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Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt

<keyword id="2954415" type="General" weightage="50" keywordseo="yang-huiyan" source="Orion">Yang Huiyan</keyword>, <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s <keyword id="10381323" type="General" weightage="20" keywordseo="wealthiest-woman" source="Orion">wealthiest woman</keyword>, has seen her <keyword id="6383453" type="General" weightage="20" keywordseo="wealth" source="Orion">wealth</keyword> fall to $11 billion from nearly $24 billion this year as <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword>'s property crisis escalates, according to the Bloomberg Billionaires Index, the media reported. The 41-year-old controls <keyword id="632496" type="General" weightage="80" keywordseo="country-garden" source="Orion">Country Garden</keyword> Holdings, China's largest real estate developer by sales. Her stake was largely transferred from her father <keyword id="227040" type="General" weightage="80" keywordseo="yang" source="Orion">Yang</keyword> Guoqiang, who founded the company in Foshan, Guangdong province, in 1992, <keyword id="82130" type="General" weightage="80" keywordseo="cnn" source="Orion">CNN</keyword> reported. Country Garden's stock has lost more than half its value this year, as the country's real estate sector has struggled with falling home prices, weakening buyer demand, and a debt default crisis that has engulfed some of its largest developers since last year, CNN reported. Despite losing more than half her fortune, Yang remains the <keyword id="1291774" type="General" weightage="20" keywordseo="richest-woman" source="Orion">richest woman</keyword> in Asia, according to the Bloomberg Billionaires Index. The plunge in her net worth has narrowed the wealth gap between her and fellow female billionaires in China, making Yang only some $100 million away from being surpassed by Fan Hongwei in wealth. Fan chairs Hengli Petrochemical, a chemical fiber producer. Evergrande, China's most indebted property firm, defaulted on its US dollar bonds in December following months of liquidity issues. Since then, several other major developers, including Kaisa and Shimao Group, have also sought protection from creditors. In recent weeks, the real estate crisis has escalated, as thousands of disgruntled home-buyers who had made down payments for unfinished homes threatened to stop paying mortgages if construction is not completed in time, CNN reported. Country Garden is also facing growing liquidity stress. On Wednesday, the developer announced it would sell stocks at a nearly 13 per cent discount to raise HK$2.83 billion ($361 million), compared to its Tuesday's closing price. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/nasdaq-listed-cognizants-net-profit-grew-12-7-percent-in-june-2022-quarter/articleshow/93189304.cms">Cognizant reports 12.7% profit growth QoQ, but lowers revenue guidance for the year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/kucoin-survey-80-of-indian-web-3-professionals-under-30-but-women-hesitant-to-join/articleshow/93188646.cms">KuCoin survey: 80% of Indian Web 3 professionals under 30 but women hesitant to join</a>

Asia's richest woman loses more than half her fortune as China's property crisis escalates

<ul class="summary-list"><li>Yang Huiyan, the chair of Chinese property giant Country Garden, lost about $29 billion of her wealth since June 2021.</li><li>According to Bloomberg, she lost $490 million on Tuesday alone as her company missed interest payments.</li></ul>Yang Huiyan — <a href="https://fortune.com/2023/08/01/asia-former-richest-woman-property-mogul-yang-huiyan-given-country-garden-charity-payout-826-million/">once Asia's wealthiest woman</a> — has lost more of her wealth than any billionaire since June 2021, as China's top property developer Country Garden grapples with a debt crisis.Since its peak in June 2021, chairperson <a href="https://www.bloomberg.com/news/articles/2023-08-09/country-garden-chair-has-lost-more-wealth-than-any-billionaire" target="_blank" rel="noopener">Yang's net worth has plummeted by 84%, or $28.6 billion</a>, Bloomberg reported. The 41-year-old's net worth is now $5.5 billion, <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">per Bloomberg's Billionaires Index</a>. These losses come as Country Garden <a href="https://www.reuters.com/markets/asia/chinas-country-garden-missed-two-dollar-bond-coupon-payments-2023-08-08/" target="_blank" rel="noopener">missed interest payments on two US-dollar-denominated bonds</a>, according to various media reports, including a Reuters report on Wednesday. The company now has a <a href="https://www.reuters.com/markets/asia/latest-china-developer-debt-woes-could-spur-policy-aid-industry-downbeat-2023-08-09/" target="_blank" rel="noopener">30-day grace period</a> to avoid an official default. The Foshan-based company's Hong Kong-listed stocks have plunged by 20.4% since Monday. Yang — who derives much of her wealth from a 52.6% stake in the company, per a Monday report by ratings agency Moody's seen by Insider — saw her wealth tank by about $490 million on Tuesday alone. Before taking over as majority shareholder of the company from her father in 2007, <a href="https://www.businessinsider.com/richest-alumni-big-ten-2011-4#ohio-state-university--yang-huiyan-class-of-2003-7" target="_blank" rel="noopener">Yang graduated from Ohio State University as part of the class of 2003</a> with a bachelor's degree in marketing and logistics.But Country Garden's fortunes have waned since. The company remains China's biggest property developer in sales, but its market value has more than halved since the start of the year, <a href="https://www.nytimes.com/2023/08/09/business/country-garden-china-real-estate.html" target="_blank" rel="noopener">according to the New York Times</a>.In July, the company reported <a href="https://www.bgy.com.cn/upload/file/2023-08-01/38770308-1bc2-4902-8b09-c093be8e1051.pdf" target="_blank" rel="noopener">sales of 128.76 billion yuan,</a> or $17.8 billion, in the first six months of the year, marking a 30% decrease compared to the same period last year.Yang — who became China's richest woman at 25 after the company's IPO — <a href="https://www.bloomberg.com/news/articles/2022-07-29/who-is-asia-s-richest-woman-savitri-jindal-surpasses-yang-huiyan-on-rich-list#xj4y7vzkg" target="_blank" rel="noopener">lost the spot of Asia's richest woman</a> in August 2022 to Savitri Jindal. Jindal is India's richest woman and chairperson emeritus of the Indian conglomerate O.P. Jindal Group, per Bloomberg.On July 30, Yang announced that <a href="https://www.bloomberg.com/news/articles/2023-07-31/country-garden-billionaire-to-transfer-826-million-in-shares" target="_blank" rel="noopener">she was giving away 55% of her shares in Country Garden to a charity founded by her younger sister</a> in a payout then valued at $826 million, per Bloomberg.Country Garden and Yang Huiyan did not respond to requests for comment sent by Insider.

The head of one of the biggest property developers in China was once Asia's richest woman. But her wealth has plunged by 84% since mid-2021 &mdash; and now her company's teetering on the brink of a crisis.

<ul class="summary-list"><li>Jeff Bezos announced earlier this year that he's moving to Miami with fiancée Lauren Sanchez.</li><li>The Amazon founder leaves behind a collection of eight properties in ritzy Seattle suburbs.</li></ul>Amazon founder <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> injected some serious cash into Seattle's real estate market in 2019. On the heels of his high-profile divorce announcement, Bezos went on a $45 million homebuying bonanza — snatching up not one, not two, but four previously unreported properties in the ultra-exclusive Hunts Point enclave.Those new purchases combined with his existing Seattle-area luxury properties — including a newly identified property bought in 2015 — means Bezos, who announced earlier this year that he is moving to Miami with fiancée <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-lauren-sanchez-relationship-timeline-photos">Lauren Sanchez</a>, will leave behind a Washington state real estate empire worth as much as $190 million, based on Zillow estimates.Bezos spent $45 million on the four properties in the months after his divorce from novelist <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-wife">MacKenzie Scott</a> in 2019. Business Insider discovered the properties by cross-referencing property tax records against addresses associated with Bezos' business ventures and other properties he is known to own.Hunts Point is a peninsula east of Seattle with just 400 residents. It's been home to big names in business, including former Microsoft CEO Steve Ballmer, members of the Nordstrom family, telecom magnate Craig McCaw, and former <a target="_blank" href="https://www.businessinsider.com/meet-costco-cofounder-jim-sinegal-net-worth-house-philanthropy-2020-9">Costco CEO James Sinegal</a>.Through a trust, Bezos snapped up a waterfront <a target="_blank" href="https://www.businessinsider.com/most-expensive-home-seattle-area-mansion-hunts-point-photos-2019-3#a-45-million-mansion-on-the-shores-of-lake-washington-is-the-most-expensive-home-for-sale-in-the-seattle-area-1">Hunts Point estate</a> for <a target="_blank" href="https://www.seattletimes.com/business/real-estate/hunts-point-mansion-famous-for-huge-art-collection-sells-for-record-37-5-million/">$37.5 million in April 2019</a>. The home has 300 feet of coastline, a rooftop deck with a fireplace, and a glass bridge connecting to the two-story guesthouse.Even before his 2019 shopping spree, Bezos already owned pricey nearby real estate on the shores of Lake Washington. He bought a $45 million waterfront estate in 2010, according to the <a target="_blank" href="https://www.bizjournals.com/seattle/news/2019/05/03/nine-years-later-billionaire-revealed-as-the-buyer.html">Puget Sound Business Journal</a>, immediately adjacent to another two-home waterfront property Bezos bought for $10 million in 1998. The sprawling compound is located just south of Hunts Point in the Medina neighborhood, where <a target="_blank" href="https://www.businessinsider.com/billionaire-bill-gates-net-worth-spending-2018-8">Bill Gates</a> lives up the street.When he's in town, Bezos stays at the Hunts Point residence, neighbors say.A representative for Jeff Bezos declined to comment.<h2>A trio of homes for the help</h2>The three other <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-houses">homes Bezos</a> purchased in 2019 are more modest, relatively speaking. All three are within a mile of his new waterfront estate; the priciest sold for $3.3 million, while the least expensive went for $1.8 million. One of the homes, a four-bedroom, is currently for sale for $4.4 million. (Business Insider twice asked the listing agent for a tour but received no response. The agent, Tere Foster, has represented Bezos on other transactions.) <div type="image" title="bezos home" height="2574" width="3861" msid="105783205" hostid="261"></div>Similarly, in 2015, Bezos purchased a comparatively smaller property across the street from his huge Medina compound for $3.9 million, another previously unreported purchase. The home was purchased through a trust managed by the same law firm, and with the same property tax address, as the other Medina properties Bezos and Scott purchased before their divorce, according to King County records. It's unclear whether Bezos now controls those properties or if they went to Scott in the divorce, records of which are not public.All four of Bezos' 2019 properties were similarly purchased through trusts and LLCs that mask the owner's identity, but they send their property tax bills to a PO box also used by <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-blue-origin-stepping-down-amazon-ceo-space-2021-2">Blue Origin</a>, Bezos' rocket startup, according to county records.Broker Rick Moux said he wasn't aware the LLC that purchased a Hunts Point property he listed in 2019 was linked to Jeff Bezos until Business Insider asked him about it. The broker representing the buyer told Moux that the client would walk if Moux didn't lower the price by $100,000, Moux recalled. Moux refused, and the buyer purchased the property anyways. "I guess I got Jeff for $100,000," the agent said, laughing.Four Hunts Point residents, who asked not to be named, told Business Insider that Bezos' staff and security live in those smaller properties. One resident said they had spoken to the people living in all three properties, who confirmed in conversations that they worked for the Amazon founder."Great commute," this resident said.That resident added that they routinely saw Bezos' security staff working out in the driveway of one of the homes, which is located next to the only entrance and exit to the exclusive peninsula and is studded with cameras, BI confirmed by visiting the property. Public records suggest two <a target="_blank" href="https://www.businessinsider.com/gavin-de-becker-jeff-bezos-leaked-texts-2019-2">Gavin de Becker &amp; Associates security agents</a> have ties to the home. Bezos is known to employ the firm for his security detail.A second Hunts Point resident, who confirmed that the people who had resided in the home were Bezos' security detail, added that the guards were pleasant neighbors who appeared to take yard care seriously.At another property, known by neighbors as the "chef house," employees cook food and deliver it to Bezos' main residence in a "golf cart with a warming oven," a third resident said. No one at the property responded to a knock on the door, but from the doorstep, BI could see a large number of sheet pans and other cookware stacked in the kitchen.When Sanchez is in town, she's seen walking around the neighborhood, the third resident added.The former <a target="_blank" href="https://www.businessinsider.com/amazon-ceo">Amazon CEO</a>, who is the 24th-largest landowner in the US according to The Land Report, also owns a massive ranch near the town of Van Horn, Texas, multiple apartments in Manhattan, the largest home in Washington, DC, a record-breaking Los Angeles estate, and a $78 million home in Hawaii.His most recent purchases — neighboring $79 million and $68 million properties — are on Indian Creek, a man-made island off of Miami. Known as the <a target="_blank" href="https://www.businessinsider.com/photos-indian-creek-billionaire-bunker-miami-private-island-tour-2022-12">billionaire bunker</a>, the heavily guarded island is home to the ultrarich, including Carl Icahn, Tom Brady, and Ivanka Trump.The new digs are a nice set-up for the second-richest man on the planet. The only problem? <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-yacht">Bezos' yacht</a>, a $500 million vessel called Koru, which is the largest sailing yacht in the world, is <a target="_blank" href="https://www.nytimes.com/2023/11/30/us/bezos-superyacht-florida.html">reportedly</a> so large it's forced to slum it amongst oil tankers at a Florida port.Know more about Jeff Bezos? Want to share a tip? Email reporters Maddie Berg at mberg@businessinsider.com or Katherine Long at klong@businessinsider.com, or reach out via the encrypted messaging app Signal at +1-206-375-9280.

Jeff Bezos leaves Seattle with empire of 8 properties &mdash; including 5 we just discovered

<ul class="summary-list"><li>The pre-wedding festivities for Anant Ambani and Radhika Merchant cost many millions of dollars.</li><li>Critics say the big spending highlights the wealth disparity in India, where many live in poverty.</li></ul>The lavish <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3?r=US&amp;IR=T#the-couple-hosted-a-communal-dinner-for-51-000-people-1">pre-wedding festivities for Anant Ambani,</a> the son of <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Asia's richest person,</a> and Radhika Merchant, also the child of a billionaire, made headlines worldwide for their extravagance.But critics say it showed a telling disregard for the struggles of the many millions of Indians living in poverty.Spanning three days, the <a target="_blank" href="https://www.businessinsider.com/anant-ambani-mom-nita-worked-hours-months-pre-wedding-reliance-2024-3">pre-nuptial event</a> included a <a target="_blank" href="https://www.businessinsider.com/rihanna-ambani-wedding-performance-india-lazy-pregnant-first-show-years-2024-3">private performance by Rihanna,</a> which <a target="_blank" href="https://www.businessinsider.com/how-much-costs-music-star-rihanna-beyonce-ambani-wedding-performance-2024-3?r=US&amp;IR=T">estimates suggest cost up to $9 million</a>. There was a trail featuring live animals and a nine-page dress code.The mother of the groom-to-be, Nita Ambani, wore a necklace worth valued at some $60 million, which Business Insider noted was perhaps one of the <a target="_blank" href="https://www.businessinsider.com/nita-ambani-jewelry-at-anant-ambani-pre-wedding-celebration-2024-3?r=US&amp;IR=T">biggest shows of wealth.</a>Almost half of the 1.4 billion people in India live below the median poverty line of $3.65 a day, per the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank,</a> and activists say the ostentatious displays of wealth are an affront to the country's poor.<h3>'It feels unfair'</h3>"There is so much poverty all around," said Shyam Bihari, a Delhi fruit seller and social worker, in a conversation with BI."It feels unfair to see this amount of money being spent on a wedding when so many people are still unable to access basic necessities like food and water," he said.Large swathes of India's population have long grappled with food insecurity and water scarcity.According to the <a target="_blank" href="https://www.wfp.org/countries/india">World Food Programme,</a> a quarter of the world's undernourished people live in India. <a target="_blank" href="https://www.wateraid.org/in/stories/the-daily-struggle-for-water-in-bundelkhand#:~:text=India%20is%20home%20to%2063.4,make%20such%20challenges%20more%20acute.">WaterAid says</a> that around 35 million Indians lack access to safe water.Rajni Haldia, a Delhi-based cleaner who earns $25 a month, told BI that she felt "very bad" watching the coverage of the lavish pre-wedding festivities while knowing the extent of poverty in India.Haldia said: "I hope all the rich people who came to India for the wedding are seeing the difference between the rich and poor, and I hope the government can do more to tackle this."Rakhi Tripathi, a peace activist and associate professor at New Delhi's FORE School of Management, told BI that the extravagant celebrations show a "disconnect" between India's elite and the rest of the population.Tripathi pointed out that <a target="_blank" href="https://www.bnnbloomberg.ca/india-allots-142-billion-for-free-grains-to-800-million-people-1.2004794">800 million of India's 1.4 billion population receive monthly food rations</a> of wheat or rice.She said: "In a country like this, when we have such a huge event, spending crores of rupees, yeah, lack of empathy is the correct word."(Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.)Sohini Kar, an associate professor at the London School of Economics, whose work focuses on urban India, told BI she agrees."I certainly think there's a lack of empathy, awareness," she said.(A representative for the Ambanis did not immediately respond to a request for comment from BI.)Kar also said the festivities were emblematic of the troubling levels of wealth disparity in India.According to <a target="_blank" href="https://bi.slack.com/archives/D06089ABVLM/p1709898345719679">Oxfam International</a>, the top 10% of the Indian population holds 77% of the total national wealth.In the US, the St Louis Fed says <a target="_blank" href="https://www.stlouisfed.org/institute-for-economic-equity/the-state-of-us-wealth-inequality">the figure is 66.6%</a>.The groom-to-be's father, <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, has an estimated net worth of $113 billion, making him the richest person in Asia and the 11th richest person globally, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Bloomberg Billionaires Index</a>.Kar noted that the family is known in India for its extravagance, and lives in a skyscraper.She said: "Their house itself in Mumbai is a stark reminder of the kind of disparity of wealth, where you can sort of visually see this massive house for one family over the slums around their area."According to Architectural Digest India, the 27-story property cost an estimated <a target="_blank" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3?r=US&amp;IR=T#:~:text=The%20Ambani%20family%20owns%20the,contains%20a%20168%2Dcar%20garage.">$1 billion to build</a>. It towers over <a target="_blank" href="https://www.bloomberg.com/billionaires/?embedded-checkout=true">Mumbai's Golibar slum.</a>In 2011, Ratan Tata, another of India's richest men, told <a target="_blank" href="https://timesofindia.indiatimes.com/city/mumbai/Antilla-Mukesh-Ambanis-house-shows-lack-of-empathy-for-poor-Ratan-Tata/articleshow/8506287.cms">The Times of India:</a> "It's sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have."The Ambani family does donate to charitable efforts through the Reliance Foundation. That body, founded by Nita and Mukesh Ambani, is one of the largest nonprofits in the country.<div type="image" title="Anant Ambani, son of Mukesh Ambani, Chairman of Reliance Industries, and Radhika Merchant, daughter of industrialist Viren Merchant, serve traditional Gujarati food to villagers ahead of their pre-wedding celebrations on the outskirts of Jamnagar, Gujarat, India, February 28, 2024." height="2812" width="4251" msid="108333407" hostid="261" sizebytes="852730"></div>The wedding also featured a communal dinner that fed some 51,000 local residents in Gujarat, <a target="_blank" rel=" nofollow" href="https://www.thehindu.com/news/national/anant-ambani-radhika-merchants-pre-wedding-celebrations-begin-with-anna-seva/article67898600.ece">The Hindu</a> reported.But, still, Kar suggested that the tens of millions spent on the festivities could have been spent on charitable initiatives, like addressing child malnutrition.She said: "The amount of spending they had on one event could certainly go toward a much larger program for that kind of thing."

The extravagant Ambani pre-wedding party was an affront to the millions of Indians in poverty, critics say

<ul class="summary-list"><li>Amazon founder Jeff Bezos just bought a $79 million mansion in Indian Creek, Florida, per Bloomberg.</li><li>The nearly 2-acre mansion features a home theater, a library, a pool, and a wine cellar.</li></ul>Amazon founder Jeff Bezos has added another lavish mansion to his property portfolio.The billionaire has snapped up a seven-bedroom mansion in Indian Creek, Florida, for $79 million, <a href="https://www.bloomberg.com/news/articles/2023-10-12/jeff-bezos-buys-his-florida-neighbor-s-mansion-for-79-million" target="_blank" rel="noopener">Bloomberg</a> first reported on Thursday, citing people with knowledge of the matter. The area is known as Billionaire Bunker for its extremely rich residents.The waterfront property was <a href="https://www.zillow.com/homedetails/12-Indian-Creek-Island-Rd-Indian-Creek-FL-33154/44027799_zpid/" target="_blank" rel="noopener">listed</a> for $85 million in May and last sold for $28 million in 2014. The transaction closed on Thursday, real-estate news outlet <a href="https://therealdeal.com/miami/2023/10/12/jeff-bezos-buys-second-indian-creek-mansion-in-miami/" target="_blank" rel="noopener">The Real Deal</a> reported, citing the Multiple Listing Service database. The sale was handled by Dina Goldentayer and Danilo Tavares, who are with real-estate company Douglas Elliman.Bezos' new nearly 2-acre mansion that exudes "timeless European glamour" was built in 2000, according to its listing. It features a home theater, a library, a pool, and a wine cellar.His latest purchase in the exclusive neighborhood is next to another property he bought this summer for <a href="https://www.businessinsider.com/jeff-bezos-florida-mansion-billionaire-bunker-real-estate-collection-2023-8" target="_blank" rel="noopener">$68 million</a>. The billionaire could still buy more property in the area, Bloomberg reported, citing a person familiar with the matter.Tavares declined to comment to Insider. Bezos, Goldentayer, and a representative for the Indian Creek Village did not immediately respond to requests from Insider for comment sent outside regular business hours. A representative for Bezos and Goldentayer declined to comment to Bloomberg. Bezos is the world's third-richest person with a net worth of $156 billion as of October 13, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index. </a>His latest property purchase adds to his extensive real-estate portfolio that includes two neighboring Beverly Hills mansions and a huge ranch in Texas, <a href="https://www.businessinsider.com/jeff-bezos-houses">Insider's Sarah Jackson and Jordan Hart</a> reported in August. His home is a 24,000-square-foot estate in Medina, Washington. He also owns a $500 million <a href="https://www.businessinsider.com/superyacht-yacht-jeff-bezos-barry-diller-dvf-koru-eos-celebrity-2023-9">superyacht</a> called Koru.<a href="https://www.businessinsider.com/miami-billionaire-bunker-private-island-tour-police-mansions-photos-2019-5">Indian Creek,</a> where Bezos' new property purchase is located, is a village on a small private island in Miami's Biscayne Bay. It was ranked by Zillow as the <a href="https://www.zillow.com/research/million-dollar-cities-2021-30655/" target="_blank" rel="nofollow noopener">most expensive</a> neighborhood in the US in 2021. The private island has stringent security measures and is heavily guarded, <a href="https://www.businessinsider.com/photos-indian-creek-billionaire-bunker-miami-private-island-tour-2022-12" target="_blank" rel="noopener">Insider's Hannah Towey</a> reported in December 2022 after a tour of the area. Residents include Bezos, investor Carl Icahn, and Jared Kushner and Ivanka Trump.

Jeff Bezos just added yet another property to his 'Billionaire Bunker' collection after snapping up a 7-bedroom mansion for $79 million: report

<keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> has seen tremendous growth as a wealth management centre in recent years. In the ten years from 2012 to 2021, assets under management have increased more than three-fold from SGD1.6 trillion (USD1.2 trillion) to SGD 5.4 trillion, according to data from Singapore's central bank, MAS (Monetary Authority of Singapore). In just one year, 2021, it grew 16 per cent, the last year's data is available. Three-quarters of this came from outside Singapore, with just under a third from Asia-Pacific countries. Indeed, some call Singapore the Switzerland of the East. Recently, the trend of setting up family <keyword id="47357" type="General" weightage="20" keywordseo="offices" source="Orion">offices</keyword> has been growing and has accelerated since the start of the pandemic and Singapore has managed to take a large slice of this market as well. Family offices are privately held companies set up to manage the wealth and investments of the uber-rich. These family offices are usually set up with the objective of managing the financial and investment needs of affluent families or individuals including providing financial solutions, budgeting, insurance, charitable giving, wealth transfer and succession planning, and tax services. Family offices are different from traditional wealth management in that they offer a total solution to managing the financial and investment needs of an affluent individual or family. Between 2020 to 2021, Singapore has seen the number of family offices set up in the city-state climb from 400 to 700. No data is available for 2022 at the moment but anecdotal evidence suggests that this trend continues to grow. Chung Ting Fai, a lawyer who helps set up family offices, told Reuters that in late 2022, he had one enquiry a week from people who want to move at least USD20 million into Singapore. That's up from about an enquiry a month in 2021, while in January this year, he received two enquiries a week. In October last year, <keyword id="29740" type="General" weightage="20" keywordseo="Bloomberg" source="Orion">Bloomberg</keyword> reported that Indian billionaire Mukesh Ambani ranked 10th richest man in the Forbes billionaires list for 2022, is establishing a family office in Singapore. The office will be set up by Reliance Industries, the billionaire's firm. It is being believed that opening a family office in Singapore will help Ambani achieve his greater goal of turning his retail-to-refining business global. It will also help him buy assets abroad. He is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain. As it started to significantly ease COVID restrictions, being the leading Asian country to do so, Singapore has seen a fresh wave of affluent foreigners looking to park their wealth here. This is especially so among the Chinese as they became disenchanted by their government's draconian COVID policies. These mainlanders have become impatient and are keen to look at alternative destinations for their wealth. Although China has now abandoned its zero-COVID policy, these wealthy Chinese are expected to continue to explore options outside of their home country, in part also due to concern about President Xi Jinping's common prosperity drive that aims to reduce inequality. Besides the Chinese, Malaysian and Japanese citizens are also looking to set up family offices in Singapore. What attracts ultra-rich foreigners to Singapore to set up family offices is its tax-friendly regime and comparatively safe and secure environment. It is also seen as politically stable with clear transparent rules and an incorruptible system. Singapore also is an international financial centre which allows investment firms the ability to offer their clients a varied range of products and investment opportunities to suit their needs. The arrival of the wealthy is leading to Singapore's resident population growing again after many expatriates left at the height of the pandemic. In 2022, the island received 30,000 more permanent residents and 97,000 more foreigners on work or long-term visas, lifting its population to 5.64 million. However, the flood of the global rich squeezing onto the tiny island is causing some pain to the local population. Prices of cars, housing and other goods have escalated significantly. Deputy Prime Minister Lawrence Wong signalled in August last year that the wealthy may face more taxes to boost inclusive growth. Singapore's new residents have sent rents surging 21 per cent in the first nine months of last year. Home prices have also jumped over the past two years with mainland Chinese buyers continuing to be the top foreign buyers of expensive private properties. The steep rise in golf memberships is but one sign of how the price of the symbols of affluence on the island has gone bonkers. Accordingly to the membership brokerage firm, Singolf Services, the membership cost to Singapore's prestigious Sentosa Golf Club has more than doubled since 2019 to reach SGD 880,000 (USD 665,000) for foreigners. Desmond Teo, Asia Pacific family enterprise leader at consulting firm EY commented to Reuters that the inflows of money support Singapore's financial services sector and startups, creating a "rich ecosystem" that makes the country more attractive to new stakeholders. "When you hit a certain critical mass, the critical mass itself is an attraction," he said.

Why are wealthy Indians, foreigners opening family offices in Singapore?

<ul><li>A recent wealth distribution survey revealed that just 22% of upper caste hindus own almost 41% of the total wealth in India. </li><li>According to the survey, the Scheduled Tribes accounted for the lowest share, in terms of assets at 3.7%. </li><li>Maharashtra, UP and Kerala are the wealthiest states in India that contribute to almost 50% of country’s wealth.</li></ul>With caste and reservations stirring up debate in India on who is more entitled to affirmative action, a survey on wealth distribution on castes has revealed huge disparities in income and wealth status. A recent<a href="https://www.financialexpress.com/india-news/five-states-own-50-wealth-in-india-upper-caste-hindus-richest-with-41-of-total-assets-study/1487084/"> wealth distribution </a>survey has reportedly revealed that just 22% of upper caste hindus own a whopping 41% of most of the total assets with people in India, reported The Indian Express citing a recent study. The study titled ‘Wealth Ownership and Inequality in India: A socio-religious analysis’ was conducted for two years by the Savitribai Phule Pune University, Jawaharlal Nehru University, Delhi and Indian Institute of Dalit Studies, Delhi. While the upper caste Hindus form the richest community in India, the Hindu scheduled tribes in India account for the lowest share in terms of assets at 3.7%. This stark difference in assets on the basis of socio-religious grounds comes around the time when the Indian government has recently announced 10% reservation quotas for government jobs and higher education admissions, for the ‘economically weaker sections,’ a move that is expected to mostly benefit the privileged classes. Despite efforts to break down caste barriers, caste still plays an oversized role in determining an individual’s occupation, income and assets of an individual. “Ownership of assets, be it in the form of land or building, was found to be higher among Hindu High Castes (HHCs) than any other caste in India, Nitin Tagade, Savitribai Phule Pune University (SPPU) told Indian Express. The study also identified five wealthiest states -- Maharashtra, UP, Kerala, Tamil Nadu and Haryana, which hold 50% of the countries wealth. The study covered 1,10,800 people — 56% which were covered from urban areas and the rest from rural areas— from 20 Indian states. The top 1% of the<a href="https://indianexpress.com/article/india/upper-caste-hindus-richest-in-india-own-41-total-assets-says-study-on-wealth-distribution-5582984/"> richest</a> in India owns 25% of India’s assets while the top 5% (in terms of wealth) own 46% of country’s total assets, reported The Indian Express The Hindu upper caste accounted for nearly 34.9% of the urban wealth in India while they only had 16.7% of the total wealth in the rural areas. Separately, a study by poverty eradicating organisation, Oxfam, <a href="https://www.businessinsider.in/oxfam-finds-that-indias-1-own-more-than-50-of-the-countrys-wealth/articleshow/67620424.cms">revealed </a>that in 2018, 1% of the richest Indians collectively increased their wealth by around 39%. The study highlighted that over the past hundreds of years, Hindu high castes have enjoyed the right to property and education. See also: <a href="https://www.businessinsider.in/indias-wealthy-elite-are-expected-to-increase-by-87-over-the-next-five-years-report/articleshow/67088805.cms">India’s ‘wealthy elite’ are expected to increase by 87% over the next five years: Report</a> <a href="https://www.businessinsider.in/more-than-77-of-indias-wealth-is-concentrated-in-the-hands-of-just-10-of-its-population-and-it-shows-that-its-economic-divide-is-only-widening/articleshow/66328504.cms">More than 77% of India’s wealth is concentrated in the hands of just 10% of its population — and it shows that its economic divide is only widening</a>

Upper caste Hindus are the richest community in India owning 41% of total assets: Study

The Hinduja brothers have topped the 2017 list of the richest people in the UK with a wealth of 16.2 billion pounds, a massive 3. 2 billion pound hike in their fortunes over the previous year, according to PTI news report. 'The <keyword id="642222" type="UNKNOWN" weightage="20" keywordseo="Sunday-Times-Rich-List">Sunday Times Rich List</keyword>' says that Brexit does not seem to have affected the country's billionaires, who grew in numbers with a 14 per cent rise in their fortunes since the referendum last June to earn a record 658 billion pounds collectively. Srichand and Gopichand Hinduja, aged 81 and 77, lead the pack of 134 UK-based billionaires on the list and have made their fortune from investments in industries such as oil and gas, automotive, IT, energy, media, banking, property and healthcare sectors. Their latest project is converting the Old War Office in London into a five-star hotel and luxury apartments, the newspaper notes. Another sof India-born billionaire brothers, David and <keyword id="1030837" type="PERSON" weightage="20" keywordseo="Simon-Reuben">Simon Reuben</keyword>, who had topped the list last year have moved down to third place with steel tycoon <keyword id="75195" type="PERSON" weightage="20" keywordseo="Lakshmi-N-Mittal">Lakshmi N Mittal</keyword> at fourth. The second spot, occupied by the Hinduja brothers until 2016, has been taken over by Russian-born American businessman <keyword id="222885" type="PERSON" weightage="20" keywordseo="Len-Blavatnik">Len Blavatnik</keyword>. "While many of us worried about the outcome of the <keyword id="6355123" type="ORGANIZATION" weightage="20" keywordseo="EU">EU</keyword> referendum, many of <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword>'s richest people just kept calm and carried on making billions," said Robert Watts, compiler of the list. "We expected to see a chilling effect in the run-up to the EU referendum, but that simply did not materialise. A buoyant stock market usually drives the wealth of Rich Listers higher, and since last June equities have soared," he said. This year's list was also described as more diverse in composition, with more women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers among the super-rich line-up. It now takes assets of 110 million pounds to break into the ranks of the richest 1,000 people in the UK. The figure in 2016 was 103 million pounds. The top 20 in the list alone are worth a total of 191.77 billion pounds, increasing their wealth by 35.18 billion pounds over the past 12 months.

An Indian just got through the richest people list in the UK! Here’s who

<h1 style="margin-top: 0px; margin-bottom: 1rem; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 2.85714rem; line-height: 3.42857rem; font-family: Montserrat, sans-serif; vertical-align: baseline; color: rgb(0, 0, 0);"> </h1>With nearly US$50 billion, the Ambani family is the richest in Asia – and they never hesitate to show off their wealth. From gorgeous homes to impressive charitable contributions, the Ambanis make the most of their fortune. Here’s how they spend their money. Antilia Antilia, the residence of Reliance Industries chairman and managing director, Mukesh Ambani’s family, is decorated during his daughter <keyword id="617730" type="PERSON" weightage="20" keywordseo="Isha-Ambani">Isha Ambani</keyword>’s wedding, in <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> in December 2018. Photo: Reuters The Ambanis have multiple homes but the crown jewel of their real estate holdings is Antilia, the 27-story skyscraper in Mumbai that allegedly cost US$1 billion to build. The home features 600 full-time staff, three helipads, a garden that spans three floors, swimming pools and gorgeous ballrooms – and it’s said to be the second most expensive property in the world (behind only Buckingham Palace). Cars Mukesh Ambani. Photo: Reuters Mukesh Ambani has used his massive wealth over the years to amass a fleet of luxury cars. The cars in his collection include a Mercedes Maybach 660 Guard, BMW 760 Li, Bentley Continental Flying Spur and a Rolls-Royce Phantom. Several of them are among the most expensive on the market. They also feature bulletproof coating to ensure that the family stays safe wherever their travels take them. Weddings A view of City Palace, one of the venues for the pre-wedding celebrations of Isha Ambani in Udaipur, in the Indian desert state of Rajasthan in December 2018. Photo: Reuters It’s been a celebratory couple of years for the Ambanis. In 2018, their eldest daughter Isha married Anand Piramal in a gorgeous ceremony. The wedding reputedly cost nearly US$100 million and featured stunning decorations, a private concert by Beyoncé and plenty of charter flights to fly in the Clintons, Nick Jonas and his wife Priyanka Chopra, and other celebrities. That doesn’t count the engagement party and pre-wedding ceremonies which the Ambanis hosted. Son Akash’s wedding a year later was apparently even more expensive. While a private concert from Beyoncé reportedly costs US$2 million, Akash’s wedding in Switzerland included performances by Maroon 5, Coldplay and The Chainsmokers. You do the maths. They also booked a luxury hotel for 500 guests. Parties Actress Priyanka Chopra and her husband, singer Nick Jonas, arrive for Isha Ambani’s wedding in Mumbai in December 2018. Photo: Reuters Weddings aren’t the only cause for celebration for the Ambani family. They also like to throw massive parties at Antilia to celebrate personal or professional victories. They hosted get-togethers for the Mumbai Indians cricket side at Antilia after their recent Indian Premier League (IPL) titles. Sports Mumbai Indians players and support staff and team owner <keyword id="7024" type="PERSON" weightage="20" keywordseo="Nita-Ambani">Nita Ambani</keyword> (right, in a white shirt) celebrate becoming the first team to win three IPL titles with a thrilling one-run victory over Rising Pune Supergiant in Hyderabad in May 2017. Photo: AFP The Ambanis love sport – particularly cricket. In 2008, they bought the Mumbai Indians for US$111.9 million, the largest sale of an IPL team at the time. They’ve rarely spared any expense in signing star players on expensive contracts, and these contracts have paid off with titles in 2013, 2015, 2017 and 2019. Charity Isha Ambani serves food to guests during an Anna Seva ritual that coincided with pre-wedding functions ahead of her marriage to Anand Piramal. Photo: AFP It has been said that Mukesh Ambani is India’s most charitable individual. Ambani reportedly gave over US$60 million in 2018, with most of that going to education, health care and rural development. These donations are organised through the Reliance Foundation, Reliance Industries’ charitable arm that was founded in 2010. While the Ambanis have a taste for luxury, it’s encouraging to know that they still find ways to give back and use their wealth for the good of the world. As Mukesh and Nita’s three children grow up and take on more influence in the family business, we’ll be watching to see how their spending habits evolve, too.

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