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

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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China’s super-rich see fortunes plunge as economy slows

The Hurun Rich list shows the Russia-Ukraine war and Beijing’s zero-Covid measures seriously affecting China’s most wealthy

China’s super-rich saw their wealth fall by the largest amount in over two decades, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling local stock markets pummelled fortunes, an annual rich list showed.

The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($690m), said only 1,305 people made the threshold this year, down 11% from last year. Their total wealth was $3.5tn, down 18% from last year.

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Cost of living crisis: Stop the Squeeze calls for wealthiest to ‘pay proper share’ of tax

Coalition of 40-plus charities and groups launches amid fears of spending cuts to plug public finances

Pressure is building on the leaders of Britain’s two biggest political parties to support higher taxes on wealth amid growing fears over the impact that a renewed austerity drive would have amid the cost of living crisis.

In an intervention which comes as the new prime minister, Rishi Sunak, considers options for filling a £35bn black hole in the public finances, a new coalition of 40 charities and campaign groups – including Oxfam, Save the Children and Christians Against Poverty – said Britain’s tax system was broken and those who paid the most should “pay their proper share”.

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Superyacht linked to sanctioned Russian oligarch Igor Kesaev on sale for £26m

Brokers in Monaco told it is ‘strictly prohibited’ to advertise sale of MySky on print or the internet

A superyacht built for an oligarch subjected to sanctions over the supply of weapons to the Russian army is being discreetly offered for sale for £26m, with buyers advised that any viewings will be in the Maldives in the Indian Ocean.

Brokers are being warned that the sale of MySky, built for Igor Kesaev, should not be advertised online. The vessel’s latest recorded location was in a marina on a small island four miles south of Malé, the capital island of the Maldives.

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Indian tycoon Gautam Adani named world’s third richest person

Billionaire becomes first Asian person to break into the top three of world’s wealthy

The Indian tycoon Gautam Adani has been named the world’s third richest person with an estimated $137bn (£117bn) fortune and becomes the first Asian person to break into the top three of world’s wealthy.

Adani, 60, who founded the mining-to-energy conglomerate Adani Group after dropping out of university, was on Tuesday ranked third on the daily-updated Bloomberg Billionaires Index.

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Billionaire closes main road in South Kensington for gardening work

Ivy owner Richard Caring wins council permission to close part of Onslow Square, a busy ambulance and bus route, for two weeks

Richard Caring, the billionaire owner of the celebrity hotspot restaurant the Ivy and private members’ club Annabel’s, has won permission to close a main road in South Kensington, central London, in order to have dozens of trees planted in the grounds of his £40m mansion.

Caring, who has built up an estimated personal fortune of more than £1bn from his clubs and restaurants empire, which also includes the Sexy Fish in Mayfair, secured permission from the council to close part of Onslow Square for two weeks in order to install a crane to carry the mature trees over a row of neighbouring terraced houses.

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Queen’s ‘seabed rights’ swell to value of £5bn after auction of plots

British crown estate portfolio rises in value by 8.3% to £15.6bn

The value of rights owned by the Queen’s property company to exploit the seabed around Britain’s coastline has swelled to £5bn after a record-breaking auction of plots for offshore windfarms.

Profits for the crown estate, which generates money for the Treasury and the royal family, jumped by £43.4m to £312.7m in the year to the end of March.

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HMRC to relocate to Newcastle office owned by Tory donors via tax haven

Exclusive: Deal is part of north-east regeneration scheme developed by property tycoons David and Simon Reuben

HM Revenue and Customs has struck a deal to relocate tax officials into a new office complex in Newcastle owned by major Conservative party donors through an offshore company based in a tax haven, the Guardian can reveal.

The department’s planned new home in the north-east of England is part of a regeneration scheme developed by a British Virgin Islands (BVI) entity controlled by the billionaire property tycoons David and Simon Reuben.

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Why progressive gestures from big business aren’t just useless – they’re dangerous

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.”

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Richest 25 Americans reportedly paid ‘true tax rate’ of 3.4% as wealth rocketed

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

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100 richest UK families urged to commit £1bn to tackle climate crisis

As UK prepares for environment push at G7 summit, letter asks richest to make climate charitable focus

The UK’s 100 richest families are being urged to commit £1bn over the next five years to tackle the climate emergency and halt the destruction of the natural world, as the world prepares for a big push on environmental issues at the G7 summit.

Each of the 100 richest families in the UK, and the 100 biggest charitable foundations, will receive a letter on Saturday asking them to make the climate and biodiversity crises a focus of their philanthropic efforts, in order to stave off pending disasters that would imperil all their other charitable efforts.

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Melinda Gates could become world’s second-richest woman

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

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The very private life of Sir Chris Hohn – the man paid £1m a day

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.

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Elon Musk becomes world’s richest person

Tesla co-founder overtakes Amazon’s Jeff Bezos as car firm’s shares soar after ‘blue Senate’ victory

Elon Musk, the maverick boss of Tesla, has overtaken Amazon’s Jeff Bezos to become the world’s richest person, after shares in the electric car company he co-founded soared on hopes that a Democrat-controlled US Senate would usher in a new green agenda.

A 4.8% rise in Tesla’s share price was enough to push Musk into the top spot according to the Bloomberg billionaires index, which tracks the daily changes in the fortunes of the world’s 500 wealthiest people.

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Richest 1% have almost a quarter of UK wealth, study claims

Official figures have missed £800bn of private assets, says thinktank, amid calls for wealth tax to fund Covid recovery

Almost a quarter of all household wealth in the UK is held by the richest 1% of the population, according to alarming new research that reveals a historic underestimation of inequality in the country.

The study found that the top 1% had almost £800bn more wealth than suggested by official statistics, meaning that inequality has been far higher than previously thought. Researchers said the extra billions was a conservative estimate and could well be more.

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Wealth of US billionaires rises by nearly a third during pandemic

Report includes Jeff Bezos, whose personal fortune has risen by 65% since 18 March

The already vast fortunes of America’s 643 billionaires have soared by an average of 29% since the start of the coronavirus pandemic, which has at the same time laid waste to tens of millions of jobs around the world.

The richest of the superrich have benefited by $845bn , according to a report by a US progressive thinktank, the Institute for Policy Studies.

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Elon Musk becomes world’s fourth richest man on Tesla boom

Inventor now worth $90bn, trailing Mark Zuckerberg, Bill Gates and Jeff Bezos

Elon Musk has soared through the global wealth league this year and become the world’s fourth richest person, after a boom in the share price of the Tesla car company he co-founded and part-owns increased his wealth by more than $13.3bn (£10bn) in two days of trading.

The Silicon Valley inventor and entrepreneur is now worth more than $90bn and has overtaken France’s richest person, the luxury goods tycoon Bernard Arnault, chairman of Louis Vuitton, cementing the place of American tech plutocrats at the top of the world’s rich list.

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Super-rich call for higher taxes on wealthy to pay for Covid-19 recovery

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”.

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Kylie Jenner in row with Forbes over billionaire status

Kardashian family member reacts angrily to magazine’s claim she spun ‘a web of lies’

A row has broken out between one of the world’s leading business magazines and the youngest member of reality TV’s most famous family over the value of her cosmetics company.

Forbes magazine has accused Kylie Jenner, the youngest half-sister of Kim Kardashian West, of spinning a “web of lies” to inflate the size and success of her business. It claimed her family went to unusual lengths to present its youngest adult member as being richer than she was.

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Bill Gates orders £500m hydrogen-powered superyacht

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.

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