Latest news with #BloombergBillionaireIndex
Mint
3 days ago
- Business
- Mint
Meet Rakesh Gangwal, IndiGo co-founder and Southwest Airlines Chair, on Forbes' ‘America's Richest Immigrants 2025' list
Business publication Forbes last week released its lists of richest Americans for this year, 2025, and also included a nod to the many immigrants in the US. In fact, top three of the top 10 richest people in America are immigrants — Elon Musk (from South Africa, ranked first with an estimated $393.1 billion), Sergey Brin (Russia, second with 139.7 billion), and Jensen Huang (Taiwan, third with $137.9 billion). All data is latest as of July 7, 2025. Notably, Rakesh Gangwal, co-founder of IndiGo Airlines parent InterGlobe Aviation and Chairman of the Southwest Airlines board of directors, has made it to the Forbes list at the 29th spot with a net worth of $6.6 billion. According to the Bloomberg Billionaire Index (BBI), Rakesh Gangwal is worth an estimated $7.83 billion, largely from his 14 per cent stake in India's biggest airline by market share, IndiGo. His stake in InterGlobe Aviation, a Gurgaon-based airline services provider and the operator of IndiGo, is held directly and through a trust, as per a BB report. Born in 1953 in Kolkata, Rakesh Gangwal earned a bachelor's degree in engineering from the India Institute of Technology Kanpur (IIT – Kanpur) in 1975; followed by an MBA from the Wharton School of the University of Pennsylvania. He began his career as a financial analyst at Ford Motor Co. and as a production and planning engineer with Philips India. In was associated with United Airlines in 1980 and joined the airline in 1984 as a manager for strategic planning, according to Bloomberg. He became an executive vice president for Air France in 1994, and then later became CEO of US Airways in 1998, from where he resigned in 2001 before founding IndiGo in 2006, which listed in 2015, the BB report added. He was appointed the Chairman of Southwest Airlines board of directors in November 2024. Nearly two-thirds of the 125 billionaire immigrants identified by Forbes were born in these 10 countries and territories. India topped the 2025 list with 12 immigrant billionaires, compared to 7 in 2022. It was followed by Israel and Taiwan, each having 11 billionaires on the 2025 list, compared to 10 and four from 2022. Canada comes in next with nine billionaires in 2025, compared to eight in 2022; followed by China with eight billionaires this year, up from seven in 2022. Germany and Iran are the next tie, each with six billionaire immigrants in the US in 2025, up from six and two, respectively since 2022. The next three spots were: France with five (2025 and 2022), followed by tied Hungary with four (2025 and 2022) and Ukraine with four (three in 2022). The Forbes 'America's Richest Immigrants 2025' list features a record 125 foreign-born US citizens who are billionaires, a significant jump from the 92 tallied in 2022, data showed. Hailing from 41 countries, these immigrants gained their wealth in the US and currently live in the country, it added. They hail from 41 countries but became rich in America and account for 14 per cent of the country's billionaires, it added. The people on the list hold a record $1.3 trillion combined, which is 18 per cent of America's $7.2 trillion in total billionaire wealth. Further, a whopping 93 per cent of these billionaires are self-made — nearly 70 per cent from either the tech or finance sectors. Elon Musk — worth $393.1 billion — Tesla, SpaceX — South Africa Sergey Brin — worth $139.7 billion — Google — Russia Jensen Huang — worth $137.9 billion — Nvidia — Taiwan Thomas Peterffy — worth $67.9 billion — Interactive Brokers — Hungary Miriam Adelson & family — worth $33.4 billion — Las Vegas Sands — Israel
Economic Times
4 days ago
- Business
- Economic Times
Bill Gates Net Worth Fall: How did Microsoft co-founder lost 51 billion dollars? Here's his new global billionaire ranking and unique pledge
TOI-Online Bill Gates Net Worth Fall: Microsoft co-founder loses 51 billion dollars. See his new global billionaire ranking. Bill Gates, co-founder of Microsoft, has seen his net worth fall by $51 billion in a few days. This change is due to his ongoing philanthropic activities. Gates has pledged to give away nearly all his fortune by Gates' net worth dropped from $175 billion to $124 billion between July 3 and Thursday, according to Bloomberg Billionaire Index. The decline was recorded over just a few days. Bloomberg also updated Gates' appreciation rates to reflect his recent charitable giving. As of Saturday, Gates' estimated fortune had dropped again to $123 billion. This new figure placed him 12th on the global billionaire rankings. Also Read: Bachelor in Paradise Season 10: ABC and Hulu release schedule, how to watch for free Gates is now ranked lower than his former Microsoft colleague, Steve Ballmer. Ballmer owns the Los Angeles Clippers and is currently worth $173 billion. He holds the fifth spot in the global list. Elon Musk remains at the top of the billionaire index. The Tesla and SpaceX founder has a net worth of $360 billion, according to has committed to giving away 99% of his wealth within 20 years. He plans to close the Bill and Melinda Gates Foundation by December 31, 2045. In a blog post dated May 8, Gates stated that he does not want to be remembered as someone, who died wrote that there are too many urgent problems in the world. He believes that resources should be used to help people, not hoarded. Also Read: Big Brother Season 27: Release date, time, schedule, prize money, new houseguests, theme and where to watch Gates was inspired by the effects of his foundation's efforts in distributing vaccines in developing countries. The vaccines target diseases like diarrhea and pneumonia, which still cause many he also acknowledged that global progress in humanitarian aid has slowed. Gates noted reduced foreign aid from the US and Europe, especially due to conflicts in Ukraine and Gates Foundation was established in 2000 by Bill Gates and his former wife, Melinda. Since its creation, the foundation has donated over $100 billion. It is one of the largest philanthropic organizations in the world. The foundation aims to continue its work long after the deaths of its founders. Gates has not changed his position on his donations, even with his falling net worth. Why did Bill Gates lose 51 billion dollars? Bill Gates lost 51 billion dollars because he increased his charitable giving as part of his plan to donate 99% of his wealth by 2045. What is the Gates Foundation's donation total so far? The Gates Foundation has donated over 100 billion dollars since it was founded in the year 2000 by Bill and Melinda Gates.
Time of India
4 days ago
- Business
- Time of India
Bill Gates Net Worth Fall: How did Microsoft co-founder lost 51 billion dollars? Here's his new global billionaire ranking and unique pledge
Bill Gates , co-founder of Microsoft, has seen his net worth fall by $51 billion in a few days. This change is due to his ongoing philanthropic activities. Gates has pledged to give away nearly all his fortune by 2045. Bill Gates Net Worth Fall: Why is He Losing Money? Bill Gates' net worth dropped from $175 billion to $124 billion between July 3 and Thursday, according to Bloomberg Billionaire Index . The decline was recorded over just a few days. Bloomberg also updated Gates' appreciation rates to reflect his recent charitable giving. As of Saturday, Gates' estimated fortune had dropped again to $123 billion. This new figure placed him 12th on the global billionaire rankings. Also Read: Bachelor in Paradise Season 10: ABC and Hulu release schedule, how to watch for free Who Holds Top Spot in Global Billionaire Rankings? Gates is now ranked lower than his former Microsoft colleague, Steve Ballmer. Ballmer owns the Los Angeles Clippers and is currently worth $173 billion. He holds the fifth spot in the global list. Live Events Elon Musk remains at the top of the billionaire index. The Tesla and SpaceX founder has a net worth of $360 billion, according to Bloomberg. Bill Gates Unique Pledge Gates has committed to giving away 99% of his wealth within 20 years. He plans to close the Bill and Melinda Gates Foundation by December 31, 2045. In a blog post dated May 8, Gates stated that he does not want to be remembered as someone, who died rich. He wrote that there are too many urgent problems in the world. He believes that resources should be used to help people, not hoarded. Also Read: Big Brother Season 27: Release date, time, schedule, prize money, new houseguests, theme and where to watch Why is Bill Gates Donating Money? Gates was inspired by the effects of his foundation's efforts in distributing vaccines in developing countries. The vaccines target diseases like diarrhea and pneumonia, which still cause many deaths. However, he also acknowledged that global progress in humanitarian aid has slowed. Gates noted reduced foreign aid from the US and Europe, especially due to conflicts in Ukraine and Israel. Gates Foundation Background The Gates Foundation was established in 2000 by Bill Gates and his former wife, Melinda. Since its creation, the foundation has donated over $100 billion. It is one of the largest philanthropic organizations in the world. The foundation aims to continue its work long after the deaths of its founders. Gates has not changed his position on his donations , even with his falling net worth. FAQs Why did Bill Gates lose 51 billion dollars ? Bill Gates lost 51 billion dollars because he increased his charitable giving as part of his plan to donate 99% of his wealth by 2045. What is the Gates Foundation's donation total so far? The Gates Foundation has donated over 100 billion dollars since it was founded in the year 2000 by Bill and Melinda Gates.
Yahoo
08-07-2025
- Business
- Yahoo
Michael Dell's net worth has soared by $1.2 billion—but it's still not enough to crack the world's richest inner circle
Dell Technologies founder and CEO Michael Dell just sold $1.2 billion worth of shares in late June—but ranked at number 11, he's barely shaken up the Bloomberg Billionaires list, not breaking through to the top 10. The 60-year-old tech titan is now only $1 billion behind Nvidia leader Jensen Huang, who boasts a net worth of $139 million. The billionaires club is one of the most exclusive on the planet—but making it into the top 10, among the likes of Elon Musk and Mark Zuckerberg, is a tough fight. Michael Dell made billions in late June, yet it still wasn't enough to break into that elite echelon. The Dell Technologies founder sold $1.2 billion worth of his shares in the company on June 27, reducing his stake by 3% but adding a pretty penny to his bank account. Dell was the 12th richest person in the world that day with a fortune of $135.4 billion—according to the Bloomberg Billionaire Index. As of July 6, the 60-year-old tech entrepreneur is now worth a whopping $138 billion, just $1 billion shy of Nvidia cofounder Jensen Huang, and ranked at number 11 on the list. Bill Gates is partially to thank for Dell's rise up the list—the Microsoft cofounder's choice to offload tens of billions of his money to charity—and took Dells' previously ranking at number 12, while falling seven spots down. To put that drop into context, Gates was the fifth richest person alive on July 3, highlighting the fierce (and sometimes erratic) battle to make it to the top 10. Fortune reached out to Dell for comment. Dell and Nvidia are both frontrunners in the technology industry—from developing and selling IT products, to manufacturing GPUs—and there's no telling how the AI revolution will boost their fortunes. Because of the tech explosion, both of the CEOs' fortunes have swelled over the last year, with Huang reaping $24.8 billion, and Dell raking in $14 billion. Whether Dell can top Huang depends on how their businesses thrive, alongside how they handle their shares. Dell still holds a $39 billion stake in the company—estimated to be around 40% of the business—after offloading 10 million of his shares. Plus, the computing giant is thriving, with its stock up more than 9% since late May after shares beat analysts' projected profit of $9.21 a share by hitting $9.40. Meanwhile, as of late June, Huang owns more than 800 million shares in his company—he sold $15 million worth last month, on track of his plan to sell as many as 6 million shares worth $873 million by the end of the year. Nvidia stock is also up 9% this year, and has skyrocketed up more than 800% since December 2022. It'll be a tough fight between the two tech titans to see who can be in the upper echelons of the world's wealthiest. Both Dell and Nvidia are performing above estimates, so it could ultimately boil down to who sells more shares sooner. It's not clear why Dell cashed in on his stock, or whether he has more plans to do so—but last year, he similarly sold 20 million shares for $2.3 billion out of the blue for the first time since 1999. Dell isn't the only billionaire who is climbing the ranks of the world's richest people this year. Oracle cofounder Larry Ellison enjoyed a massive wealth surge last month, which skyrocketed him right below his close friend Elon Musk. After Oracle's stellar earnings report in June, Ellison's net worth shot up $40 billion in just a few days. The cloud-computing entrepreneur has about 41% of his company's shares in his name, which triggered a $25 billion fortune increase on Thursday June 12, and another $16 billion on Friday June 13. He enjoyed the number two spot with a $250.9 billion fortune—now boasting $253 billion as of July 6—but has since been knocked down to third by Zuckerberg, who has a slightly larger $254 billion net worth. The list has been shaken up in other ways as well. In January of this year, many billionaires were enjoying a honeymoon period of wealth; ultra-wealthy leaders Musk, Zuckerberg, and Ellison were riding a wealth surge of $10 billion daily. In total, the collective fortune of the world's richest people saw their honey pot swell by $314 billion. At the beginning of February, Musk's net worth stood at $433 billion, Zuckerberg had $243 billion, and Bezos boasted $256 billion. But things can turn on a dime; AI revolutionary DeepSeek's explosive entrance into the market reportedly wiped almost $100 billion from the bank accounts of America's richest tech titans. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
04-07-2025
- Business
- Business Insider
Mark Cuban says AI could make 'just one dude in a basement' the world's first trillionaire
Mark Cuban said artificial intelligence could make "just one dude in a basement" the world's first trillionaire. The 66-year-old billionaire said in a recent episode of the "High Performance" podcast that we haven't yet seen "best, or the craziest" that AI can achieve. "It's just the very beginning, right, you know, we're still in the preseason," Cuban said, adding that, as it becomes more advanced, we'll find more ways to make our lives better and more interesting. "Not only do I think it'll create a trillionaire, but it could be just one dude in the basement. That's how crazy it could be," he said. Cuban compared the push for AI to the early days of computers and smartphones. He said people hesitated to make the shift but would now struggle to live without the devices. Someone who can come up with a way that makes AI as essential "will make a lot of money," Cuban added. "Most people condemn things when they first happen," he said. "But then, when you see people using it and you realize the value, that's when people come around." The former Shark Tank investor told the podcast it was "insane" how much he has been using AI. He said that he uses AI for writing software and its text-to-video function for work. In his personal life, Cuban said he recently used ChatGPT to track his medicine and exercise habits. "I'm not here to tell you it's going to replace everyone's job — it won't," he said, but the technology is incredible, whether you're innovative or just feeling bored. The world's richest person, Elon Musk, has a total net worth well short of $1 trillion, at around $360 billion, per the Bloomberg Billionaire Index. His net worth
