By <a href="https://www.cnbc.com/2019/08/28/elon-musk-computers-will-surpass-us-in-every-single-way.html">Jordan Novet </a>



<a class="" href="https://www.cnbc.com/quotes/?symbol=TSLA">Tesla</a> CEO <a class="" href="https://www.cnbc.com/elon-musk/">Elon Musk</a> on Wednesday said that computers are getting smarter than humans in more and more spheres and that the trend will continue.



“We will be far, far surpassed in every single way. I guarantee it,” Musk said to&nbsp;<a href="https://www.cnbc.com/jack-ma/" class="">Jack Ma</a>, chairman of&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BABA" class="">Alibaba</a>, at the World Artificial Intelligence Conference in Shanghai.



The comments highlight an evolving landscape in technology, including in artificial intelligence — an area&nbsp;<a href="https://www.cnbc.com/2017/06/17/what-is-artificial-intelligence.html" class="">technology companies are tapping</a>&nbsp;to enhance their products and sell to businesses.



Musk pointed to advances in chess and the Chinese board game of Go as evidence of progress in AI.



“Your cell phone could crush the world champion of chess, literally,” Musk told Ma.



company is seeking to draw on AI for&nbsp;<a href="https://www.cnbc.com/2019/07/17/elon-musk-brain-machine-startup-neuralink-plans-human-trials-in-2020.html" class="">augmenting people’s cognitive capabilities</a>&nbsp;with brain-machine interfaces. The company is not there yet, though.



“The first thing we should assume is we are very dumb,” Musk said. “We can definitely make things smarter than ourselves.”



Ma had a different view, suggesting that a computer has never spawned a human being, or even a mosquito.



“I’ve never in my life, especially [in the] last two years, when people talk about AI, human beings will be controlled by machines,” he said. “I never think about that. It’s impossible.”



And Ma said that he does not want to play chess or Go against a machine. These games were designed for people to play against each other, he said.



“I’ll be happy to see two computers fight each other,” Ma added.



The Tesla chief has spoken previously about AI. In 2017&nbsp;<a href="https://www.cnbc.com/2017/09/04/elon-musk-says-global-race-for-ai-will-be-most-likely-cause-of-ww3.html" class="">he suggested</a>&nbsp;that competition among nations in AI could lead to World War III.



Tesla has sought to do more in AI. Musk revealed that Tesla was working on a custom AI chip&nbsp;<a href="https://www.cnbc.com/2017/12/08/elon-musk-talks-up-teslas-upcoming-artificial-intelligence-hardware.html" class="">in 2017</a>, and last month he said the automaker would “most likely” start retrofitting older vehicles with its chips by&nbsp;<a href="https://www.theverge.com/2019/7/8/20685873/tesla-fsd-chip-upgrade-2019-install-hw2-full-self-driving" class="">the end of 2019</a>.



In 2015 Musk co-founded <a class="" href="https://www.cnbc.com/2019/07/22/microsoft-invests-1-billion-in-elon-musks-openai.html">OpenAI</a> as an AI research nonprofit. He <a class="" href="https://www.cnbc.com/2018/02/21/elon-musk-is-leaving-the-board-of-openai.html">left the board</a> last year. He said in a tweet earlier this year that OpenAI and Tesla were at times both trying to hire the same people, and that he and OpenAI didn’t always see eye to eye.



<blockquote class="twitter-tweet">Also, Tesla was competing for some of same people as OpenAI &amp; I didn’t agree with some of what OpenAI team wanted to do. Add that all up &amp; it was just better to part ways on good terms.&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1096989482094518273?ref_src=twsrc%5Etfw">February 17, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/08/28/elon-musk-computers-will-surpass-us-in-every-single-way.html">https://www.cnbc.com/2019/08/28/elon-musk-computers-will-surpass-us-in-every-single-way.html</a> and is republished with its permission.

Billionaire Elon Musk: Computers will surpass us ‘in every single way’

By <a href="https://www.cnbc.com/marcel-schwantes/">Marcel Schwantes</a>



If you’re like most people, you probably have a long list of things you’d do differently if you had <a class="" href="https://www.cnbc.com/2019/07/03/advice-from-90-year-olds-how-to-live-a-long-happy-and-regret-free-life.html">a second shot at life</a>.



But&nbsp;<a href="https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html" class="">Warren Buffett</a>? Not so much.



In 1998, at a&nbsp;<a href="https://www.youtube.com/watch?v=2MHIcabnjrA" class="">lecture</a>&nbsp;he gave at the&nbsp;<a href="https://www.youtube.com/watch?v=2MHIcabnjrA" class="">University of Florida’s School of Business</a>, an MBA student asked Buffett: “What would you do to live a&nbsp;<a href="https://www.cnbc.com/2019/06/29/deepak-chopra-do-these-3-little-things-to-live-a-longer-happier-life.html" class="">happier life</a>&nbsp;— if you could live all over again? ”



“This will sound disgusting,” the Berkshire Hathaway CEO joked, “but the only thing would be to select a gene pool where people lived to 120 or something where I came from.”



While Buffett’s answer might sound simple at first, the rest of his response revealed that his personal philosophy about happiness has very little to do with longevity.



In fact, if he was given the option to go back and live life “all over again,” he probably wouldn’t take it.



<h2 class="wp-block-heading">Buffett is best suited for the society he’s in now</h2>



The Oracle of Omaha took great care in laying out a scenario to illustrate how “extraordinarily lucky” he already feels today.



He told the audience to imagine a barrel with roughly 5.8 billions of balls — one for everybody in the world. Each ball will determine important factors (e.g., your birthplace, IQ level, gender, ethnicity, skills, parents) in your “new life.”



“If you could put your ball back into the barrel, and they took out 100 balls at random — and you had to from pick one of those, would you put your ball back in?” he asked.



In addition to not knowing which ball you’ll get, there’s another catch: “Of those 100 balls, five of them will be American. So if you want to be in this country, you’ll only have five balls to choose from,” Buffett explained. “Half of them will be women and half men. Half of them will be below average in intelligence and half above average in intelligence.”



He asked the students again: Do you still want to risk taking a second shot at life?



“Most of you won’t want to put your ball back,” he said. “So what you’re really saying is, ’I’m the luckiest 1% of the world right now, sitting in this room — the top 1% of the world.”



And that’s exactly how Buffett feels. “I’m lucky to be born where I was because it was 50 to one in the United States when I was born. I’ve been lucky to be wired in a way that, in a market economy, pays off like crazy for me,” he said.



<h2 class="wp-block-heading">You don’t need ‘luck’ to be happy</h2>



Buffett acknowledged that not everyone is as lucky as he is because it all depends on the system that one is born into.



”[Bill] Gates says that if I’d been born three million years ago, I would’ve been some animal’s lunch. He says, ‘You can’t run very fast, you can’t climb trees, you can’t do anything. You’d just be chewed up the first day,’” said Buffett.



He closed the lecture by encouraging everyone to think about happiness from a more practical standpoint: None of us can live life all over again, but we can increase our overall happiness by choosing to make changes in our career, goals, finances, health and relationships.



“The way to do it is to play out the game and do something you enjoy all your life,” he said. “Be associated with people you like. I only work with people I like. If I could make $100 million dollars with a guy who causes my stomach to churn, I’d say no.”



He continued: “I urge you to work in jobs you love. You’re out of your mind if you keep taking jobs that you don’t like because you think it’ll look good on your resume.”



Do what you love. It sounds easy when you’re one of the world’s richest people, but to be fair, Buffett was already doing what he loves long before he became successful.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/08/10/warren-buffett-what-id-do-differently-to-live-a-happier-life.html">https://www.cnbc.com/2019/08/10/warren-buffett-what-id-do-differently-to-live-a-happier-life.html</a> and is republished with its permission.

Warren Buffett says this is what he’d do to live a happier life—if he could live all over again

By <a href="https://www.cnbc.com/tom-popomaronis/">Tom Popomaronis</a>



If there’s one person who understands the importance of teaching kids about&nbsp;<a href="https://www.cnbc.com/2019/04/26/how-to-raise-money-smart-children-who-grow-up-to-be-successful-wealthy-financially-literate.html" class="">financial responsibility</a>, it’s&nbsp;<a href="https://www.cnbc.com/2019/05/10/billionaire-warren-buffett-use-this-simple-test-when-making-tough-decisions.html" class="">Warren Buffett</a>.



Before he became CEO of Berkshire Hathaway, the legendary investor started a handful of small businesses — starting at age six, when he purchased a six-pack of Coke for 25 cents and&nbsp;<a href="https://www.cnbc.com/2017/01/31/heres-how-warren-buffett-hustled-to-make-53000-as-a-teenager.html" class="">sold each can for a nickel</a>. He also sold&nbsp;<a href="https://www.cnbc.com/2017/01/31/heres-how-warren-buffett-hustled-to-make-53000-as-a-teenager.html" class="">magazines and gum</a>&nbsp;from door to door.



“My dad was my greatest inspiration,” Buffett said in an interview with&nbsp;<a href="https://www.cnbc.com/2013/11/22/buffett-how-to-teach-your-kids-about-moneycommentary.html" class="">CNBC</a>&nbsp;back in 2013. “What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught me.”



When asked what he thinks is the biggest mistake parents make when teaching their kids about money, the billionaire said, “Sometimes parents wait until their kids are in their teens before they start talking about managing money — when they could be starting when their kids are in preschool.”



<h2 class="wp-block-heading">Time is a factor</h2>



Yes, you read that right:&nbsp;Preschool.&nbsp;To Buffett’s point,<a href="http://littletexans.org/Media/36-48m%20English%20Parenting%20Guide%20-%20Web.pdf" class="">researchers have noted</a>&nbsp;that 80% of our brain growth happens by age 3.



One&nbsp;<a href="https://mascdn.azureedge.net/cms/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf" class="">study from Cambridge University</a>&nbsp;found that kids are already able to grasp basic money concepts between the ages of 3 and 4. And by age 7, basic concepts relating to future financial behaviors will typically have developed.



“Most parents already know how important it is to teach their kids about money and how to managing it properly,” Buffett acknowledged. But there’s a difference between&nbsp;knowing&nbsp;and&nbsp;taking action.



According to a&nbsp;<a href="https://www.slideshare.net/TRowePrice/t-rowe-prices-10th-annual-parents-kids-money-survey" class="">2018 survey from T. Rowe Price</a>, which gathered responses from 1,014 parents (of children between the ages of 8 to 14) and more than 1,000 young adults (ages 18 to 24), only 4% of parents said they started discussing financial topics with their kids before the age of 5.



Thirty percent of parents started educating their kids about money at age 15 or older, while 14% said they never did at all.



<h2 class="wp-block-heading">Lessons Buffett taught his own kids</h2>



In 2011, Buffett helped launch a children’s animated series called&nbsp;<a href="https://www.smckids.com/games.php" class="">“Secret Millionaire’s Club,”</a>&nbsp;which featured himself as a mentor to a group of students.



There are&nbsp;<a href="https://www.smckids.com/episodes/" class="">26 episodes</a>&nbsp;in the show, and each one tackles a financial lesson, such as how a credit card works or why it’s important to track where you put your money.



“I taught all [three] of my kids the lessons taught in ‘Secret Millionaires Club,’” Buffett told&nbsp;<a href="https://www.cnbc.com/2013/11/22/buffett-how-to-teach-your-kids-about-moneycommentary.html" class="">CNBC</a>. “They are simple lessons meant for business and for life.”



Here are a few lessons from the show, along with&nbsp;<a href="http://smckids.com/learnandearn/parents/activities/" class="">tips from Buffett</a>&nbsp;on how to teach them to your kids:



1.&nbsp;<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb24-GoingMentalForRental.pdf" class="">How to be a flexible thinker</a>



The goal of this lesson is to encourage your kids not to give up just because something doesn’t work the first time. The ability to think creatively and outside the box will come in handy when they run into future financial challenges.



Activity ideas:



<ul><li>Go to an art museum with your kids and discuss the different styles of each painting. Then, invite them to paint something of their own. Have them brainstorm different tools — besides the paintbrush — that can be used (e.g., sponges, cotton swabs, fingers).</li><li>Turn your trash into treasure by challenging your kids to come up with new uses for old things around the house (e.g., bottle caps can double as checker pieces, an empty cereal box can be turned into a magazine holder). This will help teach them how to think critically, save money and help the environment all at the same time.</li></ul>



2.<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb04-LawnAndOrder.pdf" class="">&nbsp;How to start saving money</a>



As Ben Franklin once said, “A penny saved is a penny earned.” To help your kids learn to manage their money, it’s important for them to understand the difference between&nbsp;wants&nbsp;and&nbsp;needs.



Activity ideas:



<ul><li>Give each of your kids two money jars: One for savings and one for spending. Each time they receive money (e.g., as a gift, for allowance, for walking the neighbor’s dog), talk to them about how they wish to split the money between savings and spending.</li><li>Have your kids make a list or create a collage from magazine photos of five to 10 things they’d like to purchase. Then, go through each item with them and mark whether it’s a want or a need (e.g., a new toy is a want, while a new backpack is a need.)</li></ul>



3.<a href="http://smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb16-WhyPayMore.pdf" class="">&nbsp;How to differentiate between price and value</a>



We’ve all been guilty of paying more money for a cool brand of shoes or gadget when we could have gotten a similar item that was just as good for a lesser price.



The idea behind this lesson is to help kids understand the different ways advertisers get us to buy their services or products, as well as how to tell what is and what isn’t worth paying for.



Activity ideas:



<ul><li>Make a list of items you need at the supermarket, and then check flyers, newspapers and websites with your kids for items on the list that may be on sale. Compare those prices and see which store offers the best deal for a specific product.</li><li>Pick up a magazine with your kids and choose an ad to evaluate. Ask them: What’s being sold? What message is the ad trying to get across? What catches their attention in the ad? How does the ad make them feel? How is it trying to persuade them to buy the product?</li></ul>



4.&nbsp;<a href="http://www.smckids.com/learnandearn/images/stories/pdfs/SMC-Parent-Wb23-TheDominoEffect.pdf" class="">How to make good decisions</a>



The key to making smart decisions is to think about how different choices can impact future outcomes.



Activity ideas:



<ul><li>Buffett suggests modeling good decision-making skills and talking to your kids about your decisions as you make them, as well as any resulting domino effect they could have. For example: “We want to buy a new TV, but our AC is broken and we need to save money to get it fixed. If we don’t, it will be too hot in the house when summer comes. Once the AC is repaired, we can think about buying the TV.”</li><li>Get your kids into the habit of making good decisions about how to save money. Maybe there’s a DVD they want to buy. Ask them whether they really need it or if they can rent the movie from the library.</li></ul>



<h2 class="wp-block-heading">‘It’s never too early’</h2>



Instilling healthy financial habits in your kids is one of the most important things you can do to help ensure they have a successful future.



“It’s never too early,” Buffett said in a Q&amp;A with&nbsp;<a href="https://finance.yahoo.com/news/money-101--q-a-with-warren-buffett-140409456.html" class="">Yahoo Finance</a>&nbsp;in 2013. “Whether it’s teaching kids the value of a dollar, the difference between needs and wants or the value of saving — these are all concepts that kids encounter at a very early age, so it’s best to help them to understand it.”



Tom Popomaronis is a commerce expert and proud Baltimore native. Currently, he is the Senior Director of Product Innovation at the <a class="" href="https://rhawkinsgroup.com/">Hawkins Group</a>. His work has been featured in Forbes, Fast Company and The Washington Post. In 2014, he was named one of the “40 Under 40” by the Baltimore Business Journal.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html">https://www.cnbc.com/2019/07/30/warren-buffett-this-is-the-no-1-mistake-parents-make-when-teaching-kids-about-money.html</a> and is republished with its permission.

Warren Buffett: This is the No. 1 mistake parents make when teaching kids about money

By <a href="https://www.cnbc.com/elizabeth-gravier/">Elizabeth Gravier</a>



Richard Branson is used to shooting for the stars.&nbsp;



Last week,&nbsp;<a href="https://www.cnbc.com/2019/07/09/richard-branson-space-unit-virgin-galactic-plans-to-go-public-wsj.html" class="">Virgin Galactic</a>&nbsp;announced its plans to become the first publicly-traded space tourism company. It’s a bold feat, and one that Branson credits to dreaming big – and out loud.



“One of my most enduring (and hopefully endearing!) habits is talking about plans that are yet to come to fruition,” Branson writes in&nbsp;a&nbsp;<a href="https://www.virgin.com/richard-branson/talking-ahead-yourself" class="">recent blog post</a>. “Whenever I come up with an exciting new idea or hear a thrilling new proposal, I want to tell the world about it straight away.”



He calls this habit “talking ahead of yourself.”



“Far from being a problem, talking ahead of yourself can actually be very useful,” he writes. “By setting yourself future goals that many people deem unrealistic, you actually bring them closer to reality.”



And Branson’s optimism has paid off. The&nbsp;<a href="https://www.bloomberg.com/billionaires/profiles/richard-c-branson/" class="">self-made billionaire</a>&nbsp;has made a&nbsp;<a href="https://www.forbes.com/profile/richard-branson/#2bf6c8286ff5" class="">fortune</a>&nbsp;creating separate ventures all under the Virgin brandname, including Virgin Atlantic, Virgin Galactic,&nbsp;<a href="https://www.cnbc.com/2017/02/06/richard-branson-wept-when-he-sold-virgin-records-for-a-billion-dollars.html" class="">Virgin Records</a>(which he sold for&nbsp;<a href="https://www.cnbc.com/2017/02/06/richard-branson-wept-when-he-sold-virgin-records-for-a-billion-dollars.html" class="">$1 billion in 1992</a>) and most recently&nbsp;<a href="https://www.virginvoyages.com/" class="">Virgin Voyages</a>, a cruise business launching in 2020.



He writes that the practice of talking about future ideas out loud incentivizes Virgin employees to reach goals, but it also turns restless energy and ideas into real action. “If you start planning ahead for when you do have the exciting new line, the growing profits and the new staff, you’ll be better prepared for success.”



Branson takes inspiration wherever he can find it, but he credits April Fool’s pranks – an annual tradition at Virgin – as a surprising source of ideas. As a prank, he once wrote about new&nbsp;<a href="https://www.virgin.com/richard-branson/virgin-launches-glass-bottomed-plane" class="">glass-bottomed Virgin Atlantic planes</a>, and the idea was so popular that he is now considering installing giant windows in the roof of the planes for stargazing (a decision made after realizing the luggage at the bottom of the plane would block any type of view through a glass surface.)



“Sometimes the most far-fetched schemes are the most plausible,” Branson writes. “Often sensible plans go out of the window. You have to be ready for anything. If you talk ahead of yourself, your team will be ready for it too. You’ve got to have a dream before you can go about making it come true.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/07/15/why-richard-branson-talks-about-his-big-goals-publicly.html?forYou=true">https://www.cnbc.com/2019/07/15/why-richard-branson-talks-about-his-big-goals-publicly.html?forYou=true</a> and is republished with its permission.

Why billionaire Richard Branson talks about his goals before he has any idea how to accomplish them

By <a href="https://www.cnbc.com/jade-scipioni/">Jade Scipioni</a> 



There are only about <a class="" href="https://www.cnbc.com/2018/03/07/forbes-there-are-a-record-2208-billionaires-in-the-world.html">2,200</a> billionaires in the world — or 0.0002% of planet’s population.



And&nbsp;<a href="https://www.cnbc.com/2018/03/07/forbes-there-are-a-record-2208-billionaires-in-the-world.html" class="">67%</a>&nbsp;of those billionaires are self-made.



The members of that self-made group generally made their money in one of a few ways: they invented a useful product (think Bill Gates with Microsoft, whose net worth is around&nbsp;<a class="" href="https://www.bloomberg.com/billionaires/">$107 billion</a>); they innovated a new way of solving a problem (think Airbnb co-founder Brian Chesky, whose net worth is around&nbsp;<a class="" href="https://www.forbes.com/profile/brian-chesky/#7feaad8944d3">$3.7 billion</a>); or they are savvy investors (think Warren Buffett, worth&nbsp;<a class="" href="https://www.bloomberg.com/billionaires/">$87.3 billion</a>). Indeed, climbing the corporate ladder will rarely get you into the club (Tim Cook who runs nearly&nbsp;<a class="" href="https://finance.yahoo.com/quote/AAPL/history/">$1 trillion company</a>&nbsp;Apple, for example, is worth around&nbsp;<a class="" href="https://www.businessinsider.com/tim-cook-net-worth-apple-ceo-2018-8">$625 million</a>).



But beyond sharp entrepreneurial and investing chops, self-made billionaires share some traits, according to according to Rafael Badziag, who interviewed 21 of them (including early Uber investor Tim Draper and InfoSpace and Viome founder Naveen Jain) for his book, “The Billion Dollar Secret.” Here are three of the top things they have in common, according to Badziag.



 1. They succeed no matter what the ‘weather’ is



Badziag says it’s clear why most of the general population (he calls them “drifters”) don’t succeed in life: They are waiting for conditions to be perfect before they strike, and often those ideal conditions never materialize so they don’t fully pursue their dreams.



“Self-made” billionaires, he says, are different. Most of the billionaires Badziag interviewed didn’t come from well-off families or ideal situations, but they pursued their dreams no matter the circumstances around them — no matter the “weather outside or inside,” he says.



Take for example, one of the billionaires Badziag interviewed: N.R. Narayana Murthy, who co-founded IT giant Infosys, which is valued at more than&nbsp;<a href="https://finance.yahoo.com/quote/INFY?p=INFY" class="">$45 billion</a>.



The 72-year-old, who is now worth as estimated <a class="" href="https://www.forbes.com/profile/nr-narayana-murthy/#632698863e05">$2.4 billion</a>, grew up in India in ’50s and ’60s, a poor country that he says was one of the most hostile to free enterprise at the time. As a child, his family was so poor he had to sleep on the floor because they had no furniture.



But despite having no money, Murthy was eager to learn; he would go to the public library in town (he lived outside Karnataka) and read everything he could. From what he learned, Murthy believed software was the future, so in 1981 he and some colleagues got the idea to create a software company. But they didn’t have a computer, and at the time, the Indian government required a license to import one, he told Badziag. So for three years, Murthy back and forth to Dehli by train, 1,500 miles each way, making at least 50 visits to pitch officials on why he should be granted a license. With their computer and phone line (which he says took <a class="" href="https://www.bbc.com/news/business-12957104">a year</a> to procure), Murthy and his co-founders started Infosys and grew it from an operation with seven employees into a global business and one of the leading technology consulting companies in India.



 2. They don’t do it for the money



Most “drifters” are dying to have big incomes but never quite achieve a high net worth status, or if they do, they lose motivation when they have some good in money in bank, says Badziag. (He refers to it as “the gold digger’s trap.”)



However, Badziag found that the “self-made” billionaires he interviewed aren’t motivated by wealth. Instead, they “have a strong sense of purpose and passion for their work,” and are motivated by a desire to “to grow and learn no matter how big their bank accounts get,” he says.



As Apple founder Steve Jobs once famously said, “I was worth over a million dollars when i was 23 and over $10 million when I was 24, and over $100 million when I was 25. And it wasn’t that important, because I never did it for the money.” Jobs said he started Apple with a simple vision of trying to create a “<a class="" href="https://www.entrepreneur.com/article/197538">computer in the hands of everyday people</a>. ” and they ended up succeeding beyond they wildest dreams.



Murthy told Badziag he was driven by the belief that the only way to solve the problem of poverty was “through the creation of jobs with good incomes and that entrepreneurship was the best instrument for such a solution.”



And French-Syrian businessman Mohed Altrad, who made his now&nbsp;<a href="https://www.forbes.com/profile/mohed-altrad/#2c128ff45057" class="">$2.7 billion</a>&nbsp;fortune by acquiring a scaffolding company in France in 1985 and growing it into the industrial services giant&nbsp;<a href="https://www.altrad.com/en/home.html" class="">Altrad Group</a>, told Badziag that he doesn’t view money as an objective.



“It’s one of the signs of success. The success of the organization is to be sustainable, in which people are happy, in which humanity finds its foundation,” Altrad said.



 3. They are frugal



“Drifters” love spending money, according to Badziag, often going into debt to spend even more than they have. Even successful people are prone to showcasing their wealth via cars, expensive clothes and lavish vacations.



But the billionaires Badziag interviewed were different: They “get pleasure making money, but don’t enjoy spending it,” he says.



Take for example, Warren Buffett, the&nbsp;<a href="https://www.bloomberg.com/billionaires/" class="">fourth-richest person</a>&nbsp;in the world with a net worth of around&nbsp;<a href="https://www.bloomberg.com/billionaires/" class="">$87.3 billion</a>. Despite his massive wealth, the 88-year-old still lives in the same modest Omaha house he purchased in 1958 for&nbsp;<a href="https://www.businessinsider.com/warren-buffett-modest-home-bought-31500-looks-2017-6" class="">$31,500</a>&nbsp;(which is around $277,00 in today’s dollars). He also keeps his breakfast budget low, only spending around&nbsp;<a href="https://www.cnbc.com/2018/04/18/warren-buffett-buys-breakfast-from-mcdonalds-for-under-3-point-17.html" class="">$3.17</a>&nbsp;a day at McDonald’s to get one of three items: two sausage patties, a sausage, egg and cheese or a bacon, egg and cheese.



And Peter Hargreaves, the founder of Hargreaves Lansdown, one of the UK’s largest financial services businesses, told Badziag a few years back that he was still driving an eight-year-old Toyota Prius. Hargreaves’ net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/peter-hargreaves/#147ef4b8691c" class="">$4.2 billion</a>.



Hargreaves also told Badziag that his children were frugal too. ”[My kids] drive very modest cars; they both have a car that’s seven years old. They both have quite modest flats. And if they go on holiday, they go with their mates, and they go to the back of the plane,” Hargreaves said.



Of course, some billionaires adjust to their level of wealth. For example, though Bill Gates is famous for wearing a <a class="" href="https://www.cnbc.com/2018/06/28/two-popular-items-bill-gates-refuses-to-spend-a-lot-of-money-on.html">$10 watch</a>, he recently <a class="" href="https://www.cnbc.com/2019/06/25/why-bill-gates-younger-self-would-be-disgusted-with-him-today.html">admitted</a> that he also indulges: “Now I take lots of vacation. My 20-year-old self is so disgusted with my current self. You know, I was sure I would never fly anything but coach and you know, now I have a plane,” Gates said last <a class="" href="https://www.youtube.com/watch?time_continue=5&amp;amp=&amp;amp=&amp;amp=&amp;v=W5g4sPi1wd4">month</a> at a Village Global event.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/07/02/self-made-billionaires-have-these-traits-in-common.html">https://www.cnbc.com/2019/07/02/self-made-billionaires-have-these-traits-in-common.html</a> and is republished with its permission.

3 traits self-made billionaires have in common, according to a guy who interviewed 21 of them

By <a href="https://www.cnbc.com/elizabeth-gravier/">Elizabeth Gravier</a>



Before Elon Musk became obsessed by space travel and electric cars, he was a kid who played&nbsp;<a href="https://www.businessinsider.com/elon-musk-favorite-video-games-photos-2017-1" class="">a lot of video games</a>.



Speaking at the Electronic Entertainment Expo (E3)&nbsp;<a href="https://www.youtube.com/watch?v=WVW50KRaBd8" class="">video game convention</a>&nbsp;in Los Angeles earlier this month, Musk addressed the impact video games have had on his vision and the careers of engineers everywhere.



“Part of the reason, maybe the reason, I got interested in tech was video games, ” Musk said. “I probably wouldn’t have started programming if it wasn’t for video games or wouldn’t have been as interested in computers and tech if it wasn’t for video games. I think video games are a very powerful force for getting young kids interested in technology; it has way bigger knock-on effects than people may realize.”



Musk speaks from experience. At just 12 years old, he coded and published a space fighting game called “Blastar” which later&nbsp;<a href="https://www.cnbc.com/2017/10/04/the-first-jobs-of-15-billionaires-like-warren-buffett-and-jeff-bezos.html" class="">sold for $500</a>&nbsp;to trade publication PC and Office Technology magazine. He once worked at a gaming startup ( “Which weirdly was called Rocket Science — fate loves irony,” Musk has joked). And though his&nbsp;<a href="https://www.nytimes.com/2018/08/16/business/elon-musk-interview-tesla.html" class="">more recent birthdays</a>&nbsp;may have been spent pulling all-nighters at Tesla, Musk once celebrated his birthday by asking for a life-size statue of Vault Boy – the fictional mascot character from&nbsp;<a href="https://fallout.bethesda.net/en/" class="">video game Fallout</a>.



But Musk isn’t the only one who has found inspiration – and success – through gaming. The link between the two is obvious when he interviews his future employees.



“If we’re interviewing somebody for a software engineering role at Tesla or SpaceX, many times we’ll [ask], ‘How’d you start programming?’” Musk says.



“I think many of the best software engineers in the world are at, or spent much of their career at, video game houses,” Musk says, emphasizing how problem-solving in video games transfers over to problem-solving in software engineering. “If people had to try to create incredibly realistic graphics using very little computer power, it’s a hard problem, so a lot of people had to write really tight code and come up with really clever ideas to do that.”



For Musk’s team at Tesla, the enhanced graphics in video games enable them to better simulate self-driving cars with the help of artificial intelligence. Hetasks his simulation team with creating a photorealistic world of what he says are some of the most boring things: skid marks on the road, concrete curves, shadows, and faded street lines. These simulations have been essential to the development of&nbsp;<a href="https://www.motortrend.com/news/consumer-reports-right-wrong-tesla-autopilot/" class="">autopilot cars</a>, which are scheduled for a&nbsp;<a href="https://www.theverge.com/2019/4/22/18510828/tesla-elon-musk-autonomy-day-investor-comments-self-driving-cars-predictions" class="">full rollout next year</a>.



He also credited video game <a class="" href="https://www.cyberpunk.net/us/en/pre-order">Cyberpunk</a> (as well as the movie “Blade Runner”) as the inspiration for the <a class="" href="https://www.cnbc.com/2018/12/14/elon-musk-tweets-about-tesla-pickup-truck-prototype-for-2019.html">Tesla pickup truck</a>.



“It definitely doesn’t look like a normal car, it looks like it should not be on the roads, like it came out of a movie or something,” Musk says. “It won’t appeal to everyone, but it’ll be something that’s different. I think I would buy it.”



Musk wasn’t just at E3 to talk about his new pickup truck. He announced the addition of&nbsp;<a href="https://www.wired.com/story/bored-charging-your-tesla-play-videogame-your-car/" class="">video games to Tesla vehicles</a>&nbsp;— drivers can play games on the car’s center screen while docked at a charging station. He even hinted at developing games for his space capsules going to Mars.



“My experience is, if you’re trying to figure out what others love, but you don’t love it, it’s really hard to make that great,” he says. “So when you work on something, if you fall in love with it, that’s a good sign – and then don’t worry about if others do. If you do, others will.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/28/elon-musk-talks-about-how-video-games-got-him-hooked-on-programming.html">https://www.cnbc.com/2019/06/28/elon-musk-talks-about-how-video-games-got-him-hooked-on-programming.html</a> and is republished with its permission.

Billionaire Elon Musk says playing video games is how he and ‘many of the best software engineers’ got into programming

By <a href="https://www.cnbc.com/david-neagle/">David Neagle, Contributor</a> 



The path to&nbsp;<a href="https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html" class="">great achievement</a>&nbsp;and leadership is not an easy one. You need a ridiculous amount of&nbsp;<a href="https://www.cnbc.com/2019/02/01/the-2-minute-rule-how-to-stop-procrastinating-and-start-new-habits.html" class="">focus</a>, drive and the ability to inspire others.



While there is no one-size-fits-all&nbsp;<a href="https://www.cnbc.com/2019/03/26/money-mistakes-millionaires-like-warren-buffett-bill-gates-google-eric-schmidt-never-make.html" class="">approach to success</a>, there are a few traits worth adopting from some of the world’s most&nbsp;<a href="https://www.cnbc.com/2019/03/04/self-made-millionaires-swear-by-these-5-morning-routinesand-they-all-take-less-than-10-minutes.html" class="">accomplished leaders</a>, from&nbsp;<a href="https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html" class="">Elon Musk</a>&nbsp;to&nbsp;<a href="https://www.cnbc.com/2019/03/12/amazon-billionaire-jeff-bezos-explains-why-the-smartest-people-change-their-minds-often.html" class="">Jeff Bezos</a>&nbsp;to&nbsp;<a href="https://www.cnbc.com/2018/06/18/how-the-wojcickis-parents-raised-23andme-founder-youtube-ceo.html" class="">Susan Wojcicki</a>.



Here are the top five:



1. They aren’t fazed by failure



Things won’t always turn out the way you expected them to. Most startups fail —&nbsp;<a href="http://innovationfootprints.com/wp-content/uploads/2015/07/startup-genome-report-extra-on-premature-scaling.pdf" class="">90 percent of them</a>, research finds. Many of your ideas might not work. People may give up on you. But successful people don’t let any of those things get in their way. Instead, they learn from their failures.



When Bezos launched Amazon in 1994, he only gave himself a 30 percent chance of success. “That’s actually a very liberating expectation, expecting to fail,” he told&nbsp;<a href="https://web.archive.org/web/20000407181649/http://www.time.com/time/poy/bezos.html" class="">Time magazine</a>&nbsp;in 1999, when they crowned him as Person of the Year.



Indeed, the Amazon founder has had his fair share of failures, from the&nbsp;<a href="https://www.gobankingrates.com/making-money/business/jeff-bezos-worst-business-failures/" class="">Fire smartphone to Amazon Wallet</a>, but he never stopped taking chances in the pursuit of success.



“If you’re going to take bold bets, they’re going to be experiments,” he said on stage at <a class="" href="https://www.businessinsider.com/jeff-bezos-on-big-bets-risks-fire-phone-2014-12">Business Insider’s Ignition Conference</a> in 2014. “And if they’re experiments, you don’t know ahead of time if they’re going to work. Experiments are by their very nature prone to failure. But a few big successes compensate for dozens and dozens of things that didn’t work.”



2. They shoot for the moon



Tesla co-founder Elon Musk took this one literally when he said his mission was to take&nbsp;<a href="https://www.bbc.com/news/science-environment-39111030" class="">tourists to the moon.</a>&nbsp;One of the most admirable traits about Musk is always sets the most ambitious goals, from building underground<a href="https://www.cnn.com/2018/12/19/tech/boring-company-tunnel-elon-musk/index.html" class="">&nbsp;tunnels to beat traffic congestion</a>&nbsp;to&nbsp;<a href="https://www.wsj.com/articles/elon-musk-launches-neuralink-to-connect-brains-with-computers-1490642652" class="">connecting our brains to computers.</a>



Setting (and attempting to achieve) highly ambitious goals can take a lot out of you. But many&nbsp;<a href="https://academic.oup.com/jcr/article-abstract/38/4/622/1856977" class="">studies</a>&nbsp;have found that this can make you happier in the long run. In one&nbsp;<a href="https://academic.oup.com/jcr/article-abstract/38/4/622/1856977" class="">experiment</a>, researchers observed two groups of people: One who set sky-high goals, and one who set more conservative goals.



The first group reported feeling more fulfilled after having achieved their goals. The reason? When you set conservative goals, as opposed to more ambitious ones, the satisfaction you get from achieving them is much lower.



Oprah Winfrey is also a master when it comes to going big. She started off as a television reporter, then expanded her media empire by including movies, podcasts and websites. “The Oprah Winfrey Show” still remains the highest-rated daytime talk show in American history. By age 32, she had already reached millionaire status.



 3. They lead from personal experience



In 2017, a Google software engineer published a&nbsp;<a href="https://gizmodo.com/exclusive-heres-the-full-10-page-anti-diversity-screed-1797564320" class="">10-page memo</a>&nbsp;against the tech giant’s diversity initiatives. The document went viral, prompting a quick response from&nbsp;<a href="http://www.google.com/" class="">Google</a>&nbsp;<a href="https://www.cnbc.com/2019/02/01/how-google-ceos-brilliant-answer-in-a-job-interview-helped-him-get-hired.html" class="">CEO Sundar Pichai</a>.



But the most daring and bold response came from YouTube CEO Susan Wojcicki. Rather than speaking out in a corporate and sterile tone (which was expected, given that Google owns YouTube), she spoke about her personal experience and addressed the pain and empathy she felt for others who had read memo.



“I’ve had my abilities and commitment to my job questioned. I’ve been left out of key industry events and social gatherings. I’ve had meetings with external leaders where they primarily addressed the more junior male colleagues,” she&nbsp;<a href="http://fortune.com/2017/08/09/google-diversity-memo-wojcicki/" class="">wrote in an article for Fortune</a>.



Wojcicki’s response focused on how to empower the next generation of young women. Her viewpoint not only showcased her vision for the future, but also captured the hearts of many. The most successful leaders know when to lead from an objective strategy, and when to lead with empathy and humanity.



4. They know the greatest ideas come at the most unexpected times



Studies about the&nbsp;<a href="https://www.nationalgeographic.com/magazine/2017/05/genius-genetics-intelligence-neuroscience-creativity-einstein/" class="">brain and internal thought processes</a>&nbsp;(i.e., daydreaming, imagining) have revealed that our “aha” moments often appear at the most unexpected times. “Information comes in consciously, but the problem is processed unconsciously, with the resulting solution leaping out when the mind least expects it,”&nbsp;<a href="https://www.nationalgeographic.com/magazine/2017/05/genius-genetics-intelligence-neuroscience-creativity-einstein/" class="">writes Claudia Kalb</a>, a best-selling author and journalist who reports on human behavior.



In a <a class="" href="https://www.reddit.com/r/IAmA/comments/2rgsan/i_am_elon_musk_ceocto_of_a_rocket_company_ama/">Reddit AMA session</a>, Musk said that he thinks up the most brilliant ideas he’s when taking a shower. CEOs and executives from some of the most successful companies in the world — including <a class="" href="http://www.linkedin.com/">LinkedIn</a>, <a class="" href="http://www.facebook.com/">Facebook</a>and <a class="" href="http://www.google.com/">Google</a> — <a class="" href="https://www.cnbc.com/2018/08/23/why-ceos-at-google-facebook-and-linkedin-love-walking-meetings.html">hold meetings on foot</a> (i.e., standing, walking) because they believe that’s when people are most focused, creative and productive.



Like all successful leaders, it helps to allow things to flow in and out of your brain naturally, instead of getting too attached to when and where they come from. If there are certain activities, locations or times where you find yourself most relaxed, be willing to have an open mind and let your creativity ignite on its own.



5. They think outside the box and beyond the status quo



Stitch Fix CEO Katrina Lake&nbsp;<a href="https://www.cnbc.com/video/2019/03/12/stitch-fix-ceo-katrina-lake-on-how-algorithms-boosted-margins.html" class="">recently told CNBC</a>&nbsp;using&nbsp;artificial intelligence (A.I.) to create in-app algorithms helped boost the company’s earnings. The algorithms lifted Stitch Fix’s net revenue per client by six percent year-over-year.



When you’re at the top of the mountain, there isn’t a status quo to reference or a path to follow; you’re the one blazing the trail. It’s a distinct leadership trait at the C-suite level, but you don’t need to spend years climbing the ladder to acquire the same foresight.



Instead, reap the benefits now by mapping out five, 10 or even 20 unconventional solutions to your current business quandary. You’ll have a greater chance of successfully solving your problems by doing so. When your entrepreneurial muscles does this type of heavy lifting on a regular basis, you’ll soon be able to master “thinking outside the box” more nimbly, which will put you at the front of the pack.



<a class="" href="https://davidneagle.com/">David Neagle</a> is the founder of <a class="" href="https://davidneagle.com/">Life Is Now, Inc</a>., a leadership coaching company. David’s coaching has expanded to more than 30 countries, and his work has been featured in Forbes, CBS, NBC, The Wall Street Journal, Inc., and Entrepreneur. He’s also the best-selling author of ”<a class="" href="https://www.amazon.com/Millions-Within-Manifest-Exactly-What/dp/1614482772">The Millions Within. ”</a> Follow him on Twitter .



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/04/04/5-traits-that-separate-millionaires-like-jeff-bezos-mark-zuckerberg-bill-gates-from-those-who-never-succeed.html">https://www.cnbc.com/2019/04/04/5-traits-that-separate-millionaires-like-jeff-bezos-mark-zuckerberg-bill-gates-from-those-who-never-succeed.html</a> and is republished with its permission.

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5 powerful traits that separate successful Billionaires like Jeff Bezos and Mark Zuckerberg from everyone else

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a>



Between running a&nbsp;<a href="https://www.forbes.com/profile/richard-branson/#4d22de8f6ff5" class="">multi-billion dollar empire</a>, attempting to&nbsp;<a href="https://www.cnbc.com/2018/12/13/richard-branson-hopes-to-be-in-space-next-year-with-virgin-galactic.html" class="">head to space</a>&nbsp;and updating his blog multiple times per day, Virgin Group founder, Richard Branson, gets a lot done.



His top productivity trick is a simple habit that has nothing to do with making to-do lists, checking email or turning off notifications: “The only reason I’m able to do all the things I do and to keep on top of a busy schedule without getting too stressed is because I stay fit,”&nbsp;<a href="https://www.virgin.com/importance-being-healthy" class="">the billionaire entrepreneur writes on his blog</a>.



Making time for exercise, he says, <a class="" href="https://www.cnbc.com/2016/11/10/richard-branson-says-this-daily-habit-doubles-his-productivity.html">doubles his productivity</a>.



“If people are feeling their best, they will be their most productive selves at work,” writes Branson. Plus, there are other benefits: “I find exercise the most natural and effective mood booster there is.”



Science backs him up: Studies show that exercise can help you out professionally by&nbsp;<a href="https://www.health.harvard.edu/press_releases/regular-exercise-releases-brain-chemicals-key-for-memory-concentration-and-mental-sharpness" class="">improving memory and mental sharpness</a>,&nbsp;<a href="https://www.princeton.edu/news/2013/07/03/exercise-reorganizes-brain-be-more-resilient-stress?section=topstories" class="">reducing stress</a>&nbsp;and even&nbsp;<a href="https://news.stanford.edu/2014/04/24/walking-vs-sitting-042414/" class="">promoting creativity</a>.



Branson, who prefers playing tennis, kite-surfing and lifting weights, dedicates at least an hour a day to working out. “Many people say they don’t have the time for exercise, and you’re right, you don’t have the time unless you make the time,” he says. Make it a priority, he encourages, because “there is nothing more important than looking after yourself.”



He’s not the only <a class="" href="https://www.cnbc.com/2016/11/29/7-habits-of-highly-successful-people-from-a-man-who-spent-5-years-studying-them.html">highly successful individual who makes time for exercise</a>.



“Staying in shape is very important,” Facebook founder Mark Zuckerberg said in a&nbsp;<a href="http://time.com/3942073/mark-zuckerberg-arnold-schwarzenegger/" class="">Q&amp;A</a>&nbsp;on his social media site. “Doing anything well requires energy, and you just have a lot more energy when you’re fit.”



Oprah Winfrey, Mark Cuban and Alexa von Tobel are among other top business leaders who&nbsp;<a href="https://www.cnbc.com/preview/104202389" class="">prioritize fitness</a>.



To make it a consistent habit, find easy ways to fold exercise into your routine, says Branson: “Go for a walk around the park with a friend instead of going to the pub, find the health club closest to your house, join a team sport. &#8230; There are so many options — try a few and see what sticks.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/26/richard-bransons-top-productivity-trick.html">https://www.cnbc.com/2019/06/26/richard-bransons-top-productivity-trick.html</a> and is republished with its permission.

Billionaire Richard Branson’s top productivity trick is a simple habit that has nothing to do with email or to-do lists

By<a href="https://www.cnbc.com/jade-scipioni/"> Jade Scipioni</a> 



In 1975, at the age of 19,&nbsp;<a href="https://www.cnbc.com/2019/06/24/bill-gates-says-his-biggest-mistake-was-not-beating-google-on-android.html?forYou=true" class="">Bill Gates</a>&nbsp;dropped out of his sophomore year at Harvard to launch Microsoft with his buddy Paul Allen.



Gates worked weekends and never took vacation in his 20s to get the company off the ground. And it worked. Today, Microsoft is valued at more than&nbsp;<a href="https://finance.yahoo.com/quote/MSFT/" class="">$1 trillion</a>&nbsp;and Gates is the second richest man in the world with a net worth of around&nbsp;<a href="https://www.bloomberg.com/billionaires/profiles/william-h-gates/" class="">$107 billion</a>&nbsp;(just $12 billion shy of Amazon’s Jeff Bezos’ fortune of&nbsp;<a href="https://www.bloomberg.com/billionaires/profiles/jeffrey-p-bezos/" class="">$119 billion</a>).



“It really is true that I didn’t believe in weekends; I didn’t believe in vacations,” Gates told Eventbrite co-founder and CEO Julia Hartz&nbsp;<a href="https://www.youtube.com/watch?time_continue=5&amp;amp;amp=&amp;amp;v=W5g4sPi1wd4" class="">Thursday</a>&nbsp;at a Village Global event.



Gates was at the office so much that he knew the license plates of everyone who worked for him, and he would see what time they would come and go and therefore how many hours his employees were putting in.&nbsp;



“Microsoft was a high-stress environment because Bill drove others as hard as he drove himself,” Gates’ co-founder&nbsp;<a href="https://www.cnbc.com/paul-allen/" class="">Allen</a>&nbsp;wrote in a 2011 article for&nbsp;<a href="https://www.vanityfair.com/news/2011/05/paul-allen-201105" class="">Vanity Fair</a>. “He was growing into the taskmaster who would prowl the parking lot on weekends to see who’d made it in.”



Gates’ spy tactics and often intense office demeanor during the company’s prime years in the late ’80s and ’90s famously earned him the reputation as an&nbsp;<a href="https://www.cnbc.com/2019/04/17/advice-microsoft-billionaire-bill-gates-would-give-his-younger-self.html" class="">office bully</a>, according to&nbsp;<a href="https://www.gq.com/story/young-bill-gates-was-an-angry-office-bully" class="">GQ.</a>



However, once he got into his 30s — and started dating his now-wife&nbsp;<a href="https://www.cnbc.com/video/2019/06/14/melinda-gates-the-best-advice-warren-buffett-gave-me.html" class="">Melinda</a>&nbsp;— he said he began to relax a bit and started taking time off, which helped him tone it down.



“Now I take lots of vacation. My 20-year-old self is so disgusted with my current self. You know, I was sure I would never fly anything but coach and you know, now I have a plane,” Gates said.



He refers to the change of heart as a “counter revelation” and he said he can’t imagine working to those extremes today.



“I don’t recommend it and I don’t think most people would enjoy it,” he said.



However, he said he still believes that hard work is essential during the early years of building a business, especially if you want it to become something great.



“You’ll have individuals who have, you know, health or relatives or things that [distract them]. But yes, I have a fairly hardcore view that there should be a very large sacrifice made during those early years&#8230;.” he said.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/25/why-bill-gates-younger-self-would-be-disgusted-with-him-today.html">https://www.cnbc.com/2019/06/25/why-bill-gates-younger-self-would-be-disgusted-with-him-today.html</a> and is republished with its permission.

Why Bill Gates says his 20-year-old self would be ‘so disgusted’ with him today

By <a href="https://www.cnbc.com/jade-scipioni/">Jade Scipioni</a> 



Jeff Bezos started Amazon as an online bookstore in his&nbsp;<a href="https://www.cnbc.com/2019/02/15/photos-inside-seattle-house-where-jeff-bezos-started-amazon.html" class="">garage</a>&nbsp;in 1994. Today, Amazon has a more than $900 billion market cap and Bezos is the&nbsp;<a href="https://www.cnbc.com/2018/09/13/jeff-bezos-launches-day-one-fund-charity-how-he-spends-his-billions.html" class="">richest person in the world</a>&nbsp;with a&nbsp;<a href="https://www.bloomberg.com/billionaires/profiles/jeffrey-p-bezos/" class="">$116 billion fortune</a>.



Along the way, Bezos has learned a thing or two about what it takes to be someone who succeeds in business. Here is some of his top advice.



Be a missionary



While there is a debate among billionaires on whether or not you should follow your passion — “Shark Tank” star Mark Cuban says such advice is one of the “<a href="https://www.cnbc.com/2018/02/16/mark-cuban-follow-your-passion-is-bad-advice.html" class="">great lies of life</a>, ” for instance — Bezos believes its vital to being a successful entrepreneur. In fact, it’s the people who care who win, he says.



“You have got to have some passion for the arena that you are going to develop and work in, because otherwise you’ll be competing against those who do have passion for that, and they’re going to build better products and services,” Bezos said at Amazon’s re:Mars conference in Las Vegas on June 6.



He added that it’s essential for an entrepreneur to “be a missionary,” you “can’t be mercenary,” meaning that you have to mission-motivated, not money-motivated.



“Missionaries build better products and services — they always win,” said Bezos. “Mercenaries are just trying to make money, and paradoxically the missionaries always end up making more money.”



 Embrace risk and failure



To be successful in business, you also must be willing to take risks, and therefore to fail.



“If you come up with a business idea and there’s no risk there&#8230;it’s probably already being done&#8230;[and] being done well&#8230;. So you have to have something that might not work and you have to accept that your business in many ways is an experiment and it might fail,” Bezos said. “And that’s ok.”



<a href="https://www.cnbc.com/2019/02/08/amazon-ceo-jeff-bezos-boldest-business-moves.html" class="">Bezos is known for making bold moves</a>: For example, skeptics doubted customers would pay $79 a year for Amazon Prime when it launched in 2005; as of April 2018 the service had 100 million subscribers worldwide.



He’s also had some fails, like Amazon Restaurants, which will&nbsp;<a href="https://www.cnbc.com/2019/06/11/grubhub-shares-jump-amazon-shuts-down-its-restaurant-delivery-service.html" class="">shut down</a>June 24, or the recent demise of Amazon’s&nbsp;<a href="https://www.businessinsider.com/amazon-is-closing-all-pop-up-stores-2019-3" class="">pop-up kiosks</a>.



And Bezos continues to encourage risk-taking at Amazon. In fact, the size of the risks and the failures need to grow with the company, he said.



“We need big failures if we’re going to move the needle” — “billion-dollar scale failures,” Bezos said at re:Mars. “And if we’re not, we’re not swinging hard enough.”



Change your mind



Bezos has learned from interacting with the world’s most influential minds that the people who usually get things right are those who listen the most and who change their minds often.



“What I have found that people who are right change their mind even without getting new data. They have the same data set that they had at the beginning, but they wake up and they reanalyze things all the time and they come to a new conclusion and then they change their mind.”



In fact, people who win typically have worked hard to recognize what beliefs or biases they hold and “actively try to look for evidence that disconfirms” them, Bezos said.



Billionaire Ray Dalio is an example. He built Bridgewater Associates, the largest hedge fund in the world, to function as an “idea meritocracy.”



“The greatest tragedy of mankind — or one of them — is that people needlessly hold wrong opinions in their minds,” <a class="" href="https://www.cnbc.com/2017/09/12/ray-dalio-says-greatest-tragedy-of-mankind-is-people-clinging-to-wrong-opinions.html">Dalio has said</a>.



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/13/amazon-ceo-jeff-bezos-on-how-to-succeed-in-business.html">https://www.cnbc.com/2019/06/13/amazon-ceo-jeff-bezos-on-how-to-succeed-in-business.html</a> and is republished with its permission.

Billionaire Jeff Bezos: This is who ‘always wins’ in business

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a>



Warren Buffett is anything but average: The legendary investor has an approximate&nbsp;<a href="https://www.forbes.com/profile/warren-buffett/#19540ea74639" class="">net worth of $82 billion</a>, making him the third richest person in the world. At 88, he still runs Berkshire Hathaway, his holding company that owns businesses like Geico, Dairy Queen and See’s Candies.



A key to Buffett’s extraordinary success, though, is a refreshingly simple habit and “something anyone can do,” his longtime friend Bill Gates&nbsp;<a href="https://www.gatesnotes.com/About-Bill-Gates/Grilling-and-chilling-with-Warren-Buffett?WT.mc_id=06_01_2019_00_BerkshireHathaway2019_BG-EM_&amp;amp;WT.tsrc=BGEM" class="">pointed out in a recent blog post</a>: He reads every day.



Buffett, who spends between <a class="" href="https://www.cnbc.com/2017/11/15/warren-buffett-and-mark-cuban-agree-reading-is-key-to-success.html">five and six hours a day paging through books</a> and newspapers, finds it “enjoyable to think about business and investment problems,” he says in HBO’s documentary <a class="" href="http://www.hbo.com/documentaries/becoming-warren-buffett">“Becoming Warren Buffett.”</a>



Plus, staying up to date on business news and current events is a relatively simple way to gain a competitive advantage. “Everybody can read what I read. It is a level playing field,” Buffett used to tell his late wife,&nbsp;<a href="https://www.cnbc.com/2017/11/14/6-influential-people-in-billionaire-investor-warren-buffetts-life.html" class="">Susan Buffett</a>, according to the HBO documentary.



“And he loves that because he is competitive,” Susan said of Buffett. “He’s sitting there all by himself in his office, reading these things that everybody else can read, but he loves the idea that he is going to win.”



Tech entrepreneur and self-made billionaire Mark Cuban is also an avid reader and has used the habit to get ahead in his career. He recognized the value that reading could return early in his career, while building his first technology business, MicroSolutions.



“I remember reading the PC DOS manual (I really did), and being proud that I could figure out how to set up startup menus for my customers,” he writes&nbsp;<a href="http://blogmaverick.com/2011/04/07/shark-tank-success-motivation/" class="">on his blog.</a>&nbsp;“I read every book and magazine I could. Heck, $3 for a magazine, $20 for a book. One good idea that led to a customer or solution and it paid for itself many times over.”



“Everything I read was public,” he adds. “Anyone could buy the same books and magazines. The same information was available to anyone who wanted it. Turns out most people didn’t want it.”



For Cuban, taking the time to “get a knowledge advantage” helped him outperform competitors, he says. “A guy with little computer background could compete with far more experienced guys, just because I put in the time to learn all I could.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/03/bill-gates-this-is-the-key-to-warren-buffetts-success.html">https://www.cnbc.com/2019/06/03/bill-gates-this-is-the-key-to-warren-buffetts-success.html</a> and is republished with its permission.

Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’

By <a href="https://www.cnbc.com/courtney-connley/">Courtney Connley</a>



Shawn “Jay-Z” Carter can officially add “billionaire” to his growing list of titles.



According to&nbsp;<a href="https://www.forbes.com/sites/zackomalleygreenburg/2019/06/03/jay-z-billionaire-worth/#78a8b84e3a5f" class="">Forbes</a>, the Brooklyn-born artist-turned-entrepreneur’s business empire is now worth $1 billion, making him “one of only a handful of entertainers to become a billionaire — and the first hip-hop artist to do so.”



Together, he and his wife Beyoncé — who has an estimated net worth of&nbsp;<a href="https://www.forbes.com/self-made-women/list/2/#tab:overall" class="">$355 million</a>&nbsp;— became a&nbsp;<a href="https://www.forbes.com/sites/zackomalleygreenburg/2017/05/17/beyonce-and-jay-z-are-officially-a-billion-dollar-couple/#6e84f639478e" class="">billion-dollar couple</a>&nbsp;in 2017. The short list of other&nbsp;<a href="https://www.forbes.com/sites/natalierobehmed/2018/12/18/americas-wealthiest-celebrities-2018-george-lucas-leads-with-5-4-billion-net-worth/#77d61c421d8e" class="">billionaires in the entertainment</a>&nbsp;industry includes “Star Wars” creator George Lucas, filmmaker Steven Spielberg, Oprah Winfrey and basketball legend Michael Jordan.



In 1996, Jay-Z became a household name when he released his debut album, “Reasonable Doubt,” on his independent label, Roc-A-Fella Records. Since then, the 49-year-old — who has rapped about his unconventional rise from Brooklyn street corners to corporate boardrooms — has continued to expand his portfolio to include smart investments inside and outside of music.



In 1999, he launched clothing line Rocawear, which sold for a reported&nbsp;<a href="https://dealbook.nytimes.com/2007/03/06/jay-z-cashes-in-with-200-million-rocawear-deal/" class="">$204 million</a>&nbsp;in 2007 to apparel company Iconix. A year later, Jay-Z launched entertainment company Roc Nation, which is now worth an estimated $75 million. In 2015, he submitted a bid to purchase the parent company of Scandinavian streaming service Tidal for a little less than $60 million. The service, which he relaunched later that year, is now worth $100 million, according to Forbes.



On his 13th studio album “4:44,”&nbsp;<a href="https://www.cnbc.com/2017/06/30/3-money-lessons-from-jay-zs-444.html" class="">Carter detailed</a>&nbsp;some of his investments, including artwork that he purchased years ago for $1 million. Today, Forbes estimates that his art collection is worth roughly $70 million.



Aside from investments in art and music, the hip-hop mogul has also expanded his empire to include investments in Uber, real estate and liquor. Forbes reports that his stake in Uber is worth an estimated $70 million, his real estate investments are worth an estimated $50 million and his cognac, D’Ussé, sells almost 200,000 cases annually and is worth $100 million. His investment in the champagne company Armand de Brignac is worth an estimated $310 million.



Warren Buffett, who appeared on the cover of Forbes with Jay-Z in&nbsp;<a href="https://www.forbes.com/forbes/2010/1011/rich-list-10-omaha-warren-buffett-jay-z-steve-forbes-summit-interview.html#781c47036480" class="">2010</a>, said that Carter was “teaching in a lot bigger classroom than I’ll ever teach in,” and explained that “for a young person growing up, [Jay-Z] is the guy to learn from.”



“Jay-Z’s journey is the modern-day embodiment of the American dream,” Zack O’Malley Greenburg, Forbes editor and author of ”<a class="" href="https://www.amazon.com/Empire-State-Mind-Street-Corner/dp/B004S8NFW0/ref=sr_1_3?keywords=jay-z&amp;qid=1559320482&amp;s=books&amp;sr=1-3">Empire State of Mind: How Jay-Z Went from Street Corner to Corner Office</a>, ” tells <a class="" href="https://www.vibe.com/2019/06/jay-z-officially-named-hip-hop-first-billionaire?utm_source=t.co&amp;utm_medium=referral">Vibe</a>. “His ascent offers an invaluable blueprint and inspiration to the next generation of entrepreneurs.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/03/forbes-jay-z-is-now-hip-hops-first-billionaire.html">https://www.cnbc.com/2019/06/03/forbes-jay-z-is-now-hip-hops-first-billionaire.html</a> and is republished with its permission.

Jay-Z is now hip-hop’s first billionaire, here’s how he created his fortune

By <a href="https://www.cnbc.com/emmie-martin/">Emmie Martin</a> 



The stock market&nbsp;<a href="https://www.cnbc.com/2019/05/05/traders-brace-for-sharp-sell-off-on-trumps-tariff-threat.html" class="">dropped sharply Monday</a>, following comments from President Donald Trump that the U.S. will increase tariffs on goods imported from China. But although Berkshire Hathaway CEO Warren Buffett says that an escalation of the U.S.-China trade dispute&nbsp;<a href="https://www.cnbc.com/2019/05/06/warren-buffett-if-we-have-a-trade-war-it-could-be-very-bad-for-the-whole-world.html" class="">&nbsp;“would be bad for the whole world,”</a>&nbsp;he doesn’t plan to change his investing practices based on the news. No matter what happens, “we will buy the same stocks today that we were buying last week,” he told CNBC’s Becky Quick during an interview Monday on&nbsp;<a href="https://www.cnbc.com/squawk-box-us/" class="">“Squawk Box.”</a>



“The cheaper they get, the more I buy,” Buffett said. “I’m not buying them because I think they’re going to go up the next day or the next week. We watch the prices of things we do more than current events.”



That’s because Buffett prefers to invest in companies that he believes will&nbsp;<a href="https://www.cnbc.com/2018/05/04/warren-buffett-invests-for-the-long-term.html" class="">hold their value for the long term</a>. “In the end, we aren’t buying them because of what’s going to happen next month or next quarter,” he explains. “We’re really buying them because we think they’ll be good business 10 years down.”



Regardless of the tariff situation, “if somebody came to us with a good business today, we’d buy it,” Buffett says.



Buffett decides a company is worth investing in because it will last, not because it’s doing well right now. He purchased See’s Candies with longtime business partner Charlie Munger in 1972 and spent&nbsp;<a href="https://www.cnbc.com/id/19851070" class="">more than $1 billion on Coca-Cola stock</a>&nbsp;in 1988 — both of which turned out to be good bets and both of which he still owns today.



“Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value,” Buffett wrote&nbsp;<a href="http://www.berkshirehathaway.com/letters/1996.html" class="">in his 1996 letter to shareholders.</a>&nbsp;“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”



Even when the legendary investor gets bad news about a company he’s invested in, he doesn’t immediately sell his stock. “The stock market is not there to instruct me, it’s there to serve me,” Buffett told Quick during an interview on “Squawk Box” in February.



The topic arose when Quick asked Buffett a viewer’s question about Kraft Heinz. A few days before their conversation, Kraft Heinz, one of Berkshire Hathaway’s largest holdings, had missed on its <a class="" href="https://www.cnbc.com/2019/02/21/kraft-heinz-tanks-after-disclosing-it-was-subpoenaed-by-sec-over-accounting-policies.html">earnings expectations and disclosed that it had received a subpoena</a> from the SEC. After that news broke, the company’s stock plunged 30% and Berkshire Hathaway’s stake <a class="" href="https://www.cnbc.com/2019/02/23/warren-buffett-spun-riches-out-of-chocolate-was-burned-by-kraft-heinz.html">dropped in value by more than $4 billion</a>.



But although Buffett has admitted that&nbsp;<a href="https://www.cnbc.com/2019/02/25/buffett-says-berkshire-hathaway-overpaid-for-kraft-following-last-weeks-stock-plunge.html" class="">“we overpaid for Kraft,”</a>&nbsp;he told Quick he had no plans to sell his stake. His practice is to keep his focus on, and evaluate, the company overall. “If there’s bad news and the stock goes down, the question I have is: Is the long-term valuation changed?” he says.



It’s possible to recover from a setback. The key thing, according to Buffett in February, is “you gotta make sure that it’s still a fundamentally good business.”



As Buffett told Quick on Monday, “If you think about stocks as businesses that you own little pieces of, why in the world should you sell it based on headlines of any sort?”



“If you expect that business to be a good business over 10 years, its nonsense to get feeling good or bad about what stock prices do in a day,” he added.



This article was first published by CNBC <a href="https://www.cnbc.com/2019/05/06/warren-buffett-doesnt-pay-attention-to-the-news-when-he-invests.html">https://www.cnbc.com/2019/05/06/warren-buffett-doesnt-pay-attention-to-the-news-when-he-invests.html</a> and is republished with its permission.

What Billionaire Warren Buffett pays attention to when investing instead of ‘current events’

By <a href="https://www.cnbc.com/sarah-berger/">Sarah Berger</a> 



The benefits of getting quality sleep are well-known and touted by moguls from&nbsp;<a href="https://www.cnbc.com/2017/04/21/why-jeff-bezos-makes-getting-8-hours-of-sleep-a-top-priority.html" class="">Jeff Bezos</a>&nbsp;to&nbsp;<a href="https://www.cnbc.com/2018/06/22/what-time-successful-people-to-go-bed.html" class="">Richard Branson</a>. And on Sunday’s episode of “Shark Tank” on ABC, Mark Cuban — who is&nbsp;<a href="https://www.cnbc.com/2019/03/19/mark-cuban-on-longevity-aging-and-what-he-does-to-stay-healthy.html" class="">interested in health and wellness</a>&nbsp;— was so impressed by an invention to help improve sleep, he invested half a million dollars.



The main purpose of the&nbsp;lightweight, breathable Somnifix mouth strips founder Nicholas Michalak pitched to the Sharks is to reduce or eliminate snoring and mouth-breathing at night. (The hypoallergenic adhesive strips are applied over the mouth and cause you to breathe through your nose, though there is a vent in case mouth-breathing is necessary.)



And that’s no small market: About 40 percent of adult men and 24 percent of adult women&nbsp;<a href="http://sleepeducation.org/essentials-in-sleep/snoring/overview-and-facts" class="">are habitual snorers</a>, which&nbsp;<a href="https://www.psychologytoday.com/us/blog/the-squeaky-wheel/201109/is-snoring-harming-your-marriage" class="">can take a toll</a>&nbsp;on relationships with sleeping partners and also cause a litany of&nbsp;<a href="https://www.webmd.com/sleep-disorders/snoring-basics" class="">health issues</a>. Plus, the strips are beneficial to non-snorers too, because nose-breathing has benefits like helping to achieve a deeper sleep,&nbsp;<a href="https://somnifix.com/pages/benefits" class="">according to the company</a>.



Cuban is especially impressed that Michalak and his family invested $1.4 million in the business, including running clinical studies of the product at Harvard Medical School.



“Good for you for doing that,” Cuban says. “Most companies won’t invest that, and they’ll just wing it.”



Michalak — who is seeking $500,000 in exchange for a 10 percent stake — also notes that Somnifix has nine granted patents and intellectual property protection in over 70 countries.



But Barbara Corcoran isn’t sold, and actually sees spending that much money on the product as a negative.



“Nick, I think you spent about twice as much money then you needed to to get this off the ground,” Corcoran says. “That always causes concern for me, in terms of financial judgement.”



She’s out, as are Daymond John (who says it isn’t for him), Lori Greiner (who is unsure of how the market will respond to the product) and Kevin O’Leary (who says the company doesn’t align with the other investments in his portfolio).



That leaves Dallas Mavericks owner Cuban, who asks whether a sports version of the strips is a possibility. Michalak agrees that proper breathing is important for performance and says the company is already working on an adhesive that doesn’t dislodge when it comes into contact with liquid, like sweat.&nbsp;



There’s just on caveat for Cuban: The product’s marketing materials read, “Your nose is for breathing and your mouth is for eating,” which “sucks,” according to Cuban. With Michalak willing to change the slogan, Cuban offers a non-negotiable $500,000 for 20 percent of the company and the deal is made.



This article was first published by CNBC <a href="https://www.cnbc.com/2019/04/22/shark-tank-cuban-invested-six-figures-in-invention-to-stop-snoring.html">https://www.cnbc.com/2019/04/22/shark-tank-cuban-invested-six-figures-in-invention-to-stop-snoring.html</a> and is republished with its permission.

‘Shark Tank’: Why Billionaire Mark Cuban invested $500,000 in this invention that helps stop snoring

Billionaire fortunes increased by 12
percent last year – or $2.5 billion a day &#8211; while the 3.8 billion people who
make up the poorest half of humanity saw their wealth&nbsp;decline&nbsp;by
11 percent, reveals&nbsp;a new
report from Oxfam today. The report is being launched as political and business
leaders gather for the World Economic Forum in Davos, Switzerland.



‘Public Good or&nbsp;Private
Wealth’&nbsp;shows the growing gap between rich and poor is undermining the
fight against poverty, damaging our economies and fuelling public anger across
the globe.&nbsp; It reveals how governments are exacerbating inequality by
underfunding public services, such as healthcare and education, on the one
hand, while&nbsp;under
taxing&nbsp;corporations and the wealthy, and failing to clamp down on tax
dodging, on the other.&nbsp;&nbsp;It
also finds that women and girls are hardest hit by rising economic inequality.



Winnie Byanyima, Executive Director of Oxfam
International, said:



“The size of your bank account should not dictate how
many years your children spend in school, or how long you live – yet this is
the reality in too many countries across the globe. While corporations and the
super-rich enjoy low tax bills, millions of girls are denied a decent education
and women are dying for lack of maternity care.”



The report reveals that the number of billionaires has
almost doubled since the financial crisis, with a new billionaire created every
two days between 2017 and 2018, yet wealthy individuals and corporations are
paying lower rates of tax than they have in decades.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getting the richest one percent to pay just 0.5
percent extra tax on their wealth could raise more money than it would cost to
educate the 262 million children out of school and provide healthcare that
would save the lives of 3.3 million people.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just four cents in every dollar of tax revenue
collected globally came from taxes on wealth such as inheritance or property in
2015. These types of tax have been reduced or eliminated in many rich countries
and are barely implemented in the developing world.



<a>·</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax rates for wealthy individuals and corporations
have also been cut dramatically. For example, the top rate of personal income
tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013.
The average rate in poor countries is just 28 percent.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some countries, such as Brazil, the poorest 10
percent of society are now paying a higher proportion of their incomes in tax
than the richest 10 percent.



At the same time, public services are
suffering from chronic underfunding or being outsourced to private companies
that exclude the poorest people.&nbsp;&nbsp;In many countries a decent
education or quality healthcare has become a luxury only the rich can afford.
Every day 10,000 people die because they lack access to affordable healthcare.
In developing countries, a child from a poor family is twice as likely to die
before the age of five than a child from a rich family. In countries like Kenya
a child from a rich family will spend twice as long in education as one from a
poor family.



Cutting taxes on wealth predominantly benefits men who
own 50 percent more&nbsp;wealth than women globally, and control over 86
percent of corporations.&nbsp;&nbsp;



Conversely, when public services are neglected poor
women and girlssuffer most. Girls are pulled out of school first when the money
isn’t available to pay fees, and women clock up hours of unpaid work looking
after sick relatives when healthcare systems fail. Oxfam estimates that if all
the unpaid care work carried out by women across the globe was done by a single
company it would have an annual turnover of $10 trillion – 43 times that of
Apple, the world’s biggest company.



“People across the globe are angry and
frustrated.&nbsp; Governments must now deliver real change by ensuring
corporations and wealthy individuals pay their fair share of tax and investing
this money in free healthcare and education that meets the needs of everyone &#8211;
including women and girls whose needs are so often overlooked. Governments can
build a brighter future for everyone – not just a privileged few,”&nbsp;added Byanyima.

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

By Andrew Amoils, Head of Research at NW Wealth
A new report from AfrAsia Bank and New World Wealth reviews the top spending habits of the wealthy in Africa.
Prime property trends:
Prime residential property is a popular asset class for Africa’s wealthy, especially luxury apartments, homes of residential estates and beachfront villas. The most expensive cities for prime residential property in Africa are ranked below.
City (ranked in US$ per square meter): 
• Cape Town (Bantry Bay and Clifton): $6 100 
• Durban (Lagoon Drive in Umhlanga): $2 900 
• Johannesburg (Central Sandton) : $2 800 
• Nairobi: $1 900 
• Marrakesh: $1 800 
• Tangier: $1 800 
• Mombasa: $1 700 
• Luanda: $1 700 
• Casablanca: $1 500 
• Accra: $1 200 
• Lagos: $1 100 
• Abidjan: $1 000 
• Alexandria: $1 000 
• Maputo: $900 
• Cairo: $900 
• Kampala: $800
Note: Figures for Dec 2017. Refers to the US$ price of a prime 200-400 square meter apartment/villa in best part of each city/town. For our purposes Durban includes Umhlanga.
As reflected, South African cities dominate the above list. It should, however, be noted that residential prices in South Africa are coming under strain as the threat of land redistribution begins to sink in. The ongoing drought in Cape Town has also had a negative impact on prices.
Luxury travel destinations:
The report also reviews the top travel destinations for the wealthy in Africa.
South Africa is the main luxury tourist destination in Africa. Major SA destinations for wealthy people include: Kruger Park area, Cape Town, Umhlanga and Franschhoek.
Major destinations for them in the rest of Africa include: Mauritius, Seychelles, Marrakech in Morocco, Casablanca in Morocco, Cairo in Egypt, the Serengeti in Tanzania, Sharm El Sheikh in Egypt, the Masai Mara in Kenya, Livingstone in Zambia and the Okavango Swamps in Botswana. Gorilla safaris in the Virunga Mountains and the Bwindi Forest (Uganda) are also popular.
Popular hotels for wealthy people visiting Africa include: La Mamounia in Morocco, the Four Seasons in Seychelles and the 12 Apostles Hotel &amp; Spa in Cape Town.
Popular game lodges for them include: Ngorongoro Crater Lodge in Tanzania, the Royal Livingstone in Zambia, Cottar’s 1920s Safari Camp in Kenya and Singita in South Africa.
Luxury clothing &amp; accessories:
Items commonly found in the wardrobe of a HNWI in Africa are listed below (ranked by average price in US$): 
• Patek Philippe watch: $25 000 
• Breguet watch: $20 000 
• Vacheron Constantin watch: $15 000 
• Ulysse Nardin watch: $13 000 
• Franck Muller watch: $11 000 
• Rolex watch: $10 000 
• Breitling watch: $6 000 
• Tag watch: $5 000 
• Louis Vuitton handbag: $3 000 
• Prada handbag: $2 200 
• Gucci handbag: $2 200 
• Dolce &amp; Gabbana dress: $2 000 
• Christian Louboutin shoes: $1 300 
• Zegna suit: $1 200 
• Canali suit: $1 200 
• Georgio Armani suit: $1 200 
• Burberry handbag: $1 000 
• Paul Smith suit: $900 
• Jimmy Choo shoes: $700 
• Hugo Boss suit: $700 
• Ferragamo shoes: $600 
• Prada shoes: $500 
• Gucci shoes: $500 
• Paul Smith shoes: $400 
• Gucci sunglasses: $300 
• Prada sunglasses: $300 
• Ray-Ban sunglasses: $200
Other interesting findings from the report: 
• Safest countries in Africa: Mauritius, Botswana and Namibia. 
• Top African country by average wealth per person: Mauritius at $32,700. 
• Top African country by total wealth: South Africa at $722 billion. 
• Top African city by total wealth: Johannesburg at $276 billion (includes Sandton).
All figures in US$ terms.

What are the top spending habits of the wealthy in Africa?

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Forbes Africa has launched first ever book titled Africa&#8217;s Billionaires. It&#8217;s filled with inspiration stories from the continents wealthiest people. Chris Bishop, Founding and Managing Editor of Forbes Africa joins CNBC Africa for more.

billionaires

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Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

What are the top spending habits of the wealthy in Africa?

Forbes Africa launches Africa’s billionaires

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billionaires

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Warren Buffett: This is the No. 1 mistake parents make when teaching kids about money

Why billionaire Richard Branson talks about his goals before he has any idea how to accomplish them

3 traits self-made billionaires have in common, according to a guy who interviewed 21 of them

Billionaire Elon Musk says playing video games is how he and ‘many of the best software engineers’ got into programming

5 powerful traits that separate successful Billionaires like Jeff Bezos and Mark Zuckerberg from everyone else

Billionaire Richard Branson’s top productivity trick is a simple habit that has nothing to do with email or to-do lists

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Billionaire Jeff Bezos: This is who ‘always wins’ in business

Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’

Jay-Z is now hip-hop’s first billionaire, here’s how he created his fortune

What Billionaire Warren Buffett pays attention to when investing instead of ‘current events’

‘Shark Tank’: Why Billionaire Mark Cuban invested $500,000 in this invention that helps stop snoring

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

What are the top spending habits of the wealthy in Africa?

Forbes Africa launches Africa’s billionaires

News Tips

Advertise With Us

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