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Billionaires

October 22, 2018

Mohammed ‘Mo’ Dewji, Africa’s youngest billionaire and president of multi-billion dollar family business MeTL Group, has been freed unharmed, a week after he was kidnapped by gunmen outside a luxury hotel.

Mohammed ‘Mo’ Dewji, Africa’s youngest billionaire and president of multi-billion dollar family business MeTL Group, has been freed unharmed, a week after he was kidnapped by gunmen outside a luxury hotel.

In the early hours of Saturday morning, Dewji, 43, used his charity's Twitter account, the Mo Dewji Foundation, to announce he had been released.

“I thank Allah that I have returned home safely,” the tweet said

October 19, 2018

Paul Allen, Microsoft co-founder, philanthropist and head of the Allen family office Vulcan, has died aged 65.

Vulcan, which managed his business and philanthropic interests, said in a statement he died in Seattle from complications related to non-Hodgkin’s lymphoma, only two weeks after Allen announced he was being treated for the disease.

Allen was among the world’s wealthiest individuals and, at the time of his death, ranked 44th on Forbes 2018 list of billionaires with an estimated net worth of more than $20 billion.

June 29, 2018

Chanel reveals $10 billion turnover, Wang family buy German auto parts maker, and British chocolate legend dies

Chanel reveals $10 billion turnover

Chanel has broken a century of silence over its financial results, revealing it brought in $9.6 billion in 2017.

The company, owned by the Wertheimer family, has long been suspected to rule the luxury brands, and its first results release confirmed this. Its nearest competitor, Gucci, turned over $7.2 billion in 2017.

March 20, 2018

Global wealth-holders increasingly want secondary passports and residencies, but a new report is warning of the risks to reputations from citizenships on sale.

Global wealth-holders increasingly want secondary passports and residencies, but a new report is warning of the risks to reputations from citizenships on sale.

Just over one-third (34%) of ultra-high net worth individuals already possess a second passport and more than a quarter (29%) were planning to buy one, while one-fifth (21%) are considering emigrating permanently, according to Knight Frank’s annual Attitudes Survey, produced for The Wealth Report.

December 7, 2017

Mars moves in on healthy snacks by investing in Kind, VW expects record sales despite emissions scandal, and which cities contain the most ultra-highnet worth people?

Mars moves in on healthy snacks

Mars, famous for its sweet treats, has invested in a $4 billion healthy snack maker, as it diversifies in the face of growing hostility towards sugar-laden foods.

The terms of the deal, which saw Mars acquire a minority stake in Kind, were not disclosed. The Financial Times quoted “people familiar with the matter” as saying Kind had a value of $4 billion and turned over $700 million a year.

October 31, 2017

Pre-nup popularity increasing to protect wealth; Billionaires return to growth globally; How to avoid “Sudden Wealth Syndrome”

Pre-nup popularity increasing to protect wealth

Pre-nuptial agreements are on the rise among ultra-wealthy individuals and families, especially among people aged under 30 getting married for the first time, a new study finds.

Two-thirds of the 25 English and Welsh law firms surveyed by Forsters’ family team said they had advised their ultra-wealthy and high net worth clients on a greater number of nuptial agreements since 2010.

August 11, 2017

Billionaire faces down tiny fly; Family offices looking to brands, Spanish assets; and Costco founder Jeff Brotman dies suddenly

Billionaire faces down tiny fly

Australia’s richest woman is having her ambitions to export cattle to China foiled by a tiny fly.

Mining billionaire Gina Reinhart wants to ship 300,000 live cattle to China each year, to feed the country’s burgeoning middle class.

August 1, 2017

Mental health and addiction issues are one of the reasons why 90% of family fortunes are lost in the third generation 

Mental health and addiction issues are one of the reasons why 90% of family fortunes are lost in the third generation 

August 9, 2016

A rising taste for entrepreneurialism among billionaires who inherited their wealth is behind a dramatic 29% drop in the number of global billionaires in only two years.

A rising taste for entrepreneurialism among billionaires who inherited their wealth is behind a dramatic 29% drop in the number of global billionaires in only two years.

The new Wealth-X Billionaire Census reported that billionaires whose wealth was inherited comprised only 13% of all global billionaires and 14% of total billionaire wealth.

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