Forbes India 05 April 2013 (e-magazine full)

FORBES INDIA VOLUME 5 ISSUE 7 APRIL 5, 2013 THE WORLD’S RICHEST PEOPLE 2013
{ Collector’s Edition}
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With $5.4 trillion between them, their wealth is now at an all-time high
PEOPLE
The
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Richest
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INDIA
Tablet Edition
Welcome to the
In Association With

On Doers and Doings
5
April 5, 2013 | FORBES INDIA
T
he special edition that you hold in
your hands is the definitive guide
to the richest people on earth.
For a little less than three decades, Forbes
has been at the forefront of tracking the
wealth of the biggest billionaires around

the world. The global wealth team, led by
editors Luisa Kroll and Kerry A Dolan,
have ranked the billionaires on the basis of
their net worth. And this year too, despite
the global uncertainties, the 2013 Forbes
Billionaires list has as many as 1,426 names.
True to form, the US has the highest
share of billionaires (442, to be precise),
but the rise of Asia is clearly noticeable. In
all, there are 386 billionaires in the region,
up from 315 last year, which translates
into a 20 percent jump in net worth. And
China is well ahead in that race, with 122
billionaires; India takes second place at
55. This time, the number of newcomers
(78) in Asia is significantly higher than the
number of dropouts (22), suggesting that
the momentum could last for a while.
There are plenty of riveting stories in this
edition that are bound to keep you hooked.
Like the one on Russian tycoon Mikhail
Prokhorov, who is a strong candidate to
eventually replace Vladimir Putin in the
Kremlin. Don’t miss the incredible story
of Prince Alwaleed Bin Talal of Saudi
Arabia. He’s apparently willing to go to
any lengths to push up his ranking on the
Forbes list, except that his methods are now
no longer a secret. In 2010, I remember
meeting Renzo Rosso in Mumbai,

when he was here to launch his brand
Diesel, in alliance with Reliance Brands.
Today, Rosso is building a global fashion
conglomerate that could rival LVMH.
When this magazine was launched
in the US in 1917, its original name was
Forbes: Devoted to Doers and Doings. The
billionaire entrepreneurs, who feature in
these pages, are a testimony to that very
same spirit. As Nolan Bushnell, the founder
of Atari, once said about entrepreneurship,
“The critical ingredient is getting o
your butt and doing something. It’s
as simple as that. A lot of people have
ideas, but there are few who decide to do
something about them now. Not tomorrow.
Not next week. But today. The true
entrepreneur is a doer, not a dreamer.”
Best,
Indrajit Gupta
Editor, Forbes India

@indrajitgupta
/ letter from the editor /
The rise of
AsiA is cleArly
noTiceAble. in
All, There Are 386
billionAires in The
region, up from

315 lAsT yeAr,
which TrAnslATes
inTo A 20 percenT
jump in neT worTh
INDIA
Volume 5 | Issue 7 | April 5, 2013
6
FORBES INDIA | April 5, 2013
FEATURES
UPFRONT

12 Global Giving
Since its debut three years ago, 105
billionaires have signed Warren
Buett and Bill Gates’ Giving
Pledge, promising to give away at
least half their wealth. Here are 11
non-US billionaire signatories. Plus:
Amancio Ortega leads our annual
scorecard of biggest gainers

13 Most Eligible
Nearly all of the world’s 1,426
billionaires are married, but
these five have never tied the
knot. Plus: Up-And-Comers, the
Billionaires edition

14 Virgin Territory
These entrepreneurs put their

countries on the billionaire map
for the first time

15 The Fallen
Only 68 billionaires failed to make
it to the list this year, and eight of
those died. That pales in comparison
with the 210 newcomers. Here are
10 notable drop-os

16 Self-Made Women
We take a quick look at 10 of the 24
women on our list who started their
own businesses

18 Trends: What the Billionaires
List Tells Us
An analysis of our list shows which
emerging economies are on the rise
and which will disappoint

20 Indian Billionaires
There are 55 of them on the list, with
a total net worth of $194 billion
Contents

24 The Rise of Saigon
Nearly four decades after the
communists declared victory,
it turns out capitalism won the

Vietnam War. The proof: Pham
Nhat Vuong, the country’s first
billionaire

30 Billion in a Bottle
PepsiCo bottler Ravi Jaipuria’s
insatiable thirst for growth earned
him a fortune

34 Prince of Insecurity
Prince Alwaleed says he’s one of
the 10 richest people in the world.
Forbes doesn’t buy it

42 From Oligarch to President?
Mikhail Prokhorov is a tycoon
in Russia, Jay-Z’s partner in
Brooklyn—and a strong candidate
to eventually replace Vladimir
Putin in the Kremlin, a prospect
the billionaire is turning into his
fulltime job

48 Diesel Powered
Renzo Rosso made his first billions
by bringing a sexy Italian touch
to the ultimate American icon,
blue jeans. Now he’s building an
international fashion conglomerate
that could one day rival LVMH

54 The Thrillionaire
GoPro’s Nick Woodman lived to
surf and take photos doing it. A
reminder of the most powerful
Most Eligible:
Jack Dorsey
Woman On top:
Rosalia Mera
13 16
April 5, 2013 | FORBES INDIA
7
model in business: Doing what
you love
61
The World’s Billionaires
The ranks of the world’s
billionaires, as monitored
and tallied by our global wealth
team, have yet again reached
alltime highs

62 The Top 20
Carlos Slim is once again the
world’s richest person, followed
by Bill Gates
Vietnam’s first
billionaire: Pham
Nhat Vuong
GoPro’s Nick

Woodman
Diesel’s Renzo
Rosso
Saudi Prince
Alwaleed
Russian tycoon
Mikhail Prokhorov
PepsiCo bottler
Ravi Jaipuria
24
30
34
42
48
54
8
FORBES INDIA | April 5, 2013
INDIA
Volume 5 | Issue 7 | April 5, 2013
Contents

124 Billionaire Beach
California’s Carbon Beach is the
world’s most expensive sandbox.
Hollywood’s power players now
pay upwards of $200,000 per foot
of beachfront
11 Letters to the Editor
127 Thoughts
REGULARS

WE VALUE YOUR FEEDBACK.
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Letters may be edited for brevity.
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126 A Day in the Life
Twenty-four hours of
billionaire brands
1 24

66 The Full List
The 2013 Forbes Billionaires
list now boasts 1,426 names,
with an aggregate net worth
of $5.4 trillion, up from
$4.6 trillion
FEATURES
Carbon Beach
Life
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Upfront
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Features
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Mumbai Vs Bangalore
Mumbai and Bangalore’s roles in
a new global economy
Are Small and Medium
Businesses Really Demanding
Cheaper Sofware?
The opportunity exists in growing

markets across the world, and
several sofware vendors are
shifing focus on maximising their
revenues from countries like Brazil,
India, Russia and China; most of
the individual businesses in these
countries are small to medium in
terms of revenues
OUR BLOGGERS
FORBES
BILLIONAIRES
LIST 2013
THE SOUL OF THE
NEW CORPORATION
By Mitu Jayashankar
& Cuckoo Paul
DAILY SABBATICAL
Podcasts
DR. RAJAT
CHAUHAN
An ultrarunner, and founder & medical
director at Back 2 Fitness
Chevrolet has the technology,
porfolio of products which includes
a small car, quite a few sedans, a
utility vehicle and a network
that covers almost 170
cities in the country. But
it continues to remain a
fringe player in India

The Fizzy Health Care Industry
Research shows that 20 percent
taxes on fizzy drinks would add up
to over a billion pounds a year. It is
being recommended that the money
be used in treating obesity
Stereotyping: That Blinding
Human Folly
Some of us are blinded by our
own personal stray experiences,
comforting or otherwise,
which makes us arrive at our
own stereotypes. The generic
stereotypes, at least, are public
and can be challenged
ANIRUDHA
DUTTA
Blogs on stories beyond
the numbers
ASHISH K
MISHRA
An autophile with a handle on
the Indian auto industry
NILOFER
D’SOUZA
Writes on health, entrepreneurship
and technology
YOUNG INDIA: DEVELOPING,
ENGAGING AND RETAINING
GEN Y TALENT

How the transition will need to be
managed by the country as well as
organisations in order to maximise
the opportunities and benefits of
this enviable demographic in India
Chevrolet India—The Average Car Company
THE FUTURE OF
WORKING LIFE
Lynda Gratton, a
London Business
School professor and
a top management
thinker, describes
the possible ups and
downs of our future
work life
CHINA’S GROSSLY
UNDERESTIMATED
CONSUMPTION
China’s consumption
rate is generally
comparable to the
level of consumption
in the East Asian tiger
economies based on
figures from PWT
IS ‘CONSCIOUS
CAPITALISM’
AN ANTIDOTE
TO INCOME

INEQUALITY?
If capitalism creates
unacceptable income
inequality, what can
be done about it?
April 5, 2013 | FORBES INDIA
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FORBES INDIA | April 5, 2013
Readers Say
FLY HIGH BUT CHEAP
Refer to ‘Change is in the
Air’ (March 22, 2013, issue).
I’m sure there would
definitely be more articles
linked to Air Asia, low-
cost carriers (LCC) and
India. Discipline is much
required in aviation and
it has a direct bearing on
cost. IndiGo was able to
attract business customers
primarily by being on
time. AirAsia has mostly

self check-in kiosks and
they work pretty well if a
passenger is on time. Most
of us do not need three
people to issue a boarding
pass. Culturally, AirAsia fits
well with the average India
that wants to travel cheap,
often, and not too far.
Vaibhav Mathur
On the Web
AirAsia is all set to disrupt
business models and the
[aviation] sector in India.
Perhaps it’s a dream come
true for the original
Indian LCC proponent:
Captain Gopinath. Perhaps
it’s a travesty of sorts for
Kingfisher [Airlines] to
look haplessly at such a
phenomenon. But
employees of KF will be
most exhilarated at the
advent of AirAsia in India.
Srinivas
On the Web
JOY OF GIVING
Refer to ‘The Soul of the
New Corporation’ (March

22, 2013, issue). The cover
feature will, hopefully, open
a debate that will ultimately
redefine CSR. Spending
for supporting social
causes has, by and large,
remained at the bottom
end of priorities for the
government and corporates
so far. Without struggling
to put together a legal
definition for CSR, those
who are lucky to govern
and manage resources that
belong to society, should
take upon themselves the
responsibility to eradicate
hunger and poverty,
provide shelter and potable
water, promote literacy
and oer reasonably
aordable health care.
MG Warrier
Via Email
CHARGE YOUR CAR
Refer to ‘Electric Vehicles:
Has It Really All Come
Together?’ (March 22, 2013,
issue). EVs appear to be
a great alternative on the

face of it. Underlying this
are some facts that stare at
us. First: The availability
of power. Take Tamil
Nadu for instance. Barring
Chennai, power is available
for only 12 hours a day in
the state. Low voltage is
another evil. Second, the
government must come
out with zero tax/duty for
EVs. Instead of subsidising
diesel, it might as well
subsidise the purchase
of an EV, because this is
only a one-time subsidy
and not a recurring one.
CS Ananth
Via Email
STEEL SOLUTIONS
Refer to ‘Waiting for
Payback’ (March 22, 2013,
issue). Another smart way
to reduce the capex cost
is to acquire a running
plant from Europe or the
US. With the economic
slowdown there, it could
be had at a very reasonable
price. Around the world,

there are many stressed
assets like these, which
Indian companies must go
after in order to become
globally competitive.
Manoj Kumar
On the Web
CLICK N’ SHOP
Refer to ‘The Style Seller’
(March 22, 2013, issue).
That’s a great hike by
Myntra in a short span of
time. We should appraise
the development in the IT
and e-commerce industry
in India. Just imagine
yourself in 2005 and see
the dierence in 2013.
Ashu Ashwani
On the Web
twitter.com/Forbes_India
facebook.com/ForbesIndia
linkedin.com/groups?gid=1959962
/>CORRECTIONS & CLARIFICATIONS
MARCH 8, 2013, ISSUE
On Page 36 – Figures are in Rs billion and not in Rs crore.
The error is regretted.
Spending for
Supporting
Social cauSeS

haS, by and large,
remained at the
bottom end of
prioritieS for the
government and
corporateS So far
11
April 5, 2013 | FORBES INDIA
/ letters to the editor /
12
FORBES INDIA | April 5, 2013
2013 Winners
Big Gifts
2013 Losers
ANNUAL SCORECARD
PHILANTHROPY SUMMIT
AmAncio ortegA
+$19.5 billion
NET WORTH:
$57 billion
Zara’s founder retired
as chairman in 2011 but
still holds nearly 60% of
fast-appreciating shares,
up 50% year-over-year
on record profits at the
trendy retail chain.
eike BAtistA
–$19.4 billion
NET WORTH:

$10.6 billion
Brazilian who bragged
he’d one day be world’s
richest man falls from
No. 7 to No. 100, amid
plunging mining stocks,
losing the equivalent
of $53 million a day.
WArren Buffett
+$9.5 billion
NET WORTH:
$53.5 billion
Berkshire Hathaway’s
surging shares pumped
up the 82-year-old CEO’s
fortune, but he drops a
spot in our wealth rank-
ing because of outsize
charitable giving.
ricArdo sAlinAs
–$7.5 billion
NET WORTH:
$9.9 billion
Last year, Salinas
made more money
than anyone as shares
of his Grupo Elektra
skyrocketed; the
shares have since
fallen 50%.

chArles koch
+$9 billion
NET WORTH:
$34 billion
World’s richest siblings,
David and Charles Koch,
are up $9 billion apiece,
thanks to rising refining
and chemical profits,
and solid results from
Georgia-Pacific.
Azim Premji
–$4.7 billion
NET WORTH:
$11.2 billion
The philanthropist gave
away Wipro stock worth
$2.3 billion this Febru-
ary. His fortune also
dropped as shares of the
outsourcing firm were
down 9% in past year.
/ leaderboard /
5,887
Total stores owned worldwide by Amancio
Ortega’s fashion retailer Inditex, including
1,938 stores in his homeland of Spain.
Since its debut three years ago,
105 billionaires have signed Warren Buett
and Bill Gates’ Giving Pledge, promising to

give away at least half their wealth. Here
are 11 non-US billionaire signatories.
1 VlAdimir PotAnin
$14.3billion
RUSSIA METALS
2 Azim Premji
$11.2billion
INDIA OUTSOURCING
3 hAsso PlAttner
$8.9 billion
GERMANY SAP
4 AndreW forrest
$5.7 billion
AUSTRALIA MINING
5 richArd BrAnson
$4.6 billion
UK VIRGIN
6 Victor Pinchuk
$3.8 billion
UKRAINE MANUFACTURING
7 PAtrice motsePe
$2.9 billion
SOUTH AFRICA MINING
8 john cAudWell
$2.6 billion
UK MOBILE PHONES
9 Vincent tAn
$1.3 billion
MALAYSIA REAL ESTATE, RETAIL
10 mohAmmed iBrAhim

$1.1 billion
UK MOBILE PHONES
11 dAVid sAinsBury
$1.1 billion
UK SUPERMARKETS
Victor Pinchuk
Figures reflect the change in net worth from Feb. 14, 2012 to Feb. 14, 2013.
Sources: Interactive data via Factset Research Systems; Forbes.
Giving Pledge by randall lane
Buett, Salinas: Reuters; Ortega, Koch, Batista, Premji, Pinchuk: Getty Images
April 5, 2013 | FORBES INDIA
13
Most Eligible
Burger Baroness Flash Seller Freedom Fighter
Youngest
MARRIAGE MARKET
UP-AND-COMERS
JEALOUSY WATCH
1948
The year In-N-Out founder Harry Snyder
introduced a two-way speaker box, creating
one of the first drive-through restaurants.
1 XAVier niel
Age: 45 $6.6 billion ILIAD
2 eduArdo sAVerin
Age: 30 $2.2 billion FACEBOOK
3 nicolAs Berggruen
Age: 51 $2 billion
BERGGRUEN HOLDINGS
4 AlBert Von thurn und tAXis

Age: 29 $1.5 billion INHERITANCE
5 jAck dorsey
Age: 36 $1.1 billion
TWITTER, SQUARE
Nearly all of the world’s 1,426 billionaires are married—many
of them multiple times—but these 5 have never tied the knot
Dustin Moskovitz is the youngest
at 28, beating fellow Facebook
co-founder Mark Zuckerberg
by about a week.
lynsi torres | US | Age: 30 | Net Worth: $500 million
Torres’ path to billionaire status is simple: Wait five years. The heiress to In-N-Out Burger is the beneficiary
of two trusts that collectively own 75% of the chain. The trusts, made public thanks to legal tussles between
Torres and two trustees, show that she received a third of the In-N-Out fortune when she was 25 and got
nudged up to 50% when she turned 30. At 35, she’ll control the trusts fully. She also has an outright claim
to 25% of the company. Torres has a passion for drag racing; her third husband is driver Val Torres Jr.
jAcques-Antoine grAnjon | FRANCE | Age: 50 | Net Worth: $600 million
Before Gilt Groupe, there was Vente-Privee.com, the original flash-sales site founded in 2001 by Granjon,
whose taste for glittering accessories has earned him the nickname “Louis XIV” in Paris’ social circles.
Born to aeunt parents, Granjon failed his entrance exam to the prestigious Sciences Polytechniques, so
he started his career by buying unsellable stock in Sentier, Paris’ garment district, and reselling the items
to discount outlets. His big idea: Cut out the middleman. Now Vente-Privee’s annual sales top $1.5 billion.
cyril rAmAPhosA | SOUTH AFRICA | Age: 60 | Net Worth: $700 million
Ramaphosa, a former anti-apartheid activist, took a breather from party politics in the late 1990s to
pursue a business career. Now he’s the chairman of Africa’s largest mobile phone company, MTN
Group; owns the McDonald’s South Africa franchise; and serves as executive chairman of Shanduka
Group. He also has a partnership with Coca-Cola. In December, the African National Congress party
overwhelmingly voted to make Ramaphosa its deputy leader—and, in turn, South Africa’s vice president.
Jack Dorsey
By edwin durgy; Caleb Melby

From Top: Newscom; Getty Image
14
FORBES INDIA | April 5, 2013
Virgin Territory
Welcome to the Club
These entrepreneurs put their countries on the billionaire map for the first time
This year 210 people joined the
Forbes
billionaires ranks. Doughnuts and yogurt
fuelled two of them
Swaziland
nathan Kirsh
$3.1 billion
Started with a corn milling
business in 1958; now supplies
groceries and goods to New York
City restaurants and bodegas.
Bought London’s second-tallest
building for $455 million.
Fernando Belmont
$2.2 billion PERU
COSMETICS
The Peruvian entrepreneur
owns Yanbal International,
a fast-growing door-to-door
cosmetics company with esti-
mated sales of $720 million.
He has expanded the firm
beyond Peru, to Spain and eight
Latin American countries.

ronald Joyce
$1.2 billion CANADA
RESTAURANTS
Canada’s ‘Doughnut King’ joins
this year’s Billionaires list afer
Forbes
uncovered previously
undisclosed assets. He sold his
doughnut chain to Wendy’s for
$600 million in 1995. His for-
tune grew with investments in
dividend-paying Canadian firms.
arKady Volozh
$1.15 billion RUSSIA
INTERNET
Arkady Volozh is a principal
founder and largest individual
shareholder of search engine
Yandex, the Russian language
Google. Yandex owns 60
percent of the Russian
search market; Google just
26 percent.
hamdi UlUKaya
$1.1 billion TURKEY
YOGURT
Ulukaya is founder, president
and CEO of Chobani Inc, maker
of Chobani Greek yogurt, head-
quartered in New York State.

Since shipping out its first
order in 2007, the company’s
annual sales have grown
to nearly $1 billion.
angola
isaBel dos santos
$2 billion
The oldest daughter of Angola’s
longtime president, she is the
richest woman in Africa. Hold-
ings include 25 percent stake
in mobile phone network Unitel,
plus banking assets in Portugal.
Vietnam
pham nhat VUong
$1.5 billion
Studied in Moscow before
launching instant-noodle fad in
Ukraine. Moved back to Vietnam
in 2001 to make a big play in
local condos and luxury resorts
through his Vingroup.
nepal
Binod chaUdhary
$1 billion
The fitness fanatic who hikes
in the Himalayas controls an
international fortune that
stretches from Nepal’s Nabil
Bank to a joint venture with

India’s Taj hotel chain.
/ Notable Newcomers /
Virgin Territory by Brian Solomon
Kirsh: Getty Images; Dos Santos: Bruno Fonseca / Epa / Newscom;
Vuong: Justin Mott / Redux; Chaudhary: Tom Van Cakenberghe/Onasia.com
Fernando Belmont: Photo via Newscom ; Ronald Joyce, Arkady Volozh: Getty Images;
Hamdi Ulukaya: Lucas Jackson / Reuters
The Fallen
Only 68 billionaires fell from the list this year, and eight of those died. That pales
in comparison with the 210 newcomers to the list. Here are 10 notable drop-os
Vijay mallya INDIA
Mallya’s Kingfisher Airlines is on the verge
of closure. Planes grounded, salaries unpaid
for months. The wife of a Kingfisher engineer
committed suicide due to financial worries.
Mallya is trying to sell his stake in United
Spirits to Diageo to pay o Kingfisher’s
debts—estimated at over $2 billion.
alexander lebedeV RUSSIA
Lebedev has always clashed with his
country’s power structure, and he owns the
country’s leading opposition newspaper. The
former National Reserve Bank in Moscow
and his Crimean hotel were both searched
in 2011. Lebedev now owns National Reserve
Corp (NRC). In 2012, Russian authorties
forced Lebedev to sell all his assets in
government-majority-owned Aeroflot. He got
in a laugh when he appointed his 15-month-
old son to the board of Aeroflot. “The boards

of state-owned companies basically have no
decision-making power,” he said. “Why do
they need adults?”
mark pincuS US
Afer stock in Zynga, the online-game maker
Pincus founded, hit highs in April 2012 of $15
a share, everything went downhill. In March,
the company bought OMGPOP, maker of
Draw Something, for $200 million. Then the
daily user base for the game plummeted. On
May 18, came the Facebook IPO. And when
Facebook floundered, Zynga followed. From
March through August, the stock lost 80
percent of its value.
aubrey mcclendon US
He is the soon-to-be-former CEO of
Chesapeake Energy, America’s second-
largest natural gas producer and its most
active driller and fracker. Chesapeake has
always aggressively employed debt leverage.
In late 2011, we dubbed him ‘America’s most
reckless billionaire’. He was forced to sell
nearly all his Chesapeake shares in a 2008
margin call. His love of leverage has sent
him o the list.
william randolph
hearSt iii
US
Glimpses of the Hearst family fortune,
first created by media baron William

Randolph Hearst, were revealed during
legal proceedings surrounding Phoebe
Hearst Cooke’s conservatorship. Cooke
died in 2012, just months afer her twin
brother, George Randolph Hearst Jr, died.
What was found in those legal proceedings?
Payments from the Hearst Trust are much
lower than previously thought.
joaquin guzman loera MEXICO
One of the world’s most wanted drug
dealers and leader of the Sinaloa cartel,
‘El Chapo’ is believed to be living in Mexico.
He is no longer someone we are confident
to call a billionaire.
john Sperling US
Former professor founded Apollo Group,
which runs for-profit schools, the biggest
being University of Phoenix. Both he and
his son Peter have sold most of their shares
in the failing enterprise over the years,
giving their fortune some protection from
the company’s decline.
thomaS Straumann
SWITZERLAND
Straumann Holdings, Straumann’s dentistry
products and services company, is down 70
percent since its 2007 highs. He’s had to sell
some personal assets, including his Aston
Martin DB5, to make ends meet.
dinu patriciu ROMANIA

He had a liver transplant in December. His
fortunes also suered, with both his retail
chains declaring bankruptcy in February.
He also unloaded his media assets.
eric Sprott CANADA
Canadian precious metals fanatic’s Sprott
Inc has trusts that appear on the NYSE and
TSX. Volatile gold prices have sent Sprott
Inc’s shares down 45 percent year-on-year,
knocking Sprott o the list.
IN MEMORIAM
0 chaleo yooVidhya
THAILAND
RED BULL
With almost no formal education, Yoovidhya founded
a pharma business in the 1960s before concocting an
energy drink full of caeine and taurine, which was marketed
to the world as Red Bull by his Austrian business partner,
Dietrich Mateschitz. Cramming students, rushed truck
drivers and hangover suerers will be forever grateful.
otto Beisheim GERMANY
chen din hwa HONG KONG
roBerto gonzalez
Barrera MEXICO
walter haeFner SWITZERLAND
george hearst US
minorU mori JAPAN
alBert Ueltschi US
By caleb melby
Vijay Mallya

Pascal Le Segretain / Getty Images
April 5, 2013 | FORBES INDIA
15
/ Drop-offs /
16
FORBES INDIA | April 5, 2013
Self-Made Women
It was a record-setting year for women on the
Forbes
Billionaires list, with 138 in the ranks,
up from 104 last year. Plus there were also more who started their own businesses, 24. It is a
reason for celebration but also for consternation: Only 1.7 percent of all billionaires—and only
17 percent of the female listees—are self-made women. Here are the top 10
Wu Yajun $4.3 billion
CHINA REAL ESTATE
A former journalist, Wu started property
developer Longfor in 1994. She and her team
turned it into a national brand, and it’s now
headquartered in Beijing. She was previously
China’s richest woman, but her divorce last
year knocked her from the top spot.
Chan LaiWa $4.1 billion
CHINA REAL ESTATE
Chan was born poor but is now one of the
rare self-made female billionaires in the world.
Her Fu Wah International Group is one of
Beijing’s largest real estate developers, having
developed nearly 1.5 million square metres
of property since its inception in 1988.
Diane henDriCks $3.8 billion

US ROOFING
She started ABC Supply, now the nation’s
largest roofing, window and siding wholesale
distributor, with her husband, Kenneth, and
took over when he died in 2007. In addition
to ABC, Hendricks presides over 25 million
square feet of commercial property and 25
smaller companies via Hendricks Holdings.
Zhang Xin $3.6 billion
CHINA REAL ESTATE
Zhang and her husband, Pan Shiyi, founded
Soho China in Beijing in 1995 and have
continued to aggressively buy up real estate
in Beijing and Shanghai, transforming the
cities’ skylines. Soho China is now Beijing’s
largest property developer. Prior to founding
it, Zhang worked on Wall Street for Goldman
Sachs and Travelers Group.
Doris Fisher $2.8 billion
US GAP
She started the Gap with her late husband,
Donald, in 1969 as a San Francisco jeans and
music store. These days she’s known as a
prolific art collector and philanthropist, who
has donated $120 million to the KIPP charter
school network and Teach For America.
oprah WinFreY $2.8 billion
US MEDIA
The majority of Oprah’s net worth stems
from 25 years of her profitable daytime-TV

show, plus earnings from her Harpo pro-
duction company, which has a hand in the
Dr Phil, Rachael Ray and Dr Oz shows.
Marion iLitCh $2.7 billion
US PIZZA
With her husband, Michael, Ilitch built a sin-
gle pizza shop into the Little Caesar’s Pizza
chain, which had over $3 billion in revenues
last year. (Shares fortune with husband.)
LYnDa resniCk $2.2 billion
US DIVERSIFIED
Since the 1970s, master marketers Lynda
and Stewart Resnick have built or bought
companies, including POM Wonderful,
Fiji Water and flower-delivery service
Teleflora. They also own pistachio, almond
and citrus farms, plus a winery. (Shares
fortune with husband.)
giuLiana Benetton $2 billion
ITALY FASHION
Benetton formed clothing retailer Benetton
Group with her siblings in 1965. Giuliana
originally knitted sweaters that her brother
Luciano would peddle by bicycle; they
were sold under a variety of labels before
be-coming United Colors of Benetton.
rosaLia Mera $6.1 billion SPAIN ZARA
Mera is now the wealthiest self-made woman on the planet, thanks in part to a 50 percent
jump this past year in the value of Inditex, the fashion retailer she co-founded with her ex-
husband Amancio Ortega, the world’s third-richest man. She dropped out of school at age

11 to work as a seamstress, then helped Ortega make dressing gowns and lingerie in their
home. The couple has long been divorced, but she still has a stake in the company, best
known for its Zara brand. Her Paideia Foundation works to integrate people with physical
and mental disabilities, like her son Marcos, into larger society.
By Luisa KroLL
Rosalia Mera
Xurxo Lobato / Getty Images

18
FORBES INDIA | April 5, 2013
What the Billionaires
List Tells Us
Examining the rankings oers clues to which emerging economies are on the
rise and which will disappoint. One key: Good fortunes versus bad fortunes
/ mining the data /
By RUChiR ShaRma
E
veryone enjoys the
voyeuristic thrill of Forbes’
annual listing of the
world’s billionaires, but
as an emerging market investor I use
the list as a tool to spot what I call
Breakout Nations—economies poised
to beat expectations, and rivals, over
the next five to 10 years. Analysing
the list can provide a quick read on an
emerging economy. If the billionaire
class controls fortunes that are
outsize, compared with the size of the

economy and its level of development,
it’s a sign that an economy is out of
balance. And if the same few names
appear on the list year after year, with
no new blood, it’s a sign of stagnation.
The emergence of billionaires is
a good sign—if they are emerging in
productive fields such as technology
or manufacturing. In the 2000s,
however, the world saw the rise
of many billionaires who rely on
government connections to build
monopolies in sectors such as oil, real
estate and mining—industries that
traditionally contribute much less to
sustainable growth because they are
volatile and often prone to corruption.
This type of billionaire is a bad sign.
Applying this analysis to the
2013 list yields some surprising
results. For all the buzz about
corruption and inequality in China,
its billionaires control wealth
equal to just 3.2 percent of its gross
domestic product (GDP)—making
this the least-bloated billionaire class
among the big emerging markets.
The average fortune of the top 10
Chinese billionaires is now $6.8
billion, still modest in an economy

that was the single largest contributor
to global GDP growth over the past
decade. China also shows a healthy
turnover among those top 10, with
nine newcomers on the 2013 list
compared with 2007. The country’s
richest person, Wahaha Chairman
Zong Qinghou, shot to the top this
year, thanks to his fast-growing
beverage business. Yet, his net worth
of $11.6 billion is still smaller than
the fortunes of leading tycoons in
much smaller economies, including
Malaysia and the Philippines.
These results may not be entirely
coincidental—several men previously
on the billionaires’ list have landed
in jail. This suggests that the state
may be stepping in to quash excessive
and misbegotten fortunes, a policy
akin to killing a few chickens to scare
the monkeys. But they do imply that
Beijing is working more eectively
to foster competition and contain
wealth—at least that of the ultrarich—
than recent headlines indicate.
The general rule is that if the
total net worth of the billionaire
class surpasses 10 percent of GDP—
the rough average for emerging

markets—there could be a popular
backlash. The Philippines, Malaysia,
Taiwan and Thailand are now all
above the 10 percent threshold, and
India is on the edge, with billionaire
wealth equal to 9.9 percent of GDP.
India is the most surprising
billionaire story in Asia because in
the global imagination it’s still closely
High turnover among a country’s richest
signals a dynamic, competitive economy
YOU’RE UP, YOU’RE DOWN
MALAYSIA 0%
IN 2007 MALAYSIA HAD JUST 9 BILLIONAIRES; TAIWAN, 8; THE PHILIPPINES
AND THAILAND, 3; INDONESIA, 2.
SOURCE: FORBES 2007 AND 2013 BILLIONAIRES LISTS.
CHINA 90%
TURKEY 70%
BRAZIL 64%
INDONESIA 50%
SAUDI ARABIA 50%
TAIWAN 50%
RUSSIA 40%
SOUTH KOREA 40%
PHILIPPINES
THAILAND 33%
33%
INDIA 30%
% OF TOP TEN BILLIONAIRES IN 2007 GONE FROM THE
TOP TEN NOW

associated with the Mumbai
tech tycoons and the rising
middle class of IT workers.
In the past decade,
however, more and more
of its largest fortunes
were built by businessmen
who cut political deals to
corner provincial markets.
India’s incomplete reform
agenda has left it near the
bottom, at No. 166, of the
World Bank’s rankings
of 183 countries for ease
of starting a business.
These obstacles to doing
business are chasing big
companies overseas and
preventing small outfits
from challenging well-
connected tycoons.
In November, liquor
tycoon Ponty Chadha,
described by the press as a
man who had prospered on
“fistfuls of state favours”,
was shot to death in a
dispute over the ownership
of a farmhouse outside
New Delhi, an event that seemed to

symbolise the rise and risks of the
newly connected billionaire class.
Breaking down the 2013 list by
industry yields a striking snapshot.
Russia is o the charts with 75
percent of its billionaire wealth
derived from classically unproductive
industries such as real estate and
natural resources, but India is second
worst at 41 percent. This is also the
one metric on which China ranks
very poorly, with 32 percent of its
billionaire wealth coming from
unproductive industries, due in part
to its raging real estate bubble.
What matters most is the direction
of change for the combination
of billionaire bloat, turnover and
productivity, and this year’s list does
carry some hopeful signs for India. The
billionaires’ share of GDP has fallen
by roughly two percentage points
since 2011, and the average net worth
of the top 10 tycoons has dropped by
$2 billion to around $10 billion. This
is a result mainly of recent declines
in the stock market, but at least the
billionaire imbalance is not growing.
Also on the upside, the country’s
top 10 includes two tycoons who

weren’t there in 2010, with at
least one from a dynamic and
productive industry: Pharmaceuticals
magnate Dilip Shanghvi.
This year’s list suggests bright
prospects for several of Asia’s
emerging economies. In South
Korea and Indonesia, billionaire
wealth is low as a share of GDP.
These countries also tend to have
a healthy turnover among the elite,
with billionaires rising in
the right industries. Only
one Indonesian billionaire
was also on the list in
2007. In the Philippines,
while the billionaire share
of GDP doubled to 17
percent between 2012 and
2013, some 86 percent of
that wealth came from
productive industries.
The global rise of “bad”
billionaires since 2000 has
been epitomised by the
reversal in fortunes of tech
tycoons and energy barons.
As growing demand from
China pushed up commodity
prices, particularly for

oil, the energy barons
rose to the top.
In 2001, the world had 29
billionaires in energy (mostly
oil) and 75 in technology.
In 2011, that ratio was
reversed: 91 in energy and
36 in technology. This year,
those numbers have shifted
again as China slows.
There are now 93 energy
billionaires and 95 in technology.
And more billionaires have been
rising in the energy sector on the
strength of technology, particularly
the new methods to tap oil and gas
trapped inside shale rock. So energy
is increasingly a technology story.
The billionaire analysis is going
to get much more interesting.
Only a decade ago, China had no
billionaires; now it has 122, so the
billionaire data is becoming more
significant over time. It’s worth
watching closely, particularly for
new faces and for good billionaires
emerging in productive industries.
Ruchir Sharma, author of Breakout Nations
(Norton, 2012), is head of emerging markets
and global macro at Morgan Stanley

Investment Management.
Creating billionaires mainly in productive industries such
as technology and manufacturing is a sign of healthy
growth for an economy. Cyclical, ofen unproductive sectors
such as mining, real estate or oil tend to be dominated by
government-favour-seeking, leading to more corruption
and less growth
WELCOME, GOOD BILLIONAIRES
SOUTH KOREA 100%
MALAYSIA 87.1%
PHILIPPINES 85.9%
BRAZIL 84%
THAILAND 79.1%
TURKEY 78.3%
TAIWAN 78.1%
INDONESIA 76.9%
CHINA 67.9%
SAUDI ARABIA 63.1%
INDIA 59.3%
RUSSIA 24.8%
SHARE OF THE TOTAL NET WORTH OF A COUNTRY’S BILLIONAIRES EARNED FROM
PRODUCTIVE INDUSTRIES
SOURCE: FORBES 2013 BILLIONAIRES LIST.
April 5, 2013 | FORBES INDIA
19
20
FORBES INDIA | April 5, 2013
/ indiascape /
The Pecking Order
Who gains and who loses: Mapping

India Inc’s score sheet
MUKESH
AMBANI
LAKSHMI
MITTAL
AZIM
PREMJI
DILIP
SHANGHVI
SHASHI &
RAVI RUIA
WEALTH
2013
($ BLN)
2013 RANK
NAME
21.5 16.5 11.2 9.4 8.5
22.3 20.7 15.9 7.4 7.0
-4% -20% -30% 27% 21%
27.0 31.1 16.8 6.1 15.8
-17% -33% -5% 21% -56%
29.0 28.7 17.0 4.6 13.0
-7% 8% -1% 33% 22%
19.5 19.3 5.7 3.0 5.6
49% 49% 198% 53% 132%
5% 1% 41% 34% 30%
WEALTH
2012
($ BLN)
CHANGE

12/13
WEALTH
2011
($ BLN)
CHANGE
11/12
WEALTH
2010
($ BLN)
CHANGE
10/11
WEALTH
2009
($ BLN)
CHANGE
09/10
5 YEARS
AVG
CHANGE
1 2 3 4 5
INSIGHTS
Mukesh Ambani and Lakshmi Mittal’s fortunes have peaked and troughed since 2009, remaining about even
Azim Premji, Dilip Shanghvi and Shashi & Ravi Ruia however, have seen stellar growth of 30-40% in the last five years
Azim Premji saw the single biggest jump in the top 5 in 2009/10, almost tripling his wealth. However, he’s had 30% wiped o since last year
Dilip Shanghvi is the year’s big gainer, increasing his wealth by $2 billion or 27%
Sameer Pawar
April 5, 2013 | FORBES INDIA
21
PHARMA
JEWELLERY

REAL ESTATE
MEDIA
FMCG
STEEL
SOFTWARE
OTHERS
DIVERSIFIED
TOTAL
8
3
6
3
5
3
4
20
3
55
6
0
4
3
2
3
6 6
48
TOP SECTORS
2013
55
48 55 49 24

194
7 -7 6 25
195 246 222 106
-1 -51 24 116
-1% -21% 11% 109%
3.52
4.05 4.47 4.53 4.42
2012 2011 2010 2009
YEAR
NO. OF
BILLIONAIRES
CHANGE (#)
COMBINED
WEALTH
($ BLN)
ABSOLUTE
WEALTH
CHANGE($ BLN)
PERCENTAGE
WEALTH
CHANGE
AVERAGE
NET WORTH
($ BLN)
INSIGHTS
FIVE-YEAR TALLY
HABIL
KHORAKIWALA
Pharmaceuticals Pharmaceuticals Education Real estate Real estate Jewellery JewelleryDiamond
jewellery

EngineeringRetail Sof
drinks
YUSUFF
ALI MA
RAVI
JAIPURIA
MURALI DIVI
& FAMILY
RANJAN
PAI
MOFATRAJ
MUNOT
BABA
KALYANI
JITENDRA
VIRWANI
JOY
ALUKKAS
NIRAV
MODI
TS
KALYANARAMAN
1.55
965 974 1,107 1,107 1,175 1,175 1,342 1,342 1,342 1,342
1.50 1.40 1.30 1.30 1.20 1.20 1.00 1.00 1.00 1.00
NEWCOMERS
Wealth ($ bln) in 2012
Sector
Wealth ($ bln) Sector Global rank
No. of billionaires in 2013

No. of billionaires in 2012Rank
The total wealth of India’s 55 million
billionaires stands at $193.6 billion
The average net worth of India’s billionaires
has fallen by more than $0.5 bn since 2012
7 more Indian billionaires in 2013 than
2012; their total wealth roughly the same
1
5
2
5
3
5
4 5
18
INSIGHTS
Pharma sector leads the list with
almost 1 in 7 Indian billionaires
There has been a rise
in FMCG billionaires
GAUTAM
THAPAR
Engineering,
paper
1.40
38
DROP-OFFS
Liquor
VIJAY
MALLYA

1.00
Telecom
BHUPENDRA
KUMAR MODI
1.00
Sofware
K DINESH
& FAMILY
1.00
INSIGHTS
3 jewellers have joined the list of billionaires
1,031
22
FORBES INDIA | April 5, 2013
/ indiascape/
GAINERS SINCE 2012
BENU GOPAL
BANGUR
MANGAL
PRABHAT
LODHA
Percentage Wealth Gain
ADI GODREJ
& FAMILY
ASHWIN
DANI
JAMSHYD
GODREJ &
FAMILY
73

LOSERS SINCE 2012
GAUTAM
ADANI
SAVITRI JINDAL
& FAMILY
AZIM
PREMJI
ANIL
AMBANI
GM
RAO
Percentage Wealth Loss
-43
-30 -30
-33-42
40
50
36
50
GLOBAL NAME WEALTH AGE SECTOR WEALTH
RANK ($ BLN) CHANGE
22 Mukesh Ambani 21.50 55 Petrochemicals,
Oil & Gas
41 Lakshmi Mittal 16.50 62 Steel
91 Azim Premji 11.20 67 Sofware
116 Dilip Shanghvi 9.40 57 Pharmaceuticals
131 Shashi & Ravi Ruia 8.50 - Diversified
150 Kumar Birla 7.90 45 Commodities
155 Savitri Jindal & family 7.60 62 Steel
173 Sunil Mittal & family 6.80 55 Telecom

182 Shiv Nadar 6.50 67 Information Technology
191 Kushal Pal Singh 6.30 81 Real Estate
233 Anil Ambani 5.20 53 Diversified
286 Uday Kotak 4.40 53 Banking
329 Micky Jagtiani 4.00 61 Retail
346 Cyrus Poonawalla 3.90 71 Biotech
376 Adi Godrej & family 3.60 70 Consumer Goods
376 Jamshyd Godrej & family 3.60 64 Consumer Goods
395 Anil Agarwal 3.40 59 Mining, Metals
412 Kalanithi Maran 3.30 47 Media
437 Gautam Adani 3.10 50 Commodities,
Infrastructure
554 Malvinder & Shivinder Singh 2.60 40 Health Care
613 Subhash Chandra 2.40 62 Media
613 Desh Bandhu Gupta 2.40 75 Pharmaceuticals
670 Indu Jain 2.20 76 Media
670 Brijmohan Lall Munjal 2.20 89 Motorcycles
704 Ajay Kalsi 2.10 - Oil
704 Pankaj Patel 2.10 59 Pharmaceuticals
736 Rahul Bajaj 2.00 74 Motorcycles
736 Rajan Raheja & family 2.00 58 Diversified
792 Benu Gopal Bangur 1.90 81 Cement
831 Chandru Raheja 1.80 72 Real Estate
831 Rishad Naoroji 1.80 61 Consumer Goods
931 Ajay Piramal 1.60 57 Pharmaceuticals
965 Habil Khorakiwala 1.55 70 Pharmaceuticals
965 NR Narayana Murthy & family 1.55 66 Sofware
974 K Anji Reddy & family 1.50 71 Pharmaceuticals
974 Yusu Ali MA 1.50 57 Retail
974 Ashwin Dani 1.50 70 Paints

974 Brij Bhushan Singal 1.50 76 Steel
1024 Vikas Oberoi 1.45 42 Real Estate
1031 Ravi Jaipuria 1.40 58 Sof Drinks
1031 Mangal Prabhat Lodha 1.40 57 Real Estate
1088 S Gopalakrishnan & family 1.35 57 Sofware
1107 Murali Divi & family 1.30 61 Pharmaceuticals
1107 Ranjan Pai 1.30 40 Education
1107 Nandan Nilekani & family 1.30 57 Sofware
1161 Rakesh Jhunjhunwala 1.25 52 Investments
1161 Venugopal Dhoot 1.25 61 Electronics
1175 Mofatraj Munot 1.20 68 Real Estate
1175 Baba Kalyani 1.20 64 Engineering
1175 Yusuf Hamied 1.20 76 Pharmceuticals
1268 GM Rao 1.10 62 Infrastructure
1342 Jitendra Virwani 1.00 47 Real Estate
1342 Joy Alukkas 1.00 56 Jewellery
1342 Nirav Modi 1.00 42 Diamond Jewellery
1342 TS Kalyanaraman 1.00 65 Jewellery
HOW INDIA STACKS UP
AGAINST CHINA
The Chinese billionaires’ earnings is
19.4% higher than India’s billionaires.
However, India’s No. 1 & 2 feature
within the top 50 global list, whereas
the No. 1 Chinese, Zong Quinghou,
comes in at No. 86 on the global
billionaires list.
THE TOP INDUSTRIES
The top five Indian billionaires are
in these sectors: Petrochemicals,

oil & gas; steel; sofware; pharma,
diversified. The richest Chinese
billionaire is in the beverage industry.
Real estate accounts for six Indian
billionaires, while 22 of the Chinese
billionaires come from this sector.
UP DOWN UNCHANGED NEW IN 2013

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FORBES INDIA | April 5, 2013
/ asia-pacific /
The Rise
of saigon
Nearly four decades after the communists
declared victory, it turns out capitalism won
the Vietnam War. The proof: Pham Nhat
Vuong, the country’s first billionaire
By laN aNh NguYeN;
Photograph By JustiN mott / redux for forBes
o
n a brilliant morning last October, Dong Khoi
Street, the premier commercial thoroughfare in
Saigon, was closed for nearly two hours to celebrate
the opening of Vincom Center A, a precisely, if
infelicitously, named shopping centre. The development
was remarkable, not just for its scale (410,000 square feet
of commercial space; three floors of underground parking;
a 300-room, five-star hotel) or for its high-end tenants
(Versace, Hermès, Dior) but simply because it was opening at
all. Vietnam’s real estate market had been frozen hard since

April 5, 2013 | FORBES INDIA
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