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Friday, March 11, 2011

Forbes billionaires list

Forbes has released its list of the world’s richest billionaires for 2011, and Facebook has put seven people on the list. Facebook founder Mark Zuckerberg comes in first of the bunch at number 52. He is said to be worth $13.5billion, up 238 per cent from last year’s $4billion. Co-founder Dustin Moskovitz is worth $2.7billion and is in 420th place. Aged just 26, he is the youngest person to make the cut and beats Zuckerberg by eight days. This is his first year on the list. Co-founder Eduardo Saverin made the list as well at number 782 with $1.6billion, tied with Facebook's first president Sean Parker (played by Justin Timberlake in The Social Network). Peter Thiel, who invested $500,000 in Facebook in 2004, comes in at 833 with $1.5billion. His stake in the social network is now the bulk of his wealth. Mark Pincus, the president of Zynga, also came in at 1,140 with $1billion, earned on the back of the site's success. His games, including FarmVille and Mafia Wars, are played on Facebook. And Russian Internet investor Yuri Milner, who invested in Facebook, came in at 1,140 with $1billion. Elsewhere, one in three billionaires is an American, down from nearly one out of two ten years ago. The U.S. has 10 more billionaires than last year but 56 fewer than its 2008 peak. The richest person in the world remains Mexican telecoms tycoon Carlos Slim with a net worth of $74billion  He is also the biggest gainer on the list, with a staggering $20.5billion increase in his wealth since last year. In second place was Microsoft founder Bill Gates whose personal fortune stands at $56billion, although he has given away more than $30billion to charity. In third place is investor Warren Buffett on $50billion, but he too would have more had he not begun to give it away. Both men have signed up to the ‘Giving Pledge’ with dozens of other billionaires to give away half of their fortunes before they die. The Forbes list revealed that the top top ten wealthiest have a combined net worth of $406billion, up from $342billion in 2010. The United States continues to have the most billionaires, with 413 but for the first time since the 1990s Asia has more than Europe, with 332 and 300 respectively. China and Russia have more than 100 billionaires each with 115 and 101 and Moscow is now home to more billionaires, 79, than any other city in the world. And while he is as famous for his frugality as his empire of flat pack furniture, Ikea founder Ingvar Kamprad may have to tighten his belt a little further after losing three quarters of his $23billion fortune. The 84-year-old saw his personal wealth tumble $17billion to just $6billion due to tax issues. He has fallen 151 places on the list, down from 11th to 162nd place. Just last month allegations came to light that Kamprad had been secretly running his empire via a foundation in Liechtenstein which supposedly helped his Swedish company avoid paying tax for years. The claims jarred with his legendary reputation for frugality - he is known for driving a 15-year-old car, flying economy class and encouraging the thousands of staff in his global empire to use both sides of company notepaper when writing letters. On the Forbes list he was the biggest loser but elsewhere there wasn't much movement. Zuckerberg's wealth of $13.5 billion was up 238%, but the biggest gainer was Nigerian tycoon Aliko Dangote. The sugar, flour and cement magnate's worth grew 557 per cent, to $13.8billion, landing him at number 51. Clare O’Connor, a reporter with Forbes' wealth team, said: ‘What is happening to the wealthiest people in the world gives a clue to the wider economy so when you see social media and commodities making big gains, it shows the way the wind is blowing. ‘The biggest loser has been Ingvar Kamprad because of financial issues. As part of the tax issues he has been facing he has stated he is no longer profiting from the Ikea business and is relying on his separate investment company so he has been downgraded. Moscow has replaced New York as the billionaire capital of the world and there has been a general movement towards developing countries and Asia. ‘The recession has not had a huge effect on those at the top either. We are not back to the record levels of 2008 but things are creeping back up.’ After Warren Buffet the richest Americans are Larry Ellison, no.5 with $39.5billion, and Christy Walton and family, of Wal-Mart, who came in at no.10 with $26.5billion. The Forbes list revealed that Britain has 32 billionaires, three more than last year. The wealthiest are still land owners Gerald Cavendish Grosvenor and family with a net worth of $13billion. Also on the list in 132nd place was retail tycoon Sir Philip Green on $7.2billion, Richard Branson at 254th on $4.2billion. Harry Potter author J.K. Rowling comes in at joint 1,140th and is worth $1billion. Kamprad has in the past denied any wrongdoing over his financial affairs and said everything has been within the law. Nobody from Ikea was available for comment.

China quake

At least three aftershocks measuring up to 4.7 magnitude were recorded in the region. At least 16 people were killed and 135 injured after a 5.8 magnitude earthquake shook southwest China s Yunnan province on Thursday. The earthquake struck Yingjiang County, which lies near the border of Myanmar, at 12.58pm local time with a depth of 10 kilometres. Many houses collapsed in the quake, and the tremor also triggered a power outage but the telecommunication service remained normal in the county. Provincial officials sent a team of experts to assist in emergency relief and more than 400 soldiers have joined the rescue operation.