Seems the world economy is growing and changing so fast that staying on top for very long will become harder. Carlos Slim of Mexico did not retain the title very long, as CNBC is reporting Meet the World's New 'Richest Person' -- For Now, a story about Mukesh Ambani. It has been reported that he is just completing a ONE BILLION DOLLAR HOME! Here's how the Indian press reports rank the world's top five richest people as of today, based on known public stock holdings:
- Mukesh Ambani - $63.2 billion
- Carlos Slim Helu - $62.2993 billion
- William (Bill) Gates - $62.29 billion
- Warren Buffett - $55.9 billion
- Lakshmi Mittal - $50.9 billion
What's more important is who is taking what actions. What are these supernova rich guys doing with their wealth? In the case of Gates and Buffett, they have become the world's biggest philanthropists. Carlos Slim has expressed a desire to share his wealth as well by setting up a $10 billion foundation -- I'm not sure how far he has gone with that idea. Mittal is still busy buying up all the steel production on the planet, and is now the largest player in the market. That will increase his wealth for now. On the other hand, the Hunt Brothers of Texas thought that way in the 1970s about silver, and found out rather quickly that was not their brightest idea. Steel is likely a much better bet.
Portfolio.com portrays Ambani, 50, chairman of Reliance Industries, as India's premiere capitalist, directing sprawling business operations that include petrochemicals, oil refining, textiles, retail and biotechnology. Ambani's father built Reliance up from a handful of textile mills (sound familiar Buffett followers?) into an industrial conglomerate that represents about 3% of India's $4.1 trillion economy, with annual revenue of more than $27 billion, almost as much as the better-known Tata Group.
Unlike some of the other super-billionaires, Ambani must believe charity begins at home, because he has spared no expense in his. He has chosen to live the most extravagant of lifestyles, and does not seem to mind being celebrated for it. While the family -- including Ambani's wife, Nita, who looks after Reliance's Foundation's corporate-responsibility program -- has supported many charitable organizations, Ambani must be saving his best for last, because to date all of his contributions would be through expanding economic development.
If you are a shareholder you might do well, but if you are not, you might have to wait a few more generations to be lifted out of poverty by Ambani's efforts. But, things change fast as discussed earlier, and I would like to think that upon the completion of his new living quarters, he starts to build the largest of philanthropic organizations to channel his vast and growing resources.
Nita deflects attention from her family's work in India by moving to a more global discussion, saying "I think we are making steps, but today it's important that we talk about humanity at large. I don't think it's 'India this and that,'" Nita says when asked whether India is moving in the right direction in terms of evening the disparity between rich and poor. "Look at Africa. There are huge belts of people who live on less than $1 a day. We have to address this issue, without getting into 'country.' Every one of us is responsible for all of humanity."
Well certainly we all have some responsibility, but with $63 billion in assets, I would think some should be more responsible than others.
Disclosure: I have received the benefit of investing in two Indian companies -- Tata Motors Ltd (NYSE: TTM) and ICICI Bank (NYSE: IBN) -- both up substantially.
To find potential opportunities and verify my track record, read Chasing Value or Serious Money.
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.
Where have all the consumers gone?
Yahoo! soars on report that former AOL CEO wants to buy
What ever happened to GE?
Reader Comments (Page 1 of 11)
10-29-2007 @ 10:18PM
LAM said...
It's more important to be rich inside. Go to:
www.themiracleinsidemymind.com
12-12-2007 @ 10:26AM
Shaun said...
Give the guy a break. If you have 63 billion in assets and you want to build a billion dollar home - go for it. I say congrats, my hat is off to him. You really think he should feed a kid or save the world? We can't wage everything on this one article. Who says he hasn't given a philanthropic donation to one charity or another. Here's a challenge, instead of blasting billionaires for not saving the world, how about not buying anything for your family or friends this holiday season and instead donate your time and money to help homeless and starving families in your hometown. Just my 2c. Thanks.
10-29-2007 @ 10:54PM
dr tim johnson said...
To build a one billion dollar home is disgusting...what can you possibly have in a home that would cost a 1000 million dollars? If only people like him, could use their wealth for bettering the planet. Curing diseases, feeding and housing the poor, research to make the present and future better. Not gold toilet seats, and diamond studded toilet paper holders.....
And when this bastard dies, he will be no different than any ohter dead person, whose remains wither return to nature, or get mummified.His wealth will not protect him from death.
12-10-2007 @ 2:48PM
mizan said...
if u have tht much monmey, the price of things u buy tend to be in tht region e.g. granite flooring is £100sqm
12-11-2007 @ 2:29AM
hmmm... said...
I wonder how many times you've called Bill Gates a bastard ?
I wonder how much you've given given over the past year from what you earn.
I wonder if him being Indian has anything to do with it ?
10-29-2007 @ 11:00PM
Roman said...
World is moving forward.
10-29-2007 @ 11:53PM
janet said...
You are a sadist Mr.dr tim johnson..
10-30-2007 @ 1:29AM
any said...
Most wealthy men prefer dating good-looking girls according to officals of millionaire dating site WealthyRomance.com, a site dedicated to wealthy men and beautifule women. It is said Charlie Sheen just found his match on WealthyRomance.com.
10-30-2007 @ 2:20AM
steve said...
all you critics of his wealth...and his billion dollar home.......more power to him. He made the money, he should spend it as he wishes. I'm sure he does not care how any of you feel.....more power to him!!!!
10-30-2007 @ 3:20AM
Lakshmi said...
A surprise gift (title of richest man in the world) from Mukesh Ambani for Indians on Diwali
10-30-2007 @ 3:40AM
ITALO BABINI said...
Each time the ego personality incarnates in a new body to continue his evolution, he satrst again were he left over at the moment of his transition.
Genios, Prodigies starts early, many times at early age, like Mozart who at 6 composed master works without having any help from teac hers about the rules of music. Bill Gates and the rest of them, bilionaries WORKED THEY WAY UP IN PREVIOUS INCARNATIONS, and NOW are just continuing they advancments. MONEY IS NOT EVIL, but WHAT you do with it CAN BE OBJECT FOR FURTHER KARMIC CONDITIONS. YOU AND HUMANITY WILL PAY FOR YOUR SINS.
10-30-2007 @ 4:37AM
Anil Mitra said...
Last night I went out and had fun. I had an Italian meal at an upscale restaurant with half a bottle of wine. I took taxi home instead of driving. I called another cab, went downtown for more drinks and dancing. I bought an expensive cigar. I don't smoke regularly but like a good cigar once in a while. I flirted with women and bought them some drinks. I rented five videos... Now, I could have contributed the money to charity. I'm not sure how this is any worse than a billionaire buying a billion dollar home. My evening cost about $100. If everyone in America diverted $100 worth of fun to charity that would be $30 billion. When I think of whining, I remind myself that I may be part of the problem
10-30-2007 @ 5:33AM
WeighMaster said...
The MEEK shall inherit the Earth. Remember that phrase about the " Camel passing through the eye of a Needle?" The RICH won't make it into Heaven. I feel sorry for them. Just think, my Doctor just upped my dosage on my anti-depressants too.
10-30-2007 @ 6:55AM
theresa said...
WeighMaster: the rich will make it to heaven if they get saved. Jesus said all who call upon Him.
10-30-2007 @ 7:55AM
JoJo said...
"'I was bought from my parents' village in [the northern state of] Bihar and taken to New Delhi by train," The Observer quoted the boy as saying. "The men came looking for us in July. They had loudspeakers in the back of a car and told my parents that, if they sent me to work in the city, they won't have to work in the farms. My father was paid a fee for me, and I was brought down with 40 other children."
I wonder what this big shot isdoing to help these people!!
10-30-2007 @ 7:56AM
viper1004 said...
on his way to making zillions...do you think he screwed anybody over?
10-30-2007 @ 8:03AM
Molly said...
With all the starving children in India and with the lack of education in India you would think this man would act like a real man and put his money where his nations needs are. India prides itself it its educated men and women....but those are the lucky few. Feed a child, educate him and maybe india will have a chance . Shame on him. This is greed at its most repulsive.
10-30-2007 @ 8:07AM
Mukesh Ambani PIG said...
Disgusting man full of himself.
10-30-2007 @ 8:08AM
Stacey B said...
I am glad to see that this man is a millionaire. I knew it would probably be someone from an oil country. I figure, it's none of my business what he spends it on, as long as he is happy at the end of the day. I would love to be a billionaire! I sure wish these people with a lot of money would spread the wealth around.
10-30-2007 @ 8:11AM
David said...
People who live like that are disgusting, ...especially in a country like India where alot of people are going through hardship. As someone else said, its better to be rich on the inside.