Celebrity Net Worth: Sachin Tendulkar cashes in on IPO frenzy
In our fortnightly celebrity investment and wealth round-up, Adam Sandler is named Hollywood’s highest earner in 2023 and Miley Cyrus invests in a self-tanning brand
Tendulkar, 50, invested in the company, which provides engineering and technology solutions for global equipment manufacturers in the energy, defence and aerospace sectors, in May last year. His stake or investment amount was not disclosed at the time.
But the former Indian batsman acquired 438,120 shares in the company at an average price of 114.10 Indian rupees ($1.37), valuing his total investment at 49.9 million rupees, India’s Mint newspaper reported.
Since listing on the NSE at 720 rupees per share on December 28, the company's shares have surged, rising to as high as 1,355.30 rupees on March 7.
By the close of trade on Thursday, the stock was priced at 1,223 rupees, valuing Tendulkar’s stake at an impressive 535.8 million rupees, or $6.45 million.
In recent years, he has made several equity investments in Indian companies, including smart devices brand Smartron, used car start-up Spinny and gaming platform JetSynthesys.
In 2022, Tendulkar, who holds the record for most runs in Test cricket and one-day internationals, teamed up with digital collectibles platform Rario as an investor and brand ambassador, marking his first foray into non-fungible tokens.
The platform offers fans NFTs and personalised experiences that feature highlights from Tendulkar’s 24-year career.
He has a net worth of $200 million, according to estimates by wealth tracker Celebrity Net Worth.
Adam Sandler
Adam Sandler was the highest earning actor in Hollywood in 2023, according to Forbes. Getty Images
American actor and comedian Adam Sandler has been named Hollywood’s highest earner in 2023, with an annual net salary of $73 million, according to Forbes magazine.
Sandler, 57, appeared in three Netflix films last year – Murder Mystery 2, The Out-Laws and You Are So Not Invited to My Bat Mitzvah, as well as producing and voicing the title character in the streaming service’s animated movie, Leo.
In 2014, Sandler’s Happy Maddison production company signed a four-movie deal with Netflix. The agreement was extended in 2020 for another four movies in a deal worth about $250 million.
“Whether you know him as Sandman, the Water Boy, Billy Madison, Happy Gilmore, Nick Spitz or simply Adam, one thing is clear: our members can’t get enough of him,” Ted Sarandos, Netflix’s chief content officer, said at the time.
“They have spent a whopping two billion hours watching his films since 2015 – the year that The Ridiculous 6 premiered – proving there’s no such thing as too much Sandler.”
It is the first time Sandler has appeared at the top of the list since 2002, when he earned $47 million, Forbes said.
The star of Grown Ups has a net worth of $440 million, Celebrity Net Worth data shows. “At various points during his career, Adam has been the highest-paid entertainer in the world,” the website said.
He currently earns about $25 million for every movie, plus a percentage of gross profits, and has a property portfolio worth an estimated $60 million, with homes in California, Hawaii and New York.
Australian actress Margot Robbie, star of box-office hit Barbie, was ranked second on the Forbes list of Hollywood's top earners in 2023 with an annual net salary of $59 million, followed by Top Gun star Tom Cruise on $45 million.
Robbie's Barbie co-star Ryan Gosling and Matt Damon, who appeared in the academy-award winning blockbuster Oppenheimer, were tied in fourth place with earnings of $43 million each.
Actor and producer Jennifer Aniston was ranked sixth, with her salary coming in at $42 million, followed by Leonardo DiCaprio and Jason Statham, who earned $41 million each. Ben Affleck was the ninth-highest earner with a salary of $38 million and Denzel Washington was 10th on $24 million.
Singer Miley Cyrus has invested in a self-tanning brand. Reuters
Miley Cyrus
Party in the USA singer Miley Cyrus has teamed up with self-tanning brand Dolce Glow, investing an undisclosed amount in the California company.
Cyrus announced the deal to her followers in an Instagram post last month, saying: “I can buy myself tanner … get that endless summer vacation glow”, in a nod to the lyrics of her song, Flowers.
“I am an official partner in Dolce Glow because I truly love and trust this product,” she added.
Cyrus has been a client of Dolce Glow for the past three years. The company, which sells its Australian-made products online and has a tanning salon in the Californian city of San Fernando, was founded by Isabel Alysa in 2016.
The brand’s product catalogue includes tanning mousses and mists, as well as self-tanning and body lotions.
This will be one of Miley’s first investments as she is passionate about the product as a longtime client and friend of Isabel Alysa
Dolce Glow
“This will be one of Miley’s first investments as she is passionate about the product as a longtime client and friend of Isabel Alysa,” Dolce Glow said on its website.
Other celebrity clients of the self-tanning brand include Jennifer Lopez, Kylie Jenner, Olivia Culpo and Selena Gomez.
Cyrus, 31, has a net worth of about $160 million, according to Celebrity Net Worth.
In 2022, the former child star of Disney’s Hannah Montana series closed one of the highest real estate deals in the Nashville area. According to land registry records, the five-bedroom ranch sold for $14.5 million. Cyrus bought the property in 2017 for $5.8 million.
She has owned at least three other homes in California, including in Studio City, Malibu and a ranch in Hidden Hills, which she sold in 2018 for $5 million.
Los Angeles Lakers forward LeBron James has invested in StatusPro for the second time. AP
LeBron James
Billionaire basketball player LeBron James has joined a $20 million Series A funding round in sports virtual reality start-up StatusPro.
The funding round was led by Google Ventures, the venture capital arm of Google parent Alphabet. Other investors included India’s Dream Sports, Minnesota Vikings owners Mark and Zygi Wilf’s Wise Ventures, JDS Sports, Amumni Ventures and Canadian rapper Drake, StatusPro said.
The Los Angeles Lakers forward also invested in the company’s $5.2 million seed round in August 2021, along with Drake and tennis star Naomi Osaka.
Co-founded by former American football players Andrew Hawkins and Troy Jones, StatusPro combines player data with extended reality to create training and fan engagement products in sports.
Its custom solutions are used by players and coaches from several National Football League teams, including the Baltimore Ravens.
StatusPro plans to use the additional cash to expand its VR technology and launch new sports-themed games to build on the success of its officially licensed NFL Pro Era, which has been downloaded more than a million times, the company said in a statement.
LeBron James's Saudi Arabia clinic – in pictures
NBA star LeBron James conducted a basketball clinic during his first visit to Saudi Arabia. Photo: Saudi Ministry of Sport
LeBron James during a basketball clinic in Riyadh. Photo: Saudi Ministry of Sport
LeBron James conducted a basketball clinic in Saudi Arabia. Photo: Saudi Ministry of Sport
LeBron James interacted with young basketball fans during a clinic in Riyadh. Photo: Saudi Ministry of Sport
LeBron James during a basketball clinic in Saudi. Photo: Saudi Ministry of Sport
“No matter if it's virtual reality or spatial computing, our vision at StatusPro is to define first-person sports and deliver experiences that truly embody the emotion, competition and sense of community that comes with being a professional athlete,” said Mr Jones, who is also chief executive of the start-up.
In 2021, James, 39, became the first active NBA player to join the elite billionaire’s club with an estimated net worth of $1 billion.
He is a part-owner of the Pittsburgh Penguins hockey team through his partnership with sports, entertainment and property company Fenway Sports Group, which also has a stake in the Boston Red Sox baseball team.
In addition to the Penguins, James has been a minority owner of English Premier League football team Liverpool since 2011. His 2 per cent stake, which he purchased for $6.2 million, is now estimated to be about $49.2 million, with KPMG evaluating the club at $2.6 billion.
The Space Jam: A New Legacy star extended his contract with the LA Lakers in 2023, in a deal worth $97.1 million over two years.
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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.”
UK’s AI plan
AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
£10bn AI growth zone in South Wales to create 5,000 jobs
£100m of government support for startups building AI hardware products
£250m to train new AI models
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
