Ken Griffin decries socialism as he’s named 3rd ‘richest’ hedgie

BEVERLY HILLS, Calif. — Ken Griffin may be one of the smartest guys on Wall Street, but he still can’t understand why millennials are attracted to socialism. Speaking at conference for financial titans on Tuesday, the Chicago-based hedge-fund tycoon — who scooped up a $ 240 million penthouse on Central Park South in Midtown Manhattan earlier…
Business | New York Post


This is where the world’s richest people vacation


There’s nothing better than packing your bags and going on vacation. This is a time for you to relax, unwind, and see a new part of the world that you haven’t seen before. Of course, going on vacation isn’t cheap. You need to pay for flights, you need to pay for your accommodation, and you need to pay for all of the added extras. Because of this, many people choose to fly closer to home to save themselves money. However, rich people don’t need to save any money. They have more than enough to go on exclusive and exotic vacations, and this is where they go…

They lounge on a private island

It’s always awkward when you want to totally sit back and relax, but there are other people around you. You have to share the pool, you have to race for sun loungers, and you have to deal with their sticky bodies sitting right next to you. Well, rich people are able to cut out this little niggle. They can lounge on private islands across the globe, but one of their favorites is Coco Prive. This private island will set you back around $ 35,000 a night, but it’s definitely worth it.

They diamond dive and keep the treasure

Rich people are almost always looking for ways to expand their wealth, and a Diamond Safari is one of the most fun ways to do that. This underwater safari takes place in South Africa over the course of 11 days and offers guests the chance to dive beneath the surface in search of priceless diamonds and jewels. They are allowed to keep anything they can find and will provide expert service along the way. They can get their jewels estimated, they can keep the raw jewels for themselves, or they can turn it into jewelry of some kind. The underwater world is their oyster – and the pearl is always inside.

They apres-ski in their own ski chalet

If you’ve ever been skiing, you’ll know that the ultimate dream is to stay in your very own ski chalet up in the mountains. Most people can’t afford that, but rich people can. In fact, they are able to rent out beautiful ski chalets that are more than what people earn every single year. Yes, Leo Trippi’s Chalet Ormello is constantly booked up with celebs and Royals alike and will cost you around $ 300,000+ a week. This will give you whole use of the chalet, including the indoor swimming pool, the home theater, the massage room, 15 beds, and even private access to the slopes.

Those who have oodles of cash to their name have the chance to go anywhere in the world. However, everyday vacations get boring after a while, so they like to mix things up a bit. They like to stay in ski chalets, they like to top up their tan on a private island, or they like to dive for diamonds. Soon enough they’ll be going into space!


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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 (

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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Richest 26 people now own same wealth as poorest half of the world, Oxfam claims

In a report published on Monday, the charity revealed that billionaire fortunes rose by 12 percent in 2018 as the poorest half of the world saw its wealth decline by 11 percent.
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America’s richest are losing confidence in the stock market

The rich and famous want out of this volatile market. America’s wealthiest people have lost investing confidence — and they may be right on the verge of a flight to the safety of CDs and other cash products as market losses mount, with a staggering $ 13 trillion estimated by ET Intelligence Group to have vanished…
Business | New York Post


5 reasons Dubai is considered the richest country in the world


Dubai, the largest city in the United Arab Emirates, is well known for its riches that seem to attract people from all walks of life. The food, culture, and way of life all reflect a level of wealth that is unmatched in the rest of the world. But why is Dubai considered such a rich country?

Many people would assume since Dubai lies in the gulf region, then most of its riches come from oil. This is actually not the case. Only about 7% of Dubai’s revenue comes from oil. So where does Dubai get its riches? Here are five reasons that Dubai is considered the richest country in the world.

Diversified economy

Unlike other middle eastern states, which depend heavily on oil for the growth of their economy, Dubai has a very diverse and vibrant economy. While a decline in oil prices would be very devastating to many nations, Dubai, on the other hand, wouldn’t feel too much of an effect. Tourism, transport, trade and commerce, finance, and accounting are some of the major players in the economy of this vibrant city.

Free trade

There is nothing that scares investors like a high tax on investments and income. Dubai is well known as one of the few places globally with a low tax on trade and zero income tax on both local and foreign investors. It is for this reason that investors from all over the world stream in to Dubai to make huge investments, with the expectation of high returns.

Technological innovations from all over the world

While it would have seemed almost impossible to find tech companies setting up shop in Dubai a while back, Dubai is now proving to be a force to reckon with in the tech world. In return, this gives Dubai the revenue generated from the sale of the various products manufactured. Another factor that led to Dubai becoming a major tech player is the cheap transport through its ports to the rest of the world.

Skilled immigrants

It is estimated that for every native in the city of Dubai, there are nine immigrants. Like anywhere else in the world, immigrants are often quite skilled and even more entrepreneurial than the native population. This drives up growth, with the city benefiting from the skills and revenue generated through trade.

Gateway City

Dubai is strategically positioned geographically. It is for this reason that it is considered the busiest airport in the world after snatching this title from Heathrow airport in the UK. Connecting flights to Asia, Africa, and the Middle East have to make stops here first before continuing to their destinations. Apart from transport, these destinations are also very crucial trade markets with economies growing very fast compared to the developed countries. The only way to tap into these markets is through Dubai.

While Dubai is a city, it has the wealth and popularity of an entire nation. In fact, many people do confuse it for a country and even envy those living or working there for their luxurious lifestyles.


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