For the third time in three years, the world has a new richest man.
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil ( AMX - news - people ), Mexican tycoon Carlo Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.
Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
That massive hoard of scratch puts him ahead of Microsoft ( MSFT - news - people ) cofounder Bill Gates, who had held the title of world's richest 14 of the past 15 years.
Gates, now worth $53 billion, is ranked second in the world. He is up $13 billion from a year ago as shares of Microsoft rose 50% in 12 months. Gates' holdings in his personal investment vehicle Cascade ( CAE - news - people ) also soared with the rest of the markets.
Buffett's fortune jumped $10 billion to $47 billion on rising shares of Berkshire Hathaway ( BRK - news - people ). He ranks third.
The Oracle of Omaha shrewdly invested $5 billion in Goldman Sachs ( GS - news - people ) and $3 billion in General Electric ( GE - news - people ) amid the 2008 market collapse. He also recently acquired railroad giant Burlington Northern Santa Fe ( BNI - news - people ) for $26 billion.
In his annual shareholder letter Buffett wrote, "We've put a lot of money to work during the chaos of the last two years. When it's raining gold, reach for a bucket, not a thimble."
Many plutocrats did just that. Indeed, last year's wealth wasteland has become a billionaire bonanza. Most of the richest people on the planet have seen their fortunes soar in the past year.
This year the World's Billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 10-figure titans, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year's list, only 12% saw their fortunes decline.
U.S. billionaires still dominate the ranks--but their grip is slipping. Americans account for 40% of the world's billionaires, down from 45% a year ago.
The U.S. commands 38% of the collective $3.6 trillion net worth of the world's richest, down from 44% a year ago.
Of the 97 new members of the list, only 16% are from the U.S. By contrast, Asia made big gains. The region added 104 moguls and now has just 14 fewer than Europe, thanks to several large public offerings and swelling stock markets.
The new billionaires include American Isaac Perlmutter, who flipped Marvel Entertainment ( MVL - news - people ) to Disney ( DIS - news - people ) for $4 billion last December. The Spider-Man mogul netted nearly $900 million in cash and 20 million shares of Disney in the transaction.
Also new to the ranking: 27 billionaires from China, including Li Shufu, whose automaker, Geely, announced plans to buy Swedish brand Volvo from Ford in December. The deal is expected to close in March 2010.
Finland and Pakistan both welcomed their first billionaires.
For the first time China (including Hong Kong) has the most billionaires outside the U.S. with 89.
Russia has 62 billionaires, 28 of them returnees who had fallen off last year's list amid a meltdown in commodities. Total returnees to the list this year: 164.
Eleven countries have at least double the number of billionaires they had a year ago, including China, India, Turkey and South Korea.
Thirty members of last year's list fell out of the billionaire's club. Moguls who couldn't make the cut: Iceland's Thor Bjorgolfsson, Russia's Boris Berezovsky and Saudi Arabia's Maan Al-Sanea.
Another 13 members of last year's list died. Among the deceased: real estate developer Melvin Simon and glass tycoon William Davidson.
Thursday, March 11, 2010
Bill Gates No Longer World's Richest Man
For the third time in three years, the world has a new richest man.
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil ( AMX - news - people ), Mexican tycoon Carlo Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.
Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
That massive hoard of scratch puts him ahead of Microsoft ( MSFT - news - people ) cofounder Bill Gates, who had held the title of world's richest 14 of the past 15 years.
Gates, now worth $53 billion, is ranked second in the world. He is up $13 billion from a year ago as shares of Microsoft rose 50% in 12 months. Gates' holdings in his personal investment vehicle Cascade ( CAE - news - people ) also soared with the rest of the markets.
Buffett's fortune jumped $10 billion to $47 billion on rising shares of Berkshire Hathaway ( BRK - news - people ). He ranks third.
The Oracle of Omaha shrewdly invested $5 billion in Goldman Sachs ( GS - news - people ) and $3 billion in General Electric ( GE - news - people ) amid the 2008 market collapse. He also recently acquired railroad giant Burlington Northern Santa Fe ( BNI - news - people ) for $26 billion.
In his annual shareholder letter Buffett wrote, "We've put a lot of money to work during the chaos of the last two years. When it's raining gold, reach for a bucket, not a thimble."
Many plutocrats did just that. Indeed, last year's wealth wasteland has become a billionaire bonanza. Most of the richest people on the planet have seen their fortunes soar in the past year.
This year the World's Billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 10-figure titans, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year's list, only 12% saw their fortunes decline.
U.S. billionaires still dominate the ranks--but their grip is slipping. Americans account for 40% of the world's billionaires, down from 45% a year ago.
The U.S. commands 38% of the collective $3.6 trillion net worth of the world's richest, down from 44% a year ago.
Of the 97 new members of the list, only 16% are from the U.S. By contrast, Asia made big gains. The region added 104 moguls and now has just 14 fewer than Europe, thanks to several large public offerings and swelling stock markets.
The new billionaires include American Isaac Perlmutter, who flipped Marvel Entertainment ( MVL - news - people ) to Disney ( DIS - news - people ) for $4 billion last December. The Spider-Man mogul netted nearly $900 million in cash and 20 million shares of Disney in the transaction.
Also new to the ranking: 27 billionaires from China, including Li Shufu, whose automaker, Geely, announced plans to buy Swedish brand Volvo from Ford in December. The deal is expected to close in March 2010.
Finland and Pakistan both welcomed their first billionaires.
For the first time China (including Hong Kong) has the most billionaires outside the U.S. with 89.
Russia has 62 billionaires, 28 of them returnees who had fallen off last year's list amid a meltdown in commodities. Total returnees to the list this year: 164.
Eleven countries have at least double the number of billionaires they had a year ago, including China, India, Turkey and South Korea.
Thirty members of last year's list fell out of the billionaire's club. Moguls who couldn't make the cut: Iceland's Thor Bjorgolfsson, Russia's Boris Berezovsky and Saudi Arabia's Maan Al-Sanea.
Another 13 members of last year's list died. Among the deceased: real estate developer Melvin Simon and glass tycoon William Davidson.
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil ( AMX - news - people ), Mexican tycoon Carlo Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World's Billionaires.
Slim's fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
That massive hoard of scratch puts him ahead of Microsoft ( MSFT - news - people ) cofounder Bill Gates, who had held the title of world's richest 14 of the past 15 years.
Gates, now worth $53 billion, is ranked second in the world. He is up $13 billion from a year ago as shares of Microsoft rose 50% in 12 months. Gates' holdings in his personal investment vehicle Cascade ( CAE - news - people ) also soared with the rest of the markets.
Buffett's fortune jumped $10 billion to $47 billion on rising shares of Berkshire Hathaway ( BRK - news - people ). He ranks third.
The Oracle of Omaha shrewdly invested $5 billion in Goldman Sachs ( GS - news - people ) and $3 billion in General Electric ( GE - news - people ) amid the 2008 market collapse. He also recently acquired railroad giant Burlington Northern Santa Fe ( BNI - news - people ) for $26 billion.
In his annual shareholder letter Buffett wrote, "We've put a lot of money to work during the chaos of the last two years. When it's raining gold, reach for a bucket, not a thimble."
Many plutocrats did just that. Indeed, last year's wealth wasteland has become a billionaire bonanza. Most of the richest people on the planet have seen their fortunes soar in the past year.
This year the World's Billionaires have an average net worth of $3.5 billion, up $500 million in 12 months. The world has 1,011 10-figure titans, up from 793 a year ago but still shy of the record 1,125 in 2008. Of those billionaires on last year's list, only 12% saw their fortunes decline.
U.S. billionaires still dominate the ranks--but their grip is slipping. Americans account for 40% of the world's billionaires, down from 45% a year ago.
The U.S. commands 38% of the collective $3.6 trillion net worth of the world's richest, down from 44% a year ago.
Of the 97 new members of the list, only 16% are from the U.S. By contrast, Asia made big gains. The region added 104 moguls and now has just 14 fewer than Europe, thanks to several large public offerings and swelling stock markets.
The new billionaires include American Isaac Perlmutter, who flipped Marvel Entertainment ( MVL - news - people ) to Disney ( DIS - news - people ) for $4 billion last December. The Spider-Man mogul netted nearly $900 million in cash and 20 million shares of Disney in the transaction.
Also new to the ranking: 27 billionaires from China, including Li Shufu, whose automaker, Geely, announced plans to buy Swedish brand Volvo from Ford in December. The deal is expected to close in March 2010.
Finland and Pakistan both welcomed their first billionaires.
For the first time China (including Hong Kong) has the most billionaires outside the U.S. with 89.
Russia has 62 billionaires, 28 of them returnees who had fallen off last year's list amid a meltdown in commodities. Total returnees to the list this year: 164.
Eleven countries have at least double the number of billionaires they had a year ago, including China, India, Turkey and South Korea.
Thirty members of last year's list fell out of the billionaire's club. Moguls who couldn't make the cut: Iceland's Thor Bjorgolfsson, Russia's Boris Berezovsky and Saudi Arabia's Maan Al-Sanea.
Another 13 members of last year's list died. Among the deceased: real estate developer Melvin Simon and glass tycoon William Davidson.
Saturday, July 18, 2009
Western Governors University Earns Top 10 Ranking
Western Governors University's bachelor's degrees in business have been recognized as a Top 10 Best Buy by consumer group GetEducated.com. WGU's programs ranked eighth in affordability among 391 regionally accredited online bachelor's degree programs in business and management.
Undergraduate tuition for Western Governors University's College of Business programs is $2,890 per six-month term, or $23,120 for four years. However, because WGU uses a competency-based academic model that requires students to demonstrate competency in degree subjects in order to advance, students with prior education or experience or those who can commit additional time to study can often accelerate their programs, completing their degrees in less than four years, saving both time and money. Unlike most colleges, WGU does not charge tuition based on semesters or credit hours -- it is charged for six-month terms that can begin on the first day of any month.
According to Vicky Philips, GetEducated's founder, who began rating online colleges 20 years ago, students should compare cost and other benefits carefully before enrolling in online education. "Western Governor's is a fairly new university, so many may not know the name. Trust me, this will soon change. One of the best online educational values in these hard economic comes from this little known university. Here is a university that has been engineered from the ground up to serve a new generation of learners."
With more than 12,000 degrees now being offered online, potential students are asking what's different about all these schools? Why choose one online business school over the other? "That question," says Phillips, "can be easily answered for WGU. First, non-profit WGU shatters the mold for private online schools by being super affordable. Average cost nationwide for a regionally-accredited, online business bachelor's degree is $43,241. Choosing WGU can save online students an average of about $20,000."
By comparison, the nation's largest for-profit online business school charges over $64,000 for its Bachelor of Science in Business Administration. The most expensive online business degree can cost as much as $103,500.
Cost however, is not the only thing that differentiates Western Governors University. "WGU is a competency-based university," explains Phillips. "The university does not award degrees based solely on course attendance. A student's progress is determined instead by his or her ability to pass rigorous assessments that measure actual skills acquired as the student move through their online degree program. This type of system helps ensure competent college graduates. Traditional universities have a great deal to learn from WGU."
Western Governors University's distance learning Masters in Business Administration previously earned a top ranking on GetEducated's list of the Top Ranked Values in Online MBAs -- Regionally Accredited.
Undergraduate tuition for Western Governors University's College of Business programs is $2,890 per six-month term, or $23,120 for four years. However, because WGU uses a competency-based academic model that requires students to demonstrate competency in degree subjects in order to advance, students with prior education or experience or those who can commit additional time to study can often accelerate their programs, completing their degrees in less than four years, saving both time and money. Unlike most colleges, WGU does not charge tuition based on semesters or credit hours -- it is charged for six-month terms that can begin on the first day of any month.
According to Vicky Philips, GetEducated's founder, who began rating online colleges 20 years ago, students should compare cost and other benefits carefully before enrolling in online education. "Western Governor's is a fairly new university, so many may not know the name. Trust me, this will soon change. One of the best online educational values in these hard economic comes from this little known university. Here is a university that has been engineered from the ground up to serve a new generation of learners."
With more than 12,000 degrees now being offered online, potential students are asking what's different about all these schools? Why choose one online business school over the other? "That question," says Phillips, "can be easily answered for WGU. First, non-profit WGU shatters the mold for private online schools by being super affordable. Average cost nationwide for a regionally-accredited, online business bachelor's degree is $43,241. Choosing WGU can save online students an average of about $20,000."
By comparison, the nation's largest for-profit online business school charges over $64,000 for its Bachelor of Science in Business Administration. The most expensive online business degree can cost as much as $103,500.
Cost however, is not the only thing that differentiates Western Governors University. "WGU is a competency-based university," explains Phillips. "The university does not award degrees based solely on course attendance. A student's progress is determined instead by his or her ability to pass rigorous assessments that measure actual skills acquired as the student move through their online degree program. This type of system helps ensure competent college graduates. Traditional universities have a great deal to learn from WGU."
Western Governors University's distance learning Masters in Business Administration previously earned a top ranking on GetEducated's list of the Top Ranked Values in Online MBAs -- Regionally Accredited.
Friday, July 17, 2009
The most trusted man in America and the journalist
The person once known as the “most trusted man in America and the journalist who guided America through the Vietnam War and US president John F. Kennedy’s assassination, former CBS newscaster Walter Cronkite, who many referred to as “Uncle Walt,” has passed away, CBS News reports. He was 92 years old.
He was the biggest name in television news, the king of the anchormen; in fact, he was the reporter for whom the term “anchorman” was coined. He gave up that role 28 years ago, but never lost the weight and respect it accorded him, living the rest of his life as the industry’s distinguished elder statesman.
CBS vice president Linda Mason says Cronkite passed away on Friday evening, surrounded by family in his New York home. His cause of death was cerebral vascular disease, his former chief of staff Marlene Adler tells the Associated Press.
Walter Cronkite died from cerebral vascular disease
The legendary iconic anchorman Walter Cronkite died tonight from cerebral vascular disease. He was reportedly suffering from cerebral vascular disease for the past few years.
On June 25th Walter Cronkite's children released a statement regarding their father's failing health to the NY Post. "In order to dispel false rumors, Walter Cronkite's family want it known that, sadly, he is very ill and is not expected to recuperate; he is resting at home surrounded by family, friends and a wonderful medical team. We thank everyone for their prayers and good wishes."
On June 25th Walter Cronkite's children released a statement regarding their father's failing health to the NY Post. "In order to dispel false rumors, Walter Cronkite's family want it known that, sadly, he is very ill and is not expected to recuperate; he is resting at home surrounded by family, friends and a wonderful medical team. We thank everyone for their prayers and good wishes."
Tuesday, May 19, 2009
Quake, aftershocks rattle Calif. residents
LONG BEACH, Calif. - Glass shattered and ceiling tiles fell as a moderate tremor shook laid-back Southern California, rattling residents' nerves and reminding them they need to update earthquake emergency plans.
Discuss
COMMENTS (0)
No significant damage or major injuries were reported but the Greater Los Angeles region vibrated for about 10 to 15 seconds Sunday night and the tremor was felt as far south as San Diego, said Susan Hough, a seismologist at the US Geological Survey.
"This was a serious jolt," Hough said.
The magnitude-4.7 earthquake was centered about 10 miles southwest of downtown Los Angeles and 3 miles east of Los Angeles International Airport, according to the US Geological Survey.
"First thing I thought was 'Is this the big one?' It was pretty powerful," said Long Beach resident Tom Oswalt, 46. "My first thought was to get out of the building, get my dog and get out of the building."
At least 10 aftershocks had followed by yesterday, with the largest registering magnitude-3.1.
Sunday's shock was one of the most powerful earthquakes Carel McEachern had felt during her four decades in Long Beach.
"It didn't get me out of the house, but after it was over, we all wandered out in the street and asked around and we all agreed it was the strongest one in a long time," said McEachern, 58.
Charlene Ebright said she hadn't updated her earthquake emergency supplies in eight years but now she plans to do so.
"I've cut out a million articles about what to do and what you need but I've never gotten around to it," Ebright said. "It just reminds you, you've got to be ready."
Glass broke at a Starbucks in Torrance, and one person there was taken to a hospital for treatment of minor injuries, Torrance Fire Department dispatchers said.
The shaking was most intense in the coastal communities south of the airport, including Long Beach.
Carolyn Gray was reading a book at her Long Beach home when her dog, Rocket, jumped into her lap. It was the 2 1/2-year-old pet's first earthquake.
"It was a good jolt. It wasn't really a roll," she said.
Mariella Freyre, 30, a waitress at Kafe Neo, a Greek restaurant in Long Beach, said she was surprised by the strength of the earthquake, which she felt while she talked to customers.
"There were tremors and glasses started shaking," she said at the restaurant yesterday. "I felt the movement on the floor. I've been in many tremors but I've never felt the floor move like that."
The quake originated 8.4 miles below the surface and appeared consistent with movement on the Newport-Inglewood fault, said Ken Hudnut, a geophysicist with the US Geological Survey.
That fault was responsible for the magnitude-6.4 Long Beach earthquake in 1933 that killed 120 and caused more than $50 million in damage.
The last damaging earthquake in Southern California was the 1994 magnitude-6.7 Northridge earthquake that toppled bridges and buildings.
Since Northridge, the region has been in a relative seismic lull, although activity has picked up in the past year.
Last summer, a 5.4-magnitude earthquake was centered in Chino Hills, east of Los Angeles, but did not cause major damage. This year, an earthquake swarm shook the desert near the southern end of the San Andreas Fault.
Discuss
COMMENTS (0)
No significant damage or major injuries were reported but the Greater Los Angeles region vibrated for about 10 to 15 seconds Sunday night and the tremor was felt as far south as San Diego, said Susan Hough, a seismologist at the US Geological Survey.
"This was a serious jolt," Hough said.
The magnitude-4.7 earthquake was centered about 10 miles southwest of downtown Los Angeles and 3 miles east of Los Angeles International Airport, according to the US Geological Survey.
"First thing I thought was 'Is this the big one?' It was pretty powerful," said Long Beach resident Tom Oswalt, 46. "My first thought was to get out of the building, get my dog and get out of the building."
At least 10 aftershocks had followed by yesterday, with the largest registering magnitude-3.1.
Sunday's shock was one of the most powerful earthquakes Carel McEachern had felt during her four decades in Long Beach.
"It didn't get me out of the house, but after it was over, we all wandered out in the street and asked around and we all agreed it was the strongest one in a long time," said McEachern, 58.
Charlene Ebright said she hadn't updated her earthquake emergency supplies in eight years but now she plans to do so.
"I've cut out a million articles about what to do and what you need but I've never gotten around to it," Ebright said. "It just reminds you, you've got to be ready."
Glass broke at a Starbucks in Torrance, and one person there was taken to a hospital for treatment of minor injuries, Torrance Fire Department dispatchers said.
The shaking was most intense in the coastal communities south of the airport, including Long Beach.
Carolyn Gray was reading a book at her Long Beach home when her dog, Rocket, jumped into her lap. It was the 2 1/2-year-old pet's first earthquake.
"It was a good jolt. It wasn't really a roll," she said.
Mariella Freyre, 30, a waitress at Kafe Neo, a Greek restaurant in Long Beach, said she was surprised by the strength of the earthquake, which she felt while she talked to customers.
"There were tremors and glasses started shaking," she said at the restaurant yesterday. "I felt the movement on the floor. I've been in many tremors but I've never felt the floor move like that."
The quake originated 8.4 miles below the surface and appeared consistent with movement on the Newport-Inglewood fault, said Ken Hudnut, a geophysicist with the US Geological Survey.
That fault was responsible for the magnitude-6.4 Long Beach earthquake in 1933 that killed 120 and caused more than $50 million in damage.
The last damaging earthquake in Southern California was the 1994 magnitude-6.7 Northridge earthquake that toppled bridges and buildings.
Since Northridge, the region has been in a relative seismic lull, although activity has picked up in the past year.
Last summer, a 5.4-magnitude earthquake was centered in Chino Hills, east of Los Angeles, but did not cause major damage. This year, an earthquake swarm shook the desert near the southern end of the San Andreas Fault.
Subscribe to:
Posts (Atom)