AMERICA / ECO MANAGERS WATCH CLOSELY GLOBAL DEVPT
INTERNET, SEPTEMBER 27, 2011 (MSNBC News)
By By Luisa Kroll and Kerry A. Dolan/Forbes, [PHOTOS BY
SEAN GALLUP, GETTY IMAGES] -
The economy is down but America's wealthiest are up, proving that it
pays to be your own boss.
Despite the stalled economy, the nation's wealthiest are worth a combined
$1.53 trillion, nearly equivalent to the GDP of Canada. Their total wealth is up
12 per cent in the year through August 26, when we took a snapshot of everyone's
net worth, meaning these affluent folks did slightly better than the markets;
the S&P 500, for instance, was up 10 per cent in that time.
1. BILL GATES:(Photo by sean gallup, Getty
Images)
Net Worth: $59 B Age: 55 Source: Microsoft
Residence: Medina, Washington
The top mission for the world's most magnanimous human, Bill Gates, is to end
polio, which still exists in four countries and requires $1 billion a year for
vaccinations; his foundation chips in $200 million.
He's also tackling malaria by providing more bed nets and backing development
of a low-cost vaccine.
Slower progress on the education front: After delivering $2 billion-plus in
grants to help high schools from 2000 to 2008, Gates admitted that efforts "fell
short."
Just one-fourth of his net worth is still held in Microsoft; the rest is in
private equity, global stocks, bonds and private companies.
With help from billionaire buddy Warren Buffett, he's convinced nearly 70 of
the world's wealthiest to sign his "Giving Pledge," promising to donate the
majority of their wealth to charity either during their lifetime or after death.
In April, Gates toured Amazon ruins and jungles with wife, Melinda, and their
children.
2. WARREN BUFFET: (Photo: Olivier
Douliery/Newscom)
Net Worth: $39 B Source: Berkshire Hathaway
Residence: Omaha, NE
Warren Buffett, the second richest man in America, thinks he and his fellow
billionaires should be paying more money to Uncle Sam.
In August, Buffett penned an opinion piece in the New York Times arguing that
tycoons need to pay more taxes: "While the poor and middle class fight for us in
Afghanistan, and while most Americans struggle to make ends meet, we mega-rich
continue to get our extraordinary tax breaks."
That same month Buffett went bargain shopping and invested $5 billion in
beleaguered Bank of America, a move similar to his backing of Goldman Sachs
during the credit crisis.
Buffett suffered a rare blemish this March after top executive and potential
successor, David Sokol, resigned amidst allegations of self dealing; charges
were never filed. Meanwhile, shares of his conglomerate, Berkshire Hathaway,
have fallen 10% since last August, while the S&P 500 climbed 10 per cent
over the same span.
Along with billionaire buddy, Bill Gates, Buffett continues to push the
Giving Pledge, wrangling new tycoons to agree to ultimately give away 50 per
cent of their fortunes.
The son of Nebraska stockbroker met value investor Benjamin Graham while
studying economics at Columbia. Took over textile firm Berkshire Hathaway in
1965, company now holds vast investments including banks, insurance, railroads
and restaurants.
3. LARRY ELLISON: (Photo: Justin Sullivan/Getty Images)
Net Worth:
$33 B Age: 67 Source: Oracle Residence: Redwood City, California
Larry Ellison seems to be spending more time in court than on the water:
Oracle has been battling German software firm SAP over alleged software theft
and rival HP over Ellison's hiring of its former chief Mark Hurd.
Oracle stock is unharmed — up 15 per cent from a year ago. Ellison sold his
half-share in 453-foot yacht Rising Sun to co-owner David Geffen in late 2010.
After quietly donating millions to medicine and education, Ellison joined the
Giving Pledge at Buffett's behest in 2010.
4. CHARLES KOCH: (Photo: Bo Rader/Wichita Eagle/MCT/Newscom)
Net
Worth: $25 B Age: 75 Source: Manufacturing Residence: Wichita, Kansas
Faulty absentee ballot applications in Wisconsin were just the latest
political dirty tricks attributed to Charles and his brother David, thanks to
their financial support for Americans for Prosperity, the Tea Party-esque group
that is fighting public-sector unions and tax increases nationwide.
Liberals fear the U.S. Supreme Court's Citizens United decision of last year
will give the billionaire brothers unlimited clout in next year's presidential
election. But the Kochs, whose political contributions are down by more than
half this year, seem more intent on building their business.
Koch Industries revenues, which Charles heads from Wichita, are more than
$100 billion, and the debt-averse company is rapidly eliminating the leverage on
its $21 billion purchase of Georgia Pacific in 2005.
Meanwhile, the Kochs split with wealthy peer T. Boone Pickens over his plan
to subsidize natural gas vehicles; the Kochs call it an unwarranted giveaway to
big business. The brothers got their initial fortune from their father, Fred C.
Koch (d. 1967), who invented a method of turning heavy oil into gasoline.
Charles and David bought out other brothers William and Frederick for $1.1
billion in 1983. Today the company, in which they both have 42 per cent stakes,
has investments in pipelines, refineries, fertilizer, fibers and polymers,
chemical technology and forest and consumer products
5. DAVID KOCH: (Photo: Mark Lennihan/AP
Photo)
Net Worth: $25 B Age: 71 Source: Manufacturing Residence:
New York, New York
New York City's richest billionaire sits on many of its most prominent boards
including that of the American Museum of Natural History. Still, he and his
brother Charles have a knack for stirring up controversy.
Faulty absentee ballot applications in Wisconsin were just the latest
political dirty tricks attributed to the pair, thanks to their financial support
for Americans for Prosperity, the Tea Party-esque group that is fighting
public-sector unions and tax increases nationwide.
Liberals fear the U.S. Supreme Court's Citizens United decision of last year
will give the billionaire brothers unlimited clout in next year's presidential
election. But the Kochs, whose political contributions are down by more than
half this year, seem more intent on building their business.
Koch Industries revenues are more than $100 billion, and the debt-averse
company is rapidly eliminating the leverage on its $21 billion purchase of
Georgia Pacific in 2005.
Meanwhile the Kochs split with wealthy peer T. Boone Pickens over his plan to
subsidize natural gas vehicles; the Kochs call it an unwarranted giveaway to big
business. The brothers got their initial fortune from their father, Fred C. Koch
(d. 1967), who invented a method of turning heavy oil into gasoline.
Charles and David bought out other brothers William and Frederick for $1.1
billion in 1983. Today the company, in which they both have 42 per cent stakes,
has investments in pipelines, refineries, fertilizer, fibers and polymers,
chemical technology and forest and consumer products.
6. CHRISTY WALTON: (Photo: L. Matthew
Bowler)
Net Worth: $24.5 B Age: 56 Source: Walmart Residence:
Jackson, Wyoming
The world's richest woman, Wal-Mart widow Christy Walton inherited her wealth
when husband John Walton, a former Green Beret and Vietnam war medic, died in an
airplane accident near his home in Wyoming in 2005.
Her late husband's investment in First Solar also boosts her total net worth
by nearly $2.7 billion. The bulk still comes from her holdings in Wal-Mart, the
retailer founded by her father-in-law Sam Walton and his brother James in 1962.
Walton received almost $300 million in Wal-Mart dividends since last year.
The stock was up only three per cent in the past year.
7. GEORGE SOROS: (Photo: Fabrice
Coffrini/AFP/Getty Images)
Net Worth: $22 B Age: 81 Source: Hedge
funds Residence: Katonah, New York
In July, George Soros announced that he's turning his fund into a family
office, returning just under $1 billion of his $25.5 billion assets to outside
investors — dodging Dodd-Frank's registration mandate.
In August his ex-girlfriend, 28, sued him for $50 million for an apartment
she says he promised to buy her.
Soros is best known for shorting England's currency, "breaking" the Bank of
England in 1992 and reportedly making $1 billion in one day when the Bank of
England stopped fixing the exchange rate.
He's given away more than $8 billion since 1979 to human rights, public
health and education groups. Last year he pledged $100 million to Human Rights
Watch, in part to counteract America's loss of the "moral high ground." He's
also given away $150 million to Roma Rights (Gypsies).
8. SHELDON ADELSON: (Photo: Mike
Clark/AFP/Getty Images)
Net Worth: $21.5 B Age: 78 Source: Casinos
Residence: Las Vegas, Nevada
Casino king Sheldon Adelson (left)
continues to enjoy a hot hand. His fortune is up $7 billion since last year, as
his strong position in the casino-crazy Asian markets has pushed stock of Las
Vegas Sands up roughly 50 per cent to a recent $48 (shares once traded as low as
$1.50 in 2009).
Nearly 90 per cent of its operating profit comes from Asia; the thriving
Marina Bay Sands casino opened in Singapore last year.
Through his majority-owned subsidiary Sands China, Adelson has three resorts
in Macau. His goal is to push company shares back over $100, near their 2007
peak. Not that he'll spend the money on himself: "The richer I get, the more
money goes to cancer research."
The cabdriver's son created the computer industry's marquee event, Comdex, in
the mid-1980s. He sold it to Japan's Softbank for $862 million 1995 and later
built the $1.5 billion Venetian Resort Hotel Casino and the 1.2 million
square-foot Sands Convention Center in 1997 in Las Vegas. He opened the $1.9
billion Palazzo resort in 2008.
9. JIM WALTON: (Photo: Beth Hall/Bloomberg
via Getty Images)
Net Worth: $21.1 B Age: 63 Source: Walmart
Residence: Bentonville, Arizona
Wal-Mart heir Jim Walton (centre in photo)
is Chairman and CEO of his family's Arvest Bank, which has branches in Arkansas,
Kansas, Oklahoma, and Missouri.
His father, Sam Walton (d. 1992), a former clerk, founded a Bentonville store
with his brother James in 1962.
Today, Wal-Mart has sales of $405 billion and employs more than 2.1 million
people across 28 countries. The company's shares were up three per cent in the
past year.
Jim Walton received over $300 million in dividend payouts. He also serves as
chairman of Community Publishers, which operates newspapers in Arkansas,
Missouri, and Oklahoma.
10: ALICE WALTON: (Photo by April L. Brown/AP
Photo)
Net Worth: $20.9 B Age: 61 Source: Walmart
Residence: Millsap, Texas
Wal-Mart heiress Alice Walton (cente in photo) is set to open
her Crystal Bridges Museum of American Art in Bentonville, Arkansas in November.
Considered one of the world's preeminent collections of American art from
colonial time to the present, the museum will include works donated by Walton
herself and the Walton Family Foundation, with the possible additional gifts
from other private collectors.
Wal-Mart shares are up three per cent over the past year. Walton graduated
from Trinity College in San Antonio, Texas, and now runs a horse ranch in
central Texas.
WORLD'S MOST POWERFUL
CELEBRITIES
Lady Gaga Tops Celebrity LOS
ANGELES, By Dorothy Pomerantz The Queen Monster's $90
million in earnings and mastery of social media pushed her past perennial winner
Oprah Winfrey. Not that Oprah's doing badly.
The men and women on our annual Celebrity 100 list--the
most powerful people in the entertainment business this year--earned $4.5
billion over the last 12 months by starring in films, playing basketball,
walking the catwalk and more. But they also rose to the top by garnering
influence.
These days that means mastering social media. Lady Gaga topples Oprah Winfrey
from her No.1 spot on our list, which she's given up for only the third time in
seven years.
Gaga is there not just because of the $90 million she earned with a monster
tour, but also because of her 32 million Facebook fans and 10 million Twitter
followers--aka Little Monsters--who helped move 1 million digital downloads of
her recent single "Born This Way" in only five days.
They're also happy to buy the MAC makeup, Monster headphones and Virgin
Mobile phones she features in her videos.
Oprah doesn't fall far though. The daytime talk maven, who earned
$290 million last year, comes in second. Winfrey's earnings sank $25 million
partially due to a reduced payday at SiriusXM.
She still earns big from her syndicated show and from the stars she's
spawned, including Dr. Phil (No. 18) Rachael Ray and Dr. Oz.
Winfrey's earning power will take a bigger hit next year, when her syndicated
show ends and she concentrates all her efforts on the struggling OWN network.
Maybe it would help if Oprah took a lesson from No. 3 Justin Bieber.
The Biebs debuts on our list at the tender young age of 17, with $53 million
earned over the last 12 months thanks to concerts, music sales and a 3-D
documentary movie that grossed $100 million at the global box office.
If this were 10 years ago Bieber would still be paying his dues in small
clubs and schools, but thanks to the Internet, he's a sensation. His first hit
song, "Baby," has been viewed 500 million times, a YouTube record.
Reality TV it girl Bethenny Frankel is another newbie worth noting.
Famous for her newest hit show, Bethenny Ever After, she's used the small-screen
platform to promote her Skinnygirl brand, helping her earn $55 million this
year. She joins our list in 42nd place. Her entrepreneurial prowess--she sold
her Skinnygirl Cocktails to Fortune Brands ( FOPRA - news - people ) and nabbed
a $100 million cut of the deal paid out over multiple years--also put her on the
cover of our magazine this week.
The Celebrity 100, which includes film and television actors, TV
personalities, models, athletes, authors, musicians and comedians, is a measure
of entertainment-related earnings and media visibility (exposure in print,
television, radio and online). We also measure social media power by looking at
each celebrity's presence on Facebook and Twitter. The earnings consist of
pretax income between May 1, 2010, and May 1, 2011. Management, agent and
attorney fees are not deducted. Forbes has been publishing the list annually
since 1999.
Despite problems on and off the golf course, Tiger Woods still makes
the top 10, ranking sixth with $75 million in annual earnings. Woods hasn't won
a tournament since the revelation of his marital infidelities in 2009, and he
recently withdrew from The Players Championship.
But he still commands $3 million a pop for overseas appearances, and collects
money from his remaining sponsors, Nike ( NKE - news - people ) and Electronic
Arts ( ERTS - news - people ).
Having a much better year: Leonardo DiCaprio. The star makes the biggest leap
on our list this year, rising from 71st place to 15th, thanks to two huge
movies: Shutter Island and Inception. The latter earned $825 million at the
global box office, making it the sixth-highest-earning film of 2010. That went a
long way toward helping DiCaprio earn $77 million over the last 12 months.
Will Smith returns to our list this year thanks to the upcoming Men in Black
III, in which he'll reprise his role as Agent J. Smith had fallen off of our
list in 2010 because he took time off to nurture the budding careers of his
children, Jaden and Willow. Jaden starred in a remake of The Karate Kid (which
Smith produced); the film earned $360 million. Smith helped Willow with her hit
song "Whip My Hair." The video for the song has been viewed 11 million times.
Notable drop-offs include Britney Spears, who ranked sixth in 2010 but
stumbled this year because she didn't tour. With the Harry Potter franchise
coming to an end, Daniel Radcliffe (who ranked 82nd last year) also failed to
make the cut.
FROM THE PHILIPPINE STAR
Eco managers keep close watch on global developments
By Iris C. Gonzales (The Philippine Star) Updated September 26, 2011
12:00 AM
MANILA, Philippines - Government economic managers will keep a close watch on
global economic developments to guard the country against the impact of a
possible recession.
At the same time, Finance Undersecretary Gil Beltran said that the
Philippines has strong economic fundamentals and would not easily be hit by a
global crisis.
"The Philippines has strong fundamentals to avoid the adverse impact of a
global crisis," Beltran told The STAR.
He said the sector that is likely to be affected most is the export sector as
demand tightens due to uncertainties in the world market.
On rising interest rates in the international environment, Beltran said the
recent credit rating upgrades received by the Philippines has helped cushion the
economy.
"Interest rates have risen internationally but due to credit upgrades and
higher domestic savings rate, the interest rate impact has been muted," Beltran
said.
The Philippines received credit rating upgrades from global debt watchers
over the past twelve months.
The latest one came from Fitch Ratings which upgraded the country's
long-term foreign currency rating to a notch below investment grade.
Last week, fears of another global financial shock spread like wild fear.
The Philippine Stock Exchange index (PSEi) plunged to its lowest level in
three years last Friday as investors chose to pull out their funds and put this
in safer havens such as government securities.
The PSEi shed 210.14 points or 5.13 percent to close at 3,885.96, sustaining
its biggest drop since October 2008 in the wake of the collapse of investment
giant Lehman Brothers.
At that time, the index dropped by 12.3 percent or by 239.66 points. Jittery
investors caused a recession panic which weighed in on the peso.
The local currency reached the P44 to $1 territory before closing at P43.58
against the dollar on Friday from Thursday's P43.77.
Investors' panic was largely fueled by announcements from the Federal Reserve
of the possibility of serious risks from the US.
Sea-based OFW inflows seen at over $4 billion this
year By Sheila Crisostomo (The Philippine Star) Updated September 26,
2011 12:00 AM
MANILA, Philippines - The Trade Union Congress of the Philippines (TUCP) said
it expects Filipino sailors' remittances to surpass $4 billion this year "amid
resilient global demand for their services."
"The Philippines has secured its position as the world's preferred supplier
of able ship staff," said TUCP secretary-general and former senator Ernesto
Herrera, whose labor center includes the Philippine Seafarers' Union.
According to Herrera, the number of Filipino seamen registering for the first
time with the Philippine Overseas Employment Administration (POEA) has been
growing by some 3,500 every month.
Because of this, he noted the government should concentrate on deploying
abroad sailors and other highly skilled surplus professionals such as nurses.
"The drawback of unskilled or semi-skilled laborers such as domestic helpers
is that, because their talents are easy to replace, they are exceptionally
exposed to potential mistreatment by employers," he added.
In the first seven months this year, Filipino seamen contributed $2.433
billion to the country's economy, 14.13 percent or $301 million higher than the
$2.132 billion they remitted through banks during the same period in 2010.
Herrera maintained that the remittances wired by Filipino sailors has been
growing three times faster than those sent home by land-based workers.
Sailors accounted for close to one-fourth of the 1.4 million Filipino workers
deployed abroad in 2010.
A TUCP statement showed that POEA had processed for deployment a total of
280,348 sea-based workers in the first seven months of this year, up 5.5 percent
from 265,656 over the same period in 2010.
"In 2010, a total of 347,150 Filipino sailors were deployed to 2,496 foreign
ships. This was 16,726 or five percent greater than the 330,424 sailors set out
to 2,340 boats in 2009," the statement showed.
Filipino seafarers are usually hired as licensed senior members of the deck
department of merchant and passenger ships while others are hired as rated
technicians in the engine department, bosuns and messmen.
Chief News Editor: Sol Jose Vanzi
© Copyright, 2011 by PHILIPPINE HEADLINE NEWS ONLINE
All
rights reserved
PHILIPPINE
HEADLINE NEWS ONLINE [PHNO] WEBSITE
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