Forbes USA - 21 March 2016

SPECIAL ISSUE: MEET THE RICHEST PEOPLE ON THE PLANET
2016 EDITION
TURBULENT YEAR
FOR THE ULTRARICH
FEWER
BILLIONAIRES:
1,810
FEWER
NEWCOMERS:
30TH
ANNUAL
ALMANAC OF
WEALTH
STARBUCKS
198
HOWARD SCHULTZ
MORE
DROP-OFFS:
TURNING HIS
COFFEEHOUSE INTO
AMERICAS TOWN HALL
221
MORE
UNICORNS:
25
SAME NUMBER
OF TRUMPS:
1
TOTAL NET WORTH:
$6.5 TRILLION
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Contents // MARCH 21, 2016
VOLUME 197 NUMBER 4
FILIP PERAI FOR FORBES
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LOAD
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For our 30th annual guide to the worlds richest people we found a total of 1,810 billionaires, down
from 1,826 a year ago. Their aggregate net worth: $6.5 trillion, $570 billion less than last year.
COVER PHOTOGRAPH BY JAMEL TOPPIN FOR FORBES
10 | FORBES MARCH 21, 2016
TIME TO TELL
THE WORLD YOURE COMING FOR IT.
Fly toward something better with the help of 80,000 employees

who do everything they can to help you explore whats possible.
MARCH 21, 2016

40
19 | FACT & COMMENT // STEVE FORBES

The war against cash.
LEADERBOARD
26 | THE 20 RICHEST PEOPLE ON THE PLANET
Many names are the same, but the pecking order has (mostly) changed.
Blame volatile stock markets and a stronger dollar for the reshuffling.
28 | NOTABLE NEWCOMER: CAMERON MACKINTOSH

Shining a spotlight on the new-billionaire producer
behind some of musical theaters biggest hits.
30 | DROP-OFFS
This year 221 billionaires fell off our list, the most since 2009.
Which of them tumbled furthestand why?
32 | THE RICHEST UNDER 40

Young, rich and self-made.
34 | REAL ESTATE: TRUMPING THE WHITE HOUSE

Whatever happens to The Donald come Election Day, hell still have
some prime Pennsylvania Avenue property.
36 | FORBES @ 100: BILLIONAIRES FIRST BOW

A look back at our rst-ever roundup of the worlds
ten-gure fraternity in 1987. What a difference three decades make.
38 | IN MEMORIAM
Farewell to a legendary activist, the worlds most
successful sandwich artist and more.
THOUGHT LEADERS
66
24 | INNOVATION RULES // RICH KARLGAARD

Future billionaires.
FOR MANY
AN ACTIVE LIFE
STOPS FAR
TOO EARLY
By 2050 the worlds population over

60 will have doubled to two billion,
making age-related illness an even
greater challenge for society.
Thats why were seeking to help
people stay healthier and more
active in later life, be it through
more targeted treatments for cancer
OUR
SCIENTISTS
WONT
ACCEPT THAT
and cardiovascular conditions,

solutions for eye diseases, or ways
to keep those with arthritis moving.
Because life shouldnt stop at 60
not by any means.
To nd out how our innovations are
helping to change lives for the better,
visit www.bayer.com/ari1169.
MARCH 21, 2016
76
FEATURES
40 | THE PRESIDENT OF COFFEE NATION
Starbucks CEO Howard Schultz doesnt want to run for
the White House. But, buoyed by his companys
surging performance, the billionaire wants to use his caffeinated
perch to change American discourse.
BY GEORGE ANDERS
54 | SHADOW BANKER
Secretive John Grayken debuts on the FORBES Billionaires list with
the second-biggest fortune in private equity, $6.3 billion. In an era
that demonizes predatory banking, hes a ruthless, selsh, unpatriotic
tax dodgerand virtually every pension fund manager in the world is
rushing to give this American-turned-Irishman money.
BY NATHAN VARDI
54
32
66 | AFRICAS SAM WALTON

From shirts to furniture to groceries, Christo Wiese sells
billions in low-cost goods to a continent
clamoring for them. America could be next.
BY ABRAM BROWN
76 | THE DONALD OF DUBAI

Hussain Sajwani has transformed the desert skyline with luxury
apartments and lavish mansions using outrageous marketing
strategies (free Lamborghini, anyone?). Hes weathered the
2008 crash and his business partner Donald Trumps
politicsso what will he do if oil prices continue to plummet?
BY KERRY A. DOLAN AND ZINA MOUKHEIBER
83 | THE WORLDS BILLIONAIRES

Our annual guide to the richest people on earth.
EDITED BY LUISA KROLL AND KERRY A. DOLAN
160 | THOUGHTS
On losing it.
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INSIDE SCOOP
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VP, WOMENS DIGITAL NETWORK
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ASSISTANT MANAGING EDITORS
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BUSINESS
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FOUNDED IN 1917
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MARCH 21, 2016 VOLUME 197 NUMBER 4

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1. YOU GOTTA BELIEVE: The power of digital analytics

continues to put pressure on print advertising. Magazine
ads still nd favor, in part because marketers are people,
too, and know in their gut that consumers enjoy the medium. Needed: an Internet of Things motion sensor on
printed pages to track reader engagement.
2. PEOPLE LIKE PEOPLE: Conferences remain popular
as a revenue stream that works in tandem with thematic
magazine issues. Marketers now want more than their
logos on souped-up stages365 days of branded content
running through print pages, digital screens and video.
3. SIGNS OF A CONTENT BUBBLE: Journalists and
content marketers (native ads) are going after the same
eyeballs. Compounding that, an explosion of complicated
text, video and graphic packages produced by and for
brands are out of synch with smartphone users who want
fast and simple. That reality will require a new round of
mobile-friendly, easy-to-consume native ads that will run
smack into similar efforts by editorial newsrooms.
4. VOLUME BEGETS DATA BEGETS VOLUME:
Publishers need scalable content models to prot from
Googles ad engine and Facebooks traffic machine. These
behemoths provide reams of data that publishers can use
to slice, dice and chop their original content into a new
batch of consumable mobile chunks. The duopoly will
heavily impact the success/failure of emerging nontraditional journalistic formats.
5. AD BLOCKERS TAKE CENTER STAGE: Marketers
are xated on ad viewabilitythey wont pay up if their
ads arent in view for one continuous second. Ad-blocking
software means zero seconds from the get-go, so publishers hope a round of antiblocking initiatives and partial pay
walls (no ads for a weekly or monthly fee) will gain consumer favor and recapture revenue. What to watch for: Will
a Fargo Season Two GerhardtKansas City feud erupt?
6. GOLIATHS BATTLE OVER SPEED: Facebooks
Instant Articles, Googles Accelerated Mobile Pages and
Apple News all want publishers to do it their way so pages
load faster on mobile devices. Its unclear how their rules
will impact publisher monetization. Irony time: With the
Yahoos and AOLers near extinction (one in play, the other
a Verizon rounding error), their social and search conquerors are emerging as quasi-walled gardens themselves. F
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FACT & COMMENT

With all thy getting, get understanding
THE WAR AGAINST

CASH
BY STEVE FORBES, EDITOR-IN-CHIEF
GAINING ATTENTION these days is

the idea of abolishing high denominations of the dollar and the euro. This concept graphically displays the astonishing
stupidityand intellectual bankruptcy
of todays liberal economic policymakers
and the economics profession.
Larry Summers, a former Treasury
Secretary and Harvard president, is
pushing the U.S. to ban $50 and $100
bills. Theres a lot of chatter, too, about
prohibiting the 500 note.
The ostensible reason is to help in the ght against
terrorists, bribers, drug dealers and tax evaders by
making it more inconvenient for these bad guys to
move around and store their ill-gotten cash.
The Benjamin is the most popular currency note in the
world, with more than 10 billion in circulation. The notion
that such evildoers as the Mexican drug cartels and ISIS
will be seriously disrupted by the absence of the BenjaminThese sacks of cash are too heavy now. Lets surrender!is so comical that one has to wonder if Summers et
al. are auditioning to write gags for Saturday Night Live.
Monetary expert Seth Lipsky pithily points out
in the New York Post, When criminals use guns, the
Democrats want to take guns from law-abiding citizens. When terrorists use hundreds, the liberals want
to deny the rest of us the Benjamins.
If the Obama Administration really wants to deny
resources to terrorists, why is it giving tens of billions
of dollars back to the globes terrorism central, Iran?
The real reason for this war on cashstart with
the big bills and then work your way downis an ugly
power grab by Big Government. People will have less
privacy: Electronic commerce makes it easier for Big
Brother to see what were doing, thereby making it
simpler to bar activities it doesnt like, such as purchasing salt, sugar, big bottles of soda and Big Macs.
The move to destroy cash feeds into the economic
commissars fantasy that they can better control the
economy. Policymakers in Washington, Tokyo and the EU think the reason that their economies are stagnant
is that ornery people arent spending
and investing the way they should.
How to make these benighted, recalcitrant beings do what theyre supposed
to do? The latest nostrum from our
overlords is negative interest rates. If
people have to pay fees to store their
money, as they do to put their stuff in
storage facilities, then, by golly, they
might be more inclined to spend it. To inhibit cash
hoardingwhen Japan announced it was imposing
negative interest rates, the sale of safes soaredthe
authorities will want to do away with large notes.
We kid you not. The highly credentialed author of
a paper advocating the prohibition of large currency
denominations declared, Introducing negative interest
rates would create a powerful incentive to hold deposits in cash, most likely in higher denominations. Eliminating high-denomination notes, so that saving in cash
was more inconvenient, would mitigate this problem.
Manipulating the value of money and controlling
interest rates, i.e., the price of money, never works.
Money measures value. It is a claim on services and is
a tool for facilitating commerce and investing.
The reason economies around the world are in the
ditchwhich is fueling anger, discontent and ugly politicsis structural, government-created barriers: unstable
money, suffocating rules and too-high rates of taxation.
Why They Stuck With Hitler

The Second World War was the most cataclysmic conict in human history, so its no surprise that books
about it keep pouring forth 70 years after it ended.
The German War: A Nation Under Arms, 19391945,
by Nicholas Stargardt (Basic Books, $35), brilliantly
and with impressive nuance and texture deals with
MARCH 21, 2016
FORBES | 19
241/16+10
Promises Made,
Promises Kept
or a le s son in br and loyalt y,

look no further than Gulfstream
Aerospace, the manufacturer of
whats arguably business aviations most iconic lineup of airETCHV+PVJGNCUVXG[GCTUOQTGVJCP
of the individuals and businesses who
purchased a Gulfstream jet were repeat
customers. But building aircraft that offer
unique combinations of speed and range
with next-generation flight decks and
cabin environments is only one fac tor
contributing to the companys enviable
brand-loyalty metric.
Going the Distance

Since 1958, when the Gulfstream I was
introduced as the worlds first purposebuilt business airplane, the company has produced, serviced
and suppor ted more than
CKTETCHV6JTQWIJQWV
this period, Gulfstream
has built an impeccable
reputation for keeping
its promises to individual
customers and the broader
business aviation user communitywhether by bringing
new models to market on time
and within budget, meeting performance expectations, creating and deliverKPIVJGYQTNFoUPGUVCXKCVKQPGZRGTKGPEG
supporting the aircraft in operation through
an extensive and dependable network
of authorized service centers around the
world, or pushing the limits of technology

to reduce pilot workload and increase passenger safety.
Not only does Gulfstream have an
unblemished record of keeping its promises, but it also has demonstrated time and
again that exceeding customer expectationsat no additional costis more the
rule than the exception in relation to what it
initially promised.
Exceeding Expectations
When the company announced plans to
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Gulfstream family of business jetsit
promised that the aircraft would be able
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the super-midisze category,
customers who put down a
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upon landing than what Gulfstream had originally promised.
Likewise, between the time Gulfstream announced plans to develop the
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full load of fuel not the eight passengers
originally expected, but 12.
by Tony Velocci
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the point: Gulfstream keeps its promisesand then some.
p6JKUKUPQVCOCVVGTQHEQPUEKQWUN[UGV
ting the bar too low, otherwise the end
product wouldnt be competitive and would
be unworthy of purchase, says Steve Cass,
Gulfstream engineer and vice president of
communications. Rather, we constantly
challenge ourselves to deliver greater value,
and of course always keep our promises to
our customers.
G500/600 Update
If past is prologue, chances are Gulfstream
customers and the larger aviation community will witness much the same pattern with
VJG)CPF)VYQWNVTCNQPITCPIG
clean sheetdesigned aircraft that will take
technology to a new level. Gulfstream is
developing the two aircraft concurrently,
and both are either on or slightly ahead
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of which are currently undergoing testing,
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following year.
Weve set high goals for both aircraft,
says Cass. Both will fly at nine-tenths
the speed of sound and provide the best
cabin experience in business aviation.
www.gulfstream.com
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FORBES
FACT & COMMENT
STEVE FORBES
the astounding questions of how the

most educated and cultured nation on
earth could unloose such a murderous, barbarous and genocidal war
and why most GermansNazis and
non-Nazis alikeclosed ranks around
Hitler, even when it became clear the
war was going to end disastrously.
Having combed
through countless letters
and diaries, Stargardt
smoothly and vividly
weaves together the stories of more than a score
of individual Germans
from all walks of life and
the unfolding events of
the war. Focus is largely
on the Eastern Front,
where most German casualties occurred. He shows
how peoples attitudes
and opinions evolved, one
example being a young
man who was sensitive and artistic yet
cold and indifferent to the atrocities
he witnessed in Russia. Such shocking contradictions were common. A
prominent Protestant, Bishop Wurm of
Wrttemberg, faintheartedly protested
the Nazi regimes policy of murdering
deformed infants and the mentally ill
by administering poisonous drugs or
starving them to death, while Catholic Bishop Galen of Mnster initially
courageously and publicly condemned
the practice. The death toll from this
alone was well over 200,000. Yet Galen
vigorously supported the invasion of
the Jewish Bolshevik Soviet Union and
refused any aid to Jews, even to those
who had years before converted to
Christianity, while Wurm privately
wrote letters to the Reich in support of
those converts. As this book makes clear,
both the Protestant and the Catholic
churches were guilty of moral failure.
A number of German soldiers and
officials were uneasy or outright horried by what was happening, but most
did nothing about it. All but a handful of non-Nazis supported the war to
the end because they believed defeat
22 |
FORBES
MARCH 21, 2016
would lead to Germanys annihilation.

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

the shame of November 1918, when
Germany suddenly collapsed, even
though the Fatherland hadnt been
invaded and most people believed the
army was still in good ghting order.
)(.,,3.)4#'3.".",'(-
were hardly a united community.
Differences between regions, classes
and religions were sharp and became
exacerbated when millions of refugees from bombed-out cities were
moved to other parts of the country.
/&#)*#(#)()(."1,)-#&lated. At the beginning Germans
were deeply opposed. The seemingly
easy victory over France made people
euphoric; setbacks had the opposite
effect. But even though the regime
suffered bouts of immense unpopularity, particularly in the summer of
1943, most Germans never wavered in
their belief that they shouldnt give up.
,'('#&#.,3-/&.#-1,"),ric. In the rst few weeks of 1945,
for instance, German army deaths
exceeded the number the U.S. lost in
the entire war. Total German military
deaths were around 4.8 million.
($/-. ),,&,),
Hitlers armaments minister and longtime trusted condant Fritz Todt
told the Fhrer that this war can no
longer be won by military means,
because Germany couldnt match the
growing production of the U.S. (which
was providing more and more materiel
to Britain and Russia), not to mention
the increasing output of the Soviet
Union and Great Britain. Todt recommended that Hitler negotiate the
best deal he could and end the war.
Instead, Hitler maniacally went in
the opposite direction. The killing of
Jews was ramped up exponentially. At
the beginning of 1942 most of Europes
Jews were still alive; by years end
the majority were dead. When Japan
attacked Pearl Harbor, Hitler immediately declared war on the U.S.
This is an extremely interesting
yet disheartening tale of a civilized
peoples descent into barbarism. F
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THOUGHT LEADERS
RICH KARLGAARD // INNOVATION RULES
THE RULE OF 72 is a handy way to

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

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

serving these needs.
Urban population will grow from 4 billion
to 6.3 billion by 2050. Trillions of dollars will
be made in the housing and transportation
industries.
The worlds older population (people over
65) will grow from todays 600 million to
1.5 billion or so by 2050. Trillions of dollars
will be made in a range of new drugs, medical procedures and health services aimed at
meeting the needs of seniors.
Technology acceleration. In tech circles theres a robust debate about whether
Moores Law, which estimates the rate of
microchip evolution, is slowing. In a narrow
sense it is. The distance between circuits on
a chip is already down to the width of several
atoms. Cram the circuits much closer and
electrons will start jumping the circuits and
behave unpredictably. But will technologys
exponential progress then stop?
The futurist Ray Kurzweil thinks not.
He points out that the Moores Law rate of
progress (where digital technologys capabilities double every 18 to 24 months) predates
the silicon era, which began in 1958 with
Fairchild Semiconductors integrated circuit.
Kurzweil claims the exponential era began
in the 1890s. He says it will continue after
silicon semiconductors have run their course
(by the early 2020s), thanks to quantum computing and other already proven concepts.
Kurzweil could be wrong, but thats not
a wager Id make. Its never been smart to
bet against the rate of technological change.
Thats like betting against human ingenuity.
Tomorrows billionaires will be those who
use ingenuity and rapidly evolving technology to transform traditional industries
agriculture, energy, manufacturing, transportation, construction, nance, health careto
serve Earths growing population.
Think bigger, richer, more urban and
older. Then get there rst with the right technology. You might make a future FORBES
Billionaires issue. F
THOMAS KUHLENBECK FOR FORBES
FUTURE BILLIONAIRES
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LeaderBoard
THE TOP 20
Meet
The
Worlds
Richest
THE RANKS OF the
planets 20 wealthiest shuffled over the
last year, with only
Bill Gates (No. 1)
and Warren Buffett
(No. 3) holding their
spots. Spains Amancio Ortega of fashion
retailer Zara moved
from fourth to second,
swapping places with
Carlos Slim Helu; the
Mexican magnate lost
$27.1 billion last year,
more than anyone else.
Amazons Jeff Bezos
and Facebooks Mark
Zuckerberg, each a
big gainer, joined the
top 10 for the rst
time, while Buffetts
Brazilian partner,
Jorge Paulo Lemann,
and Chinese investor
Wang Jianlinwho
owns AMC Entertainment Holdings and is
buying moviemaker
Legendary Entertainmentmade their top
20 debuts. Altogether,
this group is worth
$827 billion, or $73
billion (8%) less than
last years group.
YOSHIAKI
TSUTSUMI
1987
$20
1988
$18.9
$15
1989
YOSHIAKI
TSUTSUMI
IN THE 30 YEARS weve been compiling our denitive list of the

worlds richest, only ve men (yes, theyve all been men) have claimed
the top spot. Seventeen times that man was named Bill Gates. Though
even he isnt as rich as he was at the peak of the dot-com bubble, when
his ination-adjusted net worth hit a staggering $128 billion. In the
four years prior to that, his nominal net worth soared from $13 billion
to $90 billionmore than it is even now, nearly two decades later.
$28.7
$16
1990
TAIKICHIRO
MORI
The Man Who Owns the World
$41.7
$37.9
$29
$15
1991
$26.1
$13
1992
1993
$9
1994
$8.5
$14.8
$13.6
$12.9
1995
$22
1996
$20.1
$18
$27.2
$36.4
1997
$53.7
$51
1998
$74.1
$90
1999
$128
$60
2000
BILL GATES
$78.5
$52.8
$40.7
2003
Q REAL (2016) DOLLARS

$58.5
$46.5
2005
$56.4
$50
2006
$58.8
$56
2007
2008
$64
$62
$68.2
$40
2009
$44.2
$53.5
2010
CARLOS
SLIM
HEL
Q NOMINAL DOLLARS
$70
$52.4
$46.6
2004
BILL GATES
$58.1
$74
2011
2012
$77.9
$69
$71.2
2013
$73
$74.2
2014
BILL GATES
NET WORTH ($BILLIONS)
$58.7
2001
2002
WARREN BUFFETT
$82.6
$76
$76.1
2015
$79.2
$79.2
2016
$75
$42.9
$40.6
$39.6 $40.1
$39.4
$39.1
$37.2
$36.1
$35.2
$34.4
$34
$33.6
$32.3
$29.7
$33.3
$31.9
$29.2
$28.7
$24.2
$27.8
$27.1
$25
9. (T)
11.
12.
LILIANE
LARRY PAGE
BETTENCOURT
(19)
(10)
Google
LOral
U.S.
FRANCE
+$5.5 BIL
$4 BIL
13.
SERGEY
BRIN
(20)
Google
U.S.
+5.2 BIL
14.
BERNARD
ARNAULT
(13)
LVMH
FRANCE
$3.2 BIL
15.
JIM WALTON
(9)
Wal-Mart
U.S.
$7 BIL
19.
17.
16.
ALICE
WALTON
(11)
Wal-Mart
U.S.
$7.1 BIL
S. ROBSON
WALTON
(12)
Wal-Mart
U.S.
$7.2 BIL
18.
WANG
JIANLIN
(29)
Real estate
CHINA
+$4.5 BIL
JORGE
PAULO
LEMANN
(26)
Food &
beverages
BRAZIL
+$2.8 BIL
20.
LI KA-SHING
(17)
Diversied
HONG KONG
$6.2 BIL
BY CHASE PETERSON-WITHORN
DAVID
KOCH
(6)
Diversied
U.S.
$3.3 BIL
MARCH 21, 2016 FORBES | 27
LeaderBoard
NOTABLE NEWCOMER
Curtain Call
Occupying center stage among 2016s
198 newly minted billionaires: Cameron
Mackintosh, the British producer behind
Phantom and Miss Saigon.
THE 1985 OPENING of Les Misrables in Londons
West End marked the end of one act and the beginning of
another in the life of Cameron Mackintosh. Only after,
he says, did people see you could make more money in
musicals than in movies.
He went on to produce a slew of musical theater
blockbusters, including The Phantom of the Opera and
Miss Saigon. He owns stakes in Phantom and Cats and
full rights to Les Mis and Miss Saigon, meaning he gets
paid whenever a professional company stages any of
them; he also owns eight West End theaters and 75%
of Music Theatre International, the largest licensor of
Broadway shows to amateur productions. It all adds up
to a $1.2 billion fortune.
You never know when money is going to come, when
its going to go, says Mackintosh, 69, who started his
career as a $30-a-week stagehand. Im more surprised
than anyone. Success looks almost certain to come from
his next big venture, however: importing Broadway
sensation Hamilton to the West End in 2017.
BY THE NUMBERS
How They Acquired It
4.9%
Dollar Days
396
JAPANESE
YEN
EURO
5.0%
CHINESE
RMB
INHERITED
& GROWING
5.8%
GBP
8.9%
1,186
INDIAN
RUPEE
SELF-MADE
BILLIONAIRES
228 INHERITED
20.2%
21.3%
RUSSIAN
RUBLE
MEXICAN
PESO
29.2%
BRAZILIAN
REAL
Shes All That
190
female billionaires worldwide

10% of the total, down from 197 in 2015.
BY CHLOE SORVINO
TOLGA AKMEN/MCT/NEWSCOM
1.21%
A SURGING greenback
has wiped billions off
the fortunes of the
worlds richest, as
energy-dependent
countries like Russia,
Mexico and Brazil
experienced doubledigit drops in the last
year. A slowing Chinese
economy and sluggish
recoveries in Europe
made the Japanese yen
the only major currency
to appreciate against
the U.S. dollar.
Heavy Metal
SM
844.LUX.CARD | luxurycard.com
Luxury Card marks are property of Black Card LLC. BLACKCARD is a registered trademark used under license. Luxury Card products are issued by Barclays Bank Delaware.
MasterCard and the MasterCard logo are registered trademarks of MasterCard International Incorporated.
Canada
5
LeaderBoard
DROP-OFFS
JIM KOCH
2015 net worth: $1.3 bil
Current net worth: $840 mil
Gone (For Now)

THE COMMODITIES
rout, equity market mayhem
and global economic
uncertainty have dented
the wealth of many of the
worlds richest. This past
year 221 billionaires got
knocked off our list; not
since 2009when the credit
crisis exiled 355 from the
three-comma clubhave so
many fallen in one year.
China lost the most42
followed by the U.S., which
had 25 new ex-billionaires.
Brazil lost 23 billionaires,
while 19 Russians and
15 from India got the
bootgiving a whole new
meaning to the term BRIC
economy.
NUMBER OF DROP-OFFS
BY INDUSTRY
SOLOMON LEW
AUSTRALIA
LEN AINSWORTH
AUSTRALIA
KERRY STOKES
AUSTRALIA
ANA LUCIA DE
MATTOS BARRETTO
VILLELA
BRAZIL
The worlds rst ethanol

billionaire, a Brazilian, runs
publicly traded Cosan, a
conglomerate based in So
Paulo. The oil glut has been
bad for both alternative
fuels and fuel additives;
shares in Cosan are down
62% from a year ago.
2015 net worth: $1 bil
Previously Indias only self-made

female billionaire, she founded Biocon
Ltd., the countrys largest publicly
traded biopharma company. Its stock
has tumbled nearly a fth since
January, a market-turbulence casualty
despite good third-quarter earnings.
MICHAEL KLEIN
BRAZIL
CLAYTON RIDDELL
CANADA
JOSE ISAAC PERES

& FAMILY
BRAZIL
K. RAI SAHI
CANADA
LIA MARIA AGUIAR

BRAZIL
JAYME GARFINKEL
BRAZIL
BLAIRO MAGGI
BRAZIL
DULCE PUGLIESE DE
GODOY BUENO
BRAZIL
ANA MARIA
MARCONDES PENIDO
SANTANNA
BRAZIL
RUBENS OMETTO
SILVEIRA MELLO
BRAZIL
NEVALDO ROCHA
& FAMILY
BRAZIL
MANUFACTURING
25
LORETTA ROBINSON
& FAMILY
CANADA
ITAMAR LOCKS
& FAMILY
BRAZIL
SERGIO LINS
ANDRADE & FAMILY
BRAZIL
2015 net worth:

$1.7 bil each
Current net worth:
$870 mil each
KIRAN MAZUMDAR-SHAW
ANTONIO LUIZ
SEABRA
BRAZIL
FRANK HASENFRATZ
CANADA
J. MICHAEL PEARSON
CANADA
Peru
3
Brazil
23
The German
brothers (Oliver
Samwer, below)
behind Rocket
Internet, infamous
for cloning the
ideas of prominent
tech rms
(Zappos, Blue
Apron and others),
have seen their
companys stock
drop by more
than half since its
October 2014 IPO.
DIVERSIFIED
24
Chile
1
FOOD & BEVERAGE

20
TECHNOLOGY
20
WANG WEI
CHINA
LIU DIANBO
CHINA
YU AWU & FAMILY

CHINA
ALEXANDER SAMWER
GERMANY
ALOKE LOHIA
INDIA
CHE FENGSHENG
CHINA
ZHOU MINGJIE
& FAMILY
CHINA
CHEUNG YAN
CHINA
MARC SAMWER
GERMANY
SHISHIR BAJAJ
INDIA
LV DALONG
CHINA
OLIVER SAMWER
GERMANY
G.V. PRASAD
INDIA
GUO WENGUI
CHINA
YOU XIAOPING
& FAMILY
CHINA
ANDREAS POHL
GERMANY
SATISH REDDY
INDIA
LIANG ZHAOXIAN
CHINA
ONSI SAWIRIS
EGYPT
REINFRIED POHL JR.

GERMANY
V.G. SIDDHARTHA
INDIA
LIU MING HUI

CHINA
SAMIH SAWIRIS
EGYPT
ARISTOTELIS
MISTAKIDIS
GREECE
SANJAY SINGAL
INDIA
LOU ZHONGFU
& FAMILY
CHINA
PIERRE CASTEL
& FAMILY
FRANCE
MARIO LOPEZ
ESTRADA
GUATEMALA
OU ZONGHONG
CHINA
ELISABETH BADINTER
& FAMILY
FRANCE
CHEN JINSONG
& FAMILY
HONG KONG
MARIE-JEANNE
MEYER
FRANCE
GORDON WU
HONG KONG
ZHANG HONGWEI
CHINA
LIU XUEJING &
FAMILY
CHINA
YANG ZHIMAO
& FAMILY
CHINA
PATRICIA ANGELINI
ROSSI
CHILE
LI YIHAI
CHINA
LUCIA MAGGI
BRAZIL
WANG YONG
& FAMILY
CHINA
SUN SHANGCHUAN
& FAMILY
CHINA
MAURIZIO BILLI
BRAZIL
WANG HAIPENG
CHINA
SUN WEIJIE
CHINA
EDIR MACEDO
& FAMILY
BRAZIL
SUN DELIANG
& FAMILY
CHINA
ZHU YICAI
CHINA
MARLI PISSOLLO
BRAZIL
SHEN YA
CHINA
MARIA DE LOURDES
EGYDIO VILLELA
BRAZIL
QIU JIANPING
& FAMILY
CHINA
DAISY IGEL
BRAZIL
XIAO FEN & FAMILY

CHINA
LIU MING CHUNG

BRAZIL
CHEN TIANQIAO
CHINA
HUGO RIBEIRO
& FAMILY
BRAZIL
WEI QI & FAMILY

CHINA
St. Kitts and Nevis

1
MARC, OLIVER
& ALEXANDER
SAMWER
2015 net worth: $1.4 bil

FASHION
& RETAIL
29
NUMBER OF DROP-OFFS
BY COUNTRY
Mexico
1
Guatemala
1
RUBENS OMETTO
SILVEIRA MELLO
JOAO ALVES DE
QUEIROZ FILHO
BRAZIL
LINA MARIA AGUIAR

BRAZIL
And now, the hangover: As beers

booze-market share declines, the father
of the American craft-suds movement
his Boston Beer makes Samuel Adams
sees his wealth decline by 39%.
United States
25
HUANG WEN TSAI

CHINA
HONG XIAOBO
CHINA
WANG XICHENG
& FAMILY
CHINA
YANG YUANQING
CHINA
JIANG NING
CHINA
LI YONGJUN
CHINA
ZHU JIMAN
CHINA
TU JIANHUA
CHINA
WANG YONGPING
CHINA
CHU JINFU
CHINA
DAI DEMING
CHINA
WANG ZHONGJUN
CHINA
WANG QINGHUI
CHINA
XIA SHUDONG
CHINA
MONIQUE ROOSMALE
NEPVEU
FRANCE
JEAN-CHARLES
NAOURI
FRANCE
JEANINE DICK
FRANCE
JACQUES MERCERONVICAT & FAMILY
FRANCE
RAJAN RAHEJA
& FAMILY
INDIA
MALVINDER &
SHIVINDER SINGH
INDIA
AMIT BURMAN
INDIA
KIRAN MAZUMDARSHAW
INDIA
SUBHASH RUNWAL
INDIA
BHADRESH SHAH
INDIA
PURNOMO PRAWIRO
INDONESIA
HARJO SUTANTO
INDONESIA
VENUGOPAL DHOOT
INDIA
HARY
TANOESOEDIBJO
INDONESIA
ANU AGA
INDIA
EDWIN SOERYADJAYA
INDONESIA
VIKAS OBEROI
INDIA
BENNY SUBIANTO
INDONESIA
Who Stayed, Whos New, Whos Out
Russia
19
Sweden
1
Norway
1
S. Korea
5
NEW
2005
China
42
Taiwan
6
Hong Kong
2
DROP-OFFS
2007
2008
Malaysia
3
Singapore
Indonesia
2
5
Oman
1
TOTAL ON LIST
2006
Thailand
3
India
15
United
Kingdom
Lithuania
10
1
Germany Poland
5
2
Switzerland
Austria Romania
France 2
1
1
7
Italy
Spain
Turkey
1
2
6
Greece
Israel
Kuwait
1
Morocco
1
4
1
Egypt Saudi Arabia
4
2
THE MEMBERSHIP ROLLS of the worlds billionaire club are constantly

in ux, as a review of the last decade shows: Gate crashers enjoy their
newfound access, while those whove had some hard luck (by billionaire
standards, anyway) nd themselves on the outside looking in.
2009
2010
Australia
3
Uganda
1
2011
Tanzania
1
2012
2013
TORY BURCH
Luxury-fashion sales
are slowing due to slack
demand in China, Russia
and elsewhere. That has
dinged the fortune of
Burchfounder of the
eponymous preppy-chic
labelin tandem.
J. MICHAEL PEARSON
Federal investigations, restated

earnings and bad p.r. over drug
price hikes have blasted the market
cap of pharmaceutical rm Valeant;
CEO Pearson, ailing as well, recently
returned from a lengthy medical leave.
FINANCE
18
HEALTH CARE
17
REAL ESTATE
17
2014
2015
2016
0
ENERGY
15
500
MEDIA
9
1,000
1,500
CONSTRUCTION
7
2,000
LOGISTICS
1
CASINOS
1
MINING AUTO
5
3
TELECOMM
6
SHLOMO ELIAHU
ISRAEL
BRUNELLO CUCINELLI
& FAMILY
ITALY
FAWZI AL-KHARAFI
KUWAIT
MOHANNAD
AL-KHARAFI
KUWAIT
BASSAM ALGHANIM
KUWAIT
KUTAYBA ALGHANIM
KUWAIT
NERIJUS NUMAVICIUS
LITHUANIA
DANNY TAN CHEE
SING
MALAYSIA
VINCENT TAN
MALAYSIA
GOH PENG OOI
MALAYSIA
RUFINO VIGIL
GONZALEZ
MEXICO
MILOUD CHAABI
& FAMILY
MOROCCO
TROND MOHN
NORWAY
MOHAMMED
AL BARWANI
OMAN
ROSA BRESCIA
CAFFERATA
PERU
VITO RODRIGUEZ
RODRIGUEZ
PERU
JORGE RODRIGUEZ
RODRIGUEZ
PERU
LESZEK CZARNECKI
POLAND
DARIUSZ MILEK
POLAND
YURI GUSHCHIN
RUSSIA
ROUSTAM TARIKO
RUSSIA
MIKHAIL BALAKIN
RUSSIA
DMITRY MAZEPIN
RUSSIA
NIKOLAI TSVETKOV
RUSSIA
VLADIMIR GRUZDEV
RUSSIA
AIRAT SHAIMIEV
RUSSIA
ABDUL MAJEED
ALHOKAIR
SAUDI ARABIA
BEDA DIETHELM
SWITZERLAND
FAWAZ ALHOKAIR
SAUDI ARABIA
JEAN CLAUDE
GANDUR
SWITZERLAND
SALMAN ALHOKAIR
SAUDI ARABIA
TONY CHEN
TAIWAN
RON SIM
SINGAPORE
TSAI MING-KAI
TAIWAN
CHUA THIAN POH

SINGAPORE
DOUGLAS HSU
& FAMILY
TAIWAN
STEPHEN SAAD
SOUTH AFRICA
KOO BON-NEUNG
SOUTH KOREA
IOAN NICULAE
ROMANIA
ALEXANDER
LUTSENKO & FAMILY
RUSSIA
LEONID SIMANOVSKY
RUSSIA
ZIYAD MANASIR
RUSSIA
CHUNG MONG-JOON
SOUTH KOREA
SERGEI KATSIEV
RUSSIA
RADIK SHAIMIEV
RUSSIA
CHUNG YONG-JIN
SOUTH KOREA
KONSTANTIN
GRIGORISHIN
RUSSIA
RUSTEM SULTEEV
RUSSIA
CHEY KI-WON
SOUTH KOREA
ALEXEI BOGACHEV
RUSSIA
ALBERT
SHIGABOUTDINOV
RUSSIA
DANIEL MATE
SPAIN
NIKOLAI MAXIMOV
& FAMILY
RUSSIA
ZELIMKHAN
MUTSOEV
RUSSIA
NIKOLAI BUINOV
RUSSIA
SULAIMAN AL RAJHI
& FAMILY
SAUDI ARABIA
CHO YANG-RAI
SOUTH KOREA
ALBERTO CORTINA
SPAIN
JACKY XU
ST. KITTS AND NEVIS
INGVAR KAMPRAD
& FAMILY
SWEDEN
RICHARD CHANG
TAIWAN
CHIN JONG HWA
TAIWAN
THOMAS WU
TAIWAN
ROSTAM AZIZI
TANZANIA
SURANG PREMPREE
THAILAND
SOMPHOTE AHUNAI
THAILAND
KIAT CHIARAVANONT
THAILAND
AYDIN DOGAN
TURKEY
AHSEN OZOKUR
TURKEY
MUBARIZ
GURBANOGLU
TURKEY
MEHMET EMIN
KARAMEHMET
TURKEY
SERRA SABANCI
TURKEY
SUZAN SABANCI
DINCER
TURKEY
SUDHIR RUPARELIA
UGANDA
MARY & DOUGLAS
PERKINS
UNITED KINGDOM
DAVID SAINSBURY
UNITED KINGDOM
BILL ADDERLEY
& FAMILY
UNITED KINGDOM
CHARLES CADOGAN
& FAMILY
UNITED KINGDOM
RICHARD ELMAN
UNITED KINGDOM
ALEX BEARD
UNITED KINGDOM
BENEDICTA
CHAMBERLAIN
UNITED KINGDOM
CHRIS DAWSON
UNITED KINGDOM
SERVICE
4
MICHAEL LYNCH
UNITED KINGDOM
DONALD HALL
UNITED STATES
DAVID MCMURTRY
UNITED KINGDOM
JIM KOCH
UNITED STATES
EDWARD STACK
UNITED STATES
ALAN AUERBACH
UNITED STATES
NICHOLAS
WOODMAN
UNITED STATES
RICHARD CHILTON JR.

UNITED STATES
ANNE COX
CHAMBERS
UNITED STATES
CHARLES BUTT
& FAMILY
UNITED STATES
HERBERT LOUIS
UNITED STATES
JOSEPHINE LOUIS
& FAMILY
UNITED STATES
GARY BURRELL
UNITED STATES
TOR PETERSON
UNITED STATES
ALFRED MANN1
UNITED STATES
JOYCE RALEY TEEL
UNITED STATES
ANEEL BHUSRI
UNITED STATES
ROBERT STILLER
UNITED STATES
CLIFFORD ILLIG
UNITED STATES
BARBARA CARLSON
GAGE
UNITED STATES
JON HUNTSMAN
UNITED STATES
MARILYN CARLSON
NELSON
UNITED STATES
TORY BURCH
UNITED STATES
RAY IRANI
UNITED STATES
RYAN KAVANAUGH
UNITED STATES
JONATHAN ORINGER
UNITED STATES
STEVEN ROTH
UNITED STATES
DIED FEB. 25.
MOACYR LOPES JUNIOR/FOLHAPRESS; GENE BLEVINS/POLARIS/NEWSCOM; HEMANT MISHRA/MINT VIA GETTY IMAGES; JENSKALAENE/EPA/NEWSCOM; SCOTT EELLS/BLOOMBERG; D DIPASUPIL/FILMMAGIC
BY CHLOE SORVINO

South Africa
1
LeaderBoard
NAME | Age
Net worth Company
Unicorn:
EVAN SPIEGEL | 25
$2.1 bil Snapchat
Young
Guns
BOBBY MURPHY | 27
$1.8 bil Snapchat
DUSTIN MOSKOVITZ | 31
$8.9 bil
Facebook
A RECORD 36 of the
worlds billionaires
are self-made and
under age 40. Their
combined net worth:
$125.5 billion. Half
come from tech
unicornsprivately
held rms valued at
$1 billion or more.
MARK ZUCKERBERG | 31
$44.6 bil
Facebook
NATHAN
BLECHARCZYK |32
$3.3 bil Airbnb
($1.5 BILLION)
EVAN SPIEGEL ($2.1 BILLION)

The 25-year-old Snapchat cofounder is the
youngest self-made billionaire. His messaging
appwhose quick-to-vanish posts drew a joking
endorsement from Hillary Clintonwas funded at
a $16 billion valuation last May. (Cofounder Bobby
Murphy, 27, is worth $1.8 billion.)
SEAN PARKER | 36
$2.4 bil
Facebook
CAI XIAORU | 36
$1.2 bil
Electronic components
DREW HOUSTON | 32
$1 bil
Dropbox
ZHANG BANGXIN | 36
$1.3 bil
After School Tutoring
EDUARDO SAVERIN | 33
$6.2 bil
Facebook
KIRILL SHAMALOV | 33
$1.2 bil Petrochemicals
EVAN SHARP | 33
$1 bil
Pinterest
BEN SILBERMANN | 33
$1.6 bil Pinterest
CHENG WEI | 33
$1 bil
Ride-hailing service
SACHIN BANSAL | 34
$1.2 bil Flipkart
JACK DORSEY ($1 BILLION)

Facing the public markets
can be toughdoubly so
when youre running two
companies. And both of
Dorseys companiesTwitter
and digital-payment company
Squarehave lately watched
their shares sink. Twitters
user growth has stalled, while
Square cant seem to convince
the market that it deserves
the same valuation private
investors once gave it.
ADAM NEUMANN | 36
$1.5 bil WeWork
ELIZABETH HOLMES | 32
$3.6 bil Theranos
BRIAN CHESKY | 34
$3.3 bil Airbnb
FRANK WANG ($3.6 BILLION)

Wang, 35, is the worlds rst drone billionaire
after founding SZ Dajiang Innovation Technology,
known as DJI, in his Hong Kong college dorm; its
worth $8 billion now and controls an estimated
70% of the burgeoning market.
ORION HINDAWI | 36
$1 bil
Software
MARKUS PERSSON | 36
$1.3 bil
Minecraft
BINNY BANSAL | 33
$1.2 bil Flipkart
Where did Neumanns

interest in communal
office space take root?
Perhaps in the Israeli
kibbutz on which he
was raised. WeWork,
which Neumann, 36,
founded in 2010 in
New York with Miguel
McKelvey, now has
40,000 members in
16 cities using its coworking spaces; the
company is valued at
$10 billion.
SCOTT FARQUHAR | 36
$1.4 bil Business
software
RYAN GRAVES | 32
$1.5 bil Uber
WANG YUE | 32
$1.1 bil
Online games
ADAM NEUMANN
MIKE CANNONBROOKES | 36
$1.4 bil Business
software
JOE GEBBIA | 34
$3.3 bil Airbnb
GARRETT CAMP | 37
$6.2 bil Uber
ROBERT PERA | 37
$2 bil
Wireless networking
gear
NARUATSU BABA | 38
$1.2 bil
Smartphone games
JACK DORSEY | 39
$1 bil
Twitter
TRAVIS KALANICK | 39
$6.2 bil Uber
YOSHIKAZU TANAKA | 39
$1 bil
Online social network
LI WEIWEI | 39
$1.3 bil
Online games
WU GANG | 39
$1.3 bil
Money management
ZHOU YAHUI | 39
$2.3 bil
Online games
FRANK WANG | 35
$3.6 bil DJI
ORION HINDAWI ($1 BILLION)

Tanium, the cybersecurity rm Hindawi
founded with his fellow billionaire father in
2007, provides real-time threat detection
for companies like Amazon and Visa.
Orion, 36, is now CEO as Tanium mulls
an IPO.
BY KATE VINTON
JAMEL TOPPIN FOR FORBES
RICHEST UNDER 40
IT DOESNT HAVE
AN INSIDE VOICE
THE FIRST-EVER LEXUS GS F

Theres a time and a place to dial it back. This is neither. The new GS F boasts a race-inspired
467-horsepower1 V8 engine and a throaty exhaust note thats impossible to ignore. Add in a Torque
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lexus.com/GSF | #LexusGSF
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LeaderBoard
REAL ESTATE
Donald Trumps the White House

Its beyond debate: His luxurious new D.C. hotel will be yuuuge.
BIZ QUIZ
The Ship List

Can you match the billionaire with his or her superyacht?
DOES THE SIZE of a billionaires yacht correspond to a big bank account? Do the extravagant extras offer insight
into its skipper? These six superyachtswhich range from a cozy 194 feet to a cushy 533 feetbelong to individuals
with a combined wealth of $61 billion. In other words, their ships have come in.
a. David Geffen
$6.6 bil
b. Eric Schmidt
$10.4 bil
c. James Packer
$3.6 bil
d. Len Blavatnik
$15.5 bil
e. Laurene Powell Jobs

$17.3 bil
f. Roman Abramovich
$7.6 bil
1. Odessa II (length: 242 feet)

Overboard amenities: outdoor cinema
and beach club/spa
2. Rising Sun (length: 452 feet)

Overboard amenities: wine cellar and
regulation-size basketball court
3. Venus (length: 256 feet)

Overboard amenities: designed by Philippe Starck;
includes a discreet Jacuzzi
4. Arctic P (length: 287 feet)

Overboard amenities: a retractable pool,
Jacuzzi and dining-room table
5. Eclipse (length: 533 feet)

Overboard amenities: two helipads and
a missile-defense system
6. Oasis (length: 194 feet)

Overboard amenities: a pool and gym
that convert to a disco
ANSWERS:
1d; 2a; 3e; 4c; 5f; 6b
REAL ESTATE AND BIZ QUIZ BY MICHAEL SOLOMON

KEN HOWARD/ALAMY (TOP); DAVID GEFFEN: BRUCE GLIKAS/FILMMAGIC/GETTY IMAGES; ERIC SCHMIDT: NICHOLAS KAMM/AFP/GETTY IMAGES; JAMES PACKER: SCOTT BARBOUR/GETTY IMAGES; LEN BLAVATNIK: RICK MAIMAN/
BLOOMBERG; LAURENE POWELL JOBS: NEILSON BARNARD/GETTY IMAGES FOR THE NEW YORK TIMES; ROMAN ABRAMOVICH: JASON ALDEN/BLOOMBERG; RISING SUN: ARMANDO PIETRANGELI/REX/NEWSCOM;
VENUS: SPLASHNEWS/NEWSCOM; ARCTIC P: CHRIS CAMERON/ALAMY; ECLIPSE: THIBAULT MONNIER/PACIFICCOASTNEWS/NEWSCOM; OASIS: IMAGEBROKER/ALAMY
WIN OR LOSE the 2016 election, Donald Trump is guaranteed to have some
prime real estate in Washington, D.C. next yearon Pennsylvania Avenue, no less.
In September the peoples billionaire will open the Trump International Hotel
(two years ahead of schedule) in the historic Old Post Office building just a few
blocks from the White House.
Not only will it have a Presidential Ballroom (at 13,200 square feet, itll be the
largest luxury ballroom in the nations capital) but the 263-room hotel will also
offer three presidential suites, the largest of which measures 6,300 square feet
roughly eight times the size of the Oval Office.
LeaderBoard
FORBES @ 100
Billionaires First Bow: Oct. 5, 1987

FORBES PUBLISHED ITS rst ranking of the worlds billionaires with a 50-page
special report: A billion dollars seemed a good place to draw a line between wealth
and great wealth. How someone managed to make or hold a billion dollars is likely
to tell you something about how the world works. The issue highlighted names
both well-known (Kerry Packer) and less so (German mail-order queen Grete
Schickedanz) while excluding royalty (Saudi Arabias King Fahd) and dictators
(North Koreas Kim Il-Sung).
Only 24 countries were
home to billionaires; 67 are
today. China and Russia
had none; India just one.
One thing has remained
constant: America has
always had the most tengure fortunes. In 1987
the U.S. had 49; Japan
ranked second with 24,
followed by West Germany (13), the United Kingdom (7), and Hong Kong
and Canada (6 each).
National
boundaries
still satisfy
politicians,
but they no
longer restrain
businesspeople.
FAST-FORWARD
Ka-ching!
1987: Hong Kongs Li Ka-shing
(above) had turned a modest
fortune in plastics into
$1.2 billion thanks to some
well-timed investments in
Hong Kong real estate.
2016: Li is now Asias
second-richest man,
worth $27.1 billion
following decades
of expansion and
dealmaking, including
recent investments in
European telecom.
FACE FROM THE PAST
Pablo Escobar: drug lord and

billionaire. A husky, 5-foot6-inch man normally given to
rugby shirts, chino pants and
sneakers, Escobar is a prime
example of a Colombian paisa
an aggressive, unsentimental
hustler. Using that hustle,
Escobar reached the top of
Colombias Medelln Cartel
by shrewdly reinvesting his
initial earnings and becoming a
master of public relations. He
spent a year incarcerated in a
luxurious prison he reportedly
designed himself; after escaping,
he was killed in a shoot-out
with Colombian security forces
(assisted by the U.S.) in 1993.
SIGN OF THE TIMES
Japans Heyday
[Escobar] built a reputation as a Robin

Hood, erecting housing for the poor and
opening a zoo to the public. A member
of the DEA groused that the importing
of exotic animals for the zoo seemed
to have brought more trouble from the
government than his drug business.
In the 80s Japan

soared, propelled by
the manufacturing and
technology dominance
of companies such as
Sony. In 1987 railroad
and real estate titan
Yoshiaki Tsutsumi
(left) was the worlds
richest person. Despite
Japans economic
doldrums ever since,
Tsutsumi remained a
billionaire until 2007,
when his scandalweakened empire
began to crumble.
BY ABRAM BROWN
CHINAFOTOPRESS/GETTY IMAGES; KYODO NEWS/NEWSCOM; GETTY IMAGES
When Crime Does Pay
LeaderBoard
Kirk Kerkorian
KUWAIT, $1.25 BIL
Too Few College

Classes for Billionaires
KAREN JOHNSON
BOYD, 91
U.S., $2.5 BIL
SIDHARTH BURMAN,
70
Someone has to take

a stand: The 0.00001%
deserve higher
education tailored to
their interests, too.
IN JULY 2014 legendary investor Tim Draper (above)
and a friend started VCx at Draper Universityan
$18,000 invitation-only minicourse that teaches the
fabulously rich the rudiments of deal ow. Its an
opportunity for billionaires who want to get into venture
capital to learn from some of the best, Draper says.
What about the other Great Courses for ten-gure
teachers pets? Weve got their semester covered.
MACROECONOMICS
Professor George Soros
Nearly 25 years later, Prof. Soros is still
dining out (literally) on the 1 billion
he made in a month after shorting the
pound sterling. Annoyed with some dimwitted central bank? Learn how to show
Poindexter and friends whos really boss.
POLITICAL SCIENCE
Professor Michael Bloomberg
Think youd make a great Oval Office
denizen, even if the benighted huddled
masses have no idea how lucky theyd be
to have you? Prof. Bloomberg will outline
proven strategies for showing just enough
ankle to keep the rubes tantalized. (No
fatties or gun nuts, please.)
TRADE POLICY
Professor Mikhail Prokhorov
Buy side? Sell side? How about losing
side! Do-gooders who love helping
others will thrill to Prof. Prokhorovs
tales of turning the Brooklyn Nets
into an NBA laughingstock through
confounding player swaps and draftpick duncery. Nothing engenders a
warm glow, after all, like others taking
constant advantage of you.
PHYSICAL EDUCATION
Professor Steve Ballmer
Who among us hasnt been inspired
by the sight of Prof. Ballmer onstage
at a Microsoft event, carrying on like
the late Sam Kinison? Hell share all
his top tness moves, including the
Pit-Sweat Shimmy and the Incipient
Aneurysm. Bring Handi Wipes.
JASSIM AL-KHARAFI
75
INDIA, $1 BIL
CHANG YUNG-FA, 88
TAIWAN, $1.8 BIL
ALFRED JAMES
CLARK, 87
U.S., $1.4 BIL
CLAUDE DAUPHIN,
64
FRANCE, $1.4 BIL
HUBERT DORNANO,
89
FRANCE, $1.1 BIL
MARIA LUISA SOLARI

FALABELLA, 73
CHILE, $2.4 BIL
SUSAN HIRT HAGEN,

79
U.S., $2.1 BIL
IN MEMORIAM
INGEBURG HERZ, 95
Farewell
MICHAEL JAHARIS,
87
KIRK KERKORIAN, 98
(U.S., $4.2 BILLION)
The irrepressible businessmans life story read,

ttingly, as if ripped straight from an implausible
Hollywood script: middle-school dropout, pilot
trainer during World War II, major Las Vegas
developer, pioneering activist investor and owner
of MGM Studios.
FRED DELUCA, 67
In 1965, to help pay for college, DeLuca cofounded

Subway, a sandwich shop that ultimately grew
into the worlds largest restaurant chain. From its
humble roots in Bridgeport, Conn., Subway now
assembles footlongs in 44,000 restaurants as far
aeld as Afghanistan and Zambia.
HORST BRANDSTAETTER, 81
(GERMANY, $1.1 BILLION)
Creator of Legos chief rival, Playmobil. Brandstaetter joined the family business in 1952 and
guided it in a much more whimsical direction than
his forebears, who started the Brandstaetter Group
in 1876 as a maker of ornamental casket ttings.
JOE JAMAIL, 90
Bombastic, colorful Texas lawyer whose courtroom theatricsincluding his victorious 1987
representation of Pennzoil against Texaco, which
alone garnered Jamail more than $300 million in
feesearned him the moniker King of Torts.
GERMANY, $2.4 BIL
U.S., $2.2 BIL
MUSTAFA VEHBI
KO, 55
TURKEY, $1.05 BIL
JAN KULCZYK, 65
POLAND, $4 BIL
MARIA INES DE
LAFUENTE LACROZE,
71
ARGENTINA, $1.3 BIL
CHRISTOS LAZARI,
69
U.K., $2.1 BIL
LIN RONG SAN, 76

TAIWAN, $4.2 BIL
BRIJMOHAN LALL
MUNJAL, 92
INDIA, $3.8 BIL
ROBERT PICCININI,
73
U.S., $1 BIL
JOHANNA QUANDT,
89
GERMANY, $13.9 BIL
RICHARD
RAINWATER, 71
U.S., $2.8 BIL
RONALD SOUTHERN,
85
CANADA, $1.55 BIL
MAX MICHEL
SUBERVILLE, 83
MEXICO, $1.45 BIL
ALFRED TAUBMAN,
91
U.S., $3.1 BIL
KLAUS TSCHIRA, 74
GERMANY, $8.6 BIL
KARL WLASCHEK, 97
AUSTRIA, $4.2 BIL
NET WORTH AS OF MARCH 2015
FIRST WORLD PROBLEMS BY BRIAN DAWSON; IN MEMORIAM BY ABRAM BROWN

CHRIS WEEKS/FILMMAGIC/GETTY IMAGES; ILLUSTRATIONS BY JOHN UELAND
FIRST WORLD PROBLEMS
Its where shoes of every description congregate

by the front door. Where a bunk bed doubles as
a jungle gym. And where preschoolers turn into third
graders, seemingly overnight. Its home.
:KDWHYHUKRPHPHDQVWR\RXZHOOKHOS\RXQGLW
Search millions of homes for sale and for rent.
2016 Zillow Group. All rights reserved.
CREDIT TK
THE WORLDS BILLIONAIRES
HOWARD SCHULTZ
THE
PRESIDENT
OF COFFEE
NATION
STARBUCKS CEO HOWARD SCHULTZ DOESNT WANT TO RUN
FOR THE WHITE HOUSE. BUT, BUOYED BY HIS COMPANYS
SURGING PERFORMANCE, THE BILLIONAIRE WANTS TO USE HIS
CAFFEINATED PERCH TO CHANGE AMERICAN DISCOURSE.
BY GEORGE ANDERS
Howard Schultz
roosting at
the Roastery,
Starbucks trickedout concept-storecum-roasting plant
in Seattle. Trust us:
Youll want one of
these in your city.
WHAT DOES STARBUCKS CEO Howard Schultz keep in

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

HOWARD SCHULTZ
early deprivations, he treasures them.

Schultz has discovered that America
and, in fact, the whole worldloves an
up-from-hardship story. His candor
about his beginnings in the gritty Canarsie section helps him strike a rapport with everyone from other chief executives to young black and Latino adults trying to nd
their rst jobs. Even though I dont have the same color
of skin, Schultz explains, I was one of those kids. I could
have today been one of those kids.
Its a classic American story, one that forced Schultz
to bat down rumors last year that he was going to run for
President. On paper, this self-made tycoon compares favorably to a certain bombastic billionaire springboarded with Daddys money. But Schultz wasnt at all interested in the campaign, in part because, while the 2016 presidential contenders debase themselves during this circuslike primary, Schultz already has a caffeinated bully pulpit
from which to steer discourseand Starbucks stunning
nancial performance affords him pretty much unbridled
authority to use it.
The shabby little
store on the Seattle
waterfront where
Starbucks began.
Schultz has the key
and sometimes
visits by himself
at 4 a.m., just to
center himself.
his way out, Schultz says. He grew up in the 1960s in

subsidized housing, steeped in the anxieties of a father
who suffered workplace injuries and couldnt hold a job.
I didnt go to an Ivy League school, Schultz reminds me.
I didnt go to business school. Instead of resenting those
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HOWARD SCHULTZ
More than anything, Schultz wants to become Americas conciliator-in-chief. Hes troubled by the angry
tone in politics and everyday discourse, which makes
him think that, as a country, weve lost our conscience.
Searching for inspiration, hes traveled everywhere from
veterans hospitals to an Indian ashram in the past year,
asking people to share their stories and their beliefs.
Now he wants Starbucks to be the place where people
can get excited about voting again, where people can
courteously discuss tough issues such as gun rights and
race relationsand where we can elevate citizenship
and humanity.
It all sounds lovely, but last March Schultzs crusade
blew up in his face. Everything started smoothly when
the Starbucks boss began asking employees in late 2014
about Americas race relations. He was jolted by the upheaval in Ferguson, Mo., after a white policeman was
exonerated in the fatal shooting of an unarmed black
teen. His employees were, too. Their private conversations were raw, heartfelt and cathartic. Baristas and store
managers burst into tears, talking about ugly moments
they had seen. People hugged. Everyone wished that
America could overcome its past. Schultz was so moved
YOU KNOW WHAT? YOUVE

BEEN HERE 16 YEARS. YOU
DESERVE A VACATION. WERE
GOING TO GET YOU ONE.
that he decided to relaunch these conversations in 7,000
Starbucks stores. Baristas were encouraged to write
Race Together on millions of patrons coffee cups.
Then, somehow, good things would result.
What unfolded was a national embarrassment. Hectic
morning-coffee lines, full of strangers, proved far chillier than a staff meeting with time for hugs. Baristas felt
hurled into an edgy new role without any training. Patrons found the gesture bewildering. After this awkward
start many baristas put their pens in hiding. Starbucks
ended the initiative after a week. (The company says that
was always the plan.)
Undeterred, the Seattle coffee kings ambitions remain
as big as ever, with Schultz targeting death-penalty injustices, chronic unemployment, veterans needs and the college aspirations of his baristas. Watching Schultzs crusades in the wake of the race debacle is akin to seeing a
sword-swallower at a carnival. Each project generates its
own rush of excitement. Each is tinged by a thrilling, terrifying sense that it could all go horribly wrong in an instant.
A few weeks ago Schultz and I ended up at the Brooklyn Academy of Music, in an empty theater, sipping Star44 | FORBES MARCH 21, 2016
bucks Aged Sumatra from paper cups. Schultz was collecting his thoughts, minutes before going onstage to re
up 300 of his employees about his favorite topic: whats
wrong in society and how his company could be a force
for good. Weve got this big idea, he told me, in a voice
that mixed eagerness and hesitation. Its like a piece of
clay, but its not yet shaped. Im going to ask people for
their help.
BOUNDING ONTO THE BROOKLYN stage, Schultz began
by ticking off issues that concerned him: death benets for soldiers killed in Iraq or Afghanistan; gun safety;
and the 2016 presidential election. Were not just here
to raise the stock price, he declared. What can we do to
use our strength for social good?
Over the next 90 minutes 34 store managers and
baristas took the microphone to share their ideas and
concerns. As with most voters, they were less interested in policy theoriessave a few that talked about their
own volunteer work in local schoolsand much more
into the gritty realities of their daily lives. We get a lot of
homeless people in our stores. Can we get more security?
Can we get more training for the baristas? Could there
be a child-care option?
If Schultz was disappointed, he didnt let on. Thats
a great idea, he told several questioners. Were working on it, he reassured others. When one part-time employee wanted to know why he wasnt getting much paid
vacation time, Schultz started to lob the question toward a human-relations specialist in the audienceand
then caught himself in midsentence. You know what?
Schultz declared. Youve been here 16 years. You deserve a vacation. Were going to get you one. The room
burst into applause. Schultz came over to give the barista
a hug, and someone snapped a picture.
Watching Schultz work a crowd, you can see why he
would have made a natural candidate. But the political
bug has faded. A lifelong Democrat, Schultz says he no
longer thinks government holds the answers to the issues that concern him most. He has little interest in visiting Washington, and hasnt made a presidential political contribution since supporting Barack Obama in 2008.
Board member Mellody Hobson is even clearer: Howard knows himself well enough to realize that a role in
national politics isnt right for him.
Yet Schultz cant surrender his dream of xing America. At the very least, he can make Starbucks itself a laboratory for developing a better society. In the past year
Starbucks has set up 19 cafes on the edge of military
bases, going out of its way to hire veterans and activeduty spouses to work there. Another initiative is a partnership with other big companies to convene giant job
fairs in cities such as Phoenix, Chicago and Los Angeles, inviting out-of-work young adults for job interviews.
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HOWARD SCHULTZ
MISSES INTO HITS

Mazagran
A bubbly variant of coffee
with spices (hmmm) that
arrived (and vanished!) in
1994. Eventually Starbucks
morphed it into
Frappuccino
Vivanno
Smoothies for dummies. Fruit and whey
protein, scooped in by the spoonful. It
was a 200809 misstep that overlapped
subprime debt, and did about as well.
Now the company is making a new attempt with proper smoothies from
Evolution Fresh
Starbucks Coffee
Liqueur
Nuff said.
Chantico
Chicken
Lettuce Wraps
A drinkable dessert from 2005.

Too sweet. A better idea was an
old classic.
Under 500 calories.

Healthy. Not appetizing.
Hot Chocolate
Omega-3
Bistro Box
A third program, started in 2014, provides baristas and

other employees a chance to earn an online college degree from Arizona State Universitywith Starbucks absorbing all tuition costs.
At most companies, any CEO so immersed in social
causes would risk a shareholder mutiny. Schultz cant
ignore his investors; he owns just under 3% of the
company. But Starbucks is a special case, says Chief
Financial Officer Scott Maw, who joined the coffee
company in 2011 after many years in the hard-nosed
cultures of General Electric and JPMorgan Chase.
When youre selling lattes instead of locomotives or
loans, Maw observes, a $3.45 grande isnt just a beverage;
its a ticket into a pleasant experience and an ethically
sound way of doing things. Schultzs crusades have become part of the product, morphing Starbucks into one
of the biggest social businesses on the planet.
Howard Schultz has always wanted to do something
bigger than selling caffeine, says Bryant Simon, a history professor at Temple University who wrote Everything but the Coffee, a 2009 book about Starbucks. Simon
is the gady who wont go away, contending that most
of Schultzs initiatives are brilliantly positioned mirages.
Take Ethos, the Starbucks-owned house brand of bottled
water. Customers may be excited that ve cents of their
purchase goes toward providing people access to clean
water. In truth, when bottled water costs $1.80 a container, Starbucks keeps 97% of the purchase price.
Even the free-college initiative displeases Simon,
who regards it as a public relations stunt, meant to convince Starbucks customers that baristas arent trapped in
a dead-end job. Were supposed to believe that theyre
all working toward a better future, with their employer
covering the tab, Simon remarks. I wonder how many
baristas will ever get a degree.
Schultz wonders, too. The free-college initiative with
ASU started about two years agoand 5,000 employees have already enrolled. To date 44 have earned degrees. Another 100-plus expect to graduate this spring.
Its a struggle for baristas to get their old communitycollege credits transferred into the ASU system, to settle
on a major and to meet all the deadlines for registration,
term papers and the like. Since announcing the program,
both Starbucks and ASU have stepped up their efforts to
coach these online students through the full college process, rather than just handing them a student log-in code
and hoping for the best. The graduation rate will likely
keep climbing, but it could take another three or four
years before the programs results are clear.
Most executives dont have that much time. Periodically, Schultz gets calls from younger executives
who want to know how they, too, can advocate for social causes without running the risk of getting red.
Marvin Ellison, the CEO of J.C. Penney, has sought him

HOWARD SCHULTZ
WELL-INTENTIONED WHIFFS
Bill Gates
Mark Zuckerberg
Peter Lewis
George Soros
If only public high schools werent

so big! That belief inspired the
Microsoft cofounder to spend $2
billion of his foundations capital in
an effort to create smaller schools
across the U.S. In the foundations
2009 letter to the world, Gates
conceded many of the small
schools that we invested in did not
improve students achievement in
any signicant way.
New mogul, same problem:

troubled schools meet tech genius.
In 2010 Facebooks CEO injected
$100 million to rehabilitate Newark,
N.J.s perennially failing school system. Alas for Zuckerberg, teachers
didnt buy into the plan, consultants proliferated, and
students continued to struggle
after the money ran out.
The late chairman of Progressive

Insurance spent well over $40 million on various campaigns to get
weed legalized. That didnt stop
him from being arrested in New
Zealand for marijuana possession.
State voters generally said no to
legalization, but in 2012, before his
death, Colorado and Washington
State said yes.
Starting in the 1980s, the hedge

fund titan began pouring money
into eastern Europe, hoping to
promote more open societies.
His generosity overwhelmed
tiny organizations that couldnt
handle so much cash at once. My
grand schemes seem to fail by
a hairs breadth, Soros ruefully
acknowledged in his 1991 book,
Underwriting Democracy.
out. So has John Zimmer, the president of Lyft, the San

Francisco ride-sharing company. Schultzs blunt advice:
You have to earn the right. Spend years winning investors trust by delivering strong results. Once youve done
that, your degrees of freedom increase greatly. Get excited about nonbusiness goals too early, and the trapdoor of
termination can open at any time.
A LOT OF PEOPLE THINK SCHULTZ founded Starbucks.
He didnt. The real founders, Gordon Bowker, Zev Siegl
and Jerry Baldwin, opened shop in 1971. Schultz didnt
join the company until the 1980s. But Schultz has been
running the company for so long that he thinksand behaveslike a founder. He gets up a little after 4 a.m. each
morning to study the previous days sales reports. He
nudges Starbucks brewmasters to put more Aged Sumatra into each autumns Reserve Holiday Blend, because
its his favorite coffee and he knows it tastes great. Even
the tiniest details worry him, because deep down he still
thinks of each store as his store. At a recent staff meeting he couldnt keep still when staffers showed him some
postcard-size cards announcing a new music partnership with Spotify. (Black looks so dull, Schultz exploded. Were talking about music. This should be lively.
Can we go with green instead?)
If the big boss needs to ratify everything, though, de48 | FORBES MARCH 21, 2016
cision making slows to a crawl. Mindful of his own limits, Schultz has beefed up Starbucks management team
in recent years with a wide range of proven leaders from
outside. These include a chief operating officer with a
Microsoft background (Kevin Johnson) and a chief strategist with a Disney pedigree (Matt Ryan.) Theres a lot
more here than just The Howard Show, says J.C. Penney Chairman Myron Ullman, who has been a Starbucks
director since 2003. Leadership doesnt have to come
from Howard on every topic.
The payoff: growth that never stops. Starbucks stock
surged 48% in 2015, and despite a choppy start to 2016,
the companys market capitalization is approaching
$86 billion. While coffee remains the main event, food
offerings keep expanding, with sales that have more than
doubled in the past ve years. (Why not pair that cappuccino with a chicken artichoke sandwich on ancientgrain atbread?) Customer lines move faster, now that
16 million patrons are signed up for Starbucks mobile
payment app. Fewer people fumble for change, sales per
hour increase and protability inches higher. Starbucks
margins before interest and taxes run at 19.7%, double
the likes of Chipotle or Panera.
More fun lies ahead, say Wall Street analysts, who expect Starbucks to keep expanding margins by one percentage point a year until at least 2018. Even controver-
GATES: BRUCE GLIKAS/GETTY IMAGES; ZUCKERBERG: NEWSROOM; SOROS: ERIC PIERMONT/AFP/GETTY IMAGES
QUIXOTIC. IMPRACTICAL. AHEAD OF ITS TIME. THE LABELS ARE ENDLESS, BUT THE VERDICT IS THE SAME: EVEN BILLIONAIRES
SOMETIMES EMBRACE DO-GOODER CAUSES THAT DONT WORK OUT AS PLANNED. HERE ARE A FEW OTHERS THAT
CAN KEEP COMPANY WITH HOWARD SCHULTZS ILL-FATED RACE TOGETHER.
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)'(-J8GJ<%8cci`^_kji\j\im\[%I\jlckjYXj\[fejg\Z`Zjpjk\d
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HOWARD SCHULTZ
THE COMEBACK KID

HOWARD SCHULTZ RETIRED AS CEO FROM 2000 TO 2007.
INVESTORS HAVE CHEERED HIS RETURN.
$60
30
STARBUCKS STOCK PRICE $
20
10
3
00
$20
05
10
$3.0
SALES ($BILLIONS)
16
NET INCOME ($BILLIONS)
2.5
16
2.0
12
1.5
8
1.0
4
0
5
0
07
09
11
13
15
07
09
11
13
15
SOURCE: FACTSET FUNDAMENTALS.
sies end up being good for business, as shown by a kerfuffle last November when Starbucks offered red cups
that didnt include any reference to the Christmas holidays. A few evangelists got upset. Television stations
rushed to cover the story, and the amped-up attention
helped Starbucks ring up record sales.
Sometimes winning ideas happen in spite of Schultz,
rather than because of him. In 2008 Schultz angrily insisted that Starbucks stop selling melted-cheese breakfast sandwiches, because the smell of toasted cheddar
was overwhelming the gentler aroma of fresh-brewed
coffee. Guess what? Melted cheese made a comeback.
The new version is cooked at 500 degrees Fahrenheit instead of 1,100 and with smaller slices of medium cheddar instead of big slices of sharp cheddar. Howard can
always be convinced, says Luigi Bonini, Starbucks head
of product development.
Rather than try to do everything, Schultz lately has
been gravitating toward Starbucks newest, fastest-growing projectswhich mesh well with his underdog mindset. He has become Mr. China, making quarterly trips
to Beijing and Shanghai as well as a host of inland cities where Starbucks has big ambitions. Right now those
stores mostly sell tea, Frappuccinos and mooncakes in
the afternoon. Before long, Schultz says with a smile,
China may embrace the morning ritual of coffee, too.
Starbucks now has 2,000 stores in China, quadruple
its total just ve years ago. Shanghai (432) has overtaken Seoul and New York as the city with the most Star50 | FORBES MARCH 21, 2016
bucks cafes. Other companies CEOs may stress about

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

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

FORK IN 30 YEARS. MEETING
HIM WAS A LIFE-CHANGING
EXPERIENCE.
bucks management program so he could learn to run
stores. When death-row attorney Bryan Stevenson wrote
Just Mercy, a book about his struggles to free wrongly
convicted inmates, Schultz insisted that Starbucks cafes
sell the workeven if it seemed like a crazy juxtaposition next to the cash registers usual fare of biscotti and
almonds.
Reading Just Mercy wasnt enough. Schultz invited his way into Stevensons offices and spent part of a
morning with Anthony Ray Hinton, a man freed after
nearly three decades in Alabamas prison system. Mr.
Hinton hadnt held a fork in 30 years, Schultz told me.
He had zero bitterness. He was just a calm, timid, elderly man. Meeting him was a life-changing experience.
The Alabama lawyers book graced Starbucks stores for
months, becoming a New York Times bestseller. After
such intense experiences, staying in the corner office and
engaging in checkbook philanthropy isnt fullling for
me, Schultz says.
Remember Hurricane Katrina? Three years later,
when Starbucks employees volunteered en masse to
help New Orleans rebound, Schultz found himself at a
home-rebuilding project. Spying a ladder and a bucket of paint on-site, Schultz announced that he wanted
to help paint the house, too. Howard had a bad back at
the time, Starbucks executive Rodney Hines recalled.

We tried to stop him. But he wouldnt take no for an
answer.
Remember Ferguson? Schultz last year paid a call to
that troubled Missouri town, too. Instead of taking the
short route to and from the St. Louis airport, he meandered through back streets, gawking at plywood-boarded
windows and ruined homes marked for demolition. Partway through the drive, two companions recall, Schultz
declared: We need to have a store in this city. Since
then ground has been broken; a store is being built and is
in the process of hiring 20 to 25 people. Opening day is
set for this spring.
Spurring Schultz on are moody memories of the crises he didnt x early in his career. In the mid-1980s,
he recalls, he made his rst business trip to Guatemala,
checking up on bean suppliers. Growers whispered that
only a small fraction of the money Schultzs company
was paying was ending up in growers pockets. Guatemalas payment system was rife with kickbacks and undisclosed commissions. Schultz felt he was too new and
puny to do anything about it; that inaction rankles him to
this day.
An increasing number of Schultzs projects now are
being conducted through the $100 million Schultz Family Foundation, which he and his wife, Sheri, oversee.
The foundation currently holds only a thin slice of his
wealth, but he says it will become much bigger in the
years ahead. Its current priorities: helping veterans resettle into the U.S. economy and promoting job initiatives for people aged 16 to 24 who arent in school and
havent found work.
At a recent foundation-sponsored jobs fair in Los Angeles, Starbucks was one of more than 30 employers
seeking recruits. Even so, Schultz was everywhere: chatting with Latino and African-American attendees about
their aspirations, apologizing for his navy-blue suit (Its
my armor)and squeezing onto the convention centers main concrete oor to become part of the mosh-pit
throng absorbing Army Master Sgt. Kings talk.
Sweat dripping from his brow, the wounded soldier
bellowed out his message to 6,000 attendees. The only
thing that matters is your attitude! he declared. I dont
have legs now, but this is what Ive got to work with.
Abruptly, King lifted a cuff of his pinstripe trousers, revealing a titanium rod where his shin used to be. People
gasped. A moment later King delivered his payoff line:
Youve got to nd a way to take whatever youve got
and make it work for you.
Fifteen feet from the stage, surrounded by people onethird his age, the president of coffee nation was beaming.
It was as if he were hearing Kings story for the rst time.
Hope was sweeping through the hall. Schultz wanted to
inhale this pheromone as deeply as possible. F
JONATHAN CALDERON
B.F.A., advertising, 2009
Interactive art director
LWANY CALDERON SMITH

B.F.A., fashion marketing and
management, 2009
Wardrobe stylist
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PRACTITIONERS OF DISTRESSED investing are a special Wall Street breed:

bottom-shers with steel constitutions
and a penchant for rushing into re sales.
Like short-sellers, they are often despised because they prey on the weak
companies and individuals who made
bad bets or got in over their heads. Distressed investor is a sanitized version
of less attering terms from bygone Wall
Street eras: vultures, grave dancers, robber barons.
Among the robber barons of the new
millennium, few are as secretiveor as
loathed or as successfulas John Grayken
of Lone Star Funds. The 59-year-old debuts on the FORBES Billionaires list with
a net worth of $6.3 billion, making him
the second-wealthiest private equity manager in the world, behind Blackstones
Stephen Schwarzman. Lone Star has
amassed assets of $64 billion, and since
its inception in 1995 its 15 funds have
logged average annual net returns of 20%,
without a single year in the red.
Schwarzmans Blackstone, which has
assets of $336 billion, has comparable average annual returns of 17%.
However, unlike Schwarzman, who
employs a small army of professionals
to help him and his rm burnish their
image through various benevolent causes,
Grayken appears to care little about getting good press. You wont nd any libraries or schools or hospitals with his
name on them. He hasnt signed Warren Buffetts Giving Pledge. And hes anything but a patriot: In an effort to avoid
taxes, he renounced his U.S. citizenship
in 1999. Youll nd him on our list as a citizen of Ireland.
Since the Great Recession Grayken has
made a specialty of buying up distressed
and delinquent home mortgages from
government agencies and banks worldwide. Hes also picked up a major payday
lender, a Spanish home builder and an
Irish hotel chain. Regulators hassle him,
and the homeowners whose mortgages
he owns or services despise his tactics. In
fact, he has become accustomed to taking
shots from detractors and has been the
subject of protests from New York to Berlin to Seoul. Last year New York Attorney
General Eric Schneiderman reported54 | FORBES MARCH 21, 2016
JOHN GRAYKEN
SHADOW
BANKER
SECRETIVE JOHN GRAYKEN DEBUTS
ON THE FORBES BILLIONAIRES
LIST WITH THE SECOND-BIGGEST
FORTUNE IN PRIVATE EQUITY,
$6.3 BILLION. IN AN ERA THAT
DEMONIZES PREDATORY BANKING,
HES A RUTHLESS, SELFISH,
UNPATRIOTIC TAX DODGER
AND VIRTUALLY EVERY PENSION
FUND MANAGER IN THE WORLD IS
RUSHING TO GIVE THIS AMERICANTURNED-IRISHMAN MONEY.
BY NATHAN VARDI
ROBERTO PARADA FOR FORBES

JOHN GRAYKEN
ly opened an investigation into Graykens heavy-handed mortgage-servicing tactics, including aggressive

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

AND HOMEOWNERS DESPISE
HIS TACTICS, BUT PENSION
MANAGERS CONSIDER HIM
AN ALPHA GOD AND HAPPILY
OVERLOOK HIS SINS.
plined investment strategyhe is in a league of his
own, says Nori Gerardo Lietz, a Harvard Business
School professor who ran one of the largest rms that
advise pension funds on their private equity investments. Many of the other real estate and private equity players are really jealous of John Grayken.
The Oregon Public Employees Retirement System has invested $2.2 billion in many of Lone Stars
funds. In 2013, for example, it committed $180 million
in Lone Star Fund VIII and has already posted annualized net returns of 29%. A $4.6 billion fund Grayken
raised in 2010 has returned 52% per year to Oregon
pensioners.
With regulators all over the world forcing big banks
to deleverage and retreat from various risky businesses, hedge funds and private equity rms like Lone Star
have stepped in and are making a killing buying assets from banks on the cheap. Distressed specialists
like Grayken, Howard Marks of Oaktree Capital and
Leon Black of Apollo Group have become a new powerful class of shadow bankers. Among them the most
shadowy is John Grayken.
LAST YEAR THE BRITISH TABLOIDS wondered who
had purchased one of the U.K.s most expensive
homes in Londons Chelsea district. The nine-bedroom, nine-bathroom, 17,500-square-foot brick mansion with a glass elevator, basement pool, cinema and
Japanese water garden was purchased for $70 million by a Bermuda company. Evidence of the mysterious buyer can be found in a Massachusetts state
court, where the home is listed as Graykens address
in a probate filing. Grayken is also the owner of a
15-bedroom manor house on 20 acres outside of London that was featured in The Omen, a 1976 horror film
starring Gregory Peck. Corporate records also show
Grayken owning a massive Swiss estate overlooking
Lake Geneva.
Though Graykens rm is headquartered in Dallas,
he lives in London because he cant spend much more
than 120 days a year in the U.S. without having to pay
the U.S. taxman. People who know him say he likes
to summer close to his family in Cohasset, Mass., the
Boston suburb where he was raised. In Cohasset, the
small, private White Head Island, which dances in the
Atlantic Ocean, cut off from the mainland by a small
bridge, belongs to a Bermuda company controlled by
Grayken, which purchased it for $16.5 million in two
transactions in 2004 and 2007.
Grayken grew up in a less rareed section of Cohasset, where he excelled at school and on the ice rink. He
studied economics at the University of Pennsylvania,
where he was a defenseman for the hockey team. In a
nifty bit of foreshadowing, he broke the team record
for penalty minutes. After Penn he got his M.B.A. from
Harvard Business School in 1982 and then landed in
investment banking at Morgan Stanley.
Grayken wanted to be a real estate developer and
eventually found a job working for Texas billionaire
Robert Bass on an office-tower deal in Nashville. The
project wasnt a huge success, but the Tennessee experience cemented Graykens relationship with Bass and
introduced him to his rst wife, a Nashville native.
At the time the billionaire Bass brother (see sidebar, p. 58) had been successfully investing his inherited fortune with the help of a talented group of future
Wall Street titans that included David Bonderman and
Thomas Barrack. These were the days after the junkbond-fueled S&L crisis, when the government-sanctioned Resolution Trust Corp. was liquidating hundreds of failed institutions.
In 1988 one of the largest, American Savings Bank
of Stockton, Calif., caught the eye of Bass, who bought
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JOHN GRAYKEN
Sid Bass
Edward Bass
Robert Bass
Lee Bass
THE BASS BILLIONAIRES
David
Bonderman
With a net worth of
$2.5 billion, Bonderman was a Washington lawyer before he
started working for
Robert Bass. He went
on to cofound TPG,
one of the worlds
biggest private equity
rms.
James Coulter
Marc Lasry
He cofounded TPG
after working for
Robert Bass and now
has a net worth of $2.1
billion. Coulter has
been trying to take
TPG through an initial
public offering, a path
other big private equity rms have taken.
Lasry worked at a
Robert Bass outt
that focused on distressed investments
before cofounding
hedge fund Avenue
Capital with his sister.
Hes worth $1.7 billion
and is part owner of
the Milwaukee Bucks.
the thrift and with the help of Barrack began selling its
assets at a big prot. At Basss direction Grayken was
dispatched to southern California to join the team and
work with Barrack at a Bass affiliate that would become Colony Capital.
Barrack and Grayken did not get along, say people
who know both men. Next, Bass put Grayken in charge
of a $130 million partnership called Brazos (named
after a Texas river where the Bass family is based) that
worked with the FDIC to purchase 1,300 bad bank
assets. Grayken quickly ipped them, making tens of
millions of dollars in prots. Bass then backed Grayken
in a bigger bad-loan fund, which Grayken transformed
into about $160 million in prots. Most of the benets,
Richard
Rainwater
Edward
Lampert
Thomas
Barrack
The legendary dealmaker succumbed to

a rare brain disease
last year at age 71.
He was a stockbroker
when Sid Bass hired
him. Rainwater eventually started his own
investment rm a few
oors below Sids ofce and died with an
estimated net worth
of $3 billion.
A hedge fund manager who has amassed

a $2.2 billion fortune,
he spends much of
his time these days as
CEO of Sears. Richard
Rainwater hired Lampert when he was a
25-year-old Goldman
Sachs trainee.
A stint managing real

estate investments for
Robert Bass evolved
into Barracks big
Colony Capital real estate rm. He dropped
off the FORBES
Billionaires list in 2014
after some performance struggles.
however, went to Bass.

When Grayken and Bass couldnt agree on how
to share the profits for the next fund, the duo parted ways in 1996. Grayken stayed in Dallas, raised
some $400 million and called his new operation Lone
Star Funds. His specialty was buying nonperforming mortgage loans, but he started to originate some
mortgages and directly purchase real estate. Starting
with Canada, Grayken also ventured into international markets.
Early on he made several strategic decisions that
would dene his success and differentiate him from
competitors. Unlike Colony, Apollo and other opportunity funds that grew out of the S&L crisis and ex-
BASSES: ANDREW H. WALKER/GETTY IMAGES; BARRY BRECHEISEN/GETTY IMAGES; PHELAN M. EBENHACK/BLOOMBERG; DALLAS MORNING NEWS
BONDERMAN: ANDREW HARRER/BLOOMBERG; COULTER: THOMAS LEE/BLOOMBERG; LASYR: MICHAEL NAGLE/BLOOMBERG; LAMPERT: AMANDA GORDON/BLOOMBERG; BARRACK: JIN LEE/BLOOMBERG
THE FOUR BILLIONAIRE BASS BROTHERSSID, EDWARD, ROBERT AND LEEINHERITED A SMALL FORTUNE FROM THEIR OIL-TYCOON
UNCLE FOUR DECADES AGO AND HAVE BUILT IT UP TO A COMBINED $8.2 BILLION. THEIR ORGANIZATION SPAWNED TALENTED INVESTMENT
PROFESSIONALS WHO WENT ON TO BECOME PRIVATE EQUITY AND HEDGE FUND TITANS. JOHN GRAYKEN IS THE RICHEST OF THEM ALL.
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JOHN GRAYKEN
HOMES FIT FOR A SUBPRIME MORTGAGE KING

MAKING GREAT REAL ESTATE BUYS IS BOTH A PROFESSIONAL AND A PERSONAL PASSION FOR GRAYKEN.
White Head Island, Cohasset, Mass.
Boltons Place, London
Pyrford Court, Surrey, U.K.
Gland, Switzerland
panded into other areas, Grayken stayed focused on

distressed assets linked to real estate, like delinquent
mortgages. When the U.S. economy was doing well, he
would set his sights on countries where tough times
meant easier pickings. By 1998 Lone Star was in Japan,
where ravaged banks preferred selling troubled loans
at sharp discounts privately, in order to save face, rather than hold embarrassing public auctions for potentially higher prices. By the end of the 1990s Grayken
had moved into troubled European nations like Germany and France.
Grayken also developed a reputation as a ipper.
The life cycle of his funds is shortinvestment periods of about three years or less. The assets come in, are
worked out and sold. Buying and holding la Buffett is
for suckers, according Graykens philosophy. At Lone
Star there are no pretenses about longer-term investing
or any sentimental attachments to assets, even in cases
where more prot can be squeezed out over a few more
months or years. Leaving meat on the bone for others is
ne. For Grayken the key part of any transaction has al-
und
ent F
s:
.
G
D
N
R
O
O
TR M REC
S
A
G-TER
G
A
T
LON W PRICE
A LO
etirem
rice R
P
e
w
T. Ro
8/5/1
ROLLOVER WITH CONFIDENCE
SM
Every T. Rowe Price Retirement Fund is designed to maximize your investment potential and
give you the opportunity to best meet your retirement goals.
100% of T. Rowe Price Retirement Funds are low cost,* so your investment goes further
100% of our Retirement Funds beat their 10-year Lipper average as of 12/31/15**
Retirement Funds are actively managed, and strategically allocated to and through your
expected date of retirement
Results will vary for other time periods. Past performance cannot guarantee future results.
All funds are subject to market risk, including possible loss of principal.
Call our Retirement Specialists to consider rolling over your old 401(k).
troweprice.com/rollover | 800-541-5862
Request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully
before investing. The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire
(assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire signicantly earlier or later than age 65, the funds may not be an appropriate
investment even if the investor is retiring on or near the target date. The funds allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. The
funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches,
and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee
a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. *Keep
in mind that an IRA may be subject to an annual fee, and a fee may be assessed if the IRA is closed. Depending on your plans investment options, in some cases the investment management
fees associated with your plans investment options may be lower than similar investment options offered outside the plan. **Based on cumulative total return, 34 of 36 (94%), 35 of 36 (97%),
35 of 36 (97%), and 20 of 20 of the Retirement Funds (including all share classes) outperformed their Lipper average for the 1-, 3-, 5-, and 10-year periods ended 12/31/15, respectively. Not
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MSTAR082910

JOHN GRAYKEN
ways been a cheap purchase price, not any magic that

happens afterward. Others can nd ways to spruce up
assets if they like. We do our prot on the buy is how
Lone Stars president, Andr Collin, described the strategy in a February 2016 meeting. We do some of the value-add stuff from time to time if its there and part of
the plan, but if I have an opportunity to sell and I get a
good price for my investor, I sell.
Quick turnarounds work wonders in goosing the
all-important internal rates of returns on Lone Stars
funds. Shorter holding periods mean more distributions to investors, who reward Grayken by investing in his next fund. The fees Grayken charges are
rich. A typical Lone Star arrangement calls for a fee
of between 0.6% and 1% of assets under management. Lone Star then keeps 50% of all profits once
the funds return hits 8% and until it reaches 20%.
Beyond 20% Lone Star reaps between 20% and 25%
of the profits.
Grayken, to his credit, has a masterful way of simplifying the process of both buying and selling assets,
says David Hood, who helped found Lone Star and
worked there for six years. He has always bought in
FOR GRAYKEN A KEY PART

OF ANY TRANSACTION HAS
ALWAYS BEEN A CHEAP
PURCHASE PRICE, NOT
ANY MAGIC THAT HAPPENS
AFTERWARD. LEAVING MEAT
ON THE BONE FOR OTHERS IS
FINE.
volume to create liquidity when it wasnt otherwise
there, and he doesnt mince words. Just like a hockey
player, he is ready to take the gloves off.
One key aspect of Lone Stars superior returns:
Graykens Dallas-based asset management and due diligence arm, Hudson Advisors. Teams at Hudson are responsible for performing full nancial analyses and reviews of investment opportunities after Lone Stars
managers have identied them. After a deal closes, Hudson works out and services the loans. It also steps in
with legal and accounting help. Hudson now has 865
people, offices around the world and only one client:
Lone Star. In the subprime-mortgage business having
good data on pools is critical in pricing assets, so Hudson acts as Graykens valuable database, giving Lone Star
an edge. Its also a backdoor way for Grayken to personally extract extra prots from Lone Stars hefty asset
base. He owns 100% of it and charges Lone Star Funds
an average annual management fee of 0.55% of assets.
WHILE PENSION MANAGERS eagerly await distribution checks from Grayken, tenants and owners of the
real estate he sets his sights on dread their new landlord. After he bought the discounted mortgages of ten
apartment buildings in the Washington Heights section of Manhattan from Anglo Irish Bank following the
nancial crisis, residents ew bedsheets out their windows that said, Speculators Beware. When Lone Star
started doing deals in Japan, it was locally referred to
as part of the hagetaka, or bald hawks. In South Korea
Lone Star is known as meoktwi, eat-and-run capital.
The German press called Lone Star the Executioner
from Texas after the rm bought a boatload of nonperforming loans that resulted in homeowner foreclosure proceedings.
Things got hot enough in Germany that Grayken
conducted a rare interview with a German publication to explain his side of the story. No matter where
we are active, we adhere to applicable laws, he said.
Lone Star has no interest to propel someone into insolvency. We prefer when people meet their payment
obligations. If not we will take appropriate action.
After the interview Grayken spent $775 million in 2012
to buy TLG Immobilien, an East German owner of 800
buildings held by the government. Within three years
Grayken ipped the property for a prot. German politicians argued that taxpayers had been cheated.
Germanys disdain for Grayken is nothing compared
with the reputation he has forged in South Korea. In
the aftermath of the late-1990s Asian nancial crisis, Lone Star bought a controlling share of Korea Exchange Bank (KEB) in 2003 for $1.8 billion. By 2007
Lone Star had received multiple offers for its KEB
stake, one as high as $6.4 billion. The deal produced
outrage in Seoul, where the perception was that the
most painful parts of the Asian nancial crisis were the
fault of foreign interests. There were legal and regulatory investigations into whether the stock prices of
KEB and a separate credit card operation were manipulated downward to enable their discounted purchase.
The Korean government blocked the sale, and Lone
Stars man in Korea, Paul Yoo, was convicted of manipulating the stock of the credit card unit and sentenced
to three years in jail. To make matters worse, another
Lone Star employee in Korea was caught embezzling
$11 million from the private equity rm.
Grayken denied any wrongdoing and argued that
the Korean governments actions were arbitrary and
discriminatory and ignored Lone Stars role in rescuing a big bank. Remarkably, Grayken persevered in
Korea and ultimately was able to sell his KEB ownership to Hana Financial in 2012, booking a reported $4 billion profit. This, of course, wasnt enough for
Grayken, who is now pursuing arbitration to recov-
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JOHN GRAYKEN
er billions more in profits he believes he would have

gotten in the original deal.
And if you thought banks behaving badly in America were a thing of the past, Graykens Texas mortgage company, Caliber Home Loans, has become infamous for its tactics as a servicer of subprime loans,
some dating back to before the financial crisis. Caliber is one of the largest and fastest-growing mortgage
companies in the nation, managing more than 325,000
mortgages and worth some $70 billion. A good number of Calibers mortgages were purchased by Lone
Star Funds at a deep discount70 cents on the dollarduring auctions held by wards of the state Fannie
Mae and Freddie Mac and the Department of Housing
& Urban Development.
In a stroke of brilliant nancial maneuvering Lone
Star bundled some of the mortgages into bonds and sold
them to investors, immediately booking large prots. At
the same time Caliber offered temporary loan modications to distressed borrowers that consisted of veyear interest-only payment plans but failed to offer the
homeowners any permanent relief through principal reduction. At the end of the ve years these loans would
revert back to the original payment terms, with all the
THE GERMANS CALLED HIM

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

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

for a moment of divine clarity
Focus Persevere Breakthrough
AFRICAS
SAM
WALTON
FROM SHIRTS TO FURNITURE TO
GROCERIES, CHRISTO WIESE SELLS
BILLIONS IN LOW-COST GOODS TO A
CONTINENT CLAMORING FOR THEM.
AMERICA COULD BE NEXT.
BY ABRAM BROWN
CREDIT TK
INGE PRINS FOR FORBES

CHRISTO WIESE
ABLE MOUNTAIN, THE STRIKING mesa

above Cape Town, lords over another impressive African monument: the multistory Golden Acre shopping center. Lunchtime crowds pour into the glassy, brightly lit structure, and from within it is impossible not to
notice the dominance of South Africas second-richest man, Christo Wiese. His bargain-bin clothier, PEP,
pulls foot traffic to the basement. Above it, youll nd
his more upscale Ackermans chain. Around the corner is his OK Furniture and his grocery chain, Shoprite,
which takes up two oors.
By and large, they all carry the same message.
PEPs window ads, accented in canary yellow, proclaim it the home of the Lowest Price in South Africa. Brightly colored bunting in OK Furniture heralds
a similar promise. Shoprite (among its many slogans:
Lower prices, thats our promise) will even play
moneylender, fronting customers up to 7,500 South
A PEP store in
1973, 1986 and
2015. Much of
its strategy has
remained the
same: no-frills
shops crowded
with merchandise,
easy-to-spot price
tags and the same
three colorsblue,
yellow and white.
African rand (roughly $470).

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

CHRISTO WIESE
AFRICAS RICHEST
SOUTH AFRICAS CHRISTO WIESE IS THE CONTINENTS FOURTH-RICHEST MAN. HERE ARE THE OTHERS AT THE TOP.
Mike Adenuga
$15.4 billion
Nigeria
Falling oil prices have
decimated Nigerias
economy and sent its
stock market down
some 20% over the
last 12 months. With
his fortune almost
entirely in public companies, Dangote has
gotten off lightly. Hes
only recently invested
in the oil industry by
building a renery.
The bulk of his wealth
is in our, sugar and
cement.
$10 billion
Nigeria
His telecom company,
Globacom, is adding
subscribers at a fast
clip (up more than
10% since December
2014). Glo, as its
known to its customers across Nigeria,
Benin and Ghana, now
counts more than 30
million subscribers. He
also has a major real
estate business.
Nicky
Oppenheimer
& family
$6.6 billion
South Africa
De Beers had a terrible 2015. Its revenue
fell by over a third to
$4.7 billion, the result
of a glut in diamonds
on the world market
and weak demand
for the gems. It didnt
matter much to
Oppenheimer.
Grandson of De
Beers founder Ernest,
Nicky sold off the
nal portion of his De
Beers stake to Anglo
American in 2012 for
$5.1 billion in cash.
ecutive that still controls most of South African business. They have to get extremely good value for their
money.
His hunchthat value trumps everythingled him
to create the largest retail business in Africa. Publicly traded Shoprite does revenue of $9.9 billion a year,
while PEPs parent company, Steinhoff, brings in
$11.8 billion (some of it from selling cellphones and
home furnishings). Combined, they net almost $2 billion in annual profits, operate more than 9,000 stores
in 30 countries and employ over 200,000 people. No
other African retailer comes close to rivaling their
breadth and depth, and Wiese controls both.
Those stakes are largely what makes Wiese one of
the planets richest people, with a $5.8 billion fortune.
More than 60% of his wealth is in Shoprite and Steinhoff, while another 30% or so comes from his shares of
Brait, an investment vehicle Wiese uses to buy other
companies, many of them outside South Africa. His
stock in Tradehold, a real estate rm, accounts for
much of the remaining 10%.
But if Wiese is to continue his expansion he must
move outside of his African comfort zone. The con70 | FORBES MARCH 21, 2016
Johann Rupert
& family
$5.3 billion
South Africa
Richemont, Ruperts
global luxury goods
company, contains
a gleaming collection of brands:
Cartier, Van Cleef &
Arpels and Montblanc,
among many others.
Glitz hasnt been
in demand lately.
Richemonts sales
through December
2015 were up just 1%
from a year earlier to
$9.6 billion.
Nassef Sawiris
$3.7 billion
Egypt
A more optimistic
outlook on Egypt is
good news for Sawiris,
whose construction
and hotel business,
Orascom Construction
Industries, is one of
the countrys biggest
public rms. It is busily
building more hotels
in Egypt and other
parts of the Middle
East, while improved
occupancy rates at
existing lodging has
lifted companywide
revenue through September 2015 by 33%
to $250 million.
Issad Rebrab
& family
$3.1 billion
Algeria
Like Nigeria, Algeria
has been hit hard
by the collapse in
oil prices (the two
are, respectively, the
continents number
one and number three
producers). Lucky
Rebrab has escaped
mostly scot-free: His
privately held Cevital
is widely diversied
(car rentals, logistics,
food processing).
tinent isnt booming the way it once was. Economic growth across Africa has slid from close to 7% in
2007 to about 4% in 2014, the last year for which data
are available. In coming years it isnt likely to much
surpass that figure. South Africa, still Wieses most
important market, is emblematic of the larger trend
stuck at sub-2% growth for the foreseeable future.
The slowdown gravely threatens Wieses ambitions.
He can shut his eyes and picture his empire twice as
big as it is today, but for it to grow that large, he must
look beyond Africa.
And hes already started. PEP is expanding rapidly in Europe, while Wiese is snapping up all sorts of
companies through Brait, including majority stakes
in British discount retailer (sound familiar?) New
Look for $1.2 billion last June and Richard Bransons
fitness center chain, Virgin Active, for $1 billion a
month later. Put broadly, Wiese is a little Sam Walton, in terms of his focus, and a little Warren Buffett,
in terms of amalgamating a portfolio. As a matter of
fact, hes beaten Buffett handily lately. His holding
company, Brait, has trounced Berkshire Hathaway in
total returns over three years (160% versus 31%), five
DANGOTE: MICHAEL PRINCE; OPPENHEIMER: JONATHAN KATZENELLENBOGEN/NEWSCOM; RUPERT: GETTY IMAGES; SAWIRIS: STEPHEN YANG/BLOOMBERG; REBRAB: FAROUK BATICHE/AFP/GETTY IMAGES
Aliko Dangote
years (230% to 51%) and ten years

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

went from 4 million rand in 1970 to
29 million rand (around $100 million
today) four years later. Fast growth,
but Wiese lost interest after a moment
of self-discovery.
I had worked out for myself that
Im not reallyhe trails off, as if about to utter a
dirty worda number-two man. There was another
concern, too. I started thinking about getting married, he says. And the way I lived in those days, I
was away from home 20 days a month. Thats no way
to build a marriage. So I thought if I go and practice
law, at least Ill be home much more.
While working as a barrister in criminal and commercial law in Cape Town, Wiese, restless still, made
a futile run for parliament in 1977 on the opposition
party ticket, partly inspired by his new father-in-law, a
controversial member of parliament expelled from the
ruling, pro-apartheid party for dissension. Wiese also
grew interested in something that has always attracted
the ambitious in South Africadiamonds. He found a
mine nearer his hometown, in Richtersveld. (The area
has a stark beauty, like a moon landscape. Very sparse
vegetation, very little rainfall.) He bought it for about
$20 million in todays currency and began mining and
trading diamonds.
Five years after purchasing it, in 1981, he sold it,
and looking for his next chapter, he turned to his
cousin and PEP, which by then had 450 locations, including a grocery business, Shoprite, it had added a
few years earlier. In taking a check (worth roughly
$100 million in current terms) for his successful, middling business, the cousin was set for life. Wiese, no
longer number two, pictured something much grander. Maybe I was more ambitious, he says, quietly,
eyebrows arched.
WHAT WIESE ENVISIONED was retail at its rawest,
and he understood how attractive it could be. In modest, unadorned storefronts, PEP sold only the simplest
kinds of clothes (underwear, schoolwear, very basic
stuff ). The choice between a white shirt and a blue
one was often the most complicated one in the store.
Shoprite did the same with groceries. All that mattered
to Wieses target marketpoor whites and a black population kept systematically impoverishedwas price.
In a perverse twist, apartheid ensured him a gigantic customer base of some 20 million nonwhites, who
made up more than 70% of the population. They were
incapable of climbing the ladder or earning more
moneyor shopping elsewhere. And the heavy economic sanctions against South Africa meant little
in the way of foreign competition. It was a perfect
WALDO SWIEGERS/BLOOMBERG; DEAN HUTTON/BLOOMBERG; DEAN HUTTON/BLOOMBERG
With over 2,500

stores, Shoprite
dominates Africa;
Wieses empire
also includes South
Africas House
& Home and OK
Furniture brands.
market: massive and artificially

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

In 1986 Wiese spun off Shoprite and PEP into separate public companies while maintaining control of
both. Good timing. Four years later Nelson Mandela
was freed after spending almost three decades in prison. Apartheid was ending. South African companies
were no longer pariahs, and Wiese began to expand
elsewhere in Africa. A year after Mandela ascended to
the presidency in 1994, Shoprite opened its rst store
in central Africa, in Zambia, followed by Mozambique,
Swaziland, Botswana, Zimbabwe and Uganda. PEP had
a similar trajectory. Their stores simple model made
them easily exportable.
Wiese and Basson sat down and took a view that
they could conquer Africa, and they went out and conquered Africa, says Vianello. Shoprites size ($2 billion in 1996 sales with about $120 million in cash ow
and little debt) allowed it to move more quickly than
local rivals. How long does it take to clear a container
in Angola or Nigeria? What bribes do you have to pay
to get supplies in? Who on earth would nance them
to put up stores? They had to build their own stores
themselves. No one else would. (Wiese insists he has
spent not one rand on bribery.)
Other growth came through acquisitions. By the
CHRISTO IS A TERRIFIC
CORPORATE DEAL THINKER.
HE ALWAYS MAKES ME
THINK: WHAT WOULD THE
ALTERNATIVE BE?
1990s he had already made six purchases to expand
both Shoprite and PEP, pushing PEPs operations as
far as Britain and its sales to more than $2 billion. In
1997 he bought OK Bazaars (and its nearly 300 grocery and furniture stores) from South African Breweries for just one rand. The catch? OK Bazaars was
losing around $40 million annually, which was just
about how much Shoprite was booking in annual
profits. It could be kept on life support for just
so long.
We bet the farm, says Wiese. He reached for a familiar page from the playbook: cutting frills, lowering overhead, including renegotiating several onerous
leases. As it turns out, OK Bazaars had good bones and
had simply been mismanaged. Christo is a fantastic
corporate deal thinker, says Basson. He always makes
me think: What would the alternative be if I didnt
make a deal? What happens if the opposition buys the
company?
WIESE DIDNT REALLY DEVELOP a profile outside of

Africa until recently, and to his annoyance, his arrival was trumpeted not by a cunning deal but by something more ignoble. It came after U.K. customs officials detained him at London City Airport in 2009
with two suitcases filled with nearly $1 million in
cash. They seized it, suspecting illicit origins. The
British and South African press merrily picked up on
the incidentapparently suspecting Wiese had been
nabbed for money launderingand were further emboldened by Wieses stubbornness in fighting for the
funds return and his insistence that the amount was
insignificant.(The Daily Mails gleeful headline:
Its Just Peanuts to Me.) The government ended
up returning the moneyinterest attachedbut the
damage was done. He still wont talk publicly about
the incident, and until recently, it was pretty much
the extent of his reputation in the West.
Thats now beginning to change, and much of his
activity is still in Britain. When his holding company,
Brait, first showed an interest in stretching beyond
South Africa in 2012, it invested in British supermarket business Iceland Foods and added to its position
in November 2015, when it paid about $275 million
to increase its position from 19% to 57%. Two more
deals came last year: the stakes purchased in discount retailer New Look and gym chain Virgin Active.
A second Wiese company, Invicta, has put its capital into industrial companies: unsexy firms with predictable, recurring revenue streams, like Singaporebased Kian Ann Engineering, a distributor of heavy
machinery parts. And a third Wiese vehicle, Tradehold, watched the value of its U.K. property portfolio increase by about 50% to roughly $120 million in
February 2015 (the latest full-year results available),
driven substantially by new investments in the British real estate market, where it owns residential, industrial and office space.
PEP has charged into eastern Europe, too. After its
initial move into this part of the continent in 2005 (Poland mostly but also the Czech Republic and Slovakia),
PEP has proven its model successful there. Its eastern European stores do about $1,800 per square meter,
a 60% increase from 2012 and roughly double what a
comparable competitor might do. The region is now
11% of PEPs $2.9 billion in annual revenue (up from
5% in 2012).
As PEP broadens its store expansion into Britain it
will likely run up against the most entrenched competition, including venerable discount retailer Primark. Considering this, Wiese blithely expresses a
malapropism: Theres the old American saying that
only three things are certain: death, taxes and competition. You cant shy away from competition. Youve
just got to go meet them. And besides, Primark tries to be fashionable, while PEP proudly does not.
We dont have fashion. You cant
come into our stores and expect a
wide selection of colors and pattern, says Steinhoff CEO Markus
Jooste. Our stuff is for people
who have to have it, not want to
have it. It offers value to the bottom-end customer and gives them
some dignity in what they wear.
Last December expansionminded Steinhoff began trading
on the Frankfurt Stock Exchange
in addition to its long-standing
listing in Johannesburg. But not
before Wiese got slapped with a
reminder that his international
ambitions wouldnt proceed without a false step. A few days before
its Frankfurt debut German tax
authorities raided local Steinhoff
offices as part of an investigation
into its accounting. Steinhoff dismisses the investigation as baseless, but it certainly spooked the
companys investors. The stock
dropped about 15% in a month
wiping away almost $600 million
from Wieses personal fortune.
Having long parried advances
from those interested in buying his
companiesincluding a visit by
Wal-Mart heir and then chairman
Rob Walton several years ago
Wiese sees himself rmly in command of his empire for the foreseeable future. Ahead, theres one obvious nal frontier for Africas retail pioneer: America. Weve been
hesitant to plunge into the retail
industry there. What can we teach
them? he says. But were looking
at getting involved thereone or
two opportunities.
In a decade Im hoping youll
find the business has grown,
hopefully at the same pace as the
previous decade. That will require
a lot of thinking, a lot of commitment and a lot of energyand Im
hoping that youll find me right
here still. F
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HUSSAIN SAJWANI
THE
DONALD
OF
DUBAI
HUSSAIN SAJWANI HAS
TRANSFORMED THE DESERT
SKYLINE WITH LUXURY
APARTMENTS AND LAVISH
MANSIONS USING OUTRAGEOUS
MARKETING STRATEGIES (FREE
LAMBORGHINI, ANYONE?). HES
WEATHERED THE 2008 CRASH
AND HIS BUSINESS PARTNER
DONALD TRUMPS POLITICSSO
WHAT WILL HE DO IF OIL PRICES
CONTINUE TO PLUMMET?
BY KERRY A. DOLAN AND ZINA MOUKHEIBER
WHEN DONALD TRUMP called last December for banning Muslims from entering the
United States, Hussain Sajwani knew he
had to sit tight. The Dubai real estate tycoon
was overseeing a project grandiose even by
Dubais extravagant standards. (This is, after
all, the emirate that is home to a massive articial island in the shape of a palm tree, an
indoor skiing mountain and the worlds tallest tower, the Burj Khalifa.) Set on 964 acres,
Sajwanis new Akoya community, about a
15-minute drive from the heart of Dubai, will
feature lavish villas, mansions, apartments
and its own retail center. The centerpiece of
the gated property is a golf course bearing
the Trump namea name long associated
with success in the Arab world.
SIDDHARTH SIVA/REDUX FOR FORBES
Skyscrapers the limit:

Sajwani parlayed
a modest catering
business in Abu Dhabi
into a $2 billion luxury
real estate empire in
Dubai and other cities.

HUSSAIN SAJWANI
We made a deal with Trump as an organization; they

know how to run golf courses, shrugs Sajwani. We stay
away from politics.
Sticking to business has been good for the 63-year-old
Sajwani. His Damac Properties pulled in revenues of
$2.3 billion in 2015, with net margins of more than 50%.
The company has developed some 15,500 apartments since
it was launched in 2002 and has another 40,000 units it
plans to build and sell, in the United Arab Emirates and as
far away as London. Its stellar results have landed Damacs founder and chairman on FORBES list of the Worlds
Billionaires for the rst time this year. His 72% stake in
the company (which listed its shares on the Dubai Financial Market in January 2015), along with other investments,
gives him a net worth of $3.2 billion.
Its been a combination of luck and vision, says Sajwani. Someone would open the door, and I would run and
grab the opportunity.
Sajwani spotted plenty of opportunity back in 2001
when the Dubai government decided to allow foreigners
to own property. He immediately focused on selling luxury
real estate and guring out what it took to stand out when
marketing it. First: a free car! For the past decade Damac
has offered a complimentary Lamborghini or BMW to
apartment buyers during the month of January each year
the annual Dubai Shopping Festival. (Damac wont say how
many free cars it has given away.) Other times the company
has thrown in some Jet Skis with a purchase, and last year
Luxe deluxe:
Sajwani has
cobranded some
of his Dubai
real estate
developments,
including a
partnership with
Bugatti. (Note the
Veyron parked in
the living room.)
for a brief period buyers of mansions and villas got a free

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

HUSSAIN SAJWANI
make his better-known

partner proud.
Homes away from

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

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

HUSSAIN SAJWANI
India and other Arab countries, and many other places,

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

hes selling to anyone who can afford to buy: the aspirational middle class as well as the ultrawealthy. Prices for
a room in a Dubai hotel start at $120,000, while a sevenbedroom villa on a golf course goes for $10 million.
What sets Damac apart from its competition is its relentless and creative marketing. Sajwani has to compete with
two deeper-pocketed developers: Emaar, which created
the Burj Khalifa, and Nakheel, the developer of the palmshaped archipelago off Dubais coast. To create buzz for his
properties, Damac has saturated Dubai with billboards: 166
of them portray the glories of the luxury lifestyle. Their
marketing is fantastic, says Craig Salmons, managing director at Dubai real estate agent HMS Homes. Theyre a
smaller developer than Nakheel and Emaarthey have to
do things better.
Last year Damac put on 500 marketing events in 98 cities
in China, India, Africa and Europe. We
A ROOM IN A
watch the airlines,
DUBAI HOTEL
says Niall McLoughSTARTS AT
lin, an Irishman
$120,000,
whos been workWHILE A SEVENing with Damac for
BEDROOM
nearly a decade and
VILLA GOES FOR is senior vice president for marketing
$10 MILLION.
and communications.
Wherever Emirates
Air ies, we go.
Sajwani has also been investing in real estate abroad.
In 2010 he began work on a tower in Beirut with interiors designed by Versace, after four years of luring the Italian design house. Mr. Sajwani is passionate about Versace
and the Versace lifestyle, Versace CEO Gian Giacomo Ferraris says via e-mail. Hes a smart businessman who pursues luxury business standards and strongly believes in the
added value of the Versace brand.
In addition to the tower in Beirut, Sajwani has spearheaded projects in Saudi Arabia, Qatar, Jordan and London, the last also in a design partnership with Versace.
Damac owns a 20% stake in the developments outside
the U.A.E., while Sajwani personally owns the
remaining 80%.
Catering to buyers at a time of global volatility, Damac
Properties has seven pages of promotions on its website,
including options to pay 30% and own it and promises
of 7.5% returns on rentals and a U.A.E. residence
visa. That might be enough to keep a steady stream
of sales going.
For now Sajwani believes the bubble still has plenty of
room to expand. In mid-February Damac agreed to pay
about $330 million for 92 acres of land along part of the
Dubai Canal. The sky is calling. F
M ANUFACTURE DE H AU TE H OR LOGER IE
TONDA 1950 TOUR BILLON

Automatic ying tourbillon
Platinum micro-rotor
Titanium tourbillon cage
Herms alligator strap
Made in Switzerland
www.parmigiani.ch
LE STUDIO PARMIGIANI MIAMI DESIGN DISTRICT

140 N.E. 39TH STREET, PC #108, MIAMI, FL, 786 615 96 56
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PLEASE CONTACT US FOR A COMPLIMENTARY CATALOGUE
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THE WORLDS
BILLIONAIRES
For our 30th annual guide to the richest people on earth, we found a total of 1,810 billionaires, down
from 1,826 a year ago. Their aggregate net worth: $6.5 trillion, $570 billion less than last year. Behind the
top-line gures is a story of huge upheaval, as 221 people fell off the list while 198 newcomers joined it.
Blame cratering oil prices, volatile global stock markets and a stronger dollar. For much more, including
ranks in net worth order, go to www.forbes.com/billionaires.
EUROPE
$1.8 TRILLION
TOTAL WORTH:
BILLIONAIRES: 489
TOTAL WORTH:
USA
$2.4 TRILLION
BILLIONAIRES: 540
ASIA-PACIFIC
$1.6 TRILLION
TOTAL WORTH:
BILLIONAIRES: 590
MIDDLE EAST & AFRICA

TOTAL WORTH: $243 BILLION
BILLIONAIRES: 90
THE AMERICAS (INCLUDING CANADA)

TOTAL WORTH: $410 BILLION
BILLIONAIRES: 101
WEALTH EDITORS:
LUISA KROLL AND KERRY A. DOLAN
DEPUTY EDITORS: KEREN BLANKFELD AND DAN ALEXANDER
COUNTRY EDITORS: GRAHAM BUTTON, RUSSELL FLANNERY,
NAAZNEEN KARMALI, JOHN KOPPISCH, TATIANA SERAFIN,
NATHAN VARDI
WEALTH TEAM: ELENA BEREZANSKAYA, MAGGIE CHEN, MAX
JEDEUR-PALMGREN, ANDREA MURPHY, CHASE PETERSON-WITHORN,
KATIA SAVCHUK, CHLOE SORVINO, KATE VINTON, JENNIFER WANG
REPORTERS: FORBES INDONESIA, FORBES KOREA, FORBES
MEXICO, FORBES MIDDLE EAST, FORBES RUSSIA, FORBES TURKEY,
ISABEL ALBINO, LATESHIA BEACHUM, ABRAM BROWN, DENIZ CAM,
CAROLINE CHEN, GRACE CHUNG, MUHAMMAD COHEN, ANTOINE

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

NICOLE LINDSAY, RYAN MAC, JAN MCCALLUM, JOANN MULLER,
JOHANNES MUSIAL, SUZANNE NAM, LAN ANH NGUYEN, MFONOBONG
NSEHE, CLARE OCONNOR, ROBERT OLSEN, PARMY OLSON, NATALIE
ROBEHMED, MATT SCHIFRIN, LUCINDA SCHMIDT, JAMES SIMMS, BRIAN
SOLOMON, NATALIE SPORTELLI, DEBORAH STEINBORN, YUELUN SUN,
GLENDA TOMA, TIM TREADGOLD, OZER TURAN
ACKNOWLEDGMENTS:
SPECIAL THANKS TO LW HOSPITALITY ADVISORS, ORBIS BY BUREAU
VAN DIJK, PRIVCO, REAL CAPITAL ANALYTICS AND DOZENS OF
OTHER EXPERTS WHO HELPED US WITH OUR REPORTING AND
VALUATIONS.
WEALTH
ORIGIN
ALGERIA
24%
AUSTRALIA
ALGIERS
GDP: $142 BIL

POPULATION: 40 MIL
BILLIONAIRES: 1
TOTAL NET WORTH:
$3.1 BIL
GDP: $1.2 TRIL

POPULATION: 24 MIL
BILLIONAIRES:
25 (2 VS. 2015)
TOTAL NET WORTH:
$61.7 BIL
($7.3 BIL VS. 2015)
Issad Rebrab & family X

$3.1 BIL #549 FOOD
ANGOLA
GDP: $101 BIL
POPULATION: 25 MIL
BILLIONAIRES: 1
TOTAL NET WORTH: $3 BIL
($300 MIL VS. 2015)
B IG G E ST G A I N E R
LUANDA
$3 BIL #569 INVESTMENTS
ARGENTINA
Carlos & Alejandro

Bulgheroni T
LA RIOJA
MENDOZA
$4.5 BIL #324 OIL & GAS

BUENOS
AIRES
4
Eduardo Eurnekian S
$2.2 BIL #810 AIRPORTS,
INVESTMENTS
Gregorio Perez Companc T
INHERITED & GROWING

INHERITED
SELF-MADE
TOP SECTORS
7
P LACE
REAL ESTATE
JOHN GANDEL
4
MANUFACTURING
Gandel owns half of the southern

hemispheres largest shopping mall,
Chadstone, with more than 500 stores
in eastern Melbourne. A huge Legoland Discovery Center is due to open
at Chaddy, as the mall is known,
this year. He also has a big stake in
listed property trust Vicinity Centres,
which owns the other half of Chadstone, plus 98 other malls and outlets.
3
FINANCE & INVEST
2
METALS & MINING
2
TECHNOLOGY
Harry
Triguboff
Isabel dos Santos T
GDP: $583.5 BIL

POPULATION: 43 MIL
BILLIONAIRES: 4 (1 VS.
2015)
TOTAL NET WORTH: $9.2
BIL ($2 BIL VS. 2015)
76%
Sydneys biggest
apartment builder,
High-Rise Harry,
keeps scaling new
heights. His fortune climbed $1.9
billion in the past
year, thanks to the
nations real estate
boom. His company,
Meriton, reportedly attracted interest
from Chinese buyers, but Triguboff
didnt sell. Meriton instead continued to build, starting construction on
more than 4,400
apartments last
year. In total Harry
has put up more
than 65,000 units
since 1963.
NEUQUN
$1.5 BIL #1198 OIL & GAS
EXPATRIATES
4
Alberto Roemmers T
PERTH
3
$1 BIL #1694 PHARMACEUTICALS
PLACE
ALEJANDRO
BULGHERONI
From oil tycoon to wine connoisseur, the elder Bulgheroni
brother is bringing a touch of Tuscany to Uruguay. His Bodega Garzn vineyard, just miles from the Atlantic Ocean and a short drive
from Punta del Este, boasts an eco-friendly winery partially powered by wind and solar. The sustainably farmed vineyard produces a variety of reds and whites, and will officially
open to the public in
March 2016. Alejandro, who also owns
vineyards in Bordeaux and California, and Carlos derive their fortunes
from private energy
company Bridas.
Gina Rinehart T
David Teoh
Scott Farquhar S
$8.8 BIL #127 MINING
$2.1 BIL #854

TELECOM
$1.4 BIL #1275 SOFTWARE
Fiona Geminder T
$1.4 BIL #1275 RETAIL
Harry Triguboff S
$7.3 BIL #159 PROPERTY
Frank Lowy S
$5.1 BIL #262 SHOPPING MALLS
Anthony Pratt X
$3.6 BIL #435 MANUFACTURING
James Packer T
$3.5 BIL #453 CASINOS
John Gandel T
$3.3 BIL #495 SHOPPING MALLS
Lindsay Fox S
$2.9 BIL #595 LOGISTICS,
REAL ESTATE
Vivek Chaand Sehgal T

$2.1 BIL #854 AUTO PARTS
$1.9 BIL #959 PACKAGING
David Hains T
$1.9 BIL #959 FINANCE
Michael Hintze T
$1.8 BIL #1011 INVESTMENT
Kerr Neilson T
Stanley Perron S
$1.6 BIL #1121 PROPERTY, RETAIL
Mike Cannon-Brookes S
$1.4 BIL #1275 BUSINESS
SOFTWARE
Jack Cowin S
$1.4 BIL #1275 FAST FOOD
Gerry Harvey S
Bob Ell S
Andrew Forrest T
Heloise Waislitz T
Maurice Alter X
$1.2 BIL #1476 REAL ESTATE
Alan Rydge X
$1.2 BIL #1476 ENTERTAINMENT
Lang Walker X
Huang Bingwen & family X

$1 BIL #1694 CIGARETTE
PACKAGING
WEALTH STATUS: UP S DOWN TUNCHANGED X NEW + RETURNEE 3 DIVIDED FORTUNE

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
OIL & GAS FIELDS AND DEPOSITS
FINANCIAL CENTER
HARRY TRIGUBOFF: IAN WALDIE/BLOOMBERG; SCOTT FARQUHAR: TREVOR COLLENS/ALAMY;

JAMES PACKER: JOE SUTTER/NEWSCOM
CENTRAL WESTERN
AUSTRIA
NE WS MA KE R
NEWCO MER
SCOTT
FARQUHAR
David Teoh
His TPG Telecom is
a leading Internet
service provider
in Australia thanks
to a series of
smart acquisitions
that have helped
push the companys stock price up
nearly 600% over
the past ve years.
In September the
immigrant bought
rival iiNet for more
than $1 billion in
cash and stock.
The fortunes of Australias youngest billionaire (hes 36) and

his university pal Mike CannonBrookes (whos a month older)
jumped when their projectmanagement software outt,
Atlassian, whose customers include Twitter and NASA, went
public on the NYSE in December. The stock opened 32% above
the IPO price but soon fell back
to earth. It was still enough to
make each of the co-CEOs, who
launched the company in 2002
with $10,000 in credit card debt,
$300 million richer than they
were a year ago.
HAYMAN ISLAND
HAMILTON ISLAND
RICHARD BRANSONS
MAKEPEACE ISLAND
RI CH E ST
Dietrich
Mateschitz
GDP: $373.8 BIL

POPULATION: 9 MIL
BILLIONAIRES: 6 (1 VS. 2015)
($600 MILLION VS. 2015)
After almost 30 years Red

Bull still has plenty of pep.
Sales of the energy drink,
which Mateschitz started
peddling in 1987, soared
16% to $6.4 billion, as the
rm sold a record 5.9 billion cansalmost enough
to give a caffeine jolt (if
not a pair of wings) to
every human on the planet. His fortune
rose $2.4 billion, making him
Austrias biggest
gainer over the
past year.
Dietrich Mateschitz
$13.2 BIL #64 RED BULL
Johann Graf
$8 BIL #144 GAMBLING
Heidi Horten
B IG G E ST LOS E R
Kerr
Neilson
Divorces are
rarely good for
the bottom line.
The fortune of
one of Australias best-known
value investors is
down $1.4 billion
thanks in large
part to his split
with former wife
Judith. Shares of
his money manager, Platinum
Asset Management, which he
cofounded in
1994 and runs as
chief executive,
also dipped.
SURFERS
PARADISE
BYRON BAY
HUNTER
VALLEY
Helmut Sohmen
$2.3 BIL #771 SHIPPING
Wolfgang Leitner
$1.5 BIL #1198 ENGINEERING
Reinold Geiger
$1.3 BIL #1367 BEAUTY PRODUCTS
LOWER
AUSTRIA
EXPATRIATES
2
FUSCHL AM SEE
VIENNA
2
BURGENLAND
ARLBERG
ZRS
CARINTHIA
GRAZ
WOERTHERSEE
BELGIUM
Albert Frere X
$4.9 BIL #286 INVESTMENTS
Patokh Chodiev T
GDP: $453.5 BIL

POPULATION: 11 MIL
BILLIONAIRES: 3
BIL ($700 MIL VS. 2015)
$1.4 BIL #1275 MINING, METALS
Coucke Marc T
$1.2 BIL #1476 PHARMACEUTICALS
SYDNEY
10
MERELBEKE
BAROSSA
BIG RIVERS
CHARLEROI
EXPATRIATES
1
MELBOURNE
7
HOW TO READ THE MAPS

TAMAR VALLEY
1ST
2ND
3RD
4TH
5TH
Circles correspond to the cities in each country

where the most billionaires live, with the number
of residents listed below each city. Individual
names are colored according to where they live.
NEWSMA KER
JAMES PACKER
Even billionaires get starstruck: In January
the media and gaming heir proposed to pop
star MARIAH CAREY with a 35-carat diamond
ring. The engagement caps a busy 12 months
for Packer, who sold his Sydney home in August for whats said to be a record-breaking
$50 million and left the board of his Crown
Resorts in December.
Harry Triguboff S
Total worth
Source of wealth
Rank
Wealth status compared with 2015
UP S DOWN TUNCHANGED X NEW + RETURNEE 3DIVIDED FORTUNE
WINE-GROWING REGION
BRAZIL
B IG G E ST LOS E R
MARINHO BROTHERS
Weaker ad sales, lower prots and a drop in
Brazils currency knocked 48% off the fortune
of each of the three Marinho brothers,
owners of Brazilian media group Globo. A
bright spot: the December opening of the
Museum of Tomorrow in Rio de Janeiro, an
art and science museum supported by the
Marinho family and designed by Spanish
architect Santiago Calatrava.
N E WS M A K E R
Andre Esteves
GDP: $1.8 TRIL

POPULATION: 204 MIL
TOTAL NET WORTH: $135.1 BIL
($46 BIL VS. 2015)
As part of a massive corruption probe into state-owned oil

rm Petrobras, banking wunderkind Esteves was arrested
in November 2015 and spent nearly four weeks behind bars.
He allegedly conspired with a legislator to buy a witness
silence. While in jail he resigned as CEO of BTG Pactual, the
investment rm he founded, and he is now under house
arrest. His lawyers have denied wrongdoing.
WEALTH
ORIGIN
13%
45%
42%
INHERITED & GROWING

INHERITED
SELF-MADE
MANAUS
TOP SECTORS
FORTALEZA
7
FINANCE & INVEST
6
FOOD & BEVERAGE
5
DIVERSIFIED
3
CONSTRUCTION & ENGR
3
FASHION & RETAIL
COMANDATUBA
ISLAND, BAHIA
3
MEDIA & ENTERTAIN
EXPATRIATES
2
TRANCOSO
SO PAULO
15
RICHEST
Jorge Paulo
Lemann
Lemann enters the
worlds top 20 richest for the rst time
ever with a fortune of
$27.8 billion. His 3G
Capital and Berkshire
Hathaway bought
Heinz in 2013 and
merged it with publicly traded Kraft in
July 2015. In November Anheuser-Busch
InBev, where Lemann
is a controlling shareholder, proposed a
megamerger with
SABMiller. The deal
faces antitrust issues
around the world.
RIO DE JANEIRO
9
SO JOS
DOS PINHAIS
PORTO ALEGRE
Moll Filhos stake in Rede DOr, Brazils

largest hospital and lab operator,
jumped in value in 2015. The Carlyle
Group spent a reported $600 million
in April for a stake, and Andre Esteves
troubled investment bank, BTG
Pactual, sold a stake to Singapores
sovereign fund, GIC, in December. The
companys valuation rose to nearly
$5 billion, helping lift Moll Filhos net
worth 67% to $3 billion, the biggest
percentage gain in Brazil.
$1.9 BIL #959 CONSTRUCTION
Joao Moreira Salles S
Regina de Camargo Pires

Oliveira Dias T
$2.8 BIL #612 BANKING, MINERALS
Jorge Paulo Lemann S

$27.8 BIL #19 BEER
NE WS MA KE R
CAMARGO SISTERS
The three sisters who inherited
conglomerate Camargo Correa
stand to prot from the 2016
Olympics in Rio. The company
is part of a consortium building
the Trans Olympic expressway,
which will connect northern
and western Rio. Camargo
Correas construction arm was
accused of money laundering
as part of a bribery scheme
involving state-controlled oil
giant Petrobras. In August it
admitted to anticompetitive
practices and agreed to pay
back $200 million to customers.
Joseph Safra T
$17.2 BIL #42 BANKING
Marcel Herrmann Telles X

$13.0 BIL #68 BEER
Carlos Alberto Sicupira X

$11.3 BIL #87 BEER
Eduardo Saverin S
$6.2 BIL #188 FACEBOOK
Joao Roberto Marinho T
Pedro Moreira Salles S

Walther Moreira Salles Jr. S

Walter Faria T
$2.6 BIL #666 BEER
Jose Luis Cutrale X

$2.5 BIL #688 ORANGE JUICE
Francisco Ivens de Sa
Dias Branco T
$2.1 BIL #854 FOOD
PRODUCTION
PLAYGROUND
Carlos Sanchez T
$1.7 BIL #1067 GENERIC DRUGS
Julio Bozano X
Andre Esteves T
Alexandre Grendene
Bartelle T
$1.6 BIL #1121 SHOES
Miguel Krigsner T
$1.6 BIL #1121 COSMETICS
Rossana Camargo de
Arruda Botelho T
Ermirio Pereira de Moraes T
$4.3 BIL #351 MEDIA
Roberto Irineu Marinho T
Edson de Godoy Bueno T
Maria Helena Moraes

Scripilliti T
$4.3 BIL #351 MEDIA
Jose Roberto Marinho T
$4.3 BIL #351 MEDIA
Abilio dos Santos Diniz T

$1.1 BIL #1577 DIVERSIFIED
$1.9 BIL #959 HOSPITALS,

HEALTH CARE
Aloysio de Andrade Faria T
Alfredo Egydio
Arruda Villela Filho T
Lirio Parisotto T
$1 BIL #1694 BANKING

TECH CENTER
Renata de Camargo
Nascimento T
$3 BIL #569 HOSPITALS
Jorge Moll Filho
Fernando Roberto
Moreira Salles S
Jorge Moll Filho S
WINE-GROWING REGION
FINANCIAL CENTER
JORGE PAULO LEMANN: SCOTT OLSON/GETTY IMAGES; ANDRE ESTEVES: DENIS BALIBOUSE/REUTERS; MUSEUM OF TOMORROW: MARIO TAMA/GETTY IMAGES
3
HEALTH CARE
CANADA
N E WS M A K E R
Daryl Katz
The Edmonton native made his money
in drugstore chains, but his second
actrevitalizing his citys downtown
may be his ultimate legacy. His group
has invested nearly $2 billion in a 35acre complex that will include hotel,
condo and office towers, among other
things, and will be one of Canadas
largest mixed-use developments. An
18,500-seat arena, built by Katz but
owned by the city, is expected to open
this fall to house his NHL team, the
Edmonton Oilers.
GDP: $1.6 TRIL

POPULATION: 36 MIL
($22.3 BIL VS. 2015)
TOP SECTORS
WEALTH
ORIGIN
7
FASHION & RETAIL
5
TECHNOLOGY
6%
18%
4
DIVERSIFIED
76%
4
FINANCE & INVEST
INHERITED & GROWING

INHERITED
SELF-MADE
3
FOOD & BEVERAGE
NEWSMAKER
GARRETT CAMP
The Uber cofounder and chairman is taking back control of
StumbleUpon, buying a majority stake in the content-discovery engine that he helped start
as a grad student at the University of Calgary. With
no venture capital
coming in since
2011, StumbleUpon has struggled to compete
in a social media
space dominated
by Facebook and
Twitter. The Alberta natives ride-hailing
giant doesnt have the same
problem: Uber is currently valued at over $60 billion after
three nancing rounds in the
past 12 months.
EDMONTON
SILICON VALLEY NORTH
CANADIAN ROCKIES
WHISTLER BLACKCOMB
STUART ISLAND
CALGARY
2
EXPATRIATES
5
VANCOUVER
3
Mark Scheinberg X
Jean Coutu T
Guy Laliberte T
$23.8 BIL #25 MEDIA
$4.1 BIL #369 ONLINE GAMBLING
$1.7 BIL #1067 PHARMACIES
$1.3 BIL #1367 CIRQUE DU SOLEIL
Galen Weston & family T
David Cheriton S
Gerald Schwartz X
Serge Godin X
$3.3 BIL #495 GOOGLE
Garrett Camp S
Daryl Katz T
Peter Gilgan S
$1.2 BIL #1476 INFORMATION

TECHNOLOGY
$6.2 BIL #188 UBER
$3.2 BIL #527 PHARMACIES
$1.6 BIL #1121 HOME BUILDING
Hal Jackman S
James Irving T
Alain Bouchard S
Mitchell Goldhar T
$1.2 BIL #1476 INSURANCE,

INVESTMENTS
Bernard (Barry) Sherman S
Robert Miller S
Brandt Louie T
$2.7 BIL #638 ELECTRONICS

COMPONENTS
$1.5 BIL #1198 DRUGSTORE

CHAIN
Lawrence Stroll X
Frank Stronach X
Charles Bronfman X
Jacques DAmours X
$2.3 BIL #771 LIQUOR
Chip Wilson T
N. Murray Edwards T
$2.1 BIL #854 LULULEMON
$1.3 BIL #1367 OIL & GAS
Arthur Irving T
$4.7 BIL #308 OIL
Jim Pattison T
Emanuele (Lino) Saputo T

$4.4 BIL #338 CHEESE
Joseph Tsai T
$4.2 BIL #358 E-COMMERCE
Stephen Jarislowsky T
$1.2 BIL #1476 MONEY
MANAGEMENT
Aldo Bensadoun T
Ronald Joyce T
$1.1 BIL #1577 RESTAURANTS
V. Prem Watsa S
INVESTMENTS
Carlo Fidani X

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
Bernard
Sherman
Sherman founded
generic-drug maker
Apotex as a barebones, two-person
operation in 1974;
today its pharmaceuticals have become
the go-to choice for
Canadians, lling
some 90 million prescriptions a year. The
companys arsenal
of over 300 generics
includes ibuprofen,
diazepam and oxycodone. His fortune
is up 26% in the last
12 months.
GUY LALIBERTE: GABE GINSBERG/GETTY IMAGES; GARRETT CAMP: JUSTIN

LANE/EEPA/NEWSCOM; CHIP WILSON: BEN NELMS/REUTERS; MUSKOKAL :
KAREN SPENCER / ALAMY; BERNARD SHERMAN: NORM BETTS/ BLOOMBERG
David Thomson & family T
CHILE
NE WS MA K E R
GUY LALIBERTE
The re-eating, stilt-walking accordionist and his group of street performers staged their rst Cirque
du Soleil show in 1984 in
Quebec. Hes sold 175
million tickets to his
spectacles, but is he
ready for a new act?
In a 2015 deal that
valued Cirque at a reported $1.5 billion, Lalibert sold a majority stake to a consortium that was led by U.S. private equity
rm TPG and also included Chinese conglomerate Fosun and a Canadian pension fund.
GDP: $240 BIL

POPULATION: 18 MIL
TOTAL NET WORTH: $29 BIL ($10.9 BIL VS. 2015)
Iris Fontbona & family T

Horst Paulmann & family T

Sebastian Pinera X
Bernardo Matte T
$2.3 BIL #771 PAPER
Eliodoro Matte T
$2.3 BIL #771 PAPER
Patricia Matte T
P LACE
$2.3 BIL #771 PAPER
Muskoka, Ontario
Alvaro Saieh Bendeck T
The popular vacation spot encompasses over 2,000 lakes and is a favorite of
celebrities and Bay Street tycoons alike,
counting model Cindy Crawford and
billionaire home builder Peter Gilgan
among its residents. The region has an
abundance of private islands and thick
groves of pine trees.
Julio Ponce T

$1.4 BIL #1275 FERTILIZER
Roberto Angelini Rossi T

$1.2 BIL #1476 FORESTRY,
MINING
Luis Enrique Yarur Rey T

$1 BIL #1694 BANKING
SANTIAGO
10
QUEBEC CITY
2
MOUNT TREMBLANT
PUCN
MONTREAL
7
SAINT JOHN
2
N E WS M A K E R
PUERTO MONTT
MUSKOKA
WESTMOUNT
AURORA
NORTH YORK
OAKVILLE
TORONTO
7
N E WSMAKER
CHIP WILSON
After a series of controversies, including his disparaging
comments about womens bodies and his attempt to unseat two board members, Lululemons founder stepped
away from his creation completely in early 2015. Four
months later the yoga-gear retailer led with the SEC,
indicating his interest in selling off the last of his shares.
He is now focused on Kit and Ace, a high-end casualwear retailer started by his wife and son that sells washable cashmere-like clothing thats made by combining
the expensive ber with synthetic material.
BANCA COMMERCIALE ITALIANA: JADER ALTO/ALAMY
MARKHAM
Luis Enrique
Yarur Rey
His retail and commercial
bank BCI bought Miamibased City National Bank of
Florida for $947 million in
October, marking the rst
time a Chilean bank has
purchased a U.S. bank.
CHINA
B I G G E ST LOS E R
Li Hejun
GDP: $10.9 TRIL

POPULATION: 1.4 BIL
BILLIONAIRES: 251 (+38 VS. 2015)
TOTAL NET WORTH: $593 BIL (+$28.3 BIL VS. 2015)
WEALTH
ORIGIN
0.8%
0.4%
TOP SECTORS
44
MANUFACTURING
41
TECHNOLOGY
98.8%
38
REAL ESTATE
INHERITED & GROWING

INHERITED
SELF-MADE
26
HEALTH CARE
21
DIVERSIFIED
Wang Jianlin S
Wang Chuanfu S
$4.4 BIL #338 BATTERIES, AUTOS
Jack Ma T
Wei Jianjun & family T
$20.5 BIL #33 ALIBABA
$4.3 BIL #351 AUTOMOBILES
Ma Huateng S
Wang Wei X
$16.6 BIL #46 INTERNET SERVICES
$4.2 BIL #358 PACKAGE

DELIVERY SERVICE
Robin Li T
$11.0 BIL #90 INTERNET SEARCH
Lei Jun T
$9.8 BIL #107 SMARTPHONES
He Xiangjian T
$3.9 BIL #392 APPAREL

$3.8 BIL #403 APPLIANCE
RETAILER
Wang Wenyin T
$7.2 BIL #163 MINING, COPPER
PRODUCTS
Liu Qiangdong T
URUMQI
Zhou Jianping T
Zhang Jindong T
$8.1 BIL #141 ONLINE GAMES
The ostentatious art collector set tongues wagging in

November with his $170 million purchase of Modiglianis Reclining Nudethe second-most-expensive
artwork ever sold at an auctionjust a year after a
photo of him drinking tea from his $36 million
Ming Dynasty porcelain cup created a furor
on the Internet. Lius fortune climbed $1.8
billion in the past year. He bought shares of
Hubei Biocause Pharmaceutical in January
in a nonpublic offering; the stock is worth
more than twice what he paid.
$4.1 BIL #369 AGRIBUSINESS
Hui Ka Yan S
William Ding S
LIU YIQIAN
Liu Yonghao & family T
$9.0 BIL #122 HOME APPLIANCES

Lis fortune plunged

$17.9 billion in the past
12 months to $3.2 billion.
Shares of his Hong Konglisted Hanergy Thin Film
Power Group had risen
1,345% in 24 months.
Trading was suspended
in May 2015 after Hanergys share price plunged
47% in one day. The solar
panel equipment maker
is under investigation by
Hong Kong regulators,
which havent specied
why. Li sold 5% of his Hanergy stake for 3 cents a
share in a private transaction in December, a
far cry from the stocks
$7 peak.
Frank Wang
$3.6 BIL #435 DRONES
Liang Wengen T
EQUIPMENT
Pan Zhengmin & family X

Xu Shihui & family

$6.2 BIL #188 SNACKS,
BEVERAGES
Zong Qinghou T
NE WS MA KE R
$6.2 BIL #188 BEVERAGES
JIA YUETING
Zhang Zhidong S
The man behind the Netix of China is setting his sights on besting Tesla. Jia made his fortune with LeTV, an online video
service. He is reportedly backing startup Faraday Future,
which plans to build a $1 billion electric-car factory in
Nevada. Jia has inked a deal with Aston Martin to collaborate on an all-electric model of the Rapide S.
$5.9 BIL #205 INTERNET MEDIA
Lu Guanqiu S
$5.7 BIL #219 CONGLOMERATE
Jason Jiang
$5.4 BIL #240 ADVERTISING
Xu Chuanhua & family

$5.4 BIL #240 CHEMICALS
Chan Laiwa & family T

Liu Yongxing T
Guo Guangchang T
Yang Huiyan X
Lu Zhiqiang T
Jia Yueting S
$4.7 BIL #308 ONLINE VIDEO
Sun Guangxin S
Tong Jinquan T
WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
PLACE
Wang Wenxue S
Zheng Yuewen & family S
A February proposal from the Chinese government looks to halt

some of the countrys more cutting edge architecture, criticizing
oversized, xenocentric and weird designs. That means structures
like ZHANG XINS BULLET-TRAIN-SHAPED SKY SOHO in Shanghai,
created by Iraqi-British architect Zaha Hadid, might no longer get
such a warm reception as it did when it opened in 2014.
Zhang Shiping & family T
Huang Wei T
$3.5 BIL #453 ALUMINUM

PRODUCTS
Pang Kang S
$3.4 BIL #477 SOY SAUCE MAKER
$2.3 BIL #771 ALUMINUM,

DIVERSIFIED
Qiu Guanghe & family T
Tse Ping & family S
$3.4 BIL #477 APPAREL RETAIL
Sun Piaoyang S
Zhou Yahui & family S
N E WCO M E R
Cheng Wei
Cheng is cofounder of Didi Kuaidi, the
local car hailing service that is contributing to Uber losing $1 billion a year
in China. The eightyear Alibaba veteran
started Didi Dache
in 2012 with backing
from Internet giant
Tencent. It merged
with its Chinese rival
Kuaidi Dache in 2015
to fend off an attack
by the invading U.S.
giant. Didi racked
up 1.4 billion rides in
2015, a gure that
took Uber more than
ve years to reach
worldwide.
HULIN
JILIN
LIAOYANG
TONGHUA
ANSHAN
SHENYANG 2
BEIJING 50
YINGKOU
DANDONG
SANHE
LANGFANG
2
LONGKOU
WEIFANG
BAODING
2
SHIJIAZHUANG
ZHANGJIAGANG
RIZHAO 2
LINYI
LIANYUNGANG
TAIXING
JINAN
HEZE
ZHENGZHOU
HEFEI 3 NANJING
4
XINXIANG
XIAN SOFTWARE PARK
LANZHOU
DANYANG
WUJIANG
RUZHOU
CHENGDU
8
WUHAN
3
CHONGQING
3
KUNMING
SHANGHAI
29
NANTONG
CHANGSHU
JIANGYIN
SHAOXING
NINGBO 4
TAIZHOU
3
HANGZHOU
17 ZHUJI
QUZHOU
WENZHOU
2
NANPING
CHANGSHA
2
DONGGUAN
FOSHAN
4
ZHONGSHAN
2
Ma Jianrong & family S
Shen Guojun S
$3.3 BIL #495 TEXTILES,

APPAREL
Qi Shi & family S
$3.3 BIL #495 FINANCIAL

INFORMATION
Zhang Guiping & family S
JINJIANG 3
XIAMEN 3
$2.1 BIL #854 COPPER, REAL

ESTATE
$3.3 BIL #495 SOLAR PANEL

MATERIALS
Ji Changqun
Li Hejun T
$3.2 BIL #527 RENEWABLE
ENERGY
Cai Kui T
Liu Yiqian S
Huang Wenji & family
$2.0 BIL #906 UMBRELLAS
Chanchai Ruayrungruang S
Hui Lin Chit T
Huang Rulun T
LI HEJUN: CHINAFOTOPRESS/GETTY IMAGES;

PAINTING: PHILIPPE LOPEZ/AFP/GETTY IMAGES
In January, Zhous Kunlun Tech, one of Chinas top game developers, acquired a 60% stake in gay dating app Grindr for
$93 million in cash. The company is apparently hoping to
use it to draw international traffic to its games. In February
2015 Kunlun signed a deal with Finland-based Rovio, maker
of Angry Birds, to develop the game specically for the Chinese
market; a localized version was released ve months later.
$2.0 BIL #906 HYGIENE

PRODUCTS
Wu Guangming & family S
Lu Xiangyang S
$2.0 BIL #906 MEDICAL

EQUIPMENT
$2.9 BIL #595 AUTOMOBILES,

BATTERIES
Yan Zhi S
Xue Xiangdong & family T

Cai Dongqing S
$2.7 BIL #638 ANIMATION
Zhou Yahui
Sze Man Bok T
$3.2 BIL #527 DAIRY PRODUCTS
Ke Zunhong & family
NEWSMA K E R
Yang Kai S
$2.7 BIL #638 NATURAL GAS

DISTRIBUTION
EXPATRIATES
HONG KONG
6
Jiang Weiping & family
$2.1 BIL #854 HYGIENE PRODUCTS
Li Shuirong S
HAINAN ISLAND
Wang Yusuo & family X
SHENZHEN
28
$2.1 BIL #854 HOSPITALS
Zhu Gongshan S
MACAU
Chen Bang S
Feng Hailiang X
Chen Fashu T
SHANTOU 2
CHAOZHUO
PUNING
Xiao Wenge S
$2.9 BIL #595 ONLINE

PAYMENT SERVICE
QUANZHOU 3
ANSHUN
$2.2 BIL #810 SURVEILLANCE

EQUIPMENT
Simon Xie S
FUZHOU 3
GUANGZHOU
13
Fu Liquan & family X
$3.3 BIL #495 ACOUSTIC

COMPONENTS
SUZHOU 5
WUXI
LINAN 2
WUHU SHANGYU
2
NANYANG
Jiang Bin X
Wu Yajun & family T
BINZHOU
Song Zuowen X
Yi Zheng S
Du Jiangtao & family S

Huang Qiaoling
$1.9 BIL #959 AMUSEMENT
PARKS
Liang Xinjun T
Liang Yunchao T
$1.9 BIL #959 NUTRITION
SUPPLEMENTS
Que Wenbin & family S

$2.6 BIL #666 PETROCHEMICALS
Wang Jing T
Liu Zhongtian & family T
$1.9 BIL #959 TELECOM

SERVICES

PRODUCTS
Wu Zhigang & family
Zhang Xin & family T
$1.9 BIL #959 FOOD
Yao Zhenhua
Li Zhongchu T
$1.9 BIL #959 LOGISTICS,

REAL ESTATE
Wang Xing S
Yu Yong T
INVESTMENTS
Lin Xiucheng & family S

Wang Changtian S
$2.4 BIL #722 TV, MOVIE
PRODUCTION
Zhou Chengjian S
$1.9 BIL #959 APPAREL RETAILER
Cao Longxiang & family S

Chen Hua
Fang Wei X
$1.8 BIL #1011 STEEL
Jiang Rensheng & family S

$1.8 BIL #1011 VACCINE
PRODUCTION
CHINA
Jiang Zhaobai T
Huang Zhenda & family T
Liu Changqing & family T
Yao Xinyi
$1.1 BIL #1577 AIR CONDITIONING
Wang Qingtao X
Li Li & family X
Hung Yau Lit

EQUIPMENT
$1.3 BIL #1367 INTIMATE WEAR
Ni Zhaoxing T
$1.8 BIL #1011 STEEL SMELTING
Xu Jingren S
Zhu Qingyi
Che Jianxing 4
$1.7 BIL #1067 FURNITURE
RETAILING
Fu Meicheng & family S
Li Liufa & family T
Kei Hoi Pang T
$1.5 BIL #1198 STEEL, DIVERSIFIED
Ruan Shuilong & family T

Lin Jianhua & family T
Li Weiwei
$1.5 BIL #1198 SOLAR PANEL

COMPONENTS
Ma Hong & family S
$1.3 BIL #1367 BATTERIES,

MINI MOTORS
Sun Shoukuan T
Lu Di
Wang Junjin
$1.2 BIL #1476 REGIONAL AIRLINE

RETAILER
Liang Guangwei X
Su Weizhong
$1.2 BIL #1476 OIL, FERTILIZERS
$1.2 BIL #1476 METALS. COAL
Yin Xingman & family

Zhang Zhongneng & fam 4
Chen Jiancheng & family

Chen Jiangtao & family

Cheng Wei
$1.0 BIL #1694 RIDE-HAILING
SERVICE
$1.7 BIL #1067 TV SHOWS,

MOVIES
Ni Zugen
Li Shufu T
Qi Jinxing 4
Miao Shouliang X
Wen Jianping T
Dou Zhenggang 4
$1.3 BIL #1367 REAL ESTATE,

DIVERSIFIED
$1.2 BIL #1476 SEWAGE

TREATMENT
$1.0 BIL #1694 ENERGY, WASTE,

CHEMICALS
Liu Xiaodong
Shi Yuzhu T
Ou Zongrong
Wu Yiling & family T
Fu Kwan 4
$1.5 BIL #1198 ONLINE GAMES,

INVESTMENTS
$1.7 BIL #1067 PIG BREEDING
Shuai Fangwen & family S
Ren Jianhua
Yang Keng S

DIVERSIFIED
$1.3 BIL #1367 KITCHEN

APPLIANCES
Ren Zhengfei S

EQUIPMENT
Wang Jianfeng & family S
Shao Zhongyi T
$1.2 BIL #1476 EDUCATION
$1.3 BIL #1367 SOYBEAN

TRADING
$1.7 BIL #1067 FLAVORINGS
Qin Yinglin & family S
Shen Wenrong S
$1.7 BIL #1067 STEEL
PRODUCTION
$1.5 BIL #1198 APPLIANCES
Wang Laichun S
COMPONENTS
Wang Chaobin
Yu Minhong 4
Zhao Xiaoqiang
Gao Dekang & family T

Don Gao T
$1.0 BIL #1694 POWER TOOLS
He Zhiping & family

Zheng Jianjiang & family
Wang Laisheng S
Wang Han
$1.2 BIL #1476 ELECTRICAL

EQUIPMENT
Li Fuchao & family X

COMPONENTS
$1.3 BIL #1367 AIRLINE,

DIVERSIFIED
Cheng Xue S
Liu Shaoxi T
Wen Yibo & family S
Wu Gang
$1.1 BIL #1577 SOY SAUCE
$1.5 BIL #1198 WASTEWATER

TREATMENT

MANAGEMENT
Chu Mang Yee & family X
Lu Feng
Zhang Desheng & family
Wu Xushun & family

INFORMATION
Zhang Li T
Zhou Hongyi S
$1.3 BIL #1367 INTERNET,

AUTO PARTS
$1.1 BIL #1577 PHOTOVOLTAIC

EQUIPMENT
Lu Yonghua & family X
Yuan Fugen & family
Gu Wei T
Lv Yongxiang & family
$1.3 BIL #1367 METAL

PROCESSING
$1.1 BIL #1577 CONSUMER

ELECTRONICS
$1.0 BIL #1694 MAGNETIC

SWITCHES
Zhang Bangxin
Sun Xishuang T
Wang Wenjing T
SOFTWARE
Xu Ziquan & family
Zhou Guohui S
$1.7 BIL #1067 LOGISTICS
Chen Jianhua & family S

Chen Jinxia T
Ding Shijia S
$1.6 BIL #1121 SPORTSWEAR
Ding Shizhong & family S

$1.6 BIL #1121 SPORTS APPAREL
Fu Guangming & family 4

$1.6 BIL #1121 POULTRY
Hu Kaijun S
Huo Qinghua T
$1.6 BIL #1121 COAL
Ke Xiping & family T

Lei Jufang S
$1.5 BIL #1198 SECURITY

SOFTWARE
Gao Tianguo
FINANCE
Jiang Wei T
Lam Kong T
Ma Xingtian S
Shao Genhuo T
Wang Jiufang 4
Wong Kwong Yu & family T

Wong Luen Hei S

$1.4 BIL #1275 HOME BUILDING
MATERIALS
Yuan Yafei S
Lin Li T
$1.4 BIL #1275 RETAILING,

INVESTMENTS
Tian Ming X
Zhang Changhong T
$1.6 BIL #1121 MEASURING

INSTRUMENTS

INFORMATION SERVICE
Wang Zhenghua S
Zhou Yifeng & family
$1.6 BIL #1121 BUDGET AIRLINE
Zan Shengda X
$1.0 BIL #1694 TOURISM
Zhang Kaiyuan
He Yamin & family
$1.3 BIL #1367 GAS

DESULFURIZATION
Zhang Zhangsun & family
Zheng Xiaodong
Zhu Chongyun & family X

RETAILER
Ao Xiaoqiang
EQUIPMENT
Cai Xiaoru
Hua Xuande & family

Li Tan T
Li Yong
Li Zhen & family

$1.1 BIL #1577 LITHIUM BATTERIES
Lin Bin T
$1.1 BIL #1577 SMARTPHONES
Liu Baolin T
$1.2 BIL #1476 ELECTRONIC

COMPONENTS
$1.1 BIL #1577 PHARMACIES,

DRUG DISTRIBUTION
Cao Kejian T
Liu Zhenguo S
$1.2 BIL #1476 AIR

COMPRESSORS, DRILLS
$1.1 BIL #1577 SEWAGE

TREATMENT
Chen Qingzhou & family
Nan Cunhui T
Shen Dongri
Sun Qinghuan T
$1.0 BIL #1694 LIGHTING
Wan Lianbu T
$1.0 BIL #1694 FERTILIZERS
Wang Jinshu T
Wang Junmin T
Wang Wenliang X
$1.0 BIL #1694 SHIPPING PORTS
Wei Shaojun T
Xiu Laigui T
Jane Yan & family

Ye Cheng T
Chen Yansheng & family
Pan Weiming
An Kang S
$1.2 BIL #1476 TOYS,

ENTERTAINMENT
Cheng Xianfeng
$1.1 BIL #1577 HOME,

OFFICE PRODUCTS
Geng Jianming & family T
Wang Junhao
Zhu Baoguo & family 4

$1.3 BIL #1367 INTERNET
Zhu Xingliang T
Hua Yong
Fang Tonghua & family
Huang Li T
Peng Jianhu & family

COMPONENTS
Chen Baozhen
Han Tao
$1.3 BIL #1367 AFTERSCHOOL

TUTORING

POWER EQUIPMENT
Huang Hongyun & family T
$1.2 BIL #1476 COMMUNICATIONS EQUIPMENT
$1.5 BIL #1198

PHARMACEUTICALS
Fan Zhaoxia & family X
$1.3 BIL #1367 INFRARED

IMAGING SYSTEMS
Huang Qisen T
Ru Jiyong & family
$1.1 BIL #1577 REGIONAL AIRLINE
Huang Chulong S
Wang Yue
Li Fucheng & family
Swift Xie
Zeng Kaitian
Zhang Keqiang 4
Zhang Wanzhen
$1.0 BIL #1694 ADVANCED
CERAMICS
Zhou Yaoting & family T

$1.0 BIL #1694 APPAREL,
REAL ESTATE
Zhuang Min
$1.0 BIL #1694 SURVEILLANCE
EQUIPMENT
CZECH
REPUBLIC
COLOMBIA
GDP: $299.6 BIL
POPULATION: 50 MIL
BILLIONAIRES: 3
($4.9 BIL VS. 2015)
EGYPT
GDP: $307.4 BIL
POPULATION: 88 MIL
($9.3 BIL VS. 2015)
PRAGUE
3
VELKE POPOVICE
BOGOTA
2
Luis Carlos Sarmiento T
VRANE NAD
VLTAVOU
Nassef Sawiris T
$3.7 BIL #421 CONSTRUCTION, CHEMICALS
Jaime Gilinski Bacal X
Naguib Sawiris T
$3 BIL #569 TELECOM
Carlos Ardila Lulle T
Mohamed Mansour T
EXPATRIATE
1
$1.6 BIL #1121 SOFT DRINKS,

DIVERSIFIED
CYPRUS
GDP: $18.9 BIL

POPULATION: 1 MIL
BILLIONAIRES: 5
($2.4 BIL VS. 2015)
John Fredriksen T
Stelios Haji-Ioannou T
$1.4 BIL #1275 EASYJET
GDP: $182.4 BIL

POPULATION: 11 MIL
BILLIONAIRES: 5
TOTAL NET WORTH: $17.8 BIL (+$2.3
BIL VS. 2015)
Youssef Mansour T
Yasseen Mansour T
Petr Kellner S
Andrej Babis X
$2.5 BIL #688 AGRICULTURE
Suat Gunsel X
CAIRO
5
Radovan Vitek S
LEFKOSA

EDUCATION
Clelia Haji-Ioannou T
EXPATRIATE
4

R ICHEST
Karel Komarek T
$1.6 BIL #1121 OIL & GAS
Pavel Tykac S
EXPATRIATE
1
$1.2 BIL #1476 COAL MINING
John Fredriksen
Rough sailing for Fredriksen: Shares of his deepwater
drillship operator Seadrill and dry bulk shipper Golden Ocean collapsed along with oil prices, shrinking his
fortune by $2 billion. In December he told a Norwegian nancial newspaper that he handed over responsibility for a $2 billion investment portfolio to his twin
daughters, Cecilie and Kathrine, age 32.
FINLAND
DENMARK
GDP: $295.8 BIL
POPULATION: 6 MIL
TOTAL NET WORTH: $29.4 BIL (+$3.7 BIL VS. 2015)
SILKEBORG
Kjeld Kirk Kristiansen S

$13.1 BIL #65 LEGO
AARHUS
Anders Holch Povlsen T
GDP: $228.3 BIL

POPULATION: 5 MIL
EXPATRIATE
1
HUMLEBAEK
BILLUND
Niels Peter Louis-Hansen T

$3.8 BIL #403 MEDICAL DEVICES
HADERSLEV
COPENHAGEN
Lars Larsen T
Antti Herlin T
$3.5 BIL #453 ELEVATORS, ESCALATORS
Hanni Toosbuy Kasprzak T

$2.6 BIL #666 SHOES
$2.8 BIL #612 DENTAL PRODUCTS
R ICH E ST
Martin Moller Nielsen
Ilkka Herlin T
Kjeld Kirk Kristiansen
$1.6 BIL #1121 AIRCRAFT LEASING
The Force is strong with the Lego

deputy chairman: His net worth
soared by $3.4 billion in the past year
as movie-themed sets like Star Wars
and Jurassic Park, as well as girlcentric Elves, ew off shelves,
boosting sales 23% through
June 2015. In this galaxy the
little plastic bricks manufactured annually by
Lego could circle the
world 24 times over.
Niklas Herlin T
Antti Aarnio-Wihuri X
HELSINKI
5
$1 BIL #1694 DIVERSIFIED
Ilona Herlin T
$1 BIL #1694 ELEVATORS, ESCALATORS
KIRKKONUMMI
N E WS M AKER
Ilkka Herlin
In the cold dark waters off Scotlands coast plans are in
place for the worlds rst oating wind farm, Statoils
Hywind Scotland Pilot Park. MacGregor, a subsidiary of Cargotec, whose major shareholders are Niklas,
Ilkka and Ilona Herlin, will provide the parts to help
anchor turbines three times the height of the Statue of
Liberty against the waves of the North Sea.
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
NICK HARVEY/GETTY IMAGES; STANISLAV KRASILNIKOV/NEWSCOM
Heikki Kyostila
$1.9 BIL #959 RETAIL, INVESTMENTS
$10.6 BIL #96 BANKING, INSURANCE
Polys Haji-Ioannou X
WINE-GROWING REGION
Mohamed Al Fayed T
WEALTH
ORIGIN
23%
49%
FRANCE
28%
N E WCO M E R
INHERITED & GROWING
INHERITED
SELF-MADE
He saw a windfall after his eponymous transportation and

logistics company (founded in 1979) was sold to XPO Logistics for $3.5 billion in June 2015. Dentressangle owned
67% of the rm, which operates the worlds largest peaprocessing plant, distributes Red Bull Energy Drinks throughout Europe and manages a chocolate warehouse in France.
TOP SECTORS
GDP: $2.4 TRIL

POPULATION: 64 MIL
TOTAL NET WORTH: $212 BIL ($41.4 BIL VS. 2015)
Norbert Dentressangle
8
FASHION & RETAIL
7
FOOD & BEVERAGE
5
HEALTH CARE
3
CONSTRUCTION & ENGR
N E WS M A K E R
3
FINANCE & INVEST
LOUIS LE DUFF
NEWSMAKER
Jacques Saade
EXPATRIATES
9
Saades shipping company

CMA CGM made a splash
in December 2015, when
its container ship Benjamin
Franklin became the largest ship in history to dock
at a North American port.
The ship, which is wider
than a football eld and longer than the Eiffel Tower is
tall, called at the Port of Los
Angeles before continuing
on to Oakland, Calif.
NORBERT DENTRESSANGLE: ERIC PIERMONT/AFP/GETTY IMAGES; PATRICK DRAHI: NEWSCOM; JACQUES SAADE:
ARNOLD JEROCKI/POLARIS/NEWSCOM; LOUIS LE DUFF: MARC OLLIVIER/OUEST FRANCE/NEWSCOM
Every day a million people in 80 countries on six continents enjoy pastry

king Louis Le Duffs baked goods at
his shops, including Brioche Dore and
Brueggers Bagels. The newest: A cafe
in Cte dIvoire that opened in November is the rst of whats expected to be
30 restaurants in 7 African nations.
CHAMPAGNE
PARIS-SACLAY
LAVAL
3
NANTES
ALSACE
PARIS
20
LOIRE
BURGUNDY
Liliane Bettencourt
& family T
ILE DE RE
COURCHEVAL
$36.1 BIL #11 LOREAL
Bernard Arnault & family T
LYON
2
$34 BIL #14 LVMH
Serge Dassault & family T
BORDEAUX
$14.7 BIL #56 AVIATION
Francois Pinault & family T
GRENOBLE
SAINTEMILION
RHONE
Alain Wertheimer S
VALBONNE
$11 BIL #90 CHANEL
Gerard Wertheimer S
NICE
$11 BIL #90 CHANEL

TOULOUSE
Xavier Niel T
MONTPELLIER
$8.6 BIL #129 INTERNET, TELECOM
Emmanuel Besnier S
Jean-Claude Decaux & fam T

$6.5 BIL #176 ADVERTISING
Patrick Drahi T
Vincent Bollore T
Pierre Bellon & family T

$4.4 BIL #338 FOOD SERVICES
Carrie Perrodo & family T

$4.2 BIL #358 OIL
Martin & Olivier Bouygues X

$3.6 BIL #435 CONSTRUCTION,
MEDIA
Michel Leclercq & family S
B IG G E ST LOS E R
LANGUEDOC
Patrick Drahi
Drahi lost $10.1 billion as
shares in his global telecom company, Altice,
tumbled by 40% over the
past year. Investors are reportedly nervous about
the rms growing debt to
nance expansion. In 2015
Altice made its rst push
into the U.S., snapping up
a majority stake in cable
operator Suddenlink for
$9.1 billion. The Moroccanborn founder owns nearly
60% of Altices stock.
N E WS M A K E R
EMMANUEL BESNIER
French dairy giant Lactalis, run by Besnier (whos
sometimes called Frances Howard Hughes because
hes so reclusive), was one of ten companies in a dairy
cartel busted for price-xing by Frances Competition
Authority in March 2015. Lactalis, which is the worlds
biggest dairy rm and known for its Presidents Brie,
received the stiffest ne of the group ($63.8 million).
$3.4 BIL #477 SPORTING GOODS

WINE-GROWING REGION
MARSEILLE
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
ST. TROPEZ
CANNES
ST. RAPHAEL
ST. MAXIME

Alain Merieux & family T
Bernard Fraisse S
Jean-Michel Besnier S
Marie Besnier Beauvalot S

GERMANY
RI CH E ST
BEATE HEISTER &

KARL ALBRECHT JR.
GDP: $3.4 TRIL

POPULATION: 81 MIL
Discount supermarkets have saturated Germany, so these siblings

supermarket chain, Aldi Sued, has
been expanding westward in the
U.S., where its nearly 1,500 Aldi
stores keep prices low by stocking
a limited number of items and not
accepting credit cards. Moving west puts them in stiffer competition with their cousin Theo Albrecht Jr. and his Aldi Nord,
which owns popular grocery chain Trader Joes.
Jean Pierre Cayard T

$2.7 BIL #638 SPIRITS
TOP SECTORS
WEALTH
ORIGIN
Philippe Foriel-Destezet T
$2.5 BIL #688 EMPLOYMENT
AGENCY
32%
Louis Le Duff S
37
FASHION & RETAIL
19
HEALTH CARE
28%
18
MANUFACTURING
$2.5 BIL #688 BAKERIES

40%
Marc Ladreit de Lacharriere S

Nicolas Puech S
SYLT
10
FOOD & BEVERAGE
INHERITED & GROWING

INHERITED
SELF-MADE
EXPATRIATES
19
7
FINANCE & INVEST
$2.1 BIL #854 HERMES
7
MEDIA & ENTERTAIN
Clement Fayat & family S
HAMBURG
9
Michel Chalhoub & family T
AURICH
BREMEN
Jacques Saade & family S

Edouard Carmignac T
$1.5 BIL #1198 ASSET MANAGEMENT
Gilles Martin S
$1.5 BIL #1198 LABORATORY
SERVICES
Alain Taravella S
Anne Beaufour S
Henri Beaufour S
Jean Burelle S
$1.2 BIL #1476 AUTOMOTIVE
SYSTEMS
Laurent Burelle S
SYSTEMS
Charles Edelstenne S
$1.2 BIL #1476 AVIATION
BRUNSWICK
OSNABRUCK
STRAELEN
B IG G E ST LOS E R
Georg
Schaeffler
DUISBURG
Schaeffler is worth
$8.8 billion less this
year after a drop in
the stock price of tire
and auto parts giant
Continental, which he
partly owns. Also his
familys ball bearing
company, Schaeffler
Group, went public in
October at a valuation
lower than the one
FORBES had estimated a year ago.
MESCHEDE
GUETERSLOH
ESSEN
KREFELD
DUSSELDORF
2
MELSUNGEN
8
DRESDEN
ALLENDORF
KOENIGSTEIN
ROTTENDORF
FRANKFURT
2 DARMSTADT
HERZOGENAURACH
2
WEINHEIM
RHEINGAU
ST. WENDEL
HEIDELBERG
2
LUDWIGSHAFEN
INGOLSTADT
WINNENDEN
STUTTGART
2
Norbert Dentressangle
$1.1 BIL #1577 TRANSPORT,
LOGISTICS
MUNICH
3
ULM
2
ROSENHEIM
OHNINGEN
Mohed Altrad X
ASCHAU
$1.0 BIL #1694 SCAFFOLDING,

CEMENT MIXERS
TEGERNSEE
2
GEORGIA
NE WS MA KE R
WOLFGANG HERZ
Time to change your favorite
shade of blue? In 2013 Germanys
Federal Patent Court removed the
color trademark for Nivea Blue,
used by the Nivea skin-care company, but the countrys Supreme
Court reversed the order in July
2015, a decision the rm applauded. Wolfgang Herz and his brother Michael own 51% of Beiersdorf,
the parent company of Nivea.
N E WS M A K E R
Michael Otto
Its been a tough year for his Otto
Group, the German parent of U.S.
furniture and home-accessory retailer Crate & Barrel. Otto Group calls itself the
worlds second-largest Internet retailer, after
Amazon.com. In part because of a weak Russian ruble and competition from Chinas e-commerce giant Alibaba, Otto Group booked a net
loss of $215 million in scal 2015.

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
N E WCO M E R
Kurt Krieger
SCHWIEBERDINGEN
KARLSRUHE
$1.2 BIL #1476 ANIMAL FEED
NEUSTADT
AN DER
WALDNAAB
NECKARSULM
BRUCHSAL
2
WALLDORF
Daniel Roullier & family T
LEIPZIG
GREBENHAIN
BAD
HOMBURG
MONTABAUR
DREIEICH
$1.2 BIL #1476 WATER
Bidzina Ivanishvili T
BERLIN
5
DUDERSTADT
RHEDAWIEDENBRUECK
2
MULHEIM AN
DER RUHR 2
Pierre Papillaud X
GDP: $14 BIL

POPULATION: 4 MIL
BILLIONAIRES: 1
BIL ($400 MIL VS. 2015)
DOMICILE
UNKNOWN
9
LOWER
SAXONY
BIELEFELD
7 DETMOLD
Krieger bought the

rights to longtime furniture chain Hoeffner
in 1967 and turned
it into one of Germanys largest furniture retailers, competing with the
Swedish giant IKEA.
Since 2008 Kriegers
daughter Sonja has
been managing director. Hoeffner Group
has estimated revenues of $2.2 billion.
When it comes to
your wealth, the
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Ask questions.
Be engaged.
Own your
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In life, you question everything. The same should be true when it comes to managing your
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GERMANY
Beate Heister & Karl
Albrecht Jr. S
$25.9 BIL #21 ALDI
Theo Albrecht Jr. & family S
Heinz-Georg Baus S
Jurgen Blickle S
Friederike Braun-Luedicke
Johanna Braun
$3.8 BIL #403 HOME

IMPROVEMENT STORES

TECHNOLOGY

TECHNOLOGY
Traudl Engelhorn & family S
$2.2 BIL #810 PUBLISHING
$3.8 BIL #403 PHARMACEUTICALS, MEDICAL EQUIPMENT
$20.3 BIL #34 ALDI, TRADER JOES
Ursula Engelhorn & family S
Susanne Klatten S
$3.8 BIL #403 PHARMACEUTICALS, MEDICAL EQUIPMENT
$18.5 BIL #38 BMW,

PHARMACEUTICALS
Georg Schaeffler T
Michael Herz T
$3.8 BIL #403 COFFEE
$18.1 BIL #39 BALL BEARINGS
Wolfgang Herz T
Dieter Schwarz T
Axel Oberwelland S
Stefan Quandt X
$3.7 BIL #421 CANDY
$15.6 BIL #48 BMW
Siegfried Meister S
Michael Otto & family T
$3.6 BIL #435 APPLIANCES
Hubert Burda T
Bergit Douglas S
$2.1 BIL #854 CONSUMER GOODS
Hans Georg Naeder S

$2.1 BIL #854 PROSTHETICS
Alfred Oetker S
August Oetker S
Richard Oetker S
Carl Ferdinand Oetker S
Anton Kathrein Jr T
$1.4 BIL #1275 ANTENNAS
Ludwig Theodor Braun
Horst Julius Pudwill S

TECHNOLOGY
Dieter Schaub
$1.4 BIL #1275 MEDIA
Jost Hellmann
Klaus Hellmann
Christian Oetker S

FACILITIES
$3.4 BIL #477 MEDIA
Heinz Hermann Thiele & fam S
Friede Springer T
Julia Oetker S
$10 BIL #103 SHIPPING

TECHNOLOGY
Lutz Mario Helmig T
Elisabeth Mohn & family T
Klaus-Michael Kuehne T
Karl Friedrich Braun
$1.4 BIL #1275 SAP
$15.4 BIL #51 RETAIL,

REAL ESTATE
$11.7 BIL #82 BRAKES
Hans-Werner Hector T
Johannes Karcher
Peter Leibinger
$1.2 BIL #1476 MACHINE TOOLS
Regine Leibinger
$1.2 BIL #1476 MACHINE TOOLS
Monika Schoeller S
Stefan von Holtzbrinck S

Horst Wortmann T
$1.2 BIL #1476 FOOTWEAR
Albert Berner & family T
$1.3 BIL #1367 VACUUMS,

CLEANING PRODUCTS
Erich Kellerhals T
Rosely Schweizer S
Erika Pohl-Stroeher X
Friedrich Knapp T
$1.3 BIL #1367 HAIR PRODUCTS
Nicola LeibingerKammueller
$1.1 BIL #1577 FASTENERS

RETAILER
Martin Viessmann & family T
$2 BIL #906 AUTO PARTS
Susanne Zimmermann
von Siefart
Udo & Harald Tschira
$3.3 BIL #495 HEATING

EQUIPMENT
Clemens Toennies T
$1.3 BIL #1367 VACUUMS,

HOME CLEANING PRODUCTS
$1.1 BIL #1577 MACHINERY
Anna Maria Braun
$1.1 BIL #1577 BEER
Hasso Plattner & family S
Reinhold Wuerth & family S

$8.1 BIL #141 FASTENERS
Dietmar Hopp & family S
Andreas von Bechtolsheim &

family T
Andreas Struengmann T
August von Finck T

Thomas Struengmann T
Walter Droege
$6.4 BIL #178 CONSULTING
Erwin Franz Mueller S
Curt Engelhorn & family X

Erivan Haub & family T
Wolfgang Marguerre S
Guenther Lehmann S
Heinrich Deichmann & fam S

$5.6 BIL #228 FOOTWEAR
Dirk Rossmann & family X
Aloys Wobben S
Otto Philipp Braun
$5.4 BIL #240 WIND TURBINES
Guenther Fielmann & fam. S

$3 BIL #569 DRUGSTORES
$2.9 BIL #595 DRUGSTORES
TECHNOLOGY
$5.3 BIL #248 OPTOMETRY
Otto Happel S
Ludwig Merckle S
Daniela Herz T
Karl-Heinz Kipp X
$5 BIL #270 RETAIL
Guenter Herz & Family T
Michael Stoschek & family S
Alexandra Schorghuber S
Hans Peter Wild S
Hans Strothoff
Theo Mueller S
$2.8 BIL #612 KITCHEN,

PLUMBING RETAILER
$4.5 BIL #324 DAIRY
Maria-Elisabeth Schaeffler T
$4.5 BIL #324 BALL BEARINGS
Wolfgang Reimann S
GOODS
Yvonne Bauer & family T

$2.6 BIL #666 MEDIA
Dieter Schnabel S
Bernd Freier S
Matthias ReimannAndersen S
Stefan Reimann-Andersen S
Friedhelm Loh T
Rainer Blickle S
$2 BIL #906 MEAT

PROCESSING
Peter Unger S
$2 BIL #906 AUTO REPAIR
$2 BIL #906 REAL ESTATE,
INVESTMENTS
Thomas Bruch & family S

$1.8 BIL #1011 FOOD RETAILING
Hedda Brahm Droege

Gudrun Heine
Sybill Storz
Sylvia Stroeher X
Philip Niarchos X
$2.5 BIL #688 ART COLLECTION
Spiro Latsis & family T

$2 BIL #906 BANKING, SHIPPING
EXPATRIATES
2
Rolf Gerling S
$1.7 BIL #1067 INSURANCE
Klaus-Peter Schulenberg S
$1.7 BIL #1067 TICKETING
SERVICE
Torsten Toeller X
$1.7 BIL #1067 PET FOOD
SKORPIOS
MYKONOS
Willibert Krueger
$1.6 BIL #1121 FOOD
PROCESSING
SANTORINI
Robert Toennies T
$1.6 BIL #1121 MEAT PROCESSING
Josef Boquoi & family X

$1.5 BIL #1198 FROZEN FOODS
Christoph Henkel T
GOODS
Kurt Krieger
Bernhard Braun-Luedicke
Bernard Broermann S

RETAILING
GDP: $194 BIL

POPULATION: 11 MIL
2015)
BIL ($2.5 BIL VS. 2015)
Fritz Draexlmaier S
$4.2 BIL #358 INTERNET

SERVICE PROVIDER
GREECE
Renate Reimann-Haas S
$2.3 BIL #771 FOOD WHOLESALE

AND RETAIL
$1 BIL #1694 FURNITURE
Hubertus Benteler
Matthias Reinhart
Herman Langness
Bruno Steinhoff T
$1.8 BIL #1011 CONSULTING
Michael & Reiner

Schmidt-Ruthenbeck T
Ralph Dommermuth S
Susanne Veltins
Georg von Opel X

TECHNOLOGY

TECHNOLOGY
Eva Maria Braun-Luedicke

TECHNOLOGY
GUERNSEY
GDP: $2.6 BIL
POPULATION: 63,000
BILLIONAIRES: 1
BIL (+$100 MIL VS. 2015)
Stephen Lansdown S
$1.9 BIL #959
FINANCIAL SERVICES
WHEELS UP LETS ME FLY EFFICIENTLY,

LAND CLOSER, AND MAKE IT HOME IN
TIME FOR A HEALTHY DINNER.
Name:
Title:
Irwin Simon
CEO, Hain Celestial Group, Inc.
Father, Husband, Entrepreneur
Aircraft: King Air 350i
1- 8 5 5 - F LY- 8 76 0
WHEELSUP.COM
The King Air 350i is the most efficient way to make every appointment, from my multiple Hain Plants to
retailers to a night with the kids at home. Its the smartest way to balance my work schedule with my family
life, while still watching my bottom line.
Wheels Up acts as an agent for the Wheels Up members, and is not the operator of the program aircraft; FAA licensed and DOT registered
air carriers participating in the program exercise full operational control of the program aircraft. Subject to additional terms and conditions
in the Wheels Up Program documents.
HONG KONG
N E WS M A K E R
JOSEPH LAU
Lau purchased a 16-carat pink diamond for
$29 million in November and named it Sweet Josephine. One day later he bought a rare 12-carat
blue diamond for a record-breaking $49 million for
his 7-year-old daughter, Josephine. Meanwhile, the
real estate tycoon is awaiting possible extradition
to Macau after being sentenced by the city to more
than ve years in prison for bribery and money
laundering in 2014.
GDP: $309.1 BIL

POPULATION: 7 MIL
TOTAL NET WORTH: $241.3 BIL ($4.8 BIL VS. 2015)
TOP SECTORS
WEALTH
ORIGIN
25
REAL ESTATE
2%
34%
64%
8
MANUFACTURING
EXPATRIATES
11
6
DIVERSIFIED
INHERITED & GROWING

INHERITED
SELF-MADE
HONG KONG
6
FASHION & RETAIL
53
5
GAMBLING, CASINOS
HONG KONG SCIENCE PARK
Li Ka-shing T
Lee Shau Kee T

Cheng Yu-tung S
N E WCO M E R
LAN KWAI FONG
Zhou Qunfei
DEEP WATER BAY
Thomas & Raymond Kwok T
REPULSE BAY
$13 BIL #68 REAL ESTATE
Lui Che Woo T
B IG G E ST LOS E R
Li Ka-shing
Peter Woo T
Lis net worth tumbled $6.2 billion in the past year to $27.1 billion, its lowest
level in four years. The culprit: Shares of Canadian oil giant Husky Energy, in
which hes been an investor for nearly 30 years, lost more than half their value,
knocking $5.1 billion off his fortune. Back in Asia his loyalty to the mainland was
questioned by Chinas government-controlled media in September, following
asset disposals there and more than $28 billion in investments in Europe over
the previous ve years; Li denied the claims in a three-page statement.
Walter Kwok T
Pan Sutong T
FINANCE
Zhou Qunfei
Yeung Kin-man
William Fung T
$1.6 BIL #1121 SOURCING
Lam Wai Ying
Li Sze Lim T
$5.8 BIL #214 HOTELS, ENERGY
Francis Choi S
Ronald McAulay T
Tianfu Lin T
$2.6 BIL #666 ENERGY
Law Kar Po S
Huang Shih Tsai T
$1.6 BIL #1121 FOOTWEAR,

APPAREL
$5.9 BIL #205 SMARTPHONE

SCREENS
Michael Kadoorie T
Vivien Chen T
Patrick Lee X
$2.4 BIL #722 PAPER
Richard Li S
Michael Ying T
Gong Hongjia & family T
Fong Yun Wah X
Or Wai Sheun T
Edwin Leong S
Tang Yiu T
Hui Wing Mau T
Vincent Lo S
Pansy Ho T
Sit Kwong Lam S

SHIPBUILDING
Billy Kan T
$1.1 BIL #1577 FINANCE, ENERGY
Thomas Lau T
$1.1 BIL #1577 DEPARTMENT
STORES
Liu Zhiqiang
Hsiang-chien Tang T
Cho Tak Wong X
$1.1 BIL #1577 TEXTILES,

ELECTRONICS

Lo Siu Yu & family S
Zhang Zhirong T
Wong Man Li S
Chan Tan Ching-fen

Angela Leong T
Tung Chee Hwa

Allan Wong T
Albert Yeung T

RETAIL
$2 BIL #906 OIL,

TRANSPORTATION
Li Wa
Yu Peidi & family S
King Pak Fu X
Tung Chee Chen
Zhai Meiqin
Lee Man Tat S
Wu Jianshu
Lo Siu-tong
$1.9 BIL #959 FOOD
C.F. Chan

HOTELS
Ye Chenghai & family X
Cui Lijie S
$1.8 BIL #1011 GAMBLING
$1.3 BIL #1367 HOTELS
Silas Chou S
Xiong Xuqiang & family S
Lawrence Ho T
Pollyanna Chu S
SERVICES
Samuel Tak Lee S
Thor Bjorgolfsson S
EXPATRIATE
1
PLAYGROUND
GDP: $16.8 BIL

POPULATION: 300,000
BILLIONAIRES: 1
BIL (+$300 MIL VS. 2015)
$1 BIL #1694 VENTURE CAPITAL

TECH CENTER
ICELAND
Neil Shen X
Chu Lam Yiu T
WINE-GROWING REGION
The worlds richest self-made female

entrepreneur, Zhou
jumped into the billionaire ranks in March
2015 when her Lens
Technology, maker
of glass components
for phones and tablets for customers
such as Apple, went
public on the Shenzhen Stock Exchange.
Zhou reportedly grew
up poor in rural China
and started working in a glass factory in 1993. She set up
her own company in
2003. Today Lens has
more than 60,000
employees.
FINANCIAL CENTER
DIAMOND: IMAGE COURTESY THE GEMOLOGICAL INSTITUTE OF AMERICA; TOMOHIRO

OHSUMI/BLOOMBERG; AFP/GETTY IMAGES
Joseph Lau S
PROMOTION
BURGESS IN 2016
THE GLOBAL LEADER

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

who are producing just that.
The new market is a sensible market where prices are
reasonable, not inated, says Beckett. The stability of
todays market is encouraging people to step back into
the yacht market, both in sales and charterand, as a
result, 2014 and 2015 were two of our best ever performance years. The expertise of the Burgess team to sell,
charter, manage and oversee new builds guides clients to
the perfect superyacht experience, time after time.
Illustrative of the trust Burgess elicits in the superyacht world is one such client who has returned, tasking
the sales team yet again with a signicant challenge: to
sell one of the worlds newest and fastest yachts.
Silver Fast: In a Class of Its Own

The fourth in the Silver Series lineage is the 252.6-foot
Silver Fast. Making her U.S. debut at Yachts Miami
Beach in February before an audience comprising some
Go fast.
Go anywhere.
NEW YORK
+1 212 223 0410
MIAMI
+1 305 672 0150
LOS ANGELES
+1 310 424 5112
LONDON
+44 20 7766 4300
MONACO
+377 97 97 81 21
MOSCOW | PALMA | ATHENS | SEATTLE | HONG KONG | SINGAPORE | TOKYO
THE WORLDS LEADING SUPERYACHT AUTHORITY
ENQUIRIES@BURGESSYACHTS.COM
WWW.BURGESSYACHTS.COM
PROMOTION
of the worlds most discriminating yacht buyers, Silver Fast

dazzled onlookers as well as the international media.
Her slender, contemporary aluminum hull glides through the
seas with a quiet speed unparalleled in yachts of her size. With
a maximum speed of nearly 27 knots and a cruising speed of 20
to 22 knots, her video footage emulates a lm in fast motion.
Silver Fasts light build of 952 gross tons makes her exceedingly
fuel efcient, and she can travel up to 4,500 nautical miles at
18 knots, transporting guests with the efciency of an expedition yacht, but with a much slimmer and stunningly beautiful
prole. She is also vibration-free for smooth and quiet nighttime passages when traveling at 18 to 20 knots.
Silver Fast has an impressively shallow draft at 8.5 feet,
enabling her to carry a crew of 18 and up to 18 guests to ports and
private islands that are inaccessible to many yachts of this length.
Her allure is even more evident inside, where a lavishly contemporary interior offers both space and amazing visibility of
the outside surroundings. Custom nishes combine diverse textures and surfaces from metallic painted walls to leather steps.
An aft theater room with a high-end plasma cinema screen
satises a desire for high-tech custom entertainment options
for her would-be owners. She also features a delightful winter
garden with a table that can seat up to 20 guests either in the
open air or shielded by a sliding glass wall, ensuring optimal
dining views no matter what the weather may be.
Silver Fasts beach club is a haven for workout enthusiasts,
offering gym equipment, a sauna, a hot steam room, a massage
room and a beauty salon. An eight-person Jacuzzi beckons on
the sundeck and a helipad provides a stable landing platform
for an AgustaWestland AW109 or a Eurocopter EC135 for swift
ventures to and from land. Silver Fast is offered for sale by
Burgess with an asking price of 79.5 million euros (US$90 million at press time).
For more information on Silver Fast or any of Burgess amazing yachts for sale or charter, visit www.burgessyachts.com or
contact the Burgess sales team at sales@burgessyachts.com.
Extraordinary Opportunity to Own a 167 (51m)

Trinity Yacht in Half the Time of a New Build
This stunning 167 (51m) Trinity Yacht was nearly 50% completed when the owner halted production.
Now, partially-built, shes being offered at well below the actual costs to date. Interiors designed by
Luiz Debasto for (5) five or (6) six staterooms, the hull is ready for transport to the shipyard of your choice! In
addition, the vessel comes with two-MTU 16V-4000 engines (at 3,650 HP each), ZF gears, two 155kw Northern
Lights generators, Dometic 50 Ton AC Chiller, a Quantum central hydraulic system, and other inventory ready
for completion. A condition and valuation survey, completed by Pliske Marine Inc., is in-hand and available upon
request. The hull is stored in an outfitting building at the Trinity Yachts facility in New Orleans.
Contact: John Dane, Jdane31950@gmail.com or call: 228-861-8064 to schedule a visit.
WEALTH
ORIGIN
7%
45%
INDIA
INHERITED & GROWING

INHERITED
SELF-MADE
TOP SECTORS
GDP: $2.1 TRIL

POPULATION: 1.3 BIL
($45.9 BIL VS. 2015)
Mukesh Ambani T
$19.3 BIL #36 PETROCHEMICALS,
OIL & GAS
Dilip Shanghvi T
$16.7 BIL #44
PHARMACEUTICALS
Azim Premji T
$15 BIL #55 SOFTWARE
SERVICES
Shiv Nadar T
48%
15
R IC HE ST
HEALTH CARE
13
Mukesh Ambani
DIVERSIFIED
8
FASHION & RETAIL
The time of reckoning for Ambanis $15 billion bet on highspeed mobile data is fast approaching. Ahead of its public
launch this year, his Reliance
Jio introduced its 4G services to employees and their
families in December, handing out 500,000 free connections. It also started selling its
Lyf-branded smartphones, the
cheapest of which costs $95.
(Reliance controls Network18,
which publishes FORBES
INDIA, a licensed publication of
FORBES.)
8
TECHNOLOGY
7
MANUFACTURING
7
REAL ESTATE
CYRUS POONAWALLA

SERVICES
Cyrus Poonawalla S
DELHI
13
HISAR
1
$8.5 BIL #133 VACCINES
In September, Indias vaccine king agreed to spend

$110 million for Lincoln House, the former American consulate in South Mumbai. The transfer of the
iconic seafront mansion, built in 1938 by the Maharaja of Wankaner from Gujarat, still needs government approval. Poonawalla, who added $1.9 billion to
his wealth in the past year due to higher prots at his
Serum Institute of India, isnt likely to move into his
new weekend retreat anytime soon.
Lakshmi Mittal T
$8.4 BIL #135 STEEL
Uday Kotak T
AHMEDABAD
6
Kumar Birla T
$6.1 BIL #196 COMMODITIES
Sunil Mittal & family T

KOLKATA
4
BARODA
1
Desh Bandhu Gupta T

$5.5 BIL #233
PHARMACEUTICALS
MUMBAI
31
Shashi & Ravi Ruia S

PUNE
5
Micky Jagtiani T
HITEC CITY
M.A. Yusuff Ali S

HYDERABAD
2
Vikram Lal S
$4 BIL #380 MOTORCYCLES
ELECTRONIC CITY
Subhash Chandra T
GOA
$3.6 BIL #435 MEDIA
BANGALORE
10
Gautam Adani T
$3.5 BIL #453 COMMODITIES,
INFRASTRUCTURE
TIDAL PARK
CHENNAI
1
$3.5 BIL #453 CEMENT

LINCOLN HOUSE: SHAILESH ANDRADE/REUTERS; SUBHANKAR CHAKRABORTY/NEWSCOM
Savitri Jindal & family T

$3.5 BIL #453 STEEL
THRISSUR
1
Pankaj Patel T
$3.5 BIL #453
PHARMACEUTICALS
COCHIN
1
Kapil & Rahul Bhatia +

$3.1 BIL #549 AIRLINES
Indu Jain S
Kuldip Singh & Gurbachan

Singh Dhingra S
$3.1 BIL #549 MEDIA
$2.5 BIL #688 PAINTS
Sudhir & Samir Mehta X
P.V. Ramprasad Reddy S
$2.5 BIL #688

PHARMACEUTICALS
Ravi Pillai S
Kushal Pal Singh T

Anil Ambani T
N E WCO M E R
KAPIL & RAHUL BHATIA
Benu Gopal Bangur T
EXPATRIATES
8
INFOPARK
Starting with a single plane in 2006, IndiGo has become Indias largest and most protable airline, with
a eet of more than 100 aircraft, all made by Airbus.
It ew past rivals on its reputation for punctuality.
Its October IPO propelled the father and son owners,
Kapil and Rahul, as well as cofounder and industry
veteran Rakesh Gangwal, into the
billionaire ranks.
N E WCO M E R
Sachin Bansal
Two former Amazon engineers, Sachin
Bansal and Binny Bansal, who have the
same last name but are not related, started
selling books online from an apartment in
Bangalore in 2007, pooling $6,000 in savings. Today their Amazon clone, Flipkart,
has 46 million registered customers, makes
8 million shipments a month and is valued
at $15.2 billion.
Rahul Bajaj T
$2.4 BIL #722 MOTORCYCLES
Mangal Prabhat Lodha T

Smita Crishna-Godrej

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER

Ashwin Dani T
B.R. Shetty S
Vivek Chand Burman T
Devendra Jain T
$2.2 BIL #810 PAINTS
$1.8 BIL #1011 HEALTH CARE
Adi Godrej
Lachhman Das Mittal S

GOODS
$1.7 BIL #1067 TRACTORS
Balkrishan Goenka +
$1.2 BIL #1476 JEWELRY
Jamshyd Godrej
Nirav Modi T
$1.7 BIL #1067 DIAMOND

JEWELRY
T.S. Kalyanaraman S
IRELAND
Anand Burman T
GDP: $230.8 BIL

POPULATION: 5 MIL
BILLIONAIRES: 6 (+1 VS.
2015)
BIL (+$400 MIL VS. 2015)
$2.2 BIL #810 MEDIA
Leena Tewari +

GOODS
Chirayu Amin +
$1.7 BIL #1067

PHARMACEUTICALS
Harsh Goenka X
$1.1 BIL #1577

PHARMACEUTICALS
Pallonji Mistry T
Rishad Naoroji T
Nadir Godrej
Kalanithi Maran T
Murali Divi S
Chandru Raheja T
$1.4 BIL #1275 TEXTILES
Radhe Shyam Agarwal T

GOODS
Ranjan Pai X
Senapathy Gopalakrishnan &

family T
SERVICES
Radhe Shyam Goenka T

GOODS
Ravi Jaipuria T
Yusuf Hamied T
Baba Kalyani T
$1.6 BIL #1121 SOFT DRINKS
$1.3 BIL #1367

PHARMACEUTICALS
Satish Mehta +
N.R. Narayana Murthy &

family T
$1.6 BIL #1121

PHARMACEUTICALS

GOODS
Joy Alukkas 4
Achal Bakeri S
$1.1 BIL #1577 AIR COOLERS
Sanjiv Goenka T

Kishore Mariwala S
Anil Agarwal T
Vinod Gupta T
EQUIPMENT
Anand Mahindra T
Karsanbhai Patel +
$1.2 BIL #1476 FLIPKART
S.D. Shibulal T
Hasmukh Chudgar S
K. Dinesh & family T

SERVICES

SERVICES
Niranjan Hiranandani T
Rakesh Jhunjhunwala T
Abhay Firodia S
Azad Moopen S
Ajay Piramal T
$1.8 BIL #1011

PHARMACEUTICALS
Jitendra Virwani T
John Dorrance III S

$2.7 BIL #638 CAMPBELL SOUP
Dermot Desmond S
Sachin Bansal +

GOODS
$1.6 BIL #1121 HEATING

EQUIPMENT
Harsh Mariwala S
Denis OBrien T
Martin Naughton T
$1.2 BIL #1476 FLIPKART
$1.8 BIL #1011

PHARMACEUTICALS
$6.3 BIL #184 PRIVATE EQUITY
Mofatraj Munot T
Binny Bansal +

SERVICES
Sunny Varkey T
John Grayken
Nandan Nilekani & family T

SERVICES
Sameer Gehlaut T

Habil Khorakiwala T
INDONESIA
GDP: $858.7 BIL
POPULATION: 258 MIL
TOTAL NET WORTH: $49.8 BIL ($5 BIL VS. 2015)
NE WCOME R
Abdul Rasyid
Rasyid became a billionaire as shares in his palm
plantation outt, Sawit Sumbermas Sarana, rose
on the Indonesia Stock Exchange. Environmental activists once claimed an earlier business plundered forests in the Tanjung Puting National Park;
they also alleged that when they went to investigate
in 2000 they were attacked by employees. Rasyid,
who is a former member of parliament, denied any
wrongdoing.
MAETH
Surendra Hiranandani T
EXPATRIATES
2
DUBLIN
3
R. Budi Hartono T
Ciputra & family T
$8.1 BIL #141 BANKING, TOBACCO
Michael Hartono T
Soegiarto Adikoesoemo 4
$7.9 BIL #146 BANKING, TOBACCO
Chairul Tanjung S
Theodore Rachmat T
Sri Prakash Lohia T
Djoko Susanto S
$4.2 BIL #358 POLYESTER
Bachtiar Karim S
Sukanto Tanoto T
Mochtar Riady & family T
Abdul Rasyid
$1.1 BIL #1577 TIMBER
Tahir S
Martua Sitorus T
$1.1 BIL #1577 PALM OIL
Murdaya Poo S
Husain Djojonegoro &

family T
Peter Sondakh T
Eddy Kusnadi
Sariaatmadja S
$1.6 BIL #1121 MEDIA, TECH
$1 BIL #1694 CONSUMER GOODS
Achmad Hamami & family T

$1 BIL #1694 HEAVY EQUIPMENT
Low Tuck Kwong X

$1 BIL #1694 COAL
JAKARTA
12
SURABAYA
KUDUS
BALI
SUMBAWA
EXPATRIATES
4
SUMBA

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
AHMAD ZAMRONI/FORBES INDONESIA
MEDAN
TEFEN
ISRAEL
Shaul Shani S
GDP: $295.5 BIL

POPULATION: 8 MIL
BILLIONAIRES: 17
BIL ($6 BIL VS. 2015)
LEV LEVIEV
Yitzhak Tshuva T
Gil Shwed X
Marius Nacht T
Eyal Ofer T
Alexander Machkevich T

SHIPPING
Adam Neumann
Stef Wertheimer & family X
$1.5 BIL #1198 WEWORK
$5.6 BIL #228 METALWORKING

TOOLS
Mori Arkin X
$1.3 BIL #1367
PHARMACEUTICALS
Arnon Milchan T
$5 BIL #270 MOVIEMAKING
Dan Gertler T
Shari Arison T
$3.9 BIL #392 CARNIVAL

CRUISES
Morris Kahn X
Idan Ofer T
$3.7 BIL #421 DRILLING,
SHIPPING
Lev Leviev T
Teddy Sagi X
Beny Steinmetz T
$1 BIL #1694 DIAMONDS

SOFTWARE
$1 BIL #1694 MINING, DIAMONDS,

REAL ESTATE
ITALY
BEIT YANAY
NE WS M A K E R
HERZLIYA PITUACH
BNEI BRAK
Levievs diamond
empire, extending
from African
mines to luxury
storefronts, has
attracted celebrity
clientsand
controversy. When
Oprah sported
Leviev diamond
earrings on Os
May 2015 cover,
activists petitioned
the billionaire
media star to
distance herself
from the company
because of its alleged human rights abuses in
Angola and the Palestinian territories. These same
activists also asked Taylor Swift to shake off
Leviev after she wore one of his diamond necklaces
for Vanity Fairs September 2015 issue.
PETAH TIKVA
TEL AVIV
5
EXPATRIATES
5
WEALTH
ORIGIN
CORTINA
14%
LAKE COMO
GDP: $1.8 TRIL
POPULATION: 61 MIL
COMO
($5 BIL VS. 2015)
TURIN
49%
BERGAMO
MONZA
MILAN
16
DOMICILE
UNKNOWN
1
TREVISO
5
Miuccia Prada
PARMA
4
NEWCO MER
PIERO FERRARI
CASETTE DETE
TUSCANY
37%
B IG G E ST LOS E R
MODENA
2
Piero, the illegitimate son of

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

INHERITED
SELF-MADE
The famed fashion designer and

her husband, Patrizio Bertelli, coCEOs of Prada, each lost $1.8 billion, or 44% of their net worth, in
the past year as shares of the luxury brand unraveled. A slowdown
in luxury spending combined with
already weak earnings in China, a
critical market, pushed shares to
historic lows in January.
SANTELPIDIO A
MARE
TOP SECTORS
22
FASHION & RETAIL
9
FOOD & BEVERAGE
4
HEALTH CARE
2
AUTOMOTIVE
2
ENERGY
Maria Franca Fissolo

& family T
$22.1 BIL #30 NUTELLA,
CHOCOLATES
Leonardo Del Vecchio T

$18.7 BIL #37 EYEGLASSES
Stefano Pessina S
Massimiliana Landini Aleotti

& family T
Silvio Berlusconi & family T

$6.2 BIL #188 MEDIA
ROME
3
Giorgio Armani T
$6.1 BIL #196 LUXURY GOODS
SARDINIA
Augusto & Giorgio Perfetti T

$5.7 BIL #219 CANDY
Giuseppe DeLonghi S
CAPRI
$3.4 BIL #477 COFFEEMAKERS
EXPATRIATES
4
Pessina took over as CEO of Walgreens Boots Alliance in July

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

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
MUNSHI AHMED/BLOOMBERG
Stefano Pessina
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ITALY
Paolo & Gianfelice Mario
Rocca T
Giuliana Benetton T
Paolo Barilla
Luigi Cremonini & family S
Nicola Bulgari T
$2.8 BIL #612 FASHION,

INVESTMENTS
$2 BIL #906 PASTA
$1.4 BIL #1275 MEAT

PROCESSING
Luciano Benetton T
$2 BIL #906 FINANCIAL

SERVICES
Pier Luigi Loro Piana S
Luigi Rovati & family S
Massimo Moratti S
$1.9 BIL #959

PHARMACEUTICALS
$1.4 BIL #1275 OIL REFINERY
Mario Moretti Polegato

& family T
$1.4 BIL #1275 FASHION
$3.4 BIL #477 PIPE

MANUFACTURING

INVESTMENTS
Rosa Anna Magno

Garavoglia & family S
Bernardo Caprotti S
Ennio Doris & family T
$2.4 BIL #722 SUPERMARKETS
$3.3 BIL #495 SPIRITS
Patrizio Bertelli T
Renzo Rosso X

INVESTMENTS
Alberto Bombassei S
Emanuella Barilla

BRAKES
$2 BIL #906 PASTA
Gilberto Benetton T
Guido Barilla

INVESTMENTS
$2 BIL #906 PASTA
Luca Barilla
7
6
TECHNOLOGY
4
GAMBLING, CASINOS
INHERITED & GROWING

INHERITED
SELF-MADE
Francesco Gaetano
Caltagirone T
Stefano Gabbana T
Gian Marco Moratti S
Marina Prada T
$1 BIL #1694 LUXURY GOODS

$1.3 BIL #1367 OIL REFINERY
EXPATRIATES
2
AKIRA MORI
FASHION & RETAIL
78%
Alberto Prada T
$1 BIL #1694 LUXURY GOODS
Japans ultralow interest rates spurred

more property investment from his Mori
Trust, which owns 96
commercial and apartment buildings along
with 32 hotels. Mori,
whose fortune is up
$1.2 billion in the past
year, has been investing in new buildings,
demolishing old ones
and upgrading hotels
ahead of the 2020
Tokyo Olympics.
TOP SECTORS
7%
Piero Ferrari
$1 BIL #1694 AUTOMOBILES
Domenico Dolce T
GDP: $4.1 TRIL

POPULATION: 127 MIL
($12.4 BIL VS. 2015)
15%
Remo Ruffini T
JAPAN
WEALTH
ORIGIN
Gustavo Denegri S
Diego Della Valle T
$2 BIL #906 PASTA
Andrea Della Valle T
$1.1 BIL #1577 WINTER JACKETS
$1.3 BIL #1367 MEDICAL TESTS
Paolo Bulgari T
Sandro Veronesi T
Miuccia Prada T
Carlo Benetton T
3
MANUFACTURING
N E WS M A K E R
HOKKAIDO
Kazuo Okada
Luck may be turning for Okada, former
partner of American casino billionaire
Steve Wynn. Okadas casino development in Manila has faced regulatory delays but is now on track for completion
this year. Okada was forced to sell his
stake in Wynn Resorts in 2012 at a discount after Wynn accused him of bribery. Okada denies wrongdoing.
3
REAL ESTATE
R IC HE ST
Tadashi Yanai
Yanai holds on to the top spot in Japan, despite
losing $5.6 billion, more than anyone else in his
country. Most of his fortune is tied up in shares of
his Fast Retailing. The company, best known for
its Uniqlo brand, had to cut its revenue forecasts
as warm weather melted sales of its cold-weather gear. Analysts are also apparently skeptical of
its plans to expand into U.S. suburbs. Ever the
optimist, Yanai is predicting Fast Retailing will be
the worlds largest apparel retailer by 2020.
IBARAKI
Tadashi Yanai & family T
Yusaku Maezawa S
$1.6 BIL #1121 ONLINE RETAIL
Masayoshi Son T
Katsumi Tada S
$11.7 BIL #82 INTERNET,

TELECOM
Takemitsu Takizaki T
$7.2 BIL #163 SENSORS
Hiroshi Mikitani T
TOKYO
19
KYOTO
2
KANSAI SCIENCE CITY
OSAKA
YOKOSUKA
RESEARCH
PARK
$1.2 BIL #1476 SMARTPHONE

GAMES
Akira Mori & family S
Hideyuki Busujima
$1.1 BIL #1577 PACHINKO

MACHINES

PARLORS
Soichiro Fukutake X
Masatoshi Ito S
Kazuo Okada & family T
Masahiro Miki S
Yoshiyuki Sankai S
$1.1 BIL #1577 ROBOTICS
Keiichiro Takahara & family T
Nobutoshi Shimamura
& family 4
$3.5 BIL #453 DIAPERS

NE WS M A K E R
HIROSHI MIKITANI
Ride-sharing app Lyfts valuation got a lift when Hiroshi
Mikitanis e-commerce rm,
Rakuten, invested $300 million in the Uber competitor in
March 2015. The nearly 12%
stake earned Mikitani a seat on
Lyfts board, which he joined
in June.
Kunio Busujima & family
PLAYGROUND
Kenji Kasahara T
Yoshiko Mori X
Masahiro Noda 4
Shigenobu Nagamori T
Nobutada Saji X
$2.2 BIL #810 MOTORS
$1 BIL #1694 BEVERAGES
Akio Nitori S
Yoshikazu Tanaka T
$2 BIL #906 RETAIL
$1 BIL #1694 SOCIAL NETWORK
Yasumitsu Shigeta S

TECH CENTER

MACHINES
$2 BIL #906 MOBILE TELECOM
WINE-GROWING REGION
Naruatsu Baba T
Han Chang-Woo & family T

CHIBA
Takao Yasuda T
FINANCIAL CENTER
$1 BIL #1694 SOCIAL NETWORK
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LEBANON
KAZAKHSTAN
LIECHTENSTEIN
GDP: $54 BIL

POPULATION: 6 MIL
BILLIONAIRES: 7
BIL ($1.6 BIL VS. 2015)
GDP: $191.8 BIL

POPULATION: 17 MIL
BILLIONAIRES: 5
($1.5 BIL VS. 2015)
GDP: $5.5 BIL

POPULATION: 37,000
BILLIONAIRES: 1
(+1 VS. 2015)
BIL (+$2.5 BIL VS. 2015)
ASTANA
ALMATY
4
Najib Mikati T
Christoph Zeller T
Bulat Utemuratov T
Taha Mikati T
$2.3 BIL #771 MINING, BANKING,

HOTELS
Timur Kulibaev T
Alijan Ibragimov T

INVESTMENTS, LOGISTICS
$2 BIL #906 BANKING
Dinara Kulibaeva T
Vladimir Kim T
Robert Mouawad & family S
$2 BIL #906 BANKING
Bahaa Hariri T
VADUZ
$2.5 BIL #688 DENTAL IMPLANTS
$1.5 BIL #1198 FINE JEWELRY

INVESTMENTS
Ayman Hariri S
INVESTMENTS
Fahd Hariri S
INVESTMENTS
MEXICO
$50 BIL #4 TELECOM
German Larrea Mota Velasco

& family T
GDP: $1.1 TRIL

POPULATION: 127 MIL
WEALTH
ORIGIN
36%
Alberto Bailleres Gonzalez

& family T
Eva Gonda de Rivera

& family T
TOP SECTORS
3
FOOD & BEVERAGE
2
FASHION & RETAIL
21%
43%
RI CH E ST
Carlos Slim Helu
2
FINANCE & INVEST
2
METALS & MINING
INHERITED & GROWING

INHERITED
SELF-MADE
BEIRUT
3
Carlos Slim Helu & family T
Shares of his pan-Latin American

mobile phone operator, Amrica
Mvil, fell 42% in dollar terms in the
wake of new telecom regulations, a
weaker peso and Brazils downturn.
That drove the $27.1 billion drop in
Slims net worth, making him the
biggest dollar loser on this years
list. Despite the drop he remains, at
$50 billion, the fourth-richest man
in the world, down two spots from
last year.
EXPATRIATES
4
NEWSMA KER
Robert
Mouawad
Maria Asuncion
Aramburuzabala & family T
$5.5 BIL #233 BEER,
INVESTMENTS
Jeronimo Arango & family S

Ricardo Salinas Pliego

& family T
$4.3 BIL #351 RETAIL, MEDIA
Antonio Del Valle Ruiz

& family T
Emilio Azcarraga Jean T

$2.1 BIL #854 TV BROADCASTING
Carlos Hank Rhon T

Jose & Francisco Jose

Calderon Rojas T
$2 BIL #906 BEVERAGES
Luxury jeweler Mouawad

showcased a $2 million
Fantasy Bra worn by
model Lily Aldridge at
the 2015 Victorias Secret
Fashion Show, encrusted
with over 6,800 precious
stones, including diamonds, topaz, sapphires
and pink quartz. It was
the 14th year that the jeweler has designed a multimillion-dollar bra for the
high-prole show.
Roberto Hernandez
Ramirez T
David Penaloza Alanis S

$1.5 BIL #1198 TOLL ROADS
Alfredo Harp Helu

& family T
LOS CABOS
MONTERREY
2
SAN MIGUEL DE ALLENDE
HOLBOX
NE WS MA K E R
Ricardo Salinas Pliego
TULUM
After the success Salinas Pliego had in early 2015

with the sale of mobile phone company Iusacell to
AT&T for $2.5 billion, the mogul lost nearly half
his fortune as shares of TV Azteca, Mexicos second-largest broadcaster, plunged. Like its rival
Televisa, it is facing new challenges in the wake of
sluggish demand for advertising. In what some say
was an attempt to give his agging company a jolt,
in October he named his son, Benjamin Salinas
Sada, 32, as CEO.
MEXICO
CITY
11
PUNTA MITA
EXPATRIATE
1

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
KEVIN MAZUR/GETTY IMAGES; AGUSTIN SALINAS/NEWSCOM
Saad Hariri T
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MALAYSIA
MONACO
Robert Kuok T
Ananda Krishnan T
WEALTH
ORIGIN
GDP: $295.4 BIL

POPULATION: 30 MIL
($9.4 BIL VS. 2015)
Quek Leng Chan T
20%
$5.3 BIL #248 BANKING,

REAL ESTATE
Teh Hong Piow T
80%
INHERITED & GROWING

INHERITED
SELF-MADE
Lee Shin Cheng X
MONACO

REAL ESTATE
DIVERSIFIED
Robert Kuok
MONTE CARLO
Yeoh Tiong Lay T
R ICHEST
MONTE CARLO
$4.6 BIL #317 PALM OIL,

REAL ESTATE
TOP SECTORS
2
MANUFACTURING
One of Asias most respected entrepreneurs, Kuok, 92, sold his media businesswhich included a stake in Hong
Kongs leading English-language paper,
the South China Morning Post, and the
Hong Kong editions of Esquire, Elle,
Cosmopolitan, Harpers Bazaar and
other titlesto Alibaba for $265 million
in December. Kuok had rst purchased
a 35% share in the now 112-year-old
newspaper from Rupert Murdoch
in 1993.
GDP: $6.2 BIL

POPULATION: 37,000
(+$2.4 BIL VS. 2015)
EXPATRIATES
2
Lau Cho Kun S
1
FINANCE & INVEST
$1.6 BIL #1121 PALM OIL,

REAL ESTATE
1
TELECOM
Tatiana Casiraghi S
Syed Mokhtar AlBukhary T
$2.4 BIL #722 BEER
David Nahmad S
Kuan Kam Hon
$1.9 BIL #959 ART
$1.1 BIL #1577 SYNTHETIC GLOVES
Ezra Nahmad X
Tiong Hiew King T
$1.5 BIL #1198 ART
$1 BIL #1694 TIMBER, MEDIA
Lily Safra X
N E WS M A K E R
TATIANA CASIRAGHI
JERAM
TAWAU
KUALA
LUMPUR
6
An heiress to the South American Santo

Domingo beer fortune, Casiraghi married the son of Monacos Princess Caroline,
Andrea Casiraghi, in 2013. She gave birth to
a baby girl in April. The baby is sixth in line
to the Monegasque throne.
SIBU
EXPATRIATE
1
NETHERLANDS
GDP: $750.2 BIL
POPULATION: 17 MIL
BILLIONAIRES: 9
TOTAL NET WORTH: $28.2 BIL (+$700 MIL VS. 2015)
Charlene de CarvalhoHeineken & family S
John de Mol T
$12.3 BIL #76 HEINEKEN
Ralph Sonnenberg &

family X
Frits Goldschmeding T
AMSTERDAM
BLARICUM
$1.5 BIL #1198 TV
SCHIEDAM
$3.9 BIL #392 TEMP AGENCY
$1.5 BIL #1198 BLINDS
Carolus Nolet Sr. S
Wim Van Der Leegte T
$2.6 BIL #666 KETEL ONE VODKA
Hans Melchers S
Joop van den Ende T
$2.4 BIL #722 CHEMICALS,

INVESTMENTS
BAARN
VORDEN
GORINCHEM
$1 BIL #1694 TV
EINDHOVEN
Kommer Damen S
EXPATRIATES
2
$1.7 BIL #1067 SHIPBUILDING
MOROCCO
CASABLANCA
2
GDP: $104.5 BIL

POPULATION: 34 MIL
($2.1 BIL VS. 2015)
CASABLANCA
Othman Benjelloun T
$1.9 BIL # 959 BANKING, INSURANCE
Aziz Akhannouch & family T

GETTY IMAGES
$1.3 BIL #1367 PETROLEUM, DIVERSIFIED

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
EDUCATION FOR LIFE
LEARN MORE. CALL 866.467.7651 OR VISIT WWW.OUTWARDBOUND.ORG
WEALTH
ORIGIN
NORWAY
GDP: $391.5 BIL
POPULATION: 5 MIL
($200 MIL VS. 2015)
31%
31%
NEPAL
38%
INHERITED & GROWING
INHERITED
SELF-MADE
GDP: $20.7 BIL

POPULATION: 29 MIL
BILLIONAIRES: 1
TOTAL NET WORTH: 1.1
($200 MIL VS. 2015)
TOP SECTORS
4
DIVERSIFIED
3
FASHION & RETAIL
2
FINANCE & INVEST
Binod Chaudhary & family T
2
LOGISTICS
Odd Reitan T
1
FOOD & BEVERAGE
$4.2 BIL #358 RETAIL, REAL

ESTATE
Andreas Halvorsen S
KVERVA
$3.1 BIL #549 HEDGE FUNDS
KATHMANDU
N E WS M A K E R
Johan Johannson T
Stein Erik Hagen
$2.5 BIL #688 GROCERY STORES
Caroline Hagen Kjos

$2.2 BIL #810 ORKLA
In October, in a televised interview seen

by millions in Norway and Sweden, discount supermarket billionaire Hagen
openly talked about being gay for the
rst time, using the interview to lobby
the state church to allow gay weddings.
Hagen, who built a fortune in supermarkets, transferred almost all the ownership in his investment company, Canica
AS, to his daughter Caroline, 32, in 2014,
and also made her chairman.
EXPATRIATES
4
Stein Erik Hagen T

Arne Wilhelmsen & family T

$2.1 BIL #854 CRUISE SHIPS
TRONDHEIM
Kjell Inge Rokke T

$1.6 BIL #1121 SHIPPING,
SEAFOOD
Petter Stordalen T
OMAN
GDP: $63.3 BIL
POPULATION: 4 MIL
BILLIONAIRES: 1
(1 VS. 2015)
BIL ($700 MIL VS. 2015)
P.N.C. Menon S
Alexandra Andresen
N E WCO M E R
ALEXANDRA ANDRESEN
Katharina Andresen
Gjert Wilhelmsen & family T

$1.1 BIL #1577 CRUISE SHIPS
Gustav Magnar Witzoe
OSLO
7
$1.1 BIL #1577 FISH FARMING
Alexander Vik T
The world has a new youngest billionaire: 19-year-old Norwegian

heiress Alexandra Andresen, who is busy collecting trophies in
horseback riding. Her sister, Katharina, 20, is the second youngest. Each owns 42% of Ferd, the family conglomerate run by their
father. Norways tax policy seems to have hastened the transfer of
wealth. Yet another young Norwegian, Gustav Magnar Witzoe,
22, who inherited shares in the SalMar sh-farm company, is the
third-youngest billionaire on earth.
EXPATRIATE
1
NIGERIA
NEW ZEALAND
GDP: $492.3 BIL

POPULATION: 182 MIL
BILLIONAIRES: 5
(+$7 BIL VS. 2015)
GDP: $167 BIL

POPULATION: 5 MIL
BILLIONAIRES: 2
BIL ($800 MIL VS. 2015)
AUCKLAND
Aliko Dangote S
$15.4 BIL #51 CEMENT, SUGAR, FLOUR
Graeme Hart T
Mike Adenuga S
$10 BIL #103 TELECOM, OIL
Richard Chandler T
Femi Otedola S
CAPE KIDNAPPERS
LAGOS
5
$1.6 BIL #1121 OIL
Abdulsamad Rabiu S
$1.1 BIL #1577 CEMENT, SUGAR
NE WS MA KE R
Abdulsamad Rabiu
In January his BUA Group, a food and cement conglomerate, sold its our-milling and pasta businesses to Olam
International of Singapore for $275 million. Rabiu said the
sale is part of his plan to shift the company more into exportoriented businesses that can be driven with materials sourced
in Nigeria. Import-dependent businesses like Rabius sugar
reneries have been hit by the weakened Nigerian naira.
EXPATRIATE
1

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
COURTESY OF ABDULSAMAD RABIU; MARTIN RUETSCHI/KEYSTONE/CORBIS
$1.8 BIL #1011 GAS STATIONS, UTILITIES
Folorunsho Alakija T
KAURI CLIFFS
traveler review
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WEALTH
ORIGIN
36%
PHILIPPINES
PERU
GDP: $189.3 BIL
POPULATION: 31 MIL
2015)
BIL ($5 BIL VS. 2015)
GDP: $293 BIL

POPULATION: 102 MIL
BILLIONAIRES: 11
Carlos Rodriguez-Pastor T
Henry Sy & family T
LIMA
3
Eduardo Belmont Anderson T
2
FASHION & RETAIL
1
CONSTRUCTION & ENGR
1
FINANCE & INVEST
1
LOGISTICS
1
REAL ESTATE
George Ty & family T

POLAND
GDP: $471.7 BIL
POPULATION: 39 MIL
2015)
BIL ($3.6 BIL VS. 2015)
4
DIVERSIFIED
John Gokongwei Jr. T
$1.1 BIL #1577 MINING, BANKING
TOP SECTORS
1
ENERGY
Lucio Tan & family T
Ana Maria Brescia Cafferata T
INHERITED & GROWING

INHERITED
SELF-MADE

64%
David Consunji T
SCIENCE CITY OF MUOZ
$3 BIL #569 CONSTRUCTION
Dominika & Sebastian Kulczyk
Andrew Tan T
Zygmunt Solorz-Zak T
Tony Tan Caktiong

& family S
$2.5 BIL #688 TV BROADCASTING
MANILA
11
$3 BIL #569 FAST FOOD
Michal Solowow T
Enrique Razon Jr. T
$2.4 BIL #722 PORTS
Lucio & Susan Co T

Robert Coyiuto Jr. T
PALAWAN
$1.6 BIL #1121 POWER
Manuel Villar T
WARSAW
2
KIELCE
PORTUGAL
OPORTO
GRIJ
GDP: $198.9 BIL

POPULATION: 10 MIL
BILLIONAIRES: 3
BIL ($400 MIL VS. 2015)
Americo Amorim T
LISBON
$4.1 BIL #369 ENERGY,

INVESTMENTS
Alexandre Soares dos Santos

& family S
DAVAO CITY
TONY TAN CAKTIONG

Tans Jollibee Foods, the biggest food chain
in the Philippines, bought a 40% stake in the
U.S. fast-growing fast-food chain Smashburger in October. Jollibee currently operates
and franchises over 3,000 restaurants under
several brands, including Red Ribbon and
Burger King Philippines.
Belmiro de Azevedo T
QATAR
ROMANIA
GDP: $192.7 BIL

POPULATION: 2 MIL
2015)
(+$2 BIL VS. 2015)
GDP: $176.5 BIL

POPULATION: 20 MIL
($1.15 BIL VS. 2015)
DOHA
Ion Tiriac X
Faisal Bin Qassim Al Thani
$1 BIL #1694 BANKING, INSURANCE
$2 BIL #906 HOTELS, DIVERSIFIED
BUCHAREST

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
JEROME FAVRE/BLOOMBERG; MATTHEW STAVER/BLOOMBERG
PROMOTION
MERLE WOOD & ASSOCIATES

Inviting You to Luxury Yacht Ownership
MERLE WOOD
KNOWS YACHTS.
This fact is evidenced by a client list that
reads like a Whos Who of the worlds
most highly successful individuals.
Raised by a yacht-broker father, Wood
lived on a boat for several years and sold
his rst one at 18 years old. Since launching
his company in 1988, Merle Wood &
Associates has surpassed expectations,
amassing well over $30 billion in yacht
deals to date and approaching more than
a $1 billion in sales this year.
Leading a team of astute sales professionals, CEO Wood is a master at expertly
navigating the yachting industry. His philosophy is simple: It is important to sell a
yacht that I know the client is going to be
happy with, so that he or she will return to
me to purchase their next boat and also

recommend their friends to us.
Wood learned at a young age, from
two very inuential clients, two important
adages that are the foundation of his philosophy and focus as a yacht broker: The
bitterness of poor quality remains long
after the sweetness of low price is forgotten; and Its not what it costs to buy, but
what it costs to sell. Wood uses these two
sayings to guide each client to the very
best yacht for their personal requirements.
Merle Wood largely attributes his
companys success to the strength of the
client relationships he works to establish
and maintain by closely following these
two adages. Give us a call, he says. Our
yachts are showcased in ports all around
the world, and many will be on display in
yacht shows throughout the year.
Merle and Claire Wood aboard their friends 332' ATTESSA IV
We have established solid relationships

throughout the world by helping those
privileged few enjoy the ultimate reward for
their great success: their own private yacht.
MERLE WOOD
VISIT WWW.MERLEWOOD.COM, OR REACH OUT VIA EMAIL AT MAIL@MERLEWOOD.COM OR BY PHONE AT +1.954.525.5111.
for Sale & Charter
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WEALTH
ORIGIN

100%
RUSSIA
NEWSM A K E R
MIKHAIL PROKHOROV
The 6-foot-8 billionaire bought out the rest of the Brooklyn Nets and the Barclays Center in a deal that valued the
assets at $1.7 billion. Prokhorov, who already owned an
80% stake in the team and 45% of the arena, paid around
$285 million. Earlier in the year he left Civic Platform,
the Russian political party he created in 2012, because of
disagreements with its leadership.
GDP: $1.2 TRIL

POPULATION: 144 MIL
($53.9 BIL VS. 2015)
INHERITED & GROWING

INHERITED
SELF-MADE
TOP SECTORS
17
ENERGY
14
FINANCE & INVEST
14
METALS & MINING
6
DIVERSIFIED
6
MANUFACTURING
ST. PETERSBURG
2
B IG G E ST LOS E R
Oleg
Deripaska
Once the worlds ninthrichest person, worth
$28 billion, Deripaska
lost $4.1 billion in the
past year and is down
to his last $2.1 billion. Shares in his main
asset, UC Rusal, one
of the worlds largest
aluminum producers,
nose-dived 62% in the
last year, as the company continues to deal
with falling commodity
prices, heavy debt and
conict among board
members.
SURGUT
MOSCOW
60
SOLIKAMSK
VERKHNIAYA
PYSHMA
MAGNITOGORSK
KRASNAYA
POLYANA
Leonid Mikhelson S
$14.4 BIL #60 GAS, CHEMICALS
LAKE BAIKAL
EXPATRIATE
8
SOCHI
Mikhail Fridman T
$13.3 BIL #63 OIL, BANKING,
TELECOM
Alisher Usmanov T
$12.5 BIL #73 STEEL, TELECOM,
INVESTMENTS
N E WCO M E R
NEWSMA K E R
YURI MILNER
In July 2015 the tech investor launched Breakthrough Listen, a $100 million project to search for alien life. The biggest questions of our existence are at stake, he wrote in an
open letter cosigned by eminent physicist Stephen Hawking,
Family Guy creator Seth MacFarlane and others. Milner
was an early backer of Facebook and Twitter and later bet
on Spotify, Airbnb and Chinese tech companies. The former
physicist cofounded the annual Breakthrough Prize, which
gives $3 million awards to top scientists.
Kirill
Shamalov
Vladimir Potanin T
The nations youngest billionaire, Shamalov, 33, a former

economic advisor
to the Russian government, is married
to President Vladimir Putins daughter,
academic Katerina
Tikhonova, according
to sources. Officials
refuse to conrm
the marriage or that
she is Putins daughter. The son of Rossiya Bank shareholder Nikolai Shamalov,
a longtime friend of
Putin, Kirill is now
the second-largest
shareholder in petrochemical giant
Sibur, after Russias
richest man, Leonid
Mikhelson.
$11.4 BIL #85 OIL & GAS
$12.1 BIL #78 METALS
Gennady Timchenko S
Alexey Mordashov T
$10.9 BIL #93 STEEL,
INVESTMENTS
Viktor Vekselberg T
$10.5 BIL #98 METALS, ENERGY
Vladimir Lisin T
$9.3 BIL #116 STEEL, TRANSPORT
Vagit Alekperov T
$8.9 BIL #124 OIL
German Khan T
TELECOM
RI CH E ST
Leonid Mikhelson
Russias new leading manthe
seventh number one in ten years
gained $2.7 billion while most
others crashed amid falling oil
prices and economic sanctions.
His fortune got a boost after Chinese state-owned Sinopec paid
$1.3 billion in December for 10%
of Sibur, the gas-processing and
petrochemical company that he
controls.
Andrey Melnichenko T
$8.2 BIL #139 COAL, FERTILIZER
Dmitry Rybolovlev T
Roman Abramovich T
$7.6 BIL #151 STEEL,
INVESTMENTS
Mikhail Prokhorov T
Alexei Kuzmichev T
TELECOM
Mikhail Gutseriev S
$5.9 BIL #205 OIL, REAL ESTATE
Sergei Galitsky T

WINE-GROWING REGION
TECH CENTER
PLAYGROUND

FINANCIAL CENTER
YURI MILNER: NIKLAS HALLEN/AFP/GETTY IMAGES; MIKHAIL PROKHOROV: KENT SMITH/NBAE VIA GETTY IMAGES; OLEG DERIPASKA: SASHA MORDOVETS/GETTY IMAGES; KIRILL
SHAMALOV: DMITRI DUKHANIN/ KOMMERSANT/GETTY IMAGES; LEONID MIKHELSON: KRASILNIKOV STANISLAV/ZUMA PRESS/NEWSCOM; ALIEN LIFE: EVERETT COLLECTION
YEKATERINBURG
2
KRASNODAR
It happens. Especially when youre ying in the Bombardier Global 6000 offered by NetJets.
Thats because its the largest business jet capable of accessing the worlds most difcult-to-reach
airports, like Aspen and London City. Offering unparalleled luxury and uncompromising performance,
the Global 6000 truly rises above the rest. To learn more, visit aworldabove.com
RUSSIA
Filaret Galchev T
Andrei Skoch T
Sait-Salam Gutseriev
$5.3 BIL #248 STEEL
Pyotr Aven T
TELECOM
Sergei Popov T

MATERIALS
SAUDI ARABIA
GDP: $680.3 BIL

POPULATION: 32 MIL
($17.3 BIL VS. 2015)

REAL ESTATE
Farkhad Akhmedov X
Alwaleed Bin Talal Alsaud T
Igor Altushkin T
Iskander Makhmudov S
Danil Khachaturov T
Mohammed Al Amoudi T
$4 BIL #380 MINING, METALS,

MACHINERY

BANKING, REAL ESTATE
Leonid Fedun T
Pyotr Kondrashev X
$3.9 BIL #392 OIL
Viktor Rashnikov S
Anatoly Lomakin X
$8.3 BIL #138 OIL, DIVERSIFIED

RIYADH
4
Sultan bin Mohammed bin Saud

Al Kabeer T
$3.4 BIL #477 DAIRY FARMS
JEDDAH
2
Mohammed Al Issa & family T
$3.8 BIL #403 STEEL
Alexander Abramov T
Aras Agalarov T
Saleh Kamel T
$3.6 BIL #435 STEEL, MINING
$1.9 BIL #959 BANKING, HEALTH CARE
Andrei Guriev S
Vasily Anisimov T
Abdullah Al Rajhi & family T
Zarakh Iliev T
Leonid Boguslavsky
$1.2 BIL #1476 VENTURE CAPITAL
God Nisanov T
Oleg Boyko T
Samvel Karapetyan T
Alexander Dzhaparidze T
$3.1 BIL #549 DEVELOPMENT
$1.2 BIL #1476 OIL SERVICES
Dmitry Kamenshchik T
Gleb Fetisov X
$2.9 BIL #595 AIRPORT
Alexander Nesis S
Andrei Kosogov T
$2.9 BIL #595 METALS, BANKING,

FERTILIZER

TELECOM
Alexander Svetakov T
Lev Kvetnoi X

REAL ESTATE
Yuri Milner T
$2.8 BIL #612 FACEBOOK,

INVESTMENTS
Kirill Shamalov
$2.5 BIL #688 FERTILIZER,

REAL ESTATE
Igor Kesaev T
$2.4 BIL #722 TOBACCO
DISTRIBUTION, RETAIL
Boris Mints T
Elena Baturina S
Eugene Kaspersky S
Andrei Rappoport X
Andrei Kozitsyn S
Gavril Yushvaev T
Alexander Mamut T
$1.1 BIL #1577 PRECIOUS METALS,

REAL ESTATE
Vladimir Yevtushenkov T
Vadim Moshkovich S
Alexander Ponomarenko T
Alexei Ananyev T
$1 BIL #1694 BANKING, IT,
REAL ESTATE
Dmitry Ananyev T
$1 BIL #1694 BANKING, IT,
REAL ESTATE
$2.3 BIL #771 PORTS
Roman Avdeev T
Alexander Skorobogatko T
$1 BIL #1694 BANKING,

DEVELOPMENT
$2.3 BIL #771 PORTS
Oleg Deripaska T
$2.1 BIL #854 ALUMINUM,
UTILITIES
Igor Makarov X
WEALTH
ORIGIN
SINGAPORE
6%
53%
GDP: $288.7 BIL

POPULATION: 6 MIL
41%
INHERITED & GROWING

INHERITED
SELF-MADE
TOP SECTORS
8
$1.2 BIL #1476 CEMENT, AIRPORT
Viatcheslav Kantor S
Valentin Gapontsev
& family T
REAL ESTATE
3
FINANCE & INVEST
SINGAPORE
16
NE WS M A K E R
Kwee
brothers
The four Kwee
brothers
Liong Keng,
Liong Tek,
Liong Seen and
Liong Phing
are making
their mark on
the U.S. Their
Pontiac Land
Group has partnered with real
estate rm
Hines and investment bank
Goldman Sachs
to build an 82story New York
City condo
tower, 53W53,
next door to
MoMA. It is slated for completion in 2018.
2
MANUFACTURING
1
ENERGY
MARINA BAY
EXPATRIATE
1
N E WS M A K E R
1
FOOD & BEVERAGE
1
LOGISTICS
Goh Cheng Liang

Singapores second-richest man has a penchant for
luxury boats. The paint tycoon and his family have
reportedly built four yachts to date, all of which bear
the name White Rabbit. His son, Goh Hup Jin, is said
to have hired an Australian rm to build that nations
biggest yacht, at 276 feet. It will set sail in 2017.
$1 BIL #1694 LASERS
Robert & Philip Ng T
Viktor Kharitonin 4
Raj Kumar & Kishin RK S
Choo Chong Ngen S
Kuok Khoon Hong T
Asok Kumar Hiranandani T
$2.2 BIL #810 PALM OIL
Peter Lim S
Zhong Sheng Jian S
$5 BIL #270 PONTIAC LAND

GROUP
Arkady Rotenberg T
Wee Cho Yaw T
Chang Yun Chung T
Oei Hong Leong S
Mikail Shishkhanov
$1 BIL #1694 CONSTRUCTION,

PIPES, BANKING

REAL ESTATE
Boris Rotenberg 4
Kwek Leng Beng S
Sam Goi T
Koh Wee Meng T
Jason Chang T
Lim Oon Kuin T

HOTELS
$1.6 BIL #1121 OIL TRADING
$2.1 BIL #854 GAS
Yuri Sheer S
$1.9 BIL #959 ALCOHOL
Vladimir Bogdanov T
$1.7 BIL #1067 OIL
Suleiman Kerimov T
Alexander Frolov T
$1 BIL #1694
PHARMACEUTICALS
Dmitry Pumpyansky 4
$5 BIL #270 PAINT
$1 BIL #1694 STEEL PIPES
Goh Cheng Liang T

Kwee family S
Megdet Rahimkulov 4
$1 BIL #1694 CONSTRUCTION,

PIPES, CHEMICALS
$1.5 BIL #1198 MINING, STEEL

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
OWN YOUR FUTURE
WITH A BUSINESS THAT OFFERS GROWTH AND SUCCESS WITH SIGNIFICANCE
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met a need in the community and were growing at the right pace.
This is your chance to launch a satisfying career with Right at Home, a
franchise that offers seniors and disabled individuals a safe and
comfortable one-on-one healthcare solution in the comfort of their own
homes. We offer the right solutions to families looking for a way to balance
their lives better by providing one-on-one care for those they love.
4KIJVCV*QOG U5WEEGUUYKVJ5KIPKECPEG initiative has become a central
focus in the company's philanthropic philosophy, and the brand has been
proud to welcome franchisees like Bill and Christy who fully embody the
principles of this mission. Bill shares his experience below.
In my previous career, I spent many successful years working in
manufacturing and merchandising for well-known department stores. After
years of traveling back and forth to New York City and spending days at a time
away from my family, I was ready for a career change. My wife, Christy, and I
decided it was the right time to pursue an opportunity that allowed us to make
a difference in our community while simultaneously providing the lifestyle we
wanted for our family.
Both my wife and I had always wanted to own our own business, and we knew
that we wanted to serve the senior population. When we found Right at Home,
we were impressed with their business model, their corporate staff, and the
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for us.
Owning a Right at Home franchise has been very rewarding and has allowed
us to build a secure future for our family. We even purchased a second territory
Estimates show that by 2050, there will be more than 2 billion

people over the age of 60 worldwide. With three
record-breaking franchise sales years in a row, Right at Home
will remain at the forefront of the fastest-growing sector of
personal service franchising, and the average franchisees
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RIGHT AT HOME
BY THE NUMBERS
LOCATIONS
500 IN 8 COUNTRIES
AVERAGE NET REVENUE
PER FRANCHISEE ENTITY1
$1,350,469.41
AVERAGE GROSS MARGIN2
38%
IF YOU WANT TO BE PART OF A WINNING TEAM, HELP OTHERS, AND PURSUE SUCCESS WITH SIGNIFICANCE,
THEN RIGHT AT HOME COULD BE THE RIGHT FRANCHISE FOR YOU.
CALL 1-877-697-7537 OR GO ONLINE TO WWW.RIGHTATHOMEFRANCHISE.COM/FORBESMAGAZINE TODAY!
There is no assurance that your Franchise Business will do as well as those referenced above. Actual results vary from business to business.
Net Billings in 2014 for 222 Franchisee Entities who own, collectively, 316 Franchise Businesses open 12 months or more as of December 31, 2014. 77 or 35% of these Franchisee Entities attained or
surpassed the represented level of financial performance.
Average gross margin in 2014 of 316 Franchise Businesses open 12 months or more as of December 31, 2014; 168 or 54% of these Franchise Businesses attained or surpassed the represented level
of financial performance.
Right at Home, Inc. 6464 Center St., Ste. 150, Omaha, NE 68106. This information is not intended as an offer to sell, or the solicitation of an offer to buy a franchise. It is for information purposes only.
SOUTH AFRICA
N E WS M A K E R
GDP: $312.5 BIL

POPULATION: $54 MIL
JOHANN RUPERT
EXPATRIATE
1
The luxury goods tycoon says the wealth gap is

keeping him up at nightbut not for the usual
reasons. At a business summit in June 2015 Rupert called for a solution to inequality so that the
wealthy wont be afraid to don his Compagnie
Financiere Richemonts brands like Cartier and
Van Cleef & Arpels. Otherwise our clients will
be targets, Rupert said in his keynote address.
Theyll be hated, despised.
JOHANNESBURG
Nicky Oppenheimer & family T
$6.6 BIL #174 DIAMONDS
Christoffel Wiese T
$5.8 BIL #214 RETAILING
Johann Rupert & family T

Allan Gray S
$1.6 BIL #1121 MONEY MANAGEMENT
Koos Bekker T
$1.4 BIL #1275 MEDIA, INVESTMENTS
Patrice Motsepe T
FRANSCHHOEK
PAARL
CAMPS BAY
CAPE TOWN
3
Koo Bon-Moo S
$9.6 BIL #112 SAMSUNG
$1.7 BIL #1067 ELECTRONICS,

CHEMICALS, HOUSEHOLD
PRODUCTS
Suh Kyung-Bae S
Jay Y. Lee T
GDP: $1.4 TRIL

POPULATION: 51 MIL
($2.4 BIL VS. 2015)
$1.7 BIL #1067 COMPUTER

SERVICES, TOURISM
Chung Mong-Koo T
Kim Nam-Jung
$4.3 BIL #351 MOTOR VEHICLES
Kwon Hyuk-Bin S
TOP SECTORS
WEALTH
ORIGIN
Chey Tae-Won T
13%
Chung Eui-Sun T
Lee Hwa-Kyung T
$3 BIL #569 LOGISTICS

SEOUL
30
3
FINANCE & INVEST
Lee Jay-Hyun S
3
FOOD & BEVERAGE
Kim Jung-Ju S
Shin Dong-Joo T
Lim Sung-Ki
$2.2 BIL #810 PHARMA
Park Hyeon-Joo S
$2.1 BIL #854 ASSET
MANAGEMENT
Lee Boo-Jin T
NEWSMAKER:

SERVICES, TOURISM
Chey Tae-Won
The chairman of South Koreas
third-largest conglomerate,
who was reportedly serving
a four-year sentence on charges of embezzlement, was pardoned early by President Park
Geun-hye in August 2015. The
countrys leaders have long
been lenient on corporate
chieftains who nd themselves
in trouble, but this time Chey
had plenty of company. He was
one of more than 6,500 prisoners pardoned ahead of the
70th anniversary of
Koreas independence.
EXPATRIATE
1
Seo Jung-Jin S
$1.9 BIL #959 BIOTECHNOLOGY
Shin Chang-Jae T
Kim Beom-Su T
$1.7 BIL #1067 MOBILE CHAT
SERVICE
NE WCOME R
KIM NAM-JUNG
The heir to Dongwon Group swims into the ranks of the worlds
richest, as the companys shares have risen in recent years partly due to South Koreas higher demand for canned salmon as well
as new food and beverage product lines. Its Pittsburgh-based subsidiary, Starkist, owns an 8% stake in Alaskas Silver Bay Seafoods.
Kim joined the company in 1996 and became vice chairman in 2013.

TECH CENTER
PLAYGROUND
Hur Young-In
$1.2 BIL #1476 BAKERIES,
FAST FOOD
Lee Joong-Keun S
DAEDEOK SCIENCE TOWN
$1.3 BIL #1367 SNACK FOODS
$2.8 BIL #612 FOOD PRODUCTS,

ENTERTAINMENT
DIGITAL MEDIA CITY

SAMSUNG TOWN
TEHERAN VALLEY
Chang Pyung-Soon S
TECHNOLOGY
WINE-GROWING REGION

$1.3 BIL #1367 EDUCATIONAL
PRODUCTS & SERVICES
INHERITED & GROWING

INHERITED
SELF-MADE
Shin Dong-Bin T
$3 BIL #569 COMPUTER

SERVICES, TELECOMS
FASHION & RETAIL

52%
$1.5 BIL #1198 FOOD
5
DIVERSIFIED
35%
Lee Seo-Hyun T
$6 BIL #201 SAMSUNG
FINANCIAL CENTER
Cho Chang-Gul
Hong Seok-Joh
Kim Taek-Jin T
Lee Ho-Jin X
$1.1 BIL #1577 PETROCHEMICALS,
FINANCE, MEDIA, ELECTRONICS
Lee Myung-Hee T
Cho Jung-Ho
$1 BIL #1694 FINANCE
Hong Ra-Hee T
$1 BIL #1694 SAMSUNG
JOHANN RUPERT: DAVID M. BENETT/GETTY IMAGES; CARTIER
SOUTH KOREA
Lee Kun-Hee T
WEALTH
ORIGIN
10%
43%
SPAIN
48%
R IC HE ST
$67 BIL #2 ZARA
Amancio Ortega
What slowdown? Prots of Ortegas retail
giant Inditex, the parent company of Zara,
soared 20% in the last year despite a lagging
European economy, boosting Ortegas net
worth by $2.5 billion to $67 billion. Defying
economic trends is nothing new for the richest
man in Europe, who has personally gained
$49 billion since 2009.
GDP: $1.2 TRIL

POPULATION: 46 MIL
BILLIONAIRES: 21
($3.1 BIL VS. 2015)
Amancio Ortega S
LA CORUNA
3
INHERITED & GROWING

INHERITED
SELF-MADE
Sandra Ortega Mera S
TOP SECTORS
Juan Roig X
6
CONSTRUCTION & ENGR
6
FASHION & RETAIL
4
FINANCE & INVEST
3
SERVICE
1
GAMBLING, CASINOS
1
REAL ESTATE
$6.4 BIL #178 ZARA

Isak Andic & family T

$3.4 BIL #477 CLOTHING RETAIL
Juan-Miguel Villar Mir

& family T
Rafael Del Pino y CalvoSotelo S

Hortensia Herrero T
MATADEPERA
Manuel Lao Hernandez S

BARCELONA
Alicia Koplowitz T
INVESTMENTS
Juan Abello S
Miguel Fluxa Rossello

$2 BIL #906 HOTELS
Manuel Jove T
ESPORLES
MADRID
11
PALMA DE
MAJORCA
IZBA
Helena Revoredo T
$1.7 BIL #1067 PRIVATE
SECURITY
Jaime Botin T
VALENCIA
3
Florentino Perez T
FORMENTERA
Gabriel Escarrer T
Fernando Roig S
Maria Del Pino y CalvoSotelo T

Alberto Alcocer T
D. Leopoldo Del Pino y

Calvo-Sotelo 4
MARBELLA
N E WCO M E R
Jose Llado FernandezUrrutia T

The roots of Fluxa Rossellos fortune date back

to the 19th century, when his family started a
footwear business in Majorca, Spain. It moved
into tourism in 1956. Three decades later Miguel
opened up the rst Iberostar hotels in Majorca and the Canary Islands. He sold its tour operators and travel division for $1.1 billion a decade
ago but continues to expand its hotels. Today his
Grupo Iberostar has 100 hotels with 67,000 beds
in 27 countries including Mexico, Tunisia and
Bulgaria.
SWAZILAND
N E WS MAKER
GDP: $4.1 BIL

POPULATION: 1 MIL
BILLIONAIRES: 1
($200 MIL VS. 2015)
JAIME BOTIN
Authorities reportedly seized Picassos $28 million Head of a Young
Woman from Botins yacht last summer. Officials insist it is a national
treasure. Botin told one publication that the painting is his and he can do
whatever he wants with it. The painting will remain in Madrids Reina Soa
Museum until legal ownership is determined.
Nathan Kirsh T
$3.7 BIL #421 RETAIL, REAL ESTATE
EXPATRIATE
1
WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
TORRECILLA/EPA/NEWSCOM; SEUX PAULE/HEMIS/ALAMY
MIGUEL FLUXA ROSSELLO
SIGNIFICANCE
AS THe
New
Success
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SWEDEN
SWITZERLAND
GDP: $492 BIL

POPULATION: 10 MIL
($3.7 BIL VS. 2015)
GDP: $668.5 BIL

POPULATION: 8 MIL
2015)
TOTAL NET WORTH:
$91.6 BIL ($7 BIL VS.
2015)
EXPATRIATES
11
BASEL
5
EXPATRIATE
1
WILEN
DOMICILE
UNKNOWN
1
ZURICH
14
LUCERNE
BULLE
DAVOS
GSTAAD
2
VAUD CANTON
ST. MORITZ
GENEVA
4
N E WS M AKER
VERBIER
Ingvar
Kamprad
LUGANO
SKINNSKATTEBERG
STOCKHOLM
10
Ernesto Bertarelli T
$8.6 BIL #129 BIOTECH,
INVESTMENTS
Gianluigi & Rafaela

Aponte S
GOTHENBURG
5
Margarita Louis-Dreyfus &

family T
TOREKOV
Hansjoerg Wyss X
Willi & Isolde Liebherr &

family T
Michael Pieper S
$3.8 BIL #403 KITCHEN
APPLIANCES
Rahel Blocher S
Magdalena
Martullo-Blocher S
Stefan Olsson T
$20.8 BIL #32 H&M
Thomas Schmidheiny T
Hans Rausing X
Karl-Johan Persson T
$3.2 BIL #527 CEMENT
$2.4 BIL #722 H&M
Stephan Schmidheiny T
Frederik Paulsen S
Tom Persson T
$6 BIL #201 HEALTH CARE
$2.4 BIL #722 H&M
Sergio Mantegazza T
Jorn Rausing S
Charlotte Soderstrom T
$2.7 BIL #638 TRAVEL
$2.4 BIL #722 H&M
Eva Maria Bucher-Haefner T
Antonia Johnson S
Carl Bennet T
Melker Schorling T
Erik Selin
$2.1 BIL #854 BALDER
Finn Rausing S
Madeleine Olsson
Ericksson X
Kirsten Rausing S
Dan Olsson X
Gustaf Douglas S
Bertil Hult T
$4 BIL #380 EDUCATION
Fredrik Lundberg S
DONA BERTARELLI
$4.5 BIL #324 BIOTECH
Stefan Persson T
N E WS M A K ER
Dona Bertarelli T
$1.8 BIL #1011 OIL TRADING
Markus Persson X
$1.3 BIL #1367 MINECRAFT
Thomas Sandell X
Jonas Kamprad
Thomas Straumann S
$1.5 BIL #1198 DENTAL IMPLANTS
Rudolf Maag S
Ivan Glasenberg
Miriam Baumann-Blocher X
Edgar de Picciotto
& family S
Commodities giant Glencores stock price fell

two-thirds in the past
year, pushing its CEOs
net worth down by
$3 billion. Glasenberg is
luckier than others, since
four Glencore shareholders (including top executives Daniel Mat,
Aristotelis Mistakidis and
Tor Peterson) fell below
$1 billion. The Swiss rm
issued 1.3 billion new
shares in September
to soften the blow, and
Glasenberg snatched up
enough to keep his 8.4%
stake intact.
$2.2 BIL #810 SOFTWARE,

INVESTMENTS
Ivan Glasenberg T
Maja Oeri T
$2.1 BIL #854 ROCHE HOLDING
Thomas Meyer T
$1.9 BIL #959 APPAREL RETAILER
Esther Grether & family T
$1 BIL #1694 IKEA

ASSOCIATES
Martin Haefner T
Torbjorn Tornqvist T
Benjamin de Rothschild S
B IG G E ST LOS E R
$2.3 BIL #771 PRIVATE BANKING
Bertarelli circumnavigated the globe in a little over 47 days,

becoming the fastest woman to sail around the world in a
yacht. Competing for the Jules Verne Trophynamed after the
author of Around the World in 80 Daysshe sailed in a 131foot trimaran with the all-male Spindrift Racing team she cofounded ve years ago. The team, which crossed the capes of
Hope, Leeuwin and Horn, traveling nearly 29,000 miles, just
missed the 45-day world record.
$1.8 BIL #1011 ART COLLECTION,

SWATCH

INVESTMENTS
Mathias Kamprad
$1 BIL #1694 IKEA
Karl Scheufele III & family X
Lottie Tham T
Peter Kamprad
$3.6 BIL #435 H&M
$1 BIL #1694 IKEA

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
Marcel Erni
Walter Frey T
$1.3 BIL #1367 EMIL FREY GROUP
Alfred Gantner
Urs Wietlisbach
Martin Ebner 4
Gary Fegel X
TRADING
Willy Michel
Peter Spuhler T
$1.1 BIL #1577 TRAIN CARS
CLAUDIO BRESCIANI/EPA/NEWSCOM; ; MICHEL DUFOUR/GETTY IMAGES; ISON CHRIS/PA PHOTOS/ABACA/NEWSCOM
Ikea founder Kamprad, 89, once the

worlds fourth-richest person, falls out
of the ranks. Taking
his place are his three
sonsPeter, Mathias
and Jonasto whom
he transferred ownership of privately held
Ikano Group, with
interests in nance
and real estate. It
also owns the Ikea
franchise in Singapore, Malaysia and
Thailand. The famously frugal founder irrevocably transferred
ownership of the furniture giant to foundations in Europes
tax havens years ago,
but his sons still keep
tabs on the original
business, sitting on
supervisory boards
of at least four Ikearelated entities.
ZERMATT
THE DUCKS NUTS!
A colloquial but most compelling way to describe the worlds sexiest, most forgiving golf
clubs that launch higher, go further, feel softer and have a sweet spot the size of Texas.
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Schedule a fitting. Call 1-844-PLAY-PXG or visit PXG.COM.
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PXG clubs are available at high-end custom fitters and select golf clubs.
PXG clubs are played on tour by Zach Johnson, Billy Horschel, Chris Kirk, Ryan Moore, James Hahn,
Charles Howell III, Rocco Mediate, Cristie Kerr, Gerina Piller, Alison Lee, Beatriz Recari and Sadena Parks.
TAIWAN
GDP: $525.8 BIL
POPULATION: 23 MIL
($28 BIL VS. 2015)
WEALTH
ORIGIN
TA TSUN
TAIPEI
19
GDP: $392.5 BIL

POPULATION: 68 MIL
HSINCHU SCIENCE PARK
TOP SECTORS
5
FINANCE & INVEST
12%
52%
THAILAND
36%
FOOD & BEVERAGE
TAICHUNG
4
MANUFACTURING
INHERITED & GROWING
INHERITED
SELF-MADE
4
TECHNOLOGY
CHANGHUA
COUNTY
BANGKOK
14
3
REAL ESTATE
N E WSM A KER
SOUTHERN TAIWAN SCIENCE PARK
Terry Gou
KO KUT ISLAND
EXPATRIATES
3
N E WS M A K E R
Chao TengHsiung
The real estate mogul
was sentenced to two
years in prison in December 2015 for bribing officials to get
contracts in three
construction developments. With the sentence suspended for
ve years, Chao will
not spend any time
inside a cell but has to
pay a $6 million ne.
The Farglory Group
chairman admitted
the wrongdoings and
received a favorable
judgment for his cooperation in the case.
EXPATRIATES
2
PHUKET
Charoen
Sirivadhanabhakdi T
Montri Jiaravanont
Thaksin Shinawatra T
Dhanin Chearavanont
Vanich Chaiyawan X
BEVERAGES
Prasert Prasarttong-Osoth X
Vichai Srivaddhanaprabha S
$2.8 BIL #612 DUTY-FREE
Wei Yin-Chun T
Tsai Eng-Meng T
Pierre Chen T
$6 BIL #201 FOOD, BEVERAGES
$1.9 BIL #959 ART, ELECTRONICS
Terry Gou T
Tsai Hong-tu T
Lin Yu-lin T
Barry Lam T
Liao Long-Shing T
$3.1 BIL #549 COMPUTERS
$1.4 BIL #1275 FOOD,

BEVERAGES
Luo Jye & family T
Suhon Lin T
$3 BIL #569 TIRES
Chao Teng-Hsiung T
Samuel Yin T
Tsai Cheng-da T
Lin Ming-Hsiung S
Daniel Tsai T
Tseng Shin-Yi T
Scott Lin & family T
Richard Tsai T
Wei Ing-Chou T
$1.3 BIL #1367 OPTICAL

COMPONENTS
$1.4 BIL #1275 FOOD,

BEVERAGES
T.Y. Tsai T
Krit Ratanarak T
$1.4 BIL #1275 FOOD,

BEVERAGES
$2.6 BIL #666 MEDIA,

REAL ESTATE
Wei Ying-Chiao T
Jaran Chiaravanont
$1.4 BIL #1275 FOOD,

BEVERAGES
Chen Yung-Tai T
Wei Yin-Heng T
Bruce Cheng T
Sumet Jiaravanon
Wu Chung-Yi T
$1 BIL #1694 AUTO PARTS
GDP: $48.6 BIL

POPULATION: 53 MIL
($1.15 BIL VS. 2015)
Mohammed Dewji T

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
Wichai Thongtang T
William Heinecke X
Keeree Kanjanapas T
$1.3 BIL #1367 TRANSPORTATION
Thongma Vijitpongpun T
Surin Upatkoon T
$1.1 BIL #1577 TELECOM,
LOTTERIES, INSURANCE
Sudthida Ratanarak T
$1 BIL #1694 MEDIA,
REAL ESTATE
TANZANIA
$1 BIL #1694 ELECTRONICS
$2 BIL #906 FINANCE
FINANCIAL CENTER
DAR ES SALAAM
TERRY GOU: VIPIN KUMAR/HINDUSTAN TIMES/GETTY IMAGES; CHAO TENG-HSIUNG: ASHLEY PON/BLOOMBERG
Gous Foxconn is getting

cold feet about buying
Japans troubled electronics maker Sharp. Almost immediately after
Sharps board accepted a reported $6 billion bid, Foxconn Technology Group issued a
statement explaining
that it had received a
key document from
Sharp that included
material information,
most of which was not
disclosed in previous
discussions. Sharp apparently issued its own
statement, saying it had
disclosed everything.
Gou founded the business in 1974 with
$7,500. It is now the
worlds largest electronics contract manufacturer and a key supplier to
Apple, HP and Sony.
Ugurhan Betin / Getty Images
PROMOTION / ECONOMIC DEVELOPMENT
Egypt
NEW BEGINNINGS
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MARIDIVE GROUP
Egypts and the Middle Easts biggest provider of offshore marine and oil support
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Electric Power Systems

Engineering Co.
Tel: +2022661820
www.eps-egypt.com
ECONOMIC DEVELOPMENT / PROMOTION
institutional clients throughout the region,

and that possesses the expertise to assist
foreign investors in Egypts fast-growing
energy sector. Founded in 1982, it provides
consulting and engineering solutions for
generation and transmission projects, with
a specialty in renewable power sources.
We are problem-solvers, explains its
chairman, Hosni El-Kholy. We provide
many different services, including tailored
software solutions and feasibility studies.
We are now expanding our offer to contractors and have already had a number
of very successful projects. We already
do most of the transmission work for the
Egyptian Electricity Transmission Company
as their preferred partner.
Challenges still persist for Egypt
namely the threat of terrorism, lower tourism receipts, shrinking foreign reserves
CPFCUK\CDNGDWFIGVFGEKVtDWVDQVJVJG
public and private sectors exhibit a strong
resolve to overcome any obstacle. We
are on the right track, Reliances Kassabgui says. We have to send the message
to foreign investors, encourage them to
come to Egypt and show them possibilities for business.
Section Managers: Rosemary Venn and Christopher French
For more information, contact:
Gabriel Gutirrezg.gutierrez@forbes-cm.com
ZAKI HASHEM AND PARTNERS, ATTORNEYS AT LAW

For six decades, Zaki Hashem & Partners (ZH&P) has looked
We have a long
after legal matters for corporate clients from Egypt, the Midhistory advising
dle East and worldwide. Established in 1953, it ranks among
foreign investors.
/'0#oUNGCFKPIEQOOGTEKCNNCYTOUURGEKCNK\GUKP/#CPF
capital market deals, and today employs more than 100 fee
Although, at
earners.
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We are the oldest and largest, and remain independent,
OC[NQQMFKHEWNV
states Mr. Yasser Hashem, ZH&Ps managing partner. This
and bureaucratic,
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at the end of the
world. We are a little more old-fashioned in terms of profesday, deals get
sionalism and integrity. We believe your reputation comes from
what you achieve.
done and people
ZH&P has racked up some pretty impressive achievements.
OCMGOQPG[q
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the Middle East for decades, played an instrumental role in
'I[RVoUOCUUKXGRTKXCVK\CVKQPUKPVJGUCPFTGIWNCTN[QXGTsees Egypts biggest transactions. Last May, ZH&P won best
deal of the year after handling the governments $1.5 billion
euro-dollar bond issue.
Alongside major domestic clients, such as Vodafone and The American University in Cairo,
ZH&P works for many multinationals doing business in Egypt, including HSBC and Total. The
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We have a long history advising foreign investors, Hashem says. Since the 1950s,
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and bureaucratic, at the end of the day, deals get done
and people make money.
For more information, call: +202 2399 9999
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WEALTH
ORIGIN
10%
57%
TURKEY
33%
INHERITED & GROWING

INHERITED
SELF-MADE
TOP SECTORS
GDP: $716.4 BIL

POPULATION: 78 MIL
DIVERSIFIED
5
FINANCE & INVEST
ISTANBUL
26
Bulent Eczacibasi T
$1.4 BIL #1275 PHARMACEUTICALS, DIVERSIFIED
4
CONSTRUCTION & ENGR
3
FASHION & RETAIL
2
FOOD & BEVERAGE
EXPATRIATE
1
Filiz Sahenk T
$1.5 BIL #1198 BANKING, MEDIA
14
Faruk Eczacibasi X
$1.4 BIL #1275 PHARMACEUTICALS, DIVERSIFIED
Mehmet Aydinlar X
Sezai Bacaksiz 4
Ahmet Calik T
$1.3 BIL #1367 ENERGY, MEDIA,
BANKING
Turgay Ciner S
ANKARA
3
CESME
Nihat Ozdemir 4
Ahmet Nazif Zorlu T

BODRUM
Ali Ibrahim Agaoglu T

Sek Yilmaz Dizdar
Murat Ulker T
Murat Ulker
$1.2 BIL #1476 FASHION, RETAIL
Husnu Ozyegin T
$2.6 bil #666 FINANCE,
$1.1 BIL #1577 TOURISM,

CONSTRUCTION
Mehmet Nazif Gunal T
DIVERSIFIED
Mustafa Latif Topbas T
Ferit Faik Sahenk T
The chairman of Turkeys largest food company,

Yildiz Holding, whose personal fortune fell $1.5 billion in the past year, is seeking to improve the groups
outlook by uniting his global assets, including Godiva
and United Biscuits, into a
new company called Pladis.
The January restructuring
may be a prelude to an IPO.
Meanwhile, he has divested
his beverage assets, selling
an 80% stake in milk producer Ak Food to Frances
Groupe Lactalis for almost
$1 billion in 2015.
$2.4 BIL #722 BANKING, MEDIA
$1.1 BIL #1577 FOOD

MANUFACTURING, RETAIL
Semahat Sevim Arsel T
Hamdi Akin
Erman Ilicak T
Mehmet Rustu Basaran T
$1 BIL #1694 BANKING, GAS
Mustafa Rahmi Koc T
Sevket Sabanci T
Mustafa Kucuk
Deniz Sahenk T
$2 BIL #906 FASHION, RETAIL
$1 BIL #1694 BANKING, MEDIA
Sarik Tara T
Mehmet Sinan Tara T
Suna Kirac T
Murat Vargi X
$1 BIL #1694 TELECOM
Hamdi Ulukaya S
Fatma Yazici X
$1.8 BIL #1011 CHOBANI YOGURT
UNITED ARAB EMIRATES
UKRAINE
GDP: $339.1 BIL

POPULATION: 9 MIL
GDP: $88.9 BIL

POPULATION: 45 MIL
BILLIONAIRES: 5
TOTAL NET WORTH:
$7.1 BIL
($4.8 BIL VS. 2015)
DUBAI
5
Majid Al Futtaim & family T

RETAIL
Abdulla bin Ahmad Al

Ghurair & family T
KIEV
3
DNEPROPETROVSK
DONETSK
ABU DHABI
Hussain Sajwani
Rinat Akhmetov T
$2.3 BIL #771 STEEL, COAL
Abdulla Al Futtaim T
Henadiy Boholyubov S
$3.1 BIL #549 AUTO DEALERS,

INVESTMENTS

INVESTMENTS
Saif Al Ghurair & family T
Ihor Kolomoyskyy X

INVESTMENTS
Victor Pinchuk T
$1.2 BIL #1476 STEEL PIPES,
DIVERSIFIED
Yuriy Kosiuk T
$1 BIL #1694 AGRICULTURE

WINE-GROWING REGION
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
YILDIZ HOLDING/ANADOLU AGENCY/GETTY IMAGES; STUDIOSHOTS/ALAMY
RICHE ST
$2.9 BIL #595 FOOD

MANUFACTURING
UNITED KINGDOM
N E WS M A K E R
Lord Michael
Ashcroft
GDP: $2.9 TRIL

POPULATION: 65 MIL
($9.4 BIL VS. 2015)
EXPATRIATES
16
TOP SECTORS
6%
12%
82%
INHERITED & GROWING

INHERITED
SELF-MADE
11
FINANCE & INVEST
8
REAL ESTATE
7
DIVERSIFIED
6
FASHION & RETAIL
4
MANUFACTURING
4
MEDIA & ENTERT
NE WCOME R
John Bloor
Bloor reportedly left school at
age 15 to become an apprentice
plasterer and built his rst house
before age 20. Today his Bloor
Homes puts up more than 2,000
residences a year. He also owns
Triumph Motorcycles, the iconic
brand made famous by American
movie stars like James Dean and
Steve McQueen.
Hinduja family X
$14.5 BIL #58 HINDUJA GROUP
David & Simon Reuben S
ABERDEEN
$14.4 BIL #60 INVESTMENTS,

REAL ESTATE
Gerald Cavendish Grosvenor

& family S
Philip & Cristina Green S
GLASGOW
Anthony Bamford & family T

EQUIPMENT
Robert Miller S
James Ratcliffe S
Charles Dunstone T
Joe Lewis T
$2.1 BIL #854 MOBILE PHONES
Martisa Lazari & family
Ian & Richard Livingstone S
Sunil Vaswani
David & Frederick Barclay T
Jonathan Harmsworth T
$4.9 BIL #286 MEDIA, RETAIL
John Coates S
Richard Branson S
Hilton Schlosberg T
$4.9 BIL #286 VIRGIN
Andrew Currie
Laurence Graff & family T
$1.3 BIL #1367 MONSTER

ENERGY DRINKS
$4.6 BIL #317 DIAMOND

JEWELRY
Farhad Moshiri T
Cameron Mackintosh
Bruno Schroder & family T

Clive Calder S
$4.5 BIL #324 RECORD LABEL
James Dyson T
$4 BIL #380 VACUUMS
Denise Coates S
Michael Ashley T
$3.5 BIL #453 SPORTS RETAILING
Bernard Ecclestone & fam T

$3.2 BIL #527 FORMULA ONE
Michael Platt T
$3 BIL #569 HEDGE FUNDS
Peter Hargreaves S
SERVICES
John Whittaker T
Eddie & Sol Zakay T

John Caudwell T
$2.4 BIL #722 MOBILE PHONES
Tom Morris S
ISLE OF MAN
$1.2 BIL #1476 MUSICAL THEATER
John Reece
Ayman Asfari T
$1.1 BIL #1577 OIL SERVICES
Christopher Hohn 4
John Bloor
$1.7 BIL #1067 HEDGE FUND
Stephen Rubin T
$1.7 BIL #1067 SPORTS APPAREL
David Harding S

MANUFACTURING
ABERDYFI
STOKE-ON-TRENT
3
GLOUCESTER
2
HERTFORDSHIRE
CHERTSEY
$1.1 BIL #1577 COMMUNICATIONS
BRISTOL
LONDON
19
Kenneth Lo S
HAMPSHIRE
Anthony Langley
$1.6 BIL #1121 TEXTILES
SILICON
ROUNDABOUT
M4 CORRIDOR
Ian Wood & family T

$1.6 BIL #1121 ENERGY SERVICES
Michael Ashcroft X
N E WS M A K E R
Richard Desmond T
PHILIP & CRISTINA GREEN
The husband-wife duo unloaded their

struggling clothing and homeware
chain, BHS, for just one pound in 2015,
quite a comedown from the $300 million they spent to acquire it in 2002. But
dont feel too bad: Their Arcadia Group
owns European retail favorites such as
Topshop, Dorothy Perkins and Miss Selfridge, which continue to do well.
Alan Howard T
Jasminder Singh & family S

Mark Coombs T
Mark Dixon S
$1.3 BIL #1367 OFFICE
REAL ESTATE

WINE-GROWING REGION
NOTTINGHAMSHIRE
CHESTER
Mohammed Ibrahim X
Raghuvinder Kataria X
MERSEYSIDE
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
PHILIP AND TINA GREEN: KARWAI TANG/GETTY IMAGES;

TRIUMPH MOTORCYCLE: OLEKSIY MAKSYMENKO/ALAMY
WEALTH
ORIGIN
After resigning from the

House of Lords last spring,
Ashcroft published Call Me
Dave, a scathing book about
British Prime Minister David
Cameron. Allegations include
drug use and
snobby behavior. It also claims
that the Oxford
grad once put
his private parts
in a dead pigs
mouth as part
of an initiation
ritual. A Conservative deputy chairman
from 2005 to
2010, Ashcroft admitted his
disappointment that Cameron didnt offer him a job in
his cabinet, but he insists the
book isnt revenge.
We started UNTUCKit
because we had trouble
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decided to make a better
shirt for the untucked man.
#ECUWCNUJKTVVHQTEQOHQTV
not convention, and
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untuckit.com
Visit us at 129 Prince St, NY, NY
UNITED STATES
GDP: $18 TRIL
POPULATION: 322 MIL
TOTAL NET WORTH: $2.4 TRIL ($200 BIL VS. 2015)
LANAI, KAUAI
132
FINANCE & INVEST
SEATTLE
11
73
TECHNOLOGY
15%
INHERITED & GROWING

INHERITED
SELF-MADE
HONOLULU
52
FOOD & BEVERAGE
MISSOULA
2
PORTLAND
3
48
FASHION & RETAIL
BIG HORN
38
REAL ESTATE
BOZEMAN
2
SHERIDAN
NE WS MA KE R
Bill Gates T
$75 BIL #1 MICROSOFT
Warren Buffett T
$60.8 BIL #3 BERKSHIRE
HATHAWAY
Jeff Bezos S
$45.2 BIL #5 AMAZON.COM
Mark Zuckerberg S
Larry Ellison T
$43.6 BIL #7 ORACLE
Michael Bloomberg S
$40 BIL #8 BLOOMBERG LP
Charles Koch T
David Koch T
Larry Page S
Sergey Brin S
Jim Walton T
$33.6 BIL #15 WAL-MART
Alice Walton T
S. Robson Walton T
Sheldon Adelson T
George Soros S
Elizabeth
Holmes
A restorm has surrounded Holmes
blood-testing company, Theranos. Last
fall the FDA said the
company was shipping an unapproved
blood-collection device. In January the
Centers for Medicare
& Medicaid Services found deciencies in a California lab. A few days
later Theranos partner Walgreens suspended sending
tests to that lab and
stopped blood tests
in its Palo Alto, Calif.
store; it still runs
the tests in 40 Arizona stores. As a
result of the troubles, FORBES lowered the estimated
valuation of Theranos. Still, Holmes
remains the worlds
youngest self-made
woman, for now.
JACKSON
6
BOISE
3
DEER VALLEY
PARK CITY
CHICO
SALT LAKE CITY
STOCKTON
SAN FRANCISCO/
SAN JOSE
70
SNOWMASS/ASPEN/BEAVER
CREEK,COLORADO
SANTA CRUZ
$23.5 BIL #26 MICROSOFT
Forrest Mars Jr. T

$23.4 BIL #27 CANDY
Jacqueline Mars T
$23.4 BIL #27 CANDY
John Mars T
$23.4 BIL #27 CANDY
Michael Dell S
$19.8 BIL #35 DELL
Paul Allen X
$17.5 BIL #40 MICROSOFT,
INVESTMENTS
Carl Icahn T
DENVER
7
LAS VEGAS
8
MONTECITO
SANTA BARBARA
RIVERSIDE
LOS ANGELES
43
PHOENIX
9
SAN DIEGO
4
EL PASO
MARK
ZUCKERBERG
Laurene Powell Jobs
& family T
No one on the planet has

had a better year than
Zuck. Facebooks soaring stock price makes him
the worlds biggest gainer,
adding $11.2 billion to his
fortune in 12 months. Plus,
he became a father for the
rst time. To celebrate the
milestone, he and his wife,
Priscilla, announced plans
to give 99% of their Facebook stocknearly all of
their wealthto charitable causes during their lifetime. Zuckerberg has also taken to posting photos and videos of his family on Facebook, including
ones with his daughter, Max, getting her vaccines,
dressed as a Jedi, celebrating her rst Chinese New
Year and hanging out with their dog, Beast.
$16.7 BIL #44 APPLE, DISNEY
Ray Dalio S
James Simons S
Len Blavatnik T
Donald Bren T
Abigail Johnson T
$13.1 BIL #65 MONEY
MANAGEMENT
Steve Cohen S

WINE-GROWING REGION
BOULDER
PEBBLE BEACH
Phil Knight S
Steve Ballmer S
FORT COLLINS
ASPEN

$24.4 BIL #24 NIKE
SUN VALLEY
REDDING
TECH CENTER
PLAYGROUND
FINANCIAL CENTER
ELIZABETH HOLMES: ETHAN PINES; MARK ZUCKERBERG: NEWSCOM;

WAGGONER RANCH: GREGG ELLMAN/MCT/NEWSCOM; STAN KROENKE:
NICK UT/AP; OIL DERRICK: RYAN MCGINNIS/GETTY IMAGES;
DAVID RUBENSTEIN: DREW ANGERER/GETTY IMAGES
17%
68%
The nearly 50% drop in oil prices drained $35.8 billion from the fortunes
of 23 U.S. oil and gas billionaires. No American oilman lost more than
Hamm, whose net worth fell $7.1 billion. At his 2014 peak he was worth
$18.7 billion, but the oil price plunge and a $1 billion divorce judgment
have knocked him down 166
ranks in a year to 262nd.
SAN JUAN
ISLANDS
TOP SECTORS
WEALTH
ORIGIN
N E WS M A K E R
HAROLD HAMM
NEWCO MER
recipes and hairstyles to crafts

and home decor from their
mobile phones or computers,
now has more than 100 million
monthly users. It was most
recently valued at $11 billion in
May 2015, pushing Silbermann,
33, and cofounder Evan
Sharp, 33 (left), into
the billionaire
ranks. They are
2 of a record 66
billionaires under
the age of 40.
BEN SILBERMANN
As a child in Iowa, Silbermann
(right) collected dried insects
pinned to cardboard. As an
adult he and two cofounders
created Pinterest, a site
for virtual collectors
in 2010. The photo
bookmarking site,
which lets users
save and share
image collections
of anything from
MINNEAPOLIS/
ST. PAUL
3
ORONO
Hedge fund tycoon reportedly

dropped $500 million on two paintings, de Koonings
Interchange and
Pollocks Number 17A, last fall.
Sounds pricey, but Griffin was the top-performing hedge funder in 2015, earning $1.7
billion thanks to 14.3% returns (net of
fees) at his agship fund. He
was one of 22 billionaire
fund managers to get
richer this year; 11 saw
HANOVER
their fortunes shrink.
EAU CLAIRE
MADISON
JANESVILLE
SIOUX FALLS
OMAHA
2
KEN
GRIFFIN
BIRCHWOOD
SHEBOYGAN
MANKATO
N E WS M A K E R
BLOOMINGTON
LEXINGTON
NASHVILLE
4
OKLAHOMA CITY
3
TULSA
2
LONG ISLAND
6
PHILADELPHIA
7
NEW JERSEY
8
BALTIMORE
3
LEWISBURG
NEW YORK
74
EXPATRIATES
16
VIRGINIA BEACH
KNOXVILLE 2
SPRINGFIELD
FAYETTEVILLE
4
HAMPTONS
WASHINGTON, DC
9
KENTUCKY DERBY
ST. LOUIS
2
PROVIDENCE
WESTCHESTER
10
PITTSBURGH
2
COLUMBUS
DAYTON
INDIANAPOLIS
2
BOSTON
10
NANTUCKET
LIBERTY
GRAND
RAPIDS
RACINE
4
DES MOINES
KANSAS CITY
COLUMBIA
2
2
WICHITA
CONNECTICUT
12
BUFFALO
ANN DETROIT
ARBOR
5
HOLLAND
CLEVELAND
3
KALAMAZOO
3
CHICAGO
YOUNGSTOWN
18
BELGRADE
CHARLOTTE
CLEVELAND
RALEIGH
2
CHATTANOOGA
2
MEMPHIS
LITTLE ROCK
ATLANTA
9
CHARLESTON
DALLAS/FORT WORTH
22
CISCO
2
SAN ANTONIO
4
DELTONA
KILLEEN
HOUSTON
13
NEW ORLEANS 2
AUSTIN
5
PORT
ST. LUCIE 2
PALM BEACH
CAPE CORAL
NAPLES
5
NE WS MA KE R
Stan Kroenke
Perhaps looking for some breathing room after the
media frenzy surrounding his bid to move the
St. Louis Rams back to Los Angeles (which was approved in January), the press-shy billionaire bought
the massive Waggoner Ranch in northern Texas in
February. The price wasnt disclosed, but the property, which is larger than New York City and has
1,000 oil wells and a 27,000-acre farm, had
been listed at $725 million. He also owns
ranches in Montana, Wyoming and Canada.
N E WS M A K ER
LAKELAND
TAMPA/ST.
PETERSBURG
3
MIAMI/PALM
BEACH
29
ISLAMORADA
MARATHON
DAVID
RUBENSTEIN
One of the private equity nanciers behind the
Carlyle Group is donating $18.5 million to restore the 94-year-old
Lincoln Memorial and
expand exhibits and research there. Its the
fourth national monument that Rubenstein
has helped refurbish. In
all, hes given $44 million toward historic
preservation of U.S. attractions, including the
Washington Monument.

Paul Tudor Jones II S
B IG G E ST LOSE R
Charles Ergen T
CHRISTY WALTON
$12.2 BIL #77 SATELLITE TV
Ronald Perelman T
$12.1 BIL #78 LEVERAGED
BUYOUTS
Stephen Ross S
Patrick Soon-Shiong T
David Tepper S
Thomas Peterffy S
$11.1 BIL #88 DISCOUNT
BROKERAGE
Elon Musk T
$10.7 BIL #94 TESLA MOTORS
Rupert Murdoch & family T
Walton is down big$36.5 billionbut not because of

Wal-Mart stock. Shares have fallen about 23% since last
years list, which would have knocked $9.6 billion off her
$41.7 billion fortune, but previously sealed court documents reveal that she didnt inherit all of her late husband
John Waltons estate upon his
2005 death (he died in an airplane crash). John and Christys only child, Lukas, received
one-third of his fathers fortune;
another half went to charitable
trusts; Christy got the remaining sixth. That split is still good
enough to make Christy the 22ndwealthiest woman in the world.
Lukas, 29, is the 99th-richest person, with a $10.4 billion fortune.
$10.6 BIL #96 MEDIA
Lukas Walton
George Kaiser T
Jack Taylor & family T
Eric Schmidt S
$7.1 BIL #167 OIL & GAS, BANKING
$5.3 BIL #248 ENTERPRISE

RENT-A-CAR
Les Wexner & family T
Samuel Newhouse Jr. S
$10.0 BIL #103 MEDIA
David Geffen T
Philip Anschutz T
James Chambers
Jim Kennedy S
$6.4 BIL #178 MEDIA
$9.7 BIL #108 MEDIA
Katharine Rayner
Blair Parry-Okeden S
$6.4 BIL #178 MEDIA
$9.7 BIL #108 MEDIA
Margaretta Taylor
John Paulson T
$6.4 BIL #178 MEDIA
John Malone T
Stephen Schwarzman T
$6.3 BIL #184 CABLE TELEVISION
Travis Kalanick S
Andrew Beal T
$6.2 BIL #188 UBER
$9.4 BIL #115 BANKS, REAL ESTATE
Gordon Moore T
John Menard Jr. S
$6 BIL #201 INTEL
Shahid Khan S
Donald Newhouse S
$9.3 BIL #116 MEDIA
Richard LeFrak & family T
Leonard Lauder T
Trevor Rees-Jones S
$5.1 BIL #262 ROOFING
Charles Dolan & family S

$5 BIL #270 CABLE TELEVISION
Israel Englander S
Herbert Kohler Jr. & family S

$7.3 BIL #159 PLUMBING
FIXTURES
Edward Johnson III T

$7.2 BIL #163 MONEY
MANAGEMENT
Pierre Omidyar T
$7.2 BIL #163 EBAY
Micky Arison X
$7.1 BIL #167 CARNIVAL CRUISES
David Sun T
Karen Pritzker T

HARDWARE
Donald Trump S
$4.5 BIL #324 TELEVISION, REAL
ESTATE
John Tu T
Edward Roski Jr. T

Walter Scott Jr. & family S

SOFTWARE
Jeffery Hildebrand T
$4.2 BIL #358 OIL
Henry Kravis T
Jeremy Jacobs Sr. S

$3.7 BIL #421 SPORTS
CONCESSIONS
Archie Aldis Emmerson X

$3.6 BIL #435 TIMBERLAND,
LUMBER MILLS
Gwendolyn Sontheim Meyer T
Dannine Avara T
Steven Rales T
$5 BIL #270 DALLAS COWBOYS
David Shaw S
Jim Davis & family S

$4.9 BIL #286 NEW BALANCE
$4.9 BIL #286 QUICKEN LOANS
Andres Santo Domingo S

Carl Cook T
$4.8 BIL #298 PIZZA
Ted Lerner S
Robert Kraft S
$4.8 BIL #298 NEW ENGLAND

PATRIOTS
$4.1 BIL #369 PIPELINES
John Doerr S
Scott Duncan T
Milane Frantz T
George Roberts T
Reinhold Schmieding S
Julian Robertson Jr. S

Harry Stine S
Ronda Stryker T
EQUIPMENT
$3.5 BIL #453 SUBWAY
SANDWICH SHOPS
Jin Sook & Do Won Chang T

$4 BIL #380 FASHION RETAIL
James Jannard S
$4 BIL #380 SUNGLASSES
Nancy Walton Laurie T

$4 BIL #380 WAL-MART
Terrence Pegula S

PRIVATE EQUITY
$4 BIL #380 NATURAL GAS
Daniel Ziff T
Ira Rennert T
Peter Buck S
Richard Kinder T
Dirk Ziff T
Randa Williams T
Sam Zell T
$3.6 BIL #435 CARGILL
$5.4 BIL #240 TIRES
Ray Lee Hunt T

PRODUCTS
Jerry Jones S
$5.5 BIL #233 RALPH LAUREN
$5.4 BIL #240 DISCOUNT

BROKERAGE
Leandro Rizzuto & family S
$3.6 BIL #435 BLOOD TESTING
Ralph Lauren T
Charles Schwab T
$3.8 BIL #403 HOTELS,

INVESTMENTS
$4.2 BIL #358 AGRICULTURE,

WATER
Jerry Speyer X
Leonard Stern T
Martha Ingram & family T
$5.3 BIL #248 OIL, REAL

ESTATE
Robert Ziff T
$3.9 BIL #392 BOOK

DISTRIBUTION, TRANSPORTATION
Bruce Kovner S
Richard DeVos & family T
Rupert Johnson Jr. T
$4.7 BIL #308 AMWAY

SERVICES, REAL ESTATE
Elizabeth Holmes T
Michael & Marian Ilitch

& family X
H. Ross Perot Sr. S
$4.5 BIL #324 MEDIA
Stewart & Lynda Resnick X
$4.9 BIL #286 BEER
Sumner Redstone T
Pauline MacMillan Keinath T
Thomas Frist Jr. & family T
$3.8 BIL #403 SPORTING GOODS

RETAIL
$4.5 BIL #324 STAR WARS
$5 BIL #270 SELF-STORAGE
Tamara Gustavson & family S
James Goodnight S
Bruce Halle T
John Morris T
George Lucas T
David Duffield T
$3.8 BIL #403

PHARMACEUTICALS
Diane Hendricks S
$4.9 BIL #286 BEER
Eli Broad S
Randal Kirk T
Phillip Frost T
Alejandro Santo Domingo S
Ann Walton Kroenke T

MINING
Ken Griffin S
Stanley Druckenmiller S
Dennis Washington T
Leon Black T
$5.1 BIL #262 OIL & GAS
David Green T
Sheldon Solow S
$4.6 BIL #317 U-HAUL
$3.9 BIL #392 EBAY
Harold Hamm T
Robert Rowling T
$7.7 BIL #148 SPORTS, REAL

ESTATE
Mark Shoen X
$3.8 BIL #403 UTILITIES,

TELECOM
Stanley Kroenke S
Jeffrey Skoll X
$4.4 BIL #338 WHATSAPP
John A. Sobrato & family S
$4.6 BIL #317 MONEY

MANAGEMENT
Brian Acton S
Daniel Gilbert S
John Sall S
$5.9 BIL #205 RETAIL & GAS

STATIONS
Hank & Doug Meijer T
Charles Johnson T
Christy Walton & family
Dustin Moskovitz S
$8.6 BIL #129 WHATSAPP
Mary Alice Dorrance

Malone S

HARDWARE
Tom & Judy Love S
Jan Koum S
Whitney MacMillan X
$5.2 BIL #258 OIL & GAS
$9 BIL #122 ESTEE LAUDER

$3.9 BIL #392 MONEY

MANAGEMENT
Rick Caruso
Dan Friedkin S
$3.5 BIL #453 TOYOTA
DEALERSHIPS
Kieu Hoang S
Ronald Lauder T
$3.5 BIL #453 ESTEE LAUDER
Igor Olenicoff T
Isaac Perlmutter T
$3.5 BIL #453 MARVEL COMICS
Robert Rich Jr. S

Haim Saban X
$3.5 BIL #453 TV NETWORK,
INVESTMENTS
ALBERTO E. RODRIGUEZ/GETTY IMAGES
UNITED STATES
Photo Credit: Adrian Espinoza, ChangUr
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Shimon Peres
Ninth President of Israel
Jessica O. Matthews
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FORBES UNDER 30 SUMMIT EMEA
JERUSALEM & TEL AVIV | APRIL 3-7, 2016

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

FOLLOW US @FORBESUNDER30 | #UNDER30SUMMIT
UNITED STATES
Mark Cuban S
Wilbur Ross Jr. T
A. Jerrold Perenchio T
Daniel DAniello T
$3.2 BIL #527 ONLINE MEDIA
Steven Spielberg T
Marianne Liebmann T
Howard Schultz S
$2.6 BIL #666 TELEVISION,

UNIVISION
$2.9 BIL #595 STARBUCKS
Henry Samueli S
Steven Udvar-Hazy T
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Peter Kellogg T

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Lynn Schusterman T
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Herbert Simon T
Ken Fisher S
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Penny Pritzker T
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Stephen Mandel Jr. S
Michael Rubin T
$2.7 BIL #638 ENGINEERING,

CONSTRUCTION
Michael Milken X
Patrick Ryan T
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Robert Duggan S
Randall Rollins S

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Robert Smith
Tom Benson & family S
James Leprino T
William Wrigley Jr. T
$2.2 BIL #810 NEW

ORLEANS SAINTS
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John Middleton
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J. Christopher Reyes T
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$3.1 BIL #549 FOOD

DISTRIBUTION
Stephen Bechtel Jr. T
Jude Reyes T
David Siegel
Bharat Desai & Neerja

Sethi T
Barry Diller X
$2.7 BIL #638 ENGINEERING,

CONSTRUCTION
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SOFTWARE
David Bonderman T
$2.5 BIL #688 PAYROLL

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Jeff Sutton S
Marc Benioff T
Tom Golisano S
Riley Bechtel T
$3.4 BIL #477 ENERGY DRINKS
John Arnold T

John Overdeck
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Nathan Blecharczyk S
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Frederick Smith T
Bubba Cathy S
$3.1 BIL #549 FEDEX
$3.3 BIL #495 CHICK-FIL-A
Donald Sterling S
Dan Cathy S
$3.3 BIL #495 CHICK-FIL-A
Roger Wang T
Brian Chesky S
Stephen Bisciotti S
Edward DeBartolo Jr. T
$3 BIL #569 OUTSOURCING,

FOOTBALL
David Murdock T
Jack Dangermond S
$2.7 BIL #638 DOLE,

REAL ESTATE
George Bishop T
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SOFTWARE
Thomas Pritzker T
Jim Breyer S
Dagmar Dolby & family T

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$3 BIL #569 DOLBY

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Peter Thiel S
Min Kao & family T
Bennett Dorrance S
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PALANTIR
Judy Faulkner T
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EQUIPMENT
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Joe Gebbia S
Tom Gores S
Jeff Greene S
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H. Fisk Johnson S
$3.3 BIL #495 CLEANING
PRODUCTS
Imogene Powers Johnson S

PRODUCTS
$3 BIL #569 CAMPBELL SOUP
$2.6 BIL #666 HOME DEPOT
$3 BIL #569 RESTAURANTS,

CASINOS
$2.6 BIL #666 GAP
$3 BIL #569 CABLE TELEVISION

PRODUCTS
Oprah Winfrey X
H. Wayne Huizenga X
David Rockefeller Sr. X
S. Curtis Johnson S

PRODUCTS
Doris Fisher T
Amos Hostetter Jr. T
$3 BIL #569 OIL, BANKING
Helen Johnson-Leipold S
Arthur Blank S
Tilman Fertitta S
Daniel Loeb S
Michael Moritz X
$3 BIL #569 TV SHOWS
John Paul DeJoria S

$2.9 BIL #595 HAIR PRODUCTS,
TEQUILA
Daniel Och T
Winnie Johnson-Marquart S
PRODUCTS
Bernard Marcus T
$3.3 BIL #495 HOME DEPOT
Clayton Mathile T
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Robert McNair S
$3.3 BIL #495 ENERGY, SPORTS
Jorge Perez S
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Joan Tisch S
Austen Cargill II T
James Cargill II T
Leon G. Cooperman T
NE WS MA K E R
Donald Trump
His abrasive, long-shot campaign is looking less unrealistic after big wins in early primaries. So far hes had to
spend only $18 million of his $4.5 billion fortune on his
run (in all, his campaign has raised just $25 million). Others havent seen
such a strong return on investment: 27 billionaire megadonors,
including Richard
Kinder and Kelcy
Warren, have
given a collective $46 million to
candidates who
are already out of
the race.
$2.4 BIL #722 OIL & GAS
Chase Coleman III S
$2.4 BIL #722 HEALTH IT
Reid Hoffman T
$2.4 BIL #722 LINKEDIN
Douglas Leone S
George Lindemann & fam T

C. Dean Metropoulos S
Sean Parker T
Phillip Ruffin S
$2.4 BIL #722 CASINOS, REAL
ESTATE
Julio Mario Santo

Domingo III S
$2.4 BIL #722 BEER
Richard Schulze T
$2.4 BIL #722 BEST BUY
Clemmie Spangler Jr. S

Warren Stephens T
John Fisher T
$2.2 BIL #810 GAP
Noam Gottesman S
Joshua Harris T
B. Wayne Hughes T
$2.2 BIL #810 SELF STORAGE
Brad Kelley S
Edward Lampert T
$2.2 BIL #810 SEARS
Gabe Newell S
$2.2 BIL #810 VIDEOGAMES
Jay Paul S
Richard Peery T
Marc Rowan T
David Rubenstein T
Thomas Siebel T
SOFTWARE
Paul Singer S
Ted Turner X
$2.2 BIL #810 CABLE TELEVISION
Mark Walter S
Ty Warner X
S. Daniel Abraham X

PLUSH TOYS
$2.1 BIL #854 SLIM-FAST
Dean White T

EQUIPMENT
$2.4 BIL #722 BILLBOARDS,

HOTELS
Steve Wynn T
$2.4 BIL #722 CASINOS, HOTELS

BANKING
William Conway Jr. T

John Arrillaga T
John Brown X
James Coulter T
David Filo T
$2.1 BIL #854 YAHOO
DAVID A. GROGAN/CNBC/GETTY IMAGES
$3.5 BIL #453 MOVIES
INVEST LIKE
A BILLIONAIRE
At Forbes, weve been studying the great wealth
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Over this long period of time, whats been
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$3
S
Lo hoc
w ki
Pr ng
ice
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9 95
ea
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Actual size
is 40.6 mm
Are YOU one of the One Percent?

REVEALED: Less than 1 in 100 can ever own
a perfect American Silver Eagle
illions of people collect the

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The Secret One Percent

American Eagle Silver Dollars are issued by
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2016 marks the 30th anniversary of massive,
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THE BEST SOURCE FOR COINS WORLDWIDE
Reed Hastings
Working for a billionaire has
its perks. In August Hastings Netix announced unlimited paid parental leave,
on top of its unlimited vacation policy. Jeffery Hildebrands oil & gas concern,
Hilcorp, doled out $100,000
bonuses to all 1,350 employees in 2015 for meeting
ve-year targets. And when
Donald Friese sold his glass
manufacturing and distribution company last year, he
parceled out $85 million of what he pocketed to employees there longer than a year. The minimum was $5,000;
some got more than $1 million apiece.
Norman Braman T
Alexander Spanos & fam S
Ronald Wanek T
$1.8 BIL #1011 ART, CAR

DEALERSHIPS
James Clark S
Kelcy Warren T
Jerry Yang T
$1.5 BIL #1198 YAHOO
Richard Yuengling Jr. T
William Young S
$1.7 BIL #1067 BEER
$1.5 BIL #1198 PLASTICS
O. Francis Biondi S
Charles Zegar S
$1.5 BIL #1198 BLOOMBERG LP
Victor Fung T
Herbert Allen Jr. & family X
$1.6 BIL #1121 TRADING COMPANY

BANKING
$1.8 BIL #1011 NETSCAPE,

INVESTMENTS
Sanford Diller S
Kenneth Feld & family X

$1.8 BIL #1011 CIRCUS, LIVE
ENTERTAINMENT
Jeffrey Lurie S
$1.8 BIL #1011 PHILADELPHIA
EAGLES
$1.6 BIL #1121 TRUCK STOPS
Maggie Magerko S
$1.8 BIL #1011 BUILDING

MATERIALS
Arturo Moreno S
$1.8 BIL #1011 BILLBOARDS
Manuel Moroun & family T
UNITED STATES
Robert Pera S
$1.8 BIL #1011 TRANSPORTATION
$2 BIL #906 WIRELESS

NETWORKING GEAR
Bobby Murphy S
$2.1 BIL #854 GETTY OIL
Daniel Pritzker T
Alec Gores X
$2 BIL #906 HOTELS,

INVESTMENTS
Jonathan Nelson T
Gordon Getty X
John Henry S
$2.1 BIL #854 SPORTS
Stanley Hubbard S
$2.1 BIL #854 DIRECTV
Stewart Rahr S
$1.8 BIL #1011 SNAPCHAT

Linda Pritzker X
$2 BIL #906 DRUG DISTRIBUTION

INVESTMENTS
Larry Robbins T
Jeff Rothschild S
Thomas Secunda S
Bill Haslam T
Brian Higgins S
Jim Justice II T
$1.6 BIL #1121 COAL
Alexander Karp S
Christopher Cline T
$1.4 BIL #1275 COAL
Darwin Deason T
$1.4 BIL #1275 XEROX
David Einhorn T
$1.6 BIL #1121 SOFTWARE FIRM
Frank Fertitta III T
Gary Michelson S
$1.6 BIL #1121 MEDICAL PATENTS
$1.4 BIL #1275 CASINOS,

ULTIMATE FIGHTING
CHAMPIONSHIP
Peter Peterson T
Lorenzo Fertitta T
Ben Silbermann
$1.6 BIL #1121 PINTEREST
Charles Simonyi S
$1.6 BIL #1121 MICROSOFT
Thomas Steyer X
Kavitark Ram Shriram T
Henry Swieca S
$1.4 BIL #1275 CASINOS,

ULTIMATE FIGHTING
CHAMPIONSHIP
Robert Fisher T
$1.4 BIL #1275 GAP
William Fisher T
$1.4 BIL #1275 GAP
Mario Gabelli T
$1.8 BIL #1011 VENTURE CAPITAL,

GOOGLE

MANAGEMENT
Charlotte Colket Weber S
Mark Stevens S
Alan Gerry X
Louis Bacon S
Jon Yarbrough T
Glen Taylor T
$1.6 BIL #1121 VIDEOGAMES
Jonathan Gray T
Scott Cook X
$1.8 BIL #1011 PRINTING
Leslie Alexander T
Jean (Gigi) Pritzker T
John Tyson S
$1.5 BIL #1198 HOUSTON ROCKETS
Jeffrey Gundlach S

INVESTMENTS
Rakesh Gangwal
$1.8 BIL #1011 FOOD PROCESSING
Nicolas Berggruen X
$1.9 BIL #959 AIRLINES
Amy Wyss T
Timothy Headington T
Scott Simplot
Joseph Grendys X

EQUIPMENT
Ron Burkle T
$1.4 BIL #1275 OIL & GAS,

INVESTMENTS
Johnelle Hunt T
$2.1 BIL #854 TRUCKING
Aerin Lauder Zinterhofer S

Joe Mansueto T
RESEARCH
Dan Snyder S
$2.1 BIL #854 WASHINGTON
REDSKINS
Evan Spiegel S
$2.1 BIL #854 SNAPCHAT
William Ackman T
Ron Baron T
$2 BIL #906 MONEY
MANAGEMENT
James Dinan T
$2 BIL #906 BLOOMBERG LP
David Walentas S
$1.9 BIL #959 MEAT PROCESSING
Bruce Karsh T
William Koch T
Howard Marks T
Drayton McLane Jr. T
Sarah Chaney T
Carol Jenkins Barnett S
$1.7 BIL #1067 PUBLIX

SUPERMARKETS
Alexandra Daitch T
Timothy Boyle S
$1.7 BIL #1067 COLUMBIA
SPORTSWEAR
Ray Davis T
Jon Stryker T
W. Herbert Hunt X
Glenn Dubin X
Vincent Viola S
Gerald Ford T
$1.9 BIL #959 WAL-MART,

LOGISTICS
EQUIPMENT
Anita Zucker T
$1.9 BIL #959 ELECTRONIC

TRADING

$1.7 BIL #1067 OIL
Marc Lasry T
Jeffrey Lorberbaum T
$1.7 BIL #1067 FLOORING
$2 BIL #906 BANKING
Meg Whitman T
James France T
$1.9 BIL #959 EBAY
Catherine Lozick T
$2 BIL #906 NASCAR, RACING
Denise York 4
Bill Gross T
$1.9 BIL #959 SAN

FRANCISCO 49ERS
$1.7 BIL #1067 VALVE

MANUFACTURING
John Kapoor T
$2 BIL #906 HEALTH CARE
Thomas Lee X
$2 BIL #906 LEVERAGED
BUYOUTS
Henry Nicholas III S

$2 BIL #906 SEMICONDUCTORS
Bob Parsons S
$2 BIL #906 WEB HOSTING
$1.5 BIL #1198 SUPERMARKETS,

INVESTMENTS
John Farber T
Christopher Goldsbury X
$1.5 BIL #1198 SALSA
David Gottesman T
Ryan Graves S
$1.5 BIL #1198 UBER
George Joseph X
B. Wayne Hughes Jr. S

$1.4 BIL #1275 STORAGE
FACILITIES
Hamilton James T
Eric Lefkofsky T
$1.4 BIL #1275 GROUPON
David Lichtenstein
Gary Magness T
$1.4 BIL #1275 CABLE TV,
INVESTMENTS
Billy Joe (Red) McCombs T

OIL, CARS
Gail Miller
Vinod Khosla T
$1.4 BIL #1275 BASKETBALL, CAR

DEALERS
Neal Patterson T
Nelson Peltz T
Craig McCaw T
H. Ross Perot Jr. T
Roger Penske S

INVESTMENTS
Forrest Preston T
$1.4 BIL #1275 CARS
Phillip Ragon T
Nicholas Pritzker II T
Edward Bass T
Jennifer Pritzker T

INVESTMENTS
Lucy Stitzer T
Don Simplot
Katherine Tanner T
Sid Bass S
Gay Simplot
Jim Thompson X
George Argyros & family T
Lee Bass T

Todd Wagner X
$1.4 BIL #1275 CABLE

TELEVISION

INVESTMENTS
Rodney Sacks T
$1.4 BIL #1275 ENERGY DRINKS
T. Denny Sanford 4
CREDIT CARDS
Fayez Sarom T
MANAGEMENT
JACOPO RAULE/GETTY IMAGES
NEWSMAKER
Celebrates
Womens Leadership
2016 World Economic Forum Annual Meeting in Davos, Switzerland
Honorees from the Forbes

100 Most Powerful Women List:
MARY BARRA, CEO, General Motors Company
ANA BOTIN, Executive Chairman, Banco Santander, S.A.
In recognition of the critical role women

leaders play in shaping and advancing
the global economy, Moira Forbes and
Mark Weinberger, Global Chairman
and CEO of EY, paid special tribute to
this years honorees.
BETH BROOKE-MARCINIAK, Global Vice Chair, Public Policy, EY

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

with EY here in Davos for the past 10
years to honor such an accomplished
group of female leaders.
Moira Forbes, EVP,
Forbes Media
UNITED STATES
Jim Davis S
William Berkley X
Paul Fireman X
Cargill MacMillan III X
$1.2 BIL #1476 STAFFING &

RECRUITING FIRM
$1 BIL #1694 REEBOK
$1 BIL #1694 CARGILL
$1.3 BIL #1367 TELEVISION
Paul Foster T
Sara Blakely S
J. Christopher Flowers T
John MacMillan X
$1.1 BIL #1577 SPANX
David Booth T
$1.2 BIL #1476 OIL REFINING
$1.3 BIL #1367 MUTUAL FUNDS
Reed Hastings S
Charles Brandes T
Donald Friese
Martha MacMillan X
Steve Case T

MANAGEMENT
$1 BIL #1694 MANUFACTURING
$1.2 BIL #1476 NETFLIX
$1.3 BIL #1367 AOL
Richard Hayne T
Henry Engelhardt X
Ken Grossman X
William MacMillan X
$1 BIL #1694 BEER
Herb Chambers
$1.2 BIL #1476 URBAN

OUTFITTERS
David Hindawi
George Marcus
Stewart Horejsi & family T
Orion Hindawi
Miguel McKelvey
$1 BIL #1694 WEWORK
Daniel Hirschfeld T
John Morgridge T

RETAILER
$1 BIL #1694 COMPUTER

HARDWARE
Irwin Jacobs T
Drew Houston T
Mark Pincus 4
$1.1 BIL #1577 SEMICONDUCTORS
$1 BIL #1694 DROPBOX
$1 BIL #1694 ONLINE GAMES
Howard Jenkins
Thomas Kaplan X
Andrea Reimann-Ciardelli X
$1.1 BIL #1577 PUBLIX
$1 BIL #1694 CONSUMER GOODS
Summereld Johnston Jr. S
Nancy Lerner 4
Evan Sharp
$1.1 BIL #1577 COCA-COLA
$1 BIL #1694 PINTEREST
Michael Jordan S
Norma Lerner 4
William Stone
$1.2 BIL #1476 DEPARTMENT

STORES
$1.1 BIL #1577 SPORTS TEAM
Conrad Prebys
Jane Lauder T
Randolph Lerner 4
Sun Hongbin T
Antony Ressler T
Rodney Lewis T
Sanford Weill X
$1 BIL #1694 NATURAL GAS
$1 BIL #1694 CITIGROUP
Martin Selig
William Macaulay T
$1 BIL #1694 ENERGY

INVESTMENTS
Edmund Ansin T
$1.3 BIL #1367 CAR DEALERSHIPS
John Edson X

HATHAWAY
$1.3 BIL #1367 LEISURE CRAFT
Martha Ford T
Dorrance Hamilton & fam X

Michael Krasny T
$1.3 BIL #1367 FORD MOTOR
J. Tomilson Hill T
Anne Gittinger T
William Lauder
$1.3 BIL #1367 NORDSTROM

DEPARTMENT STORES
$1.2 BIL #1476 ESTEE LAUDER
John Martin S
Sidney Kimmel X
Charles Munger T
Seth Klarman T

HATHAWAY
James Leininger X
Bruce Nordstrom T

PRODUCTS
Jerry Reinsdorf X
$1.3 BIL #1367 SPORTS TEAMS
J. Joe Ricketts T
Michael Price T
$1.3 BIL #1367 TD AMERITRADE
Brian Roberts T
Sheryl Sandberg S
$1.3 BIL #1367 COMCAST
Alexander Rovt S
Evgeny (Eugene) Shvidler T
$1.3 BIL #1367 FERTILIZER,

REAL ESTATE
$1.2 BIL #1476 OIL & GAS,

INVESTMENTS
Leonard Schleifer X
Kenneth Tuchman X
$1.1 BIL #1577 OUTSOURCING
Michael Steinhardt T
Thomas Tull
$1.1 BIL #1577 MOVIES
Bill Alfond
Kenny Troutt T
William F. Austin T
$1.3 BIL #1367

TELECOMMUNICATIONS
$1 BIL #1694 HEARING AIDS
Peter Alfond
Dan Wilks T
Susan Alfond
Farris Wilks T
Ted Alfond
Evan Williams T
$1.3 BIL #1367 TWITTER
Thomas Bailey X
Elaine Wynn T

MANAGEMENT
$1.3 BIL #1367 CASINOS, HOTELS

$1.1 BIL #1577 U-HAUL
Wilma Tisch T
Brian Sheth
E. Joe Shoen X
Peter Sperling T
$1.3 BIL #1367

PHARMACEUTICALS
Stephen Feinberg T
Fred Chang X
$1 BIL #1694 ONLINE RETAIL
Leon Charney X
Robert Citrone X
$1 BIL #1694 HEDGE FUND
Jack Dorsey T
$1 BIL #1694 TWITTER
METHODOLOGY
The FORBES Billionaires list is a snapshot of wealth taken
on Feb. 12, when we locked in stock prices and exchange
rates from around the world. It lists individuals rather than
multigenerational families who share large fortunes. We include wealth belonging to a billionaires spouse and children if that person is the founder of the fortune. In some
cases we list siblings or couples together if the ownership
breakdown among them isnt clear, but here an estimated net worth of $1 billion per person is needed to make the
cut. We value a variety of assets and stakes, including private companies, real estate, art, yachts and more. We dont
pretend to know each billionaires private balance sheet
(though some provide it). In cases where documentation
isnt supplied, we discount fortunes. For complete proles
see Forbes.com/billionaires.
VENEZUELA
VIETNAM
GDP: $134.3 BIL

POPULATION: 31 MIL
BILLIONAIRES: 3
TOTAL NET WORTH:
$7.2 BIL ($2.4 BIL VS. 2015)
GDP: $193.4 BIL

POPULATION: 93 MIL
BILLIONAIRES: 1
BIL (+$100 MIL VS. 2015)
CARACAS
2
Juan Carlos Escotet S
Pham Nhat Vuong S
Gustavo Cisneros & family T

$2 BIL #906 MEDIA
Lorenzo Mendoza & family T

EXPATRIATE
1

WINE-GROWING REGION
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FINANCIAL CENTER
HANOI
Get your free guide to

tax-free municipal bonds.
Please call (800) 498-9084 right now.
Municipal Bonds Offer Three Big Advantages.
Advantage #1: The potential safety of principal.
If youre a prudent investor in need of investment income, you
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retirement or are already retired, you want to do everything you can to
make sure your investments can support your retirement. Thats why
our free Bond Guide makes must reading.
Advantage #2: The potential for regular, predictable income.

When you invest in municipal bonds, you typically get interest
payments every six months unless they get called or default. Because
default rates for the investment-grade-rated bonds favored by Hennion
& Walsh are historically low (according to Moodys 2012 research,*) you
can enjoy a regular income stream in retirement. Please note that if a
bond is called, any bond you may buy in the future with the proceeds,
may earn more or less than the original called bond.
Advantage #3: The potential for tax-free income.

Good news! Income from municipal bonds is NOT subject to federal
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About Hennion & Walsh

Since 1990, Hennion & Walsh has specialized in investment grade
tax-free municipal bonds. The company supervises over $2 billion in
assets in over 15,000 accounts and provides individual investors with
institutional quality service and personal attention.
Dear Investor,
We urge you to call and get your free Bond Guide. Having
tax-free municipal bonds as part of your portfolio can help
get your investments back on track and put you on a path to
achieving your investment goals. Getting your no-obligation
guide could be the smartest investment decision youll make.
201 Hennion and Walsh. Securities offered through Hennion & Walsh Inc. Member of
FINRA, SIPC. Investing in bonds involves risk including possible loss of principal. Income
may be subject to state, local or federal alternative minimum tax. When interest rates rise, bond
prices fall, and when interest rates fall, bond prices rise. *Source: Moodys Investor Service,
March 7, 2012 U.S. Municipal Bond Defaults and Recoveries. 1970-2011. Past performance
is not guarantee of future results.
Heres just some of

what youll learn . . .
Why municipal bonds may
deserve a place in your
portfolio. (Page 1)
Why insured bonds often
provide an extra degree of
security. (Page 2)
Why municipal bonds can
potentially provide safety of
principal. (Page 3)
How municipal bonds can
potentially provide tax-free
income. (Page 3)
Strategies for smart bond
investing. (Page 4)
Municipal bond facts every
investor should know. (Page 4)
Plus lots more!
FREE
Bond Guide
Without Cost or Obligation
CALL
(800) 498-9084
(for fastest service, call
between 8 a.m. and 6 p.m.)
Hennion & Walsh, Bond Guide Offer
2001 Route 46, Waterview Plaza
Parsippany, NJ 07054
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THOUGHTS
On Losing It
You just
need to
be nice to
yourself
sometimes
after a loss.
VENUS WILLIAMS
Its so much
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light goes out
than it would
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If you have
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JOHN STEINBECK
JOHN C. BOGLE
TAKE CARE
TO SELL YOUR
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HE DIES /
THE ART OF
LIFE IS PASSING
LOSSES ON.
EVEN BEING RIGHT THREE OR FOUR TIMES OUT OF

TEN SHOULD YIELD A PERSON A FORTUNE IF HE
HAS THE SENSE TO CUT HIS LOSSES QUICKLY ON
THE VENTURES WHERE HE IS WRONG.
BERNARD BARUCH
Absence is a house
so vast that inside
you will pass through
its walls and hang
pictures on the air.
ROBERT FROST
Im only rich because I know when

Im wrong. I basically have survived
by recognizing my mistakes.
PABLO NERUDA
And this is the will of him

who sent me, that I shall
lose none of all those he has
given me, but raise them up
at the last day.
JOHN 6:39
Though it
is right to be
prepared for
the worst, there
is no occasion
to look on it as
certain.
JANE AUSTEN
We had a kettle, we let it leak:

Our not repairing made it worse.
We havent had any tea for a week
The bottom is out of the universe.
ONE LOSS IS GOOD

FOR THE SOUL.
TOO MANY LOSSES
IS NOT GOOD FOR
THE COACH.
MOSTLY IT IS LOSS WHICH TEACHES US

ABOUT THE WORTH OF THINGS.
KNUTE ROCKNE
ARTHUR SCHOPENHAUER
RUDYARD KIPLING
FINAL
THOUGHT
No valleys, no
mountaintops.
B.C. FORBES
CORRECTION: IN THOUGHTS ON
MOVIES (FEB. 29), WE ERRONEOUSLY IDENTIFIED A PHOTOGRAPH
OF HEDY LAMARR AS ONE OF
VIVIEN LEIGH. WE REGRET THE
ERROR AND APOLOGIZE TO BOTH
LATE SCREEN QUEENS, WHO DID
LOOK AN AWFUL LOT ALIKE.
SOURCES: THE WINTER OF OUR DISCONTENT, BY JOHN STEINBECK; THE TIMES BOOK OF QUOTATIONS; PARERGA AND PARALIPOMENA,
BY ARTHUR SCHOPENHAUER; GOODREADS.COM; PRIDE AND PREJUDICE, BY JANE AUSTEN; THE COLLECTED POEMS OF RUDYARD KIPLING.
EVERETT COLLECTION/NEWSCOM; DAVID YELLEN; GETTY IMAGES; EVENING STANDARD/GETTY IMAGES; ANDY LYONS/GETTY IMAGES
GEORGE SOROS
Watch the whole story at
slack.com/animals
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of all shapes and species.

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Contents // MARCH 21, 2016

VOLUME 197 NUMBER 4

FILIP PERAI FOR FORBES

10 | FORBES MARCH 21, 2016

Fly toward something better with the help of 80,000 employees

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19 | FACT & COMMENT // STEVE FORBES

28 | NOTABLE NEWCOMER: CAMERON MACKINTOSH

32 | THE RICHEST UNDER 40

34 | REAL ESTATE: TRUMPING THE WHITE HOUSE

36 | FORBES @ 100: BILLIONAIRES FIRST BOW

24 | INNOVATION RULES // RICH KARLGAARD

By 2050 the worlds population over

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76 | THE DONALD OF DUBAI

83 | THE WORLDS BILLIONAIRES

14 | FORBES MARCH 21, 2016

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