New York City has taken back its crown. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet. A fresh infusion of wealth–and trouble in Asia’s markets over the past year–helped end the short-lived reign of Beijing, which usurped New York as the top billionaire city for the first time in six years in 2021.
As New York thrived, Beijing and other Chinese cities floundered amid regulatory crackdowns by China’s government on industries ranging from ecommerce to after-school tutoring. Only Shanghai moved up a place in the rankings, to No. 5. Beijing fell to No. 2, Shenzhen fell to No. 6 and Hangzhou fell out of the top 10 from the No. 10 spot in 2021. The Chinese cities on this year’s top 10 list have lost a total of 29 billionaires and some $375.6 billion in wealth since last year. Still, China has more cities in the top 10 than any other country, beating out the U.S., which is the runner-up with New York City and San Francisco.
No city experienced a bigger drop than Moscow, which fell from the No. 4 top billionaire city in 2021 to No. 7 this year. Tough international sanctions and shuttered markets meant 34 Russians dropped off the 2022 World’s Billionaire List; about three-quarters of them lived in Moscow. The collective fortune of the billionaires living in Russia’s capital is now $214.9 billion, down from $420.6 billion last year. It was only a decade ago that Moscow topped the list of cities with the most billionaire residents.
Despite shifting within the rankings, the cities where billionaires are choosing to live are largely the same. The only new entry to the list this year was the South Korean capital of Seoul, which replaced Hangzhou in the No. 10 spot. Of the 2,668 billionaires on this year’s billionaires list, almost a quarter of them live in just 10 places.
Data is as of March 11, 2022
New York gained eight new billionaire residents over the past year, more than any other city on the list. Most are in the finance industry, including Thrive Capital founder Josh Kushner and private equity titan Ramzi Musallam. Other NYC newcomers include the first NFT billionaires identified by Forbes: Devin Finzer and Alex Atallah, the cofounders of the buzzy blockchain startup OpenSea. Despite the heightened competition, media magnate Michael Bloomberg remains the richest resident, accounting for some 13% of the city’s total billionaire wealth.
Increased government scrutiny unleashed a world of pain for the super-rich in China’s capital, who have shed $174.3 billion from their collective net worth since 2021. The loss of 17 billionaires includes Kate Wang, the founder of Chinese vaping giant RLX Technology, and Will Wei Cheng, the CEO of ride-hailing firm Didi Global, whose fortunes both fell below the three-comma threshold. A rare winner amid the turmoil was Zhang Yiming, the founder of TikTok-owner ByteDance and Beijing’s richest resident, who is $14.4 billion richer than last year.
Another city with a dramatic drop in billionaires, Hong Kong lost a dozen amid a year of market tumult and strict Covid-19 protocols. The stalling tourism industry knocked casino billionaires Ina Chan and Lawrence Ho, as well as hotel magnate Zhao Tongtong, from the city’s super-rich ranks. Hong Kong also lost two billionaires, Shing-bor Tang and Lee Man Tat, who died in 2021.
London rose to No. 4 as it relaxed long-standing pandemic restrictions. Though it had a net gain of three new billionaires, the city actually welcomed six new three-comma club members, including the first Bulgarian and Estonian citizens ever named billionaires by Forbes, all of whom have their primary residences in London. Vlad Yatsenko, the chief technology officer of digital banking giant Revolut, and Denis Sverdlow, who founded the British electronic vehicle manufacturer Arrival, are other new billionaires who live in London.
Shanghai lost fewer billionaires than other Chinese cities but still saw its stable of super-rich residents drop, from 64 to 61. Xu Yi and Chen Rui, executives at Chinese media giant Bilibili, and Tony Zhao, the CEO of the Nasdaq-traded online video and communication platform Agora, are among the Shanghai-based billionaires who dropped off over the last year. Bucking the trend, Shanghai’s richest person, Liu Yongxing, the chairman of agriculture and chemicals firm East Hope Group, more than doubled his fortune to an estimated $13.2 billion.
A hub for self-made billionaires, “China’s Silicon Valley” fell to No. 6 after losing nine billionaire residents over the past year. Three were investors in the vaping company Smoore International, whose share plummeted 64% as the Chinese government threatened a crackdown on electronic cigarettes. Shenzhen’s richest person, Tencent chairman and CEO Ma Huateng, also took a hit. The internet media tycoon’s fortune dropped by more than $28 billion since 2021.
Moscow lost more billionaires than any other city on the list amid the fallout from Russia’s invasion of Ukraine. In fact, all but two living in Russia’s capital came away worse off than they were the year prior. Vladimir Lisin, the chairman of steel products manufacturer NLMK Group and Moscow’s richest person, shed about $8 billion of his personal wealth. Twenty-six others fell off the billionaires’ list altogether, including Oleg Tinkov, the founder of digital bank Tinkoff; the sanctioned billionaires Andrei Molchanov and Dmitry Pumpyanskiy; and Arkady Volozh, the founder of Yandex, the Russian equivalent to search engines like Google and Yahoo.
The Indian metropolis held onto the No. 8 spot with a net gain of three billionaires compared to last year. Balanced by three dropoffs, Mumbai actually welcomed six new billionaires over the past year, including Falguni Nayar, who became India’s richest self-made woman, with an estimated net worth of $4.5 billion, after taking her beauty-and-fashion retailer Nykaa public in November. The city’s richest resident, Reliance Industries chairman Mukesh Ambani, single-handedly makes up for more than 30% of the collective net worth of Mumbai’s billionaires.
Dropping from the No. 8 spot, San Francisco is home to four fewer billionaires than last year. The city actually welcomed a stable of new ultra-rich entrepreneurs, such as Grammarly cofounder Max Lytvyn; and Henrique Dubugras and Pedro Franceschi, the 26-and 25-year-old (respectively) cofounders of fintech startup Brex. But the plunging fortunes of others, such as Affirm cofounder Max Levchin, RingCentral Vlad Shmunis and Skillz CEO Andrew Paradise–each of whom dropped off the Forbes list–left the city with a net loss.
The South Korean capital is back on the list for the first time since 2019. Seoul’s three billionaire newcomers (the fourth is a returnee) are all self-made: Covid-19 testing entrepreneur Cho Young-sik, fintech startup founder Lee Seung-Gun and gaming mogul Park Kwan-ho. Tied as the city’s richest residents are Kim Beom-su, the founder of Kako, South Korea’s biggest messaging app, and Jay Y. Lee, the vice chairman of Samsung Electronics, who are worth an estimated $9.1 billion each.
A 12-Week Money Course Helped Me Raise My Net Worth
“I am here. I am capable. I am wealthy.”
So goes the benediction at the start of every Factora Wealth Circle meeting, held over since the pandemic but headquartered in Austin. Factora, a women-led company that teaches personal finance in a tangible way, hosts Wealth Circle, a live, online course and community, for 12 weeks, twice a year. Sessions meet every other week on Wednesday nights, with homework in between.
I decided to attend earlier this year after a fellow writer from grad school tipped me off to the program. Now, a month out from my “graduation,” myhas increased 29% from when I enrolled.
I sit with my camera on, mic muted, amongst hundreds of other women. Our expressions range from fascination to exhaustion to epiphany. That’s just how it goes when personal finance is the topic du jour.
Our host, Allegra Moet Brantly, Factora’s founder and CEO, finishes the benediction with a bright smile and eager eyes. Looking around the Zoom room, it’s fascinating to consider what brought us all here, to a sort of financial confidence bootcamp for women. As Moet Brantly begins, I pull out my notebook and text my partner to bring me a bar of chocolate as the words “compound interest” in deep burgundy flicker onto the screen. It’s going to be a long night.
“It’s dangerous to find ourselves on auto-pilot,” cautioned Moet Brantly as slides in our third session demonstrated timeless financial principles, like paying yourself first and putting an end to trading time for money. The course also suggested repurposing mindless spending as investing, emphasizing increasing one’s investment rate instead of stressing over the small stuff.
Over the course of the class, I increased my own savings rate from a very auto-pilot-esque 10% to something closer to 30%. The trick for me? Labeling buckets in my high-yield savings account with short-to-mid-term goals. It turns out, when I can see my money’s redirection from Net-a-Porter to a house fund, it feels more satisfying.
Twice during each Wealth Circle, the group was split into random breakout rooms. Here, with little to no context beyond the rectangles on our screens, we shared real numbers, without shame. In one breakout session, we shared our net worths, numbers ranging from the negatives to upwards of a million. Then, we shared our net worth goals. I went first, apprehensive to speak a number higher than I’d ever imagined possible. I watched as the entire group smiled back, nodding, and then proceeded to each offer a number higher than my own. There was something coven-like and moving to feel a group of women encourage me to dream bigger.
But Factora’s not built on dreaming. It’s grounded in straightforward, if not simple, investing principles, like focusing on time in the market over timing the market. The conversation around assets highlighted just how personal things can get in the world of personal finance. As a 26-year-old in Brooklyn, owning property has always been a pipe dream, at best. A sound investment, to me, was a great pair of walking shoes and an unlimited subway card. Hearing women older than me, during breakout groups and as examples during lectures, inspired me to bring a level of creativity to accumulate assets. Sure, buying my apartment might not be my next step, but it was freeing to imagine what might be.
“Money creates opportunity. When you have more money, you’ll have more money and decision-making,” said Moet Brantly during our fourth session on real estate investments. Instead of investing in a home, I took the time to set aside an emergency fund with six months of living expenses. Was it a “sexy” investing move with massive payoff or worthy of bragging about at brunch? No, but it was a way of empowering myself toward decision-making from a place of security and stability.
The changes I’ve made thanks to Wealth Circle haven’t been drastic or dramatic. They’ve been small-scale shifts in the way I think about money, which is a tool toward greater freedom and more choice in the way I live my life.
By the last time we recited the benediction, I found myself believing the three sentences I spoke: “I am here. I am capable. I am wealthy.” Even though it was 8 PM in New York City, I was there. Thanks to my recent hiring of a CPA to sort out my freelancing taxes, I was capable. And because of my newfound confidence in investing, I was wealthy.
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Rueda Empire signs $3.7 million deal to further its music career
Three albums and 3.7 million dollars are the basis of the agreement signed in Los Angeles on May 4 to boost Rueda Empire’s musical career. Following the success of the urban artist’s second album, Inefable, this new contract ensures the production and distribution of the artist’s material for the next three years.
It was with great joy that the artist signed this agreement on the eve of the Mexican Heritage holiday, which was a very symbolic moment for him. He assures that doing so on this date is a good omen for his musical career.
Rueda Empire will release his next album this summer, in which he has been working for months in collaboration with Nahuel Lion, from the Canary Islands. On this album, the artists fuse Latin rhythms with urban music such as trap and reggaeton.
The interpreter of “Tú no sabes de eso”, “Quédate”, “Solo amigos”, “Cómo me curo”, among other songs, continues to reap success in his musical career and hopes to continue making his audience dance with good music, contagious rhythms and modern melodies.
To stay up to date with everything that happens in Rueda Empire’s career subscribe to his YouTube channel where he makes all his releases. You can also find him on Spotify and Instagram as @rueda_empire.
Opinion | Virginia uses tax money in wrong way to lure Washington Commanders stadium – The Washington Post
Localities in the D.C. area are jockeying to land the new stadium planned by the Washington Commanders. But there are a right way and a wrong way to deploy taxpayer dollars in pursuit of it. Maryland is going about it the right way. Virginia is not. The jury is out on the District of Columbia.
Maryland Gov. Larry Hogan, a Republican, made clear that the state would offer no money to help billionaire Daniel Snyder build a stadium to replace Landover’s FedEx Field, which the Commanders plan to vacate in 2027. He got no pushback from lawmakers in Annapolis, who passed a bill authorizing up to $400 million in borrowing — not for a new stadium but to tear down FedEx Field and, more to the point, kick-start a shiny new development in the wasteland nearby. That would help avoid an economic body blow to the local economy should the Commanders leave, and help transform nearby Largo into a plausible downtown for the surrounding locality, Prince George’s County. It would get a $16 million amphitheater, civic plaza, public market, library and other amenities near Metro’s eastern terminus for the Blue and Silver lines.
That’s a smart way for Maryland to tell the Commanders: Hey, we’ll be happy if the team stays put — and we’re willing to upgrade the neighborhood — but we’re not in the business of building stadiums for billionaires who can afford it on their own. What’s more, another National Football League team, the Los Angeles Rams, just won a Super Bowl at SoFi Stadium, their home field, which owner Stan Kroenke built with $5 billion in private funds. If the Rams owner can make do without milking taxpayers, so can Mr. Snyder.
Unfortunately, that lesson seems lost on Virginia. Although no deal has been finalized by state lawmakers in Richmond, they seem prepared to kick in as much as $350 million in state tax revenue for a new stadium for the Commanders. That’s a good deal for Mr. Snyder but not for Virginians.
Granted, it’s much less than the $1 billion in taxes the state originally seemed willing to earmark for the team. Granted, too, Virginia is the most populous state in the nation without a big-league sports franchise; it might be suffering from a case of franchise envy as it gazes across its borders at North Carolina, Tennessee, Maryland and D.C., all of which have plenty. But that is no excuse for profligacy in service to a very rich man.
D.C., for its part, isn’t really in a position to compete for the moment — the federal government owns the only plausible location for a new arena, at the current site of RFK Stadium, and Congress doesn’t look ready to pass legislation to sell it to the city.
Congress’s reluctance is rooted at least partly in justified concerns about Mr. Snyder, the Commanders and the team’s culture, which have been the subject of investigations into sexual harassment and, most recently, financial impropriety over allegations that the team hid and withheld revenue-sharing funds from the NFL. Those probes should serve as a warning: Mr. Snyder and his team are not worthy of public money.
Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the Editorial Board, based in the Opinions section and separate from the newsroom.
Members of the Editorial Board and areas of focus: Deputy Editorial Page Editor Karen Tumulty; Deputy Editorial Page Editor Ruth Marcus; Associate Editorial Page Editor Jo-Ann Armao (education, D.C. affairs); Jonathan Capehart (national politics); Lee Hockstader (immigration; issues affecting Virginia and Maryland); David E. Hoffman (global public health); Charles Lane (foreign affairs, national security, international economics); Heather Long (economics); Molly Roberts (technology and society); and Stephen Stromberg (elections, the White House, Congress, legal affairs, energy, the environment, health care).
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