Warren Buffet paid an 18% tax rate in 2007, while his secretary paid a 33% rate. In 2007, 2011, and 2018, Jeff Bezos and Elon Musk paid a total of $0 in income taxes. Every year, billionaires in the United States save $160 billion in taxes. How is it possible to be a billionaire while paying so little in taxes?

How do American billionaires avoid paying taxes?

At the moment, billionaire Elon Musk, who is also the richest man on Earth, is on cloud nine. On one hand, the Tesla CEO has made a bid to takeover Twitter recently while on the other, his personal wealth has also been growing enormously. &nbsp;

But the billionaire seems to have got into a spat with American business magnate Bill Gates. The supposed conversation on chat was shared on Twitter by a user named Whole Mars Catalog. In it, the two billionaires had a conversation, which was later confirmed by Musk in a separate tweet. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/even-after-poison-pill-tactic-billionaire-elon-musk-hopes-to-take-over-twitter-says-will-defeat-spam-bots-472953" hreflang="en">Even after 'poison pill' tactic, Elon Musk hopes to take over Twitter, says will try to defeat spam bots</a>

“So apparently Bill Gates hit up @elonmusk to discuss “philanthropy on climate change” but Elon asked if he still had a half billion dollar short position on $TSLA. Bill said he hasn’t closed it out, so Elon told him to get lost. No idea if this is true lol,” said the tweet, while posting screenshots of the supposed conversation. &nbsp;

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So apparently Bill Gates hit up <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> to discuss “philanthropy on climate change” but Elon asked if he still had a half billion dollar short position on <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a>. 
 
Bill said he hasn’t closed it out, so Elon told him to get lost. No idea if this is true lol <a href="https://t.co/iuHkDG3bAd">pic.twitter.com/iuHkDG3bAd</a>
— Whole Mars Catalog (@WholeMarsBlog) <a href="https://twitter.com/WholeMarsBlog/status/1517626832241057792?ref_src=twsrc%5Etfw">April 22, 2022</a></blockquote>
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To get to know if it was true, the user tagged Elon Musk. In reply, Musk said, “Yeah, but I didn’t leak it to NYT. They must have got it through friends of friends…I heard from multiple people at TED that Gates still had half billion short against Tesla, which is why I asked him, so it’s not exactly top secret.” &nbsp;&nbsp;

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Yeah, but I didn’t leak it to NYT. They must have got it through friends of friends. 
 
I heard from multiple people at TED that Gates still had half billion short against Tesla, which is why I asked him, so it’s not exactly top secret.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1517702987359133696?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote>
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SpaceX chief has also shared a meme on Twitter, and said, “In case u need to lose a boner fast”. In the meme, a picture of Gates and pregnant person emoji can be seen.

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in case u need to lose a boner fast <a href="https://t.co/fcHiaXKCJi">pic.twitter.com/fcHiaXKCJi</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1517707521343082496?ref_src=twsrc%5Etfw">April 23, 2022</a></blockquote>
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Musk and Gates seem to have also been involved in a strife in 2021. As per Tesla CEO, Microsoft co-founder was betting Tesla in the stock market. So, Gates' alleged shorting of Tesla’s stock (TSLA) had become popular.&nbsp;&nbsp;

Watch:&nbsp;Billionaire Elon Musk has lined up $46.5 billion to buy Twitter

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Shorting or short selling means selling a security at a given price without actually possessing it, and buying it again at a lower price in markets. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

At the moment, billionaire Elon Musk, who is also the richest man on Earth, is on cloud nine. On one hand, the Tesla CEO has made a bid to takeover Twitter recently while on the other, his personal wealth has also been growing enormously.

At the moment, billionaire Elon Musk, who is also the richest man on Earth, is on cloud nine. On one hand, the Tesla CEO has made a bid to takeover Twitter recently while on the other, his personal wealth has also been growing enormously. But the billionaire seems to have got into a spat with American business magnate Bill Gates. The supposed conversation on chat was shared on Twitter by a user named Whole Mars Catalog. In it, the two billionaires had a conversation, which was later confirmed by Musk in a separate tweet. Also Read: Even after 'poison pill' tactic, Elon Musk hopes to take over Twitter, says will try to defeat spam bots “So apparently Bill Gates hit up @elonmusk to discuss “philanthropy on climate change” but Elon asked if he still had a half billion dollar short position on $TSLA. Bill said he hasn’t closed it out, so Elon told him to get lost. No idea if this is true lol,” said the tweet, while posting screenshots of the supposed conversation. So apparently Bill Gates hit up @elonmusk to discuss “philanthropy on climate change” but Elon asked if he still had a half billion dollar short position on $TSLA. Bill said he hasn’t closed it out, so Elon told him to get lost. No idea if this is true lol pic.twitter.com/iuHkDG3bAd — Whole Mars Catalog (@WholeMarsBlog) April 22, 2022 × To get to know if it was true, the user tagged Elon Musk. In reply, Musk said, “Yeah, but I didn’t leak it to NYT. They must have got it through friends of friends…I heard from multiple people at TED that Gates still had half billion short against Tesla, which is why I asked him, so it’s not exactly top secret.” Yeah, but I didn’t leak it to NYT. They must have got it through friends of friends. I heard from multiple people at TED that Gates still had half billion short against Tesla, which is why I asked him, so it’s not exactly top secret. — Elon Musk (@elonmusk) April 23, 2022 × SpaceX chief has also shared a meme on Twitter, and said, “In case u need to lose a boner fast”. In the meme, a picture of Gates and pregnant person emoji can be seen. in case u need to lose a boner fast pic.twitter.com/fcHiaXKCJi — Elon Musk (@elonmusk) April 23, 2022 × Musk and Gates seem to have also been involved in a strife in 2021. As per Tesla CEO, Microsoft co-founder was betting Tesla in the stock market. So, Gates' alleged shorting of Tesla’s stock (TSLA) had become popular. Watch: Billionaire Elon Musk has lined up $46.5 billion to buy Twitter × Shorting or short selling means selling a security at a given price without actually possessing it, and buying it again at a lower price in markets. (With inputs from agencies)

Leaked! Elon Musk confronts Bill Gates on shorting Tesla stock, mocks him with 'pregnant man' emoji

Forbes Billionaires list 2022: Rihanna's debut to Kanye & Kim's skyrocketing worth

Of the 100 wealthiest people in America, 26 live in California.

That’s more than any other state, and not simply a byproduct of California’s large population. If the country’s 100 top billionaires were evenly distributed, we would expect just 12 of them to reside here.

Yes, this is largely because of Silicon Valley. But it’s also a reflection of the fact that California has the fifth-largest economy in the world, said Richard Walker, an emeritus professor at UC Berkeley who studies economic geography.

“California has been the main engine for American growth for the last 50 years,” Walker told me. “This is not sufficiently acknowledged — how immense the California economy is.”

Before we dive in: I’m going off the official Forbes 2021 billionaire rankings, but they shift daily with the stock market. All of these figures should be viewed as estimates, as there is no system or requirement that Americans report their total wealth to the government.

Now on to the good stuff. There are 724 billionaires in the United States, and California is home to 189 — roughly a quarter of the total, according to Forbes.

The state’s “open, experimental culture” has long attracted entrepreneurs, Walker said. That’s contributed to the movie and aerospace industries flourishing here, and, of course, the tech industry.

Forty-four per cent of California’s billionaires made their fortunes in tech, followed by 23% in finance and 7% in real estate, according to Forbes.

The three richest Californians are tech titans: Facebook creator Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin.

Zuckerberg invented Facebook while a student at Harvard, but then “he moves to Silicon Valley because that’s where the action is,” Walker told me. “That’s been going on for two, three, four generations now — you come to Silicon Valley if you’re in tech.”

Silicon Valley’s tendency to mint billionaires has led to a startling trend: Of the 26 Californians who rank among America’s 100 richest people, 19 live in the Bay Area.

(The wealthiest person in Southern California is Donald Bren, America’s richest real estate baron.)

Perhaps you’re wondering about Elon Musk, who relocated Tesla headquarters to Texas, or Oracle’s Larry Ellison, who moved to Hawaii. But it turns out they’re outliers.

Thirty-five people made California’s billionaire list for the first time in 2021, Forbes reported, and more than half of them had the tech industry to thank. California still has more billionaires than any other state; New York is second with 126.

Adam Sterling, executive director for the Berkeley Center for Law and Business, said that people who’ve made their fortunes in California prefer to stay here, close to their professional and personal communities. The high cost of living and higher taxes probably aren’t much of a deterrent if you’re a billionaire, he said.

Plus, the cachet of a California billionaire — think a wealthy techie in a hoodie — may not translate in a place like New York, where the rich are more likely to have inherited their wealth.

“There’s a lot of stickiness in California,” Sterling told me. “This is where your billionaire community is.”

Of the 100 wealthiest people in America, 26 live in California. That’s more than any other state, and not simply a byproduct of California’s large population. If the country’s 100 top billionaires were evenly distributed, we would expect just 12 of them to reside here.

Of the 100 wealthiest people in America, 26 live in California. That’s more than any other state, and not simply a byproduct of California’s large population. If the country’s 100 top billionaires were evenly distributed, we would expect just 12 of them to reside here. Yes, this is largely because of Silicon Valley. But it’s also a reflection of the fact that California has the fifth-largest economy in the world, said Richard Walker, an emeritus professor at UC Berkeley who studies economic geography. “California has been the main engine for American growth for the last 50 years,” Walker told me. “This is not sufficiently acknowledged — how immense the California economy is.” Before we dive in: I’m going off the official Forbes 2021 billionaire rankings, but they shift daily with the stock market. All of these figures should be viewed as estimates, as there is no system or requirement that Americans report their total wealth to the government. Now on to the good stuff. There are 724 billionaires in the United States, and California is home to 189 — roughly a quarter of the total, according to Forbes. The state’s “open, experimental culture” has long attracted entrepreneurs, Walker said. That’s contributed to the movie and aerospace industries flourishing here, and, of course, the tech industry. Forty-four per cent of California’s billionaires made their fortunes in tech, followed by 23% in finance and 7% in real estate, according to Forbes. The three richest Californians are tech titans: Facebook creator Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin. Zuckerberg invented Facebook while a student at Harvard, but then “he moves to Silicon Valley because that’s where the action is,” Walker told me. “That’s been going on for two, three, four generations now — you come to Silicon Valley if you’re in tech.” Silicon Valley’s tendency to mint billionaires has led to a startling trend: Of the 26 Californians who rank among America’s 100 richest people, 19 live in the Bay Area. (The wealthiest person in Southern California is Donald Bren, America’s richest real estate baron.) Perhaps you’re wondering about Elon Musk, who relocated Tesla headquarters to Texas, or Oracle’s Larry Ellison, who moved to Hawaii. But it turns out they’re outliers. Thirty-five people made California’s billionaire list for the first time in 2021, Forbes reported, and more than half of them had the tech industry to thank. California still has more billionaires than any other state; New York is second with 126. Adam Sterling, executive director for the Berkeley Center for Law and Business, said that people who’ve made their fortunes in California prefer to stay here, close to their professional and personal communities. The high cost of living and higher taxes probably aren’t much of a deterrent if you’re a billionaire, he said. Plus, the cachet of a California billionaire — think a wealthy techie in a hoodie — may not translate in a place like New York, where the rich are more likely to have inherited their wealth. “There’s a lot of stickiness in California,” Sterling told me. “This is where your billionaire community is.”

Why so many billionaires live in California

In last two years, Covid pandemic has changed the world. It has led to several deaths, restrictions, hospitalisations, economic hardships, etc. &nbsp;

Several people have been immensely affected by it. But has it brought trouble for everyone? Well, the answer would be no. &nbsp;

In this deadly pandemic, the wealth of several richest people of the world has increased. This comes as millions of people have also got plunged into poverty, said a report released by Oxfam on Sunday. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/chinas-q4-gdp-growth-seen-hitting-one-and-a-half-year-low-raising-heat-on-policymakers-445263" hreflang="en">China's Q4 GDP growth seen hitting one-and-a-half-year low, raising heat on policymakers</a>

The report&nbsp;talked about&nbsp;how the wealth of billionaires in the world hiked more than ever before in last two years. &nbsp;

As per the report, the world’s 10 richest people, who are all white men, have more than doubled their wealth. Their collective wealth has increased from $700 billion to $1.5 trillion. &nbsp;

A new billionaire seems to have got created every 26 hours between March 2020 and November 2021, the report said. Over 160 million people were also pushed into poverty in this time period. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/apple-will-require-its-employees-to-show-proof-of-covid-booster-shot-report-445268" hreflang="en">Apple will require its employees to show proof of Covid booster shot: Report</a>

In a news release, Abby Maxman, president, Oxfam America, said, “One of the single most powerful tools we have to address this level of egregious and deadly inequality is to tax the rich.” &nbsp;

“Instead of lining the pockets of the ultra-wealthy, we should be investing billions of dollars into our economy, our children and our planet, paving the way for a more equal and sustainable future,” added Maxman. &nbsp;

(With inputs from agencies)&nbsp;

In last two years, Covid pandemic has changed the world. It has led to several deaths, restrictions, hospitalisations, economic hardships, etc. Several people have been immensely affected by it.

In last two years, Covid pandemic has changed the world. It has led to several deaths, restrictions, hospitalisations, economic hardships, etc. Several people have been immensely affected by it. But has it brought trouble for everyone? Well, the answer would be no. In this deadly pandemic, the wealth of several richest people of the world has increased. This comes as millions of people have also got plunged into poverty, said a report released by Oxfam on Sunday. Also Read: China's Q4 GDP growth seen hitting one-and-a-half-year low, raising heat on policymakers The report talked about how the wealth of billionaires in the world hiked more than ever before in last two years. As per the report, the world’s 10 richest people, who are all white men, have more than doubled their wealth. Their collective wealth has increased from $700 billion to $1.5 trillion. A new billionaire seems to have got created every 26 hours between March 2020 and November 2021, the report said. Over 160 million people were also pushed into poverty in this time period. Also Read | Apple will require its employees to show proof of Covid booster shot: Report In a news release, Abby Maxman, president, Oxfam America, said, “One of the single most powerful tools we have to address this level of egregious and deadly inequality is to tax the rich.” “Instead of lining the pockets of the ultra-wealthy, we should be investing billions of dollars into our economy, our children and our planet, paving the way for a more equal and sustainable future,” added Maxman. (With inputs from agencies)

Billionaires’ wealth hiked as millions got plunged into poverty in Covid pandemic, says report

The onset of Covid pandemic not only robbed the livelihood for millions of people all over the world, but it has apparently also created new billionaires.

Dubbed as “pandemic billionaires”, a recent Oxfam report has claimed that 20 people in Asia, mostly associated with the field of pharmaceuticals, saw their wealth zoom during the pandemic period.

According to the report, by March 2021, profits from the pharmaceuticals, medical equipment and services needed for the Covid response made 20 people rich even as lockdowns and economic stagnation destroyed the livelihoods of hundreds of millions of others.

These people mainly belonged from India, China, Hong Kong, and Japan.

Among the new billionaires include Li Jianquan, whose firm, Winner Medical, makes personal protective equipment (PPE) for health workers, and Dai Lizhong, whose company, Sansure Biotech, makes COVID-19 tests and diagnostic kits, the report said.

Also read |<a href="https://www.wionews.com/india-news/wealth-inequality-in-india-a-maid-would-need-to-work-for-22277-years-to-earn-as-much-as-a-top-ceo-275407">&nbsp;Wealth inequality in India: A maid would need to work for 22,277 years to earn as much as a top CEO</a>

The Asia-Pacific region saw the total number of billionaires growing by almost a third from 803 in March 2020 to 1,087 by November last year.

According to the report, their collective wealth increased by three-quarters (74 per cent).

The richest 1 per cent owned more wealth than the poorest 90 per cent in the region, the report said.

The report continues to mention that the wealth gap is set to grow.

Also read |&nbsp;<a href="https://www.wionews.com/world/richest-1-per-cent-of-americans-now-own-more-wealth-than-the-entire-middle-class-419838">Richest 1 per cent of Americans now own more wealth than the entire middle class</a>

According to Credit Suisse, by 2025, there will be 42,000 more people worth more than $50m in Asia-Pacific&nbsp;and 99,000 billionaires.

The number of millionaires by 2025 is projected to be 15.3 million, a 58 per cent increase on 2020. Both the World Bank and IMF have said that coronavirus will cause a significant increase in global economic inequality.

Earlier, the World Bank had predicted that global extreme poverty is expected to rise on the back of pandemic-related disruptions.

According to its estimate, the COVID-19 pandemic is likely to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021.

“The pandemic and global recession may cause over 1.4 per cent of the world’s population to fall into extreme poverty,” World Bank group president David Malpass said.

(With inputs from agencies)

The onset of Covid pandemic not only robbed the livelihood for millions of people all over the world, but it has apparently also created new billionaires. Dubbed as “pandemic billionaires”, a recent Oxfam report has claimed that 20 people in Asia, mostly associated with the field of pharmaceuticals, saw their wealth zoom during the pandemic period.

The onset of Covid pandemic not only robbed the livelihood for millions of people all over the world, but it has apparently also created new billionaires. Dubbed as “pandemic billionaires”, a recent Oxfam report has claimed that 20 people in Asia, mostly associated with the field of pharmaceuticals, saw their wealth zoom during the pandemic period. According to the report, by March 2021, profits from the pharmaceuticals, medical equipment and services needed for the Covid response made 20 people rich even as lockdowns and economic stagnation destroyed the livelihoods of hundreds of millions of others. These people mainly belonged from India, China, Hong Kong, and Japan. Among the new billionaires include Li Jianquan, whose firm, Winner Medical, makes personal protective equipment (PPE) for health workers, and Dai Lizhong, whose company, Sansure Biotech, makes COVID-19 tests and diagnostic kits, the report said. Also read | Wealth inequality in India: A maid would need to work for 22,277 years to earn as much as a top CEO The Asia-Pacific region saw the total number of billionaires growing by almost a third from 803 in March 2020 to 1,087 by November last year. According to the report, their collective wealth increased by three-quarters (74 per cent). The richest 1 per cent owned more wealth than the poorest 90 per cent in the region, the report said. The report continues to mention that the wealth gap is set to grow. Also read | Richest 1 per cent of Americans now own more wealth than the entire middle class According to Credit Suisse, by 2025, there will be 42,000 more people worth more than $50m in Asia-Pacific and 99,000 billionaires. The number of millionaires by 2025 is projected to be 15.3 million, a 58 per cent increase on 2020. Both the World Bank and IMF have said that coronavirus will cause a significant increase in global economic inequality. Earlier, the World Bank had predicted that global extreme poverty is expected to rise on the back of pandemic-related disruptions. According to its estimate, the COVID-19 pandemic is likely to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021. “The pandemic and global recession may cause over 1.4 per cent of the world’s population to fall into extreme poverty,” World Bank group president David Malpass said. (With inputs from agencies)

Covid spawned 20 new ‘pandemic billionaires’ in Asia, says Oxfam report

The thousandth richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released Monday.

World's billionaires get richer by 3.9 trillion during pandemic

A new report has claimed that the collective wealth of the United States' 651 billionaires rose by over $1 trillion roughly since the time the coronavirus pandemic began and now stands at a combined total of $4 trillion on Monday.

The cumulative net worth of the US's 651 billionaires jumped from $2.95 trillion on March 18 to $4.01 trillion on December 7, a jump of 36 per cent based on Forbes billionaires, as per a new report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS).&nbsp;

Also read | <a href="https://www.wionews.com/world/wealth-of-billionaires-rises-to-102-trillion-amid-coronavirus-crisis-333054">Wealth of billionaires rises to $10.2 trillion amid coronavirus crisis</a>

Interestingly, the size of their wealth increase is more than $908 billion relief package proposed by a bipartisan group of Congressmen.&nbsp;

Also read | <a href="https://www.wionews.com/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880#:~:text=Vaccine%20tycoon%20Zhong%20Shanshan%20has,to%20the%20Bloomberg%20Billionaires%20Index.">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a>

The pandemic has affected the US the most both in terms of the total infections and deaths and the US Department of Agriculture has recently said that an estimated 54 million Americans will struggle with hunger this year, a 45 per cent jump from 2019.&nbsp;

The gains made by these billionaires mean that this amount could lead to a stimulus check of $3,000 to each of the about 330 million people in the country. A family of four would have received more than $12,000.&nbsp;

It is also about four times the $267 billion paid as part of stimulus packages to 159 million people earlier this year. &nbsp;

"Never before has America seen such an accumulation of wealth in so few hands," said Frank Clemente, executive director of Americans for Tax Fairness.

"Their pandemic profits are so immense that America's billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches. Their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman and child in the country, and still be richer than they were 9 months ago."

A new report has claimed that the collective wealth of the United States' 651 billionaires rose by over $1 trillion roughly since the time the coronavirus pandemic began and now stands at a combined total of $4 trillion on Monday.

A new report has claimed that the collective wealth of the United States' 651 billionaires rose by over $1 trillion roughly since the time the coronavirus pandemic began and now stands at a combined total of $4 trillion on Monday. The cumulative net worth of the US's 651 billionaires jumped from $2.95 trillion on March 18 to $4.01 trillion on December 7, a jump of 36 per cent based on Forbes billionaires, as per a new report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS). Also read | Wealth of billionaires rises to $10.2 trillion amid coronavirus crisis Interestingly, the size of their wealth increase is more than $908 billion relief package proposed by a bipartisan group of Congressmen. Also read | Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest The pandemic has affected the US the most both in terms of the total infections and deaths and the US Department of Agriculture has recently said that an estimated 54 million Americans will struggle with hunger this year, a 45 per cent jump from 2019. The gains made by these billionaires mean that this amount could lead to a stimulus check of $3,000 to each of the about 330 million people in the country. A family of four would have received more than $12,000. It is also about four times the $267 billion paid as part of stimulus packages to 159 million people earlier this year. "Never before has America seen such an accumulation of wealth in so few hands," said Frank Clemente, executive director of Americans for Tax Fairness. "Their pandemic profits are so immense that America's billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches. Their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman and child in the country, and still be richer than they were 9 months ago."

Wealth rise of 651 US billionaires alone could pay more than latest stimulus: Report

India added more than three dollar billionaires every month in 2019, taking the tally to 138 that has helped the country to feature at the third position globally, says a Report.

Your Story: India adds 34 new billionaires to the list

From Bill Gates to Jeff Bezos: Generous billionaires who donate for charity

Potential jurors in the defamation trial of high-tech entrepreneur <a href="https://www.wionews.com/world/elon-musk-back-on-twitter-after-break-260218">Elon Musk</a> may be excused from the case if they voice strong feelings about billionaires or people who visit Thailand.

Jury selection was set to begin on Tuesday in the civil suit brought against the Tesla Inc chief executive by a British cave explorer who gained fame for his leading role in the rescue of 12 boys and their soccer coach from a flooded cave in Thailand last year.

The explorer, Vernon Unsworth, says the billionaire, who also founded private rocket company SpaceX, falsely labelled him "pedo guy" on Twitter and should pay punitive and other damages for harming his reputation.

At a pretrial hearing on Monday, US&nbsp;District Judge Stephen Wilson in Los Angeles ruled on several procedural matters and went over ground rules with attorneys for both sides, including the list of questions he will pose during jury selection.

In addition to relatively standard queries such as "Have you ever been a party to a lawsuit," the judge said he would ask prospective jurors some questions unique to the Musk case, including: "Do you have a strong opinion about billionaires?" and "Do you have strong opinions of people who visit or live in Thailand?"

Although an affirmative answer does not necessarily ensure that a potential juror would be excused, such questions are designed to discern an individual's ability to be impartial.

The judge will empanel six to 12 jurors, though Wilson said he finds an eight-member panel to be ideal. Opening statements are expected to begin right after jury selection finishes on Tuesday.

Musk is slated to be the first witness for the plaintiff's team once testimony begins.

The case stems from an offer Musk made to furnish a mini-submarine from his SpaceX company to help with the cave rescue in July 2018.

Unsworth told CNN on July 13, 2018, three days after the rescue was completed, that the offer was a "PR stunt" and that Musk could "stick his submarine where it hurts."

Two days later, <a href="https://www.wionews.com/world/elon-musk-tries-off-hand-humour-again-compares-queen-elizabeth-ii-to-teletubbies-240678">Musk lashed out at Unsworth</a> in a series of tweets, including one which called him a "pedo guy." Musk later apologized for that comment.

The judge explained the case hinges on whether a reasonable person would take Musk's Twitter statement to mean that he was calling Unsworth a paedophile.

To win the defamation case, Unsworth needs to show that Musk was negligent in publishing a falsehood that clearly identified the plaintiff and caused him harm. "Actual malice" on Musk's part does not need to be proven because the judge has deemed Unsworth a private individual rather than a public figure.

Although the case does not involve&nbsp;Tesla, Musk's Twitter habits have long been under close scrutiny, with investors and regulators expressing concerns about his tweets.

With 29.8 million followers, Musk's Twitter account is a major source of publicity for his Palo Alto, California-based electric car company, which does not advertise.

On Monday, the judge refused a defence request to reverse a decision allowing Unsworth's attorneys to introduce an email Musk sent to the news website BuzzFeed in which Musk chided a reporter there to "stop defending child rapists."

Wilson also refused to reverse a ruling that bars plaintiff's lawyers from introducing Musk's financial statements, after defence attorneys acknowledged in court that their client has publicly put his net worth at $20 billion.

Potential jurors in the defamation trial of high-tech entrepreneur Elon Musk may be excused from the case if they voice strong feelings about billionaires or people who visit Thailand.

Potential jurors in the defamation trial of high-tech entrepreneur Elon Musk may be excused from the case if they voice strong feelings about billionaires or people who visit Thailand. Jury selection was set to begin on Tuesday in the civil suit brought against the Tesla Inc chief executive by a British cave explorer who gained fame for his leading role in the rescue of 12 boys and their soccer coach from a flooded cave in Thailand last year. The explorer, Vernon Unsworth, says the billionaire, who also founded private rocket company SpaceX, falsely labelled him "pedo guy" on Twitter and should pay punitive and other damages for harming his reputation. At a pretrial hearing on Monday, US District Judge Stephen Wilson in Los Angeles ruled on several procedural matters and went over ground rules with attorneys for both sides, including the list of questions he will pose during jury selection. In addition to relatively standard queries such as "Have you ever been a party to a lawsuit," the judge said he would ask prospective jurors some questions unique to the Musk case, including: "Do you have a strong opinion about billionaires?" and "Do you have strong opinions of people who visit or live in Thailand?" Although an affirmative answer does not necessarily ensure that a potential juror would be excused, such questions are designed to discern an individual's ability to be impartial. The judge will empanel six to 12 jurors, though Wilson said he finds an eight-member panel to be ideal. Opening statements are expected to begin right after jury selection finishes on Tuesday. Musk is slated to be the first witness for the plaintiff's team once testimony begins. The case stems from an offer Musk made to furnish a mini-submarine from his SpaceX company to help with the cave rescue in July 2018. Unsworth told CNN on July 13, 2018, three days after the rescue was completed, that the offer was a "PR stunt" and that Musk could "stick his submarine where it hurts." Two days later, Musk lashed out at Unsworth in a series of tweets, including one which called him a "pedo guy." Musk later apologized for that comment. The judge explained the case hinges on whether a reasonable person would take Musk's Twitter statement to mean that he was calling Unsworth a paedophile. To win the defamation case, Unsworth needs to show that Musk was negligent in publishing a falsehood that clearly identified the plaintiff and caused him harm. "Actual malice" on Musk's part does not need to be proven because the judge has deemed Unsworth a private individual rather than a public figure. Although the case does not involve Tesla, Musk's Twitter habits have long been under close scrutiny, with investors and regulators expressing concerns about his tweets. With 29.8 million followers, Musk's Twitter account is a major source of publicity for his Palo Alto, California-based electric car company, which does not advertise. On Monday, the judge refused a defence request to reverse a decision allowing Unsworth's attorneys to introduce an email Musk sent to the news website BuzzFeed in which Musk chided a reporter there to "stop defending child rapists." Wilson also refused to reverse a ruling that bars plaintiff's lawyers from introducing Musk's financial statements, after defence attorneys acknowledged in court that their client has publicly put his net worth at $20 billion.

Elon Musk's jury to be queried on opinions of billionaires, visitors to Thailand

Why Are Billionaires Losing Money? #Gravitas

Gravitas: Are The World's Richest Getting Poorer?

US, China top billionaires list; India ranked fourth behind Germany: Forbes

The stunning revelation that a tabloid obtained below-the-belt selfies of Amazon founder Jeff Bezos -- the world's richest man -- suggests that even billionaires are not out of the reach of hackers.

<a href="http://www.wionews.com/world/saudi-arabia-says-has-nothing-to-do-with-bezos-ami-dispute-196445">Bezos came out fighting this week</a>, accusing the National Enquirer of blackmailing him with lurid pictures of him and his mistress and pre-empting the threat to publish by releasing details of the images himself.

But for Mark Johnson, CEO of Sovereign Intelligence, the incident makes clear that "no one is beyond the reach of cyber exploitation."&nbsp;

"It's a curious irony that billionaires demonstrate astounding acumen related to their own industries, and yet seemingly ignore the minutiae of common-place security measures."&nbsp;

Johnson sees billionaires and top executives as especially vulnerable because their personal information is a gold mine for criminals, intelligence agencies and competitors.

"Obtaining their personal data is like having keys to the kingdom," said Johnson, potentially providing priceless insight into the thinking and strategies of the world's most powerful business leaders.

Ian Bremmer, the founder of the Eurasia Group think tank, put it more bluntly.

"If the National Enquirer has @JeffBezos dick pics, don't tell me China doesn't have @Amazon IP and strategy," he tweeted.

Increase in calls&nbsp;

Since the revelations about Bezos, whose fortune is estimated at more than $130 billion, computer security experts interviewed by AFP report an increase in calls from wealthy clients asking them to verify that their computer systems and devices were not hacked.

"Today's threats, however, are not necessarily trying to breach the walls of the castle -- they are already inside, residing on personal devices," said Kris Coleman, the founder of Red Five Security. "Experience has shown that the typical breach is not discovered for eight months."

In this ever-more connected age, more and more personal data is stored online -- from social security numbers to bank details, driver's license numbers and personal addresses.

As a result, the focus of security measures for the ultra-wealthy has shifted from bodyguards and sophisticated alarms towards risk management to protect their assets, their image and their "legacy."

The super-wealthy will typically have their own computer security service and also call on external companies for regular evaluation of their devices because a large number of hacks are detected by third parties, according to observers.

Mark Zuckerberg, Facebook's CEO, spent $7.3 million on his security in 2017, up from $4.2 million in 2015 -- astronomical sums that the social network deemed justified due to his prominence.

Last July, Facebook said it would give him $10 million more per year to strengthen his security.

"Protection from colluding insiders working from positions of trust; or, against an intelligence agency trying to attack from the outside is going to require a large investment, a lot of experience, and vigilance," said Coleman.

Entourage

For Johnson, "no one's data is that well protected. Think of all the third-party platforms that have your social security number, or banking information, or that hold your personal pictures."

Just days before Bezos disclosed that a tabloid had obtained his intimate selfies, a fellow billionaire -- Joe Ricketts, the founder of the broker TD Ameritrade Holding Corporation -- was ensnared in scandal following the release of private messages.

The American news site Splinter published a series of racist emails from Ricketts, without saying how it obtained them.

The exchanges, some of which date back to 2009, show the 77-year-old sharing and apparently endorsing racist jokes and conspiracy theories. He has since apologized.

Back in August 2015, a cyber attack on the Ashley-Madison extramarital dating site revealed that American billionaire Dan Loeb had an account there.

Bezos did not say how the National Enquirer obtained his pictures, but experts say the most common method is for a hacker to usurp the identity of a member of a person's entourage.

"The adversary would send a message to the target asking them to click on a link in a text or email," Coleman explained. "The sender's real identity is hidden but the target trusts the message from their 'friend' and clicks the link unlocking malware or another type of attack on that device."

The stunning revelation that a tabloid obtained below-the-belt selfies of Amazon founder Jeff Bezos -- the world's richest man -- suggests that even billionaires are not out of the reach of hackers.

The stunning revelation that a tabloid obtained below-the-belt selfies of Amazon founder Jeff Bezos -- the world's richest man -- suggests that even billionaires are not out of the reach of hackers. Bezos came out fighting this week, accusing the National Enquirer of blackmailing him with lurid pictures of him and his mistress and pre-empting the threat to publish by releasing details of the images himself. But for Mark Johnson, CEO of Sovereign Intelligence, the incident makes clear that "no one is beyond the reach of cyber exploitation." "It's a curious irony that billionaires demonstrate astounding acumen related to their own industries, and yet seemingly ignore the minutiae of common-place security measures." Johnson sees billionaires and top executives as especially vulnerable because their personal information is a gold mine for criminals, intelligence agencies and competitors. "Obtaining their personal data is like having keys to the kingdom," said Johnson, potentially providing priceless insight into the thinking and strategies of the world's most powerful business leaders. Ian Bremmer, the founder of the Eurasia Group think tank, put it more bluntly. "If the National Enquirer has @JeffBezos dick pics, don't tell me China doesn't have @Amazon IP and strategy," he tweeted. Increase in calls Since the revelations about Bezos, whose fortune is estimated at more than $130 billion, computer security experts interviewed by AFP report an increase in calls from wealthy clients asking them to verify that their computer systems and devices were not hacked. "Today's threats, however, are not necessarily trying to breach the walls of the castle -- they are already inside, residing on personal devices," said Kris Coleman, the founder of Red Five Security. "Experience has shown that the typical breach is not discovered for eight months." In this ever-more connected age, more and more personal data is stored online -- from social security numbers to bank details, driver's license numbers and personal addresses. As a result, the focus of security measures for the ultra-wealthy has shifted from bodyguards and sophisticated alarms towards risk management to protect their assets, their image and their "legacy." The super-wealthy will typically have their own computer security service and also call on external companies for regular evaluation of their devices because a large number of hacks are detected by third parties, according to observers. Mark Zuckerberg, Facebook's CEO, spent $7.3 million on his security in 2017, up from $4.2 million in 2015 -- astronomical sums that the social network deemed justified due to his prominence. Last July, Facebook said it would give him $10 million more per year to strengthen his security. "Protection from colluding insiders working from positions of trust; or, against an intelligence agency trying to attack from the outside is going to require a large investment, a lot of experience, and vigilance," said Coleman. Entourage For Johnson, "no one's data is that well protected. Think of all the third-party platforms that have your social security number, or banking information, or that hold your personal pictures." Just days before Bezos disclosed that a tabloid had obtained his intimate selfies, a fellow billionaire -- Joe Ricketts, the founder of the broker TD Ameritrade Holding Corporation -- was ensnared in scandal following the release of private messages. The American news site Splinter published a series of racist emails from Ricketts, without saying how it obtained them. The exchanges, some of which date back to 2009, show the 77-year-old sharing and apparently endorsing racist jokes and conspiracy theories. He has since apologized. Back in August 2015, a cyber attack on the Ashley-Madison extramarital dating site revealed that American billionaire Dan Loeb had an account there. Bezos did not say how the National Enquirer obtained his pictures, but experts say the most common method is for a hacker to usurp the identity of a member of a person's entourage. "The adversary would send a message to the target asking them to click on a link in a text or email," Coleman explained. "The sender's real identity is hidden but the target trusts the message from their 'friend' and clicks the link unlocking malware or another type of attack on that device."

Bezos case exposes billionaires' vulnerability to hackers

It took rickshaw driver Mohammad Rasheed a year to save 300 rupees to buy his daughter a bike, so when he found three billion rupees ($22.5 million) had passed through an unused bank account in his name, he was stunned ... and scared.

"I started sweating and shivering," said the 43-year-old &nbsp;-- just the latest victim of a money laundering scheme that Pakistan's new prime minister, Imran Khan, has vowed to crush.

When he got a call from the Federal Investigation Agency, Rasheed's first inclination was to go into hiding, but friends and family members finally convinced him to cooperate with officials. &nbsp;

His case mirrors dozens of similar stories in recent weeks that have filled newspapers in Pakistan and riled a populace long accustomed to extravagant tales of corruption and theft.

The incidents follow a similar arc -- bank accounts in poor residents' names are flooded with cash, then suddenly emptied in a laundering scheme that has likely seen hundreds of millions of dollars moved out of the country.

Rasheed's name was eventually cleared, but his anxiety remained.

"I stopped driving my rented rickshaw on the roads because of the fear that some other investigating agencies might pick me up," he said.&nbsp;

"My wife fell sick because of the tension."

Only weeks before the fiasco he had finally been able to buy a 300-rupee bike with worn tyres for his daughter -- the fruit of a year's careful saving.

'Stolen money'&nbsp;

The revelation of the laundering frenzy comes as the newly elected Khan has vowed to squash rampant corruption and recover billions siphoned from the country as his government scrambles to shore up Pakistan's deteriorating finances.

"This is your stolen money," said the former cricketer during a televised address to the nation Wednesday.&nbsp;

"It was stolen on public contracts... and transferred into these accounts, then laundered abroad.

"I will spare no corrupt man in this country," he promised.

But for victims like Mohammad Qadir the damage has already been done. &nbsp;

"I have never even seen a bank from the inside," said the 52-year-old ice cream vendor.

Transactions were nevertheless made in his name for 2.25 billion rupees.

Since news of the incident spread Qadir says he is regularly mocked by his neighbours and also fears being kidnapped by criminal elements who believe he has billions of rupees to spare for hefty ransoms.

"He is a penniless billionaire," one of Qadir's acquaintances laughed while driving past his ice cream cart in the Karachi slum of Orangi town.

"People make fun of me, but I ended up with nothing at all from this situation," said Qadir. "It is such a tragedy."

Sarwat Zehra, a 56-year-old official, says she has suffered from high-blood pressure after being handed a bill for 13 million rupees in back taxes.

"I was told that a company had illegally passed 14 or 15 billion rupees through my account," she said.

Pakistan's poor have long been used as fronts for the elite to dodge taxes and hide assets.

But the scale of the bank account scheme is unprecedented, with authorities pointing the finger at some of Karachi's wealthiest power brokers including figures with links to former president Asif Zardari.

'Blacklist'&nbsp;

In September, Pakistan's Supreme Court established a commission&nbsp;to investigate the scourge, finding that at least 400 million dollars had passed through "thousands of false accounts", using the names of impoverished people.

Some 600 companies and individuals "are associated with the scandal", the commission concluded.

It is all the more embarrassing for Khan as his administration scrambles to secure billions of dollars in foreign financial assistance, while also entering talks with the International Monetary Fund for a potential bailout amid a widening balance of payment crisis. &nbsp;

The brazen laundering schemes come as Pakistan was again placed on a watchlist this year by the Financial Action Task Force (FATF) -- an anti money-laundering monitor based in Paris -- for failing to do enough to combat terror financing.

It took rickshaw driver Mohammad Rasheed a year to save 300 rupees to buy his daughter a bike, so when he found three billion rupees ($22.5 million) had passed through an unused bank account in his name, he was stunned .

It took rickshaw driver Mohammad Rasheed a year to save 300 rupees to buy his daughter a bike, so when he found three billion rupees ($22.5 million) had passed through an unused bank account in his name, he was stunned ... and scared. "I started sweating and shivering," said the 43-year-old -- just the latest victim of a money laundering scheme that Pakistan's new prime minister, Imran Khan, has vowed to crush. When he got a call from the Federal Investigation Agency, Rasheed's first inclination was to go into hiding, but friends and family members finally convinced him to cooperate with officials. His case mirrors dozens of similar stories in recent weeks that have filled newspapers in Pakistan and riled a populace long accustomed to extravagant tales of corruption and theft. The incidents follow a similar arc -- bank accounts in poor residents' names are flooded with cash, then suddenly emptied in a laundering scheme that has likely seen hundreds of millions of dollars moved out of the country. Rasheed's name was eventually cleared, but his anxiety remained. "I stopped driving my rented rickshaw on the roads because of the fear that some other investigating agencies might pick me up," he said. "My wife fell sick because of the tension." Only weeks before the fiasco he had finally been able to buy a 300-rupee bike with worn tyres for his daughter -- the fruit of a year's careful saving. 'Stolen money' The revelation of the laundering frenzy comes as the newly elected Khan has vowed to squash rampant corruption and recover billions siphoned from the country as his government scrambles to shore up Pakistan's deteriorating finances. "This is your stolen money," said the former cricketer during a televised address to the nation Wednesday. "It was stolen on public contracts... and transferred into these accounts, then laundered abroad. "I will spare no corrupt man in this country," he promised. But for victims like Mohammad Qadir the damage has already been done. "I have never even seen a bank from the inside," said the 52-year-old ice cream vendor. Transactions were nevertheless made in his name for 2.25 billion rupees. Since news of the incident spread Qadir says he is regularly mocked by his neighbours and also fears being kidnapped by criminal elements who believe he has billions of rupees to spare for hefty ransoms. "He is a penniless billionaire," one of Qadir's acquaintances laughed while driving past his ice cream cart in the Karachi slum of Orangi town. "People make fun of me, but I ended up with nothing at all from this situation," said Qadir. "It is such a tragedy." Sarwat Zehra, a 56-year-old official, says she has suffered from high-blood pressure after being handed a bill for 13 million rupees in back taxes. "I was told that a company had illegally passed 14 or 15 billion rupees through my account," she said. Pakistan's poor have long been used as fronts for the elite to dodge taxes and hide assets. But the scale of the bank account scheme is unprecedented, with authorities pointing the finger at some of Karachi's wealthiest power brokers including figures with links to former president Asif Zardari. 'Blacklist' In September, Pakistan's Supreme Court established a commission to investigate the scourge, finding that at least 400 million dollars had passed through "thousands of false accounts", using the names of impoverished people. Some 600 companies and individuals "are associated with the scandal", the commission concluded. It is all the more embarrassing for Khan as his administration scrambles to secure billions of dollars in foreign financial assistance, while also entering talks with the International Monetary Fund for a potential bailout amid a widening balance of payment crisis. The brazen laundering schemes come as Pakistan was again placed on a watchlist this year by the Financial Action Task Force (FATF) -- an anti money-laundering monitor based in Paris -- for failing to do enough to combat terror financing.

Pakistan's 'penniless billionaires' expose money laundering frenzy

US President Donald Trump's net worth has flatlined at USD 3.1 billion, but he has slid down a Forbes ranking of billionaires as the magazine believes his White House stint is harming the Trump brand.

Trump's ranking dropped to number 259 on the list of Forbes's wealthiest 400 billionaires released Wednesday, down from spot number 248 in 2017.

In 2015, the year that Trump announced his then improbable run for the presidency, Forbes valued his net worth at $ 4.5 billion.

Forbes attributes his declining wealth to deeper reporting about his assets, decline in brick-and-mortar retail, slowdown in real-estate, particularly in the luxury sector, and how being president affects the brand.

While he built much of his fortune on lending his name to projects he does not always own, a Forbes investigation say the strategy is backfiring, with his name no longer synonymous with luxury but divisiveness, driving away business partners and potential apartment buyers.

Nevertheless, the value of property that he does own, including his Trump Tower penthouse, his personal private jet and Mar-a-Lago estate in Florida, dubbed the Winter White House, has gained in value, Forbes believes.

Before taking office, Trump placed his business interests in a trust managed by his adult sons, Don Junior and Eric, and veteran Trump Organization executive Allen Weisselberg.

He refused multiple calls to divest fully, leading to ongoing accusations of conflict of interest.

Forbes calculated that if Trump had liquidated, paid capital gains tax on his fortune and created a blind trust to invest everything in the booming stock market, he would be would now be USD 500 million richer.

Amazon's Jeff Bezos, whose fortune jumped USD 78.5 billion in one year, tops the Forbes list this year, with a net worth of USD 160 billion.

Microsoft co-founder Bill Gates, who held the number one spot for 24 consecutive years, is ranked number two at USD 97 billion.

Forbes said the 400 on the list have a record-breaking, combined net worth of USD 2.9 trillion, up from USD 2.7 trillion in 2017.

Entrance to the exclusive club cost an all-time high of USD 2.1 billion and 204 Americans with 10-figure fortunes fell short.

US President Donald Trump's net worth has flatlined at USD 3.1 billion, but he has slid down a Forbes ranking of billionaires as the magazine believes his White House stint is harming the Trump brand.

US President Donald Trump's net worth has flatlined at USD 3.1 billion, but he has slid down a Forbes ranking of billionaires as the magazine believes his White House stint is harming the Trump brand. Trump's ranking dropped to number 259 on the list of Forbes's wealthiest 400 billionaires released Wednesday, down from spot number 248 in 2017. In 2015, the year that Trump announced his then improbable run for the presidency, Forbes valued his net worth at $ 4.5 billion. Forbes attributes his declining wealth to deeper reporting about his assets, decline in brick-and-mortar retail, slowdown in real-estate, particularly in the luxury sector, and how being president affects the brand. While he built much of his fortune on lending his name to projects he does not always own, a Forbes investigation say the strategy is backfiring, with his name no longer synonymous with luxury but divisiveness, driving away business partners and potential apartment buyers. Nevertheless, the value of property that he does own, including his Trump Tower penthouse, his personal private jet and Mar-a-Lago estate in Florida, dubbed the Winter White House, has gained in value, Forbes believes. Before taking office, Trump placed his business interests in a trust managed by his adult sons, Don Junior and Eric, and veteran Trump Organization executive Allen Weisselberg. He refused multiple calls to divest fully, leading to ongoing accusations of conflict of interest. Forbes calculated that if Trump had liquidated, paid capital gains tax on his fortune and created a blind trust to invest everything in the booming stock market, he would be would now be USD 500 million richer. Amazon's Jeff Bezos, whose fortune jumped USD 78.5 billion in one year, tops the Forbes list this year, with a net worth of USD 160 billion. Microsoft co-founder Bill Gates, who held the number one spot for 24 consecutive years, is ranked number two at USD 97 billion. Forbes said the 400 on the list have a record-breaking, combined net worth of USD 2.9 trillion, up from USD 2.7 trillion in 2017. Entrance to the exclusive club cost an all-time high of USD 2.1 billion and 204 Americans with 10-figure fortunes fell short.

Trump's net worth at over $3.1 billion, slips 11 points in rich list: Forbes

According to a report published by New World Wealth, India stands as the sixth wealthiest country in the world with a total wealth of whopping $8,230 billion.&nbsp;

The United States of America tops the list with $64,584 billion followed by China with &nbsp;$24,803 billion and Japan at $19,522 billion standing third. Next comes the United Kingdom at the 4th slot at $9,919 billion followed by Germany with $9,660 billion in fifth place.&nbsp;

Interestingly, countries like France, Canada, Australia, and Italy came after India at 7th, 8th, 9th and 10th slot respectively.&nbsp;

The report took into account the amount of private wealth held by all the individuals of a country/city including their assets (property, cash, equities, business interests) excluding all liabilities. Government funds were excluded.

 
India was also touted as the best-performing global wealth market in 2017. According to official estimates, India&#39;s total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a growth of 25 per cent.&nbsp;

Over the past decade (2007-2017) India&#39;s total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017 -- by close to 160 per cent -- in the last decade, the report noted.&nbsp;

 
China&#39;s wealth, on the other hand, saw an increase of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017).&nbsp;

India also ranked 9th with 50,47,400 HNWIs (high-net-worth individuals) with the US topping the list again. India is also home to 20,730 multi-millionaires, 7th largest in the world. &nbsp;

India was recently named third on the list of countries with the highest number of billionaires with 119 such individuals after the US and China.

(With inputs from PTI)&nbsp;

Countries like France, Canada, Australia, and Italy came after India at 7th, 8th, 9th, and 10th slot respectively.

According to a report published by New World Wealth, India stands as the sixth wealthiest country in the world with a total wealth of whopping $8,230 billion. The United States of America tops the list with $64,584 billion followed by China with $24,803 billion and Japan at $19,522 billion standing third. Next comes the United Kingdom at the 4th slot at $9,919 billion followed by Germany with $9,660 billion in fifth place. Interestingly, countries like France, Canada, Australia, and Italy came after India at 7th, 8th, 9th and 10th slot respectively. The report took into account the amount of private wealth held by all the individuals of a country/city including their assets (property, cash, equities, business interests) excluding all liabilities. Government funds were excluded. India was also touted as the best-performing global wealth market in 2017. According to official estimates, India's total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a growth of 25 per cent. Over the past decade (2007-2017) India's total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017 -- by close to 160 per cent -- in the last decade, the report noted. China's wealth, on the other hand, saw an increase of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017). India also ranked 9th with 50,47,400 HNWIs (high-net-worth individuals) with the US topping the list again. India is also home to 20,730 multi-millionaires, 7th largest in the world. India was recently named third on the list of countries with the highest number of billionaires with 119 such individuals after the US and China. (With inputs from PTI)

India is 6th wealthiest country in world, 3rd in maximum number of billionaires: Report

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