Bloomberg Billionaires Index

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#522 Akio Nitori $3.92B

Random fact: Likes to sing karaoke and play golf.

Overview

Nitori is the founder and chairman of Nitori Holdings, Japan's largest furniture retailer. The Tokyo-based business sells a range of discount furniture and home accessories from a network of about 500 stores. The publicly traded company had revenue of 512 billion yen ($4.7 billion) in the year to Feb. 20, 2017.

As of Nov. 21, 2017:
Last change +$102M (+2.7%)
YTD change +$932M (+31.2%)
Industry Consumer
Biggest asset 9843 JP Equity
Citizenship Japan
Age 73
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Akio Nitori's net worth of $3.92B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Nitori’s net wealth is derived from a 24 percent stake in Nitori Holdings, the largest furniture retailer in Japan. Nitori controls the shares directly, with his wife and through holding company Nitori Shoji KK, according to a Japanese government filing dated Sept. 30, 2016. Of these, 1.8 million shares are pledged as collateral and excluded from the net worth calculation.

Nitori Holdings is traded on the Tokyo Stock Exchange and Sapporo Securities Exchange, and had revenue of 512 billion yen ($4.7 billion) in the fiscal year ended Feb. 20, 2017, according to the company’s annual consolidated statement, published in March 2017. It has about 500 stores, according to its website.

Shiraishi, a spokesperson for Nitori Holdings, declined to comment on the billionaire's wealth.

Biography

Birthdate: 3/5/1944
Family: Married, No children
Education: 3/1966, Hokkai Gakuen University, Bachelor's Degree

Nitori was born in Sakhalin, Russia on March 5, 1944. He was repatriated to Sapporo, Japan when he was three years old. He grew up in a poor family and needed to help with the housework, according to a 2016 interview with London-based news service The Worldfolio. 

After graduating with a Bachelor's degree in economics from Hokkai Gakuen University in 1966, Nitori started his career at an advertising company before leaving six months later. He borrowed 1 million yen ($8,339) from his father and relatives to set up his own furniture store in 1967, according to The Worldfolio interview.

The inspiration for Nitori's company came from his trip to California in 1972, according to his company's website. The group started expanding into international markets in 2007 and within a decade had more than 300 stores globally, according to its website.

Nitori remains the chairman of the group.

Milestones
  • 1967 Opens his first store in Sapporo, on the Japanese island of Hokkaido.
  • 1980 Builds a distribution center with automated assembly lines.
  • 1989 Company becomes publicly traded on the Sapporo stock exchange.
  • 2003 Sets up the 100th store.
  • 2007 Expands outside of Japan, and opens new shop in Kaohsiung, Taiwan.
  • 2012 Opens the 300th store.
  • 2013 Changes the store name to Aki-Home for US market to acknokledge the founder.