Richest

Share to Twitter Share to Linkedin Most of the countries at the top of a new list of the wealthiest in the world are not among the biggest or the mightiest. Many, in fact, are among the smallest: Consider Luxembourg , which tops the list published by Global Finance. Singapore, Ireland, Qatar, Macao and Switzerland follow the world’s only grand duchy. The indicators of a nation’s wealth can vary from one ranking to another — thus the differences among them — but often include a country’s Gross Domestic Product, or GDP (goods and services produced by a country during one year), the GDP per capita (the average amount of money that each person in a country earns in a year) or the gross national income, or GNI. MORE FROM FORBES Ready To Move To Europe? These 6 Countries Are The Best For American Expats To Enjoy Life By Cecilia Rodriguez Examining the per capita GDP of each country around the globe is a frequent parameter because it … [Read more...] about The Richest Countries In The World: Tiny Luxembourg At The Top

Share to Twitter Share to Linkedin This story is part of Forbes’ coverage of Philippines’ Richest 2022. See the full list here . The Philippines’ economy grew 8.3% in the first quarter of 2022, as domestic demand started recovering from pandemic headwinds. Newly elected president Ferdinand “Bongbong” Marcos Jr., son of the former dictator, who was ousted in 1986, pledged to keep up the growth momentum. Nonetheless the pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The peso also plunged 12% over the same period. As a result, the combined wealth of the country’s 50 richest dropped to $72 billion from $79 billion last year. More than two-thirds of the listees saw their wealth shrink. The Sy siblings , heirs to the group built by the late Henry Sy Sr., retained the top spot but their net worth … [Read more...] about Philippines’ 50 Richest 2022: The Double Whammy Of A Plunging Peso And A Weak Stock Market Knocked Down Collective Wealth

Share to Twitter Share to Linkedin This story is part of Forbes’ coverage of Philippines’ Richest 2022. See the full list here . The Aboitiz family returns to the list this year with a combined fortune of $2.9 billion. Shares of their flagship Aboitiz Equity Ventures (AEV) climbed in the past 12 months despite a 12% decline in first-half net profit to 11.8 billion pesos ($209 million) from a year earlier, as the century-old group accelerated its push to become a “techglomerate.” While power still accounts for over half its income, AEV plans to further diversify its businesses that span infrastructure, banking, property, food and AI. This year, AEV will more than double its total capital expenditure to 69 billion pesos, channeling the bulk of its investments away from power. Infrastructure arm Aboitiz InfraCapital will take the biggest chunk of the budget (just over 40%). Listed subsidiary UnionBank of the Philippines is also … [Read more...] about The Aboitiz Family Returns To The List Of The Philippines’ 50 Richest

Share to Twitter Share to Linkedin NFL team values are skyrocketing, and the average team is now worth $1.97 billion, up 38% from last year. The NFL dominates the American sports landscape year-round, and that's made team ownership a no-lose proposition. The Atlanta Falcons were the league's least profitable team last year and still earned a $25 million pre-tax profit (EBITDA). And that means the league's rich team owners are getting even richer. At the top of the list is Paul Allen , the Microsoft cofounder who owns the Seattle Seahawks. With a net worth of $17.8 billion, he's one of the world's richest individuals. The Seahawks are now worth $1.87 billion and, net $120 million in debt, make up 10% of Allen's wealth. Gallery: The NFL's Richest Owners 11 images View gallery Allen also owns the NBA's Portland Trailblazers and a piece of Major League Soccer's Seattle Sounders. And he's not alone in multi-team ownership. … [Read more...] about The NFL’s Richest Owners

Share to Twitter Share to Linkedin SINGAPORE (August 11, 2022) – The combined wealth of tycoons on the 2022 Forbes’ list of Philippines’ 50 richest fell to US$72 billion from $79 billion last year, amid the country’s recovery from pandemic headwinds. More than two-thirds of the listees saw their wealth shrink. The complete list can be found here and in the August issue of Forbes Asia . The Philippines’ economy grew 8.3% in the first quarter of 2022, as domestic demand started recovering from the pandemic. Newly elected president Ferdinand “Bongbong” Marcos Jr. pledged to keep up the growth momentum. Nonetheless, the pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The Philippine peso also plunged 12% over the same period. The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain the top spot but … [Read more...] about Wealth Of The Philippines’ 50 Richest On Forbes List Drops Despite Economic Recovery

The mega rich elite of the World Economic Forum have a plan for average joes who might face global food shortages in the near future, and it’s called a “sniff test.” A WEF video released Wednesday sang support for British supermarkets choosing to remove the “use by” or “best before” date on different types of produce. It is now suggested that citizens use a “sniff test” to establish the freshness of their food. Apparently the decision is part of an effort to limit food waste, but the timing is highly questionable. Unless you’re living a one-hundred percent sustainable homesteading life, you’ve probably noticed that food prices are going up as supplies become scarce . Back in May, Germany’s Economic Minister Robert Habeck said the then-impending food shortage would be a “catastrophe.” He noted that WEF could work with policy makers to tackle global hunger, and I guess this is their first attempt. UK supermarket chains are ditching ‘best before’ dates in favour of the … [Read more...] about The World’s Richest People Have A Plan For Food Shortages: The ‘Sniff Test’

Philippine real estate billionaire Manuel Villar quickly moved on after losing the 2010 presidential election, and now is No. 2 on the Philippines’ 50 Richest list, at $7.8 billion. T welve years ago, businessman and senator Manuel Villar was crushed in his bid to get elected as president, winning only 15% of the votes. But that loss didn’t slow him down. He threw himself back into work, scaling up his main business of real estate development. By 2018, share-price gains for his listed companies let him achieve the status of No. 2 on the Philippines’ 50 Richest list, a spot he still holds with a fortune of $7.8 billion. He was able to achieve that position even as one of the biggest deals of his career—the listing of his first real estate trust in June on the Philippine exchange—delivered an underwhelming performance. The VistaREIT, which held 36 billion pesos ($639 million) of shopping malls and office towers from his flagship Vista Land & Lifescapes, was meant … [Read more...] about Property Billionaire Manuel Villar Is On A Roll With New Casino And Media Ventures

Share to Twitter Share to Linkedin This story is part of Forbes’ coverage of Philippines’ Richest 2022. See the full list here . Ports billionaire Enrique Razon Jr. saw his net worth fall 3% to $5.6 billion on a weaker peso, despite the strong performance of his International Container Terminal Services Inc. (ICTSI). Its shares climbed as global trade recovered to pre-pandemic levels last year to hit a record $28.5 trillion, according to the UN’s trade body. He remains No. 3 on the Philippines’ 50 Richest list. ICTSI’s net profit jumped 50% in the first half to $294.5 million, after quadrupling to an all-time high of $428.6 million in 2021, thanks to volume growth and higher shipping rates. The company is boosting cargo handling capacity at its terminals around the world, including a 15-billion-peso ($268 million) upgrade at its flagship port in Manila to handle mega ships that carry up to 18,000 twenty-foot equivalent units of … [Read more...] about Ports And Casino Tycoon Enrique Razon Jr. Bets $3 Billion On Green Energy

Share to Twitter Share to Linkedin This story is part of Forbes’ coverage of Philippines’ Richest 2022. See the full list here . Low-cost housing magnates Luis Yu Jr. (pictured left) and Mariano Martinez Jr. saw their wealth climb as shares of their mass housing company 8990 Holdings rose by over a third in the past year. Surging demand for affordable homes across the island nation elevated Yu, chairman emeritus, to No. 28 on the list with a net worth of $545 million, while Martinez, chairman, jumped to No. 44 with a net worth of $250 million. The Cebu City company delivered over 11,500 houses in 2021, leading to a 43% uptick in sales from a year earlier and its highest-ever net profit of 7.2 billion pesos ($127.7 million). The sales streak continued in the first half of this year, with net profit rising 5.5% to 3.6 billion pesos. 8990 primarily targets customers from lower income groups, offering in-house financing to … [Read more...] about Low-Cost Housing Magnates Reap Windfall From Surging Demand For Affordable Homes In The Philippines

Share to Twitter Share to Linkedin This story is part of Forbes’ coverage of Philippines’ Richest 2022. See the full list here . Billionaire Lucio Tan is back in the driver’s seat. His wealth jumped to $2 billion since we last measured fortunes as global travel revved up, bolstering the recovery of his airline firm PAL Holdings . Accelerating passenger and cargo sales tripled PAL’s first-half revenue to 58.1 billion pesos ($1.1 billion) from a year ago, with a net profit of 4.2 billion pesos. The owner of the flag carrier Philippines Airlines returned to the black in 2021, largely fueled by pandemic demand for its cargo services to deliver essential goods. It’s now beefing up the business, which includes the launch of a new cargo website and app. PAL emerged from bankruptcy proceedings in January, four months after filing for Chapter 11 in New York. During the restructuring, it returned planes, canceled unprofitable routes, … [Read more...] about Airline Tycoon Lucio Tan Regains Altitude Amid The Travel Industry’s Recovery