Forbes Usa - 21 March 2016 86u2l

SPECIAL ISSUE: MEET THE RICHEST PEOPLE ON THE PLANET 2016 EDITION

TURBULENT YEAR FOR THE ULTRARICH FEWER BILLIONAIRES:

1,810 FEWER NEWCOMERS:

30TH

ANNUAL ALMANAC OF WEALTH STARBUCKS’

198

HOWARD SCHULTZ

MORE DROP-OFFS:

TURNING HIS COFFEEHOUSE INTO AMERICA’S TOWN HALL

221 MORE UNICORNS:

25 SAME NUMBER OF TRUMPS:

1 TOTAL NET WORTH:

$6.5 TRILLION

WWW.DASSAULTFALCON.COM I : +33 1 47 11 88 68 I USA: +201 541 5600

NON-STOP LUXURY FROM LONDON TO SINGAPORE AND ANYWHERE IN BETWEEN.

To step inside Dassault’s new ⇓agship is to experience the ultimate expression of comfort and cabin chic. With 30 spacious con⇒gurations to choose from and exquisite, handcrafted ⇒nishings, no detail is overlooked. With its 6,450 nm/11,950 km range, the 8X not only ⇓ies farther than any previous Falcon, it is able to ⇓y into airports other long-range jets have to ⇓y over. Falcon 8X. Arriving in 2016.

R ALPHL AUREN.COM/PURPLEL ABEL

A N DR E W L AU R E N FILMMAKER

Contents // MARCH 21, 2016

VOLUME 197 NUMBER 4

FILIP PERAIĆ FOR FORBES

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

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

10 | FORBES MARCH 21, 2016

TIME TO TELL THE WORLD YOU’RE COMING FOR IT.

Fly toward something better with the help of 80,000 employees who do everything they can to help you explore what’s possible.

MARCH 21, 2016 40

19 | FACT & COMMENT // STEVE FORBES The war against cash.

LEADERBOARD 26 | THE 20 RICHEST PEOPLE ON THE PLANET Many names are the same, but the pecking order has (mostly) changed. Blame volatile stock markets and a stronger dollar for the reshuffling.

28 | NOTABLE NEWCOMER: CAMERON MACKINTOSH Shining a spotlight on the new-billionaire producer behind some of musical theater’s biggest hits.

30 | DROP-OFFS This year 221 billionaires fell off our list, the most since 2009. Which of them tumbled furthest—and why?

32 | THE RICHEST UNDER 40 Young, rich and self-made.

34 | REAL ESTATE: TRUMPING THE WHITE HOUSE Whatever happens to The Donald come Election Day, he’ll still have some prime Pennsylvania Avenue property.

36 | FORBES @ 100: BILLIONAIRES’ FIRST BOW A look back at our first-ever roundup of the world’s ten-figure fraternity in 1987. What a difference three decades make.

38 | IN MEMORIAM Farewell to a legendary activist, the world’s most successful sandwich artist and more.

THOUGHT LEADERS 66 12 | FORBES MARCH 21, 2016

24 | INNOVATION RULES // RICH KARLGAARD Future billionaires.

FOR MANY AN ACTIVE LIFE STOPS FAR TOO EARLY

By 2050 the world’s population over 60 will have doubled to two billion, making age-related illness an even greater challenge for society. That’s why we’re seeking to help people stay healthier and more active in later life, be it through more targeted treatments for cancer

OUR SCIENTISTS WON’T ACCEPT THAT

and cardiovascular conditions, solutions for eye diseases, or ways to keep those with arthritis moving. Because life shouldn’t stop at 60 – not by any means. To find out how our innovations are helping to change lives for the better, visit www.bayer.com/ari1169.

MARCH 21, 2016

76

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

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

54 32

66 | AFRICA’S SAM WALTON From shirts to furniture to groceries, Christo Wiese sells billions in low-cost goods to a continent clamoring for them. America could be next. BY ABRAM BROWN

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

83 | THE WORLD’S BILLIONAIRES Our annual guide to the richest people on earth. EDITED BY LUISA KROLL AND KERRY A. DOLAN

160 | THOUGHTS On losing it.

14 | FORBES MARCH 21, 2016

River Cruising Done Perfectly™

Rolling on the Mississippi The Mississippi is the lifeblood of the American Heartland. Explore its history and culture this spring with an 8 to 22-day cruise aboard one of our brand new paddlewheelers. With American Cruise Lines, you’ll experience River Cruising Done Perfectly™. Call today for a free cruise guide.

www.americancruiselines.com

Call toll-free

1-888-322-6367

Call today for a free Cruise Guide

INSIDE SCOOP EDITOR-IN-CHIEF

FORBES MAGAZINE

The Media’s Newest Realities

EDITOR Randall Lane

BY LEWIS D’VORKIN

Steve Forbes CHIEF PRODUCT OFFICER Lewis D’Vorkin

EXECUTIVE EDITOR Michael Noer ART & DESIGN DIRECTOR Robert Mansfield FORBES DIGITAL VP, INVESTING EDITOR Matt Schifrin VP, MANAGING EDITOR TECHNOLOGY Bruce Upbin SENIOR VP, STRATEGIC PARTNERSHIPS Andrea Spiegel VP, DIGITAL CONTENT STRATEGY Coates Bateman VP, PRODUCT DEVELOPMENT Salah Zalatimo VP, WOMEN’S DIGITAL NETWORK Christina Vuleta ASSISTANT MANAGING EDITORS Kerry A. Dolan, Luisa Kroll WEALTH Frederick E. Allen LEADERSHIP Loren Feldman ENTREPRENEURS Tim W. Ferguson FORBES ASIA Janet Novack WASHINGTON Michael K. Ozanian SPORTSMONEY Mark Decker, John Dobosz, Deborah Markson-Katz DEPARTMENT HEADS Avik Roy OPINIONS Jessica Bohrer EDITORIAL COUNSEL BUSINESS Mark Howard CHIEF REVENUE OFFICER Tom Davis CHIEF MARKETING OFFICER Jessica Sibley VP, SALES EAST & EUROPE Janett Haas VP, SALES, WESTERN & CENTRAL Ann Marinovich VP, ADVERTISING PRODUCTS & STRATEGY Michael Monroe VP, INTEGRATED MARKETING Achir Kalra SENIOR VP, REVENUE OPERATIONS & STRATEGIC PARTNERSHIPS Alyson Papalia VP, DIGITAL ADVERTISING OPERATIONS & STRATEGY Nina La SENIOR VP, CONSUMER MARKETING & BUSINESS DEVELOPMENT Fred Poust SENIOR VP, CONFERENCES & BUSINESS DEVELOPMENT Michael Dugan CHIEF TECHNOLOGY OFFICER FORBES MEDIA Michael S. Perlis PRESIDENT & CEO Michael Federle CHIEF OPERATING OFFICER Terrence O’Connor CHIEF ISTRATIVE OFFICER Michael York CHIEF FINANCIAL OFFICER Will Adamopoulos CEO/ASIA FORBES MEDIA PRESIDENT & PUBLISHER, FORBES ASIA Rich Karlgaard PUBLISHER Moira Forbes PRESIDENT, FORBESWOMAN MariaRosa Cartolano GENERAL COUNSEL Margy Loftus SENIOR VP, HUMAN RESOURCES Mia Carbonell SENIOR VP, GLOBAL CORPORATE COMMUNICATIONS 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 21, 2016 — VOLUME 197 NUMBER 4 FORBES (ISSN 0015 6914) is published semi-monthly, except monthly in January, March, April, July, August and November, by Forbes Media LLC, 499 Washington Blvd., Jersey City, NJ 07310. Periodicals postage paid at Jersey City, NJ 07302 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. INFORMATION For Subscriptions: visit www.forbesmagazine.com; write Forbes Subscriber Service, P.O. Box 5471, Harlan, IA 51593-0971; or call 1-515-284-0693. Prices: U.S.A., one year $59.95. Canada, one year C$89.95 (includes GST). We may make a portion of our mailing list available to reputable firms. If you prefer that we not include your name, please write Forbes Subscriber Service. For Back Issues: visit www.forbesmagazine.com; e-mail [email protected]. 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 © 2016 Forbes Media LLC. All rights reserved. Title is protected through a trademark ed with the U.S. Patent & Trademark Office. Printed in the U.S.A.

16 | FORBES MARCH 21, 2016

1. YOU GOTTA BELIEVE: The power of digital analytics continues to put pressure on print advertising. Magazine ads still find favor, in part because marketers are people, too, and know in their gut that consumers enjoy the medium. Needed: an Internet of Things motion sensor on printed pages to track reader engagement. 2. PEOPLE LIKE PEOPLE: Conferences remain popular as a revenue stream that works in tandem with thematic magazine issues. Marketers now want more than their logos on souped-up stages—365 days of branded content running through print pages, digital screens and video. 3. SIGNS OF A CONTENT BUBBLE: Journalists and content marketers (native ads) are going after the same eyeballs. Compounding that, an explosion of complicated text, video and graphic packages produced by and for brands are out of synch with smartphone s who want fast and simple. That reality will require a new round of mobile-friendly, easy-to-consume native ads that will run smack into similar efforts by editorial newsrooms. 4. VOLUME BEGETS DATA BEGETS VOLUME: Publishers need scalable content models to profit from Google’s ad engine and Facebook’s traffic machine. These behemoths provide reams of data that publishers can use to slice, dice and chop their original content into a new batch of consumable mobile chunks. The duopoly will heavily impact the success/failure of emerging nontraditional journalistic formats. 5. AD BLOCKERS TAKE CENTER STAGE: Marketers are fixated on ad viewability—they won’t pay up if their ads aren’t in view for one continuous second. Ad-blocking software means zero seconds from the get-go, so publishers hope a round of antiblocking initiatives and partial pay walls (no ads for a weekly or monthly fee) will gain consumer favor and recapture revenue. What to watch for: Will a Fargo Season Two Gerhardt–Kansas City feud erupt? 6. GOLIATHS BATTLE OVER SPEED: Facebook’s Instant Articles, Google’s Accelerated Mobile Pages and Apple News all want publishers to do it their way so pages load faster on mobile devices. It’s unclear how their rules will impact publisher monetization. Irony time: With the Yahoos and AOLers near extinction (one in play, the other a Verizon rounding error), their social and search conquerors are emerging as quasi-walled gardens themselves. F

MEH

Not on your itinerary. Designed for those who love open spaces, open thinking and open expression, this is where travel creates possibilities. Where style is necessary. Connectivity keeps up with you. Social scenes are vibrant. And the only direction is forward. This is Aloft Hotels. Different. By Design.

Book now at alofthotels.com 100+ hotels around the globe

6WDUZRRG+RWHOV 5HVRUWV:RUOGZLGH,QF$OO5LJKWV5HVHUYHG3UHIHUUHG*XHVW63*$ORIWDQGWKHLUORJRVDUHWKHWUDGHPDUNVRI6WDUZRRG+RWHOV 5HVRUWV:RUOGZLGH,QFRULWVDI½OLDWHV

$/:$<6%( &877,1*('*( &877,1*&2676 INDEPENDENT ANALYSIS Equity Summary Score by StarMine® SURYLGHVVWRFNUDWLQJVRIWRSLQGHSHQGHQW analysts consolidated into a single score.*

BEST PRICE *HWRQOLQH86HTXLW\WUDGHV IRUMXVW**7KDWōVORZHUWKDQ 6FKZDE7'$PHULWUDGHDQG( 7UDGH†

SMART TOOLS )LGHOLW\1RWHERRNOHWV\RXFDSWXUH WUDFNDQGVDYH\RXULQYHVWLQJLGHDVRQ PXOWLSOHGHYLFHV$QGLQVWDQWO\VKRZV\RX HDUQLQJVDQGGLYLGHQGXSGDWHVRQZKDW \RXōUHWUDFNLQJ

OPEN AN GET 500 FREE TRADES† † 9LVLW)LGHOLW\FRP$OZD\V%HRUFDOO)LGHOLW\

Where smarter investors will always be. 672&.6|%21'6|0878$/)81'6|(7)6|237,216 Get 500 commission-free trades good for two years, access to Active Trader Pro®, and a $200 Apple® Store Gift Card when you deposit $100,000 into a nonretirement brokerage . Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Trades are limited to online domestic equities and options and must be used within two years. Options trades are limited to 20 contracts per trade. Offer valid for new and existing Fidelity customers opening or adding to an eligible Fidelity IRA or Fidelity brokerage retail . s receiving $100,000 or more will receive 500 free trades. balance of $100,000 must be maintained for at least nine months; otherwise, normal commission schedule rates may be retroactively applied to any free trade executions. See Fidelity.com/bundleoffer1 for further details. Apple Store Gift Cards can be redeemed at any Apple Store. Other and conditions may apply. Apple is a ed trademark of Apple Inc. All rights reserved. Apple is not a participant in or sponsor of this promotion. * The Equity Summary Score is provided for informational purposes only, does not constitute advice or guidance, and is not an endorsement or recommendation for any particular security or trading VWUDWHJ\7KH(TXLW\6XPPDU\6FRUHLVSURYLGHGE\6WDU0LQHDQLQGHSHQGHQWFRPSDQ\QRWDIƓOLDWHGZLWK)LGHOLW\,QYHVWPHQWV)RUPRUHLQIRUPDWLRQDQGGHWDLOVJRWR)LGHOLW\FRP

FRPPLVVLRQDSSOLHVWRRQOLQH86HTXLW\WUDGHVLQD)LGHOLW\DFFRXQWZLWKDPLQLPXPRSHQLQJEDODQFHRIIRU)LGHOLW\%URNHUDJH6HUYLFHV//&UHWDLOFOLHQWV6HOORUGHUVDUHVXEMHFWWRDQ DFWLYLW\DVVHVVPHQWIHHIURPWRSHURISULQFLSDO 2WKHUFRQGLWLRQVPD\DSSO\6HH)LGHOLW\FRPFRPPLVVLRQVIRUGHWDLOV † &RPPLVVLRQFRPSDULVRQEDVHGRQSXEOLVKHGZHEVLWHFRPPLVVLRQVFKHGXOHVDVRIIRU( 7UDGH6FKZDEDQG7'$PHULWUDGHIRURQOLQH86HTXLW\WUDGHV)RU( 7UDGHSHUWUDGH IRUWRWUDGHVSHUWUDGHIRUWRWUDGHVDQGSHUWUDGHIRURUPRUHWUDGHVSHUTXDUWHU)RU6FKZDEIRUXSWRVKDUHVSHUWUDGHWKRXJKRUGHUVRI RUPRUHVKDUHVRUJUHDWHUWKDQPD\EHHOLJLEOHIRUVSHFLDOSULFLQJ)RU7'$PHULWUDGHSHUPDUNHWRUOLPLWRUGHUWUDGHIRUDQXQOLPLWHGDPRXQWRIVKDUHV ,PDJHVDUHIRULOOXVWUDWLYHSXUSRVHVRQO\ )LGHOLW\%URNHUDJH6HUYLFHV//&0HPEHU1<6(6,3&k)05//&$OOULJKWVUHVHUYHG ††

FACT & COMMENT “With all thy getting, get understanding”

THE WAR AGAINST CASH BY STEVE FORBES, EDITOR-IN-CHIEF

GAINING ATTENTION these days is the idea of abolishing high denominations of the dollar and the euro. This concept graphically displays the astonishing stupidity—and intellectual bankruptcy— of today’s liberal economic policymakers and the economics profession. Larry Summers, a former Treasury Secretary and Harvard president, is pushing the U.S. to ban $50 and $100 bills. There’s a lot of chatter, too, about prohibiting the €500 note. The ostensible reason is to help in the fight against terrorists, bribers, drug dealers and tax evaders by making it more inconvenient for these bad guys to move around and store their ill-gotten cash. The Benjamin is the most popular currency note in the world, with more than 10 billion in circulation. The notion that such evildoers as the Mexican drug cartels and ISIS will be seriously disrupted by the absence of the Benjamin—“These sacks of cash are too heavy now. Let’s surrender!”—is so comical that one has to wonder if Summers et al. are auditioning to write gags for Saturday Night Live. Monetary expert Seth Lipsky pithily points out in the New York Post, “When criminals use guns, the Democrats want to take guns from law-abiding citizens. When terrorists use hundreds, the liberals want to deny the rest of us the Benjamins.” If the Obama istration really wants to deny resources to terrorists, why is it giving tens of billions of dollars back to the globe’s terrorism central, Iran? The real reason for this war on cash—start with the big bills and then work your way down—is an ugly power grab by Big Government. People will have less privacy: Electronic commerce makes it easier for Big Brother to see what we’re doing, thereby making it simpler to bar activities it doesn’t like, such as purchasing salt, sugar, big bottles of soda and Big Macs. The move to destroy cash feeds into the economic commissars’ fantasy that they can better control the

economy. Policymakers in Washington, Tokyo and the EU think the reason that their economies are stagnant is that ornery people aren’t spending and investing the way they should. How to make these benighted, recalcitrant beings do what they’re supposed to do? The latest nostrum from our overlords is negative interest rates. If people have to pay fees to store their money, as they do to put their stuff in storage facilities, then, by golly, they might be more inclined to spend it. To inhibit cash hoarding—when Japan announced it was imposing negative interest rates, the sale of safes soared—the authorities will want to do away with large notes. We kid you not. The highly credentialed author of a paper advocating the prohibition of large currency denominations declared, “Introducing negative interest rates would create a powerful incentive to hold deposits in cash, most likely in higher denominations. Eliminating high-denomination notes, so that saving in cash was more inconvenient, would mitigate this problem.” Manipulating the value of money and controlling interest rates, i.e., the price of money, never works. Money measures value. It is a claim on services and is a tool for facilitating commerce and investing. The reason economies around the world are in the ditch—which is fueling anger, discontent and ugly politics—is structural, government-created barriers: unstable money, suffocating rules and too-high rates of taxation.

Why They Stuck With Hitler The Second World War was the most cataclysmic conflict in human history, so it’s no surprise that books about it keep pouring forth 70 years after it ended. The German War: A Nation Under Arms, 1939–1945, by Nicholas Stargardt (Basic Books, $35), brilliantly and with impressive nuance and texture deals with

MARCH 21, 2016

FORBES | 19

241/16+10

Promises Made, Promises Kept

F

or a le s son in br and loyalt y, look no further than Gulfstream Aerospace, the manufacturer of what’s arguably business aviation’s most iconic lineup of airETCHV+PVJGNCUVƂXG[GCTUOQTGVJ of the individuals and businesses who purchased a Gulfstream jet were repeat customers. But building aircraft that offer unique combinations of speed and range with next-generation flight decks and cabin environments is only one fac tor contributing to the company’s enviable brand-loyalty metric.

Going the Distance Since 1958, when the Gulfstream I was introduced as the world’s first purposebuilt business airplane, the company has produced, serviced and suppor ted more than CKTETCHV6JTQWIJQWV this period, Gulfstream has built an impeccable reputation for keeping its promises to individual customers and the broader business aviation community—whether by bringing new models to market on time and within budget, meeting performance expectations, creating and deliverKPIVJGYQTNFoUƂPGUVCXKCVKQPGZRGTKGPEG ing the aircraft in operation through an extensive and dependable network of authorized service centers around the

world, or pushing the limits of technology to reduce pilot workload and increase enger safety. Not only does Gulfstream have an unblemished record of keeping its promises, but it also has demonstrated time and again that exceeding customer expectations—at no additional cost—is more the rule than the exception in relation to what it initially promised.

Exceeding Expectations When the company announced plans to FGXGNQRVJG) tVJGHNCIUJKRQHVJG Gulfstream family of business jets—it promised that the aircraft would be able VQHN[POCVCURGGF/CEJQT CDQWVOKNGUJQWT&WTKPIFGXGNQR OGPV)WNHUVTGCOGPIKPGGTUƂIWTGF QWVJQYVQKPETGCUGVJG)oU TIGVQPO+P the super-midisze category, customers who put down a FGRQUKVQPVJG)WNVK mately took delivery of a DTFPGYLGVYKVJPO greater range and the abilKV[VQUVQRHGGVUJQTVGT upon landing than what Gulfstream had originally promised. Likewise, between the time Gulfstream announced plans to develop the )FYJGPKVYCUTGCF[HQTFGNKXGT[ VQVJGƂTUVEWUVQOGTKVEQWNFECTT[YKVJC full load of fuel not the eight engers originally expected, but 12.

by Tony Velocci

6JGTGCTGQVJGTGZCORNGUDWV[QWIGV the point: Gulfstream keeps its promises—and then some. p6JKUKUPQVCOCVVGTQHEQPUEKQWUN[UGV ting the bar too low, otherwise the end product wouldn’t be competitive and would be unworthy of purchase,” says Steve Cass, Gulfstream engineer and vice president of communications. “Rather, we constantly challenge ourselves to deliver greater value, and of course always keep our promises to our customers.”

G500/600 Update If past is prologue, chances are Gulfstream customers and the larger aviation community will witness much the same pattern with VJG)F)VYQWNVTCNQPITIG clean sheet–designed aircraft that will take technology to a new level. Gulfstream is developing the two aircraft concurrently, and both are either on or slightly ahead QHUEJGFWNG6JG)VJTGGGZCORNGU of which are currently undergoing testing, KUQPRCEGHQTEGTVKHKECVKQPPGZV[GCT6JG )KUCNUQQPVTCEMHQTKVUHKTUVHNKIJVKP YKVJEGTVKHKECVKQPUEJGFWNGFHQTVJG following year. “We’ve set high goals for both aircraft,” says Cass. “Both will fly at nine-tenths the speed of sound and provide the best cabin experience in business aviation.”

www.gulfstream.com

MAX SPEED: MACH 0.885 • MAX RANGE: 6,750 NM • MAX ALTITUDE: 51,000 FT

AIR of CONFIDENCE When the demands of world travel become daily business, the Gulfstream G550™ is ideally suited to deliver. The aircraft can fly from Beijing to New York City in 13 hours and 40 minutes or Dubai to Sydney in 14 hours and 25 minutes. The distance will fly by as you relax in a handcrafted cabin of meticulous design. The G550—proving that life is as much about the journey as the destination. SCOT T NE AL | +1 912 965 6023 | scot [email protected] | GULFSTRE AMG550.COM All cruise performance is based on the NBA A IFR mission profile, standard en route conditions, and eight enger payload. Actual performance will be affected by ATC routing, operating speed, weather, outfitting options and other factors. Flight durations are estimated at best cruise speed and for 85% annual winds conditions.

FORBES

FACT & COMMENT

STEVE FORBES

the astounding questions of how the most educated and cultured nation on earth could unloose such a murderous, barbarous and genocidal war and why most Germans—Nazis and non-Nazis alike—closed ranks around Hitler, even when it became clear the war was going to end disastrously. Having combed through countless letters and diaries, Stargardt smoothly and vividly weaves together the stories of more than a score of individual Germans from all walks of life and the unfolding events of the war. Focus is largely on the Eastern Front, where most German casualties occurred. He shows how people’s attitudes and opinions evolved, one example being a young man who was sensitive and artistic yet cold and indifferent to the atrocities he witnessed in Russia. Such shocking contradictions were common. A prominent Protestant, Bishop Wurm of Württemberg, faintheartedly protested the Nazi regime’s policy of murdering “deformed” infants and the mentally ill by istering poisonous drugs or starving them to death, while Catholic Bishop Galen of Münster initially courageously and publicly condemned the practice. The death toll from this alone was well over 200,000. Yet Galen vigorously ed the invasion of the “Jewish Bolshevik” Soviet Union and refused any aid to Jews, even to those who had years before converted to Christianity, while Wurm privately wrote letters to the Reich in of those converts. As this book makes clear, both the Protestant and the Catholic churches were guilty of moral failure. A number of German soldiers and officials were uneasy or outright horrified by what was happening, but most did nothing about it. All but a handful of non-Nazis ed the war to the end because they believed defeat 22 |

FORBES

MARCH 21, 2016

would lead to ’s annihilation. Stargardt evokes the nitty-gritty of daily life: complaints about hypocritical officials living high on the hog (a common gibe: “When will the war end? When [the obese Hermann] Göring fits into [the slim propaganda chief Joseph] Goebbels’ tros”); rationing; infidelities on the home front; the movies, plays and radio shows people preferred (Shakespeare was performed more frequently in than in Britain during the war); the Allied bombing; and the course of the war itself. Some highlights: ƀLJ )-.LJ,'(LJ#0#&#(-LJ were aware of the mass killing of the Jews and other atrocities through letters and photos sent to them by husbands, sons, brothers and friends, and from conversations when these men came home on leave. Goebbels was a master at making the home front complicit in what was happening, first by noting Hitler’s January 1939 “prophecy” that if the Jews launched another European war they would perish, and then letting events speak for themselves—the deportation of German Jews and the auctioning off of their property, along with what people learned from news sent by their relatives fighting on the Eastern Front. ƀLJ )-.LJ,'(-LJ)(0#(LJ."'-&0-LJ that the war was one of self-defense, a fight for survival, because the evil French, Russians, British and Americans and their “Jewish masters” all wanted to destroy . ƀLJ,'(-LJ&-)LJ(!!LJ#(LJ'),&LJ+/#0alence: The bombing of German cities by the U.S. and Britain was in retaliation for the Reich’s treatment of Jews, but what was happening in the death camps and shooting pits was really no different from the Allies’ “terror” bombings. ƀLJ(LJ,-)(LJ."LJ,'(-LJ )/!".LJ to the bitter end with a fanaticism

exceeding that of the Japanese was the “shame” of November 1918, when suddenly collapsed, even though the Fatherland hadn’t been invaded and most people believed the army was still in good fighting order. ƀLJ)(.,,3LJ.)LJ4#LJ'3."ŻLJ."LJ,'(-LJ were hardly a united community. Differences between regions, classes and religions were sharp and became exacerbated when millions of refugees from bombed-out cities were moved to other parts of the country. ƀLJ/&#LJ)*#(#)(LJ)(LJ."LJ1,LJ)-#&lated. At the beginning Germans were deeply opposed. The seemingly easy victory over made people euphoric; setbacks had the opposite effect. But even though the regime suffered bouts of immense unpopularity, particularly in the summer of 1943, most Germans never wavered in their belief that they shouldn’t give up. ƀLJ,'(LJ'#&#.,3LJ-/&.#-LJ1,LJ"),rific. In the first few weeks of 1945, for instance, German army deaths exceeded the number the U.S. lost in the entire war. Total German military deaths were around 4.8 million. ƀLJ (LJűŹŴűŻLJ$/-.LJ ),LJ,&LJ,),ŻLJ Hitler’s armaments minister and longtime trusted confidant Fritz Todt told the Führer that “this war can no longer be won by military means,” because couldn’t match the growing production of the U.S. (which was providing more and more materiel to Britain and Russia), not to mention the increasing output of the Soviet Union and Great Britain. Todt recommended that Hitler negotiate the best deal he could and end the war. Instead, Hitler maniacally went in the opposite direction. The killing of Jews was ramped up exponentially. At the beginning of 1942 most of Europe’s Jews were still alive; by year’s end the majority were dead. When Japan attacked Pearl Harbor, Hitler immediately declared war on the U.S. This is an extremely interesting yet disheartening tale of a civilized people’s descent into barbarism. F

OFFICIAL AIRLINE PARTNER

I N

T H E A T E R S

M A R C H

2 5 TH

BATMAN V SUPERMAN: DAWN OF JUSTICE and all related characters and elements © & ™ DC Comics and Warner Bros. Entertainment Inc.

THOUGHT LEADERS

RICH KARLGAARD // INNOVATION RULES

THE RULE OF 72 is a handy way to peg the years it will take for an investment to double. Take 72 and divide it by the compound interest rate. Earn 8% and you’ll double your money every nine years. Close enough, anyway. In 1944, 72 years ago, the U.S. gross domestic product was $225 billion (in current dollars). Today it’s approximately $18 trillion. That represents an annual compound growth rate of 2.9%. If the U.S. economy had grown just one percentage point more per year, the rule of 72 says the size would be double what it is today. (Actually, a bit more, when you run the numbers: $37.1 trillion.) Question: How many more billionaires would the U.S. have in an economy twice as big? How much more investment capital? How much more opportunity for entrepreneurs? With a $37 trillion economy, spread over 320 million people, there’d be no government debt or looming Social Security crisis, state and city pensions would be fully funded, and the country’s infrastructure would be spectacular. All this would’ve been possible had the political class paid just a wee bit more attention to economic growth over those 72 years. A pox on them for not doing so.

AGE OF THE COMMON BILLIONAIRE But I digress. Let’s move to the world economy. Today its size is approximately $80 trillion. Last year was a so-so year for growth, but still the GWP (gross world product) grew at 3.4%. That rate of growth predicts a $258 trillion global economy by 2050. Think about that: an economy more than three times as large as today’s. Let’s assume a lower rate of growth, say 3%. That’s still $145 trillion in additional annual production, which will create many thousands of new billionaires. The FORBES Billionaires issue in 2050 will be as thick as a big city’s phone book. Where should tomorrow’s billionaires seek their fortunes? Because trends are your friends, keep an eye on two megatrends. ƀLJGlobal population. It’s getting bigger, richer, more urban and older. Global population today is 7.3 billion. The UN predicts 9.7 billion by 2050. But pay special attention to the subtrends within the megatrends. Take the growth of the global middle class. Today that population is around 2 billion. By 2050 this number could, more or less, double. When people move from poverty to the middle class, they want and, therefore, buy things. What do they want? Sanitation. Air-conditioning. Modern housing. Higher-protein diets. The ability RICH KARLGAARD IS THE PUBLISHER AT FORBES. HIS LATEST BOOK, TEAM GENIUS: THE NEW SCIENCE OF HIGHPERFORMING ORGANIZATIONS, CAME OUT IN JULY. FOR HIS PAST COLUMNS AND BLOGS VISIT OUR WEBSITE AT WWW.FORBES.COM/KARLGAARD.

24 | FORBES MARCH 21, 2016

to travel. Trillions of dollars will be made serving these needs. Urban population will grow from 4 billion to 6.3 billion by 2050. Trillions of dollars will be made in the housing and transportation industries. The world’s older population (people over 65) will grow from today’s 600 million to 1.5 billion or so by 2050. Trillions of dollars will be made in a range of new drugs, medical procedures and health services aimed at meeting the needs of seniors. ƀLJTechnology acceleration. In tech circles there’s a robust debate about whether Moore’s Law, which estimates the rate of microchip evolution, is slowing. In a narrow sense it is. The distance between circuits on a chip is already down to the width of several atoms. Cram the circuits much closer and electrons will start jumping the circuits and behave unpredictably. But will technology’s exponential progress then stop? The futurist Ray Kurzweil thinks not. He points out that the Moore’s Law rate of progress (where digital technology’s capabilities double every 18 to 24 months) predates the silicon era, which began in 1958 with Fairchild Semiconductor’s integrated circuit. Kurzweil claims the exponential era began in the 1890s. He says it will continue after silicon semiconductors have run their course (by the early 2020s), thanks to quantum computing and other already proven concepts. Kurzweil could be wrong, but that’s not a wager I’d make. It’s never been smart to bet against the rate of technological change. That’s like betting against human ingenuity. Tomorrow’s billionaires will be those who use ingenuity and rapidly evolving technology to transform traditional industries— agriculture, energy, manufacturing, transportation, construction, finance, health care—to serve Earth’s growing population. Think bigger, richer, more urban and older. Then get there first with the right technology. You might make a future FORBES Billionaires issue. F

THOMAS KUHLENBECK FOR FORBES

FUTURE BILLIONAIRES

Business hotels where it’s never business as usual. Our location in the heart of the city is only one of the things you’ll appreciate about staying at Trident Hotels. You’ll also find that our world class facilities, personalised service, stylish interiors, great dining options, happening bars and lavish spas make sure business is always a pleasure. MUMBAI

DELHI NCR

HYDERABAD

CHENNAI

USA Toll Free Number: 1866 706 5888 E: [email protected] W: tridenthotels.com

Trident Privilege can earn up to 1000 miles on their favourite airline frequent flyer programme when they stay at Trident Hotels.

LeaderBoard THE TOP 20

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

26 | FORBES MARCH 21, 2016

YOSHIAKI TSUTSUMI

1987

$20

1988

$18.9 $15

1989

YOSHIAKI TSUTSUMI

IN THE 30 YEARS we’ve been compiling our definitive list of the world’s richest, only five men (yes, they’ve all been men) have claimed the top spot. Seventeen times that man was named Bill Gates. Though even he isn’t as rich as he was at the peak of the dot-com bubble, when his inflation-adjusted net worth hit a staggering $128 billion. In the four years prior to that, his nominal net worth soared from $13 billion to $90 billion—more than it is even now, nearly two decades later.

$28.7

$16

1990

TAIKICHIRO MORI

The Man Who Owns the World

$41.7 $37.9

$29 $15

1991

$26.1

$13

1992 1993

$9

1994

$8.5

$14.8 $13.6 $12.9

1995

$22

1996

$20.1 $18 $27.2 $36.4

1997

$53.7 $51

1998

$74.1 $90

1999

$128 $60

2000

BILL GATES

$78.5 $52.8 $40.7

2003

Q REAL (2016) DOLLARS $58.5

$46.5

2005

$56.4 $50

2006

$58.8 $56

2007 2008

$64 $62

$68.2

$40

2009

$44.2 $53.5

2010

CARLOS SLIM HELÚ

Q NOMINAL DOLLARS

$70

$52.4 $46.6

2004

BILL GATES

$58.1 $74

2011 2012

$77.9 $69

$71.2

2013

$73

$74.2

2014

BILL GATES

NET WORTH ($BILLIONS)

$58.7

2001 2002

WARREN BUFFETT

$82.6

$76

$76.1

2015

$79.2

$79.2

2016

$75

$42.9 $40.6

$39.6 $40.1

$39.4

$39.1

$37.2 $36.1

$35.2

$34.4

$34

$33.6 $32.3

$29.7

$33.3 $31.9

$29.2

$28.7

$24.2

$27.8

$27.1

$25

9. (T)

11.

12.

LILIANE LARRY PAGE BETTENCOURT (19) (10) Google L’Oréal U.S. +$5.5 BIL –$4 BIL

13.

SERGEY BRIN (20) Google U.S. +5.2 BIL

14.

BERNARD ARNAULT (13) LVMH –$3.2 BIL

15.

JIM WALTON (9) Wal-Mart U.S. –$7 BIL

19.

17.

16.

ALICE WALTON (11) Wal-Mart U.S. –$7.1 BIL

S. ROBSON WALTON (12) Wal-Mart U.S. –$7.2 BIL

18.

WANG JIANLIN (29) Real estate CHINA +$4.5 BIL

JORGE PAULO LEMANN (26) Food & beverages BRAZIL +$2.8 BIL

20.

LI KA-SHING (17) Diversified HONG KONG –$6.2 BIL

BY CHASE PETERSON-WITHORN

DAVID KOCH (6) Diversified U.S. –$3.3 BIL

MARCH 21, 2016 FORBES | 27

LeaderBoard NOTABLE NEWCOMER

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

BY THE NUMBERS

How They Acquired It

4.9%

Dollar Days

28 | FORBES MARCH 21, 2016

396

JAPANESE YEN

EURO –5.0%

CHINESE RMB

INHERITED & GROWING

–5.8%

GBP

–8.9%

1,186

INDIAN RUPEE

SELF-MADE BILLIONAIRES

228 INHERITED

–20.2% –21.3%

RUSSIAN RUBLE

MEXICAN PESO

–29.2%

BRAZILIAN REAL

She’s All That

190

female billionaires worldwide— 10% of the total, down from 197 in 2015.

BY CHLOE SORVINO TOLGA AKMEN/MCT/NEWSCOM

–1.21%

A SURGING greenback has wiped billions off the fortunes of the world’s richest, as energy-dependent countries like Russia, Mexico and Brazil experienced doubledigit drops in the last year. A slowing Chinese economy and sluggish recoveries in Europe made the Japanese yen the only major currency to appreciate against the U.S. dollar.

Heavy Metal

SM

844.LUX.CARD | luxurycard.com

Luxury Card marks are property of Black Card LLC. BLACKCARD is a ed trademark used under license. Luxury Card products are issued by Barclays Bank Delaware. MasterCard and the MasterCard logo are ed trademarks of MasterCard International Incorporated.

Canada 5

LeaderBoard DROP-OFFS

JIM KOCH 2015 net worth: $1.3 bil Current net worth: $840 mil

Gone (For Now) THE COMMODITIES rout, equity market mayhem and global economic uncertainty have dented the wealth of many of the world’s richest. This past year 221 billionaires got knocked off our list; not since 2009—when the credit crisis exiled 355 from the three-comma club—have so many fallen in one year. China lost the most—42— followed by the U.S., which had 25 new ex-billionaires. Brazil lost 23 billionaires, while 19 Russians and 15 from India got the boot—giving a whole new meaning to the term “BRIC economy.”

NUMBER OF DROP-OFFS BY INDUSTRY

SOLOMON LEW AUSTRALIA LEN AINSWORTH AUSTRALIA KERRY STOKES AUSTRALIA ANA LUCIA DE MATTOS BARRETTO VILLELA BRAZIL

The world’s first ethanol billionaire, a Brazilian, runs publicly traded Cosan, a conglomerate based in São Paulo. The oil glut has been bad for both alternative fuels and fuel additives; shares in Cosan are down 62% from a year ago. 2015 net worth: $1 bil Current net worth: $930 mil

Previously India’s only self-made female billionaire, she founded Biocon Ltd., the country’s largest publicly traded biopharma company. Its stock has tumbled nearly a fifth since January, a market-turbulence casualty despite good third-quarter earnings.

MICHAEL KLEIN BRAZIL

CLAYTON RIDDELL CANADA

JOSE ISAAC PERES & FAMILY BRAZIL

K. RAI SAHI CANADA

LIA MARIA AGUIAR BRAZIL

JAYME GARFINKEL BRAZIL

BLAIRO MAGGI BRAZIL

DULCE PUGLIESE DE GODOY BUENO BRAZIL

ANA MARIA MARCONDES PENIDO SANT’ANNA BRAZIL RUBENS OMETTO SILVEIRA MELLO BRAZIL NEVALDO ROCHA & FAMILY BRAZIL

MANUFACTURING 25

LORETTA ROBINSON & FAMILY CANADA

ITAMAR LOCKS & FAMILY BRAZIL

SERGIO LINS ANDRADE & FAMILY BRAZIL

2015 net worth: $1.7 bil each Current net worth: $870 mil each

KIRAN MAZUMDAR-SHAW

ANTONIO LUIZ SEABRA BRAZIL

FRANK HASENFRATZ CANADA J. MICHAEL PEARSON CANADA

Peru 3 Brazil 23

The German brothers (Oliver Samwer, below) behind Rocket Internet, infamous for cloning the ideas of prominent tech firms (Zappos, Blue Apron and others), have seen their company’s stock drop by more than half since its October 2014 IPO.

DIVERSIFIED 24

Chile 1

FOOD & BEVERAGE 20

TECHNOLOGY 20

WANG WEI CHINA

LIU DIANBO CHINA

YU AWU & FAMILY CHINA

ALEXANDER SAMWER

ALOKE LOHIA INDIA

CHE FENGSHENG CHINA

ZHOU MINGJIE & FAMILY CHINA

CHEUNG YAN CHINA

MARC SAMWER

SHISHIR BAJAJ INDIA

LV DALONG CHINA

OLIVER SAMWER

G.V. PRASAD INDIA

GUO WENGUI CHINA

YOU XIAOPING & FAMILY CHINA

ANDREAS POHL

SATISH REDDY INDIA

LIANG ZHAOXIAN CHINA

ONSI SAWIRIS EGYPT

REINFRIED POHL JR.

V.G. SIDDHARTHA INDIA

LIU MING HUI CHINA

SAMIH SAWIRIS EGYPT

ARISTOTELIS MISTAKIDIS GREECE

SANJAY SINGAL INDIA

LOU ZHONGFU & FAMILY CHINA

PIERRE CASTEL & FAMILY

MARIO LOPEZ ESTRADA GUATEMALA

OU ZONGHONG CHINA

ELISABETH BADINTER & FAMILY

CHEN JINSONG & FAMILY HONG KONG

MARIE-JEANNE MEYER

GORDON WU HONG KONG

ZHANG HONGWEI CHINA LIU XUEJING & FAMILY CHINA YANG ZHIMAO & FAMILY CHINA

PATRICIA ANGELINI ROSSI CHILE

LI YIHAI CHINA

LUCIA MAGGI BRAZIL

WANG YONG & FAMILY CHINA

SUN SHANGCHUAN & FAMILY CHINA

MAURIZIO BILLI BRAZIL

WANG HAIPENG CHINA

SUN WEIJIE CHINA

EDIR MACEDO & FAMILY BRAZIL

SUN DELIANG & FAMILY CHINA

ZHU YICAI CHINA

MARLI PISSOLLO BRAZIL

SHEN YA CHINA

MARIA DE LOURDES EGYDIO VILLELA BRAZIL

QIU JIANPING & FAMILY CHINA

DAISY IGEL BRAZIL

XIAO FEN & FAMILY CHINA

LIU MING CHUNG BRAZIL

CHEN TIANQIAO CHINA

HUGO RIBEIRO & FAMILY BRAZIL

WEI QI & FAMILY CHINA

30 | FORBES MARCH 21, 2016

St. Kitts and Nevis 1

MARC, OLIVER & ALEXANDER SAMWER

2015 net worth: $1.4 bil Current net worth: $750 mil

FASHION & RETAIL 29

NUMBER OF DROP-OFFS BY COUNTRY

Mexico 1

Guatemala 1

RUBENS OMETTO SILVEIRA MELLO

JOAO ALVES DE QUEIROZ FILHO BRAZIL

LINA MARIA AGUIAR BRAZIL

And now, the hangover: As beer’s booze-market share declines, the father of the American craft-suds movement— his Boston Beer makes Samuel Adams— sees his wealth decline by 39%.

United States 25

HUANG WEN TSAI CHINA HONG XIAOBO CHINA WANG XICHENG & FAMILY CHINA YANG YUANQING CHINA JIANG NING CHINA LI YONGJUN CHINA

ZHU JIMAN CHINA

TU JIANHUA CHINA WANG YONGPING CHINA CHU JINFU CHINA DAI DEMING CHINA WANG ZHONGJUN CHINA WANG QINGHUI CHINA XIA SHUDONG CHINA

MONIQUE ROOSMALE NEPVEU JEAN-CHARLES NAOURI JEANINE DICK JACQUES MERCERONVICAT & FAMILY

RAJAN RAHEJA & FAMILY INDIA MALVINDER & SHIVINDER SINGH INDIA

AMIT BURMAN INDIA KIRAN MAZUMDARSHAW INDIA SUBHASH RUNWAL INDIA BHADRESH SHAH INDIA PURNOMO PRAWIRO INDONESIA HARJO SUTANTO INDONESIA

VENUGOPAL DHOOT INDIA

HARY TANOESOEDIBJO INDONESIA

ANU AGA INDIA

EDWIN SOERYADJAYA INDONESIA

VIKAS OBEROI INDIA

BENNY SUBIANTO INDONESIA

Who Stayed, Who’s New, Who’s Out

Russia 19

Sweden 1 Norway 1

S. Korea 5

NEW

2005

China 42 Taiwan 6 Hong Kong 2

DROP-OFFS

2007 2008

Malaysia 3 Singapore Indonesia 2 5

Oman 1

TOTAL ON LIST

2006

Thailand 3

India 15

W

United Kingdom Lithuania 10 1 Poland 5 2 Switzerland Austria Romania 2 1 1 7 Italy Spain Turkey 1 2 6 Greece Israel Kuwait 1 Morocco 1 4 1 Egypt Saudi Arabia 4 2

THE HIP ROLLS of the world’s billionaire club are constantly in flux, as a review of the last decade shows: Gate crashers enjoy their newfound access, while those who’ve had some hard luck (by billionaire standards, anyway) find themselves on the outside looking in.

2009 2010

Australia 3

Uganda 1

2011

Tanzania 1

2012 2013

TORY BURCH Luxury-fashion sales are slowing due to slack demand in China, Russia and elsewhere. That has dinged the fortune of Burch—founder of the eponymous preppy-chic label—in tandem.

J. MICHAEL PEARSON 2015 net worth: $1 bil Current net worth: $480 mil

Federal investigations, restated earnings and bad p.r. over drug price hikes have blasted the market cap of pharmaceutical firm Valeant; CEO Pearson, ailing as well, recently returned from a lengthy medical leave.

FINANCE 18

HEALTH CARE 17

REAL ESTATE 17

2014 2015 2016 0

ENERGY 15

500

MEDIA 9

1,000

1,500

CONSTRUCTION 7

2,000

LOGISTICS 1 CASINOS 1 MINING AUTO 5 3

TELECOMM 6 SHLOMO ELIAHU ISRAEL BRUNELLO CUCINELLI & FAMILY ITALY FAWZI AL-KHARAFI KUWAIT MOHANNAD AL-KHARAFI KUWAIT BASSAM ALGHANIM KUWAIT KUTAYBA ALGHANIM KUWAIT NERIJUS NUMAVICIUS LITHUANIA DANNY TAN CHEE SING MALAYSIA VINCENT TAN MALAYSIA GOH PENG OOI MALAYSIA RUFINO VIGIL GONZALEZ MEXICO MILOUD CHAABI & FAMILY MOROCCO TROND MOHN NORWAY

MOHAMMED AL BARWANI OMAN ROSA BRESCIA CAFFERATA PERU VITO RODRIGUEZ RODRIGUEZ PERU JORGE RODRIGUEZ RODRIGUEZ PERU LESZEK CZARNECKI POLAND DARIUSZ MILEK POLAND

YURI GUSHCHIN RUSSIA ROUSTAM TARIKO RUSSIA MIKHAIL BALAKIN RUSSIA DMITRY MAZEPIN RUSSIA NIKOLAI TSVETKOV RUSSIA VLADIMIR GRUZDEV RUSSIA AIRAT SHAIMIEV RUSSIA

ABDUL MAJEED ALHOKAIR SAUDI ARABIA

BEDA DIETHELM SWITZERLAND

FAWAZ ALHOKAIR SAUDI ARABIA

JEAN CLAUDE GANDUR SWITZERLAND

SALMAN ALHOKAIR SAUDI ARABIA

TONY CHEN TAIWAN

RON SIM SINGAPORE

TSAI MING-KAI TAIWAN

CHUA THIAN POH SINGAPORE

DOUGLAS HSU & FAMILY TAIWAN

STEPHEN SAAD SOUTH AFRICA KOO BON-NEUNG SOUTH KOREA

IOAN NICULAE ROMANIA

ALEXANDER LUTSENKO & FAMILY RUSSIA

LEONID SIMANOVSKY RUSSIA

ZIYAD MANASIR RUSSIA

CHUNG MONG-JOON SOUTH KOREA

SERGEI KATSIEV RUSSIA

RADIK SHAIMIEV RUSSIA

CHUNG YONG-JIN SOUTH KOREA

KONSTANTIN GRIGORISHIN RUSSIA

RUSTEM SULTEEV RUSSIA

CHEY KI-WON SOUTH KOREA

ALEXEI BOGACHEV RUSSIA

ALBERT SHIGABOUTDINOV RUSSIA

DANIEL MATE SPAIN

NIKOLAI MAXIMOV & FAMILY RUSSIA

ZELIMKHAN MUTSOEV RUSSIA

NIKOLAI BUINOV RUSSIA

SULAIMAN AL RAJHI & FAMILY SAUDI ARABIA

CHO YANG-RAI SOUTH KOREA

ALBERTO CORTINA SPAIN JACKY XU ST. KITTS AND NEVIS INGVAR KAMPRAD & FAMILY SWEDEN

RICHARD CHANG TAIWAN CHIN JONG HWA TAIWAN THOMAS WU TAIWAN ROSTAM AZIZI TANZANIA SURANG PREMPREE THAILAND SOMPHOTE AHUNAI THAILAND KIAT CHIARAVANONT THAILAND AYDIN DOGAN TURKEY AHSEN OZOKUR TURKEY

MUBARIZ GURBANOGLU TURKEY MEHMET EMIN KARAMEHMET TURKEY SERRA SABANCI TURKEY SUZAN SABANCI DINCER TURKEY SUDHIR RUPARELIA UGANDA MARY & DOUGLAS PERKINS UNITED KINGDOM DAVID SAINSBURY UNITED KINGDOM BILL ADDERLEY & FAMILY UNITED KINGDOM CHARLES CADOGAN & FAMILY UNITED KINGDOM RICHARD ELMAN UNITED KINGDOM ALEX BEARD UNITED KINGDOM BENEDICTA CHAMBERLAIN UNITED KINGDOM CHRIS DAWSON UNITED KINGDOM

SERVICE 4

MICHAEL LYNCH UNITED KINGDOM

DONALD HALL UNITED STATES

DAVID MCMURTRY UNITED KINGDOM

JIM KOCH UNITED STATES

EDWARD STACK UNITED STATES

ALAN AUERBACH UNITED STATES

NICHOLAS WOODMAN UNITED STATES

RICHARD CHILTON JR. UNITED STATES

ANNE COX CHAMBERS UNITED STATES CHARLES BUTT & FAMILY UNITED STATES HERBERT LOUIS UNITED STATES JOSEPHINE LOUIS & FAMILY UNITED STATES GARY BURRELL UNITED STATES TOR PETERSON UNITED STATES ALFRED MANN1 UNITED STATES JOYCE RALEY TEEL UNITED STATES ANEEL BHUSRI UNITED STATES

ROBERT STILLER UNITED STATES CLIFFORD ILLIG UNITED STATES BARBARA CARLSON GAGE UNITED STATES JON HUNTSMAN UNITED STATES MARILYN CARLSON NELSON UNITED STATES TORY BURCH UNITED STATES RAY IRANI UNITED STATES RYAN KAVANAUGH UNITED STATES JONATHAN ORINGER UNITED STATES STEVEN ROTH UNITED STATES

1

DIED FEB. 25.

MOACYR LOPES JUNIOR/FOLHAPRESS; GENE BLEVINS/POLARIS/NEWSCOM; HEMANT MISHRA/MINT VIA GETTY IMAGES; JENS KALAENE/EPA/NEWSCOM; SCOTT EELLS/BLOOMBERG; D DIPASUPIL/FILMMAGIC

MARCH 21, 2016 FORBES | 31

BY CHLOE SORVINO

2015 net worth: $1 bil Current net worth: $800 mil

South Africa 1

LeaderBoard NAME | Age Net worth Company Unicorn: EVAN SPIEGEL | 25 $2.1 bil Snapchat

Young Guns

BOBBY MURPHY | 27 $1.8 bil Snapchat DUSTIN MOSKOVITZ | 31 $8.9 bil Facebook

A RECORD 36 of the world’s billionaires are self-made and under age 40. Their combined net worth: $125.5 billion. Half come from tech “unicorns”—privately held firms valued at $1 billion or more.

MARK ZUCKERBERG | 31 $44.6 bil Facebook NATHAN BLECHARCZYK |32 $3.3 bil Airbnb

($1.5 BILLION)

EVAN SPIEGEL ($2.1 BILLION) The 25-year-old Snapchat cofounder is the youngest self-made billionaire. His messaging app—whose quick-to-vanish posts drew a joking endorsement from Hillary Clinton—was funded at a $16 billion valuation last May. (Cofounder Bobby Murphy, 27, is worth $1.8 billion.) 32 | FORBES MARCH 21, 2016

SEAN PARKER | 36 $2.4 bil Facebook

CAI XIAORU | 36 $1.2 bil Electronic components

DREW HOUSTON | 32 $1 bil Dropbox

ZHANG BANGXIN | 36 $1.3 bil After School Tutoring

EDUARDO SAVERIN | 33 $6.2 bil Facebook KIRILL SHAMALOV | 33 $1.2 bil Petrochemicals EVAN SHARP | 33 $1 bil Pinterest BEN SILBERMANN | 33 $1.6 bil Pinterest CHENG WEI | 33 $1 bil Ride-hailing service SACHIN BANSAL | 34 $1.2 bil Flipkart

JACK DORSEY ($1 BILLION) Facing the public markets can be tough—doubly so when you’re running two companies. And both of Dorsey’s companies—Twitter and digital-payment company Square—have lately watched their shares sink. Twitter’s growth has stalled, while Square can’t seem to convince the market that it deserves the same valuation private investors once gave it.

ADAM NEUMANN | 36 $1.5 bil WeWork

ELIZABETH HOLMES | 32 $3.6 bil Theranos

BRIAN CHESKY | 34 $3.3 bil Airbnb

FRANK WANG ($3.6 BILLION) Wang, 35, is the world’s first drone billionaire after founding SZ Dajiang Innovation Technology, known as DJI, in his Hong Kong college dorm; it’s worth $8 billion now and controls an estimated 70% of the burgeoning market.

ORION HINDAWI | 36 $1 bil Software

MARKUS PERSSON | 36 $1.3 bil Minecraft

BINNY BANSAL | 33 $1.2 bil Flipkart

Where did Neumann’s interest in communal office space take root? Perhaps in the Israeli kibbutz on which he was raised. WeWork, which Neumann, 36, founded in 2010 in New York with Miguel McKelvey, now has 40,000 in 16 cities using its coworking spaces; the company is valued at $10 billion.

SCOTT FARQUHAR | 36 $1.4 bil Business software

RYAN GRAVES | 32 $1.5 bil Uber

WANG YUE | 32 $1.1 bil Online games

ADAM NEUMANN

MIKE CANNONBROOKES | 36 $1.4 bil Business software

JOE GEBBIA | 34 $3.3 bil Airbnb

GARRETT CAMP | 37 $6.2 bil Uber ROBERT PERA | 37 $2 bil Wireless networking gear NARUATSU BABA | 38 $1.2 bil Smartphone games JACK DORSEY | 39 $1 bil Twitter TRAVIS KALANICK | 39 $6.2 bil Uber YOSHIKAZU TANAKA | 39 $1 bil Online social network LI WEIWEI | 39 $1.3 bil Online games WU GANG | 39 $1.3 bil Money management ZHOU YAHUI | 39 $2.3 bil Online games

FRANK WANG | 35 $3.6 bil DJI

ORION HINDAWI ($1 BILLION) Tanium, the cybersecurity firm Hindawi founded with his fellow billionaire father in 2007, provides real-time threat detection for companies like Amazon and Visa. Orion, 36, is now CEO as Tanium mulls an IPO.

BY KATE VINTON JAMEL TOPPIN FOR FORBES

RICHEST UNDER 40

IT DOESN’T HAVE AN INSIDE VOICE

THE FIRST-EVER LEXUS GS F There’s a time and a place to dial it back. This is neither. The new GS F boasts a race-inspired 467-horsepower1 V8 engine and a throaty exhaust note that’s impossible to ignore. Add in a Torque Vectoring Differential, plus six-piston Brembo® front brakes,2 and it makes more than a powerful statement: It makes the 2016 Lexus GS F as capable in overall handling as the 2016 BMW M5.3

lexus.com/GSF | #LexusGSF

Options shown. 1. Ratings achieved using the required unleaded gasoline with an octane rating of 91 or higher. If fuel is not used, performance will decrease. 2. High-performance brakes may require additional maintenance and be louder than conventional brakes, depending on driving conditions. See the Warranty and Services Guide for more information. 3. AMCI Testing Certified: 2016 Lexus GS F versus the 2016 BMW M5 with optional 20-inch wheels with ESC off. ©2016 Lexus

LeaderBoard REAL ESTATE

Donald Trumps the White House It’s beyond debate: His luxurious new D.C. hotel will be yuuuge.

BIZ QUIZ

The Ship List Can you match the billionaire with his or her superyacht? DOES THE SIZE of a billionaire’s yacht correspond to a big bank ? Do the extravagant extras offer insight into its skipper? These six superyachts—which range from a cozy 194 feet to a cushy 533 feet—belong to individuals with a combined wealth of $61 billion. In other words, their ships have come in.

a. David Geffen $6.6 bil

b. Eric Schmidt $10.4 bil

c. James Packer $3.6 bil

d. Len Blavatnik $15.5 bil

e. Laurene Powell Jobs $17.3 bil

f. Roman Abramovich $7.6 bil

1. Odessa II (length: 242 feet) Overboard amenities: outdoor cinema and beach club/spa

2. Rising Sun (length: 452 feet) Overboard amenities: wine cellar and regulation-size basketball court

3. Venus (length: 256 feet) Overboard amenities: designed by Philippe Starck; includes a discreet Jacuzzi

4. Arctic P (length: 287 feet) Overboard amenities: a retractable pool, Jacuzzi and dining-room table

5. Eclipse (length: 533 feet) Overboard amenities: two helipads and a missile-defense system

6. Oasis (length: 194 feet) Overboard amenities: a pool and gym that convert to a disco ANSWERS: 1d; 2a; 3e; 4c; 5f; 6b

34 | FORBES MARCH 21, 2016

REAL ESTATE AND BIZ QUIZ BY MICHAEL SOLOMON KEN HOWARD/ALAMY (TOP); DAVID GEFFEN: BRUCE GLIKAS/FILMMAGIC/GETTY IMAGES; ERIC SCHMIDT: NICHOLAS KAMM/AFP/GETTY IMAGES; JAMES PACKER: SCOTT BARBOUR/GETTY IMAGES; LEN BLAVATNIK: RICK MAIMAN/ BLOOMBERG; LAURENE POWELL JOBS: NEILSON BARNARD/GETTY IMAGES FOR THE NEW YORK TIMES; ROMAN ABRAMOVICH: JASON ALDEN/BLOOMBERG; RISING SUN: ARMANDO PIETRANGELI/REX/NEWSCOM; VENUS: SPLASHNEWS/NEWSCOM; ARCTIC P: CHRIS CAMERON/ALAMY; ECLIPSE: THIBAULT MONNIER/PACIFICCOASTNEWS/NEWSCOM; OASIS: IMAGEBROKER/ALAMY

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

LeaderBoard FORBES @ 100

Billionaires’ First Bow: Oct. 5, 1987 FORBES PUBLISHED ITS first ranking of the world’s billionaires with a 50-page special report: “A billion dollars seemed a good place to draw a line between wealth and great wealth. How someone managed to make or hold a billion dollars is likely to tell you something about how the world works.” The issue highlighted names both well-known (Kerry Packer) and less so (German mail-order queen Grete Schickedanz) while excluding royalty (Saudi Arabia’s King Fahd) and dictators (North Korea’s Kim Il-Sung). Only 24 countries were home to billionaires; 67 are today. China and Russia had none; India just one. One thing has remained constant: America has always had the most tenfigure fortunes. In 1987 the U.S. had 49; Japan ranked second with 24, followed by West (13), the United Kingdom (7), and Hong Kong and Canada (6 each).

“National boundaries still satisfy politicians, but they no longer restrain businesspeople.”

FAST-FORWARD

Ka-ching! 1987: Hong Kong’s Li Ka-shing (above) had turned a modest fortune in plastics into $1.2 billion thanks to some well-timed investments in Hong Kong real estate. 2016: Li is now Asia’s second-richest man, worth $27.1 billion following decades of expansion and dealmaking, including recent investments in European telecom.

FACE FROM THE PAST

Pablo Escobar: drug lord and billionaire. “A husky, 5-foot6-inch man normally given to rugby shirts, chino pants and sneakers, Escobar is a prime example of a Colombian paisa— an aggressive, unsentimental hustler.” Using that hustle, Escobar reached the top of Colombia’s Medellín Cartel by “shrewdly reinvesting his initial earnings and becoming a master of public relations.” He spent a year incarcerated in a luxurious prison he reportedly designed himself; after escaping, he was killed in a shoot-out with Colombian security forces (assisted by the U.S.) in 1993.

36 | FORBES MARCH 21, 2016

SIGN OF THE TIMES

Japan’s Heyday

“[Escobar] built a reputation as a Robin Hood, erecting housing for the poor and opening a zoo to the public. A member of the DEA groused that the importing of exotic animals for the zoo seemed to have brought more trouble from the government than his drug business.”

In the ’80s Japan soared, propelled by the manufacturing and technology dominance of companies such as Sony. In 1987 railroad and real estate titan Yoshiaki Tsutsumi (left) was the world’s richest person. Despite Japan’s economic doldrums ever since, Tsutsumi remained a billionaire until 2007, when his scandalweakened empire began to crumble.

BY ABRAM BROWN CHINAFOTOPRESS/GETTY IMAGES; KYODO NEWS/NEWSCOM; GETTY IMAGES

When Crime Does Pay

LeaderBoard Kirk Kerkorian

KUWAIT, $1.25 BIL

Too Few College Classes for Billionaires

KAREN JOHNSON BOYD, 91 U.S., $2.5 BIL

SIDHARTH BURMAN, 70

Someone has to take a stand: The 0.00001% deserve higher education tailored to their interests, too. IN JULY 2014 legendary investor Tim Draper (above) and a friend started “VCx” at “Draper University”—an $18,000 invitation-only minicourse that teaches the fabulously rich the rudiments of deal flow. It’s “an opportunity for billionaires who want to get into venture capital to learn from some of the best,” Draper says. What about the other Great Courses for ten-figure teachers’ pets? We’ve got their semester covered. MACROECONOMICS Professor George Soros Nearly 25 years later, Prof. Soros is still dining out (literally) on the £1 billion he made in a month after shorting the pound sterling. Annoyed with some dimwitted central bank? Learn how to show Poindexter and friends who’s really boss.

POLITICAL SCIENCE Professor Michael Bloomberg Think you’d make a great Oval Office denizen, even if the benighted huddled masses have no idea how lucky they’d be to have you? Prof. Bloomberg will outline proven strategies for showing just enough ankle to keep the rubes tantalized. (No fatties or gun nuts, please.)

TRADE POLICY Professor Mikhail Prokhorov Buy side? Sell side? How about losing side! Do-gooders who love helping others will thrill to Prof. Prokhorov’s tales of turning the Brooklyn Nets into an NBA laughingstock through confounding player swaps and draftpick duncery. Nothing engenders a warm glow, after all, like others taking constant advantage of you.

PHYSICAL EDUCATION Professor Steve Ballmer Who among us hasn’t been inspired by the sight of Prof. Ballmer onstage at a Microsoft event, carrying on like the late Sam Kinison? He’ll share all his top fitness moves, including the Pit-Sweat Shimmy and the Incipient Aneurysm. Bring Handi Wipes.

JASSIM AL-KHARAFI 75

INDIA, $1 BIL

CHANG YUNG-FA, 88 TAIWAN, $1.8 BIL

ALFRED JAMES CLARK, 87 U.S., $1.4 BIL

CLAUDE DAUPHIN, 64 , $1.4 BIL

HUBERT D’ORNANO, 89 , $1.1 BIL

MARIA LUISA SOLARI FALABELLA, 73 CHILE, $2.4 BIL

SUSAN HIRT HAGEN, 79 U.S., $2.1 BIL

IN MEMORIAM

INGEBURG HERZ, 95

Farewell

MICHAEL JAHARIS, 87

KIRK KERKORIAN, 98 (U.S., $4.2 BILLION)

The irrepressible businessman’s life story read, fittingly, as if ripped straight from an implausible Hollywood script: middle-school dropout, pilot trainer during World War II, major Las Vegas developer, pioneering activist investor and owner of MGM Studios. FRED DELUCA, 67 (U.S., $2.5 BILLION)

In 1965, to help pay for college, DeLuca cofounded Subway, a sandwich shop that ultimately grew into the world’s largest restaurant chain. From its humble roots in Bridgeport, Conn., Subway now assembles footlongs in 44,000 restaurants as far afield as Afghanistan and Zambia. HORST BRANDSTAETTER, 81 (, $1.1 BILLION)

Creator of Lego’s chief rival, Playmobil. Brandstaetter ed the family business in 1952 and guided it in a much more whimsical direction than his forebears, who started the Brandstaetter Group in 1876 as a maker of ornamental casket fittings. JOE JAMAIL, 90 (U.S., $1.7 BILLION)

Bombastic, colorful Texas lawyer whose courtroom theatrics—including his victorious 1987 representation of Pennzoil against Texaco, which alone garnered Jamail more than $300 million in fees—earned him the moniker “King of Torts.”

, $2.4 BIL

U.S., $2.2 BIL

MUSTAFA VEHBI KOÇ, 55 TURKEY, $1.05 BIL

JAN KULCZYK, 65 POLAND, $4 BIL

MARIA INES DE LAFUENTE LACROZE, 71 ARGENTINA, $1.3 BIL

CHRISTOS LAZARI, 69 U.K., $2.1 BIL

LIN RONG SAN, 76 TAIWAN, $4.2 BIL

BRIJMOHAN LALL MUNJAL, 92 INDIA, $3.8 BIL

ROBERT PICCININI, 73 U.S., $1 BIL

JOHANNA QUANDT, 89 , $13.9 BIL

RICHARD RAINWATER, 71 U.S., $2.8 BIL

RONALD SOUTHERN, 85 CANADA, $1.55 BIL

MAX MICHEL SUBERVILLE, 83 MEXICO, $1.45 BIL

ALFRED TAUBMAN, 91 U.S., $3.1 BIL

KLAUS TSCHIRA, 74 , $8.6 BIL

KARL WLASCHEK, 97 AUSTRIA, $4.2 BIL NET WORTH AS OF MARCH 2015

38 | FORBES MARCH 21, 2016

FIRST WORLD PROBLEMS BY BRIAN DAWSON; IN MEMORIAM BY ABRAM BROWN CHRIS WEEKS/FILMMAGIC/GETTY IMAGES; ILLUSTRATIONS BY JOHN UELAND

FIRST WORLD PROBLEMS

It’s where shoes of every description congregate by the front door. Where a bunk bed doubles as a jungle gym. And where preschoolers turn into third graders, seemingly overnight. It’s home.

:KDWHYHUKRPHPHDQVWR\RXZHȇOOKHOS\RXQGLW Search millions of homes for sale and for rent. ©2016 Zillow Group. All rights reserved.

CREDIT TK

40 | FORBES MARCH 21, 2016

THE WORLD’S BILLIONAIRES

HOWARD SCHULTZ

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

Howard Schultz roosting at the Roastery, Starbucks’ trickedout concept-storecum-roasting plant in Seattle. Trust us: You’ll want one of these in your city.

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

JAMEL TOPPIN FOR FORBES

MARCH 21, 2016 FORBES | 41

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

early deprivations, he treasures them. Schultz has discovered that America— and, in fact, the whole world—loves an up-from-hardship story. His candor about his beginnings in the gritty Canarsie section helps him strike a rapport with everyone from other chief executives to young black and Latino adults trying to find their first jobs. “Even though I don’t have the same color of skin,” Schultz explains, “I was one of those kids. I could have today been one of those kids.” It’s a classic American story, one that forced Schultz to bat down rumors last year that he was going to run for President. On paper, this self-made tycoon compares favorably to a certain bombastic billionaire springboarded with Daddy’s money. But Schultz wasn’t at all interested in the campaign, in part because, while the 2016 presidential contenders debase themselves during this circuslike primary, Schultz already has a caffeinated bully pulpit from which to steer discourse—and Starbucks’ stunning financial performance affords him pretty much unbridled authority to use it. The shabby little store on the Seattle waterfront where Starbucks began. Schultz has the key and sometimes visits by himself at 4 a.m., just to “center” himself.

his way out,” Schultz says. He grew up in the 1960s in subsidized housing, steeped in the anxieties of a father who suffered workplace injuries and couldn’t hold a job. “I didn’t go to an Ivy League school,” Schultz reminds me. “I didn’t go to business school.” Instead of resenting those 42 | FORBES MARCH 21, 2016

OUTSOURCING MORE

ROBOT JOBS TO HUMANS.

Amerivest Managed Portfolios offered through TD Ameritrade. It’s the power of investing technology combined with a human touch. Amerivest will constantly monitor your portfolio to keep it properly diversified, and even rebalance it periodically. Plus, if you ever need a little assistance, our experienced service team is available to discuss your portfolio. Because let’s face it, no one wants to talk with a robot. The best returns aren’t just measured in dollars.

Call an Investment Consultant at 800-440-8124 or go to tdameritrade.com/amerivest for details. Amerivest is a ed investment advisor and an affiliate of TD Ameritrade. For more information, please see the Amerivest Disclosure Brochure (ADV Part 2) http://tdameritrade.com/forms/TDA4855.pdf. Advisory services provided by Amerivest Investment Management, LLC. TD Ameritrade, Inc., member FINRA/SIPC. © 2016 TD Ameritrade IP Company, Inc.

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

More than anything, Schultz wants to become America’s conciliator-in-chief. He’s troubled by the angry tone in politics and everyday discourse, which makes him think that, as a country, we’ve “lost our conscience.” Searching for inspiration, he’s traveled everywhere from veterans’ hospitals to an Indian ashram in the past year, asking people to share their stories and their beliefs. Now he wants Starbucks to be the place where people can get excited about voting again, where people can courteously discuss tough issues such as gun rights and race relations—and where “we can elevate citizenship and humanity.” It all sounds lovely, but last March Schultz’s crusade blew up in his face. Everything started smoothly when the Starbucks boss began asking employees in late 2014 about America’s race relations. He was jolted by the upheaval in Ferguson, Mo., after a white policeman was exonerated in the fatal shooting of an unarmed black teen. His employees were, too. Their private conversations were raw, heartfelt and cathartic. Baristas and store managers burst into tears, talking about ugly moments they had seen. People hugged. Everyone wished that America could overcome its past. Schultz was so moved

“YOU KNOW WHAT? YOU’VE BEEN HERE 16 YEARS. YOU DESERVE A VACATION. WE’RE GOING TO GET YOU ONE.” that he decided to relaunch these conversations in 7,000 Starbucks stores. Baristas were encouraged to write “Race Together” on millions of patrons’ coffee cups. Then, somehow, good things would result. What unfolded was a national embarrassment. Hectic morning-coffee lines, full of strangers, proved far chillier than a staff meeting with time for hugs. Baristas felt hurled into an edgy new role without any training. Patrons found the gesture bewildering. After this awkward start many baristas put their pens in hiding. Starbucks ended the initiative after a week. (The company says that was always the plan.) Undeterred, the Seattle coffee king’s ambitions remain as big as ever, with Schultz targeting death-penalty injustices, chronic unemployment, veterans’ needs and the college aspirations of his baristas. Watching Schultz’s crusades in the wake of the race debacle is akin to seeing a sword-swallower at a carnival. Each project generates its own rush of excitement. Each is tinged by a thrilling, terrifying sense that it could all go horribly wrong in an instant. A few weeks ago Schultz and I ended up at the Brooklyn Academy of Music, in an empty theater, sipping Star44 | FORBES MARCH 21, 2016

bucks’ Aged Sumatra from paper cups. Schultz was collecting his thoughts, minutes before going onstage to fire up 300 of his employees about his favorite topic: what’s wrong in society and how his company could be a force for good. “We’ve got this big idea,” he told me, in a voice that mixed eagerness and hesitation. “It’s like a piece of clay, but it’s not yet shaped. I’m going to ask people for their help.” BOUNDING ONTO THE BROOKLYN stage, Schultz began by ticking off issues that concerned him: death benefits for soldiers killed in Iraq or Afghanistan; gun safety; and the 2016 presidential election. “We’re not just here to raise the stock price,” he declared. “What can we do to use our strength for social good?” Over the next 90 minutes 34 store managers and baristas took the microphone to share their ideas and concerns. As with most voters, they were less interested in policy theories—save a few that talked about their own volunteer work in local schools—and much more into the gritty realities of their daily lives. We get a lot of homeless people in our stores.… Can we get more security? … Can we get more training for the baristas? … Could there be a child-care option? If Schultz was disappointed, he didn’t let on. “That’s a great idea,” he told several questioners. “We’re working on it,” he reassured others. When one part-time employee wanted to know why he wasn’t getting much paid vacation time, Schultz started to lob the question toward a human-relations specialist in the audience—and then caught himself in midsentence. “You know what?” Schultz declared. “You’ve been here 16 years. You deserve a vacation. We’re going to get you one.” The room burst into applause. Schultz came over to give the barista a hug, and someone snapped a picture. Watching Schultz work a crowd, you can see why he would have made a natural candidate. But the political bug has faded. A lifelong Democrat, Schultz says he no longer thinks government holds the answers to the issues that concern him most. He has little interest in visiting Washington, and hasn’t made a presidential political contribution since ing Barack Obama in 2008. Board member Mellody Hobson is even clearer: “Howard knows himself well enough to realize that a role in national politics isn’t right for him.” Yet Schultz can’t surrender his dream of fixing America. At the very least, he can make Starbucks itself a laboratory for developing a better society. In the past year Starbucks has set up 19 cafes on the edge of military bases, going out of its way to hire veterans and activeduty spouses to work there. Another initiative is a partnership with other big companies to convene giant job fairs in cities such as Phoenix, Chicago and Los Angeles, inviting out-of-work young adults for job interviews.

7:05

TRAVEL REINVENTED With 200+ hotels, we’re everywhere you want to be. With modern, classic design and always-approachable service, we offer what matters most to keep you comfortable and connected. This is Four Points.

am Post-workout breakfast in the room.

8:00

am Cab it to a meeting. Take a conference call on the way.

4:10

pm Deal done. Pregame check-in.

6:15

pm Meet the team for dinner.

FOURPOINTS.COM

7:40

pm Kick back, relax with beers and the game.

©2016 Starwood Hotels & Resorts Worldwide, Inc. All Rights Reserved. Preferred Guest, SPG, Four Points and their logos are the trademarks of Starwood Hotels & Resorts Worldwide, Inc., or its affiliates.

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

MISSES INTO HITS Mazagran A bubbly variant of coffee with spices (hmmm) that arrived (and vanished!) in 1994. Eventually Starbucks morphed it into

Frappuccino

Vivanno Smoothies for dummies. Fruit and whey protein, scooped in by the spoonful. It was a 2008–09 misstep that overlapped subprime debt, and did about as well. Now the company is making a new attempt with proper smoothies from

Evolution Fresh

Starbucks Coffee Liqueur ’Nuff said.

Chantico

Chicken Lettuce Wraps

A drinkable dessert from 2005. Too sweet. A better idea was an old classic.

Under 500 calories. “Healthy.” Not appetizing.

Hot Chocolate

Omega-3 Bistro Box

46 | FORBES MARCH 21, 2016

A third program, started in 2014, provides baristas and other employees a chance to earn an online college degree from Arizona State University—with Starbucks absorbing all tuition costs. At most companies, any CEO so immersed in social causes would risk a shareholder mutiny. Schultz can’t ignore his investors; he owns just under 3% of the company. But Starbucks is a special case, says Chief Financial Officer Scott Maw, who ed the coffee company in 2011 after many years in the hard-nosed cultures of General Electric and JPMorgan Chase. When you’re selling lattes instead of locomotives or loans, Maw observes, a $3.45 grande isn’t just a beverage; it’s a ticket into “a pleasant experience and an ethically sound way of doing things.” Schultz’s crusades have become part of the product, morphing Starbucks into one of the biggest social businesses on the planet. “Howard Schultz has always wanted to do something bigger than selling caffeine,” says Bryant Simon, a history professor at Temple University who wrote Everything but the Coffee, a 2009 book about Starbucks. Simon is the gadfly who won’t go away, contending that most of Schultz’s initiatives are brilliantly positioned mirages. Take Ethos, the Starbucks-owned house brand of bottled water. Customers may be excited that five cents of their purchase goes toward providing people access to clean water. In truth, when bottled water costs $1.80 a container, Starbucks keeps 97% of the purchase price. Even the free-college initiative displeases Simon, who regards it as a public relations stunt, meant to convince Starbucks customers that baristas aren’t trapped in a dead-end job. “We’re supposed to believe that they’re all working toward a better future, with their employer covering the tab,” Simon remarks. “I wonder how many baristas will ever get a degree.” Schultz wonders, too. The free-college initiative with ASU started about two years ago—and 5,000 employees have already enrolled. To date 44 have earned degrees. Another 100-plus expect to graduate this spring. It’s a struggle for baristas to get their old communitycollege credits transferred into the ASU system, to settle on a major and to meet all the deadlines for registration, term papers and the like. Since announcing the program, both Starbucks and ASU have stepped up their efforts to coach these online students through the full college process, rather than just handing them a student log-in code and hoping for the best. The graduation rate will likely keep climbing, but it could take another three or four years before the program’s results are clear. Most executives don’t have that much time. Periodically, Schultz gets calls from younger executives who want to know how they, too, can advocate for social causes without running the risk of getting fired. Marvin Ellison, the CEO of J.C. Penney, has sought him

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

WELL-INTENTIONED WHIFFS

Bill Gates

Mark Zuckerberg

Peter Lewis

George Soros

If only public high schools weren’t so big! That belief inspired the Microsoft cofounder to spend $2 billion of his foundation’s capital in an effort to create smaller schools across the U.S. In the foundation’s 2009 letter to the world, Gates conceded “many of the small schools that we invested in did not improve students’ achievement in any significant way.”

New mogul, same problem: troubled schools meet tech genius. In 2010 Facebook’s CEO injected $100 million to rehabilitate Newark, N.J.’s perennially failing school system. Alas for Zuckerberg, teachers didn’t buy into the plan, consultants proliferated, and students continued to struggle after the money ran out.

The late chairman of Progressive Insurance spent well over $40 million on various campaigns to get weed legalized. That didn’t stop him from being arrested in New Zealand for marijuana possession. State voters generally said no to legalization, but in 2012, before his death, Colorado and Washington State said yes.

Starting in the 1980s, the hedge fund titan began pouring money into eastern Europe, hoping to promote more open societies. His generosity overwhelmed tiny organizations that couldn’t handle so much cash at once. “My grand schemes seem to fail by a hair’s breadth,” Soros ruefully acknowledged in his 1991 book, Underwriting Democracy.

out. So has John Zimmer, the president of Lyft, the San Francisco ride-sharing company. Schultz’s blunt advice: “You have to earn the right.” Spend years winning investors’ trust by delivering strong results. Once you’ve done that, your degrees of freedom increase greatly. Get excited about nonbusiness goals too early, and the trapdoor of termination can open at any time. A LOT OF PEOPLE THINK SCHULTZ founded Starbucks. He didn’t. The real founders, Gordon Bowker, Zev Siegl and Jerry Baldwin, opened shop in 1971. Schultz didn’t the company until the 1980s. But Schultz has been running the company for so long that he thinks—and behaves—like a founder. He gets up a little after 4 a.m. each morning to study the previous day’s sales reports. He nudges Starbucks’ brewmasters to put more Aged Sumatra into each autumn’s Reserve Holiday Blend, because it’s his favorite coffee and he knows it tastes great. Even the tiniest details worry him, because deep down he still thinks of each store as his store. At a recent staff meeting he couldn’t keep still when staffers showed him some postcard-size cards announcing a new music partnership with Spotify. (“Black looks so dull,” Schultz exploded. “We’re talking about music. This should be lively. Can we go with green instead?”) If the big boss needs to ratify everything, though, de48 | FORBES MARCH 21, 2016

cision making slows to a crawl. Mindful of his own limits, Schultz has beefed up Starbucks’ management team in recent years with a wide range of proven leaders from outside. These include a chief operating officer with a Microsoft background (Kevin Johnson) and a chief strategist with a Disney pedigree (Matt Ryan.) “There’s a lot more here than just The Howard Show,” says J.C. Penney Chairman Myron Ullman, who has been a Starbucks director since 2003. “Leadership doesn’t have to come from Howard on every topic.” The payoff: growth that never stops. Starbucks’ stock surged 48% in 2015, and despite a choppy start to 2016, the company’s market capitalization is approaching $86 billion. While coffee remains the main event, food offerings keep expanding, with sales that have more than doubled in the past five years. (Why not pair that cappuccino with a chicken artichoke sandwich on ancientgrain flatbread?) Customer lines move faster, now that 16 million patrons are signed up for Starbucks’ mobile payment app. Fewer people fumble for change, sales per hour increase and profitability inches higher. Starbucks’ margins before interest and taxes run at 19.7%, double the likes of Chipotle or Panera. More fun lies ahead, say Wall Street analysts, who expect Starbucks to keep expanding margins by one percentage point a year until at least 2018. Even controver-

GATES: BRUCE GLIKAS/GETTY IMAGES; ZUCKERBERG: NEWSROOM; SOROS: ERIC PIERMONT/AFP/GETTY IMAGES

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

HOW DO YOU KNOW WHAT YOUR CUSTOMERS WANT WHEN THEY DON’T EVEN WANT IT YET? IT’S SIMPLE. THE ANSWER IS SAP HANA. What if you could predict the future by mastering the present? Major retailers use SAP HANA to analyze hundreds of millions of transactions from tens of millions of customers to predict trends years in advance. For more, go to sap.com/simple

)'(-J8GJ<%8cci`^_kji\j\im\[%I\jlckjYXj\[fejg\Z`ÔZjpjk\d ZfeÔ^liXk`fej%:ljkfd\ii\jlckjdXpmXip%

®

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

THE COMEBACK KID HOWARD SCHULTZ “RETIRED” AS CEO FROM 2000 TO 2007. INVESTORS HAVE CHEERED HIS RETURN. $60 30 STARBUCKS STOCK PRICE $

20 10

3 ‘00 $20

‘05

‘10 $3.0

SALES ($BILLIONS)

‘16

NET INCOME ($BILLIONS)

2.5

16

2.0 12 1.5 8

1.0

4 0

5 0 ’07

’09

’11

’13

’15

’07

’09

’11

’13

’15

SOURCE: FACTSET FUNDAMENTALS.

sies end up being good for business, as shown by a kerfuffle last November when Starbucks offered red cups that didn’t include any reference to the Christmas holidays. A few evangelists got upset. Television stations rushed to cover the “story,” and the amped-up attention helped Starbucks ring up record sales. Sometimes winning ideas happen in spite of Schultz, rather than because of him. In 2008 Schultz angrily insisted that Starbucks stop selling melted-cheese breakfast sandwiches, because the smell of toasted cheddar was overwhelming the gentler aroma of fresh-brewed coffee. Guess what? Melted cheese made a comeback. The new version is cooked at 500 degrees Fahrenheit instead of 1,100 and with smaller slices of medium cheddar instead of big slices of sharp cheddar. “Howard can always be convinced,” says Luigi Bonini, Starbucks’ head of product development. Rather than try to do everything, Schultz lately has been gravitating toward Starbucks’ newest, fastest-growing projects—which mesh well with his underdog mindset. He has become Mr. China, making quarterly trips to Beijing and Shanghai as well as a host of inland cities where Starbucks has big ambitions. Right now those stores mostly sell tea, Frappuccinos and mooncakes in the afternoon. Before long, Schultz says with a smile, China may embrace “the morning ritual” of coffee, too. Starbucks now has 2,000 stores in China, quadruple its total just five years ago. Shanghai (432) has overtaken Seoul and New York as the city with the most Star50 | FORBES MARCH 21, 2016

bucks cafes. Other companies’ CEOs may stress about China’s recent stumbles; not Schultz. He believes an unstoppable expansion of China’s middle class will benefit his company, regardless. “One day,” Schultz told analysts in January, China “could very well be larger than the U.S. business.” Schultz’s other big project: defending the high end of the coffee market with aplomb. He’s seen mass-market brands like Budweiser and Hershey lose allure as microbreweries and artisanal chocolate makers position themselves as the true champions of taste. Nobody will trap Starbucks that way, he vows. Yes, the coffee scene now includes ambitious upstarts like Philz, Blue Bottle, Intelligentsia and Stumptown that are turning heads with ultrafancy beans and serving styles. And, yes, the newcomers have raised the stakes by marketing, say, 12ounce bags of Three Africans (a blend of Ethiopian and Congolese beans) for $15.75. Schultz isn’t fazed. He’s jousting back with smaller packages of even pricier beans, packaged in distinctive bags as Starbucks Reserve. An 8.8-ounce pouch of pure Ethiopia Yirgacheffe Chelba goes for $17.50, perched among other upscale offerings in their own showcase in regular Starbucks stores, along with artful marketing promotion (“Exotic, rare, exquisite”). The fanciest coffees show beautifully in Seattle’s ultra-elegant Roastery—and Schultz plans to make the most of that pairing, with plans to open more Roasterys in the U.S. and Asia. Schultz keeps e-mailing board his iPhone photos of the Roastery in action, day or night. “Howard’s a fanatic,” says Starbucks director Hobson. Starbucks’ directors retire at age 75, which is 13 years away for Schultz. He says he may step down as CEO before then. He kicked himself upstairs to the role of just chairman once before, from 2000 to 2007, so he could try other diversions such as owning the Seattle SuperSonics basketball team. Starbucks’ performance faltered, and Schultz reinstated himself as CEO in a boardroom coup. He says he’s pacing himself better this time around, listening more and showing more patience with other people. Running a big company “is a young man’s game, in of the energy required, the stamina, the curiosity,” Schultz concedes. Even so, he says he plans to stick around a while longer. His mission is not fully accomplished. CEDRIC KING LOST BOTH HIS LEGS in 2012 when he stepped on an improvised bomb during combat in Afghanistan. About 19 months later his path crossed with Howard Schultz’s at Walter Reed National Military Medical Center in Bethesda, Md. The wounded Army Ranger was stuck in a wheelchair, struggling to master a pair of prosthetic limbs in hopes of walking again. Schultz was collecting stories of courage and strug-

A DV E RT I S E M E N T

RETIREMENT RULES From saving and investing to Social Security, second acts to active endeavors, here are 10 guidelines to help you prepare for a rewarding retirement. Visit forbes.com/retirementrules for these stories

Sponsored by

THE WORLD’S BILLIONAIRES HOWARD SCHULTZ

gle for a book that he and a co-writer were developing about America’s veterans. Everyone chatted for about an hour in the hospital’s cafeteria. “It was a nice conversation,” King recalls, “but I didn’t think I’d ever see Howard Schultz again.” Not so. After Schultz and King swapped e-mails, in the summer of 2015 someone from Schultz’s family foundation called King with an unusual proposition. The foundation was helping to organize a series of job fairs around the U.S., aimed at America’s most unemployable young adults. The event could use some motivational speakers. King had been busy competing in marathons and triathlons. Would he be willing to come to Chicago, as a paid speaker? How about Phoenix? How about Los Angeles? Take a close look at how Schultz spends his time, and it’s startling how often he hurls himself into the emotional tornadoes of other people’s troubles, hoping he can be a force for good. When former SuperSonics star Vin Baker ended up broke and struggling with the ravages of alcoholism, Schultz helped set him up in a Star-

“MR. HINTON HADN’T HELD A FORK IN 30 YEARS. MEETING HIM WAS A LIFE-CHANGING EXPERIENCE.” bucks management program so he could learn to run stores. When death-row attorney Bryan Stevenson wrote Just Mercy, a book about his struggles to free wrongly convicted inmates, Schultz insisted that Starbucks cafes sell the work—even if it seemed like a crazy juxtaposition next to the cash ’s usual fare of biscotti and almonds. Reading Just Mercy wasn’t enough. Schultz invited his way into Stevenson’s offices and spent part of a morning with Anthony Ray Hinton, a man freed after nearly three decades in Alabama’s prison system. “Mr. Hinton hadn’t held a fork in 30 years,” Schultz told me. “He had zero bitterness. He was just a calm, timid, elderly man. Meeting him was a life-changing experience.” The Alabama lawyer’s book graced Starbucks stores for months, becoming a New York Times bestseller. After such intense experiences, staying in the corner office and engaging in checkbook philanthropy “isn’t fulfilling for me,” Schultz says. Hurricane Katrina? Three years later, when Starbucks employees volunteered en masse to help New Orleans rebound, Schultz found himself at a home-rebuilding project. Spying a ladder and a bucket of paint on-site, Schultz announced that he wanted to help paint the house, too. “Howard had a bad back at 52 | FORBES MARCH 21, 2016

the time,” Starbucks executive Rodney Hines recalled. “We tried to stop him. But he wouldn’t take no for an answer.” Ferguson? Schultz last year paid a call to that troubled Missouri town, too. Instead of taking the short route to and from the St. Louis airport, he meandered through back streets, gawking at plywood-boarded windows and ruined homes marked for demolition. Partway through the drive, two companions recall, Schultz declared: “We need to have a store in this city.” Since then ground has been broken; a store is being built and is in the process of hiring 20 to 25 people. Opening day is set for this spring. Spurring Schultz on are moody memories of the crises he didn’t fix early in his career. In the mid-1980s, he recalls, he made his first business trip to Guatemala, checking up on bean suppliers. Growers whispered that only a small fraction of the money Schultz’s company was paying was ending up in growers’ pockets. Guatemala’s payment system was rife with kickbacks and undisclosed “commissions.” Schultz felt he was too new and puny to do anything about it; that inaction rankles him to this day. An increasing number of Schultz’s projects now are being conducted through the $100 million Schultz Family Foundation, which he and his wife, Sheri, oversee. The foundation currently holds only a thin slice of his wealth, but he says it will become much bigger in the years ahead. Its current priorities: helping veterans resettle into the U.S. economy and promoting job initiatives for people aged 16 to 24 who aren’t in school and haven’t found work. At a recent foundation-sponsored jobs fair in Los Angeles, Starbucks was one of more than 30 employers seeking recruits. Even so, Schultz was everywhere: chatting with Latino and African-American attendees about their aspirations, apologizing for his navy-blue suit (“It’s my armor”)—and squeezing onto the convention center’s main concrete floor to become part of the mosh-pit throng absorbing Army Master Sgt. King’s talk. Sweat dripping from his brow, the wounded soldier bellowed out his message to 6,000 attendees. “The only thing that matters is your attitude!” he declared. “I don’t have legs now, but this is what I’ve got to work with.” Abruptly, King lifted a cuff of his pinstripe tros, revealing a titanium rod where his shin used to be. People gasped. A moment later King delivered his payoff line: “You’ve got to find a way to take whatever you’ve got— and make it work for you.” Fifteen feet from the stage, surrounded by people onethird his age, the president of coffee nation was beaming. It was as if he were hearing King’s story for the first time. Hope was sweeping through the hall. Schultz wanted to inhale this pheromone as deeply as possible. F

JONATHAN CALDERON B.F.A., advertising, 2009 Interactive art director

LWANY CALDERON SMITH B.F.A., fashion marketing and management, 2009 Wardrobe stylist

TWO SIBLINGS. TWO CAREER PATHS. ONE UNIVERSITY. With worldwide campuses, incomparable learning resources and unrivaled career preparation, it’s clear why so many families choose to ours. See their story at scad.edu/family.

PRACTITIONERS OF “DISTRESSED investing” are a special Wall Street breed: bottom-fishers with steel constitutions and a penchant for rushing into fire sales. Like short-sellers, they are often despised because they prey on the weak— companies and individuals who made bad bets or got in over their heads. “Distressed investor” is a sanitized version of less flattering from bygone Wall Street eras: vultures, grave dancers, robber barons. Among the robber barons of the new millennium, few are as secretive—or as loathed or as successful—as John Grayken of Lone Star Funds. The 59-year-old debuts on the FORBES Billionaires list with a net worth of $6.3 billion, making him the second-wealthiest private equity manager in the world, behind Blackstone’s Stephen Schwarzman. Lone Star has amassed assets of $64 billion, and since its inception in 1995 its 15 funds have logged average annual net returns of 20%, without a single year in the red. Schwarzman’s Blackstone, which has assets of $336 billion, has comparable average annual returns of 17%. However, unlike Schwarzman, who employs a small army of professionals to help him and his firm burnish their image through various benevolent causes, Grayken appears to care little about getting good press. You won’t find any libraries or schools or hospitals with his name on them. He hasn’t signed Warren Buffett’s Giving Pledge. And he’s anything but a patriot: In an effort to avoid taxes, he renounced his U.S. citizenship in 1999. You’ll find him on our list as a citizen of Ireland. Since the Great Recession Grayken has made a specialty of buying up distressed and delinquent home mortgages from government agencies and banks worldwide. He’s also picked up a major payday lender, a Spanish home builder and an Irish hotel chain. Regulators hassle him, and the homeowners whose mortgages he owns or services despise his tactics. In fact, he has become accustomed to taking shots from detractors and has been the subject of protests from New York to Berlin to Seoul. Last year New York Attorney General Eric Schneiderman reported54 | FORBES MARCH 21, 2016

JOHN GRAYKEN

SHADOW BANKER SECRETIVE JOHN GRAYKEN DEBUTS ON THE FORBES BILLIONAIRES LIST WITH THE SECOND-BIGGEST FORTUNE IN PRIVATE EQUITY, $6.3 BILLION. IN AN ERA THAT DEMONIZES PREDATORY BANKING, HE’S A RUTHLESS, SELFISH, UNPATRIOTIC TAX DODGER— AND VIRTUALLY EVERY PENSION FUND MANAGER IN THE WORLD IS RUSHING TO GIVE THIS AMERICANTURNED-IRISHMAN MONEY. BY NATHAN VARDI

ROBERTO PARADA FOR FORBES

THE WORLD’S BILLIONAIRES

THE WORLD’S BILLIONAIRES JOHN GRAYKEN

ly opened an investigation into Grayken’s heavy-handed mortgage-servicing tactics, including aggressive foreclosures, which have unleashed widespread outcries from homeowners, housing advocates and trade unions. “There are real questions about the human costs of Lone Star Funds’ business practices,” says Elliott Mallen, a research analyst for Unite Here, a union representing 270,000 hotel and industrial workers. It’s even doubtful Grayken, who refused to comment for this story, is well liked within his own firm. According to pension fund documents, he is the sole owner of Lone Star and its d asset management firm, Hudson Advisors. Unlike other major private equity firms, which generously share equity among partners, Grayken has a tight grip on his firm’s ownership. While his top employees have become multimillionaire-rich, a number of key lieutenants have departed as Grayken has apparently never valued anyone enough to offer significant ownership in his operation. The one group that loves Grayken: pension fund managers, who consider him an alpha god and who happily overlook his sins. “Over the decades John has had phenomenal returns and executed a very disci-

REGULATORS HASSLE HIM, AND HOMEOWNERS DESPISE HIS TACTICS, BUT PENSION MANAGERS CONSIDER HIM AN ALPHA GOD AND HAPPILY OVERLOOK HIS SINS. plined investment strategy—he is in a league of his own,” says Nori Gerardo Lietz, a Harvard Business School professor who ran one of the largest firms that advise pension funds on their private equity investments. “Many of the other real estate and private equity players are really jealous of John Grayken.” The Oregon Public Employees Retirement System has invested $2.2 billion in many of Lone Star’s funds. In 2013, for example, it committed $180 million in Lone Star Fund VIII and has already posted annualized net returns of 29%. A $4.6 billion fund Grayken raised in 2010 has returned 52% per year to Oregon pensioners. With regulators all over the world forcing big banks to deleverage and retreat from various risky businesses, hedge funds and private equity firms like Lone Star have stepped in and are making a killing buying assets from banks on the cheap. Distressed specialists like Grayken, Howard Marks of Oaktree Capital and 56 | FORBES MARCH 21, 2016

Leon Black of Apollo Group have become a new powerful class of “shadow” bankers. Among them the most shadowy is John Grayken. LAST YEAR THE BRITISH TABLOIDS wondered who had purchased one of the U.K.’s most expensive homes in London’s Chelsea district. The nine-bedroom, nine-bathroom, 17,500-square-foot brick mansion with a glass elevator, basement pool, cinema and Japanese water garden was purchased for $70 million by a Bermuda company. Evidence of the mysterious buyer can be found in a Massachusetts state court, where the home is listed as Grayken’s address in a probate filing. Grayken is also the owner of a 15-bedroom manor house on 20 acres outside of London that was featured in The Omen, a 1976 horror film starring Gregory Peck. Corporate records also show Grayken owning a massive Swiss estate overlooking Lake Geneva. Though Grayken’s firm is headquartered in Dallas, he lives in London because he can’t spend much more than 120 days a year in the U.S. without having to pay the U.S. taxman. People who know him say he likes to summer close to his family in Cohasset, Mass., the Boston suburb where he was raised. In Cohasset, the small, private White Head Island, which dances in the Atlantic Ocean, cut off from the mainland by a small bridge, belongs to a Bermuda company controlled by Grayken, which purchased it for $16.5 million in two transactions in 2004 and 2007. Grayken grew up in a less rarefied section of Cohasset, where he excelled at school and on the ice rink. He studied economics at the University of Pennsylvania, where he was a defenseman for the hockey team. In a nifty bit of foreshadowing, he broke the team record for penalty minutes. After Penn he got his M.B.A. from Harvard Business School in 1982 and then landed in investment banking at Morgan Stanley. Grayken wanted to be a real estate developer and eventually found a job working for Texas billionaire Robert Bass on an office-tower deal in Nashville. The project wasn’t a huge success, but the Tennessee experience cemented Grayken’s relationship with Bass and introduced him to his first wife, a Nashville native. At the time the billionaire Bass brother (see sidebar, p. 58) had been successfully investing his inherited fortune with the help of a talented group of future Wall Street titans that included David Bonderman and Thomas Barrack. These were the days after the junkbond-fueled S&L crisis, when the government-sanctioned Resolution Trust Corp. was liquidating hundreds of failed institutions. In 1988 one of the largest, American Savings Bank of Stockton, Calif., caught the eye of Bass, who bought

“It’s not just security. It’s defense.” Cyber threats have changed, and the solutions need to change too. The sophisticated techniques BAE Systems uses to protect government and military assets are now helping to defend businesses around the world. Learn more at BAEsystems.com/cyberdefense Copyright © 2016 BAE Systems plc. All rights reserved.

THE WORLD’S BILLIONAIRES JOHN GRAYKEN

Sid Bass

Edward Bass

Robert Bass

Lee Bass

THE BASS BILLIONAIRES

David Bonderman With a net worth of $2.5 billion, Bonderman was a Washington lawyer before he started working for Robert Bass. He went on to cofound TPG, one of the world’s biggest private equity firms.

James Coulter

Marc Lasry

He cofounded TPG after working for Robert Bass and now has a net worth of $2.1 billion. Coulter has been trying to take TPG through an initial public offering, a path other big private equity firms have taken.

Lasry worked at a Robert Bass outfit that focused on distressed investments before cofounding hedge fund Avenue Capital with his sister. He’s worth $1.7 billion and is part owner of the Milwaukee Bucks.

the thrift and with the help of Barrack began selling its assets at a big profit. At Bass’s direction Grayken was dispatched to southern California to the team and work with Barrack at a Bass that would become Colony Capital. Barrack and Grayken did not get along, say people who know both men. Next, Bass put Grayken in charge of a $130 million partnership called Brazos (named after a Texas river where the Bass family is based) that worked with the FDIC to purchase 1,300 “bad bank” assets. Grayken quickly flipped them, making tens of millions of dollars in profits. Bass then backed Grayken in a bigger bad-loan fund, which Grayken transformed into about $160 million in profits. Most of the benefits, 58 | FORBES MARCH 21, 2016

Richard Rainwater

Edward Lampert

Thomas Barrack

The legendary dealmaker succumbed to a rare brain disease last year at age 71. He was a stockbroker when Sid Bass hired him. Rainwater eventually started his own investment firm a few floors below Sid’s office and died with an estimated net worth of $3 billion.

A hedge fund manager who has amassed a $2.2 billion fortune, he spends much of his time these days as CEO of Sears. Richard Rainwater hired Lampert when he was a 25-year-old Goldman Sachs trainee.

A stint managing real estate investments for Robert Bass evolved into Barrack’s big Colony Capital real estate firm. He dropped off the FORBES Billionaires list in 2014 after some performance struggles.

however, went to Bass. When Grayken and Bass couldn’t agree on how to share the profits for the next fund, the duo parted ways in 1996. Grayken stayed in Dallas, raised some $400 million and called his new operation Lone Star Funds. His specialty was buying nonperforming mortgage loans, but he started to originate some mortgages and directly purchase real estate. Starting with Canada, Grayken also ventured into international markets. Early on he made several strategic decisions that would define his success and differentiate him from competitors. Unlike Colony, Apollo and other opportunity funds that grew out of the S&L crisis and ex-

BASSES: ANDREW H. WALKER/GETTY IMAGES; BARRY BRECHEISEN/GETTY IMAGES; PHELAN M. EBENHACK/BLOOMBERG; DALLAS MORNING NEWS BONDERMAN: ANDREW HARRER/BLOOMBERG; COULTER: THOMAS LEE/BLOOMBERG; LASYR: MICHAEL NAGLE/BLOOMBERG; LAMPERT: AMANDA GORDON/BLOOMBERG; BARRACK: JIN LEE/BLOOMBERG

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

Element Hotels Productivity can’t be achieved without balance. That’s why we go beyond business tools to offer our guests what they need to stay whole, like bikes to borrow, spaces flooded with daylight, Relax evening wine receptions, healthy grab ‘n go meals and more. Discover the essentials of balanced travel.

Extended Stay Reimagined Book now at elementhotels.com

C h an dler, A Z ● Denv er, C O ● M ia m i, F L ● B o st o n, M A ● L e x ington , M A ● Han over, M D ● Bozeman , M T ● Fargo, ND Omah a, N E ● Leb a non, N H ● E w i n g , N J ● H a r r i s o n / N e w a r k , N J ● L a s Ve g a s S u m m e r l i n , N V ● N e w Yo r k , N Y D a l l a s , T X ● H o u s t o n , T X ● Ca l g a r y, CAN ● E d m o nt o n, CAN ● Van c ou ver, CAN ● Vau gh an , CAN ● Su zh ou , CHN F ran kfur t, DEU ● A msterd a m , NL D © 2016 Starwood Hotels & Resorts Worldwide, Inc. All Rights Reserved. Preferred Guest, SPG, Element and their logos are the trademarks of Starwood Hotels & Resorts Worldwide, Inc., or its affiliates.

THE WORLD’S BILLIONAIRES JOHN GRAYKEN

HOMES FIT FOR A SUBPRIME MORTGAGE KING MAKING GREAT REAL ESTATE BUYS IS BOTH A PROFESSIONAL AND A PERSONAL ION FOR GRAYKEN.

White Head Island, Cohasset, Mass.

Boltons Place, London

Pyrford Court, Surrey, U.K.

Gland, Switzerland

60 | FORBES MARCH 21, 2016

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

und ent F

s:

. G D N R O O TR M REC ” S A … “… G-TER G A T LON W PRICE A LO etirem rice R P e w T. Ro

8/5/1

5

ROLLOVER WITH CONFIDENCE

SM

Every T. Rowe Price Retirement Fund is designed to maximize your investment potential and give you the opportunity to best meet your retirement goals. • 100% of T. Rowe Price Retirement Funds are low cost,* so your investment goes further • 100% of our Retirement Funds beat their 10-year Lipper average as of 12/31/15** • Retirement Funds are actively managed, and strategically allocated to and through your expected date of retirement

Results will vary for other time periods. Past performance cannot guarantee future results. All funds are subject to market risk, including possible loss of principal.

Call our Retirement Specialists to consider rolling over your old 401(k).† troweprice.com/rollover | 800-541-5862

Request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on ing an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. *Keep in mind that an IRA may be subject to an annual fee, and a fee may be assessed if the IRA is closed. Depending on your plan’s investment options, in some cases the investment management fees associated with your plan’s investment options may be lower than similar investment options offered outside the plan. **Based on cumulative total return, 34 of 36 (94%), 35 of 36 (97%), 35 of 36 (97%), and 20 of 20 of the Retirement Funds (including all share classes) outperformed their Lipper average for the 1-, 3-, 5-, and 10-year periods ended 12/31/15, respectively. Not all funds outperformed for all periods. (Source for data: Lipper Inc.) †Consider all available options, including remaining with your current retirement plan, rolling over into a new employer’s plan or IRA, or cashing out the value. T. Rowe Price Investment Services, Inc., Distributor. MSTAR082910

THE WORLD’S BILLIONAIRES JOHN GRAYKEN

ways been a cheap purchase price, not any magic that happens afterward. Others can find ways to spruce up assets if they like. “We do our profit on the buy” is how Lone Star’s president, André Collin, described the strategy in a February 2016 meeting. “We do some of the value-add stuff from time to time if it’s there and part of the plan, but if I have an opportunity to sell and I get a good price for my investor, I sell.” Quick turnarounds work wonders in goosing the all-important internal rates of returns on Lone Star’s funds. Shorter holding periods mean more distributions to investors, who reward Grayken by investing in his next fund. The fees Grayken charges are rich. A typical Lone Star arrangement calls for a fee of between 0.6% and 1% of assets under management. Lone Star then keeps 50% of all profits once the fund’s return hits 8% and until it reaches 20%. Beyond 20% Lone Star reaps between 20% and 25% of the profits. “Grayken, to his credit, has a masterful way of simplifying the process of both buying and selling assets,” says David Hood, who helped found Lone Star and worked there for six years. “He has always bought in

FOR GRAYKEN A KEY PART OF ANY TRANSACTION HAS ALWAYS BEEN A CHEAP PURCHASE PRICE, NOT ANY MAGIC THAT HAPPENS AFTERWARD. LEAVING MEAT ON THE BONE FOR OTHERS IS FINE. volume to create liquidity when it wasn’t otherwise there, and he doesn’t mince words. Just like a hockey player, he is ready to take the gloves off.” One key aspect of Lone Star’s superior returns: Grayken’s Dallas-based asset management and due diligence arm, Hudson Advisors. Teams at Hudson are responsible for performing full financial analyses and reviews of investment opportunities after Lone Star’s managers have identified them. After a deal closes, Hudson works out and services the loans. It also steps in with legal and ing help. Hudson now has 865 people, offices around the world and only one client: Lone Star. In the subprime-mortgage business having good data on pools is critical in pricing assets, so Hudson acts as Grayken’s valuable database, giving Lone Star an “edge.” It’s also a backdoor way for Grayken to personally extract extra profits from Lone Star’s hefty asset base. He owns 100% of it and charges Lone Star Funds an average annual management fee of 0.55% of assets. 62 | FORBES MARCH 21, 2016

WHILE PENSION MANAGERS eagerly await distribution checks from Grayken, tenants and owners of the real estate he sets his sights on dread their new landlord. After he bought the discounted mortgages of ten apartment buildings in the Washington Heights section of Manhattan from Anglo Irish Bank following the financial crisis, residents flew bedsheets out their windows that said, “Speculators Beware.” When Lone Star started doing deals in Japan, it was locally referred to as part of the hagetaka, or bald hawks. In South Korea Lone Star is known as meoktwi, eat-and-run capital. The German press called Lone Star “the Executioner from Texas” after the firm bought a boatload of nonperforming loans that resulted in homeowner foreclosure proceedings. Things got hot enough in that Grayken conducted a rare interview with a German publication to explain his side of the story. “No matter where we are active, we adhere to applicable laws,” he said. “Lone Star has no interest to propel someone into insolvency. We prefer when people meet their payment obligations. If not we will take appropriate action.” After the interview Grayken spent $775 million in 2012 to buy TLG Immobilien, an East German owner of 800 buildings held by the government. Within three years Grayken flipped the property for a profit. German politicians argued that taxpayers had been “cheated.” ’s disdain for Grayken is nothing compared with the reputation he has forged in South Korea. In the aftermath of the late-1990s Asian financial crisis, Lone Star bought a controlling share of Korea Exchange Bank (KEB) in 2003 for $1.8 billion. By 2007 Lone Star had received multiple offers for its KEB stake, one as high as $6.4 billion. The deal produced outrage in Seoul, where the perception was that the most painful parts of the Asian financial crisis were the fault of foreign interests. There were legal and regulatory investigations into whether the stock prices of KEB and a separate credit card operation were manipulated downward to enable their discounted purchase. The Korean government blocked the sale, and Lone Star’s man in Korea, Paul Yoo, was convicted of manipulating the stock of the credit card unit and sentenced to three years in jail. To make matters worse, another Lone Star employee in Korea was caught embezzling $11 million from the private equity firm. Grayken denied any wrongdoing and argued that the Korean government’s actions were arbitrary and discriminatory and ignored Lone Star’s role in rescuing a big bank. Remarkably, Grayken persevered in Korea and ultimately was able to sell his KEB ownership to Hana Financial in 2012, booking a reported $4 billion profit. This, of course, wasn’t enough for Grayken, who is now pursuing arbitration to recov-

PALM BEACH ISL AND SALES GALLERY NOW OPEN

VISIONARY in design.

LEGENDARY in address.

The new measure of luxury is rising. The Bristol showcases extraordinary amenities, unrivaled services and incomparable residences. Each features 3,700 to 14,000 square feet, with uninterrupted views of Palm Beach Island, the waterways and the Atlantic. DEVELOPED BY FLAGLER INVESTORS LLC SALES GALLERY: 440 ROYAL PALM WAY, SUITE 100, PALM BEACH, FL 33480 561-693-2959 | THEBRISTOLPALMBEACH.COM | [email protected] EXCLUSIVE SALES & MARKETING BY DOUGLAS ELLIMAN DEVELOPMENT MARKETING ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. THIS IS NOT INTENDED TO BE AN OFFER TO SELL, OR SOLICITATION TO BUY, CONDOMINIUM UNITS TO RESIDENTS OF ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION CANNOT BE MADE OR ARE OTHERWISE PROHIBITED BY LAW, AND YOUR ELIGIBILITY FOR PURCHASE WILL DEPEND UPON YOUR STATE OF RESIDENCY. THIS OFFERING IS MADE ONLY BY THE PROSPECTUS FOR THE CONDOMINIUM AND NO STATEMENT SHOULD BE RELIED UPON IF NOT MADE IN THE PROSPECTUS. THE PRICING AND AVAILABILITY ARE SUBJECT TO CHANGE WITHOUT NOTICE. FOR NEW YORK RESIDENTS THE COMPLETE OFFERING ARE IN AN OFFERING PLAN AVAILABLE FROM THE SPONSOR, FILE NO. CD15-0055 (*Note that Sponsor and Seller are the same.)

THE WORLD’S BILLIONAIRES JOHN GRAYKEN

er billions more in profits he believes he would have gotten in the original deal. And if you thought banks behaving badly in America were a thing of the past, Grayken’s Texas mortgage company, Caliber Home Loans, has become infamous for its tactics as a servicer of subprime loans, some dating back to before the financial crisis. Caliber is one of the largest and fastest-growing mortgage companies in the nation, managing more than 325,000 mortgages and worth some $70 billion. A good number of Caliber’s mortgages were purchased by Lone Star Funds at a deep discount—70 cents on the dollar—during auctions held by wards of the state Fannie Mae and Freddie Mac and the Department of Housing & Urban Development. In a stroke of brilliant financial maneuvering Lone Star bundled some of the mortgages into bonds and sold them to investors, immediately booking large profits. At the same time Caliber offered “temporary” loan modifications to distressed borrowers that consisted of fiveyear interest-only payment plans but failed to offer the homeowners any permanent relief through principal reduction. At the end of the five years these loans would revert back to the original payment , with all the

THE GERMANS CALLED HIM “THE EXECUTIONER FROM TEXAS” AFTER LONE STAR BOUGHT A BOATLOAD OF NONPERFORMING LOANS THAT RESULTED IN HOMEOWNER FORECLOSURES. deferred payments added in. “Lone Star has bought these loans at a discount from the government—in effect, they got principal reduction. But they are not ing this benefit on to homeowners or communities,” says Lisa Donner, executive director of Americans for Financial Reform. Technically speaking, the federal government does not require Grayken’s operation to offer principal reduction, but there has been a roar of voices claiming that Lone Star is abusing the situation. In February the National Housing Resource Center released a survey of nonprofit housing counselors that showed Caliber was the nation’s lowest-rated big servicer and among those doing the “worst job of complying with the servicing rules.” A labor union is accusing Caliber of building a new Countrywide Financial, given that its CEO and top executives are refugees from that hotbed of housing-crisis instigators. In September the New York Times reported that 64 | FORBES MARCH 21, 2016

many of the delinquent mortgages Loan Star bought have ended in foreclosure. Its editorial board went on to accuse Lone Star of relying on the “foreclosure and resale of the homes to make money.” New York Attorney General Eric Schneiderman reportedly opened an investigation. Lone Star and Caliber declined to comment. None of this has slowed Grayken, who has gobbled up $120 billion in assets since the financial crisis, including Home Properties, an apartment REIT in Rochester, N.Y., for $7.6 billion in October. His latest Lone Star fund is now raising $5 billion trained on real estate in Europe, where banks are still rapidly deleveraging. Grayken has personally invested $250 million in the fund, his 16th, adding to the $1.3 billion he already has invested in Lone Star’s other funds. His pension clients, including the Employees’ Retirement System of Rhode Island, the New York State Teachers’ Retirement System and Dallas’ Fire & Police Pension System, have yet to make a peep about Grayken’s sleazy subprime mortgage operation. If they have any concern about their American-born Irish golden goose, it’s over Lone Star’s succession and Grayken’s health. Over the years a parade of talented partners, almost anyone Grayken has ever worked with closely, have left the firm because they either felt shortchanged financially or had disagreements with Grayken. His longtime number two, Ellis Short, who helped found Lone Star, left in 2007. Short did well enough at Lone Star to buy Sunderland, an English Premier League soccer team. The divorce case of another former exec, Randy Work, revealed that he had accumulated a $225 million fortune. Still, their riches pale in comparison with those of Grayken, who rules with an iron fist and has little tolerance for mistakes. “He felt in many cases that the people beneath him were interchangeable,” says one former top Lone Star manager. (Grayken has also had turnover in his personal life. He divorced his first wife shortly after becoming a tax refugee, changed his mind, got her to take him back within a month of the final divorce decree and then got redivorced six months after that. He eventually married his secretary in London, and the couple have four children.) Grayken recently flew to South Dakota to visit with a pension client and allay succession fears. As a South Dakota Investment Council member recently put it, “I am concerned about what happens when John es away. It might just all end.” But until that happens, the pension funds are happy to deposit more retirement money in the Irish billionaire’s shadow bank. Shortly after the meeting, South Dakota agreed to invest $300 million in Lone Star’s newest investment fund. F

Scientists at CERN in search of The God Particle

Decades of patient investment, for a moment of divine clarity

Focus Persevere Breakthrough

THE WORLD’S BILLIONAIRES

66 | FORBES MARCH 21, 2016

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

MARCH 21, 2016 FORBES | 67

THE WORLD’S BILLIONAIRES CHRISTO WIESE

T

ABLE MOUNTAIN, THE STRIKING mesa above Cape Town, lords over another impressive African monument: the multistory Golden Acre shopping center. Lunchtime crowds pour into the glassy, brightly lit structure, and from within it is impossible not to notice the dominance of South Africa’s second-richest man, Christo Wiese. His bargain-bin clothier, PEP, pulls foot traffic to the basement. Above it, you’ll find his more upscale Ackermans chain. Around the corner is his OK Furniture and his grocery chain, Shoprite, which takes up two floors. By and large, they all carry the same message. PEP’s window ads, accented in canary yellow, proclaim it the home of the “Lowest Price in South Africa.” Brightly colored bunting in OK Furniture heralds a similar promise. Shoprite (among its many slogans: “Lower prices, that’s our promise”) will even play moneylender, fronting customers up to 7,500 South

68 | FORBES MARCH 21, 2016

A PEP store in 1973, 1986 and 2015. Much of its strategy has remained the same: no-frills shops crowded with merchandise, easy-to-spot price tags and the same three colors—blue, yellow and white.

African rand (roughly $470). “The business has basically been built on one slogan: Low prices you can trust. Just very, very low everyday prices,” says Wiese (whose name, fittingly, is pronounced VEE-sa, like the credit card). “I suppose we could be described as the Wal-Mart of Africa.” Underscoring the cost-conscious philosophy, the 74-year-old is telling me this at his company headquarters, in an industrial area that abuts a composter and Adult World, which sells what you think it does. His offices, like his stores, are decidedly spare: drab beige enlivened only by some hotel-quality art (a portrait of an elephant herd hangs outside the door of the conference room he uses as an office). “People have very limited budgets,” continues Wiese, clad in a capitalist’s power uniform—blue suit, blue shirt—the very picture of the lily-white ex-

THE WORLD’S BILLIONAIRES CHRISTO WIESE

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

Mike Adenuga

$15.4 billion Nigeria Falling oil prices have decimated Nigeria’s economy and sent its stock market down some 20% over the last 12 months. With his fortune almost entirely in public companies, Dangote has gotten off lightly. He’s only recently invested in the oil industry by building a refinery. The bulk of his wealth is in flour, sugar and cement.

$10 billion Nigeria His telecom company, Globacom, is adding subscribers at a fast clip (up more than 10% since December 2014). Glo, as its known to its customers across Nigeria, Benin and Ghana, now counts more than 30 million subscribers. He also has a major real estate business.

Nicky Oppenheimer & family $6.6 billion South Africa De Beers had a terrible 2015. Its revenue fell by over a third to $4.7 billion, the result of a glut in diamonds on the world market and weak demand for the gems. It didn’t matter much to Oppenheimer. Grandson of De Beers founder Ernest, Nicky sold off the final portion of his De Beers stake to Anglo American in 2012 for $5.1 billion in cash.

ecutive that still controls most of South African business. “They have to get extremely good value for their money.” His hunch—that value trumps everything—led him to create the largest retail business in Africa. Publicly traded Shoprite does revenue of $9.9 billion a year, while PEP’s parent company, Steinhoff, brings in $11.8 billion (some of it from selling cellphones and home furnishings). Combined, they net almost $2 billion in annual profits, operate more than 9,000 stores in 30 countries and employ over 200,000 people. No other African retailer comes close to rivaling their breadth and depth, and Wiese controls both. Those stakes are largely what makes Wiese one of the planet’s richest people, with a $5.8 billion fortune. More than 60% of his wealth is in Shoprite and Steinhoff, while another 30% or so comes from his shares of Brait, an investment vehicle Wiese uses to buy other companies, many of them outside South Africa. His stock in Tradehold, a real estate firm, s for much of the remaining 10%. But if Wiese is to continue his expansion he must move outside of his African comfort zone. The con70 | FORBES MARCH 21, 2016

Johann Rupert & family $5.3 billion South Africa Richemont, Rupert’s global luxury goods company, contains a gleaming collection of brands: Cartier, Van Cleef & Arpels and Montblanc, among many others. Glitz hasn’t been in demand lately. Richemont’s sales through December 2015 were up just 1% from a year earlier to $9.6 billion.

Nassef Sawiris $3.7 billion Egypt A more optimistic outlook on Egypt is good news for Sawiris, whose construction and hotel business, Orascom Construction Industries, is one of the country’s biggest public firms. It is busily building more hotels in Egypt and other parts of the Middle East, while improved occupancy rates at existing lodging has lifted companywide revenue through September 2015 by 33% to $250 million.

Issad Rebrab & family $3.1 billion Algeria Like Nigeria, Algeria has been hit hard by the collapse in oil prices (the two are, respectively, the continent’s number one and number three producers). Lucky Rebrab has escaped mostly scot-free: His privately held Cevital is widely diversified (car rentals, logistics, food processing).

tinent isn’t booming the way it once was. Economic growth across Africa has slid from close to 7% in 2007 to about 4% in 2014, the last year for which data are available. In coming years it isn’t likely to much sur that figure. South Africa, still Wiese’s most important market, is emblematic of the larger trend— stuck at sub-2% growth for the foreseeable future. The slowdown gravely threatens Wiese’s ambitions. He can shut his eyes and picture his empire twice as big as it is today, but for it to grow that large, he must look beyond Africa. And he’s already started. PEP is expanding rapidly in Europe, while Wiese is snapping up all sorts of companies through Brait, including majority stakes in British discount retailer (sound familiar?) New Look for $1.2 billion last June and Richard Branson’s fitness center chain, Virgin Active, for $1 billion a month later. Put broadly, Wiese is a little Sam Walton, in of his focus, and a little Warren Buffett, in of amalgamating a portfolio. As a matter of fact, he’s beaten Buffett handily lately. His holding company, Brait, has trounced Berkshire Hathaway in total returns over three years (160% versus 31%), five

DANGOTE: MICHAEL PRINCE; OPPENHEIMER: JONATHAN KATZENELLENBOGEN/NEWSCOM; RUPERT: GETTY IMAGES; SAWIRIS: STEPHEN YANG/BLOOMBERG; REBRAB: FAROUK BATICHE/AFP/GETTY IMAGES

Aliko Dangote

years (230% to 51%) and ten years (314% to 121%). “Christo has been a massive risk taker his whole life,” says Syd Vianello, a retail analyst in Johannesburg, who has observed Wiese over many decades. “Africa is not a place for sissies. You’ve got to have nerves of steel. In Africa they see him as a genius.” THE BREATHTAKING VIEWS of Cape Town, where land and sea dramatically converge to produce vistas of green mountains towering above deep blue water, can be quickly forgotten on a nine-hour drive north to the dry, hot savanna city of Upington, an unsightly provincial town alongside the Orange River, close to the Kalahari Desert. Upington does possess one unique site: a statue of a donkey, a rare tribute to the quintessential beast of burden. It is not undeserved. Starting in the 1880s, farmers, employing donkeys to pump water, tamed this rough part of the country with an almost puritanical determination. Wiese’s father was one of those men. He owned a sheep and cattle farm, as well as a car dealership in town. “People in Upington were hardworking, very neat, very orderly—disciplined,” says Wiese. “People who were not neat always stood out like a sore thumb.” For college, Wiese attended Stellenbosch University, one of South Africa’s better schools, situated in a sleepy area awash in wine and vineyards. He studied law and became head student of his residence hall and an active member of a progressive student organization. After graduating in 1967, he decided he’d rather return home and the small retail business owned by his cousin’s husband than become an attorney. The company had around ten discount stores near Upington, which were called PEP. With Wiese on board

Accelerating time to value

Hewlett Packard Enterprise, the number 1 company in cloud infrastructure, is accelerating business outcomes for companies around the world.

hpe.com/value © Copyright 2016 Hewlett Packard Enterprise Development LP. Source: Synergy Research. Q3 2015 Data, Combined Cloud Infrastructure Equipment, Software and Services revenue data.

THE WORLD’S BILLIONAIRES CHRISTO WIESE

and helping guide expansion, sales went from 4 million rand in 1970 to 29 million rand (around $100 million today) four years later. Fast growth, but Wiese lost interest after a moment of self-discovery. “I had worked out for myself that I’m not really”—he trails off, as if about to utter a dirty word—“a number-two man.” There was another concern, too. “I started thinking about getting married,” he says. “And the way I lived in those days, I was away from home 20 days a month. That’s no way to build a marriage. So I thought if I go and practice law, at least I’ll be home much more.” While working as a barrister in criminal and commercial law in Cape Town, Wiese, restless still, made a futile run for parliament in 1977 on the opposition party ticket, partly inspired by his new father-in-law, a controversial member of parliament expelled from the ruling, pro-apartheid party for dissension. Wiese also grew interested in something that has always attracted the ambitious in South Africa—diamonds. He found a mine nearer his hometown, in Richtersveld. (“The area has a stark beauty, like a moon landscape. Very sparse vegetation, very little rainfall.”) He bought it for about $20 million in today’s currency and began mining and trading diamonds. Five years after purchasing it, in 1981, he sold it, and looking for his next chapter, he turned to his cousin and PEP, which by then had 450 locations, including a grocery business, Shoprite, it had added a few years earlier. In taking a check (worth roughly $100 million in current ) for his successful, middling business, the cousin was set for life. Wiese, no longer number two, pictured something much grander. “Maybe I was more ambitious,” he says, quietly, eyebrows arched. WHAT WIESE ENVISIONED was retail at its rawest, and he understood how attractive it could be. In modest, unadorned storefronts, PEP sold only the simplest kinds of clothes (“underwear, schoolwear, very basic stuff ”). The choice between a white shirt and a blue one was often the most complicated one in the store. Shoprite did the same with groceries. All that mattered to Wiese’s target market—poor whites and a black population kept systematically impoverished—was price. In a perverse twist, apartheid ensured him a gigantic customer base of some 20 million nonwhites, who made up more than 70% of the population. They were incapable of climbing the ladder or earning more money—or shopping elsewhere. And the heavy economic sanctions against South Africa meant little in the way of foreign competition. It was a perfect

72 | FORBES MARCH 21, 2016

WALDO SWIEGERS/BLOOMBERG; DEAN HUTTON/BLOOMBERG; DEAN HUTTON/BLOOMBERG 

With over 2,500 stores, Shoprite dominates Africa; Wiese’s empire also includes South Africa’s House & Home and OK Furniture brands.

market: massive and artificially protected. “Wiese saw the opportunity faster than anybody else,” says retail analyst Vianello. “He targeted the bottom end of the market, and nobody could argue his business had any element of waste. He cut out all the extravagance and gave people what they wanted at the lowest possible price.” The concept proved popular enough for Wiese to begin expanding aggressively, sometimes opening as many as 100 new stores a year. While other retailers concentrated on stores in large markets, he eagerly plunged into rural and poorer areas. He’d rather his customers spend their money in his stores than spend it traveling to them. Wiese was maniacal about costs, a business necessity in lowmargin retailing and perfectly fitting with his personality—a billionaire who keeps spare change neatly stashed in a tiny bottle inside his Lexus SUV. “Christo is stingy,” says James “Whitey” Basson, Wiese’s right-hand man at Shoprite since day one and an old buddy from Stellenbosch University. “He’ll give me the nicest bottle of champagne as a present, and I’ll open it up, and I’ll see he forgot to take out the message: It’s a bottle from Lord So-and-So. He’s a regifter.” To guard against corporate expenses, PEP manufactured many of its clothes in 11 factories; one was situated next to the company’s modest offices in Parow Industria. Most important, from almost the start PEP relied on a central distribution system with ware houses to store goods, a total departure from how most South African retailers operated (with many deliveries from many suppliers to each shop). “That was a no-brainer,” Basson says. “Getting one truckload to a store is substantially cheaper than getting 30

Accelerating protection

Hewlett Packard Enterprise security products and solutions help protect 8 of the top 10 Fortune Global 500 companies.

hpe.com/protection © Copyright 2016 Hewlett Packard Enterprise Development LP. Source: Fortune Global 2015; HPE Customers 2013 Q3 - 2015 Q2.

THE WORLD’S BILLIONAIRES CHRISTO WIESE

trucks to wait outside the store and offload 30 different times.” In 1986 Wiese spun off Shoprite and PEP into separate public companies while maintaining control of both. Good timing. Four years later Nelson Mandela was freed after spending almost three decades in prison. Apartheid was ending. South African companies were no longer pariahs, and Wiese began to expand elsewhere in Africa. A year after Mandela ascended to the presidency in 1994, Shoprite opened its first store in central Africa, in Zambia, followed by Mozambique, Swaziland, Botswana, Zimbabwe and Uganda. PEP had a similar trajectory. Their stores’ simple model made them easily exportable. “Wiese and Basson sat down and took a view that they could conquer Africa, and they went out and conquered Africa,” says Vianello. Shoprite’s size ($2 billion in 1996 sales with about $120 million in cash flow and little debt) allowed it to move more quickly than local rivals. “How long does it take to clear a container in Angola or Nigeria? What bribes do you have to pay to get supplies in? Who on earth would finance them to put up stores? They had to build their own stores themselves. No one else would.” (Wiese insists he has spent not one rand on bribery.) Other growth came through acquisitions. By the

“CHRISTO IS A TERRIFIC CORPORATE DEAL THINKER. HE ALWAYS MAKES ME THINK: WHAT WOULD THE ALTERNATIVE BE?” 1990s he had already made six purchases to expand both Shoprite and PEP, pushing PEP’s operations as far as Britain and its sales to more than $2 billion. In 1997 he bought OK Bazaars (and its nearly 300 grocery and furniture stores) from South African Breweries for just one rand. The catch? OK Bazaars was losing around $40 million annually, which was just about how much Shoprite was booking in annual profits. It could be kept on life for just so long. “We bet the farm,” says Wiese. He reached for a familiar page from the playbook: “cutting frills, lowering overhead,” including renegotiating several onerous leases. As it turns out, OK Bazaars had good bones and had simply been mismanaged. “Christo is a fantastic corporate deal thinker,” says Basson. “He always makes me think: What would the alternative be if I didn’t make a deal? What happens if the opposition buys the company?” 74 | FORBES MARCH 21, 2016

WIESE DIDN’T REALLY DEVELOP a profile outside of Africa until recently, and to his annoyance, his arrival was trumpeted not by a cunning deal but by something more ignoble. It came after U.K. customs officials detained him at London City Airport in 2009 with two suitcases filled with nearly $1 million in cash. They seized it, suspecting illicit origins. The British and South African press merrily picked up on the incident—apparently suspecting Wiese had been nabbed for money laundering—and were further emboldened by Wiese’s stubbornness in fighting for the funds’ return and his insistence that the amount was “insignificant.”(The Daily Mail’s gleeful headline: “It’s Just Peanuts to Me.”) The government ended up returning the money—interest attached—but the damage was done. He still won’t talk publicly about the incident, and until recently, it was pretty much the extent of his reputation in the West. That’s now beginning to change, and much of his activity is still in Britain. When his holding company, Brait, first showed an interest in stretching beyond South Africa in 2012, it invested in British supermarket business Iceland Foods and added to its position in November 2015, when it paid about $275 million to increase its position from 19% to 57%. Two more deals came last year: the stakes purchased in discount retailer New Look and gym chain Virgin Active. A second Wiese company, Invicta, has put its capital into industrial companies: unsexy firms with predictable, recurring revenue streams, like Singaporebased Kian Ann Engineering, a distributor of heavy machinery parts. And a third Wiese vehicle, Tradehold, watched the value of its U.K. property portfolio increase by about 50% to roughly $120 million in February 2015 (the latest full-year results available), driven substantially by new investments in the British real estate market, where it owns residential, industrial and office space. PEP has charged into eastern Europe, too. After its initial move into this part of the continent in 2005 (Poland mostly but also the Czech Republic and Slovakia), PEP has proven its model successful there. Its eastern European stores do about $1,800 per square meter, a 60% increase from 2012 and roughly double what a comparable competitor might do. The region is now 11% of PEP’s $2.9 billion in annual revenue (up from 5% in 2012). As PEP broadens its store expansion into Britain it will likely run up against the most entrenched competition, including venerable discount retailer Primark. Considering this, Wiese blithely expresses a malapropism: “There’s the old American saying that only three things are certain: death, taxes and competition. You can’t shy away from competition. You’ve

just got to go meet them.” And besides, Primark tries to be fashionable, while PEP proudly does not. “We don’t have fashion. You can’t come into our stores and expect a wide selection of colors and pattern,” says Steinhoff CEO Markus Jooste. “Our stuff is for people who have to have it, not want to have it. It offers value to the bottom-end customer and gives them some dignity in what they wear.” Last December expansionminded Steinhoff began trading on the Frankfurt Stock Exchange in addition to its long-standing listing in Johannesburg. But not before Wiese got slapped with a reminder that his international ambitions wouldn’t proceed without a false step. A few days before its Frankfurt debut German tax authorities raided local Steinhoff offices as part of an investigation into its ing. Steinhoff dismisses the investigation as baseless, but it certainly spooked the company’s investors. The stock dropped about 15% in a month— wiping away almost $600 million from Wiese’s personal fortune. Having long parried advances from those interested in buying his companies—including a visit by Wal-Mart heir and then chairman Rob Walton several years ago— Wiese sees himself firmly in command of his empire for the foreseeable future. Ahead, there’s one obvious final frontier for Africa’s retail pioneer: America. “We’ve been hesitant to plunge into the retail industry there. What can we teach them?” he says. “But we’re looking at getting involved there—one or two opportunities. “In a decade I’m hoping you’ll find the business has grown, hopefully at the same pace as the previous decade. That will require a lot of thinking, a lot of commitment and a lot of energy—and I’m hoping that you’ll find me right here still.” F

Accelerating analysis

10 of the Forbes 10 World’s Most Valuable Brands gain insights and create value with Hewlett Packard Enterprise big data solutions.

hpe.com/analysis © Copyright 2016 Hewlett Packard Enterprise Development LP. Source: Forbes Most Valuable Brands 2015; HPE Customers 2013 Q3 - 2015 Q2.

THE WORLD’S BILLIONAIRES

HUSSAIN SAJWANI

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

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

76 | FORBES MARCH 21, 2016

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

MARCH 21, 2016 FORBES | 77

THE WORLD’S BILLIONAIRES HUSSAIN SAJWANI

“We made a deal with Trump as an organization; they know how to run golf courses,” shrugs Sajwani. “We stay away from politics.” Sticking to business has been good for the 63-year-old Sajwani. His Damac Properties pulled in revenues of $2.3 billion in 2015, with net margins of more than 50%. The company has developed some 15,500 apartments since it was launched in 2002 and has another 40,000 units it plans to build and sell, in the United Arab Emirates and as far away as London. Its stellar results have landed Damac’s founder and chairman on FORBES’ list of the World’s Billionaires for the first time this year. His 72% stake in the company (which listed its shares on the Dubai Financial Market in January 2015), along with other investments, gives him a net worth of $3.2 billion. “It’s been a combination of luck and vision,” says Sajwani. “Someone would open the door, and I would run and grab the opportunity.” Sajwani spotted plenty of opportunity back in 2001 when the Dubai government decided to allow foreigners to own property. He immediately focused on selling luxury real estate and figuring out what it took to stand out when marketing it. First: a free car! For the past decade Damac has offered a complimentary Lamborghini or BMW to apartment buyers during the month of January each year— the annual Dubai Shopping Festival. (Damac won’t say how many free cars it has given away.) Other times the company has thrown in some Jet Skis with a purchase, and last year

Luxe deluxe: Sajwani has cobranded some of his Dubai real estate developments, including a partnership with Bugatti. (Note the Veyron parked in the living room.)

78 | FORBES MARCH 21, 2016

for a brief period buyers of mansions and villas got a free studio apartment as well. To lure potential Chinese buyers, Damac began a two-month promotion last December during which it offered plane tickets, a hotel stay and a visa— essentially a free holiday to Dubai—to prospective residents who reserved a unit. Luxury brands, including Versace, Fendi and Bugatti, have entered cobranding deals with Damac, raising the appeal for its brand-obsessed clientele. Bugatti-branded villas planned for the Akoya Oxygen Damac development—a second community on 1,260 acres that will feature another Trump International golf course—include a space next to the glass-walled living room where owners can park and ire their Bugatti sports car. But Trump’s comments about Muslims did have some ripple effects. According to Reuters, three days after his remarks, Damac Properties removed the Trump name from a stone wall in front of the Akoya project and also replaced images of the New York billionaire and his daughter Ivanka on a billboard nearby; three days later “Trump International Golf Club” was restored to the wall. But a spokesman for Damac told FORBES that the sign was taken down just “to be cleaned.” For what it’s worth, the pictures of Trump and his daughter were replaced on the billboard with an enormous photo of Marlon Brando as Vito Corleone in The Godfather. Citizen Trump aside, it’s not the best of times to be selling high-end real estate in Dubai. Low oil prices and weak-

MADISON AVE | RODEO DRIVE | FORUM SHOPS | AVENTURA MALL

THE WORLD’S BILLIONAIRES HUSSAIN SAJWANI

make his better-known partner proud.

Homes away from er currencies have been a drag. The prohome: Sajwani motion for Chinese customers followed has expanded his empire beyond a drop in the value of the Russian ruble the United Arab and the euro against the U.S. dollar, which Emirates to include properties weeded out some customers from those in Beirut (top regions. Damac Properties itted in its photos) and London (bottom), 2015 earnings announcement, released both cobranded in early February, that it’s working in a with Versace. “challenging economic environment.” Sanyalak Manibhandu, an Abu Dhabi-based analyst at NBAD Securities, says property prices in Dubai have softened about 15% since early 2015. To combat this, Damac has guaranteed buyers a 3% annual return on down payments and advance payments (twice what fixed deposits are currently paying, it noted). And it will now guarantee a property’s value for two years, promising to pay the difference if a unit’s price declines between delivery and the end of 2019. Sajwani spins the situation—the current environment “creates opportunities for well-capitalized and experienced companies like ourselves”—in a manner that would

80 | FORBES MARCH 21, 2016

HUSSAIN SAJWANI grew up in Dubai in a middleclass family focused on selling. His father was a trader with a shop at the local souk, selling watches, Parker pens, shirts and goods imported from China. Sajwani would go to the shop after school most afternoons. His mother went door-todoor selling products to the women in the neighborhood. Growing up, the dinnertime conversation often revolved around business, he recalls. Because Sajwani showed promise in school, he received a government scholarship in 1978 to study in the U.S.—making him one of the first wave of students sent to America by the government. After studying English in Atlanta for a few months, he got a degree in industrial engineering and economics from the University of Washington in Seattle. Early on Sajwani showed a willingness to take risks. While in college he sold time-share apartments in the United Arab Emirates on the side. After graduating early in 1981, Sajwani landed a job in the finance department at Abu Dhabi Gas Industries, where he worked on contracts. There he saw just how much money could be made selling services and figured he could do better running his own outfit. Two years later he resigned and started a catering business in Abu Dhabi, using his earnings from the time-share sales as startup capital. The catering business flourished. Sajwani landed customers like American construction giant Bechtel and the U.S. military. His company, still operating and now called Global Logistics Services, supplied meals for American armed forces in Kuwait, Afghanistan, Saudi Arabia, Qatar and Bosnia. He recalls sending in ovens and other equipment to make pizzas, at one point serving 2,000 pies a day from a tent in the desert. Around 1996, with the catering business humming, Sajwani started to develop small hotels in Dubai and purchased property in the emirate’s downtown. Following the decision to allow foreigners to own property in Dubai, he sold some of the property he’d bought and used the funds to buy land in a then undeveloped neighborhood called the Marina—an area now packed with futuristic glass skyscrapers. “Everyone was saying I was mad,” Sajwani recalls, but he knew that growth was coming. Expats from the U.K.,

THE WORLD’S BILLIONAIRES HUSSAIN SAJWANI

India and other Arab countries, and many other places, were flocking to the U.A.E. as it became a hub for multinationals. Dubai not only has no income tax or capital gains tax but it’s also very tolerant culturally—women can wear bikinis at the beach and there’s plenty of nightlife. In 2002 Sajwani formed Damac Properties to develop residential towers on the Marina land. His strategy was to market the apartments before anything was built—selling “off plan”—and use the buyers’ down payments to help fund construction. He timed it exactly right. The first tower, the 38-story Marina Terrace, sold out in less than six weeks. Emaar, a real estate developer partly owned by the government, essentially created the Marina by constructing an artificial canal; it also began building residential towers in the district. With each new tower that Damac Properties built, Sajwani helped burnish Dubai’s image as a glittering new destination. SAJWANI’S PATH TO THE BILLIONAIRES LIST started the day after Lehman Bros. filed for bankruptcy in September 2008. “Everyone said, ‘We’re far away.’ I said, ‘Let’s put together an action plan,’ ” he re. He had made down payments on several parcels of real estate. He quickly called the sellers and asked to give the land back, kissing his down payments good-bye. Even with his efforts to stem losses, Damac reportedly had to lay off hundreds of employees amid a sharp downturn in Dubai real estate prices. Several buyers sued Damac Properties as a result of construction delays. A Dubai court ruled in favor of one Canadian buyer and required Damac to pay him $710,000. Damac also settled confidentially with a German investor who had agreed to buy 22 units in four buildings between 2007 and 2009. “With a company of our size you are always going to have a few disputes. We try and settle these amicably, but ultimately a few may end up in court,” says a spokesman for Damac. Dubai’s reputation took a big hit over the next few years, because there was so much speculation involved in property purchases and plenty of people lost money. Determined to keep real estate speculation at a minimum, the government implemented new laws in 2008 and 2009 requiring that deposits from buyers of off-plan properties be held in escrow; buyers would be entitled to a refund if the developer didn’t hand over the promised property within a certain time frame. By 2011, while other builders were still cautious from the crisis, Sajwani began preparing for his next Dubai project, something far bigger than he had ever attempted. In October 2012 he struck a deal with the government to buy the land for what eventually became the Akoya. The purchase price for the land: $350 million, payable in installments. The first residents have begun to move in, though construction is expected to continue for four more years. Though Sajwani’s company projects an image of high-

end luxury—its motto is “Live the luxe life”—in reality he’s selling to anyone who can afford to buy: the aspirational middle class as well as the ultrawealthy. Prices for a room in a Dubai hotel start at $120,000, while a sevenbedroom villa on a golf course goes for $10 million. What sets Damac apart from its competition is its relentless and creative marketing. Sajwani has to compete with two deeper-pocketed developers: Emaar, which created the Burj Khalifa, and Nakheel, the developer of the palmshaped archipelago off Dubai’s coast. To create buzz for his properties, Damac has saturated Dubai with billboards: 166 of them portray the glories of the luxury lifestyle. “Their marketing is fantastic,” says Craig Salmons, managing director at Dubai real estate agent HMS Homes. “They’re a smaller developer than Nakheel and Emaar—they have to do things better.” Last year Damac put on 500 marketing events in 98 cities in China, India, Africa and Europe. “We A ROOM IN A watch the airlines,” DUBAI HOTEL says Niall McLoughSTARTS AT lin, an Irishman $120,000, who’s been workWHILE A SEVENing with Damac for BEDROOM nearly a decade and VILLA GOES FOR is senior vice president for marketing $10 MILLION. and communications. “Wherever Emirates Air flies, we go.” Sajwani has also been investing in real estate abroad. In 2010 he began work on a tower in Beirut with interiors designed by Versace, after four years of luring the Italian design house. “Mr. Sajwani is ionate about Versace and the Versace lifestyle,” Versace CEO Gian Giacomo Ferraris says via e-mail. “He’s a smart businessman who pursues luxury business standards and strongly believes in the added value of the Versace brand.” In addition to the tower in Beirut, Sajwani has spearheaded projects in Saudi Arabia, Qatar, Jordan and London, the last also in a design partnership with Versace. Damac owns a 20% stake in the developments outside the U.A.E., while Sajwani personally owns the remaining 80%. Catering to buyers at a time of global volatility, Damac Properties has seven pages of promotions on its website, including options to “pay 30% and own it” and promises of 7.5% returns on rentals and a U.A.E. residence visa. That might be enough to keep a steady stream of sales going. For now Sajwani believes the bubble still has plenty of room to expand. In mid-February Damac agreed to pay about $330 million for 92 acres of land along part of the Dubai Canal. The sky is calling. F MARCH 21, 2016 FORBES | 81

M ANUFACTURE DE H AU TE H OR LOGER IE

TONDA 1950 TOUR BILLON Automatic flying tourbillon Platinum micro-rotor Titanium tourbillon cage Hermès alligator strap Made in Switzerland www.parmigiani.ch

LE STUDIO PARMIGIANI MIAMI DESIGN DISTRICT 140 N.E. 39TH STREET, PC #108, MIAMI, FL, 786 615 96 56 CELLINI JEWELERS AT MADISON NEW YORK, NY, 212 888 05 05 CELLINI JEWELERS AT WALDORF NEW YORK, NY, 212 751 98 24 PLEASE US FOR A COMPLIMENTARY CATALOGUE (T) 786 615 96 56, WWW.PARMIGIANI.CH, [email protected]

THE WORLD’S BILLIONAIRES

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

EUROPE $1.8 TRILLION

TOTAL WORTH:

BILLIONAIRES: 489

TOTAL WORTH:

USA $2.4 TRILLION

BILLIONAIRES: 540

ASIA-PACIFIC $1.6 TRILLION

TOTAL WORTH:

BILLIONAIRES: 590

MIDDLE EAST & AFRICA TOTAL WORTH: $243 BILLION BILLIONAIRES: 90

THE AMERICAS (INCLUDING CANADA) TOTAL WORTH: $410 BILLION BILLIONAIRES: 101

WEALTH EDITORS: LUISA KROLL AND KERRY A. DOLAN DEPUTY EDITORS: KEREN BLANKFELD AND DAN ALEXANDER COUNTRY EDITORS: GRAHAM BUTTON, RUSSELL FLANNERY, NAAZNEEN KARMALI, JOHN KOPPISCH, TATIANA SERAFIN, NATHAN VARDI WEALTH TEAM: ELENA BEREZANSKAYA, MAGGIE CHEN, MAX JEDEUR-PALMGREN, ANDREA MURPHY, CHASE PETERSON-WITHORN, KATIA SAVCHUK, CHLOE SORVINO, KATE VINTON, JENNIFER WANG REPORTERS: FORBES INDONESIA, FORBES KOREA, FORBES MEXICO, FORBES MIDDLE EAST, FORBES RUSSIA, FORBES TURKEY, ISABEL ALBINO, LATESHIA BEACHUM, ABRAM BROWN, DENIZ CAM,

CAROLINE CHEN, GRACE CHUNG, MUHAMMAD COHEN, ANTOINE GARA, RICARDO GEROMEL, CHRISTOPHER HELMAN, NEERJA PAWHA JETLEY, AROOBA KHAN, LI HUIMIN, ZINA MOUKHEIBER, MICAH PARK, ANURADHA RAGHUNATHAN, SARITHA RAI, LEONARD SCHOENBERGER, BARTIE SCOTT, JESSICA TAN, MICHELA TINDERA RESEARCH: SUSAN RADLAUER PHOTO RESEARCH: MERRILEE BARTON, GAIL TOIVANEN DATABASE: DMITRI SLAVINSKY, KEN BARNEY ADDITIONAL REPORTING: FORBES AFRICA, FORBES CZECH REPUBLIC, FORBES JAPAN, FORBES KAZAKHSTAN, FORBES POLAND, FORBES ROMANIA, SUSAN ADAMS, YURI AKSYONOV, KURT BADENHAUSEN, KIM BODE, ERIN CARLYLE, NILGUN CAVDAR, KATHLEEN CHAYKOWSKI, SHU-CHING JEAN CHEN, CHRIS ERB, DANIEL FISHER,

SEAN KILACHAND, ALEX KONRAD, ERNESTO LINARES MASCARO, NICOLE LINDSAY, RYAN MAC, JAN MCCALLUM, JOANN MULLER, JOHANNES MUSIAL, SUZANNE NAM, LAN ANH NGUYEN, MFONOBONG NSEHE, CLARE O’CONNOR, ROBERT OLSEN, PARMY OLSON, NATALIE ROBEHMED, MATT SCHIFRIN, LUCINDA SCHMIDT, JAMES SIMMS, BRIAN SOLOMON, NATALIE SPORTELLI, DEBORAH STEINBORN, YUELUN SUN, GLENDA TOMA, TIM TREADGOLD, OZER TURAN ACKNOWLEDGMENTS: SPECIAL THANKS TO LW HOSPITALITY ADVISORS, ORBIS BY BUREAU VAN DIJK, PRIVCO, REAL CAPITAL ANALYTICS AND DOZENS OF OTHER EXPERTS WHO HELPED US WITH OUR REPORTING AND VALUATIONS.

MARCH 21, 2016 FORBES | 83

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

ALGERIA

24%

AUSTRALIA

ALGIERS

GDP: $142 BIL POPULATION: 40 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $3.1 BIL

GDP: $1.2 TRIL POPULATION: 24 MIL BILLIONAIRES: 25 (–2 VS. 2015) TOTAL NET WORTH: $61.7 BIL (–$7.3 BIL VS. 2015)

Issad Rebrab & family X $3.1 BIL #549 FOOD

ANGOLA GDP: $101 BIL POPULATION: 25 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $3 BIL (–$300 MIL VS. 2015)

B IG G E ST G A I N E R LUANDA

$3 BIL #569 INVESTMENTS

ARGENTINA

Carlos & Alejandro Bulgheroni T

LA RIOJA

MENDOZA

$4.5 BIL #324 OIL & GAS BUENOS AIRES 4

Eduardo Eurnekian S $2.2 BIL #810 AIRPORTS, INVESTMENTS

Gregorio Perez Companc T

INHERITED & GROWING INHERITED SELF-MADE

TOP SECTORS 7

P LACE

REAL ESTATE

JOHN GANDEL

4 MANUFACTURING

Gandel owns half of the southern hemisphere’s largest shopping mall, Chadstone, with more than 500 stores in eastern Melbourne. A huge Legoland Discovery Center is due to open at “Chaddy,” as the mall is known, this year. He also has a big stake in listed property trust Vicinity Centres, which owns the other half of Chadstone, plus 98 other malls and outlets.

3 FINANCE & INVEST 2 METALS & MINING 2 TECHNOLOGY

Harry Triguboff

Isabel dos Santos T

GDP: $583.5 BIL POPULATION: 43 MIL BILLIONAIRES: 4 (–1 VS. 2015) TOTAL NET WORTH: $9.2 BIL (–$2 BIL VS. 2015)

76%

Sydney’s biggest apartment builder, “High-Rise Harry,” keeps scaling new heights. His fortune climbed $1.9 billion in the past year, thanks to the nation’s real estate boom. His company, Meriton, reportedly attracted interest from Chinese buyers, but Triguboff didn’t sell. Meriton instead continued to build, starting construction on more than 4,400 apartments last year. In total Harry has put up more than 65,000 units since 1963.

NEUQUÉN

$1.5 BIL #1198 OIL & GAS

EXPATRIATES 4

Alberto Roemmers T

PERTH 3

$1 BIL #1694 PHARMACEUTICALS

PLACE

ALEJANDRO BULGHERONI From oil tycoon to wine connoisseur, the elder Bulgheroni brother is bringing a touch of Tuscany to Uruguay. His Bodega Garzón vineyard, just miles from the Atlantic Ocean and a short drive from Punta del Este, boasts an eco-friendly winery partially powered by wind and solar. The sustainably farmed vineyard produces a variety of reds and whites, and will officially open to the public in March 2016. Alejandro, who also owns vineyards in Bordeaux and California, and Carlos derive their fortunes from private energy company Bridas.

Gina Rinehart T

David Teoh

Scott Farquhar S

$8.8 BIL #127 MINING

$2.1 BIL #854 TELECOM

$1.4 BIL #1275 SOFTWARE

Fiona Geminder T

$1.4 BIL #1275 RETAIL

Harry Triguboff S $7.3 BIL #159 PROPERTY

Frank Lowy S $5.1 BIL #262 SHOPPING MALLS

Anthony Pratt X $3.6 BIL #435 MANUFACTURING

James Packer T $3.5 BIL #453 CASINOS

John Gandel T $3.3 BIL #495 SHOPPING MALLS

Lindsay Fox S $2.9 BIL #595 LOGISTICS, REAL ESTATE

Vivek Chaand Sehgal T $2.1 BIL #854 AUTO PARTS

$1.9 BIL #959 PACKAGING

David Hains T $1.9 BIL #959 FINANCE

Michael Hintze T $1.8 BIL #1011 INVESTMENT

Kerr Neilson T $1.8 BIL #1011 INVESTMENT

Stanley Perron S $1.6 BIL #1121 PROPERTY, RETAIL

Mike Cannon-Brookes S $1.4 BIL #1275 BUSINESS SOFTWARE

Jack Cowin S $1.4 BIL #1275 FAST FOOD

Gerry Harvey S Bob Ell S $1.3 BIL #1367 PROPERTY

Andrew Forrest T $1.3 BIL #1367 MINING

Heloise Waislitz T $1.3 BIL #1367 PACKAGING

Maurice Alter X $1.2 BIL #1476 REAL ESTATE

Alan Rydge X $1.2 BIL #1476 ENTERTAINMENT

Lang Walker X $1.1 BIL #1577 PROPERTY

Huang Bingwen & family X $1 BIL #1694 CIGARETTE PACKAGING

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

84 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

HARRY TRIGUBOFF: IAN WALDIE/BLOOMBERG; SCOTT FARQUHAR: TREVOR COLLENS/ALAMY; JAMES PACKER: JOE SUTTER/NEWSCOM 

CENTRAL WESTERN

AUSTRIA

NE WS MA KE R

NEWCO MER

SCOTT FARQUHAR

David Teoh His TPG Telecom is a leading Internet service provider in Australia thanks to a series of smart acquisitions that have helped push the company’s stock price up nearly 600% over the past five years. In September the immigrant bought rival iiNet for more than $1 billion in cash and stock.

The fortunes of Australia’s youngest billionaire (he’s 36) and his university pal Mike CannonBrookes (who’s a month older) jumped when their projectmanagement software outfit, Atlassian, whose customers include Twitter and NASA, went public on the NYSE in December. The stock opened 32% above the IPO price but soon fell back to earth. It was still enough to make each of the co-CEOs, who launched the company in 2002 with $10,000 in credit card debt, $300 million richer than they were a year ago.

HAYMAN ISLAND HAMILTON ISLAND

RICHARD BRANSON’S MAKEPEACE ISLAND

RI CH E ST

Dietrich Mateschitz

GDP: $373.8 BIL POPULATION: 9 MIL BILLIONAIRES: 6 (–1 VS. 2015) TOTAL NET WORTH: $29 BIL (–$600 MILLION VS. 2015)

After almost 30 years Red Bull still has plenty of pep. Sales of the energy drink, which Mateschitz started peddling in 1987, soared 16% to $6.4 billion, as the firm sold a record 5.9 billion cans—almost enough to give a caffeine jolt (if not a pair of wings) to every human on the planet. His fortune rose $2.4 billion, making him Austria’s biggest gainer over the past year.

Dietrich Mateschitz $13.2 BIL #64 RED BULL

Johann Graf $8 BIL #144 GAMBLING

Heidi Horten $2.7 BIL #638 RETAIL B IG G E ST LOS E R

Kerr Neilson Divorces are rarely good for the bottom line. The fortune of one of Australia’s best-known value investors is down $1.4 billion thanks in large part to his split with former wife Judith. Shares of his money manager, Platinum Asset Management, which he cofounded in 1994 and runs as chief executive, also dipped.

SURFERS PARADISE BYRON BAY HUNTER VALLEY

Helmut Sohmen $2.3 BIL #771 SHIPPING

Wolfgang Leitner $1.5 BIL #1198 ENGINEERING

Reinold Geiger $1.3 BIL #1367 BEAUTY PRODUCTS

LOWER AUSTRIA

EXPATRIATES 2 FUSCHL AM SEE

VIENNA 2 BURGENLAND

ARLBERG

ZÜRS

CARINTHIA

GRAZ

WOERTHERSEE

BELGIUM

Albert Frere X $4.9 BIL #286 INVESTMENTS

Patokh Chodiev T

GDP: $453.5 BIL POPULATION: 11 MIL BILLIONAIRES: 3 TOTAL NET WORTH: $7.5 BIL (–$700 MIL VS. 2015)

$1.4 BIL #1275 MINING, METALS

Coucke Marc T $1.2 BIL #1476 PHARMACEUTICALS

SYDNEY 10 MERELBEKE

BAROSSA

BIG RIVERS

CHARLEROI

EXPATRIATES 1

MELBOURNE 7

HOW TO READ THE MAPS TAMAR VALLEY

1ST

2ND

3RD

4TH

5TH

Circles correspond to the cities in each country where the most billionaires live, with the number of residents listed below each city. Individual names are colored according to where they live.

NEWSMA KER

JAMES PACKER Even billionaires get starstruck: In January the media and gaming heir proposed to pop star MARIAH CAREY with a 35-carat diamond ring. The engagement caps a busy 12 months for Packer, who sold his Sydney home in August for what’s said to be a record-breaking $50 million and left the board of his Crown Resorts in December.

Harry Triguboff S Total worth

$7.3 BIL #159 PROPERTY

Source of wealth Rank Wealth status compared with 2015 UP S DOWN TUNCHANGED X NEW + RETURNEE 3DIVIDED FORTUNE

WINE-GROWING REGION

MARCH 21, 2016 FORBES | 85

THE WORLD’S BILLIONAIRES

BRAZIL

B IG G E ST LOS E R

MARINHO BROTHERS Weaker ad sales, lower profits and a drop in Brazil’s currency knocked 48% off the fortune of each of the three Marinho brothers, owners of Brazilian media group Globo. A bright spot: the December opening of the Museum of Tomorrow in Rio de Janeiro, an art and science museum ed by the Marinho family and designed by Spanish architect Santiago Calatrava.

N E WS M A K E R

Andre Esteves

GDP: $1.8 TRIL POPULATION: 204 MIL BILLIONAIRES: 31 (–23 VS. 2015) TOTAL NET WORTH: $135.1 BIL (–$46 BIL VS. 2015)

As part of a massive corruption probe into state-owned oil firm Petrobras, banking wunderkind Esteves was arrested in November 2015 and spent nearly four weeks behind bars. He allegedly conspired with a legislator to buy a witness’ silence. While in jail he resigned as CEO of BTG Pactual, the investment firm he founded, and he is now under house arrest. His lawyers have denied wrongdoing.

WEALTH ORIGIN 13% 45%

42%

INHERITED & GROWING INHERITED SELF-MADE

MANAUS

TOP SECTORS

FORTALEZA

7 FINANCE & INVEST 6 FOOD & BEVERAGE 5 DIVERSIFIED 3 CONSTRUCTION & ENGR 3 FASHION & RETAIL

COMANDATUBA ISLAND, BAHIA

3 MEDIA & ENTERTAIN

EXPATRIATES 2

TRANCOSO SÃO PAULO 15

RICHEST

Jorge Paulo Lemann Lemann enters the world’s top 20 richest for the first time ever with a fortune of $27.8 billion. His 3G Capital and Berkshire Hathaway bought Heinz in 2013 and merged it with publicly traded Kraft in July 2015. In November Anhe-Busch InBev, where Lemann is a controlling shareholder, proposed a megamerger with SABMiller. The deal faces antitrust issues around the world.

RIO DE JANEIRO 9

SÃO JOSÉ DOS PINHAIS PORTO ALEGRE

Moll Filho’s stake in Rede D’Or, Brazil’s largest hospital and lab operator, jumped in value in 2015. The Carlyle Group spent a reported $600 million in April for a stake, and Andre Esteves’ troubled investment bank, BTG Pactual, sold a stake to Singapore’s sovereign fund, GIC, in December. The company’s valuation rose to nearly $5 billion, helping lift Moll Filho’s net worth 67% to $3 billion, the biggest percentage gain in Brazil.

$1.9 BIL #959 CONSTRUCTION

Joao Moreira Salles S

Regina de Camargo Pires Oliveira Dias T

$2.8 BIL #612 BANKING, MINERALS

Jorge Paulo Lemann S $27.8 BIL #19 BEER NE WS MA KE R

CAMARGO SISTERS The three sisters who inherited conglomerate Camargo Correa stand to profit from the 2016 Olympics in Rio. The company is part of a consortium building the Trans Olympic expressway, which will connect northern and western Rio. Camargo Correa’s construction arm was accused of money laundering as part of a bribery scheme involving state-controlled oil giant Petrobras. In August it itted to anticompetitive practices and agreed to pay back $200 million to customers.

Joseph Safra T $17.2 BIL #42 BANKING

Marcel Herrmann Telles X $13.0 BIL #68 BEER

Carlos Alberto Sicupira X $11.3 BIL #87 BEER

Eduardo Saverin S $6.2 BIL #188 FACEBOOK

Joao Roberto Marinho T

Pedro Moreira Salles S $2.8 BIL #612 BANKING, MINERALS

Walther Moreira Salles Jr. S $2.8 BIL #612 BANKING, MINERALS

Walter Faria T $2.6 BIL #666 BEER

Jose Luis Cutrale X $2.5 BIL #688 ORANGE JUICE

Francisco Ivens de Sa Dias Branco T $2.1 BIL #854 FOOD PRODUCTION

PLAYGROUND

$1.9 BIL #959 CONSTRUCTION

Carlos Sanchez T $1.7 BIL #1067 GENERIC DRUGS

Julio Bozano X $1.6 BIL #1121 BANKING

Andre Esteves T $1.6 BIL #1121 BANKING

Alexandre Grendene Bartelle T $1.6 BIL #1121 SHOES

Miguel Krigsner T $1.6 BIL #1121 COSMETICS

Rossana Camargo de Arruda Botelho T

Ermirio Pereira de Moraes T

$4.3 BIL #351 MEDIA

$1.9 BIL #959 CONSTRUCTION

Roberto Irineu Marinho T

Edson de Godoy Bueno T

Maria Helena Moraes Scripilliti T

$4.3 BIL #351 MEDIA

Jose Roberto Marinho T

$4.3 BIL #351 MEDIA

Abilio dos Santos Diniz T $3.4 BIL #477 RETAIL

OIL & GAS FIELDS AND DEPOSITS

$1.1 BIL #1577 DIVERSIFIED

$1.9 BIL #959 HOSPITALS, HEALTH CARE

$1.1 BIL #1577 DIVERSIFIED

Aloysio de Andrade Faria T

$1.1 BIL #1577 INVESTMENTS

$1.9 BIL #959 BANKING

Alfredo Egydio Arruda Villela Filho T

Lirio Parisotto T

$1 BIL #1694 BANKING

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

Renata de Camargo Nascimento T

$2.8 BIL #612 BANKING, MINERALS

$3 BIL #569 HOSPITALS

86 | FORBES MARCH 21, 2016

Jorge Moll Filho

Fernando Roberto Moreira Salles S

Jorge Moll Filho S

WINE-GROWING REGION

B IG G E ST G A I N E R

FINANCIAL CENTER

JORGE PAULO LEMANN: SCOTT OLSON/GETTY IMAGES; ANDRE ESTEVES: DENIS BALIBOUSE/REUTERS; MUSEUM OF TOMORROW: MARIO TAMA/GETTY IMAGES

3 HEALTH CARE

THE WORLD’S BILLIONAIRES

CANADA

N E WS M A K E R

Daryl Katz The Edmonton native made his money in drugstore chains, but his second act—revitalizing his city’s downtown— may be his ultimate legacy. His group has invested nearly $2 billion in a 35acre complex that will include hotel, condo and office towers, among other things, and will be one of Canada’s largest mixed-use developments. An 18,500-seat arena, built by Katz but owned by the city, is expected to open this fall to house his NHL team, the Edmonton Oilers.

GDP: $1.6 TRIL POPULATION: 36 MIL BILLIONAIRES: 33 (–6 VS. 2015) TOTAL NET WORTH: $112.4 BIL (–$22.3 BIL VS. 2015) TOP SECTORS

WEALTH ORIGIN

7 FASHION & RETAIL 5 TECHNOLOGY

6% 18%

4 DIVERSIFIED

76%

4 FINANCE & INVEST

INHERITED & GROWING INHERITED SELF-MADE

3 FOOD & BEVERAGE

NEWSMAKER

GARRETT CAMP The Uber cofounder and chairman is taking back control of StumbleUpon, buying a majority stake in the content-discovery engine that he helped start as a grad student at the University of Calgary. With no venture capital coming in since 2011, StumbleUpon has struggled to compete in a social media space dominated by Facebook and Twitter. The Alberta native’s ride-hailing giant doesn’t have the same problem: Uber is currently valued at over $60 billion after three financing rounds in the past 12 months.

EDMONTON SILICON VALLEY NORTH CANADIAN ROCKIES

WHISTLER BLACKCOMB STUART ISLAND

CALGARY 2

EXPATRIATES 5

VANCOUVER 3

Mark Scheinberg X

Jean Coutu T

Guy Laliberte T

$23.8 BIL #25 MEDIA

$4.1 BIL #369 ONLINE GAMBLING

$1.7 BIL #1067 PHARMACIES

$1.3 BIL #1367 CIRQUE DU SOLEIL

Galen Weston & family T

David Cheriton S

Gerald Schwartz X

Serge Godin X

$9.3 BIL #116 RETAIL

$3.3 BIL #495 GOOGLE

$1.7 BIL #1067 FINANCE

Garrett Camp S

Daryl Katz T

Peter Gilgan S

$1.2 BIL #1476 INFORMATION TECHNOLOGY

$6.2 BIL #188 UBER

$3.2 BIL #527 PHARMACIES

$1.6 BIL #1121 HOME BUILDING

Hal Jackman S

James Irving T

Alain Bouchard S

Mitchell Goldhar T

$1.2 BIL #1476 INSURANCE, INVESTMENTS

$5.4 BIL #240 DIVERSIFIED

$2.7 BIL #638 RETAIL

$1.6 BIL #1121 REAL ESTATE

Bernard (Barry) Sherman S

Robert Miller S

Brandt Louie T

$4.9 BIL #286 PHARMACEUTICALS

$2.7 BIL #638 ELECTRONICS COMPONENTS

$1.5 BIL #1198 DRUGSTORE CHAIN

Lawrence Stroll X

Frank Stronach X

$2.4 BIL #722 RETAIL

$1.4 BIL #1275 AUTO PARTS

Charles Bronfman X

Jacques D’Amours X

$2.3 BIL #771 LIQUOR

$1.3 BIL #1367 RETAIL

Chip Wilson T

N. Murray Edwards T

$2.1 BIL #854 LULULEMON

$1.3 BIL #1367 OIL & GAS

Arthur Irving T $4.7 BIL #308 OIL

Jim Pattison T $4.5 BIL #324 DIVERSIFIED

Emanuele (Lino) Saputo T $4.4 BIL #338 CHEESE

Joseph Tsai T $4.2 BIL #358 E-COMMERCE

Stephen Jarislowsky T $1.2 BIL #1476 MONEY MANAGEMENT

Aldo Bensadoun T $1.1 BIL #1577 SHOES

Ronald Joyce T $1.1 BIL #1577 RESTAURANTS

V. Prem Watsa S $1.1 BIL #1577 INSURANCE, INVESTMENTS

Carlo Fidani X $1.9 BIL #959 REAL ESTATE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

88 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

B IG G E ST G A I N E R

Bernard Sherman Sherman founded generic-drug maker Apotex as a barebones, two-person operation in 1974; today its pharmaceuticals have become the go-to choice for Canadians, filling some 90 million prescriptions a year. The company’s arsenal of over 300 generics includes ibuprofen, diazepam and oxycodone. His fortune is up 26% in the last 12 months.

GUY LALIBERTE: GABE GINSBERG/GETTY IMAGES; GARRETT CAMP: JUSTIN LANE/EEPA/NEWSCOM; CHIP WILSON: BEN NELMS/REUTERS; MUSKOKAL : KAREN SPENCER / ALAMY; BERNARD SHERMAN: NORM BETTS/ BLOOMBERG

David Thomson & family T

CHILE NE WS MA K E R

GUY LALIBERTE The fire-eating, stilt-walking accordionist and his group of street performers staged their first Cirque du Soleil show in 1984 in Quebec. He’s sold 175 million tickets to his spectacles, but is he ready for a new act? In a 2015 deal that valued Cirque at a reported $1.5 billion, Laliberté sold a majority stake to a consortium that was led by U.S. private equity firm TPG and also included Chinese conglomerate Fosun and a Canadian pension fund.

GDP: $240 BIL POPULATION: 18 MIL BILLIONAIRES: 10 (–2 VS. 2015) TOTAL NET WORTH: $29 BIL (–$10.9 BIL VS. 2015)

Iris Fontbona & family T $10.1 BIL #101 MINING

Horst Paulmann & family T $3.7 BIL #421 RETAIL

Sebastian Pinera X $2.5 BIL #688 INVESTMENTS

Bernardo Matte T $2.3 BIL #771 PAPER

Eliodoro Matte T $2.3 BIL #771 PAPER

Patricia Matte T P LACE

$2.3 BIL #771 PAPER

Muskoka, Ontario

Alvaro Saieh Bendeck T

The popular vacation spot encomes over 2,000 lakes and is a favorite of celebrities and Bay Street tycoons alike, counting model Cindy Crawford and billionaire home builder Peter Gilgan among its residents. The region has an abundance of private islands and thick groves of pine trees.

Julio Ponce T

$2.2 BIL #810 BANKING $1.4 BIL #1275 FERTILIZER

Roberto Angelini Rossi T $1.2 BIL #1476 FORESTRY, MINING

Luis Enrique Yarur Rey T $1 BIL #1694 BANKING

SANTIAGO 10

QUEBEC CITY 2 MOUNT TREMBLANT

PUCÓN

MONTREAL 7

SAINT JOHN 2

N E WS M A K E R PUERTO MONTT

MUSKOKA

WESTMOUNT AURORA NORTH YORK

OAKVILLE

TORONTO 7

N E WSMAKER

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

BANCA COMMERCIALE ITALIANA: JADER ALTO/ALAMY

MARKHAM

Luis Enrique Yarur Rey His retail and commercial bank BCI bought Miamibased City National Bank of Florida for $947 million in October, marking the first time a Chilean bank has purchased a U.S. bank.

MARCH 21, 2016 FORBES | 89

THE WORLD’S BILLIONAIRES

CHINA

B I G G E ST LOS E R

Li Hejun

GDP: $10.9 TRIL POPULATION: 1.4 BIL BILLIONAIRES: 251 (+38 VS. 2015) TOTAL NET WORTH: $593 BIL (+$28.3 BIL VS. 2015) WEALTH ORIGIN 0.8% 0.4%

TOP SECTORS 44 MANUFACTURING 41 TECHNOLOGY

98.8%

38 REAL ESTATE

INHERITED & GROWING INHERITED SELF-MADE

26 HEALTH CARE 21 DIVERSIFIED

Wang Jianlin S

Wang Chuanfu S

$28.7 BIL #18 REAL ESTATE

$4.4 BIL #338 BATTERIES, AUTOS

Jack Ma T

Wei Jianjun & family T

$20.5 BIL #33 ALIBABA

$4.3 BIL #351 AUTOMOBILES

Ma Huateng S

Wang Wei X

$16.6 BIL #46 INTERNET SERVICES

$4.2 BIL #358 PACKAGE DELIVERY SERVICE

Robin Li T $11.0 BIL #90 INTERNET SEARCH

Lei Jun T $9.8 BIL #107 SMARTPHONES

He Xiangjian T

$3.9 BIL #392 APPAREL $3.8 BIL #403 APPLIANCE RETAILER

Wang Wenyin T $7.2 BIL #163 MINING, COPPER PRODUCTS

Liu Qiangdong T

URUMQI

Zhou Jianping T Zhang Jindong T

$8.1 BIL #141 ONLINE GAMES

The ostentatious art collector set tongues wagging in November with his $170 million purchase of Modigliani’s “Reclining Nude”—the second-most-expensive artwork ever sold at an auction—just a year after a photo of him drinking tea from his $36 million Ming Dynasty porcelain cup created a furor on the Internet. Liu’s fortune climbed $1.8 billion in the past year. He bought shares of Hubei Biocause Pharmaceutical in January in a nonpublic offering; the stock is worth more than twice what he paid.

$4.1 BIL #369 AGRIBUSINESS

Hui Ka Yan S William Ding S

LIU YIQIAN

Liu Yonghao & family T

$9.0 BIL #122 HOME APPLIANCES $8.6 BIL #129 REAL ESTATE

B IG G E ST G A I N E R

Li’s fortune plunged $17.9 billion in the past 12 months to $3.2 billion. Shares of his Hong Konglisted Hanergy Thin Film Power Group had risen 1,345% in 24 months. Trading was suspended in May 2015 after Hanergy’s share price plunged 47% in one day. The solar equipment maker is under investigation by Hong Kong regulators, which haven’t specified why. Li sold 5% of his Hanergy stake for 3 cents a share in a private transaction in December, a far cry from the stock’s $7 peak.

Frank Wang $3.6 BIL #435 DRONES

Liang Wengen T $3.5 BIL #453 CONSTRUCTION EQUIPMENT

Pan Zhengmin & family X $3.5 BIL #453 ELECTRONICS

$6.3 BIL #184 E-COMMERCE

Xu Shihui & family $6.2 BIL #188 SNACKS, BEVERAGES

Zong Qinghou T

NE WS MA KE R

$6.2 BIL #188 BEVERAGES

JIA YUETING

Zhang Zhidong S

The man behind the Netflix of China is setting his sights on besting Tesla. Jia made his fortune with LeTV, an online video service. He is reportedly backing startup Faraday Future, which plans to build a $1 billion electric-car factory in Nevada. Jia has inked a deal with Aston Martin to collaborate on an all-electric model of the Rapide S.

$5.9 BIL #205 INTERNET MEDIA

Lu Guanqiu S $5.7 BIL #219 CONGLOMERATE

Jason Jiang $5.4 BIL #240 ADVERTISING

Xu Chuanhua & family $5.4 BIL #240 CHEMICALS

Chan Laiwa & family T $5.2 BIL #258 REAL ESTATE

Liu Yongxing T $5.1 BIL #262 AGRIBUSINESS

Guo Guangchang T $5.0 BIL #270 CONGLOMERATE

Yang Huiyan X $5.0 BIL #270 REAL ESTATE

Lu Zhiqiang T $4.8 BIL #298 CONGLOMERATE

Jia Yueting S $4.7 BIL #308 ONLINE VIDEO

Sun Guangxin S $4.7 BIL #308 DIVERSIFIED

Tong Jinquan T $4.4 BIL #338 REAL ESTATE WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

90 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

PLACE

Wang Wenxue S

Zheng Yuewen & family S

A February proposal from the Chinese government looks to halt some of the country’s more cutting edge architecture, criticizing “oversized, xenocentric and weird” designs. That means structures like ZHANG XIN’S BULLET-TRAIN-SHAPED SKY SOHO in Shanghai, created by Iraqi-British architect Zaha Hadid, might no longer get such a warm reception as it did when it opened in 2014.

$3.5 BIL #453 REAL ESTATE

$2.4 BIL #722 INVESTMENTS

Zhang Shiping & family T

Huang Wei T

$3.5 BIL #453 ALUMINUM PRODUCTS

$2.3 BIL #771 DIVERSIFIED

Pang Kang S $3.4 BIL #477 SOY SAUCE MAKER

$2.3 BIL #771 ALUMINUM, DIVERSIFIED

Qiu Guanghe & family T

Tse Ping & family S

$3.4 BIL #477 APPAREL RETAIL

$2.3 BIL #771 PHARMACEUTICALS

Sun Piaoyang S

Zhou Yahui & family S

$3.4 BIL #477 PHARMACEUTICALS

$2.3 BIL #771 ONLINE GAMES

N E WCO M E R

Cheng Wei Cheng is cofounder of Didi Kuaidi, the local car hailing service that is contributing to Uber losing $1 billion a year in China. The eightyear Alibaba veteran started Didi Dache in 2012 with backing from Internet giant Tencent. It merged with its Chinese rival Kuaidi Dache in 2015 to fend off an attack by the invading U.S. giant. Didi racked up 1.4 billion rides in 2015, a figure that took Uber more than five years to reach worldwide.

HULIN

JILIN LIAOYANG

TONGHUA

ANSHAN SHENYANG 2

BEIJING 50

YINGKOU DANDONG

SANHE LANGFANG 2

LONGKOU

WEIFANG

BAODING 2 SHIJIAZHUANG

ZHANGJIAGANG RIZHAO 2 LINYI LIANYUNGANG TAIXING

JINAN

HEZE ZHENGZHOU

HEFEI 3 NANJING 4 XINXIANG

XI’AN SOFTWARE PARK

LANZHOU

DANYANG WUJIANG

RUZHOU

CHENGDU 8

WUHAN 3

CHONGQING 3 KUNMING

SHANGHAI 29

NANTONG CHANGSHU JIANGYIN

SHAOXING NINGBO 4 TAIZHOU 3

HANGZHOU 17 ZHUJI

QUZHOU

WENZHOU 2 NANPING

CHANGSHA 2 DONGGUAN

FOSHAN 4 ZHONGSHAN 2

Ma Jianrong & family S

Shen Guojun S

$3.3 BIL #495 TEXTILES, APPAREL

$2.2 BIL #810 RETAIL

Qi Shi & family S

$2.2 BIL #810 ENTERTAINMENT

$3.3 BIL #495 FINANCIAL INFORMATION

Zhang Guiping & family S

JINJIANG 3 XIAMEN 3

$2.1 BIL #854 COPPER, REAL ESTATE

$3.3 BIL #495 SOLAR MATERIALS

Ji Changqun

Li Hejun T $3.2 BIL #527 RENEWABLE ENERGY

Cai Kui T $2.0 BIL #906 REAL ESTATE

Liu Yiqian S

Huang Wenji & family

$3.0 BIL #569 INVESTMENTS

$2.0 BIL #906 UMBRELLAS

Chanchai Ruayrungruang S

Hui Lin Chit T

Huang Rulun T

LI HEJUN: CHINAFOTOPRESS/GETTY IMAGES; PAINTING: PHILIPPE LOPEZ/AFP/GETTY IMAGES

In January, Zhou’s Kunlun Tech, one of China’s top game developers, acquired a 60% stake in gay dating app Grindr for $93 million in cash. The company is apparently hoping to use it to draw international traffic to its games. In February 2015 Kunlun signed a deal with Finland-based Rovio, maker of Angry Birds, to develop the game specifically for the Chinese market; a localized version was released five months later.

$2.0 BIL #906 HYGIENE PRODUCTS

$2.9 BIL #595 REAL ESTATE

Wu Guangming & family S

Lu Xiangyang S

$2.0 BIL #906 MEDICAL EQUIPMENT

$2.9 BIL #595 AUTOMOBILES, BATTERIES

Yan Zhi S

Xue Xiangdong & family T $2.8 BIL #612 SOFTWARE

Cai Dongqing S $2.7 BIL #638 ANIMATION

$2.6 BIL #666 PHARMACEUTICALS

Zhou Yahui

Sze Man Bok T

$3.2 BIL #527 DAIRY PRODUCTS

Ke Zunhong & family

NEWSMA K E R

$2.1 BIL #854 CHEMICALS

Yang Kai S

$2.7 BIL #638 NATURAL GAS DISTRIBUTION

EXPATRIATES HONG KONG 6

Jiang Weiping & family

$2.1 BIL #854 HYGIENE PRODUCTS

Li Shuirong S

HAINAN ISLAND

$2.1 BIL #854 REAL ESTATE

$3.2 BIL #527 REAL ESTATE

Wang Yusuo & family X

SHENZHEN 28

$2.1 BIL #854 HOSPITALS

Zhu Gongshan S

$2.7 BIL #638 INVESTMENTS

MACAU

Chen Bang S Feng Hailiang X

Chen Fashu T SHANTOU 2 CHAOZHUO PUNING

Xiao Wenge S

$3.3 BIL #495 REAL ESTATE

$2.9 BIL #595 ONLINE PAYMENT SERVICE

QUANZHOU 3

ANSHUN

$2.2 BIL #810 SURVEILLANCE EQUIPMENT

Simon Xie S

FUZHOU 3

GUANGZHOU 13

Fu Liquan & family X

$3.3 BIL #495 ACOUSTIC COMPONENTS

$3.0 BIL #569 REAL ESTATE

SUZHOU 5

WUXI LIN’AN 2 WUHU SHANGYU 2

NANYANG

Jiang Bin X

Wu Yajun & family T

BINZHOU

Song Zuowen X

$2.0 BIL #906 REAL ESTATE

Yi Zheng S $2.0 BIL #906 SOFTWARE

Du Jiangtao & family S $1.9 BIL #959 CHEMICALS

Huang Qiaoling $1.9 BIL #959 AMUSEMENT PARKS

Liang Xinjun T $1.9 BIL #959 CONGLOMERATE

Liang Yunchao T $1.9 BIL #959 NUTRITION SUPPLEMENTS

Que Wenbin & family S $1.9 BIL #959 PHARMACEUTICALS

$2.6 BIL #666 PETROCHEMICALS

Wang Jing T

Liu Zhongtian & family T

$1.9 BIL #959 TELECOM SERVICES

$2.6 BIL #666 ALUMINUM PRODUCTS

Wu Zhigang & family

Zhang Xin & family T

$1.9 BIL #959 FOOD

$2.6 BIL #666 REAL ESTATE

Yao Zhenhua

Li Zhongchu T

$1.9 BIL #959 LOGISTICS, REAL ESTATE

$2.5 BIL #688 SOFTWARE

Wang Xing S $2.5 BIL #688 E-COMMERCE

Yu Yong T $2.5 BIL #688 MINING INVESTMENTS

Lin Xiucheng & family S $2.4 BIL #722 ELECTRONICS

Wang Changtian S $2.4 BIL #722 TV, MOVIE PRODUCTION

Zhou Chengjian S $1.9 BIL #959 APPAREL RETAILER

Cao Longxiang & family S $1.8 BIL #1011 PHARMACEUTICALS

Chen Hua $1.8 BIL #1011 REAL ESTATE

Fang Wei X $1.8 BIL #1011 STEEL

Jiang Rensheng & family S $1.8 BIL #1011 VACCINE PRODUCTION

MARCH 21, 2016 FORBES | 91

THE WORLD’S BILLIONAIRES

CHINA

Jiang Zhaobai T

Huang Zhenda & family T

Liu Changqing & family T

Yao Xinyi

$1.5 BIL #1198 REAL ESTATE

$1.3 BIL #1367 CONSTRUCTION

$1.1 BIL #1577 AIR CONDITIONING

Wang Qingtao X

Li Li & family X

Hung Yau Lit

$1.2 BIL #1476 BANKING EQUIPMENT

$1.5 BIL #1198 PHARMACEUTICALS

$1.3 BIL #1367 INTIMATE WEAR

Ni Zhaoxing T

$1.1 BIL #1577 AUTO PARTS

$1.8 BIL #1011 STEEL SMELTING

Xu Jingren S $1.8 BIL #1011 PHARMACEUTICALS

Zhu Qingyi $1.8 BIL #1011 REAL ESTATE

Che Jianxing 4 $1.7 BIL #1067 FURNITURE RETAILING

Fu Meicheng & family S

Li Liufa & family T

Kei Hoi Pang T

$1.5 BIL #1198 STEEL, DIVERSIFIED

$1.3 BIL #1367 REAL ESTATE

$1.2 BIL #1476 REAL ESTATE

Ruan Shuilong & family T $1.2 BIL #1476 CHEMICALS

Lin Jianhua & family T

Li Weiwei

$1.5 BIL #1198 SOLAR COMPONENTS

$1.3 BIL #1367 ONLINE GAMES

Ma Hong & family S

$1.3 BIL #1367 BATTERIES, MINI MOTORS

Sun Shoukuan T

Lu Di

Wang Junjin

$1.3 BIL #1367 DRONES

$1.2 BIL #1476 REGIONAL AIRLINE

$1.5 BIL #1198 APPAREL RETAILER

Liang Guangwei X

Su Weizhong $1.2 BIL #1476 OIL, FERTILIZERS $1.2 BIL #1476 METALS. COAL

Yin Xingman & family Zhang Zhongneng & fam 4 $1.1 BIL #1577 ALUMINUM

Chen Jiancheng & family $1.0 BIL #1694 MANUFACTURING

Chen Jiangtao & family $1.0 BIL #1694 SOFTWARE

Cheng Wei $1.0 BIL #1694 RIDE-HAILING SERVICE

$1.7 BIL #1067 TV SHOWS, MOVIES

Ni Zugen

Li Shufu T

Qi Jinxing 4

Miao Shouliang X

Wen Jianping T

Dou Zhenggang 4

$1.7 BIL #1067 AUTOMOBILES

$1.5 BIL #1198 REAL ESTATE

$1.3 BIL #1367 REAL ESTATE, DIVERSIFIED

$1.2 BIL #1476 SEWAGE TREATMENT

$1.0 BIL #1694 ENERGY, WASTE, CHEMICALS

Liu Xiaodong

Shi Yuzhu T

Ou Zongrong

Wu Yiling & family T

Fu Kwan 4

$1.5 BIL #1198 ONLINE GAMES, INVESTMENTS

$1.3 BIL #1367 REAL ESTATE

$1.2 BIL #1476 PHARMACEUTICALS

$1.7 BIL #1067 PIG BREEDING

Shuai Fangwen & family S

Ren Jianhua

Yang Keng S

$1.0 BIL #1694 REAL ESTATE, DIVERSIFIED

$1.3 BIL #1367 KITCHEN APPLIANCES

$1.2 BIL #1476 REAL ESTATE

Ren Zhengfei S

$1.5 BIL #1198 PHARMACEUTICALS

$1.7 BIL #1067 TELECOM EQUIPMENT

Wang Jianfeng & family S

Shao Zhongyi T

$1.2 BIL #1476 EDUCATION

$1.5 BIL #1198 AUTO PARTS

$1.3 BIL #1367 SOYBEAN TRADING

$1.7 BIL #1067 FLAVORINGS

Qin Yinglin & family S

Shen Wenrong S $1.7 BIL #1067 STEEL PRODUCTION

$1.5 BIL #1198 APPLIANCES

Wang Laichun S $1.5 BIL #1198 ELECTRONICS COMPONENTS

Wang Chaobin

Yu Minhong 4 Zhao Xiaoqiang $1.2 BIL #1476 APPAREL

Gao Dekang & family T $1.0 BIL #1694 APPAREL

Don Gao T $1.0 BIL #1694 POWER TOOLS

He Zhiping & family $1.0 BIL #1694 INVESTMENTS

$1.3 BIL #1367 REAL ESTATE

Zheng Jianjiang & family

Wang Laisheng S

Wang Han

$1.2 BIL #1476 ELECTRICAL EQUIPMENT

Li Fuchao & family X

$1.5 BIL #1198 ELECTRONICS COMPONENTS

$1.3 BIL #1367 AIRLINE, DIVERSIFIED

Cheng Xue S

Liu Shaoxi T

Wen Yibo & family S

Wu Gang

$1.1 BIL #1577 SOY SAUCE

$1.0 BIL #1694 REAL ESTATE

$1.5 BIL #1198 WASTEWATER TREATMENT

$1.3 BIL #1367 MONEY MANAGEMENT

Chu Mang Yee & family X

Lu Feng

$1.1 BIL #1577 REAL ESTATE

$1.7 BIL #1067 SOFTWARE

Zhang Desheng & family

Wu Xushun & family

$1.0 BIL #1694 FINANCIAL INFORMATION

Zhang Li T

$1.5 BIL #1198 MANUFACTURING

Zhou Hongyi S

$1.3 BIL #1367 INTERNET, AUTO PARTS

$1.1 BIL #1577 PHOTOVOLTAIC EQUIPMENT

Lu Yonghua & family X

$1.7 BIL #1067 REAL ESTATE

Yuan Fugen & family

Gu Wei T

Lv Yongxiang & family

$1.3 BIL #1367 METAL PROCESSING

$1.1 BIL #1577 CONSUMER ELECTRONICS

$1.0 BIL #1694 MAGNETIC SWITCHES

Zhang Bangxin

Sun Xishuang T $1.7 BIL #1067 REAL ESTATE

Wang Wenjing T $1.7 BIL #1067 BUSINESS SOFTWARE

Xu Ziquan & family

Zhou Guohui S $1.7 BIL #1067 LOGISTICS

Chen Jianhua & family S $1.6 BIL #1121 CHEMICALS

Chen Jinxia T $1.6 BIL #1121 INVESTMENTS

Ding Shijia S $1.6 BIL #1121 SPORTSWEAR

Ding Shizhong & family S $1.6 BIL #1121 SPORTS APPAREL

Fu Guangming & family 4 $1.6 BIL #1121 POULTRY

Hu Kaijun S $1.6 BIL #1121 PHARMACEUTICALS

Huo Qinghua T $1.6 BIL #1121 COAL

Ke Xiping & family T $1.6 BIL #1121 INVESTMENTS

Lei Jufang S

$1.5 BIL #1198 SECURITY SOFTWARE

Gao Tianguo $1.4 BIL #1275 REAL ESTATE, FINANCE

Jiang Wei T $1.4 BIL #1275 PHARMACEUTICALS

Lam Kong T $1.4 BIL #1275 PHARMACEUTICALS

Ma Xingtian S $1.4 BIL #1275 PHARMACEUTICALS

Shao Genhuo T $1.4 BIL #1275 AGRIBUSINESS

Wang Jiufang 4 $1.4 BIL #1275 REAL ESTATE

Wong Kwong Yu & family T $1.4 BIL #1275 RETAIL

Wong Luen Hei S $1.4 BIL #1275 HOME BUILDING MATERIALS

$1.6 BIL #1121 PHARMACEUTICALS

Yuan Yafei S

Lin Li T $1.6 BIL #1121 INVESTMENTS

$1.4 BIL #1275 RETAILING, INVESTMENTS

Tian Ming X

Zhang Changhong T

$1.6 BIL #1121 MEASURING INSTRUMENTS

$1.4 BIL #1275 FINANCIAL INFORMATION SERVICE

Wang Zhenghua S

Zhou Yifeng & family

$1.6 BIL #1121 BUDGET AIRLINE

Zan Shengda X

$1.0 BIL #1694 TOURISM

Zhang Kaiyuan

He Yamin & family

$1.0 BIL #1694 APPAREL

$1.3 BIL #1367 GAS DESULFURIZATION

$1.1 BIL #1577 MANUFACTURING

Zhang Zhangsun & family

$1.1 BIL #1577 PHARMACEUTICALS

$1.3 BIL #1367 REAL ESTATE

Zheng Xiaodong $1.3 BIL #1367 MANUFACTURING

Zhu Chongyun & family X $1.3 BIL #1367 APPAREL RETAILER

Ao Xiaoqiang $1.2 BIL #1476 ELECTRICAL EQUIPMENT

Cai Xiaoru

Hua Xuande & family Li Tan T $1.1 BIL #1577 PHARMACEUTICALS

Li Yong $1.1 BIL #1577 CHEMICALS

Li Zhen & family $1.1 BIL #1577 LITHIUM BATTERIES

Lin Bin T $1.1 BIL #1577 SMARTPHONES

Liu Baolin T

$1.2 BIL #1476 ELECTRONIC COMPONENTS

$1.1 BIL #1577 PHARMACIES, DRUG DISTRIBUTION

Cao Kejian T

Liu Zhenguo S

$1.2 BIL #1476 AIR COMPRESSORS, DRILLS

$1.1 BIL #1577 SEWAGE TREATMENT

Chen Qingzhou & family

Nan Cunhui T

Shen Dongri Sun Qinghuan T $1.0 BIL #1694 LIGHTING

Wan Lianbu T $1.0 BIL #1694 FERTILIZERS

Wang Jinshu T $1.0 BIL #1694 CHEMICALS

Wang Junmin T $1.0 BIL #1694 PHARMACEUTICALS

Wang Wenliang X $1.0 BIL #1694 SHIPPING PORTS

Wei Shaojun T $1.0 BIL #1694 REAL ESTATE

Xiu Laigui T $1.0 BIL #1694 PHARMACEUTICALS

Jane Yan & family $1.0 BIL #1694 SOFTWARE

Ye Cheng T

$1.4 BIL #1275 CHEMICALS

Chen Yansheng & family

Pan Weiming

$1.0 BIL #1694 ONLINE GAMES

An Kang S

$1.2 BIL #1476 TOYS, ENTERTAINMENT

$1.1 BIL #1577 REAL ESTATE

Cheng Xianfeng $1.2 BIL #1476 PHARMACEUTICALS

$1.1 BIL #1577 HOME, OFFICE PRODUCTS

Geng Jianming & family T

Wang Junhao

Zhu Baoguo & family 4 $1.6 BIL #1121 PHARMACEUTICALS

$1.3 BIL #1367 INTERNET

Zhu Xingliang T

Hua Yong

$1.6 BIL #1121 CONSTRUCTION

$1.3 BIL #1367 SOFTWARE

Fang Tonghua & family

Huang Li T

92 | FORBES MARCH 21, 2016

Peng Jianhu & family

$1.1 BIL #1577 ELECTRONICS COMPONENTS

$1.0 BIL #1694 CONGLOMERATE

Chen Baozhen

$1.5 BIL #1198 REAL ESTATE

Han Tao

$1.3 BIL #1367 AFTERSCHOOL TUTORING

$1.1 BIL #1577 ELECTRICAL POWER EQUIPMENT

$1.3 BIL #1367 PHARMACEUTICALS

Huang Hongyun & family T

$1.0 BIL #1694 ELECTRONICS

$1.2 BIL #1476 COMMUNICATIONS EQUIPMENT

$1.6 BIL #1121 DIVERSIFIED

$1.5 BIL #1198 PHARMACEUTICALS

Fan Zhaoxia & family X

$1.0 BIL #1694 AUTO PARTS

$1.3 BIL #1367 INFRARED IMAGING SYSTEMS

Huang Qisen T $1.3 BIL #1367 REAL ESTATE

Ru Jiyong & family

$1.2 BIL #1476 REAL ESTATE

$1.1 BIL #1577 REGIONAL AIRLINE

Huang Chulong S

Wang Yue

$1.2 BIL #1476 REAL ESTATE

$1.1 BIL #1577 ONLINE GAMES

Li Fucheng & family

Swift Xie

$1.2 BIL #1476 AGRIBUSINESS

$1.1 BIL #1577 DRONES

Zeng Kaitian Zhang Keqiang 4 $1.0 BIL #1694 REAL ESTATE

Zhang Wanzhen $1.0 BIL #1694 ADVANCED CERAMICS

Zhou Yaoting & family T $1.0 BIL #1694 APPAREL, REAL ESTATE

Zhuang Min $1.0 BIL #1694 SURVEILLANCE EQUIPMENT

THE WORLD’S BILLIONAIRES

CZECH REPUBLIC

COLOMBIA GDP: $299.6 BIL POPULATION: 50 MIL BILLIONAIRES: 3 TOTAL NET WORTH: $13.6 BIL (–$4.9 BIL VS. 2015)

EGYPT GDP: $307.4 BIL POPULATION: 88 MIL BILLIONAIRES: 6 (–2 VS. 2015) TOTAL NET WORTH: $14.2 BIL (–$9.3 BIL VS. 2015)

PRAGUE 3 VELKE POPOVICE

BOGOTA 2

Luis Carlos Sarmiento T

VRANE NAD VLTAVOU

$8.9 BIL #124 BANKING

Nassef Sawiris T $3.7 BIL #421 CONSTRUCTION, CHEMICALS

Jaime Gilinski Bacal X

Naguib Sawiris T

$3.1 BIL #549 BANKING

$3 BIL #569 TELECOM

Carlos Ardila Lulle T

Mohamed Mansour T

EXPATRIATE 1

$1.6 BIL #1121 SOFT DRINKS, DIVERSIFIED

CYPRUS

$2.5 BIL #688 DIVERSIFIED

GDP: $18.9 BIL POPULATION: 1 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $13.4 BIL (–$2.4 BIL VS. 2015)

John Fredriksen T $8.5 BIL #133 SHIPPING

Stelios Haji-Ioannou T $1.4 BIL #1275 EASYJET

GDP: $182.4 BIL POPULATION: 11 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $17.8 BIL (+$2.3 BIL VS. 2015)

Youssef Mansour T $1.7 BIL #1067 DIVERSIFIED

Yasseen Mansour T $1.4 BIL #1275 DIVERSIFIED

Petr Kellner S Andrej Babis X

$1.3 BIL #1367 EASYJET

$2.5 BIL #688 AGRICULTURE

Suat Gunsel X

CAIRO 5

Radovan Vitek S

LEFKOSA

$1.1 BIL #1577 REAL ESTATE, EDUCATION

$1.9 BIL #959 REAL ESTATE

Clelia Haji-Ioannou T

EXPATRIATE 4

$1.1 BIL #1577 EASYJET R ICHEST

Karel Komarek T $1.6 BIL #1121 OIL & GAS

Pavel Tykac S

EXPATRIATE 1

$1.2 BIL #1476 COAL MINING

John Fredriksen Rough sailing for Fredriksen: Shares of his deepwater drillship operator Seadrill and dry bulk shipper Golden Ocean collapsed along with oil prices, shrinking his fortune by $2 billion. In December he told a Norwegian financial newspaper that he handed over responsibility for a $2 billion investment portfolio to his twin daughters, Cecilie and Kathrine, age 32.

FINLAND

DENMARK GDP: $295.8 BIL POPULATION: 6 MIL BILLIONAIRES: 6 (+1 VS. 2015) TOTAL NET WORTH: $29.4 BIL (+$3.7 BIL VS. 2015) SILKEBORG

Kjeld Kirk Kristiansen S $13.1 BIL #65 LEGO

AARHUS

Anders Holch Povlsen T

GDP: $228.3 BIL POPULATION: 5 MIL BILLIONAIRES: 6 (+1 VS. 2015) TOTAL NET WORTH: $10.5 BIL (+$2.4 BIL VS. 2015)

EXPATRIATE 1

HUMLEBAEK

BILLUND

$5.2 BIL #258 RETAIL

Niels Peter Louis-Hansen T $3.8 BIL #403 MEDICAL DEVICES

HADERSLEV

COPENHAGEN

Lars Larsen T

Antti Herlin T

$3.1 BIL #549 RETAIL

$3.5 BIL #453 ELEVATORS, ESCALATORS

Hanni Toosbuy Kasprzak T $2.6 BIL #666 SHOES

$2.8 BIL #612 DENTAL PRODUCTS

R ICH E ST

Martin Moller Nielsen

Ilkka Herlin T

Kjeld Kirk Kristiansen

$1.6 BIL #1121 AIRCRAFT LEASING

The Force is strong with the Lego deputy chairman: His net worth soared by $3.4 billion in the past year as movie-themed sets like Star Wars and Jurassic Park, as well as girlcentric Elves, flew off shelves, boosting sales 23% through June 2015. In this galaxy the little plastic bricks manufactured annually by Lego could circle the world 24 times over.

$1.1 BIL #1577 ELEVATORS, ESCALATORS

Niklas Herlin T $1.1 BIL #1577 ELEVATORS, ESCALATORS

Antti Aarnio-Wihuri X

HELSINKI 5

$1 BIL #1694 DIVERSIFIED

Ilona Herlin T $1 BIL #1694 ELEVATORS, ESCALATORS KIRKKONUMMI

N E WS M AKER

Ilkka Herlin In the cold dark waters off Scotland’s coast plans are in place for the world’s first floating wind farm, Statoil’s Hywind Scotland Pilot Park. MacGregor, a subsidiary of Cargotec, whose major shareholders are Niklas, Ilkka and Ilona Herlin, will provide the parts to help anchor turbines three times the height of the Statue of Liberty against the waves of the North Sea. WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

NICK HARVEY/GETTY IMAGES; STANISLAV KRASILNIKOV/NEWSCOM

Heikki Kyostila

94 | FORBES MARCH 21, 2016

$1.9 BIL #959 RETAIL, INVESTMENTS

$10.6 BIL #96 BANKING, INSURANCE

Polys Haji-Ioannou X

WINE-GROWING REGION

Mohamed Al Fayed T

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

23% 49%



28%

N E WCO M E R INHERITED & GROWING INHERITED SELF-MADE

He saw a windfall after his eponymous transportation and logistics company (founded in 1979) was sold to XPO Logistics for $3.5 billion in June 2015. Dentressangle owned 67% of the firm, which operates the world’s largest peaprocessing plant, distributes Red Bull Energy Drinks throughout Europe and manages a chocolate warehouse in .

TOP SECTORS

GDP: $2.4 TRIL POPULATION: 64 MIL BILLIONAIRES: 39 (–8 VS. 2015) TOTAL NET WORTH: $212 BIL (–$41.4 BIL VS. 2015)

Norbert Dentressangle

8 FASHION & RETAIL 7 FOOD & BEVERAGE 5 HEALTH CARE 3 CONSTRUCTION & ENGR

N E WS M A K E R

3 FINANCE & INVEST

LOUIS LE DUFF

NEWSMAKER

Jacques Saade EXPATRIATES 9

Saade’s shipping company CMA CGM made a splash in December 2015, when its container ship Benjamin Franklin became the largest ship in history to dock at a North American port. The ship, which is wider than a football field and longer than the Eiffel Tower is tall, called at the Port of Los Angeles before continuing on to Oakland, Calif.

NORBERT DENTRESSANGLE: ERIC PIERMONT/AFP/GETTY IMAGES; PATRICK DRAHI: NEWSCOM ; JACQUES SAADE: ARNOLD JEROCKI/POLARIS/NEWSCOM ; LOUIS LE DUFF: MARC OLLIVIER/OUEST /NEWSCOM

Every day a million people in 80 countries on six continents enjoy pastry king Louis Le Duff’s baked goods at his shops, including Brioche Dorée and Bruegger’s Bagels. The newest: A cafe in Côte d’Ivoire that opened in November is the first of what’s expected to be 30 restaurants in 7 African nations.

CHAMPAGNE

PARIS-SACLAY

LAVAL 3

NANTES

ALSACE

PARIS 20

LOIRE

BURGUNDY

Liliane Bettencourt & family T

ILE DE RE COURCHEVAL

$36.1 BIL #11 L’OREAL

Bernard Arnault & family T

LYON 2

$34 BIL #14 LVMH

Serge Dassault & family T

BORDEAUX

$14.7 BIL #56 AVIATION

Francois Pinault & family T

GRENOBLE

SAINTEMILION

$11.5 BIL #84 RETAIL

RHONE

Alain Wertheimer S

VALBONNE

$11 BIL #90 CHANEL

Gerard Wertheimer S

NICE

$11 BIL #90 CHANEL TOULOUSE

Xavier Niel T

MONTPELLIER

$8.6 BIL #129 INTERNET, TELECOM

Emmanuel Besnier S $7.6 BIL #151 CHEESE

Jean-Claude Decaux & fam T $6.5 BIL #176 ADVERTISING

Patrick Drahi T $5.9 BIL #205 TELECOM

Vincent Bollore T $5.3 BIL #248 INVESTMENTS

Pierre Bellon & family T $4.4 BIL #338 FOOD SERVICES

Carrie Perrodo & family T $4.2 BIL #358 OIL

Martin & Olivier Bouygues X $3.6 BIL #435 CONSTRUCTION, MEDIA

Michel Leclercq & family S

B IG G E ST LOS E R

LANGUEDOC

Patrick Drahi Drahi lost $10.1 billion as shares in his global telecom company, Altice, tumbled by 40% over the past year. Investors are reportedly nervous about the firm’s growing debt to finance expansion. In 2015 Altice made its first push into the U.S., snapping up a majority stake in cable operator Suddenlink for $9.1 billion. The Moroccanborn founder owns nearly 60% of Altice’s stock.

N E WS M A K E R

EMMANUEL BESNIER French dairy giant Lactalis, run by Besnier (who’s sometimes called ’s Howard Hughes because he’s so reclusive), was one of ten companies in a dairy cartel busted for price-fixing by ’s Competition Authority in March 2015. Lactalis, which is the world’s biggest dairy firm and known for its President’s Brie, received the stiffest fine of the group ($63.8 million).

$3.4 BIL #477 SPORTING GOODS

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

96 | FORBES MARCH 21, 2016

MARSEILLE

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

ST. TROPEZ CANNES ST. RAPHAEL ST. MAXIME

THE WORLD’S BILLIONAIRES Alain Merieux & family T $3.3 BIL #495 PHARMACEUTICALS

Bernard Fraisse S $3.0 BIL #569 PHARMACEUTICALS

Jean-Michel Besnier S $2.7 BIL #638 CHEESE

Marie Besnier Beauvalot S $2.7 BIL #638 CHEESE



RI CH E ST

BEATE HEISTER & KARL ALBRECHT JR.

GDP: $3.4 TRIL POPULATION: 81 MIL BILLIONAIRES: 120 (+17 VS. 2015) TOTAL NET WORTH: $469.1 BIL (+$34.1 BIL VS. 2015)

Discount supermarkets have saturated , so these siblings’ supermarket chain, Aldi Sued, has been expanding westward in the U.S., where its nearly 1,500 Aldi stores keep prices low by stocking a limited number of items and not accepting credit cards. Moving west puts them in stiffer competition with their cousin Theo Albrecht Jr. and his Aldi Nord, which owns popular grocery chain Trader Joe’s.

Jean Pierre Cayard T $2.7 BIL #638 SPIRITS

TOP SECTORS

WEALTH ORIGIN

Philippe Foriel-Destezet T $2.5 BIL #688 EMPLOYMENT AGENCY

32%

Louis Le Duff S

37 FASHION & RETAIL 19 HEALTH CARE

28%

18 MANUFACTURING

$2.5 BIL #688 BAKERIES 40%

Marc Ladreit de Lacharriere S $2.4 BIL #722 FINANCE

Nicolas Puech S

SYLT

10 FOOD & BEVERAGE

INHERITED & GROWING INHERITED SELF-MADE

EXPATRIATES 19

7 FINANCE & INVEST

$2.1 BIL #854 HERMES

7 MEDIA & ENTERTAIN

Clement Fayat & family S

HAMBURG 9

$1.8 BIL #1011 CONSTRUCTION

Michel Chalhoub & family T

AURICH

$1.7 BIL #1067 RETAIL

BREMEN

Jacques Saade & family S $1.7 BIL #1067 SHIPPING

Edouard Carmignac T $1.5 BIL #1198 ASSET MANAGEMENT

Gilles Martin S $1.5 BIL #1198 LABORATORY SERVICES

Alain Taravella S $1.4 BIL #1275 REAL ESTATE

Anne Beaufour S $1.3 BIL #1367 PHARMACEUTICALS

Henri Beaufour S $1.3 BIL #1367 PHARMACEUTICALS

Jean Burelle S $1.2 BIL #1476 AUTOMOTIVE SYSTEMS

Laurent Burelle S $1.2 BIL #1476 AUTOMOTIVE SYSTEMS

Charles Edelstenne S $1.2 BIL #1476 AVIATION

BRUNSWICK

OSNABRUCK STRAELEN

B IG G E ST LOS E R

Georg Schaeffler

DUISBURG

Schaeffler is worth $8.8 billion less this year after a drop in the stock price of tire and auto parts giant Continental, which he partly owns. Also his family’s ball bearing company, Schaeffler Group, went public in October at a valuation lower than the one FORBES had estimated a year ago.

MESCHEDE

GUETERSLOH ESSEN

KREFELD DUSSELDORF 2

MELSUNGEN 8

DRESDEN

ALLENDORF

KOENIGSTEIN

ROTTENDORF FRANKFURT 2 DARMSTADT

HERZOGENAURACH 2

WEINHEIM

RHEINGAU ST. WENDEL

HEIDELBERG 2

LUDWIGSHAFEN

INGOLSTADT WINNENDEN

STUTTGART 2

Norbert Dentressangle $1.1 BIL #1577 TRANSPORT, LOGISTICS

MUNICH 3

ULM 2

ROSENHEIM

OHNINGEN

Mohed Altrad X

ASCHAU

$1.0 BIL #1694 SCAFFOLDING, CEMENT MIXERS

TEGERNSEE 2

GEORGIA

NE WS MA KE R

WOLFGANG HERZ Time to change your favorite shade of blue? In 2013 ’s Federal Patent Court removed the color trademark for Nivea Blue, used by the Nivea skin-care company, but the country’s Supreme Court reversed the order in July 2015, a decision the firm applauded. Wolfgang Herz and his brother Michael own 51% of Beiersdorf, the parent company of Nivea.

N E WS M A K E R

Michael Otto It’s been a tough year for his Otto Group, the German parent of U.S. furniture and home-accessory retailer Crate & Barrel. Otto Group calls itself the world’s second-largest Internet retailer, after Amazon.com. In part because of a weak Russian ruble and competition from China’s e-commerce giant Alibaba, Otto Group booked a net loss of $215 million in fiscal 2015.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

98 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

N E WCO M E R

Kurt Krieger

SCHWIEBERDINGEN

KARLSRUHE

$1.2 BIL #1476 ANIMAL FEED

NEUSTADT AN DER WALDNAAB

NECKARSULM

BRUCHSAL 2

WALLDORF

Daniel Roullier & family T

$4.8 BIL #298 INVESTMENTS

LEIPZIG

GREBENHAIN BAD HOMBURG MONTABAUR DREIEICH

$1.2 BIL #1476 WATER

Bidzina Ivanishvili T

BERLIN 5

DUDERSTADT

RHEDAWIEDENBRUECK 2 MULHEIM AN DER RUHR 2

Pierre Papillaud X

GDP: $14 BIL POPULATION: 4 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $4.8 BIL (–$400 MIL VS. 2015)

DOMICILE UNKNOWN 9

LOWER SAXONY

BIELEFELD 7 DETMOLD

Krieger bought the rights to longtime furniture chain Hoeffner in 1967 and turned it into one of ’s largest furniture retailers, competing with the Swedish giant IKEA. Since 2008 Krieger’s daughter Sonja has been managing director. Hoeffner Group has estimated revenues of $2.2 billion.

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

Ask questions. Be engaged. Own your tomorrow.™

In life, you question everything. The same should be true when it comes to managing your ZHDOWK'R\RXNQRZZKDW\RXULQYHVWPHQWUHFRPPHQGDWLRQVDUHEDVHGRQ"'RHV\RXU÷QDQFLDO professional stand by their word? Do you know how much you’re paying in fees? And how those IHHVDIIHFW\RXUUHWXUQV"$VN\RXU÷QDQFLDOSURIHVVLRQDODQGLI\RXGRQÚWOLNHWKHLUDQVZHUVDVN again at Schwab. We think you’ll like what we have to say. Talk to us or one of the thousands of independent ed investment advisors that do business with Schwab.

Wealth Management at Charles Schwab PLANNING | PORTFOLIO MANAGEMENT | INCOME STRATEGIES | BANKING

Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value To see how Schwab stands by our word, visit www.schwab.com/ability ,QGHSHQGHQWUHJLVWHUHGLQYHVWPHQWDGYLVRUVÜDGYLVRUVÝ DUHQRWRZQHGE\DI÷OLDWHGZLWKRUVXSHUYLVHGE\6FKZDERULWVDI÷OLDWHV6FKZDESURYLGHVFXVWRG\WUDGLQJDQG RSHUDWLRQDOVXSSRUWVHUYLFHVIRUDGYLVRUV1RWDOOSURGXFWVDQGVHUYLFHVDYDLODEOHWKURXJK6FKZDEDQGLWVDI÷OLDWHVDUHDYDLODEOHWKURXJKDGYLVRUV5HJLVWUDWLRQGRHVQRWLPSO\D certain level of skill or training. There are eligibility requirements to work with a dedicated Financial Consultant. Wealth management refers to products and services available through the operating subsidiaries of the Charles Schwab Corporation of which there are important differences including, but not limited to, the type of advice and assistance provided, fees charged, and the rights and obligations of the parties. It is important to understand the differences when determining which products and/or services to select. 7KH&KDUOHV6FKZDE&RUSRUDWLRQSURYLGHVDIXOOUDQJHRIEURNHUDJHEDQNLQJDQG÷QDQFLDODGYLVRU\VHUYLFHVWKURXJKLWVRSHUDWLQJVXEVLGLDULHV,WVEURNHUGHDOHUVXEVLGLDU\ Charles Schwab & Co., Inc. (“Schwab”), Member SIPC, offers investment services and products, including Schwab brokerage s. Its banking subsidiary, Charles Schwab %DQNPHPEHU)',&DQGDQ(TXDO+RXVLQJ/HQGHU SURYLGHVGHSRVLWDQGOHQGLQJVHUYLFHVDQGSURGXFWV$6.48(67,216%((1*$*('2:1<2857202552:LVD WUDGHPDUNRI&KDUOHV6FKZDE &R,QFk7KH&KDUOHV6FKZDE&RUSRUDWLRQ$OOULJKWVUHVHUYHG $'3

THE WORLD’S BILLIONAIRES

Beate Heister & Karl Albrecht Jr. S $25.9 BIL #21 ALDI

Theo Albrecht Jr. & family S

Heinz-Georg Baus S

Jurgen Blickle S

Friederike Braun-Luedicke

Johanna Braun

$3.8 BIL #403 HOME IMPROVEMENT STORES

$2.2 BIL #810 AUTO PARTS

$1.4 BIL #1275 MEDICAL TECHNOLOGY

$1.2 BIL #1476 MEDICAL TECHNOLOGY

Traudl Engelhorn & family S

$2.2 BIL #810 PUBLISHING

$3.8 BIL #403 PHARMACEUTICALS, MEDICAL EQUIPMENT

$20.3 BIL #34 ALDI, TRADER JOE’S

Ursula Engelhorn & family S

Susanne Klatten S

$3.8 BIL #403 PHARMACEUTICALS, MEDICAL EQUIPMENT

$18.5 BIL #38 BMW, PHARMACEUTICALS

Georg Schaeffler T

Michael Herz T $3.8 BIL #403 COFFEE

$18.1 BIL #39 BALL BEARINGS

Wolfgang Herz T

Dieter Schwarz T

$3.8 BIL #403 COFFEE

$16.4 BIL #47 RETAIL

Axel Oberwelland S

Stefan Quandt X

$3.7 BIL #421 CANDY

$15.6 BIL #48 BMW

Siegfried Meister S

Michael Otto & family T

$3.6 BIL #435 APPLIANCES

Hubert Burda T Bergit Douglas S $2.1 BIL #854 CONSUMER GOODS

Hans Georg Naeder S $2.1 BIL #854 PROSTHETICS

Alfred Oetker S $2.1 BIL #854 CONSUMER GOODS

August Oetker S $2.1 BIL #854 CONSUMER GOODS

Richard Oetker S $2.1 BIL #854 CONSUMER GOODS

Carl Ferdinand Oetker S

Anton Kathrein Jr T $1.4 BIL #1275 ANTENNAS

Ludwig Theodor Braun

Horst Julius Pudwill S

$1.2 BIL #1476 MEDICAL TECHNOLOGY

$1.4 BIL #1275 MANUFACTURING

Dieter Schaub $1.4 BIL #1275 MEDIA

Jost Hellmann $1.3 BIL #1367 LOGISTICS

Klaus Hellmann $1.3 BIL #1367 LOGISTICS

Christian Oetker S

$1.3 BIL #1367 MEDICAL FACILITIES

$3.4 BIL #477 MEDIA

$2.1 BIL #854 CONSUMER GOODS

Heinz Hermann Thiele & fam S

Friede Springer T

Julia Oetker S

$10 BIL #103 SHIPPING

$1.2 BIL #1476 MEDICAL TECHNOLOGY

Lutz Mario Helmig T

Elisabeth Mohn & family T

Klaus-Michael Kuehne T

Karl Friedrich Braun

$1.4 BIL #1275 SAP

$2.1 BIL #854 CONSUMER GOODS

$15.4 BIL #51 RETAIL, REAL ESTATE $11.7 BIL #82 BRAKES

Hans-Werner Hector T

Johannes Karcher

Peter Leibinger $1.2 BIL #1476 MACHINE TOOLS

Regine Leibinger $1.2 BIL #1476 MACHINE TOOLS

Monika Schoeller S $1.2 BIL #1476 PUBLISHING

Stefan von Holtzbrinck S $1.2 BIL #1476 PUBLISHING

Horst Wortmann T $1.2 BIL #1476 FOOTWEAR

Albert Berner & family T

$3.4 BIL #477 PUBLISHING

$2.1 BIL #854 CONSUMER GOODS

$1.3 BIL #1367 VACUUMS, CLEANING PRODUCTS

Erich Kellerhals T

Rosely Schweizer S

Erika Pohl-Stroeher X

Friedrich Knapp T

$1.3 BIL #1367 HAIR PRODUCTS

$1.1 BIL #1577 RETAIL

Nicola LeibingerKammueller

$1.1 BIL #1577 FASTENERS

$3.3 BIL #495 ELECTRONICS RETAILER

$2.1 BIL #854 CONSUMER GOODS

$9.5 BIL #113 SOFTWARE

Martin Viessmann & family T

$2 BIL #906 AUTO PARTS

Susanne Zimmermann  von Siefart 

Udo & Harald Tschira

$3.3 BIL #495 HEATING EQUIPMENT

Clemens Toennies T

$1.3 BIL #1367 VACUUMS, HOME CLEANING PRODUCTS

$1.1 BIL #1577 MACHINERY

Anna Maria Braun

$1.1 BIL #1577 BEER

Hasso Plattner & family S

$9.3 BIL #116 SOFTWARE

Reinhold Wuerth & family S $8.1 BIL #141 FASTENERS

Dietmar Hopp & family S

Andreas von Bechtolsheim & family T $3.3 BIL #495 GOOGLE

$7.9 BIL #146 SOFTWARE

Andreas Struengmann T

August von Finck T $7.6 BIL #151 INVESTMENTS

Thomas Struengmann T

Walter Droege $6.4 BIL #178 CONSULTING

Erwin Franz Mueller S

Curt Engelhorn & family X $6.2 BIL #188 PHARMACEUTICALS

Erivan Haub & family T

Wolfgang Marguerre S $6.1 BIL #196 PHARMACEUTICALS

Guenther Lehmann S

Heinrich Deichmann & fam S $5.6 BIL #228 FOOTWEAR

Dirk Rossmann & family X

Aloys Wobben S

Otto Philipp Braun

$5.4 BIL #240 WIND TURBINES

Guenther Fielmann & fam. S

$3.2 BIL #527 PHARMACEUTICALS $3.2 BIL #527 PHARMACEUTICALS $3 BIL #569 DRUGSTORES $2.9 BIL #595 RETAIL $2.9 BIL #595 DRUGSTORES $2.9 BIL #595 DRUGSTORES $2.8 BIL #612 MEDICAL TECHNOLOGY

$5.3 BIL #248 OPTOMETRY

Otto Happel S

Ludwig Merckle S

$2.8 BIL #612 ENGINEERING

$5.1 BIL #262 PHARMACEUTICALS

Daniela Herz T

Karl-Heinz Kipp X

$2.8 BIL #612 COFFEE

$5 BIL #270 RETAIL

Guenter Herz & Family T

Michael Stoschek & family S

$2.8 BIL #612 COFFEE

$4.8 BIL #298 AUTO PARTS

Alexandra Schorghuber S

Hans Peter Wild S

$2.8 BIL #612 REAL ESTATE

$4.7 BIL #308 FLAVORINGS

Hans Strothoff

Theo Mueller S

$2.8 BIL #612 KITCHEN, PLUMBING RETAILER

$4.5 BIL #324 DAIRY

Maria-Elisabeth Schaeffler T $4.5 BIL #324 BALL BEARINGS

Wolfgang Reimann S $4.4 BIL #338 CONSUMER GOODS

Yvonne Bauer & family T $2.6 BIL #666 MEDIA

Dieter Schnabel S $2.5 BIL #688 CHEMICALS

Bernd Freier S

Matthias ReimannAndersen S

$2.4 BIL #722 RETAIL

$4.4 BIL #338 CONSUMER GOODS

$2.4 BIL #722 MANUFACTURING

Stefan Reimann-Andersen S

Friedhelm Loh T

Rainer Blickle S

$2 BIL #906 MEAT PROCESSING

Peter Unger S $2 BIL #906 AUTO REPAIR $2 BIL #906 REAL ESTATE, INVESTMENTS

Thomas Bruch & family S $1.8 BIL #1011 FOOD RETAILING

Hedda Brahm Droege Gudrun Heine $1.8 BIL #1011 MEDICAL DEVICES

Sybill Storz $1.8 BIL #1011 MEDICAL DEVICES

Sylvia Stroeher X $1.8 BIL #1011 COSMETICS

Philip Niarchos X $2.5 BIL #688 ART COLLECTION

Spiro Latsis & family T $2 BIL #906 BANKING, SHIPPING

EXPATRIATES 2

$1.7 BIL #1067 AUTO PARTS

Rolf Gerling S $1.7 BIL #1067 INSURANCE

Klaus-Peter Schulenberg S $1.7 BIL #1067 TICKETING SERVICE

Torsten Toeller X $1.7 BIL #1067 PET FOOD

SKORPIOS MYKONOS

Willibert Krueger $1.6 BIL #1121 FOOD PROCESSING

SANTORINI

Robert Toennies T $1.6 BIL #1121 MEAT PROCESSING

Josef Boquoi & family X $1.5 BIL #1198 FROZEN FOODS

Christoph Henkel T $1.5 BIL #1198 CONSUMER GOODS

$4.4 BIL #338 CONSUMER GOODS

Kurt Krieger

Bernhard Braun-Luedicke

Bernard Broermann S

$2.3 BIL #771 FURNITURE RETAILING

100 | FORBES MARCH 21, 2016

GDP: $194 BIL POPULATION: 11 MIL BILLIONAIRES: 2 (–1 VS. 2015) TOTAL NET WORTH: $4.5 BIL (–$2.5 BIL VS. 2015)

Fritz Draexlmaier S

$2.4 BIL #722 RETAIL

$4.2 BIL #358 INTERNET SERVICE PROVIDER

GREECE

$1.7 BIL #1067 AUTO PARTS

Renate Reimann-Haas S

$2.3 BIL #771 FOOD WHOLESALE AND RETAIL

$1 BIL #1694 FURNITURE

Hubertus Benteler

Matthias Reinhart

Herman Langness

Bruno Steinhoff T

$1.8 BIL #1011 CONSULTING

Michael & Reiner Schmidt-Ruthenbeck T

Ralph Dommermuth S

Susanne Veltins

Georg von Opel X

$4.4 BIL #338 CONSUMER GOODS

$4.3 BIL #351 HOSPITALS

$1.2 BIL #1476 MEDICAL TECHNOLOGY

$1.5 BIL #1198 FINANCE $1.4 BIL #1275 MEDICAL TECHNOLOGY

Eva Maria Braun-Luedicke $1.4 BIL #1275 MEDICAL TECHNOLOGY

GUERNSEY GDP: $2.6 BIL POPULATION: 63,000 BILLIONAIRES: 1 TOTAL NET WORTH: $1.9 BIL (+$100 MIL VS. 2015)

Stephen Lansdown S $1.9 BIL #959 FINANCIAL SERVICES

“WHEELS UP LETS ME FLY EFFICIENTLY, LAND CLOSER, AND MAKE IT HOME IN TIME FOR A HEALTHY DINNER.” Name: Title:

Irwin Simon CEO, Hain Celestial Group, Inc. Father, Husband, Entrepreneur Aircraft: King Air 350i

1- 8 5 5 - F LY- 8 76 0 WHEELSUP.COM

The King Air 350i is the most efficient way to make every appointment, from my multiple Hain Plants to retailers to a night with the kids at home. It’s the smartest way to balance my work schedule with my family life, while still watching my bottom line. Wheels Up acts as an agent for the Wheels Up , and is not the operator of the program aircraft; FAA licensed and DOT ed air carriers participating in the program exercise full operational control of the program aircraft. Subject to additional and conditions in the Wheels Up Program documents.

THE WORLD’S BILLIONAIRES

HONG KONG

N E WS M A K E R

JOSEPH LAU Lau purchased a 16-carat pink diamond for $29 million in November and named it “Sweet Josephine.” One day later he bought a rare 12-carat blue diamond for a record-breaking $49 million for his 7-year-old daughter, Josephine. Meanwhile, the real estate tycoon is awaiting possible extradition to Macau after being sentenced by the city to more than five years in prison for bribery and money laundering in 2014.

GDP: $309.1 BIL POPULATION: 7 MIL BILLIONAIRES: 64 (+9 VS. 2015) TOTAL NET WORTH: $241.3 BIL (–$4.8 BIL VS. 2015) TOP SECTORS

WEALTH ORIGIN

25 REAL ESTATE

2% 34% 64%

8 MANUFACTURING

EXPATRIATES 11

6 DIVERSIFIED

INHERITED & GROWING INHERITED SELF-MADE

HONG KONG

6 FASHION & RETAIL

53

5 GAMBLING, CASINOS

HONG KONG SCIENCE PARK

Li Ka-shing T $27.1 BIL #20 DIVERSIFIED

Lee Shau Kee T $21.5 BIL #31 REAL ESTATE

Cheng Yu-tung S

N E WCO M E R

LAN KWAI FONG

$14.5 BIL #58 DIVERSIFIED

Zhou Qunfei DEEP WATER BAY

$13.1 BIL #65 REAL ESTATE

Thomas & Raymond Kwok T

REPULSE BAY

$13 BIL #68 REAL ESTATE

Lui Che Woo T

B IG G E ST LOS E R

$7.6 BIL #151 CASINOS

Li Ka-shing

Peter Woo T

Li’s net worth tumbled $6.2 billion in the past year to $27.1 billion, its lowest level in four years. The culprit: Shares of Canadian oil giant Husky Energy, in which he’s been an investor for nearly 30 years, lost more than half their value, knocking $5.1 billion off his fortune. Back in Asia his loyalty to the mainland was questioned by China’s government-controlled media in September, following asset disposals there and more than $28 billion in investments in Europe over the previous five years; Li denied the claims in a three-page statement.

$6.6 BIL #174 REAL ESTATE

Walter Kwok T $6.2 BIL #188 REAL ESTATE

Pan Sutong T $5.9 BIL #205 REAL ESTATE, FINANCE

Zhou Qunfei

Yeung Kin-man

William Fung T

$2.7 BIL #638 ELECTRONICS

$1.6 BIL #1121 SOURCING

Lam Wai Ying

Li Sze Lim T

$5.8 BIL #214 HOTELS, ENERGY

$2.6 BIL #666 ELECTRONICS

$1.6 BIL #1121 REAL ESTATE

Francis Choi S

Ronald McAulay T

Tianfu Lin T

$5.7 BIL #219 REAL ESTATE

$2.6 BIL #666 ENERGY

Law Kar Po S

Huang Shih Tsai T

$1.6 BIL #1121 FOOTWEAR, APPAREL

$5.9 BIL #205 SMARTPHONE SCREENS

Michael Kadoorie T

$5.3 BIL #248 REAL ESTATE

$2.4 BIL #722 REAL ESTATE

Vivien Chen T

Patrick Lee X

$5.1 BIL #262 REAL ESTATE

$2.4 BIL #722 PAPER

Richard Li S

Michael Ying T

$4.6 BIL #317 TELECOM

$2.4 BIL #722 RETAIL

Gong Hongjia & family T

Fong Yun Wah X

$1.6 BIL #1121 CONGLOMERATE

Or Wai Sheun T

$2.3 BIL #771 REAL ESTATE

Edwin Leong S

Tang Yiu T $2.3 BIL #771 RETAIL

Hui Wing Mau T

Vincent Lo S

$3.7 BIL #421 REAL ESTATE

$2 BIL #906 REAL ESTATE

Pansy Ho T

Sit Kwong Lam S

$1.2 BIL #1476 REAL ESTATE, SHIPBUILDING

Billy Kan T $1.1 BIL #1577 FINANCE, ENERGY

Thomas Lau T $1.1 BIL #1577 DEPARTMENT STORES

Liu Zhiqiang $1.1 BIL #1577 CONGLOMERATE

$1.6 BIL #1121 REAL ESTATE

Hsiang-chien Tang T

Cho Tak Wong X

$1.1 BIL #1577 TEXTILES, ELECTRONICS

$1.5 BIL #1198 AUTO PARTS

$4.1 BIL #369 INVESTMENTS $3.9 BIL #392 REAL ESTATE

Lo Siu Yu & family S

Zhang Zhirong T

Wong Man Li S $1.5 BIL #1198 FURNITURE

Chan Tan Ching-fen $1.4 BIL #1275 REAL ESTATE

Angela Leong T

Tung Chee Hwa $1.1 BIL #1577 SHIPPING

Allan Wong T $1.1 BIL #1577 ELECTRONICS

Albert Yeung T

$1.4 BIL #1275 CASINOS

$1.1 BIL #1577 REAL ESTATE, RETAIL

$2 BIL #906 OIL, TRANSPORTATION

Li Wa

Yu Peidi & family S

$1.4 BIL #1275 REAL ESTATE

$1.1 BIL #1577 REAL ESTATE

King Pak Fu X

Tung Chee Chen

Zhai Meiqin

$1.9 BIL #959 REAL ESTATE

$1.4 BIL #1275 SHIPPING

$1.1 BIL #1577 CONGLOMERATE

Lee Man Tat S

Wu Jianshu

Lo Siu-tong

$3.1 BIL #549 REAL ESTATE

$1.9 BIL #959 FOOD

$1.4 BIL #1275 AUTO PARTS

C.F. Chan

$1 BIL #1694 REAL ESTATE, HOTELS

Ye Chenghai & family X

Cui Lijie S

$3 BIL #569 PHARMACEUTICALS

$1.8 BIL #1011 GAMBLING

$1.3 BIL #1367 HOTELS

Silas Chou S

Xiong Xuqiang & family S

Lawrence Ho T

$1.8 BIL #1011 REAL ESTATE

$1.2 BIL #1476 CASINOS

$3.4 BIL #477 CASINOS

Pollyanna Chu S $3.1 BIL #549 FINANCIAL SERVICES

Samuel Tak Lee S

$2.7 BIL #638 APPAREL

102 | FORBES MARCH 21, 2016

OIL & GAS FIELDS AND DEPOSITS

Thor Bjorgolfsson S $1.6 BIL #1121 INVESTMENTS

EXPATRIATE 1

$1.7 BIL #1067 FLAVORINGS

PLAYGROUND

GDP: $16.8 BIL POPULATION: 300,000 BILLIONAIRES: 1 TOTAL NET WORTH: $1.6 BIL (+$300 MIL VS. 2015)

$1 BIL #1694 VENTURE CAPITAL

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

ICELAND

Neil Shen X

Chu Lam Yiu T

WINE-GROWING REGION

The world’s richest self-made female entrepreneur, Zhou jumped into the billionaire ranks in March 2015 when her Lens Technology, maker of glass components for phones and tablets for customers such as Apple, went public on the Shenzhen Stock Exchange. Zhou reportedly grew up poor in rural China and started working in a glass factory in 1993. She set up her own company in 2003. Today Lens has more than 60,000 employees.

FINANCIAL CENTER

DIAMOND: IMAGE COURTESY THE GEMOLOGICAL INSTITUTE OF AMERICA; TOMOHIRO OHSUMI/BLOOMBERG; AFP/GETTY IMAGES

Joseph Lau S

PROMOTION

BURGESS IN 2016

THE GLOBAL LEADER IN SUPERYACHT SALES INTRODUCES SILVER FAST

By GEORGIA BYRD

The superyacht market is healthy and thriving as it recovers from a period of economic upheaval, which is resulting in an astounding level of success for Burgess, the 40-year-old global superyacht leader. ccording to President and Chief Executive Officer Jonathan Beckett, one of the world’s most highly respected authorities on private luxury yachting, Burgess has transitioned into what he calls today’s “new market,” a market that is seeing impressive sales figures and parity in supply and demand. Prior to the close of the final quarter of 2015, he reports, Burgess was tracking ahead in the industry for the second consecutive year, having sold yachts totaling more than 1 billion euros (US$1.23 billion) and 4,921 feet of combined length. These numbers are expected to keep pace in 2016. Beckett and his team attribute the favorable euro-dollar exchange rate for attracting an increasing number of dollar-based clients. In addition, they credit improved technology for enabling owners to spend more time aboard their yachts. Beckett says an increasing number of today’s owners are pushing the envelope, building new yachts that are bigger, more technologically advanced

1

Yachting

and luxurious than ever before, challenging builders who are producing just that. “The new market is a sensible market where prices are reasonable, not inflated,” says Beckett. “The stability of today’s market is encouraging people to step back into the yacht market, both in sales and charter—and, as a result, 2014 and 2015 were two of our best ever performance years.” The expertise of the Burgess team to sell, charter, manage and oversee new builds guides clients to the perfect superyacht experience, time after time. Illustrative of the trust Burgess elicits in the superyacht world is one such client who has returned, tasking the sales team yet again with a significant challenge: to sell one of the world’s newest and fastest yachts.

Silver Fast: In a Class of Its Own The fourth in the Silver Series lineage is the 252.6-foot Silver Fast. Making her U.S. debut at Yachts Miami Beach in February before an audience comprising some

Go fast. Go anywhere.

NEW YORK

+1 212 223 0410

MIAMI

+1 305 672 0150

LOS ANGELES

+1 310 424 5112

LONDON

+44 20 7766 4300

MONACO

+377 97 97 81 21

MOSCOW | PALMA | ATHENS | SEATTLE | HONG KONG | SINGAPORE | TOKYO

THE WORLD’S LEADING SUPERYACHT AUTHORITY

[email protected]

WWW.BURGESSYACHTS.COM

PROMOTION

of the world’s most discriminating yacht buyers, Silver Fast dazzled onlookers as well as the international media. Her slender, contemporary aluminum hull glides through the seas with a quiet speed unparalleled in yachts of her size. With a maximum speed of nearly 27 knots and a cruising speed of 20 to 22 knots, her video footage emulates a film in fast motion. Silver Fast’s light build of 952 gross tons makes her exceedingly fuel efficient, and she can travel up to 4,500 nautical miles at 18 knots, transporting guests with the efficiency of an expedition yacht, but with a much slimmer and stunningly beautiful

profile. She is also vibration-free for smooth and quiet nighttime ages when traveling at 18 to 20 knots. Silver Fast has an impressively shallow draft at 8.5 feet, enabling her to carry a crew of 18 and up to 18 guests to ports and private islands that are inaccessible to many yachts of this length. Her allure is even more evident inside, where a lavishly contemporary interior offers both space and amazing visibility of the outside surroundings. Custom finishes combine diverse textures and surfaces from metallic painted walls to leather steps. An aft theater room with a high-end plasma cinema screen satisfies a desire for high-tech custom entertainment options for her would-be owners. She also features a delightful winter garden with a table that can seat up to 20 guests either in the open air or shielded by a sliding glass wall, ensuring optimal dining views no matter what the weather may be. Silver Fast’s “beach club” is a haven for workout enthusiasts, offering gym equipment, a sauna, a hot steam room, a massage room and a beauty salon. An eight-person Jacuzzi beckons on the sundeck and a helipad provides a stable landing platform for an AgustaWestland AW109 or a Eurocopter EC135 for swift ventures to and from land. Silver Fast is offered for sale by Burgess with an asking price of 79.5 million euros (US$90 million at press time). For more information on Silver Fast or any of Burgess’ amazing yachts for sale or charter, visit www.burgessyachts.com or the Burgess sales team at [email protected].

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

: John Dane, [email protected] or call: 228-861-8064 to schedule a visit.

WEALTH ORIGIN 7% 45%

INDIA

INHERITED & GROWING INHERITED SELF-MADE

TOP SECTORS

GDP: $2.1 TRIL POPULATION: 1.3 BIL BILLIONAIRES: 84 (–6 VS. 2015) TOTAL NET WORTH: $248.4 BIL (–$45.9 BIL VS. 2015)

Mukesh Ambani T $19.3 BIL #36 PETROCHEMICALS, OIL & GAS

Dilip Shanghvi T $16.7 BIL #44 PHARMACEUTICALS

Azim Premji T $15 BIL #55 SOFTWARE SERVICES

Shiv Nadar T

THE WORLD’S BILLIONAIRES

48%

15

R IC HE ST

HEALTH CARE 13

Mukesh Ambani

DIVERSIFIED 8 FASHION & RETAIL

The time of reckoning for Ambani’s $15 billion bet on highspeed mobile data is fast approaching. Ahead of its public launch this year, his Reliance Jio introduced its 4G services to employees and their families in December, handing out 500,000 free connections. It also started selling its Lyf-branded smartphones, the cheapest of which costs $95. (Reliance controls Network18, which publishes FORBES INDIA, a licensed publication of FORBES.)

8 TECHNOLOGY 7 MANUFACTURING 7 REAL ESTATE

B IG G E ST G A I N E R

CYRUS POONAWALLA

$11.1 BIL #88 SOFTWARE SERVICES

Cyrus Poonawalla S

DELHI 13

HISAR 1

$8.5 BIL #133 VACCINES

In September, India’s vaccine king agreed to spend $110 million for Lincoln House, the former American consulate in South Mumbai. The transfer of the iconic seafront mansion, built in 1938 by the Maharaja of Wankaner from Gujarat, still needs government approval. Poonawalla, who added $1.9 billion to his wealth in the past year due to higher profits at his Serum Institute of India, isn’t likely to move into his new weekend retreat anytime soon.

Lakshmi Mittal T $8.4 BIL #135 STEEL

Uday Kotak T $6.3 BIL #184 BANKING

AHMEDABAD 6

Kumar Birla T $6.1 BIL #196 COMMODITIES

Sunil Mittal & family T $5.7 BIL #219 TELECOM

KOLKATA 4

BARODA 1

Desh Bandhu Gupta T $5.5 BIL #233 PHARMACEUTICALS MUMBAI 31

Shashi & Ravi Ruia S $5 BIL #270 DIVERSIFIED

PUNE 5

Micky Jagtiani T $4.4 BIL #338 RETAIL

HITEC CITY

M.A. Yusuff Ali S $4.2 BIL #358 RETAIL

HYDERABAD 2

Vikram Lal S $4 BIL #380 MOTORCYCLES

ELECTRONIC CITY

Subhash Chandra T

GOA

$3.6 BIL #435 MEDIA

BANGALORE 10

Gautam Adani T $3.5 BIL #453 COMMODITIES, INFRASTRUCTURE

TIDAL PARK

CHENNAI 1

$3.5 BIL #453 CEMENT LINCOLN HOUSE: SHAILESH ANDRADE/REUTERS; SUBHANKAR CHAKRABORTY/NEWSCOM

Savitri Jindal & family T $3.5 BIL #453 STEEL THRISSUR 1

Pankaj Patel T $3.5 BIL #453 PHARMACEUTICALS

COCHIN 1

Kapil & Rahul Bhatia + $3.1 BIL #549 AIRLINES

Indu Jain S

Kuldip Singh & Gurbachan Singh Dhingra S

$3.1 BIL #549 MEDIA

$2.5 BIL #688 PAINTS

Sudhir & Samir Mehta X

P.V. Ramprasad Reddy S

$3 BIL #569 DIVERSIFIED

$2.5 BIL #688 PHARMACEUTICALS

Ravi Pillai S $2.9 BIL #595 CONSTRUCTION

Kushal Pal Singh T $2.8 BIL #612 REAL ESTATE

Anil Ambani T $2.5 BIL #688 DIVERSIFIED

N E WCO M E R

KAPIL & RAHUL BHATIA

Benu Gopal Bangur T

EXPATRIATES 8 INFOPARK

Starting with a single plane in 2006, IndiGo has become India’s largest and most profitable airline, with a fleet of more than 100 aircraft, all made by Airbus. It flew past rivals on its reputation for punctuality. Its October IPO propelled the father and son owners, Kapil and Rahul, as well as cofounder and industry veteran Rakesh Gangwal, into the billionaire ranks.

N E WCO M E R

Sachin Bansal Two former Amazon engineers, Sachin Bansal and Binny Bansal, who have the same last name but are not related, started selling books online from an apartment in Bangalore in 2007, pooling $6,000 in savings. Today their Amazon clone, Flipkart, has 46 million ed customers, makes 8 million shipments a month and is valued at $15.2 billion.

Rahul Bajaj T $2.4 BIL #722 MOTORCYCLES

Mangal Prabhat Lodha T $2.3 BIL #771 REAL ESTATE

Smita Crishna-Godrej $2.2 BIL #810 DIVERSIFIED

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

MARCH 21, 2016 FORBES | 107

THE WORLD’S BILLIONAIRES Ashwin Dani T

B.R. Shetty S

Vivek Chand Burman T

Devendra Jain T

$2.2 BIL #810 PAINTS

$1.8 BIL #1011 HEALTH CARE

$1.2 BIL #1476 CHEMICALS

Adi Godrej

Lachhman Das Mittal S

$1.4 BIL #1275 CONSUMER GOODS

$2.2 BIL #810 CONSUMER GOODS

$1.7 BIL #1067 TRACTORS

Balkrishan Goenka +

$1.2 BIL #1476 JEWELRY

Jamshyd Godrej

Nirav Modi T

$2.2 BIL #810 CONSUMER GOODS

$1.7 BIL #1067 DIAMOND JEWELRY

T.S. Kalyanaraman S

IRELAND

$1.7 BIL #1067 EDUCATION

Anand Burman T

$1.1 BIL #1577 JEWELRY

GDP: $230.8 BIL POPULATION: 5 MIL BILLIONAIRES: 6 (+1 VS. 2015) TOTAL NET WORTH: $30.7 BIL (+$400 MIL VS. 2015)

$2.2 BIL #810 MEDIA

Leena Tewari +

$1.3 BIL #1367 CONSUMER GOODS

Chirayu Amin +

$1.7 BIL #1067 PHARMACEUTICALS

Harsh Goenka X

$1.1 BIL #1577 PHARMACEUTICALS

Pallonji Mistry T

Rishad Naoroji T

Nadir Godrej $2.2 BIL #810 DIVERSIFIED

Kalanithi Maran T

$2.2 BIL #810 CONSUMER GOODS

Murali Divi S $2 BIL #906 PHARMACEUTICALS

Chandru Raheja T

$1.4 BIL #1275 TEXTILES

Radhe Shyam Agarwal T $1.3 BIL #1367 CONSUMER GOODS

Ranjan Pai X

Senapathy Gopalakrishnan & family T $1.6 BIL #1121 SOFTWARE SERVICES

$1.3 BIL #1367 DIVERSIFIED

Radhe Shyam Goenka T $1.3 BIL #1367 CONSUMER GOODS

Ravi Jaipuria T

Yusuf Hamied T

Baba Kalyani T

$1.6 BIL #1121 SOFT DRINKS

$1.3 BIL #1367 PHARMACEUTICALS

Satish Mehta +

N.R. Narayana Murthy & family T

$1.6 BIL #1121 PHARMACEUTICALS

$1.2 BIL #1476 CONSUMER GOODS

Joy Alukkas 4

Achal Bakeri S $1.1 BIL #1577 AIR COOLERS

Sanjiv Goenka T $1.1 BIL #1577 DIVERSIFIED

$2 BIL #906 REAL ESTATE $1.9 BIL #959 ENGINEERING

Kishore Mariwala S

Anil Agarwal T $1.2 BIL #1476 MINING, METALS

Vinod Gupta T $1.1 BIL #1577 ELECTRICAL EQUIPMENT

Anand Mahindra T

Karsanbhai Patel +

$1.2 BIL #1476 FLIPKART

S.D. Shibulal T

Hasmukh Chudgar S

$1.6 BIL #1121 CONSUMER GOODS

K. Dinesh & family T

$1.1 BIL #1577 SOFTWARE SERVICES

$1.2 BIL #1476 SOFTWARE SERVICES

Niranjan Hiranandani T

Rakesh Jhunjhunwala T

Abhay Firodia S

$1.8 BIL #1011 INVESTMENTS

Azad Moopen S

Ajay Piramal T

$1.5 BIL #1198 HEALTH CARE

$1.8 BIL #1011 PHARMACEUTICALS

$1.2 BIL #1476 AUTOMOBILES

Jitendra Virwani T

John Dorrance III S $2.7 BIL #638 CAMPBELL SOUP

Dermot Desmond S $1.9 BIL #959 FINANCE

$1.1 BIL #1577 REAL ESTATE

Sachin Bansal +

$1.5 BIL #1198 CONSUMER GOODS

$5.7 BIL #219 TELECOM

$1.6 BIL #1121 HEATING EQUIPMENT

$1.9 BIL #959 EDUCATION

Harsh Mariwala S

Denis O’Brien T

Martin Naughton T

$1.2 BIL #1476 FLIPKART

$1.8 BIL #1011 PHARMACEUTICALS

$6.3 BIL #184 PRIVATE EQUITY

Mofatraj Munot T

Binny Bansal +

$1.6 BIL #1121 SOFTWARE SERVICES

Sunny Varkey T

John Grayken

$1.1 BIL #1577 AUTOMOBILES

Nandan Nilekani & family T

$1.9 BIL #959 SOFTWARE SERVICES

$12.5 BIL #73 CONSTRUCTION

Sameer Gehlaut T $1.2 BIL #1476 FINANCE

$1 BIL #1694 REAL ESTATE $1 BIL #1694 REAL ESTATE

Habil Khorakiwala T $1 BIL #1694 PHARMACEUTICALS

$1.5 BIL #1198 REAL ESTATE

INDONESIA GDP: $858.7 BIL POPULATION: 258 MIL BILLIONAIRES: 20 (–2 VS. 2015) TOTAL NET WORTH: $49.8 BIL (–$5 BIL VS. 2015) NE WCOME R

Abdul Rasyid Rasyid became a billionaire as shares in his palm plantation outfit, Sawit Sumbermas Sarana, rose on the Indonesia Stock Exchange. Environmental activists once claimed an earlier business plundered forests in the Tanjung Puting National Park; they also alleged that when they went to investigate in 2000 they were attacked by employees. Rasyid, who is a former member of parliament, denied any wrongdoing.

MAETH

Surendra Hiranandani T

EXPATRIATES 2

DUBLIN 3

R. Budi Hartono T

Ciputra & family T

$8.1 BIL #141 BANKING, TOBACCO

$1.5 BIL #1198 REAL ESTATE

Michael Hartono T

Soegiarto Adikoesoemo 4

$7.9 BIL #146 BANKING, TOBACCO

$1.4 BIL #1275 CHEMICALS

Chairul Tanjung S

Theodore Rachmat T

$4.9 BIL #286 DIVERSIFIED

$1.4 BIL #1275 DIVERSIFIED

Sri Prakash Lohia T

Djoko Susanto S

$4.2 BIL #358 POLYESTER

$1.3 BIL #1367 RETAIL

Bachtiar Karim S

Sukanto Tanoto T

$3.2 BIL #527 MANUFACTURING

$1.3 BIL #1367 DIVERSIFIED

Mochtar Riady & family T

Abdul Rasyid

$2.1 BIL #854 DIVERSIFIED

$1.1 BIL #1577 TIMBER

Tahir S

Martua Sitorus T

$2 BIL #906 DIVERSIFIED

$1.1 BIL #1577 PALM OIL

Murdaya Poo S

Husain Djojonegoro & family T

$1.9 BIL #959 DIVERSIFIED

Peter Sondakh T $1.8 BIL #1011 INVESTMENTS

Eddy Kusnadi Sariaatmadja S $1.6 BIL #1121 MEDIA, TECH

$1 BIL #1694 CONSUMER GOODS

Achmad Hamami & family T $1 BIL #1694 HEAVY EQUIPMENT

Low Tuck Kwong X $1 BIL #1694 COAL

JAKARTA 12 SURABAYA KUDUS

BALI SUMBAWA

EXPATRIATES 4

SUMBA

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

108 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

AHMAD ZAMRONI/FORBES INDONESIA

MEDAN

TEFEN

THE WORLD’S BILLIONAIRES

ISRAEL

Shaul Shani S

GDP: $295.5 BIL POPULATION: 8 MIL BILLIONAIRES: 17 TOTAL NET WORTH: $48.2 BIL (–$6 BIL VS. 2015)

$2.7 BIL #638 REAL ESTATE

LEV LEVIEV

Yitzhak Tshuva T Gil Shwed X $2.2 BIL #810 SOFTWARE

Marius Nacht T $1.7 BIL #1067 SOFTWARE

Eyal Ofer T

Alexander Machkevich T

$8.4 BIL #135 REAL ESTATE, SHIPPING

$1.5 BIL #1198 MINING, METALS

Adam Neumann

Stef Wertheimer & family X

$1.5 BIL #1198 WEWORK

$5.6 BIL #228 METALWORKING TOOLS

Mori Arkin X $1.3 BIL #1367 PHARMACEUTICALS

Arnon Milchan T $5 BIL #270 MOVIEMAKING

Dan Gertler T

Shari Arison T

$1.2 BIL #1476 MINING

$3.9 BIL #392 CARNIVAL CRUISES

Morris Kahn X $1 BIL #1694 SOFTWARE

Idan Ofer T $3.7 BIL #421 DRILLING, SHIPPING

Lev Leviev T

Teddy Sagi X

Beny Steinmetz T

$1 BIL #1694 DIAMONDS

$3.3 BIL #495 GAMBLING SOFTWARE

$1 BIL #1694 MINING, DIAMONDS, REAL ESTATE

ITALY

BEIT YANAY

NE WS M A K E R

$3.2 BIL #527 TELECOM

HERZLIYA PITUACH BNEI BRAK

Leviev’s diamond empire, extending from African mines to luxury storefronts, has attracted celebrity clients—and controversy. When Oprah sported Leviev diamond earrings on O’s May 2015 cover, activists petitioned the billionaire media star to distance herself from the company because of its alleged human rights abuses in Angola and the Palestinian territories. These same activists also asked Taylor Swift to “shake off ” Leviev after she wore one of his diamond necklaces for Vanity Fair’s September 2015 issue.

PETAH TIKVA TEL AVIV 5

EXPATRIATES 5

WEALTH ORIGIN

CORTINA

14%

LAKE COMO GDP: $1.8 TRIL POPULATION: 61 MIL COMO BILLIONAIRES: 43 (+4 VS. 2015) TOTAL NET WORTH: $150.8 BIL (–$5 BIL VS. 2015)

TURIN

49%

BERGAMO MONZA

MILAN 16

DOMICILE UNKNOWN 1

TREVISO 5

Miuccia Prada

PARMA 4

NEWCO MER

PIERO FERRARI

CASETTE D’ETE

TUSCANY

37%

B IG G E ST LOS E R

MODENA 2

Piero, the illegitimate son of Enzo Ferrari and longtime mistress Lina Lardi, is sole heir to the Ferrari fortune. Enzo’s first son, who was originally groomed to take over the company, died from muscular dystrophy. Piero was reportedly not officially recognized as part of the family until the death of Enzo’s wife in 1978. Today he is vice chairman of the renowned luxury sports car company, which went public in October.

SILICON WADI

NETANYA

INHERITED & GROWING INHERITED SELF-MADE

The famed fashion designer and her husband, Patrizio Bertelli, coCEOs of Prada, each lost $1.8 billion, or 44% of their net worth, in the past year as shares of the luxury brand unraveled. A slowdown in luxury spending combined with already weak earnings in China, a critical market, pushed shares to historic lows in January.

SANT’ELPIDIO A MARE

TOP SECTORS 22 FASHION & RETAIL 9 FOOD & BEVERAGE 4 HEALTH CARE 2 AUTOMOTIVE 2 ENERGY

Maria Franca Fissolo & family T $22.1 BIL #30 NUTELLA, CHOCOLATES

Leonardo Del Vecchio T $18.7 BIL #37 EYEGLASSES

Stefano Pessina S $13.4 BIL #62 DRUGSTORES

Massimiliana Landini Aleotti & family T $10.1 BIL #101 PHARMACEUTICALS

Silvio Berlusconi & family T $6.2 BIL #188 MEDIA

ROME 3

Giorgio Armani T $6.1 BIL #196 LUXURY GOODS

SARDINIA

Augusto & Giorgio Perfetti T $5.7 BIL #219 CANDY

Giuseppe De’Longhi S

CAPRI

$3.4 BIL #477 COFFEEMAKERS

B IG G E ST G A I N E R

EXPATRIATES 4

Pessina took over as CEO of Walgreens Boots Alliance in July 2015 with a bang, announcing a $17.2 billion takeover of rival Rite Aid less than four months into the job. The deal, which helped boost his fortune by $1.3 billion in the past year, was nothing new for Pessina, who made his way to the top of the world’s largest drugstore chain after stringing together more than 1,500 acquisitions throughout his career.

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

110 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

MUNSHI AHMED/BLOOMBERG

Stefano Pessina

The Citation Latitude® and Citation Longitude® have been designed with your needs in mind. These new Citations have better performance, newer technology, and the lowest acquisition and operating costs. You define

|

U. S . + 1 . 8 4 4 . 4 4 .T X TAV

Range

*

2,700 nm

Citation Longitude

3,400 nm**

*2,700 nm 4 engers High Speed Cruise, 2,850 nm Long Range Cruise **Preliminary, subject to change

your mission. We position your business for success.

Cessna.com

Citation Latitude

|

INTERNATIONAL + 1 . 3 1 6 . 5 1 7. 8 2 7 0

© 2016 Textron Aviation Inc. All rights reserved. Cessna’s logo, Citation Latitude and Citation Longitude are ed trademarks of Textron Innovations Inc., used by permission.

THE WORLD’S BILLIONAIRES

ITALY Paolo & Gianfelice Mario Rocca T

Giuliana Benetton T

Paolo Barilla

Luigi Cremonini & family S

Nicola Bulgari T

$2.8 BIL #612 FASHION, INVESTMENTS

$2 BIL #906 PASTA

$1.4 BIL #1275 MEAT PROCESSING

$1.2 BIL #1476 LUXURY GOODS

Luciano Benetton T

$2 BIL #906 FINANCIAL SERVICES

Pier Luigi Loro Piana S

$1.2 BIL #1476 LUXURY GOODS

Luigi Rovati & family S

Massimo Moratti S

$1.9 BIL #959 PHARMACEUTICALS

$1.4 BIL #1275 OIL REFINERY

Mario Moretti Polegato & family T

$1.4 BIL #1275 FASHION

$3.4 BIL #477 PIPE MANUFACTURING

$2.8 BIL #612 FASHION, INVESTMENTS

Rosa Anna Magno Garavoglia & family S

Bernardo Caprotti S

Ennio Doris & family T

$2.4 BIL #722 SUPERMARKETS

$3.3 BIL #495 SPIRITS

Patrizio Bertelli T

Renzo Rosso X

$2.3 BIL #771 LUXURY GOODS

$3.2 BIL #527 FASHION $2.8 BIL #612 FASHION, INVESTMENTS

Alberto Bombassei S

Emanuella Barilla

$1.6 BIL #1121 AUTOMOTIVE BRAKES

$2 BIL #906 PASTA

Gilberto Benetton T

Guido Barilla

$2.8 BIL #612 FASHION, INVESTMENTS

$2 BIL #906 PASTA

Luca Barilla

7 6 TECHNOLOGY 4 GAMBLING, CASINOS

INHERITED & GROWING INHERITED SELF-MADE

sco Gaetano Caltagirone T

Stefano Gabbana T

$1.6 BIL #1121 DIVERSIFIED

Gian Marco Moratti S

Marina Prada T $1 BIL #1694 LUXURY GOODS

$1.3 BIL #1367 LUXURY GOODS $1.3 BIL #1367 OIL REFINERY

EXPATRIATES 2

AKIRA MORI

FASHION & RETAIL

78%

Alberto Prada T $1 BIL #1694 LUXURY GOODS

$1.3 BIL #1367 LUXURY GOODS

Japan’s ultralow interest rates spurred more property investment from his Mori Trust, which owns 96 commercial and apartment buildings along with 32 hotels. Mori, whose fortune is up $1.2 billion in the past year, has been investing in new buildings, demolishing old ones and upgrading hotels ahead of the 2020 Tokyo Olympics.

TOP SECTORS

7%

Piero Ferrari $1 BIL #1694 AUTOMOBILES

Domenico Dolce T

B IG G E ST G A I N E R

GDP: $4.1 TRIL POPULATION: 127 MIL BILLIONAIRES: 27 (+3 VS. 2015) TOTAL NET WORTH: $85.4 BIL (–$12.4 BIL VS. 2015)

15%

Remo Ruffini T

$1.6 BIL #1121 SHOES

JAPAN WEALTH ORIGIN

Gustavo Denegri S

Diego Della Valle T

$2 BIL #906 PASTA

Andrea Della Valle T

$1.1 BIL #1577 WINTER JACKETS

$1.3 BIL #1367 MEDICAL TESTS

$2.3 BIL #771 LUXURY GOODS

Paolo Bulgari T

$1.2 BIL #1476 SHOES

Sandro Veronesi T

$1.8 BIL #1011 SHOES

Miuccia Prada T

Carlo Benetton T

$1.4 BIL #1275 FASHION

3 MANUFACTURING

N E WS M A K E R HOKKAIDO

Kazuo Okada Luck may be turning for Okada, former partner of American casino billionaire Steve Wynn. Okada’s casino development in Manila has faced regulatory delays but is now on track for completion this year. Okada was forced to sell his stake in Wynn Resorts in 2012 at a discount after Wynn accused him of bribery. Okada denies wrongdoing.

3 REAL ESTATE

R IC HE ST

Tadashi Yanai Yanai holds on to the top spot in Japan, despite losing $5.6 billion, more than anyone else in his country. Most of his fortune is tied up in shares of his Fast Retailing. The company, best known for its Uniqlo brand, had to cut its revenue forecasts as warm weather melted sales of its cold-weather gear. Analysts are also apparently skeptical of its plans to expand into U.S. suburbs. Ever the optimist, Yanai is predicting Fast Retailing will be the world’s largest apparel retailer by 2020.

IBARAKI

Tadashi Yanai & family T

Yusaku Maezawa S

$14.6 BIL #57 RETAIL

$1.6 BIL #1121 ONLINE RETAIL

Masayoshi Son T

Katsumi Tada S

$11.7 BIL #82 INTERNET, TELECOM

$1.6 BIL #1121 REAL ESTATE

Takemitsu Takizaki T

$1.3 BIL #1367 RETAIL

$7.2 BIL #163 SENSORS

Hiroshi Mikitani T TOKYO 19

KYOTO 2 KANSAI SCIENCE CITY

OSAKA

YOKOSUKA RESEARCH PARK

$1.2 BIL #1476 SMARTPHONE GAMES

Akira Mori & family S

Hideyuki Busujima

$4.9 BIL #286 REAL ESTATE

$1.1 BIL #1577 PACHINKO MACHINES

$4.0 BIL #380 PACHINKO PARLORS

Soichiro Fukutake X

Masatoshi Ito S

Kazuo Okada & family T

$3.6 BIL #435 RETAIL

$1.1 BIL #1577 CASINOS

Masahiro Miki S

Yoshiyuki Sankai S

$3.5 BIL #453 RETAIL

$1.1 BIL #1577 ROBOTICS

Keiichiro Takahara & family T

Nobutoshi Shimamura & family 4

$3.5 BIL #453 DIAPERS NE WS M A K E R

HIROSHI MIKITANI Ride-sharing app Lyft’s valuation got a lift when Hiroshi Mikitani’s e-commerce firm, Rakuten, invested $300 million in the Uber competitor in March 2015. The nearly 12% stake earned Mikitani a seat on Lyft’s board, which he ed in June.

Kunio Busujima & family

112 | FORBES MARCH 21, 2016

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

$1.1 BIL #1577 RETAIL

Kenji Kasahara T

Yoshiko Mori X

Masahiro Noda 4

$2.5 BIL #688 REAL ESTATE

$1 BIL #1694 SOFTWARE

Shigenobu Nagamori T

Nobutada Saji X

$2.2 BIL #810 MOTORS

$1 BIL #1694 BEVERAGES

Akio Nitori S

Yoshikazu Tanaka T

$2 BIL #906 RETAIL

$1 BIL #1694 SOCIAL NETWORK

Yasumitsu Shigeta S

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

$1.1 BIL #1577 EDUCATION

$2.9 BIL #595 PACHINKO MACHINES

$2 BIL #906 MOBILE TELECOM

WINE-GROWING REGION

Naruatsu Baba T

$5.6 BIL #228 ONLINE RETAIL

Han Chang-Woo & family T CHIBA

Takao Yasuda T

FINANCIAL CENTER

$1 BIL #1694 SOCIAL NETWORK

Scandals have cost companies over $32 Billion in 2015 alone.

But one app could have helped stop every one. STOPit PRO is a powerful enterprise solution for both Human Resources and Governance, Risk and Compliance. Our cloud-based, secure mobile platform empowers your employees around the globe to identify risks— enabling early intervention and minimizing fallout. STOPit PRO can help: • Facilitate Risk Management • Promote Deterrence • Mitigate Litigation and Compliance Risk • Enable information sharing across the enterprise

To find out more, call 1.800.383.7086 or visit

ProtectYourCompany.com © 2016 Inspirit Group, LLC

THE WORLD’S BILLIONAIRES

LEBANON

KAZAKHSTAN

LIECHTENSTEIN

GDP: $54 BIL POPULATION: 6 MIL BILLIONAIRES: 7 TOTAL NET WORTH: $12.5 BIL (–$1.6 BIL VS. 2015)

GDP: $191.8 BIL POPULATION: 17 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $9.3 BIL (–$1.5 BIL VS. 2015)

GDP: $5.5 BIL POPULATION: 37,000 BILLIONAIRES: 1 (+1 VS. 2015) TOTAL NET WORTH: $2.5 BIL (+$2.5 BIL VS. 2015)

ASTANA

ALMATY 4

Najib Mikati T

Christoph Zeller T

$2.5 BIL #688 TELECOM

Bulat Utemuratov T

Taha Mikati T

$2.3 BIL #771 MINING, BANKING, HOTELS

$2.5 BIL #688 TELECOM

Timur Kulibaev T

Alijan Ibragimov T

$2.2 BIL #810 REAL ESTATE, INVESTMENTS, LOGISTICS

$2 BIL #906 BANKING

$1.5 BIL #1198 MINING, METALS

Dinara Kulibaeva T

Vladimir Kim T

Robert Mouawad & family S

$2 BIL #906 BANKING

$1.5 BIL #1198 MINING

Bahaa Hariri T

VADUZ

$2.5 BIL #688 DENTAL IMPLANTS

$1.5 BIL #1198 FINE JEWELRY $1.4 BIL #1275 CONSTRUCTION, INVESTMENTS

Ayman Hariri S $1.2 BIL #1476 CONSTRUCTION, INVESTMENTS

Fahd Hariri S $1.2 BIL #1476 CONSTRUCTION, INVESTMENTS

MEXICO

$50 BIL #4 TELECOM

German Larrea Mota Velasco & family T $9.2 BIL #121 MINING

GDP: $1.1 TRIL POPULATION: 127 MIL BILLIONAIRES: 14 (–2 VS. 2015) TOTAL NET WORTH: $99.6 BIL (–$44.8 BIL VS. 2015) WEALTH ORIGIN 36%

Alberto Bailleres Gonzalez & family T $6.9 BIL #170 MINING

Eva Gonda de Rivera & family T $6.1 BIL #196 BEVERAGES

TOP SECTORS 3 FOOD & BEVERAGE 2 FASHION & RETAIL

21% 43%

RI CH E ST

Carlos Slim Helu

2 FINANCE & INVEST 2 METALS & MINING

INHERITED & GROWING INHERITED SELF-MADE

BEIRUT 3

Carlos Slim Helu & family T

Shares of his pan-Latin American mobile phone operator, América Móvil, fell 42% in dollar in the wake of new telecom regulations, a weaker peso and Brazil’s downturn. That drove the $27.1 billion drop in Slim’s net worth, making him the biggest dollar loser on this year’s list. Despite the drop he remains, at $50 billion, the fourth-richest man in the world, down two spots from last year.

EXPATRIATES 4

NEWSMA KER

Robert Mouawad

Maria Asuncion Aramburuzabala & family T $5.5 BIL #233 BEER, INVESTMENTS

Jeronimo Arango & family S $4.4 BIL #338 RETAIL

Ricardo Salinas Pliego & family T $4.3 BIL #351 RETAIL, MEDIA

Antonio Del Valle Ruiz & family T $2.6 BIL #666 CHEMICALS

Emilio Azcarraga Jean T $2.1 BIL #854 TV BROADCASTING

Carlos Hank Rhon T $2.1 BIL #854 BANKING

Jose & Francisco Jose Calderon Rojas T $2 BIL #906 BEVERAGES

Luxury jeweler Mouawad showcased a $2 million “Fantasy Bra” worn by model Lily Aldridge at the 2015 Victoria’s Secret Fashion Show, encrusted with over 6,800 precious stones, including diamonds, topaz, sapphires and pink quartz. It was the 14th year that the jeweler has designed a multimillion-dollar bra for the high-profile show.

Roberto Hernandez Ramirez T $1.7 BIL #1067 BANKING

David Penaloza Alanis S $1.5 BIL #1198 TOLL ROADS

Alfredo Harp Helu & family T $1.2 BIL #1476 BANKING

LOS CABOS

MONTERREY 2 SAN MIGUEL DE ALLENDE HOLBOX

NE WS MA K E R

Ricardo Salinas Pliego

TULUM

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

MEXICO CITY 11

PUNTA MITA

EXPATRIATE 1

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

114 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

KEVIN MAZUR/GETTY IMAGES; AGUSTIN SALINAS/NEWSCOM

Saad Hariri T

Go ahead. Sign that new contract for old technology. Or talk to Burgess.

Revolutionize your claims reimbursement process with Burgess, the cloud-based platform that can save health plans millions. Price claims right the first time Avoid re-work and fines Eliminate IT burden

Simplify the business of healthcare.™ burgessgroup.com Call 800.637.2004 for a demo.

THE WORLD’S BILLIONAIRES

MALAYSIA

MONACO

Robert Kuok T $10 BIL #103 DIVERSIFIED

Ananda Krishnan T

WEALTH ORIGIN

GDP: $295.4 BIL POPULATION: 30 MIL BILLIONAIRES: 10 (–2 VS. 2015) TOTAL NET WORTH: $39.5 BIL (–$9.4 BIL VS. 2015)

Quek Leng Chan T

20%

$5.3 BIL #248 BANKING, REAL ESTATE

Teh Hong Piow T

80%

$4.7 BIL #308 BANKING

INHERITED & GROWING INHERITED SELF-MADE

Lee Shin Cheng X

MONACO

$2.3 BIL #771 CONSTRUCTION, REAL ESTATE

DIVERSIFIED

Robert Kuok

MONTE CARLO

Yeoh Tiong Lay T

6

R ICHEST

MONTE CARLO

$4.6 BIL #317 PALM OIL, REAL ESTATE

TOP SECTORS

2 MANUFACTURING

One of Asia’s most respected entrepreneurs, Kuok, 92, sold his media business—which included a stake in Hong Kong’s leading English-language paper, the South China Morning Post, and the Hong Kong editions of Esquire, Elle, Cosmopolitan, Harper’s Bazaar and other titles—to Alibaba for $265 million in December. Kuok had first purchased a 35% share in the now 112-year-old newspaper from Rupert Murdoch in 1993.

GDP: $6.2 BIL POPULATION: 37,000 BILLIONAIRES: 4 (+1 VS. 2015) TOTAL NET WORTH: $7.1 BIL (+$2.4 BIL VS. 2015)

$7.4 BIL #158 TELECOM

EXPATRIATES 2

Lau Cho Kun S

1 FINANCE & INVEST

$1.6 BIL #1121 PALM OIL, REAL ESTATE

1 TELECOM

Tatiana Casiraghi S

Syed Mokhtar AlBukhary T

$2.4 BIL #722 BEER

$1.5 BIL #1198 DIVERSIFIED

David Nahmad S

Kuan Kam Hon

$1.9 BIL #959 ART

$1.1 BIL #1577 SYNTHETIC GLOVES

Ezra Nahmad X

Tiong Hiew King T

$1.5 BIL #1198 ART

$1 BIL #1694 TIMBER, MEDIA

Lily Safra X $1.3 BIL #1367 BANKING N E WS M A K E R

TATIANA CASIRAGHI

JERAM

TAWAU KUALA LUMPUR 6

An heiress to the South American Santo Domingo beer fortune, Casiraghi married the son of Monaco’s Princess Caroline, Andrea Casiraghi, in 2013. She gave birth to a baby girl in April. The baby is sixth in line to the Monegasque throne.

SIBU EXPATRIATE 1

NETHERLANDS GDP: $750.2 BIL POPULATION: 17 MIL BILLIONAIRES: 9 TOTAL NET WORTH: $28.2 BIL (+$700 MIL VS. 2015) Charlene de CarvalhoHeineken & family S

John de Mol T

$12.3 BIL #76 HEINEKEN

Ralph Sonnenberg & family X

Frits Goldschmeding T

AMSTERDAM BLARICUM

$1.5 BIL #1198 TV

SCHIEDAM

$3.9 BIL #392 TEMP AGENCY

$1.5 BIL #1198 BLINDS

Carolus Nolet Sr. S

Wim Van Der Leegte T

$2.6 BIL #666 KETEL ONE VODKA

$1.3 BIL #1367 MANUFACTURING

Hans Melchers S

Joop van den Ende T

$2.4 BIL #722 CHEMICALS, INVESTMENTS

BAARN

VORDEN

GORINCHEM

$1 BIL #1694 TV EINDHOVEN

Kommer Damen S

EXPATRIATES 2

$1.7 BIL #1067 SHIPBUILDING

MOROCCO

CASABLANCA 2

GDP: $104.5 BIL POPULATION: 34 MIL BILLIONAIRES: 2 (–1 VS. 2015) TOTAL NET WORTH: $3.2 BIL (–$2.1 BIL VS. 2015)

CASABLANCA

Othman Benjelloun T $1.9 BIL # 959 BANKING, INSURANCE

Aziz Akhannouch & family T GETTY IMAGES

$1.3 BIL #1367 PETROLEUM, DIVERSIFIED

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

116 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

EDUCATION FOR LIFE

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

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

NORWAY GDP: $391.5 BIL POPULATION: 5 MIL BILLIONAIRES: 13 (+3 VS. 2015) TOTAL NET WORTH: $24.8 BIL (–$200 MIL VS. 2015)

31%

31%

NEPAL

38% INHERITED & GROWING INHERITED SELF-MADE

GDP: $20.7 BIL POPULATION: 29 MIL BILLIONAIRES: 1 TOTAL NET WORTH: 1.1 (–$200 MIL VS. 2015)

TOP SECTORS 4 DIVERSIFIED 3 FASHION & RETAIL 2 FINANCE & INVEST

Binod Chaudhary & family T

2 LOGISTICS

Odd Reitan T

$1.1 BIL #1577 DIVERSIFIED

1 FOOD & BEVERAGE

$4.2 BIL #358 RETAIL, REAL ESTATE

Andreas Halvorsen S

KVERVA

$3.1 BIL #549 HEDGE FUNDS

KATHMANDU N E WS M A K E R

Johan Johannson T

Stein Erik Hagen

$2.5 BIL #688 GROCERY STORES

Caroline Hagen Kjos $2.2 BIL #810 ORKLA

In October, in a televised interview seen by millions in Norway and Sweden, discount supermarket billionaire Hagen openly talked about being gay for the first time, using the interview to lobby the state church to allow gay weddings. Hagen, who built a fortune in supermarkets, transferred almost all the ownership in his investment company, Canica AS, to his daughter Caroline, 32, in 2014, and also made her chairman.

EXPATRIATES 4

Stein Erik Hagen T $2.1 BIL #854 RETAIL

Arne Wilhelmsen & family T $2.1 BIL #854 CRUISE SHIPS TRONDHEIM

Kjell Inge Rokke T $1.6 BIL #1121 SHIPPING, SEAFOOD

Petter Stordalen T

OMAN GDP: $63.3 BIL POPULATION: 4 MIL BILLIONAIRES: 1 (–1 VS. 2015) TOTAL NET WORTH: $1.5 BIL (–$700 MIL VS. 2015)

$1.4 BIL #1275 HOTELS

P.N.C. Menon S

Alexandra Andresen

$1.5 BIL #1198 REAL ESTATE

N E WCO M E R

$1.2 BIL #1476 INVESTMENTS

ALEXANDRA ANDRESEN

Katharina Andresen $1.2 BIL #1476 INVESTMENTS

Gjert Wilhelmsen & family T $1.1 BIL #1577 CRUISE SHIPS

Gustav Magnar Witzoe

OSLO 7

$1.1 BIL #1577 FISH FARMING

Alexander Vik T $1 BIL #1694 INVESTMENTS

The world has a new youngest billionaire: 19-year-old Norwegian heiress Alexandra Andresen, who is busy collecting trophies in horseback riding. Her sister, Katharina, 20, is the second youngest. Each owns 42% of Ferd, the family conglomerate run by their father. Norway’s tax policy seems to have hastened the transfer of wealth. Yet another young Norwegian, Gustav Magnar Witzoe, 22, who inherited shares in the SalMar fish-farm company, is the third-youngest billionaire on earth.

EXPATRIATE 1

NIGERIA

NEW ZEALAND

GDP: $492.3 BIL POPULATION: 182 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $29.9 BIL (+$7 BIL VS. 2015)

GDP: $167 BIL POPULATION: 5 MIL BILLIONAIRES: 2 TOTAL NET WORTH: $9.1 BIL (–$800 MIL VS. 2015)

AUCKLAND

Aliko Dangote S $15.4 BIL #51 CEMENT, SUGAR, FLOUR

Graeme Hart T

Mike Adenuga S

$6.4 BIL #178 INVESTMENTS

$10 BIL #103 TELECOM, OIL

Richard Chandler T

Femi Otedola S

CAPE KIDNAPPERS

LAGOS 5

$1.6 BIL #1121 OIL

Abdulsamad Rabiu S $1.1 BIL #1577 CEMENT, SUGAR NE WS MA KE R

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

EXPATRIATE 1

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

118 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

COURTESY OF ABDULSAMAD RABIU; MARTIN RUETSCHI/KEYSTONE/CORBIS

$2.7 BIL #638 INVESTMENTS

$1.8 BIL #1011 GAS STATIONS, UTILITIES

Folorunsho Alakija T

KAURI CLIFFS

a

traveler review

BEST KEPT SECRET patricia y, New York

Flamenco Beach, Culebra

Old San Juan

Royal Isabela, Isabela

Dorado Beach, A Ritz Carlton Reserve, Dorado

PUERTO R RICO'S O'S LUXURY PARAD PARADISE IS WAITING FOR YOU. The All Star Island's luxury hotels offer the best of all worlds: breathtaking natural beauty combined with five star services and amenities that care for your every need, plus our many world-class attractions ready for you to explore.

• Award winning beaches perfect for relaxing or enjoying your favorite water sport • Historic and unique Old San Juan, with structures that are UNESCO World Heritage Sites • Three of the world’s permanent and brightest bioluminescent bays: rare spectacles of nature that are easily accessible in Puerto Rico • El Yunque, the only tropical rainforest in the United States Forest System • Over 20 world class golf courses with spectacular views Come to Puerto Rico and live your own five star vacation story.

VISIT SEEPUERTORICO.COM AND BOOK YOUR VACATION TODAY.

See Puerto Rico

@PRTourismCo

SeePuertoRico

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

36%

PHILIPPINES

PERU GDP: $189.3 BIL POPULATION: 31 MIL BILLIONAIRES: 3 (–3 VS. 2015) TOTAL NET WORTH: $3.8 BIL (–$5 BIL VS. 2015)

GDP: $293 BIL POPULATION: 102 MIL BILLIONAIRES: 11 TOTAL NET WORTH: $41.5 BIL (–$9.8 BIL VS. 2015)

Carlos Rodriguez-Pastor T

Henry Sy & family T

LIMA 3

$1.6 BIL #1121 FINANCE

Eduardo Belmont Anderson T

2 FASHION & RETAIL 1 CONSTRUCTION & ENGR

1 FINANCE & INVEST 1 LOGISTICS 1 REAL ESTATE

George Ty & family T $3.7 BIL #421 BANKING

POLAND GDP: $471.7 BIL POPULATION: 39 MIL BILLIONAIRES: 3 (–2 VS. 2015) TOTAL NET WORTH: $7.9 BIL (–$3.6 BIL VS. 2015)

4 DIVERSIFIED

John Gokongwei Jr. T

$4 BIL #380 DIVERSIFIED

$1.1 BIL #1577 MINING, BANKING

TOP SECTORS

1 ENERGY

Lucio Tan & family T

Ana Maria Brescia Cafferata T

INHERITED & GROWING INHERITED SELF-MADE

$12.9 BIL #71 DIVERSIFIED $5 BIL #270 DIVERSIFIED

$1.1 BIL #1577 COSMETICS

64%

David Consunji T

SCIENCE CITY OF MUÑOZ

$3 BIL #569 CONSTRUCTION

Dominika & Sebastian Kulczyk

Andrew Tan T

$3.6 BIL #435 DIVERSIFIED

$3 BIL #569 DIVERSIFIED

Zygmunt Solorz-Zak T

Tony Tan Caktiong & family S

$2.5 BIL #688 TV BROADCASTING

MANILA 11

$3 BIL #569 FAST FOOD

Michal Solowow T

Enrique Razon Jr. T

$1.8 BIL #1011 INVESTMENTS

$2.4 BIL #722 PORTS

Lucio & Susan Co T $1.6 BIL #1121 RETAIL

Robert Coyiuto Jr. T

PALAWAN

$1.6 BIL #1121 POWER

Manuel Villar T $1.3 BIL #1367 REAL ESTATE WARSAW 2

KIELCE

PORTUGAL OPORTO GRIJÓ

GDP: $198.9 BIL POPULATION: 10 MIL BILLIONAIRES: 3 TOTAL NET WORTH: $7.8 BIL (–$400 MIL VS. 2015) Americo Amorim T

LISBON

$4.1 BIL #369 ENERGY, INVESTMENTS

Alexandre Soares dos Santos & family S $2.1 BIL #854 RETAIL

DAVAO CITY

B IG G E ST G A I N E R

TONY TAN CAKTIONG Tan’s Jollibee Foods, the biggest food chain in the Philippines, bought a 40% stake in the U.S.’ fast-growing fast-food chain Smashburger in October. Jollibee currently operates and franchises over 3,000 restaurants under several brands, including Red Ribbon and Burger King Philippines.

Belmiro de Azevedo T

QATAR

ROMANIA

GDP: $192.7 BIL POPULATION: 2 MIL BILLIONAIRES: 1 (+1 VS. 2015) TOTAL NET WORTH: $2 BIL (+$2 BIL VS. 2015)

GDP: $176.5 BIL POPULATION: 20 MIL BILLIONAIRES: 1 (–1 VS. 2015) TOTAL NET WORTH: $1 BIL (–$1.15 BIL VS. 2015)

DOHA

Ion Tiriac X

Faisal Bin Qassim Al Thani

$1 BIL #1694 BANKING, INSURANCE

$2 BIL #906 HOTELS, DIVERSIFIED

BUCHAREST

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

120 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

JEROME FAVRE/BLOOMBERG; MATTHEW STAVER/BLOOMBERG

$1.6 BIL #1121 RETAIL

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 and sold his first one at 18 years old. Since launching his company in 1988, Merle Wood & Associates has sured expectations, amassing well over $30 billion in yacht deals to date and approaching more than a $1 billion in sales this year. Leading a team of astute sales professionals, CEO Wood is a master at expertly navigating the yachting industry. His philosophy is simple: “It is important to sell a yacht that I know the client is going to be happy with, so that he or she will return to

me to purchase their next boat and also recommend their friends to us.” Wood learned at a young age, from two very influential clients, two important adages that are the foundation of his philosophy and focus as a yacht broker: “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.” Wood uses these two sayings to guide each client to the very best yacht for their personal requirements. Merle Wood largely attributes his company’s success to the strength of the client relationships he works to establish and maintain by closely following these two adages. “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 aboard their friend’s 332' 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 [email protected] OR BY PHONE AT +1.954.525.5111.

for Sale & Charter

EXCL

USIV

for Sale

E AG

EXCL

USIV

ENT

for Sale & Charter

E AG

EXCL

USIV

E AG

ENT

ENT

TOP SECRET

-J9F?AF?>JGE++-LG)0(

++,(/1fGh[bldkn`+)*)SYCARA V* for Sale & Charter

EXCL

for Sale & Charter

USIV

E AG

EXCL

EXCL

for Sale & Charter

USIV

E AG

ENT

+),(/+fOLR+))2SEALYON* for Sale & Charter

+).(/,fH\^Zg\h+))+(*+LADY LOLA*

.KZg`bg`_khf,,.mh*1)

*2*(.1fMkbgbmr+)**CARPE DIEM*

USIV

for Sale & Charter

E AG

ENT

EXCL

EXCL

USIV

E AG

ENT

USIV

ENT

*11(.0f:K*221DIAMOND A* for Sale

E AG

ENT

EXCL

USIV

E AG

ENT

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES 100%

RUSSIA

NEWSM A K E R

MIKHAIL PROKHOROV The 6-foot-8 billionaire bought out the rest of the Brooklyn Nets and the Barclays Center in a deal that valued the assets at $1.7 billion. Prokhorov, who already owned an 80% stake in the team and 45% of the arena, paid around $285 million. Earlier in the year he left Civic Platform, the Russian political party he created in 2012, because of disagreements with its leadership.

GDP: $1.2 TRIL POPULATION: 144 MIL BILLIONAIRES: 77 (–11 VS. 2015) TOTAL NET WORTH: $282.6 BIL (–$53.9 BIL VS. 2015)

INHERITED & GROWING INHERITED SELF-MADE

TOP SECTORS 17 ENERGY 14 FINANCE & INVEST 14 METALS & MINING 6 DIVERSIFIED 6 MANUFACTURING

ST. PETERSBURG 2

B IG G E ST LOS E R

Oleg Deripaska Once the world’s ninthrichest person, worth $28 billion, Deripaska lost $4.1 billion in the past year and is down to his last $2.1 billion. Shares in his main asset, UC Rusal, one of the world’s largest aluminum producers, nose-dived 62% in the last year, as the company continues to deal with falling commodity prices, heavy debt and conflict among board .

SURGUT

MOSCOW 60

SOLIKAMSK

VERKHNIAYA PYSHMA

MAGNITOGORSK

KRASNAYA POLYANA

Leonid Mikhelson S $14.4 BIL #60 GAS, CHEMICALS LAKE BAIKAL

EXPATRIATE 8

SOCHI

Mikhail Fridman T $13.3 BIL #63 OIL, BANKING, TELECOM

Alisher Usmanov T $12.5 BIL #73 STEEL, TELECOM, INVESTMENTS

N E WCO M E R

NEWSMA K E R

YURI MILNER In July 2015 the tech investor launched “Breakthrough Listen,” a $100 million project to search for alien life. “The biggest questions of our existence are at stake,” he wrote in an open letter cosigned by eminent physicist Stephen Hawking, Family Guy creator Seth MacFarlane and others. Milner was an early backer of Facebook and Twitter and later bet on Spotify, Airbnb and Chinese tech companies. The former physicist cofounded the annual Breakthrough Prize, which gives $3 million awards to top scientists.

Kirill Shamalov

Vladimir Potanin T

The nation’s youngest billionaire, Shamalov, 33, a former economic advisor to the Russian government, is married to President Vladimir Putin’s daughter, academic Katerina Tikhonova, according to sources. Officials refuse to confirm the marriage or that she is Putin’s daughter. The son of Rossiya Bank shareholder Nikolai Shamalov, a longtime friend of Putin, Kirill is now the second-largest shareholder in petrochemical giant Sibur, after Russia’s richest man, Leonid Mikhelson.

$11.4 BIL #85 OIL & GAS

$12.1 BIL #78 METALS

Gennady Timchenko S Alexey Mordashov T $10.9 BIL #93 STEEL, INVESTMENTS

Viktor Vekselberg T $10.5 BIL #98 METALS, ENERGY

Vladimir Lisin T $9.3 BIL #116 STEEL, TRANSPORT

Vagit Alekperov T $8.9 BIL #124 OIL

German Khan T $8.7 BIL #128 OIL, BANKING, TELECOM RI CH E ST

Leonid Mikhelson Russia’s new leading man—the seventh number one in ten years— gained $2.7 billion while most others crashed amid falling oil prices and economic sanctions. His fortune got a boost after Chinese state-owned Sinopec paid $1.3 billion in December for 10% of Sibur, the gas-processing and petrochemical company that he controls.

Andrey Melnichenko T $8.2 BIL #139 COAL, FERTILIZER

Dmitry Rybolovlev T $7.7 BIL #148 FERTILIZER

Roman Abramovich T $7.6 BIL #151 STEEL, INVESTMENTS

Mikhail Prokhorov T $7.6 BIL #151 INVESTMENTS

Alexei Kuzmichev T $6.7 BIL #173 OIL, BANKING, TELECOM

Mikhail Gutseriev S $5.9 BIL #205 OIL, REAL ESTATE

Sergei Galitsky T

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

122 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

$5.7 BIL #219 RETAIL FINANCIAL CENTER

YURI MILNER: NIKLAS HALLE’N/AFP/GETTY IMAGES; MIKHAIL PROKHOROV: KENT SMITH/NBAE VIA GETTY IMAGES; OLEG DERIPASKA: SASHA MORDOVETS/GETTY IMAGES; KIRILL SHAMALOV: DMITRI DUKHANIN/ KOMMERSANT/GETTY IMAGES; LEONID MIKHELSON: KRASILNIKOV STANISLAV/ZUMA PRESS/NEWSCOM; ALIEN LIFE: EVERETT COLLECTION

YEKATERINBURG 2

KRASNODAR

It happens. Especially when you’re flying in the Bombardier Global 6000 offered by NetJets. That’s because it’s the largest business jet capable of accessing the world’s most difficult-to-reach airports, like Aspen and London City. Offering unparalleled luxury and uncompromising performance, the Global 6000 truly rises above the rest. To learn more, visit aworldabove.com

THE WORLD’S BILLIONAIRES

RUSSIA

Filaret Galchev T

Andrei Skoch T

Sait-Salam Gutseriev

$5.3 BIL #248 STEEL

Pyotr Aven T $4.6 BIL #317 OIL, BANKING, TELECOM

Sergei Popov T

$1.5 BIL #1198 CONSTRUCTION MATERIALS

SAUDI ARABIA

GDP: $680.3 BIL POPULATION: 32 MIL BILLIONAIRES: 6 (–4 VS. 2015) TOTAL NET WORTH: $34.6 BIL (–$17.3 BIL VS. 2015)

$1.5 BIL #1198 OIL, BANKING, REAL ESTATE

Farkhad Akhmedov X $1.4 BIL #1275 NATURAL GAS

Alwaleed Bin Talal Alsaud T

Igor Altushkin T

$4.5 BIL #324 BANKING

$1.4 BIL #1275 METALS

$17.3 BIL #41 INVESTMENTS

Iskander Makhmudov S

Danil Khachaturov T

Mohammed Al Amoudi T

$4 BIL #380 MINING, METALS, MACHINERY

$1.4 BIL #1275 INSURANCE, BANKING, REAL ESTATE

Leonid Fedun T

Pyotr Kondrashev X

$3.9 BIL #392 OIL

$1.4 BIL #1275 FERTILIZER

Viktor Rashnikov S

Anatoly Lomakin X

$8.3 BIL #138 OIL, DIVERSIFIED RIYADH 4

Sultan bin Mohammed bin Saud Al Kabeer T $3.4 BIL #477 DAIRY FARMS

JEDDAH 2

Mohammed Al Issa & family T

$3.8 BIL #403 STEEL

$1.4 BIL #1275 FERTILIZER

$2.3 BIL #771 INVESTMENTS

Alexander Abramov T

Aras Agalarov T

Saleh Kamel T

$3.6 BIL #435 STEEL, MINING

$1.2 BIL #1476 REAL ESTATE

$1.9 BIL #959 BANKING, HEALTH CARE

Andrei Guriev S

Vasily Anisimov T

Abdullah Al Rajhi & family T

$3.6 BIL #435 FERTILIZER

$1.2 BIL #1476 REAL ESTATE

Zarakh Iliev T

Leonid Boguslavsky

$3.2 BIL #527 REAL ESTATE

$1.2 BIL #1476 VENTURE CAPITAL

God Nisanov T

Oleg Boyko T

$3.2 BIL #527 REAL ESTATE

$1.2 BIL #1476 DIVERSIFIED

Samvel Karapetyan T

Alexander Dzhaparidze T

$3.1 BIL #549 DEVELOPMENT

$1.2 BIL #1476 OIL SERVICES

Dmitry Kamenshchik T

Gleb Fetisov X

$2.9 BIL #595 AIRPORT

$1.2 BIL #1476 INVESTMENTS

Alexander Nesis S

Andrei Kosogov T

$2.9 BIL #595 METALS, BANKING, FERTILIZER

$1.2 BIL #1476 OIL, BANKING, TELECOM

Alexander Svetakov T

Lev Kvetnoi X

$2.9 BIL #595 BANKING, REAL ESTATE

Yuri Milner T

$1.2 BIL #1476 REAL ESTATE

$2.8 BIL #612 FACEBOOK, INVESTMENTS

Kirill Shamalov

$2.5 BIL #688 FERTILIZER, REAL ESTATE

Igor Kesaev T $2.4 BIL #722 TOBACCO DISTRIBUTION, RETAIL

Boris Mints T

$1.2 BIL #1476 PETROCHEMICALS

Elena Baturina S $1.1 BIL #1577 CONSTRUCTION

Eugene Kaspersky S $1.1 BIL #1577 SOFTWARE

Andrei Rappoport X

Andrei Kozitsyn S

$1.1 BIL #1577 INVESTMENTS

$2.4 BIL #722 METALS

Gavril Yushvaev T

Alexander Mamut T

$1.1 BIL #1577 PRECIOUS METALS, REAL ESTATE

$2.4 BIL #722 INVESTMENTS

Vladimir Yevtushenkov T $2.4 BIL #722 TELECOM

Vadim Moshkovich S $2.3 BIL #771 AGRICULTURE

Alexander Ponomarenko T

Alexei Ananyev T $1 BIL #1694 BANKING, IT, REAL ESTATE

Dmitry Ananyev T $1 BIL #1694 BANKING, IT, REAL ESTATE

$2.3 BIL #771 PORTS

Roman Avdeev T

Alexander Skorobogatko T

$1 BIL #1694 BANKING, DEVELOPMENT

$2.3 BIL #771 PORTS

Oleg Deripaska T $2.1 BIL #854 ALUMINUM, UTILITIES

Igor Makarov X

WEALTH ORIGIN

SINGAPORE

6% 53%

GDP: $288.7 BIL POPULATION: 6 MIL BILLIONAIRES: 17 (–2 VS. 2015) TOTAL NET WORTH: $44.5 BIL (–$9.1 BIL VS. 2015)

41%

INHERITED & GROWING INHERITED SELF-MADE

TOP SECTORS 8

$1.2 BIL #1476 CEMENT, AIRPORT

Viatcheslav Kantor S

$1.4 BIL #1275 BANKING

Valentin Gapontsev & family T

REAL ESTATE 3 FINANCE & INVEST

SINGAPORE 16

NE WS M A K E R

Kwee brothers The four Kwee brothers— Liong Keng, Liong Tek, Liong Seen and Liong Phing— are making their mark on the U.S. Their Pontiac Land Group has partnered with real estate firm Hines and investment bank Goldman Sachs to build an 82story New York City condo tower, 53W53, next door to MoMA. It is slated for completion in 2018.

2 MANUFACTURING 1 ENERGY MARINA BAY

EXPATRIATE 1

N E WS M A K E R

1 FOOD & BEVERAGE 1 LOGISTICS

Goh Cheng Liang Singapore’s second-richest man has a penchant for luxury boats. The paint tycoon and his family have reportedly built four yachts to date, all of which bear the name White Rabbit. His son, Goh Hup Jin, is said to have hired an Australian firm to build that nation’s biggest yacht, at 276 feet. It will set sail in 2017.

$1 BIL #1694 LASERS

Robert & Philip Ng T

Viktor Kharitonin 4

Raj Kumar & Kishin RK S

Choo Chong Ngen S

$2.4 BIL #722 REAL ESTATE

$1.3 BIL #1367 HOTELS

Kuok Khoon Hong T

Asok Kumar Hiranandani T

$2.2 BIL #810 PALM OIL

$1.3 BIL #1367 REAL ESTATE

Peter Lim S

Zhong Sheng Jian S

$1 BIL #1694 INVESTMENTS

$5 BIL #270 PONTIAC LAND GROUP

$2.1 BIL #854 INVESTMENTS

$1.2 BIL #1476 REAL ESTATE

Arkady Rotenberg T

Wee Cho Yaw T

Chang Yun Chung T

Oei Hong Leong S

$4.2 BIL #358 BANKING

$1.8 BIL #1011 SHIPPING

$1.1 BIL #1577 INVESTMENTS

Mikail Shishkhanov

$1 BIL #1694 CONSTRUCTION, PIPES, BANKING

$1.6 BIL #1121 OIL, BANKING, REAL ESTATE

Boris Rotenberg 4

Kwek Leng Beng S

Sam Goi T

Koh Wee Meng T

$2.7 BIL #638 REAL ESTATE

$1.6 BIL #1121 FROZEN FOODS

Jason Chang T

Lim Oon Kuin T

$1 BIL #1694 REAL ESTATE, HOTELS

$2.4 BIL #722 ELECTRONICS

$1.6 BIL #1121 OIL TRADING

$2.1 BIL #854 GAS

Yuri Shefler S $1.9 BIL #959 ALCOHOL

Vladimir Bogdanov T $1.7 BIL #1067 OIL

Suleiman Kerimov T $1.6 BIL #1121 INVESTMENTS

Alexander Frolov T

$1 BIL #1694 PHARMACEUTICALS

$7.6 BIL #151 REAL ESTATE

Dmitry Pumpyansky 4

$5 BIL #270 PAINT

$1 BIL #1694 STEEL PIPES

Goh Cheng Liang T Kwee family S

Megdet Rahimkulov 4

$1 BIL #1694 CONSTRUCTION, PIPES, CHEMICALS

$1.5 BIL #1198 MINING, STEEL

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

124 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

OWN YOUR FUTURE

WITH A BUSINESS THAT OFFERS GROWTH AND SUCCESS WITH SIGNIFICANCE

DIWHUD\HDURIRSHUDWLQJRXUUVWORFDWLRQEHFDXVHZHVDZWKDWZH met a need in the community and were growing at the right pace.” This is your chance to launch a satisfying career with Right at Home, a franchise that offers seniors and disabled individuals a safe and comfortable one-on-one healthcare solution in the comfort of their own homes. We offer the right solutions to families looking for a way to balance their lives better by providing one-on-one care for those they love. 4KIJVCV*QOG U5WEEGUUYKVJ5KIPKƒEEG® initiative has become a central focus in the company's philanthropic philosophy, and the brand has been proud to welcome franchisees like Bill and Christy who fully embody the principles of this mission. Bill shares his experience below. “In my previous career, I spent many successful years working in manufacturing and merchandising for well-known department stores. After years of traveling back and forth to New York City and spending days at a time away from my family, I was ready for a career change. My wife, Christy, and I decided it was the right time to pursue an opportunity that allowed us to make a difference in our community while simultaneously providing the lifestyle we wanted for our family. “Both my wife and I had always wanted to own our own business, and we knew that we wanted to serve the senior population. When we found Right at Home, we were impressed with their business model, their corporate staff, and the VXSSRUWV\VWHPWKH\RIIHUHGWRWKHLUIUDQFKLVHHVZHNQHZLWZDVWKHULJKWW for us. “Owning a Right at Home franchise has been very rewarding and has allowed us to build a secure future for our family. We even purchased a second territory

Estimates show that by 2050, there will be more than 2 billion people over the age of 60 worldwide. With three record-breaking franchise sales years in a row, Right at Home will remain at the forefront of the fastest-growing sector of personal service franchising, and the average franchisee’s ‡ VQRNKPGTGXGPWGRGTQHƒEGKUOKNNKQP

RIGHT AT HOME BY THE NUMBERS LOCATIONS

500 IN 8 COUNTRIES AVERAGE NET REVENUE PER FRANCHISEE ENTITY‡1

$1,350,469.41

AVERAGE GROSS MARGIN‡2

38%

IF YOU WANT TO BE PART OF A WINNING TEAM, HELP OTHERS, AND PURSUE SUCCESS WITH SIGNIFICANCE®, THEN RIGHT AT HOME COULD BE THE RIGHT FRANCHISE FOR YOU. CALL 1-877-697-7537 OR GO ONLINE TO WWW.RIGHTATHOMEFRANCHISE.COM/FORBESMAGAZINE TODAY! ‡

There is no assurance that your Franchise Business will do as well as those referenced above. Actual results vary from business to business.

‡1

Net Billings in 2014 for 222 Franchisee Entities who own, collectively, 316 Franchise Businesses open 12 months or more as of December 31, 2014. 77 or 35% of these Franchisee Entities attained or sured the represented level of financial performance. Average gross margin in 2014 of 316 Franchise Businesses open 12 months or more as of December 31, 2014; 168 or 54% of these Franchise Businesses attained or sured the represented level of financial performance.

‡2

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

®

THE WORLD’S BILLIONAIRES

SOUTH AFRICA N E WS M A K E R

GDP: $312.5 BIL POPULATION: $54 MIL BILLIONAIRES: 6 (–1 VS. 2015) TOTAL NET WORTH: $21.8 BIL (–$6.8 BIL VS. 2015)

JOHANN RUPERT

EXPATRIATE 1

The luxury goods tycoon says the wealth gap is keeping him up at night—but not for the usual reasons. At a business summit in June 2015 Rupert called for a solution to inequality so that the wealthy won’t be afraid to don his Compagnie Financiere Richemont’s brands like Cartier and Van Cleef & Arpels. “Otherwise our clients will be targets,” Rupert said in his keynote address. “They’ll be hated, despised.”

JOHANNESBURG

Nicky Oppenheimer & family T

2

$6.6 BIL #174 DIAMONDS

Christoffel Wiese T $5.8 BIL #214 RETAILING

Johann Rupert & family T $5.3 BIL #248 LUXURY GOODS

Allan Gray S $1.6 BIL #1121 MONEY MANAGEMENT

Koos Bekker T $1.4 BIL #1275 MEDIA, INVESTMENTS

Patrice Motsepe T $1.1 BIL #1577 MINING FRANSCHHOEK PAARL

CAMPS BAY

CAPE TOWN 3

Koo Bon-Moo S

$9.6 BIL #112 SAMSUNG

$1.7 BIL #1067 ELECTRONICS, CHEMICALS, HOUSEHOLD PRODUCTS

Suh Kyung-Bae S $7.7 BIL #148 COSMETICS

Jay Y. Lee T

GDP: $1.4 TRIL POPULATION: 51 MIL BILLIONAIRES: 31 (+1 VS. 2015) TOTAL NET WORTH: $75.1 BIL (–$2.4 BIL VS. 2015)

$1.7 BIL #1067 COMPUTER SERVICES, TOURISM

Chung Mong-Koo T

Kim Nam-Jung

$4.3 BIL #351 MOTOR VEHICLES

Kwon Hyuk-Bin S $3.7 BIL #421 ONLINE GAMES

TOP SECTORS

WEALTH ORIGIN

Chey Tae-Won T

13%

Chung Eui-Sun T

Lee Hwa-Kyung T

$3 BIL #569 LOGISTICS SEOUL 30

3 FINANCE & INVEST

Lee Jay-Hyun S

3 FOOD & BEVERAGE

Kim Jung-Ju S

Shin Dong-Joo T

$2.2 BIL #810 CONSTRUCTION

Lim Sung-Ki $2.2 BIL #810 PHARMA

Park Hyeon-Joo S $2.1 BIL #854 ASSET MANAGEMENT

Lee Boo-Jin T

NEWSMAKER:

$1.9 BIL #959 COMPUTER SERVICES, TOURISM

Chey Tae-Won The chairman of South Korea’s third-largest conglomerate, who was reportedly serving a four-year sentence on charges of embezzlement, was pardoned early by President Park Geun-hye in August 2015. The country’s leaders have long been lenient on corporate chieftains who find themselves in trouble, but this time Chey had plenty of company. He was one of more than 6,500 prisoners pardoned ahead of the 70th anniversary of Korea’s independence.

EXPATRIATE 1

Seo Jung-Jin S $1.9 BIL #959 BIOTECHNOLOGY

Shin Chang-Jae T $1.9 BIL #959 INSURANCE

Kim Beom-Su T $1.7 BIL #1067 MOBILE CHAT SERVICE NE WCOME R

KIM NAM-JUNG The heir to Dongwon Group swims into the ranks of the world’s richest, as the company’s shares have risen in recent years partly due to South Korea’s higher demand for canned salmon as well as new food and beverage product lines. Its Pittsburgh-based subsidiary, Starkist, owns an 8% stake in Alaska’s Silver Bay Seafoods. Kim ed the company in 1996 and became vice chairman in 2013.

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

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

Hur Young-In $1.2 BIL #1476 BAKERIES, FAST FOOD

Lee Joong-Keun S

DAEDEOK SCIENCE TOWN

$1.3 BIL #1367 SNACK FOODS

$2.8 BIL #612 FOOD PRODUCTS, ENTERTAINMENT $2.3 BIL #771 ONLINE GAMES

DIGITAL MEDIA CITY SAMSUNG TOWN TEHERAN VALLEY

126 | FORBES MARCH 21, 2016

Chang Pyung-Soon S

5

TECHNOLOGY

WINE-GROWING REGION

$1.4 BIL #1275 RETAILING $1.3 BIL #1367 EDUCATIONAL PRODUCTS & SERVICES

5

INHERITED & GROWING INHERITED SELF-MADE

Shin Dong-Bin T

$3 BIL #569 COMPUTER SERVICES, TELECOMS

FASHION & RETAIL 52%

$1.5 BIL #1198 FOOD

5 DIVERSIFIED

35%

Lee Seo-Hyun T

$6 BIL #201 SAMSUNG

FINANCIAL CENTER

$1.2 BIL #1476 RETAILING

Cho Chang-Gul $1.1 BIL #1577 FURNITURE

Hong Seok-Joh $1.1 BIL #1577 RETAIL

Kim Taek-Jin T $1.1 BIL #1577 ONLINE GAMES

Lee Ho-Jin X $1.1 BIL #1577 PETROCHEMICALS, FINANCE, MEDIA, ELECTRONICS

Lee Myung-Hee T $1.1 BIL #1577 RETAIL

Cho Jung-Ho $1 BIL #1694 FINANCE

Hong Ra-Hee T $1 BIL #1694 SAMSUNG

JOHANN RUPERT: DAVID M. BENETT/GETTY IMAGES; CARTIER

SOUTH KOREA

Lee Kun-Hee T

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

10% 43%

SPAIN

48%

R IC HE ST

$67 BIL #2 ZARA

Amancio Ortega What slowdown? Profits of Ortega’s retail giant Inditex, the parent company of Zara, soared 20% in the last year despite a lagging European economy, boosting Ortega’s net worth by $2.5 billion to $67 billion. Defying economic trends is nothing new for the richest man in Europe, who has personally gained $49 billion since 2009.

GDP: $1.2 TRIL POPULATION: 46 MIL BILLIONAIRES: 21 TOTAL NET WORTH: $113.2 BIL (–$3.1 BIL VS. 2015)

Amancio Ortega S

LA CORUNA 3

INHERITED & GROWING INHERITED SELF-MADE

Sandra Ortega Mera S

TOP SECTORS

Juan Roig X

6 CONSTRUCTION & ENGR 6 FASHION & RETAIL 4 FINANCE & INVEST 3 SERVICE 1 GAMBLING, CASINOS 1 REAL ESTATE

$6.4 BIL #178 ZARA $5.4 BIL #240 SUPERMARKETS

Isak Andic & family T $3.4 BIL #477 CLOTHING RETAIL

Juan-Miguel Villar Mir & family T $3.1 BIL #549 CONSTRUCTION

Rafael Del Pino y CalvoSotelo S $3 BIL #569 CONSTRUCTION

Hortensia Herrero T $2.7 BIL #638 SUPERMARKETS

MATADEPERA

Manuel Lao Hernandez S $2.4 BIL #722 GAMBLING

BARCELONA

Alicia Koplowitz T $2.2 BIL #810 CONSTRUCTION, INVESTMENTS

Juan Abello S $2 BIL #906 INVESTMENTS

Miguel Fluxa Rossello $2 BIL #906 HOTELS

Manuel Jove T $1.9 BIL #959 REAL ESTATE ESPORLES MADRID 11

PALMA DE MAJORCA IZBA

Helena Revoredo T $1.7 BIL #1067 PRIVATE SECURITY

Jaime Botin T $1.5 BIL #1198 BANKING

VALENCIA 3

Florentino Perez T $1.4 BIL #1275 CONSTRUCTION FORMENTERA

Gabriel Escarrer T $1.3 BIL #1367 HOTELS

Fernando Roig S $1.3 BIL #1367 SUPERMARKETS

Maria Del Pino y CalvoSotelo T $1.2 BIL #1476 CONSTRUCTION

Alberto Alcocer T $1.1 BIL #1577 INVESTMENTS

D. Leopoldo Del Pino y Calvo-Sotelo 4

MARBELLA

$1.1 BIL #1577 CONSTRUCTION

N E WCO M E R

Jose Llado FernandezUrrutia T $1.1 BIL #1577 CONSTRUCTION

The roots of Fluxa Rossello’s fortune date back to the 19th century, when his family started a footwear business in Majorca, Spain. It moved into tourism in 1956. Three decades later Miguel opened up the first Iberostar hotels in Majorca and the Canary Islands. He sold its tour operators and travel division for $1.1 billion a decade ago but continues to expand its hotels. Today his Grupo Iberostar has 100 hotels with 67,000 beds in 27 countries including Mexico, Tunisia and Bulgaria.

SWAZILAND N E WS MAKER

GDP: $4.1 BIL POPULATION: 1 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $3.7 BIL (–$200 MIL VS. 2015)

JAIME BOTIN Authorities reportedly seized Picasso’s $28 million “Head of a Young Woman” from Botin’s yacht last summer. Officials insist it is a national treasure. Botin told one publication that the painting is his and he can do whatever he wants with it. The painting will remain in Madrid’s Reina Sofia Museum until legal ownership is determined.

Nathan Kirsh T $3.7 BIL #421 RETAIL, REAL ESTATE

EXPATRIATE 1 WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

128 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

TORRECILLA/EPA/NEWSCOM; SEUX PAULE/HEMIS/ALAMY

MIGUEL FLUXA ROSSELLO

SIGNIFICANCE AS THe New Success MAY 11-12, 2016 · New York City

(Left) Ivanka Trump, Trump Organization; The Ivanka Trump Collection, Jennifer Hyman, Rent the Runway, Sara Blakely, Spanx, Inc., Gayle King, CBS This Morning; O, The Oprah Magazine; (Middle) Ina Garten, Barefoot Contessa, Moira Forbes, Forbes Media; (Below) Carly Zakin, theSkimm, Danielle Weisberg, theSkimm, Debra L. Lee, BET Networks, Rosalind Brewer, Sam’s Club, Beth Brooke-Marciniak, EY (Right) Jessica Alba, The Honest Company

Hosted by Moira Forbes, this multi-generational gathering of influencers will come together to address today’s most pressing issues.

Leadership Education Entrepreneurship Health





Leaders today recognize that lasting success comes when you align ion and power with a higher purpose. How do organizations infuse their work with a sense of mission and what are the new ways to leverage influence and forge transformative partnerships? How are women, across industries and generations, redefining pathways to power to drive meaningful change in their businesses, in their personal lives and within the communities around them?

Please Moira Forbes for a revolutionary gathering. For more information and to request an invitation please visit ForbesConferences.com

Presented By

ing sponsor

the Conversation #redefinepower | forbes.com/power-redefined facebook.com/forbeswoman | twitter.com/forbeswoman

THE WORLD’S BILLIONAIRES

SWEDEN

SWITZERLAND

GDP: $492 BIL POPULATION: 10 MIL BILLIONAIRES: 26 (+3 VS. 2015) TOTAL NET WORTH: $112 BIL (–$3.7 BIL VS. 2015)

GDP: $668.5 BIL POPULATION: 8 MIL BILLIONAIRES: 32 (+3 VS. 2015) TOTAL NET WORTH: $91.6 BIL (–$7 BIL VS. 2015)

EXPATRIATES 11

BASEL 5

EXPATRIATE 1

WILEN

DOMICILE UNKNOWN 1

ZURICH 14 LUCERNE

BULLE

DAVOS

GSTAAD 2

VAUD CANTON

ST. MORITZ

GENEVA 4

N E WS M AKER

VERBIER

Ingvar Kamprad

LUGANO SKINNSKATTEBERG

STOCKHOLM 10

Ernesto Bertarelli T $8.6 BIL #129 BIOTECH, INVESTMENTS

Gianluigi & Rafaela Aponte S $8.4 BIL #135 SHIPPING GOTHENBURG 5

Margarita Louis-Dreyfus & family T $6.8 BIL #171 COMMODITIES

TOREKOV

Hansjoerg Wyss X $6.1 BIL #196 MEDICAL DEVICES

Willi & Isolde Liebherr & family T $5.0 BIL #270 CONSTRUCTION

Michael Pieper S $3.8 BIL #403 KITCHEN APPLIANCES

Rahel Blocher S $3.7 BIL #421 CHEMICALS

Magdalena Martullo-Blocher S Stefan Olsson T

$3.7 BIL #421 CHEMICALS

$20.8 BIL #32 H&M

$2.4 BIL #722 DIVERSIFIED

Thomas Schmidheiny T

Hans Rausing X

Karl-Johan Persson T

$3.2 BIL #527 CEMENT

$12.5 BIL #73 PACKAGING

$2.4 BIL #722 H&M

Stephan Schmidheiny T

Frederik Paulsen S

Tom Persson T

$3.0 BIL #569 INVESTMENTS

$6 BIL #201 HEALTH CARE

$2.4 BIL #722 H&M

Sergio Mantegazza T

Jorn Rausing S

Charlotte Soderstrom T

$2.7 BIL #638 TRAVEL

$5.8 BIL #214 PACKAGING

$2.4 BIL #722 H&M

Eva Maria Bucher-Haefner T

Antonia Johnson S

Carl Bennet T

$5.7 BIL #219 DIVERSIFIED

$2.3 BIL #771 INVESTMENTS

Melker Schorling T

Erik Selin

$5.7 BIL #219 INVESTMENTS

$2.1 BIL #854 BALDER

Finn Rausing S

Madeleine Olsson Ericksson X

Kirsten Rausing S $5.5 BIL #233 PACKAGING

Dan Olsson X $5.1 BIL #262 DIVERSIFIED

Gustaf Douglas S $4.7 BIL #308 SECURITY

Bertil Hult T $4 BIL #380 EDUCATION

Fredrik Lundberg S

DONA BERTARELLI

$4.5 BIL #324 BIOTECH

Stefan Persson T

$5.5 BIL #233 PACKAGING

N E WS M A K ER

Dona Bertarelli T

$1.8 BIL #1011 OIL TRADING

Markus Persson X $1.3 BIL #1367 MINECRAFT

Thomas Sandell X $1.3 BIL #1367 HEDGE FUNDS

Jonas Kamprad

Thomas Straumann S $1.5 BIL #1198 DENTAL IMPLANTS

Rudolf Maag S $1.4 BIL #1275 MEDICAL DEVICES

Ivan Glasenberg

Miriam Baumann-Blocher X

Edgar de Picciotto & family S

Commodities giant Glencore’s stock price fell two-thirds in the past year, pushing its CEO’s net worth down by $3 billion. Glasenberg is luckier than others, since four Glencore shareholders (including top executives Daniel Maté, Aristotelis Mistakidis and Tor Peterson) fell below $1 billion. The Swiss firm issued 1.3 billion new shares in September to soften the blow, and Glasenberg snatched up enough to keep his 8.4% stake intact.

$2.2 BIL #810 SOFTWARE, INVESTMENTS

Ivan Glasenberg T $2.1 BIL #854 MINING

Maja Oeri T $2.1 BIL #854 ROCHE HOLDING

Thomas Meyer T $1.9 BIL #959 APPAREL RETAILER

Esther Grether & family T

$1 BIL #1694 IKEA

$1.6 BIL #1121 BANKING

$2.3 BIL #771 COMPUTER ASSOCIATES

Martin Haefner T

Torbjorn Tornqvist T

Benjamin de Rothschild S

B IG G E ST LOS E R

$2.3 BIL #771 PRIVATE BANKING

$1.9 BIL #959 DIVERSIFIED

Bertarelli circumnavigated the globe in a little over 47 days, becoming the fastest woman to sail around the world in a yacht. Competing for the Jules Verne Trophy—named after the author of Around the World in 80 Days—she sailed in a 131foot trimaran with the all-male Spindrift Racing team she cofounded five years ago. The team, which crossed the capes of Hope, Leeuwin and Horn, traveling nearly 29,000 miles, just missed the 45-day world record.

$1.8 BIL #1011 ART COLLECTION, SWATCH

$3.8 BIL #403 REAL ESTATE, INVESTMENTS

Mathias Kamprad $1 BIL #1694 IKEA

Karl Scheufele III & family X

Lottie Tham T

Peter Kamprad

$1.7 BIL #1067 JEWELRY

$3.6 BIL #435 H&M

$1 BIL #1694 IKEA

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

130 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

$1.3 BIL #1367 CHEMICALS

Marcel Erni $1.3 BIL #1367 PRIVATE EQUITY

Walter Frey T $1.3 BIL #1367 EMIL FREY GROUP

Alfred Gantner $1.3 BIL #1367 PRIVATE EQUITY

Urs Wietlisbach $1.3 BIL #1367 PRIVATE EQUITY

Martin Ebner 4 $1.2 BIL #1476 INVESTMENTS

Gary Fegel X $1.2 BIL #1476 COMMODITIES TRADING

Willy Michel $1.2 BIL #1476 MEDICAL DEVICES

Peter Spuhler T $1.1 BIL #1577 TRAIN CARS

CLAUDIO BRESCIANI/EPA/NEWSCOM; ; MICHEL DUFOUR/GETTY IMAGES; ISON CHRIS/PA PHOTOS/ABACA/NEWSCOM

Ikea founder Kamprad, 89, once the world’s fourth-richest person, falls out of the ranks. Taking his place are his three sons—Peter, Mathias and Jonas—to whom he transferred ownership of privately held Ikano Group, with interests in finance and real estate. It also owns the Ikea franchise in Singapore, Malaysia and Thailand. The famously frugal founder irrevocably transferred ownership of the furniture giant to foundations in Europe’s tax havens years ago, but his sons still keep tabs on the original business, sitting on supervisory boards of at least four Ikearelated entities.

ZERMATT

THE DUCK’S NUTS!

A colloquial but most compelling way to describe the world’s sexiest, most forgiving golf clubs that launch higher, go further, feel softer and have a sweet spot the size of Texas. We’re PXG. We make the finest golf equipment money can buy. WARNING: Our clubs are amazing but expensive! PXG clubs feature patented technology (58 patents awarded), are made with the finest alloys and materials and manufactured using a costly, sophisticated process only we would use. Schedule a fitting. Call 1-844-PLAY-PXG or visit PXG.COM.

Nobody makes golf clubs like we do. Period. PXG clubs are available at high-end custom fitters and select golf clubs. PXG clubs are played on tour by Zach Johnson, Billy Horschel, Chris Kirk, Ryan Moore, James Hahn, Charles Howell III, Rocco Mediate, Cristie Kerr, Gerina Piller, Alison Lee, Beatriz Recari and Sadena Parks.

THE WORLD’S BILLIONAIRES

TAIWAN GDP: $525.8 BIL POPULATION: 23 MIL BILLIONAIRES: 25 (–8 VS. 2015) TOTAL NET WORTH: $54.1 BIL (–$28 BIL VS. 2015) WEALTH ORIGIN

TA TSUN

TAIPEI 19

GDP: $392.5 BIL POPULATION: 68 MIL BILLIONAIRES: 16 (–1 VS. 2015) TOTAL NET WORTH: $44.9 BIL (–$11.2 BIL VS. 2015)

HSINCHU SCIENCE PARK

TOP SECTORS 5 FINANCE & INVEST

12% 52%

THAILAND

5

36%

FOOD & BEVERAGE

TAICHUNG

4 MANUFACTURING INHERITED & GROWING INHERITED SELF-MADE

4 TECHNOLOGY

CHANGHUA COUNTY

BANGKOK 14

3 REAL ESTATE

N E WSM A KER

SOUTHERN TAIWAN SCIENCE PARK

Terry Gou KO KUT ISLAND

EXPATRIATES 3 N E WS M A K E R

Chao TengHsiung The real estate mogul was sentenced to two years in prison in December 2015 for bribing officials to get contracts in three construction developments. With the sentence suspended for five years, Chao will not spend any time inside a cell but has to pay a $6 million fine. The Farglory Group chairman itted the wrongdoings and received a favorable judgment for his cooperation in the case.

EXPATRIATES 2

PHUKET

Charoen Sirivadhanabhakdi T

Montri Jiaravanont

$10.7 BIL #94 BEVERAGES

Thaksin Shinawatra T

Dhanin Chearavanont $6.8 BIL #171 DIVERSIFIED

Vanich Chaiyawan X $3.7 BIL #421 INSURANCE, BEVERAGES

Prasert Prasarttong-Osoth X $2.8 BIL #612 HOSPITALS

Vichai Srivaddhanaprabha S $2.8 BIL #612 DUTY-FREE

Wei Yin-Chun T

Tsai Eng-Meng T

Pierre Chen T

$6 BIL #201 FOOD, BEVERAGES

$1.9 BIL #959 ART, ELECTRONICS

Terry Gou T

Tsai Hong-tu T

$5.6 BIL #228 ELECTRONICS

Lin Yu-lin T $5 BIL #270 REAL ESTATE

$1.4 BIL #1275 REAL ESTATE

Barry Lam T

Liao Long-Shing T

$3.1 BIL #549 COMPUTERS

$1.4 BIL #1275 PETROCHEMICALS

$1.4 BIL #1275 FOOD, BEVERAGES

Luo Jye & family T

Suhon Lin T

$3 BIL #569 TIRES

Chao Teng-Hsiung T

$1.4 BIL #1275 PETROCHEMICALS

$1.3 BIL #1367 REAL ESTATE

Samuel Yin T

Tsai Cheng-da T

$2.6 BIL #666 DIVERSIFIED

Lin Ming-Hsiung S

$1.4 BIL #1275 FINANCE

$1.3 BIL #1367 RETAIL

Daniel Tsai T

Tseng Shin-Yi T

$2.4 BIL #722 FINANCE

Scott Lin & family T

$1.4 BIL #1275 PETROCHEMICALS

Richard Tsai T

Wei Ing-Chou T

$1.3 BIL #1367 OPTICAL COMPONENTS

$2.4 BIL #722 FINANCE

$1.4 BIL #1275 FOOD, BEVERAGES

T.Y. Tsai T

Krit Ratanarak T

$1.4 BIL #1275 FOOD, BEVERAGES

$2.6 BIL #666 MEDIA, REAL ESTATE

$1.6 BIL #1121 FINANCE

Wei Ying-Chiao T

Jaran Chiaravanont

$1.4 BIL #1275 FOOD, BEVERAGES

$2.1 BIL #854 DIVERSIFIED

Chen Yung-Tai T

Wei Yin-Heng T

$2.1 BIL #854 DIVERSIFIED

Bruce Cheng T

Sumet Jiaravanon

Wu Chung-Yi T $1 BIL #1694 AUTO PARTS

GDP: $48.6 BIL POPULATION: 53 MIL BILLIONAIRES: 1 (–1 VS. 2015) TOTAL NET WORTH: $1.1 BIL (–$1.15 BIL VS. 2015) Mohammed Dewji T $1.1 BIL #1577 DIVERSIFIED

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

132 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

$1.6 BIL #1121 INVESTMENTS

Wichai Thongtang T $1.5 BIL #1198 INVESTMENTS

William Heinecke X $1.4 BIL #1275 HOTELS

Keeree Kanjanapas T $1.3 BIL #1367 TRANSPORTATION

Thongma Vijitpongpun T $1.3 BIL #1367 REAL ESTATE

Surin Upatkoon T $1.1 BIL #1577 TELECOM, LOTTERIES, INSURANCE

Sudthida Ratanarak T $1 BIL #1694 MEDIA, REAL ESTATE

TANZANIA

$1 BIL #1694 ELECTRONICS

$2 BIL #906 FINANCE

$2.1 BIL #854 DIVERSIFIED

FINANCIAL CENTER

DAR ES SALAAM

TERRY GOU: VIPIN KUMAR/HINDUSTAN TIMES/GETTY IMAGES; CHAO TENG-HSIUNG: ASHLEY PON/BLOOMBERG

Gou’s Foxconn is getting cold feet about buying Japan’s troubled electronics maker Sharp. Almost immediately after Sharp’s board accepted a reported $6 billion bid, Foxconn Technology Group issued a statement explaining that it had received a key document from Sharp that included material information, most of which was not disclosed in previous discussions. Sharp apparently issued its own statement, saying it had disclosed everything. Gou founded the business in 1974 with $7,500. It is now the world’s largest electronics contract manufacturer and a key supplier to Apple, HP and Sony.

© Ugurhan Betin / Getty Images

PROMOTION / ECONOMIC DEVELOPMENT

Egypt NEW BEGINNINGS +PCHVGTVJGƂXGVWOWNVWQWU[GCTUVJCV ECOGQPVJGJGGNUQHVJG'I[RVKTGXQNW VKQPFVJGQXGTVJTQYQH2TGUKFGPV*QUPK /WDCTCM'I[RVJCFCXGT[IQQF[GCT 6YQ[GCTUCIQ#DFGN(CVVCJ'N5KUK TGUKIPGFHTQOOKNKVCT[NGCFGTUJKRVQUWE EGUUHWNN[TWPHQTRTGUKFGPV+PKVUHKTUV OQPVJUKPQHHKEGJKUCFOKPKUVTCVKQPJCU

OCFGUKIPKHKEVRTQITGUUVQYCTFKVU CODKVKQWUUQEKCNFGXGNQROGPVIQCNU+V JCUKORNGOGPVGFCPWODGTQHTGHQTOU FJCUO[OQTGKPVJGYQTMUKPENWF KPIUNCUJKPI'I[RVoUGZRGPUKXGGPGTI[F HQQFUWDUKFKGUFGZRFKPIVJGƂUECN DCUGVQHWPFGHHKEKGPVRWDNKEURGPFKPI RTQITCOUFGZVGPFUQEKCNUGTXKEGU 'EQPQOKECNN['I[RVEQPUQNKFCVGFKVU UVGCF[ITQYVJVTGPFHQNNQYKPICRQUV TGXQNWVKQPUNKFGKPVQTGEGUUKQP#PKPKVKCN TGDQWPFKPHCNVGTGFFPQVWPVKN 2TGUKFGPV5KUKoUGNGEVKQPFKFVJGEQWPVT[oU )&2TGIKUVGTWRYCTFURKMG+PƂUECN[GCT s'I[RVRQUVGF)&2ITQYVJ CEEQTFKPIVQVJGNCVGUV9QTNF$MHQTG ECUVYKVJVCTIGVGFHQTs2TKOG /KPKUVGT5JGTKH+UOCKNUCKFVJKU,WCT[ $WVVJG5KUKCFOKPKUVTCVKQPJCUTGIKU VGTGFKVUDKIIGUVUWEEGUUGUKPVJGCTGCQH TGDWKNFKPIEQPƂFGPEGKP'I[RVoUGEQPQO[ FCVVTCEVKPIQXGTUGCUECRKVCNDCEMVQ VJGEQWPVT[.CUV/CTEJoU'I[RV'EQPQOKE &GXGNQROGPV%QPHGTGPEG ''&%TGUWNVGF KPFGCNUYQTVJDKNNKQPUHQTRTQLGEVUCETQUU VJGGEQPQO[+P,WCT[/KPKUVGTQH+PXGUV OGPV#UJTCH5CNOUCKFVJCV'I[RVJCU UKIPGFEQPVTCEVUYQTVJDKNNKQPDCUGF QP/17UXCNWGFCVDKNNKQPp'I[RVKU TGCF[HQTKPXGUVOGPVKPCNNUGEVQTUq #PWPGSWKXQECNUKIPQH'I[RVoUNKOKV NGUURQVGPVKCNYCUVJGEQORNGVKQPQHVJG

MARIDIVE GROUP Egypt’s and the Middle East’s biggest provider of offshore marine and oil UGTXKEGU/CTKFKXG)TQWRƂTUVUGVUCKNKP+VKUPQYCVTWUVGFRCTVPGTQHUQOGQHVJG NGCFKPIPCOGUKPVJGQKNKPFWUVT[KPENWFKPI$2'0+5JGNNF6QVCNQPVJGKPVGTPCVKQPCN UEGPGF)72%12GVTQDGN57%1F4#5*2'6%1QPVJGNQECNQPG /CTKFKXGGCTPGFKVUETGFKDKNKV[YKVJDQVJKPVGTPCVKQPCNFNQECNQKNEQORKGU VJTQWIJCNQPILQWTPG[QHPGCTN[[GCTUQHJCTFYQTMCUCRKQPGGTKPVJGTGIKQPoU QHHUJQTGQKNUGTXKEGUƂGNF 6QFC[VJGYJQNN['I[RVKQYPGFITQWRJCUHQWTUWDUKFKCTKGUKUCEVKXGKPVGTTKVQ TKGUQRGTCVGUXGUUGNUFGORNQ[UQXGTPCVKQPCNU/CTKFKXGJCUCTGRWVCVKQP HQTGHƂEKGPE[FGZEGNNGPEGVJMUVQKVUQPIQKPIKPXGUVOGPVUKPRGQRNGGSWKROGPV FVGEJPQNQI[ +PKVKPEQTRQTCVGFPGYQHHUJQTGUWRRQTVXGUUGNUKPVQKVUƃGGVHQNNQYGFD[ QPGQHVJGYQTNFoUNCTIGUVFOQUVCFXEGFDCTIGUKPOKF+PNCVG/CTK FKXGUVCTVGFVQUGNNQWVFCVGFJCTFYCTGVQOCMGYC[HQTOQTGEWVVKPIGFIGXGUUGNU$[ KVJCFEWVVJGCXGTCIGCIGQHKVUƃGGVHTQO[GCTUVQ 5KPEG/CTKFKXGJCUGODCTMGFQPCODKVKQWUUGXGP[GCTRNVQKPETGCUGKVU UJCTGQHVJGFQOGUVKECTGPCFGZRFKPVQPGYOCTMGVUYQTNFYKFGKPRCTCNNGNYKVJ TGLWXGPCVKPIVJGEQOR[oUOCIGOGPVKPQTFGTVQDTKPICPGYXKUKQPFGPVJWUKCUO QPDQCTF /CTKFKXGEQPVTQNUQXGTQHVJG'I[RVKOCTMGVDWVQHKVUTGXGPWGUCNTGCF[ EQOGHTQOQXGTUGCU6JGITQWRKURNPKPIVQNGXGTCIGKVUGZRGTVKUGVQQHHGTDGVVGTRTKE KPIVJKVUEQORGVKVQTUYJKNGOCKPVCKPKPIVJGUCOGGZCEVKPIJGCNVJUCHGV[GPXKTQPOGPV FSWCNKV[ *5'3UVFCTFUVJCVJCXGOCFGKVCUWEEGUUCVJQOGFCDTQCF 6QƂPFQWVOQTGCDQWVVJG/CTKFKXG)TQWR XKUKVYYYOCTKFKXGITQWRPGVQTECNN

0GY5WG\%CNKPLWUVOQPVJU6JG DKNNKQPRTQLGEVETGCVGFCOKNGD[RCUU YKFGPKPIFFTGFIKPIVJGYCVGTYC[VQ CNNQYHQTVYQYC[VTCHƂEKPVJGVJQTQWIJ HCTGDGVYGGP#UKCF'WTQRG1RGPGF VQITGCVHHCTGNCUV#WIWUVKVEJQTU 'I[RVoURNPGF5WG\%CN%QTTKFQT#TGC 2TQLGEVKPVGPFGFVQVTUHQTOVJGTGIKQP KPVQCRNCVHQTOHQTINQDCNDWUKPGUU 6JG4GNKEG+PXGUVOGPVUITQWRCEVKXG KPCIITGICVGUEGOGPVFTGCF[OKZ EQPETGVGRTQFWEVKQPCUYGNNCUKPVTCF KPINQIKUVKEUFUQNKFHWGNUWRRN[KU RCTVKEWNCTN[YGNNRQUKVKQPGFVQRTQƂVHTQO VJGTGUWTIGPEGQH'I[RVoUEQPUVTWEVKQP KPFWUVT[FVQECRKVCNK\GQPVJGEQWPVT[oU RQVGPVKCNCUCVTCFGJWD+VUEJCKTOF %'1/CIFK-CUUCDIWKKUEQPXKPEGFVJCV JKUEQOR[EDGVUCHGN[QPEQPVKPWGF GEQPQOKEITQYVJ p9GJCXGUGGPOWNVKPCVKQPCNEQORC PKGUEQOKPIKPFKPXGUVKPIKPOGIC RTQLGEVUq-CUUCDIWKPQVGUp6JCVRTQ XKFGUCXGT[RQUKVKXGHGGNKPIHQTDWUKPGUU 'I[RVQHHGTUQRRQTVWPKVKGUVJCVCTGPQV CXCKNCDNGGNUGYJGTG9GCTGDNGUUGFYKVJ CNCTIGRQRWNCVKQPPCVWTCNTGUQWTEGUF CRTKOGIGQITCRJKECNNQECVKQP6JKPIUCTG JCRRGPKPIJGTGPQYUQVJGUQQPGTKPXGU VQTUEQOGVJGDGVVGTVJGTGVWTPUq 4GNKEGGZRGEVU'I[RVVQpDGEQOGC XGT[KORQTVVNQIKUVKEUJWDKPVJGOGFKWO VGTOq-CUUCDIWKUC[U+PTGEGPV[GCTUKVU 4GNKEG.QIKUVKEUUWDUKFKCT[JCUDWKNVWR CVTWEMVTURQTVCVKQPƃGGVF4GNK EGKUQRGPVQFGXGNQRKPIQRRQTVWPKVKGU YKVJRCTVPGTUVJCVRTQXKFGUQNKFTGVWTPUQP KPXGUVOGPVFFGNKXGTQPUVTCVGIKEIQCNU p9GEUVKNNFGXGNQRFGZRFHWTVJGTq -CUUCDIWKFGENCTGUp9GJCXGFKXGTUKV[ FCTGKPVQCFFGFXCNWGRTQLGEVUKPCNNVJG UGEVQTUYJGTGYGQRGTCVG6JKUFGƂPKVGN[ IKXGUWUCEQORGVKVKXGGFIGq 'NGEVTKE2QYGT5[UVGOU'PIKPGGTKPI %QOR[ '25KUQVJGTJQOGITQYP EQOR[VJCVYQTMUHQTEQTRQTCVGF

Electric Power Systems Engineering Co.

Tel: +2022661820 www.eps-egypt.com

ECONOMIC DEVELOPMENT / PROMOTION

institutional clients throughout the region, and that possesses the expertise to assist foreign investors in Egypt’s fast-growing energy sector. Founded in 1982, it provides consulting and engineering solutions for generation and transmission projects, with a specialty in renewable power sources. “We are problem-solvers,” explains its chairman, Hosni El-Kholy. “We provide many different services, including tailored software solutions and feasibility studies. We are now expanding our offer to contractors and have already had a number of very successful projects. We already do most of the transmission work for the Egyptian Electricity Transmission Company as their preferred partner.” Challenges still persist for Egypt— namely the threat of terrorism, lower tourism receipts, shrinking foreign reserves FCUK\CDNGDWFIGVFGƂEKVtDWVDQVJVJG public and private sectors exhibit a strong resolve to overcome any obstacle. “We are on the right track,” Reliance’s Kassabgui says. “We have to send the message to foreign investors, encourage them to come to Egypt and show them possibilities for business.” Section Managers: Rosemary Venn and Christopher French For more information, : Gabriel Gutiérrez—[email protected]

ZAKI HASHEM AND PARTNERS, ATTORNEYS AT LAW For six decades, Zaki Hashem & Partners (ZH&P) has looked “We have a long after legal matters for corporate clients from Egypt, the Midhistory advising dle East and worldwide. Established in 1953, it ranks among foreign investors. /'0#oUNGCFKPIEQOOGTEKCNNCYƂTOUURGEKCNK\GUKP/#F capital market deals, and today employs more than 100 fee Although, at earners. ƂTUVKPXGUVOGPVU “We are the oldest and largest, and remain independent,” OC[NQQMFKHƂEWNV states Mr. Yasser Hashem, ZH&P’s managing partner. This and bureaucratic, CNNQYUWUVQYQTMCETQUUVJGDQCTFYKVJGXGT[DKIƂTOKPVJG at the end of the world. We are a little more old-fashioned in of profesday, deals get sionalism and integrity. We believe your reputation comes from what you achieve.” done and people ZH&P has racked up some pretty impressive achievements. OCMGOQPG[q 6JGƂTOYCUKPXQNXGFKPQKNFICUEQPEGUUKQPUITVGFCETQUU the Middle East for decades, played an instrumental role in 'I[RVoUOCUUKXGRTKXCVK\CVKQPUKPVJGUFTGIWNCTN[QXGTsees Egypt’s biggest transactions. Last May, ZH&P won “best deal of the year” after handling the government’s $1.5 billion euro-dollar bond issue. Alongside major domestic clients, such as Vodafone and The American University in Cairo, ZH&P works for many multinationals doing business in Egypt, including HSBC and Total. The ƂTOQHHGTUIWKFEGQPJQYVQUGVWR'I[RVKEQORKGUUWDUKFKCTKGUFTGRTGUGPVCVKXG QHƂEGUCUYGNNCULQKPVXGPVWTGUYKVJNQECNRCTVPGTU “We have a long history advising foreign investors,” Hashem says. “Since the 1950s, YGJCXGDGGPVJGQPN[ƂTOFQKPIVJKU#NVJQWIJCVƂTUVKPXGUVOGPVUOC[NQQMFKHƂEWNV and bureaucratic, at the end of the day, deals get done and people make money.” For more information, call: +202 2399 9999 or visit www.hashemlaw.com.

WEALTH ORIGIN

THE WORLD’S BILLIONAIRES

10% 57%

TURKEY

33%

INHERITED & GROWING INHERITED SELF-MADE

TOP SECTORS

GDP: $716.4 BIL POPULATION: 78 MIL BILLIONAIRES: 30 (–2 VS. 2015) TOTAL NET WORTH: $45.4 BIL (–$7.1 BIL VS. 2015)

DIVERSIFIED 5 FINANCE & INVEST

ISTANBUL 26

Bulent Eczacibasi T $1.4 BIL #1275 PHARMACEUTICALS, DIVERSIFIED

4 CONSTRUCTION & ENGR 3 FASHION & RETAIL 2 FOOD & BEVERAGE

EXPATRIATE 1

Filiz Sahenk T $1.5 BIL #1198 BANKING, MEDIA

14

Faruk Eczacibasi X $1.4 BIL #1275 PHARMACEUTICALS, DIVERSIFIED

Mehmet Aydinlar X $1.3 BIL #1367 HOSPITALS

Sezai Bacaksiz 4 $1.3 BIL #1367 DIVERSIFIED

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

Turgay Ciner S

ANKARA 3

$1.3 BIL #1367 DIVERSIFIED

CESME

Nihat Ozdemir 4 $1.3 BIL #1367 DIVERSIFIED

Ahmet Nazif Zorlu T $1.3 BIL #1367 DIVERSIFIED

BODRUM

Ali Ibrahim Agaoglu T $1.2 BIL #1476 CONSTRUCTION

Sefik Yilmaz Dizdar

Murat Ulker T

Murat Ulker

$1.2 BIL #1476 FASHION, RETAIL

Husnu Ozyegin T $2.6 bil #666 FINANCE,

$1.1 BIL #1577 TOURISM, CONSTRUCTION

Mehmet Nazif Gunal T

DIVERSIFIED

Mustafa Latif Topbas T

Ferit Faik Sahenk T

The chairman of Turkey’s largest food company, Yildiz Holding, whose personal fortune fell $1.5 billion in the past year, is seeking to improve the group’s outlook by uniting his global assets, including Godiva and United Biscuits, into a new company called Pladis. The January restructuring may be a prelude to an IPO. Meanwhile, he has divested his beverage assets, selling an 80% stake in milk producer Ak Food to ’s Groupe Lactalis for almost $1 billion in 2015.

$2.4 BIL #722 BANKING, MEDIA

$1.1 BIL #1577 FOOD MANUFACTURING, RETAIL

Semahat Sevim Arsel T

Hamdi Akin

$2.2 BIL #810 DIVERSIFIED

$1 BIL #1694 DIVERSIFIED

Erman Ilicak T

Mehmet Rustu Basaran T

$2 BIL #906 CONSTRUCTION

$1 BIL #1694 BANKING, GAS

Mustafa Rahmi Koc T

Sevket Sabanci T

$2 BIL #906 DIVERSIFIED

$1 BIL #1694 DIVERSIFIED

Mustafa Kucuk

Deniz Sahenk T

$2 BIL #906 FASHION, RETAIL

$1 BIL #1694 BANKING, MEDIA

Sarik Tara T

Mehmet Sinan Tara T

$2 BIL #906 CONSTRUCTION

$1 BIL #1694 CONSTRUCTION

Suna Kirac T

Murat Vargi X

$1.8 BIL #1011 DIVERSIFIED

$1 BIL #1694 TELECOM

Hamdi Ulukaya S

Fatma Yazici X

$1.8 BIL #1011 CHOBANI YOGURT

UNITED ARAB EMIRATES

UKRAINE

GDP: $339.1 BIL POPULATION: 9 MIL BILLIONAIRES: 5 (+1 VS. 2015) TOTAL NET WORTH: $18.4 BIL (–$0.8 BIL VS. 2015)

GDP: $88.9 BIL POPULATION: 45 MIL BILLIONAIRES: 5 TOTAL NET WORTH: $7.1 BIL (–$4.8 BIL VS. 2015)

DUBAI 5

Majid Al Futtaim & family T $5.0 BIL #270 REAL ESTATE, RETAIL

Abdulla bin Ahmad Al Ghurair & family T

KIEV 3 DNEPROPETROVSK DONETSK

ABU DHABI

$4.9 BIL #286 DIVERSIFIED

Hussain Sajwani

Rinat Akhmetov T

$3.2 BIL #527 REAL ESTATE

$2.3 BIL #771 STEEL, COAL

Abdulla Al Futtaim T

Henadiy Boholyubov S

$3.1 BIL #549 AUTO DEALERS, INVESTMENTS

$1.3 BIL #1367 BANKING, INVESTMENTS

Saif Al Ghurair & family T

Ihor Kolomoyskyy X

$2.2 BIL #810 DIVERSIFIED

$1.3 BIL #1367 BANKING, INVESTMENTS

Victor Pinchuk T $1.2 BIL #1476 STEEL PIPES, DIVERSIFIED

Yuriy Kosiuk T $1 BIL #1694 AGRICULTURE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

136 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

$1 BIL #1694 DIVERSIFIED

FINANCIAL CENTER

YILDIZ HOLDING/ANADOLU AGENCY/GETTY IMAGES; STUDIOSHOTS/ALAMY

RICHE ST

$2.9 BIL #595 FOOD MANUFACTURING

THE WORLD’S BILLIONAIRES

UNITED KINGDOM

N E WS M A K E R

Lord Michael Ashcroft

GDP: $2.9 TRIL POPULATION: 65 MIL BILLIONAIRES: 50 (–3 VS. 2015) TOTAL NET WORTH: $161.8 BIL (–$9.4 BIL VS. 2015) EXPATRIATES 16

TOP SECTORS

6% 12% 82%

INHERITED & GROWING INHERITED SELF-MADE

11 FINANCE & INVEST 8 REAL ESTATE 7 DIVERSIFIED 6 FASHION & RETAIL 4 MANUFACTURING 4 MEDIA & ENTERT

NE WCOME R

John Bloor Bloor reportedly left school at age 15 to become an apprentice plasterer and built his first house before age 20. Today his Bloor Homes puts up more than 2,000 residences a year. He also owns Triumph Motorcycles, the iconic brand made famous by American movie stars like James Dean and Steve McQueen.

Hinduja family X $14.5 BIL #58 HINDUJA GROUP

David & Simon Reuben S

ABERDEEN

$14.4 BIL #60 INVESTMENTS, REAL ESTATE

Gerald Cavendish Grosvenor & family S $13 BIL #68 REAL ESTATE

Philip & Cristina Green S

GLASGOW

Anthony Bamford & family T $2.3 BIL #771 CONSTRUCTION EQUIPMENT

$5.9 BIL #205 RETAIL

Robert Miller S

James Ratcliffe S

$2.2 BIL #810 RETAIL

$5.5 BIL #233 CHEMICALS

Charles Dunstone T

Joe Lewis T

$2.1 BIL #854 MOBILE PHONES

$5.3 BIL #248 INVESTMENTS

Martisa Lazari & family

Ian & Richard Livingstone S

$2.1 BIL #854 REAL ESTATE

$5.1 BIL #262 REAL ESTATE

Sunil Vaswani

David & Frederick Barclay T

$2 BIL #906 DIVERSIFIED

Jonathan Harmsworth T

$4.9 BIL #286 MEDIA, RETAIL

John Coates S

$1.3 BIL #1367 PUBLISHING

Richard Branson S

$1.9 BIL #959 ONLINE GAMBLING

Hilton Schlosberg T

$4.9 BIL #286 VIRGIN

Andrew Currie

Laurence Graff & family T

$1.8 BIL #1011 CHEMICALS

$1.3 BIL #1367 MONSTER ENERGY DRINKS

$4.6 BIL #317 DIAMOND JEWELRY

Farhad Moshiri T

Cameron Mackintosh

Bruno Schroder & family T $4.6 BIL #317 BANKING

Clive Calder S $4.5 BIL #324 RECORD LABEL

James Dyson T $4 BIL #380 VACUUMS

Denise Coates S $3.8 BIL #403 ONLINE GAMBLING

Michael Ashley T $3.5 BIL #453 SPORTS RETAILING

Bernard Ecclestone & fam T $3.2 BIL #527 FORMULA ONE

Michael Platt T $3 BIL #569 HEDGE FUNDS

Peter Hargreaves S $2.9 BIL #595 FINANCIAL SERVICES

John Whittaker T $2.7 BIL #638 REAL ESTATE

Eddie & Sol Zakay T $2.5 BIL #688 REAL ESTATE

John Caudwell T $2.4 BIL #722 MOBILE PHONES

Tom Morris S $2.4 BIL #722 RETAIL

ISLE OF MAN

$1.8 BIL #1011 DIVERSIFIED

$1.2 BIL #1476 MUSICAL THEATER

John Reece

Ayman Asfari T

$1.8 BIL #1011 CHEMICALS

$1.1 BIL #1577 OIL SERVICES

Christopher Hohn 4

John Bloor

$1.7 BIL #1067 HEDGE FUND

Stephen Rubin T $1.7 BIL #1067 SPORTS APPAREL

David Harding S

$1.1 BIL #1577 REAL ESTATE, MANUFACTURING

ABERDYFI STOKE-ON-TRENT 3 GLOUCESTER 2

138 | FORBES MARCH 21, 2016

HERTFORDSHIRE CHERTSEY

$1.1 BIL #1577 COMMUNICATIONS

BRISTOL

LONDON 19

$1.1 BIL #1577 DIVERSIFIED

Kenneth Lo S

HAMPSHIRE

Anthony Langley

$1.6 BIL #1121 TEXTILES

SILICON ROUNDABOUT

M4 CORRIDOR

$1.1 BIL #1577 MANUFACTURING

Ian Wood & family T $1.6 BIL #1121 ENERGY SERVICES

Michael Ashcroft X $1.5 BIL #1198 SECURITY N E WS M A K E R

Richard Desmond T

PHILIP & CRISTINA GREEN

$1.5 BIL #1198 PUBLISHING

The husband-wife duo unloaded their struggling clothing and homeware chain, BHS, for just one pound in 2015, quite a comedown from the $300 million they spent to acquire it in 2002. But don’t feel too bad: Their Arcadia Group owns European retail favorites such as Topshop, Dorothy Perkins and Miss Selfridge, which continue to do well.

Alan Howard T $1.5 BIL #1198 HEDGE FUNDS

Jasminder Singh & family S $1.5 BIL #1198 HOTELS

Mark Coombs T $1.4 BIL #1275 FINANCE

Mark Dixon S $1.3 BIL #1367 OFFICE REAL ESTATE

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

NOTTINGHAMSHIRE

CHESTER

Mohammed Ibrahim X Raghuvinder Kataria X

$1.6 BIL #1121 FINANCE

MERSEYSIDE

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

PHILIP AND TINA GREEN: KARWAI TANG/GETTY IMAGES; TRIUMPH MOTORCYCLE: OLEKSIY MAKSYMENKO/ALAMY

WEALTH ORIGIN

After reg from the House of Lords last spring, Ashcroft published Call Me Dave, a scathing book about British Prime Minister David Cameron. Allegations include drug use and snobby behavior. It also claims that the Oxford grad once put his private parts in a dead pig’s mouth as part of an initiation ritual. A Conservative deputy chairman from 2005 to 2010, Ashcroft itted his disappointment that Cameron didn’t offer him a job in his cabinet, but he insists the book isn’t revenge.

We started UNTUCKit because we had trouble ƂPFKPIUJKTVUVJCVNQQMGF IQQFWPVWEMGF+VoUC FGEGRVKXGN[FKHƂEWNVNQQMVQ IGVTKIJV5JKTVULWUVCTGPoV FGUKIPGFVJCVYC[5QYG decided to make a better shirt for the untucked man. #ECUWCNUJKTVƂVHQTEQOHQTV not convention, and FGUKIPGFVQHCNNCVVJG RGTHGEVNGPIVJ

untuckit.com Visit us at 129 Prince St, NY, NY

THE WORLD’S BILLIONAIRES

UNITED STATES GDP: $18 TRIL POPULATION: 322 MIL BILLIONAIRES: 540 (+4 VS. 2015) TOTAL NET WORTH: $2.4 TRIL (–$200 BIL VS. 2015) LANAI, KAUAI

132 FINANCE & INVEST

SEATTLE 11

73 TECHNOLOGY

15%

INHERITED & GROWING INHERITED SELF-MADE

HONOLULU

52 FOOD & BEVERAGE

MISSOULA 2

PORTLAND 3

48 FASHION & RETAIL

BIG HORN

38 REAL ESTATE

BOZEMAN 2 SHERIDAN

NE WS MA KE R

Bill Gates T $75 BIL #1 MICROSOFT

Warren Buffett T $60.8 BIL #3 BERKSHIRE HATHAWAY

Jeff Bezos S $45.2 BIL #5 AMAZON.COM

Mark Zuckerberg S $44.6 BIL #6 FACEBOOK

Larry Ellison T $43.6 BIL #7 ORACLE

Michael Bloomberg S $40 BIL #8 BLOOMBERG LP

Charles Koch T $39.6 BIL #9 DIVERSIFIED

David Koch T $39.6 BIL #9 DIVERSIFIED

Larry Page S $35.2 BIL #12 GOOGLE

Sergey Brin S $34.4 BIL #13 GOOGLE

Jim Walton T $33.6 BIL #15 WAL-MART

Alice Walton T $32.3 BIL #16 WAL-MART

S. Robson Walton T $31.9 BIL #17 WAL-MART

Sheldon Adelson T $25.2 BIL #22 CASINOS

George Soros S

Elizabeth Holmes A firestorm has surrounded Holmes’ blood-testing company, Theranos. Last fall the FDA said the company was shipping an unapproved blood-collection device. In January the Centers for Medicare & Medicaid Services found deficiencies in a California lab. A few days later Theranos’ partner Walgreens suspended sending tests to that lab and stopped blood tests in its Palo Alto, Calif. store; it still runs the tests in 40 Arizona stores. As a result of the troubles, FORBES lowered the estimated valuation of Theranos. Still, Holmes remains the world’s youngest self-made woman, for now.

JACKSON 6 BOISE 3

DEER VALLEY PARK CITY CHICO

SALT LAKE CITY

STOCKTON

SAN FRANCISCO/ SAN JOSE 70

SNOWMASS/ASPEN/BEAVER CREEK,COLORADO

SANTA CRUZ

$23.5 BIL #26 MICROSOFT

Forrest Mars Jr. T $23.4 BIL #27 CANDY

Jacqueline Mars T $23.4 BIL #27 CANDY

John Mars T $23.4 BIL #27 CANDY

Michael Dell S $19.8 BIL #35 DELL

Paul Allen X $17.5 BIL #40 MICROSOFT, INVESTMENTS

Carl Icahn T $17 BIL #43 INVESTMENTS

140 | FORBES MARCH 21, 2016

DENVER 7

LAS VEGAS 8

MONTECITO SANTA BARBARA

RIVERSIDE

LOS ANGELES 43

PHOENIX 9

SAN DIEGO 4

EL PASO B IG G E ST G A I N E R

MARK ZUCKERBERG Laurene Powell Jobs & family T

No one on the planet has had a better year than Zuck. Facebook’s soaring stock price makes him the world’s biggest gainer, adding $11.2 billion to his fortune in 12 months. Plus, he became a father for the first time. To celebrate the milestone, he and his wife, Priscilla, announced plans to give 99% of their Facebook stock—nearly all of their wealth—to charitable causes during their lifetime. Zuckerberg has also taken to posting photos and videos of his family on Facebook, including ones with his daughter, Max, getting her vaccines, dressed as a Jedi, celebrating her first Chinese New Year and hanging out with their dog, Beast.

$16.7 BIL #44 APPLE, DISNEY

Ray Dalio S $15.6 BIL #48 HEDGE FUNDS

James Simons S $15.5 BIL #50 HEDGE FUNDS

Len Blavatnik T $15.3 BIL #53 DIVERSIFIED

Donald Bren T $15.1 BIL #54 REAL ESTATE

Abigail Johnson T $13.1 BIL #65 MONEY MANAGEMENT

Steve Cohen S $12.7 BIL #72 HEDGE FUNDS

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

BOULDER

PEBBLE BEACH

Phil Knight S Steve Ballmer S

FORT COLLINS ASPEN

$24.9 BIL #23 HEDGE FUNDS $24.4 BIL #24 NIKE

SUN VALLEY

REDDING

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

ELIZABETH HOLMES: ETHAN PINES; MARK ZUCKERBERG: NEWSCOM; WAGGONER RANCH: GREGG ELLMAN/MCT/NEWSCOM; STAN KROENKE: NICK UT/AP; OIL DERRICK: RYAN MCGINNIS/GETTY IMAGES; DAVID RUBENSTEIN: DREW ANGERER/GETTY IMAGES

17% 68%

The nearly 50% drop in oil prices drained $35.8 billion from the fortunes of 23 U.S. oil and gas billionaires. No American oilman lost more than Hamm, whose net worth fell $7.1 billion. At his 2014 peak he was worth $18.7 billion, but the oil price plunge and a $1 billion divorce judgment have knocked him down 166 ranks in a year to 262nd. SAN JUAN ISLANDS

TOP SECTORS

WEALTH ORIGIN

N E WS M A K E R

HAROLD HAMM

NEWCO MER

recipes and hairstyles to crafts and home decor from their mobile phones or computers, now has more than 100 million monthly s. It was most recently valued at $11 billion in May 2015, pushing Silbermann, 33, and cofounder Evan Sharp, 33 (left), into the billionaire ranks. They are 2 of a record 66 billionaires under the age of 40.

BEN SILBERMANN As a child in Iowa, Silbermann (right) collected dried insects pinned to cardboard. As an adult he and two cofounders created Pinterest, a site for virtual collectors in 2010. The photo bookmarking site, which lets s save and share image collections of anything from

MINNEAPOLIS/ ST. PAUL 3 ORONO

Hedge fund tycoon reportedly dropped $500 million on two paintings, de Kooning’s “Interchange” and Pollock’s “Number 17A,” last fall. Sounds pricey, but Griffin was the top-performing hedge funder in 2015, earning $1.7 billion thanks to 14.3% returns (net of fees) at his flagship fund. He was one of 22 billionaire fund managers to get richer this year; 11 saw HANOVER their fortunes shrink.

EAU CLAIRE

MADISON JANESVILLE

SIOUX FALLS

OMAHA 2

KEN GRIFFIN

BIRCHWOOD SHEBOYGAN

MANKATO

N E WS M A K E R

BLOOMINGTON

LEXINGTON

NASHVILLE 4

OKLAHOMA CITY 3

TULSA 2

LONG ISLAND 6 PHILADELPHIA 7

NEW JERSEY 8 BALTIMORE 3

LEWISBURG

NEW YORK 74

EXPATRIATES 16

VIRGINIA BEACH

KNOXVILLE 2

SPRINGFIELD

FAYETTEVILLE 4

HAMPTONS

WASHINGTON, DC 9

KENTUCKY DERBY

ST. LOUIS 2

PROVIDENCE

WESTCHESTER 10

PITTSBURGH 2 COLUMBUS

DAYTON INDIANAPOLIS 2

BOSTON 10

NANTUCKET

LIBERTY

GRAND RAPIDS

RACINE 4

DES MOINES

KANSAS CITY COLUMBIA 2 2 WICHITA

CONNECTICUT 12

BUFFALO

ANN DETROIT ARBOR 5 HOLLAND CLEVELAND 3 KALAMAZOO 3 CHICAGO YOUNGSTOWN 18

BELGRADE

CHARLOTTE

CLEVELAND

RALEIGH 2

CHATTANOOGA 2 MEMPHIS

LITTLE ROCK ATLANTA 9

CHARLESTON

DALLAS/FORT WORTH 22

CISCO 2

SAN ANTONIO 4

DELTONA

KILLEEN HOUSTON 13

NEW ORLEANS 2

AUSTIN 5

PORT ST. LUCIE 2

PALM BEACH

CAPE CORAL NAPLES 5 NE WS MA KE R

Stan Kroenke Perhaps looking for some breathing room after the media frenzy surrounding his bid to move the St. Louis Rams back to Los Angeles (which was approved in January), the press-shy billionaire bought the massive Waggoner Ranch in northern Texas in February. The price wasn’t disclosed, but the property, which is larger than New York City and has 1,000 oil wells and a 27,000-acre farm, had been listed at $725 million. He also owns ranches in Montana, Wyoming and Canada.

N E WS M A K ER

LAKELAND

TAMPA/ST. PETERSBURG 3

MIAMI/PALM BEACH 29

ISLAMORADA MARATHON

DAVID RUBENSTEIN One of the private equity financiers behind the Carlyle Group is donating $18.5 million to restore the 94-year-old Lincoln Memorial and expand exhibits and research there. It’s the fourth national monument that Rubenstein has helped refurbish. In all, he’s given $44 million toward historic preservation of U.S. attractions, including the Washington Monument.

MARCH 21, 2016 FORBES | 141

THE WORLD’S BILLIONAIRES Paul Tudor Jones II S B IG G E ST LOSE R

Charles Ergen T

CHRISTY WALTON

$12.2 BIL #77 SATELLITE TV

Ronald Perelman T $12.1 BIL #78 LEVERAGED BUYOUTS

Stephen Ross S $12 BIL #80 REAL ESTATE

Patrick Soon-Shiong T $11.9 BIL #81 PHARMACEUTICALS

David Tepper S $11.4 BIL #85 HEDGE FUNDS

Thomas Peterffy S $11.1 BIL #88 DISCOUNT BROKERAGE

Elon Musk T $10.7 BIL #94 TESLA MOTORS

Rupert Murdoch & family T

Walton is down big—$36.5 billion—but not because of Wal-Mart stock. Shares have fallen about 23% since last year’s list, which would have knocked $9.6 billion off her $41.7 billion fortune, but previously sealed court documents reveal that she didn’t inherit all of her late husband John Walton’s estate upon his 2005 death (he died in an airplane crash). John and Christy’s only child, Lukas, received one-third of his father’s fortune; another half went to charitable trusts; Christy got the remaining sixth. That split is still good enough to make Christy the 22ndwealthiest woman in the world. Lukas, 29, is the 99th-richest person, with a $10.4 billion fortune.

$10.6 BIL #96 MEDIA

Lukas Walton $10.4 BIL #99 WAL-MART

George Kaiser T

Jack Taylor & family T

Eric Schmidt S

$7.1 BIL #167 OIL & GAS, BANKING

$5.3 BIL #248 ENTERPRISE RENT-A-CAR

$10.2 BIL #100 GOOGLE

Les Wexner & family T

Samuel Newhouse Jr. S

$7.1 BIL #167 RETAIL

$10.0 BIL #103 MEDIA

David Geffen T

Philip Anschutz T

$6.5 BIL #176 ENTERTAINMENT

$9.7 BIL #108 INVESTMENTS

James Chambers

Jim Kennedy S

$6.4 BIL #178 MEDIA

$9.7 BIL #108 MEDIA

Katharine Rayner

Blair Parry-Okeden S

$6.4 BIL #178 MEDIA

$9.7 BIL #108 MEDIA

Margaretta Taylor

John Paulson T

$6.4 BIL #178 MEDIA

$9.7 BIL #108 HEDGE FUNDS

John Malone T

Stephen Schwarzman T

$6.3 BIL #184 CABLE TELEVISION

$9.5 BIL #113 INVESTMENTS

Travis Kalanick S

Andrew Beal T

$6.2 BIL #188 UBER

$9.4 BIL #115 BANKS, REAL ESTATE

Gordon Moore T

John Menard Jr. S

$6 BIL #201 INTEL

$9.3 BIL #116 RETAIL

Shahid Khan S

Donald Newhouse S

$5.9 BIL #205 AUTO PARTS

$9.3 BIL #116 MEDIA

Richard LeFrak & family T

Leonard Lauder T

$5.9 BIL #205 REAL ESTATE

Trevor Rees-Jones S

$5.1 BIL #262 ROOFING

Charles Dolan & family S $5 BIL #270 CABLE TELEVISION

Israel Englander S $5 BIL #270 HEDGE FUNDS

Herbert Kohler Jr. & family S $7.3 BIL #159 PLUMBING FIXTURES

Edward Johnson III T $7.2 BIL #163 MONEY MANAGEMENT

Pierre Omidyar T $7.2 BIL #163 EBAY

Micky Arison X $7.1 BIL #167 CARNIVAL CRUISES

David Sun T

Karen Pritzker T

$4.5 BIL #324 COMPUTER HARDWARE

Donald Trump S $4.5 BIL #324 TELEVISION, REAL ESTATE

John Tu T

Edward Roski Jr. T $3.8 BIL #403 REAL ESTATE

Walter Scott Jr. & family S

$4.4 BIL #338 BUSINESS SOFTWARE

Jeffery Hildebrand T $4.2 BIL #358 OIL

Henry Kravis T

$3.7 BIL #421 PHARMACEUTICALS

Jeremy Jacobs Sr. S $3.7 BIL #421 SPORTS CONCESSIONS

Archie Aldis Emmerson X $3.6 BIL #435 TIMBERLAND, LUMBER MILLS

Gwendolyn Sontheim Meyer T

Dannine Avara T

Steven Rales T

$5 BIL #270 DALLAS COWBOYS

David Shaw S $5 BIL #270 HEDGE FUNDS

Jim Davis & family S $4.9 BIL #286 NEW BALANCE $4.9 BIL #286 QUICKEN LOANS

Andres Santo Domingo S Carl Cook T $4.8 BIL #298 MEDICAL DEVICES

$4.8 BIL #298 PIZZA

Ted Lerner S

Robert Kraft S

$5.5 BIL #233 REAL ESTATE

$4.8 BIL #298 NEW ENGLAND PATRIOTS

$4.1 BIL #369 PIPELINES

John Doerr S $4.1 BIL #369 VENTURE CAPITAL

Scott Duncan T $4.1 BIL #369 PIPELINES

Milane Frantz T $4.1 BIL #369 PIPELINES

George Roberts T $4.1 BIL #369 PRIVATE EQUITY

Reinhold Schmieding S

$3.6 BIL #435 INVESTMENTS

Julian Robertson Jr. S $3.6 BIL #435 HEDGE FUNDS

Harry Stine S $3.6 BIL #435 AGRICULTURE

Ronda Stryker T $3.6 BIL #435 MEDICAL EQUIPMENT $3.5 BIL #453 SUBWAY SANDWICH SHOPS

$4.1 BIL #369 PIPELINES

Jin Sook & Do Won Chang T $4 BIL #380 FASHION RETAIL

James Jannard S $4 BIL #380 SUNGLASSES

Nancy Walton Laurie T $4 BIL #380 WAL-MART

Terrence Pegula S

$4.8 BIL #298 REAL ESTATE, PRIVATE EQUITY

$4 BIL #380 NATURAL GAS

Daniel Ziff T

$4 BIL #380 REAL ESTATE

$4.8 BIL #298 INVESTMENTS

Ira Rennert T

Peter Buck S

Richard Kinder T

Dirk Ziff T

$3.6 BIL #435 MANUFACTURING

Randa Williams T

Sam Zell T

$4.8 BIL #298 INVESTMENTS

$3.6 BIL #435 CARGILL

$4.1 BIL #369 MEDICAL DEVICES

$5.4 BIL #240 TIRES

Ray Lee Hunt T

$3.8 BIL #403 CONSUMER PRODUCTS

Jerry Jones S

$5.5 BIL #233 RALPH LAUREN

$5.4 BIL #240 DISCOUNT BROKERAGE

Leandro Rizzuto & family S

$3.6 BIL #435 BLOOD TESTING

Ralph Lauren T

Charles Schwab T

$3.8 BIL #403 HOTELS, INVESTMENTS

$4.2 BIL #358 AGRICULTURE, WATER

Jerry Speyer X Leonard Stern T $4 BIL #380 REAL ESTATE

Martha Ingram & family T

$5.3 BIL #248 OIL, REAL ESTATE

Robert Ziff T $4.8 BIL #298 INVESTMENTS

$3.9 BIL #392 BOOK DISTRIBUTION, TRANSPORTATION

Bruce Kovner S

Richard DeVos & family T

Rupert Johnson Jr. T

$5.3 BIL #248 HEDGE FUNDS

$4.7 BIL #308 AMWAY

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

144 | FORBES MARCH 21, 2016

$3.8 BIL #403 COMPUTER SERVICES, REAL ESTATE

Elizabeth Holmes T

Michael & Marian Ilitch & family X

$5.4 BIL #240 PIPELINES

H. Ross Perot Sr. S

$4.5 BIL #324 MEDIA

Stewart & Lynda Resnick X

$4.9 BIL #286 BEER

$7.3 BIL #159 HEALTH CARE

Sumner Redstone T

$4.2 BIL #358 PRIVATE EQUITY

Pauline MacMillan Keinath T

Thomas Frist Jr. & family T

$3.8 BIL #403 SPORTING GOODS RETAIL

$4.5 BIL #324 STAR WARS

$5 BIL #270 SELF-STORAGE

Tamara Gustavson & family S

James Goodnight S

Bruce Halle T

John Morris T

George Lucas T

David Duffield T

$8.2 BIL #139 SUPERMARKETS

$7.3 BIL #159 INVESTMENTS

$3.8 BIL #403 PHARMACEUTICALS

$4.5 BIL #324 WAL-MART

Diane Hendricks S

$4.9 BIL #286 BEER

Eli Broad S

Randal Kirk T

Phillip Frost T

Alejandro Santo Domingo S

$7.5 BIL #157 HEDGE FUNDS

Ann Walton Kroenke T

$4.4 BIL #338 HEDGE FUNDS

$5.8 BIL #214 CONSTRUCTION, MINING

Ken Griffin S

$4.5 BIL #324 PRIVATE EQUITY

$3.9 BIL #392 REAL ESTATE

Stanley Druckenmiller S

Dennis Washington T

$5.6 BIL #228 RETAIL

Leon Black T

$5.1 BIL #262 OIL & GAS

$4.9 BIL #286 INVESTMENTS

David Green T

Sheldon Solow S

$4.6 BIL #317 U-HAUL

$3.9 BIL #392 EBAY

Harold Hamm T

Robert Rowling T

$7.7 BIL #148 SPORTS, REAL ESTATE

Mark Shoen X

$3.8 BIL #403 UTILITIES, TELECOM

$5.8 BIL #214 REAL ESTATE

Stanley Kroenke S

Jeffrey Skoll X

$4.4 BIL #338 WHATSAPP

John A. Sobrato & family S

$5.7 BIL #219 CARGILL

$3.9 BIL #392 SOFTWARE

$4.6 BIL #317 MONEY MANAGEMENT

Brian Acton S

Daniel Gilbert S

$8 BIL #144 SOFTWARE

John Sall S

$5.2 BIL #258 WAL-MART

$5.9 BIL #205 RETAIL & GAS STATIONS

Hank & Doug Meijer T

$3.9 BIL #392 CAMPBELL SOUP

Charles Johnson T

Christy Walton & family

Dustin Moskovitz S

$8.6 BIL #129 WHATSAPP

Mary Alice Dorrance Malone S

$4.7 BIL #308 CARGILL

$4.5 BIL #324 COMPUTER HARDWARE

Tom & Judy Love S

Jan Koum S

Whitney MacMillan X

$5.2 BIL #258 OIL & GAS

$9 BIL #122 ESTEE LAUDER $8.9 BIL #124 FACEBOOK

$4.7 BIL #308 HEDGE FUNDS

$3.9 BIL #392 MONEY MANAGEMENT

Rick Caruso $3.5 BIL #453 REAL ESTATE

Dan Friedkin S $3.5 BIL #453 TOYOTA DEALERSHIPS

Kieu Hoang S $3.5 BIL #453 PHARMACEUTICALS

Ronald Lauder T $3.5 BIL #453 ESTEE LAUDER

Igor Olenicoff T $3.5 BIL #453 REAL ESTATE

Isaac Perlmutter T $3.5 BIL #453 MARVEL COMICS

Robert Rich Jr. S $3.5 BIL #453 FROZEN FOODS

Haim Saban X $3.5 BIL #453 TV NETWORK, INVESTMENTS

ALBERTO E. RODRIGUEZ/GETTY IMAGES

UNITED STATES

Photo Credit: Adrian Espinoza, ChangUr

CONFIRMED SPEAKERS

His Excellency Shimon Peres Ninth President of Israel

Jessica O. Matthews Uncharted Play

Sir Ronald Cohen Apax Partners

CHANGE THE WORLD PARTNER

ING SPONSOR

Vivek Ramaswamy Roivant Sciences

Zosia Mamet Actress, “Girls”

Uri Levine Waze, FeeX

Ophelia Brown LocalGlobe

Okieriete Onaodowan Actor, “Hamilton”

FORBES UNDER 30 SUMMIT EMEA

JERUSALEM & TEL AVIV | APRIL 3-7, 2016 The Under 30 Summit EMEA will bring together the greatest young entrepreneurs and game-changers from America, Europe, the Middle East and Africa, for four days and nights of fostering world-changing ideas and collaborations. Our host cities, Jerusalem and Tel Aviv, serve as a perfect backdrop: they are the most entrepreneurial places on the planet, with more startups per capita than Silicon Valley. Innovation, growth and comity still can thrive, even in a region marred by strife. A cohort who will help run the world for the next 50 years have the rare opportunity to come together and pursue our theme: Co-Invest, Co-Create, Co-Exist.

FOR MORE INFORMATION AND AN UP-TO-DATE AGENDA, PLEASE VISIT FORBESCONFERENCES.COM FOLLOW US @FORBESUNDER30 | #UNDER30SUMMIT

THE WORLD’S BILLIONAIRES

UNITED STATES

Mark Cuban S

Wilbur Ross Jr. T

A. Jerrold Perenchio T

Daniel D’Aniello T

$3.2 BIL #527 ONLINE MEDIA

$2.9 BIL #595 INVESTMENTS

$2.3 BIL #771 PRIVATE EQUITY

Steven Spielberg T

Marianne Liebmann T

Howard Schultz S

$2.6 BIL #666 TELEVISION, UNIVISION

$3.2 BIL #527 CARGILL

$2.9 BIL #595 STARBUCKS

Henry Samueli S

$2.3 BIL #771 ONLINE MEDIA

Steven Udvar-Hazy T $3.5 BIL #453 AIRCRAFT LEASING

Neil Bluhm S

Kevin Plank S

Robert Bass S

$3.2 BIL #527 UNDER ARMOUR

$2.8 BIL #612 OIL, INVESTMENTS

Anthony Pritzker T

Peter Kellogg T

$3.2 BIL #527 HOTELS, INVESTMENTS

$2.8 BIL #612 INVESTMENTS

$3.4 BIL #477 OIL, REAL ESTATE

Jay Robert (J.B.) Pritzker T

Mitchell Rales T

$3.2 BIL #527 HOTELS, INVESTMENTS

$2.8 BIL #612 BANKING, REAL ESTATE

$3.4 BIL #477 REAL ESTATE

John Catsimatidis S

$3.4 BIL #477 MANUFACTURING, INVESTMENTS

Lynn Schusterman T $3.4 BIL #477 OIL & GAS, INVESTMENTS

Bernard Saul II S

Herbert Simon T

Ken Fisher S $3.1 BIL #549 MONEY MANAGEMENT

$2.5 BIL #688 IT CONSULTING

Henry Hillman X

Don Hankey X $2.3 BIL #771 AUTO LOANS

Jimmy Haslam T $2.3 BIL #771 GAS STATIONS, RETAIL

James Irsay S $2.3 BIL #771 INDIANAPOLIS COLTS

John Pritzker S $2.3 BIL #771 HOTELS, INVESTMENTS

Penny Pritzker T $2.3 BIL #771 HOTELS, INVESTMENTS

Stephen Mandel Jr. S

Michael Rubin T

$2.5 BIL #688 HEDGE FUNDS

$2.3 BIL #771 ONLINE RETAIL

$2.7 BIL #638 ENGINEERING, CONSTRUCTION

Michael Milken X

Patrick Ryan T

$2.5 BIL #688 INVESTMENTS

$2.3 BIL #771 INSURANCE

Andrew & Peggy Cherng T

Gary Rollins S

Pat Stryker S

$2.7 BIL #638 RESTAURANTS

$2.5 BIL #688 PEST CONTROL

Robert Duggan S

Randall Rollins S

$2.3 BIL #771 MEDICAL EQUIPMENT

$2.7 BIL #638 PHARMACEUTICALS

$2.5 BIL #688 PEST CONTROL

Kenneth Langone S

Robert Smith

$2.7 BIL #638 INVESTMENTS

$2.5 BIL #688 PRIVATE EQUITY

Tom Benson & family S

James Leprino T

William Wrigley Jr. T

$2.2 BIL #810 NEW ORLEANS SAINTS

$2.7 BIL #638 CHEESE

$2.5 BIL #688 CHEWING GUM

John Middleton

Mortimer Zuckerman T

$2.7 BIL #638 TOBACCO

$2.5 BIL #688 REAL ESTATE, MEDIA

$3.4 BIL #477 REAL ESTATE

J. Christopher Reyes T

Russ Weiner S

$3.1 BIL #549 FOOD DISTRIBUTION

Stephen Bechtel Jr. T

Jude Reyes T David Siegel

Bharat Desai & Neerja Sethi T

Barry Diller X

$2.5 BIL #688 INVESTMENTS

$2.7 BIL #638 ENGINEERING, CONSTRUCTION

$3.1 BIL #549 FOOD DISTRIBUTION

$2.5 BIL #688 PRIVATE EQUITY

Romesh T. Wadhwani S

$3.1 BIL #549 HEDGE FUNDS

$3.3 BIL #495 BUSINESS SOFTWARE

David Bonderman T

$2.5 BIL #688 PAYROLL SERVICES

Jeff Sutton S

Marc Benioff T

$2.5 BIL #688 HEDGE FUNDS

Tom Golisano S

Riley Bechtel T

$3.4 BIL #477 ENERGY DRINKS

John Arnold T

$2.8 BIL #612 REAL ESTATE $2.8 BIL #612 SOFTWARE

John Overdeck

$2.6 BIL #666 SEMICONDUCTORS

Nathan Blecharczyk S

$3.1 BIL #549 HEDGE FUNDS

$3.3 BIL #495 AIRBNB

Frederick Smith T

Bubba Cathy S

$3.1 BIL #549 FEDEX

$3.3 BIL #495 CHICK-FIL-A

Donald Sterling S

Dan Cathy S

$3.1 BIL #549 REAL ESTATE

$3.3 BIL #495 CHICK-FIL-A

Roger Wang T

Brian Chesky S

$3.1 BIL #549 RETAIL

$3.3 BIL #495 AIRBNB

Stephen Bisciotti S

Edward DeBartolo Jr. T

$3 BIL #569 OUTSOURCING, FOOTBALL

David Murdock T

Jack Dangermond S

$2.7 BIL #638 DOLE, REAL ESTATE

George Bishop T

$3 BIL #569 MAPPING SOFTWARE

Thomas Pritzker T

Jim Breyer S

Dagmar Dolby & family T

$2.7 BIL #638 HOTELS, INVESTMENTS

$2.4 BIL #722 VENTURE CAPITAL

$3 BIL #569 DOLBY LABORATORIES

Peter Thiel S

$2.4 BIL #722 HEDGE FUND

Min Kao & family T

Bennett Dorrance S

$2.7 BIL #638 FACEBOOK, PALANTIR

Judy Faulkner T

$2.2 BIL #810 NAVIGATION EQUIPMENT

$3.3 BIL #495 SHOPPING CENTERS

Joe Gebbia S $3.3 BIL #495 AIRBNB

Tom Gores S $3.3 BIL #495 PRIVATE EQUITY

Jeff Greene S $3.3 BIL #495 REAL ESTATE, INVESTMENTS

H. Fisk Johnson S $3.3 BIL #495 CLEANING PRODUCTS

Imogene Powers Johnson S $3.3 BIL #495 CLEANING PRODUCTS

$3 BIL #569 CAMPBELL SOUP

$2.6 BIL #666 HOME DEPOT

$3 BIL #569 RESTAURANTS, CASINOS

$2.6 BIL #666 GAP

$3 BIL #569 CABLE TELEVISION

$3.3 BIL #495 CLEANING PRODUCTS

Oprah Winfrey X

H. Wayne Huizenga X $2.6 BIL #666 INVESTMENTS

David Rockefeller Sr. X

S. Curtis Johnson S

$3.3 BIL #495 CLEANING PRODUCTS

Doris Fisher T

Amos Hostetter Jr. T

$3 BIL #569 OIL, BANKING

Helen Johnson-Leipold S

Arthur Blank S

Tilman Fertitta S

Daniel Loeb S $2.6 BIL #666 HEDGE FUNDS

Michael Moritz X

$3 BIL #569 TV SHOWS

$2.6 BIL #666 VENTURE CAPITAL

John Paul DeJoria S $2.9 BIL #595 HAIR PRODUCTS, TEQUILA

Daniel Och T $2.6 BIL #666 HEDGE FUNDS

Winnie Johnson-Marquart S $3.3 BIL #495 CLEANING PRODUCTS

Bernard Marcus T $3.3 BIL #495 HOME DEPOT

Clayton Mathile T $3.3 BIL #495 PET FOOD

Robert McNair S $3.3 BIL #495 ENERGY, SPORTS

Jorge Perez S $3.3 BIL #495 CONDOS

Joan Tisch S $3.3 BIL #495 DIVERSIFIED

Austen Cargill II T $3.2 BIL #527 CARGILL

James Cargill II T $3.2 BIL #527 CARGILL

Leon G. Cooperman T $3.2 BIL #527 HEDGE FUNDS

NE WS MA K E R

Donald Trump His abrasive, long-shot campaign is looking less unrealistic after big wins in early primaries. So far he’s had to spend only $18 million of his $4.5 billion fortune on his run (in all, his campaign has raised just $25 million). Others haven’t seen such a strong return on investment: 27 billionaire megadonors, including Richard Kinder and Kelcy Warren, have given a collective $46 million to candidates who are already out of the race.

$2.4 BIL #722 OIL & GAS

Chase Coleman III S

$2.4 BIL #722 HEALTH IT

Reid Hoffman T $2.4 BIL #722 LINKEDIN

Douglas Leone S $2.4 BIL #722 VENTURE CAPITAL

George Lindemann & fam T $2.4 BIL #722 INVESTMENTS

C. Dean Metropoulos S $2.4 BIL #722 INVESTMENTS

Sean Parker T $2.4 BIL #722 FACEBOOK

Phillip Ruffin S $2.4 BIL #722 CASINOS, REAL ESTATE

Julio Mario Santo Domingo III S $2.4 BIL #722 BEER

Richard Schulze T $2.4 BIL #722 BEST BUY

Clemmie Spangler Jr. S $2.4 BIL #722 INVESTMENTS

Warren Stephens T

John Fisher T $2.2 BIL #810 GAP

Noam Gottesman S $2.2 BIL #810 HEDGE FUNDS

Joshua Harris T $2.2 BIL #810 PRIVATE EQUITY

B. Wayne Hughes T $2.2 BIL #810 SELF STORAGE

Brad Kelley S $2.2 BIL #810 TOBACCO

Edward Lampert T $2.2 BIL #810 SEARS

Gabe Newell S $2.2 BIL #810 VIDEOGAMES

Jay Paul S $2.2 BIL #810 REAL ESTATE

Richard Peery T $2.2 BIL #810 REAL ESTATE

Marc Rowan T $2.2 BIL #810 PRIVATE EQUITY

David Rubenstein T $2.2 BIL #810 PRIVATE EQUITY

Thomas Siebel T $2.2 BIL #810 BUSINESS SOFTWARE

Paul Singer S $2.2 BIL #810 HEDGE FUNDS

Ted Turner X $2.2 BIL #810 CABLE TELEVISION

Mark Walter S

Ty Warner X

S. Daniel Abraham X

$2.4 BIL #722 REAL ESTATE, PLUSH TOYS

$2.1 BIL #854 SLIM-FAST

Dean White T

$2.1 BIL #854 MEDICAL EQUIPMENT

$2.4 BIL #722 BILLBOARDS, HOTELS

Steve Wynn T $2.4 BIL #722 CASINOS, HOTELS $2.3 BIL #771 PRIVATE EQUITY

146 | FORBES MARCH 21, 2016

$2.2 BIL #810 REAL ESTATE

$2.4 BIL #722 INVESTMENT BANKING

William Conway Jr. T WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE

John Arrillaga T

$2.2 BIL #810 FINANCE

John Brown X

James Coulter T $2.1 BIL #854 PRIVATE EQUITY

David Filo T $2.1 BIL #854 YAHOO

DAVID A. GROGAN/CNBC/GETTY IMAGES 

$3.5 BIL #453 MOVIES

INVEST LIKE A BILLIONAIRE At Forbes, we’ve been studying the great wealth creators of our time for over 98 years. Over this long period of time, what’s been clear is that the world’s richest have amassed their wealth by thinking differently and acting differently than the average person. Most importantly, they’ve seen trends before they’ve happened.  And they’ve acted!

How do they do it? Now you have the chance to invest alongside Forbes billionaires. Buy what they buy. Sell what they sell... Empower yourself to manage your own money the same way the richest and most powerful investors in the world do. Wouldn’t you like to have a billionaire on your side?

Grow your wealth at:

forbesmagazine.com/billionaires

$3

S Lo hoc w ki Pr ng ice !

9 95 ea ch

Actual size is 40.6 mm

Are YOU one of the One Percent? REVEALED: Less than 1 in 100 can ever own a perfect American Silver Eagle

M

illions of people collect the American Eagle Silver Dollar. In fact it’s been the country’s most popular Silver Dollar for thirty years. But many people who buy an American Eagle Silver Dollar don’t realize that they might actually be buying the wrong coin! There’s an elite, top quality Silver Eagle coin that many don’t know about. A top-of theline Silver Dollar so exclusive that less than one person in every 100 can ever own one. If you’re someone who only wants the best of the best—but also doesn’t want to pay a huge for top quality—make sure no one’s looking over your shoulder...then keep reading:

The Secret One Percent American Eagle Silver Dollars are issued by the U.S. Mint by the millions. In recent years, over 40 MILLION Silver Eagles have been issued per year. But less than 1% of all the coins struck in a given year ever earn a perfection grade. Respected independent grading services, such as Professional Coin

Grading Service (PCGS), examine tens of thousands of coins to determine which have earned the highest grade of quality. Coin grading is based on a universal 70-point scale. The highest grade any coin can achieve is a perfect Mint State 70 grade (MS70). When you own a perfect 70-grade American Silver Eagle, you own something that less than 1% of the population can ever claim. Compared to the total mintage struck, there are relatively few PCGS graded Silver Eagles. Better yet, owning a perfect graded coin gives you peace of mind because both the coin and its grade are sealed in an archival acrylic holder. Professionally graded coins are universally accepted, but are also harder to find, which adds to their collectible value.

30th Anniversary of America’s Favorite Silver Dollar 2016 marks the 30th anniversary of massive, hefty one ounce American Eagle Silver Dollars. The beloved design features Lady Liberty draped in a U.S. flag on one side and a majestic U.S. Eagle and shield on the other. It’s a masterpiece in stunning pure silver!

Timing is Everything Our advice? Keep this to yourself. The more people who know the secret of perfect grade Silver Eagles, the worse for you. Demand for Silver Eagles in recent years has shattered records. Experts predict that the new 30th anniversary 2016 Silver Eagles may break them once again. Don’t be one of the 99%—get the very best! Call immediately to secure these perfect grade American Eagle Silver Dollars NOW! 2016 American Eagle Silver Dollar in Perfect Mint State 70 Grade only $39.95 ea. (plus s/h)

FREE SHIPPING on 4 or More! Limited time only. Product total over $150 before taxes (if any). Standard domestic shipping only. Not valid on previous purchases.

For fastest service, call today toll-free

1-800-222-1975 Offer Code EMS117-01

Please mention this code when you call.

GovMint.com • 14101 Southcross Dr. W. Dept. EMS117-01 • Burnsville, Minnesota 55337 Prices and availability subject to change without notice. Facts and figures deemed accurate as of January 2016. NOTE: GovMint.com® is a private distributor of worldwide government coin and currency issues and privately issued and licensed collectibles, and is not affiliated with the United States government. GovMint.com is not an investment company and does not offer financial advice or sell items as an investment. The collectible coin market is speculative, and coin values may rise or fall over time. All rights reserved. © 2016 GovMint.com.

THE BEST SOURCE FOR COINS WORLDWIDE™

®

THE WORLD’S BILLIONAIRES

Reed Hastings Working for a billionaire has its perks. In August Hastings’ Netflix announced unlimited paid parental leave, on top of its unlimited vacation policy. Jeffery Hildebrand’s oil & gas concern, Hilcorp, doled out $100,000 bonuses to all 1,350 employees in 2015 for meeting five-year targets. And when Donald Friese sold his glass manufacturing and distribution company last year, he parceled out $85 million of what he pocketed to employees there longer than a year. The minimum was $5,000; some got more than $1 million apiece.

Norman Braman T

Alexander Spanos & fam S

Ronald Wanek T

$1.8 BIL #1011 ART, CAR DEALERSHIPS

$1.7 BIL #1067 REAL ESTATE

$1.5 BIL #1198 FURNITURE

James Clark S

Kelcy Warren T

Jerry Yang T

$1.7 BIL #1067 PIPELINES

$1.5 BIL #1198 YAHOO

Richard Yuengling Jr. T

William Young S

$1.7 BIL #1067 BEER

$1.5 BIL #1198 PLASTICS

O. Francis Biondi S

Charles Zegar S

$1.6 BIL #1121 HEDGE FUND

$1.5 BIL #1198 BLOOMBERG LP

Victor Fung T

Herbert Allen Jr. & family X

$1.6 BIL #1121 TRADING COMPANY

$1.4 BIL #1275 INVESTMENT BANKING

$1.8 BIL #1011 NETSCAPE, INVESTMENTS

Sanford Diller S $1.8 BIL #1011 REAL ESTATE

Kenneth Feld & family X $1.8 BIL #1011 CIRCUS, LIVE ENTERTAINMENT

Jeffrey Lurie S $1.8 BIL #1011 PHILADELPHIA EAGLES

$1.6 BIL #1121 TRUCK STOPS

Maggie Magerko S

$1.6 BIL #1121 HEDGE FUND

$1.8 BIL #1011 BUILDING MATERIALS

Arturo Moreno S $1.8 BIL #1011 BILLBOARDS

Manuel Moroun & family T

UNITED STATES

Robert Pera S

$1.8 BIL #1011 TRANSPORTATION

$2 BIL #906 WIRELESS NETWORKING GEAR

Bobby Murphy S

$2.1 BIL #854 GETTY OIL

Daniel Pritzker T

Alec Gores X

$2 BIL #906 HOTELS, INVESTMENTS

Jonathan Nelson T

Gordon Getty X

$2.1 BIL #854 PRIVATE EQUITY

John Henry S $2.1 BIL #854 SPORTS

Stanley Hubbard S $2.1 BIL #854 DIRECTV

Stewart Rahr S

$1.8 BIL #1011 SNAPCHAT $1.8 BIL #1011 PRIVATE EQUITY

Linda Pritzker X

$2 BIL #906 DRUG DISTRIBUTION

$1.8 BIL #1011 HOTELS, INVESTMENTS

Larry Robbins T

Jeff Rothschild S

$2 BIL #906 HEDGE FUNDS

Thomas Secunda S

Bill Haslam T Brian Higgins S Jim Justice II T $1.6 BIL #1121 COAL

Alexander Karp S

Christopher Cline T $1.4 BIL #1275 COAL

Darwin Deason T $1.4 BIL #1275 XEROX

David Einhorn T $1.4 BIL #1275 HEDGE FUNDS

$1.6 BIL #1121 SOFTWARE FIRM

Frank Fertitta III T

Gary Michelson S $1.6 BIL #1121 MEDICAL PATENTS

$1.4 BIL #1275 CASINOS, ULTIMATE FIGHTING CHAMPIONSHIP

Peter Peterson T

Lorenzo Fertitta T

$1.6 BIL #1121 INVESTMENTS

Ben Silbermann $1.6 BIL #1121 PINTEREST

Charles Simonyi S $1.6 BIL #1121 MICROSOFT

Thomas Steyer X

$1.8 BIL #1011 FACEBOOK

$1.6 BIL #1121 HEDGE FUNDS

Kavitark Ram Shriram T

Henry Swieca S

$1.4 BIL #1275 CASINOS, ULTIMATE FIGHTING CHAMPIONSHIP

Robert Fisher T $1.4 BIL #1275 GAP

William Fisher T $1.4 BIL #1275 GAP

Mario Gabelli T

$1.8 BIL #1011 VENTURE CAPITAL, GOOGLE

$1.6 BIL #1121 HEDGE FUNDS

$1.4 BIL #1275 MONEY MANAGEMENT

Charlotte Colket Weber S

$2 BIL #906 REAL ESTATE

Mark Stevens S

$1.6 BIL #1121 CAMPBELL SOUP

Alan Gerry X

Louis Bacon S

$1.8 BIL #1011 VENTURE CAPITAL

Jon Yarbrough T

$1.9 BIL #959 HEDGE FUNDS

Glen Taylor T

$1.6 BIL #1121 VIDEOGAMES

Jonathan Gray T

Scott Cook X

$1.8 BIL #1011 PRINTING

Leslie Alexander T

$1.4 BIL #1275 INVESTMENTS

Jean (Gigi) Pritzker T

$1.9 BIL #959 SOFTWARE

John Tyson S

$1.5 BIL #1198 HOUSTON ROCKETS

Jeffrey Gundlach S

$2.1 BIL #854 HOTELS, INVESTMENTS

Rakesh Gangwal

$1.8 BIL #1011 FOOD PROCESSING

Nicolas Berggruen X

$1.4 BIL #1275 INVESTMENTS

$1.9 BIL #959 AIRLINES

Amy Wyss T

$1.5 BIL #1198 INVESTMENTS

Timothy Headington T

Scott Simplot

Joseph Grendys X

$1.8 BIL #1011 MEDICAL EQUIPMENT

Ron Burkle T

$1.4 BIL #1275 OIL & GAS, INVESTMENTS

Johnelle Hunt T $2.1 BIL #854 TRUCKING

Aerin Lauder Zinterhofer S $2.1 BIL #854 COSMETICS

Joe Mansueto T $2.1 BIL #854 INVESTMENT RESEARCH

$2.1 BIL #854 FERTILIZER

Dan Snyder S $2.1 BIL #854 WASHINGTON REDSKINS

Evan Spiegel S $2.1 BIL #854 SNAPCHAT

William Ackman T $2 BIL #906 HEDGE FUNDS

Ron Baron T $2 BIL #906 MONEY MANAGEMENT

James Dinan T

$2 BIL #906 BLOOMBERG LP

David Walentas S

$1.9 BIL #959 MEAT PROCESSING

Bruce Karsh T $1.9 BIL #959 PRIVATE EQUITY

William Koch T $1.9 BIL #959 OIL, INVESTMENTS

Howard Marks T $1.9 BIL #959 PRIVATE EQUITY

Drayton McLane Jr. T

Sarah Chaney T

Carol Jenkins Barnett S

$1.5 BIL #1198 CARGILL

$1.7 BIL #1067 PUBLIX SUPERMARKETS

Alexandra Daitch T

Timothy Boyle S $1.7 BIL #1067 COLUMBIA SPORTSWEAR

Ray Davis T

Jon Stryker T

W. Herbert Hunt X

$2 BIL #906 HEDGE FUNDS

Glenn Dubin X

Vincent Viola S

Gerald Ford T

$1.8 BIL #1011 CHEMICALS

$1.9 BIL #959 WAL-MART, LOGISTICS $1.9 BIL #959 MEDICAL EQUIPMENT

$2 BIL #906 HEDGE FUNDS

Anita Zucker T

$1.9 BIL #959 ELECTRONIC TRADING

$1.7 BIL #1067 PIPELINES $1.7 BIL #1067 OIL

Marc Lasry T $1.7 BIL #1067 HEDGE FUNDS

Jeffrey Lorberbaum T $1.7 BIL #1067 FLOORING

$2 BIL #906 BANKING

Meg Whitman T

James T

$1.9 BIL #959 EBAY

Catherine Lozick T

$2 BIL #906 NASCAR, RACING

Denise York 4

Bill Gross T

$1.9 BIL #959 SAN FRANCISCO 49ERS

$1.7 BIL #1067 VALVE MANUFACTURING

$2 BIL #906 INVESTMENTS

John Kapoor T $2 BIL #906 HEALTH CARE

Thomas Lee X $2 BIL #906 LEVERAGED BUYOUTS

Henry Nicholas III S $2 BIL #906 SEMICONDUCTORS

Bob Parsons S $2 BIL #906 WEB HOSTING

$1.5 BIL #1198 SUPERMARKETS, INVESTMENTS

$1.5 BIL #1198 CARGILL

John Farber T $1.5 BIL #1198 CHEMICALS

Christopher Goldsbury X $1.5 BIL #1198 SALSA

David Gottesman T $1.5 BIL #1198 INVESTMENTS

Ryan Graves S $1.5 BIL #1198 UBER

George Joseph X

B. Wayne Hughes Jr. S $1.4 BIL #1275 STORAGE FACILITIES

Hamilton James T $1.4 BIL #1275 INVESTMENTS

Eric Lefkofsky T $1.4 BIL #1275 GROUPON

David Lichtenstein $1.4 BIL #1275 REAL ESTATE

Gary Magness T $1.4 BIL #1275 CABLE TV, INVESTMENTS

Billy Joe (Red) McCombs T $1.4 BIL #1275 REAL ESTATE, OIL, CARS

$1.5 BIL #1198 INSURANCE

Gail Miller

Vinod Khosla T $1.5 BIL #1198 VENTURE CAPITAL

$1.4 BIL #1275 BASKETBALL, CAR DEALERS

Neal Patterson T

Nelson Peltz T

Craig McCaw T

$1.5 BIL #1198 HEALTH IT

$1.4 BIL #1275 INVESTMENTS

$1.7 BIL #1067 TELECOM

H. Ross Perot Jr. T

Roger Penske S

$1.8 BIL #1011 REAL ESTATE, INVESTMENTS

Forrest Preston T

$1.5 BIL #1198 REAL ESTATE

$1.4 BIL #1275 CARS

$1.7 BIL #1067 HEALTH CARE

Phillip Ragon T

Nicholas Pritzker II T

Edward Bass T

Jennifer Pritzker T

$1.5 BIL #1198 HEALTH IT

$1.7 BIL #1067 HOTELS, INVESTMENTS

Lucy Stitzer T

$1.8 BIL #1011 OIL, INVESTMENTS

Don Simplot

Katherine Tanner T

Sid Bass S

$1.7 BIL #1067 FERTILIZER

Gay Simplot

Jim Thompson X

George Argyros & family T

$1.8 BIL #1011 OIL, INVESTMENTS

Lee Bass T

$1.8 BIL #1011 OIL, INVESTMENTS

$1.7 BIL #1067 FERTILIZER

$1.5 BIL #1198 CARGILL $1.5 BIL #1198 CARGILL $1.5 BIL #1198 LOGISTICS

Todd Wagner X $1.5 BIL #1198 ONLINE MEDIA WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE

150 | FORBES MARCH 21, 2016

$1.4 BIL #1275 CABLE TELEVISION

$1.4 BIL #1275 HOTELS, INVESTMENTS

Rodney Sacks T $1.4 BIL #1275 ENERGY DRINKS

T. Denny Sanford 4 $1.4 BIL #1275 BANKING, CREDIT CARDS

Fayez Sarofim T $1.4 BIL #1275 MONEY MANAGEMENT

JACOPO RAULE/GETTY IMAGES

NEWSMAKER

Celebrates Women’s Leadership 2016 World Economic Forum Annual Meeting in Davos, Switzerland

Honorees from the Forbes 100 Most Powerful Women List: MARY BARRA, CEO, General Motors Company ANA BOTIN, Executive Chairman, Banco Santander, S.A.

In recognition of the critical role women leaders play in shaping and advancing the global economy, Moira Forbes and Mark Weinberger, Global Chairman and CEO of EY, paid special tribute to this year’s honorees.

BETH BROOKE-MARCINIAK, Global Vice Chair, Public Policy, EY HON. HELEN CLARK, , United Nations Development Programme ERTHARIN COUSIN, Executive Director, United Nations World Food Programme ARIANNA HUFFINGTON, President & Editor-in-Chief, The Huffington Post Media Group CHRISTINE LAGARDE, Managing Director, IMF SHERYL SANDBERG, COO & Member of the Board, Facebook Inc Top (Left to Right): Mark Weinberger, Moira Forbes, Hon. Helen Clark, Beth Brooke-Marciniak, Ertharin Cousin, Arianna Huffington, Sheryl Sandberg, Ana Botin, Mary Barra Bottom (Left to Right): Beth Brooke-Marciniak, Christine Lagarde, Moira Forbes; Mark Weinberger, Moira Forbes, Beth Brooke-Marciniak, Arianna Huffington, Sheryl Sandberg; Mary Barra; Arianna Huffington, Mike Perlis

“It’s been a great privilege to partner with EY here in Davos for the past 10 years to honor such an accomplished group of female leaders.” —Moira Forbes, EVP, Forbes Media

THE WORLD’S BILLIONAIRES

UNITED STATES

Jim Davis S

William Berkley X

Paul Fireman X

Cargill MacMillan III X

$1.2 BIL #1476 STAFFING & RECRUITING FIRM

$1.1 BIL #1577 INSURANCE

$1 BIL #1694 REEBOK

$1 BIL #1694 CARGILL

$1.3 BIL #1367 TELEVISION

Paul Foster T

Sara Blakely S

J. Christopher Flowers T

John MacMillan X

$1.1 BIL #1577 SPANX

$1 BIL #1694 INVESTMENTS

$1 BIL #1694 CARGILL

David Booth T

$1.2 BIL #1476 OIL REFINING

$1.3 BIL #1367 MUTUAL FUNDS

Reed Hastings S

Charles Brandes T

Donald Friese

Martha MacMillan X $1 BIL #1694 CARGILL

Steve Case T

$1.1 BIL #1577 MONEY MANAGEMENT

$1 BIL #1694 MANUFACTURING

$1.2 BIL #1476 NETFLIX

$1.3 BIL #1367 AOL

Richard Hayne T

Henry Engelhardt X

Ken Grossman X

William MacMillan X

$1 BIL #1694 BEER

$1 BIL #1694 CARGILL

Herb Chambers

$1.2 BIL #1476 URBAN OUTFITTERS

$1.1 BIL #1577 INSURANCE

David Hindawi

George Marcus

Stewart Horejsi & family T

$1 BIL #1694 SOFTWARE

$1 BIL #1694 REAL ESTATE

$1.1 BIL #1577 PRIVATE EQUITY

Orion Hindawi

Miguel McKelvey

$1 BIL #1694 SOFTWARE

$1 BIL #1694 WEWORK

Daniel Hirschfeld T

John Morgridge T

$1.1 BIL #1577 INVESTMENTS

$1.0 BIL #1694 APPAREL RETAILER

$1 BIL #1694 COMPUTER HARDWARE

Irwin Jacobs T

Drew Houston T

Mark Pincus 4

$1.1 BIL #1577 SEMICONDUCTORS

$1 BIL #1694 DROPBOX

$1 BIL #1694 ONLINE GAMES

Howard Jenkins

Thomas Kaplan X

Andrea Reimann-Ciardelli X

$1.1 BIL #1577 PUBLIX

$1 BIL #1694 INVESTMENTS

$1 BIL #1694 CONSUMER GOODS

Summerfield Johnston Jr. S

Nancy Lerner 4

Evan Sharp

$1.1 BIL #1577 COCA-COLA

$1 BIL #1694 FINANCE

$1 BIL #1694 PINTEREST

Michael Jordan S

Norma Lerner 4

William Stone

$1.2 BIL #1476 DEPARTMENT STORES

$1.1 BIL #1577 SPORTS TEAM

$1 BIL #1694 FINANCE

$1 BIL #1694 SOFTWARE

Conrad Prebys

Jane Lauder T

Randolph Lerner 4

Sun Hongbin T

$1.1 BIL #1577 COSMETICS

$1 BIL #1694 FINANCE

$1 BIL #1694 REAL ESTATE

Antony Ressler T

Rodney Lewis T

Sanford Weill X

$1.1 BIL #1577 FINANCE

$1 BIL #1694 NATURAL GAS

$1 BIL #1694 CITIGROUP

Martin Selig

William Macaulay T

$1.1 BIL #1577 REAL ESTATE

$1 BIL #1694 ENERGY INVESTMENTS

Edmund Ansin T

$1.3 BIL #1367 CAR DEALERSHIPS

John Edson X

$1.2 BIL #1476 BERKSHIRE HATHAWAY

$1.3 BIL #1367 LEISURE CRAFT

Martha Ford T

Dorrance Hamilton & fam X $1.1 BIL #1577 CAMPBELL SOUP

Michael Krasny T

$1.3 BIL #1367 FORD MOTOR

J. Tomilson Hill T

$1.2 BIL #1476 RETAIL

Anne Gittinger T

William Lauder

$1.3 BIL #1367 NORDSTROM DEPARTMENT STORES

$1.2 BIL #1476 ESTEE LAUDER

John Martin S

Sidney Kimmel X

$1.2 BIL #1476 PHARMACEUTICALS

$1.3 BIL #1367 RETAIL

Charles Munger T

Seth Klarman T

$1.2 BIL #1476 BERKSHIRE HATHAWAY

$1.3 BIL #1367 INVESTMENTS

James Leininger X

Bruce Nordstrom T

$1.3 BIL #1367 MEDICAL PRODUCTS

Jerry Reinsdorf X $1.3 BIL #1367 SPORTS TEAMS

$1.2 BIL #1476 REAL ESTATE

J. Joe Ricketts T

Michael Price T

$1.3 BIL #1367 TD AMERITRADE

$1.2 BIL #1476 INVESTMENTS

Brian Roberts T

Sheryl Sandberg S

$1.3 BIL #1367 COMCAST

$1.2 BIL #1476 FACEBOOK

Alexander Rovt S

Evgeny (Eugene) Shvidler T

$1.3 BIL #1367 FERTILIZER, REAL ESTATE

$1.2 BIL #1476 OIL & GAS, INVESTMENTS

Leonard Schleifer X

Kenneth Tuchman X $1.1 BIL #1577 OUTSOURCING

Michael Steinhardt T

Thomas Tull

$1.2 BIL #1476 FINANCE

$1.3 BIL #1367 DIVERSIFIED

$1.1 BIL #1577 MOVIES

Bill Alfond

Kenny Troutt T

William F. Austin T

$1.1 BIL #1577 SHOES

$1.3 BIL #1367 TELECOMMUNICATIONS

$1 BIL #1694 HEARING AIDS

Peter Alfond

Dan Wilks T

$1.1 BIL #1577 SHOES

$1.3 BIL #1367 NATURAL GAS

Susan Alfond

Farris Wilks T

$1.1 BIL #1577 SHOES

$1.3 BIL #1367 NATURAL GAS

Ted Alfond

Evan Williams T

$1.1 BIL #1577 SHOES

$1.3 BIL #1367 TWITTER

Thomas Bailey X

Elaine Wynn T

$1.1 BIL #1577 MONEY MANAGEMENT

$1.3 BIL #1367 CASINOS, HOTELS

$1.1 BIL #1577 INVESTMENTS $1.1 BIL #1577 U-HAUL

$1.2 BIL #1476 EDUCATION

Wilma Tisch T

Brian Sheth E. Joe Shoen X

Peter Sperling T

$1.3 BIL #1367 PHARMACEUTICALS

Stephen Feinberg T

Fred Chang X $1 BIL #1694 ONLINE RETAIL

Leon Charney X $1 BIL #1694 REAL ESTATE

Robert Citrone X $1 BIL #1694 HEDGE FUND

Jack Dorsey T $1 BIL #1694 TWITTER

METHODOLOGY The FORBES Billionaires list is a snapshot of wealth taken on Feb. 12, when we locked in stock prices and exchange rates from around the world. It lists individuals rather than multigenerational families who share large fortunes. 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 and stakes, 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). In cases where documentation isn’t supplied, we discount fortunes. For complete profiles see Forbes.com/billionaires.

VENEZUELA

VIETNAM

GDP: $134.3 BIL POPULATION: 31 MIL BILLIONAIRES: 3 TOTAL NET WORTH: $7.2 BIL (–$2.4 BIL VS. 2015)

GDP: $193.4 BIL POPULATION: 93 MIL BILLIONAIRES: 1 TOTAL NET WORTH: $1.8 BIL (+$100 MIL VS. 2015)

CARACAS 2

Juan Carlos Escotet S

Pham Nhat Vuong S

$3.7 BIL #421 BANKING

$1.8 BIL #1011 REAL ESTATE

Gustavo Cisneros & family T $2 BIL #906 MEDIA

Lorenzo Mendoza & family T $1.5 BIL #1198 BEVERAGES

EXPATRIATE 1

WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE WINE-GROWING REGION

152 | FORBES MARCH 21, 2016

TECH CENTER

PLAYGROUND

OIL & GAS FIELDS AND DEPOSITS

FINANCIAL CENTER

HANOI

Get your free guide to tax-free municipal bonds. Please call (800) 498-9084 right now. Municipal Bonds Offer Three Big Advantages. Advantage #1: The potential safety of principal. If you’re a prudent investor in need of investment income, you don’t want to gamble with your precious nest egg. If you’re nearing retirement or are already retired, you want to do everything you can to make sure your investments can your retirement. That’s why our free Bond Guide makes “must” reading.

Advantage #2: The potential for regular, predictable income. When you invest in municipal bonds, you typically get interest payments every six months unless they get called or default. Because default rates for the investment-grade-rated bonds favored by Hennion & Walsh are historically low (according to Moody’s 2012 research,*) you can enjoy a regular income stream in retirement. Please note that if a bond is called, any bond you may buy in the future with the proceeds, may earn more or less than the original called bond.

Advantage #3: The potential for tax-free income. Good news! Income from municipal bonds is NOT subject to federal income tax and, depending on where you live, may also be exempt from state and local taxes.

About Hennion & Walsh Since 1990, Hennion & Walsh has specialized in investment grade tax-free municipal bonds. The company supervises over $2 billion in assets in over 15,000 s and provides individual investors with institutional quality service and personal attention. Dear Investor, We urge you to call and get your free Bond Guide. Having tax-free municipal bonds as part of your portfolio can help get your investments back on track and put you on a path to achieving your investment goals. Getting your no-obligation guide could be the smartest investment decision you’ll make.

© 201 Hennion and Walsh. Securities offered through Hennion & Walsh Inc. Member of FINRA, SIPC. Investing in bonds involves risk including possible loss of principal. Income may be subject to state, local or federal alternative minimum tax. When interest rates rise, bond prices fall, and when interest rates fall, bond prices rise. *Source: Moody’s Investor Service, March 7, 2012 “U.S. Municipal Bond Defaults and Recoveries. 1970-2011.” Past performance is not guarantee of future results.

Here’s just some of what you’ll learn . . . Why municipal bonds may deserve a place in your portfolio. (Page 1) Why insured bonds often provide an extra degree of security. (Page 2) Why municipal bonds can potentially provide safety of principal. (Page 3) How municipal bonds can potentially provide tax-free income. (Page 3) Strategies for smart bond investing. (Page 4) Municipal bond facts every investor should know. (Page 4)

Plus lots more!

FREE Bond Guide Without Cost or Obligation

CALL (800) 498-9084 (for fastest service, call between 8 a.m. and 6 p.m.) Hennion & Walsh, Bond Guide Offer 2001 Route 46, Waterview Plaza Parsippany, NJ 07054

FORBES | ORIGINAL WORKS BY VAN GOGH AND MONET

Make an Impression VAN GOGH AND MONET

La Chaumière sous les Arbres by Vincent van Gogh This compelling, original oil on canvas by the legendary Vincent van Gogh displays all the hallmarks of this acclaimed master at his best. His gift for transforming everyday scenes into evocative compositions remains unmatched. Once owned by the LA County Museum of Art, this rare early work from his Nuenen period signifies a momentous crossroads in this great master’s career. The important work is accompanied by a certificate of authentication from the Van Gogh Museum. Canvas: 183/4”h x 197/16”w. #30-4283

M.S. Rau Antiques only offers original one-of-a-kind pieces, backed by our 125% Guarantee. Visit rauantiques.com

MARCH 21, 2016

'03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

FORBES | ORIGINAL WORKS BY VAN GOGH AND MONET

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

Au Val Saint-Nicolas près Dieppe by Claude Monet

16MSRA009-04-130526-1

A symphony of pastels, this original oil on canvas is one of the first in which Monet’s distinctive pastel palette is fully realized. The founding father of Impressionism, Monet’s revolutionary approach changed the course of art history. This landscape displays his mastery of light and atmosphere, illustrating why his works are among the most sought-after in the world. Signed and dated “Claude Monet 97” (lower right). Canvas: 257/8”h x 391/2”w. #30-4604

'03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

."3$)

FORBES | FRANCHISE | MARKETPLACE

If you’re a Christian CEO or business owner desiring WKHSURYHQEHQH¿WVRI an executive roundtable and one-on-one consultations, we invite you to explore The C12 Group, America’s leading Christian business forum.

THE C12 DIFFERENCE

beyond executive coaching. 7R¿QGD&*URXSQHDU\RXFRQWDFWXVWRGD\

Christian CEOs & Owners Building GREAT Businesses for a GREATER Purpose™

336.841.7100 C12Group.com MARCH 21, 2016

'03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

FORBES | MARKETPLACE

KEN FISHER – Founder, CEO and Co-Chief Investment Officer – Forbes “Portfolio Strategy” columnist for 30 years – Author of more than 10 financial books, including 4 New York Times bestsellers

I Hate Annuities... and So Should You! What You Might Not Know about Annuities Could Come Back to Haunt You If you own an annuity or if someone is trying to sell you one, please call for your free report. Annuities can lock you into low returns, complicate your tax situation, tie up your wealth and hit you with high fees. The vast majority of annuities are really complicated insurance policies that make it very hard to fully understand the implications and unintended consequences. Don’t let the soothing sound of guaranteed income lead you into a financial headache.

®

This Free Report Could Save You Thousands You’ll learn: ;? &%*>&3&/55:1&40'"//6*5*&4"/%5)&"%7"/5"(&4"/% disadvantages of each ; ):"//6*5*&4$"/#&$0.1-&9506/%&345"/% ; )"5:06/&&%50"4,"/"//6*5:4"-&41&340/8)&/ evaluating his or her product ;? &*/="5*0/3*4,5"9*.1-*$"5*0/4&45"5&1-"//*/( considerations and typical annuity fees

Stuck in An Annuity? If you have an annuity, my team can help you decide if it is 3*()5'03:06/%*'*5*4/58&.*()5#&"#-&50)&-1:06 get out of it. In fact, if you have a portfolio of $500,000 or .03&8&.":3&#"5&40.&03"--0':063"//6*5:4633&/%&3 1&/"-5*&4&#"5&4"7&3"(&/&"3-: -&"4&$"--'03 details and to see if you might qualify.

Call today for your FREE report! Toll-free 1-888-987-9988 &'&3&/$&$0%&8)&/$"--*/(

*4)&3/7&45.&/54 *4)&33&&,3*7&"."4 < /7&45.&/54*/4&$63*5*&4*/70-7&5)&3*4,0'-044"451&3'03."/$&*4/0(6"3"/5&&0''6563&3&563/4 &#"5&4"3&'03*/7&450348)0-*26*%"5&"/"//6*5:8*5)4633&/%&31&/"-5*&4"/%'6/%"3*7"5&-*&/53061"$$06/5 A7&3"(&3&#"5&4'30.

50 8&3&

. and conditions apply. Surrender costs will (&/&3"--:#&3&*.#634&%*/5)&'03.0'"$3&%*55026"35&3-:"%7*403:'&&4"/%1":.&/548*--$&"4&*'5)&3&-"5*0/4)*1*4 5&3.*/"5&%#&'03&5)&&/%0'5)&1":.&/51&3*0%":.&/51&3*0%4$"/-"4507&35&/$"-&/%"326"35&3403-0/(&3 &&888//6*5:44*45$0.&3.4"/%0/%*5*0/4'03'635)&3*/'03."5*0/ '03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

."3$)

FORBES | MARKETPLACE

American Manufacturing Done Right! Cargo/Trunk Liner

Laser Measured

Designed in USA Handcrafted in

FloorLiner™ Accessories Available for

Side Window Deflector

Acura · Audi · BMW · Buick · Cadillac · Chevrolet · Chrysler · Dodge · Ferrari · Ford · GMC · Honda · Hummer · Hyundai · Infiniti Isuzu · Jeep · Kia · Land Rover · Lexus · Lincoln · Maserati · Mazda · Mercedes-Benz · Mercury · Mini · Mitsubishi · Nissan Oldsmobile · Plymouth · Pontiac · Porsche · Saab · Saturn · Scion · Subaru · Suzuki · Toyota · Volkswagen · Volvo · and more!

Order Now: 800-441-6287

American Customers WeatherTech.com

Canadian Customers WeatherTech.ca

European Customers WeatherTechEurope.com © 2015 by MacNeil IP LLC

The Cure for the Common Gift! Give award-winning, handcrafted wines from California’s artisan wineries.

The California Wine Club

1-800-777-4443

Gifts Start at

$39.95 Plus S/H.

www.cawineclub.com Plus tax where applicable. Void where prohibited.

Our luxury 3- and 6- speed bicycles are delivered 98% assembled, free of charge. Assembly is easy and all tools are included. Order now and be riding in style in no time! moziebicycles.com

MARCH 21, 2016

'03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

FORBES | MARKETPLACE

ANALYZE ANY STOCK FREE! Visit www.VectorVest.com/FBS Get FREE Reports Showing: What your stocks are really worth How safe they are Whether to buy, sell or hold VectorVest analyzes, sorts, ranks and graphs over 23,000 stocks daily for sĂůƵĞ^ĂĨĞƚLJĂŶĚdŝŵŝŶŐĂŶĚŐŝǀĞƐĂƵLJ^ĞůůŽƌ,ŽůĚƌĞĐŽŵŵĞŶĚĂƟŽŶ on every stock, every day.

WhiteWalls® Magnetic Whiteboard Steel Wall s

STANDING IS ONLY GOOD FOR YOU IF IT’S DONE RIGHT.

Brainstorm, Innovate and Create These whiteboard walls give you and your team an unlimited blank slate that encourages original ideas and fosters outof-the-box solutions.

Reduces aches, strains & fatigues Provides proper ergonomic

WhiteWalls.com Call- 800 624 4154

Beveled edges prevent tripping

Provides proper and all-day comfort so back, legs & feet don’t hurt while you work. ORDER YOURS TODAY & STAND IN COMFORT®

NewLifeMats.com | '03."3,&51-"$& 1-&"4&$0/5"$5-*4"-";"/4,:tʰʰ03--";"/4,:ʴ'03#&4$0.

1.866.435.6287 ."3$)

THOUGHTS

On Losing It

“You just need to be nice to yourself sometimes after a loss.” —VENUS WILLIAMS

“It’s so much darker when a light goes out than it would have been if it had never shone.”

“If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks.”

—JOHN STEINBECK

—JOHN C. BOGLE

“TAKE CARE TO SELL YOUR HORSE BEFORE HE DIES / THE ART OF LIFE IS ING LOSSES ON.”

“EVEN BEING RIGHT THREE OR FOUR TIMES OUT OF TEN SHOULD YIELD A PERSON A FORTUNE IF HE HAS THE SENSE TO CUT HIS LOSSES QUICKLY ON THE VENTURES WHERE HE IS WRONG.” —BERNARD BARUCH

“Absence is a house so vast that inside you will through its walls and hang pictures on the air.”

—ROBERT FROST

“I’m only rich because I know when I’m wrong. I basically have survived by recognizing my mistakes.”

—PABLO NERUDA

“And this is the will of him who sent me, that I shall lose none of all those he has given me, but raise them up at the last day.” —JOHN 6:39

“Though it is right to be prepared for the worst, there is no occasion to look on it as certain.” —JANE AUSTEN

“We had a kettle, we let it leak: Our not repairing made it worse. We haven’t had any tea for a week … The bottom is out of the universe.”

“ONE LOSS IS GOOD FOR THE SOUL. TOO MANY LOSSES IS NOT GOOD FOR THE COACH.”

“MOSTLY IT IS LOSS WHICH TEACHES US ABOUT THE WORTH OF THINGS.”

—KNUTE ROCKNE

—ARTHUR SCHOPENHAUER

—RUDYARD KIPLING

FINAL THOUGHT “No valleys, no mountaintops.” —B.C. FORBES CORRECTION: IN “THOUGHTS ON MOVIES” (FEB. 29), WE ERRONEOUSLY IDENTIFIED A PHOTOGRAPH OF HEDY LAMARR AS ONE OF VIVIEN LEIGH. WE REGRET THE ERROR AND APOLOGIZE TO BOTH LATE SCREEN QUEENS, WHO DID LOOK AN AWFUL LOT ALIKE.

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

160 | FORBES MARCH 21, 2016

EVERETT COLLECTION/NEWSCOM; DAVID YELLEN; GETTY IMAGES; EVENING STANDARD/GETTY IMAGES; ANDY LYONS/GETTY IMAGES

—GEORGE SOROS

Watch the whole story at

slack.com/animals A messaging app for amazing teams of all shapes and species.