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 5 of 11)
11-04-2007 @ 4:10AM
saurabh said...
get a f*****g life u morons ... bloody hell...he earned frigging 62 billion $ ...good for him... what the f**k are u lamers cribbing bout... well had one of u been in his place i am more than just sure bout the fact that u wouldnt give a flying f**k bout those poor fellas !!
10-30-2007 @ 10:25AM
rossy said...
why don't everyone stop complaining , i'm sure everyone here will like to meet a billionaire sometime in their life, when you're outside looking in it's different than when you're inside looking out.
10-30-2007 @ 10:29AM
georgia kritikos said...
yah the world is really moving forward.....alot of heat......prrrrrrrrrrrrrrrrrrrrrrrrrr
10-30-2007 @ 10:30AM
Richard said...
Did you know that the Hindi God Vishnu is a six armed hemaphrodite, they pray to rats, cows and monkey's thinking they are deceased relatives that will unlock secrets of life/blessings, that India has the largest population of men that remove their genitalia to become transvestites? Did you know that Indian culture works on a caste system (class) it has the highest poverty rate and a higher caste system member can literally murder a lower caste member and not be held to blame.
10-30-2007 @ 10:31AM
Stan said...
Kothari V, that is just plain stupid. That kind of thinking borders on communism. You and Loretta need to move to Cuba.
10-30-2007 @ 10:34AM
margaret Callinan said...
.......yeah, but is he happy?
10-30-2007 @ 10:36AM
Agdhaul27 said...
I'm extremely happy to see my dude from India to be the richest man in the world. As an indian living here in the US it motivates me that anything is possible. Other than that he can do whatever he wants with HIS money, all the other haters out there who talk negative about him can do you know what!
10-30-2007 @ 9:18PM
Tony Muniz said...
Wealth does not make you immune to life's lessons. If you're not learning the personally, you are learning the on behalf of those less fortunate than you, if you're lucky.
10-30-2007 @ 10:34AM
Stan said...
Richard, what is your point here? What does your lame comment have to do with this man's fortune?
10-30-2007 @ 10:34AM
Howard Hughes said...
If Mr. Ambani decides to expand into the US, let's hope he subscribes to the same philosophy on Diversity as his US counterparts. If not, we should expect an influx of additional Indian H-1 Visa workers into this country. Let's hope that's not the case.
10-30-2007 @ 10:37AM
N Singh said...
Well Done Mukesh. Hats to you. You Earned it, You deserve it.
Anyone who criticizes you are Fools and know nothing better, because they cannot be like you and live like you.
You are an Asset of India and There is nothing wrong with spending your money for you and your family.
10-30-2007 @ 10:38AM
ristshot6 said...
sick sick world we live in. How bout cutting a mere 10% of these disqusting salaries of not only these rich zillionaires but all the professional athletes as well and give it back to this world that is dying so that these guys can put an extra million in their pocket. jesus when will this world learn...we need a revolution!
10-30-2007 @ 10:37AM
Stan said...
Ian, he lives in Mumbai, one of the richest countries in the world.
10-30-2007 @ 10:39AM
Kenny Kasselder said...
I'm happier being ridiculously good-looking! Would you want to look like this dude? Seriously? Even with $60 bil.?
10-30-2007 @ 10:41AM
Craigushka said...
He is a son of satan, and that is why he has the vast wealth. Plain facts.
10-30-2007 @ 10:42AM
Stan said...
ristshot6, another communist. What is it with all these people who think that anyone who has money should give it to them because they are too lazy to go out and make their own fortunes.
remember that we are all born naked and have equal opportunity. Why be envious of someone else who is brighter, stronger, and richer than you?
10-30-2007 @ 10:44AM
Ash said...
There is nothing disgusting about being filthy rich. You get there either by hard work or be lucky by being born to rich parents.
May all your parents be rich!
10-30-2007 @ 10:49AM
li7316 said...
I cant believe people can be that rich? That's crazy money! I'd kill to have $10,000 cash let alone 63 BILLION?? that's nuts! =)
10-30-2007 @ 10:45AM
Stan said...
Son of Satan?
Do you honestly believe the movie "Rosemarie's Baby" is based on a true story?
Get a life, Dude.
10-30-2007 @ 10:53AM
cyriac said...
I am sure he will share his riches with the poor of India. He wil be an example as Mahatma and Mother Theresa. What are we going to take when we die? Only our good works. Not a penny.
Cyriac
USA