RBI plans on banning forex derivative trading. Brokerages have started asking clients to close out contracts after exchanges reaffirmed the ruling from RBI that participants must have actual foreign exchange exposure (do business in more than one currency). Zerodha had asked traders to close open positions before 5th April to be compliant with RBI rules.
India & China don’t agree on trade figures. Over the past 3 years, commerce ministry data on bilateral trade with China has hovered around $95 bn. Data from the Chinese govt shows above $110 bn. Reports say that “underreporting” and “unfair cross-border trade practices” may be plausible reasons for the wide variations in data.
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the richie rich club
Quote:
the top 20 richest added $700 bn in wealth in 2023
Two-thirds of the top 200 richest are worth more than a year ago; only one-fourth are poorer. Within India, there has been a similar trend among billionaires. In fact, Mumbai has beaten Beijing to become Asia’s billionaire capital for the first time. Indian billionaires’ cumulative wealth reached US$1 trillion.
Forbes has a simple methodology to calculate net worth. The formula is simply the total value of your assets minus all of your liabilities. The figure you end up with is your net worth. However, their method is not always accurate. In 2020 while exposing Kylie Jenner’s net worth, Forbes claimed that she sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business, apparently for years. Jenner’s attorney says the story is filled with outright lies.
The U.S. now boasts a record 813 billionaires worth a combined $5.7 trillion. China remains second, with 473 (including Hong Kong) worth $1.7 trillion, despite weak consumer spending and a real estate bust that helped wipe out some $300 billion in wealth. India, which has 200 billionaires (also a record), ranks third.
To calculate their total net worth, Forbes used stock prices and exchange rates from March 8, 2024. See the top 10 world’s billionaires ranked:
| 1. Bernard Arnault – $233 Billion2. Elon Musk – $195 Billion3. Jeff Bezos – $194 Billion4. Mark Zuckerberg – $177 Billion5. Larry Ellison – $141 Billion | 6. Warren Buffett – $133 Billion7. Bill Gates – $128 Billion8. Steve Ballmer – $121 Billion9. Mukesh Ambani – $116 Billion10. Larry Page – $114 Billion |
Week in one number
71%
Data shows that this percentage of billionaires are self-made, while the rest have inherited their wealth.
Speaking of wealth
Unsteady income, chasing clients for invoices and no job security. Life as a freelancer is tough, but the freedom is worth it! But what about your financial freedom as a freelancer? Watch this video to learn more 👇
Video: How to invest as a freelancer?
Who’s asking?
Finance questions asked in the Stack Forum section on our app.
What if I invested in all the stocks a mutual fund invests in, on my own?
– question by Aniket Khadloya
Answered by:
Kashish Manjani,
Investment Head @ Stack Wealth
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