Billionaire Li Ka-shing announced his retirement Friday from the business empire he built over nearly seven decades. Li, 89, will step down as chairman of Hong Kong conglomerate CK Hutchison and property giant CK Asset after the annual general meeting on May 10, the tycoon said. He said he will continue to serve as senior

The state with the lowest answer was West Virginia, with “$100,000 or more” as the most common response to the survey. That might not come as a huge surprise given that West Virginia has the lowest median home value and third-lowest median salary in the country. Likewise, Kentucky gave “$200,000 or more” as its most

David grew up with vast privilege but lived the family’s mantra that “to whom much is given, much is expected.” As a kid, he recalled roller skating to school up Fifth Avenue, followed by the family limousine. He gave more than $1 billion to charity during his lifetime. In signing the Gates-Buffett “Giving Pledge,” David

The White House announced this week that the president will meet with the crown prince on Tuesday. It said Trump “looks forward to discussing ways to strengthen ties between the United States and Saudi Arabia and to advance our common security and economic priorities.” U.S. officials, though, told NBC they believe that Prince Mohammed moved

The program was launched in 2009 and has undergone various iterations. Since its inception, more than 56,000 taxpayers have come forward to report overseas accounts they previously had not disclosed. While most of those taxpayers have avoided substantial fines and criminal charges by reporting their foreign holdings, they have paid $11.1 billion collectively in back

“It’s hard to give blanket advice because all state laws are different, but if you don’t sign the back and someone else gets a hold of it, signs it and turns it in, they’ll get the money,” said Jason Kurland, an attorney at Certilman Balin Adler & Hyman, a law firm in East Meadow, New

One of the largest gem-quality diamonds ever mined has sold for $40 million. A 910-carat diamond, named “The Lesotho Legend,” was bought by tender Monday by an unnamed buyer in Antwerp, Belgium, according to Gem Diamonds. Gem Diamonds, which retrieved the rock in January, said it was the fifth-largest gem-quality diamond ever recovered. The firm

Prince Alwaleed Bin Talal remains chairman of Kingdom Holding Company following his release from detention, but the Saudi government reportedly has final say over decisions at the investment firm. Investment decisions at Kingdom Holding are now subject to approval by the government, The Wall Street Journal reported on Monday, citing senior Saudi advisers. Kingdom Holding

New York is the favorite city of the world’s wealthy, as measured by where they want to put their families and their money, according to a new report. The Knight Frank City Wealth Index, created by the London-based real estate firm Knight Frank, ranked the world’s top cities by their appeal to the rich. New

Lamborghini’s high-powered, hyper-priced SUV is selling better than expected, with most of the buyers new to the Lamborghini brand, according to the company’s CEO. In an interview with CNBC, Lamborghini CEO, Stefano Domenicali, said that sales and orders for the Lamborghini Urus, which starts at $200,000 but usually sells for $240,000 or more with options,

The report highlights how global growth has lifted the fortunes of the wealthy and hiked luxury real estate prices in the top cities. “2017 was a year when the economic stars aligned and relatively healthy growth was seen across most markets,” the report said. Indeed, almost all of the cities have become more expensive over

As it turns out, the Stone Mansion’s price cut is not unusual in the super-luxe segment of the market. Jonathan Miller, president and CEO of Miller Samuel Appraisers, has looked at asking prices and sale prices for super-luxe homes across the country. He found that the accepted offers can be 50 percent below the most

Cryptocurrencies have attracted investments from the ultra-rich around the world even though they may lack sufficient understanding of the technology behind the asset class. Around 21 percent of respondents in an annual survey of wealth advisers and private bankers said their clients increased investments in cryptocurrencies in 2017, according to the latest Wealth Report by

Then, the staff of the Ty Bar carried over a giant leather suitcase and opened it up to reveal liquid gold — five bottles of Balvenie that range in age from a 2004 to a 1961. The case — called the Balvenie DCS Compendium — was selected by Balvenie’s legendary Malt Master David Stewart. The

For Vonn, who has four World Cup championships and raced in more World Cup raevents than any other American in addition to her Olympic medals, monetary success came in the form of lucrative endorsements. The superstar athlete has signed on with Red Bull, Rolex, Head and Under Armour among others. (Vonn also earned more than

Wealthy people looking to fund new ventures are turning to their Rolexes and art collections as collateral for quick and easy loans from high-end pawn shops. The handful of lending companies tapping into the trend let their affluent clients take quick thousand-dollar or million-dollar loans with high-end collectibles as collateral. That’s far greater than the

Members of China’s billionaire-studded ceremonial legislature are even richer than last year. It’s all the more remarkable considering the number of super rich lawmakers dropped by about a quarter, according to wealth compiler Hurun Report, China’s version of the Forbes rich list. Hurun’s report released Friday found 152 super-wealthy delegates to the National People’s Congress

Altogether, the “Everyone Wins” gift bags are valued at over “six-figures” although Distinctive Assets declined to say exactly how much (however, the trip for two to Tanzania is worth $40,000 alone, the company said). They are sent to all 25 Oscar nominees in the acting and directing categories in the week leading up to the

Sitting in his favorite chair by the fireplace, Boone Pickens said that of all the changes he’s making in his life, selling off his prized Texas ranch is among the hardest. “Damn right, I’ll miss this place,” said the legendary oil-tycoon, sitting in the library of his ranch in the Texas Panhandle. “I put a

Adam Jeffery | CNBC The historic Pony Express cover signed by co-founder William H. Russell estimated to fetch between $75,000 and $100,000 at auction. He also has a block of six of the first U.S. stamps, which were issued in 1847, worth between $500,000 and $750,000. Charles Shreve, director for Robert A. Siegel Auction Galleries

How do you stack up against the wealthiest Americans? To be a 1 percenter, you need to have an adjusted gross income of at least $480,930, according to the latest data from the IRS, which looked at income statistics for tax year 2015. The top 1 percent accounted for 1.4 million individual income tax returns

Kim, the 17-year-old gold medalist from California, already counts Nike, Toyota and Mondelez on her roster. The 28-year-old Rippon came into the Winter Games without any major sponsors but he’s not expected to go out that way. (The athlete from northeast Pennsylvania has said that it wasn’t that long ago when he didn’t even have

A job application that Steve Jobs filled out before he co-founded Apple is expected to fetch more than $50,000 at auction. The 1973 application, which will be sold at Boston, Massachusetts-based auction house RR Auction, provides an early glimpse of Jobs’ ambition to work in the emerging tech industry. The document, which is one-page long

Tech billionaire Michael Dell was the buyer behind the record-setting sale of a Manhattan penthouse in 2014, two sources familiar with the deal told The Wall Street Journal. While the $100.47 million sale price of the six-bedroom duplex was previously reported, the buyer remained unknown. The extravagant property is one of several Dell owns. The

After winning the presidency in 1999, leftist President Hugo Chavez was proud of improving Venezuela‘s social indicators due to oil-fueled welfare policies. But his successor President Nicolas Maduro’s rule since 2013 has coincided with a deep recession, due to failed state-led economic policies and the plunge in global oil prices. Wednesday’s study flagged Venezuelans’ deteriorating

Chris Hughes, who made a fortune as a co-founder of Facebook, told CNBC on Tuesday American workers who make less than $50,000 per year should get a government stipend of $500 per month — paid for by raising taxes on the wealthy 1 percent. Such a plan is necessary because of the growing digital economy,

First Malibu mansions, next ultra luxurious yachts. The ways in which cryptocurrency enthusiasts can spend their virtual riches is growing, if only for those who are millionaires — at least on paper. As bitcoin and other digital currencies gain a broader following, luxury service providers are starting to take notice. The latest is Florida-based yacht

Public school superintendents listen up. Abington High School, outside Philadelphia, just got one of its former students, billionaire private equity titan and philanthropist Steve Schwarzman, to donate $25 million. How did the school do it? Schwarzman, co-founder of Blackstone Group, told CNBC on Thursday: “I was asked. That’s always the way something happens.” “It starts

And Venezuela President Nicolas Maduro is banking on a cryptocurrency called “petro,” backed by the country’s oil, gas, gold and diamond reserves, as a way to get around U.S. sanctions. Mining digital currency uses up a lot of electricity, as miners utilize huge rigs of computers for the process. However, in return for their work,

This is the highest price for a meteorite sold through an online Christie’s auction, and the highest price ever paid for a Canyon Diablo meteorite, said the meteorite’s now former owner Darryl Pitt, who is curator of the Macovich Collection of Meteorites. It had been estimated to sell for $150,000 to $250,000, Christie’s said Wednesday.