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billionaire

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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. 

Indian tycoon Gautam Adani surpasses Jeff Bezos as world’s second-richest person

  • Indian business tycoon Gautam Adani, 60, overtook Jeff Bezos to become the world’s second-richest person last week.
  • The college dropout has seen large gains amid the COVID-19 pandemic, adding nearly $70 billion to his wealth this year alone.
  • Adani’s rise in the global ranking is partly due to losses incurred by others on the list, including tens of billions in donations by Bill Gates at No. 5 and Warren Buffet at No. 6.
  • Bezos saw Amazon stock drop last week by more than 2% due to new inflation data.

Indian business tycoon Gautam Adani has overtaken Jeff Bezos to become the world’s second-richest person, according to Bloomberg’s Billionaire Index.

Adani, 60, is the founder and chairperson of the Adani Group, a major Indian conglomerate with stakes in port development and operations, aerospace and military defense, thermal power generation and solar manufacturing.

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.

Indian college dropout becomes world’s third richest man

GAUTAM ADANI
  • Indian business tycoon Gautam Adani, 60, is now the world’s third richest person, according to the Bloomberg Billionaires Index.
  • Adani, who chairs the Adani Group, overtook France’s Bernard Arnault after a surge this week.
  • Adani’s conglomerate runs businesses in port development and operations, aerospace and military defense, thermal power generation and solar manufacturing, to name a few areas.
  • A college dropout, Adani first worked as a diamond trader before venturing into global trade.

Indian business tycoon Gautam Adani has reportedly surpassed France’s Bernard Arnault to become the world’s third richest person.

Adani, 60, is the founder and current chairman of the Adani Group, one of India’s top conglomerates with stakes in port development and operations, aerospace and military defense, thermal power generation and solar manufacturing, among other areas.

Oxford University defends $180MM donation from Vietnamese billionaire ‘Madame Thao’ amid investigation

  • Oxford University’s Linacre College is defending its acceptance of a $180 million donation from Vietnam’s first self-made woman billionaire, Nguyen Thi Phuong Thao.

Oxford University’s Linacre College is defending its acceptance of a $180 million donation from Vietnam’s first self-made woman billionaire, Nguyen Thi Phuong Thao.

Nguyen, widely known as Madam Thao, is Vietnam’s first and only woman billionaire who began her career selling fax machines and latex rubber as a student in Russia, which was then the Soviet Union. By the age of 21, Nguyen made her first million and is now estimated to have a net worth of $2.7 billion. She currently runs VietJet airline and a large property empire, with investments in offshore oil and gas exploration as well as fossil fuel financing.

Tiger Woods officially joins the billionaire athletes club alongside Michael Jordan and LeBron James

TIGER WOODS BILLIONARE
  • Tiger Woods has joined an exclusive club after becoming one of just three athletes to have a net worth of over $1 billion.
  • Forbes announced on Friday that the 46-year-old golfer had amassed an estimate of $1.7 billion over a 26-year professional career, spanning back to 1996.
  • While he has 82 PGA tour wins under his belt, his golf earnings have contributed less than 10% to his overall net worth.
  • Instead, endorsement deals with brands such as Nike, Gatorade, TaylorMade, Rolex and Monster Energy are credited for the bulk of his wealth.
  • Woods joins the “3 comma club” alongside fellow athletes and NBA stars Michael Jordan and Lebron James.

Tiger Woods has joined an exclusive club after becoming one of just three athletes to have a net worth of over $1 billion.

Forbes announced on Friday that the 46-year-old golfer had amassed an estimated $1.7 billion over a 26-year professional career spanning back to 1996. 

25-year-old college dropout is now the world’s youngest self-made billionaire

  • Alexandr Wang, 25, co-founder of Scale, is now the world’s youngest self-made billionaire.
  • Based in San Francisco, Scale aims to help companies generate high-quality data for artificial intelligence applications.
  • Wang co-founded the startup in 2016 as an MIT freshman during summer break.
  • Scale secured a $325 million funding last year which boosted its valuation to $7.3 billion and Wang’s 15% stake to $1 billion.
  • Today, the company lists major global companies such as AirBnB, General Motors, PayPal, Samsung and Toyota among its roster of clients.
  • Scale has also inked deals with the U.S. Army, Air Force and Department of Defense’s Joint Artificial Intelligence Center (JAIC), which awarded it a $249 million contract in January.

A 25-year-old college dropout who has inked deals with the U.S. military to help them harness artificial intelligence is now reportedly the world’s youngest self-made billionaire.

Alexandr Wang, who appeared on the Forbes’ 30 Under 30 list in 2018, is co-founder and chief executive officer at Scale, a San Francisco-based startup that helps companies generate high-quality data for AI applications.

Japanese billionaire Yusaku Maezawa arrives at space station for $70 million, 12-day space vacation

Japanese fashion mogul Yusaku Maezawa arrives at the ISS

Japanese billionaire Yusaku Maezawa has arrived at the International Space Station (ISS), where he will spend 12 days in orbit.

Space tourist: The thrill-seeking entrepreneur reached the ISS along with Russian cosmonaut Alexander Misurkin and Japanese film producer Yozo Hirano aboard a Russian Soyuz rocket at 8:40 a.m. EST on Wednesday, reported The New York Times

Taiwanese billionaire says he opposes island’s independence after China fines his company $74 million

Taiwanese billionaire opposes island’s independence after China fines his company $74 million

A Taiwanese business mogul has voiced opposition to Taiwan’s independence from China after Beijing fined his company as an alleged warning for firms to take its side on the issue of sovereignty.

What he said: In an opinion piece for the local United Daily News, Douglas Hsu, who chairs the Taipei-based Far Eastern Group, said he favors “maintaining the status quo,” like most Taiwanese. He expressed support for the “One-China” principle and opposed the idea of Taiwanese independence.

Evergrande founder sparks backlash after asking employees to ‘work hard’ through ‘adversity’

Evergrande founder sparks backlash online

China Evergrande Group’s former chairman Xu Jiayin has earned the ire of Chinese social media users after a letter he allegedly sent to employees leaked online on Tuesday. 

Fanning the flames: Evergrande founder Xu Jiayin, whose current net worth slightly dropped to $10.7 billion, angered people online after a letter he penned was shared on Weibo, reported Business Insider

Chinese billionaire lost $27 billion amid Beijing’s crackdown on tech giants

billionaire loses $27 billion

The Chinese government’s ongoing crackdown on private companies has reportedly resulted in a Chinese billionaire losing over $27 billion this year.

Thanos snapped: Colin Huang, founder of the Chinese e-commerce platform Pinduoduo Inc. (PDD), lost nearly half his wealth as Beijing continues to impose stricter restrictions on tech giants and U.S.-listed Chinese companies, according to Bloomberg.