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A GLOBAL STANDARD
IN PORT MANAGEMENT.
The Manila International Container Terminal combines
leading-edge technologies and decades of port management
expertise to provide the country with port services at par
with the world’s best.
The MICT is one of the best examples of Public-Private Partnerships,
offering the best value for the government and the Filipino people.
www.ictsi.com
THE RICHEST PEOPLE IN AMERICA
ƫ ƫđƫċċ
FOREVER 21’S
DO WON AND
JIN SOOK CHANG
“WE CAME HERE WITH
ALMOST NOTHING”
THE
FORBES
THE FILIPINO,
LEADING GLOBAL
INNOVATION.
Introducing
Victoria International Container Terminal
One of the most innovative, sustainable,
fully automated terminals in the world.
Coming to Melbourne, Australia
Fourth Quarter 2016
www.ictsi.com
THE RICHEST PEOPLE IN AMERICA
ƫ ƫđƫċċ
JOHN
KAPOOR
“IN MY CAREER MY
PLAN HAS ALWAYS
BEEN: I AM THE LAST
GUY STANDING.”
THE
FORBES
THE FILIPINO, A LEADER
IN GLOBAL TRADE.
ICTSI in Mexico
At Mexico’s Pacific coast, the Specialized Container
Terminal-2 in Manzanillo is the most modern trade
gateway in the country. At the Gulf of Mexico/Atlantic,
the Tuxpan Maritime Terminal is set to be another
world class seaport facility.
Two public-private ports: complementing coast-to-coast
international trade in Mexico.
CMSA
www.ictsi.com
THE RICHEST PEOPLE IN AMERICA
ƫ ƫđƫċċ
PHILIP
ANSCHUTZ
“WHEN YOU SEE
WHAT CAN BE
DONE, YOU WANT
TO BE INVOLVED IN
SOMETHING. YOU
WANT TO OWN IT.”
THE
FORBES
We see opportunity.
We transform potential.
OUE Downtown is being transformed from a
primarily commercial landmark in the heart of
Singapore’s business district into a vibrant
mixed-use development combining retail, office
space and serviced suites. Set to regenerate the
lower Downtown Core, OUE Downtown will
spur growth and raise the quality of life for the
working population and residents in the area.
Transformational
www.oue.com.sg Thinking
CONTENTS — SPECIAL ISSUE, NOVEMBER 2016 VOLUME 12 NUMBER 13
PHILIP ANSCHUTZ BY JAMEL TOPPIN FOR FORBES UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.
FORBES LIFE
123 | BESTSELLERS
Our list of business books that have sold over a million copies.
BY NATALIE ROBEHMED
130 | THOUGHTS
On The Forbes 400.
X PAGE 124
“EVERYWHERE
IS WORSHIP—A
CONSTANT MUSIC.”
—AMIT PASRICHA
SIDELINES
Editor Tim W. Ferguson
Editorial Director Karl Shmavonian
Art Director Charles Brucaliere
Senior Editor John Koppisch 15 Years
Wealth Lists Editors Luisa Kroll, Kerry A. Dolan
Photo Editor Michele Hadlow
M
Statistics Editor Andrea Murphy ost anniversaries are best kept close,
Research Director Sue Radlauer but I’ll nevertheless note I’m marking
Online Editor Jasmine Smith 15 years as editor of FORBES’ Asian
Reporter Grace Chung publication. That’s a long spell in our business, at
Intern Xiang Wang
least nowadays, although the man who hired me at
Editorial Bureaus FORBES, Jim Michaels, famously edited our flag-
Beijing Yue Wang
ship magazine for 38 years.
Shanghai Russell Flannery (Senior Ed.); Maggie Chen
India Editor Naazneen Karmali Even a mere 15 has given me a window on
an extraordinary time in Asia. No one can doubt
Contributing Editors
Bangkok Suzanne Nam anymore that this is where the early 21st century’s
Chennai Anuradha Raghunathan most important story is being written. Saying that
Hong Kong Shu-Ching Jean Chen doesn’t imply American decline—I do not believe
Jakarta Justin Doebele that to be happening—but by dint of population size, the room to rise in much
Melbourne Lucinda Schmidt
of the region and the industriousness and acumen already in evidence, nowhere
Perth Tim Treadgold
Singapore Mary E. Scott else can hope to match today’s Asian phenomenon.
Taipei Joyce Huang In this period China’s economy has grown fivefold, and its role in the world
Vietnam Lan Anh Nguyen has been transformed. To personify it, I couldn’t have guessed in 2001 that an
Columnists Ken Fisher, Jean-Pierre Lehmann, ex-army officer named Wang Jianlin, barely known outside of Dalian, would
A. Gary Shilling, Ben Sin be worth $33 billion and stalking Hollywood. At the same time, however, I
Production Manager Leona Smith wouldn’t have thought China in 2016 would be pulling inward—repressive,
combative, indebted.
Along those lines, is Asia, overall, moving in the “right” direction? We know
EDITOR-IN-CHIEF that many millions have gained a middle-class life and that war (between states)
Steve Forbes has been wisely avoided, but are more people free and secure under the rule of
CHIEF PRODUCT OFFICER Lewis D’Vorkin
law? That intangible is hard to grasp, no matter how many trips taken through
gleaming airports or on fast trains. You do notice ground-level changes: all the
FORBES MAGAZINE
smartphones, of course. Here’s another: the curbing of smoking.
EDITOR Randall Lane
EXECUTIVE EDITOR Michael Noer FORBES has provided a special seat for this story. Not only do our wealth
ART & DESIGN DIRECTOR Robert Mansfield lists track the rise of people like Wang and our profiles illuminate or discover
FORBES DIGITAL
others, but working with our licensed titles in the region also opens new doors.
VP, INVESTING EDITOR Matt Schifrin Recently I took part in a FORBES JAPAN event that included some of the en-
VP, DIGITAL CONTENT STRATEGY Coates Bateman trepreneurs the editors there so want to foster. That’s a cultural mission likely to
VP, PRODUCT DEVELOPMENT Salah Zalatimo
outlast me.
VP, WOMEN’S DIGITAL NETWORK Christina Vuleta
ASSISTANT MANAGING EDITORS In this FORBES gig, I’ve worked with a remarkably stable core group of
Frederick E. Allen – Leadership editorial and business comrades. I hope that contributes to a consistency in our
Loren Feldman – Entrepreneurs
Janet Novack WASHINGTON print product, even as Asia’s story is ever evolving.
Michael K. Ozanian SPORTSMONEY
DEPARTMENT HEADS
Mark Decker, John Dobosz, Clay Thurmond
Avik Roy OPINIONS
Jessica Bohrer VP, EDITORIAL COUNSEL
FOUNDED IN 1917
B.C. Forbes, Editor-in-Chief (1917-54) Tim Ferguson
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99) Editor, forbes asia
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EDITOR-AT-LARGE/GLOBAL FUTURIST Rich Karlgaard
GENERAL COUNSEL MariaRosa Cartolano
PRESIDENT, FORBESWOMAN Moira Forbes
SENIOR VP, CORPORATE COMMUNICATIONS Mia Carbonell
((ƫ,!%(ƫ //1!ČƫĂĀāćƫđƫ+(1)!ƫāĂƫđƫ1)!.ƫāă
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OBSERVATIONS
ON A VERY SENSITIVE SUBJECT BY STEVE FORBES, EDITOR-IN-CHIEF
efforts succeeded. Even the reviled, grams, like those that existed before Restaurants:
corrupt urban political machines the mid-1960s in agriculture, politi- Go, Consider, Stop
that rose up in the late 1800s played a cians ignored the needs. Congress did
part in helping immigrants fit in. Be- pass a special visa program for high- Advice from our New York City eatery
tween 1870 and 1914 real wages here tech workers, but the numbers allot- experts and colleagues Richard Nalley,
more than doubled, and the standard ted remained woefully insufficient. Monie Begley and Randall Lane, as well
as brothers Bob, Kip and Tim.
of living improved dramatically. Border patrols have been substan-
In recent times pressure groups tially increased and apprehensions z Il Gattopardo
13–15 West 54th St. (Tel.: 212-246-0412)
have fought against the assimila- have dropped almost 90%. (Part of
The Italian cuisine served in the sleek and modern
tion of foreigners, trying to create the drop may be due to the depressed lower level of what was once a Rockefeller man-
isolated communities in which Eng- economy here.) sion is superb. For a delicious meal try the crispy
lish, even for the second generation, ƀLJSecurity. Even after 9/11, we still salad with radicchio, frisée, fennel, carrots and
red wine vinaigrette and the risotto special. Your
would be a distant second language. don’t know who the estimated 11 mil- dreams will keep you craving a return visit for
The purpose was political, econom- lion “undocumented workers” are. both the panna cotta and the espresso granita.
ic and ideological. These radicals As for Middle Eastern refugees, z Le Coq Rico
disliked the whole notion of an Donald Trump has a fair point when 30 East 20th St. (Tel.: 212-267-7426)
American melting pot. They wanted he says that we need better vetting This wonderful spot features a wide range of egg
Balkanized groups whose votes, processes. Even Germany, the most and chicken (and other fowl) dishes. For “eggz”
try the Deviled, sweet morsels of marinated oc-
they believed, could be more easily liberal refugee receiver, is pulling topus and cabbage salad accompanying a delec-
controlled. They could then lever- back because of security concerns. table deviled egg; or the Crisp & Crusty, asparagus
and sauce vierge that add just the right amount of
age that power to get tons of money ƀLJTaking jobs away from Americans. crunch. The rôtisserie chicken and the Rohan Farm
from vote-hungry pols, nationally Most of the work that illegals do is duck leg are prepared to perfection. Make sure to
save room for one of the luscious desserts.
and locally. California helped put the shunned by most Americans, especial-
brakes on that destructive nonsense ly jobs in agriculture. Studies show that z The Milton
when, in 1998, its voters overwhelm- there are few instances of abuse in the 1754 Second Ave., between 91st & 92nd
ingly approved a referendum that high-tech world of hiring cheaper immi- streets (Tel.: 212-369-1900)
mandated immersion teaching of grant labor at the expense of Americans. Delightful Irish-English-American gastropub fea-
turing chef David Diaz’s take on classic pub grub.
English to immigrant children. It’s The big job-deprivers for un- Start by sharing the truffle chicken nuggets (black
no surprise that these youngsters skilled workers are our stagnant truffle and yellow beet sweet-and-sour sauce) and
the Milton crab cakes (large, moist and seriously
quickly learned English. economy and states that have raised crab-filled) served with a creamy saffron aioli. The
But these anti-assimilationists the minimum wage. The villains of cottage pie and the Irish Joe both feature rich,
tender Guinness-braised short ribs and are deli-
helped put immigration in a bad light— depressed wages are too-high taxes, cious, as is the fish and chips. The vanilla cream
Americans didn’t like the idea of new- the unstable dollar and hyperregula- puffs coated with caramel drizzle are sinful.
comers remaining perpetually isolated. tion, such as the tsunami of rules
z Pizza Beach
Today the anger and opposition via ObamaCare that is crushing 1426 Third Ave., at 81st St.
focus on illegal entry, security (both businesses. (Tel.: 646-666-0819)
terrorism and crime), jobs being In the future we must rationalize If you’ve a hankering to be at the beach year-round,
taken away from lawful residents and the system to meet the labor needs of here’s your spot. The fare is pizza, pasta, salads and
veggies, along with a mix of meats and fish—all
the suppression of wages, especially various sectors of the economy. There made with fresh ingredients. Try watermelon & cu-
among unskilled workers. are also sensible proposals out there cumbers with chili lime vinaigrette or grilled corn
elote with sriracha crème fraîche and cotija cheese
Let’s look at each of these concerns. that would deal with current illegals to start. The dozen scrumptious pizza offerings
ƀLJIllegal entry. Astonishingly, for dec- without giving them citizenship. We are thin-crusted and intriguing, among them lamb
ades our leaders turned a blind eye to must always have room for those peo- merguez & Oaxaca cheese, roasted Brussels
sprout & pancetta and pineapple & speck.
millions of people coming into the U.S. ple—even the unskilled—who have the
unlawfully. And they never addressed burning desire, as Abraham Lincoln z Zero Otto Nove Trattoria
the root cause: The U.S. economy had put it, to improve their lot in life. 15 West 21st St. (Tel.: 212-242-0899)
labor needs that weren’t being met. Our history demonstrates that it’s Dining here is like stepping into an Italian grotto
in the hills of Tuscany. Grilled octopus with fresh
These ranged from low-paying work our unique ability to take in immigrants sliced tomato, capers and cannellini beans is suc-
in agriculture, construction, restau- and assimilate them that has been culent and delicious, as is the sautéed shrimp with
diced tomatoes, balsamic vinegar and crostini.
rants, hotels and lawn maintenance crucial to our incredible record of op- Flavors blend magnificently in the insalata di
to the most sophisticated and skilled portunity, upward mobility and wealth arugula and the insalata di scarola (escarole with
black olives and marinated eggplant). A must
high-tech jobs. Instead of instituting creation. Immigrant success here side: sautéed cauliflower with bread crumbs. End
comprehensive guest-worker pro- means success for all Americans. F with sensational tiramisu.
THE
AMERICAN
DREAM IS
ALIVE AND
WELL … ON THE
FORBES 400
IMMIGRANTS HAVE TAKEN A BEATING
ON TELEVISION, AT POLITICAL RALLIES,
EVEN ON CAPITOL HILL. BUT ON THE
FORBES 400, IT’S A LOVE STORY. WE’VE
NEVER HAD MORE MEMBERS—OVER
10%—BORN OUTSIDE THE U.S. THAT’S
A HEALTHY THING FOR AMERICAN
ENTREPRENEURSHIP AND JOB GROWTH.
BY M O N T E B U R K E
T
Yang, Micky Arison, Patrick Soon-
homas Peterffy was born in Shiong, Jan Koum, Jeff Skoll, Jorge
the basement of a Budapest Perez, Peter Thiel. As well as a couple
dozen others who also immigrated to
hospital on September 30, the U.S., earned U.S. citizenship—and
1944. His mother had been then a spot on The Forbes 400.
Precisely 42 slots on The Forbes
moved there because of a 400 belong to naturalized citizens
Soviet air raid. After the Soviets liberated who immigrated to America. That’s
10.5% of the list, a huge overperfor-
Hungary from Nazi occupation, Hungary mance considering that naturalized
became a satellite state, laboring under citizens make up only 6% of the U.S.
population. (If you add noncitizens,
a different kind of oppression: commu- about 13% of American residents are
nism. Peterffy and his family, descended foreign born.)
For all the political bombast about
from nobles, lost everything. “We were immigrants being an economic drain
basically prisoners there,” he says. As a or a security threat, the pace of eco-
nomic hypersuccess among immi-
young man Peterffy dreamed about being grants is increasing. Go back ten years
free from that prison—in America. and the number of immigrants on The
Forbes 400 was 35. Twenty years ago it
At the age of 20 he hatched an es- the land of boundless opportunity.” was 26 and 30 years ago 20. Not only is
cape plan. At the time Hungarians Indeed it was. He got a job as the American Dream thriving, as mea-
were allowed short-term visas to visit a draftsman at a surveying firm. sured by the yardstick of entrepre-
family in West Germany, and he took When his firm bought a comput- neurial success, The Forbes 400, but
advantage of this. When his visa ex- er, “nobody knew how to program it’s also never been stronger. The com-
pired, like millions who have immi- it, so I volunteered to try,” he says. bined net worth of those 42 immigrant
grated to the U.S. illegally in recent He caught on quickly and soon had fortunes is $248 billion.
years, he didn’t go back home. Instead a job as a programmer for a small According to the Kauffman Foun-
he left for the U.S. Peterffy landed at Wall Street consulting firm, where dation, immigrants are nearly twice
John F. Kennedy International Airport he built trading models. as likely to start a new business than
in New York City in December 1965. By the late 1970s Peterffy had saved native-born Americans. The Part-
He had no money and spoke no Eng- $200,000 and founded a company that nership for a New American Econ-
lish. He had a single suitcase, which pioneered electronic stock trades, ex- omy, a nonpartisan group formed by
contained a change of clothes, a sur- ecuting them before the exchanges Forbes 400 members Murdoch and
veying handbook, a slide rule and a were even digitized. In the 1990s he Michael Bloomberg, reports that im-
painting of an ancestor. began to concentrate on the sell side of migrants started 28% of all new busi-
Peterffy went to Spanish Harlem, the business, founding Interactive Bro- nesses in the U.S. in 2011, employ one
where other Hungarian immigrants kers Group, which has a market cap of out of every ten American workers at
had formed a small community, mov- $14 billion. Peterffy, 72, is now worth privately owned businesses and gen-
ing from one dingy apartment to an- an estimated $12.6 billion. erate $775 billion in revenue. Some of
other. He was happy, if a bit afraid. “It Thomas Peterffy embodies the these businesses are small, of course,
was a big deal to leave home and my American Dream. So does Google like restaurants and auto repair shops.
culture and my language,” he says. founder Sergey Brin ($37.5 billion). But others aren’t: The National Foun-
“But I believed that in America I could And eBay founder Pierre Omidyar dation for American Policy, a nonparti-
truly reap what I sowed and that the ($8.1 billion). And Tesla and SpaceX san research group, says that 44 of the
measure of a man was his ability and founder Elon Musk ($11.6 billion). And 87 American tech companies valued
determination to succeed. This was Rupert Murdoch, George Soros, Jerry at $1 billion or more were founded by
France and started an American plified by Peterffy, is entrepreneurial, foot apparel store called Fashion 21.
bank that underwrote most of the a self-selected risk taken in an effort to First-year sales reached $700,000, and
U.S. government’s war loan during better one’s circumstances. It’s a mind- the couple began opening a new store
the War of 1812, saving the country set. “You leave everything you have every six months, eventually chang-
ing the chain’s name to Forever 21. ing flight to Chicago was diverted by be my own man. I control my destiny.”
They’re now worth $3 billion. a snowstorm, so the 16-year-old flew Khan eventually got a job as an en-
“I came here with almost nothing,” to St. Louis instead and took a bus to gineering manager at Flex-N-Gate, an
says Chang. “I’ll always have a grateful Champaign, to the University of Illi- automotive manufacturer. A few years
heart toward America for the opportu- nois, where he was enrolled as an un- later, with $16,000 in savings and a
nities that it’s provided me.” dergraduate. He had $500 in his pock- Small Business Administration loan,
For Shahid Khan, a Pakistani, the et. Khan got a job working as a dish- he started his own company, which
logical place to immigrate was the washer at night after school for $1.20 made bumpers for car manufacturers.
United Kingdom, “but the U.S. was al- an hour. “I was overjoyed. You just He eventually bought out his old boss
ways the promised land for me.” In couldn’t get a job like that where I at Flex-N-Gate. His company now has
January 1967 Khan landed at JFK, his came from,” he says. “My immediate $6.1 billion in revenues and employs
generation’s Ellis Island. His connect- thought was, Wow, I can work. I can around 12,000 people in the U.S.
GERMANY
IMMIGRANT TRAILS U.K.
DAGMAR DOLBY 1976
PETER THIEL 1968
More than 10% of the current Forbes 400 came from MICHAEL MORITZ 1976
abroad to seek their fortune in America, the earliest FRANCE
HUNGARY
arriving in 1949. The most, 6, came from Israel, PIERRE OMIDYAR 1973
THOMAS PETERFFY 1965
CHARLES SIMONYI 1967
followed by India with 5. Eight countries, including ITALY GEORGE SOROS 1956
Vietnam, had just 1 each. DOUGLAS LEONE 1968 STEVEN UDVAR-HAZY 1958
UKRAINE
LEN BLAVATNIK 1978
JAN KOUM 1992
CHINA
GREECE
ANDREW & PEGGY CHERNG 1966, 1967
JOHN
JOHN TU 1971 CATSIMATIDIS 1949
ROGER WANG 1970 C. DEAN METROPOULOS 1956
RUSSIA
SERGEY BRIN 1979
IGOR OLENICOFF 1957 CANADA
JEFFREY SKOLL 1993
MORTIMER
2 ZUCKERMAN 1977
1 2 2
4
1
3
1
1 2
6
1
4
1
4
1
TAIWAN
PAKISTAN
JEN-HSUN HUANG 1973
SHAHID KHAN
MIN KAO 1970S 1967
DAVID SUN 1977
JERRY YANG 1978 INDIA
1 RAKESH
VIETNAM
GANGWAL 1970S
2 JOHN KAPOOR
KIEU HOANG 1975 1964
KAVITARK RAM
SOUTH KOREA ARGENTINA 1 SHRIRAM 1970S
ISRAEL KENYA, INDIA
DO WON & JIN ROMESH T.
JORGE PEREZ 1960S MICKY ARISON 1950S WADHWANI
SOOK CHANG 1981 BHARAT DESAI &
AUSTRALIA ALEC GORES 1968 NEERJA SETHI 1969
RUPERT MURDOCH 1985 TOM GORES 1968 1976, 1978
NOAM GOTTESMAN 1960S SOUTH AFRICA
ISAAC PERLMUTTER 1960S ELON MUSK 1990S
HAIM SABAN 1983 PATRICK SOON-SHIONG 1980
A plant he’s building in Detroit will “It would have been virtually im-
employ up to 1,000 workers who will possible for me to have started my own
be paid $25 an hour. Khan is worth an
“My immediate company in India in those days. There
estimated $6.9 billion.
thought was, Wow, was no support for entrepreneurs,”
He still immigrated to the U.K. in a I can work. I can says Wadhwani. “There is a freedom in
small way: He bought the English Ful- be my own man. I the U.S. to dream big dreams, the free-
ham soccer team. But lest anyone chal- control my destiny.” dom to achieve based purely on merit
lenge his preference, he also owns a rather than family background or pre-
National Football League franchise— vious wealth or social status.”
the Jacksonville Jaguars. Chinese-born Andrew Cherng ob-
immigrant inventor. served a similar meritocracy when
AMERICA HAS ANOTHER natural advan- Romesh Wadhwani falls into that he arrived in Baldwin, Kansas in 1966
tage that helps explain why so many tradition. He attended India’s legend- to attend Baker University on a math
immigrants are able to turn themselves ary IIT Bombay technical college but scholarship. He’d gone to high school
into billionaires. The U.S. education- in 1969 came to America to pursue a in Japan and found “it was hard for
al system has traditionally been a bea- Ph.D. at Carnegie Mellon. He never Chinese to blend in with the Japa-
con, drawing the smartest young self- left, founding Aspect Development, nese.” A year later he met an incoming
starters from across the world. Over a software company, and Sympho- freshman from Burma named Peggy,
the past few decades the billionaire ny Technology Group, a tech-focused whom he would later marry. “I didn’t
formula has been increasingly sim- private equity firm, on his way to a have any personal possessions when
ple: Come to America for college, fall $3 billion fortune. I came,” says Cherng. “My drive came
in love with the country from being poor.”
and the opportunities In 1973 Cherng opened
(and perhaps a future a restaurant, the Panda
spouse) and stay after Inn, in California with his
graduation, putting that father, a master chef who
education to use creat- had emigrated to join him.
ing the innovations (and Ten years later he and his
jobs) that yield Forbes wife, Peggy, opened the
400 fortunes. first Panda Express in a
The number of col- mall in Glendale, Califor-
lege-educated immi- nia. Having earned a doc-
grants in the U.S. grew torate in electrical engi-
78% from 2000 to 2014. neering and worked as
Almost 30% of immi- an aerospace-software-
grants 25 or older now development engineer,
possess a bachelor’s de- she incorporated sys-
gree or higher, accord- tems that have turned it
ing to the Migrant Pol- into a 1,900-store, quick-
icy Institute—a figure serve food chain, one of
that almost exactly mir- the largest in the U.S.,
rors the percentage for with $2.4 billion in reve-
native-born adults. And nues. The Cherngs em-
a disproportionate num- ploy 30,000 people and
ber of these immigrants have raised more than
study math, science and $100 million for charity.
other STEM disciplines “In America nothing will
that fuel most modern stop you but yourself,”
fortunes. In 2011 three- says Cherng.
TIM PANNELL FOR FORBES
nounced by the Department of Home- legal immigrants. And third, there American Dream stays exactly that.
land Security and would grant tempo- should be a path to citizenship for il- How fitting if it proved to be another
rary status to immigrants with an own- legal immigrants already in the U.S., billion-dollar innovation dreamed up
ership stake and an “active and central which includes registering, paying by immigrants. F
role” in an American startup.) taxes and following the law.
Second, American borders should Perhaps this can help create some With reporting by Samantha Sharf,
be more secure when it comes to il- consensus, one that ensures that the Grace Chung and Mrinalini Krishna.
HACKING THE VISA RACKET Mehta, who met Pachisia at Kno, was born in the
United States, so he didn’t face the same issue. But his
cofounder in a separate startup did. The experience
AMERICA’S IMMIGRATION SYSTEM ALMOST KILLED INSTAGRAM. brought Mehta and Pachisia back together, determined
Back in 2009, frustrated with his inability to get a work visa, to “hack” the visa challenge for talented immigrants. After brain-
cofounder Mike Krieger, a Brazilian-born Stanford graduate who storming the idea for Unshackled in a Palo Alto coffee house,
shaped Instagram’s product and vision, was on the verge of de- they tested the waters with a website, a Facebook post and some
camping for his homeland. At the 11th hour his paperwork came fliers at Hacker Dojo, a co-working space for startups. Less than
through, and Krieger, along with cofounder and CEO Kevin two months later they launched Unshackled. Their goal is to fund
Systrom, began to build Instagram into a social media giant with startups that over time will help create 100,000 new jobs.
half a billion users and up to $50 billion in enterprise value. The Unshackled is hardly alone in tackling the issue. In Au-
company has also created hundreds of U.S. jobs. gust President Obama proposed a new rule that would grant
Now a pair of entrepreneurs-turned-investors, Nitin Pachisia temporary work visas to immigrant entrepreneurs who received
and Manan Mehta, are trying to ensure that fewer immigrant-led a minimum of $345,000 from private investors. The plan is
startups face an untimely death by lack of visa. Two years ago something of a workaround to the “startup visa,” which would
they founded Unshackled Ventures, an early-stage venture fund give visas to immigrant entrepreneurs—an idea championed by
and mentorship program with a clever, market-based solution techies and embraced by the White House but stuck in congres-
to the visa challenge facing many foreign-born entrepreneurs: In sional limbo. The proposal would make it easier for Unshackled
exchange for equity, Unshackled not only provides cash but also entrepreneurs to obtain a visa, freeing Mehta and Pachisia to
acts as an employer and visa sponsor for founders. focus on their roles as mentors and company builders. “This
Their idea resonated in tech circles, and in no time Unshack- country has an obligation to continue to attract the best and
led raised some $5 million from some 80 A-listers like Laurene the brightest, and it needs to give them a reason to stay,” says
Powell Jobs, Jerry Yang and Bloomberg’s venture arm. A larger Mehta, echoing what passes as gospel in tech circles.
financing round is said to be in the works. As of now Unshackled has funded 15 companies, with found-
“While our national dialogue around immigrants deteriorates, ers from more than a dozen countries. Nine have gone on to re-
Unshackled’s model showcases the kinds of conversations that ceive additional funding, including one that is at the prestigious
we ought to be having—conversations about removing impedi- Y Combinator program. While no Unshackled company has hit it
ments to opportunity, investing in extraordinary intellectual big yet, none has failed, either—the fear of losing your visa is a
capital and spurring innovations that will benefit all of us,” says powerful motivator. —Miguel Helft
PAIN
AND
GAIN
John Kapoor made his
billions by letting his drug
companies push legal and
ethical limits—which was
fine when he was peddling
blood-pressure pills, but
not once he started selling
one of the strongest
narcotics in the world.
BY M AT T H E W H E R P E R A N D M I C H E L A T I N D E R A
O
proved uses. U.S. attorneys in two
n March 25, 2016 Sarah Fuller, 32, jurisdictions—the Central Dis-
was supposed to drop her moth- trict of California and the District
of Massachusetts—are investigat-
er’s car at the shop. Her mom ing the company. Doctors who have
called at 8 a.m. to make sure her worked with the company are being
investigated by Michigan, Florida,
daughter was up. She got Sarah’s fiancé. He Kansas, New Hampshire, Rhode Is-
found Sarah in her room, motionless, land and New York.
One case has been settled: Insys
with her face on the floor. She was what she had to go through, and I paid the state of Oregon $1.1 mil-
dead. The medical examiner im- can tell you, pain is such a misun- lion, a small amount for the compa-
plicated two drugs Sarah had been derstood thing for cancer patients. ny but twice its entire book of busi-
prescribed: Xanax, for anxiety, and Nobody understands pain. They ness in the state, to settle charges
Subsys, the fastest-acting form of think pain is just pain. My wife went that it was working to persuade doc-
fentanyl, among the most potent through it.” tors to prescribe Subsys to patients
narcotics known to medicine. The But critics allege that Insys sales who did not have cancer. To date,
combination was dangerous, but reached $331 million last year be- Insys has admitted no wrongdoing
Sarah’s family blames Subsys and cause the drug is also being used for and says it has strengthened its pro-
its maker, Insys Therapeutics, for patients who do not have cancer. cedures to prevent lapses from oc-
her death and plans to sue. “They Like Sarah Fuller. She suffered from curring in the future.
obviously had no regard for human back and neck injuries from two car It’s familiar territory for Ka-
life,” says Debbie Fuller, Sarah’s accidents a decade ago and from fi- poor. He has made a habit of found-
mother. “In order for them to make bromyalgia, a mysterious disorder ing companies and allowing them to
the bottom line bigger, people have that causes diffuse muscle and bone push legal and ethical limits, confi-
to die for it.” pain. Kapoor is quick to say that it dent of his ability to clean up the re-
Subsys is the brainchild of John “doesn’t make sense” to give a fibro- sulting mess. Insys is just the latest
Kapoor, 73, one of the most success- myalgia patient Subsys, a drug de- chapter.
ful pharmaceutical entrepreneurs in signed to relieve sudden spikes of “My involvement is I am an in-
America and the founder, chairman excruciating pain. (Insys did not vestor,” Kapoor says. “As an investor
and chief executive of Insys. Kapoor comment directly on Fuller’s death.) I’m on a board. As a board member
is worth $2.1 billion, and his Insys More than that, it would be illegal and an investor you are involved,
shares represent $650 million of his for Insys to promote the drug for but you are not involved in day-to-
net worth. The company’s stock is such use, because the U.S. Food & day operations, and that’s where the
up 296% since its 2013 IPO. Drug Administration has approved problems come in.”
His idea for what became Sub- Subsys only for cancer patients.
sys was to pair fentanyl, a narcot- Yet in 2015 a nurse practitioner KAPOOR GREW UP MODESTLY in India.
ic 80 times more potent than mor- in Connecticut pleaded guilty to vi- He was the first in his family to at-
phine, with spray technology that olating a federal antikickback stat- tend college. He earned a doctor-
would allow patients to get a dose ute by taking money from Insys to ate in medicinal chemistry from
under their tongues. The point was prescribe the drug to Medicare pa- the State University of New York
to ease cancer-related pain, which tients who did not have cancer. A at Buffalo in 1972 and quickly went
often breaks through high doses of former Insys sales representative to work in the corporate world. “In
existing opioids. It’s a subject Ka- in Alabama also pleaded guilty to a India they teach you how to work in
poor knows well: Editha, his wife conspiracy to violate the antikick- a factory,” he says. “They don’t teach
of three decades, died of metastatic back statute by paying two doc- you how to work in a drugstore.”
breast cancer in 2005. tors to prescribe the drug. Illinois In the 1970s many companies
“I was a caregiver for her,” Ka- has filed claims against Insys re- had small divisions that made ge-
poor says. “I took care of her. I saw lated to pushing Subsys for unap- neric drugs. Kapoor started at In-
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FORBES 400 JOHN KAPOOR
ic. Kapoor cofounded the company ly deadly narcotic on an incentive associated with migraines, sickle-
in 1992, linking up with an experi- plan created a powder keg primed cell anemia and changing wound
enced drug marketer, Patrick Four- to explode. dressings. Worse, prosecutors said
teau, who had previously run a con- Cephalon pushed the high-dose
tract sales force that pharma giants THE MARKET FOR PRESCRIPTION opi- narcotic to patients who had not
could quickly hire when they need- oids is lucrative but fraught with previously developed a tolerance to
ed extra help. Sciele sold heart, pe- ethical problems. A marketing push opioids and might have died from
diatric and allergy drugs. Its biggest by Purdue Pharma in the 1990s re- their first exposure to such a potent
product was a blood-pressure pill. sulted in its OxyContin becoming dose of fentanyl. Despite the penal-
Instead of hiring experienced widely used—and abused. Since 1999 ties, Cephalon more than survived:
pharmaceutical salespeople, Four- the number of prescriptions for opi- Teva Pharmaceuticals, based in Isra-
teau hired recent college graduates, oid pills has quadrupled. The num- el, bought it in 2011 for $6.8 billion.
nurses and other health care profes- ber of annual overdose deaths has To navigate this treacherous legal
sionals, paying them low salaries but quadrupled, too, to 19,000 per year. and ethical territory, Insys’ board,
giving them big bonuses if they got Kapoor points out that his drug, led by Kapoor, picked as chief exec-
doctors to prescribe Sciele’s drugs. Subsys, is but a drop in this flood. utive a man in his mid-30s with little
Fourteau felt this was better for a Superpotent forms of fentanyl pharmaceutical experience named
small drug maker. “The big phar- meant for cancer patients are pre- Michael Babich, whom Kapoor had
ma guys—especially in sales—that scribed only 130,000 times a year, originally recruited from Northern
we recruited were the rejects of big Trust, a wealth man-
pharma,” he says. “When they came agement firm, to work
to a small company, they thought
DEADLY MEDICINE in his family office.
As the use of prescription opioids has grown in
they owned the world, and they the U.S., a rise in overdose deaths has followed. Babich, in turn, chose
were telling management how to 250 Alec Burlakoff, who
16.7 16.9
run the show.” PRESCRIPTION OPIOID
15.6
16.0 16.2 had marketed similar
OVERDOSE DEATHS
When they were just selling (THOUSANDS) 14.4 14.8 narcotics for Cepha-
200 13.7
blood-pressure pills, this strate- lon and had been men-
OPIOID
gy worked admirably. In 2008 Sci- PRESCRIPTION tioned in a case alleg-
10.9
(MILLIONS)
ele was bought by the Japanese drug 150
9.9 ing off-label market-
giant Shionogi for $1.42 billion. By 8.5 ing, to head the sales
7.5
that time Kapoor had already sold 100 force. Both have since
his shares and stepped down from 5.5 left the company and
4.4
the board. 4.0 did not return repeat-
50
At Sciele he’d become fascinat- ed calls for comment.
ed by another of its products: a “I think what hap-
spray form of nitroglycerin used 0
1999 2001 2003 2005 2007 2009 2011 2013 pened with Insys is
by heart patients to stop attacks of SOURCES: NATIONAL INSTITUTE ON DRUG ABUSE; CENTERS FOR DISEASE CONTROL & PREVENTION. that we grew very
chest pain. “Patients loved it,” Ka- rapidly,” Kapoor
poor says. “I started looking into the Insys says, compared to 200 million says. “We have over 500 employ-
sprays, and to my surprise, I found it for opioids as a whole. (It’s diffi- ees. I think a lot of things in a busi-
was the only product that was sold cult to say how many people use the ness, any business, especially when
as a spray in this country.” What drugs, since patients get multiple you have a fast-growing company,
other drug would work well as a prescriptions.) These drugs relieve you’re in a very dynamic situation.
spray? Well, fentanyl, which can- severe pain, but they come with Every day there is some decision
cer patients needed for rapid relief their own legal problems. In 2008 that needs to be made. Mike did a
of pain. The idea wasn’t a fit for Sci- Cephalon, a Frazer, Pa. drugmak- good job. Yeah, we have some issues
ele, so Kapoor brought it to Insys, er, paid $425 million and pleaded with DOJ. But I think, operational-
a small company he’d founded in guilty to criminal charges involving ly, I felt that Mike may not be able
2002. Fourteau joined the board in drugs such as Actiq, a fentanyl lolli- to handle that with so many things
2011, and Insys decided on a sales- pop. The Department of Justice al- happening.”
force strategy much like Sciele’s, leged Cephalon had promoted Actiq, One way drug companies pro-
with young, aggressive salespeo- meant only for cancer patients, for mote medicines is by paying doc-
ple. Asking them to sell a potential- a wide range of uses, including pain tors to give talks. This rewards doc-
A VIEW FROM
THE TOP
As a child, Philip Anschutz had the mile-high ambition to own
the lavish Broadmoor hotel in Colorado. Six decades later the
Denver billionaire finally purchased the grand mountainside
resort—and the reality has surpassed his dream.
JAMEL TOPPIN FOR FORBES
BY C H R I S TO P H E R H E L M A N
P
hilip Anschutz knew early in life that he was
put on this earth to be a collector of busi-
nesses. The epiphany came at the Broad-
moor hotel, a Mediterranean-style palace
built in 1918 at the base of Cheyenne Moun-
tain in Colorado Springs, Colorado. “I started coming
here when I was 5,” he recalls. “And when I was 10,
I was sitting in the corner of the bar when I told my
mother and father I was going to buy the Broadmoor.”
Fred Anschutz, an oil driller, was pops it open to extract some files ter; the hallways are still lined with
impressed with his son’s ambition, and a bag of little cigars that he likes black-and-white photos of him en-
though skeptical. “Obviously my fi- to chew on but never smokes. We gaged in feats of derring-do.
nancial capability was a little short head out on a brief tour of the prop- Once, Penrose built a zoo (which
at the time,” Anschutz says, but the erty on a golf cart, and then he sug- still exists) and acquired an ele-
budding capitalist was inspired. “It’s gests we sit at La Taverne, his go-to phant. Like a hospitality P.T. Bar-
every child’s dream” to explore won- Broadmoor dining spot. num, he claimed it was the largest in
ders like Broadmoor’s waterfalls, for- As we tuck into some oys- the world and a gift from the “Maha-
ests, golf course, movie theater and ters, he shares tales of the Broad- raja of India” himself. Guests loved
cog railway to Pikes Peak, he says, moor’s founder, Spencer Penrose. the story. Never mind that Penrose
describing the property of his youth. The youngest of four brothers from had bought it from a bankrupt cir-
“I wanted to own it.” the Philadelphia Main Line, Pen- cus. “He was a heck of a marketing
The Denver entertainment mogul rose went to Harvard, where he guy,” Anschutz says, “who knew how
is sitting in one of the executive of- was “lucky he didn’t get kicked out to create brands before people really
fices of the 784-room hotel. Now 76, because of drinking, women and understood brands.”
Anschutz is spry and his silver mane fighting,” Anschutz explains. “He It’s one thing to love that kind of
remarkably intact. He is dressed in excelled at those three things.” tradition and history, but why would
billionaire casual: jeans, tassel loaf- But Penrose also turned out to be a young boy dream of owning such
ers and a yellow fleece vest over a a visionary businessman, building a place when he could just visit? Be-
gleaming white shirt. It’s June, and a fortune in mining before turning cause what Anschutz came to ap-
the place is buzzing with families. to his true loves: his wife, Julie, and preciate about the Broadmoor were
But here in the windowless heart of the Broadmoor, which he built as a all the moving parts behind the
the hotel, all is calm. He has just ar- personal playground. business, a machine with a “multi-
rived from Denver; his wife, Nancy, Penrose envisioned the hotel as a plicity of venues” engineered to ex-
will soon follow, along with children gateway to the West for East Coast tract money from well-heeled guests
and grandchildren, all on hand to at- society—much in the way that rail- by cross-selling them with offers of
tend a family wedding. road tycoon Henry Flagler had built golf packages, lavish dinners or tick-
Anschutz heaves a tattered leath- the Breakers in Palm Beach for ets to the falls.
er briefcase onto the elegant, rough- wealthy travelers. And he presid- “I must have had an early leaning
hewn wood conference table and ed over the property like a ringmas- toward business,” he says. And so the
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M a l t a · P h i l i p p i n e s · Po r t u g a l · S i n g a p o r e · S o u t h A f r i c a · S o u t h K o r e a · S t. K i t t s · Sw i t z e r l a n d · Tu r k e y · U n i t e d K i n g d o m · V i e t n a m
FORBES 400 PHILIP ANSCHUTZ
ended up buying their companies. jobs,” he says with a wink. L.A. Live complex, which AEG com-
In 1984 he bought William Jack- All the while Anschutz continued pleted by 2010. (Today Anschutz is
son Palmer’s Denver & Rio Grande to pine for the Broadmoor. He made worth an estimated $10.8 billion,
Western Railroad for $500 mil- offers as soon as he was able, first which lands him on The Forbes 400
lion. He leveraged that into control at No. 39.)
to Penrose’s foundation, later to the
of the entire Southern Pacific net- Gaylord family of Oklahoma City, It’s not enough to just own the lo-
work, which he sold to Union Pacif- who had acquired the hotel in 1988. cations; Anschutz also owns teams
ic in a $5.4 billion deal in 1995 (net- that play there (includ-
ting Anschutz roughly $1 billion). ing the Los Angeles Kings
On the railroads’ rights of way An- In a vault undisturbed and a piece of the Lak-
schutz had laid copious amounts since Prohibition, workers ers), while his AEG Live
of fiber-optic cable, which became division represents art-
the foundation of Qwest Commu-
unearthed 200 bottles of ists (such as Taylor Swift,
nications. Though Qwest ultimate- whiskey and wine. Justin Bieber and Car-
ly plummeted in the 2000 telecom rie Underwood) and pro-
bust, Anschutz collected a few bil- motes their concert tours.
lion more from share sales. Always To maximize his take, An-
reinvesting in oil, in 2010 he made And until he could own that unique schutz created a ticketing platform
$2.2 billion selling fields in Penn- property, he set out to build some to compete with Ticketmaster: AXS
sylvania, North Dakota and Ohio. of his own. His $4 billion Anschutz now sells 29 million a year.
These days he’s aiming to build one Entertainment Group now owns He also entered the travel busi-
of the world’s biggest wind farms or manages more than 120 ven- ness with his 2008 acquisition of
on his 320,000-acre Wyoming ues worldwide. The cornerstone is Xanterra, which operates lodges in
ranch. “I’ve had a couple other day the Staples Center and surrounding national parks such as the Grand
UltraVault:
REVOLUTIONIZING SECURITY STORAGE
Asia’s largest vault operator Malca-Amit has launched its most exclusive safe deposit service
that provides tailor-made solutions to storing treasured possessions.
Canyon and Yellowstone. Xanter- Parrish. The paintings, drawn from never could figure out a way to get
ra, founded by legendary hospitali- Anschutz’s vast collection, are heavy to the top. “He declared it ‘unclimb-
ty mogul Fred Harvey, offers hiking, on cowboys and Western landscapes able,’” laughs Anschutz, who now
biking and sailing adventures. glowing with manifest destiny. They owns the railroad that goes to the
Finally, in 2011 the Gaylords were impart a sense of history “that helps top. “And it’s a moneymaker.”
ready: For a reported $1 billion they complete people’s perception of the
sold Anschutz his beloved hotel, but West” and the Broadmoor’s place IF THE BROADMOOR IS Anschutz’s
they also required him to take over in it. And don’t worry about kids jewel in the West, it now has a posh
the rest of their collection of busi- brushing up against that Bierstadt— cousin on the East Coast. The Sea
nesses, including the newspaper The most are high-quality reproductions Island resort in Georgia was found-
Oklahoman, a paving-stone manu- of originals on display in Anschutz’s ed in 1928 by Howard Coffin, a De-
facturer and frozen-pancake maker museum in Denver. “We don’t tell troit industrialist who helped found
De Wafelbakkers. people which are which,” he says. the Hudson Motor Car Co. He was
Anschutz celebrated the deal by One portrait you’ll never find on drawn to the island’s pristine beach-
launching a $175 million renovation those walls is Anschutz’s. It would es, 300-year-old oak trees and rich
campaign. He remodeled
a wing in the same Med-
iterranean style, updat-
ed restaurants and im-
proved the resort’s rail-
way. In synergy with
Xanterra there’s now
a zip-line adventure in
the forest above Seven
Falls. He is also work-
ing many levers in Col-
orado Springs. In 2014
AEG signed an agree-
ment with the 8,500-seat
local arena, which was
promptly renamed after
the Broadmoor. (His L.A.
Kings have since hosted
preseason games there.)
And he made some Rooms with an interior view: True to its name, Sea Island’s Cloister has
suites along an arcade that overlooks the hotel’s Colonial Lounge.
discoveries along the
way. In a vault undis-
turbed since Prohibition, workers make it harder for him to spend American history. The Battle of
unearthed 200 unopened bottles time in his favorite place: “I like to Bloody Marsh took place there in
of whiskey and wine. “Penrose was sit in the lobby and watch people,” 1742, when the British halted the
not an especially faith-based fel- he says. He can also be found hiking Spanish expansion up the eastern
low,” Anschutz says. “He had a few to the resort’s outposts farther up seaboard. Blackbeard used to ma-
bad habits.” But he was fortunate the mountain. “You can have break- raud along the coast, until he was
enough to marry a woman “who fast at Seven Falls,” he says, shar- killed in battle off the coast of North
made him build a chapel. She donat- ing one of his favorite routes, “then Carolina. Coffin built a golf course
ed it to the Catholic Church; one of walk up to Cloud Camp for lunch and a beach club plus a hotel called
the first things I did was [lease] the and a beer, and then hike to Emer- the Cloister. Like the Broadmoor,
church back.” ald for some dinner. And then we’ll the architecture was Mediterranean
The biggest change Anschutz has bring you back.” but wrought of wood and stucco and
made at the hotel is the art. There He also still swoons over the story never intended to endure through
are now 300 works by the likes of of Zebulon Pike. Sent by Thomas Jef- the decades.
Albert Bierstadt, Frederic Reming- ferson to map the West, he got to the Still, it was awfully charming,
ton, Charles Russell and Maxfield base of what’s now Pikes Peak but and Sea Island became a vacation
INSURANCE
HEALTHCARE
LOGISTICS RETAIL
WEALTH
E FINANCE
SOCIAL NETWORK ADVISOR
GOVERNMENT
DIGITAL
SingaporGQHƒEG Mala[UKCQHƒEG
REIMAGINED
143 Cecil Street First Avenue, Bandar Utama
GB Building 47800 Petaling Jaya
Singapore 069542 Selangor Darul Ehsan
spot for celebrities, industrialists to attract masters of the universe. tels,” he continues. But they’re
and politicians. But 75 years into its In March luminaries such as Eric clearly a labor of love. “Stewards are
existence the hotel was starting to Schmidt, Tim Cook, Elon Musk, really needed for these kind of prop-
show its age with leaks and drafts. Paul Ryan, Mitch McConnell and erties—instead of investors.” Bruce
In 2003 Bill Jones III, whose family Karl Rove attended a think tank con- Karsh echoes that sentiment. “I can-
had inherited Sea Island from Cof- ference, where discussions natu- not think of a better steward for this
fin before his death, made the hard rally turned to Donald Trump. An- property than Phil,” he says. “I know
decision to raze it and rebuild. Jones schutz was there, as was Bill Kris- Sea Island is in strong and capable
borrowed heavily to fund more than tol, editor of The Weekly Standard, hands, with an owner who truly ap-
$500 million worth of rebuilding. A which Anschutz also owns. He won’t preciates the unique nature of this
good portion of that was spent on talk about politics, but it’s clear that extraordinary resort.”
carefully conserving and recycling Trump’s bombast is a turnoff for An- To ensure that their quality out-
pieces of the original structures and schutz. As Tim Leiweke, the former lasts him, Anschutz has created a
on laying fine stonework and luxuri- CEO of AEG, described Anschutz to novel ownership structure: a 100-
ous woods. Like the Broadmoor, it’s me a few years ago: “He has no ego. year family trust that will ease the
elegant but never gaudy. “He spared He is the anti-Donald Trump.” passing down of the resorts from
no expense,” says Anschutz. So how much is Anschutz will- one Anschutz generation to the next,
Jones might have pulled off his ing to pay to keep these two grande with directions that its trustees must
grand plan, but by the dame hotels running? always shore up what he calls the
time he got the new All told he has spent “four pillars” of history, tradition,
buildings into opera- “People an estimated $900 mil- service and excellence. “I don’t sup-
tion, the financial cri- want to do lion to buy and restore pose there’s anything in life that’s
sis of 2008 took its toll. authentic the Broadmoor and Sea guaranteed, but we’ve done every-
Revenue fell by 45%; Island to their former thing we can to achieve just that.”
few were interested
things,” glory. From here each That kind of stability is also a
in buying Sea Island’s Anschutz will have to stand on its selling point for guests, conven-
oceanfront lots. The says of the own. “It must operate tion planners and local government.
resort defaulted on Broadmoor. at a profit,” Anschutz “Look, we’re not going anywhere,”
north of $500 million “They says plainly. “You can’t says Scott Steilen, CEO of Sea Island
in debt, entering Chap- want to go have any structure, es- Co. “We’re going to be here for the
ter 11 in 2010. pecially not a long-term next 100 years.” Not that Anschutz is
Anschutz was part
horseback one, that does not have worried. The Broadmoor and Sea Is-
of the investor group— riding, under it a firm financial land are no more at risk of running
including billionaires fishing or foundation that can en- out of vacationers than his Staples
Bruce Karsh of Oaktree shooting.” sure its longevity.” Center is in danger of running out of
Capital, Marc Lasry That’s going to be a NBA games or concerts to host. An-
of Avenue Capital and challenge. First, it costs schutz expects that loyal visitors to
Barry Sternlicht at a lot of money just to one resort will also be willing to give
Starwood Capital—that put up $212 staff these places and maintain the the other a try, if only to satisfy what
million in cash to take Sea Island off standards of a luxury clientele. “No- Anschutz sees as the never-ending
the hands of lenders (who had al- body has more stars and diamonds quest of the moneyed class.
ready written off their debt). An- than these two hotels,” he says mat- “People want to do authentic
schutz persuaded his partners to in- ter-of-factly. And Anschutz has al- things,” he says. “They want to go
vest in the resort as if they would be ready shown himself willing to pro- horseback riding, fishing, shooting
owning it forever. In 2014 they began tect his prizes. This year the Broad- or searching for turtle nesting spots
construction on a $40 million wing moor finally persuaded the U.S. For- on the beach.” And older people, es-
and kept up capital investments. And est Service to spray its mountainside pecially Baby Boomers, desperate-
he let it be known he was ready to to fight pine-eating moths. “They ly want to experience these things
buy out the other partners whenever eventually saw the error of their with their grandchildren. “The kids
they needed to sell; this summer he ways,” says Anschutz. “You’d better love it,” he says. But more to the
purchased the other stakes for what take action when you can. point, he adds with a laugh, “the
FORBES estimates was $300 million. “Frankly, there are better things grandparents love it. And in return,
The new Sea Island continues for me to invest in than these ho- they get to pay for it.” F
INDONESIA:
RISING TO THE CHALLENGE
A country on the move, Jakarta’s focus on investment and liberalization strengthens
the country’s enormous economic potential.
Since embarking on the road to democracy Indonesia’s economic growth this year to a secure permits to start businesses in about
nearly two decades ago, Indonesia has still healthy 5% from 5.2% and its outlook three hours.
emerged as not only a regional pillar next year to 5.1% from 5.5%. Indonesia also benefits from a young popu-
of stability and pluralism but also as an Even so, Indonesia’s underlying economic lation that is on the move. Half of the country’s
economic powerhouse. brawn remains strong, positioning the 250 million people are under 50. Increasingly,
Valued at more than US$860 billion, archipelago to realize accelerating growth they are moving to cities seeking higher
Indonesia’s gros s domes tic produc t over the longer term. education and better paying jobs. Rising
comprises about a third of the output of incomes and the national health care system
goods and services of the entire Association Foundation for Growth launched in 2014 will develop a healthier
of Southeast Nations (ASEAN) bloc. Until The country’s reform-minded President work force with greater earning potential.
recently much of Indonesia’s growth was Joko “Jokowi” Widodo has sped up spend- This will translate into a rapidly expand-
underpinned by its vast energy and mineral ing on infrastructure to help lift economic ing consuming class ready to spend on
wealth. But slowing global demand for growth to 7% within five years. Jokowi is on entertainment, banking services, retail and
commodities has shif ted the focus of track to spend more than US$7 billion on education. According to a 2014 study by
policymakers from mining ore to mining the ports, rail and water treatment plants. Con- consulting firm McKinsey, five million Indo-
potential of its people. struction companies are laying 720 kilome- nesians—the equivalent of the population
“Rising to the Challenge” is the theme ters of new track from Jakarta to Surabaya, of Singapore—are joining the ranks of the
of the 16th Forbes Global CEO Conference. while at the same time threading a network middle class every year.
More than 400 top business leaders and of toll roads across the island of Java. Mean- Indonesia is taking its place alongside
tycoons will gather under challenging while the government is seeking private China and India as the next big emerging
economic conditions including uncertainty investment for infrastructure projects valued economy to watch. Spending on infrastruc-
stemming from Brexit, China’s slowdown at nearly half a trillion dollars by 2019. ture by a stable and popular government
and persistently underwhelming economic To meet this goal, the Jokowi administra- promises long-term growth. A growing
growth in the United States. tion is streamlining business permitting and middle class strengthens the country’s eco-
Indonesia likewise isn’t immune from easing foreign investment restrictions in nomic prospects. Business-friendly reforms
these headwinds. On the back of slower- successive rounds of liberalization of mar- mean investors can tap potential here faster.
than-expec ted investment, the Asian ket segments such as tourism and health- Indonesia is a welcome beacon of opportu-
Development Bank shaved its forecast for care. In some cases, foreign investors can nity in an uncertain world.
Indonesia 1
SPECIAL ADVERTISING SECTION
My BCA
His country is underbanked, hungry for credit and withdraw cash from the bank’s compared with just 28 trillion rupiah
credit and growing at a pace that would selected ATMs. (US$3 billion) in 2011. Reflecting BCA’s
make most of his peers green with envy. An early pioneer in establishing ATMs earnings, its share price is outstripping
It’s little wonder then that BCA’s President in Indonesia as well as Internet banking, many of its regional peers.
Director Jahja Setiaatmadja has his home the bank sees the mobile app as the Looking ahead, Indonesia’s successful
market fixed firmly in his sights. next step toward appealing to younger tax amnest y is a promising source of
“We are focused on Indonesia, which is a consumer s and cementing cus tomer bu sine s s, Setiaat mad ja s ay s. So f ar
growing market,” Setiaatmadja said. loyalty, Setiaatmadja says. the effort has turned up more than 3.8
New digital products that appeal to “Building loyalty is the key,” Setiaatmadja quadrillion rupiah (US$290 billion) in funds
the countr y’s young population, who explained. “We are appealing to an emerg- previously secreted away in overseas and
are borrowing more for proper t y and ing consumer class.” domestic accounts. Some of those funds
big-ticket items such as motor scooters, With the countr y’s rate of inflation may find their way back to Indonesia and
will drive earnings, Setiaatmadja says. contained, the country’s central bank in BCA is in the planning stages of developing
Longer term, Indonesia’s successful tax September cut interest for the fifth time products that will target any incoming
amnesty and its ambitious infrastructure this year, positioning BCA to ratchet up capital, he adds.
program will underpin revenue growth, lending. The bank ’s total assets have The country’s infrastructure buildout
he adds. surged 13% as of Q3 2016 compared with also may add to the bank ’s for tunes.
the same period a year ago. “Banks follow trade,” Setiaatmadja said.
Digital Wallet “If we have new toll roads and ports, we
In September 2015, BCA unveiled a new Potential Growth will have investment and jobs.”
electronic wallet service called Sakuku, There’s ever y thing to play for in a
which means my pocket in Indonesian. The c o u n t r y t h a t ’s h o m e to 2 5 0 m illi o n
app, which can be downloaded on both people. Only a quarter of all Indonesians
Android and iOS smartphones, lets users have a bank account while fewer than
pay for small purchases at physical and 7% have c redit c ard s. At the end of
online shops through the mobile app. It September, BCA had 62.2 trillion rupiah
can also be used to top up mobile phone (US$4.8 billion) in its mortgage portfolio
Indonesia 3
As Indonesia’s leading consumer services
group, we will continue to measure
our success by the number of lives we
transform, families we empower, and
communities we serve.
and family have lived in Daboto since They are the bedrock of our schools and
the year 2000. They are among the first without them, we would be unable to
missionaries to settle successfully in a meet the needs of aspiring students such
region where foreigners have been bru- as Emma Grace. Every year we seek rep-
tally murdered. Their years of concerted resentation from every province in Indo-
efforts to reach out to the villagers and nesia, selecting students from all over the
gain their trust means that the Crocketts country with the desire to serve. Yuliana, a
are uniquely positioned to ser ve in a shining example of her classmates’ dedi-
community where any outsiders are still cation, intends to remain in Daboto for the
viewed with suspicion. In fact, the level foreseeable future, teaching and learning
of rappor t the Crocket ts have estab- from Emma Grace and the community.
lished with the loc al communit y has Whether it is the metropolitan city dwell-
helped them to convince Emma Grace’s ers in the malls of downtown Jakarta or the
parents to reconcile with her. fishermen from the picturesque islands of
The Crocketts aspire to bring literacy to the Komodo National Park or the villag-
Daboto and the groundwork they have set ers in the most remote mountain regions
is the solid foundation upon which Lippo of Papua, the Lippo Group is committed
built SLH Daboto. We never enter a com- to transforming their lives. We operate in
Emma Grace munity without first becoming acquainted places where even the government is mar-
with the cultural subtleties and diversity of ginally present, and as the largest and most
Meet Emma Grace, a student of Sekolah the region. Partners such as the Crocketts, diversified consumer-services group in
Lentera Harapan (SLH), a school estab- who have dedicated their lives to seeing Indonesia we have the platform and exper-
lished by Lippo Group in Daboto, Papua. the local community advance, are Lippo’s tise to carry out this mission.
Lentera Harapan translates to lantern partners of choice. We believe that we are all stewards of
of hope, and we are the only available Meet 24-year-old Yuliana Merom, who the resources and talents that we have
source of formal education in Daboto. is Emma Grace’s teacher in SLH Daboto. been given. W hether it is providing
SLH Papua is one in 37 schools that the Originally from Jayapura, Papua, Yuliana for basic needs such as education and
group now owns and operates. was offered a place in Lippo’s Universi- healthcare in rural areas or the increas-
Jus t a new bor n, Emma Grace was tas Pelita Harapan in the fully sponsored ingly sophisticated demands of those
found abandoned in a netted bag, vines Teacher’s College program. Our Teacher’s living in cities, Lippo hopes to live up to
wrapped around her neck. Her father College graduates more than 200 students its vision of the past 60 years: “Growing
believed her to be a child of infidelity a year and every one of these students in Stewardship, Transforming Lives.” We
because of local folklore. It stipulated a choose to work in our network of schools. invite you to join us.
belief that a growing fetus could only be
sustained by regular intercourse between
the baby’s father and mother. Given that
the father was absent for four months dur-
ing the pregnancy, he returned shocked
to find that the baby was still thriving in
her mother’s womb and concluded that his
wife had been unfaithful. He demanded
that she kill the baby at birth. Fortunately,
villagers alerted foreign missionaries and
they were able to rescue her.
The Lippo Group is fortunate to have
the opportunity to serve Emma Grace and
her village. Without access to formal edu-
cation, Emma would not stand a chance of
challenging the long-held mystical beliefs
that nearly took her life.
Meet Ste phen Croc ket t, our loc al
partner in Daboto and also the mission-
ar y who found Emma Grace. Stephen Daboto
Indonesia 7
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CT Corp:
ROLLS OUT INNOVATIVE RETAIL CONCEPT
CT Corp is reinventing the hypermarket to appeal to the country’s growing ranks of affluent consumers.
Outside view of the first Transmart store, a new lifestyle concept from CT Corp located in Cempaka Putih, Jakarta
It was a mere two decades ago when mom- Indonesia’s growing, young, middle class, fund GIC in early 2016. The partnership will
and-pop shops largely dominated the Transmart stores have all the attributes that help CT Corp not only to strengthen its
Indonesian retail sector. That was until Car- cater to their lifestyle. This industry transfor- leadership position in Indonesia but also
refour Indonesia introduced the concept of mational approach provides CT Corp a vast become a major player in Southeast Asia.
a hypermarket to the Indonesia retail mar- competitive advantage over its competitors.
ket. With its comfortable shopping environ- With the first Transmart store launched Innovation creativity and
ment, Carrefour Indonesia was embraced earlier this year in Cempaka Putih, the group entrepreneurialism
by local shoppers. After fully acquiring the plans to open 100 new Transmart stores Founded by Chairul Tanjung in 1987,
franchise of Carrefour in 2012, CT Corp throughout Indonesia over the next few CT Corp has a broad and comprehensive
paved the way to a completely new model years. Every major city will have a Transmart, por tfolio that covers a wide range of
of retail, one that offered a broad section of says CT Corp’s chairman, Chairul Tanjung. industries, including financial services, media,
offerings under one roof. The company is calibrating the concept retail, lifestyle, entertainment and aviation.
Building on the success of the retail model, for a rapidly urbanizing and increasingly CT Corp’s three main business pillars of
CT Corp is forging ahead to create a holis- affluent populace. Management consul- innovation, creativity and entrepreneurialism
tic experience for Indonesian consumers. It tancy McKinsey has said at current rates of are the bedrock that addresses the demands
aims to create a one-stop lifestyle franchise economic growth an estimated additional of the rapidly growing consumer market.
that offers a unique combination of retail and 90 million people will join the ranks of the Transmart is a product that best exemplifies
entertainment experiences to the country’s middle class by 2030, on top of the 45 million the principles of these pillars. With a solid
legions of increasingly affluent shoppers. or so in the group. track record, there is no doubting CT Corp
Introducing Transmart, a new all-in-one Carrefour is the market leader of Indone- will remain ahead of the curve.
concept store that best exemplifies CT Corp’s sia’s hypermarket segment. Nearly a million
core competencies in retail, food and bever- shoppers visit its 90 stores nationwide. With
age and entertainment sectors. This hybrid the introduction of Transmart, CT Corp will
concept combines the key components of further strengthen its leadership position in
a hypermarket, department store, food mall the retail industry. To consolidate that posi-
and family entertainment center — all housed tion CT Corp entered into a strategic part-
under one roof. Recognizing the demands of nership with Singapore sovereign wealth
Indonesia 9
7
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PBRX is a trusted name in Indonesia’s Indonesia has everything: a supply of labor, and its product development group” are
garment-manufac turing industr y. Our an abundance of land and natural resources aggressively seeking new produc tion
blue-chip client portfolio includes a long for raw fiber. On the macro level, the country techniques and production innovation.
list of high-end fashion brands, and is a has a stable political system, a pro-business The next three years give cause for
testament to the trust they have in our government and a large domestic market. optimism. The implementation of the
advanced manufacturing operations and Founded in 1980 and listed a decade later Association of Southeast Asian Nations
quality assurance standards to produce to on the Indonesia Stock Exchange, PBRX this (ASEAN) Economic Community will free
a level meeting their exacting standards. year installed capacity of around 84 million the movement of labor and materials
These clients include Adidas, The North pieces to cater to long-standing clients in between the 10 member countries. To take
Face, Salomon, Arc’teryx, Spyder, Stella the U.S., Europe and Asia, up from 75 million advantage of this new community, PBRX has
McCartney and H&M. pieces a year ago. started collaborating with garment makers
Our financial results show the success of PBR X is ex panding it s produc tion in Vietnam.
this strategy, as profits nearly quadrupled footprint and investing US$65 million to Additionally, plans for Vietnam to
to almost US$9 million in 2015 from a year build seven new factories from 2014 to 2018. join the Trans-Pacific Partnership and a
earlier on sales of almost US$420 million. The company’s newest factory in West Java, potential free trade agreement with the
The future looks bright. As a company, capable of making as many as six million European Union will be a boon for PBRX,
PBR X is aiming to become a market pieces of clothing a year, will be ready early positioning the company to leverage off
leader in original design. In addition, next year. Another two in Central Java will Indonesia’s advantages on abundant labor,
upcoming regional and intercontinental go into operation in 2018. infrastructure and supporting industries.
free trade pacts, stable labor regulations PBRX’s aim is to broaden capabilities in Indonesia seems poised to retain its
a n d In d o n e sia’s a c c e s s to low - c o s t the upstream as well as in the downstream. position as a competitive market for labor-
materials and labor will position PBRX for PBRX is continuously seeking high-quality intensive industries such as PBRX. In recent
continued growth. par tners to collaborate in developing years local councils, especially in the capital
advanced synthetic fibers as well as Jakarta, have curbed excessive demands on
Rapid Expansion downstream to broaden our retail brand labor unions. The antagonistic approaches
PBRX is also growing rapidly thanks to of fering s. To suppor t these ef for t s, of the past have given way to transparency
its home base here in Indonesia. In fact, “PBRX’s research and development team and order.
10 Indonesia
SPECIAL ADVERTISING SECTION
downstream that will build PBRX business
as the company positions itself from highly
competitive garment production toward
more specialized segments, allowing PBRX
to nurture value-added margins. PBRX’s
vision is to become a global integrated
apparel supplier and not just a mere manu-
facturer, a step that will further distinguish
the company as an important regional, and
even global, player.
Collaboration
PBRX can’t reach this goal on our own.
It seeks high quality partners who share
its vision of moving up the value chain.
PBRX values the stakeholders and the
shareholders who have placed their trust in
the company.
PBR X a l s o c a ll s o n la w m a ke r s to
make good on promises to negotiate
trade agreements near and far. PBR X
Embroidery Boyolali Facility needs a steady stream of investment
in inf r a s t r uc t ure a nd r aw mater ials.
Yet PBRX is ahead of the curve as good its own brands that appeal to consumers Government should and must expand the
working conditions and respect for staff within the region and here at home. These network of vocational schools so that the
are a long-term commitment. PBRX has include the womenswear line Zoe Black next generation of talent in the apparel
set the benchmarks for the industry. The and menswear brands S n P, Salt n Pepper, supply chain is ready. PBRX’s goal is to
keys are commitment and engagement. Asylum and FTL. Last year this segment make a leap from an original equipment
Management views labor representatives represented less than 2% of sales, but by manufacturer (OEM) apparel supplier to
as being part of one team. PBRX shares the end of the decade it is on track to more a full service apparel supplier. Yet, at the
financial reports and ensures employees than double to about 5%. core, PBRX knows and believes that the
are treated well. Our employees have health PBR X ex pec t s sale s to acceler ate best days lie ahead.
insurance and their wages are above the a s c u s to m e r s d i s c ove r c o m p a r a b l e
minimum set by government. Their children quality between in-house brands and
have access to scholarships allowing them those of fashion houses for which PBRX
to pursue educational opportunities that manufac tures. This s trateg y c reates
will make them more competitive in the synergies as PBRX becomes more of an
interconnected world. end-to-end firm, having control of the
Satisfied workers make for satisfied entire process down to the retail level.
clients. For every 100 PBRX employees It is by venturing upstream and
who have worked at the company for at
least a year, 98 will continue to work with
PBRX each successive year—a metric that
speaks volumes.
Skilled Employees
Employee skills and retention will become
increasingly important for the company as it
pursues ever more sophisticated products
and markets through organic growth and
acquisitions. In 2011 and 2012, PBRX bought
and established product development
c o m p a nie s Holli t Inte r na t io nal a n d
Continent 8, whose clients include Brooks
Brothers, Lacoste and Hugo Boss. A year
later, PBRX added to its portfolio with the
establishment of Ocean Asia Industry, a
textile manufacturer that specializes in
knitting and dyeing.
With the abundance of talent,
technology and infrastructure, PBRX has
taken the audacious step of developing Hanger System Sewing Facility use in Tangerang and Bandung
Indonesia 11
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Time International:
DELIVERING BEYOND EXPECTATIONS
Indonesia’s largest luxury watch retailer builds on high standards and company passion to be the best in the business.
12 Indonesia
SPECIAL ADVERTISING SECTION
“ We ke e p c halle ng ing o u r s el ve s to repairs in the watch business are per- and real estate and is setting up a new
do better. The key is to always deliver formed by Time International’s staff at the grow th division within the group to
beyond expec tations, so the passion company’s service centres in Indonesia. house these businesses. Yet one con-
needs to be there,” said Mussry. T h e f u t u r e l o o k s b r ig h t f o r T i m e stant remains: a commitment to deliver
Another critical factor in Time Interna- International. “Each expansion step has the best.
tional’s success is its dedication to being been carefully planned and executed to “All these efforts have to be built on
a full-service partner of its brands. It not build on previous accomplishments,” the same principals, we must deliver
only completes the retailing and mar- said Mussry. Based on this philosophy, beyond expec tations, just as we have
keting cycle for the brands in Indonesia the company is in the midst of care - done with the watch busines s. If it ’s
but also provides an on-going service fully growing its reach into other bur- housing, we want to deliver the right
to develop long-term relationships with geoning economic ver ticals, such as qualit y at whatever level. If we grow
clients. Everything from routine clean- disruptive technology (including Fin- something, we want the most optimal
ing and checkups to more complicated Tech, MedTech, AgroTech), agriculture yield s, the mos t helpf ul tec hnolog y
for our f ar mer s and the mos t ef fec -
tive deliver y options to buyers,” said
Mussry. “We must strive to be the best
in whatever market we’ve decided to
compete in.”
Mussry will soon open a brand-new,
dedicated of fice space in Jakar ta for
T im e Inte r national, w hic h w ill more
than double its existing of fice space.
The company’s new headquar ters will
have—no surprise—a substantial area
dedicated to training and development
of its staff as well as beautiful spaces to
host clients and business associates in
a well-designed environment. “All this
has to be consumer-facing, of course,”
Mussry said with a smile.
Indonesia 13
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INDONESIA:
SEIZING THE MOMENT
Buttressed by a pro-business government, Indonesia’s emerging middle class is proving a rich vein for investors to mine.
16 Indonesia
THOUGHT LEADERS RICH KARLGAARD // INNOVATION RULES
B.C. Forbes was surely listening to his Scottish-American hero. In tor. About that clerkship? “With the benefit of
the first issue of FORBES in 1917 B.C. articulated the deeper purpose hindsight … winning that ultimate competition
of business, as well as his mission: “Business was originated to pro- would have changed my life for the worse.”
Three cheers for the immigrant members
RICH KARLGAARD IS EDITOR-AT-LARGE/GLOBAL FUTURIST AT FORBES MAGAZINE. HIS LATEST BOOK, TEAM
GENIUS: THE NEW SCIENCE OF HIGH-PERFORMING ORGANIZATIONS, CAME OUT IN 2015. FOR HIS PAST COLUMNS of this year’s Forbes 400. They remind us of
AND BLOGS VISIT OUR WEBSITE AT WWW.FORBES.COM/KARLGAARD.
what is possible and what is noble. F
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 71
THE
FORBES
400 E D I T E D BY L U I S A K R O L L A N D K E R RY A . D O L A N
W I T H DA N A L E X A N D E R , N AT H A N VA R D I A N D K E R E N B L A N K F E L D
T
his year FORBES highlights the successes of immigrants on
The Forbes 400 who have built some of the biggest U.S. compa-
nies and are living testaments to the fact that the American dream
is alive and well. We spotlight 11 of them in the pages that follow.
Forty-two of the spots on the list of America’s 400 richest are filled
by those born outside the U.S.
While Bill Gates is No. 1 for the 23rd year running, with a net worth of $81 billion,
Amazon.com CEO Jeff Bezos’ fortune surged $20 billion, more than anyone else in
America. That was enough to boost his net worth to $67 billion, making him the
second-richest person in the country. The country’s 400 richest have a combined
net worth of $2.4 trillion and an average net worth of $6 billion, both record highs.
The minimum net worth for entry was $1.7 billion, the same as it was a year ago.
10 | Sergey Brin, 43S $37.5 BIL 90. John Tu 90. David Sun
TECHNOLOGY LOS ALTOS, CALIFORNIA $5.3 BILLION S SELF-MADE SCORE: ( $5.3 BILLION S SELF-MADE SCORE: )
SELF-MADE SCORE: ( SOURCE: COMPUTER HARDWARE SOURCE: COMPUTER HARDWARE
AGE: 75 AGE: 65
11 | Jim Walton, 68S $35.6 BIL RESIDENCE: ROLLING HILLS, CALIFORNIA RESIDENCE: IRVINE, CALIFORNIA
FASHION AND RETAIL BENTONVILLE, ARKANSAS
SELF-MADE SCORE: @ Tu was born in China but grew up in Taiwan, following his 1949 move during Mao Zedong’s
12 | S. Robson Walton, 71S $35.5 BIL Communist regime. After going to Germany for college, Tu came to the U.S. and in 1978 met
FASHION AND RETAIL BENTONVILLE, ARKANSAS his business partner, Sun, a native of Taiwan, in a basketball league. Nine years later they co-
SELF-MADE SCORE: $ founded Kingston Technology, a maker of storage and memory products for PCs, laptops and
mobile devices. The privately held company, which the longtime partners still run, employs
13 | Alice Walton, 67S $35.4 BIL
FASHION AND RETAIL FORT WORTH, TEXAS more than 3,000 people worldwide and had estimated sales of $6.6 billion last year.
SELF-MADE SCORE: !
14 | Sheldon Adelson, 83S $31.8 BIL 22 | Len Blavatnik, 59S $18.2 BIL 30 | Harold Hamm & family, 70S $13.1 BIL
GAMBLING, CASINOS LAS VEGAS, NEVADA DIVERSIFIED LONDON ENERGY OKLAHOMA CITY, OKLAHOMA
SELF-MADE SCORE: ) SELF-MADE SCORE: ( SELF-MADE SCORE: )
15 | Steve Ballmer, 60S $27.5 BIL 23 | Laurene Powell Jobs & fam., 52T $17.7 BIL 31 | Steve Cohen, 60S $13 BIL
TECHNOLOGY HUNTS POINT, WASHINGTON TECHNOLOGY PALO ALTO, CALIFORNIA FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT
SELF-MADE SCORE: ^ SELF-MADE SCORE: ! SELF-MADE SCORE: *
16 | Jacqueline Mars, 77S $27 BIL 24 | James Simons, 78S $16.5 BIL 32 | Thomas Peterffy, 72T $12.6 BIL
FOOD AND BEVERAGE THE PLAINS, VIRGINIA FINANCE AND INVESTMENTS EAST SETAUKET, NEW YORK FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: @ SELF-MADE SCORE: * SELF-MADE SCORE: )
16 | John Mars, 81S $27 BIL 25 | Ray Dalio, 67S $15.9 BIL 33 | Ronald Perelman, 73T $12.2 BIL
FOOD AND BEVERAGE JACKSON, WYOMING FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: @ SELF-MADE SCORE: * SELF-MADE SCORE: &
18 | Phil Knight & family, 78S $25.5 BIL 26 | Carl Icahn, 80T $15.7 BIL 34 | Elon Musk, 45T $11.6 BIL
FASHION AND RETAIL HILLSBORO, OREGON FINANCE AND INVESTMENTS NEW YORK CITY AUTOMOTIVE LOS ANGELES
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: *
19 | George Soros, 86S $24.9 BIL 27 | Donald Bren, 84WX $15.2 BIL 35 | David Tepper, 59T $11.4 BIL
FINANCE AND INVESTMENTS KATONAH, NEW YORK REAL ESTATE NEWPORT BEACH, CALIFORNIA FINANCE AND INVESTMENTS MIAMI BEACH, FLORIDA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: *
20 | Michael Dell, 51S $20 BIL 28 | Charles Ergen, 63T $14.7 BIL 36 | Eric Schmidt, 61S $11.3 BIL
TECHNOLOGY AUSTIN, TEXAS MEDIA AND ENTERTAINMENT DENVER, COLORADO TECHNOLOGY ATHERTON, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: ^
21 | Paul Allen, 63S $18.9 BIL 29 | Abigail Johnson, 54T $13.2 BIL 37 | Lukas Walton, 30 $11.2 BIL
TECHNOLOGY MERCER ISLAND, WASHINGTON FINANCE AND INVESTMENTS MILTON, MASSACHUSETTS FASHION AND RETAIL JACKSON, WYOMING
SELF-MADE SCORE: * SELF-MADE SCORE: # SELF-MADE SCORE: !
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
Reimagining Possibilities
Through Technology
Singapore’s strategic location, efficient operating environment and strong government support
have catalyzed a wave of new technologies and applications, disrupting the way traditional
businesses across sectors operate.
By Bolt Contributor
“Old models are not working, new models are coming thick and fast, and we’re having to adjust
and to keep up because of technology and globalization. And the disruption will happen over
and over again, relentlessly.”
By Bolt Contributor
With rising e-commerce, better logistics and inventory management solutions are needed to cope with these dynamic changes.
Retail Technology - Metail While the technology is currently avail- user interface, our core infrastructure and
Online and technological advances able in Asia and the United Kingdom, hero tech platform are protected and scal-
have had a huge impact on Singapore’s Metail and IMDA have their sights set on able for evolvement,” said Au.
retail industr y. Not only are consum- a global market. This technology could Although Metail’s origins trace back to
ers using their devices to shop online or potentially change the way consumers the United Kingdom, the decision to set
research for their purchases, it is now pos- shop online and provide e-commerce Õ«>Ã>ÌiÌivwVi-}>«ÀiÃÃÕÀiÌ
sible for retail businesses to create whole with yet another advantage over brick and i«ÌiwÀ’s rapid expansion across
new shopping experiences. mortar stores. Asia in the future.
In May 2016, MeModel by Metail made Kelvin Au, Managing Director of Metail /i-}>«ÀivwViVÕÀÀiÌÞ>`iÃ
its local debut with six fashion brands on Asia, said that the MeModel projec t the company’s sales and account man-
Tangs.com, the website of Singapore’s appealed to IMDA with its unique, innovative agement for clients across Asia, includ-
oldest department store. and cutting-edge technology. Metail uses ing Singapore, Vietnam, Thailand, India,
MeModel is a project supported by the state-of-the-art research techniques on South Korea and Taiwan. “Singapore will
Infocomm Media Development Authority computer vision from Cambridge University remain as our Asian hub going forward
( I M DA ) — p r e v i o u s l y t h e I n f o c o m m to construct computer visualizations and and we are already looking into further
Development Authority (IDA), which is now visual avatars, allowing consumers to skip initiatives for the fashion industry in the
overseen by IMDA. ÌiwÌÌ}À° region,”ƂÕ>vwÀi`°
The technology allows shoppers to “With an impressive por tfolio of six
build an avatar of themselves and virtually granted patents with more than 20 pend- Health Technology - myHealth Sentinel
try on garments before they buy, thus ing on a global basis, we are unmatched Founded in 2011, myHealth Sentinel
saving them the time spent physically compared to our peers. Although our end- (mHS) is a Singapore start-up that focuses
visiting the stores. product is a user-friendly, consumer-facing on telehealth. This technology leverages
PROMOTION
38 | Rupert Murdoch, 85T $11.1 BIL 39 | Blair Parry-Okeden, 66S $10.8 BIL 61 | James Chambers, 59Ì $7.2 BIL
MEDIA AND ENTERTAINMENT NEW YORK CITY MEDIA AND ENTERTAINMENT SCONE MEDIA AND ENTERTAINMENT PALISADES, NEW YORK
SELF-MADE SCORE: & SELF-MADE SCORE: ! SELF-MADE SCORE: !
39 | Philip Anschutz, 76T $10.8 BIL 42 | Donald Newhouse, 86T $10.5 BIL 61 | Carl Cook, 54S $7.2 BIL
FINANCE AND INVESTMENTS DENVER, COLORADO MEDIA & ENTERTAINMENT SOMERSET COUNTY, NEW JERSEY HEALTH CARE BLOOMINGTON, INDIANA
SELF-MADE SCORE: % SELF-MADE SCORE: % SELF-MADE SCORE: #
39 | Jim Kennedy, 68S $10.8 BIL 42 | Samuel Newhouse, 88S $10.5 BIL 61 | George Kaiser, 74T $7.2 BIL
MEDIA & ENTERTAINMENT ATLANTA, GEORGIA MEDIA AND ENTERTAINMENT NEW YORK CITY ENERGY TULSA, OKLAHOMA
SELF-MADE SCORE: $ SELF-MADE SCORE: % SELF-MADE SCORE: %
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
61 | John Malone, 75WX $7.2 BIL 87 | Christy Walton, 67 $5.6 BIL 94 | Jim Davis & family, 73S $5.2 BIL
MEDIA AND ENTERTAINMENT ELIZABETH, COLORADO FASHION AND RETAIL JACKSON, WYOMING MANUFACTURING NEWTON, MASSACHUSETTS
SELF-MADE SCORE: * SELF-MADE SCORE: ! SELF-MADE SCORE: *
61 | Katharine Rayner, 71Ì $7.2 BIL 88 | Brian Acton, 44S $5.4 BIL 94 | Scott Duncan, 33S $5.2 BIL
MEDIA AND ENTERTAINMENT EAST HAMPTON, NEW YORK TECHNOLOGY PALO ALTO, CALIFORNIA ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: ! SELF-MADE SCORE: * SELF-MADE SCORE: !
61 | Margaretta Taylor, 74Ì $7.2 BIL 88 | Richard DeVos & family, 90T $5.4 BIL 94 | Milane Frantz, 47S $5.2 BIL
MEDIA AND ENTERTAINMENT SOUTHAMPTON, NEW YORK SERVICE HOLLAND, MICHIGAN ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: ! SELF-MADE SCORE: ) SELF-MADE SCORE: !
68 | Edward Johnson III, 86T $7.1 BIL 90 | Bruce Kovner, 71S $5.3 BIL 94 | Jerry Jones, 74S $5.2 BIL
FINANCE AND INVESTMENTS BOSTON, MASSACHUSETTS FINANCE AND INVESTMENTS NEW YORK CITY SPORTS DALLAS, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: ( SELF-MADE SCORE: *
69 | Richard Kinder, 71T $7 BIL 90 | Ted Lerner, 91T $5.3 BIL 94 | Whitney MacMillan, 87S $5.2 BIL
ENERGY HOUSTON, TEXAS REAL ESTATE CHEVY CHASE, MARYLAND FOOD AND BEVERAGE MINNEAPOLIS, MINNESOTA
SELF-MADE SCORE: * SELF-MADE SCORE: ( SELF-MADE SCORE: @
70 | Shahid Khan, 66S $6.9 BIL 90 | David Sun, 65S $5.3 BIL 94 | Trevor Rees-Jones, 65T $5.2 BIL
AUTOMOTIVE NAPLES, FLORIDA TECHNOLOGY IRVINE, CALIFORNIA ENERGY DALLAS, TEXAS
SELF-MADE SCORE: ) SELF-MADE SCORE: ) SELF-MADE SCORE: &
70 | Hank & Doug Meijer, 64, 62 T $6.9 BIL 90 | John Tu, 75S $5.3 BIL 94 | Randa Williams, 55S $5.2 BIL
FASHION AND RETAIL GRAND RAPIDS, MICHIGAN TECHNOLOGY ROLLING HILLS, CALIFORNIA ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: # SELF-MADE SCORE: ( SELF-MADE SCORE: @
70 | Les Wexner & family, 79T $6.9 BIL 94 | Dannine Avara, 52S $5.2 BIL 102 | Robert Kraft, 75S $5.1 BIL
FASHION AND RETAIL NEW ALBANY, OHIO ENERGY HOUSTON, TEXAS SPORTS BROOKLINE, MASSACHUSETTS
SELF-MADE SCORE: * SELF-MADE SCORE: ! SELF-MADE SCORE: *
73 | David Duffield, 76S $6.7 BIL 102 | Tom & Judy Love, 79S $5.1 BIL
TECHNOLOGY INCLINE VILLAGE, NEVADA FASHION AND RETAIL OKLAHOMA CITY, OKLAHOMA
SELF-MADE SCORE: * SELF-MADE SCORE: (
I M M I G R AT E D I N 1 9 7 8
73 | David Geffen, 73T $6.7 BIL 102 | Leandro Rizzuto, 78S $5.1 BIL
MEDIA & ENTERTAINMENT MALIBU, CALIFORNIA MANUFACTURING SHERIDAN, WYOMING
SELF-MADE SCORE: ( SELF-MADE SCORE: (
73 | Richard LeFrak & family, 71S $6.7 BIL 105 | Leon Black, 65WX $5 BIL
REAL ESTATE NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: % SELF-MADE SCORE: *
76 | Charles Schwab, 79S $6.6 BIL 105 | John Doerr, 65S $5 BIL
FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
77 | Pauline MacMillan Keinath, 82S $6.4 BIL 105 | Israel Englander, 68S $5 BIL
FOOD AND BEVERAGE ST. LOUIS, MISSOURI FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: ! SELF-MADE SCORE: (
78 | Bruce Halle, 86S $6.3 BIL 105 | Charles Johnson, 83T $5 BIL
AUTOMOTIVE PARADISE VALLEY, ARIZONA FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: %
78 | Travis Kalanick, 40S $6.3 BIL 105 | David Shaw, 65S $5 BIL
TECHNOLOGY SAN FRANCISCO FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: *
80 | Ann Walton Kroenke, 67S $6.2 BIL 110 | Edward Roski Jr., 77S $4.9 BIL
FASHION AND RETAIL COLUMBIA, MISSOURI REAL ESTATE LOS ANGELES
SELF-MADE SCORE: ! SELF-MADE SCORE: %
81 | David Green, 74S $6.1 BIL 111 | Ray Lee Hunt, 73T $4.8 BIL
FASHION AND RETAIL OKLAHOMA CITY, OKLAHOMA 22. Len Blavatnik ENERGY DALLAS, TEXAS
SELF-MADE SCORE: ) SELF-MADE SCORE: %
$18.2 BILLION S SELF-MADE SCORE: (
82 | Robert Rowling, 63T $6 BIL SOURCE: DIVERSIFIED 111 | Alejandro Santo Domingo, 39S $4.8 BIL
ENERGY DALLAS, TEXAS AGE: 59 RESIDENCE: LONDON FOOD AND BEVERAGE NEW YORK CITY
SELF-MADE SCORE: % Born in Ukraine, raised in Russia, Blavat- SELF-MADE SCORE: #
nik immigrated to the U.S. in 1978, earning 111 | Andres Santo Domingo, 38S
83 | Ralph Lauren, 77T $5.9 BIL $4.8 BIL
FASHION AND RETAIL NEW YORK CITY degrees from Columbia and Harvard Busi- FOOD AND BEVERAGE NEW YORK CITY
SELF-MADE SCORE: ( ness School. He became a citizen in 1984 SELF-MADE SCORE: #
but made billions in Russia with oil compa-
83 | John A. Sobrato, 77S $5.9 BIL 111 | Daniel Ziff, 44T $4.8 BIL
ny TNK-BP. Today he stands atop a glob- FINANCE AND INVESTMENTS NEW YORK CITY
REAL ESTATE ATHERTON, CALIFORNIA
SELF-MADE SCORE: &
al empire that includes stakes in petro- SELF-MADE SCORE: $
chemical producer LyondellBasell and
DAVE BENETT/GETTY IMAGES
83 | Dennis Washington, 82T $5.9 BIL fashion designer Tory Burch. He also owns 111 | Dirk Ziff, 52T $4.8 BIL
LOGISTICS MISSOULA, MONTANA FINANCE AND INVESTMENTS NORTH PALM BEACH, FLORIDA
Warner Music. Blavatnik has invested in SELF-MADE SCORE: $
SELF-MADE SCORE: )
Broadway shows, including Arthur Miller’s
86 | Michael & Marian Ilitch, 87, 83S $5.8 BIL The Crucible; he donated $25 million to 111 | Robert Ziff, 50T $4.8 BIL
FOOD AND BEVERAGE BINGHAM FARMS, MICHIGAN Carnegie Hall in June. FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: ( SELF-MADE SCORE: $
117 | Sumner Redstone, 93T $4.7 BIL 142 | H. Ross Perot Sr., 86WX $4 BIL
MEDIA & ENTERTAINMENT BEVERLY HILLS, CALIFORNIA DIVERSIFIED DALLAS, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: )
117 | Sam Zell, 75T $4.7 BIL 142 | Stewart & Lynda Resnick, 77, 73 T $4 BIL
REAL ESTATE CHICAGO FOOD AND BEVERAGE BEVERLY HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
120 | Daniel Gilbert, 54S $4.6 BIL 142 | Russ Weiner, 46S $4 BIL
FINANCE AND INVESTMENTS FRANKLIN, MICHIGAN FOOD AND BEVERAGE DELRAY BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: *
120 | Paul Tudor Jones II, 62T $4.6 BIL 148 | John Morris, 68WX $3.9 BIL
FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT FASHION AND RETAIL SPRINGFIELD, MISSOURI
SELF-MADE SCORE: & SELF-MADE SCORE: (
120 | George Lucas, 72T $4.6 BIL 148 | Ira Rennert, 82T $3.9 BIL
MEDIA & ENTERTAINMENT SAN ANSELMO, CALIFORNIA FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: *
120 | Steven Rales, 65S $4.6 BIL 150 | Marc Benioff, 52WX $3.8 BIL
MANUFACTURING SANTA BARBARA, CALIFORNIA TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: & SELF-MADE SCORE: *
124 | Charles Dolan & family, 90T $4.5 BIL 150 | Diane Hendricks, 69S $3.8 BIL
MEDIA AND ENTERTAINMENT OYSTER BAY, NEW YORK CONSTRUCTION AND ENGINEERING AFTON, WISCONSIN
SELF-MADE SCORE: ( SELF-MADE SCORE: (
131 | Karen Pritzker, 58WX $4.3 BIL 134 | Mitchell Rales, 60S $4.1 BIL 156 | Rick Caruso, 57S $3.7 BIL
SERVICE BRANFORD, CONNECTICUT MANUFACTURING POTOMAC, MARYLAND REAL ESTATE BRENTWOOD, CALIFORNIA
SELF-MADE SCORE: # SELF-MADE SCORE: & SELF-MADE SCORE: &
133 | John Sall, 68S $4.2 BIL 134 | Jeffrey Skoll, 51WX $4.1 BIL 156 | Martha Ingram & family, 81T $3.7 BIL
TECHNOLOGY CARY, NORTH CAROLINA TECHNOLOGY LOS ANGELES MEDIA AND ENTERTAINMENT NASHVILLE, TENNESSEE
SELF-MADE SCORE: * SELF-MADE SCORE: ^ SELF-MADE SCORE: $
134 | Phillip Frost, 79T $4.1 BIL 134 | Leonard Stern, 78T $4.1 BIL 156 | H. Fisk Johnson, 58S $3.7 BIL
HEALTH CARE MIAMI BEACH, FLORIDA REAL ESTATE NEW YORK CITY MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: % SELF-MADE SCORE: #
134 | Jeffery Hildebrand, 57T $4.1 BIL 134 | Ronda Stryker, 62S $4.1 BIL 156 | Imogene Powers Johnson, 86S $3.7 BIL
ENERGY HOUSTON, TEXAS HEALTH CARE PORTAGE, MICHIGAN MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: @ SELF-MADE SCORE: !
134 | Gabe Newell, 53S $4.1 BIL 142 | Jeremy Jacobs Sr., 76WX $4 BIL 156 | S. Curtis Johnson, 61S $3.7 BIL
GAMBLING, CASINOS SEATTLE, WASHINGTON SERVICE EAST AURORA, NEW YORK MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: % SELF-MADE SCORE: !
DAVE BENETT/GETTY IMAGES
134 | Terrence Pegula, 65S $4.1 BIL 142 | James Jannard, 67WX $4 BIL 156 | Helen Johnson-Leipold, 59S $3.7 BIL
ENERGY BOCA RATON, FLORIDA FASHION AND RETAIL SAN JUAN ISLANDS, WASHINGTON MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: ( SELF-MADE SCORE: ( SELF-MADE SCORE: #
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
Hong Kong:
ASIA’S PREMIER DESTINATION FOR
EXHIBITIONS AND CONVENTIONS
The city’s key location, world-class infrastructure and award-winning venue space makes
it the logical choice for hosting business events.
As one of the world’s leading business and city for business events for the fifth year regional events such as TEDxHong Kong
financial centers, Hong Kong continues to in a row. and Samsung China Forum.
be a highly sought-after global stage for Organizations are also spoilt for choice Behind the scene s, the meeting s,
trade exhibitions and conventions. when it comes to selecting a world-class incentives, conventions and exhibitions
The cit y’s strategic location at the venue space. For instance, the Hong (MICE) sector in Hong Kong is robustly
c ro s s roa d s of t r a d e a n d c o m m e rc e Kong Convention and Exhibition Centre supported by the Meetings & Exhibitions
makes it an ideal choice for organizations (HKCEC) has consistently won the “Asia’s Hong Kong (MEHK) office of the Hong
s e e k i n g a n i n t e r n a t i o n a l a u d i e n c e. Best” title and named “Best Venue Team Kong Tourism Board. The of fice ac t s
Adding to the city’s allure is the presence in Asia Pacific” in the CEI industry survey as a one-stop support center, helping
of the regional headquarters of many of conducted by the magazine. HKCEC is with the smooth running of events by
the world’s top companies and financial home to four of the world’s largest trade providing citywide hospitality and trade
institutions, making it a logical choice for exhibitions and has hosted international offers, facilitating dedicated immigration
corporate meetings. events such as Art Basel, Cosmoprof Asia counters at Hong Kong International
The numbers speak for themselves. and Vinexpo Hong Kong. A ir por t, a s s em bling com pliment ar y
In 2015, almost 90 “trade” and “trade Another venue, AsiaWorld-Expo, has welcome packages for attendees as well
and consumer” exhibitions were held been voted among the top three best as creating exciting cultural and leisure
in Hong Kong, welcoming more than convention and exhibition centres in Asia experiences for visitors.
67,000 exhibiting companies. The events Pacific for five consecutive years, as well A s one of the frees t economies in
received more than two million visitors, as the top-listing “Best Venue Team” at the world, Hong Kong is a cit y built
a 13% increase from the previous year, the renowned CEI Asia Industry Awards. for business. And with top-flight
according to survey data from the Hong The space has hosted a diverse range of infras tr uc ture designed to welcome
Kong Exhibition & Convention Industry events, including international fairs such international visitors, there are few places
Association (HKECIA). as the China Sourcing Fair and Hong bet ter to host a MICE event than this
Reflecting the growing importance of Kong Jewellery and Gem Fair as well as vibrant metropolis in the heart of Asia.
Hong Kong to mainland China businesses
as a trade and exhibition hub, there was
also an 8.4% jump in mainland Chinese
exhibiting companies in the city.
“These are results that strongly reaffirm
Hong Kong’s leading position and unique
advantages as Trade Fair Capital of Asia.
Through these exhibition activities, the
city continues to act as one of the world’s
most impor tant sourcing hubs,” said
Stuart Bailey, Chairman of the HKECIA.
Hong Kong’s many ad vant ag e s as
a bu sine s s d e s tination have ear ned
i t glow ing re cog ni tion f rom around
the world. Industry magazine CEI Asia
readers voted Hong Kong as the best
FORBES 400
156 | Winnie Johnson-Marquart, 57S $3.7 BIL IM MI GRAT ED I N 1 976 190 | Roger Wang, 67S $3.4 BIL
MANUFACTURING VIRGINIA BEACH, VIRGINIA RETAIL NANJING, CHINA
SELF-MADE SCORE: @ SELF-MADE SCORE: *
156 | Marianne Liebmann, 63S $3.7 BIL 194 | Nathan Blecharczyk, 33WX $3.3 BIL
FOOD AND BEVERAGE BOZEMAN, MONTANA TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: ! SELF-MADE SCORE: *
156 | Mary Alice Dorrance Malone, 66S $3.7 BIL 194 | John Catsimatidis, 68T $3.3 BIL
FOOD AND BEVERAGE COATESVILLE, PENNSYLVANIA ENERGY NEW YORK CITY
SELF-MADE SCORE: @ SELF-MADE SCORE: )
156 | Clayton Mathile, 75S $3.7 BIL 194 | Brian Chesky, 35WX $3.3 BIL
FOOD AND BEVERAGE BROOKVILLE, OHIO TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: & SELF-MADE SCORE: *
156 | Igor Olenicoff, 74S $3.7 BIL 194 | David Filo, 50S $3.3 BIL
REAL ESTATE LIGHTHOUSE POINT, FLORIDA TECHNOLOGY PALO ALTO, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: *
156 | Frederick Smith, 72S $3.7 BIL 194 | Joe Gebbia, 35WX $3.3 BIL
LOGISTICS MEMPHIS, TENNESSEE TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: ( SELF-MADE SCORE: *
156 | Jerry Speyer, 76T $3.7 BIL 194 | Tom Gores, 52WX $3.3 BIL
REAL ESTATE NEW YORK CITY FINANCE AND INVESTMENTS BEVERLY HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
156 | Steven Spielberg, 69S $3.7 BIL 194 | Jeff Greene, 61WX $3.3 BIL
MEDIA & ENTERTAINMENT PACIFIC PALISADES, CALIFORNIA REAL ESTATE PALM BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: )
184. Dagmar Dolby
156 | Donald Trump, 70T $3.7 BIL 194 | John Overdeck, 46S $3.3 BIL
REAL ESTATE NEW YORK CITY
SELF-MADE SCORE: %
& family FINANCE AND INVESTMENTS MILLBURN, NEW JERSEY
SELF-MADE SCORE: *
$3.5 BILLION S SELF-MADE SCORE: !
174 | Bubba Cathy, 62S $3.6 BIL SOURCE: DOLBY LABORATORIES 194 | Bernard Saul II, 84S $3.3 BIL
FOOD AND BEVERAGE ATLANTA, GEORGIA AGE: 75 RESIDENCE: SAN FRANCISCO FINANCE AND INVESTMENTS CHEVY CHASE, MARYLAND
SELF-MADE SCORE: $ German-born widow of sound technology SELF-MADE SCORE: %
174 | Dan Cathy, 63S $3.6 BIL pioneer Ray Dolby (d. 2013) pledged 194 | David Siegel, 55S $3.3 BIL
FOOD AND BEVERAGE ATLANTA, GEORGIA $53 million last year to expand the campus FINANCE AND INVESTMENTS SCARSDALE, NEW YORK
SELF-MADE SCORE: $ of the University of Cambridge, his alma SELF-MADE SCORE: *
mater. The pair met in 1962, while she was
174 | Dan Friedkin, 51WX $3.6 BIL 204 | Neil Bluhm, 78T $3.2 BIL
AUTOMOTIVE HOUSTON, TEXAS studying in a summer language program REAL ESTATE CHICAGO
SELF-MADE SCORE: $ in the U.K. She also committed $20 mil- SELF-MADE SCORE: )
lion in 2015 to the University of California,
174 | Jimmy Haslam, 62S $3.6 BIL San Francisco for research on mood disor- 204 | Leon G. Cooperman, 73T $3.2 BIL
FASHION AND RETAIL KNOXVILLE, TENNESSEE FINANCE AND INVESTMENTS SHORT HILLS, NEW JERSEY
SELF-MADE SCORE: #
ders. She and her sons own just under half SELF-MADE SCORE: (
of publicly traded Dolby Laboratories, which
174 | Randal Kirk, 62T $3.6 BIL Ray founded in 1965. 204 | Mark Cuban, 58S $3.2 BIL
HEALTH CARE MANALAPAN, FLORIDA MEDIA AND ENTERTAINMENT DALLAS, TEXAS
SELF-MADE SCORE: * SELF-MADE SCORE: *
174 | Bernard Marcus, 87S $3.6 BIL 184 | Ken Fisher, 65S $3.5 BIL 204 | Jack & Laura Dangermond, 71S $3.2 BIL
FASHION AND RETAIL ATLANTA, GEORGIA FINANCE AND INVESTMENTS CAMAS, WASHINGTON TECHNOLOGY REDLANDS, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: *
174 | Isaac Perlmutter, 73T $3.6 BIL 184 | Robert McNair, 79S $3.5 BIL 204 | Edward DeBartolo Jr., 69T $3.2 BIL
MEDIA AND ENTERTAINMENT PALM BEACH, FLORIDA SPORTS HOUSTON, TEXAS REAL ESTATE TAMPA, FLORIDA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: %
174 | Julian Robertson, 84T $3.6 BIL 184 | Michael Milken, 70S $3.5 BIL 204 | Ronald Lauder, 72T $3.2 BIL
FINANCE AND INVESTMENTS LOCUST VALLEY, NEW YORK FINANCE AND INVESTMENTS LOS ANGELES FASHION AND RETAIL NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: %
174 | Jeff Sutton, 56S $3.6 BIL 184 | Steven Udvar-Hazy, 70T $3.5 BIL 204 | George Lindemann & fam., 80T $3.2 BIL
REAL ESTATE NEW YORK CITY SERVICE BEVERLY HILLS, CALIFORNIA FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: ( SELF-MADE SCORE: %
174 | Joan Tisch, 89S $3.6 BIL 190 | Anthony Pritzker, 55WX $3.4 BIL 204 | Robert Pera, 38S $3.2 BIL
FINANCE AND INVESTMENTS NEW YORK CITY SERVICE LOS ANGELES TECHNOLOGY SAN JOSE, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: # SELF-MADE SCORE: *
184 | Dagmar Dolby, 75S $3.5 BIL 190 | Jay Robert (J.B.) Pritzker, 51WX $3.4 BIL 204 | Clemmie Spangler Jr., 84S $3.2 BIL
TECHNOLOGY SAN FRANCISCO FINANCE AND INVESTMENTS CHICAGO FINANCE AND INVESTMENTS CHARLOTTE, NORTH CAROLINA
SELF-MADE SCORE: #
VINCENT SANDOVAL/GETTY IMAGES
184 | Archie A. Emmerson & fam., 87T$3.5 BIL 190 | Donald Sterling, 82S $3.4 BIL 204 | Harry Stine, 74S $3.2 BIL
MANUFACTURING REDDING, CALIFORNIA REAL ESTATE BEVERLY HILLS, CALIFORNIA FOOD AND BEVERAGE ADEL, IOWA
SELF-MADE SCORE: & SELF-MADE SCORE: * SELF-MADE SCORE: )
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
Trusted
We work with complete confidentiality
in some of the world’s most difficult
and opaque markets.
Local
We are positioned across Asia to act
decisively to crises and maintain the
continuity of your business.
Multidisciplinary
Law enforcement, military, cybersecurity,
accounting, corporate law, and everything
in between are represented.
Contact us at +852 2802 2123 or +62 21 522 7711. Alternatively, you can e-mail us
at info@hill-assoc.com or visit www.hill-assoc.com.
A Company
FORBES 400
214 | Arthur Blank, 74S $3.1 BIL 222 | Do Won & Jin Sook Chang, 60T $3 BIL 239 | Richard Schulze, 75WX $2.8 BIL
SPORTS ATLANTA, GEORGIA FASHION AND RETAIL BEVERLY HILLS, CALIFORNIA FASHION AND RETAIL BONITA SPRINGS, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: ) SELF-MADE SCORE: *
214 | John Paul DeJoria, 72S $3.1 BIL 222 | Bennett Dorrance, 70S $3 BIL 239 | Oprah Winfrey, 62T $2.8 BIL
FASHION AND RETAIL AUSTIN, TEXAS FOOD AND BEVERAGE PARADISE VALLEY, ARIZONA MEDIA AND ENTERTAINMENT MONTECITO, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: @ SELF-MADE SCORE: )
214 | Kieu Hoang, 72T $3.1 BIL 222 | Allan Goldman, 73Ì $3 BIL 246 | Jim Breyer, 55S $2.7 BIL
HEALTH CARE WESTLAKE VILLAGE, CALIFORNIA REAL ESTATE NEW YORK CITY TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: ( SELF-MADE SCORE: $ SELF-MADE SCORE: *
214 | Amos Hostetter Jr., 79WX $3.1 BIL 222 | Jane Goldman, 61Ì $3 BIL 246 | Barry Diller, 74S $2.7 BIL
MEDIA AND ENTERTAINMENT BOSTON, MASSACHUSETTS REAL ESTATE NEW YORK CITY MEDIA AND ENTERTAINMENT NEW YORK CITY
SELF-MADE SCORE: & SELF-MADE SCORE: $ SELF-MADE SCORE: (
214 | Thomas Pritzker, 66S $3.1 BIL 222 | Amy Goldman Fowler, 62Ì $3 BIL 246 | Kenneth Feld & family, 67S $2.7 BIL
FINANCE AND INVESTMENTS CHICAGO REAL ESTATE RHINEBECK, NEW YORK MEDIA AND ENTERTAINMENT TAMPA, FLORIDA
SELF-MADE SCORE: $ SELF-MADE SCORE: @ SELF-MADE SCORE: %
214 | David Rockefeller Sr., 101S $3.1 BIL 222 | Diane Kemper, 71Ì $3 BIL 246 | Tilman Fertitta, 59S $2.7 BIL
FINANCE AND INVESTMENTS SLEEPY HOLLOW, NEW YORK REAL ESTATE NEW YORK CITY FOOD AND BEVERAGE HOUSTON, TEXAS
SELF-MADE SCORE: @ SELF-MADE SCORE: @ SELF-MADE SCORE: (
214 | Henry Samueli, 62S $3.1 BIL 222 | Michael Moritz, 62S $3 BIL 246 | B. Wayne Hughes, 83S $2.7 BIL
TECHNOLOGY NEWPORT BEACH, CALIFORNIA TECHNOLOGY SAN FRANCISCO SERVICE LEXINGTON, KENTUCKY
SELF-MADE SCORE: ( SELF-MADE SCORE: * SELF-MADE SCORE: (
214 | Lynn Schusterman, 77T $3.1 BIL 222 | Kevin Plank, 44T $3 BIL 246 | Min Kao & family, 67S $2.7 BIL
ENERGY TULSA, OKLAHOMA FASHION AND RETAIL LUTHERVILLE-TIMONIUM, MARYLAND TECHNOLOGY LEAWOOD, KANSAS
SELF-MADE SCORE: ! SELF-MADE SCORE: * SELF-MADE SCORE: *
222 | Herbert Simon, 81S $3 BIL 246 | Douglas Leone, 59S $2.7 BIL
REAL ESTATE INDIANAPOLIS, INDIANA FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA
I M M I G RAT E D I N 1 970 SELF-MADE SCORE: ( SELF-MADE SCORE: (
222 | Romesh T. Wadhwani, 69S $3 BIL 246 | John Middleton, 61S $2.7 BIL
TECHNOLOGY PALO ALTO, CALIFORNIA FOOD AND BEVERAGE BRYN MAWR, PENNSYLVANIA
SELF-MADE SCORE: * SELF-MADE SCORE: ^
232 | John Arnold, 42WX $2.9 BIL 246 | Daniel Och, 55T $2.7 BIL
FINANCE AND INVESTMENTS HOUSTON, TEXAS FINANCE AND INVESTMENTS SCARSDALE, NEW YORK
SELF-MADE SCORE: * SELF-MADE SCORE: &
232 | Andrew & Peggy Cherng, S $2.9 BIL 246 | A. Jerrold Perenchio, 85WX $2.7 BIL
FOOD AND BEVERAGE LAS VEGAS, NEVADA MEDIA & ENTERTAINMENT BEL AIR, CALIFORNIA
SELF-MADE SCORE: ( SELF-MADE SCORE: *
232 | Tom Golisano, 74S $2.9 BIL 246 | J. Christopher Reyes, 62T $2.7 BIL
SERVICE NAPLES, FLORIDA FOOD AND BEVERAGE HOBE SOUND, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: *
232 | James Leprino, 78T $2.9 BIL 246 | Jude Reyes, 61T $2.7 BIL
FOOD AND BEVERAGE INDIAN HILLS, COLORADO FOOD AND BEVERAGE PALM BEACH, FLORIDA
SELF-MADE SCORE: % SELF-MADE SCORE: *
232 | Wilbur Ross Jr., 78WX $2.9 BIL 246 | Gary Rollins, 72S $2.7 BIL
FINANCE AND INVESTMENTS PALM BEACH, FLORIDA SERVICE ATLANTA, GEORGIA
SELF-MADE SCORE: & SELF-MADE SCORE: #
232 | Haim Saban, 72T $2.9 BIL 246 | Randall Rollins, 84S $2.7 BIL
MEDIA & ENTERTAINMENT BEVERLY HILLS, CALIFORNIA SERVICE ATLANTA, GEORGIA
SELF-MADE SCORE: ( SELF-MADE SCORE: #
190. Roger Wang 232 | Howard Schultz, 63WX $2.9 BIL 246 | Mark Shoen, 65T $2.7 BIL
FOOD AND BEVERAGE SEATTLE, WASHINGTON AUTOMOTIVE PHOENIX, ARIZONA
$3.4 BILLION S SELF-MADE SCORE: *
SELF-MADE SCORE: ) SELF-MADE SCORE: %
SOURCE: RETAIL
AGE: 67 239 | Robert Bass, 68T $2.8 BIL 246 | Peter Thiel, 49T $2.7 BIL
RESIDENCE: NANJING, CHINA ENERGY FORT WORTH, TEXAS FINANCE AND INVESTMENTS SAN FRANCISCO
Wang came to the U.S. in pursuit of an SELF-MADE SCORE: $ SELF-MADE SCORE: *
M.B.A. in 1970, then stayed for a string 239 | Charles Cohen, 64Ì $2.8 BIL 246 | Steve Wynn, 74S $2.7 BIL
of jobs, including managing a drugstore, REAL ESTATE NEW YORK CITY GAMBLING, CASINOS LAS VEGAS, NEVADA
hawking insurance and selling furniture. SELF-MADE SCORE: % SELF-MADE SCORE: *
The China native grew up in Taiwan and
239 | Peter Kellogg, 74T $2.8 BIL 246 | Mortimer Zuckerman, 79S $2.7 BIL
got rich building condos around Los Ange-
FINANCE AND INVESTMENTS SHORT HILLS, NEW JERSEY REAL ESTATE NEW YORK CITY
les. In 1992 he returned to China and start- SELF-MADE SCORE: $ SELF-MADE SCORE: *
AP PHOTO / DAVID DUPREY
274 | Bharat Desai & Neerja Sethi, 63, 61WX $2.5 BIL
TECHNOLOGY FISHER ISLAND, FLORIDA
SELF-MADE SCORE: *
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
274 | Phillip Ruffin, 81S $2.5 BIL 309 | Richard Peery, 78WX $2.3 BIL
DIVERSIFIED LAS VEGAS, NEVADA IM MI GRAT ED I N 1 976 REAL ESTATE PALO ALTO, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
274 | Robert Smith, 53WX $2.5 BIL 309 | John Pritzker, 63WX $2.3 BIL
FINANCE AND INVESTMENTS AUSTIN, TEXAS FINANCE AND INVESTMENTS SAN FRANCISCO
SELF-MADE SCORE: * SELF-MADE SCORE: #
274 | Ty Warner, 72S $2.5 BIL 309 | Michael Rubin, 44T $2.3 BIL
REAL ESTATE OAK BROOK, ILLINOIS FASHION AND RETAIL BRYN MAWR, PENNSYLVANIA
SELF-MADE SCORE: ) SELF-MADE SCORE: *
290 | George Bishop, 79WX $2.4 BIL 309 | E. Joe Shoen, 66Ì $2.3 BIL
ENERGY THE WOODLANDS, TEXAS AUTOMOTIVE PHOENIX, ARIZONA
SELF-MADE SCORE: & SELF-MADE SCORE: %
290 | Peter Buck, 85T $2.4 BIL 309 | Thomas Siebel, 63WX $2.3 BIL
FOOD AND BEVERAGE DANBURY, CONNECTICUT TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: ^ SELF-MADE SCORE: *
290 | William Conway, 67T $2.4 BIL 309 | Jon Stryker, 58S $2.3 BIL
FINANCE AND INVESTMENTS MCLEAN, VIRGINIA HEALTH CARE KALAMAZOO, MICHIGAN
SELF-MADE SCORE: * SELF-MADE SCORE: !
290 | Daniel D’Aniello, 70T $2.4 BIL 309 | Meg Whitman, 60S $2.3 BIL
FINANCE AND INVESTMENTS VIENNA, VIRGINIA TECHNOLOGY ATHERTON, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: ^
290 | Ray Davis, 74T $2.4 BIL 321 | Scott Cook, 64S $2.2 BIL
ENERGY DALLAS, TEXAS TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
274. Bharat Desai &
290 | Bill Gross, 72S $2.4 BIL 321 | Jim Davis, 56Ì $2.2 BIL
FINANCE AND INVESTMENTS LAGUNA BEACH, CALIFORNIA Neerja Sethi SERVICE COCKEYSVILLE, MARYLAND
SELF-MADE SCORE: *
SELF-MADE SCORE: * $2.5 BILLION WX SELF-MADE SCORE:*
290 | John Henry, 67S $2.4 BIL SOURCE: IT CONSULTING 321 | Judy Faulkner, 73T $2.2 BIL
SPORTS BOCA RATON, FLORIDA AGES: 63, 61 HEALTH CARE MADISON, WISCONSIN
RESIDENCE: FISHER ISLAND, FLORIDA SELF-MADE SCORE: *
SELF-MADE SCORE: &
After working for IT firm Tata Consulting
290 | Sean Parker, 36T $2.4 BIL 321 | John Fisher, 55T $2.2 BIL
Services, Desai and his wife, Neerja Sethi, FASHION AND RETAIL SAN FRANCISCO
TECHNOLOGY NEW YORK CITY
SELF-MADE SCORE: *
founded IT consulting and outsourcing SELF-MADE SCORE: @
company Syntel in 1980. They started out
290 | Bob Parsons, 65S $2.4 BIL of their apartment in Troy, Michigan with 321 | Rakesh Gangwal, 63Ì $2.2 BIL
TECHNOLOGY SCOTTSDALE, ARIZONA SERVICE MIAMI, FLORIDA
just $2,000 and took in $30,000 of reve-
SELF-MADE SCORE: ) SELF-MADE SCORE: *
nue in their first year. Today the listed Syn-
290 | Jean (Gigi) Pritzker, 54S $2.4 BIL tel generates nearly $1 billion in annual 321 | Stanley Hubbard, 83S $2.2 BIL
SERVICE CHICAGO sales. Desai was born in Kenya, raised in In- MEDIA AND ENTERTAINMENT ST. PAUL, MINNESOTA
SELF-MADE SCORE: # SELF-MADE SCORE: %
dia and came to the U.S. in 1976; he earned
290 | Penny Pritzker, 57WX $2.4 BIL
his M.B.A. from the U. of Michigan. Sethi 321 | Brad Kelley, 59WX $2.2 BIL
FINANCE AND INVESTMENTS WASHINGTON, D.C. was born and raised in India and came to REAL ESTATE FRANKLIN, TENNESSEE
SELF-MADE SCORE: # the States in 1978; she got her M.B.A. from SELF-MADE SCORE: (
the U. of Delhi and her master’s in comput-
290 | David Rubenstein, 67T $2.4 BIL 321 | Joe Mansueto, 60WX $2.2 BIL
er science from Oakland University. FINANCE AND INVESTMENTS CHICAGO
FINANCE AND INVESTMENTS BETHESDA, MARYLAND
SELF-MADE SCORE: ( SELF-MADE SCORE: *
290 | Patrick Ryan, 79WX $2.4 BIL 290 | Denise York, 65S $2.4 BIL 321 | Stewart Rahr, 70WX $2.2 BIL
FINANCE AND INVESTMENTS WINNETKA, ILLINOIS SPORTS YOUNGSTOWN, OHIO HEALTH CARE NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: # SELF-MADE SCORE: %
290 | Julio Mario Santo Domingo III, 31S $2.4 BIL 309 | John Arrillaga, 79WX $2.3 BIL 321 | Jeff Rothschild, 61Ì $2.2 BIL
FOOD AND BEVERAGE NEW YORK CITY REAL ESTATE PORTOLA VALLEY, CALIFORNIA TECHNOLOGY LOS ALTOS, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: ( SELF-MADE SCORE: ^
290 | Thomas Secunda, 62S $2.4 BIL 309 | Noam Gottesman, 55WX $2.3 BIL 321 | Paul Singer, 72S $2.2 BIL
MEDIA & ENTERTAINMENT CROTON-ON-HUDSON, NEW YORK FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: & SELF-MADE SCORE: *
290 | Alexander Spanos & family, 933 $2.4 BIL 309 | Johnelle Hunt, 84S $2.3 BIL 321 | Ted Turner, 77WX $2.2 BIL
SPORTS STOCKTON, CALIFORNIA LOGISTICS FAYETTEVILLE, ARKANSAS MEDIA AND ENTERTAINMENT ATLANTA, GEORGIA
SELF-MADE SCORE: ( SELF-MADE SCORE: & SELF-MADE SCORE: &
290 | Warren Stephens, 59T $2.4 BIL 309 | Edward Lampert, 54T $2.3 BIL 321 | John Tyson, 63Ì $2.2 BIL
FINANCE AND INVESTMENTS LITTLE ROCK, ARKANSAS FINANCE AND INVESTMENTS MIAMI BEACH, FLORIDA FOOD AND BEVERAGE SPRINGDALE, ARKANSAS
SELF-MADE SCORE: $ SELF-MADE SCORE: ( SELF-MADE SCORE: %
290 | Mark Walter, 56S $2.4 BIL 309 | Jay Paul, 69S $2.3 BIL 321 | Jerry Yang, 47S $2.2 BIL
FINANCE AND INVESTMENTS CHICAGO REAL ESTATE SAN FRANCISCO TECHNOLOGY LOS ALTOS HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: )
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
Medini Iskandar 1
PROMOTION
2 Medini Iskandar
PROMOTION
Medini Iskandar 3
FORBES 400
335 | Alec Gores, 63WX $2.1 BIL 361 | Lorenzo Fertitta, 47S $1.9 BIL
I M M I G RAT E D I N 1 970 s
FINANCE AND INVESTMENTS BEVERLY HILLS, CALIFORNIA SPORTS LAS VEGAS, NEVADA
SELF-MADE SCORE: ( SELF-MADE SCORE: %
335 | Joseph Grendys, 54S $2.1 BIL 361 | W. Herbert Hunt, 87T $1.9 BIL
FOOD AND BEVERAGE CHICAGO ENERGY DALLAS, TEXAS
SELF-MADE SCORE: & SELF-MADE SCORE: $
335 | John Kapoor, 73T $2.1 BIL 361 | Bruce Karsh, 61T $1.9 BIL
HEALTH CARE PHOENIX, ARIZONA FINANCE AND INVESTMENTS LOS ANGELES
SELF-MADE SCORE: ( SELF-MADE SCORE: *
335 | Thomas Lee, 72S $2.1 BIL 361 | Howard Marks, 70T $1.9 BIL
FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: & SELF-MADE SCORE: *
335 | Jeffrey Lorberbaum, 61T $2.1 BIL 361 | Drayton McLane Jr., 80S $1.9 BIL
MANUFACTURING CHATTANOOGA, TENNESSEE FASHION AND RETAIL TEMPLE, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: %
335 | Arturo Moreno, 70S $2.1 BIL 361 | Kavitark Ram Shriram, 59WX $1.9 BIL
SPORTS PHOENIX, ARIZONA TECHNOLOGY MENLO PARK, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: )
335 | Daniel Pritzker, 57WX $2.1 BIL 361 | Mark Stevens, 56S $1.9 BIL
SERVICE MARIN COUNTY, CALIFORNIA FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: (
335 | Dan Snyder, 51WX $2.1 BIL 361 | Glen Taylor, 75WX $1.9 BIL
SPORTS POTOMAC, MARYLAND SERVICE MANKATO, MINNESOTA
SELF-MADE SCORE: * SELF-MADE SCORE: (
321. Rakesh Gangwal 335 | Evan Spiegel, 26WX $2.1 BIL 361 | Elaine Wynn, 743 $1.9 BIL
$2.2 BILLION Ì SELF-MADE SCORE: * TECHNOLOGY LOS ANGELES GAMBLING, CASINOS LAS VEGAS, NEVADA
SOURCE: AIRLINES SELF-MADE SCORE: * SELF-MADE SCORE: *
AGE: 63 RESIDENCE: MIAMI, FLORIDA
335 | Ronald Wanek, 75S $2.1 BIL 361 | Richard Yuengling Jr., 73S $1.9 BIL
The airline veteran debuts after the No- MANUFACTURING ST. PETERSBURG, FLORIDA FOOD AND BEVERAGE POTTSVILLE, PENNSYLVANIA
vember 2015 IPO of InterGlobe Aviation, SELF-MADE SCORE: & SELF-MADE SCORE: %
the parent company of his budget airline,
IndiGo, India’s largest by market share. The 335 | William Young, 75Ì $2.1 BIL 374 | Louis Bacon, 60WX $1.8 BIL
MANUFACTURING YPSILANTI, MICHIGAN FINANCE AND INVESTMENTS OYSTER BAY, NEW YORK
Indian-born mechanical engineer studied SELF-MADE SCORE: * SELF-MADE SCORE: &
at the Indian Institute of Technology Kan-
pur before getting his M.B.A. at Wharton. He 353 | Todd Christopher, 54Ì $2 BIL 374 | Edward Bass, 71T $1.8 BIL
started his airline career with United Airlines FASHION AND RETAIL CLEARWATER, FLORIDA ENERGY FORT WORTH, TEXAS
SELF-MADE SCORE: SELF-MADE SCORE: $
in 1984 in strategic planning, then worked
briefly for Air France. He went on to run US 353 | Chase Coleman, 41T $2 BIL 374 | Lee Bass, 60T $1.8 BIL
Airways Group as its chief executive and FINANCE AND INVESTMENTS NEW YORK CITY ENERGY FORT WORTH, TEXAS
chairman. Gangwal cofounded IndiGo, head- SELF-MADE SCORE: & SELF-MADE SCORE: $
quartered outside Delhi, alongside pal Rahul 353 | James Dinan, 57T $2 BIL 374 | Sid Bass, 74T $1.8 BIL
Bhatia (also a billionaire) 10 years ago with FINANCE AND INVESTMENTS NEW YORK CITY ENERGY FORT WORTH, TEXAS
one aircraft. The Miami resident owns more SELF-MADE SCORE: * SELF-MADE SCORE: $
than 40% of the company and now serves as
353 | Glenn Dubin, 59WX $2 BIL 374 | Alexandra Daitch, 53Ì $1.8 BIL
a board member.
FINANCE AND INVESTMENTS NEW YORK CITY FOOD AND BEVERAGE OLD LYME, CONNECTICUT
SELF-MADE SCORE: ( SELF-MADE SCORE: !
335 | S. Daniel Abraham, 92WX $2.1 BIL 353 | James France, 71WX $2 BIL 374 | Eric Lefkofsky, 473 $1.8 BIL
FOOD AND BEVERAGE PALM BEACH, FLORIDA SPORTS DAYTONA BEACH, FLORIDA TECHNOLOGY GLENCOE, ILLINOIS
SELF-MADE SCORE: ( SELF-MADE SCORE: $ SELF-MADE SCORE: *
335 | George Argyros & family, 79S $2.1 BIL 353 | Jonathan Nelson, 60WX $2 BIL 374 | Jeffrey Lurie, 653 $1.8 BIL
REAL ESTATE NEWPORT BEACH, CALIFORNIA FINANCE AND INVESTMENTS PROVIDENCE, RHODE ISLAND SPORTS WYNNEWOOD, PENNSYLVANIA
SELF-MADE SCORE: ( SELF-MADE SCORE: * SELF-MADE SCORE: $
335 | Ron Baron, 73T $2.1 BIL 353 | Peter Peterson, 903 $2 BIL 374 | Sarah MacMillan, 62Ì $1.8 BIL
FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY FOOD AND BEVERAGE LOS ANGELES
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: !
335 | Nick Caporella, 80Ì $2.1 BIL 353 | David Walentas, 78WX $2 BIL 374 | Bobby Murphy, 28WX $1.8 BIL
FOOD AND BEVERAGE PLANTATION, FLORIDA REAL ESTATE NEW YORK CITY TECHNOLOGY VENICE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: *
335 | James Coulter, 56T $2.1 BIL 361 | Leslie Alexander, 733 $1.9 BIL 374 | Jennifer Pritzker, 66S $1.8 BIL
FINANCE AND INVESTMENTS SAN FRANCISCO SPORTS HOUSTON, TEXAS SERVICE CHICAGO
SELF-MADE SCORE: & SELF-MADE SCORE: * SELF-MADE SCORE: !
335 | Gerald Ford, 72WX $2.1 BIL 361 | James Clark, 72S $1.9 BIL 374 | Linda Pritzker, 63WX $1.8 BIL
FINANCE AND INVESTMENTS DALLAS, TEXAS TECHNOLOGY PALM BEACH, FLORIDA SERVICE MISSOULA, MONTANA
SELF-MADE SCORE: ( SELF-MADE SCORE: ( SELF-MADE SCORE: !
335 | Gordon Getty, 82WX $2.1 BIL 361 | Frank Fertitta, 54S $1.9 BIL 374 | Phillip Ragon, 673 $1.8 BIL
ENERGY SAN FRANCISCO SPORTS LAS VEGAS, NEVADA TECHNOLOGY BOSTON, MASSACHUSETTS
SELF-MADE SCORE: @ SELF-MADE SCORE: % SELF-MADE SCORE: *
374 | T. Denny Sanford, 803 $1.8 BIL 374 | Amy Wyss, 45T $1.8 BIL 395 | Timothy Boyle, 67T $1.7 BIL
FINANCE AND INVESTMENTS SIOUX FALLS, SOUTH DAKOTA HEALTH CARE WILSON, WYOMING FASHION AND RETAIL PORTLAND, OREGON
SELF-MADE SCORE: ( SELF-MADE SCORE: @ SELF-MADE SCORE: %
374 | Charles Simonyi, 683 $1.8 BIL 374 | Jon Yarbrough, 593 $1.8 BIL 395 | Christopher Cline, 58WX $1.7 BIL
TECHNOLOGY MEDINA, WASHINGTON GAMBLING, CASINOS FRANKLIN, TENNESSEE ENERGY NORTH PALM BEACH, FLORIDA
SELF-MADE SCORE: ^ SELF-MADE SCORE: * SELF-MADE SCORE: )
374 | Lucy Stitzer, 56Ì $1.8 BIL 374 | Charles Zegar, 683 $1.8 BIL 395 | Jen-Hsun Huang, 53Ì $1.7 BIL
FOOD AND BEVERAGE GREENWICH, CONNECTICUT MEDIA AND ENTERTAINMENT NEW YORK CITY TECHNOLOGY LOS ALTOS, CALIFORNIA
SELF-MADE SCORE: @ SELF-MADE SCORE: SELF-MADE SCORE: *
374 | Katherine Tanner, 60Ì $1.8 BIL 395 | Carol Jenkins Barnett, 60Ì $1.7 BIL 395 | Gail Miller, 73T $1.7 BIL
FOOD AND BEVERAGE MARATHON, FLORIDA FOOD AND BEVERAGE LAKELAND, FLORIDA SPORTS SALT LAKE CITY, UTAH
SELF-MADE SCORE: ! SELF-MADE SCORE: @ SELF-MADE SCORE: &
SPECIAL THANKS TO: LW HOSPITALITY ADVISORS; ORBIS BY BUREAU VAN DIJK; REAL CAPITAL ANALYTICS; AND TREPP. ALL THOSE WHO HELPED
US WITH OUR REPORTING AND VALUATIONS: MICHAEL ALLEN, RYAN LLC; SUSAN ANDERSON, FBR & CO.; ERIC MICHAEL ANTON, HFF; SEAN BAR-
RIE, TREPP; JIM BARRETT, C.L. KING & ASSOCIATES; BEVERAGE DIGEST; DAVID BURGHER, BRIGGS FREEMAN, SOTHEBY’S INTERNATIONAL REALTY;
RONALD BUSS, BUSS-SHELGER ASSOCIATES; CENTER FOR RESPONSIVE POLITICS; S. CRAIG COGNETTI, GRAIL PARTNERS; JEFFREY DAVIS, FAIRWAY
ADVISORS; ABHINAV DAVULURI, MORNINGSTAR; CAROL DOPKIN, ASPEN SNOWMASS SOTHEBY’S INTERNATIONAL REALTY; DOUGLAS ELLIMAN; EU-
ROMONITOR; TRUMAN FLEMING, KELLER WILLIAMS REALTY; FACTSET; MARK FRATRIK, BIA/KELSEY; FINANCIAL NETWORKING CORP; MATTHEW GAL-
VIN, MORNINGSTAR GOLF AND HOSPITALITY; RONALD M. GOLD, GOLDAPPRAISAL; RICHARD JAFFE, STIFEL NICOLAUS; KEVIN KAMEN, KAMEN & CO.
GROUP SERVICES; ADAM LASOFF, CUSHMAN & WAKEFIELD; CLIFF LEIMBACH, IHS MARKIT; DANIEL LESSER, LW HOSPITALITY ADVISORS; LEXISNEXIS;
DAVID LOEB, BAIRD; JACK MCCABE, MCCABE RESEARCH & CONSULTING; TOM MCGOVERN, CUSHMAN & WAKEFIELD; BRIAN MERRICK; CHRISTOPHER
MERWIN, BARCLAYS; SUPERDATA RESEARCH; JOSHUA MILLER, ASIA PACIFIC PROPERTIES; MICHAEL PACHTER, WEDBUSH SECURITIES; PITCHBOOK;
PRIVCO; PROPERTYSHARK; ERIC SCHMIDT, BEVERAGE MARKETING; SIMEON SIEGEL, NOMURA; TLO; MATTHEW TARPLEY, CUSHMAN & WAKEFIELD;
NORMA TOERING, CHARLEMAGNE INTERNATIONAL PROPERTIES; VC EXPERTS; JEFF WOOLSON, CBRE; PETER ZALESWSKI, CONDO VULTURES.
WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
BY ABRAM BROWN
FAST-FORWARD
Endless Sumner
1982: After making $100 million in movies
and hotels, Sumner Redstone pursues a new
FAMOUS FIGURE segment of the entertainment business:
Yoko Ono: Imagine That videogame arcades.
When John Lennon was still alive, Yoko 2016: Despite succession battles
Ono managed her husband’s varied and questions about his health
business interests: real estate, cattle, and mental state, Redstone,
music companies, copyrights—and she 93, retains control over his
continued doing so after the ex-Beatle now $4.7 billion empire,
was killed in 1980. Ono said she made which includes CBS and
choices based on astrology to maintain Viacom.
her $150 million (as of 1982) nest egg.
America’s
Top Philanthropists The Global Polio
BY KATIA SAVCHUK Eradication
PLEDGING MONEY to charity is one thing; actually writing a check Initiative took in
$354 million in
for your preferred cause is quite another. In partnership with Shook 2015 from the Bill
Research, headquartered in Boca Raton, Florida, FORBES uncovered & Melinda Gates
who put hard cash behind their promises in 2015. Here are the 20 Foundation—and
philanthropists who gave away the most money last year—and those $20 million from
Larry Ellison’s
who have been the most generous overall.
foundation.
2015 GIVING ($MIL)
Warren Buffett 1 $2,840
A BLOODY MESS
We now value Elizabeth
ERIC MILLETTE; JAMEL TOPPIN; ETHAN PINES
Only the
Product
Is Hard
and Fast
The Bangurs of Shree Cement, having salvaged
a legacy, are putting their trust in innovation
and peer dynamics: They’re No. 32.
BY MEGHA BAHREE
O
utside Shree Cement’s head office in Kolkata,
bulging yellow Ambassador taxis jostle for space
with belching, jam-packed, colorful buses on the
one-way street, in sharp contrast to the staid,
elegant, white colonial-era building where the
executives sit. But it has been Shree’s ability to
navigate chaos in a country where the company is
the fastest-growing cement producer that has vaulted its owners, the
Bangur clan, back into the top rungs of wealth.
They have been there before, at least according to company lore.
Through the 1960s, when the Bangurs were a more diversified yet on
some levels more united lot, they were among the top ten in a more
modest India. Then came the kind of disruption and disunity that
undermines many a family fortune. In surviving it, the difference for
this clan was the decisiveness of Benu Gopal Bangur, now at age 85
the patriarch, and the follow-through of his son, Hari Mohan, now
managing director.
Benu got the cement business in a split among brothers and cous-
ins and built Shree around that core. Modern India, in turn, has made
such building material and Shree’s ability to supply it at a favorable
cost a source of renewed wealth. Twenty years ago Shree Cement
was a $56 million business. Today revenues exceed $1 billion. The
market capitalization has reached $8.7 billion, and Benu and his off-
spring hold 65%.
The Bangurs hail from the west- India’s regional princes, hungry for dispersed across branches and busi-
ern state of Rajasthan, across the industrial activity. In Gujarat and Ra- nesses, all run by loyalists rather than
country from their current home jasthan Ram got dispensations for ce- professional management. The dif-
in Kolkata, and are Marwaris—an ment and textile plants. Both paid off ferent factions reported to the patri-
ethnic group known for business and handsomely for him: In an economy arch, who also controlled the purse
financial smarts. Benu credits this of shortages, if you could manufac- strings. Business decisions were
orientation for the 1906 move across ture anything, it would sell. made based on who got his ear rather
India by his grandfather, Mugnee This business boldness contrast- than on their own merit, leading to
Ram, and a great-uncle: In colonial ed with an otherwise traditional competing factions and infighting,
times the port city of Kolkata was the attitude that discouraged foreign say people familiar with the history.
center of commerce and the capital travel (taboo among Hindus of yore), The management gap also meant
that the group didn’t keep up with
changes wrought by technology and
globalization.
In 1991 the holdings were split
three ways; Benu and his brother got
a third of the pile. They subdivided
this further in 1997, and it was then
that Benu got the cement business.
Although managed from Kolkata,
its operations go where material is
sourced, such as in the ancestral Ra-
jasthan, where the Bangurs still have
homes. He and Hari Mohan spent
the next couple of years ramping it
up, nearly tripling capacity. Alas, that
was just in time for the postmillen-
nial global economic slowdown.
“We had no chance of surviving,”
recalls the son, 64, in his spacious
office, his desk filled with papers—
but no computers—and a couple of
modern interpretations in fiberglass
of the Hindu deity Krishna. The
A young Benu Gopal Bangur (hand in shirt pocket) receives an industrial briefing. slowdown was his first big crisis,
as his father had taken a backseat
of British India. The boys left behind prohibited women from working and in operations by then. Hari Mohan
a life of poverty. kept children in close tow. (Bangur reached out to the French cement-
Ram took up the brokering of kids growing up in the 1960s hewed maker Vicat to buy the entire busi-
milled jute, a key commodity ob- to the traditional dress of their el- ness. They met in Paris in July of
tained from what was then East ders, with young boys dressed in dho- 2000 and agreed on the terms. Vicat
Bengal. The onset of World War I led tis and their foreheads anointed). would pay about $65 million. The
to speculation in such resources and, Kolkata remained the locus of deal was to be signed the morning
as Benu tells it, to his grandfather’s family operations, though by the after the meeting. But the heir real-
first 100,000-rupee fortune. He used 1970s its best days were behind it. ized he wasn’t ready to let go of his
that money to offer loans for land The jute mills were declining, a Mao- legacy, even if holding on meant a
purchases, acquiring large parcels of ist (Naxal) insurgency was deterring cheaper sale later.
land when borrowers defaulted. investments, and Bengal India in “I thought that if it’s saleable [on
By World War II Ram had his own general was losing out to the rise of that day], it’ll be saleable after anoth-
jute mill, which the British seized Mumbai in the west and Delhi in the er year,” he recalls. “Their agreeing
for military use, but the preinde- north. to buy gave me enough confidence
pendence 1940s took him around to By then the Bangur family had that I could try [my hand at this] for
www.forbes.com/insights
another year.” His father agreed. the bad times come—we’re prepared.” because there’s no fear of failure,
That’s when the company brought For Shree investing in R&D, es- people are more free to give ideas
in technology that helped cut costs pecially in efforts that decrease the and experiment.” (The waste-heat
drastically and changed its fortunes. costs of power, fuel and logistics— system succeeded only on its third
The secret was petroleum coke, which add up to more than half the attempt.)
which was half the cost of coal at expense for a cement company—is Another big theme is autonomy—
the time and, as the Bangurs came to a priority, and it doesn’t affect fixed Hari Mohan and his son Prashant, at
realize, could easily replace it as the costs or employee expenses. (The age 36 the joint managing director,
fuel source for making cement. This company does a random check of focus most on R&D, leaving the other
was also when Reliance Industries, expense reports submitted. If it finds day-to-day work to hires. Prashant, in
India’s largest petrochemical com- there’s been misuse by an employee, fact, points to standing instructions
pany, started selling petcoke, hereto- it penalizes him only by putting his that if the owners don’t get back on a
fore dismissed as a waste by-product. name on a notice board for a week— question within 48 hours, the manager
Technicians that Shree had dis- in question is free to make his
patched to Germany had found own decision, a rare practice
out otherwise. at promoter-run companies in
“We had been failing in our India.
efforts with it, and we were un- Prashant learned how seri-
enthusiastic about using it,” re- ously his family takes del-
calls Hari Mohan. But he stuck egation when he joined as a
by his team’s findings, and the trainee in 2003. “I was told
new fuel gave Shree a signifi- not to ‘improve’ anything for
cant cost advantage over other the first year,” he notes. His
cement producers. (Today its father said if the company had
plants can switch between survived for so long, it could
petcoke and coal, depending go another year before the
on the market price of the fuel new kid started making sug-
source.) gestions affecting staff.
“We kept it a trade secret for As the company has vastly
eight years,” says Hari Mohan expanded capacity and reach
with a laugh. “Then Reliance across much of India, it is
started participating in industry attaining critical mass. BNP
conferences and talking about Paribas finds it has a 21% mar-
it,” looking for more buyers for ket share in the northern part
The first man: Mugnee Ram Bangur.
the product. of the country.
According to one stock analyst at using the concept of peer pressure, But for different reasons than at
BNP Paribas (which has done bank- says Hari Mohan.) the earlier flush period in the 1960s,
ing for the company), Shree enjoys The Bangurs seek an experimen- the Bangurs have cause to ponder
an average 25% cost edge on major tal culture in an unusual way: All their growth push. In August the
Indian rivals. Apart from petcoke, employees are paid a fixed salary, Competition Commission of India,
its other advantages are modular and no one is offered any incentives a government watchdog, imposed a
plants—which can be expanded or or employee stock-ownership plans. nearly billion-dollar penalty on ten
contracted—and, on top of the fuel- Hari Mohan hopes peer pressure will cement companies, including Shree,
switching capacity, eco-friendly ensure that there aren’t any laggards. and their industry lobby group for al-
waste-heat recovery systems. “Everyone has to survive in the same leged cartelization.
Such green technology wasn’t a society,” he says. “Peer pressure to This time the family speaks with
no-brainer. “It increases the cost, and perform is high.” one voice. Hari Mohan says, “We
recovery can take up to ten years, so With that mind-set all successes feel we have not cartelized. Ulti-
you should do it only if you have spare are attributed to teamwork, as are mately it is for the courts to do the
cash, which we did,” says Hari Mohan. all failures. And there are lots of justice. If the courts say we have to
“We end up spending more, but we’re failures—an almost 80% failure pay, we have to pay. That is for the
investing for the future, for whenever rate on innovations, he says. “But full industry.” F
T
he family business annals of Delman Lee, were they
to exist, could be printed on fabric—testimony to 160
years of devotion to what many would call a sunset
industry.
The roots go back to the twilight of Chinese im-
perial rule when an ancestor set up a retail cotton-
clothes shop in Shanghai. The Lee clan has stuck it
out in “threads” through historical twists and turns on the mainland
and extraordinary boom-and-bust cycles in Hong Kong.
It’s a saga that today is richer in lore than in net worth. Although the
Lees remain prominent in their trade and in fact are among garment-
making’s great survivors, their fortune does not place them among Asia’s
very richest. Unlike many in our ranking they have stayed close to their
origins—no chasing after real estate or other asset enthusiasms. No won-
der Delman, a 49-year-old direct descendant in the textile bloodline
now known as TAL Apparel, struggled to cope with this heritage.
Now TAL’s vice chairman and a controlling stockholder, he recalls, “I
joined it quite late. There was no urge to come back....My elder brother
Derek did not want to come back. No one wanted to come back.”
EHRIN MACKSEY FOR FORBES
That move 16 years ago was a response to repeated pleas from his fa-
ther, Richard Lee. Delman had wanted to do high-tech research instead.
Harry Lee (center), 75, with son Roger (left), 43, and nephew Delman, 49.
Hong Kong company. when a key manager in Hong Kong, multinationals who had worked on
Both company and family were in Y. L. Yang, who’d organized TAL’s the plants with Toray, as top operating
upheaval. Founder C.C., still chairman, expansion abroad, left with a senior executive. In return Harry got a small
set about a restructuring that would team to form the Esquel Group, a gar- stake, but Jardines and Toray took
last until 1983, ending as the pioneering ment rival. The Yangs and Lees, who’d key holdings, and the Lee family was
Oprah Winfrey
Gwyneth Paltrow
Ban Ki Moon
Amal Clooney
FORBES ASIA
The Top 50
Indian clans make up over a third of this year’s rarefied realm.
O
ne country stands out on Asia’s To qualify for the list, participation Lall Munjal, founder of India’s biggest
50 Richest Families but not one in building a fortune has to extend at motorcycle maker, Hero MotoCorp,
industry. Among just the top least three generations. The impor- died at age 92. He’d handed over op-
five families, business interests span tance of succession planning is para- erational charge to his sons, Pawan and
technology, livestock producers, real mount and especially evident upon the Sunil, years ago, and last June retired
estate and oil and gas. While the top 50 death of the originator of the family’s as chairman and Pawan took the reins.
are rooted in Asia, their conglomerates wealth. Two patriarchs died in the past Sunil and Pawan parted ways this year.
have worldwide footprints. Collective- year. In September Cheng Yu-tung, This year the net-worth cutoff to
ly, they are worth $519 billion. founder of one of Hong Kong’s largest make the list was $3.4 billion—$500
Seventeen of the top 50 families conglomerates, died at age 91. By 2012 million more than last year. Among the
hail from India, as do 3 of this year’s 4 he’d already installed his eldest son, four families dropping off the list is the
newcomers. Each climbed to the ranks Henry, as chairman and executive Hamied clan from India. Its generics
from a different industry. The Piramal director of family-controlled jeweler maker, Cipla, took a hit, partly reflecting
family, whose business interests range Chow Tai Fook and conglomerate New a cut in drug prices by the government,
from real estate to health care, saw World. Last November Brijmohan which caused shares to fall. F
shares of its Piramal Enterprises soar
more than 80% in the past 12 months
on news that it’s considering creating
a financial services listed entity. The
Singh family, whose wealth was built
on real estate, saw its Bombay Stock
Exchange-listed DLF stock rise nearly
25%, in spite of a sluggish property
market, on news that the group plans
to sell its stake in a valuable rental arm
to institutional investors. Finally, the
Dhingra family makes its debut on the
list thanks to its Kolkata-based Berger
Paints India, the country’s second-
largest paint maker, whose shares
surged over 60% in the last 12 months
after a reported spike in net profit in
the latest quarter. Painting a pretty fortune: India’s Kuldip Dhingra and Gurbachan Dhingra.
THE LIST
1. LEE
$29.6 billion S
SOUTH KOREA
Sprawling family derives 35% of fortune from
Samsung Electronics. Chairman Lee Kun-Hee,
son of the business’ founder, remains in a
coma after suffering a heart attack in 2014.
His only son and heir apparent, Lee Jae-yong,
faces his biggest test yet amid global recall
of Samsung’s newest Galaxy phone, which
has since been discontinued. Samsung shares
up 20% regardless. Lee Jae-yong’s cousin,
Lee Jay-hyun, was pardoned by President
Park Geun-hye in August, 2 years after being
convicted of embezzlement and tax evasion.
2. CHEARAVANONT
$27.7 billion S
THAILAND
The family behind Charoen Pokphand Group,
one of the world’s largest producers of animal
feed and livestock, got a boost to its wealth
No. 5: Lee Shau Kee with younger son Martin, eldest son, Peter, and 20th-century hardware, 1996.
due to new information on its holdings. The
business dates back to 1921, when brothers family’s real estate giant Henderson Land.
Chia Ek Chor and Choncharoen Chiaravanont 4. KWOK
Brother Peter oversees operations in China,
opened a shop selling seeds imported from $25.2 billion S
while eldest sister Margaret manages the
China to Thai farmers. Today the group is led HONG KONG company’s portfolio leasing department.
by Chia Ek Chor’s son Dhanin, who shares the Asia’s richest real estate family controls Sun Kristine Li, Lee’s eldest grandchild, is an
fortune with his 3 brothers and other relatives. Hung Kai Properties, whose assets include assistant general manager of the business. Lee,
His son Suphachai runs telecom arm True, Hong Kong’s tallest building. Brothers Thomas Henderson’s chairman, founded Henderson
Thailand’s third-largest telecom operator. It and Raymond cochaired the $61 billion (net Development in 1973.
bid a record price of more than $3 billion to assets) firm before Thomas was jailed in 2014
acquire 4G spectrum in government auctions. for bribing a city government official. He 6. HARTONO
was released on bail in July and is appealing. $18.6 billion S
3. AMBANI Raymond’s son is the group’s sales and
INDONESIA
$25.8 billion S project manager, Thomas’ son its executive
director. Their father, Kwok Tak-Seng, Bulk of family fortune stems from Bank
INDIA
cofounded Sun Hung Kai & Co. with Fung King Central Asia, Indonesia’s largest
Oil-and-gas tycoon Mukesh Ambani sparked non-state-owned bank. Shares are up nearly
a price war in India’s telecom market with Hey and Lee Shau Kee in 1969; he later set up
Sun Hung Kai Properties, which went public 20%. The clan’s first fortune was rooted in
launch of 4G phone service Jio in September. tobacco. Brothers Budi and Michael took
(His Reliance owns Network18, a licensee of in 1972. Son Walter, who was ousted by his
brothers, has his own real estate firm, Empire over kretek maker Djarum, founded by
Forbes Media.) The same month his brother their late father in 1951. Djarum, now run
Anil announced the merger of Reliance Group Holdings.
by Budi’s son Victor, faces rising taxes on
Communication’s telecom business with rival cigarette sales and government crackdown
Aircel; it awaits approval. Their father, Dhirubhai 5. LEE
on production. Six members of the family’s
Ambani, got started trading spices and yarn $24.7 billion S
third generation help run holdings. Victor’s
and built Reliance into one of India’s biggest HONG KONG brother Martin invests in startups. Other
private sector businesses. After his 2002 death Patriarch Lee Shau Kee welcomed his seventh brother Armand is a director of BCA. Cousin
Mukesh and Anil had a falling-out and divided grandchild in 2015 and planned to gift Roberto launched Fira, an operating system
their empire. Mukesh’s twins work at telecom $2 million to friends and staff as part of the for mobile phones.
arm Reliance Jio Infocomm and Reliance Retail. celebration. The newborn belongs to Lee’s
Anil’s son works at Reliance Capital. youngest son, Martin, who oversees the SUP TDOWN ÌNEW TO LIST
FORBES ASIA
11. PREMJI
$14.6 billion T
INDIA
The family’s Wipro started in 1945 making
cooking oil from peanuts. Chairman Azim
Premji took over the business when his
father, Mohamed Hasham Premji, died in
1966. His expansion into software brought
the family riches. Today it is India’s third-
largest technology outsourcer ($7.7 billion in
sales). In October Wipro paid $500 million
for Appirio, a U.S. cloud-services firm in
Indianapolis. Son Rishad heads strategy at
Wipro and has a board seat.
No. 14: Tiang Chirathivat, Central Group founder, is fifth from left with other executives, 1968.
12. CHUNG
7. KWEK/QUEK in-law William Doo helped take New World $14.5 billion S
contractor FSE Engineering public in 2015. Yu-
$18.5 billion T SOUTH KOREA
tung worked for a goldsmith who owned the
SINGAPORE, MALAYSIA original Chow Tai Fook and married his boss’ Bulk of family’s fortune is controlled by
More than 15 family members control Hong daughter before settling in Hong Kong. Hyundai Motor Chairman Chung Mong-
Leong Group, a conglomerate with interests Koo and his only son Eui-Sun. Hyundai had
ranging from finance to property. The family 9. TSAI (FINANCIAL) its tenth consecutive slump in quarterly
traces its fortune back to 1941 when Kwek Hong earnings amid competition from imports and
$15.3 billion S
Png founded the company with 3 brothers. less Chinese demand. Fortune is up due to
TAIWAN new information. Mong-Koo’s father Ju-yung
Hong Png’s eldest son, Kwek Leng Beng, runs
Brothers Wan-Tsai and Wan-Lin founded started with a small auto repair shop in Seoul
operations in Singapore. Grandson Sherman was
Cathay Insurance in 1962. A family dispute led in the 1940s. Today its major entities include
appointed deputy CEO of the group’s property
them to split in 1979: Wan-Lin (d. 2014) took Hyundai Motor, Hyundai Department Store,
unit in April. Leng Beng’s cousin Quek Leng
Cathay, and Wan-Tsai built Fubon. Wan-Lin’s Hyundai Heavy Industries and KCC.
Chan runs the group’s Malaysia dealings.
son Hong-tu leads Cathay Financial Holdings,
8. CHENG Taiwan’s biggest lender. Hong-tu’s sons are 13. MISTRY
executive vice presidents at Cathay Financial
$17.3 billion S $14 billion T
Holdings and director and vice chairman at a
HONG KONG subsidiary, Cathay United Bank, in June. INDIA
Patriarch Cheng Yu-tung died in September. In Wan-Tsai’s sons Daniel and Richard have been Most of the family’s fortune is held in
2012 he installed eldest son Henry as chairman running Fubon since his 2014 death. Richard’s $103 billion (revenue) Tata Group, chaired
and executive director of family-controlled son leads Fubon Sports & Entertainment. until October by fourth-generation heir
jeweler Chow Tai Fook and conglomerate New Cyrus, who was ousted in a boardroom coup.
World. Henry’s son Adrian runs New World’s 10. HINDUJA His great-grandfather Pallonji founded a
day-to-day operations; daughter Sonia acquired $14.9 billion T construction business that built a reservoir
top-end Rosewood. Henry’s brother Peter in Mumbai supplying water to residents. His
INDIA, U.K.
heads New World China Land, which holds grandfather Shapoorji acquired the stake in
Four close-knit brothers control the Hinduja Tata Sons back in the 1930s. Cyrus’ father,
much of the $16 billion worth of property Cheng
Group, which has businesses ranging from Pallonji, secured lucrative contracts in India
accumulated in mainland China. Henry’s brother-
trucks and lubricants to banking and cable and in the Gulf. Pallonji handed reins of
TV. The group was started by their father Shapoorji Pallonji Group to son Shapoor
SUP TDOWN ÌNEW TO LIST Parmanand Deepchand Hinduja, who traded in 2012.
14. CHIRATHIVAT Investments Corp. is the Philippines’ largest by Bessie’s husband, Peter Woo, who chaired
retailer, with over 200 individual outlets. It property and logistics conglomerate Wharf
$13.8 billion S
announced in February 2016 that it is merging until 2015; son Douglas chairs holding company,
THAILAND its retail-related businesses under SM Retail. Sy Wheelock & Co. Helmut Sohmen, who married
The retail clan behind Central Group (CG), started a small shoe store in Manila and built it Anna, ran maritime firm BW Group until 2010;
Thailand’s biggest mall developer, bought into mall developer SM Prime. His children are their son Andreas took charge. Cissy and her
a stake in Big C Supercenter Vietnam from all involved in management. Grandchildren have husband look after Japanese insurance, trading
France’s Casino Group for $1.1 billion in April active roles. and industrial goods firm Cornes & Co. Doreen
but lost a bid to acquire Casino’s holding in and her husband manage family’s private
Big C Supercenter’s Thai unit. CG is led by 18. SAJI money.
Tos Chirathivat. In 1927 Tos’ grandfather Tiang $12.7 billion S
Chirathivat set up his first shop in Bangkok. In JAPAN
21. KADOORIE
1957 Tiang’s son Samrit opened the country’s $9.9 billion S
first department store in the Phra Nakhon Family’s Suntory Holdings had a boost in sales
as demand for whiskey rose in Japan. In 1899 HONG KONG
district of Bangkok.
Suntory founder Shinjiro Torii began producing Family’s Hong Kong & Shanghai Hotels is
15. KUOK Western-style liquors. His son, Keizo Saji, took celebrating 150th anniversary. Owns the
over in 1961 and transformed Suntory into Peninsula hotel chain, which plans to open new
$13.4 billion S a multibillion-dollar company with diverse hotel in London in 2021. Much of fortune stems
MALAYSIA, SINGAPORE interests. Nobutada Saji, the founder’s grandson, from CLP Holdings, which supplies electricity
Last December Robert Kuok sold stake in chairs the company. The family’s heir apparent, to 80% of Hong Kong’s population. Jewish Iraqi
South China Morning Post to Alibaba for $265 Nobuhiro Torii, Torii’s great-grandson, is director immigrant Sir Elly Kadoorie cofounded CLP in
million. His Kuok Group, which he founded of Suntory Beverage & Food. 1901. Sons Lawrence and Horace ran business
as a commodities trader in 1949, owns luxury before handing it over to Lawrence’s son Michael.
Shangri-La hotel chain, whose Asia division is 19. GODREJ Brother-in-law Ronald McAulay is on the board.
headed by one of his sons. Another son leads $12.3 billion S
Asia’s largest operator of offshore oil-and-gas INDIA
exploration vessels, PACC Offshore Services
Holdings, and a third son is director at Kerry Clan behind the $4.6 billion
Logistics. Group also has stake in palm oil giant (revenue) Godrej Group.
Wilmar International, which Robert’s nephew Godrej Consumer Products,
Kuok Khoon Hong cofounded. Third generation overseen by third-generation
is active across group companies. member Adi Godrej, boosted
its presence in Africa with
16. MITTAL the acquisition of 3 personal-
care companies in Zambia,
$13.2 billion S Senegal and Kenya. The group
INDIA was established by lawyer
Lakshmi Mittal’s ArcelorMittal, the world’s Ardeshir Godrej, who gave
biggest steelmaker, reported best profit in 5 up his profession to make
years. His father, Mohan Lal, started the family’s locks in 1897. He launched the
steelmaking business in the 1950s. Facing world’s first soap product made
constraints at home, Mohan Lal sent Lakshmi to from vegetable oil in 1918. His
Indonesia in 1976, where he set up a steel plant. brother Pirojsha acquired land
Lakshmi eventually separated from his siblings in Mumbai that remains the
and founded Mittal Steel, which in 2006 merged family’s biggest asset.
with Arcelor. His daughter Vanisha is chief
strategy officer of steel producer Aperam, and 20. PAO
son Aditya is ArcelorMittal’s CFO. $11.3 billion S
HONG KONG
17. SY
When shipping tycoon Y.K. Pao
$12.8 billion S died in 1991, his businesses split
PHILIPPINES among his 4 daughters, whose
Henry Sy owns retailers and real estate husbands took the helm. Bulk
throughout the country. The family’s SM of family fortune is controlled No. 21: Cofounder Elly Kadoorie with sons Lawrence and Horace.
FORBES ASIA
was granted the rights to run-up in shares of Bajaj Finserv, its finance
acquire nearly 19,000 square- arm run by Chairman Rahul’s son Sanjiv.
feet of land for $325 million. Rahul’s grandfather Jamnalal, a close ally
The deal was part of a joint to Mahatma Gandhi, founded the group.
venture with the Empire Group Jamnalal’s eldest son, Kamalnayan, took over
(headed by Walter Kwok, No. in 1942 and expanded into manufacturing.
4). Sino Group was founded by Rahul took charge in 1965. Cousins Niraj,
Ng Teng Fong (d. 2010) in 1970. Shekhar and Madhur run group companies.
Son Robert chairs Sino’s Tsim
Sha Tsui Properties. Son Philip 27. LAW
oversees Singapore developer $6.5 billion S
Far East Organization. HONG KONG
32. BANGUR
$5.75 billion S
INDIA
Benu Gopal saw shares in his Shree Cement soar
nearly 35% from rising sales and low energy
costs from falling coal prices. Son Hari Mohan
and grandson Prashant now run the company
(see story, p. 102).
33. SALIM
$5.7 billion S
INDONESIA
Clan’s Salim Group raised $1 billion from private
equity firms in December 2015 to repay debt
and finance expansion. In January it acquired a
coal mine in New South Wales for $224 million; No. 26: Jamnalal Bajaj was an ally of Gandhi and the founder of Bajaj Group.
FORBES ASIA
41. WEE
$4.6 billion S
SINGAPORE
The family’s United Overseas Bank (UOB),
Singapore’s third-largest bank by market
capitalization, is chaired by Cho Yaw, son of
UOB’s cofounder Kheng Chiang. To celebrate its
80th anniversary in 2015, the bank made a $15
million endowment to the National University
of Singapore and Nanyang Technological
University for a scholarship program. Son Ee
Cheong is UOB’s CEO. Other sons, Ee Chao and
Ee Lim, lead subsidiaries.
42. MUNJAL
No. 34: Young Tsai Eng-Meng (wearing shorts) in the middle of the first row with family members. $4.3 billion S
INDIA
37. ZOBEL who now run them independently. Shares of
Brijmohan Lall, founder of India’s biggest
son Sajjan’s JSW Steel rebounded, up 80% in
$5.1 billion S motorcycle maker, Hero MotoCorp, died in
the past year. Sajjan’s son Parth looks after the
PHILIPPINES November 2015. Son Pawan now chairs the
cement business.
Seven siblings control more than one-third company, which has sold 65 million 2-wheelers
of Ayala Corp., one of the Philippines’ oldest 39. ABOITIZ to date. Pawan’s sibling Sunil stepped down in
businesses, run by family’s seventh generation. July as managing director to focus on group’s
$4.95 billion S other entities and new business. Nephews
It started off as a small Manila distillery and is
PHILIPPINES run financial services, renewable energy and
now a holding company for Ayala Land, Bank of
the Philippine Islands, Globe Telecom and Manila The family controls Cebu-based Aboitiz Equity electronics businesses. Brijmohan began making
Water. Jaime II is chairman and CEO; brother Ventures (AEV), with interests in power, banking, bicycle parts with his 3 brothers in 1947. Later
Fernando is president and COO. Family also food, land development and biofuel. In 2015 the they made bicycles with Hero Cycles, one of the
hold stakes in San Miguel, the largest publicly firm acquired a majority stake in operations of world’s biggest cycle manufacturers.
listed food, beverage and packaging company in Lafarge in the Philippines. The company was
Southeast Asia. Inigo Zobel, Jaime’s cousin, sits founded by Paulino Aboitiz, who migrated to 43. SINGH
on San Miguel’s board. the Philippines in the late 1800s. It began as $4.26 billion Ì
an abaca-trading and general-merchandise INDIA
38. JINDAL business. Today 19 members of the family,
mostly fourth- and fifth-generation, are involved. Raghvendra Singh started his career as
$5 billion S a civil servant in 1935. Five years later he
INDIA 40. PATEL volunteered to join the Indian Army and was
O.P. Jindal Group’s interests include steel, power awarded Member of British Empire. After the
$4.9 billion S war Singh built homes for the population
and cement. It is chaired by Savitri, widow of
INDIA displaced by the partition, forming DLF in
founder Om Prakash (“O.P.”) Jindal. O.P. started
out making buckets in 1952; he founded a pipe In August the group’s pharmaceutical outfit 1946. Son-in-law Kushal Pal (“K.P.”) Singh left
unit named Jindal India in Hisar, followed by a Cadila Healthcare was sued by Swiss biotech an army posting to join DLF in 1961. Today
large industrial factory in 1969. Upon his death giant Roche, which claimed the company copied he chairs the Bombay Stock Exchange-listed
O.P.’s companies were divided among his 4 sons, and sold its popular breast cancer drug in India. company. It owns about 26.8 million square
Cadila maintains it had regulatory approval. feet of leased commercial real estate assets.
Chaired by pharmacy grad Pankaj with his K.P.’s son Rajiv Singh is vice chairman of DLF.
SUP TDOWN ÌNEW TO LIST son Sharvil as deputy managing director, the
44. LIM Koos Group. In 2003 the clan split its business 49. CHO
dealings. Jeffrey’s side of the family controls
$4.25 billion S $3.5 billion S
China Development Financial Holdings and
MALAYSIA CBTC Financial Holding, which he chaired until SOUTH KOREA
The clan’s casino empire, Genting Group, is his 2012 death. His son, Jeffrey Koo Jr, resigned The family behind the Hyosung Group, whose
helmed by second-generation Lim Kok Thay. In as vice chairman in 2006 after being embroiled interests range from industrial materials to
May Genting began construction on its $4 billion in a financial scandal; he is appealing a prison construction and technology. Chairman Cho
Resorts World Las Vegas, due to open in 2019. sentence for illegal share manipulation. In June Seok-Rae was sentenced to 3 years in prison
The late Lim Goh Tong transformed a dense Jeffrey Jr. was arrested and freed on bail on a following his conviction in January of tax
tropical jungle in Malaysia into a popular resort separate corruption charge but says the issue evasion and accounting fraud. His eldest son
in 1964. It is now a diversified multinational is a misunderstanding. Brother Andre is on the and heir apparent, Hyun-Joon, was convicted
with interests in palm oil, power generation, board of Chailease Holding. Chen-Fu’s son Leslie of embezzlement and sentenced to 18 months
oil and gas, property development and the Koo runs Taiwan Cement. behind bars, effective 2019. They’ve both
cruise industry. Kok Thay’s son Lim Keong Hui is appealed. Seok-Rae’s younger brother chairs
Genting’s chief information officer. 48. DHINGRA Hankook Tire, the world’s seventh-largest tire
$3.6 billion Ì company. Family traces wealth to father Cho
45. LO Hong-Jai, who took over a tire shop in the 1950s.
INDIA
$4.2 billion S
HONG KONG
Brothers Kuldip and Gurbachan Singh 50. PIRAMAL
Dhingra debut on the list thanks to their
The family traces fortune to late property $3.4 billion Ì
Kolkata-based Berger Paints India, whose
tycoon Lo Ying-Shek, who cofounded Great shares surged nearly 65% in the last 12 INDIA
Eagle Co. in 1963 with his wife, Lo To Lee Kwan. months. India’s second-largest paint maker, Shares of the family’s flagship Piramal
Today 8 family members sit on its board, of which the siblings own 75%, had a 40% Enterprises soared over 80% in the past 12
including Ying-Shek’s widow, who is 96. The leap in net profit in the most recent quarter. months. Interests extend from health care
flagship company is led by son Ka Shui (K.S.); The family’s paint business extends back to data and financial services. In 1977 at age
other sons have branched out on their own: to their grandfather and great grandfather 22, head honcho Ajay Piramal started out in
Vincent founded Shui On Land, best known for who started a paint shop in 1898 in Amritsar, his family’s textile business, founded by his
developing Xintiandi, the famed shopping and Punjab. Their father began making paints grandfather Piramal Chatrabhuj in 1934. Ajay’s
entertainment district in Shanghai. Son Yuk Sui but sold the business. The brothers restarted father, Gopikrishna Piramal, died suddenly 2
helms Century City International, parent of Regal what was then called UK Paints in the 1960s years later and 5 years after that he lost an
Hotels. and later made profitable paint exports to older brother to cancer, prompting him to take
the former Soviet Union. In 1991 they bought the reins. Ajay diversified and expanded into
46. HIRANANDANI Berger Paints, then the country’s smallest pharma when he acquired Nicholas Laboratories
$3.8 billion S player. Two of their children sit on Berger’s at age 32. In 2010 he sold his domestic
SINGAPORE board and are being groomed to succeed. formulations business to Abbott Labs for $3.8
billion. Ajay’s 2 children work with him.
As teens, Raj Kumar and brother Asok
Hiranandani inherited a textile business, Royal
Silk Store, from their father, Naraindas. They
transformed it into a chain of clothing stores
and expanded into real estate development.
In 2011 they split their Royal Brothers property
company. Raj runs Royal Holdings. His son Kishin
R.K. founded property company RB Capital.
Asok’s Royal Group owns retail, office and hotel
assets in Singapore, Australia, Kuala Lumpur and
Indonesia. Daughter Dimple Hiranandani Aswani
is director.
47. KOO
$3.7 billion Ì
TAIWAN
With his nephew Jeffrey Koo Sr., Koo Chen-Fu
turned an inheritance into business empire No. 45: Lo Family includes K. S. Lo, center, chairman & managing director, Great Eagle Group.
FORBES LIFE BUSINESS LIBRARY
Bestselling
Business Books Klieg Lit
CELEBRITIES ARE big business in the book industry, rou-
BY NATALIE ROBEHMED tinely securing boffo advances for their memoirs. Now there’s
SHIFTING A MILLION physical copies is a challenge in today’s also a cottage industry of celeb publishers eager to cash in
publishing climate; doing so with a business book is even trickier. on the back end, too. Some imprints have been small, such as
Yet 11 authors have managed it since 2004, when Nielsen began actor Viggo Mortensen’s Perceval Press, which focuses on the
tracking book sales. Occupying the executive suite: Tom Rath’s arts and criticism. Others are more mainstream. One certain
StrengthsFinder 2.0, from 2007, which purports to help you dis- to do well: Oprah Winfrey’s as-yet-unnamed Flatiron Books
cover hidden talents and put them to use. imprint, which will publish her memoir in 2017.
Rath’s sales demolish even those of such well-known pop-econ-
psych works as Blink and Freakonomics. The oldest title still being
plucked off shelves: the find-a-career classic What Color Is Your
Parachute?, first published in 1970 and now in its 47th edition.
On the Trail
of the Divine
A reminder that faith and worship are omnipresent in India, part of a grand symphonic ensemble.
TEXT AND PHOTOGRAPHS BY AMIT PASRICHA
CURATED BY MADHU KAPPARATH
I
grew up in a house on a street at one end of bore me along physically in their surging celebrations of
which stood a gurudwara (a Sikh place of wor- faith. In this sea of movement, I had to find my shot, part
ship) and at the other a Hanuman temple. I went of which was often behind me. There was, besides, the
to a school run by Catholic missionaries and problem of people moving from one frame into the other,
attended an Anglican Christian college. Some- creating a blur. I learned how to plan my picture seams
where amid these religious influences of my growing in areas of minimal movement and to shoot a sequence at
years, the seed for a book was sown. lightning speed. You could say I learned to dance, turning
Religious activities are like parts of a grand symphonic with, and around, the swirl of energy. F
ensemble, and in cities and villages, in forests and moun- (Adapted from FORBES LIFE INDIA, a licensee of
tains, you stumble, at every turn, upon a religious rite, a Forbes Media.)
ritual, a call to prayer. In far-off ruins and forgotten vil-
lages, the reprise of an ancient sacred cadence plays on. About the photographer
Down holy rivers and up on frigid mountains, the deep This is a selection from Amit Pasricha’s award-winning
timbre of a chant freezes on the icy air. Everywhere is The Sacred India Book, published in 2009. Delhi-based, he
worship—a constant music. is an exponent of panoramic photography, and his third
When I swept my lens across India, I saw that there big panoramic title, India at Home, was recently released.
was no place where worship had not left its imprint. The
sacred was everywhere, and history, geography, politics,
industry and the pursuit of wealth, culture, science—all of HANUMAN STATUE, DELHI
these were run through the same sacred thread. A giant statue of Hanuman, the popular monkey god, looms above a
I photograph in the panoramic medium, where seg- metro overbridge in Delhi. This juxtaposition of the modern with the
mythical is typical of the many contradictions of India. In Hindu myth,
ments of a view are digitally stitched together to create man, beast and divinity are often seen to easily coalesce into one
a wide image. My subjects, sometimes teeming, often entity, illustrative of the unity of all created things.
MUHARRAM, SRINAGAR
A group of Kashmiri Muslim
women near Saida Kadal, Dal
Lake, head home after attending
Muharram ceremonies. Shia
Muslims observe ten days of
mourning during the Muharram
month. In Srinagar only small
Muharram processions are
permitted and are under heavy
security due to Shia-Sunni
sectarian hostility that tends to
peak during this festival. The
Shias constitute only about 10% of
Kashmir’s Muslim population.
DEVOTEES, RAJASTHAN
Like a flock of brilliantly colored
birds, a group of Rajput women
wend their way across a black
granite plateau to a 12th-century
Shiva temple at Menal in Rajasthan.
Dramatically located on both sides
of a deep-wooded gorge with a
seasonal waterfall that rushes over
the rocks, the temple is an ideal
picnic spot for these women from
a nearby village. They are usually
entirely veiled and seldom get an
opportunity to leave their homes.
CLOCKWISE FROM TOP RIGHT: TODD WILLIAMSON/GETTY IMAGES; ROBIN NELSON/ZUMAPRESS/NEWSCOM; MICHAEL STEWART/GETTY IMAGES; RANDI LYNN BEACH/AP;
impressed that someone had “WHO DECIDES WHAT’S
give capitalism projected a laser image onto a DECENT AND WHAT’S
NOT? SAM WALTON
a good name, nearby hill. Wouldn’t it be great, HIMSELF NEVER
they asked, if we could laser CLAIMED SUCH DIVINE
who does?” ‘Google’ onto the moon?” POWERS, SO I DOUBT
HE HANDED THEM