2018

special issue the world’s richest people

Price ` 250. aPril 27, 2018

total
net worth:
$9.1 trillion
2,208
billionaires PLUS
MEEt thE
india list’s First
119 $100 billiOn
usa Man
585
MExicans
china
373
richEr,
truMp
russia
102
pOOrEr

twin
saudi
arabia
0

they’re twin
brothers
running different
businesses in
the same sector.
(from left) Meet anurang
anurang and tarang Jain,
jain
Managing india’s newest
director, moneybags
endurance
Technologies

tarang
jain
Managing
director,
Varroc
engineering www.forbesindia.com
Welcome to the
I NDIA

Tablet Edition

For some billionaire entrepreneurs, the doors of perception never shut. And the hard work never stops
Want to be a Billionaire?
T
hink
‘billionaire’ and
the first rush of
slides that run
through your mind are:
A: Luxury cars, mansions,
exotic vacations,
yachts, private jets.
B: Grunt work, nuts and
bolts, sacrifice, failure, get-
rich-slow-but I’ll get there.
You don’t have to be Bill
Gates or Warren Buffett
to figure that those who
spend more time mulling
Option B are more likely
to succeed in building a
business with size and
scale. That, of course,
doesn’t mean you block out
the jet set lifestyle. That’s
a byproduct, not what you
spend your waking hours
dreaming about. A germ of
an idea that painstakingly
metamorphoses into
a blueprint and then
evolves into a business
plan and eventually into
a competitive business
model perhaps is the
difference between
vision and delusion.
Celebrating billionaires
and their successes is
important for various
reasons, the biggest
being the part they play
in inspiring tomorrow’s
entrepreneurs. Bill Gates
looked up to Warren
Buffett, Mark Zuckerberg
has Bill Gates as his role
model and, for good or
otherwise, Zuckerberg is
proving to be an icon for
millions of millennials. For
the most part, it’s a virtuous
cycle that will ensure the
fires of entrepreneurship
keep burning.
Entrepreneurship
captures the imagination
because it’s mostly
about people who start
from scratch—often
with nothing more than
their wits and dollops
of desperation. Turning
billionaire by building
on a family business is
indeed creditable; but
to improvise on that old
joke about billionaires
turning millionaires once
they enter the aviation
business, many next-gen
scions and their billions
may have been preceded by
patriarchs who were multi-
billionaires to begin with.
Of the 2,200-odd
billionaires on the Forbes
list, perhaps the most
stirring story is that
of Rocco Commisso, a
penniless Italian immigrant
turned American cable
tycoon whose business was
at last count worth $4.3
billion. Commisso, who
owns the company outright,
makes his debut on the
Forbes Billionaires List.
Also inspiring is the
story of Robert Smith,
founder of Vista Equity
Partners, who has emerged
as the richest black person
in America, the 155th-
richest person in America
and the 480th in the world.
Does that shield him from
racist taunts? Not really.
For Smith, the sting of such
incidents only means that
“we had to work harder”.
Back home, debuting
Editor’s Note
in a hallowed club of 119—
making India the country
with the third-highest
number of billionaires,
after the US and China—are
twins Anurang and Tarang
Jain. In this fortnight’s
cover story, Samar
Srivastava captures the
fascinating journey of the
brothers who run different
businesses in the same
sector—auto components. For Anurang Jain, who leads auto-com-
What next after you ponents maker Endurance Technolo-
gies, it has been an exhilarating ride to
become a billionaire? Bill the `5,000-crore revenue mark. For
good measure, he finds himself among
Gates put it succinctly in a Forbes’s billionaires along with twin
speech at the University of Tarang Jain (above), who has made his
own auto-components business, Varroc
Washington in 2011 when Engineering, a force to reckon with
he said that “it’s the same
hamburger”, once you get
much beyond wanting to
have millions of dollars.
In a similar vein, Francis
Holder, who has built a
billion-dollar bread-and-
pastry empire to become
the 1,867th wealthiest
person in the world, told
Forbes: “If tomorrow I was
10 times richer, it would not
make any difference to me.”
Gates, along with wife
Melinda, found his calling
in attempting to solve some
of the world’s most difficult
problems revolving around
poverty, education and
health. He’s doing so by
disbursing billions in grants
to find innovative solutions
Best,
in science, medicine and
computer technologies. The
Dom Perignons and the
yachts and the Ferraris will
come and go, but for some
billionaire entrepreneurs Brian Carvalho
the doors of perception Editor, Forbes India
never shut. And the hard
brian.carvalho@nw18.com
work never stops.
APRIL 27, 2018 forbes india | 3
 Contents / apRiL 27, 2018  VoLume 10 issue 9

on the CoVer

23 | Billionaire
Brothers
Twin brothers who moved
from Mumbai to Aurangabad
make it to the Forbes
Billionaires’ List with their
grand vision

24 | twin-win
Venture
Tarang Jain has an eye on
the future. As he prepares
to take Varroc Engineering
public, he has set his sights
on doubling revenues to
`20,000 crore by 2020

28 | an enduring ride
Anurang Jain anticipated
technological advancements
and remained ahead of the
game with his Endurance
Technologies. His single-
minded focus has ensured
that the company’s growth
is profitable

WE VAluE your fEEdbAck. Anurang Jain of Endurance

Write to us at: forbes.india@nw18.com | Letters may be edited for brevity. Technologies and
Read us online at www.forbesindia.com (right) Tarang Jain of
on the cover & this page: Photographs by Mexy Xavier Varroc Engineering
digital Imaging by: Sushil Mhatre
 leaderBoard
18
9 | the world’s 20 riChest
The list’s first $100 billion man
(spoiler: Not Bill Gates), a fresh L’Oréal heir
and a new wealthiest man in Asia

12 | down and oFF

A pizza empire goes cold, accounting troubles
and other dramatic billionaire drop-offs

14 | Billion-dollar CheCkout
After a corruption crackdown in Saudi Arabia and the
asset handover that ensued, Forbes ejects the country’s
formerly super-rich

15 | rest in ProsPerity
Farewell to a haircare king, a magazine mogul,
a pharma boss and more IcIcI bank’s chanda kochhar is under the scanner for a loan to Videocon

16 | Vaunted Mansions 32
Former castles of the three-comma club,
now on the market

17 | white house Blues

Donald Trump’s fortune has fared poorly
under his administration

18 | iCiCi, axis Bank ControVersies turn

the sCrew on indian Banking
Questions raised against Chanda Kochhar and Shikha
Sharma means the crisis has reached private banks

20 | aPaC yet to uP ai gaMe

Only 7 percent of companies ready to take

18: FRancis mascaRenhas / ReuTeRs; 32: Tim panneLL FoR FoRbes; 40: FRanco VogT FoR FoRbes
advantage of newer technologies, says study

22 | tyCoons oF twitter
How Indian billionaires are influencing the Twitterati
Vista Equity billionaires brian Sheth (left) and robert Smith

Features
40
32 | how to Beat wall street and siliCon
Valley siMultaneously
The American Dream is alive and well on Wall Street due
to Robert Smith, the richest black person in the US

40 | PerFeCt tiMing
From a penniless Italian immigrant to a multibillionaire
cable magnate, Rocco Commisso has shown an uncanny
knack for being at the right place at the right moment

44 | the artisanal industrialist

Francis Holder built a billion-dollar bread-and-pastry
empire by mixing American mechanical production with
traditional French techniques. Now he is savouring his
greatest success—selling macarons

rocco commisso came to the uS at 12, unable to speak a word of English

april 27, 2018 forbes india | 5

 apRiL 27, 2018 ContentS

the world’s Billionaires

49 | the 2018 alManaC oF wealth 44
From Algeria to Zimbabwe, our definitive
guide to the world’s 2,208 billionaires

50 | algeria 70 | Monaco
50 | angola 70 | Morocco
50 | argentina 70 | nepal
50 | australia 71 | netherlands
51 | austria 71 | new Zealand
51 | Belgium 71 | nigeria
52 | Brazil 71 | norway
54 | Canada 71 | oman
55 | Chile 72 | Peru
56 | China 72 | Philippines
59 | Colombia 72 | Poland
59 | Cyprus 72 | Portugal
59 | Czech republic 72 | Qatar
60 | denmark 72 | romania
60 | egypt 73 | russia
60 | Finland 74 | singapore bread billionaire francis Holder plans to build a baking museum in Paris
60 | France 74 | slovakia
63 | germany 75 | south africa
63 | georgia 75 | south korea 65
63 | greece 75 | st kitts & nevis
63 | hungary 76 | spain
64 | hong kong 76 | swaziland
65 | india 76 | sweden
65 | iceland 77 | switzerland
65 | indonesia 78 | taiwan
65 | ireland 78 | thailand
67 | israel 79 | tanzania
67 | italy 79 | turkey
68 | Japan 80 | ukraine
69 | kazakhstan 80 | united arab emirates
69 | kuwait 80 | united kingdom
69 | lebanon 84 | united states
69 | liechtenstein 86 | Venezuela
Savitri Jindal, the Jindal family matriarch, is the richest Indian woman
69 | Mexico 88 | Vietnam
70 | Malaysia 88 | Zimbabwe
98
ForBes india leadershiP agenda
90 | india’s Best Minds talk
all things leadershiP
With political and economic uncertainty looming
large, only astute leadership can save the day

ForBes india ConVersations

44: phiLip JinTes FoR FoRbes; 65: maDhu KappaRaTh

94 | sCaMPering For sustainaBility

India is making the right noises on climate change,
but it’s efforts don’t match the scale of the problem

Cross Border
98 | hardware hiVe
For startups at a Shenzhen accelerator in China,
a month’s R&D takes only a week A hardware accelerator at china’s Shenzhen is mentoring startups

regulars | 8 letters | 100 thoughts |

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6 | forbes india april 27, 2018

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 the world’s
Podcast billionaires

By Samar Srivastava
www.forbesindia.com & Neeraj Gangal

Click Here

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ThoughT Leadership Follow us on

‘likes’ lead to nothing and

other hard-learnt lessons of
social media marketing
A decade-and-a-half after the dawn of
social media marketing, brands are still
learning what works and what doesn’t
with consumers

elon musk hates advertising and P&g is listening

We don’t know whether he is too smart or too cheap to spend money on traditional
advertising, but as a result, he created the most iconic automobile brand in the US

ge’s Jeff immelt: five ways

leaders can show authenticity
People around the world are asking their
leaders the same question: Are you telling
us the truth?

Pricing strategy for service

startuPs: how to emPloy
access and usage fee?
Pricing is important for products consumed
in multiple units because not only does the
firm need to set a price point but it also
needs to pick a pricing scheme. That apart,
it needs to balance between charging for
access to the service and for each unit used
using choice architecture to change behaviour
One of the most successful approaches to helping people act on their intentions is to carefully
design the choice architecture
co-oPetition: imPact of
technology asymmetry on
Platform comPetition and
collaboration what will trigger the next
An analysis of how asymmetries in financial crisis?
platform technology affect incentives for Did we learn enough from the last financial
collaboration crisis to get better at engineering more
resilient business systems? A survey of
global experts suggests that even with
safeguards in place, there’s a perpetually
unpredictable element that creates systemic
risk: People

8 | forbes india april 27, 2018

 LeaderBoard
Vaulted Mansions: White House Indian Banking APAC Yet to Up
Desirable Properties Blues Sector In Crisis AI Game
Billionaires opt to buy Trump’s financial Impropriety allegations Very few firms can take
the best mansions performance is reach doors of private advantage of emerging
for themselves P/16 hardly laudable P/17 sector banks P/18 technologies P/20

billionaires

The
World’s
20
Richest
the very wealthiest people
on the planet are worth a
staggering $1.2 trillion—a sum
roughly equivalent to the annual
economic output of Mexico. In
aggregate, their riches represent
13 percent of the total fortune of
all 2,208 billionaires worldwide.
The minimum figure for
admission to this august club:
$39 billion, up by 28 percent
from $30.4 billion a year ago.

1. JEFF BEZOS
$112 billion 
US
The richest person
on Earth, Amazon’s
chief is the first
centibillionaire atop
our annual ranking.
Shares of his
ecommerce colossus
alberto e. rodriguez / getty images

rose by 59% in 12
months, helping lift
his fortune by $39.2
billion, the biggest
one-year gain ever
recorded. (The $27.6
billion increase he
logged in 2017 ranks
third.) Bezos also
owns the
Washington Post
and aerospace firm
Blue Origin.
LeaderBoard 3. WARREn bUFFETT
$84 billion 
5. MARK ZUCKERbERG
$71 billion 
US US
2. bill GATES In January, the octogenar- Facebook’s CEO faces
4. bERnARD ARnAUlT
$90 billion  ian promoted two Berkshire pressure over his social
1. JEFF bEZoS $72 billion 
US Hathaway executives to vice media giant’s role in Russia’s
$112 billion  FrancE
Cedes the top spot for only chairman roles—a step toward election meddling. Still, the
US Record results at his luxury
the sixth time since 1995. The a much-anticipated succession company’s shares rose by
(See previous page.) empire LVMH and a deal to
Microsoft co-founder’s net plan. Buffett, who says he’s 32% in the past year, adding
buy out nearly all of Christian
worth rose by $4 billion in in “remarkably good health”, $15 billion to his net worth.
Dior helped boost Arnault’s
the past year, but that was no continues to run Berkshire,
fortune by $30.5 billion.
match for Bezos’s epic increase. whose stock is up by 16% since
last year.

15
13 14 16
11

12

3 2

11. MiCHAEl blooMbERG

$50 billion 
US
New York City’s former
mayor continues to run his
financial-information and
media firm, Bloomberg LP. A
gun-control organisation he 15. S RobSon WAlTon
backs, meanwhile, is forming 13. SERGEY bRin $46.2 billion 
a new initiative geared toward $47.5 billion  US
students in the wake of the US Sam Walton’s oldest son was
school shooting in Parkland, Page’s partner as Google’s Walmart’s chairman for 23
Florida. co-founder is America’s richest 14. JiM WAlTon years. He’s now one of three
12. lARRY PAGE
immigrant. Now Alphabet’s $46.4 billion  family members still involved
$48.8 billion 
president, Brin is reportedly US in the company; he and
US
spending over $100 million on the The youngest son of Steuart Walton, the son of
The Google co-founder, now
world’s largest airship for both Walmart founder Jim Walton, sit on its board.
CEO of its parent, Alphabet, has
personal luxury travel and Sam Walton sat on His son-in-law Gregory
reportedly been in talks with
delivering aid to remote locations. the company’s board until Penner is chairman.
Saudi Arabia to build a
2016. He runs the family’s
technology hub inside the
regional bank, Arvest.
kingdom. Page’s fortune grew by
$8.1 billion over the past year.

10 | forbes india april 27, 2018

 10. lARRY ElliSon
6. AMAnCio oRTEGA $58.5 billion 
8 (TiE) CHARlES KoCH 8 (TiE) DAViD KoCH
$70 billion  US
$60 billion  $60 billion 
Spain Even as Oracle faces competition from
US US
Most of his fortune is tied 7. CARloS SliM HElU Salesforce and Amazon in the cloud market, its
In November, his $100 billion The Koch Industries
up in Inditex, best known $67.1 billion  stock has risen by 13%. Ellison, who owns about
(sales) Koch Industries executive vice president
for fashion chain Zara. MExicO a quarter of the company, is $6.3 billion richer.
launched Koch Disruptive and his brother
Its shares have sagged, Slim is worth $12.6 billion
Technologies, a Charles made news in
helping knock $1.3 billion more than a year ago, due
venture-capital arm run by November when their
off his net worth. mostly to a 39% jump in the
his son Chase; it has already investment arm put
stock of his telecom firm,
led a $150 million investment $650 million toward
América Móvil.
in an Israeli medical-device Meredith Corp’s $2.8
startup. billion purchase of
struggling magazine
publisher Time Inc.

1
19

17

20

7
8
8

5
10

18

16. AliCE WAlTon

$46 billion  17. MA HUATEnG
$45.3 billion  18. FRAnÇoiSE 20. JACK MA
illustration by michael witte

US 19. MUKESH AMbAni

china
Sam Walton’s only
Ma is Asia’s wealthiest
daughter has no role in the
person for the first time,
family business but still
thanks in part to his firm
holds plenty of Walmart
Tencent’s WeChat, a
shares, making her the
ubiquitous social-messaging
richest woman in the
app with nearly 1 billion
world.
active users. Tencent also
has stakes in Tesla, Snapchat
parent Snap and music-
streaming service Spotify.
bETTEnCoURT MEYERS $39 billion 
$40.1 billion 
$42.2 billion  china
india
FrancE Ma took ecommerce behemoth
The Indian tycoon is back in
Her mother, L’Oréal heiress Alibaba to new heights in
the Top 20 for the first time
Liliane Bettencourt, died in 2017, inking its first Olympic
since 2012.
September 2017; sponsorship and scoring a
Bettencourt Meyers and her streaming agreement with
family inherited the fortune. Disney. Alibaba’s shares have
increased by 76% since last
year, boosting him into the
Top 20 for the first time.

april 27, 2018 forbes india | 11

 $700 mln
The estimated net worth of Us sec-

LeaderBoard
retary of Commerce Wilbur ross,
down from $2.5 billion in 2017. A
Forbes investigation revealed he
had been lying about his wealth

drop-offs name
cOUNTRy | SOURcE OF WEALTH

Down and Off

2018 net worth
Steven roth
US | REAL ESTATE
$970 million
over the past year, 120-odd individuals fell from the global billionaire anaS Sefrioui
ranks. China lost the most—around 50—while all 10 Saudi Arabians (see page 20) also MOROccO | cONSTRUcTION
dropped out of the three-comma club. The four former billionaires below experienced $950 million
especially dramatic drops; 20 other notables are on the right. To see the names of all eSther Grether
SWITZERLAND | SWATcH
people who fell off the list, go to forbes.com. $900 million
— dENIZ ÇAM ANd NoAH KIrsCH
maGGie maGerKo
US | 84 LUMBER
$900 million
o Bruton Smith
US | SPEEDWAy MOTORSPORTS
$880 million
eDwarD StacK
US | DIcK’S SPORTING GOODS
$880 million
Bryan SheffielD
US | OIL ExPLORATION
$870 million
DaviD hinDawi
US | cyBERSEcURITy
$850 million
ayman aSfari
UK | OIL SERvIcES
$840 million
Jonathan orinGer
JoHN: JAMEl ToppIN; dANIl: KIrsTIN sINClAIr / fIlMMAgIC vIA gETTy IMAgEs; Top: JosHUA robErTs / rEUTErs

US | SHUTTERSTOcK
$820 million
Ken GroSSman
US | SIERRA NEvADA BEER
$800 million
Jannie mouton
SOUTH AFRIcA | FINANcIAL SERvIcES
John Schnatter $800 million
US | PAPA JOHN’S PIZZA ShoJi uehara
2018 NET WORTH: $750 MILLION (DOWN 25 PERcENT) JAPAN | PHARMAcEUTIcALS
Schnatter blamed slowing growth at his Papa John’s pizza chain partly on the National Football League’s (NFL) “poor $800 million
leadership” in handling national anthem protests. Football fans eat a lot of pies, and Papa John’s is a major NFL sponsor.
wanG Junmin
Danil Khachaturov chriStoffel wieSe cHINA | PHARMAcEUTIcALS
RUSSIA | INSURANcE, BANKING, SOUTH AFRIcA | RETAIL $800 million
REAL ESTATE 2018 NET WORTH: $600 MILLION (DOWN 89 PERcENT) alDo BenSaDoun
2018 NET WORTH: $170 MILLION An accounting scandal ravaged Steinhoff International, a home-goods retailer cANADA | SHOES
(DOWN 92 PERcENT) that forms a major part of Wiese’s expansive empire. He resigned as chairman $780 million
His insurance company, Rosgosstrakh, in December; company shares have lost nearly 87 percent of their value. wilBur roSS
was absorbed by Otkritie Bank in US | PRIvATE EqUITy
2017; Russia’s central bank then $700 million
nationalised the troubled Otkritie nirav moDi
Bank in December. INDIA | DIAMOND JEWELLERy eDGar Sia
2018 NET WORTH: LESS THAN PHILIPPINES | REAL ESTATE
$100 MILLION (DOWN 94 PERcENT) $650 million
State-run Punjab National Bank BoriS mintS
alleged in January that Modi and RUSSIA | REAL ESTATE, PENSION FUNDS
his business partner had colluded $540 million
with some executives at one of the
li fuchenG
bank’s Mumbai branches to conduct
cHINA | AGRIBUSINESS
fraudulent transactions, resulting in
$500 million
a reported $1.8 billion flowing into
Modi’s jewellery companies. Modi, who Bruno Steinhoff
left India before the scandal broke, GERMANy | HOME GOODS RETAIL
reportedly denied the allegations. $225 million

12 | forbes india a p r i l 27, 2018

 LeaderBoard
droP-oFFs

Hotel Saudi Arabia

MohAMMed Al AMoudi
$8.1 billion
Assets include a Swedish refinery,
Saudi gas stations and an
it’s hard to imagine a faster Ethiopian conglomerate (gold
mining, farming, construction).
or more audacious way to obtain
billions of dollars than the route
recently taken by Saudi Crown
Prince Mohammed bin Salman:
Force the country’s richest
Prince SultAn bin
people to turn over their personal MohAMMed bin SAud Al
kAbeer
fortunes to the state as part of an $3.8 billion
“anticorruption campaign”. His publicly traded Almarai dairy
company is among the largest in
Late last year the 32-year-old the Middle East.
heir to the throne locked up a
group of Saudi billionaires and
Prince AlwAleed
other businessmen at an ultra-luxe bin tAlAl
prison—the 492-room, palm-lined $18.7 billion
Chairs publicly traded Kingdom
Ritz-Carlton Riyadh. Some were Holding, which has investments in MohAMMed Al iSSA
Lyft, Twitter, Citigroup and $2.6 billion
his own relatives, including Prince the Four Seasons. His Assila Investments has stakes
in a bank, a food processor
Alwaleed Bin Talal, 62, the most and hotels.
recognisable Saudi mogul in
the West.
Alwaleed and many others have
been released, but checking out of
the Ritz-Carlton cost billions. There SAleh kAMel
AlwAleed: NicolAs KovAriK / iP3 / Getty imAGes; sAleh-KAmel: FAhAd shAdeed / reUters; ritz: reUters

are a thousand and one stories about $2.3 billion

Founded Dallah Albaraka
what precisely happened, making conglomerate (real estate,
food, health care).
it impossible to know definitively
who gave how much to whom when.
Given these shifting sands of truth,
we’ve chosen to leave all 10 Saudis
off our billionaires list this year;
AbdullAh Al rAjhi
none would comment. With greater $1.9 billion
clarity regarding their wealth, With brothers, built Al Rajhi Bank,
one of world’s largest Islamic banks.
some might eventually return
to the ranking.

Abdul MAjeed AlhokAir

$1.2 billion
BY KERRY A. DOLAN AND CHRISTOPHER HELMAN

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

14 | forbes india april 27, 2018

 15,000
The number of people
Portugal’s cork industry
employs. americo amorim,
known as the King of cork,
passed away in July 2017

deceased Peter Alfond | 65

Rest In Prosperity
US, $1.4 blN | ShoeS
Americo Amorim | 82
PortUgal, $4.4 blN | eNergy,
iNveStmeNtS
late last year, toronto police made a chilling discovery: Belmiro de Azevedo | 79
The strangled bodies of generic-drug billionaire Bernard ‘Barry’ PortUgal, $1.5 blN | retail
Sherman, 75. (left) and his wife, Honey, hanging beside their indoor liliAne Bettencourt | 94
pool. Sherman battled competitors in court and engaged in a decade- FraNce, $39.5 blN | l’oreal
long lawsuit with his cousins over an ownership stake in his firm, Arnold clArk | 89
Apotex. The deaths are being investigated as homicides, but no UK, $1.1 blN | aUtomobileS
suspects have been named. dAvid consunji | 95
PhiliPPiNeS, $3.1 blN | coNStrUctioN
His death is by far the most lurid of those of the 25 billionaires
(listed on this page) who died in the past year. “People tell me life is short, and I say, sAnford diller | 89
US, $1.7 blN | real eState
‘Yeah, so I better get the work done’,” Sherman said in his first appearance in Forbes,
in July 2000. Here’s how we first covered four other recently deceased titans: desh BAndhu GuPtA | 79
iNdia, $4.7 blN | PharmaceUticalS
Bruce hAlle | 87
US, $6.5 blN | tyreS
dorrAnce hAmilton | 88
US, $1.3 blN | camPbell SoUP
niklAs herlin | 53
FiNlaNd, $1.4 blN
elevatorS, eScalatorS
erich kellerhAls | 78
germaNy, $1.8 blN | electroNicS
retail
kArl-heinz kiPP | 93
germaNy, $4.5 blN | retail

sherman: dicK LoeK/ToronTo sTar/GeTTy imaGes; newhouse: ron GaLeLLa; LTd. / wireimaGe via GeTTy imaGes;
lu GuAnqiu | 72
chiNa, $5.7 blN | diverSiFied
sieGfried meister | 78
germaNy, $3.8 blN | aPPliaNceS
neAl PAtterson | 67
US, $1.5 blN | health care it
A jerrold Perenchio | 86
US, $2.8 blN | SPaNiSh-laNgUage tv

jon huntsmAn, 80 dAvid rockefeller sr | 101

henrY hillmAn, 98 US, $1 blN | chemicalS
US, $2.6 blN | iNveStmeNtS “Jon huntsman is a rare
“through hillman land, the family combination. he is both a
investment holding company, henry great dealmaker and a great
hillman owns, controls or otherwise operating businessman.
influences enough other companies the two rarely go together.
to make most conglomerators green in him they do.”
with envy. he is a director of no less (November 27, 1989)
than ten major companies.”
(September 15, 1969)
sAmuel ‘si’
newhouse jr, 89
US, $12.1 blN | media
US, $3.3 blN | real eState,
iNveStmeNtS
joAn tisch | 90
US, $3.8 blN | iNSUraNce, Ny giaNtS
Yeoh tionG lAY | 87
malaySia, $2.1 blN
coNStrUctioN, real eState, Power
net worths from Billionaires 2017
By Madeline Berg and Michela Tindera

“Since the death of founder

Si Newhouse Sr last august,
leAndro rizzuto, 79 his sons, Si, 52, and donald,
US, $4.5 blN | coNSUmer 50, have been the two chief
ToP: nacho doce / reuTers

ProdUctS executives... the biggest

“hair dryers had been around since the
twenties, but no one until rizzuto had
noticed that by greatly increasing air
velocity and heat in careful mixture,
a handheld dryer and a brush could
replace most of the hairdresser’s
existing tools and do the job four times
faster.” (September 3, 1979)
problem the family must
deal with... has to do with
the changing nature of
communications. Newspapers
now face more competition
than ever before, especially in
big-city markets.”
(October 29, 1979)

April 27, 2018 forbes india | 15

 LeaderBoard
Live Like a BiLLionaire

Vaunted Mansions
although warren buffett has lived in the same home
since 1958, other billionaires swap houses the way the rest of
us change light bulbs. Most of the billionaire-owned properties
currently for sale were purchased or completed in the last five years;
a few have never been lived in at all. Agents say the 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, caLifornia)
Vitals: a 32,000-sq-ft 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 billioN
Source: Dell computerS
Listing: casa DeLL
(Los cabos, Mexico)
Vitals: a 9,990-sq-ft
mediterranean villa with five Jeff Greene
bedrooms, six full and three Net worth: $3.8 billioN
half-bathrooms and nearly Source: real eState, iNveStmeNtS
4,700 sq ft of terraces Listing: PaLazzo Di aMore
Posh amenities: located 282 (9505 Lania Lane, beVerLy HiLLs, caLifornia)
Jeff Greene: Tim rue / CorBis via GeTTy imaGes; PeTra eCCLesTone: PauL Harris / GeTTy imaGes

feet above the Sea of cortez Vitals: a 35,000-sq-ft, 12-bedroom, 23-bath estate
on mexico’s baja peninsula, the on a 25-acre lot
property boasts sweeping water Posh amenities: the property’s 15,000-sq-ft
views and comes with a entertainment centre houses a ballroom, a screening room
collection of art by emerging and a bowling alley. there’s also a working vineyard and
latino and mexican artists a 27-car garage
asking Price: $18.5 million asking Price: $129 million

PeTra ecclesTone sTunT

Father’S Net worth: $3.5 billioN | Source: Formula oNe
Listing: tHe Manor (594 soutH MaPLeton DriVe, HoLMby HiLLs)
Vitals: owned by a daughter of F1 founder bernie ecclestone, a 56,500-sq-ft
mansion with 14 bedrooms and 27 bathrooms on 4.7 acres
Posh amenities: its 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

a JerrolD Perenchio
Net worth: DeceaSeD; $2.8 billioN iN maY 2017
Source: uNiviSioN
Listing: cHartWeLL (beL air, caLifornia)
Vitals: the 25,000-sq-ft French Neoclassical mansion has 10 bedrooms and
by Samantha Sharf

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

16 | forbes india april 27, 2018

 $1.5 bln
the worth of donald
trump’s real estate in
new york City. it is the
largest contributor to his
personal wealth

donald tRuMP over the last 12 months, us president donald trump’s fortune

White
has fallen by $400 million, to $3.1 billion. Except for a complete wipeout
during George HW Bush’s administration, his financial performance has

House Blues
been the weakest during his own presidency. Trump’s most lucrative
years? Obama’s, when he added $2.9 billion to his net worth.
$5,000 MLN donald tRuMp
–$400 Mln
geoRge
HW BusH geoRge W BusH BaRaCk oBaMa
–$1.7 Bln +$1.3 Bln +$2.9 Bln
4,000

Ronald Reagan Bill Clinton

3,000
+$800 Mln +$1.7 Bln

2,000

1,000

0
’82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18
Sources: The Forbes 400 (1982–2000); Forbes’s World’s Billionaires (2001–present)

WHat tRuMp oWns

Ronald: FRed PRouseR / ReuteRs; GeoRGe HW: Jason Reed / ReuteRs; Clinton: HannaH MCkay /
40 Wall st ten golf CouRses in CasH/liquid assets one iRisH and seven spRings HoMe
NYC six u.s. states plus $134 Mln tWo sCottisH pRivate estate Beverly Hills
$395 Mln WasHington, dC p $4 MLN golf CouRses Bedford, New York $11 Mln
p$32 MLN $205 Mln $50 Mln $24 Mln p $500K

ReuteRs; GeoRGe W: BRendan MCdeRMid / ReuteRs; oBaMa, tRuMP: sHutteRstoCk

p $7 MLN tRuMp toWeR q $28 MLN p $9 MLN
1290 avenue of pentHouse tRuMp
tHe aMeRiCas Hotel NYC tRuMp paRC/ tRuMp inteRnational
NYC ManageMent $64 Mln tRuMp paRC east WoRld toWeR Hotel & toWeR
$391 Mln and liCensing tu NYC NYC NYC
p $44 MLN $170 Mln $47 Mln $23 Mln $11 Mln
q $50 MLN tRuMp q $40 MLN tu q $19 MLN
555 CalifoRnia st inteRnational
San Francisco tRuMp paRk avenue Hotel las vegas tRuMp WineRy spRing CReek ConsuMeR
$347 Mln NYC $57 Mln Charlottesville, Virginia toWeRs pRoduCts liCenCing
p $27 MLN $161 Mln q $18 MLN $30 Mln Brooklyn, New York $6 Mln
q $29 MLN tu $18 Mln q$4 MLN
tRuMp q $14 MLN
tRuMp toWeR inteRnational tWo aiRplanes, tRuMp
NYC MaR-a-lago
Palm Beach, Florida Hotel tHRee HeliCopteRs HoMe inteRnational
$245 Mln WasHington, dC $30M St Martin, West Indies Hotel & toWeR
q $41 MLN $160 Mln
q $15 MLN $53 Mln q $5 MLN $15 Mln CHiCago
niketoWn q $51 MLN NEWLY INCLUDED $6 Mln
tRuMp national tRuMp plaza ASSET q $94 MLN
NYC doRal MiaMi NYC
$228 Mln golf ResoRt $28 Mln HoMes WaReHouse
q $137 MLN $149 Mln p $9 MLN Palm Beach, Florida Charleston, South Carolina
q $21 MLN $15 Mln $4 Mln
total net WoRtH: $3.1 Billion p $500K tu
(doWn $400 Mln)
BY dan alexander
LeaderBoard
loan trouble

ICICI, Axis Bank Controversies

Turn the Screw on Indian Banking
With allegations of impropriety against Chanda Kochhar and questions on Shikha Sharma’s
leadership, the banking crisis has reached the doors of the private sector
By Salil Panchal

bankers in india its way to the doors of Kochhar is under the NuPower Renewables,
could possibly never private lenders ICICI scanner for a `3,250 with Venugopal Dhoot.
have it worse. After years Bank and Axis Bank, but crore loan extended by The Videocon promoter
of witnessing lending there are also accusations the bank to the Videocon allegedly loaned Kochhar
decisions go awry, clients’ of impropriety and lapses Group in 2012. `64 crore through his
stretched balance sheets in corporate governance. Earlier, Kochhar’s company Supreme Energy
and higher provisioning for In the case of ICICI husband Deepak Kochhar and then transferred its
bad loans, events in recent Bank, MD & CEO Chanda had started a joint venture, ownership to Deepak
weeks have become visibly
ugly and strained for some.
For years, public sector
banks faced the wrath of
market conditions and
regulators, leading to
the current tipping point
where privatisation and
mergers of state-owned
banks are being weighed.
Till now, the disarray in
the Indian banking sector
was, at best, seen as a
fallout of a larger economic
slowdown; or, at worst, a
case of mismanagement.
There weren’t personal
allegations raised against
bank chieftains.
But now, the ongoing
crisis has not only found

ICICI Bank has

defended Chanda
Kochhar even
as the CBI is
examining if
there was any
wrongdoing

18 | forbes india april 27, 2018


Kochhar for `9 lakh.
ICICI’s Videocon loan, in
2017, turned into a non-
performing asset (NPA).
The matter was brought
to light by investor Arvind
Gupta in a blog post in
March 2016 and was
recently widely reported
by the media. Kochhar has
denied any wrongdoing and
the bank has said, in a press
statement on March 28,
that while Chanda Kochhar
was part of the credit
committee meeting which
evaluated the Videocon
loan in 2012, “there was no
question of any quid pro
quo/nepotism/conflict of
chanda kochhar is
under the scanner for
a `3,250 crore loan
extended by icici
Bank to the Videocon
group of companies
interest” and reposed full
faith in her leadership. The
CBI is investigating the loan
transaction to understand if
there was any wrongdoing.
In the case of Axis
Bank, MD and CEO Shikha
Sharma’s leadership has
come under scrutiny after
a series of weaker-than-
expected earnings growth,
ballooning provisioning
for bad loans in recent
quarters and earnings
data leaks (see box).
While the debate is open
on whether Kochhar and
Sharma—lauded by the
industry for their leadership
skills in previous years—
have done any wrong, the
investor community has
not taken to this kindly.
The ICICI Bank stock has
fallen by 12.3 percent to
`268.45 as on April 4 on the
Bombay Stock Exchange
(BSE) from `306.35 on
March 14, whereas Axis
Bank’s has slid by 9.18
percent in the same period.
In a similar vein, on
April 4, ICICI Securities,
India’s largest broking
arm, made a weak market
debut on BSE. The stock
opened 13.65 percent below
its issue price of `520. The
company had been forced
to scale down the size of its
IPO to `3,500 crore from
an initial `4,016 crore.
Market experts and
former bankers Forbes
India spoke to seem to
disagree on what these
private bankers should do,
or have done, to support
corporate governance. They
believe Kochhar should
have been more transparent
and forthcoming in her
14.5%
Fall in ICICI
bank’s stock
price, year
disclosures to the bank.
Some suggest she should
step down from her
post and allow for an
independent investigation
to take place. Bankers,
however, have faith that
ICICI Bank will come out
of this mess, unscathed.
Bank StaBle,
Don’t Panic
“The two issues
[sanctioning the Videocon
loan and a wrongful gain
for the Kochhars] are
separate. This was not a
fresh loan and it is not that
ICICI Bank has increased
its exposure to Videocon, in
recent years. In fact this has
come down,” says a former
ICICI Bank chief, who has
been a common mentor
to Kochhar and Sharma
in previous decades, on
condition of anonymity.
Calling Kochhar’s
leadership “decent”, he
says both ICICI Bank and
Axis Bank were born from
a legacy of being corporate
banks and not retail banks.
When asked whether
THE AXIS TILTS
recent times have not spelt
much good news for shikha
sharma—illegal practices of
axis bank staff during demon-
etisation, the rbI pointing out
abnormalities in its assessment
of bad loans and rising npa
levels, all led to fingers pointing
at sharma’s leadership. the rbI
is believed to have asked the
bank to reconsider its move to
extend sharma’s term for the
fourth time, starting June 2018.
In response, the bank said: “the
board follows a standard process
with regard to senior appoint-
ments, and forwards its recom-
mendations to the regulator. this
process is currently in progress.”
a weak March quarter earnings,
which cannot be ruled out, will
only make matters worse for the
now reclusive banker. —SP
april 27, 2018
to date
Kochhar was guilty of
any financial impropriety,
he says: “She had always
disclosed information
about her husband. To ask
details of all investors or
borrowings of a particular
company [NuPower
Renewables, in this case] is
asking for too much. The
corporate world will go
crazy. We need to draw a
red line on what defines
corporate governance.”
But investors don’t seem
convinced. “For someone
of her calibre, Kochhar
should have dealt with
it differently. If she had
just stayed away from the
credit committee meeting
and the bank had agreed
to this move, she would
have come out clean,” says
the CEO of an institutional
investment fund house.
An analyst with a foreign
equity research house,
declining to be named,
says: “As things came out
in the open, she should
have stepped down calling
for [CBI] investigations
to continue… this would
allow for an independent
inquiry and she could
have always come back.”
The timing of such news
flows cannot be ignored.
ICICI Bank will, like Axis
Bank, be in the spotlight.
VIkas khot; top: shaIlesh andrade / reuters
The Narendra Modi-led
government is eager to
tackle corruption and
may be in a mood to show
that it can take punitive
action against bankers,
considering that it has
been unsuccessful so far in
arresting defaulters such as
diamantaire Nirav Modi or
liquor baron Vijay Mallya.
forbes india | 19
LeaderBoard
APAC Yet to Up
The fifth, ‘customer advocacy’, a child
of the internet-era social media, is
jargon for categorising customers

AI Game
into those who hold a negative view
of a company’s products and services
and those who are strong advocates.
This is where most ‘followers’
Only 7 percent of Asia-Pacific companies are are coming up short. They lack
prepared to take advantage of emerging digital strategies that include ways
of effectively listening to naysayers
technologies, says Microsoft-IDC study and turning them into converts.
As the Microsoft-IDC study bears
By HaricHandan arakali out, such companies are in short
supply in the Asia-Pacific region.
artificial intelligence has strategy defined within the board; two, “If you take these [five]
been propelling technology-led in many cases, they have an owner criteria, then only 7 percent of the
changes in modern times like no on the board, and, three, they have respondents fall into the bucket
other, but only a small proportion of dedicated budgets—for products, first of leaders and the rest are in the
companies in the Asia-Pacific region wins or some first reference cases,” camp of followers. They have a lot
are prepared to take advantage of the Ralph Haupter, a vice president at of work to do,” says Haupter.
emerging technologies to overhaul Microsoft and president, Microsoft
their enterprises. Microsoft Corp Asia, tells Forbes India. “Leaders india noses aHead
and market researcher IDC recently also communicate what their A second big theme the study
put together a study by surveying digital transformation agenda is.” looks at is the impact of digital
1,560 companies, categorising them The study identifies five ways that transformation on Asia-Pacific
as either ‘leaders’ or ‘followers’. companies can benefit from digital economies. It projects that, by 2021,
According to the study, there are transformation, Haupter says. Four of Asia-Pacific’s GDP growth will get
several differences that separate the them are traditional metrics—higher an additional 0.8 percent CAGR
leaders from followers. “First, people productivity, lower costs, higher (compounded annual growth rate)
leading the transformation have a revenues and wider profit margins. boost specifically due to products
and services enabled by digital
technologies. That would equal $1.16
Tech-led growTh: IndIa sTands To benefIT mosT
The impact digital transformation will have on India’s economy will be more than
trillion, says the study (See chart).
APAC as a whole, since the country is now in the early stages of tech adoption The India nuance is that the
impact on GDP growth here is
Impact on Asia-Pacific GDP among the highest in the 15 markets
2016 24,498 surveyed, because of the digital
2021 24,498 6,685 1,161
transformation initiatives taking
place in the country, says Anant
4.9% cagr 0.8% cagr
(forecasted (additional growth digital Maheshwari, president of Microsoft
GDP growth)
Impact on India GDP transformation will bring) India. India’s GDP can growth at
2,264 an additional 1 percent CAGR, by
2016 2021, with digital transformation.
2,264
That said, India is among the
1% cagr
2021 154 (additional growth digital
economies that can get a bigger
transformation will bring) fillip in GDP growth because it is
7.5% cagr
981 (forecasted GDP growth)
currently in the early stages of digital
change. The country’s late start also
gives it an opportunity to leapfrog
GDP GDP Growth Impact of digital transformation
to the newest and most promising
Based on World Bank’s projected GDP growth and revenue growth projections by firms undergoing digital transformation
technology. “This is playing out in
Source: Microsoft-IDC study (GDP figures in $ bln) businesses today,” adds Maheshwari.

20 | forbes india a p r i l 27, 2018

TransformaTIon,
noT dIsplacemenT
Two hundred top executives were
queried about the future of current job
roles in their organisations
Outsourced, New roles created
automated or made due to digital
redundant transformation
investments
31%
28%

92%
of jobs will be
transformed in
three years

Retrained and
upskilled Unchanged

33% 8%
73% are confident that young professionals
already have future-ready skills that will
help them to transition to new roles.

Source: Microsoft-IDC study

ceo’s agenda
There is broad acceptance among
CEOs that, in the coming years, the
number of products and services
that will be affected by emerging
technologies will rise. The
Microsoft-IDC study projects that
products and services touched
by digital technologies, which
constituted about 6 percent of
the total in 2017, will mutiply
10-fold to 60 percent in 2021.
The focus, therefore, is switching
towards how to take advantage
of these changes, Haupter and
Maheshwari point out. Their meeting
with Forbes India, at Microsoft’s
Mumbai office, was immediately
after multiple customer meetings.
And one of the customers, Haupter
says, is a large consumer products
Microsoft’s anant Maheshwari (left) and ralph Haupter say companies are thinking of taking
advantage of digital changes, which will impact 60 percent of products and services by 2021
a consumer-facing app etc. the right partners—these are the
Maheshwari adds: “Digital questions they are grappling with.
transformation has become In the Indian context, there is also
mainstream.” He recalls how in the factor of having much fewer
February, at a conference organised practitioners of this data-driven art
by India’s software lobby Nasscom, than in the advanced economies,
“a number of industrial companies which is an important challenge.
talked about IoT, customer Other obstacles include the need
service, predictive maintenance, for massive re-skilling, the entrenched
how data should flow back to cultures of traditional organisations
products, productivity in supply where silos exist, and the resultant
chain etc”. “It’s very normal. This resistance to change because it
isn’t innovation any longer.” requires people to deliberately
The innovation will be in “how step out of their comfort zones.
do I get this done, there are so Says Maheshwari: “This isn’t a
mexy xavier

company looking to completely many things to do, and what needs one-time project, but a continuous
digitise products, including air to be prioritised”. Where do CEOs piece of work, so the CEO
and water purifiers, using sensors, find the resources and who are agenda is different today.”

april 27, 2018 forbes india | 21

 330 mln
Twitter’s average

LeaderBoard
monthly active usage
for the quarter
ended December 2017

Deep connecT

Tycoons on Twitter
Mixing up the inspirational with informative, or thought-provoking with tongue-in-cheek,
these Indian billionaires are influencing the Twitterati, one post at a time

A pick of the populAr business leAders on the sociAl networking site

Anand Mahindra Nandan Nilekani Kiran Harsh Goenka

@anandmahindra @nandannilekani Mazumdar-Shaw @hvgoenka
6.54M followers* 2.47M followers @kiranshaw 1.49M followers
**
45.30% 61.40% 1.41M followers
100%
Sarkar (govt) alone cannot fix our 38.20% Choose a leader who will invest in
problems, it can only help create
the right conditions for samaaj (civil building bridges not walls. Books not
society), sarkar and bazaar (market weapons. Morality not corruption.
players) to co-create context-aware Stability not fear. Peace not chaos.
solutions. I am glad to see this year’s Love not hate. Convergence not
budget underlining this approach. segregation. Character not immaturity.
Transparency not secrecy. Justice not
8:47 am - 1 feb 2018 lawlessness. Truth not lies.

Uday Kotak 644 retweets 1,210 likes 8:29 am - 30 mar 2018

@udaykotak 411 retweets 1,150 likes

900K followers
Vijay Shekhar
Sharma
111% @vijayshekhar
FY 18 ends and a new year begins for 275K followers
Indian markets. Watch oil, Trump, US 10
year. In India, monsoons, fiscal deficit,
politics. Interest rates some move up 139%
through the year. Indian micro doing
well. Equities tug of war between
Harsh Mariwala
good micro, tough macro,politics. @hcmariwala
Happy FY 19!
7:12 pm - 30 mar 2018 876K followers Anil Agarwal
@anilagarwal_Ved
245 retweets 858 likes 72.10%
126K followers
infographics: sameer pawar

Acharya Balkrishna 3%
Gautam Adani
@ach_balkrishna
@gautam_adani * as of april 4, 2018
** year-on-year growth in Twitter
101K followers followers
35K followers
138% Source: Twitter
119% —compileD by neeraj gangal

22 | forbes india april 27, 2018

 Billionaire
Brothers
Twins from Aurangabad made rapid strides in their
respective businesses and earned their riches with a grand vision
By Samar SrivaStava

anurang (left) & tarang jain

s
ometimes, in life, it’s best to
go out on a limb—for that’s
where the fruit really lies.
In 1985, two brothers left the
city of dreams and went 330
kilometres to the east, to Aurangabad,
to start a small entrepreneurial venture.
Mumbai-bred twins Anurang and Tarang
Jain had just turned 23 and were about to
try their hand as auto component makers
for what was then India’s largest and
separate the businesses in 2002.
Endurance Technologies run by
Anurang and Varroc Engineering run
by Tarang are both among the top five
component makers in India. Over the
last three decades, they’ve kept their
heads down and steadily expanded
capacities and acquired businesses
abroad. In doing so, they strode a
path that had been taken by several
of their north-based counterparts.
photographs: mexy xavier

most recognisable brand, Bajaj Auto.
Related to the Bajaj family (their mother
Suman is Rahul Bajaj’s sister), the brothers
started supplying aluminium castings
to Bajaj Auto’s plant in Aurangabad.
A few years later, they entered the
polymer business before deciding to
Maruti Udyog Limited had given rise
to India’s component industry and their
lead was followed by the likes of the Jain
brothers. Just as Maruti’s millionaires
(and billionaires) have become some of
the most recognisable faces in the auto
industry, the Jains, too, have come of age.
 the world’S BillionaireS / tarang Jain

Twin-win
As he prepares to take
Varroc Engineering
public, Tarang Jain
joins twin brother

VenTure Anurang on the

2018 Forbes World’s
Billionaires List
BY Samar SrivaStava
Mexy xavier

24 | forbes india April 27, 2018

i
n August 2012, Tarang Jain
had his most consequential
chance at hitting the
big league. Almost six
years on, it’s clear he’s
made the most of it.
Varroc Engineering, the company
he founded in 1990, had completed the
acquisition of Visteon’s global lighting
business. Visteon Corp is an American
global automotive electronics supplier
tarang Jain
bought a
one-way ticket
from mumbai
to aurangabad
in 1984 and in
hindsight feels
it was the right
decision
that was spun off from Ford Motor
Company in 2000. Jain, now 56, had
to play a delicate balancing act. A
misstep would have cost him dearly,
perhaps even sunk the company.
Jain had acquired Visteon for $90.5
million (`452 crore then). What he
gained was the world’s sixth largest
lighting business. Varroc now had
access to a company that served the
best global automakers. In addition
its manufacturing footprint was
entirely in low-cost manufacturing
economies. “[We had] the humility
to accept that we were buying into
superior capability and technology,”
says Jain, who set about building
a durable partnership with the
team in Detroit. The problems
Visteon faced—like low Ebitda and
lack of customer satisfaction—he
realised, arose because the business
had not been an area of focus
for the earlier management.
In order to win Visteon’s trust,
Jain ensured no Indian was sent
to its facilities and the Visteon
managers were given full operational
control. The only direction from
the top was to maintain a relentless
focus on customer needs.
The Visteon deal has helped Varroc
emerge as a true global automotive
player with plants in India, Mexico,
the Czech Republic and China. Its
customers include marquee global
names—Ford, Jaguar, Groupe PSA
and Tesla. And its mainstay products,
LED lamps and matrix lamps, have a
far better margin profile than the India
business, which is heavily dependent
on the two-wheeler market. It has
also made Jain India’s newest auto
billionaire, ranked 2124 on the 2018
Forbes World’s Billionaires List,
with a net worth of $1 billion.
In many ways, Jain’s journey
is no different from the top tier of
India’s auto component makers.
They’ve globalised aggressively and
expanded their footprint in both
developed and developing markets.
Motherson Sumi, for instance, has
grown its topline by 41 percent and
market cap by 62 percent a year
in the last decade. Their smaller
India-based counterparts too have
grown rapidly and regularly added
capacity every few years. The BSE
Auto Index has compounded at 18.9
percent a year in the last ten years.
Varroc’s journey has been on a
similar vein. Successfully digesting
the Visteon acquisition was a
veritable turning point in its three-
decade journey. This year in all
likelihood should see the company
emerge as a publicly-traded entity.
While it is hard to predict where
Varroc lists, this much is certain: With
sales of `9,700 crore in the financial
year ended March 2017 and profits
of `303 crore, it is likely to emerge in
the top five after Motherson Sumi,
Bosch, Bharat Forge and Exide. The
group has got a 2020 sales target of
`20,000 crore though Jain is quick
to clarify that is more of a statement
of intent. He concedes that he’d
need another successful acquisition
to get there. That won’t be a bad
result for someone who in December
1984 bought a one-way train ticket
from Mumbai to Aurangabad.
For Jain, who grew up in Mumbai
and went to Cathedral and John
Connon School and Sydenham
College, starting in Aurangabad was
not something he’d planned. The
Jains’ relationship with the Bajaj
family (mother Suman is Rahul
Bajaj’s sister) helped them get a foot
in the door. In 1985, the family set
up Anurang Engineering, named
after his twin brother (Anurang
runs Endurance Technologies
after an amicable business split
in 2002), to supply aluminium
engine casts for Bajaj scooters.
A Bajaj Auto factory is located in
the vicinity of the Jain brothers’
facilities in Waluj, Aurangabad.
Jain admits that the first years
in Aurangabad were tough. The
22-year-old twins were trying their
hand at a new business and were
for the most part alone. Their father
Naresh Chandra Jain who had run the
April 27, 2018 forbes india | 25
the world’S BillionaireS / tarang Jain
Bajaj-owned Kaycee Industries was
in Mumbai and only played a guiding
role. In hindsight, Jain says moving
to Aurangabad was the right decision.
“There were so many businesses
where the owners chose to stay back
in Mumbai and those companies
have all withered away,” he says.
After a one-year MBA from
the International Institute for
Management Development in
Lausanne, Switzerland, Jain returned
to set up Varroc in 1990 as a VAVE
(value added value engineering)
company. This time it was polymers
that excited him. He saw the
increased use of plastics and the
light-weighting opportunities they
brought in the future, and decided to
get into this nascent area. Up north,
Maruti Suzuki had started using
plastics in dashboards and in time
they would start using it in mirrors
as well as lighting equipment.
Varroc took the help of the
National Chemical Laboratory,
Pune, and TIPCO—a manufacturer
of plastic raw material—which had
developed a glass-filled polypropylene
compound, and proposed the idea
to Bajaj Auto. From using it to make
fans and fan covers for scooters,
this has since expanded to mirrors
and plastic moulds for seats and air
filters. But Jain also realised that
Bajaj Auto may not be able to absorb
all his production. Fortunately,
Videocon had set up a manufacturing
unit in Aurangabad for refrigerators
and became an early customer.
In the first ten years, the company
had just `100 crore in sales and a
profit margin in low single digits.
Jain was conscious that his business
was too dependent on one company
and one product category—two-
wheelers. Initially, he set about
fixing the latter and in the next
few years Varroc expanded its base
of customers. (Despite Varroc’s
current size, Bajaj still accounts for
`1,700 crore worth of business, or
half of the India business.) Today
almost all two-wheeler makers
26 | forbes india April 27, 2018
in India are Varroc customers.
It was in the 2000s that Varroc
found itself in a sweet spot. It grew
by over 40 percent a year to `1,500
crore in sales in the eight years up
to the Lehman crisis. Jain attributes
this to a relentless focus on customer
needs. Varroc set up plants where
customers were—Manesar in
Haryana for Hero MotoCorp (then
Hero Honda) and Chennai for the
likes of Royal Enfield and Yamaha.
It developed its own products
and paid for expensive moulds.
In 2007, with cash in hand, Jain
bought Imes, an Italian auto parts
company that makes parts for
earth-moving equipment. That was
followed in 2011 with Triom, another
Italian firm, which makes lighting
systems for two-wheelers. And a year
later came the Visteon acquisition.
While Jain worked on integrating
these companies, he also realised that
their edge lay in their higher spends
on research and development. While
Visteon spent 5 percent of sales, its
Indian counterparts spent no more
than 1 percent, points out Jain.
Jain took a cue from Visteon and
post-acquisition upped spends for
his India businesses to 2 percent
of sales. “Over the years the onus
has also shifted on us to tell the
OEMs what we can make for them.
This means we need to spend a
lot more in developing our own
products and patents,” he says.
For now, Varroc aims to move
up to the third position, from sixth
currently, in the global lighting space.
And while the company is always on
the lookout for new opportunities,
it is careful to eschew leverage. “We
wouldn’t be comfortable taking
more debt than our net worth,”
says TR Srinivasan, group chief
comPAny finAnciAlS
Sales
2015 7,038
2016 8,239
2017 9,702
All numbers in ` crore
financial officer at Varroc. It was for
the Visteon acquisition in 2012 that
Varroc roped in Tata Opportunities
Fund, a private equity fund, which
brought in `300 crore for a 13.7
percent stake. “We took a contrarian
call on a sector that was out of favour
in 2014 and are pleased in the manner
in which Varroc has executed,”
says Padmanabh Sinha, managing
partner, Tata Opportunities Fund.
Jain is pleased with the 20 percent
growth in topline in the last decade,
and the fact that the business is not
disproportionately dependent on one
product, customer or market. Jain
says none of his product categories
is likely to be impacted by the shift
to electric vehicles. If anything, the
move to make vehicles lighter will
only accelerate. And in the lighting
space there will be an increased need
for and use of sensors, something
the company is already working on.
Still, there are potential
risks. Varroc may not be able to
anticipate customer needs as rapidly
changing technologies may result in
competitors making parts cheaper
and better. The cyclical nature of
the auto industry may also result
in an elongated working capital
cycle during a downturn. And the
company may end up spending
time and effort in obtaining patents
all of which may not necessarily
have a commercial application.
Although the Indian two-wheeler
market is growing in double-digits,
globally a 3-4 percent growth in
the lighting market won’t allow
Varroc to reach the `20,000-crore
target. All that Jain is willing to let
on is that he is looking at a potential
deal in Turkey. Meantime, Varroc
last November did a small deal and
acquired Team Concepts, a high-
end auto accessory company. It is
a category that has the potential to
double to `5,000 crore by 2020 as
PAT
16
Indians instal more metallic wheel
369 rims and floor racks. Though a small
303 buy, once again, you can’t fault Jain
for not having seen the future.
 the world’S BillionaireS / anurang Jain
an
Enduring
ridE
Anurang Jain, who along with twin Tarang joins
the ranks of the world’s billionaires, has placed
Endurance Technologies on the runway to growth
BY Samar SrivaStava
i
n the ten years to 2005,
Anurang Jain and
Endurance Technologies
were on a roll.
A rapidly expanding
market for two-wheelers
saw the company increase revenues
by a staggering 50 times to about `500
crore over those ten years. Endurance
Technologies, which had started
two decades earlier as an aluminium
castings supplier to India’s second
largest two-wheeler company, Bajaj
Auto, had come a long way. Jain was
grateful to the Bajajs of Bajaj Auto
for their backing during the initial
years (Jain’s mother, Suman, is Rahul
Bajaj’s sister) and quickly moved
to enlarge the product footprint.
He’d expanded the base of products
to include shock absorbers, front
forks, clutch assemblies and disc
brakes. Importantly, they had been
developed by Endurance alone and
Mexy xavier
were its proprietary technology. An
expanding national footprint meant
that they could serve virtually all
28 | forbes india April 27, 2018
two-wheeler companies in India.
But as he surveyed India’s
automotive landscape circa 2005,
Jain, now 56, was also acutely aware
of the need for a pivot. At 95 percent
of sales, the business was heavily
dependent on Bajaj Auto. “We realised
that we needed to further diversify
our customer base,” he says. Simply
put there was a limit to how rapidly
Bajaj Auto could grow and what had
taken Endurance to `500 crore would
not take it to `5,000 crore. Just as
setting up the business in 1985 in
Aurangabad had tested Jain’s mettle, flying colours. For good measure, for
making the company a top league the first time, Jain (along with brother
auto component maker would prove Tarang) finds himself among Forbes’s
to be another test—a sterner one. billionaires (one of 119 Indians)
A little over a decade later, it’s clear with a net worth of $1.5 billion.
that Jain has passed the test with Endurance has joined the
acquisitive list of Indian auto
component makers that have
comPAny finAnciAlS successfully sought incremental
Sales PAT
2015 4,955 253
growth outside India. Companies
2016 5,263 300 like Bharat Forge and Motherson
2017 5,622 330 Sumi have gained access to new
All numbers in ` crore technologies and customers and also

reduced their dependence on their
home markets. In the last decade, it
has proven to be a tried-and-tested
mantra for entering the big league.
Not only has Endurance surpassed
the `5,000 crore mark in revenue,
it has successfully completed
acquisitions in Italy and Germany
giving it access to a wider set of
customers—Audi, Porsche, Renault,
Peugeot and BMW, in addition to
Indian two-wheeler makers.
Jain also led Endurance through
a successful listing in October 2016.
Since then, the company’s market
cap has more than doubled to
`18,000 crore. With a strong roster
of customers, the market expects the
company to continue to compound
revenues handsomely and has priced
the business at over 50 times its
March 2017 earnings of `330 crore.
The last decade has seen the
company compound revenues at
26 percent a year and as a report by
Motilal Oswal explains, with its foot
anurang Jain, with
a net worth of $1.5
billion, has debuted
on Forbes’s the
world’s Billionaires
list at rank 1561
in the door, Endurance still has room
to increase the range of products
it supplies to two-wheeler makers.
For instance, while it supplies clutch
assemblies to Bajaj Auto and Royal
Enfield, it is yet to sell them to Hero
MotoCorp and Honda Motorcycle and
Scooter. “I expect their growth to be
faster than the industry on the back
of ramping up by Hero MotoCorp
and Honda,” says Jinesh Gandhi,
senior vice president, equity research,
at Motilal Oswal. Jain, on his part,
April 27, 2018 forbes india | 29
the world’S BillionaireS / anurang Jain
is a little more circumspect, “with
uncertainty being the new normal,
8-10 percent growth is all I can
promise”, he says. While it’s certainly
a number he’s happy with, he’s also
confident that’s a number investors
would be more than happy with.
T
he Jains’ journey in the
automotive business
happened partly by chance
and partly by design. Their father
had retired as managing director of
the Bajaj-owned Kaycee Industries.
After Anurang Jain’s graduation
from Sydenham College in Mumbai,
the family was on the lookout
for a manufacturing business to
enter when the Bajajs suggested
aluminium castings to cater to
scooters manufactured at its plant
in Waluj, Aurangabad. (Anurang
Engineering Pvt Ltd was later
renamed Endurance Technologies
while Varroc Engineering was
started in 1990. The businesses
were formally split in 2002.)
The only abiding memory that
Jain has about the first ten years is
how hard it was for the company
to achieve any size and scale. He
describes them as great learning years.
What helped him was the fact that
because the company had been set
up in Aurangabad, the government
gave them a ten-year rebate on sales
tax (the tax was collected but only
deposited with the government
after ten years) and that became an
interest-free advance. “That was
our initial cash flow,” recalls Jain.
While the aluminium castings
were made to order, Jain realised
that from a long-term perspective, it
would be best if Endurance owned the
technology as well. In order to do this,
Jain entered into collaborations and
joint ventures. New products—shock
absorbers to front forks and clutch
assemblies to disc brakes—were rolled
out after testing them under Indian
conditions and since Endurance
owned the technology, it could also
cater to the lucrative after-market
30 | forbes india April 27, 2018
business. Jain also used this time
to develop his own tool room that
allowed him to make molds in-house
and reduce the time it took to develop
products. In addition, Jain decided
to take his India business where
his customers are and plants were
set up in Gurugram and Chennai.
Around 2005, Endurance had
successfully crossed several bumps
and Jain prepped for the next leg of
growth. He decided to stick to his
first product segment, aluminium
castings, and scout for companies
that were financially strong and
had a good customer base. In 2006,
Endurance acquired the German
company Amann Druckguss GmbH
anurang Jain
led Endurance
through a
successful listing
in October 2016.
Since then, the
company has more
than doubled its
market cap to
`18,000 crore
and a year later, it bought Fondalmec
SpA & Fondpress Srl in Italy. Both
were high quality companies, the
former owned by a private equity
fund and the latter by a family where
there was no clear succession plan.
While the acquisitions reduced
the dependence on Bajaj from 95
percent of sales to 56 percent (it is
35 percent at present), they involved
considerable leverage with the
debt-to-equity ratio rising to 4:1.
Jain admits he was caught
unawares by the Lehman crisis. Sales
in Germany were down by 40 percent
while Indian sales had dipped by
25 percent and the company had to
reschedule its loan repayment cycle.
In the years since, Jain’s single-
minded focus has been on improving
efficiencies and making sure that
Endurance’s growth is profitable.
He’s consolidated plants—down from
19 to 16 and now back up to 26—
outsourced component manufacturing
to smaller suppliers and formed
the Endurance Vendor Association.
This has allowed the company to
reduce its capital expenditure spends
and at the same time maintain a
watchful eye on quality. Net debt
has since been brought down to a
manageable 0.18 times equity and
Jain alludes that this time he would
be more cautious before taking on
such high debt levels. There have
been two more acquisitions in the
last decade. In addition, Endurance
has chosen to set up greenfield
capacity at the units it has acquired.
As Jain prepares for the next
leg of growth, he is mindful both of
the huge two- and three-wheeler
growth opportunity in India where
70 percent of his sales come from
as well as the fact that these are
probably the first categories that
will shift to electric propulsion.
He’s quick to point out that the
government has shelved a plan to
move all public transport to electric
vehicles. In the absence of an adequate
charging infrastructure, issues of
range anxiety are bound to persist.
Add to that the high cost of batteries
and he believes it will take time for
cars to move to electric fleets.
Still, Endurance is in a good spot
as aluminium lessens the weight.
“Tesla cars have more aluminium than
internal combustion engine cars,” he
says before adding that hybrid cars
are a good intermediate step and that
is where the market will probably
gravitate towards. It is clearly a
topic Jain has spent considerable
time thinking about and one can’t
help but conclude that if Endurance
requires another pivot to adjust to the
electric vehicle opportunity, Jain will
probably be more than ready for it.
 the world’s billionaires / robert smith

The American Dream

is alive and well on
Wall Street thanks
to Robert Smith, the
richest black person
in America, who has
figured out a way
to re-engineer both
private equity and
enterprise software—
and used this secret
playbook to build a
$4.4 billion fortune

How to Beat wall

Silicon Valley
by nathan vardi

32 | forbes india April 27, 2018

Street and
vista equity billionaires brian sheth
and robert smith: their lbo-software
mashup and its eye-popping returns
are changing the game
Tim Pannell for forbes

SimultaneouSly
April 27, 2018 forbes india | 33
 the world’s billionaires / robert smith

i
t’s a Saturday afternoon, to limited partners, according to the modern private equity industry
at the height of vacation PitchBook data. Smith’s annual and who has been a co-investor in two
season, in one of South realised returns, which reflect exits, Vista deals. Taken together, Vista’s
Beach’s hottest hotels, and stand at a staggering 31 percent portfolio, with 55,000 employees
Robert Smith, the founder net. His funds have already made and more than $15 billion in revenue,
of Vista Equity Partners, is distributions of $14 billion, including ranks as the fourth-largest enterprise
dressed like exactly no one within a $4 billion in the last year alone. software company in the world.
100-mile radius of Miami: In a three- Not surprisingly given those Smith deploys quickly for a simple
piece suit. His signature outfit—today, numbers, Vista has become America’s reason: While the rest of private
it’s gray plaid, accented by an indigo fastest-growing private equity firm, equity relies on identifying and
tie and a pink paisley pocket square— managing $31 billion across a range rectifying inefficient companies, Vista
apparently doesn’t take a day off, and of buyout, credit and hedge funds. bets that it can improve the operations
Smith isn’t taking one now either. Smith is putting all that money to of even well-run firms—and claims
He’s gathered dozens of CEOs from work at a breakneck pace, with 204 that it’s never lost money on a buyout
his portfolio companies, software software acquisitions since 2010, more transaction in its 18-year history.
firms all, for a semiannual weekend than any tech company or financial Perpetual wins translate into
offsite to drill them in the ways he firm in the world. After finishing an mammoth personal gains. With an
expects his companies to operate. $11 billion fundraising for its latest estimated net worth of $4.4 billion,
It’s not just the suit that’s unusual. flagship buyout fund last year, Smith Smith has now eclipsed Oprah
Private equity firms almost never has already deployed more than half Winfrey as the nation’s wealthiest
treat their portfolio companies, of it, focusing as usual on business-to- black person. Vista has created
transactional chits by design, like an business software. “They recognise another billionaire, Brian Sheth, the
organic cohort. And until recently, it’s a kind of central nervous system,” firm’s 42-year-old president and
PE, a field built on borrowing against says Michael Milken, whose bond- dealmaker extraordinaire, who has
cash-generating assets, wouldn’t market innovations basically birthed a fortune estimated at $2 billion.
touch software firms, which offer
little that’s tangible to collateralise.
Yet Smith has invested only in
software over Vista’s 18-year history,
as evidenced by the CEOs, like Andre
Durand of the security-software
maker Ping Identity and Hardeep
Gulati of the education-management
software company PowerSchool,
who have been summoned to Miami
Beach, waiting to swap insights
about artificial intelligence and other
pressing topics. And Smith deploys
more than 100 full-time consultants
to improve his companies.
“Nobody ever taught these guys
the blocking and tackling of running a
software company,” says Smith, as he
takes a lunch break at South Beach’s
1 Hotel to nibble on a plant-based
burger. “And we do it better than
Jamie mccarThy / GeTTy imaGes

any other institution on the planet.”

Smith includes the likes of
John Utendahl,
Oracle and Microsoft in that boast, bank of america
and his numbers back up the vice chairman
and pioneering
braggadocio. Since the Austin-based african-american
firm’s inception in 2000, Vista’s wall streeter,
saw smith’s
private equity funds have returned spark early
22 percent net of fees annually

34 | forbes india April 27, 2018

 Smith’s rise was also incredibly
abnormal. even today, as the 155th-
richest person in america, he faces
constant, if often unwitting, racism
Ever since Forbes outed Smith as
a billionaire in 2015, there has been
a steady stream of press about him,
from the lowest-brow (tabloid interest
in his marriage to a former Playboy
playmate) to the highest (coverage
of his philanthropy, including his
Giving Pledge commitment and his
stint as the chairman of Carnegie
Hall). But neither Smith nor Sheth has
ever before delved into Vista’s secret
formula, which has many lessons
for entrepreneurs, operators as well
as financiers. “We do something
no one else does,” Smith says.
o
n paper, Robert Smith’s
journey was a textbook
American success story: A
fourth-generation Coloradan, he was
the son of two PhDs who became
Denver school principals and put
education first at home. “Their father
and I stressed the need for both of our
sons to persevere once they identified
and pursued a goal,” say Smith’s
mother, Sylvia. “Robert understood
that preparation, hard work and
dedication were key to success in his
classes.” In 1981, Smith headed to
Cornell University to study chemical
engineering, spending many nights
and weekends in a three-person study
group that met in the basement of the
engineering school’s Olin Hall. During
summers, Smith worked at Bell Labs
back home in Denver—a college
internship he landed as a high school
student after persistent cold-calling.
After graduating from Cornell in
1985, Smith took engineering jobs, first
at a Goodyear Tire & Rubber chemical
plant outside Buffalo, New York, and
later at Air Products & Chemicals in
Allentown, Pennsylvania. In 1990,
Smith moved to Kraft General Foods,
where he focussed on coffee-machine
technology. His efforts won him two
patents: One for a stainless-steel filter
and another for a brewing process
that makes crema, the layer of foam
on top of espresso. In 1992, Smith
entered Columbia Business School.
He was deftly acquiring the kinds of
skills that would prove invaluable
as the tech revolution exploded.
But Smith’s rise was also incredibly
abnormal. Even today, as the 155th-
richest person in America and the
480th in the world, he faces constant,
if often unwitting, racism. At a recent
dinner in New York City with a group
of senior Wall Street types, including a
high-level executive of an investment
bank, Smith moved to pick up the
cheque for dinner, but the senior
banker stopped him. “I can’t have a
black guy buy me dinner,” he chortled.
The sting of such incidents,
whether offhand remarks or
doors more overtly shut to him,
had an effect on Smith. “It meant
we had to work harder,” he says.
“And that’s what we did.”
From his college days, when he
joined the nation’s preeminent black
fraternity, Alpha Phi Alpha, known
for its bookish but professionally
ambitious members like Thurgood
Marshall and Martin Luther King
Jr, Smith had support. A crucial
mentor: John Utendahl, who founded
a pioneering black-run investment
bank and happened to speak at Smith’s
Columbia graduation. Soon after,
Utendahl, currently a vice chairman
at Bank of America, took Smith to
lunch and over tuna sandwiches
persuaded him to ditch his MBA focus
of marketing to work on Wall Street.
“There is a spark, a poise, even a
wisdom that you can’t teach or learn.
Some people are just blessed to have
it,” Utendahl says. “That’s how I felt
when I met Robert as a young man.”
S
mith landed in Goldman Sachs’
mergers-and-acquisitions
department, eventually moving
to San Francisco to advise companies
like Microsoft and eBay and becoming
cohead of enterprise systems and
storage. He was part of the team that
helped Apple recruit Steve Jobs back.
For all his prominent clients, it
was a little-known Houston company
specialising in software for auto
dealerships, Universal Computer
Systems, that caught Smith’s eye.
Its margins were higher than any
business Smith had advised, and he
was stunned to learn the company’s
owners were plowing its cash into
certificates of deposits. Why not
acquire other mature software
companies, Smith asked, and apply
their best business practices there
too? Great advice, but the owners
insisted that Smith roll up his sleeves
and execute the plan for them.
They backed up their offer with
a commitment of $1 billion of the
company’s cash, as the sole investor, if
he started a private equity fund. “I had
one of those in-the-mirror moments,”
Smith says. “I looked at myself and
asked, ‘If I don’t do this, how will I
feel about it ten years from now?’ ”
The short answer: Regretful. And
so, in 1999, Smith left Goldman and
soon began recruiting co-founders,
notably a business-school classmate,
Stephen Davis, and a young analyst
who worked under him at Goldman,
Brian Sheth. The son of an Indian-
immigrant father with experience in
tech marketing and an Irish-Catholic
mother who worked as a reinsurance
analyst, Sheth would provide the
yang to Smith’s yin, focusing on
acquisitions and divestitures, so
that his boss could concentrate
on investors and the companies
themselves. Their relationship would
become ironclad: “When something
is happening with our families we
April 27, 2018 forbes india | 35
the world’s billionaires / robert smith
are each other’s first call,” says
Sheth, who vacations with Smith and
served as best man at his wedding.
When Smith quit, most of his
colleagues thought he’d lost his
mind. He was on a partnership track
at Goldman, which meant he was
set to receive a multimillion-dollar
windfall given the firm’s impending
initial public offering. What’s more,
banks didn’t lend against software
companies because they didn’t have
hard assets. How could Smith run a
leveraged-buyout business in software
without leverage? The concentration
risk also seemed huge—investing in a
single industry where a few innovative
lines of code from a competitor could
make a business obsolete overnight.
But Smith saw things differently.
Software was eating the world.
Soon every company would become
a software company, its business
digitised. A portfolio of software
companies serving 50 industries
would be diversified with a stream
of recurring revenue, given the
shift to “software as a service”.
Smith’s bet: Wall Street would soon
realise that software companies not
only gushed cash but actually had
terrific assets to lend against—those
ironclad maintenance contracts.
“Software contracts are better
than first-lien debt,” Smith says.
“You realise a company will not
pay the interest on their first lien
until after they pay their software
maintenance or subscription fee. We
get paid our money first. Who has
the better credit? He can’t run his
business without our software.”
In 2000, Smith opened Vista’s
doors in San Francisco. His first
acquisitions were all equity. As the
firm went from one profitable deal to
another, Smith eventually got lenders
to finance Vista’s purchase of Applied
Systems, an insurance software
maker, in 2004, Vista’s first leveraged
buyout. In 2007, Vista merged
software companies serving utilities
and created Ventyx, increasing
the number of products it sold to
36 | forbes india April 27, 2018
existing customers substantially—a
subsequent sale to ABB resulted
in a profit of nearly $1 billion.
When the dust settled, Smith’s
first buyout fund returned 29.2
percent annually net of fees. Smith
raised money for a second fund from
institutional investors, returning
a net 27.7 percent annually. In
2011, seeking to escape the Silicon
Valley bubble, Smith moved Vista’s
headquarters to Austin, Texas. He
could, by this point in his career, do
pretty much anything he pleased.
“I still experience racism in
my professional life,” Smith says.
But by being smarter and working
harder, Smith proved the American
Dream extended to the finance
industry, where he became the first
self-made Wall Street billionaire
who wasn’t a white male.
w
hen Vista sells a company,
Smith reverts to engineer
mode, often giving its CEO
an expensive Swiss or German watch.
“It is not about being generous,”
Smith says. “It is a function of the
process and focusing on the detail of
finding the person who is going to be
the best at making that one gear.”
To Smith the watch represents
that “we created a system”. And
it’s that system that has allowed
Vista to gobble up enterprise
software companies, confident
that it can almost always make
them better. When Smith started
shopping for software companies,
he found that many were run by
former programmers and other
technologists who were not
formally trained in business and
grew rapidly by sheer strength of
“nobody ever taught these guys
the blocking and tackling of
running a software company.”
Robert Smith, Founder, Vista Equity Partners
product launches, with little analysis
of whether they made sense.
Drawing on his background as an
engineer and a Goldman vet, Smith
began writing what amounted to
user manuals for running enterprise
software companies. The manuals
weren’t just about efficiency but
also incorporated cost-cutting
measures and fee-generating ideas.
Eventually, Smith’s playbook became
the Vista Standard Operating
Procedures—VSOPs. These were
later renamed a more generic and
user-friendly Vista Best Practices.
“If you are a software executive,
how do you build your commission
structures or run your go-to-
market strategy? How do you find
and train talent? Who teaches
you those things?” Smith asks.
To implement his playbook, Smith
created an in-house McKinsey: Vista
Consulting Group. These employees,
now 100 strong, help portfolio
companies implement the best prac-
tices, also 100 strong, most of which
run three to ten pages, with reams of
attachments and examples. Printed
out, they fill binders. They are stored
in a password-protected online
library, available only to authorised
portfolio company managers.
“I just had an employee get a
promotion,” says Kristin Nimsger,
CEO of Social Solutions, a cloud
company providing data-management
software for nonprofits like the
United Way of Metro Chicago. “He
was super-excited to get a log-in.”
The playbook includes exhaustive
details on things like contract
administration and steps needed to
ensure a company is being paid for all
the code or services its customers use.
In one case, a company Vista bought a new path to playbook pRofitS
charged customers only for inbound
there was a time when buyout firms like KKR and apollo could be successful
support calls, neglecting to charge
simply by piling debt on a company, cutting costs and then letting the magic
a minimum amount for ongoing
of leverage and compounding do its work. But what worked in the past may
support. Vista cancelled all the
no longer be viable. there is now more than $1 trillion of private equity cash
contracts and got 100 percent of the
chasing deals and bidding up prices. according to DealLogic, private equity
customers to enter into new deals with
firms did $58 billion of tech transactions in 2016, a third of all US deals.
higher minimum support payments.
Even Vista has had to pivot from buying legacy software companies to
Another set of playbook
acquiring higher-growth operations, often at big prices and valuations. Vista’s
commandments revolve around
acquisition of Marketo, a marketing automation software leader based in San
sales, including incentives for
Mateo, California, is a good example. after investors became disenchanted with
salespeople cross-selling and
its less than stellar 30 percent to 40 percent revenue growth rate, Marketo’s
upselling additional products. In
share price plummeted by some 50 percent in early 2016. then in May 2016,
one case, a portfolio company was
Vista swooped in to buy the company, putting up $1.3 billion in cash in a $1.8
rewarding salespeople the same way
billion deal. It was a generous 64 percent premium, but Vista knew that, before
whether they brought in one-year
long, an operational overhaul, coupled with the small amount of debt it added
contracts or longer-term ones.
to its balance sheet, would turn the cloud-based marketing software company
In isolation, many of the playbook’s
into a winner. Recently, Marketo’s cash flow (Ebitda) has turned positive. —NV
best practices seem mundane. But
software companies are often rife with
eccentricities and legacy processes 50
The sTock
peaked in
The deal
closes on

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$35.25 per share
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to the rules in Smith’s playbook, his 30
software companies are transformed. ebiTda
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2018

evolving, and Vista partners and

portfolio companies are welcome
to make suggestions. “One of the
things I am most proud of is that
we are going to add ten new best
practices to the group,” says Reggie
Aggarwal, the CEO of Cvent, a
company that makes software for
managing events and meetings.
Of course, critics argue that
companies swallowed up by Vista
are in no way immune to the
traditional private equity slash and
burn. Lawrence Coburn, CEO of
Cvent competitor DoubleDutch,
blasted Vista after the purchase,
saying, “They eliminate duplication,
slash R&D, optimize for financial
performance and raise debt.”
Smith’s playbook goes well
beyond corporate to-do lists. When
Vista buys a company, all employees
and recruits are required to take a
2 0 1 4
10
personality-and-aptitude test, like
one first developed by IBM. The
hour-long test assesses technical and
social skills, and attempts to gauge
analytical and leadership potential.
For Smith the test is particularly
important because it attempts to
bypass inherent biases, such as where
people grew up or went to school,
not to mention race or gender. Vista
says 35 percent of the employees at its
portfolio companies are women. Last
year Vista companies administered
850,000 tests to hire 6,000.
“The meritocratic system creates
loyalty,” Smith says. “People
from all over the country from
different places all take the test.
2 0 1 5 2 0 1 6
We all know something about
each other, that we came through
this meritocratic system.”
The Vista test also identifies roles
that fit personality profiles. A woman
who ran a Domino’s Pizza franchise
in North Carolina was deemed to be a
good sales trainer and was promoted
to do so for a Vista company. Another
from the mailroom, for example,
scored high on Vista’s test and became
a programmer. “To write code you
need to be creative,” Sheth says. “How
much of that is going to happen if
you all have the same background?”
After Vista has people where it
wants them, there are boot camps
that train employees, not just for two

April 27, 2018 forbes india | 37

the world’s billionaires / robert smith

MR SMith’S SoftwaRe EMPIRE

Move over Larry Ellison. Vista owns 48 enterprise software companies servicing
20 industries ranging from energy to law to higher education and live events

tibco Software, Solera holdings Cvent, which finastra makes powerSchool Marketo is a giant ping identity
which makes makes software makes software risk management makes education- in cloud-based makes identity-
business-intelli- for auto and home for managing and software for banks management marketing auto- security software
gence software, insurers and was planning corporate and financial software. It was mation software. It and was pur-
was purchased by purchased by events, was pur- firms. It was cre- purchased in 2015 was purchased by chased by Vista
Vista in 2014 for Vista in 2015 in a chased by Vista ated by Vista in for $350 million. Vista in 2016 for for $600 million
$4.3 billion. $6.5 billion deal. in 2016 in a $1.7 2017 through the It’s spent another $1.8 billion. in 2016.
billion deal. merger of D+H $1 billion on add-
and Misys. on acquisitions.

weeks but for six to nine months.
In the past three years, Vista has
put 12,000 new hires through these
boot camps. They start by giving
employees the big picture: How the
Vista company makes money and
the way customers use its products.
The focus later shifts to specific
corporate roles. Vista University
provides “nanodegrees”, like one
now being offered in artificial
intelligence. Monthly meetings
designed to cross-pollinate best
practices among Vista employees
from different companies in similar
roles—from cybersecurity to HR and
product development—are held.
All of this is run by Smith’s
consulting group, which operates
like a seasoned special-forces
unit. “Financial performance of a
company is just a trail in the sand
of the operational performance,”
Smith says. “The more standardised
the input, the more standardised
the output. You have to design your
system, and you have to believe in it.”
to implement his playbook, Smith
created an in-house mcKinsey—Vista
consulting Group—to help portfolio
companies learn best practices
w
ith the rest of private
equity getting turned on
to enterprise software
deals, Vista’s system is about to get a
major test. While bargains are much
harder to come by, Vista’s goals for
each buyout will remain the same:
Three times its money. Smith expects
to hold on to his portfolio companies
longer, identifying each acquisition
target based on how much the Vista
playbook can juice results. “We don’t
underwrite to hope. We underwrite
based on critical factors for success
under our control,” Smith says. “What
we need to change, we have changed
before, so we know how to do it.”
On average, Vista doubles the Ebitda
of its companies within five years.
A lot of the responsibility will
fall to Sheth, who has previously
made a practice of racing to the exit
door. For example, Vista bought
Transfirst, a payments-processing
software maker, for $1.5 billion in
2014, then sold it for $2.35 billion
in just over a year, tripling Vista’s
money once leverage was factored
in. In January, Vista sold its majority
stake in Trintech, which makes
software for financial professionals,
after it doubled revenues in two
years. On an average, Vista’s exits
tend to occur 4.7 years after purchase,
compared with 5.7 for Blackstone.
While it would be easy enough for
Smith to fall back on philanthropy—
recent pledges include $20 million
to the new National Museum of
African American History & Culture
and $50 million from a foundation
linked to Vista’s first fund to help
Cornell boost the representation of
women and minorities in scientific
research—numbers like that keep
Smith feeling upbeat, even cocky.
Nearly two years ago, at the Milken
Institute’s annual Global Conference,
Smith found himself shoulder-to-
shoulder onstage with the old-guard
billionaires of the buyout business,
including David Rubenstein, Leon
Black and Jonathan Nelson.
When Rubenstein said his investors
had been conditioned to accept
lower returns given the high price
of assets, Smith shifted in his chair
and parried, “I got to go get some
of his [investors].” He then turned
to Rubenstein and, with the brio of
someone who knows he’s arrived,
quipped: “Let me know where you
are flying next. I will go with you.”

38 | forbes india April 27, 2018

 the world’s billionaires / teCh disrUPtors

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

by noah KirsCh

R
occo Commisso
darts around his
office, gnawing a
stick of nicotine
gum and playing
show-and-tell.
“Look at the rates,” he says, holding
up a plaque celebrating a $2.4 billion
financing round from 2001, his cable
firm’s largest ever. Up next are some
personal keepsakes: A picture with
fellow billionaire Charles Dolan, a
golden telescope to take in views
Franco Vogt For Forbes
stuff!” he yells. Then he scans the
room for another prize to trot out.
Forgive him the braggadocio.
Commisso, 68, has risen farther than
nearly anyone in America. The son of
a penniless carpenter, he immigrated
from Italy at age 12 unable to speak a
word of English. A quirky talent for
playing the accordion got him into
Catholic school, the first step on a
prosperous path that included stops
at Columbia University and the Royal
Bank of Canada before he founded his
revenue neared $1.9 billion in 2017.
Commisso owns the company outright,
and its value constitutes virtually his
entire fortune. Thanks to a white-hot
mergers-and-acquisitions market, the
business is worth an estimated $4.3
billion—and Commisso, who makes
his debut on Forbes’ Billionaires list
this year, seems ready to cash out.
He founded Mediacom at a time of
industry upheaval, when new federal
regulations, which both restricted
prices and increased competition,

of the Catskill Mountains, a signed
photo of Pelé, the Brazilian footballer.
Every few minutes Commisso calls
out to his assistant as if this tour is
taking place against his will. “Jen, this
guy wants to see all of my personal
cable company, Mediacom, in 1995.
Mediacom focused on buying
cable assets in rural areas, where
prices were low and competition
scant. The firm has increased its top
line every year since its founding;
were scaring small cable operators
into selling. As others jumped ship,
he leveraged about $3 million—most
of his small fortune—to start buying
the cheapest cable lines available,
concentrating on secondary markets

40 | forbes india April 27, 2018

 the ultimate
hat trick: rocco
Commisso went
from hardscrabble
immigrant to ivy
league grad, wall
street banker and
billionaire Ceo
the world’s billionaires / teCh disrUPtors
in states like Iowa and Georgia. Even
his offices are far off the beaten path:
Mediacom HQ is in Chester, New
York, a verdant speck of 12,000 people.
Commisso is as much a financier
as he is a cable guy—he has an MBA
from Columbia and spent nine years
as CFO of Cablevision Industries.
Mediacom’s rapid growth was
enabled by arbitraging differing
perceptions of cable assets in the
debt and equity markets. Banks,
reassured by the sector’s predictable
cash flows, were willing to lend at
reasonable rates even as investors,
spooked by regulation, were willing
to sell cheaply. In his first five years
in business, Commisso made more
than 20 acquisitions. Mediacom at one
point accumulated $3 billion in debt,
over eight times operating cash flow.
Commisso admits he borrowed
to the precipice of insolvency, but
he stayed afloat by keeping an eagle
eye on costs and by meticulously
managing his debt. “You know,
we watch the store,” he says.
But now the core business is
changing. The broadband generation
is increasingly cutting the cord
and relying on online services like
Hulu, Netflix and Amazon Prime
Video to entertain themselves. Over
the past 10 years, the number of
subscribers to Mediacom’s television
offerings has plummeted 38 percent
to 821,000. This is a faster rate
of decline than the 3 percent the
industry as a whole has suffered.
Mediacom’s woes in television
are fueled, in part, by its success
in broadband. Commisso has
aggressively invested in tech
upgrades; customers in places like
Cecil, Georgia, enjoy internet speeds
on par with those in Seattle and San
Francisco. Mediacom’s broadband
subscriber base has increased 84
percent over the last decade, far
outpacing the industry average of 54
percent—and many customers are
using their lightning-fast connections
to watch TV and movies online.
Hence the temptation for
42 | forbes india April 27, 2018
Commisso to cash out soon. In his
mind, there is little left to prove. “In
the history of Italian immigration,
in the business world, I don’t
think there’s another one like me
in the last 100 years,” he says.
R
occo Commisso grew up in
Calabria, Italy, as the country
reeled from its defeat in World
War II. “We were losers,” he says. “Just
like the Americans coming back from
Vietnam, we came back as losers.”
Commisso’s father, Giuseppe, served
in North Africa during the war and
was captured in 1942 by the British.
He spent the remainder of the war
in a POW camp in Kenya. When he
returned home, work was scarce.
In 1956, Giuseppe sailed to the
United States to start anew. Rocco,
meanwhile, stayed back in Italy with
his mother and two sisters. In 1962,
when he was 12, they joined his
older brother and father in Baden,
Pennsylvania, 10 miles from Joe
Namath’s hometown. The family
moved to the Bronx the following year.
From the outset, New York
City brought good luck. Just after
Commisso arrived, he spotted an ad for
a talent competition. He entered as a
solo accordion act and won, which led
to a gig playing intermission music at
the Wakefield Theater on East 233rd
Street in the Bronx. More important, it
drew the attention of the Wakefield’s
manager, who wrote a letter to a local
Catholic school, Mount Saint Michael
Academy, and got Commisso admitted
without an entrance exam, which he
had arrived too late to take. “I ended
up being the only kid that ever got
in without taking the test,” he says.
Commisso is now one of the largest
benefactors of Mount Saint Michael.
But back then he could barely afford
commisso borrowed
to the precipice
of insolvency
to pay his own way. As a teenager he
worked at his brother’s diner to come
up with the $300 annual tuition.
When college application time
rolled around, Commisso again relied
on a favour. His gym teacher called the
soccer coach at Columbia University
and told him about a promising
student with good grades. Within a
month, Commisso, who hadn’t even
played soccer in high school, was
accepted with a full scholarship.
A natural athlete, Commisso had
shown a knack for the sport in Italy
under starkly different conditions:
On cement, with a ball made of rags.
That training somehow translated
to the Ivy League turf. By his senior
year he was co-captain of the varsity
squad and was invited to try out for
the 1972 Olympic team. The trials
went terribly. Commisso arrived out
of shape and the other players ran laps
around him. Still, his legacy remains
strong at Columbia, which named
its soccer stadium for him in 2013, in
recognition of the millions of dollars
he has donated to the university.
After graduating in 1971, Commisso
found work at a Pfizer plant in
Brooklyn, a job he kept even after
beginning an MBA programme at
Columbia in 1974. Each day he rose
at 7 am, attended class, then headed
to the plant. At midnight, when his
shift ended, he spent two hours on the
subway getting home to the Bronx.
Commisso graduated with one of
Columbia’s top honours, the Business
School Service Award, and a plan to go
into investment banking. But no offers
came in. “There was discrimination,”
he says. “I’ll never forget the guy from
Kuhn Loeb telling me, ‘Rocco, you
know what your problem is? You’re
neither Jewish nor Irish. The Italians
haven’t arrived on Wall Street.’ ”
So Commisso took a commercial
banking job at Chase Manhattan Bank
(now part of JPMorgan Chase). He
later moved on to the Royal Bank of
Canada, where he led lending to media
and communications businesses.
“I got attracted in banking to these
types of guys and ladies,” he says. “We
used to call them ‘the cowboys.’ The
cable cowboys. Because they dressed
differently than everybody, they
talked differently than everybody—
and they were entrepreneurs.”
In 1986 Commisso left banking to
join one such cowboy—Alan Gerry, the
founder of Cablevision—in Liberty,
New York. Commisso spent almost a
decade as Gerry’s finance chief. “He’s
one of the brightest guys I’ve ever
known,” says Gerry, now 89 years old.
After the new regulations hit
the industry in 1992, Gerry opted
out, selling Cablevision to Time
Warner for more than $3 billion
in 1996. Commisso hated that
decision. “This is a phenomenal
time to buy as opposed to sell,” he
recalls thinking. “And to prove it, I’m
going to start my own company.”
c S
ommisso’s optimism was not
shared by his peers. That
disparity only widened in
1996 when an additional batch of
regulations brought new competition
from telecom firms, like SBC
Communications and Ameritech,
that had previously been barred
from the cable television space. “The
fear was that the phone companies
would enter the cable business
and, with their stronger balance
sheets and brand names, crush
the cable companies,” says Craig
Moffett, co-founder of the equity
research firm MoffettNathanson.
That anxiety made it possible for
Commisso to buy cable assets on the
cheap, and he went all in. He bought
his first network of cable lines, in
rural Ridgecrest, California, for $18.8
million in 1996, using a loan from his
old friends at Chase Manhattan.
The risk was extreme, and to
outsiders Commisso might have
seemed a loose cannon. He can
be brash and domineering, his
Calabrian accent amplifying heated
bursts of profanity. But the banks
trusted his background in finance.
After Ridgecrest, Commisso went
the question now
is when commisso
will lock in his gains
and walk away
on an acquisition spree, borrowing
millions—then hundreds of millions—
to buy up cable systems in Arizona,
Delaware, Florida, Missouri, North
Carolina, Mississippi and Alabama.
He closed nine purchases in his
first three years. “[I] was viewed
as just a crazy buyer who’d buy
anything that was for sale,” he says.
Commisso then invested heavily
in infrastructure. To date he has
spent $2.5 billion upgrading his
networks, which has deterred other
operators from entering his territory.
Historically, Mediacom has instead
fought for subscribers against satellite-
television firms such as DirecTV.
Phone companies, despite the early
panic, never posed much of a menace.
By the end of the 1990s, gloomy
forecasts for the sector had softened.
Commisso seized on that and, with
perfect timing, took Mediacom public
on Nasdaq at a $2.5 billion valuation
in February 2000, just weeks before
the dot-com collapse. In all, he raised
$380 million to pay down debt,
and his Class B shares allowed him
to retain majority voting control.
“Nobody could kick me out,” he says.
The following July, Mediacom
made its largest acquisition ever.
After AT&T became strapped for
cash, it put some of its cable assets
on the market. Commisso snatched
up properties in Georgia, Iowa
and Missouri for $2.2 billion.
By late 2002, company debt had
exploded to $3 billion. The banks
wouldn’t lend another dime, and
Commisso was forced to end his
buying binge. “What saved us was
not doing the next deal,” he says.
“It was a great decision to buy
when we did. It was an even better
decision to stop when we did.”
Through shrewd balance sheet
management and frequent refinancing,
Mediacom never missed a loan
payment, allowing it to stay afloat
until 2009, when it finally began
producing enough cash to start
paying down the principal debt.
Still, stockholders were not
impressed. Mediacom’s share
price fell nearly 80 percent in the
decade following its IPO. By 2010,
Commisso decided he’d had enough
of the public markets. He moved
to buy the company outright.
After negotiations, he acquired the
business in March 2011 for roughly
$600 million, a 64 percent premium.
Borrowing against the company’s
assets, he became its sole owner.
Again, his timing could
not have been better.
ince Commisso took Mediacom
private, the company’s value
has skyrocketed sevenfold. The
question now is when Commisso will
lock in his gains and walk away.
The company is an attractive
acquisition prospect for larger firms
like Altice, which has scooped up
several operators in the last several
years, driving up valuations across the
industry. Mediacom is the dominant
broadband provider in much of its
territory, and its new gigabit-speed
service is on par with the fastest in
the country. “For a large portion
of their footprint, they’ve got a
clear product advantage over their
competitors,”says James Ratcliffe,
managing director at Evercore ISI.
Commisso is coy about plans to
sell but admits he’s taken multiple
meetings with investment bankers in
the past year. A man who made his
fortune on the basis of good timing,
he seems to concede that his work
is largely finished. “Unless I’m here
on earth just to become the biggest,
the biggest, the biggest buffoon,
I’m very happy with what we have
accomplished,” he says. “I’m not
Warren Buffett. I’m very content.”
April 27, 2018 forbes india | 43
 the world’s billionaires / Francis holder

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 savouring
his greatest success—selling millions of macarons to the
classes on Madison Avenue and the masses at McDonald’s
bY chloe sorvino

loaves and wishes: holder

plans to create a baking
museum in Paris with his
collection of paintings and
books on the subject

The ArTisAnAl
indusTriAlisT
PhotograPh by PhiliP Jintes for forbes
 the world’s billionaires / Francis holder

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 chewing on a baguette. One
more shows a hand coming out of the
shadows to steal a loaf, an apparent
homage to Jean Valjean’s petty crime
in Les Misérables. There’s not a
famous artist to be found in his 8,000-
work collection. The only requirement some. His original dream was to Parisian macaron maison Ladurée,
is that each painting must focus on have a small bread factory with “a which has 85 shops in 50 countries,
Holder’s billion-dollar passion, baking, chimney with smoke coming out of and the artisanal bakery-cafe chain
or his favorite obsession, bread. it.” Since then, Holder has spent six Paul with 740 stores in 43 countries.
The fourth wall is made of glass decades perfecting the marriage of Groupe Holder’s yearly revenue is
so Holder can stare across the hall at industrialisation with artisanal baked about $1 billion, and Forbes estimates
the research-and-development centre goods. Long obsessed with America’s net profit margins of 14 percent—more
for Château Blanc, the industrial industrial food processes, Holder than double those of bakery-cafe chain
arm of Groupe Holder, the private embraces smooth mass production, Panera Bread before it acquired Au
baking conglomerate he founded and that has propelled his rise. But he Bon Pain in 2017. And all that dough
and controls. The 77-year-old loves balances affordability and speed with has made Holder a billionaire—the
to spend his days watching over the a distinctly French attitude about the 1,867th wealthiest person in the world,
experimental bakeshop’s seven mixers best ingredients and product quality— with a net worth of $1.2 billion.
and three countertops, checking in still using fresh yellow butter in mass- “If tomorrow I was 10 times richer,
with the chefs throughout the day produced loaves and pastries. “He’s so it would not make any difference for
to sample the test runs. “We are improved the industrial applications,” me,” says Holder, who declines to
industrialists with the mentality says Steven Kaplan, who has spent comment on his net worth and profits.
of craftsmen,” Holder says. five decades researching French That modesty, however, didn’t
Just down the hall, past dozens of bread at Cornell University and has stop him from embracing the
office employees all wearing matching worked with Holder as a consultant astronomical rise of the macaron—the
white baker’s coats, is the heart of for Château Blanc. “He’s modeled petite saucers sandwiched together
Château Blanc’s 100,000-square- the industrial by the artisanal mold. with jelly or ganache fillings. In
foot factory, which now makes the It’s through the methodology which 1993 he purchased Ladurée, a chic
company’s most craved product, he knows like the back of his hand.” Paris restaurant founded in 1862
the macaron. The heart of Holder’s Groupe Holder has three main that invented the modern macaron
masterful assembly-line operation subsidiaries: Aside from Lille-based and has since collaborated with
is a machine with a conveyor belt Château Blanc, there is the renowned major fashion houses ranging
Donato sarDella / getty images

the length of two football fields from Lanvin in 2012 (bubble-

that bakes more than 30,000
meringue macaron shells an hour.
Château Blanc’s headquarters—
which, as its name implies, is painted
white and modeled after a castle—
fulfills a boyhood ambition Holder
had growing up in Lille. And then
“i wasn’t going gum-flavoured) to Emilio Pucci in
to ladurée for 2015 (tangerine-lemon-lavender
macarons inside a box wrapped in
their macarons,” the company’s signature silk print,
holder says Capri), as well as rapper Pharrell
Williams in 2014 (peanut butter
and another that’s cola-flavoured)

46 | forbes india April 27, 2018

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 percent of
Groupe Holder’s in-store sales come
from macarons. Holder is responsible
for France’s top three macaron sellers:
Ladurée, Paul and, surprisingly,
McDonald’s. McDonald’s McCafé
macarons are sold in many countries
outside France, including Spain, Italy
and Belgium, as well as in Japan.
“Some were surprised about
McDonald’s being third,” Holder says.
“We said, ‘That’s obvious. We are
the one who delivers them.’ Because
McDonald’s is really loyal, this baker
has factories throughout the world.”
year because the company continually
outgrew its space. “I never made
projections about what it would be in
10, 20 or 30 years,” says Holder, who
kept the books himself back then.
Then, in the 1970s, the
supermarkets—locked in
hypercompetition—began demanding
bigger and bigger discounts. His 11
percent discount soon became 45
percent. He also had to buy back
unsold bread at the end of the day.
Holder’s factory fell below break-even,
and he realised he had to diversify
beyond the commodity bread business.
He reorganised the factory to keep its
existing customers, producing about 1
million pounds of bread a month, but
he no longer invested in expanding
it. During moneylosing periods, he
converted areas of the factory into
parking spaces and sold them by the
month. Over the years, he learned to
renegotiate contracts to protect future

F
rancis Holder took over his
family’s small bakery, below
the apartment where he had
grown up, when he was 18, after
his father, who was abandoned as a
child and raised in foster care, died
of a heart attack at 51. From there,
his ascent can be divided into three
distinct phases: Creating a bread
factory, building the Paul bakery
brand and then melding the two to
bring artisanal bread to the masses.
The first starts in 1961, when
Holder came back from a brief
tour of duty in the Algerian War
(with a popped eardrum that left
him partially deaf) and found
that the way people shopped had
drastically changed—mom-and-
pop boulangeries had given way to
supermarkets. Holder realised where
the future lay and within five years
persuaded two future multibillion-
dollar French supermarket
profits by locking in prices, and he
stopped taking back unsold loaves.
With the low-margin industrial
bread operations stuck in neutral,
Holder refocussed on the Paul bakery,
under the family apartment. “I still
had nostalgia for craftsmanship,”
he explains. Paul was selling thick,
chewy, yellow bread with a slight
hazelnut taste—drastically different
from his factory bread—at a time
when the number of local bakeries
in France had dwindled by about
25 percent amid competition from a slice of the business: holder’s three
children each have a domain in Groupe
supermarkets. He decided to make holder, including the Paul bakery brand
Paul an artisanal chain and installed and the ladurée bakery
himself as head of the company.
Holder opened two more stores in had 120 shops, about a dozen times
Lille before expanding to Paris in more than at the start of the decade.
1974. Then came shopping malls: Holder’s experience left him better
As with supermarkets, Holder was prepared for growth this time. To
early to the next wave of mass retail. cope with high rents, he opened small
Around the same time he toured the retail locations without full kitchens
United States and became enamoured and supplied them from a centralised
PhiliP Jintes for forbes

chains—Monoprix and Auchan—to
carry his baguettes and loaves.
While he clearly had the ambition,
Holder was ill-prepared to manage
such a fast-growing company. He
had to move factories three times in a
of American food-processing methods.
Holder helped found a successful
chain of French bakeries and cafes,
La Madeleine, before being ousted by
his partners and returning to France.
By the end of the 1980s, Paul
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).

April 27, 2018 forbes india | 47

 the world’s billionaires / Francis holder
With the Paul brand thriving—so
much so that the head of McDonald’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 an
important 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 on
designing customised machines that
would assemble the 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 (especially necessary for breads
that ferment with yeast) and cook.
That was an important lesson from
Holder’s days baking with his father;
most food companies have scaled
from toP: alweis / the Denver Post via getty images; tony bock / toronto star via getty images; reUters
up quickly by adding preservatives
or chemicals that cut the length
of time and increase production
without adding storage demand.
T
hough macarons mint money
for his company, Holder says
he 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
known for its gilded dining room and
pastel ceiling frescoes. The Holders
were Saturday regulars, snacking
on tea sandwiches and mushroom
omelettes. “I wasn’t going to Ladurée
for their macarons,” he admits. But he
sure loved the baba au rhum pastry,
despite 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
48 | forbes india April 27, 2018
Macaroon vs
Macaron vs Macron
Macaroon
(mak-uh-roon) noun
a cookie made with
egg whites, sugar,
and ground almonds or coconut.
Macaron
(mah-kuh-ron) noun
a meringue-based cookie made
with almond flour, egg whites and
sugar, with a ganache filling.
Macron
(mah-kron) noun
the 25th president of france,
elected may 7, 2017.
he should die. David accepted and
spent the next two years working 15-
hour days and losing 15 pounds. When
he emerged from his apprenticeship,
David started pushing his father
to retire. And Francis realised 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 supplemented
Ladurée’s four flavours 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 US 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 with
atomisers 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 started selling larger macarons
in 2005, and international stores
adopted 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.
Then came similar white-label
offerings for American customers—
such as a limited-edition run at
Starbucks and a line at Sam’s Club.
The gamble paid off. Over the past
decade, the macaron has replaced
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 International’s
head, 48-year-old son Maxime, from
London). Under Maxime, Paul has
added over 250 stores outside France.
And despite more than 60 years
as a baker, Holder remains hungry.
He dreams of opening a Château
Blanc factory in the United States,
where he hopes to replicate his
success in Europe. “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.”
 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 by 9 percent 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 licEncEd Editions in austria, czEch rEpuBlic, hunGary, francE, KazaKhstan, KorEa, indonEsia, MiddlE East, MExico, poland, russia, slovaKia, turKEy and viEtnaM
rEportErs: yuri aKsyonov, dan alExandEr, prisca anG, MEGha BahrEE, MadElinE BErG, KiM BodE, nilGun cavdar, laurEn GEnslEr, ricardo GEroMEl, roBErt Kidd, nicolE lindsay, roBErt
olsEn, lucinda schMidt, lEonard schoEnBErGEr, JaMEs siMMs, ozEr turan, alExandra wilson, susan adaMs, Jason Booth, Biz carson, carolinE chEn, shu-chinG JEan chEn, MuhaMMad
cohEn, till dalrup, JaMEs dunn, rEBEcca fEnG, antoinE Gara, christophEr hElMan, alvaro hErnandEz zorrilla, JanE ho, sEan Kilachand, Joann MullEr, JohannEs Musial, suzannE naM,
lan anh nGuyEn, wEndy puGh, anuradha raGhunathan, nataliE roBEhMEd, shEEla sarvananda, saMantha sharf, nEha soni, JEssica tan, tiM trEadGold, KatE vinton, JEnnifEr wElls
rEsEArCh: Sue RadlaueR • photo rEsEArCh: MeRRilee BaRton, Gail toivanen, KRiStine Gentile SMith • dAtAbAsE: dMitri slavinsKy
ACknoWlEdgmEnts: spEcial thanKs to lw hospitality advisors, factsEt rEsEarch systEMs, orBis By BurEau van diJK, rEal capital analytics, EuroMonitor intErnational,
pitchBooK and dozEns of othEr ExpErts who hElpEd us with our rEportinG and valuations

April 27, 2018 forbes india | 49

the world’s billionaires / the list

WEALTH
AlgeriA
AustrAliA
ToP SECToRS oRIGIN
algieRs
11
REAL ESTATE 12%
GDP: $176.5 BLN 7 16%
PoPulation: 41 MLN METALS & MINING 72%
Billionaires: 1 GDP: $1.4 TLN 5

total net worth: $4 BLN PoPulation: 25 MLN MANUFACTURING

(+$900 MLN VS 2017) 4
Billionaires: 43 (+10 VS 2017) INHERITED & GRoWING
INHERITED
FINANCE
total net worth: $117.9 BLN (+$26.9 BLN VS 2017) 4
SELF-MADE

FASHION & RETAIL

Issad Rebrab & family 
$4 BLN #550 fooD 3
TECHNOLOGY

Gina Rinehart  Len Ainsworth 

AngolA
$17.4 BLN #69 mininG $1.3 BLN #1756
BettinG machines
Harry Triguboff 
luanDa $9.2 BLN #167 real estate John Hancock ★
GDP: $124 BLN Vivek Chaand Sehgal  $1.3 BLN #1756 mininG
PoPulation: 30 MLN $6 BLN #289 auto Parts Solomon Lew 
Billionaires: 1 Frank Lowy  $1.3 BLN #1756 retail
total net worth: $5.9 BLN #296 shoPPinG malls Bianca Rinehart ★
$2.6 BLN (–$500 MLN $1.3 BLN #1756 mininG
VS 2017) Anthony Pratt 
$5.5 BLN #334 PackaGinG
Andrew Forrest 
$4.4 BLN #480 mininG
Isabel dos Santos 
$2.6 BLN #924 investments John Gandel 
$4.1 BLN #527 shoPPinG malls
James Packer 

ArgentinA
$4.1 BLN #527 casinos
Mike Cannon-Brookes 
$3.4 BLN #679 software
LA riojA
GDP: $620.1 BLN Scott Farquhar 
PoPulation: 44 MLN $3.4 BLN #679 software
Billionaires: 9 Lindsay Fox 
(+2 VS 2017) $3.4 BLN #679 loGistics,
total net worth: $15.6 menDozA real estate
BLN (+$3.2 BLN VS 2017)
Kerry Stokes 
$3.1 BLN #766 construction
equiPment, meDia
Fiona Geminder 
$2.7 BLN #887 PackaGinG,
investments
neuquén
Michael Hintze 
$2.4 BLN #1020 investments
Stanley Perron 
$2.3 BLN #1070 real estate,
retail
Buenos Lang Walker  peRth
aiRes $2.2 BLN #1103 real estate 5
9 David Hains 
$2.1 BLN #1157 investments mArgAret river
Heloise Pratt 
$2.1 BLN #1157 PackaGinG,
investments Ginia Rinehart ★
$1.3 BLN #1756 mininG
Maurice Alter 
$1.8 BLN #1339 real estate Hope Welker ★
$1.3 BLN #1756 mininG
Alejandro Bulgheroni  Jack Cowin 
$1.8 BLN #1339 fast fooD Brett Blundy ★
$3 BLN #791 oil & Gas
$1.2 BLN #1867 retail,
Eduardo Eurnekian  Angela Bennett  aGriBusiness
$2.7 BLN #887 airPorts, $1.7 BLN #1394 mininG

eduardo investments Gerry Harvey 

costantini
trophy: costantini, who
made his fortune in real
estate in argentina and the
us, 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.
Gregorio Perez Companc 
$1.8 BLN #1339 oil & Gas
Alberto Roemmers 
$1.8 BLN #1339
Pharmaceuticals
Marcos Galperin 
$1.6 BLN #1477 ecommerce
Jorge Horacio Brito 
$1.3 BLN #1756 BankinG
Eduardo Costantini 
$1.2 BLN #1867 real estate
Delfin Jorge Ezequiel
Carballo ★
$1.1 BLN #1999 BankinG
Julio Patricio Supervielle ★
$1.1 BLN #1999 BankinG
$1.7 BLN #1394 retail
Kerr Neilson 
$1.7 BLN #1394 investments
David Teoh 
$1.6 BLN #1477 telecom
Richard White ★
$1.6 BLN #1477 software
Judith Neilson 
$1.5 BLN #1561 investments
Nigel Austin ★
$1.4 BLN #1650 retail
Bob Ell 
$1.4 BLN #1650 real estate
Manny Stul 
$1.4 BLN #1650 toys
Terry Snow 
$1.2 BLN #1867 airPorts,
real estate
John Van Lieshout 
$1.2 BLN #1867 real estate
Gretel Packer ★
$1.1 BLN #1999 casinos
Alan Rydge 
$1.1 BLN #1999 entertainment
Huang Bingwen 
$1 BLN #2124 PackaGinG
Paul Little ★
$1 BLN #2124 loGistics,
real estate
Sam Tarascio ★
$1 BLN #2124 real estate
richard white
NeWcomer: a former musician,
refrigeration engineer and
computer wholesaler, white
at one time repaired guitars for
top australian rock bands like
ac/Dc and the angels. But his
fortune comes from wisetech
Global, which provides software
to the logistics industry and
which he founded in 1994 and
took public in 2016. the
company has more than 7,000
customers in 125 countries, and
shares have jumped by 160% in
the past year, following strong
growth in revenues and profits.

Wealth StatuS:
up Down  unchangeD 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD new ★ RetuRnee 
region AnD DePoSitS minerALS centre teAm centre

sPorts team Denotes

Billionaire-owneD sPorts team
50 | forbes india April 27, 2018
 Bianca rinehart AustriA
NeWcomer: Rinehart has been battling her mother, Gina Rinehart, Australia’s richest person, since 2011. She
and her brother John Hancock argued that their mother mishandled the family trust, which Gina denied. Set up GDP: $417 BLN
by her grandfather Lang Hancock, it included a 24% stake in the family’s mining assets that was meant for Bi- PoPulation: 9 MLN; Billionaires: 8
anca, John and their two siblings, Hope Welker and Ginia Rinehart. By court order, Bianca replaced her mother total net worth: $43.4 BLN (+$12.2 BLN VS 2017)
(who owns the rest) as trustee in 2015. The stake is now worth $5.2 billion, making all four billionaires.
Dietrich Mateschitz  Wolfgang Leitner 
$23 BLN #37 reD Bull $2 BLN #1215 enGineerinG
Johann Graf  Reinold Geiger 
FRANK LoWy $8.1 BLN #186 GamBlinG $1.5 BLN #1561
Beauty ProDucts
NeWSmaker: the mall Heidi Horten 
magnate agreed to sell $3.4 BLN #679 retail Helmut Sohmen 
his 9.5% stake in west- $1.3 BLN #1756 shiPPinG
Georg Stumpf 
field corp, which owns 35 $2.9 BLN #822 real estate, Stefan Pierer ★
shopping centres in the uk construction $1.2 BLN #1867 automotive
and the us (including one
in new york city’s world
trade center) to european
property giant unibail-ro- fuschl am see
Lower
damco in late 2017. lowy is eXpatRiates reD buLL
SALzburg
AuStriA
Vienna
expected to walk away with Dietrich
wels
nearly $1.5 billion in cash Mateschitz
hAymAn iSLAnD and shares. a holocaust ArLberg
survivor, he opened his first burgenLAnD
hAmiLton iSLAnD
shopping centre in western cArinthiA gRaz
sydney in 1959. lowy, 87, zürS
plans to retire from west-
woertherSee
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
bAroSSA holding group (now ktm industries) in 1987 and still serves as
yArrA vALLey
syDney ceo. sales surpassed $1.8 billion in 2017.
15

eXpatRiates
canBeRRa
Belgium

Eduardo: agustin Marcarian / rEutErs; richard: Jason rEEd / rEutErs;

melBouRne
GDP: $494 BLN
12 PoPulation: 11 MLN; Billionaires: 2 chaRleRoi
total net worth: $8.3 BLN
(+$1.6 BLN VS 2017)

Frank: JaMEs d Morgan / gEtty iMagEs; Lang: gEtty iMagEs

Albert Frere 
$6.2 BLN #281 investments
Patokh Chodiev 
eXpatRiate
$2.1 BLN #1157 mininG, metals

lang walker
trophy: the property developer
bought a 140-acre private island in HoW To READ THE MAPS
fiji in 2011 and spent millions
fixing 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. coloured names on the list
to visitors in march 2017. the correspond to the colour of the city where they live.
luxury resort is enclosed by the
John Doe 
Great astrolabe reef, and is $1 BLN #1940 furniture
accessible to travellers only via total worth
private seaplane or helicopter. source of wealth
Guests can book the whole island rank
for $130,000 per night. change in wealth status from 2017

April 27, 2018 forbes india | 51

 the world’s billionaires / the list

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 TLN ries of the são paulo location’s construction and 200 works
population: 209 MLN; billionaires: 42 (–1 VS 2017) by brazilian photographer chichico alkmim taken in the first
total net worth: $176.4 BLN (+$4.3 BLN 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 us 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

ABILIO DINIz comandaTuba

Island, bahIa
eXpatriates
5
NewsmakeR: the re-
tail tycoon 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
retailer casino increased its stake
in 2011, diniz clashed with the campinas CaMpos do Jordão
French owners. he eventually sold red bull brasIl
his pão de açúcar shares and in 2014 invested in French superstore firm (and Dietrich Mateschitz rio de
casino competitor) groupe carrefour’s brazil arm, joining the board. in july, Janeiro
são paulo 10 Richest
carrefour brasil, also known as atacadão, completed an ipo, raising nearly 21
santo andre
$1.6 billion. diniz is one of the largest shareholders, with about 8%. Jorge Paulo
são JosÉ
dos pinhais Lemann
Jorge Paulo Lemann  Ermirio Pereira de Moraes 
$27.4 BLN #29 beer $2.7 BLN #887 diversiFied Lemann’s fortune fell by
Joseph Safra  Jorge Moll Filho  $1.8 billion over the past
$23.5 BLN #36 banking $2.6 BLN #924 hospitals year as shares of beer be-
porto alegre hemoth Anheuser-Busch
Marcel Herrmann Telles  Maria Helena Moraes
$14 BLN #102 beer Scripilliti  InBev, the source of the
$2.6 BLN #924 diversiFied majority of his wealth,
Carlos Alberto Sicupira  dropped by 5%. AB-In-
Abilio: PhiliPPe WojAzer / reuters; Pedro: PAulo WhitAker / reuters;

$12 BLN #124 beer Aloysio de Andrade Faria 

$2.5 BLN #965 banking Bev sales in North Amer-
Eduardo Saverin  ica have declined—people
$10.1 BLN #148 Facebook Jose Roberto Marinho  Dulce Pugliese de Godoy
são PAulo: PedroVAnnucchi; jorge: PAulo WhitAker / reuters

are drinking less Budweiser

Pedro Moreira Salles 
$5.1 BLN #382 banking,
minerals
Fernando Roberto Moreira
Salles 
$5 BLN #388 banking, minerals
Joao Moreira Salles 
$5 BLN #388 banking, minerals
Walther Moreira Salles
Junior 
$5 BLN #388 banking, minerals
Abilio dos Santos Diniz 
$3.5 BLN #652 retail
Walter Faria 
$3.2 BLN #729 beer
Luis Frias ★
$3 BLN #791 mobile payments
$2.5 BLN #965 media
Roberto Irineu Marinho 
$2.5 BLN #965 media
Carlos Sanchez 
$2.5 BLN #965 generic drugs
Jose Luis Cutrale 
$2.4 BLN #1020 orange juice
Alfredo Egydio Arruda Villela
Filho 
$2.4 BLN #1020 banking
Andre Esteves 
$2.4 BLN #1020 banking
Joao Roberto Marinho 
$2.4 BLN #1020 media
Nevaldo Rocha & family 
$2.4 BLN #1020 retail
Lia Maria Aguiar 
$2.2 BLN #1103 banking
Bueno 
$2.2 BLN #1103 hospitals,
health care
Ana Lucia de Mattos Barretto
Villela 
$2.2 BLN #1103 banking
Alexandre Grendene Bartelle
 $1.5 BLN #1561 investments
$2.2 BLN #1103 shoes
Joao Alves de Queiroz
Filho 
$2 BLN #1215 pharmaceuticals
Jayme Garfinkel 
$2 BLN #1215 insurance
Julio Bozano 
$1.8 BLN #1339 banking
Liu Ming Chung 
$1.7 BLN #1394
paper manuFacturing
Lirio Parisotto 
$1.6 BLN #1477 investments
Jose Joao Abdalla Filho ★
Miguel Krigsner 
$1.5 BLN #1561 cosmetics
Jose Isaac Peres & family 
$1.5 BLN #1561 shopping malls
Antonio Luiz Seabra 
$1.5 BLN #1561 cosmetics
Rubens Ometto Silveira
Mello 
$1.4 BLN #1650 sugar, ethanol
and switching to craft
beers, wine and spirits.
AB-InBev replaced its chief
of North American opera-
tions in November.
Daisy Igel 
$1.2 BLN #1867 gas,
petrochemicals
Ana Maria Marcondes Penido
Sant’Anna 
$1.2 BLN #1867 toll roads
Maurizio Billi 
$1 BLN #2124 generic drugs
Elie Horn 
$1 BLN #2124 real estate

wealth status:
up down  unChanged 
wIne-growIng oIl & gas FIelds mInIng & TImber FInancIal sPorTs Tech Playground new ★ returnee 
regIon and dePosITs mInerals cenTre Team cenTre

52 | forbes india April 27, 2018

 the world’s billionaires / the list

Canada
WEALTH
TOP SECTORS ORIGIN
8
4%
FINANCE 15%
7
FASHION & RETAIL
81%
6
REAL ESTATE
Gdp: $1.6 TLN 6 INHERITED & GROWING
INHERITED
popUlation: 37 MLN TECHNOLOGY SELF-MADE
billionaires: 46 (+7 VS 2017) 4
total net worth: $148.5 BLN (+$14.7 BLN VS 2017) FOOD & BEVERAGE
3
MEDIA

Joseph tsai
biggest gainer: A Canadian citizen based in Hong
Kong, Tsai saw his net worth soar by 67% over the past
year, thanks to a jump in the shares of Chinese ecommerce Silicon valley north
giant Alibaba. The group’s co-founder and executive vice
chairman reportedly agreed in October to buy 49% of the
Brooklyn Nets basketball team from Russian billionaire
Mikhail Prokhorov. Forbes values the team at $2.3 billion. Edmonton
canadian rockieS edmonton oilerS
daryl Katz
seBastián: ivan alvaRado / ReuteRs; toBi: luCas JaCkson / ReuteRs; toys foR ChRistMas: tRistan fewinGs / Getty iMaGes

David Thomson & family  Carlo Fidani 

$25 BLN #32 media $2.4 BLN #1020 real estate
Joseph Tsai  Mitchell Goldhar 
$9.7 BLN #154 ecommerce $2.4 BLN #1020 real estate
Stuart iSland
Galen Weston & family  Bob Gaglardi ★
$9.5 BLN #160 retail $2.1 BLN #1157 hotels whiStler blackcomb

James Irving  Brandt Louie 

$8.3 BLN #183 diversified $2.1 BLN #1157 drUGstores calgary
calgary FlameS
Jim Pattison  N Murray Edwards  N Murray Edwards
Joseph: Mike Blake / ReuteRs; Chip: JiM Bennett / Getty iMaGes; Jean: ChRistinne MusChi / ReuteRs;

$6.9 BLN #237 diversified $1.8 BLN #1339 oil & Gas claytoN riddEll
VancouVEr
David Cheriton  Gerald Schwartz  winnipeg jetS
$6 BLN #289 GooGle $1.8 BLN #1339 finance david tHoMsoN

Emanuele “Lino” Saputo & Marcel Adams & family 

family  $1.7 BLN #1394 real estate
$5.3 BLN #365 cheese
Serge Godin 
Garrett Camp  $1.7 BLN #1394
Guy Laliberte 
$1.2 BLN #1867 cirqUe dU soleil
$4.8 BLN #422 Uber information technoloGy
Mark Scheinberg  Huang Chulong  Michael Lee-Chin 
$1.2 BLN #1867 mUtUal fUnds
$4.8 BLN #422 online GamblinG $1.7 BLN #1394 real estate
Tobi Lutke ★ anton rabie
Peter Gilgan  Jacques D’Amours 
$3.8 BLN #588 home bUildinG $1.6 BLN #1477 retail
$1.2 BLN #1867 ecommerce and ronnen harary
Arthur Irving  Stephen Jarislowsky  Terence “Terry” Matthews  neWCOMers: remote-control
$1.2 BLN #1867 telecom
$3.5 BLN #652 oil $1.6 BLN #1477 air hogs, robotic hatchimals
Alain Bouchard 
money manaGement Clayton Riddell  and paw patrol rescue-dog
$1.2 BLN #1867 oil & Gas
$3.3 BLN #703 retail Hal Jackman  toys have helped make these
$1.5 BLN #1561 insUrance, K Rai Sahi  childhood friends (and co-
Daryl Katz  investments $1.2 BLN #1867 real estate ceos) billionaires. the partners
$3.1 BLN #766 pharmacies
Frank Stronach  Stephen Smith ★ launched toy company spin
Lawrence Stroll  $1.5 BLN #1561 aUto parts $1.1 BLN #1999 master in 1994, pulling together
$2.7 BLN #887
finance & investments $10,000 to create their first
fashion investments Ronald Joyce 
$1.4 BLN #1650 tim hortons Jack Cockwell ★ product, the earth buddy (it
Robert Miller 
$1 BLN #2124 real estate, resembled a chia pet), in a
$2.6 BLN #924 Bruce Flatt 
private eqUity
electronics components $1.3 BLN #1756 garage. they took the company
Chip Wilson 
money manaGement Lawrence Rossy ★ public in 2015; shares have risen
$1 BLN #2124 dollarama by nearly 180%. their spin master
$2.6 BLN #924 lUlUlemon Ronnen Harary ★
$1.3 BLN #1756 toys V Prem Watsa  entertainment also produces the
Charles Bronfman 
$1 BLN #2124 insUrance, tv show paw patrol, which airs
$2.4 BLN #1020 liqUor Pierre Karl Peladeau 
investments on nickelodeon Jr.
$1.3 BLN #1756 media
Jean Coutu 
$2.4 BLN #1020 drUGstores Anton Rabie ★
$1.3 BLN #1756 toys

Wealth status:
up down  unchangEd 
wine-growing oil & gaS FieldS mining & timber Financial SportS tech playground nEw ★ rEturnEE 
region and depoSitS mineralS centre team centre

54 | forbes india April 27, 2018

 chip wilson
neWsMaker: after a series of pr blunders, the founder
Chile
of workout-wear retailer lululemon stepped away from Gdp: $270.6 BLN; popUlation: 18 MLN
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 BLN (+$500 MLN 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 
vancouver headquarters, imploring lululemon to “buy Under $16.3 BLN #80 mininG
armour now”.
Horst Paulmann & family 
$4.8 BLN #422 retail
Julio Ponce Lerou 
$4.8 BLN #422 fertilizer
Alvaro Saieh Bendeck 
$3.2 BLN #729 bankinG
Sebastian Pinera & family 
$2.8 BLN #859 investments
Roberto Angelini Rossi 
Jean coutu $2.7 BLN #887 forestry, mininG
neWsMaker: the 90-year-old pharmacist is finally Patricia Angelini Rossi 
hanging up his white lab coat. in october he agreed $2.1 BLN #1157 forestry, mininG
to sell his Jean coutu Group—which operates more Jean Salata 
than 400 pharmacies in quebec, new brunswick and $1.6 BLN #1477 finance
ontario—to canadian grocery chain metro for about Luis Enrique Yarur Rey 
$3.6 billion in cash and stock. coutu, who founded the $1.6 BLN #1477 bankinG
business with a single montreal location in 1969, will
Bernardo Matte 
pocket nearly $2 billion. $1 BLN #2124 paper
Eliodoro Matte 
$1 BLN #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
EXpatriatEs run-off against former
north york 7 journalist Alejandro
markham
mississauga toronto 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 favours
tweed caps, lütke founded shopify, an
ecommerce platform that powers some
600,000 online stores, in 2006. the
German native had learnt 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 by 320% since then,
making him a billionaire—though he still
bikes to work.

April 27, 2018 forbes india | 55

 the world’s billionaires / the list
China
gdp: $12.3 TLn
population: 1.4 BLn
billionaires: 373 (+54 VS 2017)
total net worth: $1.12 TLn (+$311.4 BLn VS 2017)
Ma Huateng 
$45.3 BLn #17 internet media
Jack Ma 
$39 BLn #20 e-commerce
Hui Ka Yan 
$30.3 BLn #24 real estate
Wang Jianlin 
$30 BLn #26 real estate
Yang Huiyan 
$21.9 BLn #43 real estate
He Xiangjian 
$20.1 BLn #50 appliances
Wang Wei 
$18.2 BLn #63 package delivery
William Ding 
$17.4 BLn #69 online games
Zhang Zhidong 
$15.6 BLn #87 internet media
Li Shufu 
$15.3 BLn #91 automobiles
Lei Jun 
$12.5 BLn #118 smartphones
Robin Li 
$12 BLn #124 internet search
Wang Wenyin 
$11.7 BLn #130 mining, copper
Xu Shihui & family 
$11.3 BLn #135 snacks,
beverages
Zhou Hongyi 
$11.3 BLn #135
security software
Richard Qiangdong Liu 
$10.8 BLn #140 e-commerce
Yan Zhi 
$10.1 BLn #148 real estate
Pan Zhengmin & family 
$9.7 BLn #154 electronics
Zong Qinghou 
$9.5 BLn #160 beverages
Yao Zhenhua 
Wang: Thomas PeTer / reuTers; William li: norihiko shirouzu / reuTers;
$9.2 BLn #167 diversified
zhou: liang zhen / ChinaFoToPress / geTTy images; liu: geTTy images
Guo Guangchang 
$8.1 BLn #186 diversified
Sun Piaoyang 
$7.7 BLn #202 pharmaceuticals
Wu Yajun & family 
$7.7 BLn #202 real estate
Wang Wenxue 
$7.2 BLn #217 real estate
Lu Zhiqiang 
$7 BLn #228 real estate
Wu Shaoxun ★
$7 BLn #228 wine
Chan Laiwa & family 
$6.8 BLn #242 real estate
Liu Yongxing 
$6.7 BLn #248 diversified
Wei Jianjun & family 
$6.5 BLn #261 automobiles
Jason Jiang 
$6.4 BLn #265 advertising
wine-growing oil & gas FielDs
region anD DePosiTs
56 | forbes india April 27, 2018
Pang Kang 
$6.4 BLn #265 soy sauce
Ma Jianrong & family 
$6 BLn #289 textiles, apparel
Yao Liangsong 
$5.8 BLn #305 furniture
Zhang Jindong 
$5.8 BLn #305 appliance retail
Kei Hoi Pang 
$5.6 BLn #321 real estate
Zhang Bangxin 
$5.5 BLn #334
after-school tutoring
Zhang Shiping & family 
$5.5 BLn #334 aluminum
Lin Xiucheng & family 
$5.4 BLn #351 electronics
Xu Chuanhua & family 
$5.3 BLn #365 chemicals,
logistics
Wang Chuanfu 
$5.2 BLn #372 batteries,
automobiles
Liu Yonghao & family 
$4.9 BLn #404 agribusiness
Yu Yong 
$4.9 BLn #404 mining
Zhou Jianping 
$4.9 BLn #404 fashion retail
fu Liquan 
$4.8 BLn #422
surveillance equipment
Li Shuirong 
$4.7 BLn #441 petrochemicals
Cai Kui 
$4.6 BLn #456 real estate
Liang Wengen 
$4.6 BLn #456
construction equipment
fang Wei 
$4.5 BLn #466 steel
Ji Changqun 
$4.5 BLn #466 real estate
Chu Mang Yee & family 
$4.4 BLn #480 real estate
Wang Yusuo & family 
$4.2 BLn #514 natural gas
fan Hongwei ★
$4.1 BLn #527 petrochemicals
Wang Xing 
$4.1 BLn #527 e-commerce
Che Jianxing 
$4 BLn #550 furniture retail
Huang Rulun 
$4 BLn #550 real estate
Yu Huijiao 
$4 BLn #550 package delivery
Zhang Xuexin & family ★
$4 BLn #550 aluminum
Zhang Yiming ★
$4 BLn #550 software
Chen Dongsheng 
$3.8 BLn #588 insurance
mining & Timber Financial
minerals
WeaLTH
TOP SeCTORS ORiGin
70
MANUFACTURING 1% 1%
60
REAL ESTATE
98%
54
TECHNOLOGY
36 inHeRiTeD & GROWinG
HEALTH CARE
inHeRiTeD
SeLf-MaDe
32
DIVERSIFIED
23
FASHION & RETAIL
NeWSmaker UrUmqi xinjiang
Wang Jianlin
wang, formerly china’s Xinjiang Flying Tigers
richest man, made a retreat Sun GuanGxin
in 2017 shortly after boast-
ing about his dalian wanda
group’s record number of
overseas acquisitions.
the owner of us movie the-
atre 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 
$3.8 BLn #588 chemicals
Zeng fangqin ★
$3.8 BLn #588 Xu Jingren  Liu Zhongtian & family 
smartphone components $3.6 BLn #629 $3.3 BLn #703 aluminum
pharmaceuticals
Zhang Jin  Luo Liguo & family ★
$3.8 BLn #588 diversified Zhang Li  $3.3 BLn #703 silicon products
$3.6 BLn #629 real estate
Li Gaiteng  Jiang Bin 
$3.7 BLn #606 hair dryers Zhang Xin & family  $3.2 BLn #729
$3.6 BLn #629 real estate acoustic components
Tse Ping 
$3.7 BLn #606 Chen Bang  nie Tengyun & family 
pharmaceuticals $3.5 BLn #652 hospitals $3.2 BLn #729 logistics
Cao Longxiang & family  Gao Tianguo  frank Wang 
$3.6 BLn #629 $3.5 BLn #652 real estate, $3.2 BLn #729 drones
pharmaceuticals finance
Cheng Cheung Ling ★
Jiang Rensheng & family  Melissa Ma ★ $3.1 BLn #766 pharmaceuticals
$3.6 BLn #629 vaccines $3.4 BLn #679 internet search
Meisong Lai 
Qin Yinglin & family  Sun Guangxin  $3.1 BLn #766 package delivery
$3.6 BLn #629 pig breeding $3.4 BLn #679 diversified
Liang Xinjun 
Qiu Guanghe & family  Ji Qi  $3.1 BLn #766 diversified
$3.6 BLn #629 fashion retail $3.3 BLn #703 hotels, motels
Ren Jianhua 
$3.1 BLn #766 appliances
Wealth StatuS:
Up Down  UnchangeD 
sPorTs Tech PlaygrounD new ★ retUrnee 
cenTre Team cenTre
 william li Zhou xiaoguang
N e Wcom e r: the seri-
NeWcomer: the Zhejiang native,
al entrepreneur’s three-
who reportedly left school at age
year-old startup, nio,
16 due to a lack of funds, got her
began taking orders for
start peddling trinkets. with her
its first electric suv in
husband, yu yunxin, Zhou later
december. nio’s es8
cofounded neoglory, which still
sells for a base price
sells inexpensive baubles on
of $71,000, much less
amazon and elsewhere. now,
than tesla’s model x,
it also has interests in property
which starts at roughly
and finance, including a publicly
$130,000 in china. nio,
listed real estate arm.
which has raised $2.1 bil-
lion in funding, is aim-
tonghUa
ing to build a network of
1,200 mobile charging LiaoYang
vans and 1,100 battery
ShenYang
swap stations by 2020. Wang Jian ★
beijing $3.1 BLn #766
genome sequencing
62 YingkoU
Lu Xiangyang 
$3 BLn #791 automobiles,
DaLian Shanghai batteries
46 Wang Zhenhua 
LangFang $3 BLn #791 real estate
ZhaoYUan
baoDing LongkoU Simon Xie 
weiFang $3 BLn #791
binZhoU weihai online payment service
ShijiaZhUang
taiYUan qingDao Cai Dongchen ★
DongYing $2.9 BLn #822
LUancheng jinan riZhao pharmaceuticals
hengShUi LinYi
Liaocheng LianYUngang Ding Shizhong & family 
SUqian
wUZhong xinxiang
ZhengZhoU wUxi
Zhangjiagang
hangZhoU $2.9 BiL #822 sportswear
feng Hailiang 
heZe nantong 24 $2.9 BLn #822 diversified
changge YanZhoU jiangYin Ke Zunhong & family 
Xi’an $2.9 BLn #822
soFTware Park heFei nanjing
LanZhoU pharmaceuticals
DanYang
jiaxing taixing Wang Laichun 
xian LUohe $2.9 BLn #822
Lin’an
changZhoU electronics components
nanYang ningbo
tongxiang Wang Laisheng 
chengDU ShangYU Shaoxing SUZhoU $2.9 BLn #822
wUhan electronics components
ZhUji
taiZhoU YiwU
wUjiang qUZhoU Ding Shijia 
DaYe $2.8 BLn #859 sportswear
nanping wenZhoU ZhUji
nanchang Shi Yuzhu 
ningDe $2.8 BLn #859 online games,
investments
ZhangShU
changSha FUZhoU
chongqing
Gu Yuhua & family 
qUanZhoU $2.7 BLn #887 furniture
guangzhou r&F Fc
ZhanG Li xinYU jinjiang Huang Wei 
hong kong
xiamen gUangZhoU expatriateS $2.7 BLn #887 real estate
kunming hUiZhoU 8 Zhang Wenzhong ★
gUiYang DonggUan 19

The neoglory JeWelry: geTTy images; liu: andreW BurTon / geTTy images
$2.7 BLn #887 retail
ShUnDe ShantoU
Zuo Hui ★
chaoZhoU $2.7 BLn #887
anShUn real estate services
FoShan pUning
Chen fashu 
YUnFU $2.6 BLn #924 investments
ZhongShan Lam Kong 
ZhUhai $2.6 BLn #924
pharmaceuticals
macau
ShenZhen Shen Wenrong 
$2.6 BLn #924 steel
41 Shen Yuxing ★
haikoU
$2.6 BLn #924 real estate
Song Zuowen 
$2.6 BLn #924 aluminum,
hainan islanD
diversified
Zhang fan 
$2.6 BLn #924 touchscreens
Liu Qiangdong Zhu Xingliang 
$2.6 BLn #924 construction
NeWSmaker: his e-commerce giant jd.com reached
Du Jiangtao & family 
an agreement in may with the provincial government $2.5 BLn #965 chemicals
of shaanxi to build china’s largest drone network. the
company already has seven models of drones that carry Hui Lin Chit 
$2.5 BLn #965
packages along a fixed route, landing on pads in rural hygiene products
villages. one of the models can carry parcels weighing
Sze Man Bok 
up to 66 pounds, while another can fly at up to 62 mph. $2.5 BLn #965
once they land, jd.com contractors deliver the orders. hygiene products

April 27, 2018 forbes india | 57

 the world’s billionaires / the list
China
Chen Jinxia 
$2.4 BLn #1020 investments
Geng Jianming & family 
$2.4 BLn #1020 real estate
Li Zhongchu 
$2.4 BLn #1020 software
Tong Jinquan 
$2.4 BLn #1020 real estate
Yu Minhong 
$2.4 BLn #1020 education
Chen Hua 
$2.3 BLn #1070 real estate
Hu Baifan 
$2.3 BLn #1070
pharmaceuticals`
Lin Li 
$2.3 BLn #1070 investments
He Qiaonv 
$2.2 BLn #1103
landscape architecture
Ke Xiping & family 
$2.2 BLn #1103 investments
Kong Jian Min 
$2.2 BLn #1103 real estate
Shen Guojun 
$2.2 BLn #1103 retail
Wu Zhigang & family 
$2.2 BLn #1103 bakery chain
Xiao Wenge 
$2.2 BLn #1103 entertainment
Zhang Xiugen & family 
$2.2 BLn #1103 automobiles
Cheng Xue 
$2.1 BLn #1157 soy sauce
Huang Hongyun & family 
$2.1 BLn #1157 real estate
Huang Zhenda & family 
$2.1 BLn #1157 construction
Jiang Yehua & family 
$2.1 BLn #1157 real estate
Li Hongxin & family 
$2.1 BLn #1157 paper products
Li Xiting ★
$2.1 BLn #1157 medical devices
Liang Yunchao 
$2.1 BLn #1157
nutrition supplements
Mao Lixiang & family ★
$2.1 BLn #1157 appliances
Wang Changtian 
$2.1 BLn #1157 tv, movie
production
Wang Wenjing 
$2.1 BLn #1157 business
software
Ye Cheng 
$2.1 BLn #1157 diversified
Zhu Gongshan 
$2.1 BLn #1157
solar panel materials
Dong Wei ★
$2 BLn #1215 pharmaceuticals
Hu Kaijun 
$2 BLn #1215 pharmaceuticals
Li Ge ★
$2 BLn #1215 biotech
Liu Ming Hui 
$2 BLn #1215 natural gas
Ma Xingtian 
$2 BLn #1215 pharmaceuticals
Miao Shouliang 
Jason lee / reuTers
$2 BLn #1215 real estate
Ren Zhengfei 
$2 BLn #1215 telecom equipment
Su Suyu & family 
$2 BLn #1215 utilities,
real estate
58 | forbes india April 27, 2018
Wang Liping & family 
$2 BLn #1215
hydraulic machinery
Wang Xicheng & family 
$2 BLn #1215 tyres
Wei Shaojun 
$2 BLn #1215 real estate
Zhu Baoguo & family 
$2 BLn #1215 pharmaceuticals
Liang Jiankun & family ★
$1.9 BLn #1284 cobalt mining
Qiu Jianping & family 
$1.9 BLn #1284 hand tools
Wang Qingtao 
$1.9 BLn #1284 steel smelting
Xiao Yongming & family 
$1.9 BLn #1284 fertiliser
Xie Zhikun 
$1.9 BLn #1284 investments
Xue Xiangdong & family 
$1.9 BLn #1284 software
Yuan Yafei 
$1.9 BLn #1284 retail,
investments
Zhang Daocai 
$1.9 BLn #1284 valves
Zhang Xuansong ★
$1.9 BLn #1284 supermarkets
Zheng Yuewen & family 
$1.9 BLn #1284 investments
Zhou Xiaoguang ★
$1.9 BLn #1284 jewellery,
real estate
an Kang 
$1.8 BLn #1339 pharmaceuticals
Chen Jianhua 
$1.8 BLn #1339 chemicals
Cheung Yan 
$1.8 BLn #1339
paper products
Cui Genliang 
$1.8 BLn #1339
electric components
Dou Zhenggang 
$1.8 BLn #1339 energy,
chemicals
Huang Qisen 
$1.8 BLn #1339 real estate
Li Zongsong & family 
$1.8 BLn #1339 pharmaceuticals
Qin Hui ★
$1.8 BLn #1339 movie theatres
Sun Shoukuan 
$1.8 BLn #1339 metals, coal
Wong Luen Hei 
$1.8 BLn #1339
building materials
Wu Yulan ★
$1.8 BLn #1339 pharmaceuticals
Xu Hang ★
$1.8 BLn #1339 medical devices
Yang erzhu 
$1.8 BLn #1339 real estate
Yao Kuizhang ★
$1.8 BLn #1339 beverages
Chen Dejun 
$1.7 BLn #1394 package delivery
Chen Xueli 
$1.7 BLn #1394 pharmaceuticals
Huo Qinghua 
$1.7 BLn #1394 coal
Jiang Yintai & family ★
$1.7 BLn #1394 auto parts
Li San Yim 
$1.7 BLn #1394
construction equipment
Ma Xiuhui 
$1.7 BLn #1394 led lighting
NeWcomer
ning Tang
tang pioneered marketplace
lending in china when he
founded creditease, a peer-
to-peer lending firm, in 2006.
the privately held compa-
ny also offers other services
like crowdfunding and on-
line financial management.
creditease, which operates
in 255 cities in china as well
as around the world, listed its
lending arm yirendai on the
new york stock exchange in
2015; shares have risen
43 percent in the past year.
Ou Zongrong 
$1.7 BLn #1394 real estate
Pan Weiming 
$1.7 BLn #1394 real estate
Qi Jinxing 
$1.7 BLn #1394 real estate
Qi Shi & family 
$1.7 BLn #1394
financial information
Wang Chaobin 
$1.7 BLn #1394 real estate
Wang Yanqing & family ★
$1.7 BLn #1394
electrical equipment
Wu Guangming 
$1.7 BLn #1394 medical equipment
Xu Qiming 
$1.7 BLn #1394 food, art
Zhang Xiaojuan 
$1.7 BLn #1394 logistics
Cai Wensheng 
$1.6 BLn #1477
photo-sharing app
Chen Xiaoying 
$1.6 BLn #1477 package delivery
Lei Jufang 
$1.6 BLn #1477 pharmaceuticals
Li Li 
$1.6 BLn #1477 pharmaceuticals
Li Liufa & family 
$1.6 BLn #1477 steel, diversified
Liu Hanyuan 
$1.6 BLn #1477 agribusiness
ni Zugen 
$1.6 BLn #1477 appliances
Ruan Shuilong & family 
$1.6 BLn #1477 chemicals
Su Weizhong 
$1.6 BLn #1477 oil, fertilisers
Wang Jinshu 
$1.6 BLn #1477 chemicals
Wang Yaohai 
$1.6 BLn #1477 lighting
Wong Kwong Yu & family 
$1.6 BiL #1477 appliance retail
Wu Xushun & family 
$1.6 BiL #1477 online games,
auto parts
Yu Rong ★
$1.6 BLn #1477 health clinics
Zhou Chengjian 
$1.6 BLn #1477 retail
Zhou Yaoting & family 
$1.6 BLn #1477 apparel, real
estate
Zhuang Kuilong & family ★
$1.6 BLn #1477 polyester
Che fengsheng 
$1.5 BLn #1561 pharmaceuticals
Chen Qingzhou & family 
$1.5 BLn #1561
communications equipment
Huang Qiaoling 
$1.5 BLn #1561 amusement parks
Huang Zhuangmian & family ★
$1.5 BLn #1561 logistics
Lee Yin Yee ★
$1.5 BLn #1561 glass
Li Weiwei 
$1.5 BLn #1561 online games
William Li ★
$1.5 BLn #1561 automobiles
Li Yihai 
$1.5 BLn #1561 pharmaceuticals
Li Yong 
$1.5 BLn #1561 chemicals
Lou Zhongfu & family 
$1.5 BLn #1561 real estate
Ou Zonghong 
$1.5 BLn #1561 real estate
Que Wenbin & family 
$1.5 BLn #1561 pharmaceuticals
Tang Jianfang 
$1.5 BLn #1561 packaged foods
ning Tang ★
$1.5 BLn #1561 online lending
Wang Jiufang 
$1.5 BLn #1561 real estate
Wong Hong King ★
$1.5 BLn #1561 real estate
Xiao Chunhong 
$1.5 BLn #1561 real estate
Zhang Hongwei 
$1.5 BLn #1561 oil, banking
Zhang Tao ★
$1.5 BLn #1561 e-commerce
Chen Liying 
$1.4 BLn #1650
package delivery
Chen Tianqiao 
$1.4 BLn #1650 online games
Chi Yufeng 
$1.4 BiL #1650 software
Du Weimin ★
$1.4 BLn #1650 vaccines
Li Guoqiang 
$1.4 BLn #1650 car dealerships
Li Liangbin ★
$1.4 BLn #1650 lithium
Ma Hong & family 
$1.4 BLn #1650 retail
nan Cunhui 
$1.4 BLn #1650
power equipment
Ou Xueming ★
$1.4 BLn #1650 real estate
Su Rubo ★
$1.4 BLn #1650 real estate
Wang Jianfeng & family 
$1.4 BLn #1650 auto parts
Wang Jing 
$1.4 BLn #1650 telecom services
Wang Qunbin 
$1.4 BiL #1650 diversified
Yi Zheng 
$1.4 BLn #1650 software
Yuan fugen & family 
$1.4 BLn #1650 metals
Zeng Kaitian 
$1.4 BLn #1650 online games
Zhang Wanzhen 
$1.4 BLn #1650
electronics components
Zhang Yubai ★
$1.4 BLn #1650 wine
Changpeng Zhao ★
$1.4 BLn #1650 cryptocurrency
Zhou Yifeng & family 
$1.4 BLn #1650 chemicals
Zhou Yongli & family ★
$1.4 BLn #1650 diversified
Zhu Wenchen 
$1.4 BLn #1650 pharmaceuticals
Cheng Xianfeng 
$1.3 BLn #1756 pharmaceuticals
fu Meicheng & family 
$1.3 BLn #1756 tv shows, movies
Don Gao 
$1.3 BLn #1756 power tools
Gao Yunfeng ★
$1.3 BLn #1756
industrial lasers
Hu Keqin & family ★
$1.3 BLn #1756 chemicals
Li Jiaquan ★
$1.3 BLn #1756 chemicals
Lin fanlian ★
$1.3 BLn #1756 diversified
Lin Jianhua & family 
$1.3 BLn #1756
solar panel materials
Liu Baolin 
$1.3 BLn #1756 pharmacies
Lu Di 
$1.3 BLn #1756 drones
Shao Qinxiang ★
$1.3 BLn #1756 diversified
eric Ya Shen 
$1.3 BLn #1756 e-commerce
Shum Chiu Hung ★
$1.3 BLn #1756 real estate
Sun Qinghuan 
$1.3 BLn #1756 lighting
Sun Yinhuan 
$1.3 BLn #1756 real estate
Wan Long ★
$1.3 BLn #1756 food
Wang Muqing & family 
$1.3 BLn #1756 car dealerships
Wang Yong 
$1.3 BLn #1756 food sweeteners
Wen Yibo & family 
$1.3 BLn #1756
wastewater treatment
Wu Lanlan & family 
$1.3 BLn #1756 packaging
Xu Ziquan & family 
$1.3 BLn #1756 software
Yang Meirong ★
$1.3 BLn #1756 education
Yang Tingdong ★
$1.3 BLn #1756 brewery
You Xiaoping 
$1.3 BLn #1756 chemicals,
spandex
Yu Qibing & family ★
$1.3 BLn #1756 glass
Yu Yunxin ★
$1.3 BLn #1756 jewellery,
real estate
Zan Shengda 
$1.3 BLn #1756 diversified
China Xiu Laigui 
$1.2 BLn #1867
pharmaceuticals
Zhang Guiping & family 
$1.3 BLn #1756 real estate Xu Xiong 
$1.2 BLn #1867 driving schools
Zhao Weiguo 
$1.3 BLn #1756 chipmaker Xu Xudong & family ★
$1.2 BLn #1867 auto parts
Zheng Jianjiang & family 
$1.3 BLn #1756 Xue Hua ★
electrical equipment $1.2 BLn #1867 agribusiness
Cai Dongqing  Yan Yude ★
$1.2 BLn #1867 animation $1.2 BLn #1867 private schools
Chen Bo & family ★ Yang Keng 
$1.2 BLn #1867 wind power $1.2 BLn #1867 real estate
Cheng Wei  Yang Shaopeng ★
$1.2 BLn #1867 $1.2 BLn #1867 shipping
ride-hailing service
Zhang Cheng fei 
Liu Zhendong 
$1.1 BLn #1999 industrial
Colombia
parks
gdp: $311.4 BLn; population: 49 MLn
Liu Zhiqiang 
$1.1 BLn #1999 diversified billionaires: 3
atletico nacional
CarLoS ardiLa LuLLe total net worth: $18.6 BLn
Jonathan Lu  (+$1.5 BLn VS 2017)
medellin
$1.1 BLn #1999 e-commerce
Peng Jianhu  bogota
$1.1 BLn #1999 tourism Luis Carlos Sarmiento 
$12.1 BLn #123 banking
Lucy Peng 
$1.1 BLn #1999 e-commerce Jaime Gilinski Bacal 
$3.7 BLn #606 banking
Wan Lianbu 
$1.1 BLn #1999 fertilisers Carlos ardila Lülle 
$2.8 BLn #859 soft drinks,
Wang Miaotong  expatriate diversified
$1.1 BLn #1999 auto parts 1
Wang Zhenghua 

Cyprus
Chu Jinfu  $1.2 BLn #1867 paper products $1.1 BLn #1999 budget airline
$1.2 BLn #1867
Zhang Jingzhang  Wen Jianping 
electrical equipment
$1.2 BLn #1867 $1.1 BLn #1999
fang Hongbo ★ precision machinery sewage treatment gdp: $21.3 BLn; population: 1 MLn
$1.2 BLn #1867
appliances
Zhang Keqiang  Xia Zuoquan ★ billionaires: 7 (+1 VS. 2017)
$1.2 BLn #1867 real estate $1.1 BLn #1999 automobiles total net worth: $17.6 BLn (+$1.2 BLn VS 2017)
fu Guangming & family  Zhang Xuanning ★ Swift Xie 
$1.2 BLn #1867 poultry
$1.2 BLn #1867 retail $1.1 BLn #1999 drones
Gu Wei  Zhang Zhangsun  Yao Jinbo ★
$1.2 BLn #1867
$1.2 BLn #1867 real estate $1.1 BLn #1999
consumer electronics
online marketplace expatriateS LeFkoSa
Zhou Bajin ★ 6
Huang Jianrong & family ★ $1.2 BLn #1867 auto parts Zhao Yan 
$1.2 BLn #1867 minerals
$1.1 BLn #1999 real estate, John fredriksen 
Zhou Wenyu ★ finance
Jiang Ganjun ★ $1.2 BLn #1867 real estate
$7 BLn #228 shipping
$1.2 BLn #1867 furniture
Zhou Zongwen & family ★ Yakir Gabay 
Bu Yang ★ $1.1 BLn #1999 jewellery Polys Haji-ioannou 
Jiang Zhaobai  $1.1 BLn #1999 retail
$3.1 BLn #766 real estate
$1.2 BLn #1867 real estate $1.4 BLn #1650 easyjet
Cao Kejian  Suat Gunsel 
Cai Rongjun ★ $1 BLn #2124 air compressors Clelia Haji-ioannou 
Jin Huiming  $1.1 BLn #1999
$1.9 BLn #1284 real estate,
$1.2 BLn #1867 real estate education $1.3 BLn #1756 easyjet
electronics components Chen Jianming ★
Li Guangyu ★ $1 BLn #2124 real estate Stelios Haji-ioannou  Surendra Hiranandani 
Cai Xiaoru  $1.6 BLn #1477 easyjet $1.3 BLn #1756 real estate
$1.2 BLn #1867 education
$1.1 BLn #1999 He Simo 
Li Jun ★ electronics components $1 BLn #2124 power supplies
$1.2 BLn #1867 electronics
Li Rucheng 
Chen Jinshi & family 
$1.1 BLn #1999 construction,
Huang Xiaofen & family ★
$1 BLn #2124 circuit boards CzeCh republiC
$1.2 BLn #1867 apparel real estate
Jiang Wei 
Li Xuhui ★ Chen Qixing  $1 BLn #2124 pharmaceuticals gdp: $216.5 BLn; population: 11 MLn
$1.2 BLn #1867 soy sauce $1.1 BLn #1999 billionaires: 6
electronics components Jiang Xuefei & family 
Liu Jiang ★ $1 BLn #2124 circuit boards total net worth: $30.1 BLn (+$6.6 BLn VS 2017)
$1.2 BLn #1867 natural gas Chen Shiliang ★
$1.1 BLn #1999 polyester Liang Zhaoxian 
Liu Xuejing & family  $1 BLn #2124 appliances
$1.2 BLn #1867 copper, Chen Xiaxin & family  Petr Kellner 
$1.1 BLn #1999 Liu fuhai & family  $15.5 BLn #88 banking,
poultry
industrial machinery $1 BLn #2124 textiles, energy insurance
Liu Zhenguo  pragUe 5
Dang Yanbao ★ Liu Jincheng & family ★ andrej Babis 
$1.2 BLn #1867
$1.1 BLn #1999 coal $1 BLn #2124 lithium batteries $4.6 BLn #456
sewage treatment veLke popovice
Liu Shaoxi  agriculture
Ma Yunsheng  fu Kwan 
$1.1 BLn #1999 real estate, $1 BLn #2124 real estate Karel Komarek 
$1.2 BLn #1867 energy
diversified Lu Weiding ★ $3.2 BLn #729 lotteries
ni Zhaoxing  $1 BLn #2124 diversified
$1.2 BLn #1867 real estate Huang Shilin ★ Radovan Vitek 
$1.1 BLn #1999 batteries Mi enhua  $2.9 BLn #822 real estate
Peng Hao ★ $1 BLn #2124 retail
$1.2 BLn #1867 electronics Huang Wen Tsai  Daniel Kretinsky 
$1.1 BLn #1999 real estate Sun Shangchuan & family  politicS $2.6 BLn #924
Shang Jiyong  energy generation
$1.2 BLn #1867 tyres, Lam Lung On & family ★ $1 BLn #2124
electronics components
anDReJ BaBiS Pavel Tykac 
chemicals $1.1 BLn #1999 real estate
Wang Jianyi  The Czech Republic’s Donald $1.3 BLn #1756 coal mines
Tian Ming  David Xueling Li ★ Trump, Babiš was elected prime
$1.1 BLn #1999 $1 BLn #2124 fibre-optic cables
$1.2 BLn #1867
live streaming service minister in October and took of-
measuring instruments Wen Pengcheng & family 
$1 BLn #2124 agribusiness fice in December. Weeks before
Wang Han  Li Tan  the election, he was charged with
$1.2 BLn #1867 airline $1.1 BLn #1999 pharmaceuticals Yang Jianxin & family ★
$1 BLn #2124 apparel
fraud by Prague prosecutors over
Wang Junjin  Li Weiguo ★ allegations that his business im-
$1.2 BLn #1867 airline $1.1 BLn #1999 Yao Xinyi 
construction materials
properly received EU subsidies a
$1 BLn #2124 air conditioning
Wang Wenbiao ★ decade ago; he got immunity upon
$1.2 BLn #1867 natural gas, Liang feng ★ Zhao Xiaoqiang  election, but Czech lawmakers
fertilisers $1.1 BLn #1999 $1 BLn #2124 fashion,
battery parts voted to strip him of the protection
entertainment
Wu Daohong  in January. Babiš has denied the
$1.2 BLn #1867 energy Liang Guangwei  Zhou Liangzhang & family ★ fraud allegations. Meanwhile, his
FranCois lenoir / reuTers

services $1.1 BLn #1999 diversified $1 BLn #2124

electrical equipment
minority government failed to win
Wu Yiling  Liang Shezeng ★ the support of other parties and
$1.2 BiL #1867 $1.1 BiL #1999 real estate Zhu Xingming ★ lost a confidence vote in parlia-
pharmaceuticals $1 BLn #2124
Liao Chang  ment. He is expected to try again.
$1.1 BiL #1999 wine electrical equipment

Wealth StatuS:
Up Down  UnchangeD 
wine-growing oil & gas FielDs mining & Timber Financial sPorTs Tech PlaygrounD new ★ retUrnee 
region anD DePosiTs minerals cenTre Team cenTre

April 27, 2018 forbes india | 59

 the world’s billionaires / the list

FranCE
DEnmark
GDP: $325.2 BLn
PoPulation: 6 MLn eXPaTriaTe
aarhus 1
Billionaires: 10 (+4 VS 2017) WeALTH
total net worth: $43.7 BLn (+$5.1 BLn VS 2017) silkeborg GDP: $2.6 TLn TOP SecTOrS Origin
PoPulation: 65 MLn 9
Anders Holch Povlsen  niels Peter Louis-Hansen  humlebaek Billionaires: 40 FASHION & RETAIL 22%
$7.4 BLn #207 fashion retail $4.7 BLn #441 meDical Devices (+2 VS 2017) 6
50%
Kjeld Kirk Kristiansen  Lars Larsen  total net worth: HEALTH CARE
28%
$5.4 BLn #351 leGo $4.2 BLn #514 retail billund $320.4 BLn 6
nordborg (+$75.3 BLn VS 2017) FOOD & BEVERAGE
Sofie Kirk Kristiansen ★ Hanni Toosbuy Kasprzak  4 inHeriTed & grOWing
$5.4 BLn #351 leGo $2.6 BLn #924 shoes inHeriTed
FINANCE & INVESTMENTS SeLF-MAde
haderslev
Thomas Kirk Kristiansen ★ Martin Moller nielsen  3
$5.4 BLn #351 leGo $2.1 BLn #1157 copenhagen
CONSTRUCTION
aircraft leasinG 2
Agnete Kirk Thinggaard ★
$5.4 BLn #351 leGo Bent Jensen  LOGISTICS
$1.1 BLn #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
on the site of the
former town hall in
Billund, Denmark, and
resembles 21 larger-
than-life Lego bricks
stacked on top of
each other. Françoise Bettencourt Meyers
Newcomer: After her mother, Liliane Bettencourt, died at
age 94 in September, Bettencourt Meyers officially became
Egypt FinlanD France’s new L’Oréal heiress and the richest woman in Eu-
rope. The granddaughter of L’Oréal’s founder, she had al-
GDP: $193.7 BLn ready been running the holding company through which
GDP: $253.1 BLn
she, her husband and their two sons own L’Oréal stock. She
PoPulation: 92 MLn PoPulation: 6 MLn has written three books, including one about the Greek gods.
Billionaires: 6 (–1 VS 2017) Billionaires: 6 (–1 VS 2017)
Kjeld KirK: Michael dalder; lego Model: alKis Konstantinidis / reuters; Meyers: charles

total net worth: $18.2 BLn total net worth: $13.5 BLn
(+$100 MLn VS 2017) (+$600 MLn VS 2017)
Platiau / reuters; eurofins scientific: yves forestier / sygMa via getty iMages

Antti Herlin  clement fayat

$4.2 BLn #514 elevators, Newsmaker: a street in libourne, france, northeast of
escalators
Bordeaux, was renamed avenue clement fayat in may
cairo Heikki Kyostila  in honour of the french billionaire who 60 years earlier
5 $2.2 BLn #1103
opened his first public works company, the national
Dental ProDucts
company for terracing, in the city. libourne’s mayor
eXPaTriaTe Antti Aarnio-Wihuri  joined fayat for the unveiling. fayat started the group
$2 BLn #1215 DiversifieD
at age 25 and was in charge until 2013, when he handed
Mika Anttonen  oversight to his two sons. he is now fayat Group’s
$2 BLn #1215 oil & Gas honorary president. he also owns three vineyards.
nassef Sawiris  ilkka Herlin 
$6.6 BLn #251 construction, $1.6 BLn #1477 elevators,
chemicals escalators

naguib Sawiris  ilona Herlin 

$1.5 BLn #1561 elevators,
Gilles Martin
$4 BLn #550 telecom
escalators helsinki Newsmaker: Martin is CEO of Eurofins
Mohamed Mansour  5 Scientific, a food and pharmaceutical testing
$2.7 BLn #887 DiversifieD
company that he founded in 1987; it claims
Yasseen Mansour  the greatest total shareholder return of any
$1.9 BLn #1284 DiversifieD
company listed on a European exchange
Mohamed Al Fayed  over the past two decades. His brother Yves-
$1.6 BLn #1477 retail, Loïc, the company’s former chief technolo-
investments
kirkkonummi gy officer, joins Martin in the wealth ranks,
Youssef Mansour  thanks to a 13 percent rise in the value of
$1.4 BLn #1650 DiversifieD
Eurofins shares in the past 12 months.

wealth status:
uP down  unchanged 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD trumP new ★ reTurnee 
region AnD DePoSitS minerALS centre teAm centre ProPerty

60 | forbes india April 27, 2018

marc ladreit de Bernard Arnault & family  Xavier niel 
lacharrière $72 BLn #4 lvmh
Francoise Bettencourt
$8.1 BLn #186 internet,
telecom
Newsmaker: ladreit de Meyers & family ★ Vincent Bollore & family 
lacharrière took his hold- $42.2 BLn #18 l’oreal $7.4 BLn #207 investments
ing firm fimalac private in Francois Pinault & family  carrie Perrodo & family 
eXPaTriaTes
July 2017 in a deal that val- 9 $27 BLn #30 luxury GooDs $7.2 BLn #217 oil
ued the company at an es- Serge dassault & family  Patrick drahi 
timated $3.7 billion. he al- $22.6 BLn #41 DiversifieD $7.1 BLn #222 telecom
ready owned 94 percent of
emmanuel Besnier  Jacques Saade & family 
the shares at the time. $14.7 BLn #97 cheese $7 BLn #228 shiPPinG
fimalac has a 20 percent
stake in fitch ratings, the Alain Wertheimer  Pierre Bellon & family 
$13 BLn #108 chanel $6.1 BLn #287 fooD services
world’s third-largest credit- lille
rating agency, with opera- gerard Wertheimer  Jean-Michel Besnier 
$13 BLn #108 chanel $5.4 BLn #351 cheese
tions in over 30 countries.
Marie Besnier Beauvalot 
$5.4 BLn #351 cheese
Martin & Olivier Bouygues 
$4.9 BLn #404 construction,
meDia
PAriS-SAcLAy
Jean-Pierre cayard 
$4.5 BLn #466 sPirits
chAmPAgne Michel Leclercq & family 
$4 BLn #550 sPortinG GooDs
Marc Ladreit de Lacharriere
StADe rennAiS Fc Paris $3.7 BLn #606 finance
Francois Pinault 17 ALSAce
Alain Merieux & family 
rennes
$3.2 BLn #729
Pharmaceuticals
laval Anne Beaufour 
$3 BLn #791 Pharmaceuticals
Henri Beaufour 
$3 BLn #791 Pharmaceuticals

Loire Philippe Foriel-destezet 

nanTes $2.9 BLn #822
emPloyment aGency
Louis Le duff 
$2.9 BLn #822 Bakeries

burgunDy nicolas Puech 

$2.8 BLn #859 hermes
Mohed Altrad 
$2.7 BLn #887 scaffolDinG,
cement mixers
iLe De
gilles Martin 
re
courcheVAL $2.6 BLn #924
laBoratory services
lyon Bernard Fraisse 
$2.3 BLn #1070
Pharmaceuticals

Marc: stePhane grangier / corbis via getty iMages; xavier: charles Platiau / reuters;
grenobLe Alain Taravella 
$2.2 BLn #1103 real estate
borDeAux
Philippe ginestet 
sainT-emilion $2.1 BLn #1157 retail stores
VALbonne christian Latouche 
rhone
Pujols $2.1 BLn #1157
accountinG services
charles edelstenne 
oLymPique mArSeiLLe $1.9 BLn #1284 aviation
montPeLLier herAuLt rugby MarGarita louis-dreyFus
Mohed altrad edouard carmignac 
touLouSe St. troPez $1.8 BLn #1339
asset manaGement
cAnneS
monTPellier
St. rAPhAeL clement Fayat & family 
marseille
LAngueDoc $1.8 BLn #1339 construction
St. mAxime
dominique desseigne 
$1.7 BLn #1394 casinos
Michel chalhoub & family 
$1.6 BLn #1477 retail

XAVier nieL norbert dentressangle 

station f: charles Platiau / reuters

$1.2 BLn #1867 transPort,

Newsmaker: in June 2017, french pres- loGistics
ident emmanuel macron and Paris mayor Francis Holder ★
anne hidalgo, along with over a thou- $1.2 BLn #1867 Bakeries
sand entrepreneurs, attended the launch Yves-Loic Martin ★
of station f, billed as the world’s biggest $1.1 BLn #1999
startup campus. funded by telecom laBoratory services
billionaire niel, the 366,000-square-foot Francois Feuillet ★
building in Paris has 3,000 desks. $1 BLn #2124 motor homes,
station f has partnered with companies rv’s
like facebook and microsoft to offer
mentoring programmes and workshops.

April 27, 2018 forbes india | 61

 the world’s billionaires / the list

Germany
WeaLTh TOp SecTOrS
Origin
32
32 FASHION & RETAIL 12%
FASHION & RETAIL 17 72%
12%
17 72% MANUFACTURING
MANUFACTURING 17 16%
17 16% HEALTH CARE
GDP: $3.7 TLn HEALTH CARE 11
PoPulation: 83 MLn 11 inheriTed & grOWing TECHNOLOGY
inheriTed
Billionaires: 123 (+9 VS 2017) TECHNOLOGY SeLf-Made 10
total net worth: $578.7 BLn (+$110.9 BLn VS 2017) 10 AUTOMOTIVE
AUTOMOTIVE 8 expatRiates
8 FOOD & BEVERAGE 15
FOOD & BEVERAGE
Beate heister & Sylt
Karl albrecht Jr 
$29.8 BLn #27 suPermarkets kiel
georg Schaeffler 
$25.3 BLn #31 auto Parts
Susanne Klatten 
$25 BLn #32 Bmw,
Pharmaceuticals
Stefan Quandt 
$22 BLn #42 Bmw
bRemen
dieter Schwarz 
$20.9 BLn #46 retail auRich hambuRg
Theo albrecht Jr & family  JULia STOScheK
$20.2 BLn #48 alDi, traDer Joe’s espelkamp
NeWSmaker: Stoschek has assem-
Klaus-Michael Kuehne  bled a collection of contemporary loweR saxony
$15.3 BLn #91 shiPPinG art that she exhibits in galleries in
reinhold Wuerth & family  Düsseldorf and Berlin; her collection
$13.6 BLn #105 fasteners has attracted more than 100,000
DetmolD
heinz hermann Thiele visitors over the past decade. Her bRunswick
& family  latest exhibition in Berlin features bielefelD beRlin
$12.9 BLn #113 Brakes work from American artist Arthur stRaelen gueteRsloh
hasso plattner & family  Jafa that centres on identity and
$12.7 BLn #116 software race. Her fortune lies in her
alexander Otto ★ stake in German DuDeRstaDt
RheDa-wieDenbRueck
$11.8 BLn #127 real estate car-parts compa- DuisbuRg
rb LeiPzig
Udo & harald Tschira  ny Brose, founded Dietrich Mateschitz
$11.7 BLn #130 software by her grandfather mulheim an DeR RuhR leipzig
Max Brose and now allenDoRf
Michael Otto & family  maRbuRg
$11 BLn #138 retail, real estate run by her father, DreSDen
Michael Stoschek. kRefelD melsungen
Walter pJ droege  DusselDoRf
$10.3 BLn #146 consultinG
dietmar hopp & family  haigeR
koenigstein
$10.2 BLn #147 software cologne
beRgish-glaDbach gRebenhain
august von finck 
$9.2 BLn #167 investments baD hombuRg
andreas von Bechtolsheim
& family  Oliver samwer montabauR RottenDoRf
$6.8 BLn #242 GooGle
NeWSmaker: it’s heRzogenauRach
Ludwig Merckle  fRankfuRt DaRmstaDt
$6.7 BLn #248 Pharmaceuticals the comeback of the
copycats as oliver neustaDt an DeR
Julia: andreas rentz / Getty imaGes; Oliver: Hannibal HanscHke / reuters

aloys Wobben  walDnaab

and his brothers
$6.6 BLn #251 winD turBines Rheingau weinheim
marc and alexander neckaRsulm nuRembeRg
erivan haub & family  return to the wealth st. wenDel
$6.4 BLn #265 retail heiDelbeRg
ranks after a two-year
guenther fielmann & fam  hiatus, thanks most- kuenzelsau
$6.3 BLn #274 oPtometry ly to a stronger euro.
wallDoRf bRuchsal
Maria-elisabeth Schaeffler  shares of rocket internet, gailDoRf
$6.3 BLn #274 auto Parts the investment firm that oli- schwiebeRDingen
ralph dommermuth  ver runs, are also up slightly. Best winnenDen lanDshut
$5.9 BLn #296 known for creating knockoffs of kaRlsRuhe
internet service ProviDer american tech firms, rocket internet has
stuttgaRt
Wolfgang Marguerre  more than 100 companies in its portfolio,
ulm ehc reD buLL munchen
$5.9 BLn #296 including online food-ordering firm Dietrich Mateschitz
Pharmaceuticals augsbuRg
Delivery hero, which went public in June.
Martin Viessmann & family 
$5.7 BLn #315 aschau
heatinG equiPment ohningen passau
lanDsbuRg
friede Springer  am lech munich
$5.6 BLn #321 PuBlishinG Rosenheim
staRnbeRg
Michael herz & family 
$5.4 BLn #351 coffee tegeRnsee

Wolfgang herz & family 

$5.4 BLn #351 coffee

Wealth StatuS:
up Down  unchangeD 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD new ★ RetuRnee 
region AnD DePoSitS minerALS centre teAm centre

62 | forbes india April 27, 2018

 elisabeth Mohn & family 
$5.2 BLn #372 PuBlishinG
gabriella Meister & family ★
$5 BLn #388 aPPliances
Juergen Blickle 
$4.7 BLn #441 auto Parts
Bernard Broermann 
$4.7 BLn #441 hosPitals
alexandra Schoerghuber 
$4.7 BLn #441 real estate
paul gauselmann & family ★
$4.4 BLn #480
arcaDe Game machines
Theo Mueller 
$4.4 BLn #480 Dairy
Wolfgang reimann 
$4.4 BLn #480 consumer GooDs
Matthias reimann-
andersen 
$4.4 BLn #480 consumer GooDs
Stefan reimann-andersen 
$4.4 BLn #480 consumer GooDs
renate reimann-haas 
$4.4 BLn #480 consumer GooDs
rainer Blickle 
$4.3 BLn #499 auto Parts
axel Oberwelland 
$4.1 BLn #527 canDy
Ursula Bechtolsheimer-Kipp ★
$4 BLn #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 million
in Germany and operates over 300
casinos in Germany and eight 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 per-
cent of his prosthetics company ottobock to swedish private
equity firm eqt for a reported $700 million. naeder’s grand-
father 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 
$4 BLn #550
meDical technoloGy
Traudl engelhorn & family 
$4 BLn #550 Pharmaceuticals,
meDical equiPment
daniela herz 
$3.9 BLn #572 coffee
guenter herz & family 
$3.9 BLn #572 coffee
hubert Burda & family 
$3.8 BLn #588 PuBlishinG
Katharina Otto-Bernstein ★
$3.8 BLn #588 real estate
andreas Struengmann 
$3.7 BLn #606
Pharmaceuticals
Thomas Struengmann 
$3.7 BLn #606
Pharmaceuticals
friedhelm Loh 
$3.6 BLn #629 manufacturinG
gabriele Volkmann ★
$3.6 BLn #629 auto Parts
Maren Otto ★
$3.5 BLn #652 retail
clemens Toennies 
$3.5 BLn #652 meat ProcessinG
Yvonne Bauer 
$3.2 BLn #729 meDia
Otto happel 
$3.2 BLn #729 enGineerinG
Kurt Krieger 
$3.2 BLn #729
furniture retailinG
hans georg naeder 
$3.2 BLn #729 Prosthetics
Michael & reiner Schmidt-
ruthenbeck 
$3.2 BLn #729 retail
robert Toennies 
$3 BLn #791 meat ProcessinG
hedda im Brahm-droege 
$2.9 BLn #822 consultinG
erwin franz Mueller 
$2.9 BLn #822 DruG stores
Lutz Mario helmig 
$2.6 BLn #924 hosPitals
horst Julius pudwill 
$2.5 BLn #965 manufacturinG
Klaus-peter Schulenberg 
$2.5 BLn #965
ticketinG service
Bergit douglas 
$2.4 BLn #1020
consumer GooDs
hermann Langness 
$2.4 BLn #1020 fooD, retail
alfred Oetker 
$2.4 BLn #1020
consumer GooDs
august Oetker 
$2.4 BLn #1020 consumer GooDs
carl ferdinand Oetker 
$2.4 BLn #1020
consumer GooDs
christian Oetker 
$2.4 BLn #1020
consumer GooDs
Julia Oetker 
$2.4 BLn #1020
consumer GooDs
richard Oetker 
$2.4 BLn #1020 consumer GooDs
rosely Schweizer 
$2.4 BLn #1020
consumer GooDs
peter Unger 
$2.4 BLn #1020 auto rePair
dirk rossmann & family 
$2.3 BLn #1070 DruGstores
hans-Werner hector 
$2.2 BLn #1103 saP
Josef Boquoi & family 
$2.1 BLn #1157 frozen fooDs
Willibert Krueger 
$2.1 BLn #1157 fooD ProcessinG
guenther Lehmann &
family 
$2.1 BLn #1157 DruG stores
georg nemetschek 
$2.1 BiL #1157 software
Sylvia Stroeher 
$2.1 BLn #1157 cosmetics
Bernhard Braun-Luedicke 
$2 BLn #1215
meDical technoloGy
eva Maria Braun-Luedicke 
$2 BLn #1215
meDical technoloGy
friederike Braun-Luedicke 
$2 BLn #1215
meDical technoloGy
fritz draexlmaier 
$2 BLn #1215 auto Parts
christoph henkel 
$2 BLn #1215 consumer GooDs
albert Berner & family 
$1.9 BLn #1284 fasteners
Thomas Bruch & family 
$1.9 BiL #1284 retail
Bernd freier 
$1.9 BLn #1284 fashion retail
Johannes Kaercher 
$1.9 BLn #1284 vacuums,
cleaninG ProDucts
friedrich Knapp 
$1.9 BLn #1284 fashion retail
horst Wortmann 
$1.9 BLn #1284 footwear
Susanne Zimmermann
von Siefart 
$1.9 BLn #1284 vacuums,
home cleaninG ProDucts
anna Maria Braun 
$1.8 BLn #1339
meDical technoloGy
Johanna Braun 
$1.8 BLn #1339
meDical technoloGy
Karl friedrich Braun 
$1.8 BLn #1339
meDical technoloGy
Julia Stoschek 
$1.8 BLn #1339 auto Parts
Maximilian Stoschek 
$1.8 BLn #1339 auto Parts
hubertus Benteler 
$1.7 BLn #1394 auto Parts
Greece
Ludwig Theodor Braun  GDP: $200.5 BLn
$1.7 BLn #1394 PoPulation: 11 MLn
meDical technoloGy
Billionaires: 4
rolf gerling  (+1 VS 2017)
$1.7 BLn #1394 insurance total net worth:
peter Leibinger  $9.6 BLn (+$3.1 BLn VS 2017)
$1.7 BLn #1394 machine tools
regine Leibinger 
$1.7 BLn #1394 machine tools
Spiro Latsis & family 
$3.2 BLn #729 BankinG, shiPPinG
Torsten Toeller 
$1.7 BLn #1394 Pet fooD
philip niarchos 
$2.8 BLn #859 art collection
nicola Leibinger-
Kammueller  aristotelis Mistakidis 
$2.5 BLn #965 mininG,
$1.5 BLn #1561 manufacturinG
commoDities
Monika Schoeller 
$1.5 BLn #1561 PuBlishinG
Vardis Vardinoyannis & fam ★
$1.1 BLn #1999 oil & Gas
Stefan von holtzbrinck 
$1.5 BLn #1561 PuBlishinG
andreas pohl 
$1.3 BLn #1756 mutual funDs
reinfried pohl Jr 
$1.3 BLn #1756 mutual funDs athens
Karin Schick ★
$1.3 BLn #1756 technoloGy
dieter Schnabel 
$1.3 BLn #1756 chemicals
gudrun heine 
$1.2 BLn #1867 meDical expatRiates
Devices
helga Kellerhals ★
$1.2 BLn #1867
HunGary
electronics retail
Sybill Storz 
Paul: sPieGl / ullstein bild via Getty imaGes; Hans: aslu / ullstein bild via Getty imaGes; sandOr: laszlO balOGH / reuters
$1.2 BLn #1867 meDical
Devices GDP: $138 BLn
Wolfgang egger ★ PoPulation: 10 MLn
$1.1 BLn #1999 real estate Billionaires: 1
(+1 VS 2017)
frank Otto ★
$1.1 BLn #1999 retail total net worth:
$1.1 BLn (+$1.1 BLn VS 2017)
alexander Samwer 
$1.1 BLn #1999
tech investments
Marc Samwer 
$1.1 BLn #1999
tech investments buDapest
Oliver Samwer 
$1.1 BLn #1999
tech investments
anton Kathrein Jr 
Sandor csanyi ★
$1 BLn #2124 antennas
$1.1 BLn #1999 finance,
dirk Stroeer ★ real estate
$1 BLn #2124 aDvertisinG
peter-alexander Wacker ★
$1 BLn #2124
chemicals
GeorGia
GDP: $15.2 BLn SandOr cSanYi
PoPulation: 4 MLn NeWcomer: Hungary’s first
Billionaires: 1 billionaire, Csanyi turned the
total net worth: $4.6 BLn country’s largest retail bank
(+$100 MLn 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
agricultural and food
Bidzina ivanishvili 
$4.6 BLn #456 investments conglomerate in Hungary.
April 27, 2018 forbes india | 63
 the world’s billionaires / the list

Hong Kong*
lawrence ho 
lee man tat $2.5 Bln #965 casinos

neWSmaker: Lee, 88, has con- Vincent lo 

$2.5 Bln #965 real estate
trolled 100 percent of Lee Kum
Kee Group, the world’s larg- Or Wai Sheun 
Wealth tOp SectOrS gdp: $341.9 Bln $2.5 Bln #965 real estate
Origin est oyster-sauce maker, since he
population: 7 mln
28 bought out his brother in the Vivien chen 
28
REAL ESTATE
billionaires: 68* 1980s. The 130-year-old LKK $2.4 Bln #1020 real estate
AL ESTATE
9 total
35% net worth: also produces one of the most
9 35% $336.1 Bln chu lam Yiu 
MANUFACTURING 65%
NUFACTURING 65% (+$64 Bln VS 2017)* popular soy sauces. In August $2.4 Bln #1020 flavorings
6
6 the company’s property arm michael Ying 
FASHION & RETAIL
SHION & RETAIL
5
bought a famous London sky- $2.4 Bln #1020 retail
5 inherited & grOWing GAMBLING
scraper, nicknamed the Walkie- martin lau 
inherited
MBLING
Self-made 4 Talkie, for almost $1.7 billion. $2.3 Bln #1070 e-commerce
DIVERSIFIED
VERSIFIED tang Yiu 
3 $2.3 Bln #1070 fashion retail
ENERGY
ERGY Wong man li 
$2.3 Bln #1070 furniture
chan tan ching-fen 
EXPATRIATES 11 $2.2 Bln #1103 real estate
tung chee hwa 
$2.2 Bln #1103 shipping
Xiong Xuqiang & family 
$2.2 Bln #1103 real estate
tang Shing-bor 
Vivien Chen $2.1 Bln #1157 real estate
Family Feud: a court huang Yi 
ruling in July put an end $2 Bln #1215 auto
Hong Kong to a lengthy lawsuit be- distribution
56 tween chen and her robin Zeng ★
mother, yang foo-oi, $1.9 Bln #1284 batteries
hong kong science park over the distribution of thomas lau 
her late father chen din $1.6 Bln #1477
hwa’s wealth. it denied department stores
her permission to appeal allan Wong 
an earlier order that she $1.6 Bln #1477 electronics
pay her mother more Wu Jianshu 
than $1 billion. chen had $1.6 Bln #1477 auto parts
taken the reins of her albert Yeung 
Lan kwai Fong
family’s property devel- $1.6 Bln #1477 real estate,
Deep water Bay oper nan fung group retail
in 2009 after her fa- tang hsiang-chien 
repuLse Bay ther was declared men- $1.5 Bln #1561 textiles,
tally incapacitated. she electronics
stepped down in 2016 henry cheng ★
and is now honorary $1.4 Bln #1650 real estate
chairman. William fung 
$1.4 Bln #1650 sourcing
MAcAu 1 hoi Kin hong1 
$1.4 Bln #1650 real estate
lin tianfu 
li Ka-shing  michael Kadoorie  Henry Cheng Samuel tak lee  $1.3 Bln #1756 footwear,
$34.9 Bln #23 diversified $7.3 Bln #211 hotels, energy $4.1 Bln #527 real estate apparel
lee Shau Kee  pollyanna chu  neWcomer: His father, Cheng li Wa 
Yu-tung, was Hong Kong’s gordon Wu 
$30.3 Bln #24 real estate $7 Bln #228 financial $3.8 Bln #588 real estate $1.3 Bln #1756 real estate
services third-richest person in 2016,
lui che Woo  angela leong  Yu peidi 
$20.1 Bln #50 casinos francis choi  the year he died. Yu-tung ap- $3.7 Bln #606 casinos $1.3 Bln #1756 real estate
parently put most of his wealth
The Walkie Talkie building: eye ubiquiTous / uig via geTTy images;

$6.4 Bln #265 real estate

Joseph lau 
$16.7 Bln #75 real estate
thomas & raymond Kwok 
$16.5 Bln #77 real estate
peter Woo 
$12.2 Bln #122 real estate
lee man tat 
$11.6 Bln #132 oyster sauce,
real estate
gong hongjia & family 
$11.2 Bln #137
video surveillance
hui Wing mau 
$8 Bln #190 real estate
Walter Kwok 
henry: bobby yip / reuTers
in a family trust for future gen- edwin leong  King pak fu 
Yeung Kin-man  $3.5 Bln #652 real estate $1.2 Bln #1867 real estate
$5.6 Bln #321 electronics erations. Henry, 71, makes
his debut thanks to the value rita tong liu  lo Ka Shui 
pan Sutong  $3.4 Bln #679 real estate
$5.5 Bln #334 real estate,
of Knight Dragon, the real es- $1.2 Bln #1867 real estate
finance tate developer that he owns and li Sze lim  lo Siu-tong 
that’s behind the estimated $9.5 $3.3 Bln #703 real estate $1.2 Bln #1867 real estate,
lam Wai Ying  hotels
$5.4 Bln #351 billion Greenwich Peninsula, ronald mcaulay 
smartphone screens a residential-and-commercial $3.2 Bln #729 energy cui lijie 
pansy ho 
project under way in London. Wu Kaiting ★ $1.1 Bln #1999 gambling
$5.3 Bln #365 casinos $3 Bln #791 electronics neil Shen 
$1.1 Bln #1999 venture
law Kar po  huang Shih tsai 
$2.8 Bln #859 real estate capital
$5 Bln #388 real estate
Zhang Zhirong 
patrick lee  tung chee chen 
$2.8 Bln #859 shipping $1.1 Bln #1999 real estate,
$4.6 Bln #456 paper shipbuilding

$8 Bln #190 real estate Ye chenghai & family  fong Yun Wah 
$2.6 Bln #924 real estate hon Kwok lung & family 
$4.5 Bln #466 $1 Bln #2124 real estate
Zhou Qunfei  pharmaceuticals
$7.8 Bln #198 cho tak Wong 
$2.5 Bln #965 auto parts Zhuo Jun ★
smartphone screens richard li  $1 Bln #2124
$4.4 Bln #480 telecom printed circuit boards

Wealth StatuS:
uP Down  uncHAngED 
wine-growing oiL & gas FieLDs mining & timBer FinanciaL sports tech pLaygrounD nEw ★ RETuRnEE 
region anD Deposits mineraLs centre team centre
*includes macau. 1macau citizen

64 | forbes india April 27, 2018

 INDIA hariDWar
eXpatriates hisar
GDP: $2.6 TLN 11
PoPulation: 1.3 BLN Delhi 23
Billionaires: 119 (+18 VS 2017)
total net worth: $440.1 BLN rajastHan royals
(+$114.6 BLN VS 2017) RupeRt MuRdoch & FaMily

WeaLTh TOp SecTOrS

OrigiN
20
20 HEALTH CARE 7%
HEALTH CARE 7%
16 47%
16 47% MANUFACTURING 46%
MANUFACTURING 46% ahmeDabaD
16
16 7
DIVERSIFIED
DIVERSIFIED 10
10 FINANCE & INVESTMENTS vaDoDara kolkata
FINANCE & INVESTMENTS iNheriTed & grOWiNg
iNheriTed 9 mumbai
9 SeLf-made FOOD & BEVERAGE 43 aurangabaD
FOOD & BEVERAGE 8
8
5
TECHNOLOGY MuMbai indians
TECHNOLOGY Mukesh aMbani
sunrisers Hyderabad
mukesh ambani  MuMbai fc kalanithi MaRan
subhash chandRa
$40.1 BLN #19 Petrochemicals,
oil & Gas
Hitec city
azim premji 
$18.8 BLN #58
software services
hyDerabaD
Lakshmi mittal  pune 6
$18.5 BLN #62 steel electronic city
rising pune
supergiants
Shiv Nadar  sanjiv Goenka
$14.6 BLN #98
software services bengaluru 9
tidal park
dilip Shanghvi 
$12.8 BLN #115 goa
Pharmaceuticals chennai
Kumar Birla 
$11.8 BLN #127 commoDities
Uday Kotak  shashi & Ravi Ruia
$10.7 BLN #143 BankinG
BiggeSt loSer: The broth-
thrissur
infopark Radhakishan damani
radhakishan damani & fam 
$10 BLN #151 investments,
ers’ debt-laden steelmak- BiggeSt gainer: Damani’s wealth has more than quadru-
retail er Essar Steel was put up for kochi pled, thanks to the march 2017 listing of avenue supermarts,
auction under India’s new In- which operates supermarket chain Dmart. shares have near-
gautam adani 
$9.7 BLN #154 commoDities, solvency & Bankruptcy Code. ly tripled since the iPo, making him india’s biggest percent-
Ports London steel baron Laksh- age gainer. Damani got into retailing in 2003 with one store
mi Mittal, who has been eye- in suburban mumbai, targeting middle-class shoppers. he
cyrus poonawalla 
$9.1 BLN #170 vaccines ing assets back home, got his was an investor before delving into retail and still has stakes
ArcelorMittal to bid. Numet- in such companies as tobacco firm vst industries.
Savitri Jindal & family 
$8.8 BLN #176 steel
al, in which Ravi’s son Re-
want holds a minority stake,
Sunil mittal & family  also bid but may be disquali-
$8.8 BLN #176 telecom hasmukh chudgar 
fied because of ties to Essar—
Kushal pal Singh  $3 BLN #791 Pharmaceuticals
defaulters can’t participate in
$6.4 BLN #265 real estate rakesh Jhunjhunwala 
the auction.
acharya Balkrishna  $3 BLN #791 investments
$6.3 BLN #274 consumer GooDs Bajaj brothers  Kiran mazumdar-Shaw  Smita crishna-godrej 
$4.8 BLN #422 DiversifieD $3.6 BLN #629 Biotech $2.9 BLN #822 consumer GooDs
Vikram Lal 
$6.3 BLN #274 motorcycles Kapil & rahul Bhatia  Karsanbhai patel  adi godrej 
$4.5 BLN #466 airlines $3.6 BLN #629 consumer GooDs $2.9 BLN #822 consumer GooDs
Nusli Wadia 
$6.2 BLN #281 micky Jagtiani  Kuldip Singh & gurbachan Jamshyd godrej 
consumer ProDucts $4.4 BLN #480 retail Singh dhingra 
$3.5 BLN #652 Paints
$2.9 BLN #822 consumer GooDs anurang jain
Benu gopal Bangur  rahul Bajaj  Nadir godrej 
$6 BLN #289 cement $4.3 BLN #499 motorcycles Baba Kalyani  neWcomer: The nephew of
$2.9 BLN #822 consumer GooDs
$3.5 BLN #652 enGineerinG motorcycle magnate Rahul
Kalanithi maran  pawan munjal & family  rishad Naoroji 
$4.1 BLN #527 motorcycles Shashi & ravi ruia  Bajaj founded Endurance Tech-
$5.2 BLN #372 meDia $2.9 BLN #822 consumer GooDs
$3.4 BLN #679 DiversifieD nologies in 1985 to supply alu-
Subhash chandra  Br Shetty  aloke Lohia  minium castings to his uncle’s
$5 BLN #388 meDia $4 BLN #550 health care anil agarwal & family  $2.8 BLN #859 Petrochemicals
$3.3 BLN #703 mininG, metals Bajaj Auto. He listed the $867
pankaj patel  Sudhir & Samir mehta  chandru raheja  million (revenue) autoparts
$5 BLN #388 Pharmaceuticals $3.9 BLN #572 DiversifieD ashwin dani  $2.8 BLN #859 real estate firm in 2016; the stock has
$3.3 BLN #703 Paints
ma Yusuff ali  ravi pillai  anil ambani  nearly doubled in the past year.
$5 BLN #388 retail $3.9 BLN #572 construction Sameer gehlaut & family  $2.7 BLN #887 DiversifieD His twin brother, Tarang, who
$3.2 BLN #729 finance
ajay piramal  mangal prabhat Lodha  pV ramprasad reddy  controls privately held auto
$4.9 BLN #404 Pharmaceuticals $3.7 BLN #606 real estate rajan raheja & family  $2.5 BLN #965 components maker Varroc
$3.1 BLN #766 DiversifieD Pharmaceuticals Group, also debuts.

Wealth StatuS:
up DoWn  unchangeD 
wine-growing oil & gas fields Mining & tiMber financial sports tecH playground neW ★ returnee 
region and deposits Minerals centre teaM centre

April 27, 2018 forbes india | 65

 the world’s billionaires / the list
Jai hari & Yadu hari
dalmia & family ★
$2.4 BLN #1020 cement
abhay firodia 
$2.4 BLN #1020 automoBiles
Leena Tewari 
$2.4 BLN #1020
Pharmaceuticals
Sunny Varkey 
$2.4 BLN #1020 eDucation
murali divi 
$2.3 BLN #1070
Pharmaceuticals
harsh goenka 
$2.3 BLN #1070 DiversifieD
murli dhar & Bimal Kumar
gyanchandani ★
$2.3 BLN #1070 DeterGents
Shyam & hari Bhartia ★
$2.2 BLN #1103 DiversifieD
Vinod & anil rai gupta 
$2.2 BLN #1103
electrical equiPment
Jitendra Virwani 
$2.2 BLN #1103 real estate
Sanjiv goenka 
$2.1 BLN #1157 DiversifieD
ravi Jaipuria 
$2.1 BLN #1157 soft Drinks
harsh mariwala 
$2.1 BLN #1157 consumer GooDs
Nr Narayana murthy 
$2.1 BLN #1157
software services
Vikas Oberoi 
$2.1 BLN #1157 real estate
Vivek chand Burman 
$2 BLN #1215 consumer GooDs
ramesh Juneja & family ★
$2 BLN #1215 Pharmaceuticals
Lachhman das mittal 
$2 BLN #1215 tractors
mofatraj munot 
$2 BLN #1215 real estate
arvind poddar ★
$2 BLN #1215 tyres
arvind Tiku 
$2 BLN #1215 oil & Gas,
investments
Nandan Nilekani 
$1.9 BLN #1284
software services
ranjan pai 
$1.9 BLN #1284 eDucation
anand Burman 
$1.8 BLN #1339 consumer GooDs
RyanaiR: Tony GenTile / ReuTeRs; Michael: axel schMidT / ReuTeRs
Senapathy gopalakrishnan 
$1.8 BLN #1339
software services
Yusuf hamied 
$1.7 BLN #1394
Pharmaceuticals
devendra Jain 
$1.7 BLN #1394 chemicals
anand mahindra 
$1.7 BLN #1394 automoBiles
Kishore mariwala 
$1.7 BLN #1394 consumer GooDs
Vijay Shekhar Sharma 
$1.7 BLN #1394
financial technoloGy
radhe Shyam agarwal 
$1.6 BLN #1477 consumer GooDs
achal Bakeri 
$1.6 BLN #1477 air coolers
radhe Shyam goenka 
$1.6 BLN #1477 consumer GooDs
Joy alukkas 
$1.5 BLN #1561 jewellery
66 | forbes india April 27, 2018
Niranjan hiranandani 
$1.5 BLN #1561 real estate
anurang Jain ★
$1.5 BLN #1561 auto Parts
rajju Shroff 
$1.5 BLN #1561 aGrochemicals
Shamsheer Vayalil 
$1.5 BLN #1561 health care
anu aga 
$1.4 BLN #1650 enGineerinG
Krishna Kumar Bangur ★
$1.4 BLN #1650
GraPhite electroDes
rg chandramogan ★
$1.4 BLN #1650 Dairy
K dinesh 
$1.4 BLN #1650
software services
Balkrishan goenka 
$1.4 BLN #1650 textiles
TS Kalyanaraman 
$1.4 BLN #1650 jewellery
Nimesh Kampani 
$1.4 BLN #1650 finance
dinesh Nandwana ★
$1.4 BLN #1650
software services
Subhash runwal 
$1.4 BLN #1650 real estate
rana Kapoor 
$1.3 BLN #1756 BankinG
habil Khorakiwala 
$1.3 BLN #1756
Pharmaceuticals
mahendra prasad 
$1.3 BLN #1756
Pharmaceuticals
Bhadresh Shah 
$1.3 BLN #1756 enGineerinG
harindarpal Banga 
$1.2 BLN #1867 commoDities
amit Burman 
$1.2 BLN #1867 consumer GooDs
Kochouseph chittilappilly ★
$1.2 BLN #1867 manufacturinG
ajay Kalsi 
$1.2 BLN #1867 oil & Gas
hemendra Kothari ★
$1.2 BLN #1867
financial services
Sd Shibulal 
$1.2 BLN #1867
software services
Basudeo Singh ★
$1.2 BLN #1867
Pharmaceuticals
Samprada Singh 
$1.2 BLN #1867
Pharmaceuticals
chirayu amin 
$1.1 BLN #1999
Pharmaceuticals
Sheela gautam ★
$1.1 BLN #1999 mattresses
madhu Kapur ★
$1.1 BLN #1999 BankinG
Satish mehta 
$1.1 BLN #1999
Pharmaceuticals
analjit Singh 
$1.1 BLN #1999 health care
raamdeo agrawal ★
$1 BLN #2124
financial services
Tarang Jain ★
$1 BLN #2124 auto comPonents
Nirmal minda ★
$1 BLN #2124 auto Parts
ravindra Kishore Sinha ★
$1 BLN #2124 security services
IcelAND
GDP: $25.1 BLN
PoPulation: 335,000
Billionaires: 1
total net worth: $2 BLN
(+$200 mLN VS 2017)
IrelAND
GDP: $328.6 BLN
PoPulation: 5 mLN
Billionaires: 9
(+1 VS 2017)
total net worth: $38.2
BLN (+$4 BLN VS 2017)
meath
Dublin
3 $1 BLN #2124
eXpatriates 5
INDoNesIA
GDP: $1 TLN; PoPulation: 264 mLN
Billionaires: 20
total net worth: $72.5 BLN (+$19.4 BLN VS 2017)
r Budi hartono 
$17.4 BLN #69 BankinG,
toBacco
michael hartono 
$16.7 BLN #75 BankinG,
toBacco
Sri prakash Lohia 
$7 BLN #228 Polyester
Tahir & family 
$3.5 BLN #652 DiversifieD
chairul Tanjung 
$3.5 BLN #652 DiversifieD
mochtar riady & family 
$3 BLN #791 DiversifieD
prajogo pangestu 
$2.9 BLN #822 Petrochemicals
murdaya poo 
$2 BLN #1215 DiversifieD
jakarta
14
kuDus
eXpatriate
1
Thor Bjorgolfsson 
$2 BLN #1215 investments
pallonji mistry 
$17.8 BLN #66 construction
Michael o’leary
neWcomer: Known for his brash
John grayken  leadership style, the longtime CEO
$6.6 BLN #251 Private equity
of Ryanair has turned cost-cutting
denis O’Brien  into an art form, building the no-
$4.6 BLN #456 telecom
frills airline from a $85 million
John dorrance iii 
(sales) business into a $7.1 billion
$2.8 BLN #859 camPBell souP one. A former accountant, O’Leary
dermot desmond  worked as a financial advisor to
$2.3 BLN #1070 finance the airline’s founder, Tony Ryan
michael O’Leary ★ (died 2007), before joining the
$1.1 BLN #1999 ryanair company in 1988; he took over as
John collison  CEO six years later.
$1 BLN #2124 striPe
patrick collison 
$1 BLN #2124 striPe
martin Naughton 
heatinG equiPment
ciputra & family 
$1.4 BLN #1650 real estate
martua Sitorus 
$1.4 BLN #1650 Palm oil
djoko Susanto 
$1.3 BLN #1756 suPermarkets
alexander Tedja 
$1.3 BLN #1756 real estate
harjo Sutanto 
peter Sondakh  $1.2 BLN #1867
consumer GooDs
$1.9 BLN #1284 investments
Theodore rachmat & fam  Soegiarto adikoesoemo 
$1.1 BLN #1999 chemicals
$1.7 BLN #1394 DiversifieD
hary Tanoesoedibjo 
Low Tuck Kwong 
$1.5 BLN #1561 coal $1.1 BLN #1999 meDia
Sukanto Tanoto 
eddy Kusnadi Sariaatmadja 
$1.5 BLN #1561 meDia, tech $1.1 BLN #1999 DiversifieD
soegiarto adikoesoemo
trophy: indonesia’s first private museum dedicated to modern
and contemporary art, museum macan is the brainchild of chem-
icals tycoon adikoesoemo’s son haryanto. located in jakarta, the
43,000-square-foot space opened in november and includes a
sculpture garden featuring works by jeff koons and yayoi kusama,
a children’s area and rotating exhibits. haryanto also heads akr
corporindo, which his father founded in 1960.
surabaya bali
suMbawa
suMba
eXpatriates
3
 Italy
Israel Beit yanai

netanya 24
WEAlTh
Origin
TOp SEcTOrS
24
12% FASHION & RETAIL 12%
gDp: $349.2 Bln FASHION & RETAIL
siLiCon 9 9
population: 9 Mln wadi FOOD & BEVERAGE 42% 46%
FOOD & BEVERAGE 42% 46%
Billionaires: 20 3 3
(+2 VS 2017) Bnei Brak
HEALTH CARE
total net worth: $57 Bln petah tikva
gDp: $1.9 Tln; population: 61 Mln
HEALTH CARE
inhEriTEd & grOWing 2
2
(+$2.9 Bln VS 2017) Billionaires: 43 (+1 VS 2017) inhEriTEd
ENERGY
ENERGY SElf-MAdE
tel aviv total net worth: $170.4 Bln 1 1
9 (+$18.5 Bln VS 2017) CONSTRUCTION CONSTRUCTION
1 1
DIVERSIFIED DIVERSIFIED

maCCaBi teL aviv FC

giovanni ferrero ✂ Massimiliana landini Aleotti Piero Ferrari
mitcheLL goLdhar $23 Bln #37 nutella, & family 
ChoColates $7.9 Bln #196 BiggeSt gainer: shares of
pharmaCeutiCals his luxury sports-car maker
leonardo del Vecchio
& family  Augusto & giorgio perfetti  have more than doubled since
$21.2 Bln #45 eyeglasses $6.6 Bln #251 CanDy its 2015 ipo and raced ahead
82 percent in the past year
Stefano pessina  paolo & gianfelice Mario
$11.8 Bln #127 Drugstores rocca  alone, in large part because
$4.9 Bln #404 of the brand’s increasing pop-
giorgio Armani  pipe manuFaCturing
$8.9 Bln #174 Fashion
ularity. Ferrari sold a record
giuseppe de’longhi  number of cars in 2017, and its
eXpatriates Silvio Berlusconi & family 
5 $4.3 Bil #499 CoFFeemakers waiting list is on average one
$8 Bln #190 meDia
year. his father, enzo Ferrari,
founded the company in 1947;
his second and only
idan Ofer  living child, piero,
$3.6 Bln #629 Drilling, Cortina
shipping is the largest indi-
Lake Como vidual shareholder
Arnon Milchan  and vice chairman.
$3.5 Bln #652 moviemaking
Bassano del Grappa
turin CoMo
Teddy Sagi  CroCetta del
Montello 5
adam neumann $3.4 Bln #679
gamBling soFtware
Monza
toMBolo
neWSmaker: His office space Shaul Shani  Milan treviso
inter miLan
company WeWork received $3.4 Bln #679 teleCom Zhang Jindong
$4.4 billion from Japanese in- gil Shwed  aC miLan
vestment conglomerate Soft- $2.6 Bln #924 soFtware Yonghong Li

Bank in March 2017, valuing Adam neumann 

WeWork at $20 billion. Last $2.5 Bln #965 wework
parMa
year WeWork acquired Flat- 4 Modena
Alexander Machkevich 
iron School, a coding academy, $2.3 Bln #1070 mining, metals BoLogna FC
and Meetup, a platform for or- 15
sCuderia Ferrari
Piero Ferrari
emanueLe SaPuto
ganising events. Neumann also Shmuel harlap ★ & FamiLY
$1.9 Bln #1284 automotive Casette d’ete
found time for another mile-
Marius nacht  soloMeo
stone: He finally graduated
$1.6 Bln #1477 soFtware
from Baruch College, 15 years aCF Fiorentina tusCany
sant’elpidio
after he first enrolled. He gave Mori Arkin  diego & andrea deLLa VaLLe
a Mare
the commencement speech at $1.4 Bln #1650
pharmaCeutiCals
his own graduation in May.
Zadik Bino 
$1.2 Bln #1867 Banking, oil roMe
eXpatriates
5 3
dan gertler 
Eyal Ofer  $1.2 Bln #1867 mining
$9.4 Bln #162 real estate,
shipping liora Ofer 
$1.1 Bln #1999 investments
Stef Wertheimer & family  Capri
$5.7 Bln #315 Morris Kahn  sardinia
metalworking tools $1 Bln #2124 soFtware

mAnuel silvestri; renzo: PhiliPPe WoJAzer / reuters;

AdAm: JAmie mccArthy / Getty imAGes; riAlto BridGe:
Shari Arison  lev leviev 
$5.5 Bln #334 Carnival $1 Bln #2124 DiamonDs
Cruises Beny Steinmetz 
Yitzhak Tshuva  $1 Bln #2124 mining,
$3.7 Bln #606 real estate DiamonDs, real estate

Shmuel harlap
neWcomer: harlap joins the three-
Piero: AlBert GeA / reuters

comma club after tech giant intel

bought israeli startup mobileye, a
maker of software used in self-driv-
ing cars, for $15.3 billion in cash.
angel investor harlap had a 7.2 per-
cent stake in mobileye, for which he renzo rosso
paid about $12 million over several neWSmaker: In 2013 his multibillion-dollar fashion firm OTB—known for its denim brand Diesel—
years. he also chairs Colmobil, israel’s pledged $6 million to restore one of Venice’s oldest bridges, Ponte di Rialto, under one condition: OTB
largest car importer, which his father would oversee the restoration. It completed the project in June 2017. And under budget. Rosso invested
bought in 1962. the unused $600,000 to upgrade the historic walkways around the famous bridge.

Wealth StatuS:
up down  unChanGed  split fortune ✂
wine-growing oiL & gas FieLds mining & timBer FinanCiaL sports teCh pLayground new ★ returnee 
region and deposits mineraLs Centre team Centre

April 27, 2018 forbes india | 67

 the world’s billionaires / the list
renzo rosso & family 
$4.1 Bln #527 Fashion
carlo Benetton 
$3.5 Bln #652 Fashion,
investments
gilberto Benetton 
$3.5 Bln #652 Fashion,
investments
giuliana Benetton 
$3.5 Bln #652 Fashion,
investments
luciano Benetton 
$3.5 Bln #652 Fashion,
investments
patrizio Bertelli 
$3.2 Bln #729 Fashion
FASHION & RETAIL
Miuccia prada 
$3.2 Bln #729 Fashion
TECHNOLOGY
Ennio doris & family  4 GAMBLING
GAMBLING
$3 Bln #791 FinanCial
serviCes 3 inhEriTEd & grOWing
REAL ESTATE
piero ferrari 
3 MANUFACTURING
$2.7 Bln #887 automoBiles
MANUFACTURING
Sandro Veronesi  2
$2.7 Bln #887 Fashion
TELECOM
francesco gaetano
caltagirone 
$2.6 Bln #924 Cement,
DiversiFieD
luca garavoglia 
$2.5 Bln #965 spirits
luigi rovati & family 
$2.4 Bln #1020
pharmaCeutiCals
gustavo denegri 
$2.3 Bln #1070 BioteCh
Maria franca fissolo ✂
$2.2 Bln #1103 nutella,
ChoColates
Mario Moretti polegato &
family 
$2 Bln #1215 shoes
remo ruffini 
$1.9 Bln #1284
luxury sportswear
diego della Valle 
$1.8 Bln #1339 shoes
nicola Bulgari 
$1.7 Bln #1394 luxury gooDs
paolo Bulgari 
$1.7 Bln #1394 luxury gooDs
luigi cremonini & family 
$1.7 Bln #1394
meat proCessing
domenico dolce 
$1.7 Bln #1394 Fashion
Stefano gabbana 
$1.7 Bln #1394 Fashion
Massimo Moratti 
$1.7 Bln #1394 oil reFinery
KAzuo: issei KAto / reuters; yusAKu: toru hAnAi / reuters;
pier luigi loro piana 
JAcK tAylor/ Getty imAGes; eiichi: Kiyoshi otA/BloomBerG
$1.6 Bln #1477 Fashion
gian Marco Moratti 
$1.6 Bln #1477 oil reFinery
Alberto prada 
$1.4 Bln #1650 Fashion
Marina prada 
$1.4 Bln #1650 Fashion
Brunello cucinelli & family 
$1.3 Bln #1756 Fashion
Andrea della Valle 
$1.3 Bln #1756 shoes
Emanuella Barilla 
$1.1 Bln #1999 pasta
guido Barilla 
$1.1 Bln #1999 pasta
luca Barilla 
$1.1 Bln #1999 pasta
paolo Barilla 
$1.1 Bln #1999 pasta
68 | forbes india April 27, 2018
Japan
gDp: $4.9 Tln population: 127 Mln
Billionaires: 35 (+2 VS 2017)
total net worth: $138.1 Bln
(+$23.6 Bln VS 2017)
WEAlTh TOp SEcTOrS
Origin
9 FASHION & RETAIL
15%
6 11% TECHNOLOGY
74%
3 da was charged.
REAL ESTATE
inhEriTEd
3
SElf-MAdE
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 follow-
ing the December ipo of sg holdings, parent of
Japanese package delivery service sagawa ex-
press. kuriwada, who has only a high school diplo-
ma, chairs the company and owns an 18 percent
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
15% payoffs to politicians. goLden eagLes
hiroShi mikitani
6 11% sagawa, a billionaire
in 1992, resigned as
74%
4 chairman that year;
neither he nor kuriwa-
iBaraki
tokyo 23
eXpatriates
2 kyoto
saitaMa
ChiBa
yokosuka
osaka kansai sCienCe City researCh
park
fukuoka
yusaku maezawa
neWSmaker: In May the founder of
online fashion mall Zozotown purchased
an untitled 1982 painting by Jean-Michel
Basquiat for $110.5 million, a record
price for the artist. Maezawa lent the
piece to the Brooklyn Museum in New
York for a show early this year. He says
he plans to eventually build a mu-
seum in his hometown of Chiba
to exhibit his collection, which
also includes works by Jeff Koons,
Picasso and Andy Warhol.
Masayoshi Son  Yusaku Maezawa  Yoshiyuki Sankai 
$22.7 Bln #39 internet, $1.4 Bln #1650 roBotiCs
$2.9 Bln #822 online retail
teleCom
chang-Woo han & family  Soichiro fukutake 
Tadashi Yanai & family  $1.3 Bln #1756 eDuCation
$2.5 Bln #965 paChinko
$19.5 Bln #55 Fashion retail parlours
nobutoshi Shimamura &
Takemitsu Takizaki  Yoshiko Mori  family 
$17.5 Bln #68 sensors $2.5 Bln #965 real estate $1.3 Bln #1756 retail
Akira Mori & family  Takao Yasuda  Eiichi Kuriwada ★
$6.3 Bln #274 real estate $1.2 Bln #1867
$2.2 Bln #1103 retail
paCkage Delivery
Shigenobu nagamori 
Katsumi Tada 
$5.6 Bln #321 motors $2.1 Bln #1157 real estate Kentaro Ogawa & family 
$1.2 Bln #1867 restaurants
hiroshi Mikitani 
Satoshi Suzuki 
$5.5 Bln #334 online retail $2 Bln #1215 CosmetiCs Yoshikazu Tanaka 
$1.2 Bln #1867 soCial network
Keiichiro Takahara & family  Masateru Uno & family 
$5 Bln #388 Diapers hideyuki Busujima 
$1.9 Bln #1284 Drugstores
$1.1 Bln #1999
Akio nitori  Masahiro noda 
paChinko maChines
$4.4 Bln #480 home Furnishings $1.8 Bln #1339 soFtware
hiroshi ishibashi ★
Yasumitsu Shigeta & family  Kenji Kasahara  $1.1 Bln #1999 tyres
$4.1 Bln #527 $1.6 Bln #1477 soCial
moBile phone retailer network Yoshiko Shinohara 
$1.1 Bln #1999 staFFing
Masatoshi ito  Yasuhiro fukushima 
$3.9 Bln #572 retail $1.5 Bln #1561 viDeogames Susumu fujita ★
$1 Bln #2124 internet meDia
Masahiro Miki  nobutada Saji 
$3.8 Bln #588 shoes $1.5 Bln #1561 Beverages Masayuki ishihara & family 
$1 Bln #2124 paChinko
Kazuo Okada & family  Kagemasa Kozuki  maChines
$3 Bln #791 Casinos $1.4 Bln #1650 viDeogames
 KazaKhstan Lebanon Bahaa hariri  Liechtenstein
$2.1 Bln #1157 real estate,
investments, loGistics
GDP: $52.7 Bln GDP: $6.3 Bln
GDP: $158 Bln robert Mouawad & fam 
PoPulation: 6 Mln PoPulation: 37,900
PoPulation: 18 Mln $1.6 Bln #1477 fine jewellery
bEiRut 3 Billionaires: 1
Billionaires: 5 Billionaires: 7 Saad hariri 
(+3 VS 2017) total net worth:
total net worth: $14.4 Bln $1.5 Bln #1561 construction,
$3.9 Bln
(+$3.9 Bln VS 2017) total net worth: $13.3 investments
(+$1.2 Bln VS 2017)
Bln (+$4.3 Bln VS 2017) Ayman hariri  vaDuz
$1.3 Bln #1756 construction,
Taha Mikati  investments Christoph Zeller 
$2.8 Bln #859 telecom $3.9 Bln #572
Fahd hariri 
astana najib Mikati  $1.3 Bln #1756 construction, Dental imPlants
$2.7 Bln #887 telecom investments EXPatRiatEs
4
almaty
WeAlTh TOP SeCTOrS

Mexico
OrIgIn Jeronimo Arango & family 
4 4 $4.3 Bln #499 retail
4 FOOD & BEVERAGE 19%
FOOD & BEVERAGE 19%
3
Antonio Del Valle ruiz &
37%
Timur Kulibaev  3 37% family 
METALS & MINING $3.4 Bln #679 chemicals
$3.2 Bln #729 BankinG METALS & MINING 44%
2
GDP: $1.1 tln; PoPulation: 124 Mln 2
44%
Jose and Francisco Jose
Dinara Kulibaeva  FASHION & RETAIL
$3.2 Bln #729 BankinG Billionaires: 16 (+1 VS 2017)
FASHION & RETAIL 2 Calderon rojas 
total net worth: $141 Bln 2 InherITeD & grOWIng FINANCE & INVESTMENTS
$2.9 Bln #822 BeveraGes
Vladimir Kim  (+$24.3 Bln VS 2017) FINANCE & INVESTMENTS InherITeD
$3.1 Bln #766 mininG SelF-MADe 1 Carlos hank rhon 
1 TELECOM $2 Bln #1215 BankinG
Bulat Utemuratov  TELECOM 1
$2.6 Bln #924 mininG, BankinG, 1 gonda de rivera & fam  roberto hernandez
hotels
Carlos Slim helu & family 
$67.1 Bln #7 telecom
eva
MEDIA
$7.1 Bln #222 BeveraGes
germán larrea
MEDIA ramirez 
Alijan Ibragimov  mota Velasco $1.9 Bln #1284 BankinG
german larrea Mota ricardo Salinas Pliego & fam  emilio Azcarraga Jean 
$2.3 Bln #1070 mininG, metals Velasco & family  $7.1 Bln #222 retail, meDia
$17.3 Bln #72 mininG
neWSMaker: Larrea’s Grupo $1.7 Bln #1394
Maria Asuncion tv BroaDcastinG
México, one of the world’s
Alberto Bailleres Aramburuzabala & family  largest copper miners, took its rufino Vigil gonzalez 
Kuwait gonzalez & family 
$10.7 Bln #143 mininG
$5.9 Bln #296 Beer,
investments railway subsidiary GMéxico $1.4 Bln #1650 steel
Transportes public on the David Penaloza Alanis 
Juan Francisco Beckmann Mexican stock exchange in $1.3 Bln #1756 toll roaDs
GDP: $119 Bln Vidal & family 
PoPulation: 4 Mln $5.7 Bln #315 tequila November. The company has Alfredo harp helu & family 
Billionaires: 4 nearly 7,000 miles of railroads $1.2 Bln #1867 BankinG
total net worth: $5.2 Bln across Mexico and in Texas
(–$200 Mln VS 2017) and Florida.

Kutayba alghanim
FaMily Feud: Alghanim chairs his
family’s Alghanim Industries. Its di-
verse interests include the Wendy’s
franchise in the Middle East and,
in Kuwait, the
auto dealer-
ships that sell
GM and Ford montERREy
cars. He and
his brother Bas-
sam, also a bil- LOS cAbOS
lionaire, have
been fighting SAN miGueL De ALLeNDe
over how to divide their late father’s
business empire since at least 2007; cLub AtLAS
the arbitration between them has riCardo salinas Pliego cF PAchucA EXPatRiatE
hOLbOx
Carlos slim Helu
dragged on for years. cLub LeON 1
Carlos slim Helu

mEXico city tuLum

kuwait city PuNtA mitA cLub AmericA
3 emilio azCarraga Jean
emilio azcárraga Jean
neWSMaker: after two decades at the 13
Emilio: Al SEib / loS AngElES TimES viA gETTy
imAgES; CArloS: EdgArd gArrido / rEuTErS

helm, azcárraga resigned as ceo of Grupo

EXPatRiatE televisa, mexico’s biggest broadcaster, in
1
january at a challenging time. ad revenues
for televisa’s tv unit fell 11 percent in 2017, Carlos slim Helú
Bassam Alghanim  following a net income plunge of over 50
$1.4 Bln #1650 DiversifieD richeSt: Slim’s foundation partnered with Mexico’s
percent in 2016. azcárraga, who owns near-
Kutayba Alghanim 
National Autonomous University (UNAM) and Mexico’s
ly 15 percent of televisa, is staying on as ex-
$1.4 Bln #1650 DiversifieD National Human Rights Commission in March 2017 to
ecutive chairman of the company. his late
help millions of Mexicans living in the US apply to become
Fawzi Al-Kharafi  father, emilio azcárraga milmo, is cred-
$1.2 Bln #1867 DiversifieD
American citizens. The groups support a website called
ited with turning televisa into a power-
Acceso Latino, which offers information about free legal
Mohannad Al-Kharafi  house that exports its soap operas around
aid and loans for the citizenship application fee.
$1.2 Bln #1867 DiversifieD the world.

Wealth StatuS:
uP Down  unchangED 
wiNe-GrOwiNG OiL & GAS FieLDS miNiNG & timber FiNANciAL SPOrtS tech PLAyGrOuND nEw ★ REtuRnEE 
reGiON AND DePOSitS miNerALS ceNtre teAm ceNtre

April 27, 2018 forbes india | 69

 the world’s billionaires / the list

jeRAM

Malaysia TAwAU
Monaco
GDP: $315.4 Bln sibU GDP: $6.9 Bln
PoPulation: 32 Mln PoPulation: 39,000
Billionaires: 14 (+2 VS 2017) Billionaires: 4
selANgoR
total net worth: $61.8 Bln eXpATRiATe total net worth: $6.9
(+$16.1 Bln VS 2017) KUAlA 1 Bln (–$200 Mln VS 2017)
lUMpUR
9 lim Kok thay
Robert Kuok  lau Cho Kun 
robert Kuok
neWCoMer: the son of late gaming
$14.8 Bln #96 Palm oil, $2.6 Bln #924 Palm oil, AS monAco Fc
riCheSt: Ma- billionaire lim Goh tong disclosed his Dmitry rybolovlev
shiPPinG, real estate real estate
laysia’s rich- stake in casino group Genting in
Kuan Kam Hon  Monte Carlo
Ananda Krishnan  est for 22 years, november, following reports of a long-
$7.2 Bln #217 telecom, meDia $2.5 Bln #965 synthetic the press-shy
Gloves
running family dispute over ownership
Quek leng Chan  mogul made head- of the shares. his nasdaq-listed empire
$7.2 Bln #217 BankinG, Koon Poh Keong ★ lines last year with a memoir, resorts opened a resort in the catskills
real estate $2.4 Bln #1020 aluminium
sharing little-known details of in february that has over 150 table eXpATRiATes
Syed Mokhtar AlBukhary  2
Teh Hong Piow  his life, including his days as games and 2,150 slot machines.
$6 Bln #289 BankinG $1.9 Bln #1284 DiversifieD a rice, sugar and wheat-flour Tatiana Casiraghi 
$2.2 Bln #1103 Beer
lee Shin Cheng  Jeffrey Cheah ★ trader as well as his ties to
$5.6 Bln #321 Palm oil, $1.3 Bln #1756 DiversifieD politicians in the early years of David nahmad 
real estate Malaysia’s independence. He $1.9 Bln #1284 art
lim Wee Chai ★
lim Kok Thay ★ $1.2 Bln #1867 ruBBer Gloves controls an empire that Ezra nahmad 
$4.7 Bln #441 casinos includes hotel chain Shangri- $1.5 Bln #1561 art
Tiong Hiew King 
Chen lip Keong  $1.1 Bln #1999 timBer, meDia La and the agribusiness lily Safra 
$3.3 Bln #703 casinos, Wilmar International. $1.3 Bln #1756 BankinG
real estate

Morocco
GDP: $110.7 Bln; PoPulation: 36 Mln
netherlands Charlene de Carvalho-
Heineken & family 
$15.8 Bln #86 heineken
Frits Goldschmeding 
Billionaires: 2 (–1 VS 2017) $5.2 Bln #372 temP aGency
GDP: $823.9 Bln; PoPulation: 17 Mln
total net worth: $3.8 Bln Hans Melchers 
(–$700 Mln VS 2017) Billionaires: 9 (–1 VS 2017) $2.9 Bln #822 chemicals,
total net worth: $35.5 Bln (+$3.9 Bln VS 2017) investments

Aziz Akhannouch & Ralph Sonnenberg 

family  $2.9 Bln #822 BlinDs
$2.2 Bln #1103
Petroleum, DiversifieD cAsAblANcA
Hans melchers John de Mol 
$2.1 Bln #1157 television
Othman Benjelloun  trophy: an avid art
Kommer Damen 
$1.6 Bln #1477 BankinG, collector, melchers $1.8 Bln #1339 shiPBuilDinG
insurance opened his second
lesley Bamberger 
more museum in a $1.7 Bln #1394 real estate
14th-century castle in
the Dutch village of ru- Robert Defares 

Nepal
$1.6 Bln #1477
urlo in June. it features electronic traDinG
works by Dutch painter
Wim Van Der leegte 
RobeRt: ReuteRs, Lim: PabLo sanchez / ReuteRs; binod: mexy xavieR; KommeR: tiJmen KieLen

GDP: $24.9 Bln; PoPulation: 29 Mln carel willink and chi-

$1.5 Bln #1561 manufacturinG
Billionaires: 1 nese-Dutch fashion de-
total net worth: $1.5 Bln signer fong leng. his
(+$200 Mln VS 2017) first more museum,
which exhibits mod-
Binod Chaudhary  ern Dutch realist art,
$1.5 Bln #1561
DiversifieD
opened in Gorssel in
2015.

KATHMANDU

binod Chaudhary
politiCS: The chairman of CG Corp Global
secured a nomination from the Nepali AMsTeRDAM
Congress party 3 blARicUM
in the December
federal elections. VoRDeN
His party didn’t
win, but now as
a member of par-
liament sitting in goRiNcHeM
the opposition,
Kommer Damen
Chaudhary says eiNDHoVeN neWSMaker: His $2.5 billion (sales) Damen Shipyards worked
he hopes to play a with four other companies to develop the world’s first 3D-printed
role in “furthering ship propeller, the WAAMpeller. Built with 298 layers of nickel
Nepal’s economic aluminium bronze alloy, the propeller was tested on one of
eXpATRiATes
agenda”. 2 Damen’s tugboats and displayed at its headquarters in November.

Wealth StatuS:
Up DowN  UNcHANgeD 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD New ★ ReTURNee 
region AnD DePoSitS minerALS centre teAm centre

70 | forbes india April 27, 2018

 tOp SectOrS

norway
Wealth
new Zealand Origin 3
3 FASHION & RETAIL 26.5%
GDP: $191.9 Bln; PoPulation: 5 Mln FASHION & RETAIL 26.5%
3 47%
Billionaires: 2 3 47% DIVERSIFIED
26.5%
total net worth: $12.2 Bln GDP: $397.2 Bln DIVERSIFIED 3
Kauri Cliffs 26.5% FINANCE & INVESTMENTS
(+$800 Mln VS 2017) PoPulation: 5 Mln 3
FINANCE & INVESTMENTS 2
Billionaires: 15 (+1 VS 2017) inherited & grOWing LOGISTICS
2
graeme hart 
aucKland total net worth: $39.1 Bln (+$6.7 Bln VS 2017)
LOGISTICS
inherited
2
Self-Made
$10.1 Bln #148 investments 2 SERVICE
SERVICE 1
richard chandler 
$2.1 Bln #1157 investments 1 REAL ESTATE

Kjell Inge Rokke REAL ESTATE

Graeme Hart eXpaTriaTe
1
trophy: In May, Rokke
rICheSt: new Zealand’s rich- CaPe KiDnaPPers
commissioned the world’s larg-
est since 2007, hart assembled est yacht, REV, to be complet-
a packaging empire that in- ed in 2020. The 596-foot boat will
cludes reynolds wrap alu- have all the typical amenities for a
minium foil and trash-bag billionaire—including a gym and
maker hefty. in october two helipads—but will also be a
he sold his 351-foot su- floating research centre, with mul-
peryacht ulysses tiple labs, underwater vessels, a 40-
for approxi- seat auditorium and space for 90
mately $195 scientists and crew. He’s partnered
million. with the World Wildlife Fund Nor-
way, which will also use the yacht.
Rokke started out as a fisherman.

Odd reitan  alexandra andresen 

$6.6 Bln #251 retail,

nigeria
real estate
Johan Johannson 
$4.4 Bln #480 Grocery stores
GDP: $376.5 Bln; PoPulation: 191 Mln
andreas halvorsen 
Billionaires: 3 $3.7 Bln #606 heDGe funDs
total net worth: $20.9 Bln (+$1.3 Bln VS 2017)
arne Wilhelmsen & family 
$3.6 Bln #629 cruises
aliko dangote  Kjell inge rokke 
$14.1 Bln #100 cement, $3.5 Bln #652 shiPPinG,
$1.4 Bln #1650 investments
Katharina andresen 
$1.4 Bln #1650 investments
ivar erik tollefsen ★
$1.2 Bln #1867 real estate
eXpaTriaTes
Svein Stole  5
$1.1 Bln #1999 investments
alexander Vik 
$1 Bln #2124 investments
Ivar Erik Tollefsen

suGar, flour
Mike adenuga 
$5.3 Bln #365 telecom, oil
folorunsho alakija 
$1.5 Bln #1561 oil
lagos
3 torstein hagen 
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.
Graeme Hart: FairFax media / Getty imaGes. aliko danGote: lucas Jackson / reuters; katHarina: Frédéric Boudin
seafooD
caroline hagen Kjos  NeWComer: A rally car driver and
$2.8 Bln #859 DiversifieD polar explorer, Tollefsen made a for-
Stein erik hagen  tune buying up more than 27,000 rent-
$2.5 Bln #965 consumer al apartments across Scandinavia. At age
GooDs 14, he started working as a DJ and soon
Kverva ran a DJ supply business and built night-
$2.2 Bln #1103 cruises 1 clubs. In the early 1990s, he started to invest
gustav Magnar Witzoe  in real estate through his company Fredens-
$1.9 Bln #1284 fish farminG borg Norge AS. Tollefsen bought the build-
petter Stordalen & family  Trondheim 1 ing that formerly housed the US Embassy in
Oslo in late 2017.
$1.8 Bln #1339 hotels

veTTre
1
oman oslo
GDP: $68.5 Bln muscaT 7
PoPulation: 5 Mln
Billionaires: 2 (–1 VS 2017)
total net worth: $5.4 Bln
(–$1.3 Bln 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  argued that she was a student with limited funds, including a $1,100 monthly sti-
$3.9 Bln #572 DiversifieD
pend. the court, which issues fines based on income, considered her stake in her
pnc Menon  family’s investment firm—an estimated 42 percent holding worth $1.4 billion—
$1.5 Bln #1561 real estate eXpaTriaTe and handed her a $32,000 fine and a 13-month driver’s licence suspension.
1

Wealth StatuS:
up down  unchanged 
wine-growing oil & gas fielDs mining & timber finanCial sPorts teCh PlaygrounD new ★ reTurnee 
region anD DePosits minerals Centre team Centre

April 27, 2018 forbes india | 71

 the world’s billionaires / the list

peru
GDP: $215.1 Bln
philippines Top SecTorS
5
PoPulation: 32 Mln 25%
GDP: $313.8 Bln WeAlTH DIVERSIFIED
Billionaires: 6 orIGIn 3
(+1 VS 2017) PoPulation:
FOOD & BEVERAGE 75%
105 Mln
total net worth: $10.9 Bln 5 1
(+$2.5 Bln VS 2017) LIma DIVERSIFIED12
Billionaires: 25% ENERGY
(–2 VS 2017) 3
6 1
total FOOD
net &worth:
BEVERAGE 75% FINANCE & INVESTMENTS
$55.3 Bln1 1
(+$9.5ENERGY
Bln VS 2017)
carlos rodriguez-pastor  Jorge rodriguez rodriguez  REAL ESTATE
SCienCe City of Muñoz 1 InHerITeD & GroWInG
$3.4 Bln #679 finance $1.5 Bln #1561 ProcesseD Milk InHerITeD 1
FINANCE & INVESTMENTS SelF-MADe LOGISTICS
Vito rodriguez rodriguez  eduardo Hochschild  1
$1.9 Bln #1284 ProcesseD Milk $1.4 Bln #1650 MininG
REAL ESTATE
Ana Maria Brescia cafferata  eduardo Belmont Anderson  1
$1.5 Bln #1561 MininG, BankinG $1.2 Bln #1867 cosMetics
manILa 12 LOGISTICS

poland
GDP: $522 Bln
warsaw PoPulation: 38 Mln
chrostnIK palawan
KrotosZYn
Billionaires: 6 (+2 VS 2017)
total net worth: $13.8 Bln
KonstancIn (+$3.9 Bln VS 2017)

KIeLce

Jerzy Starak
N e Wco mer: Starak chairs the su- Henry Sy
pervisory board of Polpharma, richest: sy’s fortune surged
which says it is Poland’s largest drug Davao City
by 57 percent over the past
manufacturer. In 2000 he helped year because of the strong
privatise the business, which spe- performance of his sM in-
cialises in pharmaceuticals used in vestments, a holding com-
Henry: erik de Castro / reuters; Jollibee: dondi tawatao / reuters; Jerzy: Venturelli / Getty imaGes for bulGari;

cardiology, neurology and gastroen- pany that owns shopping

terology. He founded the chemical malls, banks and buildings.
company Comindex in the 1970s. the 93-year-old is founder of
Roberto Ongpin Tony Tan Caktiong the sM Group and chairman
Dominika & Sebastian Dariusz Milek  emeritus of sM investments,
Kulczyk  $1.4 Bln #1650 real estate, NeWsmaker: Best known for his
NeWsmaker: ongpin is bet- which invested in a chain of
$3.8 Bln #588 DiversifieD retail
ting on a comeback for himself fast-food restaurant chain Jollib- dormitories for young profes-
Michal Solowow  Jerzy Starak ★ and his luxury property firm al- ee, the foodie is increasingly betting sionals in april.
$3.2 Bln #729 investMents $1.4 Bln #1650 on real estate. His DoubleDragon
PharMaceuticals phaland, which delisted from
Zygmunt Solorz-Zak  the Philippines stock exchange Properties is building a 1,001-
$2.8 Bln #859 tv Tomasz Biernacki ★ in 2014 after a messy split from room, eco-friendly hotel in Bo-
BroaDcastinG $1.2 Bln #1867 retail racay and a 519-room hotel in
uk investment group ash-
more. in 2016, Philippine presi- Davao City, Mindanao. Henry Sy 
$20 Bln #52 DiversifieD
dent rodrigo Duterte vowed on
portugal tv to destroy oligarchs and sin-
gled out ongpin. undeterred,
John Gokongwei Jr 
$5.8 Bln #305 fooD,
BeveraGes
GDP: $217 Bln ongpin (pictured above with
his daughter) has been building enrique razon Jr 
PoPulation: 10 Mln $4.9 Bln #404 Ports
luxury villas on Balesin island.
Billionaires: 1 (–3 VS 2017) GrIjó
he also has plans to construct lucio Tan 
total net worth: $5.1 Bln $4.7 Bln #441 DiversifieD
(–$5.6 Bln VS 2017) an international airport on near-
by Patnanungan island , most Tony Tan caktiong 
of which he bought up over the $4 Bln #550 fooD

Maria Fernanda Amorim & past two years. he says he will George Ty 
family ★ relist his firm by next year. $3.9 Bln #572 BankinG
$5.1 Bln #382 enerGy,
investMents
Manuel Villar 
$3 Bln #791 real estate

romania Andrew Tan 

$2.7 Bln #887 DiversifieD
Qatar Faisal Bin Qassim
ramon Ang 
Al Thani  GDP: $210 Bln $2.5 Bln #965 DiversifieD
GDP: $165.9 Bln Doha $1.6 Bln #1477 hotels, PoPulation: 20 Mln robert coyiuto Jr 
PoPulation: 3 Mln DiversifieD Billionaires: 1 $1.4 Bln #1650 Power
Billionaires: 2 Hamad bin Jassim total net worth: eduardo cojuangco 
total net worth: bin Jaber Al Thani  Bucharest $1.2 Bln (+$100 Mln $1.3 Bln #1756 fooD,
$2.8 Bln $1.2 Bln #1867 VS 2017) BeveraGes
Ion Tiriac 
(–$900 Mln VS 2017) investMents
$1.2 Bln #1867 BankinG, roberto ongpin 
insurance $1.1 Bln #1999 DiversifieD

Wealth status:
up Down  unchanGeD 
wine-growing oil & gaS fielDS Mining & tiMber finanCial SportS teCh playgrounD new ★ returnee 
region anD DepoSitS MineralS Centre teaM Centre

72 | forbes india April 27, 2018

 Russia
WealTh
TOp SecTOrS Origin andrey andreeV
22 NeWcomer: this russian entrepreneur is
ENERGY the ultimate matchmaker. in 2004 he found-
18 ed mamba (renamed wamba), a russian on-
METALS & MINING line dating site that now has 31 million users in
16 100%
15 countries. two years later he started Badoo,
FINANCE & INVESTMENTS
GDP: $1.6 Tln today the world’s largest online dating site, with
8
PoPulation: 144 Mln inheriTed & grOWing
inheriTed
over 377 million users in 47 languages across 190
MANUFACTURING
Billionaires: 102 (+6 VS 2017) Self-Made countries. most recently he invested $10 million
total net worth: $410.8 Bln (+$24.5 Bln VS 2017) in seed money for a 79 percent stake in Bumble,
america’s fastest-growing dating-app company,
which has more than 28 million registered users.

Dmitry rybolovlev
trophy: Rybolovlev sold Leonardo da Vinci’s ‘Salvator Mundi’ for a rec­
ord­breaking $450 million in November; the buyer was reported to be
Saudi Arabia’s Crown Prince Mohammed bin Salman. Despite the high
price, Rybolovlev is suing the art dealer, Yves Bouvier, who brokered the
original sale to him for $127.5 million in 2013. Rybolovlev, who acquired
38 works through Bouvier, alleges that he was overcharged by an estimat­
ed $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

karpukhin / reuterS; leonid: oleSya aStakhova / reuterS; andreev: antoine antoniol / Getty imaGeS
kraSnaya
mAgnITogoRsk
poLyana Lake BaikaL

da vinci: ilya S. Savenok / Getty imaGeS; oleG: SerGei karpukhin / reuterS; otkritie arena: SerGei
Sochi IRkuTsk

Vladimir lisin 
$19.1 Bln #57 steel, transPort
alexey Mordashov 
$18.7 Bln #60 steel,
Oleg deripaSka investments

NeWSmaker: russian state leonid Mikhelson 

$18 Bln #64 Gas, chemicals
media watchdog roskomnadzor
reportedly threatened in febru- Vagit alekperov 
$16.4 Bln #78 oil
ary to block youtube and ins-
tagram if the sites did not take gennady Timchenko 
moscow down content showing alumini- $16 Bln #82 oil, Gas
77 um tycoon Deripaska on a yacht Vladimir potanin 
$15.9 Bln #83 metals
with politician sergei Prikhod-
ko and nastya rybka, a 21-year-
leOnid fedUn
andrey Melnichenko 
old social media figure who has $15.5 Bln #88 coal, fertiliser trophy: The Lukoil executive in­
called herself Deripaska’s mis- vested a reported $500 million in Ot­
Mikhail fridman 
tress on instagram. the ultima- $15.1 Bln #93 oil, BankinG, kritie Arena, a soccer stadium in
tum came after he won an in- telecom Moscow. The stadium, which hosted
EXPATRIATEs junction in russia in february, Viktor Vekselberg 
its first game in 2014, is home to Fe­
11 citing invasion of privacy. $14.4 Bln #99 metals, enerGy dun’s soccer team, FC Spartak Mos­
instagram complied in russia. cow. It will host matches during the
alisher Usmanov 
youtube has not yet. $12.5 Bln #118 steel, telecom,
2018 FIFA World Cup.
investments

Wealth StatuS:
uP down  unchAngEd 
wine-growing oiL & gaS FieLdS Mining & tiMBer FinanciaL SportS tech pLayground nEw ★ RETuRnEE 
region and depoSitS MineraLS centre teaM centre

sPorts team Denotes

Billionaire-owneD sPorts team

April 27, 2018 forbes india | 73

 the world’s billionaires / the list

singapoRe
roman abramovich  alexander frolov  gavril yushvaev 
$10.8 Bln #140 steel, $2.2 Bln #1103 mininG, steel $1.4 Bln #1650 Precious
investments metals, real estate
Oleg Tinkov 
german khan  $2.2 Bln #1103 BankinG leonid Boguslavsky 
$9.8 Bln #152 oil, BankinG, $1.3 Bln #1756 venture
telecom nikolai Buinov  caPital GDP: $311 Bln
$2.1 Bln #1157 oil, Gas PoPulation: 6 Mln
Mikhail prokhorov  andrei kosogov 
$9.6 Bln #158 investments igor Makarov  $1.3 Bln #1756 oil, BankinG, Billionaires: 22 (+1 VS 2017)
$2.1 Bln #1157 Gas telecom total net worth: $64.5 Bln (+$5.1 Bln VS 2017)
Viktor rashnikov 
$9.3 Bln #164 steel alexey repik ★ elena Baturina 
$2.1 Bln #1157 $1.2 Bln #1867 construction
alexei kuzmichev  Pharmaceuticals
$7.6 Bln #205 oil, BankinG, gleb fetisov  sIngAPoRE
telecom andrei Bokarev  $1.2 Bln #1867 investments 20
$2 Bln #1215 metals, mininG
iskander Makhmudov  Sergei kolesnikov ★
$7.3 Bln #211 mininG, metals, Vadim Moshkovich  $1.2 Bln #1867
machinery $2 Bln #1215 aGriculture, BuilDinG materials
lanD
leonid fedun  Ziyavudin Magomedov 
$6.9 Bln #237 oil Vladimir yevtushenkov  $1.2 Bln #1867 Port, Gas
$2 Bln #1215 telecom,
dmitry rybolovlev  investments andrei Molchanov 
$6.8 Bln #242 fertiliser $1.2 Bln #1867 construction
alexander nesis  materials
Oleg deripaska  $1.9 Bln #1284 metals, Marina Bay
$6.7 Bln #248 aluminium, BankinG, fertiliser Boris rotenberg 
utilities $1.2 Bln #1867 construction,
Megdet rahimkulov  PiPes, chemicals
Suleiman kerimov  $1.9 Bln #1284 investments
$6.4 Bln #265 investments igor rybakov ★ EXPATRIATEs
aras agalarov  2
$1.2 Bln #1867 BuilDinG
alexander abramov  $1.8 Bln #1339 real estate materials
$5.2 Bln #372 steel, mininG
Vladimir Bogdanov 
pyotr aven  $1.8 Bln #1339 oil
airat Shaimiev  Min-liang tan
$1.2 Bln #1867 refinery,
$5.1 Bln #382 oil, BankinG,
telecom roman avdeev  chemicals NeWcomer: In November, just
$1.7 Bln #1394 BankinG, radik Shaimiev  after he turned 40, Tan listed
andrei Skoch  DeveloPment $1.2 Bln #1867 refinery, Razer, which makes products like
$4.9 Bln #404 steel chemicals
pavel durov ★ keyboards and headphones for
Mikhail gutseriev  $1.7 Bln #1394 messaGinG aPP Mikhail Shelkov ★ videogame players; he was a bil­
$4.8 Bln #422 oil,
real estate Sergei gordeev  $1.2 Bln #1867 titanium lionaire the next day. He quit his
$1.7 Bil #1394 real estate leonid Simanovsky  job as a lawyer to co­found Razer
andrei kozitsyn  $1.2 Bln #1867 investments in 2005. Its investors include
$4.8 Bln #422 metals konstantin Strukov ★
$1.7 Bln #1394 GolD, coal Vadim yakunin  Temasek Holdings and Hong Kong
andrei guriev  $1.2 Bln #1867 Pharmacy legend Li Ka­shing.
$4.5 Bln #466 fertiliser roman Trotsenko 
$1.7 Bln #1394 transPort, andrei filatov 
Sergei popov  enGineerinG, real estate robert & philip ng  Ong Beng Seng &
$1.1 Bln #1999 Ports,
$4.5 Bln #466 BankinG rail transPort
$10.8 Bln #140 real estate christina Ong 
alexander dzhaparidze  $2.1 Bln #1157 DiversifieD
Sergei galitsky  $1.6 Bln #1477 oil services goh cheng liang 
Vladimir kogan ★
$4 Bln #550 retail $1.1 Bln #1999 BankinG
$7 Bln #228 Paints Sam goi 
dmitry pumpyansky  $2 Bln #1215 frozen fooDs
Viatcheslav kantor  $1.6 Bln #1477 steel PiPes Wee cho yaw 
nikita Mishin 
$3.7 Bln #606 fertiliser, $1.1 Bln #1999 Ports,
$6.6 Bln #251 BankinG chung chang yun 
real estate andrey andreev ★ $1.9 Bln #1284 shiPPinG
$1.5 Bln #1561 online DatinG rail transPort kwee family 
Samvel karapetyan  konstantin nikolaev 
$5.6 Bln #321 real estate Zhong Sheng Jian 
$3.7 Bln #606 real estate Oleg Boyko  $1.8 Bln #1339 real estate
$1.5 Bln #1561 finance, $1.1 Bln #1999 Ports, Jason chang 
yuri Milner  GamBlinG rail transPort $2.9 Bln #822 electronics lim Oon kuin 
$3.7 Bln #606 andrei rappoport  $1.7 Bln #1394 oil traDinG
alexander klyachin  kwek leng Beng 
tech investments $1.1 Bln #1999 investments
$1.5 Bln #1561 real estate $2.9 Bln #822 real estate asok kumar hiranandani 
dmitry kamenshchik  igor rotenberg ★ raj kumar & kishin rk  $1.5 Bln #1561 real estate
$3.5 Bln #652 airPort yuri Shefler 
$1.5 Bln #1561 alcohol $1.1 Bln #1999 construction, $2.6 Bln #924 real estate chua Thian poh 
igor altushkin  real estate $1.4 Bln #1650 real estate
arkady Volozh  Zhao Tao 
$3.4 Bln #679 metals albert Shigaboutdinov 
$1.5 Bln #1561 search enGine $2.5 Bln #965 Oei hong leong 
alexander ponomarenko  $1.1 Bln #1999 refinery, Pharmaceuticals $1.4 Bln #1650 investments
$3.4 Bln #679 Ports farkhad akhmedov  chemicals
$1.4 Bln #1650 natural Gas peter lim  ron Sim 
alexander Skorobogatko  rustem Sulteev  $2.2 Bln #1103 investments $1.2 Bln #1867 retail
$3.4 Bln #679 Ports Vasily anisimov  $1.1 Bln #1999 refinery,
$1.4 Bln #1650 real estate chemicals choo chong ngen  koh Wee Meng 
Zarakh iliev  $2.1 Bln #1157 hotels $1.1 Bln #1999 real estate,
$3.3 Bln #703 real estate eugene kaspersky  eduard chukhlebov ★ hotels
$1.4 Bln #1650 software $1 Bln #2124 metallurGy kuok khoon hong 
god nisanov  $2.1 Bln #1157 Palm oil Min-liang Tan ★
$3.3 Bln #703 real estate Viktor kharitonin  filaret galchev  $1.1 Bln #1999 GaminG
$1.4 Bln #1650 $1 Bln #2124 construction
alexander Svetakov  Pharmaceuticals materials

slovakia
$3.3 Bln #703 BankinG,
real estate pyotr kondrashev  yuri gushchin 
$1.4 Bln #1650 fertiliser $1 Bln #2124 canDy,
arkady rotenberg  real estate
$3 Bln #791 construction, yuri kovalchuk 
$1.4 Bln #1650 BankinG, igor kudryashkin ★ GDP: $95.5 Bln
PiPes, BankinG
insurance, meDia $1 Bln #2124 metallurGy PoPulation: 5 Mln
igor kesaev  Billionaires: 1
$2.4 Bln #1020 toBacco anatoly lomakin  lev kvetnoi 
DistriBution, retail $1.4 Bln #1650 fertiliser $1 Bln #2124 cement, airPort total net worth: $1.3 Bln (+$200 Mln VS 2017)
alexander Mamut  kirill Shamalov  Sergei petrov 
$1.4 Bln #1650
tan: BoBBy yip / reuterS

$2.4 Bln #1020 investments $1 Bln #2124 auto

Petrochemicals DealershiPs ivan chrenko 
$1.3 Bln #1756 real estate
Wealth StatuS:
uP down  unchAngEd  nEw ★ RETuRnEE 

bRATIslAVA
wine-growing oiL & gaS FieLdS Mining & tiMBer FinanciaL SportS tech pLayground
region and depoSitS MineraLS centre teaM centre

sPorts team Denotes

Billionaire-owneD sPorts team

74 | forbes india April 27, 2018

St KittS
& NeviS
GDP: $951.7 MLn
PoPulation: 55,000
Billionaires: 3 (+1 VS 2017)
total net worth: $4.2 BLn
(–$700 MLn VS 2017)
Wu Xu 
$1.6 BLn #1477 real estate
Jacky Xu 
$1.5 BLn #1561 aPParel
Myron Wentz ★
$1.1 BLn #1999
health ProDucts
MYROn WEnTz South AfricA
NeWCOMeR: Briefly a
billionaire in May 2015, GDP: $346 BLn
Wentz officially joins PoPulation: 57 MLn
johannesbuRg 2
the ranks thanks to a Billionaires: 5 (–3 VS 2017)
30 percent rally in shares total net worth: $20.9 BLn
of his multilevel market- (–$5.7 BLn VS 2017)
ing company USANA
Health Sciences, which nicky Oppenheimer &
sells vitamins and family 
$7.7 BLn #202 DiamonDs
skin-care prod-
ucts. Wentz, who founded USANA in Johann Rupert & family 
$7 BLn #228 luxury GooDs
1992, renounced his US citizenship DuRban
in the mid-1990s. He spends Koos Bekker 
much of his time in the Cay- $2.6 BLn #924 meDia,
clifton
investments
man Islands and Rosari- camps Bay
franschhoek
to, Mexico, where his Patrice Motsepe 
Sanoviv Medical Insti- $2.4 BLn #1020 mininG
eXpatRIates
tute is located.
3 Stephen Saad 
$1.2 BLn #1867
Pharmaceuticals cape town 2

South KoreA
WEaLTH digital media city
GDP: $1.5 TLn TOP SECTORS ORigin samsung town
teheran valley
PoPulation: 51 MLn 11 seoul lg twins
11%
Billionaires: 44 (+6 VS 2017) TECHNOLOGY 41 koo Bon-Moo

total net worth: $126.8 BLn 7 41%

(+$34.1 BLn VS 2017) DIVERSIFIED
48% anyang
6
FASHION & RETAIL
4
inHERiTEd & gROWing
MANUFACTURING inHERiTEd
SELf-MadE
4
FINANCE & INVESTMENTS
3
HEALTHCARE daedeok science town
Lee Kun-Hee  Chung Eui-Sun  Lee Seo-Hyun 
$18.6 BLn #61 samsunG $2.6 BLn #924 loGistics $1.9 BLn #1284 comPuter
services, tourism
Seo Jung-Jin  Lee Joong-Keun 
$11.9 BLn #126 Biotech $2.3 BLn #1070 construction, Park Hyeon-Joo 
real estate $1.9 BLn #1284 mutual funDs
Jay Y Lee  JeonBuk hyundai
$7.4 BLn #207 samsunG Koo Bon-Moo  Chung Mong-Joon  motors
$2.2 BLn #1103 DiversifieD $1.8 BLn #1339 shiPBuilDinG, Chung Mong-koo
Suh Kyung-Bae  inDustrial machines
$7.1 BLn #222 cosmetics Shin Chang-Jae 
$2.1 BLn #1157 insurance Kim Jun-Ki 
Kim Jung-Ju  $1.7 BLn #1394 DiversifieD gImhae
$6.9 BLn #237 online Games Lee Boo-Jin 
$2 BLn #1215 comPuter Park Yeon-Cha ★
Kwon Hyuk-Bin  services, tourism $1.7 BLn #1394 sneakers
$5.8 BLn #305 online Games
Lee Jay-Hyun  Cho Jung-Ho 
Chung Mong-Koo  $2 BLn #1215 fooD ProDucts, $1.6 BLn #1477 finance
$4.9 BLn #404 motor vehicles entertainment
Kim Taek-Jin 
Chey Tae-Won  Lee Myung-Hee  $1.6 BLn #1477 online Games
$4.5 BLn #466 it, telecom $1.9 BLn #1284 retail
Shin dong-guk ★
Lim Sung-Ki  $1.6 BLn #1477 eXpatRIate
$3.6 BLn #629 1
Pharmaceuticals
Pharmaceuticals
Kim nam-Jung 
Kim Beom-Su  $1.5 BLn #1561 fooD
$2.7 BLn #887 online services
Chang Pyung-Soon 
JeJu united Lee Joon-Ho ★
Bang Jun-Hyuk  Chey Tae-won $1.1 BLn #1999 online Games
$1.4 BLn #1650
$2.6 BLn #924 online GaminG
eDucational services Lee Sang-Hyuk 
$1.1 BLn #1999 investments
Chey Ki-Won 
$1.4 BLn #1650 comPuter Shin dong-Joo 
services, telecom $1.1 BLn #1999 retail
Lee Ho-Jin 
seo Jung-Jin
Wentz: Paul zimmerman / Getty imaGes

Chung Yong-Jin  $1.3 BLn #1756 DiversifieD Cho Yang-Rai 

$1.4 BLn #1650 retail $1 BLn #2124
biggeSt gaiNeR: The bio- Hong Seok-Joh  tire manufacturinG
pharma tycoon’s wealth soared Hur Young-in  $1.2 BLn #1867
by $9.7 billion in the past year, $1.4 BLn #1650 Bakeries, convenience stores Kim dae-il ★
fast fooD $1 BLn #2124 moBile GaminG
up 440%, as shares in Celltrion jumped after it released a drug to Lee Hae-Jin 
treat non-Hodgkin’s lymphoma and rheumatoid arthritis. A for- Shin dong-Bin  $1.2 BLn #1867 internet Michael Kim ★
mer employee of Samsung Electro-Mechanics, Seo also worked at $1.4 BLn #1650 retail $1 BLn #2124 investments
Koo Bon-Joon 
Daewoo Motor but left in 1999 shortly before the company filed for Koo Bon-neung  $1.1 BLn #1999 electronics, Koo Bon-Sik 
bankruptcy. He founded Celltrion in 2002. $1.3 BLn #1756 electronics householD ProDucts $1 BLn #2124 electronics,
householD ProDucts

Wealth StatuS:
up Down  unchangeD 
wine-growing oil & gas fields mining & timBer financial sports tech playground new ★ RetuRnee 
region and deposits minerals centre team centre

sPorts team Denotes

Billionaire-owneD sPorts team
April 27, 2018 forbes india | 75
 the world’s billionaires / the list

spain sweden
GDP: $540.6 BLn
PoPulation: 10 MLn
GDP: $1.3 TLn Billionaires: 32 (+1 VS 2017)
PoPulation: 47 MLn total net worth: $124.6
Billionaires: 29 (+4 VS 2017) BLn (+$7.1 BLn VS 2017)
total net worth: $136 BLn
(+$11.3 BLn 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 US mini-bou-
tiques inside JCPenney stores in 2016, leaving it with just 10 standalone 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
eXPaTriaTes
la coruna 11
3

maTadePera
DePortIvo De la coruna
amanCio ortega
sTockholm
GoThenburG 14
5
barcelona basTad

helsinGborG
torekov
vIllarreal cf esPorles
Fernando roig

IbIza Stefan Persson  Erik Selin 

Palma de
$16.8 BLn #73 h&m $1.9 BLn #1284 real estate
madrid majorca Hans Rausing  Karl-Johan Persson 
16 Valencia $12.5 BLn #118 PackaGinG $1.6 BLn #1477 h&m
valencIa cf 3
Peter Lim Melker Schorling  Tom Persson 
$8.2 BLn #185 investments $1.6 BLn #1477 h&m
formentera Frederik Paulsen  Charlotte Soderstrom 
$7.3 BLn #211 health care $1.6 BLn #1477 h&m
Jorn Rausing  Carl Douglas 
$7 BLn #228 PackaGinG $1.5 BLn #1561 investments
eXPaTriaTes
2 Finn Rausing  Eric Douglas 
marbella
$6.6 BLn #251 PackaGinG $1.5 BLn #1561 investments
Isak: albert Gea / reuters; model: Gustau NacarINo / reuters; alberto: mIquel beNItez / Getty ImaGes

Kirsten Rausing  Madeleine Olsson Ericksson 

$6.6 BLn #251 PackaGinG $1.5 BLn #1561 DiversifieD
Amancio Ortega  Tomas Olivo Lopez ★ Maria Del Pino y Calvo-
$70 BLn #6 Zara $2.2 BLn #1103 shoPPinG centres Sotelo  Antonia Ax:son Johnson  Thomas Sandell 
$1.4 BLn #1650 construction $6.3 BLn #274 DiversifieD $1.5 BLn #1561 heDGe funDs
Sandra Ortega Mera  Manuel Jove 
$6.9 BLn #237 Zara $2.1 BLn #1157 real estate Fernando Roig  Dan Olsson  Markus Persson 
$1.4 BLn #1650 suPermarkets $6 BLn #289 DiversifieD $1.4 BLn #1650
Juan Roig  Florentino Perez  comPuter Games
$4.5 BLn #466 suPermarkets $2 BLn #1215 construction Jose Llado Fernandez- Fredrik Lundberg 
Urrutia  $4.7 BLn #441 real estate, Louise Lindh 
Miguel Fluxa Rossello  Francisco Jose Riberas Mera $1.3 BLn #1756 construction investments $1.3 BLn #1756 investments
$4.4 BLn #480 hotels 
$2 BLn #1215 steel, auto Parts Isak Andic & family  Bertil Hult  Katarina Martinson 
Rafael Del Pino y Calvo- $1.2 BLn #1867 fashion retail $4.5 BLn #466 eDucation $1.3 BLn #1756 investments
Sotelo  Gabriel Escarrer 
$3.4 BLn #679 construction $1.8 BLn #1339 hotels Jose Maria Aristrain  Carl Bennet  Erik Paulsson 
$1.2 BLn #1867 steel $4.1 BLn #527 investments $1.2 BLn #1867 construction,
Juan-Miguel Villar Mir & Juan Maria Riberas Mera  real estate
family  $1.7 BLn #1394 steel Sol Daurella  Gustaf Douglas 
$3.4 BLn #679 construction $1.2 BLn #1867 coca-cola $3.8 BLn #588 investments Jonas Kamprad 
Alberto Alcocer  $1.1 BLn #1999 ikea
Manuel Lao Hernandez  $1.4 BLn #1650 investments D. Leopoldo Del Pino y Stefan Olsson 
$3.1 BLn #766 GamBlinG Calvo-Sotelo  $2.8 BLn #859 DiversifieD Mathias Kamprad 
Alberto Cortina  $1.2 BLn #1867 construction $1.1 BLn #1999 ikea
Alicia Koplowitz  $1.4 BLn #1650 investments Torbjorn Tornqvist 
$2.9 BLn #822 construction, Alberto Palatchi ★ $2.6 BLn #924 oil traDinG Peter Kamprad 
investments $1.1 BLn #1999 weDDinG Dresses $1.1 BLn #1999 ikea
Lottie Tham 
Helena Revoredo  $2.5 BLn #965 h&m Jenny Lindén Urnes ★
$1.1 BLn #1999 PowDereD metal
$2.7 BLn #887
security services alberto Palatchi
Juan Abello  NeWCOMeR: In October,
$2.6 BLn #924 investments Palatchi sold 90 percent of
Daniel Mate  wedding dress company Pro- swaziland
$2.6 BLn #924 mininG, novias to British private equity firm
commoDities BC Partners for an estimated $655 GDP: $4.7 BLn
Jaime Botin  million. The dressmaker, which ini- PoPulation: 1 MLn
$2.5 BLn #965 BankinG tially specialised in lace and silk fab- Billionaires: 1 eXPaTriaTe
rics, was founded in 1922 by Palat- 1
Hortensia Herrero  total net worth: $4.3 BLn
$2.4 BLn #1020 suPermarkets chi’s father, who had fled Turkey for (+$400 MIL VS 2017) nathan Kirsh 
Barcelona during World War I. $4.3 BLn #499 retail,
real estate

Wealth StatuS:
uP down  unchanGed 
wIne-growIng oIl & gaS fIelDS mInIng & tImber fInancIal SPortS tech PlaygrounD new ★ reTurnee 
regIon anD DePoSItS mIneralS centre team centre

sPorts team Denotes

Billionaire-owneD sPorts team

76 | forbes india April 27, 2018

 switzerland
Martin haefner 
$3 Bln #791 software,
investments
Sergio Mantegazza 
$2.9 Bln #822 travel
Wealth GDP: $677.8 Bln
tOp SectOrS Origin thomas Straumann 
PoPulation: 8 Mln $2.7 Bln #887 Dental
8 Billionaires: 36 imPlants
FINANCE & INVESTMENTS
30% total net worth: $123.8 Bln Stephan Schmidheiny 
HEALTH CARE
8
53% (+$16.4 Bln VS 2017) BenJaMin de rOthSchild $2.5 Bln #965 investments
6 17% trophy: The banking heir con- Marcel erni 
MANUFACTURING tinues his famous family’s lega- $2.4 Bln #1020 Private equity
2 inherited & grOWing
inherited
cy in the French Alps. In Decem- alfred gantner 
FASHION & RETAIL Self-Made ber, he opened the Four Seasons $2.4 Bln #1020 Private equity
2
Hotel Megève. The resort offers Urs Wietlisbach 
FOOD & BEVERAGE
2
helicopter ski safaris, glacier snow- $2.4 Bln #1020 Private equity
METALS & MINING shoeing and canyon jumping. His grandmoth- eva Maria Bucher-haefner 
er Noemie bought land in the alpine village in $2.3 Bln #1070
1920. King Albert I of Belgium was an early ComPuter assoCiates
guest; Audrey Hepburn and Cary Grant filmed thomas flohr ★
eXPaTRIaTes
a sequence of Charade at the pool in the older $2.3 Bln #1070 aviation
3 hotel (built by Benjamin’s father, Edmond). peter Spuhler 
basel $2.3 Bln #1070 train Cars
3 RheInfelDen
RuschlIkon Karl Scheufele iii & family 
bInnIngen ZSc LionS
Walter Frey $2.2 Bln #1103 jewellery

Benjamin: Charles Platiau / reuters; Four seasons: riChard Waite / Four seasons; les trois rois: shutterstoCk; straumann: moritz hager / reuters
Maja Oeri 
wIlen $2.1 Bln #1157 roChe holDinG
3
weInIngen georg von Opel 
$2.1 Bln #1157 real estate,
zuRIch jona investments
5 felDmeIlen
Miriam Baumann-Blocher 
huRDen
$1.9 Bln #1284 ChemiCals
luceRne Jean-paul & Martine
bulle clozel 
$1.9 Bln #1284
PharmaCeutiCals
zug Davos
VAuD cAnton 4 Benjamin de rothschild 
$1.9 Bln #1284 BankinG
Willy Michel 
gsTaaD $1.8 Bln #1339
sT. moRITz
meDiCal DeviCes
Matthias reinhart 
geneva $1.8 Bln #1339 finanCe
3
thomas Meyer 
Verbier gianluigi & rafaela aponte  $1.5 Bln #1561
$9.3 Bln #164 shiPPinG aPParel retailer
ZermAtt lugano
ernesto Bertarelli  gary fegel 
$8.9 Bln #174 BioteCh, $1.4 Bln #1650
investments CommoDities traDinG

Willi & isolde liebherr & Markus Blocher 

family  $1.3 Bln #1756 ChemiCals
$7.1 Bln #222 ConstruCtion Beda diethelm 
ivan glasenberg  $1.2 Bln #1867 hearinG aiDs
$6.5 Bln #261 mininG
hansjoerg Wyss 
$5.7 Bln #315 meDiCal DeviCes
rahel Blocher 
$5.5 Bln #334 ChemiCals
Magdalena Martullo-
Blocher 
thomas flohr $5.5 Bln #334 ChemiCals
Margarita louis-dreyfus &
Newcomer: his private
family 
aviation company, vista- $5.4 Bln #351 CommoDities thomas
jet, raised $200 million
thomas Schmidheiny  Straumann
in august at a $2.7 billion $5 Bln #388 Cement
valuation. flohr found- trophy: Les Trois
ed vistajet with three air- dona Bertarelli  Rois (‘The Three Kings’) hotel
$4.6 Bln #456 BioteCh
craft in 2004; it now has has had quite the guest list:
72 planes that fly heads of Michael pieper  Since the 17th century it has
$4.1 Bln #527 hosted Casanova, Napoleon
state, executives, entrepre- kitChen aPPlianCes
neurs and high networth and Hans Christian Andersen.
individuals to 187 coun- rudolf Maag  In 2004 Straumann, a dental-
$3.4 Bln #679 meDiCal DeviCes implant billionaire, bought the
tries. flohr himself trav-
els close to 750 hours, or hans peter Wild  101-room hotel, located on the
$3.3 Bln #703 flavourinGs banks of the Rhine in Basel,
150 days, a year on vista-
jet planes. Martin ebner  Switzerland, and spent two
$3.2 Bln #729 investments years renovating the property.

wealth StatuS:
uP Down  unchangeD 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD new ★ ReTuRnee 
region AnD DePoSitS minerALS centre teAm centre

sPorts team Denotes

Billionaire-owneD sPorts team

April 27, 2018 forbes india | 77

 the world’s billionaires / the list

TOP SECTORS

ThAIlANd
WEalTH

TAIWAN
ORiGin
9 9%
TECHNOLOGY
7 34% 57%
FINANCE & INVESTMENTS WEalTH
gdp: $573.3 Bln 5 gdp: $449 Bln TOP SECTORS ORiGin
population: 24 Mln FOOD & BEVERAGE population: 69 Mln 11
billionaires: 35 (+4 VS 2017) 4 inHERiTED & GROWinG billionaires: DIVERSIFIED 20%
inHERiTED
total net worth: $84.4 Bln MANUFACTURING SElf-MaDE 30 (+10 VS 2017) 5
47%
(+$9.2 Bln VS 2017) 4 total net worth: FINANCE & INVESTMENTS
33%
REAL ESTATE $93.3 Bln (+$30.1 Bln 4
3 VS 2017) FOOD & BEVERAGE
FASHION & RETAIL 4 inHERiTED & GROWinG
inHERiTED
Terry Gou  Chen Yung-Tai  Wei Yin-Heng  REAL ESTATE SElf-MaDE
$8.5 Bln #181 electronics $2 Bln #1215 real estate $1.6 Bln #1477 food, 2
beverages
Tsai Eng-Meng & family  liao long-shing  ENERGY
$6.8 Bln #242 food, $1.9 Bln #1284 Wei Ying-Chiao  1
beverages petrochemicals $1.6 Bln #1477 food, TELECOM
beverages
lin Yu-ling  lin Shu-Hong 
$5.8 Bln #305 real estate $1.9 Bln #1284 lin Ming-hsiung 
petrochemicals $1.5 Bln #1561 supermarkets
Barry lam 
$3.9 Bln #572 electronics Tseng Shin-yi  Chao Teng-hsiung 
$1.9 Bln #1284 $1.4 Bln #1650 real estate
Samuel Yin  petrochemicals
$3.7 Bln #606 diversified liu Ko-chen & family ★
Tony Chen & family  $1.4 Bln #1650 manufacturing
luo Jye & family  $1.7 Bln #1394 electronics
$3.2 Bln #729 tyres Thomas Wu 
Wei ing-Chou  $1.4 Bln #1650 finance
Daniel Tsai  $1.6 Bln #1477 food,
$3.2 Bln #729 finance beverages
Bruce Cheng 
$1.3 Bln #1756 electronics
Richard Tsai  Wei Yin-Chun  Bangkok Charoen Sirivadhanabhakdi 
$3.2 Bln #729 finance $1.6 Bln #1477 food,
archie Hwang  27 $17.9 Bln #65 drinks,
$1.3 Bln #1756 real estate
Tsai Hong-tu  beverages
semiconductors
$2.9 Bln #822 finance Dhanin Chearavanont 
andre Koo ★ $14.9 Bln #95 diversified
Pierre Chen  $1.3 Bln #1756 finance ko kut iSland
$2.7 Bln #887 art, Vichai Srivaddhanaprabha 
electronics Tsai Ming-Kai  eXpatRiateS $5 Bln #388 duty-free
$1.3 Bln #1756 3
Tsai Cheng-da  semiconductors Sumet Jiaravanon 
$2.7 Bln #887 finance $4.2 Bln #514 diversified
Douglas Hsu & family 
Chin Jong Hwa  $1.2 Bln #1867 diversified Jaran Chiaravanont 
$2.5 Bln #965 auto parts $4.1 Bln #527 diversified
Morris Chang ★
Scott lin & family  $1 Bln #2124 semiconductors Montri Jiaravanont 
$2.2 Bln #1103 $4.1 Bln #527 diversified
optical components Richard Chang 
$1 Bln #2124 real estate, Sarath Ratanavadi ★
TY Tsai  electronics $3.6 Bln #629 energy
$2.2 Bln #1103 finance
Wu Chung-yi  Somphote ahunai 
taipei $1 Bln #2124 manufacturing $3.4 Bln #679 energy
taoyuan 25 Phuket
Vanich Chaiyawan 
MORRiS CHanG $3.3 Bln #703 insurance,
beverages
HSincHu Fubon GuardianS newcomer: a legendary figure in
Chang: PiChi Chuang / ReuteRs; setthasit: anusak LaowiLas; aed CaRabao: shutteRstoCk

Daniel & RichaRD Tsai taiwan’s chip industry, chang makes

eXpatRiateS
3 his debut on the list after shares of tai-
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 phd 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:
up Down  uncHangeD 
wine-GrowinG oil & GaS FieldS mininG & timber Financial SPortS tech PlayGround new ★ RetuRnee 
reGion and dePoSitS mineralS centre team centre

sports team denotes

billionaire-owned sports team
78 | forbes india April 27, 2018
Prasert Prasarttong-Osoth 
$3 Bln #791 hospitals
Krit Ratanarak 
$2.7 Bln #887 media,
real estate
William Heinecke 
$2.1 Bln #1157 hotels
Harald link 
$2 Bln #1215 diversified
Chuchat & Daonapa
Petaumpai ★
$2 Bln #1215
motorcycle loans
Kiat Chiaravanont 
$1.9 Bln #1284 diversified
Thaksin Shinawatra 
$1.8 Bln #1339 investments
Prayudh Mahagitsiri 
$1.7 Bln #1394 coffee,
shipping
Wichai Thongtang 
$1.7 Bln #1394 investments
Keeree Kanjanapas 
$1.5 Bln #1561 transportation
Thongma Vijitpongpun 
$1.5 Bln #1561 real estate
Phongthep Chiaravanont ★
$1.2 Bln #1867 diversified
Rit Thirakomen 
$1.2 Bln #1867 restaurants
Manas Chiaravanond ★
$1.1 Bln #1999 diversified
Yupa Chiaravanond ★
$1.1 Bln #1999 diversified
Prathip Chiravanond ★
$1.1 Bln #1999 diversified
Chatchai Kaewbootta ★
$1.1 Bln #1999 auto loans
niti Osathanugrah ★
$1.1 Bln #1999 investments
Pete Bodharamik ★
$1 Bln #2124 telecom
Sathien Setthasit ★
$1 Bln #2124 energy drinks
Surin Upatkoon 
$1 Bln #2124 telecom,
lotteries, insurance
TANzANIA
gdp: $51.6 Bln
population: 57 Mln
billionaires: 1
total net worth: $1.5 Bln
(+$100 Mln VS 2017)
Mohammed Dewji 
$1.5 Bln #1561 diversified
DaR eS Salaam
Turkey
gdp: $847.7 Bln
population: 80 Mln
MEliH
billionaires: 36 (+7 VS 2017) aBDUlHaYOGlU
total net worth: newcomer: Comodo, his inter-
$64.7 Bln (+$16.2 Bln VS 2017) net security firm, has been develop-
WEalTH ing products since 1998. Today the
TOP SECTORS ORiGin New Jersey-based company con-
18 trols 37 percent of the over $1 bil-
5.5%
DIVERSIFIED lion SSL-certificate market, which
64% protects sensitive information like
5 30.5%
CONSTRUCTION user names and credit card num-
3 bers through encryption for such
FASHION & RETAIL customers as Intel and Xerox. In
3 inHERiTED & GROWinG
October private equity fund Fran-
inHERiTED
METALS & MINING
SElf-MaDE cisco Partners bought a majority
2
FOOD & BEVERAGE
stake for an undisclosed sum.
1
HEALTH CARE
eXpatRiateS
2
ankaRa
iStanBul 3
31
ceSme
bodrum
Murat Ulker 
$4.8 Bln #422 food
Erman ilicak 
fuat tosyali
$4 Bln #550 construction
Husnu Ozyegin  newcomer: tosyali and his two brothers, also new billion-
$2.9 Bln #822 finance,
aires, were born in the mediterranean town of iskenderun,
diversified
where they helped their father make stovepipes and boiler
Mustafa Kucuk  buckets out of tin cheese cans in his 100-square-foot shop.
$2.7 Bln #887 fashion retail
today their tosyali holding is one of turkey’s largest inte-
Semahat Sevim arsel  grated steel producers, with a production capacity of 12 mil-
$2.6 Bln #924 diversified lion tonnes. all three brothers sit on the company’s board.
Mustafa Rahmi Koc  fuat is chairman; his brother ayhan is vice chairman.
$2.5 Bln #965 diversified
Sarik Tara 
$2.5 Bln #965 construction
ferit faik Sahenk  nihat Ozdemir  Mehmet Hattat  Mustafa latif Topbas 
$2.4 Bln #1020 diversified $1.7 Bln #1394 diversified $1.4 Bln #1650 diversified $1.2 Bln #1867 food, retail
filiz Sahenk  Melih abdulhayoglu ★ fuat Tosyali ★ ali ibrahim agaoglu 
$2.3 Bln #1070 diversified $1.6 Bln #1477 $1.4 Bln #1650 steel $1.1 Bln #1999 construction
internet security
Suna Kirac  ahmet nazif Zorlu  Hamdi akin 
$2.2 Bln #1103 diversified ahmet Calik  $1.4 Bln #1650 diversified $1.1 Bln #1999 diversified
$1.6 Bln #1477 energy,
Hamdi Ulukaya  banking, construction Deniz Sahenk  Mehmet aydinlar 
$1.8 Bln #1339 greek yoghurt $1.3 Bln #1756 diversified $1.1 Bln #1999 hospitals
Turgay Ciner 
Sezai Bacaksiz  $1.6 Bln #1477 diversified Erol Tabanca ★ Mehmet Rustu Basaran 
$1.7 Bln #1394 diversified $1.3 Bln #1756 construction $1.1 Bln #1999 banking, gas
Bulent Eczacibasi 
Sefik Yilmaz Dizdar  $1.5 Bln #1561 ayhan Tosyali ★ Murat Vargi 
$1.7 Bln #1394 fashion retail pharmaceuticals, diversified $1.3 Bln #1756 steel $1.1 Bln #1999 telecom
Mehmet nazif Gunal  faruk Eczacibasi  fatih Tosyali ★ fatma Tuba Yazici 
$1.7 Bln #1394 tourism, $1.5 Bln #1561 $1.3 Bln #1756 steel $1.1 Bln #1999 diversified
construction pharmaceuticals, diversified Mehmet Sinan Tara  Olgun Zorlu 
$1.2 Bln #1867 construction $1 Bln #2124 diversified
April 27, 2018 forbes india | 79
 the world’s billionaires / the list

ukraine
Fc ShAkhtAr DonetSk
Rinat akhmetov
united
kingdom*
Gdp: $108.8 BLN kiev
population: 42 MLN 5
Billionaires: 7 (+1 VS 2017)
total net worth: $13.2 BLN donetsk
(+$2.6 BLN VS 2017) dnepRopetRovsk
Gdp: $2.6 TLN
population: 66 MLN
Billionaires: 54 (–1 VS 2017)*
total net worth: $203.7 BLN (+$39.3 BLN VS 2017)*

WeALTH
TOp SecTOrS OriGiN
riNAT rinat Akhmetov  12 6%
AKHMeTOV $5.5 BLN #334 steel, coal
FINANCE & INVESTMENTS 9%
Kostyantin Zhevago  8
richest: in december, a $1.6 BLN #1477 mininG 85%
FASHION & RETAIL
court in cyprus reportedly 7
Yuriy Kosiuk 
ordered $820 million of $1.5 BLN #1561 aGriculture DIVERSIFIED
akhmetov’s assets frozen as 7
part of an ongoing legal dis- Victor pinchuk  REAL ESTATE
iNHeriTed & GrOWiNG
iNHeriTed
$1.4 BLN #1650 steel pipes, SeLF-MAde
pute with raga establishment, diversified
5
a cyprus-based holding com- MANUFACTURING
pany. akhmetov’s investment Henadiy Boholyubov  3
$1.2 BLN #1867 BankinG, ENERGY
firm scm acquired ukraine’s investments
largest landline operator,
ihor Kolomoyskyy 
ukrtelecom, from raga in $1 BLN #2124 BankinG,
2013. raga reportedly accused investments
scm of not making its full
Vadim Novinsky  Hinduja family 
payment. scm disagrees with $1 BLN #2124 steel
the ruling and is contesting it. $19.5 BLN #55 diversified
James ratcliffe 
$16.4 BLN #78 chemicals richard desmond
david & Simon reuben  NeWsMaker: the tabloid tycoon

united arab $15.5 BLN #88 investments,

real estate
announced plans in february to
sell his media portfolio, includ-
emirates Michael platt 
$6.9 BLN #237 hedGe funds
ing Star, ok! and the Daily ex-
press, to publisher trinity mirror
ian & richard Livingstone  for about $177 million. des-
Gdp: $378.7 BLN $6.4 BLN #265 real estate mond dropped out of school
pOpuLATiON: 9 MLN Bruno Schroder & family  at age 14 to become a drum-
Billionaires: 7 (+2 VS 2017) dubai $6.2 BLN #281 BankinG mer. he started his first mag-
total net worth: $24 BLN 5 azine, international musician &
david & Frederick Barclay 
(–$3.3 BLN VS 2017) $5.8 BLN #305 media, retail recording world, in 1974 and
later owned dozens of adult en-
James dyson 
$5.6 BLN #321 vacuums
tertainment publications, such
abu dhabi as Asian babes and Penthouse,
Laurence Graff & family  in the uk.
Abdulla bin Ahmad Al $5.6 BLN #321 diamond jewellery
Ghurair & family 
$5.9 BLN #296 diversified Andrew currie 
$5.5 BLN #334 chemicals
Majid Al Futtaim & family 
$4.6 BLN #456 real estate, John reece 
retail $5.5 BLN #334 chemicals
richard Branson 
Akhmetov : IvAn ChernIChkIn / reuters; DesmonD: olIvIA hArrIs / reuters;

Hussain Sajwani 
$4.1 BLN #527 real estate $5 BLN #388 virGin
melAnIA: neIlson BArnArD / Getty ImAGes; GrAff: tyrone sIu / reuters

Abdulla Al Futtaim  denise coates 

$3.3 BLN #703 auto dealers, $5 BLN #388 online GamBlinG
investments Joe Lewis 
Saeed Bin Butti Al Qebaisi ★ $5 BLN #388 investments
$2.7 BLN #887 hospitals, philip & cristina Green 
investments $4.8 BLN #422 retail
Saif Al Ghurair & family  clive calder 
$1.9 BLN #1284 diversified $4.7 BLN #441 record laBel
Khalifa Bin Butti Al Muhairi ★
$1.5 BLN #1561 hospitals,
investments

laurence Graff
NeWsMaker: high-end jeweller Graff acquired the 1,109-
carat lesedi la rona—the second-largest gem-quality
saeed Bin Butti al Qebaisi diamond ever found—in september, four months after
he bought its 374-carat sibling. an older deal made
NeWcOMer: The investor makes his debut on the list following a surge in the share price of NMC even bigger waves. Forbes confirmed in january that
Health, which bills itself as the UAE’s largest private health care provider. The London-listed firm donald trump, who bought melania’s 12-carat engage-
runs hospitals and clinics in a dozen countries in the Middle East, Europe and Latin America. Bin ment ring from Graff in 2004, fibbed when he publicly boasted he re-
Butti Al Qebaisi owns about 18% of NMC Health, plus stakes in foreign exchange firms Travelex ceived a $1 million discount. Graff says trump was “a pleasure to do
and UAE Exchange. business with” but was given “no favours”.

Wealth status:
up down  unchanged 
wine-growing oiL & gAS FieLDS mining & timber FinAnciAL SPortS tech PLAygrounD new ★ RetuRnee 
region AnD DePoSitS minerALS centre teAm centre
*includes Guernsey. 1Guernsey citizen.
sports team denotes
Billionaire-owned sports team
80 | forbes india April 27, 2018
 david mcmurtry robert Miller 
$4.5 BLN #466 retail
trOphy: The co-founder of engineering firm
Anthony Bamford & family 
Renishaw, McMurtry owns this 30,000-square-foot $4.4 BLN #480
mansion, named Swinhay House but better known as construction eQuipment
Appledore to Sherlock fans. The futuristic home was peter Hargreaves 
featured as the lair of villain Charles Augustus $3.9 BLN #572
Magnussen in the hit BBC show’s third-season finale. financial services
Michael Ashley 
$3.6 BLN #629 sports retail
Bernard ecclestone & family 
$3.5 BLN #652 formula one
Tom Morris 
$3.1 BLN #766 retail
christopher Hohn 
$3 BLN #791 hedGe funds
John caudwell 
$2.6 BLN #924 moBile phones
John coates 
$2.5 BLN #965 online GamBlinG
Maritsa Lazari & family 
$2.5 BLN #965 real estate
Bernard Lewis & family 
$2.5 BLN #965 retail
Stephen Lansdown1 
$2.3 BLN #1070
financial services
CelTiC FC Kenneth Lo 
DeRmot DesmonD $2.3 BLN #1070 textiles
Mark coombs 
$2.2 BLN #1103 finance
Sunil Vaswani 
$2.2 BLN #1103 diversified
newCAsTle uniTed
michael ashley eddie & Sol Zakay 
$2.2 BLN #1103 real estate
caRlisle Hilton Schlosberg 
$2 BLN #1215 enerGy drinks
Stephen rubin 
$1.9 BLN #1284 sports apparel
isle of man Alex Beard 
$1.8 BLN #1339 mininG,
commodities
david Harding 
$1.8 BLN #1339 finance
Michael Ashcroft 
$1.7 BLN #1394 security
Anthony Langley 
$1.7 BLN #1394 manufacturinG
david McMurtry 
$1.7 BLN #1394 manufacturinG
Farhad Moshiri 
$1.7 BLN #1394 diversified
John Whittaker 
$1.7 BLN #1394 real estate
John Bloor 
$1.6 BLN #1477 real estate,
manufacturinG
richard desmond 
$1.5 BLN #1561 puBlishinG
ian Wood & family 
$1.5 BLN #1561 enerGy services
Jasminder Singh & family 
$1.4 BLN #1650 hotels
Saket Burman 
$1.3 BLN #1756
consumer Goods
charles dunstone 
$1.3 BLN #1756 moBile phones
Alan Howard 
$1.3 BLN #1756 hedGe funds
raghuvinder Kataria 
$1.3 BLN #1756 diversified
philip day 
$1.2 BLN #1867 retail
Mark dixon 
$1.2 BLN #1867
office real estate
dennis Gillings ★
$1.2 BLN #1867 druG testinG
Mohammed ibrahim 
$1.1 BLN #1999 communications
Simon Nixon 
$1.1 BLN #1999
price comparison weBsite

meRseyside nottinghamshiRe
liverPool
John henRy leiCesTer CiTy
vichai
sRivaDDhanapRabha

abeRdyfi

mCmurtry: © CopyrIGht renIshAw plC; Dyson: Jeff spICer / BfC / Getty ImAGes
stoke-on-tRent
3 heRtfoRdshiRe ArsenAl FC
gloucesteR
alisheR Usmanov
Queens PArk rAngers
wotton- lakshmi mittal
undeR-edge cheRtsey ChelseA FC
Roman abRamovich
bRistol london
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
eXpatRiates
19 to fit a vehicle’s exhaust system and to trap small
particles.
st bRelade,
jeRsey

April 27, 2018 forbes india | 81

the world’s billionaires / the list

united states steve wynn

NEWsMakER: the casino kingpin resigned as chairman
and ceo of wynn resorts in february after allegations
gdP: $19.4 TLN ToP SECToRS
WEALTh of sexual misconduct broke in the news. Just a day after
PoPulAtion: 325 MLN oRIGIN 147 the initial report, he stepped down as the republican
BillionAires: 585 FINANCE & INVESTMENTS
national committee finance chair. wynn, who claimed
(+20 vS 2017) 17% 79 sAn JuAn
islAnds the accusations were part of a smear campaign led by
totAl net worth: $3.1 TLN TECHNOLOGY
his ex-wife elaine wynn, denied wrongdoing.
16%
(+$340 BLN vS 2017) 68% 60
FOOD & BEVERAGE
50
INhERITED & GRoWING FASHION & RETAIL
INhERITED
SELf-MADE 44 seattle seahawks
REAL ESTATE Paul allen
seAttle

Jeff Bezos  MissoulA

$112 BIL #1 AmAzon
portlAnd
Bill Gates 
Portland trail Blazers
$90 BIL #2 microsoft, Paul allen
investments BozeMAn
Warren Buffett 
$84 BIL #3 idAho FAlls
Berkshire hAthAwAy
Sun valley
Mark Zuckerberg 
$71 BIL #5 fAceBook
Charles Koch  JACkson
$60 BIL #8 koch industries
David Koch  redding
utah jazz
$60 BIL #8 koch industries Gail Miller
deer valley Fort Collins
Larry Ellison  reno park city
$58.5 BIL #10 softwAre sonoMA truCkee sAlt lAke City
Michael Bloomberg 
$50 BIL #11 BloomBerg lP stoCkton
san FranCisCo giants
Boulder
Larry Page  Aspen
charleS JohnSon
$48.8 BIL #12 google
SnowmaSS/aSpen/beaver
Sergey Brin  sAntA Cruz creek,colorado
$47.5 BIL #13 google sAn FrAnCisCo/
pebble beach
Jim Walton  sAn Jose denver
$46.4 BIL #14 wAlmArt 74 sAntA BArBArA
S Robson Walton  MonteCito
$46.2 BIL #15 wAlmArt lAs vegAs
venturA Colorado avalanChe
Alice Walton  Stan KroenKe
$46 BIL #16 wAlmArt westlAke villAge sAn BernArdino
Sheldon Adelson  los angeles dodgers
MarK Walter
$38.5 BIL #21 cAsinos
los angeles lakers
Steve Ballmer  PhiliP anSchutz
$38.4 BIL #22 microsoft
Phil Knight & family 
$29.6 BIL #28 nike phoenix

Jacqueline Mars  sAn diego

$23.6 BIL #34 cAndy, Pet food
John Mars  los Angeles
el pAso
$23.6 BIL #34 cAndy, Pet food lanai/kauai 45
Michael Dell  eren ozmen
$22.7 BIL #39 dell comPuters
NEWCOMER: Along with husband
Paul Allen  Fatih, the Turkish immigrant has
$21.7 BIL #44 microsoft, honolulu
created aerospace and defence
investments
powerhouse Sierra Nevada Corp.
Thomas Peterffy  Top-tier clients include Nasa, the
$20.3 BIL #47
US Air Force and the Japan
discount BrokerAge hoW To READ ThE MAPS Aerospace Exploration Agency. Its
Len Blavatnik  self-flying Dream Chaser (which can
$20.2 BIL #48 diversified
City with seCond third Fourth FiFth take repeated trips and land at any
James Simons  the Most regular airport) has been tapped to
$20 BIL #52 hedge funds BillionAires
deliver supplies to the Internation-
Elon Musk  Boxes correspond to the cities where billionaires al Space Station and help developing
$19.9 BIL #54 teslA motors live, one box per person. coloured names on the list countries get into space in partner-
correspond to the colour of the city where they live
Laurene Powell Jobs & ship with the UN. The Ozmens, who
family  John Doe  purchased the fledgling 20-person
$18.8 BIL #58 APPle, disney $1 BLN #1940 furniture company in 1994, have since
Ray Dalio  total worth orchestrated 19 acquisitions and
$17.7 BIL #67 hedge funds source of wealth opened offices in 34 locations. Eren
rank
Carl Icahn  is one of 72 self-made billionaire
$16.8 BIL #73 investments change in wealth status from 2016 women in the world.

WEalth status:
up down  unChAnged 
wine-growing oil & gas Fields mining & timBer FinanCial sPorts teCh Playground new ★ returnee 
region and dePosits minerals Centre team Centre

sPorts teAm denotes

BillionAire-owned sPorts teAm

82 | forbes india April 27, 2018

 expAtriAtes

westChester BelgrAde
ConneCtiCut Boston red sox
John henry
ChiCAgo portlAnd new england Patriots
robert KraFt

MinneApolis/ philAdelphiA hAnover

st pAul
minnesota detroit red wings BuFFalo Bills
Marian ilitch & FaMily worCester
timBerwolves BirChwood terrence PeGula
Glen taylor
Cleveland Boston
Cavaliers
eAu ClAire Dan Gilbert BuFFAlo roChester
sheBoygAn grAnd providenCe
rApids nantucket
MAdison
MAnkAto erie hamptonS
Ann rhineBeCk
sioux FAlls
ArBor liBerty
AFton hollAnd pottsville
ClevelAnd
rACine detroit
ChiCago Bulls long islAnd
Jerry reinSDorF kAlAMAzoo youngstown

Adel Brookville BAltiMore

ColuMBus
oMAhA new Jersey
indianaPolis Colts wAshington, dC, AreA
JaMeS irSay
indiAnApolis
washington redskins
Dan SnyDer
BlooMington lexington
leAwood
ColuMBiA kentucky derby virginiA
st louis lewisBurg BeACh

wiChitA
knoxville ChArlotte
springField ClevelAnd
nAshville CAry

Charlotte hornets

Wynn: Mike Blake / ReUTeRS; OzMen: alBeRTO e. ROdRigUez / geTTy iMageS; MUSk: JOe SkippeR / ReUTeRS
FAyetteville 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
charleS Dolan & FaMily
dallas CowBoys atlanta FalCons
Jerry JoneS arthur blanK

dallas maveriCks jaCksonville jaguars

MarK cuban 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

orlando magiC
sAn Antonio richarD DeVoS palm beach
BonitA springs
miami dolPhins
Austin nAples StePhen roSS
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 under-
ground tunnels to ultimately replace traf-
fic-clogged roads with high-speed public
transportation and an expressway for cars.

April 27, 2018 forbes india | 83

 the world’s billionaires / the list
united states
Donald Bren  Micky Arison 
$16.3 BLN #80 reAl estAte $9.7 BLN #154 cArnivAl cruises
Abigail Johnson  Thomas frist Jr & family 
$15.9 BLN #83 $9.6 BLN #158 heAlth cAre
money mAnAgement
Lukas Walton 
Charles Schwab 
$9.4 BLN #162
$15.9 BLN #83 wAlmArt discount BrokerAge
Rupert Murdoch & family  herbert Kohler Jr & family 
$15 BLN #94 newsPAPers, $9.3 BLN #164
tv network PlumBing fiXtures
harold hamm & family  Jan Koum 
$14.1 BLN #100 oil & gAs $9.1 BLN #170 whAtsAPP
Steve Cohen  James Goodnight 
$14 BLN #102 hedge funds $9 BLN #172 softwAre
Dustin Moskovitz  Ken Griffin 
$14 BLN #102 fAceBook $9 BLN #172 hedge funds
Charles Ergen  James Chambers 
$13.4 BLN #106 sAtellite tv $8.7 BLN #178 mediA
Eric Schmidt  Katharine Rayner 
$13.4 BLN #106 google $8.7 BLN #178 mediA
Philip Anschutz  Margaretta Taylor 
$13 BLN #108 investments $8.7 BLN #178 mediA
Jim Kennedy  Gordon Moore 
$13 BLN #108 mediA $8.5 BLN #181 intel
Blair Parry-okeden  Stanley Kroenke 
$13 BLN #108 mediA $8.3 BLN #183 sPorts,
reAl estAte
Leonard Lauder 
$12.9 BLN #113 estee lAuder John Malone 
$8.1 BLN #186 cABle television
Stephen Schwarzman 
$12.6 BLN #117 investments Carl Cook 
$8 BLN #190 medicAl devices
Donald Newhouse 
$12.3 BLN #121 mediA David Geffen 
$8 BLN #190 movies,
Andrew Beal  record lABels
$11.6 BLN #132 BAnks,
reAl estAte George Soros 
$8 BLN #190 hedge funds
John Menard Jr 
$11.5 BLN #134 Edward Johnson III 
home imProvement stores $7.9 BLN #196
money mAnAgement
David Tepper 
$11 BLN #138 hedge funds David Duffield 
$7.8 BLN #198
Pierre omidyar  Business softwAre
$10.5 BLN #145 eBAy
George Kaiser 
Ronald Perelman  $7.8 BLN #198 oil & gAs, BAnking
$9.8 BLN #152
leverAged Buyouts
JeFF lurie
NEWsMakER: Lu-
rie’s Philadelphia Ea-
gles won the Super
Bowl for the first time
in the franchise’s his-
tory in February, set-
ting off one of the
craziest celebra-
tions in the city’s his-
JeFF: Mike Blake / ReUTeRS; JOhn: danny MOlOShOk / ReUTeRS
tory. The team beat
the New England Pa-
triots, Lurie’s child-
hood team, which he
had previously tried
to buy. After he lost
out to Bob Kraft, he
settled on the Ea-
gles, reportedly paying
about $185 million in
1994; the team is now
worth $2.65 billion.
wine-growing oil & gas Fields mining & timBer
region and dePosits minerals
84 | forbes india April 27, 2018
Patrick Soon-Shiong 
$7.8 BLN #198 PhArmAceuticAls
Stephen Ross 
$7.6 BLN #205 reAl estAte
Pauline MacMillan Keinath 
$7.4 BLN #207 cArgill
Eli Broad 
$7.3 BLN #211 investments
Sun hongbin 
$7.3 BLN #211 reAl estAte
Christy Walton 
$7.3 BLN #211 wAlmArt
Shahid Khan 
$7.2 BLN #217 Auto PArts
John Doerr 
$7.1 BLN #222 venture cAPitAl
David Green & family 
$6.8 BLN #242 retAil
hank & Doug Meijer 
$6.8 BLN #242 suPermArkets
Brian Acton 
$6.6 BLN #251 whAtsAPP
Ann Walton Kroenke 
$6.6 BLN #251 wAlmArt
Leon Black 
$6.5 BLN #261 PrivAte equity
John Paulson 
$6.5 BLN #261 hedge funds
David Shaw 
$6.4 BLN #265 hedge funds
John A Sobrato & family 
$6.4 BLN #265 reAl estAte
Daniel Gilbert 
$6.3 BLN #274 quicken loAns
Richard Kinder 
$6.2 BLN #281 PiPelines
Robert Kraft 
$6.2 BLN #281
new englAnd PAtriots
Ralph Lauren 
$6.2 BLN #281 fAshion
Les Wexner & family 
$6.1 BLN #287 retAil
Whitney MacMillan 
$6 BLN #289 cArgill
Marijke Mars ★
$5.9 BLN #296 cAndy, Pet food
Pamela Mars ★
$5.9 BLN #296 cAndy, Pet food
valerie Mars ★
$5.9 BLN #296 cAndy, Pet food
victoria Mars ★
$5.9 BLN #296 cAndy, Pet food
Nancy Walton Laurie 
$5.8 BLN #305 wAlmArt
Tom & Judy Love 
$5.8 BLN #305
retAil & gAs stAtions
Robert Rowling 
$5.8 BLN #305 investments
Dennis Washington 
$5.8 BLN #305 construction,
mining
David Sun 
$5.7 BLN #315
comPuter hArdwAre
John Tu 
$5.7 BLN #315
comPuter hArdwAre
Jen-hsun huang 
$5.6 BLN #321 semiconductors
Charles Johnson 
$5.6 BLN #321
money mAnAgement
FinanCial sPorts teCh
Centre team Centre
sPorts teAm denotes
BillionAire-owned sPorts teAm
Jerry Jones 
$5.6 BLN #321 dAllAs cowBoys
Richard Lefrak & family 
$5.6 BLN #321 reAl estAte
Steven Rales 
$5.6 BLN #321 mAnufActuring
Dannine Avara 
$5.5 BLN #334 PiPelines
Scott Duncan 
$5.5 BLN #334 PiPelines
Milane frantz 
$5.5 BLN #334 PiPelines
Diane hendricks 
$5.5 BLN #334 roofing
Gabe Newell 
$5.5 BLN #334 videogAmes
Randa Williams 
$5.5 BLN #334 PiPelines
Richard Devos & family 
$5.4 BLN #351 AmwAy
George Roberts 
$5.4 BLN #351 PrivAte equity
Edward Roski Jr 
$5.4 BLN #351 reAl estAte
Jim Davis & family 
$5.3 BLN #365 new BAlAnce
David filo 
$5.3 BLN #365 yAhoo
henry Kravis 
$5.3 BLN #365 PrivAte equity
Israel Englander 
$5.2 BLN #372 hedge funds
Marian Ilitch 
$5.2 BLN #372 PizzA,
sPorts teAm
Bruce Kovner 
$5.2 BLN #372 hedge funds
George Lucas 
$5.2 BLN #372 star wars
Robert Rich Jr 
$5.2 BLN #372 frozen foods
Bernard Marcus 
$5.1 BLN #382 home dePot
frederick Smith 
$5.1 BLN #382 fedeX
Ronda Stryker 
$5.1 BLN #382
medicAl equiPment
Martha Ingram & family 
$5 BLN #388 Book distriBution,
trAnsPortAtion
Karen Pritzker 
$5 BLN #388 hotels,
investments
Robert Bass 
$4.9 BLN #404 oil, investments
Marc Benioff 
$4.9 BLN #404
Business softwAre
Charles Dolan & family 
$4.9 BLN #404
cABle television
Ray Lee hunt 
$4.9 BLN #404 oil, reAl estAte
John overdeck 
$4.9 BLN #404 hedge funds
Sumner Redstone 
$4.9 BLN #404 mediA
Reinhold Schmieding 
$4.9 BLN #404 medicAl devices
David Siegel 
$4.9 BLN #404 hedge funds
Sam Zell 
$4.9 BLN #404 reAl estAte,
PrivAte equity
WEalth status:
up down  unChAnged 
Playground new ★ returnee 
John Paul
deJoria
NEWsMakER: nearly
three decades after first
creating high-end te-
quila brand Patrón with
a buddy and eventu-
ally turning it into one
of the world’s top spir-
its (it sells 2.6 million
cases a year), deJoria
is selling his estimated
70% stake to Bacardi
ltd in a $5.1 billion deal
(including debt). the
navy vet, who boasts
that 53 people are in-
volved in making each
bottle of Patrón, first
sold a minority stake to
Bacardi in 2008.
Bubba Cathy 
$4.8 BLN #422 chick-fil-A
Dan Cathy 
$4.8 BLN #422 chick-fil-A
Rupert Johnson Jr 
$4.8 BLN #422
money mAnAgement
Travis Kalanick 
$4.8 BLN #422 uBer
Trevor Rees-Jones 
$4.8 BLN #422 oil & gAs
Jeffrey Skoll 
$4.8 BLN #422 eBAy
Daniel Ziff 
$4.8 BLN #422 investments
Dirk Ziff 
$4.8 BLN #422 investments
Robert Ziff 
$4.8 BLN #422 investments
Stanley Druckenmiller 
$4.7 BLN #441 hedge funds
Ted Lerner & family 
$4.7 BLN #441 reAl estAte
Gwendolyn Sontheim Meyer 
$4.7 BLN #441 cArgill
J Christopher Reyes 
$4.7 BLN #441
food distriBution
Jude Reyes 
$4.7 BLN #441
food distriBution
Sheldon Solow 
$4.7 BLN #441 reAl estAte
Jeremy Jacobs Sr 
$4.6 BLN #456 concessions
Chris Larsen ★
$4.6 BLN #456 cryPtocurrency
Paul Tudor Jones II 
$4.5 BLN #466 hedge funds
John Sall 
$4.5 BLN #466 softwAre
Leonard Stern 
$4.5 BLN #466 reAl estAte
Tamara Gustavson & family 
$4.4 BLN #480 self storAge

united states
John Morris  Walter Scott Jr & family 
$4.4 BLN #480 sPorting goods $4.2 BLN #514 utilities, telecom
retAil
Clemmie Spangler Jr 
Robert Smith  $4.2 BLN #514 investments
$4.4 BLN #480 PrivAte equity
Arthur Blank 
Russ Weiner  $4.1 BLN #527 home dePot
$4.4 BLN #480 energy drinks
Jack & Laura Dangermond 
Rocco Commisso ★ $4.1 BLN #527
$4.3 BLN #499 telecom mAPPing softwAre
Tilman fertitta 
James Jannard 
$4.3 BLN #499 restAurAnts, $4.1 BLN #527 sunglAsses
cAsinos
Isaac Perlmutter 
Terrence Pegula  $4.1 BLN #527 mArvel comics
$4.3 BLN #499 nAturAl gAs
h Ross Perot Sr 
Robert Pera  $4.1 BLN #527 comPuter
$4.3 BLN #499
services, reAl estAte
wireless networking geAr
Thomas Pritzker 
Gary Rollins  $4.1 BLN #527 hotels,
$4.3 BLN #499 Pest control investments
Randall Rollins 
Julian Robertson Jr 
$4.3 BLN #499 Pest control $4.1 BLN #527 hedge funds
Alejandro Santo Domingo 
$4.3 BLN #499 Beer
Evan Spiegel 
$4.1 BLN #527 snAPchAt
Andres Santo Domingo 
Kelcy Warren 
$4.3 BLN #499 Beer $4.1 BLN #527 PiPelines
Roger Wang  Ben Ashkenazy ★
$4.3 BLN #499 retAil
$4 BLN #550 reAl estAte
Stephen Bisciotti  Dagmar Dolby & family 
$4.2 BLN #514 stAffing,
$4 BLN #550
BAltimore rAvens dolBy lABorAtories
Austen Cargill II 
Dan friedkin 
$4.2 BLN #514 cArgill $4 BLN #550
James Cargill II  toyotA deAlershiPs
$4.2 BLN #514 cArgill
Ronald Lauder 
Archie Aldis Emmerson & $4 BLN #550 estee lAuder
family 
Michael Moritz 
$4.2 BLN #514 timBerlAnd, $4 BLN #550 venture cAPitAl
lumBer mills
Richard Schulze 
Marianne Liebmann  $4 BLN #550 Best Buy
$4.2 BLN #514 cArgill
Jeff Sutton 
Bobby Murphy  $4 BLN #550 reAl estAte
$4.2 BLN #514 snAPchAt
Rick Caruso 
Igor olenicoff  $3.9 BLN #572 reAl estAte
$4.2 BLN #514 reAl estAte
Tom Gores 
$3.9 BLN #572 PrivAte equity
Stewart & Lynda Resnick 
$3.9 BLN #572 Agriculture,
wAter
Jerry Speyer 
$3.9 BLN #572 reAl estAte
Patrick harry Stine 
$3.9 BLN #572 Agriculture
soon-shiong Steven Udvar-hazy 
$3.9 BLN #572 AircrAft leAsing
NEWsMakER: the sur-
geon and biotech bil- Nathan Blecharczyk 
lionaire is doubling $3.8 BLN #588 AirBnB
down on media. in Brian Chesky 
february he agreed $3.8 BLN #588 AirBnB
to buy the los an-
Joe Gebbia 
geles times and san $3.8 BLN #588 AirBnB
diego union-tribune
Jeff Greene 
and several smaller ti- $3.8 BLN #588 reAl estAte,
tles for $500 million— investments
twice what Jeff Bezos
Robert McNair 
paid for the washing- $3.8 BLN #588 energy, sPorts
ton Post five years ago.
Ira Rennert 
soon-shiong’s gamble $3.8 BLN #588 investments
on transforming health
care, nantworks, has henry Samueli 
$3.8 BLN #588 semiconductors
yet to deliver on his
promises. Nick Caporella 
$3.7 BLN #606 BeverAges
wine-growing oil & gas Fields mining & timBer FinanCial
region and dePosits minerals
Mark Cuban 
$3.7 BLN #606 online mediA
Ken fisher 
$3.7 BLN #606
money mAnAgement
h fisk Johnson 
$3.7 BLN #606
cleAning Products
Imogene Powers Johnson 
$3.7 BLN #606
cleAning Products
S Curtis Johnson 
$3.7 BLN #606
cleAning Products
helen Johnson-Leipold 
$3.7 BLN #606
cleAning Products
Winifred Johnson-Marquart 
$3.7 BLN #606
cleAning Products
Michael Milken 
$3.7 BLN #606 investments
Jeffery hildebrand 
$3.6 BLN #629 oil
Edward Johnson Iv ★
$3.6 BLN #629
money mAnAgement
Elizabeth Johnson ★
$3.6 BLN #629
money mAnAgement
Peter Kellogg 
$3.6 BLN #629 investments
Rodger Riney ★
$3.6 BLN #629
discount BrokerAge
Steven Spielberg 
$3.6 BLN #629 movies
Anita Zucker 
$3.6 BLN #629 chemicAls
Judy faulkner 
$3.5 BLN #652 heAlth it
Joshua harris 
$3.5 BLN #652 PrivAte equity
Douglas Leone 
$3.5 BLN #652 venture cAPitAl
Anthony Pritzker 
$3.5 BLN #652 hotels,
investments
Jay Robert (JB) Pritzker 
$3.5 BLN #652 hotels,
investments
Mitchell Rales 
$3.5 BLN #652 mAnufActuring,
investments
Bernard Saul II 
$3.5 BLN #652 BAnking,
reAl estAte
Donald Sterling 
$3.5 BLN #652 reAl estAte
Riley Bechtel & family 
$3.4 BLN #679 engineering,
construction
Stephen Bechtel Jr 
$3.4 BLN #679 engineering,
construction
Jimmy haslam 
$3.4 BLN #679 gAs stAtions,
retAil
Min Kao & family 
$3.4 BLN #679
nAvigAtion equiPment
Steve Wynn 
$3.4 BLN #679 cAsinos, hotels
John Arnold 
$3.3 BLN #703 hedge funds
Sid Bass 
$3.3 BLN #703 oil, investments
sPorts teCh
Centre team Centre
sPorts teAm denotes
BillionAire-owned sPorts teAm
NIRAJ ShAh
NEWCOMER: with cornell classmate steve conine, also a new
billionaire, shah started selling stereo racks online in 2002
and within years ran more than 250 websites. they later
consolidated them into $4.7 billion (2017 revenues) wayfair,
which sells more than than 10 million items for the home. its
stock has more than doubled in the past year.
John Brown  haim Saban 
$3.3 BLN #703 $3.2 BLN #729 tv network,
medicAl equiPment investments
Charles Cohen  Lynn Schusterman 
$3.3 BLN #703 reAl estAte $3.2 BLN #729 oil & gAs,
investments
Rakesh Gangwal 
$3.3 BLN #703 Airline Mark Shoen 
$3.2 BLN #729 u-hAul
Reid hoffman 
$3.3 BLN #703 linkedin Meg Whitman 
$3.2 BLN #729 eBAy
Amos hostetter Jr 
$3.3 BLN #703 cABle television John Catsimatidis 
$3.1 BLN #766 oil, reAl estAte
Kenneth Langone 
$3.3 BLN #703 investments Do Won & Jin Sook Chang 
$3.1 BLN #766 fAshion retAil
George Lindemann & family 
$3.3 BLN #703 investments Barry Diller 
$3.1 BLN #766 online mediA
Mary Alice Dorrance Malone 
$3.3 BLN #703 cAmPBell souP Jack Dorsey 
$3.1 BLN #766 twitter
henry Nicholas III 
$3.3 BLN #703 semiconductors Allan Goldman 
$3.1 BLN #766 reAl estAte
Pat Stryker 
$3.3 BLN #703 Jane Goldman 
medicAl equiPment $3.1 BLN #766 reAl estAte
Neil Bluhm 
$3.2 BLN #729 reAl estAte
Amy Goldman fowler 
$3.1 BLN #766 reAl estAte
Andrew & Peggy Cherng  Diane Kemper 
niRaJ: lUcaS JackSOn / ReUTeRS; paTRick: gaRy caMeROn / ReUTeRS
$3.2 BLN #729 restAurAnts $3.1 BLN #766 reAl estAte
Scott Cook  James Leprino 
$3.2 BLN #729 softwAre $3.1 BLN #766 cheese
Leon G Cooperman  Richard Sands ★
$3.2 BLN #729 hedge funds $3.1 BLN #766 food & BeverAge
John Paul DeJoria  Donald Trump 
$3.2 BLN #729 hAir Products, $3.1 BLN #766 reAl estAte
tequilA
Romesh T Wadhwani 
Tom Golisano  $3.1 BLN #766 softwAre
$3.2 BLN #729 PAyroll services
Clifford Asness 
Daniel Loeb  $3 BLN #791
$3.2 BLN #729 hedge funds investment mAnAgement
Daniel och  Tom Benson & family 
$3.2 BLN #729 hedge funds $3 BLN #791
new orleAns sAints
Marc Rowan 
$3.2 BLN #729 PrivAte equity Jim Breyer 
$3 BLN #791 venture cAPitAl
WEalth status:
up down  unChAnged 
Playground new ★ returnee 
April 27, 2018 forbes india | 85
 the world’s billionaires / the list

united states Edward DeBartolo Jr 

$2.7 BLN #887
Jane Lauder 
$2.5 BLN #965 cosmetics
Ron Baron 
$2.2 BLN #1103
shoPPing centres money mAnAgement
valentin Gapontsev Jon Stryker  Jeffrey Lorberbaum 
& family  $2.9 BLN #822
Bennett Dorrance  $2.5 BLN #965 flooring Timothy Boyle 
$2.7 BLN #887 cAmPBell souP $2.2 BLN #1103
$3 BLN #791 lAsers medicAl equiPment Joe Mansueto  columBiA sPortsweAr
Johnelle hunt  vincent viola  Don hankey  $2.5 BLN #965
$3 BLN #791 trucking $2.9 BLN #822
$2.7 BLN #887 Auto loAns investment reseArch Chase Coleman III 
$2.2 BLN #1103 hedge fund
John Middleton 
electronic trAding Reed hastings  C Dean Metropoulos 
$3 BLN #791 toBAcco William Conway Jr  $2.7 BLN #887 netfliX $2.5 BLN #965 investments James Coulter 
$2.2 BLN #1103 PrivAte equity
$2.8 BLN #859 PrivAte equity James Irsay  Arturo Moreno 
Jorge Perez 
$3 BLN #791 reAl estAte Daniel D’Aniello  $2.7 BLN #887 $2.5 BLN #965 BillBoArds, frank fertitta III 
indiAnAPolis colts AnAheim Angels $2.2 BLN #1103 cAsinos,
$2.8 BLN #859 PrivAte equity
Jean (Gigi) Pritzker  miXed mArtiAl Arts
$3 BLN #791 hotels, Jim Davis  Bob Parsons  Richard Peery 
investments $2.8 BLN #859
$2.7 BLN #887 weB hosting $2.5 BLN #965 reAl estAte Lorenzo fertitta 
$2.2 BLN #1103 cAsinos,
Michael Rubin 
stAffing & recruiting Phillip Ruffin  Larry Robbins  miXed mArtiAl Arts
$2.7 BLN #887 cAsinos, $2.5 BLN #965 hedge funds
$3 BIL #791 online retAil Doris fisher 
$2.8 BLN #859 gAP
reAl estAte Ernest Garcia II ★
Robert Sands ★ Charles Simonyi  $2.2 BLN #1103 used cArs
$3 BLN #791 food & BeverAge John fisher  howard Schultz  $2.5 BLN #965 microsoft
$2.8 BLN #859 gAP
$2.7 BLN #887 stArBucks Stanley hubbard 
herbert Simon  Mark Stevens  $2.2 BLN #1103 directv
$3 BLN #791 reAl estAte Kieu hoang  E Joe Shoen  $2.5 BLN #965 venture cAPitAl
$2.8 BLN #859
$2.7 BLN #887 u-hAul Thomas Lee 
Don vultaggio & family ★ Peter Thiel  $2.2 BLN #1103 PrivAte equity
$3 BLN #791
medicAl Products frank vanderSloot ★ $2.5 BLN #965 fAceBook,
ArizonA BeverAges h Wayne huizenga  $2.7 BLN #887 nutrition & softwAre Eric Lefkofsky 
wellness Products $2.2 BLN #1103 grouPon
$2.8 BLN #859 investments Elaine Wynn 
Chuck Bundrant ★
$2.9 BLN #822 fishing osman Kibar  Ty Warner  $2.5 BLN #965 cAsinos, hotels Phillip T (Terry) Ragon 
$2.7 BLN #887 reAl estAte, $2.2 BLN #1103 heAlth it
$2.8 BLN #859 Biotech Denise York 
Gerald ford  Plush toys
$2.9 BLN #822 BAnking Penny Pritzker  $2.5 BLN #965 Stewart Rahr 
$2.8 BLN #859 hotels,
oprah Winfrey  sAn frAncisco 49ers $2.2 BLN #1103
Joseph Grendys  $2.7 BLN #887 tv shows drug distriBution
$2.9 BLN #822
investments David Zalik ★
Poultry Processing David Rubenstein  David Bonderman  $2.5 BLN #965 technology T Denny Sanford 
$2.6 BLN #924 PrivAte equity $2.2 BLN #1103 BAnking,
$2.8 BLN #859 PrivAte equity George Argyros & family 
Randal Kirk  credit cArds
$2.9 BLN #822 PhArmAceuticAls Mark Walter  Phillip frost  $2.4 BLN #1020 reAl estAte,
$2.8 BLN #859 finAnce
$2.6 BLN #924 PhArmAceuticAls investments Julio Mario Santo
Jeff Rothschild  Domingo III 
$2.9 BLN #822 fAceBook William Wrigley Jr  B Wayne hughes  John Arrillaga  $2.2 BLN #1103 Beer
$2.6 BLN #924 self storAge $2.4 BLN #1020 reAl estAte
$2.8 BLN #859 chewing gum
Thomas Siebel  Ted Turner 
$2.9 BLN #822 Mortimer Zuckerman  Stephen Mandel Jr  Peter Buck  $2.2 BLN #1103
$2.6 BLN #924 hedge funds $2.4 BLN #1020 cABle television
Business softwAre $2.8 BLN #859 reAl estAte,
suBwAy sAndwich shoPs
Paul Singer 
mediA Sean Parker  William Young 
$2.9 BLN #822 hedge funds Ray Davis  $2.6 BLN #924 fAceBook Drayton McLane Jr  $2.2 BLN #1103 PlAstics
$2.4 BLN #1020 wAlmArt,
$2.7 BLN #887 PiPelines Jay Paul  logistics Leslie Alexander 
$2.6 BLN #924 reAl estAte $2.1 BLN #1157
JB Pritzker Patrick Ryan 
Daniel Pritzker 
$2.4 BLN #1020 hotels,
houston rockets
$2.6 BLN #924 insurAnce Todd Christopher 
pOlitiCs: The Hyatt Hotel heir is moving from private equity to investments
politics. The founder of Pritzker Group and non-profit small business Thomas Secunda  $2.1 BLN #1157
John Pritzker  hAir cAre Products
incubator 1871, he joined the race for Illinois governor last year and $2.6 BLN #924 BloomBerg lP $2.4 BLN #1020 hotels,
is running in the Democratic primary this month. After giving Warren Stephens  investments Gordon Getty 
$2.1 BLN #1157 getty oil
millions to Democratic organisations in 2016, he is advocating for $2.6 BLN #924 Eric Smidt 
investment BAnking
social services, investment in education and the protection of health $2.4 BLN #1020 Alec Gores 
care coverage. Glen Taylor  hArdwAre stores $2.1 BLN #1157 PrivAte equity
$2.6 BLN #924 Printing Alexander Spanos & family  Catherine Lozick 
Jerry Yang  $2.4 BLN #1020 reAl estAte, los $2.1 BLN #1157
$2.6 BLN #924 yAhoo Angeles chArgers vAlve mAnufActuring

Aerin Lauder Zinterhofer  David Gottesman  David Murdock 

$2.5 BLN #965 cosmetics $2.3 BLN #1070 investments $2.1 BLN #1157 dole,
reAl estAte
Edward Bass  Bill haslam 
$2.5 BLN #965 oil, investments $2.3 BLN #1070 truck stoPs h Ross Perot Jr 
$2.1 BLN #1157 reAl estAte
Lee Bass  W herbert hunt 
$2.5 BLN #965 oil, investments $2.3 BLN #1070 oil Tor Peterson 
$2.1 BLN #1157 commodities
Bert Beveridge ★ Bradley Jacobs ★
$2.5 BLN #965 vodkA $2.3 BLN #1070 logistics Kavitark Ram Shriram 
$2.1 BLN #1157 venture cAPitAl,
George Bishop  Brad Kelley  google
$2.5 BLN #965 oil & gAs $2.3 BLN #1070 toBAcco
David Walentas 
Norman Braman  vinod Khosla  $2.1 BLN #1157 reAl estAte
$2.5 BLN #965 Art, $2.3 BLN #1070
cAr deAlershiPs venture cAPitAl Ronald Wanek 
$2.1 BLN #1157 furniture
Kenneth feld & family  Clayton Mathile 
$2.5 BLN #965 circus, $2.3 BLN #1070 Pet food S Daniel Abraham 
live entertAinment $2 BLN #1215 slim-fAst
J Joe Ricketts 
Noam Gottesman  $2.3 BLN #1070 td AmeritrAde Ron Burkle 
$2.5 BLN #965 hedge funds $2 BLN #1215 suPermArkets,
Dan Snyder  investments
pRiTzkeR: JiM yOUng / ReUTeRS

Jonathan Gray  $2.3 BLN #1070

$2.5 BLN #965 investments wAshington redskins James Clark 
$2 BLN #1215 netscAPe,
John henry  John Tyson  investments
$2.5 BLN #965 sPorts $2.3 BLN #1070
food Processing Christopher Cline 
$2 BLN #1215 coAl

WEalth status:
up down  unChAnged 
wine-growing oil & gas Fields mining & timBer FinanCial sPorts teCh Playground new ★ returnee 
region and dePosits minerals Centre team Centre

sPorts teAm denotes

BillionAire-owned sPorts teAm

86 | forbes india April 27, 2018

united states John farber 
$1.7 BLN #1394 chemicAls
Manuel Moroun & family 
$1.6 BLN #1477 trAnsPortAtion
forrest Preston 
$1.4 BLN #1650 heAlth cAre
Robert fisher  Sheryl Sandberg  Jerry Reinsdorf 
TRAvIS KALANICK $1.7 BLN #1394 gAP $1.6 BLN #1477 fAceBook $1.4 BLN #1650 chicAgo Bulls

NEWsMakER: After bowing to investor pressure and resigning William fisher 
$1.7 BLN #1394 gAP
as uber’s ceo last summer, kalanick sold almost a third of his
stake in the ride-hailing company in January for $1.4 billion, Timothy headington 
$1.7 BLN #1394 oil & gAs,
pre-tax; it was part of a mega-deal led by softBank. with investments
kalanick and other early investors cashing out, the Japanese
conglomerate was able to assemble a 15% stake in the Jim Justice II 
$1.7 BLN #1394 coAl
company, buying most of it at a $48 billion valuation. it spent
another $1 billion-plus for additional shares at uber’s previous William Koch 
$1.7 BLN #1394 oil, investments
$68 billion valuation.
Marc Lasry 
$1.7 BLN #1394 hedge funds
David Lichtenstein 
$1.7 BLN #1394 reAl estAte
Craig McCaw 
$1.7 BLN #1394 telecom
Miguel McKelvey 
$1.7 BLN #1394 wework
vincent McMahon 
$1.7 BLN #1394 wwe
Gary Michelson 
$1.7 BLN #1394 medicAl PAtents
Jerry Moyes ★
$1.7 BLN #1394 trAnsPortAtion
Charles Munger 
$1.7 BLN #1394
Berkshire hAthAwAy
Nelson Peltz 
$1.7 BLN #1394 investments
Roger Penske 
$1.7 BLN #1394 cArs
henry Swieca 
$1.7 BLN #1394 hedge funds
Niraj Shah ★
$1.6 BLN #1477 online retAil
Ben Silbermann 
$1.6 BLN #1477 Pinterest
Thomas Steyer 
$1.6 BLN #1477 hedge funds
Charlotte Colket Weber 
$1.6 BLN #1477 cAmPBell souP
Bill Alfond 
$1.5 BLN #1561 shoes
Susan Alfond 
$1.5 BLN #1561 shoes
Ted Alfond 
$1.5 BLN #1561 shoes
Carol Jenkins Barnett 
$1.5 BLN #1561
PuBliX suPermArkets
Martha ford 
$1.5 BLN #1561 ford motor
Richard hayne 
$1.5 BLN #1561
urBAn outfitters
Seth Klarman 
$1.5 BLN #1561 hedge funds
Eren ozmen ★
$1.5 BLN #1561 AerosPAce
fatih ozmen ★
$1.5 BLN #1561 AerosPAce
Mark Pincus 
$1.5 BLN #1561 online gAmes
Kevin Plank 
$1.5 BLN #1561 under Armour
Evgeny (Eugene) Shvidler 
$1.4 BLN #1650 oil & gAs,
investments
Peter Sperling 
$1.4 BLN #1650 educAtion
Kenny Troutt 
$1.4 BLN #1650 telecom
Dan Wilks 
$1.4 BLN #1650 nAturAl gAs
farris Wilks 
$1.4 BLN #1650 nAturAl gAs
Richard Yuengling Jr 
$1.4 BLN #1650 Beer
Edmund Ansin 
$1.3 BLN #1756 television
Steve Case 
$1.3 BLN #1756 Aol, investments
Darwin Deason 
$1.3 BLN #1756 XeroX
Jamie Dimon 
$1.3 BLN #1756 BAnking
Anne Gittinger 
$1.3 BLN #1756 nordstrom
Irwin Jacobs 
$1.3 BLN #1756 semiconductors
Mitchell Jacobson 
$1.3 BLN #1756
industriAl equiPment
Alexander Karp 
$1.3 BLN #1756 softwAre firm
Sidney Kimmel 
$1.3 BLN #1756 retAil

Alexandra Daitch  Charles Zegar  Todd Wagner  Nicholas Pritzker II  Rodney Lewis 
$2 BLN #1215 cArgill $2 BLN #1215 BloomBerg lP $1.7 BLN #1394 online mediA $1.5 BLN #1561 hotels, $1.3 BLN #1756 nAturAl gAs
investments
Glenn Dubin  James Dinan  William f Austin  Cargill MacMillan III 
$2 BLN #1215 hedge funds $1.9 BLN #1284 hedge funds $1.6 BLN #1477 heAring Aids fayez Sarofim  $1.3 BLN #1756 cArgill
$1.5 BLN #1561
Robert Duggan  Bill Gross  Louis Bacon  money mAnAgement John MacMillan 
$2 BLN #1215 PhArmAceuticAls $1.9 BLN #1284 investments $1.6 BLN #1477 hedge funds $1.3 BLN #1756 cArgill
Kevin Systrom 
Thomas hagen  Jeffrey Gundlach  William Berkley  $1.5 BLN #1561 instAgrAm Martha MacMillan 
$2 BLN #1215 insurAnce $1.9 BLN #1284 investments $1.6 BLN #1477 insurAnce $1.3 BLN #1756 cArgill
Jim Thompson 
Bruce Karsh  Jennifer Pritzker  Aneel Bhusri  $1.5 BLN #1561 logistics William MacMillan 
$2 BLN #1215 PrivAte equity $1.9 BLN #1284 hotels, $1.6 BLN #1477 $1.3 BLN #1756 cArgill
investments Business softwAre Jonathan Tisch ★
henry Laufer ★ $1.5 BLN #1561 insurAnce, Craig Newmark ★
$2 BLN #1215 hedge funds Alan N Trefler  o francis Biondi  ny giAnts $1.3 BLN #1756 crAigslist
$1.9 BLN #1284 softwAre $1.6 BLN #1477 hedge funds
Jeffrey Lurie  Kenneth Tuchman  Bruce Nordstrom 
$2 BLN #1215 Evan Williams  David Booth  $1.5 BLN #1561 outsourcing $1.3 BLN #1756 nordstrom
PhilAdelPhiA eAgles $1.9 BLN #1284 twitter $1.6 BLN #1477 mutuAl funds
herb Chambers  Alexander Rovt 
Sarah MacMillan  Nicolas Berggruen  Steve Conine ★ $1.4 BLN #1650 cAr deAlershiPs $1.3 BLN #1756 fertiliser,
$2 BLN #1215 cArgill $1.8 BLN #1339 investments $1.6 BLN #1477 online retAil reAl estAte
John Edson 
howard Marks  James france  Stephen feinberg  $1.4 BLN #1650 leisure crAft Leonard Schleifer 
$2 BLN #1215 PrivAte equity $1.8 BLN #1339 nAscAr, rAcing $1.6 BLN #1477 PrivAte equity $1.3 BLN #1756 PhArmAceuticAls
David Einhorn 
Jonathan Nelson  Stewart horejsi & family  Paul foster  $1.4 BLN #1650 hedge funds Wilma Tisch 
$2 BLN #1215 PrivAte equity $1.8 BLN #1339 $1.6 BLN #1477 oil refining $1.3 BLN #1756 diversified
Berkshire hAthAwAy victor fung 
Peter Peterson  Mario Gabelli  $1.4 BLN #1650 Jayshree Ullal ★
$2 BLN #1215 investments hamilton James  $1.6 BLN #1477 trAding comPAny $1.3 BLN #1756 technology
$1.8 BLN #1339 investments money mAnAgement
Antony Ressler  Alan Gerry  Stephen T Winn ★
$2 BLN #1215 finAnce John Kapoor  Christopher Goldsbury  $1.4 BLN #1650 $1.3 BLN #1756
$1.8 BLN #1339 heAlth cAre $1.6 BLN #1477 sAlsA cABle television reAl estAte services
Rodney Sacks 
$2 BLN #1215 energy drinks William Lauder  Brian higgins  J Tomilson hill  Marc Andreessen 
$1.8 BLN #1339 estee lAuder $1.6 BLN #1477 hedge funds $1.4 BLN #1650 investments $1.2 BLN #1867
Brian Sheth  venture cAPitAl
$2 BLN #1215 investments Linda Pritzker  Michael Jordan  George Joseph 
$1.8 BLN #1339 hotels, $1.6 BLN #1477 chArlotte $1.4 BLN #1650 insurAnce Thomas Bailey 
Lucy Stitzer  investments hornets, endorsements $1.2 BLN #1867
$2 BLN #1215 cArgill Michael Krasny  money mAnAgement
Brian Roberts  Edward Lampert  $1.4 BLN #1650 retAil
Katherine Tanner  $1.8 BLN #1339 comcAst $1.6 BLN #1477 seArs Charles Brandes 
$2 BLN #1215 cArgill James Leininger  $1.2 BLN #1867
William Stone  Thai Lee  $1.4 BLN #1650 money mAnAgement
Amy Wyss  $1.8 BLN #1339 softwAre $1.6 BLN #1477 it Provider medicAl Products
TRaviS: Jane lee / ReUTeRS

$2 BLN #1215 henry Engelhardt 

medicAl equiPment herbert Allen Jr & family  Billy Joe (Red) McCombs  Gary Magness  $1.2 BLN #1867 insurAnce
$1.7 BLN #1394 $1.6 BLN #1477 diversified $1.4 BLN #1650 cABle tv,
Jon Yarbrough  investment BAnking
$2 BLN #1215 videogAmes investments

WEalth status:
up down  unChAnged 
wine-growing oil & gas Fields mining & timBer FinanCial sPorts teCh Playground new ★ returnee 
region and dePosits minerals Centre team Centre

sPorts teAm denotes

BillionAire-owned sPorts teAm

April 27, 2018 forbes india | 87

 the world’s billionaires / the list

united states Richard Kayne ★

$1.1 BLN #1999 investments
Yvon Chouinard 
$1 BLN #2124 PAtAgoniA
George Marcus 
$1 BLN #2124 reAl estAte
Donald foss ★ Thomas Tull  Isaac Larian  henry Davis ★ Lowell Milken 
$1.2 BLN #1867 Auto loAns $1.2 BLN #1867 movies $1.1 BLN #1999 toys $1 BLN #2124 Beef Processing $1 BLN #2124 investments
Robert friedland  Alfred West Jr  frank Laukien ★ David hall ★ Carolyn Rafaelian ★
$1.2 BLN #1867 mining $1.2 BLN #1867 $1.1 BLN #1999 $1 BLN #2124 $1 BLN #2124 Jewellery
money mAnAgement scientific equiPment Automotive technology
Donald friese  Alice Schwartz ★
$1.2 BLN #1867 mAnufActuring William Ackman  Nancy Lerner  David Kabiller  $1 BLN #2124 Biotech
$1.1 BLN #1999 hedge funds $1.1 BLN #1999 BAnking, $1 BLN #2124
Ryan Graves  Martin Selig 
credit cArds investment mAnAgement
$1.2 BLN #1867 uBer J hyatt Brown ★ $1 BLN #2124 reAl estAte
$1.1 BLN #1999 insurAnce Norma Lerner  Theodore Leonsis ★
B Wayne hughes Jr  Evan Sharp 
$1.1 BLN #1999 BAnking, $1 BLN #2124 sPorts teAms
$1.2 BLN #1867 Bharat Desai  $1 BLN #2124 Pinterest
credit cArds
storAge fAcilities $1.1 BLN #1999 it consulting John Liew 
Randolph Lerner  $1 BLN #2124 Axel Stawski 
Thomas James  Joseph Edelman ★ $1 BLN #2124 reAl estAte
$1.1 BLN #1999 BAnking, investment mAnAgement
$1.2 BLN #1867 finAnce $1.1 BLN #1999 hedge funds
credit cArds Robert Toll ★
Gail Miller  Paul fireman  Duncan MacMillan ★
William Macaulay  $1 BLN #2124 BloomBerg lP $1 BLN #2124 home Building
$1.2 BLN #1867 utAh JAzz, $1.1 BLN #1999 reeBok
$1.1 BLN #1999 Sandy Weill 
cAr deAlers
J Christopher flowers  energy investments $1 BLN #2124 citigrouP
Michael Price  $1.1 BLN #1999 investments
$1.2 BLN #1867 investments
John Martin 
Drew houston  $1.1 BLN #1999 PhArmAceuticAls
Lynsi Snyder ★
$1.2 BLN #1867 in-n-out Burger
$1.1 BLN #1999 droPBoX
Andrea Reimann-Ciardelli 
$1.1 BLN #1999
methodology
consumer goods
Chris Sacca  the Forbes world’s Billionaires list is a snapshot of wealth using stock
venezuela $1.1 BLN #1999
venture cAPitAl
prices and exchange rates from february 9. some people will be-
come richer or poorer within weeks—even days—of publication. for
Michael Steinhardt  example, Jeff Bezos’s net worth climbed more than $12 billion in the
gdP: $36.5 BLN $1.1 BLN #1999 finAnce
PoPulAtion: 32 MLN two weeks between our measuring date for stock prices and when
Laurie Tisch ★ this issue went to press. we list individuals rather than multi-gener-
BillionAires: 2 $1.1 BLN #1999 insurAnce, ational families who share large fortunes, though we include wealth
totAl net worth: expAtriAte ny giAnts
$5.5 BLN (+$400 MLN vS 2017) 1 belonging to a billionaire’s spouse and children if that person is the
Steven Tisch ★ founder of the fortune. in some cases we list siblings or couples to-
$1.1 BLN #1999 insurAnce,
gether if the ownership breakdown among them isn’t clear, but here
ny giAnts
an estimated net worth of $1 billion per person is needed to make the
James Truchard ★ cut. we value a variety of assets, including private companies, real
$1.1 BLN #1999 softwAre
CArACAs estate, art, yachts and more. we don’t pretend to know each billion-
1 Sara Blakely  aire’s private balance sheet (though some provide it). when docu-
$1 BLN #2124 sPAnX mentation isn’t supplied or available, we discount fortunes. for daily
updates of net worths, go to www.forbes.com/real-time-billionaires.

zimbabwe
gdP: $17.1 BLN
expAtriAte
Juan Carlos Escotet 
PoPulAtion: 17 MLN 1
$4.4 BLN #480 BAnking BillionAires: 1 (+1 vS 2017)
Gustavo Cisneros & family 
totAl net worth:
$1.1 BLN #1999 mediA
$1.4 BLN (+$1.4 BLN vS 2017)

Strive Masiyiwa ★
vietnam $1.4 BLN #1650 telecom

gdP: $223.9 BLN

hAnoi
PoPulAtion: 96 MLN 2
BillionAires: 4 (+2 vS 2017)
totAl net worth:
$10.5 BLN (+$6.9 BLN vS 2017)

strive masiyiwa
NEWCOMER: zimbabwe’s first-ever billionaire,
masiyiwa studied engineering in the uk and
then went home and worked at zimbabwe
Posts & telecommunications corp. he quit
Pham Nhat vuong  to start his own firm but spent five years
$4.3 BLN #499 diversified
fighting to obtain a licence to operate a tele-
Nguyen Thi Phuong Thao  phone company. the supreme court of zim-
STRive: gUS RUelaS / ReUTeRS

$3.1 BLN #766 Airlines

babwe finally ruled in his favour. he found-
Tran Ba Duong & family ★ ed econet wireless zimbabwe in 1998. today
$1.8 BLN #1339 cArs ho Chi Minh
City the company is the second biggest, by mar-
Tran Dinh Long ★ 2 ket cap, on the zimbabwe stock exchange. he
$1.3 BLN #1756 steel, left zimbabwe in 2000 and lives in london.
mAnufActuring

WEalth status:
up down  unChAnged 
wine-growing oil & gas Fields mining & timBer FinanCial sPorts teCh Playground new ★ returnee 
region and dePosits minerals Centre team Centre

sPorts teAm denotes

BillionAire-owned sPorts teAm

88 | forbes india April 27, 2018

 India’s Best Minds
Talk All Things
Leadership
The Forbes India Leadership Agenda event explored
key facets of high performance leadership in a

I
disruptive and dynamic corporate world
ndia occupies a unique position
in the new world order today. By team Forbes IndIa
Its growing economic might
is globally recognised and the 1
country’s top business leaders are
leveraging that as well as its conducive
environment for doing business.
However, the upside of new
opportunities is constantly threatened
by global uncertainties—political,
social, economic and technological.
As a result, only astute leadership
will determine the success of Indian
enterprise in the days to come.
The Forbes India Leadership Agenda
—Convergence of India Inc’s Best
Minds—in association with Mercedes-
Benz provided a platform for an
invigorating exchange of information,
ideas and insights. It sought to
spark a dialogue on the evolution of
leadership in the current global and
local context, and get India’s visionary
leaders to share their learnings and
perspective on “all things leadership”.
The event, held in New Delhi
on March 8, 2018, was attended
by many top corporate leaders,
and included insightful speeches,
8
stimulating panel discussions, and
thought-provoking tête-à-têtes.
Some of the broad themes addressed
included leadership in times of
crisis, managing businesses in a
high-tech world, building disruptive
ventures, sustainable businesses and
crafting globally-relevant leaders.
Among the highlights of the
evening was the showcasing of the
2018 Mercedes-Benz S-Class by Roland
Folger, chairman and managing
director, Mercedes-Benz India.

90 | forbes india april 27, 2018

 BRAND CONNECT
2

1. (L to R) Sudhir Mathur, CEO, Cairn India; Anupriya

Acharya, CEO (India), Publicis Media; Brian Carvalho,
editor, Forbes India; Manoj Adlakha, CEO, American
Express India; Roland Folger, chairman and
managing director, Mercedes-Benz India, engaged
in a discussion on ‘India: Emerging Leader in New
World Order’ 2. Forbes India Editor (Online) Neeraj
Gangal (centre) moderated a panel discussion on
‘Business Leadership in High-Tech World’ with
panelists (L-R) Raman Roy, CEO, Quatrro, and PhotograPhs by madhu kaPParath and amit verma
7 6
Nasscom chairman; Roshni Sanah Jaiswal, promoter
and chief restructuring officer, Jagatjit Industries;
Pramod Saxena, chairman and managing director,
Oxigen Services; Raj Kumar Rishi, managing director,
Xerox India 3. (L-R) Sudhir Mathur with Manoj
Adlakha, MakeMyTrip CEO Deep Kalra and Raman
Roy at the Networking Lounge prior to the event
4. Roshni Sanah Jaiswal 5. Ajay Bijli, chairman and
MD, PVR Cinemas; Kalra (centre) and Padmaja
Ruparel, president, Indian Angel Network and
managing partner, IAN Fund were involved in an
animated conversation 6. Anupriya Acharya shared
her thoughts on ‘Women in the Workforce’ at the
event which was held on International Women’s Day
7. Suresh Narayanan, chairman & managing director,
Nestlé India, gave a rousing speech on ‘Leadership
in Times of Crisis’ 8. The audience heard with
rapt attention the various views on leadership
at the event

april 27, 2018 forbes india | 91

 ForBes IndIA LeAdershIp AgendA
Leadership is about influencing
people in such a way that the
team doesn’t feel like they are
merely following you... rather
make your vision their own.
—anuprIya acharya,
CEO (India), Publicis Media
In the absence of education
and health, demographic
dividend can turn into
demographic disaster.
— manoj adlakha, CEO,
American Express India
We want our experience
to be as seamless and
personalised as entering a
coffee shop and getting ‘the
usual’. Couple this with Artificial
Intelligence, and we’re in a
very exciting territory.
—deep kalra, chairman and
Group CEO, MakeMyTrip
92 | forbes india april 27, 2018
For us [companies] to remain
relevant, we have to stick to
our basics and also adapt to
technological changes.
pramod saxena, chairman and
managing director, Oxigen Services
Today you can never be ‘too
connected’. But you still need
your personal time to plan
for the day, reflect back on
the going-ons in your life.
raj kumar rIshI, managing
director, Xerox India
It was important for us to do
things ethically and the right way.
So after a while, fund investors
were comfortable investing in us.
If you have a good idea and honesty
of intent, there are enough and more
people who want to fund an idea.
— sumant sInha, chairman
and CEO, ReNew Power

Today, no matter which sector
you are in, you have to be a
technology company first. If you
are not, you’re going to fail.
—roshInI sanah jaIswal,
promoter and chief restructuring
officer, Jagatjit Industries
Successful people of tomorrow
will need to know how to learn.
The ability to re-learn and reskill
will determine who will lead.
—raman roy, ceo, Quatrro
& Nasscom chairman
A leader needs to have
integrity, humility and
sincerity in whatever he/
she does, and the quality
and competence at the
helm of affairs, to be good
at leading a team.
—ajay bIjlI, chairman and
managing director, PVR Cinemas
BRAND CONNECT
When you’re called upon as a
leader during a crisis, it is more
important to look at how you
conduct yourself. The talent of
leadership demands that you
go upfront to your employees
and do the talking.
—suresh narayanan,
chairman and managing
director, Nestlé India
Men should take time-off
through flexi-times if women
need to travel for work.
—sudhIr mathur, CEO, Cairn India
In India, only about 25 percent
of women have a full-time job. So
while picking the best for the top
job, the ratio doesn’t work in their
advantage. Hence, it’s important to
address fundamental issues first.
—roland Folger,
chairman and managing director,
Mercedes-Benz India
april 27, 2018 forbes india | 93
 Scampering for
Sustainability
India is making the right noises to tackle
climate change, but its efforts aren’t
commensurate with the scale of the problem
By Aveek DAttA

I
t’s only the onset of summer
and if the Indian Meteorological
Department predictions are to
be believed, the mercury will
soar even higher in the days ahead. The
forecast is consistent with a gradual-yet-
continuous rise in global temperature,
often referred to as global warming.
The Indian government is not only
making the right noises but also playing
its part in stemming the pace of climate
change. At the annual Conference of
Parties (COP21) summit held in Paris
in 2015, India, along with 194 other
countries, agreed to limit the rise in
global average temperature to 1.5°C by
reducing its dependence on fossil fuels.
Climate change experts and industry

94 | forbes india april 27, 2018


leaders, however, believe a lot more
needs to be done at the policy level
and by way of individual initiatives to
ensure a cleaner and greener future.
As part of the Forbes India
Conversations–The Thought Leadership
Series, held in association with BNP
Paribas in New Delhi on February 21,
some prominent thought leaders shared
their insights on the subject during
a discussion on ‘The Sustainability
Agenda’. The participants were Jun
Zhang, country manager, International
Finance Corporation (IFC), India; Andrew
Hines, co-founder, CleanMax Solar;
Joe Phelan, director, World Business
Council for Sustainable Development;
Arunabha Ghosh, CEO, Council on
Energy, Environment and Water; and
Rajneesh Rana, general manager,
Energy Efficiency Services Ltd (EESL).
The panelists were unanimous that
any project on sustainability needs long-
term capital and patient investors. IFC,
with its focus on developmental projects,
has been at the forefront of backing
sustainability-focussed businesses in
India, such as those producing renewable
power. Zhang said his organisation
had invested close to $2 billion across
50 projects in India last year, focussed
on inclusive and sustainable economic
growth. “Companies supported by IFC
account for 22 percent of the renewable
capacity created in the last five years in
this country,” he said, pointing out how
access to reasonably priced, long-term
finance can have a multiplier effect.
The euphoria around one particular
sector, such as solar energy in recent
times, can lead to a flurry of companies
vying for a share of the pie, according to
the experts. The resultant competition
drives down power prices to such an
a
p r e s e n tat i o n
Firms supported
by IFC account for
22 percent of the
renewable capacity
created in India
in five years.
—Jun Zhang
extent that experts begin to question
if such projects are a viable. Hines
put the speculation to rest by saying
declining power tariffs will always be
good for the country. “It is up to the
bidder to determine whether the price
quoted to win a bid is viable,” said
Hines. “It is important that government
bodies are running these tenders in
a way that there is enough clarity for
developers to take informed decisions.
The bigger problem occurs when state
governments try to renegotiate tenders
that have been already closed.”
Zhang observed that development
of the capital markets would be a big
step forward for sustainable businesses
to access funds for growth. “We have
been working on this, for example, with
green bonds and masala bonds,” he said.
Apart from green energy, the mass
adoption of a couple of other products,
photographs: madhu kapparath
(From left) Andrew Hines, co-founder, CleanMax
Solar; Jun Zhang, country manager, International
Finance Corporation, India; Forbes India
moderator Aveek Datta; Arunabha Ghosh, CEO,
Council on Energy, Environment and Water;
Joe Phelan, director, World Business Council for
Sustainable Development; Rajneesh Rana, general
manager, Energy Efficiency Services Ltd
april 27, 2018 forbes india | 95

Forbes india Conversations
The government
must run tenders
with enough clarity
for developers
to take informed
decisions.
—Andrew Hines
like LED lights and electric vehicles
(EVs), is also likely to have a significant
impact on the environment. The Indian
government has tried to give the
adoption of EVs a big push by procuring
them in bulk and also exploring how
they can be made more cost-effective
for citizens. Rana of EESL pointed out
that just as the prices of LED bulbs
have fallen drastically from $10 to $1
in about four years, it was possible for
EV prices to correct in a similar fashion.
“It is possible to work out a business
model without government subsidies
if the demand can be aggregated,
like we have tried to do with the
96 | forbes india april 27, 2018
It is possible to
work out a business
model without
subsidies if the
demand can be
aggregated.
—Rajneesh Rana
government tender for EVs,” he said.
While the use of LED bulbs and EVs,
and switching to rooftop solar energy
to power households will help reduce
the carbon footprint, India faces a
huge challenge in its high density of
haphazardly urbanised population.
“Yes, we are urbanising the wrong
way. We don’t have a clear vision of
what a smart city should look like,
where it ought to be located, and the
infrastructure it will need,” said Ghosh.
He added that it was imperative for city
councils and urban planners to harness
the power of big data and analytics
to understand how resources need to
There is no set
of products...to
enable us to live
a middle-class
lifestyle compatible
with a sustainable
society.
—Joe Phelan
a
p r e s e n tat i o n
We are urbanising
the wrong way. We
don’t have a clear
vision of what a
smart city should
look like.
—Arunabha Ghosh
be allocated and consumed. “We have
to work on a model that is based on
the circular economy approach. We
treat less than 30 percent of the urban
waste that is generated. If we treated
a greater portion of this waste at our
sewage treatment plants, cleaned
the waste water and supplied it to
power stations, it would be adequate
to support the generation of another
60,000 MW of additional thermal
power capacity,” explained Ghosh.
The role of private sector companies
was also discussed with Phelan admitting
that organisations weren’t utilising
the opportunity that came as part of
its corporate social responsibility
mandate. “There is no set of products
or services being packaged by
businesses to enable us to live a
lifestyle on a middle-class income
that is compatible with a truly
sustainable society,” he said.
Phelan summed up the discussion
by saying that while India was
perceived as a leader when it came
to tackling the climate change
challenge on the world stage, its efforts
weren’t yet commensurate with the
scale of the problem it faced. ■
Cross Border
hax accelerator Programme
Hardware Hive
For startups at a Shenzhen accelerator in China,
a month’s R&D takes only a week
BY Pamela amBler
T
he most impressive thing
about Shenzhen is not
that it went from a rural
village of 30,000 to a
mega-metropolis of 20 million in
30 years—an extraordinary feat, no
doubt. No, what’s most impressive
about Shenzhen is the reason
behind the unfathomable growth.
It is ground zero for nearly all the
world’s hardware manufacturers.
To describe the Huaqiangbei
electronic market in the southern
Chinese city of Shenzhen as a
boomtown for computer components
is a gross understatement. Venturing
through crowded stalls piled with an
array of microchips, circuit boards,
LED lights and wireless chargers, all
while flying drones and hoverboards
buzz about, you think you’ve seen it
all. But you’ve barely scratched the
surface—or the bottom, in this case.
Perched eight floors above the
bustling makers’ paradise is HAX, a
hardware accelerator. The moment
you step into the elevator that leads
to the shipping-container-stylised
entryway of HAX, the background
chatter goes from colloquial Mandarin
to English spoken in various accents.
Spread across 42,000 square feet,
the open-floor-plan layout is built
for creativity. It’s equipped with
your standard co-working fixtures—
telephone booths for private calls,
meeting rooms covered in whiteboard
drawings, a Ping-Pong table in the
kitchen and an amphitheatre for
demo days. In addition, there’s an
entire level of prototyping rooms with
98 | forbes india APRIL 27, 2018
assorted industrial testing equipment,
a fabrication facility and even a biolab
for agricultural and medical research.
“A lot of the companies find us
because of Shenzhen. Most hardware
companies know they need to come
to Shenzhen as part of their evolution
into a full-fledged company,” says
Duncan Turner, managing director
of HAX, who has led the programme
since its inception. The mentorship-
driven seed-funding platform has
worked with some 150 teams building
“cool stuff in consumer technology,
health care, enterprise IoT [internet
of things], or industrial robotics
and manufacturing technologies”.
Startup teams come from all over
the world. Over half come from
North America, a quarter from
China and the rest from Europe.
“You can prototype anywhere, but it
takes a long time. Ninety percent of
electronic components originate in
Shenzhen,” adds Turner, who spent
years shuttling between London and
Xiamen before his time with HAX.
As the former lead of product
design and engineering at IDEO
Shanghai, Turner knows firsthand that
“you can get Western components, but
you find that when you manufacture,
Induction into the
HAX programme
comes with an initial
funding of $100,000
1
everything changes. So you have to re-
engineer, redesign”. The 30-member
staff at the hardware incubator range
from mechanical, electrical and
robotics engineers to industrial and
graphic designers. All of them are at
the beck and call of each cohort.
HAX is one of six accelerator
programmes run by SOSV (the others
are in Shanghai, Taipei, San Francisco,
Cork, Ireland and New York), a
venture capital firm headquartered
in Princeton, New Jersey. Induction
into the coveted programme comes
with $100,000 in initial seed funding
in exchange for a 10 percent equity in
the startup. Teams that show potential
have the opportunity to receive
follow-up investment from its growth
scaling fund. “We use the programme
to do our due diligence,” says Turner,
who is also a general partner with
SOSV in charge of deploying capital.
He often bases his assessment on
the working relationship he has
with the entrepreneurs. “It’s far
better than any due diligence you’d
do as a typical investor coming in
at Series A.” To date, SOSV has
invested in nearly 700 startups.
Although there’s a proliferation
of similar curriculums offering
support to startups in the Pearl
River Delta region—AIRmaker,
 2

3 4

1. hax workspace in Shenzhen: “the teams

come here for three months. they get about
a year’s worth of r&D done,” says Duncan
turner, managing director of hax

2. Pushme of the UK offers plug-and-

go, instant-charging stations in cafes,
convenience stores and restaurants for
electric bicycles

3. Keenan Pinto, head of technology at

Nordetect, a Danish biochemical analytics
company, shows off a portable diagnostics 5
tool used by agricultural companies to
test soil samples

Shenzhen Valley Ventures, Seeed

Studio, Brinc, Techcode, Highway1,
Blueprint, to name just a few—HAX
was the first to leverage its position in
Shenzhen to build hardware in 2012.
Corporate accelerators have also been
cropping up in an attempt to stay
ahead of “disruptive” technologies.
Across China there are around
3,000 incubators in operation,
estimates professor Andreas Schotter
of the Ivey Business School in London,
Ontario, in Canada. That number is
expected to exceed 5,000 by 2020,
many of which will be government-
backed. “This is not surprising given
there is a lot of free money from
the initial industrialisation waves
that seek a place to grow,” says
Schotter. He considers government
support especially pronounced
in innovations that help address
serious Chinese problems like
energy or water and food safety.
Although pockets of technology
development exist across the
mainland, Shenzhen’s position was
solidified in 1980 when the city
was designated as one of China’s
first Special Economic Zones.
The metropolis welcomed foreign
direct investment and attracted
prestigious homegrown high-tech
companies such as Tencent, Huawei,
ZTE, Coolpad, DJI and BYD.
In 2016 Shenzhen’s GDP surpassed
$300 billion. Its economic output
rivaled leading midsize provinces
and surpassed countries such as
Portugal and Greece—putting it
on par with developed nations
4. US clothing manufacturer unspun
uses 3D data from body scans to create
custom-fit blue jeans. co-founder Kevin
martin is on the left
5. New York’s Wazer has developed a
$6,000 desktop waterjet cutter that can
slice through any material, according to co-
founder and cto matt Nowicki
like Australia and Germany.
Turner maintains that Shenzhen
is the optimal place to develop
hardware, both in terms of speed
to market and efficiency working
the supply chain. One tried and
true fact he firmly stands behind: A
week in Shenzhen is like a month
anywhere else. “The teams come here
for three months. They get about
a year’s worth of R&D done.”

APRIL 27, 2018 forbes india | 99

 If we command our
wealth, we shall be
rich and free.
Thoughts
—edmund
on abundance burke

I’ve got all the money I’ll

ever need—just so long as
I die by four o’clock.
—Henny
youngman
Wealth comes from
industry and the hard
I was so good at experience of human toil.
being a man, with To dissipate it in waste and
extravagance is disloyalty
henny youngman: Paul natkin / Wireimage; henry miller: larry ColWell/anthony BarBoza/getty images; Burke, Coolidge, johnson: shutterstoCk;

such plenitude to humanity.

and simplicity, —Calvin Coolidge
that I thought I
was something of The thankful receiver
bears a plentiful
a superman. harvest.
—albert CamuS —William blake

My Lord. It is You crown the year with

your bounty, and your
too much, and carts overflow with
not enough. abundance.
—PSalm 65:11
—jaCqueline like the rain, everything comes in
leWis: hans Wild/the liFe PiCture ColleCtion/getty images; diamandis: mike Blake / reuters

Carey bucketsful—or not at all.

—Henry miller
God doesn’t measure his
bounty, but oh, how we do!
—mignon In his heyday,
mclaugHlin Howard Hughes
didn’t have as
good a television
as you do.
It was a rich place. As
—kevin d rich as plumcake.
WilliamSon
—CS leWiS
Right now, for the first
time ever, a passionate and final thought
committed individual has
access to the technology,
minds and capital required
You never find people
labouring to convince
An abundance of money can bless
to take on any challenge. you that you may live
very happily upon a
as well as curse. The latter is to be
—Peter H plentiful fortune. vigilantly guarded against.
diamandiS —Samuel joHnSon —bC ForbeS

100 | forbes india AprIl 27 2018

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