2,208 WORLD BILLIONAIRES, SPOTLIGHTING NO.

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Plus:
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RECOLLECTS
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AUSTRALIA...............A $12.00 INDIA............................RS 400 KOREA........................W 9,500 PAKISTAN....................RS 600 TAIWAN......................NT $275
CHINA....................RMB 85.00 INDONESIA............RP 77,000 MALAYSIA...............RM 24.00 PHILIPPINES..................P 260 THAILAND......................B 260
HONG KONG................HK $80 JAPAN.................¥1238 + TAX NEW ZEALAND.......NZ $13.00 SINGAPORE..............S $12.50 UNITED STATES........US $10.00
Breguet, the innovator.
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 B E I J I N G C A N N E S C H E N G D U D U B A I E K AT E R I N B U R G G E N E VA G S TA A D H O N G K O N G K U A L A L U M P U R L A S V E G A S L O N D O N L O S A N G E L E S
M A C A O M I L A N M O S C O W N E W Y O R K N I N G B O P A R I S S E O U L S H A N G H A I S I N G A P O R E TA I P E I T O K Y O V I E N N A Z U R I C H – W W W. B R E G U E T. C O M
Note : This photograph was taken in mid-air at Victoria Harbour with drone on 8th June 2017 and has been integrated, colour find-tuned with the location of the soon
to be completed building of Novum Point being indicated by light beams with computerized imaging techniques to show the approximate surroundings of Novum
Point. Please note that there may be future changes to the surrounding areas of Novum Point.

SALES AGENT : Sales Office Open for Viewing

Sales Office : L5, Mira Place One,132 Nathan Road, Tsim Sha Tsui
Opening Hours :10:30am to 8:00pm
Street name and street number for Novum Point: No. 3 Marble Road District: North Point The address
of the website designated by the vendor for the development Novum Point is www.novumpoint.com.hk
The photographs, images, drawings or sketches shown in this advertisement/promotional material
represent an artist’s impression of the development concerned only. They are not drawn to scale and /or
may have been edited and processed with computerized imaging techniques. Prospective purchasers
should make reference to the sales brochure for details of the development. The vendor also advises
prospective purchasers to conduct an on-site visit for a better understanding of the development site,
its surrounding environment and the public facilities nearby.
 Model of Novum Point#

www.facebook.com/hld.sales

weibo.com/hldsales
Novum Point Novum Point HLD The H Collection
Floor Plans
Pamphlet
Vendor: Lucky Hero Development Limited (also as the owner and whose holding companies are Henderson Development Limited, Sunport Enterprises Limited
and China Wind Limited). Authorized person for the development: Mr. Lai Siu Kin, Rembert of Lu Tang Lai Architects Limited (Mr. Lai Siu Kin, Rembert is a
director of Lu Tang Lai Architects Limited). Building contractor for the development: Grandic Construction Company Limited. Vendor’s solicitors: Zhong Lun Law
Firm. Authorized institution that has made a loan, or has undertaken to provide finance, for the construction of the development: Not applicable. Any other person
who has made a loan for the construction of the development: Henderson Finance Company Limited. To the best of the vendor’s knowledge, the estimated
material date for Novum Point is 31st December 2020. Such date is subject to any extension of time that is permitted under the agreement for sale and purchase.
All information contained in this advertisement/promotional material shall be subject to the final plans approved by relevant Government authorities and legal
documentation. The vendor reserves the right to make modifications and changes according to actual circumstances without prior notice. The description,
reference, photograph, drawing, image or other information whatsoever in this advertisement / promotional material shall not constitute or be construed as
constituting any offer, promise, representation or warranty, whether express or implied. The sales agent of this development is Henderson Property Agency
Limited, and it is not a development of Henderson Land Development Company Limited. This advertisement is published by, or with the consent of, the vendor.
Please refer to the sales brochure for details. Date of printing of this advertisement: 2nd March 2018. Note: # This photograph was taken at the sales office of
Novum Point on 18th January 2018 and has been integrated, color fine-tuned with computerized imaging techniques. The vendor does not give any offer,
representation, undertaking or warranty whether express or implied on the commercial and restaurant purposes shown therein which will be subject to the actual
circumstances upon handover. The vendor reserves the right to make modifications and changes according to actual circumstances without prior notice. Note:
1. The construction of the section of tunnel in North Point and the approach road connecting the tunnel and the Island Eastern Corridor anticipated to complete
in early 2020. Source: http://www.hyd.gov.hk/tc/road_and_railway/road_projects/6579th/ (2017/12).
CONTENTS — MARCH 2018 VOLUME 14 NUMBER 2

SPAGE 61
12 | FACT & COMMENT // STEVE FORBES
AMAZON FOUNDER Don’t wreck the new boom.
JEFF BEZOS IS THE COMPANIES, PEOPLE
WORLD’S RICHEST 14 | METALLURGY MATTERS
MAN, WITH A Electric cars are great for Australia’s lithium miners, but what if there’s a cobalt problem?
STUNNING NET BY TIM TREADGOLD

WORTH OF 16 | THE NBA’S MOST VALUABLE TEAMS

A pro squad is now worth $1.65 billion.
$112 BILLION. BY KURT BADENHAUSEN, MICHAEL K. OZANIAN AND CHRISTINA SETTIMI
THERE ARE 2,208 20 | BEST UNDER A BILLION: MIGHTY MINIS
GLOBAL Rural India was ready for Dhirendra Singh’s mango juice when he thought small.
BY ANURADHA RAGHUNATHAN
BILLIONAIRES
24 | BOOK EXCERPT: KUOK AS HOTELIER
ON OUR LIST. Legendary tycoon Robert Kuok notes trials and tribulations in Shangri-La.
29 | FROM THE VAULT: BRANSON THE BOLD—JULY 3, 2000
Virgin’s big leap into the 21st century.
30 | NEVER FORGET A FACE
The natural intelligence node behind a Chinese AI standout.
BY SHU-CHING JEAN CHEN

MALAYSIA’S 50 RICHEST
34 | THE ACCIDENTAL CASINO MOGUL
Chen Lip Keong came to Cambodia 25 years ago to drill for oil.
Instead he struck gold in quite a different business.
BY MUHAMMAD COHEN

38 | THE LIST
It was a good year, with 34 Malaysian fortunes rising and only 6 declining.
BY JOHN KOPPISCH AND ANURADHA RAGHUNATHAN

COVER PHOTOGRAPH
BY ADAM DEAN FOR FORBES UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.

4 | FORBES ASIA MARCH 2018

CONTENTS — MARCH 2018 VOLUME 14 NUMBER 2

40 | TURNAROUND FOR PROTON?

Syed Mokhtar Albukhary’s share in the carmaker’s majority owner is up 85%,
thanks to a deal with China’s Geely.
BY ANURADHA RAGHUNATHAN

42 | FIGHTING OVER THE CHIPS

A look at the astonishingly complex family holdings in Genting.
BY JESSICA TAN

45 | UP FOR GRABS
Anthony Tan started Grab instead of taking a cushy ride with his family’s business.
BY SUSAN CUNNINGHAM

WORLD BILLIONAIRES
S PAGE 24 54 | THE FORTUNATE SON
India’s richest man, Mukesh Ambani, shares the inside story of his ultimate triumph.
“IT’S LIKE BEING A BY NAAZNEEN KARMALI

FISHERMAN. YOU 58 | THE ARTISANAL INDUSTRIALIST

Francis Holder’s billion-dollar bread-and-pastry empire mixes American mechanical
MUST PARK YOUR production with traditional French techniques.
HOTEL WHERE BY CHLOE SORVINO

THOSE SCHOOLS OF 61 | THE LIST

Jeff Bezos tops $100 billion, the first time that level has ever been reached, and China’s
FISH TEND TO SWIM.” Ma Huateng is the richest man in Asia. Our guide to the world’s 2,208 billionaires.
—ROBERT KUOK, from his new 65 | PROPHET OF BOOM
memoir Speed is everything in cryptocurrency, and Chinese-Canadian CZ is the fastest.
BY PAMELA AMBLER

71 | E-COMMERCE HEAVY LIFTER

Toolmaker Qiu Jianping thought bigger: warehousing machinery.
BY FORBES CHINA

79 | PUBLIC PURSUITS, PRIVATE GAIN

Ravindra Kishore Sinha can thank his son for building on a security business.
BY MEGHA BAHREE

90 | BILLION-DOLLAR CHECKOUT
Forbes ejects Saudi Arabia’s formerly superrich after a corruption crackdown.
BY KERRY A. DOLAN AND CHRISTOPHER HELMAN
T PAGE 45 105 | OLDEST & YOUNGEST BILLIONAIRES
Ride-hailing firm Grab is valued at
$6 billion, making ANTHONY TAN a 106 | DEATHS & DROPOFFS
new member of the Malaysia 50. 108 | MANSIONS ON THE MARKET

FORBES LIFE
110 | FOOTBALL CRAZY
A Chinese-American investor brings Moneyball to a sleepy English town.
BY PAUL ARMSTRONG

112 | THOUGHTS
On abundance.

6 | FORBES ASIA MARCH 2018

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 FORBES ASIA

SIDELINES
Editor Tim W. Ferguson
Editorial Director Karl Shmavonian
Art Director Charles Brucaliere
Senior Editor John Koppisch
Man and Memoir
Wealth Lists Editors Luisa Kroll, Kerry A. Dolan
Photo Editor Michele Hadlow

I
’ve been at Forbes long enough to remember
Statistics Editor Andrea Murphy
Research Director Sue Radlauer
when Billionaires was a much shorter list.
Online Editor Jasmine Smith There were ten-digit types, of course, and not
Reporter Grace Chung just the Old World fortunes and Japanese real es-
Intern Anis Shakirah Mohd Muslimin tate windfalls. But it took special initiative to gain
Editorial Bureaus access to them for what was then just an Ameri-
Beijing Yue Wang can magazine audience.
Shanghai Russell Flannery (Senior Ed.); Maggie Chen That’s what our colleague for many years,
India Editor Naazneen Karmali Andrew Tanzer, did most notably in the case of
Contributing Editors Robert Kuok. As this July 1997 cover displays, he
Bangkok Suzanne Nam introduced many readers to a man whose rise was
Chennai Anuradha Raghunathan
a classic story in 20th-century Asia: Chinese migra-
Hong Kong Shu-Ching Jean Chen
Jakarta Justin Doebele
tion, commodities trading, conglomerate building.
Melbourne Lucinda Schmidt Tanzer has moved on from workaday reporting but could not leave a good story.
Perth Tim Treadgold From 100 hours of interviews in a collaboration of 14 interrupted years, he helped
Singapore Jane A. Peterson Kuok produce a memoir that has taken Asian bookstores by storm. On page 24 we’ve
Taipei Joyce Huang isolated part of Kuok’s account of creating the Shangri-La Hotels & Resorts chain, not
Vietnam Lan Anh Nguyen his biggest business but one a Forbes audience can identify with. As with the rest of the
Columnist Ben Sin Kuok-Tanzer telling, however, this is more than a company narrative. It is a 94-year-
Production Manager Michelle Ciulla old icon’s commentary on human nature as reflected in his commercial and family
affairs.
“He’s lived a long, fascinating life through very interesting times in Asia; he’s
EDITOR-IN-CHIEF blessed with a phenomenal memory; and he speaks beautifully and colorfully in Eng-
Steve Forbes lish learned pre-WW II at some fine British colonial schools in Malaya,” Tanzer says.
FORBES MAGAZINE
“He is one of the most curious, engaging people I have ever encountered, and, apart
EDITOR Randall Lane from business, his interests range from history, cultures and language to food, wine
EXECUTIVE EDITOR Michael Noer and the animal kingdom.”
ART & DESIGN DIRECTOR Robert Mansfield Kuok’s candor is bracing throughout. Installments appearing earlier in the South
FORBES DIGITAL
China Morning Post—which he used to own—created a buzz, particularly his unvar-
VP, INVESTING EDITOR Matt Schifrin
nished reflections on the Malaysia miasma from which he rose to exceptional success.
VP, DIGITAL CONTENT STRATEGY Coates Bateman He is still Malaysian (and we so classify him, atop that country’s Rich List) but took
VP, PRODUCT DEVELOPMENT Salah Zalatimo much of his life to Singapore and Hong Kong. Yet, even lately, his name has been
VP, WOMEN’S DIGITAL NETWORK Christina Vuleta dragged back into his native nation’s sorry politics.
ASSISTANT MANAGING EDITORS
Frederick E. Allen – Leadership
I long ago decided that enterprise capitalism, not political power, was the most
Loren Feldman – Entrepreneurs dynamic force in the modern world. That’s why, for journalists, there’s no better score
Janet Novack WASHINGTON keeping job than the wealth counts we do—especially when they attach to a fascinat-
Michael K. Ozanian SPORTSMONEY
ing figure like Robert Kuok.
DEPARTMENT HEADS
Mark Decker, John Dobosz, Clay Thurmond
Jessica Bohrer VP, EDITORIAL COUNSEL

FOUNDED IN 1917
B.C. Forbes, Editor-in-Chief (1917-54)
Malcolm S. Forbes, Editor-in-Chief (1954-90) Tim Ferguson
James W. Michaels, Editor (1961-99) Editor, forbes asia
William Baldwin, Editor (1999-2010)
globaleditor@forbes.com

8 | FORBES ASIA MARCH 2018

 FORBES ASIA

READERS SAY

CEO/ASIA, FORBES MEDIA CONVERSATION

PRESIDENT & PUBLISHER, FORBES ASIA
William Adamopoulos THE MEMBERS OF our
SENIOR VICE PRESIDENTS Tina Wee, Serene Lee list of Hong Kong’s 50
EXECUTIVE DIRECTORS Eugene Wong, Aarin Chan, richest (January/February,
Janelle Kuah
p. 58) gained an astounding
SENIOR DIRECTOR, REGIONAL SALES Lawrence Jang
DIRECTOR, CIRCULATION Eunice Soo $60 billion from the year
DEPUTY DIRECTOR, EVENTS & COMMUNICATIONS before. With massive gains
Audra Ruyters like that, it’s inevitable that
DEPUTY DIRECTOR, CONFERENCES Jolynn Chua
some folks will miss the cut.
DEPUTY DIRECTOR, CIRCULATION Pavan Kumar
SENIOR MANAGER, CONFERENCES Quek Xue Wei
Coconuts.com was less than
SENIOR MANAGER, EVENTS & COMMUNICATIONS Melissa Ng sympathetic to those who
SENIOR MANAGER, MARKETING & RESEARCH Chow Sin Yee didn’t make our list: “Prop-
OFFICE MANAGER/ASSISTANT TO THE CEO/ASIA erty developer Lo Siu-tong,
Jennifer Chung
commodities trader and
AD SERVICES MANAGER Fiona Carvalho
AD SERVICES MANAGER-DIGITAL Keiko Wong shipper Harindarpal Banga,
CONFERENCE MANAGERS Clarabelle Chaw, Cherie Wong and casino tycoon Cui Lijie,
ASSISTANT MANAGER, CONFERENCES Isabel Wong whose Saipan casino has
ADVERTISING EXECUTIVES
run into trouble, fell off the
Angelia Ang, Sharon Joseph, Sabrina Cheung
MARKETING EXECUTIVE Gwynneth Chan
list after failing to meet the
CIRCULATION SERVICES US$1.25 billion cutoff. Poor
Taynmoli Karuppiah Sannassy, Jennifer Yim them.” @VancouverQuake
tweeted about Hong Kong’s
richest man, Li Ka-shing: “Shame he don’t give it back to Hong Kong by making
FORBES MEDIA
home prices cheaper.”
CHIEF EXECUTIVE OFFICER Michael Federle

THE INTEREST GRAPH

CHIEF FINANCIAL OFFICER Michael York
CHIEF REVENUE OFFICER Mark Howard
EDITOR-AT-LARGE/GLOBAL FUTURIST Rich Karlgaard Was the Philadelphia Eagles’ stunning Super Bowl victory inspired by our cheesesteak story?:
GENERAL COUNSEL MariaRosa Cartolano
A Korean Immigrant Amasses a Food Empire by Serving an American Favorite 10,095 page views
PRESIDENT, FORBESWOMAN Moira Forbes

March, 2018
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10 | FORBES ASIA MARCH 2017

 FACT & COMMENT
“With all thy getting, get understanding”
DON’T WRECK
THE NEW BOOM
BY STEVE FORBES, EDITOR-IN-CHIEF
TWO BIG THINGS threaten the improving
U.S. economy: a weak dollar and trade pro-
tectionism. Both routinely seduce policy-
makers, and both always result in bitter after-
maths with terrible political consequences.
Yet some in the Trump administration are
playing with both—and with fire.
t
The dollar. Great nations do not have weak
currencies. Nonetheless, with a surety born
of ignorance, Treasury secretary Steven
Mnuchin has bluntly stated his desire for a
weak dollar.
Thankfully, President Trump imme-
diately contradicted him. But the fact that
Mnuchin and his department want to undermine the value
of our currency is troubling. Mnuchin has bought into the al-
luring fallacy that trashing the greenback will help sell more
of our stuff overseas, thereby strengthening the U.S. econ-
omy. Such false and toxic notions obviously mean the poor
fellow has completely forgotten real-world experiences.
This is an incontrovertible fact: No country has ever de-
valued its way to greatness and enduring prosperity. Ever.
Ask Brazil, Argentina and Zimbabwe. Check out what
happened to the Roman Empire when its Mnuchin equiva-
lents undermined the empire’s currency.
Mnuchin needs to take a stroll down memory lane.
In the summer of 1971, President Richard Nixon was
fretting that the country wasn’t recovering fast enough from
the 1969–1970 recession and that this sluggishness might
jeopardize his reelection in 1972. Moreover, the world was
on the so-called Bretton Woods gold standard, and the U.S.
gold supply was shrinking, raising alarm bells in the finan-
cial markets. The Federal Reserve was printing too many
dollars—trying to stimulate the economy—with the obvious
consequence that foreign governments were getting rid of
their losing-value dollars by trading them in for our gold.
Tragically, Nixon was beguiled by his Treasury chief,
John Connally, into “closing the gold window,” thereby ef-
fectively ending the gold standard and engineering a major
devaluation of the greenback.
The idea was that this would generate a trade surplus
and election-winning prosperity. Nixon did win his second
term, but the net result was a debilitating decade of gas
12 | FORBES ASIA MARCH 2018
lines, inflation and economic stagnation.
An economy that was in the throes of
its most serious crisis since the Great
Depression contributed to the condi-
tions that ran Nixon out of office. Jimmy
Carter pursued similar policies later in
that decade. Both Carter and Nixon were
economic losers.
In 1987 Treasury secretary James
Baker pushed for a weak dollar to—you
guessed it—sell more U.S. products
abroad and “mend our trade deficit.”
That October he told Germany: “Either
inflate your mark [the German currency
at the time], or we’ll devalue the dollar.” He vowed to
“drive the dollar down.” Combined with Congress push-
ing through protectionist measures that could prompt a
trade war, Baker’s moves triggered a stock market crash.
Thankfully, the Reagan administration backed off, and the
markets recovered.
Unfortunately, in the early 2000s the U.S. was back at
it. President George W. Bush’s Treasury chiefs thought
that a slow-motion devaluation of the greenback would
stimulate more growth. The weakening of the dollar—as
it always does—triggered a fake housing and commodi-
ties boom, as markets flee to hard assets when money
becomes unstable. We all know how that ended.
Secretary Mnuchin has learned nothing from all this.
What Nixon, Connally, Mnuchin and their ilk never
grasp is that money isn’t wealth. It measures value, in
the same way a clock measures time or a scale measures
weight. Imagine the difficulties in cooking if the standards
for measuring cups and spoons changed each day. The
same is true for money: Volatility makes commerce and
investing more uncertain, and economic progress is hurt.
Devaluing the dollar is similar to cheating with weights
and measures: You pay for a pound of cheese but get 12
ounces instead of 16. It also disrupts increasingly more in-
tricate supply chains here and around the world. You may
end up paying $15 for a part that should cost $10. Compa-
nies have to devote valuable brainpower and resources to
figuring out how to hedge countless currencies, a cost that
hinders growth.
t
Protectionism. Trade deficits? In and
of themselves, they tell you nothing. The
U.S. has had merchandise trade deficits for
most of its existence. A key to our growth
has been—and still is—investment capital
coming to our shores. We’re starting to get
inflows of hundreds of billions of dollars,
thanks to the Trump tax bill.
It’s one thing to update trade agree-
ments such as Nafta, quite another to
blow them up or try to dictate specific
outcomes, such as forcing companies to
move their facilities back to the U.S.
Ditto trade abuses, such as China’s
unfairly restricting access to its markets
for foreign companies or forcing busi-
nesses to part with their proprietary
technology, not to mention its outright
theft of trade secrets via hacking.
But the thrust of trade negotiations
should be reducing barriers, not erect-
ing them via import taxes or anti-import
regulations.
The rest of the world is moving
ahead. Japan has concluded a great
trade deal with the EU. The 11 nations
that were part of the Pacific trade deal
that the U.S. scuttled last year are con-
structing a new one, leaving out the U.S.
Thirty-five new bilateral and regional
trade pacts are being negotiated, which
will mean more trade between the
countries involved. Increasingly, the U.S.
is on the outside looking in.
Fortunately, the recent tax bill
should stimulate more investment from
businesses here and overseas. But we
shouldn’t end up “leaving money on the
table” by unnecessarily losing better
market access.
Most of all, a trade war à la the 1930s
must be avoided. Back in 1929, freshly
minted President Herbert Hoover
thought that putting new tariffs on food
imports would help beleaguered Ameri-
can farmers, who had been hurt by low
commodity prices because of our abun-
dant production. By the time the legisla-
tion made its way through the congres-
sional sausage factory, we had imposed
massive taxes on thousands of items. A
global trade war ensued, and the Great
Depression was under way.
Will President Trump’s slapping
tariffs on steel and aluminum imports
set off a chain of events that truly hurts
global trade and the U.S. economy?
That’s the fear. If the U.S. does noth-
The Road Not Taken
Max Boot (Liveright, $35)
THIS BRILLIANT, extremely well-
written book about a forgotten
figure who was one of the most ex-
traordinary and utterly unorthodox
espionage agents in history contains
a telling scene that encapsulates
what went tragically wrong with the
Vietnam War. The operative, Edward
Lansdale, was visiting President John
F. Kennedy’s defense chief, Robert
McNamara. The former president of
Ford Motor, McNamara profoundly believed that
everything could be managed by numbers (or
what we today call “metrics”). McNamara had an
IQ that could boil water, a personality that could
freeze the tropics and a deep disdain for anyone
he considered his intellectual inferior, which was
almost everybody. Lansdale was given ten min-
utes—no more!—to advise McNamara on how the
U.S. should deal with the growing communist in-
surgency in South Vietnam. The allotted time was
a harbinger of how the meeting would go.
Lansdale was a man well worth listening to.
In the 1930s he’d been an advertising man in Cali-
fornia, where he had demonstrated a real knack
for writing and a firm grasp of the psychology
involved in the art of persuasion. In WWII Lans-
dale ended up in the Office of Strategic Services
(OSS), precursor of the CIA, which was run by the
legendary William “Wild Bill” Donovan. This fish
had found his water. After the war he moved into
the newest branch of the military, the Air Force,
which served as cover for his overseas activities.
(Even late in life, he was loath to acknowledge he
had been in the CIA.) Lansdale soon found himself
posted in the Philippines, which was facing an
increasingly powerful communist uprising called
the Huk Rebellion.
The Filipino government and military were re-
sponding in ways that were fueling the insurgency,
especially by killing numerous civilians in the
fight against the rebels. Lansdale quickly grasped
that these kinds of responses to a skillful guerrilla
enemy, one that also employed effective propa-
ganda, was a formula for a bloody defeat.
Lansdale befriended and then won the total
confidence of an incorruptible politician—a true
rarity in that country—Ramon Magsaysay. The two
became inseparable, and Magsaysay, who with
Lansdale’s help became defense minister and then
ing more like that, economic progress,
though hurt, will not end. But if this act
means more to come, then watch out.
won election as president (Lansdale was
his behind-the-scenes manager), adopt-
ed Lansdale’s strategy of finding ways to
win what came to be termed the “hearts
and minds of the people,” combined with
fundamental changes in military opera-
tions. Civilian casualties were sharply
reduced. Lansdale also showed he was a
master of propaganda and psychological
warfare. What had looked like an inevi-
table communist victory withered into a
total rout.
Then, in the aftermath of the French defeat by
Ho Chi Minh’s communist forces, Lansdale played
the indispensable, key role in the miraculous
creation of the state of South Vietnam. In this
he worked with a man named Ngo Dinh Diem,
a monkish figure given to rambling, hours-long
monologues. Lansdale won his confidence, as
had no one else except Diem’s paranoid brother.
Against all odds—and with Lansdale’s consider-
able help—Diem routed the warlords and powerful
sect leaders, and a real country was created from
the post-French rubble.
In 1959, against Ho Chi Minh’s wishes, hard-
liners in North Vietnam decided to make an all-out
assault on the South, which was what eventually
led to Lansdale’s meeting with McNamara. On the
defense chief’s 9-foot-long, immaculate mahoga-
ny desk (it was polished every evening), Lansdale
dumped a bunch of “dirty weapons, caked with
mud and blood,” including “handmade pistols and
knives, old French rifles, and bamboo punji sticks.”
Lansdale told the startled secretary, “The enemy
uses these weapons. Many of them are barefoot
or wear sandals. They wear black pajamas, usually,
with tatters or holes in them . . . yet, the enemy is
licking our [well-armed] side.” Lansdale warned
that if we didn’t grasp the nature of this new style
of war, where ideas and ideals were critical, trag-
edy would result.
But while Lansdale had a unique ability to
work with foreign figures, his hatred of bureaucra-
cy had made him a pariah in Washington. Reflect-
ing these attitudes, McNamara ignored his advice.
Even though Lansdale returned to Vietnam, his
time there was mostly an exercise in frustration.
He was given no real authority, and the U.S. made
the same blunders the French had, along with a
few others of its own. F
MARCH 2018 FORBES ASIA | 13
FORBES ASIA

COBALT BUBBLE?

METALLURGY
MATTERS
An electric-car boom has excited Australia’s lithium miners,
but what if there’s a cobalt problem?
BY TIM TREADGOLD

F
ueling future generations of with 60% of global supply coming from the ers as well as consumers of battery metals
electric vehicles is making some bloody Democratic Republic of Congo. as they juggle the tricky business of match-
mining entrepreneurs rich as Glencore, the world’s biggest producer ing supply with forecasts of demand that
demand grows for critical metals, of cobalt, has been in talks with Volkswa- may or may not be correct.
such as lithium and cobalt. But as gen and Tesla about future supplies of the Australian miners have been quickest
with all commodity booms, there are early metal, but its chief executive, Ivan Glasen- to expand production of lithium to meet
signs of a shortage turning into a flood, with berg, told The Times of London that a short-term shortage of the metal, largely
a predictably depressing effect on prices. supplies of cobalt were “relatively con- because their mining method is simplest—
Lithium is the metal most likely to be strained” because it could not be mined dig and deliver a part-processed product
hit by a surge in production and a fall in like lithium, coming only as a by-product called spodumene concentrate (which is
price, especially if demand for electric cars of mining copper and nickel. “We have 6% lithium)—whereas South American
does not match optimistic forecasts. Ironi- seen the investments that car companies lithium, which once dominated supply, has
cally, it could be a shortage of cobalt that are making in electric vehicles,” Glasen- a more complex production process based
delays the production of the lithium-ion berg said. “They will need battery supply. on extracting the metal from brine lakes.
batteries needed to power electric cars and It will require a lot of cobalt, and we all For Chris Ellison, managing director
a range of other products, such as smart- know the geological scarcity of cobalt.” of ASX-listed Mineral Resources, lithium
phones and household appliances. Guessing which way the battery boom has been the key to more than doubling in
Despite their name, most lithium-ion might evolve is causing headaches for min- nine months the value of his 12.3% stake
batteries also require cobalt in the business. Worth $160
and graphite to do their job million last June, his holding
of retaining and discharging was recently valued at $330
electricity, and while lithium million. (Ellison declined to
and graphite are plentiful, it is be interviewed for this story.)
cobalt that has manufacturers of Shareholders in Pilbara Min-
PATRICK T. FALLON/BLOOMBERG VIA GETTY IMAGES

battery-based products worried. erals, a company scheduled

Carmakers, such as Ger-
many’s BMW, and electronic
gadget makers, such as Apple,
are scouring the world for
supplies of cobalt, a rare metal
that has tripled in price over
the past year to $80,000 a ton,
to start lithium production
later this year, have seen the
value of their investment rise
by 160% over the past eight
months as Pilbara’s market
capitalization has grown to
Chinese firms such as BYD seek to lead EV transformation. $1.1 billion.

14 | FORBES ASIA MARCH 2018

 Chris Ellison, the $330 milliion man of Mineral Resources, is mum.

Ken Brinsden, Pilbara’s managing direc-
tor in Perth, is so confident his company
won’t be late to the lithium party that he has
just approved a second-stage processing
plant that will double the company’s pro-
duction capacity even before output starts
at the first stage. “I strongly believe that
comments about a lithium-supply glut are
misreading the situation and grossly under-
estimating the speed at which demand is
expanding,” Brinsden says.
That comment was made after invest-
ment bank Morgan Stanley warned that a
ATTILA CSASZAR / BUSINESS NEWS ; CARLA GOTTGENS / BLOOMBERG
report with the headline: “Supply concerns
more than priced in.”
Interestingly, while Morgan Stanley said
the price of lithium carbonate, the primary
battery-grade form of lithium, could fall
from $13,375 a ton this year to $7,332 a
ton in 2021, Citi also sees a fall in the long-
term price to $7,500 a ton, but added that
two Australian producers, Orocobre and
Galaxy Metals, had seen share prices that
already reflected close to that level.
Preparation for a surge in demand for
electric cars appears to be the reason for

glut of lithium could cause a 45% fall in the
price over the next three years. “Rising de-
mand for lithium-ion batteries for electric
vehicles has seen lithium prices more than
double, and invited new low-cost supply,”
its analysts wrote in a report. “Our new
work suggests lithium prices could fall by
45% by 2021,” the report states. “The mar-
ket is not discounting this.”
Rival Citibank disagrees. Two weeks
before Morgan Stanley said the market was
not discounting a glut, it published a lithium
the rush to secure lithium supplies. Asian
buyers of lithium are leading the charge.
Chinese lithium processor Ganfeng Lith-
ium and carmaker Great Wall are major
Pilbara customers and have provided funds
for the second-stage expansion, while big
Korean steelmaker Posco has signed a deal
with Pilbara to feed its own plans to supply
battery makers.
Albemarle of the U.S., producer of
chemicals with lithium interests at home
and abroad, is doubling capacity at the
Ken Brinsden, Pilbara’s man in Perth.
Greenbushes mine it co-owns with China’s
Tianqi Lithium in Australia and is reveal-
ing plans to expand further before the first
expansion is complete.
Even if the lithium market is flooded,
the challenge for companies that based their
products on rechargeable batteries is to find
fresh supplies of cobalt, preferably away
from war-torn Congo, or find a metal to
replace cobalt in batteries. Worst case, a new
generation of electric vehicles could stall. F

MARCH 2018 FORBES ASIA | 15

FORBES ASIA

SPORTSMONEY

The NBA’S Most 1. LEBRON JAMES

HIGHEST-EARNING
NBA PLAYERS
Valuable Teams CLEVELAND CAVALIERS
Earnings: $85.3M
Salary: $33.3M
Endorsements: $52M
Thanks to international growth, 2. STEPHEN CURRY
GOLDEN STATE WARRIORS
every club tops $1 billion. Earnings: $76.7M
Salary: $34.7M
BY KURT BADENHAUSEN, MICHAEL K. OZANIAN Endorsements: $42M
AND CHRISTINA SETTIMI

GLOBAL STOCK MARKETS have been tossing and turning,

but don’t expect the value of NBA teams to suffer. The average
team is worth a record $1.65 billion, 22% over last year,
and every team is worth at least $1 billion for the first time.
Franchise values have tripled over the past five years. Credit
the league’s economics, particularly its international growth
prospects, which are the best of any major U.S. sports league. “The
NBA is extremely well positioned for international growth,” says Sal
Galatioto, president of sports finance and advisory firm Galatioto 3. KEVIN DURANT
Sports Partners. “The product is excellent, and interest in basketball GOLDEN STATE WARRIORS
around the world continues to flourish.” Earnings: $58M
Salary: $25M
Take China, where basketball is played by an estimated 300 Endorsements: $33M
million people. The NBA signed a five-year deal in 2015 for Tencent
to carry games and other NBA content on its digital platforms.
The deal has been a slam dunk and is expected to net the NBA 4. JAMES HARDEN
more than $800 million. Negotiations for an extension are already HOUSTON ROCKETS
underway. The league has 34 media and marketing partners in Earnings: $48.3M
Salary: $28.3M
China, as well as 144 million followers on social media in China, Endorsements: $20M
more than any other sport.
The NBA launched NBA China ten years ago, and it is worth 5. RUSSELL WESTBROOK
more than $4 billion, according to Mark Tatum, NBA deputy OKLAHOMA CITY THUNDER
commissioner and chief operating officer. “We’re seeing growth in Earnings: $47.5M
Salary: $28.5M
all lines of business, whether it’s content distribution, sponsorships Endorsements: $19M
or merchandise,” says Tatum. “The NBA and the consumption of
our product continues to grow, which is really driving the valuation
of NBA China.”

TOP TO BOTTOM: JASON MILLER/GETTY IMAGES; JONATHAN BACHMAN/GETTY IMAGES; CHRIS SCHWEGLER/
This explains recent transactions in the NBA at sky-high
valuations. The entry-level price for a franchise is ten figures, but a
big market team will set you back at least $2 billion. Tilman Fertitta’s
$2.2 billion bid for the Rockets was approved by the NBA in
NBAE/GETTY IMAGES; BOB LEVEY/GETTY IMAGES; JONATHAN BACHMAN/GETTY IMAGES
October. The price was a record for a sports franchise, but the mark
won’t last long. Mikhail Prokhorov is on the verge of selling 49% of
the Nets to Taiwanese billionaire Joseph Tsai. The Alibaba cofounder
has an option to assume majority control by the end of 2021. The
deal values the Nets at $2.3 billion and does not include operating
rights to the Barclays Center.
Business is strong in the U.S. as well, with the start of the league’s
new TV contract with Time Warner’s TNT and Walt Disney’s ESPN
A GREAT AMERICAN EXPORT
worth $24 billion. The league also has had great success with the It’s not outrageous anymore to envision a sports world in which NBA
launch of its pilot program to include 2-inch corporate logos on teams are worth more than their NFL counterparts. Investors believe
the NBA has far greater potential to grow overseas than the NFL,
its jerseys. Nineteen teams have inked deals to date at an average
which has struggled beyond the U.S. The average NFL franchise is
annual rate of $9 million a year. The result is nearly $200 million worth $2.5 billion, 52% more than the typical NBA team, but that
in new revenue for the league, as well as new sponsors entering the spread has been more than halved in the past five years. The NBA
sport, such as Rakuten, Harley-Davidson and Squarespace. The is already selling at higher multiples: Recent deals for the Nets and
Warriors signed the biggest agreement of any team with their three- Rockets value the teams at roughly eight times their regular-season
year, $60 million deal with Japanese e-commerce giant Rakuten. revenue; NFL franchises are worth closer to six times revenue.

16 | FORBES ASIA MARCH, 2018

 CURRENT
VALUE1 1-YEAR REVENUE
OWNERS ($MIL) CHANGE % ($MIL)

1 NEW YORK KNICKS Madison Square Garden Company $3,600 9% $426

2 LOS ANGELES LAKERS Jerry Buss Family Trusts, Philip Anschutz 3,300 10 371
3 GOLDEN STATE WARRIORS Joe Lacob, Peter Guber 3,100 19 359
4 CHICAGO BULLS Jerry Reinsdorf 2,600 4 281
5 BOSTON CELTICS Wycliffe & Irving Grousbeck, Robert Epstein, Stephen Pagliuca 2,500 14 257
6 BROOKLYN NETS Mikhail Prokhorov 2,300 28 273
7 HOUSTON ROCKETS Tilman Fertitta 2,200 33 296
8 LOS ANGELES CLIPPERS Steve Ballmer 2,150 7 257
9 DALLAS MAVERICKS Mark Cuban 1,900 31 233
10 MIAMI HEAT Micky Arison 1,700 26 253
11 SAN ANTONIO SPURS Julianna & Peter Holt 1,550 32 259
12 TORONTO RAPTORS Bell Canada, Rogers Communications 1,400 24 250
13 SACRAMENTO KINGS Vivek Ranadive 1,375 28 240
14 WASHINGTON WIZARDS Ted Leonsis 1,350 35 222
15 CLEVELAND CAVALIERS Dan Gilbert 1,325 10 280
16 PORTLAND TRAIL BLAZERS Paul Allen 1,300 24 223
17 PHOENIX SUNS Robert Sarver 1,280 16 218
18 OKLAHOMA CITY THUNDER Clayton Bennett 1,250 22 222
19 ORLANDO MAGIC Richard DeVos 1,225 33 211
20 UTAH JAZZ Miller Family Trust 1,200 32 221
21 PHILADELPHIA 76ERS Joshua Harris, David Blitzer 1,180 48 184
22 INDIANA PACERS Herbert Simon, Stephen Simon 1,175 34 205
23 ATLANTA HAWKS Tony Ressler 1,150 30 209
24 DENVER NUGGETS Kroenke Family 1,125 26 202
25 DETROIT PISTONS Tom Gores 1,100 22 221
26 MILWAUKEE BUCKS Wes Edens, Marc Lasry, Jamie Dinan 1,075 37 179
27 MINNESOTA TIMBERWOLVES Glen Taylor 1,060 38 204
28 CHARLOTTE HORNETS Michael Jordan 1,050 35 202
29 MEMPHIS GRIZZLIES Robert Pera 1,025 30 206
30 NEW ORLEANS PELICANS Tom Benson 1,000 33 204
LEAGUE AVERAGE 1,652 22 246
Revenue is for the 2016–2017 season and net of revenue sharing and arena debt service.
1 Enterprise value (equity plus net debt)

The fact that the New York Knicks are the most valuable NBA
franchise for the third straight year will offer little solace to long-
suffering fans. The team is worth $3.6 billion, up 9% over last year and
sixth highest in the world across all sports. Like the Knicks, the Los
Angeles Lakers have struggled on the court in recent years. The last four
seasons have ranked among the five worst in franchise history. But the
Lakers still mint money in L.A., thanks to nearly $150 million a year
from its local TV and radio deals. The Lakers are the second-most-
valuable franchise, at $3.3 billion, up 10%.
The Golden State Warriors jumped over the Chicago Bulls to rank
third at $3.1 billion, up 19%. The defending champs raised ticket prices
as much as 25% this season but didn’t have any problem filling seats,
thanks to a 40,000-plus season-ticket waiting list. Rounding out the top
five most-valuable teams are the Bulls ($2.6 billion) and Boston Celtics
($2.5 billion). The Philadelphia 76ers had the biggest gain in value, 48%,
to $1.18 billion. The 76ers had the biggest year-over-year increase in
local TV ratings during the 2016–2017 season at 84%. The only team
by our count to post an operating deficit after revenue sharing was
the Cleveland Cavaliers. The team lost $6.2 million, thanks to a $134
million payroll and a $25 million luxury-tax penalty. F

MARCH 2018 FORBES ASIA | 17


THE VILLAR GROUP:
UNLOCKING SYNERGIES TO BROADEN
GROWTH HORIZONS
Integrated, community-centric innovations and acquisitions form core of the Villar Group’s initiatives to
elevate the lifestyle standard of Filipinos.
Manuel Villar, Chairman, Villar Group
Over the past five years, Metro Manila
and first-tier cities have seen the prolif-
eration of high-density, mixed-use, real
estate developments to meet the rising
demand for properties with lifestyle and
recreational amenities that are close to
the central business districts. But with
congestion in the Philippines’ economic
hubs finally reaching a tipping point,
it isn’t surprising to see developer s’
focus shift from the city center back to
the countryside.
It is in this regard that the Villar Group—
t h e i n te g r a te d r e t a i l a n d p r o p e r t y
SPECIAL ADVERTISING FEATURE
development company built by
visionary Forbes-listed billionaire
Manuel B. Villar, Jr.—finds itself in a
leadership position among the Phil-
ippines’ top conglomerates.
Having built through publicly
listed Vista Land & Landscapes,
Inc. close to 500,000 homes across
the country, the group’s property
por tfolio is the most geographi-
cally diverse in the Philippines, with
an unrivaled national presence in
133 cities and municipalities across
4 6 prov ince s in L u zon, V is aya s
and Mindanao.
Bullish on Retail and
Real Estate
In a highly competitive arena
where a company is only as good
a s i t s l a s t f i n a n c ia l s t a t e m e n t , t h e
Villar Group saw its net income in the
first nine months of 2017 rise 12% to
PHP7.1 billion (US$136.3 million) from a
year earlier.
Villar, who is chairman of the group,
continues to be optimistic about the
country’s property and retail sectors on
the back of a healthy Philippine econ-
omy, rising disposable income and over-
seas workers’ remittances, and the cur-
rent government administration’s push
for accelerating wealth and investment
ac tivity outside Metro Manila. “We’re
Vista Mall
Camella has created an extensive range
of affordable, high-quality homes in
masterplanned communities across
the country.
very bullish about the group’s prospects
from 2018 through 2020 as we leverage
the synergies among our companies to
take advantage of the sustained sound
Philippine macroeconomic fundamen-
tals,” he shares, adding that consolidated
net income growth is forecasted to grow
double-digit for 2018.
The developer is raising the stakes,
earmarking PHP180 billion (US$3.46 billion)
in capital expenditure for real estate,
leasing, retail and other allied businesses
through 2020, with PHP50 billion (US$960
million) alloted to Vista Land alone this
year. Of the total amount, 60% will be
devoted to real estate, while more than
35% will suppor t its leasing and retail
businesses, which the group has been
aggressively expanding through its retail
arm All Value Holdings Corp.
Game-Changing Synergy
The group marked an impor tant mile-
stone this year as it celebrated the 40th
anniver sar y of C amella, it s f lag ship,
high-quality, affordable housing brand
that remains the biggest contributor to
the Villar Group’s real estate business.
Camella’s nationwide presence lays the
foundation for the group’s core strategy
moving forward.
The idea, Villar says, is to “leverage busi-
ness synergies” among his companies to
unlock new areas of growth. The group has

Golden Haven, Inc. is one of the country’s largest and
fastest growing memorial park developers.
been streamlining its property business,
whose well-known and distinct brands
Brittany, Crown Asia, Camella, Lumina and
Vista Residences now cater to wide-ranging
income segments across the country.
The Villar Group also uncovered a
new area for growth when it diversified
its publicly listed memorial park devel-
opment arm Golden Haven, Inc. diversi-
fied into mass-property housing with the
2017 acquisition of Bria Homes, the fast-
est growing developer in the mass-market
h o u si ng s e g m e n t . T h e n e w Gold e n
Haven is also bullish about its expansion
program in both memorial park develop-
ment and mass-market housing as it is
poised to deliver more than PHP1 billion
(US$19.2 million) in combined net income
for 2018.
Recent years have also shown the Villar
Group extending its prowess in launch-
ing innovations in real estate to its rapidly
scaling retail business. Existing Vista Land
“communicities”—integrated master-
planned communities that fuse lifestyle,
retail, commercial, themed residential,
leisure and socio-civic components—are
serving as markets for these new develop-
ments. Currently, the group has 24 com-
municities, with plans to steadily transform/
integrate existing Vista Land properties
into this format.
AllHome, a full-service furniture and home improvement brand,
SPECIAL ADVERTISING FEATURE
Bria Homes is the fastest growing developer in
Responding to the evolving needs of
its various market segments, the Villar
Group’s 2015 acquisition of Starmalls, a
major developer of mass-market retail
malls and commercial centers, enabled it
to expand its offerings into retail with 22
Vista Malls and seven commercial offices
and more than 50 community centers,
adding more than one million square
meters of gross floor area (GFA) to its
portfolio and fueling the robust growth in
its leasing revenue. The leasing business
now accounts for 22% of its net income
and close to 3 0% of it s EBITDA . The
group also recently announced that its
initial 2018 target to expand its GFA to 1.3
million square meters has been increased
to 1.4 million square meters. By 2020, the
group intends to triple the number of
Vista Malls to a total of 60 nationwide.
The group’s move into retail is further
solidified by the successful launch of the
following anchor retail concepts under
All Value Holdings Corp, the group’s
privately owned companies: full-service
furniture and home improvement brand
AllHome, which currently has 16 branches
and is set to end 2018 with a total of 25
stores; All Day, a large-format supermarket
brand that will expand to 20 branches by
the end of the year; the 22-branch Coffee
Projec t, Villar’s venture into the cafe
and All Day Supermarket.
the mass-market housing segment.
business; and All Day convenience stores
that will be present in its condominium
developments. These retail concepts
are part of the group’s rapid expansion
program to take advantage of Filipinos’
increasing disposable income.
Coffee Project is Villar’s venture into
the coffee and cafe business.
The continued rolling out of Vista Mall
and its anchor brands will be concurrent
with the aggressive expansion that the
group is eyeing for its integrated com-
munities, with the malls enjoying flexible
price points that depend on an existing
communicity’s level of affluence.
“We’re effectively unlocking synergies
between our real estate and retail busi-
nesses. Moving forward, our develop-
ments will be transformed into self-con-
tained cities whereby the convenience
and sophistication of a thriving com-
mercial district are integrated with the
residential communities that Vista Land
is renowned for,” says the chairman.
For more information:
vistaland.com.ph
starmalls.com.ph
goldenhaven.com.ph
bria.com.ph
allhome.com.ph
cofffeeproject.com.ph
allday.com.ph
facebook.com/AllDaySupermarketPH
FORBES ASIA

MANPASAND BEVERAGES

Mighty Minis
Rural India was especially ready for Dhirendra
Singh’s mango juice when he thought small.
BY ANURADHA RAGHUNATHAN

D
hirendra Singh grew
up in rural northern
India but later founded
Manpasand Beverages
in his adopted state
of Gujarat. As he tells it, however, it
was only while back there sipping tea
at the border of Uttar Pradesh and
Bihar in 2009, from a cup costing less
than a penny, that the juice baron
had a eureka moment.
The tea vendor expounded on
how small rural shops like his could
stock only goods priced below 10
rupees, or about 15 cents. The price
point was critical, and it spurred
Singh into action. He’d done well
enough for a decade, shipping shelf-
stable mango juice to villages and
small towns in 200 ml packages. But
by developing in 2011 a 125 ml bottle
that retailed for 9 cents, he reached
the sweet spot. Revenues have risen
better than six times in the years Bottoms up:
since, to $111 million in fiscal 2017, “Entrepreneurship seeped
based on current exchange rates. into me,” says Manpasand
More than half the sales come founder Singh.
from Bharat—as rural and small-town
India comprising 70% of the popula- stemming from his 44% stake—stands
tion is often referred to. Profits have at $330 million.
risen from $1.2 million to $11 million Sales for the first nine months of
in that same period, earning Man- fiscal 2018 are already at $89 mil-
pasand a spot on Forbes Asia’s Best lion, and even faster profit growth is
Under A Billion list. Singh’s fortune— expected. “They have a debt-free bal-

20 | FORBES ASIA MARCH 2018

 ance sheet, and they are expanding higher trade margins to boost sales. May 2017 tie-up with neighboring
capacities and entering new geog- They aim to capture the distribution Maharashtra’s biscuit maker Parle
RAJAT GHOSH FOR FORBES

raphies aggressively,” says Amnish gaps of large players like Coke, Pepsi Products (no relation to Parle Agro).
Aggarwal, consumer goods analyst and Parle Agro—more so in small The two have agreed to sell a combo
at Mumbai brokerage firm Prabhu- towns and rural areas.” pack of biscuits and juice across
das Lilladher. “They give relatively A huge fillip is expected from a 4.5 million Parle outlets.

MARCH 2018 FORBES ASIA | 21

FORBES ASIA
MANPASAND BEVERAGES
Manpasand will have to manage
the challenges of higher packing
costs and lower margins that come
with small packs, but it’s done that
so far. And it’ll piggyback on Parle’s
distribution heft.
Singh, now 55, started Manpas-
and in 1997 with Mango Sip—which
is still the flagship product, com-
manding three-fourths of sales. It
has since expanded to carbonated
fruit juices (Fruits Up) and other
beverages.
Young Singh arrived in Gujarat to
work for a government petroleum
company. His background as a vol-
leyball player helped him net the
spot—through a sports quota—after
an undergrad degree from Gorakh-
pur University in Uttar Pradesh.
“When I drank the water in
Gujarat and ate the food in Gujarat—
entrepreneurship seeped into me,”
he quips, referring to the proverbial
bent there for business.
“I AM FROM RURAL INDIA—I KNOW THE
POPULATION. . . . I DIDN’T HAVE CAPITAL OR
LAND. I DIDN’T KNOW DEBIT FROM CREDIT. I
ONLY HAD THE URGE TO DO BUSINESS.”
An initial foray into real estate
didn’t work out. So at the age of 35—
with a wife and two young kids—he
started selling mango juice. He’d take
his old Ford Voyager van into the
hinterlands to understand distribu-
tion at the shop level and roped in
family and friends to gain a foothold
near his hometown in Uttar Pradesh.
“I am from rural India—I know
the population, the area and the
roads,” says Singh. At first he out-
sourced manufacturing in Mumbai.
But when summer came and demand
was at its peak, the Mumbai outfit
could not meet Manpasand’s in-
creased requirement and Singh lost
the seasonal advantage. He couldn’t
get his own factory till 2005.
“I didn’t have capital or land.
22 | FORBES ASIA MARCH 2018
I didn’t know debit from credit. I
only had the urge to do business,”
he confesses, sitting in a tree-house-
like office, surrounded by organic
plants next to his juice factory on the
outskirts of headquarters town Vado-
dara. Inside, it’s like a mom-and-pop
rural shop, with juice bottles lined up
on a shelf.
Manpasand operates in a crowded
segment, battling everyone from the
roadside vendor selling sugarcane
juice or lemonade to multinationals
like the Coca-Cola company and Pep-
siCo to mature homegrown players
like Parle Agro and Dabur.
Singh is looking to woo Bharat
consumers with new products. Take
the case of Fruits Up—launched in
2014. “We created a cola drink with
fizz and fruit juice,” he says, speak-
ing primarily in Hindi. “We removed
the caffeine and first added apple
juice, but the aroma was too strong.
We used thousands of liters to ar-
rive at the right color and the right
fruit. When we tried black grapes, it
clicked.”
Now Fruits Up is a $30 million
brand with grape, orange and lemon
flavors—mirroring Coke, Fanta and
Sprite. It also offers fruit drinks in
five flavors under that brand, benefit-
ing from a concessional goods-and-
services tax rate for drinks without
synthetic additives.
Investors, for their part, are heart-
ened by Singh’s intense focus on the
business. “He has a deep knowledge
of the distribution channels and out-
let economics for villages and small
towns,” says Vishal Sood, managing
director of venture capital fund SAIF
Partners with $3 billion in assets
under management.
SAIF, which invested in Manpas-
and as early as 2011, holds an 18%
stake. Sood recalls an experience
when Singh asked to be taken to a
Chinese juice company in which
SAIF in China had invested. He
wanted to understand how to manu-
facture at scale because he knew he’d
need to do that soon. After observ-
ing practices at plants in Beijing and
Shanghai—which he’s now applied to
his newer factories—he asked Sood
to take him to the local market.
“I thought he was going to buy
gifts for the family,” recalls Sood. “In-
stead he picked up 25 to 30 bottles
and cartons of different varieties of
juice. He tasted them, emptied them
and then took the bottles and cartons
back to India to understand the pack-
aging and the ingredients.”
His son Abhishek, 30, brings a
similar obsession to the business.
He’s a director and handles op-
erations now, but he started out in
boiler maintenance before moving
up to sales, distribution and market-
ing. He keeps a tight lid on costs
and says their plants are erected
at significantly lower costs than a
multinational.
“We always take the Toyota In-
nova approach to business—not the
Mercedes approach,” says Abhishek,
“If something can be done cost-effec-
tively, [that’s how] we’ll do it. That’s
the way I was brought up.”
Meanwhile, Manpasand is spread-
ing its wings in big cities. It has an
entrenched presence with Indian
Railways’ catering, where it gets a
fifth of revenues. Now it’s moving
into airport retail and into southern
India. It’s selling in Nepal and wants
to go to Bangladesh from there.
“As it expands, Manpasand needs
to strengthen the management cadre
with senior professionals at the top
and midlevel,” says analyst Aggarwal.
“They also need to improve internal
processes and systems to operate
across the length and breadth of the
country.” F
Live from Singapore, Asia Business Report brings you the latest
regional business news and analysis at the start of your day.

RICO HIZON SHARANJIT LEYL

Presenter Presenter

WEEKDAY MORNINGS AT 0630, 0730, 0830 & 0930 hrs (HKT)

FORBES ASIA
SHANGRI-LA HOTELS
Kuok as
Hotelier
Legendary tycoon Robert Kuok notes trials and tribulations in Shangri-La.
In his just-published memoir, Malaysian-born billionaire Robert
Kuok—he appears on both wealth lists this issue—devotes a chapter to
the rise of his Shangri-La Hotels & Resorts. He recalls its origin in 1968
as a 10% stake in a deal for the parcel near Orchard Road in Singapore
where the initial Shangri-La later would rise. A prominent commodities
trader, Kuok, 94, came to see luxury hospitality as useful diversification.
But it was also, as in the slightly condensed passage that follows, another
window on the business of human nature.—Ed.
I
n the hotel world—in any business
world—you must look for three in-
gredients when you hire staff: talent,
integrity and the stamina for hard
work. If any of these three traits are
missing, forget the guy.
When constructing the hotel, you
cannot cut the cost to lower than its true
value. Everything has a true cost: the cost
of good-quality marble, quality timber,
quality builders. There’s a classic Chinese
phrase: tou gong jian liao—steal on work-
manship, cut back on building materials.
24 | FORBES ASIA MARCH 2018
If you attempt this, you are really cutting off your own nose.
For example, some developing countries have sub-standard
cement, and surely you don’t want to be using that. To save
money, you need to focus on preventing leakage of expenses
that would result in exaggerated costs. If you don’t employ
good staff, they could steal from you or connive with the vari-
ous outside contractors to rob you. That happens all the time.
If you build an 800-key hotel sitting
on one of the crossroads of the world,
you can achieve a high occupancy, which
enables you to charge a rate commensu-
rate with the value that you are offering.
It’s like being a fisherman. Where are the
currents flowing that bring schools of fish?
You must park your hotel where those
schools of fish tend to swim. You shouldn’t
be fishing in an area of the ocean where
there is no current and therefore no fish
around.
I don’t like hotels that make a practice
of overcharging. I think that Shangri-La
has got it right: it has a name, a standard,
 Kuok on amateur competitors: “They spend money as if it were water and do things such as adorning the bathrooms with gold taps. It’s nonsense.”
and we are looking to the long term. We, of course, want to
make money every year—and we are making money every
year—but we are not there to cut the throats of our customers.
I want them to go away happy and satisfied.
But I admit to feeling very sorry for hotels—and many of
them in my own chain—that are unable to charge decent rates
because of over-keen competition. You have nepotism and cro-
nyism in the developing world. When somebody becomes the
Prime Minister or President, he may hand out money-making
favours.
One of the first things these pretenders think about is build-
ing a luxury hotel. They spend money as if it were water and do
things such as adorning the bathrooms with gold taps. It’s all
a lot of nonsense. They spend two to three times what I would
spend on the same room. Shangri-La hotels are dressed up
smartly to qualify for a five-star hotel appellation, but they are
not ornate or fancy. I don’t build dream castles.
These favoured businessmen are not interested in hotel
management. They want to make money, but they are not man-
NORA TAM/SCMP
agers themselves. They have never managed anything in their
lives, so they employ foreign firms to manage the hotels. Most
of these companies offer very tough terms. The owners know
nothing better, so they accept terms that mean that when the
management company makes money every year the owners are
in some years still losing. By the time the owners are making
some money the management companies are laughing their
way to the bank every day. I have seen those contracts.
What distinguishes the Shangri-La is that the owners are
very hands-on. We try very hard not to interfere with profes-
sional managers, and yet, at the same time, we draw a very
fine distinction between the priorities and requirements of an
owner versus the priorities of a manager. So, early on, I set up
a policy implementation committee mechanism in each hotel.
The committee includes the general manager of the hotel and
one or two people from the owner’s side. If it does its job cor-
rectly, management and owner will always work in concert for
the betterment of the hotel. . . .
I came up with a saying that I constantly repeated at the
early board meetings of Shangri-La Singapore. I said, “We must
set out to do three things, in this order: To look after our hotel
staff; to look after our guests; to look after our shareholders.” I
quickly explained why I did not put looking after guests first:
It was our duty as owners to look after our staff properly; to
motivate them; to show them that we are not grasping, selfish
MARCH 2018 FORBES ASIA | 25
FORBES ASIA

SHANGRI-LA HOTELS

There is noise, smoke and pollu-

tion. Why put a nice hotel there?
It can’t even support a three-star
hotel.”
“Well, then where?” I asked.
Suree introduced me to the
present site of the Shangri-La
Bangkok on the banks of the
Chao Phraya River—and invested
in the property.
I sometimes employ this
tactic when I’m in doubt about a
project: I chat with a man cleverer
than myself and offer him a joint-
venture deal. If he says, “Oh my
God, it’s an awful thing,” then you
know it’s poison, and you’re able
to see the deal clearly through
other people’s eyes.

JAPAN
The near miss in Tokyo came
Doorman at the Shangri-La Singapore: “It was our duty as owners to look after our staff properly.” during Japan’s roaring 1980s.
Our sugar-refining partner in
owners. By setting good examples—by treating them as kindly Malayan Sugar Manufacturing—Nissin Sugar—approached us
and generously as an enterprise is permitted to do, by treating about building a Shangri-La hotel on reclaimed land in Tokyo
them as fellow human beings (and by not behaving as lords Bay. My eldest son, Beau, liked the site. Then I made a trip to
and masters)—we motivate them to provide the best service to Tokyo, and went to have a look at the location, near the Odaiba
the guests, our customers. If we do everything sensibly, we end lighthouse. I thought, “My God, this is way out of the city. It’s
up rewarding our shareholders with good profits from which almost half way to Tokyo Disneyland. What for?”
we can pay decent dividends. So, I called up my Japanese architect, Shibata, and he put
I would be deceitful if I led you to believe that all Shangri- me right: “Kuok-san, why do you want to build a hotel now?
La projects have gone smoothly. I’ll cite four examples, of Because of this bubble and inflation in Tokyo, the construction
which only the first, in Bangkok, ended well. The second, in workers have made increasing demands on all the contracting
Tokyo, never came off; the third ended maddeningly in Seoul; firms. A single Japanese worker is the most costly worker in the
the fourth was a project in Myanmar which needed time. world today. None of the big contractors can build cheaply. So
you will be building at an astronomical cost. You’ll never make
THAILAND money if you build a hotel right now.”
I wanted to build a hotel in Bangkok. My old friend [and rice- After listening to half an hour of Shibata’s advice, I made
trading mentor] Ang Toon Chew recommended a piece of land up my mind, then and there, that we must withdraw from the
in the vicinity of the main bus terminus. This was in the late project forthwith. I called up Beau and asked if we were deeply
1970s. Thailand was already a nation of over 45 million people. into the deal. He answered, “No.” I said, “Cut!”
Bangkok was the hub from which buses departed in all direc- The epitaph to this story is that on a trip to Tokyo one or
tions. So it’s a huge bus terminus, and still is. I went with Toon two months later, I met young Morinaga Tametaka, the heir
Chew to see the site, a large piece of land. We were just about to Nissin Sugar. The Morinaga family gave us a dinner at a
to bid at auction to procure the land when I called on another famous shabu-shabu restaurant near Hotel Okura. After din-
old friend, the late Suree Asdathorn, a leading Thai sugar miller ner, I rode to a nightclub in young Tametaka’s car. He showed
and exporter. great displeasure that I had cancelled the hotel project and
I told Suree, “I am looking at this land. I respect you very made him lose a lot of face. I said, “I am sorry, Tametaka-san.
much. Will you please join me as a shareholder?” You may have lost face, but if I hadn’t saved you and myself
Suree, who was one of the finest Thai businessmen I have from this project, you could have lost your whole company.
ever met, asked, “What, which piece?” I described it to him You could be bankrupted by the failure of such a large proj-
again. He said, “I know Bangkok like the palm of my hand.” In- ect.” Reflecting on this episode, it’s not hard to understand
deed, he had emigrated there from China at the age of eleven. how so many Japanese firms ran into hot water in the 1990s
So he warned, “No, Robert, don’t put a hotel there! It’s hell! by “saving face.”

26 | FORBES ASIA MARCH 2018

KOREA design the bathroom. He would take out stacks of paper, sketch
The most irritating of these three proposed hotel projects was it himself, then say, “No, no,” crumple it up and draw another
in South Korea prior to the 1988 Seoul Olympics. Shibata was one. We’d break for lunch, then he would come back and repeat
the intermediary. He was the architect for many of my hotels, this nonsense….
including Shangri-La Kuala Lumpur, Shangri-La Bangkok, At first, I thought I would let him have his way; that the
Shangri-La Kowloon, Shangri-La Singapore and Beijing man was just a bit eccentric. But it got to the stage that he never
Shangri-La. He called me one day to say one of his custom- approved plans. Then, one day, I said, “Isn’t it your intention to
ers in Korea, a Korean Japanese named Kwak Yu Ji, wanted to appoint Shibata as architect?”
build a hotel with me in downtown Seoul. He said, “No way!”
“He’s got a beautiful piece of land within 200-300 meters of Everything seemed to fall around me. He had asked Shibata
the mayor’s office,” Shibata said. “He owns it. He has taken a lot to introduce me to him. He was indebted to Shibata over that,
of time and trouble to accumulate this piece of land, buying out and now he’s calmly telling me, “Why do we need to appoint
small lots and joining them all together. Can we come and see Shibata?”
you?” Shibata was a proven hotel architect. What’s this fellow got
Kwak, whose Japanese name was Nakayama, had made a up his sleeve? It may be that he was trying to drive a hard bar-
fortune in pachinko parlours, a slot-machine game that is a gain with Shibata, getting Shibata to work for him for almost
slightly seedy, cheap form of entertainment in Japan. I thought, nothing. He probably had come up in life the hard way. Prob-
well, since he comes recommended by this Japanese architect ably there were Korean architects available prepared to work
friend, he can’t be a bad fellow. for nothing. Our way is, if you want quality service, you pay for
Nakayama came to Hong Kong. He spoke fair Japanese. it. Shibata had already designed many hotels for me.
I don’t speak Korean, so Shibata interpreted, translating Finally, I realized that I couldn’t go on like this. More than
Nakayama’s Japanese into English. We agreed to participate in two years had elapsed. I had wanted to rush the project so that
the project. The reason I accepted the deal was that it allowed we could build the first 200-300 rooms (the final product was
me to become a 50% partner, meaning he didn’t keep major- supposed to be 700 rooms) in time for the 1988 Olympics. But
ity control. I thought, “Well, that’s a nice situation to be in. Of the project dragged on and dragged on. . . .
course, I prefer to be 51%, but how can you ask a man who is [Shibata was asked to translate diplomatically a subsequent
asking you to become his partner to hand over control to you?” negotiation in Seoul that failed to go well.] I said to Shibata,
This was late 1985, and I sensed that the Korean won would “Shibata-san, can you hear what’s going on? We cannot go on
strengthen very fast, so I told my treasury, “Please remit about like this. Please tell Mr. Nakayama, I have decided as of this
US$35 million into Korea straight away.” We took advantage moment, after all my attempts to talk with him and getting
of the then-weak won by remitting the money to an American nowhere, that I want to pull out of this project now. I have
bank in Korea and converting it into won. Then we commis- made up my mind. I am telling him, serving notice on him, I
sioned Shibata to
draw up some hotel
schematics.
I went to Korea
some ten times for
this project. After the
fourth or fifth trip, I
thought I could safely
delegate negotiations
to Beau because the
trips were coming
thick and fast. Beau
went up about every
three weeks. But our
partner, Kwak Yu Ji,
gave us a song and
dance all the time.
One day I said, “I
think this schematic is
good.”
He replied, “No,”
and we spent five to
six hours trying to re- Shangri-La Bangkok on the Chao Phraya River: Kuok’s superb choice after first looking at space near a bus terminal.

MARCH 2018 FORBES ASIA | 27

FORBES ASIA
SHANGRI-LA HOTELS
Lush lobby in Myanmar’s Sule Shangri-La, formerly Traders.
am pulling out of the project.”
When he translated it into Japanese, Nakayama’s colour
changed. He muttered, “You can’t do it.”
I said, “Of course I can do it. This has gone on for too long.”
He kept on protesting that he wouldn’t let me out. I said, “Okay.
Shibata-san, you know the agreement was signed and the land
is now all in the company that owns it. He owns 50%, I also
own 50%. In the past, I let him behave as if he owned it all. As
from this moment onward, I have as much say as he has. So I
am willing to stay in for a few more years, any number of years;
but nothing that he wants to build will be approved by me. Let’s
play the same game together. He’s played it against me for two
and a half years. I have taken too much nonsense. Now I want
to exact my revenge on him. Please translate it.”
The man was flustered. Then I said, “You know, I have
already confirmed my return flight. I have barely ten minutes
to collect my bag and go to the airport. I don’t want to say any
more. You tell him I am leaving now.”
So I got up and said, “Goodbye, Shibata-san.” I shook
hands, went to my room, picked up my bag and left for Seoul
28 | FORBES ASIA MARCH 2018
airport to catch a flight home.
Within days, Shibata called me from Tokyo. He said Na-
kayama had called him and said, “I accept your decision to
withdraw, but you have made profit on the foreign exchange
with your early remittance. I want one-half of that profit.”
I responded, “He can have it.”
Another businessman’s reaction might have been to sue the
guy, to litigate. I say: In life, when you can get out, get out. Life
is not reasonable. You mustn’t face life thinking everybody is
going to be reasonable. You must look at life and assume every-
body is going to be unreasonable. After all, I was making half
of the foreign-exchange profit. I took my money out and quit
everything. I didn’t even want to talk about the appreciation in
real-estate values.
That was the end of my involvement in Seoul. It was a very un-
fortunate experience. Today, a huge office building sits on that site.
MYANMAR
In 1993, my second son Ean and other personnel from Kuok
Singapore accompanied a Singapore government delegation
on a visit to Myanmar. This was the era of the first opening up
of the country. After he returned, we sat down and chatted.
He urged our family to invest in Myanmar as a way of help-
ing the country move forward. I knew Myanmar from the rice
trade years ago, but my last visit was around 1960. Of course,
Myanmar had been under military rule for many decades, and
the economy had stagnated for much of that time.
We sent more people to Yangon and, by the following
year, we had established good relations with local Burmese
businessmen who helped us invest in several pieces of land
in downtown Yangon. In 1994, we began building a hotel and
apartments, and a Traders Hotel was opened in 1996 at a cost
of nearly US$80 million. However, mainly due to the eco-
nomic sanctions placed on Myanmar by Western nations, the
economy went into a long decline. The hotel struggled and did
not make a profit. Two apartment blocks built on another site
that we acquired were never finished. But I personally sensed
that Myanmar would one day change, and we remained com-
mitted to the country.
That day came in April 2011, when U Thein Sein took over
as President and embarked on a gradual process of opening up
Myanmar both politically and economically. Our Traders hotel
in Yangon, which was re-branded and re-named Sule Shangri-La
in 2014, now sees strong demand for its rooms, as investment
and tourism have taken off. In 2013, we completed the two
apartment blocks that we had started to build in 1997, and we
are operating them as 240 serviced apartments. We have started
construction on a 23-storey office tower next to Sule Shangri-
La, and within the next three to four years we will open another
Shangri-La hotel adjacent to the serviced apartments.
In addition, we are actively exploring investments in the
agricultural sector through Wilmar International, as we look
beyond Yangon to opportunities throughout the country. F
From Robert Kuok, a Memoir (Landmark Books, 2017).
 FORBES ASIA

FROM THE VAULT

Branson the Bold: July 3, 2000

BY ABRAM BROWN

“MY BIGGEST WEAKNESS in life is that I can’t say

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

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Look Out Below! FAST-FORWARD
May 1999 to May 2000 was China’s Meteoric Climb
a stock-market roller-coaster 2000: No billionaires hail from
ride, as tech shares surged and mainland China. (The country’s
L TO R: YAMAGUCHI HARUYOSHI/CORBIS/GETTY IMAGES; TPG/GETTY IMAGES; DAVE WEAVER/AP

then plummeted. The fortune of first billionaire, banker Larry Yung,

Japanese billionaire Masayoshi
Son (below) rose 12-fold to $68.5
billion from May 1999 to the
following February, then dropped
to $21.8 billion three months later.
Bill Gates’ wealth spiked from
$61.3 billion to $92.5 billion, then
back to $51.4 billion, over the
same period.
debuted on our 1997 billionaires
list and then quickly dropped off.)
2018: After averaging almost
10% annual GDP growth in the
years since, China now has 373
billionaires, including the world’s
17th-richest person, Tencent CEO
Pony Ma (below).
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For 1999, Warren Buffett gave
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Berkshire owned stalwarts
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the end of the initial dot-com
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than ever when the bubble
burst: Berkshire Hathaway
gained 29% in 2000 while the
Nasdaq lost 39%.

MARCH 2018 FORBES ASIA | 29

FORBES ASIA

SENSETIME

Never
Forget a Face
The natural-intelligence node behind a Chinese AI standout.
BY SHU-CHING JEAN CHEN

I
t’s common now to read of the Chinese government’s push to lead a $30 million investment into the formative SenseTime as Tang
lead the world in applications of artificial intelligence. But, in was processing the company’s registration paperwork. The professor
fact, many of the greatest gains are the result of key individual and his founding group, by then numbering ten and all at least a de-
actions and intersections over many years. cade his junior, parked themselves a few miles away in Hong Kong’s
Take the case of SenseTime, a standout in facial-recogni- Science Park. Yang Fan added a contingent from his base, Tsinghua
tion technology and, by virtue of an implied capitalization it says University.
exceeds $3 billion, China’s largest AI unicorn. In 2014, a series of technology breakthroughs won SenseTime
SenseTime’s creation begins with Tang Xiaoou’s Ph.D. in com- global acclaim from publications such as Nature and Science and
puter vision and deep learning from MIT in 1996, which led to a other media attention before IDG came calling. These included a
teaching post at Chinese University of Hong Kong. Busy in the same research paper showing its computing capability, the world’s first to
engineering department there was Xu Li, en route to his own doc- outperform human vision under certain conditions, and its claim of
torate in computer vision and imaging in 2010. (Computer vision is beating Facebook’s DeepFace with its algorithms called DeepID.
software for recognizing images.) Fast-forward to 2018, after stakes were taken by other Chinese
The two formed part of the nucleus of what became SenseTime a VCs and private corporations, and by Qualcomm of the U.S. Sense-
few years later, with Xu as CEO. One of Tang’s students at the school, Time’s workforce numbers 1,500, with five mainland hubs added to
Xu Bing, today spearheads the company’s fundraising and strategic the Hong Kong site. Revenues aren’t disclosed, but by Forbes Asia’s
partnerships. And when Tang took a sabbatical from the university estimations approach $100 million.
in 2008 to head a computer-vision group at Microsoft Research Tang remains the largest individual shareholder. SenseTime
Asia in Beijing, he met Yang Fan, now SenseTime’s head of product sports two faces: a research team working with 18 professors at uni-
development. “It took me a couple of years to find out what I really versities across China and the profit-seeking commercial operations,
liked to work on at MIT. Then it took more which Tang, simply referred to as “founder,”
than 20 years of hard work in this area such and Xu Li lead. “We hope our professors
that we finally start to see some real industrial would continue to focus on the ‘fundamental
applications and impacts. It does not happen research,’ including our founding professor,
overnight,” Tang, now 49, writes in an email. so we can continue to have discoveries,” says
It also took investors to give the group a CEO Xu, who spent three years at a Motorola
critical boost. Justin Niu, a partner at venture research center in Shanghai and six months at
capital firm IDG in Beijing, in 2014 visited Omron Research Institute in Kyoto.
professor Tang and his research team, still SenseTime’s field is exploding, and it says
working out of the same university lab. sales are growing better than fivefold annu-
They showed him demos of how a camera ally. With the proliferation of smart machines
enhanced by machine learning could pull and mobile devices, computer “eyes” are
distinct faces out of a smoggy day’s tableau in seemingly everywhere. In China’s burgeon-
Tiananmen Square. ing fintech sector, SenseTime’s recognition
“Their techniques are quite shocking technology has scanned and authenticated
to me. I realized how far the progress had the faces of 400 million consumers, 300
been in the field,” Niu recalls. million for China Mobile alone. Its software
IDG joined with another firm, StarVC, to SenseTime founder Tang Xiaoou. is being used by China’s ten largest security

30 | FORBES ASIA MARCH 2018

ANTHONY KWAN/GETTY IMAGES FOR FORBES

“There’s a strong, hard demand driven by smart cities and surveillance,” says vice president Yang Fan (left) with CEO Xu Li.

surveillance manufacturers, fitted on various Chinese phone makers
to catalog, search and enhance user images, and soon should equip
autonomous vehicles in a partnership with Honda.
To put the current pace in context: It had taken SenseTime
nine months to produce its first commercial product: a face-
based identity-verification system for opening an account at one
of China’s 4,000 peer-to-peer microlenders, phasing out days of
laborious manual processing. SenseTime claims applying its fa-
cial recognition to a security lock can be as safe as an eight-digit
password, compared to four digits in 2014.
In mobile apps, SenseTime’s augmented-reality software
helps place products in commercials (such as during Ali-

MARCH 2018 FORBES ASIA | 31

FORBES ASIA
SENSETIME
SenseTime’s recognition technology has scanned and authenticated the faces of 400 million consumers.
baba’s Singles Day promotion) and other short videos and live
broadcasts. For instance, a performer could pull a showcased
item, such as a soda can, from out of nowhere. On top of the
consumer uses come the “public security” applications, which
can be the most lucrative. “There’s a strong, hard demand driven industry leader with 50% of market share in some unspecified
by smart cities and surveillance,” Yang Fan says.
Visitors at SenseTime offices are greeted by cameras that
capture their images while instantly matching their identities
with an internal registrar and making an estimate of their age,
and detecting intruders behind face masks or eyeglasses.
With positioning technology capable of processing data
from 240 points on a human face, a leap from just 106 points
before August 2017, SenseTime-aided monitors capture and
count every passerby, whether inside an Ikea outlet or at a busy
downtown intersection. That can be used for general crowd data Kong, he told the audience: “Dream big. I also learned from
(breaking down by age or sex, say, for marketing) or a specific
identity search. Humans are surprisingly good at recognizing
faces but no longer a match for machines that can also attach
names and data to an image.
SenseTime, with an internal training database of 2 billion
faces (many of them collected online) and claiming 10 billion
more images and videos, has worked with 40 Chinese localities,
including Guangzhou, Shenzhen and Chongqing. Yang cites
a case in 2016 in which police in Chongqing, powered by its
technology, identified 69 suspects and caught 14 fugitives within
40 days. “What we’ve accomplished [once] happened only in
movies,” he says.
At the central government level, SenseTime is working with the
Ministry of Public Security’s Third Research Institute to develop
the nation’s so-called citizen network identity infrastructure.
The web is another policing opportunity. In 2016 the Cyber-
space Administration of China, its central internet regulator,
enlisted SenseTime on a national cleanup campaign: to scan
32 | FORBES ASIA MARCH 2018
and delete online pornography,
banishing videos of violence,
terrorism and horror as well.
This work would otherwise be
attempted by legions of laborers.
Result: The Chinese web might be
the most “hygienic” on earth. “It’s
very, very difficult to find all these
videos on the Chinese internet
today,” Yang says.
Of course, SenseTime does not
have this emergent imaging sector
to itself. Two prominent Chinese
rivals, Megvii of the Face++ brand
and Yitu Technology, are on the
same hunt for clients. Megvii,
founded in 2011 and backed
by Ant Financial and iPhone
manufacturer Foxconn, claims
its FaceID platform has authenti-
cated the identity of 290 million
worldwide, with more than 85%
market share in security software for China’s financial industry.
Yitu, five years old, with backing from Alibaba founder Jack
Ma’s private Yunfeng Capital and giant Sequoia Capital, is ac-
tive in health care imaging and fintech, and boasts of being an
segments in China’s financial services industry.
A Megvii representative argues that SenseTime’s accuracy
in facial recognition doesn’t automatically translate into use
applications. Software design needs to fit with computer chips,
monitors and an organization’s procedures. “More and more
public security clients look at product compatibility, timeliness
and efficiency. Its algorithm could be used as technical support
but by itself would not address a security problem,” he says.
Founder Tang is undaunted. At a recent event in Hong
my son. He said someday he wanted to build an airplane with
a swimming pool in it, calling it 747-380. That’s a combination
of Airbus and Boeing. You need to prepare for your dream. I
prepared for it for 20 years.”
Supplementing his AI talents in Hong Kong, he scurried for
hardware engineers in Shenzhen, and found plenty of software
engineers in Beijing and Shanghai. Today, his company has 150
employees with doctorates—and globally competitive salaries
to match. “The success of SenseTime is really based on the con-
nection of Hong Kong with Shenzhen, with Beijing and with
Shanghai,” he says.
Its stated ambition is to be the global dominant force in
facial recognition, a “platform company” in the category of
Google and Facebook, by taking a page from Intel, the global
chip giant. Says CEO Xu, “For SenseTime, our algorithms
would form the high-entry barrier. We are forming an ecosys-
tem with our business partners. Learning from Intel Inside, we
are building up our model. Call it ‘SenseTime Inside.’ ” F

GRIFFINSTONE INC.:
GREEN DEVELOPER RISES
The Philippines’ dramatic growth has seen demand for prime real estate in Metro Manila skyrocket, with many new
businesses and developments jostling for space in the bustling capital.
Rising rents, traffic and congestion are
encouraging proper t y buyers to seek
out less frenetic areas surrounding the
metropolis. Filinvest City in the suburb
of Alabang, just 25 kilometers south of
downtown Manila and 16 kilometer s
south of the international airport, offers
an at trac tive eco-centric alternative.
With its landscaped greenways, parks
and leisure areas, this garden city fea-
tures a balanced mix of commercial,
residential and ins titutional compo -
nents. Over the past several decades,
the township has helped catalyze growth
by serving as a transport and commer-
cial hub for this booming corridor. Major
infrastructure projects such as the Metro
Manila Skyway, Circumferential Road 6
and the rehabilitated Philippine National
Railways all lead and link to Alabang,
resulting in extensive and seamless con-
nectivity to Manila and beyond.
“The business districts in central Metro
Manila have already become very satu-
rated,” says Vincenzo Tagle, managing
direc tor of Philippine-based proper ty
developer Griffinstone Inc., which has
Griffinstone’s developer collaborated with
long-time Japanese partner Meiji Sangyo
Co., and focused on providing a bespoke
and boutique structure meant to appeal
to discerning buyers who value space,
sustainability and service.
SPECIAL ADVERTISING FEATURE
Griffinstone has been designed and constructed to surpass the exacting standards set
by the Leadership in Energy and Environmental Design (LEED)
ongoing projects in Alabang. “The south
is a relatively untapped area, with a large,
young and educated population living
in its suburbs. Alabang is already very
accessible and will become even more
so. Residents and businesses prefer the
area because it’s greener and less con-
gested compared with central Manila. It
also offers better rental value.”
Attracted by its competitive rents, rich
labor pool, healthy environment and easy
access to key ports and industrial zones,
leading multinationals and local firms have
already set up regional headquarters and
back office operations in the development.
Land values in the area has increased by
35% in the past year alone, indicating mas-
sive potential for further growth.
A Sustainable Approach
Just across from the Spectrum Midway
Linear Park, along tree-lined Commerce
Avenue, rises One Griffinstone, the town-
ship’s greenest prime office tower yet.
Owned and built by Grif finstone Inc.,
the up-and-coming developer has seen
encouraging success with its mid-rise,
mixed-use Commercenter proper ties
around the metropolis. For its debut
tower, the developer collaborated with
long-time Japanese partner Meiji Sangyo
Co., and focused on providing a bespoke
and boutique structure meant to appeal
to discerning buyers who value space,
sustainability and service.
for green building certification.
“We differentiate ourselves by prom-
ising hands-on, customized manage-
ment and support for our tenants,” Tagle
affirms. “We’re a lean company, so there’s
a quick, direct line to management for
any of their needs and concerns. We
genuinely care about providing an ideal
working environment.”
The 18-story tower features six base-
ment parking levels, commercial spaces at
the ground floor and a helipad. It’s been
designed and constructed to surpass the
exacting standards set by the Leader-
ship in Energy and Environmental Design
(LEED) for green building certification. To
attain its gold rating, One Griffinstone is
set to consume up to 25% less energy and
generate 34% lower greenhouse gas emis-
sions compared with traditional buildings.
Among other measures, double-glazed
insulated glass will minimize heat and
lower air-conditioning costs. Bicycle racks
and changing rooms, plus special parking
provisions for low-emission vehicles, will
promote sustainable transport.
One Griffinstone has already topped
off and will be ready for occupancy by
mid-2018.
For more information email
leasing@griffinstone.com.ph
Malaysia’s 50 Richest
CHEN LIP KEONG
The Accidental
Casino Mogul
Chen Lip Keong came to Cambodia 25 years ago to drill for
oil. Instead he struck gold in quite a different business.
BY MUHAMMAD COHEN
W
hen Chen Lip Keong won Cambodia’s
first casino license in 1994, he had hardly
ever stepped inside a casino. He’d been
to Malaysia’s Genting Highlands once
on a date in the 1970s and visited Las
Vegas once as a tourist. Casinos are “not in my blood; I’m not
a gambler,” he says. Yet today, renowned casino architect Paul
Steelman calls Chen “one of the most powerful creators of
these properties in the world.”
This self-proclaimed “accidental” gambling billionaire is the
chief executive and majority shareholder of NagaCorp. Its Naga-
World casino-resort complex in Phnom Penh boasts 1,700 guest
rooms, 600 gaming tables and more than 5,000 gaming machines.
Despite his gambling aversion, he bet $369 million of his own
money to build Naga2, an opulent twin-tower extension opened
in November that features nine floors of guest rooms for high
rollers with adjoining private gaming rooms. And soon there’ll be
a 2,200-seat theater where Chen is aiming to host the likes of Lady
Gaga, a favorite of his. The addition makes Cambodia and Naga-
World first-rank contenders in Asia’s $51 billion casino market.
Along the way this native of Malaysia has helped Cambodia
recover from decades of upheaval. The country’s gross domestic
product has grown by 7.5% a year since 1994, putting it among the
world’s top performers. Only 118,163 people visited the country
in 1993; that figure topped 5.6 million last year, with 7 million
expected by 2020. Tourism now accounts for 12% of Cambodia’s
economy, and Naga claims a hand in 25% of it.
Amid the rising tide of tourists, Naga is booming. Last year net
profits soared 23%, to $255 million, on an 80% jump in revenue,
to $956 million. VIP roll—or losing bets—more than doubled, to
$21.1 billion, accelerating after the launch of Naga2. NagaCorp’s
34 | FORBES ASIA MARCH 2018
$4 billion market capitalization rep-
resents an 11-fold appreciation since
it listed in Hong Kong in 2006, and
it consistently outperforms other
gambling stocks. “We’re antigravity,”
says Chen.
Naga benefits from Cambodia’s
low labor costs and Chen’s tight
controls on capital expenditures
(see box, p. 37). Naga says it spent
$1.5 billion building the complex
that commercial real estate special-
ist Colliers International now val-
ues at $5.4 billion. And, as he loves
pointing out, Naga has no debt. All
this is boosting his fortune—he’s
worth $3.3 billion, up from $1.6
billion a year ago.
Now 70, Chen is casting his net wider. He’s building a casino
in Russia’s far east, and he’s eyeing hotel and casino projects in
Australia, Mongolia and Kazakhstan. Then there’s a Borneo resort
that’s the keystone of a multibillion-dollar Malaysian government
eco-tourism master plan to be led by his Kuala Lumpur-listed
companies Karambunai and Petaling Tin. “I am in the springtime
of my business career,” he says.
Chen grew up in the Kinta Valley tin-mining area, a second-
generation member of an immigrant family from China. He
ADAM DEAN FOR FORBES
trained as a medical doctor at the University of Malaysia and
practiced briefly as a general practitioner, but felt that his real
calling was business. So he decided to go into property develop-
ment and for a time also ran an aviation-parts company, produc-
ing components for Malaysia’s government-backed attempt to
produce planes.
In the 1980s Malaysia prime minister Mahathir Mohamad
launched his policy of Prosper Thy Neighbor—not beggar thy
neighbor—to encourage the country’s predominantly Chinese
business community to seek out what Chen calls “win-win” situ-
ations in other Southeast Asian countries. Cambodia was among
the neediest—Khmer Rouge rule in the late 1970s left more than
2 million dead out of a population of just 8 million. Vietnamese
troops overthrew the communist regime in 1979, but fighting
persisted into the 1990s.
Chen, now wealthy, arrived in the early 1990s. He saw Cam-
bodia as a place where he would have to dig for opportunities,
“a fish pond without fish,” and planned to explore for oil in the
Gulf of Siam. But following UN-supervised elections in 1993, the
new government tendered a casino license. “It’s not the business I
chose, I planned or I envisioned,” he says. But he viewed hospital-
ity as a way to combine property development and a steady cash
flow, and his company won the bid. “Gambling is a means to
achieve a certain purpose and that purpose is tourism,” he says.
Naga launched casino operations on a leased barge on the
Bassac River near Phnom Penh’s Royal Palace in 1995. In 2000
Naga bought land near the barge dock and began building Naga-
World, and the casino moved onshore in 2003. Situated across a
boulevard, Naga2 connects to the original via NagaCity Walk, a
3,800-square-meter underground shopping mall. “We try not
MARCH 2018 FORBES ASIA | 35
Malaysia’s 50 Richest
CHEN LIP KEONG
to build monuments: We build jobs and
contribute to socioeconomic develop-
ment,” says Chen. “We have contributed
to tourism growth, raised the interna-
tional investment profile, attracted FDI
[foreign direct investment] and are the
biggest taxpayer in the country.”
Chen, who now spends two thirds of
his time in Phnom Penh and most of the
rest in Kuala Lumpur, has certainly found
a win-win situation with the Cambodian
government. Naga’s casino license is good
for 70 years and includes a 40-year mo-
nopoly in Phnom Penh and everywhere
else within 200 kilometers. “On the same
hill you cannot have two tigers,” he says,
quoting a Chinese aphorism. The 70-year
term is well beyond Macau’s 20 years, but
in many jurisdictions, including Nevada
and parts of Australia, licenses never ex-
pire; they’re valid as long as licensees follow
the rules and pay their fees.
Barging in: Chen’s first casino was of the floating variety. His current one is on solid ground.
36 | FORBES ASIA MARCH 2018
The favorable conditions extend to
taxes. Naga is exempt from Cambodia’s
20% corporate-profits tax, and there’s no
gaming tax. Instead, it makes payments to
the government that last year amounted
to $8.12 million, only 3.2% of operating
profits. The part of that payment based on
gaming rises 12.5% a year but was equiva-
lent to only 0.6% of gaming revenue last
year, a fraction of the gaming taxes levied
elsewhere in the region. Macau charges a
35% gaming tax, and fees can add several
more percentage points. Singapore takes
5% of VIP gaming revenue and 15% of
mass market revenue, plus a 7% sales tax
on both. Naga made additional payments
to the government of $9.4 million in 2015
and $16.6 million in 2016 but hasn’t an-
nounced an additional payment for 2017.
Naga also funds a wide range of
corporate social-responsibility programs.
Naga Academy has taught trade skills and
languages to thousands since 2012. The
company guarantees jobs for all graduates,
in its own company or elsewhere in hospi-
tality. In addition, Naga created the Cam-
bodia Sport Award, sponsors a national
league football club and supports athletes
training for international competitions.
Chen’s son, Chen Yepern, oversees much
of this effort, visiting poor areas of Phnom
Penh or provincial villages on weekends
with Naga staff, distributing medicine,
awarding scholarships or planting trees.
Being a good corporate citizen may get
a Malaysian casino owner only so far in
Cambodia under the authoritarian regime
of Prime Minister Hun Sen, in power
since 1985. But Chen isn’t worried. “This
country means business,” he says. “If you
take away Naga’s license, FDI would col-
lapse. Our agreement with the government
is highly visible, so taking away the license
to give it to a third party [would scare]
overseas investors. And the country does
not want to chase away foreign investment.
The annual budget depends on it.”
Chen says Naga has driven Cambodian
efforts to enact a casino-gambling law that
will codify and likely increase government
oversight, and potentially raise tax rates.
He expects it to be adopted before the
election scheduled for July 29. “NagaCorp’s
legal casino license shall be protected by
law as soon as the casino law is promul-
gated,” he says. “This shows that foreign
investors shall be protected.”
The casino law is the latest phase of
Naga’s 15-year quest to improve Cambo-
dia’s investment climate. The Singapore
Stock Exchange rejected NagaCorp for a
listing in 2003 because Cambodia lacked
international-standard casino regulations
and anti-money-laundering laws. Chen re-
alized that to advance, Naga would have to
raise Cambodia’s game along with its own.
He approached Timothy McNally, a
former FBI agent and prosecutor brim-
ming with Middle American earnest-
ness, to help get NagaCorp ready to list
in Hong Kong. McNally was wrapping
up a stint at the Hong Kong Jockey Club,
which handles $25 billion in bets a year. “I
came down here and I truly didn’t expect
much,” he recalls. “The founder’s thinking
is certainly what drew me,” particularly
the focus on improving regulation. “He
wanted to see the development of the
country and development of the company
work in parallel. That struck me as some-
thing worthwhile.”
McNally, 70, became NagaCorp’s chair-
man in 2005, and the next year it became
the first gambling company listed in Hong
Kong and, says Naga, the first company
principally doing business in Cambodia
listed anywhere. Chen says the $105 mil-
lion initial public offering wasn’t about
international capital as much as interna-
tional standards.
After the Singapore rejection, Naga-
Corp hired global security consultant Hill
& Associates to audit its anti-money-laun-
dering efforts. Twice-yearly inspections
became one of the conditions for Naga’s
Hong Kong listing. “H&A has discovered
no significant lapses or weaknesses on the
part of NagaCorp. Incremental improve-
ments and adjustments that have been
advised by H&A have been undertaken
efficiently,” the auditor tells Forbes Asia.
Cambodia may be one of the most cor-
rupt and least transparent countries in the
world, but Chen insists on international
best practices at NagaCorp. It follows a 50-
page Code of Conduct & Anti-Corruption
manual that helps it abide by local and
foreign laws, such as the U.S. Foreign Cor-
rupt Practices Act. “We are not a bunch of
cowboys,” he says. “We believe in the re-
sponsibility that has been given to us as an
operator that we preserve the social sanity,
the integrity which the country deserves.”
To raise Cambodia’s game, the govern-
ment adopted international financial
standards, signed the global Financial
Action Task Force protocols and joined
its Asia Pacific Group to combat money
laundering, as well as passed national
financial-crimes statutes, all at Naga’s
urging. Though enforcement is spotty,
“the company operates as if it were in a
heavily regulated jurisdiction,” says Grant
Govertsen, managing director in Macau
SMALL IS BEAUTIFUL
Chen Lip Keong embraces the truism that the best casino customers are its hotel guests,
so his hotels are designed with subtly smaller rooms to raise the guest count. Paul Steel-
man—who designed NagaCity Walk, Naga2 and Naga’s Russia project—calls Naga2 “one
of the most efficient gaming hotels in the world,” thanks to Chen’s specifications. Naga2
accommodates up to twice as many guests in the same-size building as Macau’s resorts,
and thanks to smaller rooms, per-unit savings “cascade” throughout the project, says
Steelman.
Less subtly, Chen pioneered cell casinos—smaller gambling areas that have their own
entertainment, food and cashier, often with a theme. Beyond its main gaming floor, Naga-
World has Chinese-style Garden Casino, Saigon Palace catering to Vietnamese players,
and a nightclub vibe at NagaRock. “The casino cell concept is a simple thing: the casino
as escapism,” he says. “If we can squeeze it into a smaller area and put in live music, put in
fine dining, put in a bar and put in gaming, you appreciate the entertainment value more
and sit in the gaming area more.” He shrugs: “It’s not rocket science.” —M.C.
for boutique investment bank Union eraries, and twice weekly to Macau. CITS
Gaming Group. subsidiary China Duty-Free Group is
Cambodia’s reputation made financing NagaCity Walk’s anchor tenant. “With the
Naga2 difficult. McNally says international wave of consumerism in China—a lot of
bankers offered $175 million, less than half energy there, and we are on the doorstep
the amount needed, at 16% interest, four of China—we can squeeze a lot out of
times the then-U.S. prime rate. So Chen China,” says Chen.
funded construction himself through a He says he envisions Naga—a pan-
convertible-bond arrangement with the Asian term for dragon—encircling
company. The conversion, finalized last China with gambling and non-gambling
August, gives him 65% of NagaCorp. resorts, utilizing its frontier-market skills
These days Naga is doubling down honed in Cambodia. It’s broken ground
on the China market, supplementing its for a casino hotel outside Vladivostok,
Southeast Asian base. It’s declaring itself and at last September’s Eastern Econom-
“China ready” with more Mandarin- ic Forum, Chen lobbied Russian Presi-
speaking staff, a lavish Cantonese restau- dent Vladimir Putin to “punch through”
rant in Naga2 and more deals with Macau’s a railway to Vladivostok from Harbin in
mainland-focused junket promoters. Naga northeastern China, the casino’s target
has raised betting limits at VIP tables market. There’s no word on whether
through revenue-sharing arrangements Putin is on board.
with junkets, spreading the risk. Naga has met with government offi-
For the mass market, the source of cials about developing hotels in Mon-
most of NagaWorld’s profits, main floor golia and Kazakhstan. And it’s intrigued
baccarat bets start at a pricey $100 for by the casino-resort license offered in
so-called “squeeze games” in which play- Australia’s far northern Queensland
ers can handle their cards themselves. To near Cairns, where Chen envisions a
recruit this crowd the company engaged 1,700-kilometer rail link from Brisbane.
state-run China International Travel Ser- But closer to home, NagaWorld remains
vice to market tours to second-tier cities focused on the 650 million people in
Changsha, Hangzhou, Xi’an and Qingdao, Southeast Asia, and executives are
flying via Naga-affiliate Bassaka Air’s already talking about Naga3. Chen may
three-times-weekly service. Bassaka also never have intended to become a casino
flies daily to Siem Reap, site of the Angkor mogul, but NagaCorp’s success is no
Wat complex often included in tour itin- accident. F
MARCH 2018 FORBES ASIA | 37
Malaysia’s 50 Richest
BY JOHN KOPPISCH AND ANURADHA RAGHUNATHAN

High Flyers
The AirAsia pair and other tycoons reach higher altitudes of wealth.

M
alaysia’s biggest
fortunes soared over
the past year, and few
soared higher than
Tony Fernandes’ and
Kamarudin Meranun’s. The net worths
of the AirAsia duo more than doubled
as their low-cost carrier made plans to
add 30 aircraft because of strong demand
in the region, consolidate the Southeast
Asian units into one holding company
and establish joint ventures in China
and Vietnam. AirAsia is also looking to
take its Indian arm public. This month
it signed a deal to sell its aircraft leasing
subsidiary, Asia Aviation Capital, for
$1.2 billion.
Fernandes—No. 30 on the list, one The happy news at AirAsia included a wedding for co-owner Tony Fernandes.
spot ahead of his partner—topped off the
year by marrying his South Korean girlfriend, Chloe, in October; Among the newcomers is Yong Pang Chaun, No. 39, the
the two met in Paris and dated for two years. The next month, managing director of fashion retailer Padini Holdings. The only
Penguin published his memoir, Flying High: My Story From woman on last year’s list, Chong Chook Yew, failed to make the
AirAsia to QPR. cut this year, but another woman, Norraesah Mohamad, makes
Overall, 34 members of the list saw their wealth increase, her debut (see p. 44). YTL Corp. founder Yeoh Tiong Lay died
while only 6 suffered a decline. A 6.6% rise in share prices over last October at age 87, and this year his son Francis and his six
the past year, according to the Kuala Lumpur Composite Index, other children take his place on the list. Francis has been run-
and a 13.1% jump in the ringgit’s value against the dollar helped ning the family’s property, manufacturing and utilities conglom-
boost most of the fortunes. In addition, eight people made the erate for more than two decades. Another transition occurred
list for the first time. Robert Kuok tops the list for the 22nd- with the founder of packing-materials-producer Scientex, Lim
straight year; his wealth was up 30%. Teck Meng, who drops off the list after giving most of his shares
At No. 8, Koon Poh Keong and his older brother Poh Ming to sons Peng Cheong and Peng Jin. The two brothers debut at
saw their combined fortune jump 186% as a cutback in alu- No. 15.
minum smelting in China for environmental reasons boosted Net worths on the list are based on stock prices and exchange
YUSUKE MORISHITA/JIJI PRESS/NEWSCOM

demand for the aluminum produced by their company, Press
Metal. Poh Keong came up with the idea for the company,
and 80% of the $3 billion in wealth is his. Poh Keong is one of
three new Malaysian billionaires. One is Jeffrey Cheah, No. 13,
whose Sunway conglomerate holds interests in hotels, educa-
tion, health care and infrastructure. His wealth rose $330 mil-
lion, or 34%. The other is rubber glove mogul Lim Wee Chai.
rates as of the close of markets on February 9. Private companies
were valued by using financial ratios and other comparisons with
similar publicly traded companies.
Reporting by Prisca Ang, Jason Booth, Caroline Chen, Grace
Chung, Muhammad Cohen, Susan Cunningham, Rebecca Feng,
Naazneen Karmali, Sean Kilachand, Anis Muslimin, Suzanne
Nam, Sheela Sarvananda, Jessica Tan and Jennifer Wells.

38 | FORBES ASIA MARCH 2018

 THE LIST

1. ROBERT KUOK
$14.8 BILLION S
KUOK BROTHERS (MALAYSIA),
SHANGRI-LA ASIA AGE: 94

2. QUEK LENG CHAN

$7.2 BILLION
HONG LEONG (MALAYSIA) AGE: 76

3. ANANDA KRISHNAN
$7.1 BILLION S
MAXIS AGE: 79

4. TEH HONG PIOW

$6 BILLION S
PUBLIC BANK AGE: 87

5. LEE SHIN CHENG

$5.6 BILLION S
IOI CORP., IOI PROPERTIES AGE: 79

6. LIM KOK THAY

$4.7 BILLION
GENTING AGE: 66

7. CHEN LIP KEONG

$3.3 BILLION S
NAGACORP AGE: 70

8. KOON POH KEONG & POH MING

$3 BILLION S
PRESS METAL
AGES: 56, 61

9. LAU CHO KUN

$2.6 BILLION S
HAP SENG CONSOLIDATED AGE: 82

10. KUAN KAM HON

$2.5 BILLION S
HARTALEGA HOLDINGS AGE: 70

11. FRANCIS YEOH & SIBLINGS

$2.4 BILLION Ì
YTL CORP. AGE: 63

12. SYED MOKHTAR ALBUKHARY

$1.9 BILLION
MMC CORP., DRB-HICOM AGE: 66

13. JEFFREY CHEAH

$1.3 BILLION S
SUNWAY AGE: 72

14.
LIM WEE CHAI
$1.2 BILLION S
TOP GLOVE AGE: 60

15.
Newlywed Chryseis Tan LIM PENG CHEONG & PENG JIN
$1.19 BILLION Ì
and dad Vincent Tan. SCIENTEX AGE: 55, 50

16. TIONG HIEW KING

THE TANS: FAMILY AFFAIRS $1.1 BILLION T
OREGON GROUP AGE: 82
Last month the Tan clan gathered as tycoon Vincent Tan’s daughter Chryseis wed property
mogul Faliq Nasimuddin at an event marked by both Malay and Chinese traditions. 17. LEE OI HIAN & HAU HIAN
Chryseis, 29, is executive director at the family’s Berjaya Assets, which has property, $1.05 BILLION T
BATU KAWAN AGE: 67, 64
gaming and food businesses. She’s also chief executive of Berjaya Times Square in Kuala
Lumpur, which boasts 1,000 shops and other tenants, an indoor theme park and a hotel. 18. SURIN UPATKOON
She has 290,000 followers on Instagram and earned notice when she invested in Hong $1 BILLION
THE STAR, MALAYSIA

Kong fashion app Goxip and cold-pressed-juice chain La Juiceria. Meanwhile, Papa Tan, No. MAGNUM AGE: 68
25 (younger brother Danny is No. 19), had relinquished the chairmanship of flagship Berjaya
Corp. in 2012 but returned in November as executive chairman. He was serving as an
advisor but said he wants “to actively participate in the deliberation and decision making at SUP MORE THAN 10% TDOWN MORE THAN 10%
the board level.” Son Robin, who was CEO and chairman, now continues as CEO. ÌNEW TO LIST 3RETURNEE

MARCH 2018 FORBES ASIA | 39

Malaysia’s 50 Richest

SYED MOKHTAR ALBUKHARY

A Turnaround for Proton?

S
uddenly Proton, Malaysia’s fading and almost forgot- not be cost-competitive, but the partnership offers tax-free ac-
ten carmaker, is shifting into higher gear. In September cess across [the ten Asean countries].”
Chinese carmaker Zhejiang Geely Holding Group bought Analysts say Geely wants to use Proton as a right-hand-
a 49.9% stake in Proton Holdings in a deal valued at $107 mil- drive base for the entire Southeast Asian market—notably
lion. With access to Geely’s technology and models, the two Indonesia and Thailand, which are large right-hand-drive
companies expect the 35-year-old Proton to markets. “But the deal involves two different
regain its status as Malaysia’s leading carmaker. countries and two different managements, and we
It was in effect a deal between two billion- can expect quite a lot of challenges,” says Lo.
aires: Syed Mokhtar Albukhary, No. 12 on the However, Geely has already built a track
Malaysia list, and Geely’s Li Shufu. Geely pur- record in turnarounds. It took over Sweden’s
chased the stake from Malaysian conglomerate Volvo Cars from Ford in 2010, and last year Volvo
DRB-Hicom; Albukhary owns half of DRB- posted an operating profit of $1.7 billion—the
Hicom, and the stock is up 85% over the past highest since the company started in 1927. Last
year, spurred by the Proton deal. DRB-Hicom month Geely said it’s bought $9 billion in shares
still owns the other 50.1% of Proton. Geely of Germany’s Daimler, the parent of Mercedes-
also bought a 51% stake in British sports-car Albukhary, No. 12. Benz.
maker Lotus from Proton in a separate deal for The Proton deal was heavily watched in politi-
a reported $65 million. cal circles; Prime Minister Najib Razak attended the signing.
Proton was the brainchild of former Malaysia prime minis- The turnaround effort is being steered by auto veteran Li
ter Mahathir Mohamad. As the national carmaker it enjoyed all Chunrong, a Chinese national who was appointed chief execu-
sorts of assistance from the government, and at one time it was tive. He boasts three decades of experience with brands such as
the market leader, commanding three fourths of the country’s Honda, Kia and Dongfeng.
auto sales. But last year it sold only 70,991 units, garnering a Proton already has asked its dealers to convert from 1S
12% market share. It does not report separate financial results. (only selling cars) to 3S (offering sales, service and spare
AFP/GETTY IMAGES; MUNSHI AHMED

The key to Proton’s revival might be the release of Geely’s parts). In December Proton’s top dealers were flown to Geely’s
popular midsize sports utility vehicle Boyue in Malaysia headquarters in Hangzhou to get briefed on the automaker’s
this year, after it’s converted to a right-hand-drive model. “A operations and the level of service it provides. News reports
midpriced SUV in the sub-$25,000 range is a great addition for have mentioned a ten-year plan and how vendors were being
Proton,” says Ka Leong Lo of Maybank Kim Eng Securities in asked to cut costs by 30%, but neither Proton nor Geely have
Hong Kong. “For Geely, manufacturing outside the region may confirmed this. —Anuradha Raghunathan

40 | FORBES ASIA MARCH 2018

Malaysia’s 50 Richest

Fighting
Over the
LIM GOH TONG LEE KIM HUA
đƫ
..%2! ƫ".+)ƫ$%*Ě/ƫ1&%*ƫ.+2%*!ƫ%*ƫāĊăĈƫ đƫ%"!ƫ+"ƫ%)ƫ+$ƫ+*#ċ
and founded gambling empire Genting in 1965. đƫ/ƫĉĊƫ3$!*ƫ/$!ƫ %! ƫ
đƫ1.*! ƫ$%/ƫ.!/+.0ƫ+*ƫ0$!ƫ+10/'%.0/ƫ+"ƫ1(ƫ in August.
Lumpur into one of the world’s largest casinos.

Chips
đƫ%! ƫ%*ƫĂĀĀĈƫ0ƫ0$!ƫ#!ƫ+"ƫĉĊċ

DAUGHTERS

G
enting Chairman Lim Kok Thay has been on a fierce
overseas drive, investing at least $5 billion in five years on
gambling resort projects in the U.S., the Bahamas and the
Philippines. Yet, of late, it’s a family feud over the Genting empire’s
fortune and ownership that made the headlines. LIM SIEW LAY, 71 LIM SIEW LIAN LIM SIEW KIM, 69
The opaque structure of the family’s holdings in the group— đƫ1/* Čƫ*ƫ đƫ+!/*Ě0ƫ,,!.ƫ0+ƫ!ƫ%*2+(2! ƫ%*ƫ đƫ1! ƫ.+0$!.ƫ
Teong Hean, was the family dispute. Kok Thay and
which has a combined market value of $32 billion—came under Southern Bank’s đƫ2!./3ƫ!/+.0/ƫ+.( ƫ family holding
media scrutiny last year after several family members took their ƫ"+.ƫĂăƫ5!./ƫ Genting’s expansion from 100 to company Kien
battle to court. One lawsuit was filed by three children of the late until its buyout by more than 5,000 rooms over an Huat Realty over
CIMB in 2006. āĉġ5!.ƫ,!.%+ ċƫ the ownership of
Lim Tee Keong against his two brothers, Kok Thay and Lim Chee đƫ*ƫ) !ƫ0$!ƫ ĈĊćČĂĆĀƫ!*0%*#ƫ
Wah. According to local media reports, the siblings are suing over a Malaysia Rich List Bhd. shares, which
in 2009 with a net she asserts their
family trust linked to their father that was created by their paternal worth of father intended
grandfather, the late Lim Goh Tong, who started Genting in 1965. $95 million. for her.
The other lawsuits contest the validity of Tee Keong’s will and the đƫ+.'! ƫ0ƫ
Genting from 1969
ownership of a block of Genting stock, say the reports. 0+ƫāĊĈăƫ/ƫ"0$!.Ě/ƫ
Gerard Lim, who is responsible for the Kok Thay family office deputy.
Estimated net
but is not related to the family, maintains that “the family legal worth:
JUSTIN LEONG, 40
disputes, which are subjects of court proceedings in Malaysia, are đƫ%!3ƫ%*Ě/ƫ/+*ċƫ $225 million.
never about control nor the ownership of the Genting Group.” He đƫ0.0! ƫ$%/ƫ.!!.ƫ0ƫ+( )*ƫ
Sachs in London as an analyst.
also told Forbes Asia that Genting’s patriarch had given the biggest đƫ/ƫ$+/!*ƫ/ƫ+*!ƫ+"ƫ0$!ƫ+,ƫĂĀĀƫ
stake in Genting Bhd. to Kok Thay. “Rather than have it with three Young Global Leaders in the 2006
World Economic Forum in Davos.
sons, he passed it on to one son,” says Gerard, who’s also the direc- đƫ! ! ƫ/0.0!#%ƫ%*2!/0)!*0ƫ0ƫ
tor of Kien Huat Realty, a private investment holding company that Genting Malaysia for 12 years until
holds the bulk of Kok Thay’s shares in Genting Bhd. 2016, spearheading the group’s
global expansion.
Possibly to clear up any confusion in the market over Genting’s
ownership, the company filed a statement with the Bursa Malaysia
in November indicating that Kok Thay owns 44% of Genting Bhd., Succession plans are under way. Kok Thay’s eldest son, Lim
making him the largest shareholder in the group. Keong Hui, 33, who is executive director of Genting Bhd. and
Genting’s founder died at the age of 89 in 2007, leaving behind Genting Hong Kong, is being groomed to succeed his father,
his six children and his wife, Lee Kim Hua, who died last August. according to Gerard.
Today there are also 21 grandchildren. The patriarch had arrived in Before Keong Hui, at least one other family member from the
Malaysia from Fujian, China, at the age of 19, with barely anything third generation had stepped up to work in the family business. A
to his name. In 1963 he had a vision of building a resort amid the decade ago, Justin Leong, then 30, the son of Kok Thay’s second-
cool mountain forest outside Kuala Lumpur. It was here that he oldest sister, was seen as Genting’s poster boy. He was seen as a
built his first hotel, Genting Highlands Resort, in 1971. Subsequent change agent who had led the group’s expansion into the U.K.,
decades saw the business morph into a global conglomerate with where it has grown into the largest casino operator. In an exclusive
interests in gambling, plantations, property and oil and gas. interview with Forbes Asia in 2008, Leong declared: “It’s [up to] us to

42 | FORBES ASIA MARCH 2018

 THE LIST

19. DANNY TAN CHEE SING

$990 MILLION S
ISKANDAR LAND, TROPICANA
AGE: 62
SONS 20. YAW TECK SENG & CHEE MING
$980 MILLION S
SAMLING STRATEGIC
AGE: 79, 58

21. G. GNANALINGAM
$950 MILLION
WESTPORTS HOLDINGS
AGE: 73
LIM TEE KEONG LIM KOK THAY, 66 LIM CHEE WAH, 63
đƫ!/%#*! ƫ".+)ƫ0$!ƫ!*0%*#ƫ
Group board in 1999.
đƫ/ƫ !(.! ƫ*'.1,0ƫ%*ƫ
ĂĀĀăƫ"0!.ƫ"%(%*#ƫ0+ƫ,5ƫ !0/ƫ
owed to two stockbroking firms
for share-trading losses.
đƫ!*0%*#ƫ$%.)*ƫ* ƫċƫ++'ƫ
.!%*/ƫ".+)ƫ$%/ƫ"0$!.ƫ%*ƫĂĀĀăċ
đƫ+1*0!./1! ƫ/%/0!.ƫ%!3ƫ%)ƫ"+.ƫĸĉƫ
million. Sued by two nephews and
a niece in a separate fight over the
family empire.
đƫ+1* ! ƫ%*2!/0)!*0ƫüƫ.)ƫƫ 22. DAVID KONG
Holdings, which is building the $920 MILLION S
Genting Secret Garden Resort in NIRVANA ASIA AGE: 63
Beijing to be used as a venue for
the next Winter Olympics. 23. DESMOND LIM SIEW CHOON
$910 MILLION
đƫ
,,!./ƫ0+ƫ!ƫ/% %*#ƫ3%0$ƫ+'ƫ
PAVILION REAL ESTATE
đƫ%#*+/! ƫ3%0$ƫ*!.ƫ%*ƫĂĀāąƫ
and died two months later.
JOEY LIM, 39
đƫ( !/0ƫ/+*ƫ+"ƫ(0!ƫ!!ƫ!+*#ċ
+!5Ě/ƫ5+1*#!.ƫ.+0$!.ƫ* ƫ
đƫ1! ƫ$%/ƫ1*(!/ƫ+'ƫ$5ƫ
and Chee Wah with his brother
đƫ(*/ƫ0+ƫ+,!*ƫ!/+.0/ƫ+.( ƫ/ƫ Thay. Was also sued by the two
INVESTMENT TRUST
Vegas in 2020 and the first 20th Cen- nephews and the niece. AGE: 57
tury Fox movie-inspired theme park
at Resorts World Genting soon. 24. GOH PENG OOI
đƫ,!*! ƫ0$!ƫĸāċĂƫ%((%+*ƫ!/+.0/ƫ $900 MILLION S
World Catskills in upstate New York SILVERLAKE AXIS AGE: 63
last month under his Nasdaq-listed
Empire Resorts. 25. VINCENT TAN
Estimated net worth: $4.7 billion. $820 MILLION
BERJAYA AGE: 66
26. NGAU BOON KEAT
$810 MILLION S
DIALOG GROUP AGE: 69
27. LIM KANG HOO
$800 MILLION S
ISKANDAR WATERFRONT HOLDINGS
AGE: 62
28. NINIAN MOGAN LOURDENADIN
$770 MILLION S
MBF HOLDINGS AGE: 64
BENJAMIN LIM, 35
đƫ
29. WONG THEAN SOON
party to the lawsuit against $755 MILLION S
LIM KEONG HUI, 33
their uncles. MY E.G. SERVICES AGE: 46
Benjamin and sister Marie.
đƫ
*#%*#ƫ %.!0+.ƫ* ƫƫ
of Donaco International, Aus-
tralian-listed casino company
he cofounded with grandfather
Goh Tong in 2002.
Estimated net worth:
$65 million.
đƫ%)ƫ+'ƫ$5Ě/ƫ!( !/0ƫ/+*ċ
đƫ!.2!/ƫ/ƫƫ %.!0+.ƫ+"ƫ+ġ
đƫ!Ě/ƫ!%*#ƫ#.++)! ƫ0+ƫ0'!ƫ
naco Singapore and is a major 30. TONY FERNANDES
over the Genting empire. $745 MILLION S
shareholder of property firm
đƫ!Ě/ƫ*+3ƫ!*0%*#ƫ$ ċĚ/ƫ AIRASIA AGE: 53
Genting Development.
executive director.
Estimated net worth:
$25 million. 31. KAMARUDIN MERANUN
$735 MILLION S
AIRASIA AGE: 56
32. SYED AZMAN IBRAHIM
$700 MILLION S
WESTSTAR AVIATION
AGE: 57

get our name out there. …” But he left his position uncertainties in the medium term, until the case is 33. AHMAYUDDIN BIN AHMAD
$580 MILLION
at the group in 2016, according to a filing by Rev resolved.” WESTPORTS HOLDINGS
Asia, where he’s a director. He could not be reached Amid challenges on his home turf, Kok Thay AGE: 61
for comment. will have to stay focused on his expansion plans, 34. AZMAN HASHIM
Meanwhile, shares in Genting Bhd. have been which have been beset with their own chal- $520 MILLION
AMMB HOLDINGS AGE: 78
trading at the lower end of their 52-week range. lenges. After multiple delays, the group hopes
While noting that the stock offers “deep value,” to launch its 20th Century Fox movie-inspired 35. KONG CHONG SOON
$510 MILLION S
Credit Suisse research analyst Danny Chan added theme park—the world’s first—at Resorts World UNITED OVERSEAS AUSTRALIA
in a November report that “we caution investors Genting later this year and open Resorts World AGE: 77

that the ongoing family issue might cause the Las Vegas in 2020. SUP MORE THAN 10% TDOWN MORE THAN 10%
discount to remain unchanged as there could be —Jessica Tan (graphic by Anis Muslimin) ÌNEW TO LIST 3RETURNEE

MARCH 2018 FORBES ASIA | 43

Malaysia’s 50 Richest

NORRAESAH MOHAMAD:
PIONEER
The only woman on this year’s list,
Mohamad makes it for the first time, at
+ċƫąĊċƫ$!Ě/ƫ0$!ƫ!4!10%2!ƫ$%.)*ƫ+"ƫ
My E.G. Services and owns an 11% stake
via her private vehicle, Asia Internet
Holding. My E.G. started as an electronic
government-services provider but today
the company’s services and products
"+.ƫ0$!ƫ,.%20!ƫ/!0+.ƫ+1*0ƫ"+.ƫĉĀŌƫ
of its revenue. Before plunging into the
+.,+.0!ƫ3+.( ƫ%*ƫāĊĉĊČƫ/$!ƫ/,!*0ƫāąƫ
years working in a government ministry.
.+)ƫĂĀĀĀƫ0+ƫĂĀāăƫ/$!ƫ3/ƫƫ)!)!.ƫ
of the supreme council for the ruling
party, UMNO. She’s also chairman of
the World Islamic Economic Forum
Businesswomen Network.

KUAN KAM HON: GOLDEN GLOVES

The founder of glove maker Hartalegaƫ/3ƫ$%/ƫ"+.01*!ƫ/+.ƫāąĈŌƫ%*ƫ0$!ƫ,/0ƫ
year as a dwindling supply of vinyl gloves from competitors in China propelled
ƫāăĈŌƫ&1),ƫ%*ƫ0$!ƫ/0+'ċƫ1*ƫ%/ƫ+ċƫāĀƫ+*ƫ0$!ƫ(%/0ƫ* ƫ$/ƫ!!*ƫƫ%((%+*%.!ƫ
for three years. He started in 1969 building upper-class houses in the Klang
Valley under his father’s Kuan Yuen & Sons. His entrepreneurial journey began
nine years later when he started Timol Weaving, which made woven labels and
 #!/ċƫ *ƫāĊĉāƫ$!ƫ"+.)! ƫ.0(!#ƫ* ƫ1%(0ƫ%0ƫ%*0+ƫ0$!ƫ3+.( Ě/ƫ(.#!/0ƫ* ƫ
fastest maker of nitrile gloves. In 2005 it developed the world’s first lightweight
IMAGINECHINA (TOP)

nitrile glove. Kuan stepped down as managing director in 2012 though he

+*0%*1!/ƫ0+ƫ/!.2!ƫ/ƫ!4!10%2!ƫ$%.)*ċƫ+ 5ƫ0$!ƫ+),*5ƫ,.+ 1!/ƫăĀƫ
%((%+*ƫ#(+2!/ƫƫ5!.ƫ* ƫ%*ƫĂĀāĈƫ%0ƫ) !ƫĸĊćƫ)%((%+*ƫ%*ƫ*!0ƫ,.+ü0ƫ+*ƫ.!2!*1!ƫ+"ƫ
ĸĆăĊƫ)%((%+*ċƫƫ

44 | FORBES ASIA MARCH 2018

 THE LIST

ANTHONY TAN 36. LEONG KOK WAH

$480 MILLION Ì
ECO WORLD DEVELOPMENT

Up for Grabs AGE: 64

37. PATRICK GROVE

$440 MILLION S

W
hen Grab closed a $2.5 billion fund- fray with a mobile wallet feature for the whole IFLIX
raising round in January, it not only region. It’s been headquartered in Singapore AGE: 42

valued the ride-hailing company at since 2014, and Tan has also moved to Singapore. 38. CHEAH CHENG HYE
north of $6 billion, according to Pitchbook, but What’s more, he’s taken Singaporean citizenship, $435 MILLION Ì
VALUE PARTNERS
it also put cofounder Anthony Tan on the list of according to a Grab filing with the Singapore AGE: 63
Malaysia’s 50 Richest. He debuts with an estimat- government last year, but Forbes Asia considers 39. YONG PANG CHAUN
ed net worth of $300 million. Led by SoftBank him Malaysian for purposes of the Malaysia’s 50 $430 MILLION Ì
PADINI
and Didi Chuxing, the investment was Southeast Richest list. (Tan declined to answer questions AGE: 67
Asia’s biggest single venture- from Forbes Asia.)
40. TEONG TECK LEAN
capital fundraising round Grab still has a long road $425 MILLION S
ever, says Grab. Other inves- ahead before it can profit from GD EXPRESS CARRIER
AGE: 57
tors include Hyundai Motor a regional hailing market in
and Toyota Tsusho. which customers spent an 41. LIM HAN WENG
$420 MILLION S
Tan, 36, the startup’s chief estimated $5.1 billion last year. YINSON HOLDINGS
executive, could have enjoyed Its holding company lost AGE: 65

a cushy ride with his family’s $82.8 million in 2016, more 42. FREDDY LIM NYUK SANG
$380 MILLION 3
auto-sales business, run by than triple its losses in 2015, KRETAM HOLDINGS
his father, Tan Heng Chew, according to its filings with AGE: 65

and two uncles. (Heng Chew the Singapore government. It 43. MOKHZANI MAHATHIR
and his brothers made the faces strikes and protests by $370 MILLION T
SAPURAKENCANA PETROLEUM
list the last five years before drivers, lawsuits in Vietnam AGE: 57
falling off this year.) But six and Myanmar, and govern-
44. ONG LEONG HUAT
years ago he teamed up with ments still debating how best $365 MILLION S
a Harvard Business School to license and tax ride-hailing OSK HOLDINGS
AGE: 73
classmate, Tan Hooi Ling (no companies.
45. TAN CHIN NAM
relation), to launch a taxi- In all eight countries, Grab $355 MILLION S
hailing application in their competes against U.S. giant GOLDIS
AGE: 91
hometown of Kuala Lum- Uber as well as homegrown
pur that they at first called app companies. Most formida- 46. WONG TEEK SON
$320 MILLION S
MyTeksi. Today she’s Grab’s ble is Go-Jek, which pioneered RIVERSTONE HOLDINGS
chief operating officer; she’s ride-hailing in Indonesia with AGE: 55

believed to hold a smaller motorcycle taxis. It just raised 47. LEONG HOY KUM
stake than Anthony’s. His $1.5 billion and announced $315 MILLION
MAH SING GROUP
mother, Khor Swee Wah, plans to make the Philippines AGE: 60
Anthony Tan’s hailing service is
was an early investor and available in 168 cities in Asia.
its first overseas market, and 48. MOHD ABDUL
serves as a company officer. its investors include Tencent, KARIM ABDULLAH
$310 MILLION Ì
With eight investment rounds under its belt, Google and Temasek. But Tan has vowed to SERBA DINAMIK
Grab has branched out into services for private spend $700 million to expand in Indonesia by AGE: 52

cars, motorcycle taxis, carpooling and goods 2020. As Uber’s biggest shareholder, SoftBank 49. NORRAESAH MOHAMAD
delivery while making an ever increasing invest- Group Chairman Masayoshi Son could relieve $305 MILLION Ì
MY E.G. SERVICES
ment in mobile-software research and develop- some of the pressure by insisting that Uber cede AGE: 69
ment. It offers transportation services in 168 cities some or all of its Southeast Asian markets to
BILLY H.C. KWOK/BLOOMBERG

50. ANTHONY TAN

in eight Southeast Asian countries, having added Grab. Despite rampant rumors, however, both $300 MILLION Ì
GRAB
Cambodia and Myanmar in 2017. Last year it Uber and Grab say no deal is in the offing. AGE: 36
also plunged into the fierce method-of-payment —Susan Cunningham
SUP MORE THAN 10% TDOWN MORE THAN 10%
FOR METHODOLOGY AND ALL BIOS, GO TO FORBES.COM/MALAYSIA ÌNEW TO LIST 3RETURNEE

MARCH 2018 FORBES ASIA | 45

 SPECIAL ADVERTISTING SECTION

JAPAN:
LOOKS TO THE FUTURE
Japanese Companies Ideally Positioned to Power a B2C Revival in 2018.

Japanese companies face a unique and envy-

inducing opportunity in 2018. Those that are
prepared to take on more risk in the markets
while channeling fund stockpiles towards
workers have the chance to kick-start the
business-to-consumer (B2C) sector, after
years of relying on exports and the busi-
ness-to-business (B2B) market. At the same
time, artificial intelligence (AI) and robotics
are playing an increasingly important role
in the workplace, and companies with the
foresight to adapt to unfolding technologi-
cal developments will be in the driving seat
when it comes to cheaper unit-per-cost
manufacturing.
Japanese companies have built up in-
house fund stockpiles to levels now esti-
mated to outstrip gross domestic product
(GDP) by as much as a multiple of three.
Those funds have been progressively squir-
reled away since the global financial crisis,
mirroring moves by risk-averse individuals
to remove funds from the markets and keep
them in low-interest bank accounts.

Fresh Incentives
But Japan now stands at a crossroads. The
risk-off stance of both companies and indi-
viduals will be difficult to maintain amid a
shrinking labor market, which has also seen a
depletion of experience and talent as skilled
labor retires without immediate replacement.
Japanese companies that empower
younger workers with greater upfront returns,
in terms of higher wages, can help fuel a self-
perpetuating consumer boom.
This move would entail companies shifting
away from the longstanding export and B2B-
driven economic model that has sustained
Japan for decades, and reinventing them-
selves in a domestic-demand-driven B2C
market. The ensuing multiplier effect would
not only underpin statistics such as GDP but
also boost loan demand and drive interest
rates out of the deflationary zone.
Rise of the Robots
AI and robotics will also play a greater and
more influential role going forward. Gone
is the idea of robots as slave machines in
AI-equipped robots such as Pepper (above) will have a huge role
production plants. CEOs interviewed for
this special edition agree that robots of the
future will be more intelligent, more adapt-
able, and eventually able to anticipate human
needs more rapidly and more selectively than
humans can.
Companies that develop and harness the
effective use of such robots will be at the cut-
ting edge of manufacturing by the end of the
first quarter of the 21st century, particularly
as they take in more young workers imbued
with the values of the new millennium.
Industry leaders will be those that not
only effectively utilize AI and robotic power
but also prepare their staff for the emerging
to play in driving growth over the next decade.
realities of this new world. Companies that
develop managers and skilled labor capable
of using robots as their servants, and not as
their workplace masters, will also avoid the
possible polarization in the workplace, where
low-end labor may be forced to compete
with robots for jobs.
2018 marks 10 years since the onset of the
global financial crisis. Japanese companies
have put this decade to good use, rebuild-
ing balance sheets, creating new overseas
markets, and replacing obsolete plants
and equipment. It is now time to reopen
the floodgates and power the potential of
domestic growth.

1 Japan
 SPECIAL ADVERTISTING SECTION

CANON:
STRUCTURAL CHANGES SPUR STRONG GROWTH
AT FUTURE-DRIVEN IMAGING TECH LEADER
Innovation and developing new areas of business are at the heart of Canon’s Excellent Global Corporation Plan,
as the company’s Chairman, Fujio Mitarai, explains.

One could be forgiven for thinking that Fujio
Mitarai has discovered some secret energy
source all of his own. Whatever force powers
the dynamic Chairman and CEO of Canon
Inc., it must be both potent and inexhaust-
ible, because he is always in motion. Even
after decades at the top at Canon, he never
seems to tire or slow down, and he remains
the firm’s most knowledgeable and articulate
spokesperson.
“Companies all talk about innovation these
days,” he says forcefully. “For Canon, it is a life-
or-death issue. We must keep innovating if
we want to grow.”
Mitarai notes that all consumer product
firms feel constant pressure to innovate by
developing new products, but for Canon, the
bigger challenge was to transform the very
structure of its business.
“Towards the end of the 20th century, we
saw the digital boom coming, and we shifted
from making analog products to digital. We
also increased manufacturing efficiency
tremendously through automation. Both
of these were smart moves, and they led to
increased growth for several years. However,
it also became clear to me that our mainstay
product lines were maturing. When I looked
at our cameras, printers and copiers, I knew
that they would continue to grow, but never
as strongly as they did in the past.”
The inescapable conclusion was that
wringing more profitability from mature
markets would be difficult. The answer, Mita-
rai felt, was twofold: the company must con-
tinue to be innovative with its old product
lines and create state-of-the-art products,
but it must also rethink its business portfolio.
Canon needed to expand in areas where it
already had expertise and look for new areas
where it could leverage its existing technolo-
gies in higher growth business fields.
Pivoting and Accelerating
Fortunately, the firm had both the resources
and the strategic vision to execute this pivotal
shift. In less than a decade, Mitarai oversaw
a major transformation in the Canon Group’s
business portfolio, resulting in new busi-
nesses that are already turning into powerful
growth engines for the company.
For example, Canon is known worldwide
for its cameras and lenses, but concentrating
only on individual consumers was not leading
to strong growth. The obvious answer was
to shift more towards B2B solutions, selling
more professional-use products to corporate
clients such as film studios. The company was
able to do that with ease, and Canon prod-
ucts are now widely used by professional cin-
ematographers. But Mitarai wasn’t satisfied.
He was still looking to the future.
“The world is steadily becoming more
crowded and more interconnected,” he

Fujio Mitarai, Chairman and CEO, Canon Inc. Axis's network cameras provide surveillance over urban areas.

Japan 2

explains. “I see a growing need in every mod-
ern society for a greater sense of personal
safety and peace of mind. Contributing to
increased safety and security will be a huge
growth area. But how could Canon achieve
that?”
One key sector was network cameras.
Conventional surveillance cameras have
been used in crime prevention for some
time, but the concept of utilizing networks of
high-resolution cameras backed by top-end
image processing, facial recognition software
and other analytics is already taking hold in
retail marketing (analyzing customer traffic,
for example) and in factories and warehouses,
where the technology is used to critically
examine workflows and operational bottle-
necks to improve efficiency. The number of
potential applications seem to be increasing
by the day.
“I knew Canon had a great deal to con-
tribute to this business—not just cameras,
lenses, sensors and digital image processing,
but also our manufacturing know-how and
our global sales network. Even so, we were
newcomers to this market,” Mitarai admits.
“In order to enter the network camera market,
Canon first built an appropriate internal orga-
nizational structure. Then we examined the
global market and looked at the competing
firms, and only then did we decide to partner
with a few of the world’s top companies.
3 Japan
SPECIAL ADVERTISTING SECTION
Canon has become a major player in healthcare with the acquisition of Toshiba Medical Systems.
“That led us to acquire Axis, a Swedish firm
that excels in network video technologies,
and the Danish company Milestone Systems,
a leader in image processing software, and
welcome them into our Group. By adding
Canon’s lenses, sensors and other imaging
technology, we created one of the world’s
leading network camera companies. And
this area is going to grow strongly for years
to come.”
Game-changing Growth
Mitarai is an active spokesman for the value of
network cameras in multiple fields, and also
for the power of Canon Group companies to
contribute to society by developing this tech-
nology. His other big concern for the future
is the healthcare business, which is another
significant area where the firm can grow by
helping to improve lives. Canon was already
well known for making excellent diagnostic
and imaging devices, such as portable X-ray
detectors. However, it did not make the big-
ticket items, such as CT scanners, that domi-
nate the sector.
Then, the perfect complement to its busi-
ness appeared on the horizon, a develop-
ment that Mitarai relates with obvious joy.
“When we first learned that Toshiba Medical
Systems Corporation (TMSC) might become
available, we looked at the synergies with our
existing Medical Equipment Business Group
and knew immediately that this was an ideal
match. This was not merely an opportunity
for Canon to become a major player in medi-
cal equipment. It was also a good way to use
our vast knowledge and experience to help
humankind.”
In 2016, Canon formally acquired TMSC,
one of the world leaders in large-scale medi-
cal equipment such as CT and MRI scanners,
as well as ultrasound imaging systems. The
union of Canon’s and TMSC’s technologies
has produced one of the world’s strongest
and most innovative firms in the field of
medical equipment: Canon Medical Systems
Corporation.
“We need to grow by identifying and
developing new business areas,” Mitarai says.
“And wherever possible, we want to do just
what we did with network cameras, medical
equipment and other fields—develop busi-
nesses that provide real value to society.”
In much the same way, the company also
re-examined its printer business. Canon is
well known for both home-use and office-
use printers. Yet those products were not
growing as they had in the past, and incre-
mental innovations would not return double-
digit growth.
“We looked around to see what was grow-
ing in the printing sector,” Mitarai explains,
“And the answer was commercial print-
ing—catalogs, posters, including package

printing, and so on. The commercial printing
business is a different world from the field
of printing we were used to. So, in 2010, we
welcomed the Dutch firm Océ, a major name
in the business, into the Canon Group. The
synergies between our two businesses are
tremendous.”
Achieving Global Excellence
Canon is currently in Phase V of a long-term
effort it calls the Excellent Global Corporation
Plan. The current five-year plan, due to con-
clude in 2020, is designed to carry the com-
pany to new heights, including an increasing
share of B2B revenue and the growth of new
businesses.
To outside observers, however, it appears
that the company has already accomplished
more than that which is generally set out in
any medium-term plan. Specifically, it suc-
cessfully executed two of the most signifi-
cant shifts in the past few decades of Japa-
nese business. First, Canon began a strategic
Canon moved into commercial printing in 2010 with the acquisition of Océ.
SPECIAL ADVERTISTING SECTION
shift towards B2B products. Then, it identified
key business fields that it wanted to develop,
located the ideal global partners to expedite
those developments and employed Mergers
& Acquisitions (M&A) to accelerate the adop-
tion of new technologies.
During Phase IV of the plan, the firm
acquired the technologies it needed to build
a stronger, innovation-driven business, and
by the start of Phase V it was already reap-
ing the benefits of its vision. Few companies
even half Canon’s size could execute and
digest such a strategic pivot and book the
results so quickly.
Putting it succinctly, Mitarai notes that
growth from old-line products was in single
digits last year, while total growth from new
businesses was more than twice. He points
out that these numbers will naturally decline
over time, but the fact that in such a short
time they are adding to Canon’s bottom
line (and boosting dividends for investors) is
impressive.
“We will continue to use M&A to strengthen
our healthcare, printing and network camera
businesses. We will do whatever is necessary
to support these new businesses and seek
out others.”
And what other areas might be of interest
to Canon? “We are looking seriously at the
Internet of Things (IoT). IoT involves optical
sensors that can transmit data. Canon has
the lenses and the digital image processing
to make all kinds of sensors, but we don’t
have the large-scale networking technol-
ogy or the software to run it. We believe the
control system that connects and manages
those huge data flows is the key to IoT. That
will involve AI, so AI networking technologies
will be a major growth area. That is one of our
next big targets.”
So should we expect to see Canon making
bold acquisitions in the AI field soon? Mitarai
is tactful with his answer. “We aren’t limited
to using M&A. We can partner with universi-
ties, private companies or public institutions.
There are many ways to move ahead.”
In conclusion, it seems only fitting to ask
what drives this executive dynamo to keep
both himself and his company in constant
motion. His reply reflects his perspective on
the Canon of yesterday, today and tomorrow.
“The period from about 2000-2007 was a
golden age for us, with constant increases in
sales and profits from our mainstream prod-
ucts. Then those areas matured, and now we
are developing a range of new businesses,
which are all doing well. I expect to see a sec-
ond golden age for Canon in the very near
future.”
A native of Kyushu, Japan, Mitarai decided
not to follow his father and brothers into
medical school, but instead joined Canon,
where his uncle served as the first president.
Five years later, he was posted to the U.S.,
where he stayed for 23 years, eventually
becoming President of Canon U.S.A. Back
in Japan, he was later appointed President,
CEO and then Chairman of Canon.
global.canon
Japan 4

KIKKOMAN
CORPORATION:
MULTIPLE MILESTONES HIGHLIGHT A CENTURY OF QUALITY
Global food giant Kikkoman Corporation just marked the 100th anniversary of its incorporation in Japan, but
the company is even prouder of its achievements overseas.
Yuzaburo Mogi, Honorary CEO and Chairman
of the Board of Kikkoman Corporation, is a
nigh ageless embodiment of his company’s
philosophy, and also the firm’s most energetic
spokesman.
“This is a time of anniversaries,” Mogi says,
beaming. “We just celebrated the 100th
anniversary of the establishment of what is
now Kikkoman Corporation. Although our
business goes back centuries, we legally
incorporated in 1917.”
Asked about the company’s century of
changes, Mogi says it’s more important to
talk about what has not changed: “Our focus
on consumers has been at the center of
Kikkoman’s approach since the beginning.” He
notes that even before its legal incorporation,
the soy sauce brewer set up a research
laboratory.
“Our research facility worked constantly
to improve and unify the quality of our
Yuzaburo Mogi, Honorary CEO and Chairman
of the Board of Kikkoman Corporation
SPECIAL ADVERTISTING SECTION
products,” he says proudly. “Quality for the
end consumer became our guiding principle.
And that has never changed.”
From Japan to the World
Mogi notes that this year also marks the 45th
anniversary of the company’s first overseas
plant in Walworth, Wisconsin and the 20th
anniversary of its Folsom, California plant. The
two facilities have helped make Kikkoman a
household name in North America.
But Kikkoman is a Japanese company. Surely
the Japanese plants are more important?
“Kikkoman is a global company,” he
corrects. “One with a proud Japanese
heritage. But our overseas markets contribute
more to our sales and profits. America is very
important, and Europe and Asia are growing
rapidly.”
Mogi smiles again, for there are more
celebrations to discuss. “At the end of last
year we marked the 20th anniversary of our
European flagship plant in the Netherlands,
which is our production base for the region.”
He points out that the European and American
markets are vastly different. While the U.S. has
regional variations in culinary styles, in general
“American”-style cooking is more similar than
different. Not so with Europe.
“Each country in Europe has a different
food culture, and some have more than one,”
he explains. “Because Kikkoman is so highly
consumer-oriented, that means respecting,
celebrating, and becoming a part of 20 or
30 different food cultures. We are constantly
developing recipes and different ways to use
our products that will enhance each different
local cuisine.”
A Taste for Growth
His approach must be working, because Euro-
pean sales have been growing in double dig-
its for over a decade. Growth is the name of
the game in Asia as well. Although the com-
pany now has factories and/or sales offices in
Taiwan, Thailand, China, the Philippines, and
Australia, Kikkoman’s ongoing Asian expan-
sion began with a plant in Singapore. How-
ever, Mogi says they are too busy meeting
growing Asian demand to think about the
35th anniversary of this plant in 2020.
“Asian consumers already have their own
local seasonings that are similar to soy sauce,”
he notes. “However, they are not accustomed
to the richly flavored, aromatic sauce that is
the hallmark of Kikkoman. We are already
seeing solid growth in these markets, and I
expect even greater results in the future.”
For a company that has been around in one
form or another for centuries, it is inspiring to
hear the chairman talk seriously about “the
next hundred years.” Mogi is constantly look-
ing to the future, envisioning more growth in
today’s markets and the prospect of opening
up new markets in South America and Africa
in the decades to come. But some things, he
points out, will never change. “Even a hundred
years from now, our focus will still be on the
consumer,” he says.
Yuzaburo Mogi is a descendant of one of
the founding families of Kikkoman, which is
one of the oldest continually running busi-
nesses in Japan. He became company Presi-
dent in 1995, was named Chairman in 2004,
and assumed the title of Honorary CEO and
Chairman of the Board in 2011. Mogi holds
an MBA from Columbia University.
www.kikkoman.com
Japan 6

BOOSTING GROWTH CAPACITY THROUGH AI AND ROBOTICS
Akihiro Teramachi, Chief Executive Officer and President of THK Co., Ltd, is looking to increase his company’s
growth capacity by leveraging Artificial Intelligence (AI) and robotics in the face of a shrinking labor market.
THK, the company that pioneered the Linear
Motion Guide mechanism, has also relocated
its head office to strengthen group-wide
cooperation, improve operational efficiency,
and enhance business continuity planning. In
addition, the company is investing in Japan,
Akihiro Teramachi, Chief Executive Officer and
President of THK Co., Ltd.
SPECIAL ADVERTISTING SECTION
THK:
China and Vietnam to maximize production
in response to soaring demand driven by the
rise of the Internet of Things (IoT), the auto-
mobile industry, and also as a result of the
automation of production facilities.
“We have our hands full just keeping up
with demand,” says Teramachi. “In addition
to the spread of IoT, semiconductor-related
investment is expanding as a result of the
increase in electric vehicles and advances in
self-driving technologies. We are also see-
ing increased overall demand for our prod-
ucts given the steady growth in investment
related to the automation of production facil-
ities against a backdrop of labor shortages.”
Brave New World
Teramachi has triggered a major change in
the company’s business style driven by AI,
robotics and IoT as the third strategic pillar
for THK. The challenge is to develop products
that match changing needs, and to simulta-
neously consider sales-based uses and other
applications.
And yet, Teramachi is wary of over-reliance
on AI and robotics. “If we allow robots to pen-
etrate society in their existing format, they
will not be in a position to purchase goods or
services, leading to shrinking consumption,
smaller markets, and an atrophied economy.
In addition, humans would lose their position
in the workplace. We must avoid this state of
affairs,” he says.
“Looking ahead, humans must actively
trust their work to AI and robotics, and focus
their efforts on high-value-added creative
work in other areas where this is not possible,
such as anticipating needs that others cannot
see. The 10,000-plus employees of the THK
Group may be forced to alter the way they
perform their jobs,” Teramachi says.
With robots gaining the ability to do tasks
currently performed by mid-income class
workers, Teramachi sees a high potential for
the workplace to polarize, between low-sal-
ary labor hired at costs that undercut robot-
ics, and high-income workers who need to
be able to constantly think on their feet. “We
need to develop human resources capable
of qualifying for this high-income group at
THK, even while society becomes polarized,”
he says.
Changing Minds
Education, training and self-awareness are
vital in this process, but one hurdle is that
the global education system continues to
revolve around the idea that humans are irre-
placeable. Teramachi believes it is essential
for people to be able to adapt to changes
in society and the environment, and that we
must develop an education system that sup-
ports this.
“The good thing about the Japanese is that
they are a close-knit, homogenous and duti-
ful society, which is extremely useful when it
comes to ensuring quality and safety. On the
other hand, these qualities can also impede
the launching of, and reactions to, change.
If the Japanese education system can be
steered towards providing pupils with a
sense of independence and self-respect,
along with a healthy appreciation for change
while maintaining its other positive points,
then there is a good chance it can develop
students capable of guiding global society in
a better direction,” Teramachi says.
Akihiro Teramachi graduated from
Keio University in 1971 and joined THK
Co., Ltd. in 1975. He became a Direc-
tor in 1982 and Vice President in 1994,
before taking over as CEO in 1997.
www.thk.com
Japan 8
 T H E WO R L D ’ S B I L L I O N A I R E S

For a decade India’s richest

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

O
n a cool, dry evening late last year, 50,000 employees and friends of Reliance Industries, India’s most
valuable company, packed into a cavernous temporary stadium 25 miles outside downtown Mumbai to
celebrate the firm’s 40th annual “Family Day.” Another 200,000 people dialed in via video link to watch
the show, which was hosted by Bollywood mega-celeb Shah Rukh Khan (33.6 million Twitter follow-
ers), singer Sonu Nigam (18.8 million likes on Facebook) and veteran actor and game-show host Am-
bitabh Bachchan, who staged a round of Who Wants to Be a Millionaire? The five-hour event culminat-
ed with dazzling fireworks and a midnight feast featuring vegetarian delicacies like chickpea-and-rice-
flour dumplings, spicy cottage cheese and lentils. RITAM BANERJEE FOR FORBES

But the real star of the occasion was Mukesh Ambani, Reliance’s 60-year-old chairman, managing director and
largest shareholder and the 19th-richest man in the world, with a net worth of $40.1 billion. “Can Reliance be
among the top 20 companies in the world?” he called out to the crowd, which obediently raised their lamps, turning
the arena into a moving sea of lights. “Yes, we can! Yes, we will!”
Ambani’s ambition is understandable given the scope of what he has already achieved. Reliance is the 106th-larg-

THE FORTU
54 | FORBES ASIA MARCH 2018
 Reliance Industries’ chairman, Mukesh
Ambani, under the watchful gaze of his late
father, Reliance founder Dhirubhai Ambani.

NATE SON BY NAAZNEEN KARMALI

MARCH 2018 FORBES ASIA | 55

T H E WO R L D ’ S B I L L I O N A I R E S
MUKESH AMBANI
est company in the world, having earned some $4.6 billion in
profits last year on $50.9 billion in sales. The firm is a major
player in oil and gas and operates one of the largest oil refineries
in the world. It is the largest retailer in India and has important
ventures in life sciences, textiles and telecommunications. Its
Network18 media subsidiary has partnerships with prominent
Western brands like CNBC, CNN, MTV and Nickelodeon (tele-
vision), Paramount Pictures (film) and Forbes (print).
But what really has Ambani excited—and has set Reli-
ance’s share price on fire—is his $33 billion investment in Jio,
a 4G broadband service that has attracted 160 million custom-
Not his brother’s keeper: siblings Mukesh (right) and Anil Ambani at a
Reliance shareholders’ meeting in 2004.
ers since it was introduced 18 months ago. More than half those
subscribers signed up in the first six months, when Reliance
jump-started the business by offering the service for free. They
stayed because Jio has promised never to charge for domes-
tic calls and its data rates are supercheap. That hypergrowth has
boosted Reliance’s stock by over 70% in the past year and added
$16.9 billion to Ambani’s fortune. Analysts call it the “Jio effect.”
But for Ambani, Jio is about more than adding 11 figures to
his net worth. He believes the firm is igniting a subcontinen-
tal data revolution that will help solve some of India’s intractable
problems in areas like agriculture, education and health care.
“Can Jio be the first company to transform an entire na-
tion in each one of these sectors?” Ambani continues, whipping
up the crowd. “Yes, we can! And, yes, we will!” Or as he some-
times says more succinctly, “Data is the new oil.”
MUKESH AMBANI IS PROBABLY best known outside India for
building the world’s most expensive privately owned home, a
27-story sky palace that looms above South Mumbai and cost
an estimated $1 billion. There, with his wife, Nita, a member of
the International Olympic Committee and the chair of one of
India’s premier soccer leagues, he frequently entertains luminar-
ies from the worlds of sport, fashion and entertainment. “I have
just one home,” he says somewhat defensively, “not 30 or 40
around the world, as some do.”
But within India, Ambani is equally well-known for his
decadelong blood feud with his younger brother, Anil, 58, who
56 | FORBES ASIA MARCH 2018
was pointedly not invited to the Reliance Family Day bash in
December.
Their father, Dhirubhai Ambani, was born to a poor school-
teacher and grew up in a remote village not far from Porban-
dar, the birthplace of Mahatma Gandhi. Dhirubhai never fin-
ished high school, quitting to help support the family. He spent
seven years working in a gas station in Yemen—where Mukesh
was born in 1957—before returning to India to set up a spice-
trading business with his brothers from a tiny 500-square-foot
Mumbai office. Then in the 1960s, the siblings expanded into
yarn and began importing a new wonder fabric, polyester.
By 1966 the “Prince of Polyester” had built his first synthet-
ic textile mill in his native Indian state of Gujarat. The entrepre-
neur persevered through stifling bureaucracy and endemic cor-
ruption until, in 1977, when India’s nationalized banks refused
to finance further expansion, he took Reliance public. The offer-
ing was marketed to middle-class Indians and heavily oversub-
scribed. The 58,000 mostly small-town Indians who decided to
gamble wouldn’t regret it. Over the coming years, the shares ap-
preciated sharply, placing Dhirubhai firmly on the path to an
eventual $6.6 billion fortune as he expanded into petrochemi-
cals, refining and oil-and-gas exploration.
“My father foresaw that India could become globally com-
petitive and always thought in terms of scale. That became the
DNA of Reliance,” Ambani says from the company’s 36-year-
old downtown offices, surrounded by images of his late father,
including a superrealistic 3-D-
printed bust.
Hypergrowth In 1986, when Dhirubhai
has added suffered a stroke, Mukesh and
$16.9 billion Anil took more responsibili-
ty. The brothers were tight. They
to Ambani’s
fortune in the worked side by side during the
day, and their families lived to-
past year. gether on different floors of a
14-story family-owned high-
rise. By the time Dhirubhai died
in 2002 at age 69 from a second
stroke, Reliance was India’s largest family business and arguably
its most influential.
Before his death, Dhirubhai had been keen to start a mobile-
phone service for the masses that would provide voice calls for
less than the cost of a postcard. At the time mobile phones were
toys for the rich, with expensive monthly fees. Inspired by their
father’s dream, the brothers jumped into mobile telephony.
“Some of us are bigger risk-takers than others,” Mukesh says.
“Without taking some risk, there is no fun in life.”
Reliance started a discount telecom service in 2002, shaking
up the market and sending mobile rates tumbling from 32 cents
a minute to 2 cents. But behind that success an ugly battle was
brewing as the brothers began fighting for control of the compa-
ny. According to an Ambani insider, the power struggle between
the brothers had started much before their father’s death. Anil’s
AFP/GETTY IMAGES
conspicuous absence at the telecom launch event in 2002 was the
first public indication that something was amiss. A spokesman
for Anil refused to comment.
 Dhirubhai died unexpectedly, without a will, but the un-
derstanding within the family—at least as Mukesh saw it—was
that whoever was chairman of Reliance (conveniently it was
him) would have total management control. Anil, who was vice
chairman, didn’t see it that way and wanted to have more of a
say. Mukesh felt he had done all the behind-the-scenes work
of building the big plants and refineries. He was also said to be
closer to his father, who was initially furious when Anil decid-
ed to marry a Bollywood starlet, which he didn’t feel was an ap-
propriate choice. (Mukesh’s wife had been chosen by his father.)
Anil, who is more articulate and extroverted than his brother,
was in charge of finance and was the face of Reliance to bankers,
investors and journalists. He was closer to his mother.
After prolonged bickering, fueled by the fact that their wives
didn’t get along, their mother, Kokilaben, brokered a peace, and
the family empire was divvied up in 2005. Mukesh got to keep
the biggest piece, Reliance Industries, the flagship oil-and-gas
business; Anil got the newer businesses such as telecom, finan-
cial services and the power-generation unit.
The split gave a temporary massive boost to the brothers’
largely public fortunes. By 2008 the brothers’ combined worth
was a staggering $85 billion. Mukesh was the fifth-richest per-
son in the world, with a fortune of $43 billion. Anil was a close
No. 6 with $42 billion; his biggest asset was a 65% stake in the
telecom company, then worth $20 billion.
The financial crisis, coupled with bad blood, took its toll. It
was soon evident that the rapprochement between the brothers
was only on paper. When Anil sought to merge his telecom firm
with South Africa’s MTN in 2008, Mukesh intentionally stalled
the deal, citing the family settlement that gave him the right of
first refusal on any stake sale in the telecom unit. In 2009, shares
of Anil’s companies plunged, wiping away nearly $32 billion of
his wealth. A year later, after a legal skirmish, the brothers ter-
minated their noncompete agreement. Suddenly the path was
clear for Mukesh to get back into telecom.
MUKESH STARTED SMALL—and stealthily—by acquiring a lit-
tle company in 2010 that had a license to provide only broad-
band internet. But Ambani knew “voice” was really just another
type of data and that the rules would eventually have to change.
When they did, in 2013, Mukesh was ready.
He started building at a feverish pace, tapping into Re-
liance’s construction, regulatory and execution expertise to
quickly create a countrywide network that, by end of this year,
will number 260,000 towers (some leased) and 186,000 miles
of optical fiber. He worked with electronics giants Qualcomm
and Spreadtrum to design low-cost 4G handsets, a major leap
forward in what was then largely a 2G market, selling them for
a refundable security deposit of $22. In all Reliance has spent
$33 billion on the project to date, funding it with a mix of debt
($7 billion), equity ($17 billion), plus deferred payments and
supplier credits ($9 billion).
Jio was impossibly cheap and impossibly fast and, perhaps
most impressive given India’s size, nearly ubiquitous, available
in 95% of the country. The incumbent players struggled merely
to stay in business. Telenor and the Tata Group both sold their
wireless operations to telecom tycoon Sunil Mittal’s Bharti Air-
tel, a joint venture with Singapore’s Singtel. Onetime rivals Vo-
dafone India and Idea Cellular, owned by billionaire Kumar
Birla, agreed to merge to better withstand the onslaught. And
Mukesh, completing the humiliation of his younger brother,
bought the remains of Anil’s debt-strapped telecom business for
an estimated $3 billion-plus. It had once been worth $43 billion.
“It was purely a business decision,” Mukesh says. “It works
for us, and we’ll make the most of it.”
Thanks to Jio, India’s annual mobile data traffic has jumped
to 28 billion gigabytes from just over one billion in 2016. In mo-
bile data consumption, India now ranks above China and the
U.S. Jio alone carries more mobile data traffic than Sprint, Veri-
zon and AT&T combined.
Ambani has grand visions for how all that information can
transform his country and
lift it out of poverty. He cites
Completing the the example of Indian agri-
humiliation, culture, which is plagued by
Mukesh bought poor productivity and low
the remains of quality. “I see all such inef-
ficiencies as opportunities,”
his brother’s Ambani says. Jio has devel-
debt-strapped oped a platform for India’s
telecom 120 million farmers, most of
business for whom have small landhold-
ings, that offers technical in-
$3 billion. formation on sowing and
harvesting in addition to re-
al-time market prices and ac-
cess to top agricultural experts.
Ambani also sees Jio playing a role in transforming Indi-
an education. Within a year, he hopes, Jio will have connected
35 million students attending India’s colleges. At the same time,
he wants Jio to reach the remotest corners of the country, right
down to the smallest villages. Of course, this will all remain a
pipe dream if Jio doesn’t find a way to make money. Thanks to
some aggressive accounting, the company managed to squeeze
out a small profit ($78 million on revenues of $1.1 billion)
in the final quarter of 2017. But Jio’s core strength—that it’s
cheap—works against it financially.
To succeed, Jio needs to sign up many more subscribers and
then upsell them into consuming lots of data through apps like
Jio Cinema (6,000 movies) and Jio Music (16 million songs).
Once they are hooked, Jio will have to raise data prices without
losing too many customers. Its current rates aren’t sustainable.
Ambani seems unfazed by the economics and willing to in-
vest for the long haul. He is grooming his three children to take
over the business and is increasingly comfortable with a view of
Reliance from 39,000 feet. “These days I’m in the mind-set of
being nose in, fingers out,” he says, meaning keeping his nose in
the boardroom and his hands out of operations. A Jio IPO is on
the horizon, but for now he’s basking in the glow of having pro-
vided millions of ordinary Indians with access to high-speed
internet and all its attendant opportunities. “This is a race,” he
says, “that India is running with the rest of the world.” F
MARCH 2018 FORBES ASIA | 57
 T H E WO R L D ’ S B I L L I O N A I R E S

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

A
t his pastry factory in Lille, France, where the air
smells like chocolate, Francis Holder is wearing a
white baker’s coat, his name embroidered on the
front, over a tailored blue suit and red-striped tie.
Paintings dating back centuries cover the three
walls of his office. One is a portrait of a young baker wearing a
stained coat and a floppy toque. Another depicts a dog chew-
ing on a baguette. One more shows a hand coming out of the
shadows to steal a loaf, an apparent homage to Jean Valjean’s
petty crime in Les Misérables. There’s not a famous artist to be
found in his 8,000-work collection. The only requirement is
that each painting must focus on Holder’s billion-dollar pas-
sion, baking, or his favorite obsession, bread.
The fourth wall is made of glass so Holder can stare across
the hall at the research-and-development center for Château
Blanc, the industrial arm of Groupe Holder, the private baking
conglomerate he founded and controls. The 77-year-old loves
to spend his days watching over the experimental bakeshop’s
seven mixers and three countertops, checking in with the chefs
throughout the day to sample the test runs. “We are industrial-
ists with the mentality of craftsmen,” Holder says.
Just down the hall, past dozens of office employees all
wearing matching white baker’s coats, is the heart of Château
Blanc’s 100,000-square-foot factory, which makes the compa-
ny’s most craved product, the macaron. Holder’s masterful as-
sembly-line operation bakes more than 30,000 meringue mac-
aron shells an hour.
Château Blanc’s headquarters fulfills a boyhood ambi-
tion Holder had growing up in Lille. And then some. His orig-
inal dream was to have a small bread factory with “a chim-
ney with smoke coming out of it.” Holder has spent six decades
since perfecting the marriage of industrialization with artisanal
baked goods. Long obsessed with America’s industrial food
processes, Holder embraces smooth mass production. But he
balances affordability and speed with a distinctly French atti-
tude about the best ingredients and product quality—still using
fresh yellow butter in mass-produced loaves and pastries.
Groupe Holder has three main subsidiaries: Aside from
Lille’s Château Blanc, there is the renowned Parisian macaron
maison Ladurée, which has 85 shops in 50 countries, and the
bakery-cafe chain Paul, with 740 stores in 43 countries. Groupe
Holder’s yearly revenue is about $1 billion, and Forbes estimates
net profit margins of 14%. All that dough has made Holder a
billionaire—the 1,867th wealthiest person in the world, with a
net worth of $1.2 billion. “If tomorrow I was ten times richer, it
would not make any difference for me,” says Holder, who de-
clines to comment on his net worth and profits.
That modesty didn’t stop him from embracing the astro-
nomical rise of the macaron—the petite saucers sandwiched
together with jelly or ganache fillings. In 1993 he purchased

58 | FORBES ASIA MARCH 2018

Loaves and wishes: Holder plans to create a baking museum in Paris with his collection of paintings and books on the subject.
Ladurée, a chic Paris restaurant founded in 1862 that invented
the modern macaron and has collaborated with major fashion
houses ranging from Lanvin in 2012 (bubble-gum-flavored)
to Emilio Pucci in 2015 (tangerine-lemon-lavender macar-
ons inside a box wrapped in the company’s signature silk print,
Capri), as well as rapper Pharrell Williams in 2014 (peanut but-
ter and another that’s cola-flavored) and performance artist
Marina Abramović in 2017 (Prussian blue and edible gold leaf,
stamped with the Abramović family’s coat of arms).
And just as Ladurée produces more than macarons, the
cookie has expanded far beyond Ladurée—and Holder is to
thank (or blame) for that. Today, he estimates, 60% of Groupe
Holder’s in-store sales come from macarons. Holder is respon-
sible for France’s top three macaron sellers: Ladurée, Paul and,
surprisingly, McDonald’s. McDonald’s McCafé macarons are
sold in many countries outside France, including Spain, Italy
Belgium and Japan. “Some were surprised about McDonald’s
being third,” Holder says. “We said, ‘That’s obvious. We are the
one who delivers them.’ Because McDonald’s is really loyal, this
baker has factories throughout the world.”
FRANCIS HOLDER TOOK over his family’s small bakery, below
the apartment where he grew up, when he was 18, after his fa-
ther, who was abandoned as a child and raised in foster care,
died of a heart attack at 51. From there, his ascent can be di-
vided into three phases: creating a bread factory, building the
Paul bakery brand and then melding the two to bring artisanal
bread to the masses.
The first starts in 1961, when Holder came back from a
brief tour of duty in the Algerian War (with a popped eardrum
that left him partially deaf) and found that the way people
shopped had drastically changed—mom-and-pop boulange-
ries had given way to supermarkets. Holder realized where the
future lay and within five years had persuaded two future mul-
tibillion-dollar French supermarket chains—Monoprix and
Auchan—to carry his baguettes and loaves. While he clear-
ly had the ambition, Holder was ill-prepared to manage such
a fast-growing company. He had to move factories three times
in a year because the company continually outgrew its space. “I
never made projections about what it would be in 10, 20 or 30
years,” says Holder, who kept the books himself back then.
In the 1970s, the supermarkets—locked in hypercompeti-
tion—began demanding bigger and bigger discounts. His 11%
discount soon became 45%. He also had to buy back unsold
bread at the end of the day. Holder’s factory fell below breakev-
en, and he realized he had to diversify beyond the commodi-
ty bread business. He reorganized the factory to keep its exist-
ing customers, producing about 1 million pounds of bread a
MARCH 2018 FORBES ASIA | 59
T H E WO R L D ’ S B I L L I O N A I R E S
FRANCIS HOLDER
month, but he no longer invested in expanding it. During money-
losing periods, he converted areas of the factory into parking spaces
and sold them by the month.
With the low-margin industrial bread operations stuck in neu-
tral, Holder refocused on the Paul bakery, under the family apart-
ment. “I still had nostalgia for craftsmanship,” he explains. Paul
was selling thick, chewy, yellow bread with a slight hazelnut taste—
drastically different from his factory bread—at a time when the
number of local bakeries in France had dwindled by about 25%
amid competition from supermarkets. He decided to make Paul
an artisanal chain and installed himself as head of the company.
Holder opened two more stores in Lille before expanding to Paris
in 1974. Then came shopping malls: As with supermarkets, Hold-
er was early to the next wave of mass retail. Around the same time
he toured the U.S. and became enamored of American food-pro-
cessing methods. Holder helped found a successful chain of French
bakeries and cafes, La Madeleine, before being ousted by his part-
ners and returning to France.
By the end of the 1980s, Paul had 120 shops, about a dozen
times more than at the start of the decade. Holder’s experience left
him better prepared for growth this time. To cope with high rents,
he opened small retail locations without full kitchens and supplied
them from a centralized bakery, delivering fresh loaves three times
a day. That way, he avoided having to prebake or freeze bread—
common among Holder’s competitors, like Louis Le Duff (No. 822
on the Billionaires list, worth $2.9 billion).
With the Paul brand thriving—so much so that the head of Mc-
Donald’s Europe tried to acquire it, with plans to increase growth
from 80 openings a year to 2,500—Holder was ready to go back to
building the bread factory of his dreams, but with a twist. “Some
companies are interested in producing a lot, without quality,” he
says. “Moving away from the craft was never a question.”
Building on what he learned in America, he spent millions de-
signing machines that would assemble products the same way a
baker would by hand. For croissants, the machine rolls out dough
and spreads butter onto each piece. The layers are then stacked to
make the flaky pastry. But these assembly lines don’t change the
amount of time the dough needs to set and cook. That was an im-
portant lesson from Holder’s days baking with his father; most
food companies have scaled up quickly by adding preservatives or
chemicals that cut the length of time and increase production.
THOUGH MACARONS MINT money for his company, Holder still
doesn’t really enjoy eating them. “I love flaky pastries,” he says with
a shrug. His fortuitous foray into pastel cookies began 25 years ago
when he purchased Ladurée, the 19th-century Parisian tea salon.
The Holders were Saturday regulars, snacking on tea sandwiches
and mushroom omelettes. “I wasn’t going to Ladurée for their mac-
arons,” he admits. But he sure loved the baba au rhum pastry, de-
spite not drinking alcohol. So when Ladurée’s heirs wanted to cash
out, Holder was the first person they asked.
At the time, he was in the market for a diversion. When he
turned 51—the age his father died—he begged his oldest son,
David, to apprentice in case he should die. David accepted and
60 | FORBES ASIA MARCH 2018
spent the next two years working 15-hour days and losing 15
pounds. When he emerged from his apprenticeship, David start-
ed pushing his father to retire. And Francis realized that acquiring
Ladurée, and sidelining David to run it, gave Francis more time for
Paul and Château Blanc.
Going from brunch regular to boss, 25-year-old David sup-
plemented Ladurée’s four flavors of macarons with a seasonal
menu, including passion fruit and salted caramel. In 1997, Ladurée
opened a 14,000-square-foot flagship on the Champs-Élysées. The
first international location opened in 2005 at Harrod’s in London,
followed by Tokyo and the U.S. two years later.
The more ubiquitous the macaron became, the more David
faced a knockoff problem. He responded by positioning Ladurée
as a bakery-inspired luxury lifestyle brand with a product line that
included $65 candles (the first scent was brioche), $75 fragrances
Macarons have enjoyed a meteoric rise in popularity the world over.
with atomizers and $20 boxes of teas.
While Ladurée took the high ground, Francis saw the macaron’s
mass-market potential and grew bullish on the cookie. “It wasn’t a
trend at all,” he recalls. “Then we said to ourselves, ‘Why don’t we
make macarons in Paul bakeries and elsewhere?’ From that point,
it became huge”—literally and metaphorically. One petite macaron,
about an inch wide, costs about $3. Paul locations in France start-
ed selling larger macarons in 2005, and international stores adopt-
ed them soon after. Château Blanc had gone all in by 2007, when
it built the automated macaron production line in Lille, the first in
the world. It was just in time for McDonald’s in France to launch its
McCafé version the next year. Today’s Château Blanc macarons are
in more than 300 McDonald’s in Europe.
The gamble paid off. Over the past decade, the macaron has re-
placed the cupcake as the pastry du jour in America, where there
are nine Ladurée locations (run by Holder’s 45-year-old daughter,
Elisabeth, from New York) and 12 Paul shops (overseen by Paul In-
ternational’s head, 48-year-old son Maxime, from London). Under
DONATO SARDELLA/GETTY IMAGES
Maxime, Paul has added over 250 stores outside France.
And Holder remains hungry. He dreams of opening a Château
Blanc factory in the U.S. “In France, people tend to forget that when
we become successful, it is because we are brave,” Holder says of his
all-American ambition. “In the United States, someone who takes
risks and succeeds is a hero.” F
 THE WORLD’S
BILLIONAIRES

TOTAL
NET WORTH:
$9.1 TRILLION
BILLIONAIRES:
2,208

UNITED STATES THE AMERICAS EUROPE MIDDLE EAST & AFRICA ASIA-PACIFIC
WORTH: WORTH: WORTH: WORTH: WORTH:
$3.1 TRILLION $563 BILLION $2.4 TRILLION $250 BILLION $2.8 TRILLION
BILLIONAIRES: BILLIONAIRES: BILLIONAIRES: BILLIONAIRES: BILLIONAIRES:
585 138 559 99 827
Capitalism’s global conquest continues. There were 140 billionaires in the world when we published our
first list, 31 years ago. Today there are more than 2,200. The vast majority are entrepreneurs—including
Jeff Bezos, the world’s wealthiest person and the first to appear with a $100 billion-plus fortune—who
got rich building their own companies, creating wealth and jobs and sparking innovation along the way.
Surging stock markets and rising commodity prices have made this a particularly strong year for the
ultra-rich: The average billionaire is worth some $4.1 billion this year, up 9% over the past 12 months.
Still, 120 people fell from our ranks, for reasons ranging from politics to philanthropy; another 25 died.
For much more on the world’s wealthiest, including a global ranking in order of net worth, go to:
WWW.FORBES.COM/BILLIONAIRES

EDITORS: LUISA KROLL AND KERRY A. DOLAN

ADDITIONAL EDITING: JOHN KOPPISCH, CHASE PETERSON-WITHORN
COUNTRY EDITORS: GRAHAM BUTTON, GRACE CHUNG, RUSSELL FLANNERY, NAAZNEEN KARMALI, ABRAM BROWN, TATIANA SERAFIN
WEALTH TEAM: ANGEL AU-YEUNG, ELENA BEREZANSKAYA, IGOR BOSILKOVSKI, DENIZ ÇAM, MAGGIE CHEN, CARTER COUDRIET, ALEXANDRA GARFINKLE, MAX JEDEUR-PALMGREN, NOAH KIRSCH, ELAINE MAO, ZINA MOUKHEIBER,
ANDREA MURPHY, ANIS MUSLIMIN, OMA SEDDIQ, CHLOE SORVINO, MICHELA TINDERA, JENNIFER WANG
AND REPORTERS AT FORBES LICENSED EDITIONS IN AUSTRIA, CZECH REPUBLIC, HUNGARY, FRANCE, KAZAKHSTAN, KOREA, INDONESIA, MIDDLE EAST, MEXICO, POLAND, RUSSIA, SLOVAKIA, TURKEY AND VIETNAM
REPORTERS: YURI AKSYONOV, DAN ALEXANDER, PRISCA ANG, MEGHA BAHREE, MADELINE BERG, KIM BODE, NILGUN CAVDAR, LAUREN GENSLER, RICARDO GEROMEL, ROBERT KIDD, NICOLE LINDSAY, ROBERT OLSEN, LUCINDA
SCHMIDT, LEONARD SCHOENBERGER, JAMES SIMMS, OZER TURAN, ALEXANDRA WILSON, SUSAN ADAMS, JASON BOOTH, BIZ CARSON, CAROLINE CHEN, SHU-CHING JEAN CHEN, MUHAMMAD COHEN, TILL DALRUP, JAMES DUNN,
REBECCA FENG, ANTOINE GARA, CHRISTOPHER HELMAN, ALVARO HERNANDEZ ZORRILLA, JANE HO, SEAN KILACHAND, JOANN MULLER, JOHANNES MUSIAL, SUZANNE NAM, LAN ANH NGUYEN, WENDY PUGH, ANURADHA RAGHU-
NATHAN, NATALIE ROBEHMED, SHEELA SARVANANDA, SAMANTHA SHARF, NEHA SONI, JESSICA TAN, TIM TREADGOLD, KATE VINTON, JENNIFER WELLS
RESEARCH:ƫƫ

ƫđƫPHOTO RESEARCH:ƫ  ƫ
Čƫ
ƫ 
Čƫ  ƫ ƫ ƫđƫDATABASE: DMITRI SLAVINSKY
ACKNOWLEDGMENTS: SPECIAL THANKS TO LW HOSPITALITY ADVISORS, FACTSET RESEARCH SYSTEMS, ORBIS BY BUREAU VAN DIJK, REAL CAPITAL ANALYTICS, EUROMONITOR INTERNATIONAL, PITCHBOOK AND DOZENS OF OTHER
EXPERTS WHO HELPED US WITH OUR REPORTING AND VALUATIONS

MARCH 2018 FORBES ASIA | 61

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

AUSTRALIA
WEALTH
ALGERIA ALGIERS
TOP SECTORS
11
ORIGIN

REAL ESTATE 12%

GDP: $176.5 BIL 7 16%
POPULATION: 41 MIL METALS & MINING 72%
BILLIONAIRES: 1 GDP: $1.4 TRIL 5
POPULATION: 25 MIL MANUFACTURING
TOTAL NET WORTH: $4 BIL
(+$900 MIL VS. 2017) 4
BILLIONAIRES: 43 (+10 VS. 2017) INHERITED & GROWING
INHERITED
FINANCE
TOTAL NET WORTH: $117.9 BIL (+$26.9 BIL VS. 2017) 4
SELF-MADE

FASHION & RETAIL

Issad Rebrab & family S
$4 BIL #550 FOOD

Gina Rinehart S Len Ainsworth S

ANGOLA
$17.4 BIL #69 MINING $1.3 BIL #1756
BETTING MACHINES
Harry Triguboff S
LUANDA $9.2 BIL #167 REAL ESTATE John Hancock +
GDP: $124 BIL $1.3 BIL #1756 MINING
Vivek Chaand Sehgal S
POPULATION: 30 MIL $6 BIL #289 AUTO PARTS Solomon Lew S
BILLIONAIRES: 1 $1.3 BIL #1756 RETAIL
Frank Lowy S
TOTAL NET WORTH: $2.6 $5.9 BIL #296 SHOPPING MALLS Bianca Rinehart +
BIL (–$500 MIL VS. 2017) $1.3 BIL #1756 MINING
Anthony Pratt S
$5.5 BIL #334 PACKAGING
Andrew Forrest T
$4.4 BIL #480 MINING
Isabel dos Santos T
$2.6 BIL #924 INVESTMENTS John Gandel S
$4.1 BIL #527 SHOPPING MALLS
James Packer S

ARGENTINA
GDP: $620.1 BIL
POPULATION: 44 MIL
BILLIONAIRES: 9
(+2 VS. 2017)
TOTAL NET WORTH: $15.6
BIL (+$3.2 BIL VS. 2017)
Eduardo
Costantini
TROPHY: Costantini, who
made his fortune in real es-
tate in Argentina and the
U.S., collects contemporary
Latin-American art and has
his collection on display at
the Museum of Latin Amer-
ican Art in Buenos Aires,
which he founded. His new
South Florida luxury condo
development, Oceana Bal
Harbour, features two Jeff
Koons sculptures and works
by other artists.
$4.1 BIL #527 CASINOS
Mike Cannon-Brookes S
$3.4 BIL #679 SOFTWARE
LA RIOJA
Scott Farquhar S
$3.4 BIL #679 SOFTWARE
Lindsay Fox S
$3.4 BIL #679 LOGISTICS,
MENDOZA REAL ESTATE
Kerry Stokes S
$3.1 BIL #766 CONSTRUCTION
EQUIPMENT, MEDIA
Fiona Geminder S
$2.7 BIL #887 PACKAGING,
INVESTMENTS
NEUQUÉN
Michael Hintze S
$2.4 BIL #1020 INVESTMENTS
Stanley Perron S
$2.3 BIL #1070 REAL ESTATE,
RETAIL
BUENOS Lang Walker S PERTH
AIRES $2.2 BIL #1103 REAL ESTATE 5
9 David Hains S
$2.1 BIL #1157 INVESTMENTS MARGARET RIVER
Heloise Pratt S
$2.1 BIL #1157 PACKAGING,
INVESTMENTS Ginia Rinehart +
$1.3 BIL #1756 MINING
Maurice Alter S
$1.8 BIL #1339 REAL ESTATE Hope Welker +
$1.3 BIL #1756 MINING
Alejandro Bulgheroni T Jack Cowin S
$1.8 BIL #1339 FAST FOOD Brett Blundy +
$3 BIL #791 OIL & GAS
$1.2 BIL #1867 RETAIL,
Eduardo Eurnekian S Angela Bennett S AGRIBUSINESS
$2.7 BIL #887 AIRPORTS, $1.7 BIL #1394 MINING
Terry Snow S
INVESTMENTS Gerry Harvey T
$1.7 BIL #1394 RETAIL
$1.2 BIL #1867 AIRPORTS,
Gregorio Perez Companc S REAL ESTATE
$1.8 BIL #1339 OIL & GAS Kerr Neilson S John Van Lieshout X
Alberto Roemmers T $1.7 BIL #1394 INVESTMENTS $1.2 BIL #1867 REAL ESTATE
$1.8 BIL #1339
PHARMACEUTICALS
David Teoh X
$1.6 BIL #1477 TELECOM
Gretel Packer + Gretel Packer
$1.1 BIL #1999 CASINOS
Marcos Galperin S NEWCOMER: The daughter of the
Richard White + Alan Rydge X
$1.6 BIL #1477 E-COMMERCE $1.6 BIL #1477 SOFTWARE late media mogul Kerry Packer joins
$1.1 BIL #1999 ENTERTAINMENT
Jorge Horacio Brito X the three-comma club after settling
Judith Neilson S Huang Bingwen X the estate with her brother, James
$1.3 BIL #1756 BANKING $1.5 BIL #1561 INVESTMENTS $1 BIL #2124 PACKAGING
(No. 527). Known for her extremely
Eduardo Costantini S Nigel Austin +
Paul Little + low profile, she played an instrumen-
$1.2 BIL #1867 REAL ESTATE $1.4 BIL #1650 RETAIL
$1 BIL #2124 LOGISTICS, tal role in launching the $188 million
Delfin Jorge Ezequiel Bob Ell S REAL ESTATE
National Philanthropic Trust in 2014,
Carballo +
$1.4 BIL #1650 REAL ESTATE Sam Tarascio + supported by the family’s half-owned
$1.1 BIL #1999 BANKING
Manny Stul X $1 BIL #2124 REAL ESTATE Crown Resorts and the Packer Family
Julio Patricio Supervielle + $1.4 BIL #1650 TOYS
$1.1 BIL #1999 BANKING
Foundations, which she chairs.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

62 | FORBES MARCH 2018 OWNED SPORTS TEAM
 Kerry Stokes AUSTRIA
BIGGEST GAINER: His fortune rose 72% in a year as GDP: $417 BIL
increased demand from China for mining and con- POPULATION: 9 MIL; BILLIONAIRES: 8
struction equipment helped drive up shares of his in- TOTAL NET WORTH: $43.4 BIL (+$12.2 BIL VS. 2017)
vestment firm, Seven Group Holdings. After a diffi-
cult childhood—his mother gave him up for adoption
Dietrich Mateschitz S Wolfgang Leitner S
early on and he later dropped out of school at 14, ac- $23 BIL #37 RED BULL $2 BIL #1215 ENGINEERING
cording to two biographies—Stokes started by sell-
ing Caterpillar tractors and trucks. His art collection Johann Graf S Reinold Geiger S
$8.1 BIL #186 GAMBLING $1.5 BIL #1561
includes the $13.6 million Rothschild Prayerbook. BEAUTY PRODUCTS
Heidi Horten S
$3.4 BIL #679 RETAIL Helmut Sohmen T
$1.3 BIL #1756 SHIPPING
FRANK LOWY Georg Stumpf S
$2.9 BIL #822 REAL ESTATE, Stefan Pierer +
NEWSMAKER: The mall CONSTRUCTION $1.2 BIL #1867 AUTOMOTIVE
magnate agreed to sell his
9.5% stake in Westfield
Corp., which owns 35 shop-
ping centers in the U.K. FUSCHL AM SEE
and the U.S. (including one LOWER
EXPATRIATES RED BULL AUSTRIA VIENNA
in New York City’s World SALZBURG
DIETRICH
WELS
Trade Center) to European
MATESCHITZ
property giant Unibail-Ro- ARLBERG
HAYMAN ISLAND
damco in late 2017. Lowy is BURGENLAND
HAMILTON ISLAND expected to walk away with CARINTHIA GRAZ
nearly $1.5 billion in cash ZÜRS
and shares. A Holocaust
survivor, he opened his first WOERTHERSEE
shopping center in western
Sydney in 1959. Lowy, 87,
plans to retire from West-
field but continue to lead
his family office.

RICHARD BRANSON’S
MAKEPEACE ISLAND
BRISBANE

SURFERS
PARADISE

BYRON BAY

HUNTER
VALLEY
Stefan Pierer
NEWCOMER: For the 17th year in a row, a motorcycle made by
Pierer’s KTM won its category at the Dakar Rally, one of the most
popular motorsport events in the world. Pierer founded Cross hold-
BAROSSA ing group (now KTM Industries) in 1987 and still serves as CEO.
YARRA VALLEY
SYDNEY Sales surpassed $1.8 billion in 2017.
15

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

Albert Frere S
$6.2 BIL #281 INVESTMENTS
Patokh Chodiev S
EXPATRIATE
$2.1 BIL #1157 MINING, METALS

Lang Walker
TROPHY: The property develop-
er bought a 140-acre private island HOW TO READ THE MAPS
in Fiji in 2011 and spent millions fix-
ing it up. Renamed Kokomo, the
CITY WITH SECOND THIRD FOURTH FIFTH
pseudonym of a composer whose THE MOST
music he played as a child and the BILLIONAIRES
name of all but one boat Walker Boxes correspond to the cities where billionaires
has ever owned, the island opened live, one box per person. Colored names on the list
to visitors in March 2017. The luxu- correspond to the color of the city where they live.
ry resort is enclosed by the Great
John Doe S
Astrolabe Reef, and is accessible $1 BIL #1940 FURNITURE
to travelers only via private sea- Total worth
plane or helicopter. Guests can Source of wealth
book the whole island for $130,000 Rank
per night. Change in wealth status from 2017

L TO R: DIEGO LEVY/BLOOMBERG; DON ARNOLD/WIREIMAGE/GETTY IMAGES; PAUL KANE/GETTY IMAGES BRYAN VAN DER BEEK/BLOOMBERG 
MARCH 2018 FORBES | 63
T H E WO R L D ’ S B I L L I O N A I R E S

BRAZIL
Pedro Moreira Salles
TROPHY: With his three billionaire brothers,
Moreira Salles supports the Instituto Moreira
Salles, a museum with branches in Rio de
Janeiro, São Paulo (pictured at right) and Poços de Caldas,
in the state of Minas Gerais. Exhibits include a time-lapse se-
GDP: $2.1 TRIL ries of the São Paulo location’s construction and 200 works
POPULATION: 209 MIL; BILLIONAIRES: 42 (–1 VS. 2017) by Brazilian photographer Chichico Alkmim taken in the first
TOTAL NET WORTH: $176.4 BIL (+$4.3 BIL VS. 2017) half of the 20th century in the hinterlands of Brazil. Their
late father, Walther Moreira Salles, built Unibanco into one of
WEALTH the country’s largest banks (now called Itaú Unibanco) and
TOP SECTORS ORIGIN
served as ambassador to the U.S. in the 1950s.
11
FINANCE & INVESTMENTS 19%
6 45%
DIVERSIFIED
36%
5
FASHION & RETAIL
5 INHERITED & GROWING
FOOD & BEVERAGE INHERITED
SELF-MADE
4
HEALTH CARE
3
MEDIA & ENTERTAINMENT MANAUS

NATAL

EXPATRIATES
5

ABILIO DINIZ COMANDATUBA

ISLAND, BAHIA
NEWSMAKER: The retail ty-
coon spent much of his life
running—and expanding—
supermarket chain Grupo Pão de TRANCOSO
Açúcar, which his father started with
a single bakery. After French retail-
er Casino increased its stake in 2011,
Diniz clashed with the French owners. CAMPINAS CAMPOS DO JORDÃO
He eventually sold his Pão de Açúcar RED BULL BRASIL
shares and in 2014 invested in French superstore firm (and Casino competi- DIETRICH MATESCHITZ RIO DE
tor) Groupe Carrefour’s Brazil arm, joining the board. In July, Carrefour Brasil, JANEIRO
SÃO PAULO 10 RICHEST
also known as Atacadão, completed an IPO, raising nearly $1.6 billion. Diniz is 21
SANTO ANDRE
one of the largest shareholders, with about 8%. Jorge Paulo
SÃO JOSÉ
DOS PINHAIS Lemann
Jorge Paulo Lemann T Ermirio Pereira de Moraes T
$27.4 BIL #29 BEER $2.7 BIL #887 DIVERSIFIED Lemann’s fortune fell by
Joseph Safra S Jorge Moll Filho T $1.8 billion over the past
$23.5 BIL #36 BANKING $2.6 BIL #924 HOSPITALS year as shares of beer be-

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

Marcel Herrmann Telles T
$14 BIL #102 BEER
Carlos Alberto Sicupira T
$12 BIL #124 BEER
Eduardo Saverin S
$10.1 BIL #148 FACEBOOK
Pedro Moreira Salles S
$5.1 BIL #382 BANKING,
MINERALS
Fernando Roberto Moreira
Salles S
$5 BIL #388 BANKING, MINERALS
Joao Moreira Salles S
$5 BIL #388 BANKING, MINERALS
Walther Moreira Salles
Junior S
$5 BIL #388 BANKING, MINERALS
Abilio dos Santos Diniz S
$3.5 BIL #652 RETAIL
Walter Faria T
$3.2 BIL #729 BEER
Luis Frias +
$3 BIL #791 MOBILE PAYMENTS
Maria Helena Moraes
Scripilliti T
$2.6 BIL #924 DIVERSIFIED
Aloysio de Andrade Faria S
$2.5 BIL #965 BANKING
Jose Roberto Marinho T
$2.5 BIL #965 MEDIA
Roberto Irineu Marinho T
$2.5 BIL #965 MEDIA
Carlos Sanchez S
$2.5 BIL #965 GENERIC DRUGS
Jose Luis Cutrale S
$2.4 BIL #1020 ORANGE JUICE
Alfredo Egydio Arruda Villela
Filho S
$2.4 BIL #1020 BANKING
Andre Esteves S
$2.4 BIL #1020 BANKING
Joao Roberto Marinho T
$2.4 BIL #1020 MEDIA
Nevaldo Rocha & family S
$2.4 BIL #1020 RETAIL
Lia Maria Aguiar S
$2.2 BIL #1103 BANKING
PORTO ALEGRE
Dulce Pugliese de Godoy
Bueno S
$2.2 BIL #1103 HOSPITALS,
HEALTH CARE
Ana Lucia de Mattos Barretto
Villela S
$2.2 BIL #1103 BANKING
Alexandre Grendene Bartelle
S $1.5 BIL #1561 INVESTMENTS
$2.2 BIL #1103 SHOES
Joao Alves de Queiroz
Filho S
$2 BIL #1215 PHARMACEUTICALS
Jayme Garfinkel S
$2 BIL #1215 INSURANCE
Julio Bozano X
$1.8 BIL #1339 BANKING
Liu Ming Chung S
$1.7 BIL #1394
PAPER MANUFACTURING
Lirio Parisotto S
$1.6 BIL #1477 INVESTMENTS
Jose Joao Abdalla Filho +
Miguel Krigsner S
$1.5 BIL #1561 COSMETICS
Jose Isaac Peres & family X
$1.5 BIL #1561 SHOPPING MALLS
Antonio Luiz Seabra S
$1.5 BIL #1561 COSMETICS
Rubens Ometto Silveira
Mello X
$1.4 BIL #1650 SUGAR, ETHANOL
hemoth Anheuser-Busch
InBev, the source of the
majority of his wealth,
dropped 5%. AB-InBev
sales in North America
have declined—people are
drinking less Budweiser
and switching to craft
beers, wine and spirits.
AB-InBev replaced its chief
of North American opera-
tions in November.
Daisy Igel S
$1.2 BIL #1867 GAS,
PETROCHEMICALS
Ana Maria Marcondes Penido
Sant’Anna T
$1.2 BIL #1867 TOLL ROADS
Maurizio Billi T
$1 BIL #2124 GENERIC DRUGS
Elie Horn 3
$1 BIL #2124 REAL ESTATE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

64 | FORBES ASIA MARCH 2018

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

PROPHET OF
BOOM
In the world of cryptocurrency, speed is everything—and CZ is the fastest of them all.
BY PAMELA AMBLER

I n the world of cryptocurrency, where billion-dollar for-

tunes can be made overnight, speed is everything—and CZ
is the fastest of them all. From closet-size offices in Tokyo—
“I would touch four people if I turned around in a circle”—the
41-year-old Chinese-Canadian coder runs Binance, a crypto-
currency exchange that has gone from a standing start to the
largest on the planet in less than a year. CZ (born Changpeng
Zhao) cut his teeth making high-frequency trading systems for
Wall Street’s flash boys, and he built Binance to be a Ferrari. His
exchange can process a blazing 1.4 million transactions a sec-
ond and on a peak trading day in January processed 3.5 billion
new orders, cancels and trades. Speculators (some 25% of them
from the U.S.) use Binance to trade 120 different coins, gen-
erating $200 million in profits for CZ’s exchange last quarter.
BNB, the virtual coin CZ created in August that gives holders a
50% discount on trading fees, has a market cap of $1.3 billion.
His stake in Binance and his coins give CZ a personal fortune
of $1.4 billion.
Eight months ago Binance didn’t exist. Since then, its 1.4
million-transactions-per-second capability have attracted 6
million users. “No decentralized exchange today can handle
our volume, and none are as secure as we are,” says founder
CZ. The market seems to buy it: Since its July initial coin offer-
ing, a Binance token has soared from about 10 cents to a re-
cent $10.72. Zhao, who wears a black hoodie like some cross
between Mark Zuckerberg and Steve Jobs, also owns the big-
“No decentralized exchange today can handle our volume,” says CZ.
gest stake in the coins.
CZ was born in Jiangsu, China. Both of his parents were he moved to Shanghai to start Fusion Systems, which deliv-
educators; his father, a professor, was labeled a “pro-bourgeois ered some of the fastest high-frequency trading systems for
intellect” and temporarily exiled shortly after CZ was born. brokers. In 2013 CZ learned about Bitcoin and began bounc-
The family eventually emigrated to Vancouver in the late ing around prominent crypto projects, including Blockchain.
1980s. As a teenager, CZ pitched in to cover the household ex- info, where he worked with evangelists like Roger Ver and
VIRGILE SIMON BERTRAND

penses, flipping burgers at McDonald’s and working overnight
shifts at a gas station.
After graduating from Montreal’s McGill University with
a degree in computer science, he built trading systems in both
Tokyo and New York for companies like Bloomberg. In 2005
Ben Reeves. He eventually decided to create a pure-play cryp-
toexchange that would not transact with fiat currencies and
thus avoid connections to financial institutions. When he fi-
nally launched Binance, he caught the Bitcoin bubble’s ascent
perfectly. F

MARCH 2018 FORBES ASIA | 65

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

CANADA
WEALTH
TOP SECTORS ORIGIN
8
4%
FINANCE 15%
7
FASHION & RETAIL
81%
6
REAL ESTATE
GDP: $1.6 TRIL 6 INHERITED & GROWING
INHERITED
POPULATION: 37 MIL TECHNOLOGY SELF-MADE
BILLIONAIRES: 46 (+7 VS. 2017) 4
TOTAL NET WORTH: $148.5 BIL (+$14.7 BIL VS. 2017) FOOD & BEVERAGE

Mark Scheinberg
NEWSMAKER: Since selling PokerStars to The Stars Group
(then named Amaya) for $4.9 billion in 2014, he’s plowed
his $3 billion-plus take into real estate. In September he SILICON VALLEY NORTH
bought the Thompson Toronto, a boutique hotel in down-
town Toronto, for a reported $77 million. Last February he
paid about $240 million for 50% of a mixed-use project in
Madrid, featuring Spain’s first Four Seasons hotel. EDMONTON
CANADIAN ROCKIES EDMONTON OILERS
DARYL KATZ

David Thomson & family T Carlo Fidani S

$25 BIL #32 MEDIA $2.4 BIL #1020 REAL ESTATE
Joseph Tsai S Mitchell Goldhar S
$9.7 BIL #154 E-COMMERCE $2.4 BIL #1020 REAL ESTATE
STUART ISLAND
Galen Weston & family X Bob Gaglardi +
$9.5 BIL #160 RETAIL $2.1 BIL #1157 HOTELS WHISTLER BLACKCOMB

James Irving S Brandt Louie S

$8.3 BIL #183 DIVERSIFIED $2.1 BIL #1157 DRUGSTORES CALGARY
CALGARY FLAMES
Jim Pattison S N. Murray Edwards X N. MURRAY EDWARDS
$6.9 BIL #237 DIVERSIFIED $1.8 BIL #1339 OIL & GAS CLAYTON RIDDELL
VANCOUVER
David Cheriton S Gerald Schwartz X WINNIPEG JETS
$6 BIL #289 GOOGLE $1.8 BIL #1339 FINANCE DAVID THOMSON

Emanuele “Lino” Saputo & Marcel Adams & family S

family T $1.7 BIL #1394 REAL ESTATE
$5.3 BIL #365 CHEESE
Serge Godin S
Garrett Camp T $1.7 BIL #1394
Guy Laliberte T
$1.2 BIL #1867 CIRQUE DU SOLEIL
$4.8 BIL #422 UBER INFORMATION TECHNOLOGY
Mark Scheinberg S Huang Chulong S Michael Lee-Chin 3
$1.2 BIL #1867 MUTUAL FUNDS
$4.8 BIL #422 ONLINE GAMBLING $1.7 BIL #1394 REAL ESTATE Anton Rabie
Tobi Lutke +
Peter Gilgan S
$3.8 BIL #588 HOME BUILDING
Jacques D’Amours X
$1.6 BIL #1477 RETAIL
$1.2 BIL #1867 E-COMMERCE and Ronnen Harary
Arthur Irving T Stephen Jarislowsky S Terence “Terry” Matthews X NEWCOMERS: Remote-control Air Hogs,
$1.2 BIL #1867 TELECOM robotic Hatchimals and PAW Patrol
$3.5 BIL #652 OIL $1.6 BIL #1477
MONEY MANAGEMENT Clayton Riddell T rescue-dog toys have helped make
Alain Bouchard X
$3.3 BIL #703 RETAIL Hal Jackman S $1.2 BIL #1867 OIL & GAS these childhood friends (and co-CEOs)
$1.5 BIL #1561 INSURANCE, K. Rai Sahi X billionaires. The partners launched toy
Daryl Katz S INVESTMENTS company Spin Master in 1994, pulling
$1.2 BIL #1867 REAL ESTATE
$3.1 BIL #766 PHARMACIES
Frank Stronach X together $10,000 to create their first
Lawrence Stroll S Stephen Smith +
$1.5 BIL #1561 AUTO PARTS $1.1 BIL #1999 product, the Earth Buddy (it
$2.7 BIL #887
FINANCE & INVESTMENTS resembled a Chia Pet), in
FASHION INVESTMENTS Ronald Joyce X
$1.4 BIL #1650 TIM HORTONS Jack Cockwell + a garage. They took the
Robert Miller T company public in 2015;
$1 BIL #2124 REAL ESTATE,
$2.6 BIL #924 Bruce Flatt X
ELECTRONICS COMPONENTS $1.3 BIL #1756
PRIVATE EQUITY shares have risen nearly
MONEY MANAGEMENT Lawrence Rossy + 180%. Their Spin Master
Chip Wilson S Entertainment also
$1 BIL #2124 DOLLARAMA
$2.6 BIL #924 LULULEMON Ronnen Harary +
produces the TV show
Charles Bronfman S
$1.3 BIL #1756 TOYS V. Prem Watsa 3
$1 BIL #2124 INSURANCE, PAW Patrol, which airs
$2.4 BIL #1020 LIQUOR Pierre Karl Peladeau S on Nickelodeon Jr.
INVESTMENTS
$1.3 BIL #1756 MEDIA
Jean Coutu S
$2.4 BIL #1020 DRUGSTORES Anton Rabie +
$1.3 BIL #1756 TOYS

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

WILSON: VICTORIA JONES/PA IMAGES/GETTY IMAGES; COUTU: PAUL CHIASSON/ZUMA PRESS/NEWSCOM;

LÜTKE JENS KRISTIAN BALLE; PIÑERA GRAHAM HUGHES/ZUMA PRESS/NEWSCOM
66 | FORBES ASIA MARCH 2018
 Chip Wilson
NEWSMAKER: After a series of p.r. blunders, the founder
CHILE
of workout-wear retailer Lululemon stepped away from GDP: $270.6 BIL; POPULATION: 18 MIL
the company in 2015. Since then, Wilson—who remains BILLIONAIRES: 11 (–1 VS. 2017)
Lululemon’s largest individual shareholder with 14% of the
TOTAL NET WORTH: $41.9 BIL (+$500 MIL VS. 2017)
company—has been forced to find creative ways to make
his voice heard. He launched the now-defunct website
elevatelululemon.com in 2016 to offer his opinions. In
2017 he placed a bus-stop ad directly in front of Lululemon’s
Iris Fontbona & family S
Vancouver headquarters, imploring Lululemon to “Buy Under $16.3 BIL #80 MINING
Armour now.”
Horst Paulmann & family S
$4.8 BIL #422 RETAIL
Julio Ponce Lerou S
$4.8 BIL #422 FERTILIZER
Alvaro Saieh Bendeck S
$3.2 BIL #729 BANKING
Sebastian Pinera & family S
$2.8 BIL #859 INVESTMENTS
Roberto Angelini Rossi S
Jean Coutu $2.7 BIL #887 FORESTRY, MINING
NEWSMAKER: The 90-year-old pharmacist is finally Patricia Angelini Rossi S
hanging up his white lab coat. In October he agreed $2.1 BIL #1157 FORESTRY, MINING
to sell his Jean Coutu Group—which operates more Jean Salata S
than 400 pharmacies in Quebec, New Brunswick and $1.6 BIL #1477 FINANCE
Ontario—to Canadian grocery chain Metro for about Luis Enrique Yarur Rey T
$3.6 billion in cash and stock. Coutu, who founded the $1.6 BIL #1477 BANKING
business with a single Montreal location in 1969, will
Bernardo Matte T
pocket nearly $2 billion. $1 BIL #2124 PAPER
Eliodoro Matte T
$1 BIL #2124 PAPER

SANTIAGO
10
EXPATRIATE
1

MONT-TREMBLANT
PUCÓN Sebastián
QUEBEC CITY Piñera
SAINT JOHN POLITICS: In
PUERTO MONTT December, Piñera was
MONTREAL elected to his second
9 term as Chile’s president
MUSKOKA OTTAWA (he also served from
WESTMOUNT
2010 to 2014) in a
AURORA
runoff against former
NORTH YORK journalist Alejandro
MARKHAM EXPATRIATES
MISSISSAUGA TORONTO 7 Guillier. A conservative
BURLINGTON 11
leader who made his
OAKVILLE fortune with credit
card firm Bancard, he
divested his assets after
the 2010 election.

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

MARCH 31, 2018 FORBES | 67

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

CHINA
WEALTH
TOP SECTORS ORIGIN
70
MANUFACTURING 1% 1%
60
REAL ESTATE
98%
54
TECHNOLOGY
GDP: $12.3 TRIL 36 INHERITED & GROWING
POPULATION: 1.4 BIL HEALTH CARE
INHERITED
SELF-MADE
BILLIONAIRES: 373 (+54 VS. 2017) 32
TOTAL NET WORTH: $1.12 TRIL (+$311.4 BIL VS. 2017) DIVERSIFIED
23
FASHION & RETAIL

Ma Huateng S Pang Kang S

$45.3 BIL #17 INTERNET MEDIA $6.4 BIL #265 SOY SAUCE
Jack Ma S Ma Jianrong & family S
$39 BIL #20 E-COMMERCE $6 BIL #289 TEXTILES, APPAREL
Hui Ka Yan S Yao Liangsong S
$30.3 BIL #24 REAL ESTATE $5.8 BIL #305 FURNITURE
Wang Jianlin T Zhang Jindong S
$30 BIL #26 REAL ESTATE $5.8 BIL #305 APPLIANCE RETAIL
Yang Huiyan S Kei Hoi Pang S
$21.9 BIL #43 REAL ESTATE $5.6 BIL #321 REAL ESTATE NEWSMAKER URUMQI XINJIANG

He Xiangjian S Zhang Bangxin S Wang Jianlin

$20.1 BIL #50 APPLIANCES
Wang Wei S
$18.2 BIL #63 PACKAGE DELIVERY
William Ding S
$17.4 BIL #69 ONLINE GAMES
Zhang Zhidong S
$15.6 BIL #87 INTERNET MEDIA
Li Shufu S
$15.3 BIL #91 AUTOMOBILES
Lei Jun S
$12.5 BIL #118 SMARTPHONES
Robin Li T
$12 BIL #124 INTERNET SEARCH
Wang Wenyin T
$11.7 BIL #130 MINING, COPPER
Xu Shihui & family S
$11.3 BIL #135 SNACKS,
BEVERAGES
Zhou Hongyi S
$11.3 BIL #135
SECURITY SOFTWARE
Richard Qiangdong Liu S
$10.8 BIL #140 E-COMMERCE
Yan Zhi S
$10.1 BIL #148 REAL ESTATE
Pan Zhengmin & family S
$9.7 BIL #154 ELECTRONICS
Zong Qinghou S
$9.5 BIL #160 BEVERAGES
Yao Zhenhua S
$9.2 BIL #167 DIVERSIFIED
Guo Guangchang S
$8.1 BIL #186 DIVERSIFIED
Sun Piaoyang S
$7.7 BIL #202 PHARMACEUTICALS
Wu Yajun & family S
$7.7 BIL #202 REAL ESTATE
Wang Wenxue S
$7.2 BIL #217 REAL ESTATE
Lu Zhiqiang S
$7 BIL #228 REAL ESTATE
Wu Shaoxun +
$7 BIL #228 WINE
Chan Laiwa & family S
$6.8 BIL #242 REAL ESTATE
Liu Yongxing S
$6.7 BIL #248 DIVERSIFIED
Wei Jianjun & family S
$6.5 BIL #261 AUTOMOBILES
Jason Jiang S
$6.4 BIL #265 ADVERTISING
$5.5 BIL #334
AFTER-SCHOOL TUTORING
Zhang Shiping & family T
$5.5 BIL #334 ALUMINUM
Lin Xiucheng & family S
$5.4 BIL #351 ELECTRONICS
Xu Chuanhua & family T
$5.3 BIL #365 CHEMICALS,
LOGISTICS
Wang Chuanfu S
$5.2 BIL #372 BATTERIES,
AUTOMOBILES
Liu Yonghao & family S
$4.9 BIL #404 AGRIBUSINESS
Yu Yong S
$4.9 BIL #404 MINING
Zhou Jianping S
$4.9 BIL #404 FASHION RETAIL
Fu Liquan S
$4.8 BIL #422
SURVEILLANCE EQUIPMENT
Li Shuirong S
$4.7 BIL #441 PETROCHEMICALS
Cai Kui S
$4.6 BIL #456 REAL ESTATE
Liang Wengen S
$4.6 BIL #456
CONSTRUCTION EQUIPMENT
Fang Wei S
$4.5 BIL #466 STEEL
Ji Changqun S
$4.5 BIL #466 REAL ESTATE
Chu Mang Yee & family S
$4.4 BIL #480 REAL ESTATE
Wang Yusuo & family S
$4.2 BIL #514 NATURAL GAS
Fan Hongwei +
$4.1 BIL #527 PETROCHEMICALS
Wang Xing S
$4.1 BIL #527 E-COMMERCE
Che Jianxing S
$4 BIL #550 FURNITURE RETAIL
Huang Rulun S
$4 BIL #550 REAL ESTATE
Yu Huijiao S
$4 BIL #550 PACKAGE DELIVERY
Zhang Xuexin & family +
$4 BIL #550 ALUMINUM
Zhang Yiming +
$4 BIL #550 SOFTWARE
Chen Dongsheng S
$3.8 BIL #588 INSURANCE
XINJIANG FLYING TIGERS
SUN GUANGXIN
Wang, formerly China’s rich-
est man, made a retreat in
2017 shortly after boast-
ing about his Dalian Wanda
Group’s record number of
overseas acquisitions. The
owner of U.S. movie the-
ater chain AMC, Wang aban-
doned his dream of best-
ing Disney when he agreed
in July to sell Wanda’s Chi-
nese hotel and tourism port-
folio—including its theme
parks and a movie studio
complex—for over $9 billion.
Its international business
also hit the skids: Wanda’s
planned $1 billion acquisition
of Dick Clark Productions fell
through in March 2017, and
the group is offloading real
estate assets in London and
Australia, as well as a stake in
Spanish soccer club Atlético
de Madrid.
Jiang Weiping & family S
$3.8 BIL #588 CHEMICALS
Zeng Fangqin +
$3.8 BIL #588 Xu Jingren S Liu Zhongtian & family S
SMARTPHONE COMPONENTS $3.6 BIL #629 $3.3 BIL #703 ALUMINUM
PHARMACEUTICALS
Zhang Jin S Luo Liguo & family +
$3.8 BIL #588 DIVERSIFIED Zhang Li S $3.3 BIL #703 SILICON PRODUCTS
$3.6 BIL #629 REAL ESTATE
Li Gaiteng S Jiang Bin X
$3.7 BIL #606 HAIR DRYERS Zhang Xin & family S $3.2 BIL #729
$3.6 BIL #629 REAL ESTATE ACOUSTIC COMPONENTS
Tse Ping S
$3.7 BIL #606 Chen Bang S Nie Tengyun & family X
PHARMACEUTICALS $3.5 BIL #652 HOSPITALS $3.2 BIL #729 LOGISTICS
Cao Longxiang & family S Gao Tianguo S Frank Wang T
$3.6 BIL #629 $3.5 BIL #652 REAL ESTATE, $3.2 BIL #729 DRONES
PHARMACEUTICALS FINANCE
Cheng Cheung Ling +
Jiang Rensheng & family S Melissa Ma + $3.1 BIL #766 PHARMACEUTICALS
$3.6 BIL #629 VACCINES $3.4 BIL #679 INTERNET SEARCH
Meisong Lai S
Qin Yinglin & family S Sun Guangxin X $3.1 BIL #766 PACKAGE DELIVERY
$3.6 BIL #629 PIG BREEDING $3.4 BIL #679 DIVERSIFIED
Liang Xinjun S
Qiu Guanghe & family S Ji Qi S $3.1 BIL #766 DIVERSIFIED
$3.6 BIL #629 FASHION RETAIL $3.3 BIL #703 HOTELS, MOTELS
Ren Jianhua S
$3.1 BIL #766 APPLIANCES

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

CLOCKWISE FROM TOP: YU FANGPING/FEATURECHINA/NEWSCOM; ALY SONG/REUTERS; IMAGINE CHINA/NEWSCOM (2); VCG/GETTY IMAGES
68 | FORBES ASIA MARCH 2018
 William Li
NE WCOM E R: The seri- Zhou Xiaoguang
al entrepreneur’s three- NEWCOMER: The Zhejiang native,
year-old startup, Nio, began who reportedly left school at age
taking orders for its first elec- 16 due to a lack of funds, got her
tric SUV in December. Nio’s start peddling trinkets. With her
ES8 sells for a base price of husband, Yu Yunxin, Zhou later
$71,000, much less than Tes- cofounded Neoglory, which still
la’s Model X, which starts at sells inexpensive baubles on
roughly $130,000 in China. Amazon and elsewhere. It also
Nio, which has raised $2.1 bil- has interests in property and
lion in funding, is aiming to finance, including a publicly listed
build a network of 1,200 mo- real estate arm.
bile charging vans and 1,100
TONGHUA
battery-swap stations by
2020. LIAOYANG

SHENYANG
Wang Jian +
BEIJING $3.1 BIL #766
GENOME SEQUENCING
62 YINGKOU
SHANGHAI Lu Xiangyang S
46 $3 BIL #791 AUTOMOBILES,
DALIAN BATTERIES
Wang Zhenhua S
LANGFANG $3 BIL #791 REAL ESTATE
ZHAOYUAN
BAODING LONGKOU Simon Xie T
WEIFANG $3 BIL #791
BINZHOU WEIHAI ONLINE PAYMENT SERVICE
SHIJIAZHUANG
TAIYUAN QINGDAO Cai Dongchen +
DONGYING $2.9 BIL #822 PHARMACEUTICALS
LUANCHENG JINAN RIZHAO
HENGSHUI LINYI Ding Shizhong & family S
LIAOCHENG LIANYUNGANG
SUQIAN
ZHANGJIAGANG
HANGZHOU $2.9 BIL #822 SPORTSWEAR
WUZHONG XINXIANG
ZHENGZHOU WUXI 24 Feng Hailiang S
$2.9 BIL #822 DIVERSIFIED
HEZE NANTONG
Ke Zunhong & family X
CHANGGE YANZHOU JIANGYIN $2.9 BIL #822 PHARMACEUTICALS
XI’AN
SOFTWARE PARK HEFEI NANJING Wang Laichun S
LANZHOU $2.9 BIL #822
DANYANG
JIAXING TAIXING ELECTRONICS COMPONENTS
XIAN LUOHE
LIN’AN
Wang Laisheng S
NANYANG CHANGZHOU $2.9 BIL #822
NINGBO
TONGXIANG ELECTRONICS COMPONENTS
CHENGDU SHANGYU SHAOXING SUZHOU
Ding Shijia S
WUHAN ZHUJI
YIWU $2.8 BIL #859 SPORTSWEAR
WUJIANG QUZHOU TAIZHOU
Shi Yuzhu T
DAYE NANPING WENZHOU ZHUJI $2.8 BIL #859 ONLINE GAMES,
NANCHANG INVESTMENTS
NINGDE
Gu Yuhua & family S
ZHANGSHU $2.7 BIL #887 FURNITURE
CHANGSHA FUZHOU
CHONGQING Huang Wei X
QUANZHOU
GUANGZHOU R&F FC $2.7 BIL #887 REAL ESTATE
XINYU JINJIANG
GUANGZHOU
ZHANG LI
HONG KONG Zhang Wenzhong +
XIAMEN EXPATRIATES $2.7 BIL #887 RETAIL
KUNMING HUIZHOU
DONGGUAN
19 8
GUIYANG Zuo Hui +
SHANTOU $2.7 BIL #887
SHUNDE
REAL ESTATE SERVICES
CHAOZHOU
ANSHUN Chen Fashu T
FOSHAN PUNING $2.6 BIL #924 INVESTMENTS
Lam Kong S
YUNFU $2.6 BIL #924 PHARMACEUTICALS
ZHONGSHAN
Shen Wenrong S
ZHUHAI $2.6 BIL #924 STEEL
MACAU
Shen Yuxing +
SHENZHEN $2.6 BIL #924 REAL ESTATE
41 Song Zuowen S
HAIKOU $2.6 BIL #924 ALUMINUM,
DIVERSIFIED
Zhang Fan T
HAINAN ISLAND $2.6 BIL #924 TOUCHSCREENS
Zhu Xingliang S
$2.6 BIL #924 CONSTRUCTION

Liu Qiangdong Du Jiangtao & family S

$2.5 BIL #965 CHEMICALS
NEWSMAKER: His e-commerce giant JD.com reached an agree-
Hui Lin Chit S
ment in May with the provincial government of Shaanxi to build $2.5 BIL #965
China’s largest drone network. The company already has seven HYGIENE PRODUCTS
models of drones that carry packages along a fixed route, land- Sze Man Bok S
ing on pads in rural villages. One of the models can carry par- $2.5 BIL #965
cels weighing up to 66 pounds, while another can fly at up to 62 HYGIENE PRODUCTS
mph. Once they land, JD.com contractors deliver the orders.

MARCH 2018 FORBES ASIA | 69

T H E WO R L D ’ S B I L L I O N A I R E S
CHINA
CHEN FENG & WANG JIAN
FALLING SHORT: Slipping below the billion-dollar cutoff after debuting on the Forbes China Rich
List last October are Chen Feng and Wang Jian (inset), top leaders of China’s HNA Group. The ambi-
tious outfit’s acquisitions and investments, centered on transportation, logistics and technology but
extending globally, drew mounting concerns over debt levels and ownership transparency. Several
HNA-related shares have declined or been suspended.
Chen Jinxia S
$2.4 BIL #1020 INVESTMENTS
Geng Jianming & family S
$2.4 BIL #1020 REAL ESTATE
Li Zhongchu S
$2.4 BIL #1020 SOFTWARE
Tong Jinquan T
$2.4 BIL #1020 REAL ESTATE
Yu Minhong S
$2.4 BIL #1020 EDUCATION
Chen Hua S
$2.3 BIL #1070 REAL ESTATE
Hu Baifan S
$2.3 BIL #1070
PHARMACEUTICALS`
Lin Li S
$2.3 BIL #1070 INVESTMENTS
He Qiaonv S
$2.2 BIL #1103
LANDSCAPE ARCHITECTURE
Ke Xiping & family S
$2.2 BIL #1103 INVESTMENTS
Kong Jian Min S
$2.2 BIL #1103 REAL ESTATE
Shen Guojun T
$2.2 BIL #1103 RETAIL
Wu Zhigang & family S
$2.2 BIL #1103 BAKERY CHAIN
Xiao Wenge T
$2.2 BIL #1103 ENTERTAINMENT
Zhang Xiugen & family S
$2.2 BIL #1103 AUTOMOBILES
Cheng Xue S
$2.1 BIL #1157 SOY SAUCE
Huang Hongyun & family S
$2.1 BIL #1157 REAL ESTATE
Huang Zhenda & family S
$2.1 BIL #1157 CONSTRUCTION
70 | FORBES ASIA MARCH 2018
Jiang Yehua & family S
$2.1 BIL #1157 REAL ESTATE
Li Hongxin & family S
$2.1 BIL #1157 PAPER PRODUCTS
Li Xiting +
$2.1 BIL #1157 MEDICAL DEVICES
Liang Yunchao S
$2.1 BIL #1157
NUTRITION SUPPLEMENTS
Mao Lixiang & family +
$2.1 BIL #1157 APPLIANCES
Wang Changtian S
$2.1 BIL #1157 TV, MOVIE
PRODUCTION
Wang Wenjing S
$2.1 BIL #1157 BUSINESS
SOFTWARE
Ye Cheng S
$2.1 BIL #1157 DIVERSIFIED
Zhu Gongshan T
$2.1 BIL #1157
SOLAR PANEL MATERIALS
Dong Wei +
$2 BIL #1215 PHARMACEUTICALS
Hu Kaijun S
$2 BIL #1215 PHARMACEUTICALS
Li Ge +
$2 BIL #1215 BIOTECH
Liu Ming Hui S
$2 BIL #1215 NATURAL GAS
Ma Xingtian S
$2 BIL #1215 PHARMACEUTICALS
Miao Shouliang S
$2 BIL #1215 REAL ESTATE
Ren Zhengfei T
$2 BIL #1215 TELECOM EQUIPMENT
Su Suyu & family S
$2 BIL #1215 UTILITIES,
REAL ESTATE
Wang Liping & family S
$2 BIL #1215
HYDRAULIC MACHINERY
Wang Xicheng & family T
$2 BIL #1215 TIRES
Wei Shaojun S
$2 BIL #1215 REAL ESTATE
Zhu Baoguo & family S
$2 BIL #1215 PHARMACEUTICALS
Liang Jiankun & family +
$1.9 BIL #1284 COBALT MINING
Qiu Jianping & family T
$1.9 BIL #1284 HAND TOOLS
Wang Qingtao S
$1.9 BIL #1284 STEEL SMELTING
Xiao Yongming & family S
$1.9 BIL #1284 FERTILIZER
Xie Zhikun T
$1.9 BIL #1284 INVESTMENTS
Xue Xiangdong & family T
$1.9 BIL #1284 SOFTWARE
Yuan Yafei T
$1.9 BIL #1284 RETAIL,
INVESTMENTS
Zhang Daocai S
$1.9 BIL #1284 VALVES
Zhang Xuansong +
$1.9 BIL #1284 SUPERMARKETS
Zheng Yuewen & family T
$1.9 BIL #1284 INVESTMENTS
Zhou Xiaoguang +
$1.9 BIL #1284 JEWELRY,
REAL ESTATE
An Kang X
$1.8 BIL #1339
PHARMACEUTICALS
Chen Jianhua T
$1.8 BIL #1339 CHEMICALS
Cheung Yan S
$1.8 BIL #1339
Ma Xiuhui S
$1.7 BIL #1394 LED LIGHTING
PAPER PRODUCTS
Ou Zongrong S
Cui Genliang S $1.7 BIL #1394 REAL ESTATE
$1.8 BIL #1339
ELECTRIC COMPONENTS Pan Weiming S
$1.7 BIL #1394 REAL ESTATE
Dou Zhenggang S
$1.8 BIL #1339 ENERGY, Qi Jinxing S
CHEMICALS $1.7 BIL #1394 REAL ESTATE
Huang Qisen S Qi Shi & family T
$1.8 BIL #1339 REAL ESTATE $1.7 BIL #1394
FINANCIAL INFORMATION
Li Zongsong & family S
$1.8 BIL #1339 PHARMACEUTICALS Wang Chaobin S
$1.7 BIL #1394 REAL ESTATE
Qin Hui +
$1.8 BIL #1339 MOVIE THEATERS Wang Yanqing & family +
$1.7 BIL #1394
Sun Shoukuan S ELECTRICAL EQUIPMENT
$1.8 BIL #1339 METALS, COAL
Wu Guangming T
Wong Luen Hei T $1.7 BIL #1394 MEDICAL EQUIPMENT
$1.8 BIL #1339
BUILDING MATERIALS Xu Qiming S
$1.7 BIL #1394 FOOD, ART
Wu Yulan +
$1.8 BIL #1339 PHARMACEUTICALS Zhang Xiaojuan T
$1.7 BIL #1394 LOGISTICS
Xu Hang +
$1.8 BIL #1339 MEDICAL DEVICES Cai Wensheng T
$1.6 BIL #1477
Yang Erzhu 3 PHOTO-SHARING APP
$1.8 BIL #1339 REAL ESTATE
Chen Xiaoying T
Yao Kuizhang + $1.6 BIL #1477 PACKAGE DELIVERY
$1.8 BIL #1339 BEVERAGES
Lei Jufang T
Chen Dejun T $1.6 BIL #1477 PHARMACEUTICALS
$1.7 BIL #1394 PACKAGE DELIVERY
Li Li X
Chen Xueli S $1.6 BIL #1477 PHARMACEUTICALS
$1.7 BIL #1394 PHARMACEUTICALS
Li Liufa & family S
Huo Qinghua S
$1.7 BIL #1394 COAL
$1.6 BIL #1477 STEEL, DIVERSIFIED
Liu Hanyuan S
Jiang Yintai & family + $1.6 BIL #1477 AGRIBUSINESS
$1.7 BIL #1394 AUTO PARTS
Ni Zugen T
Li San Yim S $1.6 BIL #1477 APPLIANCES
$1.7 BIL #1394
CONSTRUCTION EQUIPMENT Ruan Shuilong & family S
$1.6 BIL #1477 CHEMICALS
IMAGINE CHINA/NEWSCOM (RIGHT); IMAGINE CHINA/NEWSCOM (INSET)
Wang Wenxue
WELL SITUATED: A big year for China’s real estate companies lifted
the wealth of Wang Wenxue, founder and chairman of China Fortune
Land Development, by nearly two thirds to $7.2 billion. With a focus
on industrial parks under public-private partnership, the Beijing firm
has a grip on land reserve in areas surrounding the capital, including
the Xiong’an New Area set up in April, China’s third special economic
zone after Shenzhen and Shanghai’s Pudong.
 T H E WO R L D ’ S B I L L I O N A I R E S

E-COMMERCE
HEAVY LIFTER
A toolmaker thought bigger: warehousing machinery.
BY S HERRY GU O AND MAGGIE CHEN

F resh from a master’s degree in en-

gineering, Qiu Jianping started out
like most others in China in 1985:
at a state-run company. By 1993, with
the country’s economic reforms gather-
ing steam, he left the machinery trading
firm and started his own business.
Today his Hangzhou Great Star In-
dustrial is one of Asia’s biggest man-
ufacturers of hand tools, with sales of
$492 million in the first three quar-
ters of 2017—up 17% from a year ear-
lier—most to overseas customers that
include Walmart, Home Depot and
Stanleyworks. His 45% stake in the
business, shared with wife and board
member Wang Lingling, was worth
$936 million.
Great Star’s 56-year-old chairman Handyman: Qiu Jianping is in the sweet spot of the Belt & Road initiative.
(worth $1.9 billion on our list) thought
bigger, though. He separately controls Hangcha Group, Qiu acquired 99% of what was once Hangzhou Ma-
one of China’s largest suppliers of forklift trucks and parts. chinery Repair Factory (later Hangzhou Forklift Facto-
China is No. 2 in the world after the U.S. in e-commerce, ry) in 2011 for $195 million; its market cap has soared to
and Hangcha serves the logistics industry. Hangcha’s sales $1.4 billion. Though a board member, he has left Hang-
in the first nine months of last year totaled $819 mil- cha’s day-to-day operations to others and encouraged staff
lion, an increase of about a third from a year earlier. Qiu’s performance through stock incentives. The company went
shares in Hangcha are worth an additional $429 million. public in Shanghai in 2016.
Hangcha, also in Hangzhou, is poised to get a fur- What’s next?
ther boost from the government’s Belt & Road Initiative Among the industries that Qiu has his eye on is health
abroad, as well as an effort by authorities to upgrade Chi- care. In November, Hangcha signed a strategic partner-
nese manufacturing by 2025. More specifically, Qiu told ship with Jiangsu Bicon Pharmaceutical to develop AGV
Forbes China in a recent interview, smart logistics will products for the drug industry. A big increase in seniors
likely drive demand for autonomous transport equipment. in the world’s most populous country is likely to fuel re-
Before, forklift sales weren’t seen as a high-end business. lated spending for decades; Qiu, from a seemingly dis-
IMAGINECHINA

Now, expanded warehousing and demand for “automated tant perch in equipment and tool manufacturing, is out
guided vehicles,” or AGVs, will benefit Hangcha, broker- to make sure at least one of his businesses is among the
age China Merchants Securities agrees. beneficiaries. F

MARCH 2018 FORBES ASIA | 71

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

CHINA Du Weimin +
$1.4 BIL #1650 VACCINES
Li Guoqiang 3
$1.4 BIL #1650 CAR DEALERSHIPS
Li Liangbin +
$1.4 BIL #1650 LITHIUM
Ma Hong & family T
$1.4 BIL #1650 RETAIL
Nan Cunhui S
$1.4 BIL #1650
POWER EQUIPMENT
Ou Xueming +
$1.4 BIL #1650 REAL ESTATE
Su Rubo +
$1.4 BIL #1650 REAL ESTATE
Wang Jianfeng & family S
$1.4 BIL #1650 AUTO PARTS
Wang Jing S
$1.4 BIL #1650 TELECOM SERVICES
Wang Qunbin S
$1.4 BIL #1650 DIVERSIFIED
Yi Zheng T
$1.4 BIL #1650 SOFTWARE
Yuan Fugen & family 3
$1.4 BIL #1650 METALS
Zeng Kaitian S
$1.4 BIL #1650 ONLINE GAMES
Zhang Wanzhen S
$1.4 BIL #1650
ELECTRONICS COMPONENTS
Zhang Yubai +
$1.4 BIL #1650 WINE
Changpeng Zhao +
$1.4 BIL #1650 CRYPTOCURRENCY
LI SHUFU Zhou Yifeng & family S
NEWSMAKER: Shares in Geely Automobile Holdings, the Hong $1.4 BIL #1650 CHEMICALS
Kong domestic flagship of Li Shufu, soared by 6.5% in late Zhou Yongli & family +
February on word of Li’s purchase of a 9.7% stake in Daimler AG $1.4 BIL #1650 DIVERSIFIED
of Germany. Shares in Geely Auto have gained more than 140%
Zhu Wenchen S
in the past year on its successful debut of new models at home, $1.4 BIL #1650 PHARMACEUTICALS
helping to raise Li’s fortune is $15.3 billion.
Cheng Xianfeng S
$1.3 BIL #1756 PHARMACEUTICALS
Fu Meicheng & family S
$1.3 BIL #1756 TV SHOWS, MOVIES
Don Gao X
$1.3 BIL #1756 POWER TOOLS
Gao Yunfeng +
$1.3 BIL #1756
INDUSTRIAL LASERS
Hu Keqin & family +
$1.3 BIL #1756 CHEMICALS
Li Jiaquan +
$1.3 BIL #1756 CHEMICALS
Lin Fanlian +
$1.3 BIL #1756 DIVERSIFIED
Lin Jianhua & family T
$1.3 BIL #1756
SOLAR PANEL MATERIALS
Liu Baolin X
$1.3 BIL #1756 PHARMACIES
Lu Di X
$1.3 BIL #1756 DRONES
Shao Qinxiang +
$1.3 BIL #1756 DIVERSIFIED
Eric Ya Shen S
$1.3 BIL #1756 E-COMMERCE
Shum Chiu Hung +
$1.3 BIL #1756 REAL ESTATE
Sun Qinghuan T
$1.3 BIL #1756 LIGHTING
Sun Yinhuan S
$1.3 BIL #1756 REAL ESTATE
Wan Long +
$1.3 BIL #1756 FOOD
Wang Muqing & family 3
$1.3 BIL #1756 CAR DEALERSHIPS
Wang Yong S
$1.3 BIL #1756 FOOD SWEETENERS
Wen Yibo & family S
$1.3 BIL #1756
WASTEWATER TREATMENT
Wu Lanlan & family T
$1.3 BIL #1756 PACKAGING
Xu Ziquan & family X
$1.3 BIL #1756 SOFTWARE
Yang Meirong +
$1.3 BIL #1756 EDUCATION
Yang Tingdong +
$1.3 BIL #1756 BREWERY
You Xiaoping 3
$1.3 BIL #1756 CHEMICALS,
SPANDEX
Yu Qibing & family +
$1.3 BIL #1756 GLASS
Yu Yunxin +
$1.3 BIL #1756 JEWELRY,
REAL ESTATE
Zan Shengda X
$1.3 BIL #1756 DIVERSIFIED
Zhang Guiping & family T
$1.3 BIL #1756 REAL ESTATE
Zhao Weiguo S
$1.3 BIL #1756 CHIPMAKER
Zheng Jianjiang & family S
$1.3 BIL #1756
ELECTRICAL EQUIPMENT
Cai Dongqing T
$1.2 BIL #1867 ANIMATION
Chen Bo & family +
$1.2 BIL #1867 WIND POWER
Cheng Wei 3
$1.2 BIL #1867
RIDE-HAILING SERVICE
Chu Jinfu X
$1.2 BIL #1867
ELECTRICAL EQUIPMENT
Fang Hongbo +
$1.2 BIL #1867
APPLIANCES
Fu Guangming & family T
$1.2 BIL #1867 POULTRY
Gu Wei T
$1.2 BIL #1867
CONSUMER ELECTRONICS
Huang Jianrong & family +
$1.2 BIL #1867 MINERALS
Jiang Ganjun +
$1.2 BIL #1867 FURNITURE

Su Weizhong S
$1.6 BIL #1477 OIL, FERTILIZERS
Wang Jinshu S
$1.6 BIL #1477 CHEMICALS
Wang Yaohai S
$1.6 BIL #1477 LIGHTING
Wong Kwong Yu & family X
$1.6 BIL #1477 APPLIANCE RETAIL
Wu Xushun & family S
$1.6 BIL #1477 ONLINE GAMES,
AUTO PARTS
Yu Rong +
$1.6 BIL #1477
HEALTH CLINICS
Zhou Chengjian T
$1.6 BIL #1477 RETAIL
Zhou Yaoting & family T
$1.6 BIL #1477 APPAREL, REAL
ESTATE
Zhuang Kuilong & family +
$1.6 BIL #1477 POLYESTER
Che Fengsheng S
$1.5 BIL #1561 PHARMACEUTICALS
Chen Qingzhou & family T
$1.5 BIL #1561
COMMUNICATIONS EQUIPMENT
William Li +
$1.5 BIL #1561 AUTOMOBILES
Li Yihai S
$1.5 BIL #1561 PHARMACEUTICALS
Li Yong S
$1.5 BIL #1561 CHEMICALS
Lou Zhongfu & family S
$1.5 BIL #1561 REAL ESTATE
Ou Zonghong 3
$1.5 BIL #1561 REAL ESTATE
Que Wenbin & family S
$1.5 BIL #1561 PHARMACEUTICALS
Tang Jianfang S
$1.5 BIL #1561
PACKAGED FOODS
Ning Tang +
$1.5 BIL #1561 ONLINE LENDING
Wang Jiufang T
$1.5 BIL #1561 REAL ESTATE
Wong Hong King +
$1.5 BIL #1561 REAL ESTATE
Xiao Chunhong S
$1.5 BIL #1561 REAL ESTATE
Zhang Hongwei 3
$1.5 BIL #1561 OIL, BANKING

Huang Qiaoling X Zhang Tao +

$1.5 BIL #1561 AMUSEMENT PARKS $1.5 BIL #1561 E-COMMERCE

Huang Zhuangmian & family Chen Liying T

$1.4 BIL #1650
+
PACKAGE DELIVERY Zhou Hongyi
VCG VIA GETTY IMAGES (LEFT)

$1.5 BIL #1561 LOGISTICS

Chen Tianqiao 3 BIGGEST GAINER: Zhou is the world’s biggest percentage gainer (650%) after a backdoor listing of his
Lee Yin Yee +
$1.5 BIL #1561 GLASS $1.4 BIL #1650 ONLINE GAMES 360 Security software business in China. Known as Qihoo 360 when it was delisted from the New York
Chi Yufeng S Stock Exchange in 2016, the company had a $9 billion valuation then—and $56 billion by early March.
Li Weiwei S Its technological reach is being extended from installation on 500 million Chinese computers to routers,
$1.5 BIL #1561 ONLINE GAMES $1.4 BIL #1650 SOFTWARE
autonomous vehicles and fintech apps.

72 | FORBES ASIA MARCH 2018

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

Jiang Zhaobai T
$1.2 BIL #1867 REAL ESTATE
Liu Zhendong S
$1.1 BIL #1999 INDUSTRIAL PARKS
COLOMBIA
Jin Huiming S Liu Zhiqiang 3 GDP: $311.4 BIL; POPULATION: 49 MIL
$1.2 BIL #1867 REAL ESTATE $1.1 BIL #1999 DIVERSIFIED
BILLIONAIRES: 3
Li Guangyu + Jonathan Lu X ATLETICO NACIONAL
TOTAL NET WORTH: $18.6 BIL
$1.2 BIL #1867 EDUCATION $1.1 BIL #1999 E-COMMERCE CARLOS ARDILA LULLE
MEDELLIN (+$1.5 BIL VS. 2017)
Li Jun + Peng Jianhu T
$1.2 BIL #1867 ELECTRONICS $1.1 BIL #1999 TOURISM BOGOTA
Luis Carlos Sarmiento S
Li Rucheng X Lucy Peng X $12.1 BIL #123 BANKING
$1.2 BIL #1867 APPAREL $1.1 BIL #1999 E-COMMERCE
Jaime Gilinski Bacal S
Li Xuhui + Wan Lianbu 3 $3.7 BIL #606 BANKING
$1.2 BIL #1867 SOY SAUCE NEWCOMER $1.1 BIL #1999 FERTILIZERS
Ning Tang Carlos Ardila Lülle S
Liu Jiang + Wang Miaotong T $2.8 BIL #859 SOFT DRINKS,
$1.2 BIL #1867 NATURAL GAS $1.1 BIL #1999 AUTO PARTS EXPATRIATE
Tang pioneered marketplace DIVERSIFIED
1
Liu Xuejing & family T lending in China when he Wang Zhenghua X
$1.2 BIL #1867 COPPER, POULTRY $1.1 BIL #1999 BUDGET AIRLINE
founded CreditEase, a peer-
Liu Zhenguo S
$1.2 BIL #1867
SEWAGE TREATMENT
to-peer lending firm, in 2006.
The privately held compa-
Wen Jianping T
$1.1 BIL #1999
SEWAGE TREATMENT
CYPRUS
ny also offers other services
Ma Yunsheng S Xia Zuoquan + GDP: $21.3 BIL; POPULATION: 1 MIL
like crowdfunding and on-
$1.2 BIL #1867 ENERGY
line financial management.
$1.1 BIL #1999 AUTOMOBILES BILLIONAIRES: 7 (+1 VS. 2017)
Ni Zhaoxing X CreditEase, which operates Swift Xie X TOTAL NET WORTH: $17.6 BIL (+$1.2 BIL VS. 2017)
$1.2 BIL #1867 REAL ESTATE in 255 cities in China as well $1.1 BIL #1999 DRONES
Peng Hao + as around the world, listed its Yao Jinbo +
$1.2 BIL #1867 ELECTRONICS lending arm Yirendai on the $1.1 BIL #1999
ONLINE MARKETPLACE
Shang Jiyong S New York Stock Exchange in
EXPATRIATES LEFKOSA
$1.2 BIL #1867 TIRES, CHEMICALS 2015; shares have risen 43% Zhao Yan T 6
in the past year. $1.1 BIL #1999 REAL ESTATE,
Tian Ming X FINANCE John Fredriksen T
$1.2 BIL #1867
$7 BIL #228 SHIPPING
MEASURING INSTRUMENTS Zhou Zongwen & family +
$1.1 BIL #1999 JEWELRY Yakir Gabay S
Wang Han T $3.1 BIL #766 REAL ESTATE Polys Haji-Ioannou S
$1.2 BIL #1867 AIRLINE Cao Kejian T $1.4 BIL #1650 EASYJET
Cai Rongjun + $1 BIL #2124 AIR COMPRESSORS Suat Gunsel S
Wang Junjin T $1.1 BIL #1999 $1.9 BIL #1284 REAL ESTATE, Clelia Haji-Ioannou S
$1.2 BIL #1867 AIRLINE ELECTRONICS COMPONENTS Chen Jianming + EDUCATION $1.3 BIL #1756 EASYJET
$1 BIL #2124 REAL ESTATE
Wang Wenbiao + Cai Xiaoru 3 Stelios Haji-Ioannou S Surendra Hiranandani S
$1.2 BIL #1867 NATURAL GAS, $1.1 BIL #1999 He Simo T $1.6 BIL #1477 EASYJET $1.3 BIL #1756 REAL ESTATE
FERTILIZERS ELECTRONICS COMPONENTS $1 BIL #2124 POWER SUPPLIES
Wu Daohong T Chen Jinshi & family 3 Huang Xiaofen & family +
$1.2 BIL #1867 ENERGY SERVICES
Wu Yiling T
$1.1 BIL #1999 CONSTRUCTION,
REAL ESTATE
$1 BIL #2124 CIRCUIT BOARDS
Jiang Wei T
CZECH REPUBLIC
$1.2 BIL #1867 Chen Qixing T $1 BIL #2124 PHARMACEUTICALS
PHARMACEUTICALS $1.1 BIL #1999
GDP: $216.5 BIL; POPULATION: 11 MIL
ELECTRONICS COMPONENTS
Jiang Xuefei & family T BILLIONAIRES: 6
Xiu Laigui S $1 BIL #2124 CIRCUIT BOARDS
$1.2 BIL #1867 Chen Shiliang + TOTAL NET WORTH: $30.1 BIL (+$6.6 BIL VS. 2017)
PHARMACEUTICALS $1.1 BIL #1999 POLYESTER
Liang Zhaoxian T
$1 BIL #2124 APPLIANCES
Xu Xiong S Chen Xiaxin & family X
$1.2 BIL #1867 DRIVING SCHOOLS $1.1 BIL #1999
Liu Fuhai & family T
INDUSTRIAL MACHINERY
$1 BIL #2124 TEXTILES, ENERGY Petr Kellner S
Xu Xudong & family + $15.5 BIL #88 BANKING,
Liu Jincheng & family +
$1.2 BIL #1867 AUTO PARTS Dang Yanbao + PRAGUE 5 INSURANCE
$1.1 BIL #1999 COAL
Xue Hua + Andrej Babis S
Fu Kwan X Liu Shaoxi T
$1.2 BIL #1867 AGRIBUSINESS VELKE POPOVICE $4.6 BIL #456 AGRICULTURE
$1 BIL #2124 REAL ESTATE
$1.1 BIL #1999 REAL ESTATE,
Yan Yude + Karel Komarek S
$1.2 BIL #1867 PRIVATE SCHOOLS
DIVERSIFIED Lu Weiding +
$3.2 BIL #729 LOTTERIES
$1 BIL #2124 DIVERSIFIED
Huang Shilin +
Yang Keng S Radovan Vitek S
$1.2 BIL #1867 REAL ESTATE
$1.1 BIL #1999 BATTERIES Mi Enhua X
$2.9 BIL #822 REAL ESTATE
$1 BIL #2124 RETAIL
Huang Wen Tsai T
Yang Shaopeng + Daniel Kretinsky S
$1.2 BIL #1867 SHIPPING
$1.1 BIL #1999 REAL ESTATE Sun Shangchuan & family T
POLITICS $2.6 BIL #924
$1 BIL #2124
Lam Lung On & family + ENERGY GENERATION
Zhang Cheng Fei S $1.1 BIL #1999 REAL ESTATE
ELECTRONICS COMPONENTS
ANDREJ BABIS
$1.2 BIL #1867
Wang Jianyi 3 Pavel Tykac X
PAPER PRODUCTS David Xueling Li + The Czech Republic’s Donald Trump, $1.3 BIL #1756 COAL MINES
$1 BIL #2124 FIBER-OPTIC CABLES
$1.1 BIL #1999 Babiš was elected prime minister in
Zhang Jingzhang T
$1.2 BIL #1867
LIVE STREAMING SERVICE Wen Pengcheng & family T October and took office in Decem-
$1 BIL #2124 AGRIBUSINESS
PRECISION MACHINERY Li Tan T ber. Weeks before the election he was
Zhang Keqiang 3
$1.1 BIL #1999 PHARMACEUTICALS Yang Jianxin & family + charged with fraud by Prague prose-
$1 BIL #2124 APPAREL
$1.2 BIL #1867 REAL ESTATE Li Weiguo + cutors over allegations that his busi-
Zhang Xuanning +
$1.1 BIL #1999 Yao Xinyi X ness improperly received EU subsidies
GIULIA MARCHI/BLOOMBERG; MARTIN DIVISEK/BLOOMBERG

CONSTRUCTION MATERIALS $1 BIL #2124 AIR CONDITIONING

$1.2 BIL #1867 RETAIL
Zhang Zhangsun X
$1.2 BIL #1867 REAL ESTATE
Zhou Bajin +
$1.2 BIL #1867 AUTO PARTS
Zhou Wenyu +
$1.2 BIL #1867 REAL ESTATE
Bu Yang +
$1.1 BIL #1999 RETAIL
a decade ago; he got immunity upon
Liang Feng + Zhao Xiaoqiang T election, but Czech lawmakers voted
$1.1 BIL #1999
$1 BIL #2124 FASHION, to strip him of the protection in Janu-
BATTERY PARTS ENTERTAINMENT ary. Babiš has denied the fraud alle-
Liang Guangwei T
Zhou Liangzhang & family + gations. Meanwhile, his minority gov-
$1.1 BIL #1999 DIVERSIFIED $1 BIL #2124 ernment failed to win the support
Liang Shezeng + ELECTRICAL EQUIPMENT
of other parties and lost a confi-
$1.1 BIL #1999 REAL ESTATE Zhu Xingming + dence vote in parliament. He
Liao Chang S $1 BIL #2124 is expected to try again.
ELECTRICAL EQUIPMENT
$1.1 BIL #1999 WINE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

MARCH 2018 FORBES ASIA | 73

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

FRANCE
DENMARK
GDP: $325.2 BIL
POPULATION: 6 MIL EXPATRIATE
AARHUS 1
BILLIONAIRES: 10 (+4 VS. 2017) WEALTH
TOTAL NET WORTH: $43.7 BIL (+$5.1 BIL VS. 2017) SILKEBORG GDP: $2.6 TRIL TOP SECTORS ORIGIN
POPULATION: 65 MIL 9
Anders Holch Povlsen S Niels Peter Louis-Hansen S HUMLEBAEK BILLIONAIRES: 40 FASHION & RETAIL 22%
$7.4 BIL #207 FASHION RETAIL $4.7 BIL #441 MEDICAL DEVICES (+2 VS. 2017) 6
50%
Kjeld Kirk Kristiansen T Lars Larsen S TOTAL NET WORTH: HEALTH CARE
28%
$5.4 BIL #351 LEGO $4.2 BIL #514 RETAIL BILLUND $320.4 BIL 6
NORDBORG (+$75.3 BIL VS. 2017) FOOD & BEVERAGE
Sofie Kirk Kristiansen + Hanni Toosbuy Kasprzak S 4 INHERITED & GROWING
$5.4 BIL #351 LEGO $2.6 BIL #924 SHOES INHERITED
FINANCE & INVESTMENTS
HADERSLEV SELF-MADE
Thomas Kirk Kristiansen + Martin Moller Nielsen S 3
$5.4 BIL #351 LEGO $2.1 BIL #1157 COPENHAGEN
CONSTRUCTION
AIRCRAFT LEASING
Agnete Kirk Thinggaard +
$5.4 BIL #351 LEGO Bent Jensen 3
$1.1 BIL #1999
ELECTRIC MOTORS

Kjeld Kirk
Kristiansen
TROPHY: Third-
generation Lego owner
Kristiansen opened his
latest homage to the
plastic brick, the Lego
House, in September.
Designed as both
a museum and an
interactive play zone,
the 130,000-square-
foot structure is built Françoise Bettencourt Meyers
on the site of the
NEWCOMER: After her mother, Liliane Bettencourt, died at age 94 in Septem-
former town hall in
ber, Bettencourt Meyers officially became France’s new L’Oréal heiress and the
Billund, Denmark, and
richest woman in Europe. The granddaughter of L’Oréal’s founder, she had al-
resembles 21 larger-
ready been running the holding company through which she, her husband and
than-life Lego bricks
their two sons own L’Oréal stock. She has written three books, including one
stacked on top of each
about the Greek gods.
other.

EGYPT FINLAND Clement Fayat

NEWSMAKER: A street in
GDP: $193.7 BIL GDP: $253.1 BIL Libourne, France, northeast
POPULATION: 92 MIL POPULATION: 6 MIL of Bordeaux, was renamed
BILLIONAIRES: 6 (–1 VS. 2017) BILLIONAIRES: 6 (–1 VS. 2017) Avenue Clement Fayat in
TOTAL NET WORTH: $18.2 BIL TOTAL NET WORTH: $13.5 BIL May in honor of the French
(+$100 MIL VS. 2017) (+$600 MIL VS. 2017) billionaire who 60 years
earlier opened his first public
works company, the National
Company for Terracing, in the
Antti Herlin S
$4.2 BIL #514 ELEVATORS, city. Libourne’s mayor joined
ESCALATORS Fayat for the unveiling.
CAIRO Heikki Kyostila S
Fayat started the group at
5 $2.2 BIL #1103 age 25 and was in charge
DENTAL PRODUCTS until 2013, when he handed
EXPATRIATE Antti Aarnio-Wihuri S oversight to his two sons.
$2 BIL #1215 DIVERSIFIED He is now Fayat Group’s
honorary president. He also
Mika Anttonen S
$2 BIL #1215 OIL & GAS owns three vineyards.

Nassef Sawiris S Ilkka Herlin S

$6.6 BIL #251 CONSTRUCTION, $1.6 BIL #1477 ELEVATORS,
CHEMICALS ESCALATORS

Naguib Sawiris S Ilona Herlin S Gilles Martin

$1.5 BIL #1561 ELEVATORS,
$4 BIL #550 TELECOM
ESCALATORS HELSINKI NEWSMAKER: Martin is CEO of Eurofins
Mohamed Mansour X 5 Scientific, a food and pharmaceutical testing
$2.7 BIL #887 DIVERSIFIED
company that he founded in 1987; it claims
Yasseen Mansour S the greatest total shareholder return of any
$1.9 BIL #1284 DIVERSIFIED
company listed on a European exchange
Mohamed Al Fayed T over the past two decades. His brother Yves-
$1.6 BIL #1477 RETAIL, Loïc, the company’s former chief technolo-
INVESTMENTS
KIRKKONUMMI gy officer, joins Martin in the wealth ranks,
Youssef Mansour S thanks to a 13% rise in the value of Eurofins
$1.4 BIL #1650 DIVERSIFIED
shares in the past 12 months.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND TRUMP NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER PROPERTY

74 | FORBES ASIA MARCH 2018

Marc Ladreit de Bernard Arnault & family S Xavier Niel X
$72 BIL #4 LVMH $8.1 BIL #186 INTERNET,
Lacharrière Francoise Bettencourt
TELECOM
NEWSMAKER: Ladreit de Meyers & family + Vincent Bollore & family S
Lacharrière took his hold- $42.2 BIL #18 L’OREAL $7.4 BIL #207 INVESTMENTS
ing firm Fimalac private Francois Pinault & family S Carrie Perrodo & family S
in July 2017 in a deal that $27 BIL #30 LUXURY GOODS $7.2 BIL #217 OIL
valued the company at Serge Dassault & family S Patrick Drahi T
an estimated $3.7 billion. $22.6 BIL #41 DIVERSIFIED $7.1 BIL #222 TELECOM
He already owned 94% of
Emmanuel Besnier S Jacques Saade & family S
the shares at the time. EXPATRIATES $14.7 BIL #97 CHEESE $7 BIL #228 SHIPPING
Fimalac has a 20% stake 9
in Fitch Ratings, the Alain Wertheimer S Pierre Bellon & family S
$13 BIL #108 CHANEL $6.1 BIL #287 FOOD SERVICES
world’s third-largest LILLE
credit-rating agency, with Gerard Wertheimer S Jean-Michel Besnier S
$13 BIL #108 CHANEL $5.4 BIL #351 CHEESE
operations in over 30
countries. Marie Besnier Beauvalot S
$5.4 BIL #351 CHEESE
Martin & Olivier Bouygues S
$4.9 BIL #404 CONSTRUCTION,
MEDIA
PARIS-SACLAY
Jean-Pierre Cayard S
$4.5 BIL #466 SPIRITS
CHAMPAGNE Michel Leclercq & family T
$4 BIL #550 SPORTING GOODS
Marc Ladreit de LacharriereS
STADE RENNAIS FC PARIS $3.7 BIL #606 FINANCE
FRANCOIS PINAULT 17 ALSACE
Alain Merieux & family T
RENNES
$3.2 BIL #729
PHARMACEUTICALS
LAVAL Anne Beaufour S
$3 BIL #791 PHARMACEUTICALS
Henri Beaufour S
$3 BIL #791 PHARMACEUTICALS

LOIRE Philippe Foriel-Destezet S

NANTES $2.9 BIL #822
EMPLOYMENT AGENCY
Louis Le Duff S
$2.9 BIL #822 BAKERIES

BURGUNDY Nicolas Puech S

$2.8 BIL #859 HERMES
Mohed Altrad S
$2.7 BIL #887 SCAFFOLDING,
CEMENT MIXERS
ILE DE
Gilles Martin S
RE
COURCHEVAL $2.6 BIL #924
LABORATORY SERVICES
LYON Bernard Fraisse X
$2.3 BIL #1070
PHARMACEUTICALS

GRENOBLE Alain Taravella S

$2.2 BIL #1103 REAL ESTATE
BORDEAUX
Philippe Ginestet S
SAINT-EMILION $2.1 BIL #1157 RETAIL STORES
VALBONNE Christian Latouche S
RHONE
PUJOLS $2.1 BIL #1157
ACCOUNTING SERVICES
Charles Edelstenne S
OLYMPIQUE MARSEILLE $1.9 BIL #1284 AVIATION
MONTPELLIER HERAULT RUGBY MARGARITA LOUIS-DREYFUS
MOHED ALTRAD Edouard Carmignac S
TOULOUSE ST. TROPEZ $1.8 BIL #1339
ASSET MANAGEMENT
CANNES
MONTPELLIER Clement Fayat & family X
MARSEILLE ST. RAPHAEL
LANGUEDOC $1.8 BIL #1339 CONSTRUCTION
ST. MAXIME
Dominique Desseigne S
$1.7 BIL #1394 CASINOS
Michel Chalhoub & family X
$1.6 BIL #1477 RETAIL
Norbert Dentressangle S
XAVIER NIEL $1.2 BIL #1867 TRANSPORT,
NEWSMAKER: In June 2017 French LOGISTICS
president Emmanuel Macron and Paris Francis Holder +
mayor Anne Hidalgo, along with over $1.2 BIL #1867 BAKERIES
a thousand entrepreneurs, attended Yves-Loic Martin +
the launch of Station F, billed as the $1.1 BIL #1999
world’s biggest startup campus. LABORATORY SERVICES
Funded by telecom billionaire Niel, the Francois Feuillet +
366,000-square-foot building in Paris $1 BIL #2124 MOTOR HOMES, RV’S
has 3,000 desks. Station F has part-
nered with companies like Facebook
and Microsoft to offer mentoring
programs and workshops.

MEYERS: FRANCOIS MORI/AP; BRUNO LEVY/CHALLENGES-REA/REDUX; FRANK PERRY/AFP/GETTY IMAGES; YVES FORESTIER/SYGMA/GETTY IMAGES; STEPHANE GRANGIER/CORBIS/GETTY IMAGES;
CHRISTOPHE MORIN/BLOOMBERG MARCH 2018 FORBES ASIA | 75
T H E WO R L D ’ S B I L L I O N A I R E S

GERMANY
WEALTH TOP SECTORS
ORIGIN
32
FASHION & RETAIL
12% 17
72% MANUFACTURING
17
16% HEALTH CARE
GDP: $3.7 TRIL 11
POPULATION: 83 MIL INHERITED & GROWING TECHNOLOGY
INHERITED
BILLIONAIRES: 123 (+9 VS. 2017) SELF-MADE 10
TOTAL NET WORTH: $578.7 BIL (+$110.9 BIL VS. 2017) AUTOMOTIVE
EXPATRIATES
15

Beate Heister & SYLT

Karl Albrecht Jr. S
$29.8 BIL #27 SUPERMARKETS KIEL
Georg Schaeffler S
$25.3 BIL #31 AUTO PARTS
Susanne Klatten S
$25 BIL #32 BMW,
PHARMACEUTICALS
Stefan Quandt S
$22 BIL #42 BMW
BREMEN
Dieter Schwarz S
$20.9 BIL #46 RETAIL AURICH HAMBURG
Theo Albrecht Jr. & family S JULIA STOSCHEK
$20.2 BIL #48 ALDI, TRADER JOE’S
NEWSMAKER: Stoschek has assem- ESPELKAMP
Klaus-Michael Kuehne S bled a collection of contemporary LOWER SAXONY
$15.3 BIL #91 SHIPPING art that she exhibits in galleries in
Reinhold Wuerth & family S Düsseldorf and Berlin; her collection
$13.6 BIL #105 FASTENERS has attracted more than 100,000
DETMOLD
Heinz Hermann Thiele visitors over the past decade. Her BRUNSWICK
& family T latest exhibition in Berlin features BIELEFELD BERLIN
$12.9 BIL #113 BRAKES work from American artist Arthur STRAELEN GUETERSLOH
Hasso Plattner & family S Jafa that centers on identity and
$12.7 BIL #116 SOFTWARE race. Her fortune lies in her
stake in German DUDERSTADT
Alexander Otto + RHEDA-WIEDENBRUECK
$11.8 BIL #127 REAL ESTATE car-parts compa- DUISBURG
RB LEIPZIG
Udo & Harald Tschira S ny Brose, founded DIETRICH MATESCHITZ
$11.7 BIL #130 SOFTWARE by her grandfather MULHEIM AN DER RUHR LEIPZIG
Max Brose and now ALLENDORF
Michael Otto & family S MARBURG
$11 BIL #138 RETAIL, REAL ESTATE run by her father, DRESDEN
Michael Stoschek. KREFELD MELSUNGEN
Walter P.J. Droege S DUSSELDORF
$10.3 BIL #146 CONSULTING
Dietmar Hopp & family S HAIGER
KOENIGSTEIN
$10.2 BIL #147 SOFTWARE COLOGNE
BERGISH-GLADBACH GREBENHAIN
August von Finck S
$9.2 BIL #167 INVESTMENTS BAD HOMBURG
Andreas von Bechtolsheim
& family S Oliver Samwer MONTABAUR ROTTENDORF
$6.8 BIL #242 GOOGLE
NEWSMAKER: It’s HERZOGENAURACH
Ludwig Merckle S FRANKFURT DARMSTADT
$6.7 BIL #248 PHARMACEUTICALS the comeback of the
copycats as Oliver NEUSTADT AN DER
Aloys Wobben T WALDNAAB
and his brothers
$6.6 BIL #251 WIND TURBINES RHEINGAU WEINHEIM
Marc and Alexander NECKARSULM NUREMBERG
Erivan Haub & family S return to the wealth ST. WENDEL
$6.4 BIL #265 RETAIL HEIDELBERG
ranks after a two-
Guenther Fielmann & fam S year hiatus, thanks KUENZELSAU
$6.3 BIL #274 OPTOMETRY mostly to a stronger
WALLDORF BRUCHSAL
Maria-Elisabeth Schaeffler S euro. Shares of Rock- GAILDORF
$6.3 BIL #274 AUTO PARTS et Internet, the investment SCHWIEBERDINGEN
Ralph Dommermuth S firm that Oliver runs, are also up WINNENDEN LANDSHUT
$5.9 BIL #296 slightly. Best known for creating knockoffs KARLSRUHE
INTERNET SERVICE PROVIDER of American tech firms, Rocket Internet has
STUTTGART
Wolfgang Marguerre S more than 100 companies in its portfolio, in-
ULM EHC RED BULL MUNCHEN
$5.9 BIL #296 cluding online food-ordering firm Delivery DIETRICH MATESCHITZ
PHARMACEUTICALS AUGSBURG
Hero, which went public in June.
Martin Viessmann & family S
$5.7 BIL #315 ASCHAU
HEATING EQUIPMENT OHNINGEN PASSAU
LANDSBURG
Friede Springer S AM LECH MUNICH
$5.6 BIL #321 PUBLISHING ROSENHEIM
STARNBERG
Michael Herz & family S
$5.4 BIL #351 COFFEE TEGERNSEE

Wolfgang Herz & family S

$5.4 BIL #351 COFFEE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

76 | FORBES ASIA MARCH 2018


DPA/NEWSCOM; MALTE JAEGER/LAIF/REDUX; KRISZTIAN BOCSI/BLOOMBERG. HUNGARY: AKOS STILLER/BLOOMBERG
GERMANY CLOCKWISE FROM TOP LEFT: ISA FOLTIN/GETTY IMAGES; CUT 129 GERMANY PAUL GAUSELMANN: FRISO GENTSCH/
Elisabeth Mohn & family S
$5.2 BIL #372 PUBLISHING
Gabriella Meister & family +
$5 BIL #388 APPLIANCES
Juergen Blickle S
$4.7 BIL #441 AUTO PARTS
Bernard Broermann S
$4.7 BIL #441 HOSPITALS
Alexandra Schoerghuber S
$4.7 BIL #441 REAL ESTATE
Paul Gauselmann & family +
$4.4 BIL #480
ARCADE GAME MACHINES
Theo Mueller S
$4.4 BIL #480 DAIRY
Wolfgang Reimann S
$4.4 BIL #480 CONSUMER GOODS
Matthias Reimann-
Andersen S
$4.4 BIL #480 CONSUMER GOODS
Stefan Reimann-Andersen S
$4.4 BIL #480 CONSUMER GOODS
Renate Reimann-Haas S
$4.4 BIL #480 CONSUMER GOODS
Rainer Blickle S
$4.3 BIL #499 AUTO PARTS
Axel Oberwelland T
$4.1 BIL #527 CANDY
Ursula Bechtolsheimer-Kipp +
$4 BIL #550 RETAIL
Paul Gauselmann
NEWCOMER: A former part-time
jukebox operator and a tinker-
er with 300 patents to his name, he
launched his first slot machine in
1977. The Gauselmann Group has
since produced more than 2 mil-
lion in Germany and operates over
300 casinos in Germany and 8 other
European countries. Gauselmann
chairs the company, which had $1.9
billion in revenue in 2016.
Hans-Georg
Naeder
NEWSMAKER:
Naeder closed a deal in
August to sell 20% of his
prosthetics company Otto-
bock to Swedish private
equity firm EQT for a re-
ported $700 million.
Naeder’s grandfa-
ther founded the
company in 1919 to
make prostheses for
World War I veterans.
Now 56, Naeder took over
when he was 28. Ottobock
has operations in more than
50 countries and revenues of
$1.1 billion.
Otto Philipp Braun S
$4 BIL #550
MEDICAL TECHNOLOGY
Traudl Engelhorn & family S
$4 BIL #550 PHARMACEUTICALS,
MEDICAL EQUIPMENT
Daniela Herz S
$3.9 BIL #572 COFFEE
Guenter Herz & family S
$3.9 BIL #572 COFFEE
Hubert Burda & family S
$3.8 BIL #588 PUBLISHING
Katharina Otto-Bernstein +
$3.8 BIL #588 REAL ESTATE
Andreas Struengmann S
$3.7 BIL #606
PHARMACEUTICALS
Thomas Struengmann S
$3.7 BIL #606
PHARMACEUTICALS
Friedhelm Loh S
$3.6 BIL #629 MANUFACTURING
Gabriele Volkmann +
$3.6 BIL #629 AUTO PARTS
Maren Otto +
$3.5 BIL #652 RETAIL
Clemens Toennies S
$3.5 BIL #652 MEAT PROCESSING
Yvonne Bauer S
$3.2 BIL #729 MEDIA
Otto Happel S
$3.2 BIL #729 ENGINEERING
Kurt Krieger S
$3.2 BIL #729
FURNITURE RETAILING
Hans Georg Naeder S
$3.2 BIL #729 PROSTHETICS
Michael & Reiner Schmidt-
Ruthenbeck S
$3.2 BIL #729 RETAIL
Robert Toennies S
$3 BIL #791 MEAT PROCESSING
Hedda im Brahm-Droege S
$2.9 BIL #822 CONSULTING
Erwin Franz Mueller T
$2.9 BIL #822 DRUGSTORES
Lutz Mario Helmig S
$2.6 BIL #924 HOSPITALS
Horst Julius Pudwill S
$2.5 BIL #965 MANUFACTURING
Klaus-Peter Schulenberg S
$2.5 BIL #965
TICKETING SERVICE
Bergit Douglas S
$2.4 BIL #1020
CONSUMER GOODS
Hermann Langness S
$2.4 BIL #1020 FOOD, RETAIL
Alfred Oetker S
$2.4 BIL #1020
CONSUMER GOODS
August Oetker S
$2.4 BIL #1020 CONSUMER GOODS
Carl Ferdinand Oetker S
$2.4 BIL #1020
CONSUMER GOODS
Christian Oetker S
$2.4 BIL #1020
CONSUMER GOODS
Julia Oetker S
$2.4 BIL #1020
CONSUMER GOODS
Richard Oetker S
$2.4 BIL #1020 CONSUMER GOODS
Rosely Schweizer S
$2.4 BIL #1020
CONSUMER GOODS
Peter Unger S
$2.4 BIL #1020 AUTO REPAIR
Dirk Rossmann & family T
$2.3 BIL #1070 DRUGSTORES
Hans-Werner Hector S
$2.2 BIL #1103 SAP
Josef Boquoi & family S
$2.1 BIL #1157 FROZEN FOODS
Willibert Krueger S
$2.1 BIL #1157 FOOD PROCESSING
Guenther Lehmann &
family T
$2.1 BIL #1157 DRUG STORES
Georg Nemetschek S
$2.1 BIL #1157 SOFTWARE
Sylvia Stroeher S
$2.1 BIL #1157 COSMETICS
Bernhard Braun-Luedicke S
$2 BIL #1215
MEDICAL TECHNOLOGY
Eva Maria Braun-Luedicke S
$2 BIL #1215
MEDICAL TECHNOLOGY
Friederike Braun-Luedicke S
$2 BIL #1215
MEDICAL TECHNOLOGY
Fritz Draexlmaier S
$2 BIL #1215 AUTO PARTS
Christoph Henkel S
$2 BIL #1215 CONSUMER GOODS
Albert Berner & family S
$1.9 BIL #1284 FASTENERS
Thomas Bruch & family S
$1.9 BIL #1284 RETAIL
Bernd Freier S
$1.9 BIL #1284 FASHION RETAIL
Johannes Kaercher S
$1.9 BIL #1284 VACUUMS,
CLEANING PRODUCTS
Friedrich Knapp S
$1.9 BIL #1284 FASHION RETAIL
Horst Wortmann T
$1.9 BIL #1284 FOOTWEAR
Susanne Zimmermann
von Siefart S
$1.9 BIL #1284 VACUUMS,
HOME CLEANING PRODUCTS
Anna Maria Braun S
$1.8 BIL #1339
MEDICAL TECHNOLOGY
Johanna Braun S
$1.8 BIL #1339
MEDICAL TECHNOLOGY
Karl Friedrich Braun S
$1.8 BIL #1339
MEDICAL TECHNOLOGY
Julia Stoschek S
$1.8 BIL #1339 AUTO PARTS
Maximilian Stoschek S
$1.8 BIL #1339 AUTO PARTS
GREECE
Hubertus Benteler T
$1.7 BIL #1394 AUTO PARTS
Ludwig Theodor Braun S GDP: $200.5 BIL
$1.7 BIL #1394 POPULATION: 11 MIL
MEDICAL TECHNOLOGY
BILLIONAIRES: 4
Rolf Gerling S (+1 VS. 2017)
$1.7 BIL #1394 INSURANCE TOTAL NET WORTH:
Peter Leibinger S $9.6 BIL (+$3.1 BIL VS. 2017)
$1.7 BIL #1394 MACHINE TOOLS
Regine Leibinger S
$1.7 BIL #1394 MACHINE TOOLS
Spiro Latsis & family S
$3.2 BIL #729 BANKING, SHIPPING
Torsten Toeller T
$1.7 BIL #1394 PET FOOD
Philip Niarchos S
$2.8 BIL #859 ART COLLECTION
Nicola Leibinger-
Kammueller S Aristotelis Mistakidis S
$2.5 BIL #965 MINING,
$1.5 BIL #1561 MANUFACTURING
COMMODITIES
Monika Schoeller S
$1.5 BIL #1561 PUBLISHING
Vardis Vardinoyannis & fam +
$1.1 BIL #1999 OIL & GAS
Stefan von Holtzbrinck S
$1.5 BIL #1561 PUBLISHING
Andreas Pohl 3
$1.3 BIL #1756 MUTUAL FUNDS
Reinfried Pohl Jr. 3
$1.3 BIL #1756 MUTUAL FUNDS ATHENS
Karin Schick +
$1.3 BIL #1756 TECHNOLOGY
Dieter Schnabel T
$1.3 BIL #1756 CHEMICALS
Gudrun Heine T
$1.2 BIL #1867 MEDICAL DEVICES EXPATRIATES
Helga Kellerhals +
$1.2 BIL #1867
ELECTRONICS RETAIL
HUNGARY
Sybill Storz T
$1.2 BIL #1867 MEDICAL DEVICES
Wolfgang Egger +
$1.1 BIL #1999 REAL ESTATE GDP: $138 BIL
POPULATION: 10 MIL
Frank Otto +
$1.1 BIL #1999 RETAIL BILLIONAIRES: 1
(+1 VS. 2017)
Alexander Samwer 3 TOTAL NET WORTH:
$1.1 BIL #1999
$1.1 BIL (+$1.1 BIL VS. 2017)
TECH INVESTMENTS
Marc Samwer 3
$1.1 BIL #1999
TECH INVESTMENTS
Oliver Samwer 3 BUDAPEST
$1.1 BIL #1999
TECH INVESTMENTS
Anton Kathrein Jr. 3
$1 BIL #2124 ANTENNAS
Dirk Stroeer + Sandor Csanyi +
$1 BIL #2124 ADVERTISING $1.1 BIL #1999 FINANCE,
REAL ESTATE
Peter-Alexander Wacker +
$1 BIL #2124
CHEMICALS
GEORGIA
GDP: $15.2 BIL SANDOR CSANYI
POPULATION: 4 MIL NEWCOMER: Hungary’s first
BILLIONAIRES: 1 billionaire, Csanyi turned the
TOTAL NET WORTH: $4.6 BIL country’s largest retail bank
(+$100 MIL VS. 2017) into one of the biggest finan-
cial-services firms in Central
and Eastern Europe. He then
moved into agriculture, buy-
ing a winery in the early 2000s
and acquiring other assets to
TBILISI create Bonafarm Group, the
largest vertically integrated ag-
ricultural and food conglomer-
Bidzina Ivanishvili S
$4.6 BIL #456 INVESTMENTS ate in Hungary.
MARCH 2018 FORBES ASIA | 77
T H E WO R L D ’ S B I L L I O N A I R E S

HONG KONG* Peter Woo

NEWSMAKER: In January
Wharf Holdings opened The
Lawrence Ho S
$2.5 BIL #965 CASINOS
Vincent Lo S
$2.5 BIL #965 REAL ESTATE
WEALTH Murray, a luxury hotel in Cen-
TOP SECTORS GDP: $341.9 BIL Or Wai Sheun S
ORIGIN tral, after converting the Mur-
POPULATION: 7 MIL $2.5 BIL #965 REAL ESTATE
28 ray Building, a historic land-
REAL ESTATE
BILLIONAIRES: 68* mark. Developed by Wharf, the Vivien Chen T
9 TOTAL NET WORTH: $894 million project was de- $2.4 BIL #1020 REAL ESTATE
35%
MANUFACTURING $336.1 BIL
65% (+$64 BIL VS. 2017)* signed by British architecture Chu Lam Yiu S
6 $2.4 BIL #1020 FLAVORINGS
firm Foster + Partners. Woo, 71,
FASHION & RETAIL
5
chaired Wharf until mid-2015, Michael Ying T
INHERITED & GROWING GAMBLING
before he retired and became its $2.4 BIL #1020 RETAIL
INHERITED
SELF-MADE 4 senior councel. Martin Lau S
DIVERSIFIED $2.3 BIL #1070 E-COMMERCE
Tang Yiu X
$2.3 BIL #1070 FASHION RETAIL
Wong Man Li S
$2.3 BIL #1070 FURNITURE
EXPATRIATES 11 Chan Tan Ching-fen T
$2.2 BIL #1103 REAL ESTATE
Tung Chee Hwa S
$2.2 BIL #1103 SHIPPING
Cui Lijie Xiong Xuqiang & family S
$2.2 BIL #1103 REAL ESTATE
NEWSMAKER: The stakes are high for
Cui, 59, whose Imperial Pacific In- Tang Shing-bor S
ternational moved its temporary $2.1 BIL #1157 REAL ESTATE
shopping-mall casino in Saipan to Huang Yi S
HONG KONG a permanent spot in a beachfront $2 BIL #1215 AUTO DISTRIBUTION
56 tower. Despite the upgrade, the Robin Zeng +
company hasn’t proven that VIP $1.9 BIL #1284 BATTERIES
HONG KONG SCIENCE PARK gambling, its main revenue source, Thomas Lau X
is profitable on the U.S. island. Impe- $1.6 BIL #1477
rial Pacific, which is two-thirds-owned DEPARTMENT STORES
by Cui, also has not secured funding to Allan Wong S
finish a $600 million beachfront hotel. $1.6 BIL #1477 ELECTRONICS
Wu Jianshu T
$1.6 BIL #1477 AUTO PARTS
LAN KWAI FONG Albert Yeung S
$1.6 BIL #1477 REAL ESTATE,
DEEP WATER BAY RETAIL
Tang Hsiang-chien X
REPULSE BAY
$1.5 BIL #1561 TEXTILES,
ELECTRONICS
Henry Cheng +
$1.4 BIL #1650 REAL ESTATE
William Fung T
$1.4 BIL #1650 SOURCING
MACAU Hoi Kin Hong1 S
$1.4 BIL #1650 REAL ESTATE
Lin Tianfu T
Li Ka-shing S Michael Kadoorie S Henry Cheng Samuel Tak Lee S
$1.3 BIL #1756 FOOTWEAR,
$34.9 BIL #23 DIVERSIFIED $7.3 BIL #211 HOTELS, ENERGY $4.1 BIL #527 REAL ESTATE

FROM TOP: RADHARC IMAGES/ALAMY STOCK PHOTO; NO CREDIT; MUHAMMAD COHEN; JEROME FAVRE/BLOOMBERG
APPAREL
Lee Shau Kee S Pollyanna Chu S NEWCOMER: His father, Cheng Li Wa S
$30.3 BIL #24 REAL ESTATE $7 BIL #228 FINANCIAL SERVICES Yu-tung, was Hong Kong’s third- $3.8 BIL #588 REAL ESTATE
Gordon Wu S
$1.3 BIL #1756 REAL ESTATE
richest person when he died in
Lui Che Woo S Francis Choi S Angela Leong T
$20.1 BIL #50 CASINOS $6.4 BIL #265 REAL ESTATE 2016. Yu-tung apparently put $3.7 BIL #606 CASINOS
Yu Peidi S
most of his wealth in a fami- $1.3 BIL #1756 REAL ESTATE
Joseph Lau S Yeung Kin-man S ly trust for future generations, Edwin Leong S
$16.7 BIL #75 REAL ESTATE $5.6 BIL #321 ELECTRONICS $3.5 BIL #652 REAL ESTATE
King Pak Fu T
but Henry, 71, makes his debut $1.2 BIL #1867 REAL ESTATE
Thomas & Raymond Kwok S Pan Sutong S on the billionaires’ list thanks Rita Tong Liu S
$16.5 BIL #77 REAL ESTATE $5.5 BIL #334 REAL ESTATE, $3.4 BIL #679 REAL ESTATE
Lo Ka Shui S
FINANCE
to Knight Dragon, his proper- $1.2 BIL #1867 REAL ESTATE
Peter Woo S ty-development firm. It’s behind Li Sze Lim S
$12.2 BIL #122 REAL ESTATE Lam Wai Ying S $3.3 BIL #703 REAL ESTATE
Lo Siu-tong X
Greenwich Peninsula, a resi- $1.2 BIL #1867 REAL ESTATE,
$5.4 BIL #351
Lee Man Tat 3 SMARTPHONE SCREENS dential-and-commercial project Ronald McAulay S HOTELS
$11.6 BIL #132 OYSTER SAUCE, under way in London that will $3.2 BIL #729 ENERGY
REAL ESTATE Pansy Ho S Cui Lijie T
$5.3 BIL #365 CASINOS
cost an estimated $9.5 billion. Wu Kaiting + $1.1 BIL #1999 GAMBLING
Gong Hongjia & family S $3 BIL #791 ELECTRONICS
$11.2 BIL #137 Law Kar Po T Neil Shen T
VIDEO SURVEILLANCE $5 BIL #388 REAL ESTATE Huang Shih Tsai X $1.1 BIL #1999 VENTURE CAPITAL
$2.8 BIL #859 REAL ESTATE
Hui Wing Mau S Patrick Lee S Zhang Zhirong X
$8 BIL #190 REAL ESTATE $4.6 BIL #456 PAPER Tung Chee Chen S $1.1 BIL #1999 REAL ESTATE,
$2.8 BIL #859 SHIPPING SHIPBUILDING
Walter Kwok S Ye Chenghai & family S
$8 BIL #190 REAL ESTATE $4.5 BIL #466 Fong Yun Wah S Hon Kwok Lung & family T
$2.6 BIL #924 REAL ESTATE $1 BIL #2124 REAL ESTATE
PHARMACEUTICALS
Zhou Qunfei S
$7.8 BIL #198 Richard Li X Cho Tak Wong S Zhuo Jun +
$2.5 BIL #965 AUTO PARTS $1 BIL #2124
SMARTPHONE SCREENS $4.4 BIL #480 TELECOM
PRINTED CIRCUIT BOARDS

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

*Includes Macau. 1Macau citizen.

78 | FORBES ASIA MARCH 2018
 T H E WO R L D ’ S B I L L I O N A I R E S

PUBLIC PURSUITS
PRIVATE GAIN
Indian Parliamentarian can thank his son for building
on a security business born of war reporting.
BY MEGHA BAHREE

A s a teenager, one of India’s new billionaires

saw a sister die of a high fever because their
father didn’t have money for a doctor. Ravin-
dra Kishore Sinha has come a long way since the
mid-1960s of his native city of Patna, capital of the
state of Bihar, one of the poorest in the country.
Today Sinha, 67, wears various hats. He chairs
Security & Intelligence Services (SIS), the company
he started in the 1980s and which went public in
August. SIS, the main source of his wealth, guards
industrial activity and is run by his son Rituraj.
Sinha only shows up for board meetings now but is
active in politics and media. He’s a member of the
ruling Bharatiya Janata Party and the richest mem-
ber of India’s upper house of Parliament. He also
chairs Hindustan Samachar, a news agency where
he got his first job in the 1960s. “I’m a billionaire by
“I’m a billionaire by accident”: Ravindra Kishore Sinha.
accident,” says Sinha at SIS’ head office in New Delhi.
Sinha is a lifelong member of the Rashtriya Swayamsevak got things right. Last year SIS netted $17 million on revenues
Sangh, a right-wing Hindu nationalist organization, the ide- of $675 million. It now employs 160,000 people.
ological parent of the BJP. He got his first job—a reporting In November, Sinha Sr. and SIS were named in the Para-
gig—at one of the group’s meetings in 1967. Two years later he dise Papers. According to the documents SIS has subsidiar-
switched jobs, setting him on the indirect path to his wealth. It ies in Malta with Sinha as a minority shareholder and his wife
was September 1970, and the tensions between Pakistan and its as a director. The news made a splash, as Sinha hadn’t declared
eastern region (now Bangladesh) had flared up, with calls for the subsidiaries in his nomination papers to Parliament. He
the latter’s independence. Sent to report on the situation, Sinha says they were formed to execute its Australia buyout. “Every-
was collared by the Pakistani army, he says. After escaping with thing is in black and white,” he says. “Now I’m getting millions
the help of some locals, he made his way back to India. The in profits from that Australia business, which I’m bringing to
war-correspondent stint built connections in the Indian army, India and distributing to our Indian shareholders in dividend.”
and in an effort to help young retiring soldiers, he would con- The company says it is fully compliant, with a clean chit from
AMTI VERMA/FORBES INDIA

nect them to companies looking to hire security guards.
What started as a goodwill effort in 1974 set the founda-
tion for SIS. By 1981 Sinha started charging clients. Until 2002
the company existed from one contract to the next, many un-
paid. His son, who had been working in London, joined him.
“It was baptism by fire,” says Rituraj, 37. Under Dad’s gaze, he
tax authorities. Sinha is seeking to invoke parliamentary privi-
leges against defamation.
Sinha’s main focus, apart from politics and journalism,
is charity. After his kidneys failed a few years ago (one was
replaced), his priorities were clear: “I’m living on borrowed
time.” F

MARCH 2018 FORBES ASIA | 79

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

INDIA
GDP: $2.6 TRIL
HISAR
HARIDWAR

DELHI 23

POPULATION: 1.3 BIL EXPATRIATES

11 RAJASTHAN ROYALS
BILLIONAIRES: 119 (+18 VS. 2017) RUPERT MURDOCH & FAMILY

TOTAL NET WORTH: $440.1 BIL

(+$114.6 BIL VS. 2017)

WEALTH TOP SECTORS

ORIGIN 20
HEALTH CARE
7% 16
47%
AHMEDABAD
MANUFACTURING
46% 16
7
DIVERSIFIED
10
FINANCE & INVESTMENTS BARODA KOLKATA
INHERITED & GROWING 9
INHERITED
SELF-MADE FOOD & BEVERAGE MUMBAI 43 AURANGABAD
8
TECHNOLOGY 5
MUMBAI INDIANS
MUKESH AMBANI
SUNRISERS HYDERABAD
MUMBAI FC KALANITHI MARAN
SUBHASH CHANDRA

Mukesh Ambani S Gautam Adani HITEC CITY

$40.1 BIL #19 PETROCHEMICALS,
OIL & GAS NEWSMAKER: Eight years after
Azim Premji S he acquired the Carmichael coal HYDERABAD
$18.8 BIL #58 mine and Abbott Point port in PUNE 6
SOFTWARE SERVICES Australia, Adani is still strug- ELECTRONIC CITY
RISING PUNE
Lakshmi Mittal S gling to secure funds to get his SUPERGIANTS
SANJIV GOENKA
$18.5 BIL #62 STEEL project going. The government
Shiv Nadar S of Queensland has opposed fed- BANGALORE 9
$14.6 BIL #98 eral funding of the project, and TIDAL PARK
SOFTWARE SERVICES several banks have backed out. GOA

Dilip Shanghvi T Adani, who added nearly $4 CHENNAI

$12.8 BIL #115 billion to his wealth, is doing
PHARMACEUTICALS better at home; he bought Anil
Kumar Birla S Ambani’s electricity distribution
$11.8 BIL #127 COMMODITIES business in Mumbai for $2 bil- THRISSUR
Uday Kotak S lion in December. INFOPARK Radhakishan Damani
$10.7 BIL #143 BANKING
BIGGEST GAINER: Damani’s wealth has more than
Radhakishan Damani & fam S COCHIN
quadrupled, thanks to the March 2017 listing of Ave-
$10 BIL #151 INVESTMENTS, nue Supermarts, which operates supermarket chain
RETAIL
DMart. Shares have nearly tripled since the IPO, mak-
Gautam Adani S ing him India’s biggest percentage gainer. Damani
$9.7 BIL #154 COMMODITIES, got into retailing in 2003 with one store in suburban
PORTS
Mumbai targeting middle-class shoppers. He was an
Cyrus Poonawalla S investor before delving into retail and still has stakes
$9.1 BIL #170 VACCINES
in such companies as tobacco firm VST Industries.
Savitri Jindal & family S
$8.8 BIL #176 STEEL
Sunil Mittal & family S Hasmukh Chudgar S
$8.8 BIL #176 TELECOM $3 BIL #791 PHARMACEUTICALS
Kushal Pal Singh S Rakesh Jhunjhunwala S
$6.4 BIL #265 REAL ESTATE $3 BIL #791 INVESTMENTS
Acharya Balkrishna S Smita Crishna-Godrej S
$6.3 BIL #274 CONSUMER GOODS Bajaj brothers S Kiran Mazumdar-Shaw S $2.9 BIL #822 CONSUMER GOODS
$4.8 BIL #422 DIVERSIFIED $3.6 BIL #629 BIOTECH
Vikram Lal S Adi Godrej S
$6.3 BIL #274 MOTORCYCLES Kapil & Rahul Bhatia S Karsanbhai Patel S $2.9 BIL #822 CONSUMER GOODS
$4.5 BIL #466 AIRLINES $3.6 BIL #629 CONSUMER GOODS
Nusli Wadia S Jamshyd Godrej S
$6.2 BIL #281 Micky Jagtiani T Kuldip Singh & Gurbachan $2.9 BIL #822 CONSUMER GOODS
CONSUMER PRODUCTS $4.4 BIL #480 RETAIL Singh Dhingra S
$3.5 BIL #652 PAINTS Nadir Godrej S Anurang Jain
Benu Gopal Bangur S Rahul Bajaj S $2.9 BIL #822 CONSUMER GOODS
$6 BIL #289 CEMENT $4.3 BIL #499 MOTORCYCLES Baba Kalyani S
$3.5 BIL #652 ENGINEERING Rishad Naoroji S NEWCOMER: The nephew of motor-
Kalanithi Maran S Pawan Munjal & family S $2.9 BIL #822 CONSUMER GOODS cycle magnate Rahul Bajaj founded
$5.2 BIL #372 MEDIA $4.1 BIL #527 MOTORCYCLES Shashi & Ravi Ruia T
$3.4 BIL #679 DIVERSIFIED Aloke Lohia S Endurance Technologies in 1985
Subhash Chandra S B.R. Shetty S $2.8 BIL #859 PETROCHEMICALS to supply aluminum castings to his
$5 BIL #388 MEDIA $4 BIL #550 HEALTH CARE Anil Agarwal & family S uncle’s Bajaj Auto. He listed the $867
$3.3 BIL #703 MINING, METALS Chandru Raheja S
Pankaj Patel T Sudhir & Samir Mehta S $2.8 BIL #859 REAL ESTATE million (revenue) auto parts firm in
$5 BIL #388 PHARMACEUTICALS $3.9 BIL #572 DIVERSIFIED Ashwin Dani S 2016; the stock has nearly doubled
$3.3 BIL #703 PAINTS Anil Ambani X
M.A. Yusuff Ali S Ravi Pillai S $2.7 BIL #887 DIVERSIFIED
in the past year. His twin brother,
$5 BIL #388 RETAIL $3.9 BIL #572 CONSTRUCTION Sameer Gehlaut & family S Tarang, who controls privately held
$3.2 BIL #729 FINANCE P.V. Ramprasad Reddy T auto components maker Varroc
Ajay Piramal S Mangal Prabhat Lodha S $2.5 BIL #965
$4.9 BIL #404 PHARMACEUTICALS $3.7 BIL #606 REAL ESTATE Rajan Raheja & family S PHARMACEUTICALS Group, also debuts.
$3.1 BIL #766 DIVERSIFIED

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

80 | FORBES ASIA MARCH 2018


Jai Hari & Yadu Hari
Dalmia & family +
$2.4 BIL #1020 CEMENT
Abhay Firodia S
$2.4 BIL #1020 AUTOMOBILES
Leena Tewari S
$2.4 BIL #1020
PHARMACEUTICALS
Sunny Varkey S
$2.4 BIL #1020 EDUCATION
Murali Divi S
$2.3 BIL #1070
PHARMACEUTICALS
Harsh Goenka S
$2.3 BIL #1070 DIVERSIFIED
Murli Dhar & Bimal Kumar
Gyanchandani +
$2.3 BIL #1070 DETERGENTS
Shyam & Hari Bhartia +
$2.2 BIL #1103 DIVERSIFIED
Vinod & Anil Rai Gupta 3
$2.2 BIL #1103
ELECTRICAL EQUIPMENT
Jitendra Virwani S
$2.2 BIL #1103 REAL ESTATE
Sanjiv Goenka S
$2.1 BIL #1157 DIVERSIFIED
Ravi Jaipuria S
$2.1 BIL #1157 SOFT DRINKS
Harsh Mariwala S
$2.1 BIL #1157 CONSUMER GOODS
N.R. Narayana Murthy S
$2.1 BIL #1157
SOFTWARE SERVICES
Vikas Oberoi S
$2.1 BIL #1157 REAL ESTATE
Vivek Chand Burman S
$2 BIL #1215 CONSUMER GOODS
Ramesh Juneja & family +
$2 BIL #1215 PHARMACEUTICALS
Lachhman Das Mittal S
$2 BIL #1215 TRACTORS
Mofatraj Munot S
$2 BIL #1215 REAL ESTATE
Arvind Poddar +
$2 BIL #1215 TIRES
Arvind Tiku S
$2 BIL #1215 OIL & GAS,
INVESTMENTS
Nandan Nilekani S
$1.9 BIL #1284
SOFTWARE SERVICES
Ranjan Pai S
$1.9 BIL #1284 EDUCATION
Anand Burman S
$1.8 BIL #1339 CONSUMER GOODS
Senapathy Gopalakrishnan S
$1.8 BIL #1339
SOFTWARE SERVICES
Yusuf Hamied S
$1.7 BIL #1394
PHARMACEUTICALS
Devendra Jain S
$1.7 BIL #1394 CHEMICALS
Anand Mahindra S
ADANI: AIJAZ RAHI/AP PHOTO. INDONESIA: MUNSHI AHMED
$1.7 BIL #1394 AUTOMOBILES
Kishore Mariwala S
$1.7 BIL #1394 CONSUMER GOODS
Vijay Shekhar Sharma S
$1.7 BIL #1394
FINANCIAL TECHNOLOGY
Radhe Shyam Agarwal S
$1.6 BIL #1477 CONSUMER GOODS
Achal Bakeri S
$1.6 BIL #1477 AIR COOLERS
Radhe Shyam Goenka S
$1.6 BIL #1477 CONSUMER GOODS
Joy Alukkas T
$1.5 BIL #1561 JEWELRY
Niranjan Hiranandani S
$1.5 BIL #1561 REAL ESTATE
Anurang Jain +
$1.5 BIL #1561 AUTO PARTS
Rajju Shroff S
$1.5 BIL #1561 AGROCHEMICALS
Shamsheer Vayalil S
$1.5 BIL #1561 HEALTH CARE
Anu Aga 3
$1.4 BIL #1650 ENGINEERING
Krishna Kumar Bangur +
$1.4 BIL #1650
GRAPHITE ELECTRODES
R.G. Chandramogan +
$1.4 BIL #1650 DAIRY
K. Dinesh S
$1.4 BIL #1650
SOFTWARE SERVICES
Balkrishan Goenka S
$1.4 BIL #1650 TEXTILES
T.S. Kalyanaraman X
$1.4 BIL #1650 JEWELRY
Nimesh Kampani 3
$1.4 BIL #1650 FINANCE
Dinesh Nandwana +
$1.4 BIL #1650
SOFTWARE SERVICES
Subhash Runwal 3
$1.4 BIL #1650 REAL ESTATE
Rana Kapoor S
$1.3 BIL #1756 BANKING
Habil Khorakiwala X
$1.3 BIL #1756
PHARMACEUTICALS
Mahendra Prasad S
$1.3 BIL #1756
PHARMACEUTICALS
Bhadresh Shah T
$1.3 BIL #1756 ENGINEERING
Harindarpal Banga S
$1.2 BIL #1867 COMMODITIES
Amit Burman 3
$1.2 BIL #1867 CONSUMER GOODS
Kochouseph Chittilappilly +
$1.2 BIL #1867 MANUFACTURING
Ajay Kalsi X
$1.2 BIL #1867 OIL & GAS
Hemendra Kothari +
$1.2 BIL #1867
FINANCIAL SERVICES
S.D. Shibulal S
$1.2 BIL #1867
SOFTWARE SERVICES
Basudeo Singh +
$1.2 BIL #1867
PHARMACEUTICALS
Samprada Singh S
$1.2 BIL #1867
PHARMACEUTICALS
Chirayu Amin S
$1.1 BIL #1999
PHARMACEUTICALS
Sheela Gautam +
$1.1 BIL #1999 MATTRESSES
Madhu Kapur +
$1.1 BIL #1999 BANKING
Satish Mehta X
$1.1 BIL #1999
PHARMACEUTICALS
Analjit Singh T
$1.1 BIL #1999 HEALTH CARE
Raamdeo Agrawal +
$1 BIL #2124
FINANCIAL SERVICES
Tarang Jain +
$1 BIL #2124 AUTO COMPONENTS
Nirmal Minda +
$1 BIL #2124 AUTO PARTS
Ravindra Kishore Sinha +
$1 BIL #2124 SECURITY SERVICES
ICELAND
GDP: $25.1 BIL
POPULATION: 335,000
BILLIONAIRES: 1
TOTAL NET WORTH: $2 BIL
(+$200 MIL VS. 2017)
IRELAND
GDP: $328.6 BIL
POPULATION: 5 MIL
BILLIONAIRES: 9
(+1 VS. 2017)
TOTAL NET WORTH: $38.2
BIL (+$4 BIL VS. 2017)
MEATH
DUBLIN
3 $1 BIL #2124
EXPATRIATES 5
INDONESIA
GDP: $1 TRIL; POPULATION: 264 MIL
BILLIONAIRES: 20
TOTAL NET WORTH: $72.5 BIL (+$19.4 BIL VS. 2017)
R. Budi Hartono S
$17.4 BIL #69 BANKING,
TOBACCO
Michael Hartono S
$16.7 BIL #75 BANKING,
TOBACCO
Sri Prakash Lohia S
$7 BIL #228 POLYESTER
Tahir & family S
$3.5 BIL #652 DIVERSIFIED
Chairul Tanjung T
$3.5 BIL #652 DIVERSIFIED
Mochtar Riady & family S
$3 BIL #791 DIVERSIFIED
Prajogo Pangestu S
$2.9 BIL #822 PETROCHEMICALS
Murdaya Poo T
$2 BIL #1215 DIVERSIFIED
JAKARTA
14
KUDUS
T H E WO R L D ’ S B I L L I O N A I R E S
EXPATRIATE
1
Thor Bjorgolfsson S
$2 BIL #1215 INVESTMENTS
Pallonji Mistry S
$17.8 BIL #66 CONSTRUCTION
Michael O’Leary
NEWCOMER: Known for his brash
John Grayken X leadership style, the longtime CEO
$6.6 BIL #251 PRIVATE EQUITY
of Ryanair has turned cost-cutting
Denis O’Brien T into an art form, building the no-
$4.6 BIL #456 TELECOM
frills airline from an $85 million
John Dorrance III S
(sales) business into a $7.1 billion
$2.8 BIL #859 CAMPBELL SOUP one. A former accountant, O’Leary
Dermot Desmond S worked as a financial advisor to
$2.3 BIL #1070 FINANCE the airline’s founder, Tony Ryan (d.
Michael O’Leary + 2007), before joining the company
$1.1 BIL #1999 RYANAIR in 1988; he took over as CEO six
John Collison T years later.
$1 BIL #2124 STRIPE
Patrick Collison T
$1 BIL #2124 STRIPE
Martin Naughton T
HEATING EQUIPMENT
Ciputra & family T
$1.4 BIL #1650 REAL ESTATE
Martua Sitorus T
$1.4 BIL #1650 PALM OIL
Djoko Susanto X
$1.3 BIL #1756 SUPERMARKETS
Alexander Tedja S
$1.3 BIL #1756 REAL ESTATE
Harjo Sutanto X
Peter Sondakh S $1.2 BIL #1867
CONSUMER GOODS
$1.9 BIL #1284 INVESTMENTS
Theodore Rachmat & fam T Soegiarto Adikoesoemo T
$1.1 BIL #1999 CHEMICALS
$1.7 BIL #1394 DIVERSIFIED
Hary Tanoesoedibjo X
Low Tuck Kwong 3
$1.5 BIL #1561 COAL $1.1 BIL #1999 MEDIA
Sukanto Tanoto T
Eddy Kusnadi Sariaatmadja S
$1.5 BIL #1561 MEDIA, TECH $1.1 BIL #1999 DIVERSIFIED
Low Tuck Kwong
REBOUND: The coal king is back
thanks to a 73% surge in share pric-
es for Bayan Resources, the coal min-
ing company Low founded in 1997. Al-
ready a controlling shareholder, Low
purchased an additional 10% stake
from Italy’s Enel Group for $85 million
in October, bringing his total owner-
ship to 62%. The company has exclu-
sive rights to mines covering 330,000
acres in East and South Kalimantan.
SURABAYA BALI
SUMBAWA
SUMBA
EXPATRIATES
3
MARCH 2018 FORBES ASIA | 81
T H E WO R L D ’ S B I L L I O N A I R E S

ITALY
ISRAEL BEIT YANAI
WEALTH
ORIGIN
TOP SECTORS
24
NETANYA 12% FASHION & RETAIL
GDP: $349.2 BIL 9
SILICON
POPULATION: 9 MIL WADI 42% 46% FOOD & BEVERAGE
BILLIONAIRES: 20 3
(+2 VS. 2017) BNEI BRAK HEALTH CARE
GDP: $1.9 TRIL; POPULATION: 61 MIL INHERITED & GROWING 2
TOTAL NET WORTH: $57 BIL PETAH TIKVA BILLIONAIRES: 43 (+1 VS. 2017) INHERITED
(+$2.9 BIL VS. 2017) SELF-MADE ENERGY
TOTAL NET WORTH: $170.4 BIL 1
TEL AVIV (+$18.5 BIL VS. 2017) CONSTRUCTION
9

MACCABI TEL AVIV FC

Giovanni Ferrero  Massimiliana Landini Aleotti Piero Ferrari
MITCHELL GOLDHAR $23 BIL #37 NUTELLA, CHOCOLATES & family T
$7.9 BIL #196 PHARMACEUTICALS BIGGEST GAINER: Shares of
Leonardo Del Vecchio his luxury sports-car maker
& family S Augusto & Giorgio Perfetti S
$21.2 BIL #45 EYEGLASSES $6.6 BIL #251 CANDY have more than doubled since
its 2015 IPO and raced ahead
Stefano Pessina T Paolo & Gianfelice Mario 82% in the past year alone,
$11.8 BIL #127 DRUGSTORES Rocca S
$4.9 BIL #404 in large part because of the
Giorgio Armani S PIPE MANUFACTURING brand’s increasing popularity.
$8.9 BIL #174 FASHION
Giuseppe De’Longhi S Ferrari sold a record number
Silvio Berlusconi & family S $4.3 BIL #499 COFFEEMAKERS of cars in 2017, and its waiting
$8 BIL #190 MEDIA list is on average one year. His
EXPATRIATES father, Enzo Ferrari, founded
5 the company in 1947; his sec-
ond and only living
Idan Ofer S child, Piero, is the
$3.6 BIL #629 DRILLING, CORTINA
Arnon Milchan SHIPPING largest individu-
LAKE COMO al shareholder and
NEWSMAKER: In February, Arnon Milchan T vice chairman.
$3.5 BIL #652 MOVIEMAKING
the Israeli police reportedly BASSANO DEL GRAPPA
TURIN COMO
accused Hollywood media Teddy Sagi S CROCETTA DEL
$3.4 BIL #679 MONTELLO 5
mogul Milchan of being one of MONZA
GAMBLING SOFTWARE
two wealthy businessmen who TOMBOLO
bribed Israeli Prime Minister Shaul Shani S MILAN INTER MILAN TREVISO
$3.4 BIL #679 TELECOM ZHANG JINDONG
Benjamin Netanyahu with
lavish gifts, from champagne Gil Shwed T AC MILAN
YONGHONG LI
to celebrity access, in exchange $2.6 BIL #924 SOFTWARE
for political favors. Netanyahu Adam Neumann X
publicly denied those charges in $2.5 BIL #965 WEWORK
PARMA
4 MODENA
a televised speech shortly after. Alexander Machkevich S
Milchan, who was not indicted, $2.3 BIL #1070 MINING, METALS BOLOGNA FC
SCUDERIA FERRARI EMANUELE SAPUTO
said the gifts were “in the Shmuel Harlap + PIERO FERRARI & FAMILY
framework of normal and on- $1.9 BIL #1284 AUTOMOTIVE
15 CASETTE D’ETE
going friendship,” and he never Marius Nacht T SOLOMEO
got or expected favors in return. $1.6 BIL #1477 SOFTWARE
ACF FIORENTINA TUSCANY
Milchan is the majority owner SANT’ELPIDIO
Mori Arkin S DIEGO & ANDREA DELLA VALLE
A MARE
of movie studio New Regency, $1.4 BIL #1650
producer of movie blockbusters PHARMACEUTICALS
Mr. and Mrs. Smith, Pretty Zadik Bino 3
Woman and The Revenant. $1.2 BIL #1867 BANKING, OIL ROME
EXPATRIATES 3
Dan Gertler X 5
Eyal Ofer S $1.2 BIL #1867 MINING
$9.4 BIL #162 REAL ESTATE,
SHIPPING Liora Ofer X
$1.1 BIL #1999 INVESTMENTS
Stef Wertheimer & family S CAPRI
$5.7 BIL #315 Morris Kahn X SARDINIA
METALWORKING TOOLS $1 BIL #2124 SOFTWARE

Shari Arison S Lev Leviev T

$5.5 BIL #334 CARNIVAL CRUISES $1 BIL #2124 DIAMONDS

Yitzhak Tshuva X Beny Steinmetz T

$3.7 BIL #606 REAL ESTATE $1 BIL #2124 MINING, DIAMONDS,
REAL ESTATE

Shmuel Harlap
NEWCOMER: Harlap joins the three-
comma club after tech giant Intel
bought Israeli startup Mobileye, a
maker of software used in self-driving
cars, for $15.3 billion in cash. Angel in-
vestor Harlap had a 7.2% stake in Mo-
bileye, for which he paid about $12 Renzo Rosso
million over several years. He also NEWSMAKER: In 2013 his multibillion-dollar fashion firm OTB—known for its denim brand Diesel—
chairs Colmobil, Israel’s largest car pledged $6 million to restore one of Venice’s oldest bridges, Ponte di Rialto, under one condition: OTB would
importer, which his father bought oversee the restoration. It completed the project in June 2017. And under budget. Rosso invested the unused
in 1962. $600,000 to upgrade the historic walkways around the famous bridge.

WEALTH STATUS:
UPS DOWN TUNCHANGED X SPLIT FORTUNE 
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

82 | FORBES ASIA MARCH 2018


Renzo Rosso & family S
$4.1 BIL #527 FASHION
Carlo Benetton S
$3.5 BIL #652 FASHION,
INVESTMENTS
Gilberto Benetton S
$3.5 BIL #652 FASHION,
INVESTMENTS
Giuliana Benetton S
$3.5 BIL #652 FASHION,
INVESTMENTS
Luciano Benetton S
$3.5 BIL #652 FASHION,
INVESTMENTS
Patrizio Bertelli X
$3.2 BIL #729 FASHION
Miuccia Prada X
$3.2 BIL #729 FASHION
Ennio Doris & family S
$3 BIL #791 FINANCIAL SERVICES
Piero Ferrari S
$2.7 BIL #887 AUTOMOBILES
Sandro Veronesi S
$2.7 BIL #887 FASHION
Francesco Gaetano
Caltagirone S
$2.6 BIL #924 CEMENT,
DIVERSIFIED
Luca Garavoglia S
$2.5 BIL #965 SPIRITS
Luigi Rovati & family S
$2.4 BIL #1020
PHARMACEUTICALS
Gustavo Denegri S
$2.3 BIL #1070 BIOTECH
Maria Franca Fissolo 
$2.2 BIL #1103 NUTELLA,
CHOCOLATES
Mario Moretti Polegato &
family S
$2 BIL #1215 SHOES
Remo Ruffini S
$1.9 BIL #1284
LUXURY SPORTSWEAR
Diego Della Valle S
$1.8 BIL #1339 SHOES
Nicola Bulgari S
POSTCARD: QUAGGA MEDIA/ALAMY; RENZO ROSSO: JEFF GILBERT/ALAMY. JAPAN: CLOCKWISE FROM BOTTOM LEFT: TED ALJIBE/AFP/
$1.7 BIL #1394 LUXURY GOODS
Paolo Bulgari S
$1.7 BIL #1394 LUXURY GOODS
GETTY IMAGES; KIYOSHI OTA/BLOOMBERG; JACK TAYLOR/GETTY IMAGES; ARIFFIN JAMAR/THE STRAITS TIMES/NEWSCOM
ISRAEL: TODD WILLIAMSON/GETTY IMAGES FOR CINEMACON. ITALY: PIERO FERRARI: ANDREW BURTON/GETTY IMAGES;
Luigi Cremonini & family S
$1.7 BIL #1394
MEAT PROCESSING
Domenico Dolce S
$1.7 BIL #1394 FASHION
Stefano Gabbana S
$1.7 BIL #1394 FASHION
Massimo Moratti S
$1.7 BIL #1394 OIL REFINERY
Pier Luigi Loro Piana S
$1.6 BIL #1477 FASHION
Gian Marco Moratti S
$1.6 BIL #1477 OIL REFINERY
Alberto Prada X
$1.4 BIL #1650 FASHION
Marina Prada X
$1.4 BIL #1650 FASHION
Brunello Cucinelli & family S
$1.3 BIL #1756 FASHION
Andrea Della Valle S
$1.3 BIL #1756 SHOES
Emanuella Barilla T
$1.1 BIL #1999 PASTA
Guido Barilla T
$1.1 BIL #1999 PASTA
Luca Barilla T
$1.1 BIL #1999 PASTA
Paolo Barilla T
$1.1 BIL #1999 PASTA
JAPAN
GDP: $4.9 TRIL POPULATION: 127 MIL
BILLIONAIRES: 35 (+2 VS. 2017)
TOTAL NET WORTH: $138.1 BIL
(+$23.6 BIL VS. 2017)
WEALTH TOP SECTORS
ORIGIN
FASHION & RETAIL
15%
11% TECHNOLOGY
74%
GAMBLING
INHERITED & GROWING REAL ESTATE
INHERITED
SELF-MADE
MANUFACTURING
2
TELECOM
Kazuo Okada
NEWSMAKER: In June
pachinko-machine
maker Universal En-
tertainment removed
Okada as chairman as
part of an investiga-
tion into what it says
were fraudulent finan-
cial deals. In Novem-
ber the company—
which Okada founded
in 1969—sued him for
misconduct, seeking
$17 million in damages.
Okada has reported-
ly denied wrongdoing.
Okada also reported-
ly sued his two adult
children and his wife
for control of the en-
tity that holds his Uni-
versal Entertainment
shares. He could not be
reached for comment.
Eiichi Kuriwada HOKKAIDO
NEWCOMER: Kuriwada debuts on our list fol-
lowing the December IPO of SG Holdings, par-
ent of Japanese package delivery service Saga-
wa Express. Kuriwada, who has only a high school
diploma, chairs the company and owns an 18%
stake. His late father, Kiyoshi Sagawa, founded the
company in 1957. Back in the 1990s the company
was the focus of a big
scandal: An executive
at the Tokyo affiliate of
Sagawa Express was
convicted of making TOHOKU RAKUTEN
9
payoffs to politicians. GOLDEN EAGLES
HIROSHI MIKITANI
Sagawa, a billionaire
6
in 1992, resigned as
4 chairman that year;
neither he nor Kuriwa-
3 da was charged.
3
IBARAKI
TOKYO 23
EXPATRIATES
2 KYOTO
SAITAMA
CHIBA
OSAKA KANSAI SCIENCE CITY
YOKOSUKA
RESEARCH
PARK
FUKUOKA
Takeo Yasuda
NEWSMAKER: Yasuda, up almost
$800 million from last year, founded dis-
count retailer Don Quijote Holdings in
1980 but stepped down as chairman in
2015 and remains an advisor. The com-
pany recently opened its first store in Sin-
gapore, as part of a Southeast Asia ex-
pansion. It sells a wide range of products,
from Rolexes to snacks and adult toys. The
listed retail chain has over 400 stores in
Japan, Asia and the U.S.
Masayoshi Son S Yusaku Maezawa T Yoshiyuki Sankai S
$22.7 BIL #39 INTERNET, TELECOM $2.9 BIL #822 ONLINE RETAIL $1.4 BIL #1650 ROBOTICS
Tadashi Yanai & family S Chang-Woo Han & family T Soichiro Fukutake S
$19.5 BIL #55 FASHION RETAIL $1.3 BIL #1756 EDUCATION
$2.5 BIL #965 PACHINKO PARLORS
Takemitsu Takizaki S Yoshiko Mori T Nobutoshi Shimamura &
$17.5 BIL #68 SENSORS family T
$2.5 BIL #965 REAL ESTATE
$1.3 BIL #1756 RETAIL
Akira Mori & family S
Takao Yasuda S
$6.3 BIL #274 REAL ESTATE $2.2 BIL #1103 RETAIL Eiichi Kuriwada +
$1.2 BIL #1867
Shigenobu Nagamori S Katsumi Tada S PACKAGE DELIVERY
$5.6 BIL #321 MOTORS
$2.1 BIL #1157 REAL ESTATE
Kentaro Ogawa & family S
Hiroshi Mikitani T Satoshi Suzuki S $1.2 BIL #1867 RESTAURANTS
$5.5 BIL #334 ONLINE RETAIL
$2 BIL #1215 COSMETICS
Yoshikazu Tanaka S
Keiichiro Takahara & family S Masateru Uno & family S $1.2 BIL #1867 SOCIAL NETWORK
$5 BIL #388 DIAPERS $1.9 BIL #1284 DRUGSTORES
Hideyuki Busujima X
Akio Nitori S Masahiro Noda S $1.1 BIL #1999
$4.4 BIL #480 HOME FURNISHINGS $1.8 BIL #1339 SOFTWARE PACHINKO MACHINES
Yasumitsu Shigeta & family S Kenji Kasahara S Hiroshi Ishibashi +
$4.1 BIL #527 $1.6 BIL #1477 SOCIAL NETWORK $1.1 BIL #1999 TIRES
MOBILE PHONE RETAILER
Yasuhiro Fukushima S Yoshiko Shinohara X
Masatoshi Ito S $1.5 BIL #1561 VIDEOGAMES $1.1 BIL #1999 STAFFING
$3.9 BIL #572 RETAIL
Nobutada Saji S Susumu Fujita +
Masahiro Miki S $1.5 BIL #1561 BEVERAGES $1 BIL #2124 INTERNET MEDIA
$3.8 BIL #588 SHOES
Kagemasa Kozuki S Masayuki Ishihara & family T
Kazuo Okada & family S $1.4 BIL #1650 VIDEOGAMES $1 BIL #2124 PACHINKO MACHINES
$3 BIL #791 CASINOS
MARCH 2018 FORBES ASIA | 83
T H E WO R L D ’ S B I L L I O N A I R E S

KAZAKHSTAN LEBANON Bahaa Hariri T

$2.1 BIL #1157 REAL ESTATE,
LIECHTENSTEIN
INVESTMENTS, LOGISTICS
GDP: $52.7 BIL GDP: $6.3 BIL
GDP: $158 BIL Robert Mouawad & fam X POPULATION: 37,900
POPULATION: 18 MIL POPULATION: 6 MIL $1.6 BIL #1477 FINE JEWELRY BEIRUT 3 BILLIONAIRES: 1
BILLIONAIRES: 5 BILLIONAIRES: 7 Saad Hariri 3
(+3 VS. 2017) TOTAL NET WORTH:
TOTAL NET WORTH: $14.4 BIL $1.5 BIL #1561 CONSTRUCTION,
$3.9 BIL
(+$3.9 BIL VS. 2017) TOTAL NET WORTH: $13.3 INVESTMENTS
(+$1.2 BIL VS. 2017)
BIL (+$4.3 BIL VS. 2017)
Ayman Hariri 3 VADUZ

MEXICO: EMILIO AZCARRAGA: YADYN XOLALPA/EL UNIVERSAL/NEWSCOM; CARLOS SLIM: DANIEL CARDENAS/ANADOLU AGENCY/GETTY IMAGES;
$1.3 BIL #1756 CONSTRUCTION,
Taha Mikati S INVESTMENTS Christoph Zeller S
$2.8 BIL #859 TELECOM $3.9 BIL #572
Fahd Hariri 3
ASTANA Najib Mikati S DENTAL IMPLANTS
$1.3 BIL #1756 CONSTRUCTION,
$2.7 BIL #887 TELECOM INVESTMENTS EXPATRIATES
4
ALMATY
WEALTH

MEXICO
TOP SECTORS
Jeronimo Arango & family S
4 ORIGIN
4 $4.3 BIL #499 RETAIL
FOOD & BEVERAGE
19%
3
Antonio Del Valle Ruiz &
Timur Kulibaev S 37% family S
METALS & MINING $3.4 BIL #679 CHEMICALS
$3.2 BIL #729 BANKING
2
GDP: $1.1 TRIL; POPULATION: 124 MIL 44%
Dinara Kulibaeva S FASHION & RETAIL Jose and Francisco Jose
$3.2 BIL #729 BANKING BILLIONAIRES: 16 (+1 VS. 2017) 2 Calderon Rojas 3
TOTAL NET WORTH: $141 BIL INHERITED & GROWING $2.9 BIL #822 BEVERAGES
FINANCE & INVESTMENTS
Vladimir Kim S (+$24.3 BIL VS. 2017) INHERITED
$3.1 BIL #766 MINING SELF-MADE Carlos Hank Rhon S
$2 BIL #1215 BANKING
Bulat Utemuratov S
$2.6 BIL #924 MINING, BANKING, Roberto Hernandez
Carlos Slim Helu & family S Eva Gonda de Rivera & fam S Germán Larrea Ramirez S
HOTELS $67.1 BIL #7 TELECOM $7.1 BIL #222 BEVERAGES $1.9 BIL #1284 BANKING
Alijan Ibragimov S Mota Velasco
German Larrea Mota Ricardo Salinas Pliego & fam S Emilio Azcarraga Jean T
$2.3 BIL #1070 MINING, METALS Velasco & family S $7.1 BIL #222 RETAIL, MEDIA $1.7 BIL #1394
$17.3 BIL #72 MINING
NEWSMAKER: Larrea’s Grupo
Maria Asuncion TV BROADCASTING
México, one of the world’s
Alberto Bailleres Aramburuzabala & family S Rufino Vigil Gonzalez T
KUWAIT
largest copper miners, took its
Gonzalez & family T $5.9 BIL #296 BEER, INVESTMENTS $1.4 BIL #1650 STEEL
railway subsidiary GMéxico

GERMAN LARREA: SUSANA GONZALEZ/BLOOMBERG

$10.7 BIL #143 MINING
Juan Francisco Beckmann Transportes public on the David Penaloza Alanis S
Vidal & family S Mexican stock exchange in $1.3 BIL #1756 TOLL ROADS
GDP: $119 BIL $5.7 BIL #315 TEQUILA
POPULATION: 4 MIL November. The company Alfredo Harp Helu & family X
BILLIONAIRES: 4 has nearly 7,000 miles of $1.2 BIL #1867 BANKING
TOTAL NET WORTH: $5.2 BIL railroads across Mexico
(–$200 MIL VS. 2017) and in Texas and
Florida.

Kutayba Alghanim
FAMILY FEUD: Alghanim chairs
his family’s Alghanim Industries.
Its diverse interests include the
Wendy’s franchise in the Mid-
dle East and, in Ku-
wait, the auto dealer- Emilio
ships that sell GM and Azcárraga Jean
Ford cars. He and his MONTERREY
NEWSMAKER: After
brother Bassam, also
two decades at the
a billionaire, have
helm, Azcárraga resigned
been fighting over how LOS CABOS
as CEO of Grupo Televisa,
to divide their late fa-
Mexico’s biggest broad- SAN MIGUEL DE ALLENDE
ther’s business empire
caster, in January at a
since at least 2007; the arbitra-
challenging time. Ad reve-
tion between them has dragged CLUB ATLAS
nues for Televisa’s TV unit RICARDO SALINAS PLIEGO CF PACHUCA HOLBOX
on for years. EXPATRIATE
fell 11% in 2017, follow- CARLOS SLIM HELU 1
CLUB LEON
ing a net income plunge CARLOS SLIM HELU
of more than 50% in MEXICO CITY
KUWAIT CITY 2016. Azcárraga, PUNTA MITA
TULUM
3 who owns near-
CLUB AMERICA
EMILIO AZCARRAGA JEAN
ly 15% of Televi-
sa, is staying on
as executive chair-
EXPATRIATE man of the compa- 13
1 ny, which his grand-
father founded. His
Bassam Alghanim X late father, Emilio
Carlos Slim Helú
$1.4 BIL #1650 DIVERSIFIED Azcárraga Milmo, is RICHEST: Slim’s foundation partnered with Mexico’s
Kutayba Alghanim X credited with turn- National Autonomous University (UNAM) and Mexico’s
$1.4 BIL #1650 DIVERSIFIED ing Televisa into a National Human Rights Commission in March 2017 to
Fawzi Al-Kharafi T powerhouse that help millions of Mexicans living in the U.S. apply to be-
$1.2 BIL #1867 DIVERSIFIED exports its soap come American citizens. The groups support a website
Mohannad Al-Kharafi T operas around the called Acceso Latino, which offers information about free
$1.2 BIL #1867 DIVERSIFIED world. legal aid and loans for the citizenship application fee.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
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 T H E WO R L D ’ S B I L L I O N A I R E S

MALAYSIA MOROCCO
GDP: $315.4 BIL GDP: $110.7 BIL
JERAM
POPULATION: 32 MIL POPULATION: 36 MIL
BILLIONAIRES: 14 (+2 VS. 2017) BILLIONAIRES: 2 (–1 VS. 2017)
TOTAL NET WORTH: $61.8 BIL TOTAL NET WORTH: $3.8 BIL
(+$16.1 BIL VS. 2017) (–$700 MIL VS. 2017)
TAWAU
SIBU
For billionaires, and the rest of
the Malaysia’s 50 Richest list,
SELANGOR
page 38.
KUALA EXPATRIATE CASABLANCA
LUMPUR 1
9

MONACO AS MONACO FC
DMITRY RYBOLOVLEV EXPATRIATES Aziz Akhannouch & family S
GDP: $6.9 BIL 2
MONTE CARLO $2.2 BIL #1103 PETROLEUM,
POPULATION: 39,000 Tatiana Casiraghi T Ezra Nahmad X DIVERSIFIED
BILLIONAIRES: 4 $2.2 BIL #1103 BEER $1.5 BIL #1561 ART
Othman Benjelloun T
TOTAL NET WORTH: $6.9 David Nahmad X Lily Safra X $1.6 BIL #1477 BANKING,
BIL (–$200 MIL VS. 2017) $1.9 BIL #1284 ART $1.3 BIL #1756 BANKING INSURANCE

NEPAL
NETHERLANDS
Charlene de Carvalho-
Heineken & family S
$15.8 BIL #86 HEINEKEN
GDP: $24.9 BIL; POPULATION: 29 MIL
Frits Goldschmeding S
BILLIONAIRES: 1 $5.2 BIL #372 TEMP AGENCY
TOTAL NET WORTH: $1.5 BIL (+$200 GDP: $823.9 BIL; POPULATION: 17 MIL
MIL VS. 2017) Hans Melchers S
BILLIONAIRES: 9 (–1 VS. 2017) $2.9 BIL #822 CHEMICALS,
TOTAL NET WORTH: $35.5 BIL (+$3.9 BIL VS. 2017) INVESTMENTS
Ralph Sonnenberg S
Binod Chaudhary S $2.9 BIL #822 BLINDS
$1.5 BIL #1561
DIVERSIFIED Hans Melchers John de Mol S
$2.1 BIL #1157 TELEVISION
TROPHY: An avid art
Kommer Damen S
collector, Melchers $1.8 BIL #1339 SHIPBUILDING
opened his second
KATHMANDU Lesley Bamberger S
MORE Museum in a $1.7 BIL #1394 REAL ESTATE
14th-century castle in
the Dutch village of Robert Defares S
Binod Chaudhary Ruurlo in June. It fea-
$1.6 BIL #1477
ELECTRONIC TRADING
POLITICS: The chairman of CG Corp Global tures works by Dutch
painter Carel Willink Wim Van Der Leegte S
secured a nomination from the Nepali Con- $1.5 BIL #1561 MANUFACTURING
gress party in the December federal elections. and Chinese-Dutch
His party didn’t win, but now as a member of fashion designer Fong
parliament sitting in the opposition, Chaud- Leng. His first MORE
hary says he hopes to play a role in “furthering Museum, which exhib-
Nepal’s economic agenda.” its modern Dutch real-
ist art, opened in Gors-
sel in 2015.

AMSTERDAM
3 BLARICUM

VORDEN

GORINCHEM
Kommer Damen
EINDHOVEN NEWSMAKER: His $2.5 billion (sales) Damen Shipyards worked
with four other companies to develop the world’s first 3-D-print-
ed ship propeller, the WAAMpeller. Built with 298 layers of nickel
aluminum bronze alloy, the propeller was tested on one of Damen’s
EXPATRIATES
2 tugboats and displayed at its headquarters in November.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

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

NORWAY
TOP SECTORS
NEW ZEALAND
WEALTH
ORIGIN 3
FASHION & RETAIL
GDP: $191.9 BIL; POPULATION: 5 MIL 3
26.5%
BILLIONAIRES: 2 47% DIVERSIFIED
GDP: $397.2 BIL 3
TOTAL NET WORTH: $12.2 BIL KAURI CLIFFS 26.5% FINANCE & INVESTMENTS
(+$800 MIL VS. 2017) POPULATION: 5 MIL
2
BILLIONAIRES: 15 (+1 VS. 2017) INHERITED & GROWING LOGISTICS
AUCKLAND TOTAL NET WORTH: $39.1 BIL (+$6.7 BIL VS. 2017) INHERITED
Graeme Hart S SELF-MADE 2
$10.1 BIL #148 INVESTMENTS SERVICE

Richard Chandler S
$2.1 BIL #1157 INVESTMENTS

EXPATRIATE
Graeme Hart
RICHEST: New Zealand’s richest
since 2007, Hart assembled
a packaging empire that in-
cludes Reynolds Wrap alu-
minum foil and trash-bag
maker Hefty. In October
he sold his 351-foot
superyacht Ulys-
ses for ap-
Kjell Inge Rokke
1
TROPHY: In May, Rokke
CAPE KIDNAPPERS
commissioned the world’s largest
yacht, REV, to be completed in 2020.
The 596-foot boat will have all the
typical amenities for a billionaire—
including a gym and two helipads—
but will also be a floating research
center, with multiple labs,
underwater vessels, a 40-seat audi-

NEW ZEALAND: GRAEME HART: FAIRFAX MEDIA/GETTY IMAGES. NIGERIA: ALIKO DANGOTE: MICHAEL PRINCE.
torium and space for 90 scientists
proximate- and crew. He’s partnered with the
ly $195 World Wildlife Fund Norway, which
million. will also use the yacht. Rokke start-
ed out as a fisherman.

Odd Reitan S Alexandra Andresen S

$6.6 BIL #251 RETAIL,

NIGERIA
$1.4 BIL #1650 INVESTMENTS
REAL ESTATE
Katharina Andresen S
Johan Johannson S $1.4 BIL #1650 INVESTMENTS
$4.4 BIL #480 GROCERY STORES

NORWAY: KJELL INGE ROKKE: LISE AASERUD/ZUMA PRESS/NEWSCOM

GDP: $376.5 BIL; POPULATION: 191 MIL
BILLIONAIRES: 3
TOTAL NET WORTH: $20.9 BIL (+$1.3 BIL VS. 2017)
Aliko Dangote S
$14.1 BIL #100 CEMENT,
SUGAR, FLOUR
Mike Adenuga T
$5.3 BIL #365 TELECOM, OIL
Folorunsho Alakija T
$1.5 BIL #1561 OIL
LAGOS
3 $2.2 BIL #1103 CRUISES
ALIKO DANGOTE
RICHEST: Dangote holds
on to his spot as Africa’s
richest person while con-
tinuing to diversify his ce-
ment-heavy empire. His
Dangote Fertilizer is slat-
ed to start operations this
year, and his massive oil
refinery is expected to open
for business in late 2019.
Andreas Halvorsen S
$3.7 BIL #606 HEDGE FUNDS
Arne Wilhelmsen & family S
$3.6 BIL #629 CRUISES
Kjell Inge Rokke S
$3.5 BIL #652 SHIPPING,
SEAFOOD
Caroline Hagen Kjos S
$2.8 BIL #859 DIVERSIFIED
Stein Erik Hagen S
$2.5 BIL #965 CONSUMER GOODS
Torstein Hagen S
Gustav Magnar Witzoe S
$1.9 BIL #1284 FISH FARMING
Petter Stordalen & family S
$1.8 BIL #1339 HOTELS
Ivar Erik Tollefsen +
$1.2 BIL #1867 REAL ESTATE
Svein Stole T
$1.1 BIL #1999 INVESTMENTS
Alexander Vik X
$1 BIL #2124 INVESTMENTS
KVERVA
1 started to invest in real estate through his com-
TRONDHEIM 1
EXPATRIATES
5
Ivar Erik Tollefsen
NEWCOMER: A rally car driver and polar
explorer, Tollefsen made a fortune buy-
ing up more than 27,000 rental apartments
across Scandinavia. At age 14, he started
working as a DJ and soon ran a DJ supply busi-
ness and built nightclubs. In the early 1990s, he
pany Fredensborg Norge AS. Tollefsen bought
the building that formerly housed the U.S. Em-
bassy in Oslo in late 2017.

VETTRE
1

OMAN OSLO
GDP: $68.5 BIL MUSCAT 7
POPULATION: 5 MIL
BILLIONAIRES: 2 (–1 VS. 2017)
TOTAL NET WORTH: $5.4 BIL
(–$1.3 BIL VS. 2017) Katharina Andresen
NEWSMAKER: In April police pulled over an Audi Q3 near a tony ski resort in
Norway. The driver turned out to be Andresen, 22, the world’s second-youngest
billionaire. Her blood alcohol content was three times the legal limit. Her lawyers
Suhail Bahwan T argued that she was a student with limited funds, including a $1,100 monthly sti-
$3.9 BIL #572 DIVERSIFIED
pend. The court, which normally issues fines based on income, considered her
P.N.C. Menon T stake in her family’s investment firm—an estimated 42% holding worth $1.4 bil-
$1.5 BIL #1561 REAL ESTATE EXPATRIATE lion—and handed her a $32,000 fine and 13-month driver’s license suspension.
1

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

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

PERU
GDP: $215.1 BIL
PHILIPPINES TOP SECTORS
5
POPULATION: 32 MIL DIVERSIFIED
GDP: $313.8 BIL WEALTH
BILLIONAIRES: 6 ORIGIN 3
(+1 VS. 2017) POPULATION:
FOOD & BEVERAGE
105 MIL
TOTAL NET WORTH: $10.9 BIL 1
(+$2.5 BIL VS. 2017) LIMA BILLIONAIRES: 12 25% ENERGY
(–2 VS. 2017)
6 1
TOTAL NET WORTH: 75% FINANCE & INVESTMENTS
$55.3 BIL 1
(+$9.5 BIL VS. 2017)
Carlos Rodriguez-Pastor S Jorge Rodriguez Rodriguez 3 REAL ESTATE
SCIENCE CITY OF MUÑOZ INHERITED & GROWING
$3.4 BIL #679 FINANCE $1.5 BIL #1561 PROCESSED MILK INHERITED 1
SELF-MADE LOGISTICS
Vito Rodriguez Rodriguez S Eduardo Hochschild T
$1.9 BIL #1284 PROCESSED MILK $1.4 BIL #1650 MINING
Ana Maria Brescia Cafferata S Eduardo Belmont Anderson S
$1.5 BIL #1561 MINING, BANKING $1.2 BIL #1867 COSMETICS
MANILA 12

POLAND
GDP: $522 BIL
CHROSTNIK WARSAW POPULATION: 38 MIL
PALAWAN
KROTOSZYN
BILLIONAIRES: 6 (+2 VS. 2017)
TOTAL NET WORTH: $13.8 BIL
KONSTANCIN (+$3.9 BIL VS. 2017)

KIELCE

Jerzy Starak
N E WCO MER : Starak chairs the su-
pervisory board of Polpharma,
which says it is Poland’s largest drug
manufacturer. In 2000 he helped
privatize the business, which spe-
cializes in pharmaceuticals used in
cardiology, neurology and gastroen-
terology. He founded the chemical
company Comindex in the 1970s.
Dominika & Sebastian
PHILIPPINES: CLOCKWAISE FROM UPPER RIGHT: NANA BUXANI/BLOOMBERG; JEROME FAVRE/BLOOMBERG; RICHARD B. LEVINE/NEWSCOM; NO CREDIT.
DAVAO CITY Henry Sy
RICHEST: Sy’s fortune surged
by 57% over the past year,
thanks to the expanding re-
tail and property portfolio
at home and in China of his
SM Investments, which owns
Tony Tan Caktiong shopping malls, banks and
Dariusz Milek S buildings. His $20 billion for-

NEWSMAKER: Aiming to expand

Kulczyk S $1.4 BIL #1650 REAL ESTATE, tune is the most ever accu-
$3.8 BIL #588 DIVERSIFIED RETAIL
its footprint in the U.S., his fast-
food chain Jollibee bought an ad- mulated by a Filipino. The
Michal Solowow S Jerzy Starak + ditional 45% stake last month in 93-year-old is the founder of
$3.2 BIL #729 INVESTMENTS $1.4 BIL #1650 the SM Group and chairman
PHARMACEUTICALS U.S.-based Smashburger for $100
Zygmunt Solorz-Zak S million, bringing its emeritus of SM Investments.
$2.8 BIL #859 TV BROADCASTING Tomasz Biernacki +
$1.2 BIL #1867 RETAIL Andrew Tan ownership to 85%.
Tan is also increas-
NEWSMAKER: The real estate ingly betting on Henry Sy S
developer says he’s investing $20 BIL #52 DIVERSIFIED
real estate.
PORTUGAL another $1 billion over the next
ten years to build out an enter-
John Gokongwei Jr. X
$5.8 BIL #305 FOOD, BEVERAGES
tainment hub by Manila Bay. Enrique Razon Jr. S
GDP: $217 BIL Sitting on 31 hectares, the strip $4.9 BIL #404 PORTS
POPULATION: 10 MIL will include a casino, upscale
BILLIONAIRES: 1 (–3 VS. 2017) GRIJÓ Lucio Tan S
hotels and residential resorts. $4.7 BIL #441 DIVERSIFIED
TOTAL NET WORTH: $5.1 BIL He’s now committed a total of
(–$5.6 BIL VS. 2017) Tony Tan Caktiong S
$2.3 billion to the project. Tan is $4 BIL #550 FOOD
best known for his listed Mega-
World, which boasts interests George Ty S
Maria Fernanda Amorim & $3.9 BIL #572 BANKING
in casinos and real estate.
family +
$5.1 BIL #382 ENERGY,
Manuel Villar S
$3 BIL #791 REAL ESTATE
INVESTMENTS
Andrew Tan S

ROMANIA
$2.7 BIL #887 DIVERSIFIED

QATAR Faisal Bin Qassim

GDP: $210 BIL
Ramon Ang S
$2.5 BIL #965 DIVERSIFIED
Al Thani T Robert Coyiuto Jr T
GDP: $165.9 BIL DOHA $1.6 BIL #1477 HOTELS, POPULATION: 20 MIL $1.4 BIL #1650 POWER
POPULATION: 3 MIL DIVERSIFIED BILLIONAIRES: 1 Eduardo Cojuangco S
BILLIONAIRES: 2 Hamad bin Jassim TOTAL NET WORTH: $1.3 BIL #1756 FOOD, BEVERAGES
TOTAL NET WORTH: bin Jaber Al Thani T BUCHAREST $1.2 BIL (+$100 MIL VS.
2017) Roberto Ongpin X
$2.8 BIL $1.2 BIL #1867
Ion Tiriac S $1.1 BIL #1999 DIVERSIFIED
(–$900 MIL VS. 2017) INVESTMENTS
$1.2 BIL #1867 BANKING,
INSURANCE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

MARCH 2018 FORBES ASIA | 87

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

RUSSIA
WEALTH
TOP SECTORS ORIGIN
22
ENERGY
ANDREY ANDREEV
18 NEWCOMER: This Russian entrepre-
METALS & MINING neur is the ultimate matchmaker. In
16 100%
2004 he founded Mamba (renamed
FINANCE & INVESTMENTS Wamba), a Russian online dating site
GDP: $1.6 TRIL 8
POPULATION: 144 MIL INHERITED & GROWING that now has 31 million users in 15
MANUFACTURING INHERITED
BILLIONAIRES: 102 (+6 VS. 2017) SELF-MADE countries. Two years later he started
TOTAL NET WORTH: $410.8 BIL (+$24.5 BIL VS. 2017) Badoo, today the world’s largest online
dating site, with over 377 million users
in 47 languages across 190 countries.
Most recently he invested $10 million
in seed money for a 79% stake in Bum-
Dmitry Rybolovlev ble, America’s fastest-growing dat-
TROPHY: Rybolovlev sold Leonardo da Vinci’s “Salvator Mundi” for a ing-app company, with over 28
record-breaking $450 million in November; the buyer was reported to million registered users.
be Saudi Arabia’s Crown Prince Mohammed bin Salman. Despite the
high price, Rybolovlev is suing the art dealer, Yves Bouvier, who brokered
the original sale to him for $127.5 million in 2013. Rybolovlev, who acquired
38 works through Bouvier, alleges that he was overcharged an estimated $1 billion
for the combined purchases. Bouvier denies any wrongdoing.

ST. PETERSBURG

SEVERSTAL CHEREPOVETS
ALEXEI MORDASHOV

SURGUT

FC SPARTAK MOSCOW
LEONID FEDUN SOLIKAMSK

VERKHNYAYA
FC KRASNODAR CHELYABINSK PYSHMA
SERGEI GALITSKY
YEKATERINBURG
KAZAN 4
KRASNODAR
KRASNAYA
MAGNITOGORSK
POLYANA LAKE BAIKAL

SOCHI IRKUTSK

Vladimir Lisin S
$19.1 BIL #57 STEEL, TRANSPORT
Alexey Mordashov S
$18.7 BIL #60 STEEL,
OLEG DERIPASKA INVESTMENTS

NEWSMAKER: Russian state Leonid Mikhelson T

$18 BIL #64 GAS, CHEMICALS
media watchdog Roskomnad-
zor reportedly threatened in Vagit Alekperov S
$16.4 BIL #78 OIL
February to block YouTube and
Instagram if the sites did not Gennady Timchenko X
MOSCOW take down content showing $16 BIL #82 OIL, GAS
77 aluminum tycoon Deripaska on Vladimir Potanin S
a yacht with politician Sergei $15.9 BIL #83 METALS
Prikhodko and Nastya Rybka, a
LEONID FEDUN
Andrey Melnichenko S
21-year-old social media figure $15.5 BIL #88 COAL, FERTILIZER TROPHY: The Lukoil ex-
who has called herself Deripas- ecutive invested a reported
Mikhail Fridman S
ka’s mistress on Instagram. The $15.1 BIL #93 OIL, BANKING, $500 million in Otkritie Arena,
ultimatum came after he won TELECOM a soccer stadium in Moscow. The
EXPATRIATES an injunction in Russia in Feb- Viktor Vekselberg S
stadium, which hosted its first game
11 ruary, citing invasion of privacy. in 2014, is home to Fedun’s soccer
$14.4 BIL #99 METALS, ENERGY
Instagram complied in Russia. team, FC Spartak Moscow. It will
Alisher Usmanov T
YouTube has not yet. $12.5 BIL #118 STEEL, TELECOM,
host matches during the 2018 FIFA
INVESTMENTS World Cup.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

88 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 SINGAPORE
Alexander Svetakov X Anatoly Lomakin X
$3.3 BIL #703 BANKING, $1.4 BIL #1650 FERTILIZER
REAL ESTATE
Kirill Shamalov S
Arkady Rotenberg S $1.4 BIL #1650
$3 BIL #791 CONSTRUCTION, PETROCHEMICALS
PIPES, BANKING GDP: $311 BIL
Gavril Yushvaev S POPULATION: 6 MIL
Igor Kesaev X $1.4 BIL #1650 PRECIOUS
$2.4 BIL #1020 TOBACCO METALS, REAL ESTATE BILLIONAIRES: 22 (+1 VS. 2017)
DISTRIBUTION, RETAIL TOTAL NET WORTH: $64.5 BIL (+$5.1 BIL VS. 2017)
Leonid Boguslavsky S
Alexander Mamut T $1.3 BIL #1756 VENTURE CAPITAL
$2.4 BIL #1020 INVESTMENTS
Andrei Kosogov S
Alexander Frolov S $1.3 BIL #1756 OIL, BANKING, SINGAPORE
$2.2 BIL #1103 MINING, STEEL TELECOM 20
Oleg Tinkov S Elena Baturina S
$2.2 BIL #1103 BANKING $1.2 BIL #1867 CONSTRUCTION
Nikolai Buinov T Gleb Fetisov X
$2.1 BIL #1157 OIL, GAS $1.2 BIL #1867 INVESTMENTS
Roman Abramovich S
$10.8 BIL #140 STEEL, Igor Makarov X Sergei Kolesnikov +
INVESTMENTS $2.1 BIL #1157 GAS $1.2 BIL #1867
BUILDING MATERIALS
German Khan S Alexey Repik +
$9.8 BIL #152 OIL, BANKING, $2.1 BIL #1157 Ziyavudin Magomedov T MARINA BAY
TELECOM PHARMACEUTICALS $1.2 BIL #1867 PORT, GAS

Mikhail Prokhorov S Andrei Bokarev S Andrei Molchanov T

$9.6 BIL #158 INVESTMENTS $2 BIL #1215 METALS, MINING $1.2 BIL #1867
CONSTRUCTION MATERIALS EXPATRIATES
Viktor Rashnikov S Vadim Moshkovich T 2
$9.3 BIL #164 STEEL $2 BIL #1215 AGRICULTURE, Boris Rotenberg S
LAND $1.2 BIL #1867 CONSTRUCTION,
Alexei Kuzmichev S
$7.6 BIL #205 OIL, BANKING, Vladimir Yevtushenkov T
PIPES, CHEMICALS Min-Liang Tan
TELECOM $2 BIL #1215 TELECOM, Igor Rybakov +
INVESTMENTS $1.2 BIL #1867 BUILDING NEWCOMER: In November, just
Iskander Makhmudov S MATERIALS after he turned 40, Tan listed
$7.3 BIL #211 MINING, METALS, Alexander Nesis T Razer, which makes products like
MACHINERY $1.9 BIL #1284 METALS, BANKING, Airat Shaimiev S
FERTILIZER $1.2 BIL #1867 REFINERY, keyboards and headphones for
Leonid Fedun S CHEMICALS videogame players; he was a bil-
$6.9 BIL #237 OIL Megdet Rahimkulov S
$1.9 BIL #1284 INVESTMENTS Radik Shaimiev S lionaire the next day. He quit his
Dmitry Rybolovlev T $1.2 BIL #1867 REFINERY, job as a lawyer to cofound Razer
$6.8 BIL #242 FERTILIZER Aras Agalarov S CHEMICALS in 2005. Its investors include
$1.8 BIL #1339 REAL ESTATE
Oleg Deripaska S Mikhail Shelkov + Temasek Holdings and Hong Kong
$6.7 BIL #248 ALUMINUM, Vladimir Bogdanov T $1.2 BIL #1867 TITANIUM legend Li Ka-shing.
UTILITIES $1.8 BIL #1339 OIL
Leonid Simanovsky X Robert & Philip Ng S
Suleiman Kerimov S Roman Avdeev S $1.2 BIL #1867 INVESTMENTS Ong Beng Seng & Christina
$6.4 BIL #265 INVESTMENTS $1.7 BIL #1394 BANKING, $10.8 BIL #140 REAL ESTATE Ong X
DEVELOPMENT Vadim Yakunin X Goh Cheng Liang S $2.1 BIL #1157 DIVERSIFIED
Alexander Abramov S $1.2 BIL #1867 PHARMACY
$5.2 BIL #372 STEEL, MINING Pavel Durov + $7 BIL #228 PAINTS Sam Goi T
$1.7 BIL #1394 MESSAGING APP Andrei Filatov 3 Wee Cho Yaw S $2 BIL #1215 FROZEN FOODS
Pyotr Aven S $1.1 BIL #1999 PORTS,
$5.1 BIL #382 OIL, BANKING, Sergei Gordeev S RAIL TRANSPORT
$6.6 BIL #251 BANKING Chung Chang Yun S
TELECOM $1.7 BIL #1394 REAL ESTATE $1.9 BIL #1284 SHIPPING
Kwee family S
Vladimir Kogan +
Andrei Skoch T Konstantin Strukov + $1.1 BIL #1999 BANKING
$5.6 BIL #321 REAL ESTATE Zhong Sheng Jian S
$4.9 BIL #404 STEEL $1.7 BIL #1394 GOLD, COAL $1.8 BIL #1339 REAL ESTATE
Jason Chang X
Nikita Mishin 3
Mikhail Gutseriev T Roman Trotsenko S $1.1 BIL #1999 PORTS,
$2.9 BIL #822 ELECTRONICS Lim Oon Kuin X
$4.8 BIL #422 OIL, $1.7 BIL #1394 TRANSPORT, $1.7 BIL #1394 OIL TRADING
RAIL TRANSPORT Kwek Leng Beng S
REAL ESTATE ENGINEERING, REAL ESTATE
Konstantin Nikolaev 3
$2.9 BIL #822 REAL ESTATE Asok Kumar Hiranandani S
Andrei Kozitsyn S Alexander Dzhaparidze S $1.1 BIL #1999 PORTS, Raj Kumar & Kishin RK S $1.5 BIL #1561 REAL ESTATE
$4.8 BIL #422 METALS $1.6 BIL #1477 OIL SERVICES RAIL TRANSPORT $2.6 BIL #924 REAL ESTATE Chua Thian Poh X
Andrei Guriev X Dmitry Pumpyansky S Andrei Rappoport X Zhao Tao T $1.4 BIL #1650 REAL ESTATE
$4.5 BIL #466 FERTILIZER $1.6 BIL #1477 STEEL PIPES $1.1 BIL #1999 INVESTMENTS $2.5 BIL #965 PHARMACEUTICALS Oei Hong Leong S
Sergei Popov X Andrey Andreev + Igor Rotenberg + Peter Lim S $1.4 BIL #1650 INVESTMENTS
$4.5 BIL #466 BANKING $1.5 BIL #1561 ONLINE DATING $1.1 BIL #1999 CONSTRUCTION, $2.2 BIL #1103 INVESTMENTS Ron Sim S
Sergei Galitsky T Oleg Boyko S REAL ESTATE $1.2 BIL #1867 RETAIL
Choo Chong Ngen S
$4 BIL #550 RETAIL $1.5 BIL #1561 FINANCE, Albert Shigaboutdinov S
GAMBLING
$2.1 BIL #1157 HOTELS Koh Wee Meng X
Viatcheslav Kantor S $1.1 BIL #1999 REFINERY, $1.1 BIL #1999 REAL ESTATE,
CHEMICALS Kuok Khoon Hong T
$3.7 BIL #606 FERTILIZER, Alexander Klyachin S $2.1 BIL #1157 PALM OIL
HOTELS
REAL ESTATE $1.5 BIL #1561 REAL ESTATE Rustem Sulteev S Min-Liang Tan +
Samvel Karapetyan S Yuri Shefler T $1.1 BIL #1999 REFINERY, $1.1 BIL #1999 GAMING
$3.7 BIL #606 REAL ESTATE $1.5 BIL #1561 ALCOHOL CHEMICALS
Eduard Chukhlebov +
SLOVAKIA
Yuri Milner S Arkady Volozh S
$3.7 BIL #606 $1.5 BIL #1561 SEARCH ENGINE $1 BIL #2124 METALLURGY
TECH INVESTMENTS Filaret Galchev T
Farkhad Akhmedov S
Dmitry Kamenshchik T $1.4 BIL #1650 NATURAL GAS $1 BIL #2124 CONSTRUCTION
MATERIALS GDP: $95.5 BIL
$3.5 BIL #652 AIRPORT
Vasily Anisimov X POPULATION: 5 MIL
Igor Altushkin S $1.4 BIL #1650 REAL ESTATE Yuri Gushchin X
$1 BIL #2124 CANDY, BILLIONAIRES: 1
$3.4 BIL #679 METALS
Eugene Kaspersky S REAL ESTATE TOTAL NET WORTH: $1.3 BIL (+$200 MIL VS. 2017)
Alexander Ponomarenko S $1.4 BIL #1650 SOFTWARE
$3.4 BIL #679 PORTS Igor Kudryashkin +
Viktor Kharitonin S $1 BIL #2124 METALLURGY
Alexander Skorobogatko S $1.4 BIL #1650 Ivan Chrenko S
$3.4 BIL #679 PORTS PHARMACEUTICALS Lev Kvetnoi T $1.3 BIL #1756 REAL ESTATE
$1 BIL #2124 CEMENT, AIRPORT
Zarakh Iliev S Pyotr Kondrashev X
$3.3 BIL #703 REAL ESTATE $1.4 BIL #1650 FERTILIZER Sergei Petrov 3
$1 BIL #2124 AUTO DEALERSHIPS
God Nisanov S Yuri Kovalchuk S
$3.3 BIL #703 REAL ESTATE $1.4 BIL #1650 BANKING,
INSURANCE, MEDIA BRATISLAVA

DA VINCI: ILYA S. SAVENOK/GETTY IMAGES; DERIPASKA : SERGEI SAVOSTYANOV\TASS/GETTY IMAGES; ANDREEV: TOM STOCKILL/CAMERA PRESS/REDUX;
OTKRITIE ARENA: ROMAN SIGAEV/ALAMY; TAN: DAVID PAUL MORRIS/BLOOMBERG MARCH 2018 FORBES ASIA | 89
T H E WO R L D ’ S B I L L I O N A I R E S

HOTEL
SAUDI ARABIA MOHAMMED AL AMOUDI
BY KERRY A. DOLAN AND CHRISTOPHER HELMAN $8.1 billion
Assets include a Swedish refinery,
IT’S HARD TO IMAGINE a Saudi gas stations and an Ethiopian
faster or more audacious way to conglomerate (gold mining, farming,
construction).
obtain billions of dollars than
the route recently taken by Saudi
Crown Prince Mohammed bin
Salman: force the country’s
richest people to turn over their PRINCE SULTAN BIN MOHAMMED
personal fortunes to the state BIN SAUD AL KABEER
as part of an “anticorruption $3.8 billion
His publicly traded Almarai dairy
campaign.” company is among the largest in the
Late last year the 32-year-old Middle East.
heir to the throne locked up a
group of Saudi billionaires and
other businessmen at an ultra-
luxe prison—the 492-room,
palm-lined Ritz-Carlton Riyadh. PRINCE ALWALEED
Some were his own relatives, BIN TALAL MOHAMMED AL ISSA
$18.7 billion $2.6 billion
including Prince Alwaleed Bin His Assila Investments has stakes in a
Chairs publicly traded Kingdom bank, a food processing firm and hotels.
Talal, 62, the most recognizable Holding, which has investments
Saudi mogul in the West. in Lyft, Twitter, Citigroup and
the Four Seasons.
Alwaleed and many others
have been released, but checking
out of the Ritz-Carlton cost
billions. There are a thousand SALEH KAMEL
and one stories about what $2.3 billion
Founded Dallah Albaraka conglomerate
precisely happened, making it (real estate, food, health care).
impossible to know definitively
who gave how much to whom

ALWALEED: BEN BAKER/REDUX PICTURES; SALEH-KAMEL : AMER HILABI/AFP/GETTY IMAGES; RITZ: ANDREA HANKS/ZUMA PRESS/NEWSCOM
when. Given these shifting sands
of truth, we’ve chosen to leave all
ten Saudis off our billionaires list
this year; none would comment. ABDULLAH AL RAJHI
$1.9 billion
With greater clarity regarding With brothers, built Al Rajhi Bank, one
their wealth, some might of world’s largest Islamic banks.
eventually return to the ranking.

ABDUL MAJEED ALHOKAIR

$1.2 billion
SALMAN ALHOKAIR
$1.2 billion
FAWAZ ALHOKAIR
$1.2 billion
The three brothers’ real estate empire
includes 19 shopping malls.

MOHAMMED SERAFI
$1.1 billion
Real estate investor.
The Ritz-Carlton Riyadh

90 | FORBES ASIA MARCH 2018

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

ST. KITTS MYRON WENTZ SOUTH AFRICA

& NEVIS NEWCOMER: Brief-
ly a billionaire in May GDP: $346 BIL
2015, Wentz official- POPULATION: 57 MIL
GDP: $951.7 MIL JOHANNESBURG 2
ly joins the ranks thanks BILLIONAIRES: 5 (–3 VS. 2017)
POPULATION: 55,000 to a 30% rally in shares TOTAL NET WORTH: $20.9 BIL
BILLIONAIRES: 3 (+1 VS. 2017) of his multilevel market- (–$5.7 BIL VS. 2017)
TOTAL NET WORTH: $4.2 BIL ing company USANA
(–$700 MIL VS. 2017) Health Sciences, which Nicky Oppenheimer &
sells vitamins and family S
$7.7 BIL #202 DIAMONDS
skin-care prod-
ucts. Wentz, who founded USANA Johann Rupert & family S
$7 BIL #228 LUXURY GOODS
in 1992, renounced his U.S. DURBAN
citizenship in the mid-1990s. Koos Bekker S
Wu Xu T
He spends much of his time $2.6 BIL #924 MEDIA,
$1.6 BIL #1477 REAL ESTATE CLIFTON
INVESTMENTS
in the Cayman Islands CAMPS BAY
Jacky Xu T FRANSCHHOEK
and Rosarito, Mexico, Patrice Motsepe S
$1.5 BIL #1561 APPAREL
where his Sanoviv $2.4 BIL #1020 MINING
Myron Wentz +
EXPATRIATES Medical Institute is Stephen Saad X
$1.1 BIL #1999
3 located. $1.2 BIL #1867
HEALTH PRODUCTS
PHARMACEUTICALS CAPE TOWN 2

SOUTH KOREA WEALTH DIGITAL MEDIA CITY

GDP: $1.5 TRIL TOP SECTORS ORIGIN SAMSUNG TOWN
TEHERAN VALLEY
POPULATION: 51 MIL 11
11%
SEOUL LG TWINS
BILLIONAIRES: 44 (+6 VS. 2017) TECHNOLOGY 41 KOO BON-MOO

TOTAL NET WORTH: $126.8 BIL 7 41%

(+$34.1 BIL VS. 2017) DIVERSIFIED
48% ANYANG
6
FASHION & RETAIL
4
INHERITED & GROWING
MANUFACTURING INHERITED
SELF-MADE
4
FINANCE & INVESTMENTS

DAEDEOK SCIENCE TOWN

Lee Kun-Hee S Chung Eui-Sun X Lee Seo-Hyun S
$18.6 BIL #61 SAMSUNG $2.6 BIL #924 LOGISTICS $1.9 BIL #1284 COMPUTER
SERVICES, TOURISM
Seo Jung-Jin S Lee Joong-Keun X
$11.9 BIL #126 BIOTECH $2.3 BIL #1070 CONSTRUCTION, Park Hyeon-Joo T
REAL ESTATE $1.9 BIL #1284 MUTUAL FUNDS
Jay Y. Lee S JEONBUK HYUNDAI
$7.4 BIL #207 SAMSUNG Koo Bon-Moo S Chung Mong-Joon S MOTORS
$2.2 BIL #1103 DIVERSIFIED $1.8 BIL #1339 SHIPBUILDING, CHUNG MONG-KOO
Suh Kyung-Bae S INDUSTRIAL MACHINES
$7.1 BIL #222 COSMETICS Shin Chang-Jae S
$2.1 BIL #1157 INSURANCE Kim Jun-Ki S
Kim Jung-Ju S $1.7 BIL #1394 DIVERSIFIED GIMHAE
$6.9 BIL #237 ONLINE GAMES Lee Boo-Jin S
$2 BIL #1215 COMPUTER Park Yeon-Cha +
Kwon Hyuk-Bin S SERVICES, TOURISM $1.7 BIL #1394 SNEAKERS
$5.8 BIL #305 ONLINE GAMES
Lee Jay-Hyun T Cho Jung-Ho S
Chung Mong-Koo X $2 BIL #1215 FOOD PRODUCTS, $1.6 BIL #1477 FINANCE
$4.9 BIL #404 MOTOR VEHICLES ENTERTAINMENT
Kim Taek-Jin S
Chey Tae-Won S Lee Myung-Hee S $1.6 BIL #1477 ONLINE GAMES
$4.5 BIL #466 IT, TELECOM $1.9 BIL #1284 RETAIL
Shin Dong-Guk +
Lim Sung-Ki S $1.6 BIL #1477
$3.6 BIL #629 EXPATRIATE
PHARMACEUTICALS
PHARMACEUTICALS 1
Kim Nam-Jung T
Kim Beom-Su S $1.5 BIL #1561 FOOD
$2.7 BIL #887 ONLINE SERVICES
Chang Pyung-Soon T
JEJU UNITED Lee Joon-Ho +
Bang Jun-Hyuk S CHEY TAE-WON $1.1 BIL #1999 ONLINE GAMES
$1.4 BIL #1650
$2.6 BIL #924 ONLINE GAMING
EDUCATIONAL SERVICES Lee Sang-Hyuk S
$1.1 BIL #1999 INVESTMENTS
Chey Ki-Won S
$1.4 BIL #1650 COMPUTER Shin Dong-Joo T
SERVICES, TELECOM $1.1 BIL #1999 RETAIL
Lee Ho-Jin S
Seo Jung-Jin Chung Yong-Jin S $1.3 BIL #1756 DIVERSIFIED Cho Yang-Rai T
$1.4 BIL #1650 RETAIL $1 BIL #2124
BIGGEST GAINER: The bio- Hong Seok-Joh T TIRE MANUFACTURING
pharma tycoon’s wealth soared Hur Young-In T $1.2 BIL #1867
by $9.7 billion in the past year, $1.4 BIL #1650 BAKERIES, CONVENIENCE STORES Kim Dae-Il +
FAST FOOD
WENTZ: PAUL ZIMMERMAN/GETTY IMAGES 

up 440%, as shares in Celltrion jumped after it released a drug to $1 BIL #2124 MOBILE GAMING
Lee Hae-Jin S
treat non-Hodgkin’s lymphoma and rheumatoid arthritis. A for- Shin Dong-Bin T $1.2 BIL #1867 INTERNET Michael Kim +
mer employee of Samsung Electro-Mechanics, Seo also worked at $1.4 BIL #1650 RETAIL $1 BIL #2124 INVESTMENTS
Koo Bon-Joon 3
Daewoo Motor but left in 1999 shortly before the company filed for Koo Bon-Neung 3 $1.1 BIL #1999 ELECTRONICS, Koo Bon-Sik 3
bankruptcy. He founded Celltrion in 2002. $1.3 BIL #1756 ELECTRONICS HOUSEHOLD PRODUCTS $1 BIL #2124 ELECTRONICS,
HOUSEHOLD PRODUCTS

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

OWNED SPORTS TEAM MARCH 2017 FORBES ASIA | 91
T H E WO R L D ’ S B I L L I O N A I R E S

SPAIN SWEDEN
GDP: $540.6 BIL
POPULATION: 10 MIL
GDP: $1.3 TRIL BILLIONAIRES: 32 (+1 VS. 2017)
POPULATION: 47 MIL TOTAL NET WORTH: $124.6 BIL
BILLIONAIRES: 29 (+4 VS. 2017) (+$7.1 BIL VS. 2017)
TOTAL NET WORTH: $136 BIL
(+$11.3 BIL VS. 2017)

ISAK ANDIC
NEWSMAKER: His fast-fashion retailer Mango hit the skids amid stiff competition from the likes of H&M
and Zara. The Barcelona-based company, which Andic founded in 1984, closed its nearly 450 U.S. mini-bou-
tiques inside JCPenney stores in 2016, leaving it with just 10 stand-alone American stores. The company also
announced its first-ever loss: $68 million on $2.5 billion in revenue in 2016.
SKINNSKATTEBERG
REAL OVIEDO
CARLOS SLIM HELU
LA CORUNA
3

MATADEPERA EXPATRIATES
DEPORTIVO DE LA CORUNA
AMANCIO ORTEGA
11 STOCKHOLM
GOTHENBURG 14
5
BARCELONA BASTAD

HELSINGBORG
TOREKOV
VILLARREAL CF ESPORLES
FERNANDO ROIG

IBIZA Stefan Persson T Erik Selin T

MADRID
16 VALENCIA
VALENCIA CF
PETER LIM
MARBELLA
Amancio Ortega T Tomas Olivo Lopez +
$70 BIL #6 ZARA $2.2 BIL #1103 SHOPPING CENTERS
Sandra Ortega Mera S Manuel Jove S
$6.9 BIL #237 ZARA $2.1 BIL #1157 REAL ESTATE
Juan Roig T Florentino Perez S
$4.5 BIL #466 SUPERMARKETS $2 BIL #1215 CONSTRUCTION
Miguel Fluxa Rossello S Francisco Jose Riberas
$4.4 BIL #480 HOTELS Mera 3
$2 BIL #1215 STEEL, AUTO PARTS
Rafael Del Pino y Calvo-
Sotelo S Gabriel Escarrer S
$3.4 BIL #679 CONSTRUCTION $1.8 BIL #1339 HOTELS
Juan-Miguel Villar Mir & Juan Maria Riberas Mera 3
family S $1.7 BIL #1394 STEEL
$3.4 BIL #679 CONSTRUCTION
PALMA DE
$16.8 BIL #73 H&M $1.9 BIL #1284 REAL ESTATE
MAJORCA Hans Rausing X Karl-Johan Persson T
$12.5 BIL #118 PACKAGING $1.6 BIL #1477 H&M
3
Melker Schorling S Tom Persson T
$8.2 BIL #185 INVESTMENTS $1.6 BIL #1477 H&M
FORMENTERA Frederik Paulsen S Charlotte Soderstrom T
$7.3 BIL #211 HEALTH CARE $1.6 BIL #1477 H&M
Jorn Rausing S Carl Douglas S
$7 BIL #228 PACKAGING $1.5 BIL #1561 INVESTMENTS
EXPATRIATES Finn Rausing S Eric Douglas S
2 $6.6 BIL #251 PACKAGING $1.5 BIL #1561 INVESTMENTS
Kirsten Rausing S Madeleine Olsson Ericksson T
$6.6 BIL #251 PACKAGING $1.5 BIL #1561 DIVERSIFIED
Maria Del Pino y Calvo-
Sotelo S Antonia Ax:son Johnson S Thomas Sandell S
$1.4 BIL #1650 CONSTRUCTION $6.3 BIL #274 DIVERSIFIED $1.5 BIL #1561 HEDGE FUNDS
Fernando Roig S Dan Olsson S Markus Persson X
$1.4 BIL #1650 SUPERMARKETS $6 BIL #289 DIVERSIFIED $1.4 BIL #1650
COMPUTER GAMES
Jose Llado Fernandez- Fredrik Lundberg S
Urrutia X $4.7 BIL #441 REAL ESTATE, Louise Lindh S
$1.3 BIL #1756 CONSTRUCTION INVESTMENTS $1.3 BIL #1756 INVESTMENTS
Isak Andic & family T Bertil Hult S Katarina Martinson S
$1.2 BIL #1867 FASHION RETAIL $4.5 BIL #466 EDUCATION $1.3 BIL #1756 INVESTMENTS
Jose Maria Aristrain S Carl Bennet S Erik Paulsson S
$1.2 BIL #1867 STEEL $4.1 BIL #527 INVESTMENTS $1.2 BIL #1867 CONSTRUCTION,
REAL ESTATE
Sol Daurella S Gustaf Douglas S
$1.2 BIL #1867 COCA-COLA $3.8 BIL #588 INVESTMENTS Jonas Kamprad S

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

Alberto Alcocer S $1.1 BIL #1999 IKEA
Manuel Lao Hernandez S $1.4 BIL #1650 INVESTMENTS D. Leopoldo Del Pino y Stefan Olsson S
$3.1 BIL #766 GAMBLING Calvo-Sotelo S $2.8 BIL #859 DIVERSIFIED Mathias Kamprad S
Alberto Cortina S $1.2 BIL #1867 CONSTRUCTION $1.1 BIL #1999 IKEA
Alicia Koplowitz S $1.4 BIL #1650 INVESTMENTS Torbjorn Tornqvist S
$2.9 BIL #822 CONSTRUCTION, Alberto Palatchi + $2.6 BIL #924 OIL TRADING Peter Kamprad S
INVESTMENTS $1.1 BIL #1999 WEDDING DRESSES $1.1 BIL #1999 IKEA
Lottie Tham T
Helena Revoredo S $2.5 BIL #965 H&M Jenny Lindén Urnes +
$2.7 BIL #887 $1.1 BIL #1999 POWDERED METAL
SECURITY SERVICES Alberto Palatchi
Juan Abello S NEWCOMER: In October

SWAZILAND
$2.6 BIL #924 INVESTMENTS Palatchi sold 90% of wed-
Daniel Mate S ding dress company Pronovias
$2.6 BIL #924 MINING, to British private equity firm BC
COMMODITIES Partners for an estimated $655 mil- GDP: $4.7 BIL
Jaime Botin S lion. The dressmaker, which initially POPULATION: 1 MIL
$2.5 BIL #965 BANKING specialized in lace and silk fabrics, EXPATRIATE
BILLIONAIRES: 1 1
Hortensia Herrero T was founded in 1922 by Palatchi’s
TOTAL NET WORTH: $4.3 BIL
$2.4 BIL #1020 SUPERMARKETS father, who had fled Turkey for Bar- (+$400 MIL VS. 2017) Nathan Kirsh S
celona during World War I. $4.3 BIL #499 RETAIL,
REAL ESTATE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

92 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 SWITZERLAND
Martin Haefner S
$3 BIL #791 SOFTWARE,
INVESTMENTS
Sergio Mantegazza T
$2.9 BIL #822 TRAVEL
WEALTH GDP: $677.8 BIL
TOP SECTORS ORIGIN Thomas Straumann S
POPULATION: 8 MIL $2.7 BIL #887 DENTAL IMPLANTS
8 BILLIONAIRES: 36
FINANCE & INVESTMENTS Stephan Schmidheiny T
30% TOTAL NET WORTH: $123.8 BIL $2.5 BIL #965 INVESTMENTS
8
HEALTH CARE
53% (+$16.4 BIL VS. 2017) BENJAMIN DE ROTHSCHILD
Marcel Erni S
6 17% TROPHY: The banking heir con- $2.4 BIL #1020 PRIVATE EQUITY
MANUFACTURING tinues his famous family’s lega- Alfred Gantner S
2 INHERITED & GROWING cy in the French Alps. In Decem-
INHERITED $2.4 BIL #1020 PRIVATE EQUITY
FASHION & RETAIL SELF-MADE ber, he opened the Four Seasons
2 Urs Wietlisbach S
Hotel Megève. The resort offers $2.4 BIL #1020 PRIVATE EQUITY
FOOD & BEVERAGE
helicopter ski safaris, glacier snow-
shoeing and canyon jumping. His grandmoth- Eva Maria Bucher-Haefner T
$2.3 BIL #1070
er Noemie bought land in the alpine village in COMPUTER ASSOCIATES
1920. King Albert I of Belgium was an early
guest; Audrey Hepburn and Cary Grant filmed Thomas Flohr +
$2.3 BIL #1070 AVIATION
a sequence of Charade at the pool in the older
EXPATRIATES hotel (built by Benjamin’s father, Edmond). Peter Spuhler S
3 $2.3 BIL #1070 TRAIN CARS
BASEL
3 RHEINFELDEN Karl Scheufele III & family S
ZSC LIONS RUSCHLIKON $2.2 BIL #1103 JEWELRY
BINNINGEN WALTER FREY
Maja Oeri X
$2.1 BIL #1157 ROCHE HOLDING
WILEN
3 Georg von Opel S
WEININGEN $2.1 BIL #1157 REAL ESTATE,
INVESTMENTS
ZURICH JONA
5 FELDMEILEN Miriam Baumann-Blocher T
HURDEN $1.9 BIL #1284 CHEMICALS
Jean-Paul & Martine
LUCERNE Clozel S
BULLE $1.9 BIL #1284
PHARMACEUTICALS

ZUG DAVOS Benjamin de Rothschild S

VAUD CANTON 4 $1.9 BIL #1284 BANKING
Willy Michel T
$1.8 BIL #1339 MEDICAL DEVICES
GSTAAD
ST. MORITZ
Matthias Reinhart S
$1.8 BIL #1339 FINANCE

GENEVA Thomas Meyer S

3 $1.5 BIL #1561
APPAREL RETAILER
VERBIER Gianluigi & Rafaela Aponte S Gary Fegel S
$9.3 BIL #164 SHIPPING
$1.4 BIL #1650
ZERMATT LUGANO
Ernesto Bertarelli S COMMODITIES TRADING
$8.9 BIL #174 BIOTECH,
Markus Blocher S
INVESTMENTS
$1.3 BIL #1756 CHEMICALS
Willi & Isolde Liebherr & Beda Diethelm S
family S $1.2 BIL #1867 HEARING AIDS
$7.1 BIL #222 CONSTRUCTION
Ivan Glasenberg S
$6.5 BIL #261 MINING
Hansjoerg Wyss S
$5.7 BIL #315 MEDICAL DEVICES
Rahel Blocher S
$5.5 BIL #334 CHEMICALS
Magdalena Martullo-
Blocher S
Thomas Flohr $5.5 BIL #334 CHEMICALS
Margarita Louis-Dreyfus &
NEWCOMER: His private
family S
aviation company, Vista- $5.4 BIL #351 COMMODITIES Thomas
Jet, raised $200 million
Thomas Schmidheiny S Straumann
in August at a $2.7 billion $5 BIL #388 CEMENT
valuation. Flohr founded TROPHY: Les Trois
VistaJet with three air- Dona Bertarelli S Rois (“The Three Kings”) hotel
$4.6 BIL #456 BIOTECH
craft in 2004; it now has has had quite the guest list:
72 planes that fly heads Michael Pieper T Since the 17th century it has
$4.1 BIL #527 hosted Casanova, Napoleon
of state, executives, en- KITCHEN APPLIANCES
trepreneurs and high- and Hans Christian Andersen.
net-worth individuals to Rudolf Maag S In 2004 Straumann, a dental-
$3.4 BIL #679 MEDICAL DEVICES implant billionaire, bought the
187 countries. Flohr him-
LES TROIS ROI: DAVE PORTER/ALAMY

self travels close to 750 Hans Peter Wild S
$3.3 BIL #703 FLAVORINGS
hours, or 150 days, a year
on VistaJet planes. Martin Ebner S
$3.2 BIL #729 INVESTMENTS
101-room hotel, located on the
banks of the Rhine in Basel,
Switzerland, and spent two
years renovating the property.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

OWNED SPORTS TEAM MARCH 2018 FORBES ASIA | 93
T H E WO R L D ’ S B I L L I O N A I R E S

THAILAND
TOP SECTORS WEALTH

TAIWAN
ORIGIN
9 9%
TECHNOLOGY
7 34% 57%
FINANCE & INVESTMENTS WEALTH
GDP: $573.3 BIL 5 GDP: $449 BIL TOP SECTORS ORIGIN
POPULATION: 24 MIL FOOD & BEVERAGE POPULATION: 69 MIL 11
BILLIONAIRES: 35 (+4 VS. 2017) 4 INHERITED & GROWING BILLIONAIRES: DIVERSIFIED 20%
INHERITED
TOTAL NET WORTH: $84.4 BIL MANUFACTURING 30 (+10 VS. 2017) 5
SELF-MADE 47%
(+$9.2 BIL VS. 2017) 4 TOTAL NET WORTH: FINANCE & INVESTMENTS
33%
REAL ESTATE $93.3 BIL (+$30.1 BIL 4
VS. 2017) FOOD & BEVERAGE
4 INHERITED & GROWING
INHERITED
Terry Gou S Chen Yung-Tai S Wei Yin-Heng S REAL ESTATE SELF-MADE
$8.5 BIL #181 ELECTRONICS $2 BIL #1215 REAL ESTATE $1.6 BIL #1477 FOOD, 2
BEVERAGES
Tsai Eng-Meng & family S Liao Long-shing T ENERGY
$6.8 BIL #242 FOOD, BEVERAGES $1.9 BIL #1284 PETROCHEMICALS Wei Ying-Chiao S
$1.6 BIL #1477 FOOD,
Lin Yu-Ling S Lin Shu-Hong T BEVERAGES
$5.8 BIL #305 REAL ESTATE $1.9 BIL #1284 PETROCHEMICALS
Lin Ming-hsiung S
Barry Lam S Tseng Shin-yi T $1.5 BIL #1561 SUPERMARKETS
$3.9 BIL #572 ELECTRONICS $1.9 BIL #1284 PETROCHEMICALS
Chao Teng-hsiung T
Samuel Yin T Tony Chen & family T $1.4 BIL #1650 REAL ESTATE
$3.7 BIL #606 DIVERSIFIED $1.7 BIL #1394 ELECTRONICS
Liu Ko-chen & family +
Luo Jye & family T Wei Ing-Chou S $1.4 BIL #1650 MANUFACTURING
$3.2 BIL #729 TIRES $1.6 BIL #1477 FOOD,
BEVERAGES Thomas Wu S
Daniel Tsai S $1.4 BIL #1650 FINANCE
$3.2 BIL #729 FINANCE Wei Yin-Chun S
$1.6 BIL #1477 FOOD, Bruce Cheng T
Richard Tsai S BEVERAGES $1.3 BIL #1756 ELECTRONICS
$3.2 BIL #729 FINANCE BANGKOK Charoen Sirivadhanabhakdi S
Tsai Hong-tu S
Archie Hwang S 27 $17.9 BIL #65 DRINKS,
$1.3 BIL #1756 SEMICONDUCTORS REAL ESTATE
$2.9 BIL #822 FINANCE
Andre Koo + Dhanin Chearavanont S
Pierre Chen S $1.3 BIL #1756 FINANCE $14.9 BIL #95 DIVERSIFIED
$2.7 BIL #887 ART, ELECTRONICS
Tsai Ming-Kai S KO KUT ISLAND
Vichai Srivaddhanaprabha S
Tsai Cheng-da S $1.3 BIL #1756 SEMICONDUCTORS EXPATRIATES $5 BIL #388 DUTY-FREE
$2.7 BIL #887 FINANCE 3
Douglas Hsu & family 3 Sumet Jiaravanon S
Chin Jong Hwa S $1.2 BIL #1867 DIVERSIFIED $4.2 BIL #514 DIVERSIFIED
$2.5 BIL #965 AUTO PARTS
Morris Chang + Jaran Chiaravanont S
Scott Lin & family T $1 BIL #2124 SEMICONDUCTORS $4.1 BIL #527 DIVERSIFIED
$2.2 BIL #1103
OPTICAL COMPONENTS Richard Chang T Montri Jiaravanont S
$1 BIL #2124 REAL ESTATE, $4.1 BIL #527 DIVERSIFIED
T.Y. Tsai S ELECTRONICS
$2.2 BIL #1103 FINANCE Sarath Ratanavadi +
Wu Chung-yi X $3.6 BIL #629 ENERGY
$1 BIL #2124 MANUFACTURING
Somphote Ahunai S
TAIPEI $3.4 BIL #679 ENERGY
TAOYUAN 25 PHUKET
Vanich Chaiyawan T
MORRIS CHANG $3.3 BIL #703 INSURANCE,
BEVERAGES
HSINCHU FUBON GUARDIANS NEWCOMER: A legendary figure in
DANIEL & RICHARD TSAI Taiwan’s chip industry, Chang makes
EXPATRIATES his debut on the list after shares of Tai-
3
wan Semiconductor Manufacturing hit an
HSINCHU SCIENCE PARK all-time high in January. Chang, who got
both his undergraduate and master’s de-
grees from MIT and a Ph.D. from Stanford,
founded TSMC in 1987. A decade later, the
company became the first Taiwanese firm to
trade on the New York Stock Exchange.

TAICHUNG

CHANGHUA
COUNTY

SOUTHERN TAIWAN
SCIENCE PARK

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

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

94 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
Prasert Prasarttong-Osoth S
$3 BIL #791 HOSPITALS
Krit Ratanarak S
$2.7 BIL #887 MEDIA,
REAL ESTATE
William Heinecke S
$2.1 BIL #1157 HOTELS
Harald Link S
$2 BIL #1215 DIVERSIFIED
Chuchat & Daonapa
Petaumpai +
$2 BIL #1215
MOTORCYCLE LOANS
Kiat Chiaravanont S
$1.9 BIL #1284 DIVERSIFIED
Thaksin Shinawatra S
$1.8 BIL #1339 INVESTMENTS
Prayudh Mahagitsiri S
$1.7 BIL #1394 COFFEE, SHIPPING
Wichai Thongtang S
$1.7 BIL #1394 INVESTMENTS
Keeree Kanjanapas S
$1.5 BIL #1561 TRANSPORTATION
Thongma Vijitpongpun S
$1.5 BIL #1561 REAL ESTATE
Phongthep Chiaravanont +
$1.2 BIL #1867 DIVERSIFIED
Rit Thirakomen X
$1.2 BIL #1867 RESTAURANTS
Manas Chiaravanond +
$1.1 BIL #1999 DIVERSIFIED
Yupa Chiaravanond +
$1.1 BIL #1999 DIVERSIFIED
Prathip Chiravanond +
$1.1 BIL #1999 DIVERSIFIED
Chatchai Kaewbootta +
$1.1 BIL #1999 AUTO LOANS
Niti Osathanugrah +
$1.1 BIL #1999 INVESTMENTS
Pete Bodharamik +
$1 BIL #2124 TELECOM
Sathien Setthasit +
$1 BIL #2124 ENERGY DRINKS
Surin Upatkoon X
$1 BIL #2124 TELECOM,
LOTTERIES, INSURANCE
TANZANIA
GDP: $51.6 BIL
POPULATION: 57 MIL
BILLIONAIRES: 1
TOTAL NET WORTH: $1.5
BIL (+$100 MIL VS. 2017)
Mohammed Dewji S
$1.5 BIL #1561 DIVERSIFIED
DAR ES SALAAM
CHANG: WAY WANG/BLOOMBERG; SETTHASIT: BRENT LEWIN/BLOOMBERG
TURKEY
GDP: $847.7 BIL
POPULATION: 80 MIL
MELIH
BILLIONAIRES: 36 (+7 VS. 2017) ABDULHAYOGLU
TOTAL NET WORTH: NEWCOMER: Comodo, his inter-
$64.7 BIL (+$16.2 BIL VS. 2017) net security firm, has been devel-
WEALTH oping products since 1998. Today
TOP SECTORS ORIGIN the New Jersey-based company
18 controls 37% of the over $1 billion
5.5%
DIVERSIFIED SSL-certificate market, which pro-
64% tects sensitive information like user
5 30.5%
CONSTRUCTION names and credit card numbers
3 through encryption for such cus-
FASHION & RETAIL tomers as Intel and Xerox. In Oc-
3 INHERITED & GROWING
tober private equity fund Francisco
INHERITED
METALS & MINING SELF-MADE Partners bought a majority stake
2
FOOD & BEVERAGE
for an undisclosed sum.
EXPATRIATES
2
ISTANBUL ANKARA
3
31
CESME
BODRUM
Murat Ulker S
$4.8 BIL #422 FOOD
Erman Ilicak S
Fuat Tosyali
$4 BIL #550 CONSTRUCTION
Husnu Ozyegin T NEWCOMER: Tosyali and his two brothers, also new billion-
$2.9 BIL #822 FINANCE,
aires, were born in the Mediterranean town of Iskenderun,
DIVERSIFIED
where they helped their father make stovepipes and boiler
Mustafa Kucuk S buckets out of tin cheese cans in his 100-square-foot shop.
$2.7 BIL #887 FASHION RETAIL
Today their Tosyali Holding is one of Turkey’s largest inte-
Semahat Sevim Arsel S grated steel producers, with a production capacity of 12 mil-
$2.6 BIL #924 DIVERSIFIED lion tons. All three brothers sit on the company’s board. Fuat
Mustafa Rahmi Koc S is chairman; his brother Ayhan is vice chairman.
$2.5 BIL #965 DIVERSIFIED
Sarik Tara S
$2.5 BIL #965 CONSTRUCTION
Ferit Faik Sahenk S Nihat Ozdemir S Mehmet Hattat 3 Mustafa Latif Topbas S
$2.4 BIL #1020 DIVERSIFIED $1.7 BIL #1394 DIVERSIFIED $1.4 BIL #1650 DIVERSIFIED $1.2 BIL #1867 FOOD, RETAIL
Filiz Sahenk S Melih Abdulhayoglu + Fuat Tosyali + Ali Ibrahim Agaoglu S
$2.3 BIL #1070 DIVERSIFIED $1.6 BIL #1477 $1.4 BIL #1650 STEEL $1.1 BIL #1999 CONSTRUCTION
INTERNET SECURITY
Suna Kirac S Ahmet Nazif Zorlu S Hamdi Akin S
$2.2 BIL #1103 DIVERSIFIED Ahmet Calik S $1.4 BIL #1650 DIVERSIFIED $1.1 BIL #1999 DIVERSIFIED
$1.6 BIL #1477 ENERGY, BANKING,
Hamdi Ulukaya S CONSTRUCTION Deniz Sahenk S Mehmet Aydinlar T
$1.8 BIL #1339 GREEK YOGURT $1.3 BIL #1756 DIVERSIFIED $1.1 BIL #1999 HOSPITALS
Turgay Ciner X
Sezai Bacaksiz S $1.6 BIL #1477 DIVERSIFIED Erol Tabanca + Mehmet Rustu Basaran X
$1.7 BIL #1394 DIVERSIFIED $1.3 BIL #1756 CONSTRUCTION $1.1 BIL #1999 BANKING, GAS
Bulent Eczacibasi X
Sefik Yilmaz Dizdar S $1.5 BIL #1561 Ayhan Tosyali + Murat Vargi S
$1.7 BIL #1394 FASHION RETAIL PHARMACEUTICALS, DIVERSIFIED $1.3 BIL #1756 STEEL $1.1 BIL #1999 TELECOM
Mehmet Nazif Gunal S Faruk Eczacibasi X Fatih Tosyali + Fatma Tuba Yazici S
$1.7 BIL #1394 TOURISM, $1.5 BIL #1561 $1.3 BIL #1756 STEEL $1.1 BIL #1999 DIVERSIFIED
CONSTRUCTION PHARMACEUTICALS, DIVERSIFIED Mehmet Sinan Tara X Olgun Zorlu 3
$1.2 BIL #1867 CONSTRUCTION $1 BIL #2124 DIVERSIFIED
MARCH 2018 FORBES ASIA | 95
T H E WO R L D ’ S B I L L I O N A I R E S

UKRAINE FC SHAKHTAR DONETSK

RINAT AKHMETOV
UNITED
KINGDOM*
GDP: $108.8 BIL KIEV
POPULATION: 42 MIL 5
BILLIONAIRES: 7 (+1 VS. 2017)
TOTAL NET WORTH: $13.2 BIL DONETSK
(+$2.6 BIL VS. 2017) DNEPROPETROVSK
GDP: $2.6 TRIL
POPULATION: 66 MIL
BILLIONAIRES: 54 (–1 VS. 2017)*
TOTAL NET WORTH: $203.7 BIL (+$39.3 BIL VS. 2017)*

WEALTH
TOP SECTORS ORIGIN
RINAT Rinat Akhmetov S 12 6%
$5.5 BIL #334 STEEL, COAL
AKHMETOV FINANCE & INVESTMENTS 9%
Kostyantin Zhevago S 8
RICHEST: In December, a $1.6 BIL #1477 MINING 85%
FASHION & RETAIL
court in Cyprus reportedly or- 7
Yuriy Kosiuk S
dered $820 million of Akhme- $1.5 BIL #1561 AGRICULTURE DIVERSIFIED
tov’s assets frozen as part of 7
an ongoing legal dispute with Victor Pinchuk S REAL ESTATE
INHERITED & GROWING
INHERITED
$1.4 BIL #1650 STEEL PIPES, SELF-MADE
Raga Establishment, a Cyprus- 5
DIVERSIFIED
based holding company. Akh- MANUFACTURING
metov’s investment firm SCM Henadiy Boholyubov T
$1.2 BIL #1867 BANKING,
acquired Ukraine’s largest INVESTMENTS
landline operator, Ukrtelecom,
Ihor Kolomoyskyy T
from Raga in 2013. Raga re- $1 BIL #2124 BANKING,
portedly accused SCM of not INVESTMENTS
making its full payment. SCM
Vadim Novinsky 3 Hinduja family S
disagrees with the ruling and $1 BIL #2124 STEEL
is contesting it. $19.5 BIL #55 DIVERSIFIED
James Ratcliffe S
$16.4 BIL #78 CHEMICALS
David & Simon Reuben S Richard Desmond
UNITED ARAB $15.5 BIL #88 INVESTMENTS,
REAL ESTATE
NEWSMAKER: The tabloid tycoon an-
nounced plans in February to sell his

EMIRATES Michael Platt S

$6.9 BIL #237 HEDGE FUNDS
media portfolio, including Star, OK!
and the Daily Express, to publish-
Ian & Richard Livingstone S er Trinity Mirror for about $177 mil-
GDP: $378.7 BIL $6.4 BIL #265 REAL ESTATE lion. Desmond dropped out of school
POPULATION: 9 MIL Bruno Schroder & family S at age 14 to become a drummer. He
BILLIONAIRES: 7 (+2 VS. 2017) DUBAI $6.2 BIL #281 BANKING started his first magazine, Interna-
TOTAL NET WORTH: $24 BIL 5 tional Musician & Recording World, in
David & Frederick Barclay S
(–$3.3 BIL VS. 2017) $5.8 BIL #305 MEDIA, RETAIL 1974 and later owned dozens of adult
entertainment publications, such as
James Dyson S
$5.6 BIL #321 VACUUMS Asian Babes and Penthouse, in the U.K.
ABU DHABI
Laurence Graff & family S
Abdulla bin Ahmad Al $5.6 BIL #321 DIAMOND JEWELRY
Ghurair & family T
$5.9 BIL #296 DIVERSIFIED Andrew Currie S
$5.5 BIL #334 CHEMICALS
Majid Al Futtaim & family T
$4.6 BIL #456 REAL ESTATE, John Reece S
RETAIL $5.5 BIL #334 CHEMICALS

Hussain Sajwani S Richard Branson X

$4.1 BIL #527 REAL ESTATE $5 BIL #388 VIRGIN

Abdulla Al Futtaim T Denise Coates S

$3.3 BIL #703 AUTO DEALERS, $5 BIL #388 ONLINE GAMBLING
INVESTMENTS Joe Lewis T
Saeed Bin Butti Al Qebaisi + $5 BIL #388 INVESTMENTS
$2.7 BIL #887 HOSPITALS, Philip & Cristina Green X
INVESTMENTS $4.8 BIL #422 RETAIL
Saif Al Ghurair & family T Clive Calder S
$1.9 BIL #1284 DIVERSIFIED $4.7 BIL #441 RECORD LABEL
Khalifa Bin Butti Al Muhairi +
$1.5 BIL #1561 HOSPITALS,
INVESTMENTS

Saeed Bin Butti Al Qebaisi
NEWCOMER: The investor makes his debut on the list following a surge in the share price of NMC
Health, which bills itself as the UAE’s largest private health care provider. The London-listed firm
runs hospitals and clinics in a dozen countries in the Middle East, Europe and Latin America. Bin
Butti Al Qebaisi owns about 18% of NMC Health, plus stakes in foreign exchange firms Travelex
and UAE Exchange.
Laurence Graff
NEWSMAKER: High-end jeweler Graff acquired the 1,109-carat
Lesedi La Rona—the second-largest gem-quality diamond ever
found—in September, four months after he bought its 374-
carat sibling. An older deal made even bigger waves. Forbes
confirmed in January that Donald Trump, who bought Mela-
nia’s 12-carat engagement ring from Graff in 2004, fibbed when
he publicly boasted he received a $1 million discount. Graff says Trump was “a
pleasure to do business with” but was given “no favors.”

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

*Includes Guernsey. 1Guernsey citizen.

SPORTS TEAM DENOTES BILLIONAIRE-
96 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 David McMurtry Robert Miller S
$4.5 BIL #466 RETAIL
TROPHY: The cofounder of engineering firm Ren-
Anthony Bamford & family S
ishaw, McMurtry owns this 30,000-square-foot man- $4.4 BIL #480
sion, named Swinhay House but better known as Ap- CONSTRUCTION EQUIPMENT
pledore to Sherlock fans. The futuristic home was Peter Hargreaves S
featured as the lair of villain Charles Augustus Mag- $3.9 BIL #572
nussen in the hit BBC show’s third-season finale. FINANCIAL SERVICES
Michael Ashley S
$3.6 BIL #629 SPORTS RETAIL
Bernard Ecclestone & family S
$3.5 BIL #652 FORMULA ONE
Tom Morris S
$3.1 BIL #766 RETAIL
Christopher Hohn S
$3 BIL #791 HEDGE FUNDS
John Caudwell S
$2.6 BIL #924 MOBILE PHONES
John Coates S
$2.5 BIL #965 ONLINE GAMBLING
Maritsa Lazari & family S
$2.5 BIL #965 REAL ESTATE
Bernard Lewis & family S
$2.5 BIL #965 RETAIL
Stephen Lansdown1 S
$2.3 BIL #1070
FINANCIAL SERVICES
CELTIC FC Kenneth Lo S
DERMOT DESMOND $2.3 BIL #1070 TEXTILES
Mark Coombs S
$2.2 BIL #1103 FINANCE
Sunil Vaswani T
$2.2 BIL #1103 DIVERSIFIED
NEWCASTLE UNITED
MICHAEL ASHLEY Eddie & Sol Zakay S
$2.2 BIL #1103 REAL ESTATE
CARLISLE Hilton Schlosberg S
$2 BIL #1215 ENERGY DRINKS
Stephen Rubin S
$1.9 BIL #1284 SPORTS APPAREL
ISLE OF MAN Alex Beard S
$1.8 BIL #1339 MINING,
COMMODITIES
David Harding S
MERSEYSIDE NOTTINGHAMSHIRE
$1.8 BIL #1339 FINANCE
Anthony Langley S
$1.7 BIL #1394 MANUFACTURING
David McMurtry S
$1.7 BIL #1394 MANUFACTURING
Farhad Moshiri T
$1.7 BIL #1394 DIVERSIFIED
John Whittaker S
$1.7 BIL #1394 REAL ESTATE
John Bloor S
$1.6 BIL #1477 REAL ESTATE,
MANUFACTURING
Richard Desmond S
$1.5 BIL #1561 PUBLISHING
Ian Wood & family X
$1.5 BIL #1561 ENERGY SERVICES
Jasminder Singh & family S
$1.4 BIL #1650 HOTELS
Saket Burman S
$1.3 BIL #1756
CONSUMER GOODS
Charles Dunstone T
$1.3 BIL #1756 MOBILE PHONES
Alan Howard T
$1.3 BIL #1756 HEDGE FUNDS
Raghuvinder Kataria S
$1.3 BIL #1756 DIVERSIFIED
Philip Day S
$1.2 BIL #1867 RETAIL
Mark Dixon S
$1.2 BIL #1867
OFFICE REAL ESTATE
Dennis Gillings +
$1.2 BIL #1867 DRUG TESTING
Mohammed Ibrahim X
$1.1 BIL #1999 COMMUNICATIONS
Simon Nixon S
$1.1 BIL #1999
PRICE COMPARISON WEBSITE

LIVERPOOL Michael Ashcroft S

JOHN HENRY $1.7 BIL #1394 SECURITY
LEICESTER CITY
VICHAI
SRIVADDHANAPRABHA

ABERDYFI

STOKE-ON-TRENT
3 HERTFORDSHIRE ARSENAL FC
GLOUCESTER
ALISHER USMANOV
QUEENS PARK RANGERS
WOTTON- LAKSHMI MITTAL
UNDER-EDGE CHERTSEY CHELSEA FC
BRISTOL LONDON ROMAN ABRAMOVICH
TOTTENHAM HOTSPUR
17 JOE LEWIS
M4 CORRIDOR SILICON
BRISTOL CITY FC
STEPHEN LANSDOWN ROUNDABOUT

HAMPSHIRE

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

AKHMETOV : THOMAS TRUTSCHEL/PHOTOTHEK/GETTY IMAGES; DESMOND : LUKE MACGREGOR/BLOOMBERG;

MCMURTRY: MAIL ON SUNDAY/ZUMAPRESS/NEWSCOM  
T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES Steve Wynn

NEWSMAKER: The casino kingpin resigned as chairman
and CEO of Wynn Resorts in February after allegations
GDP: $19.4 TRIL TOP SECTORS
WEALTH of sexual misconduct broke in the news. Just a day after
POPULATION: 325 MIL ORIGIN 147 the initial report, he stepped down as the Republican Na-
BILLIONAIRES: 585 FINANCE & INVESTMENTS
tional Committee finance chair. Wynn, who claimed the
(+20 VS. 2017) 17% 79 SAN JUAN
ISLANDS accusations were part of a smear campaign led by his
TOTAL NET WORTH: $3.1 TRIL TECHNOLOGY
ex-wife Elaine Wynn, denied wrongdoing.
68% 16%
(+$340 BIL VS. 2017) 60
FOOD & BEVERAGE
50
INHERITED & GROWING FASHION & RETAIL
INHERITED
SELF-MADE 44 SEATTLE SEAHAWKS
REAL ESTATE PAUL ALLEN
SEATTLE 12

Jeff Bezos S MISSOULA

$112 BIL #1 AMAZON
PORTLAND
Bill Gates S
PORTLAND TRAIL BLAZERS
$90 BIL #2 MICROSOFT, PAUL ALLEN
INVESTMENTS BOZEMAN
Warren Buffett S
$84 BIL #3 IDAHO FALLS
BERKSHIRE HATHAWAY
SUN VALLEY
Mark Zuckerberg S
$71 BIL #5 FACEBOOK
Charles Koch S JACKSON
$60 BIL #8 KOCH INDUSTRIES 6
David Koch S REDDING
UTAH JAZZ
$60 BIL #8 KOCH INDUSTRIES GAIL MILLER
DEER VALLEY FORT COLLINS
Larry Ellison S RENO PARK CITY
$58.5 BIL #10 SOFTWARE SONOMA TRUCKEE SALT LAKE CITY
Michael Bloomberg S
$50 BIL #11 BLOOMBERG LP STOCKTON
SAN FRANCISCO GIANTS
BOULDER
Larry Page S ASPEN
CHARLES JOHNSON
$48.8 BIL #12 GOOGLE
SNOWMASS/ASPEN/BEAVER
Sergey Brin S SANTA CRUZ CREEK,COLORADO
$47.5 BIL #13 GOOGLE SAN FRANCISCO/
PEBBLE BEACH
Jim Walton S SAN JOSE DENVER
$46.4 BIL #14 WALMART 74 SANTA BARBARA 7
S. Robson Walton S MONTECITO
$46.2 BIL #15 WALMART LAS VEGAS
VENTURA 8 COLORADO AVALANCHE
Alice Walton S STAN KROENKE
$46 BIL #16 WALMART WESTLAKE VILLAGE SAN BERNARDINO
Sheldon Adelson S LOS ANGELES DODGERS
MARK WALTER
$38.5 BIL #21 CASINOS
LOS ANGELES LAKERS
Steve Ballmer S PHILIP ANSCHUTZ
$38.4 BIL #22 MICROSOFT
Phil Knight & family S
$29.6 BIL #28 NIKE PHOENIX
10
Jacqueline Mars T SAN DIEGO
$23.6 BIL #34 CANDY, PET FOOD 4
DALLA
John Mars T LOS ANGELES JE
LANAI/KAUAI EL PASO
$23.6 BIL #34 CANDY, PET FOOD 45 DALLAS
Michael Dell S EREN OZMEN M

$22.7 BIL #39 DELL COMPUTERS

NEWCOMER: Along with husband
Paul Allen S Fatih, the Turkish immigrant has
$21.7 BIL #44 MICROSOFT, HONOLULU
created aerospace and defense pow-
INVESTMENTS
erhouse Sierra Nevada Corp. Top-
Thomas Peterffy S tier clients include NASA, the U.S.
$20.3 BIL #47
Air Force and the Japan Aerospace
DISCOUNT BROKERAGE HOW TO READ THE MAPS Exploration Agency. Its self-flying
Len Blavatnik S Dream Chaser (which can take re-
$20.2 BIL #48 DIVERSIFIED
CITY WITH SECOND THIRD FOURTH FIFTH peated trips and land at any regu-
James Simons S THE MOST lar airport) has been tapped to deliv-
$20 BIL #52 HEDGE FUNDS BILLIONAIRES
er supplies to the International Space
Elon Musk S Boxes correspond to the cities where billionaires Station and help developing coun-
$19.9 BIL #54 TESLA MOTORS live, one box per person. Colored names on the list tries get into space in partnership
correspond to the color of the city where they live.
Laurene Powell Jobs & with the UN. The Ozmens, who pur-
family T John Doe S chased the fledgling 20-person com-
$18.8 BIL #58 APPLE, DISNEY $1 BIL #1940 FURNITURE pany in 1994, have since orches-
Ray Dalio S Total worth trated 19 acquisitions and opened
$17.7 BIL #67 HEDGE FUNDS Source of wealth offices in 34 locations. Eren is one of
Rank
Carl Icahn S 72 self-made billionaire women in
$16.8 BIL #73 INVESTMENTS Change in wealth status from 2016 the world.

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

98 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 T H E WO R L D ’ S B I L L I O N A I R E S

EXPATRIATES
11

WESTCHESTER 9 BELGRADE
CONNECTICUT BOSTON RED SOX
16 JOHN HENRY
CHICAGO PORTLAND NEW ENGLAND PATRIOTS
17 ROBERT KRAFT

MINNEAPOLIS/ PHILADELPHIA 8 HANOVER

ST. PAUL 5
DETROIT RED WINGS
MINNESOTA
MARIAN ILITCH & FAMILY
BUFFALO BILLS WORCESTER
TIMBERWOLVES BIRCHWOOD TERRENCE PEGULA
GLEN TAYLOR
CLEVELAND BOSTON
EAU CLAIRE CAVALIERS
ROCHESTER 16
DAN GILBERT BUFFALO
SHEBOYGAN GRAND PROVIDENCE
RAPIDS NANTUCKET
MADISON
MANKATO ERIE HAMPTONS
ANN RHINEBECK
SIOUX FALLS
ARBOR LIBERTY
AFTON HOLLAND POTTSVILLE
CLEVELAND
RACINE 4 DETROIT
6
CHICAGO BULLS LONG ISLAND
JERRY REINSDORF KALAMAZOO YOUNGSTOWN 10

ADEL BROOKVILLE BALTIMORE

COLUMBUS
OMAHA NEW JERSEY
INDIANAPOLIS COLTS WASHINGTON, DC AREA
JAMES IRSAY 8
INDIANAPOLIS 11
WASHINGTON REDSKINS
DAN SNYDER
BLOOMINGTON LEXINGTON
LEAWOOD
COLUMBIA KENTUCKY DERBY VIRGINIA
ST. LOUIS LEWISBURG BEACH

WICHITA
KNOXVILLE CHARLOTTE
SPRINGFIELD CLEVELAND
NASHVILLE CARY
4
CHARLOTTE HORNETS
FAYETTEVILLE 4 MEMPHIS CHATTANOOGA MICHAEL JORDAN

TULSA MEMPHIS GRIZZLIES

LITTLE ROCK ROBERT PERA
OKLAHOMA CITY NEW YORK
DALLAS/FORT WORTH CHARLESTON 79
23 ATLANTA NEW YORK KNICKS
10 CHARLES DOLAN & FAMILY

ATLANTA FALCONS
ARTHUR BLANK
AS COWBOYS
ERRY JONES
S MAVERICKS
MARK CUBAN
JACKSONVILLE JAGUARS
HOUSTON ROCKETS SHAHID KHAN
CISCO
LESLIE ALEXANDER
NEW ORLEANS SAINTS LAKELAND
TOM BENSON & FAMILY
DAYTONA BEACH
TEMPLE NEW ORLEANS
TAMPA/
HOUSTON ST. PETERSBURG PORT ST. LUCIE
13 6

ORLANDO MAGIC
SAN ANTONIO 4 RICHARD DEVOS PALM BEACH
BONITA SPRINGS
MIAMI DOLPHINS
AUSTIN NAPLES 5 STEPHEN ROSS
8 MIAMI HEAT
ISLAMORADA MICKY ARISON

ELON MUSK MARATHON

NEWSMAKER: The Tesla and SpaceX founder

sold out of 20,000 flamethrowers, souped- MIAMI/PALM
up torches priced at $500 a pop, in just a BEACH
few days earlier in the year. He had pitched 32
them online as a surefire way to liven up any
party. The sale was through his side proj-
ect, the Boring Co., which aims to dig un-
derground tunnels to ultimately replace traf-
fic-clogged roads with high-speed public
transportation and an expressway for cars.

WYNN: CALVIN SIT/BLOOMBERG; OZMEN : ALBERTO E. RODRIGUEZ/GETTY IMAGES; MUSK : ALBERTO E. RODRIGUEZ/GETTY IMAGES
MARCH 2018 FORBES ASIA | 99
T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES Patrick Soon-Shiong T

$7.8 BIL #198 PHARMACEUTICALS
Jerry Jones S
$5.6 BIL #321 DALLAS COWBOYS

Donald Bren S Micky Arison S Stephen Ross S Richard LeFrak & family T
$16.3 BIL #80 REAL ESTATE $9.7 BIL #154 CARNIVAL CRUISES $7.6 BIL #205 REAL ESTATE $5.6 BIL #321 REAL ESTATE

Abigail Johnson S Thomas Frist Jr. & family S Pauline MacMillan Keinath S Steven Rales S
$15.9 BIL #83 $9.6 BIL #158 HEALTH CARE $7.4 BIL #207 CARGILL $5.6 BIL #321 MANUFACTURING
MONEY MANAGEMENT
Charles Schwab S Eli Broad T Dannine Avara T
Lukas Walton S $9.4 BIL #162 $7.3 BIL #211 INVESTMENTS $5.5 BIL #334 PIPELINES John Paul
$15.9 BIL #83 WALMART DISCOUNT BROKERAGE
Sun Hongbin S Scott Duncan T DeJoria
Rupert Murdoch & family S Herbert Kohler Jr. & family S $7.3 BIL #211 REAL ESTATE $5.5 BIL #334 PIPELINES
NEWSMAKER: Nearly
$15 BIL #94 NEWSPAPERS, $9.3 BIL #164
Christy Walton S Milane Frantz T three decades after first
TV NETWORK PLUMBING FIXTURES
$7.3 BIL #211 WALMART $5.5 BIL #334 PIPELINES creating high-end te-
Harold Hamm & family S Jan Koum S Shahid Khan T Diane Hendricks S quila brand Patrón with
$14.1 BIL #100 OIL & GAS $9.1 BIL #170 WHATSAPP
$7.2 BIL #217 AUTO PARTS $5.5 BIL #334 ROOFING a buddy and eventu-
Steve Cohen S James Goodnight T John Doerr S Gabe Newell S ally turning it into one
$14 BIL #102 HEDGE FUNDS $9 BIL #172 SOFTWARE
$7.1 BIL #222 VENTURE CAPITAL $5.5 BIL #334 VIDEOGAMES of the world’s top spir-
Dustin Moskovitz S Ken Griffin S David Green & family S Randa Williams T its (it sells 2.6 million
$14 BIL #102 FACEBOOK $9 BIL #172 HEDGE FUNDS cases a year), DeJoria
$6.8 BIL #242 RETAIL $5.5 BIL #334 PIPELINES
Charles Ergen T James Chambers S Hank & Doug Meijer T Richard DeVos & family T is selling his estimated
$13.4 BIL #106 SATELLITE TV $8.7 BIL #178 MEDIA 70% stake to Bacardi
$6.8 BIL #242 SUPERMARKETS $5.4 BIL #351 AMWAY
Eric Schmidt S Katharine Rayner S Ltd. in a $5.1 billion deal
Brian Acton S George Roberts S
$13.4 BIL #106 GOOGLE $8.7 BIL #178 MEDIA
$6.6 BIL #251 WHATSAPP $5.4 BIL #351 PRIVATE EQUITY (including debt). The
Philip Anschutz S Margaretta Taylor S Navy vet, who boasts
Ann Walton Kroenke S Edward Roski Jr. S that 53 people are in-
$13 BIL #108 INVESTMENTS $8.7 BIL #178 MEDIA
$6.6 BIL #251 WALMART $5.4 BIL #351 REAL ESTATE
Jim Kennedy S Gordon Moore S volved in making each
Leon Black S Jim Davis & family S bottle of Patrón, first
$13 BIL #108 MEDIA $8.5 BIL #181 INTEL
$6.5 BIL #261 PRIVATE EQUITY $5.3 BIL #365 NEW BALANCE
sold a minority stake to
Blair Parry-Okeden S Stanley Kroenke S John Paulson T David Filo S
$13 BIL #108 MEDIA $8.3 BIL #183 SPORTS, Bacardi in 2008.
$6.5 BIL #261 HEDGE FUNDS $5.3 BIL #365 YAHOO
REAL ESTATE
Leonard Lauder S David Shaw S Henry Kravis S
$12.9 BIL #113 ESTEE LAUDER John Malone S Bubba Cathy S
$6.4 BIL #265 HEDGE FUNDS $5.3 BIL #365 PRIVATE EQUITY $4.8 BIL #422 CHICK-FIL-A
$8.1 BIL #186 CABLE TELEVISION
Stephen Schwarzman S John A. Sobrato & family X Israel Englander X
$12.6 BIL #117 INVESTMENTS Carl Cook S Dan Cathy S
$6.4 BIL #265 REAL ESTATE $5.2 BIL #372 HEDGE FUNDS $4.8 BIL #422 CHICK-FIL-A
$8 BIL #190 MEDICAL DEVICES
Donald Newhouse S Daniel Gilbert S Marian Ilitch T
$12.3 BIL #121 MEDIA David Geffen S Rupert Johnson Jr. T
$6.3 BIL #274 QUICKEN LOANS $5.2 BIL #372 PIZZA, $4.8 BIL #422
$8 BIL #190 MOVIES,
Andrew Beal S RECORD LABELS Richard Kinder T
SPORTS TEAM MONEY MANAGEMENT
$11.6 BIL #132 BANKS,
$6.2 BIL #281 PIPELINES Bruce Kovner T Travis Kalanick T
REAL ESTATE George Soros T $5.2 BIL #372 HEDGE FUNDS
$8 BIL #190 HEDGE FUNDS Robert Kraft S $4.8 BIL #422 UBER
John Menard Jr. S $6.2 BIL #281 George Lucas T
$11.5 BIL #134 Edward Johnson III S Trevor Rees-Jones T
NEW ENGLAND PATRIOTS $5.2 BIL #372 STAR WARS $4.8 BIL #422 OIL & GAS
HOME IMPROVEMENT STORES $7.9 BIL #196
MONEY MANAGEMENT Ralph Lauren S Robert Rich Jr. S Jeffrey Skoll S
David Tepper X $6.2 BIL #281 FASHION $5.2 BIL #372 FROZEN FOODS
$11 BIL #138 HEDGE FUNDS David Duffield S $4.8 BIL #422 EBAY
$7.8 BIL #198 Les Wexner & family T Bernard Marcus S Daniel Ziff X
Pierre Omidyar S BUSINESS SOFTWARE $6.1 BIL #287 RETAIL $5.1 BIL #382 HOME DEPOT
$10.5 BIL #145 EBAY $4.8 BIL #422 INVESTMENTS
George Kaiser T Whitney MacMillan S Frederick Smith S Dirk Ziff X
Ronald Perelman T $7.8 BIL #198 OIL & GAS, $6 BIL #289 CARGILL $5.1 BIL #382 FEDEX
$9.8 BIL #152 $4.8 BIL #422 INVESTMENTS
BANKING
LEVERAGED BUYOUTS Marijke Mars + Ronda Stryker S Robert Ziff X
$5.9 BIL #296 CANDY, PET FOOD $5.1 BIL #382 $4.8 BIL #422 INVESTMENTS
MEDICAL EQUIPMENT
JEFF LURIE Pamela Mars + Stanley Druckenmiller X
$5.9 BIL #296 CANDY, PET FOOD Martha Ingram & family S $4.7 BIL #441 HEDGE FUNDS
NEWSMAKER: Lurie’s Philadelphia Eagles won the Super Bowl for the $5 BIL #388 BOOK DISTRIBUTION,
Valerie Mars + TRANSPORTATION Ted Lerner & family T
first time in the franchise’s history in February, setting off one of the cra- $5.9 BIL #296 CANDY, PET FOOD $4.7 BIL #441 REAL ESTATE
ziest celebrations in the city’s history. The team beat the New England Karen Pritzker S
Victoria Mars + $5 BIL #388 HOTELS, Gwendolyn Sontheim Meyer S
Patriots, Lurie’s childhood team, which he had previously tried to buy. $5.9 BIL #296 CANDY, PET FOOD INVESTMENTS $4.7 BIL #441 CARGILL
After he lost out to Bob Kraft, he settled on the Eagles, reportedly paying
Nancy Walton Laurie S Robert Bass S J. Christopher Reyes S
about $185 million in 1994; the team is now worth $2.65 billion. $5.8 BIL #305 WALMART $4.9 BIL #404 OIL, INVESTMENTS $4.7 BIL #441
Tom & Judy Love S FOOD DISTRIBUTION
Marc Benioff S
$5.8 BIL #305 $4.9 BIL #404 Jude Reyes S
RETAIL & GAS STATIONS BUSINESS SOFTWARE $4.7 BIL #441
Robert Rowling T FOOD DISTRIBUTION
Charles Dolan & family S
$5.8 BIL #305 INVESTMENTS $4.9 BIL #404 Sheldon Solow S
Dennis Washington T CABLE TELEVISION $4.7 BIL #441 REAL ESTATE
$5.8 BIL #305 CONSTRUCTION, Ray Lee Hunt S Jeremy Jacobs Sr. S
MINING $4.9 BIL #404 OIL, REAL ESTATE $4.6 BIL #456 CONCESSIONS
David Sun S John Overdeck S Chris Larsen +
CHRISTOPHER POLK/NBC/GETTY IMAGES; ELSA/GETTY IMAGES

$5.7 BIL #315 $4.9 BIL #404 HEDGE FUNDS $4.6 BIL #456 CRYPTOCURRENCY
COMPUTER HARDWARE
Sumner Redstone T Paul Tudor Jones II T
John Tu S $4.9 BIL #404 MEDIA $4.5 BIL #466 HEDGE FUNDS
$5.7 BIL #315
COMPUTER HARDWARE Reinhold Schmieding S John Sall X
$4.9 BIL #404 MEDICAL DEVICES $4.5 BIL #466 SOFTWARE
Jen-Hsun Huang S
$5.6 BIL #321 SEMICONDUCTORS David Siegel S Leonard Stern S
$4.9 BIL #404 HEDGE FUNDS $4.5 BIL #466 REAL ESTATE
Charles Johnson T
$5.6 BIL #321 Sam Zell T Tamara Gustavson & family T
MONEY MANAGEMENT $4.9 BIL #404 REAL ESTATE, $4.4 BIL #480 SELF STORAGE
PRIVATE EQUITY

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

100 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES Mark Cuban S

$3.7 BIL #606 ONLINE MEDIA
John Morris S Walter Scott Jr. & family S Ken Fisher X
$4.4 BIL #480 SPORTING GOODS $4.2 BIL #514 UTILITIES, $3.7 BIL #606
RETAIL TELECOM MONEY MANAGEMENT
Robert Smith S Clemmie Spangler Jr. S H. Fisk Johnson T
$4.4 BIL #480 PRIVATE EQUITY $4.2 BIL #514 INVESTMENTS $3.7 BIL #606
CLEANING PRODUCTS
Russ Weiner S Arthur Blank S
$4.4 BIL #480 ENERGY DRINKS $4.1 BIL #527 HOME DEPOT Imogene Powers Johnson T
$3.7 BIL #606
Rocco Commisso + Jack & Laura Dangermond S CLEANING PRODUCTS
$4.3 BIL #499 TELECOM $4.1 BIL #527
MAPPING SOFTWARE S. Curtis Johnson T
Tilman Fertitta S $3.7 BIL #606
$4.3 BIL #499 RESTAURANTS, James Jannard S CLEANING PRODUCTS
CASINOS $4.1 BIL #527 SUNGLASSES
Helen Johnson-Leipold T
Terrence Pegula S Isaac Perlmutter S $3.7 BIL #606
$4.3 BIL #499 NATURAL GAS $4.1 BIL #527 MARVEL COMICS
CLEANING PRODUCTS
Robert Pera S H. Ross Perot Sr. S Winifred Johnson-Marquart T
$4.3 BIL #499 $4.1 BIL #527 COMPUTER
$3.7 BIL #606
WIRELESS NETWORKING GEAR SERVICES, REAL ESTATE
CLEANING PRODUCTS
Gary Rollins S Thomas Pritzker S Michael Milken S
$4.3 BIL #499 PEST CONTROL $4.1 BIL #527 HOTELS,
$3.7 BIL #606 INVESTMENTS
INVESTMENTS
Randall Rollins S Jeffery Hildebrand T
$4.3 BIL #499 PEST CONTROL Julian Robertson Jr. S $3.6 BIL #629 OIL
$4.1 BIL #527 HEDGE FUNDS
Alejandro Santo Domingo T Edward Johnson IV +
$4.3 BIL #499 BEER Evan Spiegel S $3.6 BIL #629
Andres Santo Domingo T
$4.1 BIL #527 SNAPCHAT
MONEY MANAGEMENT NIRAJ SHAH
$4.3 BIL #499 BEER Kelcy Warren T Elizabeth Johnson + NEWCOMER: With Cornell classmate Steve Conine, also a new
$4.1 BIL #527 PIPELINES
Roger Wang S $3.6 BIL #629 billionaire, Shah started selling stereo racks online in 2002 and
$4.3 BIL #499 RETAIL Ben Ashkenazy + MONEY MANAGEMENT within years ran more than 250 websites. They later consolidated
$4 BIL #550 REAL ESTATE
Stephen Bisciotti S Peter Kellogg S them into $4.7 billion (2017 revenues) Wayfair, which sells more
$4.2 BIL #514 STAFFING, Dagmar Dolby & family S $3.6 BIL #629 INVESTMENTS than 10 million items for the home. Its stock has more than
BALTIMORE RAVENS $4 BIL #550 doubled in the past year.
Rodger Riney +
DOLBY LABORATORIES
Austen Cargill II S $3.6 BIL #629
$4.2 BIL #514 CARGILL Dan Friedkin S DISCOUNT BROKERAGE
John Brown S Haim Saban S
$4 BIL #550
James Cargill II S Steven Spielberg T $3.3 BIL #703 $3.2 BIL #729 TV NETWORK,
TOYOTA DEALERSHIPS
$4.2 BIL #514 CARGILL $3.6 BIL #629 MOVIES MEDICAL EQUIPMENT INVESTMENTS
Ronald Lauder S Anita Zucker S Charles Cohen S Lynn Schusterman S
Archie Aldis Emmerson & $4 BIL #550 ESTEE LAUDER
family S $3.6 BIL #629 CHEMICALS $3.3 BIL #703 REAL ESTATE $3.2 BIL #729 OIL & GAS,
$4.2 BIL #514 TIMBERLAND, Michael Moritz S Judy Faulkner S Rakesh Gangwal S
INVESTMENTS
LUMBER MILLS $4 BIL #550 VENTURE CAPITAL
$3.5 BIL #652 HEALTH IT $3.3 BIL #703 AIRLINE Mark Shoen S
Marianne Liebmann S Richard Schulze S Joshua Harris S Reid Hoffman S
$3.2 BIL #729 U-HAUL
$4.2 BIL #514 CARGILL $4 BIL #550 BEST BUY
$3.5 BIL #652 PRIVATE EQUITY $3.3 BIL #703 LINKEDIN Meg Whitman S
Bobby Murphy S Jeff Sutton S Douglas Leone S Amos Hostetter Jr. S
$3.2 BIL #729 EBAY
$4.2 BIL #514 SNAPCHAT $4 BIL #550 REAL ESTATE
$3.5 BIL #652 VENTURE CAPITAL $3.3 BIL #703 CABLE TELEVISION John Catsimatidis T
Igor Olenicoff S Rick Caruso S Anthony Pritzker S Kenneth Langone S
$3.1 BIL #766 OIL, REAL ESTATE
$4.2 BIL #514 REAL ESTATE $3.9 BIL #572 REAL ESTATE
$3.5 BIL #652 HOTELS, $3.3 BIL #703 INVESTMENTS Do Won & Jin Sook Chang S
Tom Gores S INVESTMENTS
George Lindemann & family
$3.1 BIL #766 FASHION RETAIL
$3.9 BIL #572 PRIVATE EQUITY
Jay Robert (J.B.) Pritzker S T Barry Diller S
Stewart & Lynda Resnick T $3.5 BIL #652 HOTELS, $3.3 BIL #703 INVESTMENTS $3.1 BIL #766 ONLINE MEDIA
$3.9 BIL #572 AGRICULTURE, INVESTMENTS
Mary Alice Dorrance Malone Jack Dorsey S
WATER
Mitchell Rales T T $3.1 BIL #766 TWITTER
Jerry Speyer S $3.5 BIL #652 MANUFACTURING, $3.3 BIL #703 CAMPBELL SOUP
Allan Goldman S
$3.9 BIL #572 REAL ESTATE INVESTMENTS
Henry Nicholas III S $3.1 BIL #766 REAL ESTATE
Harry Stine S Bernard Saul II T $3.3 BIL #703 SEMICONDUCTORS
$3.5 BIL #652 BANKING, Jane Goldman S
Patrick $3.9 BIL #572 AGRICULTURE
REAL ESTATE Pat Stryker S $3.1 BIL #766 REAL ESTATE
Steven Udvar-Hazy S $3.3 BIL #703
Soon-Shiong $3.9 BIL #572 AIRCRAFT LEASING Donald Sterling X MEDICAL EQUIPMENT Amy Goldman Fowler S
$3.1 BIL #766 REAL ESTATE
$3.5 BIL #652 REAL ESTATE
NEWSMAKER: The sur- Nathan Blecharczyk X Neil Bluhm X
geon and biotech bil- Riley Bechtel & family S $3.2 BIL #729 REAL ESTATE Diane Kemper S
$3.8 BIL #588 AIRBNB
$3.4 BIL #679 ENGINEERING, $3.1 BIL #766 REAL ESTATE
lionaire is doubling Brian Chesky X Andrew & Peggy Cherng S
CONSTRUCTION James Leprino S
down on media. In $3.8 BIL #588 AIRBNB $3.2 BIL #729 RESTAURANTS
Stephen Bechtel Jr. S $3.1 BIL #766 CHEESE
February he agreed Scott Cook S
Joe Gebbia X $3.4 BIL #679 ENGINEERING, Richard Sands +
to buy the Los An- $3.8 BIL #588 AIRBNB $3.2 BIL #729 SOFTWARE
CONSTRUCTION $3.1 BIL #766 FOOD & BEVERAGE
geles Times and San
Jeff Greene S Jimmy Haslam T Leon G. Cooperman S
Diego Union-Tribune $3.2 BIL #729 HEDGE FUNDS Donald Trump T
$3.8 BIL #588 REAL ESTATE, $3.4 BIL #679 GAS STATIONS,
and several smaller ti- $3.1 BIL #766 REAL ESTATE
INVESTMENTS RETAIL
tles for $500 million— John Paul DeJoria S
Romesh T. Wadhwani S
Robert McNair S Min Kao & family S $3.2 BIL #729 HAIR PRODUCTS,
twice what Jeff Bezos $3.8 BIL #588 ENERGY, SPORTS TEQUILA $3.1 BIL #766 SOFTWARE
$3.4 BIL #679
paid for the Washing- NAVIGATION EQUIPMENT Clifford Asness X
Ira Rennert T Tom Golisano S
ton Post five years ago. $3.2 BIL #729 PAYROLL SERVICES $3 BIL #791
$3.8 BIL #588 INVESTMENTS Steve Wynn S
Soon-Shiong’s gamble INVESTMENT MANAGEMENT
Henry Samueli S $3.4 BIL #679 CASINOS, HOTELS Daniel Loeb S
on transforming health Tom Benson & family S
$3.8 BIL #588 SEMICONDUCTORS John Arnold S $3.2 BIL #729 HEDGE FUNDS
care, NantWorks, has $3 BIL #791
RICHARD DREW/AP; ETHAN PINES

Nick Caporella S $3.3 BIL #703 HEDGE FUNDS Daniel Och X NEW ORLEANS SAINTS
yet to deliver on his
$3.7 BIL #606 BEVERAGES Sid Bass S $3.2 BIL #729 HEDGE FUNDS
promises. Jim Breyer S
$3.3 BIL #703 OIL, INVESTMENTS Marc Rowan S $3 BIL #791 VENTURE CAPITAL
$3.2 BIL #729 PRIVATE EQUITY

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

OWNED SPORTS TEAM MARCH 2018 FORBES ASIA | 101
T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES Edward DeBartolo Jr. T

$2.7 BIL #887
Jane Lauder S
$2.5 BIL #965 COSMETICS
Ron Baron X
$2.2 BIL #1103
SHOPPING CENTERS MONEY MANAGEMENT
Valentin Gapontsev & Jon Stryker S Jeffrey Lorberbaum S
family S $2.9 BIL #822 Bennett Dorrance T $2.5 BIL #965 FLOORING Timothy Boyle S
$3 BIL #791 LASERS MEDICAL EQUIPMENT $2.7 BIL #887 CAMPBELL SOUP $2.2 BIL #1103
Joe Mansueto S COLUMBIA SPORTSWEAR
Johnelle Hunt S Vincent Viola S Don Hankey S $2.5 BIL #965
$3 BIL #791 TRUCKING $2.9 BIL #822 $2.7 BIL #887 AUTO LOANS INVESTMENT RESEARCH Chase Coleman III S
ELECTRONIC TRADING $2.2 BIL #1103 HEDGE FUND
John Middleton S Reed Hastings S C. Dean Metropoulos S
$3 BIL #791 TOBACCO William Conway Jr. S $2.7 BIL #887 NETFLIX $2.5 BIL #965 INVESTMENTS James Coulter S
$2.8 BIL #859 PRIVATE EQUITY $2.2 BIL #1103 PRIVATE EQUITY
Jorge Perez S James Irsay S Arturo Moreno S
$3 BIL #791 REAL ESTATE Daniel D’Aniello S $2.7 BIL #887 $2.5 BIL #965 BILLBOARDS, Frank Fertitta III S
$2.8 BIL #859 PRIVATE EQUITY INDIANAPOLIS COLTS ANAHEIM ANGELS $2.2 BIL #1103 CASINOS,
Jean (Gigi) Pritzker S
MIXED MARTIAL ARTS
$3 BIL #791 HOTELS, Jim Davis S Bob Parsons S Richard Peery X
INVESTMENTS $2.8 BIL #859 $2.7 BIL #887 WEB HOSTING $2.5 BIL #965 REAL ESTATE Lorenzo Fertitta S
STAFFING & RECRUITING $2.2 BIL #1103 CASINOS,
Michael Rubin S Phillip Ruffin S Larry Robbins S MIXED MARTIAL ARTS
$3 BIL #791 ONLINE RETAIL Doris Fisher S $2.7 BIL #887 CASINOS, $2.5 BIL #965 HEDGE FUNDS
Robert Sands +
$2.8 BIL #859 GAP REAL ESTATE Ernest Garcia II +
Charles Simonyi S $2.2 BIL #1103 USED CARS
$3 BIL #791 FOOD & BEVERAGE John Fisher S Howard Schultz T $2.5 BIL #965 MICROSOFT
Herbert Simon S
$2.8 BIL #859 GAP $2.7 BIL #887 STARBUCKS Stanley Hubbard T
Mark Stevens S $2.2 BIL #1103 DIRECTV
$3 BIL #791 REAL ESTATE Kieu Hoang T E. Joe Shoen S $2.5 BIL #965 VENTURE CAPITAL
Don Vultaggio & family +
$2.8 BIL #859 $2.7 BIL #887 U-HAUL Thomas Lee X
MEDICAL PRODUCTS Peter Thiel T $2.2 BIL #1103 PRIVATE EQUITY
$3 BIL #791 Frank VanderSloot + $2.5 BIL #965 FACEBOOK,
ARIZONA BEVERAGES H. Wayne Huizenga S $2.7 BIL #887 NUTRITION & SOFTWARE Eric Lefkofsky S
$2.8 BIL #859 INVESTMENTS WELLNESS PRODUCTS $2.2 BIL #1103 GROUPON
Chuck Bundrant + Elaine Wynn S
$2.9 BIL #822 FISHING Osman Kibar S Ty Warner S $2.5 BIL #965 CASINOS, HOTELS Phillip T. (Terry) Ragon S
$2.8 BIL #859 BIOTECH $2.7 BIL #887 REAL ESTATE, $2.2 BIL #1103 HEALTH IT
Gerald Ford S Denise York S
PLUSH TOYS
$2.9 BIL #822 BANKING Penny Pritzker S $2.5 BIL #965 Stewart Rahr X
Joseph Grendys S
$2.8 BIL #859 HOTELS, Oprah Winfrey T SAN FRANCISCO 49ERS $2.2 BIL #1103
INVESTMENTS $2.7 BIL #887 TV SHOWS DRUG DISTRIBUTION
$2.9 BIL #822 David Zalik +
POULTRY PROCESSING David Rubenstein S David Bonderman S $2.5 BIL #965 TECHNOLOGY T. Denny Sanford S
$2.8 BIL #859 PRIVATE EQUITY $2.6 BIL #924 PRIVATE EQUITY $2.2 BIL #1103 BANKING,
Randal Kirk T George Argyros & family S CREDIT CARDS
$2.9 BIL #822 Mark Walter S Phillip Frost T $2.4 BIL #1020 REAL ESTATE,
PHARMACEUTICALS $2.8 BIL #859 FINANCE $2.6 BIL #924 INVESTMENTS Julio Mario Santo
Jeff Rothschild S William Wrigley Jr. X PHARMACEUTICALS Domingo III T
John Arrillaga T $2.2 BIL #1103 BEER
$2.9 BIL #822 FACEBOOK $2.8 BIL #859 CHEWING GUM B. Wayne Hughes T $2.4 BIL #1020 REAL ESTATE
Thomas Siebel S Mortimer Zuckerman T $2.6 BIL #924 SELF STORAGE Ted Turner T
Peter Buck T $2.2 BIL #1103
$2.9 BIL #822 $2.8 BIL #859 REAL ESTATE, Stephen Mandel Jr. X $2.4 BIL #1020 CABLE TELEVISION
BUSINESS SOFTWARE MEDIA $2.6 BIL #924 HEDGE FUNDS SUBWAY SANDWICH SHOPS
Paul Singer S Ray Davis X William Young S
Sean Parker X Drayton McLane Jr. S $2.2 BIL #1103 PLASTICS
$2.9 BIL #822 HEDGE FUNDS $2.7 BIL #887 PIPELINES $2.6 BIL #924 FACEBOOK $2.4 BIL #1020 WALMART,
LOGISTICS Leslie Alexander S
Jay Paul S $2.1 BIL #1157
J.B. Pritzker $2.6 BIL #924 REAL ESTATE Daniel Pritzker S HOUSTON ROCKETS
$2.4 BIL #1020 HOTELS,
Patrick Ryan S Todd Christopher X
POLITICS: The Hyatt Hotel heir is moving from private equity to pol- INVESTMENTS
$2.6 BIL #924 INSURANCE $2.1 BIL #1157
itics. The founder of Pritzker Group and nonprofit small business in- John Pritzker X
Thomas Secunda S HAIR CARE PRODUCTS
cubator 1871, he joined the race for Illinois governor last year and $2.4 BIL #1020 HOTELS,
$2.6 BIL #924 BLOOMBERG LP INVESTMENTS Gordon Getty X
is running in the Democratic primary this month. After giving mil-
Warren Stephens S $2.1 BIL #1157 GETTY OIL
lions to Democratic organizations in 2016, he is advocating for so- Eric Smidt S
$2.6 BIL #924 Alec Gores X
cial services, investment in education and the protection of health $2.4 BIL #1020
INVESTMENT BANKING HARDWARE STORES $2.1 BIL #1157 PRIVATE EQUITY
care coverage.
Glen Taylor S Alexander Spanos & family X Catherine Lozick S
$2.6 BIL #924 PRINTING $2.4 BIL #1020 REAL ESTATE, $2.1 BIL #1157
Jerry Yang S LOS ANGELES CHARGERS VALVE MANUFACTURING
$2.6 BIL #924 YAHOO David Gottesman S David Murdock T
Aerin Lauder Zinterhofer S $2.3 BIL #1070 INVESTMENTS $2.1 BIL #1157 DOLE,
$2.5 BIL #965 COSMETICS REAL ESTATE
Bill Haslam T
Edward Bass T $2.3 BIL #1070 TRUCK STOPS H. Ross Perot Jr. S
$2.5 BIL #965 OIL, INVESTMENTS $2.1 BIL #1157 REAL ESTATE
W. Herbert Hunt S
Lee Bass T $2.3 BIL #1070 OIL Tor Peterson S
$2.5 BIL #965 OIL, INVESTMENTS $2.1 BIL #1157 COMMODITIES
Bradley Jacobs +
Bert Beveridge + $2.3 BIL #1070 LOGISTICS Kavitark Ram Shriram S
$2.5 BIL #965 VODKA $2.1 BIL #1157 VENTURE CAPITAL,
Brad Kelley S GOOGLE
George Bishop X $2.3 BIL #1070 TOBACCO
$2.5 BIL #965 OIL & GAS David Walentas S
Vinod Khosla S $2.1 BIL #1157 REAL ESTATE
Norman Braman S $2.3 BIL #1070
$2.5 BIL #965 ART, VENTURE CAPITAL Ronald Wanek S
CAR DEALERSHIPS $2.1 BIL #1157 FURNITURE
Clayton Mathile T
Kenneth Feld & family X $2.3 BIL #1070 PET FOOD S. Daniel Abraham T
$2.5 BIL #965 CIRCUS, $2 BIL #1215 SLIM-FAST
J. Joe Ricketts S
LIVE ENTERTAINMENT $2.3 BIL #1070 TD AMERITRADE Ron Burkle S
Noam Gottesman S $2 BIL #1215 SUPERMARKETS,
Dan Snyder S INVESTMENTS
$2.5 BIL #965 HEDGE FUNDS $2.3 BIL #1070
Jonathan Gray S WASHINGTON REDSKINS James Clark X
$2.5 BIL #965 INVESTMENTS $2 BIL #1215 NETSCAPE,
John Tyson S INVESTMENTS
PATRICK T. FALLON/BLOOMBERG

John Henry X $2.3 BIL #1070

$2.5 BIL #965 SPORTS FOOD PROCESSING Christopher Cline S
$2 BIL #1215 COAL

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

102 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM
 T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES John Farber S

$1.7 BIL #1394 CHEMICALS
Manuel Moroun & family S
$1.6 BIL #1477 TRANSPORTATION
Forrest Preston X
$1.4 BIL #1650 HEALTH CARE
Robert Fisher S Sheryl Sandberg S Jerry Reinsdorf X
TRAVIS KALANICK $1.7 BIL #1394 GAP $1.6 BIL #1477 FACEBOOK $1.4 BIL #1650 CHICAGO BULLS

NEWSMAKER: After bowing to investor pressure and resigning William Fisher S Niraj Shah + Evgeny (Eugene) Shvidler S
$1.7 BIL #1394 GAP $1.6 BIL #1477 ONLINE RETAIL $1.4 BIL #1650 OIL & GAS,
as Uber’s CEO last summer, Kalanick sold almost a third of his INVESTMENTS
stake in the ride-hailing company in January for $1.4 billion, pre- Timothy Headington S Ben Silbermann X
$1.7 BIL #1394 OIL & GAS, $1.6 BIL #1477 PINTEREST Peter Sperling X
tax; it was part of a mega-deal led by SoftBank. With Kalanick INVESTMENTS $1.4 BIL #1650 EDUCATION
and other early investors cashing out, the Japanese conglom- Thomas Steyer X
erate was able to assemble a 15% stake in the company, buy- Jim Justice II S $1.6 BIL #1477 HEDGE FUNDS Kenny Troutt X
$1.7 BIL #1394 COAL $1.4 BIL #1650 TELECOM
ing most of it at a $48 billion valuation. It spent another $1 bil- Charlotte Colket Weber T
lion-plus for additional shares at Uber’s previous $68 billion William Koch S $1.6 BIL #1477 CAMPBELL SOUP Dan Wilks S
$1.7 BIL #1394 OIL, INVESTMENTS $1.4 BIL #1650 NATURAL GAS
valuation. Bill Alfond S
Marc Lasry S $1.5 BIL #1561 SHOES Farris Wilks S
$1.7 BIL #1394 HEDGE FUNDS $1.4 BIL #1650 NATURAL GAS
Susan Alfond S
David Lichtenstein S $1.5 BIL #1561 SHOES Richard Yuengling Jr. T
$1.7 BIL #1394 REAL ESTATE $1.4 BIL #1650 BEER
Ted Alfond S
Craig McCaw T $1.5 BIL #1561 SHOES Edmund Ansin S
$1.7 BIL #1394 TELECOM $1.3 BIL #1756 TELEVISION
Carol Jenkins Barnett T
Miguel McKelvey X $1.5 BIL #1561 Steve Case X
$1.7 BIL #1394 WEWORK PUBLIX SUPERMARKETS $1.3 BIL #1756 AOL,
INVESTMENTS
Vincent McMahon S Martha Ford X
$1.7 BIL #1394 WWE $1.5 BIL #1561 FORD MOTOR Darwin Deason S
$1.3 BIL #1756 XEROX
Gary Michelson X Richard Hayne S
$1.7 BIL #1394 MEDICAL PATENTS $1.5 BIL #1561 Jamie Dimon S
URBAN OUTFITTERS $1.3 BIL #1756 BANKING
Jerry Moyes +
$1.7 BIL #1394 TRANSPORTATION Seth Klarman X Anne Gittinger S
$1.5 BIL #1561 HEDGE FUNDS $1.3 BIL #1756 NORDSTROM
Charles Munger S
$1.7 BIL #1394 Eren Ozmen + Irwin Jacobs X
BERKSHIRE HATHAWAY $1.5 BIL #1561 AEROSPACE $1.3 BIL #1756 SEMICONDUCTORS
Nelson Peltz S Fatih Ozmen + Mitchell Jacobson T
$1.7 BIL #1394 INVESTMENTS $1.5 BIL #1561 AEROSPACE $1.3 BIL #1756
INDUSTRIAL EQUIPMENT
Roger Penske S Mark Pincus S
$1.7 BIL #1394 CARS $1.5 BIL #1561 ONLINE GAMES Alexander Karp T
$1.3 BIL #1756 SOFTWARE FIRM
Henry Swieca X Kevin Plank T
$1.7 BIL #1394 HEDGE FUNDS $1.5 BIL #1561 UNDER ARMOUR Sidney Kimmel X
$1.3 BIL #1756 RETAIL
Alexandra Daitch S Charles Zegar S Todd Wagner X Nicholas Pritzker II S
$2 BIL #1215 CARGILL $2 BIL #1215 BLOOMBERG LP $1.7 BIL #1394 ONLINE MEDIA $1.5 BIL #1561 HOTELS, Rodney Lewis T
INVESTMENTS $1.3 BIL #1756 NATURAL GAS
Glenn Dubin X James Dinan S William F. Austin S
$2 BIL #1215 HEDGE FUNDS $1.9 BIL #1284 HEDGE FUNDS $1.6 BIL #1477 HEARING AIDS Fayez Sarofim T Cargill MacMillan III S
$1.5 BIL #1561 $1.3 BIL #1756 CARGILL
Robert Duggan T Bill Gross T Louis Bacon T MONEY MANAGEMENT
$2 BIL #1215 PHARMACEUTICALS $1.9 BIL #1284 INVESTMENTS $1.6 BIL #1477 HEDGE FUNDS John MacMillan S
Kevin Systrom S $1.3 BIL #1756 CARGILL
Thomas Hagen S Jeffrey Gundlach S William Berkley X $1.5 BIL #1561 INSTAGRAM
$2 BIL #1215 INSURANCE $1.9 BIL #1284 INVESTMENTS $1.6 BIL #1477 INSURANCE Martha MacMillan S
Jim Thompson X $1.3 BIL #1756 CARGILL
Bruce Karsh X Jennifer Pritzker S Aneel Bhusri S $1.5 BIL #1561 LOGISTICS
$2 BIL #1215 PRIVATE EQUITY $1.9 BIL #1284 HOTELS, $1.6 BIL #1477 William MacMillan S
INVESTMENTS BUSINESS SOFTWARE Jonathan Tisch + $1.3 BIL #1756 CARGILL
Henry Laufer + $1.5 BIL #1561 INSURANCE,
$2 BIL #1215 HEDGE FUNDS Alan N. Trefler S O. Francis Biondi X NY GIANTS Craig Newmark +
$1.9 BIL #1284 SOFTWARE $1.6 BIL #1477 HEDGE FUNDS $1.3 BIL #1756 CRAIGSLIST
Jeffrey Lurie S Kenneth Tuchman S
$2 BIL #1215 Evan Williams S David Booth X $1.5 BIL #1561 OUTSOURCING Bruce Nordstrom S
PHILADELPHIA EAGLES $1.9 BIL #1284 TWITTER $1.6 BIL #1477 MUTUAL FUNDS $1.3 BIL #1756 NORDSTROM
Herb Chambers S
Sarah MacMillan S Nicolas Berggruen X Steve Conine + $1.4 BIL #1650 CAR DEALERSHIPS Alexander Rovt X
$2 BIL #1215 CARGILL $1.8 BIL #1339 INVESTMENTS $1.6 BIL #1477 ONLINE RETAIL $1.3 BIL #1756 FERTILIZER,
John Edson X REAL ESTATE
Howard Marks X James France T Stephen Feinberg S $1.4 BIL #1650 LEISURE CRAFT
$2 BIL #1215 PRIVATE EQUITY $1.8 BIL #1339 NASCAR, RACING $1.6 BIL #1477 PRIVATE EQUITY Leonard Schleifer T
David Einhorn T $1.3 BIL #1756
Jonathan Nelson X Stewart Horejsi & family S Paul Foster S $1.4 BIL #1650 HEDGE FUNDS PHARMACEUTICALS
$2 BIL #1215 PRIVATE EQUITY $1.8 BIL #1339 $1.6 BIL #1477 OIL REFINING
BERKSHIRE HATHAWAY Victor Fung X Wilma Tisch T
Peter Peterson T Mario Gabelli S $1.4 BIL #1650 $1.3 BIL #1756 DIVERSIFIED
$2 BIL #1215 INVESTMENTS Hamilton James S $1.6 BIL #1477 TRADING COMPANY
$1.8 BIL #1339 INVESTMENTS MONEY MANAGEMENT Jayshree Ullal +
Antony Ressler S Alan Gerry T $1.3 BIL #1756 TECHNOLOGY
$2 BIL #1215 FINANCE John Kapoor S Christopher Goldsbury X $1.4 BIL #1650
$1.8 BIL #1339 HEALTH CARE $1.6 BIL #1477 SALSA CABLE TELEVISION Stephen T. Winn +
Rodney Sacks S $1.3 BIL #1756
$2 BIL #1215 ENERGY DRINKS William Lauder S Brian Higgins X J. Tomilson Hill S REAL ESTATE SERVICES
$1.8 BIL #1339 ESTEE LAUDER $1.6 BIL #1477 HEDGE FUNDS $1.4 BIL #1650 INVESTMENTS
Brian Sheth S Marc Andreessen S
$2 BIL #1215 INVESTMENTS Linda Pritzker X Michael Jordan S George Joseph T $1.2 BIL #1867
$1.8 BIL #1339 HOTELS, $1.6 BIL #1477 CHARLOTTE $1.4 BIL #1650 INSURANCE VENTURE CAPITAL
Lucy Stitzer S INVESTMENTS HORNETS, ENDORSEMENTS
$2 BIL #1215 CARGILL Michael Krasny X Thomas Bailey S
Brian Roberts S Edward Lampert T $1.4 BIL #1650 RETAIL $1.2 BIL #1867
Katherine Tanner S $1.8 BIL #1339 COMCAST $1.6 BIL #1477 SEARS
$2 BIL #1215 CARGILL MONEY MANAGEMENT
James Leininger S
William Stone S Thai Lee X $1.4 BIL #1650 Charles Brandes X
Amy Wyss S $1.8 BIL #1339 SOFTWARE $1.6 BIL #1477 IT PROVIDER
$2 BIL #1215 MEDICAL PRODUCTS $1.2 BIL #1867
Herbert Allen Jr. & family S Billy Joe (Red) McCombs X MONEY MANAGEMENT
DAVID PAUL MORRIS/BLOOMBERG 

MEDICAL EQUIPMENT Gary Magness X

$1.7 BIL #1394 $1.6 BIL #1477 DIVERSIFIED $1.4 BIL #1650 CABLE TV, Henry Engelhardt S
Jon Yarbrough S INVESTMENT BANKING
$2 BIL #1215 VIDEOGAMES INVESTMENTS $1.2 BIL #1867 INSURANCE

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

OWNED SPORTS TEAM MARCH 2018 FORBES ASIA | 103
T H E WO R L D ’ S B I L L I O N A I R E S

UNITED STATES Richard Kayne +

$1.1 BIL #1999 INVESTMENTS
Yvon Chouinard X
$1 BIL #2124 PATAGONIA
George Marcus X
$1 BIL #2124 REAL ESTATE
Donald Foss + Thomas Tull S Isaac Larian X Henry Davis + Lowell Milken X
$1.2 BIL #1867 AUTO LOANS $1.2 BIL #1867 MOVIES $1.1 BIL #1999 TOYS $1 BIL #2124 BEEF PROCESSING $1 BIL #2124 INVESTMENTS
Robert Friedland T Alfred West Jr. 3 Frank Laukien + David Hall + Carolyn Rafaelian +
$1.2 BIL #1867 MINING $1.2 BIL #1867 $1.1 BIL #1999 $1 BIL #2124 $1 BIL #2124 JEWELRY
MONEY MANAGEMENT SCIENTIFIC EQUIPMENT AUTOMOTIVE TECHNOLOGY
Donald Friese X Alice Schwartz +
$1.2 BIL #1867 MANUFACTURING William Ackman T Nancy Lerner S David Kabiller X $1 BIL #2124 BIOTECH
$1.1 BIL #1999 HEDGE FUNDS $1.1 BIL #1999 BANKING, $1 BIL #2124
Ryan Graves T Martin Selig X
CREDIT CARDS INVESTMENT MANAGEMENT
$1.2 BIL #1867 UBER J. Hyatt Brown + $1 BIL #2124 REAL ESTATE
B. Wayne Hughes Jr. T
$1.1 BIL #1999 INSURANCE Norma Lerner S Theodore Leonsis +
$1.1 BIL #1999 BANKING, $1 BIL #2124 SPORTS TEAMS Evan Sharp X
$1.2 BIL #1867 Bharat Desai S $1 BIL #2124 PINTEREST
CREDIT CARDS
STORAGE FACILITIES $1.1 BIL #1999 IT CONSULTING John Liew X
Randolph Lerner S $1 BIL #2124 Axel Stawski X
Thomas James S Joseph Edelman + $1 BIL #2124 REAL ESTATE
$1.1 BIL #1999 BANKING, INVESTMENT MANAGEMENT
$1.2 BIL #1867 FINANCE $1.1 BIL #1999 HEDGE FUNDS
CREDIT CARDS
Duncan MacMillan + Robert Toll +
Gail Miller T Paul Fireman S $1 BIL #2124 HOME BUILDING
$1.2 BIL #1867 UTAH JAZZ, $1.1 BIL #1999 REEBOK
William Macaulay S $1 BIL #2124 BLOOMBERG LP
$1.1 BIL #1999 Sandy Weill T
CAR DEALERS
J. Christopher Flowers T ENERGY INVESTMENTS $1 BIL #2124 CITIGROUP
Michael Price X $1.1 BIL #1999 INVESTMENTS
$1.2 BIL #1867 INVESTMENTS
John Martin X
Drew Houston S $1.1 BIL #1999
Lynsi Snyder +
$1.2 BIL #1867 IN-N-OUT BURGER
$1.1 BIL #1999 DROPBOX PHARMACEUTICALS
Andrea Reimann-Ciardelli X
METHODOLOGY
$1.1 BIL #1999
CONSUMER GOODS

VENEZUELA
The Forbes World’s Billionaires list is a snapshot of wealth using stock
Chris Sacca T prices and exchange rates from February 9. Some people will be-
$1.1 BIL #1999
VENTURE CAPITAL come richer or poorer within weeks—even days—of publication. For
GDP: $36.5 BIL example, Jeff Bezos’ net worth climbed more than $12 billion in the
Michael Steinhardt S
POPULATION: 32 MIL $1.1 BIL #1999 FINANCE
two weeks between our measuring date for stock prices and when
this issue went to press. We list individuals rather than multigener-
BILLIONAIRES: 2 Laurie Tisch + ational families who share large fortunes, though we include wealth
TOTAL NET WORTH: EXPATRIATE $1.1 BIL #1999 INSURANCE,
$5.5 BIL (+$400 MIL VS. 2017) 1 NY GIANTS 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 to-
Steven Tisch + gether if the ownership breakdown among them isn’t clear, but here
$1.1 BIL #1999 INSURANCE,
NY GIANTS an estimated net worth of $1 billion per person is needed to make the
cut. We value a variety of assets, including private companies, real
James Truchard +
CARACAS $1.1 BIL #1999 SOFTWARE
estate, art, yachts and more. We don’t pretend to know each billion-
1 aire’s private balance sheet (though some provide it). When docu-
Sara Blakely T mentation isn’t supplied or available, we discount fortunes. For daily
$1 BIL #2124 SPANX
updates of net worths, go to forbes.com/real-time-billionaires.

ZIMBABWE
GDP: $17.1 BIL
EXPATRIATE
Juan Carlos Escotet S
POPULATION: 17 MIL 1
$4.4 BIL #480 BANKING BILLIONAIRES: 1 (+1 VS. 2017)
Gustavo Cisneros & family T
TOTAL NET WORTH:
$1.1 BIL #1999 MEDIA
$1.4 BIL (+$1.4 BIL VS. 2017)

Strive Masiyiwa +
VIETNAM $1.4 BIL #1650 TELECOM

GDP: $223.9 BIL

HANOI
POPULATION: 96 MIL 2
BILLIONAIRES: 4 (+2 VS. 2017)
TOTAL NET WORTH:
$10.5 BIL (+$6.9 BIL VS. 2017)

Strive Masiyiwa
NEWCOMER: Zimbabwe’s first-ever billionaire,
Masiyiwa studied engineering in the U.K. and
then went home and worked at Zimbabwe
Posts & Telecommunications Corp. He quit to
Pham Nhat Vuong S start his own firm but spent five years fight-
$4.3 BIL #499 DIVERSIFIED
ing to obtain a license to operate a telephone
Nguyen Thi Phuong Thao S company. The Supreme Court of Zimbabwe
$3.1 BIL #766 AIRLINES
finally ruled in his favor. He founded Econet
Tran Ba Duong & family + Wireless Zimbabwe in 1998. Today the com-
HO CHI MINH
PATRICK T. FALLON/BLOOMBERG

$1.8 BIL #1339 CARS pany is the second biggest, by market cap, on
CITY
Tran Dinh Long + 2 the Zimbabwe Stock Exchange. He left Zim-
$1.3 BIL #1756 STEEL, babwe in 2000 and lives in London.
MANUFACTURING

WEALTH STATUS:
UPS DOWN TUNCHANGED X
WINE-GROWING OIL & GAS FIELDS MINING & TIMBER FINANCIAL SPORTS TECH PLAYGROUND NEW + RETURNEE 3
REGION AND DEPOSITS MINERALS CENTER TEAM CENTER

SPORTS TEAM DENOTES BILLIONAIRE-

104 | FORBES ASIA MARCH 2018 OWNED SPORTS TEAM

YOUNGEST AND OLDEST BILLIONAIRES
BY IGOR BOSILKOVSKI
A Singaporean was born just before the end of World War I, while another listee came into the world in 1996.
OLDEST
CHUNG CHANG YUN, 99
(SINGAPORE)
$1.9 BILLION
SHIPPING
He cofounded Pacific International Lines in 1967
as a coastal operator with two secondhand
ships. He is chairman of the company. His son
Teo Siong Sen runs it.
ADAMS: JUDY SIEGEL-ITZKOVICH/THE JERUSALEM POST; FARIA: PAULO GIANDALIA/FOLHA IMAGEM; ALEXANDRA AND KATHARINA ANDRESEN: NTB SCANPIX/SIPA USA
YOUNGEST
ALEXANDRA ANDRESEN, 21
(NORWAY)
$1.4 BILLION
INHERITANCE, INVESTMENTS
She and her sister Katharina (right), one year
her senior, each inherited 42% of the family-
owned investment company Ferd. Andresen’s
father Johan still runs the company and
controls 70% of the votes via a dual-class share
structure. The Andresen family has been a
household name in Norway for over 100 years,
primarily known for its tobacco brand, which
they sold in 2005.
K E E P I N G S CO R E T H E WO R L D ’ S B I L L I O N A I R E S
MARCEL ADAMS, 97
(CANADA)
$1.7 BILLION
REAL ESTATE
One of Canada’s most prolific real estate
investors, he founded Iberville Developments
in 1958. Born in Romania under the last name
Abramovich, he survived Holocaust labor camps
during World War II before coming to Canada.
KATHARINA ANDRESEN, 22
(NORWAY)
$1.4 BILLION
INHERITANCE, INVESTMENTS
Last year police pulled over an Audi Q3 near a tony
ski resort in Norway. The driver turned out to be
Andresen. Her blood alcohol content was three
times the legal limit. Her lawyers argued that she
was a student with limited funds, including a $1,100
monthly stipend. The court, which normally issues
fines based on income, considered her stake in her
family’s investment firm and handed her a $32,000
fine and 13-month driver’s license suspension.
ALOYSIO DE ANDRADE FARIA, 97
(BRAZIL)
$2.5 BILLION
BANKING
Trained as a doctor, Faria practiced medicine
for only two years before his father died and he
took the helm of the family’s Banco Real. Under
Faria, Banco Real became one of the largest
banks in Brazil. In 1998 he sold the institution to
Dutch bank ABN Amro for $2.1 billion.
GUSTAV MAGNAR WITZOE, 24
(NORWAY)
$1.9 BILLION
INHERITANCE, FISH FARMING
He owns nearly half of Salmar ASA, one of the
world’s largest salmon producers. His stake
was gifted to him in 2013 by his father, Gustav
Witzoe, who founded the company in 1991.
Salmar has led the industrialization of fish
farming in Norway. The elder Witzoe still runs
the company; Gustav is investing in real estate
and tech startups.
MARCH 2018 FORBES ASIA | 105
T H E WO R L D ’ S B I L L I O N A I R E S D E C E AS E D

REST IN PROSPERITY PETER ALFOND | 65

U.S., $1.4 BIL | SHOES
AMERICO AMORIM | 82
BY MADELINE BERG AND MICHELA TINDERA
PORTUGAL, $4.4 BIL
ENERGY, INVESTMENTS
LATE LAST YEAR, Toronto police made a chilling discov-
ery: the strangled bodies of 75-year-old generic-drug bil- BELMIRO DE AZEVEDO | 79
PORTUGAL, $1.5 BIL | RETAIL
lionaire Bernard “Barry” Sherman (left) and his wife, Honey,
LILIANE BETTENCOURT | 94
hanging beside their indoor pool. Sherman was not a man
FRANCE, $39.5 BIL | L’OREAL
who shied away from conflict; he battled competitors in court
ARNOLD CLARK | 89
and engaged in a decadelong lawsuit with his cousins over U.K., $1.1 BIL | AUTOMOBILES
an ownership stake in his firm, Apotex. The deaths are being
DAVID CONSUNJI | 95
investigated as homicides, but no suspects have been named. PHILIPPINES, $3.1 BIL | CONSTRUCTION
His death is by far the most lurid of those of the 25 billion- SANFORD DILLER | 89
aires (listed on this page) who died in the past year. “People tell U.S., $1.7 BIL | REAL ESTATE
me life is short, and I say, ‘Yeah, so I better get the work done,’ ” DESH BANDHU GUPTA | 79
Sherman said in his first appearance in Forbes, in July 2000. INDIA, $4.7 BIL | PHARMACEUTICALS
Here’s how we first covered four other recently deceased titans. BRUCE HALLE | 87
U.S., $6.5 BIL | TIRES
DORRANCE HAMILTON | 88
U.S., $1.3 BIL | CAMPBELL SOUP
NIKLAS HERLIN | 53
FINLAND, $1.4 BIL
ELEVATORS, ESCALATORS
ERICH KELLERHALS | 78
GERMANY, $1.8 BIL
ELECTRONICS RETAIL
KARL-HEINZ KIPP | 93
GERMANY, $4.5 BIL | RETAIL
LU GUANQIU | 72
CHINA, $5.7 BIL | DIVERSIFIED
SIEGFRIED MEISTER | 78
GERMANY, $3.8 BIL | APPLIANCES
NEAL PATTERSON | 67
U.S., $1.5 BIL | HEALTH CARE IT
A. JERROLD PERENCHIO | 86
U.S., $2.8 BIL | SPANISH-LANGUAGE TV

SHERMAN: DICK LOEK/TORONTO STAR/GETTY IMAGES; NEWHOUSE: FRANCIS MILLER/THE LIFE PICTURE COLLECTION/GETTY IMAGES
DAVID ROCKEFELLER SR. | 101
JON HUNTSMAN, 80 U.S., $3.3 BIL
HENRY HILLMAN, 98 U.S., $1 BIL | CHEMICALS REAL ESTATE, INVESTMENTS
U.S, $2.6 BIL | INVESTMENTS “Jon Huntsman is a rare JOAN TISCH | 90
“Through Hillman Land, the family combination. He is both a U.S., $3.8 BIL | INSURANCE, N.Y. GIANTS
investment holding company, Henry great dealmaker and a great
Hillman owns, controls or otherwise YEOH TIONG LAY | 87
operating businessman.
influences enough other companies MALAYSIA, $2.1 BIL
The two rarely go together.
to make most conglomerators green CONSTRUCTION, REAL ESTATE, POWER
In him they do.”
with envy. He is a director of no less (November 27, 1989) Net worths from Billionaires 2017.
than ten major companies.”
(September 15, 1969)
SAMUEL “SI”
NEWHOUSE JR., 89
U.S., $12.1 BIL | MEDIA
“Since the death of founder
S.I. Newhouse Sr. last
August, his sons, Si, 52, and
LEANDRO RIZZUTO, 79 Donald, 50, have been the
U.S., $4.5 BIL | CONSUMER PRODUCTS two chief executives. . . .
“Hair dryers had been around since the The biggest problem the
twenties, but no one until Rizzuto had family must deal with . . .
noticed that by greatly increasing air has to do with the changing
velocity and heat in careful mixture, nature of communications.
a handheld dryer and a brush could Newspapers now face more
replace most of the hairdresser’s existing competition than ever
tools and do the job four times faster.” before, especially in big-city
(September 3, 1979) markets.” (October 29, 1979)

Gian Marco Moratti (Italy) died just after our list was published.
106 | FORBES ASIA MARCH 2018
 D R O P - O F F S T H E WO R L D ’ S B I L L I O N A I R E S

DOWN AND OFF NAME

COUNTRY | SOURCE OF WEALTH
2018 net worth
BY DENIZ ÇAM AND NOAH KIRSCH
STEVEN ROTH
OVER THE PAST YEAR, 120 individuals fell from the global billionaire ranks. China U.S. | REAL ESTATE
lost the most—49 ten-figure fortunes—while 15 Americans and all 10 Saudi Arabians $970 million
(see p. 90) also dropped out of the three-comma club. The four former billionaires below ANAS SEFRIOUI
MOROCCO | CONSTRUCTION
experienced especially dramatic drops; 20 other notables are at right. To see all 120 people
$950 million
who fell off the list, go to forbes.com/billionaires-dropoffs.
ESTHER GRETHER
SWITZERLAND | SWATCH
$900 million
MAGGIE MAGERKO
U.S. | 84 LUMBER
$900 million
O. BRUTON SMITH
U.S. | SPEEDWAY MOTORSPORTS
$880 million
EDWARD STACK
U.S. | DICK’S SPORTING GOODS
$880 million
BRYAN SHEFFIELD
U.S. | OIL EXPLORATION
$870 million
DAVID HINDAWI
U.S. | CYBERSECURITY
$850 million
AYMAN ASFARI
JOHN SCHNATTER
U.K. | OIL SERVICES
U.S. | PAPA JOHN’S PIZZA
$840 million
2018 NET WORTH: $750 MILLION (DOWN 25%)
Schnatter blamed slowing growth at his Papa John’s pizza chain partly on the NFL’s “poor leadership” in JONATHAN ORINGER
handling national anthem protests. Football fans eat a lot of pies, and Papa John’s is a major NFL sponsor. U.S. | SHUTTERSTOCK
$820 million
KEN GROSSMAN
U.S. | SIERRA NEVADA BEER
$800 million
JANNIE MOUTON
SOUTH AFRICA | FINANCIAL SERVICES
$800 million
SHOJI UEHARA
JAPAN | PHARMACEUTICALS
$800 million
WANG JUNMIN
CHINA | PHARMACEUTICALS
$800 million
ALDO BENSADOUN
CANADA | SHOES
DANIL KHACHATUROV CHRISTOFFEL WIESE $780 million
RUSSIA | INSURANCE, SOUTH AFRICA | RETAIL WILBUR ROSS
BANKING, REAL ESTATE 2018 NET WORTH: $600 MILLION (DOWN 89%) U.S. | PRIVATE EQUITY
2018 NET WORTH: An accounting scandal ravaged Steinhoff International, a home-goods $700 million
$170 MILLION (DOWN 92%) retailer that forms a major part of Wiese’s expansive empire. He resigned as EDGAR SIA
His insurance company, chairman in December; company shares have lost nearly 87% of their value. PHILIPPINES | REAL ESTATE
Rosgosstrakh, was absorbed by $650 million
Otkritie Bank in 2017; Russia’s
central bank then nationalized BORIS MINTS
troubled Otkritie in December. RUSSIA | REAL ESTATE, PENSION FUNDS
$540 million
NIRAV MODI LI FUCHENG
INDIA | DIAMOND JEWELRY CHINA | AGRIBUSINESS
2018 NET WORTH: LESS THAN $100 MILLION (DOWN 94%) $500 million
State-run Punjab National Bank alleged in January that Modi and his BRUNO STEINHOFF
business partner had colluded with some executives at the bank’s Mumbai GERMANY | HOME GOODS RETAIL
branch to conduct fraudulent transactions, resulting in a reported $1.8 $225 million
billion flowing into Modi’s jewelry companies. Modi, who left India before
the scandal broke, reportedly denied the allegations.

MARCH 2018 FORBES ASIA | 107

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

VAUNTED MANSIONS
BY SAMANTHA SHARF
ALTHOUGH WARREN BUFFETT has lived in the same home since 1958,
other billionaires swap houses the way the rest of us change light bulbs. Most of
the billionaire-owned properties currently for sale were purchased or completed
in the last five years; a few have never been lived in at all. Agents say the ultra-
wealthy’s wandering ways are easy to explain: They want only the best.

THOMAS TULL
NET WORTH: $1.1 BILLION
SOURCE: ENTERTAINMENT
LISTING: 3970 VICTORIA LANE
(WESTLAKE VILLAGE, CA)
VITALS: A 32,000-square-foot
French Romantic mansion with 12
bedrooms and 18 bathrooms on a
33-acre lot.
POSH AMENITIES: The grounds
include a 5-acre organic farm,
a garden inspired by Monet’s
“Giverny” and a private museum.
ASKING PRICE: $85 MILLION

MICHAEL DELL
NET WORTH: $22.7 BIL
SOURCE: DELL COMPUTERS
LISTING: CASA DELL
(LOS CABOS, MEXICO)
VITALS: A 9,990-square-foot
Mediterranean villa with five JEFF GREENE
bedrooms, six full and three NET WORTH: $3.8 BILLION
SOURCE: REAL ESTATE, INVESTMENTS
half-bathrooms and nearly
LISTING: PALAZZO DI AMORE
4,700 square feet of terraces.
(9505 LANIA LANE, BEVERLY HILLS, CA)
POSH AMENITIES: Located 282
VITALS: A 35,000-square-foot, 12-bedroom, 23-bath
feet above the Sea of Cortez
estate on a 25-acre lot.
on Mexico’s Baja peninsula,
POSH AMENITIES: The property’s 15,000-square-foot
the property boasts sweeping
entertainment center houses a ballroom, a screening
water views and comes with a
room and a bowling alley. There’s also a working
collection of art by emerging
vineyard and a 27-car garage.
Latino and Mexican artists.
ASKING PRICE: $129 MILLION
ASKING PRICE: $18.5 MILLION

PETRA ECCLESTONE STUNT

FATHER’S NET WORTH: $3.5 BILLION | SOURCE: FORMULA ONE
LISTING: THE MANOR (594 SOUTH MAPLETON DRIVE, HOLMBY HILLS, CA)
VITALS: Owned by a daughter of F1 founder Bernie Ecclestone, a
56,500-square-foot mansion with 14 bedrooms and 27 bathrooms on 4.7 acres.
POSH AMENITIES: The Manor’s 123 rooms include a nightclub, a hair salon
and a private spa.
PROVENANCE: Built for the late producer Aaron Spelling and his wife, Candy,
who famously had rooms for cutting flowers and wrapping gifts.
ASKING PRICE: $200 MILLION
JEFF GREENE: NEWSCOM; PETRA ECCLESTONE: B.O’KANE/ALAMY

A. JERROLD PERENCHIO
NET WORTH: DECEASED; $2.8 BIL IN MAY 2017 | SOURCE: UNIVISION
LISTING: CHARTWELL (BEL AIR, CA)
VITALS: The 25,000-square-foot French Neoclassical mansion has
10 bedrooms and 12 bathrooms on a 10.3-acre lot.
POSH AMENITIES: The property includes a ballroom, a tennis court
and a 40-car garage.
PROVENANCE: Land with a house once owned by Ronald and Nancy
Reagan is now part of the property, and Chartwell’s exterior was made
famous as the Clampett estate on The Beverly Hillbillies.
ASKING PRICE: $350 MILLION

108 | FORBES ASIA MARCH 2018

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Forbes Life

Football Crazy
A Chinese-American investor brings Moneyball to a sleepy English town.
BY PAUL ARMSTRONG

F
rom Milan to London, European football continues to He also pointed to their poten-
attract investors from across the globe keen to tap into tial reach in India. “Here there are
the glamour of the “beautiful game.” But one Chinese- more than a billion people, and
American entrepreneur has chosen a modest town in they have that historical relation-
Yorkshire, England, for his assault on the sport—and there’s ship with England. So I see that as
even a Hollywood connection. a big market if we can bring more
Last year a consortium led by Chien Lee, founder, chairman sponsorship from India—and
and CEO of NewCity Capital, a U.S. private investment compa- China—to Barnsley. Then we will
ny, completed their takeover of Barnsley, a team from the sec- improve.”
ond tier of English football. It was Lee’s second foray into the The Barnsley project is made
sport, having already transformed the fortunes of French club rather more interesting because
OGC Nice. Last season they finished third in the country’s top one of Lee’s fellow investors is
division—Ligue 1—and qualified for Europe’s elite club compe- Billy Beane, the inspiration be-
tition for the first time in almost 60 years. hind the 2011 movie Moneyball.
But why Barnsley? “I like the culture of Barnsley,” Lee told The movie tells the story of how
Forbes during a recent interview in Hong Kong. “The club is Beane—played by Brad Pitt—
the town’s biggest asset. It’s a small town, so the football club is brought success to the Oakland
its identity. My goal is to work with the fans, work with the city Athletics, a Major League Base-
council—work together to promote Barnsley and the town at ball team in the U.S., by analyzing
the same time. We will try to ‘internationalize’ Barnsley, as we data to scout and recruit under-
did with Nice. Before we invested in Nice, not many people in valued players around the league.
Asia had heard of them. Now in Asia—in China—people know Lee said Beane’s involvement
the club.” came about because he’s a big football fan—though he stressed
the former baseball player would not be playing a hands-on
role at Barnsley. “Billy is very passionate about soccer, but his
focus is baseball. He has a full-time job with the A’s.” (Beane is
executive vice president of baseball operations at Oakland.)
But Barnsley will be using Beane’s ideas. “We’ll expand what
ACTION IMAGES/ED SYKES (TOP); PANORAMIC/ZUMA PRESS/NEWSCOM

Barnsley did in the past couple of years,” he said, referring to

Chien Lee: “I like the culture of Barnsley. The club is the town’s biggest asset.”
the previous owner’s use of big data to run certain aspects of
the club, such as player recruitment. “Their strategy was fo-
cused on England. So now we’re going to expand this base to
Germany, France, Holland, Portugal . . . South Africa. This
will involve analyzing players and how to pick them, using big
data.” And all with the aim of making Barnsley punch above its
weight economically by identifying players with potential that
other clubs miss or underappreciate.
So what defines success at Barnsley? “First of all, we’re going
to stabilize ourselves in the Championship,” said Lee. Last sea-
son, Barnsley finished 14th in the league, after winning promo-

110 | FORBES ASIA MARCH 2018

 THE BARNSLEY PROJECT

tion from League One (English football’s third tier) the pre- now the Plateno Group—a
vious year. However, they currently sit in 21st position in the leading budget hotel chain
Championship after 29 games—perilously close to the relega- that operates 22 brands and
tion zone. Dropping down a division would have serious fi- 4,400 properties in 450 cit-
nancial implications for the club. This is not something that ies throughout China), his
appears to faze Lee. “I’m a long-term investor,” he continued. message is simple: “You
“So there’s no rush. Let’s stabilize and then move forward, step need to know what to buy,
by step.” how to buy and then buy
MICHAEL ZAGARIS/OAKLAND ATHLETICS/GETTY IMAGES

This strategy contrasts sharply with that of many other for- smart. You don’t just want
eign investors in the English game, where huge sums of money to buy a club, a hotel or a
are invested in marquee players and overnight success is ex- media company . . . why I
pected. Clubs in England’s Premier League spent an estimat- buy is not why others may
ed $610 million on new players in January alone, according buy. I see the business op-
to Deloitte, in a report by BBC Sport. Recent reports indicate portunity. I invest in differ-
that increased spending has also greatly accelerated the rate at ent industries—hospitali-
which managers are hired and fired in English football. ty, sport. I like challenge. If
Whatever business Lee’s company invests in, from retail to there’s no challenge, I don’t Billy Beane still has his baseball day
real estate (in 2004 he cofounded 7 Days Group Holdings— invest.” F job, but he’s also invested in Barnsley.

MARCH 2018 FORBES ASIA | 111

THOUGHTS ON

Abundance
“IN HIS
HEYDAY,
HOWARD
HUGHES
“I’ve got all DIDN’T HAVE
the money “You never find AS GOOD A
I’ll ever need— people laboring TELEVISION
just so long to convince you AS YOU DO.”
as I die by that you may —KEVIN D. WILLIAMSON
four o’clock.” live very happily
—HENNY YOUNGMAN
upon a plentiful
fortune.”
—SAMUEL JOHNSON
“IF WE COMMAND OUR WEALTH,
WE SHALL BE RICH AND FREE.”
—EDMUND BURKE “I WAS SO GOOD

EVERETT COLLECTION/NEWSCOM; UNIVERSAL HISTORY ARCHIVE/GETTY IMAGES; JIN LEE/BLOOMBERG; ALBIN LOHR-JONES/POLARIS/NEWSCOM; JIM DAMASKE/ZUMA PRESS/NEWSCOM; CECIL BEATON/CONDE
AT BEING A MAN,
“LIKE WITH SUCH
THE RAIN, PLENITUDE AND
SIMPLICITY, THAT
EVERYTHING

NAST/GETTY IMAGES; ANN RONAN PICTURES/GETTY IMAGES; BETTMANN/GETTY IMAGES; KIM CAREY; JOHN CHILLINGWORTH/PICTURE POST/GETTY IMAGES; LISZT COLLECTION/NEWSCOM
I THOUGHT I WAS
COMES IN SOMETHING OF A
BUCKETSFUL— SUPERMAN.”
OR NOT
—ALBERT CAMUS
“Right now, for
the first time ever, “The thankful
AT ALL.” a passionate receiver bears a
—HENRY MILLER and committed plentiful harvest.”
individual has access —WILLIAM BLAKE
to the technology,
minds and capital
“It was a rich place. required to take on
As rich as plumcake.” any challenge.”
—C.S. LEWIS —PETER H. DIAMANDIS

“GOD DOESN’T MEASURE HIS

BOUNTY, BUT OH, HOW WE DO!”
—MIGNON MCLAUGHLIN

“Wealth comes from industry

and the hard experience of FINAL
human toil. To dissipate it in THOUGHT
waste and extravagance is “An abundance of
disloyalty to humanity.” money can bless
—CALVIN COOLIDGE as well as curse.
The latter is to be
“MY LORD. IT IS “YOU CROWN THE YEAR WITH YOUR BOUNTY, AND vigilantly guarded
TOO MUCH, AND YOUR CARTS OVERFLOW WITH ABUNDANCE.” against.”
NOT ENOUGH.”
—PSALM 65:11 —B.C. FORBES
SOURCES: TROPIC OF CANCER, BY HENRY MILLER; ALBERT CAMUS OF EUROPE AND AFRICA, BY CONOR
—JACQUELINE CAREY CRUISE O’BRIEN; BOLD, BY PETER H. DIAMANDIS; LETTERS ON A REGICIDE PEACE, BY EDMUND BURKE;
THE LIFE OF SAMUEL JOHNSON, BY JAMES BOSWELL; THE MAGICIAN’S NEPHEW, BY C.S. LEWIS;
THE AUTOBIOGRAPHY OF CALVIN COOLIDGE; KUSHIEL’S CHOSEN, BY JACQUELINE CAREY.

112 | FORBES ASIA MARCH 2018

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