India to auction fugitive billionaire’s art collection

Indian tax authorities are hoping for a windfall with the auction on Tuesday of rare oil paintings that were once part of fugitive billionaire jeweler Nirav Modi’s collection and have been seized by the government.


Reuters: Arts

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America’s Black Billionaires: The Richest African Americans in 2019

Earlier this month, Forbes published its annual World’s Billionaires list, which ranks the richest people around the world based on the wealth they’ve accumulated using stock prices and exchange rates as of February 2019. By no surprise, Amazon founder Jeff Bezos was named no. 1 due to his staggering $ 131 billion net worth. However, out of the 607 Americans featured on the list, just four were black. Here’s a list of the handful of African American billionaires.

David Steward

black billionaires

World Wide Technology Founder and Chairman David Steward

With a net worth of $ 3 billion, David Steward ranks as no. 745 on Forbes’ list of global billionaires. In 1990, Steward invested $ 250,000 that he earned from two auditing ventures to launch World Wide Technology (WWT), an IT provider that offers hardware and software products and services to large public and private customers in various sectors. Its clients include Citi, Verizon, and the U.S. government. Last year, WWT earned $ 11.2 billion in sales and was ranked as no. 1 on the BE100sBLACK ENTERPRISE’s annual list of top black-owned companies in the nation. The 67-year-old business tycoon also graced the cover of BLACK ENTERPRISE in June 2001.

Steward, the chairman and majority owner of WWT, grew up during segregation in a poor neighborhood in Missouri. His father worked as a mechanic, janitor, and trash collector to provide for him and his seven siblings.  

 


Oprah Winfrey

black billionaires

Oprah Winfrey (Flickr.com/photos/disneyabc)

The “Queen of All Media” has accumulated a massive net worth of $ 2.5 billion, according to Forbes, thanks in large part to her partnership with Weight Watchers. Back in 2015, Oprah Winfrey bought a 10% stake and became an ambassador for the company. By June 2018, her stake was estimated at $ 427 million. Winfrey also generates revenue through several business endeavors, including ownership of the cable network OWN, Harpo Films, a multi-year content partnership deal with Apple, and her iconic talk show, The Oprah Winfrey Show.

 


Robert F. Smith

Vista Equity Robert F. Smith

Vista Equity founder, chairman, and CEO Robert F. Smith

Robert F. Smith is the founder, chairman, and chief executive of Vista Equity Partners. His company was recognized as the top private equity firm on the BE100s last year, generating $ 14 billion in capital. And, with a $ 5 billion net worth, he is currently the richest black person in the country.

Heralded as a private equity titan and Wall Street wiz, Smith started his early life out as a computer geek working in STEM before earning a degree in chemical engineering from Cornell University. He also attended Columbia Business School and ended up serving as co-chief of the investment banking division at Goldman Sachs. Smith founded Vista Equity Partners in 2000, which focuses on investing in technology companies.

In 2013, BE named the firm BE100s Financial Services Company of the Year and Smith as one of the Most Powerful Blacks on Wall Street. Smith made a shrewd move in acquiring Sunquest Information Systems Inc., for a relative bargain price of $ 327 million–$ 200 million in equity and $ 127 million in debt.

In a recent transaction, a Vista Equity-acquired company, Marketo, was sold to Adobe for $ 4.7 billion.


Michael Jordan

Michael Jordan net worth

Michael Jordan (Image: Wikimedia Commons)

Although considered the greatest basketball player of all time, Michael Jordan only made about $ 90 million during his stellar career in the NBA. However, thanks to lucrative endorsements, like his lifetime deal with Nike, and big investments, like his purchase of the Charlotte Hornets, he has amassed a $ 1.9 billion net worth.

 

 

The post America’s Black Billionaires: The Richest African Americans in 2019 appeared first on Black Enterprise.

Money | Black Enterprise

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Bitmain Co-founders In Forbes’ Billionaires List

Chinese Cryptocurrency mining chip firm Bitmain’s co-founders Jihan Wu and Micree Zhan are included in this year’s Forbes’ Billionaires List.

While both are placed lower in ranking, Wu has the distinction of being among the world’s youngest billionaires. The 33-year-old cryptocurrency big shot is one among 71 billionaires under the age of 40.

The Chinese dual degree holder is currently one of th
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Wealth of world’s billionaires grew 20% last year, study reveals

China's ultra-wealthy are driving the trend, adding two new billionaires per week last year, and growing at a rate almost double that of the Americas and Europe.
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The Stock Market Cleaned Out Billionaires Over the Past Week. Here’s Who Lost the Most

Billionaires have won big in the long-running bull market that may be teetering on the edge of ending. But they’re also set to lose big. Over the past week, the world’s wealthiest have collectively dropped about $ 50 billion in estimated net worth.

What’s $ 50 billion among the world’s uber-rich? Enough to leave a mark, that’s for sure, but they aren’t hurting for cash–yet. For perspective though, in addition to being the amount of evaporating wealth, $ 50 billion is also the amount of the U.S. trade deficit in July, the first round of Trump’s tariffs against China, and the market value of Target–with $ 5 billion to spare.

So how exactly has the stock market selloff impacted the net worth of world’s richest people? Here’s who took the biggest bath this week, and how much it cost them:

Jeff Bezos (-$ 15 billion)

Amazon’s founder, the world’s richest person, stood to lose the most. And that he did. Jeff Bezos’ net worth dropped from $ 161 billion a week ago down to $ 140 billion on Thursday. That still puts him standing arms akimbo on top of the heap of lesser billionaires, but his company’s focus on consumer goods, which could be further affected by import tariffs and trade wars, could push him closer to more diversified super rich.

Bernard Arnault (-$ 5.9 billion)

Arnault is the longtime chairman and chief executive of LVMH (Mo?t Hennessy Louis Vuitton SE), the world’s largest luxury goods company. He’s also the richest person in Europe, and accordingly, his net worth went down with the crash, from $ 73.5 billion to $ 67.6 billion. At one point, he was down to $ 66.9 billion, but his portfolio seems to be rebounding already.

Warren Buffet (-$ 5.4 billion)

Even the Oracle of Omaha couldn’t predict the market volatility of this past week. Buffet initially saw gains from the $ 90 billion he started with a week ago, climbing to $ 92 billion by Oct. 9. But ultimately, he came crashing down, finishing Oct. 11 with an estimated $ 84.6 billion

Pony Ma (-$ 4 billion)

The China-based Tencent is one of the world’s largest Internet companies, and Pony Ma (Ma Huateng) is the founder, chairman, and chief executive, and maintains extensive holdings in the company. While Tencent dominates Chinese gaming, chat, investment, and other arenas, the global stock pullback pushed his net worth from $ 32 billion down to $ 28 billion.

Bill Gates (-$ 3.9 billion)

Microsoft co-founder Bill Gates has shifted out of the fast-paced life of a technology dominator into the role of public-health and education philanthropist. But despite regular transfers of wealth to the Bill and Melinda Gates Foundation, he doesn’t find himself pulling his pockets inside out for change. Gates, the second-richest person in the world, saw his worth drop from $ 98.7 billion to $ 94.80 billion in the last week.

Larry Page (-$ 3.8 billion)

Google co-founder Larry Page remains actively involved in the management of Alphabet, the holding company of Google and other ventures, has been buffeted lately by concerns about the company navigating forward with a reported China-targeted search engine acceptable that country’s censors, and military-contracting work. Page’s net worth dropped from $ 57.10 to $ 53.30 billion since Oct. 4.

Fran?ois Pinault (-$ 3.8 billion)

Fran?ois Pinault, among France’s richest people and the head of one of the nation’s wealthiest families, is the 82-year-old self-made billionaire behind Kering, which owns a large array of luxury-goods brands, like Gucci, LVMH, and Yves Saint Laurent. He also personally owns Christie’s, the long-established auction house. His portfolio slumped from $ 32.4 billion to $ 28.6 billion.

Sergey Brin (-$ 3.6 billion)

Google’s other co-founder has similar holdings and suffered similar losses as his partner, Larry Page, with Sergey Brin dropping from a reported $ 55.6 billion to $ 52 billion.

Frank Wang (-$ 2.54 billion)

Frank Wang may seem like an outlier and a relative unknown in this list, with a net worth estimated on Oct. 11 of just $ 6.74 billion. But he’s also one of the biggest net losers, dropping from $ 9.28 billion in the last week. Wang’s holdings are tied up in DJI, the biggest maker of commercial and civilian drones in the world, and a company he founded in 2006. As a privately held company, estimates of his net worth over the short term may be more volatile, but DJI has a high degree of exposure to Trump’s trade wars with China from several angles, including the cost of raw goods globally and import tariffs imposed on the lucrative American market potentially reducing revenue.

Steve Ballmer (-$ 2.4 billion)

Bill Gates’s earliest lieutenant, Ballmer took over Microsoft for several years and missed out on the mobile revolution. Forced from the company, he’s found solace in $ 40.1 billion of personal wealth, down from $ 42.50 billion a week ago–and his ownership of the Los Angeles Clippers NBA basketball team.

Mark Zuckerberg (-$ 2.1 billion)

Despite the many investigations, disclosures, and security problems Facebook has faced in recent months, Mark Zuckerberg saw the least losses among his dot-com peers. He was worth $ 62.9 billion a week ago, and now $ 60.8 billion.

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