Highest Net Worth Explained
You may have heard terms like net worth used in finance, but what does highest net worth mean? Net worth refers to the value of assets, minus liabilities, that an entity currently has. This entity can be an individual, family, company or even a nation. Therefore, it is often used as a measure of the entity’s financial health and position in the market. As such, the higher the net worth, the better the financial outlook for that entity. Having a high net worth often involves holding assets worth more than $US1 million, but what about those with the highest net worth? Let us look at the richest person in the world and richest family in the world for more details.
The Richest Person In The World
At the time of writing this, the person with the world’s highest net worth is Jeff Bezos. Bezos founded Amazon.com out of a garage in Seattle in 1994. Originally intended as an online bookstore, Amazon has gone on to become one of the world’s biggest online retailers. Through Amazon, Bezos has earned well over $US100 billion, exceeding Bill Gates’ own net worth of $US99.9 billion. Currently Bezos has a net worth of $US116.9 billion and is continuing to invest in aerospace projects like Blue Origin and media ownership of The Washington Post.
The Richest Family In The World
Perhaps the wealthiest and most successful family in the world are the Waltons, owners of the Walmart retail store chain. Founded by Sam Walton in 1962, Walmart has since become the world’s largest company, with over 12000 retail stores worldwide. Each member of the family has a high net worth, with Jim and Alice Walton having a value of over $US44 billion each. Together, the Waltons are valued at $US190.5 billion, making them the family with the world’s highest net worth.
Highest Net Worth and Tax Strategies
One thing that those with the highest net worth have in common is the need for specialised financial services. At SRG we are dedicated to finding tax solutions that not only keep your assets high but enhance them as well. Some of our services include:
- Inheritance tax planning (IHT) that will help you protect your beneficiaries’ interests by reducing or eliminating liabilities.
- Income tax planning that will reduce tax liabilities for those earning a high income.
- Advice on offshore companies and trusts to help shield your assets.
- Capital gains tax planning (CGT) for those planning disposal of their assets.
- Company profit extraction strategies that avoid the risk of high tax liabilities.
- Entrepreneurs’ relief planning to reduce CGT when selling all or part of your business.
- Expert advice on investment opportunities and the risks and benefits that come with them.
For more details please visit our proactive tax strategies for high net worth individuals page.
Why Use SRG Accountants?
With a history dating back to 1887, we at SRG have built a reputation for integrity, excellent customer service and independent advice. We offer friendly and professional financial services to a range of clients, from the self-employed to CEOs of major companies. For more details on what we offer contact us online or speak to us at our London and Glasgow offices via phone to arrange a meeting. For bespoke financial services for those of even the highest net worth, contact SRG Accountants today!