THE RICHEST MAN IN BABYLON (2)

World's Billionaires 2010
Wednesday, March 10, 2010
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3) Warren Buffett

Net Worth: $47 billion

Source: Investments

Residence: U.S.

• America's favorite investor up $10 billion in past 12 months on surging Berkshire Hathaway shares; says U.S. has survived economic "Pearl Harbor," but warns recovery will be slow.

• Shrewdly invested $5 billion in Goldman Sachs and $3 billion in General Electric amid 2008 market collapse.

• Recently acquired railroad giant Burlington Northern Santa Fe for $26 billion.

• "We've put a lot of money to work during the chaos of the last two years. When it's raining gold, reach for a bucket, not a thimble."

• Berkshire Hathaway book value was up 19.8% to $21.8 billion in 2009.

• Son of Nebraska stockbroker met value investor Benjamin Graham while studying economics at Columbia.

• Took over textile firm Berkshire Hathaway in 1965, used company as a vehicle to invest in insurance (Geico), food (Dairy Queen), utilities (MidAmerican Energy) and recently green tech (electric-car maker BYD).


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4) Mukesh Ambani

Net Worth: $29 billion

Source: Petrochemicals, oil and gas

Residence: India

• Global ambitions: His Reliance Industries, already India's most valuable company, recently bid $2 billion for 65% stake in troubled Canadian oil sands outfit Value Creations.

• Firm's $14.5 billion offer to buy bankrupt petrochemicals maker LyondellBasell was rejected.

• Since September company has sold Treasury shares worth $2 billion to be used for acquisitions.

• Late father, Dhirubhai, founded Reliance and built it into a massive conglomerate. After he died, Mukesh and his brother, Anil, ran the family business together for a brief time. But siblings feuded over control; mother eventually brokered split of assets, with Mukesh getting oil, gas and petrochemicals businesses.

• Still at odds with Anil over gas supply agreement; awaiting Supreme Court's final ruling.

• Owns cricket team Mumbai Indians.


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5) Lakshmi Mittal

Net Worth: $28.7 billion

Source: Steel

Residence: India

• London's richest resident oversees ArcelorMittal, world's largest steel maker. Net profits fell 75% in 2009.

• Mittal took 12% pay cut amid slump but improved outlook pushed stock up one-third in past year.

• Looking to expand in his native India; wants to build steel mills in Jharkhad and Orissa but has not received government approval.

• Started in family steel business in India in 1970s; branched out on his own in 1994.

• Initially bought up steel mills on the cheap in Eastern Europe.

• Earned $1.1 billion for selling his interest in a Kazakh refinery in December.

• Sits on the boards of Goldman Sachs, EADS.

• Upped stake in struggling British soccer team QPR in February.

• Funding 400-foot sculpture to be built in London's Olympic Park in time for 2012 Olympics.

• Owns 12-bedroom mansion in London's posh Kensington neighborhood.

• Daughter-in-law Megha recently bought insolvent German fashion house Escada.


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6) Lawrence Ellison

Net Worth: $28 billion

Source: Oracle

Residence: U.S.

• Oracle founder's fortune continues to soar; shares up 70% in past 12 months.

• Database giant has bought 57 companies in the past five years.

• Completed $7.4 billion buyout of Sun Microsystems in January; acquired BEA Systems for $8.5 billion in 2008.

• Studied physics at U. of Chicago; didn't graduate.

• Started Oracle 1977; took public a day before Microsoft in 1986.

• Owns 52% stake in business-software company NetSuite; shares worth $480 million.

• Racing junkie owns 453-foot yacht Rising Sun with pal David Geffen. Won America's Cup in February, besting longtime rival billionaire Ernesto Bertarelli.


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7) Bernard Arnault

Net Worth: $27.5 billion

Source: Luxury goods

Residence: France

• Bling is back, helping fashion icon grab title of richest European as shares of his luxury goods outfit LVMH--maker of Louis Vuitton, Moet & Chandon--surge 57%.

• LVMH is developing upscale Shanghai commercial property, L'Avenue Shanghai, with Macau billionaire Stanley Ho.

• Renaissance man owns French tour operator Go Voyages, yacht builder Royal Van Lent; has a stake in French retailer Carrefour.

• Built Le Cheval Blanc in ski resort town of Courchevel, France, where he likes to spend New Year's Eve.

• Father, Jean, who died in January, made small fortune in construction; sale of that business later helped fund Arnault's move into real estate and eventually into luxury goods.

• Still a family affair: son Antoine, 32, and daughter Delphine, 34, sit on LVMH's board.

• Wife is a concert pianist; Arnault himself reported to be an excellent piano player.

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