wealth

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Hobby Lobby Founder's Heirs Won't Get the Company

Wealth is a 'curse,' David Green says of decision to move control to trust

(Newser) - Hobby Lobby founder and CEO David Green says he chose to give away ownership of the company, as described in his 2017 book , to avoid the "curse" of "wealth" that "can really wreck a family." "From the very beginning, our purpose was to honor God...

Even With $2.5B, Oprah Isn't Among 400 Richest in US

Kanye West doesn't make the cut, either, though Donald Trump does

(Newser) - Donald Trump has found his way back onto Forbes' list of the 400 richest Americans. The former president was excluded in 2021 for the first time in 25 years. But with an estimated net worth of $3.2 billion—up from $2.5 billion last year—he's back for...

This Man Pushed Bezos Down One Spot in Richest Rankings

Bloomberg ranks Gautam Adani as world's 2nd richest

(Newser) - Update: And then he was second. NPR reports that Gautam Adani of India has grabbed the No. 2 slot on the world's richest list from Jeff Bezos. It cites Bloomberg's Billionaires Index, which this week listed both Adani and Bezos as having a net worth of $147 billion;...

Elon Musk: Don't Be Offended by My Wealth. I Don't Spend It

Tesla CEO says he doesn't consume like a billionaire

(Newser) - If you begrudge Elon Musk his billions, take solace: He's not even spending all that money on himself. Like, not even on a villa, a mansion, or an apartment. USA Today reports the world's richest person talked about his $275 billion fortune in an interview with the head...

Wealth Inequality Grows, With 10% Owning 89% of Stocks

Gap has increased during the pandemic, helped by the market

(Newser) - Stock ownership is more concentrated than ever, Federal Reserve data show, with the wealthiest 10% of households owning 89% of US stocks. The stocks differential is reflected in the growing wealth inequity, CNBC reports, with 1% of Americans holding 32% of wealth, also a record. "The top 1% own...

Bezos Leaves CEO Post With a Pretty Penny in His Pocket

Amazon founder is worth $201.8B—about 740,000 times median net worth of an American at age 65

(Newser) - Jeff Bezos may be giving up his CEO title , but he'll hold onto world's richest man honors, at least for now. The Amazon chief officially hands over the reins Monday to Andy Jassy, the head of the company's web services, but not before amassing a net worth...

Elon Musk to Become Earth's 3rd Richest Person
It's a Very
Good Day for
Elon Musk

It's a Very Good Day for Elon Musk

Tesla CEO is about to become 3rd-richest person on the planet as his company joins S&P 500

(Newser) - Tesla and SpaceX CEO Elon Musk is set to overtake Facebook CEO Mark Zuckerberg as the world's third-richest person on Tuesday. Tesla's stock closed just above $408 on Monday but jumped 14% in after-hours trading following news that the company will join the S&P 500 index on...

Millennials Lag Well Behind Boomers in Amassing Wealth

Generation controls only 4.6% of US wealth, while boomers have 53%

(Newser) - Millennials are better educated than earlier generations and represent the biggest chunk of the workforce. But the financial rewards have not yet come to them. Federal Reserve data show the generation held 4.6% of the nation's wealth in the first half of the year, CNBC reports. The silent...

The Rich(est) Keep Getting Richer
Elon Musk
Joins an Elite Club

Elon Musk Joins an Elite Club

He is now one of 4 'centibillionaires' on the planet

(Newser) - MacKenzie Scott may just become the world's richest woman after all . Her ex-husband, Amazon CEO Jeff Bezos, should be celebrating, too. Bezos' wealth topped $200 billion on Wednesday as shares in the e-commerce giant hit a record. As Bloomberg reports, the climb brings Scott "to the brink of...

Jeff Bezos' Wallet Just Had a Record-Setting Day

Amazon founder added $13B to his net worth on Monday

(Newser) - How do you treat yourself when you make $13 billion in one day? We'll have to ask Jeff Bezos, who, per Bloomberg , saw that amount added to his net worth Monday, the largest single-day boost to one person's wealth since the Bloomberg Billionaires Index began in 2012. A...

As Bezos Heads Toward Trillionaire, Outrage

Analysis suggests he could be first trillionaire by 2026

(Newser) - Amazon CEO Jeff Bezos found himself the target of attacks from Sen. Elizabeth Warren, Rep. Bonnie Watson Coleman, and a lot of social media users on Thursday as outlets highlighted an analysis suggesting he'll become the first ever trillionaire. Business website Comparisun determined the 56-year-old—with a current net...

Laurene Powell Jobs on Family Wealth: 'It Ends With Me'

Steve Job's widow says she wants her $24B to be spread around

(Newser) - The world's 35-richest person says her children aren't likely to inherit very much, Business Insider reports. Laurene Powell Jobs, widow of the late Steve Jobs, says she wants to distribute the former Apple CEO's money "in ways that lift up individuals and communities in a sustainable...

It's Not the Stuff That Makes the Rich Happier

Researchers find differences in how we spend our leisure time and work autonomy

(Newser) - Being wealthy must have its stresses. You might have to choose between a Rolls-Royce Dawn and Phantom. And did you see the Wraith? Still — Chin up! — the evidence is that they manage to be happier than the rest of us, Forge reports. But it's not the new...

Sanders Just One-Upped Warren on a Signature Issue

Sanders' wealth tax proposal would affect more households, raise more revenue: economists

(Newser) - Elizabeth Warren is suddenly facing competition on the signature issue of her presidential campaign. Enter Bernie Sanders, who on Tuesday unveiled his plan to "substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy." Whereas Warren backs a 2% wealth tax on...

Pastor's Lavish Buy Has Jaws Dropping

Pastor John Gray got his wife a Lamborghini

(Newser) - "You light my fire, let this Lamborghini light your fire, baby." So said Pastor John Gray when he gave his wife a Lamborghini Urus last Sunday—a gesture that sparked some criticism of his spending habits, the Houston Chronicle reports. But Gray, an associate pastor at Joel Osteen'...

NYC No Longer Has the Most Super-Rich People

That honor transfers to Hong Kong

(Newser) - Looking to hobnob with the rich but not necessarily famous? Although New York City used to be where you'd be find the largest population of super-rich people in the world, Hong Kong has taken over the top spot this year, CNNMoney notes. That's per a new report from...

'Gambling Mecca' Is About to Become Richest Place on Earth

Macau is set to surpass Qatar, per a new IMF ranking

(Newser) - A "gambling mecca" is set to oust Qatar as the richest place on Earth, per the International Monetary Fund's newest stats. Bloomberg reports that the IMF's World Economic Outlook database has pegged Macau as the planet's wealthiest place, with its economy on track to reach the...

Kylie Jenner on Track to Beat Billionaire Record

20-year-old is sole owner of $800B company

(Newser) - Kylie Jenner is known as a reality TV star and a model. But the Keeping Up With the Kardashians star is, at, 20, also an extremely successful businesswoman and is on course to become the youngest self-made billionaire ever, reports Forbes , which estimates her current fortune at $900 million. Most...

Study: Those Who Saw Wealth Vanish More Likely to Die
A Midlife 'Wealth Shock'
May Lead to Your Death
new study

A Midlife 'Wealth Shock' May Lead to Your Death

Study finds Americans who suffered a financial blow were more likely to die

(Newser) - A big financial loss may shorten your life, a new study suggests. Middle-aged Americans who experienced a sudden, large economic blow were more likely to die during the following years than those who didn't. The heightened danger of death after a devastating loss, which researchers called a "wealth...

Trump Still a Multi-Billionaire, but His Ranking Tumbles

He falls to No. 766 in newest ranking by 'Forbes'

(Newser) - President Trump probably won't be happy to see Forbes ' 2018 ranking of the world's richest people—he has fallen from No. 544 to No. 766. The list pegs Trump's fortune at $3.1 billion, $400 million less than in 2017. Forbes notes that New York City'...

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