?
Technology industry is one industry that produces the most billionaires.
Which Industry creates the most millionaires?
The financial service sector has the most number of millionaires.
What jobs can make you a millionaire?
Professional athlete, Investment banker, Entrepreneur, and Real estate agent some of the industries that can make you a millionaire.
The popularity of Jio isn’t something hidden! We are well-familiar with the immense success of Mukesh Ambani’s Reliance Jio. After establishing its strong position in networking, Mukesh Ambani now aims for building an extremely advanced city near Mumbai, the Megacity. The city is expected to have great features and be entirely modern.
Currently, Mukesh Ambani, and the team are working on the blueprint of the company. This megacity is set with an approx. investment of $75 billion in the upcoming decade.
This project has been approved by Reliance Industries (RIL) which is acting as the special planning authority. Reliance Industries will be managing this project and also, supervise the administration of the city. This project will be cutting out the red tape, transaction time, and cost of the project.
This megacity includes the territory owned by Navi Mumbai Special Economic Zone (NMSEZ), which is around 4,300 acres. This specific land connects with the Jawaharlal Nehru Port Trust and to the construction of the new airport project.
By March 2021, Reliance Industries signed a mutual memorandum understanding with the NMSEZ on the land lease contract and also, the development rights with the preliminary payment of Rs. 2,180 crores.
The project, Megacity, is set up to achieve the immense goals of uplifting the urban infrastructure as being established by a private sector player for the first time in modern India.
Reliance Industries signed the official memorandum of understanding with the Maharashtra Government in order to formulate an economic center at a global level. This would further include the world’s top-notch integrated digital along with the services industrial areas in the form of a global alliance.
The concept of establishing a megacity near Mumbai isn’t a new idea by the Reliance Group of Industries. In fact, when we dug up some history behind this project, it was discovered that it was the dream of Dhirubhai Ambani, the legendary founder of the Reliance Group of Industries.
Dhirubhai Ambani wanted to establish a city with the advancement of the World level, near Navi Mumbai. He first came up with this idea in the early 1980s, when he brought up a project for connecting South Mumbai with Navi Mumbai by road. This project was very well received and would have decongested Mumbai long ago.
Ambani began executing this project in 2005 when he allied with Nikhil Gandhi, founder of SKIL Infrastructure. Together they planned for the formulating an SEZ on mega Chinese SEZs lines. Nikhil Gandhi had been acquiring lands since early 2000. Many sources also mentioned the connection of Tata Group with the SEZ project, but this was eventually outwitted by Ambani who always wanted to work with SEZs.
Ultimately in 2018, the government of Maharashtra permitted the SEZs under Maharashtra Industrial Policy to migrate to various melded industrial areas for marking the available lands for industrial units. Later on, the Navi Mumbai SEZ (NMSEZ) applied for consent to modify the SEZ into the Integrated Industrial Area and received it as well, based on its policy.
This mega project, initiated by Ambani is expected to grow into an extremely successful project just like the remarkable success received by Reliance Industries with its several projects including the Jio and Jamnagar refinery. It would be Supreme, especially in terms of excellence and affordability.
As the government of Maharashtra has already approved the establishment of the Navi Mumbai sea link project that would connect South Mumbai directly to Larsen & Toubro and Tata Projects.
Alongside, the project of establishing a new airport by the GVK-led consortium. Both these projects will be running simultaneously and would offer the connection of industrial township, owning 15% of total land area for the residence and the rest for industrial purposes.
Ambani’s plan for the megacity project is very exclusive and advanced. He ought to build up a never-seen-before infrastructure, similar to its former Jio redux- which kept the whole of India wondering!
According to experts, this megacity project holds the potential to succeed like Reliance Jio, in an extraordinary phenomenon. This exclusive project by Reliance Industries will be opening new levels of transformation in the urban culture and its infrastructure, in India.
Moreover, this is expected to enrich the top real estate analyst, stating this project will lead to overturning migration. This is because the property prices in the megacity will be lesser than in Mumbai. That’s why people would seek more such openings!
Besides, the most intriguing part of this megacity project is that Reliance Industries will not only establish this city but also, work on its administration and also, govern it.
Reliance has been given the special planning authority license for embarking on this. Ambani would be cutting down the costs by eliminating the transaction time and red tape. More simply, this project aims to achieve drastic changes and modifications in the urban infrastructure.
Conclusion
Mukesh Ambani took towards Dhirubhai Ambani’s dream city, by working on a special project of establishing a megacity near Navi Mumbai. Ambani has fetched an investment worth $75 billion for this project.
As approved by all the authorities, Reliance Industries is working on the Blueprint, and soon, they will get on with the construction. This megacity project is functioning exclusively with massive advancement in the urban infrastructure in India.
This would be totally cost-effective and would present properties with affordable rates. Megacity is the initiative to build India with an abundance of technology and modern infrastructure. Stay tuned for more updates!
FAQ
What is the total investment of Mukesh Ambani’s megacity?
The project is expected to draw in as much as $75 billion in investments over the next ten years.
What is the location of Mukesh Ambani’s Megacity?
The megacity will be located in the in the vicinity of Mumbai.
There is no shortage of rich people all around the globe. Every day we hear the list lengthening. Also, every day a new name tops the list. The extravagant lifestyle, the desires of these people never come to an end. Among those, owning expensive things is another of their hobbies. Be it a luxury car, a yacht, a private jet, or an island. They never stop trying to expand their hands on anything that touches their heart. They are simply fond of spending money on things that the world looks up to. Therefore, entering into the world of sports, being the owner of a particular team brings them no less money and fame.
No matter what the world would be going through. Be it a pandemic, a financial crisis, or any sort of stress-laying situation. The domain of sports never stops entertaining people. Therefore, no doubt having a hand in that domain, along with others to compete would bring them a combo pack of fame and money. Lately, our earth is not doing so well. Despite this, entertaining and being entertained never stops. So here’s an eye-widening list of the richest sports team owners of the year, 2021.
Mukesh Ambani, an Indian tops the list among the richest sports team owners. He successfully stepped on the shoulder of Steve Ballmer, former CEO of Microsoft. He plays his moves on the field with the players of the team. While off the field he is the sole controller of Reliance Industries.
His cricket team, the Mumbai Indians are no less successful. He has managed to get his team to the same position in their arena that Mukesh Ambani himself holds outside the field. Taking into account the last recorded brand value, MI holds the highest with a net worth of 809 crores. The team itself has 5 IPL( Indian Premier League) trophies created in its lobby along with 1 runner-up prize. If summed up, it can be concluded that Mukesh Ambani with a net worth of 84.5 billion dollars, has a tight grip on his team and is well-deserving for the top position in this list.
Steve Ballmer – Los Angeles Clippers
Microsoft, the CEO of which, Steve Ballmer comes up second on the list. Owning a set of basketeers who go after the name of Los Angeles Clippers, he has a net worth of 68.7 billion dollars. He didn’t stop at ruling the software world. Rather also took a good hold on the sports industry. Funding his team from the earnings of his company, he also is no less behind Ambani.
Founded in 1970 the team has so far earned two division titles for two consecutive years. With its native arena at Staples center, the team has yet lots to achieve.
Daniel Gilbert – Cleveland Cavaliers
Daniel Gilbert, a very successful business tycoon. And also by far, the most excelled owner in this entire list. Cleveland Cavaliers, a basketball team from Cleveland itself. He provides funds to his team from the company he invested in, Quicken loans. With the pacing success of this company, Daniel also got a boost for himself glorifying his status.
His Cavs, founded in 1970 have 1 champion’s trophy, 5 conference titles, 7 division titles laying in their gallery. Quiet massive achievements to drown Daniel with extraordinary wealth and fame.
With a worth balance of 42.3 billion dollars, Francois Pinault and his family run this football team. With its home ground at Roazhon park, this team holds numerous titles worth admiring. It was founded in 1901. The funds for this team generate from the luxury goods that this family supplies.
Dietrich Mateschitz – Red Bull Racing
The world-famous, Red Bull energy drink.- the one which gives you wings. This billionaire businessman, Dietrich, holds 49% shares of this company. With 26.9 billion dollars accounts, he funds his formula one racing team, the red bull racing. This racing team with 313 entries has already won 70 trophies under its name.
Along with that Dietrich also owns a football team. The New York Red Bulls. Founded in 1994 this team has its arena, the red bull arena in New Jersey.
Robert Pera – Memphis Grizzlies
The Memphis Grizzlies, a team of basketball players from Tennessee. Owned by Robert Pera, this team is funded from wireless networking gear. It’s a worldwide technology company that Robert pera established in 2011. With a net worth of 18.3 billion dollars, Robert Pera is in the 6th position with his team on this list.
Steve Cohen – New York Mets
Next up is a renowned investor from America. Steve Cohen. With a total worth of 16 billion dollars, Cohen owns a baseball team that goes by the name, New York Mets. This major league baseball team is funded by Cohen’s hedge funds. Which gives him almost 97.2% ownership of this team.
Roman Abramovich – Chelsea FC
A politician cum businessman, Roman Abramovich, the owner of an investment company owns the world-famous Chelsea FC. With the profits gained from the investment of steel primarily Roman funds his team with total finance of 14.5 billion dollars. His team founded in 1905 has greatly contributed to his increasing bank balance. With numerous league titles and trophies, this club has also contributed to giving Roman 7th position in this list.
Joseph Tsai – Brooklyn Nets
Sitting on the 8th position in this list is a Taiwan-based businessman Joseph Tsai. He is the co-founder of Alibaba Group. His 11.6 billion dollars worth has pushed him to buy his basketball team. The Brooklyn Nets. Funding his team from the earnings of e-commerce, Tsai and his team have 2 champion’s trophies, 2 conference trophies, and 5 division titles signed to their name.
Philip Anschutz – Los Angeles King & LA Galaxy
At number 10 we have the Los Angeles King, an ice hockey team who has Philip’s hand on their heads. This businessman from America again, with a net worth of 10.1 billion funded from all sorts of industries including real estate, movies, railroads, and energy plants keeps his team running.
In addition to that the LA Galaxy, another soccer team also owned by Philip runs parallel with his ice hockey team. Owning two teams greatly contributes to increasing the revenue of his wealth.
Conclusion
It’s all calculated from the revenues of these billionaires that most of the gains they made were from these means. As stated earlier the investment in these areas comes with the minimum threat. Therefore why sit idle if you can play your card in these areas and end up wealthy? But competition always prevails. Tomorrow maybe this list will be laden with new names with huge net worth. We can only wait and watch how these billionaires use their billions.
FAQs
Who are the wealthiest owners of sports teams worldwide?
Mukesh Ambani
Steve Ballmer
Daniel Gilbert
Francois Pinault and Family
Dietrich Mateschitz
Robert Perra
Steve Cohen
Roman Abramovich
Joseph Tsai
Philip Anschutz
Which sports team owner is the richest?
Mukesh Ambani, the owner of Mumbai Indians tops the list among the richest sports team owners.
Which sports team is owned by Steve Cohen?
Steve Cohen owns baseball team, New York Mets.
Which sports team is owned by Steve Ballmer?
Steve Ballmer owns American professional basketball team “Los Angeles Clippers”.
