If you are in a couple with children, you would need to earn €7,827 each month ($8,851) in order to be considered ‘rich’.
While gold prices have already risen 14% since the start of the year to $1,730 an ounce, many private bankers bet that gold - a hedge for both inflation and deflation - has further to run.
“Cojuangco was a strong manager, but wasn’t rigid with his vision,” said Alex Pomento, who covered San Miguel and Cojuangco in the 25 years he was an equities analyst before joining SM Prime Holdings Inc. in 2014.
The news of the purchase was reported earlier by Baer Faxt, an art industry newsletter, which didn’t identify the painting or say how it obtained the information.
The one-of-a-kind burger establishment includes plush leather sofas, digital menu boards, Eames chairs, laminate floors, and even table service - and it's now reopened with hundreds more branches
As part of his contract, Tangen has agreed to forfeit control of his personal fortune, which is estimated at over $US860 million ($1.3 trillion).