Mori Tops Softbank's Son on Forbes List of 40 Richest Japanese

June 7 (Bloomberg) -- Akira Mori, chief executive of closely held real estate developer Mori Trust Co., overtook Softbank Corp. founder Masayoshi Son to become Japan's richest man, according to Forbes Asia's June 18 issue.

Mori, 69, benefited as Japan's average land prices rose for the first time in 16 years, pushing up his net worth to $5.5 billion in 2006 from $4.9 billion a year earlier, Forbes said. He rose to first place from fifth in the magazine's annual Japan's 40 Richest list.

Softbank's Son, 49, who topped last year's list, saw his net worth slip to $5.45 billion from $7 billion and his rank fall to second, the magazine said. The market value of Softbank, Japan's third-largest operator of wireless services, has fallen 44 percent since January 2006.

Hiroshi Yamauchi, former chairman of Nintendo Co., Japan's second-biggest maker of video games, was the list's biggest gainer, the magazine said. The 79 year old rose 11 places to No. 3, with a net worth of $4.8 billion. Nintendo shares have tripled in value since January 2006 on sales of its Wii consoles and DS Portable players.

The heads of Japan's consumer finance companies were the biggest losers, with the four wealthiest worth $7.4 billion less than in 2005, the first year Forbes compiled the Japan list, the magazine said.

Yasuo Takei, founder of consumer lender Takefuji Corp., was second place last year, and following his death, his widow Hiroko Takei slipped to fifth place in the rankings this year.

The collective wealth of Japan's 40 richest people declined 10.5 percent to $79.2 billion, although the number of billionaires grew to 30 from 29, Forbes said.

New Billionaire

Toichi Takenaka, the 64-year-old chairman of closely held construction firm Takenaka Corp., raised his personal wealth by $900 million to $1.9 billion, and jumped 13 places on the list to number 16, the magazine reported. The company is working with Mitsubishi Corp. to build the world's largest Ferris wheel in Singapore, according to a statement on Takenaka's Web site.

Microsoft Corp. Chairman Bill Gates is the world's richest person with a net worth of $56 billion, Forbes reported in its global rich list in March. Lakshmi Mittal, chief executive of world's largest steelmaker Arcelor Mittal, is the richest Asian with a net worth of $32 billion, the magazine reported.

Japan's 10 richest are:

    1. Akira Mori: $5.5 billion
    2. Masayoshi Son: $5.45 billion
    3. Hiroshi Yamauchi: $4.8 billion
    4. Kunio Busujima: $4.3 billion
    5. Hiroko Takei: $4 billion
    6. Nobutada Saji: $3.9 billion
    7. Eitaro Itoyama: $3.8 billion
    8. Tadashi Yanai: $3.6 billion
    9. Takemitsu Takizaki: $2.7 billion
   10. Masatoshi Ito: $2.6 billion

To contact the reporter on this story: Stuart Biggs in Tokyo at sbiggs3@bloomberg.net

To contact the editor responsible for this story: Peter Langan at plangan@bloomberg.net.