ISSUE 32 November 14 - DeceMBER 13, 2013 PRICE â‚Ź4.95 powered by: 00001 >
5 291295 000577
the international investment, finance & professional services magazine of cyprus
the legal
experts
directory
specialist lawyers recognized for excellence + OPINION BY MATTHEW KIDD & GEORGE VASSILIOU FIDUCIARY DUTY Interviews & company presentations
INTERVIEWS
Hans-Joachim Duebel Francesco Sultana George Mountis
FINANCE
London tops international rankings
Plus:
MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION
KPMG Academy Upcoming Seminars: CRR/CRD IV: Changes in the Basel II, Pillar 1 Framework Date: 18/11/2013, Language: English Net Investment: €283,20 (incl. V.A.T.)
Tax and VAT Regulatory Amendments and Implications for Cyprus Investment Firms Date: 25/11/2013, Language: English Net Investment: €295,00 (incl. V.A.T.)
Practical Examples of the Collateralization and Repayment of Debt Obligations: Appointment of Receiver/Administrator Date: 02/12/2013, Language: Greek Net Investment: €236 (incl. V.A.T.)
Valuations*
Dates: 02-03/12/2013, Language: English Net Investment after the HRDA’s subsidy for all eligible participants: €241,40 (incl. V.A.T.)
Correct Completion of VAT Returns, VIES and INTRASTAT Declaration Forms
Date: 03/12/2013, Language: Greek with English slides and handouts Net Investment: €263,00 (incl. V.A.T.)
Recent Amendments to the VAT Legislation*
Date: 09/12/2013, Language: Greek Net Investment after the HRDA’s subsidy for all eligible participants: €263,00 (incl. V.A.T.)
Requirements for the Prevention and Suppression of Money Laundering and Terrorist Financing Date: 12/12/2013, Language: English Net Investment: €200,60 (incl. V.A.T.)
* The programmes have been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. These seminars may contribute to Continuing Professional Development requirements.
For more information please contact: Persa Papademetriou T: +357 22209053 F: +357 22513294 E: ppapademetriou@kpmg.com Visit our website at: www.kpmg.com.cy
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Grasp knowledge into your hands
THE 4TH LIMASSOL
FORUM
Tuesday | 26 November | 2013 | Four Seasons Hotel | Limassol European Economy: The Debate on Austerity, Structural Reforms and Return to Growth The 4th Limassol Economic Forum is organized by IN Business magazine in association with London School of Economics and Political Science and LSE Cyprus Alumni. The Forum will bring together some of the most influential politicians, economists, business leaders and experts to discuss the top priority concerns of the local, regional and international economic and business affairs. This high-level business Forum is addressed to senior executives genuinely interested in influencing Europe’s economic and business development.
Thematology Keynote Presentations Have bail out policies in Greece, Spain and Ireland succeeded or failed?
Crisis Resolution Schemes: From Argentina to Cyprus. What have we learnt?
Reforms and Re-Invention are Way Forward for Europe: Not Bailouts, Not Austerity
Assessing Prospects for a Recovery – the Corporate View
Building a New Europe: Risks and Opportunities
The Minister of Finance discusses the state of the European Economy
The Future of Global Banking
Panel Discussions The Business / Economics Editors and Correspondents’ Debate: A brainstorming with World Class Journalists on the economy of Europe
European Parliament Panel Discussion: The Cyprus experiment: will the ‘shock therapy’ work for any other country in the Eurozone?
Stay updated with the forum’s agenda on www.imhbusiness.com
For further information: IMH, Tel: +357 22 505555, Fax: +357 22 679820, e-mail: events@imhbusiness.com, website: www.imhbusiness.com
AD LIMASSOL 2SELIDI.indd 2
18/10/2013 10:50 ��
The protagonists of the 4th Limassol Economic Forum Forum Chairman
Tony Barber Europe Editor, the Financial Times, UK
Dr. Nasser H. Saidi Former: Minister of Economy and Trade, Minister of Industry, Vice-Governor of the Central Bank, Chief Economist of Dubai International Financial Centre, Current Member of IMF’s Regional Advisory Group for MENA, named as one of the 50 most influential Arabsk in the World, Lebanon
Georgios Chatzimarkakis
Guillermo Nielsen Former: Secretary of Finance Argentina, President of Strategic Investments, Argentina
Politician, Member of the European Parliament with the Free Democratic Party, Germany
Minister of Finance,
Rebublic of Cyprus
Alicia Gonzάlez EU Correspondent, El Paίs, Spain
Alan Ahearne Member of the Commission (Board) of the Central Bank of Ireland, Former: Special Advisor to former Minister for Finance Mr. Brian Lenihan, Senior Economist at the Federal Reserve Board in Washington DC, Ireland
Ηelena Smith Award-winning journalist. Correspondent in Greece, Turkey and Cyprus for The Guardian, Greece
Group of the European People’s Party, Luxembourg
Harris Georgiades
Frank Engel
Guntram B. Wolff Director at Bruegel, Member of the French prime minister’s Conseil d’analyse économique, Belgium
Ian Stewart Partner and Chief Economist, Deloitte, UK
Elias Neocleous
Edward Hadas Economics Editor at Reuters Breakingviews, Columnist at Reuters.com, Thomsons Reuters, Former Financial Analyst at Morgan Stanley, UK
Advocate/Vice Chairman, Andreas Neocleous & Co LLC, Cyprus
Jose Suarez-Lledo Director at Moody’s Analytics, UK
Nicos S. Kyriakides Audit Partner and Head of Financial Advisory Services, Deloitte, Cyprus
Forum Sponsors
Organisers
AD LIMASSOL 2SELIDI.indd 3
Communication Sponsor
Supported by
In Association with
18/10/2013 10:50 ��
8 EDITORIAL 10 UP FRONT 16 FIVE MINUTES WITH…
THE GOLD
+ OPINION
LEGAL
COMPETING IN A CHANGING WORLD By Matthew Kidd, British High Commissioner 34
EXPERTS
TISING HOM L ATSPE-
DIRECTORY SPECIALIST
HO
SE.
Issue 32 November 14- December 13, 2013
20
LAWYERS RECOGNIZED FOR EXCELLENCE
94 45 FEATURE
78
44 | €20M CASH INJECTION FOR LE MERIDIEN
mittee on Fiduciary Matters.
Russian investors will secure a 50% stake in the 5-star luxury hotel.
52 | SPECIAL ADVERTISING SUPPLEMENT
45 | FIDUCIARY DUTY
Ten leading Administrative Service Providers (Fiduciary Companies)
Interviews with George Savvides, President of the Cyprus Fiduciary Association, and Helen Had72 | 3RD GREEN DOT CYPRUS ENVIRONMENTAL AWARDS jichristoudia, Chair of the Institute of Certified Public Accountants of Cyprus (ICPAC) ComThe annual awards given in recognition of the
RESTARTING THE ECONOMY By George Vassiliou, former President of Cyprus
36
36 78 84 90 92 94
{money} {business} {economy} {tax & legal} {lifestyle}
contribution of companies, organisations, practices, products and individuals to improving the environment in Cyprus.
6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
contents.indd 6
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EDITORIAL ISSUE 32 NOVEMBER 14 - DECEMBER 13, 2013 PRICE €4.95 POWERED BY: 00001 >
Doing the Right Thing
5 291295 000577
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
THE LEGAL
EXPERTS
DIRECTORY
J
ust days after delivering an upbeat assessment of Cyprus’ progress regarding a return to growth, the President of the Cyprus Investment Promotion Agency (CIPA), Christodoulos Angastiniotis, gave an unusually outspoken warning about the future of the country’s vital services sector. He revealed that the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes had ranked Cyprus 50th, alongside Seychelles, the British Virgin Islands and Luxembourg. Explaining that the reason for this was that legal, accounting and fiduciary firms were failing or avoiding to provide answers to questions submitted by foreign governments to the Department of Inland Revenue, Angastiniotis pointed the finger at the regulatory bodies – the Institute of Certified Public Accountants of Cyprus, the Cyprus Bar Association and the Securities and Exchange Commission – and said that if they do not exercise stricter control of their members, “the negligence, indifference or bad practices of a few could destroy the services sector of the economy”. The CIPA President’s comments came ahead of a major international summit on government transparency in London and to coincide with it, the Open Knowledge Foundation published its 2013 Open Data Index, showing that governments are still not providing enough information in an accessible form to their citizens and businesses. The Index ranks countries based on the availability and accessibility of information in ten key areas, including government spending, election results, transport timetables, and pollution levels, and reveals that whilst some good progress is being made, much remains to be done. The UK and US top the 2013 Index, which is a result of community-based surveys in 70 countries. They are followed by Denmark, Norway and the Netherlands but – shockingly – Cyprus is ranked last, below countries like Yemen and Burkina Faso. Clearly, something needs to be done. Coincidentally, in this issue of Gold we look at two important components of the island’s professional services sector – law firms and administrative service providers, more familiarly known as fiduciary companies – and we emphasise their positive contribution to the economy. In our Directory of Legal Experts, we draw attention to 140 of the country’s specialist lawyers, almost exclusively those who have been recognized by their clients and peers for excellence in their chosen area of practice. From banking and finance to litigation and arbitration, Cyprus has lawyers with all the expertise required in today’s world of cross-border transactions and globally interconnected economies. And we are not asking you to take our word, or indeed their word, for it; in compiling the list we looked to some of the established ranking houses for their assessments. Elsewhere in the magazine we have interviews with two key figures in the fiduciary sector who, while expressing sometimes differing views on the issue of regulation, are nonetheless united in their vision for the sector and for Cyprus. We sincerely hope that those who lead the way in the legal and fiduciary areas will take serious heed of Christodoulos Angastiniotis’ warnings. With the Troika pressing the Government to stick to the agreed timetable for progress on privatisation, and Cyprus evidently failing to live up to its ambitions to restore confidence in its way of doing business, as indicated by its poor assessment by the OECD Global Forum and the Open Knowledge Foundation, it is time for President Anastasiades to show his determination to take the unpopular but necessary decisions that will get the island back on track. There will be a great deal of opposition at first but he knows that he will eventually be proved right for having the courage to do the right thing.
John Vickers, Chief Editor john@imhbusiness.com ISSUE 30 SEPTEMBER 14 - OCTOBER 13, 2013 PRICE €4.95 POwEREd By:
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50 πιο κοινωνικα ευαιΣθητεΣ εταιρειεΣ
NICOS ANASTASIADES President of the Republic of Cyprus
l Specia
2
CHRISTODOULOS ANGASTINIOTIS Chairman, CIPA (Co-organiser)
2
HANS WOLFF Director and Country Manager, Barclays (Gold Sponsor)
MEHRAN EFTEKHAR Group Head of Corporate Services & Finance Director, Nest Investments Holdings (Cyprus) Ltd.
EVGENIOS EVGENIOU CEO, PwC Cyprus (Platinum Sponsor)
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Α/ΦΟΙ ΛΑΝΙΤΗΣ ΑρχΗ ΗΛεκΤρΙΣμΟυ κυπρΟυ 3 ΑΝΔρEΑΣ ΝεΟκΛEΟυΣ κΑΙ ΣΙΑ Δεπε 4 ALPHA BANK 5 AMBROSIA OILS 6 BARCLAYS 7 BERNHARD SCHULTE SHIPMANAGEMENT 8 ΒRITISH ρETROLEUM 9 CARREFOUR 10 CHAKARIAN COLOUR CENTER DULUX 11 COLUMBIA SHIPMANAGEMENT CYPRUS 12 CROWE HORWATH 13 εΛΛΗΝΙκΑ POLIS πεΤρεΛΑΙΑ κυπρΟυ (EKO) ECONOMIDES 14 ELYSEE IRRIGATION Chief Financial 15 ERNST & YOUNG Director, Jumbo EXXONMOBIL 16 Trading Ltd. κυπρΟυ (ESSO) 17 GRANT THORNTON 18 ΙκεΑ 19 KEAN 20 KPMG 21 LIDL CYPRUS 22 LUKOIL CYPRUS 23 μΙΤΣΙΔΗΣ ΔΗμΟΣΙΑ εΤΑΙρεΙΑ 24 MEDOCHEMIE 25 METRO SUPERMARKETS VARNAVAS 26 MICROSOFT THEODOSIOU President and 27 μΤΝ Managing Director, 28 ΟμΙΛΟΣ εΛΛΗΝΙκΗΣ ΤρΑπεΖΑΣ ExxonMobil P&P ICE CREAM 29 ΟμΙΛΟΣ εΤΑΙρεΙΩΝ Cyprus Ltd. 30 ΟμΙΛΟΣ εΤΑΙρεΙΩΝ VOICI LA MODE 31 ΟμΙΛΟΣ ευρΗκΑ 32 ΟμΙΛΟΣ ΛΑΝΙΤΗ 33 ΟμΙΛΟΣ ΦΩΤΟΣ ΦΩΤΙΑΔΗΣ 34 ΟμΙΛΟΣ χΑρ. πΗΛΑκΟυΤΑ 35 ΟμΙΛΟΣ J& P 36 ΟπΑπ κυπρΟυ 37 πεΤρΟΛΙΝΑ 38 PELETICO 39 PWC κυπρΟυ 40 QUANTUM ENERGY 41 REMEDICA 42 ΣυΝερΓΑΤΙκΟ ΤΑμΙευΤΗρΙΟ ΛεμεΣΟυ 43 STAROIL 44 ΤρΑπεΖΑ κυπρΟυ 45 ΤρΑπεΖΑ πεΙρΑΙΩΣ 46 υπερΑΓΟρεΣ ΑΛΦΑμεΓΑ 47 UNIVERSAL LIFE 48 VTT VASILIKO 49 ΦΑΝΟΣ Ν. επΙΦΑΝΙΟυ 50 χΑρΑΛΑμπΙΔΗΣ κρΙΣΤΗΣ 1
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SPECIALIST LAWYERS RECOGNIZED FOR EXCELLENCE + OPINION BY MATTHEW KIDD & GEORGE VASSILIOU FIDUCIARY DUTY Interviews & company presentations
INTERVIEWS
Hans-Joachim Duebel Francesco Sultana George Mountis
FINANCE
London tops international rankings
PLUS:
MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION
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8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
editorialGOLDnew.indd 8
07/11/2013 18:03
IWC PORTUGUESE . ENGINEERED FOR NAVIGATORS
Portuguese Chronograph Classic. Ref. 3904: The fact that Portugal’s greatest seafarers are remembered to this day is due not least to this watch: the appliquéd Arabic numerals and the railway track chapter ring elegantly reference its legendary forerunner from the 1930s. But today’s sea-going pioneers are equally well equipped with the Chronograph Classic. The IWC-manufactured automatic 89361-calibre movement and its 68-hour power reserve keep it firmly on course even under windless conditions. Whether you’re aboard a historic three-master or a modern motor yacht,
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UP FRONT
PWC TRAINEES TOP ACCA EXAM RESULTS IN CYPRUS
A
ndri Lazarou, Demetra Olymbiou, Jacek Zybert and Simona Attaallah, trainee accountants at PwC Cyprus, achieved first places in Cyprus in the examinations of the Association of Chartered Certified Accountants (ACCA), held in June 2013. Andri Lazarou, who came first in Cyprus in the Advanced Audit and Assurance paper, joined PwC Cyprus in October 2011 and is currently working in Assurance & Advisory services in Nicosia. Demetra Olymbiou achieved first place in Cyprus in the Performance Management paper. She joined PwC in March 2012 and is currently working in Global Compliance Services in Nicosia. Jacek Zybert came joint first in Cyprus in the Advanced Financial Management paper. He joined PwC in November 2010
and is currently working in Direct Tax Services in Nicosia. With him, Simona Attaallah achieved joint first place in Cyprus in the Advanced Financial Management paper. She joined the firm in September 2008 and is currently working in Global Compliance Services in Nicosia. Evgenios Evgeniou, CEO of PwC Cyprus, and Philippos Soseilos, Head of Human Capital, congratulated the four trainee accountants at a ceremony organised last month to honour their outstanding achievements. Evgeniou noted that “Our major asset is our people who enable us to deliver value to our local and international clients, focusing on quality, professionalism and dependability. Despite the difficult market and economic conditions, such achievements strengthen our commitment to continue to invest in their training, development and advancement.”
Chinese Bank Tops World Banks Ranking
A
Chinese bank has come top in The Banker’s Top 1000 World Banks ranking for the first time ever. ICBC (Industrial and Commercial Bank of China) has moved from third to first place on the back of a 15% increase in capital. Last year’s winner Bank of America fell back to third while JP Morgan stayed second. ICBC’s stellar performance marks a new high in the growing strength of China’s banks. Its second largest, the China Construction Bank (CCB) also grew its capital by 15% and dislodged Citigroup from fifth place. The UK’s only bank in the top 10 is fourth-placed HSBC, which gains significant earnings from its Asian opera-
TOP 10 GLOBAL BANKS RANKED BY TIER 1 CAPITAL Rank
1 2
(L-R): Philippos Soseilos (Head of Human Capital), Simona Attaallah, Jacek Zybert, Evgenios Evgeniou (CEO), Demetra Olymbiou.
tions. China now has 96 banks in the Top 1000 ranking and holds four places in the Top 10. Its big four banks ICBC, CCB, Bank of China and Agricultural Bank of China head the table for the largest profits. Though European banks continue to perform badly, one of the best European performers is Turkey where the banks grew profits by 37%. Spanish banks together lost $73bn accounting for nearly 5% of GDP. In a table of the 10 largest losses six of the banks are Spanish. Globally, Africa’s banks have doubled their share of profits from 1.15% in 2006 to 2.31% now and central and south America’s share has nearly tripled from 2.37% to 6.37% over the same period.
3 4 5 6 7 8 9 10
BANK
ICBC JP Morgan Chase & Co Bank of America HSBC Holdings CCBC Citigroup Mitsubishi UFJ Wells Fargo & Co Bank of China Agricultural Bank of China
TIER 1 COUNTRY CAPITAL $M
China
160,646
USA
160,002
USA UK China USA Japan USA China
155,461 151,048 137,600 136,532 129,576 126,607 121,504
China
111,493
FXTM CEO SCOOPS TWO AWARDS
F
orexTime CEO Olga Rybalkina won the Top Professional and People’s Choice awards at last month’s annual Russian Business Woman of the Year Awards. The annual Top Professional award is presented each year to a businesswoman who has excelled in the areas of leadership and management in business. Rybalkina was singled out for her successful career in financial services. The award also recognises her accomplishments in managing the global expansion of ForexTime and developing the skilled and talented management team leading the company. Asked to reveal the secret of her success, she said: “I believe that successful business people – men and women – must have a passion for what they do and this is the foundation on which ForexTime was built. There can be no success without true excitement for and commitment to what you do.”
10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
up_front.indd 10
07/11/2013 17:52
www.pwc.com.cy
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We listen. We learn what you want to do and we help you create the value you are looking for. Value that is based on the knowledge that our more than 900 local professionals draw from 184.000 experts in 157 countries. We focus on the provision of Assurance, Advisory, Tax and Global Compliance Services.
Š 2013 PricewaterhouseCoopers Ltd. All rights reserved
UP FRONT
The Marshall Islands The Islands Corporate Registry The Marshall Marshall Islands Registry The Marshall Islands TheCorporate Marshall Islands Corporate Registry Corporate Corporate Registry Registry
CIPA VISITS TO LONDON, UKRAINE AND INDIA
T
©Corbis ©Corbis ©Corbis ©Corbis ©Corbis
he Cyprus Investment Promotion Agency (CIPA) has recently intensified its schedule of targeted actions abroad with visits to London, Ukraine and India, with the twin aims of restoring Cyprus’ image as a reliable investment destination and attracting foreign investment. On a recent trip to London, the Agency’s Director-General, Charis Papacharalambous, was interviewed by the Glude TV production company for a videoclip promoting the property market in Europe, including Cyprus,
that will be screened in Asian cinemas, He also met with Andrew Fraser, former Managing Director of Invest UK, and the Chairman of the FTI Consulting Firm, with which CIPA is cooperating on the issue of improving Cyprus’ image abroad. Papacharalambous also held meetings with the British Venture Capital Association. Meanwhile, the Agency’s Senior Officer, Lefteris S. Eleftheriou, recently joined a Cyprus Chamber of Commerce and Industry (CCCI) mission to Ukraine, where the attractions and comparative advantages of Cyprus as an investment destination were presented to the Donetsk and Luhansk
VTT VASILIKO TERMINAL ON COURSE
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Maritime & with Corporate Administrators tel: +30 210 4294 404 | piraeus@register-iri.com in affiliation the Islands Maritime &|with Corporate Administrators in affiliation the Marshall Marshall Islands tel: +30 210 4294 404 piraeus@register-iri.com Maritime & Corporate Administrators www.register-iri.com tel: +30 210Maritime 4294 404&|Corporate piraeus@register-iri.com Administrators www.register-iri.com tel: tel: +30 +30 210 210 4294 4294 404 404 | | piraeus@register-iri.com piraeus@register-iri.com www.register-iri.com www.register-iri.com www.register-iri.com up_front.indd 12
Chambers. Eleftheriou spoke about sectors in Cyprus with good growth prospects, including shipping, energy, tourism, large development projects, the audiovisual industry, research and innovation, and professional services. A CIPA delegation also participated in the recent CCCI mission to India and held additional meetings with media representatives and with the Managing Director of the Indian Films Association in New Delhi. Similar meetings were also held in Mumbai, mainly with agents of the audiovisual industry, aimed at broadening cooperation between the two countries in the sector.
hase One of the €300 million VTTV terminal project at Vasilikos is now well under way and most of the 28 tanks of the first phase of the project have been erected to their full height. In addition, 13 tanks have been successfully hydro tested, 19 dome roofs have already been installed and 11 of them have been painted. The pre-fabrication of piping is almost completed and piping installation works are progressing smoothly. At the same time, all product pumps have been installed and jetty works are progressing as scheduled, with piling for platforms 1-2 and 3-4 complete and piling for the central platform in progress. The installation of pre-cast beams on all platforms and the pre-casting of slabs for the platforms are ongoing. In September, an Environmental Impact Assessment hearing
CCCI Business Forum in Prague
was held for the second phase of the Terminal. Within six months, various government departments will decide on whether they to approve the proposed expansion project on reclaimed land. If they are positive, this will accommodate 13 additional tanks with a total capacity of 305,000m³ for the storage of fuel oil and crude oil. This expansion will bring another €100 million investment and multiple economic benefits to Cyprus. Meanwhile, eleven engineers hired for operational positions of the Terminal are currently in the Netherlands on an intensive four-month training course at VTTI’s terminal in Amsterdam. Similarly, the newlyhired HSE Manager has received his training at ATPC-Antwerp and the new Commercial and Customer Service Manager is currently in VTTI FTL- Fujairah for training.
T
he Cyprus Chamber of Commerce & Industry (CCCI), in cooperation with the Ministry of Energy, Commerce, Industry & Tourism and the Cyprus-Czech Republic Business Association, is holding a Business Forum in Prague on 3 December. The aims of the Forum are to promote Cyprus as an international services centre and to further develop economic ties between Cyprus and the Czech Republic. The Forum is expected to focus on the sectors of professional services (financial, legal, advisory), tourism, construction & real estate, health, energy and transport.
07/11/2013 17:53
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UP FRONT
10
MICHAEL BLOOMBERG MAYOR, NEW YORK CITY Net Worth: $31 billion Age: 71 Source of Wealth: Bloomberg LP, self-made The world’s richest mayor Michael Bloomberg relinquishes control of New York City in December after 12 years. What he will do next is anyone’s guess. His fortune is up $6 billion since last year, thanks to his financial data firm Bloomberg LP. His lifetime philanthropic giving has reached $2.8 billion.
S. ROBSON WALTON
CHAIRMAN, WAL-MART STORES Net Worth: $33.3 billion Age: 69 Source of Wealth: Wal-Mart, inherited The eldest son of Sam Walton has been company chairman since 1992, and financially, the world’s the largest retailer remains steady, up 5% from last year. Rob and his siblings have donated about $2 billion to the Walton Family Foundation over the last five years.
9
CHARLES KOCH
4
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CEO, KOCH INDUSTRIES NET WORTH: $36 BILLION Age: 77 Source of Wealth: Diversified, inherited Charles Koch has headed the second largest private company in the US since 1967. His net worth is up $5 billion this year as Koch Industries steadily expands. He and his brother reinvest 90% of earnings in the business. They were rumoured to be buying the Los Angeles Times but changed their minds.
ALICE WALTON
DAVID KOCH
EXECUTIVE VICE PRESIDENT, KOCH INDUSTRIES Net Worth: $36 billion Age: 73 Source of Wealth: Diversified, inherited The net worth of New York City’s richest resident is up $5 billion this year as Koch Industries grows. The company agreed to buy electronics-components maker Molex for $7.2 billion and Buckeye Technologies for $1.5 billion. A prostate cancer survivor, he has given over $200 million towards finding a cure.
CEO, BERKSHIRE HATHAWAY Net Worth: $58.5 billion Age: 83 Source of Wealth: Berkshire Hathaway Berkshire Hathaway picked up iconic ketchup maker H.J. Heinz for $23.2 billion in June and a Berkshire subsidiary is buying Nevada’s NV Energy for $5.6 billion in cash. He gave away another $2 billion of Berkshire stock to the Gates Foundation in July, bringing his lifetime giving to nearly $20 billion.
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CEO, ORACLE Net Worth: $41 billion Age: 69 Source of Wealth: Oracle Oracle founder Ellison collects houses on Malibu’s Carbon Beach and also owns of 98% of Hawaii’s Lanai island. In his quest for youth he has donated $445 million to his medical foundation to support research on aging and age-related diseases.
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CO-CHAIR, BILL & MELINDA GATES FOUNDATION Net Worth: $72 billion Age: 57 Source of Wealth: Microsoft Bill Gates remains Number 1, despite giving away $28 billion, most of it to the Bill & Melinda Gates Foundation. He bolstered the Foundation’s efforts to eradicate polio in April, securing $335 million in pledges from six billionaire comrades, including $100 million each from Carlos Slim and Mike Bloomberg.
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CHAIR, CRYSTAL BRIDGES MUSEUM OF AMERICAN ART Net Worth: $33.5 billion Age: 63 Source of Wealth: Wal-Mart, inherited The Crystal Bridges Museum of American Art has welcomed over 1 million visitors in its first two years of operation, in part thanks to works by the likes of Andy Warhol and Georgia O’Keeffe. The biggest philanthropist of the Walton family, Alice gave more than $2 million in 2012 to support charter school initiatives.
LARRY ELLISON
WARREN BUFFETT
BILL GATES
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JIM WALTON
CHAIRMAN AND CEO, ARVEST BANK GROUP, INC. Net Worth: $33.8 billion Age: 65 Source of Wealth: WalMart, inherited Jim is the youngest son Sam Walton who founded Wal-Mart in 1962. The company has sales of nearly $470 billion and employs 2.2 million people in 11,000 stores worldwide. He is CEO of the Walton family’s Arvest Bank, which is worth about $1.8 billion, with net profits of nearly $100 million in 2012.
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CHRISTY WALTON
CO-CHAIR, CHILDREN’S SCHOLARSHIP FUND Net Worth: $35.4 billion Age: 58 Source of Wealth: Wal-Mart, inherited The richest woman in the world inherited her wealth when husband John Walton died in a plane crash in 2005. The bulk of her holdings are in Wal-Mart, founded by her father-in-law Sam Walton and his brother James in 1962. Christy has already received nearly $350 million in Wal-Mart dividends in 2013.
THE RICHEST PEOPLE IN
AMERICA
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the fortunes ive years after the financial crisis sent the wealthig, of many around the world tumblin all that back ed gain ly est as a group have final of the list 400 es Forb new the they lost. Those on on, trilli $2 over just h wort are s rican Ame wealthiest $300 of gain a is ia. That roughly equivalent to the GDP of Russ double a decade ago. than e mor and ago, year a from n billio the 400 list was $1.3 e mak to ed The minimum net worth need for the 20th year in rican Ame st riche billion. Bill Gates is the d’s richest person from a row and has reclaimed the title of worl $72 billion. Warren of h Mexico’s Carlos Slim with a net wort est dollar gainer, bigg ’s year the Buffett, again number two, was are the 10 richw Belo ne. fortu his to n having added $12.5 billio ember 2013. Sept h in est people in the USA and their net wort
14 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
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