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.
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
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Analysis
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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.”
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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