GOLD Magazine Issue 47

ISSUE 47 FEBRUARY 14 - MARCH 13, 2015 PRICE â‚Ź4.95

5 29 12 95 00 05 77

00001 >

powered by:

the

the international investment, finance & professional services magazine of cyprus

new

f ace of cyprus

banking Challenges & Opportunities MONEY

A crisis made in Switzerland

INTERVIEWS

Alex Hooft van Huysduynen Martin Lindstrom Barbara Tuge-Erecinska

FIDUCIARY SERVICES

Changing with the times

Plus:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION

CHRISTOS THE FIRST NAME IN ETHICS

We are one of the world’s largest independent providers of trust, fund and corporate administration services.

We are committed to helping our clients protect, nurture and grow their wealth.

Above all, we are a people business.

To find out more about our services and to get to know us better, visit www.firstnames.com

Issue 47 February 14 - March 13, 2015

6 EDITORIAL 8 UP FRONT 18 FIVE MINUTES WITH...

THE NEW FACE OF CYPRUS

BANKING

We profile seven major banks and talk to their CEOs about the new challenges – and opportunities – they face in 2015.

14

Challenges and Opportunities

+ OPINION TIME TO GET SERIOUS

By Kyriakos Iordanou

10

GREATER RESTRUCTURING REQUIRED

By Dr. George Mountis 37 INHUMAN AND ABSURD

By George Mouskides

85

SPECIAL ADVERTISING SUPPLEMENT

THE CYPRUS SHIPPING DIRECTORY 17 shipping-related companies present their service

45

86 ciation for medium-sized companies.

42

FEATURES

14 | IN BUSINESS AWARDS 2015 Photos of the event, plus details of who won what.

42 | THE ETERNAL OPTIMIST Interview with Barbara Tuge-Erecinska, Ambassador of Poland.

80 | SUCCESS... AND SUCCESSION

86 | A FAMILY AFFAIR Lawyer Christos Neophytou on the profession and working in a family firm.

88 | A CRISIS MADE IN SWITZERLAND The Swiss National Bank’s surprise move last month to drop its euro peg sent shocks through the currency markets that led some Forex firms to close down. What happened?

We talk to the outgoing and incoming presidents of EuropeFides, the European Accounting, Audit, Tax and Legal Asso4 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

94 {money} 96 {business} 98 {economy} 100 {tax & legal} 102 {lifestyle}

EDITORIAL

Breaking the Bank?

C

yprus is certainly not the only place in which bankers have seen their public image change so dramatically in such a short space of time – from respected members of the community and people to be respected to deceivers, fraudsters and, at worst, common criminals – but some of the stories that have come to light here since March 2013 have understandably ruined both personal and corporate reputations. The major banks’ over-exposure to Greek debt (either through loans given or investment in Greek government bonds) and the subsequent haircut which saw them lose some €4.5 billion overnight (numbers may not mean a lot but that figure represents around 25% of Cyprus’ GDP that year) led to accusations of totally inadequate regulation and corporate governance in a sector that ordinary people had always taken for granted as being safe and secure.

In this sense, it is hardly surprising that confidence in local banking institutions was at an all-time low just over two years ago. But it has to be acknowledged that, following the shock, the island’s banks have been working hard to put their house (and their balance sheets) in order. Three of the four that underwent the ECB’s stress tests passed with flying colours and the fourth quickly made up the noted shortfall with a new injection of capital from shareholders.

Foreign investors have come into the big banks, Boards have been reshuffled and new CEOs elected and there is an almost tangible sense of optimism returning to the sector, though this may not yet have filtered through to the people who saw their uninsured deposits in Bank of Cyprus and Cyprus Popular Bank (Laiki) taken as part of the unprecedented bail-in and converted into shares. It would appear, nonetheless, that 23 months has been long enough to make a start towards regaining customer and corporate confidence.

Unfortunately for the banks, they also have to deal with the increasingly populist-minded opposition parties in the House of Representatives which appear determined to prevent them from being able to resolve their main problem of non-performing loans (NPLs). Under the guise of protecting ‘ordinary people’ who cannot service their mortgages, by refusing to pass essential legislation on foreclosures, they have not only ensured that the state does not receive the next tranche of financial assistance under the terms of Cyprus’ Memorandum of Understanding with the Troika, but they have also brought about a situation by which the country will not be able to benefit to the tune of €120 million every month until September 2016. Who are the real criminals here?

There are, at present, 56 authorised credit institutions in Cyprus. For this month’s cover story (page 19), we present some essential facts and figures concerning seven main banks and speak to their CEOs about how they are facing the ongoing challenges, including ways of resolving the NPL situation and returning to their traditional business of granting loans to businesses and individuals.

Last month, our cover story featured interviews with eight foreign ambassadors to Cyprus and we continue with two more: German Ambassador Nikolai von Schoepff (page 18) and, in greater detail, Polish Ambassador Barbara Tuge-Erecinska (page 46) who recalls her involvement in the now legendary Solidarity trade union and her subsequent diplomatic and political career. Other interviewees this month include brand expert Martin Lindstrom (page 88), Alex Hooft van Huysduynen, Managing Director of TMF Group Cyprus (page 38), George Savvides, Partner in Fiducenter Cyprus (page 42), and lawyer Christos Neophytou (page 92), as well as Simon Marsh, Partner, WSM Advisors Ltd, UK, and Stephen Balzan, Partner, ACT Advisory Services Ltd, Malta (page 86) who are, respectively, the outgoing and incoming Presidents of the EuropeFides network of tax consultants, certified accountants and lawyers. Add to all this our features on money, economics, business and tax issues, plus an article on investing in cigars, and I think you’ll agree that there’s plenty of good reading in this issue of Gold.

John Vickers, Chief Editor john@imhbusiness.com

and get an annual subscription to both Gold & IN Business

Call us on (+357) 22505555

ISSUE 45 DECEMBER 14, 2014 - JANUARY 13, 2015 PRICE €4.95 POWERED BY: 00001 >

Subscribe today for just €90

ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Elena Leontiou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Effy Pafitis, Chloe Panayides CONTRIBUTORS TO THIS ISSUE

Kyriakos Iordanou, Andreas Kontos, George Mountis, George Mouskides, Elia Nicolaou ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

PHOTOGRAPHY

Jo Michaelides

MARKETING EXECUTIVE

Kevi Chishios

SALES & BUSINESS DEVELOPMENT EXECUTIVE

Phivos Karayiannis

ADVERTISING EXECUTIVES

Irene Georgiou, Christopher Constantinou OPERATIONS MANAGER

Voulla Nicolaou

SUBSCRIPTIONS

Myria Neophytou PRINTERS

Cassoulides Masterprinters 5 29 1 2 9 5 0 0 0 5 7 7

SPECIAL OFFER

PUBLISHED BY IMH

LET’S

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

SEE

ACTION! + DAI LINGYUN, SAVVAS SAVOURI, GEORGE & ALEXIS TSIELEPIS BANKING

INTERVIEWS

INVESTMENT

Bank of Cyprus launches Premier Club

Michael Dobbs Tim Potier Colin Wright

Record-breaking sales for alternative assets

6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

PLUS: MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION

OFFER INCLUDES

FREE

ACCESS TO DIGITAL EDITIONS

CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

UP FRONT

CIFS LOSE â&#x201A;Ź40M /,)( ,1685$1&( ),50 ,1 &<3586 ON SWISS FRANC DEVELOPMENTS (852/,)( 1$0(' %(67

E

\YV3PML OHZ ILLU UHTLK )LZ[ 3PML 0UZ\YHUJL *VTWHU` PU *`WY\Z MVY I` SLHKPUN international

IP TVU[OS` Ă&#x201E;UHUJPHS THNHaPUL >VYSK -PUHUJL ;OL JVTWHU` ^HZ YLJVNUPaLK MVY L_JLSSLUJL PU [OL HYLHZ VM WYVMLZZPVUHS WLYMVYTHUJL OPNO Z[HUKHYKZ VM J\Z[VTLY ZLY]PJL ILZ[ WYHJ[PJLZ KL]LSVWTLU[ HUK [YHPUPUN VM O\THU YLZV\YJL ^LSS HZ YLSPHISL YPZR THUHNLTLU[ :PUJL >VYSK -PUHUJL OHZ ILLU JLSLIYH[PUN HJOPL]LTLU[ PUUV]H[PVU HUK IYPSSPHUJL [OYV\NO P[Z HUU\HS H^HYKZ 0[Z Q\KNPUN WHULS PZ Z\WWVY[LK I` H YLZLHYJO [LHT [OH[ ^VYRZ HYV\UK [OL JSVJR [V LUZ\YL H^HYK ^PUULYZ HYL [OL TVZ[ KLZLY]PUN PU [OLPY ZLJ[VY

C

ypriot investment Ă&#x201E;YTZ *0-Z PUJ\YYLK SVZZLZ HTV\U[PUN to â&#x201A;Ź42.5 million MVSSV^PUN [OL :^PZZ National Bankâ&#x20AC;&#x2122;s KLJPZPVU [V HIHUKVU

P[Z L_JOHUNL YH[L WLN ^P[O [OL L\YV VU 1HU\HY` +LTL[YH 2HSVNPYV\ *OHPY VM [OL *`WY\Z :LJ\YP[PLZ HUK ,_JOHUNL *VTTPZZPVU *`:,* YL]LHSLK [OH[ VM HWWYV]LK *0-Z OHK Z\É&#x2C6;LYLK SVZZLZ ^OPJO LP[OLY KPK UV[ HÉ&#x2C6;LJ[ [OLPY JHWP[HS HKLX\HJ` VY ^LYL PUZPNUPĂ&#x201E;JHU[ :OL

UV[LK [OH[ ¸;OL HÉ&#x2C6;LJ[LK PU]LZ[TLU[ Ă&#x201E;YTZ THPU[HPU LX\P[` HUK JHWP[HS HKLX\HJ` YH[PV HIV]L [OL TPUPT\T SPTP[ ZL[ I` [OL SH^ ^OPJO PZ š ;OL :^PZZ -YHUJ ZH^ P[Z ]HS\L YPZL I` HNHPUZ[ [OL L\YV TPU\[LZ HM[LY [OL :^PZZ National Bankâ&#x20AC;&#x2122;s anUV\UJLTLU[

ELEFTHERIA SQUARE RENOVATION RESTARTS

R

enovation of Nicosiaâ&#x20AC;&#x2122;s Eleftheria Square has finally begun once again, following the award of the projectâ&#x20AC;&#x2122;s development contract â&#x20AC;&#x201C; valued at â&#x201A;Ź13.5 million â&#x20AC;&#x201C; to the prominent local construction firm Lois Builders Ltd. Work is expected to be completed in 64 weeks. The masterplan for the renovation of Eleftheria Square was created by the renowned Iraqi-British architect Zaha Hadid, whose evaluation of the project states: â&#x20AC;&#x153;Eleftheria Square constitutes a dramatic and historically significant architectural intervention â&#x20AC;&#x201C; an aspiration to reconnect the ancient cityâ&#x20AC;&#x2122;s massive fortified Venetian walls and moat with the modern city beyond â&#x20AC;&#x201C; a bold vision of coherence and continuity which can become a catalyst to unify the last divided capital of Europe.â&#x20AC;? Discussions about the squareâ&#x20AC;&#x2122;s renovation began decades ago, with Nicosia Municipality issuing tenders in 2004 with the hope of completing the project in time for Cyprusâ&#x20AC;&#x2122; rotating presidency of the Council of the EU, in July 2012. A year later work stopped due to a dispute over rising costs. Lois Builders Ltd, founded in 1977, is one of the longest-established and most highly regarded construction companies in Cyprus.

EGYPTIAN INVESTOR JOINS AYIA NAPA MARINA

PROJECT

CYPRUS RECORDS SECOND HIGHEST TOURIST DEMAND

IN EU

yprus recorded the second highest tourist demand from non-residents of the 28 European Union member states in 2014, accounting for 94% of total demand. Tourist demand is evaluated by the number of nights spent in local

C

A

tourist accommodation establishments.

According to figures released by Eurostat, the official statistical office of the EU, Cyprus was second only to Malta, with a 96% share of foreign demand.

The publication of these figures follows the announcement that the number of nights spent in tourist accommodation establishments in the EU is expected to have reached an all-time high of around 2.7 billion nights in 2014, up by 1.7% compared with 2013. Following the decline observed in 2009 with the beginning of the financial crisis, there has been a steady increase in the number of nights spent in tourist

8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

accommodation establishments in the EU over the last 5 years, Eurostat details.

This pattern can be observed for nights spent by both residents and non-residents; in 2014, France and Spain continued to be the top 2 Member States in terms of tourism nights, with 403 million nights and 401 million respectively, followed by Italy and Germany, 370 million and 366 million.

After Malta and Cyprus, the highest shares of nights spent by non-residents were registered in 2014 in Croatia (92%), Luxembourg (88%) and Greece (79%), and the lowest in Romania (18%), Poland (19%) and Germany (20%).

new strategic shareholder has joined the ambitious â&#x201A;Ź220 million project to build a marina at Ayia Napa. The consortium responsible for the development of the marina has concluded an agreement with Egyptian investor Naguib Sawiris. Work is expected to start this year and be completed by 2018. Sawiris says that â&#x20AC;&#x153;Even Mykonos does not have marina facilities of the high quality we are seeking to create here. The faster it kicks into the economy, the more success it will have.â&#x20AC;? Sawiris cited ERWK WKH LVODQG¡V WRXULVW SRWHQWLDO DQG &\SUXV¡ SUR[LPLW\ WR &DLUR DV KLV UHDVRQV IRU LQYHVWLQJ LQ the marina. He said that it will include a variety of residential and hospitality facilities, including apartments and villas as well as a luxury hotel.

UP FRONT

THE MARSHALL ISLANDS REGISTRY service and quality are within your reach

,409(;,: 9(;,: TOPS GLOBAL *<:;64,9 9,=0,> :;<+@

E

TPYH[LZ OHZ ILLU YH[LK [OL )LZ[ (PYSPUL PU HJJVYKPUN [V HU HUU\HS Z[\K` I` L+YLHTZ VUL VM [OL SHYNLZ[ L JVTTLYJL [YH]LS JVTWHUPLZ PU ,\YVWL ;OL HUU\HS Z[\K` VM YLNPVUHS HPYSPULZ JVTWYPZLZ V]LY J\Z[VTLY YL]PL^Z MYVT HSS V]LY [OL ^VYSK L]HS\H[PUN [OL ILZ[ HPYSPULZ ILZ[ LU[LY[HPUTLU[ VW[PVUZ IHNNHNL OHUKSPUN HUK TVKLYUP[` VM HPYJYHM[ HTVUN V[OLY JH[LNVYPLZ ,TPYH[LZ Z^LW[ TVZ[ VM [OL JH[LNVYPLZ ^P[O HU V]LYHSS YH[PUN VM V\[ VM [OL [VW ZJVYL VM ,TPYH[LZ HSZV YHURLK OPNOLZ[ PU V]LYHSS JSLHUSPULZZ HUK TVKLYUP[` VM HPYJYHM[ HUK YLJLP]LK [OL OPNOLZ[ YH[PUNZ MVY ILZ[

PU Ã&#x2026;PNO[ LU[LY[HPUTLU[ ILZ[ Ã&#x2026;PNO[ H[[LUKHU[ ZLY]PJL ILZ[ =07 SV\UNLZ HUK ILZ[ IHNNHNL OHUKSPUN *VTTLU[PUN VU [OL YLZ\S[Z ;OPLYY` (U[PUVYP ,_LJ\[P]L =PJL 7YLZPKLU[ HUK *OPLM *VTTLYJPHS 6É&#x2030;JLY ,TPYH[LZ HPYSPUL ZHPK! )LPUN HJRUV^SLKNLK I` V\Y J\Z[VTLYZ MVY [OL OHYK ^VYR HUK PU]LZ[TLU[Z [OH[ NV PU[V V\Y WYVK\J[ HUK WVZP[P]L ZLY]PJL H[[P[\KL IV[O PU [OL HPY HUK VU [OL NYV\UK PZ [OL TVZ[ PTWVY[HU[ YLJVNUP[PVU ^L JHU YLJLP]L ¹ >P[O H Ã&#x2026;LL[ VM HPYJYHM[ ,TPYH[LZ J\YYLU[S` Ã&#x2026;PLZ [V KLZ[PUH[PVUZ PU JV\U[YPLZ ,TPYH[LZ VWLYH[LZ H KHPS` ZJOLK\SLK Ã&#x2026;PNO[ IL[^LLU +\IHP HUK *`WY\Z HUK VU^HYKZ [V 4HS[H -SPNO[ ,2 HYYP]LZ MYVT +\IHP PU [OL TVYUPUN ^OPSL ,2 HYYP]LZ PU LHYS` L]LUPUN MYVT 4HS[H VU P[Z Ã&#x2026;PNO[ IHJR [V +\IHP

MORE FLIGHTS FROM

LARNACA

ew flights from Larnaca to London, Amsterdam and Tel Aviv were announced this month. British Airways (BA) will be increasing in the number of flights from 7 to 13 per week as part of its â&#x20AC;&#x2DC;Summer 2015â&#x20AC;&#x2122; flight schedule. The additional flights start on 29 March and will continue until 25 October, They will use Heathrow Airportâ&#x20AC;&#x2122;s Terminal 5. As

N

part of its new pricing structure, BA will be offering attractive rates on its economy fares, with a return ticket priced at â&#x201A;¬249, inclusive of taxes. This summer, BA will also be running its regular London Gatwick-Paphos and London GatwickLarnaca flight schedule.

Meanwhile, the low-cost European airline Transavia starts four direct flights between Larnaca, Paphos and Amsterdam per week. From April 2015, the new route will be serviced by two flights from Larnaca and two from Paphos, with fares starting from â&#x201A;¬79 one-way. Transavia

also offers flights from Larnaca to Paris (Orly Airport) during the summer season.

Finally, Aegean Airlines began direct flights three times a week between Larnaca and Tel Aviv on 3 February 2015. In the summer, the company will operate daily direct flights between the two cities.

Aegeanâ&#x20AC;&#x2122;s summer timetable, presented on January 13 in Nicosia, will see the operation of 4 Airbus A320 aircraft from its Larnaca base, while the number of destinations connected directly with Cyprus will increase to 14.

International Registries, Inc. MR EJ½PMEXMSR [MXL XLI 1EVWLEPP -WPERHW 1EVMXMQI 'SVTSVEXI %HQMRMWXVEXSVW

tel: +30 210 4293 223 piraeus@register-iri.com www.register-iri.com

UP FRONT

THE WORLDâ&#x20AC;&#x2122;S RICHEST RECORDING

ARTISTS

10 P TO 1. MADONNA

Age: 56 Estimated Wealth: $800 million 4HKVUUH OHZ OHK HU PSS\Z[YPV\Z JHYLLY PU [OL T\ZPJ PUK\Z[Y` V]LY [OL WHZ[ [OYLL KLJHKLZ ZLSSPUN V]LY TPSSPVU YLJVYKZ ^VYSK^PKL HUK PURPUN H ZLYPLZ VM S\JYH[P]L JVU[YHJ[ KLHSZ PUJS\KPUN H <: TPSSPVU JVU[YHJ[ ^P[O 3P]L 5H[PVU PU :OL OHZ HSZV ]LU[\YLK PU[V V[OLY PUK\Z[YPLZ Z\JO HZ Ã&#x201E;STTHRPUN MHZOPVU HUK JOPSKYLU»Z IVVRZ /LY UL^ HSI\T Rebel Heart ^PSS IL YLSLHZLK VU 4HYJO

2.

PAUL McCARTNEY Age: 72

Estimated Wealth: $660 million 4J*HY[UL` NHPULK ^VYSK^PKL MHTL HZ H TLTILY VM [OL )LH[SLZ MYVT [V I\[ TVZ[ VM OPZ MVY[\UL OHZ ILLU HTHZZLK K\YPUN OPZ JHYLLY HZ H ZVSV HY[PZ[ T\JO VM P[ MYVT ZVUN^YP[PUN YV`HS[PLZ /L YLJLU[S` ^YV[L HUK YLJVYKLK Hope For The Future MVY [OL ]PKLV NHTL Destiny ^OPJO THKL TVYL [OHU TPSSPVU PU P[Z Ã&#x201E;YZ[ Ã&#x201E;]L KH`Z VM YLSLHZL

3.Age:DR. DRE 49

Estimated Wealth: $650 million ;OL (TLYPJHU OPW OVW WPVULLY YLHS UHTL (UKYL 9VTLSSL @V\UN MV\UK MHTL ^P[O [OL PUÃ&#x2026;\LU[PHS NHUNZ[H YHW NYV\W 5 > (. /L SH[LY ZPNULK Eminem HUK *LU[ [V OPZ YLJVYK SHILS /L OHZ ^VU six .YHTT` (^HYKZ PUJS\KPUN 7YVK\JLY VM [OL @LHY /L PZ HSZV [OL JV MV\UKLY VM H\KPV WYVK\J[Z THU\MHJ[\YLY )LH[Z ,SLJ[YVUPJZ ^OPJO ^HZ ZVSK [V (WWSL PU MVY <: IPSSPVU

4.

DIDDY Age: 45

Estimated Wealth: $640 million +PKK` PZ TVYL VM H I\ZPULZZTHU [OHU HU HJ[P]L YLJVYKPUN HY[PZ[ [OLZL KH`Z /PZ YLHS UHTL PZ :LHU *VTIZ I\[ OL ILJHTL MHTV\Z HZ 7\É&#x2C6; +HKK` HUK 7 +PKK` L]LU[\HSS` ZL[[SPUN VU +PKK` L]LY`^OLYL L_JLW[ [OL <2 ^OLYL ZVTLVUL LSZL V^UZ [OL YPNO[Z [V [OL UHTL ( [OYLL [PTL .YHTT` (^HYK ^PUULY OL HSZV OHZ OPZ V^U JSV[OPUN SPULZ H TV]PL WYVK\J[PVU JVTWHU` HUK [^V YLZ[H\YHU[Z

5. CELINE DION

Age: 46 Estimated Wealth: $630 million ;OL *HUHKPHU ZPUNLY NHPULK PU[LYUH[PVUHS YLJVNUP[PVU PU ^OLU ZOL ^VU [OL ,\YV]P-

10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

T

here are hundreds of thousands of singers and musicians in the world, many of whom make records. Of these, only a relative handful make a great deal of money from their recordings â&#x20AC;&#x201C; there is more for those who write their own material â&#x20AC;&#x201C; and of these, some are extremely wealthy. Here is the Top 10 richest recording artists, as compiled by Wealth-X, the worldâ&#x20AC;&#x2122;s leading ultra high net worth (UHNW) intelligence and prospecting firm.

ZPVU :VUN *VU[LZ[ YLWYLZLU[PUN :^P[aLYSHUK (M[LY H ZLYPLZ VM -YLUJO SHUN\HNL HSI\TZ ^P[O [OL OLSW VM OLY THUHNLY HUK M\[\YL O\ZIHUK 9LUt (UNtSPS ZOL HJOPL]LK ^VYSK^PKL MHTL HM[LY ZPNUPUN ^P[O ,WPJ 9LJVYKZ HUK YLSLHZPUN ZVUNZ PU ,UNSPZO 6UL VM OLY IPNNLZ[ OP[Z ^HZ My Heart Will Go On OLHYK PU [OL TV]PL Titanic.

1

2 3 4

5

6.

BONO Age: 54

Estimated Wealth: $590 million ;OL SLHK ]VJHSPZ[ HUK THPU S`YPJ ^YP[LY VM YVJR IHUK < )VUV YLHS UHTL 7H\S /L^ZVU PZ HSZV ^LSS RUV^U MVY OPZ HJ[P]PZT LZWLJPHSS` MVY JH\ZLZ PU (MYPJH PUJS\KPUN KLI[ YLSPLM HUK (0+: H^HYULZZ ^OPJO ILNHU ^P[O OPZ PU]VS]LTLU[ PU [OL )HUK (PK WYVQLJ[ 4VZ[ VM OPZ ^LHS[O PZ MYVT ZVUN^YP[PUN 3HZ[ `LHY < NH]L H^H` [OLPY UL^ HSI\T MYLL [V HSS P;\ULZ \ZLYZ

6

7 8

7.

MARIAH CAREY Age: 44

Estimated Wealth: $520 million *HYL` PZ [OL [OPYK ILZ[ ZLSSPUN MLTHSL HY[PZ[Z PU [OL <: OH]PUN ZVSK TVYL [OHU TPSSPVU YLJVYKZ ^VYSK^PKL ZPUJL [OL YLSLHZL VM OLY T\S[P WSH[PU\T KLI\[ HSI\T PU 2UV^U MVY OLY YLTHYRHISL Ã&#x201E;]L VJ[H]L ]VJHS YHUNL ZOL OHZ HSZV [YPLK OLY OHUK H[ HJ[PUN \UZ\JJLZZM\SS` ^P[O Glitter PU I\[ Z\JJLZZM\SS` ^P[O Precious PU HUK PU I\ZPULZZ YLSLHZPUN OLY V^U MYHNYHUJL ¸4¹ PU

8.

JAY-Z Age: 45

Estimated Wealth: $510 million ;OL (TLYPJHU YHWWLY YLJVYK WYVK\JLY HUK LU[YLWYLUL\Y YLHS UHTL :OH^U *VYL` *HY[LY OHZ ZVSK TVYL [OHU TPSSPVU YLJVYKZ (Z H I\ZPULZZTHU HUK PU]LZ[VY OL JV V^UZ [OL *S\I OL PZ [OL JV JYLH[VY VM [OL 9VJH^LHY JSV[OPUN SPUL [OL MVYTLY WYLZPKLU[ VM +LM 1HT 9LJVYKPUNZ JV MV\UKLY VM 9VJ ( -LSSH 9LJVYKZ HUK MV\UKLY VM [OL 9VJ 5H[PVU :WVY[Z HNLUJ` 0U OL THYYPLK (TLYPJHU ZPUNLY )L`VUJt

9.

ELTON JOHN Age: 67

Estimated Wealth: $450 million ;OL ,UNSPZO ZPUNLY ZVUN^YP[LY JVTWVZLY WPHUPZ[ HUK YLJVYK WYVK\JLY OHZ YLJVYKLK TVYL [OHU HSI\TZ HUK PU H Ã&#x201E;]L KLJHKL JHYLLY OHZ ZVSK TVYL [OHU TPSSPVU YLJVYKZ /LH]PS` PU]VS]LK PU [OL Ã&#x201E;NO[ HNHPUZ[ (0+: ZPUJL [OL SH[L Z PU OL LZ[HISPZOLK [OL ,S[VU 1VOU (0+: -V\UKH[PVU /L LU[LYLK PU[V H JP]PS WHY[ULYZOPW ^P[O

9 10

+H]PK -\YUPZO PU HUK [OL [^V THYYPLK last year.

10.

BEYONCE Age: 33

Estimated Wealth: $440 million ;OL `V\UNLZ[ T\ZPJPHU VU [OL SPZ[ )L`VUJt 2UV^SLZ YVZL [V MHTL PU [OL SH[L Z HZ SLHK ZPUNLY VM 9 ) NPYS NYV\W Destinyâ&#x20AC;&#x2122;s *OPSK /LY KLI\[ ZVSV HSI\T Dangerously in Love LZ[HISPZOLK OLY ^VYSK^PKL ZLSSPUN TPSSPVU JVWPLZ :OL PZ THYYPLK [V OPW OVW Z[HY 1H` A ZLL HIV]L HUK [OLPY JVTIPULK UL[ ^VY[O W\[Z [OLT VU [OL [OYLZOVSK VM IPSSPVUHPYL Z[H[\Z