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Group Of World’s Millionaires Offer To Pay More Tax

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In an unusual turn of events, a group of more than 100 of the world’s richest people has called on governments to make them pay more tax.

The group, named ‘The Patriotic Millionaires‘, in an open letter published on Wednesday, said the ultra-wealthy were not being forced to pay their share towards the global economic recovery from the coronavirus pandemic.

“As millionaires, we know that the current tax system is not fair,” they said in the letter signed by Disney heiress Abigail Disney and Nick Hanauer.

Mr. Hanauer is a US entrepreneur and an early investor in online retail giant Amazon.

They noted that while the world has gone through an immense amount of suffering in the last two years, they have seen their wealth rise during the pandemic. They stressed that few can honestly say that they pay their fair share in taxes.

In part, the letter reads, “This injustice baked into the foundation of the international tax system has created a colossal lack of trust between the people of the world and the elites who are the architects of this system. Bridging that divide is going to take more than billionaire vanity projects or piecemeal philanthropic gestures – it’s going to take a complete overhaul of a system that up until now has been deliberately designed to make the rich richer.”

The group further stated that to restore trust following a series of issues trailing the global tax system, it is imperative that the rich are properly taxed across the globe.

“To put it simply, restoring trust requires taxing the rich. The world – every country in it – must demand the rich pay their fair share. Tax us, the rich, and tax us now.

“The truth is that ‘Davos’ doesn’t deserve the world’s trust right now. For all the countless hours spent talking about making the world a better place, the conference has produced little tangible value amidst a torrent of self-congratulations. Until participants acknowledge the simple, effective solution staring them in the face – taxing the rich – the people of the world will continue to see their so-called dedication to fixing the world’s problems as little more than a performance”, the letter added.

Research by Credit Suisse revealed that in 2020, the number of millionaires increased by 5.2 million to a total of 56.1 million globally.

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Bernard Arnault Topples Elon Musk as World’s Richest Man

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Forbes latest report has shown that Bernard Arnault, the owner of luxury brand Louis Vuitton’s parent company LVMH toppled Elon Musk as the world’s richest man with a total net worth of $185.4 billion.

Elon Musk’s total net worth dropped on a 3.21% decline in the value of Tesla shares on Wednesday to close at $174.04 a unit. Year-to-date, Tesla has lost $225.89, or

Musk 51, who recently acquired Twitter for $44 billion, worth $185.4 billion at the time of writing following a $3.8 billion or 2.01% decline in its total net worth.

According to Forbes, Musk is a cofounder of six viable companies like electric car maker Tesla, rocket producer SpaceX, tunneling startup Boring Company and others.

The billionaire presently owns around 25% of Tesla’s equity both in stock and options. However, he has used more than half of that as collateral for loans.

Bernard Arnault, 71, net worth gained $424 million or  0.23% in the last 24 hours to topple Elon Musk as the world’s richest man.

Musk became the world’s richest man for the first time in September 2021 when he took over from Jeff Bezos, the founder of Amazon.com. Since then, he has remained number one on the list.

However, his net worth plunged below $200 billion on November 8 after Tesla investors accused him of spending more time with his latest acquisition, Twitter than with Tesla. A situation they were worried would impact Tesla’s performance.

The exodus dump hurt both Tesla’s market value and net worth of Musk, who was the company’s largest shareholder and top decision-maker.

Tesla’s total market value has plunged by around $70 billion since the billionaire bid for Twitter in April. Elon Musk later paid $44 billion to acquire Twitter in October, and did so with $13 billion in loans and a $33.5 billion equity commitment.

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Facebook CEO Mark Zuckerberg Loses 400% of Dangote’s Net Worth in 2022

Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion

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Mark Zuckerberg - Investors King

Facebook Founder and Meta Chief Executive Officer (CEO), Mark Zuckerberg’s net worth has nose-dived by more than 50 percent this year, losing over $70 billion.

Mark Zuckerberg’s net worth has plummeted very hard this year amid huge investments in the metaverse. 

In April 2021, Facebook said it had spent around $10 billion on metaverse investments while more than 10,000 people are working on its metaverse projects.

According to Bloomberg’s Billionaire Index, Zuckerberg started 2022 with a fortune of $125 billion but has since fallen by 55 percent to $55.3 billion this year. 

Zuckerberg’s Facebook started in 2021 with a lot of enthusiasm and hope. In 2021, Facebook was rebranded to Meta as the parent company while Mark disclosed that Facebook will invest heavily in Metaverse. 

Facebook however steeped in controversy with Frances Haugen’s leaked information. At the end of the 2021 financial year, the company reported its first-ever decline in users. 

Mark Zuckerberg lost in 2022 so far which stands at $70 billion is four times the net worth of Africa’s richest man, Aliko Dangote. Aliko Dangote is worth $18.8 billion according to Bloomberg’s Billionaire Index.

Zuckerberg’s net worth of $55.3 billion placed him at number 20 on the billionaire index, far below Elon Musk’s net worth estimated at $268 billion. 

The 38-year-old billionaire, who also doubled as the owner of WhatsApp, Instagram and Occult, however believed that the company’s investment in the metaverse space will be worth it in the near future. 

“The metaverse business for us isn’t really going to be a meaningful contributor to the business until at a minimum much later in this decade, and probably realistically this decade is going to be about setting the foundation for that and then the 2030s are really where this is going to contribute a lot to the profits of this company,” Zuckerberg said during the company’s annual shareholder meeting in May.

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Gautam Adani Displaces Amazon Founder, Jeff Bezos as World’s Second Richest Person

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

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Gautam Adani

Indian business magnate Gautam Adani has displaced Amazon founder Jeff Bezos to become the second-richest person in the world with an estimated wealth of $146.8 billion.

According to Bloomberg, Gautam Adani is the first individual from Asia to rank in the top three of the billionaire’s index while Tesla Founder and CEO Elon Musk continue to be the world’s wealthiest individual with an estimated $263.9 billion.

Adani has witnessed a rapid increase in his wealth this year displacing Mukesh Ambani, Bill Gates, and Warren Buffet on the Bloomberg billionaire list. 

Adani owns shares in six publicly traded companies that operate in ports, airports, green energy, and data centres.

While several others on the Bloomberg billionaires index have shed wealth so far this year, Gautam Adani has added more than $60 billion to his fortune in 2022 alone. 

Investors King learnt that before February 2022, Gautam Adani was ranked below fellow Indian billionaire Mukesh Ambani who is worth $93.4 billion and is currently at the eighth position on the global ranking.

Adani controls Mundra Port which is India’s largest seaport. 

Around September 2020, he also acquired a 74% stake in Mumbai International Airport which is India’s second-busiest airport. This makes him the country’s biggest airport operator. In 2022, he also acquired Swiss giant Holcim’s cement business in India for $10.5 billion.

Strategically, Adani has set a big eye on green energy. He said he will invest up to $70 billion in renewable energy projects in his bid to become the world’s largest producer of green energy. It is not a surprise that shares in his renewable energy firm have spiked while shares in his power company, Adani Power have increased three-fold in the last year in response to rising energy demand.

Gautam Adani is a college dropout who spurned his father’s textile shop to set up a commodities export firm in 1988. He survived the terrorist attack in Mumbai’s Taj Mahal Palace Hotel in 2008. He is 66 years old and happily married with two kids.

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