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A N DR E W L AU R E N
FILMMAKER
 Contents // MARCH 21, 2016 VOLUME 197 NUMBER 4

DOWN
O LOAD
BILLIO UR EXCLUS
N IV
BOOK AIRES COL E
, O
IMAGE FEATURING RING
AND F OF BILL G THIS
OUR O ATES
WWW THERS
.FO ,A
BILLIO RBES.COM T
COLO NAIRES- /
RING-B
OOK

FILIP PERAIĆ FOR FORBES

For our 30th annual guide to the world’s richest people we found a total of 1,810 billionaires, down
from 1,826 a year ago. Their aggregate net worth: $6.5 trillion, $570 billion less than last year.
COVER PHOTOGRAPH BY JAMEL TOPPIN FOR FORBES

10 | FORBES MARCH 21, 2016

TIME TO TELL
THE WORLD YOU’RE COMING FOR IT.
Fly toward something better with the help of 80,000 employees
who do everything they can to help you explore what’s possible.
MARCH 21, 2016

40

19 | FACT & COMMENT // STEVE FORBES

The war against cash.

LEADERBOARD
26 | THE 20 RICHEST PEOPLE ON THE PLANET
Many names are the same, but the pecking order has (mostly) changed.
Blame volatile stock markets and a stronger dollar for the reshuffling.
28 | NOTABLE NEWCOMER: CAMERON MACKINTOSH
Shining a spotlight on the new-billionaire producer
behind some of musical theater’s biggest hits.
30 | DROP-OFFS
This year 221 billionaires fell off our list, the most since 2009.
Which of them tumbled furthest—and why?
32 | THE RICHEST UNDER 40
Young, rich and self-made.
34 | REAL ESTATE: TRUMPING THE WHITE HOUSE
Whatever happens to The Donald come Election Day, he’ll still have
some prime Pennsylvania Avenue property.
36 | FORBES @ 100: BILLIONAIRES’ FIRST BOW
A look back at our first-ever roundup of the world’s
ten-figure fraternity in 1987. What a difference three decades make.
38 | IN MEMORIAM
Farewell to a legendary activist, the world’s most
successful sandwich artist and more.

THOUGHT LEADERS
24 | INNOVATION RULES // RICH KARLGAARD
66 Future billionaires.

12 | FORBES MARCH 21, 2016

 FOR MANY
AN ACTIVE LIFE
STOPS FAR
TOO EARLY
By 2050 the world’s population over
60 will have doubled to two billion,
making age-related illness an even
greater challenge for society.
That’s why we’re seeking to help
people stay healthier and more
active in later life, be it through
more targeted treatments for cancer
OUR
SCIENTISTS
WON’T
ACCEPT THAT
and cardiovascular conditions,
solutions for eye diseases, or ways
to keep those with arthritis moving.
Because life shouldn’t stop at 60 –
not by any means.
To find out how our innovations are
helping to change lives for the better,
visit www.bayer.com/ari1169.
MARCH 21, 2016

76

FEATURES
40 | THE PRESIDENT OF COFFEE NATION
Starbucks CEO Howard Schultz doesn’t want to run for
the White House. But, buoyed by his company’s
surging performance, the billionaire wants to use his caffeinated
perch to change American discourse.
BY GEORGE ANDERS

54 | SHADOW BANKER
Secretive John Grayken debuts on the FORBES Billionaires list with
the second-biggest fortune in private equity, $6.3 billion. In an era
that demonizes predatory banking, he’s a ruthless, selfish, unpatriotic
tax dodger—and virtually every pension fund manager in the world is
rushing to give this American-turned-Irishman money.
BY NATHAN VARDI

54 66 | AFRICA’S SAM WALTON

From shirts to furniture to groceries, Christo Wiese sells
billions in low-cost goods to a continent
32 clamoring for them. America could be next.
BY ABRAM BROWN

76 | THE DONALD OF DUBAI

Hussain Sajwani has transformed the desert skyline with luxury
apartments and lavish mansions using outrageous marketing
strategies (free Lamborghini, anyone?). He’s weathered the
2008 crash and his business partner Donald Trump’s
politics—so what will he do if oil prices continue to plummet?
BY KERRY A. DOLAN AND ZINA MOUKHEIBER

83 | THE WORLD’S BILLIONAIRES

Our annual guide to the richest people on earth.
EDITED BY LUISA KROLL AND KERRY A. DOLAN

160 | THOUGHTS
On losing it.

14 | FORBES MARCH 21, 2016

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 INSIDE SCOOP
EDITOR-IN-CHIEF
Steve Forbes

CHIEF PRODUCT OFFICER

The Media’s
Lewis D’Vorkin

FORBES MAGAZINE Newest Realities

EDITOR
Randall Lane BY LEWIS D’VORKIN
EXECUTIVE EDITOR
Michael Noer
ART & DESIGN DIRECTOR 1. YOU GOTTA BELIEVE: The power of digital analytics
Robert Mansfield
continues to put pressure on print advertising. Magazine
FORBES DIGITAL
ads still find favor, in part because marketers are people,
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Matt Schifrin too, and know in their gut that consumers enjoy the me-
VP, MANAGING EDITOR TECHNOLOGY dium. Needed: an Internet of Things motion sensor on
Bruce Upbin
printed pages to track reader engagement.
SENIOR VP, STRATEGIC PARTNERSHIPS
Andrea Spiegel
VP, DIGITAL CONTENT STRATEGY
2. PEOPLE LIKE PEOPLE: Conferences remain popular
Coates Bateman as a revenue stream that works in tandem with thematic
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Salah Zalatimo
magazine issues. Marketers now want more than their
VP, WOMEN’S DIGITAL NETWORK logos on souped-up stages—365 days of branded content
Christina Vuleta
running through print pages, digital screens and video.
ASSISTANT MANAGING EDITORS
Kerry A. Dolan, Luisa Kroll WEALTH
Frederick E. Allen LEADERSHIP 3. SIGNS OF A CONTENT BUBBLE: Journalists and
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Janet Novack WASHINGTON eyeballs. Compounding that, an explosion of complicated
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Avik Roy OPINIONS
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brands are out of synch with smartphone users who want
fast and simple. That reality will require a new round of
BUSINESS
Mark Howard CHIEF REVENUE OFFICER mobile-friendly, easy-to-consume native ads that will run
Tom Davis CHIEF MARKETING OFFICER smack into similar efforts by editorial newsrooms.
Jessica Sibley VP, SALES EAST & EUROPE
Janett Haas VP, SALES, WESTERN & CENTRAL
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Achir Kalra SENIOR VP, REVENUE OPERATIONS & STRATEGIC PARTNERSHIPS Publishers need scalable content models to profit from
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Fred Poust SENIOR VP, CONFERENCES & BUSINESS DEVELOPMENT behemoths provide reams of data that publishers can use
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 FACT & COMMENT
“With all thy getting, get understanding”
THE WAR AGAINST
CASH BY STEVE FORBES, EDITOR-IN-CHIEF
GAINING ATTENTION these days is
the idea of abolishing high denomina-
tions of the dollar and the euro. This con-
cept graphically displays the astonishing
stupidity—and intellectual bankruptcy—
of today’s liberal economic policymakers
and the economics profession.
Larry Summers, a former Treasury
Secretary and Harvard president, is
pushing the U.S. to ban $50 and $100
bills. There’s a lot of chatter, too, about
prohibiting the €500 note.
The ostensible reason is to help in the fight against
terrorists, bribers, drug dealers and tax evaders by
making it more inconvenient for these bad guys to
move around and store their ill-gotten cash.
The Benjamin is the most popular currency note in the
world, with more than 10 billion in circulation. The notion
that such evildoers as the Mexican drug cartels and ISIS
will be seriously disrupted by the absence of the Benja-
min—“These sacks of cash are too heavy now. Let’s surren-
der!”—is so comical that one has to wonder if Summers et
al. are auditioning to write gags for Saturday Night Live.
Monetary expert Seth Lipsky pithily points out
in the New York Post, “When criminals use guns, the
Democrats want to take guns from law-abiding citi-
zens. When terrorists use hundreds, the liberals want
to deny the rest of us the Benjamins.”
If the Obama Administration really wants to deny
resources to terrorists, why is it giving tens of billions
of dollars back to the globe’s terrorism central, Iran?
The real reason for this war on cash—start with
the big bills and then work your way down—is an ugly
power grab by Big Government. People will have less
privacy: Electronic commerce makes it easier for Big
Brother to see what we’re doing, thereby making it
simpler to bar activities it doesn’t like, such as purchas-
ing salt, sugar, big bottles of soda and Big Macs.
The move to destroy cash feeds into the economic
commissars’ fantasy that they can better control the
economy. Policymakers in Washing-
ton, Tokyo and the EU think the rea-
son that their economies are stagnant
is that ornery people aren’t spending
and investing the way they should.
How to make these benighted, recalci-
trant beings do what they’re supposed
to do? The latest nostrum from our
overlords is negative interest rates. If
people have to pay fees to store their
money, as they do to put their stuff in
storage facilities, then, by golly, they
might be more inclined to spend it. To inhibit cash
hoarding—when Japan announced it was imposing
negative interest rates, the sale of safes soared—the
authorities will want to do away with large notes.
We kid you not. The highly credentialed author of
a paper advocating the prohibition of large currency
denominations declared, “Introducing negative interest
rates would create a powerful incentive to hold depos-
its in cash, most likely in higher denominations. Elimi-
nating high-denomination notes, so that saving in cash
was more inconvenient, would mitigate this problem.”
Manipulating the value of money and controlling
interest rates, i.e., the price of money, never works.
Money measures value. It is a claim on services and is
a tool for facilitating commerce and investing.
The reason economies around the world are in the
ditch—which is fueling anger, discontent and ugly poli-
tics—is structural, government-created barriers: unstable
money, suffocating rules and too-high rates of taxation.
Why They Stuck With Hitler
The Second World War was the most cataclysmic con-
flict in human history, so it’s no surprise that books
about it keep pouring forth 70 years after it ended.
The German War: A Nation Under Arms, 1939–1945,
by Nicholas Stargardt (Basic Books, $35), brilliantly
and with impressive nuance and texture deals with
MARCH 21, 2016 FORBES | 19

Promises Made,
Promises Kept
F
or a le s son in br and loyalt y,
look no further than Gulfstream
Aerospace, the manufacturer of
what’s arguably business avia-
tion’s most iconic lineup of air-
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of the individuals and businesses who
purchased a Gulfstream jet were repeat
customers. But building aircraft that offer
unique combinations of speed and range
with next-generation flight decks and
cabin environments is only one fac tor
contributing to the company’s enviable
brand-loyalty metric.
Going the Distance
Since 1958, when the Gulfstream I was
introduced as the world’s first purpose-
built business airplane, the com-
pany has produced, serviced
and suppor ted more than
CKTETCHV6JTQWIJQWV
this period, Gulfstream
has built an impeccable
reputation for keeping
its promises to individual
customers and the broader
business aviation user com-
munity—whether by bringing
new models to market on time
and within budget, meeting perfor-
mance expectations, creating and deliver-
KPIVJGYQTNFoUƂPGUVCXKCVKQPGZRGTKGPEG
supporting the aircraft in operation through
an extensive and dependable network
of authorized service centers around the
241/16+10
world, or pushing the limits of technology
to reduce pilot workload and increase pas-
senger safety.
Not only does Gulfstream have an
unblemished record of keeping its prom-
ises, but it also has demonstrated time and
again that exceeding customer expecta-
tions—at no additional cost—is more the
rule than the exception in relation to what it
initially promised.
Exceeding Expectations
When the company announced plans to
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Gulfstream family of business jets—it
promised that the aircraft would be able
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the super-midisze category,
customers who put down a
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mately took delivery of a
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greater range and the abil-
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upon landing than what Gulf-
stream had originally promised.
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stream announced plans to develop the
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full load of fuel not the eight passengers
originally expected, but 12.
by Tony Velocci
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the point: Gulfstream keeps its prom-
ises—and then some.
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ting the bar too low, otherwise the end
product wouldn’t be competitive and would
be unworthy of purchase,” says Steve Cass,
Gulfstream engineer and vice president of
communications. “Rather, we constantly
challenge ourselves to deliver greater value,
and of course always keep our promises to
our customers.”
G500/600 Update
If past is prologue, chances are Gulfstream
customers and the larger aviation commu-
nity will witness much the same pattern with
VJG)CPF)VYQWNVTCNQPITCPIG
clean sheet–designed aircraft that will take
technology to a new level. Gulfstream is
developing the two aircraft concurrently,
and both are either on or slightly ahead
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of which are currently undergoing testing,
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following year.
“We’ve set high goals for both aircraft,”
says Cass. “Both will fly at nine-tenths
the speed of sound and provide the best
cabin experience in business aviation.”
www.gulfstream.com
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FORBES
FACT & COMMENT STEVE FORBES
the astounding questions of how the
most educated and cultured nation on
earth could unloose such a murder-
ous, barbarous and genocidal war
and why most Germans—Nazis and
non-Nazis alike—closed ranks around
Hitler, even when it became clear the
war was going to end disastrously.
Having combed
through countless letters
and diaries, Stargardt
smoothly and vividly
weaves together the sto-
ries of more than a score
of individual Germans
from all walks of life and
the unfolding events of
the war. Focus is largely
on the Eastern Front,
)-.LJ,'(LJ#0#&#(-LJ effect. But even though the regime
where most German casu-
alties occurred. He shows
how people’s attitudes
and opinions evolved, one
example being a young
man who was sensitive and artistic yet
cold and indifferent to the atrocities
he witnessed in Russia. Such shock-
ing contradictions were common. A
prominent Protestant, Bishop Wurm of
Württemberg, faintheartedly protested
the Nazi regime’s policy of murdering
“deformed” infants and the mentally ill
by administering poisonous drugs or
starving them to death, while Catho-
lic Bishop Galen of Münster initially
courageously and publicly condemned
the practice. The death toll from this
alone was well over 200,000. Yet Galen
vigorously supported the invasion of
)-.LJ,'(-LJ)(0#(LJ."'-&0-LJ
the “Jewish Bolshevik” Soviet Union and
refused any aid to Jews, even to those
who had years before converted to
Christianity, while Wurm privately
wrote letters to the Reich in support of
those converts. As this book makes clear,
both the Protestant and the Catholic
churches were guilty of moral failure.
A number of German soldiers and
officials were uneasy or outright horri-
fied by what was happening, but most
did nothing about it. All but a hand-
ful of non-Nazis supported the war to
the end because they believed defeat
22 | FORBES MARCH 21, 2016
would lead to Germany’s annihilation.
Stargardt evokes the nitty-gritty of
daily life: complaints about hypocriti-
cal officials living high on the hog (a
common gibe: “When will the war end?
When [the obese Hermann] Göring fits
into [the slim propaganda chief Joseph]
Goebbels’ trousers”); rationing; infideli-
ties on the home front; the
movies, plays and radio
shows people preferred
(Shakespeare was per-
formed more frequently
in Germany than in Brit-
ain during the war); the
Allied bombing; and the
course of the war itself.
Some highlights:
ƀLJ
were aware of the mass
killing of the Jews and
other atrocities through
letters and photos sent
to them by husbands,
sons, brothers and friends, and from
conversations when these men came
home on leave.
Goebbels was a master at making
the home front complicit in what was
happening, first by noting Hitler’s Jan-
uary 1939 “prophecy” that if the Jews
launched another European war they
would perish, and then letting events
speak for themselves—the deportation
of German Jews and the auctioning
off of their property, along with what
people learned from news sent by their
relatives fighting on the Eastern Front.
ƀLJ
the increasing output of the Soviet
that the war was one of self-defense,
a fight for survival, because the evil
French, Russians, British and Ameri-
cans and their “Jewish masters” all
wanted to destroy Germany.
ƀLJ,'(-LJ&-)LJ(!!LJ#(LJ'),&LJ+/#0-
alence: The bombing of German cities
by the U.S. and Britain was in retaliation
for the Reich’s treatment of Jews, but
what was happening in the death camps
and shooting pits was really no differ-
ent from the Allies’ “terror” bombings.
ƀLJ(LJ,-)(LJ."LJ,'(-LJ )/!".LJ
to the bitter end with a fanaticism
exceeding that of the Japanese was
the “shame” of November 1918, when
Germany suddenly collapsed, even
though the Fatherland hadn’t been
invaded and most people believed the
army was still in good fighting order.
ƀLJ)(.,,3LJ.)LJ4#LJ'3."ŻLJ."LJ,'(-LJ
were hardly a united community.
Differences between regions, classes
and religions were sharp and became
exacerbated when millions of refu-
gees from bombed-out cities were
moved to other parts of the country.
ƀLJ/&#LJ)*#(#)(LJ)(LJ."LJ1,LJ)-#&-
lated. At the beginning Germans
were deeply opposed. The seemingly
easy victory over France made people
euphoric; setbacks had the opposite
suffered bouts of immense unpopu-
larity, particularly in the summer of
1943, most Germans never wavered in
their belief that they shouldn’t give up.
ƀLJ,'(LJ'#&#.,3LJ-/&.#-LJ1,LJ"),-
rific. In the first few weeks of 1945,
for instance, German army deaths
exceeded the number the U.S. lost in
the entire war. Total German military
deaths were around 4.8 million.
ƀLJ (LJűŹŴűŻLJ$/-.LJ ),LJ,&LJ,),ŻLJ
Hitler’s armaments minister and long-
time trusted confidant Fritz Todt
told the Führer that “this war can no
longer be won by military means,”
because Germany couldn’t match the
growing production of the U.S. (which
was providing more and more materiel
to Britain and Russia), not to mention
Union and Great Britain. Todt rec-
ommended that Hitler negotiate the
best deal he could and end the war.
Instead, Hitler maniacally went in
the opposite direction. The killing of
Jews was ramped up exponentially. At
the beginning of 1942 most of Europe’s
Jews were still alive; by year’s end
the majority were dead. When Japan
attacked Pearl Harbor, Hitler imme-
diately declared war on the U.S.
This is an extremely interesting
yet disheartening tale of a civilized
people’s descent into barbarism. F
 OFFICIAL AIRLINE PARTNER

I N T H E A T E R S M A R C H 2 5 TH

BATMAN V SUPERMAN: DAWN OF JUSTICE and all related characters and elements © & ™ DC Comics and Warner Bros. Entertainment Inc.
THOUGHT LEADERS RICH KARLGAARD // INNOVATION RULES

FUTURE BILLIONAIRES
THE RULE OF 72 is a handy way to to travel. Trillions of dollars will be made
peg the years it will take for an invest- serving these needs.
ment to double. Take 72 and divide it Urban population will grow from 4 billion
by the compound interest rate. Earn to 6.3 billion by 2050. Trillions of dollars will
8% and you’ll double your money every be made in the housing and transportation
nine years. Close enough, anyway. industries.
In 1944, 72 years ago, the U.S. gross The world’s older population (people over
domestic product was $225 billion (in 65) will grow from today’s 600 million to
current dollars). Today it’s approxi- 1.5 billion or so by 2050. Trillions of dollars
mately $18 trillion. That represents an will be made in a range of new drugs, medi-
annual compound growth rate of 2.9%. cal procedures and health services aimed at
If the U.S. economy had grown just one meeting the needs of seniors.
percentage point more per year, the rule of 72 says the size would be ƀLJTechnology acceleration. In tech cir-
double what it is today. (Actually, a bit more, when you run the num- cles there’s a robust debate about whether
bers: $37.1 trillion.) Moore’s Law, which estimates the rate of
Question: How many more billionaires would the U.S. have in an microchip evolution, is slowing. In a narrow
economy twice as big? How much more investment capital? How sense it is. The distance between circuits on
much more opportunity for entrepreneurs? With a $37 trillion econo- a chip is already down to the width of several
my, spread over 320 million people, there’d be no government debt or atoms. Cram the circuits much closer and
looming Social Security crisis, state and city pensions would be fully electrons will start jumping the circuits and
funded, and the country’s infrastructure would be spectacular. behave unpredictably. But will technology’s
All this would’ve been possible had the political class paid just a exponential progress then stop?
wee bit more attention to economic growth over those 72 years. A pox The futurist Ray Kurzweil thinks not.
on them for not doing so. He points out that the Moore’s Law rate of
progress (where digital technology’s capabili-
AGE OF THE COMMON BILLIONAIRE ties double every 18 to 24 months) predates
But I digress. Let’s move to the world economy. Today its size is ap- the silicon era, which began in 1958 with
proximately $80 trillion. Last year was a so-so year for growth, but Fairchild Semiconductor’s integrated circuit.
still the GWP (gross world product) grew at 3.4%. That rate of growth Kurzweil claims the exponential era began
predicts a $258 trillion global economy by 2050. Think about that: in the 1890s. He says it will continue after
an economy more than three times as large as today’s. Let’s assume silicon semiconductors have run their course
a lower rate of growth, say 3%. That’s still $145 trillion in additional (by the early 2020s), thanks to quantum com-
annual production, which will create many thousands of new billion- puting and other already proven concepts.
aires. The FORBES Billionaires issue in 2050 will be as thick as a big Kurzweil could be wrong, but that’s not
city’s phone book. a wager I’d make. It’s never been smart to
Where should tomorrow’s billionaires seek their fortunes? Be- bet against the rate of technological change.
cause trends are your friends, keep an eye on two megatrends. That’s like betting against human ingenuity.
ƀLJGlobal population. It’s getting bigger, richer, more urban and Tomorrow’s billionaires will be those who
older. Global population today is 7.3 billion. The UN predicts 9.7 bil- use ingenuity and rapidly evolving technol-
lion by 2050. But pay special attention to the subtrends within the ogy to transform traditional industries—
megatrends. Take the growth of the global middle class. Today that agriculture, energy, manufacturing, transpor-
population is around 2 billion. By 2050 this number could, more or tation, construction, finance, health care—to
THOMAS KUHLENBECK FOR FORBES

less, double. When people move from poverty to the middle class, serve Earth’s growing population.
they want and, therefore, buy things. What do they want? Sanitation. Think bigger, richer, more urban and
Air-conditioning. Modern housing. Higher-protein diets. The ability older. Then get there first with the right tech-
nology. You might make a future FORBES
RICH KARLGAARD IS THE PUBLISHER AT FORBES. HIS LATEST BOOK, TEAM GENIUS: THE NEW SCIENCE OF HIGH-
PERFORMING ORGANIZATIONS, CAME OUT IN JULY. FOR HIS PAST COLUMNS AND BLOGS VISIT OUR WEBSITE Billionaires issue. F
AT WWW.FORBES.COM/KARLGAARD.

24 | FORBES MARCH 21, 2016

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 LeaderBoard
THE TOP 20

Meet
The
World’s
Richest
THE RANKS OF the
planet’s 20 wealthi-
est shuffled over the
last year, with only
Bill Gates (No. 1)
and Warren Buffett
(No. 3) holding their
spots. Spain’s Aman-
cio Ortega of fashion
retailer Zara moved
from fourth to second,
swapping places with
Carlos Slim Helu; the
Mexican magnate lost
$27.1 billion last year,
more than anyone else.
Amazon’s Jeff Bezos
and Facebook’s Mark
Zuckerberg, each a
big gainer, joined the
top 10 for the first
time, while Buffett’s
Brazilian partner,
Jorge Paulo Lemann,
and Chinese investor
Wang Jianlin—who
owns AMC Entertain-
ment Holdings and is
buying moviemaker
Legendary Entertain-
ment—made their top
20 debuts. Altogether,
this group is worth
$827 billion, or $73
billion (8%) less than
last year’s group.

26 | FORBES MARCH 21, 2016

 1987 $20

YOSHIAKI 1988 $18.9

$37.9
$41.7
The Man Who Owns the World
TSUTSUMI
1989 $15
$28.7 IN THE 30 YEARS we’ve been compiling our definitive list of the
$16
1990 $29 world’s richest, only five men (yes, they’ve all been men) have claimed
1991 $15
TAIKICHIRO $26.1 the top spot. Seventeen times that man was named Bill Gates. Though
MORI 1992 $13
$22 even he isn’t as rich as he was at the peak of the dot-com bubble, when
1993 $9
YOSHIAKI $14.8 his inflation-adjusted net worth hit a staggering $128 billion. In the
TSUTSUMI 1994 $8.5
$13.6 four years prior to that, his nominal net worth soared from $13 billion
1995 $12.9
$20.1 to $90 billion—more than it is even now, nearly two decades later.
1996 $18
$27.2
1997 $36.4
$53.7
1998 $51
$74.1
1999 $90
$128
2000 $60
$82.6
BILL GATES $58.7 NET WORTH ($BILLIONS)
2001
$78.5
2002 $52.8
$70 Q NOMINAL DOLLARS
2003 $40.7
$52.4 Q REAL (2016) DOLLARS
2004 $46.6
$58.5
2005 $46.5
$56.4
2006 $50
$58.8
2007 $56
$64
2008 $62
WARREN BUFFETT $68.2
2009 $40
BILL GATES $44.2
2010 $53.5
$58.1
CARLOS 2011 $74
SLIM $77.9
HELÚ 2012 $71.2
$69

2013 $73
$74.2
2014 $76
$76.1
BILL GATES 2015 $79.2
$79.2
2016 $75

$42.9

$40.6
$39.6 $40.1 $39.4 $39.1
$37.2
$36.1
$35.2
$34.4 $34 $33.6 $33.3
$32.3 $31.9

$29.7 $29.2
$28.7
$27.8
$27.1

$25
$24.2

9. (T)
DAVID
KOCH
(6)
Diversified
U.S. 11. 12.
–$3.3 BIL LILIANE LARRY PAGE
BETTENCOURT (19) 13. 14. 15. 17. 19.
(10) Google SERGEY BERNARD JIM WALTON S. ROBSON JORGE
L’Oréal U.S. BRIN ARNAULT (9) WALTON PAULO
FRANCE
–$4 BIL
+$5.5 BIL (20)
Google
(13)
LVMH
Wal-Mart
U.S.
16. (12)
Wal-Mart
18. LEMANN
(26)
20.
ALICE WANG LI KA-SHING
U.S. FRANCE –$7 BIL U.S. Food &
WALTON JIANLIN (17)
BY CHASE PETERSON-WITHORN

+5.2 BIL –$3.2 BIL –$7.2 BIL beverages

(11) (29) Diversified
BRAZIL
Wal-Mart Real estate HONG KONG
+$2.8 BIL
U.S. CHINA –$6.2 BIL
–$7.1 BIL +$4.5 BIL

MARCH 21, 2016 FORBES | 27

LeaderBoard
NOTABLE NEWCOMER

Curtain Call
Occupying center stage among 2016’s
198 newly minted billionaires: Cameron
Mackintosh, the British producer behind
Phantom and Miss Saigon.
THE 1985 OPENING of Les Misérables in London’s
West End marked the end of one act and the beginning of
another in the life of Cameron Mackintosh. “Only after,”
he says, “did people see you could make more money in
musicals than in movies.”
He went on to produce a slew of musical theater
blockbusters, including The Phantom of the Opera and
Miss Saigon. He owns stakes in Phantom and Cats and
full rights to Les Mis and Miss Saigon, meaning he gets
paid whenever a professional company stages any of
them; he also owns eight West End theaters and 75%
of Music Theatre International, the largest licensor of
Broadway shows to amateur productions. It all adds up
to a $1.2 billion fortune.
“You never know when money is going to come, when
it’s going to go,” says Mackintosh, 69, who started his
career as a $30-a-week stagehand. “I’m more surprised
than anyone.” Success looks almost certain to come from
his next big venture, however: importing Broadway
sensation Hamilton to the West End in 2017.

BY THE NUMBERS 4.9% How They Acquired It

Dollar Days –1.21%
A SURGING greenback EURO
JAPANESE
YEN
396
has wiped billions off –5.0% INHERITED
–5.8%

the fortunes of the CHINESE

& GROWING
RMB GBP
–8.9%
1,186
world’s richest, as
228 INHERITED SELF-MADE
energy-dependent INDIAN
RUPEE BILLIONAIRES
countries like Russia,
Mexico and Brazil
experienced double-
digit drops in the last
–20.2%
year. A slowing Chinese
TOLGA AKMEN/MCT/NEWSCOM

–21.3%
economy and sluggish RUSSIAN
She’s All That

190
RUBLE MEXICAN
BY CHLOE SORVINO

recoveries in Europe PESO

made the Japanese yen

the only major currency –29.2%
to appreciate against
BRAZILIAN female billionaires worldwide—
the U.S. dollar. REAL 10% of the total, down from 197 in 2015.

28 | FORBES MARCH 21, 2016

 Heavy Metal SM

844.LUX.CARD | luxurycard.com

Luxury Card marks are property of Black Card LLC. BLACKCARD is a registered trademark used under license. Luxury Card products are issued by Barclays Bank Delaware.

MasterCard and the MasterCard logo are registered trademarks of MasterCard International Incorporated.
 Canada

LeaderBoard 5

DROP-OFFS JIM KOCH

Gone (For Now)
THE COMMODITIES
rout, equity market mayhem
and global economic
uncertainty have dented
the wealth of many of the
world’s richest. This past
year 221 billionaires got
knocked off our list; not
since 2009—when the credit
crisis exiled 355 from the
three-comma club—have so
many fallen in one year.
China lost the most—42—
followed by the U.S., which
had 25 new ex-billionaires.
Brazil lost 23 billionaires,
while 19 Russians and
15 from India got the
boot—giving a whole new
meaning to the term “BRIC
economy.”
2015 net worth: $1.3 bil United States
Current net worth: $840 mil 25
And now, the hangover: As beer’s
booze-market share declines, the father NUMBER OF DROP-OFFS
of the American craft-suds movement— Mexico BY COUNTRY
his Boston Beer makes Samuel Adams— 1
sees his wealth decline by 39%. St. Kitts and Nevis
1
Guatemala
1
RUBENS OMETTO
SILVEIRA MELLO MARC, OLIVER
2015 net worth: $1.4 bil & ALEXANDER
Current net worth: $750 mil SAMWER
The world’s first ethanol 2015 net worth:
billionaire, a Brazilian, runs $1.7 bil each Peru
3
publicly traded Cosan, a Current net worth:
conglomerate based in São $870 mil each
Brazil
Paulo. The oil glut has been The German 23
brothers (Oliver
bad for both alternative
fuels and fuel additives; Samwer, below)
shares in Cosan are down behind Rocket Chile
1
62% from a year ago. Internet, infamous
KIRAN MAZUMDAR-SHAW for cloning the
2015 net worth: $1 bil ideas of prominent
Current net worth: $930 mil tech firms
Previously India’s only self-made (Zappos, Blue
female billionaire, she founded Biocon Apron and others),
Ltd., the country’s largest publicly have seen their
traded biopharma company. Its stock company’s stock
has tumbled nearly a fifth since drop by more
January, a market-turbulence casualty than half since its
despite good third-quarter earnings. October 2014 IPO.

NUMBER OF DROP-OFFS FASHION

BY INDUSTRY & RETAIL MANUFACTURING DIVERSIFIED FOOD & BEVERAGE TECHNOLOGY
29 25 24 20 20

SOLOMON LEW ANTONIO LUIZ LORETTA ROBINSON WANG WEI LIU DIANBO YU AWU & FAMILY ALEXANDER SAMWER ALOKE LOHIA
AUSTRALIA SEABRA & FAMILY CHINA CHINA CHINA GERMANY INDIA
BRAZIL CANADA
LEN AINSWORTH CHE FENGSHENG ZHOU MINGJIE CHEUNG YAN MARC SAMWER SHISHIR BAJAJ
AUSTRALIA MICHAEL KLEIN CLAYTON RIDDELL CHINA & FAMILY CHINA GERMANY INDIA
BRAZIL CANADA CHINA
KERRY STOKES ZHANG HONGWEI LV DALONG OLIVER SAMWER G.V. PRASAD
AUSTRALIA JOSE ISAAC PERES K. RAI SAHI CHINA ZHU JIMAN CHINA GERMANY INDIA
& FAMILY CANADA CHINA
ANA LUCIA DE BRAZIL LIU XUEJING & YOU XIAOPING ANDREAS POHL SATISH REDDY
MATTOS BARRETTO FRANK HASENFRATZ FAMILY GUO WENGUI & FAMILY GERMANY INDIA
VILLELA LIA MARIA AGUIAR CANADA CHINA CHINA CHINA
BRAZIL BRAZIL REINFRIED POHL JR. V.G. SIDDHARTHA
J. MICHAEL PEARSON YANG ZHIMAO LIANG ZHAOXIAN ONSI SAWIRIS GERMANY INDIA
JOAO ALVES DE ITAMAR LOCKS CANADA & FAMILY CHINA EGYPT
QUEIROZ FILHO & FAMILY CHINA ARISTOTELIS SANJAY SINGAL
BRAZIL BRAZIL PATRICIA ANGELINI LIU MING HUI SAMIH SAWIRIS MISTAKIDIS INDIA
ROSSI LI YIHAI CHINA EGYPT GREECE
JAYME GARFINKEL BLAIRO MAGGI CHILE CHINA AMIT BURMAN
BRAZIL BRAZIL LOU ZHONGFU PIERRE CASTEL MARIO LOPEZ INDIA
WANG YONG SUN SHANGCHUAN & FAMILY & FAMILY ESTRADA
DULCE PUGLIESE DE LUCIA MAGGI & FAMILY & FAMILY CHINA FRANCE GUATEMALA KIRAN MAZUMDAR-
GODOY BUENO BRAZIL CHINA CHINA SHAW
BRAZIL OU ZONGHONG ELISABETH BADINTER CHEN JINSONG INDIA
MAURIZIO BILLI WANG HAIPENG SUN WEIJIE CHINA & FAMILY & FAMILY
LINA MARIA AGUIAR BRAZIL CHINA CHINA FRANCE HONG KONG SUBHASH RUNWAL
BRAZIL TU JIANHUA INDIA
EDIR MACEDO SUN DELIANG ZHU YICAI CHINA MARIE-JEANNE GORDON WU
SERGIO LINS & FAMILY & FAMILY CHINA MEYER HONG KONG BHADRESH SHAH
ANDRADE & FAMILY BRAZIL CHINA WANG YONGPING FRANCE INDIA
BRAZIL HUANG WEN TSAI CHINA RAJAN RAHEJA
MARLI PISSOLLO SHEN YA CHINA MONIQUE ROOSMALE & FAMILY PURNOMO PRAWIRO
ANA MARIA BRAZIL CHINA CHU JINFU NEPVEU INDIA INDONESIA
MARCONDES PENIDO HONG XIAOBO CHINA FRANCE
MARIA DE LOURDES QIU JIANPING CHINA MALVINDER & HARJO SUTANTO
SANT’ANNA DAI DEMING INDONESIA
BRAZIL EGYDIO VILLELA & FAMILY JEAN-CHARLES SHIVINDER SINGH
BRAZIL CHINA WANG XICHENG CHINA NAOURI INDIA
& FAMILY HARY
RUBENS OMETTO WANG ZHONGJUN FRANCE TANOESOEDIBJO
SILVEIRA MELLO DAISY IGEL XIAO FEN & FAMILY CHINA VENUGOPAL DHOOT
BRAZIL CHINA CHINA JEANINE DICK INDIA INDONESIA
BRAZIL YANG YUANQING
WANG QINGHUI FRANCE EDWIN SOERYADJAYA
NEVALDO ROCHA LIU MING CHUNG CHEN TIANQIAO CHINA ANU AGA
BRAZIL CHINA CHINA JACQUES MERCERON- INDIA INDONESIA
& FAMILY JIANG NING
BRAZIL XIA SHUDONG VICAT & FAMILY BENNY SUBIANTO
HUGO RIBEIRO WEI QI & FAMILY CHINA FRANCE VIKAS OBEROI
& FAMILY CHINA CHINA INDIA INDONESIA
BRAZIL LI YONGJUN
CHINA

30 | FORBES MARCH 21, 2016

 Russia
19
Who Stayed, Who’s New, Who’s Out
Sweden
1
THE MEMBERSHIP ROLLS of the world’s billionaire club are constantly
Norway in flux, as a review of the last decade shows: Gate crashers enjoy their
1
newfound access, while those who’ve had some hard luck (by billionaire
United standards, anyway) find themselves on the outside looking in.
Kingdom Lithuania
10 S. Korea
1 5
Germany Poland NEW TOTAL ON LIST
5 2
Switzerland China 2005

W
Austria Romania DROP-OFFS
France 2 42
7 1 1
Italy Taiwan 2006
Spain 1 Turkey 6
2 6 Hong Kong
Greece 2 2007
1 Israel Kuwait
Morocco 1
1 4 India Thailand
15 3
Egypt Saudi Arabia 2008
2 4 Malaysia
Oman 3
1 Singapore 2009
2 Indonesia
5
2010
Australia
Uganda 3
1 2011
Tanzania
1 2012

2013
TORY BURCH
2015 net worth: $1 bil 2014
South Africa Current net worth: $800 mil
1 Luxury-fashion sales
J. MICHAEL PEARSON 2015
are slowing due to slack
2015 net worth: $1 bil
Current net worth: $480 mil demand in China, Russia
2016
Federal investigations, restated and elsewhere. That has
earnings and bad p.r. over drug dinged the fortune of
Burch—founder of the 0 500 1,000 1,500 2,000
price hikes have blasted the market
cap of pharmaceutical firm Valeant; eponymous preppy-chic
CEO Pearson, ailing as well, recently label—in tandem.
returned from a lengthy medical leave. LOGISTICS
1
CASINOS
1
FINANCE HEALTH CARE REAL ESTATE ENERGY MEDIA CONSTRUCTION MINING AUTO
18 17 17 15 9 7 5 3

TELECOMM SERVICE
6 4
SHLOMO ELIAHU MOHAMMED YURI GUSHCHIN ABDUL MAJEED BEDA DIETHELM MUBARIZ MICHAEL LYNCH DONALD HALL
ISRAEL AL BARWANI RUSSIA ALHOKAIR SWITZERLAND GURBANOGLU UNITED KINGDOM UNITED STATES
OMAN SAUDI ARABIA TURKEY
BRUNELLO CUCINELLI ROUSTAM TARIKO JEAN CLAUDE DAVID MCMURTRY JIM KOCH
& FAMILY ROSA BRESCIA RUSSIA FAWAZ ALHOKAIR GANDUR MEHMET EMIN UNITED KINGDOM UNITED STATES
ITALY CAFFERATA SAUDI ARABIA SWITZERLAND KARAMEHMET
PERU MIKHAIL BALAKIN TURKEY EDWARD STACK ALAN AUERBACH
FAWZI AL-KHARAFI RUSSIA SALMAN ALHOKAIR TONY CHEN UNITED STATES UNITED STATES
KUWAIT VITO RODRIGUEZ SAUDI ARABIA TAIWAN SERRA SABANCI
RODRIGUEZ DMITRY MAZEPIN TURKEY NICHOLAS RICHARD CHILTON JR.
MOHANNAD PERU RUSSIA RON SIM TSAI MING-KAI WOODMAN UNITED STATES
AL-KHARAFI SINGAPORE TAIWAN SUZAN SABANCI UNITED STATES
KUWAIT JORGE RODRIGUEZ NIKOLAI TSVETKOV DINCER ROBERT STILLER
RODRIGUEZ RUSSIA CHUA THIAN POH DOUGLAS HSU TURKEY ANNE COX UNITED STATES
BASSAM ALGHANIM PERU SINGAPORE & FAMILY CHAMBERS
KUWAIT VLADIMIR GRUZDEV TAIWAN SUDHIR RUPARELIA UNITED STATES CLIFFORD ILLIG
LESZEK CZARNECKI RUSSIA STEPHEN SAAD UGANDA UNITED STATES
KUTAYBA ALGHANIM POLAND SOUTH AFRICA RICHARD CHANG CHARLES BUTT
KUWAIT AIRAT SHAIMIEV TAIWAN MARY & DOUGLAS & FAMILY BARBARA CARLSON
DARIUSZ MILEK RUSSIA KOO BON-NEUNG PERKINS UNITED STATES GAGE
NERIJUS NUMAVICIUS POLAND SOUTH KOREA CHIN JONG HWA UNITED KINGDOM UNITED STATES
LITHUANIA ALEXANDER TAIWAN HERBERT LOUIS
IOAN NICULAE LUTSENKO & FAMILY CHO YANG-RAI DAVID SAINSBURY UNITED STATES JON HUNTSMAN
DANNY TAN CHEE ROMANIA RUSSIA SOUTH KOREA THOMAS WU UNITED KINGDOM UNITED STATES
SING TAIWAN JOSEPHINE LOUIS
MALAYSIA LEONID SIMANOVSKY ZIYAD MANASIR CHUNG MONG-JOON BILL ADDERLEY & FAMILY MARILYN CARLSON
RUSSIA RUSSIA SOUTH KOREA ROSTAM AZIZI & FAMILY UNITED STATES NELSON
VINCENT TAN TANZANIA UNITED KINGDOM UNITED STATES
MALAYSIA SERGEI KATSIEV RADIK SHAIMIEV CHUNG YONG-JIN GARY BURRELL
RUSSIA RUSSIA SOUTH KOREA SURANG PREMPREE CHARLES CADOGAN UNITED STATES TORY BURCH
GOH PENG OOI THAILAND & FAMILY UNITED STATES
MALAYSIA KONSTANTIN RUSTEM SULTEEV CHEY KI-WON TOR PETERSON
RUSSIA SOUTH KOREA SOMPHOTE AHUNAI UNITED KINGDOM RAY IRANI
GRIGORISHIN UNITED STATES
RUFINO VIGIL RUSSIA THAILAND RICHARD ELMAN UNITED STATES
GONZALEZ ALBERT DANIEL MATE ALFRED MANN1
SHIGABOUTDINOV SPAIN KIAT CHIARAVANONT UNITED KINGDOM RYAN KAVANAUGH
MEXICO ALEXEI BOGACHEV UNITED STATES
RUSSIA RUSSIA THAILAND ALEX BEARD UNITED STATES
MILOUD CHAABI ALBERTO CORTINA JOYCE RALEY TEEL
ZELIMKHAN SPAIN AYDIN DOGAN UNITED KINGDOM JONATHAN ORINGER
& FAMILY NIKOLAI MAXIMOV UNITED STATES
BY CHLOE SORVINO

MOROCCO & FAMILY MUTSOEV TURKEY BENEDICTA UNITED STATES

RUSSIA JACKY XU ANEEL BHUSRI
RUSSIA ST. KITTS AND NEVIS AHSEN OZOKUR CHAMBERLAIN STEVEN ROTH
TROND MOHN UNITED KINGDOM UNITED STATES
NORWAY NIKOLAI BUINOV SULAIMAN AL RAJHI TURKEY UNITED STATES
& FAMILY INGVAR KAMPRAD 1
DIED FEB. 25.
RUSSIA & FAMILY CHRIS DAWSON
SAUDI ARABIA UNITED KINGDOM
SWEDEN
MOACYR LOPES JUNIOR/FOLHAPRESS; GENE BLEVINS/POLARIS/NEWSCOM; HEMANT MISHRA/MINT VIA GETTY IMAGES; JENS KALAENE/EPA/NEWSCOM; SCOTT EELLS/BLOOMBERG; D DIPASUPIL/FILMMAGIC

MARCH 21, 2016 FORBES | 31

LeaderBoard
NAME | Age
RICHEST UNDER 40 Net worth Company
Unicorn:
EVAN SPIEGEL | 25 MIKE CANNON-
$2.1 bil Snapchat BROOKES | 36
Young BOBBY MURPHY | 27
$1.4 bil Business
software

Guns $1.8 bil Snapchat SCOTT FARQUHAR | 36

$1.4 bil Business
DUSTIN MOSKOVITZ | 31 software
A RECORD 36 of the $8.9 bil ORION HINDAWI | 36
world’s billionaires Facebook $1 bil Software
MARK ZUCKERBERG | 31
are self-made and $44.6 bil ADAM NEUMANN | 36
under age 40. Their Facebook $1.5 bil WeWork
combined net worth: NATHAN
BLECHARCZYK |32 SEAN PARKER | 36
$125.5 billion. Half $3.3 bil Airbnb $2.4 bil
Facebook
come from tech RYAN GRAVES | 32 MARKUS PERSSON | 36
“unicorns”—privately $1.5 bil Uber $1.3 bil
Minecraft
held firms valued at ELIZABETH HOLMES | 32 CAI XIAORU | 36
$1 billion or more. $3.6 bil Theranos $1.2 bil
Electronic components
DREW HOUSTON | 32 ZHANG BANGXIN | 36
$1 bil Dropbox $1.3 bil
After School Tutoring
WANG YUE | 32
GARRETT CAMP | 37
ADAM NEUMANN $1.1 bil
$6.2 bil Uber
Online games
($1.5 BILLION)
BINNY BANSAL | 33
Where did Neumann’s $1.2 bil Flipkart
ROBERT PERA | 37
$2 bil
interest in communal Wireless networking
office space take root? EDUARDO SAVERIN | 33 gear
Perhaps in the Israeli $6.2 bil
NARUATSU BABA | 38
Facebook
kibbutz on which he $1.2 bil
KIRILL SHAMALOV | 33 Smartphone games
was raised. WeWork, $1.2 bil Petrochemicals
JACK DORSEY | 39
which Neumann, 36, EVAN SHARP | 33 $1 bil
founded in 2010 in $1 bil Pinterest Twitter
New York with Miguel TRAVIS KALANICK | 39
BEN SILBERMANN | 33 $6.2 bil Uber
McKelvey, now has $1.6 bil Pinterest
40,000 members in YOSHIKAZU TANAKA | 39
16 cities using its co- CHENG WEI | 33 $1 bil
$1 bil Online social network
working spaces; the Ride-hailing service
company is valued at LI WEIWEI | 39
$1.3 bil
$10 billion. SACHIN BANSAL | 34 Online games
$1.2 bil Flipkart
WU GANG | 39
$1.3 bil
BRIAN CHESKY | 34
Money management
$3.3 bil Airbnb
FRANK WANG ($3.6 BILLION) JACK DORSEY ($1 BILLION) ZHOU YAHUI | 39
JOE GEBBIA | 34 $2.3 bil
Wang, 35, is the world’s first drone billionaire Facing the public markets Online games
$3.3 bil Airbnb
after founding SZ Dajiang Innovation Technology, can be tough—doubly so
known as DJI, in his Hong Kong college dorm; it’s when you’re running two FRANK WANG | 35
worth $8 billion now and controls an estimated companies. And both of $3.6 bil DJI
70% of the burgeoning market. Dorsey’s companies—Twitter
and digital-payment company
EVAN SPIEGEL ($2.1 BILLION) Square—have lately watched ORION HINDAWI ($1 BILLION)
JAMEL TOPPIN FOR FORBES

The 25-year-old Snapchat cofounder is the their shares sink. Twitter’s Tanium, the cybersecurity firm Hindawi
youngest self-made billionaire. His messaging user growth has stalled, while founded with his fellow billionaire father in
BY KATE VINTON

app—whose quick-to-vanish posts drew a joking Square can’t seem to convince 2007, provides real-time threat detection
endorsement from Hillary Clinton—was funded at the market that it deserves for companies like Amazon and Visa.
a $16 billion valuation last May. (Cofounder Bobby the same valuation private Orion, 36, is now CEO as Tanium mulls
Murphy, 27, is worth $1.8 billion.) investors once gave it. an IPO.

32 | FORBES MARCH 21, 2016

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LeaderBoard
REAL ESTATE
Donald Trumps the White House
It’s beyond debate: His luxurious new D.C. hotel will be yuuuge.
WIN OR LOSE the 2016 election, Donald Trump is guaranteed to have some
prime real estate in Washington, D.C. next year—on Pennsylvania Avenue, no less.
In September the people’s billionaire will open the Trump International Hotel
(two years ahead of schedule) in the historic Old Post Office building just a few
blocks from the White House.
Not only will it have a Presidential Ballroom (at 13,200 square feet, it’ll be the
largest luxury ballroom in the nation’s capital) but the 263-room hotel will also
offer three presidential suites, the largest of which measures 6,300 square feet—
roughly eight times the size of the Oval Office.

KEN HOWARD/ALAMY (TOP); DAVID GEFFEN: BRUCE GLIKAS/FILMMAGIC/GETTY IMAGES; ERIC SCHMIDT: NICHOLAS KAMM/AFP/GETTY IMAGES; JAMES PACKER: SCOTT BARBOUR/GETTY IMAGES; LEN BLAVATNIK: RICK MAIMAN/
BIZ QUIZ

The Ship List

BLOOMBERG; LAURENE POWELL JOBS: NEILSON BARNARD/GETTY IMAGES FOR THE NEW YORK TIMES; ROMAN ABRAMOVICH: JASON ALDEN/BLOOMBERG; RISING SUN: ARMANDO PIETRANGELI/REX/NEWSCOM;
Can you match the billionaire with his or her superyacht?
DOES THE SIZE of a billionaire’s yacht correspond to a big bank account? Do the extravagant extras offer insight
into its skipper? These six superyachts—which range from a cozy 194 feet to a cushy 533 feet—belong to individuals
with a combined wealth of $61 billion. In other words, their ships have come in.

VENUS: SPLASHNEWS/NEWSCOM; ARCTIC P: CHRIS CAMERON/ALAMY; ECLIPSE: THIBAULT MONNIER/PACIFICCOASTNEWS/NEWSCOM; OASIS: IMAGEBROKER/ALAMY
a. David Geffen b. Eric Schmidt c. James Packer d. Len Blavatnik e. Laurene Powell Jobs f. Roman Abramovich
$6.6 bil $10.4 bil $3.6 bil $15.5 bil $17.3 bil $7.6 bil

1. Odessa II (length: 242 feet) 2. Rising Sun (length: 452 feet) 3. Venus (length: 256 feet)
Overboard amenities: outdoor cinema Overboard amenities: wine cellar and Overboard amenities: designed by Philippe Starck;
and beach club/spa regulation-size basketball court includes a discreet Jacuzzi
REAL ESTATE AND BIZ QUIZ BY MICHAEL SOLOMON

4. Arctic P (length: 287 feet)
Overboard amenities: a retractable pool,
Jacuzzi and dining-room table
34 | FORBES MARCH 21, 2016
5. Eclipse (length: 533 feet) 6. Oasis (length: 194 feet)
Overboard amenities: two helipads and Overboard amenities: a pool and gym
a missile-defense system that convert to a disco
1d; 2a; 3e; 4c; 5f; 6b
ANSWERS:
LeaderBoard
FORBES @ 100
Billionaires’ First Bow: Oct. 5, 1987 “National
boundaries
FORBES PUBLISHED ITS first ranking of the world’s billionaires with a 50-page still satisfy
special report: “A billion dollars seemed a good place to draw a line between wealth
and great wealth. How someone managed to make or hold a billion dollars is likely
politicians,
to tell you something about how the world works.” The issue highlighted names but they no
both well-known (Kerry Packer) and less so (German mail-order queen Grete longer restrain
Schickedanz) while excluding royalty (Saudi Arabia’s King Fahd) and dictators business-
(North Korea’s Kim Il-Sung). people.”
Only 24 countries were
home to billionaires; 67 are
today. China and Russia
had none; India just one.
One thing has remained
constant: America has
always had the most ten-
figure fortunes. In 1987
the U.S. had 49; Japan
FAST-FORWARD
ranked second with 24, Ka-ching!
followed by West Germa- 1987: Hong Kong’s Li Ka-shing
ny (13), the United King- (above) had turned a modest
fortune in plastics into
dom (7), and Hong Kong $1.2 billion thanks to some
and Canada (6 each). well-timed investments in
Hong Kong real estate.
2016: Li is now Asia’s
second-richest man,
worth $27.1 billion
following decades
of expansion and
dealmaking, including
recent investments in
European telecom.

FACE FROM THE PAST

When Crime Does Pay
Pablo Escobar: drug lord and
billionaire. “A husky, 5-foot-
6-inch man normally given to
rugby shirts, chino pants and
sneakers, Escobar is a prime
example of a Colombian paisa—
an aggressive, unsentimental
hustler.” Using that hustle,
Escobar reached the top of
Colombia’s Medellín Cartel
by “shrewdly reinvesting his
initial earnings and becoming a
master of public relations.” He
spent a year incarcerated in a
luxurious prison he reportedly
CHINAFOTOPRESS/GETTY IMAGES; KYODO NEWS/NEWSCOM; GETTY IMAGES
SIGN OF THE TIMES
Japan’s Heyday
In the ’80s Japan
soared, propelled by
the manufacturing and
technology dominance
“[Escobar] built a reputation as a Robin of companies such as
Sony. In 1987 railroad
Hood, erecting housing for the poor and and real estate titan
opening a zoo to the public. A member Yoshiaki Tsutsumi
(left) was the world’s
of the DEA groused that the importing richest person. Despite
BY ABRAM BROWN

designed himself; after escaping,
he was killed in a shoot-out
with Colombian security forces
(assisted by the U.S.) in 1993.
36 | FORBES MARCH 21, 2016
of exotic animals for the zoo seemed Japan’s economic
doldrums ever since,
to have brought more trouble from the Tsutsumi remained a
government than his drug business.” billionaire until 2007,
when his scandal-
weakened empire
began to crumble.
LeaderBoard
FIRST WORLD PROBLEMS Kirk Kerkorian JASSIM AL-KHARAFI
75
KUWAIT, $1.25 BIL
Too Few College KAREN JOHNSON
BOYD, 91
Classes for Billionaires U.S., $2.5 BIL
SIDHARTH BURMAN,
70
Someone has to take INDIA, $1 BIL

a stand: The 0.00001% CHANG YUNG-FA, 88

TAIWAN, $1.8 BIL
deserve higher ALFRED JAMES
education tailored to CLARK, 87
U.S., $1.4 BIL
their interests, too. CLAUDE DAUPHIN,
64
FRANCE, $1.4 BIL
IN JULY 2014 legendary investor Tim Draper (above) HUBERT D’ORNANO,
and a friend started “VCx” at “Draper University”—an 89
FRANCE, $1.1 BIL
$18,000 invitation-only minicourse that teaches the
fabulously rich the rudiments of deal flow. It’s “an MARIA LUISA SOLARI
FALABELLA, 73
opportunity for billionaires who want to get into venture CHILE, $2.4 BIL
capital to learn from some of the best,” Draper says. SUSAN HIRT HAGEN,
What about the other Great Courses for ten-figure 79
U.S., $2.1 BIL
teachers’ pets? We’ve got their semester covered.
IN MEMORIAM INGEBURG HERZ, 95
GERMANY, $2.4 BIL
MACROECONOMICS MICHAEL JAHARIS,
Professor George Soros
Nearly 25 years later, Prof. Soros is still
Farewell 87
U.S., $2.2 BIL
dining out (literally) on the £1 billion MUSTAFA VEHBI
he made in a month after shorting the KIRK KERKORIAN, 98 KOÇ, 55
(U.S., $4.2 BILLION) TURKEY, $1.05 BIL
pound sterling. Annoyed with some dim-
witted central bank? Learn how to show The irrepressible businessman’s life story read, JAN KULCZYK, 65
POLAND, $4 BIL
Poindexter and friends who’s really boss. fittingly, as if ripped straight from an implausible
Hollywood script: middle-school dropout, pilot MARIA INES DE
POLITICAL SCIENCE LAFUENTE LACROZE,
Professor Michael Bloomberg trainer during World War II, major Las Vegas 71
Think you’d make a great Oval Office developer, pioneering activist investor and owner ARGENTINA, $1.3 BIL

denizen, even if the benighted huddled of MGM Studios. CHRISTOS LAZARI,

masses have no idea how lucky they’d be 69
to have you? Prof. Bloomberg will outline
FRED DELUCA, 67 U.K., $2.1 BIL
(U.S., $2.5 BILLION) LIN RONG SAN, 76
proven strategies for showing just enough
ankle to keep the rubes tantalized. (No In 1965, to help pay for college, DeLuca cofounded TAIWAN, $4.2 BIL

fatties or gun nuts, please.) Subway, a sandwich shop that ultimately grew BRIJMOHAN LALL
MUNJAL, 92
into the world’s largest restaurant chain. From its INDIA, $3.8 BIL
TRADE POLICY humble roots in Bridgeport, Conn., Subway now
Professor Mikhail Prokhorov ROBERT PICCININI,
Buy side? Sell side? How about losing assembles footlongs in 44,000 restaurants as far 73
U.S., $1 BIL
side! Do-gooders who love helping afield as Afghanistan and Zambia.
JOHANNA QUANDT,
others will thrill to Prof. Prokhorov’s FIRST WORLD PROBLEMS BY BRIAN DAWSON; IN MEMORIAM BY ABRAM BROWN
HORST BRANDSTAETTER, 81 89
tales of turning the Brooklyn Nets (GERMANY, $1.1 BILLION) GERMANY, $13.9 BIL
CHRIS WEEKS/FILMMAGIC/GETTY IMAGES; ILLUSTRATIONS BY JOHN UELAND

into an NBA laughingstock through

confounding player swaps and draft-
Creator of Lego’s chief rival, Playmobil. Brand- RICHARD
staetter joined the family business in 1952 and RAINWATER, 71
pick duncery. Nothing engenders a U.S., $2.8 BIL
warm glow, after all, like others taking guided it in a much more whimsical direction than RONALD SOUTHERN,
constant advantage of you. his forebears, who started the Brandstaetter Group 85
CANADA, $1.55 BIL
in 1876 as a maker of ornamental casket fittings.
PHYSICAL EDUCATION MAX MICHEL
Professor Steve Ballmer JOE JAMAIL, 90 SUBERVILLE, 83
Who among us hasn’t been inspired (U.S., $1.7 BILLION) MEXICO, $1.45 BIL
by the sight of Prof. Ballmer onstage Bombastic, colorful Texas lawyer whose court- ALFRED TAUBMAN,
at a Microsoft event, carrying on like room theatrics—including his victorious 1987 91
U.S., $3.1 BIL
the late Sam Kinison? He’ll share all representation of Pennzoil against Texaco, which
his top fitness moves, including the KLAUS TSCHIRA, 74
Pit-Sweat Shimmy and the Incipient
alone garnered Jamail more than $300 million in GERMANY, $8.6 BIL

Aneurysm. Bring Handi Wipes. fees—earned him the moniker “King of Torts.” KARL WLASCHEK, 97
AUSTRIA, $4.2 BIL
NET WORTH AS OF MARCH 2015

38 | FORBES MARCH 21, 2016

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40 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

THE
PRESIDENT
OF COFFEE
NATION
STARBUCKS CEO HOWARD SCHULTZ DOESN’T WANT TO RUN
FOR THE WHITE HOUSE. BUT, BUOYED BY HIS COMPANY’S
SURGING PERFORMANCE, THE BILLIONAIRE WANTS TO USE HIS
CAFFEINATED PERCH TO CHANGE AMERICAN DISCOURSE.
BY GEORGE ANDERS

WHAT DOES STARBUCKS CEO Howard Schultz keep in

his pockets? Two keys stand out. One unlocks the most
lavish Starbucks store in the world: the 15,000-square-
foot Roastery. Situated in Seattle’s Capitol Hill neighbor-
hood, it combines an upscale cafe with whirring conveyor
belts that ferry packages of freshly roasted coffee before
admiring customers. Let Nike have Niketown; Schultz has
created a Willy Wonka-style celebration of coffee.
The other key reveals something deeper. It opens the
shabby little store on the Seattle waterfront where Star-
bucks got its start. It’s always 1971 there, with the same
rough-hewn bins and counters that defined the brand in
the days of the Vietnam War. Nobody has ever modern-
ized the place. “I go there at 4:15 a.m. sometimes, just by
myself,” the 62-year-old Schultz tells me. “It’s the right
place whenever I need centering.”
Centering? The last we checked, the willingness of
billionaire CEOs to recenter themselves was hovering
around zero. But that’s Schultz: always the underdog, al-
ways blending the personal with the profitable. Since
taking charge of Starbucks in the 1980s, he has turned
a regional coffee company into one of the world’s top
brands. Sales topped $19 billion in 2015, thanks to Star-
bucks’ ability to provide food and coffee along with a
feel-good environment where friends meet, students do
Howard Schultz
roosting at
their homework and romances come of age. By deliver-
the Roastery, ing what he calls “performance through the lens of hu-
Starbucks’ tricked-
out concept-store-
manity,” Schultz has amassed a fortune of nearly $3 bil-
cum-roasting plant lion. Yet in any sustained conversation, he keeps going
in Seattle. Trust us:
You’ll want one of
back to when he was a nobody.
these in your city. “I’m still this kid from Brooklyn who wanted to fight
JAMEL TOPPIN FOR FORBES

MARCH 21, 2016 FORBES | 41

THE WORLD’S BILLIONAIRES
HOWARD SCHULTZ
his way out,” Schultz says. He grew up in the 1960s in
subsidized housing, steeped in the anxieties of a father
who suffered workplace injuries and couldn’t hold a job.
“I didn’t go to an Ivy League school,” Schultz reminds me.
“I didn’t go to business school.” Instead of resenting those
42 | FORBES MARCH 21, 2016
The shabby little early deprivations, he treasures them.
store on the Seattle
waterfront where Schultz has discovered that America—
Starbucks began. and, in fact, the whole world—loves an
Schultz has the key
and sometimes up-from-hardship story. His candor
visits by himself about his beginnings in the gritty Ca-
at 4 a.m., just to
“center” himself. narsie section helps him strike a rap-
port with everyone from other chief ex-
ecutives to young black and Latino adults trying to find
their first jobs. “Even though I don’t have the same color
of skin,” Schultz explains, “I was one of those kids. I could
have today been one of those kids.”
It’s a classic American story, one that forced Schultz
to bat down rumors last year that he was going to run for
President. On paper, this self-made tycoon compares fa-
vorably to a certain bombastic billionaire springboard-
ed with Daddy’s money. But Schultz wasn’t at all interest-
ed in the campaign, in part because, while the 2016 presi-
dential contenders debase themselves during this circus-
like primary, Schultz already has a caffeinated bully pulpit
from which to steer discourse—and Starbucks’ stunning
financial performance affords him pretty much unbridled
authority to use it.
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THE WORLD’S BILLIONAIRES
HOWARD SCHULTZ
More than anything, Schultz wants to become Amer-
ica’s conciliator-in-chief. He’s troubled by the angry
tone in politics and everyday discourse, which makes
him think that, as a country, we’ve “lost our conscience.”
Searching for inspiration, he’s traveled everywhere from
veterans’ hospitals to an Indian ashram in the past year,
asking people to share their stories and their beliefs.
Now he wants Starbucks to be the place where people
can get excited about voting again, where people can
courteously discuss tough issues such as gun rights and
race relations—and where “we can elevate citizenship
and humanity.”
It all sounds lovely, but last March Schultz’s crusade
blew up in his face. Everything started smoothly when
the Starbucks boss began asking employees in late 2014
about America’s race relations. He was jolted by the up-
heaval in Ferguson, Mo., after a white policeman was
exonerated in the fatal shooting of an unarmed black
teen. His employees were, too. Their private conversa-
tions were raw, heartfelt and cathartic. Baristas and store
managers burst into tears, talking about ugly moments
they had seen. People hugged. Everyone wished that
America could overcome its past. Schultz was so moved
“YOU KNOW WHAT? YOU’VE
BEEN HERE 16 YEARS. YOU
DESERVE A VACATION. WE’RE
GOING TO GET YOU ONE.”
that he decided to relaunch these conversations in 7,000
Starbucks stores. Baristas were encouraged to write
“Race Together” on millions of patrons’ coffee cups.
Then, somehow, good things would result.
What unfolded was a national embarrassment. Hectic
morning-coffee lines, full of strangers, proved far chill-
ier than a staff meeting with time for hugs. Baristas felt
hurled into an edgy new role without any training. Pa-
trons found the gesture bewildering. After this awkward
start many baristas put their pens in hiding. Starbucks
ended the initiative after a week. (The company says that
was always the plan.)
Undeterred, the Seattle coffee king’s ambitions remain
as big as ever, with Schultz targeting death-penalty injus-
tices, chronic unemployment, veterans’ needs and the col-
lege aspirations of his baristas. Watching Schultz’s cru-
sades in the wake of the race debacle is akin to seeing a
sword-swallower at a carnival. Each project generates its
own rush of excitement. Each is tinged by a thrilling, terri-
fying sense that it could all go horribly wrong in an instant.
A few weeks ago Schultz and I ended up at the Brook-
lyn Academy of Music, in an empty theater, sipping Star-
44 | FORBES MARCH 21, 2016
bucks’ Aged Sumatra from paper cups. Schultz was col-
lecting his thoughts, minutes before going onstage to fire
up 300 of his employees about his favorite topic: what’s
wrong in society and how his company could be a force
for good. “We’ve got this big idea,” he told me, in a voice
that mixed eagerness and hesitation. “It’s like a piece of
clay, but it’s not yet shaped. I’m going to ask people for
their help.”
BOUNDING ONTO THE BROOKLYN stage, Schultz began
by ticking off issues that concerned him: death bene-
fits for soldiers killed in Iraq or Afghanistan; gun safety;
and the 2016 presidential election. “We’re not just here
to raise the stock price,” he declared. “What can we do to
use our strength for social good?”
Over the next 90 minutes 34 store managers and
baristas took the microphone to share their ideas and
concerns. As with most voters, they were less interest-
ed in policy theories—save a few that talked about their
own volunteer work in local schools—and much more
into the gritty realities of their daily lives. We get a lot of
homeless people in our stores.… Can we get more security?
… Can we get more training for the baristas? … Could there
be a child-care option?
If Schultz was disappointed, he didn’t let on. “That’s
a great idea,” he told several questioners. “We’re work-
ing on it,” he reassured others. When one part-time em-
ployee wanted to know why he wasn’t getting much paid
vacation time, Schultz started to lob the question to-
ward a human-relations specialist in the audience—and
then caught himself in midsentence. “You know what?”
Schultz declared. “You’ve been here 16 years. You de-
serve a vacation. We’re going to get you one.” The room
burst into applause. Schultz came over to give the barista
a hug, and someone snapped a picture.
Watching Schultz work a crowd, you can see why he
would have made a natural candidate. But the political
bug has faded. A lifelong Democrat, Schultz says he no
longer thinks government holds the answers to the is-
sues that concern him most. He has little interest in vis-
iting Washington, and hasn’t made a presidential politi-
cal contribution since supporting Barack Obama in 2008.
Board member Mellody Hobson is even clearer: “How-
ard knows himself well enough to realize that a role in
national politics isn’t right for him.”
Yet Schultz can’t surrender his dream of fixing Amer-
ica. At the very least, he can make Starbucks itself a lab-
oratory for developing a better society. In the past year
Starbucks has set up 19 cafes on the edge of military
bases, going out of its way to hire veterans and active-
duty spouses to work there. Another initiative is a part-
nership with other big companies to convene giant job
fairs in cities such as Phoenix, Chicago and Los Ange-
les, inviting out-of-work young adults for job interviews.
 7:05 am
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THE WORLD’S BILLIONAIRES

HOWARD SCHULTZ

A third program, started in 2014, provides baristas and

MISSES INTO HITS other employees a chance to earn an online college de-
gree from Arizona State University—with Starbucks ab-
sorbing all tuition costs.
Mazagran At most companies, any CEO so immersed in social
A bubbly variant of coffee causes would risk a shareholder mutiny. Schultz can’t
with spices (hmmm) that
arrived (and vanished!) in ignore his investors; he owns just under 3% of the
1994. Eventually Starbucks company. But Starbucks is a special case, says Chief
morphed it into
Financial Officer Scott Maw, who joined the coffee
Frappuccino
company in 2011 after many years in the hard-nosed
cultures of General Electric and JPMorgan Chase.
When you’re selling lattes instead of locomotives or
Vivanno loans, Maw observes, a $3.45 grande isn’t just a beverage;
Smoothies for dummies. Fruit and whey it’s a ticket into “a pleasant experience and an ethically
protein, scooped in by the spoonful. It
was a 2008–09 misstep that overlapped sound way of doing things.” Schultz’s crusades have be-
subprime debt, and did about as well. come part of the product, morphing Starbucks into one
Now the company is making a new at-
tempt with proper smoothies from of the biggest social businesses on the planet.
Evolution Fresh “Howard Schultz has always wanted to do something
bigger than selling caffeine,” says Bryant Simon, a his-
tory professor at Temple University who wrote Every-
thing but the Coffee, a 2009 book about Starbucks. Simon
is the gadfly who won’t go away, contending that most
of Schultz’s initiatives are brilliantly positioned mirages.
Take Ethos, the Starbucks-owned house brand of bottled
water. Customers may be excited that five cents of their
purchase goes toward providing people access to clean
water. In truth, when bottled water costs $1.80 a con-
Starbucks Coffee tainer, Starbucks keeps 97% of the purchase price.
Liqueur Even the free-college initiative displeases Simon,
’Nuff said. who regards it as a public relations stunt, meant to con-
vince Starbucks customers that baristas aren’t trapped in
a dead-end job. “We’re supposed to believe that they’re
all working toward a better future, with their employer
covering the tab,” Simon remarks. “I wonder how many
baristas will ever get a degree.”
Schultz wonders, too. The free-college initiative with
ASU started about two years ago—and 5,000 employ-
ees have already enrolled. To date 44 have earned de-
grees. Another 100-plus expect to graduate this spring.
Chicken
Chantico It’s a struggle for baristas to get their old community-
Lettuce Wraps
A drinkable dessert from 2005.
college credits transferred into the ASU system, to settle
Under 500 calories.
Too sweet. A better idea was an “Healthy.” Not appetizing. on a major and to meet all the deadlines for registration,
old classic.
term papers and the like. Since announcing the program,
Hot Chocolate Omega-3
Bistro Box both Starbucks and ASU have stepped up their efforts to
coach these online students through the full college pro-
cess, rather than just handing them a student log-in code
and hoping for the best. The graduation rate will likely
keep climbing, but it could take another three or four
years before the program’s results are clear.
Most executives don’t have that much time. Peri-
odically, Schultz gets calls from younger executives
who want to know how they, too, can advocate for so-
cial causes without running the risk of getting fired.
Marvin Ellison, the CEO of J.C. Penney, has sought him

46 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES

HOWARD SCHULTZ

WELL-INTENTIONED WHIFFS
QUIXOTIC. IMPRACTICAL. AHEAD OF ITS TIME. THE LABELS ARE ENDLESS, BUT THE VERDICT IS THE SAME: EVEN BILLIONAIRES
SOMETIMES EMBRACE DO-GOODER CAUSES THAT DON’T WORK OUT AS PLANNED. HERE ARE A FEW OTHERS THAT
CAN KEEP COMPANY WITH HOWARD SCHULTZ’S ILL-FATED “RACE TOGETHER.”

Bill Gates Mark Zuckerberg Peter Lewis George Soros

If only public high schools weren’t
so big! That belief inspired the
Microsoft cofounder to spend $2
billion of his foundation’s capital in
an effort to create smaller schools
across the U.S. In the foundation’s
2009 letter to the world, Gates
conceded “many of the small
schools that we invested in did not
improve students’ achievement in
any significant way.”
New mogul, same problem:
troubled schools meet tech genius.
In 2010 Facebook’s CEO injected
$100 million to rehabilitate Newark,
N.J.’s perennially failing school sys-
tem. Alas for Zuckerberg, teachers
didn’t buy into the plan, consul-
tants proliferated, and
students continued to struggle
after the money ran out.
The late chairman of Progressive
Insurance spent well over $40 mil-
lion on various campaigns to get
weed legalized. That didn’t stop
him from being arrested in New
Zealand for marijuana possession.
State voters generally said no to
legalization, but in 2012, before his
death, Colorado and Washington
State said yes.
Starting in the 1980s, the hedge
fund titan began pouring money
into eastern Europe, hoping to
promote more open societies.
His generosity overwhelmed
tiny organizations that couldn’t
handle so much cash at once. “My
grand schemes seem to fail by
a hair’s breadth,” Soros ruefully
acknowledged in his 1991 book,
Underwriting Democracy.

out. So has John Zimmer, the president of Lyft, the San
Francisco ride-sharing company. Schultz’s blunt advice:
“You have to earn the right.” Spend years winning inves-
tors’ trust by delivering strong results. Once you’ve done
that, your degrees of freedom increase greatly. Get excit-
ed about nonbusiness goals too early, and the trapdoor of
termination can open at any time.
cision making slows to a crawl. Mindful of his own lim-
its, Schultz has beefed up Starbucks’ management team
in recent years with a wide range of proven leaders from
outside. These include a chief operating officer with a
Microsoft background (Kevin Johnson) and a chief strat-
egist with a Disney pedigree (Matt Ryan.) “There’s a lot
more here than just The Howard Show,” says J.C. Pen-

A LOT OF PEOPLE THINK SCHULTZ founded Starbucks.
He didn’t. The real founders, Gordon Bowker, Zev Siegl
and Jerry Baldwin, opened shop in 1971. Schultz didn’t
join the company until the 1980s. But Schultz has been
running the company for so long that he thinks—and be-
haves—like a founder. He gets up a little after 4 a.m. each
morning to study the previous day’s sales reports. He
nudges Starbucks’ brewmasters to put more Aged Suma-
tra into each autumn’s Reserve Holiday Blend, because
it’s his favorite coffee and he knows it tastes great. Even
the tiniest details worry him, because deep down he still
thinks of each store as his store. At a recent staff meet-
ing he couldn’t keep still when staffers showed him some
postcard-size cards announcing a new music partner-
ship with Spotify. (“Black looks so dull,” Schultz explod-
ed. “We’re talking about music. This should be lively.
Can we go with green instead?”)
If the big boss needs to ratify everything, though, de-
GATES: BRUCE GLIKAS/GETTY IMAGES; ZUCKERBERG: NEWSROOM; SOROS: ERIC PIERMONT/AFP/GETTY IMAGES
ney Chairman Myron Ullman, who has been a Starbucks
director since 2003. “Leadership doesn’t have to come
from Howard on every topic.”
The payoff: growth that never stops. Starbucks’ stock
surged 48% in 2015, and despite a choppy start to 2016,
the company’s market capitalization is approaching
$86 billion. While coffee remains the main event, food
offerings keep expanding, with sales that have more than
doubled in the past five years. (Why not pair that cap-
puccino with a chicken artichoke sandwich on ancient-
grain flatbread?) Customer lines move faster, now that
16 million patrons are signed up for Starbucks’ mobile
payment app. Fewer people fumble for change, sales per
hour increase and profitability inches higher. Starbucks’
margins before interest and taxes run at 19.7%, double
the likes of Chipotle or Panera.
More fun lies ahead, say Wall Street analysts, who ex-
pect Starbucks to keep expanding margins by one per-
centage point a year until at least 2018. Even controver-

48 | FORBES MARCH 21, 2016

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THE WORLD’S BILLIONAIRES
HOWARD SCHULTZ
THE COMEBACK KID
HOWARD SCHULTZ “RETIRED” AS CEO FROM 2000 TO 2007.
INVESTORS HAVE CHEERED HIS RETURN.
$60
30
STARBUCKS STOCK PRICE $
20
10
3 now includes ambitious upstarts like Philz, Blue Bot-
‘00 ‘05 ‘10
$20 SALES ($BILLIONS) $3.0 NET INCOME ($BILLIONS)
2.5
16
2.0
12
1.5
8
1.0
4 5
0 0
’07 ’09 ’11 ’13 ’15 ’07
SOURCE: FACTSET FUNDAMENTALS.
sies end up being good for business, as shown by a ker-
fuffle last November when Starbucks offered red cups
that didn’t include any reference to the Christmas hol-
idays. A few evangelists got upset. Television stations
rushed to cover the “story,” and the amped-up attention
helped Starbucks ring up record sales.
Sometimes winning ideas happen in spite of Schultz,
rather than because of him. In 2008 Schultz angrily in-
sisted that Starbucks stop selling melted-cheese break-
fast sandwiches, because the smell of toasted cheddar
was overwhelming the gentler aroma of fresh-brewed
coffee. Guess what? Melted cheese made a comeback.
The new version is cooked at 500 degrees Fahrenheit in-
stead of 1,100 and with smaller slices of medium ched-
dar instead of big slices of sharp cheddar. “Howard can
always be convinced,” says Luigi Bonini, Starbucks’ head
of product development.
Rather than try to do everything, Schultz lately has
been gravitating toward Starbucks’ newest, fastest-grow-
ing projects—which mesh well with his underdog mind-
set. He has become Mr. China, making quarterly trips
to Beijing and Shanghai as well as a host of inland cit-
ies where Starbucks has big ambitions. Right now those
stores mostly sell tea, Frappuccinos and mooncakes in
the afternoon. Before long, Schultz says with a smile,
China may embrace “the morning ritual” of coffee, too.
Starbucks now has 2,000 stores in China, quadruple
its total just five years ago. Shanghai (432) has overtak-
en Seoul and New York as the city with the most Star-
50 | FORBES MARCH 21, 2016
bucks cafes. Other companies’ CEOs may stress about
China’s recent stumbles; not Schultz. He believes an un-
stoppable expansion of China’s middle class will benefit
his company, regardless. “One day,” Schultz told analysts
in January, China “could very well be larger than the U.S.
business.”
Schultz’s other big project: defending the high end
of the coffee market with aplomb. He’s seen mass-mar-
ket brands like Budweiser and Hershey lose allure as mi-
crobreweries and artisanal chocolate makers position
themselves as the true champions of taste. Nobody will
trap Starbucks that way, he vows. Yes, the coffee scene
‘16
tle, Intelligentsia and Stumptown that are turning heads
with ultrafancy beans and serving styles. And, yes, the
newcomers have raised the stakes by marketing, say, 12-
ounce bags of Three Africans (a blend of Ethiopian and
Congolese beans) for $15.75.
Schultz isn’t fazed. He’s jousting back with smaller
packages of even pricier beans, packaged in distinctive
bags as Starbucks Reserve. An 8.8-ounce pouch of pure
Ethiopia Yirgacheffe Chelba goes for $17.50, perched
’09 ’11 ’13 ’15 among other upscale offerings in their own showcase
in regular Starbucks stores, along with artful marketing
promotion (“Exotic, rare, exquisite”). The fanciest cof-
fees show beautifully in Seattle’s ultra-elegant Roast-
ery—and Schultz plans to make the most of that pairing,
with plans to open more Roasterys in the U.S. and Asia.
Schultz keeps e-mailing board members his iPhone pho-
tos of the Roastery in action, day or night. “Howard’s a
fanatic,” says Starbucks director Hobson.
Starbucks’ directors retire at age 75, which is 13
years away for Schultz. He says he may step down as
CEO before then. He kicked himself upstairs to the role
of just chairman once before, from 2000 to 2007, so he
could try other diversions such as owning the Seattle
SuperSonics basketball team. Starbucks’ performance
faltered, and Schultz reinstated himself as CEO in a
boardroom coup. He says he’s pacing himself better
this time around, listening more and showing more pa-
tience with other people. Running a big company “is a
young man’s game, in terms of the energy required, the
stamina, the curiosity,” Schultz concedes. Even so, he
says he plans to stick around a while longer. His mis-
sion is not fully accomplished.
CEDRIC KING LOST BOTH HIS LEGS in 2012 when he
stepped on an improvised bomb during combat in Af-
ghanistan. About 19 months later his path crossed with
Howard Schultz’s at Walter Reed National Military
Medical Center in Bethesda, Md. The wounded Army
Ranger was stuck in a wheelchair, struggling to mas-
ter a pair of prosthetic limbs in hopes of walking again.
Schultz was collecting stories of courage and strug-
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THE WORLD’S BILLIONAIRES
HOWARD SCHULTZ
gle for a book that he and a co-writer were developing
about America’s veterans. Everyone chatted for about an
hour in the hospital’s cafeteria. “It was a nice conversa-
tion,” King recalls, “but I didn’t think I’d ever see How-
ard Schultz again.”
Not so. After Schultz and King swapped e-mails, in
the summer of 2015 someone from Schultz’s family foun-
dation called King with an unusual proposition. The
foundation was helping to organize a series of job fairs
around the U.S., aimed at America’s most unemploy-
able young adults. The event could use some motivation-
al speakers. King had been busy competing in marathons
and triathlons. Would he be willing to come to Chicago,
as a paid speaker? How about Phoenix? How about Los
Angeles?
Take a close look at how Schultz spends his time, and
it’s startling how often he hurls himself into the emo-
tional tornadoes of other people’s troubles, hoping he
can be a force for good. When former SuperSonics star
Vin Baker ended up broke and struggling with the rav-
ages of alcoholism, Schultz helped set him up in a Star-
“MR. HINTON HADN’T HELD A
FORK IN 30 YEARS. MEETING
HIM WAS A LIFE-CHANGING
EXPERIENCE.”
bucks management program so he could learn to run
stores. When death-row attorney Bryan Stevenson wrote
Just Mercy, a book about his struggles to free wrongly
convicted inmates, Schultz insisted that Starbucks cafes
sell the work—even if it seemed like a crazy juxtaposi-
tion next to the cash register’s usual fare of biscotti and
almonds.
Reading Just Mercy wasn’t enough. Schultz invit-
ed his way into Stevenson’s offices and spent part of a
morning with Anthony Ray Hinton, a man freed after
nearly three decades in Alabama’s prison system. “Mr.
Hinton hadn’t held a fork in 30 years,” Schultz told me.
“He had zero bitterness. He was just a calm, timid, el-
derly man. Meeting him was a life-changing experience.”
The Alabama lawyer’s book graced Starbucks stores for
months, becoming a New York Times bestseller. After
such intense experiences, staying in the corner office and
engaging in checkbook philanthropy “isn’t fulfilling for
me,” Schultz says.
Remember Hurricane Katrina? Three years later,
when Starbucks employees volunteered en masse to
help New Orleans rebound, Schultz found himself at a
home-rebuilding project. Spying a ladder and a buck-
et of paint on-site, Schultz announced that he wanted
to help paint the house, too. “Howard had a bad back at
52 | FORBES MARCH 21, 2016
the time,” Starbucks executive Rodney Hines recalled.
“We tried to stop him. But he wouldn’t take no for an
answer.”
Remember Ferguson? Schultz last year paid a call to
that troubled Missouri town, too. Instead of taking the
short route to and from the St. Louis airport, he mean-
dered through back streets, gawking at plywood-boarded
windows and ruined homes marked for demolition. Part-
way through the drive, two companions recall, Schultz
declared: “We need to have a store in this city.” Since
then ground has been broken; a store is being built and is
in the process of hiring 20 to 25 people. Opening day is
set for this spring.
Spurring Schultz on are moody memories of the cri-
ses he didn’t fix early in his career. In the mid-1980s,
he recalls, he made his first business trip to Guatemala,
checking up on bean suppliers. Growers whispered that
only a small fraction of the money Schultz’s company
was paying was ending up in growers’ pockets. Guatema-
la’s payment system was rife with kickbacks and undis-
closed “commissions.” Schultz felt he was too new and
puny to do anything about it; that inaction rankles him to
this day.
An increasing number of Schultz’s projects now are
being conducted through the $100 million Schultz Fam-
ily Foundation, which he and his wife, Sheri, oversee.
The foundation currently holds only a thin slice of his
wealth, but he says it will become much bigger in the
years ahead. Its current priorities: helping veterans re-
settle into the U.S. economy and promoting job initia-
tives for people aged 16 to 24 who aren’t in school and
haven’t found work.
At a recent foundation-sponsored jobs fair in Los An-
geles, Starbucks was one of more than 30 employers
seeking recruits. Even so, Schultz was everywhere: chat-
ting with Latino and African-American attendees about
their aspirations, apologizing for his navy-blue suit (“It’s
my armor”)—and squeezing onto the convention cen-
ter’s main concrete floor to become part of the mosh-pit
throng absorbing Army Master Sgt. King’s talk.
Sweat dripping from his brow, the wounded soldier
bellowed out his message to 6,000 attendees. “The only
thing that matters is your attitude!” he declared. “I don’t
have legs now, but this is what I’ve got to work with.”
Abruptly, King lifted a cuff of his pinstripe trousers, re-
vealing a titanium rod where his shin used to be. People
gasped. A moment later King delivered his payoff line:
“You’ve got to find a way to take whatever you’ve got—
and make it work for you.”
Fifteen feet from the stage, surrounded by people one-
third his age, the president of coffee nation was beaming.
It was as if he were hearing King’s story for the first time.
Hope was sweeping through the hall. Schultz wanted to
inhale this pheromone as deeply as possible. F
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 THE WORLD’S BILLIONAIRES JOHN GRAYKEN

SHADOW
PRACTITIONERS OF “DISTRESSED in-
vesting” are a special Wall Street breed:
bottom-fishers with steel constitutions

BANKER
and a penchant for rushing into fire sales.
Like short-sellers, they are often de-
spised because they prey on the weak—
companies and individuals who made
bad bets or got in over their heads. “Dis-
tressed investor” is a sanitized version
of less flattering terms from bygone Wall
SECRETIVE JOHN GRAYKEN DEBUTS
Street eras: vultures, grave dancers, rob- ON THE FORBES BILLIONAIRES
ber barons. LIST WITH THE SECOND-BIGGEST
Among the robber barons of the new FORTUNE IN PRIVATE EQUITY,
millennium, few are as secretive—or as $6.3 BILLION. IN AN ERA THAT
loathed or as successful—as John Grayken DEMONIZES PREDATORY BANKING,
of Lone Star Funds. The 59-year-old de-
buts on the FORBES Billionaires list with
HE’S A RUTHLESS, SELFISH,
a net worth of $6.3 billion, making him UNPATRIOTIC TAX DODGER—
the second-wealthiest private equity man- AND VIRTUALLY EVERY PENSION
ager in the world, behind Blackstone’s FUND MANAGER IN THE WORLD IS
Stephen Schwarzman. Lone Star has RUSHING TO GIVE THIS AMERICAN-
amassed assets of $64 billion, and since TURNED-IRISHMAN MONEY.
its inception in 1995 its 15 funds have
logged average annual net returns of 20%, BY NATHAN VARDI
without a single year in the red.
Schwarzman’s Blackstone, which has
assets of $336 billion, has comparable av-
erage annual returns of 17%.
However, unlike Schwarzman, who
employs a small army of professionals
to help him and his firm burnish their
image through various benevolent causes,
Grayken appears to care little about get-
ting good press. You won’t find any li-
braries or schools or hospitals with his
name on them. He hasn’t signed War-
ren Buffett’s Giving Pledge. And he’s any-
thing but a patriot: In an effort to avoid
taxes, he renounced his U.S. citizenship
in 1999. You’ll find him on our list as a cit-
izen of Ireland.
Since the Great Recession Grayken has
made a specialty of buying up distressed
and delinquent home mortgages from
government agencies and banks world-
wide. He’s also picked up a major payday
lender, a Spanish home builder and an
Irish hotel chain. Regulators hassle him,
and the homeowners whose mortgages
he owns or services despise his tactics. In
ROBERTO PARADA FOR FORBES

fact, he has become accustomed to taking

shots from detractors and has been the
subject of protests from New York to Ber-
lin to Seoul. Last year New York Attorney
General Eric Schneiderman reported-

54 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES
JOHN GRAYKEN
ly opened an investigation into Grayken’s heavy-hand-
ed mortgage-servicing tactics, including aggressive
foreclosures, which have unleashed widespread out-
cries from homeowners, housing advocates and trade
unions.
“There are real questions about the human costs of
Lone Star Funds’ business practices,” says Elliott Mal-
len, a research analyst for Unite Here, a union repre-
senting 270,000 hotel and industrial workers.
It’s even doubtful Grayken, who refused to com-
ment for this story, is well liked within his own firm.
According to pension fund documents, he is the sole
owner of Lone Star and its affiliated asset management
firm, Hudson Advisors. Unlike other major private eq-
uity firms, which generously share equity among part-
ners, Grayken has a tight grip on his firm’s ownership.
While his top employees have become multimillion-
aire-rich, a number of key lieutenants have departed as
Grayken has apparently never valued anyone enough
to offer significant ownership in his operation.
The one group that loves Grayken: pension fund
managers, who consider him an alpha god and who
happily overlook his sins. “Over the decades John has
had phenomenal returns and executed a very disci-
REGULATORS HASSLE HIM,
AND HOMEOWNERS DESPISE
HIS TACTICS, BUT PENSION
MANAGERS CONSIDER HIM
AN ALPHA GOD AND HAPPILY
OVERLOOK HIS SINS.
plined investment strategy—he is in a league of his
own,” says Nori Gerardo Lietz, a Harvard Business
School professor who ran one of the largest firms that
advise pension funds on their private equity invest-
ments. “Many of the other real estate and private equi-
ty players are really jealous of John Grayken.”
The Oregon Public Employees Retirement Sys-
tem has invested $2.2 billion in many of Lone Star’s
funds. In 2013, for example, it committed $180 million
in Lone Star Fund VIII and has already posted annu-
alized net returns of 29%. A $4.6 billion fund Grayken
raised in 2010 has returned 52% per year to Oregon
pensioners.
With regulators all over the world forcing big banks
to deleverage and retreat from various risky business-
es, hedge funds and private equity firms like Lone Star
have stepped in and are making a killing buying as-
sets from banks on the cheap. Distressed specialists
like Grayken, Howard Marks of Oaktree Capital and
56 | FORBES MARCH 21, 2016
Leon Black of Apollo Group have become a new pow-
erful class of “shadow” bankers. Among them the most
shadowy is John Grayken.
LAST YEAR THE BRITISH TABLOIDS wondered who
had purchased one of the U.K.’s most expensive
homes in London’s Chelsea district. The nine-bed-
room, nine-bathroom, 17,500-square-foot brick man-
sion with a glass elevator, basement pool, cinema and
Japanese water garden was purchased for $70 mil-
lion by a Bermuda company. Evidence of the mys-
terious buyer can be found in a Massachusetts state
court, where the home is listed as Grayken’s address
in a probate filing. Grayken is also the owner of a
15-bedroom manor house on 20 acres outside of Lon-
don that was featured in The Omen, a 1976 horror film
starring Gregory Peck. Corporate records also show
Grayken owning a massive Swiss estate overlooking
Lake Geneva.
Though Grayken’s firm is headquartered in Dallas,
he lives in London because he can’t spend much more
than 120 days a year in the U.S. without having to pay
the U.S. taxman. People who know him say he likes
to summer close to his family in Cohasset, Mass., the
Boston suburb where he was raised. In Cohasset, the
small, private White Head Island, which dances in the
Atlantic Ocean, cut off from the mainland by a small
bridge, belongs to a Bermuda company controlled by
Grayken, which purchased it for $16.5 million in two
transactions in 2004 and 2007.
Grayken grew up in a less rarefied section of Cohas-
set, where he excelled at school and on the ice rink. He
studied economics at the University of Pennsylvania,
where he was a defenseman for the hockey team. In a
nifty bit of foreshadowing, he broke the team record
for penalty minutes. After Penn he got his M.B.A. from
Harvard Business School in 1982 and then landed in
investment banking at Morgan Stanley.
Grayken wanted to be a real estate developer and
eventually found a job working for Texas billionaire
Robert Bass on an office-tower deal in Nashville. The
project wasn’t a huge success, but the Tennessee expe-
rience cemented Grayken’s relationship with Bass and
introduced him to his first wife, a Nashville native.
At the time the billionaire Bass brother (see side-
bar, p. 58) had been successfully investing his inherit-
ed fortune with the help of a talented group of future
Wall Street titans that included David Bonderman and
Thomas Barrack. These were the days after the junk-
bond-fueled S&L crisis, when the government-sanc-
tioned Resolution Trust Corp. was liquidating hun-
dreds of failed institutions.
In 1988 one of the largest, American Savings Bank
of Stockton, Calif., caught the eye of Bass, who bought
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THE WORLD’S BILLIONAIRES

JOHN GRAYKEN

Sid Bass Edward Bass Robert Bass Lee Bass

THE BASS BILLIONAIRES

THE FOUR BILLIONAIRE BASS BROTHERS—SID, EDWARD, ROBERT AND LEE—INHERITED A SMALL FORTUNE FROM THEIR OIL-TYCOON
UNCLE FOUR DECADES AGO AND HAVE BUILT IT UP TO A COMBINED $8.2 BILLION. THEIR ORGANIZATION SPAWNED TALENTED INVESTMENT
PROFESSIONALS WHO WENT ON TO BECOME PRIVATE EQUITY AND HEDGE FUND TITANS. JOHN GRAYKEN IS THE RICHEST OF THEM ALL.

BONDERMAN: ANDREW HARRER/BLOOMBERG; COULTER: THOMAS LEE/BLOOMBERG; LASYR: MICHAEL NAGLE/BLOOMBERG; LAMPERT: AMANDA GORDON/BLOOMBERG; BARRACK: JIN LEE/BLOOMBERG
David James Coulter Marc Lasry Richard Edward Thomas
Bonderman He cofounded TPG Lasry worked at a Rainwater Lampert Barrack
With a net worth of after working for Robert Bass outfit The legendary deal- A hedge fund manag- A stint managing real

BASSES: ANDREW H. WALKER/GETTY IMAGES; BARRY BRECHEISEN/GETTY IMAGES; PHELAN M. EBENHACK/BLOOMBERG; DALLAS MORNING NEWS
$2.5 billion, Bonder- Robert Bass and now that focused on dis- maker succumbed to er who has amassed estate investments for
man was a Washing- has a net worth of $2.1 tressed investments a rare brain disease a $2.2 billion fortune, Robert Bass evolved
ton lawyer before he billion. Coulter has before cofounding last year at age 71. he spends much of into Barrack’s big
started working for been trying to take hedge fund Avenue He was a stockbroker his time these days as Colony Capital real es-
Robert Bass. He went TPG through an initial Capital with his sister. when Sid Bass hired CEO of Sears. Richard tate firm. He dropped
on to cofound TPG, public offering, a path He’s worth $1.7 billion him. Rainwater even- Rainwater hired Lam- off the FORBES
one of the world’s other big private eq- and is part owner of tually started his own pert when he was a Billionaires list in 2014
biggest private equity uity firms have taken. the Milwaukee Bucks. investment firm a few 25-year-old Goldman after some perfor-
firms. floors below Sid’s of- Sachs trainee. mance struggles.
fice and died with an
estimated net worth
of $3 billion.

the thrift and with the help of Barrack began selling its
assets at a big profit. At Bass’s direction Grayken was
dispatched to southern California to join the team and
work with Barrack at a Bass affiliate that would be-
come Colony Capital.
Barrack and Grayken did not get along, say people
who know both men. Next, Bass put Grayken in charge
of a $130 million partnership called Brazos (named
after a Texas river where the Bass family is based) that
worked with the FDIC to purchase 1,300 “bad bank”
assets. Grayken quickly flipped them, making tens of
millions of dollars in profits. Bass then backed Grayken
in a bigger bad-loan fund, which Grayken transformed
into about $160 million in profits. Most of the benefits,
however, went to Bass.
When Grayken and Bass couldn’t agree on how
to share the profits for the next fund, the duo part-
ed ways in 1996. Grayken stayed in Dallas, raised
some $400 million and called his new operation Lone
Star Funds. His specialty was buying nonperform-
ing mortgage loans, but he started to originate some
mortgages and directly purchase real estate. Starting
with Canada, Grayken also ventured into internation-
al markets.
Early on he made several strategic decisions that
would define his success and differentiate him from
competitors. Unlike Colony, Apollo and other oppor-
tunity funds that grew out of the S&L crisis and ex-

58 | FORBES MARCH 21, 2016

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THE WORLD’S BILLIONAIRES

JOHN GRAYKEN

HOMES FIT FOR A SUBPRIME MORTGAGE KING

MAKING GREAT REAL ESTATE BUYS IS BOTH A PROFESSIONAL AND A PERSONAL PASSION FOR GRAYKEN.

White Head Island, Cohasset, Mass.

Boltons Place, London

panded into other areas, Grayken stayed focused on

distressed assets linked to real estate, like delinquent
mortgages. When the U.S. economy was doing well, he
Pyrford Court, Surrey, U.K. would set his sights on countries where tough times
meant easier pickings. By 1998 Lone Star was in Japan,
where ravaged banks preferred selling troubled loans
at sharp discounts privately, in order to save face, rath-
er than hold embarrassing public auctions for poten-
tially higher prices. By the end of the 1990s Grayken
had moved into troubled European nations like Germa-
ny and France.
Grayken also developed a reputation as a flipper.
The life cycle of his funds is short—investment peri-
ods of about three years or less. The assets come in, are
worked out and sold. Buying and holding à la Buffett is
for suckers, according Grayken’s philosophy. At Lone
Star there are no pretenses about longer-term investing
or any sentimental attachments to assets, even in cases
where more profit can be squeezed out over a few more
months or years. Leaving meat on the bone for others is
Gland, Switzerland fine. For Grayken the key part of any transaction has al-

60 | FORBES MARCH 21, 2016

 und s:
ent F

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before investing. The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire
(assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate
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THE WORLD’S BILLIONAIRES
JOHN GRAYKEN
ways been a cheap purchase price, not any magic that
happens afterward. Others can find ways to spruce up
assets if they like. “We do our profit on the buy” is how
Lone Star’s president, André Collin, described the strat-
egy in a February 2016 meeting. “We do some of the val-
ue-add stuff from time to time if it’s there and part of
the plan, but if I have an opportunity to sell and I get a
good price for my investor, I sell.”
Quick turnarounds work wonders in goosing the
all-important internal rates of returns on Lone Star’s
funds. Shorter holding periods mean more distribu-
tions to investors, who reward Grayken by invest-
ing in his next fund. The fees Grayken charges are
rich. A typical Lone Star arrangement calls for a fee
of between 0.6% and 1% of assets under manage-
ment. Lone Star then keeps 50% of all profits once
the fund’s return hits 8% and until it reaches 20%.
Beyond 20% Lone Star reaps between 20% and 25%
of the profits.
“Grayken, to his credit, has a masterful way of sim-
plifying the process of both buying and selling assets,”
says David Hood, who helped found Lone Star and
worked there for six years. “He has always bought in
FOR GRAYKEN A KEY PART
OF ANY TRANSACTION HAS
ALWAYS BEEN A CHEAP
PURCHASE PRICE, NOT
ANY MAGIC THAT HAPPENS
AFTERWARD. LEAVING MEAT
ON THE BONE FOR OTHERS IS
FINE.
volume to create liquidity when it wasn’t otherwise
there, and he doesn’t mince words. Just like a hockey
player, he is ready to take the gloves off.”
One key aspect of Lone Star’s superior returns:
Grayken’s Dallas-based asset management and due dili-
gence arm, Hudson Advisors. Teams at Hudson are re-
sponsible for performing full financial analyses and re-
views of investment opportunities after Lone Star’s
managers have identified them. After a deal closes, Hud-
son works out and services the loans. It also steps in
with legal and accounting help. Hudson now has 865
people, offices around the world and only one client:
Lone Star. In the subprime-mortgage business having
good data on pools is critical in pricing assets, so Hud-
son acts as Grayken’s valuable database, giving Lone Star
an “edge.” It’s also a backdoor way for Grayken to per-
sonally extract extra profits from Lone Star’s hefty asset
base. He owns 100% of it and charges Lone Star Funds
an average annual management fee of 0.55% of assets.
62 | FORBES MARCH 21, 2016
WHILE PENSION MANAGERS eagerly await distribu-
tion checks from Grayken, tenants and owners of the
real estate he sets his sights on dread their new land-
lord. After he bought the discounted mortgages of ten
apartment buildings in the Washington Heights sec-
tion of Manhattan from Anglo Irish Bank following the
financial crisis, residents flew bedsheets out their win-
dows that said, “Speculators Beware.” When Lone Star
started doing deals in Japan, it was locally referred to
as part of the hagetaka, or bald hawks. In South Korea
Lone Star is known as meoktwi, eat-and-run capital.
The German press called Lone Star “the Executioner
from Texas” after the firm bought a boatload of non-
performing loans that resulted in homeowner foreclo-
sure proceedings.
Things got hot enough in Germany that Grayken
conducted a rare interview with a German publica-
tion to explain his side of the story. “No matter where
we are active, we adhere to applicable laws,” he said.
“Lone Star has no interest to propel someone into in-
solvency. We prefer when people meet their payment
obligations. If not we will take appropriate action.”
After the interview Grayken spent $775 million in 2012
to buy TLG Immobilien, an East German owner of 800
buildings held by the government. Within three years
Grayken flipped the property for a profit. German poli-
ticians argued that taxpayers had been “cheated.”
Germany’s disdain for Grayken is nothing compared
with the reputation he has forged in South Korea. In
the aftermath of the late-1990s Asian financial cri-
sis, Lone Star bought a controlling share of Korea Ex-
change Bank (KEB) in 2003 for $1.8 billion. By 2007
Lone Star had received multiple offers for its KEB
stake, one as high as $6.4 billion. The deal produced
outrage in Seoul, where the perception was that the
most painful parts of the Asian financial crisis were the
fault of foreign interests. There were legal and regu-
latory investigations into whether the stock prices of
KEB and a separate credit card operation were manip-
ulated downward to enable their discounted purchase.
The Korean government blocked the sale, and Lone
Star’s man in Korea, Paul Yoo, was convicted of manip-
ulating the stock of the credit card unit and sentenced
to three years in jail. To make matters worse, another
Lone Star employee in Korea was caught embezzling
$11 million from the private equity firm.
Grayken denied any wrongdoing and argued that
the Korean government’s actions were arbitrary and
discriminatory and ignored Lone Star’s role in res-
cuing a big bank. Remarkably, Grayken persevered in
Korea and ultimately was able to sell his KEB own-
ership to Hana Financial in 2012, booking a report-
ed $4 billion profit. This, of course, wasn’t enough for
Grayken, who is now pursuing arbitration to recov-
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THE WORLD’S BILLIONAIRES
JOHN GRAYKEN
er billions more in profits he believes he would have
gotten in the original deal.
And if you thought banks behaving badly in Amer-
ica were a thing of the past, Grayken’s Texas mort-
gage company, Caliber Home Loans, has become in-
famous for its tactics as a servicer of subprime loans,
some dating back to before the financial crisis. Cali-
ber is one of the largest and fastest-growing mortgage
companies in the nation, managing more than 325,000
mortgages and worth some $70 billion. A good num-
ber of Caliber’s mortgages were purchased by Lone
Star Funds at a deep discount—70 cents on the dol-
lar—during auctions held by wards of the state Fannie
Mae and Freddie Mac and the Department of Housing
& Urban Development.
In a stroke of brilliant financial maneuvering Lone
Star bundled some of the mortgages into bonds and sold
them to investors, immediately booking large profits. At
the same time Caliber offered “temporary” loan modi-
fications to distressed borrowers that consisted of five-
year interest-only payment plans but failed to offer the
homeowners any permanent relief through principal re-
duction. At the end of the five years these loans would
revert back to the original payment terms, with all the
THE GERMANS CALLED HIM
“THE EXECUTIONER FROM
TEXAS” AFTER LONE STAR
BOUGHT A BOATLOAD OF
NONPERFORMING LOANS THAT
RESULTED IN HOMEOWNER
FORECLOSURES.
deferred payments added in.
“Lone Star has bought these loans at a discount
from the government—in effect, they got principal re-
duction. But they are not passing this benefit on to
homeowners or communities,” says Lisa Donner, exec-
utive director of Americans for Financial Reform.
Technically speaking, the federal government does
not require Grayken’s operation to offer principal re-
duction, but there has been a roar of voices claiming
that Lone Star is abusing the situation. In February the
National Housing Resource Center released a survey
of nonprofit housing counselors that showed Caliber
was the nation’s lowest-rated big servicer and among
those doing the “worst job of complying with the ser-
vicing rules.” A labor union is accusing Caliber of
building a new Countrywide Financial, given that its
CEO and top executives are refugees from that hotbed
of housing-crisis instigators.
In September the New York Times reported that
64 | FORBES MARCH 21, 2016
many of the delinquent mortgages Loan Star bought
have ended in foreclosure. Its editorial board went on to
accuse Lone Star of relying on the “foreclosure and re-
sale of the homes to make money.” New York Attorney
General Eric Schneiderman reportedly opened an in-
vestigation. Lone Star and Caliber declined to comment.
None of this has slowed Grayken, who has gobbled
up $120 billion in assets since the financial crisis, in-
cluding Home Properties, an apartment REIT in Roch-
ester, N.Y., for $7.6 billion in October. His latest Lone
Star fund is now raising $5 billion trained on real es-
tate in Europe, where banks are still rapidly delever-
aging. Grayken has personally invested $250 million in
the fund, his 16th, adding to the $1.3 billion he already
has invested in Lone Star’s other funds.
His pension clients, including the Employees’ Re-
tirement System of Rhode Island, the New York State
Teachers’ Retirement System and Dallas’ Fire & Po-
lice Pension System, have yet to make a peep about
Grayken’s sleazy subprime mortgage operation. If they
have any concern about their American-born Irish
golden goose, it’s over Lone Star’s succession and
Grayken’s health.
Over the years a parade of talented partners, almost
anyone Grayken has ever worked with closely, have left
the firm because they either felt shortchanged finan-
cially or had disagreements with Grayken. His long-
time number two, Ellis Short, who helped found Lone
Star, left in 2007. Short did well enough at Lone Star
to buy Sunderland, an English Premier League soccer
team. The divorce case of another former exec, Randy
Work, revealed that he had accumulated a $225 million
fortune.
Still, their riches pale in comparison with those of
Grayken, who rules with an iron fist and has little toler-
ance for mistakes. “He felt in many cases that the people
beneath him were interchangeable,” says one former top
Lone Star manager. (Grayken has also had turnover in
his personal life. He divorced his first wife shortly after
becoming a tax refugee, changed his mind, got her to
take him back within a month of the final divorce decree
and then got redivorced six months after that. He even-
tually married his secretary in London, and the couple
have four children.)
Grayken recently flew to South Dakota to visit with
a pension client and allay succession fears. As a South
Dakota Investment Council member recently put it, “I
am concerned about what happens when John passes
away. It might just all end.”
But until that happens, the pension funds are happy
to deposit more retirement money in the Irish billion-
aire’s shadow bank. Shortly after the meeting, South
Dakota agreed to invest $300 million in Lone Star’s
newest investment fund. F
 Scientists at CERN in search of The God Particle

Decades of patient investment,

for a moment of divine clarity

Focus Persevere Breakthrough

THE WORLD’S BILLIONAIRES

66 | FORBES MARCH 21, 2016

 AFRICA’S
SAM
WALTON
FROM SHIRTS TO FURNITURE TO
GROCERIES, CHRISTO WIESE SELLS
BILLIONS IN LOW-COST GOODS TO A
CONTINENT CLAMORING FOR THEM.
AMERICA COULD BE NEXT.
BY ABRAM BROWN
CREDIT TK

INGE PRINS FOR FORBES

MARCH 21, 2016 FORBES | 67

THE WORLD’S BILLIONAIRES
CHRISTO WIESE
T
ABLE MOUNTAIN, THE STRIKING mesa
above Cape Town, lords over another im-
pressive African monument: the multisto-
ry Golden Acre shopping center. Lunch-
time crowds pour into the glassy, bright-
ly lit structure, and from within it is impossible not to
notice the dominance of South Africa’s second-rich-
est man, Christo Wiese. His bargain-bin clothier, PEP,
pulls foot traffic to the basement. Above it, you’ll find
his more upscale Ackermans chain. Around the cor-
ner is his OK Furniture and his grocery chain, Shoprite,
which takes up two floors.
By and large, they all carry the same message.
PEP’s window ads, accented in canary yellow, pro-
claim it the home of the “Lowest Price in South Afri-
ca.” Brightly colored bunting in OK Furniture heralds
a similar promise. Shoprite (among its many slogans:
“Lower prices, that’s our promise”) will even play
moneylender, fronting customers up to 7,500 South
68 | FORBES MARCH 21, 2016
A PEP store in
1973, 1986 and
African rand (roughly $470).
2015. Much of “The business has basically been
its strategy has
remained the
built on one slogan: Low prices you
same: no-frills can trust. Just very, very low every-
shops crowded
with merchandise,
day prices,” says Wiese (whose name,
easy-to-spot pricefittingly, is pronounced VEE-sa, like
tags and the same
three colors—blue,
the credit card). “I suppose we could
yellow and white. be described as the Wal-Mart of Af-
rica.” Underscoring the cost-con-
scious philosophy, the 74-year-old is telling me this at
his company headquarters, in an industrial area that
abuts a composter and Adult World, which sells what
you think it does. His offices, like his stores, are de-
cidedly spare: drab beige enlivened only by some ho-
tel-quality art (a portrait of an elephant herd hangs
outside the door of the conference room he uses as an
office). “People have very limited budgets,” contin-
ues Wiese, clad in a capitalist’s power uniform—blue
suit, blue shirt—the very picture of the lily-white ex-
THE WORLD’S BILLIONAIRES

CHRISTO WIESE

AFRICA’S RICHEST
SOUTH AFRICA’S CHRISTO WIESE IS THE CONTINENT’S FOURTH-RICHEST MAN. HERE ARE THE OTHERS AT THE TOP.

Aliko Dangote Mike Adenuga Nicky Johann Rupert Nassef Sawiris Issad Rebrab
$15.4 billion $10 billion Oppenheimer & family $3.7 billion & family
Egypt
Nigeria Nigeria & family $5.3 billion
A more optimistic
$3.1 billion
Falling oil prices have His telecom company, South Africa Algeria
$6.6 billion outlook on Egypt is
decimated Nigeria’s Globacom, is adding Richemont, Rupert’s Like Nigeria, Algeria
South Africa good news for Sawiris,
economy and sent its subscribers at a fast global luxury goods has been hit hard
De Beers had a ter- whose construction
stock market down clip (up more than company, contains by the collapse in
rible 2015. Its revenue and hotel business,
some 20% over the 10% since December a gleaming col- oil prices (the two
fell by over a third to Orascom Construction
last 12 months. With 2014). Glo, as its lection of brands: are, respectively, the
$4.7 billion, the result Industries, is one of

DANGOTE: MICHAEL PRINCE; OPPENHEIMER: JONATHAN KATZENELLENBOGEN/NEWSCOM; RUPERT: GETTY IMAGES; SAWIRIS: STEPHEN YANG/BLOOMBERG; REBRAB: FAROUK BATICHE/AFP/GETTY IMAGES
his fortune almost known to its custom- Cartier, Van Cleef & continent’s number
of a glut in diamonds the country’s biggest
entirely in public com- ers across Nigeria, Arpels and Montblanc, one and number three
on the world market public firms. It is busily
panies, Dangote has Benin and Ghana, now among many others. producers). Lucky
and weak demand building more hotels
gotten off lightly. He’s counts more than 30 Glitz hasn’t been Rebrab has escaped
for the gems. It didn’t in Egypt and other
only recently invested million subscribers. He in demand lately. mostly scot-free: His
matter much to parts of the Middle
in the oil industry by also has a major real Richemont’s sales privately held Cevital
Oppenheimer. East, while improved
building a refinery. estate business. through December is widely diversified
Grandson of De occupancy rates at
The bulk of his wealth 2015 were up just 1% (car rentals, logistics,
Beers founder Ernest, existing lodging has
is in flour, sugar and from a year earlier to food processing).
Nicky sold off the lifted companywide
cement. $9.6 billion.
final portion of his De revenue through Sep-
Beers stake to Anglo tember 2015 by 33%
American in 2012 for to $250 million.
$5.1 billion in cash.

ecutive that still controls most of South African busi-
ness. “They have to get extremely good value for their
money.”
His hunch—that value trumps everything—led him
to create the largest retail business in Africa. Public-
ly traded Shoprite does revenue of $9.9 billion a year,
while PEP’s parent company, Steinhoff, brings in
$11.8 billion (some of it from selling cellphones and
home furnishings). Combined, they net almost $2 bil-
lion in annual profits, operate more than 9,000 stores
in 30 countries and employ over 200,000 people. No
other African retailer comes close to rivaling their
breadth and depth, and Wiese controls both.
Those stakes are largely what makes Wiese one of
the planet’s richest people, with a $5.8 billion fortune.
More than 60% of his wealth is in Shoprite and Stein-
hoff, while another 30% or so comes from his shares of
Brait, an investment vehicle Wiese uses to buy other
companies, many of them outside South Africa. His
stock in Tradehold, a real estate firm, accounts for
much of the remaining 10%.
But if Wiese is to continue his expansion he must
move outside of his African comfort zone. The con-
tinent isn’t booming the way it once was. Econom-
ic growth across Africa has slid from close to 7% in
2007 to about 4% in 2014, the last year for which data
are available. In coming years it isn’t likely to much
surpass that figure. South Africa, still Wiese’s most
important market, is emblematic of the larger trend—
stuck at sub-2% growth for the foreseeable future.
The slowdown gravely threatens Wiese’s ambitions.
He can shut his eyes and picture his empire twice as
big as it is today, but for it to grow that large, he must
look beyond Africa.
And he’s already started. PEP is expanding rapid-
ly in Europe, while Wiese is snapping up all sorts of
companies through Brait, including majority stakes
in British discount retailer (sound familiar?) New
Look for $1.2 billion last June and Richard Branson’s
fitness center chain, Virgin Active, for $1 billion a
month later. Put broadly, Wiese is a little Sam Wal-
ton, in terms of his focus, and a little Warren Buffett,
in terms of amalgamating a portfolio. As a matter of
fact, he’s beaten Buffett handily lately. His holding
company, Brait, has trounced Berkshire Hathaway in
total returns over three years (160% versus 31%), five

70 | FORBES MARCH 21, 2016

 Accelerating
years (230% to 51%) and ten years
(314% to 121%).
“Christo has been a massive risk
time to value
taker his whole life,” says Syd Vi-
anello, a retail analyst in Johan-
nesburg, who has observed Wiese
over many decades. “Africa is not a
place for sissies. You’ve got to have
nerves of steel. In Africa they see
him as a genius.”

THE BREATHTAKING VIEWS of

Cape Town, where land and sea
dramatically converge to produce
vistas of green mountains tower-
ing above deep blue water, can be
quickly forgotten on a nine-hour
drive north to the dry, hot savan-
na city of Upington, an unsightly
provincial town alongside the Or-
ange River, close to the Kalahari
Desert. Upington does possess one
unique site: a statue of a donkey,
a rare tribute to the quintessen-
tial beast of burden. It is not unde-
served. Starting in the 1880s, farm-
ers, employing donkeys to pump
water, tamed this rough part of the
country with an almost puritanical
determination.
Wiese’s father was one of those
men. He owned a sheep and cat-
tle farm, as well as a car dealership
in town. “People in Upington were
hardworking, very neat, very order-
ly—disciplined,” says Wiese. “Peo-
ple who were not neat always stood
out like a sore thumb.” For college,
Wiese attended Stellenbosch Uni-
versity, one of South Africa’s better
schools, situated in a sleepy area
awash in wine and vineyards. He
studied law and became head stu-
dent of his residence hall and an Hewlett Packard Enterprise, the number 1 company
active member of a progressive stu- in cloud infrastructure, is accelerating business outcomes
dent organization. for companies around the world.
After graduating in 1967, he de-
cided he’d rather return home
and join the small retail busi-
ness owned by his cousin’s hus-
band than become an attorney. The
company had around ten discount
stores near Upington, which were
hpe.com/value
called PEP. With Wiese on board
© Copyright 2016 Hewlett Packard Enterprise Development LP.
Source: Synergy Research. Q3 2015 Data, Combined Cloud Infrastructure
Equipment, Software and Services revenue data.
THE WORLD’S BILLIONAIRES

CHRISTO WIESE

With over 2,500 and helping guide expansion, sales

stores, Shoprite went from 4 million rand in 1970 to
dominates Africa;
Wiese’s empire 29 million rand (around $100 million
also includes Southtoday) four years later. Fast growth,
Africa’s House
& Home and OK but Wiese lost interest after a moment
Furniture brands. of self-discovery.
“I had worked out for myself that
I’m not really”—he trails off, as if about to utter a
dirty word—“a number-two man.” There was another
concern, too. “I started thinking about getting mar-
ried,” he says. “And the way I lived in those days, I
was away from home 20 days a month. That’s no way
to build a marriage. So I thought if I go and practice
law, at least I’ll be home much more.”
While working as a barrister in criminal and com-
mercial law in Cape Town, Wiese, restless still, made
a futile run for parliament in 1977 on the opposition
party ticket, partly inspired by his new father-in-law, a
controversial member of parliament expelled from the
ruling, pro-apartheid party for dissension. Wiese also
grew interested in something that has always attracted
the ambitious in South Africa—diamonds. He found a
mine nearer his hometown, in Richtersveld. (“The area
has a stark beauty, like a moon landscape. Very sparse
vegetation, very little rainfall.”) He bought it for about
$20 million in today’s currency and began mining and
trading diamonds.
Five years after purchasing it, in 1981, he sold it,
and looking for his next chapter, he turned to his
cousin and PEP, which by then had 450 locations, in-
cluding a grocery business, Shoprite, it had added a
few years earlier. In taking a check (worth roughly
$100 million in current terms) for his successful, mid-
dling business, the cousin was set for life. Wiese, no
longer number two, pictured something much grand-
er. “Maybe I was more ambitious,” he says, quietly,
eyebrows arched.

WHAT WIESE ENVISIONED was retail at its rawest,

WALDO SWIEGERS/BLOOMBERG; DEAN HUTTON/BLOOMBERG; DEAN HUTTON/BLOOMBERG 
and he understood how attractive it could be. In mod-
est, unadorned storefronts, PEP sold only the simplest
kinds of clothes (“underwear, schoolwear, very basic
stuff ”). The choice between a white shirt and a blue
one was often the most complicated one in the store.
Shoprite did the same with groceries. All that mattered
to Wiese’s target market—poor whites and a black pop-
ulation kept systematically impoverished—was price.
In a perverse twist, apartheid ensured him a gigan-
tic customer base of some 20 million nonwhites, who
made up more than 70% of the population. They were
incapable of climbing the ladder or earning more
money—or shopping elsewhere. And the heavy eco-
nomic sanctions against South Africa meant little
in the way of foreign competition. It was a perfect

72 | FORBES MARCH 21, 2016

 Accelerating
market: massive and artificially
protected.
“Wiese saw the opportunity
protection
faster than anybody else,” says re-
tail analyst Vianello. “He targeted
the bottom end of the market, and
nobody could argue his business
had any element of waste. He cut
out all the extravagance and gave
people what they wanted at the
lowest possible price.” The concept
proved popular enough for Wiese
to begin expanding aggressively,
sometimes opening as many as 100
new stores a year. While other re-
tailers concentrated on stores in
large markets, he eagerly plunged
into rural and poorer areas. He’d
rather his customers spend their
money in his stores than spend it
traveling to them.
Wiese was maniacal about
costs, a business necessity in low-
margin retailing and perfectly fit-
ting with his personality—a bil-
lionaire who keeps spare change
neatly stashed in a tiny bottle in-
side his Lexus SUV. “Christo is
stingy,” says James “Whitey” Bas-
son, Wiese’s right-hand man at
Shoprite since day one and an old
buddy from Stellenbosch Univer-
sity. “He’ll give me the nicest bot-
tle of champagne as a present, and
I’ll open it up, and I’ll see he for-
got to take out the message: It’s a
bottle from Lord So-and-So. He’s a
regifter.”
To guard against corporate ex-
penses, PEP manufactured many
of its clothes in 11 factories; one
was situated next to the compa-
ny’s modest offices in Parow In-
dustria. Most important, from al- Hewlett Packard Enterprise security products and solutions
most the start PEP relied on a help protect 8 of the top 10 Fortune Global 500 companies.
central distribution system with
ware houses to store goods, a total
departure from how most South
African retailers operated (with
many deliveries from many sup-
pliers to each shop). “That was a
no-brainer,” Basson says. “Getting
one truckload to a store is sub-
stantially cheaper than getting 30 hpe.com/protection

© Copyright 2016 Hewlett Packard Enterprise Development LP.

Source: Fortune Global 2015; HPE Customers 2013 Q3 - 2015 Q2.
THE WORLD’S BILLIONAIRES
CHRISTO WIESE
trucks to wait outside the store and offload 30 differ-
ent times.”
In 1986 Wiese spun off Shoprite and PEP into sep-
arate public companies while maintaining control of
both. Good timing. Four years later Nelson Mandela
was freed after spending almost three decades in pris-
on. Apartheid was ending. South African companies
were no longer pariahs, and Wiese began to expand
elsewhere in Africa. A year after Mandela ascended to
the presidency in 1994, Shoprite opened its first store
in central Africa, in Zambia, followed by Mozambique,
Swaziland, Botswana, Zimbabwe and Uganda. PEP had
a similar trajectory. Their stores’ simple model made
them easily exportable.
“Wiese and Basson sat down and took a view that
they could conquer Africa, and they went out and con-
quered Africa,” says Vianello. Shoprite’s size ($2 bil-
lion in 1996 sales with about $120 million in cash flow
and little debt) allowed it to move more quickly than
local rivals. “How long does it take to clear a container
in Angola or Nigeria? What bribes do you have to pay
to get supplies in? Who on earth would finance them
to put up stores? They had to build their own stores
themselves. No one else would.” (Wiese insists he has
spent not one rand on bribery.)
Other growth came through acquisitions. By the
“CHRISTO IS A TERRIFIC
CORPORATE DEAL THINKER.
HE ALWAYS MAKES ME
THINK: WHAT WOULD THE
ALTERNATIVE BE?”
1990s he had already made six purchases to expand
both Shoprite and PEP, pushing PEP’s operations as
far as Britain and its sales to more than $2 billion. In
1997 he bought OK Bazaars (and its nearly 300 gro-
cery and furniture stores) from South African Brew-
eries for just one rand. The catch? OK Bazaars was
losing around $40 million annually, which was just
about how much Shoprite was booking in annual
profits. It could be kept on life support for just
so long.
“We bet the farm,” says Wiese. He reached for a fa-
miliar page from the playbook: “cutting frills, lower-
ing overhead,” including renegotiating several onerous
leases. As it turns out, OK Bazaars had good bones and
had simply been mismanaged. “Christo is a fantastic
corporate deal thinker,” says Basson. “He always makes
me think: What would the alternative be if I didn’t
make a deal? What happens if the opposition buys the
company?”
74 | FORBES MARCH 21, 2016
WIESE DIDN’T REALLY DEVELOP a profile outside of
Africa until recently, and to his annoyance, his arriv-
al was trumpeted not by a cunning deal but by some-
thing more ignoble. It came after U.K. customs of-
ficials detained him at London City Airport in 2009
with two suitcases filled with nearly $1 million in
cash. They seized it, suspecting illicit origins. The
British and South African press merrily picked up on
the incident—apparently suspecting Wiese had been
nabbed for money laundering—and were further em-
boldened by Wiese’s stubbornness in fighting for the
funds’ return and his insistence that the amount was
“insignificant.”(The Daily Mail’s gleeful headline:
“It’s Just Peanuts to Me.”) The government ended
up returning the money—interest attached—but the
damage was done. He still won’t talk publicly about
the incident, and until recently, it was pretty much
the extent of his reputation in the West.
That’s now beginning to change, and much of his
activity is still in Britain. When his holding company,
Brait, first showed an interest in stretching beyond
South Africa in 2012, it invested in British supermar-
ket business Iceland Foods and added to its position
in November 2015, when it paid about $275 million
to increase its position from 19% to 57%. Two more
deals came last year: the stakes purchased in dis-
count retailer New Look and gym chain Virgin Active.
A second Wiese company, Invicta, has put its capi-
tal into industrial companies: unsexy firms with pre-
dictable, recurring revenue streams, like Singapore-
based Kian Ann Engineering, a distributor of heavy
machinery parts. And a third Wiese vehicle, Trade-
hold, watched the value of its U.K. property portfo-
lio increase by about 50% to roughly $120 million in
February 2015 (the latest full-year results available),
driven substantially by new investments in the Brit-
ish real estate market, where it owns residential, in-
dustrial and office space.
PEP has charged into eastern Europe, too. After its
initial move into this part of the continent in 2005 (Po-
land mostly but also the Czech Republic and Slovakia),
PEP has proven its model successful there. Its east-
ern European stores do about $1,800 per square meter,
a 60% increase from 2012 and roughly double what a
comparable competitor might do. The region is now
11% of PEP’s $2.9 billion in annual revenue (up from
5% in 2012).
As PEP broadens its store expansion into Britain it
will likely run up against the most entrenched com-
petition, including venerable discount retailer Pri-
mark. Considering this, Wiese blithely expresses a
malapropism: “There’s the old American saying that
only three things are certain: death, taxes and com-
petition. You can’t shy away from competition. You’ve
 Accelerating
just got to go meet them.” And be-
sides, Primark tries to be fashion-
able, while PEP proudly does not.
analysis
“We don’t have fashion. You can’t
come into our stores and expect a
wide selection of colors and pat-
tern,” says Steinhoff CEO Markus
Jooste. “Our stuff is for people
who have to have it, not want to
have it. It offers value to the bot-
tom-end customer and gives them
some dignity in what they wear.”
Last December expansion-
minded Steinhoff began trading
on the Frankfurt Stock Exchange
in addition to its long-standing
listing in Johannesburg. But not
before Wiese got slapped with a
reminder that his international
ambitions wouldn’t proceed with-
out a false step. A few days before
its Frankfurt debut German tax
authorities raided local Steinhoff
offices as part of an investigation
into its accounting. Steinhoff dis-
misses the investigation as base-
less, but it certainly spooked the
company’s investors. The stock
dropped about 15% in a month—
wiping away almost $600 million
from Wiese’s personal fortune.
Having long parried advances
from those interested in buying his
companies—including a visit by
Wal-Mart heir and then chairman
Rob Walton several years ago—
Wiese sees himself firmly in com-
10 of the Forbes 10 World’s Most Valuable Brands
mand of his empire for the foresee- gain insights and create value with
able future. Ahead, there’s one ob- Hewlett Packard Enterprise big data solutions.
vious final frontier for Africa’s re-
tail pioneer: America. “We’ve been
hesitant to plunge into the retail
industry there. What can we teach
them?” he says. “But we’re looking
at getting involved there—one or
two opportunities.
“In a decade I’m hoping you’ll
find the business has grown,
hopefully at the same pace as the
previous decade. That will require
a lot of thinking, a lot of commit-
ment and a lot of energy—and I’m
hoping that you’ll find me right
here still.” F hpe.com/analysis

© Copyright 2016 Hewlett Packard Enterprise Development LP. Source:

Forbes Most Valuable Brands 2015; HPE Customers 2013 Q3 - 2015 Q2.
 THE WORLD’S BILLIONAIRES HUSSAIN SAJWANI

THE
DONALD
OF
DUBAI
HUSSAIN SAJWANI HAS
TRANSFORMED THE DESERT
SKYLINE WITH LUXURY
APARTMENTS AND LAVISH
MANSIONS USING OUTRAGEOUS
MARKETING STRATEGIES (FREE
LAMBORGHINI, ANYONE?). HE’S
WEATHERED THE 2008 CRASH
AND HIS BUSINESS PARTNER
DONALD TRUMP’S POLITICS—SO
WHAT WILL HE DO IF OIL PRICES
CONTINUE TO PLUMMET?
BY KERRY A. DOLAN AND ZINA MOUKHEIBER

WHEN DONALD TRUMP called last Decem-

ber for banning Muslims from entering the
United States, Hussain Sajwani knew he
had to sit tight. The Dubai real estate tycoon
was overseeing a project grandiose even by
Dubai’s extravagant standards. (This is, after
all, the emirate that is home to a massive ar-
tificial island in the shape of a palm tree, an
indoor skiing mountain and the world’s tall-
est tower, the Burj Khalifa.) Set on 964 acres,
Sajwani’s new Akoya community, about a
15-minute drive from the heart of Dubai, will
feature lavish villas, mansions, apartments
and its own retail center. The centerpiece of
the gated property is a golf course bearing
the Trump name—a name long associated
with success in the Arab world.
SIDDHARTH SIVA/REDUX FOR FORBES

76 | FORBES MARCH 21, 2016

 Skyscraper’s the limit:
Sajwani parlayed
a modest catering
business in Abu Dhabi
into a $2 billion luxury
real estate empire in
Dubai and other cities.

MARCH 21, 2016 FORBES | 77

THE WORLD’S BILLIONAIRES
HUSSAIN SAJWANI
“We made a deal with Trump as an organization; they
know how to run golf courses,” shrugs Sajwani. “We stay
away from politics.”
Sticking to business has been good for the 63-year-old
Sajwani. His Damac Properties pulled in revenues of
$2.3 billion in 2015, with net margins of more than 50%.
The company has developed some 15,500 apartments since
it was launched in 2002 and has another 40,000 units it
plans to build and sell, in the United Arab Emirates and as
far away as London. Its stellar results have landed Dam-
ac’s founder and chairman on FORBES’ list of the World’s
Billionaires for the first time this year. His 72% stake in
the company (which listed its shares on the Dubai Finan-
cial Market in January 2015), along with other investments,
gives him a net worth of $3.2 billion.
“It’s been a combination of luck and vision,” says Saj-
wani. “Someone would open the door, and I would run and
grab the opportunity.”
Sajwani spotted plenty of opportunity back in 2001
when the Dubai government decided to allow foreigners
to own property. He immediately focused on selling luxury
real estate and figuring out what it took to stand out when
marketing it. First: a free car! For the past decade Damac
has offered a complimentary Lamborghini or BMW to
apartment buyers during the month of January each year—
the annual Dubai Shopping Festival. (Damac won’t say how
many free cars it has given away.) Other times the company
has thrown in some Jet Skis with a purchase, and last year
Luxe deluxe:
Sajwani has
cobranded some
of his Dubai
real estate
developments,
including a
partnership with
Bugatti. (Note the
Veyron parked in
the living room.)
78 | FORBES MARCH 21, 2016
for a brief period buyers of mansions and villas got a free
studio apartment as well. To lure potential Chinese buyers,
Damac began a two-month promotion last December dur-
ing which it offered plane tickets, a hotel stay and a visa—
essentially a free holiday to Dubai—to prospective residents
who reserved a unit.
Luxury brands, including Versace, Fendi and Bugatti,
have entered cobranding deals with Damac, raising the ap-
peal for its brand-obsessed clientele. Bugatti-branded vil-
las planned for the Akoya Oxygen Damac development—a
second community on 1,260 acres that will feature anoth-
er Trump International golf course—include a space next
to the glass-walled living room where owners can park and
admire their Bugatti sports car.
But Trump’s comments about Muslims did have some
ripple effects. According to Reuters, three days after his
remarks, Damac Properties removed the Trump name
from a stone wall in front of the Akoya project and also re-
placed images of the New York billionaire and his daugh-
ter Ivanka on a billboard nearby; three days later “Trump
International Golf Club” was restored to the wall. But
a spokesman for Damac told FORBES that the sign was
taken down just “to be cleaned.” For what it’s worth, the
pictures of Trump and his daughter were replaced on the
billboard with an enormous photo of Marlon Brando as
Vito Corleone in The Godfather.
Citizen Trump aside, it’s not the best of times to be sell-
ing high-end real estate in Dubai. Low oil prices and weak-
MADISON AVE | RODEO DRIVE | FORUM SHOPS | AVENTURA MALL
THE WORLD’S BILLIONAIRES
HUSSAIN SAJWANI
er currencies have been a drag. The pro- Homes away from
home: Sajwani
motion for Chinese customers followed has expanded his
a drop in the value of the Russian ruble empire beyond
the United Arab
and the euro against the U.S. dollar, which Emirates to
weeded out some customers from those include properties
in Beirut (top
regions. Damac Properties admitted in its photos) and
2015 earnings announcement, released London (bottom),
both cobranded
in early February, that it’s working in a with Versace.
“challenging economic environment.”
Sanyalak Manibhandu, an Abu Dhabi-based analyst at
NBAD Securities, says property prices in Dubai have soft-
ened about 15% since early 2015.
To combat this, Damac has guaranteed buyers a 3%
annual return on down payments and advance pay-
ments (twice what fixed deposits are currently paying,
it noted). And it will now guarantee a property’s value
for two years, promising to pay the difference if a unit’s
price declines between delivery and the end of 2019. Saj-
wani spins the situation—the current environment “cre-
ates opportunities for well-capitalized and experienced
companies like ourselves”—in a manner that would
80 | FORBES MARCH 21, 2016
make his better-known
partner proud.
HUSSAIN SAJWANI grew
up in Dubai in a middle-
class family focused on
selling. His father was a
trader with a shop at the
local souk, selling watch-
es, Parker pens, shirts
and goods imported from
China. Sajwani would go
to the shop after school
most afternoons. His
mother went door-to-
door selling products to
the women in the neigh-
borhood. Growing up, the dinnertime conversation often
revolved around business, he recalls.
Because Sajwani showed promise in school, he received
a government scholarship in 1978 to study in the U.S.—mak-
ing him one of the first wave of students sent to America by
the government. After studying English in Atlanta for a few
months, he got a degree in industrial engineering and eco-
nomics from the University of Washington in Seattle. Early
on Sajwani showed a willingness to take risks. While in
college he sold time-share apartments in the United Arab
Emirates on the side.
After graduating early in 1981, Sajwani landed a job
in the finance department at Abu Dhabi Gas Industries,
where he worked on contracts. There he saw just how
much money could be made selling services and figured
he could do better running his own outfit. Two years later
he resigned and started a catering business in Abu Dhabi,
using his earnings from the time-share sales as startup
capital.
The catering business flourished. Sajwani landed cus-
tomers like American construction giant Bechtel and the
U.S. military. His company, still operating and now called
Global Logistics Services, supplied meals for American
armed forces in Kuwait, Afghanistan, Saudi Arabia, Qatar
and Bosnia. He recalls sending in ovens and other equip-
ment to make pizzas, at one point serving 2,000 pies a day
from a tent in the desert.
Around 1996, with the catering business humming,
Sajwani started to develop small hotels in Dubai and pur-
chased property in the emirate’s downtown. Following
the decision to allow foreigners to own property in Dubai,
he sold some of the property he’d bought and used the
funds to buy land in a then undeveloped neighborhood
called the Marina—an area now packed with futuristic
glass skyscrapers.
“Everyone was saying I was mad,” Sajwani recalls, but
he knew that growth was coming. Expats from the U.K.,
THE WORLD’S BILLIONAIRES
HUSSAIN SAJWANI
India and other Arab countries, and many other places,
were flocking to the U.A.E. as it became a hub for multina-
tionals. Dubai not only has no income tax or capital gains
tax but it’s also very tolerant culturally—women can wear
bikinis at the beach and there’s plenty of nightlife.
In 2002 Sajwani formed Damac Properties to devel-
op residential towers on the Marina land. His strategy was
to market the apartments before anything was built—sell-
ing “off plan”—and use the buyers’ down payments to
help fund construction. He timed it exactly right. The first
tower, the 38-story Marina Terrace, sold out in less than six
weeks. Emaar, a real estate developer partly owned by the
government, essentially created the Marina by constructing
an artificial canal; it also began building residential towers
in the district. With each new tower that Damac Properties
built, Sajwani helped burnish Dubai’s image as a glittering
new destination.
SAJWANI’S PATH TO THE BILLIONAIRES LIST started the
day after Lehman Bros. filed for bankruptcy in September
2008. “Everyone said, ‘We’re far away.’ I said, ‘Let’s put to-
gether an action plan,’ ” he remembers. He had made down
payments on several parcels of real estate. He quick-
ly called the sellers and asked to give the land back, kiss-
ing his down payments good-bye. Even with his efforts
to stem losses, Damac reportedly had to lay off hundreds
of employees amid a sharp downturn in Dubai real estate
prices. Several buyers sued Damac Properties as a result
of construction delays. A Dubai court ruled in favor of one
Canadian buyer and required Damac to pay him $710,000.
Damac also settled confidentially with a German investor
who had agreed to buy 22 units in four buildings between
2007 and 2009. “With a company of our size you are al-
ways going to have a few disputes. We try and settle these
amicably, but ultimately a few may end up in court,” says a
spokesman for Damac.
Dubai’s reputation took a big hit over the next few years,
because there was so much speculation involved in proper-
ty purchases and plenty of people lost money. Determined
to keep real estate speculation at a minimum, the govern-
ment implemented new laws in 2008 and 2009 requiring
that deposits from buyers of off-plan properties be held in
escrow; buyers would be entitled to a refund if the develop-
er didn’t hand over the promised property within a certain
time frame.
By 2011, while other builders were still cautious from
the crisis, Sajwani began preparing for his next Dubai proj-
ect, something far bigger than he had ever attempted. In
October 2012 he struck a deal with the government to buy
the land for what eventually became the Akoya. The pur-
chase price for the land: $350 million, payable in install-
ments. The first residents have begun to move in, though
construction is expected to continue for four more years.
Though Sajwani’s company projects an image of high-
end luxury—its motto is “Live the luxe life”—in reality
he’s selling to anyone who can afford to buy: the aspira-
tional middle class as well as the ultrawealthy. Prices for
a room in a Dubai hotel start at $120,000, while a seven-
bedroom villa on a golf course goes for $10 million.
What sets Damac apart from its competition is its relent-
less and creative marketing. Sajwani has to compete with
two deeper-pocketed developers: Emaar, which created
the Burj Khalifa, and Nakheel, the developer of the palm-
shaped archipelago off Dubai’s coast. To create buzz for his
properties, Damac has saturated Dubai with billboards: 166
of them portray the glories of the luxury lifestyle. “Their
marketing is fantastic,” says Craig Salmons, managing di-
rector at Dubai real estate agent HMS Homes. “They’re a
smaller developer than Nakheel and Emaar—they have to
do things better.”
Last year Damac put on 500 marketing events in 98 cities
in China, India, Afri-
A ROOM IN A ca and Europe. “We
DUBAI HOTEL watch the airlines,”
says Niall McLough-
STARTS AT lin, an Irishman
$120,000, who’s been work-
WHILE A SEVEN- ing with Damac for
BEDROOM nearly a decade and
VILLA GOES FOR is senior vice presi-
$10 MILLION. dent for marketing
and communications.
“Wherever Emirates
Air flies, we go.”
Sajwani has also been investing in real estate abroad.
In 2010 he began work on a tower in Beirut with interi-
ors designed by Versace, after four years of luring the Ital-
ian design house. “Mr. Sajwani is passionate about Versace
and the Versace lifestyle,” Versace CEO Gian Giacomo Fer-
raris says via e-mail. “He’s a smart businessman who pur-
sues luxury business standards and strongly believes in the
added value of the Versace brand.”
In addition to the tower in Beirut, Sajwani has spear-
headed projects in Saudi Arabia, Qatar, Jordan and Lon-
don, the last also in a design partnership with Versace.
Damac owns a 20% stake in the developments outside
the U.A.E., while Sajwani personally owns the
remaining 80%.
Catering to buyers at a time of global volatility, Damac
Properties has seven pages of promotions on its website,
including options to “pay 30% and own it” and promises
of 7.5% returns on rentals and a U.A.E. residence
visa. That might be enough to keep a steady stream
of sales going.
For now Sajwani believes the bubble still has plenty of
room to expand. In mid-February Damac agreed to pay
about $330 million for 92 acres of land along part of the
Dubai Canal. The sky is calling. F
MARCH 21, 2016 FORBES | 81
M ANUFACTURE DE H AU TE H OR LOGER IE

TONDA 1950 TOUR BILLON

Automatic flying tourbillon
Platinum micro-rotor
Titanium tourbillon cage
Hermès alligator strap

Made in Switzerland

www.parmigiani.ch

LE STUDIO PARMIGIANI MIAMI DESIGN DISTRICT

140 N.E. 39TH STREET, PC #108, MIAMI, FL, 786 615 96 56

CELLINI JEWELERS AT MADISON NEW YORK, NY, 212 888 05 05

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PLEASE CONTACT US FOR A COMPLIMENTARY CATALOGUE

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 THE WORLD’S
BILLIONAIRES
For our 30th annual guide to the richest people on earth, we found a total of 1,810 billionaires, down
from 1,826 a year ago. Their aggregate net worth: $6.5 trillion, $570 billion less than last year. Behind the
top-line figures is a story of huge upheaval, as 221 people fell off the list while 198 newcomers joined it.
Blame cratering oil prices, volatile global stock markets and a stronger dollar. For much more, including
ranks in net worth order, go to www.forbes.com/billionaires.

EUROPE
TOTAL WORTH: $1.8 TRILLION
BILLIONAIRES: 489

USA
TOTAL WORTH: $2.4 TRILLION
BILLIONAIRES: 540

ASIA-PACIFIC
TOTAL WORTH: $1.6 TRILLION
BILLIONAIRES: 590

MIDDLE EAST & AFRICA

TOTAL WORTH: $243 BILLION
BILLIONAIRES: 90

THE AMERICAS (INCLUDING CANADA)

TOTAL WORTH: $410 BILLION
BILLIONAIRES: 101

WEALTH EDITORS:
LUISA KROLL AND KERRY A. DOLAN
DEPUTY EDITORS: KEREN BLANKFELD AND DAN ALEXANDER
COUNTRY EDITORS: GRAHAM BUTTON, RUSSELL FLANNERY,
NAAZNEEN KARMALI, JOHN KOPPISCH, TATIANA SERAFIN,
NATHAN VARDI
WEALTH TEAM: ELENA BEREZANSKAYA, MAGGIE CHEN, MAX
JEDEUR-PALMGREN, ANDREA MURPHY, CHASE PETERSON-WITHORN,
KATIA SAVCHUK, CHLOE SORVINO, KATE VINTON, JENNIFER WANG
REPORTERS: FORBES INDONESIA, FORBES KOREA, FORBES
MEXICO, FORBES MIDDLE EAST, FORBES RUSSIA, FORBES TURKEY,
ISABEL ALBINO, LATESHIA BEACHUM, ABRAM BROWN, DENIZ CAM,
CAROLINE CHEN, GRACE CHUNG, MUHAMMAD COHEN, ANTOINE
GARA, RICARDO GEROMEL, CHRISTOPHER HELMAN, NEERJA PAWHA
JETLEY, AROOBA KHAN, LI HUIMIN, ZINA MOUKHEIBER, MICAH PARK,
ANURADHA RAGHUNATHAN, SARITHA RAI, LEONARD SCHOEN-
BERGER, BARTIE SCOTT, JESSICA TAN, MICHELA TINDERA
RESEARCH: SUSAN RADLAUER
PHOTO RESEARCH: MERRILEE BARTON, GAIL TOIVANEN
DATABASE: DMITRI SLAVINSKY, KEN BARNEY
ADDITIONAL REPORTING: FORBES AFRICA, FORBES CZECH
REPUBLIC, FORBES JAPAN, FORBES KAZAKHSTAN, FORBES POLAND,
FORBES ROMANIA, SUSAN ADAMS, YURI AKSYONOV, KURT BADEN-
HAUSEN, KIM BODE, ERIN CARLYLE, NILGUN CAVDAR, KATHLEEN
CHAYKOWSKI, SHU-CHING JEAN CHEN, CHRIS ERB, DANIEL FISHER,
SEAN KILACHAND, ALEX KONRAD, ERNESTO LINARES MASCARO,
NICOLE LINDSAY, RYAN MAC, JAN MCCALLUM, JOANN MULLER,
JOHANNES MUSIAL, SUZANNE NAM, LAN ANH NGUYEN, MFONOBONG
NSEHE, CLARE O’CONNOR, ROBERT OLSEN, PARMY OLSON, NATALIE
ROBEHMED, MATT SCHIFRIN, LUCINDA SCHMIDT, JAMES SIMMS, BRIAN
SOLOMON, NATALIE SPORTELLI, DEBORAH STEINBORN, YUELUN SUN,
GLENDA TOMA, TIM TREADGOLD, OZER TURAN
ACKNOWLEDGMENTS:
SPECIAL THANKS TO LW HOSPITALITY ADVISORS, ORBIS BY BUREAU
VAN DIJK, PRIVCO, REAL CAPITAL ANALYTICS AND DOZENS OF
OTHER EXPERTS WHO HELPED US WITH OUR REPORTING AND
VALUATIONS.

MARCH 21, 2016 FORBES | 83


THE WORLD’S BILLIONAIRES
ALGERIA
GDP: $142 BIL
POPULATION: 40 MIL
BILLIONAIRES: 1
TOTAL NET WORTH:
$3.1 BIL
Issad Rebrab & family X
$3.1 BIL #549 FOOD
ANGOLA
GDP: $101 BIL
POPULATION: 25 MIL
BILLIONAIRES: 1
TOTAL NET WORTH: $3 BIL
(–$300 MIL VS. 2015)
Isabel dos Santos T
$3 BIL #569 INVESTMENTS
ARGENTINA
GDP: $583.5 BIL
POPULATION: 43 MIL
BILLIONAIRES: 4 (–1 VS.
2015)
TOTAL NET WORTH: $9.2
BIL (–$2 BIL VS. 2015)
Carlos & Alejandro
Bulgheroni T
$4.5 BIL #324 OIL & GAS
Eduardo Eurnekian S
$2.2 BIL #810 AIRPORTS,
INVESTMENTS
Gregorio Perez Companc T
$1.5 BIL #1198 OIL & GAS
Alberto Roemmers T
$1 BIL #1694 PHARMACEUTICALS
PLACE
ALEJANDRO
BULGHERONI
From oil tycoon to wine con-
noisseur, the elder Bulgheroni
brother is bringing a touch of Tus-
cany to Uruguay. His Bodega Garzón vine-
yard, just miles from the Atlantic Ocean and a short drive
from Punta del Este, boasts an eco-friendly winery partial-
ly powered by wind and solar. The sustainably farmed vine-
yard produces a variety of reds and whites, and will officially
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
84 | FORBES MARCH 21, 2016
WEALTH
ORIGIN
24%
AUSTRALIA
76%
ALGIERS
INHERITED & GROWING
INHERITED
SELF-MADE
TOP SECTORS
GDP: $1.2 TRIL
7
POPULATION: 24 MIL P LACE REAL ESTATE
BILLIONAIRES:
25 (–2 VS. 2015)
JOHN GANDEL 4
MANUFACTURING
TOTAL NET WORTH: Gandel owns half of the southern 3
$61.7 BIL hemisphere’s largest shopping mall, FINANCE & INVEST
(–$7.3 BIL VS. 2015) Chadstone, with more than 500 stores 2
METALS & MINING
in eastern Melbourne. A huge Lego-
land Discovery Center is due to open 2
TECHNOLOGY
at “Chaddy,” as the mall is known,
this year. He also has a big stake in
listed property trust Vicinity Centres,
which owns the other half of Chad-
stone, plus 98 other malls and outlets.
B IG G E ST G A I N E R
LUANDA
Harry
Triguboff
Sydney’s biggest
apartment builder,
“High-Rise Harry,”
keeps scaling new
heights. His for-
tune climbed $1.9
billion in the past
year, thanks to the
nation’s real estate
boom. His company,
Meriton, reported-
ly attracted interest
from Chinese buy-
ers, but Triguboff
LA RIOJA didn’t sell. Meri-
ton instead contin-
ued to build, start-
ing construction on
more than 4,400
MENDOZA
apartments last
year. In total Harry
BUENOS
AIRES has put up more
4 than 65,000 units
since 1963.
NEUQUÉN
EXPATRIATES
4
PERTH
3
CENTRAL WESTERN
HARRY TRIGUBOFF: IAN WALDIE/BLOOMBERG; SCOTT FARQUHAR: TREVOR COLLENS/ALAMY;
Gina Rinehart T David Teoh  Scott Farquhar S
$8.8 BIL #127 MINING $2.1 BIL #854 $1.4 BIL #1275 SOFTWARE
TELECOM
Harry Triguboff S Gerry Harvey S
$7.3 BIL #159 PROPERTY Fiona Geminder T $1.4 BIL #1275 RETAIL
$1.9 BIL #959 PACKAGING
Frank Lowy S Bob Ell S
$5.1 BIL #262 SHOPPING MALLS David Hains T $1.3 BIL #1367 PROPERTY
$1.9 BIL #959 FINANCE
Anthony Pratt X Andrew Forrest T
$3.6 BIL #435 MANUFACTURING Michael Hintze T $1.3 BIL #1367 MINING
$1.8 BIL #1011 INVESTMENT
James Packer T Heloise Waislitz T
open to the public in $3.5 BIL #453 CASINOS Kerr Neilson T $1.3 BIL #1367 PACKAGING
$1.8 BIL #1011 INVESTMENT
March 2016. Alejan- John Gandel T Maurice Alter X
JAMES PACKER: JOE SUTTER/NEWSCOM 
dro, who also owns $3.3 BIL #495 SHOPPING MALLS Stanley Perron S $1.2 BIL #1476 REAL ESTATE
vineyards in Bor- $1.6 BIL #1121 PROPERTY, RETAIL
deaux and Califor- Lindsay Fox S Alan Rydge X
$2.9 BIL #595 LOGISTICS, Mike Cannon-Brookes S $1.2 BIL #1476 ENTERTAINMENT
nia, and Carlos de- REAL ESTATE $1.4 BIL #1275 BUSINESS
rive their fortunes SOFTWARE Lang Walker X
from private energy Vivek Chaand Sehgal T $1.1 BIL #1577 PROPERTY
$2.1 BIL #854 AUTO PARTS Jack Cowin S
company Bridas. $1.4 BIL #1275 FAST FOOD Huang Bingwen & family X
$1 BIL #1694 CIGARETTE
PACKAGING
TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
 NEWCO MER NE WS MA KE R AUSTRIA RI CH E ST

David Teoh SCOTT Dietrich

GDP: $373.8 BIL
His TPG Telecom is FARQUHAR Mateschitz
POPULATION: 9 MIL
a leading Internet The fortunes of Aus- After almost 30 years Red
BILLIONAIRES: 6 (–1 VS. 2015)
service provider tralia’s youngest bil- Bull still has plenty of pep.
in Australia thanks TOTAL NET WORTH: $29 BIL
lionaire (he’s 36) and Sales of the energy drink,
to a series of (–$600 MILLION VS. 2015)
his university pal Mike Cannon- which Mateschitz started
smart acquisitions Brookes (who’s a month older) peddling in 1987, soared
that have helped jumped when their project- Dietrich Mateschitz 16% to $6.4 billion, as the
push the compa- $13.2 BIL #64 RED BULL
management software outfit, firm sold a record 5.9 bil-
ny’s stock price up Atlassian, whose customers in- Johann Graf lion cans—almost enough
nearly 600% over clude Twitter and NASA, went $8 BIL #144 GAMBLING to give a caffeine jolt (if
the past five years. public on the NYSE in Decem- not a pair of wings) to
Heidi Horten
In September the ber. The stock opened 32% above $2.7 BIL #638 RETAIL every human on the plan-
immigrant bought the IPO price but soon fell back B IG G E ST LOS E R et. His fortune
rival iiNet for more to earth. It was still enough to Helmut Sohmen rose $2.4 bil-
than $1 billion in make each of the co-CEOs, who
Kerr $2.3 BIL #771 SHIPPING
lion, making him
cash and stock. launched the company in 2002 Neilson Wolfgang Leitner Austria’s biggest
with $10,000 in credit card debt, Divorces are $1.5 BIL #1198 ENGINEERING gainer over the
$300 million richer than they rarely good for Reinold Geiger past year.
were a year ago. the bottom line. $1.3 BIL #1367 BEAUTY PRODUCTS
The fortune of
one of Austra-
HAYMAN ISLAND
lia’s best-known
LOWER
value investors is AUSTRIA
HAMILTON ISLAND EXPATRIATES
down $1.4 billion 2
thanks in large FUSCHL AM SEE
part to his split VIENNA
with former wife 2
BURGENLAND
Judith. Shares of ARLBERG
ZÜRS
his money man- CARINTHIA GRAZ
ager, Platinum WOERTHERSEE
Asset Manage-
ment, which he
cofounded in
RICHARD BRANSON’S
MAKEPEACE ISLAND
1994 and runs as
chief executive, BELGIUM Albert Frere X
$4.9 BIL #286 INVESTMENTS
also dipped.
GDP: $453.5 BIL Patokh Chodiev T
SURFERS $1.4 BIL #1275 MINING, METALS
PARADISE POPULATION: 11 MIL
BILLIONAIRES: 3 Coucke Marc T
BYRON BAY $1.2 BIL #1476 PHARMACEUTICALS
TOTAL NET WORTH: $7.5
HUNTER BIL (–$700 MIL VS. 2015)
VALLEY
SYDNEY
10
MERELBEKE

BAROSSA
BIG RIVERS

CHARLEROI

EXPATRIATES
1
MELBOURNE
7

HOW TO READ THE MAPS

TAMAR VALLEY

1ST 2ND 3RD 4TH 5TH

Circles correspond to the cities in each country

where the most billionaires live, with the number
NEWSMA KER of residents listed below each city. Individual
JAMES PACKER names are colored according to where they live.
Even billionaires get starstruck: In January
the media and gaming heir proposed to pop Harry Triguboff S
star MARIAH CAREY with a 35-carat diamond $7.3 BIL #159 PROPERTY
ring. The engagement caps a busy 12 months Total worth
for Packer, who sold his Sydney home in Au- Source of wealth
gust for what’s said to be a record-breaking Rank
$50 million and left the board of his Crown Wealth status compared with 2015
Resorts in December.
UP S DOWN TUNCHANGED X NEW + RETURNEE 3DIVIDED FORTUNE 

WINE-GROWING REGION MARCH 21, 2016 FORBES | 85

THE WORLD’S BILLIONAIRES

BRAZIL
B IG G E ST LOS E R

MARINHO BROTHERS
Weaker ad sales, lower profits and a drop in
N E WS M A K E R Brazil’s currency knocked 48% off the fortune
GDP: $1.8 TRIL Andre Esteves of each of the three Marinho brothers,
POPULATION: 204 MIL owners of Brazilian media group Globo. A
As part of a massive corruption probe into state-owned oil bright spot: the December opening of the
BILLIONAIRES: 31 (–23 VS. 2015) firm Petrobras, banking wunderkind Esteves was arrested Museum of Tomorrow in Rio de Janeiro, an
TOTAL NET WORTH: $135.1 BIL in November 2015 and spent nearly four weeks behind bars. art and science museum supported by the
(–$46 BIL VS. 2015) He allegedly conspired with a legislator to buy a witness’ Marinho family and designed by Spanish
silence. While in jail he resigned as CEO of BTG Pactual, the architect Santiago Calatrava.
investment firm he founded, and he is now under house
WEALTH arrest. His lawyers have denied wrongdoing.
ORIGIN
13%

45%
42%

INHERITED & GROWING

INHERITED
SELF-MADE

TOP SECTORS MANAUS

7 FORTALEZA
FINANCE & INVEST
6
FOOD & BEVERAGE
5
DIVERSIFIED
3
CONSTRUCTION & ENGR
3
FASHION & RETAIL
3
HEALTH CARE COMANDATUBA B IG G E ST G A I N E R
ISLAND, BAHIA
3
MEDIA & ENTERTAIN
Jorge Moll Filho
Moll Filho’s stake in Rede D’Or, Brazil’s
largest hospital and lab operator,
EXPATRIATES jumped in value in 2015. The Carlyle
2 TRANCOSO
Group spent a reported $600 million
SÃO PAULO in April for a stake, and Andre Esteves’
RICHEST 15 troubled investment bank, BTG
Pactual, sold a stake to Singapore’s
Jorge Paulo RIO DE JANEIRO sovereign fund, GIC, in December. The

JORGE PAULO LEMANN: SCOTT OLSON/GETTY IMAGES; ANDRE ESTEVES: DENIS BALIBOUSE/REUTERS; MUSEUM OF TOMORROW: MARIO TAMA/GETTY IMAGES
9
Lemann company’s valuation rose to nearly
$5 billion, helping lift Moll Filho’s net
Lemann enters the worth 67% to $3 billion, the biggest
world’s top 20 rich- percentage gain in Brazil.
est for the first time
ever with a fortune of
$27.8 billion. His 3G
Capital and Berkshire
Hathaway bought Renata de Camargo
Fernando Roberto
Heinz in 2013 and SÃO JOSÉ Nascimento T
DOS PINHAIS Moreira Salles S
merged it with pub- $2.8 BIL #612 BANKING, MINERALS $1.9 BIL #959 CONSTRUCTION
licly traded Kraft in Regina de Camargo Pires
July 2015. In Novem- PORTO ALEGRE Joao Moreira Salles S
$2.8 BIL #612 BANKING, MINERALS Oliveira Dias T
ber Anheuser-Busch $1.9 BIL #959 CONSTRUCTION
InBev, where Lemann Pedro Moreira Salles S
is a controlling share- Jorge Paulo Lemann S $2.8 BIL #612 BANKING, MINERALS Carlos Sanchez T
$27.8 BIL #19 BEER $1.7 BIL #1067 GENERIC DRUGS
holder, proposed a NE WS MA KE R Walther Moreira Salles Jr. S
megamerger with Joseph Safra T $2.8 BIL #612 BANKING, MINERALS Julio Bozano X
SABMiller. The deal CAMARGO SISTERS $17.2 BIL #42 BANKING $1.6 BIL #1121 BANKING
faces antitrust issues Walter Faria T
The three sisters who inherited Marcel Herrmann Telles X $2.6 BIL #666 BEER Andre Esteves T
around the world. conglomerate Camargo Correa $13.0 BIL #68 BEER $1.6 BIL #1121 BANKING
stand to profit from the 2016 Jose Luis Cutrale X
Carlos Alberto Sicupira X $2.5 BIL #688 ORANGE JUICE
Alexandre Grendene
Olympics in Rio. The company $11.3 BIL #87 BEER Bartelle T
is part of a consortium building Francisco Ivens de Sa $1.6 BIL #1121 SHOES
Eduardo Saverin S Dias Branco T
the Trans Olympic expressway, $6.2 BIL #188 FACEBOOK Miguel Krigsner T
which will connect northern $2.1 BIL #854 FOOD
PRODUCTION $1.6 BIL #1121 COSMETICS
and western Rio. Camargo Joao Roberto Marinho T
Correa’s construction arm was $4.3 BIL #351 MEDIA Rossana Camargo de Ermirio Pereira de Moraes T
Arruda Botelho T $1.1 BIL #1577 DIVERSIFIED
accused of money laundering Jose Roberto Marinho T
$1.9 BIL #959 CONSTRUCTION Maria Helena Moraes
as part of a bribery scheme $4.3 BIL #351 MEDIA
involving state-controlled oil Edson de Godoy Bueno T Scripilliti T
Roberto Irineu Marinho T $1.1 BIL #1577 DIVERSIFIED
giant Petrobras. In August it $4.3 BIL #351 MEDIA $1.9 BIL #959 HOSPITALS,
admitted to anticompetitive HEALTH CARE
Lirio Parisotto T
practices and agreed to pay Abilio dos Santos Diniz T $1.1 BIL #1577 INVESTMENTS
$3.4 BIL #477 RETAIL Aloysio de Andrade Faria T
back $200 million to customers. $1.9 BIL #959 BANKING Alfredo Egydio
Jorge Moll Filho S Arruda Villela Filho T
$3 BIL #569 HOSPITALS $1 BIL #1694 BANKING

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

86 | FORBES MARCH 21, 2016

 THE WORLD’S BILLIONAIRES

CANADA N E WS M A K E R

Daryl Katz
GDP: $1.6 TRIL The Edmonton native made his money
POPULATION: 36 MIL in drugstore chains, but his second
BILLIONAIRES: 33 (–6 VS. 2015) act—revitalizing his city’s downtown—
may be his ultimate legacy. His group
TOTAL NET WORTH: $112.4 BIL
has invested nearly $2 billion in a 35-
(–$22.3 BIL VS. 2015)
acre complex that will include hotel,
TOP SECTORS condo and office towers, among other
WEALTH things, and will be one of Canada’s
ORIGIN 7
FASHION & RETAIL largest mixed-use developments. An
6%
5 18,500-seat arena, built by Katz but
18%
TECHNOLOGY owned by the city, is expected to open
76%
4 this fall to house his NHL team, the
DIVERSIFIED
Edmonton Oilers.
4
INHERITED & GROWING FINANCE & INVEST
INHERITED 3
SELF-MADE
FOOD & BEVERAGE

NEWSMAKER

GARRETT CAMP
The Uber cofounder and chair-
man is taking back control of
StumbleUpon, buying a major-
ity stake in the content-discov-
ery engine that he helped start
as a grad student at the Uni-
versity of Calgary. With
no venture capital
coming in since
2011, Stumble-
Upon has strug-
gled to compete
in a social media EDMONTON
space dominated
SILICON VALLEY NORTH
by Facebook and
Twitter. The Alber- CANADIAN ROCKIES
ta native’s ride-hailing
giant doesn’t have the same
problem: Uber is currently val-
ued at over $60 billion after
three financing rounds in the
WHISTLER BLACKCOMB
past 12 months.
STUART ISLAND

CALGARY
2
EXPATRIATES
5
VANCOUVER
3

David Thomson & family T Mark Scheinberg X Jean Coutu T Guy Laliberte T B IG G E ST G A I N E R
$23.8 BIL #25 MEDIA $4.1 BIL #369 ONLINE GAMBLING $1.7 BIL #1067 PHARMACIES $1.3 BIL #1367 CIRQUE DU SOLEIL
Bernard
Galen Weston & family T David Cheriton S Gerald Schwartz X Serge Godin X
$9.3 BIL #116 RETAIL $3.3 BIL #495 GOOGLE $1.7 BIL #1067 FINANCE $1.2 BIL #1476 INFORMATION Sherman
TECHNOLOGY Sherman founded
KAREN SPENCER / ALAMY; BERNARD SHERMAN: NORM BETTS/ BLOOMBERG
Garrett Camp S Daryl Katz T Peter Gilgan S
LANE/EEPA/NEWSCOM; CHIP WILSON: BEN NELMS/REUTERS; MUSKOKAL :
GUY LALIBERTE: GABE GINSBERG/GETTY IMAGES; GARRETT CAMP: JUSTIN

$6.2 BIL #188 UBER $3.2 BIL #527 PHARMACIES $1.6 BIL #1121 HOME BUILDING Hal Jackman S generic-drug maker
$1.2 BIL #1476 INSURANCE, Apotex as a bare-
James Irving T Alain Bouchard S Mitchell Goldhar T INVESTMENTS bones, two-person
$5.4 BIL #240 DIVERSIFIED $2.7 BIL #638 RETAIL $1.6 BIL #1121 REAL ESTATE
Stephen Jarislowsky T operation in 1974;
Bernard (Barry) Sherman S Robert Miller S Brandt Louie T $1.2 BIL #1476 MONEY today its pharmaceu-
$4.9 BIL #286 PHARMACEUTICALS $2.7 BIL #638 ELECTRONICS $1.5 BIL #1198 DRUGSTORE MANAGEMENT ticals have become
COMPONENTS CHAIN
Arthur Irving T Aldo Bensadoun T
the go-to choice for
$4.7 BIL #308 OIL Lawrence Stroll X Frank Stronach X $1.1 BIL #1577 SHOES Canadians, filling
$2.4 BIL #722 RETAIL $1.4 BIL #1275 AUTO PARTS some 90 million pre-
Jim Pattison T Ronald Joyce T scriptions a year. The
$4.5 BIL #324 DIVERSIFIED Charles Bronfman X Jacques D’Amours X $1.1 BIL #1577 RESTAURANTS
$2.3 BIL #771 LIQUOR $1.3 BIL #1367 RETAIL company’s arsenal
Emanuele (Lino) Saputo T V. Prem Watsa S of over 300 generics
$4.4 BIL #338 CHEESE Chip Wilson T N. Murray Edwards T $1.1 BIL #1577 INSURANCE, includes ibuprofen,
$2.1 BIL #854 LULULEMON $1.3 BIL #1367 OIL & GAS INVESTMENTS
Joseph Tsai T diazepam and oxy-
$4.2 BIL #358 E-COMMERCE Carlo Fidani X codone. His fortune
$1.9 BIL #959 REAL ESTATE is up 26% in the last
12 months.
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

88 | FORBES MARCH 21, 2016

 CHILE
NE WS MA K E R
GDP: $240 BIL
GUY LALIBERTE POPULATION: 18 MIL
The fire-eating, stilt-walking accordi- BILLIONAIRES: 10 (–2 VS. 2015)
onist and his group of street perform- TOTAL NET WORTH: $29 BIL (–$10.9 BIL VS. 2015)
ers staged their first Cirque
du Soleil show in 1984 in
Quebec. He’s sold 175
million tickets to his Iris Fontbona & family T
spectacles, but is he $10.1 BIL #101 MINING
ready for a new act?
Horst Paulmann & family T
In a 2015 deal that $3.7 BIL #421 RETAIL
valued Cirque at a re-
ported $1.5 billion, Lali- Sebastian Pinera X
$2.5 BIL #688 INVESTMENTS
berté sold a majority stake to a con-
sortium that was led by U.S. private equity Bernardo Matte T
firm TPG and also included Chinese conglom- $2.3 BIL #771 PAPER
erate Fosun and a Canadian pension fund. Eliodoro Matte T
$2.3 BIL #771 PAPER

Patricia Matte T
P LACE $2.3 BIL #771 PAPER

Alvaro Saieh Bendeck T

Muskoka, Ontario $2.2 BIL #810 BANKING
The popular vacation spot encompass-
Julio Ponce T
es over 2,000 lakes and is a favorite of $1.4 BIL #1275 FERTILIZER
celebrities and Bay Street tycoons alike,
counting model Cindy Crawford and Roberto Angelini Rossi T
$1.2 BIL #1476 FORESTRY,
billionaire home builder Peter Gilgan
MINING
among its residents. The region has an
abundance of private islands and thick Luis Enrique Yarur Rey T
groves of pine trees. $1 BIL #1694 BANKING

SANTIAGO
10

QUEBEC CITY
2

MOUNT TREMBLANT

PUCÓN

SAINT JOHN
MONTREAL 2
7 N E WS M A K E R
PUERTO MONTT

MUSKOKA
Luis Enrique
WESTMOUNT
AURORA Yarur Rey
NORTH YORK His retail and commercial
bank BCI bought Miami-
based City National Bank of
BANCA COMMERCIALE ITALIANA: JADER ALTO/ALAMY

MARKHAM
TORONTO
Florida for $947 million in
7 October, marking the first
OAKVILLE time a Chilean bank has
purchased a U.S. bank.

N E WSMAKER

CHIP WILSON
After a series of controversies, including his disparaging
comments about women’s bodies and his attempt to un-
seat two board members, Lululemon’s founder stepped
away from his creation completely in early 2015. Four
months later the yoga-gear retailer filed with the SEC,
indicating his interest in selling off the last of his shares.
He is now focused on Kit and Ace, a high-end casual-
wear retailer started by his wife and son that sells wash-
able cashmere-like clothing that’s made by combining
the expensive fiber with synthetic material.

MARCH 21, 2016 FORBES | 89

 THE WORLD’S BILLIONAIRES

CHINA B I G G E ST LOS E R

GDP: $10.9 TRIL Li Hejun B IG G E ST G A I N E R

POPULATION: 1.4 BIL Li’s fortune plunged LIU YIQIAN
BILLIONAIRES: 251 (+38 VS. 2015) $17.9 billion in the past
The ostentatious art collector set tongues wagging in
TOTAL NET WORTH: $593 BIL (+$28.3 BIL VS. 2015) 12 months to $3.2 billion.
November with his $170 million purchase of Modigli-
Shares of his Hong Kong-
ani’s “Reclining Nude”—the second-most-expensive
WEALTH TOP SECTORS listed Hanergy Thin Film
artwork ever sold at an auction—just a year after a
ORIGIN Power Group had risen
0.8%
44 photo of him drinking tea from his $36 million
MANUFACTURING 1,345% in 24 months.
0.4% Ming Dynasty porcelain cup created a furor
41 Trading was suspended
on the Internet. Liu’s fortune climbed $1.8
TECHNOLOGY in May 2015 after Haner-
billion in the past year. He bought shares of
98.8% 38 gy’s share price plunged
Hubei Biocause Pharmaceutical in January
REAL ESTATE 47% in one day. The solar
in a nonpublic offering; the stock is worth
26 panel equipment maker
INHERITED & GROWING
HEALTH CARE more than twice what he paid.
INHERITED is under investigation by
SELF-MADE 21 Hong Kong regulators,
DIVERSIFIED
which haven’t specified
why. Li sold 5% of his Ha-
Wang Jianlin S Wang Chuanfu S
nergy stake for 3 cents a
$28.7 BIL #18 REAL ESTATE $4.4 BIL #338 BATTERIES, AUTOS share in a private trans-
action in December, a
Jack Ma T Wei Jianjun & family T far cry from the stock’s
$20.5 BIL #33 ALIBABA $4.3 BIL #351 AUTOMOBILES
$7 peak.
Ma Huateng S Wang Wei X
$16.6 BIL #46 INTERNET SERVICES $4.2 BIL #358 PACKAGE
DELIVERY SERVICE URUMQI
Robin Li T
$11.0 BIL #90 INTERNET SEARCH Liu Yonghao & family T
$4.1 BIL #369 AGRIBUSINESS
Lei Jun T
$9.8 BIL #107 SMARTPHONES Zhou Jianping T
$3.9 BIL #392 APPAREL
He Xiangjian T
$9.0 BIL #122 HOME APPLIANCES Zhang Jindong T
$3.8 BIL #403 APPLIANCE
Hui Ka Yan S RETAILER
$8.6 BIL #129 REAL ESTATE
Frank Wang 
William Ding S $3.6 BIL #435 DRONES
$8.1 BIL #141 ONLINE GAMES
Liang Wengen T
Wang Wenyin T $3.5 BIL #453 CONSTRUCTION
$7.2 BIL #163 MINING, COPPER EQUIPMENT
PRODUCTS
Pan Zhengmin & family X
Liu Qiangdong T $3.5 BIL #453 ELECTRONICS
$6.3 BIL #184 E-COMMERCE

Xu Shihui & family 

$6.2 BIL #188 SNACKS,
BEVERAGES

Zong Qinghou T NE WS MA KE R
$6.2 BIL #188 BEVERAGES
JIA YUETING
Zhang Zhidong S
$5.9 BIL #205 INTERNET MEDIA The man behind the Netflix of China is setting his sights on best-
ing Tesla. Jia made his fortune with LeTV, an online video
Lu Guanqiu S service. He is reportedly backing startup Faraday Future,
$5.7 BIL #219 CONGLOMERATE which plans to build a $1 billion electric-car factory in
Nevada. Jia has inked a deal with Aston Martin to col-
Jason Jiang  laborate on an all-electric model of the Rapide S.
$5.4 BIL #240 ADVERTISING

Xu Chuanhua & family 

$5.4 BIL #240 CHEMICALS

Chan Laiwa & family T

$5.2 BIL #258 REAL ESTATE

Liu Yongxing T
$5.1 BIL #262 AGRIBUSINESS

Guo Guangchang T
$5.0 BIL #270 CONGLOMERATE

Yang Huiyan X
$5.0 BIL #270 REAL ESTATE

Lu Zhiqiang T
$4.8 BIL #298 CONGLOMERATE

Jia Yueting S
$4.7 BIL #308 ONLINE VIDEO

Sun Guangxin S
$4.7 BIL #308 DIVERSIFIED

Tong Jinquan T
$4.4 BIL #338 REAL ESTATE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

90 | FORBES MARCH 21, 2016

 PLACE Wang Wenxue S Zheng Yuewen & family S
A February proposal from the Chinese government looks to halt $3.5 BIL #453 REAL ESTATE $2.4 BIL #722 INVESTMENTS
some of the country’s more cutting edge architecture, criticizing Zhang Shiping & family T Huang Wei T
“oversized, xenocentric and weird” designs. That means structures $3.5 BIL #453 ALUMINUM $2.3 BIL #771 DIVERSIFIED
like ZHANG XIN’S BULLET-TRAIN-SHAPED SKY SOHO in Shanghai, N E WCO M E R PRODUCTS
created by Iraqi-British architect Zaha Hadid, might no longer get Song Zuowen X
such a warm reception as it did when it opened in 2014. Cheng Wei Pang Kang S $2.3 BIL #771 ALUMINUM,
$3.4 BIL #477 SOY SAUCE MAKER DIVERSIFIED
Cheng is cofound-
er of Didi Kuaidi, the Qiu Guanghe & family T Tse Ping & family S
local car hailing ser- $3.4 BIL #477 APPAREL RETAIL $2.3 BIL #771 PHARMACEUTICALS
vice that is contrib- Sun Piaoyang S Zhou Yahui & family S
HULIN uting to Uber los- $3.4 BIL #477 PHARMACEUTICALS $2.3 BIL #771 ONLINE GAMES
ing $1 billion a year
Jiang Bin X Fu Liquan & family X
in China. The eight- $3.3 BIL #495 ACOUSTIC $2.2 BIL #810 SURVEILLANCE
year Alibaba veteran COMPONENTS EQUIPMENT
started Didi Dache
in 2012 with backing Ma Jianrong & family S Shen Guojun S
$3.3 BIL #495 TEXTILES, $2.2 BIL #810 RETAIL
from Internet giant APPAREL
Tencent. It merged Xiao Wenge S
with its Chinese rival Qi Shi & family S $2.2 BIL #810 ENTERTAINMENT
JILIN $3.3 BIL #495 FINANCIAL
Kuaidi Dache in 2015 Chen Bang S
LIAOYANG INFORMATION
TONGHUA to fend off an attack $2.1 BIL #854 HOSPITALS
ANSHAN by the invading U.S. Zhang Guiping & family S
giant. Didi racked $3.3 BIL #495 REAL ESTATE Feng Hailiang X
SHENYANG 2
BEIJING 50 up 1.4 billion rides in
$2.1 BIL #854 COPPER, REAL
Zhu Gongshan S ESTATE
YINGKOU 2015, a figure that $3.3 BIL #495 SOLAR PANEL
SANHE DANDONG took Uber more than MATERIALS Ji Changqun 
$2.1 BIL #854 REAL ESTATE
LANGFANG five years to reach Li Hejun T
2 LONGKOU worldwide. $3.2 BIL #527 RENEWABLE Jiang Weiping & family 
ENERGY $2.1 BIL #854 CHEMICALS
WEIFANG
BAODING
2 Wu Yajun & family T Sze Man Bok T
$3.2 BIL #527 REAL ESTATE $2.1 BIL #854 HYGIENE PRODUCTS
BINZHOU ZHANGJIAGANG
SHIJIAZHUANG RIZHAO 2 Yang Kai S Cai Kui T
$3.2 BIL #527 DAIRY PRODUCTS $2.0 BIL #906 REAL ESTATE
HEZE JINAN LINYI
LIANYUNGANG Huang Wenji & family 
TAIXING SHANGHAI Liu Yiqian S
ZHENGZHOU $2.0 BIL #906 UMBRELLAS
HEFEI 3 NANJING 29 $3.0 BIL #569 INVESTMENTS

4 NANTONG Chanchai Ruayrungruang S Hui Lin Chit T

XINXIANG CHANGSHU $3.0 BIL #569 REAL ESTATE $2.0 BIL #906 HYGIENE
XI’AN SOFTWARE PARK JIANGYIN PRODUCTS
LANZHOU DANYANG
RUZHOU SUZHOU 5 Huang Rulun T
WUJIANG $2.9 BIL #595 REAL ESTATE Wu Guangming & family S
WUXI
LIN’AN 2 SHAOXING $2.0 BIL #906 MEDICAL
NANYANG Lu Xiangyang S EQUIPMENT
WUHU SHANGYU NINGBO 4
CHENGDU 2 $2.9 BIL #595 AUTOMOBILES,
TAIZHOU Yan Zhi S
8 HANGZHOU 3
BATTERIES
$2.0 BIL #906 REAL ESTATE
WUHAN 17 ZHUJI Simon Xie S
3 QUZHOU WENZHOU $2.9 BIL #595 ONLINE Yi Zheng S
NANPING 2 PAYMENT SERVICE $2.0 BIL #906 SOFTWARE

FUZHOU 3 Xue Xiangdong & family T Du Jiangtao & family S

CHANGSHA $1.9 BIL #959 CHEMICALS
CHONGQING 2 QUANZHOU 3 $2.8 BIL #612 SOFTWARE
3
DONGGUAN JINJIANG 3 Cai Dongqing S Huang Qiaoling 
$2.7 BIL #638 ANIMATION $1.9 BIL #959 AMUSEMENT
KUNMING XIAMEN 3 PARKS
GUANGZHOU Chen Fashu T
13 SHANTOU 2 $2.7 BIL #638 INVESTMENTS Liang Xinjun T
$1.9 BIL #959 CONGLOMERATE
ANSHUN CHAOZHUO
Wang Yusuo & family X
PUNING Liang Yunchao T
FOSHAN $2.7 BIL #638 NATURAL GAS
4 DISTRIBUTION $1.9 BIL #959 NUTRITION
MACAU
SUPPLEMENTS
ZHONGSHAN SHENZHEN Ke Zunhong & family 
2 Que Wenbin & family S
28 $2.6 BIL #666 PHARMACEUTICALS
$1.9 BIL #959 PHARMACEUTICALS
Li Shuirong S
$2.6 BIL #666 PETROCHEMICALS Wang Jing T
$1.9 BIL #959 TELECOM
Liu Zhongtian & family T SERVICES
EXPATRIATES $2.6 BIL #666 ALUMINUM
HONG KONG PRODUCTS Wu Zhigang & family 
HAINAN ISLAND 6 $1.9 BIL #959 FOOD
Zhang Xin & family T
$2.6 BIL #666 REAL ESTATE Yao Zhenhua 
$1.9 BIL #959 LOGISTICS,
Li Zhongchu T REAL ESTATE
NEWSMA K E R
PAINTING: PHILIPPE LOPEZ/AFP/GETTY IMAGES

$2.5 BIL #688 SOFTWARE

Zhou Chengjian S
LI HEJUN: CHINAFOTOPRESS/GETTY IMAGES;

Zhou Yahui Wang Xing S $1.9 BIL #959 APPAREL RETAILER

In January, Zhou’s Kunlun Tech, one of China’s top game de- $2.5 BIL #688 E-COMMERCE
velopers, acquired a 60% stake in gay dating app Grindr for Yu Yong T
$93 million in cash. The company is apparently hoping to $2.5 BIL #688 MINING
use it to draw international traffic to its games. In February INVESTMENTS
2015 Kunlun signed a deal with Finland-based Rovio, maker Lin Xiucheng & family S
of Angry Birds, to develop the game specifically for the Chinese $2.4 BIL #722 ELECTRONICS
market; a localized version was released five months later.
Wang Changtian S
$2.4 BIL #722 TV, MOVIE
PRODUCTION
Cao Longxiang & family S
$1.8 BIL #1011 PHARMACEUTICALS
Chen Hua 
$1.8 BIL #1011 REAL ESTATE
Fang Wei X
$1.8 BIL #1011 STEEL
Jiang Rensheng & family S
$1.8 BIL #1011 VACCINE
PRODUCTION

MARCH 21, 2016 FORBES | 91

THE WORLD’S BILLIONAIRES
CHINA
Wang Qingtao X
$1.8 BIL #1011 STEEL SMELTING
Xu Jingren S
$1.8 BIL #1011 PHARMACEUTICALS
Zhu Qingyi 
$1.8 BIL #1011 REAL ESTATE
Che Jianxing 4
$1.7 BIL #1067 FURNITURE
RETAILING
Fu Meicheng & family S
$1.7 BIL #1067 TV SHOWS,
MOVIES
Li Shufu T
$1.7 BIL #1067 AUTOMOBILES
Liu Xiaodong 
$1.7 BIL #1067 FLAVORINGS
Qin Yinglin & family S
$1.7 BIL #1067 PIG BREEDING
Ren Zhengfei S
$1.7 BIL #1067 TELECOM
EQUIPMENT
Shen Wenrong S
$1.7 BIL #1067 STEEL
PRODUCTION
Sun Xishuang T
$1.7 BIL #1067 REAL ESTATE
Wang Wenjing T
$1.7 BIL #1067 BUSINESS
SOFTWARE
Xu Ziquan & family 
$1.7 BIL #1067 SOFTWARE
Zhang Li T
$1.7 BIL #1067 REAL ESTATE
Zhou Guohui S
$1.7 BIL #1067 LOGISTICS
Chen Jianhua & family S
$1.6 BIL #1121 CHEMICALS
Chen Jinxia T
$1.6 BIL #1121 INVESTMENTS
Ding Shijia S
$1.6 BIL #1121 SPORTSWEAR
Ding Shizhong & family S
$1.6 BIL #1121 SPORTS APPAREL
Fu Guangming & family 4
$1.6 BIL #1121 POULTRY
Hu Kaijun S
$1.6 BIL #1121 PHARMACEUTICALS
Huo Qinghua T
$1.6 BIL #1121 COAL
Ke Xiping & family T
$1.6 BIL #1121 INVESTMENTS
Lei Jufang S
$1.6 BIL #1121 PHARMACEUTICALS
Lin Li T
$1.6 BIL #1121 INVESTMENTS
Tian Ming X
$1.6 BIL #1121 MEASURING
INSTRUMENTS
Wang Zhenghua S
$1.6 BIL #1121 BUDGET AIRLINE
Zan Shengda X
$1.6 BIL #1121 DIVERSIFIED
Zhu Baoguo & family 4
$1.6 BIL #1121 PHARMACEUTICALS
Zhu Xingliang T
$1.6 BIL #1121 CONSTRUCTION
Fang Tonghua & family 
$1.5 BIL #1198
PHARMACEUTICALS
Huang Hongyun & family T
$1.5 BIL #1198 REAL ESTATE
92 | FORBES MARCH 21, 2016
Jiang Zhaobai T
$1.5 BIL #1198 REAL ESTATE
Li Li & family X
$1.5 BIL #1198 PHARMACEUTICALS
Li Liufa & family T
$1.5 BIL #1198 STEEL, DIVERSIFIED
Lin Jianhua & family T
$1.5 BIL #1198 SOLAR PANEL
COMPONENTS
Ma Hong & family S
$1.5 BIL #1198 APPAREL
RETAILER
Ni Zugen 
$1.5 BIL #1198 APPLIANCES
Qi Jinxing 4
$1.5 BIL #1198 REAL ESTATE
Shi Yuzhu T
$1.5 BIL #1198 ONLINE GAMES,
INVESTMENTS
Shuai Fangwen & family S
$1.5 BIL #1198 PHARMACEUTICALS
Wang Jianfeng & family S
$1.5 BIL #1198 AUTO PARTS
Wang Laichun S
$1.5 BIL #1198 ELECTRONICS
COMPONENTS
Wang Laisheng S
$1.5 BIL #1198 ELECTRONICS
COMPONENTS
Wen Yibo & family S
$1.5 BIL #1198 WASTEWATER
TREATMENT
Zhang Desheng & family 
$1.5 BIL #1198 MANUFACTURING
Zhou Hongyi S
$1.5 BIL #1198 SECURITY
SOFTWARE
Gao Tianguo 
$1.4 BIL #1275 REAL ESTATE,
FINANCE
Jiang Wei T
$1.4 BIL #1275 PHARMACEUTICALS
Lam Kong T
$1.4 BIL #1275 PHARMACEUTICALS
Ma Xingtian S
$1.4 BIL #1275 PHARMACEUTICALS
Shao Genhuo T
$1.4 BIL #1275 AGRIBUSINESS
Wang Jiufang 4
$1.4 BIL #1275 REAL ESTATE
Wong Kwong Yu & family T
$1.4 BIL #1275 RETAIL
Wong Luen Hei S
$1.4 BIL #1275 HOME BUILDING
MATERIALS
Yuan Yafei S
$1.4 BIL #1275 RETAILING,
INVESTMENTS
Zhang Changhong T
$1.4 BIL #1275 FINANCIAL
INFORMATION SERVICE
Zhou Yifeng & family 
$1.4 BIL #1275 CHEMICALS
An Kang S
$1.3 BIL #1367 PHARMACEUTICALS
Chen Baozhen 
$1.3 BIL #1367 INTERNET
Hua Yong 
$1.3 BIL #1367 SOFTWARE
Huang Li T
$1.3 BIL #1367 INFRARED
IMAGING SYSTEMS
Huang Qisen T
$1.3 BIL #1367 REAL ESTATE
Huang Zhenda & family T
$1.3 BIL #1367 CONSTRUCTION
Hung Yau Lit 
$1.3 BIL #1367 INTIMATE WEAR
Kei Hoi Pang T
$1.3 BIL #1367 REAL ESTATE
Li Weiwei 
$1.3 BIL #1367 ONLINE GAMES
Liang Guangwei X
$1.3 BIL #1367 BATTERIES,
MINI MOTORS
Lu Di 
$1.3 BIL #1367 DRONES
Miao Shouliang X
$1.3 BIL #1367 REAL ESTATE,
DIVERSIFIED
Ou Zongrong 
$1.3 BIL #1367 REAL ESTATE
Ren Jianhua 
$1.3 BIL #1367 KITCHEN
APPLIANCES
Shao Zhongyi T
$1.3 BIL #1367 SOYBEAN
TRADING
Wang Chaobin 
$1.3 BIL #1367 REAL ESTATE
Wang Han 
$1.3 BIL #1367 AIRLINE,
DIVERSIFIED
Wu Gang 
$1.3 BIL #1367 MONEY
MANAGEMENT
Wu Xushun & family 
$1.3 BIL #1367 INTERNET,
AUTO PARTS
Yuan Fugen & family 
$1.3 BIL #1367 METAL
PROCESSING
Zhang Bangxin 
$1.3 BIL #1367 AFTERSCHOOL
TUTORING
Zhang Kaiyuan 
$1.3 BIL #1367 GAS
DESULFURIZATION
Zhang Zhangsun & family 
$1.3 BIL #1367 REAL ESTATE
Zheng Xiaodong 
$1.3 BIL #1367 MANUFACTURING
Zhu Chongyun & family X
$1.3 BIL #1367 APPAREL
RETAILER
Ao Xiaoqiang 
$1.2 BIL #1476 ELECTRICAL
EQUIPMENT
Cai Xiaoru 
$1.2 BIL #1476 ELECTRONIC
COMPONENTS
Cao Kejian T
$1.2 BIL #1476 AIR
COMPRESSORS, DRILLS
Chen Qingzhou & family 
$1.2 BIL #1476 COMMUNICA-
TIONS EQUIPMENT
Chen Yansheng & family 
$1.2 BIL #1476 TOYS,
ENTERTAINMENT
Cheng Xianfeng 
$1.2 BIL #1476 PHARMACEUTICALS
Geng Jianming & family T
$1.2 BIL #1476 REAL ESTATE
Huang Chulong S
$1.2 BIL #1476 REAL ESTATE
Li Fucheng & family 
$1.2 BIL #1476 AGRIBUSINESS
Liu Changqing & family T
$1.2 BIL #1476 BANKING
EQUIPMENT
Ni Zhaoxing T
$1.2 BIL #1476 REAL ESTATE
Ruan Shuilong & family T
$1.2 BIL #1476 CHEMICALS
Su Weizhong 
$1.2 BIL #1476 OIL, FERTILIZERS
Sun Shoukuan T
$1.2 BIL #1476 METALS. COAL
Wang Junjin 
$1.2 BIL #1476 REGIONAL AIRLINE
Wen Jianping T
$1.2 BIL #1476 SEWAGE
TREATMENT
Wu Yiling & family T
$1.2 BIL #1476 PHARMACEUTICALS
Yang Keng S
$1.2 BIL #1476 REAL ESTATE
Yu Minhong 4
$1.2 BIL #1476 EDUCATION
Zhao Xiaoqiang 
$1.2 BIL #1476 APPAREL
Zheng Jianjiang & family 
$1.2 BIL #1476 ELECTRICAL
EQUIPMENT
Cheng Xue S
$1.1 BIL #1577 SOY SAUCE
Chu Mang Yee & family X
$1.1 BIL #1577 REAL ESTATE
Fan Zhaoxia & family X
$1.1 BIL #1577 PHOTOVOLTAIC
EQUIPMENT
Gu Wei T
$1.1 BIL #1577 CONSUMER
ELECTRONICS
Han Tao 
$1.1 BIL #1577 ELECTRONICS
COMPONENTS
He Yamin & family 
$1.1 BIL #1577 MANUFACTURING
Hua Xuande & family 
$1.1 BIL #1577 PHARMACEUTICALS
Li Tan T
$1.1 BIL #1577 PHARMACEUTICALS
Li Yong 
$1.1 BIL #1577 CHEMICALS
Li Zhen & family 
$1.1 BIL #1577 LITHIUM BATTERIES
Lin Bin T
$1.1 BIL #1577 SMARTPHONES
Liu Baolin T
$1.1 BIL #1577 PHARMACIES,
DRUG DISTRIBUTION
Liu Zhenguo S
$1.1 BIL #1577 SEWAGE
TREATMENT
Nan Cunhui T
$1.1 BIL #1577 ELECTRICAL
POWER EQUIPMENT
Pan Weiming 
$1.1 BIL #1577 REAL ESTATE
Ru Jiyong & family 
$1.1 BIL #1577 HOME,
OFFICE PRODUCTS
Wang Junhao 
$1.1 BIL #1577 REGIONAL AIRLINE
Wang Yue 
$1.1 BIL #1577 ONLINE GAMES
Swift Xie 
$1.1 BIL #1577 DRONES
Yao Xinyi 
$1.1 BIL #1577 AIR CONDITIONING
Yin Xingman & family 
$1.1 BIL #1577 AUTO PARTS
Zhang Zhongneng & fam 4
$1.1 BIL #1577 ALUMINUM
Chen Jiancheng & family 
$1.0 BIL #1694 MANUFACTURING
Chen Jiangtao & family 
$1.0 BIL #1694 SOFTWARE
Cheng Wei 
$1.0 BIL #1694 RIDE-HAILING
SERVICE
Dou Zhenggang 4
$1.0 BIL #1694 ENERGY, WASTE,
CHEMICALS
Fu Kwan 4
$1.0 BIL #1694 REAL ESTATE,
DIVERSIFIED
Gao Dekang & family T
$1.0 BIL #1694 APPAREL
Don Gao T
$1.0 BIL #1694 POWER TOOLS
He Zhiping & family 
$1.0 BIL #1694 INVESTMENTS
Li Fuchao & family X
$1.0 BIL #1694 AUTO PARTS
Liu Shaoxi T
$1.0 BIL #1694 REAL ESTATE
Lu Feng 
$1.0 BIL #1694 FINANCIAL
INFORMATION
Lu Yonghua & family X
$1.0 BIL #1694 ELECTRONICS
Lv Yongxiang & family 
$1.0 BIL #1694 MAGNETIC
SWITCHES
Peng Jianhu & family 
$1.0 BIL #1694 TOURISM
Shen Dongri 
$1.0 BIL #1694 APPAREL
Sun Qinghuan T
$1.0 BIL #1694 LIGHTING
Wan Lianbu T
$1.0 BIL #1694 FERTILIZERS
Wang Jinshu T
$1.0 BIL #1694 CHEMICALS
Wang Junmin T
$1.0 BIL #1694 PHARMACEUTICALS
Wang Wenliang X
$1.0 BIL #1694 SHIPPING PORTS
Wei Shaojun T
$1.0 BIL #1694 REAL ESTATE
Xiu Laigui T
$1.0 BIL #1694 PHARMACEUTICALS
Jane Yan & family 
$1.0 BIL #1694 SOFTWARE
Ye Cheng T
$1.0 BIL #1694 CONGLOMERATE
Zeng Kaitian 
$1.0 BIL #1694 ONLINE GAMES
Zhang Keqiang 4
$1.0 BIL #1694 REAL ESTATE
Zhang Wanzhen 
$1.0 BIL #1694 ADVANCED
CERAMICS
Zhou Yaoting & family T
$1.0 BIL #1694 APPAREL,
REAL ESTATE
Zhuang Min 
$1.0 BIL #1694 SURVEILLANCE
EQUIPMENT
THE WORLD’S BILLIONAIRES

COLOMBIA CZECH EGYPT

GDP: $299.6 BIL REPUBLIC GDP: $307.4 BIL
POPULATION: 88 MIL
POPULATION: 50 MIL
BILLIONAIRES: 6 (–2 VS. 2015)
BILLIONAIRES: 3
PRAGUE TOTAL NET WORTH: $14.2 BIL
TOTAL NET WORTH: $13.6 BIL 3 (–$9.3 BIL VS. 2015)
(–$4.9 BIL VS. 2015) VELKE POPOVICE
BOGOTA
2
Luis Carlos Sarmiento T VRANE NAD
VLTAVOU Nassef Sawiris T
$8.9 BIL #124 BANKING
$3.7 BIL #421 CONSTRUCTION, CHEMICALS
Jaime Gilinski Bacal X Naguib Sawiris T
$3.1 BIL #549 BANKING
$3 BIL #569 TELECOM
Carlos Ardila Lulle T Mohamed Mansour T
$1.6 BIL #1121 SOFT DRINKS, EXPATRIATE
1 $2.5 BIL #688 DIVERSIFIED
DIVERSIFIED
GDP: $182.4 BIL Mohamed Al Fayed T
$1.9 BIL #959 RETAIL, INVESTMENTS
POPULATION: 11 MIL
CYPRUS GDP: $18.9 BIL
POPULATION: 1 MIL
BILLIONAIRES: 5
TOTAL NET WORTH: $17.8 BIL (+$2.3
Youssef Mansour T
$1.7 BIL #1067 DIVERSIFIED

John Fredriksen T BILLIONAIRES: 5 BIL VS. 2015) Yasseen Mansour T

$8.5 BIL #133 SHIPPING TOTAL NET WORTH: $13.4 BIL $1.4 BIL #1275 DIVERSIFIED
(–$2.4 BIL VS. 2015)
Stelios Haji-Ioannou T Petr Kellner S
$1.4 BIL #1275 EASYJET $10.6 BIL #96 BANKING, INSURANCE
Polys Haji-Ioannou X Andrej Babis X
$1.3 BIL #1367 EASYJET $2.5 BIL #688 AGRICULTURE
Suat Gunsel X CAIRO
LEFKOSA
Radovan Vitek S 5
$1.1 BIL #1577 REAL ESTATE, $1.9 BIL #959 REAL ESTATE
EDUCATION
Karel Komarek T
Clelia Haji-Ioannou T EXPATRIATE $1.6 BIL #1121 OIL & GAS
$1.1 BIL #1577 EASYJET 4
Pavel Tykac S
R ICHEST $1.2 BIL #1476 COAL MINING EXPATRIATE
1
John Fredriksen
Rough sailing for Fredriksen: Shares of his deepwater
drillship operator Seadrill and dry bulk shipper Gold-

DENMARK
en Ocean collapsed along with oil prices, shrinking his
fortune by $2 billion. In December he told a Norwe-
gian financial newspaper that he handed over respon-
sibility for a $2 billion investment portfolio to his twin GDP: $295.8 BIL
daughters, Cecilie and Kathrine, age 32. POPULATION: 6 MIL
BILLIONAIRES: 6 (+1 VS. 2015)
TOTAL NET WORTH: $29.4 BIL (+$3.7 BIL VS. 2015) EXPATRIATE
1
SILKEBORG
FINLAND Kjeld Kirk Kristiansen S
$13.1 BIL #65 LEGO AARHUS
HUMLEBAEK
GDP: $228.3 BIL Anders Holch Povlsen T BILLUND
$5.2 BIL #258 RETAIL
POPULATION: 5 MIL
BILLIONAIRES: 6 (+1 VS. 2015) Niels Peter Louis-Hansen T
$3.8 BIL #403 MEDICAL DEVICES HADERSLEV COPENHAGEN
TOTAL NET WORTH: $10.5 BIL (+$2.4 BIL VS. 2015)
Lars Larsen T
Antti Herlin T $3.1 BIL #549 RETAIL
$3.5 BIL #453 ELEVATORS, ESCALATORS
Hanni Toosbuy Kasprzak T
Heikki Kyostila  $2.6 BIL #666 SHOES R ICH E ST
$2.8 BIL #612 DENTAL PRODUCTS
Martin Moller Nielsen  Kjeld Kirk Kristiansen
Ilkka Herlin T $1.6 BIL #1121 AIRCRAFT LEASING
$1.1 BIL #1577 ELEVATORS, ESCALATORS The Force is strong with the Lego
deputy chairman: His net worth
Niklas Herlin T soared by $3.4 billion in the past year
$1.1 BIL #1577 ELEVATORS, ESCALATORS
as movie-themed sets like Star Wars
and Jurassic Park, as well as girl-
NICK HARVEY/GETTY IMAGES; STANISLAV KRASILNIKOV/NEWSCOM

Antti Aarnio-Wihuri X HELSINKI

$1 BIL #1694 DIVERSIFIED 5 centric Elves, flew off shelves,
boosting sales 23% through
Ilona Herlin T June 2015. In this galaxy the
$1 BIL #1694 ELEVATORS, ESCALATORS little plastic bricks man-
N E WS M AKER KIRKKONUMMI ufactured annually by
Lego could circle the
Ilkka Herlin world 24 times over.

In the cold dark waters off Scotland’s coast plans are in

place for the world’s first floating wind farm, Statoil’s
Hywind Scotland Pilot Park. MacGregor, a subsid-
iary of Cargotec, whose major shareholders are Niklas,
Ilkka and Ilona Herlin, will provide the parts to help
anchor turbines three times the height of the Statue of
Liberty against the waves of the North Sea.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

94 | FORBES MARCH 21, 2016

 WEALTH
ORIGIN
THE WORLD’S BILLIONAIRES 23%
49%

FRANCE
28%
N E WCO M E R
INHERITED & GROWING
INHERITED
SELF-MADE
Norbert Dentressangle
He saw a windfall after his eponymous transportation and
TOP SECTORS logistics company (founded in 1979) was sold to XPO Lo-
GDP: $2.4 TRIL
8
POPULATION: 64 MIL FASHION & RETAIL
gistics for $3.5 billion in June 2015. Dentressangle owned
BILLIONAIRES: 39 (–8 VS. 2015) 7
67% of the firm, which operates the world’s largest pea-
FOOD & BEVERAGE processing plant, distributes Red Bull Energy Drinks through-
TOTAL NET WORTH: $212 BIL (–$41.4 BIL VS. 2015)
5 out Europe and manages a chocolate warehouse in France.
HEALTH CARE
3
CONSTRUCTION & ENGR
3 N E WS M A K E R
FINANCE & INVEST
LOUIS LE DUFF
Every day a million people in 80 coun-
tries on six continents enjoy pastry
NEWSMAKER king Louis Le Duff’s baked goods at
his shops, including Brioche Dorée and
Jacques Saade Bruegger’s Bagels. The newest: A cafe
Saade’s shipping company EXPATRIATES in Côte d’Ivoire that opened in Novem-
9 ber is the first of what’s expected to be
CMA CGM made a splash 30 restaurants in 7 African nations.
in December 2015, when
its container ship Benjamin

NORBERT DENTRESSANGLE: ERIC PIERMONT/AFP/GETTY IMAGES; PATRICK DRAHI: NEWSCOM ; JACQUES SAADE:
Franklin became the larg-
est ship in history to dock
at a North American port. CHAMPAGNE

ARNOLD JEROCKI/POLARIS/NEWSCOM ; LOUIS LE DUFF: MARC OLLIVIER/OUEST FRANCE/NEWSCOM

The ship, which is wider
than a football field and lon-
ger than the Eiffel Tower is
tall, called at the Port of Los PARIS-SACLAY
ALSACE
Angeles before continuing
on to Oakland, Calif. LAVAL PARIS
3 20

NANTES LOIRE

BURGUNDY

Liliane Bettencourt ILE DE RE

& family T COURCHEVAL
$36.1 BIL #11 L’OREAL

Bernard Arnault & family T LYON

$34 BIL #14 LVMH 2

Serge Dassault & family T

BORDEAUX GRENOBLE
$14.7 BIL #56 AVIATION

Francois Pinault & family T SAINT-

$11.5 BIL #84 RETAIL EMILION VALBONNE
RHONE
Alain Wertheimer S
$11 BIL #90 CHANEL

Gerard Wertheimer S NICE

$11 BIL #90 CHANEL
Xavier Niel T
$8.6 BIL #129 INTERNET, TELECOM
Emmanuel Besnier S
$7.6 BIL #151 CHEESE
Jean-Claude Decaux & fam T
$6.5 BIL #176 ADVERTISING
Patrick Drahi T
$5.9 BIL #205 TELECOM
Vincent Bollore T
$5.3 BIL #248 INVESTMENTS
Pierre Bellon & family T
$4.4 BIL #338 FOOD SERVICES
Carrie Perrodo & family T
$4.2 BIL #358 OIL
Martin & Olivier Bouygues X
$3.6 BIL #435 CONSTRUCTION,
MEDIA
Michel Leclercq & family S
$3.4 BIL #477 SPORTING GOODS
TOULOUSE ST. TROPEZ
MONTPELLIER CANNES
MARSEILLE ST. RAPHAEL
B IG G E ST LOS E R LANGUEDOC ST. MAXIME
Patrick Drahi
Drahi lost $10.1 billion as
shares in his global tele-
com company, Altice,
tumbled by 40% over the
past year. Investors are re- N E WS M A K E R
portedly nervous about
the firm’s growing debt to EMMANUEL BESNIER
finance expansion. In 2015 French dairy giant Lactalis, run by Besnier (who’s
Altice made its first push sometimes called France’s Howard Hughes because
into the U.S., snapping up he’s so reclusive), was one of ten companies in a dairy
a majority stake in cable cartel busted for price-fixing by France’s Competition
operator Suddenlink for Authority in March 2015. Lactalis, which is the world’s
$9.1 billion. The Moroccan- biggest dairy firm and known for its President’s Brie,
born founder owns nearly received the stiffest fine of the group ($63.8 million).
60% of Altice’s stock.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

96 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES

GERMANY
Alain Merieux & family T
$3.3 BIL #495 PHARMACEUTICALS RI CH E ST
Bernard Fraisse S BEATE HEISTER &
$3.0 BIL #569 PHARMACEUTICALS
KARL ALBRECHT JR.
Jean-Michel Besnier S GDP: $3.4 TRIL
$2.7 BIL #638 CHEESE Discount supermarkets have sat-
POPULATION: 81 MIL urated Germany, so these siblings’
Marie Besnier Beauvalot S BILLIONAIRES: 120 (+17 VS. 2015) supermarket chain, Aldi Sued, has
$2.7 BIL #638 CHEESE
TOTAL NET WORTH: $469.1 BIL (+$34.1 BIL VS. 2015) been expanding westward in the
Jean Pierre Cayard T U.S., where its nearly 1,500 Aldi
$2.7 BIL #638 SPIRITS stores keep prices low by stocking
TOP SECTORS a limited number of items and not
Philippe Foriel-Destezet T WEALTH
$2.5 BIL #688 EMPLOYMENT
ORIGIN 37 accepting credit cards. Moving west puts them in stiffer com-
FASHION & RETAIL
AGENCY petition with their cousin Theo Albrecht Jr. and his Aldi Nord,
19
32% 28% which owns popular grocery chain Trader Joe’s.
Louis Le Duff S HEALTH CARE
$2.5 BIL #688 BAKERIES 18
40% MANUFACTURING
Marc Ladreit de Lacharriere S SYLT EXPATRIATES
10
$2.4 BIL #722 FINANCE FOOD & BEVERAGE 19
INHERITED & GROWING
INHERITED
Nicolas Puech S SELF-MADE
7
FINANCE & INVEST
$2.1 BIL #854 HERMES
7
Clement Fayat & family S MEDIA & ENTERTAIN HAMBURG
$1.8 BIL #1011 CONSTRUCTION
9
Michel Chalhoub & family T AURICH
$1.7 BIL #1067 RETAIL
BREMEN
Jacques Saade & family S DOMICILE
$1.7 BIL #1067 SHIPPING LOWER UNKNOWN
BIELEFELD SAXONY 9
Edouard Carmignac T 7 DETMOLD
$1.5 BIL #1198 ASSET MANAGEMENT BRUNSWICK
OSNABRUCK
Gilles Martin S B IG G E ST LOS E R STRAELEN BERLIN
MESCHEDE
$1.5 BIL #1198 LABORATORY DUDERSTADT 5
SERVICES Georg GUETERSLOH
Alain Taravella S Schaeffler DUISBURG
RHEDA-
$1.4 BIL #1275 REAL ESTATE ESSEN WIEDENBRUECK MELSUNGEN LEIPZIG
Schaeffler is worth 2
Anne Beaufour S $8.8 billion less this MULHEIM AN 8
KREFELD DER RUHR 2 DRESDEN
$1.3 BIL #1367 PHARMACEUTICALS year after a drop in DUSSELDORF ALLENDORF
the stock price of tire KOENIGSTEIN
Henri Beaufour S 2
$1.3 BIL #1367 PHARMACEUTICALS and auto parts giant BAD GREBENHAIN
Continental, which he HOMBURG
Jean Burelle S MONTABAUR
$1.2 BIL #1476 AUTOMOTIVE
partly owns. Also his DREIEICH
SYSTEMS family’s ball bearing ROTTENDORF
FRANKFURT HERZOGENAURACH
company, Schaeffler 2
Laurent Burelle S 2 DARMSTADT
Group, went public in
$1.2 BIL #1476 AUTOMOTIVE
SYSTEMS October at a valuation WEINHEIM
lower than the one RHEINGAU LUDWIGSHAFEN NEUSTADT
Charles Edelstenne S FORBES had estimat- ST. WENDEL HEIDELBERG AN DER
$1.2 BIL #1476 AVIATION 2 NECKARSULM WALDNAAB
ed a year ago.
Pierre Papillaud X N E WCO M E R
BRUCHSAL INGOLSTADT
WALLDORF 2
$1.2 BIL #1476 WATER
SCHWIEBERDINGEN Kurt Krieger
Daniel Roullier & family T KARLSRUHE WINNENDEN Krieger bought the
$1.2 BIL #1476 ANIMAL FEED
STUTTGART rights to longtime fur-
Norbert Dentressangle  2 MUNICH niture chain Hoeffner
ULM
$1.1 BIL #1577 TRANSPORT, 2 3 in 1967 and turned
LOGISTICS
ROSENHEIM it into one of Ger-
OHNINGEN
Mohed Altrad X many’s largest furni-
$1.0 BIL #1694 SCAFFOLDING, ASCHAU ture retailers, com-
CEMENT MIXERS peting with the
TEGERNSEE
2 Swedish giant IKEA.

GEORGIA
NE WS MA KE R
GDP: $14 BIL WOLFGANG HERZ
POPULATION: 4 MIL Time to change your favorite
BILLIONAIRES: 1 shade of blue? In 2013 Germany’s
TOTAL NET WORTH: $4.8 Federal Patent Court removed the
color trademark for Nivea Blue,
BIL (–$400 MIL VS. 2015) used by the Nivea skin-care com-
pany, but the country’s Supreme
Court reversed the order in July
Bidzina Ivanishvili T 2015, a decision the firm applaud-
$4.8 BIL #298 INVESTMENTS
ed. Wolfgang Herz and his broth-
er Michael own 51% of Beiersdorf,
the parent company of Nivea.
Since 2008 Krieger’s
daughter Sonja has
been managing direc-
tor. Hoeffner Group
has estimated reve-
N E WS M A K E R nues of $2.2 billion.
Michael Otto
It’s been a tough year for his Otto
Group, the German parent of U.S.
furniture and home-accessory retail-
er Crate & Barrel. Otto Group calls itself the
world’s second-largest Internet retailer, after
Amazon.com. In part because of a weak Rus-
sian ruble and competition from China’s e-com-
merce giant Alibaba, Otto Group booked a net
loss of $215 million in fiscal 2015.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

98 | FORBES MARCH 21, 2016

 When it comes to
your wealth, the
questions you ask
could be your most
valuable asset.

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Be engaged.
Own your
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In life, you question everything. The same should be true when it comes to managing your
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professional stand by their word? Do you know how much you’re paying in fees? And how those
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again at Schwab. We think you’ll like what we have to say. Talk to us or one of the thousands of
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THE WORLD’S BILLIONAIRES
GERMANY
Beate Heister & Karl
Albrecht Jr. S
$25.9 BIL #21 ALDI
Theo Albrecht Jr. & family S
$20.3 BIL #34 ALDI, TRADER JOE’S
Susanne Klatten S
$18.5 BIL #38 BMW,
PHARMACEUTICALS
Georg Schaeffler T
$18.1 BIL #39 BALL BEARINGS
Dieter Schwarz T
$16.4 BIL #47 RETAIL
Stefan Quandt X
$15.6 BIL #48 BMW
Michael Otto & family T
$15.4 BIL #51 RETAIL,
REAL ESTATE
Heinz Hermann Thiele & fam S
$11.7 BIL #82 BRAKES
Klaus-Michael Kuehne T
$10 BIL #103 SHIPPING
Hasso Plattner & family S
$9.5 BIL #113 SOFTWARE
Udo & Harald Tschira 
$9.3 BIL #116 SOFTWARE
Reinhold Wuerth & family S
$8.1 BIL #141 FASTENERS
Dietmar Hopp & family S
$7.9 BIL #146 SOFTWARE
August von Finck T
$7.6 BIL #151 INVESTMENTS
Walter Droege 
$6.4 BIL #178 CONSULTING
Curt Engelhorn & family X
$6.2 BIL #188 PHARMACEUTICALS
Wolfgang Marguerre S
$6.1 BIL #196 PHARMACEUTICALS
Heinrich Deichmann & fam S
$5.6 BIL #228 FOOTWEAR
Aloys Wobben S
$5.4 BIL #240 WIND TURBINES
Guenther Fielmann & fam. S
$5.3 BIL #248 OPTOMETRY
Ludwig Merckle S
$5.1 BIL #262 PHARMACEUTICALS
Karl-Heinz Kipp X
$5 BIL #270 RETAIL
Michael Stoschek & family S
$4.8 BIL #298 AUTO PARTS
Hans Peter Wild S
$4.7 BIL #308 FLAVORINGS
Theo Mueller S
$4.5 BIL #324 DAIRY
Maria-Elisabeth Schaeffler T
$4.5 BIL #324 BALL BEARINGS
Wolfgang Reimann S
$4.4 BIL #338 CONSUMER
GOODS
Matthias Reimann-
Andersen S
$4.4 BIL #338 CONSUMER GOODS
Stefan Reimann-Andersen S
$4.4 BIL #338 CONSUMER GOODS
Renate Reimann-Haas S
$4.4 BIL #338 CONSUMER GOODS
Bernard Broermann S
$4.3 BIL #351 HOSPITALS
Ralph Dommermuth S
$4.2 BIL #358 INTERNET
SERVICE PROVIDER
100 | FORBES MARCH 21, 2016
Heinz-Georg Baus S
$3.8 BIL #403 HOME
IMPROVEMENT STORES
Traudl Engelhorn & family S
$3.8 BIL #403 PHARMACEUTI-
CALS, MEDICAL EQUIPMENT
Ursula Engelhorn & family S
$3.8 BIL #403 PHARMACEUTI-
CALS, MEDICAL EQUIPMENT
Michael Herz T
$3.8 BIL #403 COFFEE
Wolfgang Herz T
$3.8 BIL #403 COFFEE
Axel Oberwelland S
$3.7 BIL #421 CANDY
Siegfried Meister S
$3.6 BIL #435 APPLIANCES
Elisabeth Mohn & family T
$3.4 BIL #477 MEDIA
Friede Springer T
$3.4 BIL #477 PUBLISHING
Erich Kellerhals T
$3.3 BIL #495 ELECTRONICS
RETAILER
Martin Viessmann & family T
$3.3 BIL #495 HEATING
EQUIPMENT
Andreas von Bechtolsheim &
family T
$3.3 BIL #495 GOOGLE
Andreas Struengmann T
$3.2 BIL #527 PHARMACEUTICALS
Thomas Struengmann T
$3.2 BIL #527 PHARMACEUTICALS
Erwin Franz Mueller S
$3 BIL #569 DRUGSTORES
Erivan Haub & family T
$2.9 BIL #595 RETAIL
Guenther Lehmann S
$2.9 BIL #595 DRUGSTORES
Dirk Rossmann & family X
$2.9 BIL #595 DRUGSTORES
Otto Philipp Braun 
$2.8 BIL #612 MEDICAL
TECHNOLOGY
Otto Happel S
$2.8 BIL #612 ENGINEERING
Daniela Herz T
$2.8 BIL #612 COFFEE
Guenter Herz & Family T
$2.8 BIL #612 COFFEE
Alexandra Schorghuber S
$2.8 BIL #612 REAL ESTATE
Hans Strothoff 
$2.8 BIL #612 KITCHEN,
PLUMBING RETAILER
Yvonne Bauer & family T
$2.6 BIL #666 MEDIA
Dieter Schnabel S
$2.5 BIL #688 CHEMICALS
Bernd Freier S
$2.4 BIL #722 RETAIL
Friedhelm Loh T
$2.4 BIL #722 MANUFACTURING
Michael & Reiner
Schmidt-Ruthenbeck T
$2.4 BIL #722 RETAIL
Kurt Krieger 
$2.3 BIL #771 FURNITURE
RETAILING
Herman Langness 
$2.3 BIL #771 FOOD WHOLESALE
AND RETAIL
Jurgen Blickle S
$2.2 BIL #810 AUTO PARTS
Hubert Burda T
$2.2 BIL #810 PUBLISHING
Bergit Douglas S
$2.1 BIL #854 CONSUMER GOODS
Hans Georg Naeder S
$2.1 BIL #854 PROSTHETICS
Alfred Oetker S
$2.1 BIL #854 CONSUMER GOODS
August Oetker S
$2.1 BIL #854 CONSUMER GOODS
Richard Oetker S
$2.1 BIL #854 CONSUMER GOODS
Carl Ferdinand Oetker S
$2.1 BIL #854 CONSUMER GOODS
Christian Oetker S
$2.1 BIL #854 CONSUMER GOODS
Julia Oetker S
$2.1 BIL #854 CONSUMER GOODS
Rosely Schweizer S
$2.1 BIL #854 CONSUMER GOODS
Rainer Blickle S
$2 BIL #906 AUTO PARTS
Clemens Toennies T
$2 BIL #906 MEAT
PROCESSING
Peter Unger S
$2 BIL #906 AUTO REPAIR
Georg von Opel X
$2 BIL #906 REAL ESTATE,
INVESTMENTS
Thomas Bruch & family S
$1.8 BIL #1011 FOOD RETAILING
Hedda Brahm Droege 
$1.8 BIL #1011 CONSULTING
Gudrun Heine 
$1.8 BIL #1011 MEDICAL DEVICES
Sybill Storz 
$1.8 BIL #1011 MEDICAL DEVICES
Sylvia Stroeher X
$1.8 BIL #1011 COSMETICS
Hubertus Benteler 
$1.7 BIL #1067 AUTO PARTS
Fritz Draexlmaier S
$1.7 BIL #1067 AUTO PARTS
Rolf Gerling S
$1.7 BIL #1067 INSURANCE
Klaus-Peter Schulenberg S
$1.7 BIL #1067 TICKETING
SERVICE
Torsten Toeller X
$1.7 BIL #1067 PET FOOD
Willibert Krueger 
$1.6 BIL #1121 FOOD
PROCESSING
Robert Toennies T
$1.6 BIL #1121 MEAT PROCESSING
Josef Boquoi & family X
$1.5 BIL #1198 FROZEN FOODS
Christoph Henkel T
$1.5 BIL #1198 CONSUMER
GOODS
Matthias Reinhart 
$1.5 BIL #1198 FINANCE
Bernhard Braun-Luedicke 
$1.4 BIL #1275 MEDICAL
TECHNOLOGY
Eva Maria Braun-Luedicke 
$1.4 BIL #1275 MEDICAL
TECHNOLOGY
Friederike Braun-Luedicke 
$1.4 BIL #1275 MEDICAL
TECHNOLOGY
Hans-Werner Hector T
$1.4 BIL #1275 SAP
Anton Kathrein Jr T
$1.4 BIL #1275 ANTENNAS
Horst Julius Pudwill S
$1.4 BIL #1275 MANUFACTURING
Dieter Schaub 
$1.4 BIL #1275 MEDIA
Jost Hellmann 
$1.3 BIL #1367 LOGISTICS
Klaus Hellmann 
$1.3 BIL #1367 LOGISTICS
Lutz Mario Helmig T
$1.3 BIL #1367 MEDICAL
FACILITIES
Johannes Karcher 
$1.3 BIL #1367 VACUUMS,
CLEANING PRODUCTS
Erika Pohl-Stroeher X
$1.3 BIL #1367 HAIR PRODUCTS
Susanne Zimmermann  Nicola Leibinger-
von Siefart  
$1.3 BIL #1367 VACUUMS,
HOME CLEANING PRODUCTS
Anna Maria Braun 
$1.2 BIL #1476 MEDICAL
TECHNOLOGY
GREECE
GDP: $194 BIL
POPULATION: 11 MIL
BILLIONAIRES: 2 (–1 VS.
2015)
TOTAL NET WORTH: $4.5
BIL (–$2.5 BIL VS. 2015)
SKORPIOS
GUERNSEY
GDP: $2.6 BIL
POPULATION: 63,000
BILLIONAIRES: 1
TOTAL NET WORTH: $1.9
BIL (+$100 MIL VS. 2015)
Johanna Braun 
$1.2 BIL #1476 MEDICAL
TECHNOLOGY
Karl Friedrich Braun 
$1.2 BIL #1476 MEDICAL
TECHNOLOGY
Ludwig Theodor Braun 
$1.2 BIL #1476 MEDICAL
TECHNOLOGY
Peter Leibinger 
$1.2 BIL #1476 MACHINE TOOLS
Regine Leibinger 
$1.2 BIL #1476 MACHINE TOOLS
Monika Schoeller S
$1.2 BIL #1476 PUBLISHING
Stefan von Holtzbrinck S
$1.2 BIL #1476 PUBLISHING
Horst Wortmann T
$1.2 BIL #1476 FOOTWEAR
Albert Berner & family T
$1.1 BIL #1577 FASTENERS
Friedrich Knapp T
$1.1 BIL #1577 RETAIL
Kammueller 
$1.1 BIL #1577 MACHINERY
Susanne Veltins 
$1.1 BIL #1577 BEER
Bruno Steinhoff T
$1 BIL #1694 FURNITURE
Philip Niarchos X
$2.5 BIL #688 ART COLLECTION
Spiro Latsis & family T
$2 BIL #906 BANKING, SHIPPING
EXPATRIATES
2
MYKONOS
SANTORINI
Stephen Lansdown S
$1.9 BIL #959
FINANCIAL SERVICES
“WHEELS UP LETS ME FLY EFFICIENTLY,
LAND CLOSER, AND MAKE IT HOME IN
TIME FOR A HEALTHY DINNER.”
Name: Irwin Simon
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retailers to a night with the kids at home. It’s the smartest way to balance my work schedule with my family
life, while still watching my bottom line.

Wheels Up acts as an agent for the Wheels Up members, and is not the operator of the program aircraft; FAA licensed and DOT registered
air carriers participating in the program exercise full operational control of the program aircraft. Subject to additional terms and conditions
in the Wheels Up Program documents.
 THE WORLD’S BILLIONAIRES

HONG KONG
N E WS M A K E R

JOSEPH LAU
Lau purchased a 16-carat pink diamond for
$29 million in November and named it “Sweet Jo-
GDP: $309.1 BIL sephine.” One day later he bought a rare 12-carat
POPULATION: 7 MIL blue diamond for a record-breaking $49 million for
BILLIONAIRES: 64 (+9 VS. 2015) his 7-year-old daughter, Josephine. Meanwhile, the
real estate tycoon is awaiting possible extradition
TOTAL NET WORTH: $241.3 BIL (–$4.8 BIL VS. 2015)
to Macau after being sentenced by the city to more
than five years in prison for bribery and money
WEALTH TOP SECTORS laundering in 2014.
ORIGIN 25
2% REAL ESTATE
8
34% MANUFACTURING EXPATRIATES
64% 11
6
DIVERSIFIED
6 HONG KONG
INHERITED & GROWING FASHION & RETAIL
INHERITED 53
SELF-MADE 5
GAMBLING, CASINOS HONG KONG SCIENCE PARK

Li Ka-shing T
$27.1 BIL #20 DIVERSIFIED

Lee Shau Kee T

$21.5 BIL #31 REAL ESTATE

Cheng Yu-tung S LAN KWAI FONG

N E WCO M E R
$14.5 BIL #58 DIVERSIFIED
Zhou Qunfei
Joseph Lau S DEEP WATER BAY The world’s rich-
$13.1 BIL #65 REAL ESTATE
est self-made female
Thomas & Raymond Kwok T REPULSE BAY entrepreneur, Zhou
$13 BIL #68 REAL ESTATE jumped into the bil-
Lui Che Woo T B IG G E ST LOS E R lionaire ranks in March
$7.6 BIL #151 CASINOS 2015 when her Lens
Li Ka-shing Technology, maker
Peter Woo T Li’s net worth tumbled $6.2 billion in the past year to $27.1 billion, its lowest
$6.6 BIL #174 REAL ESTATE
of glass components
level in four years. The culprit: Shares of Canadian oil giant Husky Energy, in for phones and tab-
Walter Kwok T which he’s been an investor for nearly 30 years, lost more than half their value, lets for customers
$6.2 BIL #188 REAL ESTATE knocking $5.1 billion off his fortune. Back in Asia his loyalty to the mainland was
questioned by China’s government-controlled media in September, following such as Apple, went
Pan Sutong T asset disposals there and more than $28 billion in investments in Europe over public on the Shen-
$5.9 BIL #205 REAL ESTATE, the previous five years; Li denied the claims in a three-page statement. zhen Stock Exchange.
FINANCE Zhou reportedly grew
Zhou Qunfei  up poor in rural China
$5.9 BIL #205 SMARTPHONE Yeung Kin-man  William Fung T Zhang Zhirong T and started work-
$2.7 BIL #638 ELECTRONICS $1.6 BIL #1121 SOURCING $1.2 BIL #1476 REAL ESTATE,
SCREENS
SHIPBUILDING ing in a glass facto-
Michael Kadoorie T Lam Wai Ying  Li Sze Lim T ry in 1993. She set up
$5.8 BIL #214 HOTELS, ENERGY $2.6 BIL #666 ELECTRONICS $1.6 BIL #1121 REAL ESTATE Billy Kan T her own company in
$1.1 BIL #1577 FINANCE, ENERGY
2003. Today Lens has
Francis Choi S Ronald McAulay T Tianfu Lin T
$2.6 BIL #666 ENERGY $1.6 BIL #1121 FOOTWEAR, Thomas Lau T more than 60,000
$5.7 BIL #219 REAL ESTATE
APPAREL $1.1 BIL #1577 DEPARTMENT employees.
Law Kar Po S Huang Shih Tsai T STORES
$5.3 BIL #248 REAL ESTATE $2.4 BIL #722 REAL ESTATE Lo Siu Yu & family S
$1.6 BIL #1121 CONGLOMERATE Liu Zhiqiang 
Vivien Chen T Patrick Lee X $1.1 BIL #1577 CONGLOMERATE
$5.1 BIL #262 REAL ESTATE $2.4 BIL #722 PAPER Or Wai Sheun T

Richard Li S
$4.6 BIL #317 TELECOM
Michael Ying T
$2.4 BIL #722 RETAIL
$1.6 BIL #1121 REAL ESTATE

Cho Tak Wong X

Hsiang-chien Tang T
$1.1 BIL #1577 TEXTILES,
ELECTRONICS
ICELAND
$1.5 BIL #1198 AUTO PARTS
Gong Hongjia & family T Fong Yun Wah X Tung Chee Hwa  GDP: $16.8 BIL
$2.3 BIL #771 REAL ESTATE Wong Man Li S $1.1 BIL #1577 SHIPPING

DIAMOND: IMAGE COURTESY THE GEMOLOGICAL INSTITUTE OF AMERICA; TOMOHIRO

$4.1 BIL #369 INVESTMENTS POPULATION: 300,000
$1.5 BIL #1198 FURNITURE
Edwin Leong S Tang Yiu T Allan Wong T BILLIONAIRES: 1
$3.9 BIL #392 REAL ESTATE $2.3 BIL #771 RETAIL Chan Tan Ching-fen  $1.1 BIL #1577 ELECTRONICS
TOTAL NET WORTH: $1.6
$1.4 BIL #1275 REAL ESTATE
Hui Wing Mau T Vincent Lo S Albert Yeung T BIL (+$300 MIL VS. 2015)
$3.7 BIL #421 REAL ESTATE $2 BIL #906 REAL ESTATE Angela Leong T $1.1 BIL #1577 REAL ESTATE,
$1.4 BIL #1275 CASINOS RETAIL
Pansy Ho T Sit Kwong Lam S Thor Bjorgolfsson S
$3.4 BIL #477 CASINOS $2 BIL #906 OIL, Li Wa  Yu Peidi & family S $1.6 BIL #1121 INVESTMENTS
TRANSPORTATION $1.4 BIL #1275 REAL ESTATE $1.1 BIL #1577 REAL ESTATE
Pollyanna Chu S
$3.1 BIL #549 FINANCIAL King Pak Fu X Tung Chee Chen  Zhai Meiqin 
SERVICES $1.9 BIL #959 REAL ESTATE $1.4 BIL #1275 SHIPPING $1.1 BIL #1577 CONGLOMERATE
OHSUMI/BLOOMBERG; AFP/GETTY IMAGES

Samuel Tak Lee S Lee Man Tat S Wu Jianshu  Lo Siu-tong 

$3.1 BIL #549 REAL ESTATE $1.9 BIL #959 FOOD $1.4 BIL #1275 AUTO PARTS $1 BIL #1694 REAL ESTATE,
HOTELS
Ye Chenghai & family X Cui Lijie S C.F. Chan 
$3 BIL #569 PHARMACEUTICALS $1.8 BIL #1011 GAMBLING $1.3 BIL #1367 HOTELS Neil Shen X
$1 BIL #1694 VENTURE CAPITAL
Silas Chou S Xiong Xuqiang & family S Lawrence Ho T
$2.7 BIL #638 APPAREL $1.8 BIL #1011 REAL ESTATE $1.2 BIL #1476 CASINOS EXPATRIATE
1
Chu Lam Yiu T
$1.7 BIL #1067 FLAVORINGS

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

102 | FORBES MARCH 21, 2016

 PROMOTION

BURGESS IN 2016

THE GLOBAL LEADER

IN SUPERYACHT
SALES INTRODUCES
SILVER FAST By GEORGIA BYRD

The superyacht market is healthy and thriving as it recovers from a period of economic
upheaval, which is resulting in an astounding level of success for Burgess, the 40-year-old
global superyacht leader.

ccording to President and Chief Executive Offi-
cer Jonathan Beckett, one of the world’s most
highly respected authorities on private luxury
yachting, Burgess has transitioned into what
he calls today’s “new market,” a market that is see-
ing impressive sales figures and parity in supply and
demand. Prior to the close of the final quarter of 2015,
he reports, Burgess was tracking ahead in the industry
for the second consecutive year, having sold yachts total-
ing more than 1 billion euros (US$1.23 billion) and 4,921
feet of combined length.
These numbers are expected to keep pace in 2016.
Beckett and his team attribute the favorable euro-dollar
exchange rate for attracting an increasing number of
dollar-based clients. In addition, they credit improved
technology for enabling owners to spend more time
aboard their yachts. Beckett says an increasing number
of today’s owners are pushing the envelope, building new
yachts that are bigger, more technologically advanced
and luxurious than ever before, challenging builders
who are producing just that.
“The new market is a sensible market where prices are
reasonable, not inflated,” says Beckett. “The stability of
today’s market is encouraging people to step back into
the yacht market, both in sales and charter—and, as a
result, 2014 and 2015 were two of our best ever perfor-
mance years.” The expertise of the Burgess team to sell,
charter, manage and oversee new builds guides clients to
the perfect superyacht experience, time after time.
Illustrative of the trust Burgess elicits in the super-
yacht world is one such client who has returned, tasking
the sales team yet again with a significant challenge: to
sell one of the world’s newest and fastest yachts.
Silver Fast: In a Class of Its Own
The fourth in the Silver Series lineage is the 252.6-foot
Silver Fast. Making her U.S. debut at Yachts Miami
Beach in February before an audience comprising some

1 Yachting
Go fast.
Go anywhere.

NEW YORK MIAMI LOS ANGELES LONDON MONACO

+1 212 223 0410 +1 305 672 0150 +1 310 424 5112 +44 20 7766 4300 +377 97 97 81 21
MOSCOW | PALMA | ATHENS | SEATTLE | HONG KONG | SINGAPORE | TOKYO

THE WORLD’S LEADING SUPERYACHT AUTHORITY ENQUIRIES@BURGESSYACHTS.COM WWW.BURGESSYACHTS.COM

 PROMOTION

profile. She is also vibration-free for smooth and quiet night-

of the world’s most discriminating yacht buyers, Silver Fast
dazzled onlookers as well as the international media.
Her slender, contemporary aluminum hull glides through the
seas with a quiet speed unparalleled in yachts of her size. With
a maximum speed of nearly 27 knots and a cruising speed of 20
to 22 knots, her video footage emulates a film in fast motion.
Silver Fast’s light build of 952 gross tons makes her exceedingly
fuel efficient, and she can travel up to 4,500 nautical miles at
18 knots, transporting guests with the efficiency of an expedi-
tion yacht, but with a much slimmer and stunningly beautiful
time passages when traveling at 18 to 20 knots.
Silver Fast has an impressively shallow draft at 8.5 feet,
enabling her to carry a crew of 18 and up to 18 guests to ports and
private islands that are inaccessible to many yachts of this length.
Her allure is even more evident inside, where a lavishly con-
temporary interior offers both space and amazing visibility of
the outside surroundings. Custom finishes combine diverse tex-
tures and surfaces from metallic painted walls to leather steps.
An aft theater room with a high-end plasma cinema screen
satisfies a desire for high-tech custom entertainment options
for her would-be owners. She also features a delightful winter
garden with a table that can seat up to 20 guests either in the
open air or shielded by a sliding glass wall, ensuring optimal
dining views no matter what the weather may be.
Silver Fast’s “beach club” is a haven for workout enthusiasts,
offering gym equipment, a sauna, a hot steam room, a massage
room and a beauty salon. An eight-person Jacuzzi beckons on
the sundeck and a helipad provides a stable landing platform
for an AgustaWestland AW109 or a Eurocopter EC135 for swift
ventures to and from land. Silver Fast is offered for sale by
Burgess with an asking price of 79.5 million euros (US$90 mil-
lion at press time).
For more information on Silver Fast or any of Burgess’ amaz-
ing yachts for sale or charter, visit www.burgessyachts.com or
contact the Burgess sales team at sales@burgessyachts.com.

Extraordinary Opportunity to Own a 167´ (51m)

Trinity Yacht in Half the Time of a New Build
This stunning 167´ (51m) Trinity Yacht was nearly 50% completed when the owner halted production.
Now, partially-built, she’s being offered at well below the actual costs to date. Interiors designed by
Luiz Debasto for (5) five or (6) six staterooms, the hull is ready for transport to the shipyard of your choice! In
addition, the vessel comes with two-MTU 16V-4000 engines (at 3,650 HP each), ZF gears, two 155kw Northern
Lights generators, Dometic 50 Ton AC Chiller, a Quantum central hydraulic system, and other inventory ready
for completion. A condition and valuation survey, completed by Pliske Marine Inc., is in-hand and available upon
request. The hull is stored in an outfitting building at the Trinity Yachts facility in New Orleans.

Contact: John Dane, Jdane31950@gmail.com or call: 228-861-8064 to schedule a visit.


INDIA
GDP: $2.1 TRIL
POPULATION: 1.3 BIL
BILLIONAIRES: 84 (–6 VS. 2015)
TOTAL NET WORTH: $248.4 BIL
(–$45.9 BIL VS. 2015)
Mukesh Ambani T
$19.3 BIL #36 PETROCHEMICALS,
OIL & GAS
Dilip Shanghvi T
$16.7 BIL #44
PHARMACEUTICALS
Azim Premji T
$15 BIL #55 SOFTWARE
SERVICES
Shiv Nadar T
$11.1 BIL #88 SOFTWARE
SERVICES
Cyrus Poonawalla S
$8.5 BIL #133 VACCINES
Lakshmi Mittal T
$8.4 BIL #135 STEEL
Uday Kotak T
$6.3 BIL #184 BANKING
Kumar Birla T
$6.1 BIL #196 COMMODITIES
Sunil Mittal & family T
$5.7 BIL #219 TELECOM
Desh Bandhu Gupta T
$5.5 BIL #233
PHARMACEUTICALS
Shashi & Ravi Ruia S
$5 BIL #270 DIVERSIFIED
Micky Jagtiani T
$4.4 BIL #338 RETAIL
M.A. Yusuff Ali S
$4.2 BIL #358 RETAIL
Vikram Lal S
$4 BIL #380 MOTORCYCLES
Subhash Chandra T
$3.6 BIL #435 MEDIA
Gautam Adani T
$3.5 BIL #453 COMMODITIES,
INFRASTRUCTURE
Benu Gopal Bangur T
$3.5 BIL #453 CEMENT
LINCOLN HOUSE: SHAILESH ANDRADE/REUTERS; SUBHANKAR CHAKRABORTY/NEWSCOM
Savitri Jindal & family T
$3.5 BIL #453 STEEL
Pankaj Patel T
$3.5 BIL #453
PHARMACEUTICALS
Kapil & Rahul Bhatia +
$3.1 BIL #549 AIRLINES
Indu Jain S
$3.1 BIL #549 MEDIA
Sudhir & Samir Mehta X
$3 BIL #569 DIVERSIFIED
Ravi Pillai S
$2.9 BIL #595 CONSTRUCTION
Kushal Pal Singh T
$2.8 BIL #612 REAL ESTATE
Anil Ambani T
$2.5 BIL #688 DIVERSIFIED
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
R IC HE ST
Mukesh Ambani
The time of reckoning for Am-
bani’s $15 billion bet on high-
speed mobile data is fast ap-
proaching. Ahead of its public
launch this year, his Reliance
Jio introduced its 4G servic-
es to employees and their
families in December, hand-
ing out 500,000 free connec-
tions. It also started selling its
Lyf-branded smartphones, the
cheapest of which costs $95.
(Reliance controls Network18,
which publishes FORBES
INDIA, a licensed publication of
FORBES.)
HISAR
1
AHMEDABAD
6
BARODA
1 4
MUMBAI
31
PUNE
5
HYDERABAD
GOA
BANGALORE
THRISSUR
1 8
COCHIN
1 veteran Rakesh Gangwal, into the
Kuldip Singh & Gurbachan
Singh Dhingra S
$2.5 BIL #688 PAINTS
P.V. Ramprasad Reddy S
$2.5 BIL #688
PHARMACEUTICALS
Rahul Bajaj T
$2.4 BIL #722 MOTORCYCLES
Mangal Prabhat Lodha T
$2.3 BIL #771 REAL ESTATE
Smita Crishna-Godrej 
$2.2 BIL #810 DIVERSIFIED
TECH CENTER PLAYGROUND
WEALTH
ORIGIN
7%
THE WORLD’S BILLIONAIRES
45%
48%
INHERITED & GROWING
INHERITED
SELF-MADE
TOP SECTORS
15
HEALTH CARE
13
DIVERSIFIED
8
FASHION & RETAIL
8
TECHNOLOGY
7
MANUFACTURING
7
REAL ESTATE
B IG G E ST G A I N E R
CYRUS POONAWALLA
In September, India’s vaccine king agreed to spend
$110 million for Lincoln House, the former Ameri-
can consulate in South Mumbai. The transfer of the
iconic seafront mansion, built in 1938 by the Maha-
raja of Wankaner from Gujarat, still needs govern-
ment approval. Poonawalla, who added $1.9 billion to
his wealth in the past year due to higher profits at his
DELHI
Serum Institute of India, isn’t likely to move into his
13 new weekend retreat anytime soon.
KOLKATA
HITEC CITY
2
ELECTRONIC CITY
10
TIDAL PARK N E WCO M E R
KAPIL & RAHUL BHATIA
CHENNAI Starting with a single plane in 2006, IndiGo has be-
1 come India’s largest and most profitable airline, with
a fleet of more than 100 aircraft, all made by Airbus.
It flew past rivals on its reputation for punctuality.
EXPATRIATES
Its October IPO propelled the father and son owners,
Kapil and Rahul, as well as cofounder and industry
INFOPARK
billionaire ranks.
N E WCO M E R
Sachin Bansal
Two former Amazon engineers, Sachin
Bansal and Binny Bansal, who have the
same last name but are not related, started
selling books online from an apartment in
Bangalore in 2007, pooling $6,000 in sav-
ings. Today their Amazon clone, Flipkart,
has 46 million registered customers, makes
8 million shipments a month and is valued
at $15.2 billion.
OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
MARCH 21, 2016 FORBES | 107
THE WORLD’S BILLIONAIRES

Ashwin Dani T
$2.2 BIL #810 PAINTS
Adi Godrej 
$2.2 BIL #810 CONSUMER GOODS
Jamshyd Godrej 
$2.2 BIL #810 CONSUMER GOODS
Nadir Godrej 
$2.2 BIL #810 DIVERSIFIED
Kalanithi Maran T
$2.2 BIL #810 MEDIA
Rishad Naoroji T
$2.2 BIL #810 CONSUMER GOODS
Murali Divi S
$2 BIL #906 PHARMACEUTICALS
Chandru Raheja T
$2 BIL #906 REAL ESTATE
Baba Kalyani T
$1.9 BIL #959 ENGINEERING
N.R. Narayana Murthy &
family T
$1.9 BIL #959 SOFTWARE
SERVICES
Sunny Varkey T
$1.9 BIL #959 EDUCATION
Hasmukh Chudgar S
$1.8 BIL #1011
PHARMACEUTICALS
Rakesh Jhunjhunwala T
$1.8 BIL #1011 INVESTMENTS
Ajay Piramal T
$1.8 BIL #1011
PHARMACEUTICALS
B.R. Shetty S
$1.8 BIL #1011 HEALTH CARE
Vivek Chand Burman T
$1.4 BIL #1275 CONSUMER
GOODS
Devendra Jain T
$1.2 BIL #1476 CHEMICALS IRELAND
Lachhman Das Mittal S T.S. Kalyanaraman S
$1.7 BIL #1067 TRACTORS Balkrishan Goenka + $1.2 BIL #1476 JEWELRY GDP: $230.8 BIL
$1.4 BIL #1275 TEXTILES POPULATION: 5 MIL
Nirav Modi T Kishore Mariwala S
$1.7 BIL #1067 DIAMOND Radhe Shyam Agarwal T $1.2 BIL #1476 CONSUMER BILLIONAIRES: 6 (+1 VS.
JEWELRY $1.3 BIL #1367 CONSUMER GOODS 2015)
GOODS
Ranjan Pai X Joy Alukkas 4 TOTAL NET WORTH: $30.7
$1.7 BIL #1067 EDUCATION Anand Burman T $1.1 BIL #1577 JEWELRY BIL (+$400 MIL VS. 2015)
$1.3 BIL #1367 CONSUMER
Leena Tewari + GOODS Chirayu Amin + Pallonji Mistry T
$1.7 BIL #1067 $1.1 BIL #1577 $12.5 BIL #73 CONSTRUCTION
PHARMACEUTICALS Harsh Goenka X PHARMACEUTICALS
$1.3 BIL #1367 DIVERSIFIED John Grayken 
Senapathy Gopalakrishnan & Achal Bakeri S $6.3 BIL #184 PRIVATE EQUITY
family T Radhe Shyam Goenka T $1.1 BIL #1577 AIR COOLERS
$1.6 BIL #1121 SOFTWARE $1.3 BIL #1367 CONSUMER Denis O’Brien T
SERVICES GOODS Sanjiv Goenka T $5.7 BIL #219 TELECOM
$1.1 BIL #1577 DIVERSIFIED
Ravi Jaipuria T Yusuf Hamied T John Dorrance III S
$1.6 BIL #1121 SOFT DRINKS $1.3 BIL #1367 Vinod Gupta T $2.7 BIL #638 CAMPBELL SOUP
PHARMACEUTICALS $1.1 BIL #1577 ELECTRICAL
Satish Mehta + EQUIPMENT Dermot Desmond S
$1.6 BIL #1121 Anil Agarwal T $1.9 BIL #959 FINANCE
PHARMACEUTICALS $1.2 BIL #1476 MINING, METALS Anand Mahindra T
$1.1 BIL #1577 AUTOMOBILES Martin Naughton T
Nandan Nilekani & family T Binny Bansal + $1.6 BIL #1121 HEATING
$1.6 BIL #1121 SOFTWARE $1.2 BIL #1476 FLIPKART Mofatraj Munot T EQUIPMENT
SERVICES $1.1 BIL #1577 REAL ESTATE
Sachin Bansal +
Karsanbhai Patel + $1.2 BIL #1476 FLIPKART S.D. Shibulal T
$1.6 BIL #1121 CONSUMER GOODS $1.1 BIL #1577 SOFTWARE
K. Dinesh & family T SERVICES
Harsh Mariwala S $1.2 BIL #1476 SOFTWARE
$1.5 BIL #1198 CONSUMER SERVICES Niranjan Hiranandani T
GOODS $1 BIL #1694 REAL ESTATE
MAETH
Abhay Firodia S
Azad Moopen S $1.2 BIL #1476 AUTOMOBILES Surendra Hiranandani T
$1.5 BIL #1198 HEALTH CARE $1 BIL #1694 REAL ESTATE
Sameer Gehlaut T DUBLIN
Jitendra Virwani T $1.2 BIL #1476 FINANCE Habil Khorakiwala T 3
$1.5 BIL #1198 REAL ESTATE $1 BIL #1694 PHARMACEUTICALS EXPATRIATES
2

INDONESIA R. Budi Hartono T

$8.1 BIL #141 BANKING, TOBACCO

Michael Hartono T
Ciputra & family T
$1.5 BIL #1198 REAL ESTATE

Soegiarto Adikoesoemo 4
$7.9 BIL #146 BANKING, TOBACCO $1.4 BIL #1275 CHEMICALS
GDP: $858.7 BIL
POPULATION: 258 MIL Chairul Tanjung S Theodore Rachmat T
BILLIONAIRES: 20 (–2 VS. 2015) $4.9 BIL #286 DIVERSIFIED $1.4 BIL #1275 DIVERSIFIED

TOTAL NET WORTH: $49.8 BIL (–$5 BIL VS. 2015) Sri Prakash Lohia T
$4.2 BIL #358 POLYESTER
NE WCOME R
Bachtiar Karim S
Abdul Rasyid $3.2 BIL #527 MANUFACTURING
Djoko Susanto S
$1.3 BIL #1367 RETAIL
Sukanto Tanoto T
$1.3 BIL #1367 DIVERSIFIED

Rasyid became a billionaire as shares in his palm Mochtar Riady & family T
$2.1 BIL #854 DIVERSIFIED
plantation outfit, Sawit Sumbermas Sarana, rose
on the Indonesia Stock Exchange. Environmen- Tahir S
tal activists once claimed an earlier business plun- $2 BIL #906 DIVERSIFIED
dered forests in the Tanjung Puting National Park; Murdaya Poo S
they also alleged that when they went to investigate $1.9 BIL #959 DIVERSIFIED
in 2000 they were attacked by employees. Rasyid,
who is a former member of parliament, denied any Peter Sondakh T
$1.8 BIL #1011 INVESTMENTS
wrongdoing.
Eddy Kusnadi
Sariaatmadja S
$1.6 BIL #1121 MEDIA, TECH
Abdul Rasyid 
$1.1 BIL #1577 TIMBER
Martua Sitorus T
$1.1 BIL #1577 PALM OIL
Husain Djojonegoro &
family T
$1 BIL #1694 CONSUMER GOODS
Achmad Hamami & family T
$1 BIL #1694 HEAVY EQUIPMENT
Low Tuck Kwong X
$1 BIL #1694 COAL

MEDAN
AHMAD ZAMRONI/FORBES INDONESIA

JAKARTA
12

SURABAYA BALI
SUMBAWA
KUDUS EXPATRIATES
SUMBA 4

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

108 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES TEFEN

ISRAEL Shaul Shani S

$3.2 BIL #527 TELECOM NE WS M A K E R
BEIT YANAY
NETANYA
Yitzhak Tshuva T LEV LEVIEV SILICON WADI
HERZLIYA PITUACH
GDP: $295.5 BIL $2.7 BIL #638 REAL ESTATE Leviev’s diamond BNEI BRAK
POPULATION: 8 MIL Gil Shwed X empire, extending
BILLIONAIRES: 17 $2.2 BIL #810 SOFTWARE from African
PETAH TIKVA
TOTAL NET WORTH: $48.2 mines to luxury
Marius Nacht T TEL AVIV
BIL (–$6 BIL VS. 2015) $1.7 BIL #1067 SOFTWARE storefronts, has 5
attracted celebrity
Eyal Ofer T Alexander Machkevich T
$8.4 BIL #135 REAL ESTATE,
clients—and
$1.5 BIL #1198 MINING, METALS
SHIPPING controversy. When
Adam Neumann  Oprah sported
Stef Wertheimer & family X $1.5 BIL #1198 WEWORK Leviev diamond
$5.6 BIL #228 METALWORKING
earrings on O’s
TOOLS Mori Arkin X
$1.3 BIL #1367 May 2015 cover,
Arnon Milchan T PHARMACEUTICALS activists petitioned
$5 BIL #270 MOVIEMAKING EXPATRIATES
the billionaire 5
Dan Gertler T
Shari Arison T $1.2 BIL #1476 MINING
media star to
$3.9 BIL #392 CARNIVAL distance herself
CRUISES Morris Kahn X from the company
$1 BIL #1694 SOFTWARE because of its alleged human rights abuses in
Idan Ofer T
$3.7 BIL #421 DRILLING, Lev Leviev T Angola and the Palestinian territories. These same
SHIPPING $1 BIL #1694 DIAMONDS activists also asked Taylor Swift to “shake off ”
Teddy Sagi X Leviev after she wore one of his diamond necklaces
Beny Steinmetz T
$3.3 BIL #495 GAMBLING $1 BIL #1694 MINING, DIAMONDS, for Vanity Fair’s September 2015 issue.
SOFTWARE REAL ESTATE

ITALY CORTINA WEALTH

ORIGIN
14%
TOP SECTORS
22
FASHION & RETAIL
9
LAKE COMO FOOD & BEVERAGE
GDP: $1.8 TRIL 49%
37% 4
POPULATION: 61 MIL COMO BERGAMO HEALTH CARE
BILLIONAIRES: 43 (+4 VS. 2015) B IG G E ST LOS E R 2
MONZA
TOTAL NET WORTH: $150.8 BIL TREVISO INHERITED & GROWING AUTOMOTIVE
(–$5 BIL VS. 2015) 5 Miuccia Prada INHERITED
SELF-MADE 2
MILAN ENERGY
16 The famed fashion designer and
TURIN
her husband, Patrizio Bertelli, co-
DOMICILE CEOs of Prada, each lost $1.8 bil- Maria Franca Fissolo
UNKNOWN
1 PARMA lion, or 44% of their net worth, in & family T
4 the past year as shares of the lux- $22.1 BIL #30 NUTELLA,
MODENA ury brand unraveled. A slowdown CHOCOLATES
2 in luxury spending combined with
NEWCO MER Leonardo Del Vecchio T
already weak earnings in China, a $18.7 BIL #37 EYEGLASSES
PIERO FERRARI CASETTE D’ETE critical market, pushed shares to
Stefano Pessina S
Piero, the illegitimate son of historic lows in January. $13.4 BIL #62 DRUGSTORES
Enzo Ferrari and longtime SANT’ELPIDIO A Massimiliana Landini Aleotti
mistress Lina Lardi, is sole MARE & family T
TUSCANY
heir to the Ferrari fortune. $10.1 BIL #101 PHARMACEUTICALS
Enzo’s first son, who was
originally groomed to take Silvio Berlusconi & family T
$6.2 BIL #188 MEDIA
over the company, died ROME
3
from muscular dystrophy. Giorgio Armani T
Piero was reportedly not SARDINIA $6.1 BIL #196 LUXURY GOODS
officially recognized as Augusto & Giorgio Perfetti T
part of the family until the $5.7 BIL #219 CANDY
death of Enzo’s wife in 1978.
Giuseppe De’Longhi S
Today he is vice chairman CAPRI $3.4 BIL #477 COFFEEMAKERS
of the renowned luxury
sports car company, which
went public in October. B IG G E ST G A I N E R

Stefano Pessina
Pessina took over as CEO of Wal-
greens Boots Alliance in July
2015 with a bang, announcing a
$17.2 billion takeover of rival Rite
Aid less than four months into
the job. The deal, which helped
MUNSHI AHMED/BLOOMBERG

boost his fortune by $1.3 billion

in the past year, was nothing new
for Pessina, who made his way
to the top of the world’s largest
drugstore chain after stringing
together more than 1,500 acqui-
EXPATRIATES sitions throughout his career.
4

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 THE WORLD’S BILLIONAIRES

ITALY Giuliana Benetton T

$2.8 BIL #612 FASHION,
Paolo Barilla 
$2 BIL #906 PASTA
Luigi Cremonini & family S
$1.4 BIL #1275 MEAT
Nicola Bulgari T
$1.2 BIL #1476 LUXURY GOODS
INVESTMENTS PROCESSING
Paolo & Gianfelice Mario Ennio Doris & family T Paolo Bulgari T
Rocca T Luciano Benetton T $2 BIL #906 FINANCIAL Pier Luigi Loro Piana S $1.2 BIL #1476 LUXURY GOODS
$3.4 BIL #477 PIPE $2.8 BIL #612 FASHION, SERVICES $1.4 BIL #1275 FASHION
MANUFACTURING INVESTMENTS Andrea Della Valle T
Luigi Rovati & family S Massimo Moratti S $1.2 BIL #1476 SHOES
Rosa Anna Magno Bernardo Caprotti S $1.9 BIL #959 $1.4 BIL #1275 OIL REFINERY
Garavoglia & family S $2.4 BIL #722 SUPERMARKETS PHARMACEUTICALS Remo Ruffini T
$3.3 BIL #495 SPIRITS Sandro Veronesi T $1.1 BIL #1577 WINTER JACKETS
Patrizio Bertelli T Mario Moretti Polegato $1.4 BIL #1275 FASHION
Renzo Rosso X $2.3 BIL #771 LUXURY GOODS & family T Piero Ferrari 
$3.2 BIL #527 FASHION $1.8 BIL #1011 SHOES Gustavo Denegri S $1 BIL #1694 AUTOMOBILES
Miuccia Prada T $1.3 BIL #1367 MEDICAL TESTS
Carlo Benetton T $2.3 BIL #771 LUXURY GOODS Alberto Bombassei S Alberto Prada T
$2.8 BIL #612 FASHION, $1.6 BIL #1121 AUTOMOTIVE Domenico Dolce T $1 BIL #1694 LUXURY GOODS
INVESTMENTS Emanuella Barilla  BRAKES $1.3 BIL #1367 LUXURY GOODS
$2 BIL #906 PASTA Marina Prada T
Gilberto Benetton T Francesco Gaetano Stefano Gabbana T $1 BIL #1694 LUXURY GOODS
$2.8 BIL #612 FASHION, Guido Barilla  Caltagirone T $1.3 BIL #1367 LUXURY GOODS
INVESTMENTS $2 BIL #906 PASTA $1.6 BIL #1121 DIVERSIFIED
Gian Marco Moratti S
Luca Barilla  Diego Della Valle T $1.3 BIL #1367 OIL REFINERY
$2 BIL #906 PASTA $1.6 BIL #1121 SHOES

JAPAN
EXPATRIATES
B IG G E ST G A I N E R 2
AKIRA MORI
Japan’s ultralow in-
terest rates spurred
GDP: $4.1 TRIL more property invest-
POPULATION: 127 MIL ment from his Mori
Trust, which owns 96 N E WS M A K E R
BILLIONAIRES: 27 (+3 VS. 2015) HOKKAIDO
TOTAL NET WORTH: $85.4 BIL
commercial and apart- Kazuo Okada
ment buildings along
(–$12.4 BIL VS. 2015) Luck may be turning for Okada, former
with 32 hotels. Mori,
whose fortune is up partner of American casino billionaire
TOP SECTORS
WEALTH $1.2 billion in the past Steve Wynn. Okada’s casino develop-
7
ORIGIN year, has been invest- ment in Manila has faced regulatory de-
FASHION & RETAIL
15% 6 ing in new buildings, lays but is now on track for completion
7% TECHNOLOGY demolishing old ones this year. Okada was forced to sell his
4 and upgrading hotels stake in Wynn Resorts in 2012 at a dis-
78%
GAMBLING, CASINOS ahead of the 2020 count after Wynn accused him of brib-
3 Tokyo Olympics. ery. Okada denies wrongdoing.
INHERITED & GROWING MANUFACTURING
INHERITED 3
SELF-MADE
REAL ESTATE
Tadashi Yanai & family T Yusaku Maezawa S
$14.6 BIL #57 RETAIL $1.6 BIL #1121 ONLINE RETAIL
R IC HE ST
Masayoshi Son T Katsumi Tada S
Tadashi Yanai $11.7 BIL #82 INTERNET, $1.6 BIL #1121 REAL ESTATE
TELECOM
Yanai holds on to the top spot in Japan, despite Takao Yasuda T
losing $5.6 billion, more than anyone else in his Takemitsu Takizaki T $1.3 BIL #1367 RETAIL
country. Most of his fortune is tied up in shares of IBARAKI $7.2 BIL #163 SENSORS
Naruatsu Baba T
his Fast Retailing. The company, best known for Hiroshi Mikitani T $1.2 BIL #1476 SMARTPHONE
its Uniqlo brand, had to cut its revenue forecasts $5.6 BIL #228 ONLINE RETAIL GAMES
as warm weather melted sales of its cold-weath-
er gear. Analysts are also apparently skeptical of Akira Mori & family S Hideyuki Busujima 
TOKYO $4.9 BIL #286 REAL ESTATE $1.1 BIL #1577 PACHINKO
its plans to expand into U.S. suburbs. Ever the 19
MACHINES
optimist, Yanai is predicting Fast Retailing will be Han Chang-Woo & family T
the world’s largest apparel retailer by 2020. $4.0 BIL #380 PACHINKO Soichiro Fukutake X
CHIBA PARLORS $1.1 BIL #1577 EDUCATION

KYOTO Masatoshi Ito S Kazuo Okada & family T

2 YOKOSUKA $3.6 BIL #435 RETAIL $1.1 BIL #1577 CASINOS
KANSAI SCIENCE CITY RESEARCH
PARK Masahiro Miki S Yoshiyuki Sankai S
OSAKA $3.5 BIL #453 RETAIL $1.1 BIL #1577 ROBOTICS

Keiichiro Takahara & family T Nobutoshi Shimamura

$3.5 BIL #453 DIAPERS & family 4
$1.1 BIL #1577 RETAIL
Kunio Busujima & family 
NE WS M A K E R
$2.9 BIL #595 PACHINKO Kenji Kasahara T
HIROSHI MIKITANI MACHINES $1 BIL #1694 SOCIAL NETWORK

Ride-sharing app Lyft’s valu- Yoshiko Mori X Masahiro Noda 4

ation got a lift when Hiroshi $2.5 BIL #688 REAL ESTATE $1 BIL #1694 SOFTWARE
Mikitani’s e-commerce firm,
Rakuten, invested $300 mil- Shigenobu Nagamori T Nobutada Saji X
$2.2 BIL #810 MOTORS $1 BIL #1694 BEVERAGES
lion in the Uber competitor in
March 2015. The nearly 12% Akio Nitori S Yoshikazu Tanaka T
stake earned Mikitani a seat on $2 BIL #906 RETAIL $1 BIL #1694 SOCIAL NETWORK
Lyft’s board, which he joined
in June. Yasumitsu Shigeta S
$2 BIL #906 MOBILE TELECOM

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THE WORLD’S BILLIONAIRES

LEBANON KAZAKHSTAN LIECHTENSTEIN

GDP: $54 BIL GDP: $191.8 BIL GDP: $5.5 BIL
POPULATION: 6 MIL POPULATION: 17 MIL POPULATION: 37,000
BILLIONAIRES: 7 BILLIONAIRES: 5 ASTANA BILLIONAIRES: 1
TOTAL NET WORTH: $12.5 TOTAL NET WORTH: $9.3 BIL (+1 VS. 2015)
BIL (–$1.6 BIL VS. 2015) (–$1.5 BIL VS. 2015) TOTAL NET WORTH: $2.5
ALMATY BIL (+$2.5 BIL VS. 2015)
4
Najib Mikati T
$2.5 BIL #688 TELECOM Bulat Utemuratov T Christoph Zeller T VADUZ
$2.3 BIL #771 MINING, BANKING, $2.5 BIL #688 DENTAL IMPLANTS
Taha Mikati T
$2.5 BIL #688 TELECOM HOTELS

Bahaa Hariri T Timur Kulibaev T Alijan Ibragimov T

$2 BIL #906 BANKING $1.5 BIL #1198 MINING, METALS
$2.2 BIL #810 REAL ESTATE,
INVESTMENTS, LOGISTICS Dinara Kulibaeva T Vladimir Kim T
$2 BIL #906 BANKING $1.5 BIL #1198 MINING
Robert Mouawad & family S
$1.5 BIL #1198 FINE JEWELRY

Saad Hariri T
$1.4 BIL #1275 CONSTRUCTION,
INVESTMENTS
Ayman Hariri S
$1.2 BIL #1476 CONSTRUCTION,
INVESTMENTS
Fahd Hariri S
$1.2 BIL #1476 CONSTRUCTION,
INVESTMENTS
BEIRUT
3
EXPATRIATES
4 biggest dollar loser on this year’s
NEWSMA KER
Robert
Mouawad
Luxury jeweler Mouawad
showcased a $2 million
“Fantasy Bra” worn by
model Lily Aldridge at
the 2015 Victoria’s Secret
Fashion Show, encrusted
with over 6,800 precious
stones, including dia-
monds, topaz, sapphires
and pink quartz. It was
the 14th year that the jew-
eler has designed a multi-
million-dollar bra for the
high-profile show.
MEXICO
Carlos Slim Helu & family T
$50 BIL #4 TELECOM
German Larrea Mota Velasco
& family T
$9.2 BIL #121 MINING
GDP: $1.1 TRIL
POPULATION: 127 MIL Alberto Bailleres Gonzalez
BILLIONAIRES: 14 (–2 VS. 2015) & family T
$6.9 BIL #170 MINING
TOTAL NET WORTH: $99.6 BIL (–$44.8 BIL VS. 2015)
Eva Gonda de Rivera
& family T
WEALTH $6.1 BIL #196 BEVERAGES
ORIGIN TOP SECTORS
3 Maria Asuncion
FOOD & BEVERAGE Aramburuzabala & family T
21% 2 RI CH E ST $5.5 BIL #233 BEER,
36%
INVESTMENTS
FASHION & RETAIL
Carlos Slim Helu
43% 2 Jeronimo Arango & family S
FINANCE & INVEST Shares of his pan-Latin American $4.4 BIL #338 RETAIL
INHERITED & GROWING 2 mobile phone operator, América
INHERITED METALS & MINING
Ricardo Salinas Pliego
Móvil, fell 42% in dollar terms in the
SELF-MADE & family T
wake of new telecom regulations, a $4.3 BIL #351 RETAIL, MEDIA
weaker peso and Brazil’s downturn.
That drove the $27.1 billion drop in Antonio Del Valle Ruiz
Slim’s net worth, making him the & family T
$2.6 BIL #666 CHEMICALS
list. Despite the drop he remains, at Emilio Azcarraga Jean T
$50 billion, the fourth-richest man $2.1 BIL #854 TV BROADCASTING
in the world, down two spots from Carlos Hank Rhon T
last year. $2.1 BIL #854 BANKING
Jose & Francisco Jose
Calderon Rojas T
$2 BIL #906 BEVERAGES
Roberto Hernandez
Ramirez T
$1.7 BIL #1067 BANKING
David Penaloza Alanis S
$1.5 BIL #1198 TOLL ROADS
Alfredo Harp Helu
& family T
$1.2 BIL #1476 BANKING
MONTERREY
LOS CABOS 2
SAN MIGUEL DE ALLENDE
HOLBOX
KEVIN MAZUR/GETTY IMAGES; AGUSTIN SALINAS/NEWSCOM

NE WS MA K E R

Ricardo Salinas Pliego TULUM

After the success Salinas Pliego had in early 2015
PUNTA MITA MEXICO
with the sale of mobile phone company Iusacell to CITY
AT&T for $2.5 billion, the mogul lost nearly half 11
his fortune as shares of TV Azteca, Mexico’s sec-
ond-largest broadcaster, plunged. Like its rival
Televisa, it is facing new challenges in the wake of
sluggish demand for advertising. In what some say
was an attempt to give his flagging company a jolt,
EXPATRIATE
in October he named his son, Benjamin Salinas 1
Sada, 32, as CEO.

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114 | FORBES MARCH 21, 2016

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THE WORLD’S BILLIONAIRES

MALAYSIA MONACO
Robert Kuok T
$10 BIL #103 DIVERSIFIED

Ananda Krishnan T
WEALTH $7.4 BIL #158 TELECOM GDP: $6.2 BIL
ORIGIN
GDP: $295.4 BIL POPULATION: 37,000
Quek Leng Chan T
POPULATION: 30 MIL 20% $5.3 BIL #248 BANKING, BILLIONAIRES: 4 (+1 VS. 2015)
BILLIONAIRES: 10 (–2 VS. 2015) REAL ESTATE TOTAL NET WORTH: $7.1 BIL
TOTAL NET WORTH: $39.5 BIL Teh Hong Piow T (+$2.4 BIL VS. 2015)
80%
(–$9.4 BIL VS. 2015) $4.7 BIL #308 BANKING
INHERITED & GROWING
INHERITED Lee Shin Cheng X
SELF-MADE $4.6 BIL #317 PALM OIL, MONTE CARLO
REAL ESTATE
TOP SECTORS MONTE CARLO
R ICHEST 6 Yeoh Tiong Lay T MONACO
DIVERSIFIED $2.3 BIL #771 CONSTRUCTION,
Robert Kuok 2 REAL ESTATE EXPATRIATES
2
MANUFACTURING
One of Asia’s most respected entre- Lau Cho Kun S
1
preneurs, Kuok, 92, sold his media busi- FINANCE & INVEST
$1.6 BIL #1121 PALM OIL,
REAL ESTATE
ness—which included a stake in Hong 1 Tatiana Casiraghi S
Kong’s leading English-language paper, TELECOM Syed Mokhtar AlBukhary T $2.4 BIL #722 BEER
the South China Morning Post, and the $1.5 BIL #1198 DIVERSIFIED
David Nahmad S
Hong Kong editions of Esquire, Elle,
Kuan Kam Hon  $1.9 BIL #959 ART
Cosmopolitan, Harper’s Bazaar and $1.1 BIL #1577 SYNTHETIC GLOVES
other titles—to Alibaba for $265 million Ezra Nahmad X
in December. Kuok had first purchased Tiong Hiew King T $1.5 BIL #1198 ART
$1 BIL #1694 TIMBER, MEDIA
a 35% share in the now 112-year-old Lily Safra X
newspaper from Rupert Murdoch $1.3 BIL #1367 BANKING
in 1993. N E WS M A K E R

TATIANA CASIRAGHI
An heiress to the South American Santo
Domingo beer fortune, Casiraghi mar-
ried the son of Monaco’s Princess Caroline,
JERAM TAWAU Andrea Casiraghi, in 2013. She gave birth to
KUALA a baby girl in April. The baby is sixth in line
LUMPUR to the Monegasque throne.
6
SIBU

EXPATRIATE
1

NETHERLANDS
GDP: $750.2 BIL
POPULATION: 17 MIL
BILLIONAIRES: 9
TOTAL NET WORTH: $28.2 BIL (+$700 MIL VS. 2015)

AMSTERDAM
Charlene de Carvalho- John de Mol T
Heineken & family S $1.5 BIL #1198 TV BLARICUM
$12.3 BIL #76 HEINEKEN
Ralph Sonnenberg &
family X SCHIEDAM BAARN VORDEN
Frits Goldschmeding T
$3.9 BIL #392 TEMP AGENCY $1.5 BIL #1198 BLINDS

Carolus Nolet Sr. S Wim Van Der Leegte T

$2.6 BIL #666 KETEL ONE VODKA $1.3 BIL #1367 MANUFACTURING GORINCHEM

Hans Melchers S Joop van den Ende T

$2.4 BIL #722 CHEMICALS, $1 BIL #1694 TV
INVESTMENTS EINDHOVEN

Kommer Damen S
$1.7 BIL #1067 SHIPBUILDING EXPATRIATES
2

MOROCCO CASABLANCA
2

GDP: $104.5 BIL CASABLANCA

POPULATION: 34 MIL
BILLIONAIRES: 2 (–1 VS. 2015)
TOTAL NET WORTH: $3.2 BIL Othman Benjelloun T
$1.9 BIL # 959 BANKING, INSURANCE
(–$2.1 BIL VS. 2015)
Aziz Akhannouch & family T
$1.3 BIL #1367 PETROLEUM, DIVERSIFIED
GETTY IMAGES

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EDUCATION FOR LIFE

LEARN MORE. CALL 866.467.7651 OR VISIT WWW.OUTWARDBOUND.ORG

 WEALTH
ORIGIN

THE WORLD’S BILLIONAIRES 31% 31%

NORWAY NEPAL
38%

INHERITED & GROWING

INHERITED
SELF-MADE
GDP: $20.7 BIL
TOP SECTORS POPULATION: 29 MIL
GDP: $391.5 BIL 4 BILLIONAIRES: 1
POPULATION: 5 MIL DIVERSIFIED
TOTAL NET WORTH: 1.1
BILLIONAIRES: 13 (+3 VS. 2015) 3
(–$200 MIL VS. 2015)
FASHION & RETAIL
TOTAL NET WORTH: $24.8 BIL
2
(–$200 MIL VS. 2015) FINANCE & INVEST
2 Binod Chaudhary & family T
LOGISTICS $1.1 BIL #1577 DIVERSIFIED
Odd Reitan T 1
$4.2 BIL #358 RETAIL, REAL FOOD & BEVERAGE
ESTATE

Andreas Halvorsen S
$3.1 BIL #549 HEDGE FUNDS KVERVA KATHMANDU
N E WS M A K E R
Johan Johannson T
$2.5 BIL #688 GROCERY STORES Stein Erik Hagen
Caroline Hagen Kjos  In October, in a televised interview seen

OMAN
$2.2 BIL #810 ORKLA
EXPATRIATES by millions in Norway and Sweden, dis-
4 count supermarket billionaire Hagen
Stein Erik Hagen T
$2.1 BIL #854 RETAIL openly talked about being gay for the
first time, using the interview to lobby GDP: $63.3 BIL
Arne Wilhelmsen & family T
$2.1 BIL #854 CRUISE SHIPS the state church to allow gay weddings. POPULATION: 4 MIL
Hagen, who built a fortune in supermar- BILLIONAIRES: 1
Kjell Inge Rokke T TRONDHEIM
kets, transferred almost all the owner- (–1 VS. 2015)
$1.6 BIL #1121 SHIPPING,
SEAFOOD
ship in his investment company, Canica
TOTAL NET WORTH: $1.5
AS, to his daughter Caroline, 32, in 2014,
Petter Stordalen T BIL (–$700 MIL VS. 2015)
and also made her chairman.
$1.4 BIL #1275 HOTELS

Alexandra Andresen  P.N.C. Menon S

N E WCO M E R $1.5 BIL #1198 REAL ESTATE
$1.2 BIL #1476 INVESTMENTS

Katharina Andresen  ALEXANDRA ANDRESEN

$1.2 BIL #1476 INVESTMENTS
The world has a new youngest billionaire: 19-year-old Norwegian
Gjert Wilhelmsen & family T heiress Alexandra Andresen, who is busy collecting trophies in
$1.1 BIL #1577 CRUISE SHIPS horseback riding. Her sister, Katharina, 20, is the second young-
Gustav Magnar Witzoe  OSLO
est. Each owns 42% of Ferd, the family conglomerate run by their
$1.1 BIL #1577 FISH FARMING 7 father. Norway’s tax policy seems to have hastened the transfer of
wealth. Yet another young Norwegian, Gustav Magnar Witzoe,
Alexander Vik T 22, who inherited shares in the SalMar fish-farm company, is the
$1 BIL #1694 INVESTMENTS
third-youngest billionaire on earth. EXPATRIATE
1

NIGERIA NEW ZEALAND

GDP: $492.3 BIL GDP: $167 BIL
POPULATION: 182 MIL POPULATION: 5 MIL KAURI CLIFFS
BILLIONAIRES: 5 BILLIONAIRES: 2
TOTAL NET WORTH: $29.9 BIL TOTAL NET WORTH: $9.1
(+$7 BIL VS. 2015) BIL (–$800 MIL VS. 2015)
AUCKLAND
Aliko Dangote S
$15.4 BIL #51 CEMENT, SUGAR, FLOUR
Graeme Hart T
Mike Adenuga S $6.4 BIL #178 INVESTMENTS
$10 BIL #103 TELECOM, OIL
Richard Chandler T
Femi Otedola S $2.7 BIL #638 INVESTMENTS
$1.8 BIL #1011 GAS STATIONS, UTILITIES LAGOS CAPE KIDNAPPERS
COURTESY OF ABDULSAMAD RABIU; MARTIN RUETSCHI/KEYSTONE/CORBIS

5
Folorunsho Alakija T
$1.6 BIL #1121 OIL

Abdulsamad Rabiu S
$1.1 BIL #1577 CEMENT, SUGAR

NE WS MA KE R

Abdulsamad Rabiu
In January his BUA Group, a food and cement conglom-
erate, sold its flour-milling and pasta businesses to Olam
International of Singapore for $275 million. Rabiu said the EXPATRIATE
sale is part of his plan to shift the company more into export- 1
oriented businesses that can be driven with materials sourced
in Nigeria. Import-dependent businesses like Rabiu’s sugar
refineries have been hit by the weakened Nigerian naira.

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a traveler review

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THE WORLD’S BILLIONAIRES
PERU
GDP: $189.3 BIL
POPULATION: 31 MIL
BILLIONAIRES: 3 (–3 VS.
2015)
TOTAL NET WORTH: $3.8
BIL (–$5 BIL VS. 2015)
Carlos Rodriguez-Pastor T
$1.6 BIL #1121 FINANCE
Eduardo Belmont Anderson T
$1.1 BIL #1577 COSMETICS
Ana Maria Brescia Cafferata T
$1.1 BIL #1577 MINING, BANKING
POLAND
GDP: $471.7 BIL
POPULATION: 39 MIL
BILLIONAIRES: 3 (–2 VS.
2015)
TOTAL NET WORTH: $7.9
BIL (–$3.6 BIL VS. 2015)
OPORTO
GRIJÓ
LISBON
QATAR
GDP: $192.7 BIL
POPULATION: 2 MIL
BILLIONAIRES: 1 (+1 VS.
2015)
TOTAL NET WORTH: $2 BIL
(+$2 BIL VS. 2015)
Faisal Bin Qassim Al Thani 
$2 BIL #906 HOTELS, DIVERSIFIED
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
120 | FORBES MARCH 21, 2016
WEALTH
ORIGIN
36%
64%
PHILIPPINES INHERITED & GROWING
INHERITED
SELF-MADE
TOP SECTORS
GDP: $293 BIL 4
POPULATION: 102 MIL DIVERSIFIED
BILLIONAIRES: 11 2
FASHION & RETAIL
TOTAL NET WORTH: $41.5 BIL (–$9.8 BIL VS. 2015)
1
CONSTRUCTION & ENGR
Henry Sy & family T 1
LIMA $12.9 BIL #71 DIVERSIFIED ENERGY
3
1
John Gokongwei Jr. T FINANCE & INVEST
$5 BIL #270 DIVERSIFIED
1
LOGISTICS
Lucio Tan & family T
$4 BIL #380 DIVERSIFIED 1
REAL ESTATE
George Ty & family T
$3.7 BIL #421 BANKING
David Consunji T
$3 BIL #569 CONSTRUCTION
SCIENCE CITY OF MUÑOZ
Dominika & Sebastian Kulczyk  Andrew Tan T
$3.6 BIL #435 DIVERSIFIED $3 BIL #569 DIVERSIFIED
Zygmunt Solorz-Zak T Tony Tan Caktiong
$2.5 BIL #688 TV BROADCASTING & family S MANILA
$3 BIL #569 FAST FOOD 11
Michal Solowow T
$1.8 BIL #1011 INVESTMENTS Enrique Razon Jr. T
$2.4 BIL #722 PORTS
Lucio & Susan Co T
$1.6 BIL #1121 RETAIL
Robert Coyiuto Jr. T PALAWAN
$1.6 BIL #1121 POWER
Manuel Villar T
$1.3 BIL #1367 REAL ESTATE
WARSAW
2
KIELCE
PORTUGAL
GDP: $198.9 BIL DAVAO CITY
POPULATION: 10 MIL
BILLIONAIRES: 3
B IG G E ST G A I N E R
TOTAL NET WORTH: $7.8
BIL (–$400 MIL VS. 2015) TONY TAN CAKTIONG
Tan’s Jollibee Foods, the biggest food chain
Americo Amorim T in the Philippines, bought a 40% stake in the
$4.1 BIL #369 ENERGY, U.S.’ fast-growing fast-food chain Smash-
INVESTMENTS burger in October. Jollibee currently operates
Alexandre Soares dos Santos and franchises over 3,000 restaurants under
& family S several brands, including Red Ribbon and
$2.1 BIL #854 RETAIL Burger King Philippines.
Belmiro de Azevedo T
$1.6 BIL #1121 RETAIL
JEROME FAVRE/BLOOMBERG; MATTHEW STAVER/BLOOMBERG
ROMANIA
GDP: $176.5 BIL
POPULATION: 20 MIL
BILLIONAIRES: 1 (–1 VS. 2015)
TOTAL NET WORTH: $1 BIL
DOHA (–$1.15 BIL VS. 2015)
Ion Tiriac X
$1 BIL #1694 BANKING, INSURANCE
BUCHAREST
TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
 PROMOTION

MERLE WOOD & ASSOCIATES

Inviting You to Luxury Yacht Ownership
MERLE WOOD me to purchase their next boat and also

KNOWS YACHTS. recommend their friends to us.”

This fact is evidenced by a client list that
reads like a Who’s Who of the world’s
most highly successful individuals.
Raised by a yacht-broker father, Wood
lived on a boat for several years and sold
his first one at 18 years old. Since launching
his company in 1988, Merle Wood &
Associates has surpassed expectations,
amassing well over $30 billion in yacht
deals to date and approaching more than
a $1 billion in sales this year.
Leading a team of astute sales profes-
sionals, CEO Wood is a master at expertly
navigating the yachting industry. His phi-
losophy is simple: “It is important to sell a
yacht that I know the client is going to be
happy with, so that he or she will return to
Wood learned at a young age, from
two very influential clients, two important
adages that are the foundation of his phi-
losophy and focus as a yacht broker: “The
bitterness of poor quality remains long
after the sweetness of low price is forgot-
ten;” and “It’s not what it costs to buy, but
what it costs to sell.” Wood uses these two
sayings to guide each client to the very
best yacht for their personal requirements. Merle and Claire Wood aboard their friend’s 332' ATTESSA IV
Merle Wood largely attributes his
company’s success to the strength of the
client relationships he works to establish “We have established solid relationships
and maintain by closely following these throughout the world by helping those
two adages. “Give us a call,” he says. “Our privileged few enjoy the ultimate reward for
yachts are showcased in ports all around their great success: their own private yacht.”
the world, and many will be on display in —MERLE WOOD
yacht shows throughout the year.”

VISIT WWW.MERLEWOOD.COM, OR REACH OUT VIA EMAIL AT MAIL@MERLEWOOD.COM OR BY PHONE AT +1.954.525.5111.

for Sale & Charter EXCL

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 WEALTH
ORIGIN
THE WORLD’S BILLIONAIRES
100%

RUSSIA
NEWSM A K E R

MIKHAIL PROKHOROV INHERITED & GROWING

INHERITED
The 6-foot-8 billionaire bought out the rest of the Brook- SELF-MADE
lyn Nets and the Barclays Center in a deal that valued the B IG G E ST LOS E R
TOP SECTORS
GDP: $1.2 TRIL assets at $1.7 billion. Prokhorov, who already owned an
17 Oleg
POPULATION: 144 MIL 80% stake in the team and 45% of the arena, paid around
BILLIONAIRES: 77 (–11 VS. 2015) $285 million. Earlier in the year he left Civic Platform,
ENERGY Deripaska
14
the Russian political party he created in 2012, because of FINANCE & INVEST Once the world’s ninth-
TOTAL NET WORTH: $282.6 BIL
disagreements with its leadership. 14 richest person, worth
(–$53.9 BIL VS. 2015)
METALS & MINING $28 billion, Deripaska
6 lost $4.1 billion in the
DIVERSIFIED past year and is down
6 to his last $2.1 bil-
MANUFACTURING
lion. Shares in his main
asset, UC Rusal, one
of the world’s largest
aluminum producers,
nose-dived 62% in the
last year, as the com-
pany continues to deal
with falling commodity
prices, heavy debt and
ST. PETERSBURG conflict among board
2 members.

MOSCOW SURGUT
60

VERKHNIAYA
SOLIKAMSK PYSHMA

YEKATERINBURG
2
KRASNODAR

KRASNAYA MAGNITOGORSK
POLYANA
Leonid Mikhelson S

YURI MILNER: NIKLAS HALLE’N/AFP/GETTY IMAGES; MIKHAIL PROKHOROV: KENT SMITH/NBAE VIA GETTY IMAGES; OLEG DERIPASKA: SASHA MORDOVETS/GETTY IMAGES; KIRILL
$14.4 BIL #60 GAS, CHEMICALS

Mikhail Fridman T

SHAMALOV: DMITRI DUKHANIN/ KOMMERSANT/GETTY IMAGES; LEONID MIKHELSON: KRASILNIKOV STANISLAV/ZUMA PRESS/NEWSCOM; ALIEN LIFE: EVERETT COLLECTION
LAKE BAIKAL
SOCHI EXPATRIATE
8 $13.3 BIL #63 OIL, BANKING,
TELECOM

Alisher Usmanov T
$12.5 BIL #73 STEEL, TELECOM,
N E WCO M E R INVESTMENTS

Kirill Vladimir Potanin T

Shamalov
NEWSMA K E R The nation’s young-
est billionaire, Sha-
YURI MILNER malov, 33, a former
In July 2015 the tech investor launched “Breakthrough Lis- economic advisor
ten,” a $100 million project to search for alien life. “The big- to the Russian gov-
ernment, is married
gest questions of our existence are at stake,” he wrote in an
open letter cosigned by eminent physicist Stephen Hawking, to President Vladi-
Family Guy creator Seth MacFarlane and others. Milner mir Putin’s daughter,
was an early backer of Facebook and Twitter and later bet academic Katerina
on Spotify, Airbnb and Chinese tech companies. The former Tikhonova, according
physicist cofounded the annual Breakthrough Prize, which to sources. Officials
gives $3 million awards to top scientists. refuse to confirm
the marriage or that
she is Putin’s daugh-
ter. The son of Ros-
siya Bank sharehold-
er Nikolai Shamalov,
a longtime friend of
Putin, Kirill is now
the second-largest
shareholder in pet-
rochemical giant
Sibur, after Russia’s
richest man, Leonid
Mikhelson.
RI CH E ST
Leonid Mikhelson
Russia’s new leading man—the
seventh number one in ten years—
gained $2.7 billion while most
others crashed amid falling oil
prices and economic sanctions.
His fortune got a boost after Chi-
nese state-owned Sinopec paid
$1.3 billion in December for 10%
of Sibur, the gas-processing and
petrochemical company that he
controls.
$12.1 BIL #78 METALS
Gennady Timchenko S
$11.4 BIL #85 OIL & GAS
Alexey Mordashov T
$10.9 BIL #93 STEEL,
INVESTMENTS
Viktor Vekselberg T
$10.5 BIL #98 METALS, ENERGY
Vladimir Lisin T
$9.3 BIL #116 STEEL, TRANSPORT
Vagit Alekperov T
$8.9 BIL #124 OIL
German Khan T
$8.7 BIL #128 OIL, BANKING,
TELECOM
Andrey Melnichenko T
$8.2 BIL #139 COAL, FERTILIZER
Dmitry Rybolovlev T
$7.7 BIL #148 FERTILIZER
Roman Abramovich T
$7.6 BIL #151 STEEL,
INVESTMENTS
Mikhail Prokhorov T
$7.6 BIL #151 INVESTMENTS
Alexei Kuzmichev T
$6.7 BIL #173 OIL, BANKING,
TELECOM
Mikhail Gutseriev S
$5.9 BIL #205 OIL, REAL ESTATE

Sergei Galitsky T
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE  $5.7 BIL #219 RETAIL
WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

122 | FORBES MARCH 21, 2016

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THE WORLD’S BILLIONAIRES
RUSSIA
Andrei Skoch T
$5.3 BIL #248 STEEL
Pyotr Aven T
$4.6 BIL #317 OIL, BANKING,
TELECOM
Sergei Popov T
$4.5 BIL #324 BANKING
Iskander Makhmudov S
$4 BIL #380 MINING, METALS,
MACHINERY
Leonid Fedun T
$3.9 BIL #392 OIL
Viktor Rashnikov S
$3.8 BIL #403 STEEL
Alexander Abramov T
$3.6 BIL #435 STEEL, MINING
Andrei Guriev S
$3.6 BIL #435 FERTILIZER
Zarakh Iliev T
$3.2 BIL #527 REAL ESTATE
God Nisanov T
$3.2 BIL #527 REAL ESTATE
Samvel Karapetyan T
$3.1 BIL #549 DEVELOPMENT
Dmitry Kamenshchik T
$2.9 BIL #595 AIRPORT
Alexander Nesis S
$2.9 BIL #595 METALS, BANKING,
FERTILIZER
Alexander Svetakov T
$2.9 BIL #595 BANKING,
REAL ESTATE
Yuri Milner T
$2.8 BIL #612 FACEBOOK,
INVESTMENTS
Viatcheslav Kantor S
$2.5 BIL #688 FERTILIZER,
REAL ESTATE
Igor Kesaev T
$2.4 BIL #722 TOBACCO
DISTRIBUTION, RETAIL
Andrei Kozitsyn S
$2.4 BIL #722 METALS
Alexander Mamut T
$2.4 BIL #722 INVESTMENTS
Vladimir Yevtushenkov T
$2.4 BIL #722 TELECOM
Vadim Moshkovich S
$2.3 BIL #771 AGRICULTURE
Alexander Ponomarenko T
$2.3 BIL #771 PORTS
Alexander Skorobogatko T
$2.3 BIL #771 PORTS
Oleg Deripaska T
$2.1 BIL #854 ALUMINUM,
UTILITIES
Igor Makarov X
$2.1 BIL #854 GAS
Yuri Shefler S
$1.9 BIL #959 ALCOHOL
Vladimir Bogdanov T
$1.7 BIL #1067 OIL
Suleiman Kerimov T
$1.6 BIL #1121 INVESTMENTS
Mikail Shishkhanov 
$1.6 BIL #1121 OIL, BANKING,
REAL ESTATE
Alexander Frolov T
$1.5 BIL #1198 MINING, STEEL
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
124 | FORBES MARCH 21, 2016
Filaret Galchev T
$1.5 BIL #1198 CONSTRUCTION
MATERIALS
SAUDI ARABIA GDP: $680.3 BIL
POPULATION: 32 MIL
BILLIONAIRES: 6 (–4 VS. 2015)
Sait-Salam Gutseriev 
$1.5 BIL #1198 OIL, BANKING, TOTAL NET WORTH: $34.6 BIL
REAL ESTATE (–$17.3 BIL VS. 2015)
Farkhad Akhmedov X
$1.4 BIL #1275 NATURAL GAS
Igor Altushkin T Alwaleed Bin Talal Alsaud T
$17.3 BIL #41 INVESTMENTS
$1.4 BIL #1275 METALS
Danil Khachaturov T Mohammed Al Amoudi T
$8.3 BIL #138 OIL, DIVERSIFIED
$1.4 BIL #1275 INSURANCE,
BANKING, REAL ESTATE RIYADH Sultan bin Mohammed bin Saud
4
Pyotr Kondrashev X Al Kabeer T
$3.4 BIL #477 DAIRY FARMS
$1.4 BIL #1275 FERTILIZER JEDDAH
2
Anatoly Lomakin X Mohammed Al Issa & family T
$2.3 BIL #771 INVESTMENTS
$1.4 BIL #1275 FERTILIZER
Aras Agalarov T Saleh Kamel T
$1.9 BIL #959 BANKING, HEALTH CARE
$1.2 BIL #1476 REAL ESTATE
Vasily Anisimov T Abdullah Al Rajhi & family T
$1.4 BIL #1275 BANKING
$1.2 BIL #1476 REAL ESTATE
Leonid Boguslavsky 
$1.2 BIL #1476 VENTURE CAPITAL
WEALTH
SINGAPORE
Oleg Boyko T ORIGIN
$1.2 BIL #1476 DIVERSIFIED
6%
Alexander Dzhaparidze T
$1.2 BIL #1476 OIL SERVICES 53% 41%
Gleb Fetisov X
$1.2 BIL #1476 INVESTMENTS
GDP: $288.7 BIL
POPULATION: 6 MIL INHERITED & GROWING
Andrei Kosogov T BILLIONAIRES: 17 (–2 VS. 2015)
INHERITED
SELF-MADE
$1.2 BIL #1476 OIL, BANKING,
TELECOM TOTAL NET WORTH: $44.5 BIL (–$9.1 BIL VS. 2015) TOP SECTORS
8
Lev Kvetnoi X REAL ESTATE
$1.2 BIL #1476 CEMENT, AIRPORT
SINGAPORE 3
Boris Mints T NE WS M A K E R 16 FINANCE & INVEST
$1.2 BIL #1476 REAL ESTATE
Kirill Shamalov 
Kwee 2
MANUFACTURING
$1.2 BIL #1476 PETROCHEMICALS brothers 1
The four Kwee
Elena Baturina S ENERGY
$1.1 BIL #1577 CONSTRUCTION brothers—
1
Liong Keng, MARINA BAY EXPATRIATE
Eugene Kaspersky S Liong Tek, 1 FOOD & BEVERAGE
$1.1 BIL #1577 SOFTWARE Liong Seen and
1
Liong Phing—
Andrei Rappoport X LOGISTICS
$1.1 BIL #1577 INVESTMENTS
are making N E WS M A K E R
their mark on
Gavril Yushvaev T the U.S. Their Goh Cheng Liang
$1.1 BIL #1577 PRECIOUS METALS, Pontiac Land
Singapore’s second-richest man has a penchant for
REAL ESTATE Group has part-
nered with real luxury boats. The paint tycoon and his family have
Alexei Ananyev T estate firm reportedly built four yachts to date, all of which bear
$1 BIL #1694 BANKING, IT, Hines and in- the name White Rabbit. His son, Goh Hup Jin, is said
REAL ESTATE
vestment bank to have hired an Australian firm to build that nation’s
Goldman Sachs
Dmitry Ananyev T biggest yacht, at 276 feet. It will set sail in 2017.
$1 BIL #1694 BANKING, IT, to build an 82-
REAL ESTATE story New York
City condo
Roman Avdeev T tower, 53W53,
$1 BIL #1694 BANKING, next door to
DEVELOPMENT MoMA. It is slat-
Valentin Gapontsev ed for comple-
tion in 2018.
& family T
$1 BIL #1694 LASERS
Viktor Kharitonin 4 Robert & Philip Ng T
$1 BIL #1694 $7.6 BIL #151 REAL ESTATE Raj Kumar & Kishin RK S Choo Chong Ngen S
PHARMACEUTICALS $2.4 BIL #722 REAL ESTATE $1.3 BIL #1367 HOTELS
Goh Cheng Liang T
Dmitry Pumpyansky 4 $5 BIL #270 PAINT Kuok Khoon Hong T Asok Kumar Hiranandani T
$1 BIL #1694 STEEL PIPES $2.2 BIL #810 PALM OIL $1.3 BIL #1367 REAL ESTATE
Kwee family S
Megdet Rahimkulov 4 $5 BIL #270 PONTIAC LAND Peter Lim S Zhong Sheng Jian S
$1 BIL #1694 INVESTMENTS GROUP $2.1 BIL #854 INVESTMENTS $1.2 BIL #1476 REAL ESTATE
Arkady Rotenberg T Wee Cho Yaw T Chang Yun Chung T Oei Hong Leong S
$1 BIL #1694 CONSTRUCTION, $4.2 BIL #358 BANKING $1.8 BIL #1011 SHIPPING $1.1 BIL #1577 INVESTMENTS
PIPES, BANKING
Kwek Leng Beng S Sam Goi T Koh Wee Meng T
Boris Rotenberg 4 $2.7 BIL #638 REAL ESTATE $1.6 BIL #1121 FROZEN FOODS $1 BIL #1694 REAL ESTATE,
$1 BIL #1694 CONSTRUCTION, HOTELS
PIPES, CHEMICALS Jason Chang T Lim Oon Kuin T
$2.4 BIL #722 ELECTRONICS $1.6 BIL #1121 OIL TRADING
TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
OWN YOUR FUTURE
WITH A BUSINESS THAT OFFERS GROWTH AND SUCCESS WITH SIGNIFICANCE
®

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met a need in the community and were growing at the right pace.”
This is your chance to launch a satisfying career with Right at Home, a Estimates show that by 2050, there will be more than 2 billion
franchise that offers seniors and disabled individuals a safe and people over the age of 60 worldwide. With three
comfortable one-on-one healthcare solution in the comfort of their own record-breaking franchise sales years in a row, Right at Home
homes. We offer the right solutions to families looking for a way to balance will remain at the forefront of the fastest-growing sector of
their lives better by providing one-on-one care for those they love. personal service franchising, and the average franchisee’s
‡
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4KIJVCV*QOG U5WEEGUUYKVJ5KIPKƒECPEG® initiative has become a central
focus in the company's philanthropic philosophy, and the brand has been
proud to welcome franchisees like Bill and Christy who fully embody the
principles of this mission. Bill shares his experience below.
RIGHT AT HOME
“In my previous career, I spent many successful years working in
manufacturing and merchandising for well-known department stores. After
years of traveling back and forth to New York City and spending days at a time
BY THE NUMBERS
away from my family, I was ready for a career change. My wife, Christy, and I LOCATIONS

500 IN 8 COUNTRIES
decided it was the right time to pursue an opportunity that allowed us to make
a difference in our community while simultaneously providing the lifestyle we
wanted for our family.
AVERAGE NET REVENUE
“Both my wife and I had always wanted to own our own business, and we knew PER FRANCHISEE ENTITY‡1

$1,350,469.41
that we wanted to serve the senior population. When we found Right at Home,
we were impressed with their business model, their corporate staff, and the
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for us.
AVERAGE GROSS MARGIN‡2
“Owning a Right at Home franchise has been very rewarding and has allowed
us to build a secure future for our family. We even purchased a second territory 38%
IF YOU WANT TO BE PART OF A WINNING TEAM, HELP OTHERS, AND PURSUE SUCCESS WITH SIGNIFICANCE®,
THEN RIGHT AT HOME COULD BE THE RIGHT FRANCHISE FOR YOU.
CALL 1-877-697-7537 OR GO ONLINE TO WWW.RIGHTATHOMEFRANCHISE.COM/FORBESMAGAZINE TODAY!
‡
There is no assurance that your Franchise Business will do as well as those referenced above. Actual results vary from business to business.
‡1
Net Billings in 2014 for 222 Franchisee Entities who own, collectively, 316 Franchise Businesses open 12 months or more as of December 31, 2014. 77 or 35% of these Franchisee Entities attained or
surpassed the represented level of financial performance.
‡2
Average gross margin in 2014 of 316 Franchise Businesses open 12 months or more as of December 31, 2014; 168 or 54% of these Franchise Businesses attained or surpassed the represented level
of financial performance.

Right at Home, Inc. 6464 Center St., Ste. 150, Omaha, NE 68106. This information is not intended as an offer to sell, or the solicitation of an offer to buy a franchise. It is for information purposes only.
 THE WORLD’S BILLIONAIRES

SOUTH AFRICA
N E WS M A K E R
GDP: $312.5 BIL
POPULATION: $54 MIL EXPATRIATE JOHANN RUPERT
BILLIONAIRES: 6 (–1 VS. 2015) 1
The luxury goods tycoon says the wealth gap is
TOTAL NET WORTH: $21.8 BIL (–$6.8 BIL VS. 2015) keeping him up at night—but not for the usual
JOHANNESBURG reasons. At a business summit in June 2015 Ru-
pert called for a solution to inequality so that the
Nicky Oppenheimer & family T
$6.6 BIL #174 DIAMONDS 2 wealthy won’t be afraid to don his Compagnie
Financiere Richemont’s brands like Cartier and
Christoffel Wiese T Van Cleef & Arpels. “Otherwise our clients will
$5.8 BIL #214 RETAILING be targets,” Rupert said in his keynote address.
Johann Rupert & family T “They’ll be hated, despised.”
$5.3 BIL #248 LUXURY GOODS

Allan Gray S
$1.6 BIL #1121 MONEY MANAGEMENT

Koos Bekker T
$1.4 BIL #1275 MEDIA, INVESTMENTS

Patrice Motsepe T
$1.1 BIL #1577 MINING

FRANSCHHOEK
CAMPS BAY
PAARL

CAPE TOWN
3

SOUTH KOREA
Lee Kun-Hee T Koo Bon-Moo S
$9.6 BIL #112 SAMSUNG $1.7 BIL #1067 ELECTRONICS,
CHEMICALS, HOUSEHOLD
Suh Kyung-Bae S PRODUCTS
$7.7 BIL #148 COSMETICS
Lee Seo-Hyun T
Jay Y. Lee T $1.7 BIL #1067 COMPUTER
GDP: $1.4 TRIL $6 BIL #201 SAMSUNG SERVICES, TOURISM
POPULATION: 51 MIL
BILLIONAIRES: 31 (+1 VS. 2015) Chung Mong-Koo T Kim Nam-Jung 
$4.3 BIL #351 MOTOR VEHICLES $1.5 BIL #1198 FOOD
TOTAL NET WORTH: $75.1 BIL
(–$2.4 BIL VS. 2015) Kwon Hyuk-Bin S Shin Dong-Bin T
$3.7 BIL #421 ONLINE GAMES $1.4 BIL #1275 RETAILING
TOP SECTORS Chey Tae-Won T Chang Pyung-Soon S
WEALTH
ORIGIN 5 $3 BIL #569 COMPUTER $1.3 BIL #1367 EDUCATIONAL
DIVERSIFIED SERVICES, TELECOMS PRODUCTS & SERVICES
13% 5
35% FASHION & RETAIL Chung Eui-Sun T Lee Hwa-Kyung T
$3 BIL #569 LOGISTICS $1.3 BIL #1367 SNACK FOODS
5
52% SEOUL
TECHNOLOGY Lee Jay-Hyun S Hur Young-In 
3
30 $2.8 BIL #612 FOOD PRODUCTS, $1.2 BIL #1476 BAKERIES,
INHERITED & GROWING FINANCE & INVEST ENTERTAINMENT FAST FOOD
INHERITED 3
SELF-MADE
FOOD & BEVERAGE Kim Jung-Ju S Shin Dong-Joo T
DIGITAL MEDIA CITY $2.3 BIL #771 ONLINE GAMES $1.2 BIL #1476 RETAILING
SAMSUNG TOWN
TEHERAN VALLEY Lee Joong-Keun S Cho Chang-Gul 
$2.2 BIL #810 CONSTRUCTION $1.1 BIL #1577 FURNITURE
DAEDEOK SCIENCE TOWN
Lim Sung-Ki  Hong Seok-Joh 
$2.2 BIL #810 PHARMA $1.1 BIL #1577 RETAIL
Park Hyeon-Joo S Kim Taek-Jin T
$2.1 BIL #854 ASSET $1.1 BIL #1577 ONLINE GAMES
MANAGEMENT
Lee Ho-Jin X
NEWSMAKER: Lee Boo-Jin T $1.1 BIL #1577 PETROCHEMICALS,
$1.9 BIL #959 COMPUTER FINANCE, MEDIA, ELECTRONICS
Chey Tae-Won SERVICES, TOURISM
Lee Myung-Hee T
The chairman of South Korea’s Seo Jung-Jin S $1.1 BIL #1577 RETAIL
third-largest conglomerate, EXPATRIATE $1.9 BIL #959 BIOTECHNOLOGY
1 Cho Jung-Ho 
who was reportedly serving Shin Chang-Jae T $1 BIL #1694 FINANCE
a four-year sentence on charg- $1.9 BIL #959 INSURANCE
JOHANN RUPERT: DAVID M. BENETT/GETTY IMAGES; CARTIER

es of embezzlement, was par- Hong Ra-Hee T

doned early by President Park
Geun-hye in August 2015. The
country’s leaders have long
been lenient on corporate
chieftains who find themselves
in trouble, but this time Chey
had plenty of company. He was
one of more than 6,500 pris-
oners pardoned ahead of the
70th anniversary of
Korea’s independence.
Kim Beom-Su T $1 BIL #1694 SAMSUNG
$1.7 BIL #1067 MOBILE CHAT
SERVICE
NE WCOME R
KIM NAM-JUNG
The heir to Dongwon Group swims into the ranks of the world’s
richest, as the company’s shares have risen in recent years part-
ly due to South Korea’s higher demand for canned salmon as well
as new food and beverage product lines. Its Pittsburgh-based sub-
sidiary, Starkist, owns an 8% stake in Alaska’s Silver Bay Seafoods.
Kim joined the company in 1996 and became vice chairman in 2013.

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 WEALTH
ORIGIN
THE WORLD’S BILLIONAIRES 10%

43%

SPAIN
48%
Amancio Ortega S
R IC HE ST $67 BIL #2 ZARA
Amancio Ortega INHERITED & GROWING
INHERITED Sandra Ortega Mera S
SELF-MADE $6.4 BIL #178 ZARA
What slowdown? Profits of Ortega’s retail
giant Inditex, the parent company of Zara, TOP SECTORS Juan Roig X
GDP: $1.2 TRIL
POPULATION: 46 MIL soared 20% in the last year despite a lagging 6 $5.4 BIL #240 SUPERMARKETS
European economy, boosting Ortega’s net CONSTRUCTION & ENGR
BILLIONAIRES: 21 6 Isak Andic & family T
worth by $2.5 billion to $67 billion. Defying $3.4 BIL #477 CLOTHING RETAIL
TOTAL NET WORTH: $113.2 BIL economic trends is nothing new for the richest FASHION & RETAIL
(–$3.1 BIL VS. 2015) 4 Juan-Miguel Villar Mir
man in Europe, who has personally gained FINANCE & INVEST & family T
$49 billion since 2009. 3 $3.1 BIL #549 CONSTRUCTION
SERVICE
1
Rafael Del Pino y Calvo-
Sotelo S
LA CORUNA GAMBLING, CASINOS
3 $3 BIL #569 CONSTRUCTION
1
REAL ESTATE Hortensia Herrero T
$2.7 BIL #638 SUPERMARKETS
MATADEPERA Manuel Lao Hernandez S
$2.4 BIL #722 GAMBLING

Alicia Koplowitz T
BARCELONA $2.2 BIL #810 CONSTRUCTION,
INVESTMENTS

Juan Abello S
$2 BIL #906 INVESTMENTS

Miguel Fluxa Rossello 

$2 BIL #906 HOTELS

Manuel Jove T
$1.9 BIL #959 REAL ESTATE
ESPORLES Helena Revoredo T
$1.7 BIL #1067 PRIVATE
MADRID PALMA DE SECURITY
11 MAJORCA
IZBA Jaime Botin T
$1.5 BIL #1198 BANKING
VALENCIA
3 Florentino Perez T
$1.4 BIL #1275 CONSTRUCTION

FORMENTERA
Gabriel Escarrer T
$1.3 BIL #1367 HOTELS

Fernando Roig S
$1.3 BIL #1367 SUPERMARKETS
Maria Del Pino y Calvo-
Sotelo T
$1.2 BIL #1476 CONSTRUCTION

Alberto Alcocer T
$1.1 BIL #1577 INVESTMENTS

MARBELLA
D. Leopoldo Del Pino y
Calvo-Sotelo 4
$1.1 BIL #1577 CONSTRUCTION
Jose Llado Fernandez-
Urrutia T
N E WCO M E R $1.1 BIL #1577 CONSTRUCTION
MIGUEL FLUXA ROSSELLO
The roots of Fluxa Rossello’s fortune date back
to the 19th century, when his family started a
footwear business in Majorca, Spain. It moved
into tourism in 1956. Three decades later Miguel
opened up the first Iberostar hotels in Major-
ca and the Canary Islands. He sold its tour oper-
ators and travel division for $1.1 billion a decade
ago but continues to expand its hotels. Today his
Grupo Iberostar has 100 hotels with 67,000 beds
in 27 countries including Mexico, Tunisia and
TORRECILLA/EPA/NEWSCOM; SEUX PAULE/HEMIS/ALAMY

Bulgaria.

SWAZILAND
N E WS MAKER Nathan Kirsh T
GDP: $4.1 BIL $3.7 BIL #421 RETAIL, REAL ESTATE
JAIME BOTIN POPULATION: 1 MIL
Authorities reportedly seized Picasso’s $28 million “Head of a Young BILLIONAIRES: 1
Woman” from Botin’s yacht last summer. Officials insist it is a national
treasure. Botin told one publication that the painting is his and he can do
TOTAL NET WORTH: $3.7 BIL
whatever he wants with it. The painting will remain in Madrid’s Reina Sofia (–$200 MIL VS. 2015)
Museum until legal ownership is determined.
EXPATRIATE
1

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

128 | FORBES MARCH 21, 2016

SIGNIFICANCE
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THE WORLD’S BILLIONAIRES
SWEDEN
GDP: $492 BIL
POPULATION: 10 MIL
BILLIONAIRES: 26 (+3 VS. 2015)
TOTAL NET WORTH: $112 BIL
(–$3.7 BIL VS. 2015)
EXPATRIATES
11
N E WS M AKER
Ingvar
Kamprad
Ikea founder Kam- SKINNSKATTEBERG
prad, 89, once the
world’s fourth-rich-
est person, falls out
of the ranks. Taking
his place are his three
sons—Peter, Mathias
and Jonas—to whom
he transferred owner-
ship of privately held
GOTHENBURG
Ikano Group, with
interests in finance
and real estate. It
also owns the Ikea
franchise in Singa-
pore, Malaysia and
Thailand. The famous-
ly frugal founder ir-
revocably transferred
ownership of the fur-
niture giant to foun-
dations in Europe’s
tax havens years ago,
but his sons still keep
tabs on the original
business, sitting on
supervisory boards
of at least four Ikea-
related entities.
Stefan Persson T
$20.8 BIL #32 H&M
Hans Rausing X
$12.5 BIL #73 PACKAGING
Frederik Paulsen S
$6 BIL #201 HEALTH CARE
Jorn Rausing S
$5.8 BIL #214 PACKAGING
Antonia Johnson S
$5.7 BIL #219 DIVERSIFIED
Melker Schorling T
$5.7 BIL #219 INVESTMENTS
Finn Rausing S
$5.5 BIL #233 PACKAGING
Kirsten Rausing S
$5.5 BIL #233 PACKAGING
Dan Olsson X
$5.1 BIL #262 DIVERSIFIED
Gustaf Douglas S
$4.7 BIL #308 SECURITY
Bertil Hult T
$4 BIL #380 EDUCATION
Fredrik Lundberg S
$3.8 BIL #403 REAL ESTATE,
INVESTMENTS
Lottie Tham T
$3.6 BIL #435 H&M
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
130 | FORBES MARCH 21, 2016
SWITZERLAND EXPATRIATE
1
GDP: $668.5 BIL BASEL
POPULATION: 8 MIL 5
WILEN DOMICILE
BILLIONAIRES: 32 (+3 VS. UNKNOWN
2015) 1
TOTAL NET WORTH: ZURICH
$91.6 BIL (–$7 BIL VS. 14
2015)
BULLE LUCERNE
GSTAAD DAVOS
VAUD CANTON
2
ST. MORITZ
GENEVA
4
VERBIER
ZERMATT
LUGANO
STOCKHOLM
10
Ernesto Bertarelli T
$8.6 BIL #129 BIOTECH,
INVESTMENTS
Gianluigi & Rafaela
Aponte S
$8.4 BIL #135 SHIPPING
Margarita Louis-Dreyfus &
5
family T
$6.8 BIL #171 COMMODITIES
TOREKOV
Hansjoerg Wyss X
$6.1 BIL #196 MEDICAL DEVICES
Willi & Isolde Liebherr &
family T
$5.0 BIL #270 CONSTRUCTION
N E WS M A K ER
Dona Bertarelli T
$4.5 BIL #324 BIOTECH
DONA BERTARELLI
Michael Pieper S
Bertarelli circumnavigated the globe in a little over 47 days,
$3.8 BIL #403 KITCHEN
APPLIANCES
becoming the fastest woman to sail around the world in a
yacht. Competing for the Jules Verne Trophy—named after the
Rahel Blocher S author of Around the World in 80 Days—she sailed in a 131-
$3.7 BIL #421 CHEMICALS foot trimaran with the all-male Spindrift Racing team she co-
Magdalena founded five years ago. The team, which crossed the capes of
Martullo-Blocher S Hope, Leeuwin and Horn, traveling nearly 29,000 miles, just
$3.7 BIL #421 CHEMICALS missed the 45-day world record.
Stefan Olsson T
$2.4 BIL #722 DIVERSIFIED Thomas Schmidheiny T
$3.2 BIL #527 CEMENT
Karl-Johan Persson T Benjamin de Rothschild S
CLAUDIO BRESCIANI/EPA/NEWSCOM; ; MICHEL DUFOUR/GETTY IMAGES; ISON CHRIS/PA PHOTOS/ABACA/NEWSCOM
$2.4 BIL #722 H&M Stephan Schmidheiny T $1.6 BIL #1121 BANKING
$3.0 BIL #569 INVESTMENTS
Tom Persson T Thomas Straumann S
$2.4 BIL #722 H&M Sergio Mantegazza T $1.5 BIL #1198 DENTAL IMPLANTS
$2.7 BIL #638 TRAVEL
Charlotte Soderstrom T Rudolf Maag S
$2.4 BIL #722 H&M Eva Maria Bucher-Haefner T B IG G E ST LOS E R $1.4 BIL #1275 MEDICAL DEVICES
$2.3 BIL #771 COMPUTER
Carl Bennet T ASSOCIATES Ivan Glasenberg Miriam Baumann-Blocher X
$2.3 BIL #771 INVESTMENTS $1.3 BIL #1367 CHEMICALS
Edgar de Picciotto Commodities giant Glen-
Erik Selin  & family S Marcel Erni 
$2.1 BIL #854 BALDER
core’s stock price fell
$2.3 BIL #771 PRIVATE BANKING $1.3 BIL #1367 PRIVATE EQUITY
two-thirds in the past
Madeleine Olsson year, pushing its CEO’s Walter Frey T
Martin Haefner T
Ericksson X $2.2 BIL #810 SOFTWARE, net worth down by $1.3 BIL #1367 EMIL FREY GROUP
$1.9 BIL #959 DIVERSIFIED
INVESTMENTS $3 billion. Glasenberg is Alfred Gantner 
Torbjorn Tornqvist T Ivan Glasenberg T luckier than others, since $1.3 BIL #1367 PRIVATE EQUITY
$1.8 BIL #1011 OIL TRADING four Glencore sharehold-
$2.1 BIL #854 MINING
Urs Wietlisbach 
Markus Persson X ers (including top ex- $1.3 BIL #1367 PRIVATE EQUITY
Maja Oeri T ecutives Daniel Maté,
$1.3 BIL #1367 MINECRAFT
$2.1 BIL #854 ROCHE HOLDING
Aristotelis Mistakidis and Martin Ebner 4
Thomas Sandell X Thomas Meyer T Tor Peterson) fell below $1.2 BIL #1476 INVESTMENTS
$1.3 BIL #1367 HEDGE FUNDS
$1.9 BIL #959 APPAREL RETAILER $1 billion. The Swiss firm Gary Fegel X
Jonas Kamprad  Esther Grether & family T issued 1.3 billion new $1.2 BIL #1476 COMMODITIES
$1 BIL #1694 IKEA shares in September TRADING
$1.8 BIL #1011 ART COLLECTION,
Mathias Kamprad  SWATCH to soften the blow, and Willy Michel 
$1 BIL #1694 IKEA Glasenberg snatched up $1.2 BIL #1476 MEDICAL DEVICES
Karl Scheufele III & family X
$1.7 BIL #1067 JEWELRY enough to keep his 8.4%
Peter Kamprad  Peter Spuhler T
$1 BIL #1694 IKEA
stake intact.
$1.1 BIL #1577 TRAIN CARS
TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
THE DUCK’S NUTS!
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 THE WORLD’S BILLIONAIRES

TAIWAN THAILAND
GDP: $392.5 BIL
GDP: $525.8 BIL POPULATION: 68 MIL
POPULATION: 23 MIL TAIPEI BILLIONAIRES: 16 (–1 VS. 2015)
TA TSUN 19
BILLIONAIRES: 25 (–8 VS. 2015) TOTAL NET WORTH: $44.9 BIL (–$11.2 BIL VS. 2015)
HSINCHU SCIENCE PARK
TOTAL NET WORTH: $54.1 BIL
(–$28 BIL VS. 2015)

WEALTH TOP SECTORS

ORIGIN 5
FINANCE & INVEST
12%
5
52% 36% FOOD & BEVERAGE
TAICHUNG
4
MANUFACTURING
4 CHANGHUA
INHERITED & GROWING
INHERITED TECHNOLOGY COUNTY BANGKOK
SELF-MADE 3 14
REAL ESTATE

N E WSM A KER SOUTHERN TAIWAN SCIENCE PARK

Terry Gou
Gou’s Foxconn is getting
EXPATRIATES KO KUT ISLAND
cold feet about buying
Japan’s troubled elec- 3
tronics maker Sharp. Al- N E WS M A K E R
most immediately after
Sharp’s board accept- Chao Teng- EXPATRIATES
2
ed a reported $6 bil- Hsiung
lion bid, Foxconn Tech-
nology Group issued a The real estate mogul
statement explaining was sentenced to two
that it had received a years in prison in De-
key document from cember 2015 for brib-
Sharp that included ing officials to get PHUKET
material information, contracts in three
most of which was not
disclosed in previous construction develop-
discussions. Sharp ap- ments. With the sen-
parently issued its own tence suspended for Charoen Montri Jiaravanont 
statement, saying it had five years, Chao will Sirivadhanabhakdi T $2.1 BIL #854 DIVERSIFIED
disclosed everything. not spend any time $10.7 BIL #94 BEVERAGES
Gou founded the busi- inside a cell but has to Thaksin Shinawatra T
ness in 1974 with Dhanin Chearavanont  $1.6 BIL #1121 INVESTMENTS
pay a $6 million fine. $6.8 BIL #171 DIVERSIFIED
$7,500. It is now the
The Farglory Group Wichai Thongtang T
world’s largest electron-
ics contract manufactur- chairman admitted Vanich Chaiyawan X $1.5 BIL #1198 INVESTMENTS
the wrongdoings and $3.7 BIL #421 INSURANCE,
er and a key supplier to BEVERAGES William Heinecke X
Apple, HP and Sony. received a favorable $1.4 BIL #1275 HOTELS
judgment for his co- Prasert Prasarttong-Osoth X
Keeree Kanjanapas T

TERRY GOU: VIPIN KUMAR/HINDUSTAN TIMES/GETTY IMAGES; CHAO TENG-HSIUNG: ASHLEY PON/BLOOMBERG
operation in the case. $2.8 BIL #612 HOSPITALS
$1.3 BIL #1367 TRANSPORTATION
Vichai Srivaddhanaprabha S
$2.8 BIL #612 DUTY-FREE Thongma Vijitpongpun T
$1.3 BIL #1367 REAL ESTATE
Wei Yin-Chun T Krit Ratanarak T
Tsai Eng-Meng T Pierre Chen T $2.6 BIL #666 MEDIA, Surin Upatkoon T
$6 BIL #201 FOOD, BEVERAGES $1.9 BIL #959 ART, ELECTRONICS $1.4 BIL #1275 FOOD, $1.1 BIL #1577 TELECOM,
BEVERAGES REAL ESTATE
LOTTERIES, INSURANCE
Terry Gou T Tsai Hong-tu T Jaran Chiaravanont 
$5.6 BIL #228 ELECTRONICS $1.6 BIL #1121 FINANCE Wei Ying-Chiao T Sudthida Ratanarak T
$1.4 BIL #1275 FOOD, $2.1 BIL #854 DIVERSIFIED
$1 BIL #1694 MEDIA,
Lin Yu-lin T Chen Yung-Tai T BEVERAGES
Sumet Jiaravanon  REAL ESTATE
$5 BIL #270 REAL ESTATE $1.4 BIL #1275 REAL ESTATE
Wei Yin-Heng T $2.1 BIL #854 DIVERSIFIED
Barry Lam T Liao Long-Shing T $1.4 BIL #1275 FOOD,
$3.1 BIL #549 COMPUTERS $1.4 BIL #1275 PETROCHEMICALS BEVERAGES

Luo Jye & family T

$3 BIL #569 TIRES
Suhon Lin T
$1.4 BIL #1275 PETROCHEMICALS
Chao Teng-Hsiung T
$1.3 BIL #1367 REAL ESTATE TANZANIA
Samuel Yin T Tsai Cheng-da T Lin Ming-Hsiung S
$2.6 BIL #666 DIVERSIFIED $1.4 BIL #1275 FINANCE $1.3 BIL #1367 RETAIL GDP: $48.6 BIL
POPULATION: 53 MIL
Daniel Tsai T Tseng Shin-Yi T Scott Lin & family T
$2.4 BIL #722 FINANCE $1.4 BIL #1275 PETROCHEMICALS $1.3 BIL #1367 OPTICAL BILLIONAIRES: 1 (–1 VS. 2015)
COMPONENTS TOTAL NET WORTH: $1.1 BIL DAR ES SALAAM
Richard Tsai T Wei Ing-Chou T
$2.4 BIL #722 FINANCE $1.4 BIL #1275 FOOD, Bruce Cheng T
(–$1.15 BIL VS. 2015)
BEVERAGES $1 BIL #1694 ELECTRONICS
T.Y. Tsai T
$2 BIL #906 FINANCE Wu Chung-Yi T Mohammed Dewji T
$1 BIL #1694 AUTO PARTS $1.1 BIL #1577 DIVERSIFIED

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 PROMOTION / ECONOMIC DEVELOPMENT

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KPIVJCPKVUEQORGVKVQTUYJKNGOCKPVCKPKPIVJGUCOGGZCEVKPIJGCNVJUCHGV[GPXKTQPOGPV Electric Power Systems
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 www.eps-egypt.com

institutional clients throughout the region,
and that possesses the expertise to assist
foreign investors in Egypt’s fast-growing
energy sector. Founded in 1982, it provides
consulting and engineering solutions for
generation and transmission projects, with
a specialty in renewable power sources.
“We are problem-solvers,” explains its
chairman, Hosni El-Kholy. “We provide
many different services, including tailored
software solutions and feasibility studies.
We are now expanding our offer to con-
tractors and have already had a number
of very successful projects. We already
do most of the transmission work for the
Egyptian Electricity Transmission Company
as their preferred partner.”
Challenges still persist for Egypt—
namely the threat of terrorism, lower tour-
ism receipts, shrinking foreign reserves
CPFCUK\CDNGDWFIGVFGƂEKVtDWVDQVJVJG
public and private sectors exhibit a strong
resolve to overcome any obstacle. “We
are on the right track,” Reliance’s Kassab-
gui says. “We have to send the message
to foreign investors, encourage them to
come to Egypt and show them possibili-
ties for business.”
Section Managers: Rosemary Venn and Christopher French
For more information, contact:
Gabriel Gutiérrez—g.gutierrez@forbes-cm.com
ECONOMIC DEVELOPMENT / PROMOTION
ZAKI HASHEM AND PARTNERS, ATTORNEYS AT LAW
For six decades, Zaki Hashem & Partners (ZH&P) has looked
“We have a long
after legal matters for corporate clients from Egypt, the Mid-
dle East and worldwide. Established in 1953, it ranks among history advising
/'0#oUNGCFKPIEQOOGTEKCNNCYƂTOUURGEKCNK\GUKP/#CPF foreign investors.
capital market deals, and today employs more than 100 fee Although, at
earners. ƂTUVKPXGUVOGPVU
“We are the oldest and largest, and remain independent,” OC[NQQMFKHƂEWNV
states Mr. Yasser Hashem, ZH&P’s managing partner. This
and bureaucratic,
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world. We are a little more old-fashioned in terms of profes- at the end of the
sionalism and integrity. We believe your reputation comes from day, deals get
what you achieve.” done and people
ZH&P has racked up some pretty impressive achievements. OCMGOQPG[q
6JGƂTOYCUKPXQNXGFKPQKNCPFICUEQPEGUUKQPUITCPVGFCETQUU
the Middle East for decades, played an instrumental role in
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sees Egypt’s biggest transactions. Last May, ZH&P won “best
deal of the year” after handling the government’s $1.5 billion
euro-dollar bond issue.
Alongside major domestic clients, such as Vodafone and The American University in Cairo,
ZH&P works for many multinationals doing business in Egypt, including HSBC and Total. The
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QHƂEGUCUYGNNCULQKPVXGPVWTGUYKVJNQECNRCTVPGTU
“We have a long history advising foreign investors,” Hashem says. “Since the 1950s,
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and bureaucratic, at the end of the day, deals get done
and people make money.”
For more information, call: +202 2399 9999
or visit www.hashemlaw.com.
 WEALTH
ORIGIN
THE WORLD’S BILLIONAIRES 10%

57% 33%

TURKEY INHERITED & GROWING

INHERITED
SELF-MADE
Filiz Sahenk T
TOP SECTORS $1.5 BIL #1198 BANKING, MEDIA
GDP: $716.4 BIL
14
POPULATION: 78 MIL DIVERSIFIED Bulent Eczacibasi T
BILLIONAIRES: 30 (–2 VS. 2015) $1.4 BIL #1275 PHARMACEUTI-
5
CALS, DIVERSIFIED
TOTAL NET WORTH: $45.4 BIL (–$7.1 BIL VS. 2015) FINANCE & INVEST
4 Faruk Eczacibasi X
CONSTRUCTION & ENGR $1.4 BIL #1275 PHARMACEUTI-
3 CALS, DIVERSIFIED
EXPATRIATE
1 FASHION & RETAIL
2
Mehmet Aydinlar X
ISTANBUL $1.3 BIL #1367 HOSPITALS
FOOD & BEVERAGE
26
Sezai Bacaksiz 4
$1.3 BIL #1367 DIVERSIFIED

Ahmet Calik T
$1.3 BIL #1367 ENERGY, MEDIA,
BANKING

ANKARA Turgay Ciner S

3 $1.3 BIL #1367 DIVERSIFIED
CESME
Nihat Ozdemir 4
$1.3 BIL #1367 DIVERSIFIED

Ahmet Nazif Zorlu T

BODRUM $1.3 BIL #1367 DIVERSIFIED

Ali Ibrahim Agaoglu T

$1.2 BIL #1476 CONSTRUCTION

Murat Ulker T Sefik Yilmaz Dizdar 

$2.9 BIL #595 FOOD
MANUFACTURING
RICHE ST Husnu Ozyegin T
$2.6 bil #666 FINANCE,
Murat Ulker DIVERSIFIED
The chairman of Tur- Ferit Faik Sahenk T
key’s largest food company, $2.4 BIL #722 BANKING, MEDIA
Yildiz Holding, whose per- Semahat Sevim Arsel T
sonal fortune fell $1.5 bil- $2.2 BIL #810 DIVERSIFIED
lion in the past year, is seek-
Erman Ilicak T
ing to improve the group’s
$2 BIL #906 CONSTRUCTION
outlook by uniting his glob-
al assets, including Godiva Mustafa Rahmi Koc T
and United Biscuits, into a $2 BIL #906 DIVERSIFIED
new company called Pladis. Mustafa Kucuk 
The January restructuring $2 BIL #906 FASHION, RETAIL
may be a prelude to an IPO.
Sarik Tara T
Meanwhile, he has divested $2 BIL #906 CONSTRUCTION
his beverage assets, selling
an 80% stake in milk pro- Suna Kirac T
$1.8 BIL #1011 DIVERSIFIED
ducer Ak Food to France’s
Groupe Lactalis for almost Hamdi Ulukaya S
$1 billion in 2015. $1.8 BIL #1011 CHOBANI YOGURT
$1.2 BIL #1476 FASHION, RETAIL
Mehmet Nazif Gunal T
$1.1 BIL #1577 TOURISM,
CONSTRUCTION
Mustafa Latif Topbas T
$1.1 BIL #1577 FOOD
MANUFACTURING, RETAIL
Hamdi Akin 
$1 BIL #1694 DIVERSIFIED
Mehmet Rustu Basaran T
$1 BIL #1694 BANKING, GAS
Sevket Sabanci T
$1 BIL #1694 DIVERSIFIED
Deniz Sahenk T
$1 BIL #1694 BANKING, MEDIA
Mehmet Sinan Tara T
$1 BIL #1694 CONSTRUCTION
Murat Vargi X
$1 BIL #1694 TELECOM
Fatma Yazici X
$1 BIL #1694 DIVERSIFIED

UNITED ARAB EMIRATES UKRAINE

GDP: $339.1 BIL GDP: $88.9 BIL
POPULATION: 9 MIL POPULATION: 45 MIL
BILLIONAIRES: 5 (+1 VS. 2015) BILLIONAIRES: 5 KIEV
YILDIZ HOLDING/ANADOLU AGENCY/GETTY IMAGES; STUDIOSHOTS/ALAMY

TOTAL NET WORTH: $18.4 BIL (–$0.8 BIL VS. 2015) TOTAL NET WORTH: 3
$7.1 BIL DNEPROPETROVSK
DUBAI
Majid Al Futtaim & family T 5
(–$4.8 BIL VS. 2015)
$5.0 BIL #270 REAL ESTATE, DONETSK
RETAIL
Abdulla bin Ahmad Al ABU DHABI
Ghurair & family T
$4.9 BIL #286 DIVERSIFIED

Hussain Sajwani  Rinat Akhmetov T

$3.2 BIL #527 REAL ESTATE $2.3 BIL #771 STEEL, COAL
Abdulla Al Futtaim T Henadiy Boholyubov S
$3.1 BIL #549 AUTO DEALERS, $1.3 BIL #1367 BANKING, Victor Pinchuk T
INVESTMENTS INVESTMENTS $1.2 BIL #1476 STEEL PIPES,
DIVERSIFIED
Saif Al Ghurair & family T Ihor Kolomoyskyy X
$2.2 BIL #810 DIVERSIFIED $1.3 BIL #1367 BANKING, Yuriy Kosiuk T
INVESTMENTS $1 BIL #1694 AGRICULTURE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

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 THE WORLD’S BILLIONAIRES

UNITED KINGDOM N E WS M A K E R
Lord Michael
GDP: $2.9 TRIL
POPULATION: 65 MIL
Ashcroft
BILLIONAIRES: 50 (–3 VS. 2015) After resigning from the
House of Lords last spring,
TOTAL NET WORTH: $161.8 BIL Ashcroft published Call Me
(–$9.4 BIL VS. 2015) Dave, a scathing book about
British Prime Minister David
TOP SECTORS EXPATRIATES Cameron. Alle-
16 gations include
11
WEALTH drug use and
ORIGIN FINANCE & INVEST
snobby behav-
8
6% ior. It also claims
REAL ESTATE NE WCOME R
12% that the Oxford
7
82%
DIVERSIFIED John Bloor grad once put
his private parts
6
Bloor reportedly left school at in a dead pig’s
FASHION & RETAIL mouth as part
age 15 to become an apprentice
INHERITED & GROWING 4 of an initiation
INHERITED MANUFACTURING
plasterer and built his first house
SELF-MADE before age 20. Today his Bloor ritual. A Con-
4 servative dep-
MEDIA & ENTERT Homes puts up more than 2,000 uty chairman
residences a year. He also owns from 2005 to
Triumph Motorcycles, the iconic ABERDEEN 2010, Ashcroft admitted his
Hinduja family X brand made famous by American disappointment that Camer-
$14.5 BIL #58 HINDUJA GROUP
movie stars like James Dean and on didn’t offer him a job in
David & Simon Reuben S Steve McQueen. his cabinet, but he insists the
$14.4 BIL #60 INVESTMENTS, book isn’t revenge.
REAL ESTATE
Gerald Cavendish Grosvenor
& family S GLASGOW
Anthony Bamford & family T
$13 BIL #68 REAL ESTATE $2.3 BIL #771 CONSTRUCTION
EQUIPMENT
Philip & Cristina Green S
$5.9 BIL #205 RETAIL Robert Miller S
$2.2 BIL #810 RETAIL
James Ratcliffe S
$5.5 BIL #233 CHEMICALS Charles Dunstone T
$2.1 BIL #854 MOBILE PHONES
Joe Lewis T
$5.3 BIL #248 INVESTMENTS Martisa Lazari & family 
$2.1 BIL #854 REAL ESTATE
Ian & Richard Livingstone S
ISLE OF MAN
$5.1 BIL #262 REAL ESTATE Sunil Vaswani 
$2 BIL #906 DIVERSIFIED
David & Frederick Barclay T Jonathan Harmsworth T
$4.9 BIL #286 MEDIA, RETAIL John Coates S $1.3 BIL #1367 PUBLISHING
MERSEYSIDE
$1.9 BIL #959 ONLINE GAMBLING NOTTINGHAMSHIRE
Richard Branson S Hilton Schlosberg T
$4.9 BIL #286 VIRGIN Andrew Currie  $1.3 BIL #1367 MONSTER
ENERGY DRINKS
Laurence Graff & family T
$1.8 BIL #1011 CHEMICALS CHESTER
$4.6 BIL #317 DIAMOND Farhad Moshiri T Cameron Mackintosh 
JEWELRY $1.8 BIL #1011 DIVERSIFIED $1.2 BIL #1476 MUSICAL THEATER ABERDYFI

Bruno Schroder & family T John Reece  Ayman Asfari T

STOKE-ON-TRENT
$4.6 BIL #317 BANKING $1.8 BIL #1011 CHEMICALS $1.1 BIL #1577 OIL SERVICES 3 HERTFORDSHIRE
Clive Calder S Christopher Hohn 4 John Bloor 
$4.5 BIL #324 RECORD LABEL $1.7 BIL #1067 HEDGE FUND $1.1 BIL #1577 REAL ESTATE,
GLOUCESTER CHERTSEY
MANUFACTURING 2 SILICON
James Dyson T Stephen Rubin T ROUNDABOUT
$4 BIL #380 VACUUMS $1.7 BIL #1067 SPORTS APPAREL Mohammed Ibrahim X M4 CORRIDOR
$1.1 BIL #1577 COMMUNICATIONS
Denise Coates S David Harding S BRISTOL
$3.8 BIL #403 ONLINE GAMBLING $1.6 BIL #1121 FINANCE Raghuvinder Kataria X LONDON
19
$1.1 BIL #1577 DIVERSIFIED
Michael Ashley T Kenneth Lo S HAMPSHIRE
$3.5 BIL #453 SPORTS RETAILING $1.6 BIL #1121 TEXTILES Anthony Langley 
$1.1 BIL #1577 MANUFACTURING
Bernard Ecclestone & fam T Ian Wood & family T
$3.2 BIL #527 FORMULA ONE $1.6 BIL #1121 ENERGY SERVICES
Michael Platt T Michael Ashcroft X
$3 BIL #569 HEDGE FUNDS $1.5 BIL #1198 SECURITY
N E WS M A K E R
Peter Hargreaves S Richard Desmond T
PHILIP AND TINA GREEN: KARWAI TANG/GETTY IMAGES;
TRIUMPH MOTORCYCLE: OLEKSIY MAKSYMENKO/ALAMY

$2.9 BIL #595 FINANCIAL $1.5 BIL #1198 PUBLISHING PHILIP & CRISTINA GREEN
SERVICES
Alan Howard T The husband-wife duo unloaded their
John Whittaker T $1.5 BIL #1198 HEDGE FUNDS struggling clothing and homeware
$2.7 BIL #638 REAL ESTATE
chain, BHS, for just one pound in 2015,
Jasminder Singh & family S
Eddie & Sol Zakay T $1.5 BIL #1198 HOTELS quite a comedown from the $300 mil-
$2.5 BIL #688 REAL ESTATE lion they spent to acquire it in 2002. But
Mark Coombs T don’t feel too bad: Their Arcadia Group
John Caudwell T $1.4 BIL #1275 FINANCE
$2.4 BIL #722 MOBILE PHONES owns European retail favorites such as
Mark Dixon S Topshop, Dorothy Perkins and Miss Self-
Tom Morris S $1.3 BIL #1367 OFFICE ridge, which continue to do well.
$2.4 BIL #722 RETAIL REAL ESTATE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

WINE-GROWING REGION TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER

138 | FORBES MARCH 21, 2016

We started UNTUCKit
because we had trouble
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 THE WORLD’S BILLIONAIRES

UNITED STATES
N E WS M A K E R
HAROLD HAMM
The nearly 50% drop in oil prices drained $35.8 billion from the fortunes
of 23 U.S. oil and gas billionaires. No American oilman lost more than
GDP: $18 TRIL Hamm, whose net worth fell $7.1 billion. At his 2014 peak he was worth
POPULATION: 322 MIL $18.7 billion, but the oil price plunge and a $1 billion divorce judgment
BILLIONAIRES: 540 (+4 VS. 2015) have knocked him down 166
TOTAL NET WORTH: $2.4 TRIL (–$200 BIL VS. 2015) ranks in a year to 262nd.
SAN JUAN
ISLANDS
TOP SECTORS LANAI, KAUAI
WEALTH
ORIGIN 132
FINANCE & INVEST SEATTLE
17% 73 11
TECHNOLOGY HONOLULU
15%
68% 52 MISSOULA
FOOD & BEVERAGE 2
PORTLAND BIG HORN
48 3
INHERITED & GROWING FASHION & RETAIL
INHERITED
SELF-MADE 38
REAL ESTATE
BOZEMAN
2

NE WS MA KE R SHERIDAN
Bill Gates T Elizabeth JACKSON
$75 BIL #1 MICROSOFT 6
Warren Buffett T
Holmes
A firestorm has sur- BOISE SUN VALLEY
$60.8 BIL #3 BERKSHIRE 3
HATHAWAY rounded Holmes’ REDDING
Jeff Bezos S blood-testing com-
DEER VALLEY
$45.2 BIL #5 AMAZON.COM pany, Theranos. Last PARK CITY
fall the FDA said the CHICO
Mark Zuckerberg S company was ship- SALT LAKE CITY
$44.6 BIL #6 FACEBOOK FORT COLLINS
ping an unapproved
Larry Ellison T blood-collection de- STOCKTON BOULDER
$43.6 BIL #7 ORACLE vice. In January the ASPEN

Michael Bloomberg S Centers for Medicare SAN FRANCISCO/

$40 BIL #8 BLOOMBERG LP & Medicaid Servic- SAN JOSE SNOWMASS/ASPEN/BEAVER DENVER
SANTA CRUZ CREEK,COLORADO
Charles Koch T
es found deficien- 70 7
cies in a Califor-
$39.6 BIL #9 DIVERSIFIED
nia lab. A few days PEBBLE BEACH
David Koch T later Theranos’ part-
$39.6 BIL #9 DIVERSIFIED ner Walgreens sus- LAS VEGAS
8
Larry Page S pended sending MONTECITO
$35.2 BIL #12 GOOGLE tests to that lab and
SANTA BARBARA
stopped blood tests
Sergey Brin S RIVERSIDE
$34.4 BIL #13 GOOGLE
in its Palo Alto, Calif. LOS ANGELES
store; it still runs
Jim Walton T
43
the tests in 40 Ar-
$33.6 BIL #15 WAL-MART izona stores. As a
result of the trou- PHOENIX
Alice Walton T SAN DIEGO 9
$32.3 BIL #16 WAL-MART bles, FORBES low- 4
ered the estimated
S. Robson Walton T
$31.9 BIL #17 WAL-MART valuation of Ther-
anos. Still, Holmes
Sheldon Adelson T remains the world’s EL PASO
$25.2 BIL #22 CASINOS
youngest self-made
George Soros S woman, for now. B IG G E ST G A I N E R
$24.9 BIL #23 HEDGE FUNDS
MARK
Phil Knight S ZUCKERBERG
$24.4 BIL #24 NIKE
Laurene Powell Jobs No one on the planet has
Steve Ballmer S & family T had a better year than
$23.5 BIL #26 MICROSOFT $16.7 BIL #44 APPLE, DISNEY Zuck. Facebook’s soar-
ing stock price makes him
Forrest Mars Jr. T Ray Dalio S
WAGGONER RANCH: GREGG ELLMAN/MCT/NEWSCOM; STAN KROENKE:

the world’s biggest gainer,

ELIZABETH HOLMES: ETHAN PINES; MARK ZUCKERBERG: NEWSCOM;

$23.4 BIL #27 CANDY $15.6 BIL #48 HEDGE FUNDS

adding $11.2 billion to his
Jacqueline Mars T James Simons S fortune in 12 months. Plus,
$23.4 BIL #27 CANDY $15.5 BIL #50 HEDGE FUNDS he became a father for the
NICK UT/AP; OIL DERRICK: RYAN MCGINNIS/GETTY IMAGES;

first time. To celebrate the

John Mars T Len Blavatnik T
DAVID RUBENSTEIN: DREW ANGERER/GETTY IMAGES

milestone, he and his wife,

$23.4 BIL #27 CANDY $15.3 BIL #53 DIVERSIFIED Priscilla, announced plans
Michael Dell S Donald Bren T to give 99% of their Face-
$19.8 BIL #35 DELL $15.1 BIL #54 REAL ESTATE book stock—nearly all of
their wealth—to charita-
Paul Allen X Abigail Johnson T ble causes during their life-
$17.5 BIL #40 MICROSOFT, $13.1 BIL #65 MONEY time. Zuckerberg has also taken to posting pho-
INVESTMENTS MANAGEMENT tos and videos of his family on Facebook, including
ones with his daughter, Max, getting her vaccines,
Carl Icahn T Steve Cohen S dressed as a Jedi, celebrating her first Chinese New
$17 BIL #43 INVESTMENTS $12.7 BIL #72 HEDGE FUNDS
Year and hanging out with their dog, Beast.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 

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140 | FORBES MARCH 21, 2016

 NEWCO MER
recipes and hairstyles to crafts
BEN SILBERMANN and home decor from their
As a child in Iowa, Silbermann mobile phones or computers,
(right) collected dried insects now has more than 100 million
pinned to cardboard. As an monthly users. It was most
N E WS M A K E R
adult he and two cofounders recently valued at $11 billion in
created Pinterest, a site May 2015, pushing Silbermann, KEN
for virtual collectors 33, and cofounder Evan GRIFFIN
in 2010. The photo Sharp, 33 (left), into
Hedge fund ty-
bookmarking site, the billionaire coon reportedly
which lets users ranks. They are dropped $500 mil-
save and share 2 of a record 66 lion on two paint-
image collections billionaires under ings, de Kooning’s
of anything from the age of 40. “Interchange” and
Pollock’s “Num-
ber 17A,” last fall.
Sounds pricey, but Griffin was the top-per-
forming hedge funder in 2015, earning $1.7
billion thanks to 14.3% returns (net of
fees) at his flagship fund. He
was one of 22 billionaire BELGRADE
fund managers to get
richer this year; 11 saw
their fortunes shrink. HANOVER
MINNEAPOLIS/
ST. PAUL BIRCHWOOD
3 CONNECTICUT BOSTON
ORONO EAU CLAIRE 12 10
BUFFALO
SHEBOYGAN LIBERTY NANTUCKET
GRAND PROVIDENCE
MANKATO RAPIDS
MADISON WESTCHESTER
ANN DETROIT 10 HAMPTONS
JANESVILLE ARBOR 5
RACINE HOLLAND
4 CLEVELAND LONG ISLAND
SIOUX FALLS 3 6
KALAMAZOO PHILADELPHIA
CHICAGO 3 7
18 YOUNGSTOWN NEW JERSEY NEW YORK
8
PITTSBURGH 74
BALTIMORE
DES MOINES 2 3
OMAHA DAYTON COLUMBUS
2
INDIANAPOLIS
2 WASHINGTON, DC
9 EXPATRIATES
BLOOMINGTON
LEXINGTON 16
KANSAS CITY
2 COLUMBIA KENTUCKY DERBY LEWISBURG VIRGINIA BEACH
2 ST. LOUIS
WICHITA 2
KNOXVILLE 2
SPRINGFIELD CHARLOTTE
CLEVELAND RALEIGH
NASHVILLE
4 2
CHATTANOOGA
FAYETTEVILLE 2
4
MEMPHIS
TULSA
2 LITTLE ROCK
OKLAHOMA CITY
3 ATLANTA
9 CHARLESTON

DALLAS/FORT WORTH
22
CISCO
2
DELTONA

KILLEEN
NEW ORLEANS 2
SAN ANTONIO LAKELAND N E WS M A K ER
4 HOUSTON TAMPA/ST.
13 PETERSBURG PORT
ST. LUCIE 2
DAVID
AUSTIN 3
5
RUBENSTEIN
CAPE CORAL PALM BEACH One of the private equi-
MIAMI/PALM ty financiers behind the
Carlyle Group is donat-
NAPLES
5
BEACH
ing $18.5 million to re-
29 store the 94-year-old
NE WS MA KE R ISLAMORADA Lincoln Memorial and
Stan Kroenke MARATHON expand exhibits and re-
search there. It’s the
Perhaps looking for some breathing room after the
fourth national monu-
media frenzy surrounding his bid to move the
ment that Rubenstein
St. Louis Rams back to Los Angeles (which was ap-
has helped refurbish. In
proved in January), the press-shy billionaire bought
all, he’s given $44 mil-
the massive Waggoner Ranch in northern Texas in
lion toward historic
February. The price wasn’t disclosed, but the proper-
preservation of U.S. at-
ty, which is larger than New York City and has
tractions, including the
1,000 oil wells and a 27,000-acre farm, had
Washington Monument.
been listed at $725 million. He also owns
ranches in Montana, Wyoming and Canada.

MARCH 21, 2016 FORBES | 141

THE WORLD’S BILLIONAIRES
UNITED STATES
Charles Ergen T
$12.2 BIL #77 SATELLITE TV
Ronald Perelman T
$12.1 BIL #78 LEVERAGED
BUYOUTS
Stephen Ross S
$12 BIL #80 REAL ESTATE
Patrick Soon-Shiong T
$11.9 BIL #81 PHARMACEUTICALS
David Tepper S
$11.4 BIL #85 HEDGE FUNDS
Thomas Peterffy S
$11.1 BIL #88 DISCOUNT
BROKERAGE
Elon Musk T
$10.7 BIL #94 TESLA MOTORS
Rupert Murdoch & family T
$10.6 BIL #96 MEDIA
Lukas Walton 
$10.4 BIL #99 WAL-MART
Eric Schmidt S
$10.2 BIL #100 GOOGLE
Samuel Newhouse Jr. S
$10.0 BIL #103 MEDIA
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$9.7 BIL #108 INVESTMENTS
Jim Kennedy S
$9.7 BIL #108 MEDIA
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$9.7 BIL #108 MEDIA
John Paulson T
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Stephen Schwarzman T
$9.5 BIL #113 INVESTMENTS
Andrew Beal T
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$7.3 BIL #159 PLUMBING
FIXTURES
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MANAGEMENT
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Walton is down big—$36.5 billion—but not because of $3.9 BIL #392 SOFTWARE
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MANAGEMENT $3.9 BIL #392 EBAY
$41.7 billion fortune, but previously sealed court docu-
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$4.6 BIL #317 U-HAUL $3.9 BIL #392 REAL ESTATE
John Walton’s estate upon his
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plane crash). John and Chris- $4.5 BIL #324 PRIVATE EQUITY $3.8 BIL #403
ty’s only child, Lukas, received PHARMACEUTICALS
Ann Walton Kroenke T
one-third of his father’s fortune;
$4.5 BIL #324 WAL-MART John Morris T
another half went to charitable $3.8 BIL #403 SPORTING GOODS
trusts; Christy got the remain- George Lucas T RETAIL
$4.5 BIL #324 STAR WARS
ing sixth. That split is still good
enough to make Christy the 22nd- H. Ross Perot Sr. S
Sumner Redstone T $3.8 BIL #403 COMPUTER
wealthiest woman in the world. $4.5 BIL #324 MEDIA SERVICES, REAL ESTATE
Lukas, 29, is the 99th-richest per-
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Donald Trump S Leandro Rizzuto & family S
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RENT-A-CAR
Les Wexner & family T John Tu T Edward Roski Jr. T
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David Geffen T Walter Scott Jr. & family S
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Katharine Rayner 
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$5.1 BIL #262 ROOFING $4.4 BIL #338 BUSINESS $3.7 BIL #421 SPORTS
Margaretta Taylor  SOFTWARE CONCESSIONS
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Jeffery Hildebrand T
$5 BIL #270 CABLE TELEVISION Archie Aldis Emmerson X
John Malone T $4.2 BIL #358 OIL $3.6 BIL #435 TIMBERLAND,
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$5 BIL #270 HEDGE FUNDS Henry Kravis T
LUMBER MILLS
Travis Kalanick S $4.2 BIL #358 PRIVATE EQUITY Elizabeth Holmes T
$6.2 BIL #188 UBER Tamara Gustavson & family S
$5 BIL #270 SELF-STORAGE Stewart & Lynda Resnick X
$3.6 BIL #435 BLOOD TESTING
Gordon Moore T $4.2 BIL #358 AGRICULTURE, Gwendolyn Sontheim Meyer T
$6 BIL #201 INTEL Jerry Jones S WATER
$5 BIL #270 DALLAS COWBOYS
$3.6 BIL #435 CARGILL
Shahid Khan S Dannine Avara T Steven Rales T
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Richard LeFrak & family T John Doerr S Ira Rennert T
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$4.9 BIL #286 NEW BALANCE
$3.6 BIL #435 INVESTMENTS
Tom & Judy Love S Scott Duncan T Julian Robertson Jr. S
$5.9 BIL #205 RETAIL & GAS Daniel Gilbert S $4.1 BIL #369 PIPELINES
STATIONS $4.9 BIL #286 QUICKEN LOANS
$3.6 BIL #435 HEDGE FUNDS
Milane Frantz T Harry Stine S
John A. Sobrato & family S Robert Rowling T $4.1 BIL #369 PIPELINES
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$3.6 BIL #435 AGRICULTURE
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EQUIPMENT
MINING Reinhold Schmieding S
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Pauline MacMillan Keinath T $4.9 BIL #286 BEER $3.5 BIL #453 SUBWAY
$5.7 BIL #219 CARGILL Randa Williams T SANDWICH SHOPS
Carl Cook T $4.1 BIL #369 PIPELINES
David Green T $4.8 BIL #298 MEDICAL DEVICES Rick Caruso 
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$5.5 BIL #233 RALPH LAUREN $4.8 BIL #298 PIZZA James Jannard S
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DEALERSHIPS
Ted Lerner S Robert Kraft S
$5.5 BIL #233 REAL ESTATE $4.8 BIL #298 NEW ENGLAND Nancy Walton Laurie T
Kieu Hoang S
PATRIOTS $4 BIL #380 WAL-MART
$3.5 BIL #453 PHARMACEUTICALS
Bruce Halle T
$5.4 BIL #240 TIRES Sam Zell T Terrence Pegula S
Ronald Lauder T
$4.8 BIL #298 REAL ESTATE, $4 BIL #380 NATURAL GAS
$3.5 BIL #453 ESTEE LAUDER
Richard Kinder T PRIVATE EQUITY
$5.4 BIL #240 PIPELINES Jerry Speyer X
Igor Olenicoff T
Daniel Ziff T $4 BIL #380 REAL ESTATE
ALBERTO E. RODRIGUEZ/GETTY IMAGES
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Charles Schwab T $4.8 BIL #298 INVESTMENTS
$5.4 BIL #240 DISCOUNT Leonard Stern T Isaac Perlmutter T
BROKERAGE Dirk Ziff T $4 BIL #380 REAL ESTATE
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$4.8 BIL #298 INVESTMENTS
Ray Lee Hunt T Martha Ingram & family T Robert Rich Jr. S
$5.3 BIL #248 OIL, REAL Robert Ziff T $3.9 BIL #392 BOOK
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INVESTMENTS
MANAGEMENT
Photo Credit: Adrian Espinoza, ChangUr

CONFIRMED SPEAKERS

His Excellency Jessica O. Matthews Sir Ronald Cohen Vivek Ramaswamy Zosia Mamet Uri Levine Ophelia Brown Okieriete Onaodowan
Shimon Peres Uncharted Play Apax Partners Roivant Sciences Actress, Waze, FeeX LocalGlobe Actor, “Hamilton”
Ninth President of Israel “Girls”

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THE WORLD’S BILLIONAIRES
UNITED STATES
Steven Spielberg T
$3.5 BIL #453 MOVIES
Steven Udvar-Hazy T
$3.5 BIL #453 AIRCRAFT LEASING
Neil Bluhm S
$3.4 BIL #477 REAL ESTATE
John Catsimatidis S
$3.4 BIL #477 OIL, REAL ESTATE
Mitchell Rales T
$3.4 BIL #477 MANUFACTURING,
INVESTMENTS
Lynn Schusterman T
$3.4 BIL #477 OIL & GAS,
INVESTMENTS
Jeff Sutton S
$3.4 BIL #477 REAL ESTATE
Russ Weiner S
$3.4 BIL #477 ENERGY DRINKS
Marc Benioff T
$3.3 BIL #495 BUSINESS
SOFTWARE
Nathan Blecharczyk S
$3.3 BIL #495 AIRBNB
Bubba Cathy S
$3.3 BIL #495 CHICK-FIL-A
Dan Cathy S
$3.3 BIL #495 CHICK-FIL-A
Brian Chesky S
$3.3 BIL #495 AIRBNB
Edward DeBartolo Jr. T
$3.3 BIL #495 SHOPPING
CENTERS
Joe Gebbia S
$3.3 BIL #495 AIRBNB
Tom Gores S
$3.3 BIL #495 PRIVATE EQUITY
Jeff Greene S
$3.3 BIL #495 REAL ESTATE,
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H. Fisk Johnson S
$3.3 BIL #495 CLEANING
PRODUCTS
Imogene Powers Johnson S
$3.3 BIL #495 CLEANING
PRODUCTS
S. Curtis Johnson S
$3.3 BIL #495 CLEANING
PRODUCTS
Helen Johnson-Leipold S
$3.3 BIL #495 CLEANING
PRODUCTS
Winnie Johnson-Marquart S
$3.3 BIL #495 CLEANING
PRODUCTS
Bernard Marcus T
$3.3 BIL #495 HOME DEPOT
Clayton Mathile T
$3.3 BIL #495 PET FOOD
Robert McNair S
$3.3 BIL #495 ENERGY, SPORTS
Jorge Perez S
$3.3 BIL #495 CONDOS
Joan Tisch S
$3.3 BIL #495 DIVERSIFIED
Austen Cargill II T
$3.2 BIL #527 CARGILL
James Cargill II T
$3.2 BIL #527 CARGILL
Leon G. Cooperman T
$3.2 BIL #527 HEDGE FUNDS
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
146 | FORBES MARCH 21, 2016
Mark Cuban S
$3.2 BIL #527 ONLINE MEDIA
Wilbur Ross Jr. T
$2.9 BIL #595 INVESTMENTS
A. Jerrold Perenchio T
$2.6 BIL #666 TELEVISION,
Daniel D’Aniello T
$2.3 BIL #771 PRIVATE EQUITY
UNIVISION
Marianne Liebmann T Howard Schultz S Barry Diller X
$3.2 BIL #527 CARGILL $2.9 BIL #595 STARBUCKS Henry Samueli S $2.3 BIL #771 ONLINE MEDIA
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Kevin Plank S Robert Bass S Don Hankey X
$3.2 BIL #527 UNDER ARMOUR $2.8 BIL #612 OIL, INVESTMENTS John Arnold T $2.3 BIL #771 AUTO LOANS
$2.5 BIL #688 HEDGE FUNDS
Anthony Pritzker T Peter Kellogg T Jimmy Haslam T
$3.2 BIL #527 HOTELS, $2.8 BIL #612 INVESTMENTS David Bonderman T $2.3 BIL #771 GAS STATIONS,
INVESTMENTS $2.5 BIL #688 PRIVATE EQUITY RETAIL
Bernard Saul II S
Jay Robert (J.B.) Pritzker T $2.8 BIL #612 BANKING, REAL Bharat Desai & Neerja James Irsay S
$3.2 BIL #527 HOTELS, ESTATE Sethi T $2.3 BIL #771 INDIANAPOLIS COLTS
INVESTMENTS $2.5 BIL #688 IT CONSULTING
Herbert Simon T John Pritzker S
Ken Fisher S $2.8 BIL #612 REAL ESTATE Tom Golisano S $2.3 BIL #771 HOTELS,
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Romesh T. Wadhwani S
MANAGEMENT SERVICES
$2.8 BIL #612 SOFTWARE Penny Pritzker T
John Overdeck  Henry Hillman X $2.3 BIL #771 HOTELS,
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$2.7 BIL #638 ENGINEERING,
J. Christopher Reyes T CONSTRUCTION Stephen Mandel Jr. S Michael Rubin T
$3.1 BIL #549 FOOD $2.5 BIL #688 HEDGE FUNDS $2.3 BIL #771 ONLINE RETAIL
Stephen Bechtel Jr. T
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Doris Fisher T Edward Lampert T
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$2.6 BIL #666 HEDGE FUNDS C. Dean Metropoulos S $2.2 BIL #810 REAL ESTATE
Oprah Winfrey X $2.4 BIL #722 INVESTMENTS
$3 BIL #569 TV SHOWS Michael Moritz X Richard Peery T
$2.6 BIL #666 VENTURE CAPITAL Sean Parker T $2.2 BIL #810 REAL ESTATE
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TEQUILA $2.6 BIL #666 HEDGE FUNDS Phillip Ruffin S $2.2 BIL #810 PRIVATE EQUITY
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ESTATE David Rubenstein T
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Julio Mario Santo
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His abrasive, long-shot campaign is looking less unreal- SOFTWARE
istic after big wins in early primaries. So far he’s had to Richard Schulze T
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spend only $18 million of his $4.5 billion fortune on his
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run (in all, his campaign has raised just $25 million). Oth- Clemmie Spangler Jr. S
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ment: 27 billion- BANKING $2.2 BIL #810 FINANCE
aire megadonors,
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DAVID A. GROGAN/CNBC/GETTY IMAGES 
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Kinder and Kelcy PLUSH TOYS
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HOTELS
candidates who James Coulter T
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THE BEST SOURCE FOR COINS WORLDWIDE™

®
THE WORLD’S BILLIONAIRES
NEWSMAKER
Reed Hastings
Working for a billionaire has
its perks. In August Hast-
ings’ Netflix announced un-
limited paid parental leave,
on top of its unlimited va-
cation policy. Jeffery Hilde-
brand’s oil & gas concern,
Hilcorp, doled out $100,000
bonuses to all 1,350 em-
ployees in 2015 for meeting
five-year targets. And when
Donald Friese sold his glass
manufacturing and distribution company last year, he
parceled out $85 million of what he pocketed to employ-
ees there longer than a year. The minimum was $5,000;
some got more than $1 million apiece.
UNITED STATES
Gordon Getty X
$2.1 BIL #854 GETTY OIL
Alec Gores X
$2.1 BIL #854 PRIVATE EQUITY
John Henry S
$2.1 BIL #854 SPORTS
Stanley Hubbard S
$2.1 BIL #854 DIRECTV
Johnelle Hunt T
$2.1 BIL #854 TRUCKING
Aerin Lauder Zinterhofer S
$2.1 BIL #854 COSMETICS
Joe Mansueto T
$2.1 BIL #854 INVESTMENT
RESEARCH
Jean (Gigi) Pritzker T
$2.1 BIL #854 HOTELS,
INVESTMENTS
Scott Simplot 
$2.1 BIL #854 FERTILIZER
Dan Snyder S
$2.1 BIL #854 WASHINGTON
REDSKINS
Evan Spiegel S
$2.1 BIL #854 SNAPCHAT
William Ackman T
$2 BIL #906 HEDGE FUNDS
Ron Baron T
$2 BIL #906 MONEY
MANAGEMENT
James Dinan T
$2 BIL #906 HEDGE FUNDS
Glenn Dubin X
$2 BIL #906 HEDGE FUNDS
Gerald Ford T
$2 BIL #906 BANKING
James France T
$2 BIL #906 NASCAR, RACING
Bill Gross T
$2 BIL #906 INVESTMENTS
John Kapoor T
$2 BIL #906 HEALTH CARE
Thomas Lee X
$2 BIL #906 LEVERAGED
BUYOUTS
Henry Nicholas III S
$2 BIL #906 SEMICONDUCTORS
Bob Parsons S
$2 BIL #906 WEB HOSTING
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
150 | FORBES MARCH 21, 2016
Norman Braman T
$1.8 BIL #1011 ART, CAR
DEALERSHIPS
James Clark S
$1.8 BIL #1011 NETSCAPE,
INVESTMENTS
Sanford Diller S
$1.8 BIL #1011 REAL ESTATE
Kenneth Feld & family X
$1.8 BIL #1011 CIRCUS, LIVE
ENTERTAINMENT
Jeffrey Lurie S
$1.8 BIL #1011 PHILADELPHIA
EAGLES
Maggie Magerko S
$1.8 BIL #1011 BUILDING
MATERIALS
Arturo Moreno S
$1.8 BIL #1011 BILLBOARDS
Manuel Moroun & family T
$1.8 BIL #1011 TRANSPORTATION
Robert Pera S
$2 BIL #906 WIRELESS Bobby Murphy S
NETWORKING GEAR $1.8 BIL #1011 SNAPCHAT
Daniel Pritzker T Jonathan Nelson T
$2 BIL #906 HOTELS, $1.8 BIL #1011 PRIVATE EQUITY
INVESTMENTS
Linda Pritzker X
Stewart Rahr S $1.8 BIL #1011 HOTELS,
$2 BIL #906 DRUG DISTRIBUTION
INVESTMENTS
Larry Robbins T Jeff Rothschild S
$2 BIL #906 HEDGE FUNDS
$1.8 BIL #1011 FACEBOOK
Thomas Secunda S Kavitark Ram Shriram T
$2 BIL #906 BLOOMBERG LP
$1.8 BIL #1011 VENTURE CAPITAL,
GOOGLE
David Walentas S
$2 BIL #906 REAL ESTATE Mark Stevens S
$1.8 BIL #1011 VENTURE CAPITAL
Louis Bacon S
$1.9 BIL #959 HEDGE FUNDS Glen Taylor T
$1.8 BIL #1011 PRINTING
Scott Cook X
$1.9 BIL #959 SOFTWARE John Tyson S
$1.8 BIL #1011 FOOD PROCESSING
Rakesh Gangwal 
$1.9 BIL #959 AIRLINES Amy Wyss T
$1.8 BIL #1011 MEDICAL
Joseph Grendys X EQUIPMENT
$1.9 BIL #959 MEAT PROCESSING
Anita Zucker T
Bruce Karsh T $1.8 BIL #1011 CHEMICALS
$1.9 BIL #959 PRIVATE EQUITY
Carol Jenkins Barnett S
William Koch T $1.7 BIL #1067 PUBLIX
$1.9 BIL #959 OIL, INVESTMENTS
SUPERMARKETS
Howard Marks T Timothy Boyle S
$1.9 BIL #959 PRIVATE EQUITY
$1.7 BIL #1067 COLUMBIA
SPORTSWEAR
Drayton McLane Jr. T
$1.9 BIL #959 WAL-MART, Ray Davis T
LOGISTICS
$1.7 BIL #1067 PIPELINES
Jon Stryker T W. Herbert Hunt X
$1.9 BIL #959 MEDICAL
$1.7 BIL #1067 OIL
EQUIPMENT
Marc Lasry T
Vincent Viola S
$1.7 BIL #1067 HEDGE FUNDS
$1.9 BIL #959 ELECTRONIC
TRADING Jeffrey Lorberbaum T
$1.7 BIL #1067 FLOORING
Meg Whitman T
$1.9 BIL #959 EBAY Catherine Lozick T
$1.7 BIL #1067 VALVE
Denise York 4 MANUFACTURING
$1.9 BIL #959 SAN
FRANCISCO 49ERS Craig McCaw T
$1.7 BIL #1067 TELECOM
George Argyros & family T
$1.8 BIL #1011 REAL ESTATE, Forrest Preston T
INVESTMENTS $1.7 BIL #1067 HEALTH CARE
Edward Bass T
Jennifer Pritzker T
$1.8 BIL #1011 OIL, INVESTMENTS $1.7 BIL #1067 HOTELS,
INVESTMENTS
Lee Bass T
$1.8 BIL #1011 OIL, INVESTMENTS Don Simplot 
$1.7 BIL #1067 FERTILIZER
Sid Bass S
$1.8 BIL #1011 OIL, INVESTMENTS Gay Simplot 
$1.7 BIL #1067 FERTILIZER
Alexander Spanos & fam S
$1.7 BIL #1067 REAL ESTATE
Kelcy Warren T
$1.7 BIL #1067 PIPELINES
Richard Yuengling Jr. T
$1.7 BIL #1067 BEER
O. Francis Biondi S
$1.6 BIL #1121 HEDGE FUND
Victor Fung T
$1.6 BIL #1121 TRADING COMPANY
Bill Haslam T
$1.6 BIL #1121 TRUCK STOPS
Brian Higgins S
$1.6 BIL #1121 HEDGE FUND
Jim Justice II T
$1.6 BIL #1121 COAL
Alexander Karp S
$1.6 BIL #1121 SOFTWARE FIRM
Gary Michelson S
$1.6 BIL #1121 MEDICAL PATENTS
Peter Peterson T
$1.6 BIL #1121 INVESTMENTS
Ben Silbermann 
$1.6 BIL #1121 PINTEREST
Charles Simonyi S
$1.6 BIL #1121 MICROSOFT
Thomas Steyer X
$1.6 BIL #1121 HEDGE FUNDS
Henry Swieca S
$1.6 BIL #1121 HEDGE FUNDS
Charlotte Colket Weber S
$1.6 BIL #1121 CAMPBELL SOUP
Jon Yarbrough T
$1.6 BIL #1121 VIDEOGAMES
Leslie Alexander T
$1.5 BIL #1198 HOUSTON ROCKETS
Nicolas Berggruen X
$1.5 BIL #1198 INVESTMENTS
Ron Burkle T
$1.5 BIL #1198 SUPERMARKETS,
INVESTMENTS
Sarah Chaney T
$1.5 BIL #1198 CARGILL
Alexandra Daitch T
$1.5 BIL #1198 CARGILL
John Farber T
$1.5 BIL #1198 CHEMICALS
Christopher Goldsbury X
$1.5 BIL #1198 SALSA
David Gottesman T
$1.5 BIL #1198 INVESTMENTS
Ryan Graves S
$1.5 BIL #1198 UBER
George Joseph X
$1.5 BIL #1198 INSURANCE
Vinod Khosla T
$1.5 BIL #1198 VENTURE CAPITAL
Neal Patterson T
$1.5 BIL #1198 HEALTH IT
H. Ross Perot Jr. T
$1.5 BIL #1198 REAL ESTATE
Phillip Ragon T
$1.5 BIL #1198 HEALTH IT
Lucy Stitzer T
$1.5 BIL #1198 CARGILL
Katherine Tanner T
$1.5 BIL #1198 CARGILL
Jim Thompson X
$1.5 BIL #1198 LOGISTICS
Todd Wagner X
$1.5 BIL #1198 ONLINE MEDIA
Ronald Wanek T
$1.5 BIL #1198 FURNITURE
Jerry Yang T
$1.5 BIL #1198 YAHOO
William Young S
$1.5 BIL #1198 PLASTICS
Charles Zegar S
$1.5 BIL #1198 BLOOMBERG LP
Herbert Allen Jr. & family X
$1.4 BIL #1275 INVESTMENT
BANKING
Christopher Cline T
$1.4 BIL #1275 COAL
Darwin Deason T
$1.4 BIL #1275 XEROX
David Einhorn T
$1.4 BIL #1275 HEDGE FUNDS
Frank Fertitta III T
$1.4 BIL #1275 CASINOS,
ULTIMATE FIGHTING
CHAMPIONSHIP
Lorenzo Fertitta T
$1.4 BIL #1275 CASINOS,
ULTIMATE FIGHTING
CHAMPIONSHIP
Robert Fisher T
$1.4 BIL #1275 GAP
William Fisher T
$1.4 BIL #1275 GAP
Mario Gabelli T
$1.4 BIL #1275 MONEY
MANAGEMENT
Alan Gerry X
$1.4 BIL #1275 CABLE
TELEVISION
Jonathan Gray T
$1.4 BIL #1275 INVESTMENTS
Jeffrey Gundlach S
$1.4 BIL #1275 INVESTMENTS
Timothy Headington T
$1.4 BIL #1275 OIL & GAS,
INVESTMENTS
B. Wayne Hughes Jr. S
$1.4 BIL #1275 STORAGE
FACILITIES
Hamilton James T
$1.4 BIL #1275 INVESTMENTS
Eric Lefkofsky T
$1.4 BIL #1275 GROUPON
David Lichtenstein 
$1.4 BIL #1275 REAL ESTATE
Gary Magness T
$1.4 BIL #1275 CABLE TV,
INVESTMENTS
Billy Joe (Red) McCombs T
$1.4 BIL #1275 REAL ESTATE,
OIL, CARS
Gail Miller 
$1.4 BIL #1275 BASKETBALL, CAR
DEALERS
Nelson Peltz T
$1.4 BIL #1275 INVESTMENTS
Roger Penske S
$1.4 BIL #1275 CARS
Nicholas Pritzker II T
$1.4 BIL #1275 HOTELS,
INVESTMENTS
Rodney Sacks T
JACOPO RAULE/GETTY IMAGES
$1.4 BIL #1275 ENERGY DRINKS
T. Denny Sanford 4
$1.4 BIL #1275 BANKING,
CREDIT CARDS
Fayez Sarofim T
$1.4 BIL #1275 MONEY
MANAGEMENT
 Celebrates
Women’s Leadership
2016 World Economic Forum Annual Meeting in Davos, Switzerland

Honorees from the Forbes In recognition of the critical role women

100 Most Powerful Women List: leaders play in shaping and advancing
the global economy, Moira Forbes and
Mark Weinberger, Global Chairman
MARY BARRA, CEO, General Motors Company and CEO of EY, paid special tribute to
ANA BOTIN, Executive Chairman, Banco Santander, S.A. this year’s honorees.
BETH BROOKE-MARCINIAK, Global Vice Chair, Public Policy, EY
HON. HELEN CLARK, Administrator, United Nations Development Programme “It’s been a great privilege to partner
ERTHARIN COUSIN, Executive Director, United Nations World Food Programme with EY here in Davos for the past 10
years to honor such an accomplished
ARIANNA HUFFINGTON, President & Editor-in-Chief, The Huffington Post Media Group
group of female leaders.”
CHRISTINE LAGARDE, Managing Director, IMF
—Moira Forbes, EVP,
SHERYL SANDBERG, COO & Member of the Board, Facebook Inc Forbes Media

Top (Left to Right): Mark Weinberger, Moira Forbes, Hon. Helen Clark, Beth Brooke-Marciniak, Ertharin Cousin,
Arianna Huffington, Sheryl Sandberg, Ana Botin, Mary Barra
Bottom (Left to Right): Beth Brooke-Marciniak, Christine Lagarde, Moira Forbes; Mark Weinberger, Moira Forbes,
Beth Brooke-Marciniak, Arianna Huffington, Sheryl Sandberg; Mary Barra; Arianna Huffington, Mike Perlis
THE WORLD’S BILLIONAIRES
UNITED STATES
Edmund Ansin T
$1.3 BIL #1367 TELEVISION
David Booth T
$1.3 BIL #1367 MUTUAL FUNDS
Steve Case T
$1.3 BIL #1367 AOL
Herb Chambers 
$1.3 BIL #1367 CAR DEALERSHIPS
John Edson X
$1.3 BIL #1367 LEISURE CRAFT
Martha Ford T
$1.3 BIL #1367 FORD MOTOR
Anne Gittinger T
$1.3 BIL #1367 NORDSTROM
DEPARTMENT STORES
Sidney Kimmel X
$1.3 BIL #1367 RETAIL
Seth Klarman T
$1.3 BIL #1367 INVESTMENTS
James Leininger X
$1.3 BIL #1367 MEDICAL
PRODUCTS
Jerry Reinsdorf X
$1.3 BIL #1367 SPORTS TEAMS
J. Joe Ricketts T
$1.3 BIL #1367 TD AMERITRADE
Brian Roberts T
$1.3 BIL #1367 COMCAST
Alexander Rovt S
$1.3 BIL #1367 FERTILIZER,
REAL ESTATE
Leonard Schleifer X
$1.3 BIL #1367
PHARMACEUTICALS
Wilma Tisch T
$1.3 BIL #1367 DIVERSIFIED
Kenny Troutt T
$1.3 BIL #1367
TELECOMMUNICATIONS
Dan Wilks T
$1.3 BIL #1367 NATURAL GAS
Farris Wilks T
$1.3 BIL #1367 NATURAL GAS
Evan Williams T
$1.3 BIL #1367 TWITTER
Elaine Wynn T
$1.3 BIL #1367 CASINOS, HOTELS
VENEZUELA
GDP: $134.3 BIL
POPULATION: 31 MIL
BILLIONAIRES: 3
TOTAL NET WORTH:
$7.2 BIL (–$2.4 BIL VS. 2015)
Juan Carlos Escotet S
$3.7 BIL #421 BANKING
Gustavo Cisneros & family T
$2 BIL #906 MEDIA
Lorenzo Mendoza & family T
$1.5 BIL #1198 BEVERAGES
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE 
WINE-GROWING REGION
152 | FORBES MARCH 21, 2016
Jim Davis S
$1.2 BIL #1476 STAFFING &
William Berkley X
$1.1 BIL #1577 INSURANCE
Paul Fireman X
$1 BIL #1694 REEBOK
Cargill MacMillan III X
$1 BIL #1694 CARGILL
RECRUITING FIRM
Sara Blakely S J. Christopher Flowers T John MacMillan X
Paul Foster T $1.1 BIL #1577 SPANX $1 BIL #1694 INVESTMENTS $1 BIL #1694 CARGILL
$1.2 BIL #1476 OIL REFINING
Charles Brandes T Donald Friese  Martha MacMillan X
Reed Hastings S $1.1 BIL #1577 MONEY $1 BIL #1694 MANUFACTURING $1 BIL #1694 CARGILL
$1.2 BIL #1476 NETFLIX MANAGEMENT
Ken Grossman X William MacMillan X
Richard Hayne T Henry Engelhardt X $1 BIL #1694 BEER $1 BIL #1694 CARGILL
$1.2 BIL #1476 URBAN $1.1 BIL #1577 INSURANCE
David Hindawi  George Marcus 
OUTFITTERS
Stephen Feinberg T $1 BIL #1694 SOFTWARE $1 BIL #1694 REAL ESTATE
Stewart Horejsi & family T $1.1 BIL #1577 PRIVATE EQUITY
$1.2 BIL #1476 BERKSHIRE Orion Hindawi  Miguel McKelvey 
Dorrance Hamilton & fam X $1 BIL #1694 SOFTWARE $1 BIL #1694 WEWORK
HATHAWAY
$1.1 BIL #1577 CAMPBELL SOUP
Daniel Hirschfeld T John Morgridge T
Michael Krasny T
$1.2 BIL #1476 RETAIL J. Tomilson Hill T $1.0 BIL #1694 APPAREL $1 BIL #1694 COMPUTER
$1.1 BIL #1577 INVESTMENTS RETAILER HARDWARE
William Lauder 
$1.2 BIL #1476 ESTEE LAUDER Irwin Jacobs T Drew Houston T Mark Pincus 4
$1.1 BIL #1577 SEMICONDUCTORS $1 BIL #1694 DROPBOX $1 BIL #1694 ONLINE GAMES
John Martin S
$1.2 BIL #1476 PHARMACEUTICALS Howard Jenkins  Thomas Kaplan X Andrea Reimann-Ciardelli X
$1.1 BIL #1577 PUBLIX $1 BIL #1694 INVESTMENTS $1 BIL #1694 CONSUMER GOODS
Charles Munger T
$1.2 BIL #1476 BERKSHIRE Summerfield Johnston Jr. S Nancy Lerner 4 Evan Sharp 
$1.1 BIL #1577 COCA-COLA $1 BIL #1694 FINANCE $1 BIL #1694 PINTEREST
HATHAWAY
Michael Jordan S Norma Lerner 4 William Stone 
Bruce Nordstrom T
$1.2 BIL #1476 DEPARTMENT $1.1 BIL #1577 SPORTS TEAM $1 BIL #1694 FINANCE $1 BIL #1694 SOFTWARE
STORES
Jane Lauder T Randolph Lerner 4 Sun Hongbin T
Conrad Prebys  $1.1 BIL #1577 COSMETICS $1 BIL #1694 FINANCE $1 BIL #1694 REAL ESTATE
$1.2 BIL #1476 REAL ESTATE
Antony Ressler T Rodney Lewis T Sanford Weill X
Michael Price T $1.1 BIL #1577 FINANCE $1 BIL #1694 NATURAL GAS $1 BIL #1694 CITIGROUP
$1.2 BIL #1476 INVESTMENTS
Martin Selig  William Macaulay T
Sheryl Sandberg S $1.1 BIL #1577 REAL ESTATE $1 BIL #1694 ENERGY
$1.2 BIL #1476 FACEBOOK INVESTMENTS
Brian Sheth 
Evgeny (Eugene) Shvidler T $1.1 BIL #1577 INVESTMENTS
METHODOLOGY
$1.2 BIL #1476 OIL & GAS,
INVESTMENTS E. Joe Shoen X
$1.1 BIL #1577 U-HAUL
Peter Sperling T
$1.2 BIL #1476 EDUCATION Kenneth Tuchman X
$1.1 BIL #1577 OUTSOURCING The FORBES Billionaires list is a snapshot of wealth taken
Michael Steinhardt T on Feb. 12, when we locked in stock prices and exchange
Thomas Tull  rates from around the world. It lists individuals rather than
$1.2 BIL #1476 FINANCE
$1.1 BIL #1577 MOVIES
multigenerational families who share large fortunes. We in-
Bill Alfond 
$1.1 BIL #1577 SHOES William F. Austin T clude wealth belonging to a billionaire’s spouse and chil-
$1 BIL #1694 HEARING AIDS dren if that person is the founder of the fortune. In some
Peter Alfond  cases we list siblings or couples together if the ownership
$1.1 BIL #1577 SHOES Fred Chang X
$1 BIL #1694 ONLINE RETAIL breakdown among them isn’t clear, but here an estimat-
Susan Alfond  ed net worth of $1 billion per person is needed to make the
$1.1 BIL #1577 SHOES Leon Charney X cut. We value a variety of assets and stakes, including pri-
$1 BIL #1694 REAL ESTATE
vate companies, real estate, art, yachts and more. We don’t
Ted Alfond 
$1.1 BIL #1577 SHOES Robert Citrone X pretend to know each billionaire’s private balance sheet
$1 BIL #1694 HEDGE FUND (though some provide it). In cases where documentation
Thomas Bailey X
Jack Dorsey T isn’t supplied, we discount fortunes. For complete profiles
$1.1 BIL #1577 MONEY
$1 BIL #1694 TWITTER see Forbes.com/billionaires.
MANAGEMENT
VIETNAM
GDP: $193.4 BIL
HANOI
POPULATION: 93 MIL
CARACAS BILLIONAIRES: 1
2 TOTAL NET WORTH: $1.8
BIL (+$100 MIL VS. 2015)
Pham Nhat Vuong S
$1.8 BIL #1011 REAL ESTATE
EXPATRIATE
1
TECH CENTER PLAYGROUND OIL & GAS FIELDS AND DEPOSITS FINANCIAL CENTER
Get your free guide to
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Dear Investor,
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© 201 Hennion and Walsh. Securities offered through Hennion & Walsh Inc. Member of (for fastest service, call
FINRA, SIPC. Investing in bonds involves risk including possible loss of principal. Income between 8 a.m. and 6 p.m.)
may be subject to state, local or federal alternative minimum tax. When interest rates rise, bond
Hennion & Walsh, Bond Guide Offer
prices fall, and when interest rates fall, bond prices rise. *Source: Moody’s Investor Service,
2001 Route 46, Waterview Plaza
March 7, 2012 “U.S. Municipal Bond Defaults and Recoveries. 1970-2011.” Past performance
Parsippany, NJ 07054
is not guarantee of future results.
FORBES | ORIGINAL WORKS BY VAN GOGH AND MONET

Make an Impression
VAN GOGH AND MONET

La Chaumière sous les Arbres by Vincent van Gogh

This compelling, original oil on canvas by the legendary Vincent van Gogh displays all the hallmarks of
this acclaimed master at his best. His gift for transforming everyday scenes into evocative compositions
remains unmatched. Once owned by the LA County Museum of Art, this rare early work from his Nuenen
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by a certificate of authentication from the Van Gogh Museum. Canvas: 183/4”h x 197/16”w. #30-4283

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With an incredible mastery of light, color and composition, the paintings of the Impressionists
forever changed the course of art history. Two of the legendary masters at the forefront of this
movement, Vincent van Gogh and Claude Monet, continue to command awe and attention.

Au Val Saint-Nicolas près Dieppe by Claude Monet

A symphony of pastels, this original oil on canvas is one of the first in which Monet’s distinctive pastel palette is fully realized.
The founding father of Impressionism, Monet’s revolutionary approach changed the course of art history. This landscape displays
his mastery of light and atmosphere, illustrating why his works are among the most sought-after in the world. Signed and dated
“Claude Monet 97” (lower right). Canvas: 257/8”h x 391/2”w. #30-4604
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I Hate Annuities...
and So Should You!
What You Might Not Know about Annuities
Could Come Back to Haunt You
If you own an annuity or if someone is trying to sell you
one, please call for your free report. Annuities can lock
you into low returns, complicate your tax situation, tie
up your wealth and hit you with high fees.
The vast majority of
annuities are really
complicated insurance
policies that make it very
hard to fully understand the
implications and unintended
consequences.
Don’t let the soothing sound of
guaranteed income lead you
FORBES | MARKETPLACE
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THOUGHTS

On Losing It
“It’s so much “If you have
darker when a
trouble imagining
light goes out
than it would
a 20% loss in
have been if the stock market,
it had never you shouldn’t be
shone.” in stocks.”
—JOHN STEINBECK —JOHN C. BOGLE

“You just
“TAKE CARE
need to TO SELL YOUR
“EVEN BEING RIGHT THREE OR FOUR TIMES OUT OF
TEN SHOULD YIELD A PERSON A FORTUNE IF HE
be nice to HORSE BEFORE HAS THE SENSE TO CUT HIS LOSSES QUICKLY ON
THE VENTURES WHERE HE IS WRONG.”
yourself HE DIES /
THE ART OF —BERNARD BARUCH
sometimes LIFE IS PASSING
after a loss.” LOSSES ON.”
“Absence is a house
—VENUS WILLIAMS —ROBERT FROST
so vast that inside
you will pass through
“I’m only rich because I know when its walls and hang
pictures on the air.”
I’m wrong. I basically have survived —PABLO NERUDA
by recognizing my mistakes.”
—GEORGE SOROS

EVERETT COLLECTION/NEWSCOM; DAVID YELLEN; GETTY IMAGES; EVENING STANDARD/GETTY IMAGES; ANDY LYONS/GETTY IMAGES
“Though it
“And this is the will of him is right to be
who sent me, that I shall prepared for
lose none of all those he has the worst, there
given me, but raise them up is no occasion
to look on it as
at the last day.”
—JOHN 6:39
certain.”
—JANE AUSTEN
FINAL
“We had a kettle, we let it leak: THOUGHT
Our not repairing made it worse. “No valleys, no
We haven’t had any tea for a week … mountaintops.”
—B.C. FORBES
“ONE LOSS IS GOOD The bottom is out of the universe.”
FOR THE SOUL. —RUDYARD KIPLING
CORRECTION: IN “THOUGHTS ON
TOO MANY LOSSES MOVIES” (FEB. 29), WE ERRONE-
OUSLY IDENTIFIED A PHOTOGRAPH
IS NOT GOOD FOR “MOSTLY IT IS LOSS WHICH TEACHES US
OF HEDY LAMARR AS ONE OF
VIVIEN LEIGH. WE REGRET THE
THE COACH.” ABOUT THE WORTH OF THINGS.” ERROR AND APOLOGIZE TO BOTH
LATE SCREEN QUEENS, WHO DID
—KNUTE ROCKNE —ARTHUR SCHOPENHAUER LOOK AN AWFUL LOT ALIKE.

SOURCES: THE WINTER OF OUR DISCONTENT, BY JOHN STEINBECK; THE TIMES BOOK OF QUOTATIONS; PARERGA AND PARALIPOMENA,
BY ARTHUR SCHOPENHAUER; GOODREADS.COM; PRIDE AND PREJUDICE, BY JANE AUSTEN; THE COLLECTED POEMS OF RUDYARD KIPLING.

160 | FORBES MARCH 21, 2016

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