Former Italian prime minister Silvio Berlusconi, who died at the age of 86 on Monday, had a net worth of $7.56 billion and was the world’s 303rd-wealthiest person, according to the Bloomberg Billionaires Index.
However, business magazine Forbes estimated his personal wealth to be worth $6.9 billion. He shares his fortune with his five children.
Berlusconi first appeared on the political scene in 1993, running for prime minister under his newly formed political party Forza Italia.
He served more than nine years as prime minister between 1994 and 2011, Bloomberg said.
He became a billionaire for the first time in 1988, according to estimates by Forbes.
One of the most influential figures in Italian politics in the past three decades, Berlusconi was born in 1936 in Milan.
After graduating from law school in 1961, he became a door-to-door salesman and then a cruise-ship entertainer.
The property industry brought him his first successes in the early 1960s. A decade later, he started Italy’s first private TV network. This eventually became Mediaset, the nation’s biggest private broadcaster, which later evolved into MFE.
Italy’s longest-serving prime minister also invested in publishing, buying the country’s main publisher Mondadori in 1990, and in cinema with the production company Medusa.
He invested in Mediolanum Bank and football, owning AC Milan for 31 years, before selling his stake to Chinese investors in June 2017 for $630 million, according to Forbes.
In 2018 he became the owner of Serie A side Monza.
Berlusconi's investments were grouped under the umbrella group, Fininvest.
The Milan-based family holding company, led by his eldest daughter Marina, reported revenue of €3.8 billion ($4.4 billion) for the 2021 calendar year and has more than 15,000 employees, its website says.
Berlusconi was at the centre of a series of investigations and trials, almost all of them opened after he entered politics in 1994. In all, he faced 35 criminal court cases but clocked up only one conviction.
The three-time prime minister was convicted of tax fraud in 2014 and was initially banned from running for political office until 2019.
But an Italian court lifted the ban in May 2018, and Berlusconi won a seat in the European Parliament the following year, Forbes reported.
He had been suffering from leukaemia and was recently treated for a lung infection.
Berlusconi had suffered ill health for years, having heart surgery in 2016 and being admitted to hospital for Covid in 2020. He had also suffered from prostate cancer.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
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Favourite place to visit: London
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Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
