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Billionaires
Musk wins race to US$500 billion fortune
From Columbia to Chile, Peru to Portugal and others, Elon Musk has the economic measure of a number of countries. The world’s richest person had a net worth more than the respective gross domestic products of at least 11 nations as his fortune briefly touched US$500 billion (A$756 billion) on Wednesday. In fact, his worth probably still exceeds that of their economies even after it slipped back. A rise in the value of his 12.4% stake in electric vehicle Tesla helped to push his net assets above the previously unattained half a trillion dollar mark, according to the Forbes' billionaires index, but his business interests also include SpaceX and xAI. The (EV) maker’s share price advanced as investors welcomed his renewed focus on Tesla after a relatively brief foray in politics with President Donald Trump’s team. SpaceX is reportedly planning to raise money in a deal valuing his 42%-owned rocket firm at around $400 billion, while 53%-held artificial intelligence start-up xAI was reportedly seeking a $200 billion valuation in a capital raising which has not proceeded. Larry Ellison briefly overtook Musk as the richest person on the planet in September, but Musk has since relegated the Oracle founder back to second pl
Billionaires
Bridgewater founder Dalio sells stake, exits board
Bridgewater Associates founder Ray Dalio has sold his remaining stake in the company, capping a years-long leadership transition. Dalio will also step down from Bridgewater’s board. He retired as CEO in 2017, and as chairman in 2021. “We wanted to update you that Bridgewater recently repurchased the last remaining ownership shares held by Dalio-related entities,” wrote Bridgewater CEO Nir Bar Dea and co-chair Mike McGavick in a letter to clients. “I see these vital people [Bar Dea and chief investment officers Bob Prince, Greg Jensen, and Karen Karniol-Tambour] continuing to modernise Bridgewater, guided by both the same highly effective 50-year-old principles that took it from nothing to quite something and new traditions developed by the next generation,” Dalio said on LinkedIn. Dalio will retain his investments in Bridgewater’s funds, according to the Wall Street Journal. The Brunei Investment Agency, Brunei’s sovereign wealth fund, has reportedly acquired a stake of almost 20% in Bridgewater following Dalio’s sale. The fund redeemed money from its investment in a Bridgewater vehicle to do so, though it will continue to invest in all of Bridgewater’s strategies. While Bridgewater’s assets under management decl
Billionaires
'Legacy': Famed jeweller Michael Hill dies aged 86
Michael Hill Jewellers founder Sir Michael Hill died this morning aged 86. Michael Hill announced the passing of its founder in an ASX and NZX statement, expressing condolences to his family. Michael, alongside his wife, Lady Christine, started the jeweller in Whangarei, New Zealand in 1979, and soon grew it to be a global retailer in Australia, New Zealand and Canada. His first love lay with music instead of jewellery; however, he was told to pivot after he was told he was too old to start reaching the pinnacle of his craft as a violinist at age 17. This led him to work at his uncle's family-owned jewellery store, which sparked a passion that led to international awards for his window displays and creating bold advertising. “To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,” Rob Fyfe, Chairman of Michael Hill, said in the ASX announcement. New Zealand’s Prime Minister, Christopher Luxon, has also paid tribute to the late founder. “Sir Michael not only built a globally recognised brand, but also i
Billionaires
Australia’s millionaire tax dodgers spark global debate
In a revelation that’s reigniting a debate over wealth and fairness, the Australian Taxation Office (ATO) has confirmed that 91 Australians earning over $1 million in 2022–23 paid zero income tax. These high-net-worth individuals collectively claimed $390 million in deductions, with nearly three-quarters of that — $291 million — channelled into tax-deductible charitable donations. The average donation among the 19 most generous donors reached a staggering $15.4 million. Meanwhile, this elite cohort also claimed $62.8 million in deductions for managing their tax affairs, averaging nearly $691,000 per person. The data underscores a stark geographic and economic divide. Australia’s wealthiest taxpayers are concentrated in Sydney’s eastern suburbs — Darling Point, Edgecliff, Rushcutters Bay, and Point Piper — where the average taxable income in postcode 2027 reaches $279,712. These enclaves of affluence contrast sharply with the broader population, where average wages rose just 2.6% to $74,240, while tax bills climbed faster than incomes amid inflation and the end of key offsets. The Australia Institute’s chief economist, Greg Jericho, argues the findings expose a systemic imbalance. “At a time when we’re debating super
Billionaires
Bezos-Sanchez wedding: Venice set to bank US$1.1bn
Venice is poised to reap an estimated US$1.1 billion economic windfall from the ultra-luxurious wedding of Amazon founder Jeff Bezos and media executive Lauren Sánchez, according to Italy’s Ministry of Tourism. The three-day celebration, which drew 200 A-list guests including Bill Gates, Oprah Winfrey, and Leonardo DiCaprio, has been hailed by officials as a “concrete driving force” for the city’s struggling tourism sector. The projected impact — equivalent to nearly 68% of Venice’s annual tourism turnover — includes both direct spending and global media exposure. The wedding itself reportedly cost between $46 million and $55 million, with lavish details including a full buyout of the Aman Venice hotel, Michelin-starred catering, Murano glass gifts, and private water taxis ferrying guests across the canals. The couple also pledged €3 million (US$3.2 million) in donations to local environmental and cultural institutions, including UNESCO Venice and the lagoon research group CORILA. Despite the economic boost, the event sparked protests from residents and activists who criticised the city’s overreliance on elite tourism. They also criticised the symbolic takeover of public space by ultra-wealthy visitors. For inves

Billionaires
Oracle of Omaha Buffett gives away more of his fortune
Warren Buffett, the world’s most favoured investor, has donated US$6 billion (A$9.2 billion) of Berkshire Hathaway shares to five charities. The announcement was made by the diversified investment company that the 94-year-old has run since 1965. The donation of about 12.36 million Berkshire Class B shares lifted Buffett's donations above $60 billion since he started giving away his fortune in 2006. He donated:9.43 million shares to the Gates Foundation943,384 shares to the Susan Thompson Buffett Foundation; and 660,366 shares to charities led by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation.Buffett still owns 13.8% of Berkshire's stock. His $152 billion net worth prior to Friday's donations made him the world's fifth-richest person, according to Forbes magazine. Known as the Oracle of Omaha for his extraordinary investment skills and success and his longtime home town, Buffett said the foundation had received Berkshire shares worth substantially more than his net worth in 2006. He had not sold any A or B shares, and had no plans to sell his remaining A shares that were worth about $145 billion, more than 99% of his net worth. “Nothing extraordi
Billionaires
Telegram boss to share his fortune with 100+ children
Telegram messenger founder, Pavel Durov revealed that the more than 100 children he has fathered will share in his estimated US$13.9 billion. In an exclusive interview with French political magazine, Le Point, the billionaire said the fortune will be shared between the six children he is the “official father” of and the 100 babies conceived through sperm donations he started 15 years ago. "They are all my children and will all have the same rights! I don't want them to tear each other apart after my death," he told the magazine. The self-exiled Russian technology tycoon also said that his children wouldn't have access to his inheritance for 30 years. “I want them to live like normal people, to build themselves up alone, to learn to trust themselves, to be able to create, not to be dependent on a bank account,” he said. Durov has already written his will now at age 40 as he believes his job involves "risks – defending freedoms earns you many enemies, including within powerful states". The messaging app that he founded, Telegram, is known for privacy and encrypted messages and currently has more than a billion monthly users. In an interview with Le Point, he denied serious criminal charges he faces in France.
Billionaires
Investments, market wins send Pelosi's fortune climbing
Former United States House of Representatives Speaker Nancy Pelosi and her husband Paul Pelosi reportedly earned between US$7.8 million and $42.5 million in 2024, potentially pushing their total net worth to US$413 million (A$637.5 million). New congressional financial disclosures contain details, according to the New York Post newspaper. This represents an increase from as much as $370 million in 2023, although the precise figure is unknown because lawmakers like Pelosi, a Democrat from California, are only required to report asset ranges, the Post reported in this article. Much of the Pelosi fortune stems from sharemarket trading with all transactions done under the name of Paul Pelosi, a venture capitalist. Another valuation of the couple’s net worth came from market research firm Quiver Quantitative which estimated it at $257 million based on daily tracked stock values, up $26 million from the previous year. The couple owns other businesses including a Napa Valley winery, stakes in a political consulting firm and part ownership of a San Francisco Bay Area Italian restaurant. The Post wrote that their best trades in 2024 trades include exercising call options on 50,000 shares of artificial chip maker NVIDIA (N
Billionaires
Golden parachutes collapse; CEO pay trends flatten
Termination payouts for Australia’s top corporate leaders have plunged to their lowest level in 15 years, according to updated data from the Australian Council of Superannuation Investors (ACSI). In FY24, total termination payments for ASX100 CEOs fell to $8.38 million - down sharply from $33.52 million the year prior - a drop driven by both fewer exits and tighter governance. The average payout per departing CEO dropped from $1.97 million to $1.40 million, saving investors roughly $500,000 per termination. ACSI credits post-GFC reforms to the Corporations Act — particularly the 2009 rule giving shareholders a vote on large exit packages — for curbing “pay for failure” practices. “Boards have responded to the challenge,” said ACSI’s Ed John. He noted that over $80 million was paid to terminated CEOs in the year before the law changed.Credit: ACSIWhile termination costs have shrunk, realised pay (fixed salary plus bonuses) for ASX100 CEOs has remained largely flat over the past decade. Median realised pay in FY24 was $4.15 million, up modestly from $3.96 million in FY14. CEO pay now averages 55 times the earnings of the typical Australian worker — down from 71 times in 2014, but still high by global standards.