Latest news with #billionaire
Yahoo
an hour ago
- Business
- Yahoo
Mark Cuban's 3 Most Controversial Money Tips — And Who Stands To Gain From Them
Mark Cuban is a self-made billionaire, an early internet pioneer and a celebrity influencer. According to Forbes, his efforts have earned him a personal fortune of $5.7 billion. One thing he isn't, however, is reserved. The Cost Plus Drugs founder and Dallas Mavericks minority owner is either famous or infamous, depending on who you ask, for his brash, outspoken, and often unconventional positions on politics, technology, and, of course, money. Explore More: Try This: Here are three of Cuban's most controversial money tips, along with insight into who might benefit from them. The longtime billionaire also shared some genius things to do with your money. Cut Up Your Credit Cards Conventional credit card wisdom advises against running a revolving debt. Those who pay their statement balance in full every month avoid paying interest and can take advantage of valuable perks and rewards, a dynamic Cuban is all too familiar with. 'I should have paid off my cards every 30 days,' Cuban said in a 2016 Business Insider interview regarding money mistakes from his younger years. However, even not running a balance isn't enough for Cuban, who bucks popular opinion by advising people to avoid charging altogether. Check Out: 'Credit cards are the worst investment that you can make,' he continued. 'That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market.' In a 2008 blog post, he put it even more bluntly: 'Cut up your credit cards. If you use a credit card, you don't want to be rich.' Who stands to gain: Undisciplined consumers prone to overspending and those with poor organizational skills who might struggle to keep track of credit card accounts. Live Like a Student While there's near-universal agreement that overspending is toxic and living within one's means is crucial, many experts advise against extreme frugality because, for most people, spartan lifestyles are not sustainable in the long term, and excessive privation can be harmful. As a guest on 'The Really Good Podcast,' Cuban reminisced about sleeping on the floor as a young man. To save money, he lived with so many roommates that he not only didn't have a room, but went without a bed and a closet, too. He has previously discussed driving cars that cost no more than $200 and grocery shopping at midnight to save as much as possible after being inspired by a book to live on $50 a day. He has referred to the lifestyle as living 'like a student,' which he suggests to anyone who is not yet rich. Who stands to gain: Those with very low incomes who can't currently afford more than the bare essentials without going into debt; Highly disciplined savers willing to endure extreme deprivation to build savings quickly. 'Diversification Is for Idiots' Diversification — not putting all your eggs in one basket by spreading your money across different assets — is one of the cornerstones of modern investing wisdom. With that in mind, Cuban summed up what might be his most controversial piece of advice in a 2011 Wall Street Journal interview, in which he told the host, 'Diversification is for idiots.' Channeling the wisdom of Warren Buffett, who Medium quotes as saying, 'Diversification is for people who don't know what they're doing,' Cuban concluded, 'You can't diversify enough to know what you're doing.' Who stands to gain: Experienced, skilled investors who have the knowledge and resources to conduct high-level analysis — and money to lose if their big bets fail. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on Mark Cuban's 3 Most Controversial Money Tips — And Who Stands To Gain From Them 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
Bloomberg
20 hours ago
- Business
- Bloomberg
China Scion's Fight With Half-Siblings Sends Succession Warning
For decades, Kelly Zong had been known as the only child to her late billionaire father, the founder of beverage empire Hangzhou Wahaha Group Co. His effort to groom her as a successor was hailed as a model for Chinese entrepreneurs during the one-child policy era. But Kelly is now grappling with two overlapping legal challenges stemming from unresolved matters left behind by her father — cases that could set a legal precedent for wealth succession in China and cast a shadow over the reputation of one of the country's most iconic beverage empires.
Forbes
a day ago
- Business
- Forbes
John Fredriksen The Latest Billionaire To Leave Britain
One of the richest people in the United Kingdom, shipping billionaire John Fredriksen, is reportedly selling his 300-year-old Georgian manor in London a month after he declared 'Britain has gone to Hell,' joining a mass exodus of super wealthy residents leaving the United Kingdom. Picture made on October 17, 2007 in Oslo of John Fredriksen. SCANPIX NORWAY/AFP via Getty Images Fredriksen has reportedly fired more than a dozen domestic employees and is arranging for discreet viewings of the 30,000-square-food mansion known as The Old Rectory, cementing his departure from Britain. The Old Rectory in Chelsea is one of Britain's most expensive houses at an estimated $337 million (£250 million) and includes 10 bedrooms, a ballroom and two acres of land—the third-largest private gardens in London. The move to sell the famous property comes one month after Fredriksen blamed the abolishment of non-domicile tax status (which previously allowed non-citizen residents to only pay British taxes on the money they earned in the country) for his decision to leave the U.K. He confirmed to E24, a Norwegian publication, that he was relocating to the United Arab Emirates and declared, 'the entire western world is on its way down." Fredriksen closed the London headquarters of Seatankers Management, one of his private shipping businesses, earlier this year. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here : Fredriksen is just the latest of the United Kingdom's super wealthy residents to leave the country. Britain is losing millionaires and billionaires faster than any of the other wealthiest countries in the world, according to Henley & Partners, and 16,500 millionaires are expected to leave this year. The U.K. ranks fifth in the world in terms of its high-net-worth ($1 million and above) individual population, but is the only one of the world's 10 richest countries to have negative millionaire growth over the past decade. Tax reforms—including a hike in inheritance tax, 15% value-added tax on private school fees and shifts in the residence-based tax system—have all made the U.K. increasingly unattractive to high-net-worth investors, Henley reports. Others to have recently left Britain include billionaires Christian Angermayer and Nassef Sawiris, who owns Aston Villa. Montenegro has seen the highest millionaire growth by percentile than any other country in the last decade. Its millionaire population has ballooned by 124%. The United Arab Emirates is in second place (98%), followed by Malta (87%), the U.S. (87%) and China (74%). Big Number 9,800. That's how many millionaires are expected to move to the UAE this year, more than any other country. Together, they're expected to be worth an estimated $63 billion. Tangent The Old Rectory in Chelsea dates back to the 1720s and the site was formerly home to the rector of Chelsea parish church, which dates back to 1157. It was refurbished in the 1990s and sold to Greek shipping magnate Theodore Angelopoulos in 1995 for $30 million (£22 million), after which it long held the record for London's largest and most expensive property sale. Fredriksen bought the property for $50 million (£37 million) in 2001 and reportedly turned down an unsolicited $135 million (£100 million) offer from Russian business oligarch Roman Abramovich to buy the property in 2004. Forbes Valuation Fredriksen, an 81-year-old Cypriot national, was the 136th-richest man in the world as of Monday. He has an estimated net worth of $17.3 billion, which he made in the oil and shipping businesses. Today, his empire includes oil tankers, dry bulkers, LNG carriers and deepwater drilling rigs. He is expected to hand control of his empire to his twin daughters, Cecilie and Kathrine Fredriksen. Section Title Forbes The World's Most Powerful Passports In 2025, According To Henley Index By Duncan Madden Forbes Henley Wealth Report 2025: U.S. Tops Global Wealth Growth By Duncan Madden Forbes The World's Wealthiest Cities In 2025, According To The Henley Cities Report By Duncan Madden
Daily Mail
2 days ago
- Business
- Daily Mail
UK's ninth richest billionaire cashes out and puts £250million London mansion up for sale after declaring 'Britain has gone to hell'
The UK's ninth richest billionaire has cashed out, placing his eye-watering £250million London mansion on sale after declaring that 'Britain has gone to hell'. John Fredriksen moved his business out of the UK capital last month after it had emerged he had closed the Sloane Square headquarters of one of his private businesses - Seatankers Management. Now, his luxury 300-year-old Georgian manor is said to be hitting the market. Nestled on Chelsea's oldest street in west London, the Old Rectory comes fit with a private ballroom and a near two acre garden, one of central London's largest. Mr Fredriksen, 81, is understood to be packing up his multi-million pound home, boasting up to 10 bedrooms across 30,000 square feet, The Times has reported. Local residents have alleged that more than a dozen domestic staff have been let go, while discreet viewings of the grand mansion are also set to be arranged. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites but instead will be sold in an 'off-market' private deal delivered by specialist agents. A spokesman for Fredriksen declined to comment on whether The Old Rectory was on sale, alongside whether any domestic staff had been let go, according to The Times. The Norwegian-born shipping tycoon, who has an estimated wealth of around £13.7billion, has been publicly critical of Britain's poor economic prospects, particularly following Labour's controversial non-dom tax raid. Local residents have alleged that more than a dozen domestic staff have been let go, while discreet viewings of the grand mansion are also set to be arranged. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites He is said to be spending most of his time running his successful business empire from the United Arab Emirates, rather than the UK. At a shipping event in June, Mr Fredriksen told Norwegian title E24 that Britain was 'starting to remind me more and more of Norway', adding: 'Britain has gone to hell, like Norway'. He continued: 'The entire Western world is on its way down. 'People should get up and work even more, and go to the office instead of having a home office.' Mr Fredriksen purchased the Grade II-listed riverside mansion from Greek businessman Theodore Angelopoulos in 2001 for £37million. In 2004, he reportedly turned down former Chelsea owner Roman Abramovich's £100million offer for the house. Having first gotten into oil trading in the 1960s and then buying his first tankers in the 1970s, Mr Fredriksen left Norway in 1978. The oil tanker magnate went on to make his fortune during the Iran-Iraq war in the 1980s. The oil tanker magnate moved his business out of the UK capital last month after it had emerged he had closed the Sloane Square headquarters of one of his private businesses - Seatankers Management. In an interview with E24 in June, he said that 'Britain has gone to hell' John Waters, director of independent buying agency Robert Bailey Property, told The Times that 'many' of the UK's wealthiest home owners that have left the country in recent years have chosen to rent overseas, rather than sell their properties. They do so, he said, 'in the hope that the UK tax system will in the future become less unfavourable'. Mr Waters added: 'They feel they have little choice due to the end of non-dom status and the prospect of all their global assets being subject to UK inheritance tax.' In April, The Labour Government abolished the non-dom tax status in April, which is where UK residents whose permanent home or domicile for tax purposes is outside the country. Then, just a month later, it was revealed that the UK has suffered the biggest fall in billionaires on record. The number dropped to 156 this year from 165 in 2024, representing the sharpest decline in the Sunday Times Rich List's 37-year-history. 'Our billionaire count is down and the combined wealth of those who feature in our research is falling,' Robert Watts, compiler of the Rich List, said when it was published last month. 'We are also finding fewer of the world's super rich are coming to live in the UK.' Research by New World Wealth has also suggested that the UK has lost 18 dollar billionaires over the last two years - more than any other country in the world. However, putting an exact figure on the number of billionaires leaving the country is complicated by the difficulty of calculating an individuals' wealth and working out their tax residency if they do not make this information public. The drop in Britain's billionaires also came after the Autumn Budget last year that included several controversial tax changes. Since April, employers have had to start paying higher National Insurance contributions for their staff.
CBC
2 days ago
- Business
- CBC
Billionaire Ruby Liu holds job fair for future stores
Ruby Liu — the B.C.-based billionaire trying to take over former Hudson's Bay locations to create her own department store — held a job fair in Toronto over the weekend, even though she doesn't currently have access to any stores in Ontario.
