Latest news with #wealthdistribution


Bloomberg
14 hours ago
- Business
- Bloomberg
Ex-UBS CFO Wins Supreme Court Battle Over £133 Million Divorce
The UK Supreme Court ruled in favor of former UBS AG executive Clive Standish in a legal fight with his ex-wife over the split of their £133 million ($182 million) estate following their divorce. Standish's former wife, Anna, brought the legal challenge to the country's top court after her ex-husband won an earlier decision that he should keep the majority of their wealth. Her appeal was rejected by the Supreme Court, according to a judgment handed down on Wednesday.
Yahoo
3 days ago
- Business
- Yahoo
If Bezos' Wealth Was Evenly Distributed Across the U.S., How Much Would We Get?
It's no secret that Jeff Bezos, the founder of Amazon, is one of the richest people in the world. According to Forbes Real Time Billionaires List, Bezos tends to hover in the top five wealthiest humans on the planet, after Elon Musk and in the company of Mark Zuckerberg, Larry Page and Warren Buffett. Read More: Find Out: But what if one day, Bezos decided to dismantle his empire and liquidate his assets in order to give everyone in the United States an equal share? GOBankingRates is checking the math to see how much money every American would have if every citizen got a piece of Bezos' wealth. Based on the U.S. Census Bureau's tracking and data, the total American population is at 341,891,315 as of June 2025. The numbers show that about one American is born every 9 seconds while another one dies about every eleven seconds, so the rate of growth and loss are fairly in step with one another. Theoretically, each of these people would receive an equal share of Bezos' fortune in a perfect world under ideal circumstances. In the real world, that could prove to be a Herculean task; however, for the sake of experimentation, everyone accounted for in the population will receive the same amount of Bezos' wealth at the same time on the same day. Discover Next: Forbes lists Jeff Bezos' net worth at $237 billion as of this writing, and he is considered to be one of the few people to be included in the $100 Billion Club. Using that figure and dividing it by the population of America, each person in the country would receive a sum in the range of $693.20. While that might not be a lot of money to some in the current economy, it would act similarly to a stimulus check or perhaps a holiday bonus. Bezos started from fairly humble beginnings and is now one of the richest people in the world. It might sound impossible to ever reach a salary that could cultivate wealth like Bezos', but it is not entirely out of the realm of possibility if you build for the future, not just for today. 'Bezos doesn't make decisions based on what looks good this quarter; he's thinking in five, 10, sometimes even 20-year timelines,' said Jamie Wall, a personal finance strategist at Gamblizard. 'Amazon didn't turn a profit until 2003, nearly a decade after it launched and seven years after going public.' 'For regular people, this means not basing every financial or career decision on short-term wins,' Wall concluded. 'Gaining wealth isn't a sprint, it's a marathon.' More From GOBankingRates 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on If Bezos' Wealth Was Evenly Distributed Across the U.S., How Much Would We Get?

Globe and Mail
7 days ago
- Politics
- Globe and Mail
Letters to the editor, June 26: ‘Supply management doesn't just limit competition – it enables cartel-like control over how animals are raised'
Re 'Not that that kind of tax reform' (Letters, June 25): A letter-writer states that if Canada's wealth was equitably distributed, we would still have one of the highest living standards ever. History and experience would beg to differ. Nations that flatten wealth distribution by taxation or other means have produced lower overall standards of living. Think about the Soviet Union versus the United States. Wealth-flattening nations tend to hold or attract those who seek to contribute less and receive more, while driving away those who strive to contribute more and receive more. There is a great expression for this: The effort to make us all equal will have us all equally poor. John Budreski Whistler, B.C. Re 'Say less' (Letters, June 24): A letter-writer urges Ontario readers to ask Doug Ford to resign, based on the Premier's recent comments that were deemed offensive to Indigenous people. Perhaps the Premier's comments were a reflection of the changing tide of public opinion. As a taxpaying citizen and descendant of immigrants who came to Canada expecting and receiving nothing from the government, I have little tolerance for those who would block resource development while at the same time receiving increased funding from the government. The recent passing of Bill C-5 by the federal government suggests that the winds of sympathy for Indigenous reconciliation are beginning to ebb. Jeremy Klein Ottawa Re 'The slow crawl of cities on housing reform' (Editorial, June 23): Oh, the irony! Michael Janz has been the leading proponent of increased density on Edmonton city council. And when he proposes some modest concessions to help preserve the character of older neighbourhoods, you ambush him as if he were a NIMBY stalwart. You owe Mr. Janz, and Edmontonians seeking a better balance, an apology. Michael Cohen Edmonton Re 'We can help friendly democracies ditch their dependence on Russian energy' (Opinion, June 23): This article demonstrates that revenues from Russian energy exports to democratic nations exceed the total aid sent to Ukraine. Russians are benefitting more from oil and gas sales than Ukrainians are benefitting from financial support and the shipment of arms from countries such as Canada. Our European allies have long pleaded for help reducing their dependence on Russian gas. The largest importers of Russian oil are China and India, as well as the European Union. The largest importers of Russian LNG are the EU, China and Japan. It is time for Canada to sell oil and LNG to all of these countries. For those who oppose resource development and pipelines, just know you are among Vladimir Putin's best friends. James McAllister Ajax, Ont. Re 'How to crack open Canada's egg market' (Editorial, June 21): The Globe explains how Canada's supply management system locks out new entrants, but it overlooks how the same system keeps hens locked in cages by stalling progress on animal welfare. While nearly half the U.S. egg market is now cage-free, Canada is lagging far behind for the tenth year in a row. Canadian grocery retailers once pledged to sell only cage-free eggs by 2025, but our supply management system hinders this progress, keeping hens in outdated cages with no more space than a single sheet of paper each. By removing market incentives for improvements, the quota system insulates dominant producers and prevents small-scale farmers from entry. Even when companies such as Costco go cage-free in the United St, Britain and Mexico, Canadian consumers are left with no choice. Supply management doesn't just limit competition – it enables cartel-like control over how animals are raised. That's bad for farmers, bad for consumers and, worst of all, for the hens on Canadian farms. P.J. Nyman Toronto Thank you for your editorial exposing the inequities facing some egg producers because of our supply management system. The system was initially devised to protect small farmers but has evolved into one that enables and enriches large industrial operations (which no longer can even be called farms) where millions of birds are crammed into cages, can barely move and never see the light of day. It is the small number of true farmers who humanely raised 'free range' laying hens that now deserve to be protected and who should be the beneficiaries of the supply management system. Jane Harris Vancouver Re 'Canada must not accept any trade deal that includes auto tariffs: Unifor' (Report on Business, June 24): With all the gloomy forecasts for our auto sector, why are our industry leaders so down on a homegrown auto sector, one that designs, manufactures and markets its own line of cars? We have the manufacturing expertise, both in the Canadian divisions of the major auto manufacturers and in our domestic parts manufacturers. Presumably we have, or have easy access to, design expertise, not to mention unique design concepts for cars that reflect the Canadian experience. We certainly have the capital markets necessary to finance such an enterprise. We may well even have some available plant and equipment. So why do we hear downbeat assessments of our potential as an auto manufacturing hub? Why is 'we're not a big enough market to support our own auto industry' given any credence at all? Sweden, with a population of 10.5 million, has several brands, most notably Volvo; manufactures, on average, about 275,000 cars annually; and exports about 85 per cent of them. Why is it not possible for Canada to do the same thing? After all, we already manufacture about 1.5 million cars annually, making us the world's 11th-largest car manufacturer, and every one of them is exported to the United States under American brand names. Nelson Smith Prince Edward County, Ont. Re 'The perfection of imperfection' (June 21): After whipping through the economic and practical sections of the weekend paper, I really appreciate articles like the one by Adam Gopnik. It's refreshing to explore this subject that affects us all and takes us away from current events like the daily trials of the Trump administration administering more harm on the world at a rapid pace. To contemplate our attempts at perfection, to strive to get better at the instrument, the sport, the debate – whatever it is we are working on – that is our universal challenge. This binds us as we appreciate the humanity and humility that this involves. Please bring on more social and philosophical articles that we can ponder over as we make our way through the weekend and brace ourselves for next week's onslaught of the 'U.S. going down…' Helen Henshaw Hudson, Que. Letters to the Editor should be exclusive to The Globe and Mail. Include your name, address and daytime phone number. Keep letters to 150 words or fewer. Letters may be edited for length and clarity. To submit a letter by e-mail, click here: letters@


Bloomberg
24-06-2025
- Business
- Bloomberg
Billionaire Leaves Ownership of Thai Beermaker to Five Children
Thailand's richest man Charoen Sirivadhanabhakdi distributed stakes in holding firms which control about 66% of Thai Beverage Pcl to his five children, though stopped short of handing over full control of the drinks giant. The scions of the octogenarian billionaire put into effect a shareholders' agreement which will confer on their father 'the authority to manage and make all decisions in respect of the business and assets' of the entity, according to filings to the Singapore exchange late Monday.


Telegraph
19-06-2025
- Business
- Telegraph
Russian tech billionaire claims to have fathered 100 children
As birth rates around the world tumble, one Russian technology tycoon is doing his best to reverse the trend. Pavel Durov, the entrepreneur behind controversial messaging app Telegram claims he has fathered more than 100 children and has promised to split his fortune between them equally when he dies. Mr Durov, the 40-year-old social media and cryptocurrency entrepreneur, said he would divide his estimated $14bn (£10bn) wealth between his biological children and dozens of others conceived through sperm donations. Mr Durov has six children by three partners but has fathered many more through donations. Mr Durov said in a rare interview he had recently written a will that would provide $170m to each of his children. 'I wrote my will very recently,' he told France's Le Point magazine. 'I decided that my children would not have access to my fortune until a period of 30 years has elapsed. 'I want them to live like normal people, to build themselves up alone, to learn to trust themselves, to be able to create, not to be dependent on a bank account. 'I want to specify that I make no difference between my children: there are those who were conceived naturally and those who come from my sperm donations. They are all my children and will all have the same rights.' Mr Durov has previously said he had been donating sperm for 15 years and is now the father of 100 children in 12 countries. Last year, a clinic in Moscow began advertising its supply of Mr Durov's sperm and offering free IVF for women willing to have a child with 'one of the most famous and successful entrepreneurs of our time'. The AltraVita clinic said: 'Pavel Durov is willing to finance all the IVF protocols that use his sperm. It is a very generous contribution to society from someone who wants to help those dreaming of becoming parents.' Mr Durov's 100 children rank him among the world's top sperm donors, though he is not the most prolific. Jonathan Jacob Meijer, a Dutch YouTuber, reportedly fathered 1,000 children, according to Netflix, although he insists it is only 550. Mr Durov is not the only technology entrepreneur to advocate having a large number of children. Elon Musk is reported to have at least 14 children, who he has referred to as his 'legion' and has pushed 'smart people' to have more offspring. 'A collapsing birth rate is the biggest danger civilisation faces by far,' Mr Musk said in 2022. In the US, a 'pro-natalist' movement has emerged amongst conservatives urging people to have more children in order to tackle declining birth rates. 'I want more babies in the United States of America,' JD Vance said in his first address as vice president in January. Mr Durov founded VKontakte, known as Russia's Facebook, before he left the business and Russia under pressure from the Kremlin in 2014. He later founded Telegram, an encrypted messaging app used by more than 1bn people, as well as a cryptocurrency. Telegram has repeatedly faced criticism for its light-touch content moderation and last year Mr Durov was charged in France with complicity in spreading child abuse online and allowing drug trafficking. He has denied the charges and told Le Point they were 'totally absurd'. Mr Durov runs Telegram, which only has around 50 staff, from Dubai, although since his arrest in France he has been barred from leaving the country. Born in the Soviet Union, he now has French and Emirati citizenship. Despite his vast paper fortune, he is known for his minimalist lifestyle, strict diet and veganism. He told Le Point he did not own a 'house, yacht or private jet', although he enjoyed staying in 'beautiful hotels'. The billionaire is also fitness guru. He told Le Point he begins his day with 300 push-ups and 300 squats and posts videos to his Instagram of his ice baths. His arrest last August at Le Bourget airport fractured a previously friendly relationship with the French state. Mr Durov's French citizenship application was fast-tracked by Emmanuel Macron, an active Telegram user, who had previously personally spoken with the billionaire over the app. Speaking to Le Point, Mr Durov said he was 'interrogated relentlessly' for four days after his arrest and left in a small cell on a concrete bed, which was kept constantly lit. He said he had been 'very disappointed' with Mr Macron's leadership and described France as a 'Potemkin village'.