Happy New Year 2013

We  sincerely Wishing our readers Happy New Year 2012 

& may have a great year ahead. Thanks again for being with us.

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PRS Scheme In Malaysia & FAQ

1. What is a private retirement scheme?

• A private retirement scheme (PRS) is a voluntary long-term investment scheme designed to help individuals accumulate savings for retirement. It complements the mandatory contributions made to EPF.
• Each PRS will include a range of retirement funds that individuals may choose to invest in based on their own retirement needs, goals and risk appetite. The fund options under a PRS must be consistent with the objective of building savings for retirement and ensure that there is a prudent spread of risk.

2. What is the scope of private pension reforms undertaken by the Securities Commission Malaysia?

• The introduction of the private retirement scheme framework resulted from recommendations made by the Securities Commission Malaysia (SC) to the Government to accelerate development of the private pension industry in Malaysia.
• Private retirement schemes form an integral feature of the private pension industry with the objective of improving living standards for Malaysians at retirement through additional savings of funds.
• The PRS industry forms the third pillar in a multi-pillar pension framework and will complement Malaysia’s mandatory retirement savings schemes.

3. What is the regulatory framework governing PRS?

• The Capital Markets and Services Act 2007 (CMSA), the Capital Markets and Services (Private Retirement Scheme Industry) Regulations 2012 (the PRS Regulations) and the Guidelines on Private Retirement Schemes (PRS Guidelines) form the regulatory framework for the PRS industry in Malaysia.
• The 2011 amendments to the CMSA setting out the regulatory and supervisory framework for the private retirement scheme (PRS) industry came into force on 3 October 2011. Under the new Part IIIA of the CMSA, the SC regulates the following key participants in the PRS industry:
  • Private Retirement Scheme Administrator;
  • Private Retirement Scheme Providers (PRS Provider);
  • Private Retirement Schemes (PRS);
  • Trustee to Private Retirement Schemes (Scheme Trustee); and
  • Trustee to Employer-Sponsored Retirement Schemes (Employer Trustee).

• The PRS Regulations establish the duties and responsibilities of a PRS Provider and Scheme Trustee, as well as requirements on approval of the PRS Scheme, the registration and lodgement of the trust deed and the disclosure document as well as other provisions on the register of members and meeting of members.
• The PRS Guidelines are aimed at providing a regulatory environment that would safeguard the interests of contributors to PRS.

4. What are the key components of the PRS framework?

• The PRS framework comprises approved PRS Providers, each offering a range of fund options under a PRS, where the assets are segregated and held by independent Scheme Trustees under a trust.
• The law also caters for the establishment of a Private Pension Administrator which would be responsible for the operationalisation of an efficient administrative system for the PRS industry.
• Underpinning the framework is a strong regulatory and supervisory structure based on the SC’s regulatory objectives of ensuring robust regulation and supervision of the PRS industry, promoting trust and confidence in the PRS and protecting interest of members.
  
  
  
  
  

5. What are the features of the framework to ensure a strong regulatory and supervisory structure?

• All relevant intermediaries in the PRS industry, namely the PRS Provider, Private Pension Administrator, Scheme Trustee and PRS distributors require approval of the SC to operate and will be subject to on-going regulatory requirements and supervision.
• The PRS will operate as a trust structure with the Scheme Trustee ensuring the assets of the funds are segregated from the PRS Provider. The funds under the PRS will be professionally managed by the PRS Providers with the purpose of meeting the retirement objective of members. Further, provisions on vesting of contributions and rights to accrued benefits set out in the CMSA will ensure that accrued benefits will be delivered to members to meet retirement needs. (Accrued benefits in the CMSA mean the amount of a member’s beneficial interest in a private retirement scheme).
• A strong regulatory and supervisory framework will ensure that interests of members are safeguarded and protected, integrity of the PRS industry is upheld, risks are appropriately monitored and stability of the system is maintained.
• In addition to the SC’s supervision, investigation and enforcement powers, the SC also has the power to issue directions over the intermediaries in the PRS industry. The SC’s powers to issue directions include the ability to direct the intermediary to comply with the law, guidelines, conditions or restrictions, or take remedial action.

6. What is the role of the Private Pension Administrator (PPA)?

• The PPA refers to a private retirement scheme administrator as defined under section 139A of the CMSA. The duties and responsibilities of the PPA under the law (Section 139H of CMSA) include taking into account public interest considerations in acting in the best interests of members and having regard to the need to protect members.
• The PPA would promote efficiency and convenience to members through:
  • Facilitating and maintaining all PRS-related transactions made by members;
  • Facilitating portability between PRS providers; and
  • Undertaking promotion and general education/awareness on PRS.

7. How do I (an individual) join PRS?

• To make contributions to PRS, just contact the PRS Provider of your choice and indicate your fund selection. At the same time or prior to contributing, you may open a PPA account by completing an account opening form that can be obtained from any PRS Provider or from the website of the PPA once the Schemes are offered to the public (www.ppa.my).
  
  
• Proof of identification is required at account opening:
  • Identification card / Police / Armed Force ID (for Malaysians) or Passport (for foreigners).
• Once the PPA account is opened, you will receive your life-time account number and password.
• The above account opening procedures would differ for on-line transactions.

8. How does an employer make a voluntary contribution on behalf of its employees?

• Where an employer seeks to contribute to PRS on behalf of its employees, the employer may enter into an arrangement with one or more PRS Providers of their choice. The amount of contribution is determined by the employer while employees choose the type of fund(s) under the Scheme offered by the relevant PRS Provider.
• Where employees do not make a fund selection, the employer contributions would be channelled to the default option of the chosen PRS Provider.
• Employer contributions may be subject to a vesting schedule which means the entitlement may only be vested to an employee’s account based on their terms of service.

9. What should I consider when choosing a PRS?

• When making your PRS contribution, you need to take into account various factors such as your age, personal and household income, risk tolerance, retirement objective as well as the suitability of the different funds under the various Schemes to meet your retirement needs as well as the fees and charges of the funds.
• There are many different types of investors:
  • Some may be looking for steady returns
  • Some are happy to grow their retirement savings very slowly
  • Some are keen to chase higher returns
• The approach may be different if you are – single, young employee; double income young family, mid-career or already near retirement. For example:
  • if your retirement is remote you may consider investing in some higher-risk instruments that can potentially generate higher returns;
  • if your retirement is near, you may consider opting for some relatively stable and conservative investments; or
  • if your retirement is some years away, you may consider investing in a balanced investment portfolio consisting of bonds and equities.
• Our needs change through different stages of our lives. You should review your PRS portfolio regularly to  ensure that it matches your retirement objectives.
• It is important to bear in mind the cost of living and inflation in setting your retirement goal as well as to think long-term; do not be overly concerned about short-term market fluctuations.
  
  

10. Where can I obtain information when making a decision to contribute to PRS?

• Potential members must receive the following documents before contributing to any fund under the Scheme:
  • Product highlight sheet, which provides a summary of the key information of the fund(s) under the Scheme written in easily understood language; and
  • Disclosure document, either in electronic form or printed copy depending on the choice made by the potential member, which will provide more comprehensive information on the PRS. The objective is to enable the investor to make an informed investment decision.
• Contributors are advised to read and understand the disclosure documents and not solely rely on advertisements.

11. When can I start contributing to PRS?

• The SC is in the final stages of implementing the PRS framework. In line with the SC’s investor protection mandate, a period of general education and awareness on PRS has been allocated before approved PRS may be offered to the public. This is to allow potential members to get advice on the need to save for retirement and more information on the features of PRS.
• A list of approved PRS Providers and their Schemes will be published on the website of the PPA.

12. How do members keep track of their PRS investments?

• Members will be able to check online via the PPA website or contact the relevant PRS Provider.
• Members will receive statements on a periodic basis from PRS Providers and a consolidated statement on their investments from the PPA. This will include contributions held by every PRS Provider.

13. Can contributions be withdrawn from PRS?

• Withdrawals from PRS or from any funds under PRS may be made in part or in full and under the following circumstances:
  • After the day the member reaches retirement age, which is currently 55;
  • Following the death of a member;
  • Permanent departure of a member from Malaysia; or
  • For pre-retirement withdrawals.
• With respect to pre-retirement withdrawals, members may only withdraw the amount in sub-account B from each PRS Provider once a year. The first pre-retirement withdrawal can only be requested by a member one year after making the first contribution to any fund under the Scheme (whether the contribution is by an employer or member). While pre-retirement withdrawal may be made for any reason, a tax penalty of 8% on the withdrawal amount will be deducted by the PRS Providers before the balance is credited to the member’s account.
• Although lump sum withdrawals are permitted, members are encouraged to retain their savings for continuous investment under the respective Schemes.

14. What happens when a member dies?

• When a member dies, their savings will be paid to the executor, administrator or named beneficiary (as the case may be). The Scheme Trustees will be required to release all or part of the balance where required pursuant to a grant of probate or letters of administration
  
  
  
  
  
  More Link, 
  
  
  

  PRS Brochore -  

  
  

  http://www.ppa.my/wp-content/uploads/2012/07/PRSnewbookletBI.pdf

  
  
  
  List Of PRS Providers,
  http://www.ppa.my/index.php/providers-and-schemes/list-of-prs-providers/
  
  
  Fee Comparison Among PRS Providers
  http://www.ppa.my/index.php/providers-and-schemes/fee-comparison/
  
  
  
  
  
  

2013 KLCI Top Picks by Nomura Research

THE upcoming 13th general election may rejuvenate Malaysia's weak stock market and continue bucking the trend in the first half of 2013. 

Nomura International (Hong Kong) Ltd managing director and chief Asia equity strategist and global head of equity strategy Michael Kurtz said the long awaited 13th elections should be the key driver for Malaysian equities in the first half of 2013 overshadowing other challenging macro global factors. 

The global factors, including slower economic growth prospects in China and Europe, the Greece debt crisis and the US economic slowdown, could result in near-term volatility for the market. 

Stock Name	Ref Date	Ref Price	Price Diff	Last	Range	Open	Change	Volume	Note
DIGI	18/12/2012	5.04	+0.17	5.21	5.21 - 5.34	5.33	-0.15	8,129,300
TM	18/12/2012	5.85	+0.06	5.91	5.89 - 5.95	5.95	-0.04	5,883,900
AXIATA	18/12/2012	6.58	-0.01	6.57	6.57 - 6.70	6.68	-0.11	6,386,600
PBBANK	18/12/2012	16.00	+0.02	16.02	16.02 - 16.10	16.06	-0.02	709,400
MAYBANK	18/12/2012	9.04	0.00	9.04	9.02 - 9.10	9.05	-0.01	4,527,200
SIME	18/12/2012	9.13	+0.22	9.35	9.23 - 9.37	9.30	-0.01	5,742,800
AIRASIA	18/12/2012	2.61	-0.08	2.53	2.49 - 2.58	2.55	-0.02	22,970,300
WCT	18/12/2012	2.35	0.00	2.35	2.35 - 2.38	2.38	-0.03	1,234,400
SKPETRO	18/12/2012	2.97	+0.11	3.08	3.02 - 3.14	3.14	-0.06	3,676,800
CIMB	18/12/2012	7.60	+0.03	7.63	7.60 - 7.65	7.62	-0.05	4,329,700
GENM	18/12/2012	3.54	-0.06	3.48	3.48 - 3.56	3.55	-0.12	4,486,700
MEDIA	18/12/2012	2.23	+0.03	2.26	2.24 - 2.29	2.24	-0.01	421,600
MMCCORP	18/12/2012	2.65	-0.06	2.59	2.59 - 2.65	2.65	-0.06	600,300

Source: Nomura Research/ i3investor

Analysis of Malaysia General Election (GE) Results VS KLCI

PETALING JAYA (Dec 21, 2012): There is little correlation between stock market rallies and general election (GE) results in Malaysia, said M & A Securities Sdn Bhd, based on its examinations of the past six election results.


"Based on the results of the percentage of seats that the incumbent government Barisan Nasional (BN) won in the previous six elections in Malaysia and the performance of the FBM KLCI, there has been low correlation of only 0.4 between the performance of the stock market and the results of the GEs," said the research firm in a report on Wednesday.

"Therefore, we can surmise that the performance of the stock market does not have much bearing on the outcome of GEs in so far as the BN is concerned."

M&A Securities said this also means the "feel good wealth factor" from a good stock market performance does not necessarily translates into a better election performance for the incumbent BN government.

"If we examine the past six GE results, the percentage of BN Parliamentary seats have been swinging between one GE to the next GE from the high to the low and the low to the high and so it has been repeated.



"Therefore, the "pendulum theory" whereby election results see-saw between high and low from one GE to the next GE has more proof to it than the theory that a good stock market performance will translate into a strong incumbent government BN performance in the upcoming GE," it added.

M&A Securities recalled that 2008 was an isolated incident where a bad stock market performance preceded the worst GE outcome for BN since 1969.

"In 2008, the stock market was down 9.7% year-to-date as at March 7, 2008 prior to the March 8 GE. That year, the BN had its worst outcome in the election where it was denied its customary two-thirds majority and won only 63% of parliamentary seats.

"However, one outlier does not proof that a bad stock market performance preceding a GE will lead to a bad GE result for the incumbent government BN," said M&A Securities.

"Similarly, in 1986, when the FBM KLCI was down 4.6% as at Aug 1 1986 prior to the Aug 3 GE, the BN had one of its best performances with 86% of the parliamentary seats," it added.



M&A Securities noted that the FBM KLCI has year-to-date performed well in 2012, in line with regional bourses.

"This year, the FBM KLCI has rose 7.8% as at Dec 13.

"How the stock market will perform in the first quarter of 2013 is debatable as the fund managers may want to re-balance their portfolio from the high beta stocks, which are laden in the FBM KLCI 30 index weightage, into the low beta stocks such as plantation, oil and gas and consumer stocks which have less constituents in the FBM KLCI 30 index and therefore, this strategy may not push the FBM KLCI by much but may either push it down or sideways," it said, adding that 13th GE is likely to be held in March or April next year.

-- TheSun

Most Spoiled Kids in the World

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  FRANCE - MAY 23: Nicky Hilton and Paris Hilton attend de Grisogono Glam Extravaganza at Hotel Du Cap Eden-Roc on May 23, 2012 in Cap D'Antibes.

Most kids would be thrilled by a trip to Disney World. But for Suri Cruise a trip to the Magic Kingdom isn't complete without a night in the invitation-only suite at Cinderella's Castle.

And she isn't even the most spoiled kid on this list.

Petra and Tamara Ecclestone, daughters of Formula One racing honcho Bernie Ecclestone

Bernie Ecclestone with daughters Tamara (L) and Petra (R). (Mark Thompson/Getty Images)Petra and Tamara, the gorgeous and pampered offspring of Bernie Ecclestone, are known for their extravagant spending on everything from handbags to real estate — Petra famously bought an $85 million mansion in L.A. last year.

The daughters, ages 23 and 28, reportedly have access to their father's $4.8 billion-dollar trust, and while Bernie lets them make spending decisions on their own, he hasn't been happy with how they've squandered their inheritance.

"The kids have had access to the money," Ecclestone told The Telegraph last year. "The idea was that they'd buy super-quality property, property that would be long term, for their kids and everything else. Didn't happen. They haven't done that. So they've had access to money which they've spent."

Suri Cruise, daughter of Tom Cruise and Katie Holmes

Katie Holmes and Suri Cruise feed giraffes (Getty Premium)Suri has been making tabloid covers since she was born, more often than not for the attention her famous parents lavish on her.

This summer when Tom whisked Suri off to Disney World, the six-year-old stayed in Cinderella's Castle Suite — an apartment originally designed for the Walt Disney family in the Magic Kingdom that cannot actually be booked and is normally reserved for special events, according to People.

It's been reported that Suri's wardrobe is worth $3 million and includes coveted itemssuch as a $2,140 Dolce & Gabbana red trench coat and a rack of dresses from designers like Marc Jacobs, Chloe, Burberry and Juicy Couture.

But exclusive vacations and high-end clothes aren't the only costly things in Suri's life. Mail Onlinerecently reported that Suri's mom is planning to surprise her daughter with an eight foot, $24,000 Grand Victorian Playhouse for Christmas which comes equipped with running water, electricity, and extensive landscaping.

Valentina Paloma Pinault, daughter of Salma Hayek and François-Henri Pinault

YoutubeFive-year-old Valentina is already attendingart galas in Italy, vacationing in St. Barts, and working red carpet premieres. But that's what's expected when you're the daughter of a famous movie star and a luxury goods tycoon.

The pint-sized diva is said to be full of personality and brains, just like her parents, Salma Hayek and François-Henri Pinault. She's often caught sticking her tongue out to paparazzi and can speak three languages, English, Spanish, and French.

Her father spends $50,000 a month for a $12 million Los Angeles estate held in trust in Valentina's name, according to Hollywood Life.

Justin Dior Combs, son of Diddy

(L-R) Justin Combs, Sean "Diddy" Combs and Michael Bloomberg (Stephen Lovekin/Getty Images)Justin Combs, 18, is one lucky kid: for his sixteenth birthday, his rap legend father handed over the keys to a $360,000 silver Maybach, according to US Magazine.

His lavish birthday bash, which was attended by several members of the "Jersey Shore" cast, was featured on an episode of MTV's "My Super Sweet Sixteen."

Justin may live the good life, but he's also a well-rounded teen: he's currently attending UCLA on a hard-earned football scholarship.

Emme Anthony, daughter of Jennifer Lopez and Marc Anthony

(Venturelli/FilmMagic/Getty)Four-year-old Emme was spotted sitting front and center at the Paris Fashion Week show in October donning more than $2,400 worth of Chanel accessories, including a $310 brooch and a $2,100 bag, according to US Magazine.

But Paris is no big deal for Emme or her twin brother Max, who are used to jetting off in their mom's private plane to international destinations such as Italy, Britain, and Spain. Most recently, the twins accompaniedJennifer to Istanbul, Turkey, when the singer performed for the first time ever.

The twins aren't only spoiled by their mom. The tots' godfather, superstar Tom Cruise, dotes on them, too and reportedly threw them a "$200,000 'Welcome to the World' christening party, complete with matching designer outfits." Rumor has it that the twins were also given diamond rattles, reports Xfinity.

Sheikh Hamdan bin Mohammed bin Rashid al Maktoum, Prince of Dubai

(Andrew H. Walker/Getty Images for DIFF)The 29-year-old crown prince of Dubai and son of Mohammed bin Rashid Al Maktoum, the Prime Minister of the United Arab Emirates, leads a charmed life.

For starters, he drives a diamond-studded, mink-finished Mercedes that's worth an estimated $4.8 million and cruises in the world's largest yacht, which has a $300 million price tag.

He also has an affinity for practicing sports and spends his days scuba diving, sky diving, jet skiing, and body boarding.

He also enjoys traveling. When he was in New York in June, the Prince ordered a $1,000 dessert, which was served in a $300 Baccarat goblet complete with edible gold and Tahitian vanilla ice cream.

Ekaterina Rybolovleva, daughter of Russian oligarch Dmitry Rybolovlev

YoutubeRybolovleva, 22, is the college-aged daughter of Dmitry Rybolovlev, a Russian oligarch who's worth an estimated $9 billion.

Last year, she and her dad made headlineswhen he bought Sandy Weill's $88 million penthouse on the Upper West Side, supposedly for his daughter to use when she is in New York City.

It's the single-most expensive apartment in the Big Apple, according to the International Business Times.The 6,744 square foot pad has "10 rooms including four bedrooms, a wraparound terrace of more than 2,000 sq. feet, four bedrooms and two wood burning fireplaces."

And this is just a part-time residence. Ekaterina also has homes in Monaco and Switzerland, where she has split her time over the last 15 years.

Peter and Harry Brant, sons of Peter Brant Sr. and Stephanie Seymour

(L-R) Harry Brant and Peter Brant, Jr. (Paul Zimmerman/Getty Images)The 18- and 15-year-old sons of media mogul Peter Brant and former supermodel Stephanie Seymour have made a name for themselves on NYC's social scene in recent years.

They grew up on a 53-acre spread in Greenwich Conn., surrounded by art and fashion. But their expensive tastes have veered towards the flamboyant — for this year's Met Ball, which they did not actually attend, "they had planned to arrive in a gold-plated Rolls-Royce accompanied by a baby panther wearing a diamond necklace," according to a recent profile in Vanity Fair.

Until recently, the brothers flaunted their lifestyle with tweets ("Triumphant Return To Paris!! (we've missed the city of lights during the 5 days since we were last here) haha") from a shared Twitter account. But after an unsavory Twitter joke about killing the President, Peter lost his Twitter privileges, according to Fashionista.

Blue Ivy Carter, daughter of Beyonce and Jay-Z

(ABC News)Blue Ivy Carter, the daughter of singer Beyonce Knowles and rapper Jay-Z, was an A-lister before she was even born.

At 11 months old, she's already better dressed – and has a bigger wardrobe – than most Americans.

In March, the celebrity baby was spotted wearing $66 Little Marc Jacobs Baby Mouse slippers. Fashion & Style reported that little Blue Ivy also naps in a $3,500 lucite crib from NurseryWorks VETRO and bathes in a $5,200 pinkSwarovski crystal encrusted bathtub, a gift from her aunt, Kelly Rowland.

When she's not snoozing or soaking in style, Miss Carter jets off with her famous parents on their $39.1 million private jet or cruises around the Mediterranean on her family's $40 million super-yacht. Not too bad for a baby who can't even talk yet.

Liesel Pritzker, heiress to the Hyatt hotel fortune

Youtube28-year-old Liesel Pritzker, best known for her feature role in the 1995 Warner Bros filmA Little Princess, is one of 12 grandchildren with stakes in the enormous Hyatt hotel fortune.

In 2002, when she was a freshman at Columbia, she and her brother sued their father and other family members claiming they had been cheated out of their inheritance. The pair won a reported $560 million settlement.

Several years later she put her money to good use and spent $6.2 million to purchase a castle-likeUpper West Side apartment.

But this isn't Liesel's only Manhattan spread. She also owns a $2.29 million condo near the Columbia campus. “I figured that it would make more sense to buy,” she told The New York Times. Princesses don’t rent.

Haji 'Abdul 'Azim, Prince of Brunei

YoutubeFor his 30th birthday, Prince Azim of Brunei pulled out all the stops and invited A-listers like Pamela Anderson and Marisa Tomei to anenormous celebration at the Dorchester Hotel in London.

But lavish parties have always been his thing. In 2009, the billionaire playboy reportedly threw the "Party of the Year," spending over 70,000 euros on the flowers alone.

Guests can always count on leaving the Prince's celebrations with some pretty stellar party favors, including iPods, diamond jewelry, and luxury Crème de la Mer face creams.

And if you're a real bestie, he may just spoil you rotten. Mail Online reports that the Brunei Prince gifted $6 million worth of jewels to long-time friend Mariah Carey in 1996.

Anastasia Potanina, daughter of metals giant Vladmir Potanin

(Business Insider)The 28-year-old Russian is the daughter of Vladmir Potanin, the metals and media magnet who owns Russian versions of MTV, VH1 and Cosmopolitan magazine.

Beyond just being rich and beautiful, Anastasia was a world champion in aquabiking, which is essentially competitive jet skiing.

The heiress is also a very good skier, in part thanks to the indoor slope her father built for her at his home in Moscow.

After breaking her leg, Anastasia has quit aquabiking to pursue a career in sports management.

Brandon Davis, grandson of oil tycoon Marvin Davis

(Andrew H. Walker/Getty Images for ART.sy)Davis, a 32-year-old oil heir and frequent pal of Paris Hilton, is commonly in the tabloidsfor drug charges infractions, alleged nightclub brawls, and crude, often inappropriate humor.

He famously dated actress Mischa Barton, and then referred to her as a "heifer" on Twitter when they broke up in 2010 and was caught on tape soon after calling Lindsay Lohan "a fire crotch."

Though the personal life of this American socialite is somewhat disheveled, Davis has shown glimmers of business acumen.

In 2011, he brokered what many consider to be one of the largest real estate deals in Hollywood history, the $85 mansion deal with Berni Ecclestone's daughter Petra, according to The Daily Mail.

Davis, or Greasy Bear, as he's often called in the tabloids, is worth an estimated $55 million.

Vorayud Yoovidhaya, grandson of Red Bull founder Chaleo Yoovidhya

YoutubeForbes magazine ranked the Yoovidhaya family as the fourth richest family in Thailand this year, with an estimated net worth of $5.4 billion.

But the grandson of Red Bull creator Chaleo Yoovidhya, is known for milking his family's deep pockets for all they are worth.

In October of this year, 27-year-old Vorayud Yoovidhaya was accused in the hit-and-run death of a police officer and had his father paythe officer's family $97,000 to stall the civil lawsuit.

The car involved in the accident was a Ferrari and is valued at about $1 million.

Prince Pierre Casiraghi, Son of Princess Caroline of Monaco

(Pascal Le Segretain/Getty Images)Prince Pierre Casiraghi, 25, is third in line to the throne of Monaco. But his royal responsibilities haven't stopped him from living extravagantly.

In fact, he reportedly dropped out of school and is known as the "party prince," according to The Daily Mail.

Prince Pierre supposedly regularly appears at nightclubs around Europe and the U.S., dropping cash on expensive bottles.

Earlier this year, he wound up in the hospital after a brawl with a nightlife impresario at a Manhattan club, who later told The New York Post that the prince and his entourage “were being completely obnoxious,’’ insulting the models and swigging from a $500 bottle of vodka on his table.

He's now suing the club, Double Seven.

Paris and Nicky Hilton, daughters of Rick and Kathy Hilton



(Michael Buckner/Getty Images for DeGrisogono)The Hilton sisters, heirs to the $300 million Hilton hotel fortune, are American socialiteswho've gained fame and (more) fortune because of their wealthy parents.

While Nicky's name has long been overshadowed by her older sister Paris, who starred in the long-running reality series The Simple Life, both women have launched numerous clothing and accessory lines that have made splashes in the U.S. and overseas.

The sisters are also known for living fabulously lavish lifestyles which include partying with celebrity pals such as Kim Kardashian and Brandon Davis, blowing through daddy's dollars on extravagant vacations to France and Aspen, and purchasing multi-million dollar houses around Los Angeles.

Samuel Irving Newhouse IV, heir to the Conde Nast fortune

YoutubeSam is the grandson of Condé Nast chairman S.I. Newhouse and a member of one of America's most powerful media families.

Newhouse, who got married back in 2009, recently sold his TriBeCa loft for $2.7 million, $300,000 more than he paid for it several years earlier, according to The Observer. There was no mortgage filing on the listing when young Newhouse bought it, which suggests he paid cash, The Observer noted at the time.

Like other heirs of his ilk, he also appeared in the 2003 documentary "Born Rich."

Egypt Daoud Dean, son of Alicia Keyes and Swizz Beatz

(James Devaney/WireImage)The son of singer Alicia Keyes and rapper Swizz Beatz is already living the good life and he's barely two years old.

He's been spotted rocking courtside seats with mom and dad at various New York Knicks game and regularly flies off in Swizz Beatz's private jets to destinations like Hawaii and London.

When he's not cheering on his favorite team or vacationing in style, Egypt is said to haveplaydates with other celebrity babies like singer Mariah Carey and rapper Nick Cannon's twins, Monroe and Moroccan.

Egypt got his unique name after his mom had a breakthrough moment while traveling in the country for work.

Source: Yahoo Finance