18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

The world has 18.1 million HNWIs (High Net Worth Individuals) with total wealth of $70.2 trillion in 2017, in the latest World Wealth Report 2018 Report released by Capgemini.  On average, each HNWI has an individual wealth of $3.87 million.

” 18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017 “

HNWIs population grew from 16.6 million to 18.1 million in 2017, adding 1.5 million more HNWIs.  The total wealth of HNWIs grew from $63.5 trillion to $70.2 trillion in 2017, adding $6.7 trillion of wealth to the HNWIs population.  Asia-Pacific has the most HNWIs with 6.18 million while North America has 5.66 million and Europe with 4.83 million.  Asia-Pacific HNWIs also held the most wealth with $21.59 Trillion, North America has $19.79 Trillion while Europe has $15.85 Trillion.

HNWI Population 

  • Asia-Pacific 6.18 Million (+12.1%)
  • North America 5.66 Million (+9.9%)
  • Europe 4.83 Million (+7.3%)
  • Latin America 0.60 Million (+7.3%)
  • Middle East 0.66 Million (+2.1%)
  • Africa 0.17 Million (+0.69%)

HNWI Wealth

  • Asia-Pacific $21.59 Trillion (+14.8%)
  • North America $19.79 Trillion (+10.3%)
  • Europe $15.85 Trillion (+7.8%)
  • Latin America $8.74 Trillion (+8.8%)
  • Middle East 2.49 Trillion (+2.9%)
  • Africa $1.7 Trillion (+0.3%)

HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

Source: Capgemini

 

Video:

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thailand’s royal family in the holding company Crown Property Bureau has been officially transferred to King Maha Vajiralongkorn.  The assets will now be held in the individual name of the Thai King, which will be subjected to individual taxes and duties.

” Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn “

Assets under the Crown Property Bureau has been exempt from taxes and duties.  In 2017, a law was enacted to allow the assets of the Crown Property Bureau founded in 1937, to be reverted to the ownership of the Thai King.

King Maha Vajiralongkorn Bodindradebayavarangkun became the King of Thailand after his father’s death (King Bhumibol) at age 88  in 2016.  Born in 1952 and the only son, he was made crown prince in 1972 at the age of 20.  His father, King Bhumibol, was the Thai King for more than 70 years (1946-2016).  Professional managers and trusted aides had administered the royal family assets under the Crown Property Bureau.  In 2011, the estimated fortune of the late King Bhumibol and Crown Property Bureau was valued to be worth more than $30 billion in a Forbes report.

The Crown Property Bureau held assets including Thailand oldest bank,  Siam Commercial Bank and one of Thailand’s largest companies, Siam Cement Group.

Source: China Daily, Bloomberg, ReutersCrown Property Bureau

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid football star Cristiano Ronaldo has agreed to pay $21.7 million (EUR 18.8 million) to settle tax evasion charges to tax authority in Spain.

” Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain “

In 2017, the football star was accused of evading $17.1 million (EUR 14.8 million) and had offered to make settlements that is believed to be $16.2 million  (EUR 14 million), but was rejected by Spanish tax authorities.  He was accused of trying to hide money linked to image rights made between 2011 and 2014.

The settlement includes paying $21.7 million (EUR 18.8 million) to Spanish tax authority and a suspended two-year jail term.  Under Spanish law, a two-year sentence for a first offence can be served on probation, with no requirement for custody (no jail-term).  The Agencia Estatal de Administración Tributaria (AEAT) is the tax revenue authority of Spain.

In 2017, Barcelona’s football star Lionel Messi was fined and given a suspended 21-month jail term.  Messi and his father Jorge, were found guilty of defrauding Spain of $4.75 million (€4.1 million) between 2007 and 2009.  They had used tax havens in Belize and Uruguay to conceal earnings from image rights.  They were fined $4.05 million (EUR 3.5 million) and made voluntary payment of $5.79 million (€5m), equal to the unpaid tax plus interest.

Cristiano Ronaldo, born is 1985 and aged 33, is one of the world’s highest paid athlete earning $108 million a year with an estimated personal net worth of more than $400 million.  He has many endorsements including a lifetime Nike contract that is valued at more than $1 billion.

Source: BBC, Skysports, Reuters, Time

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris

18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris

A 18th century Qing dynasty (China BC) vase found in a shoebox in an attic had been sold for $18.8 million (EUR 16.18 million) at a Sotheby’s auction in Paris.

“18th Century Qing Dynasty Vase Found in Shoebox in France Sold for $18.8 Million at Sotheby’s Auction in Paris”

The $18.8 million vase was discovered by chance in the attic of a French family home, by its unsuspecting owners in a shoebox.  The 18th Qing dynasty vase had been left to the great-grandparents of the present owners (5th generation inheritance) by an uncle after he passed away in 1947.  The vase was brought to Sotheby’s Paris, where further research revealed it to be a unique treasure bearing the mark of the Qianlong Emperor, who ruled China from 1735 to 1795.

The vase, a Magnificent Imperial ‘Yangcai Crane and Deer Ruyi Vase’, was offered at the Sotheby’s auction on the 12th June 2018 in Paris with an estimated price range of $580,000 to $813,000 (EUR 500,000 to EUR 700,000).  The $18.8 million winning bid was more than 20 times Sotheby’s estimated price range.  The buyer was reported to be an Asian.

The Qing dynasty is the imperial dynasty of 268 years in China from 1644 to 1912.  Emperor Qianlong (1711-1799, 87 years) was the 6th emperor of the Qing dynasty.  He became the emperor at the age of 24 from 1735 to 1795, a period of 60 years.  He was known as a capable and cultured ruler and ruled one of China’s most prosperous era in history.

Source: Sotheby’s, Reuters

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East’s biggest private equity firm Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

” Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring ”

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

 

 

Source: Abraaj, Reuters, Bloomberg

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota has agreed to invest $1 billion into Southeast Asia ride-hailing firm Grab, giving the 6-year-old firm a $10 billion valuation.  The $1 billion investment will strengthen collaboration between Toyota and Grab to advance Mobility as a Service (MaaS) in Southeast Asia.  In 2017, Toyota had began driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies.  Toyota aims to offer financing, insurance and maintenance services to Grab’s drivers.

” Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation “

Founded in 2012 as MyTeksi, today Grab is one of the largest ride-hailing firm in Southeast Asia alongside Go-Jek.  The company operates online-to-offline mobile platforms in transportation, food and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries.  The Grab app has been downloaded into over 100 million mobile devices, giving passengers access to over 6.6 million drivers and agents.  Grab delivers over 6 million rides per day in Southeast Asia, with a population of more than 640 million people, representing 8.6% (7.4 billion) of global population.

In March 2018, Grab had acquired Uber Technologies Inc.’s Southeast Asian assets (Uber became a shareholder of Grab with 27.5% stake).  Other investors in Grab includes Softbank, Honda, Hyundai Motor and Chinese ride-hailing firm Didi Chuxing.

Grab was founded in 2012 by Harvard graduates Anthony Tan (36) and Tan Hooi Ling (34).  In early 2018, Anthony Tan appeared on the “Top 50 richest Forbes list” for the first time with an estimated net worth of $300 million. His mother was one of the first angel investors in Grab and his father, Tan Heng Chew and one of Malaysia’s richest man, is the Board President of Tan Chong Motor Holdings.  Tan Chong Motor Holdings is a conglomerate and operates Nissan and Renault dealerships.

Source: Toyota, Grab, Reuters, Forbes

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

Video:

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China’s biggest lithium battery maker Contemporary Amperex Technology Ltd (CATL) with clients including BMW and Volkswagen and Tesla electric battery competitor, has created 3 billionaires after rising to a market value of $13.5 billion, 2 days after IPO on the Shenzhen Stock Exchange.  On  the 1st day of IPO (Monday, 11th June 2018), the company stock rose 44% and 10% on the 2nd day (Tuesday).

” China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO “

The 3 new billionaires are founder Zeng Yuqun (26%, $3.8 billion), vice-chairman Huang Shilin (12%, $1.9 billion), and major shareholder Pei Zhenhua (>$1 billion). Contemporary Amperex Technology Ltd (CATL) was founded in 2011 by Zeng Yuqun 7 years ago.  Today, the company is one of China’s largest battery suppliers for the electric vehicle industry with customers including BMW, Volkswagen, Geely and Hyundai Motor.

In China, the 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.  Since 2001, China allows daily stock swings of 10% (limit) in either direction.

Source: Reuters, Bloomberg, CATL

 

Video:

 

Video:

 

Video:

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

ZTE, the 2nd largest telecommunications equipment maker in China and listed on Hong Kong Stock Exchange, will pay $1 billion in fine to resolve its trade ban in the United States.

” Hong Kong listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban “

In April 2018, a 7 years export ban was imposed on ZTE  by the United States government for supplying U.S. technologies to countries (Iran and North Korea) sanctioned by the United States.  The 7 years ban means ZTE will not be able to buy components and technology from U.S. companies such as Qualcomm and Intel, crippling its major operations.  In 2017, ZTE had paid almost $900 million in settlements after admitting to violating trade restrictions by shipping products with United States technology to countries including Iran in 2016.

On 17th April 2018, a day after the 7 years ban was imposed by the United States, ZTE suspended trading of its share on the Hong Kong Stock Exchange and froze all major operations.  Prior to ZTE’s stock suspension in Hong Kong, ZTE has a market capitalisation that exceeds $20 billion.

Source: TWI, Reuters, Bloomberg, Fortune

 

Video:

 

Video:

 

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early investor and CEO of China online job portal 51job Rick Yan, is worth $1.5 Billion after 51job Inc (Nasdaq: JOBS) stock doubled to more than $7 billion in market value in the last 7 months.  Rick Yan owns 20.8% of 51job Inc, one of China’s largest online recruiting and human resources businesses.

” Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge “

An early investor and advisor of 51job at inception in 1998, Rick Yan had joined 51job as CEO in April 2000.  Prior to the role, he was with management consulting firm, Bain & Company between 1989 to 2000 and is regarded as an expert in the consumer products and technology sectors.  Born in Hong Kong, Rick received his Bachelor of Engineering degree and Master of Philosophy degree from the University of Hong Kong and Master of Business Administration degree from INSEAD in France.

51job Inc is a leading human resource solutions provider in China, offering a broad array of services in the areas of recruitment solutions, training and assessment, and HR outsourcing and consulting services.  51job.com is the leading recruitment website in China, with the most registered members (over 100 million), the largest resume database (100 million), and the highest peak traffic (over 300 million average daily page views). On average, there are over 5 million job postings online, and approximately 42 million applications are delivered through 51job.com to potential employers every week.  It owns brands including an executive search, YingJieSheng.com (for graduates and students in China) and 51jingying.com (online professional networking).  51job was founded in 1998 by Norman Lui.

 

Source: SCMP, Bloomberg, Insead, 51job

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency