India is projected to experience the most rapid expansion in ultra high net worth individuals worldwide over the coming years, according to consultancy Knight Frank. This comes as no surprise given the surge in India’s ultra-wealthy population, with a net worth exceeding $30 million, which increased by 6.1% to 13,263 individuals in 2023. The ultra-wealthy
Wealth
In recent years, Jeff Bezos, the founder and executive chairman of Amazon, has been making waves not only with his extravagant purchases but also with his strategic investments in artificial intelligence. While his multi-million dollar properties and luxury yacht garner attention, Bezos’ family office, Bezos Expeditions, has been quietly pouring funds into AI companies. According
The United Arab Emirates has been named the top destination for wealthy individuals seeking to relocate for the third consecutive year. The Henley Private Wealth Migration Report predicts a record number of 6,700 millionaires moving to the UAE by the end of 2024. The appeal of the UAE lies in its zero income tax policy,
In the world of family offices, there is a noticeable shift towards offering more enticing compensation packages to employees. Unlike the traditional setup of salaries and bonuses, family offices are now providing equity stakes and profit-sharing opportunities to attract and retain top talent. This change in approach is driven by the intensifying competition among family
The luxury powerhouse LVMH has made history by becoming the first luxury brand to sponsor the Olympic Games. This groundbreaking partnership between the Olympic Committee and LVMH, led by Chairman and CEO Bernard Arnault, represents a significant investment of approximately $160 million. The collaboration encompasses a wide range of LVMH brands such as Celine, Louis
The global population of individuals worth $30 million or more, known as ultra-high-net worth (UHNW) individuals, saw an 8% increase in 2023. According to Altrata’s World Ultra Wealth Report 2024, there are now 426,330 UHNW individuals worldwide. Their collective wealth surged by 7% to a staggering $49 trillion, driven primarily by a year-end stock rally.
Hugo Boss, a German fashion house, faced a significant setback as its shares plummeted by up to 10% following the company’s decision to revise its sales outlook. This move reflects the ongoing challenges in the luxury sector, with the company citing “persistent macroeconomic and geopolitical challenges” as key factors contributing to the revised forecast. China
The global economic landscape is on the brink of a significant transformation as an estimated $9 trillion is set to be transferred among spouses and partners in what is being referred to as “the horizontal wealth transfer.” Contrary to the traditional belief of wealthy individuals passing down their fortunes directly to their children, this new
The Ambani wedding, often dubbed as the “wedding of the year,” is set to be a three-day extravagant celebration of love and opulence. The groom, Anant Ambani, the youngest son of Mukesh Ambani, India’s wealthiest man, is all set to tie the knot with Radhika Merchant, the daughter of Encore Healthcare owner Viren Merchant. The
The 2024 Global Wealth Report from UBS predicts a significant increase in the number of global millionaires over the next five years. This growth is expected to occur in 52 out of 56 economies that were surveyed, showing a positive trend in wealth accumulation worldwide. The leading countries in terms of growth include Taiwan, Turkey,