Category Archives: The super-rich

Green and social groups to benefit from €25m fortune of Austrian heiress

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Council of 50 random citizens decide how to use money given up by wealth-tax campaigner Marlene Engelhorn

An inherited fortune given away by an Austrian heiress who shunned her millions will go to dozens of non-profit organisations that work on issues including the environment, health and homelessness, a citizen group tasked to manage the fund has announced.

Marlene Engelhorn, a 32-year-old activist who has campaigned for a tax on extreme wealth, announced in January that she would give away the vast bulk – €25m(£21.1m) – of the money she inherited from her grandmother.

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Super-rich spending up to $500,000 on exclusive Paris Olympics packages

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Third-party hospitality packages are outlawed, yet agency part-owned by associates of Rafael Nadal and LeBron James promises access to top events as well as to stars

Members of the global super-rich are spending as much as $500,000 (£400,000) on “ultra-exclusive” packages for the Paris 2024 Olympics that promoters claim include meeting athletes, access to the athletes’ village and “the chance to be part of the opening ceremony”.

GR8 Experience, an “international experience agency” part-owned by the business manager of the basketball star LeBron James and the PR manager of the tennis player Rafael Nadal, is selling Olympic packages that it claims include tickets to 14 events such as the men’s 100m finals and the opening ceremony for $381,600.

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Dividends payments soar globally as worker pay stagnates

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Shareholder payouts grew 14 times faster than wages over past three years, says Oxfam report

Shareholders have proved to be more successful at securing bumper payouts than workers have at winning higher pay, according to two studies that show dividends outstripping wages by a considerable margin in recent years.

Oxfam said analysis of global data showed that dividend payments to shareholders over the last three years grew an average of 14 times faster than worker pay across 31 major economies.

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Billionaire Jeff Yass linked to $16m in donations to anti-Muslim and pro-Israel groups

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The TikTok investor is also linked to funding challenges to progressive politicians and against Obama’s Iran nuclear deal

Top Republican donor and TikTok investor Jeff Yass is connected to over $16m in funding to anti-Muslim and pro-Israel groups that have advocated for a US war with Iran and other militaristic policies in the Middle East, according to an investigation by the Guardian and Responsible Statecraft.

Media reports on Yass, the billionaire co-founder of Susquehanna International Group, a trading and technology firm, have focused on his outsized role in the Republican party, to which he is now the largest political donor in the 2024 election cycle, contributing more than $46m thus far.

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‘Jaw-droppers’: Bentley profits top £500m as rich seek personalised cars

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Wealthy are willing to pay more than double the standard price of £170,000, says luxury carmaker

The luxury carmaker Bentley is cashing in as more of the world’s richest people opt to spend hundreds of thousands of pounds on “levels of personalisation that we’ve never seen before”, the company has said.

While households all over the world struggle with inflation and the continued impact of the global energy crisis, its chief executive, Adrian Hallmark, said that “our customers can still afford our cars”, even if some were hesitating before committing.

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Ben Elliot’s Quintessentially warns £29m liabilities could threaten its future

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Concierge service for super-rich co-founded by Queen Camilla’s nephew lost £1.5m in latest financial year

Quintessentially, the concierge service for the super-rich co-founded by Queen Camilla’s nephew, Ben Elliot, lost £1.5m in its latest financial year and warned investors it is struggling with £29m of liabilities that could threaten its future as a going concern.

The company that Elliot, a former co-chair of the Conservative party, set up in 2020, reported pre-tax losses of £1.5m in the year to the end of April 2022, compared with a £3.8m loss a year earlier. However, its post-tax losses increased to £12.9m, up from £8m the previous year.

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Russian billionaire loses Sotheby’s fraud case over artworks including Salvator Mundi

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Oligarch Dmitry Rybolovlev had accused Sotheby’s of conspiring with dealer over pieces including Salvator Mundi, which later became the most expensive art sold at auction

A US federal jury has ruled in favour of Sotheby’s at a trial in which the Russian billionaire oligarch Dmitry Rybolovlev accused the auction house of defrauding him out of tens of millions of dollars in art sales.

Rybolovlev had accused Sotheby’s of conspiring with Swiss art dealer Yves Bouvier to trick him into paying inflated prices for four works including Salvator Mundi, a depiction of Christ attributed to Leonardo da Vinci that would become the most expensive artwork sold at auction.

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UK spends more financing inequality in favour of rich than rest of Europe, report finds

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Inequalities of income, wealth and power cost UK £106.2bn a year compared with average developed OECD country

The UK spends more than anywhere else in Europe subsidising the cost of structural inequality in favour of the rich, according to an analysis of 23 OECD countries.

Inequalities of income, wealth and power cost the UK £106.2bn a year compared with the average developed country in the Organisation for Economic Co-operation and Development (OECD), according to the Equality Trust’s cost of inequality report.

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Private jet service for rich dog owners condemned by climate campaigners

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UK-based charter firm launches ‘ludicrous’ £8,166 Dubai-London route for clients who want to fly with pets

Environmentalists have condemned a “ludicrous” private jet service that transports wealthy people’s dogs, which this week ran its first flight from Dubai to London.

For £8,166, one way, customers were able to sit with their dogs on their laps and sip champagne as they travelled from Al Maktoum international airport to Farnborough in a Gulfstream IV-SP jet.

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Owners of 100,000 properties held by foreign shell companies unknown despite new UK laws

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Loopholes are used to obscure ownership of two-thirds of English and Welsh properties held by foreign shell companies

More than two-thirds of English and Welsh properties held by foreign shell companies do not report the identity of their owners, according to analysis that found significant flaws in laws meant to prevent oligarchs from hiding their wealth.

The UK government hurriedly introduced a register of overseas entities in August 2022 after Russia’s invasion of Ukraine in February that year, in an attempt to “flush out corrupt elites laundering money through UK property”. However, critics said there were severe flaws in the rules from the start.

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Police investigate after $30m super yacht destroyed by fire in Sydney

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Only debris remained after crews were unable to extinguish the blaze that engulfed the multimillion dollar vessel

Police and fire investigators are looking into the cause of a blaze that sank a $30m super yacht owned by Australian-British businessman Michael Hintze in Sydney on Saturday night.

Police said emergency crews were called to a dock fire on Clarke Road at Woolwich on Sydney’s lower north shore just after 8pm on Saturday night to find the 195-foot (59-metre) vessel, the Andiamo, fully engulfed.

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Global wealth fall cost 3.5m people ‘dollar millionaire’ status last year

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UBS says assets dipped for first time since financial crisis as high inflation and struggling currencies took toll

More than 3.5 million people lost their “dollar millionaire” status last year during the first fall in global wealth since the 2008 financial crisis.

The number of adults with assets of more than $1m (£790,000) fell from 62.9 million at the end of 2021 to 59.4 million at the end of 2022, according to the UBS annual wealth report, published on Tuesday. The Swiss bank said global wealth was depressed by high inflation and the collapse of many currencies against the dollar.

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Ukraine creates database of art linked to sanctions-hit Russians

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Corruption agency hopes portal will ‘make it difficult for Russian oligarchs to sell such assets’

From Leonardo da Vinci’s Salvator Mundi to Andy Warhol’s Four Marilyns, it amounts to an art collection that could grace any gallery in the world.

But rather than being the highlights of a blockbuster exhibition at a major gallery, these are just some of the 300, and counting, pieces known to have been recently owned by Russian nationals under western sanctions that have been entered into a searchable database set up by Ukraine’s National Agency on Corruption Prevention (NACP).

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Jim Ratcliffe’s charity cleared by regulator after preliminary investigation

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Foundation set up by Sir Jim Ratcliffe, the UK’s richest person, had provided funding for a luxury clubhouse at ski club

The Charity Commission has closed a preliminary investigation into concerns about governance at a charity set up by the UK’s richest person, Sir Jim Ratcliffe, which helped fund a £16m luxury clubhouse for an exclusive French Alps club where he and his daughter have skied for years.

The UK charity watchdog announced on Thursday that it had closed its “regulatory compliance case” into the Jim Ratcliffe Foundation after finding that “the charity’s activities further its purposes and that there is no further role for the regulator”.

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An ‘unbelievable deal’? The $200m mansion reportedly bought by Beyoncé and Jay Z

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40,000 sq ft manor overlooking the Pacific Ocean in Malibu is thought to be California’s most expensive home ever

With its steep green cliffs overlooking the Pacific Ocean, Malibu is a top contender in America’s ultra-luxury real estate market. Its rise in the rankings of the favorite spots of the super-rich was solidified again in past weeks, with reports that Beyoncé and Jay-Z purchased a 40,000 sq ft oceanfront mansion in the coastal enclave.

TMZ first reported that the star couple had snapped up a modernist mansion designed by the celebrity Japanese architect Tadao Ando. With a sale tag of $200m, the acquisition appears to break the record for the most expensive home in California.

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SP Hinduja, billionaire head of Britain’s richest family, dies at 87

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Chair of Hinduja Group and his family had estimated collective fortune of more than £28bn

SP Hinduja, the billionaire patriarch of Britain’s richest family and chair of the globe-spanning Hinduja Group conglomerate, has died in London at the age of 87, his family have confirmed.

Srichand P Hinduja, who was known as SP or Sri, had dementia, according to reports.

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Wealth tax of 0.5% could cover UK’s share of loss and damage fund, says charity

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International fund set up at Cop27 is intended to provide compensation to countries worst hit by climate breakdown

A tax on wealthy Britons of just 0.5% could more than meet the UK’s entire “fair share” contribution to the international loss and damage fund established to support countries worst hit by global climate breakdown, a charity has suggested.

Taxing 5p of every £10 of individuals’ wealth over £1m would raise £15bn a year by 2030, well in excess of an estimated $15bn (£12bn) UK contribution to the new fund, according to an analysis by the anti-poverty campaigners Christian Aid.

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Duke of Westminster’s property firm pays £50m dividend despite profits drop

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Boss of Grosvenor, which owns swathes of Mayfair and Belgravia, warns of ‘more pain’ for commercial property market

The Duke of Westminster’s property company, which owns swathes of London’s exclusive Mayfair and Belgravia districts, has paid out a £50m dividend despite falling profits.

The boss of Grosvenor, the duke’s £11.5bn property empire, warned of a period of stagflation and that UK interest rates and inflation could stay high for longer than expected, resulting in “more pain” for the commercial property market.

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Super-rich abandoning Norway at record rate as wealth tax rises slightly

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Flood moving abroad has come as a shock and is costing tens of millions in lost tax receipts

A record number of super-rich Norwegians are abandoning Norway for low-tax countries after the centre-left government increased wealth taxes to 1.1%.

More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv. This was more than the total number of super-rich people who left the country during the previous 13 years, it added. Even more super-rich individuals are expected to leave this year because of the increase in wealth tax in November, costing the government tens of millions lost tax receipts.

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Gautam Adani falls out of world top 10 rich list as his companies’ shares slide

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Abu Dhabi fund’s $400m investment in Indian group fails to stop fall in value after fraud allegations

The Indian billionaire Gautam Adani has fallen off the list of the world’s top 10 richest people as the value of shares in his companies continue to slide after an activist investor accused him of “pulling the largest con in corporate history”.

Before the accusations published last week on Twitter, Adani, 60, was the world’s third-richest person with an estimated $119.5bn (£97bn) fortune. He has fallen to 11th place in the daily-updated Bloomberg billionaires index after a personal wealth wipeout of $34bn in just four days of trading since the accusations were published.

Shares in Adani’s companies continued to slide on Tuesday despite a $400m investment from an Abu Dhabi investment fund linked to the country’s royal family.

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