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Billionaire Adrian Portelli responds to $50k "McLaren Man" controversy

<p>Alex Cullen has returned the $50,000 that he received after taking on billionaire <a href="https://www.oversixty.com.au/finance/legal/nine-reporter-stood-down-over-controversial-50k-gift" target="_blank" rel="noopener">Adrian Portelli's challenge</a> of offering money to the first journalist to call him "McLaren Man" on-air, an act that has landed the <em>Today</em> show presenter in hot water. </p> <p>Cullen was stood down from the show, after dropping the moniker on-air during a live cross on Friday morning, with Channel Nine condemning his actions for breaching the  Media Entertainment and Arts Alliance Journalist Code of Ethics.</p> <p>“Nine is taking this matter extremely seriously," they said at the time.</p> <p>“Appropriate action has been promptly taken, including arranging for the funds to be returned. While we review the circumstances in which this occurred, Alex has agreed to stand down.”</p> <p>On Tuesday, Portelli revealed that he had chosen to donate the returned cash to two charities on behalf of Cullen. </p> <p>“Alex Cullen … on behalf of you, mate, $25,000 to the Salvation Army and $25,000 to the RSPCA,” Portelli wrote in a post to social media. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/DFEzS3QS4ib/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/DFEzS3QS4ib/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Adrian Portelli (@adrian_portelli)</a></p> </div> </blockquote> <p>He added that Cullen was "an absolute gentleman" and that he hoped Channel Nine would not fire him. </p> <p>“I’ve kept pretty quiet about what unfolded with Alex, but even before he’d heard from Ch9, we had a conversation where he expressed his desire to donate the money. That speaks volumes about his character.”</p> <p>Portelli then offered to work with Cullen in some capacity if he does end up losing his job. </p> <p>While Cullen has yet to comment on what happened, his Instagram has been flooded with messages of support from his fans. </p> <p>“Nine isn’t the same without you,” one person said.</p> <p>“I stand with you Alex — you are the best,” another wrote.</p> <p><em>Images: Instagram</em></p>

Money & Banking

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Billionaire fashion icon dies in freak accident

<p>Billionaire fashion icon Isak Andic has passed away in a freak accident aged 71.</p> <p>The founder of Spanish clothing retailer Mango, one of Europe's largest fashion groups, was hiking with his family members in the Montserrat caves near Barcelona when he fell 100 metres from a cliff.</p> <p>Police confirmed his death after they were called at around 1pm local time on Saturday. Local media outlet <em>El Pais</em> reported that a helicopter and specialised mountain unit were sent to the scene. </p> <p>"Isak has been an example for all of us. He dedicated his life to Mango, leaving an indelible mark thanks to his strategic vision, his inspiring leadership and his unwavering commitment to values that he himself imbued in our company, Mango’s CEO, Toni Ruiz, said in a statement.</p> <p>“His legacy reflects the achievements of a business project marked by success, and also by his human quality, his proximity and the care and affection that he always had and at all times conveyed to the entire organisation.</p> <p>“His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements,” he added. </p> <p>“It is up to us … to ensure that Mango continues to be the project that Isak was ambitious and proud of.”</p> <p>"In these extremely difficult times we share the pain of the family as if it were our own," he concluded in the statement posted onto the fashion brand's website. </p> <p>Andic was born in Istanbul, Turkey in 1953 before emigrating to Spain with his family in 1969. </p> <p>He created the fashion line with the help of his brother, Nahman, in Barcelona in 1984, with the brand now operating almost 3,000 outlets in 120 countries. </p> <p>Spanish Prime Minister, Pedro Sanchez, paid tribute to the businessman on social media, saying “My condolences to the family of Isak Andic, founder of Mango, on his tragic death in an accident in the Salnitre de Collbató caves." </p> <p>“All my love and recognition for your great work and business vision, which has turned this Spanish firm into a world leader in fashion."</p> <p><em>Image: Mango Website</em></p> <p> </p>

Caring

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The Block billionaire faces unlawful lottery charges

<p>Adrian Portelli has responded after being charged by South Australian authorities for unlawful lottery. </p> <p>The billionaire his business Xclusive Tech Pty Ltd, which trades as LMCT+, have had charges brought against them by South Australia’s Consumer and Business Services.</p> <p>The charges come just days after the 35-year-old was praised for <a href="https://www.oversixty.com.au/finance/money-banking/the-block-billionaire-s-generous-christmas-stunt" target="_blank" rel="noopener">giving away $150,000 </a>in grocery vouchers at two Coles in Western Sydney. </p> <p>Portelli has been charged with nine counts of conducting or assisting in the conduct of an unlawful lottery, while his business has been charged with 10 counts of the same offence.</p> <p>He has since responded to the charges, writing  “It’s okay SA we still love you," in a post shared to his business Instagram account. </p> <p>“Your gambling commissioner won’t allow you to win major life-changing prizes so I’ve decided to run exclusive, DAILY $1000 cash giveaways to you guys instead,” he added. </p> <p>“We still love you and I’ll definitely be visiting to do more grocery voucher handouts.”</p> <p>His business, LMCT+, is a shopping tool and rewards club which has three membership tiers that all offer different prizes for their regular giveaways. </p> <p>The first prize in these giveaways can range from a new car to major cash prizes of $500,000 and $1,000,000, with each membership tier having different benefits including the amount of entries into the giveaways. </p> <p>Consumer and Business Service alleged unlawful lottery activity occurred between January 29, 2023, and May 16, 2024.</p> <p>The matter is set to be mentioned in Adelaide Magistrate’s Court on January 15.</p> <p><em>Image: Instagram</em></p>

Legal

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Billionaire tech tycoon and daughter missing after tornado strikes

<p>Six people, including a billionaire tech tycoon and his daughter, have been declared missing off the coast of Sicily after a tornado struck the area, causing their luxury super yacht to capsize and sink. </p> <p>Four British are reportedly among six people missing at sea, including billionaire Mike Lynch and his 18-year-old daughter Hannah.</p> <p>At the time of the tragedy, 22 people were onboard and 15 were rescued by coastguard patrol boats and firefighters, including Mr Lynch’s wife Angela Bacares.</p> <p>The coast guard said that divers had been sent to inspect the wreck of the Bayesian, which was lying at a depth of 49 metres.</p> <p>Authorities confirmed that one body, believed to be that of the yacht's chef, has been found during their search of the vessel's hull. </p> <p>Charlotte Golunski, who was on board the vessel, told local news outlet La Repubblica newspaper of how she saved her daughter Sofia as the boat sank.</p> <p>She said, “I held her afloat with all my strength, my arms stretched upwards to keep her from drowning."</p> <p>“It was all dark. In the water I couldn’t keep my eyes open. I screamed for help but all I could hear around me was the screams of others.”</p> <p>Charlotte, her husband James and their daughter Sophia are among those onboard being treated at hospital. </p> <p>The captain of a nearby boat, Karsten Borner, said that when the storm hit he turned the engine on to keep control of the vessel and avoid a collision with the Bayesian.</p> <p>"We managed to keep the ship in position and after the storm was over, we noticed that the ship behind us was gone," he said, adding that the Bayesian "went flat on the water, and then down."</p> <p>Storms and heavy rainfall have swept down Italy in recent days after weeks of scorching heat, which had lifted the temperature of the Mediterranean sea to record levels, raising the risk of extreme weather conditions, experts said.</p> <p><em>Image credits: AFP/Alberto Lo Bianco/LaPresse/Shutterstock Editorial </em></p>

Travel Trouble

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Bruce Springsteen is officially a billionaire

<p>Bruce Springsteen has officially become a billionaire. </p> <p>Financial magazine <em>Forbes</em> announced his achievement, with the 74-year-old's fortune at an estimated $US 1.1 billion (approx. $1.7 billion), with the outlet emphasising that they were just "conservatively estimating". </p> <p>The rock star had a six-decade long career, with over 140 million albums sold worldwide, an autobiography, <em>Born to Run</em>, and a sold-out Broadway show called <em>Springsteen on Broadway</em>, as a few of the factors that helped him become a billionaire. </p> <p>But of course, the biggest reason would be due to selling his entire music catalogue — featuring hits such as Dancing in the Dark, Brilliant Disguise and Streets of Philadelphia — to Sony in 2021 for $US 500 million (approx. $748 million).</p> <p>In 2023, his world tour raked in $US380 million ($569 million), according to Pollstar, and he is still touring to this day, having recently been in Stockholm for the European leg of his tour, <em>Springsteen and E Street Band</em>. </p> <p>Springsteen also dabbles in real estate, with two lavish properties in Wellington, Florida and a residence in Beverly Hills he bought in 2010, which is now estimated at $US15 million ($22 million).</p> <p>The rock star has certainly come a long way from his humble beginnings as a bartender at the Stone Pony club in Asbury Park, New Jersey. </p> <p>“I wasn’t much of a bartender, but I’d serve up the beers and just have fun with the fans, and just enjoy myself,” Springsteen said in his new book<em> I Don’t Want to Go Home: The Oral History of the Stone Pony</em>.</p> <p>“[My signature] was beer. With a Jack Daniel’s on the side, maybe.”</p> <p>No matter how much money he has earned, Springsteen stays true to his roots as the boy from New Jersey, and just last year he was spotted at a cheap diner, Roberto’s Freehold Grill, in his home town. </p> <p>“I just still like it here,” he told <em>Variety</em> in 2017.</p> <p>“I think Jersey Shore is a great place to live … I’m still a beach bum so I’ll swim until November. It’s just still a place that we love, man.”</p> <p><em>Image: JUANJO MARTIN/EPA-EFE/ Shutterstock Editorial</em></p>

Money & Banking

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Aussie billionaire's ambitious mission to recover family remains

<p>Australia's richest man is undertaking an ambitious mission to bring the remains of a long-lost loved one home, to keep a promise he made to his father before he died. </p> <p>Andrew 'Twiggy' Forrest's uncle was one of many Australians who died during the conflict in Papua New Guinea in the 1940s. </p> <p>David Forrest was shot down piloting his RAAF Beaufort bomber into an attack on a Japanese-held airstrip at Gasmata in Papua New Guinea in 1943.</p> <p>The loss has haunted the family ever since, as David's remains were never found. </p> <p>"[We] got the letter, from the king in those days, saying that uncle David was missing and presumed killed in action," Twiggy told <a href="https://9now.nine.com.au/a-current-affair/aussie-billionaire-andrew-twiggy-forrests-search-to-find-loved-ones-lost-in-world-war-ii/9c042a41-c3d1-4b73-af6e-af40c983b81b" target="_blank" rel="noopener"><em>A Current Affair</em></a>. </p> <p>"Dad went through extreme emotions and grief and since that day he never cried for the rest of his life.</p> <p>"For the next 80 years he couldn't shed a tear it was just overwhelming for him."</p> <p>Twiggy's dad Donald had long said he wanted to hold his brother's dog tags before he died, but after passing away last year at the age 95, he was unable to fulfil his final wish. </p> <p>"Unfortunately we lost dad six months ago so I haven't fulfilled that, but it's really to put closure around something that really wrenched our family," he said.</p> <p>In order to bring closure to the family, Twiggy and his sister Janine have travelled to PNG onboard a purpose-built research vessel and joined by a crew of experts, including marine archeologists.</p> <p>The mission has been ongoing for many years with the blessing of the PNG government and the assistance of RAAF members, but has remained under wraps until now. </p> <p>In 2021, the family thought they had a breakthrough with their mission. </p> <p>"It was really emotional, very heart-wrenching as you went down into the depths thinking, 'Am I going to dive on uncle David's plane and be part of solving the mystery maybe of his remains maybe even his dog tags?'</p> <p>The serial number on David Forrest's Beaufort bomber was A9-188, but the bomber they'd found was A9-186.</p> <p>"I had to tell Dad I can confirm it was a Beaufort bomber, I can confirm it was Australians, but I have to confirm it wasn't your brother's. That was tough."</p> <p>While Twiggy admitted that the chances of finding his uncle's remains are slim, he said he owed it to his father to keep looking. </p> <p>"For my kids and myself, the standard I hold myself to is doing your absolute best," he said. </p> <p>"It's not whether or not you achieve it, it's did you do your best?"</p> <p><em>Image credits: A Current Affair </em></p>

International Travel

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The Block billionaire welcomes baby boy

<p><em>The Block</em> billionaire Adrian Portelli has shared the news of the birth of his first child. </p> <p>Portelli, also known as 'Lambo Guy' for his love of luxury cars, announced that his girlfriend, Karlie Butler, had given birth to a baby boy, whose name has yet to be revealed. </p> <p>Posting a series of photos with his son on Instagram, he wrote, “Welcome to the world little man.”</p> <p>Speaking to the <a href="https://www.heraldsun.com.au/entertainment/confidential/adrian-portelli-welcomes-baby-boy-into-his-billionaire-brood/news-story/1e2e44db324011e7a280dc862c5a89ea" target="_blank" rel="noopener" data-tgev="event119" data-tgev-container="bodylink" data-tgev-order="1e2e44db324011e7a280dc862c5a89ea" data-tgev-label="entertainment" data-tgev-metric="ev">Herald Sun</a>, the 34-year-old revealed his partner gave birth to their son on Monday January 29th. </p> <p>“He was four days over ... it’s an amazing, overwhelming experience,’’ Mr Portelli told the publication.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C2vhCz-yrFS/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C2vhCz-yrFS/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Adrian Portelli (@adrian_portelli)</a></p> </div> </blockquote> <p>Mr Portelli, who purchased three houses on this year’s <em>The Block</em>, made headlines in November after revealing he gifted Ms Butler an Aston Martin as a “push present” before she gave birth to their son. </p> <p>He said the luxurious car was “well deserved for putting up with me”.</p> <p>Mr Portelli is worth a reported $1 billion and is known for his eye-watering spending.</p> <p>During last year's season of <em>The Block</em> in Victoria’s East Hampton, the billionaire businessman snapped up three of the five houses on offer, spending a total of $12.4 million.</p> <p><em>Image credits: Instagram </em></p>

Family & Pets

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"Proud to pay more": The billionaires who want to pay more tax

<p>Over 250 millionaires and billionaires have issued an <a href="https://proudtopaymore.org/" target="_blank" rel="noopener">open letter</a> to global leaders encouraging them to implement wealth taxes to combat the cost-of-living crisis. </p> <p>This comes just as a report by the <a href="https://www.oversixty.com.au/finance/money-banking/shocking-amount-australia-s-richest-people-earn-per-hour" target="_blank" rel="noopener">Oxfam Charity</a> revealed that the global wealth of billionaires have only grown in the last three years despite inflation. </p> <p>The open letter, signed by super-rich individuals from 17 countries, includes signatories like Abigail Disney, the grand-niece of Walt Disney, <em>Succession </em>actor Brian Cox, and American philanthropist and Rockefeller family heir Valerie Rockefeller.</p> <p>They said that they would be "proud to pay more taxes" in order to address the  inequality.</p> <p>"Elected leaders must tax us, the super rich,"  the letter read. </p> <p>"This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth.</p> <p>"But it will turn extreme and unproductive private wealth into an investment for our common democratic future."</p> <p>Austrian heir Marlene Engelhorn is also among the voices demanding that they pay more in taxes.</p> <p>"I've inherited a fortune and therefore power, without having done anything for it. And the state doesn't even want taxes on it,"  Engelhorn, who inherited millions from her family who founded chemical giant BASF, said.</p> <p>The letter was released just as global leaders gather in Davos, Switzerland for the World Economic Forum.</p> <p>Abigail Disney, whose net-worth is measured at more than $100 million, said that lawmakers need to come together to make a meaningful economic and social change. </p> <p>"There's too much at stake for us all to wait for the ultra rich to grow a conscience and voluntarily change their ways," she said.</p> <p>"For that reason, lawmakers must step in and tax extreme wealth, along with the variety of environmentally destructive habits of the world's richest."</p> <p>A recent <a href="https://static1.squarespace.com/static/63fe48c7e864f3729e4f9287/t/6596bfb943707b56d11f1296/1704378297933/G20+Survey+of+those+with+More+than+%241+million+on+Attitudes+to+Extreme+Wealth+and+Taxing+the+Super+Rich.pdf" target="_blank" rel="noopener">survey</a> of almost 2400 millionaires found that 74 per cent of them supported the introduction of a wealth tax to fund improved public services and deal with the cost-of-living crisis.</p> <p>The open letter also said that one-off donations and philanthropy "cannot redress the current colossal imbalance" of societal wealth.</p> <p>"We need our governments and our leaders to lead," the letter said. </p> <p>"The true measure of a society can be found, not just in how it treats its most vulnerable, but in what it asks of its wealthiest members."</p> <p><em>Images: Getty</em></p>

Money & Banking

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Shocking amount Australia's richest people earn per hour

<p>Three of Australia's richest people — Gina Rinehart, Andrew Forrest and Harry Triguboff — have more than doubled their wealth since 2020, according to the charity Oxfam. </p> <p>A report from the charity published on Monday, found that the fortune of Australia's richest people doubled at a staggering rate of $1.5 million per hour. </p> <p>The report also found that the total wealth of the country’s billionaires increased by $120 billion in that same period, which is over 70 per cent. </p> <p>Tech tycoons Elon Musk, Mark Zuckerberg and Jeff Bezos, are among the top five richest men worldwide, with the report finding that it would take them 476 years to spend all of their wealth if they spent $1.5 million daily. </p> <p>The global wealth of billionaires grew three times faster than the inflation rate, and they are $4.9 trillion richer today than they were in 2020, despite nearly five billion people worldwide growing poorer. </p> <p>According to the Australian Council of Social Services, one in eight adults are living in poverty, earning half of the median household income which ranges from $489 a week for a single adult to $1,027 for a couple with two kids. </p> <p>The report was released to raise concern over the growing global inequality, as they urge the federal government to reduce the wealth gap by scrapping the stage three tax cuts coming into effect on July 1. </p> <p>The tax cuts will lower marginal tax rates for high-earning Australians. </p> <p>Oxfam Australia chief executive Lyn Morgain has urged governments to step up. </p> <p>“We cannot accept a society that promotes the gross accumulation of wealth alongside widespread global poverty,” she said. </p> <p>“One of the best mechanisms we have to address this is progressive taxation.</p> <p>“The shame of our woeful global response to catastrophic disasters, displacement, famine and the climate crisis cannot be attributed to a scarcity of resources, it is distribution — and that’s a problem all governments, including the Australian government, need to tackle urgently.”</p> <p>Oxfam have also called for a wealth tax on the world's millionaires and billionaires that it claims could bring in $2.7 trillion each year.</p> <p>The report also called to cap CEO pay and break up private monopolies, which have gained significant power thanks to surging stock prices. </p> <p><em>Images: Getty</em></p>

Money & Banking

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Billionaire throws star-studded party for most famous names on the planet

<p dir="ltr">The most famous names on the planet have all gathered for an exclusive party with billionaire Michael Rubin to celebrate the American independence day weekend. </p> <p dir="ltr">Congregating at a luxurious mansion in the Hamptons, the businessman and philanthropist hosted his annual white party, sharing a highlights reel of the star-studded day on Twitter. </p> <p dir="ltr">Among the famous faces were Leo DiCaprio, Jennifer Lopez and Ben Affleck, Beyonce and Jay-Z, Tom Brady, Kevin Hart and a plethora of Kardashians. </p> <p dir="ltr">The 350 A-listers in attendance were treated to musical performances by Usher and Ne-Yo, and $700 bottles of champagne and tequila as they partied from the 5pm kick-off all the way through until 4am.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">A literal movie - white party 2023 recap <a href="https://t.co/1D3vlpCNBq">pic.twitter.com/1D3vlpCNBq</a></p> <p>— Michael Rubin (@michaelrubin) <a href="https://twitter.com/michaelrubin/status/1676363041288462338?ref_src=twsrc%5Etfw">July 4, 2023</a></p></blockquote> <p dir="ltr">The famous guests were spotted pulling up in style in their parade of expensive cars and helicopters, and being escorted into the party by armies of valets and security guards.</p> <p dir="ltr">Among them was Affleck and Lopez, who brought along the actor’s 17-year-old daughter, Violet, whom he shares with ex-wife Jennifer Garner.</p> <p dir="ltr">Kevin Hart and his wife, Eniko Parrish, were spotted among the many celebrity couples drinking and dancing the night away, along with Justin Bieber and his model wife, Hailey.</p> <p dir="ltr">Rubin, 49, and his girlfriend, Camille Fishel, 32, hosted the star-studded event, sparing no expense when it came to looking after their guests, as they do each year. </p> <p dir="ltr">Rubin has an estimated fortune of more than $16 billion, making him one of the richest men in America.</p> <p dir="ltr"><em>Image credits: Twitter</em></p>

Beauty & Style

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Stepson of billionaire trapped on sub called out for gross behaviour

<p>The stepson of the billionaire trapped onboard the OceanGate Titanic submersible has been called out online for attending a rock concert while his step-father remains missing in the Atlantic Ocean. </p> <p>Brian Szasz is the stepson of billionaire Hamish Harding, who is trapped on the missing vessel along with four others, days after the group left on an expedition to the wreckage of the Titanic. </p> <p>While rescue efforts continue to locate the group, Szasz has caused a stir online after being spotted with a beaming smile attending a Blink-182. </p> <p>Among those furious and confused by Szasz's actions was rapper Cardi B, who slammed the man on Instagram to her 167 million followers. </p> <p>"One of the billionaires that's missing underwater from that submarine s–t …Their stepson is at a concert, right?" Cardi B starts.</p> <p>The rapper noted that she felt that attending a concert, and post about it online amid the search and rescue of a loved one felt tone deaf.</p> <p>"People is like, um, 'What is he supposed to do? Be sad at the house? Is he supposed to go look for him himself?' Yes," she said.</p> <p>"Isn't it sad that you a whole f—ing billionaire and nobody gives a f–k about you?" the rapper asks. "That's crazy. I'd rather be broke. I'd rather be broke and poor, but knowing that I'm loved."</p> <p>Szasz fired back at the rapper, telling her to "show some class for once in your life", while he responded to the media storm after he claimed his family "would've wanted him to go" to the concert. </p> <p>"Yes, I went to @Blink182 last night. What am I supposed to do, sit at home and watch the news? Not sorry this band has helped me through hard times since 1998."</p> <p>Just hours after the online backlash over attending the concert, Szasz was once again being slammed online for flirting with an OnlyFans model on Twitter.</p> <p>Szasz retweeted an image of Only Fans it-girl Brea flashing her backside in a G-string with the caption, “can i sit on u” on the social media site, with Szasz responding, “Yes please!”</p> <p>The post came just minutes after he asked followers to “please keep my family in your prayers.”</p> <p>One commenter wrote of the unusual behaviour, “Lmao quote tweeting a thirst trap while your stepdad is lost at sea is wild business”, as another slammed, “Unreal to be tweeting this [right now.]”</p> <p>Another user added, “This guy loves blink-182 and having ladies sit on his face and he’s not afraid to let the world know.”</p> <p style="box-sizing: border-box; margin: 16px 0px 20px; padding: 0px; border: 0px; font-stretch: inherit; line-height: 28px; vertical-align: baseline;"><em>Image credits: Facebook / Action Aviation</em></p>

Family & Pets

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Aussie Olympic medallist marries billionaire F1 heiress

<p dir="ltr">Australian Olympic medallist Scotty James has tied the knot with Chloe Stroll in a lavish Italian wedding over the weekend.</p> <p dir="ltr">James, a four-time Olympian and two-time medallist, was introduced to Chloe, daughter of Formula One billionaire Lawrence Stroll, by her brother Lance who set them up in 2019.</p> <p dir="ltr">The wedding came nearly 18 months after Scotty proposed, and the pair took to Instagram to share pictures of the happy occasion.</p> <p dir="ltr">Chloe shared a series of photos with a simple infinity emoji, while Scotty shared behind the scenes clips from a boat ride around Venice.</p> <p dir="ltr">“Hi everyone. This is our first video as husband and wife - well, on my phone anyway,” he proudly said as he looked lovingly at his wife.</p> <p dir="ltr">“And as you can see behind us, the sun has risen. We’re on a boat back to the hotel - and we got married yesterday!”</p> <p dir="ltr">The beautiful bride donned an off-the-shoulder gown with a stunning floral lace detail and a matching flowing veil.</p> <p dir="ltr">The groom looked dapper in a black suit with a bow tie and beautiful white pocket rose.</p> <p dir="ltr">The wedding weekend included a stay at the Gritti Palace in Venice.</p> <p dir="ltr">Plenty of stars were in attendance including Scotty’s groomsman and best mate, F1 racer Daniel Ricciardo and his girlfriend Heidi Berger, also an F1 heiress.</p> <p dir="ltr">Scotty’s brother-in-law and <em>Sunrise</em> weather presenter, Sam Mac, was also in attendance after taking leave from the show.</p> <p dir="ltr">“So happy for you mate. A true honour to share this special time with you and Chloe ... wow wow wow,” he wrote on Instagram.</p> <p dir="ltr">Rebecca, Sam’s partner, also commented: “I officially have another sister,” to which Chloe replied: “Love you sis!!!”</p> <p dir="ltr">Some other guest stars who reportedly attended the wedding included: Mercedes F1 boss Toto Wolff and wife Susie, Sarah Ferguson, Catherine Zeta-Jones and Michael Douglas.</p> <p><em>Images: Instagram</em></p>

Relationships

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Photographer reimagines the super-rich

<p>Indian photographer Gokul Pillai has shared his vision of “slumdog billionaires” with the world.</p> <p>Using Midjourney, an artificial intelligence program that pulls artists’ work from across the internet to generate AI ‘art’, Gokul has taken some of the world’s wealthiest and reimagined them in scenarios far from what they’re used to. </p> <p>The likes of Jeff Bezos, Donald Trump, Muskesh Ambani, Bill Gates, Warren Buffet, Mark Zuckerberg, and Elon Musk were reimagined by the photographer after his viewing of the award-winning film Slumdog Millionaire inspired him to consider them as their own ‘poor’ counterparts. </p> <p>“It was very coincidental,” he told <em>The Daily Mail</em>. “The movie is set in the slums of India and I wanted to recreate something based on that.</p> <p>“The word 'millionaire' in the movie title and juxtapositioning it with actual billionaires, that's how it started.”</p> <p>Gokul posted his series to Instagram with the title “Slumdog Millionaires”, and called on his followers to let him know if he’d forgotten to include anyone. </p> <p>His post quickly went viral, with comments rolling in from supporters who had praise and suggestions in store, and also those who weren’t thrilled about his use of an AI generator. </p> <p>“Just amazing,” wrote one follower, “they look real.”</p> <p>“This is epic,” said another, alongside a flame emoji. </p> <p>“What an insane concept,” one noted. </p> <p>“Wonderful series of images,” praised one more, to a chorus of agreement. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CqvxGHwyyf1/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CqvxGHwyyf1/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Gokul Pillai (@withgokul)</a></p> </div> </blockquote> <p>As Gokul confessed to <em>The Daily Mail</em>, he was delighted and “completely overwhelmed with the response” to his series, despite his idea that “it would be funny and [a] few might find it hilarious”. </p> <p>However, there were still those who believed Gokul - who has also shared his own photography to his account - could have approached it differently, without the use of AI, and made sure to point it out. </p> <p>“AI ‘artist’... that's funny,” one said. </p> <p>“Midjourney is honestly scary if you think about how evil people who desire to assassinate someone's character would use it,” another admitted, to an outpouring of likes. “As an artist it excites me but looking into the future it scares the c**p out of me.”</p> <p>As for how well Gokul felt he’d achieved his vision, he confessed that while it was hard to determine who had been the most popular, it was “probably Bill Gates”, and that his followers had decreed that Mukesh Ambani “looked the poorest.” </p> <p>And to those same supporters he gave his thanks, returning to his own post to write “thank you all for the great response on the post.. I totally appreciate the support.. thank you!!” </p> <p><em>Images: Instagram, Midjourney</em></p>

Art

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Reward in mystery murder of billionaire couple tops $52 million

<p>The deaths of Canadian billionaires Barry and Honey Sherman have been a mystery right from the start.</p> <p>On December 15, 2017, a realtor giving a tour of the couple's Toronto mansion around midday discovered their bodies, fully dressed, beside their indoor basement swimming pool.</p> <p>They were semi-seated side by side, with belts tied around their necks and attached to the railing of the indoor pool according to police. Barry Sherman was 75 and his wife Honey was 70.</p> <p>The story made headlines across the globe, as police called the deaths suspicious.</p> <p>Theories have swirled about who might have wanted to kill the founder of Canadian generic drug giant Apotex and his philanthropic wife – being one of Canada's richest couples.</p> <p>Investigators have worked to connect the dots however, five years later, no arrests have been made. On this week's anniversary of the killings, the Shermans' son offered an additional $25 million (A$37 million) for information leading to an arrest.</p> <p>The reward is now $52 million.</p> <p>"This week marks the five-year anniversary since my parents were murdered in their home. Every day since then has been a nightmare. I have been overwhelmed with pain, loss, and sorrow and these feelings only continuously compound," Jonathon Sherman said in a statement announcing the reward money.</p> <p>"Closure will not be possible until those responsible for this evil act are brought to justice," he added.</p> <p>The victims' prominence meant the case was high profile from the start. At the time of his death, Forbes estimated Barry was worth $4.5 billion.</p> <p>The Shermans' wealth, vast investments and philanthropy work saw them cross paths with Canada's business and political elites, their funeral was attended by thousands of people, including Prime Minister Justin Trudeau and Kathleen Wynne, premier of the province of Ontario.</p> <p>At the service an emotional Jonathon Sherman took the stage, with his three sisters, and slammed speculation that their parents died by suicide.</p> <p>Police later concluded someone had killed them, only six weeks after the bodies were found, Toronto police announced a review of evidence showed they were victims of a homicide, saying they believed the couple was targeted.</p> <p>With no forced signs of entry to the property, it's possible someone had a key, had access to the lockbox that held the keys or was known to the couple, Gomes said.</p> <p>In 2021, police asked for help identifying a shadowy suspect.</p> <p>After years of silence, police made a shocking announcement on the fourth anniversary of the couple's deaths last year, sharing a video of a shadowy person caught on security video walking on the snow-covered sidewalks in the couple's North York neighborhood.</p> <p>The Sherman children say the lack of answers adds to their grief. It's been five years since the murders and there have been no major developments. True crime podcasts have even have tried to unravel intrigue surrounding the deaths.</p> <p>In a statement to the CBC, her brother, Jonathon Sherman, echoed the same sentiment, saying the family will never get closure until the killer is brought to justice.</p> <p>The siblings reminded the public of the $52 million in reward money and pleaded for anyone with information to contact the Toronto Police Service.</p> <p><em>Image: AP</em></p>

Legal

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Who wants to be a billionaire? Thankfully for the planet, most people don’t

<p>Reality check: most people don’t actually want to be billionaires.</p> <p>A <a href="https://dx.doi.org/10.1038/s41893-022-00902-y" target="_blank" rel="noreferrer noopener">new study</a> is challenging the long-held economic belief that it’s in human nature to have unlimited wants, finding this widely held assumption only applies to a minority of people.</p> <p>In a survey of nearly 8,000 people from 33 countries across six continents, social psychologists asked people how much money they wanted to accrue in their “absolutely ideal life”.</p> <p>They found that in 86% of countries most people thought they could achieve the ideal life with US$10 million (AUD$14.3 million) or less, and in some countries the ideal was as little as US$1 million (AUD$1.4 million), across their entire lives.</p> <p>To put that into context, the current richest person in the world, Elon Musk, has a net worth of more than US$200 billion – that’s enough for 200,000 people to achieve their perceived ideal lives.</p> <p>The push to continually increase individual wealth and pursue unending economic growth has had dire environmental consequences for the planet, with resource use and <a href="https://cosmosmagazine.com/earth/earth-sciences/global-pollution-mapped-for-good-and-bad/" target="_blank" rel="noreferrer noopener">pollution</a> increasing alongside wealth.</p> <p>But these findings, published in <em>Nature Sustainability</em>, challenge the idea that approaches relying on limiting wealth and growth to achieve sustainability are against human ideals and aspirations.</p> <p>“The findings are a stark reminder that the majority view is not necessarily reflected in policies that allow the accumulation of excessive amounts of wealth by a small number of individuals,” explains co-author Dr Renata Bongiorno, a social psychologist at the University of Exeter and Bath Spa University in the UK.</p> <p>“If most people are striving for wealth that is limited, policies that support people’s more limited wants, such as a wealth tax to fund sustainability initiatives, might be more popular than is often portrayed.”</p> <h2>Would you want to win a billion in the lottery?</h2> <p>The researchers specifically asked people to imagine their absolutely ideal life, and then consider how much money would want in that life.</p> <p>Participants made a choice of their preferred prize in a hypothetical lottery, choosing from US$10,000, US$100,000, US$1 million, US$10 million, US$100 million, US$1 billion, US$10 billion or US$100 billion.</p> <p>It was emphasised that the odds of winning each lottery were identical.</p> <p>The researchers hypothesised that people with insatiable wants – those who cannot conceive of a point where their wants would be fully satiated, so they will always aspire to accumulate more/better goods – would choose the maximum of US$100 billion over all the lesser (limited) amounts.</p> <p>But while people with unlimited wants were identified in every country surveyed, they were always in the minority. They tended to be younger people and city-dwellers, who placed more value on success, power and independence.</p> <p>They were also more common in countries with greater acceptance of inequality, and in countries that are more collectivistic – that focus more on group than individual responsibilities and outcomes. </p> <p>“The ideology of unlimited wants, when portrayed as human nature, can create social pressure for people to buy more than they actually want,” says lead researcher Dr Paul Bain, from the Department of Psychology at the University of Bath, UK.</p> <p>“Discovering that most people’s ideal lives are actually quite moderate could make it socially easier for people to behave in ways that are more aligned with what makes them genuinely happy and to support stronger policies to help safeguard the planet.”</p> <p><em>Image credits: Getty Images</em></p> <p><em><!-- Start of tracking content syndication. Please do not remove this section as it allows us to keep track of republished articles --> <img id="cosmos-post-tracker" style="opacity: 0; height: 1px!important; width: 1px!important; border: 0!important; position: absolute!important; z-index: -1!important;" src="https://syndication.cosmosmagazine.com/?id=195370&amp;title=Who+wants+to+be+a+billionaire%3F+Thankfully+for+the+planet%2C+most+people+don%E2%80%99t" width="1" height="1" /> <!-- End of tracking content syndication --></em></p> <div id="contributors"> <p><em>This article was originally published on <a href="https://cosmosmagazine.com/news/who-wants-to-be-a-billionaire/" target="_blank" rel="noopener">cosmosmagazine.com</a> and was written by Imma Perfetto. </em></p> </div>

Retirement Income

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Billionaire gives away entire company for worthy cause

<p dir="ltr">The owner of outdoor apparel brand Patagonia has announced he will be giving away his company to support the fight against the climate crisis.</p> <p dir="ltr">Yvon Chouinard, who has a net worth of $US 1.2 billion ($AU 1.7 billion or $NZ 2 billion), revealed he will be transferring the ownership of the company to a trust and a not-for-profit that fights climate change.</p> <p dir="ltr">“Each year, the money we make after reinvesting the business will be distributed as a dividend to help fight the crisis,” he wrote in an open letter titled ‘Earth is now our only shareholder’ on the Patagonia website on Wednesday.</p> <p dir="ltr">Mr Chouinard wrote that he considered multiple paths for the company, including selling it or taking it public, which involves selling the company’s shares on a stock exchange.</p> <p dir="ltr">“Instead of ‘going public’, you could say we’re ‘going purpose’,” he said.</p> <p dir="ltr">“Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.”</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/Cif5qbAjmgi/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/Cif5qbAjmgi/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Patagonia (@patagonia)</a></p> </div> </blockquote> <p dir="ltr">According to the <em>New York Times</em>, Patagonia is valued at about $US 3 billion ($AU 4.4 billion or $NZ 5 billion).</p> <p dir="ltr">The Chouinard family, which controlled Patagonia until last month, no longer owns it, though it will continue to operate as a private, for-profit corporation.</p> <p dir="ltr">Its new owner, an environmental nonprofit called the Holdfast Collective, now owns 98 percent of the company and all the non-voting stock, while the newly-formed Patagonia Purpose Trust owns two percent of the company and all the voting stock.</p> <p dir="ltr">The trust will approve key decisions such as who sits on the board of directors, while the Chouinard family says they will guide the trust and continue to sit on the board.</p> <p dir="ltr">Mr Chouinard founded Patagonia after years of prolific rock climbing and quickly became known for supporting environmental causes.</p> <p dir="ltr">Since 1985, one percent of Patagonia’s total sales have been committed to fighting climate change through One Percent for the Planet, an organisation of which Mr Chouinard is a founding member, and in 2019 the company announced it aimed to be carbon neutral by 2025.</p> <p dir="ltr">Last year, it was announced that Patagonia’s trademark branding would no longer appear on products because “adding an additional non-removable logo reduces the life span of a garment, often by a lot, for trivial reasons”.</p> <p dir="ltr">Though it’s common for wealthy individuals to contribute to various causes, the <em>New York Times</em> reported that the structure of Mr Chouinard’s changes to the company actually means he and his family don’t receive a financial benefit and that he will face a tax bill from the donation.</p> <p dir="ltr"><strong>Here is the full text of the Mr Chouinard's extraordinary statement:</strong></p> <p dir="ltr">"Earth is now our only shareholder.</p> <p dir="ltr">If we have any hope of a thriving planet—much less a business—it is going to take all of us doing what we can with the resources we have.</p> <p dir="ltr">This is what we can do.</p> <p dir="ltr">By Yvon Chouinard</p> <p dir="ltr">I never wanted to be a businessman. I started as a craftsman, making climbing gear for my friends and myself, then got into apparel. As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done. If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.</p> <p dir="ltr">We started with our products, using materials that caused less harm to the environment. We gave away 1% of sales each year. We became a certified B Corp and a California benefit corporation, writing our values into our corporate charter so they would be preserved. More recently, in 2018, we changed the company’s purpose to: We’re in business to save our home planet.</p> <p dir="ltr">While we’re doing our best to address the environmental crisis, it’s not enough. We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact.</p> <p dir="ltr">One option was to sell Patagonia and donate all the money. But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.</p> <p dir="ltr">Another path was to take the company public. What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.</p> <p dir="ltr">Truth be told, there were no good options available. So, we created our own.</p> <p dir="ltr">Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.</p> <p dir="ltr">Here’s how it works: 100% of the company’s voting stock transfers to the Patagonia Purpose Trust, created to protect the company’s values; and 100% of the nonvoting stock had been given to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature. The funding will come from Patagonia: Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis.</p> <p dir="ltr">It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.</p> <p dir="ltr">Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits. But it’s also resilient. We can save our planet if we commit to it."</p> <p><span id="docs-internal-guid-73b0b332-7fff-7578-f60d-b7caa2996db0"></span></p> <p dir="ltr"><em>Image: Getty Images</em></p>

Money & Banking

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Billionaire couple’s huge donation

<p dir="ltr">Billionaires Lindsay and Paula Fox have donated a massive $100 million to the new National Gallery Victoria building.</p> <p dir="ltr">Known as one of Victoria’s wealthiest families, the trucking magnate made the donation in honour for his 85th birthday on Tuesday.</p> <p dir="ltr">Lindsay confessed that his wife Paula suggested the donation to the gallery and he said he could not say no after being married for 62 years.</p> <p dir="ltr">"She said I want some money for the gallery.. then she told me how much.. but it was too late.. I'd signed the cheque," he told <a href="https://www.9news.com.au/national/ngv-fox-family-make-100-million-donation-to-national-gallery-of-victoria/f3b266d6-7ea0-44de-a3e4-f629757ed20f" target="_blank" rel="noopener">Nine News</a>.</p> <p dir="ltr">The eye watering donation is the largest cash donation ever made to an Australian art museum by a living donor.</p> <p dir="ltr">In return, the building’s name will change to The Fox: NGV Contemporary, in line with his trucking company. </p> <p dir="ltr">Paula, who sits on the contemporary art gallery’s board said the donation will go a long way. </p> <p dir="ltr">"We do love the state. And I think it's lovely to give back," she said.</p> <p dir="ltr">Minister for Creative Industries Danny Pearson said the donation was an "extraordinary gift to the people of Victoria."</p> <p dir="ltr">"Philanthropy can transform cities and NGV Contemporary will be a true game-changer.”</p> <p dir="ltr">Construction for the building which will go up at 77 Southbank Boulevard in Southbank, will begin later in the year and is expected to finish in 2028. </p> <p dir="ltr">It will form part of the $1.7 billion redevelopment of the Melbourne Arts Precinct Transformation which will also see upgrades to the Arts Centre Melbourne and the Arts Centre Melbourne’s new Centre for Creativity.</p> <p dir="ltr"><em>Image: Getty</em></p>

Money & Banking

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Meet the teen tracking Russian billionaires’ jets

<p dir="ltr">A 19-year-old who shot to fame for tracking billionaire Elon Musk’s private jet has taken on a <a href="https://happymag.tv/elon-musk-jet-tracker-russian-aircraft/" target="_blank" rel="noopener">new target</a>: the aircrafts belonging to Russian billionaires.</p> <p dir="ltr">Jack Sweeney first garnered attention after creating a Twitter account that tracked and updated the world about the movement’s of Musk’s jet.</p> <p><span id="docs-internal-guid-d9c397e4-7fff-f046-554d-8756a6158040"></span></p> <p dir="ltr">Now, as Russian billionaires attempt to move their yachts and aircrafts out of Russia to prevent them from being confiscated thanks to widespread sanctions, Sweeney started a new account exposing their movements.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Roman Abramovich's Jet LX-RAY Landed in Ankara, Ankara Province, TR. Apx. flt. time 35 Mins. <a href="https://t.co/8mBVcRf47Q">pic.twitter.com/8mBVcRf47Q</a></p> <p>— Russian Oligarch Jets (@RUOligarchJets) <a href="https://twitter.com/RUOligarchJets/status/1498964543564922882?ref_src=twsrc%5Etfw">March 2, 2022</a></p></blockquote> <p dir="ltr">A new Twitter account, called Russian Oligarch Jets, appeared on February 28 and began posting automatic updates about the take-offs and landings of various Russian jets.</p> <p dir="ltr">On March 3, the account shared a list of the oligarchs it is tracking and their planes.</p> <p dir="ltr"><span id="docs-internal-guid-3fcdaba4-7fff-1865-e4aa-e8f9626c291b">The list includes several belonging to Roman Abrahamovich - a confidant of President Vladimir Putin - and Alisher Usmanov, who has been blacklisted and has his $800 million yacht <a href="https://www.foxbusiness.com/luxury/russian-oligarch-alisher-usmanov-yacht-seized-germany" target="_blank" rel="noopener">confiscated</a> by German authorities.</span></p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">The latest list is below. Trying to stay the most accurate, red removed green added. <a href="https://t.co/WjZV2J9Tib">pic.twitter.com/WjZV2J9Tib</a></p> <p>— Russian Oligarch Jets (@RUOligarchJets) <a href="https://twitter.com/RUOligarchJets/status/1499088188463202306?ref_src=twsrc%5Etfw">March 2, 2022</a></p></blockquote> <p dir="ltr">When he was still tracking Musk’s jet, Sweeney was offered $5,000 by the tech founder to stop.</p> <p dir="ltr"><span id="docs-internal-guid-8269dd3d-7fff-40a1-30ec-7f4a0efbe011"></span></p> <p dir="ltr">However, Sweeney said the sum wouldn’t be enough to replace “the enjoyment factor” and instead asked for an internship.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">This account has every right to post jet whereabouts, ADS-B data is public, every aircraft in the world is required to have a transponder, Even AF1 (<a href="https://twitter.com/AirForceTrack?ref_src=twsrc%5Etfw">@AirForceTrack</a>) Twitter policy states data found on other sites is allowed to be shared here as well. <a href="https://t.co/Wol8O1DRiq">pic.twitter.com/Wol8O1DRiq</a></p> <p>— Elon Musk's Jet (@ElonJet) <a href="https://twitter.com/ElonJet/status/1483587836053909504?ref_src=twsrc%5Etfw">January 18, 2022</a></p></blockquote> <p dir="ltr">With Musk seeming to disapprove of the counter-offer, Sweeney was soon offered a job with Stratos Jet Charters.</p> <p dir="ltr">Sweeney runs several other accounts that post automatic updates about various aircraft, including <a href="https://twitter.com/PutinJet" target="_blank" rel="noopener">Russian VIP jets</a>, <a href="https://twitter.com/weatherplanes" target="_blank" rel="noopener">weather planes</a>, and VIP jets belonging to the <a href="https://twitter.com/USAirForceVIP" target="_blank" rel="noopener">US Air Force</a> and <a href="https://twitter.com/CelebJets" target="_blank" rel="noopener">celebrities</a>.</p> <p dir="ltr"><span id="docs-internal-guid-c686f9c1-7fff-61aa-3e2f-ccf2c0792aeb"></span></p> <p dir="ltr"><em>Image: @jxck.sweeney (Instagram)</em></p>

Technology

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French billionaire snaps up famed Parisian mansion

<p dir="ltr">One of Paris’ most famous homes has <a href="https://www.domain.com.au/news/french-billionaire-pays-qatari-prince-314-million-for-famous-parisian-mansion-1120916/" target="_blank" rel="noopener">sold</a> for an eye-watering $314 million ($NZD 387 million).</p> <p dir="ltr">The Hôtel Lambert, a luxe mansion owned by Qatari Royal Prince Abdullah bin Khalifa al-Thani, has been bought by Xavier Niel in an exchange that would likely be a small spend for the French tech founder, who has an estimated worth around $12.2 billion.</p> <p dir="ltr">Though most would expect that Niel would be living in his new palatial home, the <em><a href="https://nypost.com/2022/02/22/xavier-niel-buys-property-from-qatari-prince-in-227m-deal/" target="_blank" rel="noopener">New York Post</a></em> reported that a source close to Niel said he is planning to use it as the headquarters of his cultural foundation instead.</p> <p><span id="docs-internal-guid-23a98d3c-7fff-7e46-f8a7-2240601a8b56"></span></p> <p dir="ltr">Prior to its sale, the prince bought the UNESCO World Heritage-listed property from the Rothschilds for a reported $150 million back in 2007 - but sunk even more cash into it over the 15 years.</p> <p dir="ltr"><img src="https://oversixtydev.blob.core.windows.net/media/2022/03/castle1.jpg" alt="" width="1280" height="1080" /></p> <p dir="ltr"><em>Image: Wikimedia Commons</em></p> <p dir="ltr">According to reports, the Middle Eastern royal gained ownership of the Hôtel Lambert when it was in a bad way, and invested a further $200 million into structural renovations.</p> <p dir="ltr">Just a stone’s throw away from cultural icons including the medieval Notre-Dame, the Hôtel Lambert is a cultural landmark in its own right.</p> <p dir="ltr">Constructed in the 1640s and designed by Louis de Vau, a favourite architect of King Louis XIV who assisted in designing Versailles, the structure features extensive frescoes by Charles le Brun - who decorated Versailles’ Hall of Mirrors - and other works of art.</p> <p dir="ltr"><span id="docs-internal-guid-44c3630b-7fff-b5c3-e59b-58debe0556ef"></span></p> <p dir="ltr"><em>Image: Wikimedia Commons</em></p>

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