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North America
CNBC Finance

The wealth of the world's billionaires reached $15.1 trillion last year, per a new report

The ranks of the world's billionaires hit a record 3,795 people in 2025 as the artificial intelligence boom turbocharged wealth creation across the globe, according to a recent report published by Altrata. That finding marks an 8.2% uptick in billionaire headcount, the largest annual jump in five years, per the wealth intelligence firm. The combined wealth of the world's billionaires surged by 12.8% to a record $15.1 trillion last year, it found. Altrata identified 150 publicly listed companies that contributed the most to billionaire wealth. Firms that invested at least $30 million in AI over the past five years outperformed those that did not by 23% in market capitalization growth from 2024 through 2025, Altrata said. Wall Street's AI fervor also contributed to the widening wealth gap in the three-comma club, according to Maya Imberg, head of thought leadership and analytics at Altrata. The report identified 29 "superbillionaires" — individuals worth more than $50 billion — with a combined net worth of $4.1 trillion, or 27% of all billionaire wealth. In 2017, per the firm's estimate, there were only 10 superbillonaires, who represented 7.2% of all billionaire wealth. While the rise in tech stocks has created historic fortunes, wealth built on AI-exposed tech stocks can be volatile, Imberg said. "We expect the fortunes of many of the richest billionaires, those whose companies are tech-focused, to go up and down in response to the AI story," she said via email. This year has seen wild swings in the stock market, including a $1.3 trillion selloff in major chip stocks in July. For the richest of the rich, this translates into staggering and rapid gains and losses in paper wealth, such as an $18 billion one-day drop for Elon Musk and $50 billion week-long plunge for Larry Ellison, according to Forbes. "Market concentration doesn't necessarily mean it's a bubble. But there's certainly risk when exposure is concentrated within one main sector (tech), and to AI within that," Imberg said. The billionaire population of North America, the largest in the world at 1,337 people, grew by 11.6% in 2025, a faster rate than any other region, according to Altrata. Imberg credited part of this rapid growth to the U.S.'s dominance in private and public tech markets. Europe's billionaire ranks stands at 1,081 people after a 7.9% jump last year. Asia's billionaire population reached 881 after a 6.5% increase. While AI enthusiasm was a major boon to billionaire wealth, the report noted that 2025 was an unusually fortuitous year in many respects. All major asset classes tracked by Altrata delivered positive returns in 2025, a first since the pandemic, despite the turbulence of U.S. President Donald Trump's trade war.

The wealth of the world's billionaires reached $15.1 trillion last year, per a new report
North America
CNBC Finance

THC drinks could soon be harder to find as Congress delays hemp ban again

Erica Fabian says THC-infused drinks have become an alcohol alternative that have made a profound difference in her family. "Drinking [alcohol] is not healthy for both myself and my husband," said Fabian, a business owner and military spouse. Her husband, a retired 20-year Navy SEAL veteran with severe post-traumatic stress disorder, has found THC beverages particularly helpful, she said. But now, uncertainty around the category is creating concerns that it could become harder to get those beverages. Congress this week once again pushed off a federal crackdown on hemp-derived THC products, which companies have sold for years through an existing legal loophole even though recreational cannabis use remains illegal at the federal level. The House on Tuesday passed a stopgap spending measure that, in addition to keeping the U.S. government funded, delays new federal restrictions on hemp-derived THC products from Nov. 12 to Dec. 11. The measure buys the hemp industry another month to persuade lawmakers to create a regulatory framework to allow the continued sale of those products rather than ban them. The stakes are growing as consumer demand booms. THC beverages generated $239 million in measured U.S. retail sales in the 52 weeks through April, up 135% from a year earlier, according to NielsenIQ. The data tracked more than 1,170 products across more than 200 brands. Though the drinks are legal for now, the prospect of a ban has already affected beverage makers. Jake Bullock is the CEO of THC beverage maker Cann, which he said has become the top-selling THC drink at Target and the No. 2 nonalcoholic beverage at Sprouts. He said the company is seeing record sales to retailers, but a sharp pullback from wholesalers who are trying to avoid being stuck with inventory if Congress bans the product. Meanwhile, Joe Gerrity, CEO and co-founder of hemp beverage manufacturer Crescent Canna, said his company has already laid off half of its employees because of how congressional inaction has affected the business this year. Congress approved a measure as part of its government funding bill in November 2025, initially giving companies until this November to comply with new restrictions on intoxicating hemp products that had been allowed under the 2018 farm bill. "Nine months after passing a bill that would kill tens of thousands of small businesses, Congress has come together and done something tremendous — given themselves an additional month to solve a problem that they created" Gerrity said. "I want to celebrate, but it shouldn't take an army of lobbyists and tens of millions of dollars for Congress to protect small businesses from Congress," he added.

THC drinks could soon be harder to find as Congress delays hemp ban again
North America
CNBC Economy

Euro zone inflation is back above 3%. Higher interest rates are likely to follow

Energy price pressures drove inflation in the euro zone back above 3% in August, with hard-hit businesses now likely facing a second blow from higher interest rates. Headline inflation in the euro area — a net importer of energy — rose to 3.3% from 2.9% in July, the highest level since September 2024, according to a flash estimate published by statistics office Eurostat on Tuesday. Energy inflation accelerated to 14.3% from 10.3%. But core inflation, which excludes the volatile components of energy, food, alcohol and tobacco, dipped to 2.4% from 2.5%. The Iran war and blockage of the Strait of Hormuz have ramped up the cost of crude oil and refined products, while Europe has been especially impacted by disruption in the natural gas market. Traders locked in their expectations for the European Central Bank to hike interest rates at its Sept. 10 meeting, with market pricing on Tuesday morning putting a 98.9% probability on a 25 basis point increase to 2.5%, according to LSEG data. The ECB raised its key rate to 2.25% in June, the first hike since 2023, in response to global inflationary pressures resulting from the Iran conflict. The central bank will be wary that short-term inflation pressures become structural, feeding into wages and services inflation, Joe Nellis, head of economic research at MHA, said in emailed comments. "The ECB faces a dilemma: a trade-off between higher interest rates and economic cost. Higher borrowing costs will continue to squeeze heavily indebted households, weaken housing markets and make investment more expensive for businesses." "For SMEs in particular, another increase in financing costs could mean investment plans being indefinitely postponed or abandoned altogether." Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Euro zone inflation is back above 3%. Higher interest rates are likely to follow
North America
CNBC Finance

WNBA Commissioner Cathy Engelbert to retire at the end of 2026

WNBA Commissioner Cathy Engelbert will retire at the end of 2026, the league announced on Friday. The decision comes as the league has experienced unprecedented growth, but Engelbert has faced criticism from some players over her leadership. "In 2019, I had the privilege of being appointed the league's first commissioner and to lead a league with enormous potential yet untapped awareness and significant undervaluation. Over the years, it has been amazing to watch WNBA players thrive and lead the massive cultural surge around women's sports," Engelbert said in a statement. During her tenure, the league has seen huge spikes in television viewership, game attendance, corporate sponsorship and franchise valuations. Viewership has jumped roughly 454% and attendance has climbed about 70% since 2019, according to the WNBA. "Cathy has presided over the WNBA through the most significant period of growth in the league's 30-year history," said NBA Commissioner Adam Silver. "We are grateful for Cathy's leadership and unwavering commitment to the advancement of women's basketball." The average WNBA team is now worth $460 million, according to CNBC's Official WNBA Team valuations for 2026. The Golden State Valkyries, which joined the league in 2025, are the first women's team in any sport to be valued at $1 billion. Engelbert oversaw the league's expansion from 12 to 18 teams by 2030. She also helped negotiate a landmark collective bargaining agreement earlier this year, leading to the biggest pay increases in the WNBA's history. "Being able to have your worth tied mostly in your salary is all that we've been fighting for, and it's what we were able to achieve," WNBPA President Nneka Ogwumike told CNBC Sport in an interview. Yet Engelbert's time as commissioner was often overshadowed by her rocky relationship with some players over compensation, officiating issues and her response to racism and online harassment. Many WNBA players have argued the benefits the league offers and its protections for its players have failed to keep pace with the boom in attention on the WNBA. "We have the best players in the world. We have the best fans in the world. But, right now, we have the worst leadership in the world," Minnesota Lynx player Napheesa Collier famously said about Engelbert last year. Most recently, concerns have grown that Engelbert failed to respond appropriately to political protests over transgender women playing sports, which began to overshadow the league's season in recent weeks. There are no known trans players in the WNBA. In her statement, Engelbert said she is grateful to WNBA and NBA team owners, staff, players, investors and fans who believed in what the league could become.

WNBA Commissioner Cathy Engelbert to retire at the end of 2026
Europe
BBC Business

Faisal Islam: Chancellor's attempts to boost vibes may limit tax rises

Image source, ReutersByFaisal IslamEconomics editorPublished7 September 2026The chancellor may have thought about shifting the venue of his first major speech this morning. It was an absolute and total coincidence that he chose to make it in the Coventry Manufacturing and Technology Centre (MTC), just a few minutes' drive from the city's totemic HQ of Jaguar Land Rover (JLR). In the event, no one was pulling punches. The 4,000 office-based job losses at JLR were confirmed as John Healey answered questions a few miles away. Healey chose to lean into it as an example of the global turbulence against which the UK needs more resilience. The difference between this chancellor and his predecessor was he also feels that stressing fiscal discipline should instil confidence in consumers, businesses and investors, and not sap it away amid rolling fears of tax hikes. So the prime minister and his chancellor have been engaged in a conscious attempt to boost the economic vibes - "a new story", as he called it. In his speech, and in a BBC interview afterwards, this was clear. There are some positive underlying signs from consumer, business and recruiter confidence measures that indicate this message has been heard, although the hot weather and World Cup have also been factors. The Downing Street duo are trying to maintain this precious commodity of confidence and the promotion of economic animal spirits that have been suppressed by years of political and economic chaos. "Borrowing costs are too high," Healey acknowledged at the start of his speech. The global rise in bond yields is like a boa constrictor squeezing the Budget maths, slowly and relentlessly, occasionally loosening its grip, but never actually slithering away entirely. It raises some reasonable questions therefore about how to balance reining in borrowing with protecting mildly better confidence? The speech did not seem to me to prepare the ground - a "pitch roll" - for significant tax rises, as I heard at the equivalent Budget "scene setters" for the past two years. "Am I right?" I asked the chancellor on this point. A pause as he sought precisely the right word formulation. "I won't comment. I can't comment. No chancellor can ahead of a Budget I will take and announce on October 28th".

Faisal Islam: Chancellor's attempts to boost vibes may limit tax rises
Europe
BBC Business

Trump calls for interest rate cut after jobs figures raise hike bets

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished4 September 2026Donald Trump has called for interest rates to be cut later this month, claiming higher rates put the US at a "very unfair disadvantage". The president's remarks came as stronger-than-expected jobs figures in the US added to growing expectations that rates could be increased, with inflation still running high and American households feeling the pinch of rising prices. The number of roles added to the economy increased by 162,000 in August, almost triple the 56,000 forecast by analysts, driven by a boost in hospitality and education hiring. "The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won't allow that to happen!", the president said in a post on social media, external. Last week, Kevin Warsh, chairman of the US central bank, signalled that rates could be hiked if policymakers were not confident price rises were easing for Americans. Inflation, which measures price increases over time, remains above the Fed's 2% annual target, with prices up 3.4% in the past 12 months, according to the latest data. The next interest rate decision will be made on 15-16 September. Rates were left unchanged between 3.5% and 3.75% in July for the fifth time in a row, but concerns over inflation remain due to the ongoing conflict between the US and Iran, which has caused as surge in global oil prices. On Friday, US diesel prices hit an all-time high of $5.85 a gallon on average, compared to $3.71 a year ago. But despite the cost of living rising, wages also appear to be increasing. In August, average hourly earnings for all employees were $37.75 on average, having increased 3.1%. "Even the most committed dove would struggle to find anything in the August employment report to justify keeping interest rates unchanged," said Stephen Brown, chief North America economist at Capital Economics. He added that the strength in the jobs market meant that the latest inflation figures released next week would only need to be moderately above the Fed's target to fuel expectations of a September hike. "A hike in rates just became a bit more likely," said Neil Birrell, chief investment office of investment firm Premier Miton.

Trump calls for interest rate cut after jobs figures raise hike bets
Europe
BBC Business

Why the 'Temu Range Rover' is such a threat to Jaguar Land Rover

Image source, Getty ImagesByTheo LeggettBusiness CorrespondentPublished7 September 2026Jaguar Land Rover's decision to shed 4,000 jobs comes after the carmaker has travelled down a very rough road. The company has seen sales fall in all of its major markets and has been dealing with the consequences of a devastating cyber-attack that paralysed production last year. At the same time, it has invested billions in an effort to reinvent itself for an electric future, in which it is likely to face intense competition from aggressively expanding Chinese brands. One of the main concerns for JLR is China. Not so long ago, it was seen as a land of opportunity for western carmakers, where the rapidly expanding middle classes seemed to have an inexhaustible appetite for upmarket foreign-badged vehicles. JLR, along with other European brands such as BMW, Audi and Mercedes Benz, was all too willing to meet that demand, at a time when the European market was extremely crowded and growth hard to find. Today, things are very different. The past decade has seen rapid growth among domestic Chinese carmakers, firmly backed by their government, which has been determined to make the country a leading player in electric vehicles. This has created an environment of intense competition, in which local manufacturers have rapidly raised the bar in terms of technology and development speed. That, combined with a slowdown in the Chinese economy and a reduction in sales overall, has made China a much more difficult market for European brands. JLR's Chinese sales fell from a high water mark of 146,000 cars in 2017 to just 62,400 in the last financial year. At the same time, competition and a new luxury car tax have hit profit margins. All of this has resulted in a sharp fall in revenues from the region. JLR is not alone in this; the Volkswagen Group, for example, has also seen its earnings in China pummelled – a major factor in its decision to axe 100,000 jobs by the end of the decade. The state of the Chinese market has had another consequence for European carmakers, including JLR. Faced with cut-throat competition at home, Chinese firms such as BYD and Chery have been flexing their muscles abroad. They have been rapidly gaining market share in the UK and Europe – with Chery's Jaecoo 7, nicknamed the 'Temu Range Rover' the third best-selling car in this country over the first half of the year.

Why the 'Temu Range Rover' is such a threat to Jaguar Land Rover
Asia
The Hindu BusinessLine

IMD update: Monsoon may start to exit North-West India in five days

Gujarat, Punjab, and parts of Indo-Gangetic plains may experience dry weather from Saturday ahead of start of withdrawal of monsoon, according to European Centre for Medium-Range Weather Forecasts. | Photo Credit: www.tropicaltidbits.com The monsoon is beginning to loosen its grip on North-West India, with conditions turning favourable for withdrawal from parts of West Rajasthan in the next five days, around September 19, about two days later than the normal date. The retreat is unlikely to begin with a clean break. A rain-bearing low-pressure area continued to linger over south-east Rajasthan and adjoining north Gujarat, keeping the atmosphere sufficiently moist and unstable to produce heavy rain in parts of the region. India Meteorological Department (IMD) on Monday said heavy to very heavy rain lashed parts of Haryana, Chandigarh, Delhi and West Madhya Pradesh during the preceding 24 hours. These are among the areas that the withdrawal line would broadly move into once the monsoon begins its retreat from West Rajasthan. The withdrawal marks a decisive change in the atmospheric regime. The moisture-laden monsoon easterlies will gradually give way to dry westerly to north-westerly winds, sweeping in from the arid interiors of Pakistan, Afghanistan and Iran and across the Arabian Gulf. The IMD does not declare withdrawal merely because rainfall happens to weaken. It looks for a sustained change in the atmospheric pattern - typically a reduction in rainfall for about five consecutive days; establishment of a rain-suppressing anticyclone; a fall in moisture; cessation of rainfall; and clearer skies. The withdrawal line also does not necessarily advance southward in a neat, day-by-day progression. It can stall for several days before resuming journey towards Central and eventually Peninsular India .That is why the current spell of rain does not necessarily contradict the first signs of withdrawal. The broader monsoon picture remains uneven. India’s cumulative rainfall deficit stood at 15 per cent as of Sunday, with the South Peninsula registering the sharpest shortfall at 28 per cent. East and North-East India followed with a 25 per cent deficit, while North-West India and Central India recorded deficits of 10 per cent and 6 per cent, respectively. The national figure, however, masks substantially larger deficits at the meteorological-subdivision level. The pronounced shortfall over the South Peninsula is particularly notable against the backdrop of the El Niño episode, which has tended to suppress monsoon rainfall unevenly across the country. On Monday, the monsoon trough ran from Naliya through the centre of the low over south-east Rajasthan and adjoining north Gujarat; Rajgarh; Damoh; Pendra Road; Rourkela; and Digha before entering the north-west Bay of Bengal. The trough’s continued extension into the Bay is significant: the basin may yet produce another late-season weather system. An upper-air cyclonic circulation lay in wait over the north-west Bay and adjoining coastal Odisha and West Bengal. A circulation over Coastal Andhra Pradesh had merged with this system, leaving the Bay under watch for the possible formation of another ‘low.’ Meanwhile, a secondary trough extended from the circulation associated with the Rajasthan low across Madhya Pradesh and north Chhattisgarh. A western disturbance, in the form of a trough, was running roughly along Sriganganagar in Rajasthan and Bathinda in Punjab. Farther south, another rain-bearing trough extended from South Interior Karnataka to the south-west Bay across Tamil Nadu, keeping the southern weather map active.

IMD update: Monsoon may start to exit North-West India in five days
Europe
BBC Business

Jaguar Land Rover to cut 4,000 jobs over next two years

Image source, Getty ImagesByMitchell Labiak and Henry Jones, Business reportersPublished7 September 2026, 10:21 BSTUpdated 6 minutes agoJaguar Land Rover (JLR) is to cut 4,000 jobs as the carmaker struggles with Chinese competition, US tariffs, and the transition to electric vehicles. The cuts will happen over the next two years and will mostly affect the head office, which is based in the UK. JLR's long-term issues were made worse after a cyber-attack last year caused the firm, which employs 43,000 people globally, to shut down production for more than a month. Chief executive PB Balaji said the firm was "committed to supporting everyone with care, fairness and respect" through the redundancy process. "The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geo-political uncertainty," he added. JLR is hoping to achieve the cuts through voluntary redundancy, with a window open until 4 October, but said it would make compulsory redundancies with less generous terms if necessary. Affected staff will receive an email in the coming days. The redundancies are being made in an attempt to save £1.7bn over the next two years. JLR is "as strategically important as it gets for the UK economy", according to David Bailey, business and economics professor at Birmingham University. He said many UK jobs were dependent on its supply chain and the economy as a whole took a hit when the firm closed down production because of last year's cyberattack. Yet, the car maker has been losing sales to rivals from China, a country which JLR initially saw as a market for growth rather than a source of competition. In addition, US President Donald Trump's tariffs have hurt the company, which unlike many of its rivals does not have a factory in the US. In its results for the year to the end of March, JLR said US tariffs and the cyberattack were the main reasons why its sales had slumped by a fifth to £22.9bn from £29bn in the previous two years.

Jaguar Land Rover to cut 4,000 jobs over next two years