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August 14, 2019

The world’s wealthiest families control $1.4 trillion, Hong Kong tycoon Peter Woo urges protesters to stop violence and Anil Agarwal’s family trust pulls out of bid for Jet Airways.

The world’s wealthiest families control $1.4 trillion

Bloomberg’sannual ranking of the world’s richest families has revealed the fortunes of those at the top are growing by millions of dollars every hour.

Ranked the world’s richest family, the third-generation Walton family, behind US supermarket giant Walmart, is accumulating $4 million every hour. Since June, the family’s fortune has grown from $39 billion to nearly $191 billion—a nearly 400% increase.

August 7, 2019

Bollore family to sell 10% of Universal Music to Tencent, Thai billionaire family to take Central Retail Corporation public and James Murdoch’s group acquires a majority stake in Tribeca Film Festival.

Bollore family to sell 10% of Universal Music to Tencent

French media conglomerate Vivendi, owned by the Bollore family, is set to sell a 10% stake in its Universal Media Group (UMG) to Chinese internet giant Tencent.

Universal is the world’s largest media group, with artists such as Taylor Swift (pictured), Drake and Lady Gaga. UMG’s content has been available on Tencent’s music streaming service in China following a deal struck in 2017.

July 31, 2019

Vedanta chairman Anil Agarwal sells Anglo American stake, Coca-Cola heir launches cryptocurrency bank for marijuana business and Philippine Air founder Lucio Tan chooses non-family executive to succeed.

Vedanta chairman Anil Agarwal sells Anglo American stake

Indian tycoon Anil Agarwal is divesting his family’s majority stake in the diversified mining company Anglo American after only two years.

Agarwal, founder of global mining giant Vedanta, started buying into Anglo American via his family trust Volcan Investment in March 2017 and bought a second tranche in six months later, bringing his stake to 19.3%.

July 24, 2019

Louvre removes Sackler family from museum walls, France’s Bernard Arnault pips Bill Gates as world’s second-richest person and Family-funded Illuminated River project goes live.

Louvre removes Sackler family from museum walls

France’s Louvre Museum has erased the Sackler name from its walls, removing any physical trace of its ties to the billionaire family that owns opioid manufacturer Purdue Pharma.

The art philanthropist family’s name was quietly removed from a wing dedicated to eastern antiquities over the last few weeks, The New York Times reported.

The wing has been known as the Sackler Wing of Oriental Antiquities since 1997.

July 17, 2019

Leslie Wexner distances himself from Jeffrey Epstein after criticism, Musgrave Group invest €2.6 million in sustainable food emporiums and Remy Cointreau searches for new chief executive as non-family director steps down.

Leslie Wexner distances himself from Jeffrey Epstein after criticism

Leslie Wexner, founder of US fashion retailer L Brands, has broken his silence about his association with financier Jeffery Epstein, who has been arrested on charges related to the sex-trafficking of minors.

Last week, Epstein was charged in New York with two federal counts related to the sex-trafficking of minors, to which he pleaded not guilty. If convicted, he faces up to 45 years in prison.

July 11, 2019

Ross Perot, billionaire and philanthropist, dies aged 89, Marc Perrin elected as new president of PFV and Chinese real estate empire scion succeeds as chairman after father’s arrest.

Ross Perot, billionaire and philanthropist, dies aged 89

US billionaire tech entrepreneur, philanthropist and former presidential candidate Ross Perot has died at aged 89, with his five children taking over the family business. 

James Fuller, a representative for the Perot family, said Perot, who ran for president in 1992 and 1996 passed away at his home in Dallas, Texas surrounded by his family after battling leukaemia for five months.

June 25, 2019

US billionaire families call for tax on extreme wealth, Billionaire David Bonderman’s family office invests in fertility chain, and JAB bolsters pet holdings with global vet acquisition.

US billionaire families call for tax on extreme wealth

A group of US billionaires and their families have called for a new government wealth tax to address income inequality and provide funding for climate change and public health initiatives.

The group, including financier George Soros and his son Alexander, heiresses Liesel and Regan Pritzker, Abigail Disney and Facebook co-founder Chris Hughes, released a bipartisan letter asking the US 2020 presidential candidates to support a tax on the wealthiest American dynasties.

June 19, 2019

Telecoms billionaire Patrick Drahi buys Sotheby’s, Mulliez family buy stake in Kenya’s Twiga Foods, and US heiress Gloria Vanderbilt dies aged 95.

Telecoms billionaire Patrick Drahi buys Sotheby’s

Patrick Drahi, founder and chairman of telecoms giant Altice, is buying Sotheby’s auction house in a deal worth $3.7 billion, taking it private after more than three decades as a public company.

In a statement, New York-based Sotheby’s, which celebrated its 275th anniversary this year, said it had accepted an offer from BidFair USA—Drahi’s holding company.

June 12, 2019

Mexican tequila tycoon transfers wealth to daughter, US cable billionaire buy Italy’s Fiorentina Football Club and Indian tech chairman Azim Premji passes baton to son.

Mexican tequila president transfers wealth to daughter

The family behind the world’s bestselling tequila has undergone a wealth transfer as part of the family’s succession plan.

In a statement sent to the Mexican Stock Exchange, Becle SAB, the holding company that owns tequila brand Jose Cuervo, said president Juan Francisco Beckmann had completed the transfer of more than half his stake to his daughter, 12th generation family member Karen Virginia Beckmann.

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