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An anonymous buyer just broke 2 Aspen real-estate records by dropping $24.2 million on a ritzy 'Billionaire Mountain' lot — and it's totally empty

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aspen

  • An anonymous buyer just purchased an empty 4.4-acre Aspen plot for $24.2 million, Mansions Global reports.
  • The lot — previously a part of a massive 40-acre estate — broke several real-estate records, despite its lack of luxury housing.
  • Located on Red Mountain, nicknamed Billionaire Mountain, the area is well-known for being a winter home to the rich and famous.
  • Visit Business Insider's homepage for more stories.

One of Aspen's most expensive lots just sold — and it's completely empty.

According to Mansions Global, the $24.2 million purchase in April broke two Aspen records: the most expensive empty residential lot ever sold and the highest residential sale so far in 2019. Purchased by an anonymous buyer, the 4.4-acre plot sits on Red Mountain, one of the most coveted locations in one of the most expensive ski towns.

Read more:There are 4 ski destinations in the world where homes consistently sell for over $25 million, and only one of them is in the US

Red Mountain, commonly referred to as "Billionaire Mountain," is a popular winter home for the rich and famous. High-profile residents include Walmart heiress Ann Walton Kroenke and hedge-fund manager John Paulson. Mansions Global reported that the property previously belonged to the massive 40-acre estate owned by Marian Rubey Lyeth Davis, whose family started the company that became Maxwell House Coffee.

The empty lot is just one example of prime Red Mountain real estate; an $18 million ranch owned by one of the ski town's founding families was recently listed in March. While the listing includes a finished mansion, one of the property's three other lots remains empty and is under construction for new development.

Additionally, the Aspen property was not the only vacant lot on the market: a similar multi-million-dollar chunk of land currently sits on a Los Angeles hilltop.

SEE ALSO: What it's like to visit the 'Aspen of Japan,' where billionaires and actors dine on sushi in ski lodges and relax in natural hot springs on the side of an active volcano

SEE ALSO: 15 of the most luxurious mansions you can rent in Aspen

Join the conversation about this story »

NOW WATCH: Inside the wild party on top of a mountain where people drench each other in champagne


Mark Zuckerberg spent almost $60 million on 2 waterfront estates in Tahoe last winter. Here's a look at the 10 properties he owns across the US, from a modest Palo Alto home to a Hawaiian plantation

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mark zuckerberg

The billionaire Mark Zuckerberg recently expanded his real-estate portfolio and summer vacation options.

The Facebook CEO dropped more than $59 million on two adjacent Lake Tahoe properties last winter, Katherine Clarke of The Wall Street Journal reported. The purchase happened privately through a limited-liability company and a high-end wealth manager, according to Clarke.

It's just the latest addition to Zuckerberg's collection of properties in the western US — he also owns properties in Palo Alto, California; San Francisco; and the Hawaiian island of Kauai, making Tahoe his fourth location.

Collectively, Zuckerberg has purchased 10 properties, though he has a knack for also buying surrounding properties to ensure his privacy — he bought four homes surrounding his main Palo Alto residence and a stake in a beach adjacent to a plantation he purchased in Kauai.

Zuckerberg's also known for getting embroiled in a bit of real-estate conflict — there was a dispute over the landlocked parcels on the plantation, and neighbors reportedly weren't pleased with the effects of Zuckerberg's year-plus renovation on his San Francisco townhouse.

Take a look at Zuckerberg's real-estate portfolio.

SEE ALSO: A woman who studied 600 millionaires discovered that most of the superrich have surprisingly affordable homes. Here's what some of those look like.

DON'T MISS: Taylor Swift owns at least $84 million in real estate across four states — and she's not even 30

Mark Zuckerberg lives in a 5,000-square-foot estate in Palo Alto, California.

He purchased the Crescent Park neighborhood home in May 2011 for $7 million, Business Insider's Tanza Loudenback reported. He's since tricked it out with a "custom-made artificially intelligent assistant,"according to CNBC.



Compared with Zuckerberg's $71.5 billion net worth, the five-bedroom, five-bathroom home is quite modest.

Architectural Digest described it as a "'no frills' abode" that chooses function over extravagance. Outside, it features a big backyard, a pool, and lush, detailed landscaping. Inside, there is a spacious kitchen and plenty of windows allowing for sunlight.



The following year, Zuckerberg began buying four homes surrounding his Palo Alto residence.

He spent more than $43 million on these properties, Katherine Clarke of the Wall Street Journal reported, citing public records. After leasing the homes back to their former owners, he planned to demolish and rebuild them in 2016.

According to Claudine Zap of Realtor, city officials didn't approve this plan, and Zuckerberg filed a new plan that allowed him to renovate two of the homes and rebuild the other two as single-story homes, creating a sort of compound.



See the rest of the story at Business Insider

Meet the billionaire behind iconic casinos like The Venetian and Marina Bay Sands, who's worth $37 billion, lives in a Vegas mansion, and has donated more than $25 million to Trump

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Sheldon Adelson

 

You may not have heard of Sheldon Adelson, but you've probably heard of some of his world-famous properties: the Venetian and the Palazzo hotels in Las Vegas, or perhaps the Marina Bay Sands in Singapore made famous by "Crazy Rich Asians."

Adelson is the billionaire chairman and majority shareholder of the world's largest casino operator, Las Vegas Sands. His company operates the Venetian in Las Vegas and the Marina Bay Sands in Singapore, among others.

Read more: I stayed in the $6.6 billion mega-hotel in the heart of Singapore, and it wasn't anything like 'Crazy Rich Asians'

He's also given millions of dollars in political contributions to high-profile Republican politicians. Adelson gave at least $17 million in political contributions to Newt Gingrich during his 2012 presidential campaign, according to The New York Times. And Adelson has made at least $25 million in political contributions to Trump, earning him the nickname "Trump's Patron-in-Chief."

Adelson and his wife, Miriam, reportedly live in a Las Vegas megamansion, own a 300-foot superyacht, and travel in a 380-passenger private jet.

Here's a look at the Las Vegas billionaire's life, career, and wealth.

SEE ALSO: 9 mind-blowing facts that show just how wealthy Jeff Bezos, the world's richest man, really is

DON'T MISS: What it's like to be a billionaire in Tel Aviv, one of the most expensive cities in the world, where old wealth and new tech money live side by side

Sheldon Adelson is the 85-year-old billionaire behind the world's largest casino operator, Las Vegas Sands.

Las Vegas Sands operates properties worldwide including the Venetian Las Vegas, the Palazzo Las Vegas, the Sands Expo & Convention Center, the Sands Macao, the Marina Bay Sands in Singapore, the Sands Bethlehem, and more. 



Adelson was the son of a cab driver in Boston.

His first jobs included selling newspapers on street corners, selling ads in trade magazines, and serving as a court reporter.



Adelson first started making big money in trade shows. He launched COMDEX, a technology trade show in Las Vegas, with partners in 1979.

The trade show became one of the most attended in the world, and in 1995, Adelson and his partners sold it along with other smaller shows to SoftBank for $862 million.



See the rest of the story at Business Insider

I got a tour of the only home for sale on Miami's 'Billionaire Bunker,' a private island that hedge-fund billionaires and celebs call home. Here's a look inside the $24 million mansion.

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indian creek mansion miami

In Biscayne Bay in Miami sits a tiny, high-security private island nicknamed the "Billionaire Bunker" for the wildly wealthy and high-profile people who live there.

The 34-home community, called Indian Creek Village, is home to just 42 people, as of the 2017 census. The billionaire investor Carl Icahn, the supermodel Adriana Lima, the Spanish singer Julio Iglesias, and the Miami Dolphins coach Don Shula are among the island's elite residents.

Beyoncé and Jay-Z also once owned a home on the island, though they sold to a Dutch businessman in 2010 for $9.3 million.

The island is kept safe by a private 13-person police force that that even patrols the perimeter from the water, according to Nelson Gonzalez, a luxury realtor and the senior vice president of EWM Realty International.

Only one home in Indian Creek is for sale: an eight-bedroom, Mediterranean-style mansion listed for $24 million. On a recent trip to Miami, I got a tour from Gonzalez of the opulent home he's selling.

Here's a look inside the $24 million mansion in one of Miami's most exclusive and expensive neighborhoods.

SEE ALSO: A glass mansion in Miami has set 2 real-estate records in the past 7 years — here's a look inside the $50 million estate

DON'T MISS: Meet the fabulously wealthy residents of Miami's 'billionaire bunker'

Indian Creek is a village of just 42 people on a tiny private island in Miami's Biscayne Bay. It's been nicknamed the "Billionaire Bunker" for its wildly wealthy and high-profile residents, including the billionaire investor Carl Icahn, the supermodel Adriana Lima, and the Spanish singer Julio Iglesias.

Source: Nelson Gonzalez Luxury Real Estate, Business Insider



The village's 34 homes are built around the perimeter of the island, giving them all waterfront views. The center is occupied by an 18-hole golf course and a country club.

Source: Nelson Gonzalez Luxury Real Estate, Business Insider



Homes in the ultra-exclusive island community rarely go on the market. Right now, there's only one house for sale: an eight-bedroom, Mediterranean-style mansion for $24 million.

Source: Nelson Gonzalez Luxury Real Estate



See the rest of the story at Business Insider

The top 15 cities with the most billionaires, ranked

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Billionaires are increasingly becoming concentrated in a cluster of cities, according to Wealth-X's 2019 Billionaire Census report. The report analyzed data from Wealth-X's global database of more than one million records of the world's richest people. 

According to its findings, nearly 30% of the world's billionaire population as of 2018 is concentrated in the 15 cities outlined below. The report also looked at how these billionaire populations grew or shrank compared to the previous year. Both country and city dynamics influenced wealth accumulation, according to the report.

Strong tech sectors are responsible for wealth accumulation in several cities, from San Francisco to Hangzhou and Shenzhen in China. A large share of the world's billionaire population reside in eastern Asia — six Eastern Asian cities made the list. However, billionaires in many of those cities were impacted by negative stock market movements, according to the report. 

Note that the number of billionaires gained or lost marks the increase or decrease in each city's billionaire population from 2017 to 2018.

SEE ALSO: These are the 15 hottest destinations billionaires are traveling to in 2019

DON'T MISS: Forget the Upper East Side — Manhattan's richest neighborhood is all about subtle wealth, and it shows a major evolution in how the elite are living

15. Tokyo has the largest share of its country's billionaire population out of all the leading cities.

Country: Japan

Number of billionaires: 29

Number of billionaires gained or lost: -1

In Japan, 81% of the country's billionaires — four out of five — live in Tokyo.



14. Hangzhou was impacted by negative stock market movements.

Country: China

Number of billionaires: 31

Number of billionaires gained or lost: -1

Growth in the innovation and technology industry has increased Hangzhou's high-net-worth population by 25% in the past five years, according to Knight Frank's "Wealth Report." There are now 26 unicorns — tech companies valued at $1 billion or more — in the city.



13. Istanbul saw a decrease in billionaires because of currency depreciation against the US dollar and negative equity prices.

Country: Turkey

Number of billionaires: 32

Number of billionaires gained or lost: -4

Istanbul's most expensive districts are Besiktas and Sariyer. The luxury lifestyle in the city involves going out and attending after parties in hotel penthouses, reported Jonathan Gorvett of The New York Times.



See the rest of the story at Business Insider

Miami's 'Billionaire Bunker' is a high-security island that has a 13-person police force for its 42 residents. A real-estate agent got me past the guardhouse — here's what the exclusive community looks like.

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indian creek island

It's been called the "Billionaire Bunker" and one of the "wealthiest, private, most secure communities in Miami Beach and the world."

Indian Creek is a village of just 42 people on a tiny private island in Miami's Biscayne Bay. Its "Billionaire Bunker" nickname stems from its wildly wealthy and high-profile residents, including the billionaire investor Carl Icahn, the supermodel Adriana Lima, and the Spanish singer Julio Iglesias.

Read more:I got a tour of the only home for sale on Miami's 'Billionaire Bunker,' a private island that hedge-fund billionaires and celebs call home. Here's a look inside the $24 million mansion.

"Indian Creek is an exclusive 300-acre island located on the beautiful waters of Biscayne Bay and recognized as one of the wealthiest, private, most secure communities in Miami Beach, and the world," Michael Light, the founder of Miami Luxury Homes and senior director of luxury sales at Douglas Elliman, wrote on his website.

"The high level of privacy and security is the highest priority to the residents of Indian Creek and maintained by having its own private police force, as well as its own 24/7 armed marine patrol monitoring the waters surrounding the island."

I got a tour of the island from Nelson Gonzalez, a luxury realtor and the senior vice president of EWM Realty International.

Here's what it's like on the exclusive, high-security island.

SEE ALSO: I got a tour of the only home for sale on Miami's 'Billionaire Bunker,' a private island that hedge-fund billionaires and celebs call home. Here's a look inside the $24 million mansion.

DON'T MISS: The world's millionaires are more mobile than ever. Here are the top 12 countries they're moving to

Indian Creek is a village of just 42 people on a tiny private island in Miami's Biscayne Bay.

It's been nicknamed the "Billionaire Bunker" for its wildly wealthy and high-profile residents.

The village's 34 homes are built around the perimeter of the island, giving them all waterfront views. The center is occupied by an 18-hole golf course and a country club.



I arrived at the island in an Uber. We were stopped at the guardhouse before even getting on the island.

Fortunately, my name was on a list of expected guests, so I didn't have a problem getting in.



Indian Creek's police department monitors the only entrance to the island.

The village of 34 residents is protected by a private 13-person police force, according to my tour guide, Nelson Gonzalez, a luxury realtor and the senior vice president of EWM Realty International.

The force even patrols the perimeter of the island from the water.



See the rest of the story at Business Insider

The top 15 countries with the most billionaires, ranked

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Rich Person America

Fifteen countries dominate in billionaire population and wealth, according to Wealth-X's 2019 Billionaire Census report. The report analyzed data from Wealth-X's global database of more than one million records of the world's richest people.

Three-fourths of the world's billionaire population lives in the 15 countries listed below. Collectively, the 1,942 billionaires in these countries are worth $6.8 trillion — that accounts for 79% of total global billionaire wealth in 2018.

When it comes to billionaire population, the United States dominates with 27% of the world's billionaires. Its total billionaire count rose from 2017 to 2018 by 4% to 705 billionaires. Meanwhile, total billionaire wealth worldwide decreased by 5% to slightly more than $3 trillion.

All the top Asia-Pacific countries — China, Hong Kong, India, and Singapore — saw a decrease in billionaires and billionaire wealth due to a decline in equity markets, according to the report. Meanwhile, major European countries saw both decreases and increases in billionaires, depending on economic factors.

Note that Hong Kong and Singapore also made Wealth-X's list of the top 15 cities with the most billionaires — Hong Kong is a semi-autonomous, special administrative region of China, and Singapore is an island city-state off southern Malaysia.

Take a look at which countries worldwide have the most billionaires, ranked in ascending order.

SEE ALSO: The top 15 cities with the most billionaires, ranked

DON'T MISS: These are the 15 hottest destinations billionaires are traveling to in 2019

15. Singapore saw a drop in billionaires because of negative equity market performance.

Number of billionaires: 39

Total billionaire wealth: $84 billion

Singapore is one of the richest cities in the world: The total private wealth of its residents amounts to $1 trillion, reported Business Insider's Katie Warren. It's also one of the most expensive cities to live in worldwide.



14. Canada's wealthy are getting richer faster than the rest of the population.

Number of billionaires: 45

Total billionaire wealth: $87 billion

Ricardo Tranjan, senior researcher at the Canadian Centre for Policy Alternatives (CCPA), ​told CBC that "the rich are really sprinting ahead" of average Canadians. According to a CCPA report, the richest families are worth $3 billion on average and own as much wealth as three Canadian provinces combined.



13. Italy saw a decrease in billionaire population due to political instability.

Number of billionaires: 47

Total billionaire wealth: $141 billion

In addition to housing nearly 50 billionaires, Italy is home to many destinations frequented by the super rich, including the Amalfi coast, Portofino, Positano, Capri, Cinque Terre, Milan, and Venice.



See the rest of the story at Business Insider

I got access to the richest zip code in the US, an island off Miami where the average income is $2.2 million, the beaches have sand imported from the Bahamas, and the preferred mode of transportation is golf carts. Here's what it looks like.

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fisher island miami

Fisher Island, a man-made island off the coast of Miami, is the richest zip code in the US, according to Bloomberg.

The average income of the island's residents is a whopping $2.2 million. 

To become a member of the elite Fisher Island Club, you must pay a one-time $250,000 equity contribution and $22,256 in annual dues. And that's after residents have bought one of the condos on the island, which cost an average of $3.2 million. About 700 families live on Fisher Island in almost 30 luxury condominium buildings.

Dora Puig, the top-ranked real estate broker in Miami-Dade Countyby sales volume in 2018, who sells some of the most luxurious condos on Fisher Island, told me people move there for three main reasons: privacy, security, and the amenities. 

Residents of the island include real-estate developers, high-power litigation attorneys, CEOs, people in the finance industry, and some who are simply "old money," Puig said.

Tech CEOs and hedge-fund managers from New York, Silicon Valley, and other high-tax areas are moving to Miami in droves, and highly amenitized Fisher Island is one of their top picks. 

Read more: NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area

Members of the Fisher Island Club get access to private beaches with sand imported from the Bahamas, a beach club, eight restaurants, a golf course, two deep-water marinas, a spa, 18 tennis courts, and more. The marina's boat slips are "highly coveted" and will cost you a minimum of $125,000 and potentially well into the millions, publicist Lauren Marks told me. 

The island also has its own fire and rescue station, medical facility, bank, mail facility, dog park, and even an independent day school with students from age 2 through seventh grade. About 600 employees work on the island. And because only about 30% of residents live there year-round, that means there are often more employees on the island than residents, Marks said.

I got the chance to take a tour of Fisher Island on a recent afternoon. Here's a look inside the super-exclusive community.

SEE ALSO: NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area

DON'T MISS: Miami's 'Billionaire Bunker' is a high-security island that has a 13-person police force for its 42 residents. A real-estate agent got me past the guardhouse — here's what the exclusive community looks like.

Fisher Island, a 216-acre members-only island off the coast of Miami, is the richest zip code in the US.

The average income of the island's residents is $2.2 million, according to Bloomberg.

Fisher Island is a man-made island created by the government in 1906, when a canal was dug between South Beach and what is now the island, in order to ease traffic in the area.



My journey started at the Miami Beach Marina, where a small private shuttle boat was waiting to take me to the island.

The boat is a private shuttle for prospective and current residents of Palazzo Del Sol and Palazzo Della Luna, two of the island's newest and most luxurious condominium buildings.



The boat was small yet luxurious, with 11 leather seats in an enclosed interior.

It's only about a seven-minute boat ride from the Miami Beach Marina to Fisher Island.



See the rest of the story at Business Insider

11 mind-blowing facts that show just how wealthy Bill Gates really is

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Bill Gates

Bill Gates is the second-richest person in the world. The Microsoft cofounder is worth an estimated $104 billion, according to the Bloomberg Billionaires Index.

His wealth is surpassed only by Amazon CEO Jeff Bezos, who has a current net worth of $118 billion.

The next-richest person after Gates is Bernard Arnault, the French businessman who runs luxury-goods empire LVMH and is worth an estimated $92 billion.

Gates is so rich that an average American spending $1 is similar to Gates spending $1.06 million. And that's after the Microsoft cofounder has given away approximately 27% of his net worth to charity over the years.

Here are 11 mind-blowing facts that show just how wealthy Gates really is.

SEE ALSO: Meet the billionaire behind iconic casinos like The Venetian and Marina Bay Sands, who's worth $37 billion, lives in a Vegas mansion, and has donated more than $25 million to Trump

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1. Bill Gates has become nearly $12 billion richer in the past year alone.

On May 14, 2018, Gates' net worth was about $90 billion. 

He's $28 billion richer than he was five years ago in 2014.



2. Based on how much wealthier Gates got in the past year, he makes approximately $380 per second, according to Business Insider calculations.

That means it would not be worth his time to stop and pick up a $100 bill that he dropped on the ground.



3. If Gates spent $1 million a day, it would take him more about 285 years to spend his fortune, according to Business Insider calculations.

But although Gates indulges in a few luxuries — such as a private plane and a massive Washington home now worth $125 million— the billionaire is known for being relatively frugal in his spending.



4. Gates' $104 billion fortune could buy 81.1 million troy ounces of gold, according to Bloomberg.

According to Bloomberg, that's also the equivalent of 1.45 billion barrels of crude oil.

Today, a troy ounce of gold is worth $1,285.52.



5. Although Gates made his fortune cofounding Microsoft with Paul Allen, he now only owns 1.3% of the company — and he's still worth $104 billion.

That 1.3% share in Microsoft amounts to about 12.5% of Gates' net worth, according to Forbes.



6. Gates has remained the second-richest person in the world even after giving away approximately 27% of his net worth to charity over the years.

In 2010, Gates and Warren Buffett — the world's fourth-richest person— founded The Giving Pledge, a charity organization that encourages the world's wealthiest people to give the majority of their fortune to charity during their lifetime or after their death.

Gates has donated $35.8 billion in Microsoft stock to the Bill & Melinda Gates Foundation, according to Forbes.

In 2017, he invested $50 million into Alzheimer's research and later gave another $30 million to a "venture philanthropy" fund called Diagnostics Accelerator, which has the aim of diagnosing Alzheimer's earlier.

Gates and his wife, Melinda, have also traveled to Tanzania and other countries for charity work. They've donated millions more to causes that include health and development and education.



7. Gates is so rich that an average American spending $1 is similar to Gates spending $1.06 million.

The median net worth of an average US household is $97,300. Dividing $104 billion by $97,300 comes to about $1.06 million.



8. Gates' net worth is greater than the GDP of Croatia, Cambodia, and the Bahamas — combined.

Croatia's GDP is about $63.8 billion, Cambodia's is $26.6 billion, and the Bahamas' is $12.8 billion.



9. Gates is richer than the richest man in Asia and the richest man in China, combined.

Indian businessman Mukesh Ambani, worth $55 billion, is the richest person in Asia. And tech tycoon Pony Ma, worth $38.2 billion, is China's richest person, according to Bloomberg's Billionaires Index.



10. Gates could give every single living person on the planet $10 — and still have more than $30 billion left over.

The world population was 7,346,235,000 as of August 2016.



11. According to the Social Security Administration, the average American man with a bachelor's degree will earn about $2.2 million in his lifetime. Gates makes that in a little over an hour and a half.

According to the SSA, the average American woman with a bachelor's degree will earn $1.3 million in her lifetime.

Based on his earnings of $12 billion in the past year, Gates makes about $22,831 per minute, according to Business Insider calculations. 



Meet Mohammed bin Salman, the 33-year-old crown prince of Saudi Arabia, who is at the center of human rights issues and drops hundreds of millions of his family's fortune on yachts, mansions and paintings

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Mohammed bin Salman

Prince Mohammed Bin Salman Al Saud, known as MBS, is the future king of Saudi Arabia.

The 33-year-old heir will ascend to the throne after the death of his father, 83-year-old King Salman bin Abdulaziz Al Saud

Prince Mohammed is known for his lavish spending. He has bought a $500 million yacht, a $300 million French chateau, and a $450 million Leonardo da Vinci painting. According to one estimate, the Saudi royal family — which has about 15,000 members — is worth up to $1.4 trillion.

The crown prince has become a controversial global political figure, particularly in the fall of 2018, when he faced global outcry over the death of journalist Jamal Khashoggi, who the CIA later concluded was assassinated on the prince's orders

Here's a look at the lavish — and controversial — lifestyle of Crown Prince Mohammed bin Salman.

SEE ALSO: Meet Vladimir Potanin, the richest documented man in Russia, who made his $22 billion fortune in the nickel industry, has owned at least 3 yachts, and plays ice hockey with Vladimir Putin

DON'T MISS: Saudi Arabia runs a huge, sinister online database of women that men use to track them and stop them from running away

Mohammed bin Salman is the 33-year-old crown prince of Saudi Arabia.

He was born to King Salman and his third wife, Fahda bint Falah, in 1985.

He was named crown price in June 2017 after his father, King Salman, decided to remove Muhammad bin Nayef from the position.

Rumors later emerged that Mohammed bin Salman had secretly plotted to oust bin Nayef and take his place, The New York Times reported.



The prince has a bachelor's degree in law from King Saud University, the oldest university in Saudi Arabia.

After graduating, he worked for several state agencies before being appointed as a special adviser to his father in 2009, who was serving as governor of Riyadh at the time.

In 2012, Prince Mohammed's father was named crown prince after the death of Nayef bin Abdul Aziz. Three years later, King Abdullah bin Abdul Aziz died and the prince's father took the throne at the age of 79.



Prince Mohammed is not yet king, but he "essentially runs the country for his father," 83-year-old King Salman bin Abdulaziz, according to Bloomberg.

The prince is known to be a "workaholic" who spends 18 hours of the day in his office, according to The Guardian.

But he reportedly doesn't take criticism well.

"People who tried to say no even gently and diplomatically faced consequences," one source from Saudi Arabia told The Guardian.



The total wealth of the Saudi royal family is unknown, but it could be worth as much as $1.4 trillion, according to House of Saud, an English language Saudi Royal Family news resource.

The royal wealth has been accumulated over decades of oil revenue-generated expansion.

There are about 15,000 members of the Saudi royal family, but the majority of the vast fortune is distributed among 2,000 of them, according to CNBC.

The British royal family, for comparison, is worth an estimated $88 billion.



Prince Mohammed and his father, King Salman, are often found in "a network of marble-columned palaces and countryside retreats" in Riyadh, according to The New York Times.

Foreign dignitaries and politicians are often hosted at the Al-Yamamah Palace.

During a visit from President Obama to the opulent Erga Palace, reporters spotted gold-plated Kleenex dispensers and gold chairs, according to CBS News.

The royal family is rumored to own several other lavish residences around the world, including in Switzerland, London, France, and Morocco.



Prince Mohammed is known for his extravagant purchases.

He's spent hundreds of millions on superyachts, private jets, helicopters, French chateaus, and rare paintings.



The crown prince reportedly owns a $500 million, 440-foot yacht named Serene, which includes an indoor swimming pool and Jacuzzi, two helipads, a helicopter hangar, a gym, and a movie theater.

The yacht can sleep 24 guests in 15 cabins.

The prince reportedly bought the superyacht after spotting it while vacationing in the south of France.



In 2015, Prince Mohammed bought a chateau in France for $300 million, which was dubbed "the world's most expensive home" by Fortune at the time.

It wasn't until 2017 that news broke that it was the Saudi prince who had bought the Chateau Louis XIV in Louveciennes, which is located west of Paris.

The 17th-century chateau reportedly includes fountains, a sound system, lights, and air conditioning that can all be controlled by an iPhone.

The lavish property also has a wine cellar, a movie theater, and a moat with a transparent underwater chamber.



The prince also picked up a Leonardo da Vinci painting for $450 million at a Christie's auction in 2017.

Prince Mohammed made the winning bid on da Vinci's "Salvator Mundi" anonymously by phone.

The painting had been estimated to sell for around $100 million leading into the auction.



Prince Mohammed has been in the news in recent years for a variety of scandals.

Saudi Arabia has faced criticism for human rights abuses and repressive laws, such as the one that says all Saudi women must have a male guardian.

In February 2019, INSIDER published an investigation detailing how a Saudi app called Absherallows men in Saudi Arabia to track and control where women travel. The reporting prompted Apple CEO Tim Cook to launch an investigation into the app, which is sold on the App Store.

In the fall of 2017, the crown prince was reportedly behind a corruption crackdown that saw more than 200 people arrested and some detained for weeks in a Ritz-Carlton hotel.Saudi Arabia reportedly use coercion and physical abuse during the interrogations.

And according to Al Jazeera, the number of executions in Saudi Arabia has been on the rise: 133 people were executed in the first eight months after MBS became crown prince.



In the fall of 2018, the crown prince faced global outcry over the death of journalist Jamal Khashoggi in the Saudi embassy in Istanbul.

In November, the CIA concluded the journalist was assassinated on the prince's orders.

Saudi Arabia has repeatedly denied that the crown prince had any role in Khashoggi's death.

The Saudis denied for weeks that Khashoggi had been killed and repeatedly changed their story. The kingdom later announced that 18 people had been arrested in connection with the killing and said in January that prosecutors would be seeking the death penalty for five suspects.



While many world leaders have publicly condemned Prince Mohammed after Khashoggi's death, President Trump has said we may never know if Prince Mohammed ordered the killing of the journalist or not.

After the CIA concluded that MBS ordered the killing of Khashoggi, Trump expressed support for MBS, Al Jazeera reported in December 2018.

As Business Insider previously reported, Trump has had deep business ties with the Saudi Arabian court for more than two decades.

And Jared Kushner, the president's son-in-law, has reportedly pushed for closer ties with Saudi Arabia and particularly with Prince Mohammed.

Kushner and the crown prince have had a close relationship for more than two years, Business Insider's Ellen Cranley reported.



At the G20 Summit in Argentina in December 2018, Russian President Vladimir Putin was seen enthusiastically greeting the Saudi prince.

Putin's enthusiastic greeting of the Saudi prince at G20 came right after other world leaders had condemned Saudi Arabia for the killing of Khashoggi.

Other world leaders appeared to ignore the crown prince in a group photo at the summit.



Beyond politics, the prince has ties to top US technology companies and has toured some of Silicon Valley's top firms, including Google and Apple.

In the spring of 2018, Prince Mohammed met with Apple CEO Tim Cook, Google CEO Sundar Pichai, and Google founders Larry Page and Sergey Brin.

His west coast tour also included a stop in Seattle to meet with Amazon CEO Jeff Bezos.

Saudi Arabia's Public Investment Fund owns 5% of Uber, according to the ride-sharing company's most recent S-1 filing. The fund is also a top investor in Softbank's massive Vision Fund, which owns 16% of Uber as well as sizable stakes in companies like Slack, WeWork, and DoorDash.



Before he was a billionaire, WeWork CEO Adam Neumann was broke. Here's the NYC building where he and his wife lived in a tiny apartment before he built a $47 billion company

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WeWork CEO Adam Neumann's coworking company is worth $47 billion, but not too long ago, he was broke.

Neumann and his wife, Rebekah, once lived "at 166 2nd Avenue [in New York City] in an apartment smaller than this office," he told Business Insider's Alyson Shontell and Rich Feloni in a recent interview.

Today, a studio apartment in the East Village building is renting for $3,098, and the median monthly rent in the neighborhood is $3,150.

Here's a look inside the New York building where Neumann and his wife lived before they were billionaires.

SEE ALSO: How WeWork's CEO manages his ego after going from broke to a billionaire in under 10 years

DON'T MISS: WeWork's CEO explains why he thinks his $47 billion company is recession-proof and how he keeps his ego in check as a young billionaire

WeWork CEO Adam Neumann's coworking company is worth $47 billion and filed to go public in December 2018.

The Israeli-born entrepreneur launched WeWork in 2010 with his wife, Rebekah, and his business partner Miguel McKelvey. Now, it's one of the most valuable companies in the world.

But not too long ago, Neumann was broke.



The WeWork CEO told Business Insider in a recent interview that he and his wife, Rebekah, at one point lived in a tiny apartment at 166 2nd Avenue in New York City.

Neumann didn't specify the year they lived there, but it was likely sometime after 2009, the year he met his wife.



The street level of the building is occupied by a liquor store and a Mediterranean restaurant and hookah lounge, according to Google Maps.

As of August 2018, scaffolding was erected on the front of the building.



The building sits right across the street from St. Mark's Church-In-The-Bowery in Manhattan's East Village, a neighborhood where today's median monthly rent is $3,150.

That's lower than the median rent in Manhattan as a whole, which is $3,325, according to StreetEasy.

In 2010, the East Village's median rental price was about $2,600, as compared to Manhattan's $2,880 at the time.



166 2nd Avenue is a 15-story, pre-war building built in 1929.

It comes with a 24-hour doorman and laundry in the basement, according to the listing.



The only rental currently available in the building is a studio apartment for $3,098.

Other studios in the building recently rented for between $2,725 and $3,150, while one-bedrooms have rented for between $4,550 and $4,695, according to StreetEasy.



The studio currently available in the building comes with stainless steel appliances in the kitchen, including a dishwasher.

It's one of 159 units in the building.



The listing describes the apartment as "a perfect mix between elegance and location in Prime East Village."

The apartment is listed with Thomas Perry and Elsa Duarte of Citi Habitats.



Today, Neumann's real-estate holdings are much costlier than a $3,098 studio.

The WeWork CEO bought a Greenwich Village townhouse for $10.5 million in 2014, according to Bisnow. And in 2017, he spent $35 million on property on Gramercy Park, The Real Deal reported.

He and his wife also reportedly own homes in Westchester County and the Hamptons.



A billionaire's surprise vow to pay Morehouse graduates' loans is part of the newest trend in the student-debt crisis

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  • The private-equity tycoon Robert F. Smith vowed Sunday to donate money to pay off student-loan debt for Morehouse College's graduating class of 2019.
  • While the rich have given universities generous gifts for decades, billionaires are addressing the ballooning student-debt crisis directly by paying the tuition of incoming students or writing checks for recent grads.
  • The Home Depot cofounder Ken Langone recently donated $100 million to help make New York University's medical school tuition-free.
  • Visit Business Insider's homepage for more stories.

The investor Robert F. Smith, who's ranked by Forbes as the 163rd-richest person in the US, with a net worth of $5 billion, shocked graduating Morehouse College students over the weekend by announcing that he was paying off their student loans — an issue other billionaires have begun tackling.

During his commencement address on Sunday, Smith said he would pay off debt for the 400-person graduating class of the historically black, all-male college in Atlanta. The gift could total $40 million, a Morehouse representative told the local news outlet 11Alive News.

"My family is going to create a grant to eliminate your student loans," Smith told the graduating seniors. "You great Morehouse men are bound only by the limits of your own conviction and creativity."

Read more:Here's why Home Depot's billionaire cofounder is helping pay tuition for every NYU med school student

Smith isn't the only billionaire paying student loans. The Home Depot cofounder Ken Langone announced last year that he would pay tuition for every New York University medical student, a gift that totaled $100 million of his money. The school endowment now offers free tuition for every student regardless of need.

The donations come at a time when American millennials are in record amounts of debt. Some economists have predicted that 40% of borrowers might default on their student loans by 2023, which could have economic effects similar to those of the subprime-mortgage crisis.

Research has found that the student-debt crisis hits black families harder than white ones. Black graduates default on their loans at five times the rate of white grads, according to the Brookings Institution. A recent report in The Wall Street Journal found that graduates of historically black colleges had 32% more debt than students from other schools.

While the rich have donated money to universities for decades, they began using their money to address student loans recently. Tony James, the billionaire executive vice chairman of the private-equity firm Blackstone, recently set up the Education Finance Institute to explore alternatives to paying for colleges outside loans. Silicon Valley investors — including the actor Ashton Kutcher and the Bedrock founder Geoff Lewis— are also looking at ways to tackle the student-debt crisis.

"I think it is a crisis," James told Yahoo Finance. "The impact on lives is huge — students come out burdened with that."

Michael Bloomberg, the US's ninth-richest man, according to Forbes, recently donated a record $1.8 billion to his alma mater, Johns Hopkins. Though the money did not go toward eliminating student debt, he spoke about the importance of helping low-income students gain access to quality education.

Solutions to student debt are likely to be at the forefront of the 2020 presidential race. Sen. Elizabeth Warren, a 2020 Democratic presidential candidate, offered a plan to eliminate student debt for 42 million Americans, funded by taxing billionaires like Langone and Smith.

"This is generous, no doubt,"Anand Giridharadas, an author who has been an outspoken critic of billionaires, told The New York Times regarding Smith's donation. "But a gift like this can make people believe that billionaires are taking care of our problems, and distract us from the ways in which others in finance are working to cause problems like student debt, or the subprime crisis, on an epically greater scale than this gift."

SEE ALSO: Here's why Home Depot's billionaire co-founder is helping pay tuition for every NYU med school student

Join the conversation about this story »

NOW WATCH: I stopped drinking coffee for a week and I'm never doing it again

The youngest heirs and heiresses poised to inherit billions from their parents

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From preschool toddlers to high-ranking executives, the heirs of some of the world's wealthiest are poised to inherit massive fortunes.

Many of the young heirs of famous billionaires — including the children of the richest people in tech and the richest people in business— will receive large inheritances, if they haven't already. Meanwhile, other billionaires have promised to give some, most, or, in Warren Buffett's case, all, of their wealth away.

Read more: 16 heirs to some of America's best-known brands who are poised to inherit millions

We looked at the 35 richest individuals and families in the world using real-time data from Forbes' billionaire index. We listed those who have children under the age of 40 and ordered the list of heirs by their parent's wealth, beginning with Jeff Bezos — currently the richest person alive.

For the purposes of this list, we looked only at the billionaires' direct descendants and excluded grandkids. Notably, this methodology means that some high-profile billionaires' grandchildren — amongst them François Pinault's grandson of the same name, Francoise Bettencourt Meyers' grandson who was called "The Prince of L'Oreal," and the Walton grandchildren — are not included in the round-up.

Keep reading for a look at some of the wealthiest heirs in the world.

SEE ALSO: 13 times the heirs to massive fortunes disappeared under mysterious or disturbing circumstances

READ MORE: Meet the Mars family, heirs to the Snickers and M&M's candy empire, who spent years avoiding the limelight and are America’s third-wealthiest family 'dynasty'

Currently the richest person in the world, Amazon founder Jeff Bezos has four children with his former wife MacKenzie.

In early April, the couple announced that they had finalized the terms of their divorce. The two have three sons and one adopted daughter together. Jeff Bezos has a net worth of $156.7 billion. Following the divorce, MacKenzie Bezos' net worth totals $36.7 billion, thanks to her 25% stake of Amazon shares.



Bill and Melinda Gates have three children together: Jennifer, Rory, and Phoebe. Their oldest is 23 years old.

Since founding Microsoft, Bill Gates has accumulated a massive fortune of $96.5 billion. Now known for their philanthropy efforts, the Gates family is currently ranked No. 2 among the world's richest people. Previous reporting from Business Insider's Tanza Loudenback said that the couple's oldest daughter Jennifer attended Stanford University. An accomplished equestrian, she is now 23 years old.

Rory, the couple's only son, turned in 18 in 2017. His younger sister Phoebe, still in high school, attends the private Lakeside High School in Seattle.

Bill and Melinda Gates — along with billionaire Warren Buffett — are responsible for the launch of the Giving Pledge, a pledge signed by some of the world's richest people who promise to give away the majority of their wealth. As reported by Business Insider's Áine Cain and Allana Akhtar, "Each of the Gates' kids will inherit about $10 million of their parents' $98.1 billion fortune, while much of the rest will go to charitable causes."



Bernard Arnault, the richest person in Europe, has five children. Three of his heirs are under the age of 30.

All but one of Bernard Arnault's five children are involved in his luxury-goods empire, LVMH. Arnault has two children in their forties from his first marriage, along with three younger sons from his second marriage.

His younger sons include Alexandre, Frederic, and Jean Arnault. According to previous reporting from Business Insider's Katie Warren, Alexandre (age 27) is the CEO of LVMH's Rimowa luggage label, while Frederic (age 24) is a director at TAG Heuer — LVMH's largest watch brand. Bernard's youngest son Jean is the only heir not yet involved in the company.



Retail mogul Amancio Ortega also has two older children from his first marriage; his youngest daughter Marta — his only child from his second marriage — is in her mid-thirties.

Once the richest person in the world, Ortega is currently ranked sixth with a net worth of $62.7 billion from his clothing conglomerate, Inditex. Known as the Zara heiress, his 35-year-old daughter Marta is involved in her father's flagship company.

According to The Telegraph, "Marta acts as a senior creative consultant on all Zara Woman collections, and evidently has first pick of the new clothes before they hit stores."

Marta recently received a lot of attention from the press for her high-profile wedding, which was dubbed the "wedding of the year" by Spanish publications.



Oracle founder Larry Ellison has two children: a 33-year-old daughter and a 36-year-old son.

Ranked No. 7 on Forbes' billionaire list, Ellison's net worth exceeds $62 billion. Business Insider's Hillary Hoffower previously reported that both of his children already inherited millions of stock shares from their father's Netsuite and Oracle companies. In addition, as Business Insider's Tanza Loudenback reported, "Ellison gifted his daughter Megan a multi-million dollar inheritance on her 25th birthday in 2011, which she used to found a production company, Annapurna Pictures."

Both children have become successful filmmakers: Megan was praised as one of TIME's 100 most influential people in 2014 for her work on independent projects such as Zero Dark Thirty, Her, and American Hustle, while David has been involved in major action movies including Star Trek Beyond.

Larry Ellison has also signed the Giving Pledge. Previously reporting from Business Insider's Madeline Stone and Biz Carson said, "Larry Ellison has committed to giving away 95 percent of his wealth to charitable causes, especially to his medical foundation."



Facebook founder Mark Zuckerberg has two toddler daughters with his wife Priscilla Chan.

Mark Zuckerberg and Priscilla Chan have two daughters together. The couple's first daughter Maxima was born in 2015; their second daughter, August, was born two years later in 2017. Zuckerberg's net worth totals $62.3 billion, making him the world's eighth-richest person.

Zuckerberg and Chan have both signed the Giving Pledge. Business Insider's Biz Carson previously reported that the couple plan to give away 99% of their Facebook shares to their joint Chan Zuckerberg Initiative.



Michael Bloomberg has two daughters, now 36 and 40 years old, with his former wife Susan Brown.

Founder of Bloomberg and former New York City mayor, Michael Bloomberg is the ninth-richest person in the world, behind tech mogul Mark Zuckerberg. His net worth totals $55.5 billion, and — since he signed the Giving Pledge — just a small part of his massive fortune will be passed on to his two daughters, Georgina and Emma.

Georgina was featured in the infamous 2003 documentary "Born Rich."



Larry Page has two children, who are approximately eight and ten years old, with his wife Lucy.

Google cofounder Larry Page's children were born in 2009 and 2011. As previous reporting from Business Insider's Rachel Premack shows, "Page is so private that we don't even know if the younger child is a boy or a girl. The older child is a boy."

Page founded Google in 1998 with fellow Stanford grad Sergey Brin. Another signer of the Giving Pledge, he is currently ranked No. 10 on Forbes' billionaire list and has a net worth of over $50 billion.



Mukesh Ambani is the richest person in Asia and has three children, all of whom are in their twenties, with his wife Nita.

Mukesh Ambani, the chairman of Reliance Industries, has a net worth of $50 billion.

All three of his children are involved with the company: Anant (age 23) and twins Isha and Akash Ambani (age 27). Isha married 33-year-old real estate and pharmaceutical heir Anand Piramal in December 2018, which involved many extravagant events including an engagement party on Lake Como, private performances from John Legend and Beyoncé, and a ceremony with 600 A-list guests. 



Like his Google cofounder, Sergey Brin has two children in elementary school. Brin was previously married to Anne Wojcicki, the CEO of 23andMe.

Sergey Brin and Anne Wojcicki married in 2007 and divorced in 2015. The former couple has two children together. Their son, Benji Wojin, was born in 2008; their daughter, Chloe Wojin, was born in 2011.

The children are set to inherit a large fortune. Wojcicki's net worth is approximately $440 million; Brin's net worth totals $53 billion, making him the fourteenth-richest person in the world.



Steve Ballmer has three sons with his wife Connie.

Now retired, the wealthy Microsoft exec married his wife Connie in 1990. Together, the couple has three sons. Currently ranked No. 19 on Forbes' list of billionaires, Ballmer has a net worth of approximately $48 billion.

Ballmer served as Microsoft's CEO from 2000 to 2014. He now owns the Los Angeles Clippers.



Tech mogul Michael Dell has four children with his wife Susan — their oldest daughter is around 26 years old.

Since founding Dell Technologies, Michael Dell's net worth has grown to $41.7 billion. Michael and Susan Dell have four children: a son named Zachary and three daughters named Alexa, Juliette, and Kira. All four were raised in the family's home — nicknamed "The Castle"— in Austin, Texas.

The couple's oldest child Alexa is now in her mid-twenties and is engaged to millionaire real estate mogul Arshia Harrison Refoua. She currently works as an advisor to the Bumble dating app and has a massive Instagram following.



David Thomson — the heir to the Thomson-Reuters fortune — has six children from four marriages.

Ranked No. 27 on Forbes' billionaire list, Thomson's net worth is $32.5 billion.

He inherited his fortune from his grandfather, who founded the media and publishing company. The family is currently Canada's richest family. One of his daughters was cited as one of "Toronto's richest kids on Instagram."



Wang Jianlin, one of the richest men in China, has a son in his early 30s.

Jianlin's son, Wang Sicong, is the only heir to his $22.6 billion fortune. Previous reporting from the South China Morning Post showed that while he has already inherited some of his family's wealth and works as an investor, he is not interested in leading his father's company.



9 mind-blowing facts that show just how wealthy Mark Zuckerberg really is

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Facebook CEO and co-founder Mark Zuckerberg lost more money than any of the world's 500 richest billionaires during Facebook's catastrophic year. But even though Zuckerberg's net worth has been on a rollercoaster ride recently, he still remains one of the world's richest people.

His estimated net worth is currently $67.3 billion, according to Forbes. In spite of his billions, Zuckerberg doesn't have a taste for opulence, especially when it comes to cars, clothes, and travel, reported Business Insider's Tanza Loudenback. He does, however, have an affinity for developing his real estate portfolio— he recently dropped $60 million on two Lake Tahoe properties.

As a member of the Giving Pledge and cofounder of the Chan Zuckerberg Initiative, which he started with his wife Priscilla Chan, Zuckerberg has dedicated much of his fortune to charitable causes.

No matter how he spends his money, it seems that Zuckerberg will always have billions left over. Here, nine mind-blowing facts that show just how rich Zuckerberg really is.

 

SEE ALSO: Mark Zuckerberg spent almost $60 million on 2 waterfront estates in Tahoe last winter. Here's a look at the 10 properties he owns across the US, from a modest Palo Alto home to a Hawaiian plantation

DON'T MISS: We did the math to calculate exactly how much money billionaires and celebrities like Jeff Bezos and Kylie Jenner make an hour

1. Zuckerberg is so rich that he's able to live off an annual salary of $1.

He previously made a reported $770,000 from his Facebook salary and bonuses, but he slashed his salary to its current rate in 2013. That means a huge chunk of his wealth is tied to Facebook stock, of which he owns nearly 17%, reported Business Insider's Jake Kanter.



2. Each year since Facebook's IPO in 2012, Zuckerberg has added an average of $9 billion to his net worth.

At $16 billion, Facebook is the second biggest tech IPO in history. Since then, the stock has increased by more than 408% for a current market capitalization of $547 billion, reported Lucinda Shen for Fortune.

 



3. However, Zuckerberg's 2019 net worth sank by nearly $9 billion compared to the previous year — but he still retained a spot in the world's top 10 richest people.

Zuckerberg's net worth fell following a year of Facebook scandals, reported KanterHe dropped three places down Forbes' 2019 billionaire's list from 5th to 8th place.



4. Last year, Zuckerberg earned roughly $1.7 million an hour, according to previous Business Insider calculations.

Business Insider found the difference between Zuckerberg's 2017 and 2018 net worths (as provided by the Forbes' 2017 and 2018 richest people in the world lists, published every March) to determine his annual earnings. Zuckerberg's annual earnings came to roughly $15 billion.

We then divided all annual earnings by 8,760, the number of hours in a year, to calculate how much he earned an hour. 

 

 



5. It took Zuckerberg less than an hour-and-a half to earn what the average American man with a bachelor's degree will earn in his lifetime — $2.2 million, according to the Social Security Administration.

The average American woman with a bachelor's degree will earn $1.3 million in her lifetime, according to the SSA.

Mark Zuckerberg dropped out of college during his sophomore year.



6. In less than two minutes, Zuckerberg makes what it takes the median US worker a year to earn — $46,696.

That's based on data by the Bureau of Labor Statistics. Zuckerberg earned $28,538 per minute last year, according to Business Insider's calculations.

 



7. The average American household spending $1 is similar to Zuckerberg spending $700,000.

The median net worth of an average US household is $97,300. Dividing that number into $67.3  billion comes to about $700,000.



8. Zuckerberg's net worth is greater than the GDP of Jordan, Nicaragua, and Barbados — combined.

Jordan's GDP is about $46.9 billion, Nicaragua's is $15.4 billion, and Barbados is $5.5 billion.



9. Zuckerberg could give every single living person in the US $100 — and still have more than half of his $67.3 billion net worth left over.

The US population is currently 328,938,134, according to the US Census. Giving every American $100 would cost Zuckerberg roughly $32.8 billion.



MacKenzie Bezos just pledged to give away half her fortune during her lifetime, something Jeff Bezos, the richest person in the world, has avoided doing (AMZN)

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MacKenzie Bezos announced on Tuesday that she had joined the philanthropic effort known as the Giving Pledge, in which participants promise to give away more than half of their wealth during their lifetime or in their will.

Following her divorce from Amazon's founder, Jeff Bezos, earlier this year, MacKenzie Bezos received a stake in the retail giant that puts her net worth at almost $37 billion, according to Amazon's latest share price.

"We each come by the gifts we have to offer by an infinite series of influences and lucky breaks we can never fully understand," Bezos wrote in her letter. "My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won't wait. And I will keep at it until the safe is empty."

Read more:Jeff and MacKenzie Bezos have finalized the terms of their divorce — and she's set to come out of it as one of the richest women in the world

The Giving Pledge, started almost a decade ago by Warren Buffett and Bill Gates, is signed by some of the wealthiest families and people in the world. Other tech billionaires who have joined the pledge include Mark Zuckerberg and Priscilla Chan, the Airbnb cofounder Brian Chesky, and the LinkedIn cofounder Reid Hoffman.

Notably, the world's richest person has refused to sign on to the Giving Pledge: Jeff Bezos, who has a net worth of $114 billion, is the only American ranked in the top five on the Bloomberg Billionaires Index of the world's richest to not join on to the charitable pledge. His latest effort to give away to charity was a $2 billion donation in September, which reportedly represented about 1.3% of his net worth at the time.

Still, Jeff Bezos praised his his ex-wife on Tuesday for her Giving Pledge commitment.

"MacKenzie is going to be amazing and thoughtful and effective at philanthropy, and I'm proud of her," Bezos said on Twitter. "Her letter is so beautiful. Go get 'em MacKenzie."

The Bezoses announced in early April that they had finalized the terms of their divorce. Under the agreement, MacKenzie Bezos granted the Amazon CEO all her interests in The Washington Post and Blue Origin, as well as 75% of the Amazon stock they owned and voting control over the shares she retained.

The terms of the divorce left MacKenzie Bezos with a stake in Amazon worth almost $37 billion, placing her in the top five among the world's richest women.

MacKenzie Bezos was one of the first employees at Amazon, and she has written two award-winning novels. MacKenzie and Jeff Bezos had four kids over their 25-year marriage.

SEE ALSO: You can get $1 tacos from Taco Bell on your iPhone through May 29 — here's how

Join the conversation about this story »

NOW WATCH: This London handbag company has recycled 175 tons of fire hoses into fashion accessories


Jeff Bezos is one of the few top US billionaires who haven't signed the Giving Pledge. Here's how much the Amazon CEO has given to charity.

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Amazon CEO Jeff Bezos may be the richest person, but he isn't well-known for his billion-dollar donations and philanthropic efforts like Bill Gates and Mark Zuckerberg.

Additional light was recently shed on Bezos' charitable donations after news that his ex-wife, MacKenzie Bezos, had signed the Giving Pledge, in which participants promise to give away more than half of their wealth during their lifetimes or in their wills. 

Among the five richest people in America, Jeff Bezos, who has a net worth of $114 billion, is the only one who hasn't signed on to the philanthropic commitment. 

It's not clear why Bezos has avoided joining the Giving Pledge, an initiative started by Bill Gates and Warren Buffett almost a decade ago. His charitable history has "remained largely a mystery,"The New York Times wrote in 2017 after Bezos posted a "request for ideas" for philanthropy on Twitter.

A nonprofit bearing Bezos' last name, the Bezos Family Foundation, has given millions of dollars to the Fred Hutchinson Cancer Research Center in Seattle. However, the fund is run entirely by the Amazon CEO's parents and hasn't received contributions from Bezos himself, according to Inside Philanthropy.

Additionally, Bezos had never appeared on the annual list of America's 50 largest donors until 2018, when he took the top spot with the launch of a $2 billion fund for education programs for the homeless. Still, that donation represented only about 1.3% of his net worth at the time, according to Quartz.

Here are all the major donations Bezos is known to have given to charity since becoming a billionaire in 1997:

SEE ALSO: MacKenzie Bezos just pledged to give away half her fortune during her lifetime, something Jeff Bezos, the richest person in the world, has avoided doing

August 2011: $10 million to the Museum of History and Industry in Seattle.

Bezos' $10 million grant was used to establish the museum's Bezos Center for Innovation, which highlights companies that have gotten their starts in Seattle — including Microsoft, Costco, Boeing, and UPS.

The innovation center was officially unveiled in October 2013. The Museum of History and Industry is just a few blocks from Amazon's headquarter near downtown Seattle.



December 2011: $15 million to Princeton Neuroscience Institute.

The $15 million donation went toward creating a center studying neurological disorders at Princeton Neuroscience Institute. The Bezos Center for Neural Circuit Dynamics opened in late 2013 on Princeton's campus in New Jersey.

Bezos and MacKenzie Bezos are both graduates of Princeton University. Jeff Bezos studiedelectrical engineering and computer science, while MacKenzie Bezos majored in English.



July 2012: $2.5 million to Washington United for Marriage, a same-sex-marriage advocacy group.

Jeff and MacKenzie Bezos, who were still married at the time, donated $2.5 million to a group called Washington United for Marriage. The group was raising funds for a campaign for Referendum 74, a state referendum that would legalize same-sex marriage in Washington if approved.

The donation from the Jeff and MacKenzie Bezos doubled the organization's campaign fundraising, according to CNN Money. The referendum appeared on the ballot in November 2012 and was approved.

 



January 2013: $500,000 to Worldreader, a nonprofit that provides access to e-books and e-readers.

Bezos pledged half a million dollars to Worldreader, a nonprofit that supplies children in underdeveloped countries with access to digital books and e-readers. Bezos' donation went toward boosting the organization's programs in African countries, including Kenya, Ghana, Uganda, and Rwanda.



May 2016: $1 million pledge to match donations to Mary's Place, a homeless nonprofit in Seattle.

Bezos pledged to match up to $1 million in donations given to Mary Place during Seattle's annual GiveBig day of philanthropy in 2016. Mary's Place, a nonprofit that provides housing to Seattle's homeless population, exceeded its $1 million goal that year, bringing the organization's fundraising total to more than $2 million.

Although this is the only donation Mary's Place has received from Bezos personally, Amazon has turned part of its office space in Seattle into a homeless shelter (pictured above).



May 2017: $1 million to the Reporters Committee for Freedom of the Press.

The $1 million gift was the largest personal contribution ever to the nonprofit, which advocates and provides resources for journalists and First Amendment rights. The Reporters Committee for Freedom of the Press' executive director called the donation"an institution-changing gift" for the nonprofit.

Jeff Bezos owns The Washington Post, a historic newspaper he bought for $250 million in August 2013.



January 2018: $33 million to TheDream.us, a nonprofit that funds college scholarships for immigrants.

Bezos donated enough to fund the college education of 1,000 "Dreamers," immigrants who were brought to the US as children. The $33 million donation came during a time when President Donald Trump attempted to end the Deferred Action for Childhood Arrivals program — known as DACA — under which these children were protected from deportation and allowed to work legally in the US.

Bezos said the donation was a nod to his father, Miguel Bezos (pictured above), who fled to the US from Cuba when he was 15. He later went on to attend college and work as an engineer at Exxon.



September 2018: $10 million to With Honor, a PAC for electing military veterans.

Bezos' first major political donation was a $10 million donation to With Honor, a bipartisan PAC that backs military veterans running for election to Congress.



September 2018: $2 billion Bezos Day One Fund launched to support education programs for homeless families.

The Bezos Day One Fund is named after the Amazon CEO's longstanding "Day 1" way of thinking. Bezos said he planned to use the charity to support homeless families and launch education programs in underserved communities.

The first round of donations, announced in November, went toward organizations fighting family homelessness. The fund's website hints at more donations to come, including some that will be used to launch"a network of high-quality, full-scholarship Montessori-inspired preschools in underserved communities."



14 rich and powerful people share their surprising definitions of success

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  • Successful people don't necessarily define success as being rich or powerful.
  • Instead, they often talk about relationships, well-being, and societal impact.
  • Below are 14 legendary figures' definitions of success, from John Paul DeJoria (hard work) to Maya Angelou (liking yourself).
  • Visit Business Insider's homepage for more stories.

When we talk about a "successful" person, we're typically talking about someone with billions in their bank account, someone who's authored multiple bestsellers, or maybe someone who's in charge of an entire nation.

But if you ask people who fit the conventional definition of a successful individual, many will tell you that those achievements aren't what make them feel accomplished.

Read more:11 wildly successful people who never went to college

Below, Business Insider has rounded up what some of the world's most powerful and impressive people — from President Barack Obama to the late author Maya Angelou — have to say about success.

SEE ALSO: How WeWork's CEO manages his ego after going from broke to a billionaire in under 10 years

Billionaire Richard Branson believes success is about happiness.

Though Sir Richard Branson, founder of the Virgin Group, is worth $4.1 billion, the Virgin founder equates success with personal fulfillment.

"Too many people measure how successful they are by how much money they make or the people that they associate with,"he wrote on LinkedIn. "In my opinion, true success should be measured by how happy you are."



Huffington Post cofounder Arianna Huffington says that money and power aren't enough.

Huffington says that while we tend to think of success along two metrics — money and power — we need to add a third.

"To live the lives we truly want and deserve, and not just the lives we settle for, we need a Third Metric,"she told Forbes' Dan Schawbel, "a third measure of success that goes beyond the two metrics of money and power, and consists of four pillars: well-being, wisdom, wonder, and giving."

Together, those factors help you to take care of your psychological life and truly be successful, as the title of her 2014 book, "Thrive," suggests.



Billionaire investor Mark Cuban says you don't need money to be successful.

"Shark Tank" regular Cuban offers a surprisingly simple take on success.

In an interview with Steiner Sports, he said:

"To me, the definition of success is waking up in the morning with a smile on your face, knowing it's going to be a great day. I was happy and felt like I was successful when I was poor, living six guys in a three-bedroom apartment, sleeping on the floor."



Legendary basketball coach John Wooden said it's a matter of satisfaction.

With 620 victories and 10 national titles, Wooden is the winningest coach in college basketball history. 

But his definition of success was more about competing with yourself than the other guy:

"Peace of mind attained only through self-satisfaction in knowing you made the effort to do the best of which you're capable," he said in a 2001 TED Talk.



Legendary investor Warren Buffett values relationships above all else.

With a net worth of $86 billion, Buffett is just about the wealthiest person in the world, second only to Bill Gates. And yet his definition of success has nothing to do with money or fame.

As James Altucher writes, the chairman of Berkshire Hathaway once told shareholders at an annual meeting: "I measure success by how many people love me."



Acclaimed author Maya Angelou believed success is about enjoying your work.

The late, great poet laureate, who passed away at 86 in 2014, left behind stacks of books and oodles of aphorisms.

Her take on success is among the best: "Success is liking yourself, liking what you do, and liking how you do it."



Microsoft cofounder Bill Gates believes it's about making an impact on society.

Gates is the wealthiest person in the world, with a net worth of $100 billion, but to him, success is about relationships and leaving behind a legacy.

In a Reddit AMA, Gates took a tip from Warren Buffett when asked about his definition of success:

"Warren Buffett has always said the measure [of success] is whether the people close to you are happy and love you."

He added: "It is also nice to feel like you made a difference — inventing something or raising kids or helping people in need."



Spiritual teacher Deepak Chopra believes success is a matter of constant growth.

The physician and author says it's a matter of continual growth.

"Success in life could be defined as the continued expansion of happiness and the progressive realization of worthy goals," Chopra writes in "The Seven Spiritual Laws of Success." 



President Barack Obama aims to change people's lives.

Obama once held the highest office in the land — but he doesn't equate power with success.

At the 2012 Democratic National Convention, First Lady Michelle Obama told the audience that her husband "started his career by turning down high-paying jobs and instead working in struggling neighborhoods where a steel plant had shut down."

She went on: "For Barack, success isn't about how much money you make. It's about the difference you make in people's lives."



Inventor Thomas Edison recognized that success is a grind.

Edison — holder of over 1,000 patents— had a sturdy work ethic. He was reported to work 60 consecutive hours on occasion.

So naturally, his definition of success is equally ambitious: "Success is 1% inspiration, 99% perspiration."



Popular author Stephen Covey said that the definition of success is deeply individual.

The late Covey became a massive success — and a part of popular culture — with his 1989 book, "The Seven Habits of Highly Effective People," which has sold over 25 million copies.

Yet for Covey, success was categorically individual.

"If you carefully consider what you want to be said of you in the funeral experience," he writes in the book, "you will find your definition of success."



Billionaire John Paul DeJoria sees success as working hard — all the time.

DeJoria co-founded Paul Mitchell hair products and Patron tequila. In an interview with Business Insider, he reflected on the lessons he learned while working at a dry cleaner's as a young man.

Apparently, the head of the store was impressed by how spic and span DeJoria kept the floors, even though no one was watching him clean.

That's why he now believes:

"Success isn't how much money you have. Success is not what your position is. Success is how well you do what you do when nobody else is looking."

 



Oprah Winfrey defines success as staying true to your inner voice.

Everyone told billionaire reality show personality Oprah Winfrey not to go to Chicago to pursue her TV show. 

Winfrey did anyway, and became one of the most famous faces in television while doing so. Why? Because she listened to her "inner voice."

Winfrey urged graduates of Skidmore College in 2017 to find their inner voice, which would guide them to success.

"It's a big, bad world out there," she said. "There is nothing more powerful than you using your personality to serve the calling of yourself."



Microsoft CEO Satya Nadella says empathy is crucial to success.

Microsoft CEO Satya Nadella said people cannot succeed without showing empathy. He realized the importance of empathy at 29, after he and his wife, Anupama, gave birth to their first son with cerebral palsy, which causes movement disorders. 

While Nadella struggled with his son's condition at first, he realized he needed to step up and see the world through another point of view. Empathy also allows businesses to become successful, as it allows them to understand the unmet, unarticulated needs of customers. 

This is an update of an article originally posted by Drake Baer.



Richard Branson is sitting on a $4 billion fortune but spent years cringing over displays of wealth and reportedly wears the same jeans every day — see how the eccentric billionaire spends his money

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  • Sir Richard Branson, founder of the Virgin Group, has an estimated net worth of $4 billion.
  • When he spends his money indulgently, it's only to make money in return — like renting out real estate he owns, such as Necker Island.
  • In fact, Branson once said in an interview that he's "embarrassed" by displays of wealth, like leaving large tips and buying things for "pure luxury."
  • A member of the Giving Pledge, Branson would rather spend his money on philanthropy.
  • Visit Business Insider's homepage for more stories.

Sir Richard Branson wears the same pair of jeans every day, according to Page Six. That's a surprisingly frugal habit for a man with a $4 billion net worth.

The billionaire chair of the Virgin Group, which brings in more than $21 billion annually in global revenue, Branson has overseen approximately 500 companies and is known for his charisma and eccentric behaviors.

Ever the savvy businessman, Branson has spent some of his billions indulgently, but only to make money in return — like renting out real estate he owns (think Necker Island). When it comes down to it, Branson is rather frugal, opting not to own objects of pure luxury. He also donates much of his time and money to philanthropic efforts.

Below, see how the eccentric leader spends his billions.

SEE ALSO: Warren Buffett is the world's third-richest man — see how the notoriously frugal billionaire spends his fortune

DON'T MISS: Bill Gates is worth $95 billion and he plans to give most of it away — here's how he spends his money now, from a luxury car collection to incredible real estate

Richard Branson launched his first business at age 15. In 1972, he founded Virgin Records and went on to launch the Virgin Group conglomerate. Through this, he's built an estimated $4 billion net worth.

Source:Forbes, Business Insider



Branson is well-known for his jet-setting adventures and eccentricity, such as dressing as a butterfly to run a marathon.

Source: Business Insider



Virgin Media, Virgin Australia, and Virgin Atlantic are some of the biggest companies under Virgin Group.

Source:Financial Times



Overall, Branson is frugal when it comes to luxury items, largely because he grew up in a middle-class family. "The idea of having a possession that is there just as pure luxury, and is not actually paying its bills is something which I'd be embarrassed about," he told The Guardian in 2002.

Source:The Guardian



He does have a history of luxury purchases, but they're often more an investment than a personal indulgence.

Source:This is Money



Case in point: Branson once hired a plane for $3,000 when passengers were bumped off his flight to the Virgin Islands. He advertised the flight going one-way at $39 per person and made $69. It was his first ever flight, he said.

Source:This is Money



Also take for example the island Branson owns. In 1978, he purchased Necker Island in the British Virgin Islands for $180,000.

Source: Business Insider



Five years and $10 million later, Branson built a resort on the island, which doubles as a home for him. It's welcomed many celebrity guests, from Kate Winslet and Kate Moss to Princess Diana and Larry Page. The Obamas have even vacationed there.

Source:Business Insider, CNN



In 2006, he estimated the island's value increased to $60 million — a 33,233% increase from his purchase price. He previously called it "the best financial move" he ever made.

Source: Business Insider



In 2009, Branson bought a 32-meter catamaran, which he named Necker Belle for around $6 million. Branson chartered her at Necker Island starting at $60,000 a week and recently sold her for $3 million.

Source:Business Insider



He also bought a mini-submarine, which he named the Necker Nymph, for a reported $547,482. Starting prices to rent her begin at $25,000 for seven nights at Necker Island.

Source:Virgin, Daily Mail



But Necker Island is only one of Branson's luxury real estate holdings, which are known collectively as Virgin Limited Edition. He also owns Son Bunyola; located in northwest Mallorca, the estate offers three luxury villas for guests.

Source:Virgin Limited Edition



Elsewhere in Europe, Branson purchased The Lodge, a ski resort in the Swiss Alps. One room rentals are around $945 a night and exclusive use in the winter for a week is $89,916.

Source:Travel + Leisure



The rest of Branson's properties are located in Africa — like Mont Rochelle, a hotel and vineyard near Cape Town in South Africa.

Source:Virgin Limited Edition



Branson also owns a resort in Morocco called Kasbah Tamadot. There's no word on how much he purchased it for, but the 28 rooms each run for $717 a night.

Source:Travel + Leisure



Branson has a thing for safaris. He owns Mahali Mzuri, a tented safari camp in Kenya's Maasai Nara National Reserve with a 40-foot infinity pool. Rooms are around $590 a night.

Source:Architectural Digest



And Ulusaba, his fourth African property, located in the Sabi Sand Game Reserve, also offers safari experiences.

Source:Virgin Limited Edition



Before taking up residence on Necker Island, Branson lived in his Oxfordshire mansion in Kidlington, London. It's unknown how much he paid for it, but he did sell it to his children for $1.78 million.

Source: Virgin Islands News Online



He also owned a home in Holland Park, London. He bought it for $3.3 million and later listed it for $23.12 million.

Source:The Guardian, Daily Mail



In 2002, Branson still paid a mortgage. "It makes economical sense to me to have a mortgage," he told The Guardian. "I don't have a specially arranged discount, only because it might be embarrassing to have a special rate."

Source: The Guardian



You wouldn't find a lot of expensive artwork hanging in any of his homes. He prefers to buy watercolors at a reasonable price, he told The Guardian.

Source:The Guardian



He still owns a refurbished houseboat in London that he purchased for around $2,600, which is available to rent for a little more than $1,000 a week. He said never plans to sell it.

Source:Business Insider, This is Money



To jet around from place to place, Branson owns his own private plane — a Falcon 50EX, which costs around $21 million brand new.

Source:Business Jet TravelerBusiness Jet Traveler



Branson also drives a Range Rover, but it's gifted to him every year from the brand.

Source: The Guardian



He also told The Guardian he doesn't spend much on clothes.

Source: The Guardian



He told Page Six he wears the same pair of jeans every day with a plain white shirt: "Whatever I'm doing, whether it's a speech, whether it's going to see the Queen, you know, whatever it is."

Source: Page Six



Branson previously said people won't let him pay for things. "I'll be in a restaurant and the manager will say: 'Oh no, it's on the house,'" he once said in an interview.

Source:This is Money



But he tips big when someone deserves it. "I certainly tip larger if I feel that people have done their work with a smile. But I don't splash out because I think that's embarrassing," he said.

Source:The Guardian



He also tips generously when he has a special request — he once offered a London cab driver two first class plane tickets, worth around $5,276.

Source:This is Money



One thing Branson doesn't spend his money on: Gambling. He once took his two kids to Las Vegas and gave them each $40 in casino chips to teach them the perils of gambling.

Source:CNBC



However, the lesson failed because they accidentally left a few chips behind — which tripled into a small fortune.

Source:CNBC



Branson is big on philanthropy. He devotes 80% of his time to Virgin Unite, the charitable arm of the Virgin Group. Branson and The Virgin Group fund overheads and costs to the non-profit.

Source:Business Insider, Virgin Unite



The charity has founded and supported a variety of projects including The B Team, The Carbon Room, The Elders, and Oceans Unite.

Source:Virgin Unite



Branson has also signed The Giving Pledge, in which he promised to give away more than half of his wealth during his lifetime.

Source:Business Insider



Branson puts time and money toward the environment. In 2007, he offered $25 million to scientists who could discover ways to save the planet from climate change as part of the Earth Challenge.

Source:Reuters



He also pledged $3 billion over the course of a decade to develop low carbon fuel and alleviate global warming.

Source: NBC News



And with more than 60 companies in Virgin's portfolio, Branson continues to invest money in expanding and growing Virgin with new ideas.

Source:Virgin, Business Insider



To Branson, the biggest luxury isn't money: "If we're talking about personal luxuries — and the luxury of being your own boss — the biggest reward is the amount of time one can find for family and friends."

Source:The Guardian



Oracle billionaire Larry Ellison has an incredible real estate portfolio — take a look at his properties in Silicon Valley, Japan, Hawaii, and more

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Dubbed the "nation's most avid trophy-home buyer"by the Wall Street Journal, Oracle cofounder Larry Ellison is no stranger to the real estate market.

Ellison is the seventh-richest person in the world, with a net worth of more than $55 billion, according to Bloomberg's Billionaires Index. When asked in 2012 why he would buy more homes than he could possibly live in, Ellison referenced his love of art. 

"I'm going to start these art museums that are basically converted homes,"Ellison told CNBC in 2012. "I have one for modern art, and I have one for 19th-century European art, and one for French impressionism."

Although his 2012 purchase of the Hawaiian island of Lanai has been his largest overall investment by far, he's made a number of blockbuster purchases over the last two decades in Silicon Valley, Lake Tahoe, and even Japan.

Here are all the houses and properties belonging to the cofounder of Oracle:

SEE ALSO: Jeff Bezos is one of the few top US billionaires who haven't signed the Giving Pledge. Here's how much the Amazon CEO has given to charity.

Ellison bought this $3.9 million home in San Francisco's swanky Pacific Heights neighborhood in 1988.

Ellison owns a 10,000-square-foot mansion, designed by architect William Wurster, with four levels and five bedrooms. The Pacific Heights neighborhood is known as "Billionaire's Row," which is also home to other tech moguls like Zynga founder Mark Pincus, Apple designer Jony Ive, and Yelp CEO Jeremy Stoppelman.

Several news outlets reported Ellison planned to buy the home next door for $40 million so he could cut down his neighbor's trees blocking his home's view. However, the sale didn't happen.

 



His 23-acre estate in Woodside, California, is modeled after a 16th-century Japanese imperial palace.

Ellison first purchased the property in 1995 for $12 million. It reportedly took nine years and $200 million to design and renovate the Woodside home, and was completed in 2004.

 



Ellison also once owned an equestrian compound, not far from his Woodside estate, which he purchased for $23 million in 2005. However, he put the property up for sale in 2011.

Ellison took a markdown for the estate, which he listed at $19 million. The two-part property spanned almost seven acres, and had a barn for horses, a beach volleyball court, and a pool.



In nearby Palo Alto, Ellison owns the Epiphany Hotel, which he purchased for $71.6 million in 2015.

While Ellison still owns the hotel, it's has been managed by Nobu Hospitality since 2017 under the name Nobu Hotel Epiphany. The hotel is currently under renovation, but will open in 2020 with 73 rooms equipped with Alexa virtual assistants that range from $600 to $900 a night.



Ellison owns as many as two dozen properties in Malibu, California, including at least 10 on a stretch of Carbon Beach known as "Billionaire's Beach." His total spending on properties in Malibu is an estimated $200 million to $250 million.

Since 2002, Ellison has steadily been buying up properties in Malibu. In 2013, he paid $18 million for producer Jerry Bruckheimer's house, and also paid $48 million for a five-bedroom home that once belonged to the late real estate developer Norman Ackenberg.



Some of those Malibu homes, like this 2,800-square-foot oceanfront cottage, are often available for rent.

In 2015, the home was available to rent for $65,000 a month with a $35,000 security deposit.

 



In 2004, Ellison paid $17.6 million for a Carbon Beach property now home to Nobu, an ultra-trendy chain of Japanese restaurants popular among Hollywood A-listers.

Ellison also bought the property right next door, where he opened a Mediterranean restaurant in 2013 called Nikita (named after his girlfriend Nikita Kahn). However, Nikita closed in late 2014, while Nobu Malibu remains successful.



In 2007, Ellison purchased the historic beachfront Casa Malibu Inn for $20 million. He transformed the property into a Japanese concept hotel called Nobu Ryokan Malibu, which opened in April 2017.

To build the 16-room high-end hotel on Carbon Beach, Ellison teamed up with actor Robert De Niro, film producer Meir Teper, and Chef Nobu Matsuhisa, the mastermind behind the Nobu sushi chain.

The hotel is in the style of a ryokan, a traditional Japanese-style inn, with rooms overlooking the ocean that feature soaking tubs. Rooms are available for around $2,300 a night.



Ellison added to his real estate portfolio in Malibu in 2018 with a $38 million purchase of a beachfront house from movie producer Joel Silver.

The property has seven bedrooms and eight bathrooms, as well as a detached guest house with another two bedrooms and two bathrooms.



Ellison, an avid tennis fan himself, bought the Malibu Racquet Club for $6.9 million in 2007.

The facilities have been vastly improved since the purchase, with the addition of new tennis courts. Tennis pros Victoria Azarenka and Serena Williams have been spotted here.

The club is incredibly private — you have to score an invitation to become a member.



Ellison capitalized on his love for tennis in 2009, when he bought the Indian Wells Tennis Garden, home to the professional tennis tournament BNP Paribas Open. The property is located just outside of Palm Springs, California.

Since buying the property and the tournament for $100 million, Ellison transformed the facilities to accommodate for additional courts, bigger stadiums, and more room for attendees.



Ellison also owns a private golf club spanning almost 250 acres in Rancho Mirage, California. He bought the property for $42.9 million in 2011.

Previously owned by Yellowstone Club founders Tim and Edra Blixseth, the Porcupine Creek golf club includes a main house with a whopping 16 bedrooms, in addition to several separate guest houses.



Ellison also owns numerous properties along picturesque Lake Tahoe. He offloaded this home on Lake Tahoe's east shore in 2014 — it sold for $20.35 million.

The property — located in Glenbrook, Nevada— is more than 2.6 acres and has 13 bedrooms, a screening room, a library, and a sauna. Ellison purchased it in 2006, but decided to sell in favor of properties in Lake Tahoe's Snug Harbor and Incline Village.



Ellison has a number of properties in Incline Village, Nevada, an affluent neighborhood on Lake Tahoe's north shore favored by billionaires. The total amount he's spent on properties here is estimated at $102 million.

The 7.6-acre property has a private beach and two private piers, a tennis court, and a pool and spa. There are a number of houses on the estate: a cottage, a writer's cabin, a beach house, a guard house, and more.



In 2017, Ellison purchased the iconic Cal Neva Resort — once owned by Frank Sinatra — in North Lake Tahoe for $35.8 million.

The 10-story lodge, hotel, and casino was once frequented by the likes of Marilyn Monroe and Judy Garland. Ellison is reportedly gearing up to renovate the property, which was built in 1926.



Across the US, on the East Coast, Ellison owns properties in ritzy Newport, Rhode Island. In 2010, he paid $10.5 million for the Beechwood Mansion, an estate he spent more than $100 million on to turn it into an art museum.

The historic Beechwood Mansion once belonged to the Astor family, and is still under renovation to become an art museum housing Ellison's personal collection of 18th and 19th century European art.



After buying the Beechwood estate, Ellison purchased three surrounding properties on Newport's Bellevue Avenue. Most recently, Ellison bought the nearby Seacliff home for $11 million in February.

The Seacliff property has 10 total rooms and five bedrooms. By purchasing these four neighboring Bellevue Avenue properties, Ellison's Newport estate now spans nine acres.



Ellison owns a historic garden villa in Kyoto, Japan, which was reportedly listed for $86 million.

The property is located on the grounds of Nanzen-ji, a Zen Buddhist temple in Kyoto. Ellison told CNBC in 2012 that the property will eventually become a Japanese art museum.



In 2012, Ellison paid a reported $300 million to buy 98% of the Hawaiian island of Lanai. The land includes 90,000 acres of land, 3,2000 residents, and two Four Seasons resorts.

Since purchasing the island, Ellison has bought two airlines, refurbished the island's hotels, and started investing in clean energy sources. He plans to use the island as an experiment for environmentally sound practices.



One of the two resorts on the island, the Four Seasons Resort Lanai, reopened in February 2016 after a months-long renovation. The renovated hotel includes a Nobu restaurant and over 200 hotel rooms.

The resort has designer boutiques, an "adults-only retreat" with waterfalls, and an 18-hole golf course designed by legendary champion Jack Nicklaus.

In February 2014, Ellison purchased more residential properties near the other Lanai hotel, the Four Seasons Resorts Lanai at Manele Bay. He spent a little more than $41 million on the additional homes.



Included in his purchase of the island was the Lana’i Animal Rescue Center, which is reportedly home to about 400 feral cats.

Many of the cats were rescued from the dump and other sites near the Four Seasons, according to a Buzzfeed News feature on the center.

Additional reporting by Madeline Stone.



Meet Masayoshi Son, the billionaire founder of SoftBank and one of the richest men in Japan, who has a $16.3 billion fortune and owns a $117.5 million Silicon Valley estate

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Masayoshi Son, the founder and CEO of Japanese holding company SoftBank, is worth an estimated $16.3 billion, according to Bloomberg's Billionaires Index.

That makes him the second-richest person in Japan after Uniqlo founder Tadashi Yanai.

Through SoftBank and his $100 billion Vision Fund, Son invests millions in some of Silicon Valley's biggest tech companies, including Uber, WeWork, Slack, and DoorDash.

Here's a look at Son's life, career, investments, and real-estate portfolio.

SEE ALSO: Meet Tadashi Yanai, the richest person in Japan and the founder of Uniqlo, who's worth nearly $25 billion and owns 2 golf courses in Hawaii

DON'T MISS: How WeWork's CEO grew a $10 billion relationship with SoftBank CEO Masayoshi Son, whom he calls 'Yoda'

Masayoshi Son is the billionaire founder and CEO of Japanese holding company SoftBank.

SoftBank owns stakes in more than 1,000 companies, including Alibaba and Yahoo Japan, according to Bloomberg.

In 2018, the company reported revenue of $82.7 billion.



Son is worth an estimated $16.3 billion, according to Bloomberg's Billionaires Index.

That makes him the second-richest person in Japan after Uniqlo founder Tadashi Yanai, who's worth an estimated $29.6 billion.

Most of the 61-year-old CEO's wealth comes from his 26% stake in the company, which makes him the largest shareholder, according to Bloomberg.



Son was born in 1957 to Korean immigrants on the Japanese island of Kyushu.

He was one of four brothers, and his father worked at restaurants, farms, and fisheries.



In 1972, when he was 16, Son met one of his idols: McDonald's Japan founder Den Fujita, who encouraged him to go study in the United States.

Son took his advice and moved to San Francisco the next year to continue high school.



Son went on to study computer science and economics at the University of California at Berkeley.

Before he was 21 years old, Son sold his first company, a multilingual translator bought by Sharp for about $1 million.



In the 1980s, Son founded SoftBank, a company that today pours billions of dollars of capital into tech startups, including through its $100 billion Vision Fund.

Through its Vision Fund, SoftBank has invested in major companies like Uber, WeWork, food-delivery startup DoorDash, and Indian e-commerce retailer Flipkart.



Son's investment strategies are considered unconventional in Silicon Valley.

The size of Son's $100 billion Vision Fund and its investment strategies have shocked Silicon Valley investors, according to Bloomberg.

"The standard VC playbook involves making small, speculative investments in early-stage startups and adding funds in follow-on rounds as those startups grow," Sarah McBride, Selina Wing, and Peter Elstrom wrote for Bloomberg. "SoftBank's strategy has been to put enormous sums — its smallest deals are $100 million or so, its biggest are in the billions — into the most successful tech startups in a given category." 

Fast Company's Katrina Booker called Son "the most powerful person in Silicon Valley" for his ambitious vision — and financial means — to transform industries from real estate to food to transportation through his investments in artificial intelligence and machine learning.



Like the rest of Silicon Valley, Son may soon have to reckon with the presence of Saudi Arabia in the US tech world.

"Saudi Arabia's presence in Silicon Valley is greater than it's ever been," Alexei Oreskovic recently reported for Business Insider.

The SoftBank CEO has direct ties to Saudi Arabia, which has been embroiled in human rights scandals and blamed for the killing of journalist Jamal Khashoggi.

Saudi Arabia's Public Investment Fund is the SoftBank Vision Fund's largest backer, having contributed $45 billion of the fund's $100 billion bankroll.



The SoftBank CEO is known for paying his executives handsomely.

Six of SoftBanks' top executives made $83 million combined (9.1 billion yen) in compensation last year, while Son's salary rose to about $2.1 million (229 million yen), according to Bloomberg.

"The range of executive salaries in Japan has gone up, but compensation in the billions of yen is still unheard of beyond a handful of global companies,"Noriko Watanabe, a partner at Heidrick & Struggles, an executive search company, told Bloomberg.

But Son may not be taking home any of his salary. In 2011, he pledged to donate $119 million to support victims of the 9.1 magnitude earthquake that hit Japan that March — as well as "the whole of his remuneration" as head of SoftBank until his retirement. 



Son owns millions of dollars worth of property in Tokyo, where SoftBank is headquartered.

The SoftBank CEO owns about $45 million worth of residential property in Tokyo, according to Bloomberg. And in 2013, he spent $326 million on Tokyo's landmark Tiffany Building in the Ginza luxury shopping district.



He also owns a $117.5 million Silicon Valley estate that comes with a 9,000-square-foot house, a 1,117-square-foot pool house, a detached library, a swimming pool, a tennis court, and formal gardens.

Son bought the Woodside, California, property in 2012 from private equity investor Tully Friedman, according to Forbes. 



Son is married with two children but keeps his family life private.

The CEO married Masami Ohno, the daughter of a prominent Japanese doctor, while they were both students at UC Berkeley, The Seoul Times reported. The couple reportedly has two daughters together, but little information about the family can be found online.



Son's younger brother, Taizo Son, is also a billionaire.

Taizo Son is an entrepreneur who has founded companies including GungHo Online Entertainment and Movida Japan. He's worth an estimated $1.2 billion, according to Forbes.



The SoftBank CEO reportedly has personal relationships with billionaire CEOs and entrepreneurs such as Bill Gates, Larry Ellison, Rupert Murdoch, and Tadashi Yanai.

Son has visited Ellison's Silicon Valley home, where he met Steve Jobs.



Son reportedly has a close relationship with WeWork's cofounder and CEO, Adam Neumann.

Neumann told Business Insider in a recent interview that he and his wife, Rebekah, call Son "Yoda," in reference to the "Star Wars" character.

"He is Yoda," Neumann said. "He has the Force with him."



The SoftBank CEO has also publicly met with President Donald Trump on a few separate occasions, including at Trump Tower in New York a month after Trump was elected.

At a June 2018 groundbreaking ceremony in Wisconsin for a new manufacturing facility for Foxconn, Trump praised SoftBank for increasing its investments in US companies.



In May 2019, SoftBank announced the creation of a second $100 billion Vision Fund, after having already spent more than half of the first one.

"Various investors from around the world are telling us they definitely want to participate in Vision Fund 2. We will set it up soon," Son said at the beginning of May, according to The Wall Street Journal.

The Journal later reported that Son has been having trouble raising money for this new fund, a claim SoftBank disputes, as Business Insider's Paige Leskin reported.

"While we don't comment on fundraising, much of The Wall Street Journal's reporting on investor sentiment is misleading and even inaccurate," a SoftBank spokesperson told Business Insider in an email.



Despite paying his executives billions and donating his salary to earthquake victims, Son continues to grow richer.

In August 2012, Son had a net worth of $9.79 billion. Seven years later, he's more than $6.5 billion wealthier.



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