Wednesday, March 11, 2009

World's Billionaires 2009

12. S. Robson Walton

Net Worth: $17.6 billion

Source: Wal-Mart/U.S.

Age: 65

Marital Status: Divorced, remarried; three children

Wal-Mart remains the exception to the rule in the crumbling retail sector, thanks to its global footprint and deeply discounted prices. Also helping: the exodus of competitors like Circuit City and Linens 'n Things.

12. Alice Walton

Net Worth: $17.6 billion

Source: Wal-Mart/U.S.

Age: 59

Marital Status: Twice divorced

Wal-Mart remains the exception to the rule in the crumbling retail sector, thanks to its global footprint and deeply discounted prices. Also helping: the exodus of competitors like Circuit City and Linens 'n Things.
Shares down 25% since September.
Fourth-quarter profit hurt by lawsuit settlements, poor currency exchange; still beat analyst expectations.
Stake in solar-paneling outfit First Solar fared far worse; shares down 60% since August after surging 120% in previous 12 months.
Sam Walton started as J.C. Penney clerk in 1940; opened Newport, Ark., five-and-dime store Benjamin Franklin five years later. Lost lease in 1950.
With brother James started general store chain in Bentonville, Ark., in 1962.
Today Wal-Mart is world's largest retailer: 7,200 stores, 2 million employees serve 200 million customers. Sales: $378 billion.
Alice's Crystal Bridges art museum in Bentonville under construction. Collection already growing; acquisitions include Sargent's "Robert Louis Stevenson and His Wife," Benton's "Ploughing It Under."

12. Christy Walton & family

Net Worth: $17.6 billion

Source: Wal-Mart/U.S.

Age: 54

Marital Status: Widowed, one child

Wal-Mart remains the exception to the rule in the crumbling retail sector, thanks to its global footprint and deeply discounted prices. Also helping: the exodus of competitors like Circuit City and Linens 'n Things.
Shares down 25% since September.
Fourth-quarter profit hurt by lawsuit settlements, poor currency exchange; still beat analyst expectations.
Stake in solar-paneling outfit First Solar fared far worse; shares down 60% since August after surging 120% in previous 12 months.
Sam Walton started as J.C. Penney clerk in 1940; opened Newport, Ark., five-and-dime store Benjamin Franklin five years later. Lost lease in 1950.
With brother James started general store chain in Bentonville, Ark., in 1962.
Today Wal-Mart is world's largest retailer: 7,200 stores, 2 million employees serve 200 million customers. Sales: $378 billion.
Christy is the widow of John Walton (died 2005); donated seven-acre San Diego home to Cross Border Philanthropy.

15. Bernard Arnault

Net Worth: $16.5 billion

Source: Luxury goods/France

Age: 60

Marital Status: Divorced, remarried; five children

France's richest man lost $9 billion in the past year, as shares of his $22 billion (sales) luxury goods group, LVMH Moët Hennessy Louis Vuitton, dropped 29%.
Sailing into new waters: bought Princess Yachts, one of Britain's oldest luxury motorboat manufacturers, last summer; picked up yacht builder Royal van Lent soon after.
Via his investment arm, Groupe Arnault, owns French tour operator Go Voyages and has a stake in French retailer Carrefour.
Built Le Cheval Blanc in French ski resort town of Courchevel, where he often likes to spend New Year's Eve.
Also owns two wineries with good friend, Belgian billionaire Albert Frere.
Father made small fortune in construction; Arnault put up $15 million from that business to buy Christian Dior in 1985. Still a family affair, as both son Antoine, 31, and daughter, Delphine, 33, sit on LVMH's board.
Wife is a concert pianist; Arnault himself reported to be an excellent piano player.

16. Li Ka-shing

Net Worth: $16.2 billion

Source: Ports, retail, energy/Hong Kong

Age: 80

Marital Status: Widowed, two children

Net worth of Hong Kong's "Superman" is down $10 billion in the past year, as stock of his publicly traded conglomerates Cheung Kong and Hutchison Whampoa tumbled.
The two companies are about to start construction on a property project in Shanghai, China.
HW's retail group plans to open 120 stores in China in 2009.
Through the two companies, Li is world's largest operator of container terminals, world's largest health and beauty retailer by number of outlets, a major supplier of electricity to Hong Kong, and a real estate developer.
His second-largest holding: Canadian oil firm Husky Energy, which cut spending by almost a third for 2009.
Charitable foundation recently raised $510 million by selling 40% of its stake in Bank of China.
Avid golfer plays almost every day; sank his 15th hole in one in September.
Poor immigrant sold plastic flowers in Hong Kong in the 1950s.
Eldest son, Victor, helps him run businesses; son Richard struck out on his own in early 1990s and is a billionaire in his own right.

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World's Billionaires 2009

7. Mukesh Ambani

Net Worth: $19.5 billion

Source: Petrochemicals/India

Age: 51

Marital Status: Married, three children

Oversees Reliance Industries, India's most valuable company by market cap, despite stock falling 40% in past year

Merging his Reliance Petroleum with flagship Reliance Industries. As part of deal, will exercise right to buy back Chevron's 5% stake in Reliance Petroleum at $1.2 per share--the same price at which he sold it three years ago. Today the stock trades for $1.80 a share.
Increased stake in Reliance Industries last October; paid $3.4 billion to convert 120 million preferential warrants into shares.
Reliance Petroleum refinery on India's western coast began operating in December despite falling global demand and declining margins.
Late father Dhirubhai founded Reliance and built it into a massive conglomerate. After he died, Mukesh and his brother, Anil, ran the family business together for a brief time. But siblings feuded over control; mother eventually brokered split of assets. Brothers may be looking to bury hatchet; played joint hosts at mother's recent 75th birthday bash.
Has yet to move into his 27-story home that he's building at a reported cost of $1 billion.
Ardent fan of Bollywood films.
Wife, Nita, oversees school named after his father.

8. Lakshmi Mittal

Net Worth: $19.3 billion

Source: Steel/India

Age: 58

Marital Status: Married, two children

Indian immigrant heads world's largest steel company; ArcelorMittal was formed via hostile takeover three years ago.
Stock in company makes up bulk of his fortune; shares at a four-year low, with steel prices down 75% since last summer.
Company forced to pay heavy fines after a French antitrust investigation found 10 companies guilty of price-fixing in European steel markets.
Arcelor posted $2.6 billion loss in most recent quarter; announced plans to slow acquisitions, cut capital expenditures, pay down debt.
Started in family steel business in the 1970s, branched out on his own in 1994.
Initially bought up steel mills on the cheap in Eastern Europe. Company bought 19.9% stake in Australia's Macarthur Coal last year.
Also owns pieces of Mumbai's Indiabulls Group, London's RAB Capital; owns stake in, sits on board of Goldman Sachs.
Holds substantial cash; owns 12-bedroom mansion in London's posh Kensington neighborhood.

9. Theo Albrecht

Net Worth: $18.8 billion

Source: Supermarkets/Germany

Age: 87

Marital Status: Married, two children

Runs discount supermarket group Aldi Nord; firm holding up amid economic downturn. Sales expected to hit $31 billion in 2008.
After World War II he and older brother Karl transformed their mother's corner grocery into Aldi.
Brothers split ownership in 1961; Karl took the stores in southern Germany, plus the rights to the brand in the U.K., Australia and the U.S. Theo got the northern Germany stores and the rest of Europe.
Unable to operate Aldi stores in U.S., Theo developed discount food store Trader Joe's; now has more than 320 U.S. stores.
Also owns stake in Supervalu.
Became a recluse after being kidnapped for 17 days in 1971; said to collect old typewriters, loves golf.

10. Amancio Ortega

Net Worth: $18.3 billion

Source: Fashion/Spain

Age: 73

Marital Status: Divorced, remarried; three children

Railway worker's son started as a gofer in a shirt store.
With then wife Rosalia Mera, also now a billionaire, started making dressing gowns and lingerie in their living room.
Business became one of world's most successful apparel manufacturers.
Today Inditex has more than 4,000 stores in 71 countries. Sales: $12.3 billion. Ortega is chairman.
Company exported its cheap chic Zara stores to four new markets last year: Ukraine, South Korea, Montenegro and Honduras.
Stock up 1% in past 12 months, but fortune down because of weak euro.
Also has personal investments in gas, tourism, banks and real estate.
Owns properties in Madrid, Spain; Paris; London; and Lisbon, Portugal; plus a luxury hotel and apartment complex in Miami, a horse-jumping circuit and an interest in a soccer league.
Shuns neckties and fanfare.
Daughter Marta works for Inditex; recent speculation suggests she is being groomed to eventually replace her father.

11. Jim C. Walton

Net Worth: $17.8 billion

Source: Wal-Mart/U.S.

Age: 61

Marital Status: Married, four children

Wal-Mart remains the exception to the rule in the crumbling retail sector, thanks to its global footprint and deeply discounted prices. Also helping: the exodus of competitors like Circuit City and Linens 'n Things.
Shares down 25% since September.
Fourth-quarter profit hurt by lawsuit settlements, poor currency exchange; still beat analyst expectations.
Stake in solar-paneling outfit First Solar fared far worse; shares down 60% since August after surging 120% in previous 12 months.
Sam Walton started as J.C. Penney clerk in 1940; opened Newport, Ark., five-and-dime store Benjamin Franklin five years later. Lost lease in 1950.
With brother James started general store chain in Bentonville, Ark., in 1962.
Today Wal-Mart is world's largest retailer: 7,200 stores, 2 million employees serve 200 million customers. Sales: $378 billion.
Jim chairs Arvest Bank Group, Community Publishers.

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Lawrence Ellison

World's Billionaires 2009

4. Lawrence Ellison

Net Worth: $22.5 billion

Source: Oracle/U.S.

Age: 64

Marital Status: Thrice divorced, remarried; two children

Database titan continues to engulf the competition; Oracle has racked up 49 acquisitions in the past four years.
Bought BEA Systems for $8.5 billion last year. Company still sitting on $7 billion in cash. Revenues up 11% to $10.9 billion in the six months ended Nov. 30, 2007; profits also up 11% to $2.4 billion. Stock down 25% in past 12 months.
Invested $125 million in Web software outfit Netsuite; took public in 2007, stock down 80% since. His shares are still worth $300 million.
Chicago native studied physics at University of Chicago, didn't graduate.
Started Oracle in 1977. Public in 1986, a day before Microsoft.
Owns 453-foot Rising Sun; built a smaller leisure boat because the long yacht is hard to park.
Squabbling in court with Swiss boating billionaire Ernesto Bertarelli over terms of next America's Cup. Recently unveiled hulking 90-foot trimaran he intends to use to win it.

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5. Ingvar Kamprad

Net Worth: $22 billion

Source: Ikea/Sweden

Age: 83

Marital Status: Divorced, remarried; four children

Peddled matches, fish, pens, Christmas cards and other items by bicycle as a teenager.
Started selling furniture in 1947.
Opened first Ikea store 50 years ago; store's name is a combination of initials of his first and last name, his family farm and the nearest village.
Retired in 1986; company's "senior adviser" still reportedly works tirelessly on his brand.
Discount retailer now sells 9,500 items in 36 countries; prints catalog in 27 languages. Revenues up 7% to $27.4 billion in fiscal-year 2008.
Opened 10th store in China this February; planning to open first in Dominican Republic later this year.
Three sons all work at the company.
Thrifty entrepreneur flies economy class, frequents cheap restaurants and furnishes his home mostly with Ikea products.

6. Karl Albrecht

Net Worth: $21.5 billion

Source: Supermarkets/Germany

Age: 89

Marital Status: Married, two children

Germany's richest person owns discount supermarket giant Aldi Sud.
Retailer faring well amid economic downturn; analysts expect its 2008 sales to be up 9.4% to $33.7 billion. Sales in the U.S. up estimated 20% last year to $7 billion.
Plans to open 75 U.S. stores in 2009, including first in New York City.
With younger brother, Theo, transformed their mother's corner grocery store into Aldi after World War II.
Brothers split ownership in 1961; Karl took the stores in southern Germany, plus the rights to the brand in the U.K., Australia and the U.S. Theo got northern Germany and the rest of Europe.
Retired from daily operations.
Fiercely private: little known about him other than that he apparently raises orchids and plays golf.

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Carlos Slim Helú

World's Billionaires 2009
3. Carlos Slim Helú

Net Worth: $35 billion

Source: Telecom/Mexico

Age: 69

Marital Status: Widowed, six children

# Economic downturn and plunging peso shaved $25 billion from the fortune of Latin America's richest man.
# Global recession testing his ability to live up to the principles he sets for his employees: "Maintain austerity in times of fat cows."
# Son of a Lebanese immigrant bought fixed-line operator Telefonos de Mexico (Telmex) in 1990; now controls 90% of Mexico's telephone landlines.
# Would be a billionaire based on his dividends alone.
# Biggest holding: $16 billion stake in America Movil, Latin America's largest mobile phone company, with 173 million customers. America Movil and Telmex reportedly planning to jointly invest $4 billion to bolster telecom infrastructure in Latin America.
# Buying up cheap media, energy and retail assets.
# Last year took stakes in New York Times Co., former billionaire Anthony O'Reilly's Independent News & Media and Bronco Drilling; also increased position in Saks.
# Baseball statistics aficionado, art collector.

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Warren Buffett

2. Warren Buffett

Net Worth: $37 billion

Source: Investments/U.S.

Age: 78

Marital Status: Widowed, remarried; three children

* Last year America's most beloved investor was the world's richest man. More from Forbes.com: • Billionaire Bachelors and Bachelorettes • Women Billionaires • Celebrity Billionaires gatesClick here for the full list of the World's Billionaires

* This year he has to settle for second place after losing $25 billion in 12 months. Shares of Berkshire Hathaway down 45% since last March

* Injected billions of dollars into Goldman Sachs, General Electric in exchange for preferred stock last fall; propped up insurance firm Swiss Re in February with $2.6 billion infusion. Admits he made some "dumb" investment mistakes in 2008.

* Upbeat about America's future: "Our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so."

* Scoffs at Wall Street's over-reliance on "history-based" models: "If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians."

* Son of Nebraska politician delivered newspapers as a boy.

* Filed first tax return at age 13, claiming $35 deduction for bicycle

. * Studied under value investing guru Benjamin Graham at Columbia.

* Took over textile firm Berkshire Hathaway 1965. * Today holding company invested in insurance (GEICO, General Re), jewelry (Borsheim's), utilities (MidAmerican Energy), food (Dairy Queen, See's Candies). Also has noncontrolling stakes in Anheuser-Busch, Coca-Cola, Wells Fargo.
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The Top 20 Richest People in the World
Forbes

It's been a tough year for the richest people in the world. Last year there were 1,125 billionaires. This year there are just 793 people rich enough to make our list

The world has become a wealth wasteland.

Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World's Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year's ranking, 373 fell off the list--355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.

Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway (BRK) fell nearly 50% in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim Helú also lost $25 billion and dropped one spot to No. 3.

It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.

The biggest loser in the world this year, by dollars, was last year's biggest gainer. India's Anil Ambani lost $32 billion--76% of his fortune--as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

Ambani is one of 24 Indian billionaires, all but one of whom are poorer than a year ago. Another 29 Indians lost their billionaire status entirely as India's stock market tumbled 44% in the past year and the Indian rupee depreciated 18% against the dollar. It is no longer the top spot in Asia for billionaires, ceding that title to China, which has 28.

Russia became the epicenter of the world's commodities bust, dropping 55 billionaires--two-thirds of its 2008 crop. Among them: Dmitry Pumpyansky, an industrialist from the resource-rich Ural mountain region, who lost $5 billion as shares of his pipe producer, TMK, sank 84%. Also gone is Vasily Anisimov, father of Moscow's Paris Hilton, Anna Anisimova, who lost $3.2 billion as the value of his Metalloinvest Holding, one of Russia's largest ore mining and processing firms, fell along with his real estate holdings.

Twelve months ago Moscow overtook New York as the billionaire capital of the world, with 74 tycoons to New York's 71. Today there are 27 in Moscow and 55 in New York.

After slipping in recent years, the U.S. is regaining its dominance as a repository of wealth. Americans account for 44% of the money and 45% of the list's slots, up seven and three percentage points from last year, respectively. Still, it has 110 fewer billionaires than a year ago.

Those with ties to Wall Street were particularly hard hit. Former head of AIG (AIG) Maurice (Hank) Greenberg saw his $1.9 billion fortune nearly wiped out after the insurance behemoth had to be bailed out by the U.S. government. Today Greenberg is worth less than $100 million. Former Citigroup (C) Chairman Sandy Weill also falls from the ranks.

Last year there were 39 American billionaire hedge fund managers; this year there are 28. Twelve American private equity tycoons dropped out of the billionaire ranks.
Blackstone Group's (BX) Stephen Schwarzman, who lost $4 billion, and Kohlberg Kravis & Roberts' Henry Kravis, who lost $2.5 billion, retain their billionaire status despite their weaker fortunes.

Worldwide, 80 of the 355 drop-offs from last year's list had fortunes derived from finance or investments.

While 656 billionaires lost money in the past year, 44 added to their fortunes. Those who made money did so by catering to budget-conscious consumers (discount retailer Uniqlo's Tadashi Yanai), predicting the crash (investor John Paulson) or cashing out in the nick of time (Cirque du Soleil's Guy Laliberte).

So is there anywhere one can still make a fortune these days? The 38 newcomers offer a few clues. Among the more notable new billionaires are Mexican Joaquín Guzmán Loera, one of the biggest suppliers of cocaine to the U.S.; Wang Chuanfu of China, whose BYD Co. began selling electric cars in December, and American John Paul Dejoria, who got the world clean with his Paul Mitchell shampoos and sloppy with his Patrón Tequila.

The Top 20 Richest People in the World

1. William Gates III

Net Worth: $40 billion

Source: Microsoft/U.S.

Age: 53

Marital Status: Married, three children

Software visionary regains title as the world's richest man despite losing $18 billion in the past 12 months.
Stepped down from day-to-day duties at Microsoft last summer to devote his talents and riches to the Bill & Melinda Gates Foundation.
Organization's assets were $30 billion in January; annual letter lauds endowment manager Michael Larson for limiting last year's losses to 20%.
Gates decided to increase donations in 2009 to $3.8 billion, up 15% from 2008.
Dedicated to fighting hunger in developing countries, improving education in America's high schools and developing vaccines against malaria, tuberculosis and AIDS.
Appointed Microsoft Office veteran Jeffrey Raikes chief executive of Gates Foundation in September. Gates remains Microsoft chairman.
Sells shares each quarter, redeploys proceeds via investment vehicle Cascade; more than half of fortune invested outside Microsoft.
Stock down 45% in past 12 months.
"Creative capitalist" wants companies to match profit making with doing good.

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Wednesday, March 11, 2009