Celebrity Net Worth: Steven Spielberg ends 2023 as world's richest entertainer

1. Steven Spielberg

Director Steven Spielberg ends 2023 as the world’s richest celebrity. Bloomberg put his total net worth at $8.3 billion as of December 21, ranking him 291 on its real-time Billionaires Index.

The Oscar-winning director's net worth climbed an estimated $1.25 billion in 2023. The bulk of his assets are in cash.

He has a lifelong consulting agreement with Universal Studios theme parks. The value of the agreement at the end of 2022 was $1.1 billion, Bloomberg reported.

In addition, he has personal property worth $300 million.

Spielberg, 77, is the principal partner in film production company DreamWorks Studios. He has produced about 150 films, including Jaws, Jurassic Park and Schindler’s List.

He and his wife, actor Kate Capshaw, own or have owned properties in Malibu and the Pacific Palisades in California, as well a 6,000-square-feet apartment in New York City and a four-hectare estate in East Hampton, New York, according to wealth tracking website Celebrity Net Worth.

He owns a superyacht worth $250 million and avidly collects film memorabilia and art.

Director George Lucas is the 360th richest person in the world. AP

2. George Lucas

The man behind the Star Wars and Indiana Jones movie franchises has a net worth of $6.92 billion, according to Bloomberg’s Billionaires Index. That is an increase of about 12.4 per cent or $761 million over the previous year.

The filmmaker, aged 79, is now the 360th richest person in the world.

Most of his wealth has come from entertainment – specifically, from selling the rights of his Lucasfilm and special effects business Industrial Light and Magic to Disney for $4.1 billion in cash and stock in 2012.

The deal included 37.1 million in stock and made him the entertainment company’s second largest individual shareholder after Laurene Powell Jobs, the billionaire widow of Apple founder Steve Jobs.

Lucas’s major investment is in farmland. Skywalker Properties owns about 2,470 hectares of ranches in and around Marin County, California.

Michael Jordan has seen his net worth nearly double from $1.7 billion last year. AP

3. Michael Jordan

Former basketball star Michael Jordan ends the year with a net worth of $3 billion, according to Forbes. The magazine ranks him as the 1,042nd richest billionaire.

Jordan, 60, has seen his net worth nearly double from $1.7 billion last year.

Many regard him as the greatest NBA player of all time. He played in the league for 15 seasons, from 1984 to 2003, and earned $90 million.

Off court, he has earned another $2.4 billion before taxes from partnerships with brands including Gatorade, Hanes and, perhaps most importantly, Nike.

The $2.5 million, five-year contract he signed with the sports apparel retailer in 1984 also awarded him a percentage of all shoes sold with his likeness.

The shoe brand Air Jordans earned $5.1 billion in 2022, with Jordan taking 5 per cent, according to Front Office Sports.

This year, Jordan banked additional income from selling the Charlotte Hornets basketball team at a valuation of $3 billion.

He has also invested in headphone brand Muzik and esports company aXiomatic, while he also co-owns Nascar team 23XI, along with several restaurants.

The richest woman on the celebrity billionaire list this year is Oprah Winfrey, with a net worth of $2.8 billion. Reuters

4. Oprah Winfrey

The richest woman on our list this year is Oprah Winfrey. Despite a net worth of $2.8 billion, she ranks well outside the world’s top 1,000 billionaires, at 1,121 on Forbes magazine’s real-time list.

The entrepreneur and philanthropist ended 2022 with a net worth of $2.5 billion, down from $2.7 billion in 2021.

Besides from her eponymous talk show, which ran for 25 years, Winfrey, 69, has also profited from films including Beloved and Selma, through her Harpo Productions company.

Reinvested, the profits from these entertainment properties total more than $2 billion, Forbes reports.

Her current projects include the Oprah Daily website and the musical retelling of the 1982 book The Color Purple. This film adaptation releases in cinemas around the world today.

Music mogul Jay-Z has a net worth of $2.5 billion, according to Forbes. Reuters

5. Jay-Z

Music mogul Jay-Z, real name Shawn Corey Carter, now has a net worth of $2.5 billion, according to Forbes.

At the end of 2022, his net worth was reported as $1.3 billion.

The difference likely comes down to his beverage business. Luxury goods company LVMH purchased a 50 per cent stake in his Armand de Brignac brand in 2021. This year, he sold a majority of his D'Usse brand to Bacardi.

The 54-year-old is also the owner of entertainment company Roc Nation, founded in 2008.

As an investor, Jay-Z has stakes in companies including Block, Uber and Therabody.

Fashion designer Tom Ford has a net worth of $2.2 billion, according to Forbes. AFP

6. Tom Ford

Fashion designer Tom Ford catapulted to billionaire status in 2022 after he sold his eponymous label and a separate fragrance and cosmetics business to Estée Lauder. Forbes magazine puts his net worth at $2.2 billion.

He founded the label in 2005 and owned 63.7 per cent of the company, according to Forbes.

Ford, 62, also owns a film production company, Fade to Black.

He has a real estate portfolio, with homes in Paris, Los Angeles, London, New York and Santa Fe, New Mexico.

In August, he bought former US first lady Jackie Kennedy’s childhood holiday home for $52 million.

Reality TV star Kim Kardashian has a net worth of $1.7 billion, mainly from her stake in clothing brand Skims. Reuters

7. Kim Kardashian

Reality TV star Kim Kardashian, 43, has a net worth of $1.7 billion, most of which is from her stake in clothing brand Skims.

The company has been valued at $4 billion after a funding round this year, raising Kardashian’s net worth.

It is on track to make about $750 million this year, The New York Times reported.

She also owns a high-end skincare line, SKKN by Kim, and a private equity firm, SKKY Partners.

Director Peter Jackson has a net worth of $1.5 billion. AFP

8. Peter Jackson

Holding steady at $1.5 billion is director Peter Jackson. The New Zealander is best known for the Lord of the Rings and Hobbit trilogies.

Jackson, 62, became a billionaire when he sold his Weta Digital special effects studio to Unity Software for $1.6 billion in cash and stock in 2021.

His investments include $150 million in real estate, according to Celebrity Net Worth.

An aviation fan, he owns a Gulfstream G650 private jet, more than 40 airworthy First World War-era warbirds and Wingnut Wings, a scale modelling company specialising in First World War subjects.

Former basketball star Magic Johnson has a net worth of $1.2 billion. AFP

9. Magic Johnson

Also joining the billionaires’ circle this year was former basketball star Magic Johnson. In October, Forbes put his net worth at $1.2 billion.

He earned $40 million over 13 seasons in the NBA. Outside basketball, he has investments and partnerships in cinemas, Starbucks franchises, real estate, health care and other companies.

The largest share of his fortune comes from a 60 per cent ownership stake in life insurance company Equitrust, which has $26 billion in assets under management.

Johnson, 64, also owns stakes in several sports teams, including the Los Angeles Dodgers.

Taylor Swift's net worth is $1.1 billion, according to Forbes. AP

10. Taylor Swift

Singer Taylor Swift is perhaps the most notable newcomer to this year’s billionaire list, following the success of her Eras concert tour (and film).

Her net worth is $1.1 billion, according to Forbes.

The tour could earn her as much as $4.1 billion when it closes next year, The Washington Post reported.

The 12-time Grammy winner was also the year’s most streamed artist on Spotify, earning $131 million from 26.1 global streams over the 11 months to November.

She has more than 182 million in total equivalent album sales over her career.

Swift, 33, is one of the world’s richest self-made women. She is also one of the world’s youngest self-made billionaires.

Top 10 richest celebrities in 2023

Steven Spielberg: Net worth of $8.3 billion
George Lucas: $6.92 billion
Michael Jordan: $3 billion
Oprah Winfrey: $2.8 billion
Jay-Z: $2.5 billion
Tom Ford: $2.2 billion
Kim Kardashian: $1.7 billion
Peter Jackson: $1.5 billion
Magic Johnson: $1.2 billion
Taylor Swift: $1.1 billion

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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.”

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer