Forbes USA March 2018 by Omar Estrada

2018 special issue

the world’s richest people

total net worth:

$9.1 trillion 2,208 billionaires

USA 585 cHiNA 373 RUSSiA 102 SAUdi ARABiA 0

private equity’s engineer

robert smith the secret behind his $4.4 billion fortune

PLUS

MEET THE LiST’S FiRST $100 BiLLiON MAN MExicANS RicHER, TRUMP POORER (SAd!)

from algeria to zimbabwe the definitive almanac of global wealth

Contents // MARCH 31, 2018

voluMe 201 nuMbeR 2 vista equity partners president brian sheth (left) and ceo robert smith.

COvER StORy 36 | HOw tO BEAt wAll StREEt And SiliCOn vAllEy SiMultAnEOuSly The American Dream is alive and well on Wall Street thanks to Robert Smith, the richest black person in America, who has figured out a way to reengineer both private equity and enterprise softwareâ&#x20AC;&#x201D;and used this secret playbook to build a $4.4 billion fortune. By NathaN Vardi

cover photograph by tim pannell for forbes

4 | FORBES MARCH 31, 2018

GoBoldly.com

THERE WERE THOSE WHO BELIEVED THE BODY COULD NEVER FIGHT CANCER. NEVER SAY NEVER.

Today, researchers are using immunotherapy treatments to stimulate the body’s immune system to destroy invading cancer cells. Welcome to the future of medicine. For all of us.

MARCH 31, 2018 15 | FACt & COMMEnt // StEvE FORBES Great medicine for trade.

lEAdERBOARd 19 | tHE wORld’S 20 RiCHESt The list’s first $100 billion man (spoiler: not Bill Gates), a fresh L’Oréal heir and a new wealthiest man in Asia.

22 | dOwn And OFF A pizza empire goes cold, accounting troubles and other dramatic billionaire drop-offs.

24 | BilliOn-dOllAR CHECkOut After a corruption crackdown in Saudi Arabia and the asset handover that ensued, Forbes ejects the country’s formerly super-rich.

26 | RESt in PROSPERity Farewell to a hair-care king, a magazine mogul, a pharma boss and more.

28 | vAuntEd MAnSiOnS Former castles of the three-comma club, now on the market.

30 | wHitE HOuSE BluES

christopher patey / contour by getty images

Donald Trump’s fortune has fared poorly under his administration.

34 | FROM tHE vAult: BRAnSOn tHE BOld— July 3, 2000 Airlines, records and cellphones—Virgin’s big leap into the 21st century.

FEAtuRES 52 | tHE FORtunAtE SOn

For a decade India’s richest man waged a blood feud with his younger brother for control of the subcontinent’s telecommunications industry. Now Mukesh Ambani shares the inside story of his ultimate triumph—Jio, an ultra-cheap 4G broadband service whose biggest winners will be the millions of ordinary Indians who suddenly consume more mobile data than either the U.S. or China. By NaazNeeN Karmali

58 | PERFECt tiMing On his 55-year journey from penniless Italian immigrant to multibillionaire cable magnate, Rocco Commisso has shown an uncanny knack for being at the right place at the right moment— and taking full advantage of it. By Noah Kirsch

66 | tHE ARtiSAnAl induStRiAliSt Francis Holder built a billion-dollar bread-and-pastry empire by mixing American mechanical production with traditional French techniques. Now the Henry Ford of baking is savoring his greatest success—selling millions of macarons to the classes on Madison Avenue and the masses at McDonald’s. By chloe sorViNo

52 6 | FORBES MARCH 31, 2018

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tHE wORldâ&#x20AC;&#x2122;S BilliOnAiRES 75 | tHE 2018 AlMAnAC OF wEAltH From Algeria to Zimbabwe, our definitive guide to the worldâ&#x20AC;&#x2122;s 2,208 billionaires. Algeria 76 Angola 76 Argentina 76 Australia 76 Austria 77 Belgium 77 Brazil 78 Canada 80 Chile 81 China 82 Colombia 86 Cyprus 86 Czech Republic 86 Denmark 88 Egypt 88 Finland 88 France 88 Georgia 93 Germany 92 Greece 93 Hong Kong 94 Hungary 93 Iceland 97 India 96

Indonesia 97 Ireland 97 Israel 98 Italy 98 Japan 99 Kazakhstan 100 Kuwait 100 Lebanon 100 Liechtenstein 100 Malaysia 102 Mexico 100 Monaco 102 Morocco 102 Nepal 102 Netherlands 102 New Zealand 104 Nigeria 104 Norway 104 Oman 104 Peru 106 Philippines 106 Poland 106 Portugal 106 Qatar 106

140 | tHOugHtS On abundance.

66 10 | FORBES

MARCH 31, 2018

Romania 106 Russia 110 Singapore 111 Slovakia 111 South Africa 112 South Korea 112 Spain 114 St. Kitts & Nevis 112 Swaziland 114 Sweden 114 Switzerland 116 Taiwan 118 Tanzania 119 Thailand 118 Turkey 119 Ukraine 120 United Arab Emirates 120 U.K. 120 USA 122 Venezuela 134 Vietnam 134 Zimbabwe 134

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inside scoop Steve Forbes Forbes Magazine ChieF Content oFFiCer Randall Lane exeCutive editor Michael Noer art & design direCtor Robert Mansfield Forbes digital vP, digital editor Mark Coatney vP, investing editor Matt Schifrin svP, ProduCt and teChnology Salah Zalatimo vP, WoMen’s digital netWork Christina Vuleta vP, video Kyle Kramer assistant Managing editors Kerry A. Dolan, Luisa Kroll Wealth Frederick E. Allen leadershiP Loren Feldman entrePreneurs Tim W. Ferguson Forbes asia Janet Novack Washington Miguel Helft siliCon valley Michael K. Ozanian sPortsMoney Mark Decker, John Dobosz, Clay Thurmond dePartMent heads Jessica Bohrer vP, editorial Counsel business Mark Howard ChieF revenue oFFiCer Tom Davis ChieF Marketing oFFiCer Jessica Sibley senior vP, sales, u.s. & euroPe Janett Haas senior vP, brand solutions & strategy Ann Marinovich senior vP, Content PartnershiPs & strategy Achir Kalra senior vP, revenue oPerations & strategiC PartnershiPs Alyson Papalia vP, digital advertising oPerations & strategy Penina Littman vP, sales Planning & analytiCs Nina La France senior vP, ConsuMer Marketing & business develoPMent Lisa Serapiglia direCtor Media Planning & oPerations Forbes Media Michael Federle ChieF exeCutive oFFiCer Michael York ChieF FinanCial oFFiCer Will Adamopoulos Ceo/asia Forbes Media President & Publisher, Forbes asia Rich Karlgaard editor-at-large/global Futurist Moira Forbes President, ForbesWoMan MariaRosa Cartolano general Counsel Margy Loftus senior vP, huMan resourCes Founded in 1917 B.C. Forbes, Editor-in-Chief (1917-54) Malcolm S. Forbes, Editor-in-Chief (1954-90) James W. Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010)

march 31, 2018 — volume 201 number 2 Forbes (issn 0015 6914) is published monthly, except January and July, by Forbes Media LLC, 499 Washington Blvd, Jersey City, NJ 07310, Periodicals postage paid at Newark, NJ 07102 and at additional mailing offices. Canadian Agreement No. 40036469. Return undeliverable Canadian addresses to APC Postal Logistics, LLC, 140 E. Union Ave, East Rutherford, NJ 07073. Canada GST# 12576 9513 RT. POSTMASTER: Send address changes to Forbes Subscriber Service, P.O. Box 5471, Harlan, IA 51593-0971. ContaCt inForMation For subscriptions: visit www.forbesmagazine.com; call 1-515-284-0693; or write Forbes Subscriber Service, P.O. Box 5471, Harlan, IA 51593-0971. Prices: U.S.A., one year $34.99; Canada, one year C$52.99 (includes GST). We may make portions of our mailing list available to reputable firms. If you prefer that we not include your name, please write Forbes Subscriber Service (address above). For back issues: visit www.forbesmagazine.com; e-mail getbackissues@forbes.com; or call 1-212-367-4141. For article reprints or Permission to use Forbes content including text, photos, illustrations, logos, and video: visit www.forbesreprints.com; call PARS International at 1-212-221-9595; e-mail http://www.forbes. com/reprints; or e-mail permissions@forbes.com. Permission to copy or republish articles can also be obtained through the Copyright Clearance Center at www.copyright.com. Use of Forbes content without the express permission of Forbes or the copyright owner is expressly prohibited. Copyright © 2018 Forbes Media LLC. All rights reserved. Title is protected through a trademark registered with the U.S. Patent & Trademark Office. Printed in the U.S.A.

12 | FORBES MARCH 31, 2018

Billionaire Hunters Shortly before 10 p.m., my hotel-room telephone rang, and a stranger’s voice relayed a random Houston address. “Meet me in the parking lot.” The tough-looking bald guy in the polyester shirt stuffed me in his car and whisked me to a place called Luke’s Hamburgers, where he bought me coffee, complained about the price—and began haranguing me. I was a 24-year-old reporter for Forbes, and Jerry J. Moore, the biggest strip-mall developer in America, was determined that we declare him a billionaire. He took me to his house—an 18th-century French château that he had ferried to Houston brick by brick—and then into his vast underground garage, which housed 26 of his 700 or so antique cars. Moore instructed his accountant to churn out fanciful estimates for his 12,172,606 feet of Houston mall space. When I still wouldn’t bite, Moore got more direct, offering me a P.R. job, at quadruple my salary, “with lots of golf.” Poor Jerry never made our billionaires list. It’s a designation we take seriously, and Forbes’ Wealth Team, led by Kerry A. Dolan and Luisa Kroll, guard the gates better than anyone in the world. Dolan and Kroll oversee 13 full-time reporters, 54 part-timers ForbesÕ ace Wealth Team. and the 14 Forbes licensees across the world who feed us data. They take the same hands-on approach that I did as a rookie reporter, evaluating all 2,208 billionaires one by one and combing through our database of suspects that includes 5,000 more. “We dig deep,” says Kroll. “And each year we build on the previous year and go deeper.” It’s one of the great reporting engines in journalism, the springboard for generations of Forbes stars. Are all our estimates correct? Of course not, though we strive to err on the conservative side. Have we found every billionaire in the world? Not even close: Many, many hundreds remain hidden. It’s a pursuit we relish, rooted in a simple philosophy: that free, fair markets crave transparency and people everywhere deserve to know who controls vast fortunes. Billionaire-hunting carries another dividend: Most on our list are self-made, providing the kind of lessons that inspire 10(and 11-, and 12-) digit fortunes. The global road map starts on page 75.

—randall lane, ChieF Content oFFiCer

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FACt & COMMENt “With all thy getting, get understanding”

Great medicine for trade BY STEVE FORBES, EDITOR-IN-CHIEF

HERE’S A HUGELY winning issue for President Donald Trump that will deal with a gross trading abuse and simultaneously advance his goal of reducing the prices of prescription drugs: Insist that foreign buyers of American pharmaceuticals—almost without exception government agencies—pay their fair share of the research and development costs of these medicines. Currently, Americans are subsidizing overseas users of our drugs. Here’s how that works. The average price of successfully bringing a new medicine to market in the U.S. is about $2.4 billion. The entire approval process takes some 12 years before a drug receives its final green light. The expenses include all the would-be medicines that fail to make it out of the research labs or falter during the Food & Drug Administration’s expensive, time-consuming clinical trials. Pharmaceutical companies get 20-year patents for their drugs, which means they really have about 8 years of monopoly power (20 years for the patent minus the 12 years for clearing all the hurdles before a particular prescription can actually be sold). No wonder the initial price for a new drug is sky-high, even though the actual manufacturing cost per pill is minuscule. (Ideally, when a drug goes “off-patent,” imitators rapidly bring copies, called generics, to market, slashing the price. Unfortunately, FDA regulations have gummed up this process.

New FDA head Dr. Scott Gottlieb has been removing obstacles, which is why the rate of drug approvals has more than doubled.) When a pharmaceutical company sells a new drug overseas, buyers demand a price that’s a fraction of what American customers pay. The demand is more in line with a gangsteresque “We’ll make you an offer you can’t refuse” process than normal business bargaining. The implicit—and sometimes explicit—threat is that if a company doesn’t cave the country will allow a knockoff of the medication to be produced by another company. The U.S. should now make fair pricing of American drugs overseas a top trade priority: If you don’t want to pay for our R&D, you won’t get our pills. Period. And if you try the imitation game, we’ll take painful retaliatory measures. Success with this would mean significantly lower costs for American consumers. The publicity surrounding the issue would also educate Americans about how costly— and antiquated—much of our current approval system is, thus generating political support for the kinds of reforms Scott Gottlieb is pushing at the FDA. A side benefit would be reducing FDA resistance to the president’s desire to let terminally ill patients have the right to take medications that haven’t yet cleared bureaucratic hurdles for approval.

Hoover: an extraordinary Life in extraordinary times

Kenneth Whyte (Knopf, $35) WiSE HiStoRiAnS knoW better than to pigeonhole commerce secretary, undertook and brilliantly directed a masnotable figures—things are often just too complex—and with sive effort to alleviate the immense suffering wrought by the no person has this been more true than Herbert Hoover, our great Mississippi flood of 1927. Without his decisive interven31st president. On one hand, he is one of history’s greatest hution, the loss of life would have been incalculably worse. manitarians, whose extraordinary and truly innovative efforts On the other hand, in 1933 Hoover left the presidency, after literally saved tens of millions of people from starvation in Euone term, as probably the most vilified and hated individual ever rope during and after World War I. John Maynard Keynes was to occupy the White House. He was caricatured as cold and innot alone at the time in regarding Hoover as one of the most different to the unprecedented human hardships brought on by outstanding men of his age. In an era when Washington never the Great Depression. This greatest of economic disasters began involved itself in disaster relief, Hoover, on his own initiative as on Hoover’s watch, and he was seen as incapable of successfully march 31, 2018 FOrBES | 15

FOrBES

FACt & COMMENt

STEVE FORBES

dealing with it. His political maladroitness and optimistic statements allowed him to be portrayed—even to this day—as out of touch, overwhelmed and incompetent. His dour personality was in stark contrast to that of his successor, the ebullient, upbeat, confidence-inspiring Franklin D. Roosevelt. FDR was no more successful than Hoover at slaying this beast of hard times, as evidenced by the depression of 1937– 1938 during Roosevelt’s second term, when unemployment surged to 20%. Kenneth Whyte’s comprehensive, wellresearched and fluidly written biography of this man of many contradictions paints as complete a picture as one could hope for. Thankfully, Whyte doesn’t assume the role of many previous writers—prosecutor or defense attorney. This fair-minded masterpiece will be the standard reference for many years to come. Hoover’s early life story would have delighted Abraham Lincoln as an example of individual effort overcoming immense obstacles. The son of an Iowan Quaker blacksmith and his wife, Hoover was orphaned at 9, and he and his siblings were shipped off to various relatives. For most of his childhood Hoover was an outlier, always working hard but never receiving any real affection, which helped account for his withdrawn personality and utter lack of social graces, traits that proved to be lethal in the political world and, subsequently, to his reputation. Always an indifferent student, Hoover nonetheless displayed his amazing organizational abilities early on. He deftly reorganized the head office of his uncle’s business. He was admitted to the first class of the new Stanford University in 1891, even though he flunked the entrance exams (the institution needed students), and won the admiration of the U.S.’ outstanding geologist. Hoover would have taken a post with the U.S. Geological Survey had it not been for a shortage of funds brought about by the depression afflicting the country at the time. After Stanford, Hoover went to work in the mining business in China and elsewhere, achieving dazzling successes. By the age of 40 he was an immensely rich man, working out of London and looking for a 16 | FOrBES march 31, 2018

way to enter public service back home. Then the Great War broke out. Without anyone requesting it of him, Hoover immediately took charge of getting more than 100,000 stranded Americans back home. It was an amazing effort in fund-raising, logistics and improvisation. Then Hoover dived into the task of feeding some 9 million people in German-occupied Belgium and northern France. The Germans had stripped these areas of foodstuffs, and the British naval blockade ensured that no food could get through. Hoover persuaded the British to let food be delivered via neutral shipping and the Germans not to commandeer those provisions—and he organized the entire relief effort at minimal cost. When the U.S. entered the war in 1917, Hoover was made America’s food czar and again performed miraculously. After WWI ended, he saved tens of millions of people in Russia and other parts of Europe from famine in the midst of the Russian Civil War. After an amateurish run for the GOP presidential nomination in 1920, Hoover was named commerce secretary, a cabinet backwater. He turned this sleepy agency into a dynamo of hyperactivity, successfully pushing the development of radio, aviation and even television. He promoted the establishment of market standards and costsaving techniques to help business and make the running of government more cost-efficient. No cabinet secretary had had such a record of achievement since Alexander Hamilton. No wonder Hoover coasted to the presidency in 1928, winning in a landslide. But then it all fell apart. The very activism that had made him such a success led Hoover into a series of catastrophic mistakes. Any discussion of the Great Depression—its causes and what should have been done—is always laded with intense controversy. It is in the world of interpretation that one can debate some of Whyte’s conclusions. In this reviewer’s mind, Hoover’s biggest disaster was signing the Smoot-Hawley Tariff Act into law. It slapped new or higher taxes onto thousands of import items, precipitating a global trade war that sent economies around the world into a tailspin.

Hoover’s desire to help American farmers, who were suffering from overproduction and inadequate commodity prices, started this hideous ball rolling. He thought that putting tariffs on imported commodities would help; however, Congress didn’t stop there, and slapped new or higher levies on just about everything under the sun. The prospect of a sweeping, destructive tariff law sent the stock market crashing in the fall of 1929. Whyte skillfully describes the legislative history of Smoot-Hawley and how Hoover lost control of the process. He could easily have vetoed the resulting monstrosity, yet despite the warnings of hundreds of noted economists, he signed the bill in June 1930. A global contraction began. Contrary to myth, Hoover was anything but a do-nothing president as the disaster unfolded. But he responded with a series of measures that either exacerbated the crisis or were ineffectual. Other countries were no better, enacting tax increases as their economies shrank. Germany, in particular, slapped on major hikes, deepening the slump and fueling the rapid rise of the Nazi party. Hoover followed suit with a massive tax boost that overnight raised the top income tax rate from 25% to 63% and hit numerous items with higher excise taxes. While one may disagree with Whyte’s take on some issues, he is right in that many of Hoover’s policies actually laid the foundation for Roosevelt’s New Deal. The economic calamity, as well as the public’s disenchantment with Prohibition— the repeal of which Hoover refused to support—led to his crushing reelection defeat and banishment to the political wilderness. After WWII President Harry Truman called on Hoover to help with European relief efforts. He also appointed Hoover to head a commission on streamlining government. He did a superb job, and many states created “Little Hoover Commissions” to do the same. These efforts and the passage of time lessened the bitterness and antagonisms of the Depression years, and Hoover’s public standing improved. The controversies surrounding the Depression will forever arouse debate and discussion, but Whyte’s book is indispensable to understanding the extraordinary man at the center of the storm—and to appreciating how much he did for humanity. f

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LeaderBoard 22 BILLIONAIRES NO MORE

24 WHERE HAvE ALL THE SAUDIS gONE?

26 THE RECENTLY DEPARTED

28 BILLIONAIRE HOMES FOR SALE

30 WHITE HOUSE BLUES

1. JEFF BEZOS $112 billion  U.S.

the richest person on earth, amazon’s chief is the first centibillionaire atop our annual ranking. Shares of his e-commerce colossus rose 59% in 12 months, helping lift his fortune by $39.2 billion, the biggest oneyear gain ever recorded. (the $27.6 billion increase he logged in 2017 ranks third.) bezos also owns the Washington Post and aerospace firm blue origin.

billionaires

The World’s 20 richesT

THE VERY WEALTHIEST people on the planet are worth a staggering $1.2 trillion— a sum roughly equivalent to the annual economic output of Mexico. In aggregate, their riches represent 13% of the total fortune of all 2,208 billionaires worldwide. The minimum figure for admission to this august club: $39 billion, up 28% from $30.4 billion a year ago. photograph by Daniel berman/reDux

MARCH 31, 2018 FORBES | 19

LeaderBoard billionaires

2. BILL GATES $90 billion  U.S.

1. JEFF BEZOS

Cedes the top spot for only the sixth time since 1995. the microsoft cofounder’s net worth rose $4 billion in the past year, but that was no match for bezos’ epic increase.

$112 billion  U.S.

(See previous page.)

5. MARK ZUCKERBERG $71 billion 

3. WARREN BUFFETT

U.S.

$84 billion  U.S.

in January the octogenarian promoted two berkshire hathaway executives to vice chairman roles—a step toward a muchanticipated succession plan. buffett, who says he’s in “remarkably good health,” continues to run berkshire, whose stock is up 16% since last year.

4. BERNARD ARNAULT $72 billion  FrancE

record results at his luxury empire lVmh and a deal to buy out nearly all of Christian Dior helped boost arnault’s fortune by $30.5 billion.

Facebook’s Ceo faces pressure over his social-media giant’s role in russia’s election meddling. Still, the company’s shares rose 32% in the past year, adding $15 billion to his net worth.

15 11

11. MICHAEL BLOOMBERG $50 billion  U.S.

new york City’s former mayor continues to run his financial-information and media firm, bloomberg lp. a gun-control organization he backs, meanwhile, is forming a new initiative geared toward students in the wake of the school shooting in parkland, Florida.

15. S. ROBSON WALTON $46.2 billion 

13. SERGEY BRIN

U.S.

$47.5 billion 

12. LARRY PAGE $48.8 billion  U.S.

the google cofounder, now Ceo of its parent, alphabet, has reportedly been in talks with Saudi arabia to build a technology hub inside the kingdom. page’s fortune grew $8.1 billion over the past year. 20 | FORBES MARCH 31, 2018

U.S.

page’s partner as google’s cofounder is america’s richest immigrant. now alphabet’s president, brin is reportedly spending over $100 million on the world’s largest airship for both personal luxury travel and delivering aid to remote locations.

14. JIM WALTON $46.4 billion  U.S.

the youngest son of Walmart founder Sam Walton sat on the company’s board until 2016. he runs the family’s regional bank, arvest.

Sam Walton’s oldest son was Walmart’s chairman for 23 years. he’s now one of three family members still involved in the company; he and Steuart Walton, the son of Jim Walton, sit on its board. his son-in-law gregory penner is chairman.

10. LARRY ELLISON 8 (TIE). CHARLES KOCH

6. AMANCIO ORTEGA $70 billion 

$60 billion 

most of his fortune is tied up in inditex, best known for fashion chain Zara. its shares have sagged, helping knock $1.3 billion off his net worth.

in november his $100 billion (sales) Koch industries launched Koch Disruptive technologies, a venture-capital arm run by his son Chase; it has already led a $150 million investment in an israeli medicaldevice startup.

8 (TIE). DAVID KOCH $60 billion 

U.S.

Spain

7. CARLOS SLIM HELU $67.1 billion  MExico

Slim is worth $12.6 billion more than a year ago, due mostly to a 39% jump in the stock of his telecom firm, américa móvil.

U.S.

the Koch industries executive vice president and his brother Charles made news in november when their investment arm put $650 million toward meredith Corp.’s $2.8 billion purchase of struggling magazine publisher time inc.

$58.5 billion  U.S.

even as oracle faces competition from Salesforce and amazon in the cloud market, its stock has risen 13%. ellison, who owns about a quarter of the company, is $6.3 billion richer.

17 20

20. JACK MA

$46 billion  U.S.

Sam Walton’s only daughter has no role in the family business but still holds plenty of Walmart shares, making her the richest woman in the world.

17. MA HUATENG $45.3 billion  china

ma is asia’s wealthiest person for the first time, thanks in part to his firm tencent’s WeChat, a ubiquitous socialmessaging app with nearly 1 billion active users. tencent also has stakes in tesla, Snapchat parent Snap and musicstreaming service Spotify.

18. FRANÇOISE BETTENCOURT MEYERS $42.2 billion ★ FrancE

her mother, l’oréal heiress liliane bettencourt, died in September 2017; bettencourt meyers and her family inherited the fortune.

$39 billion  china

19. MUKESH AMBANI $40.1 billion  india

the indian tycoon is back in the top 20 for the first time since 2012 (see story, page 52).

ma took e-commerce behemoth alibaba to new heights in 2017, inking its first olympic sponsorship and scoring a streaming agreement with Disney. alibaba’s shares have increased 76% since last year, boosting him into the top 20 for the first time.

MARCH 31, 2018 FORBES | 21

illuStration by miChael Witte

16. ALICE WALTON

LeaderBoard drop-offs

DOWN AND OFF

OVER THE PAST YEAR, 120 individuals fell from the global billionaire ranks. China lost the most—50 ten-figure fortunes—while 26 Americans and all 10 Saudi Arabians (see page 24) also dropped out of the three-comma club. The four former billionaires below experienced especially dramatic drops; 20 other notables are at right. To see all 120 people who fell off the list, go to forbes.com/billionaires-dropoffs.

NAMe cOUNTRy | SOURcE OF WEALTH

2018 net worth

SteveN rOth U.S. | REAL ESTATE

$970 million

ANAS SeFriOui MOROccO | cONSTRUcTION

$950 million

eSther Grether SWITZERLAND | SWATcH

$900 million

MAGGie MAGerKO U.S. | 84 LUMBER

$900 million

O. BrutON SMith U.S. | SPEEDWAy MOTORSPORTS

$880 million

eDWArD StAcK U.S. | DIcK’S SPORTING GOODS

$880 million

BryAN SheFFielD U.S. | OIL ExPLORATION

$870 million

DAviD hiNDAWi U.S. | cyBERSEcURITy

$850 million JOhN SchNAtter U.S. | PAPA JOHN’S PIZZA 2018 NET WORTH: $750 MILLION (DOWN 25%) Schnatter blamed slowing growth at his Papa John’s pizza chain partly on the NFL’s “poor leadership” in handling national anthem protests. Football fans eat a lot of pies, and Papa John’s is a major NFL sponsor.

AyMAN ASFAri U.K. | OIL SERvIcES

$840 million

JONAthAN OriNGer U.S. | SHUTTERSTOcK

$820 million

KeN GrOSSMAN U.S. | SIERRA NEvADA BEER

$800 million

JANNie MOutON SOUTH AFRIcA | FINANcIAL SERvIcES

$800 million $800 million

WANG JuNMiN cHINA | PHARMAcEUTIcALS

$800 million

AlDO BeNSADOuN cANADA | SHOES DANil KhAchAturOv RUSSIA | INSURANcE, BANKING, REAL ESTATE 2018 NET WORTH: $170 MILLION (DOWN 92%) His insurance company, Rosgosstrakh, was absorbed by Otkritie Bank in 2017; Russia’s central bank then nationalized troubled Otkritie in December.

chriStOFFel WieSe SOUTH AFRIcA | RETAIL 2018 NET WORTH: $600 MILLION (DOWN 89%) An accounting scandal ravaged Steinhoff International, a home-goods retailer that forms a major part of Wiese’s expansive empire. He resigned as chairman in December; company shares have lost nearly 87% of their value.

NirAv MODi INDIA | DIAMOND JEWELRy 2018 NET WORTH: LESS THAN $100 MILLION (DOWN 94%) State-run Punjab National Bank alleged in January that Modi and his business partner had colluded with some executives at the bank’s Mumbai branch to conduct fraudulent transactions, resulting in a reported $1.8 billion flowing into Modi’s jewelry companies. Modi, who left India before the scandal broke, reportedly denied the allegations. 22 | FORBES maRch 31, 2018

$780 million

WilBur rOSS U.S. | PRIvATE EqUITy

$700 million

eDGAr SiA PHILIPPINES | REAL ESTATE

$650 million

BOriS MiNtS RUSSIA | REAL ESTATE, PENSION FUNDS

$540 million

li FucheNG cHINA | AGRIBUSINESS

$500 million

BruNO SteiNhOFF GERMANy | HOME GOODS RETAIL

$225 million

BY DENIZ ÇAM AND NOAH KIRSCH JAMEL TOPPIN; DARREN TASS/ZUMA PRESS/NEWScOM; INGE PRINS; GERRISH/DARREN GERRISH/GETTy IMAGES

ShOJi uehArA JAPAN | PHARMAcEUTIcALS

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LeaderBoard drop-offs

hotel saudi arabia

Assets include a swedish refinery, saudi gas stations and an ethiopian conglomerate (gold mining, farming, construction).

Prince sultan bin MohaMMed bin saud al Kabeer $3.8 billion his publicly traded Almarai dairy company is among the largest in the middle east.

Prince alwaleed bin talal $18.7 billion

chairs publicly traded kingdom holding, which has investments in lyft, twitter, citigroup and the Four seasons.

MohaMMed al issa $2.6 billion

his Assila investments has stakes in a bank, a food processor and hotels.

saleh KaMel $2.3 billion

Founded dallah Albaraka conglomerate (real estate, food, health care).

abdullah al rajhi $1.9 billion

with brothers, built Al rajhi Bank, one of world’s largest islamic banks.

abdul Majeed alhoKair $1.2 billion salMan alhoKair $1.2 billion Fawaz alhoKair $1.2 billion

the three brothers’ real estate empire includes 19 shopping malls.

MohaMMed seraFi $1.1 billion The Ritz-Carlton Riyadh 24 | FORBES maRch 31, 2018

real estate investor.

BY KERRY A. DOLAN AND CHRISTOPHER HELMAN AlwAleed: Ben BAker/redux Pictures; sAleh-kAmel : Amer hilABi/AFP/Getty imAGes; ritz: AndreA hAnks/zumA Press/newscom

It’s hard to ImagIne a faster or more audacious way to obtain billions of dollars than the route recently taken by Saudi Crown Prince Mohammed bin Salman: force the country’s richest people to turn over their personal fortunes to the state as part of an “anticorruption campaign.” Late last year the 32-year-old heir to the throne locked up a group of Saudi billionaires and other businessmen at an ultraluxe prison—the 492-room, palm-lined Ritz-Carlton Riyadh. Some were his own relatives, including Prince Alwaleed Bin Talal, 62, the most recognizable Saudi mogul in the West. Alwaleed and many others have been released, but checking out of the Ritz-Carlton cost billions. There are a thousand and one stories about what precisely happened, making it impossible to know definitively who gave how much to whom when. Given these shifting sands of truth, we’ve chosen to leave all ten Saudis off our billionaires list this year; none would comment. With greater clarity regarding their wealth, some might eventually return to the ranking.

MohaMMed al aMoudi $8.1 billion

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LeaderBoard deceased

Peter Alfond | 65 U.S., $1.4 bil | ShoeS

rest in ProsPeritY Late Last yeaR, Toronto police made a chilling discovery: the strangled bodies of 75-year-old generic-drug billionaire Bernard “Barry” Sherman (left) and his wife, Honey, hanging beside their indoor pool. Sherman was not a man who shied away from conflict; he battled competitors in court and engaged in a decade-long lawsuit with his cousins over an ownership stake in his firm, Apotex. The deaths are being investigated as homicides, but no suspects have been named. His death is by far the most lurid of those of the 25 billionaires (listed on this page) who died in the past year. “People tell me life is short, and I say, ‘Yeah, so I better get the work done,’ ” Sherman said in his first appearance in Forbes, in July 2000. Here’s how we first covered four other recently deceased titans.

A. jerrold Perenchio | 86 U.S., $2.8 bil | SPaniSh-langUage tv jon huntsmAn, 80 U.S., $1 bil | chemicalS “Jon huntsman is a rare combination. he is both a great dealmaker and a great operating businessman. the two rarely go together. in him they do.” (November 27, 1989)

henrY hillmAn, 98 U.S, $2.6 bil | inveStmentS “through hillman land, the family investment holding company, henry hillman owns, controls or otherwise influences enough other companies to make most conglomerators green with envy. he is a director of no less than ten major companies.” (September 15, 1969)

leAndro rizzuto, 79 U.S., $4.5 bil | conSUmer ProdUctS “hair dryers had been around since the twenties, but no one until rizzuto had noticed that by greatly increasing air velocity and heat in careful mixture, a handheld dryer and a brush could replace most of the hairdresser’s existing tools and do the job four times faster.” (September 3, 1979)

26 | FORBES maRch 31, 2018

sAmuel “si” newhouse jr., 89 U.S., $12.1 bil | media “Since the death of founder S.i. newhouse Sr. last august, his sons, Si, 52, and donald, 50, have been the two chief executives. . . . the biggest problem the family must deal with . . . has to do with the changing nature of communications. newspapers now face more competition than ever before, especially in big-city markets.” (October 29, 1979)

dAvid rockefeller sr. | 101 U.S., $3.3 bil real eState, inveStmentS joAn tisch | 90 U.S., $3.8 bil | inSUrance, n.y. giantS Yeoh tionG lAY | 87 malaySia, $2.1 bil conStrUction, real eState, Power net worths from billionaires 2017.

By Madeline Berg and Michela Tindera Sherman: dicK loeK/toronto Star/getty imageS; newhoUSe: FranciS miller/the liFe PictUre collection/getty imageS

neAl PAtterson | 67 U.S., $1.5 bil | health care it

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LeaderBoard Live Like a BiLLionaire

VaunteD D Mansions

ALThough WArren BuffeTT has lived in the same home since 1958, other billionaires swap houses the way the rest of us change light bulbs. Most of the billionaire-owned properties currently for sale were purchased or completed in the last five years; a few have never been lived in at all. Agents say the ultrawealthy’s wandering ways are easy to explain: They want only the best. thoMas tull

billio Net worth: $1.1 billioN eNtertaiNmeNt Source: eN eNtertai tertaiNmeNt listing: 3970 Victoria lane (Westlake Village, ca) Vitals: a 32,000-square-foot french romantic mansion with 12 bedrooms and 18 bathrooms on a 33-acre lot. Posh aMenities: the grounds include a 5-acre organic farm, a garden inspired by monet’s “Giverny” and a private museum. asking Price: $85 Million

Michael Dell

Net worth: $22.7 bil Source: Dell computerS listing: isting: casa Dell Mexico) (los os cabos, Mexico ico) Vitals: a 9,990-square-foot mediterranean villa with five bedrooms, six full and three half-bathrooms and nearly 4,700 square feet of terraces. Posh aMenities: located 282 feet above the sea of cortez on mexico’s Baja peninsula, the property boasts sweeping water views and comes with a collection of art by emerging latino and mexican artists. asking Price: $18.5 Million

Jeff greene

Net worth: $3.8 billioN billio Source: r eal eState, e iNveStmeNtS real listing: isting: Palazzo D ore Dii aMore (9505 lania lane, b eVerly erly hills, ca) beVerly Vitals: a 35,000-square-foot, 12-bedroom, 23-bath estate on a 25-acre lot. Posh aMenities: the property’s 15,000-square-foot entertainment center houses a ballroom, a screening room and a bowling alley. there’s also a working vineyard and a 27-car garage. asking Price: $129 Million

a. JerrolD Perenchio

Net worth: DeceaSeD; i maY Y 2017 | Source: uNiviSioN uNivi uN iviSioN Decea D; $2.8 bil iN DeceaSeD listing: chartWell (bel (b bel air, air, ca) Vitals: the 25,000-square-foot french neoclassical mansion has 10 bedrooms and 12 bathrooms on a 10.3-acre lot. Posh aMenities: the property includes a ballroom, a tennis court and a 40-car garage. ProVenance: land with a house once owned by ronald and nancy reagan is now part of the property, and chartwell’s exterior was made famous as the clampett estate on The Beverly Hillbillies. asking Price: $350 Million

28 | FORBES maRch 31, 2018

by Samantha Sharf Jeff Greene: newscom; Petra ecclestone: B.o’Kane/alamy

Petra ecclestone stunt

Father’S Net et worth: $3.5 billioN oNe billio | Source: Formula oN MaPleton DriVe, listing: isting: the Manor (594 south MaP Pleton Dr D riVe, e, holMby hills, ca) Vitals: owned by a daughter of f1 founder Bernie ecclestone, a 56,500-square-foot mansion with 14 bedrooms and 27 bathrooms on 4.7 acres. Posh aMenities: the manor’s 123 rooms include a nightclub, a hair salon and a private spa. ProVenance: Built for the late producer aaron spelling and his wife, candy, who famously had rooms for cutting flowers and wrapping gifts. asking Price: $200 Million

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LeaderBoard trump

white house blues

Over the last 12 months, President Trump’s fortune has fallen $400 million, to $3.1 billion. Except for a complete wipeout during George H.W. Bush’s administration, his financial performance has been the weakest during his own presidency. Trump’s most lucrative years? Obama’s, when he added $2.9 billion to his net worth. DonalD trump –$400 mil

$5,000 MIL

george h.w. bush –$1.7 bil

baraCk obama +$2.9 bil

george w. bush +$1.3 bil

4,000

bill Clinton +$1.7 bil

ronalD reagan +$800 mil

3,000

2,000

1,000

’82

’84

’86

’88

’90

’92

’94

’96

’98

’00

’02

’04

’06

’08

’10

’12

’14

’16

’18

Sources: The Forbes 400 (1982–2000); Forbes’ World’s Billionaires (2001–present).

what trump owns NYC

$395m p $32M 1290 avenue of the ameriCas NYC

$391m p $44M 555 California st. San Francisco

$347m p $27M

ten golf Courses in six u.s. states plus washington, D.C. $205m p $7M

Cash/liquiD assets $134m p $4M

hotel management anD liCensing $170m q $50M

NYC

trump park avenue NYC

$161m q $29M

trump tower

mar-a-lago

NYC

$245m q $41M

Palm Beach, Fla.

niketown

trump national Doral miami golf resort $149m q $21M

NYC

$228m q $137M

$160m q $15M

30 | FORBES maRch 31, 2018

trump tower penthouse $64m tu

one irish anD two sCottish golf Courses $50m q $28M

seven springs private estate

trump parC/ trump parC east

trump worlD tower

trump international hotel & tower

NYC

Bedford, N.Y.

$24m p $9M NYC

home

Beverly Hills

$11m p $500K

NYC

trump international hotel las vegas $57m q $18M

$47m q $40M

$23m tu

$11m q $19M

trump winery

spring Creek towers

trump international hotel washington, D.C. $53m q $51M

Consumer proDuCts liCensing $6m q$4M

two airplanes, three heliCopters $30m q $5M

Charlottesville, Va.

$30m tu

Brooklyn, N.Y.

$18m q $14M

trump plaza

$15m NEWLY INCLUDED ASSET

trump international hotel & tower ChiCago $6m q $94M

$28m p $9M

Palm Beach, Fla.

homes

warehouse

$15m p $500K

$4m tu

NYC

total net worth: $3.1 billion (Down $400m)

home

St. Martin, West Indies

Charleston, S.C.

BY DAN ALExANDEr Collage: JJoHN WeBer

40 wall st.

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LeaderBoard from the vault

braNsoN the bold: July 3, 2000 “MY BIGGEST WEAKNESS in life is that I can’t say no,” said Richard Branson, flashing his trademark grin. “If the consumer benefits, I see no reason why we should be frightened about launching new products.” His voraciousness had turned Virgin into a conglomerate with an estimated $5 billion in sales and interests in airlines, entertainment, rail and telecom. All of it was built on the strength of one man’s personality: Virgin was Branson, and Branson was Virgin. He had no second-in-command—nor, seemingly, even any salesmen who were able to keep up with their manic billionaire boss. “It would be quite nice to have some young, fresh blood getting out there and promoting the companies,” he told us, sighing. Virgin’s headlong pursuit of new markets led Forbes to ask: “Can a famous brand survive such promiscuity?” Well, it hasn’t just survived; it has flourished, despite missteps like VirginStudent, an early social network, and Virgin Cars, an online auto retailer. Virgin’s combined revenue now exceeds $20 billion, and Branson is currently toying with building a hyperloop in India.

Notable aNd Newsworthy

buffett’s bad year

sigN oF the times

Look out below!

Fast-Forward

China’s meteoric Climb

amaziNg ad

The Digital Tool

La plus ça change. . . .

34 | FORBES maRch ch 31, 2018

2000: No billionaires hail from mainland china. (the country’s first billionaire, banker Larry Yung, debuted on our 1997 billionaires list and then quickly dropped off.) 2018: after averaging almost 10% annual gDP growth in the years since, china now has 373 billionaires, including the world’s 17th-richest person, tencent ceo Pony ma (below).

For 1999, Warren buffett gave himself a “D” for berkshire hathaway’s results. its portfolio had performed terribly, taking berkshire shares down in lockstep and wiping $8 billion from buffett’s fortune. berkshire owned stalwarts like coca-cola and american express, studiously avoiding the companies caught up in the end of the initial dot-com era. the oracle looked wiser than ever when the bubble burst: berkshire hathaway gained 29% in 2000 while the Nasdaq lost 39%.

by AbrAm brown L to R: Yamaguchi haRuYoshi/coRbis/gettY images; tPg/gettY images; Dave WeaveR/aP

may 1999 to may 2000 was a stock-market roller-coaster ride, as tech shares surged and then plummeted. the fortune of Japanese billionaire masayoshi son (below) rose 12-fold to $68.5 billion from may 1999 to the following February, then dropped to $21.8 billion three months later. bill gates’ wealth spiked from $61.3 billion to $92.5 billion, then back to $51.4 billion, over the same period.

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T h e Wo r l d â&#x20AC;&#x2122; s b i l l i o n a i r e s

The American Dream is alive and well on Wall Street thanks to Robert Smith, the richest black person in America, who has figured out a way to reengineer both private equity and enterprise softwareâ&#x20AC;&#x201D;and used this secret playbook to build $4.4 billion fortune.

Vista Equity billionaires Brian Sheth and Robert Smith: Their LBOsoftware mashup and its eyepopping returns are changing the game.

Tim Pannell for forbes

By naTha n Va Rd i

H ow to Beat Silicon Valley 36 | FORBES MARCH 31, 2018

Wall Street and

Simu ltaneo uS ly MARCH 31, 2018 FORBES | 37

In nature, the falcon is a fierce fighter. In business, the Falcon 8X is just as powerful and agile. Every inch reflects its military DNA, with lean and mean aerodynamics and advanced Digital Flight Controls to get you to places others canâ&#x20AC;&#x2122;t. Nothing flies like a Falcon because no other jet is built like one. Fierce. Fast. Agile. Falcon 8X.

T h e Wo r l d ’ s b i l l i o n a i r e s

RoBeRt SmitH

t’s a Saturday afternoon, at the height of vacation season, in one of South Beach’s hottest hotels, and Robert Smith, the founder of Vista Equity Partners, is dressed like exactly no one within a 100-mile radius of Miami: in a three-piece suit. His signature outfit—today, it’s gray plaid, accented by an indigo tie and a pink paisley pocket square—apparently doesn’t take a day off, and Smith isn’t taking one now either. He’s gathered dozens of CEOs from his portfolio companies, software firms all, for a semiannual weekend off-site to drill them in the ways he expects his companies to operate. It’s not just the suit that’s unusual. Private equity firms almost never treat their portfolio companies, transactional chits by design, like an organic cohort. And until recently, PE, a field built on borrowing against cash-generating assets, wouldn’t touch software firms, which offer little that’s tangible to collateralize. Yet Smith has invested only in software over Vista’s 18-year history, as evidenced by the CEOs, like Andre Durand of the security-software maker Ping Identity and Hardeep Gulati of the education-manage-

40 | FORBES MARCH 31, 2018

ment software company PowerSchool, who have been summoned to Miami Beach, waiting to swap insights about artificial intelligence and other pressing topics. And Smith deploys more than 100 full-time consultants to improve his companies. “Nobody ever taught these guys the blocking and tackling of running a software company,” says Smith, an engineer by training, as he takes a lunch break at South Beach’s 1 Hotel to nibble on a plant-based burger. “And we do it better than any other institution on the planet.” Smith includes the likes of Oracle and Microsoft in that boast, and his numbers back up the braggadocio. Since the Austin-based firm’s inception in 2000, Vista’s private equity funds have returned 22% net of fees annually to limited partners, according to PitchBook data. Smith’s annual realized returns, which reflect exits, stand at a staggering 31% net. His funds have already made distributions of $14 billion, including $4 billion in the last year alone. Not surprisingly given those numbers, Vista has become America’s fastest-growing private equity firm, managing $31 billion across a range of buyout, credit and hedge funds. Smith is putting all that money to work at a breakneck pace, with 204 software acquisitions since 2010, more than any tech company or financial firm in the world. After finishing an $11 billion fundraising for its latest flagship buyout fund last year, Smith has already deployed more than half of it, focusing as usual on business-to-business software. “They recognize it’s a kind of central nervous system,” says Michael Milken, whose bondmarket innovations basically birthed the modern private equity industry and who has been a co-investor in two Vista deals. Taken together, Vista’s portfolio, with 55,000 employees and more than $15 billion in revenue, ranks as the fourth-largest enterprise software company in the world. Smith deploys quickly for a simple reason: While the rest of private equity basically relies on identifying and rectifying inefficient companies, Vista bets that it can improve the operations of even well-run firms—and claims that it’s never lost money on a buyout transaction in its 18-year history. “I am most proud of our system being a loss-prevention mechanism,” Smith says. Perpetual wins translate into mammoth personal gains. With an estimated net worth of $4.4 billion, Smith has now eclipsed Oprah Winfrey as the nation’s wealthiest black person. Vista has created another billionaire, Brian Sheth, the firm’s 42-year-old president and dealmaker extraordinaire, who has a fortune estimated at $2 billion. Ever since Forbes outed Smith as a billionaire in 2015, there has been a steady stream of press about him, from the lowest-brow (tabloid interest in his marriage to a former Playboy

“Nobody ever taught these guys the blocking and tackling of running a software company.”

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T H E WO R L D Õ S B I L L I O N A I R E S

ROBERT SMITH playmate) to the highest (coverage of his philanthropy, including his Giving Pledge commitment and his stint as the chairman of Carnegie Hall). But neither Smith nor Sheth has ever before delved into Vista’s secret formula, which has as many or more lessons for entrepreneurs and operators as it does for financiers. “We do something no one else does,” Smith says.

Smith’s rise was also incredibly abnormal. Even today, as the 155thrichest person in America, he faces constant, if often unwitting, racism.

42 | FORBES MARCH 31, 2018

John Utendahl, Bank of America vice chairman and pioneering African-American Wall Streeter, saw Smith’s spark early.

work harder,” he says. “And that’s what we did.” From his college days, when he joined the nation’s preeminent black fraternity, Alpha Phi Alpha, known for its bookish but professionally ambitious members like Thurgood Marshall and Martin Luther King Jr., Smith had support. A crucial mentor: John Utendahl, who founded a pioneering black-run investment bank and happened to speak at Smith’s Columbia graduation. Soon after, Utendahl, currently a vice chairman at Bank of America, took Smith to lunch and over tuna sandwiches persuaded him to ditch his M.B.A. focus of marketing to work on Wall Street. “There is a spark, a poise, even a wisdom that you can’t teach or learn. Some people are just blessed to have it,” Utendahl says. “That’s how I felt when I met Robert as a young man.” mergers-and-acquisitions department, eventually moving to San Francisco to advise companies like Microsoft and eBay and becoming cohead of enterprise systems and storage. He was part of the team that helped Apple recruit Steve Jobs back. For all his prominent clients, it was a little-known Houston company specializing in software for auto dealerships, Universal Computer Systems, that caught Smith’s eye. Its margins were higher than any business Smith had advised, and he was stunned to learn the company’s owners were plowing its cash into certificates of deposits. Why not acquire other mature software companies, Smith asked, and apply their best business practices there too? Great advice, but the owners insist-

SMITH LANDED IN GOLDMAN SACHS’

GENE YOUNG/SPLASH NEWS/ALAMY

ON PAPER, ROBERT SMITH’S JOURNEY was a textbook American success story: A fourth-generation Coloradan, he was the son of two Ph.D.’s who became Denver school principals and put education first at home. “Their father and I stressed the need for both of our sons to persevere once they identified and pursued a goal,” say Smith’s mother, Sylvia. “Robert understood that preparation, hard work and dedication were key to success in his classes.” In 1981 Smith headed to Cornell University to study chemical engineering, spending many nights and weekends in a three-person study group that met in the basement of the engineering school’s Olin Hall. During summers, Smith worked at Bell Labs back home in Denver—a college internship he landed as a high school student after persistent cold-calling. After graduating from Cornell in 1985, Smith took engineering jobs, first at a Goodyear Tire & Rubber chemical plant outside Buffalo, New York, and later at Air Products & Chemicals in Allentown, Pennsylvania. In 1990 Smith moved to Kraft General Foods, where he focused on coffee-machine technology. His efforts won him two patents: one for a stainless-steel filter and another for a brewing process that makes crema, the layer of foam on top of espresso. In 1992 Smith entered Columbia Business School. He was deftly acquiring the kinds of skills that would prove invaluable as the tech revolution exploded. But Smith’s rise was also incredibly abnormal. Even today, as the 155th-richest person in America and the 480th in the world, he faces constant, if often unwitting, racism. At a recent dinner in New York City with a group of senior Wall Street types, including a high-level executive of an investment bank, Smith moved to pick up the check for dinner, but the senior banker stopped him. “I can’t have a black guy buy me dinner,” he chortled. The sting of such incidents, whether offhand remarks or doors more overtly shut to him, had an effect on Smith. “It meant we had to

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Investments in mid-sized companies may involve greater risks than those in larger, better known companies, but may be less volatile than investments in smaller companies. ©2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. SPDR® S&P MidCap 400® ETF Trust, a unit investment trust, is listed on NYSE Arca, Inc. SPDR®, S&P and S&P MidCap 400 are registered

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T h e Wo r l d ’ s b i l l i o n a i r e s

RoBeRt SmitH ed that Smith roll up his sleeves and execute the plan for them. They backed up their offer with a commitment of $1 billion of the company’s cash, as the sole investor, if he started a private equity fund. “I had one of those in-the-mirror moments,” Smith says. “I looked at myself and asked, ‘If I don’t do this, how will I feel about it ten years from now?’ ” The short answer: regretful. And so in 1999 Smith left Goldman and soon began recruiting cofounders, notably a business-school classmate, Stephen Davis, and a young analyst who worked under him at Goldman, Brian Sheth. The son of an Indian-immigrant father with experience in tech marketing and an Irish-Catholic mother who worked as a reinsurance analyst, Sheth would provide the yang to Smith’s yin, focusing on acquisitions and divestitures, so that his boss could concentrate on investors and the companies themselves. Their relationship would become ironclad: “When something is happening with our families we are each other’s first call,” says Sheth, who vacations with Smith and served as best man at his wedding. When Smith quit, most of his colleagues thought he’d lost his mind. He was on a partnership track at Goldman, which meant he was set to receive a multimillion-dollar windfall given the firm’s impending initial public offering. What’s more, banks didn’t lend against software companies because they didn’t have hard assets. How could Smith run a leveraged-buyout business in software without leverage? The concentration risk also seemed huge— investing in a single industry where a few innovative lines of code from a competitor could make a business obsolete overnight. But Smith saw things differently. Software was eating the world. Soon every company would become a software company, its business digitized. A portfolio of software companies serving 50 industries would be diversified with a stream of recurring revenue, given the shift to “software as a service.” Smith’s bet: Wall Street would soon realize that software companies not only gushed cash but actually had terrific assets to lend against—those ironclad maintenance contracts. “Software contracts are better than first-lien debt,” Smith says. “You realize a company will not pay the interest payment on their first lien until after they pay their software maintenance or subscription fee. We get paid our money first. Who has the better credit? He can’t run his business without our software.” In 2000 Smith opened Vista’s doors in San Francisco. His first acquisitions were all equity. As the firm went from one profitable deal to another, Smith eventually got lenders to finance Vista’s purchase of Applied Systems, an insurance software maker, in 2004, Vista’s first leveraged buyout. In 2007 Vista merged software companies serving utilities and created

“Software contracts are better than first-lien debt.”

44 | FORBES MARCH 31, 2018

Ventyx, increasing the number of products it sold to existing customers substantially—a subsequent sale to ABB resulted in a profit of nearly $1 billion. When the dust settled, Smith’s first buyout fund returned 29.2% annually net of fees. Smith raised money for a second fund from institutional investors, returning a net 27.7% annually. In 2011, seeking to escape the Silicon Valley bubble, Smith moved Vista’s headquarters to Austin, Texas. He could, by this point in his career, do pretty much anything he pleased. “I still experience racism in my professional life,” Smith says. But by being smarter and working harder, Smith proved the American Dream extended to the finance industry, where

a neW PatH to PlayBooK PRoFitS There was a time when buyout firms like KKR and Apollo could be successful simply by piling debt on a company, cutting costs and then letting the magic of leverage and compounding do its work. But what worked in the past may no longer be viable. There is now more than $1 trillion of private equity cash chasing deals and bidding up prices. According to DealLogic, private equity firms did $58 billion of tech transactions in 2016, a third of all U.S. deals. Even Vista has had to pivot from buying legacy software companies to acquiring higher-growth operations, often at big prices and valuations. Vista’s acquisition of Marketo, a marketing automation software leader based in San Mateo, California, is a good example. After investors became disenchanted with its less than stellar 30% to 40% revenue growth rate, Marketo’s share price plummeted by some 50% in early 2016. Then in May 2016, Vista swooped in to buy the company, putting up $1.3 billion in cash in a $1.8 billion deal. It was a generous 64% premium, but Vista knew that before long an operational overhaul, coupled with the small amount of debt it added to its balance sheet, would turn the cloud-based marketing software company into a winner. Recently, Marketo’s cash flow (Ebitda) has turned positive. ÑN.V.

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T h e Wo r l d ’ s b i l l i o n a i r e s

RoBeRt SmitH he became the first self-made Wall Street billionaire who wasn’t a white male. WHEN VISTA SELLS a company, Smith reverts to engineer mode,

often giving its CEO an expensive Swiss or German watch. “It is not about being generous,” Smith says. “It is a function of the process and focusing on the detail of finding the person who is going to be the best at making that one gear.” To Smith the watch represents that “we created a system.” And it’s that system that has allowed Vista to gobble up enterprise software companies, confident that it can almost always make them better. When Smith started shopping for software companies, he found that many were run by former programmers and other technologists who were not formally trained in business and grew rapidly by sheer strength of product launches, with little analysis of whether they made sense. Drawing on his background as an engineer and a Goldman vet, Smith began writing what amounted to user manuals for running enterprise software companies. The manuals weren’t just about efficiency but also incorporated cost-cutting measures and fee-generating ideas. Eventually, Smith’s playbook became the Vista Standard Operating Procedures—VSOPs. These were later renamed a more generic and user-friendly Vista Best Practices. “If you are a software executive, how do you build your commission structures or run your go-to-market strategy? How do you find and train talent? Who teaches you those things?” Smith asks.

To implement his playbook, Smith created an in-house McKinsey: Vista Consulting Group. These employees, now 100 strong, help portfolio companies implement the best practices, also 100 strong, most of which run three to ten pages, with reams of attachments and examples. Printed out, they fill binders. They are stored in a password-protected online library, available only to authorized portfolio company managers. “I just had an employee get a promotion,” says Kristin Nimsger, CEO of Social Solutions, a cloud company providing datamanagement software for nonprofits like the United Way of Metro Chicago. “He was super-excited to get a log-in.” The playbook includes exhaustive details on things like contract administration and steps needed to ensure a company is being paid for all the code or services its customers use. In one case, a company Vista bought charged customers only for inbound support calls, neglecting to charge a minimum amount for ongoing support. Vista canceled all the contracts and got 100% of the customers to enter into new deals with higher minimum support payments. Another set of playbook commandments revolve around sales, including incentives for salespeople cross-selling and upselling additional products. In one case, a portfolio company was rewarding salespeople the same way whether they brought in one-year contracts or longer-term ones. In isolation, many of the playbook’s best practices seem mundane. But software companies are often rife with eccentricities and legacy processes endemic to startup culture. Things like weekly deal-pipeline meetings, commonplace at B-school-driven corporations like IBM and Procter & Gamble,

To implement his playbook, Smith created an in-house McKinsey— Vista Consulting Group—to help portfolio companies learn best practices.

mR. SmitH’S SoFtWaRe emPiRe

moVe oVer larrY ellison. VisTa oWns 48 enTerPrise sofTWare ComPanies serViCinG 20 inDUsTries ranGinG from enerGY To laW To HiGHer eDUCaTion anD liVe eVenTs.

Tibco Software, which makes business-intelligence software, was purchased by Vista in 2014 for $4.3 billion.

Solera Holdings makes software for auto and home insurers and was purchased by Vista in 2015 in a $6.5 billion deal.

48 | FORBES MARCH 31, 2018

Cvent, which makes software for managing and planning corporate events, was purchased by Vista in 2016 in a $1.7 billion deal.

Finastra makes risk management software for banks and ﬁnancial ﬁrms. It was created by Vista in 2017 through the merger of D+H and Misys.

PowerSchool makes educationmanagement software. It was purchased in 2015 for $350 million. It’s spent another $1 billion on addon acquisitions.

Marketo is a giant in cloud-based marketing automation software. It was purchased by Vista in 2016 for $1.8 billion.

Ping Identity makes identitysecurity software and was purchased by Vista for $600 million in 2016.

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T h e Wo r l d ’ s b i l l i o n a i r e s

RoBeRt SmitH are often absent. By sticking to the rules in Smith’s playbook, his software companies are transformed. Add some modest leverage, and, voilà, Vista got amazing returns. Smith’s playbook is ever evolving, and Vista partners and portfolio companies are welcome to make suggestions. “One of the things I am most proud of is that we are going to add ten new best practices to the group,” says Reggie Aggarwal, the CEO of Cvent, a company that makes software for managing events and meetings. Of course, critics argue that companies swallowed up by Vista are in no way immune to the traditional private equity slash and burn. Lawrence Coburn, CEO of Cvent competitor DoubleDutch, blasted Vista after the purchase, saying, “They eliminate duplication, slash R&D, optimize for financial performance and raise debt.” Smith’s playbook goes well beyond corporate to-do lists. When Vista buys a company, all employees and recruits are required to take a personalityand-aptitude test, like one first developed by IBM. The hourlong test assesses technical and social skills, and attempts to gauge analytical and leadership potential. For Smith the test is particularly important because it attempts to bypass inherent biases, such as where people grew up or went to school, not to mention race or gender. Vista says 35% of the employees at its portfolio companies are women. Last year Vista companies administered 850,000 tests to hire 6,000. “The meritocratic system creates loyalty,” Smith says. “People from all over the country from different places all take the test. We all know something about each other, that we came through this meritocratic system.” The Vista test also identifies roles that fit personality profiles. A woman who ran a Domino’s Pizza franchise in North Carolina was deemed to be a good sales trainer and was promoted to do so for a Vista company. Another from the mailroom, for example, scored high on Vista’s test and became a programmer. “To write code you need to be creative,” Sheth says. “How much of that is going to happen if you all have the same background?” After Vista has people where it wants them, there are boot camps that train employees, not just for two weeks but for six to nine months. In the past three years, Vista has put 12,000 new hires through these boot camps. They start by giving employees the big picture: how the Vista company makes money and the way customers use its products. The focus later shifts to specific corporate roles. Vista University provides “nanodegrees,” like one now being offered in artificial intelligence. Monthly meetings designed to cross-pollinate best practices among Vista employees from different

companies in similar roles—from cybersecurity to HR and product development—are held. All of this is run by Smith’s consulting group, which operates like a seasoned special-forces unit. “Financial performance of a company is just a trail in the sand of the operational performance,” Smith says. “The more standardized the input, the more standardized the output. You have to design your system, and you have to believe in it.” equity getting turned on to enterprise software deals, Vista’s system is about to get a major test. While bargains are much harder to come by, Vista’s goals for each buyout will remain the same: three times its money. Smith expects to hold on to his portfolio companies longer, identifying each acquisition target based on how much the Vista playbook can juice results. “We don’t underwrite to hope. We underwrite based on critical factors for success under our control,” Smith says. “What we need to change, we have changed before, so we know how to do it.” On average, Vista doubles the Ebitda of its companies within five years. A lot of the responsibility will fall to Sheth, who has previously made a practice of racing to the exit door. For example, Vista bought Transfirst, a paymentsprocessing software maker, for $1.5 billion in 2014, then sold it for $2.35 billion in just over a year, tripling Vista’s money once leverage was factored in. In January, Vista sold its majority stake in Trintech, which makes software for financial professionals, after it doubled revenues in two years. On average Vista’s exits tend to occur 4.7 years after purchase, compared with 5.7 for Blackstone. While it would be easy enough for Smith to fall back on his philanthropy—recent pledges include $20 million to the new National Museum of African American History & Culture and $50 million from a foundation linked to Vista’s first fund to help Cornell boost the representation of women and minorities in scientific research—numbers like that keep Smith feeling upbeat, even cocky, regarding Vista. Nearly two years ago, at the Milken Institute’s annual Global Conference, Smith found himself shoulder-to-shoulder onstage with the oldguard billionaires of the buyout business, including David Rubenstein, Leon Black and Jonathan Nelson. Titans he no doubt read about in B-school and who probably wouldn’t have given him a second glance a decade ago. When Carlyle’s Rubenstein said his investors had been conditioned to accept lower returns given the high price of assets, Smith shifted in his chair and parried, “I got to go get some of his [investors].” He then turned to Rubenstein and, with the brio of someone who knows he’s arrived, quipped: “Let me know where you are flying next. I will go with you.” F

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50 | FORBES MARCH 31, 2018

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n a cool, dry evening late last year, 50,000 employees and friends of Reliance Industries, India’s most valuable company, packed into a cavernous temporary stadium 25 miles outside downtown Mumbai to celebrate the firm’s 40th annual “Family Day.” Another 200,000 people dialed in via video link to watch the show, which was hosted by Bollywood mega-celeb Shah Rukh Khan (33.6 million Twitter followers), singer Sonu Nigam (18.8 million likes on Facebook) and veteran actor and game-show host Ambitabh Bachchan, who staged a round of Who Wants to Be a Millionaire? The five-hour event culminated with dazzling fireworks and a midnight feast featuring vegetarian delicacies like chickpea-and-riceflour dumplings, spicy cottage cheese and lentils. But the real star of the occasion was Mukesh Ambani, Reliance’s 60-year-old chairman, managing director and largest shareholder and the 19th-richest man in the world, with a net worth of $40.1 billion. “Can Reliance be among the top 20 companies in the world?” he called out to the crowd, which obediently raised their lamps, turning the arena into a moving sea of lights. “Yes, we can! Yes, we will!” Ambani’s ambition is understandable given the scope of what he has already achieved. Reliance is the 106th-larg-

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Reliance Industriesâ&#x20AC;&#x2122; chairman, Mukesh Ambani, under the watchful gaze of his late father, Reliance founder Dhirubhai Ambani.

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MARCH 31, 2018 FORBES | 53

MuKeSH aMBanI est company in the world, having earned some $4.6 billion in profits last year on $50.9 billion in sales. The firm is a major player in oil and gas and operates one of the largest oil refineries in the world. It is the largest retailer in India and has important ventures in life sciences, textiles and telecommunications. Its Network18 media subsidiary has partnerships with prominent Western brands like CNBC, CNN, MTV and Nickelodeon (television), Paramount Pictures (film) and Forbes (print). But what really has Ambani excited—and has set Reliance’s share price on fire—is his $33 billion investment in Jio, a 4G broadband service that has attracted 160 million custom-

not his brother’s keeper: siblings Mukesh (right) and Anil Ambani at a Reliance shareholders’ meeting in 2004.

ers since it was introduced 18 months ago. More than half those subscribers signed up in the first six months, when Reliance jump-started the business by offering the service for free. They stayed because Jio has promised never to charge for domestic calls and its data rates are supercheap. That hypergrowth has boosted Reliance’s stock by over 70% in the past year and added $16.9 billion to Ambani’s fortune. Analysts call it the “Jio effect.” But for Ambani, Jio is about more than adding 11 figures to his net worth. He believes the firm is igniting a subcontinental data revolution that will help solve some of India’s intractable problems in areas like agriculture, education and health care. “Can Jio be the first company to transform an entire nation in each one of these sectors?” Ambani continues, whipping up the crowd. “Yes, we can! And, yes, we will!” Or as he sometimes says more succinctly, “Data is the new oil.” best known outside India for building the world’s most expensive privately owned home, a 27-story sky palace that looms above South Mumbai and cost an estimated $1 billion. There, with his wife, Nita, a member of the International Olympic Committee and the chair of one of India’s premier soccer leagues, he frequently entertains luminaries from the worlds of sport, fashion and entertainment. “I have just one home,” he says somewhat defensively, “not 30 or 40 around the world, as some do.” But within India, Ambani is equally well-known for his decadelong blood feud with his younger brother, Anil, 58, who

MUKESH AMBANI IS PROBABLY

54 | FORBES MARCH 31, 2018

was pointedly not invited to the Reliance Family Day bash in December. Their father, Dhirubhai Ambani, was born to a poor schoolteacher and grew up in a remote village not far from Porbandar, the birthplace of Mahatma Gandhi. Dhirubhai never finished high school, quitting to help support the family. He spent seven years working in a gas station in Yemen— where Mukesh was born in 1957—before returning to India to set up a spice-trading business with his brothers from a tiny 500-square-foot Mumbai office. Then in the 1960s, the siblings expanded into yarn and began importing a new wonder fabric, polyester. By 1966 the “Prince of Polyester” had built his first synthetic textile mill in his native Indian state of Gujarat. The entrepreneur persevered through stifling bureaucracy and endemic corruption until, in 1977, when India’s nationalized banks refused to finance further expansion, he took Reliance public. The offering was marketed to middle-class Indians and heavily oversubscribed. The 58,000 mostly small-town Indians who decided to gamble wouldn’t regret it. Over the coming years, the shares appreciated sharply, placing Dhirubhai firmly on the path to an eventual $6.6 billion fortune as he expanded into petrochemicals, refining and oil-and-gas exploration. “My father foresaw that India could become globally competitive and always thought in terms of scale. That became the DNA of Reliance,” Ambani says from the company’s 36-yearold downtown offices, surrounded by images of his late Hypergrowth father, including a superrealistic has added 3-D-printed bust. In 1986, when Dhirubhai $16.9 billion suffered a stroke, Mukesh and to Ambani’s took more responsibility. fortune in the Anil The brothers were tight. They past year. worked side by side during the day, and their families lived together on different floors of a 14-story family-owned highrise. By the time Dhirubhai died in 2002 at age 69 from a second stroke, Reliance was India’s largest family business and arguably its most influential. Before his death, Dhirubhai had been keen to start a mobilephone service for the masses that would provide voice calls for less than the cost of a postcard. At the time mobile phones were toys for the rich, with expensive monthly fees. Inspired by their father’s dream, the brothers jumped into mobile telephony. “Some of us are bigger risk-takers than others,” Mukesh says. “Without taking some risk, there is no fun in life.” Reliance started a discount telecom service in 2002, shaking up the market and sending mobile rates tumbling from 32 cents a minute to 2 cents. But behind that success an ugly battle was brewing as the brothers began fighting for control of the company. Dhirubhai died unexpectedly, without a will, but the understanding within the family—at least as Mukesh saw it—was that whoever was chairman of Reliance (conveniently it was

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MuKeSH aMBanI him) would have total management control. Anil, who was vice chairman, didn’t see it that way and wanted to have more of a say. Mukesh felt he had done all the behind-the-scenes work of building the big plants and refineries. He was also said to be closer to his father, who was initially furious when Anil decided to marry a Bollywood starlet, which he didn’t feel was an appropriate choice. (Mukesh’s wife had been chosen by his father.) Anil, who is more articulate and extroverted than his brother, was in charge of finance and was the face of Reliance to bankers, investors and journalists. He was closer to his mother. After prolonged bickering, fueled by the fact that their wives didn’t get along, their mother, Kokilaben, brokered a peace, and the family empire was divvied up in 2005. Mukesh got to keep the biggest piece, Reliance Industries, the flagship oil-and-gas business; Anil got the newer businesses such as telecom, financial services and the power-generation unit. The split gave a temporary massive boost to the brothers’ largely public fortunes. By 2008 the brothers’ combined worth was a staggering $85 billion. Mukesh was the fifth-richest person in the world, with a fortune of $43 billion. Anil was Completing the a close No. 6 with $42 billion; humiliation, his biggest asset was a 65% stake in the telecom compaMukesh bought ny, then worth $20 billion. the remains of The financial crisis, couhis brother’s pled with bad blood, took debt-strapped its toll. It was soon evident telecom that the rapprochement between the brothers was only business for on paper. When Anil sought $3 billion. to merge his telecom firm with South Africa’s MTN in 2008, Mukesh intentionally stalled the deal, citing the family settlement that gave him the right of first refusal on any stake sale in the telecom unit. In 2009, shares of Anil’s companies plunged, wiping away nearly $32 billion of his wealth. A year later, after a legal skirmish, the brothers terminated their noncompete agreement. Suddenly the path was clear for Mukesh to get back into telecom. MUKESH STARTED SMALL—and stealthily—by acquiring a little company in 2010 that had a license to provide only broadband internet. But Ambani knew “voice” was really just another type of data and that the rules would eventually have to change. When they did, in 2013, Mukesh was ready. He started building at a feverish pace, tapping into Reliance’s construction, regulatory and execution expertise to quickly create a countrywide network that, by end of this year, will number 260,000 towers (some leased) and 186,000 miles of optical fiber. He worked with electronics giants Qualcomm and Spreadtrum to design low-cost 4G handsets, a major leap forward in what was then largely a 2G market, selling them for

56 | FORBES MARCH 31, 2018

a refundable security deposit of $22. In all Reliance has spent $33 billion on the project to date, funding it with a mix of debt ($7 billion), equity ($17 billion), plus deferred payments and supplier credits ($9 billion). Jio was impossibly cheap and impossibly fast and, perhaps most impressive given India’s size, nearly ubiquitous, available in 95% of the country. The incumbent players struggled merely to stay in business. Telenor and the Tata Group both sold their wireless operations to telecom tycoon Sunil Mittal’s Bharti Airtel, a joint venture with Singapore’s Singtel. Onetime rivals Vodafone India and Idea Cellular, owned by billionaire Kumar Birla, agreed to merge to better withstand the onslaught. And Mukesh, completing the humiliation of his younger brother, bought the remains of Anil’s debt-strapped telecom business for an estimated $3 billion-plus. It had once been worth $43 billion. “It was purely a business decision,” Mukesh says. “It works for us, and we’ll make the most of it.” Thanks to Jio, India’s annual mobile data traffic has jumped to over 15 billion gigabytes from just over one billion a year ago. In data consumption, India now ranks above China and the U.S. Jio alone carries more mobile data traffic than Sprint, Verizon and AT&T combined. Ambani has grand visions for how all that information can transform his country and lift it out of poverty. He cites the example of Indian agriculture, which is plagued by poor productivity and low quality. “I see all such inefficiencies as opportunities,” Ambani says. Jio has developed a platform for India’s 120 million farmers, most of whom have small landholdings, that offers technical information on sowing and harvesting in addition to realtime market prices and access to top agricultural experts. Ambani also sees Jio playing a role in transforming Indian education. Within a year, he hopes, Jio will have connected 35 million students attending India’s colleges. At the same time, he wants Jio to reach the remotest corners of the country, right down to the smallest villages. Of course, this will all remain a pipe dream if Jio doesn’t find a way to make money. Thanks to some aggressive accounting, the company managed to squeeze out a small profit ($78 million on revenues of $1.1 billion) in the final quarter of 2017. But Jio’s core strength—that it’s cheap—works against it financially. To succeed, Jio needs to sign up many more subscribers and then upsell them into consuming lots of data through apps like Jio Cinema (6,000 movies) and Jio Music (16 million songs). Once they are hooked, Jio will have to raise data prices without losing too many customers. Its current rates aren’t sustainable. Ambani seems unfazed by the economics and willing to invest for the long haul. He is grooming his three children to take over the business and is increasingly comfortable with a view of Reliance from 39,000 feet. “These days I’m in the mind-set of being nose in, fingers out,” he says, meaning keeping his nose in the boardroom and his hands out of operations. A Jio IPO is on the horizon, but for now he’s basking in the glow of having provided millions of ordinary Indians with access to highspeed internet and all its attendant opportunities. “This is a race,” he says, “that India is running with the rest of the world.” F

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On his 55-year journey from penniless Italian immigrant to multibillionaire cable magnate, Rocco Commisso has shown an uncanny knack for being at the right place at the right moment—and taking full advantage of it.

occo Commisso darts around his office, gnawing a stick of nicotine gum and playing show-andtell. “Look at the rates,” he says, holding up a plaque celebrating a $2.4 billion financing round from 2001, his cable firm’s largest ever. Up next are some personal keepsakes: a picture with fellow billionaire Charles Dolan, a golden telescope to take in views of the Catskill Mountains, a signed photo of Pelé, the Brazilian footballer. Every few minutes Commisso calls out to his assistant as if this tour is taking place against his will. “Jen, this guy wants to see all of my personal stuff!” he yells. Then he scans the room for another prize to trot out. Forgive him the braggadocio. Commisso, 68, has risen farther than nearly anyone in America. The son of a penniless carpenter, he immigrated from Italy at age 12 unable to speak a word of English. A quirky talent for playing the accordion got him into Catholic school, the first step on a prosperous path that included stops at Columbia University and the Royal Bank of Canada before he founded his cable company, Mediacom, in 1995. Mediacom focused on buying cable assets in rural areas, where prices were low and competition scant. The firm has increased its top line every year since its founding; revenue neared $1.9 billion in 2017. Commisso

58 | FORBES MARCH 31, 2018

Franco Vogt For Forbes

By Noah Kirsch

The ultimate hat trick: rocco commisso went from hardscrabble immigrant to ivy League grad, Wall street banker and billionaire cEo.

MARCH 31, 2018 FORBES | 59

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ROccO cOMMISSO

immigration, in the business world, I don’t think there’s another one like me in the last 100 years,” he says.

owns the company outright, and its value constitutes virtually his entire fortune. Thanks to a white-hot mergers-and-acquisitions market, the business is worth an estimated $4.3 billion— and Commisso, who makes his debut on Forbes’ Billionaires list this year, seems ready to cash out. He founded Mediacom at a time of industry upheaval, when new federal regulations, which both restricted prices and increased competition, were scaring small cable operators into selling. As others jumped ship, he leveraged about $3 million—most of his small fortune—to start buying the cheapest cable lines available, concentrating on secondary markets in states like Iowa and Georgia. Even his offices are far off the beaten path: Mediacom HQ is in Chester, New York, a verdant speck of 12,000 people, 25 minutes from West Point. Commisso is as much a financier as he is a cable guy—he has an M.B.A. from Columbia and spent nine years as CFO of Cablevision Industries. Mediacom’s rapid growth was enabled by arbitraging differing perceptions of cable assets in the debt and equity markets. Banks, reassured by the sector’s predictable cash flows, were willing to lend at reasonable rates even as investors, spooked by regulation, were willing to sell cheaply. In his first five years in business, Commisso made more than 20 acquisitions. Mediacom at one point accumulated $3 billion in debt, over eight times operating cash flow. Commisso admits he borrowed to the precipice of insolvency, but he stayed afloat by keeping an eagle eye on costs and by meticulously managing his debt. “You know, we watch the store,” he says. But now the core business is changing. The broadband generation is increasingly cutting the cord and relying on online services like Hulu, Netflix and Amazon Prime Video to entertain themselves. Over the past ten years, the number of subscribers to Mediacom’s television offerings has plummeted 38% to 821,000. This is a faster rate of decline than the 3% the industry as a whole has suffered. Mediacom’s woes in television are fueled, in part, by its success in broadband. Commisso has aggressively invested in tech upgrades; customers in places like Cecil, Georgia, enjoy Internet speeds on par with those in Seattle and San Francisco. Mediacom’s broadband subscriber base has increased 84% over the last decade, far outpacing the industry average of 54%— and many customers are using their lightning-fast connections to watch TV and movies online. Hence the temptation for Commisso to cash out soon. In his mind, there is little left to prove. “In the history of Italian

Commisso borrowed to the precipice of insolvency.

60 | FORBES MARCH 31, 2018

ROCCO COMMISSO GREW UP in Calabria, Italy, as the country

reeled from its defeat in World War II. “We were losers,” he says. “Just like the Americans coming back from Vietnam, we came back as losers.” Commisso’s father, Giuseppe, served in North Africa during the war and was captured in 1942 by the British. He spent the remainder of the war in a POW camp in Kenya. When he returned home, work was scarce. In 1956, Giuseppe sailed to the United States to start anew. “What a great country, America,” Rocco says. “Prisoners of war got preferential treatment to come here.” Rocco, meanwhile, stayed back in Italy with his mother and two sisters. In 1962, when he was 12, they joined his older brother and father in Baden, Pennsylvania, 10 miles from Joe Namath’s hometown. The family moved to the Bronx the following year. From the outset, New York City brought good luck. Just after Commisso arrived, he spotted an ad for a talent competition. He entered as a solo accordion act and won, which led to a gig playing intermission music at the Wakefield Theatre on East 233rd Street in the Bronx. More important, it drew the attention of the Wakefield’s manager, who wrote a letter to a local Catholic school, Mount Saint Michael Academy, and got Commisso admitted without an entrance exam, which he had arrived too late to take. “I ended up being the only kid that ever got in without taking the test,” he says. Commisso is now one of the largest benefactors of Mount Saint Michael. But back then he could barely afford to pay his own way. As a teenager he worked long hours at his brother’s diner to come up with the $300 annual tuition. When college application time rolled around, Commisso again relied on a favor. His gym teacher called the soccer coach at Columbia University and told him about a promising student with good grades. Within a month, Commisso, who hadn’t even played soccer in high school, was accepted to the prestigious college with a full scholarship. A natural athlete, Commisso had shown a knack for the sport in Italy under starkly different conditions: on cement, with a ball made of rags. That training somehow translated to the Ivy League turf. By his senior year he was cocaptain of the varsity squad and was invited to try out for the 1972 Olympic team. The trials went terribly. Commisso arrived out of shape, with the lung strength of a smoker; the other players ran laps around him. Still, his legacy remains strong at Columbia, which named its soccer stadium for him in 2013, in recognition of the millions of dollars he has donated to the university. After graduating in 1971, Commisso found work at a Pfizer plant in Brooklyn, a job he kept even after beginning an M.B.A. program at Columbia in 1974. Each day he rose at 7 a.m., attended class, then headed to the plant. At midnight, when his shift ended, he spent two hours on the subway getting home to the Bronx. Commisso graduated with one of Columbia’s top honors, the Business School Service Award, and a plan to go into investment banking. But no offers came in. “There was discrimi-

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ROccO cOMMISSO nation,” he says. “I’ll never forget the guy from Kuhn Loeb telling me, ‘Rocco, you know what your problem is? You’re neither Jewish nor Irish. The Italians haven’t arrived on Wall Street.’ ” So Commisso took a commercial banking job at Chase Manhattan Bank (now part of JPMorgan Chase). He later moved on to the Royal Bank of Canada, where he led lending to media and communications businesses. “I got attracted in banking to these types of guys and ladies,” he says. “We used to call them ‘the cowboys.’ The cable cowboys. Because they dressed differently than everybody, they talked differently than everybody—and they were entrepreneurs.” In 1986 Commisso left banking to join one such cowboy— Alan Gerry, the founder of Cablevision—in Liberty, New York, a 50-minute drive from Mediacom’s headquarters. Commisso spent almost a decade as Gerry’s finance chief. “He’s one of the brightest guys I’ve ever known,” says Gerry, now 89 years old. After the new regulations hit the industry in 1992, Gerry opted out, selling Cablevision to Time Warner for more than $3 billion in 1996. Commisso hated that decision. “This is a phenomenal time to buy as opposed to sell,” he recalls thinking. “And to prove it, I’m going to start my own company.” COMMISSO’S OPTIMISM WAS NOT shared by his peers. That dis-

parity only widened in 1996 when an additional batch of regulations brought new competition from telecom firms, like SBC Communications and Ameritech, that had previously been barred from the cable television space. “The fear was that the phone companies would enter the cable business and, with their stronger balance sheets and brand names, crush the cable companies,” says Craig Moffett, cofounder of the equity research firm MoffettNathanson. That anxiety made it possible for Commisso to buy cable assets on the cheap, and he went all in. He bought his first network of cable lines, in rural Ridgecrest, California, for $18.8 million in 1996, using a loan from his old friends at Chase Manhattan. The risk was extreme, and to outsiders Commisso might have seemed a loose cannon. He can be brash and domineering, his Calabrian accent amplifying heated bursts of profanity. But the banks trusted his background in finance. After Ridgecrest, Commisso went on an acquisition spree, borrowing millions—then hundreds of millions—to buy up cable systems in Arizona, Delaware, Florida, Missouri, North Carolina, Mississippi and Alabama. He closed nine purchases in his first three years. “[I] was viewed as just a crazy buyer who’d buy anything that was for sale,” he says. Commisso then invested heavily in infrastructure. To date he has spent $2.5 billion upgrading his networks, which has deterred other operators from entering his territory. Historically, Mediacom has instead fought for subscribers against satellite-television firms such as DirecTV. Phone companies, despite the early panic, never posed much of a menace. By the end of the 1990s, gloomy forecasts for the sector had softened. Commisso seized on that and, with perfect tim62 | FORBES MARCH 31, 2018

ing, took Mediacom public on Nasdaq at a $2.5 billion valuation in February 2000, just weeks before the dot-com collapse. In all, he raised $380 million to pay down debt, and his Class B shares allowed him to retain majority voting control. “Nobody could kick me out,” he says. The following July, Mediacom made its largest acquisition ever. After AT&T became strapped for cash, it put some of its cable assets on the market. Commisso snatched up properties in Georgia, Iowa and Missouri for $2.2 billion. By late 2002, company debt had exploded to $3 billion. The banks wouldn’t lend another dime, and Commisso was forced to end his buying binge. “What saved us was not doing the next deal,” he says. “It was a great decision to buy when we did. It was an even better decision to stop when we did.” Through shrewd balancesheet management and frequent refinancing, Mediacom never missed a loan payment, allowing it to stay afloat until 2009, when it finally began producing enough cash to start paying down the principal debt. Still, stockholders were not impressed. Mediacom’s share price fell nearly 80% in the decade following its IPO. By 2010, Commisso decided he’d had enough of the public markets. He moved to buy the company outright. After tense negotiations and a shareholder lawsuit, he acquired the business in March 2011 for roughly $600 million, a 64% premium. Borrowing against the company’s assets, he became its sole owner. Again, his timing could not have been better.

The question now is when Commisso will lock in his gains and walk away.

SINCE COMMISSO TOOK Mediacom private, the company’s value

has skyrocketed sevenfold. The question now is when Commisso will lock in his gains and walk away. The company is an attractive acquisition prospect for larger firms like Altice, which has scooped up several operators in the last several years, driving up valuations across the industry. Mediacom is the dominant broadband provider in much of its territory, and its new gigabit-speed service is on par with the fastest in the country. “For a large portion of their footprint, they’ve got a clear product advantage over their competitors,” says James Ratcliffe, managing director at Evercore ISI. Commisso is coy about plans to sell but admits he’s taken multiple meetings with investment bankers in the past year. A man who made his fortune on the basis of good timing, he seems to concede that his work is largely finished. “Unless I’m here on earth just to become the biggest, the biggest, the biggest buffoon, I’m very happy with what we have accomplished,” he says. “I’m not Warren Buffett. I’m very content.” F

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Francis Holder built a billion-dollar bread-andpastry empire by mixing American mechanical production with traditional French techniques. Now the Henry Ford of baking is savoring his greatest success—selling millions of macarons to the classes on Madison Avenue and the masses at McDonald’s.

BY CHLOE SO RVINO

The ArtisAnAl 66 | FORBES MARCH 31, 2018

Loaves and wishes: Holder plans to create a baking museum in Paris with his collection of paintings and books on the subject.

PhotograPh by PhiliP Jintes for forbes

IndusTrIalIsT

MARCH 31, 2018 FORBES | 67

T h e Wo r l d ’ s b i l l i o n a i r e s

t his pastry factory in Lille, France, where the air smells like chocolate, Francis Holder is wearing a white baker’s coat, his name embroidered on the front, over a tailored blue suit and red-striped tie. Paintings dating back centuries cover the three walls of his oﬃce. One is a portrait of a young baker wearing a stained coat and a floppy toque. Another depicts a dog chewing on a baguette. One more shows a hand coming out of the shadows to steal a loaf, an apparent homage to Jean Valjean’s petty crime in Les Misérables. There’s not a famous artist to be found in his 8,000-work collection. The only requirement is that each painting must focus on Holder’s billion-dollar passion, baking, or his favorite obsession, bread. The fourth wall is made of glass so Holder can stare across the hall at the researchand-development center for Château Blanc, the industrial arm of Groupe Holder, the private baking conglomerate he founded and controls. The 77-year-old loves to spend his days watching over the experimental bakeshop’s seven mixers and three countertops, checking in with the chefs throughout the day to sample the test runs. “We are industrialists with the mentality of craftsmen,” Holder says. Just down the hall, past dozens of oﬃce employees all wearing matching white baker’s coats, is the heart of Château Blanc’s 100,000-square-foot factory, which now makes the company’s most craved product, the macaron. The heart of Holder’s masterful assembly-line operation is a machine with a conveyor belt the length of two football fields that bakes more than 30,000 meringue macaron shells an hour. Château Blanc’s headquarters—which, as its name implies, is painted white and modeled after a castle—fulfills a boyhood ambition Holder had growing up in Lille. And then some. His original dream was to have a small bread factory with “a chimney with smoke coming out of it.” Since then, Holder has spent six decades perfecting the marriage of industrialization with artisanal baked goods. Long obsessed with America’s industrial food processes, Holder embraces smooth mass production, and that has propelled his rise. But he balances affordability and speed with a distinctly French attitude about the best ingredients and product quality—still using fresh yellow butter in mass-produced loaves and pastries. “He’s so improved the industrial applications,” says Steven Kaplan, who has spent five decades researching French bread at Cornell University and has worked with Holder as 68 | FORBES MARCH 31, 2018

a consultant for Château Blanc. “He’s modeled the industrial by the artisanal mold. It’s through the methodology which he knows like the back of his hand.” Groupe Holder has three main subsidiaries: Aside from Lille-based Château Blanc, there is the renowned Parisian macaron maison Ladurée, which has 85 shops in 50 countries, and the artisanal bakery-cafe chain Paul with 740 stores in 43 countries. Groupe Holder’s yearly revenue is about $1 billion, and Forbes estimates net profit margins of 14%—more than double that of bakery-cafe chain Panera Bread before it acquired Au Bon Pain in 2017. And all that dough has made Holder a billionaire—the 1,867th wealthiest person in the world, with a net worth of $1.2 billion. “If tomorrow I was ten times richer, it would not make any difference for me,” says Holder, who declines to comment on

his net worth and profits. That modesty, however, didn’t stop him from embracing the astronomical rise of the macaron—the petite saucers sandwiched together with jelly or ganache fillings. In 1993 he purchased Ladurée, a chic Paris restaurant founded in 1862 that invented the modern macaron and has since collaborated with major fashion houses ranging from Lanvin in 2012 (bubble-gum-flavored) to Emilio Pucci in 2015 (tangerine-lemon-lavender macarons inside a box wrapped in the company’s signature silk print, Capri), as well as rapper Pharrell Williams in 2014 (peanut butter and another that’s cola-flavored) and performance artist Marina Abramović in 2017 (Prussian blue and edible gold leaf, stamped with the Abramović family’s coat of arms). And just as Ladurée produces more than macarons, the

“I wasn’t going to Ladurée for their macarons,” Holder says.

Donato sarDella/getty images

FrancIs holder

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T h e Wo r l d ’ s b i l l i o n a i r e s

A slice of the business: Holder’s three children each have a domain in Groupe Holder, including the Paul bakery brand and the Ladurée bakery.

cookie has expanded far beyond Ladurée—and Holder is to thank (or blame) for that. Today, he estimates, 60% of Groupe Holder’s in-store sales come from macarons. Holder is responsible for France’s top three macaron sellers: Ladurée, Paul and, surprisingly, McDonald’s. McDonald’s McCafé macarons are sold in many countries outside France, including Spain, Italy and Belgium, as well as in Japan. “Some were surprised about McDonald’s being third,” Holder says. “We said, ‘That’s obvious. We are the one who delivers them.’ Because McDonald’s is really loyal, this baker has factories throughout the world.” Francis hoLDEr TooK over his family’s small bakery, below the apartment where he had grown up, when he was 18, after his father, who was abandoned as a child and raised in foster care, died of a heart attack at 51. From there, his ascent can be divided into three distinct phases: creating a bread factory, building the Paul bakery brand and then melding the two to bring artisanal bread to the masses. The first starts in 1961, when Holder came back from a brief tour of duty in the Algerian War (with a popped eardrum that left him partially deaf) and found that the way people

70 | FORBES MARCH 31, 2018

shopped had drastically changed—mom-and-pop boulangeries had given way to supermarkets. Holder realized where the future lay and within five years persuaded two future multibillion-dollar French supermarket chains—Monoprix and Auchan—to carry his baguettes and loaves. While he clearly had the ambition, Holder was ill-prepared to manage such a fast-growing company. He had to move factories three times in a year because the company continually outgrew its space. “I never made projections about what it would be in 10, 20 or 30 years,” says Holder, who kept the books himself back then. Then, in the 1970s, the supermarkets—locked in hypercompetition—began demanding bigger and bigger discounts. His 11% discount soon became 45%. He also had to buy back unsold bread at the end of the day. Holder’s factory fell below break-even, and he realized he had to diversify beyond the commodity bread business. He reorganized the factory to keep its existing customers, producing about 1 million pounds of bread a month, but he no longer invested in expanding it. During moneylosing periods, he converted areas of the factory into parking spaces and sold them by the month. Over the years, he learned to renegotiate contracts to protect future profits by locking in prices, and he stopped taking back unsold loaves. With the low-margin industrial bread operations stuck in neutral, Holder refocused on the Paul bakery, under the family apartment. “I still had nostalgia for craftsmanship,” he explains. Paul was selling thick, chewy, yellow bread with a slight hazelnut taste—drastically different from his factory bread—at a time when the number of local bakeries in France had dwindled by about 25% amid competition from supermarkets. He decided to make Paul an artisanal chain and installed himself as head of the company. Holder opened two more stores in Lille before expanding to Paris in 1974. Then came shopping malls: As with supermarkets, Holder was early to the next wave of mass retail. Around the same time he toured the United States and became enamored of American food-processing methods. Holder helped found a successful chain of French bakeries and cafes, La Madeleine, before being ousted by his partners and returning to France. By the end of the 1980s, Paul had 120 shops, about a dozen

“Because McDonald’s is really loyal, this baker has factories throughout the world.”

PhiliP Jintes for forbes

FrancIs holder

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T h e Wo r l d ’ s b i l l i o n a i r e s

wasn’t going to Ladurée for their macarons,” he admits. But he sure loved the baba au rhum pastry, despite not drinking alcotimes more than at the start of the decade. Holder’s experience hol. So when Ladurée’s heirs wanted to cash out, Holder was left him better prepared for growth this time. To cope with the first person they asked. high rents, he opened small retail locations without full kitchAt the time, he was in the market for a diversion. When he ens and supplied them from a centralized bakery, delivering turned 51—the age his father died—he begged his oldest son, fresh loaves three times a day. That way, he avoided having to David, to apprentice in case he should die. David accepted and prebake or freeze bread—common among Holder’s competispent the next two years working 15-hour days and losing 15 tors, like Louis Le Duff (No. 822 on the Billionaires list, worth pounds. When he emerged from his apprenticeship, David $2.9 billion). started pushing his father to retire. And Francis realized that With the Paul brand thriving—so much so that the head of acquiring Ladurée, and sidelining David to run it, gave Francis McDonald’s Europe tried to acquire it, with plans to increase more time for Paul and Château Blanc. growth from 80 openings a year to 2,500—Holder was ready Going from brunch regular to boss, 25-year-old David to go back to building the bread factory of his dreams, but supplemented Ladurée’s four flavors of macarons with a seawith an important twist. “Some companies are interested in sonal menu, including passion fruit and salted caramel. In producing a lot, without quality,” he says. “Moving away from 1997, Ladurée opened a 14,000-square-foot flagship on the the craft was never a question.” Champs-Élysées. The first international location opened in Building on what he learned in America, he spent mil2005 at Harrod’s in London, followed by Tokyo and the U.S. two years later. The more ubiquitous the macaron became, the more David faced a knockoff problem. He respondMAcAroon vs. MAcAron vs. MAcron ed by positioning Ladurée as a bakery-inspired luxury lifestyle brand with a product line that included $65 candles (the first scent was brioche), $75 fragrances with atomizers and $20 boxes of teas. While Ladurée took the high ground, Francis saw the macaron’s mass-market potential and grew bullish on the cookie. “It wasn’t a trend at all,” he recalls. “Then we said to ourselves, ‘Why don’t we make macMacaroon Macaron Macron arons in Paul bakeries and elsewhere?’ From that (mak-uh-roon) noun (mah-kuh-ron) noun (mah-kron) noun point, it became huge”—literally and metaphoricalA cookie made with A meringue-based The 25th president ly. One petite macaron, about an inch wide, costs egg whites, sugar, cookie made with of France, elected and ground almonds almond flour, egg May 7, 2017. about $3. Paul locations in France started selling largor coconut. whites and sugar, with er macarons in 2005, and international stores adopta ganache filling. ed them soon after. Château Blanc had gone all in by 2007, when it built the automated macaron production line in Lille, the first in the world. It was just in lions on designing customized machines that would assemble time for McDonald’s in France to launch its McCafé version the products the same way a baker would by hand. For croisthe next year. Today’s Château Blanc macarons are in more sants, the machine rolls out dough and spreads butter onto than 300 McDonald’s in Europe. Then came similar white-laeach piece. The layers are then stacked to make the flaky pasbel offerings for American customers—such as a limited-editry. But these assembly lines don’t change the amount of time tion run at Starbucks and a line at Sam’s Club. the dough needs to set (especially necessary for breads that The gamble paid off. Over the past decade, the macaferment with yeast) and cook. That was an important lesson ron has replaced the cupcake as the pastry du jour in Amerfrom Holder’s days baking with his father; most food compaica, where there are nine Ladurée locations (run by Holder’s nies have scaled up quickly by adding preservatives or chemi45-year-old daughter, Elisabeth, from New York) and 12 Paul cals that cut the length of time and increase production withshops (overseen by Paul International’s head, 48-year-old son out adding storage demand. Maxime, from London). Under Maxime, Paul has added over 250 stores outside France. Though macarons minT money for his company, Holder says And despite more than 60 years as a baker, Holder remains he still doesn’t really enjoy eating them. “I love flaky pastries,” hungry. He dreams of opening a Château Blanc factory in the he says with a shrug. His fortuitous foray into pastel cookUnited States, where he hopes to replicate his success in Euies began 25 years ago when he purchased Ladurée, the 19thrope. “In France, people tend to forget that when we become century Parisian tea salon known for its gilded dining room successful, it is because we are brave,” Holder says of his alland pastel ceiling frescoes. The Holders were Saturday reguAmerican ambition. “In the United States, someone who takes lars, snacking on tea sandwiches and mushroom omelettes. “I risks and succeeds is a hero.” F 72 | FORBES MARCH 31, 2018

left to right: shotshoP gmbh/alamy/ istock/getty images/ chesnot/getty images

FrancIs holder

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the world’s billionaires otal total

net worth:

$9.1 trillion Billionaires:

2,208

Middle east & africa asia-pacific

united states

the aMericas

europe

$3.1 trillion

$563 billion

$2.4 trillion

$250 billion

$2.8 trillion

585

138

559

827

worth:

Billionaires:

worth:

Billionaires:

worth:

Billionaires:

worth:

Billionaires:

worth:

Billionaires:

Capitalism’s global conquest continues. There were 140 billionaires in the world when we published our first list, 31 years ago. Today there are more than 2,200. The vast majority are entrepreneurs—including Jeff Bezos, the world’s wealthiest person and the first to appear with a $100 billion-plus fortune—who got rich building their own companies, creating wealth and jobs and sparking innovation along the way. Surging stock markets and rising commodity prices have made this a particularly strong year for the ultra-rich: The average billionaire is worth some $4.1 billion this year, up 9% over the past 12 months. Still, 120 people fell from our ranks, for reasons ranging from politics to philanthropy; another 25 died. For much more on the world’s wealthiest, including a global ranking in order of net worth, go to: www.ForBeS.Com/BillionaireS Editors: luisa Kroll and Kerry a. dolan AdditionAl Editing: John Koppisch, chase peterson-withorn Country Editors: Graham Button, Grace chunG, russell Flannery, naazneen Karmali, aBram Brown, tatiana seraFin WEAlth tEAm: anGel au-yeunG, elena BerezansKaya, iGor BosilKovsKi, deniz Çam, maGGie chen, carter coudriet, alexandra GarFinKle, max Jedeur-palmGren, noah Kirsch, elaine mao, zina mouKheiBer, andrea murphy, anis muslimin, oma seddiq, chloe sorvino, michela tindera, JenniFer wanG and reporters at ForBes licensed editions in austria, czech repuBlic, hunGary, France, KazaKhstan, Korea, indonesia, middle east, mexico, poland, russia, slovaKia, turKey and vietnam rEportErs: yuri aKsyonov, dan alexander, prisca anG, meGha Bahree, madeline BerG, Kim Bode, nilGun cavdar, lauren Gensler, ricardo Geromel, roBert Kidd, nicole lindsay, roBert olsen, lucinda schmidt, leonard schoenBerGer, James simms, ozer turan, alexandra wilson, susan adams, Jason Booth, Biz carson, caroline chen, shu-chinG Jean chen, muhammad cohen, till dalrup, James dunn, reBecca FenG, antoine Gara, christopher helman, alvaro hernandez zorrilla, Jane ho, sean Kilachand, Joann muller, Johannes musial, suzanne nam, lan anh nGuyen, wendy puGh, anuradha raGhunathan, natalie roBehmed, sheela sarvananda, samantha sharF, neha soni, Jessica tan, tim treadGold, Kate vinton, JenniFer wells rEsEArCh: Sue RadlaueR • photo rEsEArCh: MeRRilee BaRton, Gail toivanen, KRiStine Gentile SMith • dAtAbAsE: dmitri slavinsKy ACknoWlEdgmEnts: special thanKs to lw hospitality advisors, Factset research systems, orBis By Bureau van diJK, real capital analytics, euromonitor international, pitchBooK and dozens oF other experts who helped us with our reportinG and valuations

march 31, 2018 FOrBES | 75

T H E WO R L D Õ S B I L L I O N A I R E S

ALGERIA

AUSTRALIA

ALGIERS

GDP: $176.5 BIL POPULATION: 41 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $4 BIL (+$900 MIL VS. 2017)

GDP: $1.4 TRIL POPULATION: 25 MIL BILLIONAIRES: 43 (+10 VS. 2017) TOTAL NET WORTH: $117.9 BIL (+$26.9 BIL VS. 2017)

Issad Rebrab & family 

WEALTH ORIGIN

TOP SECTORS 11 REAL ESTATE 7 METALS & MINING 5 MANUFACTURING 4 FINANCE 4 FASHION & RETAIL

12% 16%

72%

INHERITED & GROWING INHERITED SELF-MADE

$4 BIL #550 FOOD

Gina Rinehart  $17.4 BIL #69 MINING

ANGOLA

LUANDA

Harry Triguboff 

GDP: $124 BIL POPULATION: 30 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $2.6 BIL (–$500 MIL VS. 2017)

$6 BIL #289 AUTO PARTS

John Hancock ★

$1.3 BIL #1756 MINING

Solomon Lew 

$1.3 BIL #1756 RETAIL

Frank Lowy 

$5.9 BIL #296 SHOPPING MALLS

Anthony Pratt  $5.5 BIL #334 PACKAGING

Bianca Rinehart ★

$1.3 BIL #1756 MINING

Andrew Forrest  $4.4 BIL #480 MINING

Isabel dos Santos 

John Gandel 

$2.6 BIL #924 INVESTMENTS

$4.1 BIL #527 SHOPPING MALLS

James Packer 

ARGENTINA GDP: $620.1 BIL POPULATION: 44 MIL BILLIONAIRES: 9 (+2 VS. 2017) TOTAL NET WORTH: $15.6 BIL (+$3.2 BIL VS. 2017)

$9.2 BIL #167 REAL ESTATE

Vivek Chaand Sehgal 

Len Ainsworth  $1.3 BIL #1756 BETTING MACHINES

$4.1 BIL #527 CASINOS

Mike Cannon-Brookes 

$3.4 BIL #679 SOFTWARE

LA RIOJA

Scott Farquhar 

$3.4 BIL #679 SOFTWARE

Lindsay Fox 

$3.4 BIL #679 LOGISTICS, REAL ESTATE

MENDOZA

Kerry Stokes  $3.1 BIL #766 CONSTRUCTION EQUIPMENT, MEDIA Fiona Geminder 

$2.7 BIL #887 PACKAGING, INVESTMENTS

NEUQUÉN

Michael Hintze 

$2.4 BIL #1020 INVESTMENTS

Stanley Perron 

BUENOS AIRES 9

$2.3 BIL #1070 REAL ESTATE, RETAIL

Lang Walker 

PERTH 5

$2.2 BIL #1103 REAL ESTATE

David Hains 

$2.1 BIL #1157 INVESTMENTS

MARGARET RIVER

Heloise Pratt 

$2.1 BIL #1157 PACKAGING, INVESTMENTS

Maurice Alter 

$1.8 BIL #1339 REAL ESTATE

Jack Cowin 

Alejandro Bulgheroni  $3 BIL #791 OIL & GAS

$1.8 BIL #1339 FAST FOOD

Eduardo Eurnekian 

Angela Bennett 

$1.7 BIL #1394 MINING

$2.7 BIL #887 AIRPORTS, INVESTMENTS

Eduardo Costantini TROPHY: Costantini, who

made his fortune in real estate in Argentina and the U.S., collects contemporary Latin-American art and has his collection on display at the Museum of Latin American Art in Buenos Aires, which he founded. His new South Florida luxury condo development, Oceana Bal Harbour, features two Jeff Koons sculptures and works by other artists.

Gerry Harvey 

Gregorio Perez Companc 

$1.7 BIL #1394 RETAIL

Alberto Roemmers 

$1.8 BIL #1339 OIL & GAS

Ginia Rinehart ★

$1.3 BIL #1756 MINING

Hope Welker ★

$1.3 BIL #1756 MINING

Brett Blundy ★

$1.2 BIL #1867 RETAIL, AGRIBUSINESS

Terry Snow 

$1.2 BIL #1867 AIRPORTS, REAL ESTATE

Kerr Neilson 

$1.7 BIL #1394 INVESTMENTS

John Van Lieshout  $1.2 BIL #1867 REAL ESTATE

$1.8 BIL #1339 PHARMACEUTICALS

David Teoh 

Gretel Packer ★

Marcos Galperin 

Richard White ★

Alan Rydge  $1.1 BIL #1999 ENTERTAINMENT

Judith Neilson 

$1.5 BIL #1561 INVESTMENTS

Huang Bingwen  $1 BIL #2124 PACKAGING

Nigel Austin ★

Paul Little ★

$1.6 BIL #1477 TELECOM

$1.6 BIL #1477 E-COMMERCE

$1.6 BIL #1477 SOFTWARE

Jorge Horacio Brito  $1.3 BIL #1756 BANKING

Eduardo Costantini 

$1.2 BIL #1867 REAL ESTATE

$1.4 BIL #1650 RETAIL

Delﬁn Jorge Ezequiel Carballo ★

Bob Ell 

$1.4 BIL #1650 REAL ESTATE

$1.1 BIL #1999 BANKING

$1 BIL #2124 LOGISTICS, REAL ESTATE

Sam Tarascio ★

$1 BIL #2124 REAL ESTATE

Manny Stul 

Julio Patricio Supervielle ★

$1.1 BIL #1999 CASINOS

$1.4 BIL #1650 TOYS

$1.1 BIL #1999 BANKING

Richard White NEWCOMER: A former musician,

refrigeration engineer and computer wholesaler, White at one time repaired guitars for top Australian rock bands like AC/DC and the Angels. But his fortune comes from WiseTech Global, which provides software to the logistics industry and which he founded in 1994 and took public in 2016. The company has more than 7,000 customers in 125 countries, and shares have jumped 160% in the past year, following strong growth in revenues and proﬁts.

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

76 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

Bianca Rinehart NEWCOMER: Rinehart has been battling her mother,

Gina Rinehart, Australia’s richest person, since 2011. She and her brother John Hancock argued that their mother mishandled the family trust, which Gina denied. Set up by her grandfather Lang Hancock, it included a 24% stake in the family’s mining assets that was meant for Bianca, John and their two siblings, Hope Welker and Ginia Rinehart. By court order, Bianca replaced her mother (who owns the rest) as trustee in 2015. The stake is now worth $5.2 billion, making all four billionaires.

FRANK LOWY NEWSMAKER: The mall

HAYMAN ISLAND HAMILTON ISLAND

magnate agreed to sell his 9.5% stake in Westfield Corp., which owns 35 shopping centers in the U.K. and the U.S. (including one in New York City’s World Trade Center) to European property giant Unibail-Rodamco in late 2017. Lowy is expected to walk away with nearly $1.5 billion in cash and shares. A Holocaust survivor, he opened his first shopping center in western Sydney in 1959. Lowy, 87, plans to retire from Westfield but continue to lead his family office.

RICHARD BRANSON’S MAKEPEACE ISLAND

AUSTRIA GDP: $417 BIL POPULATION: 9 MIL; BILLIONAIRES: 8 TOTAL NET WORTH: $43.4 BIL (+$12.2 BIL VS. 2017) Dietrich Mateschitz 

Wolfgang Leitner  $2 BIL #1215 ENGINEERING

Johann Graf 

Reinold Geiger  $1.5 BIL #1561 BEAUTY PRODUCTS

$23 BIL #37 RED BULL

$8.1 BIL #186 GAMBLING

Heidi Horten 

Helmut Sohmen  $1.3 BIL #1756 SHIPPING

$3.4 BIL #679 RETAIL

Georg Stumpf 

Stefan Pierer ★

$2.9 BIL #822 REAL ESTATE, CONSTRUCTION

$1.2 BIL #1867 AUTOMOTIVE

FUSCHL AM SEE

LOWER AUSTRIA

EXPATRIATES

RED BULL SALZBURG DIETRICH MATESCHITZ ARLBERG

WELS

VIENNA

BURGENLAND CARINTHIA

GRAZ

ZÜRS WOERTHERSEE

BRISBANE SURFERS PARADISE BYRON BAY

HUNTER VALLEY

Stefan Pierer NEWCOMER: For the 17th year in a row, a motorcycle made by

BAROSSA

YARRA VALLEY

SYDNEY 15 CANBERRA

EXPATRIATES

MELBOURNE 12

Pierer’s KTM won its category at the Dakar Rally, one of the most popular motorsport events in the world. Pierer founded Cross holding group (now KTM Industries) in 1987 and still serves as CEO. Sales surpassed $1.8 billion in 2017.

BELGIUM GDP: $494 BIL POPULATION: 11 MIL; BILLIONAIRES: 2 TOTAL NET WORTH: $8.3 BIL (+$1.6 BIL VS. 2017)

CHARLEROI

Albert Frere 

$6.2 BIL #281 INVESTMENTS

Patokh Chodiev 

EXPATRIATE

$2.1 BIL #1157 MINING, METALS

Lang Walker TROPHY: The property developer bought a 140-acre private island in Fiji in 2011 and spent millions ﬁxing it up. Renamed Kokomo, the pseudonym of a composer whose music he played as a child and the name of all but one boat Walker has ever owned, the island opened to visitors in March 2017. The luxury resort is enclosed by the Great Astrolabe Reef, and is accessible to travelers only via private seaplane or helicopter. Guests can book the whole island for $130,000 per night.

HOW TO READ THE MAPS CITY WITH SECOND THE MOST BILLIONAIRES

THIRD

FOURTH

FIFTH

Boxes correspond to the cities where billionaires live, one box per person. Colored names on the list correspond to the color of the city where they live. John Doe 

Total worth

$1 BIL #1940 FURNITURE

Source of wealth Rank Change in wealth status from 2017

L TO R: DIEGO LEVY/BLOOMBERG; JESSICA HROMAS/FAIRFAX MEDIA; MELISSA ADAMS/THE CANBERRA TIMES/FAIRFAX MEDIA; BRYAN VAN DER BEEK/BLOOMBERG

MARCH 31, 2018 FORBES | 77

T H E WO R L D Õ S B I L L I O N A I R E S

BRAZIL

Pedro Moreira Salles TROPHY: With his three billionaire brothers, Moreira Salles supports the Instituto Moreira Salles, a museum with branches in Rio de Janeiro, São Paulo (pictured at right) and Poços de Caldas, in the state of Minas Gerais. Exhibits include a time-lapse series of the São Paulo location’s construction and 200 works by Brazilian photographer Chichico Alkmim taken in the ﬁrst half of the 20th century in the hinterlands of Brazil. Their late father, Walther Moreira Salles, built Unibanco into one of the country’s largest banks (now called Itaú Unibanco) and served as ambassador to the U.S. in the 1950s.

GDP: $2.1 TRIL POPULATION: 209 MIL; BILLIONAIRES: 42 (–1 VS. 2017) TOTAL NET WORTH: $176.4 BIL (+$4.3 BIL VS. 2017) WEALTH ORIGIN

TOP SECTORS

11 19% FINANCE & INVESTMENTS 6 45% DIVERSIFIED 36% 5 FASHION & RETAIL 5 INHERITED & GROWING INHERITED FOOD & BEVERAGE SELF-MADE 4 HEALTH CARE 3 MEDIA & ENTERTAINMENT

MANAUS

NATAL

EXPATRIATES 5

ABILIO DINIZ

COMANDATUBA ISLAND, BAHIA

NEWSMAKER: The retail ty-

coon spent much of his life running—and expanding— supermarket chain Grupo Pão de Açúcar, which his father started with a single bakery. After French retailer Casino increased its stake in 2011, Diniz clashed with the French owners. He eventually sold his Pão de Açúcar shares and in 2014 invested in French superstore ﬁrm (and Casino competitor) Groupe Carrefour’s Brazil arm, joining the board. In July, Carrefour Brasil, also known as Atacadão, completed an IPO, raising nearly $1.6 billion. Diniz is one of the largest shareholders, with about 8%. Ermirio Pereira de Moraes 

Joseph Safra 

Jorge Moll Filho 

Marcel Herrmann Telles 

Maria Helena Moraes Scripilliti 

$27.4 BIL #29 BEER

$23.5 BIL #36 BANKING

$14 BIL #102 BEER

Carlos Alberto Sicupira 

$12 BIL #124 BEER

Eduardo Saverin 

$10.1 BIL #148 FACEBOOK

Pedro Moreira Salles 

$5 BIL #388 BANKING, MINERALS

Abilio dos Santos Diniz 

$3.5 BIL #652 RETAIL

Walter Faria 

$3.2 BIL #729 BEER

Luis Frias ★

$3 BIL #791 MOBILE PAYMENTS

SÃO JOSÉ DOS PINHAIS

PORTO ALEGRE

Aloysio de Andrade Faria 

$2.5 BIL #965 BANKING

Jose Roberto Marinho 

Dulce Pugliese de Godoy

Bueno  $2.2 BIL #1103 HOSPITALS, HEALTH CARE

$2.5 BIL #965 MEDIA

Carlos Sanchez 

Walther Moreira Salles Junior 

RIO DE JANEIRO 10

$2.6 BIL #924 DIVERSIFIED

Fernando Roberto Moreira Salles 

$5 BIL #388 BANKING, MINERALS

SÃO PAULO 21

SANTO ANDRE

$2.6 BIL #924 HOSPITALS

Roberto Irineu Marinho 

Joao Moreira Salles 

CAMPOS DO JORDÃO

$2.7 BIL #887 DIVERSIFIED

$5.1 BIL #382 BANKING, MINERALS

$5 BIL #388 BANKING, MINERALS

CAMPINAS RED BULL BRASIL DIETRICH MATESCHITZ

$2.5 BIL #965 MEDIA

Ana Lucia de Mattos Barretto

$2.5 BIL #965 GENERIC DRUGS

Jose Luis Cutrale 

$2.4 BIL #1020 ORANGE JUICE

Alfredo Egydio Arruda Villela Filho  $2.4 BIL #1020 BANKING

Villela  $2.2 BIL #1103 BANKING

Lirio Parisotto 

Alexandre Grendene Bartelle

Jose Joao Abdalla Filho ★

$1.6 BIL #1477 INVESTMENTS

 $2.2 BIL #1103 SHOES

Joao Alves de Queiroz Filho 

$1.5 BIL #1561 INVESTMENTS

$2 BIL #1215 PHARMACEUTICALS

Andre Esteves 

$2.4 BIL #1020 BANKING

Jayme Garﬁnkel 

$2 BIL #1215 INSURANCE

Joao Roberto Marinho  $2.4 BIL #1020 MEDIA

Julio Bozano 

$1.8 BIL #1339 BANKING

Nevaldo Rocha & family  $2.4 BIL #1020 RETAIL

Liu Ming Chung 

$1.7 BIL #1394 PAPER MANUFACTURING

Lia Maria Aguiar 

$2.2 BIL #1103 BANKING

RICHEST

Jorge Paulo Lemann Lemann’s fortune fell by $1.8 billion over the past year as shares of beer behemoth Anheuser-Busch InBev, the source of the majority of his wealth, dropped 5%. AB-InBev sales in North America have declined—people are drinking less Budweiser and switching to craft beers, wine and spirits. AB-InBev replaced its chief of North American operations in November.

Miguel Krigsner  $1.5 BIL #1561 COSMETICS

Daisy Igel  $1.2 BIL #1867 GAS, PETROCHEMICALS

Jose Isaac Peres & family  $1.5 BIL #1561 SHOPPING MALLS

Ana Maria Marcondes Penido Sant’Anna 

Antonio Luiz Seabra  $1.5 BIL #1561 COSMETICS

Rubens Ometto Silveira Mello 

$1.4 BIL #1650 SUGAR, ETHANOL

$1.2 BIL #1867 TOLL ROADS

Maurizio Billi 

$1 BIL #2124 GENERIC DRUGS

Elie Horn 

$1 BIL #2124 REAL ESTATE

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

78 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

VICTOR MORIYAMA/BLOOMBERG; PEDRO VANNUCCHI/INSTITUTO MOREIRA SALLES; DADO GALDIERI/BLOOMBERG

Jorge Paulo Lemann 

TRANCOSO

T H E WO R L D Õ S B I L L I O N A I R E S

CANADA

WEALTH ORIGIN

TOP SECTORS 8 FINANCE

15%

7 FASHION & RETAIL 6 REAL ESTATE 6 TECHNOLOGY 4 FOOD & BEVERAGE

GDP: $1.6 TRIL POPULATION: 37 MIL BILLIONAIRES: 46 (+7 VS. 2017) TOTAL NET WORTH: $148.5 BIL (+$14.7 BIL VS. 2017)

81% INHERITED & GROWING INHERITED SELF-MADE

Joseph Tsai BIGGEST GAINER: A Canadian citizen based in Hong Kong, Tsai saw his net worth soar 67% over the past year, thanks to a jump in the shares of Chinese e-commerce giant Alibaba. The group’s cofounder and executive vice chairman reportedly agreed in October to buy 49% of the Brooklyn Nets basketball team from Russian billionaire Mikhail Prokhorov. Forbes values the team at $2.3 billion.

SILICON VALLEY NORTH

EDMONTON

EDMONTON OILERS DARYL KATZ

CANADIAN ROCKIES

David Thomson & family 

Carlo Fidani  $2.4 BIL #1020 REAL ESTATE

Joseph Tsai  $9.7 BIL #154 E-COMMERCE

Mitchell Goldhar 

Galen Weston & family 

Bob Gaglardi ★

James Irving 

Brandt Louie 

$25 BIL #32 MEDIA

$9.5 BIL #160 RETAIL

$2.4 BIL #1020 REAL ESTATE

$8.3 BIL #183 DIVERSIFIED

$2.1 BIL #1157 DRUGSTORES

Jim Pattison 

N. Murray Edwards 

David Cheriton 

Gerald Schwartz 

Emanuele “Lino” Saputo &

Marcel Adams & family 

$6.9 BIL #237 DIVERSIFIED $6 BIL #289 GOOGLE

family  $5.3 BIL #365 CHEESE Garrett Camp  $4.8 BIL #422 UBER

STUART ISLAND

$2.1 BIL #1157 HOTELS

WHISTLER BLACKCOMB

CALGARY

$1.8 BIL #1339 OIL & GAS

CALGARY FLAMES N. MURRAY EDWARDS CLAYTON RIDDELL

VANCOUVER

WINNIPEG JETS DAVID THOMSON

$1.8 BIL #1339 FINANCE $1.7 BIL #1394 REAL ESTATE

Serge Godin 

Guy Laliberte  $1.2 BIL #1867 CIRQUE DU SOLEIL

$1.7 BIL #1394 INFORMATION TECHNOLOGY

Mark Scheinberg  $4.8 BIL #422 ONLINE GAMBLING

Huang Chulong 

Michael Lee-Chin 

Peter Gilgan 

Tobi Lutke ★

$3.8 BIL #588 HOME BUILDING

Jacques D’Amours 

$1.6 BIL #1477 RETAIL

Arthur Irving 

Stephen Jarislowsky 

Terence “Terry” Matthews 

Alain Bouchard  $3.3 BIL #703 RETAIL

Hal Jackman 

$3.5 BIL #652 OIL

Daryl Katz 

$3.1 BIL #766 PHARMACIES

Lawrence Stroll  $2.7 BIL #887 FASHION INVESTMENTS Robert Miller  $2.6 BIL #924 ELECTRONICS COMPONENTS Chip Wilson 

$2.6 BIL #924 LULULEMON

Charles Bronfman  $2.4 BIL #1020 LIQUOR

Jean Coutu 

$2.4 BIL #1020 DRUGSTORES

$1.2 BIL #1867 MUTUAL FUNDS

$1.7 BIL #1394 REAL ESTATE

$1.2 BIL #1867 E-COMMERCE $1.2 BIL #1867 TELECOM

$1.6 BIL #1477 MONEY MANAGEMENT

Clayton Riddell  $1.2 BIL #1867 OIL & GAS

$1.5 BIL #1561 INSURANCE, INVESTMENTS

K. Rai Sahi  $1.2 BIL #1867 REAL ESTATE

Frank Stronach  $1.5 BIL #1561 AUTO PARTS

Stephen Smith ★

$1.1 BIL #1999 FINANCE & INVESTMENTS

Ronald Joyce 

$1.4 BIL #1650 TIM HORTONS

Jack Cockwell ★

Bruce Flatt 

$1 BIL #2124 REAL ESTATE, PRIVATE EQUITY

Ronnen Harary ★

$1 BIL #2124 DOLLARAMA

Pierre Karl Peladeau 

$1 BIL #2124 INSURANCE, INVESTMENTS

$1.3 BIL #1756 MONEY MANAGEMENT

Lawrence Rossy ★

$1.3 BIL #1756 TOYS

V. Prem Watsa 

$1.3 BIL #1756 MEDIA

Anton Rabie and Ronnen Harary NEWCOMERS: Remote-control Air Hogs, robotic Hatchimals and PAW Patrol rescue-dog toys have helped make these childhood friends (and co-CEOs) billionaires. The partners launched toy company Spin Master in 1994, pulling together $10,000 to create their ﬁrst product, the Earth Buddy (it resembled a Chia Pet), in a garage. They took the company public in 2015; shares have risen nearly 180%. Their Spin Master Entertainment also produces the TV show PAW Patrol, which airs on Nickelodeon Jr.

Anton Rabie ★

$1.3 BIL #1756 TOYS WEALTH STATUS:

WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

80 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

L TO R: IMAGINECHINA/NEWSCOM; VICTORIA JONES/PA IMAGES/GETTY IMAGES; PAUL CHIASSON/ZUMA PRESS/NEWSCOM; JENS KRISTIAN BALLE; GRAHAM HUGHES/ZUMA PRESS/NEWSCOM

Chip Wilson NEWSMAKER: After a series of p.r. blunders, the founder of workout-wear retailer Lululemon stepped away from the company in 2015. Since then, Wilson—who remains Lululemon’s largest individual shareholder with 14% of the company—has been forced to ﬁnd creative ways to make his voice heard. He launched the now-defunct website elevatelululemon.com in 2016 to offer his opinions. In 2017 he placed a bus-stop ad directly in front of Lululemon’s Vancouver headquarters, imploring Lululemon to “Buy Under Armour now.”

CHILE GDP: $270.6 BIL; POPULATION: 18 MIL BILLIONAIRES: 11 (–1 VS. 2017) TOTAL NET WORTH: $41.9 BIL (+$500 MIL VS. 2017)

Iris Fontbona & family 

$16.3 BIL #80 MINING

Horst Paulmann & family  $4.8 BIL #422 RETAIL

Julio Ponce Lerou 

$4.8 BIL #422 FERTILIZER

Alvaro Saieh Bendeck  $3.2 BIL #729 BANKING

Sebastian Pinera & family 

$2.8 BIL #859 INVESTMENTS

Jean Coutu

Roberto Angelini Rossi  $2.7 BIL #887 FORESTRY, MINING

NEWSMAKER: The 90-year-old pharmacist is ﬁnally

Patricia Angelini Rossi  $2.1 BIL #1157 FORESTRY, MINING

hanging up his white lab coat. In October he agreed to sell his Jean Coutu Group—which operates more than 400 pharmacies in Quebec, New Brunswick and Ontario—to Canadian grocery chain Metro for about $3.6 billion in cash and stock. Coutu, who founded the business with a single Montreal location in 1969, will pocket nearly $2 billion.

Jean Salata 

$1.6 BIL #1477 FINANCE

Luis Enrique Yarur Rey 

$1.6 BIL #1477 BANKING

Bernardo Matte  $1 BIL #2124 PAPER Eliodoro Matte  $1 BIL #2124 PAPER

SANTIAGO 10 EXPATRIATE 1

PUCÓN

MONT-TREMBLANT

QUEBEC CITY SAINT JOHN PUERTO MONTT

MONTREAL 9 MUSKOKA

OTTAWA

WESTMOUNT

AURORA MARKHAM

MISSISSAUGA OAKVILLE

NORTH YORK

EXPATRIATES 7

TORONTO BURLINGTON 11

Sebastián Piñera POLITICS: In December, Piñera was elected to his second term as Chile’s president (he also served from 2010 to 2014) in a runoff against former journalist Alejandro Guillier. A conservative leader who made his fortune with credit card firm Bancard, he divested his assets after the 2010 election.

Tobi Lütke NEWCOMER: A coder who favors tweed

caps, Lütke founded Shopify, an ecommerce platform that powers some 600,000 online stores, in 2006. The German native had learned to program by age 12 and dropped out of school at 16 for a computer engineering apprenticeship. He immigrated to Canada in 2003 after meeting his now-wife on a snowboarding trip to Whistler. He and a friend launched an online snowboard shop but couldn’t ﬁnd decent software to run it, so Lütke created it himself. That became the basis for Shopify, which he took public in 2015. Shares are up 320% since then, making him a billionaire—though he still bikes to work.

MARCH 31, 2018 FORBES | 81

T h e Wo r l d ’ s b i l l i o n a i r e s

China

70 MANUFACTURING 60 REAL ESTATE 54 TECHNOLOGY 36 HEALTH CARE 32 DIVERSIFIED 23 FASHION & RETAIL

gdp: $12.3 TRIL population: 1.4 BIL billionaires: 373 (+54 VS. 2017) total net worth: $1.12 TRIL (+$311.4 BIL VS. 2017)

Ma Huateng  $45.3 BIL #17 internet media

Pang Kang 

Jack Ma 

Ma Jianrong & family 

$39 BIL #20 e-commerce

$6 BIL #289 textiles, apparel

Yao Liangsong 

Wang Jianlin 

Zhang Jindong 

Yang Huiyan 

Kei Hoi Pang 

He Xiangjian 

Zhang Bangxin 

$30 BIL #26 real estate

$21.9 BIL #43 real estate $20.1 BIL #50 appliances

Wang Wei 

$18.2 BIL #63 package delivery

William Ding 

$17.4 BIL #69 online games

Zhang Zhidong 

$15.6 BIL #87 internet media

Li Shufu 

$15.3 BIL #91 automobiles

Lei Jun  $12.5 BIL #118 smartphones Robin Li 

$12 BIL #124 internet search

Wang Wenyin 

$11.7 BIL #130 mining, copper

Xu Shihui & family 

$11.3 BIL #135 snacks, beverages

Zhou Hongyi 

$11.3 BIL #135 security software

Richard Qiangdong Liu  $10.8 BIL #140 e-commerce

Yan Zhi 

$10.1 BIL #148 real estate

Pan Zhengmin & family  $9.7 BIL #154 electronics Zong Qinghou  $9.5 BIL #160 beverages Yao Zhenhua 

$9.2 BIL #167 diversified

Guo Guangchang 

$8.1 BIL #186 diversified

Sun Piaoyang 

$7.7 BIL #202 pharmaceuticals

Wu Yajun & family 

$7.7 BIL #202 real estate

Wang Wenxue 

$7.2 BIL #217 real estate

Lu Zhiqiang 

$7 BIL #228 real estate

Wu Shaoxun ★

$7 BIL #228 wine

Chan Laiwa & family 

$6.8 BIL #242 real estate

Liu Yongxing 

$6.7 BIL #248 diversified

Wei Jianjun & family  $6.5 BIL #261 automobiles Jason Jiang 

$6.4 BIL #265 advertising

1% 1%

98% INHERITED & GROWING INHERITED SELF-MADE

$6.4 BIL #265 soy sauce

Hui Ka Yan 

$30.3 BIL #24 real estate

WEALTH ORIGIN

TOP SECTORS

$5.8 BIL #305 furniture $5.8 BIL #305 appliance retail

$5.6 BIL #321 real estate

NEWSMAKER

$5.5 BIL #334 after-school tutoring

XINJIANG FLYING TIGERS SUN GUANGXIN

wang, formerly china’s richest man, made a retreat in 2017 shortly after boasting about his dalian wanda group’s record number of overseas acquisitions. the owner of u.s. movie theater chain amc, wang abandoned his dream of besting disney when he agreed in July to sell wanda’s chinese hotel and tourism portfolio—including its theme parks and a movie studio complex—for over $9 billion. its international business also hit the skids: wanda’s planned $1 billion acquisition of dick clark productions fell through in march 2017, and the group is oﬄoading real estate assets in london and australia, as well as a stake in spanish soccer club atlético de madrid.

Zhang Shiping & family 

$5.5 BIL #334 aluminum

Lin Xiucheng & family  $5.4 BIL #351 electronics Xu Chuanhua & family  $5.3 BIL #365 chemicals, logistics Wang Chuanfu 

$5.2 BIL #372 batteries, automobiles

Liu Yonghao & family  $4.9 BIL #404 agribusiness Yu Yong  $4.9 BIL #404 mining Zhou Jianping 

$4.9 BIL #404 fashion retail

Fu Liquan 

$4.8 BIL #422 surveillance equipment

Li Shuirong  $4.7 BIL #441 petrochemicals Cai Kui 

$4.6 BIL #456 real estate

Liang Wengen 

xinJiang

URUMQI

Wang Jianlin

$4.6 BIL #456 construction equipment

Fang Wei 

$4.5 BIL #466 steel

Jiang Weiping & family 

Ji Changqun  $4.5 BIL #466 real estate

$3.8 BIL #588 chemicals

Zeng Fangqin ★

Chu Mang Yee & family 

$3.8 BIL #588 smartphone components

$4.4 BIL #480 real estate

Wang Yusuo & family 

Zhang Jin 

$4.2 BIL #514 natural gas

$3.8 BIL #588 diversified

Fan Hongwei ★

Li Gaiteng 

$4.1 BIL #527 petrochemicals

Wang Xing 

$4.1 BIL #527 e-commerce

Che Jianxing 

$4 BIL #550 furniture retail

Xu Jingren 

$3.6 BIL #629 pharmaceuticals

Zhang Li 

$3.6 BIL #629 real estate

Luo Liguo & family ★

$3.3 BIL #703 silicon products

Jiang Bin  $3.2 BIL #729 acoustic components

Zhang Xin & family 

Tse Ping  $3.7 BIL #606 pharmaceuticals

Chen Bang 

$3.5 BIL #652 hospitals

$3.2 BIL #729 logistics

Frank Wang 

$3.6 BIL #629 real estate

Cao Longxiang & family 

$3.6 BIL #629 pharmaceuticals

Gao Tianguo 

$4 BIL #550 real estate

Yu Huijiao 

Jiang Rensheng & family 

Melissa Ma ★

Zhang Xuexin & family ★ $4 BIL #550 aluminum

Qin Yinglin & family  $3.6 BIL #629 pig breeding

Sun Guangxin  $3.4 BIL #679 diversified

Zhang Yiming ★

Qiu Guanghe & family 

Ji Qi 

$3.6 BIL #629 vaccines

$4 BIL #550 software

$3.3 BIL #703 aluminum

$3.7 BIL #606 hair dryers

Huang Rulun 

$4 BIL #550 package delivery

Liu Zhongtian & family 

$3.6 BIL #629 fashion retail

$3.5 BIL #652 real estate, finance $3.4 BIL #679 internet search

$3.3 BIL #703 hotels, motels

Chen Dongsheng 

Nie Tengyun & family  $3.2 BIL #729 drones

Cheng Cheung Ling ★

$3.1 BIL #766 pharmaceuticals

Meisong Lai  $3.1 BIL #766 package delivery Liang Xinjun  $3.1 BIL #766 diversified Ren Jianhua 

$3.1 BIL #766 appliances

$3.8 BIL #588 insurance WEALTH STATUS:

WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

82 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

clockwise from top: yu fangping/featurechina/newscom; aly song/reuters; imagine china/newscom (2); vcg/getty images

william li

zhou xiaoguang

N E WCO M E R: the serial

entrepreneur’s three-year-old startup, nio, began taking orders for its first electric suv in december. nio’s es8 sells for a base price of $71,000, much less than tesla’s model x, which starts at roughly $130,000 in china. nio, which has raised $2.1 billion in funding, is aiming to build a network of 1,200 mobile charging vans and 1,100 battery swap stations by 2020.

NEWCOMER: the zhejiang native, who reportedly left school at age 16 due to a lack of funds, got her start peddling trinkets. with her husband, yu yunxin, zhou later cofounded neoglory, which still sells inexpensive baubles on amazon and elsewhere. it now also has interests in property and finance, including a publicly listed real estate arm. TONGHUA LIAOYANG SHENYANG

BEIJING 62

Wang Jian ★

DALIAN LANGFANG BAODING SHIJIAZHUANG

WEIFANG

LANZHOU

Cai Dongchen ★

$2.9 BIL #822 pharmaceuticals

LIANYUNGANG SUQIAN WUXI

NANTONG

YANZHOU

CHENGDU

JIAXING LIN’AN

WUJIANG DAYE

QUZHOU

WENZHOU

XINYU

XIAMEN

HUIZHOU DONGGUAN

$2.7 BIL #887 furniture

Huang Wei  $2.7 BIL #887 real estate

GUANGZHOU 19

HONG KONG Zhang Wenzhong ★ EXPATRIATES $2.7 BIL #887 retail 8

CHAOZHOU

ANSHUN

FOSHAN

Chen Fashu  $2.6 BIL #924 investments

PUNING

Lam Kong 

YUNFU

ZHONGSHAN

Zuo Hui ★

$2.7 BIL #887 real estate services

SHANTOU

SHUNDE

Ding Shijia  $2.8 BIL #859 sportswear

Gu Yuhua & family 

FUZHOU

JINJIANG

Wang Laisheng  $2.9 BIL #822 electronics components

Shi Yuzhu  $2.8 BIL #859 online games, investments

ZHUJI

QUANZHOU

GUANGZHOU R&F FC ZHANG LI

GUIYANG

YIWU

NINGDE ZHANGSHU

CHANGSHA

KUNMING

ZHUJI

NANPING

NANCHANG

CHONGQING

SUZHOU

SHAOXING TAIZHOU

$2.9 BIL #822 diversified

$2.9 BIL #822 electronics components

TAIXING NINGBO

WUHAN

Feng Hailiang 

Wang Laichun 

NANJING

CHANGZHOU TONGXIANG SHANGYU

$2.9 BIL #822 sportswear

$2.9 BIL #822 pharmaceuticals

JIANGYIN

LUOHE

Ding Shizhong & family 

Ke Zunhong & family 

HEFEI

NANYANG

HANGZHOU 24

ZHANGJIAGANG

DANYANG XIAN

$3 BIL #791 online payment service

RIZHAO

JINAN HENGSHUI LINYI LIAOCHENG XINXIANG ZHENGZHOU HEZE CHANGGE

Simon Xie 

QINGDAO

DONGYING

XI’AN SOFTWARE PARK

Wang Zhenhua  $3 BIL #791 real estate

WEIHAI

LUANCHENG

WUZHONG

Lu Xiangyang  $3 BIL #791 automobiles, batteries

ZHAOYUAN LONGKOU

BINZHOU

TAIYUAN

$3.1 BIL #766 genome sequencing

SHANGHAI 46

YINGKOU

$2.6 BIL #924 pharmaceuticals

Shen Wenrong 

ZHUHAI MACAU

HAIKOU

HAINAN ISLAND

$2.6 BIL #924 steel

SHENZHEN 41

Shen Yuxing ★

$2.6 BIL #924 real estate

Song Zuowen  $2.6 BIL #924 aluminum, diversified Zhang Fan  $2.6 BIL #924 touchscreens Zhu Xingliang  $2.6 BIL #924 construction

Liu Qiangdong NEWSMAKER: his e-commerce giant Jd.com reached an agree-

ment in may with the provincial government of shaanxi to build china’s largest drone network. the company already has seven models of drones that carry packages along a fixed route, landing on pads in rural villages. one of the models can carry parcels weighing up to 66 pounds, while another can ﬂy at up to 62 mph. once they land, Jd.com contractors deliver the orders.

Du Jiangtao & family  $2.5 BIL #965 chemicals Hui Lin Chit 

$2.5 BIL #965 hygiene products

Sze Man Bok  $2.5 BIL #965 hygiene products

MARCH 31, 2018 FORBES | 83

T h e Wo r l d ’ s b i l l i o n a i r e s

Chen Jinxia 

$2.4 BIL #1020 investments

Geng Jianming & family  $2.4 BIL #1020 real estate

Li Zhongchu 

$2.4 BIL #1020 software

Tong Jinquan 

$2.4 BIL #1020 real estate

Yu Minhong 

$2.4 BIL #1020 education

Chen Hua 

$2.3 BIL #1070 real estate

Hu Baifan 

Wang Liping & family  $2 BIL #1215 hydraulic machinery

Wei Shaojun 

Zhuang Kuilong & family ★ $1.6 BIL #1477 polyester

$1.4 BIL #1650 electronics components

Liang Jiankun & family ★

Che Fengsheng 

Zhang Yubai ★

Chen Qingzhou & family 

Changpeng Zhao ★

$2 BIL #1215 pharmaceuticals $1.9 BIL #1284 cobalt mining

Wang Qingtao 

$1.9 BIL #1284 steel smelting $1.9 BIL #1284 fertilizer

$1.9 BIL #1284 investments $1.9 BIL #1284 software

Yuan Yafei 

$1.9 BIL #1284 retail, investments

Kong Jian Min 

Zhang Daocai 

$1.9 BIL #1284 valves

Zhang Xuansong ★

$1.9 BIL #1284 supermarkets

Wu Zhigang & family 

Zheng Yuewen & family 

Xiao Wenge 

Zhou Xiaoguang ★

$2.2 BIL #1103 entertainment

Zhang Xiugen & family 

$2.2 BIL #1103 automobiles

Cheng Xue 

$2.1 BIL #1157 soy sauce

Huang Hongyun & family  $2.1 BIL #1157 real estate

Huang Zhenda & family 

$2.1 BIL #1157 construction

Jiang Yehua & family 

$2.1 BIL #1157 real estate

Li Hongxin & family 

NEWCOMER

Ning Tang

$1.9 BIL #1284 hand tools

$2.2 BIL #1103 investments

$2.2 BIL #1103 bakery chain

$1.5 BIL #1561 pharmaceuticals

Qiu Jianping & family 

Xue Xiangdong & family 

$2.2 BIL #1103 retail

Zeng Kaitian 

$1.4 BIL #1650 metals

Zhu Baoguo & family 

He Qiaonv 

Shen Guojun 

Zhou Yaoting & family 

$2 BIL #1215 real estate

Xie Zhikun 

$2.2 BIL #1103 real estate

Yuan Fugen & family 

$1.4 BIL #1650 software

$1.6 BIL #1477 apparel, real estate

Lin Li 

Ke Xiping & family 

Zhou Chengjian 

$1.6 BIL #1477 retail

$2 BIL #1215 tires

Xiao Yongming & family 

$2.2 BIL #1103 landscape architecture

Yi Zheng 

$1.6 BIL #1477 health clinics

Wang Xicheng & family 

$2.3 BIL #1070 pharmaceuticals` $2.3 BIL #1070 investments

Yu Rong ★

tang pioneered marketplace lending in china when he founded creditease, a peerto-peer lending firm, in 2006. the privately held company also offers other services like crowdfunding and online financial management. creditease, which operates in 255 cities in china as well as around the world, listed its lending arm yirendai on the new york stock exchange in 2015; shares have risen 43% in the past year.

An Kang 

$1.8 BIL #1339 pharmaceuticals

Chen Jianhua 

$1.8 BIL #1339 chemicals

Cheung Yan 

$1.8 BIL #1339 paper products

Cui Genliang 

$1.8 BIL #1339 electric components

Dou Zhenggang 

Huang Qiaoling 

$1.5 BIL #1561 amusement parks

Huang Zhuangmian & family ★ $1.5 BIL #1561 logistics

Lee Yin Yee ★

$1.5 BIL #1561 glass

Li Weiwei 

$1.5 BIL #1561 online games

William Li ★

$1.5 BIL #1561 automobiles

Li Yihai 

$1.5 BIL #1561 pharmaceuticals

Li Yong 

$1.5 BIL #1561 chemicals

Lou Zhongfu & family 

$1.9 BIL #1284 investments $1.9 BIL #1284 Jewelry, real estate

$1.5 BIL #1561 communications equipment

$1.5 BIL #1561 real estate

Ou Zongrong 

$1.7 BIL #1394 real estate

Pan Weiming 

$1.7 BIL #1394 real estate

Qi Jinxing 

$1.7 BIL #1394 real estate

Qi Shi & family 

$1.7 BIL #1394 financial information

Wang Chaobin 

$1.7 BIL #1394 real estate

Wang Yanqing & family ★

Ou Zonghong 

$1.5 BIL #1561 real estate

Que Wenbin & family 

$1.5 BIL #1561 pharmaceuticals

Tang Jianfang 

$1.4 BIL #1650 online games

Zhang Wanzhen 

$1.4 BIL #1650 wine $1.4 BIL #1650 cryptocurrency

Zhou Yifeng & family  $1.4 BIL #1650 chemicals

Zhou Yongli & family ★

$1.4 BIL #1650 diversified

Zhu Wenchen 

$1.4 BIL #1650 pharmaceuticals

Cheng Xianfeng 

$1.3 BIL #1756 pharmaceuticals

Fu Meicheng & family 

$1.3 BIL #1756 tv shows, movies

Don Gao 

$1.3 BIL #1756 power tools

Gao Yunfeng ★

$1.3 BIL #1756 industrial lasers

Hu Keqin & family ★

$1.3 BIL #1756 chemicals

Li Jiaquan ★

$1.3 BIL #1756 chemicals

Lin Fanlian ★

$1.3 BIL #1756 diversified

Lin Jianhua & family 

$1.5 BIL #1561 packaged foods

$1.3 BIL #1756 solar panel materials

Ning Tang ★

Liu Baolin 

Wang Jiufang 

Lu Di 

Wong Hong King ★

Shao Qinxiang ★

$1.5 BIL #1561 online lending $1.5 BIL #1561 real estate $1.5 BIL #1561 real estate

$1.3 BIL #1756 pharmacies $1.3 BIL #1756 drones $1.3 BIL #1756 diversified

$1.8 BIL #1339 energy, chemicals

$1.7 BIL #1394 electrical equipment

Xiao Chunhong 

Eric Ya Shen 

Huang Qisen 

Wu Guangming 

Shum Chiu Hung ★

$1.8 BIL #1339 real estate

$1.7 BIL #1394 medical equipment

Zhang Hongwei 

$2.1 BIL #1157 nutrition supplements

Li Zongsong & family 

Xu Qiming 

Sun Qinghuan 

Mao Lixiang & family ★

$1.8 BIL #1339 pharmaceuticals

$1.7 BIL #1394 food, art

Zhang Tao ★

Qin Hui ★

Zhang Xiaojuan 

Sun Yinhuan 

$1.8 BIL #1339 movie theaters

$1.7 BIL #1394 logistics

Chen Liying 

Sun Shoukuan 

Cai Wensheng 

$2.1 BIL #1157 paper products

Li Xiting ★

$2.1 BIL #1157 medical devices

Liang Yunchao 

$2.1 BIL #1157 appliances

Wang Changtian 

$2.1 BIL #1157 tv, movie production

Wang Wenjing 

$2.1 BIL #1157 business software

Ye Cheng 

$2.1 BIL #1157 diversified

Zhu Gongshan 

$2.1 BIL #1157 solar panel materials

Dong Wei ★

$2 BIL #1215 pharmaceuticals

Hu Kaijun 

$2 BIL #1215 pharmaceuticals

Li Ge ★

$2 BIL #1215 biotech

Liu Ming Hui 

$2 BIL #1215 natural gas

Ma Xingtian 

$2 BIL #1215 pharmaceuticals

Miao Shouliang 

$2 BIL #1215 real estate

Ren Zhengfei 

$2 BIL #1215 telecom equipment

Su Suyu & family 

$2 BIL #1215 utilities, real estate

84 | FORBES MARCH 31, 2018

$1.5 BIL #1561 real estate $1.5 BIL #1561 oil, banking $1.5 BIL #1561 e-commerce $1.4 BIL #1650 package delivery

$1.3 BIL #1756 e-commerce $1.3 BIL #1756 real estate $1.3 BIL #1756 lighting $1.3 BIL #1756 real estate

Wan Long ★

$1.6 BIL #1477 photo-sharing app

Chen Tianqiao 

Chen Xiaoying 

Chi Yufeng 

Lei Jufang 

$1.8 BIL #1339 pharmaceuticals

$1.6 BIL #1477 pharmaceuticals

Du Weimin ★

Xu Hang ★

Li Li 

$1.8 BIL #1339 medical devices

$1.6 BIL #1477 pharmaceuticals

Li Guoqiang 

$1.4 BIL #1650 car dealerships

$1.3 BIL #1756 wastewater treatment

Yang Erzhu 

Li Liufa & family 

$1.6 BIL #1477 steel, diversified

Li Liangbin ★

Wu Lanlan & family 

$1.8 BIL #1339 real estate

Yao Kuizhang ★

Liu Hanyuan 

Xu Ziquan & family 

$1.8 BIL #1339 beverages

$1.6 BIL #1477 agribusiness

Ma Hong & family 

Chen Dejun 

Ni Zugen 

Yang Meirong ★

$1.7 BIL #1394 package delivery

$1.6 BIL #1477 appliances

Nan Cunhui 

Chen Xueli  $1.7 BIL #1394 pharmaceuticals

Ruan Shuilong & family 

Huo Qinghua 

Su Weizhong 

$1.7 BIL #1394 coal

$1.6 BIL #1477 oil, fertilizers

Jiang Yintai & family ★

Wang Jinshu 

$1.7 BIL #1394 auto parts

$1.6 BIL #1477 chemicals

Li San Yim 

Wang Yaohai 

$1.8 BIL #1339 metals, coal

Wong Luen Hei 

$1.8 BIL #1339 building materials

Wu Yulan ★

$1.6 BIL #1477 package delivery

$1.6 BIL #1477 chemicals

$1.7 BIL #1394 construction equipment

$1.6 BIL #1477 lighting

Ma Xiuhui 

$1.6 BIL #1477 appliance retail

$1.7 BIL #1394 led lighting

Wong Kwong Yu & family  Wu Xushun & family 

$1.6 BIL #1477 online games, auto parts

$1.4 BIL #1650 online games $1.4 BIL #1650 software $1.4 BIL #1650 vaccines

$1.4 BIL #1650 lithium $1.4 BIL #1650 retail $1.4 BIL #1650 power equipment

Ou Xueming ★

$1.4 BIL #1650 real estate

Su Rubo ★

$1.3 BIL #1756 food

Wang Muqing & family 

$1.3 BIL #1756 car dealerships

Wang Yong 

$1.3 BIL #1756 food sweeteners

Wen Yibo & family 

$1.3 BIL #1756 packaging $1.3 BIL #1756 software $1.3 BIL #1756 education

Yang Tingdong ★

$1.3 BIL #1756 brewery

You Xiaoping 

$1.4 BIL #1650 real estate

$1.3 BIL #1756 chemicals, spandex

Wang Jianfeng & family 

Yu Qibing & family ★

Wang Jing 

Yu Yunxin ★

$1.4 BIL #1650 auto parts

$1.4 BIL #1650 telecom services

Wang Qunbin 

$1.4 BIL #1650 diversified

$1.3 BIL #1756 glass

$1.3 BIL #1756 Jewelry, real estate

Zan Shengda 

$1.3 BIL #1756 diversified

giulia marchi/bloomberg

China

T h e Wo r l d ’ s b i l l i o n a i r e s

China

Xu Xiong 

Liu Zhiqiang 

Zhang Guiping & family 

Xu Xudong & family ★

$1.3 BIL #1756 real estate

$1.2 BIL #1867 auto parts

Jonathan Lu 

Zhao Weiguo 

Xue Hua ★

$1.3 BIL #1756 chipmaker

$1.2 BIL #1867 agribusiness

Peng Jianhu 

$1.1 BIL #1999 tourism

Zheng Jianjiang & family 

Yan Yude ★

Lucy Peng 

Yang Keng 

Wan Lianbu 

Yang Shaopeng ★

$1.2 BIL #1867 shipping

Wang Miaotong  $1.1 BIL #1999 auto parts

Zhang Cheng Fei 

Wang Zhenghua 

$1.2 BIL #1867 driving schools

$1.1 BIL #1999 e-commerce

$1.3 BIL #1756 electrical equipment

$1.2 BIL #1867 private schools

Cai Dongqing 

$1.2 BIL #1867 real estate

Chen Bo & family ★

$1.2 BIL #1867 wind power $1.2 BIL #1867 ride-hailing service

Chu Jinfu 

$1.2 BIL #1867 electrical equipment

Fang Hongbo ★ $1.2 BIL #1867 appliances

Fu Guangming & family  $1.2 BIL #1867 poultry

Gu Wei 

$1.2 BIL #1867 consumer electronics

Wen Jianping 

Zhang Keqiang 

Xia Zuoquan ★

Zhang Xuanning ★

$1.2 BIL #1867 retail

Swift Xie  $1.1 BIL #1999 drones

Zhang Zhangsun 

Yao Jinbo ★

$1.2 BIL #1867 precision machinery

Jin Huiming 

$1.2 BIL #1867 real estate

Li Guangyu ★

$1.2 BIL #1867 education

Li Jun ★

$1.2 BIL #1867 electronics

Zhou Wenyu ★

$1 BIL #2124 air compressors

$1.2 BIL #1867 real estate

Peng Hao ★

Jiang Wei  $1 BIL #2124 pharmaceuticals Jiang Xuefei & family  $1 BIL #2124 circuit boards Liang Zhaoxian 

$1 BIL #2124 appliances

Liu Fuhai & family  $1 BIL #2124 textiles, energy

$1.1 BIL #1999 industrial machinery

Dang Yanbao ★

Liu Jincheng & family ★

Fu Kwan 

Liu Shaoxi 

$1.2 BIL #1867 natural gas, fertilizers

Wu Daohong  $1.2 BIL #1867 energy services Wu Yiling  $1.2 BIL #1867 pharmaceuticals

$1 BIL #2124 real estate

$1.6 BIL #1477 easyJet

gdp: $216.5 BIL; population: 11 MIL billionaires: 6 total net worth: $30.1 BIL (+$6.6 BIL VS. 2017)

Petr Kellner 

PRAGUE 5 VELKE POPOVICE

$1 BIL #2124 diversified

$1.1 BIL #1999 batteries $1.1 BIL #1999 real estate

$1 BIL #2124 fiber-optic cables

$1.1 BIL #1999 live streaming service

Wen Pengcheng & family  $1 BIL #2124 agribusiness

$1.1 BIL #1999 pharmaceuticals

Yang Jianxin & family ★ $1 BIL #2124 apparel

Li Weiguo ★

$1.1 BIL #1999 construction materials

Yao Xinyi  $1 BIL #2124 air conditioning

Liang Feng ★ $1.1 BIL #1999 battery parts

Zhao Xiaoqiang  $1 BIL #2124 fashion, entertainment

Liang Guangwei  $1.1 BIL #1999 diversified

Zhou Liangzhang & family ★ $1 BIL #2124 electrical equipment

Liang Shezeng ★

Zhu Xingming ★

$1 BIL #2124 electrical equipment

Liao Chang  $1.1 BIL #1999 wine Liu Zhendong 

$1.1 BIL #1999 industrial parks

Andrej Babis 

$4.6 BIL #456 agriculture $3.2 BIL #729 lotteries

Radovan Vitek 

Sun Shangchuan & family 

$1.1 BIL #1999 real estate

$15.5 BIL #88 banking, insurance

Karel Komarek 

Mi Enhua  $1 BIL #2124 retail

Huang Wen Tsai 

$1.3 BIL #1756 real estate

CZECh REPUBLiC

Lu Weiding ★

Huang Shilin ★

$1.1 BIL #1999 real estate

Xiu Laigui  $1.2 BIL #1867 pharmaceuticals

Suat Gunsel 

$1 BIL #2124 lithium batteries

$1.1 BIL #1999 coal

Li Tan 

Wang Wenbiao ★

Polys Haji-Ioannou  $1.4 BIL #1650 easyJet

Chen Qixing 

Tian Ming  $1.2 BIL #1867 measuring instruments

$1.2 BIL #1867 airline

$7 BIL #228 shipping

Yakir Gabay 

Surendra Hiranandani 

$1.2 BIL #1867 tires, chemicals

$1.2 BIL #1867 airline

John Fredriksen 

Stelios Haji-Ioannou 

$1 BIL #2124 circuit boards

Wang Jianyi 

Wang Junjin 

LEFKOSA

Huang Xiaofen & family ★

$1.1 BIL #1999 construction, real estate

David Xueling Li ★

Wang Han 

EXPATRIATES 6

Chen Jinshi & family 

$1 BIL #2124 electronics components

Shang Jiyong 

gdp: $21.3 BIL; population: 1 MIL billionaires: 7 (+1 VS. 2017) total net worth: $17.6 BIL (+$1.2 BIL VS. 2017)

Clelia Haji-Ioannou  $1.3 BIL #1756 easyJet

Lam Lung On & family ★

$1.2 BIL #1867 electronics

CYPRUS

$1.9 BIL #1284 real estate, education

$1.1 BIL #1999 real estate, diversified

Ni Zhaoxing 

$2.8 BIL #859 soft drinks, diversified

He Simo  $1 BIL #2124 power supplies

Chen Xiaxin & family 

$1.2 BIL #1867 energy

Carlos Ardila Lülle  EXPATRIATE 1

$1.1 BIL #1999 electronics components

$1 BIL #2124 real estate

Cai Xiaoru 

Liu Jiang ★

Ma Yunsheng 

Jaime Gilinski Bacal  $3.7 BIL #606 banking

$3.1 BIL #766 real estate

$1.1 BIL #1999 polyester

$1.2 BIL #1867 sewage treatment

Luis Carlos Sarmiento 

$12.1 BIL #123 banking

Chen Jianming ★

Chen Shiliang ★

$1.2 BIL #1867 copper, poultry

Cao Kejian 

$1.1 BIL #1999 electronics components

$1.2 BIL #1867 soy sauce

Liu Zhenguo 

$1.1 BIL #1999 Jewelry

Cai Rongjun ★

Li Xuhui ★

Liu Xuejing & family 

Zhou Zongwen & family ★

Bu Yang ★

$1.2 BIL #1867 apparel

$1.2 BIL #1867 natural gas

Zhao Yan  $1.1 BIL #1999 real estate, finance

$1.2 BIL #1867 auto parts

$1.1 BIL #1999 electronics components

Li Rucheng 

gdp: $311.4 BIL; population: 49 MIL billionaires: 3 total net worth: $18.6 BIL (+$1.5 BIL VS. 2017)

$1.1 BIL #1999 online marketplace

Zhou Bajin ★

$1.1 BIL #1999 retail

Jiang Zhaobai  $1.2 BIL #1867 real estate

$1.1 BIL #1999 automobiles

$1.2 BIL #1867 real estate

Jiang Ganjun ★

$1.2 BIL #1867 furniture

$1.1 BIL #1999 sewage treatment

$1.2 BIL #1867 real estate

$1.2 BIL #1867 minerals

$1.1 BIL #1999 budget airline

Zhang Jingzhang 

Huang Jianrong & family ★

BOGOTA

$1.1 BIL #1999 e-commerce

$1.1 BIL #1999 fertilizers

$1.2 BIL #1867 paper products

Cheng Wei 

ATLETICO NACIONAL CARLOS ARDILA LULLE medellin

$2.9 BIL #822 real estate

Daniel Kretinsky  POLITICS

ANDREJ BABIS The Czech Republic’s Donald Trump, Babiš was elected prime minister in October and took office in December. Weeks before the election he was charged with fraud by Prague prosecutors over allegations that his business improperly received EU subsidies a decade ago; he got immunity upon election, but Czech lawmakers voted to strip him of the protection in January. Babiš has denied the fraud allegations. Meanwhile, his minority government failed to win the support of other parties and lost a confidence vote in parliament. He is expected to try again.

$2.6 BIL #924 energy generation

Pavel Tykac 

$1.3 BIL #1756 coal mines

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

86 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

martin divisek/bloomberg

$1.2 BIL #1867 animation

COLOMBia

$1.1 BIL #1999 diversified

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T H E WO R L D Õ S B I L L I O N A I R E S

FRANCE

DENMARK GdP: $325.2 Bil PoPuLation: 6 Mil BiLLionaires: 10 (+4 VS. 2017) totaL net WortH: $43.7 Bil (+$5.1 Bil VS. 2017) anders holch Povlsen 

$7.4 Bil #207 FasHion retaiL

niels Peter louis-hansen  $4.7 Bil #441 MedicaL deVices

Kjeld Kirk Kristiansen 

lars larsen 

Soﬁe Kirk Kristiansen ★

hanni toosbuy Kasprzak 

$5.4 Bil #351 LeGo

$2.6 Bil #924 sHoes

thomas Kirk Kristiansen ★

Martin Moller nielsen 

agnete Kirk thinggaard ★ $5.4 Bil #351 LeGo

eXpatriate 1

silKeBorG HumleBaeK BilluND

$4.2 Bil #514 retaiL

$5.4 Bil #351 LeGo $5.4 Bil #351 LeGo

aarHus

NorDBorG

GdP: $2.6 tril PoPuLation: 65 Mil BiLLionaires: 40 (+2 VS. 2017) totaL net WortH: $320.4 Bil (+$75.3 Bil VS. 2017)

HaDerslev COPENHAGEN

$2.1 Bil #1157 aircraFt LeasinG

tOP SeCtOrS

Wealth Origin

9 22% FASHION & RETAIL 6 50% HEALTH CARE 28% 6 FOOD & BEVERAGE 4 inheriteD & grOWing inheriteD FINANCE & INVESTMENTS SelF-MaDe 3 CONSTRUCTION

Bent Jensen 

$1.1 Bil #1999 eLectric Motors

Kjeld Kirk Kristiansen TrOPHY: Third-

generation Lego owner Kristiansen opened his latest homage to the plastic brick, the Lego House, in September. Designed as both a museum and an interactive play zone, the 130,000-squarefoot structure is built on the site of the former town hall in Billund, Denmark, and resembles 21 largerthan-life Lego bricks stacked on top of each other.

EGYPT

Françoise Bettencourt Meyers newCOmer: After her mother, Liliane Bettencourt, died at age 94 in Septem-

ber, Bettencourt Meyers officially became France’s new L’Oréal heiress and the richest woman in Europe. The granddaughter of L’Oréal’s founder, she had already been running the holding company through which she, her husband and their two sons own L’Oréal stock. She has written three books, including one about the Greek gods.

clement Fayat

FINLAND

GdP: $193.7 Bil PoPuLation: 92 Mil BiLLionaires: 6 (–1 VS. 2017) totaL net WortH: $18.2 Bil (+$100 Mil VS. 2017)

Cairo 5

newsmaker: a street in Libourne, France, northeast of Bordeaux, was renamed avenue clement Fayat in May in honor of the French billionaire who 60 years earlier opened his first public works company, the national company for terracing, in the city. Libourne’s mayor joined Fayat for the unveiling. Fayat started the group at age 25 and was in charge until 2013, when he handed oversight to his two sons. He is now Fayat Group’s honorary president. He also owns three vineyards.

GdP: $253.1 Bil PoPuLation: 6 Mil BiLLionaires: 6 (–1 VS. 2017) totaL net WortH: $13.5 Bil (+$600 Mil VS. 2017)

antti herlin  $4.2 Bil #514 eLeVators, escaLators heikki Kyostila  $2.2 Bil #1103 dentaL Products

antti aarnio-Wihuri  $2 Bil #1215 diVersiFied

eXpatriate

Mika anttonen 

$2 Bil #1215 oiL & Gas

nassef Sawiris 

ilkka herlin 

naguib Sawiris 

ilona herlin 

$6.6 Bil #251 construction, cHeMicaLs $4 Bil #550 teLecoM

Mohamed Mansour 

$1.6 Bil #1477 eLeVators, escaLators $1.5 Bil #1561 eLeVators, escaLators

HelsiNKi 5

$2.7 Bil #887 diVersiFied

Yasseen Mansour 

$1.9 Bil #1284 diVersiFied

Mohamed al Fayed 

$1.6 Bil #1477 retaiL, inVestMents

KirKKoNummi

Youssef Mansour 

$1.4 Bil #1650 diVersiFied

gilles Martin newsmaker: Martin is CEO of Eurofins

Scientific, a food and pharmaceutical testing company that he founded in 1987; it claims the greatest total shareholder return of any company listed on a European exchange over the past two decades. His brother YvesLoïc, the company’s former chief technology officer, joins Martin in the wealth ranks, thanks to a 13% rise in the value of Eurofins shares in the past 12 months. weaLTH sTaTUs:

Wine-groWing region

oil & gas Fields and dePosits

88 | FORBES MARCH 31, 2018

mining & minerals

timBer

Financial center

sPorts team

tech center

Playground

trumP ProPerty

up DoWN  uNCHaNGeD  NeW ★ returNee 

Marc Ladreit de Lacharrière

Bernard arnault & family 

Xavier niel 

Francoise Bettencourt Meyers & family ★

Vincent Bollore & family 

$72 Bil #4 LVMH

newsmaker: Ladreit de Lacharrière took his holding firm Fimalac private in July 2017 in a deal that valued the company at an estimated $3.7 billion. He already owned 94% of the shares at the time. Fimalac has a 20% stake in Fitch ratings, the world’s third-largest credit-rating agency, with operations in over 30 countries.

$42.2 Bil #18 L’oreaL

Carrie Perrodo & family 

Serge Dassault & family 

Patrick Drahi 

emmanuel Besnier 

Jacques Saade & family 

alain Wertheimer 

Pierre Bellon & family 

gerard Wertheimer 

Jean-Michel Besnier 

$22.6 Bil #41 diVersiFied $14.7 Bil #97 cHeese $13 Bil #108 cHaneL

lille

$7.4 Bil #207 inVestMents

Francois Pinault & family  $27 Bil #30 Luxury Goods

eXpatriates 9

$8.1 Bil #186 internet, teLecoM

$13 Bil #108 cHaneL

$7.2 Bil #217 oiL

$7.1 Bil #222 teLecoM $7 Bil #228 sHiPPinG

$6.1 Bil #287 Food serVices $5.4 Bil #351 cHeese

Marie Besnier Beauvalot  $5.4 Bil #351 cHeese

Martin & Olivier Bouygues  $4.9 Bil #404 construction, Media Paris-saclay

Jean-Pierre Cayard  $4.5 Bil #466 sPirits chamPagne

Michel leclercq & family 

$4 Bil #550 sPortinG Goods

Marc ladreit de lacharriere

paris 17

stade rennais Fc Francois Pinault rennes

$3.7 Bil #606 Finance

alsace

alain Merieux & family  $3.2 Bil #729 PHarMaceuticaLs

laval

anne Beaufour 

$3 Bil #791 PHarMaceuticaLs

henri Beaufour 

$3 Bil #791 PHarMaceuticaLs

Philippe Foriel-Destezet 

loire

NaNtes

$2.9 Bil #822 eMPLoyMent aGency

louis le Duff 

$2.9 Bil #822 BaKeries

nicolas Puech 

Burgundy

$2.8 Bil #859 HerMes

Mohed altrad 

$2.7 Bil #887 scaFFoLdinG, ceMent Mixers

ile de

gilles Martin 

courcheVal

lyoN

$2.6 Bil #924 LaBoratory serVices

Bernard Fraisse  $2.3 Bil #1070 PHarMaceuticaLs

alain taravella  $2.2 Bil #1103 reaL estate

grenoBle Bordeaux

Philippe ginestet 

saiNt-emilioN

$2.1 Bil #1157 retaiL stores rhone

pujols

montPellier herault rugBy Mohed altrad

ValBonne

$2.1 Bil #1157 accountinG serVices

Charles edelstenne 

olymPique marseille Margarita louis-dreyFus

toulouse

$1.9 Bil #1284 aViation

edouard Carmignac  st. troPez

moNtpellier languedoc

cannes

marseille

Christian latouche 

st. raPhael st. maxime

$1.8 Bil #1339 asset ManaGeMent

Clement Fayat & family 

$1.8 Bil #1339 construction

Dominique Desseigne  $1.7 Bil #1394 casinos

Michel Chalhoub & family  $1.6 Bil #1477 retaiL

XaVier niel newsmaker: in June 2017 French

president emmanuel Macron and Paris mayor anne Hidalgo, along with over a thousand entrepreneurs, attended the launch of station F, billed as the world’s biggest startup campus. Funded by telecom billionaire niel, the 366,000-square-foot building in Paris has 3,000 desks. station F has partnered with companies like Facebook and Microsoft to offer mentoring programs and workshops.

norbert Dentressangle  $1.2 Bil #1867 transPort, LoGistics

Francis holder ★

$1.2 Bil #1867 BaKeries

Yves-loic Martin ★

$1.1 Bil #1999 LaBoratory serVices

Francois Feuillet ★

$1 Bil #2124 Motor HoMes, rV’s

Meyers: Francois Mori/aP; Bruno LeVy/cHaLLenGes-rea/redux; FranK Perry/aFP/Getty iMaGes; yVes Forestier/syGMa/Getty iMaGes; stePHane GranGier/corBis/Getty iMaGes; cHristoPHe Morin/BLooMBerG

MARCH 31, 2018 FORBES | 89

CHALLENGE ACCEPTED The Leukemia & Lymphoma Society challenged these executives to raise $5,000 or more. Together they raised $7.6 million to bring light to the darkness of cancer. Guy Adami, NBC Universal Paul Ahmed Kristen Amigone, Amigone Funeral Home Tamara Amini, Bank of America Irene Anderson, Par Electrical Contractors, Inc. Craig Anderson, Gates Corporation Adam Andolina, KeyBank Norman Armstrong, King & Spalding Rajeev Arora, Citigroup Aubrey Arreola, WVC Shelley Assencao, BMC Valorie Avedisian, Amgen Marty Babicki, PNC Equipment Finance Martin and Terrill Bahar, USC Peter Baka, Acclaim Stephen Baker, Baker Design Group Leroy Ball, Koppers, Inc. Kathy Barbour, Acosta Yessicca Barcena, The Grainger Foundation Tom Barﬁeld, Accenture Zac Barger, JB Goodwin Tedd Barr, Converse Media Corey Barton, CBH Homes Michael Bartschat, Johnson Controls, Inc. Richard Battle, Elliott Davis Sue Bauer, IBC Bank Warner L. Baxter, Ameren Corporation Diane Baylor, PricewaterhouseCoopers Jeff Beam, The Community Builders Dean Beasley, Doctors Hospital Claudia Beauprez, Eagle’s Wing Ranch Jim Beck, Hefren-Tillotson Kathy Belﬁore, Agios Pharmaceuticals Patty Bender, Vista Private Equity Group Sarah Bennett Erin Bevard, Mid Coast Tire Elizabeth Bible, ServiceSource Carol Bigham, The Leukemia & Lymphoma Society Darrell Bilbrey, HealthSouth Debra Binder, Golden Anvil Jewelers Misty Birch, Castleview Hospital Mike Bird, Gilbane Building Company Scott Birkhead, Anadarko Petroleum Corporation Michael Blackman, Retired IBM Executive Lauren Blanchard, gotCUREage, Inc Barry D. Blanton, Blanton Advisors, LLC Traci Bolte, Make Her Mark LLC Emilie Boman, Forever in our Hearts - Stacey Weathers Danny Boockvar, NFL Experience Dave Borkowski, Harkins Builders, Inc. Pilar Bortone, Florida Power & Light Marsha Bourque, Marsha Bourque & Associates Jana Boyer, The Leukemia & Lymphoma Society Alex Brager, E. Cohen & Company CPAs Dayne Brassard, Tilden-Coil Bill Brassine, Sunrise Advertising Andrew Breimann, AAB Software Michael R. Brenan, BB&T of South Carolina Toni French Brown, E. Cohen & Company CPAs Matthew Browner, Barclaycard US Jeff Bucher, Union Bank of California Michael Burke, Cryothermic Systems JJ Burns, J.J. Burns & Company, LLC Catherine Burns, Seyfarth Shaw, LLP Jim Burton, Vining Sparks IBG JB Buse, Loth, Inc. Rick Butgereit Jennifer Butler, Alston & Bird, LLP Phil Buttell, HCA Centerpoint Medical Center Monica Cameron, Cameron & Herrman, PA Robin Cameron, E. Cohen & Company CPAs Jim Carman, Howard Hughes Corporation Bill Carteaux, PLASTICS Industry Association John Casstevens, Joeris General Contractors Mike Castellano, Esse Health Katlin Cauffman, Cumulus Brian Cessac, BMC Kristen Chapman, Merrill Lynch

Bridgit Chayt, Fifth Third Bank Wenjie Cheng, ImmunoGen Paul Chodak III, American Electric Power Junaid Chowdhury, Walgreens Brian Christein, Dun & Bradstreet Deborah Christine, Evercore Grace Chui-Miller, Correlation Ventures Michelle Cipollone, Deltek Matthew Clear, HKS Architects, Inc. Joan W Clements John Cline, Cline Wood, a Marsh & McLennan Agency LLC Company Jeffrey Cline, Retired Cinco Cocke, Huffman Builders Adam Cohen, Cityscape Group Lawrence “Doc” Cohen, Cookie Associates Mario Coll, Anadarko Petroleum Corporation Ronda Conger, CBH Homes Jim Conlin, Raymond James David Conway, Morgan Stanley Rebecca Cook-Mackey, Mountain Pine Construction Michelle Leon Cordova, Intuit Ernie Cordova, Accenture Peter Cordua, HBK CPAs & Consultants Michael Corkery, Deltek Travis D Corson, Salesforce.com Kris Costa, Mindset Elizabeth M Cote, The Long Group Tom Cox, T.D. Cox Homes, LLC Michael Criscuolo, Skyline-Holt Exhibits & Events Ben Cuda, Carlitos Mexican Food Chuck Cuda, OPES Commercial Real Estate Kevin Cullen, Leadera Consulting Kelly Cunningham, CLM Mortgage Daniel Dain, Dain, Torpy, Le Ray, Wiest & Garner, P.C. Dan Daly, BMC Thuy Dancik, Team Dancik Debbie Daniel, Otsuka Frank D’Antonio, Aetna Holly Dary, Robert Half International Kimberly Davis-Riffe, KPMG Steve Dearborn, Miller Paint Company Noelle DeLuca, Goldman Sachs Sean Denyse, Gilbane Building Company Joseph DeSabia, Barclays Jacqueline Destefano Robert Dickinson, Dickinson Fleet Services Lonni Dieck, American Electric Power Kathy S. Disher, State of Illinois Fred Dixon, NYC & Company Donald Dixon, Deloitte, Retired John Dobbins, Navigant Mary Cushing Doherty, High Swartz, LLP Kevin Donnelly, Donnelly Consulting Jason Dorfman Tony Downs, Goodwin Procter, LLP Tam Driscoll, City of Gresham Kathleen Dull, Anadarko Petroleum Company Tori Duncan, The Leukemia & Lymphoma Society Jenifer Dunn, Willis Towers Watson Rob Dyer, HCA Mike Dykema Sophia Eccleston, Florida Power & Light Company Travis Edlund, Jefferson Bank Sandy Edwards, Flexicell, Inc. Patrick Egan, Thrivent Financial Bill Eisig, BDO USA, LLP Steven Elliott, MiddletonRaines+Zapata, LLP William Ellis, Salesforce David Ensley Jesse Essex, Hendrick Motorsports Daniel Etue, Meritor, Inc. Barbara Farber, Atlantic Health System Charles Farber, MD, Summit Medical Group Mike Farmer, BMC Bette Jo Rozsa Feeney, American Electric Power Scott Feighner, Colliers International Rita Ferro, The Walt Disney Corporation

TOP EXECUTIVE CHALLENGE WINNERS

Scott Fetterolf, Transwestern Sanford Feuer Larry Finkelberg, APEX Home Loans Catherine Finn, Salesforce James A Fitzgerald, Deloitte & Touche Tom Fitzsimmons, Morgan Stanley Megan Fogg, Cystic Fibrosis Foundation Brian M Follbaum, NextEra Energy Zach Forster, Janus Henderson Investors Alice Fortner, John Moriarty & Associates of Florida Donna Frazier, Fighting With Frazier Joshua Friedman, BlackRock Trent Fulin, Houston Methodist The Woodlands Stephanie Fullerton, Fullerton Financial Planning Syd Garrett, Cisco Systems Herb Geiger Steve Gfroerer, Cobb, Strecker, Dunphy & Zimmerman Jim Gibbons, KPMG Jonathan Gibson, Penske Racing Bill Gieseking, Pepin Distributing Company Sara Gil, RECORDS, LLC Adam Gillam, Citi Anne Gillingham, The Leukemia & Lymphoma Society Linda Glover, Winstead PC Lynn Goldschmidt, DKMG Consulting Emily Robinson Gorelik, CBC Specialty Beverage Michael Gray, Neal, Gerber & Eisenberg, LLP Eric Green, West Pharmaceutical Services James Green, James R. Green, DMD John S Greene, Salesforce Jill Gregory, NASCAR Beth Grifﬁn, PayPal David J Grish, GNYHA Services, Inc. Jason J Guari, Murray & Guari Trial Attorneys P.L. PJ Guastello Jr, PPG Consulting Jason Guerin, Area Home Lending Frank Gumino, TCC, a Moorehead Communications Company Peter & Deb Gunnlaugsson, FIS Tami Gunsch, Berkshire Bank Jan Gunther, Lantern Wealth Advisors, LLC Adam Gutzmer, KrolLDiscovery Danielle Gutzmer, General Mills Bryan Hacken, Team Attacken’ for Maddy Hacken Summer Hall, Community Volunteer Janet Hanacek, Ziegler Bolt & Nut House Alison Handel, Celgene Brian Hanna, Everhart Advisors Erik Hanson, Rehab 360 Hil Harper John Harper, Macy’s Dyra Harris, Hospital Corporation of America (HCA) Michael Hartman, Salesforce John Hartzell JR, Houston Harbaugh PC Brady Hays, Black and Veatch Holly H Heer, Barnes & Thornburg, LLP Michelle Henaman, Aetna Jacquay Henderson, SquarePeg Technologies Jeff Hennessy, Fidelity Investments Rich Heppe Ed Hetherington Robert Hill, Retired - Acosta Erin Hill, Ethicon Donnie Hill, Precision Manufacturing Company, Inc. Deidre Hinson, Aﬂac Jack Hinton, Baker Hughes, A GE Company David Hirsch, CAMMS Rick Hoagland, GEICO Karen F Hodson, Smith Leonard PLLC Paul Hoelscher, Horizon Pharma Elizabeth Hoffman, Regions Bank Wayne Hogrefe, Focus Diagnostics Joseph T Holcombe, Regions Bank Stacy Holcroft, Dr. Samuel J. Holcroft Hudson Holder Larry Holmes, Wells Fargo Financial Advisors Kelley Hood, The Judge Group Debra Hooper, Bank of Nashville

Top National Challenge Winner

Richard J Garber Garber Automotive Group

John Hopwood, Citizens Energy Group Carol Horn, Horn Team Sean Horvath, Virgin Produced Mark Hourigan, Hourigan Construction Bill Hughes, PwC Rod Hughes, BMC Michael Huntress, Acquest Development Company Lisa Iannarino, CSRA Lauren Iannucci, The Leukemia & Lymphoma Society Bob Infantino, The Rockport Group Deborah Ip Dave Israel, Sessions, Fishman, Nathan & Israel Scott T Jackson Brad Jackson Todd Jacobsen, Salesforce.com Leila Jammal, Terracon Brian Jaramillo, Tilden-Coil Constructors Ned Jennings, The East Group Mary Jett, Bristol-Myers Squibb Shelley Johnson, LePage Johnson Realty Group Bobby Johnson, VyStar Credit Union Zach Johnson, WellDyneRx Denna Johnson, Anadarko Petroleum Corporation Jennifer Johnston, Global Franchise Group Michelle Jones, Vistar Craig Jones, Skyline Construction Elizabeth Jordan Kevin Judge, BD David H Kahn Wayne Kaplan, Grant Thornton Amy Kappen, Melink Corporation Julie Karg Bruce Kay, Markel Corporation Jennifer Keating, Copper River Technologies Harold N Keer, Astex Pharmaceuticals, Inc. Dave Keffer, CSRA Brian Kelleher, JLL Capital Markets Aron Kershner, Goldman Sachs Keith Kettell, Salesforce Elie Khalife, KeyCentrix Sumeet Khemani, Team 007 Chumi Khurana, Janssen Mark Kilian, Community Business Lenders Ronald Kimble, Salesforce.com Bob Kimbro, Ernst & Young John Kimmet, Celgene John King, King Southern Bank Mike King, Northrop Grumman David & Louise Kingsley Stuart Klein, Self-Employed CPA Koula Rozakis Kokologiannakis, GR Trucking LLC Pam Korman, Bank of America - US Trust Tyler Kowal, Pitch CPA, LLC Anna Kraai, BDO USA Debra Kropornicki, Architectural Dimensions PA Scott Kruger, Virginia Oncology Associates Kathleen Lally, PSEG - Public Service Enterprise Group John Lambert, US Bank Brian Landrum, Gexa Energy Todd Lane, California Coast Credit Union Joseph Larkin, Voice Media Group Richard Larkins, Ernst & Young Kirk Larsen, Black Knight Financial Services Ralph E Lawson, Baptist Health South Florida Claudia Lay, Ernst & Young Natalie Fernandez Lee, Greenberg Financial Group Rob Lee, FIS Scott Lee, Joeris General Contractors, Ltd. Chad Lefteris, UNC REX Healthcare Georgia Lehoczky, Walgreens Evelyn Leightman Alison Lemle, RED Capital Group Mike Leyland, Nationwide Mutual Insurance Company Bill Lia, Jr., Lia Auto Group/VENT Fitness/BurgerFi Nick Licameli, Salesforce Richard Lindholm, Mobile Beacon Tracy Lineberger, Hospital Corporation of America (HCA)

Betsy Katten

Sam Forrest

Dwayne Wilson

Winston & Strawn, LLP

Florida Power & Light

Salesforce

Colin T Linggo, Viacom Sara Lipsky, The Leukemia & Lymphoma Society Christopher Lis, Lexington Health Network Ross Lissuzzo, CIBC Jeff Livick, West Pharmaceutical Services Ben Lofton, Pepsico Kevin Logsdon Nick Loporcaro, McKesson Specialty Health Brooks Luquire, Luquire George Andrews Bailey Lyden, TrueNorth Robert MacAdam-King, Bedford Cabinet Amanda Maggiotto, Cleveland Clinic Taussig Cancer Center Mark Magness, APTIM Michael Maher, Edward Jones Ryan Mahoney, John Moriarty & Associates of Florida, Inc. Gwen Main, Pioneer Title Company Lori and Joe Malett, Hatch Stafﬁng Services Dr. Shahbaz Malik, St. David’s Healthcare Becky Mancuso-Winding, UCLA Health Annabell Manners, South Florida Fair & Palm Beach County Expositions, Inc. Cory E. Manning, Nelson Mullins Karen Marshall, Hospital Corporation of America (HCA) Lucy Martin Drew Martin, The General Chris Martin, Koppers, Inc. Chris Martinez, Central Electric Jason Mascitti, Thrivent Financial Kenneth Matula, Gexa Energy Tom and Dorothy Mayan, The Mayan Agency Keli Mazzuca, CW Capital Scott McClintock, Fifth Third Bank Mark McClung, Amgen Jill McCullough, Performance Auto Mall Kimberly McDermott, MedSource Ed McDonnell, Salesforce Ed McLaughlin, Enerplus Resources (USA) Corporation Nicole McMahon, Novartis Heath Melton, Howard Hughes Corporation Mike Mendlik, BMC Sue Mercer-Cory, PaciﬁCorp Kathleen Meriwether, Ernst & Young Brent Merriman, Keller Williams Greater Columbus Realty Mark Merz, FIS Pam Michael, BVMLM, LLC Karen Mihalik, Cleveland Clinic Debra Milano, Perfumania Holdings, Inc. Kenneth Miller, Federal Home Loan Bank of San Francisco Mike Miller, Plastic Package, Inc. Tripp Miller, Peak 9, LLC Ryan Miller, Renaissance Financial Kris Miller, NexTitle Michael Miller, Jazz Pharmaceuticals Carol E. R. Miller, Rifenburg Construction Anoushka Mirchandani, Morgan Stanley Brad A. Molotsky, Duane Morris, LLP Michael F Monahan, CohnReznick, LLP Steven M Montner, MD, University of Chicago Medicine Rebecca Moomey, Bankers Trust Tom Mooney, KPMG Dr. Frank Moore, CellCycle Bryan Moore, IBTX Mike Mordaunt, Savills Studley Courtney Morgan, Goldman Sachs Deena Morgan, Gexa Energy Michael Moritz, KM Shower Doors Sonya Arnold Motes, Merrill Lynch Stephanie Mueller, RPM Pizza, Inc. Jamie Myers, Premier Companies Lisa Myers, Gerstle, Rosen & Goldenberg, P.A. Swati Navani, Seattle Genetics Marjie Nealon, Bilzin Sumberg Bobby Neuse, IES Commercial Robert Newton, Morgan Stanley Gary & Amy Norcoss, FIS Global

Toni Ketterer Frey

Paula Nylander, Jones Day Mark Nylander, SecureView Lynne O’Brien, Team LOL Susan O’Brien Morgan O’Brien, Peoples Matthew O’Bryan, KLA Laboratories, Inc. Vincent Oddo, Perfumania Holdings, Inc. Shawn O’Haver, O’Haver Plumbing Trish O’Keefe, Atlantic Health System Teresa Orton, IQVIA Richard Ostroff, Ostroff Associates Bruce T Owsiak, Market Speed Logistics, LLC Dan Paolini, NexxusPoint Marc Paquette, Paquette & Company, Ltd. Pranav Parekh Sue Park, NextEra Energy Bhuma Patel, Bhuma’s Team Kip Patron, Regions Bank Richard Paulson, Amgen Michael Pelﬁni, Deloitte Ron Pelletier, Pondurance Keith Pence, Caler, Donten, Levine, Cohen, Porter & Veil, P.A. Dean Penny, Kimley-Horn Katherine Perkins, BMC Connie Perry, HazMat Environmental Group Maggie Peter, BlackRock Tracy Peters, RED Capital Group Matthew Peterson, SF Giants Jennifer Petrillo, Accenture Malyna Phan, Wells Fargo Bank David Albert Pierce, Pierce Law Group, LLP Allison Piper, Manhattan Resources Scott Plocher, Plocher Construction Paul Poblocki, Johnson Controls Simon Pollitt, Circor International Fred Pond James Powell, AmTrust Bank/NYCB Ryan Pratt, Ernst & Young Darren Prenger, ECCO Select Christian Pruitt, Florida Power & Light Romuald Pycior Timothy J Quick, Wings Over The Leukemia & Lymphoma, Inc. Randy Quickel, United Food & Commercial Workers Union, Local 1059 Gayle Coleman Rader, Rader & Coleman Thomas Raffa, Raffa Financial Services, Inc. Ellyn Raftery, FIS Global Sallie Rainer, Entergy Texas Dr. Aravind Ramakrishnan, St. David’s Healthcare Juan Ramirez, Marsh Hasmukh Ranjan, Synopsys Barbara Rapaport Gene Rapisardi, CIGNA Corporation Shannon Ratchman, Walgreens Kristine Rauenhorst, Self Steve Ray, Hall Estill Law Firm Lisa Reale, Miami Cancer Institute Jeffry P Reaume, The Leukemia & Lymphoma Society Jay Reavis, Delta Dental of Tennessee Al Reba, Bristol-Myers Squibb Company Nathan Reed, CBRE Beverly Reese Mary Jane Reinhardt, Fletcher-Reinhardt Company Dan Rendler, SoCalGas George Retaleato, Mullooly,Jeffrey,Rooney & Flynn, LLP Kristal Ribblett, NASA Federal Credit Union Paul Ricci, Marlette Funding Tim Riordan, American Electric Power Michael A. Riotto Paul Rittman, Teva Pharmaceuticals Jacqueline Roberts Debra Robinson, Centennial Revenue Managment Scott Roby Curt Rocca, DCA Capital Partners Kyle Roderick, WebMD Kit Rodgers, Rambus

Helena Scott The Leukemia & Lymphoma Society’s Top Challenger

Richard Rohrbaugh, Kimley-Horn Michelle Roomsburg, BRR Refrigeration Annie Rose Stephen B. Rosen, Rosen & Company Rebecca Rossler Jade Rowe Mary Rowe, Salesforce Bill Rutherford, Hospital Corporation of America (HCA) Margie Ruttenberg, Margie’s Miracles Kristine Rutter, Wells Fargo Florence Ruttledge, Goldman Sachs Frank Rygiel, Walbridge Omar Samji, Jones Day Alex Samoylovich, CEDARst Companies Brad Sandbach, The Pumping Station, Inc. Marylou E Sandry, Marylou’s Coffee Leslie Satterlee, Woodnick Law, PLLC Tracey Sawyer, Mission Pharmacal Brian Schmidt, Black & Veatch Mike Schmidt, Generac Terry K. Schmoyer, Jr., Schmoyer and Company, LLC Brian Schneider, Phyl-Mar Electrical Supply Corp. Rick Schuerger, John Moriarty & Associates of Florida, Inc. Eduardo Schur, Navigant Matthew Schwartz, Aetrex Worldwide Evan Schwartz, Aetrex Worldwide Martin Schweitzer, Goldman Sachs Adrienne Scordato, Atrium PR Terri Seck, TCF Kenneth Seeber, Berkshire Bank Michael Seiden, MD., PhD., McKesson Specialty Health Norma Serna, BMC Alexa Serrecchia, The Leukemia & Lymphoma Society Jennifer Sheahan, Morningstar Mike G Shevlin, Intel Lisa Silver, Brand Addition Cynthia Simon, Celgene Mike Singer, Strategic Partners, Inc. Deanette Sisson, Kettering Medical Center Keith Sitzman, Skanska Taylor Skefﬁngton, Michael Page Brian Sladek, The Leukemia & Lymphoma Society Amy Smedley, Huntsman Corporation Stephen Smith, The Hogan Group Dee Anna Smith, Sarah Cannon Research Institute Dan Snyder, MolecularMD Tyler Spalding, Deloitte Carroll & Leonard Sparks, EBSCO Industries David Spiewak, Coldwell Banker LA Jolla Johnese Spisso, UCLA Health Jeff Spivack, Grant Thornton, LLP Cindy Squires, American Famliy Insurance Denis St. Pierre, Alterman Electric Robyn Stacy-Humphries, Charlotte Radiology Douglas Staebler, Washington Gas Don Stamas, Defender Capital Lisa Stark, Education Week Terri Staroska, The Leukemia & Lymphoma Society Kathy Stenberg Jeffrey Stern, Houlihan Lokey Craig Stevens, Signa Engineering John R Stierhoff, Venable, LLP Ralph Stingo, BernhardMCC Dr. Jesse A Stoff, MD, Linchitz Medical Wellness Chad Stonecipher, Walgreens Tami Stout, M.D., Family Physicians of Katy Steve Stouthamer, Skanska Abbie Strassler Lisa Strobel, PricewaterhouseCoopers Suzanne Strothkamp, Express Scripts, Inc. Kathryn Eckhoff-Stuart & Duncan Stuart, Dow Chemical Company Heather Stubbleﬁeld, Florida Power & Light Michael Stuckey, BMC Ray Subers, Aon

LightTheNight.org Mandi Feely Swain, Premier Mortgage Resources Cory Swain, Premier Mortgage Resources Anand Tandra, Franciscan Health Cancer Center Teresa Tanner, Fifth Third Bank Maureen Tarrant, Presbyterian/St. Luke’s Medical Center William Teator, Capital Advocates, LLC Frank Termini, Specialized Home Care Annie Thompson Sarah Thompson, Wells Fargo Brad Thompson, Wells Fargo Tana Thomson, Xenium HR Renee Thornton, Smoothie Whirl’d Jay Tilley, Costco Alison Tomasso, Granite Telecommunications Michael Touloupas, Touloupas & Touloupas Dentistry Ken Trainer, Chesmar Homes John Tubridy, LPL Financial Beverley Tuller, The Leukemia & Lymphoma Society Board of Trustees Michael Tweet, Koppers Railroad Structures Michelle Vanderwall, Caler, Donten, Levine, Cohen, Porter & Veil, P.A. Tiffany VanPelt, Wells Fargo Teresa Vaughn, Johnson & Johnson, Inc. Emily Velez, Hasbro, Inc. Ginger Villanti, CA Technologies Jen Wahl, Sun Life Financial John Walker, KPMG Beverly Walters, Takeda Oncology Matthew Walton, Deloitte Christopher Ward, CNA Financial Sue Ward, The Leukemia & Lymphoma Society Robert Warnement, Skadden, Arps, Slate Meagher & Flom, LLP Latricia A Warren, Aetna Jodi Waterman Kevin Watkins, New Cars, Inc Zach Weast, Rose Hill Bank Will Weatherford, Weatherford Partners John Weatherford, Sunshine Bank Alisha Weed, Pﬁzer Sherri Weiland, Lonza Sydney Weinberg, The Leukemia & Lymphoma Society Jack Weinstein, Kamo Manufacturing Wendy Weiss, Berkshire Hathaway Home Services Arizona Properties David Welsh, Travis Property Management Allen Whiteacre, Accenture Jerry Whittington, Valley Electrical Contractors, Inc. Alexander Wicklein, Bank of America Merrill Lynch Jeremy Wien, Och Ziff Capital Management Melissa Wilkinson, CBH Homes Greg Williams, Carruthers & Roth, P.A. Alyson Willis, The Leukemia & Lymphoma Society Barry Willis, Costco Jeff Willman, Citizens Energy Group Nicole Wise James Wishbow, Working for a Cure Michelle Wogan, Transwestern Valerie Wolloch, Salesforce Edward Wolochin, Zenith Real Estate Services Christopher Wood, WPX Energy Dan Worobetz, Fifth Third Bank Kenyon Worrell, BSA LifeStructures Chuck Yagla, Kirk Gross Company Jim Yancey, The Clearing House Ken Yoder, Baker Tilly Eric Yollick, Yollick Law Firm Meghann York, Salesforce Wael Younan, Goldman Sachs Jeff Young, Cynthia Woods Mitchell Pavilion Melissa Young, Corporate Incentives, Inc. Jack Zager Chris Zavadowski, LifetimeMarketingSuccess.com Elizabeth Zazo, Jodi’s Family & Friends Jackie Ziemianski, Peoples

T H E WO R L D ’ S B I L L I O N A I R E S

GerMany

WEALTH ORIGIN 12%

TOP SECTORS 32 FASHION & RETAIL 17 MANUFACTURING 17 HEALTH CARE 11 TECHNOLOGY 10 AUTOMOTIVE

72%

16%

GDP: $3.7 TRIL PoPulation: 83 MIL Billionaires: 123 (+9 VS. 2017) total net worth: $578.7 BIL (+$110.9 BIL VS. 2017)

INHERITED & GROWING INHERITED SELF-MADE

eXPAtRiAtes 15

Beate Heister & Karl Albrecht Jr. 

sYLT

$29.8 BIL #27 suPermarkets

Kiel

Georg Schaeﬄer 

$25.3 BIL #31 auto Parts

Susanne Klatten 

$25 BIL #32 Bmw, Pharmaceuticals

Stefan Quandt  $22 BIL #42 Bmw

bReMen

Dieter Schwarz 

$20.9 BIL #46 retail

Theo Albrecht Jr. & family 

$20.2 BIL #48 alDi, traDer Joe’s

Klaus-Michael Kuehne  $15.3 BIL #91 shiPPinG

Reinhold Wuerth & family 

$13.6 BIL #105 fasteners

Heinz Hermann Thiele & family  $12.9 BIL #113 Brakes

Hasso Plattner & family 

$12.7 BIL #116 software

Alexander Otto ★

$11.8 BIL #127 real estate

Udo & Harald Tschira 

$11.7 BIL #130 software

Michael Otto & family 

$11 BIL #138 retail, real estate

Walter P.J. Droege 

JULIA STOSCHEK

esPelKAMP

Newsmaker: Stoschek has assem-

bled a collection of contemporary loWeR sAXonY art that she exhibits in galleries in Düsseldorf and Berlin; her collection has attracted more than 100,000 detMold visitors over the past decade. Her bRunsWiCK bieleFeld latest exhibition in Berlin features work from American artist Arthur stRAelen gueteRsloh Jafa that centers on identity and race. Her fortune lies in her dudeRstAdt stake in German RhedA-WiedenbRueCK duisbuRg car-parts company Brose, founded MulheiM An deR RuhR by her grandfather Max Brose and now AllendoRF MARbuRg run by her father, Michael Stoschek. Melsungen KReFeld

$10.2 BIL #147 software

Cologne

$9.2 BIL #167 investments

$6.7 BIL #248 Pharmaceuticals

Aloys Wobben  $6.6 BIL #251 winD turBines Erivan Haub & family 

$6.4 BIL #265 retail

Guenther Fielmann & fam  $6.3 BIL #274 oPtometry

Maria-Elisabeth Schaeﬄer 

$6.3 BIL #274 auto Parts

Ralph Dommermuth  $5.9 BIL #296 internet service ProviDer Wolfgang Marguerre  $5.9 BIL #296 Pharmaceuticals

Martin Viessmann & family 

DresDen

Koenigstein

gRebenhAin

beRgish-glAdbACh

August von Finck 

Ludwig Merckle 

RB Leipzig Dietrich Mateschitz

leiPZig

hAigeR

Dietmar Hopp & family 

$6.8 BIL #242 GooGle

beRlin

dusseldoRF

$10.3 BIL #146 consultinG

Andreas von Bechtolsheim & family 

hAMbuRg

AuRiCh

bAd hoMbuRg

Oliver samwer

MontAbAuR

RottendoRF

Newsmaker: it’s

heRZogenAuRACh

FRAnKFuRt dARMstAdt the comeback of the neustAdt An deR copycats as oliver WAldnAAb and his brothers WeinheiM RHEINGAU marc and alexander neCKARsulM nuReMbeRg return to the wealth st. Wendel heidelbeRg ranks after a twoKuenZelsAu year hiatus, thanks mostly to a stronger bRuChsAl WAlldoRF gAildoRF euro. shares of rocksChWiebeRdingen et internet, the investment firm that oliver runs, are also up lAndshut Winnenden KARlsRuhe slightly. Best known for creating knockoﬀs of american tech firms, rocket internet has stuttgARt more than 100 companies in its portfolio, ineHC ReD BULL MUNCHeN ulM cluding online food-ordering firm Delivery Dietrich Mateschitz AugsbuRg hero, which went public in June.

$5.7 BIL #315 heatinG equiPment

AsChAu

ohningen

lAndsbuRg AM leCh

Friede Springer 

$5.6 BIL #321 PuBlishinG

MuniCh RosenheiM

stARnbeRg

Michael Herz & family 

tegeRnsee

$5.4 BIL #351 coffee

Wolfgang Herz & family  $5.4 BIL #351 coffee

weaLTH sTaTUs: WiNe-gROWiNg RegiON

OiL & gAS FieLDS AND DepOSiTS

92 | FOrBES March 31, 2018

MiNiNg & MiNeRALS

TiMBeR

FiNANCiAL CeNTeR

SpORTS TeAM

TeCH CeNTeR

pLAYgROUND

uP doWn  unChAnged  neW ★ RetuRnee 

PAssAu

GERMANY clockwise from toP left: isa foltin/Getty imaGes; cut 129 Germany Paul Gauselmann: friso Gentsch/ DPa/newscom; malte JaeGer/laif/reDux; krisztian Bocsi/BloomBerG. HUNGARY: akos stiller/BloomBerG

Elisabeth Mohn & family  $5.2 BIL #372 PuBlishinG

Gabriella Meister & family ★ $5 BIL #388 aPPliances

Juergen Blickle 

$4.7 BIL #441 auto Parts

Bernard Broermann  $4.7 BIL #441 hosPitals

Alexandra Schoerghuber  $4.7 BIL #441 real estate

Paul Gauselmann & family ★ $4.4 BIL #480 arcaDe Game machines

Theo Mueller 

$4.4 BIL #480 Dairy

Wolfgang Reimann 

$4.4 BIL #480 consumer GooDs

Matthias ReimannAndersen 

$4.4 BIL #480 consumer GooDs

Stefan Reimann-Andersen 

$4.4 BIL #480 consumer GooDs

Renate Reimann-Haas 

$4.4 BIL #480 consumer GooDs

Rainer Blickle 

$4.3 BIL #499 auto Parts

Axel Oberwelland  $4.1 BIL #527 canDy

Ursula Bechtolsheimer-Kipp ★ $4 BIL #550 retail

Otto Philipp Braun  $4 BIL #550 meDical technoloGy

Alfred Oetker  $2.4 BIL #1020 consumer GooDs

Hubertus Benteler 

Traudl Engelhorn & family 

August Oetker 

$2.4 BIL #1020 consumer GooDs

$1.7 BIL #1394 meDical technoloGy

Carl Ferdinand Oetker 

Rolf Gerling 

$4 BIL #550 Pharmaceuticals, meDical equiPment

Daniela Herz 

$3.9 BIL #572 coffee

$2.4 BIL #1020 consumer GooDs

Guenter Herz & family 

Christian Oetker 

$3.9 BIL #572 coffee

Hubert Burda & family  $3.8 BIL #588 PuBlishinG

Katharina Otto-Bernstein ★ $3.8 BIL #588 real estate

Andreas Struengmann  $3.7 BIL #606 Pharmaceuticals

Thomas Struengmann  $3.7 BIL #606 Pharmaceuticals

Friedhelm Loh 

$3.6 BIL #629 manufacturinG

Gabriele Volkmann ★

$3.6 BIL #629 auto Parts

Maren Otto ★

$3.5 BIL #652 retail

Clemens Toennies 

$3.5 BIL #652 meat ProcessinG

Yvonne Bauer 

$3.2 BIL #729 meDia

Otto Happel 

$3.2 BIL #729 enGineerinG

Kurt Krieger 

$3.2 BIL #729 furniture retailinG

Hans Georg Naeder 

$3.2 BIL #729 Prosthetics

Michael & Reiner SchmidtRuthenbeck 

$3.2 BIL #729 retail

Robert Toennies 

$3 BIL #791 meat ProcessinG

Hedda im Brahm-Droege  $2.9 BIL #822 consultinG

Paul Gauselmann Newcomer: A former part-time

jukebox operator and a tinkerer with 300 patents to his name, he launched his first slot machine in 1977. The Gauselmann Group has since produced more than 2 million in Germany and operates over 300 casinos in Germany and 8 other European countries. Gauselmann chairs the company, which had $1.9 billion in revenue in 2016.

Erwin Franz Mueller 

$2.9 BIL #822 DruGstores

Lutz Mario Helmig 

$2.6 BIL #924 hosPitals

Horst Julius Pudwill 

$2.5 BIL #965 manufacturinG

Klaus-Peter Schulenberg  $2.5 BIL #965 ticketinG service

Bergit Douglas  $2.4 BIL #1020 consumer GooDs

Hermann Langness 

$2.4 BIL #1020 fooD, retail

$2.4 BIL #1020 consumer GooDs

Julia Oetker 

$2.4 BIL #1020 consumer GooDs

Richard Oetker 

$2.4 BIL #1020 consumer GooDs

Rosely Schweizer  $2.4 BIL #1020 consumer GooDs

$1.7 BIL #1394 auto Parts

Ludwig Theodor Braun 

$1.7 BIL #1394 insurance

Peter Leibinger 

$1.7 BIL #1394 machine tools

Regine Leibinger 

$1.7 BIL #1394 machine tools

Torsten Toeller 

$1.7 BIL #1394 Pet fooD

Nicola LeibingerKammueller 

Monika Schoeller 

$1.5 BIL #1561 PuBlishinG

Peter Unger 

Dirk Rossmann & family 

Andreas Pohl 

Hans-Werner Hector 

Reinfried Pohl Jr. 

Josef Boquoi & family 

Karin Schick ★

Willibert Krueger 

Dieter Schnabel 

$2.1 BIL #1157 fooD ProcessinG

$1.3 BIL #1756 chemicals

Guenther Lehmann & family 

Gudrun Heine 

$1.2 BIL #1867 meDical Devices

Georg Nemetschek 

$2.1 BIL #1157 software

$1.2 BIL #1867 electronics retail

Sylvia Stroeher  $2.1 BIL #1157 cosmetics

Sybill Storz 

$1.2 BIL #1867 meDical Devices

$2.3 BIL #1070 DruGstores $2.2 BIL #1103 saP

$2.1 BIL #1157 frozen fooDs

$2.1 BIL #1157 DruG stores

Bernhard Braun-Luedicke 

$1.3 BIL #1756 mutual funDs

$2 BIL #1215 auto Parts

Wolfgang Egger ★ Frank Otto ★

Alexander Samwer  $1.1 BIL #1999 tech investments

Oliver Samwer 

Albert Berner & family 

Anton Kathrein Jr. 

Thomas Bruch & family 

Dirk Stroeer ★

Bernd Freier 

Peter-Alexander Wacker ★

$1.9 BIL #1284 retail

$1.9 BIL #1284 fashion retail

Johannes Kaercher 

Athens

eXPAtRiAtes

HunGary GDP: $138 BIL PoPulation: 10 MIL Billionaires: 1 (+1 VS. 2017) total net worth: $1.1 BIL (+$1.1 BIL VS. 2017)

$1.1 BIL #1999 tech investments $1.1 BIL #1999 tech investments

$1.9 BIL #1284 fasteners

Vardis Vardinoyannis & fam ★

$1.1 BIL #1999 oil & Gas

Marc Samwer 

Christoph Henkel 

$2 BIL #1215 consumer GooDs

$2.5 BIL #965 mininG, commoDities

Helga Kellerhals ★

$1.1 BIL #1999 retail

Fritz Draexlmaier 

$2.8 BIL #859 art collection

$1.3 BIL #1756 technoloGy

Eva Maria Braun-Luedicke 

$2 BIL #1215 meDical technoloGy

Philip Niarchos 

$1.3 BIL #1756 mutual funDs

$1.1 BIL #1999 real estate

Friederike Braun-Luedicke 

$3.2 BIL #729 BankinG, shiPPinG

$1.5 BIL #1561 PuBlishinG

$2 BIL #1215 meDical technoloGy $2 BIL #1215 meDical technoloGy

Spiro Latsis & family 

Aristotelis Mistakidis 

$1.5 BIL #1561 manufacturinG

Stefan von Holtzbrinck 

$2.4 BIL #1020 auto rePair

Greece GDP: $200.5 BIL PoPulation: 11 MIL Billionaires: 4 (+1 VS. 2017) total net worth: $9.6 BIL (+$3.1 BIL VS. 2017)

budAPest

$1 BIL #2124 antennas $1 BIL #2124 aDvertisinG

Sandor Csanyi ★

$1.1 BIL #1999 finance, real estate

$1 BIL #2124 chemicals

$1.9 BIL #1284 vacuums, cleaninG ProDucts

Friedrich Knapp 

$1.9 BIL #1284 fashion retail

hans-Georg naeder

Horst Wortmann 

naeder closed a deal in august to sell 20% of his prosthetics company ottobock to swedish private equity firm eqt for a reported $700 million. naeder’s grandfather founded the company in 1919 to make prostheses for world war i veterans. now 56, naeder took over when he was 28. ottobock has operations in more than 50 countries and revenues of $1.1 billion.

$1.9 BIL #1284 vacuums, home cleaninG ProDucts

Newsmaker:

$1.9 BIL #1284 footwear

Susanne Zimmermann von Siefart  Anna Maria Braun  $1.8 BIL #1339 meDical technoloGy

Johanna Braun 

$1.8 BIL #1339 meDical technoloGy

GeorGia GDP: $15.2 BIL PoPulation: 4 MIL Billionaires: 1 total net worth: $4.6 BIL (+$100 MIL VS. 2017)

Karl Friedrich Braun  $1.8 BIL #1339 meDical technoloGy

Julia Stoschek 

$1.8 BIL #1339 auto Parts

Maximilian Stoschek 

$1.8 BIL #1339 auto Parts

tbilisi

Bidzina Ivanishvili 

$4.6 BIL #456 investments

SANDOR CSANYI Newcomer: Hungary’s first

billionaire, Csanyi turned the country’s largest retail bank into one of the biggest financial-services firms in Central and Eastern Europe. He then moved into agriculture, buying a winery in the early 2000s and acquiring other assets to create Bonafarm Group, the largest vertically integrated agricultural and food conglomerate in Hungary.

March 31, 2018 FOrBES | 93

T H E WO R L D Õ S B I L L I O N A I R E S

HONG KONG* WEALTH ORIGIN

35%

TOP SECTORS 28 REAL ESTATE 9 MANUFACTURING 6 FASHION & RETAIL 5 GAMBLING 4 DIVERSIFIED

65%

INHERITED & GROWING INHERITED SELF-MADE

GDP: $341.9 BIL POPULATION: 7 MIL BILLIONAIRES: 68* TOTAL NET WORTH: $336.1 BIL (+$64 BIL VS. 2017)*

Lee Man Tat

Lawrence Ho  $2.5 BIL #965 CASINOS

NEWSMAKER: Lee, 88, has

Vincent Lo 

controlled 100% of Lee Kum Kee Group, the world’s largest oyster-sauce maker, since he bought out his brother in the 1980s. The 130-year-old LKK also produces one of the most popular soy sauces. In August the company’s property arm bought a famous London skyscraper, nicknamed the WalkieTalkie, for almost $1.7 billion.

$2.5 BIL #965 REAL ESTATE

Or Wai Sheun 

$2.5 BIL #965 REAL ESTATE

Vivien Chen 

$2.4 BIL #1020 REAL ESTATE

Chu Lam Yiu  $2.4 BIL #1020 FLAVORINGS Michael Ying 

$2.4 BIL #1020 RETAIL

Martin Lau 

$2.3 BIL #1070 E-COMMERCE

Tang Yiu 

$2.3 BIL #1070 FASHION RETAIL

Wong Man Li 

$2.3 BIL #1070 FURNITURE EXPATRIATES 11

Chan Tan Ching-fen  $2.2 BIL #1103 REAL ESTATE Tung Chee Hwa 

$2.2 BIL #1103 SHIPPING

Vivien Chen

Xiong Xuqiang & family 

FAMILY FEUD: A court ruling in July put

an end to a lengthy lawsuit between Chen and her mother, Yang Foo-oi, over the distribution of her late father Chen Din Hwa’s wealth. It denied her permission to appeal an earlier order that she pay her mother more than $1 billion. Chen had taken the reins of her family’s property developer Nan Fung Group in 2009 after her father was declared mentally incapacitated. She stepped down in 2016 and is now honorary chairman.

HONG KONG 56 HONG KONG SCIENCE PARK

$2.2 BIL #1103 REAL ESTATE

Tang Shing-bor 

$2.1 BIL #1157 REAL ESTATE

Huang Yi 

$2 BIL #1215 AUTO DISTRIBUTION

Robin Zeng ★

$1.9 BIL #1284 BATTERIES

Thomas Lau 

$1.6 BIL #1477 DEPARTMENT STORES

Allan Wong  $1.6 BIL #1477 ELECTRONICS Wu Jianshu 

$1.6 BIL #1477 AUTO PARTS

Albert Yeung 

LAN KWAI FONG

$1.6 BIL #1477 REAL ESTATE, RETAIL

DEEP WATER BAY

Tang Hsiang-chien 

REPULSE BAY

$1.5 BIL #1561 TEXTILES, ELECTRONICS

Henry Cheng ★

$1.4 BIL #1650 REAL ESTATE

William Fung  $1.4 BIL #1650 SOURCING Hoi Kin Hong1 

MACAU

$1.4 BIL #1650 REAL ESTATE

Michael Kadoorie 

Henry Cheng

Samuel Tak Lee 

Lee Shau Kee 

Pollyanna Chu 

NEWCOMER: His father, Cheng

Li Wa 

Lui Che Woo 

Francis Choi 

$34.9 BIL #23 DIVERSIFIED

$30.3 BIL #24 REAL ESTATE

$7.3 BIL #211 HOTELS, ENERGY $7 BIL #228 FINANCIAL SERVICES

$20.1 BIL #50 CASINOS

$6.4 BIL #265 REAL ESTATE

Joseph Lau 

$16.7 BIL #75 REAL ESTATE

Yeung Kin-man  $5.6 BIL #321 ELECTRONICS

Thomas & Raymond Kwok 

Pan Sutong 

$16.5 BIL #77 REAL ESTATE

Peter Woo 

$12.2 BIL #122 REAL ESTATE

Lee Man Tat 

$11.6 BIL #132 OYSTER SAUCE, REAL ESTATE

Gong Hongjia & family 

$5.5 BIL #334 REAL ESTATE, FINANCE

Lam Wai Ying 

$5.4 BIL #351 SMARTPHONE SCREENS

Pansy Ho 

$5.3 BIL #365 CASINOS

$5 BIL #388 REAL ESTATE

Hui Wing Mau 

Patrick Lee 

Walter Kwok 

Ye Chenghai & family 

$8 BIL #190 REAL ESTATE

Zhou Qunfei 

$7.8 BIL #198 SMARTPHONE SCREENS

$3.8 BIL #588 REAL ESTATE

Angela Leong 

$3.7 BIL #606 CASINOS

Edwin Leong 

$3.5 BIL #652 REAL ESTATE

Rita Tong Liu 

$3.4 BIL #679 REAL ESTATE

Li Sze Lim 

$3.3 BIL #703 REAL ESTATE

Ronald McAulay 

$3.2 BIL #729 ENERGY

Wu Kaiting ★

$3 BIL #791 ELECTRONICS

Law Kar Po 

$11.2 BIL #137 VIDEO SURVEILLANCE

$8 BIL #190 REAL ESTATE

Yu-tung, was Hong Kong’s third-richest person in 2016, the year he died. Yu-tung apparently put most of his wealth in a family trust for future generations. Henry, 71, makes his debut thanks to the value of Knight Dragon, the real estate developer that he owns and that’s behind the estimated $9.5 billion Greenwich Peninsula, a residential-and-commercial project under way in London.

$4.1 BIL #527 REAL ESTATE

Huang Shih Tsai 

$2.8 BIL #859 REAL ESTATE

$4.6 BIL #456 PAPER $4.5 BIL #466 PHARMACEUTICALS

Gordon Wu 

$1.3 BIL #1756 REAL ESTATE

Yu Peidi 

$1.3 BIL #1756 REAL ESTATE

King Pak Fu  $1.2 BIL #1867 REAL ESTATE Lo Ka Shui 

$1.2 BIL #1867 REAL ESTATE

Lo Siu-tong 

$1.2 BIL #1867 REAL ESTATE, HOTELS

Cui Lijie 

$1.1 BIL #1999 GAMBLING

Neil Shen 

$1.1 BIL #1999 VENTURE CAPITAL

Zhang Zhirong 

$2.8 BIL #859 SHIPPING

$1.1 BIL #1999 REAL ESTATE, SHIPBUILDING

Fong Yun Wah 

Hon Kwok Lung & family 

Cho Tak Wong 

Zhuo Jun ★

$2.5 BIL #965 AUTO PARTS

$4.4 BIL #480 TELECOM

$1.3 BIL #1756 FOOTWEAR, APPAREL

Tung Chee Chen 

$2.6 BIL #924 REAL ESTATE

Richard Li 

Lin Tianfu 

$1 BIL #2124 REAL ESTATE $1 BIL #2124 PRINTED CIRCUIT BOARDS

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE  *Includes Macau. 1Macau citizen.

94 | FORBES MARCH 31, 2018

FROM TOP: 360B/ALAMY; NO CREDIT; SCMP; JEROME FAVRE/BLOOMBERG

Li Ka-shing 

WHY PRINCIPLES BY RAY DALIO IS A MUST READ: “EVERYONE WITH GOALS AND DREAMS C A N L E A R N F R O M R AY ’ S A P P R O A C H ” MIKE BLOOMBERG

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“ C O M P E LJAMIE L IDIMON NG WORK” “ B E A U T I F U L LY W R I T T E N A N D F I L L E D W I T H S U C H W I S D O M ” ARIANNA HUFFINGTON

“ R AY H A S A G R E AT B O O K O U T Y O U A L L N E E D T O GET CALLED PRINCIPLES. IT’S A MAJOR KEY!!” SEAN (P.DIDDY) COMBS

“PRINCIPLES HAD A PROFOUND POSITIVE I M PA C T O N M Y L E A D E R S H I P S T Y L E ” REED HASTINGS

“RAY DALIO HAS PROVIDED ME WITH INVALUABLE GUIDANCE” BILL GATES

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“IT HAS ALREADY CHANGED HOW I THINK ABOUT MAKING DECISIONS IN MY LIFE AND IN MY BUSINESS.” TIM FERRISS

“I F O U N D I T T O B E T R U LY E X T R A O R D I N A R Y. ” TONY ROBBINS

“REMARKA B LY E N G A G I N G ” ANDREW ROSS SORKIN “RAY DALIO HAS CREATED THE STRONGEST CULTURE I ’ V E E V E R S E E N I N A N O R G A N I Z AT I O N ” ADAM GRANT

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T H E WO R L D Õ S B I L L I O N A I R E S

INDIA

HARIDWAR HISAR DELHI 23

GDP: $2.6 TRIL POPULATION: 1.3 BIL BILLIONAIRES: 119 (+18 VS. 2017) TOTAL NET WORTH: $440.1 BIL (+$114.6 BIL VS. 2017) WEALTH ORIGIN

RAJASTHAN ROYALS RUPERT MURDOCH & FAMILY

TOP SECTORS 20 HEALTH CARE

7% 47%

EXPATRIATES 11

46%

INHERITED & GROWING INHERITED SELF-MADE

16 MANUFACTURING 16 DIVERSIFIED 10 FINANCE & INVESTMENTS 9 FOOD & BEVERAGE 8 TECHNOLOGY

AHMEDABAD 7 BARODA

KOLKATA

MUMBAI 43

AURANGABAD 5

MUMBAI INDIANS MUKESH AMBANI

SUNRISERS HYDERABAD KALANITHI MARAN

MUMBAI FC SUBHASH CHANDRA

Mukesh Ambani 

$40.1 BIL #19 PETROCHEMICALS, OIL & GAS

Azim Premji 

$18.8 BIL #58 SOFTWARE SERVICES

Lakshmi Mittal 

$18.5 BIL #62 STEEL

Shiv Nadar  $14.6 BIL #98 SOFTWARE SERVICES Dilip Shanghvi  $12.8 BIL #115 PHARMACEUTICALS

Kumar Birla 

$11.8 BIL #127 COMMODITIES

Shashi & Ravi Ruia

HITEC CITY

BIGGEST LOSER: The brothers’

debt-laden steelmaker Essar Steel was put up for auction under India’s new Insolvency & Bankruptcy Code. London steel baron Lakshmi Mittal, who has been eyeing assets back home, got his ArcelorMittal to bid. Numetal, in which Ravi’s son Rewant holds a minority stake, also bid but may be disqualified because of ties to Essar— defaulters can’t participate in the auction.

HYDERABAD

PUNE 6

ELECTRONIC CITY

RISING PUNE SUPERGIANTS SANJIV GOENKA

BANGALORE 9

TIDAL PARK

GOA

CHENNAI

THRISSUR

Uday Kotak 

Radhakishan Damani

INFOPARK

$10.7 BIL #143 BANKING

BIGGEST GAINER: Damani’s wealth has more than

COCHIN

Radhakishan Damani & fam 

quadrupled, thanks to the March 2017 listing of Avenue Supermarts, which operates supermarket chain DMart. Shares have nearly tripled since the IPO, making him India’s biggest percentage gainer. Damani got into retailing in 2003 with one store in suburban Mumbai targeting middle-class shoppers. He was an investor before delving into retail and still has stakes in such companies as tobacco ﬁrm VST Industries.

$10 BIL #151 INVESTMENTS, RETAIL

Gautam Adani 

$9.7 BIL #154 COMMODITIES, PORTS

Cyrus Poonawalla 

$9.1 BIL #170 VACCINES

Savitri Jindal & family 

$8.8 BIL #176 STEEL

Sunil Mittal & family 

Hasmukh Chudgar 

$8.8 BIL #176 TELECOM

$3 BIL #791 PHARMACEUTICALS

Kushal Pal Singh 

Rakesh Jhunjhunwala 

Acharya Balkrishna 

Smita Crishna-Godrej 

$6.4 BIL #265 REAL ESTATE $6.3 BIL #274 CONSUMER GOODS

Vikram Lal 

$6.3 BIL #274 MOTORCYCLES

Nusli Wadia 

$3 BIL #791 INVESTMENTS

Bajaj brothers  $4.8 BIL #422 DIVERSIFIED

Kiran Mazumdar-Shaw 

Kapil & Rahul Bhatia 

Karsanbhai Patel 

Micky Jagtiani 

$4.5 BIL #466 AIRLINES $4.4 BIL #480 RETAIL

Kuldip Singh & Gurbachan Singh Dhingra 

Benu Gopal Bangur  $6 BIL #289 CEMENT

Rahul Bajaj  $4.3 BIL #499 MOTORCYCLES

Baba Kalyani 

Kalanithi Maran 

Pawan Munjal & family 

$3.5 BIL #652 PAINTS

$3.5 BIL #652 ENGINEERING

$4.1 BIL #527 MOTORCYCLES

Shashi & Ravi Ruia 

$5 BIL #388 MEDIA

Subhash Chandra 

B.R. Shetty  $4 BIL #550 HEALTH CARE

Anil Agarwal & family 

Pankaj Patel 

Sudhir & Samir Mehta 

$3.4 BIL #679 DIVERSIFIED

$3.3 BIL #703 MINING, METALS

$5 BIL #388 PHARMACEUTICALS

$3.9 BIL #572 DIVERSIFIED

Ashwin Dani 

M.A. Yusuff Ali  $5 BIL #388 RETAIL

Ravi Pillai  $3.9 BIL #572 CONSTRUCTION

Sameer Gehlaut & family 

Ajay Piramal 

Mangal Prabhat Lodha 

$4.9 BIL #404 PHARMACEUTICALS

Adi Godrej 

$3.6 BIL #629 CONSUMER GOODS

$6.2 BIL #281 CONSUMER PRODUCTS

$5.2 BIL #372 MEDIA

$2.9 BIL #822 CONSUMER GOODS

$3.6 BIL #629 BIOTECH

$3.3 BIL #703 PAINTS

$3.2 BIL #729 FINANCE

Rajan Raheja & family 

$3.7 BIL #606 REAL ESTATE

$3.1 BIL #766 DIVERSIFIED

$2.9 BIL #822 CONSUMER GOODS

Jamshyd Godrej 

$2.9 BIL #822 CONSUMER GOODS

Nadir Godrej 

$2.9 BIL #822 CONSUMER GOODS

Anurang Jain

Rishad Naoroji 

NEWCOMER: The nephew of motor-

$2.9 BIL #822 CONSUMER GOODS

Aloke Lohia 

$2.8 BIL #859 PETROCHEMICALS

Chandru Raheja 

$2.8 BIL #859 REAL ESTATE

Anil Ambani  $2.7 BIL #887 DIVERSIFIED P.V. Ramprasad Reddy  $2.5 BIL #965 PHARMACEUTICALS

cycle magnate Rahul Bajaj founded Endurance Technologies in 1985 to supply aluminum castings to his uncle’s Bajaj Auto. He listed the $867 million (revenue) autoparts firm in 2016; the stock has nearly doubled in the past year. His twin brother, Tarang, who controls privately held auto components maker Varroc Group, also debuts.

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

96 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

T H E WO R L D ’ S B I L L I O N A I R E S Jai Hari & Yadu Hari Dalmia & family ★

$2.4 BIL #1020 CEMENT

Abhay Firodia 

$2.4 BIL #1020 AUTOMOBILES

Leena Tewari 

$2.4 BIL #1020 PHARMACEUTICALS

Sunny Varkey 

$2.4 BIL #1020 EDUCATION

Murali Divi 

$2.3 BIL #1070 PHARMACEUTICALS

Harsh Goenka  $2.3 BIL #1070 DIVERSIFIED Murli Dhar & Bimal Kumar Gyanchandani ★ $2.3 BIL #1070 DETERGENTS

Shyam & Hari Bhartia ★

$2.2 BIL #1103 DIVERSIFIED

Vinod & Anil Rai Gupta  $2.2 BIL #1103 ELECTRICAL EQUIPMENT

Jitendra Virwani 

$2.2 BIL #1103 REAL ESTATE

Sanjiv Goenka  $2.1 BIL #1157 DIVERSIFIED Ravi Jaipuria 

$2.1 BIL #1157 SOFT DRINKS

Harsh Mariwala 

$2.1 BIL #1157 CONSUMER GOODS

N.R. Narayana Murthy 

$2.1 BIL #1157 SOFTWARE SERVICES

Vikas Oberoi 

$2.1 BIL #1157 REAL ESTATE

Vivek Chand Burman 

$2 BIL #1215 CONSUMER GOODS

Ramesh Juneja & family ★

$2 BIL #1215 PHARMACEUTICALS

Lachhman Das Mittal  $2 BIL #1215 TRACTORS

Mofatraj Munot 

$2 BIL #1215 REAL ESTATE

Arvind Poddar ★ $2 BIL #1215 TIRES

Arvind Tiku 

$2 BIL #1215 OIL & GAS, INVESTMENTS

Nandan Nilekani  $1.9 BIL #1284 SOFTWARE SERVICES

Ranjan Pai 

$1.9 BIL #1284 EDUCATION

Niranjan Hiranandani 

$1.5 BIL #1561 REAL ESTATE

Anurang Jain ★

$1.5 BIL #1561 AUTO PARTS

Rajju Shroff 

$1.5 BIL #1561 AGROCHEMICALS

Shamsheer Vayalil  $1.5 BIL #1561 HEALTH CARE

GDP: $25.1 BIL POPULATION: 335,000 BILLIONAIRES: 1 TOTAL NET WORTH: $2 BIL (+$200 MIL VS. 2017)

Krishna Kumar Bangur ★ $1.4 BIL #1650 GRAPHITE ELECTRODES

R.G. Chandramogan ★ $1.4 BIL #1650 DAIRY

K. Dinesh 

$1.4 BIL #1650 SOFTWARE SERVICES

Balkrishan Goenka 

IRELAND GDP: $328.6 BIL POPULATION: 5 MIL BILLIONAIRES: 9 (+1 VS. 2017) TOTAL NET WORTH: $38.2 BIL (+$4 BIL VS. 2017)

$1.3 BIL #1756 BANKING

Habil Khorakiwala  $1.3 BIL #1756 PHARMACEUTICALS

Mahendra Prasad 

$1.3 BIL #1756 PHARMACEUTICALS

Bhadresh Shah 

$1.3 BIL #1756 ENGINEERING

Harindarpal Banga 

$1.2 BIL #1867 COMMODITIES

Amit Burman 

$1.2 BIL #1867 CONSUMER GOODS

EXPATRIATES 5

INDONESIA

GDP: $1 TRIL; POPULATION: 264 MIL BILLIONAIRES: 20 TOTAL NET WORTH: $72.5 BIL (+$19.4 BIL VS. 2017)

Kochouseph Chittilappilly ★ $1.2 BIL #1867 MANUFACTURING

Ajay Kalsi 

$1.2 BIL #1867 OIL & GAS

Hemendra Kothari ★

$1.2 BIL #1867 FINANCIAL SERVICES

S.D. Shibulal 

$1.2 BIL #1867 SOFTWARE SERVICES

Basudeo Singh ★

$1.3 BIL #1756 SUPERMARKETS

Alexander Tedja 

$1.3 BIL #1756 REAL ESTATE

Harjo Sutanto 

$1.2 BIL #1867 CONSUMER GOODS $1.1 BIL #1999 CHEMICALS

Low Tuck Kwong 

Hary Tanoesoedibjo 

$1.5 BIL #1561 COAL

$1.1 BIL #1999 MEDIA

Eddy Kusnadi Sariaatmadja 

Sukanto Tanoto 

$16.7 BIL #75 BANKING, TOBACCO

Sri Prakash Lohia 

$7 BIL #228 POLYESTER

Tahir & family 

$3.5 BIL #652 DIVERSIFIED

Chairul Tanjung  $3.5 BIL #652 DIVERSIFIED

INDIA, MARKET: BAY ISMOYO/AFP/GETTY IMAGES. INDONESIA: DHIRAJ SINGH/BLOOMBERG

Sheela Gautam ★

$1.1 BIL #1999 MATTRESSES

Anand Mahindra 

Madhu Kapur ★

$1.7 BIL #1394 AUTOMOBILES

$1.1 BIL #1999 BANKING

Kishore Mariwala 

Satish Mehta 

$3 BIL #791 DIVERSIFIED

$2.9 BIL #822 PETROCHEMICALS

Murdaya Poo 

$2 BIL #1215 DIVERSIFIED

$1.1 BIL #1999 PHARMACEUTICALS

Raamdeo Agrawal ★

$1.4 BIL #1650 PALM OIL

Djoko Susanto 

$1.7 BIL #1394 DIVERSIFIED

$1.7 BIL #1394 CHEMICALS

Radhe Shyam Agarwal 

Martua Sitorus 

Michael Hartono 

Devendra Jain 

Analjit Singh 

$1.4 BIL #1650 REAL ESTATE

Peter Sondakh 

Prajogo Pangestu 

$1.7 BIL #1394 FINANCIAL TECHNOLOGY

Ciputra & family 

R. Budi Hartono  $17.4 BIL #69 BANKING, TOBACCO

Chirayu Amin  $1.1 BIL #1999 PHARMACEUTICALS

$1.5 BIL #1561 JEWELRY

Martin Naughton  $1 BIL #2124 HEATING EQUIPMENT

Rana Kapoor 

$1.7 BIL #1394 PHARMACEUTICALS

Joy Alukkas 

leadership style, the longtime CEO of Ryanair has turned cost-cutting into an art form, building the nofrills airline from an $85 million (sales) business into a $7.1 billion one. A former accountant, O’Leary worked as a financial advisor to the airline’s founder, Tony Ryan (d. 2007), before joining the company in 1988; he took over as CEO six years later.

$1 BIL #2124 STRIPE

DUBLIN 3

Yusuf Hamied 

$1.6 BIL #1477 CONSUMER GOODS

NEWCOMER: Known for his brash

$1 BIL #2124 STRIPE

Mochtar Riady & family 

$1.6 BIL #1477 AIR COOLERS

John Dorrance III  $2.8 BIL #859 CAMPBELL SOUP

Michael O’Leary

Patrick Collison 

$1.2 BIL #1867 PHARMACEUTICALS

Radhe Shyam Goenka 

$4.6 BIL #456 TELECOM

John Collison 

Dinesh Nandwana ★

$1.4 BIL #1650 REAL ESTATE

Denis O’Brien 

$1.1 BIL #1999 RYANAIR

MEATH

$1.4 BIL #1650 FINANCE

Subhash Runwal 

$6.6 BIL #251 PRIVATE EQUITY

Michael O’Leary ★

$1.4 BIL #1650 JEWELRY

Nimesh Kampani  $1.4 BIL #1650 SOFTWARE SERVICES

John Grayken 

Dermot Desmond  $2.3 BIL #1070 FINANCE

$1.8 BIL #1339 SOFTWARE SERVICES

Achal Bakeri 

$17.8 BIL #66 CONSTRUCTION

T.S. Kalyanaraman 

Samprada Singh 

$1.6 BIL #1477 CONSUMER GOODS

Pallonji Mistry 

$1.4 BIL #1650 TEXTILES

Senapathy Gopalakrishnan 

Vijay Shekhar Sharma 

Thor Bjorgolfsson  $2 BIL #1215 INVESTMENTS

$1.4 BIL #1650 ENGINEERING

$1.2 BIL #1867 PHARMACEUTICALS

$1.7 BIL #1394 CONSUMER GOODS

EXPATRIATE 1

Anu Aga 

$1.8 BIL #1339 CONSUMER GOODS

Anand Burman 

ICELAND

$1.9 BIL #1284 INVESTMENTS

Theodore Rachmat & fam 

$1.5 BIL #1561 MEDIA, TECH

Soegiarto Adikoesoemo 

$1.1 BIL #1999 DIVERSIFIED

Soegiarto Adikoesoemo TROPHY: Indonesia’s ﬁrst private museum dedicated to modern and contemporary art, Museum MACAN is the brainchild of chemicals tycoon Adikoesoemo’s son Haryanto. Located in Jakarta, the 43,000-squarefoot space opened in November and includes a sculpture garden featuring works by Jeff Koons and Yayoi Kusama, a children’s area and rotating exhibits. Haryanto also heads AKR Corporindo, which his father founded in 1960.

$1.1 BIL #1999 HEALTH CARE $1 BIL #2124 FINANCIAL SERVICES

Tarang Jain ★

$1 BIL #2124 AUTO COMPONENTS

Nirmal Minda ★

JAKARTA 14

SURABAYA BALI

$1 BIL #2124 AUTO PARTS

Ravindra Kishore Sinha ★

$1 BIL #2124 SECURITY SERVICES

KUDUS

SUMBAWA SUMBA

EXPATRIATES 3

MARCH 31, 2018 FORBES | 97

T H E WO R L D ’ S B I L L I O N A I R E S

ISRaEL

bEit yaNai NEtaNya

Gdp: $349.2 BIl populATioN: 9 MIl BillioNAires: 20 (+2 Vs. 2017) ToTAl NeT worTh: $57 BIl (+$2.9 BIl Vs. 2017)

silicon Wadi

bNEi brak PEtah tikVa

tEL aViV 9

ITaLY

InherIteD & GrOWInG InherIteD selF-MaDe

leonardo Del Vecchio & family 

augusto & Giorgio perfetti 

$7.9 BIl #196 phArmAceuTicAls

$6.6 BIl #251 cANdy

paolo & Gianfelice Mario

rocca  $4.9 BIl #404 pipe mANuFAcTuriNG

$11.8 BIl #127 druGsTores

Giorgio armani  $8.9 BIl #174 FAshioN

Giuseppe De’longhi 

silvio Berlusconi & family 

$4.3 BIl #499 coFFeemAkers

$8 BIl #190 mediA

EXPatriatEs 5

Idan Ofer 

$3.6 BIl #629 drilliNG, shippiNG

coRtina lake coMo

arnon Milchan 

$3.5 BIl #652 moviemAkiNG

adam neumann newsmaker: His oﬃce space

company WeWork received $4.4 billion from Japanese investment conglomerate SoftBank in March 2017, valuing WeWork at $20 billion. Last year WeWork acquired Flatiron School, a coding academy, and Meetup, a platform for organizing events. Neumann also found time for another milestone: He finally graduated from Baruch College, 15 years after he first enrolled. He gave the commencement speech at his own graduation in May.

shaul shani  $3.4 BIl #679 Telecom

stef Wertheimer & family 

trEViso inteR Milan ZHanG JinDonG ac Milan YonGHonG Li

Gil shwed 

$2.6 BIl #924 soFTwAre

adam neumann  $2.5 BIl #965 wework

Parma 4

alexander Machkevich  $2.3 BIl #1070 miNiNG, meTAls

modENa

scudeRia FeRRaRi PiEro FErrari

shmuel harlap ★

$1.9 BIl #1284 AuTomoTive

Marius nacht 

$1.6 BIl #1477 soFTwAre

Bologna Fc EManUELE saPUto & FaMiLY

casEttE d’EtE

soLomEo acF FioRentina DiEGo & anDrEa DELLa VaLLE

Mori arkin 

tuscanY

$1.4 BIl #1650 phArmAceuTicAls

saNt’ELPidio a marE

Zadik Bino 

romE 3

EXPatriatEs 5

$1.2 BIl #1867 miNiNG

liora Ofer 

$1.1 BIl #1999 iNvesTmeNTs

$5.7 BIl #315 meTAlworkiNG Tools

Morris Kahn 

shari arison  $5.5 BIl #334 cArNivAl cruises

lev leviev 

yitzhak tshuva 

Beny steinmetz 

$3.7 BIl #606 reAl esTATe

his luxury sports-car maker have more than doubled since its 2015 ipo and raced ahead 82% in the past year alone, in large part because of the brand’s increasing popularity. Ferrari sold a record number of cars in 2017, and its waiting list is on average one year. his father, enzo Ferrari, founded the company in 1947; his second and only living child, piero, is the largest individual shareholder and vice chairman.

tomboLo

miLaN

Dan Gertler 

$9.4 BIl #162 reAl esTATe, shippiNG

BIGGesT GaIner: shares of

como

$3.4 BIl #679 GAmBliNG soFTwAre

$1.2 BIl #1867 BANkiNG, oil

eyal Ofer 

bassaNo dEL GraPPa crocEtta dEL moNtELLo 5 moNZa

turiN

teddy sagi 

FASHION & RETAIL 9 FOOD & BEVERAGE 3 HEALTH CARE 2 ENERGY 1 CONSTRUCTION

Piero Ferrari

Massimiliana landini aleotti & family 

stefano pessina 

46%

42%

$23 BIl #37 NuTellA, chocolATes

$21.2 BIl #45 eyeGlAsses

tOp seCtOrs

12%

Gdp: $1.9 trIl; populATioN: 61 MIl BillioNAires: 43 (+1 Vs. 2017) ToTAl NeT worTh: $170.4 BIl (+$18.5 BIl Vs. 2017)

Giovanni Ferrero ✂

MaccaBi tel aViV Fc MitCHELL GoLDHar

Wealth OrIGIn

saRdinia

caPRi

$1 BIl #2124 soFTwAre $1 BIl #2124 diAmoNds

$1 BIl #2124 miNiNG, diAmoNds, reAl esTATe

shmuel Harlap newcomer: harlap joins the three-

comma club after tech giant intel bought israeli startup mobileye, a maker of software used in self-driving cars, for $15.3 billion in cash. Angel investor harlap had a 7.2% stake in mobileye, for which he paid about $12 million over several years. he also chairs colmobil, israel’s largest car importer, which his father bought in 1962.

renzo rosso newsmaker: In 2013 his multibillion-dollar fashion firm OTB—known for its denim brand Diesel—

pledged $6 million to restore one of Venice’s oldest bridges, Ponte di Rialto, under one condition: OTB would oversee the restoration. It completed the project in June 2017. And under budget. Rosso invested the unused $600,000 to upgrade the historic walkways around the famous bridge. weaLTH sTaTUs:

Wine-gRoWing Region

oil & gas Fields and dePosits

98 | FOrBES March 31, 2018

Mining & MineRals

tiMBeR

Financial centeR

sPoRts teaM

tech centeR

PlaYgRound

uP doWN  uNchaNGEd  sPLit fortuNE NEW ★ rEturNEE 

✂

renzo rosso & family  $4.1 BIl #527 FAshioN

Carlo Benetton 

$3.5 BIl #652 FAshioN, iNvesTmeNTs

Gilberto Benetton 

$3.5 BIl #652 FAshioN, iNvesTmeNTs

Giuliana Benetton 

$3.5 BIl #652 FAshioN, iNvesTmeNTs

luciano Benetton 

$3.5 BIl #652 FAshioN, iNvesTmeNTs

patrizio Bertelli 

$3.2 BIl #729 FAshioN

Miuccia prada 

$3.2 BIl #729 FAshioN

ennio Doris & family 

Japan Wealth OrIGIn 15% 11% 74%

$2.7 BIl #887 AuTomoBiles

InherIteD & GrOWInG InherIteD selF-MaDe

sandro Veronesi 

$2.7 BIl #887 FAshioN

hokkaido

newcomer: kuriwada debuts on our list fol-

lowing the december ipo of sG holdings, parent of Japanese package delivery service sagawa express. kuriwada, who has only a high school diploma, chairs the company and owns an 18% stake. his late father, kiyoshi sagawa, founded the company in 1957. Back in the 1990s the company was the focus of a big scandal: An executive at the Tokyo affiliate of sagawa express was convicted of making payoffs to politicians. sagawa, a billionaire in 1992, resigned as chairman that year; neither he nor kuriwada was charged.

Gdp: $4.9 trIl populATioN: 127 MIl BillioNAires: 35 (+2 Vs. 2017) ToTAl NeT worTh: $138.1 BIl (+$23.6 BIl Vs. 2017)

$3 BIl #791 FiNANciAl services

piero Ferrari 

Eiichi kuriwada

tOp seCtOrs 9 FASHION & RETAIL 6 TECHNOLOGY 4 GAMBLING 3 REAL ESTATE 3 MANUFACTURING 2 TELECOM

Francesco Gaetano Caltagirone 

tohoku Rakuten golden eagles HirosHi Mikitani

ibaraki

tokyo 23

$2.6 BIl #924 cemeNT, diversiFied

EXPatriatEs 2

luca Garavoglia 

$2.5 BIl #965 spiriTs

kyoto

saitama

chiba

luigi rovati & family  $2.4 BIl #1020 phArmAceuTicAls

osaka

kansai science citY

Gustavo Denegri 

Yokosuka ReseaRch PaRk

$2.3 BIl #1070 BioTech

Maria Franca Fissolo ✂

fukuoka

$2.2 BIl #1103 NuTellA, chocolATes

Mario Moretti polegato & family  $2 BIl #1215 shoes

yusaku maezawa

remo ruffini 

newsmaker: In May the founder of

$1.9 BIl #1284 luxury sporTsweAr

online fashion mall Zozotown purchased an untitled 1982 painting by Jean-Michel Basquiat for $110.5 million, a record price for the artist. Maezawa lent the piece to the Brooklyn Museum in New York for a show early this year. He says he plans to eventually build a museum in his hometown of Chiba to exhibit his collection, which also includes works by Jeff Koons, Picasso and Andy Warhol.

Diego Della Valle  Israel: AdAm NeumANN: JAmel ToppiN. Italy: piero FerrAri: ANdrew BurToN/GeTTy imAGes; posTcArd: QuAGGA mediA/AlAmy; reNzo rosso: JeFF GilBerT/AlAmy. Japan: clockwise From BoTTom leFT: Ted AlJiBe/AFp/GeTTy imAGes; kiyoshi oTA/BloomBerG; JAck TAylor/GeTTy imAGes; sTArT TodAy co/AFlo/Newscom

$1.8 BIl #1339 shoes

nicola Bulgari 

$1.7 BIl #1394 luxury Goods

paolo Bulgari 

$1.7 BIl #1394 luxury Goods

luigi Cremonini & family  $1.7 BIl #1394 meAT processiNG

kazuo okada

Domenico Dolce 

newsmaker: in June pachinko-machine maker universal entertainment removed okada as chairman as part of an investigation into what it says were fraudulent financial deals. in November the company— which okada founded in 1969—sued him for misconduct, seeking $17 million in damages. okada has reportedly denied wrongdoing. okada also reportedly sued his two adult children and his wife for control of the entity that holds his universal entertainment shares. he could not be reached for comment.

$1.7 BIl #1394 FAshioN

stefano Gabbana 

$1.7 BIl #1394 FAshioN

Massimo Moratti 

$1.7 BIl #1394 oil reFiNery

pier luigi loro piana  $1.6 BIl #1477 FAshioN

Gian Marco Moratti 

$1.6 BIl #1477 oil reFiNery

alberto prada 

$1.4 BIl #1650 FAshioN

Marina prada 

$1.4 BIl #1650 FAshioN

Brunello Cucinelli & family  $1.3 BIl #1756 FAshioN

andrea Della Valle  $1.3 BIl #1756 shoes

emanuella Barilla  $1.1 BIl #1999 pAsTA

Guido Barilla 

$1.1 BIl #1999 pAsTA

luca Barilla 

$1.1 BIl #1999 pAsTA

paolo Barilla 

$1.1 BIl #1999 pAsTA

Masayoshi son  $22.7 BIl #39 iNTerNeT, Telecom

yusaku Maezawa  $2.9 BIl #822 oNliNe reTAil

yoshiyuki sankai  $1.4 BIl #1650 roBoTics

tadashi yanai & family 

Chang-Woo han & family 

soichiro Fukutake 

takemitsu takizaki 

yoshiko Mori 

nobutoshi shimamura & family 

akira Mori & family 

takao yasuda 

shigenobu nagamori 

Katsumi tada 

hiroshi Mikitani 

satoshi suzuki 

Keiichiro takahara & family 

Masateru Uno & family 

akio nitori 

Masahiro noda 

$1.8 BIl #1339 soFTwAre

yasumitsu shigeta & family 

$1.1 BIl #1999 pAchiNko mAchiNes

Kenji Kasahara 

hiroshi Ishibashi ★

$19.5 BIl #55 FAshioN reTAil $17.5 BIl #68 seNsors

$6.3 BIl #274 reAl esTATe $5.6 BIl #321 moTors

$5.5 BIl #334 oNliNe reTAil $5 BIl #388 diApers

$4.4 BIl #480 home FurNishiNGs $4.1 BIl #527 moBile phoNe reTAiler

Masatoshi Ito 

$3.9 BIl #572 reTAil

Masahiro Miki 

$3.8 BIl #588 shoes

Kazuo Okada & family  $3 BIl #791 cAsiNos

$2.5 BIl #965 pAchiNko pArlors $2.5 BIl #965 reAl esTATe $2.2 BIl #1103 reTAil $2.1 BIl #1157 reAl esTATe $2 BIl #1215 cosmeTics $1.9 BIl #1284 druGsTores

$1.6 BIl #1477 sociAl NeTwork

yasuhiro Fukushima 

$1.5 BIl #1561 videoGAmes

nobutada saji 

$1.5 BIl #1561 BeverAGes

Kagemasa Kozuki 

$1.4 BIl #1650 videoGAmes

$1.3 BIl #1756 educATioN

$1.3 BIl #1756 reTAil

eiichi Kuriwada ★ $1.2 BIl #1867 pAckAGe delivery

Kentaro Ogawa & family  $1.2 BIl #1867 resTAurANTs

yoshikazu tanaka 

$1.2 BIl #1867 sociAl NeTwork

hideyuki Busujima 

$1.1 BIl #1999 Tires

yoshiko shinohara 

$1.1 BIl #1999 sTAFFiNG

susumu Fujita ★

$1 BIl #2124 iNTerNeT mediA

Masayuki Ishihara & family 

$1 BIl #2124 pAchiNko mAchiNes

March 31, 2018 FOrBES | 99

T H E WO R L D Õ S B I L L I O N A I R E S

LEBANON

GDP: $158 BIL POPULATION: 18 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $14.4 BIL (+$3.9 BIL VS. 2017)

GDP: $52.7 BIL POPULATION: 6 MIL BILLIONAIRES: 7 (+3 VS. 2017) TOTAL NET WORTH: $13.3 BIL (+$4.3 BIL VS. 2017)

Robert Mouawad & fam  Saad Hariri 

$1.5 BIL #1561 CONSTRUCTION, INVESTMENTS

Ayman Hariri 

$2.7 BIL #887 TELECOM

Dinara Kulibaeva 

$3.2 BIL #729 BANKING

Vladimir Kim  $3.1 BIL #766 MINING

$3.9 BIL #572 DENTAL IMPLANTS

$1.3 BIL #1756 CONSTRUCTION, INVESTMENTS

ALMATY

$3.2 BIL #729 BANKING

Christoph Zeller 

Fahd Hariri 

Najib Mikati 

Timur Kulibaev 

VADUZ

$1.3 BIL #1756 CONSTRUCTION, INVESTMENTS

$2.8 BIL #859 TELECOM

GDP: $6.3 BIL POPULATION: 37,900 BILLIONAIRES: 1 TOTAL NET WORTH: $3.9 BIL (+$1.2 BIL VS. 2017)

BEIRUT 3

$1.6 BIL #1477 FINE JEWELRY

Taha Mikati 

ASTANA

LIECHTENSTEIN

Bahaa Hariri  $2.1 BIL #1157 REAL ESTATE, INVESTMENTS, LOGISTICS

EXPATRIATES 4

WEALTH ORIGIN

MEXICO

TOP SECTORS

19% 37%

GDP: $1.1 TRIL; POPULATION: 124 MIL BILLIONAIRES: 16 (+1 VS. 2017) TOTAL NET WORTH: $141 BIL (+$24.3 BIL VS. 2017)

Jeronimo Arango & family 

$4.3 BIL #499 RETAIL

FOOD & BEVERAGE 3 METALS & MINING 2 FASHION & RETAIL 2 FINANCE & INVESTMENTS

44% INHERITED & GROWING INHERITED SELF-MADE

Antonio Del Valle Ruiz & family 

$3.4 BIL #679 CHEMICALS

Jose and Francisco Jose Calderon Rojas  $2.9 BIL #822 BEVERAGES

Carlos Hank Rhon  $2 BIL #1215 BANKING

Bulat Utemuratov 

$2.6 BIL #924 MINING, BANKING, HOTELS

Carlos Slim Helu & family 

Eva Gonda de Rivera & fam 

Alijan Ibragimov  $2.3 BIL #1070 MINING, METALS

German Larrea Mota Velasco & family 

Ricardo Salinas Pliego & fam 

$67.1 BIL #7 TELECOM

$7.1 BIL #222 RETAIL, MEDIA

$17.3 BIL #72 MINING

KUWAIT

Juan Francisco Beckmann Vidal & family 

GDP: $119 BIL POPULATION: 4 MIL BILLIONAIRES: 4 TOTAL NET WORTH: $5.2 BIL (–$200 MIL VS. 2017)

Emilio Azcarraga Jean 

México, one of the world’s largest copper miners, took its railway subsidiary GMéxico Transportes public on the Mexican stock exchange in November. The company has nearly 7,000 miles of railroads across Mexico and in Texas and Florida.

$5.9 BIL #296 BEER, INVESTMENTS

$10.7 BIL #143 MINING

$1.9 BIL #1284 BANKING

NEWSMAKER: Larrea’s Grupo

Maria Asuncion Aramburuzabala & family 

Alberto Bailleres Gonzalez & family 

Roberto Hernandez Ramirez 

Germán Larrea Mota Velasco

$7.1 BIL #222 BEVERAGES

$5.7 BIL #315 TEQUILA

$1.7 BIL #1394 TV BROADCASTING

Ruﬁno Vigil Gonzalez 

$1.4 BIL #1650 STEEL

David Penaloza Alanis  $1.3 BIL #1756 TOLL ROADS

Alfredo Harp Helu & family 

$1.2 BIL #1867 BANKING

Kutayba Alghanim FAMILY FEUD: Alghanim chairs

his family’s Alghanim Industries. Its diverse interests include the Wendy’s franchise in the Middle East and, in Kuwait, the auto dealerships that sell GM and Ford cars. He and his brother Bassam, also a billionaire, have been fighting over how to divide their late father’s business empire since at least 2007; the arbitration between them has dragged on for years.

KUWAIT CITY 3

EXPATRIATE 1

Bassam Alghanim  $1.4 BIL #1650 DIVERSIFIED Kutayba Alghanim 

$1.4 BIL #1650 DIVERSIFIED

Fawzi Al-Kharaﬁ 

$1.2 BIL #1867 DIVERSIFIED

Mohannad Al-Kharaﬁ  $1.2 BIL #1867 DIVERSIFIED

Emilio Azcárraga Jean NEWSMAKER: After two decades at the helm, Azcárraga resigned as CEO of Grupo Televisa, Mexico’s biggest broadcaster, in January at a challenging time. Ad revenues for Televisa’s TV unit fell 11% in 2017, following a net income plunge of more than 50% in 2016. Azcárraga, who owns nearly 15% of Televisa, is staying on as executive chairman of the company, which his grandfather founded. His late father, Emilio Azcárraga Milmo, is credited with turning Televisa into a powerhouse that exports its soap operas around the world.

MONTERREY

LOS CABOS SAN MIGUEL DE ALLENDE CLUB ATLAS RICARDO SALINAS PLIEGO CLUB LEON CARLOS SLIM HELU

PUNTA MITA

MEXICO CITY

CF PACHUCA CARLOS SLIM HELU

EXPATRIATE 1

OIL & GAS FIELDS AND DEPOSITS

100 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

Carlos Slim Helú RICHEST: Slim’s foundation partnered with Mexico’s National Autonomous University (UNAM) and Mexico’s National Human Rights Commission in March 2017 to help millions of Mexicans living in the U.S. apply to become American citizens. The groups support a website called Acceso Latino, which offers information about free legal aid and loans for the citizenship application fee.

SPORTS TEAM

TECH CENTER

PLAYGROUND

HOLBOX

TULUM CLUB AMERICA EMILIO AZCARRAGA JEAN

WEALTH STATUS: WINE-GROWING REGION

MEXICO: EMILIO AZCARRAGA: YADYN XOLALPA/EL UNIVERSAL/NEWSCOM; CARLOS SLIM: DANIEL CARDENAS/ANADOLU AGENCY/GETTY IMAGES; GERMAN LARREA: SUSANA GONZALEZ/BLOOMBERG

KAZAKHSTAN

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

PROMOTION

MERLE WOOD & ASSOCIATES Inviting You to Luxury Yacht Ownership

MERLE WOOD

KNOWS YACHTS. 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 as a child 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 has been a top global deal-producing yacht brokerage company for over 25 years. Leading a team of astute sales professionals, CEO Wood is a master of expertly navigating the yachting industry. His philosophy is simple: “It is important to sell a yacht knowing the client is going to be happy with it, so that he or she will return to MW&A to sell what they have and purchase their next boat from

us — and, equally important, recommend Merle Wood & Associates to their friends.” Wood learned two important adages at a young age from two very inﬂuential clients that are at the foundation of his philosophy and focus: “The bitterness of poor quality remains long after the sweetness of low price is forgotten,” and, “It’s not what it costs to buy, but what it costs to sell that establishes true cost.” Wood uses these two philosophies to guide each client to the very best yacht for their personal requirements. Merle Wood largely attributes his company’s great success to the strength of the client relationships he and his team work to establish and maintain, which result in substantial repeat and referral business. “Give us a call,” he says. “Our yachts are showcased in ports all around the world, and many will be on display in yacht shows throughout the year.”

Merle and Claire Wood onboard the 332Õ Attessa IV

“We have established solid relationships throughout the world by helping those privileged few enjoy the ultimate reward for their great success: their own private yacht.” —MERLE WOOD

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

TO DATE OUR SALES TEAM HAS SUCCESSFULLY CONCLUDED TRANSACTIONS VALUED IN EXCESS OF $30 BILLION DOLLARS BELOW IS A PARTIAL SELECTION OF YACHTS CURRENTLY MANAGED FOR SALE THROUGH MERLE WOOD & ASSOCIATES for Sale & Charter

EXCL

for Sale & Charter

USIV

E AG

295’/90m Royal Huisman 2004 ATHENA* for Sale & Charter

EXCL

for Sale & Charter

USIV

E AG

EXCL

E AG

190’/58m A&R 2007 LADY SHERIDAN*

ENT

E AG

ENT

197’/60m A&R 2012 EXCELLENCE V*

USIV

187’/57m Trinity 2012 LADY SARA

E AG

for Sale & Charter

USIV

EXCL

USIV

218’/66m ISA 2014 OKTO*

205’/62m Codecasa 2003 APOGEE* for Sale & Charter

E AG

EXCL

ENT

EXCL

ENT

USIV

for Sale & Charter

USIV

223’/68m Nobiskrug 2010 SYCARA V*

213’/65m Codecasa 2010/2016 DOUBLE DOWN for Sale & Charter

EXCL

ENT

for Sale & Charter

E AG

ENT

EXCL

USIV

E AG

ENT

173’/53m Oceanco 2000 SUNRISE*

* Not for sale or charter to US residents while in US waters.

CALL THE #1 YACHTING PROFESSIONALS TO PURCHASE, SELL, CHARTER OR BUILD YOUR SUPERYACHT PHONE: +1-954-525-5111 • FAX: +1-954-525-5165 • EMAIL: 8 8 8 E A S T L A S O L A S B O U L E V A R D • F O U R T H F L O O R

MAIL@MERLEWOOD.COM • WWW.MERLEWOOD.COM • F O R T L A U D E R D A L E , F L 3 3 3 0 1 U S A

T H E WO R L D Õ S B I L L I O N A I R E S JERAM

MALAYSIA

TAWAU

GDP: $315.4 BIL POPULATION: 32 MIL BILLIONAIRES: 14 (+2 VS. 2017) TOTAL NET WORTH: $61.8 BIL (+$16.1 BIL VS. 2017)

SIBU

SELANGOR

Lau Cho Kun 

Robert Kuok 

KUALA LUMPUR 9

$2.6 BIL #924 PALM OIL, REAL ESTATE

$14.8 BIL #96 PALM OIL, SHIPPING, REAL ESTATE

Kuan Kam Hon  $2.5 BIL #965 SYNTHETIC GLOVES

Ananda Krishnan 

$7.2 BIL #217 TELECOM, MEDIA

Quek Leng Chan 

$7.2 BIL #217 BANKING, REAL ESTATE

Koon Poh Keong ★

Teh Hong Piow 

Syed Mokhtar AlBukhary 

Lee Shin Cheng  $5.6 BIL #321 PALM OIL, REAL ESTATE

Jeffrey Cheah ★

Lim Kok Thay ★

$1.2 BIL #1867 RUBBER GLOVES

$2.4 BIL #1020 ALUMINUM $1.9 BIL #1284 DIVERSIFIED

$6 BIL #289 BANKING

$1.3 BIL #1756 DIVERSIFIED

Lim Wee Chai ★

$4.7 BIL #441 CASINOS

Tiong Hiew King 

Chen Lip Keong 

$1.1 BIL #1999 TIMBER, MEDIA

$3.3 BIL #703 CASINOS, REAL ESTATE

MOROCCO GDP: $110.7 BIL; POPULATION: 36 MIL BILLIONAIRES: 2 (–1 VS. 2017) TOTAL NET WORTH: $3.8 BIL (–$700 MIL VS. 2017)

EXPATRIATE 1

Lim Kok Thay

Robert Kuok

NEWCOMER: The son of late gaming

RICHEST: Ma-

billionaire Lim Goh Tong disclosed his stake in casino group Genting in November, following reports of a longrunning family dispute over ownership of the shares. His Nasdaq-listed Empire Resorts opened a resort in the Catskills in February that has over 150 table games and 2,150 slot machines.

laysia’s richest for 22 years, the press-shy mogul made headlines last year with a memoir, sharing little-known details of his life, including his days as a rice, sugar and wheat-flour trader as well as his ties to politicians in the early years of Malaysia’s independence. He controls an empire that includes hotel chain ShangriLa and agribusiness Wilmar International.

MONACO GDP: $6.9 BIL POPULATION: 39,000 BILLIONAIRES: 4 TOTAL NET WORTH: $6.9 BIL (–$200 MIL VS. 2017)

AS MONACO FC DMITRY RYBOLOVLEV

MONTE CARLO

EXPATRIATES 2

Tatiana Casiraghi 

$2.2 BIL #1103 BEER

David Nahmad  $1.9 BIL #1284 ART Ezra Nahmad  $1.5 BIL #1561 ART Lily Safra 

$1.3 BIL #1756 BANKING

NETHERLANDS GDP: $823.9 BIL; POPULATION: 17 MIL BILLIONAIRES: 9 (–1 VS. 2017) TOTAL NET WORTH: $35.5 BIL (+$3.9 BIL VS. 2017)

Charlene de Carvalho-

Heineken & family  $15.8 BIL #86 HEINEKEN

Frits Goldschmeding  $5.2 BIL #372 TEMP AGENCY Hans Melchers  $2.9 BIL #822 CHEMICALS, INVESTMENTS Ralph Sonnenberg 

Aziz Akhannouch & family 

$2.9 BIL #822 BLINDS

$2.2 BIL #1103 PETROLEUM, DIVERSIFIED

CASABLANCA

Hans Melchers

John de Mol 

$2.1 BIL #1157 TELEVISION

TROPHY: An avid art

Othman Benjelloun  $1.6 BIL #1477 BANKING, INSURANCE

NEPAL GDP: $24.9 BIL; POPULATION: 29 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $1.5 BIL (+$200 MIL VS. 2017) Binod Chaudhary 

$1.5 BIL #1561 DIVERSIFIED

Kommer Damen 

collector, Melchers opened his second MORE Museum in a 14th-century castle in the Dutch village of Ruurlo in June. It features works by Dutch painter Carel Willink and Chinese-Dutch fashion designer Fong Leng. His ﬁrst MORE Museum, which exhibits modern Dutch realist art, opened in Gorssel in 2015.

$1.8 BIL #1339 SHIPBUILDING

Lesley Bamberger 

$1.7 BIL #1394 REAL ESTATE

Robert Defares 

$1.6 BIL #1477 ELECTRONIC TRADING

Wim Van Der Leegte 

$1.5 BIL #1561 MANUFACTURING

KATHMANDU

Binod Chaudhary POLITICS: The chairman of CG Corp Global secured a nomination from the Nepali Congress party in the December federal elections. His party didn’t win, but now as a member of parliament sitting in the opposition, Chaudhary says he hopes to play a role in “furthering Nepal’s economic agenda.”

AMSTERDAM 3 BLARICUM VORDEN

GORINCHEM

Kommer Damen EINDHOVEN

NEWSMAKER: His $2.5 billion (sales) Damen Shipyards worked

with four other companies to develop the world’s first 3-D-printed ship propeller, the WAAMpeller. Built with 298 layers of nickel aluminum bronze alloy, the propeller was tested on one of Damen’s tugboats and displayed at its headquarters in November.

EXPATRIATES 2

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

102 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

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TECH CENTER

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CHILDHOOD POVERTY CREATES ADULT POVERTY CREATES CHILDHOOD POVERTY CREATES...

TODAY’S CHILDHOOD POVERTY MUST NOT BECOME TOMORROW’S. The cycle continues. Worldwide, millions of children live in extreme poverty. At ChildFund International, we ﬁnd this unacceptable. So we do all we can. In 25 countries, aided by generous sponsorships, we are vigorously ﬁghting poverty and improving the lives of over 11 million children and their families. Our programs support early childhood development, children’s health and education. And we help strengthen families’ economic security and self-sufficiency. We are committed to breaking this harmful cycle.

Learn more at childfund.org

80 Years

T H E WO R L D Õ S B I L L I O N A I R E S

NORWAY

NEW ZEALAND GDP: $191.9 BIL; POPULATION: 5 MIL BILLIONAIRES: 2 TOTAL NET WORTH: $12.2 BIL (+$800 MIL VS. 2017)

KAURI CLIFFS

AUCKLAND

Graeme Hart 

WEALTH ORIGIN

TOP SECTORS 3 FASHION & RETAIL 3

26.5%

GDP: $397.2 BIL POPULATION: 5 MIL BILLIONAIRES: 15 (+1 VS. 2017) TOTAL NET WORTH: $39.1 BIL (+$6.7 BIL VS. 2017)

47%

26.5% INHERITED & GROWING INHERITED SELF-MADE

$10.1 BIL #148 INVESTMENTS

DIVERSIFIED 3 FINANCE & INVESTMENTS 2 LOGISTICS 2 SERVICE

Richard Chandler 

$2.1 BIL #1157 INVESTMENTS

Kjell Inge Rokke

EXPATRIATE 1

RICHEST: New Zealand’s richest

CAPE KIDNAPPERS

since 2007, Hart assembled a packaging empire that includes Reynolds Wrap aluminum foil and trash-bag maker Hefty. In October he sold his 351-foot superyacht Ulysses for approximately $195 million.

TROPHY: In May, Rokke

commissioned the world’s largest yacht, REV, to be completed in 2020. The 596-foot boat will have all the typical amenities for a billionaire— including a gym and two helipads— but will also be a floating research center, with multiple labs, underwater vessels, a 40-seat auditorium and space for 90 scientists and crew. He’s partnered with the World Wildlife Fund Norway, which will also use the yacht. Rokke started out as a fisherman. Odd Reitan 

Alexandra Andresen 

$6.6 BIL #251 RETAIL, REAL ESTATE

NIGERIA

$1.4 BIL #1650 INVESTMENTS

Katharina Andresen 

Johan Johannson 

GDP: $376.5 BIL; POPULATION: 191 MIL BILLIONAIRES: 3 TOTAL NET WORTH: $20.9 BIL (+$1.3 BIL VS. 2017)

$1.4 BIL #1650 INVESTMENTS

$4.4 BIL #480 GROCERY STORES

Ivar Erik Tollefsen ★

Andreas Halvorsen 

$1.2 BIL #1867 REAL ESTATE

$3.7 BIL #606 HEDGE FUNDS

$1.1 BIL #1999 INVESTMENTS

$3.6 BIL #629 CRUISES

Aliko Dangote 

Kjell Inge Rokke 

Mike Adenuga 

Caroline Hagen Kjos 

Folorunsho Alakija 

Stein Erik Hagen 

$2.8 BIL #859 DIVERSIFIED

$5.3 BIL #365 TELECOM, OIL

$1.5 BIL #1561 OIL

Alexander Vik  $1 BIL #2124 INVESTMENTS

$3.5 BIL #652 SHIPPING, SEAFOOD

$14.1 BIL #100 CEMENT, SUGAR, FLOUR

$2.5 BIL #965 CONSUMER GOODS

LAGOS 3

Torstein Hagen 

ALIKO DANGOTE

Gustav Magnar Witzoe 

RICHEST: Dangote holds

Petter Stordalen & family 

KVERVA 1

$2.2 BIL #1103 CRUISES

on to his spot as Africa’s richest person while continuing to diversify his cement-heavy empire. His Dangote Fertilizer is slated to start operations this year, and his massive oil refinery is expected to open for business in late 2019.

EXPATRIATES 5

Svein Stole 

Arne Wilhelmsen & family 

$1.9 BIL #1284 FISH FARMING TRONDHEIM 1

$1.8 BIL #1339 HOTELS

Ivar Erik Tollefsen NEWCOMER: A rally car driver and polar explorer, Tollefsen made a fortune buying up more than 27,000 rental apartments across Scandinavia. At age 14, he started working as a DJ and soon ran a DJ supply business and built nightclubs. In the early 1990s, he started to invest in real estate through his company Fredensborg Norge AS. Tollefsen bought the building that formerly housed the U.S. Embassy in Oslo in late 2017.

VETTRE 1

OMAN GDP: $68.5 BIL POPULATION: 5 MIL BILLIONAIRES: 2 (–1 VS. 2017) TOTAL NET WORTH: $5.4 BIL (–$1.3 BIL VS. 2017)

OSLO 7

MUSCAT

Katharina Andresen NEWSMAKER: In April police pulled over an Audi Q3 near a tony ski resort in

Norway. The driver turned out to be Andresen, 22, the world’s second-youngest billionaire. Her blood alcohol content was three times the legal limit. Her lawyers argued that she was a student with limited funds, including a $1,100 monthly stipend. The court, which normally issues fines based on income, considered her stake in her family’s investment firm—an estimated 42% holding worth $1.4 billion—and handed her a $32,000 fine and 13-month driver’s license suspension.

Suhail Bahwan 

$3.9 BIL #572 DIVERSIFIED

P.N.C. Menon 

$1.5 BIL #1561 REAL ESTATE

EXPATRIATE 1

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

104 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

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NEW ZEALAND: GRAEME HART: FAIRFAX MEDIA/GETTY IMAGES. NIGERIA: ALIKO DANGOTE: MICHAEL PRINCE. NORWAY: KJELL INGE ROKKE: LISE AASERUD/ZUMA PRESS/NEWSCOM

Graeme Hart

T E L AV I V, I S R A E L M AY 6 –9, 2 01 8

#UNDER30SUMMIT

UNDER 30 SUMMIT GLOBAL The Under 30 Summit Global serves as the perfect setting for the sharpest business minds of today to bring their best ideas to life, intersect with fellow game-changers and redefine the future of their industries. Within these four days, you’ll have a chance to attend workshops with the world’s leading business mentors (our summits have featured everyone from digital entrepreneurs like Aaron Levie to Nobel Prize winner Malala Yousafzai to WeWork mastermind Adam Neumann), and explore the cultural treasures of the region alongside hundreds of international entrepreneurs. From the Old City to the Dead Sea, the Forbes Under 30 Summit Global will take you on an unforgettable journey.

T H E WO R L D Õ S B I L L I O N A I R E S

PHILIPPINES

PERU GDP: $215.1 BIL POPULATION: 32 MIL BILLIONAIRES: 6 (+1 VS. 2017) TOTAL NET WORTH: $10.9 BIL (+$2.5 BIL VS. 2017)

Carlos Rodriguez-Pastor 

Jorge Rodriguez Rodriguez 

Vito Rodriguez Rodriguez 

Eduardo Hochschild 

Ana Maria Brescia Cafferata 

Eduardo Belmont Anderson 

SCIENCE CITY OF MUÑOZ

$1.5 BIL #1561 PROCESSED MILK

$3.4 BIL #679 FINANCE

$1.9 BIL #1284 PROCESSED MILK

WEALTH ORIGIN

GDP: $313.8 BIL POPULATION: 105 MIL BILLIONAIRES: 12 (–2 VS. 2017) TOTAL NET WORTH: $55.3 BIL (+$9.5 BIL VS. 2017)

LIMA 6

TOP SECTORS

25% 75%

INHERITED & GROWING INHERITED SELF-MADE

DIVERSIFIED 3 FOOD & BEVERAGE 1 ENERGY 1 FINANCE & INVESTMENTS 1 REAL ESTATE 1 LOGISTICS

$1.4 BIL #1650 MINING

$1.5 BIL #1561 MINING, BANKING

$1.2 BIL #1867 COSMETICS

MANILA 12

POLAND WARSAW

CHROSTNIK

KROTOSZYN KONSTANCIN

GDP: $522 BIL POPULATION: 38 MIL BILLIONAIRES: 6 (+2 VS. 2017) TOTAL NET WORTH: $13.8 BIL (+$3.9 BIL VS. 2017)

PALAWAN

KIELCE

Jerzy Starak

Henry Sy

Starak chairs the supervisory board of Polpharma, which says it is Poland’s largest drug manufacturer. In 2000 he helped privatize the business, which specializes in pharmaceuticals used in cardiology, neurology and gastroenterology. He founded the chemical company Comindex in the 1970s. Dominika & Sebastian Kulczyk 

DAVAO CITY

$3.8 BIL #588 DIVERSIFIED

$1.4 BIL #1650 REAL ESTATE, RETAIL

Michal Solowow 

Jerzy Starak ★

Zygmunt Solorz-Zak 

ting on a comeback for himself and his luxury property ﬁrm Alphaland, which delisted from the Philippines Stock Exchange in 2014 after a messy split from U.K. investment group Ashmore. In 2016, Philippine president Rodrigo Duterte vowed on TV to destroy oligarchs and singled out Ongpin. Undeterred, Ongpin (pictured with his daughter) has been building luxury villas on Balesin Island. He also has plans to construct an international airport on nearby Patnanungan Island, most of which he bought up over the past two years. He says he will relist his ﬁrm by next year.

Tomasz Biernacki ★

$2.8 BIL #859 TV BROADCASTING

$1.2 BIL #1867 RETAIL

PORTUGAL GDP: $217 BIL POPULATION: 10 MIL BILLIONAIRES: 1 (–3 VS. 2017) TOTAL NET WORTH: $5.1 BIL (–$5.6 BIL VS. 2017)

NEWSMAKER: Best known for his

NEWSMAKER: Ongpin is bet-

$1.4 BIL #1650 PHARMACEUTICALS

$3.2 BIL #729 INVESTMENTS

Tony Tan Caktiong

Roberto Ongpin

Dariusz Milek 

GRIJÓ

Maria Fernanda Amorim & family ★

fast-food restaurant chain Jollibee, the foodie is increasingly betting on real estate. His DoubleDragon Properties is building a 1,001room eco-friendly hotel in Boracay and a 519-room hotel in Davao City, Mindanao.

by 57% over the past year because of the strong performance of his SM Investments, a holding company that owns shopping malls, banks and buildings. The 93-year-old is founder of the SM Group and chairman emeritus of SM Investments, which invested in a chain of dormitories for young professionals in April.

Henry Sy 

$20 BIL #52 DIVERSIFIED

John Gokongwei Jr. 

$5.8 BIL #305 FOOD, BEVERAGES

Enrique Razon Jr.  $4.9 BIL #404 PORTS Lucio Tan  $4.7 BIL #441 DIVERSIFIED Tony Tan Caktiong  $4 BIL #550 FOOD

George Ty 

$3.9 BIL #572 BANKING

Manuel Villar 

$5.1 BIL #382 ENERGY, INVESTMENTS

$3 BIL #791 REAL ESTATE

ROMANIA

QATAR GDP: $165.9 BIL POPULATION: 3 MIL BILLIONAIRES: 2 TOTAL NET WORTH: $2.8 BIL (–$900 MIL VS. 2017)

RICHEST: Sy’s fortune surged

Faisal Bin Qassim Al Thani  DOHA

$1.6 BIL #1477 HOTELS, DIVERSIFIED

Hamad bin Jassim bin Jaber Al Thani  $1.2 BIL #1867 INVESTMENTS

BUCHAREST

Ion Tiriac 

GDP: $210 BIL POPULATION: 20 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $1.2 BIL (+$100 MIL VS. 2017)

$1.2 BIL #1867 BANKING, INSURANCE

Andrew Tan 

$2.7 BIL #887 DIVERSIFIED

Ramon Ang 

$2.5 BIL #965 DIVERSIFIED

Robert Coyiuto Jr  $1.4 BIL #1650 POWER

Eduardo Cojuangco 

$1.3 BIL #1756 FOOD, BEVERAGES

Roberto Ongpin  $1.1 BIL #1999 DIVERSIFIED

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

106 | FORBES MARCH 31, 2018

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PHILIPPINES, CLOCKWAISE FROM UPPER RIGHT: NANA BUXANI/BLOOMBERG; JEROME FAVRE/BLOOMBERG; RICHARD R HANDLEY/ALAMY; SONNY THAKUR.

N E WCOME R :

Promotion

MEXICO

economic resilience despite nafta uncertainty With the future of the North American Free Trade Agreement (NAFTA) hanging in the balance and President Trump continuing to talk tough, you might imagine that Mexico’s economy was suffering, that investors — especially those from the U.S. — were staying away and that Mexican businesses were retrenching. Quite the opposite is true.

onshore fields with an unconventional component — Mexico has a lot of those,” Waggoner states. In addition, the company is “evaluating other zones, because we have identified tremendous opportunities and there are huge areas for new discoveries.” MPC plans to finance its larger projects with the help of equity investors or banks, which are increasingly interested in Mexican energy. This is due to the fact that reforms in the sector were built after consultation with businesses, he thinks: “The interplay between public and private is extraordinary here. Investors look at that and go, ‘Wow, with that kind of certainty, and open and active relationship, Mexico is the kind of place where I want to put my investment.’”

Photo: Rincones de mi Tierra

The peso is healthy and Mexico’s foreign direct investment (FDI) is booming. Over the first three quarters of 2017, it received $21.75 billion in FDI, up 10% from 2016, with 40.3% coming from new investments and 47.8% from U.S. investors. Companies in Mexico are very optimistic, whatever happens to NAFTA. “It is true that if we cannot solve NAFTA, we’ll face challenges,” says Angel M. Junquera Sepúlveda, lawyer and partner at Junquera y Forcada, “but behind every problem is an opportunity, and Mexico offers a great opportunity.” He predicts, “There will be a boom in the energy sector within five or six years,” due to recent industry reforms that have opened it up to private investments. William J. Waggoner, CEO of U.S.-owned Mexico Petroleum Company (MPC), agrees: “The Mexico-U.S. trade relationship is not going away and the billions of barrels of oil in Mexico are not going away either.” Waggoner has been studying Mexico’s oil and gas since the 1980s, when he became aware of

Paseo de la Reforma, Mexico City

“Behind every problem is an opportunity, and Mexico offers a great opportunity.” anGel m. Junquera sepúlveda lawyer and partner, Junquera y forcada

the immense size of the country’s onshore reserves. While waiting for these to become available to private investors, Waggoner’s company worked in the U.S.’s Permian Basin, becoming efficient at finding and extracting oil cost-effectively. In Mexico, he has taken that experience and put together a

team he describes as “a mixture of preeminent geologists and petroleum engineers from Mexico and the U.S., and Spanishspeaking drillers who were the backbone of the Permian Basin’s development.” MPC focuses on “the safe and efficient exploration and production of oil and gas from mature, established

Growth in mexican-u.s. trade Manufacturing received 43.4% of the FDI in Mexico in the first nine months of 2017 and is another booming sector seeing increasing Mexican-U.S. interaction. Arturo Merikanskas, CEO of Grupo Merik Enterprises, a manufacturer and distributor of

Mexico Petroleum Company an exploration and production company

Vision and Commitment We combine decades of successful oil and gas experience in Mexico with the best practices of Permian Basin state-of-the-art production technology. Mexico Petroleum Company 222 Paseo de la Reforma, Level 18, Col. Juarez, Mexico City, 06600 Phone: +52 (55) 1253 7188 | Fax: +52 (55) 1253 7090 | Mexicopetroleumcompany.com

Economic Development

Promotion

with end users. So we started a brand-recognition process. We have opened about 50 sales franchises in our name and offices throughout the Americas. We plan to double our number of franchises by next year.” To further penetrate the U.S., Grupo Merik Enterprises has bought innovative Canadian door and gate-automation company Service Door Industries, which extends its range of indemand technologies. To date, the company has grown organically, but it is now considering bringing in external investors, in order to take full advantage of the potential in its markets.

items for both the automotive and residential sectors, says, “It is business as usual. In fact, we have many new projects with U.S. companies that manufacture in the U.S. but want to come to Mexico to be more competitive.” Grupo Merik Enterprises is involved in the manufacturing of metal auto parts, a sector with “great growth potential,” Merikanskas believes; “We have been granted many licenses to produce goods in Mexico and export them to the U.S. and elsewhere. To make the most of this, we have embarked on new ventures, such as hot forging, and are investing in renewing our processes to be more competitive.” The company is also Mexico’s market leader for garage doors and door openers, which it sells to property owners. Here again, the company is confidently investing. “We were very well positioned in business-tobusiness, but not necessarily

The Legal Position While there is general optimism about the future of trade between the two countries, “it is always better to prevent problems and be prepared,” states Junquera Sepúlveda. Junquera y Forcada is one of a number of Mexican law firms with U.S.

JUNQUERA Y FORCADA, S.C

Integral Legal Services Civil, mercantile and criminal litigation services. Legal consultancy at a domestic and international level. Corporate consultancy.

+52 (55) 5488-1420 bufete@junquera.com.mx www.junquerayforcada.com.mx

Economic Development

clients who are concerned about the possible ramifications of any changes to NAFTA. “What we do is analyze their contractual conditions, see how tax increases could af fec t them William J. Arturo Merikanskas, and, in case NAFTA Waggoner, CEO, CEO, Grupo Merik is dissolved, con- Mexico Petroleum Enterprises sider the relevant Company measures to take to prepare for the worst-case sce- substantial investments in electricity and hydrogen, and in the nario,” he explains. “An eventual increase in tar- construction sector there are big iffs with the U.S. will not mean projects.” FDI is also coming in for worldthe end of commercial relations between us, and we should not class industries, as the Mexican forget that we have the Gen- workforce becomes increasingly eral Agreement on Tariffs and skilled and specialized, he points Trade to fall back on,” Junquera out: “Mexico is the first country to have a university focused Sepúlveda notes. Mexico already has a wide on the aeronautical sector, for range of international trade example.” The legal system itself is a secagreements, and he expects more will follow. This, coupled tor that has seen considerable with the recent reforms in Mex- reform. “Today we have conico, will soon result in a huge ciliation, arbitration and other increase in FDI, he says: “The alternatives to solve conflicts. severe structural reforms were We did not have these before very important and are already and it favors international invesworking — a window of oppor- tors. Everything is more agile and provides certainty,” he declares. tunity is opening for Mexico.” Luis A. Cervantes Muñiz, lawJunquera y Forcada is a leading boutique firm that has had yer and partner at Cervantes commercial and professional Sainz, confirms that Mexico’s links with the U.S. for over three judicial and legal system “works decades. To ensure it continues if you want it to work — and if you to offer its increasing number of know how to make it work. You foreign clients the best advice, just have to know how to apply it has joined more international or implement the law. My job is bar associations and taken on to give credibility to the Mexican extra staff, although it intends to legal system and to let investors know that they are protected.” remain boutique and selective. One of the main differentiaIts lawyers have also received detailed training on the coun- tors of his firm of about 60 lawtry’s recent reforms, provid- yers is that it specializes in both ing Junquera Sepúlveda with transactional and litigation serinsight into the prime sectors for vices. From offices in Querétaro, Cancún and Mexico City, the investment. Agriculture in Mexico is receiv- Cervantes Sainz team “goes to ing significant FDI, Mexican criminal, civil and administrative food products are increasingly courts every day,” notes Cervisible around the world, and vantes Muñiz. Another specialty is assisting the predicted boom in energy is not limited to oil and gas, he investors during mergers and states: “We are witnessing very acquisitions, which Cervantes

Promotion

Muñiz believes will see dynamic activity in 2018, helped by a relatively new competition law, which “is modern, works and is constantly changing to adapt to reality,” he states. “Mexico has always received foreign investment with open arms and has always treated investors in a fair way. It will continue like that,” Cervantes Muñiz adds, highlighting that numerous international investors have been able to take advantage of this openness in sectors as varied as financial services, banking, mining, automobiles and tourism. No shift in policies, he says, will change the size of the opportunities in the country: “The beaches will still be here, and so will the land, the factories and the workforce.” Cervantes Sainz has a “great business mix of corporate transac tional work, mergers and acquisitions, project finance, energy, litigation and so on,” details Cer vantes Muñiz. It also has a reputation for being focused on retaining quality control over the services it offers and, as a result, it assists many of the foreign investors coming into Mexico. “Around 30%-40% of our clients are international, mainly from the U.S.,” he says. When meeting potential clients, he is happy to tell them: “Come to me, because in this country the law exists and it works in favor of those who know how to use it.” Fernando Hegewisch D. I., lawyer and partner at Hegewisch Abogados, agrees that it is important for those looking to

do business in Mexico to seek expert advice: “Mexico can be a complex market at times, especially for new investors. It is very important to be well backed up by a law firm that can provide the right guidance — especially when it comes to litigation.” Hegewisch’s father, Everardo A. Hegewisch, founded the company in 1959. It is dedicated to litigation and consultation in civil, commercial and financial matters, including national and international arbitration. It is also internationally recognized, with the Legal 500 ranking it as one of Mexico’s best firms for dispute resolution. Finance is a specialty, with Hegewisch authorized as a legal auditor of stockbroking companies, but the firm has up to ten other attorneys, who have individual specializations. “We are a boutique law firm with a proven reputation over years of practice, with national and international clients,” says Hegewisch. “I personally take care of all my clients and all cases go through my hands, which I believe is key for the success of both our clients and the firm.” Now Is the Time to Invest Another top lawyer, José Antonio García Alcocer, founded García Alcocer Abogados over 30 years ago, and today heads a team of 15 lawyers and support staff. Since its foundation, the firm has been boutique in nature and in recent years has focused on developing a solid arbitration practice. “We always recommend the client to negotiate first before choosing litigation,” says

García Alcocer. The firm is very well positioned to assist corporations that trade disputes bet ween Mexico and the U.S. may affect. “We’ve been advising many international companies Angel M. Junquera Fernando Hegewisch wishing to invest in Sepúlveda, Lawyer D. I., Lawyer and Mexico who come and Partner, Partner, Hegewisch to us looking for Junquera y Forcada Abogados advice on possible scenarios that may arise from instead to take on delicate cases the current economic policy of and ensuring personal attention the U.S.,” notes García Alcocer. to our clients at all times.” As an experienced legal adviIn fact, many of its clients are currently foreign individuals and sor to foreign investors, García Alcocer is adamant about international companies. As for the firm’s growth strat- Mexico’s potential: “Today is egy, García Alcocer says they it probably the best time to invest has no plans for opening new in Mexico. Obviously the Trump offices because “the reality is factor and this year’s elections in that clients are already coming Mexico represent risks. But the to us.” Indeed, so keen is he to risks are transitory, and the fact preserve the boutique quality is, a solid Mexican economy will of the firm that “major growth is always be an attraction for fornot our principal goal, preferring eign investments.”

Whatever your need, our experienced Law Firm, with an international client base and offices in Mexico City, Cancun and Bajio, can help. • Complex and sophisticated civil, commercial, antitrust and securities litigation • Aviation as well as aircraft finance • Bank, stock exchange and financial • Economic competition • Corporate and mercantile • Energy • Mergers and acquisitions

The solution to commercial, financial and civil litigation issues in Mexico Jose Ma Ibarrán No 29 Col San Jose Insurgentes, Mexico City, Mexico Tel: +52-55 5651-0600 | Fax: +52-55 5660-8190 hegewisch.abogados@hegewisch.com.mx www.hegewisch.com.mx

• Real estate • Insolvency and restructuring • Labor

Tel: +52 (55) 9178 5040 info@cervantessainz.com | www.cervantessainz.com

MExico ciTy · cANcUN · BAjio

Economic Development

T h e Wo r l d ’ s b i l l i o n a i r e s

Russia

WeaLTh ORIgIn

TOp SecTORS

andRey andReeV

22 ENERGY 18 METALS & MINING 100% 16 FINANCE & INVESTMENTS 8 InheRITed & gROWIng InheRITed MANUFACTURING

GDP: $1.6 TRIL PoPulation: 144 MIL Billionaires: 102 (+6 VS. 2017) total net worth: $410.8 BIL (+$24.5 BIL VS. 2017)

SeLf-Made

Dmitry rybolovlev trophy: Rybolovlev sold Leonardo da Vinci’s “Salvator Mundi” for a

record-breaking $450 million in November; the buyer was reported to be Saudi Arabia’s Crown Prince Mohammed bin Salman. Despite the high price, Rybolovlev is suing the art dealer, Yves Bouvier, who brokered the original sale to him for $127.5 million in 2013. Rybolovlev, who acquired 38 works through Bouvier, alleges that he was overcharged by an estimated $1 billion for the combined purchases. Bouvier denies any wrongdoing.

NeWcomer: this russian entrepre-

neur is the ultimate matchmaker. in 2004 he founded mamba (renamed wamba), a russian online dating site that now has 31 million users in 15 countries. two years later he started Badoo, today the world’s largest online dating site, with over 377 million users in 47 languages across 190 countries. most recently he invested $10 million in seed money for a 79% stake in Bumble, america’s fastest-growing dating-app company, with over 28 million registered users.

sT. PETERsbuRg

SeverStaL cherepovetS herepovet Alexei MordAshov

suRguT Fc Spartak MoScow leonid Fedun

solIkAmsk VERkhnyAyA PyshmA

chElyAbInsk

Fc kraSnodar sergei gAlitsky

yEkATERInbuRg kAzAn 4 kRAsnodAR kraSnaya poLyana

mAgnITogoRsk

Lake BaikaL

IRkuTsk

Sochi

Vladimir Lisin 

$19.1 BIL #57 steel, transPort

alexey Mordashov 

OLeg deRIpaSka NeWSmaker: maker: russian state media watchdog roskomnadzor reportedly threatened in february to block youtube and instagram if the sites did not take down content showing aluminum tycoon Deripaska on a yacht with politician sergei Prikhodko and nastya rybka, a 21-year-old social media figure who has called herself Deripaska’s mistress on instagram. the ultimatum came after he won an injunction in russia in february, citing invasion of privacy. instagram complied in russia. youtube has not yet.

moscow 77

EXPATRIATEs 11

$18.7 BIL #60 steel, investments

Leonid Mikhelson 

$18 BIL #64 Gas, chemicals

Vagit alekperov  $16.4 BIL #78 oil

gennady Timchenko  $16 BIL #82 oil, Gas

Vladimir potanin  $15.9 BIL #83 metals

andrey Melnichenko  $15.5 BIL #88 coal, fertilizer Mikhail fridman 

$15.1 BIL #93 oil, BankinG, telecom

Viktor Vekselberg 

$14.4 BIL #99 metals, enerGy

alisher Usmanov 

$12.5 BIL #118 steel, telecom, investments

LeOnId fedUn trophy: The Lukoil ex-

ecutive invested a reported $500 million in Otkritie Arena, a soccer stadium in Moscow. The stadium, which hosted its first game in 2014, is home to Fedun’s soccer team, FC Spartak Moscow. It will host matches during the 2018 FIFA World Cup.

Wealth StatuS: wine-growing region

oiL & gaS FieLdS and depoSitS

110 | FORBES MaRch 31, 2018

Mining & MineraLS

tiMBer

FinanciaL center

SportS teaM

tech center

sPorts team Denotes BillionaireowneD sPorts team

pLayground

uP down  unchAngEd  nEw ★ RETuRnEE 

alexander Svetakov  $3.3 BIL #703 BankinG, real estate

arkady Rotenberg 

$3 BIL #791 construction, PiPes, BankinG

Igor kesaev 

$2.4 BIL #1020 toBacco DistriBution, retail

alexander Mamut 

$2.4 BIL #1020 investments

alexander frolov 

anatoly Lomakin 

$1.4 BIL #1650 fertilizer

kirill Shamalov  $1.4 BIL #1650 Petrochemicals

gavril yushvaev 

$1.4 BIL #1650 Precious metals, real estate

Leonid Boguslavsky  andrei kosogov 

$1.3 BIL #1756 oil, BankinG, telecom

Oleg Tinkov 

elena Baturina 

nikolai Buinov 

gleb fetisov 

$10.8 BIL #140 steel, investments

Igor Makarov 

Sergei kolesnikov ★

german khan 

alexey Repik ★

Roman abramovich 

$2.1 BIL #1157 oil, Gas $2.1 BIL #1157 Gas

$1.2 BIL #1867 investments $1.2 BIL #1867 BuilDinG materials

Ziyavudin Magomedov 

Mikhail prokhorov 

andrei Bokarev 

andrei Molchanov 

Viktor Rashnikov 

Vadim Moshkovich 

$9.6 BIL #158 investments $9.3 BIL #164 steel

alexei kuzmichev 

$7.6 BIL #205 oil, BankinG, telecom

Iskander Makhmudov 

$7.3 BIL #211 mininG, metals, machinery

Leonid fedun  $6.9 BIL #237 oil

dmitry Rybolovlev 

$6.8 BIL #242 fertilizer

Oleg deripaska 

$2 BIL #1215 metals, mininG $2 BIL #1215 aGriculture, lanD

Vladimir yevtushenkov  $2 BIL #1215 telecom, investments

alexander nesis 

$1.9 BIL #1284 metals, BankinG, fertilizer

Megdet Rahimkulov 

$1.9 BIL #1284 investments

aras agalarov 

$1.8 BIL #1339 real estate

$6.7 BIL #248 aluminum, utilities

Vladimir Bogdanov 

Suleiman kerimov 

Roman avdeev 

$6.4 BIL #265 investments

alexander abramov 

$5.2 BIL #372 steel, mininG

pyotr aven 

$1.8 BIL #1339 oil

$1.7 BIL #1394 BankinG, DeveloPment

pavel durov ★

$1.7 BIL #1394 messaGinG aPP

$5.1 BIL #382 oil, BankinG, telecom

Sergei gordeev 

andrei Skoch 

konstantin Strukov ★

$4.9 BIL #404 steel

Mikhail gutseriev  $4.8 BIL #422 oil, real estate

$1.7 BIL #1394 real estate $1.7 BIL #1394 GolD, coal

Roman Trotsenko 

$1.7 BIL #1394 transPort, enGineerinG, real estate

andrei kozitsyn 

alexander dzhaparidze 

andrei guriev 

dmitry pumpyansky 

$4.8 BIL #422 metals $4.5 BIL #466 fertilizer

Sergei popov 

$4.5 BIL #466 BankinG

Sergei galitsky  $4 BIL #550 retail

Viatcheslav kantor 

$1.6 BIL #1477 oil services $1.6 BIL #1477 steel PiPes

andrey andreev ★

$1.5 BIL #1561 online DatinG

Oleg Boyko 

$1.5 BIL #1561 finance, GamBlinG

$3.7 BIL #606 fertilizer, real estate

alexander klyachin 

Samvel karapetyan 

yuri Shefler 

$3.7 BIL #606 real estate

yuri Milner 

$3.7 BIL #606 tech investments

dmitry kamenshchik  $3.5 BIL #652 airPort

Igor altushkin 

$3.4 BIL #679 metals

alexander ponomarenko  $3.4 BIL #679 Ports

alexander Skorobogatko 

$1.5 BIL #1561 real estate

Igor Rybakov ★

$1.2 BIL #1867 BuilDinG materials

airat Shaimiev 

$1.2 BIL #1867 refinery, chemicals

Radik Shaimiev 

$1.2 BIL #1867 refinery, chemicals

Mikhail Shelkov ★

$1.2 BIL #1867 titanium

Leonid Simanovsky 

$1.2 BIL #1867 investments

Vadim yakunin 

Zarakh Iliev 

pyotr kondrashev 

god nisanov 

yuri kovalchuk 

$1.4 BIL #1650 fertilizer

Robert & philip ng 

$10.8 BIL #140 real estate

Ong Beng Seng & christina Ong  $2 BIL #1215 frozen fooDs

kwee family 

$1.9 BIL #1284 shiPPinG

Jason chang 

$1.8 BIL #1339 real estate

kwek Leng Beng 

$1.7 BIL #1394 oil traDinG

$1.1 BIL #1999 Ports, rail transPort

Raj kumar & kishin Rk 

$1.5 BIL #1561 real estate

andrei Rappoport 

Zhao Tao 

$1.4 BIL #1650 real estate

Igor Rotenberg ★

peter Lim 

$1.1 BIL #1999 Ports, rail transPort

Vladimir kogan ★

$1.1 BIL #1999 BankinG

nikita Mishin 

$1.1 BIL #1999 Ports, rail transPort

konstantin nikolaev 

$1.1 BIL #1999 investments $1.1 BIL #1999 construction, real estate

albert Shigaboutdinov  $1.1 BIL #1999 refinery, chemicals

Rustem Sulteev 

filaret galchev 

Viktor kharitonin 

after he turned 40, Tan listed Razer, which makes products like keyboards and headphones for videogame players; he was a billionaire the next day. He quit his job as a lawyer to cofound Razer in 2005. Its investors include Temasek Holdings and Hong Kong legend Li Ka-shing.

Wee cho yaw 

andrei filatov 

$1 BIL #2124 metallurGy

$1.4 BIL #1650 software

NeWcomer: In November, just

$2.1 BIL #1157 DiversifieD

farkhad akhmedov 

eugene kaspersky 

Min-liang tan

goh cheng Liang 

$1.2 BIL #1867 Pharmacy

$1.5 BIL #1561 search enGine

$3.4 BIL #679 Ports

$3.3 BIL #703 real estate

$1.2 BIL #1867 construction, PiPes, chemicals

arkady Volozh 

$1.4 BIL #1650 real estate

EXPATRIATEs 2

Boris Rotenberg 

eduard chukhlebov ★

$1.4 BIL #1650 Pharmaceuticals

$3.3 BIL #703 real estate

$1.2 BIL #1867 construction materials

$1.1 BIL #1999 refinery, chemicals

Vasily anisimov 

Marina Bay

$1.2 BIL #1867 Port, Gas

$1.5 BIL #1561 alcohol

$1.4 BIL #1650 natural Gas

sIngAPoRE 20

$1.2 BIL #1867 construction

$2.1 BIL #1157 Pharmaceuticals

$9.8 BIL #152 oil, BankinG, telecom

GDP: $311 BIL PoPulation: 6 MIL Billionaires: 22 (+1 VS. 2017) total net worth: $64.5 BIL (+$5.1 BIL VS. 2017)

$1.3 BIL #1756 venture caPital

$2.2 BIL #1103 mininG, steel $2.2 BIL #1103 BankinG

singapoRe

$1 BIL #2124 construction materials

yuri gushchin 

$1 BIL #2124 canDy, real estate

$7 BIL #228 Paints

$6.6 BIL #251 BankinG $5.6 BIL #321 real estate $2.9 BIL #822 electronics $2.9 BIL #822 real estate $2.6 BIL #924 real estate

$2.5 BIL #965 Pharmaceuticals $2.2 BIL #1103 investments

Sam goi 

chung chang yun 

Zhong Sheng Jian  Lim Oon kuin 

asok kumar hiranandani 

chua Thian poh 

Oei hong Leong  $1.4 BIL #1650 investments Ron Sim 

choo chong ngen 

$1.2 BIL #1867 retail

kuok khoon hong 

$1.1 BIL #1999 real estate, hotels

$2.1 BIL #1157 hotels

$2.1 BIL #1157 Palm oil

koh Wee Meng  Min-Liang Tan ★

$1.1 BIL #1999 GaminG

slovakia GDP: $95.5 BIL PoPulation: 5 MIL Billionaires: 1 total net worth: $1.3 BIL (+$200 MIL VS. 2017)

Igor kudryashkin ★

$1 BIL #2124 metallurGy

Lev kvetnoi 

$1 BIL #2124 cement, airPort

Ivan chrenko 

$1.3 BIL #1756 real estate

Sergei petrov 

$1 BIL #2124 auto DealershiPs

$1.4 BIL #1650 BankinG, insurance, meDia

Da vinci: ilya s. savenok/Getty imaGes; DeriPaska : serGei savostyanov\tass/Getty imaGes; anDreev: tom stockill/camera Press/reDux; otkritie arena: roman siGaev/alamy; tan: DaviD Paul morris/BloomBerG

bRATIslAVA

MaRch 31, 2018 FORBES | 111

T H E WO R L D Õ S B I L L I O N A I R E S

ST. KITTS & NEVIS

SOUTH AFRICA

MYRON WENTZ NEWCOMER: Brief-

ly a billionaire in May 2015, Wentz officialGDP: $951.7 MIL ly joins the ranks thanks POPULATION: 55,000 to a 30% rally in shares BILLIONAIRES: 3 (+1 VS. 2017) of his multilevel marketTOTAL NET WORTH: $4.2 BIL ing company USANA (–$700 MIL VS. 2017) Health Sciences, which sells vitamins and skin-care products. Wentz, who founded USANA in 1992, renounced his U.S. citizenship in the mid-1990s. Wu Xu  He spends much of his time $1.6 BIL #1477 REAL ESTATE in the Cayman Islands Jacky Xu  and Rosarito, Mexico, $1.5 BIL #1561 APPAREL where his Sanoviv Myron Wentz ★ Medical Institute is EXPATRIATES $1.1 BIL #1999 located. 3 HEALTH PRODUCTS

GDP: $346 BIL POPULATION: 57 MIL BILLIONAIRES: 5 (–3 VS. 2017) TOTAL NET WORTH: $20.9 BIL (–$5.7 BIL VS. 2017) Nicky Oppenheimer &

family  $7.7 BIL #202 DIAMONDS Johann Rupert & family  $7 BIL #228 LUXURY GOODS

$2.6 BIL #924 MEDIA, INVESTMENTS

Chung Eui-Sun 

Seo Jung-Jin 

Lee Joong-Keun 

$18.6 BIL #61 SAMSUNG

Stephen Saad  $1.2 BIL #1867 PHARMACEUTICALS

$11.9 BIL #126 BIOTECH

Jay Y. Lee 

$7.4 BIL #207 SAMSUNG

Suh Kyung-Bae  $7.1 BIL #222 COSMETICS Kim Jung-Ju 

$6.9 BIL #237 ONLINE GAMES

Kwon Hyuk-Bin 

$5.8 BIL #305 ONLINE GAMES

Chung Mong-Koo  $4.9 BIL #404 MOTOR VEHICLES Chey Tae-Won  $4.5 BIL #466 IT, TELECOM Lim Sung-Ki 

CAPE TOWN 2

DIGITAL MEDIA CITY SAMSUNG TOWN TEHERAN VALLEY

SEOUL 41

LG TWINS KOO BON-MOO

ANYANG

DAEDEOK SCIENCE TOWN

Lee Seo-Hyun 

$2.6 BIL #924 LOGISTICS

FRANSCHHOEK

$2.4 BIL #1020 MINING

11 11% TECHNOLOGY 7 41% DIVERSIFIED 48% 6 FASHION & RETAIL 4 INHERITED & GROWING MANUFACTURING INHERITED SELF-MADE 4 FINANCE & INVESTMENTS

Lee Kun-Hee 

CLIFTON CAMPS BAY

Patrice Motsepe 

WEALTH ORIGIN

TOP SECTORS

DURBAN

Koos Bekker 

SOUTH KOREA GDP: $1.5 TRIL POPULATION: 51 MIL BILLIONAIRES: 44 (+6 VS. 2017) TOTAL NET WORTH: $126.8 BIL (+$34.1 BIL VS. 2017)

JOHANNESBURG 2

$1.9 BIL #1284 COMPUTER SERVICES, TOURISM

$2.3 BIL #1070 CONSTRUCTION, REAL ESTATE

Park Hyeon-Joo 

Koo Bon-Moo 

Chung Mong-Joon 

Shin Chang-Jae  $2.1 BIL #1157 INSURANCE

Kim Jun-Ki 

$1.9 BIL #1284 MUTUAL FUNDS

$2.2 BIL #1103 DIVERSIFIED

JEONBUK HYUNDAI MOTORS CHUNG MONG-KOO

$1.8 BIL #1339 SHIPBUILDING, INDUSTRIAL MACHINES $1.7 BIL #1394 DIVERSIFIED

Lee Boo-Jin 

$2 BIL #1215 COMPUTER SERVICES, TOURISM

Park Yeon-Cha ★

Lee Jay-Hyun 

Cho Jung-Ho 

GIMHAE

$1.7 BIL #1394 SNEAKERS

$2 BIL #1215 FOOD PRODUCTS, ENTERTAINMENT

$1.6 BIL #1477 FINANCE

Kim Taek-Jin 

Lee Myung-Hee 

$1.6 BIL #1477 ONLINE GAMES

$1.9 BIL #1284 RETAIL

Shin Dong-Guk ★ $1.6 BIL #1477 PHARMACEUTICALS

$3.6 BIL #629 PHARMACEUTICALS

EXPATRIATE 1

Kim Nam-Jung 

$1.5 BIL #1561 FOOD

$2.7 BIL #887 ONLINE SERVICES

JEJU UNITED CHEY TAE-WON

Chang Pyung-Soon 

Bang Jun-Hyuk 

$1.4 BIL #1650 EDUCATIONAL SERVICES

$2.6 BIL #924 ONLINE GAMING

$1.1 BIL #1999 INVESTMENTS

$1.4 BIL #1650 COMPUTER SERVICES, TELECOM

Chung Yong-Jin 

$1.4 BIL #1650 RETAIL

BIGGEST GAINER: The bio-

Hur Young-In 

pharma tycoon’s wealth soared by $9.7 billion in the past year, up 440%, as shares in Celltrion jumped after it released a drug to treat non-Hodgkin’s lymphoma and rheumatoid arthritis. A former employee of Samsung Electro-Mechanics, Seo also worked at Daewoo Motor but left in 1999 shortly before the company filed for bankruptcy. He founded Celltrion in 2002.

$1.1 BIL #1999 ONLINE GAMES

Lee Sang-Hyuk 

Chey Ki-Won 

Seo Jung-Jin

Lee Joon-Ho ★

$1.4 BIL #1650 BAKERIES, FAST FOOD

Shin Dong-Bin 

$1.4 BIL #1650 RETAIL

Koo Bon-Neung 

$1.3 BIL #1756 ELECTRONICS

Shin Dong-Joo 

Lee Ho-Jin 

$1.3 BIL #1756 DIVERSIFIED

Hong Seok-Joh 

$1.2 BIL #1867 CONVENIENCE STORES

$1.1 BIL #1999 RETAIL

Cho Yang-Rai  $1 BIL #2124 TIRE MANUFACTURING Kim Dae-Il ★

Lee Hae-Jin 

$1 BIL #2124 MOBILE GAMING

Koo Bon-Joon 

$1 BIL #2124 INVESTMENTS

$1.2 BIL #1867 INTERNET

$1.1 BIL #1999 ELECTRONICS, HOUSEHOLD PRODUCTS

Michael Kim ★

Koo Bon-Sik 

$1 BIL #2124 ELECTRONICS, HOUSEHOLD PRODUCTS

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

112 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

WENTZ: PAUL ZIMMERMAN/GETTY IMAGES

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T H E WO R L D ’ S B I L L I O N A I R E S

SPAIN

SWEDEN GDP: $540.6 BIL POPULATION: 10 MIL BILLIONAIRES: 32 (+1 VS. 2017) TOTAL NET WORTH: $124.6 BIL (+$7.1 BIL VS. 2017)

GDP: $1.3 TRIL POPULATION: 47 MIL BILLIONAIRES: 29 (+4 VS. 2017) TOTAL NET WORTH: $136 BIL (+$11.3 BIL VS. 2017)

ISAK ANDIC NEWSMAKER: His fast-fashion retailer Mango hit the skids amid stiff competition from the likes of H&M

and Zara. The Barcelona-based company, which Andic founded in 1984, closed its nearly 450 U.S. mini-boutiques inside JCPenney stores in 2016, leaving it with just 10 stand-alone American stores. The company also announced its first-ever loss: $68 million on $2.5 billion in revenue in 2016. SKINNSKATTEBERG

REAL OVIEDO CARLOS SLIM HELU

LA CORUNA 3 MATADEPERA

DEPORTIVO DE LA CORUNA AMANCIO ORTEGA

EXPATRIATES 11

STOCKHOLM 14

GOTHENBURG 5 BASTAD

BARCELONA

HELSINGBORG TOREKOV

ESPORLES

VILLARREAL CF FERNANDO ROIG IBIZA

VALENCIA CF PETER LIM

Stefan Persson 

Erik Selin 

Hans Rausing 

Karl-Johan Persson 

$16.8 BIL #73 H&M

PALMA DE MAJORCA

MADRID 16

VALENCIA 3

$12.5 BIL #118 PACKAGING

$1.6 BIL #1477 H&M

Melker Schorling 

Tom Persson 

Frederik Paulsen 

Charlotte Soderstrom 

$8.2 BIL #185 INVESTMENTS

FORMENTERA

MARBELLA

$1.6 BIL #1477 H&M

Jorn Rausing 

Carl Douglas 

Finn Rausing 

Eric Douglas 

$6.6 BIL #251 PACKAGING

Kirsten Rausing  Amancio Ortega 

Tomas Olivo Lopez ★

Sandra Ortega Mera 

Manuel Jove 

$70 BIL #6 ZARA

$2.2 BIL #1103 SHOPPING CENTERS

$6.9 BIL #237 ZARA

$2.1 BIL #1157 REAL ESTATE

Juan Roig 

Florentino Perez 

Miguel Fluxa Rossello 

Francisco Jose Riberas Mera 

$4.5 BIL #466 SUPERMARKETS $4.4 BIL #480 HOTELS

Rafael Del Pino y CalvoSotelo 

$3.4 BIL #679 CONSTRUCTION

$2 BIL #1215 CONSTRUCTION

$2 BIL #1215 STEEL, AUTO PARTS

Gabriel Escarrer 

$1.8 BIL #1339 HOTELS

Juan Maria Riberas Mera 

Manuel Lao Hernandez 

Alberto Alcocer  $1.4 BIL #1650 INVESTMENTS

$3.4 BIL #679 CONSTRUCTION $3.1 BIL #766 GAMBLING

Alicia Koplowitz 

$2.9 BIL #822 CONSTRUCTION, INVESTMENTS

$1.7 BIL #1394 STEEL

Alberto Cortina 

$1.4 BIL #1650 INVESTMENTS

Thomas Sandell  $1.5 BIL #1561 HEDGE FUNDS

Fernando Roig  $1.4 BIL #1650 SUPERMARKETS

Dan Olsson 

Markus Persson 

Jose Llado FernandezUrrutia 

Fredrik Lundberg 

$1.3 BIL #1756 CONSTRUCTION

$4.7 BIL #441 REAL ESTATE, INVESTMENTS

Louise Lindh  $1.3 BIL #1756 INVESTMENTS

Isak Andic & family 

Bertil Hult 

$4.5 BIL #466 EDUCATION

Katarina Martinson 

$1.2 BIL #1867 FASHION RETAIL

Jose Maria Aristrain 

Carl Bennet 

$1.2 BIL #1867 STEEL

$4.1 BIL #527 INVESTMENTS

Erik Paulsson 

Sol Daurella 

Gustaf Douglas 

$6 BIL #289 DIVERSIFIED

$1.2 BIL #1867 COCA-COLA

$3.8 BIL #588 INVESTMENTS

D. Leopoldo Del Pino y Calvo-Sotelo 

Stefan Olsson 

$2.8 BIL #859 DIVERSIFIED

$1.2 BIL #1867 CONSTRUCTION

Torbjorn Tornqvist 

$2.6 BIL #924 OIL TRADING

Alberto Palatchi ★

Lottie Tham 

$2.5 BIL #965 H&M

Alberto Palatchi NEWCOMER: In October Palatchi sold 90% of wedding dress company Pronovias to British private equity firm BC Partners for an estimated $655 million. The dressmaker, which initially specialized in lace and silk fabrics, was founded in 1922 by Palatchi’s father, who had fled Turkey for Barcelona during World War I.

$2.6 BIL #924 MINING, COMMODITIES

Jaime Botin 

$2.5 BIL #965 BANKING

Hortensia Herrero 

$2.4 BIL #1020 SUPERMARKETS

$1.5 BIL #1561 DIVERSIFIED

Antonia Ax:son Johnson 

$2.7 BIL #887 SECURITY SERVICES

Daniel Mate 

Madeleine Olsson Ericksson 

$6.6 BIL #251 PACKAGING $6.3 BIL #274 DIVERSIFIED

$1.1 BIL #1999 WEDDING DRESSES

$2.6 BIL #924 INVESTMENTS

$1.5 BIL #1561 INVESTMENTS

$1.4 BIL #1650 CONSTRUCTION

Helena Revoredo  Juan Abello 

$1.5 BIL #1561 INVESTMENTS

$1.4 BIL #1650 COMPUTER GAMES

$1.3 BIL #1756 INVESTMENTS $1.2 BIL #1867 CONSTRUCTION, REAL ESTATE

Jonas Kamprad  $1.1 BIL #1999 IKEA

Mathias Kamprad  $1.1 BIL #1999 IKEA

Peter Kamprad  $1.1 BIL #1999 IKEA

Jenny Lindén Urnes ★

$1.1 BIL #1999 POWDERED METAL

SWAZILAND GDP: $4.7 BIL POPULATION: 1 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $4.3 BIL (+$400 MIL VS. 2017)

EXPATRIATE 1

Nathan Kirsh 

$4.3 BIL #499 RETAIL, REAL ESTATE

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

114 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

ANDIC: MIQUEL BENITEZ/GETTY IMAGES; PRONOVIAS; ROBERT MARQUARDT/GETTY IMAGES

Juan-Miguel Villar Mir & family 

Maria Del Pino y CalvoSotelo 

$1.6 BIL #1477 H&M

$7.3 BIL #211 HEALTH CARE $7 BIL #228 PACKAGING

EXPATRIATES 2

$1.9 BIL #1284 REAL ESTATE

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T H E WO R L D Õ S B I L L I O N A I R E S

SWITZERLAND

$2.9 BIL #822 TRAVEL

TOP SECTORS

Thomas Straumann 

WEALTH ORIGIN

8 FINANCE & INVESTMENTS 30% 8 53% HEALTH CARE 17% 6 MANUFACTURING 2 INHERITED & GROWING INHERITED FASHION & RETAIL SELF-MADE 2 FOOD & BEVERAGE

Martin Haefner 

$3 BIL #791 SOFTWARE, INVESTMENTS

Sergio Mantegazza 

GDP: $677.8 BIL POPULATION: 8 MIL BILLIONAIRES: 36 TOTAL NET WORTH: $123.8 BIL (+$16.4 BIL VS. 2017)

$2.7 BIL #887 DENTAL IMPLANTS

BENJAMIN DE ROTHSCHILD TROPHY: The banking heir con-

tinues his famous family’s legacy in the French Alps. In December, he opened the Four Seasons Hotel Megève. The resort offers helicopter ski safaris, glacier snowshoeing and canyon jumping. His grandmother Noemie bought land in the alpine village in 1920. King Albert I of Belgium was an early guest; Audrey Hepburn and Cary Grant filmed a sequence of Charade at the pool in the older hotel (built by Benjamin’s father, Edmond).

EXPATRIATES 3

BASEL 3 BINNINGEN

RHEINFELDEN

ZSC LIONS WALTER FREY

$2.5 BIL #965 INVESTMENTS

Marcel Erni 

$2.4 BIL #1020 PRIVATE EQUITY

Alfred Gantner 

$2.4 BIL #1020 PRIVATE EQUITY

Urs Wietlisbach 

$2.4 BIL #1020 PRIVATE EQUITY

Eva Maria Bucher-Haefner 

$2.3 BIL #1070 COMPUTER ASSOCIATES

Thomas Flohr ★

$2.3 BIL #1070 AVIATION

Peter Spuhler  $2.3 BIL #1070 TRAIN CARS Karl Scheufele III & family 

$2.2 BIL #1103 JEWELRY

RUSCHLIKON

Maja Oeri  $2.1 BIL #1157 ROCHE HOLDING

WILEN 3

Georg von Opel  $2.1 BIL #1157 REAL ESTATE, INVESTMENTS

WEININGEN

ZURICH 5

Stephan Schmidheiny 

JONA FELDMEILEN HURDEN

Miriam Baumann-Blocher  $1.9 BIL #1284 CHEMICALS

Jean-Paul & Martine Clozel 

LUCERNE

$1.9 BIL #1284 PHARMACEUTICALS

BULLE DAVOS

ZUG 4

VAUD CANTON

GSTAAD

ST. MORITZ

Benjamin de Rothschild 

$1.9 BIL #1284 BANKING

Willy Michel  $1.8 BIL #1339 MEDICAL DEVICES Matthias Reinhart 

$1.8 BIL #1339 FINANCE

Thomas Meyer 

GENEVA 3

Gianluigi & Rafaela Aponte 

VERBIER

$9.3 BIL #164 SHIPPING LUGANO

ZERMATT

Ernesto Bertarelli 

$1.5 BIL #1561 APPAREL RETAILER

Gary Fegel 

$1.4 BIL #1650 COMMODITIES TRADING

$8.9 BIL #174 BIOTECH, INVESTMENTS

Markus Blocher 

Willi & Isolde Liebherr & family 

Beda Diethelm 

$7.1 BIL #222 CONSTRUCTION

$1.3 BIL #1756 CHEMICALS

$1.2 BIL #1867 HEARING AIDS

Ivan Glasenberg  $6.5 BIL #261 MINING

Hansjoerg Wyss 

$5.7 BIL #315 MEDICAL DEVICES

Rahel Blocher 

$5.5 BIL #334 CHEMICALS

Magdalena MartulloBlocher 

Thomas Flohr

$5.5 BIL #334 CHEMICALS

Margarita Louis-Dreyfus &

family  $5.4 BIL #351 COMMODITIES

aviation company, VistaJet, raised $200 million in August at a $2.7 billion valuation. Flohr founded VistaJet with three aircraft in 2004; it now has 72 planes that ﬂy heads of state, executives, entrepreneurs and highnet-worth individuals to 187 countries. Flohr himself travels close to 750 hours, or 150 days, a year on VistaJet planes.

Thomas Schmidheiny  $5 BIL #388 CEMENT

Dona Bertarelli  $4.6 BIL #456 BIOTECH Michael Pieper 

$4.1 BIL #527 KITCHEN APPLIANCES

Rudolf Maag  $3.4 BIL #679 MEDICAL DEVICES Hans Peter Wild  $3.3 BIL #703 FLAVORINGS Martin Ebner 

$3.2 BIL #729 INVESTMENTS

Thomas Straumann TROPHY: Les Trois

Rois (“The Three Kings”) hotel has had quite the guest list: Since the 17th century it has hosted Casanova, Napoleon and Hans Christian Andersen. In 2004 Straumann, a dentalimplant billionaire, bought the 101-room hotel, located on the banks of the Rhine in Basel, Switzerland, and spent two years renovating the property.

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

116 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

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T H E WO R L D Õ S B I L L I O N A I R E S TOP SECTORS

TAIWAN

WEALTH ORIGIN 9

7 34% 57% FINANCE & INVESTMENTS 5 FOOD & BEVERAGE 4 INHERITED & GROWING INHERITED MANUFACTURING SELF-MADE 4 REAL ESTATE

GDP: $573.3 BIL POPULATION: 24 MIL BILLIONAIRES: 35 (+4 VS. 2017) TOTAL NET WORTH: $84.4 BIL (+$9.2 BIL VS. 2017)

Terry Gou 

Chen Yung-Tai  $2 BIL #1215 REAL ESTATE

Tsai Eng-Meng & family 

$6.8 BIL #242 FOOD, BEVERAGES

Liao Long-shing  $1.9 BIL #1284 PETROCHEMICALS

Lin Yu-Ling 

Lin Shu-Hong 

$8.5 BIL #181 ELECTRONICS

$5.8 BIL #305 REAL ESTATE

$1.9 BIL #1284 PETROCHEMICALS

Barry Lam 

Tseng Shin-yi 

$1.9 BIL #1284 PETROCHEMICALS

$3.9 BIL #572 ELECTRONICS

Samuel Yin  $3.7 BIL #606 DIVERSIFIED

Tony Chen & family  $1.7 BIL #1394 ELECTRONICS

Luo Jye & family  $3.2 BIL #729 TIRES

Wei Ing-Chou 

$3.2 BIL #729 FINANCE

11 20% DIVERSIFIED 5 47% FINANCE & INVESTMENTS 33% 4 FOOD & BEVERAGE INHERITED & GROWING 4 INHERITED REAL ESTATE SELF-MADE 2 ENERGY

Wei Yin-Heng  $1.6 BIL #1477 FOOD, BEVERAGES Wei Ying-Chiao  $1.6 BIL #1477 FOOD, BEVERAGES Lin Ming-hsiung 

$1.5 BIL #1561 SUPERMARKETS

Chao Teng-hsiung 

Liu Ko-chen & family ★

Thomas Wu 

$1.4 BIL #1650 FINANCE

Bruce Cheng 

$1.6 BIL #1477 FOOD, BEVERAGES

Richard Tsai 

$1.3 BIL #1756 ELECTRONICS

BANGKOK 27

Archie Hwang  $1.3 BIL #1756 SEMICONDUCTORS

Tsai Hong-tu 

$2.9 BIL #822 FINANCE

Andre Koo ★

Pierre Chen 

Tsai Ming-Kai  $1.3 BIL #1756 SEMICONDUCTORS

Tsai Cheng-da 

$2.7 BIL #887 FINANCE

Douglas Hsu & family 

Chin Jong Hwa 

$2.5 BIL #965 AUTO PARTS

Scott Lin & family  $2.2 BIL #1103 OPTICAL COMPONENTS

KO KUT ISLAND

EXPATRIATES 3

Sumet Jiaravanon  $4.2 BIL #514 DIVERSIFIED Jaran Chiaravanont 

Richard Chang 

Montri Jiaravanont 

$4.1 BIL #527 DIVERSIFIED

Sarath Ratanavadi ★

Wu Chung-yi 

$3.6 BIL #629 ENERGY

$1 BIL #2124 MANUFACTURING

HSINCHU

TAIPEI 25

Somphote Ahunai  PHUKET

MORRIS CHANG NEWCOMER: A legendary figure in Taiwan’s chip industry, Chang makes his debut on the list after shares of Taiwan Semiconductor Manufacturing hit an all-time high in January. Chang, who got both his undergraduate and master’s degrees from MIT and a Ph.D. from Stanford, founded TSMC in 1987. A decade later, the company became the first Taiwanese firm to trade on the New York Stock Exchange.

FUBON GUARDIANS DANIEL & RICHARD TSAI

EXPATRIATES 3 HSINCHU SCIENCE PARK

$5 BIL #388 DUTY-FREE

Morris Chang ★

$1 BIL #2124 REAL ESTATE, ELECTRONICS

$2.2 BIL #1103 FINANCE

Vichai Srivaddhanaprabha 

$1.2 BIL #1867 DIVERSIFIED $1 BIL #2124 SEMICONDUCTORS

T.Y. Tsai 

Charoen Sirivadhanabhakdi 

$17.9 BIL #65 DRINKS, REAL ESTATE

Dhanin Chearavanont  $14.9 BIL #95 DIVERSIFIED

$1.3 BIL #1756 FINANCE

$2.7 BIL #887 ART, ELECTRONICS

TAOYUAN

WEALTH ORIGIN

$1.4 BIL #1650 MANUFACTURING

Wei Yin-Chun 

$3.2 BIL #729 FINANCE

TOP SECTORS

GDP: $449 BIL POPULATION: 69 MIL BILLIONAIRES: 30 (+10 VS. 2017) TOTAL NET WORTH: $93.3 BIL (+$30.1 BIL VS. 2017)

$1.4 BIL #1650 REAL ESTATE

$1.6 BIL #1477 FOOD, BEVERAGES

Daniel Tsai 

THAILAND

TECHNOLOGY

$3.4 BIL #679 ENERGY

Vanich Chaiyawan  $3.3 BIL #703 INSURANCE, BEVERAGES

TAICHUNG

CHANGHUA COUNTY SOUTHERN TAIWAN SCIENCE PARK

SATHIEN SETTHASIT NEWCOMER: Setthasit teamed up with a friend, popular folk singer Aed Carabao (above), to create the energy drink Carabao Dang in 2002. Setthasit is the majority owner and CEO, but Aed, who has a smaller stake in the company and appears in ads, is the one most associated with Carabao, now Thailand’s second-most-popular energy drink brand.

WEALTH STATUS: WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

118 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE 

Prasert Prasarttong-Osoth  $3 BIL #791 HOSPITALS

TURKEY

$2.1 BIL #1157 HOTELS

GDP: $847.7 BIL POPULATION: 80 MIL BILLIONAIRES: 36 (+7 VS. 2017) TOTAL NET WORTH: $64.7 BIL (+$16.2 BIL VS. 2017)

Harald Link  $2 BIL #1215 DIVERSIFIED

TOP SECTORS

Krit Ratanarak  $2.7 BIL #887 MEDIA, REAL ESTATE William Heinecke 

Chuchat & Daonapa Petaumpai ★ $2 BIL #1215 MOTORCYCLE LOANS

Kiat Chiaravanont 

$1.9 BIL #1284 DIVERSIFIED

Thaksin Shinawatra 

$1.8 BIL #1339 INVESTMENTS

Prayudh Mahagitsiri  $1.7 BIL #1394 COFFEE, SHIPPING

MELIH ABDULHAYOGLU NEWCOMER: Comodo, his internet security firm, has been developing products since 1998. Today the New Jersey-based company controls 37% of the over $1 billion SSL-certificate market, which protects sensitive information like user names and credit card numbers through encryption for such customers as Intel and Xerox. In October private equity fund Francisco Partners bought a majority stake for an undisclosed sum.

WEALTH ORIGIN 18

5.5%

DIVERSIFIED 5 CONSTRUCTION 3 FASHION & RETAIL 3 METALS & MINING 2 FOOD & BEVERAGE

30.5%

64%

INHERITED & GROWING INHERITED SELF-MADE

Wichai Thongtang  $1.7 BIL #1394 INVESTMENTS Keeree Kanjanapas 

$1.5 BIL #1561 TRANSPORTATION

EXPATRIATES 2

Thongma Vijitpongpun  $1.5 BIL #1561 REAL ESTATE Phongthep Chiaravanont ★ $1.2 BIL #1867 DIVERSIFIED

Rit Thirakomen  $1.2 BIL #1867 RESTAURANTS Manas Chiaravanond ★

$1.1 BIL #1999 DIVERSIFIED

Yupa Chiaravanond ★

$1.1 BIL #1999 DIVERSIFIED

ISTANBUL 31

Prathip Chiravanond ★

$1.1 BIL #1999 DIVERSIFIED

Chatchai Kaewbootta ★ $1.1 BIL #1999 AUTO LOANS

ANKARA 3

CESME

Niti Osathanugrah ★

$1.1 BIL #1999 INVESTMENTS

Pete Bodharamik ★

$1 BIL #2124 TELECOM

BODRUM

Sathien Setthasit ★

$1 BIL #2124 ENERGY DRINKS

Surin Upatkoon  $1 BIL #2124 TELECOM, LOTTERIES, INSURANCE

TANZANIA GDP: $51.6 BIL POPULATION: 57 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $1.5 BIL (+$100 MIL VS. 2017)

Murat Ulker 

$4.8 BIL #422 FOOD

Erman Ilicak 

Fuat Tosyali

$4 BIL #550 CONSTRUCTION

Husnu Ozyegin 

NEWCOMER: Tosyali and his two brothers, also new billion-

$2.9 BIL #822 FINANCE, DIVERSIFIED

aires, were born in the Mediterranean town of Iskenderun, where they helped their father make stovepipes and boiler buckets out of tin cheese cans in his 100-square-foot shop. Today their Tosyali Holding is one of Turkey’s largest integrated steel producers, with a production capacity of 12 million tons. All three brothers sit on the company’s board. Fuat is chairman; his brother Ayhan is vice chairman.

Mustafa Kucuk 

$2.7 BIL #887 FASHION RETAIL

Semahat Sevim Arsel  $2.6 BIL #924 DIVERSIFIED Mustafa Rahmi Koc  $2.5 BIL #965 DIVERSIFIED

Mohammed Dewji  $1.5 BIL #1561 DIVERSIFIED

Sarik Tara 

$2.5 BIL #965 CONSTRUCTION

Ferit Faik Sahenk  $2.4 BIL #1020 DIVERSIFIED

Nihat Ozdemir 

Mehmet Hattat 

Mustafa Latif Topbas 

Filiz Sahenk 

Melih Abdulhayoglu ★

Fuat Tosyali ★

Ali Ibrahim Agaoglu 

Ahmet Nazif Zorlu 

Hamdi Akin  $1.1 BIL #1999 DIVERSIFIED

Deniz Sahenk 

Mehmet Aydinlar  $1.1 BIL #1999 HOSPITALS

Erol Tabanca ★

$1.3 BIL #1756 CONSTRUCTION

Mehmet Rustu Basaran  $1.1 BIL #1999 BANKING, GAS

Ayhan Tosyali ★

Murat Vargi 

Fatih Tosyali ★

Fatma Tuba Yazici 

$2.3 BIL #1070 DIVERSIFIED

Suna Kirac 

$1.6 BIL #1477 INTERNET SECURITY

Hamdi Ulukaya 

Ahmet Calik  $1.6 BIL #1477 ENERGY, BANKING, CONSTRUCTION

Sezai Bacaksiz 

Turgay Ciner  $1.6 BIL #1477 DIVERSIFIED

$2.2 BIL #1103 DIVERSIFIED

DAR ES SALAAM

$1.7 BIL #1394 DIVERSIFIED

$1.8 BIL #1339 GREEK YOGURT

$1.7 BIL #1394 DIVERSIFIED

Seﬁk Yilmaz Dizdar 

$1.7 BIL #1394 FASHION RETAIL

Mehmet Nazif Gunal 

$1.7 BIL #1394 TOURISM, CONSTRUCTION

Bulent Eczacibasi 

$1.5 BIL #1561 PHARMACEUTICALS, DIVERSIFIED

Faruk Eczacibasi  $1.5 BIL #1561 PHARMACEUTICALS, DIVERSIFIED

$1.4 BIL #1650 DIVERSIFIED $1.4 BIL #1650 STEEL $1.4 BIL #1650 DIVERSIFIED $1.3 BIL #1756 DIVERSIFIED

$1.3 BIL #1756 STEEL

$1.2 BIL #1867 FOOD, RETAIL $1.1 BIL #1999 CONSTRUCTION

$1.1 BIL #1999 TELECOM

$1.3 BIL #1756 STEEL

$1.1 BIL #1999 DIVERSIFIED

Mehmet Sinan Tara 

Olgun Zorlu 

$1.2 BIL #1867 CONSTRUCTION

$1 BIL #2124 DIVERSIFIED

CHANG: WAY WANG/BLOOMBERG; SETTHASIT: BRENT LEWIN/BLOOMBERG

MARCH 31, 2018 FORBES | 119

T H E WO R L D Õ S B I L L I O N A I R E S

UKRAINE GDP: $108.8 BIL POPULATION: 42 MIL BILLIONAIRES: 7 (+1 VS. 2017) TOTAL NET WORTH: $13.2 BIL (+$2.6 BIL VS. 2017)

KIEV 5

FC SHAKHTAR DONETSK RINAT AKHMETOV

DNEPROPETROVSK

DONETSK

GDP: $2.6 TRIL POPULATION: 66 MIL BILLIONAIRES: 54 (–1 VS. 2017)* TOTAL NET WORTH: $203.7 BIL (+$39.3 BIL VS. 2017)* TOP SECTORS

RINAT AKHMETOV

$5.5 BIL #334 STEEL, COAL

RICHEST: In December, a

$1.6 BIL #1477 MINING

Rinat Akhmetov 

Kostyantin Zhevago 

court in Cyprus reportedly ordered $820 million of Akhmetov’s assets frozen as part of an ongoing legal dispute with Raga Establishment, a Cyprusbased holding company. Akhmetov’s investment ﬁrm SCM acquired Ukraine’s largest landline operator, Ukrtelecom, from Raga in 2013. Raga reportedly accused SCM of not making its full payment. SCM disagrees with the ruling and is contesting it.

UNITED KINGDOM*

Yuriy Kosiuk 

$1.5 BIL #1561 AGRICULTURE

Victor Pinchuk 

$1.4 BIL #1650 STEEL PIPES, DIVERSIFIED

Henadiy Boholyubov 

WEALTH ORIGIN

12 6% 9% FINANCE & INVESTMENTS 8 85% FASHION & RETAIL 7 DIVERSIFIED 7 INHERITED & GROWING REAL ESTATE INHERITED SELF-MADE 5 MANUFACTURING

$1.2 BIL #1867 BANKING, INVESTMENTS

Ihor Kolomoyskyy  $1 BIL #2124 BANKING, INVESTMENTS

Vadim Novinsky 

Hinduja family  $19.5 BIL #55 DIVERSIFIED

$1 BIL #2124 STEEL

James Ratcliffe 

$16.4 BIL #78 CHEMICALS

David & Simon Reuben 

UNITED ARAB EMIRATES

$15.5 BIL #88 INVESTMENTS, REAL ESTATE

Michael Platt 

$6.9 BIL #237 HEDGE FUNDS

Ian & Richard Livingstone 

GDP: $378.7 BIL POPULATION: 9 MIL BILLIONAIRES: 7 (+2 VS. 2017) TOTAL NET WORTH: $24 BIL (–$3.3 BIL VS. 2017)

$6.4 BIL #265 REAL ESTATE

Bruno Schroder & family 

DUBAI 5

$6.2 BIL #281 BANKING

David & Frederick Barclay  $5.8 BIL #305 MEDIA, RETAIL

James Dyson 

$5.6 BIL #321 VACUUMS

ABU DHABI

Richard Desmond NEWSMAKER: The tabloid tycoon an-

nounced plans in February to sell his media portfolio, including Star, OK! and the Daily Express, to publisher Trinity Mirror for about $177 million. Desmond dropped out of school at age 14 to become a drummer. He started his ﬁrst magazine, International Musician & Recording World, in 1974 and later owned dozens of adult entertainment publications, such as Asian Babes and Penthouse, in the U.K.

Laurence Graff & family 

Abdulla bin Ahmad Al Ghurair & family 

$5.6 BIL #321 DIAMOND JEWELRY

Andrew Currie 

$5.9 BIL #296 DIVERSIFIED

$5.5 BIL #334 CHEMICALS

Majid Al Futtaim & family 

$4.6 BIL #456 REAL ESTATE, RETAIL

John Reece  $5.5 BIL #334 CHEMICALS

Hussain Sajwani 

Richard Branson 

$4.1 BIL #527 REAL ESTATE

$5 BIL #388 VIRGIN

Abdulla Al Futtaim 

Denise Coates  $5 BIL #388 ONLINE GAMBLING

$3.3 BIL #703 AUTO DEALERS, INVESTMENTS

Joe Lewis  $5 BIL #388 INVESTMENTS

Saeed Bin Butti Al Qebaisi ★ $2.7 BIL #887 HOSPITALS, INVESTMENTS

Philip & Cristina Green 

Saif Al Ghurair & family 

Clive Calder 

$4.8 BIL #422 RETAIL

$1.9 BIL #1284 DIVERSIFIED

$4.7 BIL #441 RECORD LABEL

Khalifa Bin Butti Al Muhairi ★

$1.5 BIL #1561 HOSPITALS, INVESTMENTS

Laurence Graff NEWSMAKER: High-end jeweler Graff acquired the 1,109-carat

Saeed Bin Butti Al Qebaisi NEWCOMER: The investor makes his debut on the list following a surge in the share price of NMC

Health, which bills itself as the UAE’s largest private health care provider. The London-listed firm runs hospitals and clinics in a dozen countries in the Middle East, Europe and Latin America. Bin Butti Al Qebaisi owns about 18% of NMC Health, plus stakes in foreign exchange firms Travelex and UAE Exchange.

Lesedi La Rona—the second-largest gem-quality diamond ever found—in September, four months after he bought its 374carat sibling. An older deal made even bigger waves. Forbes conﬁrmed in January that Donald Trump, who bought Melania’s 12-carat engagement ring from Graff in 2004, ﬁbbed when he publicly boasted he received a $1 million discount. Graff says Trump was “a pleasure to do business with” but was given “no favors.” WEALTH STATUS:

WINE-GROWING REGION

OIL & GAS FIELDS AND DEPOSITS

120 | FORBES MARCH 31, 2018

MINING & MINERALS

TIMBER

FINANCIAL CENTER

SPORTS TEAM

TECH CENTER

SPORTS TEAM DENOTES BILLIONAIREOWNED SPORTS TEAM

PLAYGROUND

UP DOWN  UNCHANGED  NEW ★ RETURNEE  *Includes Guernsey. 1Guernsey citizen.

David McMurtry TROPHY: The cofounder of engineering firm Ren-

ishaw, McMurtry owns this 30,000-square-foot mansion, named Swinhay House but better known as Appledore to Sherlock fans. The futuristic home was featured as the lair of villain Charles Augustus Magnussen in the hit BBC show’s third-season finale.

Robert Miller  $4.5 BIL #466 RETAIL

Anthony Langley 

Anthony Bamford & family 

David McMurtry 

$4.4 BIL #480 CONSTRUCTION EQUIPMENT

Peter Hargreaves  $3.9 BIL #572 FINANCIAL SERVICES

Michael Ashley 

$3.6 BIL #629 SPORTS RETAIL

John Whittaker  $1.7 BIL #1394 REAL ESTATE John Bloor 

Tom Morris 

Richard Desmond  $1.5 BIL #1561 PUBLISHING

Christopher Hohn 

$3 BIL #791 HEDGE FUNDS

John Caudwell 

$2.6 BIL #924 MOBILE PHONES

John Coates 

Ian Wood & family 

$1.5 BIL #1561 ENERGY SERVICES

Jasminder Singh & family 

$1.4 BIL #1650 HOTELS

Saket Burman 

$2.5 BIL #965 ONLINE GAMBLING

$1.3 BIL #1756 CONSUMER GOODS

Maritsa Lazari & family 

Charles Dunstone 

Bernard Lewis & family 

Alan Howard 

$2.5 BIL #965 REAL ESTATE

$1.3 BIL #1756 MOBILE PHONES

$2.5 BIL #965 RETAIL

$1.3 BIL #1756 HEDGE FUNDS

Stephen Lansdown1 

Raghuvinder Kataria 

$2.3 BIL #1070 FINANCIAL SERVICES

Kenneth Lo  $2.3 BIL #1070 TEXTILES

$1.3 BIL #1756 DIVERSIFIED

Philip Day 

$1.2 BIL #1867 RETAIL

Mark Dixon 

Mark Coombs 

$1.2 BIL #1867 OFFICE REAL ESTATE

Sunil Vaswani  $2.2 BIL #1103 DIVERSIFIED

Dennis Gillings ★

Eddie & Sol Zakay 

$2.2 BIL #1103 REAL ESTATE

Mohammed Ibrahim  $1.1 BIL #1999 COMMUNICATIONS

Hilton Schlosberg 

Simon Nixon 

$2.2 BIL #1103 FINANCE

CARLISLE

$1.7 BIL #1394 DIVERSIFIED

$1.6 BIL #1477 REAL ESTATE, MANUFACTURING

$3.1 BIL #766 RETAIL

NEWCASTLE UNITED MICHAEL ASHLEY

$1.7 BIL #1394 MANUFACTURING

Farhad Moshiri 

Bernard Ecclestone & family  $3.5 BIL #652 FORMULA ONE

CELTIC FC DERMOT DESMOND

$1.7 BIL #1394 MANUFACTURING

$2 BIL #1215 ENERGY DRINKS

Stephen Rubin 

$1.2 BIL #1867 DRUG TESTING

$1.1 BIL #1999 PRICE COMPARISON WEBSITE

$1.9 BIL #1284 SPORTS APPAREL

Alex Beard 

ISLE OF MAN

$1.8 BIL #1339 MINING, COMMODITIES

David Harding 

MERSEYSIDE LIVERPOOL JOHN HENRY

$1.8 BIL #1339 FINANCE

NOTTINGHAMSHIRE

Michael Ashcroft 

$1.7 BIL #1394 SECURITY

LEICESTER CITY VICHAI SRIVADDHANAPRABHA

ABERDYFI

STOKE-ON-TRENT 3 GLOUCESTER WOTTONUNDER-EDGE

HERTFORDSHIRE

QUEENS PARK RANGERS LAKSHMI MITTAL

CHERTSEY

LONDON 17

BRISTOL BRISTOL CITY FC STEPHEN LANSDOWN

ARSENAL FC ALISHER USMANOV

M4 CORRIDOR

SILICON ROUNDABOUT

CHELSEA FC ROMAN ABRAMOVICH TOTTENHAM HOTSPUR JOE LEWIS

HAMPSHIRE

James Dyson ST. PETER PORT, GUERNSEY

ISLE OF BRECQHOU

EXPATRIATES 19

ST. BRELADE, JERSEY

NEWSMAKER: The British inventor has Elon Musk in his crosshairs. In September, Dyson announced his company will spend $2.7 billion to bring an electric car to market by 2020, pushing the $3.1 billion (sales) brand, best known for its bagless vacuums, into direct competition with Musk’s Tesla. Dyson, who is obsessed with air pollution, has been working on a solution to car exhaust since 1990, when he began trying to adapt the cyclonic vacuum ﬁlter to ﬁt a vehicle’s exhaust system and to trap small particles.

AKHMETOV : THOMAS TRUTSCHEL/PHOTOTHEK/GETTY IMAGES; DESMOND : LUKE MACGREGOR/BLOOMBERG; MCMURTRY: MAIL ON SUNDAY/ZUMAPRESS/NEWSCOM

MARCH 28, 2017 FORBES | 121

T h e Wo r l d ’ s b i l l i o n a i r e s

united states Gdp: $19.4 TRIL populatioN: 325 MIL BillioNaires: 585 (+20 VS. 2017) total Net Worth: $3.1 TRIL (+$340 BIL VS. 2017)

newsmaker: the casino kingpin resigned as chairman

and Ceo of Wynn resorts in february after allegations of sexual misconduct broke in the news. Just a day after the initial report, he stepped down as the republican National Committee finance chair. Wynn, who claimed the accusations were part of a smear campaign led by his ex-wife elaine Wynn, denied wrongdoing.

TOP SECTORS

WEALTH ORIGIN 17% 16%

68%

steve Wynn

INHERITED & GROWING INHERITED SELF-MADE

147 FINANCE & INVESTMENTS 79 TECHNOLOGY 60 FOOD & BEVERAGE 50 FASHION & RETAIL 44 REAL ESTATE

san Juan IsLanDs

SeattLe SeahaWKS PAUL ALLEN

seattLe 12 mIssouLa

Jeff Bezos 

$112 BIL #1 amazoN

poRtLanD

Bill Gates 

PortLanD traiL bLaZerS PAUL ALLEN

$90 BIL #2 miCrosoft, iNVestmeNts

BoZeman

Warren Buffett 

$84 BIL #3 Berkshire hathaWay

IDaho FaLLs

SUN VALLEY

Mark Zuckerberg  $71 BIL #5 faCeBook Charles Koch 

JacKson 6

$60 BIL #8 koCh iNdustries ReDDIng

David Koch 

utah JaZZ GAIL MILLER

$60 BIL #8 koCh iNdustries

Larry Ellison  $58.5 BIL #10 softWare

Reno sonoma

Michael Bloomberg  $48.8 BIL #12 GooGle

$47.5 BIL #13 GooGle

Jim Walton 

$46.4 BIL #14 Walmart

S. Robson Walton 

tRucKee

San FranciSco giantS CHARLES JOHNSON

Larry Page 

$46.2 BIL #15 Walmart

SNOWMASS/ASPEN/BEAVER CREEK,COLORADO

PEBBLE BEACH

DenVeR 7

montecIto

Las Vegas 8

VentuRa

Alice Walton 

westLaKe VILLage

$46 BIL #16 Walmart

LoS angeLeS DoDgerS MARK WALTER

$38.5 BIL #21 CasiNos

LoS angeLeS LaKerS PHILIP ANSCHUTZ

Steve Ballmer  $38.4 BIL #22 miCrosoft Phil Knight & family 

phoenIX 10

$29.6 BIL #28 Nike

Jacqueline Mars 

san DIego 4

$23.6 BIL #34 CaNdy, pet food $23.6 BIL #34 CaNdy, pet food

Los angeLes 45

LANAI/KAUAI

Michael Dell 

ereN ozmeN

$22.7 BIL #39 dell Computers

Paul Allen 

$21.7 BIL #44 miCrosoft, iNVestmeNts

newcomer: Along with husband honoLuLu

Thomas Peterffy 

$20.3 BIL #47 disCouNt BrokeraGe

Len Blavatnik 

$20.2 BIL #48 diVersified

James Simons 

$20 BIL #52 hedGe fuNds

Elon Musk 

$19.9 BIL #54 tesla motors

Laurene Powell Jobs &

family  $18.8 BIL #58 apple, disNey Ray Dalio 

coLoraDo aVaLanche STAN KROENKE

san BeRnaRDIno

Sheldon Adelson 

John Mars 

HOW TO READ THE MAPS cIty wIth seconD the most BILLIonaIRes

thIRD

FouRth

FIFth

Boxes correspond to the cities where billionaires live, one box per person. Colored names on the list correspond to the color of the city where they live. John Doe 

total worth

$1 BIL #1940 furNiture

source of wealth rank Change in wealth status from 2016

$17.7 BIL #67 hedGe fuNds

Carl Icahn 

$16.8 BIL #73 iNVestmeNts

Fatih, the Turkish immigrant has created aerospace and defense powerhouse Sierra Nevada Corp. Toptier clients include NASA, the U.S. Air Force and the Japan Aerospace Exploration Agency. Its self-flying Dream Chaser (which can take repeated trips and land at any regular airport) has been tapped to deliver supplies to the International Space Station and help developing countries get into space in partnership with the UN. The Ozmens, who purchased the fledgling 20-person company in 1994, have since orchestrated 19 acquisitions and opened oﬃces in 34 locations. Eren is one of 72 self-made billionaire women in the world. wealth status:

Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

122 | FORBES MaRch 31, 2018

BouLDeR

aspen

santa cRuZ

san FRancIsco/ san Jose santa BaRBaRa 74

FoRt coLLIns

saLt LaKe cIty

stocKton

$50 BIL #11 BloomBerG lp

Sergey Brin 

DEER VALLEY PARK CITY

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

eL paso

DaLLa JE

DaLLaS M

T h e Wo r l d ’ s b i l l i o n a i r e s

eXpatRIates 11

westchesteR 9

BeLgRaDe connectIcut 16

chIcago 17 mInneapoLIs/ st. pauL 5

minneSota timberWoLVeS GLEN TAYLOR

phILaDeLphIa 8 Detroit reD WingS MARIAN ILITCH & FAMILY

BIRchwooD eau cLaIRe sheBoygan

sIouX FaLLs

eRIe

ann aRBoR hoLLanD

aFton

DetRoIt 6

RacIne 4 chicago buLLS JERRY REINSDORF

KaLamaZoo

aDeL

woRcesteR RochesteR

inDianaPoLiS coLtS JAMES IRSAY

cLeVeLanD

LeawooD

coLumBIa

Long IsLanD 10

wIchIta

FayetteVILLe 4 tuLsa

LIttLe RocK

oKLahoma cIty

nashVILLe 4

VIRgInIa Beach

LewIsBuRg chaRLotte

cLeVeLanD

caRy charLotte hornetS MICHAEL JORDAN

chattanooga

memphIs

new JeRsey 8

WaShington reDSKinS DAN SNYDER

KnoXVILLe spRIngFIeLD

BaLtImoRe

LeXIngton

KENTUCKY DERBY

st. LouIs

HAMPTONS

youngstown coLumBus washIngton, Dc aRea 11

InDIanapoLIs

BLoomIngton

pRoVIDence

RhIneBecK LIBeRty pottsVILLe

BRooKVILLe

omaha

Boston 16

NANTUCKET

maDIson

manKato

hanoVeR

buFFaLo biLLS TERRENCE PEGULA

cLeVeLanD caVaLierS DAN GILBERT BuFFaLo

gRanD RapIDs

boSton reD SoX JOHN HENRY neW engLanD PatriotS ROBERT KRAFT

poRtLanD

memPhiS griZZLieS ROBERT PERA

DaLLas/FoRt woRth 23

new yoRK 79

chaRLeston atLanta 10

neW yorK KnicKS CHARLES DOLAN & FAMILY

atLanta FaLconS ARTHUR BLANK

aS coWboyS ERRY JONES

S maVericKS MARK CUBAN houSton rocKetS LESLIE ALEXANDER

cIsco

tempLe

JacKSonViLLe JaguarS SHAHID KHAN neW orLeanS SaintS TOM BENSON & FAMILY

new oRLeans

houston 13

LaKeLanD Daytona Beach

tampa/ st. peteRsBuRg 6

poRt st. LucIe

orLanDo magic RICHARD DEVOS

san antonIo 4

PALM BEACH

BonIta spRIngs miami DoLPhinS STEPHEN ROSS

napLes 5

austIn 8

IsLamoRaDa

ELON MUSK newsmaker: the tesla and spacex founder

sold out of 20,000 ﬂamethrowers, soupedup torches priced at $500 a pop, in just a few days earlier in the year. he had pitched them online as a surefire way to liven up any party. the sale was through his side project, the Boring Co., which aims to dig underground tunnels to ultimately replace traffic-clogged roads with high-speed public transportation and an expressway for cars.

miami heat MICKY ARISON

maRathon

mIamI/paLm Beach 32

WyNN: CalViN sit/BloomBerG; ozmeN : alBerto e. rodriGuez/Getty imaGes; musk : alBerto e. rodriGuez/Getty imaGes

MaRch 31, 2018 FORBES | 123

T h e Wo r l d ’ s b i l l i o n a i r e s Patrick Soon-Shiong 

Jerry Jones 

$7.8 BIL #198 pharmaCeutiCals

$5.6 BIL #321 dallas CoWBoys

Donald Bren 

Micky Arison 

Stephen Ross 

Richard LeFrak & family 

Abigail Johnson 

Thomas Frist Jr. & family 

Pauline MacMillan Keinath 

Steven Rales 

Charles Schwab 

Eli Broad 

Dannine Avara 

Sun Hongbin 

Scott Duncan 

Christy Walton 

Milane Frantz 

Shahid Khan 

Diane Hendricks 

John Doerr 

Gabe Newell 

David Green & family 

Randa Williams 

Hank & Doug Meijer 

Richard DeVos & family 

Brian Acton 

George Roberts 

Ann Walton Kroenke 

Edward Roski Jr. 

Leon Black 

Jim Davis & family 

John Paulson 

David Filo 

David Shaw 

Henry Kravis 

John A. Sobrato & family 

Israel Englander 

Daniel Gilbert 

Marian Ilitch 

$16.3 BIL #80 real estate $15.9 BIL #83 moNey maNaGemeNt

Lukas Walton 

$9.7 BIL #154 CarNiVal Cruises

$7.4 BIL #207 CarGill

$9.6 BIL #158 health Care

$7.3 BIL #211 iNVestmeNts

$15.9 BIL #83 Walmart

$9.4 BIL #162 disCouNt BrokeraGe

Rupert Murdoch & family 

Herbert Kohler Jr. & family 

$15 BIL #94 NeWspapers, tV NetWork

Harold Hamm & family  $14.1 BIL #100 oil & Gas

$9.3 BIL #164 plumBiNG fixtures

$9.1 BIL #170 Whatsapp

James Goodnight 

Dustin Moskovitz 

Ken Griffin 

Charles Ergen 

James Chambers 

$14 BIL #102 hedGe fuNds $14 BIL #102 faCeBook $13.4 BIL #106 satellite tV

Eric Schmidt 

$13.4 BIL #106 GooGle

$6.8 BIL #242 retail

$8.7 BIL #178 media

$6.8 BIL #242 supermarkets

Katharine Rayner  $8.7 BIL #178 media

Jim Kennedy 

Gordon Moore 

Blair Parry-Okeden 

Stanley Kroenke 

$13 BIL #108 media

$7.1 BIL #222 VeNture Capital

$9 BIL #172 hedGe fuNds

Margaretta Taylor 

$13 BIL #108 iNVestmeNts

$7.2 BIL #217 auto parts

$9 BIL #172 softWare

Philip Anschutz 

$6.6 BIL #251 Whatsapp

$8.7 BIL #178 media

$6.6 BIL #251 Walmart

$8.5 BIL #181 iNtel

$13 BIL #108 media

Leonard Lauder 

$12.9 BIL #113 estee lauder

Stephen Schwarzman 

$12.6 BIL #117 iNVestmeNts

Donald Newhouse  $12.3 BIL #121 media

Andrew Beal 

$11.6 BIL #132 BaNks, real estate

John Menard Jr. 

$11.5 BIL #134 home improVemeNt stores

David Tepper 

$11 BIL #138 hedGe fuNds

Pierre Omidyar  $10.5 BIL #145 eBay

Ronald Perelman  $9.8 BIL #152 leVeraGed Buyouts

$7.3 BIL #211 real estate $7.3 BIL #211 Walmart

Jan Koum 

Steve Cohen 

$7.6 BIL #205 real estate

$6.5 BIL #261 priVate equity

$8.3 BIL #183 sports, real estate

$6.5 BIL #261 hedGe fuNds

John Malone 

$6.4 BIL #265 hedGe fuNds

$8.1 BIL #186 CaBle teleVisioN

Carl Cook 

$6.4 BIL #265 real estate

$8 BIL #190 mediCal deViCes

David Geffen 

$6.3 BIL #274 quiCkeN loaNs

$8 BIL #190 moVies, reCord laBels

Richard Kinder 

$5.6 BIL #321 real estate

$5.6 BIL #321 maNufaCturiNG $5.5 BIL #334 pipeliNes $5.5 BIL #334 pipeliNes $5.5 BIL #334 pipeliNes $5.5 BIL #334 roofiNG $5.5 BIL #334 VideoGames $5.5 BIL #334 pipeliNes $5.4 BIL #351 amWay

$5.4 BIL #351 priVate equity $5.4 BIL #351 real estate $5.3 BIL #365 NeW BalaNCe $5.3 BIL #365 yahoo $5.3 BIL #365 priVate equity $5.2 BIL #372 hedGe fuNds $5.2 BIL #372 pizza, sports team

Bruce Kovner 

George Soros 

$6.2 BIL #281 pipeliNes

Edward Johnson III 

$6.2 BIL #281 NeW eNGlaNd patriots

George Lucas 

Ralph Lauren 

Robert Rich Jr. 

$7.8 BIL #198 BusiNess softWare

Les Wexner & family 

Bernard Marcus 

George Kaiser 

Whitney MacMillan 

Frederick Smith 

Marijke Mars ★

Ronda Stryker 

Robert Kraft 

$8 BIL #190 hedGe fuNds $7.9 BIL #196 moNey maNaGemeNt

$6.2 BIL #281 fashioN

David Duffield 

$6.1 BIL #287 retail

$7.8 BIL #198 oil & Gas, BaNkiNG

$6 BIL #289 CarGill

$5.9 BIL #296 CaNdy, pet food

JEFF LURIE

Pamela Mars ★

newsmaker: Lurie’s Philadelphia Eagles won the Super Bowl for the

Valerie Mars ★

$5.9 BIL #296 CaNdy, pet food

first time in the franchise’s history in February, setting off one of the craziest celebrations in the city’s history. The team beat the New England Patriots, Lurie’s childhood team, which he had previously tried to buy. After he lost out to Bob Kraft, he settled on the Eagles, reportedly paying about $185 million in 1994; the team is now worth $2.65 billion.

$5.9 BIL #296 CaNdy, pet food

Victoria Mars ★

$5.9 BIL #296 CaNdy, pet food

Nancy Walton Laurie  $5.8 BIL #305 Walmart

Tom & Judy Love 

$5.8 BIL #305 retail & Gas statioNs

Robert Rowling 

$5.8 BIL #305 iNVestmeNts

$5.2 BIL #372 hedGe fuNds $5.2 BIL #372 Star WarS $5.2 BIL #372 frozeN foods $5.1 BIL #382 home depot $5.1 BIL #382 fedex

$5.1 BIL #382 mediCal equipmeNt

Martha Ingram & family 

$5 BIL #388 Book distriButioN, traNsportatioN

Karen Pritzker 

John paul deJoria newsmaker: Nearly three decades after first creating high-end tequila brand patrón with a buddy and eventually turning it into one of the world’s top spirits (it sells 2.6 million cases a year), deJoria is selling his estimated 70% stake to Bacardi ltd. in a $5.1 billion deal (including debt). the Navy vet, who boasts that 53 people are involved in making each bottle of patrón, first sold a minority stake to Bacardi in 2008.

Bubba Cathy 

$4.8 BIL #422 ChiCk-fil-a

Dan Cathy 

$4.8 BIL #422 ChiCk-fil-a

Rupert Johnson Jr.  $4.8 BIL #422 moNey maNaGemeNt

Travis Kalanick  $4.8 BIL #422 uBer

Trevor Rees-Jones 

$4.8 BIL #422 oil & Gas

Jeffrey Skoll 

$4.8 BIL #422 eBay

Daniel Ziff 

$4.8 BIL #422 iNVestmeNts

Dirk Ziff 

$4.8 BIL #422 iNVestmeNts

Robert Ziff 

$4.8 BIL #422 iNVestmeNts

Stanley Druckenmiller 

$4.7 BIL #441 hedGe fuNds

Ted Lerner & family 

$4.7 BIL #441 real estate

$5 BIL #388 hotels, iNVestmeNts

Gwendolyn Sontheim Meyer 

Robert Bass 

J. Christopher Reyes 

$4.9 BIL #404 oil, iNVestmeNts

Marc Benioff 

$4.9 BIL #404 BusiNess softWare

Charles Dolan & family 

$4.7 BIL #441 CarGill $4.7 BIL #441 food distriButioN

Jude Reyes 

$4.7 BIL #441 food distriButioN

$4.9 BIL #404 CaBle teleVisioN

Sheldon Solow 

$5.8 BIL #305 CoNstruCtioN, miNiNG

Ray Lee Hunt 

Jeremy Jacobs Sr. 

David Sun 

John Overdeck 

Chris Larsen ★

Sumner Redstone 

Paul Tudor Jones II 

Reinhold Schmieding 

John Sall 

David Siegel 

Leonard Stern 

Sam Zell 

Tamara Gustavson & family 

Dennis Washington 

$5.7 BIL #315 Computer hardWare

John Tu  $5.7 BIL #315 Computer hardWare Jen-Hsun Huang 

$5.6 BIL #321 semiCoNduCtors

Charles Johnson 

$5.6 BIL #321 moNey maNaGemeNt

$4.9 BIL #404 oil, real estate $4.9 BIL #404 hedGe fuNds $4.9 BIL #404 media

$4.9 BIL #404 mediCal deViCes $4.9 BIL #404 hedGe fuNds $4.9 BIL #404 real estate, priVate equity

$4.7 BIL #441 real estate $4.6 BIL #456 CoNCessioNs $4.6 BIL #456 CryptoCurreNCy $4.5 BIL #466 hedGe fuNds $4.5 BIL #466 softWare $4.5 BIL #466 real estate $4.4 BIL #480 self storaGe

wealth status: Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

124 | FORBES MaRch 31, 2018

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

Christopher polk/NBC/Getty imaGes; elsa/Getty imaGes

united states

Saving Lives, Building Futures

Learn more at unicefusa.org.

T h e Wo r l d ’ s b i l l i o n a i r e s

united states

Mark Cuban 

$3.7 BIL #606 oNliNe media

John Morris 

Walter Scott Jr. & family 

Ken Fisher 

Robert Smith 

Clemmie Spangler Jr. 

H. Fisk Johnson 

Russ Weiner 

Arthur Blank 

Rocco Commisso ★

Jack & Laura Dangermond 

$4.4 BIL #480 priVate equity $4.4 BIL #480 eNerGy driNks $4.3 BIL #499 teleCom

Tilman Fertitta 

$4.2 BIL #514 utilities, teleCom

$4.2 BIL #514 iNVestmeNts

Terrence Pegula 

Isaac Perlmutter 

Robert Pera 

H. Ross Perot Sr. 

Gary Rollins 

Thomas Pritzker 

$4.3 BIL #499 pest CoNtrol

Randall Rollins 

$4.3 BIL #499 pest CoNtrol

Alejandro Santo Domingo  $4.3 BIL #499 Beer

Andres Santo Domingo  $4.3 BIL #499 Beer

Imogene Powers Johnson  $3.7 BIL #606 CleaNiNG produCts

$4.1 BIL #527 mappiNG softWare

James Jannard 

$4.3 BIL #499 Wireless NetWorkiNG Gear

$3.7 BIL #606 CleaNiNG produCts

$4.1 BIL #527 home depot

$4.3 BIL #499 restauraNts, CasiNos $4.3 BIL #499 Natural Gas

$3.7 BIL #606 moNey maNaGemeNt

S. Curtis Johnson  $3.7 BIL #606 CleaNiNG produCts

$4.1 BIL #527 suNGlasses

Helen Johnson-Leipold  $3.7 BIL #606 CleaNiNG produCts

$4.1 BIL #527 marVel ComiCs

Winifred Johnson-Marquart 

$4.1 BIL #527 Computer serViCes, real estate

$3.7 BIL #606 CleaNiNG produCts

Michael Milken 

$4.1 BIL #527 hotels, iNVestmeNts

$3.7 BIL #606 iNVestmeNts

Jeffery Hildebrand 

Julian Robertson Jr. 

$3.6 BIL #629 oil

$4.1 BIL #527 hedGe fuNds

Edward Johnson IV ★

Evan Spiegel 

$4.1 BIL #527 sNapChat

Kelcy Warren 

$4.1 BIL #527 pipeliNes

Roger Wang 

$4.3 BIL #499 retail

Stephen Bisciotti 

$4.2 BIL #514 staffiNG, Baltimore raVeNs

Austen Cargill II 

$4.2 BIL #514 CarGill

James Cargill II 

$4.2 BIL #514 CarGill

Archie Aldis Emmerson & family 

$4 BIL #550 real estate

Bobby Murphy 

$4.2 BIL #514 sNapChat

Igor Olenicoff 

$4.2 BIL #514 real estate

Rodger Riney ★

$3.6 BIL #629 disCouNt BrokeraGe

Dan Friedkin 

$4 BIL #550 toyota dealerships $4 BIL #550 estee lauder

Jeff Sutton 

$4 BIL #550 real estate

Anita Zucker 

Charles Cohen 

Lynn Schusterman 

Judy Faulkner 

Rakesh Gangwal 

Joshua Harris 

Reid Hoffman 

Douglas Leone 

Amos Hostetter Jr. 

Anthony Pritzker 

Kenneth Langone 

$3.5 BIL #652 VeNture Capital

Rick Caruso 

$3.9 BIL #572 real estate

$3.5 BIL #652 hotels, iNVestmeNts

Jay Robert (J.B.) Pritzker  $3.5 BIL #652 hotels, iNVestmeNts

Stewart & Lynda Resnick  $3.9 BIL #572 aGriCulture, Water

Mitchell Rales 

$3.9 BIL #572 real estate

$3.5 BIL #652 maNufaCturiNG, iNVestmeNts

Harry Stine 

Bernard Saul II 

Jerry Speyer 

geon and biotech billionaire is doubling down on media. in february he agreed to buy the Los angeles times and San Diego union-tribune and several smaller titles for $500 million— twice what Jeff Bezos paid for the Washington Post five years ago. soon-shiong’s gamble on transforming health care, NantWorks, has yet to deliver on his promises.

Haim Saban 

$3.5 BIL #652 priVate equity

$3.9 BIL #572 priVate equity

newsmaker: the sur-

$3.3 BIL #703 mediCal equipmeNt

$3.5 BIL #652 health it

$4 BIL #550 Best Buy

Tom Gores 

patrick soon-shiong

John Brown 

$3.6 BIL #629 ChemiCals

$4 BIL #550 VeNture Capital

$3.5 BIL #652 BaNkiNG, real estate

$3.9 BIL #572 aGriCulture

Steven Udvar-Hazy 

$3.9 BIL #572 airCraft leasiNG

Nathan Blecharczyk 

Donald Sterling 

$3.5 BIL #652 real estate

Riley Bechtel & family 

$3.8 BIL #588 airBNB

$3.4 BIL #679 eNGiNeeriNG, CoNstruCtioN

Brian Chesky 

$3.8 BIL #588 airBNB

Stephen Bechtel Jr. 

Joe Gebbia 

$3.8 BIL #588 airBNB

$3.4 BIL #679 eNGiNeeriNG, CoNstruCtioN

Jeff Greene 

Jimmy Haslam 

$3.8 BIL #588 real estate, iNVestmeNts

Robert McNair 

$3.8 BIL #588 eNerGy, sports

Ira Rennert 

$3.8 BIL #588 iNVestmeNts $3.8 BIL #588 semiCoNduCtors $3.7 BIL #606 BeVeraGes

$3.3 BIL #703 airliNe $3.3 BIL #703 liNkediN $3.3 BIL #703 CaBle teleVisioN $3.3 BIL #703 iNVestmeNts

George Lindemann & family

$3.2 BIL #729 oil & Gas, iNVestmeNts

Mark Shoen 

$3.2 BIL #729 u-haul

Meg Whitman 

$3.2 BIL #729 eBay

John Catsimatidis 

$3.1 BIL #766 oil, real estate

Do Won & Jin Sook Chang  $3.1 BIL #766 fashioN retail

Barry Diller 

Mary Alice Dorrance Malone

Jack Dorsey 

Henry Nicholas III 

Allan Goldman  $3.1 BIL #766 real estate

 $3.3 BIL #703 CampBell soup $3.3 BIL #703 semiCoNduCtors

Pat Stryker 

$3.3 BIL #703 mediCal equipmeNt

Neil Bluhm 

$3.2 BIL #729 real estate

Andrew & Peggy Cherng  $3.2 BIL #729 restauraNts

Scott Cook 

$3.2 BIL #729 softWare

Leon G. Cooperman 

Min Kao & family  $3.4 BIL #679 NaViGatioN equipmeNt

$3.2 BIL #729 hair produCts, tequila

Steve Wynn 

$3.2 BIL #729 payroll serViCes

John Arnold 

$3.2 BIL #729 hedGe fuNds

Sid Bass 

$3.2 BIL #729 hedGe fuNds

$3.3 BIL #703 oil, iNVestmeNts

$3.2 BIL #729 tV NetWork, iNVestmeNts

 $3.3 BIL #703 iNVestmeNts

$3.4 BIL #679 Gas statioNs, retail

$3.3 BIL #703 hedGe fuNds

Nick Caporella 

$3.3 BIL #703 real estate

$3.2 BIL #729 hedGe fuNds

$3.4 BIL #679 CasiNos, hotels

Henry Samueli 

billionaire, shah started selling stereo racks online in 2002 and within years ran more than 250 websites. they later consolidated them into $4.7 billion (2017 revenues) Wayfair, which sells more than than 10 million items for the home. its stock has more than doubled in the past year.

$3.6 BIL #629 moVies

Steven Spielberg 

Ronald Lauder 

Richard Schulze 

$4.2 BIL #514 CarGill

$3.6 BIL #629 iNVestmeNts

$4 BIL #550 dolBy laBoratories

Marianne Liebmann 

newcomer: With Cornell classmate steve Conine, also a new

Peter Kellogg 

Dagmar Dolby & family 

Michael Moritz 

NIRAJ SHAH

Elizabeth Johnson ★ $3.6 BIL #629 moNey maNaGemeNt

Ben Ashkenazy ★

$4.2 BIL #514 timBerlaNd, lumBer mills

$3.6 BIL #629 moNey maNaGemeNt

John Paul DeJoria  Tom Golisano  Daniel Loeb  Daniel Och 

Marc Rowan 

$3.2 BIL #729 priVate equity

$3.1 BIL #766 oNliNe media $3.1 BIL #766 tWitter

Jane Goldman 

$3.1 BIL #766 real estate

Amy Goldman Fowler  $3.1 BIL #766 real estate

Diane Kemper 

$3.1 BIL #766 real estate

James Leprino 

$3.1 BIL #766 Cheese

Richard Sands ★

$3.1 BIL #766 food & BeVeraGe

Donald Trump 

$3.1 BIL #766 real estate

Romesh T. Wadhwani  $3.1 BIL #766 softWare

Clifford Asness 

$3 BIL #791 iNVestmeNt maNaGemeNt

Tom Benson & family  $3 BIL #791 NeW orleaNs saiNts

Jim Breyer 

$3 BIL #791 VeNture Capital

wealth status: Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

126 | FORBES MaRch 31, 2018

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

riChard dreW/ap; ethaN piNes

$4.4 BIL #480 sportiNG Goods retail

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T h e Wo r l d ’ s b i l l i o n a i r e s

united states Valentin Gapontsev & family 

Edward DeBartolo Jr.  $2.7 BIL #887 shoppiNG CeNters

Jon Stryker 

$3 BIL #791 lasers

$2.9 BIL #822 mediCal equipmeNt

Bennett Dorrance 

Johnelle Hunt 

Vincent Viola 

Don Hankey 

$3 BIL #791 truCkiNG

John Middleton 

$3 BIL #791 toBaCCo

Jorge Perez 

$3 BIL #791 real estate

Jean (Gigi) Pritzker  $3 BIL #791 hotels, iNVestmeNts

$2.7 BIL #887 CampBell soup

$3 BIL #791 oNliNe retail

Robert Sands ★

$3 BIL #791 food & BeVeraGe

Herbert Simon 

$3 BIL #791 real estate

Don Vultaggio & family ★ $3 BIL #791 arizoNa BeVeraGes

Chuck Bundrant ★

$2.9 BIL #822 fishiNG

Gerald Ford 

$2.9 BIL #822 BaNkiNG

Joseph Grendys 

$2.9 BIL #822 poultry proCessiNG

Randal Kirk 

James Irsay 

$2.8 BIL #859 priVate equity

$2.7 BIL #887 iNdiaNapolis Colts

Arturo Moreno 

Jim Davis 

Bob Parsons 

Richard Peery 

Phillip Ruffin 

Larry Robbins 

William Conway Jr. 

$2.7 BIL #887 Netflix

$2.8 BIL #859 priVate equity

Daniel D’Aniello 

$2.7 BIL #887 WeB hostiNG

Doris Fisher 

$2.8 BIL #859 Gap

$2.7 BIL #887 CasiNos, real estate

John Fisher 

Howard Schultz 

$2.8 BIL #859 Gap

$2.7 BIL #887 starBuCks

Kieu Hoang 

E. Joe Shoen 

$2.8 BIL #859 mediCal produCts

$2.7 BIL #887 u-haul

Frank VanderSloot ★

H. Wayne Huizenga 

$2.8 BIL #859 iNVestmeNts

$2.7 BIL #887 NutritioN & WellNess produCts

Osman Kibar 

Ty Warner 

$2.8 BIL #859 BioteCh

$2.7 BIL #887 real estate, plush toys

Penny Pritzker 

$2.8 BIL #859 hotels, iNVestmeNts

Oprah Winfrey  $2.7 BIL #887 tV shoWs

David Rubenstein 

David Bonderman 

$2.8 BIL #859 priVate equity

William Wrigley Jr. 

Thomas Siebel 

Mortimer Zuckerman 

$2.6 BIL #924 priVate equity

Phillip Frost 

$2.8 BIL #859 fiNaNCe

$2.9 BIL #822 hedGe fuNds

$2.6 BIL #924 pharmaCeutiCals

$2.8 BIL #859 CheWiNG Gum

B. Wayne Hughes 

$2.6 BIL #924 self storaGe

$2.5 BIL #965 iNVestmeNts $2.5 BIL #965 BillBoards, aNaheim aNGels $2.5 BIL #965 real estate $2.5 BIL #965 hedGe fuNds

Charles Simonyi 

$2.5 BIL #965 miCrosoft

Mark Stevens 

$2.5 BIL #965 VeNture Capital

Peter Thiel 

$2.5 BIL #965 faCeBook, softWare

Elaine Wynn 

$2.5 BIL #965 CasiNos, hotels

Denise York 

$2.5 BIL #965 saN fraNCisCo 49ers

David Zalik ★

$2.5 BIL #965 teChNoloGy

George Argyros & family  $2.4 BIL #1020 real estate, iNVestmeNts

John Arrillaga 

$2.4 BIL #1020 real estate

Peter Buck 

$2.8 BIL #859 real estate, media

Stephen Mandel Jr. 

$2.6 BIL #924 hedGe fuNds

$2.4 BIL #1020 suBWay saNdWiCh shops

Ray Davis 

Sean Parker 

Drayton McLane Jr. 

$2.7 BIL #887 pipeliNes

$2.6 BIL #924 faCeBook

Jay Paul 

J.B. pritzker

$2.6 BIL #924 real estate

politics: The Hyatt Hotel heir is moving from private equity to politics. The founder of Pritzker Group and nonprofit small business incubator 1871, he joined the race for Illinois governor last year and is running in the Democratic primary this month. After giving millions to Democratic organizations in 2016, he is advocating for social services, investment in education and the protection of health care coverage.

Patrick Ryan 

$2.6 BIL #924 iNsuraNCe

Thomas Secunda 

$2.6 BIL #924 BloomBerG lp

Warren Stephens  $2.6 BIL #924 iNVestmeNt BaNkiNG

Glen Taylor 

$2.6 BIL #924 priNtiNG

Jerry Yang 

$2.6 BIL #924 yahoo

Aerin Lauder Zinterhofer  $2.5 BIL #965 CosmetiCs

$2.4 BIL #1020 Walmart, loGistiCs

Daniel Pritzker 

$2.4 BIL #1020 hotels, iNVestmeNts

John Pritzker 

$2.4 BIL #1020 hotels, iNVestmeNts

Eric Smidt 

$2.5 BIL #965 oil, iNVestmeNts $2.5 BIL #965 oil, iNVestmeNts

Bert Beveridge ★

$2.5 BIL #965 Vodka

George Bishop 

$2.5 BIL #965 oil & Gas

Norman Braman  $2.5 BIL #965 art, Car dealerships

Kenneth Feld & family 

$2.5 BIL #965 sports

$2.2 BIL #1103 hedGe fuNd

James Coulter 

$2.2 BIL #1103 priVate equity

Frank Fertitta III 

$2.2 BIL #1103 CasiNos, mixed martial arts

Lorenzo Fertitta 

$2.2 BIL #1103 CasiNos, mixed martial arts

Ernest Garcia II ★

$2.2 BIL #1103 used Cars

Stanley Hubbard 

$2.2 BIL #1103 direCtV

Thomas Lee 

$2.2 BIL #1103 priVate equity

Eric Lefkofsky 

$2.2 BIL #1103 GroupoN

Phillip T. (Terry) Ragon  $2.2 BIL #1103 health it

Stewart Rahr 

$2.2 BIL #1103 druG distriButioN

T. Denny Sanford 

$2.2 BIL #1103 BaNkiNG, Credit Cards

Julio Mario Santo Domingo III 

$2.2 BIL #1103 Beer

Ted Turner 

$2.2 BIL #1103 CaBle teleVisioN

William Young  $2.2 BIL #1103 plastiCs Leslie Alexander  $2.1 BIL #1157 houstoN roCkets

Todd Christopher  $2.1 BIL #1157 hair Care produCts

Gordon Getty 

$2.1 BIL #1157 Getty oil

David Murdock 

$2.3 BIL #1070 iNVestmeNts

Bill Haslam 

W. Herbert Hunt  Bradley Jacobs ★

$2.3 BIL #1070 loGistiCs

Brad Kelley 

$2.3 BIL #1070 toBaCCo

Vinod Khosla  $2.3 BIL #1070 VeNture Capital

Clayton Mathile 

$2.3 BIL #1070 pet food

Dan Snyder 

John Henry 

Chase Coleman III 

David Gottesman 

Noam Gottesman 

$2.5 BIL #965 iNVestmeNts

$2.2 BIL #1103 ColumBia sportsWear

Catherine Lozick 

$2.4 BIL #1020 real estate, los aNGeles CharGers

J. Joe Ricketts 

Jonathan Gray 

Timothy Boyle 

Alexander Spanos & family 

$2.5 BIL #965 CirCus, liVe eNtertaiNmeNt

$2.5 BIL #965 hedGe fuNds

$2.2 BIL #1103 moNey maNaGemeNt

Alec Gores 

$2.3 BIL #1070 oil

Lee Bass 

Ron Baron 

$2.4 BIL #1020 hardWare stores

$2.3 BIL #1070 truCk stops

Edward Bass 

patriCk t. falloN/BloomBerG

Joe Mansueto 

C. Dean Metropoulos 

Jeff Rothschild 

Paul Singer 

$2.5 BIL #965 flooriNG

Reed Hastings 

Mark Walter 

$2.9 BIL #822 BusiNess softWare

Jeffrey Lorberbaum 

$2.7 BIL #887 auto loaNs

$2.9 BIL #822 eleCtroNiC tradiNG

$2.9 BIL #822 pharmaCeutiCals $2.9 BIL #822 faCeBook

$2.5 BIL #965 CosmetiCs

$2.5 BIL #965 iNVestmeNt researCh

$2.8 BIL #859 staffiNG & reCruitiNG

Michael Rubin 

Jane Lauder 

$2.3 BIL #1070 td ameritrade $2.3 BIL #1070 WashiNGtoN redskiNs

John Tyson 

$2.3 BIL #1070 food proCessiNG

$2.1 BIL #1157 priVate equity $2.1 BIL #1157 ValVe maNufaCturiNG $2.1 BIL #1157 dole, real estate

H. Ross Perot Jr. 

$2.1 BIL #1157 real estate

Tor Peterson 

$2.1 BIL #1157 Commodities

Kavitark Ram Shriram 

$2.1 BIL #1157 VeNture Capital, GooGle

David Walentas 

$2.1 BIL #1157 real estate

Ronald Wanek 

$2.1 BIL #1157 furNiture

S. Daniel Abraham  $2 BIL #1215 slim-fast

Ron Burkle  $2 BIL #1215 supermarkets, iNVestmeNts James Clark 

$2 BIL #1215 NetsCape, iNVestmeNts

Christopher Cline  $2 BIL #1215 Coal

wealth status: Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

MaRch 31, 2018 FORBES | 131

T h e Wo r l d ’ s b i l l i o n a i r e s John Farber 

Manuel Moroun & family 

Forrest Preston 

Robert Fisher 

Sheryl Sandberg 

Jerry Reinsdorf 

William Fisher 

Niraj Shah ★

Evgeny (Eugene) Shvidler 

Timothy Headington 

Ben Silbermann 

$1.7 BIL #1394 ChemiCals

TRAVIS KALANICK

$1.6 BIL #1477 traNsportatioN

$1.7 BIL #1394 Gap

newsmaker: after bowing to investor pressure and resigning

$1.6 BIL #1477 faCeBook

$1.7 BIL #1394 Gap

as uber’s Ceo last summer, kalanick sold almost a third of his stake in the ride-hailing company in January for $1.4 billion, pretax; it was part of a mega-deal led by softBank. With kalanick and other early investors cashing out, the Japanese conglomerate was able to assemble a 15% stake in the company, buying most of it at a $48 billion valuation. it spent another $1 billion-plus for additional shares at uber’s previous $68 billion valuation.

$1.6 BIL #1477 oNliNe retail

$1.7 BIL #1394 oil & Gas, iNVestmeNts

$1.6 BIL #1477 piNterest

Thomas Steyer 

Jim Justice II 

$1.6 BIL #1477 hedGe fuNds

$1.7 BIL #1394 Coal

Charlotte Colket Weber 

William Koch 

$1.7 BIL #1394 oil, iNVestmeNts

Marc Lasry 

Susan Alfond 

David Lichtenstein 

$1.5 BIL #1561 shoes

$1.7 BIL #1394 real estate

Ted Alfond 

Craig McCaw 

$1.5 BIL #1561 shoes

$1.7 BIL #1394 teleCom

Carol Jenkins Barnett 

Miguel McKelvey 

$1.7 BIL #1394 WeWork

$1.5 BIL #1561 puBlix supermarkets

Vincent McMahon 

Martha Ford 

Gary Michelson 

Richard Hayne 

$1.7 BIL #1394 WWe

$1.5 BIL #1561 ford motor

$1.9 BIL #1284 iNVestmeNts

Louis Bacon 

$1.6 BIL #1477 hedGe fuNds

Thomas Hagen 

Jeffrey Gundlach 

William Berkley 

$1.9 BIL #1284 iNVestmeNts

$1.6 BIL #1477 iNsuraNCe

Bruce Karsh 

Jennifer Pritzker 

Aneel Bhusri 

$1.7 BIL #1394 oNliNe media $1.6 BIL #1477 heariNG aids

$1.9 BIL #1284 hotels, iNVestmeNts

$1.6 BIL #1477 BusiNess softWare

Alan N. Trefler 

O. Francis Biondi 

$1.9 BIL #1284 softWare

$1.6 BIL #1477 hedGe fuNds

$2 BIL #1215 philadelphia eaGles

Evan Williams 

David Booth 

$1.9 BIL #1284 tWitter

$1.6 BIL #1477 mutual fuNds

Sarah MacMillan 

Nicolas Berggruen 

Steve Conine ★

$1.8 BIL #1339 iNVestmeNts

$1.6 BIL #1477 oNliNe retail

Howard Marks 

James France 

Stephen Feinberg 

$1.8 BIL #1339 NasCar, raCiNG

$1.6 BIL #1477 priVate equity

Jonathan Nelson 

Stewart Horejsi & family 

Paul Foster 

$2 BIL #1215 fiNaNCe

Rodney Sacks 

$2 BIL #1215 eNerGy driNks

Brian Sheth 

$2 BIL #1215 iNVestmeNts

Lucy Stitzer 

$2 BIL #1215 CarGill

Katherine Tanner  $2 BIL #1215 CarGill

Amy Wyss 

$2 BIL #1215 mediCal equipmeNt

Jon Yarbrough 

$2 BIL #1215 VideoGames

$1.8 BIL #1339 Berkshire hathaWay

$1.6 BIL #1477 oil refiNiNG

Hamilton James 

$1.8 BIL #1339 iNVestmeNts

$1.6 BIL #1477 moNey maNaGemeNt

John Kapoor 

Christopher Goldsbury 

$1.8 BIL #1339 health Care

$1.6 BIL #1477 salsa

William Lauder 

Brian Higgins 

Mario Gabelli 

$1.8 BIL #1339 estee lauder

$1.6 BIL #1477 hedGe fuNds

Linda Pritzker 

Michael Jordan 

$1.8 BIL #1339 hotels, iNVestmeNts

$1.6 BIL #1477 Charlotte horNets, eNdorsemeNts

Brian Roberts 

Edward Lampert 

$1.8 BIL #1339 ComCast

$1.6 BIL #1477 sears

William Stone 

Thai Lee 

$1.8 BIL #1339 softWare

$1.6 BIL #1477 it proVider

Herbert Allen Jr. & family 

Billy Joe (Red) McCombs  $1.6 BIL #1477 diVersified

$1.7 BIL #1394 iNVestmeNt BaNkiNG

Steve Case 

$1.3 BIL #1756 aol, iNVestmeNts

Darwin Deason 

$1.3 BIL #1756 xerox

Nicholas Pritzker II 

Bill Gross 

Antony Ressler 

$1.3 BIL #1756 teleVisioN

Kevin Plank 

Robert Duggan 

$2 BIL #1215 iNVestmeNts

Edmund Ansin 

Henry Swieca 

William F. Austin 

Peter Peterson 

$1.4 BIL #1650 Beer

Mark Pincus 

James Dinan 

$2 BIL #1215 priVate equity

Richard Yuengling Jr. 

Roger Penske 

Glenn Dubin 

$2 BIL #1215 priVate equity

$1.4 BIL #1650 Natural Gas

Mitchell Jacobson 

Todd Wagner 

$2 BIL #1215 CarGill

Farris Wilks 

Fatih Ozmen ★

Charles Zegar 

Jeffrey Lurie 

$1.4 BIL #1650 Natural Gas

Nelson Peltz 

Alexandra Daitch 

$2 BIL #1215 hedGe fuNds

Dan Wilks 

Irwin Jacobs 

$1.7 BIL #1394 hedGe fuNds

Henry Laufer ★

$1.4 BIL #1650 teleCom

Eren Ozmen ★

$1.7 BIL #1394 Cars

$2 BIL #1215 priVate equity

Kenny Troutt 

$1.7 BIL #1394 Berkshire hathaWay $1.7 BIL #1394 iNVestmeNts

$2 BIL #1215 iNsuraNCe

$1.4 BIL #1650 eduCatioN

Anne Gittinger 

Charles Munger 

$2 BIL #1215 pharmaCeutiCals

Peter Sperling 

Seth Klarman 

$1.7 BIL #1394 traNsportatioN

$1.9 BIL #1284 hedGe fuNds

$1.4 BIL #1650 oil & Gas, iNVestmeNts

Jamie Dimon  $1.3 BIL #1756 BaNkiNG

Jerry Moyes ★

$2 BIL #1215 hedGe fuNds

$1.4 BIL #1650 ChiCaGo Bulls

$1.5 BIL #1561 urBaN outfitters

$1.7 BIL #1394 mediCal pateNts

$2 BIL #1215 BloomBerG lp

Bill Alfond 

$1.5 BIL #1561 shoes

$1.7 BIL #1394 hedGe fuNds

$2 BIL #1215 CarGill

$1.6 BIL #1477 CampBell soup

$1.4 BIL #1650 health Care

$1.5 BIL #1561 hedGe fuNds $1.5 BIL #1561 aerospaCe $1.5 BIL #1561 aerospaCe $1.5 BIL #1561 oNliNe Games $1.5 BIL #1561 uNder armour

$1.3 BIL #1756 Nordstrom $1.3 BIL #1756 semiCoNduCtors $1.3 BIL #1756 iNdustrial equipmeNt

Alexander Karp 

$1.3 BIL #1756 softWare firm

Sidney Kimmel 

$1.3 BIL #1756 retail

$1.5 BIL #1561 hotels, iNVestmeNts

Rodney Lewis 

Fayez Sarofim 

Cargill MacMillan III 

$1.5 BIL #1561 moNey maNaGemeNt

Kevin Systrom 

$1.5 BIL #1561 iNstaGram

Jim Thompson 

$1.5 BIL #1561 loGistiCs

Jonathan Tisch ★

$1.5 BIL #1561 iNsuraNCe, Ny GiaNts

Kenneth Tuchman 

$1.5 BIL #1561 outsourCiNG

Herb Chambers 

$1.4 BIL #1650 Car dealerships

John Edson 

$1.4 BIL #1650 leisure Craft

David Einhorn 

$1.3 BIL #1756 Natural Gas $1.3 BIL #1756 CarGill

John MacMillan 

$1.3 BIL #1756 CarGill

Martha MacMillan 

$1.3 BIL #1756 CarGill

William MacMillan  $1.3 BIL #1756 CarGill

Craig Newmark ★

$1.3 BIL #1756 CraiGslist

Bruce Nordstrom 

$1.3 BIL #1756 Nordstrom

Alexander Rovt  $1.3 BIL #1756 fertilizer, real estate Leonard Schleifer 

$1.4 BIL #1650 hedGe fuNds

$1.3 BIL #1756 pharmaCeutiCals

Victor Fung 

Wilma Tisch 

$1.4 BIL #1650 tradiNG CompaNy

Alan Gerry 

$1.4 BIL #1650 CaBle teleVisioN

J. Tomilson Hill 

$1.4 BIL #1650 iNVestmeNts

George Joseph 

$1.3 BIL #1756 diVersified

Jayshree Ullal ★

$1.3 BIL #1756 teChNoloGy

Stephen T. Winn ★

$1.3 BIL #1756 real estate serViCes

Marc Andreessen 

$1.4 BIL #1650 iNsuraNCe

$1.2 BIL #1867 VeNture Capital

Michael Krasny 

Thomas Bailey 

$1.4 BIL #1650 retail

James Leininger  $1.4 BIL #1650 mediCal produCts

Gary Magness 

$1.4 BIL #1650 CaBle tV, iNVestmeNts

$1.2 BIL #1867 moNey maNaGemeNt

Charles Brandes 

$1.2 BIL #1867 moNey maNaGemeNt

Henry Engelhardt 

$1.2 BIL #1867 iNsuraNCe

wealth status: Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

132 | FORBES MaRch 31, 2018

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

daVid paul morris/BloomBerG

united states

CELEBRATES

WOMEN’S LEADERSHIP 2018 WORLD ECONOMIC FORUM ANNUAL MEETING IN DAVOS, SWITZERLAND

In recognition of the critical role women leaders play in shaping advancing the global economy, Moira Forbes and Mark Weinberger, Global Chairman and CEO of EY, paid special tribute to the honorees from the Forbes 100 Most Power Women List.

Beth Brooke-Marciniak, Mike Federle, Melanie Kreis

Moira Forbes, Mary Callahan Erdoes, Beth Brooke-Marciniak

Mark Weinberger, Eric Johnson, Peggy Johnson

“

It’s been a great privilege to partner with EY here in Davos for the past 12 years to honor such an accomplished group of female leaders.

”

MOIRA FORBES, Executive Vice President, Forbes Media Jeremy Garrett-Cox, Mark Weinberger, Katherine Garrett-Cox, Douglas L. Peterson

T h e Wo r l d ’ s b i l l i o n a i r e s

united states

Richard Kayne ★

Yvon Chouinard 

George Marcus 

$1.1 BIL #1999 iNVestmeNts

$1 BIL #2124 pataGoNia

$1 BIL #2124 real estate

Donald Foss ★

Thomas Tull 

Isaac Larian 

Henry Davis ★

Lowell Milken 

Robert Friedland 

Alfred West Jr. 

Frank Laukien ★

David Hall ★

Carolyn Rafaelian ★

William Ackman 

Nancy Lerner 

David Kabiller 

Norma Lerner 

Theodore Leonsis ★

$1.2 BIL #1867 auto loaNs

$1.2 BIL #1867 moVies

$1.2 BIL #1867 miNiNG

$1.1 BIL #1999 toys

$1.2 BIL #1867 moNey maNaGemeNt

Donald Friese 

$1.2 BIL #1867 maNufaCturiNG

$1.1 BIL #1999 sCieNtifiC equipmeNt

$1.1 BIL #1999 hedGe fuNds

Ryan Graves 

$1.1 BIL #1999 iNsuraNCe

B. Wayne Hughes Jr. 

$1.1 BIL #1999 it CoNsultiNG

Thomas James 

Paul Fireman 

$1.2 BIL #1867 utah Jazz, Car dealers

$1.1 BIL #1999 iNVestmeNts

Alice Schwartz ★

$1 BIL #2124 BioteCh

Martin Selig 

$1 BIL #2124 real estate

Evan Sharp 

$1 BIL #2124 piNterest

Axel Stawski 

$1 BIL #2124 real estate

Robert Toll ★

$1 BIL #2124 home BuildiNG

Sandy Weill 

methodology

Andrea Reimann-Ciardelli  $1.1 BIL #1999 CoNsumer Goods

venezuela

the Forbes World’s Billionaires list is a snapshot of wealth using stock prices and exchange rates from february 9. some people will become richer or poorer within weeks—even days—of publication. for example, Jeff Bezos’ net worth climbed more than $12 billion in the two weeks between our measuring date for stock prices and when this issue went to press. We list individuals rather than multigenerational families who share large fortunes, though we include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune. in some cases we list siblings or couples together if the ownership breakdown among them isn’t clear, but here an estimated net worth of $1 billion per person is needed to make the cut. We value a variety of assets, including private companies, real estate, art, yachts and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes. for daily updates of net worths, go to forbes.com/real-time-billionaires.

Chris Sacca 

$1.1 BIL #1999 VeNture Capital

Gdp: $36.5 BIL populatioN: 32 MIL BillioNaires: 2 total Net Worth: $5.5 BIL (+$400 MIL VS. 2017)

$1 BIL #2124 JeWelry

$1 BIL #2124 CitiGroup

$1.1 BIL #1999 pharmaCeutiCals

$1.1 BIL #1999 dropBox

$1.2 BIL #1867 iN-N-out BurGer

$1 BIL #2124 BloomBerG lp

$1 BIL #2124 iNVestmeNts

John Martin 

Drew Houston 

Lynsi Snyder ★

Duncan MacMillan ★

$1.1 BIL #1999 eNerGy iNVestmeNts

J. Christopher Flowers 

$1.2 BIL #1867 iNVestmeNts

$1 BIL #2124 iNVestmeNt maNaGemeNt

William Macaulay 

$1.1 BIL #1999 reeBok

Michael Price 

John Liew 

$1.1 BIL #1999 BaNkiNG, Credit Cards

$1.1 BIL #1999 hedGe fuNds

Gail Miller 

$1 BIL #2124 sports teams

Randolph Lerner 

Joseph Edelman ★

$1.2 BIL #1867 fiNaNCe

$1 BIL #2124 iNVestmeNt maNaGemeNt

$1.1 BIL #1999 BaNkiNG, Credit Cards

Bharat Desai 

$1.2 BIL #1867 storaGe faCilities

$1 BIL #2124 automotiVe teChNoloGy

$1.1 BIL #1999 BaNkiNG, Credit Cards

J. Hyatt Brown ★

$1.2 BIL #1867 uBer

$1 BIL #2124 Beef proCessiNG

Michael Steinhardt  $1.1 BIL #1999 fiNaNCe

Laurie Tisch ★

$1.1 BIL #1999 iNsuraNCe, Ny GiaNts

eXpatRIate 1

Steven Tisch ★

$1.1 BIL #1999 iNsuraNCe, Ny GiaNts

James Truchard ★

caRacas 1

$1.1 BIL #1999 softWare

Sara Blakely 

$1 BIL #2124 spaNx

zimbabwe Gdp: $17.1 BIL populatioN: 17 MIL BillioNaires: 1 (+1 VS. 2017) total Net Worth: $1.4 BIL (+$1.4 BIL VS. 2017)

Juan Carlos Escotet  $4.4 BIL #480 BaNkiNG

Gustavo Cisneros & family  $1.1 BIL #1999 media

Strive Masiyiwa ★ $1.4 BIL #1650 teleCom

vietnam Gdp: $223.9 BIL populatioN: 96 MIL BillioNaires: 4 (+2 VS. 2017) total Net Worth: $10.5 BIL (+$6.9 BIL VS. 2017)

eXpatRIate 1

hanoI 2

strive masiyiwa masiyiwa studied engineering in the u.k. and then went home and worked at zimbabwe posts & telecommunications Corp. he quit to start his own firm but spent five years fighting to obtain a license to operate a telephone company. the supreme Court of zimbabwe finally ruled in his favor. he founded econet Wireless zimbabwe in 1998. today the company is the second biggest, by market cap, on the zimbabwe stock exchange. he left zimbabwe in 2000 and lives in london.

Pham Nhat Vuong 

$4.3 BIL #499 diVersified

Nguyen Thi Phuong Thao  $3.1 BIL #766 airliNes

Tran Ba Duong & family ★

ho chI mInh cIty 2

$1.8 BIL #1339 Cars

Tran Dinh Long ★

$1.3 BIL #1756 steel, maNufaCturiNG

wealth status: Wine-groWing region

oiL & gaS FieLDS anD DePoSitS

134 | FORBES MaRch 31, 2018

mining & mineraLS

timber

FinanciaL center

SPortS team

tech center

sports team deNotes BillioNaireoWNed sports team

PLaygrounD

up Down  unchangeD  new ★ RetuRnee 

patriCk t. falloN/BloomBerG

newcomer: zimbabwe’s first-ever billionaire,

Be Among the Very First to Experience This Inaugural Forbes River Cruise!

LIN EX CLU CU SI RS VE IO SH NS OR ! E

MoneyShow presents

The 30th

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Come sail with me and our renowned roster of world-class financial experts for 10 magnificent days in Europe…

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Mention Priority Code 043963

PROMOTION

REAL ESTATE MARKET LEADERS Award-winning real estate agents from across the nation Five Star Professional partners with premier publications across the country to identify real estate professionals who provide outstanding service to their clients. Using a proprietary research process, we contact thousands of recent homebuyers every year, soliciting feedback via online and phone surveys regarding their experience with their real estate professional. Survey respondents rate their service professional on criteria such as overall satisfaction, market knowledge and whether they would recommend the provider to a friend. Each year, we name outstanding real estate agents across the country, recognizing no more than 7 percent of all agents in a market. We believe this process results in a list of Five Star award winners who are focused on the needs of their clients and stand out from their competition. Our Real Estate Market Leaders selection is even more exclusive. See below for a short list of outstanding real estate agents in major markets across the country.

All award winners are sorted by city and listed alphabetically.

Atlanta Dan Jones ∙ Better Homes and Gardens Real Estate Metro Brokers ∙ 678-372-7207 Merle Land ∙ Keller Williams Realty ∙ 404-274-8339 Kim Pritchard ∙ Better Homes and Gardens Real Estate Metro Brokers ∙ 404-843-2500 Debbie Redford ∙ All Atlanta Reality ∙ 770-403-4565

Boston Josh Brett ∙ Nextdoor Realty Team at Unlimited Sotheby’s International Realty ∙ 617-543-4185 Osnat Levy ∙ Osnat Levy Team ∙ 617-833-1055

Charlotte Leigh Brown ∙ RE/MAX Executive ∙ 704-507-5500 Kelly Clark ∙ The Clark Group Real Estate Services ∙ 704-791-4701 Robin Husney ∙ Dickens Mitchener Residential Real Estate ∙ 704-517-6370 Kelley Ireland ∙ Village Real Estate Group ∙ 704-517-2811 Trena Miller ∙ Pruitt Miller Realty Group ∙ 704-965-3319 Matt Sarver ∙ Keller Williams Realty ∙ 704-506-2323 Jodi Sosna ∙ Pure Real Estate ∙ 704-654-9995 Jackie Stutts ∙ RE/MAX Executive ∙ 704-517-2494

Chicago Becky Chase VanderVeen ∙ Realty Executives ∙ 630-220-1447 Erica Cuneen ∙ Beyond Properties Realty Group ∙ 708-386-1366 Greg Desmond ∙ @properties ∙ 773-251-1375 John Glenn ∙ Coldwell Banker Residential Brokerage ∙ 331-442-4334

Nancy Hotchkiss ∙ Berkshire Hathaway HomeServices ∙ 312-339-3405 Kinga Korpacz ∙ EXIT Realty Redefined ∙ 773-484-6006

Ellen Zern ∙ Pepe Realty ∙ 203-929-6775

Denver

Houston

Dallas

Kimberly Austin ∙ Coldwell Banker Devonshire ∙ 303-758-7611

Janis Adams ∙ RE/MAX ∙ 832-771-4663

Laura Barnett ∙ RE/MAX ∙ 972-471-7653

Helen LaLonde ∙ Smothers Realty Group ∙ 708-588-2064

Lynn Beaurline ∙ Dave Perry Miller Real Estate ∙ 214-505-3556

Ken Lemberger ∙ RE/MAX Central ∙ 630-205-8340

Gloria Burleson ∙ RE/MAX Dallas Suburbs ∙ 469-831-3862

Joanne Nemerovski ∙ Compass ∙ 312-720-4505

Dan Combe ∙ Ebby Halliday, Realtors ∙ 817-800-0007

Rita O’Connor ∙ RE/MAX Unlimited Northwest ∙ 847-3481234

Bernice Edelman ∙ Ebby Halliday, Realtors ∙ 214-384-7700

Matt Ohlsen ∙ Sotheby’s International Realty ∙ 708-309-3985

Steve Grant ∙ Steve Grant Real Estate LLC ∙ 903-675-3503

Debbie Pawlowicz ∙ RE/MAX Action ∙ 630-309-1466

Karen Hallman ∙ Ebby Halliday, Realtors ∙ 214-695-5538

Chris Pequet ∙ Village Sotheby’s International Realty ∙ 630-327-5175

Roni Henderson ∙ Keller Williams ∙ 972-342-0839

Ruth Proctor ∙ Coldwell Banker Residential Brokerage ∙ 630-632-7884

Cathleen Lewis ∙ Coldwell Banker ∙ 214-893-9925

Colleen Wilcox ∙ Coldwell Banker ∙ 630-291-9289

Jeannie Nethery ∙ Briggs Freeman Sotheby’s International Realty ∙ 214-803-3787

Coastal Virginia Melissa Edwards ∙ Virginia Capital Realty ∙ 804-832-4252 Collin McDowell ∙ Greg Garrett Realty ∙ 757-719-4445

Connecticut Carol Cangiano ∙ Coldwell Banker ∙ 203-605-4480 Carl Chisem, Jr. ∙ Sterling Realtors ∙ 860-575-4739 Robin Gebrian ∙ William Raveis Real Estate ∙ 860-985-7807 Patty McCarthy ∙ William Raveis Real Estate ∙ 203-796-7709 Janie Merola ∙ RE/MAX Right Choice ∙ 203-521-0791 Barbara Podlisny ∙ William Raveis Real Estate ∙ 203-206-5954 Barbara Puorro ∙ Puorro Realty Group ∙ 860-558-9740 Susan Resch ∙ William Raveis Real Estate ∙ 203-644-5055

Pam Bent ∙ RE/MAX Professionals ∙ 303-981-8811 Rick Cavallaro ∙ Rhino Realty Pros ∙ 303-641-1632 Deidra Christensen ∙ HomeSmart Realty Group ∙ 720-849-1092 Michael Galansky ∙ The Galansky Group, LLC ∙ 303-773-3140 Rick Janson ∙ Denver Lifestyle® Real Estate, Inc. ∙ 303-589-2320 Mindi Krneta ∙ RE/MAX ∙ 303-668-8284 Lindsay Mann-Emerson ∙ Keller Williams/The Creed Group ∙ 720-900-3212 Marlene Maxon ∙ RE/MAX Alliance ∙ 303-549-8787

Zonia Alvarez ∙ Mariner Realty ∙ 832-768-2649 Karen Archer ∙ Weichert, Realtors/The Murray Group ∙ 281-460-3629 Brandi Banks ∙ Mariner Realty ∙ 281-682-6069 Tracy Boulanger-Stong ∙ Mariner Realty/Lake Conroe ∙ 936-718-8766 Christy Buck ∙ Infinity Real Estate Group ∙ 832-264-8934 Melanie Foreman ∙ Lake Houston Realty ∙ 713-269-5724 Sheri Winter Glass ∙ RE/MAX The Woodlands & Spring ∙ 713-724-3371 Sherry Gray ∙ Gray Properties ∙ 713-503-0121 Joan Imperato ∙ RE/MAX ∙ 713-502-1100

Mary Jo Nelan ∙ Grace & Co. ∙ 720-495-9886

Carol Knott ∙ RE/MAX Integrity ∙ 281-370-5100

Kristine Nguyen ∙ Brokers Guild Classic ∙ 720-227-3978

Nancy McMillan ∙ Greenwood King Properties ∙ 713-906-1979

Michelle Potter ∙ Sage and Sparrow Real Estate ∙ 303-489-4035 Susie Smyle ∙ RE/MAX ∙ 303-457-4800

Sandy Petermann-Williams ∙ RE/MAX The Woodlands & Spring ∙ 832-515-7391

Debbie Vandre ∙ Keller Williams DTC LLC ∙ 303-517-0891

Ben Ringgold ∙ Turner Ringgold Real Estate ∙ 713-805-1074

Rose P. Wickwire ∙ Steps Real Estate/The Wickwire Team ∙ 303-906-6157

Suzan Assiter Zachariah ∙ Suzan Zachariah, Broker ∙ 832-419-2878

Fresno

Indianapolis

Scott Comstock ∙ RE/MAX Gold ∙ 559-681-9500

Kelly Dather ∙ F.C. Tucker Company ∙ 317-496-9308

Michael Dominguez ∙ Jack Lingo, Realtor ∙ 302-645-2207

Ann M. Lee ∙ Universal Real Estate ∙ 559-999-4266

Loris Heck ∙ Carpenter, Realtors ∙ 317-446-1895

Debra Griffin ∙ Joe Maggio Realty ∙ 302-226-3770

Colleen Meehan ∙ Realty Concepts ∙ 559-270-5535

Isabelle Masquelin ∙ Keller Williams Realty ∙ 317-554-7133

Debbie Stiles Phipps ∙ Keller Williams Realty ∙ 302-737-6434

Robert Mitchell ∙ Keller Williams Realty ∙ 559-250-3442

New Jersey

Flossie Pinson ∙ RE/MAX Associates ∙ 302-275-3156

Deanna Spellman ∙ Realty Concepts ∙ 559-790-6964

Kae Quillen ∙ Beach Bound Realty ∙ 302-228-5331

Jan Wright ∙ Realty Concepts, Ltd. ∙ 559-288-6893

Barbara Blackwell ∙ Callaway Henderson Sotheby’s International Realty ∙ 609-915-5000

Sharon Phillips ∙ Keller Williams ∙ 214-734-6386 Collett Halbert Ricks ∙ Elsie Halbert Real Estate LLC ∙ 214-729-8695 Swapnil Sharma ∙ RE/MAX ∙ 972-402-4115 Laurens Wiseman ∙ Local Dwelling ∙ 214-796-2646 Jane Yeatman ∙ Ebby Halliday, Realtors ∙ 972-679-6345

Delaware

Virginia Ginny Cassidy ∙ RE/MAX Neighborhood Properties ∙ 201-230-5539

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

March 31, 2018

please contact lisa lazansky • 212-206-5563 or llazansky@forbes.coM

PROMOTION

Research — How Our Winners Are Chosen • Five Star Real Estate Agents do not pay a fee to be included in the research. • Each professional is screened against state-governing bodies to verify that licenses are current and no disciplinary actions are pending. • The inclusion of a real estate agent on the final lists should not be construed as an endorsement by Five Star Professional or this publication. • For more information on our research methodology, go to www.fivestarprofessional.com

Go to ﬁvestarprofessional.com to ﬁnd out more information about these market leaders All award winners are sorted by city and listed alphabetically. Winifred Cavazini ∙ Sotheby’s International Realty/Prominent Properties ∙ 908-256-3044 Gordon Crawford ∙ Keller Williams Metropolitan Realty ∙ 973-714-3085 Rosemary Dangler ∙ Sotheby’s International Realty/Prominent Properties ∙ 908-377-4852 Maryanne Elsaesser ∙ Coldwell Banker ∙ 551-206-9264 Kathryn “Katie” Fedak ∙ RE/MAX Competitive Edge ∙ 732-318-9393 Sheldon S. Furman ∙ Keller Williams Metropolitan Realty ∙ 973-539-1120 Alan Kurlander ∙ Coldwell Banker ∙ 732-409-5024 Barbara Lang ∙ Coldwell Banker ∙ 908-403-6936 Patricia “Pat” Mayer ∙ Diane Turton, Realtors ∙ 908-309-9374

Lori Shoemaker ∙ Coldwell Banker Preferred ∙ 610-363-6006 Christine Worstall ∙ Keller Williams Realty ∙ 215-290-7219 Cyndy Young ∙ Berkshire Hathaway HomeServices Fox & Roach, Realtors ∙ 610-715-4712

Shirley Owens ∙ HomeSmart ∙ 623-594-1881

Cynthia Lee ∙ KW Commercial ∙ 210-696-9996

Andrea Scott ∙ Alain Pinel, Realtors ∙ 925-791-2511

Bill Morris ∙ RE/MAX Capital City ∙ 512-785-3345

Stephanie Sposito ∙ Coldwell Banker ∙ 925-200-6394

Pittsburgh

Andrea Parker ∙ Keller Williams ∙ 512-767-8857

Seattle

Dan Geller ∙ Berkshire Hathaway HomeServices ∙ 412-480-0231

Lauren Powell ∙ Kuper Sotheby’s International Realty ∙ 512-695-0679

Portland

Tami Price ∙ Keller Williams Heritage ∙ 210-627-5005

Gretchen Slaughter ∙ Coldwell Banker Rox Realty ∙ 520-483-6054

Rhode Island

David Wylde ∙ RE/MAX Premier ∙ 908-752-2305

Teri Degnan ∙ Teri Degnan Real Estate & Consulting ∙ 401-474-9191

Philadelphia

Amy Dixon ∙ Keller Williams ∙ 401-524-6968

Natalie Curry ∙ Berkshire Hathaway HomeServices ∙ 610-688-4310

Jeff St. Germain ∙ Keller Williams Realty Central Rhode Island ∙ 401-226-2148

Branka Doych ∙ Berkshire Hathaway HomeServices Fox & Roach, Realtors ∙ 610-420-0498

Debra Jobin ∙ RE/MAX ∙ 401-527-7894

Joseph Rey ∙ RE/MAX Millennium ∙ 215-681-8093 Nicole Marcum Rife ∙ Keller Williams ∙ 484-243-0448

Annestelle Maes ∙ Keller Williams Realty ∙ 925-855-6448

Sandy Cary ∙ Kuper Sotheby’s International Realty ∙ 512-589-1002

Jamie McWilliams ∙ JMA Properties ∙ 503-309-6901

Joann Maguire ∙ Coldwell Banker ∙ 215-820-4736

Ken Kho ∙ Legacy Real Estate & Associates ∙ 510-396-5408

Susan Lewis ∙ Russ Lyon Sotheby’s International Realty ∙ 602-672-3650

Barbara Nudelman ∙ Coldwell Banker ∙ 201-259-1524

Hala Imms ∙ Berkshire Hathaway HomeServices Fox & Roach, Realtors ∙ 610-520-2727

Marc Palos ∙ Village Financial Group ∙ 916-284-1365

Khrista Jarvis ∙ Compass/Khrista Jarvis Team ∙ 925-272-9210

Phoenix

Robyn Starr Dezendorf ∙ Keller Williams Realty Portland Premiere ∙ 503-407-9102

Tammy Harrison ∙ RE/MAX Executive Realty ∙ 610-520-2500

Dana Miller ∙ Glow Realty ∙ 916-716-9046

San Antonio and Central Texas

Geraldine Monti ∙ Berkshire Hathaway HomeServices Fox & Roach, Realtors ∙ 856-227-8900

Alice B. Samach ∙ Weichert, Realtors ∙ 973-539-8000

Sacramento

Carl Shurr ∙ Carl Shurr Real Estate/SEED Property Group ∙ 512-944-5977 Janice Tisdale ∙ Phyllis Browning Company ∙ 210-408-2500

Azita Mowlavi ∙ Alain Pinel, Realtors ∙ 925-209-4095 Michael Perry ∙ Heritage REI ∙ 925-209-0658

Pernilla Bradley ∙ Windermere Real Estate ∙ 425-214-2022 Maria Burke ∙ Coldwell Banker Bain ∙ 206-498-1188 Bret Butler ∙ Butler & Butler ∙ 206-604-3350 Eddie Chang ∙ Sotheby’s International Realty/Realogics ∙ 425-922-7136

San Francisco

Michael Cornell ∙ Michael Cornell Real Estate Group ∙ 206-786-1789

Sunae Chon ∙ Paragon Real Estate Group ∙ 415-874-5046

Bradford Davis ∙ Keller Williams Realty Greater Seattle ∙ 866-766-7325

Donna Cooper ∙ Hill & Company Real Estate ∙ 415-375-0208

Tammy Hatch ∙ HomeSmart Real Estate ∙ 206-271-4488

Lance King ∙ King Realty Group ∙ 415-282-2280

Anita Italiane Hearl ∙ Windermere Real Estate ∙ 206-250-5944

Carmen Miranda ∙ Alain Pinel, Realtors ∙ 650-743-4320

Brian Huie ∙ RSVP Real Estate ∙ 206-708-9699

Mark Peschel ∙ Zephyr Real Estate ∙ 415-203-1712

Veronique Hval ∙ Windermere Real Estate South, Inc. ∙ 206-244-5900

San Francisco East Bay

Kay Kramer ∙ Best Choice Realty ∙ 253-241-7388

Chris West ∙ Gustave White Sotheby’s International Realty ∙ 401-848-6716

Marianne Allison ∙ North State Financial, Inc. ∙ 510-393-3202

Nyk Minke ∙ Best Choice Realty ∙ 206-886-3986

Richmond

Don Farrow ∙ Marples & Associates ∙ 925-234-0856

Stephanie Patrick ∙ RE/MAX Exclusive ∙ 253-297-0022

Lisa Hoctor ∙ Coldwell Banker ∙ 925-698-5752

LaVerne Pike ∙ Windermere Real Estate ∙ 425-466-7772

Sherry Hughes ∙ Coldwell Banker ∙ 925-550-3334

Linda Whittlesey ∙ RE/MAX Northwest Realtors ∙ 206-954-5919

Anthony V. Mattera ∙ Hope Real Estate ∙ 401-787-8636 Nancy Weaver ∙ Residential Properties Ltd. ∙ 401-837-2355

Cyndi Merritt ∙ eXp Realty ∙ 804-729-5188

Washington, D.C. Dyanne Branand ∙ Coldwell Banker ∙ 202-369-7902 Michael Gailey ∙ Compass Real Estate ∙ 240-393-2717 Ray Gernhart ∙ RE/MAX ∙ 703-855-6384 Margaret Ireland ∙ Samson Properties ∙ 703-625-2922 Sintia Petrosian ∙ The Fleisher Group/ TTR Sotheby’s International Realty ∙ 301-395-8817 Carlos Pichardo ∙ CAP Real Estate, LLC ∙ 571-748-7360

Westchester Barbara Bodnar ∙ Coldwell Banker Residential Brokerage ∙ 914-649-2018 David M. Calabrese ∙ Houlihan Lawrence ∙ 917-344-9111 Kathleen Collins ∙ Sotheby’s International Realty ∙ 914-715-6052 Ann Marie Damashek ∙ Weichert, Realtors ∙ 917-623-0624 Miriam Dunn ∙ RE/MAX Prime Properties ∙ 914-523-8638 Michele Flood ∙ Coldwell Banker Residential ∙ 914-420-6468 Steven Geiger ∙ Houlihan Lawrence ∙ 914-263-5275 Marilyn Krizansky ∙ Houlihan Lawrence ∙ 914-261-5273 Katie Becker McLoughlin ∙ Houlihan Lawrence ∙ 914-522-3521 Laura Sheppe Miller ∙ Houlihan Lawrence ∙ 914-629-1940 Barbara O’Connell ∙ Better Homes and Gardens Rand Realty ∙ 914-548-1628 Lorenzo Signorile ∙ Berkshire Hathaway HomeServices ∙ 914-490-3906 Amy Singer ∙ Houlihan Lawrence ∙ 914-772-3526 Filomena Rosemary Stern ∙ Houlihan Lawrence ∙ 914-523-5437 Katherine Tamagna ∙ Julia B. Fee Sotheby’s International Realty ∙ 914-772-0499

please contact lisa lazansky • 212-206-5563 or llazansky@forbes.com

march 31, 2018

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thoughts on

Abundance

“I’ve got all the money I’ll ever need— just so long as I die by four o’clock.” —Henny youngman

“You never find people laboring to convince you that you may live very happily upon a plentiful fortune.”

—kevin D. WilliamSon

—eDmunD Burke

“Like the rain, everything comes in bucketsfuL— or not at aLL.”

“I was so good at beIng a man, wIth such plenItude and sImplIcIty, that I thought I was somethIng of a superman.”

“it was a rich place. as rich as plumcake.”

“Right now, for the first time ever, a passionate and committed individual has access to the technology, minds and capital required to take on any challenge.”

—c.S. leWiS

—Peter H. DiamanDiS

—alBert camuS

“The thankful receiver bears a plentiful harvest.” —William Blake

“god doesn’t measure his bounty, but oh, how we do!” —mignon mclaugHlin

“Wealth comes from industry and the hard experience of human toil. To dissipate it in waste and extravagance is disloyalty to humanity.”

“you crown the year wIth your bounty, and your carts overflow wIth abundance.”

“An abundance of money can bless as well as curse. The latter is to be vigilantly guarded against.”

—PSalm 65:11

—B.c. ForBeS

—calvin cooliDge

“my Lord. it is too much, and not enough.” —Jacqueline carey

140 | FORBES maRch 31, 2018

FINAL THOUGHT

SOURCES: TROPIC OF CANCER, BY HENRY MILLER; ALBERT CAMUS OF EUROPE AND AFRICA, BY CONOR CRUISE O’BRIEN; BOLD, BY PETER H. DIAMANDIS; LETTERS ON A REGICIDE PEACE, BY EDMUND BURKE; THE LIFE OF SAMUEL JOHNSON, BY JAMES BOSWELL; THE MAGICIAN’S NEPHEW, BY C.S. LEWIS; THE AUTOBIOGRAPHY OF CALVIN COOLIDGE; KUSHIEL’S CHOSEN, BY JACQUELINE CAREY.

EvErEtt CollECtion/nEwsCom; UnivErsal History arCHivE/GEtty imaGEs; Jin lEE/BloomBErG; alBin loHr-JonEs/Polaris/nEwsCom; Jim DamaskE/ZUma PrEss/nEwsCom; CECil BEaton/ConDE nast/GEtty imaGEs; ann ronan PiCtUrEs/GEtty imaGEs; BEttmann/GEtty imaGEs; kim CarEy; JoHn CHillinGwortH/PiCtUrE Post/GEtty imaGEs; lisZt CollECtion/nEwsCom

—Samuel JoHnSon

“If we command our wealth, we shall be rIch and free.”

—Henry miller

“In hIs heydAy, howArd hughes dIdn’T hAve As good A TelevIsIon As you do.”

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