Celebrity Net Worth: Beyonce and Jay-Z pay record $200 million for Malibu home
In our fortnightly celebrity investment and wealth round-up, Sachin Tendulkar invests in an Indian engineering and technology company and Ariana Grande’s beauty line draws new investors
The purchase eclipses the previous state record of $177 million.
The couple paid cash for the 2,780-square-metre home, according to celebrity news website TMZ.
The property is the second-most expensive in the US after hedge fund billionaire Ken Griffin paid $238 million for a penthouse in New York City’s South Central Park in 2019.
Beyonce and Jay-Z have a combined net worth slightly shy of $3 billion, according to estimates by Forbes magazine.
The Break My Soul singer, 41, had a net worth of $450 million at the end of 2022, according to Forbes. She has sold more than 100 million records as a solo artist, not counting the 60 million sold as part of the music group Destiny’s Child.
The 32-time Grammy winner earns an estimated $80 million in the years she goes on tour.
Her current Renaissance World Tour could generate between $275 million and $2.4 billion in gross revenue, surpassing all her previous concerts combined, according to projections by Forbes.
Besides performance fees, the singer could also take home a share of the production revenue.
She is the owner and chief executive of Parkwood Entertainment, the company that manages the tour.
An indication of the kind of money Beyonce commands came in 2019, when she signed a three-project deal with Netflix reportedly worth $60 million.
The singer also earns from endorsements for brands such as Pepsi, L'Oreal, Samsung, and American Express, as well as a line of fragrances that has grossed more than $500 million in revenue since 2010, according to Celebrity Net Worth.
In recent years, she has privately taken stakes in start-ups such as Lemon Perfect beverages, French handbags brand Destree and concert merchandise app Sidestep.
Jay-Z, 53, was the only rapper on Forbes’ annual billionaires list released last month.
The Empire State of Mind hitmaker has a net worth estimated at $2.5 billion, derived from music sales and business investments.
Besides record sales of more than 100 million, Jay-Z’s main sources of revenue have been his beverage start-ups and investments, including the Armand de Brignac and D'Usse brands, and streaming service Tidal.
In recent years, he has sold controlling stakes in all three to corporations, including LVMH, Bacardi and mobile payments company Square.
As the founder of Macy Venture Partners, his other investments include blockchain platform Alchemy, wellness company Therabody and alternative meat company Impossible Foods, according to investor website Crunchbase.
He has also exited investments in mobile apps Uber and JetSmarter, which likely boosted his fortune by more than $1 billion from 2022, when Forbes put his net worth at $1.4 billion.
Jay-Z also co-owns entertainment agency Roc Nation with concert business Live Nation.
Together, Beyonce and Jay-Z own at least $350 million worth of property in the US. These include an $88 million home in Bel Air, according to the Wall Street Journal.
They also have a $26 million mansion in the Hamptons, New York, according to Celebrity Net Worth. In addition, they own a $4 million private island in the Bahamas.
Sachin Tendulkar has a net worth of $200 million, according to Celebrity Net Worth. AP
The Indian company provides engineering and technology solutions for global equipment manufacturers in the energy, defence and aerospace sectors.
The size of the cricketer’s stake was not disclosed.
With the investment, the company will be able to contribute to India’s goal of expanding its economy under the government’s “Make in India” and “Aatmanirbhar Bharat” initiatives.
Tendulkar, 50, has a net worth of $200 million, according to Celebrity Net Worth.
The record-holder for the highest number of runs is one of the world’s richest cricketers.
Tendulkar has owned restaurants in his home city of Mumbai and Bengaluru.
He has endorsed a range of brands since the start of his career, including Coca-Cola, Visa, adidas, MRF Tyres and Aster Pharmacy. Since he retired in 2013, he remains the face of more than a dozen brands.
In recent years, he has made equity investments in a number of Indian companies. Among them are smart devices brand Smartron, used car start-up Spinny and gaming platform JetSynthesys.
Ariana Grande has a net worth of $240 million and is one of the world’s highest-paid entertainers. AFP
Ariana Grande
Singer Ariana Grande’s r.e.m. beauty label has drawn new funding from investors amid plans to create new products and further expand into international markets.
The round was led by consumer-focused private investment company Sandbridge Capital and includes Strand Equity, as well as long-term Grande collaborators Hybe America, Live Nation Entertainment and the Universal Music Group.
“This has been a truly inspiring time for me as a founder, turning my passion for art, self-expression and make-up into reality and watching r.e.m. beauty find its wings, especially now during this new era for the brand,” Grande said.
She founded r.e.m. beauty in 2021 as a line of clean cosmetics following a licensing agreement with Forma Brands.
The award-winning vegan, cruelty-free label aims to offer an inclusive range of shades and products and is newly Peta-certified.
Earlier this year, Grande agreed to acquire the physical assets for r.e.m. beauty for an estimated $15 million from Forma as it filed for Chapter 11 Bankruptcy. The company had already parted ways with the singer, according to Bloomberg.
Grande, 29, has a net worth of $240 million, according to Celebrity Net Worth.
Ariana Grande's style evolution – in pictures
Ariana Grande, in a baseball-style tee and jeans, visits Planet Hollywood on October 30, 2008 in New York City, US. Getty Images
Ariana Grande, in a leather skirt and printed blouse, attends Variety's Power of Youth event at Paramount Studios on December 5, 2009 in Los Angeles, California. Getty Images
Ariana Grande, in a classic LBD, attends the 'Shrek Forever After' premiere during Tribeca Film Festival in New York, US, on April 21, 2010. EPA
Ariana Grande, in a red biker jacket and jeans, attends the premiere of 'Project Natal' at the Galen Centre on June 13, 2010 in Los Angeles, California. Getty Images
Ariana Grande, in BCBG, arrives at the 53rd annual Grammy Awards at the Staples Centre on February 13, 2011 in Los Angeles, California. Getty Images
Ariana Grande, in a floral strapless dress, arrives at the premiere of 'The Twilight Saga: Breaking Dawn - Part 2' in Los Angeles, California, on November 12, 2012. EPA
Ariana Grande, in Jones&Jones, attends the MTV Movie Awards in Culver City, California, on April 14, 2013. EPA
Ariana Grande, in Kenley Collins, attends the MTV Video Music Awards at the Barclays Centre in New York, US, on August 25, 2013. EPA
Ariana Grande, in a floral mini dress, attends the premiere of 'Sam & Cat' at Cineworld 02 Arena on October 12, 2013 in London, England. Getty Images
Ariana Grande, in Mikael D, attends the MTV EMAs at the Ziggo Dome on November 10, 2013 in Amsterdam, Netherlands. Getty Images
Ariana Grande, in Dolce & Gabbana, attends the 41st American Music Awards at the Nokia Theatre in Los Angeles, California, on November 24, 2013. EPA
Ariana Grande, in Dolce & Gabbana, attends the 56th annual Grammy Awards at the Staples Centre in Los Angeles, California, on January 26, 2014. EPA
Ariana Grande, in Georges Chakra, attends the Teen Choice Awards at the Shrine Auditorium in Los Angeles, California, on August 10, 2014. EPA
Ariana Grande, in Moschino, attends the 31st MTV Video Music Awards at The Forum in Inglewood, California, on August 24, 2014. EPA
Ariana Grande, in Cristiano Burani, attends the MTV EMAs at The Hydro on November 9, 2014 in Glasgow, Scotland. Getty Images
Ariana Grande, in Versace, attends the 57th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 8, 2015. EPA
Ariana Grande, in a black catsuit, launches her fragrance Ari by Ariana Grande at Boots in London Piccadilly on November 4, 2015 in London, England. Getty Images
Ariana Grande, in Giambattista Valli, attends the American Music Awards at the Microsoft Theatre in Los Angeles, California, on November 22, 2015. EPA
Ariana Grande, in Romona Keveza, attends the 58th annual Grammy Awards at the Staples Centre in Los Angeles, California, on February 15, 2016. EPA
Ariana Grande, in Versace, attends the Billboard Music Awards at the T-Mobile Arena in Las Vegas, Nevada, on May 22, 2016. EPA
Ariana Grande, in Alexander Wang, attends the 33rd MTV Video Music Awards at Madison Square Garden in New York, US, on August 28, 2016. EPA
Ariana Grande, in Alexander McQueen, attends the American Music Awards at the Microsoft Theatre in Los Angeles, California, on November 20, 2016. EPA
Ariana Grande, in a campaign sweatshirt, attends the March For Our Lives in Washington, DC, on March 24, 2018. EPA
Ariana Grande, in Vera Wang, attends the Metropolitan Museum of Art Costume Institute's benefit in New York, US, on May 7, 2018. EPA
Pete Davidson and Ariana Grande, in Venus, attend the MTV Video Music Awards at Radio City Music Hall in New York, US, on August 20, 2018. EPA
Charles Ellis and Ariana Grande, in a black dress, at the funeral service for Aretha Franklin at the Greater Grace Temple in Detroit, Michigan, on August 31, 2018. EPA
Ariana Grande, in Christian Siriano, attends the 13th annual Billboard Women in Music event at Pier 36 in New York, US, on December 6, 2018. AP
Ariana Grande, in Giambattista Valli, attends the 62nd annual Grammy Awards at the Staples Centre in Los Angeles, California, on January 26, 2020. EPA
Grande has had a 14-year career and is one of the world’s highest-paid entertainers. With more than 90 million records sold so far, she is also one of the most streamed artists of all time.
She started as a Broadway actor and appeared on TV shows, including Victorious and Sam & Cat, and in the film Don’t Look Up.
In a typical year, she earns between $20 million and $30 million.
The Thank U, Next singer has entered into partnerships with brands such as Mac Cosmetics, Starbucks, Givenchy, Reebok, T-Mobile and Apple. Her equity investments include the bottled water brand Wat-aah!
She has 13 perfumes with Luxe Brands, which have grossed a combined $1 billion in sales so far, according to The Hollywood Reporter.
Grande also owns at least three properties in California, including two homes in the Hollywood Hills, and a historic $6.75 million villa in Montecito, according to Architectural Digest.
Antoine Griezmann has a net worth of $90 million, according to Celebrity Net Worth. EPA
Antoine Greizmann
French football forward Antoine Greizmann has joined a €20 million ($21.5 million) funding round in trainer retailer Wethenew.
Also taking part in the round are Dubai-based Chalhoub Ventures & Acquisitions, C4 Ventures, Athletic Ventures and Singular.
Griezmann, 31, has a net worth of $90 million, according to Celebrity Net Worth.
Last October, the footballer signed a new contract worth up to €20 million (including bonuses) with Atletico Madrid, following an agreement reached last year with FC Barcelona.
The France international has five equity investments, according to Crunchbase. These include the digital football card company Sorare and mental health platform Moka.care.
Earlier this month, he joined a €17 million funding round into Barcelona burger brand Vicio.
The father of three reportedly owns a $6 million property with six bedrooms in the luxury residential area of La Finca in Madrid.
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.”
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
