Business

Companies, markets and the fortunes built around them.

The arched Melrose Gate entrance to the Paramount Pictures studio lot in Hollywood
Business

Paramount’s new owners inherited a $400mn tax argument from Viacom

The IRS has proposed up to $400mn in extra tax on Viacom’s returns for 2017 to 2019. Paramount Skydance says it disagrees and will book any change in its third-quarter results.

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Luxury shops on Calle de Serrano in Madrid’s Salamanca districtOB / 02
Business4 min read

Madrid scrapped its wealth tax. Its millionaires paid it €643mn anyway

Spain’s wealth tax raised a record €2.15bn in 2024, and the number of people declaring more than €30mn has doubled since 2013. The region famous for not charging it has become one of its biggest collectors.

Residential tower blocks in Shinonome, Tokyo.OB / 03
Business3 min read

Tokyo’s ¥100mn flat has become ordinary. Look at the builders before the foreigners

New flats now average more than ¥100mn in 19 of Tokyo’s 23 wards. The buyers are mostly Japanese, and the cause is a building industry that can no longer build very much.

Mexico City skyline along Paseo de la Reforma.OB / 04
Business3 min read

Mexico’s loudest tax rebel now pays the SAT every month

Eight months after settling with Mexico’s tax authority, Ricardo Salinas Pliego has not missed an instalment. About 18bn pesos is still to come, and the president now cites him approvingly.

The historic exchange building in central São Paulo.OB / 05
Business3 min read

Brazil taxed dividends. Its companies found another pipe

Brazilian companies raced to pay out profits before a new 10 per cent dividend tax took effect in January. Six months later, interest on equity has overtaken dividends for the first time.

The Federal Constitutional Court building in Karlsruhe.OB / 06
Business3 min read

Germany’s heirs gave away a record fortune in 2025. On 13 October Karlsruhe weighs the rules

German inheritance and gift tax hit a record €21.4bn last year as owners rushed to hand over businesses. The constitutional court is about to rule on the relief that lets family firms pass on almost tax-free.

The Palais Bourbon, seat of France’s National Assembly, in Paris.OB / 07
Business3 min read

France’s 1,800 richest households face the Zucman tax again

A 2 per cent minimum tax on fortunes above €100mn has lost in parliament twice and wins in every poll. On 16 September the Socialists put it back on the table for the 2027 budget.

The Gangnam skyline in Seoul, seen from the Dongho Bridge.OB / 08
Business3 min read

Samsung’s heirs have paid the taxman. Now they have to pay the banks

The Lee family finished paying a record ₩12tn inheritance tax in April. More than ₩2tn borrowed against Samsung shares to do it is still outstanding, and some of it falls due within months.

Billionaires’ Row, the supertall residential towers on Manhattan’s 57th Street.OB / 09
Business3 min read

Too poor for the Forbes 400: 590 billionaires miss the cut

It now takes $4.4bn to make the list of America’s richest people. Taylor Swift, Oprah Winfrey, Sam Altman and Tim Cook are among the billionaires who fell short.

The Louis Vuitton flagship on the Avenue des Champs-Élysées, Paris.OB / 10
Business4 min read

The landlord and the luxury king

Zara’s founder now ranks above Louis Vuitton’s. Amancio Ortega collects €3.2bn a year in dividends and turns it into buildings; Bernard Arnault has lost $65bn as middle-class shoppers walk away.

A dress shop in downtown Brownsville, Texas.OB / 11
Business4 min read

Brownsville’s SpaceX boom arrives as a property tax bill

The SpaceX listing made thousands of Texans millionaires. For their neighbours in Cameron County, where home values have more than doubled since 2019, the windfall shows up on the appraisal notice.

NVIDIA’s campus in Santa Clara, California.OB / 12
Business12 min read

The 100 most valuable public companies

A snapshot of 100 public companies with the highest reported market values, with the numbers and company records behind the ranking.

270 Park Avenue in New York, associated with JPMorgan Chase.OB / 13
Business12 min read

The 100 most valuable listed banks

One hundred listed banks ranked by market capitalisation, with a clear distinction between shareholder value, deposits and total assets.

Saudi Aramco’s core area in Dhahran.OB / 14
Business12 min read

The 100 most valuable oil and gas companies

A hundred listed oil and gas businesses ranked by market capitalisation, with the source’s category and a dated value for every company.

A Prologis warehouse within a logistics landscape.OB / 15
Business12 min read

The 100 most valuable real estate companies

Explore 100 listed real estate companies by market value, with sources and context on property ownership, development and real estate investment trusts.

The Amazon Spheres in Seattle.OB / 16
Business12 min read

The 100 most valuable retail companies

One hundred listed retail businesses ranked by market capitalisation, with company records and context on stores, online selling and scale.

BHP’s Yandi mine viewed from the air.OB / 17
Business12 min read

The 100 most valuable mining companies

A hundred listed mining businesses ranked by market value, with sources and context on commodities, projects and the scale of resource ownership.

The Amazon Spheres in Seattle.OB / 18
Business12 min read

The 100 largest companies by revenue

One hundred companies ranked by revenue over their last twelve reported months, and why the biggest sellers are not always the most valuable.

Google’s campus in Mountain View, California.OB / 19
Business12 min read

The 100 largest companies by earnings

One hundred companies ranked by pretax earnings over their last twelve reported months, with what pretax profit includes and leaves out.

The main building of Eli Lilly’s corporate campus in Indianapolis.OB / 20
Business12 min read

The 100 most valuable pharmaceutical companies

One hundred listed drug makers and biotechnology companies ranked by market capitalisation, with context on patents, pipelines and market value.

Optum’s headquarters in Eden Prairie, Minnesota; Optum is part of UnitedHealth Group.OB / 21
Business12 min read

The 100 most valuable insurance companies

One hundred listed insurers ranked by market capitalisation, with context on premiums and claims, and on the money insurers manage.

Tesla vehicles outside the factory.OB / 22
Business12 min read

The 50 most valuable carmakers

Fifty listed carmakers ranked by market capitalisation. The source’s carmaker category held 61 companies when captured, so this is a top 50.

Elon Musk at a public event.OB / 23
Wealth12 min read

The 100 richest people in the world

A dated snapshot of the world’s 100 largest personal fortunes, with estimated net worth, sources of wealth and a source for every name.

Alice Walton.OB / 24
Wealth12 min read

The 100 richest women in the world

Meet 100 women with extraordinary estimated fortunes, ranked in a dated snapshot with sources of wealth and links to the underlying profiles.

Elon Musk.OB / 25
Wealth12 min read

The 100 richest Americans

The 100 largest fortunes held by US citizens, ranked by Forbes’ estimated net worth, with sources of wealth and profile links.

A ByteDance office building in Beijing.OB / 26
Wealth12 min read

The 100 richest people in mainland China

The 100 largest fortunes held by mainland Chinese citizens, ranked by Forbes’ estimated net worth. Forbes lists Hong Kong and Taiwan separately.

Mukesh Ambani at a meeting between Indian business leaders and US Secretary of State Hillary Clinton in Mumbai.OB / 27
Wealth12 min read

The 100 richest people in India

The 100 largest fortunes held by Indian citizens, ranked by Forbes’ estimated net worth, with sources of wealth and profile links.

Lidl’s headquarters on Stiftsbergstraße in Neckarsulm, photographed in 2012.OB / 28
Wealth12 min read

The 100 richest people in Germany

The 100 largest fortunes held by German citizens, from retail and carmaking to pharmaceuticals and fasteners, with a dated estimate for each.

Alexey Mordashov at a Russian government meeting on mining safety in 2011.OB / 29
Wealth12 min read

The 100 richest people in Russia

The 100 largest Russian fortunes, ranked by Forbes’ estimated net worth. Values carry extra uncertainty where assets are hard to trade.

Nik Storonsky on stage at Web Summit in Lisbon, November 2022.OB / 30
Wealth12 min read

The 50 richest people in the UK

The 50 largest fortunes held by UK citizens, ranked by Forbes’ estimated net worth, with sources of wealth and profile links.

The New York Stock Exchange on Broad Street, Lower Manhattan, photographed in 2018.OB / 31
Wealth12 min read

The 48 countries with the most billionaires

Forty-eight countries ranked by how many Forbes billionaires hold their citizenship, with the richest in each and how the counts were made.

The WEG II plant’s east wing in Jaraguá do Sul, photographed in 2013.OB / 32
Wealth12 min read

The 100 youngest billionaires

The 100 youngest people in Forbes’ billionaire data, ranked by age, with each estimated net worth and the business behind it.

Hilti’s headquarters and works in Schaan, Liechtenstein.OB / 33
Business12 min read

The 100 richest countries by GDP per capita

A hundred economies ranked by IMF projections of 2026 GDP per capita in US dollars, and why output per person is not income.

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