Economy
Asia is home to 6 of the top 20 cities with the most millionaires
- In a recent report by Henley and Partners, a firm that tracks global wealth, Asian cities accounted for six of the top 20 cities in the world with the most millionaires.
- Tokyo took the No. 2 spot with 304,900 millionaires and 12 billionaires.
- Singapore placed fifth with 249,800 millionaires and 26 billionaires.
- In ninth and 10th place were Beijing and Shanghai, respectively.
- Hong Kong reached 12th place, while the final Asian city on the list was Seoul at No. 16.
- When analyzing the world’s 10 wealthiest countries by private wealth in 2022, China, Japan, and India took up the three top spots after the United States.
Asian cities accounted for six of the top 20 cities with the most millionaires in a recent report.
The report was released by Henley and Partners, a firm that tracks global wealth, last week. Through an analysis of over 150,000 high-net-worth individuals and high-priced homes in cities, the firm was able to assess city wealth. High-net-worth individuals are defined as “individuals with net assets of USD 1 million or more.” The list only considered millionaires who are residents of their respective countries.
South Korean teen becomes world’s youngest billionaire
- Kim Jung-youn, a South Korean heiress to the video game empire Nexon, has become the world’s youngest billionaire at 18 after her father’s death.
- Kim Jung-youn and her older sister Kim Jung-min inherited stakes in their father’s personal holding company NXC and are now worth $1 billion each.
- Their father, Kim Jung-ju, amassed his fortune through Nexon, the largest gaming company in Korea behind games like “Maplestory.”
- Outside of his businesses, Kim Jung-ju’s philanthropic endeavors focused on supporting Korea’s youth.
- At the time of his death, Kim Jung-ju was the third richest man in Korea, after pharmaceutical magnate Seo Jun-jin and Samsung’s Lee Jae-young.
Kim Jung-youn, the daughter of the founder of South Korean gaming company Nexon, has become the world’s youngest billionaire at 18 after her father’s death.
Kim Jung-youn and her older sister Kim Jung-min inherited stakes in their father’s personal holding company NXC, which has a 48 percent stake in Nexon, according to Forbes. Even after an inheritance tax bill of $1.5 billion, the sisters are still worth $1 billion each.
More immigrants than ever have become billionaires in the US
- Forbes’ recently unveiled World’s Billionaire list for 2022 revealed that a record-number 92 American billionaires are immigrants.
- Topping the list is the South African-born head of Tesla, SpaceX and Neuralink, Elon Musk.
- China, India and Taiwan are among the top eight countries that produce the most foreign-born billionaires
- Many billionaires have accumulated their wealth through the tech industry, including five out of the seven billionaires hailing from India.
- Others have found success creating the companies behind some of today's most popular products and services.
Forbes’ recently unveiled World’s Billionaire list for 2022 revealed that a record-number 92 American billionaires are immigrants.
Topping the list and leapfrogging the wealthiest man for the past four years — Amazon founder Jeff Bezos — is the South African-born head of Tesla, SpaceX and Neuralink, Elon Musk.
Education Secretary Cardona: student loan relief and Inflation Reduction Act ‘really cancels itself out,’ naysayers are ‘un-American’ [interview]
U.S. Secretary of Education Miguel Cardona spoke with NextShark on Thursday to discuss student loan relief, inflation and the future of higher education.
President Joe Biden announced on Wednesday a historic three-part plan to cancel up to $20,000 of student loan debt for people with annual incomes under $125,000. The proposal has divided Democrats and Republicans, with lawmakers, economists and social media users voicing their opinions from across the political spectrum.
KFC China forced to sell chicken feet due to inflation
- KFC stores in China have reportedly begun selling chicken feet, giving customers a new finger-lickin’ experience.
- Instead of as a response to calls to add chicken feet to the menu, the new offering comes as a consequence of inflation, according to CNN Business.
- Skyrocketing oil and food prices have raised costs for businesses in China, which are only starting to bounce from the impact of recent COVID-19 lockdowns.
- Aside from chicken feet, the chain started offering chicken wing tips, sparing only the head and feathers.
KFC stores in China have reportedly begun selling chicken feet, giving customers a new finger-lickin’ experience.
The move, however, is not a response to long-time calls to bring the traditional Chinese delicacy to the fast-food chain’s menu. Instead, the new offering comes as a consequence of inflation, according to CNN Business.
Obscure Hong Kong tech company’s stocks surge 21,000%, valued more than McDonald’s thanks to Reddit
Thanks to popular Reddit forum WallStreetBets, Hong Kong financial tech company AMTD Digital is now worth even more than giants like Coca-Cola, McDonald’s and Costco, with a current market value of $310 billion.
AMTD Digital, which trades under the New York Stock Exchange (NYSE) ticker HKD, has gone from being virtually unknown to becoming the new “meme stock” — one that gains popularity via social media.
‘It’s great to invest, but invest smartly’: Jimmy O. Yang explains why he turned down crypto promotion offers
- Jimmy O. Yang revealed that he has turned down multiple paid cryptocurrency promotion offers in the past, fearing that his endorsements might influence his fans to pursue unsafe investments.
- “Especially with something like crypto, it's important to [ask] ‘Is it going to hurt the financial well-being of my fans and people who follow me?’” Yang, 35, told Motherboard. “For me as an actor, looking at endorsement deals, it's like, ‘Is it gonna make me look like an asshole?’”
- “These are very hardworking American people who don't earn a high income and who are less versed in technology,” Yang’s partner Brianne Kimmel, the founder of Worklife Ventures, was quoted as saying. “To promote a cryptocurrency where they could lose everything is really not a position either of us want to be in.”
- Kimmel shared some of the experiences of their artist and comedian friends who turned to crypto amid the COVID-19 pandemic to make up for lost income.
- Risking their savings after hearing “through the grapevine” that the crypto market would blow up, Kimmel shared that some of their friends had lost “50 or 60 percent of what they have through an unknown currency.”
Although he finds the crypto space exciting, Jimmy O. Yang revealed that he has turned down multiple paid cryptocurrency promotion offers in the past, fearing that his endorsements might influence his fans to pursue unsafe investments.
Speaking to Vice’s Motherboard, the 35-year-old comedian and actor admitted he and his partner, venture capitalist Brianne Kimmel, have always been careful about getting into endorsement deals, particularly when it involves cryptocurrencies.
Korea’s growing ‘no-spend challenge’ trend has people saving more amid rising inflation
- South Korea’s “no-spend challenge” trend has citizens saving more, with some boasting their zero-expenditures on social media.
- On Instagram, there are currently over 3,000 posts using hashtags such as “no spend,” “no-spend challenge” and “no-spend day.”
- One user, @jjeon_bu, dedicates their entire account to posting what appears to be weekly updates on their ledgers.
- Their bio reads, “a new employee in their 20s who dreams of financial freedom.”
- Each post is broken down into “income” and “expenditures,” with an explanation of some of the costs, including “books,” “appointment with friend” and “former savings.”
- Koreans, especially those who belong to the Millennial and Generation Z age groups, are making an effort to cut out what they deem to be “unnecessary costs.”
South Korea’s “no-spend challenge” trend has citizens saving more, with some boasting of their zero-expenditures on social media.
On Instagram, there are currently over 3,000 posts using hashtags such as “no spend,” “no-spend challenge” and “no-spend day.”
Chinese investors lead foreigners with $6.1 billion in purchased US real estate last year
- Buyers from China, including those from Taiwan and Hong Kong, acquired $6.1 billion in U.S. real estate in the last 12 months, the most out of any other country.
- Canadian buyers purchased the second most U.S. real estate with $5.5 billion, followed by buyers from India ($3.6 billion), Mexico ($2.9 billion) and Brazil ($1.6 billion).
- Florida was the top destination for real estate investors for the 14th straight year, with 44 percent of foreign buyers claiming they bought the properties as vacation homes, rental properties or both.
- Chinese nationals have comprised the largest foreign group of real estate buyers in the U.S. since 2013, with over $188 billion spent over the last 10 years.
Buyers from China, including those from Taiwan and Hong Kong, acquired $6.1 billion in U.S. real estate in the last 12 months, the most out of any other country.
According to the National Association of Realtors (NAR), the top states for these purchases were California and Florida.
Hong Kong billionaire Calvin Lo reveals why he has no plans to invest in crypto
- R.E. Lee International CEO Calvin Lo, whom Forbes has estimated to have a net worth of $1.7 billion, revealed in an interview with Tatler Asia why he’s not investing in cryptocurrencies.
- Lo said that a friend urged him to buy Bitcoin five years ago when it was still trading at $6,000, telling him it will eventually be valued at over $10,000.
- “The volatility is attracting a lot of people but the same reason is deterring me,” Lo was quoted as saying. “I’m from an insurance background and I’m a bit cautious of something that looks too good to be true. People who invest with us and trust us don’t want us to go into these fancy instruments.”
- At age 46, Lo is now reflecting on his legacy and has instead focused on philanthropy and has set up the non-profit think tank “The 195 Project.”
Hong Kong-based reclusive billionaire Calvin Lo, CEO of life insurance brokerage firm R.E. Lee International, revealed why he’s not investing in cryptocurrencies.
In an interview with Tatler, Lo explained that his apprehension over digital currencies’ volatility stems from his background in insurance.
Some ‘Axie Infinity’ players once made more money gaming than in their day jobs — but the bubble has burst
“Axie Infinity,” a blockchain-based video game with a “play-to-earn” model, continues to hemorrhage players due to diminishing returns.
Developed by Vietnamese studio Sky Mavis, “Axie Infinity” has attracted a large player base in developing countries such as the Philippines, Indonesia, Brazil and Venezuela due to its real-world earning potential.
Strippers can apparently better forecast the market than your finance bro
In a tweet that has since gone viral, a netizen who claims to be a stripper declared that we are currently in a recession based on the empty status of strip clubs.
The user, @botticellibimo, explained that “the strip club is sadly a leading indicator and i can promise ya’ll we r in a recession lmao.”
