Category: Millionaires

It seems like everyone wants to strike it rich. For 23-year-old millionaire lottery winner Jane Park, her small fortune has been a real problem for her love life.

Jane Park won a £1 million prize in the transnational EuroMillions lottery, which made her the UK’s youngest lottery winner. It also created some headaches for the 17-year-old, who’s having a hard time making solid connections with the opposite sex.

Her big win was back in 2013, and she has been striking out in the love game ever since.

According to an anonymous source quoted by The Mirror:

“She’s never sure whether she is being loved for herself or for her bank balance… she would rather have the arrangement out in the open. Jane has a tendency to be insecure sometimes and worries about people’s motives.”

Jane Park Will Probably Find a Gaggle of Men

Since she won the EuroMillions lottery Jane Park has landed some choice boyfriends. She’s been involved with both footballer Jordan Piggott and “The X Factor” finalist Sam Callahan, though neither relationship worked out.

Now she’s offering lucky young men the chance to interview to be her new boyfriend. The prospective boyfriends will apply for a relationship on a website, and once they make the short list, Jane will be recording live interviews for an upcoming documentary.

The lucky new boyfriend will also be given an “allowance” of £60,000 per year so that Jane can ensure they stay “loyal” to her.

The Mirror reported that:

“She is willing to pay the right price for someone loyal… Loyalty is the most important thing to her – the money is a small price to pay.”

Who Says Money Can’t Buy You Love?

Clearly, Jane Park is looking for a steady relationship. The fact that she would pay nearly $80,000 USD yearly for “loyalty” shows how badly she wants to find trust with another person.

While we can be optimistic that she will find the perfect match, she is just as likely to encounter men who want to get paid to be with her. Publicly offering a monthly stipend to men to be your boyfriend will totally attract people, but they may not be the kind that will make great husbands.

The Curse of Easy Money

Jane Park isn’t the first person to win the lottery, and have personal problems as a result.

Lara and Roger Griffiths also won a decent amount of money back in 2005, and it destroyed their marriage. The couple reported having a happy marriage prior the $2.76 million lottery win.

Everything seemed to change after they won the prize. By the time it was all said and done, their (underinsured) house had burned down, and Roger blew out of town in the Porsche they had bought after Lara grilled him about possibly adulterous emails she found.

While the formerly happy couple did probably have a blast traveling and spending their money, it all fell apart in the end. They had been married for 14 years by the time Roger left, which would’ve probably never happened if they hadn’t won that money.

Let’s all hope that Jane Park has a better time with her new boyfriend hunt!

Featured image from Instagram | @janeparkx

There’s an ongoing debate in society about whether it’s worth getting a college education. Most times, the hammer falls on the side of the academics, citing the fact that graduates stand to make more money throughout their careers, get better connections, and access to resources that non-college goers do not. But in India, in particular, successful Indian entrepreneurs are proving this to no longer be the case.

With the rising trend of emerging technologies and the pace at which new skills are needed, the old academic argument is wearing a little thin. Of course, there will always be the classic careers which need a college education, like medicine, law, or science.

But if you have a more creative mindset and are happy experimenting putting your smarts into practice rather than hitting the books, an entrepreneurial career might be for you. You may be better off ditching the lecture hall for the investor’s lobby. Check out these three successful Indian entrepreneurs who made it big–without a college education.

1. Ritesh Agrawal

Ritesh finished high school but he didn’t make it through college. He dropped out at just 17 even after traveling from Cuttack to New Delhi to study business administration. It wasn’t the wrong decision though.

He was a millionaire by 22 and a billionaire two years later. As CEO of OYO Hotels, a company offering affordable hotel accommodation, Ritesh is on the Forbes 30 Under 30 list for Asia.

His hotel aggregator startup raised $1 billion (around Rs 7,300 crore) in new funding from existing investors led by SoftBank, and at an estimated value of $5 billion. OYO Hotels is now India’s second most valuable startup after Paytm, a digital-wallet startup.

And today, Ritesh is one of India’s youngest billionaires and the youngest person on the Hurun India List this year with a net worth of Rs 4,600 crore ($636 million).

2. Kunal Shah

Unlike the others on this list, Kunal Shah graduated from college, although he dropped just before finishing his MBA to start a digital payment app called Freecharge in 2010, which he would later sell for $400 million.

Not only a successful entrepreneur and businessman but Kunal also made some intelligent investments and mentored various startups, even working as an adviser to VC firm Sequoia Capital.

He’s recently raised $30 million from prominent investors including Sequoia–even though he says he has “nothing concrete” in mind right now.

3. Trishneet Arora

Trishneet is making it big as a tech entrepreneur, but he didn’t have a conventional start. He didn’t even finish high-school in fact. But that didn’t stop him from amassing a fortune and reaching millionaire status by the time he was 23.

As founder of TAC Security as well as its CEO, Arora provides cybersecurity services to corporations and their networks with clients including Reliance Industries and the Central Bureau of Investigation (CBI).

Self-described as a “friendly hacker,” he’s also on the Forbes Under 30 list for Asia and was named as one of India’s Most Influential Young Indians by GQ Magazine. His net worth is currently estimated at around $1 million.

Successful Indian Entrepreneurs Without a College Ed

Do you need a college education to make money? I’ll let you be the judge of that. But based on the stories of these three successful Indian entrepreneurs, they haven’t let it get in their way.

Images from Forbes and featured image from Shutterstock.

The latest celebrity to come out of the closet is Jaden Smith, son of Will and Jada Pinkett-Smith–although his fans were left somewhat confused by the announcement. At a performance at the Camp Flog Gnaw music festival on Sunday night, hampered with wildfire smoke, the controversial rapper made the announcement. But the audience wasn’t sure whether it was just the latest in a long line of off-the-wall publicity stunts, or whether the rapper officially has a boyfriend.

Jaden Smith Is Known for His Bizarre Commentary

What leaves his followers undecided is the fact that Smith likes to make jokes, and is known for his eccentric style, wearing flowers in his hair and even dresses. The 20-year-old rapper has a net worth of approximately $8 million and has previously made the headlines for holding locks of his own hair on the red carpet and other unusual accessories including his gold-certified album, as well as other unpredictable stunts.

During his performance, the star started to give thanks and praised his lifelong friend and festival organizer Tyler, the Creator. He started out by calling him his “best friend,” but then was captured on video by fans going on to say:

“Tyler doesn’t wanna say, but Tyler is my motherf—ing boyfriend… And he’s been my motherf—ing boyfriend my whole f—ing life!”

Is Jaden Smith Out of the Closet?

Watching the video, the words are certainly spoken with sincerity and Smith almost appears as if his voice is about to break with emotion as he says the words. However, Tyler in the audience with a smoke mask on starts shaking his head and waving his finger. He then takes off the mask and starts laughing, as if Jaden was making a joke. But Smith carried on insisting and repeated his words.

Examine the situation a little more deeply and some of Smith’s behavior certainly explains his preference for men, as well as that of Tyler. Moreover, Smith later took to Twitter saying that the news was indeed official.

“Yup @tylerthecreator,” he wrote. “I Told Everyone You Can’t Deny It Now.”

Tyler responded without actually denying the tweet but simply saying:

“haha you a crazy n—a man.”

 

Yup @tylerthecreator I Told Everyone You Can’t Deny It Now.

— Jaden Smith (@officialjaden) November 12, 2018

 

hahaha you a crazy nigga man

— Tyler, The Creator (@tylerthecreator) November 12, 2018

Fans remain divided over whether the news is true or whether they can chalk it up to another one of Smith’s publicity stunts. Some feel that Smith was being honest about their relationship and was letting people know in a lighthearted and fun way.

Others are more skeptical and even point out the fact that being gay is not something to joke about if the announcement is untrue. Whatever the outcome of the shock announcement, Smith got want he wanted once again: fans will be following his every move for the unforeseeable future.

Featured image from Genius.com.

After a long fight with declining health, and some rough personal circumstances, Stan Lee who had a net worth of $50 million has died at age 95. He recently told The Daily Beast that he wished:

“That I leave everyone happy when I leave.”

Now that he has passed on, let’s look at all the things he left behind that still create joy for people all over the world.

Stan Lee’s Amazing Spiderman

Spiderman has become a cultural institution and major Hollywood movie franchise. Stan Lee and co-creator Jack Kirby came up with the character back in the early 1960’s and developed the now famous web-slinger over the following decades at Marvel Comics.

Peter Parker grew from a geeky teenager, into the role he has today. Stan Lee gave a generation of young people a new kind of hero that didn’t fit into the comic book hero model that was popular at the time.

Unlike heroes from the DC universe, Peter Parker was young, unsure of himself, and very much at the mercy of the world. This approach to comic book storytelling proved very popular. Spiderman became popular with readers and emerged into his own series.

The character and plot line was adapted into numerous formats beginning in the 1970s. Spiderman was featured on US television, and even adapted for the Japanese market in a serial referred to as, “Supaidā-Man”.

In modern times Spiderman is still wildly popular. Numerous movies have been produced over the last 20 years, with the most recent one starring Tom Holland as Spider-Man.

The X-Men

While they might be better labeled “The X-People” in today’s politically correct climate, the X-Men were a revolutionary idea at the time Stan Lee helped create them. Jack Kirby is credited with co-creating the X-Men as well.

Like Spiderman, the origins of the X-Men stretch back a half-century.

At the time they were created, the X-Men were a serious anomaly in the comic book scene. For one thing, the whole team was from all over the world. Cyclops was from the USA, but the other members were from Europe, Africa and other far-flung places, including the Soviet Union.

Stan Lee was a major proponent of tolerance and acceptance, and a bitter opponent of racism.

These ideals were written into many of his works, and play a role in how the plot line from the X-Men developed. Today racial equality is taken for granted in most places, but it took people like Stan Lee to stand up for ideas that needed to enter the public mind.

The Incredible Hulk

Dr. Robert Bruce Banner was another unlikely superhero that is just dripping in ethical nuances. Changed by gamma radiation into a creature that is giant, green, and has a strange way of doing the right thing, the Hulk was a major media success for Stan Lee.

Unlike some of the other characters that Stan Lee helped to create, the Hulk jumped off the page and onto TV screens as early as the 1970s. The concept has was also made into popular motion pictures recently, with Edward Norton playing the Hulk in the 2008 version.

Other Adventures

Stan Lee was also instrumental in creating The Fantastic Four, The Avengers and a host of heroes and villains that still command the respect of media producers.

His narratives have traveled around the world for decades, and will probably be reimagined for a long time to come. While he will surely be missed, Stan Lee wanted us to be happy. Let’s all do our best to honor his wishes!

Featured image by Luigi Novi.

Alexis Ohanian has made his mark on the internet. He started Reddit with fellow University of Virginia student Steve Huffman in 2005, and the, “front page of the internet,” sold a year later to Condé Nast. The exact amount that Alexis received from Condé Nast isn’t known, but he is thought to be worth around $9 million USD.

Clearly, Alexis Ohanian worked pretty hard to make Reddit a reality. He was dealing with some pretty nasty circumstances at the time. His mother had just died from brain cancer, and his long-time girlfriend had been the victim of a serious injury. He thinks that Reddit was his only outlet for his feelings, but it wasn’t necessarily a healthy direction for him.

Alexis Ohanian Says Don’t “Succumb to Hustle Porn”

According to Alexis, there is a lot of bad advice out there for young entrepreneurs. He referred to “hustle porn” at Web Summit as one of the most toxic things that a founder can model themselves after.

Working long hours on a project is taxing. Younger people have big dreams, but they may not realize that grinding out a project for 15+ hours a day won’t necessarily lead to success.

Alexis told the conference that:

“This idea that unless you are suffering, grinding, working every hour of every day, you’re not working hard enough… This is one of the most toxic, dangerous things in tech right now.”

It isn’t difficult to see how founders could become unhealthy as a result of bad work habits. The idea that more work means more success can lead to a burn-out or severe physical consequences.

Healthy people rarely work long hours on a regular basis, which should be a wake-up call for founders who are throwing themselves into their project without regard for their health.

“Such Utter Bulls**t”

Apparently, Alexis Ohanian has strong feelings about startup founders and unhealthy work habits. He described taxing yourself on a project as:

“It’s such bulls**t, such utter bulls**t. It has deleterious effects not just on your business but on your wellbeing.”

It’s easy to forget that your project may not be a big hit. For every Reddit that makes its founders millionaires, there are numerous startups that end up going nowhere. Positivity is important, but getting paid for your time is also vital for a person’s professional success.

Bridging the gap between passion and profit isn’t easy, and massive amounts of work probably aren’t going to lead to happiness of any kind in the long-term. Alexis tells young founders:

“When you’re struggling, talk to someone. It can be a professional, a family member, or even a stranger can be helpful in getting you into a better headspace.”

Keep Healthy, Be Happy

Mental health is sometimes a scary phrase in the professional world, but many people struggle to find happiness in their work. Physical health is equally important, if not more so.

Most millionaires or billionaires will tell you that keeping a healthy work/life balance is vital, which is worth keeping in mind if you are feeling stressed because of work.

Physical exercise can also be a big benefit to professionals, especially people who do jobs that don’t require a lot of physical work. Keeping fit makes a person’s overall energy rise, which will help anyone to perform better.

It seems like the truly successful people out there don’t push themselves to the brink, which is probably something we can all learn from.

Featured image from Wikipedia.

Think all NFL players are making big cash? Well, you might be in for a surprise.

There are always going to be the headliners. The Tom Bradys and Matthew Staffords of the league demand stratospheric pay. They bring in the fans and endorsement deals, and land contracts that are worth tens of millions of dollars. Tom Brady is on track to clear more than $20 million USD this year at the Pats, which is a pile of loot for anyone.

The NFL league minimum is a different story. At just over $400,000 USD per year, the lowest paid NFL players make a lot less than the hero quarterbacks, and receivers. Then there are the practice-squads, who can earn as little as $8,000 USD. They are paid weekly, with no guarantee of continued work throughout the season.

NFL Players Run the Gamut

New England Patriots special teams superstar Matthew Slater says that the idea of every NFL player making loads of money is a “Big-time myth.” The average NFL career is just three years long, which doesn’t leave much time to stack up cash.

In most cases, the top two or three players on a team will make the majority of the salaries paid. For example, while Tom Brady is taking home his tens of millions of dollars, more than 20 other Patriots players will be earning less than $1 million USD. Less than 10% of the Patriots will earn more than $5 million USD, and most will be paid less than $3 million USD.

Once taxes are paid, a player will be left with around 60% of their salary. The lavish lifestyles that sometimes happen in the world of professional sports can eat up even more money. Some of the younger players can be left without a job, or a way to continue earning the money they quickly become used to making.

On The Low End of the Spectrum

Average salaries can be deceiving. When most of the money is spent on a few high-dollar players, the equation that creates an average price may suggest that an average player is making a lot more than most do. With this in mind, consider the fact that among professional baseball, basketball, and football, NFL players make the least of the three.

Last year, the average NBA player earned more than $7 million USD, while the average MLB player took home around $4 million USD. The average salary paid in the NFL was a little over $2 million USD, but as the above example illustrates, many make far less than the average.

Matthew Slater earned around $1.6 million USD last year, and he is happy to have it.

According to him:

“We’re very fortunate, financially, to be able to do what we’re doing: Play a game, a child’s game, and be compensated for it.”

But he went on to say:

“There are guys in this league that play on four or five teams in the same year. They’re on practice squads, and they’re scrapping and clawing and trying to provide for themselves and their family.”

Plan Ahead

The median household income in the US is hovering around $60,000 USD, which makes the average salary in the NFL look pretty good by comparison. The average US family would have to work for the better part of a decade to match an NFL player who is making the league minimum.

Depending on the taxes involved, a three-year stint in the NFL would clear more than a half-million dollars, which isn’t too shabby for a twenty-something.

As long as they take care of themselves, and avoid expensive toys, a short NFL career is an amazing start to a professional life. It probably looks pretty good on a resume as well!

Images from Shutterstock.

This year brought in a new rule for public companies. Now they have to add in their proxy statements how much more CEOs and top management make than the typical employee. The result? The average salary of CEOs is $11.7 million—or 164 times the median pay of their employees.

But it doesn’t stop there. The highest-paid CEOs take home a lot more, and $11 million doesn’t even cover their bonuses.

We dug into the highest compensations of CEOs in 2017 from US public companies and how their revenues compared to those of median workers in the same firms. In reverse order based on how fat their paycheck is, here are the top 10 highest paid CEOs of US public companies.

10. Jeffrey L. Bewkes – Time Warner

Jeffrey Bewkes, CEO of Time Warner, took home $48.9 million in pay last year thanks to a $14.7-million bonus generated by the company’s financial performance the year before.

On top of his $2-million salary, the Time Warner CEO received further compensations of $7.75 million in stock awards and $7.98 million in option awards.

While Bewkes saw a 50% increase in revenue, we can’t say the same about the rest of Time Warner employees. The average salary in the company starts at $11.22 per hour for a retail sales associate and goes as high as $43.32 per hour for a business analyst.

9. Ronald F. Clarke – Fleetcor Technologies

2017 was a good year for Ronald Clarke, CEO of Fleetcor Technologies.

He went home with $52.6 million: $1 million as salary, $1.1 million as a bonus, $35.3 million in stock options, and a further $15 million in stock.

The performance of this CEO must have been impressive since his compensation was 1,517 times higher than the median employee at Fleetcor Technologies.

In the past eight years, Ronald Clarke has received benefits of over $350 million from his position as CEO at the company.

8. Douglas S. Ingram – Sarepta Therapeutics

Douglas Ingram made $56.8 million as President and CEO of Sarepta Therapeutics last year. Pretty impressive, considering the entrepreneur came on board in June of 2017, meaning that sum was for a six-month period.

The CEO’s salary was just $337,500. But, he got $11.6 million in stock awards and other $44.84 million in options–money that he’ll get after a five-year period if the stock goes from $34.65 to about $186.5. His compensation also included a bonus of $420,875.

To be fair, average employees get bonuses as well, but not as high as their CEO’s. A biologist can pick up $513 a year, while a process development associate might rack up a bonus of $5,000 according to Glassdoor. The average salary for jobs at Sarepta is $67,570.

7. Douglas R. Lebda – LendingTree

Douglas Lebda, founder, CEO, and President of LendingTree made $59.5 million last year, a 3,157% increase in total compensation from 2016. Lebda’s base salary was $639,231, and the largest amount represented “initial retention awards” meant to compensate for the last four years.

On top of this, Lebda took home some $9.1 million in stock options, and he still owns shares worth over $101.8 million.

Comparing this CEO’s revenue with what his employees make, Lebda takes home 549 times the paycheck of a median worker from his company at around $108,536. Only 44% of people think that LendingTree pays fair salaries.

6. W. Nicholas Howley – TransDigm Group

In 2017, Nicholas Howley received compensations of $61 million as the CEO of TransDigm Group, a company that produces aircraft components. Most of the money, $51.2 million, came in the form of the stock options he holds, which are similar to earning dividends. The base salary of this CEO was just $7,000.

The compensation, three times higher than the year before, doesn’t match Howley’s performance. The company’s shares underperformed on the broader S&P 500 index for the first time in a decade, according to MarketScreener.

TransDigm Group takes good care of its employees, however. Top management salaries start at $162,000 for Vice Chairman Robert Henderson and go as high as $1.4 million for President and COO Kevin Stein.

The average compensation inside the company is $145,545, while the median compensation reaches $103,797, the equivalent of $49 per hour.

5. Leslie Moonves – CBS Corporation

Leslie Moonves went home with $69.3 million from his position as CEO of CBS Corporation in 2017–of which $20 million came in the form of a bonus. From 2006, the total compensation he’s received from the company reached $600 million.

The money doesn’t guarantee integrity, though. Moonves resigned in September 2018, due to multiple accusations of sexual misconduct.

Not everybody who works at CBS Corp receives such impressive bonuses, either. Outside top management, average salaries start from $33,860 a year for an editor and go up to $117,000 a year for a sales manager.

4. Mario J. Gabelli – Gamco Investors

In 2017, Mario Gabelli received $69.4 million in compensation from his mutual fund and investment firm, Gamco Investors–almost $15 million less than the CEO took home the previous years.

According to Forbes, the stock investor and financial analyst was Wall Street’s highest paid chief executive in 2013, when he received compensation of $85 million.

Not that much, when you consider that Gabelli is a billionaire, with a net worth estimated at $1.6 billion. But quite a lot, if you look at the amount his employees take home a year.

According to Glassdoor, an intern gets $15 per hour, while a research analyst gets $145,000 a year and an employee in a VP position makes around $285,000 a year.

3. Michael Rapino – Live Nation

Number three in the top of the highest-paid CEOs of US public companies lits is Michael Rapino of Live Nation, who made $70 million last year. The most substantial part of his compensation, $58.6 million was in stocks.

Rapino’s salary was just $2.4 million, with a rather nice bonus of $1 million (probably for the 24% increase in revenue the company registered last year).

Live Nation was generous with all top management, however, providing total compensations of $108.3 million.

President Joe Berchtold took home $28.7 million, CFO Kathy Willard got almost $5.5 million, while the General Counsel Michael Rowles received $3.3 million.

As for the rest of the employees? The average salary is close to $74,000 a year, going from $20,800 for parking attendant positions to $213,000 for the position of VP of Finance.

2. Frank J. Bisignano – First Data

Frank Bisignano is the Chairman and CEO of First Data, the most important player in the payments industry, with revenues of $11.6 billion in 2016.

According to the statements filed for the past fiscal year, the First Data CEO received $1.3 million as a salary, a bonus of almost $600,000, and a little more than $450,000 in other types of compensation. The rest was awarded as stock, for a total of $102 million.

First Data is a top employer, also making the number one company on the Military Times annual “Best for Vets: Employers” 2018. The average salary in this company is $70,000, and the average bonus is $2,700–220 times lower than the sum their CEO got last year!

1. Hock E. Tan – Broadcom

Hock Tan’s salary in 2017 was $103 million, of which $4.8 million was the total annual cash compensation. The lion’s share of the $98.3 million came as restricted stock awards–that he receives if the stock hits specific performance targets.

Hock E. Tan is President, CEO, and Director of Broadcom, a leading company in the communications industry. The firm provides digital and analog semiconductor connectivity solutions.

It’s not only the CEO who’s satisfied with his salary. 74% of Broadcom employees believe they’re fairly paid. The average salary in the company varies–with an average hourly pay between $12.25 per hour for team leader and $75 per hour for a software engineer position.

Salaries start from $38,597 per year for a chemical technician and can reach as high as $163,501 per year for a senior principal.

The Top 10 Highest-Paid CEOs of US Public Companies

Even leading management has to deal with wage disparities–as you can see, number one on the list of highest-paid CEOs makes twice as much as number 10.

Also, keep in mind that most CEOs get impressive bonuses and high compensations in stock awards for reaching specific business goals.

But even so, it’s pretty hard to justify the fact that most CEOs’ compensation is between 400 and 1,517 times higher than their employees.

Image Credits

• Jeffrey L. Bewkes by David Shankbone 
• Ronald F. Clarke by Atlanta Business Chronicle
• W-Nicholas-Howley by Luxatic
• Les Moonves by David Shankbone
• Mario J. Gabelli by Forbes
• Michael Rapino by Adweek
• Frank J. Bisignano by First Data
• Hok E. Tan – MIT News

India, an emerging economic superpower and one of the fastest growing economies in the world is registering a steady growth of millionaires. According to the Credit Suisse Global Wealth Report 2018, India added 7,300 millionaires during the last one-year period until May 2018, taking the total number of millionaires to 343,000 with a combined wealth of $6 trillion.

This figure is even more surprising when you consider that India had just 39,000 millionaires back in 2000, and is now expected to reach 526,000 over the next five years; a growth of more than 50%. It’s also the third country on the list of most billionaires in the world.

The report also mentions that the performance would have been better but the slide in rupee has restricted the growth.

The Key Takeaways for India in the Report

• According to the report, India is ranked top fifth in the percentage of female billionaires at 18.6%, sharing the rank with Australia. Germany ranks highest at 26%, Sweden at 25%, followed by Switzerland at 23.8%.
• Out of 343,000 millionaires, 1,500 have a wealth of more than $100 million and 3,400 have more than $50 million.
• In India, compositions of the personal wealth of millionaires are mostly dominated by property and other real estate, which account for almost 91%, with little share in financial and debt assets. This is opposed to the trend in other developed countries like the US, China, and Russia. US households reported 72% of their assets as financial assets, the Chinese reported 62% of their assets in non-financial form, while Russians hold their assets in a mix of real estate and finance.

How Other Developed Countries Fared

Over the last 10 years, the United States has continued to lead the list of the super-rich with a total wealth creation of $6.3 trillion, adding up to $98 trillion. This is followed by China with a total addition of $2.3 trillion, adding up to $52 trillion, and then by India in third place.

Australia, on the other hand, topped the list of the highest median household wealth at $191,453, dislodging Switzerland from the top spot. It is also the second wealthiest nation in the world with wealth per adult at $411,060. According to the report, wealth in Australia is very well distributed among its population, along with other developed countries like the US and UK.

It has 2,910 ultra-high net worth individuals, putting it in 10th place in the global super-rich list, and its composition of wealth is highly inclined towards non-financial assets (60%). Just 6% of its population has a net worth of under $10,000, even lower than the US and UK, reaffirming the strong economic fundamentals of the country.

Featured image from Shutterstock.