What is the youngest age to become a billionaire?
Meet world’s youngest self-made billionaire Alexandr Wang. He dropped out of college at 19
As a kid, Alexandr Wang was a math whiz who liked participating in national math and coding competitions. At 25, he is the world’s youngest self-made billionaire and his company uses artificial intelligence to analyse how much damage Russian bombs are causing in Ukraine. Scale AI, Wang’s six-year-old San Francisco–based company already has three contracts worth $110 million to help America’s Air Force and Army employ artificial intelligence (AI), Forbes reported. Scale AI’s technology works much faster than human analysts to examine satellite images and is useful not just for the military. According to Forbes, over 300 companies, like Flexport and General Motors, use Scale to help retrieve information from raw data such as, say, raw footage from self-driving cars or millions of documents. “Every industry is sitting on huge amounts of data,” Alexandr Wang told Forbes. “Our goal is to help them unlock the potential of the data and supercharge their businesses with AI.” He had started the company at 19 and now, after a $325 million funding round last year valued Scale AI at $7.3 billion, the Forbes report stated. In it, Wang’s estimated stake of 15 per cent is worth about $1 billion, making him the world’s youngest self-made billionaire. Wang’s parents were physicists and worked on weapons projects for the US military. When in school, he had taken up coding at Quora, when he met Lucy Guo and later went on to set up Scale AI with her. “I told my parents it was just going to be a thing I did for the summer,” Wang told Forbes. “Obviously, I never went back to school.”
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Alexandra Andresen
Alexandra Gamlemshaug Andresen (born 23 July 1996) [2] is a Norwegian heiress. She became the world’s youngest billionaire at age 19 in 2016 [3] and held the position of youngest billionaire on the Forbes list for three consecutive years. [4] As of 2020, Andresen is the world’s second-youngest billionaire and her net worth is estimated at US$1.1 billion. [5]
Early life [ edit ]
Andresen is the daughter of Norwegian industrialist Johan H. Andresen Jr., owner of Ferd AS, who in 2007, transferred ownership stakes of 42.2% each to Alexandra and her sister Katharina (even though their father insists that he will not force his daughters to take part in the family company if they do not want to). [6] [7]
She is the great-granddaughter of Johan H. Andresen, great-great granddaughter of Johan Henrik Andresen and Anton Klaveness, and great-great-great granddaughter of Nicolai Andresen. Johan Henrik was the brother of Nicolay August Andresen, and the uncle of Nils August Andresen Butenschøn. [8]
Career [ edit ]
Andresen has won multiple awards and honors in horse dressage competitions, and has modeled several times for equestrian clothing company KingsLand. [9]
References [ edit ]
- ^ Ogre, Mathias (29 January 2023). «Milliardærarving forlovet». E24 (in Norwegian Bokmål) . Retrieved 7 March 2023 . Møbel-gründer og racerbilsjåfør Colin Thompson (28) fikk ja fra den norske Ferd-arvingen Alexandra Andresen (26).
- ^«Alexandra Gamlemshaug ANDRESEN»Federation Equestre Internationale retrieved 8 February 2017
- ^
- Jedeur-Palmgren, Max. «The Youngest Billionaire In The World Is A Norwegian Teenager». Forbes . Retrieved 2 April 2019 .
- ^
- Chaykowski, Kathleen. «The World’s Youngest Billionaires In 2019: Meet The 71 Under Age 40». Forbes . Retrieved 2 April 2019 .
- ^
- Cuccinello, Hayley. «Meet The World’s Youngest Billionaires». Forbes . Retrieved 20 April 2020 .
- ^
- Heather Saul. «Alexandra Andresen: 19-year-old teenager and the world’s youngest billionaire | People | News» . The Independent. Archived from the original on 2 March 2016 . Retrieved 3 March 2016 .
- ^
- «Alexandra Andresen». Forbes. 7 March 2018 . Retrieved 7 March 2018 .
- ^
- «Instagram». Instagram. 9 September 2016 . Retrieved 2 March 2017 .
- ^
- Huddleston, Tom Jr. (22 August 2019). «These sisters were the world’s youngest billionaires before Kylie Jenner—but they still drove second-hand cars». CNBC . Retrieved 9 April 2020 .
This biographical article related to Norwegian equestrianism is a stub. You can help Wikipedia by expanding it.
| This Norwegian business biographical article is a stub. You can help Wikipedia by expanding it. |
President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax
For too long, our tax code has rewarded wealth, not work, and contributed to growing income and wealth inequality in America. Under current law, when an American worker earns a dollar of wages, that dollar is taxed as they earn it. But when a billionaire earns income because their investments increase in value, that gain is too often never taxed at all.
America’s imbalanced tax code means that many millionaires and billionaires end up paying lower tax rates than middle class workers. In 2021 alone, America’s more than 700 billionaires saw their wealth increase by $1 trillion, yet in a typical year, billionaires like these would pay just 8 percent of their total realized and unrealized income in taxes. A firefighter or teacher can pay double that tax rate.
President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire. He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families. President Biden has long called for taxing capital gains as ordinary income and for eliminating the stepped-up basis loophole that enables the capital gains of the very wealthy to go untaxed forever. As part of his fiscal year 2023 budget, President Biden is calling on Congress to pass legislation requiring the wealthiest American households to pay a minimum of 20 percent on all of their income, including unrealized investment income that currently is untaxed.
President Biden’s Billionaire Minimum Income Tax will make America’s tax code fairer and reduce the deficit by about $360 billion in just the next decade. This will put the United States Government on firmer financial footing, building on the progress the Administration has made to reduce the deficit by over half by the end of this year compared to President Trump’s last year in office. Through the Billionaire Minimum Income Tax and other measures, the President’s budget will reduce the deficit by another $1 trillion over the decade.
The Billionaire Minimum Income Tax will require America’s wealthiest households to pay as they go, just like everyone else:
The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.
The tax will apply only to the top one-one hundredth of one percent (0.01%) of American households (those worth over $100 million). Over half of the revenue will come from households worth more than $1 billion.
If a wealthy household is already paying 20 percent on their full income – standard taxable income plus unrealized income – they will pay no additional tax under this proposal. If tax-free unrealized income allows a wealthy household to pay less than 20 percent on their full income, they will owe a top-up payment to meet the 20 percent minimum. As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations.
The proposal allows wealthy households to spread initial top-up payments on unrealized income over nine years, and then five years for top-up payments on new income going forward. Stretching payment over multiple years will smooth year-to-year variation in investment income, while still ensuring that the wealthiest end up paying a minimum tax rate of 20 percent. Illiquid taxpayers may opt to pay later with interest.
In effect, the Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when they later realize their gains. This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations.
