Billionaires lost a lot of money in 2022. Whether it was people who count their wealth in the billions or those with significantly fewer dollars to their name, fortunes were hit by a perfect storm of wealth-correcting factors this year.
High inflation and recessionary tendencies were made worse by a rough year for stock markets and trade and energy market contractions on the back of the war in Ukraine.
Overall, the global population of ultra-high net worth (UHNW) individuals — defined as those with a net worth of $30 million and above — dropped 6 per cent in 2022.
At 392,410 individuals, that is a sharp reversal from 2021’s record highs and the first decline since 2018, according to the World Ultra Wealth Report 2022 from information tracker Altrata.
After historic highs in recent years, the combined fortunes of the UHNW population fell by 11 per cent to $41.8 trillion.
Wealth erosion was most visible at the top of the tree, affecting the likes of Bernard Arnault, Jeff Bezos, Elon Musk and Mark Zuckerberg. But as our year-end look at the famous and their fortunes shows, celebrities were not immune to the downturn either.
Whether the trend continues into 2023 will bear watching. For now, here is a look at the richest celebrities at the end of 2022.
1. Steven Spielberg
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Although Steven Spielberg lost $850 million in 2022, he ends the year as the richest person in entertainment, taking the top spot from friend and former rival George Lucas.
The Schindler’s List director, 75, now has a net worth of $7.25 billion, according to Bloomberg’s real-time Billionaires Index. That is 10.5 per cent down from last year.
He is the principal partner of the movie production company DreamWorks Studios. His films, including Jaws, Jurassic Park and Saving Private Ryan, have grossed more than $25 billion at the box office.
Last year, his Amblin Partners production company agreed on a multi-year film production deal with Netflix.
Spielberg’s annual income is $150 million, according to wealth tracking website Celebrity Net Worth.
With his wife, actress Kate Capshaw, he has more than $200 million invested in property.
2. George Lucas
As in 2021, Lucas is on the list of billionaire celebrities this year. The creator of the Star Wars and Indiana Jones franchises saw his net worth decline by nearly a quarter to $6.47 billion at the end of 2022, Bloomberg data shows. That is down from $8.32 billion last year.
The filmmaker’s fortune stems principally from the $4.1 billion he received in stock and cash for the sale of his Lucasfilm production company to Disney in 2012.
Now largely retired, Lucas, 78, focuses on philanthropy and his family’s charitable foundation has more than $1 billion in assets.
3. Oprah Winfrey
Also seeing a 10 per cent drop in her total net worth is Oprah Winfrey, one of the world’s richest self-made women.
The media mogul, 68, ends the year with a net worth of $2.5 billion, according to Forbes. Her net worth last year was $2.7 billion.
Her wealth is derived from her media empire, including Harpo Productions and O, The Oprah Magazine.
While she ended her Oprah Winfrey Show in 2011, she continues to do TV interviews, including for Apple TV+.
4. Michael Jordan
With a net worth of $1.7 billion, Michael Jordan is the richest athlete on our list this year. He is one of the few celebrities to grow his wealth from $1.6 billion at the end of 2021, according to Forbes.
Often called the greatest basketball player in history, Jordan’s salary during his career totalled $90 million.
He has also earned $1.8 billion in pre-tax income from endorsements and partnerships.
Jordan, 59, also owns the Charlotte Hornets basketball team, baseball team Miami Marlins and Nascar team 23XI.
As an investor, he has put money into technology companies, including headphone brand Muzik, projects builder Gigster and eSports company aXiomatic.
5. Peter Jackson
Rounding out this year’s triumvirate of billionaire filmmakers is Peter Jackson.
The Lord of the Rings director became a billionaire after last year’s sale of his visual effects studio Weta Digital to US video game company Unity Software. The deal was worth $1.62 billion.
Jackson’s net worth is estimated at $1.5 billion by Forbes.
The New Zealand national, 61, made $10 million upfront for each of the three Lord of the Rings films, as well as at least another 10 per cent in box office profits, the magazine reports.
The series grossed nearly $3 billion in box office takings.
The Hobbit trio of prequels took in a similar amount at the box office, with Jackson earning an estimated $20 million per film, with 20 per cent of the backend takings, according to media reports.
6. Rihanna
Rihanna ends 2022 as the world's the richest musician with a net worth of $1.4 billion, according to Forbes. That is down from $1.7 billion at the end of 2021.
The Barbados native, 34, made her name in music but her wealth stems principally from her make-up and fashion empires.
She co-owns Fenty Beauty with French luxury retailer LVMH. The cosmetics company is worth $2.8 billion, Forbes estimates.
Rihanna also owns 30 per cent of the Savage x Fenty lingerie line, which was valued at $1 billion during a fundraising round in 2021.
7. Jay-Z
American rapper Jay-Z’s net worth remained largely steady at $1.3 billion over the past year.
Although he hasn’t had a major release or tour in 2022, sales of his beverage brands have kept his income levels high, according to Forbes.
The world’s first hip-hop billionaire, Jay-Z is also an active investor. His assets include entertainment company Roc Nation, stakes in Uber, rent-to-own start-up Landis Technologies and wellness device company Therabody, as well as a fine art collection and a property portfolio.
A significant portion of his wealth stems from his music career, responsible for an estimated 1 billion streams annually.
8. Cristiano Ronaldo
With a net worth estimated at $1.24 billion, Portuguese forward Cristiano Ronaldo will be one of the world’s richest footballers at the end of 2022.
He is slightly ahead of his Argentinian counterpart Lionel Messi, whose net worth is estimated at $1.15 billion.
Although Ronaldo, 37, parted ways with Manchester United before the Fifa World Cup 2022, he could soon sign a deal reportedly worth €200 million ($210.5 million) a season with Saudi Arabia’s Al Nassr football club.
The five-time Ballon d'Or winner earned $115 million in 2022, according to Forbes.
9. Tiger Woods
Golfer Tiger Woods, 46, teed his way to billionaire status earlier this year, after returning to competitive golf at the Masters in April 2022.
With a net worth of $1.1 billion, he is one of a handful of athletes in the exclusive club.
Forbes magazine puts his career earnings — in salary, endorsements and other income — over a 27-year career at $1.7 billion.
He has a line of golf irons with TaylorMade. The first golf course he designed, Payne’s Valley, opened in 2020.
10. Tyler Perry
American actor, director and writer Tyler Perry, 53, is estimated to have a net worth of $1 billion, thanks to the success of his Madea plays and films, according to Forbes.
The franchise has grossed more than $660 million, Hollywood trade paper Variety estimates.
Perry’s wealth stems principally from his income as a producer. He owns 100 per cent of the content he has created.
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
More coverage from the Future Forum
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
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