Wealth

In the November crackdown, the Saudi government arrested and detained several hundred businessmen, senior officials and Saudi royals like Alwaleed, many within the Ritz-Carlton hotel. Multiple reports, citing anonymous sources, have suggested that detainees handed over assets in order to buy their freedom. Alwaleed, the billionaire owner of international investment company Kingdom Holding, told Reuters
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AFP | Getty Images Wang Fuman, also known as ‘Frost Boy’, walks on the road in Ludian in China’s southwestern Yunnan province on January 12, 2018. At an event organized by his charitable foundation on Sunday, Ma told a room of 80 entrepreneurs that establishing a network of boarding schools would improve education standards and
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Source: Gooding & Co. A 1965 Ferrari 275 GTB Speciale Coupe, auctioned by Gooding & Company, sold for more than $8 million. What’s more, a provision in the new tax law that prevents “value-in-kind exchanges” for cars has crimped sales at the top. Previously, collectors were allowed to sell one car and buy another of
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Swiss bank UBS said Monday that President Donald Trump deserves praise for his pro-growth policies. Those efforts in making the U.S. a more business-friendly economy, which include the recently passed tax reform, are often under-appreciated, said Mike Ryan, UBS Wealth Management’s chief investment officer for Americas. But the president has “changed the perception of what’s
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Amazon CEO Jeff Bezos donated $33 million in college scholarships for “dreamers” — childhood undocumented immigrants granted stay in the country under the Obama-era Deferred Action for Childhood Arrivals program. TheDream.Us, a nonprofit working toward college access for undocumented immigrants, said the donation from Bezos and his wife MacKenzie is the largest in the organization’s
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Jeff Bezos’ wealth hit $105.1 billion, according to the Bloomberg Billionaires Index, passing Microsoft co-founder Bill Gates’ previous record from 1999. Bezos‘ net worth nudged upward thanks to a rise in Amazon stock, which is up 6.6 percent year to date. Bezos first passed $100 billion in November on impressive Black Friday sales. It seems
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Last year was a record year for mega-gifts, with three charitable donations of $1 billion or more, according to a new report. The Chronicle of Philanthropy compiled its list of the 10 biggest gifts of 2017, with three donations of $1 billion or more — the strongest year in the past decade. And while the
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The Saudi government declined to comment about the chateau to the Times, but has disputed reports that a Saudi royal purchased the da Vinci on behalf of Crown Prince Mohammed. In light of the anti-corruption arrests, the chateau and yacht purchases send signals that are inconsistent with Crown Prince Mohammed’s social and economic reforms, said
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If you read the headlines, the spoils of the Republican tax plan will disproportionately benefit the wealthy. It’s been called a “tax cut for the rich,” “a Christmas gift for the wealthy” and more. And that’s true: Any back-of-the-envelope math shows that in both dollar terms and in percentage terms, the largest tax cuts clearly
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The Republican tax plan may still be in flux. But the wealthy are already taking steps to avoid some of the most costly parts of the plan and reduce their taxes. Wealth management firms and accountants to the rich are scrambling to prepare their clients for the biggest set of tax changes since 1986. While
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“Tax-Hike Fears Fuel Talk of Exodus From Manhattan and Greenwich,” read a recent headline on Bloomberg, which quoted Bruce McGuire of the Connecticut Hedge Fund Association saying: “It would almost be irresponsible if [the wealthy] weren’t thinking of moving.” New York Governor Andrew Cuomo predicted the changes would be “devastating” to New York. Moody’s Analytics
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Mexico’s secretary of tourism disputed reports of tainted alcohol and described warnings about criminal activities from the U.S. State Department as “misleading” on Wednesday. “There is no evidence about tainted alcohol,” Enrique de la Madrid Cordero said on CNBC’s “Power Lunch.” Cordero said the case he reviewed concerned “excessive alcohol” — a problem associated with
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