How much Zakat would Jeff Bezos and Elon Musk have to pay?
Zakat is the third pillar of Islam and a mandatory tax of 2.5% on the wealth of those who are able to afford it- so we thought it would be interesting to see how much Zakat the two richest men in the world would have to pay!
You may not be paying as much as these guys but you can calculate your own Zakat through the Kestrl app today!
Android: https://lnkd.in/dNWxMnF
Find out more on our website: https://kestrl.io/
Calculation methodology:
Shares held: for shares bought with the intention to sell, Zakat is payable at current market value. Bought for any other reason, then Zakat is due on the underlying assets of the business. National Zakat Foundation recommends 25% of market value is a good proxy
Cash: All cash including money in bank accounts and whatever the source (salary, rental income etc.)
Disclaimer: this is just a simple calculation on their assets owned and does not take into account any deductibles e.g mortgages, loans and other debts
Sources: Business Insider, Bloomberg
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