Zach Yadegari, an 18-year-old entrepreneur, has disclosed that he was turned down by prestigious Ivy League schools as well as other prestigious American universities. He took to X to share the names of all the universities that turned him down and the select few that accepted him. He is the creator and CEO of Cal AI, a nutrition tracking software. The millionaire from New York was unable to gain admission to several of the best universities in the United States, including Harvard, Princeton, Yale, Stanford, and MIT. His applications were rejected despite having a multimillion-dollar corporation and an outstanding academic record. As he described himself in the post, he claimed to have a 4.0 GPA and an ACT score of 34. At the moment, his startup brings in around $30 million a year, or about INR 3 crores. Stanford, MIT, Harvard, Yale, WashU, Columbia, University of Pennsylvania, Princeton, Duke, USC, UVA, NYU (New York University), Brown, Vanderbilt, and Cornell were among the universities that denied Zach Yadegari entrance. He did, however, succeed in getting accepted to the University of Miami, the University of Texas, and the Georgia Institute of Technology (Georgia Tech).
Yadegari Started Coding from the Age of 7
Yadegari also revealed his college admissions essay in the follow-up piece. In his post, he acknowledged that at first he thought further education was unnecessary. He disclosed that he began learning to code at the age of 7 and released his first application at the age of 12. He built a six-figure internet gaming business at the age of sixteen. He continued by outlining his decision to move to San Francisco to establish Cal AI, forgoing formal schooling in favour of practical experience. With millions of dollars in revenue, the software that tracked calories from food photos using AI swiftly rose to the top in its category. He started to feel that something was lacking even though he was financially successful and surrounded by mentors and investors who supported the notion that he didn’t need education. “I realised in college that it’s more than just a rite of passage,” Yadegari continued. “College serves as a means of elevating the work I have consistently produced,” he added. He intended to learn from people in this new stage, not simply from computers or textbooks.
Social Media Posts went Viral
Users were shocked by the low acceptance rate as soon as the post went viral on the internet. But some criticised his bad college admissions essay and entitlement. One commenter said that after reading Yadegari’s personal statement, he could see why several prestigious universities could have rejected his application. “You opened with a strong stance against college, and while your change of heart is compelling, the essay doesn’t quite answer the natural follow-up questions,” noted the person who commented.
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.
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.
The majority of people in this country, as well as in any other country, earn money through regular jobs that pay hourly wages or regular paychecks. Distinct countries have different laws, yet they all have the same basic structure. The wealthy find a means to avoid paying them. Despite the fact that ordinary individuals are taxed, data show that the vast majority of millionaires and billionaires either do not pay any taxes or pay very little.
People with regular jobs in the United States are taxed at rates ranging from 10% to 37%. Regular wage earners in India are taxed at rates ranging from 0% to 30%. This, however, does not apply to the rich. But how do they manage to pay nearly nothing and avoid facing legal action?
Despite the fact that regulations are in place to make high earners pay more taxes in proportion to their income, the exceedingly wealthy are always exempt. In this article, we’ll look at what the wealthy and their lawyers do to avoid paying high taxes.
Rich people do not keep their money in banks or make it readily accessible. They manage their wealth in a unique way compared to regular people. They invest their money in stocks or real estate, which are not taxed until they are sold.
As a result, the wealthy keep getting richer as their assets appreciate in value, but they do not pay taxes on them. For example, Jeff Bezos, the former CEO of Amazon, pays nearly no taxes because the majority of his wealth is invested in Amazon stocks, which are not taxed until he sells them.
2. Living Off Loans To Avoid Taxes
Borrowed money is not taxable because it is not considered income. And the wealthy take advantage of it. They use their stock shares to obtain large loans from banks and use them to fund their lifestyles because selling the equities would result in paying taxes on them. Elon Musk, the CEO of Tesla, for example, takes out loans with his stock as collateral. That’s how he keeps his lifestyle, and because the money he borrows cannot be taxed, Elon avoids paying taxes.
3. Charity And Donations
Many wealthy people believe in giving back to the community and donating large sums of money, but not all of them have the greatest interests at heart. Most of them do it just to avoid paying taxes. Conservation easements are one way the wealthy have exploited the tax.
Most of the tax paid by rich people might be recovered when they give to charity. When they choose to give away their earnings to charities, they can practically avoid paying tax at all.
4. Lawyers To Avoid Paying Taxes
Wealthy people hire lawyers who specialise in avoiding high taxes and preserving their assets. These lawyers take a gigantic cut, but they make certain that their clients don’t lose money in taxes.
Rich people use their influence and ties to push for measures that exclude them from paying taxes. They bribe legislators and maintain strong connections with them so that they can later use them to avoid paying taxes. Tax lawyers assist their clients since they are familiar with the tax rules and can readily uncover loopholes to save money for their clients.
5. Stepped-Up Basis Loophole
Most regular people are unaware of the world’s largest tax loophole, known as stepped-up basis. This is how the family’s riches stay in the family and taxes are avoided. For those who are unaware, this means that when stocks are passed on to an heir after death, the successor will only pay tax on the profit earned after they inherited the stock. As a result, there is no tax on earlier gains, which is how wealthy families maintain their wealth.
The rich have found several ways to not pay their taxes properly and save millions and billions of dollars. Many live off loans, and many invest in stocks and other assets that cannot be taxed until sold. Charities and donations are also being used by rich folks to get tax relief.
Rich people also hire tax lawyers to assist them in identifying loopholes in order to avoid paying taxes and save their clients money. Billionaires use their influence and connections to tweak the laws and promote laws that benefit them.
President Biden has proposed several proposals, including the elimination of a stepped-up basis and an increase in the tax rate from 20% to 39.6%, which would apply to people earning more than $1 million USD per year.
FAQs
How do the rich avoid taxes?
Rich people hire lawyers to find loopholes and save taxes. Tax havens are also one of the most popular ways to avoid tax.
What are the tax loopholes for the rich?
Capital Gains Tax is one of the most common loopholes used by the rich.
People have gained notoriety by accomplishing something that inspires amazement in the rest of the world. From the creation of the world’s first microcomputer through the establishment of a space research agency dedicated to the launch of numerous ships.
From political decisions to social and economic transformations, billionaires play a critical role in influencing the world. We’ve compiled a list of the world’s top 20 billionaires, who have risen to the top through extraordinary achievements.
As we all know, from being the founder of SpaceX to becoming the CEO of Tesla and also owns many titles such as the founder of Neuralink, OpenAI, and The Boring Company. Elon Musk is a force to be reckoned with in the world of technology, which ultimately made him the world’s richest person as of now with a net worth of $235 Billion.
Elon Musk began his career in 1995 when he and his brother Kimbal Musk founded Zip2, a web software company that did not succeed and went out of business in 1999.
Elon Musk founded X.com, an online financial services platform that merged with PayPal, with Musk owning 11.7 per cent of the company’s stock.
Musk’s life took a turn in 2001 when he started SpaceX with the goal of decreasing space transportation costs. SpaceX deployed roughly 34 satellites in 2021 and plans to launch 52 more by 2022.
After that, in 2004, Elon Musk became Chairman of Tesla by investing a majority stake in the company with the intention of producing electric vehicles. When questioned about his development of Tesla-electric cars, he refused to give up and backed up his assertion that electric cars are both efficient and conventional, resulting in Tesla scoring the largest market in the automobile business by 2021.
Jeff Bezos
Net Worth- $181 billion
Industry- Technology
Country- United States
Jeff Bezos
Almost half of the population has made a purchase from Amazon, the world’s largest online marketplace, which sells everything from A to Z and was founded by Jeff Bezos. Bezos founded Amazon in 1994 as an online bookshop, subsequently expanding to other consumer goods.
During the 2000s, he experienced financial ups and downs, and in 2016, the firm raised approximately $671 million, which is the greatest sum ever raised in Amazon shares. According to Forbes, Jeff Bezos surpassed Bill Gates as the world’s wealthiest person in 2017.
Moreover, Bezos is the founder and CEO of The Washington Post, an American newspaper publishing firm, and Blue Origin, aerospace, and spaceflight manufacturing company, in addition to being the founder and CEO of Amazon. With a net worth of $181 billion as of February 2022, Jeff Bezos is the second richest person on the planet.
Bernard Arnault
Net Worth- $161 billion
Industry- Consumer
Country- France
Bernard Arnault
When we think of “global fashion,” the first words that come to mind are Paris or LVMH Moët Hennessy Louis Vuitton. Bernard Arnault founded Louis Vuitton, the world’s most recognizable luxury goods fashion brand, in 1987. Initially, Arnault and his managerial partner, Antoine Bernheim, invested together in Boussac Saint-Frères, a subsidiary of Christian Dior.
In 1987, Bernard was encouraged to invest via Joint Venture with Guinness PLC by former LVMH chairman Henri Racamier. Bernard later founded the world’s largest duty-free chain in the 1990s, which included Sephora, Loewe, Celine, Berluti, Christain Lacroix, and other well-known fashion labels.
Bernard also extended his business in the 2000s by acquiring premium labels such as La Samaritaine, Fendi, Bulgari, and Tiffany & Co. Bernard has earned the title of “Europe’s wealthiest person,” with a net worth of approximately $161 billion.
Bill Gates
Net Worth- $128 billion
Industry- Technology
Country- United States
Bill Gates
With the exception of 2010, 2011, 2012, and 2013, the world-famous billionaire, investor, author, philanthropist, and co-founder of Microsoft has appeared on the list of the world’s wealthiest people every year since 1987.
Bill Gates was a key figure in the microcomputer revolution in the 1970s and 1980s. Gates enrolled in his first software program when he was very young, and he was particularly interested in programming the General Electric system in BASIC.
In 1970, four students were grouped -Bill Gates, Paul Allen, Kent Evans, and Ric Wieland & created the ‘Lakeside Programming’ club to make money. In 1975, Gates founded ‘Microsoft’ with his friend Paul, and produced the first-of-its-kind programming language BASIC for the Altair 8800 ‘Microcomputer,’ an early personal computer.
Following the merger with IBM, Gates released the first retail version of Microsoft Windows in 1985, making him the richest person on the planet with $128 billion in February 2022.
Larry Page
Net Worth- $121 billion
Industry- Technology
Country- United States
Larry Page
He is the co-founder of Google and a computer scientist and Internet entrepreneur from the United States. In 1998, Page and his friend Sergey Brin teamed up to create the domain name ‘Google.’
With one billion URLs at the time, Google became the most searched web in 2000. After hiring Sundar Pichai into the Google team as CEO and Eric Emerson Schmidt in 2011, he withdrew from Google.
Larry Page also founded Google’s parent firm, Alphabet, the world’s largest search engine operator, from which he stepped down in 2019 but remained a board director. Larry Page’s net worth is predicted to be 121 billion dollars, putting him in fifth place on the list of the world’s wealthiest individuals as of February 2022.
Warren Buffett
Net Worth- $115 billion
Industry- Technology
Country- Diversified
Warren Buffett became the richest man in the world as a result of his partnerships with major corporations such as Apple Inc., Coca-Cola, Bank of America, Kraft Heinz, BYD, DaVita, and others. He is recognized as the ‘Oracle of Omaha,’ as a successful investor in both the twentieth and twenty-first centuries.
Buffett’s primary investment was a large interest in the textile producer Berkshire Hathaway Inc. in 1965, which proved to be a huge shot in his career. He is currently holding the sixth richest person in the world as per Bloomberg Billionaires Index, worth 115 billion dollars.
Sergey Brin
Net Worth- $116 billion
Industry- Technology
Country- United States
Sergey Brin
As I stated above, Sergey Brin, a Google partner as well as the co-founder, assisted Larry Page in the development of the world’s first online search engine internet- Google. Brin followed Page’s lead and stepped down as CEO of Google and Alphabet.
Brin was a Stanford student when he met Page and developed the PageRank Algorithm, which led to the creation of Google, a California-based firm founded in 1998. Sergey Brin is the 7th most powerful person on the list of the world’s richest people, with a fortune of $115 billion, as of February 2022.
Steve Ballmer
Net Worth- $108 billion
Industry- Technology
Country- United States
Steve Ballmer
He is a businessman and investor from the United States who served as the CEO of Microsoft for 14 years, from 2000 to 2014. Bill Gates hired Steve Ballmer as his first business manager in June 1980, offering him 5 to 10% of the company’s stock.
After antitrust litigation against competing corporations, Steve Ballmer was given the post of CEO of Microsoft in 2000. Steve was interested in sports and had planned to invest in the Seattle SuperSonics, but instead moved to Oklahoma City and began playing for them. Ballmer invested approximately $650 million after Chris R. Hansen proposed bringing the Seattle SuperSonics back.
Later that year, there was an auction for the Los Angeles Clippers, in which Steve Ballmer was the biggest bidder in sports history, winning $2 billion. In February 2022, Steve Ballmer’s net worth was estimated to be $108 billion.
Oracle Corporation, a Texas-based firm founded by Larry Ellison in 1977, is the world’s second-largest software company. Larry and Bob Miner worked at Ampex Corporations on a similar version of Edgar Ted Codd’s remarkable work on IBM’s ‘rational database,’ which led to the establishment of Oracle Corp. The ‘Structured Query Language (SQL)’ was Oracle’s initial database application, and it immediately became popular.
The program’s first customer was the United States Air Force, who employed it at Wright-Patterson Air Force Base. In 2021, he became an exclusive member of Oracle Corporation after purchasing 40% of the company’s stock. He is also the world’s ninth richest person with the asset 97.7 billion dollars, according to the Bloomberg Billionaires Index for February 2022.
Mukesh Ambani
Net Worth- $91.1 billion
Industry- Energy
Country- India
Mukesh Ambani
For long-standing, Ambani is the first richest Asian in the world according to the Bloomberg Index. He is the owner of Reliance industries limited, which is considered the most valuable brand on the Fortune Global 500 list. Ambani took his late father Dhirubhai Ambani’s steps in developing RIL and its expansion in the field of petrochemicals, natural gas, mass media, textiles, and telecommunications.
Reliance Industries Ltd. is the largest retailer in India and held the title of India’s richest person on Forbes list for the past 10 years. In 2018, Ambani became the richest Asian over Jack Ma– CEO of Alibaba Group with 44.3 billion dollars as net worth. As of now, Mukesh Ambani’s net worth is $91 Billion.
Gautam Adani
Net Worth- $85.2 billion
Industry- Industrial
Country- India
Gautam Adani
Gautam Adani is an Indian industrialist and philanthropist worth billions of dollars. He is the creator and chairman of the Adani Group, a transnational firm founded in Ahmedabad that works in port advancement and projects in India. Adani also administers as the president of the Adani Foundation, which is governed by his wife, Priti Adani.
Adani was born on June 24, 1962, in Ahmedabad, Gujarat, to Shantilal and Shanti Adani and has 7 siblings. His father worked for a modest textile company. Adani was interested in business, but not in his father’s textile company. In 1978, Adani began his work as a diamond sorter for Mahendra Brothers, and in 1981, he took over as the manager of his brother’s plastics project.
He began importing primary polymers for small-scale manufacturers in 1985, and by the early 1990s, he had expanded his firm to include metals, textiles, and agricultural items.
Adani joined the power generation business in 2006. Adani won the world’s largest solar bid, worth $6 billion, from the Solar Energy Corporation of India in May 2020. Adani purchased a 74% share in Mumbai International Airport, India’s next busiest airport, in September 2020. And after continuously accomplishing his enterprise, he ultimately came to be Asia’s richest person in February 2022.
Mark Zuckerberg
Net Worth- $83.6 billion
Industry- Technology
Country- United States
Mark Zuckerberg
One of the most extensively utilised social media networks is Facebook. Mark Zuckerberg is the co-founder of Facebook as well as the chairman of Meta, the business that owns Facebook. Zuckerberg was born on 14 May 1984 in White Plains, New York, United States. Zuckerberg was studying at Harvard University. In February 2004, Zuckerberg and his Harvard University roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes created Facebook from their dorm room.
Initially limited to a few college campuses, the site quickly grew in popularity and finally surpassed one billion users by 2012. In May 2012, Zuckerberg took the firm public with a controlling stake. He came to be the world’s youngest self-made billionaire at the age of 23 in 2007.
Since 2008, Time magazine has labelled Zuckerberg as one of the world’s 100 most influential people as part of its Person of the Year award, which he won in 2010.
Zuckerberg was positioned 10th on Forbes’ list of the World’s Most Powerful People in December 2016. According to the Forbes Real-Time Billionaires Index, Zuckerberg’s net worth was $83.6 billion on February 4, 2022, and his net worth went low by $29.7 billion due to a drop in Meta Platforms shares, which caused the social media giant to lose roughly a fourth of its market price.
Francoise Bettencourt Meyers
Net Worth- $81.2 billion
Industry- Consumer
Country- France
Francoise Bettencourt Meyers
We read about many wealthy guys in the previous sections, and now it’s time to meet Francoise Bettencourt Meyers, the world’s wealthiest woman. Françoise Bettencourt Meyers is a rich inheritor from France. She was born in Neuilly-sur-Seine, France, on July 10, 1953. L’Oreal was founded by her grandfather, Eugène Schueller.
Bettencourt Meyers’ net worth was over $39.5 billion in 2017, putting her among the top 20 wealthiest persons on the planet. Even though Francoise Bettencourt Meyers had a 33% interest in L’Oreal, Françoise devotes her time to writing novels.
The heiress is a writer who has written books on everything from Greek mythology to the Bible. She was raised Catholic and is academic. She even co-founded the Bettencourt Schueller Foundation with her mother in 1987 to assist scientific, artistic, and humanitarian studies.
According to the aforementioned Vanity Fair profile, she favoured playing the piano or reading books even as a child. According to the Bloomberg Billionaires Index, she was the world’s richest woman in January 2022, with a net worth of $81.2 billion.
Binance is one of the world’s major cryptocurrency exchanges and it was created by Changpeng Zhao, also known as CZ. He is the founder and CEO of Binance. Changpeng Zhao was born in Jiangsu, China, on September 10, 1977. He was raised in Canada, where he completed his education.
CZ began working when he was a teenager in order to assist his parents. In the 1980s, he worked at McDonald’s. He later studied Computer Science at McGill University. He was also interested in stock markets and trading, which influenced his decision to pursue this profession. Zhao worked as the chief technology officer of OKCoin and was a part of the Blockchain.info development team.
As of January 23, 2022, his net worth was computed to be $96 billion, propelling him the wealthiest person in Canada and he has earned the 14th stance in the chart of richest persons on the planet, according to Bloomberg Billionaires Index.
Zhong Shanshan
Net Worth- $75.8 billion
Industry- Diversified
Country- China
Zhong Shanshan
Zhong Shanshan is a rich Chinese businessman. He is the majority owner of Beijing Wantai Biological Pharmacy Enterprise and the creator and chairman of the Nongfu Spring beverage firm.
Zhong was born in the Chinese city of Hangzhou in 1954. In 1977, he began his career as a journalist at the Zhejiang Daily and then moved into the business world. After relocating to Hainan, he worked as a sales representative for the Wahaha beverage company, where he marketed healthcare supplements.
Zhong established a bottled water firm in Hangzhou in 1996, named Nongfu Spring. His company grew prosperous as a result of his hard effort. He was the sixth wealthiest person in the world in 2021, with a net worth of 95 billion dollars, but he plummeted after suffering a significant loss. He owned 84.4 per cent of Nongfu Spring and was the company’s chairperson as of January 2021.
Carlos Slim
Net Worth- $69.5 billion
Industry- Diversified
Country- Mexico
Carlos Slim
Carlos Slim Hel is a philanthropist, investor, and telecommunications billionaire from Mexico. Slim was born in Mexico City on January 28, 1940. He had an interest in business since he was a child.
He began investing in government savings bonds when he was 11 years old, and at the age of 12, he bought shares in a Mexican bank, eventually becoming the largest shareholder in the country. In civil engineering, he received his diploma.
Education, health care, industrial manufacturing, transportation, real estate, media, energy, hospitality, entertainment, high-tech, retail, sports, and financial services are among the industries represented in his alliance.
His net worth is equal to around 6% of Mexico’s gross domestic product, and he controls 40% of the Mexican Stock Exchange’s listings. He is the richest person in Latin America. With a net worth of $69.5 billion as of January 2022, Bloomberg Billionaires Index rated him as the world’s 16th richest person.
Jim Walton
Net Worth- $61.5 billion
Industry- Retail
Country- United States
Jim Walton
James Carr Walton, an American businessman and the heir to Walmart’s riches, is the world’s biggest merchandiser. Jim Walton was born in the Arkansas town of Newport, in the county of Jackson. Walton earned a bachelor’s degree in Business Administration in Marketing from the University of Arkansas in Fayetteville, Arkansas, in 1971, after graduating from Bentonville High School in 1965.
He joined Walmart in 1972 and worked in the company’s real estate division. In 1975, he became president of Walton Enterprises, a family business, after serving for four years. He was CEO of his family’s Arvest Bank before becoming Chairman of Arvest Bank and Chairman of Jim Walton’s newspaper company, Community Publishers Inc. (CPI). Walton was noted to possess more than 152 million Walmart stakes worth more than $11 billion in September 2016.
According to the Bloomberg Billionaires Index, Walton was the seventeenth richest person on the planet in January 2022, with a net worth of US$61.5 billion.
Amancio Ortega
Net Worth- $60.5 billion
Industry- Retail
Country- Spain
Amancio Ortega Gaona is a Spanish billionaire businessman. He is the founder and former chairman of Inditex fashion group, best known for its chain of Zara clothing and accessories shops. He was born on 28 March 1936 in Busdongo de Arbas, Spain. At the age of 14, he relocated to A Coruna. He worked for Gala, a local shirtmaker, while he was a teenager.
He started Confecciones Goa in 1972 to offer quilted bathrobes. With his wife Rosala Mera, he launched the first Zara store in 1975. Ortega declared his impending retirement from Inditex, the parent company of the Zara clothing retailer, in 2011. Ortega has a net worth of $60.5 billion making him the world’s 19th wealthiest person.
Rob Walton
Net Worth- $61.1 billion
Industry- Retail
Country- United States
Samuel Robson Walton, the world’s richest man, is the heir to Walmart’s fortune. Rob Walton was born in Tulsa, Oklahoma, on October 28, 1944. Walton studied at The College of Wooster and earned a bachelor’s degree in business administration from the University of Arkansas in 1966. In 1969, he graduated from Columbia Law School with a Juris doctorate.
Walton joined the firm as a member after graduating. He was the senior vice president of Walmart in 1978 and was promoted to vice chairman in 1982. From 1992 through 2015, he was the chairman of Walmart.
Charles Koch
Net Worth- $59.2 billion
Industry- Industrial
Country- United States
Charles de Ganahl Koch, a rich businessman from the United States, inherited from his father. He was born in Wichita, Kansas, on November 1, 1935. He attended a private school and received his education at the Massachusetts Institute of Technology. He earned a bachelor’s degree in general engineering, a master’s degree in nuclear engineering, and a second master’s degree in chemical engineering.
Koch began working at Arthur D. Little, Inc. after graduating from college. Along with his brothers, he inherited his father’s business. He is a co-founder of the Cato Institute in Washington, D.C. On the Bloomberg Billionaires Index, he was listed as the world’s 21st richest person in January 2022, with a net worth of $59.2 billion.
Conclusion
The above-compiled list of billionaires consists of billionaires from different industries who made big in their industry. There are billionaires who gained their billionaire status by starting their own space company and some by diversifying their portfolio and smartly investing in stocks. The industry that produced the most billionaires is technology. So, if you want to know who will be the next new billionaire, keep a close watch on this industry.
FAQ
Who is the No 1 richest person in the world?
As of Feb 2022, Elon Musk is the richest person in the world with a net worth of $224 billion.
Who is the richest person in India?
Mukesh Ambani is the richest person in India with a net worth of Rs 7.18 lakh crore.
Which country has the most billionaires?
The United States has the most number of billionaires with 724 billionaires in the country.
Credit cards have always been an important entity in people’s lives. But it does hold different purposes and meanings for different people. For average wealthy people, credit cards are a way to manage their finances and handle additional charges or earn rewards. But, for the super-rich or the billionaires, credit cards come with tons of luxurious perks that help them fund their lavish lifestyle. And these credit cards are obtained after achieving a certain benchmark or through invitation.
People often wondered what perks these luxurious credit cards offer and what exactly are these. To answer these questions, we have presented this article where we’ll be discussing the top credit cards that billionaires use. So, let’s get started!
The most exclusive and luxurious credit card, American Express Centurion Card is always the first preference for billionaires. It was launched in 1999 and is commonly known as “Amex Black Card.” And what makes it more exclusive is that you won’t find any details or application form of this credit card online as it is only obtained on the invitation by Amex. And for this, you need to spend between $250,00 to $450,000 every year on your Amex card.
By this, you get noticed by them for the invitation purposes as being an Amex cardholder, you need to have a certain spending habit, as Amex is very specific with its customers’ spending which usually tends towards luxury dining, events, goods and travel. After the invitation, you need to pay $10,000 as an initiation fee and an annual fee of $5,000.
Citibank Prestige Credit Card
Annual Fee – Rs. 20,000 + taxes
Citibank Prestige Credit Card
Being an invitation-only bank Prestige Card was introduced in India, specifically for high net worth individuals. For this, Citibank has appointed dedicated relationship managers that work by helping the cardholders in spending as per their lifestyles and personal needs.
They understand the preferences and choices of the cardholders and offer them customized personalized programmes based on their requirements. And these aren’t limited to goods and travel only, in fact, they offer access to exclusive concierge services.
J.P. Morgan Reserve Card
Annual Fee – $595
J.P. Morgan Reserve Credit Card
The J.P. Morgan Reserve Card is widely known as the Palladium card. This exclusive card is credited with the composition of palladium and has recently been rebranded as “Reserve.” This too is obtained by invitation, for which you must have $10 million in holdings with J.P. Morgan’s private bank. And the annual fee of this exclusive and luxurious card is $595.
Moreover, J.P. Morgan Reserve Card provides 10X ultimate reward points per dollar on Lyft rides along with 3X points per dollar spent on travel. Plus, the cardholder gets an annual travel credit of $300. It also provides top-quality protection and insurance.
American Express Platinum Card
Annual Fee – Rs. 60,000
American Express Platinum Credit Card
American Express Platinum Card, the platinum card that comes with some uber-exclusive and impressive services including the entry to ‘By invitation only’ events, fine dining deals, golf membership and many more.
Along with this, it provides the privilege of enjoying luxurious travel and hotel deals, both nationally and internationally. It is entirely based on cardholders’ choices and lavishing lifestyle. As it does not have any preset spending limit, users can easily enjoy the fancy lifestyle. The annual fee for this American Express Platinum Card is Rs 60,000 plus taxes.
Citi Chairman
Annual Fee – $500
Citi Chairman Credit Card
An exclusive black piece of plastic from Citi Bank, the Citi Chairman card comes with the eligibility criteria of being a part of Citi group’s private bank. It is counted among the most luxurious and exclusive credit cards in the world.
It offers a $300,000 credit limit, access to events only for members, airport lounge access and a 24/7 concierge. The fee of this Citi Chairman card is $500, which is quite less compared to others.
Credit cards are considered an entity for the rich to fund their lavish lifestyles. For any ordinary individual, credit cards offer limited services and reward points. But for billionaires who are often invited to obtain the credit cases, are offered numerous luxurious services such as fancy goods, travel insurance, access to private events, lavish dinners, access to private islands and many more. This surely puts an impressive outlook on the individual’s wealth. Stay tuned with us for more content!
FAQ
What is the most exclusive credit card in the world?
The American Express Centurion Card is the most exclusive card in the world that has a limit of 10 crores.
What cards do billionaires use?
American Express Centurion Card, Citibank Prestige Credit Card, J.P. Morgan Reserve Card, and American Express Platinum Card are some of the exclusive credit cards super-rich use.
What is the American Express Black Card limit?
There’s no credit limit on American Express Black Card.
Revolut is a UK-based Fintech company that provides banking services to its client. The company was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. The services they provide include currency exchange, credit card, and debit cards. With time the evaluation of this company has grown manifold. It has benefitted its shareholders immensely. But not only that it has managed to make 70 of its employee into a millionaire. So, let’s look at how Revolut turned 70 employees into millionaires.
Revolut is a fintech company based in London, founded by two Russian entrepreneurs Nikolay Storonsky and Vlad Yatsenko. This company provides various banking financial services to its customers. The prominent services they provide are debit cards, credit cards, and virtual cards. They have also started providing services in free stock trading, crypto, etc.
Recently it has started expanding in Japan in the year 2020. In the same year, they increased their employees from 1500 to 5000. It is now one of the most valuable companies in Britain. Today it is the fastest-growing fintech startup.
How Did Revolut Help 70 Employees Turn Into Millionaires?
Revolut has been giving services of credit cards, debit cards, and many other banking services. With time, it has grown more and more. It also provides quality services.
Being a fintech company with smart products, it has successfully acquired the whole market. In due course of time, they have provided profit to their shareholders and also provided ESOP to their employees.
Implemented Shrewd Business Model
They grew quickly within a single year. As many as 10,000 users registered with them. Till now because of their shrewd business method they have made 70 of their employees into millionaires. In the initial days, the company had given its employees a good percentage of ESOP. This was done to encourage them to work harder and they too would become rich with the company.
Issued ESOP To Its Employees
With time, the company grew and it not only paid its actual shareholders but also made its employees rich as well. A lot of new employees also joined and have also opted for ESOP. This is why there might be more employees who turn out to be millionaires.
But all these things are on paper only. It is not so easy to sell these shares. Revolut is not yet listed on any stock exchange. This is why it is not so easy to monetize them.
At present, the company is allowing its employees to only take out parts of their shares. In reality, the employees have to sell their shares at a discounted price. But even in this case, it is making them rich.
The Revolut Share Sale Controversy
Revolut has issued shares to its employees when they joined the company. Now when the company has grown, the company has allowed their employees to sell some amount of their shares.
To be specific, they have allowed their employees to sell 20% of their shares and allowed their former employees to dilute 10% of their shares. But it is not as simple as it looks. To monetize their shares, they need the help of a special agent.
They also have to sell their shares at a discounted price than the original one. If they want to take the help of an agent, then fees will also be charged from them. This is why they have to pay extra money to sell their shares. This is causing a lot of discontentment among its employees. Many of the employees complained that the shares were not getting sold. Others complained about the discounted price.
But in reality, these things are completely justifiable. First of all, it is a big luxury for people to sell shares of a new company. This is why it is completely fine to do it this way. Though they have to sell their shares at a discounted price the amount of money they’ll receive is huge.
In the year, 2020 when the company was facing some slowdown due to the pandemic, they fired many employees. It was said that Revolut forced their employees to either resign on their own or they would fire them.
This was the case study on how Revolut helped 70 employees turn into millionaires. If you are an entrepreneur, you can implement these learnings in your startups as well. Hope these learnings will help you grow your startup to new heights.
FAQs
What is Revolut?
Revolut is a fintech company that provides various banking financial services to its customers. The prominent services they provide are debit cards, credit cards, and virtual cards. They have also started providing services in free stock trading, crypto, etc.
How many employees does Revolut have?
Revolut currently has a workforce of over 3000 employees.
How Did Revolut Turn 70 Employees Into Millionaires?
Revolut made over 70 employees into millionaires by implementing a shrewd business model in the organization. They also had an entrepreneurial culture that made their employees strive to be millionaires and work hard. They also gave their employees ESOP that they turned into millionaires.
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.
Delhi being the capital of India is one such metro city, where wealth grows. This city is home to many billionaires. India being a developing nation, most of the industries and big firms target the metros for business opportunities. Delhi is the largest commercial center in northern India that acquires around 42% of the state’s total wealth figure.
As per surveys, the Delhi state gives out total revenue of 2958 billion rupees in the form of taxes to the central government. This shows why the richest business tycoons love to work and stay in Delhi. In this article, you will find more information about the richest men in Delhi.
Shiv Nadar is an Indian industrialist; the founder of HCL enterprises and also the chief strategy officer at HCL Technologies. Shiv Nadar founded HCL in the year 1976 when he started making calculators and microphones and over the years worked to build a multi-billionaire company that today is the third-largest software service provider in India.
Rajiv Singh
Net Worth – INR 32,800 crores
Rajiv Singh
Rajiv is the chairman of DLF Ltd, appointed on the 4th of June 2020. DLF stands for Delhi Land & Finance which is a real estate development company founded in 1946. Rajiv was the executive vice-chairman of the company since 1999. He holds a professional degree in mechanical engineering. For working over decades in DLF, he has now reached this level with all his consistent hard work, perseverance, and strategic mindset.
Vikram Lal
Net Worth – INR 30,600 crores
Vikram Lal is the founder of Eicher motors, a company based on the manufacturing of commercial vehicles in India. He started his career by joining the family company Eicher India founded by his father. He changed the concept of the company by expanding it from commercial vehicles to domestic vehicles as well.
He started manufacturing motorcycles which are now sold by the name – Royal Enfield. He owns three factories in India and has sold over 6,97,582 bikes in just one year.
Ravi Jaipuria’s name is also spelled as cola king in India. He is the chairman of RJ Corp. Ravi also owns a company with the name Varun beverages which to tell is the second-largest bottling partner for the American joint Pepsico.
He has studied management course in the United States and came back to work in his family-owned business of bottling. Ravi also received the bottler of the year award by US President George Bush.
Sunil Mittal
Net Worth – 25,500 crores
Sunil Mittal
Sunil Bharti Mittal is also one of the richest people in Delhi. He is the founder and chairperson of Bharti enterprises. One of the flagship groups of the company is Bharti Airtel. It is the second-largest telecom company in India and has a customer base of 400 million people across the world.
Sunil Mittal was also the Forbes richest person of India for some time and has also been awarded Padma Bhushan in 2007
Vijay Sharma
Net Worth: 23,000 crores
Vijay Sharma
Vijay Sharma is one of India’s youngest billionaires and an inspiration to many. He is the chief executive officer of Paytm. Vijay has studied engineering at the Delhi College of Engineering. He established the company One 97 Communications in 2000. One 97 Communications is the parent company of Paytm. He revolutionized the method of payment by bringing Paytm. The tagline he used to send payment was #paytmkaro. Today he is a role model for the youth as being one of the youngest billionaires in India.
Anand Burman is a leading businessman and chairman of Dabur India Ltd. Anand joined the family business of Dabur in 1980. His company is a consumer goods company related to FMCG products. Dabur is a leading brand in India. Anand has a degree of doctorate in pharmaceutical chemistry from the University of Kansas.
Munjal Pawan
Net Worth – 22,000 crores
Pawan Munjal heads the Hero Motocorp. He serves as the chairman, managing director & CEO of the company. Munjal’s Hero Motocorp manufactures affordable motorcycles for Indian people. He joined the company from Hero Honda Motors in 2001 and made the company grow. He successfully transformed it into Hero Motorcorp by 2011. Today Hero Motorcorp offers a huge variety of segments to its customers at a very affordable and economic cost.
Kuldip Singh Dhingra
Net Worth – 18,000 crores
Kuldip Singh is the Indian Entrepreneur who is the chairman of Berger Paints Ltd. He started Berger paints with his brother in 1991 when he purchased the company from Vijay Mallya. He tells that the business of paints was in his blood as his grandfather was also in into paints business in Amritsar.
V.C. Burman
Net Worth – 17,000 crores
Vivek Chand Burman is the former chairman of Dabur India Ltd. Vivek is one of the oldest members of the company. He joined the company in 1954 and was appointed as the chairman in 1998. Over the years he built the company strong and more reliable and because of health issues he retired and gave the position to his nephew Anand in 2007.
Conclusion
So, here was a list of the richest men living in the streets of Delhi with their amazing and lavish lifestyles. To sum up, these men have worked hard enough to achieve this success. Being in such a state is not easy but requires enough dedication, perseverance, and hard work. These men are a true inspiration, so start exploring more and more ideas and work hard so that you can come closer to your dreams.
FAQ
Who is the richest person of New Delhi?
Shiv Nadar is the richest person in Delhi who has a net worth of INR 1,41,700 crores.
Who is the richest man in India?
Mukesh Ambani is the richest man in India with a net worth of $84.5 billion.
Which is the richest city in India?
Mumbai is considered as the richest city in India.
The Wealth of Individuals during the Coronavirus Pandemic had seen an increase where the top 10 richest men in the world had earned a lot and increased their net worth during the year 2020. However, in India, the Super Rich has seen a dip in their net worth. Let’s look at the reason for it.
According to a report from Credit Suisse, the wealth of India’s super-rich has seen a dip of around 4.4% to USD 12.38 trillion in the year 2020. While the wealth of Mukesh Ambani, Adar Poonawalla, and Gautam Adani had seen a significant rise in their net worth, the overall wealth of the country’s super-rich had seen a fall in their net worth.
Reason Why the Super rich saw a dip in their wealth
One of the major reasons for the dip in the net worth of India’s super-rich is due to the rupee’s fall during the situation of Coronavirus Pandemic in the year 2020. According to the research by Credit Suisse, a research institute, the number of millionaires in terms of dollars had seen a fall of 6,98,000 in the year 2020 from 7,64,000 in the year 2019. This is only due to the fall in the value of the rupee.
The cumulative wealth had fallen to USD 12.38 trillion and saw a decline of around USD 594 billion from the previous year.
India is considered to be a home for the Super-rich as around 1% of the global rich are Indians. Even amidst the pandemic, the number had seen a rise of around 5.2 million to reach 56.1 million. AS per the report by 2025, the number of millionaires in India is expected to see a rise to 1.3 million which is around 81.8 % growth.
In the year 2020, every adult Indian had a worth of an average of USD 14,252 in the year 2020 which has seen an annual growth over the years of around 8.8% from the year 2000. India has seen much better growth while compared to the global average that is around 4.8 %.
In India, there were around 4,320 ultra-high net worth individuals who had a net worth that was more than USD 50 million.
Did the Global Wealth got Affected
While looking at the Global Wealth it has seen an increase of around USD 28.7 trillion to reach USD 418.3 trillion. The Wealth had seen a dip in the first quarter of 2020 of around USD 17.5 trillion. As of now, adults require more than USD 1 million to be in the top 1 % which has seen an increase from USD 988,103 in the year 2019.
When it comes to the rich, the Ultra High net worth individuals had seen a growth in their wealth by adding more members to the group. Around 24 Ultra High Net worth individuals were added to the group in the year 2020.
According to the economists from Credit Suisse, the creation of wealth in the year 2020 was largely immune to the challenges that were faced by the world due to certain actions taken by the Government and Central Banks to reduce the impact of the pandemic on the economy.
However, with regards to the transient effect on worldwide business sectors, the pandemic unleashed ruin in the principal quarter of 2020 as $17.5 trillion was lost from complete worldwide family abundance in between January and March of 2020. In any case, by June-end share costs started to take off and it arrived at record levels by year-end.
Eventually, $28.7 trillion was added to worldwide family abundance during the year, taking the total worldwide abundance up by $28.7 trillion to $418.3 trillion, the report said.
Wealth per adult has seen a rise of over 6 % in order to reach another record of USD 79,952. However, it is found that the countries that have been affected the worst from the Coronavirus Pandemic have not been a lot affected in terms of the creation of wealth.
FAQ
How many millionaires are there in India?
India has around 759 thousand millionaires.
Who is the youngest billionaire in India?
Nikhil Kamath, the co-founder of Zerodha is India’s youngest billionaire at the age age of 34.
How many billionaires are in India?
India ranks third in most number of billionaires with 140 billionaires in the country.
