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Tag: billionaire

  • Top Countries with Most number of Billionaires 2021

    There are a lot of billionaires in the world. Billionaires play a major role in contributing to the growth of a country and its economy by indirectly reducing unemployment and poverty.

    Here is the list of the top countries with most number of billionaires and the top billionaires of that country.

    United States
    China
    India
    Germany
    Russia
    Hong Kong
    Brazil
    Canada
    United Kingdom
    Italy
    Japan
    Taiwan
    Australia
    South Korea
    France
    Sweden
    Switzerland
    Thailand
    Spain
    Singapore
    Turkey
    FAQ

    United States

    The United States of America is a country which is located in the Northern America. The country is commonly as the United States or the U.S. The country has a population of around 331 million and ranks third in the most populated countries around the world.

    According to the International Monetary Fund, the U.S GDP is around USD 16.8 trillion. For GDP per capita at PPP, the country is ranked sixth in the world and the ninth in the world for nominal GDP per capita.

    United States have around 724 billionaires in the country. The top billionaires of the country are,

    Jeff Bezos with a net worth of USD 177 billion. His main source of wealth is through Amazon.

    Elon Musk with a net worth of USD 151 billion. The main source of wealth is through Tesla and SPACEX.

    Bill Gates with a net worth of USD 124 billion. His main source of wealth is through Microsoft.

    China

    China is a country which is located in the Asian continent. The official name of China is People’s Republic of China. China has a population of around 1.4 billion and it ranks 1st in the world for the most populated country. China is also world’s 3rd or 4th largest country by area.

    In terms of nominal GDP since 2010 China has the world’s second largest economy. According to World Bank in terms of Purchasing Power Parity GDP China’s economy has been the world’s largest since 2014. The nominal GDP of the country is around USD 13.5 trillion.

    China has around 626 billionaires in the country. The top billionaires of China are,

    Zhong Shanshan with a net worth of USD 68.9 billion. His main source of wealth is through Nongfu Spring. Nongfu Spring is a Chinese bottled water and beverage company.

    Nongfu Spring Products
    Nongfu Spring Products

    Ma Huateng with a net worth of USD 65.8 billion. His main source of wealth is through Tencent.

    Colin Zheng Huang with a net worth of USD 55.3 billion. His main source of wealth is through Pinduoduo. Pinduoduo Inc. is an agriculture-focused technology platform in China.

    India

    India is also a country which is located in the Asian continent. India is officially known as Republic of India. India ranks second in the most populated country around the world and India is considered to be the most populated democratic country in the world. In terms of land area, India is the seventh largest country in the world.

    The Indian economy in 2019 was worth USD 2.9 trillion nominally according to International Monetary Fund. India is the fifth largest economy by market exchange rates with around USD 11 trillion. India is one of the world’s fastest growing economies.

    India has around 177 billionaires in the country. The top billionaires of the country are,

    Mukesh Ambani with a net worth of USD 88.7 billion. His main source of wealth is through Reliance Industries.

    Gautam Adani with a net worth of USD 25.2 billion. His main source of wealth is through Adani Ports and SEZ.

    Shiv Nadar with a net worth of USD 20.4 billion. His main source of wealth if through HCL technologies.

    Germany

    Germany is a country which is located in the European Continent. It is officially known as Federal Republic of Germany. The  population of the country is around 83 million and  357,022 square kilometers, it is the area which is covered by the country. Germany ranks second in the most populated country in the European continent.

    Germany’s economy is a social market economy. Germany is considered to have a very low level corruption, high level of innovation and high skilled labourers. Germany ranks third in the world for exporting of goods. The country ranks 1st   European continent for the largest economies and ranks fourth across the globe for the largest economies.

    Germany has around 136 billionaires in the country. The top billionaires of Germany are,

    Beate Heister & Karl Albrecht Jr with a net worth of USD 36.1 billion. Their source of wealth is through their family operated discount supermarket chain Aldi Sud.

    The largest Aldi sud supermarket located in the world opens in the German Ruhr area
    The largest Aldi sud supermarket located in the world opens in the German Ruhr area

    Dieter Schwarz with a net worth of USD 22.6 billion. The main source of wealth is through multinational retail grocery shops Schwarz Gruppe.

    Susanne Klatten is the BMW heiress with a net worth of USD 21 billion. The main source of wealth is through BMW, Atlanta Nordex and SGL Carbon.

    Russia

    Russia is a country which is located in the European continent and is also known as Russian Federation. In terms of land area, Russia ranks 1 among the world’s largest countries. The land area Russia covers is around 17, 125, 191 square kilometers. The population of Russia is around 146.2 million which makes it the most populated country in Europe and the country ranks 9th in the most populated countries around the world.

    Russia has an economy which is a transition of upper-middle income. The country is considered to have enormous amount natural resources. Their natural resources include oil and gas. Russia ranks 6th in the world in terms of largest economies by PPP GDP and ranks 7th in the world in terms of largest economy by nominal GDP. Russia’s GDP per capita by PPP is around USD 29, 485 as of 2021, according to International Monetary Fund.

    Russia has around 117 billionaires in the country. The top billionaires of Russia are,

    Alexey Mordashov and family have a net worth of USD 29.1 billion. Mordashov has the majority shareholding in the steel company Severstal.

    Vladimir Potanin with a net worth of USD 27 billion. His main source of wealth is through metals.

    Vladimir Lisin with a net worth of USD 26.2 billion. The main source of wealth is through steel and transport.

    Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others
    There was a recent news headlines which said SEBI has slapped INR 25 crore fineon Ambani’s due to the 2000 case over the allegation of violation of thetakeover code regulations. Let’s look at the below article to get a clearunderstanding about the regulation and the reason for imposing the fine.…
    StartupTalkyAlan Joseph

    Hong Kong

    Hong Kong is a country that is situated in the Asian Continent. It is one of the countries which has a very high population around the world and a economy that is capitalist mixed service. The country has a very minimal intervention in the market by the government, low taxation and an international financial market that is well established.

    Hong Kong has a nominal GDP of USD 373 billion which makes its economy 35th largest in the world. Hong Kong has around 71 billionaires in the country. The top billionaires of Hong Kong are,

    Li Ka-shing with a net worth of USD 35.4 billion.

    Lee Shau Kee has a net worth of USD 30.5 billion.

    Henry Cheng and family with a net worth of USD 22.1 billion.

    Brazil

    Brazil is known as the Federative Republic of Brazil. In both Latin America and South America, Brazil is the largest country. The country also has the largest economy in Latin America and has the 7thlargest economy in the world.

    Brazil has around 65 billionaires in the country. The top billionaires are,

    Jorge Paulo Lemann with a net worth of USD 16.9 billion.

    Eduardo Saverin with a net worth of USD 14.6 billion.

    Marcel Herrmann with a net worth of USD 11.5 billion.

    Canada

    Canada is a country which is located in North America. It is the second largest country in the world. Canada has the 10th largest economy in the world. USD 1.73 trillion is the approximate value of the nominal GDP of Canada.

    Canada has around 64 billionaires in the country. The top billionaires are,

    David Thomson and family with a net worth of USD 41.8 billion.

    Joseph Tsai with a net worth of USD 11.6 billion.

    Tobi Lutke with a net worth of USD 9.8 billion.

    United Kingdom

    United Kingdom is a country that is located in the European continent. The country’s economy is a partially regulated market. In Europe, UK is the second largest economy after Germany and around the world UK has the 5thlargest economy.

    UK has around 56 billionaires. The top billionaires are,

    James Ratcliffe with a net worth of USD 17 billion.

    Hinduja Brother with a net worth of USD 14.9 billion.

    Michael Platt with a net worth of USD 13 billion.

    Italy

    Italy is a country which is located in the European continent. The economy of Italy is an advanced capitalist mixed economy. In the Eurozone, Italy has the third largest economy and worldwide it has the 8thlargest economy. The country is considered as the most industrialized nation.

    Italy has around 51 billionaires in the country. The top billionaires are,

    Giovanni Ferrero and family with a net worth of USD 25.2 billion.

    Leonardo Del Vecchio and family with a net worth of USD 17.9 billion.

    Stefano Pessina with a net worth of USD 13.4 billion.

    Japan

    Japan is an Island country which is located in the Asian continent. Japan is the 11th most populated country in the world. In terms of nominal GDP after United States and China, Japan has the 3rdlargest national economy.

    Japan has around 49 billionaires in the country. The top billionaires are,

    Tadashi Yanai with a net worth of USD 48.7 billion.

    Masayoshi Son with a net worth of USD 34.9 billion.

    Takemitsu Takizaki with a net worth of USD 32 billion.

    Taiwan

    Taiwan that is officially known as Republic of China is a country in the Asian continent. The country has been called Taiwan Miracle because of its quick industrialization and rapid growth. This was mainly during the latter half of the 20th century.

    Taiwan has 47 billionaires in the country. The top billionaires are,

    Wei Ing-chou who has a net worth of USD 7.2 billion.

    Ying-Chiao who has a net worth of USD 7.2 billion.

    Yin-Chun who has a net worth of USD 7.2 billion.

    Yin-heng who has a net worth of USD 7.2 billion.

    Billionaires getting richer even during the Pandemic and post crisis
    The worldwide COVID-19 pandemic may have pushed the world economy into a chaoticsituation, with 2020 projected to be worse than any of the years since theglobal financial crisis. But billionaires, in the selected group of countries,have seen their financial situation improve during the phase of p…
    StartupTalkyVibhavari Madki

    Australia

    Australia is officially known as the Commonwealth of Australia. It is a sovereign country located in the Australian continent. The 6thlargest country around the world is Australia. It is considered to be a wealthy country with a very low rate of poverty and high GDP per capita.

    Australia has 44 billionaires in the country. The top billionaires are,

    Gina Rinehart with a net worth of USD 14.8 billion.

    Harry Triguboff with a net worth of USD 9 billion.

    Anthony Pratt with a net worth of USD 6.8 billion.

    South Korea

    South Korea is officially known as the Republic of Korea. It is a country which is located in the east of the Asian continent. South Korea’s economy is a mixed economy and in terms of the nominal GDP South Korea ranks 10th around the world. It has a high-income economy which makes it a developed country.

    South Korea has 43 billionaires in the country. The top billionaires are,

    Jay Y Lee who has a net worth of USD 11.2 billion.

    Kim Beom-SU who has a net worth of USD 7.6 billion.

    Seo Jung-Jin who has a net worth of USD 7.4 billion.

    France

    France is known as French Republic. It is a country which is located in the European continent. In terms of PPP GDP France is ranked as the 10th largest in the world and is ranked 2ndlargest in the European Union in terms of PPP GDP. France’s economy is a diverse economy with a domination towards the service sector.

    France has around 42 billionaires in the country. The top billionaires are,

    Bernard Arnault with a net worth of USD 76 billion.

    Francoise Betterncourt with a net worth of USD 49.3 billion.

    Francois Pinault with a net worth of USD 29.7 billion.

    Sweden

    Sweden is officially known as the kingdom of Sweden. It is a country which is located in the European Continent. In terms of GDP, It is the 16th richest country in the world. A high standard of living is experienced by the citizens of Sweden.

    Sweden has around 41 billionaires in the country. The top billionaires are

    Stefan Persson with a net worth of USD 15.6 billion.

    Hans Rausing and family with a net worth of USD 12 billion.

    Jorn Rausing has a net worth of USD 8.7 billion.

    Switzerland

    Switzerland is officially known as Swiss Confederation. It is a country that is located in the European continent. Switzerland has lands in all the four sides of their border and hence called as landlocked country. Switzerland has a high-tech economy which is stable and prosperous. It has been ranked as one of the least corrupted countries around the world.

    Switzerland has around 40 billionaires in the country. The top billionaires are,

    Gianluigi and Rafaela Aponte with a net worth of USD 10.7 billion.

    Guillaume Pousaz with a net worth of USD 9 billion.

    Ernesto Bertarelli with a net worth of USD 8.6 billion.

    Thailand

    Thailand is officially known as the Kingdom of Thailand and was formerly known as Siam. The country is located in the Asian continent. Thailand is considered to be a newly industrialized country and is an emerging economy.

    Thailand has 31 billionaires in the country. The top billionaires are,

    Dhanin Chearavanont with a net worth of USD 18.1 billion.

    Charoen Sirivadhanabhakdi with a net worth of USD 13.5 billion.

    Sarath Ratanavadi with a net worth of USD 8.9 billion.

    Spain

    Spain is known as the Kingdom of Spain. The country is located in Europe. Spain has a capitalist mixed economy. They have the 14th largest economy around the world and 4th largest in the European Union.

    Spain has 30 billionaires in the country. The top billionaires are

    Amancio Ortega with a net worth of USD 81 billion.

    Sandra Ortega Mera has a net worth of USD 6.7 billion.

    Juan Roig with a net worth of USD 5.1 billion.

    World’s billionaires to invest $1 Billion to Combat Climate Change
    Bill Gates [https://startuptalky.com/tag/bill-gates/], Jeff Bezos,[https://startuptalky.com/tag/jeff-bezos/] Mark Zuckerberg[https://startuptalky.com/tag/mark-zuckerberg/…
    StartupTalkyShubham Kumar

    Singapore

    Singapore is known as the Republic of Singapore. The country is located in the Asian continent. Singapore has a highly developed economy. The Singaporean economy is considered to be business friendly, innovative, dynamic and a free economy.

    Singapore has around 27 billionaires in the country. The top billionaires are

    Zhang Yongwith a net worth of USD 23 billion.

    Goh Cheng Liang with a net worth of USD 21.7 billion.

    Li Xiting has a net worth of USD 21.5 billion.

    Turkey

    Turkey is known as the republic of Turkey. The country is located in the European continent. Turkey is considered to have an economy that is upper middle-income. The country is considered as a newly industrialized country. Turkey is 20th largest around the globe in terms of nominal GDP.

    Turkey also has around 27 billionaires in the country. The top billionaires are,

    Erman ılıcak with a net worth of USD 3.8 billion.

    Murat Ülker with a net worth of USD 3.7 billion.

    Hüsnü özyeğin with a net worth of USD 2.1 billion.

    FAQ

    How many Trillionaires are there?

    As of today, there are no trillionaires who live on earth.

    Who is the wealthiest family in the world?

    Walton Family – Walmart is the wealthiest family in the world with a Estimated net worth of $215 billion.

    Is Kylie Jenner a billionaire?

    Kylie Jenner, 23, was the youngest billionaire, but did not make the cut this year. In 2019, she was controversially named the youngest self-made billionaire in 2019.

    Conclusion

    These are the list of the top  Countries with the most number of billionaires. Some of the other countries with the most number of billionaires are Israel with 17, Indonesia and Philippines with 15, Mexico, Norway and Malaysia with 12, Netherlands with 11, Austria and Ireland with 9, Czech Republic and Denmark with 8 and so on.

  • Reasons Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others

    There was a recent news headlines which said SEBI has slapped INR 25 crore fine on Ambani’s due to the 2000 case over the allegation of violation of the takeover code regulations. Let’s look at the below article to get a clear understanding about the regulation and the reason for imposing the fine.

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997
    What Happened with the Ambani family?
    Adjudication Order and SEBI
    Fine To be Paid by Ambani Family
    SEBI and Ambani
    FAQ

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997

    According to the Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997, If a company’s promoter group acquires more than 5% of the voting rights in the company, during a financial year. Then the company will have to make an open offer to the minority investors which will give them an option to exit the company if required.

    What Happened with the Ambani family?

    SEBI has fined the Ambani family which include Mukesh Ambani, Nita Ambani, Anil Ambani, Tina Ambani and the various other firms linked to the Ambani group. It is because they have been alleged for violation of the takeover code regulations in 2000.

    The case is because of the increase in the promoter stake of the Reliance Industries Ltd. (RIL) which is during January 2000. The promoter stake in the company was increased after the conversion of various warrants which was issues during 1994.

    In January 2000, the promoter stake of Reliance Industries Ltd (RIL) had increased to 6.83% from the maximum limit of 5% according to SEBI. Securities Exchange Board of India has even alleged that the company or the promoter group had failed to make an offer to the minority investors providing them an opportunity to exit the company.

    SEBI has said that the promoter group of Reliance Industries Ltd had failed to make an open offer as required under the norms issued.

    SEBI has said that in the instant case the violation was not just committed for a particular year or once and for all but it continues till date, that is even now the promoters of Reliance Industries have the majority voting rights in the company.

    Total debt of Reliance Jio Infocomm Limited from financial year 2017 to 2020
    Total debt of Reliance Jio Infocomm Limited 

    List of Major Subsidiaries of Reliance Industries | Reliance Owned Companies
    Reliance Industries Limited is an Indian multinational conglomerate company thatis headquartered in Mumbai, India. Reliance owns businesses across India engagedin energy, petrochemicals, textiles, natural resources, retail, andtelecommunications. Reliance is one of the most profitable and the lar…
    StartupTalkyPV Vyshnavi

    Adjudication Order and SEBI

    In an 85-page adjudication order it was written that the violation of the statutory provisions by which the acquisitions of securities giving the notices that is the Ambani family has provided enhanced control by the exercise of voting rights, etc.

    Which is a disobedience against the regulation and these are violations which are being continued so long as the voting rights are acquired by violating the letter and the spirit of the law.

    SEBI has said that the notices have been alleged because they have been failed to make a public announcement, when they were acquiring more shares of the company to increase the promoter holdings. This has led the other shareholders to be deprived of their statutory rights and opportunity to exit from the target company.

    This has led the promoter group of Reliance Industries Ltd to breach the provisions of Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997. All these charges against the notices will make the instant matter grave.

    The SEBI order has said that it has been difficult to ascertain the value of the unfair advantage made by RIL promoter group due to this violation.

    SEBI had said that while determining the amount of penalty they have not found any amount which can be expressed as figures or any data which can be used to record the gain received by the promoter group because of this violation and the amount of loss which has been caused to the minority shareholders in the company as a result of the default that was committed.

    Mukesh Ambani’s Reliance Industries is offering to sell a roughly $20 billion stake to Amazon.com
    Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sella roughly $20 billion stake in its retail business to Amazon.com Inc., accordingto a person with knowledge of the matter. Mukesh Ambani, which has alreadyraised $20 billion in this year from investors including Faceboo…
    StartupTalkyArbaz Sayed

    Fine To be Paid by Ambani Family

    Under Section 15H of the SEBI Act which was amended in October 2002, a maximum penalty of INR 25 crore or three times the number of profits made out of the failure is allowed.

    The Regulator has said that the penalty of INR 25 crore will have to be paid together by the 34 individuals who are named in the SEBI order which includes the mother of Mukesh Ambani and Anil Ambani and even the children of Mukesh Ambani and Anil Ambani. The amount is said to be paid within 45 days.

    SEBI and Ambani

    In November 2020, in reply to the regulator SEBI said the Ambani family that the issue of warrants and the issue of shares on conversion of warrants were not to subject to SEBI’s Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997.

    The Reliance promoter group had responded to SEBI saying that the initiation of the adjudication proceedings in the particular case with a large misappropriate delay was unreasonable, arbitrary and causes substantial prejudice to the notices.

    FAQ

    What is the number of Mukesh Ambani in world richest person?

    Reliance Industries (RIL) Chairman Mukesh Ambani is the eighth richest person in the world with a fortune of $83 billion, according to the Hurun Global Rich List 2021.

    Who is the CEO of Jio?

    Atul Kansal is the current CEO of Jio.

    How much did Ambani earn in lockdown?

    According to the Oxfam report, Ambani earned Rs 90 crore per hour during the coronavirus pandemic.

    Conclusion

    The market regulator had issued the show cause notices (SCN) regarding this matter in February 2011. That is almost 11 years after the allegation of violation.

  • America’s Top Billionaires to pay Billions under Ultra-Millionaire Tax

    Ultra-Millionaire Tax is a wealth tax that is introduced for the richest people in the U.S.A. It is a new bill that is introduced by Senator Elizabeth Warren of Massachusetts. She has been proposing to introduce this for a long time.

    Senator Elizabeth Warren introduced the Ultra-Millionaire tax with Representative Brendan Boyle of Pennsylvania And Representative Pramila Jayapal of Washington. The main aim of the new bill is to fight for wealth inequality in the country.

    The wealth tax would force the American households whose income is more than $50 million to pay taxes.

    Lets dive deeper to understand what is this tax all about

    Who is this Tax for
    Evasion Methods
    Reasons for this Tax
    Amount Owed by the Rich
    FAQ

    Who is this Tax for

    The American households whose net worth is in-between $50 million and $1 billion will have to pay a 2% wealth tax. For example, if the household is earning $50 million then they will have to pay $100,000 in the form of wealth tax.

    The American households whose net worth is more than $1 billion will have to pay a 3% wealth tax. For example, if the household is earning $2 billion, then it will have to pay $60 million in the form of wealth tax.

    The households earning below $50 million will not come under the tax bracket. 0.05% of the American households will come under the proposed tax bracket according to a press release.

    Evasion Methods

    The Ultra-millionaire tax has anti-escape measures been taken under consideration. The country will invest an amount of $100 billion to strengthen the IRS (Internal Revenue Service) who is responsible for collecting the taxes. There will be a minimum of 30% audit rate for the taxpayers who are responsible for paying the wealth tax.

    If the U.S citizens who have an income of more than $50 million would want to leave the country or move their assets and citizenship to another country, then they would have to pay an exit tax of 40%. There would be penalties implements for underpayment of the wealth tax.

    Top Richest Americans
    Top Richest Americans

    Reasons for the new Ultra-Millionaire Tax

    The main reason for the implementation of the new bill is to reduce the wealth inequality in-between the American Households in the country.

    Let’s take an example – consider two people A and B. A’s father is a millionaire with an income worth $50 million, pieces of jewelry, collectibles, and yachts. A earns an income of $50,000 and B comes under the American household who earns an income of $100,000. B’s income is also $50,000.

    But even though A has a lot of assets and income generated in his family he will have to pay the same amount of tax that B is paying. Increasing the income tax would affect B more than that of A and that is why the wealth tax is implemented.

    Wealth tax is calculated based on the entire income of the family and not just an individual.

    According to an analysis conducted by economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkley, The American wealth of the richest that is 0.1% of the population has seen their income triple from 7% to 20% in the years 1970-2016 and the rest of the 99.9% has seen a decline in their share of wealth from 35% to 25% in the years 1970-2016.

    The richest families of America are 13,000, they have the same amount of wealth as the rest of the 117 million families in the country. According to their study, they’ve found that the top 0.1% pays around 3.2% of their income as taxes while the bottom 99.9% pays around 7% of their income as taxes.

    Amount Owed by the Richest for Ultra-Millionaire Tax

    According to the Tax rates which is proposed by Elizabeth Warren, Amazon’s Jeff Bezos will have to pay $5.7 billion as a wealth tax for the year 2020. Jeff Bezos would still have $185 billion in net worth after paying the tax.

    Tesla’s Elon Musk will have to pay $ 4.6 Billion as a wealth tax for 2020. Elon Musk would still have $148 billion in net worth after paying the tax.

    Microsoft’s Bill Gates will have to pay $ 3.6 billion as wealth tax for 2020 and Facebook’s Mark Zuckerberg will have to pay $3 billion as wealth tax for 2020.

    According to a survey conducted by CNBC on Millionaires, it was seen that around 60% of the millionaires support the wealth tax proposed by Elizabeth Warren.

    FAQ

    How many billionaires are there in India?

    There are 177 billionaires in India as of 2020.

    Who is the richest billionaire in India?

    Mukesh Ambani is the richest billionaire in India.

    Who is richest woman in India?

    Roshni Nadar Malhotra with a wealth of ₹54,850 crore is the richest woman in India.

    Conclusion

    According to Elizabeth Warren, the implemented wealth tax would raise around $3 Trillion in 10 years. It is said that the tax would raise around 1% of America’s GDP in a year. The revenue would help in paying for child care, developing the educational infrastructure, developing nursing home cares, tuition-free public colleges and schools, and promoting clean energy in the country.

    Elizabeth Warren has said that implementing the wealth tax will help in raising money for President Joe Biden’s agenda ‘#BuildBackBetter’ which includes policies like expanding the caregiving economy.