Category: Personal Finance

Global Billionaire Population Hits New Record Thanks To Rapid Growth In Asia


 There are 2,170 billionaires in the world today, according to the inaugural Wealth-X and UBS Billionaire Census 2013, with their combined net worth estimated at over $6.5 trillion – a sum greater than the GDP of every country except the U.S. and China.

The Billionaire Census found that the total number of billionaires grew by 0.5 percent this year, while total wealth rose by 5.3 percent.

Asia saw the greatest growth in wealth and the number of billionaires – seeing a 3.7 percent jump in wealthy individuals, while combined fortune grew by 13 percent.

Deconstructing The Psychology Of The Nigerian Tax Regime


In Nigeria, as well as around the world, a majority of taxpayers view tax not as a contractual contribution to government expense, but as an involuntary tribute to be paid to avoid prosecution and penalty. Merely transcribing taxes from economic textbooks into local law will not work; tax regimes have to be developed from within the society, and targeted at the peculiar needs of the government. Tax policies have to be written by the people – and for the people. Only then would a sense of participation and expectation be truly generated, and the tax system manifestly effective.

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Categorized as Taxes

Bankers’ Pay Drops By 10% Amid Investor and Regulatory Pressure


The average pay of top bankers in the United States and Europe fell by 10 percent in 2012, according to a report by the Financial Times, after a series of high-profile revolts and legal scandals forced banks to place caps on executive remuneration.

Studying the total pay awarded to the chiefs of 15 leading U.S. and European banks, Equilar, a U.S. executive compensation research firm, found that top banking executives took home an average $11.5 million in 2012, 10 percent less than in the previous year.

UK Lawmakers Call For Errant Bankers to Be Jailed


Britain needs a “radical” overhaul of its scandal-plagued banking sector as well as the introduction of new laws that will make it possible to jail bankers for “reckless misconduct” and force bankers to wait up to 10 years to receive their bonuses, said the UK’s Parliamentary Commission on Banking Standards on Tuesday.

Bill Gates Is World’s Richest Man – Again


Nearly six years after dropping behind Warren Buffett and Carlos Slim as the world’s richest man, Microsoft co-founder Bill Gates has regained the top spot on Bloomberg’s Billionaire Index, thanks to a surge in Microsoft share price, which took his estimated fortune to $72.7 billion.

Money CAN Buy Happiness & People Can Never Be Satisfied, Claims New Study


It might sound like a glaringly obvious statement to some of us, but according to new research conducted by economists from the University of Michigan, more wealth will indeed lead to greater life satisfaction, while human beings have “no satiation point” in terms of their level of income.

Infographic: 10 Tricks Of The Super Rich To Avoid Paying Taxes


According to a 2012 report by advocacy group Tax Justice Network, the world’s super rich are believed to be hiding nearly $21 trillion in offshore tax havens, which could possibly generate between $190-$280 billion in tax revenues for nations worldwide.

But while stashing cash overseas may be a popular method by wealthy individuals to avoid taxes, it is not the only loophole exploited by the rich in order to keep their money away from the government.

Swiss to Vote on Tax Breaks for Wealthy


Switzerland could soon scrap tax breaks for wealthy foreigners after Swiss socialists and labour unions succeeded in putting the country’s 150 year-old tax law up to a popular vote.

Opponents of the “scandalous” tax break have collected more than the 100,000 signatures needed for a parliamentary debate and national referendum, the Federal Council said in a statement on Thursday.

Infographic: The Top Gadgets & Apps That CEOs Can’t Live Without


Like many of us ‘mere mortals’, CEOs and decision makers have also grown increasingly reliant on mobile technology for their day-to-day operations – be it for communicating with clients and staff or developing business plans and reports on the move.

Singapore to Crack Down on Tax Dodgers


In a bid to protect its reputation as a “trusted financial centre”, Singapore is clamping down on foreigners who evade taxes by shifting money to its banks.

In a deal announced by the Singapore government and visiting German finance minister Wolfgang Schauble on Sunday, both countries will incorporate the latest Organisation for Economic Cooperation and Development standards on exchanging information in their double taxation accord.