TIME Economy

5 Stats That Explain the Super Wealthy

The Davos World Economic Forum 2015
Jason Alden—Bloomberg/Getty Images Aliko Dangote, billionaire and chief executive officer of Dangote Group, pauses during a session on day two of the World Economic Forum (WEF) in Davos, Switzerland, Jan. 22, 2015.

From Nigerian billionaires to Russian oligarchs, numbers that explain how wealth works in politics

The world will always be divided into “the haves and the have nots,” but lately seems the ‘haves’ are capturing more and more of the world’s wealth. Yet, even the super wealthy are feeling the impact of political turmoil. Here are five stats that explore the plight—and flight—of the world’s richest.

1. Nigeria’s super rich

For a country that relies on oil for almost 70% of state revenue, crashing prices spell trouble. The stock index dropped 40% in 2014, while the currency has lost a fifth of its value over the last six months. But the person who has been hit hardest is the person who can most afford it. Africa’s richest man, Aliko Dangote, earned Forbes’ “Biggest Loser” title—his wealth has fallen the most of anyone on earth in dollar terms. Yet he still has a $14.7 billion fortune and his companies account for a quarter of the market capitalization of the Lagos stock market. Even as youth unemployment and corruption remain staggeringly pervasive, economic growth has enriched the country’s elites. Nigeria’s population of high net worth individuals grew 44% between 2007 and 2013.

(Forbes, Forbes, Financial Times, New World Wealth)

2. Oil prices and sanctions hit Russia

Russia has also been battered by tanking oil prices, and sanctions have had an outsized impact on Russia’s wealthiest and those closest to Vladimir Putin (who are often one and the same). The country lost the most billionaires in 2014, down to 88 from 111. Between February and December of 2014, the combined wealth of the country’s 20 richest people shrank by 30%. In other words, .0000001% of Russia’s population lost $73 billion—a sum on par with the annual GDP of neighboring Belarus. It’s no wonder India overtook Russia for third place on the billionaires list last year.

(Forbes, Forbes, CNBC, Wall Street Journal, World Bank)

3. The millionaire exodus

Millionaires have been voting with their feet. Between 2003 and 2013, 76,200 Chinese millionaires emigrated, representing 15% of China’s total and the largest exodus of millionaires of any country. Over the same span, 27% of Indian millionaires, some 43,400 people, left as well. In third place, France saw 13% of its millionaire population leave, perhaps due to what they viewed as excessive taxation on the wealthiest. Russia came fifth in sheer number of departing millionaires; they accounted for 17% of Russia’s millionaire population. Where are they all heading? Mainly the UK, the U.S., Australia and Singapore. The number of UK fast-track or Tier 1 visas (which require a $3 million investment in British assets) provided to Russians increased nearly 70% last year.

(CNBC, Business Insider, Bloomberg)

4. Billionaire cities

A few years ago, New York surpassed Moscow as the top city by billionaire population. Hong Kong, London, and Beijing round out the rest of the top five. Yet, unlike Moscow, where 80% of Russia’s billionaires reside, New York has less than a sixth of America’s. The United States spreads the wealth: 11 U.S. cities have 11 or more billionaires. California itself has 131—if it were a country, it would have more billionaires than any country except the U.S. and China.

(Forbes, Knight Frank, Forbes)

5. Big money in Chinese politics

While many of China’s wealthiest may have left the country, there are plenty who still fill the highest ranks of government. More than one in seven of the 1,271 richest Chinese are serving in Parliament or its advisory body. These 203 delegates are collectively worth over $460 billion. For some perspective, the richest representative in the U.S. government would be the 166th richest member of China’s government. Even as Chinese leader Xi Jinping clamps down on corruption and pressures elites to rein in their extravagance, China’s wealthy are still spending. Chinese now represent nearly a third of the world’s luxury sales, although roughly two-thirds of these sales take place outside the country.

(CNBC, New York Times, NBC News)

TIME Addiction

WHO Global Tobacco-Use Reduction Target Likely Up in Smoke, Says Study

Man lights up a cigarette with another cigarette outside an office building in Beijing
Jason Lee—Reuters A man lights up a cigarette with another cigarette outside an office building in Beijing, Nov. 25, 2014

China remains the world's largest market for tobacco products

Even as the number of smokers in many countries declines, increasing numbers in Africa and the Mediterranean are taking up the habit, meaning global tobacco-use figures will likely increase slightly over the next decade, according to a new study.

Member states of the World Health Organization (WHO) are aiming to cut worldwide tobacco consumption by 30% from 2010 levels by 2025, but the target may be missed because of smoking’s enduring popularity in low and middle-income nations, reports Agence France-Presse.

The study, published in The Lancet medical journal, projected “an estimated 1.1 billion current tobacco smokers” by 2025, higher than the current number of one billion smokers worldwide.

In time, as many as half of today’s smokers will die as a result of their tobacco use. Currently, there is a tobacco-related death every six seconds, according to the WHO.

TIME Innovation

Five Best Ideas of the Day: March 11

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. Special collaborative courts focus on rehabilitating troubled veterans. They’re working.

By Spencer Michels at PBS Newshour

2. PayPal runs a dead-simple microlending program that helps small businesses grow.

By Michelle Goodman in Entrepreneur

3. To make voters care, a radio station in L.A. picked a prototype non-voter and built their election coverage around him.

By Melody Kramer at Poynter.org

4. Can the mining industry become a responsible, reliable partner for local communities and the environment?

By Andrea Mustain in Kellogg Insight

5. Robert Mugabe is 91 years old. The world should prepare for a succession crisis in Zimbabwe.

By Helia Ighani at the Council on Foreign Relations

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Crime

Failures by Three Governments Preceded Homeless Man’s Death

February 2000 photo provided by Ventura County Sheriff's Office shows Charley Saturmin Robinet after his arrest for robbery
Ventura County Sheriff's Office—AP Ventura County Sheriff's Office shows Charley Saturmin Robinet after his arrest for robbery in 2000

The homeless man, a native of Cameroon, was known simply as "Africa"

(LOS ANGELES) — Mistakes and miscommunication by three governments on three continents over nearly 20 years led to a homeless man known as “Africa” being on Los Angeles’ Skid Row, where he was shot by police after authorities say he became combative and appeared to reach for an officer’s weapon.

The problems began in the late 1990s when French officials gave him a passport under what turned out to be a stolen name. He came to the U.S., robbed a bank and then was convicted and imprisoned under the same false name.

U.S. immigration officials wanted to send him back to his native Cameroon but that country never responded to requests to take him. So he was released from a halfway house last May, and U.S. probation officials lost track of him in November.

It took three failed monthly check-ins for a warrant to be issued on a probation violation and it’s unclear whether anyone actually looked for him. He apparently was living the entire time on Skid Row, roughly 50 square blocks of liquor stores, warehouses, charitable missions and a few modest businesses.

Many of the estimated 1,700 people who sleep each night on the sidewalks are mentally ill, like Africa.

Los Angeles police Cmdr. Andrew Smith said the man had no previous arrests in Los Angeles. While officers spoke to him once or twice, he gave them no reason to suspect he was wanted.

“If you’re cool and you’re quiet, and you don’t make a big fuss, you can sit out there quietly and live in your tent pretty much in peace,” said Smith. “If the feds put out a warrant for this guy, shoot, there’s no reason we’d suspect he’s in Skid Row.”

The true name of the man who was long known to authorities as Charley Saturin Robinet remained a mystery Wednesday, three days after a violent death that was captured on a bystander’s video and watched by millions.

Authorities said the man tried to grab a rookie Los Angeles police officer’s gun, prompting three other officers to shoot. Chief Charlie Beck said the officers had arrived to investigate a robbery report and the man refused to obey their commands and became combative.

Peter Nunez, a former U.S. attorney in San Diego who is chairman of the Center for Immigration Studies in Washington, D.C., said the case points to multiple failures by government.

He criticized France for not being more diligent in investigating the man’s background before issuing a passport and U.S. authorities for not realizing he was a “fraud” before the end of his prison term and then not putting more effort into finding him once he disappeared.

“Shame on all of them,” said Nunez, whose group advocates for stricter immigration policies and enforcement.

Axel Cruau, France’s consul general in Los Angeles, said the system for checking backgrounds was vastly different when the man duped French officials.

“Let’s remember 20 years ago we didn’t have the same databases we have today, the same rules, we didn’t have biometric design, it was before 9/11,” he said.

Using the false name, the man was believed to be a French citizen in 2000 when convicted of robbing a Wells Fargo branch in Los Angeles and pistol-whipping an employee in what he told authorities was an effort to pay for acting classes at the Beverly Hills Playhouse.

In 2013, as he was nearing his release from a federal prison in Rochester, Minnesota, French officials found the real Robinet in France, Cruau said. U.S. Immigration and Customs Enforcement then determined the impostor actually was from Cameroon but said the African country ignored repeated requests for travel documents, hampering efforts to deport him.

The U.S. Supreme Court ruled in 2001 that immigration authorities cannot detain people indefinitely just because no country will take them. Justice Stephen Breyer wrote that the government would need a special reason to keep someone in custody after six months if deportation seemed unlikely in “the reasonably foreseeable future.”

“ICE makes every possible effort to remove all individuals with final orders of removal within a reasonable period,” spokeswoman Virginia Kice said. “If the actual removal cannot occur within the reasonably foreseeable future, ICE must release the individual.”

A person who said he only has one name, Bindz, and heads the consular section at the Cameroon Embassy in Washington said he couldn’t respond to questions by phone and the ambassador would have to answer in writing.

The man was in immigration custody in September 2013 when a federal judge in California ordered him to a halfway house in Los Angeles. He was released from the halfway house in May, said Ed Ross, a spokesman for the Bureau of Prisons. His sentence included three years of supervision by federal probation officials.

The man had no place to stay and eventually found his way to Skid Row. He was required to provide reports to his probation officer each month and did so for a time, Deputy U.S. Marshal Matthew Cordova said. But he failed to make contact in November, December and January, and a warrant was issued Jan. 9.

Karen Redmond, a spokeswoman for the Administrative Office of the United States Courts, which represents U.S. Probation and Pretrial Services System, declined to comment on what attempts were made to find him, citing an open investigation.

Also Wednesday, police said none of the four officers involved, whose experience ranged from rookie to 11-year department veteran, had fired their weapons while on duty before.

The officers’ names were being withheld until it was determined there was no credible threat to their safety, Smith said.

TIME Innovation

Five Best Ideas of the Day: February 18

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. More than a decade ago, the international community tackled AIDS in Africa. Now we should do the same with cancer in the developing world.

By Lawrence N. Shulman in Policy Innovations

2. Finally, an app for kids to anonymously report cyber-bullying.

By Issie Lapowsky in Wired

3. Indians in the U.S. sent $13 billion home last year. A new plan aims to push some of that money into social good investments in India.

By Simone Schenkel in CSIS Prosper

4. Websites are just marketing. The next Internet is TV.

By John Herrman in The Awl

5. The U.K. may set up a digital court to settle small claims online.

By Chris Baraniuk in New Scientist

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Innovation

Five Best Ideas of the Day: February 11

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. Syria’s own ‘Monuments Men’ are trying to stop antiquities from becoming looted to finance terrorism.

By Joe Parkinson, Ayla Albayrak and Duncan Mavin in the Wall Street Journal

2. Scientists have combined a bionic leaf with a bioengineered bacteria to convert solar energy into liquid fuel.

By Elizabeth Cooney at Harvard Medical School

3. A dozen states are using a smart data center to keep voter information up to date. Meet ERIC.

By the Pew Charitable Trusts on YouTube

4. Deciding to embrace big data is a lot easier than changing your culture to use it well.

By Matt Asay in ReadWrite

5. Fighting malaria is going to take more than just nets.

By Utibe Effiong and Lauretta Ovadje with Andrew Maynard in the Conversation

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Military

Pentagon Wraps Up Ebola Response in West Africa

Pentagon Press Secretary John Kirby Holds Media Briefing
Win McNamee—Getty Images Pentagon Press Secretary Rear Adm. John Kirby answers questions at the Pentagon on Aug. 22, 2014 in Arlington, Virginia.

The Pentagon is withdrawing U.S. troops from West Africa who were stationed there in September to fight Ebola, leaving behind only a small force to combat future outbreaks.

In a statement Tuesday evening, Pentagon Press Secretary John Kirby said that almost all troops will return home by April 30. At the height of the crisis, 2,800 Department of Defense personnel were in West Africa, and today 1,500 of them are already back to their duty stations.

“Over the past several months, the Department of Defense delivered critical life-saving resources, constructed Ebola Treatment Units, trained hundreds of local and international healthcare workers, and provided logistical support to humanitarian and public health workers who provided care throughout West Africa,” the statement said.

According to a White House fact sheet, more than 10,000 U.S. government-supported civilians are now on the ground in West Africa. The U.S. government also facilitated the construction of 15 Ebola Treatment Units, 10 of which were built by U.S. service members.

The Department of Defense will leave behind a small residual force, about 100 personnel, to stay in West Africa to ward against future outbreaks.

TIME Research

There’s a Smartphone Attachment That Will Test for HIV in 15 Minutes

Blood testing for HIV
Getty Images

The device has the potential to save millions of lives

A team of researchers from Columbia University have developed a device that can be plugged into a smartphone and used to quickly test for HIV and syphilis.

The mobile device tests for three infectious-disease markers in just 15 minutes by using a finger-prick of blood, and draws all the power it needs from the smartphone, Science Daily reports.

The accessory costs an estimated $34 to make and is capable of replicating tests done in a laboratory using equipment that costs many thousands of dollars.

Samuel K. Sia, head researcher and associate professor of biomedical engineering at Columbia, described the smartphone accessory as “full laboratory quality.”

Because it can be easily used in remote and impoverished areas, like rural Africa, it is hoped the small but effective smartphone accessory will save millions of lives from sexually transmitted diseases.

[Science Daily]

TIME Innovation

Five Best Ideas of the Day: January 29

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. The homeownership safety net may be unraveling for the next generation of seniors.

By Taz George and Ellen Seidman in MetroTrends

2. As we try to understand what draws Americans to ISIS, one judge hopes we can slow radicalization by putting recruits in halfway houses instead of jail.

By Dina Temple-Raston at National Public Radio

3. Phones for farmers: With a mobile phone, a developing world farmer can learn best practices, get weather data, follow crop prices and even access financial services.

By Gates Notes

4. A new food studies program at a Bronx community college will look at healthy eating and obesity in one of the city’s poorest neighborhoods.

By Winnie Hu in the New York Times

5. A new initiative is pushing to get more women into the debate on global issues. Meet Foreign Policy Interrupted.

By Micah Zenko at the Council on Foreign Relations

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Morning Must Reads

Morning Must Reads: January 28

Capitol
Mark Wilson—Getty Images The early morning sun rises behind the US Capitol Building in Washington, DC.

The Big Dig

New Englanders savaged by a blizzard packing knee-high snowfall and hurricane-force winds began digging out as New Yorkers and others spared its full fury questioned whether forecasts were overblown

Drink to Your Health

The sun is the biggest culprit in causing skin cancer, but there’s a beverage that may thwart some of the tumor-causing effects of ultraviolet rays

Meet the Kingmakers

A new analysis by the Center for Public Integrity reveals that the top 50 political contributors spent more than $440 million in 2014

Elton John to Do Musical-Drama Pilot for HBO

The music legend is producing the pilot of a musical drama to be named Virtuoso, set in 18th century Vienna. True Blood creator Alan Ball is set to write and direct the show, which follows a class of young musical prodigies at the Academy of Musical Excellence

Apple Shines With Record Earnings

A larger-than-expected bump in holiday iPhone sales propelled Apple to record sales and the best quarterly earnings of any company ever. The tech giant racked up $74.6 billion in revenue last quarter, a 29.5% gain on the same period a year before

Hizballah Attacks Israeli Convoy

Several Israelis soldier were injured, possibly killed, when anti-tank missiles were fired at an Israeli convoy on the Golan Heights from Lebanon on Wednesday. Israel retaliated by firing dozens of artillery shells into Lebanon and convened a emergency security meeting

Who Ya Gonna Cast? Ghostbusters Stars Revealed

Melissa McCarthy and Kristen Wiig have reportedly been cast in the long-awaited, all-female reboot of the beloved ’80s classic, alongside Saturday Night Live‘s Leslie Jones and Kate McKinnon. Paul Feig, who directed Bridesmaids, will helm the new movie

Budget Cuts Hit Red States Hardest, Say Analysts

Funding for a range of discretionary grant programs has fallen 40% in Republican states compared to a drop of only 25% in swing states or states that tend to support the Democrats, according to new research

WHO Appoints New Africa Chief

The World Health Organization appointed Botswana’s Dr. Matshidiso Moeti to head its Africa region on Tuesday. The physician is tasked with revamping the organization’s operations on the continent in the wake of the Ebola outbreak

Ancient Solar System Discovered

Astronomers have discovered an ancient solar system very similar to our own that dates back to the “dawn of the galaxy.” Using NASA’s Kepler telescope, a team of international scientists found a star and five orbiting planets that are similar in size to Earth

Jordan Ready for ISIS Prisoner Exchange

Jordan’s information minister says his government is set to swap an Iraqi woman held in Jordan for a Jordanian pilot captured by extremists from the Islamic State group — but made no mention of Japanese journalist Kenji Goto, who is also being held by ISIS

Prepare for Future Pandemics as for War, Says Bill Gates

Bill Gates, whose charitable Bill & Melinda Gates Foundation disburses nearly $4 billion worldwide, has cautioned that a technology-based action plan is needed to guard against future pandemics similar to how we “prepare ourselves for war”

Get TIME’s The Brief e-mail every morning in your inbox

Your browser is out of date. Please update your browser at http://update.microsoft.com