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Th e World’ s billio na ir e s

S
RoBeRt mitH companies in similar roles—from cybersecurity to HR and
product development—are held.

are often absent. By sticking to the rules in Smith’s playbook, All of this is run by Smith’s consulting group, which op-
his software companies are transformed. Add some modest le- erates like a seasoned special-forces unit. “Financial perfor-

verage, and, voilà, Vista got amazing returns. mance of a company is just a trail in the sand of the opera-

Smith’s playbook is ever evolving, and Vista partners and tional performance,” Smith says. “The more standardized the
portfolio companies are welcome to make suggestions. “One input, the more standardized the output. You have to design
of the things I am most proud of is that we are going to add your system, and you have to believe in it.”
ten new best practices to the group,” says Reggie Aggarwal, the
CEO of Cvent, a company that makes software for managing WITH THE REST OF PRIVATE equity getting turned on to en-

events and meetings. terprise software deals, Vista’s system is about to get a major

Of course, critics argue that companies swallowed up by test. While bargains are much harder to come by, Vista’s goals
Vista are in no way immune to the traditional private equity for each buyout will remain the same: three times its money.
slash and burn. Lawrence Coburn, CEO of Cvent competitor Smith expects to hold on to his portfolio companies longer,

DoubleDutch, blasted Vista after the purchase, saying, “They identifying each acquisition target based on how much the


eliminate duplication, slash R&D, optimize for financial per- Vista playbook can juice results.
formance and raise debt.” “We don’t underwrite to hope. We underwrite based on
Smith’s playbook goes well beyond corporate to-do lists. critical factors for success under our control,” Smith says.
When Vista buys a company, all employees and recruits are “What we need to change, we have changed before, so we
required to take a personality- know how to do it.” On average,
and-aptitude test, like one first Vista doubles the Ebitda of its


developed by IBM. The hour- When Vista buys a companies within five years.

long test assesses technical and company, all employees A lot of the responsibility will
social skills, and attempts to and recruits are required fall to Sheth, who has previous-
gauge analytical and leadership ly made a practice of racing to
potential. For Smith the test is to take a personality-and- the exit door. For example, Vista
particularly important because it aptitude test. Last year Vista bought Transfirst, a payments-


attempts to bypass inherent bias- companies administered processing software maker, for
es, such as where people grew up $1.5 billion in 2014, then sold
or went to school, not to mention 850,000 tests to hire 6,000. it for $2.35 billion in just over a
race or gender. Vista says 35% year, tripling Vista’s money once
of the employees at its portfolio leverage was factored in. In Jan-
companies are women. Last year uary, Vista sold its majority stake


Vista companies administered 850,000 tests to hire 6,000. in Trintech, which makes software for financial profession-


“The meritocratic system creates loyalty,” Smith says. “Peo- als, after it doubled revenues in two years. On average Vista’s


ple from all over the country from different places all take the exits tend to occur 4.7 years after purchase, compared with
test. We all know something about each other, that we came 5.7 for Blackstone.
through this meritocratic system.” While it would be easy enough for Smith to fall back on his

The Vista test also identifies roles that fit personality pro- philanthropy—recent pledges include $20 million to the new



files. A woman who ran a Domino’s Pizza franchise in North National Museum of African American History & Culture
Carolina was deemed to be a good sales trainer and was pro- and $50 million from a foundation linked to Vista’s first fund

moted to do so for a Vista company. Another from the mail- to help Cornell boost the representation of women and mi-
room, for example, scored high on Vista’s test and became a norities in scientific research—numbers like that keep Smith

programmer. “To write code you need to be creative,” Sheth feeling upbeat, even cocky, regarding Vista. Nearly two years
says. “How much of that is going to happen if you all have the ago, at the Milken Institute’s annual Global Conference, Smith
same background?” found himself shoulder-to-shoulder onstage with the old-

After Vista has people where it wants them, there are guard billionaires of the buyout business, including David Ru-
boot camps that train employees, not just for two weeks but benstein, Leon Black and Jonathan Nelson. Titans he no doubt
for six to nine months. In the past three years, Vista has put read about in B-school and who probably wouldn’t have given
12,000 new hires through these boot camps. They start by him a second glance a decade ago.

giving employees the big picture: how the Vista company When Carlyle’s Rubenstein said his investors had been con-
makes money and the way customers use its products. The ditioned to accept lower returns given the high price of assets,




focus later shifts to specific corporate roles. Vista University Smith shifted in his chair and parried, “I got to go get some of

provides “nanodegrees,” like one now being offered in arti- his [investors].” He then turned to Rubenstein and, with the
ficial intelligence. Monthly meetings designed to cross-pol- brio of someone who knows he’s arrived, quipped: “Let me



linate best prac tices among Vista employees from different know where you are flying next. I will go with you.” F
50 | FORBES MARCH 31, 2018

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T HE WO R L D ’ S BI L L ION A I RE S










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










n a cool, dry evening late last year, 50,000 employees and friends of Reliance Industries, India’s most
valuable company, packed into a cavernous temporary stadium 25 miles outside downtown Mumbai to
celebrate the firm’s 40th annual “Family Day.” Another 200,000 people dialed in via video link to watch

the show, which was hosted by Bollywood mega-celeb Shah Rukh Khan (33.6 million Twitter follow-
ers), singer Sonu Nigam (18.8 million likes on Facebook) and veteran actor and game-show host Am-

bitabh Bachchan, who staged a round of Who Wants to Be a Millionaire? The five-hour event culminat-

ed with dazzling fireworks and a midnight feast featuring vegetarian delicacies like chickpea-and-rice-

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



The Fortu










52 | FORBES MARCH 31, 2018

Reliance Industries’ chairman, Mukesh
Ambani, under the watchful gaze of his late
father, Reliance founder Dhirubhai Ambani.




nate SON By nAAzneen kARMAlI










MARCH 31, 2018 FORBES | 53

TH E WORLDÕ S BILLIO NA IR E S

a
MuKeSH MBanI was pointedly not invited to the Reliance Family Day bash in
December.

est company in the world, having earned some $4.6 billion in Their father, Dhirubhai Ambani, was born to a poor


profits last year on $50.9 billion in sales. The firm is a major schoolteacher and grew up in a remote village not far from


player in oil and gas and operates one of the largest oil refiner- Porbandar, the birthplace of Mahatma Gandhi. Dhirubhai

ies in the world. It is the largest retailer in India and has impor- never finished high school, quitting to help support the fam-
tant ventures in life sciences, textiles and telecommunications. ily. He spent seven years working in a gas station in Yemen—
Its Network18 media subsidiary has partnerships with promi- where Mukesh was born in 1957—before returning to India to
nent Western brands like CNBC, CNN, MTV and Nickelodeon set up a spice-trading business with his brothers from a tiny




(television), Paramount Pictures (film) and Forbes (print). 500-square-foot Mumbai office. Then in the 1960s, the siblings
But what really has Ambani excited—and has set Reli- expanded into yarn and began importing a new wonder fab-
ance’s share price on fire—is his $33 billion investment in Jio, ric, polyester.

a 4G broadband service that has attracted 160 million custom- By 1966 the “Prince of Polyester” had built his first synthet-


ic textile mill in his native Indian state of Gujarat. The entre-

preneur persevered through stifling bureaucracy and endem-
ic corruption until, in 1977, when India’s nationalized banks

refused to finance further expansion, he took Reliance public.


The offering was marketed to middle-class Indians and heavi-

ly oversubscribed. The 58,000 mostly small-town Indians who
decided to gamble wouldn’t regret it. Over the coming years,
the shares appreciated sharply, placing Dhirubhai firmly on

the path to an eventual $6.6 billion fortune as he expanded
into petrochemicals, refining and oil-and-gas exploration.

“My father foresaw that India could become globally com-

petitive and always thought in terms of scale. That became the
DNA of Reliance,” Ambani says from the company’s 36-year-


old downtown offices, sur-
not his brother’s keeper: siblings Mukesh (right) and Anil Ambani at a
Reliance shareholders’ meeting in 2004. rounded by images of his late
Hypergrowth father, including a superrealistic
ers since it was introduced 18 months ago. More than half those has added 3-D-printed bust.

subscribers signed up in the first six months, when Reliance $16.9 billion In 1986, when Dhirubhai

jump-started the business by offering the service for free. They to Ambani’s suffered a stroke, Mukesh and


stayed because Jio has promised never to charge for domes- fortune in the Anil took more responsibility.
tic calls and its data rates are supercheap. That hypergrowth has The brothers were tight. They



boosted Reliance’s stock by over 70% in the past year and added past year. worked side by side during the
$16.9 billion to Ambani’s fortune. Analysts call it the “Jio effect.” day, and their families lived to-


But for Ambani, Jio is about more than adding 11 figures to gether on different floors of a


his net worth. He believes the firm is igniting a subcontinental 14-story family-owned high-

data revolution that will help solve some of India’s intractable rise. By the time Dhirubhai died in 2002 at age 69 from a sec-
problems in areas like agriculture, education and health care. ond stroke, Reliance was India’s largest family business and

“Can Jio be the first company to transform an entire nation arguably its most influential.

in each one of these sectors?” Ambani continues, whipping up Before his death, Dhirubhai had been keen to start a mobile-
the crowd. “Yes, we can! And, yes, we will!” phone service for the masses that would provide voice calls for
Or as he sometimes says more succinctly, “Data is the new oil.” less than the cost of a postcard. At the time mobile phones were
toys for the rich, with expensive monthly fees. Inspired by their
MUKESH AMBANI IS PROBABLY best known outside India for father’s dream, the brothers jumped into mobile telephony.
building the world’s most expensive privately owned home, a “Some of us are bigger risk-takers than others,” Mukesh
27-story sky palace that looms above South Mumbai and cost says. “Without taking some risk, there is no fun in life.”

an estimated $1 billion. There, with his wife, Nita, a member Reliance started a discount telecom service in 2002, shak-
of the International Olympic Committee and the chair of one ing up the market and sending mobile rates tumbling from 32
of India’s premier soccer leagues, he frequently entertains lu- cents a minute to 2 cents. But behind that success an ugly bat-
minaries from the worlds of sport, fashion and entertainment. tle was brewing as the brothers began fighting for control of

“I have just one home,” he says somewhat defensively, “not 30 the company.
or 40 around the world, as some do.” Dhirubhai died unexpectedly, without a will, but the un-
But within India, Ambani is equally well-known for his derstanding within the family—at least as Mukesh saw it—was AFP/GETTY IMAGES
dec adelong blood feud with his younger brother, Anil, 58, who that whoever was chairman of Reliance (conveniently it was
54 | FORBES MARCH 31, 2018

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TH E WORLDÕ S BILLIO NA IR E S

a
MuKeSH MBanI a refundable security deposit of $22. In all Reliance has spent
$33 billion on the project to date, funding it with a mix of debt
him) would have total management control. Anil, who was vice ($7 billion), equity ($17 billion), plus deferred payments and
chairman, didn’t see it that way and wanted to have more of a supplier credits ($9 billion).
say. Mukesh felt he had done all the behind-the-scenes work Jio was impossibly cheap and impossibly fast and, perhaps

of building the big plants and refineries. He was also said to be most impressive given India’s size, nearly ubiquitous, available

closer to his father, who was initially furious when Anil decid- in 95% of the country. The incumbent players struggled merely
ed to marry a Bollywood starlet, which he didn’t feel was an ap- to stay in business. Telenor and the Tata Group both sold their
propriate choice. (Mukesh’s wife had been chosen by his father.) wireless operations to telecom tycoon Sunil Mittal’s Bharti Air-
Anil, who is more articulate and extroverted than his brother, tel, a joint venture with Singapore’s Singtel. Onetime rivals Vo-

was in charge of finance and was the face of Reliance to bankers, dafone India and Idea Cellular, owned by billionaire Kumar
investors and journalists. He was closer to his mother. Birla, agreed to merge to better withstand the onslaught. And
After prolonged bickering, fueled by the fact that their Mukesh, completing the humiliation of his younger brother,

wives didn’t get along, their mother, Kokilaben, brokered a bought the remains of Anil’s debt-strapped telecom business for
peace, and the family empire was divvied up in 2005. Mukesh an estimated $3 billion-plus. It had once been worth $43 billion.

got to keep the biggest piece, Reliance Industries, the flagship “It was purely a business decision,” Mukesh says. “It works
oil-and-gas business; Anil got the newer businesses such as for us, and we’ll make the most of it.”



telecom, financial services and the power-generation unit. Thanks to Jio, India’s annual mobile data traffic has jumped

The split gave a temporary massive boost to the brothers’ to over 15 billion gigabytes from just over one billion a year

largely public fortunes. By 2008 the brothers’ combined worth ago. In data consumption, India now ranks above China and


was a staggering $85 billion. Mukesh was the fifth-richest per- the U.S. Jio alone carries more mobile data traffic than Sprint,


son in the world, with a for- Verizon and AT&T combined.
tune of $43 billion. Anil was Completing the Ambani has grand visions for how all that information can
a close No. 6 with $42 billion; transform his country and lift it out of poverty. He cites the ex-

his biggest asset was a 65% humiliation, ample of Indian agriculture, which is plagued by poor productiv-
stake in the telecom compa- Mukesh bought ity and low quality. “I see all such inefficiencies as opportunities,”


ny, then worth $20 billion. the remains of Ambani says. Jio has developed a platform for India’s 120 million
The financial crisis, cou- his brother’s farmers, most of whom have small landholdings, that offers tech-



pled with bad blood, took nical information on sowing and harvesting in addition to real-
its toll. It was soon evident debt-strapped time market prices and access to top agricultural experts.
that the rapprochement be- telecom Ambani also sees Jio playing a role in transforming Indian
tween the brothers was only business for education. Within a year, he hopes, Jio will have connected 35
on paper. When Anil sought $3 billion. million students attending India’s colleges. At the same time,

to merge his telecom firm he wants Jio to reach the remotest corners of the country, right
with South Africa’s MTN in down to the smallest villages.
2008, Mukesh intentionally Of course, this will all remain a pipe dream if Jio doesn’t find


stalled the deal, citing the family settlement that gave him the a way to make money. Thanks to some aggressive accounting,

right of first refusal on any stake sale in the telecom unit. In the company managed to squeeze out a small profit ($78 million

2009, shares of Anil’s companies plunged, wiping away nearly on revenues of $1.1 billion) in the final quarter of 2017. But Jio’s


$32 billion of his wealth. A year later, after a legal skirmish, the core strength—that it’s cheap—works against it financially.

brothers terminated their noncompete agreement. To succeed, Jio needs to sign up many more subscribers and
Suddenly the path was clear for Mukesh to get back into then upsell them into consuming lots of data through apps like
telecom. Jio Cinema (6,000 movies) and Jio Music (16 million songs).
Once they are hooked, Jio will have to raise data prices without
MUKESH STARTED SMALL—and stealthily—by acquiring a lit- losing too many customers. Its current rates aren’t sustainable.
tle company in 2010 that had a license to provide only broad- Ambani seems unfazed by the economics and willing to in-
band internet. But Ambani knew “voice” was really just an- vest for the long haul. He is grooming his three children to take
other type of data and that the rules would eventually have to over the business and is increasingly comfortable with a view
change. When they did, in 2013, Mukesh was ready. of Reliance from 39,000 feet. “These days I’m in the mind-set of


He started building at a feverish pace, tapping into Re- being nose in, fingers out,” he says, meaning keeping his nose
liance’s construction, regulatory and execution expertise to in the boardroom and his hands out of operations. A Jio IPO
quickly create a countrywide network that, by end of this year, is on the horizon, but for now he’s basking in the glow of hav-
will number 260,000 towers (some leased) and 186,000 miles ing provided millions of ordinary Indians with access to high-
of optical fiber. He worked with electronics giants Qualcomm speed internet and all its attendant opportunities.


and Spreadtrum to design low-cost 4G handsets, a major leap “This is a race,” he says, “that India is running with the rest
forward in what was then largely a 2G market, selling them for of the world.” F
56 | FORBES MARCH 31, 2018

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

By Noah Kirsch




occo Commisso darts around his office, gnawing a stick of nicotine gum and playing show-and-
tell. “Look at the rates,” he says, holding up a plaque celebrating a $2.4 billion financing round
from 2001, his cable firm’s largest ever. Up next are some personal keepsakes: a picture with fel-
low billionaire Charles Dolan, a golden telescope to take in views of the Catskill Mountains, a
signed photo of Pelé, the Brazilian footballer. Every few minutes Commisso calls out to his as-
sistant as if this tour is taking place against his will. “Jen, this guy wants to see all of my personal
R stuff!” he yells. Then he scans the room for another prize to trot out.
Forgive him the braggadocio. Commisso, 68, has risen farther than nearly anyone in America. The son of a
penniless carpenter, he immigrated from Italy at age 12 unable to speak a word of English. A quirky talent for
playing the accordion got him into Catholic school, the first step on a prosperous path that included stops at
Columbia University and the Royal Bank of Canada before he founded his cable company, Mediacom, in 1995. Franco Vogt For Forbes
Mediacom focused on buying cable assets in rural areas, where prices were low and competition scant. The
firm has increased its top line every year since its founding; revenue neared $1.9 billion in 2017. Commisso



58 | FORBES MARCH 31, 2018

The ultimate hat trick:
rocco commisso went
from hardscrabble
immigrant to ivy
League grad, Wall
street banker and
billionaire cEo.


MARCH 31, 2018 FORBES | 59

Th e World’ s billion a i re s | T EC H D ISR U PTOR S

c
ROccO OMMISSO immigration, in the business world, I don’t think there’s anoth-
er one like me in the last 100 years,” he says.
owns the company outright, and its value constitutes virtually

his entire fortune. Thanks to a white-hot mergers-and-acquisi- ROCCO COMMISSO GREW UP in Calabria, Italy, as the country
tions market, the business is worth an estimated $4.3 billion— reeled from its defeat in World War II. “We were losers,” he
and Commisso, who makes his debut on Forbes’ Billionaires says. “Just like the Americans coming back from Vietnam, we
list this year, seems ready to cash out. came back as losers.” Commisso’s father, Giuseppe, served in
He founded Mediacom at a time of industry upheaval, North Africa during the war and was captured in 1942 by the
when new federal regulations, which both restricted prices British. He spent the remainder of the war in a POW camp in
and increased competition, were scaring small cable operators Kenya. When he returned home, work was scarce.
into selling. As others jumped ship, he leveraged about $3 mil- In 1956, Giuseppe sailed to the United States to start anew.
lion—most of his small fortune—to start buying the cheap- “What a great country, America,” Rocco says. “Prisoners of
est cable lines available, concentrating on secondary markets war got preferential treatment to come here.” Rocco, mean-


in states like Iowa and Georgia. Even his offices are far off the while, stayed back in Italy with his mother and two sisters. In

beaten path: Mediacom HQ is in Chester, New York, a verdant 1962, when he was 12, they joined his older brother and father
speck of 12,000 people, 25 minutes from West Point. in Baden, Pennsylvania, 10 miles from Joe Namath’s home-
Commisso is as much a financier as he is a cable guy—he town. The family moved to the Bronx the following year.


has an M.B.A. from Columbia and spent nine years as CFO of From the outset, New York City brought good luck. Just
Cablevision Industries. Mediacom’s rapid growth was enabled after Commisso arrived, he spotted an ad for a talent compe-

by arbitraging differing perceptions of cable assets in the debt tition. He entered as a solo accordion act and won, which led



and equity markets. Banks, reassured by the sector’s predict- to a gig playing intermission music at the Wakefield Theatre
able cash flows, were will- on East 233rd Street in the Bronx. More important, it drew the


ing to lend at reasonable attention of the Wakefield’s manager, who wrote a letter to a
rates even as investors, Commisso local Catholic school, Mount Saint Michael Academy, and got
spooked by regulation, Commisso admitted without an entrance exam, which he had
were willing to sell cheap- borrowed arrived too late to take. “I ended up being the only kid that
ly. In his first five years in to the ever got in without taking the test,” he says.


business, Commisso made Commisso is now one of the largest benefactors of Mount

more than 20 acquisitions. precipice Saint Michael. But back then he could barely afford to pay his
Mediacom at one point of own way. As a teenager he worked long hours at his brother’s
accumulated $3 billion in diner to come up with the $300 annual tuition.
debt, over eight times op- insolvency. When college application time rolled around, Commis-

erating cash flow. so again relied on a favor. His gym teacher called the soccer
Commisso admits he coach at Columbia University and told him about a promising
borrowed to the preci- student with good grades. Within a month, Commisso, who
pice of insolvency, but he hadn’t even played soccer in high school, was accepted to the

stayed afloat by keeping an eagle eye on costs and by metic- prestigious college with a full scholarship.
ulously managing his debt. “You know, we watch the store,” A natural athlete, Commisso had shown a knack for the

he says. sport in Italy under starkly different conditions: on cement,

But now the core business is changing. The broadband gen- with a ball made of rags. That training somehow translated to

eration is increasingly cutting the cord and relying on online the Ivy League turf. By his senior year he was cocaptain of the

services like Hulu, Netflix and Amazon Prime Video to enter- varsity squad and was invited to try out for the 1972 Olympic

tain themselves. Over the past ten years, the number of sub- team. The trials went terribly. Commisso arrived out of shape,

scribers to Mediacom’s television offerings has plummeted with the lung strength of a smoker; the other players ran laps
38% to 821,000. This is a faster rate of decline than the 3% the around him. Still, his legacy remains strong at Columbia,


industry as a whole has suffered. which named its soccer stadium for him in 2013, in recogni-
Mediacom’s woes in television are fueled, in part, by its suc- tion of the millions of dollars he has donated to the university.

cess in broadband. Commisso has aggressively invested in tech After graduating in 1971, Commisso found work at a Pfi-

upgrades; customers in places like Cecil, Georgia, enjoy Inter- zer plant in Brooklyn, a job he kept even after beginning an

net speeds on par with those in Seattle and San Francisco. Me- M.B.A. program at Columbia in 1974. Each day he rose at 7
diacom’s broadband subscriber base has increased 84% over a.m., attended class, then headed to the plant. At midnight,
the last decade, far outpacing the industry average of 54%— when his shift ended, he spent two hours on the subway get-

and many customers are using their lightning-fast connections ting home to the Bronx.
to watch TV and movies online. Commisso graduated with one of Columbia’s top honors,
Hence the temptation for Commisso to cash out soon. In the Business School Service Award, and a plan to go into in-



his mind, there is little left to prove. “In the history of Italian vestment banking. But no offers came in. “There was discrimi-
60 | FORBES MARCH 31, 2018

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Th e World’ s billio na ir e s | T EC H D ISR U PTOR S

c
ROccO OMMISSO ing, took Mediacom public on Nasdaq at a $2.5 billion valua-
tion in February 2000, just weeks before the dot-com collapse.
nation,” he says. “I’ll never forget the guy from Kuhn Loeb tell- In all, he raised $380 million to pay down debt, and his Class
ing me, ‘Rocco, you know what your problem is? You’re neither B shares allowed him to retain majority voting control. “No-

Jewish nor Irish. The Italians haven’t arrived on Wall Street.’ ” body could kick me out,” he says.
So Commisso took a commercial banking job at Chase The following July, Mediacom made its largest acquisition

Manhattan Bank (now part of JPMorgan Chase). He later ever. After AT&T became strapped for cash, it put some of its

moved on to the Royal Bank of Canada, where he led lend- cable assets on the market. Commisso snatched up properties
ing to media and communications businesses. “I got attract- in Georgia, Iowa and Missouri for $2.2 billion.
ed in banking to these types of guys and ladies,” he says. “We By late 2002, compa-

used to call them ‘the cowboys.’ The cable cowboys. Because ny debt had exploded to $3

they dressed differently than everybody, they talked differently The billion. The banks wouldn’t


than everybody—and they were entrepreneurs.” question lend another dime, and

In 1986 Commisso left banking to join one such cowboy— Commisso was forced to
Alan Gerry, the founder of Cablevision—in Liberty, New York, now is end his buying binge. “What
a 50-minute drive from Mediacom’s headquarters. Commisso when saved us was not doing the
spent almost a decade as Gerry’s finance chief. “He’s one of the next deal,” he says. “It was a

brightest guys I’ve ever known,” says Gerry, now 89 years old. Commisso great decision to buy when
After the new regulations hit the industry in 1992, Gerry will lock in we did. It was an even bet-

opted out, selling Cablevision to Time Warner for more than ter decision to stop when
$3 billion in 1996. Commisso hated that decision. “This is a his gains we did.”

phenomenal time to buy as opposed to sell,” he recalls think- and walk Through shrewd balance-

ing. “And to prove it, I’m going to start my own company.” sheet management and fre-
away. quent refinancing, Mediacom

COMMISSO’S OPTIMISM WAS NOT shared by his peers. That dis- never missed a loan payment,


parity only widened in 1996 when an additional batch of regu- allowing it to stay afloat until

lations brought new competition from telecom firms, like SBC 2009, when it finally began

Communications and Ameritech, that had previously been producing enough cash to start paying down the principal debt.

barred from the cable television space. “The fear was that the Still, stockholders were not impressed. Mediacom’s share
phone companies would enter the cable business and, with price fell nearly 80% in the decade following its IPO. By 2010,
their stronger balance sheets and brand names, crush the cable Commisso decided he’d had enough of the public markets. He

companies,” says Craig Moffett, cofounder of the equity re- moved to buy the company outright.



search firm MoffettNathanson. After tense negotiations and a shareholder lawsuit, he ac-
That anxiety made it possible for Commisso to buy cable quired the business in March 2011 for roughly $600 million, a


assets on the cheap, and he went all in. He bought his first net- 64% premium. Borrowing against the company’s assets, he be-
work of cable lines, in rural Ridgecrest, California, for $18.8 came its sole owner.
million in 1996, using a loan from his old friends at Chase Again, his timing could not have been better.
Manhattan.

The risk was extreme, and to outsiders Commisso might SINCE COMMISSO TOOK Mediacom private, the company’s value
have seemed a loose cannon. He can be brash and domineer- has skyrocketed sevenfold. The question now is when Com-

ing, his Calabrian accent amplifying heated bursts of profanity. misso will lock in his gains and walk away.

But the banks trusted his background in finance. The company is an attractive acquisition prospect for larg-



After Ridgecrest, Commisso went on an acquisition spree, er firms like Altice, which has scooped up several operators in
borrowing millions—then hundreds of millions—to buy up the last several years, driving up valuations across the indus-
cable systems in Arizona, Delaware, Florida, Missouri, North try. Mediacom is the dominant broadband provider in much
Carolina, Mississippi and Alabama. He closed nine pur chases of its territory, and its new gigabit-speed service is on par with

in his first three years. “[I] was viewed as just a crazy buyer the fastest in the country. “For a large portion of their foot-
who’d buy anything that was for sale,” he says. print, they’ve got a clear product advantage over their compet-
Commisso then invested heavily in infrastructure. To date itors,” says James Ratcliffe, managing director at Evercore ISI.

he has spent $2.5 billion upgrading his networks, which has Commisso is coy about plans to sell but admits he’s taken
deterred other operators from entering his territory. Histori- multiple meetings with investment bankers in the past year.
cally, Mediacom has instead fought for subscribers against sat- A man who made his fortune on the basis of good timing, he
ellite-television firms such as DirecTV. Phone companies, de- seems to concede that his work is largely finished. “Unless I’m


spite the early panic, never posed much of a menace. here on earth just to become the biggest, the biggest, the big-

By the end of the 1990s, gloomy forecasts for the sector gest buffoon, I’m very happy with what we have accomplished,”

had softened. Commisso seized on that and, with perfect tim- he says. “I’m not Warren Buffett. I’m very content.” F

62 | FORBES MARCH 31, 2018

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T he Wo rl d ’s bi l l ion a i re s


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








BY CHLOE SORVINO

























































T h e ArtisAnAl
The ArtisAnAl



66 | FORBES MARCH 31, 2018

Loaves and wishes: Holder plans
to create a baking museum in Paris
with his collection of paintings and
books on the subject.













PhotograPh by PhiliP Jintes for forbes



IndusTrIalIsT




MARCH 31, 2018 FORBES | 67

Th e World’ s billio na ir e s

h
FrancIs older a consultant for Château Blanc. “He’s modeled the industrial
by the artisanal mold. It’s through the methodology which he
a baker’s coat, his name embroidered macaron maison Ladurée, which has 85 shops in 50 countries,
t his pastry factory in Lille, France,
knows like the back of his hand.”
where the air smells like chocolate,
Groupe Holder has three main subsidiaries: Aside from
Francis Holder is wearing a white
Lille-based Château Blanc, there is the renowned Parisian
and the artisanal bakery-cafe chain Paul with 740 stores in
on the front, over a tailored blue suit
43 countries. Groupe Holder’s yearly revenue is about $1 bil-
and red-striped tie. Paintings dat-
lion, and Forbes estimates net profit margins of 14%—more
ing back centuries cover the three


than double that of bakery-cafe chain Panera Bread before it
walls of his office. One is a portrait of

acquired Au Bon Pain in 2017. And all that dough has made
a young baker wearing a stained coat

and a floppy toque. Another depicts
a dog chewing on a baguette. One
world, with a net worth of $1.2 billion.
“If tomorrow I was ten times richer, it would not make any
more shows a hand coming out of the

difference for me,” says Holder, who declines to comment on
shadows to steal a loaf, an apparent homage to Jean Valjean’s Holder a billionaire—the 1,867th wealthiest person in the
petty crime in Les Misérables. Th ere’s not a
famous artist to be found in his 8,000-work

collection. The only requirement is that
each painting must focus on Holder’s bil-
lion-dollar passion, baking, or his favorite
obsession, bread.
The fourth wall is made of glass so Hol-

der can stare across the hall at the research-
and-development center for Château Blanc,
the industrial arm of Groupe Holder, the
private baking conglomerate he founded

and controls. The 77-year-old loves to spend
his days watching over the experimental
bakeshop’s seven mixers and three counter-
tops, checking in with the chefs throughout
the day to sample the test runs. “We are in-

dustrialists with the mentality of craftsmen,”
Holder says.

Just down the hall, past dozens of office

employees all wearing matching white bak-
er’s coats, is the heart of Château Blanc’s

100,000-square-foot factory, which now makes the compa- his net worth and profits.

ny’s most craved product, the macaron. The heart of Holder’s “I wasn’t That modesty, however,

masterful assembly-line operation is a machine with a con- going to didn’t stop him from embrac-
veyor belt the length of two football fields that bakes more Ladurée ing the astronomical rise of

than 30,000 meringue macaron shells an hour. the macaron—the petite sau-
Château Blanc’s headquarters—which, as its name im- for their cers sandwiched together with



plies, is painted white and modeled after a castle—fulfills a macarons,” jelly or ganache fillings. In
boyhood ambition Holder had growing up in Lille. And then Holder says. 1993 he purchased Ladurée, a
some. His original dream was to have a small bread facto- chic Paris restaurant founded
ry with “a chimney with smoke coming out of it.” Since then, in 1862 that invented the mod-
Holder has spent six decades perfecting the marriage of in- ern macaron and has since col-
dustrialization with artisanal baked goods. Long obsessed laborated with major fashion houses ranging from Lanvin in
with America’s industrial food processes, Holder embraces 2012 (bubble-gum-flavored) to Emilio Pucci in 2015 (tanger-

smooth mass production, and that has propelled his rise. But ine-lemon-lavender macarons inside a box wrapped in the

he balances affordability and speed with a distinctly French company’s signature silk print, Capri), as well as rapper Phar-
attitude about the best ingredients and product quality—still rell Williams in 2014 (peanut butter and another that’s co-

using fresh yellow butter in mass-produced loaves and pas- la-flavored) and performance artist Marina Abramović in Donato sarDella/getty images
tries. “He’s so improved the industrial applications,” says Ste- 2017 (Prussian blue and edible gold leaf, stamped with the

ven Kaplan, who has spent five decades researching French Abramović family’s coat of arms).
bread at Cornell University and has worked with Holder as And just as Ladurée produces more than macarons, the
68 | FORBES MARCH 31, 2018

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Th e World’ s billio na ir e s

h
FrancIs older shopped had drastically changed—mom-and-pop boulange-
ries had given way to supermarkets. Holder realized where
the future lay and within five years persuaded two future mul-

tibillion-dollar French supermarket chains—Monoprix and
Auchan—to carry his baguettes and loaves.
While he clearly had the ambition, Holder was ill-prepared
to manage such a fast-growing company. He had to move fac-
tories three times in a year because the company continual-
ly outgrew its space. “I never made projections about what
it would be in 10, 20 or 30 years,” says Holder, who kept the
books himself back then.
Then, in the 1970s, the supermarkets—locked in hy-

percompetition—began demanding bigger and bigger dis-
counts. His 11% discount soon became 45%. He also had to
buy back unsold bread at the end of the day. Holder’s facto-
ry fell below break-even, and he realized he had to diversi-
fy beyond the commodity bread business. He reorganized
the factory to keep its existing customers, producing about
1 million pounds of bread a month, but he no longer invest-
ed in expanding it. During moneylosing periods, he convert-
ed areas of the facto-
ry into parking spaces
and sold them by the
month. Over the years,
he learned to renego-
tiate contracts to pro-
tect future profits by

locking in prices, and
he stopped taking back
unsold loaves.
With the low-mar-
gin industrial bread
A slice of the business: Holder’s three children each have a domain in
Groupe Holder, including the Paul bakery brand and the Ladurée bakery. operations stuck in neu-
“Because tral, Holder refocused on the
cookie has expanded far beyond Ladurée—and Hol der is to McDonald’s Paul bakery, under the family
thank (or blame) for that. Today, he estimates, 60% of Groupe is really apartment. “I still had nostal-
Holder’s in-store sales come from macarons. Hol der is respon- gia for craftsmanship,” he ex-

sible for France’s top three macaron sellers: Ladurée, Paul and, loyal, this plains. Paul was selling thick,
surprisingly, McDonald’s. McDonald’s McCafé macarons are baker has chewy, yellow bread with a
sold in many countries outside France, including Spain, Italy factories slight hazelnut taste—drasti-

and Belgium, as well as in Japan. throughout cally different from his facto-
“Some were surprised about McDonald’s being third,” ry bread—at a time when the
Holder says. “We said, ‘That’s obvious. We are the one who de- the world.” number of local bakeries in

livers them.’ Because McDonald’s is really loyal, this baker has France had dwindled by about
factories throughout the world.” 25% amid competition from
supermarkets. He decided to
Francis hoLDEr TooK over his family’s small bakery, below make Paul an artisanal chain and installed himself as head of
the apartment where he had grown up, when he was 18, after the company. Holder opened two more stores in Lille before

his father, who was abandoned as a child and raised in fos- expanding to Paris in 1974. Then came shopping malls: As

ter care, died of a heart attack at 51. From there, his ascent can with supermarkets, Holder was early to the next wave of mass
be divided into three distinct phases: creating a bread factory, retail. Around the same time he toured the United States and
building the Paul bakery brand and then melding the two to became enamored of American food-processing methods.
bring artisanal bread to the masses. Holder helped found a successful chain of French bakeries

The first starts in 1961, when Holder came back from a and cafes, La Madeleine, before being ousted by his partners PhiliP Jintes for forbes

brief tour of duty in the Algerian War (with a popped eardrum and returning to France.
that left him partially deaf) and found that the way people By the end of the 1980s, Paul had 120 shops, about a dozen

70 | FORBES MARCH 31, 2018

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Th e World’ s billio na ir e s

h
FrancIs older wasn’t going to Ladurée for their macarons,” he admits. But he
sure loved the baba au rhum pastry, despite not drinking alco-
times more than at the start of the decade. Holder’s experience hol. So when Ladurée’s heirs wanted to cash out, Holder was
left him better prepared for growth this time. To cope with the first person they asked.
high rents, he opened small retail locations without full kitch- At the time, he was in the market for a diversion. When he
ens and supplied them from a centralized bakery, delivering turned 51—the age his father died—he begged his oldest son,
fresh loaves three times a day. That way, he avoided having to David, to apprentice in case he should die. David accepted and
prebake or freeze bread—common among Hol der’s competi- spent the next two years working 15-hour days and losing 15
tors, like Louis Le Duff (No. 822 on the Billionaires list, worth pounds. When he emerged from his apprenticeship, David
$2.9 billion). started pushing his father to retire. And Francis realized that
With the Paul brand thriving—so much so that the head of acquiring Ladurée, and sidelining David to run it, gave Francis
McDonald’s Europe tried to acquire it, with plans to increase more time for Paul and Château Blanc.
growth from 80 openings a year to 2,500—Hol der was ready Going from brunch regular to boss, 25-year-old David
to go back to building the bread factory of his dreams, but supplemented Ladurée’s four flavors of macarons with a sea-
with an important twist. “Some companies are interested in sonal menu, including passion fruit and salted caramel. In
producing a lot, without quality,” he says. “Moving away from 1997, Ladurée opened a 14,000-square-foot flagship on the
the craft was never a question.” Champs-Élysées. The first international location opened in
Building on what he learned in America, he spent mil- 2005 at Harrod’s in London, followed by Tokyo and the U.S.
two years later.
The more ubiquitous the macaron became, the
more David faced a knockoff problem. He respond-
MAcAroon vs. MAcAron vs. MAcron ed by positioning Ladurée as a bakery-inspired luxu-
ry lifestyle brand with a product line that included $65
candles (the first scent was brioche), $75 fragrances
with atomizers and $20 boxes of teas.
While Ladurée took the high ground, Francis saw
the macaron’s mass-market potential and grew bull-
ish on the cookie. “It wasn’t a trend at all,” he recalls.
“Then we said to ourselves, ‘Why don’t we make mac-
Macaroon Macaron Macron
(mak-uh-roon) noun (mah-kuh-ron) noun (mah-kron) noun arons in Paul bakeries and elsewhere?’ From that
point, it became huge”—literally and metaphorical-
A cookie made with A meringue-based The 25th president
egg whites, sugar, cookie made with of France, elected ly. One petite macaron, about an inch wide, costs
and ground almonds almond flour, egg May 7, 2017. about $3. Paul locations in France started selling larg-
or coconut. whites and sugar, with er macarons in 2005, and international stores adopt-
a ganache filling.
ed them soon after. Château Blanc had gone all in by
2007, when it built the automated macaron produc-
tion line in Lille, the first in the world. It was just in
lions on designing customized machines that would assemble time for McDonald’s in France to launch its McCafé version
the products the same way a baker would by hand. For crois- the next year. Today’s Château Blanc macarons are in more
sants, the machine rolls out dough and spreads butter onto than 300 McDonald’s in Europe. Then came similar white-la-
each piece. The layers are then stacked to make the flaky pas- bel offerings for American customers—such as a limited-edi-
try. But these assembly lines don’t change the amount of time tion run at Starbucks and a line at Sam’s Club.
the dough needs to set (especially necessary for breads that The gamble paid off. Over the past decade, the maca-
ferment with yeast) and cook. That was an important lesson ron has replaced the cupcake as the pastry du jour in Amer-
from Holder’s days baking with his father; most food compa- ica, where there are nine Ladurée locations (run by Holder’s
nies have scaled up quickly by adding preservatives or chemi- 45-year-old daughter, Elisabeth, from New York) and 12 Paul
cals that cut the length of time and increase production with- shops (overseen by Paul International’s head, 48-year-old son
out adding storage demand. Maxime, from London). Under Maxime, Paul has added over left to right: shotshoP gmbh/alamy/ istock/getty images/ chesnot/getty images
250 stores outside France.
Though macarons minT money for his company, Holder says And despite more than 60 years as a baker, Holder remains
he still doesn’t really enjoy eating them. “I love flaky pastries,” hungry. He dreams of opening a Château Blanc factory in the
he says with a shrug. His fortuitous foray into pastel cook- United States, where he hopes to replicate his success in Eu-
ies began 25 years ago when he purchased Ladurée, the 19th- rope. “In France, people tend to forget that when we become
century Parisian tea salon known for its gilded dining room successful, it is because we are brave,” Holder says of his all-
and pastel ceiling frescoes. The Holders were Saturday regu- American ambition. “In the United States, someone who takes
lars, snacking on tea sandwiches and mushroom omelettes. “I risks and succeeds is a hero.” F



72 | FORBES MARCH 31, 2018

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the world’s





billionaires



























total
otal
e
n
net worth:
net worth: :
r
t
w

t
h
o
$9.1 trillion
Billionaires:
2,208
united states the aMericas europe Middle east & africa asia-pacific
worth: worth: worth: worth: worth:
$3.1 trillion $563 billion $2.4 trillion $250 billion $2.8 trillion
Billionaires: Billionaires: Billionaires: Billionaires: Billionaires:
585 138 559 99 827
Capitalism’s global conquest continues. There were 140 billionaires in the world when we published our
first list, 31 years ago. Today there are more than 2,200. The vast majority are entrepreneurs—including
Jeff Bezos, the world’s wealthiest person and the first to appear with a $100 billion-plus fortune—who
got rich building their own companies, creating wealth and jobs and sparking innovation along the way.
Surging stock markets and rising commodity prices have made this a particularly strong year for the
ultra-rich: The average billionaire is worth some $4.1 billion this year, up 9% over the past 12 months.
Still, 120 people fell from our ranks, for reasons ranging from politics to philanthropy; another 25 died.
For much more on the world’s wealthiest, including a global ranking in order of net worth, go to:
www.ForBeS.Com/BillionaireS
Editors: luisa Kroll and Kerry a. dolan
AdditionAl Editing: John Koppisch, chase peterson-withorn
Country Editors: Graham Button, Grace chunG, russell Flannery, naazneen Karmali, aBram Brown, tatiana seraFin
WEAlth tEAm: anGel au-yeunG, elena BerezansKaya, iGor BosilKovsKi, deniz Çam, maGGie chen, carter coudriet, alexandra GarFinKle, max Jedeur-palmGren, noah Kirsch, elaine mao, zina mouKheiBer,
andrea murphy, anis muslimin, oma seddiq, chloe sorvino, michela tindera, JenniFer wanG
and reporters at ForBes licensed editions in austria, czech repuBlic, hunGary, France, KazaKhstan, Korea, indonesia, middle east, mexico, poland, russia, slovaKia, turKey and vietnam
rEportErs: yuri aKsyonov, dan alexander, prisca anG, meGha Bahree, madeline BerG, Kim Bode, nilGun cavdar, lauren Gensler, ricardo Geromel, roBert Kidd, nicole lindsay, roBert olsen, lucinda
schmidt, leonard schoenBerGer, James simms, ozer turan, alexandra wilson, susan adams, Jason Booth, Biz carson, caroline chen, shu-chinG Jean chen, muhammad cohen, till dalrup, James dunn,
reBecca FenG, antoine Gara, christopher helman, alvaro hernandez zorrilla, Jane ho, sean Kilachand, Joann muller, Johannes musial, suzanne nam, lan anh nGuyen, wendy puGh, anuradha raGhu-
nathan, natalie roBehmed, sheela sarvananda, samantha sharF, neha soni, Jessica tan, tim treadGold, Kate vinton, JenniFer wells
rEsEArCh: Sue RadlaueR • photo rEsEArCh: MeRRilee BaRton, Gail toivanen, KRiStine Gentile SMith • dAtAbAsE: dmitri slavinsKy
ACknoWlEdgmEnts: special thanKs to lw hospitality advisors, Factset research systems, orBis By Bureau van diJK, real capital analytics, euromonitor international, pitchBooK and dozens oF other
experts who helped us with our reportinG and valuations
march 31, 2018 FOrBES | 75

TH E WORL D ÕS BI LLIONAI R E S

WEALTH
ALGERIA ALGIERS AUSTRALIA TOP SECTORS 11 ORIGIN
GDP: $176.5 BIL REAL ESTATE 7 16% 12%
POPULATION: 41 MIL METALS & MINING 72%
BILLIONAIRES: 1 GDP: $1.4 TRIL 5
TOTAL NET WORTH: $4 BIL POPULATION: 25 MIL MANUFACTURING
(+$900 MIL VS. 2017) BILLIONAIRES: 43 (+10 VS. 2017) 4 INHERITED & GROWING
INHERITED
TOTAL NET WORTH: $117.9 BIL (+$26.9 BIL VS. 2017) FINANCE SELF-MADE
4
Issad Rebrab & family  FASHION & RETAIL
$4 BIL #550 FOOD
Gina Rinehart  Len Ainsworth 
$17.4 BIL #69 MINING $1.3 BIL #1756
ANGOLA Harry Triguboff  BETTING MACHINES

LUANDA $9.2 BIL #167 REAL ESTATE John Hancock ★
GDP: $124 BIL Vivek Chaand Sehgal  $1.3 BIL #1756 MINING
POPULATION: 30 MIL $6 BIL #289 AUTO PARTS Solomon Lew 
BILLIONAIRES: 1 Frank Lowy  $1.3 BIL #1756 RETAIL
TOTAL NET WORTH: $2.6 $5.9 BIL #296 SHOPPING MALLS Bianca Rinehart ★
BIL (–$500 MIL VS. 2017) $1.3 BIL #1756 MINING
Anthony Pratt 
$5.5 BIL #334 PACKAGING
Andrew Forrest 
$4.4 BIL #480 MINING
Isabel dos Santos 
$2.6 BIL #924 INVESTMENTS John Gandel 
$4.1 BIL #527 SHOPPING MALLS
James Packer 
$4.1 BIL #527 CASINOS
ARGENTINA Mike Cannon-Brookes 
$3.4 BIL #679 SOFTWARE
LA RIOJA
GDP: $620.1 BIL Scott Farquhar 
POPULATION: 44 MIL $3.4 BIL #679 SOFTWARE
BILLIONAIRES: 9 Lindsay Fox 
(+2 VS. 2017) $3.4 BIL #679 LOGISTICS,
TOTAL NET WORTH: $15.6 MENDOZA REAL ESTATE
BIL (+$3.2 BIL VS. 2017)
Kerry Stokes 
$3.1 BIL #766 CONSTRUCTION
EQUIPMENT, MEDIA
Fiona Geminder 
$2.7 BIL #887 PACKAGING,
INVESTMENTS
NEUQUÉN
Michael Hintze 
$2.4 BIL #1020 INVESTMENTS
Stanley Perron 
$2.3 BIL #1070 REAL ESTATE,
RETAIL
BUENOS Lang Walker  PERTH
AIRES $2.2 BIL #1103 REAL ESTATE 5
9
David Hains 
$2.1 BIL #1157 INVESTMENTS MARGARET RIVER
Heloise Pratt 
$2.1 BIL #1157 PACKAGING,
INVESTMENTS Ginia Rinehart ★
$1.3 BIL #1756 MINING
Maurice Alter 
$1.8 BIL #1339 REAL ESTATE Hope Welker ★
$1.3 BIL #1756 MINING
Jack Cowin 
Alejandro Bulgheroni  Brett Blundy ★
$3 BIL #791 OIL & GAS $1.8 BIL #1339 FAST FOOD
$1.2 BIL #1867 RETAIL,
Angela Bennett 
Eduardo Eurnekian  AGRIBUSINESS
$2.7 BIL #887 AIRPORTS, $1.7 BIL #1394 MINING Terry Snow 
Eduardo INVESTMENTS Gerry Harvey  $1.2 BIL #1867 AIRPORTS,
Costantini Gregorio Perez Companc  $1.7 BIL #1394 RETAIL REAL ESTATE Richard White
$1.8 BIL #1339 OIL & GAS Kerr Neilson  John Van Lieshout 
TROPHY: Costantini, who Alberto Roemmers  $1.7 BIL #1394 INVESTMENTS $1.2 BIL #1867 REAL ESTATE NEWCOMER: A former musician,
made his fortune in real es- $1.8 BIL #1339 David Teoh  refrigeration engineer and computer
tate in Argentina and the PHARMACEUTICALS $1.6 BIL #1477 TELECOM Gretel Packer ★ wholesaler, White at one time
$1.1 BIL #1999 CASINOS
U.S., collects contemporary Marcos Galperin  Richard White ★ repaired guitars for top Australian
Latin-American art and has $1.6 BIL #1477 E-COMMERCE $1.6 BIL #1477 SOFTWARE Alan Rydge  rock bands like AC/DC and the An-
$1.1 BIL #1999 ENTERTAINMENT
his collection on display at Jorge Horacio Brito  gels. But his fortune comes from
the Museum of Latin Amer- $1.3 BIL #1756 BANKING Judith Neilson  Huang Bingwen  WiseTech Global, which provides soft-
$1.5 BIL #1561 INVESTMENTS
ican Art in Buenos Aires, $1 BIL #2124 PACKAGING ware to the logistics industry and
which he founded. His new Eduardo Costantini  Nigel Austin ★ Paul Little ★ which he founded in 1994 and took
$1.2 BIL #1867 REAL ESTATE
South Florida luxury condo $1.4 BIL #1650 RETAIL $1 BIL #2124 LOGISTICS, public in 2016. The company has more

development, Oceana Bal Delfin Jorge Ezequiel Bob Ell  REAL ESTATE than 7,000 customers in 125 countries,
Carballo ★
Harbour, features two Jeff $1.1 BIL #1999 BANKING $1.4 BIL #1650 REAL ESTATE Sam Tarascio ★ and shares have jumped 160% in the
Koons sculptures and works Manny Stul  $1 BIL #2124 REAL ESTATE past year, following strong growth in
by other artists. Julio Patricio Supervielle ★ $1.4 BIL #1650 TOYS revenues and profits.

$1.1 BIL #1999 BANKING
WEALTH STATUS:
UP DOWN  UNCHANGED 
CH
CH
PL
A
A
PLPL
OR
SP
OR
SPORTS
TECH
TETE
A
OUND
OUND
OUND
WINE-GROWING OIL & G A A A S FIELD S S S MINING & TIMBER FINANCIALFINANCIAL SPSP OR T T T S S S TE CH PLAYGROUND NEW★ RETURNEE 
WINE
WINEWINE
Y
Y
Y
GR
GR
GR
OIL & GAS FIELDS
OIL & GOIL & G
S FIELD
WING
O
WING
WING
TIMBERTIMBER
FINANCIAL
FINANCIAL
TIMBER
S FIELD
MINING &MINING &
MINING &
-GR
-GR
-GR
O
O
AL
RERE
TEAM
TEAMTEAM
REGION
CENTER
AL
CENTERCENTER
MINER
RE GION AND DEP O O O SIT S S S MINERMINER AL S S CENTER TEAM CENTER
AND DEPOSITS
CENTERCENTER
GION
CENTER
AND DEPAND DEP
SIT
MINERALSS
SIT
GION
76 | FORBES MARCH 31, 2018 SPORTS TEAM DENOTES BILLIONAIRE-
OWNED SPORTS TEAM

Bianca Rinehart AUSTRIA
NEWCOMER: Rinehart has been battling her mother,
Gina Rinehart, Australia’s richest person, since 2011. She GDP: $417 BIL
and her brother John Hancock argued that their moth- POPULATION: 9 MIL; BILLIONAIRES: 8
er mishandled the family trust, which Gina denied. Set TOTAL NET WORTH: $43.4 BIL (+$12.2 BIL VS. 2017)
up by her grandfather Lang Hancock, it included a 24%
stake in the family’s mining assets that was meant for Dietrich Mateschitz  Wolfgang Leitner 
Bianca, John and their two siblings, Hope Welker and $23 BIL #37 RED BULL $2 BIL #1215 ENGINEERING
Ginia Rinehart. By court order, Bianca replaced her Johann Graf  Reinold Geiger 
mother (who owns the rest) as trustee in 2015. The stake $8.1 BIL #186 GAMBLING $1.5 BIL #1561

is now worth $5.2 billion, making all four billionaires. BEAUTY PRODUCTS
Heidi Horten 
$3.4 BIL #679 RETAIL Helmut Sohmen 
FRANK LOWY Georg Stumpf  $1.3 BIL #1756 SHIPPING
$2.9 BIL #822 REAL ESTATE, Stefan Pierer ★
NEWSMAKER: The mall CONSTRUCTION $1.2 BIL #1867 AUTOMOTIVE
magnate agreed to sell his
9.5% stake in Westfield

Corp., which owns 35 shop-
ping centers in the U.K. FUSCHL AM SEE
and the U.S. (including one LOWER
RED BULL
in New York City’s World EXPATRIATES SALZBURG AUSTRIA VIENNA
Trade Center) to European DIETRICH WELS
property giant Unibail-Ro- MATESCHITZ
HAYMAN ISLAND ARLBERG
damco in late 2017. Lowy is BURGENLAND
HAMILTON ISLAND expected to walk away with CARINTHIA
nearly $1.5 billion in cash ZÜRS GRAZ
and shares. A Holocaust

survivor, he opened his first WOERTHERSEE
shopping center in western
Sydney in 1959. Lowy, 87,
plans to retire from West-
field but continue to lead


his family office.

RICHARD BRANSON’S
MAKEPEACE ISLAND
BRISBANE
SURFERS
PARADISE
BYRON BAY
HUNTER
VALLEY
Stefan Pierer
NEWCOMER: For the 17th year in a row, a motorcycle made by
Pierer’s KTM won its category at the Dakar Rally, one of the most
popular motorsport events in the world. Pierer founded Cross hold-
BAROSSA ing group (now KTM Industries) in 1987 and still serves as CEO.
YARRA VALLEY
SYDNEY Sales surpassed $1.8 billion in 2017.
15
CANBERRA
EXPATRIATES BELGIUM
GDP: $494 BIL
MELBOURNE
MELBOURNE
12 POPULATION: 11 MIL; BILLIONAIRES: 2 CHARLEROI
TOTAL NET WORTH: $8.3 BIL
(+$1.6 BIL VS. 2017)
Albert Frere 
$6.2 BIL #281 INVESTMENTS
Patokh Chodiev  EXPATRIATE
$2.1 BIL #1157 MINING, METALS
Lang Walker
TROPHY: The property develop-
er bought a 140-acre private island HOW TO READ THE MAPS
in Fiji in 2011 and spent millions fix-

ing it up. Renamed Kokomo, the CITY WITH SECOND THIRD FOURTH FIFTH
pseudonym of a composer whose THE MOST
music he played as a child and the BILLIONAIRES
name of all but one boat Walker Boxes correspond to the cities where billionaires
has ever owned, the island opened live, one box per person. Colored names on the list
to visitors in March 2017. The luxu- correspond to the color of the city where they live.
ry resort is enclosed by the Great
Astrolabe Reef, and is accessible John Doe 
$1 BIL #1940 FURNITURE
to travelers only via private sea- Total worth
plane or helicopter. Guests can Source of wealth
book the whole island for $130,000 Rank
per night. Change in wealth status from 2017
L TO R: DIEGO LEVY/BLOOMBERG; JESSICA HROMAS/FAIRFAX MEDIA; MELISSA ADAMS/THE CANBERRA TIMES/FAIRFAX MEDIA; BRYAN VAN DER BEEK/BLOOMBERG 
MARCH 31, 2018 FORBES | 77

TH E WORL D ÕS BI LLIONAI R E S

Pedro Moreira Salles
BRAZIL TROPHY: With his three billionaire brothers,
Moreira Salles supports the Instituto Moreira
Salles, a museum with branches in Rio de
Janeiro, São Paulo (pictured at right) and Poços de Caldas,
in the state of Minas Gerais. Exhibits include a time-lapse se-
GDP: $2.1 TRIL ries of the São Paulo location’s construction and 200 works

POPULATION: 209 MIL; BILLIONAIRES: 42 (–1 VS. 2017) by Brazilian photographer Chichico Alkmim taken in the first
TOTAL NET WORTH: $176.4 BIL (+$4.3 BIL VS. 2017) half of the 20th century in the hinterlands of Brazil. Their
late father, Walther Moreira Salles, built Unibanco into one of
WEALTH the country’s largest banks (now called Itaú Unibanco) and
TOP SECTORS ORIGIN
served as ambassador to the U.S. in the 1950s.
11
FINANCE & INVESTMENTS 19%
6 45%
DIVERSIFIED
36%
5
FASHION & RETAIL
5 INHERITED & GROWING
INHERITED
FOOD & BEVERAGE
SELF-MADE
4
HEALTH CARE
3
MEDIA & ENTERTAINMENT MANAUS
NATAL
EXPATRIATES
5
ABILIO DINIZ COMANDATUBA
ISLAND, BAHIA
NEWSMAKER: The retail ty-
coon spent much of his life
running—and expanding—
supermarket chain Grupo Pão de TRANCOSO
Açúcar, which his father started with
a single bakery. After French retail-
er Casino increased its stake in 2011,
Diniz clashed with the French owners. CAMPINAS CAMPOS DO JORDÃO
He eventually sold his Pão de Açúcar RED BULL BRASIL
RED BULL BRASIL

DIETRICH MATESCHITZ
shares and in 2014 invested in French superstore firm (and Casino competi- DIETRICH MATESCHITZ RIO DE
tor) Groupe Carrefour’s Brazil arm, joining the board. In July, Carrefour Brasil, SÃO PAULO JANEIRO
10
also known as Atacadão, completed an IPO, raising nearly $1.6 billion. Diniz is SANTO ANDRE 21 RICHEST
one of the largest shareholders, with about 8%. Jorge Paulo
SÃO JOSÉ
DOS PINHAIS Lemann
Jorge Paulo Lemann  Ermirio Pereira de Moraes 
$27.4 BIL #29 BEER $2.7 BIL #887 DIVERSIFIED Lemann’s fortune fell by
$1.8 billion over the past
Joseph Safra  Jorge Moll Filho 
$23.5 BIL #36 BANKING $2.6 BIL #924 HOSPITALS year as shares of beer be-
PORTO ALEGRE hemoth Anheuser-Busch
Marcel Herrmann Telles  Maria Helena Moraes InBev, the source of the
$14 BIL #102 BEER Scripilliti 
$2.6 BIL #924 DIVERSIFIED majority of his wealth,
Carlos Alberto Sicupira  dropped 5%. AB-InBev
$12 BIL #124 BEER Aloysio de Andrade Faria  sales in North America
$2.5 BIL #965 BANKING
Eduardo Saverin  have declined—people are
$10.1 BIL #148 FACEBOOK Jose Roberto Marinho  Dulce Pugliese de Godoy drinking less Budweiser
$2.5 BIL #965 MEDIA Bueno 
Pedro Moreira Salles  $2.2 BIL #1103 HOSPITALS, and switching to craft
$5.1 BIL #382 BANKING, Roberto Irineu Marinho  HEALTH CARE beers, wine and spirits.
MINERALS $2.5 BIL #965 MEDIA AB-InBev replaced its chief
Ana Lucia de Mattos Barretto
Fernando Roberto Moreira Carlos Sanchez  of North American opera-
Salles  $2.5 BIL #965 GENERIC DRUGS Villela  Lirio Parisotto  tions in November.
$2.2 BIL #1103 BANKING
$5 BIL #388 BANKING, MINERALS $1.6 BIL #1477 INVESTMENTS
Jose Luis Cutrale  Alexandre Grendene Bartelle
Joao Moreira Salles  $2.4 BIL #1020 ORANGE JUICE  Jose Joao Abdalla Filho ★
$5 BIL #388 BANKING, MINERALS $1.5 BIL #1561 INVESTMENTS
Alfredo Egydio Arruda Villela $2.2 BIL #1103 SHOES Daisy Igel 
Walther Moreira Salles Filho  Joao Alves de Queiroz Miguel Krigsner  $1.2 BIL #1867 GAS, VICTOR MORIYAMA/BLOOMBERG; PEDRO VANNUCCHI/INSTITUTO MOREIRA SALLES; DADO GALDIERI/BLOOMBERG
Junior  $2.4 BIL #1020 BANKING Filho  $1.5 BIL #1561 COSMETICS PETROCHEMICALS
$5 BIL #388 BANKING, MINERALS Jose Isaac Peres & family  Ana Maria Marcondes Penido
Andre Esteves  $2 BIL #1215 PHARMACEUTICALS
Abilio dos Santos Diniz  $2.4 BIL #1020 BANKING Jayme Garfinkel  $1.5 BIL #1561 SHOPPING MALLS Sant’Anna 

$3.5 BIL #652 RETAIL Antonio Luiz Seabra  $1.2 BIL #1867 TOLL ROADS
Joao Roberto Marinho  $2 BIL #1215 INSURANCE
Walter Faria  $2.4 BIL #1020 MEDIA Julio Bozano  $1.5 BIL #1561 COSMETICS Maurizio Billi 
$3.2 BIL #729 BEER Rubens Ometto Silveira $1 BIL #2124 GENERIC DRUGS
Nevaldo Rocha & family  $1.8 BIL #1339 BANKING
Luis Frias ★ $2.4 BIL #1020 RETAIL Liu Ming Chung  Mello  Elie Horn 
$3 BIL #791 MOBILE PAYMENTS $1.4 BIL #1650 SUGAR, ETHANOL $1 BIL #2124 REAL ESTATE
Lia Maria Aguiar  $1.7 BIL #1394
$2.2 BIL #1103 BANKING PAPER MANUFACTURING
WEALTH STATUS:
UP DOWN  UNCHANGED 
TECH
OIL & G
T
A
WING
-GR
WINE-GROWING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SPORTS S TE CH PL A Y GR OUND NEW★ RETURNEE 
O
PLAYGROUND
WINE
S FIELD
MINING &
FINANCIAL
SP
TIMBER
OR
CENTER
REGION AND DEPOSITS S MINERALS S CENTER TEAM CENTER
RE
AL
CENTER
AND DEP
TEAM
O
SIT
MINER
GION
78 | FORBES MARCH 31, 2018



TH E WORLDÕ S BILLIONA IR E S

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













Joseph Tsai
BIGGEST GAINER: A Canadian citizen based in Hong
Kong, Tsai saw his net worth soar 67% over the past year,
thanks to a jump in the shares of Chinese e-commerce giant SILICON VALLEY NORTH

Alibaba. The group’s cofounder and executive vice chair-
man reportedly agreed in October to buy 49% of the Brook-
lyn Nets basketball team from Russian billionaire Mikhail
Prokhorov. Forbes values the team at $2.3 billion. EDMONTON
CANADIAN ROCKIES EDMONTON OILERS
DARYL KATZ
David Thomson & family  Carlo Fidani 
$25 BIL #32 MEDIA $2.4 BIL #1020 REAL ESTATE
Joseph Tsai  Mitchell Goldhar 
$9.7 BIL #154 E-COMMERCE $2.4 BIL #1020 REAL ESTATE
STUART ISLAND
Galen Weston & family  Bob Gaglardi ★
$9.5 BIL #160 RETAIL $2.1 BIL #1157 HOTELS WHISTLER BLACKCOMB
James Irving  Brandt Louie 
$8.3 BIL #183 DIVERSIFIED $2.1 BIL #1157 DRUGSTORES CALGARY
CALGARY FLAMES
Jim Pattison  N. Murray Edwards  N. MURRAY EDWARDS
$6.9 BIL #237 DIVERSIFIED $1.8 BIL #1339 OIL & GAS CLAYTON RIDDELL
V A N C O U V E R
VANCOUVER
David Cheriton  Gerald Schwartz  WINNIPEG JETS
$6 BIL #289 GOOGLE $1.8 BIL #1339 FINANCE DAVID THOMSON
Emanuele “Lino” Saputo & Marcel Adams & family 
family  $1.7 BIL #1394 REAL ESTATE
$5.3 BIL #365 CHEESE
Serge Godin 
Garrett Camp  $1.7 BIL #1394 Guy Laliberte 
$1.2 BIL #1867 CIRQUE DU SOLEIL
$4.8 BIL #422 UBER INFORMATION TECHNOLOGY
Michael Lee-Chin 
Mark Scheinberg  Huang Chulong  $1.2 BIL #1867 MUTUAL FUNDS
$4.8 BIL #422 ONLINE GAMBLING $1.7 BIL #1394 REAL ESTATE Anton Rabie
Tobi Lutke ★
Peter Gilgan  Jacques D’Amours  $1.2 BIL #1867 E-COMMERCE and Ronnen Harary
$3.8 BIL #588 HOME BUILDING $1.6 BIL #1477 RETAIL
Terence “Terry” Matthews  NEWCOMERS: Remote-control Air Hogs,
Arthur Irving  Stephen Jarislowsky  $1.2 BIL #1867 TELECOM
$3.5 BIL #652 OIL $1.6 BIL #1477 robotic Hatchimals and PAW Patrol
MONEY MANAGEMENT Clayton Riddell  rescue-dog toys have helped make
Alain Bouchard  $1.2 BIL #1867 OIL & GAS these childhood friends (and co-CEOs)
$3.3 BIL #703 RETAIL Hal Jackman 
$1.5 BIL #1561 INSURANCE, K. Rai Sahi  billionaires. The partners launched toy
Daryl Katz  INVESTMENTS $1.2 BIL #1867 REAL ESTATE company Spin Master in 1994, pulling
$3.1 BIL #766 PHARMACIES

Frank Stronach  Stephen Smith ★ together $10,000 to create their first
Lawrence Stroll  $1.5 BIL #1561 AUTO PARTS $1.1 BIL #1999 product, the Earth Buddy (it
$2.7 BIL #887 resembled a Chia Pet), in
FASHION INVESTMENTS Ronald Joyce  FINANCE & INVESTMENTS
$1.4 BIL #1650 TIM HORTONS Jack Cockwell ★ a garage. They took the
Robert Miller  company public in 2015;
$2.6 BIL #924 Bruce Flatt  $1 BIL #2124 REAL ESTATE, shares have risen nearly
PRIVATE EQUITY
ELECTRONICS COMPONENTS $1.3 BIL #1756
MONEY MANAGEMENT Lawrence Rossy ★ 180%. Their Spin Master
Chip Wilson  $1 BIL #2124 DOLLARAMA Entertainment also
$2.6 BIL #924 LULULEMON Ronnen Harary ★
$1.3 BIL #1756 TOYS V. Prem Watsa  produces the TV show
Charles Bronfman  $1 BIL #2124 INSURANCE, PAW Patrol, which airs
$2.4 BIL #1020 LIQUOR Pierre Karl Peladeau  on Nickelodeon Jr.
$1.3 BIL #1756 MEDIA INVESTMENTS
Jean Coutu 
$2.4 BIL #1020 DRUGSTORES Anton Rabie ★
$1.3 BIL #1756 TOYS
WEALTH STATUS:
UP DOWN  UNCHANGED 
WINE-GROWING
PL
CH
OR
T
TE
S FIELD
OUND
MINING &
WINE -GR O WING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SPORTS S TECH PLAYGROUND NEW★ RETURNEE 
OIL & G
A
Y
SP
A
GR
TIMBER
FINANCIAL
O
SIT
AND DEP
RE GION AND DEPOSITS S MINERALS S CENTER TEAM CENTER
REGION
CENTER
TEAM
CENTER
MINER
AL
L TO R: IMAGINECHINA/NEWSCOM; VICTORIA JONES/PA IMAGES/GETTY IMAGES; PAUL CHIASSON/ZUMA
80 | FORBES MARCH 31, 2018 PRESS/NEWSCOM; JENS KRISTIAN BALLE; GRAHAM HUGHES/ZUMA PRESS/NEWSCOM

Chip Wilson
CHILE
NEWSMAKER: After a series of p.r. blunders, the founder
of workout-wear retailer Lululemon stepped away from GDP: $270.6 BIL; POPULATION: 18 MIL
the company in 2015. Since then, Wilson—who remains BILLIONAIRES: 11 (–1 VS. 2017)
Lululemon’s largest individual shareholder with 14% of the TOTAL NET WORTH: $41.9 BIL (+$500 MIL VS. 2017)
company—has been forced to find creative ways to make

his voice heard. He launched the now-defunct website
elevatelululemon.com in 2016 to offer his opinions. In

2017 he placed a bus-stop ad directly in front of Lulu lem on’s
Vancouver headquarters, imploring Lululemon to “Buy Under Iris Fontbona & family 
$16.3 BIL #80 MINING
Armour now.”
Horst Paulmann & family 
$4.8 BIL #422 RETAIL
Julio Ponce Lerou 
$4.8 BIL #422 FERTILIZER
Alvaro Saieh Bendeck 
$3.2 BIL #729 BANKING
Sebastian Pinera & family 
$2.8 BIL #859 INVESTMENTS
Jean Coutu Roberto Angelini Rossi 
$2.7 BIL #887 FORESTRY, MINING
R
W
E
M
K
A
E

T
:
S
NEWSMAKER: The 90-year-old pharmacist is finally Patricia Angelini Rossi 
N
he 90-year-old pharmacist is fi
nally
hanging up his white lab coat. In October he agreed $2.1 BIL #1157 FORESTRY, MINING
to sell his Jean Coutu Group—which operates more Jean Salata 
than 400 pharmacies in Quebec, New Brunswick and $1.6 BIL #1477 FINANCE
Ontario—to Canadian grocery chain Metro for about Luis Enrique Yarur Rey 
$3.6 billion in cash and stock. Coutu, who founded the $1.6 BIL #1477 BANKING
business with a single Montreal location in 1969, will Bernardo Matte 
pocket nearly $2 billion. $1 BIL #2124 PAPER
Eliodoro Matte 
$1 BIL #2124 PAPER
SANTIAGO
10
EXPATRIATE
1
PUCÓN Sebastián
MONT-TREMBLANT
Piñera
QUEBEC CITY
SAINT JOHN POLITICS: In
PUERTO MONTT December, Piñera was
MONTREAL elected to his second
9 term as Chile’s president
MUSKOKA OTTAWA (he also served from
WESTMOUNT
2010 to 2014) in a
AURORA
AURORA

runoff against former
NORTH YORK journalist Alejandro
MARKHAM EXPATRIATES
MISSISSAUGA TORONTO 7 Guillier. A conservative
11 leader who made his
BURLINGTON
OAKVILLE BURLINGTON fortune with credit

card firm Bancard, he
divested his assets after

the 2010 election.
Tobi Lütke
NEWCOMER: A coder who favors tweed
caps, Lütke founded Shopify, an e-
commerce platform that powers some
600,000 online stores, in 2006. The Ger-
man native had learned to program by
age 12 and dropped out of school at 16
for a computer engineering apprentice-
ship. He immigrated to Canada in 2003
after meeting his now-wife on a snow-
boarding trip to Whistler. He and a friend
launched an online snowboard shop but

couldn’t find decent software to run it, so
Lütke created it himself. That became the
basis for Shopify, which he took public
in 2015. Shares are up 320% since then,
making him a billionaire—though he still
bikes to work.
MARCH 31, 2018 FORBES | 81

Th e World’ s billiona i re s
WEALTH
TOP SECTORS ORIGIN
China MANUFACTURING 70 1% 1%
60
REAL ESTATE
98%
54
gdp: $12.3 TRIL TECHNOLOGY INHERITED & GROWING
36
population: 1.4 BIL INHERITED
HEALTH CARE SELF-MADE
billionaires: 373 (+54 VS. 2017) 32
total net worth: $1.12 TRIL (+$311.4 BIL VS. 2017) DIVERSIFIED
23
FASHION & RETAIL
Ma Huateng  Pang Kang 
$45.3 BIL #17 internet media $6.4 BIL #265 soy sauce
Jack Ma  Ma Jianrong & family 
$39 BIL #20 e-commerce $6 BIL #289 textiles, apparel
Hui Ka Yan  Yao Liangsong 
$30.3 BIL #24 real estate $5.8 BIL #305 furniture
Wang Jianlin  Zhang Jindong 
$30 BIL #26 real estate $5.8 BIL #305 appliance retail
Yang Huiyan  Kei Hoi Pang 
$21.9 BIL #43 real estate $5.6 BIL #321 real estate NEWSMAKER URUMQI xinJiang
He Xiangjian  Zhang Bangxin  Wang Jianlin
$20.1 BIL #50 appliances $5.5 BIL #334 XINJIANG FLYING TIGERS
after-school tutoring SUN GUANGXIN
Wang Wei  wang, formerly china’s rich-
$18.2 BIL #63 package delivery Zhang Shiping & family  est man, made a retreat in
$5.5 BIL #334 aluminum 2017 shortly after boast-
William Ding 
$17.4 BIL #69 online games Lin Xiucheng & family  ing about his dalian wanda
$5.4 BIL #351 electronics group’s record number of
Zhang Zhidong 
$15.6 BIL #87 internet media Xu Chuanhua & family  overseas acquisitions. the
$5.3 BIL #365 chemicals, owner of u.s. movie the-
Li Shufu  logistics ater chain amc, wang aban-
$15.3 BIL #91 automobiles
Wang Chuanfu  doned his dream of best-
Lei Jun  $5.2 BIL #372 batteries, ing disney when he agreed
$12.5 BIL #118 smartphones automobiles in July to sell wanda’s chi-
Robin Li  Liu Yonghao & family  nese hotel and tourism port-
$12 BIL #124 internet search $4.9 BIL #404 agribusiness folio—including its theme
Wang Wenyin  Yu Yong  parks and a movie studio
$11.7 BIL #130 mining, copper $4.9 BIL #404 mining complex—for over $9 billion.
Xu Shihui & family  Zhou Jianping  its international business
$11.3 BIL #135 snacks, $4.9 BIL #404 fashion retail also hit the skids: wanda’s
beverages planned $1 billion acquisition
Fu Liquan 
Zhou Hongyi  $4.8 BIL #422 of dick clark productions fell
$11.3 BIL #135 surveillance equipment through in march 2017, and
security software the group is offloading real


Li Shuirong 
Richard Qiangdong Liu  $4.7 BIL #441 petrochemicals estate assets in london and
$10.8 BIL #140 e-commerce australia, as well as a stake in
Cai Kui 
Yan Zhi  $4.6 BIL #456 real estate spanish soccer club atlético
$10.1 BIL #148 real estate de madrid.
Liang Wengen 
Pan Zhengmin & family  $4.6 BIL #456
$9.7 BIL #154 electronics construction equipment
Zong Qinghou  Fang Wei 
$9.5 BIL #160 beverages $4.5 BIL #466 steel
Yao Zhenhua  Ji Changqun  Jiang Weiping & family 
$9.2 BIL #167 diversified $4.5 BIL #466 real estate $3.8 BIL #588 chemicals
Guo Guangchang  Chu Mang Yee & family  Zeng Fangqin ★
$8.1 BIL #186 diversified $4.4 BIL #480 real estate $3.8 BIL #588 Xu Jingren  Liu Zhongtian & family 
smartphone components $3.6 BIL #629 $3.3 BIL #703 aluminum
Sun Piaoyang  Wang Yusuo & family  pharmaceuticals
$7.7 BIL #202 pharmaceuticals $4.2 BIL #514 natural gas Zhang Jin  Luo Liguo & family ★
$3.8 BIL #588 diversified Zhang Li  $3.3 BIL #703 silicon products
Wu Yajun & family  Fan Hongwei ★ $3.6 BIL #629 real estate
$7.7 BIL #202 real estate $4.1 BIL #527 petrochemicals Li Gaiteng  Jiang Bin 
$3.7 BIL #606 hair dryers Zhang Xin & family  $3.2 BIL #729
Wang Wenxue  Wang Xing  $3.6 BIL #629 real estate acoustic components
$7.2 BIL #217 real estate $4.1 BIL #527 e-commerce Tse Ping 
$3.7 BIL #606 Chen Bang  Nie Tengyun & family 
Lu Zhiqiang  Che Jianxing  pharmaceuticals $3.5 BIL #652 hospitals $3.2 BIL #729 logistics
$7 BIL #228 real estate $4 BIL #550 furniture retail
Cao Longxiang & family  Gao Tianguo  Frank Wang 
Wu Shaoxun ★ Huang Rulun  $3.6 BIL #629 $3.5 BIL #652 real estate, $3.2 BIL #729 drones
$7 BIL #228 wine $4 BIL #550 real estate pharmaceuticals finance
Chan Laiwa & family  Yu Huijiao  Jiang Rensheng & family  Melissa Ma ★ Cheng Cheung Ling ★
$3.1 BIL #766 pharmaceuticals
$6.8 BIL #242 real estate $4 BIL #550 package delivery $3.6 BIL #629 vaccines $3.4 BIL #679 internet search
Liu Yongxing  Zhang Xuexin & family ★ Qin Yinglin & family  Sun Guangxin  Meisong Lai 
$3.1 BIL #766 package delivery
$6.7 BIL #248 diversified $4 BIL #550 aluminum $3.6 BIL #629 pig breeding $3.4 BIL #679 diversified
Wei Jianjun & family  Zhang Yiming ★ Qiu Guanghe & family  Ji Qi  Liang Xinjun 
$3.1 BIL #766 diversified
$6.5 BIL #261 automobiles $4 BIL #550 software $3.6 BIL #629 fashion retail $3.3 BIL #703 hotels, motels
Jason Jiang  Chen Dongsheng  Ren Jianhua 
$3.1 BIL #766 appliances
$6.4 BIL #265 advertising $3.8 BIL #588 insurance
WEALTH STATUS:
UP DOWN  UNCHANGED 
WINE-GROWING
OIL
TECH
WINE -GR O WING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SP OR T S TE CH PL A Y GR OUND NEW★ RETURNEE 
SPORTS
PLAYGROUND

FIELD

FINANCIAL
MINING &
TIMBER

&
G
S
A
CENTER
AND DEPOSITS
MINER
AL
REGION
RE GION AND DEP O SIT S MINERALS S CENTER TEAM CENTER
CENTER
TEAM
clockwise from top: yu fangping/featurechina/newscom; aly song/reuters; imagine china/newscom (2); vcg/getty images
82 | FORBES MARCH 31, 2018

william li
zhou xiaoguang
NEWCOMER: the serial
entrepreneur’s three-year-old NEWCOMER: the zhejiang native,
startup, nio, began taking or- who reportedly left school at age
ders for its first electric suv 16 due to a lack of funds, got her

in december. nio’s es8 sells start peddling trinkets. with her
for a base price of $71,000, husband, yu yunxin, zhou later
much less than tesla’s model cofounded neoglory, which still
x, which starts at roughly sells inexpensive baubles on am-
$130,000 in china. nio, which azon and elsewhere. it now also
has raised $2.1 billion in fund- has interests in property and fi-
ing, is aiming to build a net- nance, including a publicly listed
work of 1,200 mobile charg- real estate arm.
ing vans and 1,100 battery
swap stations by 2020. TONGHUA
LIAOYANG
SHENYANG
Wang Jian ★
BEIJING $3.1 BIL #766
genome sequencing
62 YINGKOU SHANGHAI Lu Xiangyang 
46 $3 BIL #791 automobiles,
DALIAN batteries
Wang Zhenhua 
LANGFANG $3 BIL #791 real estate
ZHAOYUAN
BAODING WEIFANG LONGKOU Simon Xie 
$3 BIL #791
WEIHAI online payment service
SHIJIAZHUANG BINZHOU
TAIYUAN DONGYING QINGDAO Cai Dongchen ★
$2.9 BIL #822 pharmaceuticals
LUANCHENG JINAN RIZHAO
HENGSHUI LINYI Ding Shizhong & family 
LIAOCHENG LIANYUNGANG HANGZHOU $2.9 BIL #822 sportswear
SUQIAN
WUZHONG XINXIANG ZHANGJIAGANG 24 Feng Hailiang 
ZHENGZHOU WUXI $2.9 BIL #822 diversified
HEZE NANTONG
Ke Zunhong & family 
YANZHOU
CHANGGE JIANGYIN $2.9 BIL #822 pharmaceuticals
XI’AN
SOFTWARE PARK HEFEI NANJING Wang Laichun 
LANZHOU $2.9 BIL #822
DANYANG
JIAXING TAIXING electronics components
XIAN LUOHE LIN’AN Wang Laisheng 
CHANGZHOU
NANYANG NINGBO $2.9 BIL #822
TONGXIANG electronics components
CHENGDU SHANGYU SHAOXING SUZHOU Ding Shijia 
WUHAN
ZHUJI YIWU $2.8 BIL #859 sportswear
WUJIANG QUZHOU TAIZHOU
Shi Yuzhu 
DAYE NANPING WENZHOU ZHUJI $2.8 BIL #859 online games,
NANCHANG investments
NINGDE
Gu Yuhua & family 
ZHANGSHU $2.7 BIL #887 furniture
CHANGSHA FUZHOU
CHONGQING Huang Wei 
QUANZHOU
GUANGZHOU R&F FC $2.7 BIL #887 real estate
ZHANG LI XINYU JINJIANG
GUANGZHOU HONG KONG Zhang Wenzhong ★
XIAMEN EXPATRIATES $2.7 BIL #887 retail
KUNMING HUIZHOU 19 8
GUIYANG DONGGUAN Zuo Hui ★
$2.7 BIL #887
SHUNDE SHANTOU
real estate services
CHAOZHOU
ANSHUN Chen Fashu 
FOSHAN PUNING $2.6 BIL #924 investments
Lam Kong 
YUNFU $2.6 BIL #924 pharmaceuticals
ZHONGSHAN
Shen Wenrong 
ZHUHAI $2.6 BIL #924 steel
MACAU Shen Yuxing ★
SHENZHEN $2.6 BIL #924 real estate
41
Song Zuowen 
HAIKOU $2.6 BIL #924 aluminum,
diversified
Zhang Fan 
HAINAN ISLAND $2.6 BIL #924 touchscreens
Zhu Xingliang 
$2.6 BIL #924 construction
Liu Qiangdong Du Jiangtao & family 
$2.5 BIL #965 chemicals
NEWSMAKER: his e-commerce giant Jd.com reached an agree- Hui Lin Chit 
ment in may with the provincial government of shaanxi to build $2.5 BIL #965
china’s largest drone network. the company already has seven hygiene products
models of drones that carry packages along a fixed route, land- Sze Man Bok 

ing on pads in rural villages. one of the models can carry par- $2.5 BIL #965
cels weighing up to 66 pounds, while another can fly at up to 62 hygiene products

mph. once they land, Jd.com contractors deliver the orders.
MARCH 31, 2018 FORBES | 83

Th e World’ s billiona ir e s

China Wang Liping & family  Yu Rong ★ Yi Zheng 
$2 BIL #1215 $1.6 BIL #1477 health clinics $1.4 BIL #1650 software
hydraulic machinery
Chen Jinxia  Zhou Chengjian  Yuan Fugen & family 
$2.4 BIL #1020 investments Wang Xicheng & family  $1.6 BIL #1477 retail $1.4 BIL #1650 metals
$2 BIL #1215 tires
Geng Jianming & family  Zhou Yaoting & family  Zeng Kaitian 
$2.4 BIL #1020 real estate Wei Shaojun  $1.6 BIL #1477 apparel, real $1.4 BIL #1650 online games
$2 BIL #1215 real estate estate
Li Zhongchu  Zhang Wanzhen 
$2.4 BIL #1020 software Zhu Baoguo & family  Zhuang Kuilong & family ★ $1.4 BIL #1650
$2 BIL #1215 pharmaceuticals $1.6 BIL #1477 polyester electronics components
Tong Jinquan 
$2.4 BIL #1020 real estate Liang Jiankun & family ★ Che Fengsheng  Zhang Yubai ★
$1.9 BIL #1284 cobalt mining $1.5 BIL #1561 pharmaceuticals $1.4 BIL #1650 wine
Yu Minhong 
$2.4 BIL #1020 education Qiu Jianping & family  NEWCOMER Chen Qingzhou & family  Changpeng Zhao ★
$1.9 BIL #1284 hand tools $1.5 BIL #1561 $1.4 BIL #1650 cryptocurrency
Chen Hua  Ning Tang communications equipment
$2.3 BIL #1070 real estate Wang Qingtao  Zhou Yifeng & family 
$1.9 BIL #1284 steel smelting tang pioneered marketplace Huang Qiaoling  $1.4 BIL #1650 chemicals
Hu Baifan  lending in china when he $1.5 BIL #1561 amusement parks
$2.3 BIL #1070 Xiao Yongming & family  Zhou Yongli & family ★
pharmaceuticals` $1.9 BIL #1284 fertilizer founded creditease, a peer- Huang Zhuangmian & family $1.4 BIL #1650 diversified
to-peer lending firm, in 2006. ★
Lin Li  Xie Zhikun  the privately held compa- $1.5 BIL #1561 logistics Zhu Wenchen 
$2.3 BIL #1070 investments $1.9 BIL #1284 investments $1.4 BIL #1650 pharmaceuticals
ny also offers other ser vices Lee Yin Yee ★
He Qiaonv  Xue Xiangdong & family  like crowdfunding and on- $1.5 BIL #1561 glass Cheng Xianfeng 
$2.2 BIL #1103 $1.9 BIL #1284 software line financial management. $1.3 BIL #1756 pharmaceuticals
landscape architecture Li Weiwei 
Yuan Yafei  creditease, which operates $1.5 BIL #1561 online games Fu Meicheng & family 
Ke Xiping & family  $1.9 BIL #1284 retail, in 255 cities in china as well $1.3 BIL #1756 tv shows, movies
$2.2 BIL #1103 investments investments William Li ★
as around the world, listed its $1.5 BIL #1561 automobiles Don Gao 
Kong Jian Min  Zhang Daocai  lending arm yirendai on the $1.3 BIL #1756 power tools
$2.2 BIL #1103 real estate $1.9 BIL #1284 valves new york stock exchange in Li Yihai  Gao Yunfeng ★
Shen Guojun  Zhang Xuansong ★ 2015; shares have risen 43% $1.5 BIL #1561 pharmaceuticals $1.3 BIL #1756
$2.2 BIL #1103 retail $1.9 BIL #1284 supermarkets in the past year. Li Yong  industrial lasers
$1.5 BIL #1561 chemicals
Wu Zhigang & family  Zheng Yuewen & family  Hu Keqin & family ★
$2.2 BIL #1103 bakery chain $1.9 BIL #1284 investments Lou Zhongfu & family  $1.3 BIL #1756 chemicals
$1.5 BIL #1561 real estate
Xiao Wenge  Zhou Xiaoguang ★ Li Jiaquan ★
$2.2 BIL #1103 entertainment $1.9 BIL #1284 Jewelry, Ou Zonghong  $1.3 BIL #1756 chemicals
real estate Ou Zongrong  $1.5 BIL #1561 real estate
Zhang Xiugen & family  $1.7 BIL #1394 real estate Lin Fanlian ★
$2.2 BIL #1103 automobiles An Kang  Que Wenbin & family  $1.3 BIL #1756 diversified
$1.8 BIL #1339 pharmaceuticals Pan Weiming  $1.5 BIL #1561 pharmaceuticals
Cheng Xue  $1.7 BIL #1394 real estate Lin Jianhua & family 
$2.1 BIL #1157 soy sauce Chen Jianhua  Tang Jianfang  $1.3 BIL #1756
$1.8 BIL #1339 chemicals Qi Jinxing  $1.5 BIL #1561 packaged foods solar panel materials
Huang Hongyun & family  $1.7 BIL #1394 real estate
$2.1 BIL #1157 real estate Cheung Yan  Ning Tang ★ Liu Baolin 
$1.8 BIL #1339 Qi Shi & family  $1.5 BIL #1561 online lending $1.3 BIL #1756 pharmacies
Huang Zhenda & family  paper products $1.7 BIL #1394
$2.1 BIL #1157 construction financial information Wang Jiufang  Lu Di 
Cui Genliang  $1.5 BIL #1561 real estate $1.3 BIL #1756 drones
Jiang Yehua & family  $1.8 BIL #1339 Wang Chaobin 
$2.1 BIL #1157 real estate electric components $1.7 BIL #1394 real estate Wong Hong King ★ Shao Qinxiang ★
$1.5 BIL #1561 real estate $1.3 BIL #1756 diversified
Li Hongxin & family  Dou Zhenggang  Wang Yanqing & family ★
$2.1 BIL #1157 paper products $1.8 BIL #1339 energy, $1.7 BIL #1394 Xiao Chunhong  Eric Ya Shen 
Li Xiting ★ chemicals electrical equipment $1.5 BIL #1561 real estate $1.3 BIL #1756 e-commerce
$2.1 BIL #1157 medical devices Huang Qisen  Wu Guangming  Zhang Hongwei  Shum Chiu Hung ★
Liang Yunchao  $1.8 BIL #1339 real estate $1.7 BIL #1394 medical equipment $1.5 BIL #1561 oil, banking $1.3 BIL #1756 real estate
$2.1 BIL #1157 Li Zongsong & family  Xu Qiming  Zhang Tao ★ Sun Qinghuan 
nutrition supplements $1.7 BIL #1394 food, art $1.5 BIL #1561 e-commerce $1.3 BIL #1756 lighting
$1.8 BIL #1339 pharmaceuticals
Mao Lixiang & family ★ Qin Hui ★ Zhang Xiaojuan  Chen Liying  Sun Yinhuan 
$2.1 BIL #1157 appliances $1.7 BIL #1394 logistics $1.4 BIL #1650 $1.3 BIL #1756 real estate
$1.8 BIL #1339 movie theaters
Wang Changtian  Sun Shoukuan  Cai Wensheng  package delivery Wan Long ★
$2.1 BIL #1157 tv, movie $1.8 BIL #1339 metals, coal $1.6 BIL #1477 Chen Tianqiao  $1.3 BIL #1756 food
production photo-sharing app $1.4 BIL #1650 online games
Wong Luen Hei  Wang Muqing & family 
Wang Wenjing  $1.8 BIL #1339 Chen Xiaoying  Chi Yufeng  $1.3 BIL #1756 car dealerships
$2.1 BIL #1157 business building materials $1.6 BIL #1477 package delivery $1.4 BIL #1650 software
software Wang Yong 
Wu Yulan ★ Lei Jufang  Du Weimin ★ $1.3 BIL #1756 food sweeteners
Ye Cheng  $1.8 BIL #1339 pharmaceuticals $1.6 BIL #1477 pharmaceuticals $1.4 BIL #1650 vaccines
$2.1 BIL #1157 diversified Wen Yibo & family 
Xu Hang ★ Li Li  Li Guoqiang  $1.3 BIL #1756
Zhu Gongshan  $1.8 BIL #1339 medical devices $1.6 BIL #1477 pharmaceuticals $1.4 BIL #1650 car dealerships wastewater treatment
$2.1 BIL #1157
solar panel materials Yang Erzhu  Li Liufa & family  Li Liangbin ★ Wu Lanlan & family 
$1.8 BIL #1339 real estate $1.6 BIL #1477 steel, diversified $1.4 BIL #1650 lithium $1.3 BIL #1756 packaging
Dong Wei ★
$2 BIL #1215 pharmaceuticals Yao Kuizhang ★ Liu Hanyuan  Ma Hong & family  Xu Ziquan & family 
$1.8 BIL #1339 beverages $1.6 BIL #1477 agribusiness $1.4 BIL #1650 retail $1.3 BIL #1756 software
Hu Kaijun 
$2 BIL #1215 pharmaceuticals Chen Dejun  Ni Zugen  Nan Cunhui  Yang Meirong ★
$1.7 BIL #1394 package delivery $1.6 BIL #1477 appliances $1.4 BIL #1650 $1.3 BIL #1756 education
Li Ge ★ power equipment
$2 BIL #1215 biotech Chen Xueli  Ruan Shuilong & family  Yang Tingdong ★
$1.7 BIL #1394 pharmaceuticals $1.6 BIL #1477 chemicals Ou Xueming ★ $1.3 BIL #1756 brewery
Liu Ming Hui  $1.4 BIL #1650 real estate
$2 BIL #1215 natural gas Huo Qinghua  Su Weizhong  You Xiaoping 
$1.7 BIL #1394 coal $1.6 BIL #1477 oil, fertilizers Su Rubo ★ $1.3 BIL #1756 chemicals,
Ma Xingtian  $1.4 BIL #1650 real estate spandex
$2 BIL #1215 pharmaceuticals Jiang Yintai & family ★ Wang Jinshu 
$1.7 BIL #1394 auto parts $1.6 BIL #1477 chemicals Wang Jianfeng & family  Yu Qibing & family ★
Miao Shouliang  $1.4 BIL #1650 auto parts $1.3 BIL #1756 glass
$2 BIL #1215 real estate Li San Yim  Wang Yaohai 
$1.7 BIL #1394 $1.6 BIL #1477 lighting Wang Jing  Yu Yunxin ★
Ren Zhengfei  construction equipment $1.4 BIL #1650 telecom services $1.3 BIL #1756 Jewelry,
$2 BIL #1215 telecom equipment Wong Kwong Yu & family  real estate
Ma Xiuhui  $1.6 BIL #1477 appliance retail Wang Qunbin 
Su Suyu & family  $1.7 BIL #1394 led lighting $1.4 BIL #1650 diversified Zan Shengda  giulia marchi/bloomberg
$2 BIL #1215 utilities, Wu Xushun & family  $1.3 BIL #1756 diversified
real estate $1.6 BIL #1477 online games,
auto parts
84 | FORBES MARCH 31, 2018



Th e World’ s billiona ir e s

China Xu Xiong  Liu Zhiqiang  COLOMBia
$1.2 BIL #1867 driving schools $1.1 BIL #1999 diversified
Zhang Guiping & family  Xu Xudong & family ★ Jonathan Lu  gdp: $311.4 BIL; population: 49 MIL
$1.3 BIL #1756 real estate $1.2 BIL #1867 auto parts $1.1 BIL #1999 e-commerce
billionaires: 3
Zhao Weiguo  Xue Hua ★ Peng Jianhu  ATLETICO NACIONAL total net worth: $18.6 BIL
$1.3 BIL #1756 chipmaker $1.2 BIL #1867 agribusiness $1.1 BIL #1999 tourism CARLOS ARDILA LULLE (+$1.5 BIL VS. 2017)
medellin
Zheng Jianjiang & family  Yan Yude ★ Lucy Peng 
$1.3 BIL #1756 $1.2 BIL #1867 private schools $1.1 BIL #1999 e-commerce BOGOTA
electrical equipment Luis Carlos Sarmiento 
Yang Keng  Wan Lianbu  $12.1 BIL #123 banking
Cai Dongqing  $1.2 BIL #1867 real estate $1.1 BIL #1999 fertilizers
$1.2 BIL #1867 animation Jaime Gilinski Bacal 
Yang Shaopeng ★ Wang Miaotong  $3.7 BIL #606 banking
Chen Bo & family ★ $1.2 BIL #1867 shipping $1.1 BIL #1999 auto parts
$1.2 BIL #1867 wind power Carlos Ardila Lülle 
Zhang Cheng Fei  Wang Zhenghua  $2.8 BIL #859 soft drinks,
Cheng Wei  $1.2 BIL #1867 paper products $1.1 BIL #1999 budget airline EXPATRIATE diversified
$1.2 BIL #1867 Zhang Jingzhang  Wen Jianping  1
ride-hailing service
$1.2 BIL #1867 $1.1 BIL #1999
Chu Jinfu  precision machinery sewage treatment
$1.2 BIL #1867 Zhang Keqiang  Xia Zuoquan ★ CYPRUS
electrical equipment
$1.2 BIL #1867 real estate $1.1 BIL #1999 automobiles
Fang Hongbo ★ Zhang Xuanning ★ Swift Xie  gdp: $21.3 BIL; population: 1 MIL
$1.2 BIL #1867 $1.2 BIL #1867 retail $1.1 BIL #1999 drones billionaires: 7 (+1 VS. 2017)
appliances
Zhang Zhangsun  Yao Jinbo ★ total net worth: $17.6 BIL (+$1.2 BIL VS. 2017)
Fu Guangming & family  $1.2 BIL #1867 real estate $1.1 BIL #1999
$1.2 BIL #1867 poultry online marketplace
Zhou Bajin ★
Gu Wei  $1.2 BIL #1867 auto parts Zhao Yan 
$1.2 BIL #1867 $1.1 BIL #1999 real estate,
consumer electronics Zhou Wenyu ★ finance
$1.2 BIL #1867 real estate EXPATRIATES LEFKOSA
Huang Jianrong & family ★ Zhou Zongwen & family ★ 6
$1.2 BIL #1867 minerals Bu Yang ★ $1.1 BIL #1999 Jewelry John Fredriksen 
$1.1 BIL #1999 retail
Jiang Ganjun ★ Cao Kejian  $7 BIL #228 shipping
$1.2 BIL #1867 furniture Cai Rongjun ★ $1 BIL #2124 air compressors Yakir Gabay 
$1.1 BIL #1999 Polys Haji-Ioannou 
Jiang Zhaobai  electronics components Chen Jianming ★ $3.1 BIL #766 real estate $1.4 BIL #1650 easyJet
$1.2 BIL #1867 real estate $1 BIL #2124 real estate Suat Gunsel 
Cai Xiaoru  Clelia Haji-Ioannou 
Jin Huiming  $1.1 BIL #1999 He Simo  $1.9 BIL #1284 real estate, $1.3 BIL #1756 easyJet
$1.2 BIL #1867 real estate education
electronics components $1 BIL #2124 power supplies
Li Guangyu ★ Chen Jinshi & family  Huang Xiaofen & family ★ Stelios Haji-Ioannou  Surendra Hiranandani 
$1.2 BIL #1867 education $1.6 BIL #1477 easyJet $1.3 BIL #1756 real estate
$1.1 BIL #1999 construction, $1 BIL #2124 circuit boards
Li Jun ★ real estate Jiang Wei 
$1.2 BIL #1867 electronics
Chen Qixing  $1 BIL #2124 pharmaceuticals CZECh REPUBLiC
Li Rucheng  $1.1 BIL #1999 Jiang Xuefei & family 
$1.2 BIL #1867 apparel electronics components
$1 BIL #2124 circuit boards gdp: $216.5 BIL; population: 11 MIL
Li Xuhui ★ Chen Shiliang ★ Liang Zhaoxian 
$1.2 BIL #1867 soy sauce $1.1 BIL #1999 polyester billionaires: 6
$1 BIL #2124 appliances total net worth: $30.1 BIL (+$6.6 BIL VS. 2017)
Liu Jiang ★ Chen Xiaxin & family  Liu Fuhai & family 
$1.2 BIL #1867 natural gas $1.1 BIL #1999
industrial machinery $1 BIL #2124 textiles, energy
Liu Xuejing & family  Liu Jincheng & family ★
$1.2 BIL #1867 copper, poultry Dang Yanbao ★
$1.1 BIL #1999 coal $1 BIL #2124 lithium batteries Petr Kellner 
Liu Zhenguo  Liu Shaoxi  $15.5 BIL #88 banking,
$1.2 BIL #1867 Fu Kwan  $1 BIL #2124 real estate PRAGUE 5 insurance
sewage treatment $1.1 BIL #1999 real estate,
diversified Lu Weiding ★ Andrej Babis 
Ma Yunsheng  $1 BIL #2124 diversified VELKE POPOVICE $4.6 BIL #456 agriculture
$1.2 BIL #1867 energy Huang Shilin ★
$1.1 BIL #1999 batteries Mi Enhua  Karel Komarek 
Ni Zhaoxing  $1 BIL #2124 retail $3.2 BIL #729 lotteries
$1.2 BIL #1867 real estate Huang Wen Tsai 
$1.1 BIL #1999 real estate Sun Shangchuan & family  Radovan Vitek 
Peng Hao ★ $1 BIL #2124 $2.9 BIL #822 real estate
$1.2 BIL #1867 electronics Lam Lung On & family ★ electronics components
$1.1 BIL #1999 real estate Daniel Kretinsky 
Shang Jiyong  Wang Jianyi  POLITICS $2.6 BIL #924
$1.2 BIL #1867 tires, chemicals David Xueling Li ★ $1 BIL #2124 fiber-optic cables energy generation
$1.1 BIL #1999 ANDREJ BABIS
Tian Ming  live streaming service Wen Pengcheng & family  Pavel Tykac 

$1.2 BIL #1867 $1 BIL #2124 agribusiness The Czech Republic’s Donald Trump, $1.3 BIL #1756 coal mines
measuring instruments Li Tan  Babiš was elected prime minister in
$1.1 BIL #1999 pharmaceuticals Yang Jianxin & family ★


Wang Han  $1 BIL #2124 apparel October and took office in Decem-
$1.2 BIL #1867 airline Li Weiguo ★ ber. Weeks before the election he was
$1.1 BIL #1999 Yao Xinyi 
Wang Junjin  construction materials $1 BIL #2124 air conditioning charged with fraud by Prague prose-
$1.2 BIL #1867 airline cutors over allegations that his busi-
Liang Feng ★ Zhao Xiaoqiang  ness improperly received EU subsidies
Wang Wenbiao ★ $1.1 BIL #1999 $1 BIL #2124 fashion,
$1.2 BIL #1867 natural gas, battery parts entertainment a decade ago; he got immunity upon
fertilizers election, but Czech lawmakers voted
Liang Guangwei  Zhou Liangzhang & family ★ to strip him of the protection in Janu-
Wu Daohong  $1.1 BIL #1999 diversified $1 BIL #2124
$1.2 BIL #1867 energy services electrical equipment ary. Babiš has denied the fraud alle-
Liang Shezeng ★ gations. Meanwhile, his minority gov-
Wu Yiling  $1.1 BIL #1999 real estate Zhu Xingming ★
$1.2 BIL #1867 $1 BIL #2124 ernment failed to win the support
pharmaceuticals Liao Chang  of other parties and lost a confi-
$1.1 BIL #1999 wine electrical equipment dence vote in parliament. He
Xiu Laigui 
$1.2 BIL #1867 Liu Zhendong  is expected to try again.
pharmaceuticals $1.1 BIL #1999 industrial parks
WEALTH STATUS: martin divisek/bloomberg
UP DOWN  UNCHANGED 
TE
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WINE
SP
OR
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WINE-GROWING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SPORTS S TECH PLAYGROUND NEW★ RETURNEE 
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MINERALS
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REGION AND DEPOSITS S MINER AL S CENTER TEAM CENTER
86 | FORBES MARCH 31, 2018

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TH E WORLDÕ S BILLIONA IR E S

DENMARK
GdP: $325.2 Bil FRANCE
PoPuLation: 6 Mil eXpatriate
BiLLionaires: 10 (+4 VS. 2017) aarHus 1 Wealth
totaL net WortH: $43.7 Bil (+$5.1 Bil VS. 2017) silKeBorG GdP: $2.6 tril tOP SeCtOrS Origin
PoPuLation: 65 Mil 9
anders holch Povlsen  niels Peter louis-hansen  HumleBaeK BiLLionaires: 40 FASHION & RETAIL 22%
$7.4 Bil #207 FasHion retaiL $4.7 Bil #441 MedicaL deVices (+2 VS. 2017) 6
50%
Kjeld Kirk Kristiansen  lars larsen  totaL net WortH: HEALTH CARE 28%
6
$5.4 Bil #351 LeGo $4.2 Bil #514 retaiL BilluND $320.4 Bil FOOD & BEVERAGE
(+$75.3 Bil VS. 2017)

Sofie Kirk Kristiansen ★ hanni toosbuy Kasprzak  NorDBorG
4 inheriteD & grOWing
$5.4 Bil #351 LeGo $2.6 Bil #924 sHoes FINANCE & INVESTMENTS inheriteD
HaDerslev SelF-MaDe
thomas Kirk Kristiansen ★ Martin Moller nielsen  3
$5.4 Bil #351 LeGo $2.1 Bil #1157 COPENHAGEN CONSTRUCTION
aircraFt LeasinG
agnete Kirk thinggaard ★
$5.4 Bil #351 LeGo Bent Jensen 
$1.1 Bil #1999
eLectric Motors
Kjeld Kirk
Kristiansen
TrOPHY: Th ird-
generation Lego owner
Kristiansen opened his
latest homage to the
plastic brick, the Lego
House, in September.
Designed as both
a museum and an
interactive play zone,
the 130,000-square-
foot structure is built Françoise Bettencourt Meyers
on the site of the

former town hall in newCOmer: After her mother, Liliane Bettencourt, died at age 94 in Septem-


Billund, Denmark, and ber, Bettencourt Meyers officially became France’s new L’Oréal heiress and the

resembles 21 larger- richest woman in Europe. The granddaughter of L’Oréal’s founder, she had al-
than-life Lego bricks ready been running the holding company through which she, her husband and
stacked on top of each their two sons own L’Oréal stock. She has written three books, including one
other. about the Greek gods.
EGYPT FINLAND clement Fayat
newsmaker: a street in
GdP: $193.7 Bil GdP: $253.1 Bil Libourne, France, northeast
PoPuLation: 92 Mil PoPuLation: 6 Mil of Bordeaux, was renamed
BiLLionaires: 6 (–1 VS. 2017) BiLLionaires: 6 (–1 VS. 2017) avenue clement Fayat in
totaL net WortH: $18.2 Bil totaL net WortH: $13.5 Bil May in honor of the French
(+$100 Mil VS. 2017) (+$600 Mil VS. 2017) billionaire who 60 years
earlier opened his first public

works company, the national
company for terracing, in the
antti herlin  city. Libourne’s mayor joined
$4.2 Bil #514 eLeVators,
escaLators Fayat for the unveiling.
Cairo heikki Kyostila  Fayat started the group at
5 $2.2 Bil #1103 age 25 and was in charge
dentaL Products until 2013, when he handed
oversight to his two sons.
eXpatriate antti aarnio-Wihuri 
$2 Bil #1215 diVersiFied He is now Fayat Group’s
honorary president. He also
Mika anttonen  owns three vineyards.
$2 Bil #1215 oiL & Gas
ilkka herlin 
nassef Sawiris 
$6.6 Bil #251 construction, $1.6 Bil #1477 eLeVators,
cHeMicaLs escaLators
ilona herlin 
naguib Sawiris  gilles Martin
$4 Bil #550 teLecoM $1.5 Bil #1561 eLeVators, HelsiNKi
escaLators newsmaker: Martin is CEO of Eurofins

Mohamed Mansour  5 Scientific, a food and pharmaceutical testing

$2.7 Bil #887 diVersiFied
company that he founded in 1987; it claims
Yasseen Mansour  the greatest total shareholder return of any
$1.9 Bil #1284 diVersiFied
company listed on a European exchange
Mohamed al Fayed  over the past two decades. His brother Yves-
$1.6 Bil #1477 retaiL, Loïc, the company’s former chief technolo-
inVestMents


KirKKoNummi gy officer, joins Martin in the wealth ranks,
Youssef Mansour  thanks to a 13% rise in the value of Eurofins

$1.4 Bil #1650 diVersiFied
shares in the past 12 months.
weaLTH sTaTUs:
up DoWN  uNCHaNGeD 
Wine-groWing
a
tr
umP
Wine -gr o Wing oil & g a s Field s mining & & timBer Financial sP or t s te ch Playground trumP NeW★ returNee 
Financial
sPorts
timBer
mining

Pl
tech
ound
gr
y
oil & gas Fields
miner
sit
center
al
center
o
team
region and dePosits s minerals s center team center Pr oPer t y
ProPerty
gion
deP

re
and
88 | FORBES MARCH 31, 2018

Marc Ladreit de Bernard arnault & family  Xavier niel 
Lacharrière $72 Bil #4 LVMH $8.1 Bil #186 internet,
Francoise Bettencourt teLecoM
newsmaker: Ladreit de Meyers & family ★ Vincent Bollore & family 
Lacharrière took his hold- $42.2 Bil #18 L’oreaL $7.4 Bil #207 inVestMents
ing firm Fimalac private Francois Pinault & family  Carrie Perrodo & family 
in July 2017 in a deal that $27 Bil #30 Luxury Goods $7.2 Bil #217 oiL
valued the company at Serge Dassault & family  Patrick Drahi 
an estimated $3.7 billion. $22.6 Bil #41 diVersiFied $7.1 Bil #222 teLecoM
He already owned 94% of emmanuel Besnier  Jacques Saade & family 
the shares at the time. eXpatriates $14.7 Bil #97 cHeese $7 Bil #228 sHiPPinG
Fimalac has a 20% stake 9
in Fitch ratings, the alain Wertheimer  Pierre Bellon & family 
$6.1 Bil #287 Food serVices
$13 Bil #108 cHaneL
world’s third-largest lille
credit-rating agency, with gerard Wertheimer  Jean-Michel Besnier 
operations in over 30 $13 Bil #108 cHaneL $5.4 Bil #351 cHeese
countries. Marie Besnier Beauvalot 
$5.4 Bil #351 cHeese
Martin & Olivier Bouygues 
$4.9 Bil #404 construction,
Media
Paris-saclay
Jean-Pierre Cayard 
$4.5 Bil #466 sPirits
chamPagne Michel leclercq & family 
$4 Bil #550 sPortinG Goods
Marc ladreit de lacharriere
stade rennais Fc paris $3.7 Bil #606 Finance
Francois Pinault 17 alsace
rennes alain Merieux & family 
$3.2 Bil #729
PHarMaceuticaLs
laval
anne Beaufour 
$3 Bil #791 PHarMaceuticaLs
henri Beaufour 
$3 Bil #791 PHarMaceuticaLs
Philippe Foriel-Destezet 
loire
NaNtes $2.9 Bil #822
eMPLoyMent aGency
louis le Duff 
$2.9 Bil #822 BaKeries
Burgundy nicolas Puech 
$2.8 Bil #859 HerMes
Mohed altrad 
$2.7 Bil #887 scaFFoLdinG,
ceMent Mixers
ile de
gilles Martin 
re $2.6 Bil #924
courcheVal
LaBoratory serVices
lyoN
Bernard Fraisse 
$2.3 Bil #1070
PHarMaceuticaLs
alain taravella 
grenoBle
$2.2 Bil #1103 reaL estate
Bordeaux
Philippe ginestet 
saiNt-emilioN $2.1 Bil #1157 retaiL stores
ValBonne Christian latouche 
rhone
pujols $2.1 Bil #1157
accountinG serVices
Charles edelstenne 
olymPique marseille $1.9 Bil #1284 aViation
montPellier herault rugBy Margarita louis-dreyFus
Mohed altrad edouard Carmignac 
toulouse st. troPez $1.8 Bil #1339
asset ManaGeMent
cannes
moNtpellier Clement Fayat & family 
marseille st. raPhael
languedoc $1.8 Bil #1339 construction
st. maxime
Dominique Desseigne 
$1.7 Bil #1394 casinos
Michel Chalhoub & family 
$1.6 Bil #1477 retaiL
XaVier niel norbert Dentressangle 
$1.2 Bil #1867 transPort,
newsmaker: in June 2017 French LoGistics
r
e
:

n
m
s
w
k
a
e
president emmanuel Macron and Paris Francis holder ★
mayor anne Hidalgo, along with over $1.2 Bil #1867 BaKeries
a thousand entrepreneurs, attended Yves-loic Martin ★
the launch of station F, billed as the $1.1 Bil #1999
world’s biggest startup campus. LaBoratory serVices
Funded by telecom billionaire niel, the Francois Feuillet ★
366,000-square-foot building in Paris $1 Bil #2124 Motor HoMes, rV’s
has 3,000 desks. station F has part-
nered with companies like Facebook
and Microsoft to offer mentoring
programs and workshops.
Meyers: Francois Mori/aP; Bruno LeVy/cHaLLenGes-rea/redux; FranK Perry/aFP/Getty iMaGes; yVes Forestier/syGMa/Getty iMaGes; stePHane GranGier/corBis/Getty iMaGes;
cHristoPHe Morin/BLooMBerG MARCH 31, 2018 FORBES | 89

CHALLENGE ACCEPTED TOP P
T
O
EXECUTIVE
EXECUTIVE Top National
The Leukemia & Lymphoma Society challenged these Challenge
A
CHALLENGE Winner
E
L
L
G
N
E
C
CHALLENGE
H
executives to raise $5,000 or more. Together they raised
WINNERS
W
S
R
E
N
N
WINNERS
I
$7.6 million to bring light to the darkness of cancer. Richard J Garber
Garber Automotive Group
Guy Adami, NBC Universal Bridgit Chayt, Fifth Third Bank Scott Fetterolf, Transwestern John Hopwood, Citizens Energy Group
Paul Ahmed Wenjie Cheng, ImmunoGen Sanford Feuer Carol Horn, Horn Team
Kristen Amigone, Amigone Funeral Home Paul Chodak III, American Electric Power Larry Finkelberg, APEX Home Loans Sean Horvath, Virgin Produced
Tamara Amini, Bank of America Junaid Chowdhury, Walgreens Catherine Finn, Salesforce Mark Hourigan, Hourigan Construction
Irene Anderson, Par Electrical Contractors, Inc. Brian Christein, Dun & Bradstreet James A Fitzgerald, Deloitte & Touche Bill Hughes, PwC
Craig Anderson, Gates Corporation Deborah Christine, Evercore Tom Fitzsimmons, Morgan Stanley Rod Hughes, BMC
Adam Andolina, KeyBank Grace Chui-Miller, Correlation Ventures Megan Fogg, Cystic Fibrosis Foundation Michael Huntress, Acquest Development Company
Norman Armstrong, King & Spalding Michelle Cipollone, Deltek Brian M Follbaum, NextEra Energy Lisa Iannarino, CSRA
Rajeev Arora, Citigroup Matthew Clear, HKS Architects, Inc. Zach Forster, Janus Henderson Investors Lauren Iannucci, The Leukemia & Lymphoma Society
Aubrey Arreola, WVC Joan W Clements Alice Fortner, John Moriarty & Associates of Florida Bob Infantino, The Rockport Group
Shelley Assencao, BMC John Cline, Cline Wood, a Marsh & McLennan Donna Frazier, Fighting With Frazier Deborah Ip
Valorie Avedisian, Amgen Agency LLC Company Joshua Friedman, BlackRock Dave Israel, Sessions, Fishman, Nathan & Israel
Marty Babicki, PNC Equipment Finance Jeffrey Cline, Retired Trent Fulin, Houston Methodist The Woodlands Scott T Jackson
Martin and Terrill Bahar, USC Cinco Cocke, Huffman Builders Stephanie Fullerton, Fullerton Financial Planning Brad Jackson
Peter Baka, Acclaim Adam Cohen, Cityscape Group Syd Garrett, Cisco Systems Todd Jacobsen, Salesforce.com
Stephen Baker, Baker Design Group Lawrence “Doc” Cohen, Cookie Associates Herb Geiger Leila Jammal, Terracon
Leroy Ball, Koppers, Inc. Mario Coll, Anadarko Petroleum Corporation Steve Gfroerer, Cobb, Strecker, Dunphy & Zimmerman Brian Jaramillo, Tilden-Coil Constructors
Kathy Barbour, Acosta Ronda Conger, CBH Homes Jim Gibbons, KPMG Ned Jennings, The East Group
Yessicca Barcena, The Grainger Foundation Jim Conlin, Raymond James Jonathan Gibson, Penske Racing Mary Jett, Bristol-Myers Squibb
Tom Barfi eld, Accenture David Conway, Morgan Stanley Bill Gieseking, Pepin Distributing Company Shelley Johnson, LePage Johnson Realty Group
Zac Barger, JB Goodwin Rebecca Cook-Mackey, Mountain Pine Construction Sara Gil, RECORDS, LLC Bobby Johnson, VyStar Credit Union
Tedd Barr, Converse Media Michelle Leon Cordova, Intuit Adam Gillam, Citi Zach Johnson, WellDyneRx
Corey Barton, CBH Homes Ernie Cordova, Accenture Anne Gillingham, The Leukemia & Lymphoma Society Denna Johnson, Anadarko Petroleum Corporation
Michael Bartschat, Johnson Controls, Inc. Peter Cordua, HBK CPAs & Consultants Linda Glover, Winstead PC Jennifer Johnston, Global Franchise Group
Richard Battle, Elliott Davis Michael Corkery, Deltek Lynn Goldschmidt, DKMG Consulting Michelle Jones, Vistar
Sue Bauer, IBC Bank Travis D Corson, Salesforce.com Emily Robinson Gorelik, CBC Specialty Beverage Craig Jones, Skyline Construction
Warner L. Baxter, Ameren Corporation Kris Costa, Mindset Michael Gray, Neal, Gerber & Eisenberg, LLP Elizabeth Jordan
Diane Baylor, PricewaterhouseCoopers Elizabeth M Cote, The Long Group Eric Green, West Pharmaceutical Services Kevin Judge, BD
Jeff Beam, The Community Builders Tom Cox, T.D. Cox Homes, LLC James Green, James R. Green, DMD David H Kahn
Dean Beasley, Doctors Hospital Michael Criscuolo, Skyline-Holt Exhibits & Events John S Greene, Salesforce Wayne Kaplan, Grant Thornton
Claudia Beauprez, Eagle’s Wing Ranch Ben Cuda, Carlitos Mexican Food Jill Gregory, NASCAR Amy Kappen, Melink Corporation
Jim Beck, Hefren-Tillotson Chuck Cuda, OPES Commercial Real Estate Beth Griffi n, PayPal Julie Karg
Kathy Belfi ore, Agios Pharmaceuticals Kevin Cullen, Leadera Consulting David J Grish, GNYHA Services, Inc. Bruce Kay, Markel Corporation
Patty Bender, Vista Private Equity Group Kelly Cunningham, CLM Mortgage Jason J Guari, Murray & Guari Trial Attorneys P.L. Jennifer Keating, Copper River Technologies
Sarah Bennett Daniel Dain, Dain, Torpy, Le Ray, Wiest & Garner, P.C. PJ Guastello Jr, PPG Consulting Harold N Keer, Astex Pharmaceuticals, Inc.
Erin Bevard, Mid Coast Tire Dan Daly, BMC Jason Guerin, Area Home Lending Dave Keffer, CSRA
Elizabeth Bible, ServiceSource Thuy Dancik, Team Dancik Frank Gumino, TCC, a Moorehead Brian Kelleher, JLL Capital Markets
Carol Bigham, The Leukemia & Lymphoma Society Debbie Daniel, Otsuka Communications Company Aron Kershner, Goldman Sachs
Darrell Bilbrey, HealthSouth Frank D’Antonio, Aetna Peter & Deb Gunnlaugsson, FIS Keith Kettell, Salesforce
Debra Binder, Golden Anvil Jewelers Holly Dary, Robert Half International Tami Gunsch, Berkshire Bank Elie Khalife, KeyCentrix
Misty Birch, Castleview Hospital Kimberly Davis-Riffe, KPMG Jan Gunther, Lantern Wealth Advisors, LLC Sumeet Khemani, Team 007
Mike Bird, Gilbane Building Company Steve Dearborn, Miller Paint Company Adam Gutzmer, KrolLDiscovery Chumi Khurana, Janssen
Scott Birkhead, Anadarko Petroleum Corporation Noelle DeLuca, Goldman Sachs Danielle Gutzmer, General Mills Mark Kilian, Community Business Lenders
Michael Blackman, Retired IBM Executive Sean Denyse, Gilbane Building Company Bryan Hacken, Team Attacken’ for Maddy Hacken Ronald Kimble, Salesforce.com
Lauren Blanchard, gotCUREage, Inc Joseph DeSabia, Barclays Summer Hall, Community Volunteer Bob Kimbro, Ernst & Young
Barry D. Blanton, Blanton Advisors, LLC Jacqueline Destefano Janet Hanacek, Ziegler Bolt & Nut House John Kimmet, Celgene
Traci Bolte, Make Her Mark LLC Robert Dickinson, Dickinson Fleet Services Alison Handel, Celgene John King, King Southern Bank
Emilie Boman, Forever in our Hearts - Stacey Weathers Lonni Dieck, American Electric Power Brian Hanna, Everhart Advisors Mike King, Northrop Grumman
Danny Boockvar, NFL Experience Kathy S. Disher, State of Illinois Erik Hanson, Rehab 360 David & Louise Kingsley
Dave Borkowski, Harkins Builders, Inc. Fred Dixon, NYC & Company Hil Harper Stuart Klein, Self-Employed CPA
Pilar Bortone, Florida Power & Light Donald Dixon, Deloitte, Retired John Harper, Macy’s Koula Rozakis Kokologiannakis, GR Trucking LLC
Marsha Bourque, Marsha Bourque & Associates John Dobbins, Navigant Dyra Harris, Hospital Corporation of America (HCA) Pam Korman, Bank of America - US Trust
Jana Boyer, The Leukemia & Lymphoma Society Mary Cushing Doherty, High Swartz, LLP Michael Hartman, Salesforce Tyler Kowal, Pitch CPA, LLC
Alex Brager, E. Cohen & Company CPAs Kevin Donnelly, Donnelly Consulting John Hartzell JR, Houston Harbaugh PC Anna Kraai, BDO USA
Dayne Brassard, Tilden-Coil Jason Dorfman Brady Hays, Black and Veatch Debra Kropornicki, Architectural Dimensions PA
Bill Brassine, Sunrise Advertising Tony Downs, Goodwin Procter, LLP Holly H Heer, Barnes & Thornburg, LLP Scott Kruger, Virginia Oncology Associates
Andrew Breimann, AAB Software Tam Driscoll, City of Gresham Michelle Henaman, Aetna Kathleen Lally, PSEG - Public Service
Michael R. Brenan, BB&T of South Carolina Kathleen Dull, Anadarko Petroleum Company Jacquay Henderson, SquarePeg Technologies Enterprise Group
Toni French Brown, E. Cohen & Company CPAs Tori Duncan, The Leukemia & Lymphoma Society Jeff Hennessy, Fidelity Investments John Lambert, US Bank
Matthew Browner, Barclaycard US Jenifer Dunn, Willis Towers Watson Rich Heppe Brian Landrum, Gexa Energy
Jeff Bucher, Union Bank of California Rob Dyer, HCA Ed Hetherington Todd Lane, California Coast Credit Union
Michael Burke, Cryothermic Systems Mike Dykema Robert Hill, Retired - Acosta Joseph Larkin, Voice Media Group
JJ Burns, J.J. Burns & Company, LLC Sophia Eccleston, Florida Power & Light Company Erin Hill, Ethicon Richard Larkins, Ernst & Young
Catherine Burns, Seyfarth Shaw, LLP Travis Edlund, Jefferson Bank Donnie Hill, Precision Manufacturing Company, Inc. Kirk Larsen, Black Knight Financial Services
Jim Burton, Vining Sparks IBG Sandy Edwards, Flexicell, Inc. Deidre Hinson, Afl ac Ralph E Lawson, Baptist Health South Florida
JB Buse, Loth, Inc. Patrick Egan, Thrivent Financial Jack Hinton, Baker Hughes, A GE Company Claudia Lay, Ernst & Young
Rick Butgereit Bill Eisig, BDO USA, LLP David Hirsch, CAMMS Natalie Fernandez Lee, Greenberg Financial Group
Jennifer Butler, Alston & Bird, LLP Steven Elliott, MiddletonRaines+Zapata, LLP Rick Hoagland, GEICO Rob Lee, FIS
Phil Buttell, HCA Centerpoint Medical Center William Ellis, Salesforce Karen F Hodson, Smith Leonard PLLC Scott Lee, Joeris General Contractors, Ltd.
Monica Cameron, Cameron & Herrman, PA David Ensley Paul Hoelscher, Horizon Pharma Chad Lefteris, UNC REX Healthcare
Robin Cameron, E. Cohen & Company CPAs Jesse Essex, Hendrick Motorsports Elizabeth Hoffman, Regions Bank Georgia Lehoczky, Walgreens
Jim Carman, Howard Hughes Corporation Daniel Etue, Meritor, Inc. Wayne Hogrefe, Focus Diagnostics Evelyn Leightman
Bill Carteaux, PLASTICS Industry Association Barbara Farber, Atlantic Health System Joseph T Holcombe, Regions Bank Alison Lemle, RED Capital Group
John Casstevens, Joeris General Contractors Charles Farber, MD, Summit Medical Group Stacy Holcroft, Dr. Samuel J. Holcroft Mike Leyland, Nationwide Mutual Insurance Company
Mike Castellano, Esse Health Mike Farmer, BMC Hudson Holder Bill Lia, Jr., Lia Auto Group/VENT Fitness/BurgerFi
Katlin Cauffman, Cumulus Bette Jo Rozsa Feeney, American Electric Power Larry Holmes, Wells Fargo Financial Advisors Nick Licameli, Salesforce
Brian Cessac, BMC Scott Feighner, Colliers International Kelley Hood, The Judge Group Richard Lindholm, Mobile Beacon
Kristen Chapman, Merrill Lynch Rita Ferro, The Walt Disney Corporation Debra Hooper, Bank of Nashville Tracy Lineberger, Hospital Corporation of America (HCA)

Betsy Katten Sam Forrest Dwayne Wilson Toni Ketterer Frey Helena Scott L i g h t T h e N i g h t . o r g
LightTheNight.org
Winston & Strawn, LLP Florida Power & Light Salesforce The Leukemia & Lymphoma
Society’s Top Challenger
Colin T Linggo, Viacom Paula Nylander, Jones Day Richard Rohrbaugh, Kimley-Horn Mandi Feely Swain, Premier Mortgage Resources
Sara Lipsky, The Leukemia & Lymphoma Society Mark Nylander, SecureView Michelle Roomsburg, BRR Refrigeration Cory Swain, Premier Mortgage Resources
Christopher Lis, Lexington Health Network Lynne O’Brien, Team LOL Annie Rose Anand Tandra, Franciscan Health Cancer Center
Ross Lissuzzo, CIBC Susan O’Brien Stephen B. Rosen, Rosen & Company Teresa Tanner, Fifth Third Bank
Jeff Livick, West Pharmaceutical Services Morgan O’Brien, Peoples Rebecca Rossler Maureen Tarrant, Presbyterian/St. Luke’s
Ben Lofton, Pepsico Matthew O’Bryan, KLA Laboratories, Inc. Jade Rowe Medical Center
Kevin Logsdon Vincent Oddo, Perfumania Holdings, Inc. Mary Rowe, Salesforce William Teator, Capital Advocates, LLC
Nick Loporcaro, McKesson Specialty Health Shawn O’Haver, O’Haver Plumbing Bill Rutherford, Hospital Corporation of America (HCA) Frank Termini, Specialized Home Care
Brooks Luquire, Luquire George Andrews Trish O’Keefe, Atlantic Health System Margie Ruttenberg, Margie’s Miracles Annie Thompson
Bailey Lyden, TrueNorth Teresa Orton, IQVIA Kristine Rutter, Wells Fargo Sarah Thompson, Wells Fargo
Robert MacAdam-King, Bedford Cabinet Richard Ostroff, Ostroff Associates Florence Ruttledge, Goldman Sachs Brad Thompson, Wells Fargo
Amanda Maggiotto, Cleveland Clinic Taussig Bruce T Owsiak, Market Speed Logistics, LLC Frank Rygiel, Walbridge Tana Thomson, Xenium HR
Cancer Center Dan Paolini, NexxusPoint Omar Samji, Jones Day Renee Thornton, Smoothie Whirl’d
Mark Magness, APTIM Marc Paquette, Paquette & Company, Ltd. Alex Samoylovich, CEDARst Companies Jay Tilley, Costco
Michael Maher, Edward Jones Pranav Parekh Brad Sandbach, The Pumping Station, Inc. Alison Tomasso, Granite Telecommunications
Ryan Mahoney, John Moriarty & Associates of Sue Park, NextEra Energy Michael Touloupas, Touloupas & Touloupas Dentistry
Florida, Inc. Bhuma Patel, Bhuma’s Team Marylou E Sandry, Marylou’s Coffee
Gwen Main, Pioneer Title Company Kip Patron, Regions Bank Leslie Satterlee, Woodnick Law, PLLC Ken Trainer, Chesmar Homes
Lori and Joe Malett, Hatch Staffi ng Services Richard Paulson, Amgen Tracey Sawyer, Mission Pharmacal John Tubridy, LPL Financial
Dr. Shahbaz Malik, St. David’s Healthcare Michael Pelfi ni, Deloitte Brian Schmidt, Black & Veatch Beverley Tuller, The Leukemia & Lymphoma
Society Board of Trustees
Becky Mancuso-Winding, UCLA Health Ron Pelletier, Pondurance Mike Schmidt, Generac Michael Tweet, Koppers Railroad Structures
Annabell Manners, South Florida Fair & Palm Keith Pence, Caler, Donten, Levine, Cohen, Terry K. Schmoyer, Jr., Schmoyer and Company, LLC
Beach County Expositions, Inc. Porter & Veil, P.A. Brian Schneider, Phyl-Mar Electrical Supply Corp. Michelle Vanderwall, Caler, Donten, Levine,
Cory E. Manning, Nelson Mullins Dean Penny, Kimley-Horn Rick Schuerger, John Moriarty & Associates Cohen, Porter & Veil, P.A.
Karen Marshall, Hospital Corporation of America (HCA) Katherine Perkins, BMC of Florida, Inc. Tiffany VanPelt, Wells Fargo
Lucy Martin Connie Perry, HazMat Environmental Group Eduardo Schur, Navigant Teresa Vaughn, Johnson & Johnson, Inc.
Drew Martin, The General Maggie Peter, BlackRock Matthew Schwartz, Aetrex Worldwide Emily Velez, Hasbro, Inc.
Chris Martin, Koppers, Inc. Tracy Peters, RED Capital Group Evan Schwartz, Aetrex Worldwide Ginger Villanti, CA Technologies
Chris Martinez, Central Electric Matthew Peterson, SF Giants Martin Schweitzer, Goldman Sachs Jen Wahl, Sun Life Financial
Jason Mascitti, Thrivent Financial Jennifer Petrillo, Accenture Adrienne Scordato, Atrium PR John Walker, KPMG
Kenneth Matula, Gexa Energy Malyna Phan, Wells Fargo Bank Terri Seck, TCF Beverly Walters, Takeda Oncology
Tom and Dorothy Mayan, The Mayan Agency David Albert Pierce, Pierce Law Group, LLP Kenneth Seeber, Berkshire Bank Matthew Walton, Deloitte
Keli Mazzuca, CW Capital Allison Piper, Manhattan Resources Michael Seiden, MD., PhD., McKesson Christopher Ward, CNA Financial
Scott McClintock, Fifth Third Bank Scott Plocher, Plocher Construction Specialty Health Sue Ward, The Leukemia & Lymphoma Society
Mark McClung, Amgen Paul Poblocki, Johnson Controls Norma Serna, BMC Robert Warnement, Skadden, Arps, Slate Meagher
Jill McCullough, Performance Auto Mall Simon Pollitt, Circor International Alexa Serrecchia, The Leukemia & Lymphoma Society & Flom, LLP
Kimberly McDermott, MedSource Fred Pond Jennifer Sheahan, Morningstar Latricia A Warren, Aetna
Ed McDonnell, Salesforce James Powell, AmTrust Bank/NYCB Mike G Shevlin, Intel Jodi Waterman
Ed McLaughlin, Enerplus Resources (USA) Corporation Ryan Pratt, Ernst & Young Lisa Silver, Brand Addition Kevin Watkins, New Cars, Inc
Nicole McMahon, Novartis Darren Prenger, ECCO Select Cynthia Simon, Celgene Zach Weast, Rose Hill Bank
Heath Melton, Howard Hughes Corporation Christian Pruitt, Florida Power & Light Mike Singer, Strategic Partners, Inc. Will Weatherford, Weatherford Partners
Mike Mendlik, BMC Romuald Pycior Deanette Sisson, Kettering Medical Center John Weatherford, Sunshine Bank
Sue Mercer-Cory, Pacifi Corp Timothy J Quick, Wings Over The Leukemia Keith Sitzman, Skanska Alisha Weed, Pfi zer
Kathleen Meriwether, Ernst & Young & Lymphoma, Inc. Taylor Skeffi ngton, Michael Page Sherri Weiland, Lonza
Brent Merriman, Keller Williams Greater Randy Quickel, United Food & Commercial Brian Sladek, The Leukemia & Lymphoma Society Sydney Weinberg, The Leukemia & Lymphoma Society
Columbus Realty Workers Union, Local 1059 Amy Smedley, Huntsman Corporation Jack Weinstein, Kamo Manufacturing
Mark Merz, FIS Gayle Coleman Rader, Rader & Coleman Stephen Smith, The Hogan Group Wendy Weiss, Berkshire Hathaway Home Services
Pam Michael, BVMLM, LLC Thomas Raffa, Raffa Financial Services, Inc. Dee Anna Smith, Sarah Cannon Research Institute Arizona Properties
Karen Mihalik, Cleveland Clinic Ellyn Raftery, FIS Global Dan Snyder, MolecularMD David Welsh, Travis Property Management
Debra Milano, Perfumania Holdings, Inc. Sallie Rainer, Entergy Texas Tyler Spalding, Deloitte Allen Whiteacre, Accenture
Kenneth Miller, Federal Home Loan Bank of Dr. Aravind Ramakrishnan, St. David’s Healthcare Carroll & Leonard Sparks, EBSCO Industries Jerry Whittington, Valley Electrical Contractors, Inc.
San Francisco Juan Ramirez, Marsh Alexander Wicklein, Bank of America Merrill Lynch
Mike Miller, Plastic Package, Inc. Hasmukh Ranjan, Synopsys David Spiewak, Coldwell Banker LA Jolla Jeremy Wien, Och Ziff Capital Management
Tripp Miller, Peak 9, LLC Barbara Rapaport Johnese Spisso, UCLA Health Melissa Wilkinson, CBH Homes
Ryan Miller, Renaissance Financial Gene Rapisardi, CIGNA Corporation Jeff Spivack, Grant Thornton, LLP Greg Williams, Carruthers & Roth, P.A.
Kris Miller, NexTitle Shannon Ratchman, Walgreens Cindy Squires, American Famliy Insurance Alyson Willis, The Leukemia & Lymphoma Society
Michael Miller, Jazz Pharmaceuticals Kristine Rauenhorst, Self Denis St. Pierre, Alterman Electric Barry Willis, Costco
Carol E. R. Miller, Rifenburg Construction Steve Ray, Hall Estill Law Firm Robyn Stacy-Humphries, Charlotte Radiology Jeff Willman, Citizens Energy Group
Anoushka Mirchandani, Morgan Stanley Lisa Reale, Miami Cancer Institute Douglas Staebler, Washington Gas Nicole Wise
Brad A. Molotsky, Duane Morris, LLP Jeffry P Reaume, The Leukemia & Lymphoma Society Don Stamas, Defender Capital James Wishbow, Working for a Cure
Michael F Monahan, CohnReznick, LLP Jay Reavis, Delta Dental of Tennessee Lisa Stark, Education Week Michelle Wogan, Transwestern
Steven M Montner, MD, University of Chicago Medicine Al Reba, Bristol-Myers Squibb Company Terri Staroska, The Leukemia & Lymphoma Society Valerie Wolloch, Salesforce
Rebecca Moomey, Bankers Trust Nathan Reed, CBRE Kathy Stenberg Edward Wolochin, Zenith Real Estate Services
Tom Mooney, KPMG Beverly Reese Jeffrey Stern, Houlihan Lokey
Dr. Frank Moore, CellCycle Mary Jane Reinhardt, Fletcher-Reinhardt Company Craig Stevens, Signa Engineering Christopher Wood, WPX Energy
Bryan Moore, IBTX Dan Rendler, SoCalGas John R Stierhoff, Venable, LLP Dan Worobetz, Fifth Third Bank
Mike Mordaunt, Savills Studley George Retaleato, Mullooly,Jeffrey,Rooney Ralph Stingo, BernhardMCC Kenyon Worrell, BSA LifeStructures
Courtney Morgan, Goldman Sachs & Flynn, LLP Dr. Jesse A Stoff, MD, Linchitz Medical Wellness Chuck Yagla, Kirk Gross Company
Deena Morgan, Gexa Energy Kristal Ribblett, NASA Federal Credit Union Chad Stonecipher, Walgreens Jim Yancey, The Clearing House
Michael Moritz, KM Shower Doors Paul Ricci, Marlette Funding Tami Stout, M.D., Family Physicians of Katy Ken Yoder, Baker Tilly
Sonya Arnold Motes, Merrill Lynch Tim Riordan, American Electric Power Steve Stouthamer, Skanska Eric Yollick, Yollick Law Firm
Stephanie Mueller, RPM Pizza, Inc. Michael A. Riotto Abbie Strassler Meghann York, Salesforce
Jamie Myers, Premier Companies Paul Rittman, Teva Pharmaceuticals Lisa Strobel, PricewaterhouseCoopers Wael Younan, Goldman Sachs
Lisa Myers, Gerstle, Rosen & Goldenberg, P.A. Jacqueline Roberts Suzanne Strothkamp, Express Scripts, Inc. Jeff Young, Cynthia Woods Mitchell Pavilion
Swati Navani, Seattle Genetics Debra Robinson, Centennial Revenue Managment Kathryn Eckhoff-Stuart & Duncan Stuart, Dow Melissa Young, Corporate Incentives, Inc.
Marjie Nealon, Bilzin Sumberg Scott Roby Chemical Company Jack Zager
Bobby Neuse, IES Commercial Curt Rocca, DCA Capital Partners Heather Stubblefi eld, Florida Power & Light Chris Zavadowski, LifetimeMarketingSuccess.com
Robert Newton, Morgan Stanley Kyle Roderick, WebMD Michael Stuckey, BMC Elizabeth Zazo, Jodi’s Family & Friends
Gary & Amy Norcoss, FIS Global Kit Rodgers, Rambus Ray Subers, Aon Jackie Ziemianski, Peoples

TH E WORLD’ S BILLIONA IR E S

WEALTH TOP SECTORS
GerMany 12% FASHION & RETAIL 32
ORIGIN
17
72%
MANUFACTURING
17
16% HEALTH CARE
GDP: $3.7 TRIL
11
PoPulation: 83 MIL INHERITED & GROWING TECHNOLOGY
INHERITED
Billionaires: 123 (+9 VS. 2017) SELF-MADE 10
total net worth: $578.7 BIL (+$110.9 BIL VS. 2017) AUTOMOTIVE
eXPAtRiAtes
15
Beate Heister & sYLT
Karl Albrecht Jr. 
$29.8 BIL #27 suPermarkets
Kiel

Georg Schaeffler 

$25.3 BIL #31 auto Parts
Susanne Klatten 
$25 BIL #32 Bmw,
Pharmaceuticals
Stefan Quandt 
$22 BIL #42 Bmw
bReMen
Dieter Schwarz 
$20.9 BIL #46 retail AuRiCh hAMbuRg
JULIA STOSCHEK
Theo Albrecht Jr. & family 
$20.2 BIL #48 alDi, traDer Joe’s esPelKAMP
Newsmaker: Stoschek has assem-
Klaus-Michael Kuehne  bled a collection of contemporary loWeR sAXonY
$15.3 BIL #91 shiPPinG art that she exhibits in galleries in
Reinhold Wuerth & family  Düsseldorf and Berlin; her collection
$13.6 BIL #105 fasteners has attracted more than 100,000
Heinz Hermann Thiele visitors over the past decade. Her detMold bRunsWiCK
& family  latest exhibition in Berlin features bieleFeld beRlin
$12.9 BIL #113 Brakes work from American artist Arthur stRAelen
Hasso Plattner & family  Jafa that centers on identity and gueteRsloh
$12.7 BIL #116 software race. Her fortune lies in her
Alexander Otto ★ stake in German RhedA-WiedenbRueCK dudeRstAdt
$11.8 BIL #127 real estate car-parts compa- duisbuRg RB Leipzig
ny Brose, founded Dietrich Mateschitz
Udo & Harald Tschira 
$11.7 BIL #130 software by her grandfather MulheiM An deR RuhR leiPZig
Max Brose and now
Michael Otto & family  AllendoRF MARbuRg
$11 BIL #138 retail, real estate run by her father, DresDen
Michael Stoschek. KReFeld Melsungen
Walter P.J. Droege  dusseldoRF
$10.3 BIL #146 consultinG
Dietmar Hopp & family  hAigeR
$10.2 BIL #147 software Cologne Koenigstein
August von Finck  beRgish-glAdbACh gRebenhAin
$9.2 BIL #167 investments bAd hoMbuRg
Andreas von Bechtolsheim
& family  Oliver samwer
$6.8 BIL #242 GooGle MontAbAuR RottendoRF
Newsmaker: it’s
Ludwig Merckle  the comeback of the FRAnKFuRt heRZogenAuRACh
$6.7 BIL #248 Pharmaceuticals dARMstAdt
copycats as oliver neustAdt An deR
Aloys Wobben  and his brothers WAldnAAb
$6.6 BIL #251 winD turBines WeinheiM
marc and alexander RHEINGAU neCKARsulM nuReMbeRg
Erivan Haub & family  return to the wealth st. Wendel
$6.4 BIL #265 retail heidelbeRg
ranks after a two-
Guenther Fielmann & fam  year hiatus, thanks KuenZelsAu
$6.3 BIL #274 oPtometry mostly to a stronger


Maria-Elisabeth Schaeffler  euro. shares of rock- WAlldoRF bRuChsAl gAildoRF
$6.3 BIL #274 auto Parts et internet, the investment sChWiebeRdingen

Ralph Dommermuth  firm that oliver runs, are also up Winnenden lAndshut

$5.9 BIL #296 slightly. Best known for creating knockoffs KARlsRuhe
internet service ProviDer of american tech firms, rocket internet has

Wolfgang Marguerre  more than 100 companies in its portfolio, in- stuttgARt
$5.9 BIL #296 cluding online food-ordering firm Delivery ulM eHC ReD BULL MUNCHeN

Dietrich Mateschitz
Pharmaceuticals hero, which went public in June. AugsbuRg
Martin Viessmann & family 
$5.7 BIL #315 AsChAu
heatinG equiPment ohningen PAssAu
lAndsbuRg
Friede Springer  AM leCh MuniCh
$5.6 BIL #321 PuBlishinG RosenheiM
stARnbeRg
Michael Herz & family 
$5.4 BIL #351 coffee tegeRnsee
Wolfgang Herz & family 
$5.4 BIL #351 coffee
weaLTH sTaTUs:
uP doWn  unChAnged 
OUND
Y
gR
WiNe -gR O WiNg OiL & g A S FieLD S MiNiNg & TiMBeR FiNANCiAL Sp OR T S TeCH pLAYgROUND neW★ RetuRnee 
WiNe-gROWiNg
OiL & gAS FieLDS
A
SpORTS
FiNANCiAL
Te
CH
pL
TiMBeR
MiNiNg &
TeAM
CeNTeR
Re giON AND Dep O SiT S MiNeR AL S CeNTeR TeAM CeNTeR
MiNeRALS
AND DepOSiTS
CeNTeR
RegiON
92 | FOrBES March 31, 2018

Elisabeth Mohn & family  Otto Philipp Braun  Alfred Oetker  Hubertus Benteler  Greece
$5.2 BIL #372 PuBlishinG $4 BIL #550 $2.4 BIL #1020 $1.7 BIL #1394 auto Parts
meDical technoloGy consumer GooDs
Gabriella Meister & family ★ Ludwig Theodor Braun  GDP: $200.5 BIL
$5 BIL #388 aPPliances Traudl Engelhorn & family  August Oetker  $1.7 BIL #1394 PoPulation: 11 MIL
$4 BIL #550 Pharmaceuticals, $2.4 BIL #1020 consumer GooDs meDical technoloGy
Juergen Blickle  meDical equiPment Billionaires: 4
$4.7 BIL #441 auto Parts Carl Ferdinand Oetker  Rolf Gerling  (+1 VS. 2017)
Daniela Herz  $2.4 BIL #1020 $1.7 BIL #1394 insurance total net worth:
Bernard Broermann  $3.9 BIL #572 coffee consumer GooDs $9.6 BIL (+$3.1 BIL VS. 2017)
$4.7 BIL #441 hosPitals Peter Leibinger 
Guenter Herz & family  Christian Oetker  $1.7 BIL #1394 machine tools
Alexandra Schoerghuber  $3.9 BIL #572 coffee $2.4 BIL #1020
$4.7 BIL #441 real estate consumer GooDs Regine Leibinger 
Hubert Burda & family  $1.7 BIL #1394 machine tools Spiro Latsis & family 
Paul Gauselmann & family ★ $3.8 BIL #588 PuBlishinG Julia Oetker  $3.2 BIL #729 BankinG, shiPPinG
$4.4 BIL #480 $2.4 BIL #1020 Torsten Toeller 
arcaDe Game machines Katharina Otto-Bernstein ★ consumer GooDs $1.7 BIL #1394 Pet fooD Philip Niarchos 
$2.8 BIL #859 art collection
$3.8 BIL #588 real estate
Theo Mueller  Richard Oetker  Nicola Leibinger- Aristotelis Mistakidis 
$4.4 BIL #480 Dairy Andreas Struengmann  $2.4 BIL #1020 consumer GooDs Kammueller  $2.5 BIL #965 mininG,
$3.7 BIL #606 $1.5 BIL #1561 manufacturinG
Wolfgang Reimann  Pharmaceuticals Rosely Schweizer  commoDities
$4.4 BIL #480 consumer GooDs $2.4 BIL #1020 Monika Schoeller  Vardis Vardinoyannis & fam ★
Thomas Struengmann  $1.5 BIL #1561 PuBlishinG
Matthias Reimann- $3.7 BIL #606 consumer GooDs $1.1 BIL #1999 oil & Gas
Andersen  Pharmaceuticals Peter Unger  Stefan von Holtzbrinck 
$4.4 BIL #480 consumer GooDs $2.4 BIL #1020 auto rePair $1.5 BIL #1561 PuBlishinG
Friedhelm Loh 
Stefan Reimann-Andersen  $3.6 BIL #629 manufacturinG Dirk Rossmann & family  Andreas Pohl 
$4.4 BIL #480 consumer GooDs $2.3 BIL #1070 DruGstores $1.3 BIL #1756 mutual funDs
Gabriele Volkmann ★
Renate Reimann-Haas  $3.6 BIL #629 auto Parts Hans-Werner Hector  Reinfried Pohl Jr. 
$4.4 BIL #480 consumer GooDs $2.2 BIL #1103 saP $1.3 BIL #1756 mutual funDs A Athens s
h
e
n
t
Maren Otto ★
Rainer Blickle  $3.5 BIL #652 retail Josef Boquoi & family  Karin Schick ★
$4.3 BIL #499 auto Parts $2.1 BIL #1157 frozen fooDs $1.3 BIL #1756 technoloGy
Clemens Toennies 
Axel Oberwelland  $3.5 BIL #652 meat ProcessinG Willibert Krueger  Dieter Schnabel 
$4.1 BIL #527 canDy $2.1 BIL #1157 fooD ProcessinG $1.3 BIL #1756 chemicals
Yvonne Bauer 
Ursula Bechtolsheimer-Kipp ★ $3.2 BIL #729 meDia Guenther Lehmann & Gudrun Heine 
DPa/newscom; malte JaeGer/laif/reDux; krisztian Bocsi/BloomBerG. HUNGARY: akos stiller/BloomBerG
$4 BIL #550 retail family  $1.2 BIL #1867 meDical Devices eXPAtRiAtes
Otto Happel  $2.1 BIL #1157 DruG stores
$3.2 BIL #729 enGineerinG Helga Kellerhals ★
GERMANY clockwise from toP left: isa foltin/Getty imaGes; cut 129 Germany Paul Gauselmann: friso Gentsch/
Georg Nemetschek  $1.2 BIL #1867
Kurt Krieger  $2.1 BIL #1157 software electronics retail
$3.2 BIL #729
furniture retailinG Sylvia Stroeher  Sybill Storz  HunGary
$2.1 BIL #1157 cosmetics $1.2 BIL #1867 meDical Devices
Hans Georg Naeder  Wolfgang Egger ★
$3.2 BIL #729 Prosthetics Bernhard Braun-Luedicke  GDP: $138 BIL
$2 BIL #1215 $1.1 BIL #1999 real estate
Michael & Reiner Schmidt- meDical technoloGy PoPulation: 10 MIL
Ruthenbeck  Frank Otto ★ Billionaires: 1
$3.2 BIL #729 retail Eva Maria Braun-Luedicke  $1.1 BIL #1999 retail (+1 VS. 2017)
$2 BIL #1215 Alexander Samwer 
Robert Toennies  meDical technoloGy total net worth:
$3 BIL #791 meat ProcessinG $1.1 BIL #1999 $1.1 BIL (+$1.1 BIL VS. 2017)
Friederike Braun-Luedicke  tech investments
Hedda im Brahm-Droege  $2 BIL #1215
$2.9 BIL #822 consultinG meDical technoloGy Marc Samwer 
$1.1 BIL #1999
Erwin Franz Mueller  Fritz Draexlmaier  tech investments
Paul Gauselmann $2.9 BIL #822 DruGstores $2 BIL #1215 auto Parts Oliver Samwer  budAPest
Lutz Mario Helmig  $1.1 BIL #1999
Newcomer: A former part-time $2.6 BIL #924 hosPitals Christoph Henkel  tech investments
$2 BIL #1215 consumer GooDs
jukebox operator and a tinker- Horst Julius Pudwill  Anton Kathrein Jr. 
er with 300 patents to his name, he $2.5 BIL #965 manufacturinG Albert Berner & family  $1 BIL #2124 antennas
launched his first slot machine in $1.9 BIL #1284 fasteners Sandor Csanyi ★
1977. The Gauselmann Group has Klaus-Peter Schulenberg  Thomas Bruch & family  Dirk Stroeer ★ $1.1 BIL #1999 finance,
$1 BIL #2124 aDvertisinG
$2.5 BIL #965
since produced more than 2 mil- ticketinG service $1.9 BIL #1284 retail real estate
lion in Germany and operates over Bernd Freier  Peter-Alexander Wacker ★
$1 BIL #2124
300 casinos in Germany and 8 other Bergit Douglas  $1.9 BIL #1284 fashion retail chemicals
$2.4 BIL #1020
European countries. Gauselmann consumer GooDs Johannes Kaercher 
chairs the company, which had $1.9 Hermann Langness  $1.9 BIL #1284 vacuums,
billion in revenue in 2016. $2.4 BIL #1020 fooD, retail cleaninG ProDucts
Friedrich Knapp 
$1.9 BIL #1284 fashion retail
hans-Georg Horst Wortmann 
naeder $1.9 BIL #1284 footwear
Susanne Zimmermann
Newsmaker: von Siefart 
Newsmaker:
naeder closed a deal in $1.9 BIL #1284 vacuums,
august to sell 20% of his home cleaninG ProDucts GeorGia
prosthetics company otto- Anna Maria Braun  SANDOR CSANYI
bock to swedish private $1.8 BIL #1339 GDP: $15.2 BIL
equity firm eqt for a re- meDical technoloGy PoPulation: 4 MIL Newcomer: Hungary’s first
ported $700 million. Johanna Braun  Billionaires: 1 billionaire, Csanyi turned the
naeder’s grandfa- $1.8 BIL #1339 total net worth: $4.6 BIL country’s largest retail bank
ther founded the meDical technoloGy (+$100 MIL VS. 2017) into one of the biggest finan-
company in 1919 to Karl Friedrich Braun  cial-services firms in Central
make prostheses for $1.8 BIL #1339 and Eastern Europe. He then
world war i veterans. meDical technoloGy moved into agriculture, buy-
now 56, naeder took over Julia Stoschek  ing a winery in the early 2000s
when he was 28. ottobock $1.8 BIL #1339 auto Parts and acquiring other assets to
has operations in more than Maximilian Stoschek  tbilisi create Bonafarm Group, the
50 countries and revenues of $1.8 BIL #1339 auto Parts largest vertically integrated ag-
$1.1 billion. ricultural and food conglomer-
Bidzina Ivanishvili  ate in Hungary.
$4.6 BIL #456 investments
March 31, 2018 FOrBES | 93

TH E WORLDÕ S BILLIONA IR E S

HONG KONG * Lee Man Tat Lawrence Ho 
$2.5 BIL #965 CASINOS
NEWSMAKER: Lee, 88, has
controlled 100% of Lee Kum Vincent Lo 
$2.5 BIL #965 REAL ESTATE
WEALTH TOP SECTORS GDP: $341.9 BIL Kee Group, the world’s larg-
ORIGIN POPULATION: 7 MIL est oyster-sauce maker, since he Or Wai Sheun 
28 bought out his brother in the $2.5 BIL #965 REAL ESTATE
BILLIONAIRES: 68*

REAL ESTATE 1980s. The 130-year-old LKK Vivien Chen 
9 TOTAL NET WORTH: also pro duces one of the most $2.4 BIL #1020 REAL ESTATE
35% MANUFACTURING $336.1 BIL
65% (+$64 BIL VS. 2017)* popular soy sauces. In August Chu Lam Yiu 
6 $2.4 BIL #1020 FLAVORINGS
the company’s property arm
FASHION & RETAIL
bought a famous London sky- Michael Ying 
5
INHERITED & GROWING GAMBLING scraper, nicknamed the Walkie- $2.4 BIL #1020 RETAIL
INHERITED Talkie, for almost $1.7 billion.
SELF-MADE 4 Martin Lau 
DIVERSIFIED $2.3 BIL #1070 E-COMMERCE
Tang Yiu 
$2.3 BIL #1070 FASHION RETAIL
Wong Man Li 
$2.3 BIL #1070 FURNITURE
EXPATRIATES 11 Chan Tan Ching-fen 
$2.2 BIL #1103 REAL ESTATE
Tung Chee Hwa 
$2.2 BIL #1103 SHIPPING
Vivien Chen
Xiong Xuqiang & family 
$2.2 BIL #1103 REAL ESTATE
FAMILY FEUD: A court ruling in July put
an end to a lengthy lawsuit be- Tang Shing-bor 
tween Chen and her mother, Yang $2.1 BIL #1157 REAL ESTATE
Foo-oi, over the distribution of her Huang Yi 
HONG KONG late father Chen Din Hwa’s wealth. $2 BIL #1215 AUTO DISTRIBUTION
56 It denied her permission to appeal Robin Zeng ★
an earlier order that she pay her $1.9 BIL #1284 BATTERIES
HONG KONG SCIENCE PARK mother more than $1 billion. Chen Thomas Lau 
had taken the reins of her family’s $1.6 BIL #1477
property developer Nan Fung Group in DEPARTMENT STORES
2009 after her father was declared men- Allan Wong 
tally incapacitated. She stepped down in $1.6 BIL #1477 ELECTRONICS
2016 and is now honorary chairman.
Wu Jianshu 
$1.6 BIL #1477 AUTO PARTS
LAN KWAI FONG Albert Yeung 
$1.6 BIL #1477 REAL ESTATE,
DEEP WATER BAY RETAIL
Tang Hsiang-chien 
REPULSE BAY
$1.5 BIL #1561 TEXTILES,
ELECTRONICS
Henry Cheng ★
$1.4 BIL #1650 REAL ESTATE
William Fung 
$1.4 BIL #1650 SOURCING
MACAU Hoi Kin Hong 
1
$1.4 BIL #1650 REAL ESTATE
Li Ka-shing  Michael Kadoorie  Henry Cheng Samuel Tak Lee  Lin Tianfu 
$1.3 BIL #1756 FOOTWEAR,
$34.9 BIL #23 DIVERSIFIED $7.3 BIL #211 HOTELS, ENERGY $4.1 BIL #527 REAL ESTATE APPAREL
NEWCOMER: His father, Cheng
Lee Shau Kee  Pollyanna Chu  Li Wa  Gordon Wu 
$30.3 BIL #24 REAL ESTATE $7 BIL #228 FINANCIAL SERVICES Yu-tung, was Hong Kong’s $3.8 BIL #588 REAL ESTATE $1.3 BIL #1756 REAL ESTATE
third-richest person in 2016,
Lui Che Woo  Francis Choi  the year he died. Yu-tung ap- Angela Leong  Yu Peidi 
$20.1 BIL #50 CASINOS $6.4 BIL #265 REAL ESTATE $3.7 BIL #606 CASINOS
parently put most of his wealth $1.3 BIL #1756 REAL ESTATE
Joseph Lau  Yeung Kin-man  in a family trust for future gen- Edwin Leong  King Pak Fu 
$16.7 BIL #75 REAL ESTATE $5.6 BIL #321 ELECTRONICS $3.5 BIL #652 REAL ESTATE
erations. Henry, 71, makes $1.2 BIL #1867 REAL ESTATE
Thomas & Raymond Kwok  Pan Sutong  his debut thanks to the value Rita Tong Liu  Lo Ka Shui 
$16.5 BIL #77 REAL ESTATE $5.5 BIL #334 REAL ESTATE, of Knight Dragon, the real es- $3.4 BIL #679 REAL ESTATE $1.2 BIL #1867 REAL ESTATE
FINANCE
Peter Woo  tate developer that he owns and Li Sze Lim  Lo Siu-tong 
$12.2 BIL #122 REAL ESTATE Lam Wai Ying  that’s behind the estimated $9.5 $3.3 BIL #703 REAL ESTATE $1.2 BIL #1867 REAL ESTATE,
$5.4 BIL #351
Lee Man Tat  SMARTPHONE SCREENS billion Greenwich Peninsula, Ronald McAulay  HOTELS
$11.6 BIL #132 OYSTER SAUCE, a residential-and-commercial $3.2 BIL #729 ENERGY Cui Lijie 
REAL ESTATE Pansy Ho  project under way in London. Wu Kaiting ★ $1.1 BIL #1999 GAMBLING
$5.3 BIL #365 CASINOS
Gong Hongjia & family  $3 BIL #791 ELECTRONICS Neil Shen 
$11.2 BIL #137 Law Kar Po  $1.1 BIL #1999 VENTURE CAPITAL
VIDEO SURVEILLANCE $5 BIL #388 REAL ESTATE Huang Shih Tsai 
$2.8 BIL #859 REAL ESTATE Zhang Zhirong 
Hui Wing Mau  Patrick Lee  $1.1 BIL #1999 REAL ESTATE,
$8 BIL #190 REAL ESTATE $4.6 BIL #456 PAPER Tung Chee Chen 
$2.8 BIL #859 SHIPPING SHIPBUILDING
Walter Kwok  Ye Chenghai & family  Hon Kwok Lung & family 
$8 BIL #190 REAL ESTATE $4.5 BIL #466 Fong Yun Wah  $1 BIL #2124 REAL ESTATE FROM TOP: 360B/ALAMY; NO CREDIT; SCMP; JEROME FAVRE/BLOOMBERG
PHARMACEUTICALS $2.6 BIL #924 REAL ESTATE
Zhou Qunfei  Zhuo Jun ★
$7.8 BIL #198 Richard Li  Cho Tak Wong  $1 BIL #2124
SMARTPHONE SCREENS $4.4 BIL #480 TELECOM $2.5 BIL #965 AUTO PARTS
PRINTED CIRCUIT BOARDS
WEALTH STATUS:
UP DOWN  UNCHANGED 
TIMBER
MINING &
SP
FINANCIAL
S FIELD
WINE-GROWING
WINE -GR O WING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SPORTS S TE CH PLAYGROUND NEW★ RETURNEE 
A
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A
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OUND
GR
TECH
T
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REGION AND DEP O SIT S MINER AL S CENTER TEAM CENTER
TEAM
GION
MINERALS
CENTER
CENTER
AND DEPOSITS
*Includes Macau. 1 Macau citizen.
94 | FORBES MARCH 31, 2018

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TH E WORLDÕ S BILLIONA IR E S


INDIA HARIDWAR

HISAR
DELHI 23
GDP: $2.6 TRIL
POPULATION: 1.3 BIL EXPATRIATES RAJASTHAN ROYALS
BILLIONAIRES: 119 (+18 VS. 2017) 11 RUPERT MURDOCH & FAMILY
TOTAL NET WORTH: $440.1 BIL
(+$114.6 BIL VS. 2017)
WEALTH TOP SECTORS
ORIGIN
20
HEALTH CARE
7% 16 AHMEDABAD
47% MANUFACTURING 7
46% 16
DIVERSIFIED
10
FINANCE & INVESTMENTS BARODA KOLKATA
INHERITED & GROWING 9
INHERITED MUMBAI 43
SELF-MADE FOOD & BEVERAGE AURANGABAD
8
TECHNOLOGY 5
MUMBAI INDIANS
MUKESH AMBANI
SUNRISERS HYDERABAD
MUMBAI FC KALANITHI MARAN
SUBHASH CHANDRA
Mukesh Ambani  Shashi & Ravi Ruia HITEC CITY
$40.1 BIL #19 PETROCHEMICALS,
OIL & GAS BIGGEST LOSER: The brothers’

Azim Premji  debt-laden steelmaker Essar HYDERABAD
$18.8 BIL #58 Steel was put up for auction PUNE 6
SOFTWARE SERVICES under India’s new Insolvency & RISING PUNE ELECTRONIC CITY
Lakshmi Mittal  Bankruptcy Code. London steel SUPERGIANTS
$18.5 BIL #62 STEEL baron Lakshmi Mittal, who has SANJIV GOENKA
Shiv Nadar  been eyeing assets back home, BANGALORE 9
$14.6 BIL #98 got his ArcelorMittal to bid. TIDAL PARK
SOFTWARE SERVICES Numetal, in which Ravi’s son GOA
Dilip Shanghvi  Rewant holds a minority stake, CHENNAI
$12.8 BIL #115 also bid but may be disquali-
PHARMACEUTICALS fied because of ties to Essar—

Kumar Birla  defaulters can’t participate in
$11.8 BIL #127 COMMODITIES the auction. THRISSUR
INFOPARK Radhakishan Damani
Uday Kotak 
$10.7 BIL #143 BANKING
BIGGEST GAINER: Damani’s wealth has more than
Radhakishan Damani & fam  COCHIN quadrupled, thanks to the March 2017 listing of Ave-
$10 BIL #151 INVESTMENTS, nue Supermarts, which operates supermarket chain
RETAIL
DMart. Shares have nearly tripled since the IPO, mak-
Gautam Adani  ing him India’s biggest percentage gainer. Damani
$9.7 BIL #154 COMMODITIES, got into retailing in 2003 with one store in suburban
PORTS
Mumbai targeting middle-class shoppers. He was an
Cyrus Poonawalla  investor before delving into retail and still has stakes
$9.1 BIL #170 VACCINES
in such companies as tobacco firm VST Industries.

Savitri Jindal & family 
$8.8 BIL #176 STEEL
Sunil Mittal & family  Hasmukh Chudgar 
$8.8 BIL #176 TELECOM $3 BIL #791 PHARMACEUTICALS
Kushal Pal Singh  Rakesh Jhunjhunwala 
$6.4 BIL #265 REAL ESTATE $3 BIL #791 INVESTMENTS
Acharya Balkrishna  Smita Crishna-Godrej 
$6.3 BIL #274 CONSUMER GOODS Bajaj brothers  Kiran Mazumdar-Shaw  $2.9 BIL #822 CONSUMER GOODS
$4.8 BIL #422 DIVERSIFIED $3.6 BIL #629 BIOTECH
Vikram Lal  Adi Godrej 
$6.3 BIL #274 MOTORCYCLES Kapil & Rahul Bhatia  Karsanbhai Patel  $2.9 BIL #822 CONSUMER GOODS
$4.5 BIL #466 AIRLINES $3.6 BIL #629 CONSUMER GOODS
Nusli Wadia  Jamshyd Godrej 
$6.2 BIL #281 Micky Jagtiani  Kuldip Singh & Gurbachan $2.9 BIL #822 CONSUMER GOODS
CONSUMER PRODUCTS $4.4 BIL #480 RETAIL Singh Dhingra 
$3.5 BIL #652 PAINTS Nadir Godrej 
Benu Gopal Bangur  Rahul Bajaj  $2.9 BIL #822 CONSUMER GOODS Anurang Jain
$6 BIL #289 CEMENT $4.3 BIL #499 MOTORCYCLES Baba Kalyani 

$3.5 BIL #652 ENGINEERING Rishad Naoroji  NEWCOMER: The nephew of motor-
Kalanithi Maran  Pawan Munjal & family  $2.9 BIL #822 CONSUMER GOODS cycle magnate Rahul Bajaj founded
$5.2 BIL #372 MEDIA $4.1 BIL #527 MOTORCYCLES Shashi & Ravi Ruia  Endurance Technologies in 1985
$3.4 BIL #679 DIVERSIFIED Aloke Lohia 
Subhash Chandra  B.R. Shetty  $2.8 BIL #859 PETROCHEMICALS to supply aluminum castings to his
$5 BIL #388 MEDIA $4 BIL #550 HEALTH CARE Anil Agarwal & family  uncle’s Bajaj Auto. He listed the $867
$3.3 BIL #703 MINING, METALS Chandru Raheja 

Pankaj Patel  Sudhir & Samir Mehta  $2.8 BIL #859 REAL ESTATE million (revenue) autoparts firm in
$5 BIL #388 PHARMACEUTICALS $3.9 BIL #572 DIVERSIFIED Ashwin Dani  2016; the stock has nearly doubled
$3.3 BIL #703 PAINTS Anil Ambani 
M.A. Yusuff Ali  Ravi Pillai  $2.7 BIL #887 DIVERSIFIED in the past year. His twin brother,

$5 BIL #388 RETAIL $3.9 BIL #572 CONSTRUCTION Sameer Gehlaut & family  Tarang, who controls privately held
$3.2 BIL #729 FINANCE P.V. Ramprasad Reddy 
Ajay Piramal  Mangal Prabhat Lodha  $2.5 BIL #965 auto components maker Varroc
$4.9 BIL #404 PHARMACEUTICALS $3.7 BIL #606 REAL ESTATE Rajan Raheja & family  PHARMACEUTICALS Group, also debuts.
$3.1 BIL #766 DIVERSIFIED
WEALTH STATUS:
UP DOWN  UNCHANGED 
Y
GR
OUND
A
SPORTS
TE
PL
CH
&


A
G
OIL
WINE
WINE-GROWING OIL & GAS FIELDS S MINING & TIMBER FINANCIAL SP OR T S TECH PLAYGROUND NEW★ RETURNEE 
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O
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FINANCIAL
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FIELD
RE
CENTER
TEAM
REGION AND DEP O SIT S MINERALS S CENTER TEAM CENTER
CENTER
MINER
AND DEPOSITS
GION
AL
96 | FORBES MARCH 31, 2018

T H E WO R L D ’ S B I LL IONA IRES

Jai Hari & Yadu Hari Niranjan Hiranandani 
Dalmia & family ★ $1.5 BIL #1561 REAL ESTATE ICELAND
$2.4 BIL #1020 CEMENT
Anurang Jain ★
Abhay Firodia  $1.5 BIL #1561 AUTO PARTS GDP: $25.1 BIL
$2.4 BIL #1020 AUTOMOBILES POPULATION: 335,000 EXPATRIATE

Rajju Shroff  1
Leena Tewari  $1.5 BIL #1561 AGROCHEMICALS BILLIONAIRES: 1
$2.4 BIL #1020 Shamsheer Vayalil  TOTAL NET WORTH: $2 BIL Thor Bjorgolfsson 
PHARMACEUTICALS (+$200 MIL VS. 2017) $2 BIL #1215 INVESTMENTS
$1.5 BIL #1561 HEALTH CARE
Sunny Varkey  Anu Aga 
$2.4 BIL #1020 EDUCATION
$1.4 BIL #1650 ENGINEERING
Murali Divi  Krishna Kumar Bangur ★ Michael O’Leary
$2.3 BIL #1070 $1.4 BIL #1650 IRELAND Pallonji Mistry 
PHARMACEUTICALS $17.8 BIL #66 CONSTRUCTION
GRAPHITE ELECTRODES NEWCOMER: Known for his brash
Harsh Goenka  R.G. Chandramogan ★ GDP: $328.6 BIL John Grayken  leadership style, the longtime CEO
$2.3 BIL #1070 DIVERSIFIED $6.6 BIL #251 PRIVATE EQUITY
$1.4 BIL #1650 DAIRY POPULATION: 5 MIL of Ryanair has turned cost- cutting
Murli Dhar & Bimal Kumar K. Dinesh  BILLIONAIRES: 9 Denis O’Brien  into an art form, building the no-
Gyanchandani ★ $1.4 BIL #1650 (+1 VS. 2017) $4.6 BIL #456 TELECOM frills airline from an $85 million
$2.3 BIL #1070 DETERGENTS
SOFTWARE SERVICES TOTAL NET WORTH: $38.2 John Dorrance III  (sales) business into a $7.1 billion
Shyam & Hari Bhartia ★ Balkrishan Goenka  BIL (+$4 BIL VS. 2017) $2.8 BIL #859 CAMPBELL SOUP one. A former accountant, O’Leary
$2.2 BIL #1103 DIVERSIFIED

$1.4 BIL #1650 TEXTILES Dermot Desmond  worked as a financial advisor to
Vinod & Anil Rai Gupta  T.S. Kalyanaraman  $2.3 BIL #1070 FINANCE the airline’s founder, Tony Ryan (d.
$2.2 BIL #1103 $1.4 BIL #1650 JEWELRY Michael O’Leary ★ 2007), before joining the company
ELECTRICAL EQUIPMENT $1.1 BIL #1999 RYANAIR in 1988; he took over as CEO six
Nimesh Kampani  MEATH
Jitendra Virwani  $1.4 BIL #1650 FINANCE John Collison  years later.
$2.2 BIL #1103 REAL ESTATE $1 BIL #2124 STRIPE
Dinesh Nandwana ★
Sanjiv Goenka  $1.4 BIL #1650 Patrick Collison 
$2.1 BIL #1157 DIVERSIFIED
SOFTWARE SERVICES $1 BIL #2124 STRIPE
Ravi Jaipuria  Subhash Runwal  DUBLIN Martin Naughton 
$2.1 BIL #1157 SOFT DRINKS
$1.4 BIL #1650 REAL ESTATE 3 $1 BIL #2124
Harsh Mariwala  Rana Kapoor  HEATING EQUIPMENT
$2.1 BIL #1157 CONSUMER GOODS
$1.3 BIL #1756 BANKING
N.R. Narayana Murthy  Habil Khorakiwala 
$2.1 BIL #1157 $1.3 BIL #1756
SOFTWARE SERVICES
PHARMACEUTICALS EXPATRIATES 5
Vikas Oberoi  Mahendra Prasad 
$2.1 BIL #1157 REAL ESTATE
$1.3 BIL #1756
Vivek Chand Burman  PHARMACEUTICALS Ciputra & family 
$2 BIL #1215 CONSUMER GOODS INDONESIA $1.4 BIL #1650 REAL ESTATE
Bhadresh Shah 
Ramesh Juneja & family ★ $1.3 BIL #1756 ENGINEERING Martua Sitorus 
$2 BIL #1215 PHARMACEUTICALS $1.4 BIL #1650 PALM OIL
Harindarpal Banga 
Lachhman Das Mittal  $1.2 BIL #1867 COMMODITIES GDP: $1 TRIL; POPULATION: 264 MIL Djoko Susanto 
$2 BIL #1215 TRACTORS BILLIONAIRES: 20 $1.3 BIL #1756 SUPERMARKETS
Amit Burman 
Mofatraj Munot  $1.2 BIL #1867 CONSUMER GOODS TOTAL NET WORTH: $72.5 BIL (+$19.4 BIL VS. 2017) Alexander Tedja 
$2 BIL #1215 REAL ESTATE $1.3 BIL #1756 REAL ESTATE
Kochouseph Chittilappilly ★
Arvind Poddar ★ $1.2 BIL #1867 MANUFACTURING Harjo Sutanto 
$2 BIL #1215 TIRES R. Budi Hartono  Peter Sondakh  $1.2 BIL #1867
Ajay Kalsi  CONSUMER GOODS
Arvind Tiku  $1.2 BIL #1867 OIL & GAS $17.4 BIL #69 BANKING, $1.9 BIL #1284 INVESTMENTS
TOBACCO
$2 BIL #1215 OIL & GAS, Hemendra Kothari ★ Theodore Rachmat & fam  Soegiarto Adikoesoemo 
INVESTMENTS Michael Hartono  $1.7 BIL #1394 DIVERSIFIED $1.1 BIL #1999 CHEMICALS
$1.2 BIL #1867 $16.7 BIL #75 BANKING,
Nandan Nilekani  FINANCIAL SERVICES TOBACCO Low Tuck Kwong  Hary Tanoesoedibjo 
$1.9 BIL #1284 S.D. Shibulal  $1.5 BIL #1561 COAL $1.1 BIL #1999 MEDIA
SOFTWARE SERVICES Sri Prakash Lohia 
$1.2 BIL #1867 Eddy Kusnadi Sariaatmadja  Sukanto Tanoto 
Ranjan Pai  SOFTWARE SERVICES $7 BIL #228 POLYESTER $1.5 BIL #1561 MEDIA, TECH $1.1 BIL #1999 DIVERSIFIED
$1.9 BIL #1284 EDUCATION Tahir & family 
Basudeo Singh ★
Anand Burman  $1.2 BIL #1867 $3.5 BIL #652 DIVERSIFIED Soegiarto
$1.8 BIL #1339 CONSUMER GOODS PHARMACEUTICALS Chairul Tanjung 
$3.5 BIL #652 DIVERSIFIED Adikoesoemo
Senapathy Gopalakrishnan  Samprada Singh 
$1.8 BIL #1339 $1.2 BIL #1867 Mochtar Riady & family  TROPHY: Indonesia’s first private
fi rst private
Indonesia’s
SOFTWARE SERVICES PHARMACEUTICALS $3 BIL #791 DIVERSIFIED T R O P H Y :
museum dedicated to modern and
Yusuf Hamied  Chirayu Amin  Prajogo Pangestu  contemporary art, Museum MACAN
$1.7 BIL #1394 $1.1 BIL #1999 $2.9 BIL #822 PETROCHEMICALS is the brainchild of chemicals tycoon
PHARMACEUTICALS PHARMACEUTICALS
Murdaya Poo  Adikoesoemo’s son Haryanto. Locat-
Devendra Jain  Sheela Gautam ★ $2 BIL #1215 DIVERSIFIED ed in Jakarta, the 43,000-square-
$1.7 BIL #1394 CHEMICALS $1.1 BIL #1999 MATTRESSES
foot space opened in November and includes a sculpture
Anand Mahindra  Madhu Kapur ★ garden featuring works by Jeff Koons and Yayoi Kusama, a

$1.7 BIL #1394 AUTOMOBILES $1.1 BIL #1999 BANKING
children’s area and rotating exhibits. Haryanto also heads
Kishore Mariwala  Satish Mehta  AKR Corporindo, which his father founded in 1960.
$1.7 BIL #1394 CONSUMER GOODS $1.1 BIL #1999
PHARMACEUTICALS
Vijay Shekhar Sharma 
$1.7 BIL #1394 Analjit Singh 
FINANCIAL TECHNOLOGY $1.1 BIL #1999 HEALTH CARE
Radhe Shyam Agarwal  Raamdeo Agrawal ★
$1.6 BIL #1477 CONSUMER GOODS $1 BIL #2124
FINANCIAL SERVICES
Achal Bakeri 
$1.6 BIL #1477 AIR COOLERS Tarang Jain ★
$1 BIL #2124 AUTO COMPONENTS JAKARTA
Radhe Shyam Goenka  14 SURABAYA
$1.6 BIL #1477 CONSUMER GOODS Nirmal Minda ★ BALI
$1 BIL #2124 AUTO PARTS SUMBAWA
Joy Alukkas  SUMBA
$1.5 BIL #1561 JEWELRY Ravindra Kishore Sinha ★ KUDUS
$1 BIL #2124 SECURITY SERVICES EXPATRIATES
3
INDIA, MARKET: BAY ISMOYO/AFP/GETTY IMAGES. INDONESIA: DHIRAJ SINGH/BLOOMBERG
MARCH 31, 2018 FORBES | 97

TH E WORLD’ S BILLIONA I R E S

ISRaEL bEit yaNai Wealth tOp seCtOrs 24
OrIGIn
NEtaNya ITaLY 12% FASHION & RETAIL
Gdp: $349.2 BIl 9
populATioN: 9 MIl silicon 42% 46% FOOD & BEVERAGE
Wadi
BillioNAires: 20 3
(+2 Vs. 2017) bNEi brak Gdp: $1.9 trIl; populATioN: 61 MIl HEALTH CARE
ToTAl NeT worTh: $57 BIl PEtah tikVa BillioNAires: 43 (+1 Vs. 2017) InherIteD & GrOWInG 2
(+$2.9 BIl Vs. 2017) InherIteD ENERGY
selF-MaDe
ToTAl NeT worTh: $170.4 BIl
tEL aViV (+$18.5 BIl Vs. 2017) 1
9 CONSTRUCTION
Giovanni Ferrero ✂ Massimiliana landini aleotti Piero Ferrari
MaccaBi tel aViV Fc
MitCHELL GoLDHar $23 BIl #37 NuTellA, chocolATes & family 
$7.9 BIl #196 phArmAceuTicAls BIGGesT GaIner: shares of
leonardo Del Vecchio his luxury sports-car maker
& family  augusto & Giorgio perfetti  have more than doubled since
$21.2 BIl #45 eyeGlAsses $6.6 BIl #251 cANdy
its 2015 ipo and raced ahead
stefano pessina  paolo & Gianfelice Mario 82% in the past year alone,
$11.8 BIl #127 druGsTores rocca 
$4.9 BIl #404 in large part because of the
Giorgio armani  pipe mANuFAcTuriNG brand’s increasing popularity.
$8.9 BIl #174 FAshioN Ferrari sold a record number
Giuseppe De’longhi 
silvio Berlusconi & family  $4.3 BIl #499 coFFeemAkers of cars in 2017, and its waiting
$8 BIl #190 mediA
list is on average one year. his
father, enzo Ferrari, founded
EXPatriatEs
5 the company in 1947; his sec-
ond and only living
Idan Ofer  child, piero, is the
$3.6 BIl #629 drilliNG, coRtina largest individu-
shippiNG
lake coMo al shareholder and
arnon Milchan  vice chairman.
$3.5 BIl #652 moviemAkiNG bassaNo dEL GraPPa
turiN
teddy sagi  como crocEtta dEL
adam neumann $3.4 BIl #679 moNZa moNtELLo 5
GAmBliNG soFTwAre
tomboLo
newsmaker: His office space shaul shani  miLaN trEViso


company WeWork received $3.4 BIl #679 Telecom inteR Milan
ZHanG JinDonG
$4.4 billion from Japanese in- Gil shwed  ac Milan

vestment conglomerate Soft- $2.6 BIl #924 soFTwAre YonGHonG Li
Bank in March 2017, valuing adam neumann 
WeWork at $20 billion. Last $2.5 BIl #965 wework
year WeWork acquired Flat- Parma modENa
4
iron School, a coding academy, alexander Machkevich  Bologna Fc
$2.3 BIl #1070 miNiNG, meTAls
and Meetup, a platform for or- scudeRia FeRRaRi EManUELE saPUto
PiEro FErrari
ganizing events. Neumann also shmuel harlap ★ & FaMiLY
found time for another mile- $1.9 BIl #1284 AuTomoTive 15 casEttE d’EtE
stone: He finally graduated Marius nacht  soLomEo

from Baruch College, 15 years $1.6 BIl #1477 soFTwAre acF FioRentina tuscanY
after he first enrolled. He gave Mori arkin  DiEGo & anDrEa DELLa VaLLE saNt’ELPidio


a marE
the commencement speech at $1.4 BIl #1650
his own graduation in May. phArmAceuTicAls
Zadik Bino 
$1.2 BIl #1867 BANkiNG, oil romE
EXPatriatEs 3
Dan Gertler  5
eyal Ofer  $1.2 BIl #1867 miNiNG
$9.4 BIl #162 reAl esTATe,
shippiNG liora Ofer 
$1.1 BIl #1999 iNvesTmeNTs
stef Wertheimer & family  caPRi
$5.7 BIl #315 Morris Kahn  saRdinia
meTAlworkiNG Tools $1 BIl #2124 soFTwAre
shari arison  lev leviev 
$5.5 BIl #334 cArNivAl cruises $1 BIl #2124 diAmoNds
yitzhak tshuva  Beny steinmetz 
$3.7 BIl #606 reAl esTATe $1 BIl #2124 miNiNG, diAmoNds,
reAl esTATe
shmuel Harlap
newcomer: harlap joins the three-
comma club after tech giant intel
bought israeli startup mobileye, a
maker of software used in self-driving
cars, for $15.3 billion in cash. Angel in-
vestor harlap had a 7.2% stake in mo-
bileye, for which he paid about $12 renzo rosso
million over several years. he also newsmaker: In 2013 his multibillion-dollar fashion firm OTB—known for its denim brand Diesel—

chairs colmobil, israel’s largest car pledged $6 million to restore one of Venice’s oldest bridges, Ponte di Rialto, under one condition: OTB would
importer, which his father bought
oversee the restoration. It completed the project in June 2017. And under budget. Rosso invested the unused
in 1962.
$600,000 to upgrade the historic walkways around the famous bridge.
weaLTH sTaTUs:
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tiMBeR
Financial
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and dePosits
centeR
98 | FOrBES March 31, 2018