Category: Billionaires

Gustav Magnar Witzøe (GMW) has an estimated $3 billion USD to his name. And a mountain of salmon. He’s the third-youngest billionaire on earth. The youngest billionaires in the world are also Norwegian, like GMW.

Salmon is one of the yummiest fishes out there, and SalMar is one of the world’s largest suppliers of it. Gustav Magnar Witzøe’s father started the company, and a few years ago, he was lucky enough to inherit the fishing empire. He is also heavily tattooed, models professionally, and has a dog that will ride a jet-ski with him.

Seems like something out of a Wes Anderson movie, no?

Gustav Magnar Witzøe is originally from the island of Frøya, which is located outside of Trondheim, in Norway. SalMar’s headquarters is located on the same island. They are responsible for the production of more than 130,000 tons of salmon annually (as of 2016), and may be how GMW is able to convince his dog to stay on the jet-ski.

Dogs love salmon!

SalMar Seems Like a Sweet Deal

Gustav Magnar Witzøe first rose into the public eye at the age of 19, when he was given a massive chunk of SalMar equity. Apparently, he realizes that taking over a specialty food company isn’t easy, and he was quoted by the newspaper Dagbladet as saying:

“You can’t just demand to be the boss of such a big organization… You have to be suited to it. If there are alternatives, the best man or woman must get the job. There is so much at stake: values, jobs, crucial factors.”

Letting other people run a billion-dollar company is an easy way to free up time for other interests. The young billionaire has a loyal following of 64,000 people on Instagram. He also sells himself as a model via Norway’s Team Models.

The money that he makes as an inked-out twenty-something pales in comparison with what he was given by his enterprising father. But his followers could help him become an even greater Norwegian personality.

SalMar is a major force in the global salmon market. The company that Gustav Magnar Witzøe’s father built holds 100 licenses to farm salmon in Norwegian waters and also operates fish farms in Scotland.

SalMar’s market cap is currently hovering around $6 billion dollars. Their stock has been on a break-neck rally for the past year, with a year-over-year return of more than 80% at the time of writing.

Gustav Magnar Witzøe Is Casting a Wider Net

According to Business Insider, GMW is branching out from the fish farming game. Given the billionaire’s presence on social media, it’s unsurprising that he decided to invest in Gobi last year.

Gobi is a Norwegian social media startup gunning for Snapchat’s market. He also decided to sink some money into Key Butler, which is more or less a property management service for absentee Airbnb hosts.

Norway seems to have a knack for creating young billionaires. The only billionaires that are younger than Gustav Magnar Witzøe are Katharina and Alexandra Andresen, who are 23 and 22, respectively.

They also made the billionaires list from an inheritance. The Andresen sisters received big chunks of their family’s investment company, called Ferd.

Sadly, there was no salmon included for the Andresen sisters. If they don’t want to dip into their billions though, it may be possible to strike a deal with GMW, and trade portfolio management for salmon.

Every crash in the financial market brings tough days for billionaires, often wiping out fortunes. But since almost every billionaire’s wealth is linked to the stock market and economy it’s hard to avoid the ups and downs of each market cycle.

Similarly, the latest crash in the market has also taken away a fortune from billionaires which most people can only imagine. The rout in the global market triggered by rising Treasury yields, intensifying trade wars between the US and China, and the rise in crude oil prices is expected to only deepen.

On top of this, the US tech index is the worst affected. This houses tech giants like Facebook, Amazon, Netflix, and Alphabet that has lost over 10% from the start of this month.

Wednesday marked the worst sell-off in US tech stocks since 2011, plunging almost 4.4%. It wiped off nearly $100 billion of wealth from the world’s 500 richest people, the second steepest in this year. And, in this, Jeff Bezos, founder of Amazon.com lost $9.1 billion, the most on the list of the Bloomberg Billionaire Index.

Others affected in the US tech space were Microsoft founder Bill Gates, Facebook founder Mark Zuckerberg, and Alphabet co-founders, Larry Page, and Sergey Brin, whose wealth declined by $8.4 billion this week.

The carnage was not just limited in the US but was seen across the world with Europe’s top billionaire Bernard Arnault’s fortune tumbling 15% or $11.8 billion to $67.6 billion this month.

Carlos Slim of Mexico lost close to $2.5 billion. The only billionaire who retained his fortune despite this market situation in the list is the California-based largest private landowner, Donald Bren with total wealth of $17.2 billion.

All this data showcases how even billionaires are not insulated from the market volatility which can change the whole ranking of the billionaire index.

Such changes in the fortunes of billionaires are not unusual and happen regularly according to the market cycle. During 2008’s great financial crisis, Bill Gates lost $18 billion of his fortune and his net worth nose-dived to $40 billion. Keeping him company was Warren Buffet, whose fortune plummeted from $67 billion to $37 billion in just one year.

Featured image by Seattle City Council.

The retail situation in the US looks nasty. Failing anchor stores like Sears and Toys R Us are symptoms of what could be the biggest contraction in US brick-and-mortar retail ever. However, one California developer seems to have figured out how to thrive in a retail economy that’s getting worse all the time. Rick Caruso developed The Grove in Los Angles, which is the second most profitable mall in the USA.

The Grove generates $2,200 USD/square foot, which is second only to Miami’s Bal Harbour Shops. To be sure, The Grove isn’t a normal mall. It has 25 concierges on staff for the sole purpose of making dinner reservations for guests, and according to a recent piece in Forbes, if a child drops their ice cream cone, it will be replaced by a security guard.

Rick Caruso Puts on an Incredible Show

It should come as no surprise that catering to the 1%’s shopping whims would be just about the only way to stay ahead in US retail. According to Rick Caruso via Forbes:

“If you provide something that is unique and relevant, in a setting that people find captivating, you will do well,” and further, “Retail has gotten sideways because it became the commodity. It is not about being high tech; it is about understanding what your customer wants.”

Rick Caruso’s attention to detail and choice of demographics helped him land the 179th position on the Forbes 400. The Grove isn’t his only successful venture, and over the last three decades he has built up a number of properties along the same lines.

A big part of what makes his properties unique, aside from the high-end shops and clientele, is his dedication to creating interesting spaces.

Another one of his projects, the Commons at Calabasas, used a professional set designer from Hollywood in the design process. The Grove features a trolley that was designed by a Disney Imagineer, as well as numerous other aesthetic features that distinguish it from the kind of mall that is being shuttered somewhere in fly-over country.

His Malls are the Exception

Rick Caruso’s blinding success as a retail-focused real-estate developer comes at a time when the overall retail picture in the US is grim. Despite the frenzy of mall closings over the last few years, the US still has more retail space per capita than any other nation. At 23.5 square feet per person, the US has more than double the per capita retail space of Australia, and more than eight times that of China.

The massive overhang of retail space led Cowen and Company to speculate in a report that the US retail apocalypse is just getting started. Not only are consumers turning to online shopping for most of their needs, but the specific demographics who once supported mid-range malls have also fallen on hard times.

The report from Cowen and Company stated that their data:

“Suggests that the sector remains in the early innings of reduction in unproductive physical retail.”

But there could be a silver lining for developers like Rick Caruso.

The same report speculated that:

“Our take is mall performance bifurcation will accelerate as retailers continue to invest in top malls in the top metro areas at the expense of lower performing malls in secondary and tertiary markets.”

Top malls are exactly what Mr. Caruso has a pile of in his billion-dollar real-estate portfolio, which probably puts him in an enviable position going forward.

Mohammed Dewji, believed to be the youngest billionaire in Africa, was kidnapped during his regular gym visit in the early hours of Thursday, October 11, 2018. According to BBC Africa correspondent Athuman Mtulya, kidnappings in Tanzania are very rare, reporting:

“Although Tanzania has seen a wave [of] attacks and abductions of opposition politicians and perceived government critics, this is the first time a businessman of Mr Dewji’s standing has been kidnapped in the country.”

Arrests have been made and foreign nationals are understood to be involved in the kidnapping. But the whereabouts of “Mo” Dewji, are as yet unknown. Mohammed Dewji had driven himself to the gym at a luxury hotel in Dar Es Salaam when he was abducted around 6.30 am.

Philanthropist Mohammed Dewji

Like many mega-wealthy individuals, Dewji announced in 2016 that he would be giving away up to half of his assets to philanthropic causes. He set up the Mo Dewji foundation to help educate the children of Tanzania and provide affordable health care.

“At the Mo Dewji Foundation we believe that education is the greatest gift you can give a person… The youth of Tanzania are our future and by improving and providing education we can build a better, brighter Tanzania for tomorrow.”

Dewji served for 10 years as a politician before stepping down in 2015 and is something of a celebrity in Tanzania. In 2018, his wealth was estimated at $1.5 billion and he owns the MeTL group of companies.

MeTL (Mohammed Enterprises Tanzania Limited) was founded by Dewji’s father and he joined the business after graduating from Georgetown University in the USA. He majored in international business and finance, graduating in 1998.

MeTL is the largest privately owned business in Tanzania with interests in manufacturing, import, export, financial services, farming, agriculture, telecoms, and real estate.

Personal Safety

MoneyMakers recently reported how US billionaires were fitting out their swanky pads in the Hamptons with luxury safe rooms, fearing they might be the target of gang violence.  Thus far, Dewji has been very open about his future engagements having recently taken to Twitter to promote the publication of his sister’s book.

Proud of my sister for launching her book titled “Marketing for an African Powerhouse”. The book is available on Amazon (link in bio). I will be at the launch to show my support which will be held on Friday, 5th October at 6 PM at Central Park Cafe (DSM🇹🇿). Karibu Sana! pic.twitter.com/zyD9BN1yzp

— Mohammed Dewji MO (@moodewji) October 2, 2018

Politicians and celebrities are normally quite guarded about their future itineraries for fear of attack and now it seems entrepreneurs will also need to be more careful. No doubt his wife and children are praying for his swift and safe return.

Featured image by Gonzalezbarbara.

They say that money makes the world go around. While India’s sure got its fair share of people (over 1.3 billion on the last count), the South Asian tiger also has a pretty high concentration of billionaires–121 to be precise. In fact, India is home to the third largest number of billionaires in the world, after China and USA respectively. So, who are the richest people in India? Let’s take a look.

1. Mukesh Ambani

With a net worth of $47.3 billion, Ambani tops the list of the richest people in India. He also takes the 19th spot in the global billionaires’ list compiled by Forbes for 2018. An Indian business tycoon, Ambani is the chairman, MD, and of course the largest shareholder of oil and gas giant Reliance Industries Limited, one of India’s most valuable companies and a Fortune 500 company to boot.

He’s also partial to a little cricket, being the owner of Indian Premier League cricket club Mumbai Indians. Ambani’s initial wealth was handed down to him by his father, who was a self-made success starting out in textiles and spices. India’s richest man had no formal education, instead, receiving life skills from a personal tutor hired for him and his siblings. He learned about the world by taking field trips, riding on public transport, and working with his father.

Curious fact? This energy and petrochemicals magnate amassed a further $16.9 billion over the last 12 months. How? Well, it’s easier when half of your country’s decisionmakers are on your payroll. No finger pointing here, though.

2. Azim Premji

Premji’s net worth is estimated at $21 billion and he’s widely known as being India’s top tech magnate whose company Wipro is the third-largest outsourcer. Beyond being a tech tycoon and savvy investor, Premji is a socially responsible billionaire, setting up the Azim Premji Foundation in 2000 to provide elementary education to rural areas in the country.

Premizi is number 58 on the global billionaire’s list and has a Wipro center in Silicon Valley. He also just won a key 10-year contract worth $1.6 billion with Alight Solutions of Illinois. Any skeletons in his closet? Not really.

It seems that Premzi is actually on the front lines fighting against corruption in his country, frequently speaking out on the topic and even calling out the Indian government on it. Writing an open letter to the Indian government with fellow tech entrepreneurs from Mahindra and HDFC, he said:

“Possibly, the biggest issue corroding the fabric of our nation is corruption.”

3. Lakshmi Mittal

Lakshmi Mittal made his $18.3 billion net worth from the commodities industry, serving as CEO and chairman of the world’s biggest steelmaker, ArcelorMittal. Benefiting from the overall recovery in the steel industry, this heavy metal magnate is buying up flailing steel manufacturers around the globe, including Italy’s loss-making steel group Ilva for $2.1 billion in June last year.

While Mittal makes the Forbes list for richest Indians, he’s actually based in the UK and frequently appears among Britain’s richest men. Mittal owns almost 40% of ArcelorMittal and also holds 11% of Queens Park Rangers football club.

Known for his luxurious tastes, Mittal imported marble from the same quarry used to build the Taj Mahal to decorate his UK home. He’s had his fair share of corruption charges as most self-respecting billionaires have, and his relationship with politicians and decisionmakers was thrust into the spotlight some years back.

4. The Hinduja Family

Taking the fourth spot on India’s richest people list is a family of four siblings, Srichand, Gopichand, Prakash, and Ashok. With a combined net worth of $18 billion, they control the multinational conglomerate the Hinduja Group.

These siblings have a range of businesses in their command, from trucks and lubricants to cable television and even banking. They also own some of the most expensive real estate in London and live in the UK, Geneva, and Mumbai overseeing their interests.

The Hinduja brothers Srichand and Gopichand are credited with saving London’s Millennium Dome’s faith zone but were implicated in corruption charges at the same time in 2000 for their supposed long-running involvement in the Bofors arms scandal which would eventually lead to the Indian Prime Minister Rajiv Gandhi’s downfall. The charges were later dropped in 2002.

5. Pallonji Mistry

Pallonji Mistry has an estimated net worth of $15.7 billion, controlling the Shapoorji Pallonji Group, a construction and engineering behemoth located in Mumbai. Known for his reclusive tendencies, Mistry’s younger son Cyrus is the one hogging the headlines, entering into a distasteful scrape with the Tata Group after being ousted from his chair at Tata Sons in October 2016.

The Tata Group is one of the most respected and successful companies in India with a squeaky clean reputation and a staunch denier of corruption. So Cyrus’ claims that the company was involved in a corruption case with AirAsia is displeasing to all involved. Not least, Pallonji, whose family’s biggest asset happens to be an 18.4% stake in Tata Sons.

6. Shiv Nadar

As the chairman of HCL Technologies, Navar is a tech entrepreneur with a net worth of $14.6 billion, presiding over a company that makes $7.5 billion in revenue and is also India’s fourth-largest software services provider. Founding HCL from his garage in 1976, with a focus on microprocessors, Nadar is self-made all the way.

He’s also an example of an astute businessman who knows when it’s time to diversify his assets. HCL invested some $780 million into a partnership with IBM over intellectual property. Nadar, like Premji appears to be a pretty decent guy and recognized as a leading philanthropist in India, setting up the Shiv Nadar Foundation dedicated to education.

The only thing that Nadar and plenty of India’s other self-made iT millionaires have been accused of is crony capitalism on more than one occasion. Silicon Valley investors would have no idea what that looks like.

7. The Godrej Family

Another family to make the richest people in India list is the Godrej family with a combined net worth of $14 billion. They run the family business the Godrej Group, a century-old consumer goods giant that racks up $4.6 billion in revenue.

The mega-rich family also owns a vast parcel of land in suburban Mumbai, which is thought to be their biggest asset. When it comes to corruption or scandal, this family’s managed to keep its noses clean.

They were also part of the group writing the open letter to the Indian government raising their concern over corruption. But, they’ve also been accused of crony capitalism and keeping the wealth in the same tight circles.

8. Dilip Shanghvi

With an estimated net worth of $12.6 billion, Dilip Shanghvi is one of the richest people in India. Coming from humble beginnings, Shanghvi borrowed $200 from his father, a pharma distributor, to set up Sun Pharmaceutical Industries in 1983 with a focus on psychiatric drugs.

Today, Shanghvi’s company is the world’s fourth largest producer of specialty generics. It’s also India’s most valuable pharma operation with revenues this year surpassing $3.5 billion. This astute billionaire grew his empire through a series of acquisitions including rival Ranbaxy Laboratories for $4 billion in 2014.

While he’s still India’s 8th richest, not so long ago he held the top spot, losing $14 billion in just two years after shares in Sun Pharma plummeted by more than 50%. On a personal level, Shanghvi seems a pretty decent guy, often called humble by the Indian press. He also invests in renewable energy and, presumably to hedge his bets, oil, and gas as well.

9. Kumar Birla

With a net worth of $12.5 billion, Birla is a is the true king of commodities and is the fourth generation to run the Aditya Birla Group, with eyewatering revenues of $44.3 billion. Aditya Birla Group’s interests are far-reaching and cover commodities like aluminum and cement, as well as telecom and financial services.

Inheriting the family empire at the tender age of 28, Birla has been used to owning wealth. He’s also had plenty of years running a business hands-on, acquiring US aluminum producer Aleris this July for $2.6 billion and merging his Idea Cellular with Vodafone India to become Vodafone Idea, in August, now India’s largest telecom firm.

This Indian business tycoon has been implicated in his fair share of scandals and corruption charges. The latest of which involved an alleged payment to Indian Prime Minister Modi in 2016. He unsurprisingly claimed to be unaware of this.

10. Gautam Adani

Currently coming in 10th in the richest people in India list is Gautam Adani with a net worth of $11.9 billion. Adani isn’t into technology or pharma. Instead, he controls the Mundra Port, which is India’s largest in his home state Gujarat.

Besides having dominion over the ports, the Adani Group’s interests stretch to real estate, commodities, and power generation. Some of this billionaire’s most notable assets include Australia’s Abbott Point port and the Carmichael coal mine, the biggest in the world.

A little digging into the operations of the Adani group and you’ll find corruption charges abound, as well as plenty of accusations of paying off government officials, including Indian Prime Minister Modi. He’s also been accused of using tax havens to shelter his money and the Carmichael acquisition was shrouded in controversy.

The Richest People in India

So, there you have it, the top 10 of the richest people in India. From buying up politicians to payrolling key decisionmakers, it’s pretty clear that getting other people in your pocket is helpful when growing an empire.

That said, the findings are not all bad, with plenty of India’s richest people also giving back to the community. And as for crony capitalism? Well, the gentleman’s club is a pretty global phenomenon. It would be disappointing if India wasn’t a paid-up member as well.

Even before the Asian stock markets reacted to the US stock market plunge yesterday, the number of billionaires in China had become fewer in 2018. The richest individuals in China have also lost billions from their top line wealth this year.

Data compiled by Hurun Report says the number of “super-rich” in China has dropped below 2,000 for the first time since 2015. This list counts individuals with holdings worth the equivalent of around $209 million or more. The fall in number constitutes an 11% decline in 2017 figures.

According to the report, the number of China’s wealthiest, worth at least 2 billion yuan, fell from 2,130 in 2017 to 1,877. The new figures also include 219 new names.

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said:

“A 20% drop in the mainland stock exchanges, on the back of a slowing economy and the US-China trade war, resulted in 456 drop-offs this year, the highest since records began 20 years ago.”

In US dollars, China has 620 billionaires.

Who Are the Top Billionaires in China?

Jack Ma – Alibaba – Net Worth $39 Billion

Alibaba chairman Jack Ma is of course top of the list. At 54, he has a net worth of around $39 billion driven higher recently by the increased worth of Ant Financial.

Ma and his second-in-charge Joe Tsai, who also runs the Alibaba owned South China Morning Post, believe the US will also suffer from current trade disputes. Tsai said recently:

“We are so integrated that the pain is going to be felt all over the world. Everybody is going to feel the pain.”

Hui Ka-yan – Evergrande Group – Net Worth $36 Billion

Ka-yan has lost the equivalent of $6 billion since last year and is second on the Hurun Report list. His company, the Evergrande Group is the second-largest property developer by sales in China. In 2018, Evergrande became the world’s most valuable real estate company.

Evergrande committed $2 billion worth of investment to electric car startup Faraday Future and has already spent $800 million on the new company. Now, the deal is in a dispute over shareholder rights.

Pony Ma Huateng – Tencent – Net Worth $35 Billion

Third on the list is Huateng, CEO of web technology and Chinese social media giant Tencent. He’s currently worth $35 billion and Tencent is diversifying into entertainment, artificial intelligence, and other technologies.

Tencent is officially the world’s largest gaming and social media company, owning messenger platform Tencent QQ and WeChat. Tencent Music Entertainment has 700 million users and 120 million paying subscribers.

Tencent was worth at least $500 billion USD in 2017.

When the US Sneezes…

Stock sell-offs in the US this week also impacted Asian markets with China’s main indexes falling 5%. According to Reuters, analysts at ANZ said:

“Equity markets are locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF about financial stability risks and continued trade tension all driving uncertainty.”

Shanghai’s SSEC drop was its most severe since early 2016 and overall was at its lowest level since 2014.

Like many, one Chinese analyst is pointing to technology stocks having oversold, UBP strategist Koon Chow said:

“I think what happened was that we were a maximum elevation of risk appetite and maximum valuation of (U.S.) large caps and tech, so when you have that situation you are always vulnerable.”

To quote CNN yesterday and many before, if the U.S sneezes, the rest of the world catches a cold. Although, Asian markets rallied this morning showing signs of a speedy recovery.

Featured image by World Economic Forum.

Elon Musk has been having a rough time recently. After the classic “Joe Rogan-smoking blunts debacle” and calling one of the heroic Thailand cave divers a “pedo guy” in a monumental PR gaff, Sir Richard Branson has now offered some words of clarity. The Virgin billionaire Branson has advised the visionary tech melodeon to “get some sleep.”

Richard Branson Advises Musk to Delegate

As any raging control freak will tell you, it’s sometimes difficult to let go. Especially as a business owner or entrepreneur. And especially if you are responsible for safeguarding share prices of a multi-billion-dollar company. This is something that Richard Branson knows only too well.

When asked a loaded question by CNBC’s Nancy Hungerford in regards to offering advice to Elon Musk, Branson calmly said:

“I think he maybe needs to learn the art of delegation. It’s important. He’s a wonderfully creative person but he shouldn’t be getting very little sleep.”

Delegating tasks to others is great advice for all business owners, control freaks and military dictators. Maybe you should stop taking yourselves so seriously. It’s time to hand over some tasks to your trusted steeds.

You can’t control every single nut and bolt in your business without losing your mind. Just in the same way you can’t keep track of your significant other’s movements with an RFID microchip.

If you are a military dictator contemplating whether or not to delegate, it’s time to leave the beheadings to someone else so you can streamline and monetize your torturous ways.

Intergalactic Space Travel Wars Afoot?

The comments by Sir. Branson seem rather synchronic as news recently broke that the Virgin creator’s space venture to catapult a rocket into space for the first time is just “weeks away.”

Unless you’ve been living under a moss-covered stone in Azerbaijan for the past couple of years or have been ‘on holiday’ in the State Pen, everyone knows Elon Musk’s plans for galactic space travel and other-worldly colonization.

Could these latest remarks from Branson be a ruse and a touch of kidology on his part to put a seed of doubt in Musk’s mind? The timing is perfect as Musk is currently coming under fire from all quarters. It remains to be seen if the possibility of intergalactic space travel wars between Branson and Musk will come to fruition.

The only question left for Elon Musk to answer is did he inhale on the Joe Rogan Experience? Or did he pull a “Bill Clinton”?

Featured image from Shutterstock.

When everyday people have money problems, it’s usually something on the frontline like struggling to pay monthly bills and so forth. When a Russian billionaire such as Roman Abramovich has money problems, it’s in regards to undervalued luxury properties on the French Riviera.

Roman Abramovich is better known across the Western world as the owner of English Premier League (EPL) football club, Chelsea. But he’s also as a businessman that made billions of dollars amidst Russia’s oil industry scramble in the early 1990s.

Although Abramovich is usually in the news for signing a new center forward for the London football club, this time it’s because he undervalued his €100 million French Riviera chateau to reduce his wealth tax payments.

€1 Million Tax Bill for Russian Billionaire

Estimated to be worth approximately €10 billion, Abramovich is positioned in the top 150 richest people in the world and is currently battling authorities over a €1 million tax bill in regards to his French Riviera home.

The Russian billionaire purchased the villa, Cap d’Antibes, in an area called “Billionaire’s Bay” in 2001 in a popular French resort region between Nice and Cannes. He spent over €30 million on renovating the property.

According to a Daily Telegraph report, he should have paid a higher price in “wealth tax.” By undervaluing the property at €41,000 per square meter, he now finds himself in hot water with French authorities.

The 18.5-acre estate was once owned by the Duke and Duchess of Windsor and has an estimated living area of 2,400 square meters, which Abromovich claimed was worth half of the what the French Court of Cassation believes to be closer to the real value.

Yet Abramovich is adamant that authorities have failed to take into consideration his spending on the renovations. However, when compared to similar properties in the region, the court ruled that Abramovich had underpaid on his wealth tax between 2006 and 2007.

The Russian oligarch has been dealing with a number of issues over the past several months and has had high-profile run-ins with the UK authorities in regards to his visa, and other reports out of Switzerland saying that Abramovich could have links to organized crime, which the Russian has flatly and strongly denied.

As the old adage goes “more money, money problems,” so will it be interesting to see how this pans out over the course of the next few months.

Featured image by De Marina Lystseva.