Out of contention are the Waltons (Wal-Mart). The late Sam Walton's estate is being enjoyed by his wife and children; however they are not able to keep abreast with the onslaught of the new entrepreneurs on the list. Gone is our favouite Russian billionaire, Roman Abramovich: He is going through the world's most expensive divorce!
The biggest winner on the list is Amancio Ortega who came from nowhere to land in the 8th position. Last year he did not even make the top 50! The Lucky S-O-B award this year goes David Thompson who makes his debut to the Forbes list on #10. Read his entry to see why this is a success none the less.
1. Bill Gates
Country: United States
Industry: Microsoft (IT)
No surprise here. He is still the Richest Man in the world. What is interesting though, is that the bulk of his investments are not in the Microsoft Corporation anymore! He and his wife spends the bulk of there time doing
2. Warren Buffett
Country: United States
Industry: Berkshire Hathaway (Investments)
The world's best investor keeps his number 2 position.
3. Carlos Slim Helu
Industry: Telecommunications in Northern and Latin America
One thing that I like about the top 3 Richest people in the world, is there willingness to donate money to good causes. Warren Buffett donates to Bill Gates' charity fund while Carlos Slim Helu donated $4 Billion to upliftment causes in his native Mexico. His empire has grown n the last year. Telecommunications is still one of the most lucrative industries to be in.
4. Ingvar Kamprad
Country: Sweden (Lives in Switzerland)
Industry: Retail (Ikea group)
The cheapo on the list. He loves to lead a very modest life; furnishing his houses with furniture from his stores and still driving his old 1988 Volvo station wagon. Live a little Ingvar. Read my blog and get a couple ideas what to spend those Billions on!
5. Lakshmi Mittal
Country: India (Lives in UK)
Magnate, Tycoon, Monopolist. These are three words that describe Mittal. He absolutely controls the world's steel industy. I think I should do an entry on his house in London; it's splendour is inspiring.
6. Sheldon Adelson
Industry: Entertainment and conferencing
The ugliest man on the list! Yet, my absolute favourite. His story is very inspiring. He made his fortune through being a very good middle man. He started off by renting conference space $5 per square foot and renting it out for $200 per square foot. Simple and effective with huge profit margins. Click on the link and read his story. I'm inspired every time I read it. He loves to break the mould and build new business rules. Just read what he did in Las Vegas.
7. Bernard Arnault
Industry: European Luxury Goods
The growing demand for luxury labels has got Arnault smiling all the way to the bank. With more than 3 million US $ millionaires in the world, Arnault has perfected the art of targeting the fairer sex of this group. And he just loves acquiring more fashion houses.
8. Amancio Ortega
Industry: Clothing and accessories
As a student I dreamt of making my fortune in the same way as Ortega: Apparel. I still think it's a good business idea. Get a company that manufactures bags (as an example), and brand them with other people's non-clothing brands. When you buy an Aston Martin, you get a branded bag with it... who manufactured that bag? It's better to use established brands than start creating brand awareness for a new one.
This is kinda how Ortega made his fortune. His debut in the top 50 and it's in position number 8!
9. Li Ka-Shing
Country: Hong Kong
Industry: Asian Commodities
Commodities are a lucrative business, but getting in it is a b**ch. Ka-shing does not have the business ingenuity that the other on the list have, but he is probably the best leader of the bunch. More people work for him than any other on the list. To make money in commodities takes leadership: Working with and relying on Blue-collared employees to make the business work.
10. David Thomson (son of Kenneth)
Kenneth Thompson never made the top 10: He died before the honor could be bestowed upon him. Instead his son, David made his debut in the number 10 position. David took the reigns of Thompson Corp in 2006, after the death of his father. His personal and inherited wealth pushed him into the top 10. He is the first Canadian, which I know off that ever made it to the top 10. I would love to see if he could take the family owned company and increase his position in 2008.