Our 20 favourite pieces of the year
After growing up in a Zimbabwe convulsed by the legacy of colonialism, when I got to Oxford I realised how many British people still failed to see how empire had shaped lives like mine – as well as their own
Continue reading...From climate crisis to anti-racism, more and more corporations are taking a stand. But if it’s only done because it’s good for business, the fires will keep on burning
In early 2020, bushfires raged across Australia. More than 3,000 homes were destroyed, reduced to ash and rubble by the unrelenting onslaught of flames. Tragically, 34 people died in the fires themselves, with an estimated 445 more dying as a result of smoke inhalation. More than 16m hectares of land burned, destroying wildlife and natural habitats. Nearly 3 billion animals were affected. So massive were the fires that the smoke was visible over Chile, 11,000km away. The record-breaking inferno that engulfed Australia was described as a “global catastrophe, and a global spectacle”. As reported in the New Statesman, Australia had come to symbolise “the extreme edge of a future awaiting us all” as a result of the climate crisis. The Australian government’s inquiry into the bushfires unequivocally reported that “it is clear that we should expect fire seasons like 2019–20, or potentially worse, to happen again”.
If we turn the clock back to less than a year earlier, 15 March 2019 marked the day that 1.4 million children turned out at locations around the world, on “strike” from school in support of action against the climate crisis. In Australia, the strikes were especially targeted at the government’s dismal record of inaction, with many politicians being climate-change deniers. The Australian prime minister, Scott Morrison, was vocal in his criticism of the strikes. He wanted students to stay in school instead of engaging in democratic protest. His public statement said: “I want children growing up in Australia to feel positive about their future, and I think it is important we give them that confidence that they will not only have a wonderful country and pristine environment to live in, that they will also have an economy to live in as well. I don’t want our children to have anxieties about these issues.”
Continue reading...Chinese Communist party to crack down on almost weekly creation of billionaire company bosses
China’s president has vowed to “adjust excessive incomes” in a warning to the country’s super-rich that the state plans to redistribute wealth to tackle widening inequality.
According to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist party’s central financial and economic affairs commission on Tuesday, that the government should “regulate excessively high incomes and encourage high-income groups and enterprises to return more to society”.
Continue reading...Data leak published by ProPublica fuels calls to tighten up system which sees ultra-wealthy pay little or no tax
The revelation last week that the 25 richest US billionaires have paid very little tax even as their fortunes have soared has reignited demands for wealth taxes on both sides of the Atlantic.
An unprecedented leak of “a vast trove” of 15 years of Internal Revenue Service (IRS) data to the investigative news site ProPublica has provided a staggering insight into the legal strategies the very rich deploy to avoid tax.
Continue reading...ProPublica investigation shows how little US super-rich, including Jeff Bezos and Elon Musk, reportedly paid between 2014 and 2018
The 25 richest Americans, including Jeff Bezos, Warren Buffett and Elon Musk, paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period.
Related: Global economy set for fastest recovery for more than 80 years
Continue reading...Lack of prenuptial agreement with Bill Gates could herald $73bn divorce settlement as fears focus on future of couple’s charity
Melinda Gates, a philanthropist and campaigner for female empowerment, could be about to become the world’s second-richest woman, with a fortune estimated at $73bn.
In her divorce petition filed on Monday at King County superior court in Seattle, Washington, Melinda Gates stated that her marriage to multibillionaire Microsoft co-founder Bill Gates, one of the richest men on the planet, had “irretrievably broken” and called on the courts to divide up the couple’s combined $146bn (£105bn) fortune
Continue reading...Court rules that Temur Akhmedov had worked with his father to help him avoid £453m settlement
The son of an oligarch caught up in the world’s largest divorce case has been told to pay £75m to his mother after a judge at the high court in London found he was “a dishonest individual who will do anything to assist his father”.
Temur Akhmedov was found to have worked together with his father, the billionaire Farkhad Akhmedov, to hide hundreds of millions of pounds of assets – including several mansions, a superyacht, a helicopter and an extensive art collection – in order to avoid paying a £453m divorce settlement.
“Temur has learned well from his father’s past conduct and has done and said all he could to prevent his mother receiving a penny of the matrimonial assets,” the judge, Gwynneth Knowles, said in a ruling on Wednesday. She ruled that he should pay his mother more than £75m.
Continue reading...Holdings of more than 40,000 hectares in London, Scotland and Newmarket make Dubai ruler one of UK’s biggest landowners
The controversial ruler of Dubai has acquired a land and property empire in Britain that appears to exceed 40,000 hectares (100,000 acres), making him one of the country’s largest landowners, according to a Guardian analysis.
The huge property portfolio apparently owned by Sheikh Mohammed bin Rashid al-Maktoum and his close family ranges from mansions, stables and training gallops across Newmarket, to white stucco houses in some of London’s most exclusive addresses and extensive moorland including the 25,000-hectare Inverinate estate in the Scottish Highlands.
Continue reading...Abigail Disney has parted with $72m – and thinks the rich need to pay far more tax. As Covid widens the inequality gap, she and an international league of the super-rich are urging governments to take their money
Abigail Disney has always been very, very rich, or, as she describes it, “too rich”. The money came with her name: she is the granddaughter of Roy Disney who, with his brother Walt, founded the Walt Disney Company in 1923. Disney, 61, refuses to say how much she has, but acknowledges she would have been a billionaire in her own right had she not realised in her 20s that it was her fortune that was making her miserable, and decided to start giving it away.
She has been donating to good causes ever since – $72m (£52m) and counting, mostly to groups helping women in prison, women living with HIV, and victims of domestic violence. But giving it away is no longer enough. She wants the tax collector to take more money, not only from her, but from “all of the absurdly rich people across the world”.
Continue reading...The hedge fund manager earns Britain’s biggest salary. He also avoids meat, likes yoga and supports Extinction Rebellion
Hedge fund manager Sir Chris Hohn once made a point of telling a high court judge that he was an “unbelievable moneymaker”. This week Hohn proved his point – definitively – when it was revealed that he paid himself just shy of £1m-a-day last year.
Hohn collected $479m (£343m) in annual dividend payments from his The Children’s Investment (TCI) fund in the biggest ever personal payday in the UK after doubling profits at his Mayfair hedge fund, run from an office a couple of doors down from Louis Vuitton’s flagship store.
Continue reading...Elon Musk, Steven Spielberg and Nicolas Cage among those who collect rocks that can cost millions
They really are from out of this world, and the prices are astronomical. For those who have everything they need on Earth, what they now want is a little bit of space. Meteorites are attracting the attention of celebrity collectors who have pushed the price of the rocks – which have hurtled through space for hundreds or even thousands of year before crashing into this planet – tenfold over the past decade.
More than 70 of the most spectacular meteorites ever found will go under the hammer at Christie’s auction house next week in a sale that is expected to generate millions of pounds. Included in the Deep Impact auction are meteorites embedded with gem stones and others have suffered such an impact from blasting through the atmosphere at up to 160,000mph that they resemble sculptures by Alberto Giacometti or Henry Moore.
Continue reading...Sales of £15m-plus English country homes breaking records as wealthy families ‘recalibrate their priorities’
The world’s super-rich are seeking to escape from coronavirus lockdowns in cities by buying multimillion-pound English country estates to create Downton Abbey lifestyles, complete with butlers, cooks, housekeepers and armies of gardeners.
Estate agents are reporting a surge in sales of vast country estates and former castle properties, which until Covid-19 struck had become increasingly hard to shift as the richest of the rich instead opted to live in luxurious skyscraper penthouses, on tropical islands or superyachts.
Continue reading...Documents reveal UAE president owns multibillion-pound property portfolio spanning London’s most expensive neighbourhoods
The row of 1960s-built houses with untidy gardens on a quiet cul-de-sac near Richmond upon Thames appears to have little in common with Ecuador’s red-brick embassy in Knightsbridge, where Julian Assange spent seven years in hiding, just across the road from Harrods.
Continue reading...Developer seeks to cash out of investment in John Nash-designed terrace with views of Regent’s Park
Developers have stuck an asking price of £185m on a house overlooking Regent’s Park in central London in what would be the UK’s second most-expensive home purchase.
The property firm Zenprop is targeting foreign billionaires as potential buyers of 1-18 York Terrace East as it seeks to cash out of a 2016 investment.
Continue reading...Exclusive: Group of 83 wealthy individuals demands ‘immediate, substantial and permanent’ higher taxes ‘on people like us’
A group of 83 of the world’s richest people have called on governments to permanently increase taxes on them and other members of the wealthy elite to help pay for the economic recovery from the Covid-19 crisis.
The super-rich members, including Ben and Jerry’s ice cream co-founder Jerry Greenfield and Disney heir Abigail Disney, called on “our governments to raise taxes on people like us. Immediately. Substantially. Permanently”.
Continue reading...Stock market crash strips billionaire status from 267 of world’s richest people in the annual list
Donald Trump lost an estimated $1bn of his paper fortune in the past month as the coronavirus lockdown forced the closure of offices, shopping centres, hotels and golf courses he owns.
The US president’s fortune has fallen from an estimated $3.1bn (£2.5bn) on 1 March to $2.1bn on 18 March (at the height of stock market panic caused by the coronavirus pandemic) according to Forbes magazine’s annual billionaires list.
Continue reading...Microsoft billionaire’s innovative and eco-fuelled 112m Aqua vessel to launch after 2024
Bill Gates has ordered the world’s first hydrogen-powered superyacht, worth an estimated £500m ($644m) and featuring an infinity pool, helipad, spa and gym.
The billionaire co-founder of Microsoft has commissioned the Aqua ship – a 112-metre (370ft) luxury vessel completely powered by liquid hydrogen – which was publicised last year at the Monaco yacht show by the Dutch design firm Sinot.
Continue reading...Three PMs attend marketing sales event on how wealthy can snap up citizenship from $100,000
Three prime ministers took to a stage in the ballroom of a five-star London hotel this week offering the world’s wealthiest people “golden passports” and citizenship of their countries in return for hundreds of thousands of pounds of investment or flat “contributions”.
Allen Chastanet, the prime minister of the Caribbean island of St Lucia, told about 300 members of the super-rich elite and their advisers gathered at the Rosewood hotel for “global citizenship conference” that his country’s economic mission was “going after high net-worth individuals and giving them a comfortable place to live”.
Continue reading...Wealthy see potential taxes imposed by Jeremy Corbyn as bigger threat than Brexit
The super-rich are preparing to immediately leave the UK if Jeremy Corbyn becomes prime minister, fearing they will lose billions of pounds if the Labour leader does “go after” the wealthy elite with new taxes, possible capital controls and a clampdown on private schools.
Lawyers and accountants for the UK’s richest families said they had been deluged with calls from millionaire and billionaire clients asking for help and advice on moving countries, shifting their fortunes offshore and making early gifts to their children to avoid the Labour leader’s threat to tax all inheritances above £125,000.
Continue reading...Increase comes despite clampdown on scheme after Skripal novichok poisoning
The number of wealthy foreigners investing at least £2m in the UK in exchange for a “golden visa” has risen to a five-year high, despite a clampdown on the scheme in the aftermath of the Skripal novichok poisoning attack.
The Home Office granted 255 people tier-1 investor visas in the first half of 2019, allowing them to live and work in the UK for five years. This was the most in a six-month period since 2014, according to the department’s data.
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