World’s Top Billionaires $1.9 Trillion as Ranking Expands
The world’s wealthiest people lost a combined $9.6 billion this week, according to the Bloomberg Billionaires Index, which has expanded to 100 names.
The two richest newcomers are women. Dirce Navarro de Camargo, Brazil’s third-richest person, controls Sao Paulo-based conglomerate Camargo Correa SA. Elaine Marshall, a 70-year-old Dallas resident, controls almost 15 percent of Koch Industries Inc., the second-largest closely held company in the U.S.
The two grandmothers rank 62nd and 67th, respectively, on the index, and command $13 billion fortunes. Both women inherited their stakes following the death of their husbands.
“Individuals who come into their wealth through windfall, such as inheritance or the lottery, tend to have lower risk tolerance than the self-made wealthy, who generally have repeatedly taken significant risks to achieve their wealth,” said Daniel Egan, a behavioral finance specialist for Barclays Wealth and Investment Management, in an interview from his New York office.
Stocks fell in the U.S. and Europe this week. Global equity funds lured the largest weekly inflows this year, Citigroup Inc. said, after the U.S. Federal Reserve unveiled another round of quantitative easing and the European Central Bank pledged to buy bonds to contain the debt crisis. European policy makers will unveil a financial bailout program for Spain as early as next week.
The Standard & Poor’s 500 Index lost less than 0.4 percent during the week to close at 1460.15 in New York. The Stoxx Europe 600 Index fell less than 0.1 percent, closing at 275.78.
The collective wealth of the index is $1.9 trillion. The group has gained a combined $214.5 billion this year.
Mexican telecommunications magnate Carlos Slim, 72, remains the richest person in the world, with a fortune of $74.5 billion, down $1.4 billion for the week. Second is Microsoft Corp. (MSFT) co-founder Bill Gates, 56, with $64.8 billion.
Amancio Ortega of Spain has overtaken Warren Buffett as the world’s third-richest person. Ortega’s wealth has surged 50.5 percent -- $17.8 billion -- this year, placing the owner of the Zara retail chain, the world’s biggest clothing retailer, $5 billion above the Berkshire Hathaway Inc. (BRK/B) chairman, who has a net worth of $48.1 billion.
Ingvar Kamprad, the 86-year-old founder and owner of IKEA, the world’s largest furniture retailer, ranks fifth on the index with a $43.5 billion fortune.
Zong Qinghou was revealed to be China’s richest man after disclosing that his stake in Hangzhou Wahaha Group Co., the country’s third-largest beverage maker, is more than double previous estimates. Zong, who heads the closely held company and is a chain-smoking member of the Chinese legislature, ranks No. 24 globally with a net worth of $22.1 billion.
Tadashi Yanai is Japan’s richest man. The billionaire controls about 46 percent of Fast Retailing Co., the largest clothing retailer in Asia and parent of the Uniqlo casual wear chain. The 62-year-old ranks 80th in the world with a net worth of $11.6 billion.
Li Ka-Shing, 84, is the richest person in Asia. The chairman of Hutchison Whampoa Ltd. holds interests in ports, retail, energy, infrastructure, properties and mobile networks, and is worth $26.4 billion.
Leonid Mikhelson, the billionaire who controls OAO Novatek, Russia’s largest private gas producer, has been closing the net- worth gap with Alisher Usmanov, Russia’s richest man. Mikhelson is now $1.6 billion behind Usmanov, who controls an $18.7 billion fortune with interests in mining, technology and telecommunications.
Bernard Arnault, France’s richest man, is worth $24.4 billion. The chief executive officer of LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods company, filed an application to become a Belgian national earlier this month. The billionaire promised he would continue to pay taxes in France, countering reports he wants to avoid taxes.
John Fredriksen, the world’s richest seaman, ranks 63th on the index. The 68-year-old Norwegian shipping magnate’s most valuable asset is offshore drilling company Seadrill Ltd. (SDRL) He has a $13.3 billion net worth.
The fortune of Eike Batista, Brazil’s richest man, has slumped since February. OGX Petroleo & Gas Participacoes SA, his flagship oil company, reduced its production targets in June, leading to a sell off across his empire of publicly traded commodity startups.
The billionaire is in talks to sell his shipbuilding business, OSX Brasil SA, to Sete Brasil Participacoes SA in exchange for a stake in the startup oil-rig operator, according to two people with direct knowledge of the matter.
Mark Zuckerberg, the 28-year-old co-founder of Facebook Inc., the world’s largest social-networking company, has fallen to the 79th in the world. Zuckerberg has lost $7.6 billion since Facebook sold shares in an initial public offering on May 17. His fortune is now $11.7 billion.
No. 100 on the list is Samsung Electronics Co. chairman Lee Kun Hee of South Korea. He is worth $10 billion.
The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York. The valuations are listed in U.S. dollars.
The expanded list was published with the release of billionaires profile pages in the Bloomberg Professional service. The profiles feature a transparent analysis of how each billionaire’s fortune was calculated.
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