Lionel Messi, Cristiano Ronaldo, Rihanna Reach Billionaire Status
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Lionel Messi, Cristiano Ronaldo, Rihanna Reach Billionaire Status

By FANG BLOCK
Fri, Mar 24, 2023 8:55amGrey Clock 3 min

The global billionaire population declined 8% year over year in the 12 months to January due to volatile stock markets and a strong U.S. dollar, according to new data.

However, Bernard Arnault of French luxury goods conglomerate LVMH saw his wealth increase 37%, boosting him to the first place on the list. Among the newly minted billionaires are sports and entertainment stars, including Lionel Messi, Cristiano Ronaldo and Rihanna.

There were a total of 3,112 individuals worth more than US$1 billion, 269 fewer from a year ago. The billionaires’ combined wealth also dropped 10% year over year to US$13.7 trillion, according to the Hurun Global Rich List 2023 released Thursday.

Wealth is calculated in U.S. dollar terms based on a snapshot on Jan. 16.

“Interest rate hikes, the appreciation of the U.S. dollar, the popping of a Covid-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” Hurun Report chairman and chief researcher Rupert Hoogewerf said in a statement.

In the 12 months leading up to January, the U.S dollar appreciated against most major currencies. The British Pound and Japanese Yen were down 11% against the U.S. dollar, the Indian Rupee was down 9%, the Chinese Yuan was down 6% and the Euro was down 5%. For the wealthiest individuals whose assets are allocated outside of the U.S., a strong dollar means their net worth will be smaller in dollar terms.

The Hurun Global Rich List tells the story of the global economy through the stories of the world’s richest individuals. “Who’s up and who’s down highlights the trends in the economy,” Hoogewerf said.

Tech giants suffered the largest loss in the year. Jeff Bezos and his ex-wife MacKenzie Scott were down over US$100 billion in the year; Google founders Larry Page and Sergey Brin were down a combined US$85 billion; and Elon Musk was down US$48 billion. Combined, those five people alone lost US$250 billion.

Luxury brands including LVMH and Hermès made significant gains despite cost-of-living worries, according to Hurun. Arnault, chairman and chief executive of LVMH, became the world’s richest person with an estimated net worth of US$202 billion, a 37% increase from a year earlier. The company’s stock was up more than 30% on the back of record US$15 billion in profits and US$86 billion in sales in the 12 months leading up to January, according to the Hurun report.

Bertrand Puech and family, owner of luxury brand Hermès, ranked third with a net worth of US$134 billion, up 31% from a year ago. The family members agreed not to sell their share of Hermès for at least two decades, in a move designed to fend off a hostile takeover bid from LVMH. The company posted a US$3.6 billion record profit last year.

Musk, 52, dropped to second place with a net worth of US$157 billion, a 23% decrease from a year ago due to a significant decline in Tesla’s value. The electric-car maker lost US$700 billion in value last year, and Musk sold US$23 billion of Tesla stock to fund his acquisition of Twitter last October.

The rest of the top 10 includes, in order, Bezos, investor Warren Buffett, Microsoft founder Bill Gates and ex-CEO Steve Ballmer, Oracle founder Larry Ellison, and Mukesh Ambani, chairman and managing director of Reliance Industries, a India-based petrochemical, retail and telecommunications conglomerate.

China had the most billionaires with 969, followed by the U.S. with 691. “It’s easy to see why the U.S. and China are so important economically. Between them they have over half of the billionaires in the world,” Hoogewerf said.

India came third with 187 billionaires, followed by Germany, with 144, overtaking the U.K., which has 134 billionaires.

The top three cities where billionaires claimed their primary residences are Beijing, New York, and Shanghai, each with more than 100.

The entertainment and sports industries are generating more and more billionaires. Soccer stars Lionel Messi and Cristiano Ronaldo both reached billionaire status for the first time, together with golfer Tiger Woods, the NBA’s LeBron James, boxer Floyd Mayweather, and retired tennis player Roger Federer.

Basketball legend Michael Jordan has remained on the list since 2014.

Additionally, musicians Rihanna and Jay Z made their first billion last year, while Paul McCartney and Broadway composer Andrew Lloyd Webber created their fortune through music licensing.

New Zealand filmmaker Peter Jackson, who directed the Lord of the Rings films, broke through the US$1 billion mark. Comedian Jerry Seinfeld and actor and producer Tyler Perry also joined the billionaire club, according to Hurun.

Other key findings from the report include:

  • 1,078 billionaires saw their wealth increase, of which 176 were new faces. 2,479 saw their wealth decrease or stay the same, of which 445 dropped-off;
  • Russian retained eighth place in billionaire’s country of origin, with 70, down only two from last year;
  • In terms of industry, consumer goods (9.2%) and financial services are the top two sources of billionaires’ wealth;
  • 82 billionaires are aged 40 or under, and 56 of them are self made. The youngest self made billionaires are husband and wife team from China, Han Yulong, 38, and Lu Jianxia, 30, owner of Manner coffee;
  • 247 are self-made women billionaires; China dominated with 81%.


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The End of Japan’s Negative Rates Will Be a Slow-Moving Tsunami

Long-term effects of positive Japanese rates could be profound—on everything from mortgage rates to U.S. government finances

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Tue, Mar 19, 2024 3 min

Japan’s stocks have reached levels that haven’t been seen for 34 years . The country is likely to hit another milestone soon: Its central bank could raise interest rates for the first time in 17 years as soon as Tuesday.

Higher, and positive, Japanese rates won’t reshape markets overnight. But the long-term effects could be profound, particularly if U.S. growth heads structurally lower for any reason, further narrowing the yield advantage of many U.S. assets. Japan is the single largest overseas holder of U.S. Treasurys, a major overseas lender, and an export heavyweight whose corporate earnings—and stocks—have been significantly supported by the ultra cheap Japanese yen. More Japanese capital staying at home could eventually impact the price of everything from U.S. mortgages to infrastructure finance in the developing world.

For much of the past two years, Japan has swum against global monetary tides, maintaining its ultra low interest-rate regime. But now, as most other major central banks are about to cut rates, the Bank of Japan is poised to break the trend again. Domestic media reported over the weekend that Japan’s central bank will end its negative interest rates, which have been in place since 2016, during its policy board meeting on Monday and Tuesday.

The decision would come after mounting evidence that the job market is on an increasingly strong footing , after years of stagnant wage growth. Unions secured an average salary increase of 5.28% , according to the first-round results of Japan’s annual spring wage negotiations, the Japanese Trade Union Confederation said last week. For the entire decade ending in 2022, the final annual increase never exceeded 2.4%.

Much likely won’t change in the short term. The Bank of Japan will probably pace its rate increases slowly: The past couple of years have, if anything, reaffirmed its reputation for moving slowly and deliberately. Moreover, while inflation is still high by Japanese standards—2.2% in January—it has already cooled from the peaks of last year.

Japanese bond yields have picked up, but they are still substantially lower than in the U.S. The rate differential between 10-year government bonds in the U.S. and Japan stands at 3.5 percentage points. That is significantly lower than the 4.2-percentage-point gap of a few months ago, but still way higher than the 1.5 percentage points of three years ago.

Even so, a narrowing rate gap—especially if the Fed cuts rates later this year, as seems likely—will support the Japanese yen . That could damp enthusiasm for rip-roaring Japanese stocks . They would become more expensive in dollar terms for foreign investors, who have been significant drivers of the rally. A stronger yen would also hit profits at some Japanese companies , especially big exporters.

Likewise, gradual interest-rate increases in Japan probably won’t change investment flows much in the short term. But it could be a different story down the road if the shift back to positive rates proves sustainable.

Japanese individuals and companies have been big investors abroad in search of higher yield for decades. The country’s foreign-portfolio investments stood at the equivalent of $4.2 trillion at the end of last year. A big chunk of that comes from Japanese pension funds and insurers, who would suddenly have more attractive options at home. Japanese investors, for example, hold around $1.1 trillion of Treasury bonds, making them the largest foreign owner.

Japanese investors have been scouring the globe for better returns for as long as most investors can remember. If that starts to change, the effects will be felt nearly everywhere—sooner or later.

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