Latest news with #MichaelMoritz
South Wales Argus
17-05-2025
- Business
- South Wales Argus
Celtic Manor owner saw wealth fall by £200m last year
Sir Terry, the owner of the Celtic Manor Resort, now has a personal wealth of £1.338 billion, according to the annual Sunday Times Rich List. The 81-year-old, who was raised in Newbridge, made his fortune in the telecoms industry. He studied electronics at Swansea University before starting out on his journey in business in Canada. There, he launched his telecommunications equipment business, Mitel, in 1973. Besides his telecoms ventures, Sir Terry owns the Celtic Manor Resort in South Wales. (Image: Newsquest) The Newport businessman was the first billionaire in Wales and was the richest man in the country until 2012. Sir Terry currently ranks 119th in the UK rich list and fourth in Wales. The annual Sunday Times Rich List has seen a significant drop in the number of billionaires this year, from 177 in 2022 to 156. Cardiff-born billionaire Sir Michael Moritz and his wife, Harriet Heyman, hold the top position on the Welsh list, despite their fortunes falling by £168 million to £4.435 billion. Flintshire technology entrepreneur Simon Nixon, co-founder of takes second place with a worth of £1.95 billion. Llanelli-based Specsavers founder Douglas Perkins and his family are in third place with an estimated fortune of £1.539 billion. The fifth spot goes to Cardiff-born property investor and West Ham United owner David Sullivan and his family, with a net worth of £1.118 billion. Meanwhile, Alex Loven has been named the wealthiest person in Wales under 40. The 37-year-old started out in business selling cricket bats to his schoolmates at the age of 13. He later founded Wrexham-based Net World Sports. His net worth has increased to £262 million from £200 million last year, making him the 18th richest person under 40 in the UK. The 2025 Sunday Times Rich List names the 350 richest people in the UK based on identifiable wealth, including land, property, and assets such as art and racehorses, and significant shares in publicly quoted companies. The figures do not include bank accounts. This year's list, which includes notable figures such as Sir Elton John, Sir Mick Jagger, and Sir Lewis Hamilton, holds a combined wealth of £772.8 billion. This sum is larger than the annual GDP of Switzerland but is down three per cent compared with last year. Robert Watts, the compiler of the guide, said: "Our billionaire count is down, and the combined wealth of those who feature in our research is falling. "We are also finding fewer of the world's super-rich are coming to live in the UK. "The Rich List's decline in billionaire numbers is the sharpest in its 37-year history, reflecting changing economic conditions. "Despite this, the list remains a testament to the significant wealth held by a small number of individuals and families in the UK. "The list highlights the ongoing concentration of wealth in certain industries, particularly technology and telecommunications, as exemplified by figures like Sir Terry Matthews and Sir Michael Moritz. "The Rich List provides a snapshot of the shifting landscape of wealth in the UK, with the fortunes of its members reflecting broader economic trends. "Despite a decrease in the number of billionaires and a dip in their combined wealth, the list continues to highlight the significant economic influence of its members.
Wales Online
16-05-2025
- Business
- Wales Online
Rarely-spotted man is the richest Welsh person to have ever lived
Rarely-spotted man is the richest Welsh person to have ever lived A row with Steve Jobs, a career switch into venture capital, and the subsequent billions - the tale of the richest Welshman Sir Michael Moritz and his wife Harriet Heyman, with who he shares his billions (Image: PA ) The richest 350 people across the United Kingdom have been declared again, and this time they have a combined wealth of £772.8 billion. While the list has seen some fluctuations, Wales' richest have largely remained the same. Billionaire Sir Michael Moritz, 70 and his American writer wife, Harriet Heyman have maintained the top spot in Wales with a wealth of £4.435bn. This is despite recording a yearly difference of £168m. Alongside being the richest person in Wales, Mr Moritz ranks 40th across the UK in terms of the wealth he has. However, Mr Moritz had humble beginnings in the Welsh capital. Born to a Cardiff University academic, Mr Moritz remembers feeling like an 'outsider' during his time growing up in Cardiff. Several well timed, and well thought of investments contributed to the billions earned by Sir Michael Moritz (Image: Getty Images for TechCrunch ) Both his parents were Jewish refugees who had fled Hitler's Nazi Germany. His father, Ludwig was a Cardiff University classics professor, and became its vice principal in the 1970s. Mr Moritz attended Howardian High School in the capital as grew up. During a clip, called 'Michael Moritz and the Underdog', he said: 'If you grew up in Wales it makes you understand what being an outsider is like. For money-saving tips, sign up to our Money newsletter here Article continues below 'Many of the kids I went to school with had dads who were unemployed or in part-time work. 'Many of them didn't have a lot of money and London was a long way away – we were outside the mainstream.' After he left Cardiff, Mr Moritz went on to graduate from Oxford, following which he moved to the United States and was hired by Time and worked as a journalist. It was during this time — in his early career as journalist when Moritz found himself having exclusive access to a new tech company, which has now turned into a technology giant worth trillions of dollars: Apple. It wasn't until Mr Moritz had a falling out with Apple founder Steve Jobs, that journalist finally made the leap to become a venture capitalist. He was the first person ever to document the development of the tech giant, and publish a book on it. It is believed that though Jobs cooperated with the Welshman initially, he reportedly did not authorise the final draft of the book for publication. Sir Michael Moritz being honoured as a Fellow of Aberystwyth University After a serious row over other articles in the Time Magazine, Jobs reportedly became so furious that he threatened to fire any employee that talked to Mr Moritz. Mr Moritz later said that a 1983 profile of Jobs that he originally wrote for the magazine's Man of the Year issue was "poisoned with a gossipy benzene' by Time. It was then he realised that he needed greater control over his work. He said the experience 'made me decide that I would never again work anywhere I could not exert a large amount of control over my own destiny or where I would be paid by the word.' Both Moritz and Jobs reportedly never resolved his differences. When he officially left journalism, Mr Moritz made a career switch and was employed at the Venture capital firm Sequoia Capital in 1986. The Welshman went on to co-found Technologic Partners, a company specialising in technology newsletters and conferences. His investments in internet firms include some of the top firms of the present like, Google, LinkedIn, PayPal, Yahoo!, Skyscanner, and YouTube. However, it is uncertain if even Moritz could have foreseen the behemoth that Google would become. In 2015, Moritz revisited his writing roots, collaborating with Sir Alex Ferguson on his book, Leading: Learning from Life and My Years at Manchester United. Sequoia informed through a letter to its partners in 2023, that Moritz had left the firm after 38 years. Politically Mr Moritz is known for having donated to the Lincoln Project, which is a republican-led initiative which opposed the re-election of Donald Trump and the senators that support him. In 2010, he was also awarded an honorary fellowship by Cardiff University, while Aberystwyth University made him a fellow in 2014. Sir Michael Moritz at the Buckingham Palace when he was Knighted (Image: PA ) In recognition for his services towards promoting British economic interests and philanthropic work, Mr Moritz was made a Knight Commander of the Order of the British Empire (KBE) in the 2013 birthday honours list. He has signed The Giving Pledge, committing to donate at least 50% of his wealth to charity. In 2008, Moritz and his wife gifted $50m US to Christ Church, his Oxford college, marking the largest single donation in the college's history. In 2012, Moritz donated £75m to Oxford University to fund £11,000 scholarships for students from families earning less than £16,000 annually, making it the largest financial donation to an undergraduate university in European history. Article continues below Though we continue to use several big tech applications everyday, not many know that most of them share a common denominator — Wales, and a Welshman.
Wales Online
16-05-2025
- Business
- Wales Online
The Sunday Times Rich List reveals the eight richest people in Wales
The Sunday Times Rich List reveals the eight richest people in Wales Many on the list have lost some of their wealth over the past year Sir Michael Moritz , Sir Terry Matthews, Simon Nixon The richest people in Wales have been revealed as eight are named as some of the wealthiest people in the UK. Included on this year's edition of The Sunday Times Rich List is the couple behind Specsavers and the owner of Admiral. The list was published today - May 16 - and is updated yearly. It ranks the 350 richest people in the UK and is printed in a special edition of The Sunday Times Magazine. This year's list of individuals and families have a combined wealth of £772.8bn. The survey is based on wealth including land, property, other assets such as art and racehorses, or significant shares in publicly-quoted companies and excludes bank accounts, which the Sunday Times does not have access to. To get a spot on the list you must have a minimum wealth of £350 million with famous names such as Sir Elton John, Lord Lloyd-Webber, Sir Mick Jagger, Keith Richards, Euan Blair, Sir Lewis Hamilton. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here Since the list's peak of 177 billionaires recorded in the UK in 2022, the number has since dwindled each year to now 156 named in 2025, the sharpest decline yet. Not only has the number of billionaires dropped but the combined wealth of the people named on the list has reduced by three percent to £772.8 billion. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here Article continues below The top five named this year all hold the same spot from last year with a staggering combined wealth of over £10bn. Only one person made the list for the richest person in Wales under 40, founder and CEO of Net World Sports, Alex Lovén. These are Wales' five wealthiest individuals or families according to The Sunday Times Rich List 2025. 1. Sir Michael Moritz and Harriet Heyman (Image: PA ) Source of wealth: Venture capitalist and philanthropist 2025 wealth: £4.435bn Yearly difference: Down £168m National rank: 40 Cardiff-born Sir Michael Moritz, 70, is a former journalist who joined US investment house Sequoia Capital in 1986 and set up his own charitable foundation, Crankstart. He became a billionaire by making early investments into the likes of Google, PayPal, WhatsApp, YouTube, and a host of other tech giants before any other big names. After stepping down from being in charge of Sequoia Capital in 2012 for health reasons, Moritz and his American author wife Harriet Heyman - whom he shares his billions with - set up Crankstart to support students from low-income families. 2. Simon Nixon (Image: Western Mail ) Source of wealth: Tech entrepreneur (MoneySuperMarket) 2025 wealth: £1.95bn Yearly difference: Up £70m National rank: 86 In second place this year is 57-year-old Simon Nixon, who was born in Lincolnshire but grew up in Flintshire. Many will have heard of his fortune making website, MoneySuperMarket, which he co-founded in 1993. He eventually went on to sell his shares by 2016 and now has investments in Monzo. He also makes money from his holiday home website Simon Escapes where he rents out his personal collection of luxury homes around the world from Cornwall to Malibu. 3. Douglas Perkins and family (Image: Chris Tostevin-Hall ) Source of wealth: Opticians (Specsavers) 2025 wealth: £1.539bn Yearly difference: Down £48m National rank: 107 Douglas Perkins, 82, from Llanelli, and his wife Dame Mary Perkins,81, started their billion-pound fortune from a ping-pong table in their spare bedroom where they created Specsavers. The company is now a global chain of opticians and made Perkins and his family billionaires. Read more about Douglas' life growing up in Carmarthenshire here. 4. Sir Terry Matthews (Image: John Myers ) Source of wealth: Telecoms tycoon 2025 wealth: £1.338bn Yearly difference: Down £2m National rank: 119 Sir Terry Matthews was raised in Newbridge, earning a degree in electronics from Swansea University. He began his journey as an entrepreneur in Canada where he started his telecoms equipment venture Mitel in 1973. He now also owns the Celtic Manor Resort in south Wales. Matthews is recorded as Wales' first billionaire and was the richest man in Wales until 2012 but remains on The Sunday Times Rich List in 119th place in the UK and 4th in Wales. 5. David Sullivan and family (Image: PA ) Source of wealth: Landlord 2025 wealth: £1.118bn Yearly difference: Down £50m National rank: 143 Born in Cardiff, David Sullivan, 76, earned his millions by selling pornographic content, by the age of 25. By the late 1970s he ran half of the UK's adult magazine market and 150 sex shops. In 1982 he was convicted of living off immoral earnings and served 71 days in prison but he told the Standard in 2012 that he did not "feel embarrassed" by how he made his money. Article continues below Sullivan is currently the co-owner of West Ham United F.C as well as operating an investment company, Conegate, which owns property in London. The three others who make up the top eight in Wales are house builder Steven in sixth place (158th in the UK) who is worth £988m. Henry Engelhardt and Diane Briere de l'Isle in seventh (161st in the UK) and worth £980m. Construction tycoons Dai and Richard Walters were ranked eighth in Wales (305th in the UK) and worth £418m.
Bloomberg
08-05-2025
- Business
- Bloomberg
San Francisco Mayor Taps Billionaires for Homeless Shelter Beds
San Francisco Mayor Daniel Lurie has turned to some of the country's wealthiest philanthropists to advance his agenda on homelessness while the city faces a daunting budget deficit. The $37.5 million fundraising haul includes $10 million from Charles and Helen Schwab's foundation and another $10 million from Crankstart, the personal foundation of billionaire venture capitalist Michael Moritz.
Axios
03-04-2025
- Business
- Axios
SF downtown street party gets new philanthropic boost from billionaire elite
San Francisco's biggest free, monthly outdoor block party will continue to be a fixture in downtown through the end of the year thanks to a $1.75 million surge of new funding from the city's billionaire elite. State of play: Downtown First Thursdays was scheduled to end in April. But organizers on Thursday announced its extension along with a new speaker series beginning this summer and a western theme dubbed "Downtown Hoedown" from May through October. Follow the money: Crypto billionaire Chris Larsen, the Crankstart Foundation — funded by billionaire venture capitalist Michael Moritz — and former Gap chairman Bob Fisher and his wife Randi, who have supported the event with a $1 million annual endowment, are among the biggest donors. Levi Strauss & Co., Salesforce and JPMorgan Chase are also helping fund the expansion. What they're saying:"Downtown First Thursdays has already brought joy to thousands and delivered a major boost to our local economy. I'm thrilled to see it expand so we can keep building momentum," Mayor Daniel Lurie said in a statement. Catch up quick: The monthly event, which features live music, vendors, food trucks and art, was launched last May in an effort to break the post-pandemic "doom loop" by boosting downtown's economy, increasing foot traffic and reviving the city's nightlife scene. Since then, it has helped rake in nearly $12 million in revenue and drawn more than 160,000 attendees to lively parties that have included street performers, local DJs, drag shows and art installations, according to the event organizers. Between the lines: The new speaker series, called the "Symposium at DFT" will run from June to October at Salesforce Park Amphitheater from 5-9pm. KQED will be among the partners to present programming on the lineup of speakers, which will include various entrepreneurs, artists, authors and more. Space will be limited to first-come, first-served, with free tickets provided via RSVP required for entry. The new western-themed street party will have live country and bluegrass performances, line dancing and mechanical bull rides. What's next: The art coalition behind the event, which includes the event production company Into The Streets and the nonprofit Civic Joy Fund, hope to continue securing ongoing investments to make Downtown First Thursdays "a tradition for years to come."
