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.
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Reader Comments (Page 11 of 11)
11-24-2007 @ 5:12AM
VagabonndHeart said...
I Think it is disgusting and a way over the top that he is building a $1 Billion home, but then dirty language and calling Mukesh names is also way over the top. He worked for it, has the brains for it and fully deserves it. What would probably do him good is a bit of modesty and charity.
12-28-2007 @ 3:22PM
valooaa said...
yes u r right ,that's a point if he is gaining money then also provide many opportunity and increase employment .And moreover we r social animal and every one has their certain role in society.
11-30-2007 @ 1:58AM
pinkpanther said...
Well the man has definetly made money for himself and his shareholders. Dr.Tim Johnson should instead of calling people names try his luck at making money first...find out if he is successfull or not ....then come and make a comment on other fellow human beings who are good at it....i'm guessing the good Dr.'s useless at it ....might also be a more useless Dr... instead of wasting time on the internet posting useless comments on other people's rich takings, the good Dr...should be laid to REST...AMEN
12-02-2007 @ 7:15AM
Bobby said...
As an Indian I am proud that Mukesh Ambani had become the world richest man list ,I thank God that an Indian had came up thru his hard work and dedication which his father had taught him.Let our Nation grow with lot of richest man come up and see all of them should come out and contribute for the country progress.Wishing him all the best for the future.
Bobby
12-04-2007 @ 7:53PM
April Hampton said...
To Whom It May Concern: I have been trying to find someone very wealthly to give me 100,000 to start my life new
12-11-2007 @ 2:36AM
hmmm... said...
Id love to see what half of you would do if you had more than the $100 you seem to have right now .. Sad , sad sad.......
12-20-2007 @ 11:31PM
A. Katchurian said...
I am amazed at the number of people pouring out Biblical mumbo-jumbo, like after life, heaven etc. Turns out the so called "Saint" Mother Teresa was just as money oriented; just that she pretended it was about God. Her foundation accumulated vast amounts of wealth, using the poor of India as an image, yet her hospices (the ones in India) were never improved. She even did "business" with the likes of Charles Keating and DuValier and nobody batted an eyelid. No palliative care, no clean needles etc. were provided for the so called poor. According to her, pain and suffering was due to Jesus' kissing! Dont take my word for it, many credible people have documented it. The Vatican itself is a large business enterprise with loads of money. They have duped the masses into giving them Tax exempt status so others can pay on their behalf. Ambani and others at least dont make any pretensions as they are out there to make money. As somebody above said, they create employment, tax revenues etc. and ultimately remain accountable to share holders like you and me. If you have international exposure in your Funds then you have gained some of that filthy lucre as well. Food for thought....
12-24-2007 @ 7:21PM
Rohan said...
I do really appriciate mukesh ambani for taking the decision to make house of 1 billion $ ...... guys afterall its his money let him spendt in his own fashion ..... we are not the one to give any comments on that ..... there are many other celebrities like michael jackson, bill gates, warren buffet, sharukh khan, tigerwoods etc.,
12-25-2007 @ 9:59AM
Sachin Gupta said...
I think that to become world richest is good, however if it brings a betterment for the people it is even better & this is what Mukesh Ambani is doing. No matter he is spending money on his home; his companies are generating foreign exchange and providing employment to the countrymen!!
12-31-2007 @ 10:32PM
art_rathu88 said...
I cant complain, for i haven't worked hard like him.. but still he could do some good to nation.. ofcourse its his wish
1-01-2008 @ 3:14PM
Fred said...
Thank you Mr. Ambani for producing in this world. I'm grateful to you for the thousands of jobs you provide for the poor in the construction of this marvelous home and the thousands more who are employed in your companies and because of your investments. I'm grateful that you do not store all your money in some vault, but put it to work in the world. Thank you for not giving a "fish" to the poor but giving them jobs "teaching them to fish." If you simply gave away all your riches, they'd be consumed overnight with no lasting benefit. By employing your thousands--I understand 600 in the maintainance of your new home alone, you create lasting good in the world. Please never give in to the short-sighted of the world who think they know how best to spend your money, those who have never employed nor fed a soul more than a few paltry meals, but feel they know best how to cure the world's ills. Best wishes to you.
1-23-2008 @ 3:12PM
Kamil said...
Jealousy burns! leave them rich people alone they have done nothing but try and better the world (at least some). think about it they have contributed towards modernization and making our day to day lives easier. Can u really imagine walking to work, not having a pc to make communication easier and the world efficient, or not having steel for infrastructure? would you rather work in a hut? walk to ur destination? and if u had the gift of telepathy (which we dont) communicate with the rest of the world. so all those sour cows out there...screw u! imagine ur life with out these people.... oh and i am proudly indian!!!