Forbes Magazine just came out with it’s list of the top billionaires in the world.
We narrowed the list down to look at the most successful people in finance, which includes investments, trading, hedge funds and money management.
Read on to see the 10 wealthiest people in finance.
10. Philip Anschutz
Net worth: $11.3 billion
Industry: Diversified investments
Source of wealth: Self-made
Reclusive billionaire Philip Anschutz has built a fortune across oil, railroads, real estate, sports and entertainment.
Anschutz also owns the NHL’s King team and part of the Lakers’ basketball franchise.
He’s trying to build the world’s biggest wind farm in Wyoming.
9. David Tepper
Net worth: $11.6 billion
Country: United States
Industry: Hedge funds
Source of wealth: Self-made; Appaloosa Management
Tepper founded his hedge fund, Appaloosa Management in 1993, and now manages $15 billion.
Tepper bought the NFL’s Carolina Panthers professional football team for $2.3 billion earlier this year.
In September, Tepper said that his firm had reduced its holdings of US stocks.
“If you ask me what inning we’re in, I think it’s a late-innings game,” Tepper, who manages about $14 billion in assets, told CNBC of the nine-year bull market in stocks.
Appaloosa in May disclosed it had sold its entire stake in Apple, which had previously made up more than 7% of its portfolio.
The fund is also pushing for change at pharma company Allergan.
8. Steve Cohen
Net worth: $13 billion
Industry: Hedge funds
Source of wealth: Self-made; Point72 Asset Management
Steve Cohen for years ran SAC Capital, one of the most successful hedge funds ever. Cohen was forced to shut down SAC after the firm pleaded guilty to insider trading charges. He launched Point72 Asset Management and started taking outside capital in 2018 after running it previously as a family office. He now manages $13 billion.
Earlier this year, a female employee, Lauren Bonner, filed a lawsuit alleging widespread gender discrimination at the fund, including stark wage discrepancies between men and women for the same work. Doug Haynes, the firm’s former president and a former McKinsey executive who was named in the suit, left soon after. Bonner’s lawsuit was dismissed in federal court last week, and will now be arbitrated.
7. Steve Schwartzman
Net worth: $13.8 billion
Source of wealth: Self-made; Blackstone Group
Stephen Schwarzman, the son of a dry goods store owner, founded Blackstone in 1985 alongside Pete Peterson. Now the world’s largest private equity firm, Blackstone manages $439 billion in assets.
Schwarzman took home a pay package of $786 million last year, making him the private equity industry’s highest paid executive.
In the last several years, Schwarzman has taken a backseat in the day-to-day decisions at Blackstone but he still remains prominent in fundraising.
Earlier this year, Blackstone elevated the firm’s real estate head Jonathan Gray to president and chief operating officer which paves the way for him to replace Schwarzman as CEO.
6. Carl Icahn
Net worth: $16.3 billion
Source of wealth: Self-made; Icahn Enterprises
Carl Icahn has made a lifelong habit and lucrative career out of agitating undervalued and poorly managed companies to change their ways. Since founding his own investment firm in 1968, Icahn has become one of the most powerful people in finance, investing in scores of high-profile companies, including RJR Nabisco, Philips Petroleum, Viacom, Marvel, Time Warner, Netflix, and Herbalife.
Icahn Enterprises now has around $8 billion in assets under management.
Icahn has said that he has no plans of retiring from pestering corporate executives. He was a special adviser to President Trump on regulation until his resignation in August 2017.
5. Abigail Johnson
Net worth: $17.3 billion
Industry: Money Management
Source of wealth: Inherited; Fidelity Investments
Abigail Johnson has served as CEO of mutual fund giant Fidelity Investments since 2014, when she took over from his father Ned Johnson III.
Her grandfather the company in 1946.
Johnson owns around 24.5% stake of the firm, which manages $2.5 trillion.
Johnson, who is the first woman to run Fidelity, is known for being very private. Earlier this year, she made a rare speech in an effort to address inappropriate workplace conduct like sexual harassment at Fidelity.
4. Ray Dalio
Net worth: $18.1 billion
Industry: Hedge funds
Source of wealth: Self-made; Bridgewater Associates
Ray Dalio‘s hedge fund, Bridgewater Associates, is the biggest in the world, managing a portfolio of around $160 billion in global investments.
At the top of his industry and having amassed an enormous fortune, Dalio has more recently focused on giving away money and advice. He’s taken the Giving Pledge, committing to donate the majority of his wealth to charity. He’s also stared his highly coveted “investment secrets,” albeit in an unorthodox manner for a hedge funder, in a 30-minute YouTube video. His 123-page, self-published manual on his principles of money management and leadership is also seen as somewhat of a bible among the investment world.
Dalio has always taken a radical approach to management, making everything he and his fund does completely transparent to employees. And it’s worked well for him: Bridgewater, while sometimes viewed as “cultish,” is one of the most coveted places to work in finance. Dalio has said that he attributes his success, in part, to reminding himself that history repeats itself and keeping track of the decisions he’s made that didn’t work.
To make sure that Bridgewater runs without him, he’s recently stepped back from management responsibilities while still remaining active in the investment strategy.
Dalio recently sat down with Business Insider CEO Henry Blodget to discuss his new book, which breaks down the anatomy of credit crises throughout history.
3. James Simons
Net worth: $20 billion
Industry: Hedge funds
Source of wealth: Self-made; Renaissance Technologies
Before revolutionizing the hedge fund industry with his mathematics-based approach, “Quant King” James Simons worked as a code breaker for the US Department of Defense during the Vietnam War, but was fired after criticizing the war in the press. He chaired the math department at Stony Brook University for a decade until leaving in 1978 to start a quantitative-trading firm. That firm, now called Renaissance Technologies, has more than $57 billion in assets under management among its many funds.
He’s given away over $2.7 billion in his lifetime.
2. Thomas Peterffy
Net worth: $20.2 billion
Country: United States
Industry: Discount brokerage
Source of wealth: Self-made; Founded Interactive Brokers
Thomas Peterffy, who is frequently considered the father of modern trading, founded discount trading company Interactive Brokers in 1993. He took the company public in 2007, but still owns the majority of it.
Peterffy immigrated to the US from Hungary in 1965 with no money and didn’t speak any English. He started off as a software designer and then bought a seat on the American Stock Exchange to trade options in the 1970s. He built a hand-held computer and used it to trade on the floor of the exchange, the first time that had been done.
He’s also known for his staunch opposition to socialism. He ran a series of television ads during the 2012 election cycle warning about the dangers of wealth distribution. Peterffy also been public about his support for President Donald Trump.
1. Warren Buffett
Net worth: $88.3 billion
Industry: Diversified investments
Source of wealth: Self-made; Berkshire Hathaway
Berkshire Hathaway CEO Warren Buffett started his prodigious investing career at a young age. As a child he delivered newspapers on his bike, and by 11 the precocious Nebraska native had purchased his first shares in the stock market — Cities Service Preferred at $38 apiece — and sold them for a $5 profit. He was rejected from Harvard Business School, so Buffett went to Columbia Business School instead and learned under iconic value investor Benjamin Graham, who would become a mentor to the budding financier. Buffett worked as a securities analyst in the early-1950s before starting his own investment firm. He bought textile company Berkshire Hathaway in 1969, transforming it into a holding company that would house the many lucrative investments that helped build his massive fortune and earn the nickname “The Oracle of Omaha.”
The array of portfolio companies and investments that made him rich may appear random — he’s bet on companies including Coca-Cola, American Express, Geico, Fruit of the Loom, Dairy Queen, and General Motors — but they’re all cash-generating machines that offer long-term value.
A frugal man with a fondness for junk food, perhaps the most impressive part of Buffett’s $88 billion fortune is that it doesn’t include $31.5 billion he’s already given away. He’s good friends with Microsoft cofounder Bill Gates, whom he collaborated with to create the Giving Pledge, a promise for billionaires to give away at least half of their wealth to charity. He’s said that he will give away 99% of his wealth.
Public officers above 58 years and with pre-existing conditions told to work from home: The Standard
Head of Public Service Joseph Kinyua. [File, Standard]
In a document from Head of Public Service, Joseph Kinyua new measure have been outlined to curb the bulging spread of covid-19. Public officers with underlying health conditions and those who are over 58 years -a group that experts have classified as most vulnerable to the virus will be required to execute their duties from home.
However, the new rule excluded personnel in the security sector and other critical and essential services.
“All State and public officers with pre-existing medical conditions and/or aged 58 years and above serving in CSG5 (job group ‘S’) and below or their equivalents should forthwith work from home,” read the document,” read the document.
To ensure that those working from home deliver, the Public Service directs that there be clear assignments and targets tasked for the period designated and a clear reporting line to monitor and review work done.
SEE ALSO: Thinking inside the cardboard box for post-lockdown work stations
Others measures outlined in the document include the provision of personal protective equipment to staff, provision of sanitizers and access to washing facilities fitted with soap and water, temperature checks for all staff and clients entering public offices regular fumigation of office premises and vehicles and minimizing of visitors except by prior appointments.
Officers who contract the virus and come back to work after quarantine or isolation period will be required to follow specific directives such as obtaining clearance from the isolation facility certified by the designated persons indicating that the public officer is free and safe from Covid-19. The officer will also be required to stay away from duty station for a period of seven days after the date of medical certification.
“The period a public officer spends in quarantine or isolation due to Covid-19, shall be treated as sick leave and shall be subject to the Provisions of the Human Resource Policy and procedures Manual for the Public Service(May,2016),” read the document.
The service has also made discrimination and stigmatization an offence and has guaranteed those affected with the virus to receive adequate access to mental health and psychosocial supported offered by the government.
The new directives targeting the Public Services come at a time when Kenyans have increasingly shown lack of strict observance of the issued guidelines even as the number of positive Covid-19 cases skyrocket to 13,771 and leaving 238 dead as of today.
SEE ALSO: Working from home could be blessing in disguise for persons with disabilities
Principal Secretaries/ Accounting Officers will be personally responsible for effective enforcement and compliance of the current guidelines and any future directives issued to mitigate the spread of Covid-19.
Uhuru convenes summit to review rising Covid-19 cases: The Standard
President Uhuru Kenyatta (pictured) will on Friday, July 24, meet governors following the ballooning Covid-19 infections in recent days.
The session will among other things review the efficacy of the containment measures in place and review the impact of the phased easing of the restrictions, State House said in a statement.
This story is being updated.
SEE ALSO: Sakaja resigns from Covid-19 Senate committee, in court tomorrow
Drastic life changes affecting mental health
Kenya has been ranked 6th among African countries with the highest cases of depression, this has triggered anxiety by the World Health Organization (WHO), with 1.9 million people suffering from a form of mental conditions such as depression, substance abuse.
Globally, one in four people is affected by mental or neurological disorders at some point in their lives, this is according to the WHO.
Currently, around 450 million people suffer from such conditions, placing mental disorders among the leading causes of ill-health and disability worldwide.
The pandemic has also been known to cause significant distress, mostly affecting the state of one’s mental well-being.
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With the spread of the COVID-19 pandemic attributed to the novel Coronavirus disease, millions have been affected globally with over 14 million infections and half a million deaths as to date. This has brought about uncertainty coupled with difficult situations, including job loss and the risk of contracting the deadly virus.
In Kenya the first Coronavirus case was reported in Nairobi by the Ministry of Health on the 12th March 2020. It was not until the government put in place precautionary measures including a curfew and lockdown (the latter having being lifted) due to an increase in the number of infections that people began feeling its effect both economically and socially.
A study by Dr. Habil Otanga, a Lecturer at the University of Nairobi, Department of Psychology says that such measures can in turn lead to surge in mental related illnesses including depression, feelings of confusion, anger and fear, and even substance abuse. It also brings with it a sense of boredom, loneliness, anger, isolation and frustration. In the post-quarantine/isolation period, loss of employment due to the depressed economy and the stigma around the disease are also likely to lead to mental health problems.
The Kenya National Bureau of Statistics (KNBS) states that at least 300,000 Kenyans have lost their jobs due to the Coronavirus pandemic between the period of January and March this year.
KNBC noted that the number of employed Kenyans plunged to 17.8 million as of March from 18.1 million people as compared to last year in December. The Report states that the unemployment rate in Kenya stands at 13.7 per cent as of March this year while it stood 12.4 per cent in December 2019.
Mama T (not her real name) is among millions of Kenyans who have been affected by containment measures put in place to curb the spread of the virus, either by losing their source of income or having to work under tough guidelines put in place by the MOH.
As young mother and an event organizer, she has found it hard to explain to her children why they cannot go to school or socialize freely with their peers as before.
“Sometimes it gets difficult as they do not understand what is happening due to their age, this at times becomes hard on me as they often think I am punishing them,”
Her contract was put on hold as no event or public gatherings can take place due to the pandemic. This has brought other challenges along with it, as she has to find means of fending for her family expenditures that including rent and food.
“I often wake up in the middle of the night with worries about my next move as the pandemic does not exhibit any signs of easing up,” she says. She adds that she has been forced to sort for manual jobs to keep her family afloat.
Ms. Mary Wahome, a Counseling Psychologist and Programs Director at ‘The Reason to Hope,’ in Karen, Nairobi says that such kind of drastic life changes have an adverse effect on one’s mental status including their family members and if not addressed early can lead to depression among other issues.
“We have had cases of people indulging in substance abuse to deal with the uncertainty and stress brought about by the pandemic, this in turn leads to dependence and also domestic abuse,”
Sam Njoroge , a waiter at a local hotel in Kiambu, has found himself indulging in substance abuse due to challenges he is facing after the hotel he was working in was closed down as it has not yet met the standards required by the MOH to open.
“My day starts at 6am where I go to a local pub, here I can get a drink for as little as Sh30, It makes me suppress the frustration I feel.” he says.
Sam is among the many who have found themselves in the same predicament and resulted to substance abuse finding ways to beat strict measures put in place by the government on the sale of alcohol so as to cope.
Mary says, situations like Sam’s are dangerous and if not addressed early can lead to serious complications, including addiction and dependency, violent behavior and also early death due to health complications.
She has, however, lauded the government for encouraging mental wellness and also launching the Psychological First Aid (PFA) guide in the wake of the virus putting emphasis on the three action principal of look, listen and link. “When we follow this it will be easy to identify an individual in distress and also offer assistance”.
Mary has urged anyone feeling the weight of the virus taking a toll on them not to hesitate but look for someone to talk to.
“You should not only seek help from a specialist but also talk to a friend, let them know what you are undergoing and how you feel, this will help ease their emotional stress and also find ways of dealing with the situation they are facing,” She added
Mary continued to stress on the need to perform frequent body exercises as a form of stress relief, reading and also taking advantage of this unfortunate COVID-19 period to engage in hobbies and talent development.
“Let people take this as an opportunity to kip fit, get in touch with one’s inner self and also engage in reading that would help expand their knowledge.