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<ul class="summary-list"><li>Stocks had a day to remember after Donald Trump won back the White House.</li><li>Market veteran David Kelly believes Wall Street is overlooking a key economic risk.</li></ul>Markets are celebrating <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's election as president</a>, though the leading strategist at JPMorgan's multi-trillion asset management arm is not in the mood to party.US stocks had one of their best days in years and hit new records after Trump's resounding win over Kamala Harris in Tuesday's election. The S&amp;P 500, the growth-heavy Nasdaq Composite, and the small-cap heavy Russell 2000 rocketed between 2.5% and 5.8% higher on Wednesday.That broad-based equity rally didn't include bonds, which got shelled on Wednesday. Yields, which move inversely to bond prices, vaulted higher for US Treasuries across durations.Both of those moves make sense, said David Kelly, the global strategy chief at JPMorgan Asset Management, in an interview on Wednesday."If you have a Republican sweep, then Donald Trump can push through <a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10#big--and-small-business-owners">whatever tax bill he wants to in 2025</a>, pretty much," Kelly said. "There is potential for <a target="_blank" href="https://www.crfb.org/blogs/donald-trumps-proposal-lower-corporate-tax-rate-15">significant tax cuts</a>, and we know that has such a direct impact on corporate earnings — after-tax corporate earnings — that that is, logically, very positive for the stock market."But while Wall Street might cheer those tax breaks, Kelly warned that they could lead to higher inflation, one of Democrats' liabilities in this election cycle.Corporate tax cuts could have consequences, in Kelly's view, as he said they'd cause inflation to rise alongside the US national debt burden. That would be a major headwind for bonds, and stocks might also get dragged down.<h2 id="9ce813f5-aaa4-4439-aa03-ba3a4736747d">Tariffs could be a terrible outcome for stocks</h2>If one of Kelly's highest convictions hunches is correct, this market rally is in trouble anyway.The strategy chief has been adamant that higher tariffs — <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">one of Trump's key proposals</a> — <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">would cripple the US economy</a> and endanger the global economic expansion."Tariffs are not a good idea," Kelly said at a late-October press event hosted by JPMAM. "It's kind of like a nuclear threat — the whole point is, if you actually end up using it, you kind of screwed up somewhere."Most economists condemn tariffs, which are taxes on imports, because they tend to lead to higher prices and lower economic growth. Kelly has said he'd have to <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">increase his inflation target and slash his long-term growth outlook</a> if Trump followed through on his tariff proposals, given that they'd almost certainly prompt counter-tariffs that would hurt US exporters as well."Retaliatory tariffs hurt growth in both countries and push up inflation in both countries," Kelly recently said. "They're actually sort of the magic stagflation elixir. There are very few things that will actually give you a stagflationary impulse, which both slows growth and increases inflation."A global trade war is a frightening possibility that now seems increasingly realistic. Paraphrasing Mahatma Gandhi, Kelly said that "a tariff for a tariff will make the whole world poor."On the campaign trail, <a target="_blank" href="https://www.pbs.org/newshour/economy/trump-favors-huge-new-tariffs-how-do-they-work">Trump teased aggressive tariffs</a>: a 60% tax on Chinese goods and as much as a 20% upcharge on all other imports. When asked whether there was any chance that those proposals could be effective, the strategy chief had a simple answer that he didn't hedge."No," Kelly said. "I'm not trying to be political at all. I thought this was consensus, actually. I thought the biggest people in favor of free trade was the Republican party."Kelly later added: "I challenge anybody to show me a long-term study which shows that tariffs actually do promote stronger economic growth or stronger job growth domestically because I've never seen it."<h2 id="15c4690f-5250-4143-8288-a419b887c658">Why tariffs should be taken with a grain of salt</h2>Although Kelly is far from alone in his antipathy to tariffs, it's worth noting that most of his counterparts are much less concerned about that part of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Trump's economic agenda</a>.One exception is Tom Orlik of Bloomberg Economics, who's firmly in Kelly's camp. The economist said at a conference his firm hosted in early October that Trump's tariffs <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">would cause "seismic shocks to the US economy"</a> by throttling growth and sparking inflation.But Chris Murphy, Susquehanna's cohead of derivatives strategy and a copanelist with Orlik, reasoned that <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">Trump could always back away from tariffs</a> if the market reacted poorly to his proposals. Besides, Wall Street is far from frightened right now.Sean Gallagher, the global head of Lazard's small-cap equity platform, made a similar point in a recent interview with Business Insider when asked about Trump's tariffs and Kelly's stance."Often with Trump, the rhetoric and reality are not the same," Gallagher said. He added: "I don't know if all this rhetoric is going to match what's going to actually happen."The small-cap maven described himself as a free-market aficionado who's generally opposed to tariffs, including the ones that Trump outlined during his campaign. He said he'd prefer to avoid them, and he ventured that most Americans probably feel the same way.Ultimately, Gallagher thinks there will be some tariffs, though they may be more tempered than what Trump has floated. Inflation is a key reason Trump won, and he shouldn't forget that."We have to think about all the knock-on effects of tariffs, and his economic team will have to think about that as well," Gallagher said. "Trump's going to have to be, rightly, concerned about inflation. He's been talking about it too, how inflation's been a problem."Gallagher concluded: "We don't want to reignite inflation. I don't think anybody's for that."

A top mind at JPMorgan Asset Management sounds the alarm about an obvious economic red flag after Trump's resounding win, even as US stocks soar

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Governor Shaktikanta Das on Thursday said surge in top-up <keyword id="21191532" type="General" weightage="20" keywordseo="housing-loans" source="keywords">housing loans</keyword> is not a system-wide issue but confined to few entities. Briefing media after the announcement of bi-monthly monetary policy review, Das said, "regulatory requirements in top-up housing loans are not being followed by certain entities and it is not a system-level problem." Such cases are being dealt at the supervisory level bilaterally, he said. Banks and <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords" meta.keywordsubtype="org" meta.entityname="NBFCs" meta.hostid="261" meta.entityid="NBFCs">NBFCs</keyword> have also been offering top-ups on other collateralised loans like gold loans. "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action," he said. Therefore, he said, banks should adhere to regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights and monitoring of end use of funds with regard to top-ups. Das further said that the divergence between loan and deposit growth may create asset liability mismatch or <keyword id="22712997" type="General" weightage="20" keywordseo="liquidity-management-issue" source="keywords">liquidity management issue</keyword>. It may potentially expose the banking system to structural liquidity issues, he said. He urged banks to mobilise deposits through innovative products and services by leveraging their vast branch network. On inflation, Das said, it is moderating but the pace of disinflation is uneven and slow. Pinning hopes on monsoon, which is 7 per cent higher than long-term average so far, the Governor said, it will have a good impact on Kharif output as well as Rabi because of improvement in moisture content in the soil. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Surge in top-up housing loans not system-wide issue, says RBI Governor

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.Ortberg, who started in August, is trying to set expectations."I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed."With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term."He can't just do one or the other," George said.<h2 id="344697db-407e-4770-8539-290cb807cfc8">Restoring a culture of safety</h2>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>."That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.George said Ortberg's background as an engineer — and not being a <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers."They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business."You need to have the whole top team in Seattle and run it out of there," George said.<h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said."When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.Franklin said that doesn't mean shying away from tough decisions."You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.<h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said."They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."<h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch."I think he must do that," George said.A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development."He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."

Boeing's new CEO is taking on the ultimate management test

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul class="summary-list"><li>Last week, Trump was said to be deciding between two leading candidates for Treasury Secretary.</li><li>Reports say Trump has been having second thoughts and is expanding his search to four major prospects.</li></ul>Two weeks after securing his return to the White House, president-elect Donald Trump has swiftly been forming his Cabinet for 2025.Trump already announced six of the people he wants to lead the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11#marco-rubio-4">15 executive departments</a>, including Robert F. Kennedy Jr. for the Department of Health and Human Services and Florida Sen. Marco Rubio for the State Department.He appears to be taking a slower pace as he chooses his nominated successor to Janet Yellen, the current Secretary of the Treasury.The new Treasury Secretary will likely have two immediate tasks: Helping the US avoid default when the national debt ceiling expires in January 2025 and <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">extending the 2017 Trump tax cut</a>, which is worth trillions and is mostly set to expire next year.The president-elect was initially said to be considering just two candidates, but <a target="_blank" class="" href="https://www.wsj.com/politics/elections/trump-broadens-hunt-for-top-treasury-job-after-jostling-became-messy-e20eb6b6">The Wall Street Journal</a> and <a target="_blank" class="" href="https://www.nytimes.com/2024/11/17/us/politics/trump-treasury-candidates.html">New York Times </a>reported that he's been having second thoughts and expanded the list to four prospects.With Trump seemingly still unsure over his choice, it's also possible that another candidate may emerge.Here are the top picks Trump is reportedly now considering for Secretary of the Treasury. A press contact for Trump's transition team did not respond to a request for comment from BI.<h2 id="ac3f4426-a376-4840-ad0c-600691195aaa">Kevin Warsh</h2><div type="image" title="Kevin Warsh is dressed formally and sits as speaks at a panel with three other people." height="2558" width="3837" msid="115408301" hostid="261" sizebytes="1354142"></div>Warsh, 54, is a former Morgan Stanley banker and one of the newer contenders.He was an economic advisor to President George W. Bush from 2002 to 2006 and a governor of the Federal Reserve Board from 2006 to 2011. During the latter period, Warsh was a central figure in shaping the nation's response to the 2007-2008 financial crisis, working to rescue major ailing banks.More recently, he's been working on Trump's transition team, helping with economic policy and personnel, according to The Journal.Warsh appears to have been in the president-elect's good graces for several years. <a target="_blank" class="" href="https://www.axios.com/2019/02/03/trump-compliments-powerful-men-handsome">Axios reported</a> that Trump praised Warsh as a "really handsome guy" when the two met in 2017 at the White House.Trump had been <a target="_blank" class="" href="https://www.cnbc.com/2017/10/03/kevin-warsh-would-take-a-hammer-to-the-fed-but-he-wouldnt-break-it.html">floating Warsh</a> that year as a frontrunner for Fed chair. He eventually picked Jerome Powell for the role.Warsh is often seen as a financial hawk, <a target="_blank" class="" href="https://www.cnbc.com/video/2024/10/24/former-fed-governor-kevin-warsh-the-fed-doesnt-seem-to-have-a-serious-theory-of-inflation.html">saying in October</a> that he believed the Fed "doesn't seem to have a serious theory of inflation" and <a target="_blank" class="" href="https://www.wsj.com/articles/interest-rates-are-a-sideshow-in-the-fed-drama-economy-monetary-policy-central-bank-53bb6d9e">writing in July</a> that it moved too slowly to curb surging prices.In his July commentary, he blamed inflation on "irresponsible government spending and excessive money printing." Warsh has also been critical of America's burgeoning debt.<h2 id="73ed19fc-c4d6-4b1c-af49-0c08335e71cb">Marc Rowan</h2><div type="image" title="Marc Rowan speaks at a financial leaders' summit in Hong Kong." height="2100" width="3150" msid="115408297" hostid="261" sizebytes="210070"></div>Rowan, 62, is a billionaire investor who leads Apollo Global Management, which he cofounded in the 1990s. It now has nearly $700 billion in assets under management. Apollo recently announced that it plans to double its assets under management to $1.5 trillion by 2029.The Journal and the Times reported that Rowan, like Warsh, is one of Trump's new candidates.The Journal, citing people familiar with the matter, reported that while the billionaire's aides are in touch with Trump, Rowan isn't actively trying to secure the Treasury Secretary role and hasn't spoken to Trump personally about such a position.But the Times also wrote that Trump has been telling his staff that he's impressed with Rowan, who Bloomberg estimates to be <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/marc-j-rowan/">worth $10.9 billion.</a> Rowan has said that US economic concerns must be fixed by what he called <a target="_blank" class="" href="https://finance.yahoo.com/news/apollo-ceo-marc-rowan-elon-musk-represents-wholesale-change-and-the-us-needs-it-155238301.html">"wholesale change,"</a> which he said Trump and his new administration would bring.That's broadly in line with how Trump has framed his Cabinet picks, as key movers who will upset the status quo and push fresh reform.Rowan has kept a relatively low profile on his views about government policy, though he recently voiced <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/apollo-ceo-rowan-warns-that-aggressive-rate-cuts-could-backfire">concerns</a> that the Fed could overstimulate the economy with interest rate cuts.<h2 id="e6cea6ab-a68b-4816-b297-f3f995f40039">Howard Lutnick</h2><div type="image" title="A man stands at a Trump/Vance podium" height="2769" width="4300" msid="115408282" hostid="261" sizebytes="238422"></div>Lutnick, 63, is the CEO of Cantor Fitzgerald, a Wall Street financial services firm.Lutnick has been serving as Trump's transition cochair with Linda McMahon, of WWE royalty. He's been a friend of the president-elect for decades, repeatedly holding fundraisers for Trump.In August, Lutnick hosted an <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-09/with-lutnick-s-help-trump-raises-15-million-at-hamptons-event">event at his home</a> in the Hamptons that raised $15 million for the Trump-Vance campaign.Lutnick has aligned himself closely with Trump's rhetoric. In late October, he expressed a vision for the US economy, describing America in the year 1900 to a crowd at Madison Square Garden, saying it was a time when the "economy was rocking.""We had no income tax, and all we had was tariffs," <a target="_blank" class="" href="https://www.youtube.com/watch?v=x1b4UZn1GAk&amp;ab_channel=HowardW.Lutnick">he said to a cheering stadium.</a> Lutnick has also said that under Trump, corporate taxes would be raised for US giants like Apple and Tesla. He said that Elon Musk, a Trump ally, welcomed such a move if it applied to all big players. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-lutnick-treasury-secretary-bessent-2024-11">Musk has endorsed Lutnick</a> for Treasury Secretary.Lutnick is also known for steering Cantor Fitzgerald after the 9/11 attack, which killed 658 of its 960 employees at the World Trade Center.<h2 id="4b1b9607-5cdd-4853-b1e5-347ec1d4ffa3">Scott Bessent</h2><div type="image" title="A man in a red vest and blue sweater goes for a walk" height="2931" width="4396" msid="115408293" hostid="261" sizebytes="791788"></div>Bessent, 62, was one of the original frontrunners for Trump's Treasury Secretary.His involvement emerged early last week when <a target="_blank" class="" href="https://www.reuters.com/world/us/bessent-paulson-lead-us-treasury-secretary-under-trump-sources-say-2024-11-08/">Reuters reported</a> that the founder of macro investment firm Key Square Capital Management had been meeting with Trump at the Mar-a-Lago resort.Bessent worked for the liberal philanthropist George Soros from 1991 to 2015, making a name for himself by betting big against the British pound, which collapsed in 1992, and then against the Japanese yen as it weakened in 2013.He left Soros' firm in 2015 to start Key Square, and <a target="_blank" class="" href="https://www.wsj.com/politics/elections/the-ex-soros-executive-who-is-trumps-new-obsession-4be2d493">The Journal</a> reported that he hasn't spoken to the billionaire in years.Bessent has been vocal in his support for Trump, telling <a target="_blank" class="" href="https://www.breitbart.com/politics/2024/08/18/exclusive-scott-bessent-kamala-harris-economic-illiterate-will-crash-economy/">Breitbart</a> in August that Vice President Kamala Harris would have crashed the economy if she was president.He wrote <a target="_blank" class="" href="https://www.wsj.com/opinion/markets-hail-trumps-economics-he-will-repair-biden-damage-pro-growth-investment-boost-f3954dbe?">an opinion column</a> just after the election, praising Trump for a stock market rally after his win and knocking <a target="_blank" class="" href="https://www.cnn.com/2024/10/23/politics/nobel-prize-economists-harris-economic-plan/index.html">23 Nobel Prize-winning economists</a> for predicting that the president-elect's agenda would be "counterproductive."The investor laid out his ideas for the economy in his written piece, calling for the Trump administration to reduce government borrowing and to reform President Joe Biden's policies for investment in a "quixotic energy transition."Like Lutnick, he's <a target="_blank" class="" href="https://www.foxnews.com/opinion/scott-bessent-talk-tariffs-its-time-revitalize-alexander-hamiltons-favorite-tool">advocated for an economy</a> that's more reliant on tariffs and weaned off income tax, saying the move would restore America's position on the world stage and help curb China's growth.However, The Journal reported that some conservatives in Trump's circle were concerned about Bessent's past experience working for Soros, who has attracted the ire of the MAGA base for his support of left-leaning causes.

Meet the top 4 candidates Trump is considering for Secretary of the Treasury

<ul class="summary-list"><li>The biggest worry for allocators to hedge funds is crowding, according to a new Bank of America survey.</li><li>But the survey also found that allocators' own portfolios of managers have become more concentrated.</li></ul>Allocators are growing more worried about crowding at hedge funds. But these same investors are increasingly concentrating their portfolios into the same few mega firms, according to a new Bank of America survey of allocators.The survey — which spoke to 160 allocators with roughly $680 billion invested in around 4,300 hedge funds globally — found that the biggest hedge fund managers in the industry are still gobbling assets and market share despite their investors bickering about costs."Respondents have generally moved towards fund consolidation rather than diversification within their HF portfolio," the report reads."Anecdotally, we are hearing 'one in, two out' (i.e., 1 new allocation per 2 full redemptions) as the new normal."The result is the biggest are getting bigger.Only $7 billion of net inflows into the entire $4.3 trillion industry in the first half of 2024, and multi-strategy hedge funds like Millennium, Citadel, and others led the way. This flavor of hedge fund brought in $10 billion in net flows in 2024's first six months, and the average multimanager firm runs $1.7 billion.By comparison, the average hedge fund overall runs $528 million.Despite this, allocators, paradoxically, have grown even more concerned about crowding risks in their hedge fund portfolios. According to Bank of America, half of respondents said that "crowding" will be their top concern as they close out the year.While one of the selling points for multimanager funds is their broad reach across different markets, geographies, and asset classes, these firms have proven to move in lockstep in volatile markets over the years — or <a target="_blank" href="https://www.businessinsider.com/hedge-funds-betting-electricity-power-grid-congestion-trading-2024-3">chase after a hot area that one firm has found</a>.For example, when the pandemic sent markets spiraling in early 2020, many of these firms lost money <a target="_blank" href="https://www.businessinsider.com/citadels-relative-value-losses-last-week-wiped-nearly-all-gains-2020-3">on the basis trade</a>, a type of relative value bet that seeks to advantage of price differences between similar securities. In the years since, concentration in this trade and the leverage these managers use to juice their returns <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-30/ken-griffin-s-citadel-hedge-fund-rivals-draw-scrutiny-over-crowding-leverage">have gotten the attention of regulators</a>.LPs have finally regained a bit of leverage over these multimanager funds, some of which have struggled to outperform the risk-free rate since interest rates increased. Bank of America notes that <a target="_blank" href="https://www.businessinsider.com/exoduspoint-multistrategy-hedge-funds-lower-fees-adopt-cash-hurdle-2024-9">fee hurdles</a> are becoming more common — 42% of respondents have some sort of hurdle in place for at least one of the funds in their portfolio — amid a "buyers' market.""Asset raising remains challenging for most managers," the survey noted, which should lead to "increasing manager/allocator alignment."

Allocators that crowded into the biggest hedge funds are worried about these managers crowding into the same trades

<ul class="summary-list"><li>Peter Doyle's Kinetics Paradigm Fund rose over 20% in October and is up 97% year-to-date.</li><li>The fund has outperformed the S&amp;P 500, driven by Texas Pacific Land Corporation's 148% gain.</li></ul>Earlier this year, we started highlighting some of the <a target="_blank" class="" href="https://www.businessinsider.com/investors-of-the-month-top-fund-managers-stock-picks-august-2024-9">top-performing fund managers each month</a> as a way to highlight money managers delivering impressive returns who might be flying under the radar.Narrowing selections isn't the easiest task. Do you consider all funds, even those leveraged for outsized returns? What about funds listed outside the US, which most readers don't have access to anyway? What if a fund is up big in a particular month but performing just average over the last year and even worse over a longer time horizon?These questions resulted in selecting fund managers from a few different categories over the last couple of months, but going forward, we're to handle things a bit differently. For our investor of the month, we'll select a fund manager by considering a few different criteria: their fund is listed in the US; their fund outperformed peers in a given month; and their fund is outperforming a benchmark index (in most cases this will be the S&amp;P 500) on a trailing 12-month basis.Weighing these factors, choosing our investor of the month for October wasn't difficult.It's Peter Doyle, manager of the Kinetics Paradigm Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/kinetics-paradigm-fund-no-load-class-us4946136078">WWNPX</a>), which was up more than 20% in October and 97% year-to-date. Over the last 12 months, it has returned 78%, beating the S&amp;P 500's 35% gain. Over the longer term, the Paradigm fund's performance is even more impressive. Since December 1999, it's up 1,363% versus the S&amp;P 500's 304%.Rather surprisingly, Doyle has delivered these returns without the help of Nvidia or other Magnificent Seven stocks. The fund's top performer has been the Texas Pacific Land Corporation (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tpl-stock">TPL</a>), a firm that makes money leasing the land it owns in the western part of Texas.Demand from AI firms looking to build out data centers on the land has pushed up shares of TPL a staggering 148% year-to-date."The amount of capital that's going to be spent to build out data centers and bringing AI and all of the things that are associated with that to fruition needs to be done where there's cheap energy, cheap electricity, and available real estate, and water," Doyle told Business Insider. "I think people are coming to the conclusion, although I think we're still early in the game, that a big chunk of that is going to take place in the western part of Texas."The stock is the Paradigm Fund's top holding and has soared to a 65% weighting in the fund amid its outperformance, even as Doyle has drastically taken profits and reduced his position by around half. When Doyle opened his position in the stock, its weight in the fund was 8%.Despite its massive weighting in the fund, Doyle seems extremely confident in the company and said its business model is highly predictable."They own very valuable real estate, and I know that that real estate is basically not going anywhere. And I know that people want to build AI data centers, and I know that that's the most logical place for that to happen in a very significant way," Doyle told Business Insider. "If 100% of my net worth were in TPL, I would be sleeping very well. That's how good I think it is."Other top holdings in the fund include the Grayscale Bitcoin Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>) at an 8.8% weighting, Brookfield (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/brppf-stock">BRPPF</a>) at 3.3%, and Landbridge (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lb-stock">LB</a>) at 3.1%.

This fund manager up 97% this year thanks to an under-the-radar stock is BI's investor of the month for October

<ul class="summary-list"><li>Turns out people are actually using Facebook Dating.</li><li>Facebook Dating offers free features like unlimited likes, unlike some competitors with paywalls.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/facebook">Facebook</a> isn't giving up on dating.Meta's dating product, <a target="_blank" class="" href="https://www.businessinsider.com/facebook-dating-united-states-launch-2019-9">Facebook Dating</a>, got a slew of new features last month and the team behind it believes it can help users who are struggling with dating app fatigue.And before you ask, yes, real people are using it. I even set up an account to see it for myself.<a target="_blank" class="" href="https://www.businessinsider.com/meta">Meta</a> announced earlier this year that the dating product, which launched in 2019, had grown its user base by 20% year over year within the US and Canada. Among young adults, Meta also reported that daily conversations increased 24% year over year. Meta didn't disclose how many people are using it, however.Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/bumble-match-dating-apps-earnings-swipe-fatigue-2024-11">dating incumbents</a> like Match Group and Bumble have been grappling with users' <a target="_blank" class="" href="https://www.businessinsider.com/dating-apps-find-love-romance-online-tinder-match-total-scam-2024-10">diminishing stamina for online dating</a>.The biggest pitch Facebook Dating has going for it? It's free — with no limits, no paywalls, and no recurring subscriptions."The point of Facebook dating was to be able to offer as much as we can for free because we can afford to do that," Shabnum Gulati, a product manager overseeing Facebook Dating's user-facing features, told Business Insider. "We don't really believe in monetizing love, frankly. We're trying to offer as many features as we can that are competitive with other apps for free."While Facebook isn't directly monetizing love, the product does sit within its core app and could help drive people to engage with its other money-making features.The Facebook Dating team, which sits under the Facebook org, has around 50 staffers, Gulati said. BI sat down with Gulati at one of Meta's offices in New York to get a walkthrough of the Facebook Dating experience.A few features that Facebook offers for free that are paywalled on other dating apps — either through subscriptions (like some Match Group apps) or pay-to-play apps (like Raya) — include unlimited likes, the ability to revisit anyone you swiped left on, and sorting through the feed of matches by interests.Here's a summary of Facebook's key dating features that it hopes will help it compete with Tinder, Bumble, and <a target="_blank" class="" href="https://www.businessinsider.com/new-dating-startups-and-apps-disrupting-the-industry-2024-8">newer startups</a>:<ul><li>Friends can swipe on your behalf using Facebook's "Matchmaker" tool. The feature launched in October and is similar to features seen elsewhere, like "Tinder Matchmaker" and on new dating apps like <a target="_blank" class="" href="https://techcrunch.com/2024/10/24/cheers-lets-you-play-matchmaker-with-friends/">Cheers</a>. "We've seen that women are the most commonly invited matchmakers," Gulati said. "So women invite other women and then guys tend to also invite their female friends."</li><li>Facebook Dating has also rolled out some AI tools (one of Meta's top priorities across its apps). Right now, users can automate writing their bios using Meta's generative AI. While the team is testing potential applications of Meta AI, there is some hesitation. "We've been trying to be very careful with how we think about messaging features and AI," Gulati said, adding that there is no plan to introduce AI bots or assistants in the dating DMs.</li><li>Facebook Dating is also integrated with Instagram. Users can opt-in to link their <a target="_blank" class="" href="https://www.businessinsider.com/instagram">Instagram</a> accounts, which appear on the dating profile card. There is also a separate feed for Instagram posts shared by Facebook Dating users within the Facebook app. "This is kind of our way of showing people based off of the Instagram discovery feed," Gulati said. Right now, Instagram doesn't have any dating-specific features (but that doesn't keep people from <a target="_blank" class="" href="https://www.businessinsider.com/instagram-dating-app-dm-era-of-swipe-fatigue-2024-9">finding romance on the app)</a>.</li><li>Users can send "secret crushes" to friends of friends on Facebook — and Instagram. "What this does is this just sends them a notification that says someone on Facebook Dating sent you a crush," Gulati explained. "And then if they receive the notice, they want to sign up for Facebook Dating, we'll show them that it's you and they can choose to match back with you."</li></ul>

A product manager behind Facebook's dating feature explains how it's looking to compete with apps like Tinder and Bumble

<ul class="summary-list"><li>Business Insider asked people with side-hustle experience about their top gig recommendations.</li><li>Two people recommended content creation; one of them said it's fun but takes time to build up.</li></ul>If you're looking to make some extra money, you could try one of these <a target="_blank" class="" href="https://www.businessinsider.com/side-hustle-main-income-how-to-build-profitable-business-2024-3">side hustles</a>.Business Insider reached out to several people with experience with <a target="_blank" href="https://www.businessinsider.com/side-hustle-ideas-which-make-money-ugc-affiliate-marketing-2023-5">side hustles</a>. We asked them about what advice they'd give to anyone starting out on their own gigs, including the No. 1 side hustle they would recommend."There's a lot of content out there around <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-a-side-hustle-six-figures-virtual-assistant-2022-2">side hustles</a>, and many people are selling ideas and dreams," Ryan, who frequently posts on social media his thoughts on potential side gigs and whose last name is known to BI, said. "My advice is to pursue what you're passionate about, but do your research first."Four serial side hustlers suggested selling digital wall art on Etsy, creating content, or earning on-site commissions through the Amazon Influencer Program.Having a side hustle or a way to make <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ways-to-earn-passive-income">passive income</a> may help people reach their <a target="_blank" href="https://www.businessinsider.com/side-hustle-reviews-recommendations-lucrative-easy-tiktok-surveys-pay-debt-2024-8">financial goals</a>. However, Meghan Lim, who earned side income in several ways before quitting her job to pursue self-employment, said don't pick a side hustle simply for the potential earnings."If you don't enjoy what you're doing and only chase the money, you will not be happy and you can quickly burn out," Lim said.Here's what four expert side hustlers recommend as their No. 1 gig.<h2 id="ac133df7-db1a-41a6-ab28-c55914df207f">Amber Smith, 27</h2><div type="image" title="Amber Smith wearing a green shirt and jeans" height="2250" width="3000" msid="114729540" hostid="261" sizebytes="443036"></div>Smith used to work a tech job, but she's now <a target="_blank" href="https://www.businessinsider.com/quitting-corporate-job-content-creator-reseller-side-hustles-retire-early-2024-7">self-employed with the help of her past side hustles</a>, which include making content and reselling clothing."I was at this job, wasn't totally happy with it, and I knew I had been making decent money doing my side hustles part-time," Smith previously told BI. "So, I spent a lot of time doing the math, being like, could I actually make this work if I took them full time?"The top side hustle she recommended was content creation, like making videos for brands. Smith said this type of work "takes some time to build up" and wished she had started earlier than she did. Still, she said the gig is fun and can open creators up to different opportunities to make money.For instance, she said a business paid her hundreds of dollars to make a video about trying out a new breakfast sandwich. In addition to earning money from brand deals, Smith has made money as a content creator in other ways, such as from TikTok's Creator Rewards Program, which has some eligbility requirements to be part of the program. So far this year, she has earned $3,640 in rewards, which are earnings from videos that meet requirements."Eligible videos will start to collect rewards as soon as they reach 1,000 qualified For You feed views," <a target="_blank" class="" href="https://support.tiktok.com/en/business-and-creator/creator-rewards-program/creator-rewards-program#4">TikTok</a> said. "Rewards are calculated based on qualified views and rewards per 1,000 qualified views."In general, Smith said she thinks anyone can create content as a gig, but people who try this side hustle need to be "willing to try new things, learn, and put themselves out there."<h2 id="9e101e7f-ae3b-4267-baff-9ba715a4879a">Ryan, 39</h2><div type="image" title="Ryan smiling outside and some people walking in the background" height="1103" width="1471" msid="114729541" hostid="261" sizebytes="144590"></div>Ryan previously talked to BI about <a target="_blank" href="https://www.businessinsider.com/side-hustle-ugc-delivery-make-money-flexible-time-easy-jobs-2023-11">side hustle recommendations.</a>He told BI in a new statement that his No. 1 side hustle recommendation was earning on-site commissions through the Amazon Influencer Program. The program involves making product videos or other content.<a target="_blank" class="" href="https://affiliate-program.amazon.com/help/node/topic/GV7VUCCSS8MQFSQT">According to Amazon</a>, participants can earn on-site commissions when people click on their videos or other content that Amazon has chosen to show and then go on to buy a qualifying product.Ryan said he sees passive income-earning potential from this. He said this gig isn't his main focus, but he made over $100 in commissions from various products sold on Amazon from a set of review videos he made in 2024.He said this potential gig is good for people "comfortable with content creation or product recommendations" and doesn't require too much experience.Ryan's general advice for beginners is to "start small and stay focused on one thing." He added people need to be consistent and put in the effort to have success with side hustles."I wish I'd known how important it is to be patient," he said. "Results don't happen overnight, and side hustles take time to build into something sustainable."<h2 id="612b393b-14ce-44f3-bc2d-f8aa9f3fba4e">Meghan Lim, 26</h2><div type="image" title="Meghan Lim" height="810" width="1080" msid="114729547" hostid="261" sizebytes="138112"></div>Lim, who used to work a day job as a financial analyst, has tried several side hustles. She has made money making videos and from <a target="_blank" href="https://www.businessinsider.com/side-hustle-pet-sitting-dog-walking-fun-flexible-easy-work-2024-1">pet sitting and dog walking</a>. She left her financial analyst job and now works on her content creation and other former side gigs.She said the No. 1 side hustle she recommends to others is content creation because of the variety of ways to make money. She said someone could make content for brands "and give them permission to post it on their own social media pages instead of your own." Working with brands and companies can also involve posting on your own pages.Lim made $12,750 from two separate deals which largely involved making and publicizing content on Instagram.Another idea for content creation as a gig is making "content about products on TikTok shop and earn passive income that way," she said.Lim said people can learn the necessary skills as they go, such as how to edit videos and best SEO practices to try to get their content seen by others. While people can take their time to improve their video-related skills, Lim said consistency is the main skill needed when starting with content creation."That would be constantly uploading content on a regular basis because it takes a while to build a following and doesn't just happen over posting a few videos," Lim said.<h2 id="13a07971-e474-4f8f-8d6b-d79f07df19ae">Kate Robb, 27</h2><div type="image" title="Kate Robb is holding a laptop and standing outside" height="960" width="1280" msid="114729543" hostid="261" sizebytes="133804"></div>Robb said she's been fully self-employed for over a year and a half after being laid off in early 2023. She said she earns money from multiple sources."I have tried so many side hustles over the past two years, but one I frequently recommend to my friends is selling digital wall art on Etsy," Robb said, adding that the minimal startup costs are a large reason she recommends this. "You create digital poster designs that will ultimately be used for wall decor — but there's no physical inventory involved."One potential plus is its flexibility. Robb said, "you get to make your own schedule and work on your shop whenever it's convenient for you."Robb said this gig may be best for people who like creative work. She said people don't need a background in graphic design to get started, although it may take time to learn. Robb said the graphic design platform Canva is a beginner-friendly tool people can use."There's also no true 'materials' cost since you're selling a digital product, which means the profit margins on each sale are typically very high," she said.Selling digital wall art has been lucrative for Robb. Her net profit on Etsy in 2024 at the time of reporting has been over $16,000 for this gig, around double what she made last year after starting her digital wall art shop on Etsy in April 2023. That net profit takes into Etsy account fees and marketing but excludes a couple of extra expenses she has, including her Canva subscription.Etsy told BI that sellers sold over $11 billion in goods last year."Etsy sellers range from hobbyists to professional merchants and have a broad range of personal and professional goals," Isabella Diaz, a community manager at Etsy, told BI.What has your side-hustle experience been like? Reach out to this reporter at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a> to share.

4 expert side hustlers share their top gig recommendations

<ul class="summary-list"><li>As election day draws near, 400 Wall Street money managers identified their top concerns.</li><li>National debt, economic growth, and immigration reform are big issues for the next administration.</li></ul>With just a few weeks until Election Day, the presidential race is neck and neck between Kamala Harris and Donald Trump.There's a lot at stake in November. Policy initiatives could have a significant impact on the economy, especially on issues concerning inflation, the housing market, employment, and international trade.The $1.3 trillion asset manager PGIM surveyed 400 institutional investors collectively overseeing $9 trillion in assets under management about the election. Most investors surveyed agreed that elections influenced how they allocated funds in their portfolios.Overall, 46% of the investors surveyed said that a Republican sweep across the White House and Congress would be the optimal outcome for the market. 29% of investors preferred split control of the White House and Congress. Investors can benefit from both parties: Republicans would likely pass investor-friendly tax and energy policy, while Democrats would pass more favorable US-China and trade policy.Here's what Wall Street is worried about this election cycle and how top money managers are preparing their portfolios for November.<h2 id="c2ba8bee-0e1c-46d1-9407-b7e2f9e02c0b">Wall Street's 3 biggest election concerns</h2>There was one clear standout issue: the national debt. 35% of institutional managers flagged the US national debt as the most important policy change they wanted to see.Kara Murphy, chief investment officer at Kestra Investment Management, says the deficit will continue to balloon from its current level of $35 trillion as higher Medicare, Social Security, and interest expenses stack up.However, neither candidate has put forward a concrete plan to address this issue."The candidates' relative silence on the deficit shows that it's an American problem – not just a party problem – and one so big and intractable that the next president isn't likely to be able to make much of a near-term impact," Murphy wrote in a note.Seventeen percent of investors responded that fueling economic growth was their biggest concern. There are both domestic and international challenges to the health of the economy, with institutional managers flagging issues such as <a target="_blank" href="https://www.businessinsider.com/recession-odds-rising-inflation-geopolitcal-concerns-surge-investing-strategy-volatility-2024-10">inflation</a>, <a target="_blank" href="https://www.businessinsider.com/stocks-hedge-geopolitical-china-risk-retaining-upside-international-beijing-stimulus-2024-10">US-China relations</a>, and tariffs.It's likely that the next administration will implement new tariffs, regardless of which party takes the White House, according to PGIM.While Trump is well-known for his love of tariffs, Harris isn't exactly anti-tariff either. Murphy points out the Biden-Harris administration has kept many of the tariffs that Trump passed during his presidency, and even enacted additional tariffs.Increased trade tensions could have negative implications for both US and international markets in China, Latin America, and Southeast Asia. Tariffs often have inflationary effects by slowing down trade and raising prices for consumers. The results of the presidential election will clarify how many new tariffs to expect.The third biggest concern was <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">immigration reform</a>, with 15% of investors placing it as their most important policy concern. Investment advisor Research Affiliates sees an urgent need for immigration reform as the US population growth rate continues to decline, harming the labor market. According to Research Affiliates, policies such as removing the cap on green cards for immigrants with higher education degrees in STEM fields could solve this issue.<h2 id="96c99c05-0f43-49e9-bcc5-3b7a39e8f265">Preparing your portfolio</h2>The tight race makes it unlikely for a single party to hold a sweeping majority in the House and Senate and pass drastic policy changes. However, the election winner still has implications for portfolios.One survey respondent, a portfolio manager for a US-based pension fund, said elections have "been a big factor" when it comes to allocating money. A Republican president is likely to benefit the oil and gas industries, while a Democrat win will boost healthcare, the portfolio manager said.An investment director for another pension fund shared the following investment outlook regarding the ongoing decline in globalization and trade relations: "Given reshoring, friend-shoring, [and] less reliance on the likes of China and other trading partners from past decades, we've felt even more confident in some of our exposures, particularly within the US. Basic industry, materials, very middle-market and lower focused, but dedicated US exposure such that if we really continue along this deglobalization path, and if there are further and future rifts, these are the areas that are going to benefit the most."As international supply chains experience disruption and technological competition with other countries increases, investors should put money into the companies and sectors benefiting from deglobalization while also adding safe-haven assets to their portfolios. The trend of reshoring will lead to increased domestic construction and jobs.PGIM recommends gold, Treasurys, and the US dollar as examples of stable, low-risk assets.

Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns 

<ul class="summary-list"><li>Wall Street's top performers are hard workers who tend to work long, intense hours.</li><li>Business Insider asked its 2024 class of Wall Street stars about how they stay mentally sharp.</li></ul>Call it superstitious, but Mark Zhu, a 34-year-old managing director at Blackstone, likes to start every day the same way. He has two Trader Joe's yogurt cups, one banana-flavored and one blueberry-flavored, eaten in the same order, followed by his supplements, which also have their specific sequence."Those are just examples of how I bring a level of consistency and sequencing to my life," he said. "Because you know the moment after 9 o'clock, the days can get chaotic."Similarly, the 90 minutes between 5:30 a.m. to 7 a.m. are precious to Craig Kolwicz.The Moelis investment banker uses that time to put himself in control for the rest of the day, whether by going to the gym, meditating, or reading a book."You're not getting pulled in all different directions with your deals, your transactions, or just things in life," said the 35-year-old managing director."It's sacred time to me — anything before 7 a.m. is my time."It's no secret that working on Wall Street is demanding. Finance giants from Blackstone to Goldman Sachs attract some of the brightest and most driven people, and to climb the ranks is no easy feat.When we asked top up-and-comers on Wall Street about the habits or routines they followed to keep themselves mentally sharp, no one mentioned<a target="_blank" class="" href="https://www.businessinsider.com/start-day-cold-plunge-reduce-grogginess-stress-mental-sharpness-2023-4"> cold plunges</a>, 10-step facial rituals, or <a target="_blank" class="" href="https://www.businessinsider.com/inside-bryan-johnson-dont-die-summit-singapore-longevity-health-biohacking-2024-10">biohacking</a> trends that tout themselves as life hacks that instantly make you more attractive, healthier, smarter, and more balanced.Most of these high performers featured on <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#blake-cecil-32-bridgewater-associates-5">Business Insider's 2024 list of rising stars of Wall Street</a> are spending time with their families, keeping physically and mentally healthy with reasonable workout and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-brian-robinson-neon-sign-about-sleep-2024-4">sleep routines</a>, and finding opportunities to recharge.Here's what we learned about the hacks, habits, and routines that help top talent on Wall Street stay on their game.<h2 id="25bcbc05-aac9-4976-b303-ad847534c9cf">Morning routines</h2>Chicago-based Bank of America investment banker Corey White is another early riser. He relies on his Apple watch to wake him up gently, with a little vibration at 5 a.m. The 35-year-old works out. He's partial to weight lifting but recently took up running thanks to his twin brother, who works in private equity. He sends his kids off to school and listens to a podcast on an hour-long commute into the office."My mornings are super important to me to have a nice, kind of slow start to the day. And I found it's regulating," he told BI. The routine helps him stay present with his home life as well as work, he added.<div type="image" title="Woman having coffee on her balcony" height="3333" width="5000" msid="114020357" hostid="261" sizebytes="359366"></div>Nina Gnedin, a San Francisco-based portfolio manager from Man Group, starts her day at 4:30 a.m. because she works East Coast market hours."I wake up. I do my face. I do my skincare. I brush my teeth. I drink my double shot of espresso. I do all my morning work rituals, where I check the trades. I check on the portfolios around 7, 7:30. I get coffee again."Her "very regimented" workday ends at 3 p.m., which allows her to get outside and enjoy the outdoors. "There's no day of the year where the sun's down when I'm done with work," she said.<h2 id="44e9adf5-0637-4484-ac2c-31816b001006">Productivity hacks and habits</h2>Bridgewater Associates deputy chief investment officer Blake Cecil likes to push himself (and his team) to meet deadlines that might be arbitrary on paper but give him a mental goal to chase.The 32-year-old overpromises on projects intentionally to " trick" himself into working more efficiently and diligently. One example is he will ask his team and himself this hypothetical: "Let's imagine we had to deliver this in 24 hours — how would we do that?"Often, this leads to creative and innovative work, he told BI.BlackRock's Chi Chen, 34, winds down her weekends with a Sunday evening reading ritual that helps her "distill my brain."It's a two-hour affair, starting with one hour of the books she's reading. The fixed-income portfolio manager is a fan of non-fiction and just read "Behave: The Biology of Humans at Our Best and Worst" by Robert Sapolsky. After that, she turns back to the markets. She reads external and internal research and prepares for the week.<h2 id="e4df00ef-f617-4808-b80b-d0d397e3e250">Commuting with a purpose</h2>Since starting at Bank of America, Justin Elliott has had a daily regimen designed to take up his 20-minute commute to work."It's really around my faith — I do a devotion. Read a Bible scripture, pray. Come into the office and listen to a gospel song," the 29-year-old vice president on the institutional rates sales desk at Bank of America told BI. "That's my every morning routine for getting me centered for the day. It's about reminding me why I'm here and what it's all about."He also goes to the gym two to three times a week and has recently been doing sound baths and meditation with his wife.Listening to music on her drive to her Boston office helps Fidelity Investments' Palmer Osteen, 31, take her mind off what's about to come and what's ahead so she can start her workday with a clear head. It also works for her way home.<div type="image" title="Businesswoman on the phone on her way to work" height="5464" width="8192" msid="114020358" hostid="261" sizebytes="517532"></div>Music "helps me reset and decompress and not go to bed with a hamster wheel in my brain," she said.KKR's Alissa Song, who grew up in Silicon Valley but now lives in New York, uses the time to touch base with family and friends."It just keeps me connected to the people I care about," the 31-year-old industrials investor told BI. "I've been doing this since my college internships.""Part of it is just that we came to the US when I was really young, and so here it's just the four of us here, my two parents and my brother. And so we're really close," she added. "That's been a way that I've kept in touch."<h2 id="d349da13-5838-4be9-ba4b-f0e2bc038874">Friends and Family</h2>Similarly, making time for quality time with friends and family keeps Daniela Cardona, 29, grounded."I work a ton," the RBC investment banking vice president said, but "most important is I've never lost sight of my friends, my support system."Bank of America's White has a family day every Saturday with his wife and two young sons."We go to the museums, go to the zoo, go to the water park, wherever it is, we just fully, deeply focus on our family," he said. "And I think being able to give 100% to whatever you're focused on is really important for just productivity, but also for the mental side of I'm here right now in the moment with my family and being fully immersed in that."<h2 id="0be578d3-3a1c-440b-bfb9-83f44a5d76f0">Hobbies that help take you away</h2>Ben Carper, who finished his <a target="_blank" href="https://www.padi.com/">Padi</a> open water certification a couple of years ago, tries to take a trip or two a year with his wife that focuses on diving. Along with a chance to see exotic locations, it's a chance to completely unplug."It's a change of scenery, and it's kind of hard to think about work when there's a 25-foot manta ray swimming nearby," Carper, a 34-year-old managing director on Jefferies' Private Capital Advisory team, added. His last dive was in the Maldives, and he's eyeing Thailand next.Matthew Eid-Holm, a principal at Ares Management, skis or scuba dives at least every 6 months."A few hours of these activities that require 100% focus on the present are very effective at resetting," the 32-year-old told BI.<div type="image" title="Scuba diver and big manta ray" height="3516" width="5483" msid="114020365" hostid="261" sizebytes="529324"></div>Also, on the ocean theme, Moelis' Kolwicz is a pretty avid surfer."Being out on the ocean, getting that physical activity — it's easy to zone out."There are ways to decompress and relax on land, too. Melissa Ding, an infrastructure investor at BlackRock, likes to engage in meditative activities like cooking, pottery, or tending to her terrace garden to give the 33-year-old a "little bit of mental reset.""When I need a little bit of rest time, there are just things that I do that where I can kind of zone out."Her garden consists of flowers, including dahlias, and a recently planted fig tree.Wells Fargo's Annie Cheslin, 34, recently learned how to play the centuries-old strategy game mahjong, which she's become "obsessed with." The managing director in high-grade municipal trading joined a club that meets twice a month to play.<h2 id="5b69cc3a-c919-44eb-9934-40cdd16bfe98">Exercise routines</h2>Physical challenges are a way to distract yourself from the day-to-day and counterbalance the time you spend in front of computer screens or client dinners.Margaret Williams, a 31-year-old executive director at Morgan Stanley, said she exercises in some form or fashion every day. Williams will do anything, from a run in Central Park to weightlifting to laps at a hotel pool on the road to late-night walks with the dog."It's a part of staying balanced, physically and mentally," she said.Being disciplined about daily workouts is also how Apollo's Austin Anton, 32, clears his head."I find that when I go for a run, I have my most creative ideas, and I love to run, and I tend to do that every other day," he said. "So I find that very helpful in terms of clearing my head and allowing me to think through something."<div type="image" title="Two men and a women lifting weights as they plank" height="3331" width="6317" msid="114020366" hostid="261" sizebytes="390294"></div>Erica Wilson's workout of choice is weightlifting, which "has become a real stress reliever over the last couple of years," she told BI.The 31-year-old vice president at Blue Owl's daily habit has evolved into a competitive hobby. She participated in a power-lifting competition last year through Tone House — she deadlifted nearly twice her body weight — as well as Hyrox, <a target="_blank" href="https://hyrox.com/the-fitness-race">a fitness race</a> featuring eight separate physical exercises, such as sled pulls or burpee broad jumps, with a 1-kilometer run in between each.For Harrison DiGia, morning is the best time to get a workout in."I try to wake up and move my body. I do some sort of workout every morning, whether it's strength training, playing tennis, or even stretching or yoga," the 31-year-old General Atlantic vice president said. "I'm a huge tennis player. I like using that time in the morning to clear my mind. It helps me reset and gets me ready for the new day ahead."<h2 id="d3113c79-caac-4d9d-8730-368968e9dd30">Getting some shut-eye</h2>Patrick Lenihan, a portfolio manager at JPMorgan Asset Management, has a strict bedtime."There's some nights where you need to get things done, but I try to have a hard cutoff. Let's just say 9:30— that's lights out." That gives him 30 or 45 minutes to wind down and ensure he gets his sleep, not just for physical health, but mental, too.He also makes a point to stay active. He played hockey his whole life, but after a few surgeries, he now does lower-impact exercises like pilates and barre at least three or four times a week."Now that I'm on paternity leave, I've been lucky enough to do it, get in a little bit more. But I think those two things help me to at least stay recharged and stay ready each day," he said.Luckily, his infant son is a great sleeper and has not disturbed Patrick's rest so far.<div type="image" title="Woman in distress resting in bed, soft light illuminating the room" height="2000" width="3000" msid="114020363" hostid="261" sizebytes="82906"></div>"I definitely think getting sleep is important," Elizabeth Stone Redding, a principal at TPG, told BI. "It's certainly something I have realized as I've matured in my career, that you really need to use your brain, and you need to get a decent amount of sleep for that."The 33-year-old also habitually sets priorities to stay on track and not get overwhelmed."It's very easy to obviously be overwhelmed with a large list of things, but narrowing it down and saying, 'Okay, these are the two or three things I really want to do today,' helps me a lot," Stone Redding said. "I try to have — even if it's just in my head — a list of two or three things I want to accomplish in a given day."<h2 id="4de0d80b-046e-4e13-ac5d-6bea4c6d110c">Taking a step back</h2>Matt Gilbert, a 35-year-old managing director at Thoma Bravo, started working with an executive coach a few years ago. He was surprised when the coach pushed him to pull back at work."I would say, in general, workaholic or 'Type A' people tend to try to grasp more and more responsibility," he said. "And I actually think ultimately that was the case for me."Gilbert now spends more time with his family. He has made a habit of watching TV with his wife every night and dropping his oldest daughter at school."I think I fill up my cup in terms of personal fulfillment so that my time that I'm at work, I can really, really focus and dedicate to that and kind of maximize the time that I have here."Gidan Dan's key ritual at work is consistently staying in touch with his clients, but at home, the Citadel Securities senior vice president takes the chance to relax."A lot of my colleagues are really good runners and they work out and everything. I'm completely different," he said. "I think I work long enough hours, so I don't want to exhaust myself too much. So I would just go home, and taking care of my kids is enjoyable but exhausting stuff," Dan said of his two daughters, aged 1 and 4. Feroz Khosla, a managing director at Goldman Sachs, isn't just looking for work-life balance, but "work-life harmony — which just means, when you look back at your career, you feel as if there was harmony between work and life," he told BI."Sometimes, you do need to have the power to say no, but do it gracefully," he said. "Maybe the answer is sure, but not right now—and being able to do that without disappointing people is super helpful."

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The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

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