Let’s say you are one of these guys and have about a bajillion bucks.
Billionaire investor Warren Buffett saw his net worth soar by an eye-popping $37 million a day this year, according to a survey out Wednesday.
The Berkshire Hathaway boss benefitted from a bull market that saw shares of his conglomerate jump by more than 25 percent in 2013, boosting his net worth by $12.7 billion to $59.1 billion, according to the survey by Wealth-X. That works out to a $37 million-a-day bump in Buffett’s wealth — or an eye-popping $1.5 million an hour.
While Buffet had an outstanding year, the jump in his net worth only got him to second place on the list of the world’s Top 10 richest people.
Microsoft founder and Buffett bridge partner Bill Gates retained the title of world’s wealthiest person with a total net worth of $72.6 billion, up from $61.1 billion last year.
Buffett was followed by casino magnet Sheldon Adelson, who’s worth an estimated $35.3 billion this year.
Silicon Valley took the next three slots with Amazon.com’s Jeff Bezos’ $34.4 billion net worth ranking fourth, followed by Google founders Sergey Brin and Larry Page, who are now worth $30 billion and $29.9 billion respectively.
New York’s own billionaire investor Carl Icahn, who has been agitating for change in Apple this year, ranked 8th with a net worth of $22.1 billion. His net worth is up 7.2 billion compared to 2012, according to Wealth-X.
Collectively, the top 10 billionaires saw gains of $101.8 billion in 2013, which averages out to an eye-popping $10.2 billion each.
Their combined wealth totals a whopping $347 billion, up from $245 billion last year. Portugal’s gross domestic product was just $212 billion last year. […]
So you are really rich. And you have a spare billion or two laying around the gazebo and you think that it might be interesting to do something with it. You know, just for shits and grins. If you are Warren Buffett, you might pay your back taxes to the IRS [http://www.newsmax.com/Headline/buffett-irs-back-taxes/2011/09/01/id/409520], or then again, you might not. Well, okay, not. It would be much more amusing to make at least one little person wealthy through a sporting bet; that’s the American way.
Warren Buffett’s Berkshire Hathaway and Dan Gilbert’s Quicken Loans are partnering to award anyone who fills out a perfect 2014 Men’s NCAA Tournament bracket with $1 billion.
Quicken is running the contest, and is paying Berkshire to serve as “insurer,” which means they’ll be the ones paying out if someone wins.
The prize will be paid out in 40 annual installments of $25 million. If there’s more than one winner they’ll have to share. The winner or winners can also take or split up an immediate $500 million lump sum payment.
“It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” Jay Farner, President and Chief Marketing Officer of Quicken Loans said in a statement. He added: “We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat.”
In addition to the grand prize, Quicken will award $100,000 each to the contest’s 20 most accurate ‘imperfect’ brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home. Quicken will also donate $1 million to inner-city Detroit and Cleveland non-profit organizations. Quicken is based in Detroit, but Gilbert owns the Cleveland Cavaliers and the city’s Horseshoe Casino.
The odds are not ideal — a 1 in 9.2 quintillion chance.
But it costs nothing to fill out so you should probably do it. The contest starts March 3rd. “March Madness” kicks off March 18.
How fun for Buffett and Quicken Loans. A one in 9.2 quintillion chance that they will have to pay out. There is a different way Buffett, or any of the truly rich, could spend a billion, but it would involve actually coughing up the coin, as opposed to the brackets bet, a stunt unlikely to cost them anything in reality. This other way would also mean helping a whole lot of icky poor people. Much less campy, to be frank.
The UN’s World Food Programme (WFP) is cutting the size of its projects in a number of countries as it battles a $1bn (£609m, €741m) shortfall in funding and rising costs for several missions, its director said on 3 February.
WFP executive director Ertharin Cousin is in Australia as part of a tour to garner support for the WFP among donor nations and the private sector, to help feed the world’s hungry.
Cousin hopes to convince more individual and private-sector donors, a strategy successfully adopted by another UN agency, the United Nations Children’s Fund. UNICEF receives more than 60% of its funds through such channels as against five percent for the WFP.
Cousin also aims to broaden the agency’s funding base beyond traditional donors such as the UK or the US. She is trying to get emerging market economies such as China and Saudi Arabia to contribute on a regular basis.
Costs are rising for potentially unsafe operations in Syria, where the WFP wants to feed 4.25 million hungry people at a cost of $40m a week.
She said there were “hundreds of thousands of people (in Syria) that we can’t reach on an ongoing basis” but emphasised that where aid was getting through, “it means that we’re making a difference”.
Expensive aerial operations are being debated for the war-torn Central African Republic, where Cousin said more than 50 food trucks were held up at the border awaiting armed escort while about 800,000 internally displaced people needed food.
The WFP chief also said rations were being cut across programmes in nations such as Haiti, Niger, Mali and Kenya, where refugees in the sprawling Dadaab camp suffered a 10% cut in January, after a similar cut in December 2013, “because we lack enough money to feed everybody a full meal”.
“We have about $1bn more in identified need in 2014 than we have projected revenues,” the executive director told AFP.
“Donors target their funds and when donors target their funds it means that (to fund) Syria, those same donors — it’s the same pie, so they cut their funds in other places,” she said. […]
Again, from the first article I quoted:
“[…] Collectively, the top 10 billionaires saw gains of $101.8 billion in 2013, which averages out to an eye-popping $10.2 billion each. Their combined wealth totals a whopping $347 billion, up from $245 billion last year […]”