Forbes Asia November 2017

FORBES 400 / AUSTRALIA’S 50
ƫĂĀāĈƫđƫċċ
XIAOMI
REDIALS
CHINESE SMARTPHONE
SCRUM WIDENS INTO INDIA
Global VP Manu Kumar Jain
has the brand gaining share
AUSTRALIA...............A $12.00 INDIA............................RS 375 KOREA........................W 9,500 PAKISTAN....................RS 600 TAIWAN......................NT $275
CHINA....................RMB 85.00 INDONESIA............RP 77,000 MALAYSIA...............RM 24.00 PHILIPPINES..................P 260 THAILAND......................B 260
HONG KONG................HK $80 JAPAN.................¥1238 + TAX NEW ZEALAND.......NZ $13.00 SINGAPORE..............S $12.50 UNITED STATES........US $10.00
CONTENTS — NOVEMBER 2017 VOLUME 13 NUMBER 11
S PAGE 16
10 | FACT & COMMENT // STEVE FORBES
“IT TOOK ME TWO Plea to the U.S. higher court: Know your limits.
YEARS TO BRING
IT TO LIFE, AND I COVER STORY
CONSIDER IT MY
22 | IN-STORE AND IN INDIA
CHILD.” Xiaomi, a Chinese smartphone comet online, had to broaden its retail base.
—LE HONG DIEP THAO, Manu Jain is helping to pull that off.
BY ANURADHA RAGHUNATHAN
CEO of King Coffee
COMPANIES, PEOPLE
12 | BEIJING AT THE HELM
After party congress, Chinese economic reforms are likely to be a secondary objective.
BY YUE WANG
14 | GIRDING FOR BATTLE

Amazon’s impending arrival in Australia is giving retailers shivers.
BY JAMES DUNN
15 | GADGETMAN // BEN SIN

Hope for the hoverboard.
16 | COFFEE KING’S QUEEN
Estranged from the Trung Nguyen boss, Le Hong Diep Thao brews an export brand.
BY LAN ANH NGUYEN
18 | HEADWINDS FOR HOTELIERS

A chat with Singapore’s Ho Kwon Ping, founder of Banyan Tree.
BY JANE A. PETERSON
20 | THE $150 BILLION MOMENT

A 12-figure snapshot.
COVER PHOTOGRAPH BY
NAMAS BHOJANI FOR FORBES UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.
2 | FORBES ASIA NOVEMBER 2017

CONTENTS — NOVEMBER 2017 VOLUME 13 NUMBER 11
THE FORBES 400

27 | INTRODUCTION
A record $2 billion net worth is now required to be counted among the very richest
Americans. That means 176 billionaires were too poor to make the cut.
BY LUISA KROLL AND KERRY A. DOLAN
28 | WINNER TAKES ALL

Donald Trump brings his “I win, you lose” mentality to governing.
BY RANDALL LANE
35 | THE PRICE OF THE GOOD LIFE

From Gucci loafers to a kilo of caviar: the Cost of Living Extremely Well.
BY ANDREA MURPHY
36 | Q&A WITH REED HOFFMAN

The LinkedIn cofounder on rewarding Silicon Valley jerks and “blitz scaling.”
BY RICH KARLGAARD
37 | GREATEST GIVERS
America’s top 20 philanthropists.
BY JENNIFER WANG
38 | DOCTORATE, DEGREE OR DROPOUT

Exploring education and success through the lens of The Forbes 400.
BY DENIZ CAM, ANGEL AU-YEUNG, JENNIFER WANG AND IGOR BOSILKOVSKI
40 | DECEASED, DECLINED OR LEFT BEHIND

Who dropped off the Forbes 400 this year?
BY MICHELA TINDERA
54 | THE LIST
S PAGE 28
“I AM HAVING FUN. AUSTRALIA’S 50 RICHEST
I’M ENJOYING IT.”
72 | “ALWAYS SELLING CLOTHES”
—DONALD TRUMP Nigel Austin built his Cotton On fast-fashion chain at home and in Asia.
Now he’s tackling the tough U.S. market.
BY GRACE CHUNG
76 | THE LIST
Gina Rinehart is No. 1 again, thanks to rising prices of iron ore.
BY LUCINDA SCHMIDT
79 | BACK FROM THE ABYSS

It’s been a tough year for Crown Resorts’ James Packer.
BY MUHAMMAD COHEN
80 | BIG MONEY, BIG PROJECTS

A snapshot of the building boom in Australia.
BY NICOLE LINDSAY
83 | ALL IN ON DONALD TRUMP

Cardboard-box kingpin Anthony Pratt is making friends in high places.
BY CHASE PETERSON-WITHORN
S PAGE 72 FORBES LIFE

“EVERYONE IS
86 | ARTSY AUSSIES
LOOKING BACKWARDS There’s a multimillion-dollar museum boom Down Under.
AS OPPOSED TO BY OLIVER GILES
LOOKING FORWARD.” 88 | THOUGHTS

On education.
—NIGEL AUSTIN, founder of
Cotton On and new member of
our Australia 50 List

FORBES ASIA
SIDELINES
Editor Tim W. Ferguson
Editorial Director Karl Shmavonian
Art Director Charles Brucaliere
Senior Editor John Koppisch Stark Clarity
Wealth Lists Editors Luisa Kroll, Kerry A. Dolan
Photo Editor Michele Hadlow
W
Statistics Editor Andrea Murphy hen the latest Ro-
Research Director Sue Radlauer hingya migration
Online Editor Jasmine Smith out of what is now
Reporter Grace Chung Myanmar into what is now
Interns Yinan Che, Anis Shakirah Mohd Muslimin
Bangladesh mushroomed this
Editorial Bureaus summer into the greatest of all
Beijing Yue Wang
refugee crises of 2017, it did
Shanghai Russell Flannery (Senior Ed.); Maggie Chen
India Editor Naazneen Karmali two clarifying things:
r*UTIPXFEUIBU.ZBONBST
Contributing Editors
Bangkok Suzanne Nam democratic opening has not
Chennai Anuradha Raghunathan produced rules or—sadly—
Hong Kong Shu-Ching Jean Chen moral leadership that can bring
Jakarta Justin Doebele the country sufficiently out of its dark half-century of isolation and ostracism.
Melbourne Lucinda Schmidt
That liberal project is going to need time and work—and more of an assist than its
Perth Tim Treadgold
Singapore Jane A. Peterson Southeast Asian neighbors seem fit to provide soon.
Taipei Joyce Huang r*USBJTFEUIFTUBLFTGPSUIFGVUVSFPG#BOHMBEFTI XIJDISFDFJWFTMFTTHMPCBMBUUFO-
Vietnam Lan Anh Nguyen tion per population (165 million) than anywhere on earth. The nation tentatively
Columnists Jean-Pierre Lehmann, Ben Sin has accommodated 600,000 new inhabitants—with perhaps more to stream out of
Production Manager Michelle Ciulla Rakhine State—but what will follow, not only in the camps but in governance of
the host, independent only since 1971?
Myanmar since 2010 has excited business interest like few other midsize
GSPOUJFSFDPOPNJFTѮFTQFDUSFPG"VOH4BO4VV,ZJTQBSUZCFJOHBCMFUPGPSNB
EDITOR-IN-CHIEF government that might rein in longtime military rulers was a door opener to for-
Steve Forbes mal commerce. But nonetheless long-held Buddhist animosity toward the Muslim
minority boiled over again. Even peaceable and seemingly progressive Burmese,
CHIEF PRODUCT OFFICER Lewis D’Vorkin
TVDIBTUIFUZDPPO*DIBUUFEXJUIBUB'PSCFTFWFOUJOUIFQBTUZFBS TFFNQTZDIP-
FORBES MAGAZINE
logically walled off from the inhumanity.
EDITOR Randall Lane
EXECUTIVE EDITOR Michael Noer Meanwhile, the Bangladeshi regime of Sheikh Hasina, no paragon when it
ART & DESIGN DIRECTOR Robert Mansfield comes to human rights, has an opportunity to manifest both compassion and
FORBES DIGITAL
competence. Output is growing nationally, but in the geographic sliver with the
VP, INVESTING EDITOR Matt Schifrin EJTQMBDFE3PIJOHZBDPOEJUJPOTBSFESFBEGVM*OUFSOBUJPOBMMZBOPOHPJOHXPSSZXJMM
VP, DIGITAL CONTENT STRATEGY Coates Bateman be the potential for terrorist organizing amid persistent squalor.
VP, PRODUCT DEVELOPMENT Salah Zalatimo
Leaders of the two awkward neighbors are talking, and the nominal wish is for
VP, WOMEN’S DIGITAL NETWORK Christina Vuleta
ASSISTANT MANAGING EDITORS mass repatriation. More likely, an acceptable order is going to require a new and
Frederick E. Allen – Leadership better life for many of these historical orphans.
Loren Feldman – Entrepreneurs
Janet Novack WASHINGTON
Michael K. Ozanian SPORTSMONEY
DEPARTMENT HEADS
Mark Decker, John Dobosz, Clay Thurmond
Avik Roy OPINIONS
Jessica Bohrer VP, EDITORIAL COUNSEL
AP PHOTO/DAR YASIN
FOUNDED IN 1917
B.C. Forbes, Editor-in-Chief (1917-54) Tim Ferguson
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99) Editor, forbes asia
William Baldwin, Editor (1999-2010) globaleditor@forbes.com

FORBES ASIA
READERS SAY
CEO/ASIA, FORBES MEDIA CONVERSATION

PRESIDENT & PUBLISHER, FORBES ASIA
William Adamopoulos LOOKS LIKE Kiran Mazum-
SENIOR VICE PRESIDENTS Tina Wee, Serene Lee dar-Shaw didn’t spend much
EXECUTIVE DIRECTORS Eugene Wong, Aarin Chan, time reading our ranking of
Janelle Kuah
SENIOR DIRECTOR, REGIONAL SALES Lawrence Jang
India’s 100 richest (October,
DIRECTOR, CIRCULATION Eunice Soo p. 50), even though she came
DEPUTY DIRECTOR, EVENTS & COMMUNICATIONS in at No. 72: “A rich list is an
Audra Ruyters annual map of wealth cre-
DEPUTY DIRECTOR, CONFERENCES Jolynn Chua
ation largely based on stock
DEPUTY DIRECTOR, CIRCULATION Pavan Kumar
SENIOR MANAGER, CONFERENCES Quek Xue Wei
value and real estate. I don’t
SENIOR MANAGER, MARKETING & RESEARCH Joan Low give it much thought other
SENIOR MANAGER, EVENTS & COMMUNICATIONS Melissa Ng than it reflects the state of
OFFICE MANAGER/ASSISTANT TO THE CEO/ASIA the economy,” she told Press
Jennifer Chung
AD SERVICES MANAGER Fiona Carvalho
Trust of India. The Daily
AD SERVICES MANAGER-DIGITAL Keiko Wong O of India was downright
CONFERENCE MANAGERS Clarabelle Chaw, Cherie Wong gloomy: “India’s 100 richest
ASSISTANT MANAGER, CONFERENCES Isabel Wong are getting wealthier while
ADVERTISING EXECUTIVES
economy slows down . . . ut-
Angelia Ang, Sharon Joseph, Sabrina Cheung
MARKETING EXECUTIVE Gwynneth Chan
terly depressing. Forbes’ list
CIRCULATION SERVICES reveals the rich are unaffect-
Taynmoli Karuppiah, Jennifer Yim ed by PM Modi’s controver-
sial economic decisions. The increasing wealth of India’s richest throws into
sharp relief the widening inequality in Indian society.” Added the Hindustan
Times: “Rich get richer as economy sputters.”
FORBES MEDIA
CEO & EXECUTIVE CHAIRMAN Michael S. Perlis
PRESIDENT & COO Michael Federle
CHIEF REVENUE OFFICER Mark Howard THE INTEREST GRAPH
EDITOR-AT-LARGE/GLOBAL FUTURIST Rich Karlgaard Our India coverage predominated the online hit parade:
GENERAL COUNSEL MariaRosa Cartolano Cognizant’s CEO Francisco D’Souza Sees Bluer Skies Beyond the IT Adversity 17,296 page views
PRESIDENT, FORBESWOMAN Moira Forbes
SENIOR VP, CORPORATE COMMUNICATIONS Mia Carbonell
+2!)!.ƫĂĀāĈƫđƫ+(1)!ƫāăƫđƫ1)!.ƫāā India’s 100 Richest: Billionaire Heiresses Blazing Their Own Trail
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FACT & COMMENT
“With all thy getting, get understanding”
PLEA TO U.S. HIGH COURT:

KNOW YOUR LIMITS BY STEVE FORBES, EDITOR-IN-CHIEF
IN AN OBSCENITY case before the cause of their political affiliation.

U.S. Supreme Court in 1964, Justice The constitutional arguments are
Potter Stewart famously and candidly preposterous. Our basic law says abso-
declared that when it came to defining lutely nothing about proportional rep-
“hard-core pornography,” he wouldn’t resentation. Congressional and legisla-
make any more attempts “perhaps [be- tive representatives have always been
cause] I could never succeed in intelli- decided by who wins the most votes.
gibly doing so. But I know it when I see The Wisconsin government isn’t harass-
it. . . . ” ing Democrats who participate in the
The Supreme Court should take Stew- political process or forcibly preventing
art’s words to heart when it hears Gill v. Democrats from voting.
Whitford, a case about gerrymandering The idea that politics won’t play a
in Wisconsin. role in how politics is practiced is also
On the surface, the idea of creating legislative districts preposterous. Even in states that have “nonpartisan”
that give a particular party an advantage would strike boards or commissions drawing the maps, the process
most people as unfair. But the challenge is in determin- ends up suffused with politics. Where a town is put can
ing what is fair. The ready answer is proportional repre- easily change the leanings of a district.
sentation—if a party’s legislative candidates together win Some advocates of the Wisconsin plaintiffs say that,
40% of the popular vote statewide, shouldn’t that party indeed, some partisanship is inevitable but that what’s
get 40% of the seats? That is indeed the system in many going on now is too extreme, especially with software
European countries. But that has never been the case in that brings hitherto unobtainable precision into the
the U.S., Britain or Canada. Here, if party A’s candidates drawing of partisan lines. Which prompts the big ques-
each poll 49% of the vote in their respective races and tion: How much partisanship is too much?
each of their opponents gets 51%, party A gets nothing in Plaintiffs have already started what will be an endless
the legislature. array of “scientific metrics” that measure partisanship
In Wisconsin in 2010, Republicans won both legisla- but which, in reality, are arbitrary. Their current favor-
tive houses and the governorship and, with the recently ite is the “efficiency gap,” which purports to measure
completed census in hand, went about designing a new “wasted votes.” If the efficiency gap exceeds 7% of the
map for legislative districts. It’s no surprise that the lines votes cast, then a red light flashes. But that 7% number
were drawn in a way that would help the GOP. What these was picked out of thin air.
Republicans did has been going on since the creation The High Court would be foolish in the extreme to
of the republic. (The word “gerrymander” originated in rule in favor of the Wisconsin plaintiffs and embroil itself
1812, when the party of Massachusetts governor Elbridge in the messy, detailed business of determining legislative
Gerry created a district that looked like a salamander.) and congressional districts. This isn’t a task for unelected
Wisconsin Democrats complain that the percentage of judges. The litigation would be endless, with dissatisfied
seats the GOP wins in legislative races exceeds the per- parties and candidates filing suits. If voters feel that a
centage of the total votes their candidates receive state- redistricting has been unfair, they can pressure legislators
wide. They say this is unconstitutional because it violates or, in many states, push for a referendum to create a com-
Democrats’ First Amendment right of association, as well mission to try to draw relatively neutral boundaries.
as the equal protection clause of the Fourteenth Amend- But a majority of the Supremes may not be able to
ment—that the district lines punish certain voters be- resist the temptation to play God instead of appreciating

the wisdom of our founders, who con- ingly inefficient as the process may be. Our high court, imbibing the spirit
cluded that most issues are best left to After all, despite more than two cen- of Potter Stewart, should practice a
the normal give-and-take of everyday turies of gerrymandering, American rare humility and leave messy enough
politics, untidy, unedifying and seem- politics has been anything but static. alone.
Coben Does It Again

Harlan Coben is the Babe Ruth—or, menacing odyssey is the news that his
since he’s a basketball fan, the Michael once-very-significant-other’s finger-
Jordan/Stephen Curry/LeBron James— prints have been found in a suspect-
of mystery-thriller writers. His newest ed murderer’s rental car. Violence,
grand slam—er, three-pointer—is murder, an ultrasecret government
Don’t Let Go (Dutton). Its protagonist program and more come together to
is a suburban New Jersey detective make for a harrowing journey for our
who has been haunted for years by the protagonist.
strange death of his twin brother and Ernest Hemingway could have
the brother’s girlfriend, along with the learned a tip or two from Coben’s
simultaneous disappearance of his own direct and punchy writing style. And
girlfriend, who had just inexplicably Coben deftly intersperses his action
broken up with him when he thought sequences with observations about
they would eventually get married. human behavior, such as when the
Why did she vanish without a trace? detective has to deliver horrible news:
As you would expect from a Coben “Some claim that the first step in the
classic, the quest for the truth leads grieving process is denial. …
to more—and ever more dangerous— I have found the opposite to be true:
questions that take the plot through The first step is complete and immedi-
mind-bending twists and turns and ate comprehension.”
keep the reader glued to the pages until Adding to my delight in this novel
the end. is that a piece of the action takes place
What sets the detective off on this right next to my hometown.
Down Under Wonder

This February you can visit Austra- can see plenty of fur seals, exotic sea- his analyses especially pertinent as
lia, one of the most truly awesome birds and penguins, as well as kanga- people wonder how much longer
places on Earth, aboard the magnifi- roos, which are often spotted on the the great bull market can last; and
cently luxurious Crystal Symphony by area’s brilliant white beaches; and the the legendary Mark Mobius, whose
signing up now for the 29th Forbes neighboring isle of Tasmania, with its knowledge of international markets
Cruise for Investors. This magical breathtaking and largely unspoiled is unrivaled.
12-day journey begins in Perth on natural environment. I will share thoughts on the
February 5, 2018, and ends in the vi- Between stops you’ll be treated to U.S. and global political and eco-
brant city of Sydney on February 17. an impressive array of renowned in- nomic scenes. Hosting this incred-
Among the dazzling places you’ll vesting gurus, such as John Bucking- ible cruise, as well as giving us his
get to explore are Bunbury, a jump- ham, recognized as the dean of suc- perceptive market perspectives, will
ing commercial hub that’s also home cessful value investing; Mark Mills, be Rich Karlgaard, Forbes’ editor-
to a wonderful wildlife park; Albany, whose insights on energy and high at-large. Rich will also share some
a colorful place that was the gateway tech are essential to cutting-edge in- intriguing findings from his ground-
to the country’s legendary gold fields vestment strategies; Marilyn Cohen, breaking upcoming book on late
(Australia’s gold rush wasn’t as well one of our country’s top bond man- bloomers.
known as California’s, but it was no agers; James Stack, whose impres- To make your reservation, go on-
less awesome); Esperance, where you sive long-term track record makes line to ForbesCruise.com. F
NOVEMBER 2017 FORBES ASIA | 11

FORBES ASIA
POLITICS
BEIJING AT THE HELM

After party congress, Chinese economic reforms
are likely to be a secondary objective.
BY YUE WANG
A
s China’s key twice-a- that Xi is a conservative believing in so these behemoths can be quicker in
decade Party Congress party control.” mobilizing resources to where Beijing
concluded, President The advance of the state is already needs them: for example, infrastruc-
Xi Jinping emerged obvious. In Xi’s first five-year term, ture projects alongside the One Belt,
more powerful than officials spent hundreds of billions of One Road initiative or in areas still
ever. With his name and teachings dollars to adjust prices of raw materi- burdened with overcapacity, such as
now inscribed in party constitution als and prop up the stock market as coal and steel production, that are
and no clear successor in line, Xi is well as buttress the Chinese currency, needed to maintain local employment.
set to dominate decision making for in part by cracking down on capital In the meantime China is tighten-
years to come. outflows. These stem from a deepened ing the grip on private businesses. To
But going into his second five-year mistrust of market forces after brief keep closer tabs on boardroom discus-
term, one thing won’t be on Xi’s mind: liberalization experiments in 2015 led sions, Beijing has pushed for “special
making good on promises of market- traders to pummel the yuan, while an management shares” in its largest and
based reform, a landmark pledge he epic stock market selloff in the same most successful internet companies—
first delivered after assuming office in year made officials believe markets are including Tencent, Twitter-equivalent
2012. too volatile to be reckoned with. Sina Weibo and Alibaba’s online video
Although Xi referred to reforms The result is that state-owned unit Youku Tudou. It also stressed this
when China’s new seven-member enterprises (SOEs) are now firmly in year that patriotism is a core element
leadership was unveiled, analysts and the driver’s seat in the world’s second- of entrepreneurship, meaning that the
economists said market liberalization largest economy, even though they likes of Alibaba, Tencent or Wanda
is unlikely to pan out. What Xi now keep posting anemic returns. In the may increasingly take on state, but not
means by reform, they said, is improv- hope of creating local champions that necessarily business, priorities. As for
ing a state-led development model, prioritize Beijing’s policy initiatives, foreign businesses, the Made in China
meaning adjusting state intervention officials have channeled capital and 2025 policy initiative already laid the
for more effective outcomes. “Don’t policy support to engineer a series of groundwork for a further push-out of
anticipate big reforms,” said Willy mega-mergers, such as the combina- Western companies, stipulating that
Lam, adjunct professor at the Centre tion of train makers CNR Corp. and it will be Chinese firms that dominate
for China Studies at the Chinese Uni- CSR Corp., as well as China Metal- strategic sectors such as renewable
versity of Hong Kong. “Bear in mind lurgical Group and China Minmetals, cars, robotics and semiconductors.

Rubber-stamp congress: “[Chinese officials] are concerned about debt but prioritize SOE-funded growth over debt.”
“A lot of reforms that are happening with 10.9% in the private sector. pertise and market discipline as a so-
are clearly favoring large SOEs over What’s more, the focus on SOEs called mixed-ownership reform. But
smaller SOEs, and much, much more means China can’t get to the root of whether improvement will happen
than private enterprises,” said Chris- its debt problem. SOE debt has long remains to be seen, said China Univer-
topher Balding, an associate professor been the biggest driver of the country’s sity of Hong Kong’s Lam.
of business and economics at Peking surging debt levels, which increased Still, there might be a silver lining.
University’s HSBC Business School in from 160% of gross domestic product Wang Yang, a new member of the rul-
Shenzhen. “They [Chinese officials] in 2008 to some 260% today. The lend- ing Politburo Standing Committee, is
clearly see very serious threats in the ing binge, if uncurbed, could lead to fi- perceived to be more liberal-minded.
marketplace if companies aren’t doing nancial turmoil, as debt-fueled growth The former party chief of Guang-
what they want them to do.” eventually becomes unsustainable, dong Province pushed for opening up
But this drive for control entails sig- the IMF warned earlier this year. “It China’s richest province and is known
nificant risks. Although the champion- [debt] is going to continue to rise,” Pe- among the country’s bland cadres for
ing of state power has led to some ad- king University’s Balding said. “They his straight-talking manner.
vances in science, it also means credit [Chinese officials] are concerned about Meanwhile, Xi also said that he is
continues to be funneled into unpro- debt but prioritize SOE-funded growth placing more importance on environ-
ductive SOEs to propel growth, with over debt.” mental protection, suggesting he is
banks signing off on loans because the The Chinese leadership, realizing willing to tolerate slower growth in
borrowers are seen as having implicit the problem, has tried other ways exchange for cleaner water and air,
state guarantees. In today’s China, to reform SOEs. It has asked private said Andrew Polk, founder of Beijing-
SOEs receive as much as 30% of total sector companies, including Alibaba, based research firm Trivium China.
REUTERS/THOMAS PETER
loans but only account for 16% of em- Baidu and Tencent, to buy shares in But the fundamental reform direction
ployment and less than a third of fixed- state-controlled telecommunication won’t change, and that, as Polk said,
asset investment. Last year its return firm China Unicom, in the hope of is really about making “better, bigger,
on assets was a paltry 2.9%—compared bringing in external management ex- and stronger SOEs.” F

FORBES ASIA
COMING SOON
Girding for Battle

Amazon’s impending arrival in Australia is giving retailers shivers.
BY JAMES DUNN
S
pare a thought for Australian retailers. Already strug- redevelopment, the specter of Amazon is especially scary.
gling with weak consumer sentiment, stagnant wage Should they be worried? Amazon is likely to capture only 2%
growth and higher energy bills—their own and their of retail sales within five years of entering Australia, according
customers’—now they must deal with Amazon. The to a UBS report. But rival broker Macquarie says it could snare
U.S. online retail behemoth announced in April that $11.3 billion, or 25% of online sales, by 2025 by taking business
it was coming to Australia and bringing its full set of offerings: from department stores; home-appliance, sporting-goods and
Amazon Prime Now, Amazon MarketPlace and eventually Ama- clothing retailers; and even food sellers. Amazon could also in-
zon Pantry and AmazonFresh. In July, it settled on its first distri- duce more Australians to shop online, where retailers’ margins
bution center, in Melbourne, and its local website may go live by are thinner, force retailers to spend much more on their online
the end of this month. presence—which may take years to deliver returns—and drive
Amazon’s impending arrival has sent shivers through the retail prices down significantly.
Australian marketplace. From their peak share prices last year, Retailers don’t intend to let Amazon dictate terms with-
major retailers Myer, Harvey Norman and JB Hi-Fi are down out a fight. Both Vicinity Group and Scentre Group have culled
47%, 25% and 22%, respectively. The major shopping center their portfolios, trying to ensure that they own only centers with
landlords—Scentre Group and Vicinity Centres—are down 24% the best chances of success and that those centers are Amazon-
and 25%. That’s not all Amazon’s doing, but it shows the fear of proofed by boosting the number of tenants offering lifestyle, en-
how the e-commerce giant could change shoppers’ behavior. tertainment and dining options. The reasoning is that “expe-
The Amazon effect has hit the valuations of several Austra- riential” retail can’t be bought online. The supermalls, such as
RICHARD POHLE/RICHARD POHLE/NEWSCOM
lian fortunes (see p. 76). Gerry Harvey, who owns 32% of Har- Chadstone and Scentre’s Westfield Sydney, are also looking to
vey Norman, is down $200 million, or 11.1%, since February, bring in large international fast-fashion retailers—such as Uniqlo,
when Forbes Asia figured his net worth for our annual billion- Zara and H&M—whose business is less likely to go to Amazon.
aires issue. The wealth of Frank Lowy, who owns 4.5% of Scen- The tweaked offerings, a focus on service and the quaint old
tre Group, and John Gandel, whose Gandel Group owns half of notion of the “human touch,” as well as robust options for cus-
Australia’s biggest shopping mall, Melbourne’s Chadstone, each tomers to make purchases online and via their phones, just
crept up only $100 million, and only because of their other in- might help incumbent retailers stave off at least some of the dis-
vestments. For Chadstone, which just underwent a $519 million ruption that Amazon will soon bring. F

TECHNOLOGY BEN SIN // GADGETMAN
HOPE FOR THE HOVERBOARD

IF THERE’S A SINGLE product that craftsmanship. Fewer wires mean less chance of
embodies the average Westerner’s damage.
feelings about Chinese tech, it’s the Aside from the supposedly “supersafe” bat-
hoverboard. When the hoverboard tery, the Pi has other advantages over its first-gen
debuted in 2014 in China, the West counterpart: The foot-pedal sensors have been
was intrigued by its slightly dorky but improved to be more sensitive to subtle pressure.
unique take on the personal trans- The unibody design also makes the board a lot
portation device. Of course, count- sturdier because there are no moving parts other
less imitations, most of them cheaply than the wheels. Xie says all the boards are now
made, were pumped out by Chinese made in-house in the company’s Shenzhen fac-
companies within months, flooding tory, and mass production has begun.
the global market. By 2015 there were Chic will bring the Pi to the Consumer Elec-
news headlines of hoverboards catching fire and viral videos on social tronics Show in Las Vegas next January, and the
media showing teens spinning out of control on them. boards will be sold globally. On Kickstarter right
Today the consensus is that hoverboards are cheap, gimmicky and now the early-bird price is $499. “I know some
unsafe. This doesn’t sit well with Shenzhen’s Chic, the company behind will say the Pi is overpriced, because they look
the original hoverboard. (They have the patents to show for it.) “We didn’t at hoverboards like a cheap plastic toy,” Xie says.
even call it that when we patented the thing,” laments Carlos Xie, product “But the Pi is not meant to be a toy, it’s meant to
manager of Chic. “We called it a self-balancing scooter.” be a personal transportation vehicle. It’s meant
Xie says most of the hoverboards that went up in flames were knock- to replace a bicycle or an electric scooter.”
offs, though he admits that his company’s boards had issues because I’m not sure if most of the world can use a
they were produced by various factories around China. Ever since that hoverboard as a transportation tool, as there are
realization, Xie says, the company has worked hard to produce a sequel: laws against riding a hoverboard on the street or
one that rides better, looks better and, most important, won’t explode. sidewalk in many cities, but for people who like
The company spent two years developing the project and building up its to ride for fun, the Pi is a big step up from the
own factory. “We will not let third-party factories manufacture our boards hoverboards we’ve been used to. F
again,” Xie says.
The finished product is now here. The superior quality of this new hov-
erboard, officially named the Pi, is apparent from the first look. While the
one we’re used to seeing is usually made of cheap plastic and comprises
two connecting parts that creak and break easily, the Pi is crafted out of an
aluminum unibody and has quite a bit of heft to it—22 pounds, to be exact.
So let’s address the most important issue: Why is Pi safer than the
previous board? Its lithium battery is, essentially, wrapped twice over in
aluminum for protection. Not only is the board’s body, as mentioned, one
giant aluminum case, but the battery is inside another aluminum casing
that Xie says is flame retardant. The Pi has, according to Xie, passed the
UL2272 test, which was created by an independent safety testing company
specifically for hoverboards.
During our meeting, Xie dismantles the board to show me its battery. It
THOMAS KUHLENBECK FOR FORBES (TOP)
is surprisingly easy to take the Pi apart and put it back together because it’s
somewhat modular. Xie says the wheels and battery are replaceable, and
the foot pad and other parts can be swapped for ones with other colors to
customize. Meanwhile, Xie points out that the Pi is almost wire-free—the
only exception is the LED light panel—an impressive feat of hardware “The Pi is meant to be a personal transportation vehicle.”
BEN SIN IS A HONG KONG-BASED CONTRIBUTOR TO FORBES.COM WHO WRITES ABOUT CONSUMER TECH.

FORBES ASIA
GROUNDS FOR DIVORCE
Coffee King’s Queen

Estranged from the Trung Nguyen boss, Le Hong Diep Thao brews an export brand.
BY LAN ANH NGUYEN
A
s the chairwoman and CEO behind Vietnam’s for a fifth of global supply. In 2012, when Forbes Asia
rising King Coffee brand, Le Hong Diep Thao interviewed Vu, he was sitting atop an overall Vietnamese
would be notable enough as a business figure. export market that had grown to $3.5 billion. Vietnam
Her company’s processed beans are reach- hasn’t reached that number again as crops were lost due to
ing 60 international markets, with first-year bad weather and bean prices fell.
sales pushing $60 million. A second factory opened with a Producers like Vu and Thao wrestled with how to
splash in April, 40 miles from Ho Chi Minh City. maximize the value of Vietnamese coffee absent a strong
But the backstory is more interesting: She has been processing industry. Statistics through the last five years
separated from—and is now seeking to divorce—Dang Le show that 95% of Vietnam’s total coffee output went to
Nguyen Vu, the man Forbes Asia dubbed the “coffee king” raw bean export, with only 5% processed. To exemplify
of Vietnam. Over their 20 years together—although she why this matters: Starbucks entered Vietnam in 2013 and
wasn’t acknowledged in our 2012 story—he built Trung introduced Dalat Blend, a Vietnamese coffee brand, to its
Nguyen Group into the nation’s preeminent roaster and cafes worldwide. One 250 gram bag is priced at $12.50, or
retailer of quality coffee. Thao’s role included oversight of 20 times the price of comparable domestic beans.
foreign operations—she opened cafes in Singapore, where Thao met Vu in 1994, when he was still a student in
she incorporated TNI, the parent of King Coffee. When Buon Me Thuot, the capital of Vietnam’s coffee planta-
the couple settles their current arbitration and finalizes tions. According to Thao, her family helped with initial
a divorce, she’s likely to retain a sizable minority stake in funding to open the first coffee shop named Trung Nguyen.
Trung Nguyen, whose 2016 revenues, she says, were The couple married in 1998 and rapidly developed the big-
$260 million. gest coffee brand in Vietnam. Thao says she was respon-
That earlier success has provided the wherewithal to sible for day-to-day operations as well as working with her
build her own outfit. Although you can read into her inde- husband on strategy.
pendence at age 44 a divergence in management styles— After their marriage hit the rocks, the export business
by various accounts, Vu’s approach to business from his was somewhat neglected. This is the breach into which
favored highlands retreat has become Thao has introduced King Coffee products,
cerebral and detached—Thao doesn’t launching overseas (starting in the U.S.)
treat competition as a zero-sum proposi- before seeking a local market. She now
tion. “It took me two years to bring it to controls two factories, she says—the first
life, and I consider it my child,” she says in Bac Giang province, in the north of the
about King Coffee. “My first son was country, which also produces G7-brand in-
named Trung Nguyen. I don’t plan to stant coffee. That one opened in 2012 under
compete with Trung Nguyen [Group]! Trung Nguyen Group. The new plant mainly
King Coffee is to realize my dream to produces King Coffee.
build a strong ‘made in Vietnam’ coffee Amid thousands of domestic players in
brand. I want Trung Nguyen to continue Vietnam, only a few big names dominate
CATHERINE KARNOW
its success together with King Coffee.” coffee retail: Trung Nguyen (which lately
For many years Vietnam has been the has shops under the Legend name); Vina-
second-largest coffee producer in the cafe, now owned by national conglomer-
world, after Brazil, and today accounts Stogie time: Dang Le Nguyen Vu. ate Masan Group; and Nestlé’s Nescafé. In

2012, at its height, Trung
Nguyen owned five fac-
tories and a chain of 40
coffee shops. Savoring it
all, “Chairman Vu” talked
a blend of philosophy and
commerce in his increas-
ingly rare appearances.
(He didn’t respond to
repeated recent requests
from Forbes Asia for com-
ments about his company
and his estranged wife’s
businesses. The divorce
and settlement have not
been finalized).
As the split was
exposed in the domes-
tic press in the past two
years, Trung Nguyen was
losing its edge in the mar-
ket, closing cafes (includ-
ing those in Singapore)
while its main competi-
tors sought more market
“King Coffee is to realize my dream to build a strong ‘made in Vietnam’ brand,” says CEO Le Hong Diep Thao.
share. Thao says this
galvanized her to create King Coffee as a premium brand. reach up to 30% of total coffee-cultivation land in Vietnam,
“I understand the market so well, and I want to develop about 660,000 hectares. She is now vice chairman of Viet-
the local coffee industry,” Thao says. “I want to participate nam’s Coffee Association. As her estranged husband with-
in developing coffee cultivation throughout Vietnam, help- draws, she is building business and political connections. She
MAIKA ELAN FOR FORBES VIETNAM
ing the farmers grow coffee and ensuring the quality of the accompanied Vietnam’s prime minister and president as part
beans. That’s a long-term approach to this business.” of recent business delegations to Japan and Russia.
Thao says she has been working with the government Thao says the challenges give her energy. “People say
to bolster plantations through direct investment—tradition- behind a man’s success is a woman. Now [the question is]
ally farmers have been on their own, growing or not based whether a woman can make her own success when she has
on fluctuating market and weather conditions. Her goal is to to be in front? I have to try!” F

FORBES ASIA
UNDERNEATH THE BANYAN TREE
A Chat With Ho Kwon Ping

H
eadwinds facing global hoteliers range from fears along, but every place is oversupplied; when you get 55% to 65%
about the economy, terrorism and Brexit to the shift- occupancy, you are happy. In Western Europe travel is quite soft.
ing tastes of digitally savvy Millennials. In the race We see some properties affected by Brexit, for instance in the
to capture market share, expect hotel consolidations Seychelles, which is popular with British tourists. We are still
to continue. Below are edited excerpts from an in- measuring the impact of Zika; it may be affecting travel a few
terview with onetime Singapore Rich Lister Ho Kwon Ping, founder percentage points, but it’s not as big as people thought it would
and executive chairman of Banyan Tree Holdings, which has resorts, be. We’ve seen the biggest impact from terrorism. French travel
hotels and spas under four brands, including lower-priced Dhawa. has really been affected. We opened Tamouda Bay in Morocco,
Banyan Tree recently inked two deals—a joint venture with Chi- which was a favorite for the French, but they are not traveling.
nese real estate company China Vanke for its China hotel assets as People afraid of terrorism don’t travel.
well as a partnership with AccorHotels, Europe’s largest hotel group.
Accor is taking a 5% stake in the company for $16.9 million. It fol- How about your expansion in the Caribbean and
lows Accor’s $2.7 billion acquisition of FRHI Holdings, which in- Central America?
cludes Fairmont, Raffles and Swissôtel brands. —Jane A. Peterson It is going ahead as planned. If you want to access the U.S. mar-
ket, you have to go there. It’s an American playground. Mexico
FORBES ASIA: Why did you decide to partner with Accor? gave us great leverage so that now, as we go into Cuba—the first
Did you need the cash injection because of changing of four projects recently opened—it’s a very logical step. We’ve
economic conditions? also signed projects in Colombia, and we’re looking at other
HO KWON PING: No, it is prompted largely by the recent con- areas in Mexico and at Belize, Nicaragua and Costa Rica. We
solidation of the global hotel industry and the need for smaller hope to get all four brands into those markets.
hotel companies, if they want to remain strong and globally
relevant, and still independent, to find strategic partners rather Are Millennials more demanding than others?
than go it alone in a much more globalized hospitality land- Probably. I don’t mean it in a bad way. You have to know what
scape. That is the push factor. The pull factor was in being ap- they are selective about. They are experience-driven. Take
proached by global giants such as AccorHotels—opportunities morning coffee. Everyone would expect a three-and-a-half star
which we did not want to pass up. hotel—like Dhawa in Cuba—would offer Nescafé. Instead you
will find Nespresso, and a huge range of juices and carbonated
Do you expect other independent luxury hotels will follow drinks. It’s that quality of experience that Millennials expect.
your lead?
This strategic alliance is an innovative structure which may well What about larger-scale experiences?
be followed by other independent, midsize hotel companies. That’s the other aspect. Millennials definitely want to try new
things—off the beaten path. In Tibet we have Banyan Tree
Why did you decide to move beyond your successful Ringha nestled on the highlands of Shangrila—32 original old
Banyan Tree luxury brand? Tibetan houses, which we moved to another location and reas-
When we set up the brand we did not intentionally go into sembled. It’s just slightly profitable, but the contribution to the
luxury—it was simply less occupied than other spaces. Now brand is fantastic.
we’ve added more brands, due to demographic changes with
the Millennials—and to cover more of the world. We are Can you cite one single major trend that has influenced
morphing from being a very “boutiquey” small brand into a your brand?
multibranded platform. I’m not sure about trend, but if you mean a guiding principle,
ours is to always trust our own instincts. We try to do what we
How is it going? think guests will like. We decide major issues on intuition and
There are ups and downs. Thailand is quite strong. The Mal- then drive the daily business based on data analytics. You have
dives is down due to an oversupply situation. China is chugging to match the two.

“Not far into the future you could see a global giant doing housekeeping, laundry, food service, security for all the hotels.”
How is the increasing use of mobile-phone technology You sell holiday homes in several Asia-Pacific
affecting your business? countries under your Cassia brand. Does Airbnb
With 60% to 70% of people around the world making their dampen demand?
purchasing decisions on a mobile phone, we make sure it is one We think the impact has been relatively neutral. On one hand,
of our major ways to target people for transactions. More than it has encouraged people to buy holiday homes and make
that, we want to begin getting our guests to create videos on money on them—it’s much easier. At the same time, others say,
their phones to post with us. You can build a whole community “I don’t need to buy.” We focus on what economists call the
of Banyan Tree guests who start communicating with one other “wealth effect”: When you feel rich, you buy something.
through Facebook, Instagram and our own platforms.
Who is buying?
You have made a major commitment to China. Cassia has sold really well to Asians, especially the Chinese who
How did the economic downturn then affect you? want to get their money out of China. And to Russians. Com-
It’s not so much the economic downturn, it’s the anticorruption ing to a tropical climate in Asia is appealing.
campaign that has set stringent regulations impacting lavish
spending and being hosted. What changes are ahead for the hotel industry?
I think not far into the future you could see a global giant doing
So do you regret your timing? housekeeping, laundry, food service, security for all the hotels.
No. Every company in the world has to have a China strategy. More companies like ours will be happy to outsource regular
JONATHAN WONG/SCMP
We will continue to expand—one of the things we are happy operations so we can focus on our brand. That’s the key to
about in the so-called downturn. The Dhawa brand [is] going success: Make the brand more distinct and let everything else
places. Secondary cities all need decently managed, inexpensive be done by another company. It’s something that was actually
hotels. That’s the good space we are in. unimaginable ten years ago. F

FORBES ASIA
THE FORBES 4OO

PHILANTHROPY
THE $150 BILLION MOMENT
PATRICE MOTSEPE MARTINE ROTHBLATT

Executive chairman, Founder, Sirius radio,
LARRY GAGOSIAN United Therapeutics
African Rainbow Minerals Founder, Gagosian Gallery
$1.7 BIL
SEAN “DIDDY” COMBS
Entertainer
JERRY JONES SANDY WEILL $820 MIL JAMES PATTERSON JEFF KOONS
Owner, Dallas Cowboys Former CEO, Citigroup Author Artist
$5.6 BIL $1 BIL JACK WELCH
Former CEO, GE
ARTHUR BLANK T. BOONE PICKENS HAMDI ULUKAYA
Cofounder, Home Depot Founder, BP Capital LOUIS GERSTNER JR. Founder, Chobani yogurt
$3.8 BIL Former CEO, IBM $1.8 BIL
ON SEPTEMBER 19, Forbes convened more than 200 billionaires, near-billionaires DANIEL GILBERT
Founder, Quicken Loans
and brilliant thinkers for our sixth annual Philanthropy Summit in New York. Later that $5.8 BIL
night, 28 of them—all among the 100 Greatest Living Business Minds honored in our
recent Centennial issue—gathered for an extraordinary portrait.
No single image has ever captured more wealth, ambition and imagination. Col-
lectively this group of givers is worth some $150 billion; 9 of them appear in this year’s
Forbes 400 ranking of the richest Americans. They represent an astonishing amount of
money. And an astonishing opportunity to change the world.

STEVE CASE CRAIG VENTER RAY DALIO JIM COLLINS
Cofounder, AOL Chairman, Human Longevity Founder, Bridgewater Associates Author
$1.4 BIL $300 MIL $17 BIL
PHILIP ANSCHUTZ
HENRY KRAVIS Owner, AEG
YURI MILNER JACQUELINE NOVOGRATZ Cofounder, KKR $12.6 BIL
Founder, DST Global Founder, Acumen Fund $5.2 BIL
$3.5 BIL
MORRIS CHANG MUHAMMAD YUNUS
WARREN BUFFETT ELI BROAD Founder, Taiwan Semiconductor Nobel laureate, father
CEO, Berkshire Hathaway Founder, KB Home $930 MIL of microfinance
$78 BIL $7.3 BIL
JACK BOGLE STEVE WYNN
Founder, Vanguard Founder, Wynn Resorts
$3.1 BIL

FORBES ASIA
XIAOMI
In-Store
and in
India
Xiaomi, a Chinese smartphone comet
online, had to broaden its retail base.
Manu Jain is helping to pull that off.
BY ANURADHA RAGHUNATHAN
C
hinese phone maker Xiaomi started off its pre-Di-
wali sale in India this year on a high note—selling
one million phones in 48 hours in September. It
was a reminder of how potent the online market-
ing channel can still be for a company that lit up
its home market that way three years ago.
But the company’s luster had faded in the meantime. The
bigger story for Xiaomi in 2017 is how it is using bricks and
mortar to regain momentum. And India, its second big market,
is in the forefront of that effort.
For the first half of 2017, Xiaomi was the first runner-up in
the country’s smartphone segment, after Korea’s Samsung (see
table, p. 25).
Globally, this matters: India has the second-largest smart-
phone base after China but still has only 300 million users
against China’s 710 million. Although China remains a key bat-
tleground, its market is getting saturated. Hence, ever more com-
petitive Chinese brands are assiduously wooing Indian consum-
ers. In that first half of 2017, they combined for a 54% share.
Manu Jain, head of Xiaomi
“We’ve been able to bring really high-end, high-quali- India, takes a selfie with
ty products and make them affordable,” says Manu Kumar his colleagues.
Jain, 36, who heads Xiaomi India and is a global vice presi-
dent. “Phones with similar specs—for the price ranges that we times as many phones in China, but India is its best hope for
offer—will cost double with a competitor.” gains that might at last unlock its IPO opportunity.
Xiaomi, which entered India in 2014, is looking for revenues Yes, Xiaomi can work the online channel better than any-
there to exceed $2 billion for 2017—doubling from last year. one—it has half of such sales in India. But key to Jain’s push are
NAMAS BHOJANI FOR FORBES
(Margins are wafer-thin, but the Indian subsidiary has been the physical contact points: “preferred” retail outlets (which
profitable since 2015.) Overall sales should pass $16 billion. give Xiaomi a push over rivals they sell) and “Mi Homes” (ex-
Jain’s operation has running room—India’s $19 billion mar- perience/sales centers). “Xiaomi has managed to create a lot of
ket (wholesale smartphone revenues) is expected to cross buzz around the brand,” says Navkendar Singh, senior analyst
$30 billion by 2020. Closely held Xiaomi may still sell three at global advisory firm IDC’s India office. “They have good cus-

tomer engagement. And they also refresh their portfolio pret- to $300 phones. Online selling cut costs and reached custom-
ty frequently.” ers directly. Revenues doubled for a few years, and founder Lei
Xiaomi is churning out one phone per second at its two Jun was named Forbes Asia’s 2014 Businessman of the Year.
manufacturing facilities in Andhra Pradesh (in partnership But in 2016 shipments fell 36% amid fierce competition
with Foxconn) to cater to Indians. It has already invested from Chinese rivals Huawei and Oppo. Lei’s estimated net
$500 million in India (along with its various partners) and worth, too, was cut in half from a high of $13.4 billion in 2015.
is looking to pour in another $500 million over the next two Cue the offline reboot. Xiaomi had come to India with
years, creating an estimated 20,000 jobs along the way. its online prowess but found that 70% of the market was in
Started in 2010, Xiaomi took China by storm with its $100 stores. So over the next two years it set up 600 service centers,

FORBES ASIA
XIAOMI
TOP SHELF with China are always in the background.)

Then came a copyright case—regarding chip-
Xiaomi basically competes in the midpremium market in India, where sets—slapped by phone maker Ericsson. Some
the average smartphone sells for $157. Lenovo-Motorola—its most products also backfired, like the tablet Mipad,
direct competitor—has doubled production capacity in India and has which was later withdrawn from the market.
launched 13 models since June. But Xiaomi also aims to contend up At that time, Jain worked closely with the
the margin ladder, against Huawei (which builds phones in India as charismatic Hugo Barra, who used to head in-
well) and ultimately Samsung, to offer 4G wonders such as better ternational sales for Xiaomi and has since
cameras and larger screen sizes. moved to Facebook. These days, Jain connects
A case in point is the Mi MIX 2, priced at $550—a bezel-less ce- with Xiaomi founder Lei Jun to craft strategy.
ramic phone, which was offered online on the day before Diwali. The Lei doesn’t speak much English and Jain doesn’t
flash sale finished in three minutes flat with expressions of interest know Mandarin, but the two catch up many
from 100,000 buyers. Xiaomi has not disclosed how many phones times a day to chat, using in-house transla-
were sold. tors or even Google Translate. Lei visits India at
Not everyone can compete well in that realm. Huawei—the largest- least once every quarter. Jain, who has an undis-
selling brand in China—had a meager 1% share in India for the first half closed equity stake, hosted him at his Bangalore
of 2017. (High-priced Apple is also a secondary presence, with 2.3%.) home recently. (Bin Lin, meanwhile, continues
Samsung is not going to cede its top spot willingly. In June, it to oversee the entire company’s growth.)
announced a $760 million expansion of the Noida plant in northern By 2016, Xioami rose to the No. 5 position
India, doubling capacity to 120 million units per year. in a bunched Indian smartphone ranking after
While Samsung continues to be No. 1, it’s gone from owning a third Samsung. Starting this year things looked even
of the Indian market in 2013 to a fourth in 2016—albeit of a growing better, spurred by the government’s demoneti-
pie. —A.R. zation move to formalize transactions, which
boosted online buying. Also helpful was its
$150 to $200 Redmi Note 4 series. With an all-
metal body, fingerprint scanner and 13-mega-
stitched up partnerships with 650 retailers and opened seven pixel camera, it became India’s favorite model for the first half
Mi Home centers. It recently tied up with Kishore Biyani’s Fu- of the year, selling nearly 5 million phones, per company data.
ture Retail to sell its two most successful models at Big Bazaar Xiaomi appeals, in part, to young adults upgrading from a
outlets during the festive season. $100 to a $200 smartphone. This is a notch above where do-
In China, Xiaomi now has 200 stores and is looking to add mestic outfits like onetime star Micromax had gotten a foot-
800 by 2020. Already, this is showing results: Offline sales in hold. “Micromax and other India-based vendors were dom-
China grew significantly in 2017, and in the second quarter, inant in the sub-$100 category,” says IDC’s Singh. “But with
Xiaomi overtook vaunted Apple as the fourth-largest phone the huge onslaught of Chinese vendors in the $100 to $250
shipper in China. Worldwide, it ranked fifth in the second category, the sub-$100 lost its appeal, since there were better-
quarter, with a 59% rise, a considerably faster climb than the designed devices with high specifications.”
rest of the top five. In this sector, Oppo and a similarly aimed Chinese brand,
India is setting the pace. “We expect to be the number one Vivo, are on a marketing blitzkrieg in India, splashing their
smartphone brand soon,” says Jain, who has an engineering names across billboards and mom-and-pop shops. They are
degree from IIT Delhi plus a postgraduate diploma from the wooing cricket-loving Indians by sponsoring major cricket-
premier Indian Institute of Management in Kolkata. ing events. And they are
He worked as a consultant with McKinsey out of college luring dealers with good
and then cofounded fashion retailer Jabong.com in 2012 with markups.
a group of friends. He quit the Delhi startup in early 2014. (Ja- Xiaomi’s answer is
bong was sold to Flipkart in 2016. Jain offloaded his stake for to use social media and
an undisclosed sum.) Mi fan clubs to spread
Back in Bangalore and previously acquainted with Xiao- the word. It’s online Mi
mi’s cofounder Bin Lin through a common friend, Jain soon Community has more
joined the phone maker. For a while he was the only employ- than 2 million Indi-
ee in India. “I’d be opening the door, serving tea and coffee an users. Clubs bring to-
DHIRAJ SINGH/BLOOMBERG
myself and also discussing deals worth hundreds of crores,” gether Xiaomi fans, who
recalls Jain. The India staff now exceeds 300. discuss everything from
But the initial days were tough. For instance, during Di- headphones to screens to
wali 2014, there were rumors that the Indian Air Force had battery capacities. They
banned Xiaomi phones and sales dipped. (Official tensions also beta test the phones Xiaomi founder Lei Jun.

under extreme conditions—like watching movies for LATE ADAPTERS
48 hours straight or playing videogames for 20 hours INDIA HAS PLENTY OF ROOM FOR SMARTPHONE MARKET SHARE IN
at a stretch. MOBILE BRAND BUILDING. INDIA (FIRST HALF OF 2017):
Jain points out that the phone itself is not the end- SMARTPHONES AS A
PERCENTAGE OF TOTAL PHONES SAMSUNG 25.8%
game. “Our smartphones will be at the center of a universe
(FIRST HALF OF 2017): XIAOMI 15.7
of products,” he says. Xiaomi fare in China includes such
VIVO 11.7
products as shoes, air purifiers and TVs. It has invested KOREA 100%
OPPO 8.6
in 89 hardware startups. In India it has already rolled out JAPAN 99
LENOVO 8.2
power banks, audio accessories and fitness bands, though CHINA 98
APPLE 2.3
they make up a tiny percentage of revenues. INDIA 47
HUAWEI 1
Xiaomi also has its own operating system (MIUI) REST OF ASIA 65
TOTAL SHARE OF ALL
and an internet platform, Mi.com. (MI stands for GLOBAL 78 CHINA-BASED VENDORS: 54
“Mobile internet,” and Xiaomi—which means “mil- SOURCE: COUNTERPOINT. SOURCE: IDC.
let” in Mandarin—was named to signify ubiquity.)

“The momentum is there, but their profitabili- products in these emerging markets.”
ty is limited by [Xiaomi’s] business model,” says Neil Shah Jain is conscious of the hypercompetition around him. He says
of Mumbai’s Counterpoint Research. “Since this is a volume his backpack has at least 20 new marketplace releases at any given
game, global-level scale will be important and thus growth time. His desk drawers are jammed with cellphones of varying
beyond the India or China markets.” colors, screen sizes and specs. But while he had cited the mar-
That’s true for the Chinese rivals, too. “They have start- ket title as an expectation, “We don’t chase the No. 1 ranking,”
ed expanding their presence in Southeast Asian countries Jain professes. “Our philosophy is to focus on the inputs—as in
like Indonesia, Malaysia, Philippines, Thailand and Viet- the right product, the right innovation, the right services and the
nam,” says Xiaohan Tay, research manager for client devices right business model. The output, which is the market share and
at IDC. “These are price-sensitive markets, and vendors have rankings, will automatically happen.” F
to continue to focus on pushing their low-end and midrange Additional reporting: Jane Ho
THE
FORBES
400 E D I T E D BY L U I S A K R O L L A N D K E R RY A . D O L A N
I
t was another record year for the wealthiest people in America, as the price of admission to make The
Forbes 400 list of richest Americans is now $2 billion. Even at these new heights, entrepreneurs are
breaking into the ranks for the first time as they mint fortunes in everything from telecom to booze to
fishing. There were 22 newcomers, 14 of whom are self-made entrepreneurs.
Number one for the 24th consecutive year is Bill Gates, who is now worth $89 billion, up $8 bil-
lion from a year ago. Gainers (there were 289) since last year’s list outnumbered losers (just 51) by more
than five to one. A strong stock market was the main reason for this record-breaking year. The S&P 500,
for instance, was up roughly 17% in the 12 months since the 2016 Forbes 400 list. The most notable loser
was President Donald Trump, whose fortune fell $600 million to $3.1 billion. A tough New York real es-
tate market, particularly for retail locations; a costly lawsuit; and an expensive presidential campaign all
contributed to the declining fortune of the 45th president. Forbes Editor Randall Lane interviews Trump
(eliciting Trump’s now infamous IQ remark about Rex Tillerson) and reflects on the president’s winner-
take-all mentality (see p. 28).
We also take a look at the correlation between higher learning and business success by slicing and dic-
ing the educational pedigrees of the 400 members (see p. 38); we highlight their degrees (or lack thereof )
in the list entries (p. 54).
A record 169 billionaires were too poor to make the cut, including such well-known figures as activist
investor Nelson Peltz and Facebook’s Sheryl Sandberg. Twenty-six members of the 2016 class fell out of the
ranks (even though 13 of those 26 went up in wealth).
Go to forbes.com/forbes-400 for more information on list members, as well as photos, videos and coverage
of these influential billionaires.

FORBES
400
WINNER
TAKES
ALL
For decades, Donald Trump made
deals with an “I win, you lose”
mentality. Little surprise that he
is bringing the same philosophy
to governing the most powerful
nation on earth.
BY R A N DA L L L A N E

FORBES 400 TRUMP
I f Trump really did call the

White House a “dump,” he’s over it.
Inside the small West Wing study—
where he stacks his papers and
takes his meals atop what he calls
his “working desk,” the president
State Rex Tillerson, who report-
edly called his boss a moron: “I
think it’s fake news, but if he did
that, I guess we’ll have to compare
IQ tests. And I can tell you who is
going to win.”
“Very comfortable,” he replies.
“What I want to do is recipro-
cal. See, I think the concept of
reciprocal is a very nice concept.
If somebody is charging us 50%,
we should charge them 50%. Right
talks volubly about a chandelier he And above all, he sells: “I also now they charge us 50%, and we
had installed and the oil paintings have another bill . . . an economic- charge them nothing. That doesn’t
of Lincoln and Teddy Roosevelt. He development bill, which I think work with me.”
pokes open the door to his pristine will be fantastic. Which nobody It never has. Donald Trump didn’t
private bathroom, a must for the knows about. Which you are hear- get rich building businesses, de-
germophobe-in-chief. He takes us ing about for the first time. . . . spite years of brand-burnishing via
outside to see the serene swimming Economic-development incentives The Apprentice and millions of votes
pool. And inside the Oval Office, for companies. Incentives for com- from people who craved exactly that
freshly renovated with drapes, car- panies to be here.” Companies that experience. Instead, his forte lies in
pet and fixtures that lean heavily keep jobs in America get rewarded; transactions—buying and selling and
on gold, he slides his hand across those that send operations offshore cutting deals that assure him a win
the same Resolute desk where JFK “get penalized severely.” “It’s both a regardless of the outcome for others.
handled the Cuban Missile Crisis carrot and a stick,” says the presi- The nuance is essential. Entrepre-
and Reagan fought the Cold War, dent. “It is an incentive to stay. But neurs and businesspeople create and
adorned with nothing but two tele- it is perhaps even more so—if you run entities that have any number
phones and a call button. of interested parties—share-
“This looks very nice,” holders and customers and
says the president. “I THINK IT’S FAKE NEWS, BUT IF employees and partners and
He could as easily be HE DID THAT, I GUESS WE’LL HAVE hometowns—that in theory all
pitching a Trump Tower TO COMPARE IQ TESTS. AND I CAN share in success. Under Steve
penthouse or a Doral TELL YOU WHO IS GOING TO WIN.” Jobs and Tim Cook, Apple
golf club membership, has helped early sharehold-
and over the course of a ers multiply their investments
nearly one-hour interview nearly 400-fold, turned thou-
in the Oval Office, Presi- sands of options-wielding
dent Trump stays true to the same leave, it’s going to be very tough for employees into millionaires (swelling
Citizen Trump form that Forbes has you to think that you’re going to be the local tax base), performed simi-
seen for 35 years. able to sell your product back into lar wonders for Taiwanese supplier
He boasts, with a dose of hy- our country.” Foxconn and made customers so
perbole that any student of FDR or And so here we are, the first deliriously happy that they wait all
even Barack Obama could under- president to come solely from the night to fork over hundreds of dollars
cut: “I’ve had just about the most private sector, representing the for products that will be obsolete two
legislation passed of any president, party that for more than a century years later.
in a nine-month period, that’s ever championed laissez-faire capital- Dealmakers rarely seek that kind
served. We had over 50 bills passed. ism and free trade, proposing that of win-win-win-win-win. Whether
I’m not talking about executive government punish and reward it’s a stock trade, a swap of middle
orders only, which are very impor- companies based on where they relievers or optioning a real estate
tant. I’m talking about bills.” choose to locate factories and of- parcel, a deal tends to involve just
He counterpunches, in this fices. Is the president comfortable two parties and generally results in
case firing a shot at Secretary of with that idea? one coming out ahead of the other

(so much so that a “win-win” is
considered a noteworthy aberra-
POORER PRESIDENT
tion). “Man is the most vicious of NIKETOWN, NEW YORK CITY
all animals,” Trump told People in
1981 (and it merited a mention the
first time he appeared in Forbes,
a year later). “Life is a series of
battles ending in victory or defeat.”
It’s a mentality that remains hard-
wired in President Trump.
Nearly a year after the most
stunning Election Day in many
decades, pundits still profess
to find themselves continually
shocked by President Trump. They
shouldn’t be: His worldview has
been incredibly consistent. Rather
than as an opportunity to turn ide-
ology into policy, he views govern-
ing the way he does business—as
an endless string of deals, to be A tough New York real estate market, a Niketown
won or lost, both at the negotiat- costly lawsuit and an expensive presi- (NEW YORK CITY)
ing table and in the court of public dential campaign all contributed to the WHAT HE OWNS: Ground lease
on retail through 2079
opinion. Look at his first year declining fortune of the 45th president. TOTAL VALUE: $253 million
through this prism, and it makes After months of digging through finan- DEBT: $0
sense. And it offers clues for the cial disclosures and public property NET VALUE:
next three years—or seven. records and conducting dozens of in- $253 million
CHANGE VS. 2016:
terviews, Forbes now estimates POTUS’
–$137 million
ASK PRESIDENT TRUMP if he’s net worth at $3.1 billion, down from $3.7
having fun in his new job, and he has billion a year ago, putting him in 248th Long the sole tenant at 6 East
a quick answer: “I am having fun. place on our annual ranking of the rich- 57th Street in New York City,
Nike signed a 15-year, $700 mil-
I’m enjoying it. We’re accomplishing est Americans. lion lease in late 2016 for a nearby
a lot. Your stock market is at an all- The biggest hit was to Trump’s real space, stoking rumors that it will
time high. Your jobs, your unem- estate portfolio, which is weighted vacate this Trump property. Nike
ployment is at the lowest point in heavily toward New York City. Values is staying put for now. “We are
almost 17 years. We have fantastic of several Manhattan properties have in a multiyear-lease agreement
for our Niketown New York loca-
numbers coming out.” dropped, shaving nearly $400 million tion that does not end for sever-
Fantastic numbers aren’t off his fortune. Some of his golf proper- al years,” a Nike spokesman said.
generally how most people would ties, including ones in Miami, Ireland (The company would not confirm
measure fun. But Trump always and Scotland, have also declined in when the lease ends.) The bigger
issue is the weaker real estate val-
has. “Other people paint beauti- value, as some would-be guests stayed
ues, particularly for Manhattan
fully on canvas or write wonderful away, apparently offended by the presi- storefronts in this tony neighbor-
poetry,” he wrote in The Art of the dent’s politics and bombast. Trump’s hood, which is also home to near-
Deal 30 years ago. “I like making cash pile is down $100 million since last by Trump Tower.
deals, preferably big deals. That’s year, after he spent $66 million on his
how I get my kicks.” campaign and $25 million settling a lawsuit over Trump University.
Numbers offer Trump valida- A handful of Trump’s assets rose in value in the past year, including
tion. They determine the winner or the hotel-condo tower in Las Vegas that he owns with fellow Forbes
loser of any deal and establish an 400 member Phil Ruffin (No. 315) and his minority stake in a down-
industry hierarchy. It’s why Trump, town San Francisco office building, which continues to benefit from
more than any of the 1,600 or so the red-hot real estate market there. Changes in values are measured
people who’ve been on The Forbes against last year’s Forbes 400, which was published a month before
400, has spent more time lobbying the election. —Dan Alexander & Matt Drange

FORBES 400 TRUMP
and cajoling Forbes to get a higher Tower to make the building seem tics serve as marketing grist.
valuation—and validation. taller, obsessed over his Apprentice He also uses numbers as lever-
In the Oval Office, when I tell ratings and lied about the square age, a way to set parameters and
him the markets are up 20% during footage of his penthouse. All of this eventually declare victory. Back
his term, he stretches the time peri- explains the inexplicable—the need when he bought the New Jersey
od to yield an even glossier figure. to exaggerate crowd sizes or shoot Generals of the United States Foot-
“No, 25 since the election. You have the messenger any time a bad poll ball League in 1984, he report-
to go since the election.” comes out. edly described his bidding style to
That depends on the index, of For Trump, numbers also serve his fellow owners thusly: “When I
course (he’s conveniently using the as a pliant tool. American busi- build something for somebody, I
most Trump-friendly one, Nasdaq), ness has fully embraced Big Data, always add $50 million or $60 mil-
but the president will brook no Moneyball-style analytics and ma- lion onto the price. My guys come
such subtlety. “Since Election Day chine learning, where figures sug- in, they say it’s going to cost $75
it’s 25%. It has gone up since Elec- gest the best course of action. But million. I say it’s going to cost $125
tion Day $5.2 trillion—$5.2 trillion. Trump, for decades, has boasted million and I build it for $100 mil-
If Hillary Clinton would have won, about how he conducts his own lion. Basically, I did a lousy job. But
the markets would have gone down research—largely anecdotal—and they think I did a great job.”
substantially.” then buys or sells based on instinct. According to Trump, that trick
He’s similarly proud of the GDP. Numbers are then used to justify explains the current proposal to
“So GDP last quarter was 3.1%. his gut. He governs exactly that cut the corporate tax rate to 20%,
Most of the folks that are after months of saying he
in your business, and else- wanted to go even lower, to
where, were saying that BIG NUMBERS HAVE ALWAYS 15%. “I was actually saying
would not be hit for a long ATTRACTED TRUMP, REGARDLESS 15 for the purpose of get-
time. You know, Obama OF THEIR ACCURACY. WHICH ting to 20,” he says, adding,
never hit the number.” EXPLAINS THE INEXPLICABLE—THE “As you know, this will be a
When informed that his NEED TO EXAGGERATE CROWD negotiation for the next 30
predecessor did, several days. But I wanted the 15 in
SIZES OR SHOOT THE MESSENGER
times, Trump pivots im- order to get to 20.”
mediately. “He never hit it
ANY TIME A BAD POLL COMES OUT. It’s a trait he has appar-
on a yearly basis. Never hit ently long admired in presi-
it on a yearly basis. That’s dents. Back in the 1980s, he
eight years. I think we’ll go recalled getting a $5 mil-
substantially higher than that. And way, sticking with even his most lion request from Jimmy Carter to
I think this quarter would have illogical campaign promises—the help build his presidential library.
been phenomenal, except for the kind other politicians walk back “Jimmy Carter had the nerve, the
hurricanes.” from once confronted with actual guts, the balls, to ask for something
And what of those storms? policy decisions, whether making extraordinary,” he wrote in The Art
“Well, I’ve gotten very high marks Mexico pay for a border wall when of the Deal. “That ability above all
for the hurricanes,” he says, two illegal immigration is historically helped him get elected president.”
days before he tweets about how low or pulling the U.S. from the One bid, however, isn’t enough.
he wasn’t getting enough personal Paris climate accords, despite the In a transactional mindset, when
credit. The president’s much-ma- fact that compliance is voluntary— the person across the table is a
ligned Twitter stream provides a citing whatever figures he can to competitor rather than a partner,
modern way to self-validate. Any- justify his stances. When asked the best terms come from creating
thing he says registers thousands about Russian interference in the multiple bidders. Which explains
of likes, thousands of retweets and, election, for example, he notes that his sudden fondness for Nancy Pe-
over time, millions of new fol- he got 306 electoral votes and adds losi and Chuck Schumer, whether
lowers. So what if some of those that the Democrats need “an excuse on the debt-limit increase, im-
followers are fake accounts? Big for losing an election that in theory migration proposals for Dreamers
numbers have always attracted they should have won.” For the (at least briefly) or health care. “I
Trump, regardless of their accuracy. greatest-ever American salesman think the Democrats want to make
He numbered the floors in Trump (yes, including P.T. Barnum), statis- a deal,” says Trump, referring to

Obamacare. “At the same time, I
think I have a deal with the Repub-
THE BILLION-DOLLAR TAX BREAK?
licans. So I have the best of both Is Donald Trump getting rich off being president? So far, no. Since
worlds. That’s business to a certain Trump was elected last November, the S&P 500 is up 18%, yet Donald
extent. . . . I’m very able to make Trump’s net worth is down 16%. That’s because Donald Trump’s portfo-
deals with Democrats if I have to.” lio (mostly Manhattan real estate and golf courses) does not reflect
The specter of playing each side off the broader American economy.
the other also looms over tax ne- Still, one thing that would give the Trump family a tremendous
gotiations. “We’ll be talking about boost is eliminating the estate tax, which claims roughly 40% of the
all of it. You know, it will be a very richest’s assets upon their death. Unlike most well-lawyered members
serious set of negotiations going on of The Forbes 400, especially ones who are over 70 years old, Donald
over the next period of time.” Trump retains almost complete ownership of his fortune. He has trans-
Of course, those who don’t see ferred very little to his kids. That means that if he dies, Ivanka, Tiffany,
eye-to-eye with the president will Donald Jr., Barron and Eric would face an estimated billion-dollar tax
feel his Twitter lash: Ask Ryan bill—unless President Trump does something about it first. Estate-tax
(“does zilch!”), McConnell (“get repeal sits near the top of his tax-cut wish list.
back to work”), Schumer (“Cryin’ When reminded that the plan would yield a ten-digit benefit to
Chuck”), Lindsay Graham (“dumb the Trumps, the president demurs: “Well, we’re going to have to
mouthpiece”), Elizabeth War- see what happens.” He adds: “I built a great business, but it doesn’t
ren (“Very racist!”), John McCain mean anything to me. My children are running it. It doesn’t mean
(“dummy!”) or approximately 1,000 anything to me anymore. I don’t even think about it because this is
others in the past year who have so big, what I’m doing now.” —Matt Drange
had the temerity to stand up to the
president. Much as these digs seem
personal, in truth he’s just stick- dad when I was 5 or 6 years old. . . . running the Trump Organization
ing with a business tactic he’s long Besides telling me again and again that provides the kind of experience
employed. Again, from The Art of not to drink, not to smoke and not that it takes to run the ultimate or-
the Deal: “I’m the first to admit to chase women, he always told me: ganization in America: the U.S. gov-
that I am very competitive and that ‘Never trust anybody.’ Then he’d ask ernment. At the Trump Organiza-
I’ll do nearly anything within legal me if I trusted anybody. I’d say, ‘No.’ tion, he owns basically everything.
bounds to win. Sometimes, part of ‘Do you trust me?’ he’d ask. I’d say, There’s no known board of direc-
making a deal is denigrating your ‘Yes.’ tors, no outside shareholders and
competition.” “And he’d say: ‘No! Don’t even no real customer base, save onetime
Or denigrating your own team. trust me!’ ” luxury real estate buyers and golf
In any situation, Trump must be club members. It’s far closer to run-
the alpha dog. Delegation isn’t his THANKS TO THE APPRENTICE, ning a family office than running
strong suit. Witness what hap- most people think Donald Trump Wal-Mart. When it comes to mo-
pened when Tillerson apparently ran a big company. He did not. guls turned presidential aspirants,
reopened a dialogue with the North The Trump Organization has 22 compare him with the two private-
Koreans. “He was wasting his time,” real estate assets, with their own sector leaders who previously came
Trump now says. But doesn’t pub- management teams. Trump licenses closest to going directly to the Oval
licly upbraiding his top diplomat his brand to over a dozen entities, Office: Wendell Willkie, who ran
effectively neuter him? “I’m not collecting royalties. All in all, it’s a giant public utility before losing
undermining,” Trump says. “I think a valuable company that’s more to FDR in 1940, and Ross Perot,
I’m actually strengthening author- impressive for its efficiency than whose quixotic third-party bid in
ity.” It’s hard to see whose authority its breadth. Trump leveraged that 1992 was based on a career building
he’s strengthening, other than his mindset, and his formidable skills two huge public companies, most
own. as a marketer and showman, to notably Electronic Data Systems, a
In Donald Trump’s orbit, clearly, run a historically efficient political global firm that had its own de facto
no one is off-limits. A decade ago, campaign. “Nobody talks about it, foreign policy, including a famous
Donald Trump Jr. told Forbes this but I spent much less money and Iranian hostage rescue.
story about his now-presidential won,” he says. He’s absolutely right. Trump does have experience
father. “I’d be going to work with my But there’s precious little about leading public companies, but even

FORBES 400 TRUMP
then there was only one share- here. But with that being said, no, that—one-on-one bargains carry-
holder who mattered. When Trump Obamacare is Obama’s fault. It’s no- ing the implicit prospect of a nego-
controlled 40% of publicly traded body else’s fault.” tiation that will create a winner and
Trump Hotels & Casino, he used it But isn’t it now his administra- a loser. Doesn’t this fly in the face
to buy a casino he privately owned tion’s responsibility? “Yes. But I’ve of our multilateral world?
for $500 million, even though one always said Obamacare is Obama’s “You can have it this way and
analyst thought it was worth 20% fault. It’s never going to be our do much more business. And if it
less. At one point, he also owned fault.” doesn’t work out with a country,
more than 10% of Resorts Interna- The same approach comes you give them a 30-day notice, and
tional. He cut a deal with that com- through in foreign policy, again you either renegotiate or not.”
pany that garnered him millions in and again, whether it’s the Iran Trump’s bilateral world, of
fees at the expense of other owners. deal, the Paris climate agreement course, explains why foreign aid gets
Neither ended well: Trump Hotels or, especially, free-trade deals. cut. It comes with a huge downside.
filed for bankruptcy (for the first Doesn’t he feel a responsibility to Deals score points, but deals don’t
time) in 2004; Resorts had gone honor agreements from previous create long-term investments. It’s
bankrupt some years earlier after administrations? impossible to think of something
Trump cashed out. President Trump has a quick like the Marshall Plan, which teed
Inheriting the keys to up more than six decades of
American government peace and prosperity, com-
is akin to a succession at
IT’S A DANGEROUS PRECEDENT: ing out of the Trump White
General Electric or Micro- AN AMERICA WHERE EACH House. To that, he shrugs
soft. Continuity is gener- ADMINISTRATION, RATHER THAN again.
ally assumed—honoring BUILDING ON THE AGREEMENTS OF “For me, it’s America
prior commitments and ITS PREDECESSORS, UNDOES EACH first. We’ve been doing that
running the company/ OTHER’S DEALS. so long that we owe $20
country as best as possible, trillion, okay?”
while pivoting to new pri- Trump intends to run
orities and policies. the country more like the
Trump’s transactional Trump Organization in
mindset, however, doesn’t see it response: “No.” other ways. Much has been made
that way (nor do many of his core It’s a dangerous precedent: an about how slow he’s been to nomi-
supporters, who expect radical America where each administra- nate people to key positions. In the
change above all else). If previous tion, rather than building on the State Department, for example,
policies were bad deals, he sees agreements of its predecessors, he has failed to put up names for
no reason to honor them, even at undoes each other’s deals—effec- more than half of the comfirmable
the cost of America’s reputation or tively undermining the authority of positions. That’s apparently not an
the perception of stable American any American head of state. Again, accident.
policy. Trump shrugs. “I’m generally not going to
Take Obamacare. “It’s a total “I happen to think that NAFTA make a lot of the appointments
mess,” Trump says. Fair point. will have to be terminated if we’re that would normally be—because
But doesn’t Trump, as the CEO going to make it good. Otherwise, you don’t need them,” he says. “I
of America, have an obligation to I believe you can’t negotiate a good mean, you look at some of these
operate it as well as he can until deal. . . . [The Trans-Pacific Partner- agencies, how massive they are, and
he has an alternative, rather than ship] would have been a large-scale it’s totally unnecessary. They have
threaten to withhold payments to version of NAFTA. It would have hundreds of thousands of people.”
insurance companies, shrink the been a disaster. It’s a great honor to And how does this man, who’s
enrollment period and slash the have—I consider that a great accom- never really had a boss, feel about
advertising budget? plishment, stopping that. And there now having 330 million of them,
“What we’re doing is trying to are many people that agree with me. to be exact? He acknowledges the
keep it afloat, because it’s fail- I like bilateral deals.” fact, but then answers in a way that
ing,” he says. “I mean the insur- Of course he does. Trump has is perfect, consistent Trump: “It
ance companies are fleeing and been doing bilateral deals his whole doesn’t matter, because I’m going to
have fled. They fled before I got life. But bilateral deals are just do the right thing.” F

3000
FORBES ASIA FORBES 400 TOTAL 2000
THE FORBES 4OO NET WORTH
LUXURY 1000
900
800
700
CLEWI
THE PRICE OF THE GOOD LIFE
600
500
400
1982 = 100 300
For the wealthiest Americans, living extremely well is relatively affordable. 200
BY ANDREA MURPHY CPI
THINK IT’S EASY being a multibillionaire? Well, yes, it probably is—and

100
1982 1985 1990 1995 2000 2005 2010 2017
America’s richest will be heartened further by our latest Cost of Living

Extremely Well Index (CLEWI), which shows that consumer prices THE GOLDEN DOOR SPA
for the ten-figure set nudged up just 1.7% this year, nearly half a point
SERVICES +2%
SCHOOL: Year’s tuition,
below its 2016 increase. Since the Reagan era, we’ve room and board at Groton
tracked the cost of this basket of 40 ultraluxe items; (Massachusetts)
$55,700 / 0%
it has gone up every year, by an average of 5%, while
UNIVERSITY: Year’s
the U.S. Consumer Price Index has risen 3% a year, tuition, room and board,
on average, over the same period. Whatever the plus insurance, at Harvard
(Massachusetts)
cost of these glamorous gewgaws, the wealthiest can JOHN LOBB $68,739 / 5%
WINGTIPS
handle it: Since we began tracking CLEWI in 1982, the FACE-LIFT: Experienced
THE FOUR SEASONS
average net worth of The Forbes 400 has increased 960%. surgeon (New York)
$18,500 / 0%
SHOES: Men’s black-calf CONCIERGE: One-year
ENTERTAINMENT OYSTER 595
wingtips, custom-made, membership for per-
John Lobb (U.K.) sonal service (New York)
AND TOYS +2% $5,331.17 / 6% $25,000 / NA
OPERA: Metropolitan
PERFUME: 1000 by Jean PSYCHIATRIST: 45 min-
Opera tickets for two, for utes at Upper East Side
Patou, 0.5 oz. (France)
six Saturday-night shows
$350 / 0% shrink (New York)
(purchased in New York) $400 / 7%
$5,520 / –3% WATCH: Jules Audemars
self-winding, 18-karat pink LAWYER: Hourly fee
PIANO: Ebonized Model
gold, alligator strap, Aude- for estate planning, a
D concert-grand Steinway Schlesinger, Gannon &
mars Piguet (Switzerland)
(New York) $164,100 / 2%
$22,700 / NA Lazetera partner (New
MOTOR YACHT: Hatteras
HANDBAG: Hermès York) $995 / 0%
75 (North Carolina) FASHION +1% Clemence Jypsière,
$5.6 MIL / NA
bull-calf leather
COAT: Russian
SAILING YACHT: Oyster (France)
sable, Blooming-
595 (U.K.) $2.3 MIL / NA $8,500 / 0%
ROLLS-ROYCE PHANTOM: GODDARD AUTOMOTIVE/ALAMY; GOLDEN DOOR: JESSICA SAMPLE
dale’s (New York)

SPORTING SHOTGUNS: $265,000 / 0%
Pair of 12-gauge side-by-
BLACK JERSEY
side from James Purdey FOOD AND
METROPOLITAN OPERA CENDRILLION: KEN HOWARD/METROPOLITAN OPERA;
DRESS: With web

& Sons (New Jersey)
$307,160 / 16%
trim, Gucci (Italy) DRINK +3% SIKORSKY S-76D
$1,700 / –6%
THOROUGHBRED: Aver- CATERED DINNER:
LOAFERS: 40-person meal
age yearling, Keeneland
September sale (Kentucky)
Horsebit from Ridgewells HOUSEHOLD +3%
leather, SPA: Coed weekly rate, the
$550,263 / NA (Maryland) FLOWERS IN SEASON: Golden Door (California)
Gucci (Italy) $7,907.04 / 0%
TRAIN SET: Thomas & $670 / 4%
Arrangements for six $8,850 / 0%
Friends Lionel remote op- CAVIAR: Kilo of rooms per month, changed
SHIRTS: Petrossian Special weekly (New York)
erating system (New York)
$230 / 0%
12 cotton Reserve Ossetra $8,175 / 0%
bespoke, (California, New York) SHEETS: Queen-size Purity TRAVEL +/–0%
CIGARS: 25 Davidoff Turnbull & $12,500 / 0%
Dominican Aniversario Asser (U.K.)
Doppio Ajour linen set HOTEL: Four Seasons one-
CHAMPAGNE: Case of (Italy) $2,100 / 0% bedroom suite, off-peak
Double “R” (New York) $8,100 / 0%
$820 / –4% 750ml Dom Pérignon STERLING SILVER FLAT- (New York) $4,410 / NA
2006 (New York) WARE: Five-piece dinner AIRPLANE: Learjet 70,
MAGAZINE: Forbes, 1-year $1,919.40 / –6%
subscription (New York) THE MET OPERA set for 12 (Massachusetts) Bombardier (Canada)
$60 / 0% CHATEAUBRIAND: Seven $12,960 / 8% $11.3 MIL / 0%
pounds of tenderloin SAUNA: 8 by 10 by 7 feet HELICOPTER: Deluxe
(New York) in Nordic spruce (Minne- Executive VIP Sikorsky
$559.86 / 0% sota) $18,276 / 5% S-76D (Connecticut)
DINNER: La Tour SWIMMING POOL: $16.7 MIL / –1%
d’Argent tasting menu, Olympic-size (California) CAR: 2018 Rolls-Royce
excluding wine and tip $1.8 MIL / 3% Phantom (New Jersey)
(France) $530,000 / NA
$416.50 / 19% TENNIS COURT: Har-Tru
crushed stone (Connecti- TRAVEL BAG: Louis Vuitton
cut) $55,000 / 0% Keepall Bandoulière 55
(France) $1,760 / 0%
NA: NEW ITEM.
ROLLS-ROYCE PHANTOM

FORBES ASIA
THE FORBES 4OO

THE 10-Q
BY THE NUMBERS
Why would founders share their success secrets?
Part of what we have here in Silicon Valley is
this network of people talking to each other DATA RICH
about the key lessons to learn.
You like to invest in companies with network 289
effects, which rely on fast growth. Forbes 400 members (72%)
whose net worth increased over
Most Silicon Valley kinds of businesses have the past year.
network effects. You have to move fast. If you
want to transform the world, you have to have
scale. Funny thing is, you have to embrace
inefficiencies to get speed and scale. That runs
counter to traditional business thinking. 51
Forbes 400 members (13%) whose
Explain. net worth decreased.
Business school teaches you to focus on effi-
267
ciency. With blitz scaling, only rapid engage- Forbes 400 members (67%)
ment and growing the customer base matters. whose fortune is self-made.
You can refactor efficiency later.
How do you keep customers happy when you’re
growing like crazy?
Traditional thinking says, for customer service: 70
Your customer should always love you. But blitz- Forbes 400 members (18%)
scaled companies do it differently. They say, who inherited their wealth but
Well, we’ll just have email customer service— are building on it.
not telephonic customer service—because we 63
Forbes 400 members (16%) who
THE WARP-SPEED
can scale email customer service much faster.
inherited their wealth and seem
Would blitz scaling work in traditional, more to be just enjoying its spoils.
ENTREPRENEUR regulated industries?

I think it will. Transport with Uber is regu-
27
Age of Snap cofounder and CEO
Forbes 400 member and LinkedIn lated. Lodging with Airbnb has regulations. Evan Spiegel, who for the third year
Going into a regulated industry is not new. in a row is the youngest member of
cofounder Reid Hoffman on “blitz The Forbes 400.
I mean, I myself did that at PayPal, which
scaling,” his new podcast and challenged banking.
Facebook’s revised mantra. What have founders who use blitz scaling done
about their company cultures?
You’re a busy guy—venture capital partner, serving
on boards like Microsoft’s. Why add your Masters They all say successful cultures operate on sim- 94
of Scale podcast now too? ple, easily understood principles. Speed means Age of property magnate David
Murdock, the oldest member of The
I taught a Stanford class on what I call “blitz you have to change and adapt tactics constant-
Forbes 400 in the wake of David
scaling” in 2015, and now I want founders to ly. You can’t do that if you’re rules-based. Rockefeller’s death on March 20.
share how they rapidly scale their companies— There’s criticism that tech companies reward jerks. 54
how they manage their people, customers, No question. The important thing is to be Forbes 400 members (14%) based in
product development, all while making incred- deliberate and explicit about your culture. New York, the most of any city.
ibly rapid changes. The CEO and management team must live
Your favorite podcast so far? the culture, so that everyone else lives it.
LEFT: DAVID YELLEN; ILLUSTRATIONS BY PETER AND MARIA HOEY FOR FORBES
Mark Zuckerberg. I asked him about chang- An example?

ing Facebook’s cultural principle from “move Netflix. It shared the problem of every Silicon 18
fast and break things” to “move fast with stable Valley company. High-talent people leave be- Forbes 400 members (5%) in San
infrastructure.” He looked at me and said, “Noth- Francisco, the runner-up to Gotham.
cause they don’t fit the culture. So Netflix says,
ing changed. When you’re large and you start “We need to do better at screening who fits. 91
breaking the infrastructure, that’s actually going to Forbes 400 members (23%) who
We’ll do this in the interviewing process.” But
make you move slower. You don’t want to always made their money in finance and in-
that didn’t work. Then Netflix said, “Well, let’s vestments, the most prevalent industry.
be rebuilding the infrastructure, because that will broadcast what our culture is. Then the right
actually ultimately be slower.” Wow, I thought, 59
people will come and the other people will say, Forbes 400 members (15%) whose
Zuck is smarter than I’d imagined. ‘I don’t want to work there.’ ” That’s worked well. wealth comes from tech, the second-
most-prevalent industry.
REID HOFFMAN SPOKE WITH RICH KARLGAARD, OUR EDITOR-AT-LARGE

AND GLOBAL FUTURIST. THIS INTERVIEW HAS BEEN EDITED AND CONDENSED.
FOR THE EXTENDED CONVERSATION, VISIT FORBES.COM/SITES/RICHKARLGAARD.

FORBES ASIA
THE FORBES 4OO

PHILANTHROPY
THE GREATEST GIVERS

Mayors from 290 cities in 19
A PROMISE IS one thing. Plunking down actual cash is another. countries entered an urban-solutions
Our annual list of America’s top philanthropists, compiled in partner- contest funded by former New York
ship with Shook Research, makes that important distinction: It tallies mayor MICHAEL BLOOMBERG.
The $5 million grand prize went
who gave away the largest amount last year in dollar terms, not
to São Paulo, Brazil, for its plan to
who merely pledged the most. The top 20 are below; for the full list, connect nearby farmers to the city’s
see forbes.com/top-givers. restaurants and markets.
1. WARREN BUFFETT $2,861 MIL
2. BILL & MELINDA GATES 2,142
3. MICHAEL BLOOMBERG 600
4. GEORGE SOROS 531
5. CHUCK FEENEY 482
6. WALTON FAMILY 454
7. PAUL ALLEN 341
RAY DALIO cites meditation

8. JAMES & MARILYN SIMONS 293
as the primary ingredient of
his success. The hedge fund
mogul supports programs
9. GORDON & BETTY MOORE 289
that teach the practice to
inner-city kids, veterans,
10. JOHN & LAURA ARNOLD 277 prisoners and people with
HIV. The son of a jazz
musician who played sax
11. HANSJOERG WYSS 276 and clarinet in New York
clubs, Dalio also donates
to music organizations—
12. CHARLES BUTT 183 particularly those that
FROM TOP: DAVID M BENETT/DAVE BENETT/GETTY IMAGES; NATHANIEL WELCH/REDUX; BRENT HUMPHREYS
focus on jazz and blues.
13. CHARLES KOCH 180
Romania will have a new national park, partly thanks to

14. PIERRE OMIDYAR 173 HANSJOERG WYSS; he donated over $16 million worth of
forest he owned to a conservation group that will restore it
and then transfer it to the country’s government.
15. ELI & EDYTHE BROAD 169
16. GEORGE KAISER 165
17. IRWIN & JOAN JACOBS 162
JOHN & LAURA

18. JULIAN ROBERTSON JR. 140 ARNOLD distributed
$24.1 million in grants
for public safety and
19. LYNN SCHUSTERMAN 139 measures to improve
BY JENNIFER WANG
the U.S. justice system’s

cost-effectiveness
20. RAY DALIO 138
and fairness.
50 100 150 200 250 300 350 400 450 500 550 600

FORBES ASIA
THE FORBES 4OO

MAKING THE GRADE
DOCTORATE, +$70 BIL +$40 BIL +$30 BIL +$20 BIL +$15 BIL
DEGREE OR PIERRE
OMIDYAR
DROPOUT? BILL
GATES
+$15 BIL +$10 BIL +$9 BIL
JOHN
HOW MUCH schooling do you need MALONE
+$8 BIL +$7 BIL
to succeed? If The Forbes 400 is any
measure, just a bachelor’s degree. Most
of the 400 got nothing more than an
undergraduate degree (although 84% +$6 BIL +$5 BIL
have a four-year degree, compared with

just 33% of American adults). America’s
wealthiest are also far more likely to +$5 BIL +$4 BIL
have graduated from a super-elite uni-
versity. A full 23% of The Forbes 400 has
an undergraduate degree from an Ivy
+$4 BIL
League institution, a feat achieved by
less than 0.8% of the U.S. class of 2015.
Many of the 400 (Bill Gates and Mark
+$4 BIL
Zuckerberg most famously) dropped
out of college to start their careers. In
all, there are 47 high school and college
dropouts on this year’s rich list. +$4 BIL +$3 BIL
THE FORBES 400

5% +$3 BIL
2%
42%
25%
+$3 BIL
JOHN PAUL DONALD

8% TRUMP
6% 11% DEJORIA
0.5% +$3 BIL OPRAH

0.5%
WINFREY
U.S. POPULATION MEG
DAVID
2016 WHITMAN
MURDOCK
+$3 BIL +$2 BIL
5%1
10%
21%
<1 % 6%
2% +$2 BIL
9% 17% PETER
THIEL
29%
+$2 BIL
BY DENIZ CAM WITH ANGEL AU-YEUNG (THIS PAGE).
1
U.S. population with middle school or no degree.
PAGE 39: BY JENNIFER WANG (STUDENT LABOR)
Source: U.S. Census Bureau.

AND IGOR BOSILKOVSKI (VARSITY SQUAD)
HIGH SCHOOL DROPOUT +$2 BIL

HIGH SCHOOL GRADUATE
COLLEGE DROPOUT
ASSOCIATE’S DEGREE
BACHELOR’S DEGREE +$2 BIL
M.B.A. OR MASTER’S EQUIVALENT
DAVID
J.D./M.D.
ZALIK
PH.D. Includes educational information for both people in the six cases
UNKNOWN +$2 BIL (married couples or brothers) in which fortunes are shared.

EDUCATION
THE TOP SCHOOLS FOR A LEAGUE OF THEIR OWN
THE FORBES 400 A far greater share of Forbes 400 members attended an Ivy League school
for an undergraduate degree than did American adults overall.
UNDERGRADUATE1 THE FORBES 400 U.S. CLASS OF 2015
IVY
U. OF PENNSYLVANIA 18 IVY
0.8% PRIVATE
23%
36%
STANFORD 13
PRIVATE PUBLIC
PUBLIC 65% 64%
35%
YALE 13
USC 11 SOURCES: NATIONAL CENTER FOR EDUCATION STATISTICS; IVY LEAGUE INSTITUTIONS.
HARVARD 11 STUDENT LABOR VARSITY SQUAD

The old trope that success on the playing field
COLUMBIA 8 leads to success in life certainly holds true for The
Forbes 400. Twenty-six of them played top-tier sports
U. OF MICHIGAN 7 as undergraduates, competing in football, basketball,
DARTMOUTH 7 skiing and more.
DUKE 6 DAVID KOCH
BASKETBALL, MIT,
CORNELL 6 CLASS OF ’62
At 6-foot-5, Koch was a
OTHER 218 hardwood natural with a
killer hook shot. He start-
ed three seasons for the
Engineers and captained
the squad his senior year.
(His fraternal twin, Bill,
College is expensive. In 2016 the av- played two years for the
erage new graduate from an Ameri- team as well.) David
GRADUATE2 can school left with some $30,000 graduated having scored 946 points over his career, a school
in debt. The budding entrepreneurs record at the time. “I had some pretty good moves,” the ha-
who would eventually land on this bitually understated Koch says.
year’s Forbes 400 tackled that prob-
lem naturally enough: They went DONALD BREN
HARVARD 28 SKIING, U. OF WASHINGTON,
to work.
After immigrating to America from CLASS OF ’56
Pakistan, Shahid Khan (U. of Illinois The California property magnate got
Urbana-Champaign, class of ’71) a skiing scholarship and had Olympic
delivered pizza, supervised road con- ambitions, but an ankle injury forced
STANFORD 23 struction and sold clothes at Sears. him to miss the American-team try-
While holding down a dishwashing outs prior to the 1956 Winter Games.
gig, he remembers thinking: “I’m
COLUMBIA 12 breathing oxygen for the first time. PHIL KNIGHT TRACK & FIELD,
. . . If you put $1.20 per hour in terms U. OF OREGON, CLASS OF ’59
U. OF CHICAGO 8 of Pakistan, you’re making more than The inventor of the modern
99% of the people over there.” running shoe competed mostly
U. OF PENNSYLVANIA 8 Forget cushy country-club jobs; in 1- and 2-mile races as an
NYU 6 many future tycoons did hard, dirty undergraduate, almost entirely ILLUSTRATION BY MICHAEL WITTE; PHIL KNIGHT: SETH POPPEL/YEARBOOK LIBRARY
work. Terrence Pegula (Penn State, in the shadow of teammate Jim
UC BERKELEY 5 Grelle. Knight would beat the
’73) worked in a coal mine, while
U. OF MISSOURI 5
George Soros (London School of future Olympian just once—by
NORTHWESTERN 5 Economics, ’51) worked part-time as two tenths of a second in a
UCLA 5 a railway porter after fleeing Hungary race during his
OTHER 63 in 1947. Frank VanderSloot (BYU, ’72) junior year—
was a cleaner in a laundromat (where but his time
he also lived, in a back room). on the track
And what didn’t Ron Baron (Buck- team resulted
nell, ’65) do? He was a lifeguard, ca- in a tight rela-
1 bana boy, emergency-room orderly, HENRY KRAVIS tionship with
Based on information his coach, Bill
on 318 members of
waterskiing instructor, ice cream GOLF, CLAREMONT
The Forbes 400. truck driver, hotel waiter (he briefly MCKENNA, CLASS OF ’67 Bowerman;
2
Based on information lived in the basement), frat-house Kravis captained the the two would
on 161 members of dishwasher, busboy, Fuller Brush Stags’ golf team as a junior go on to found
The Forbes 400; some salesman and caddie ($4 to $5 for a Nike together
and senior and still plays
have more than one
graduate degree. single bag, $8 to $10 for a twofer). to an 8 handicap. in 1964.

FORBES ASIA
THE FORBES 4OO

OFF THE LIST DROP-OFFS
ALEXANDRA DAITCH $1.97 BIL
DECEASED, DECLINED SARAH MACMILLAN $1.97 BIL
OR LEFT BEHIND LUCY STITZER $1.97 BIL

KATHERINE TANNER $1.97 BIL
WITH THE MINIMUM net worth for admission to a Forbes 400 membership at a record VINCENT VIOLA $1.96 BIL
$2 billion, 26 titans from last year’s list can no longer afford to get past the velvet rope and JONATHAN NELSON $1.95 BIL
into the club. Death removed an additional 4 members from the rolls permanently.
PHILLIP RAGON $1.95 BIL
AMY WYSS $1.95 BIL
OFF-TRACK LESLIE ALEXANDER $1.9 BIL
Despite ten-year
JAMES DINAN $1.9 BIL
deals with NBC
and Fox that began JOHN KAPOOR $1.9 BIL
in 2015, James JENNIFER PRITZKER $1.9 BIL
France’s Nascar CHARLES ZEGAR $1.9 BIL
might be losing
NICOLAS BERGGRUEN $1.8 BIL
speed: TV viewer-
ship is down, and BHARAT DESAI & NEERJA SETHI $1.8 BIL
PAIN DRAIN in-stadium admis- LINDA PRITZKER $1.8 BIL
John Kapoor stepped down as CEO of sion revenues JAMES FRANCE $1.75 BIL
opioid maker Insys in January (while hold- haven’t recovered
LOUIS BACON $1.7 BIL
ing on to his majority stake in the firm), as since the Great
mounting federal and state investigations Recession. The TIMOTHY BOYLE $1.7 BIL
into the company’s sales and marketing average value of a ROBERT DUGGAN $1.7 BIL
practices have hit the stock hard. Insys has Nascar team fell by EDWARD LAMPERT $1.7 BIL
lost 36% of its value in a year. 7% this year. KEVIN PLANK $1.7 BIL
CAROL JENKINS BARNETT $1.5 BIL
RICHARD YUENGLING JR. $1.4 BIL
GAIL MILLER $1.2 BIL
UNDERPERFORMER
WILBUR ROSS $700 MIL
In April, Kevin Plank’s Under
Armour posted its first quarterly loss
since going public 11 years ago. The IN MEMORIAM
stock is down nearly 60% in the past
year amid increased competition and
AXEL DUPEUX/REDUX; LEON SWITZER/ZUMAPRESS/NEWSCOM; JAMEL TOPPIN FOR FORBES; TIMOTHY FADEK/GETTY IMAGES
hard times for retail overall.
SAMUEL NEWHOUSE
(Age 89, died October 1)
MEDIA $12.3 BIL
A. JERROLD PERENCHIO
(Age 86, May 23)
TELEVISION, UNIVISION $2.8 BIL
HENRY HILLMAN
(Age 98, April 14)
INVESTMENTS $2.6 BIL
BY MICHELA TINDERA
DAVID ROCKEFELLER SR.

(Age 101, March 20)
REAL ESTATE, INVESTMENTS $3.3 BIL
Net worth calculated at date of death.

PROMOTION 1
THE NEXT CENTURY

SEPTEMBER 26 – 27, 2017 • HONG KONG
This year marks a major milestone for Forbes – the 100th anniversary of its inaugural September 1917
issue. In conjunction with Forbes’ centennial anniversary celebration, the 17th annual Forbes Global CEO
Conference was held in Hong Kong from September 26 to 27, 2017, under the theme of ‘The Next Century’.
As Forbes enters its second century, the conference looked forward to what lies ahead. Gathering some
490 of the world’s top visionaries, CEOs, tycoons and investors, the conference provided a high-level
platform to discuss and evaluate how far the global community has come, what needs to be done, and
where it is going next.
(L-R) David Fong, MD, Hip Shing Hong (Holdings);

Christopher Forbes, Vice Chairman, Forbes Media;
Vincent Fong, Founder, Acoustic Metamaterials,
Speakers at the Forbes Global CEO Conference Director, Hip Shing Hong (Holdings)
(L-R) Suphachai Chearavanont, (L-R) TC Yam, Chairman, Integrated Capital Holdings;

CEO, Charoen Pokphand Group, Chairman of the Executive Committee, William Adamopoulos, CEO/Asia, Forbes Media;
True Corporation; Steve Forbes, Chairman & Editor-in-Chief, Forbes Media Sammy Wong, Partner, Whale Capital
PROMOTION 2
A Meeting of Minds: A conversation between Carrie Lam, The Chief Executive, Hong Kong Special
Administrative Region, People’s Republic of China, and Steve Forbes, Chairman & Editor-in-Chief,
Forbes Media
During the final session of the conference, Hong Kong Chief Executive Carrie Lam engaged in A Meeting of Minds with Steve Forbes and
spoke about Hong Kong’s economic strategy. In the discussion, she highlighted opportunities for businesses in the Guangdong-Hong Kong-
Macao Bay Area. She also shared insights on the Belt and Road Initiative and how Hong Kong can benefit from it. On taxation, she revealed
that the government intends to reduce tax burden on start-ups and SMEs. In closing, she said she hopes to create a much better future for
Hong Kong during her five-year term.
(L-R) Hong Kong Chief Executive Carrie Lam; TC Yam; Colin Lam, Vice Chairman &
(L-R) Sammy Wong, Partner, Whale Capital; Steve Forbes; Hong Kong Chief Executive Carrie Lam; Executive Director, Henderson Land Development; Mike Perlis, CEO & Executive Chairman,
TC Yam, Chairman, Integrated Capital Holdings; William Adamopoulos, CEO/Asia, Forbes Media Forbes Media; William Adamopoulos
(L-R) Prakash P. Hinduja, Chairman, Hinduja Group of Companies (Europe); Hong Kong
(L-R) Hong Kong Chief Executive Carrie Lam; Francis Yeoh, MD, YTL Group of Companies Chief Executive Carrie Lam
PROMOTION 3
A Meeting of Minds: A conversation between Wilbur Ross, U.S. Secretary of Commerce, and
Steve Forbes, Chairman & Editor-in-Chief, Forbes Media
In A Meeting of Minds dialogue with Steve Forbes, U.S.
Secretary of Commerce Wilbur Ross spoke about his current
role and described his transition from the private sector to
working for the government. He commented on trade policies,
including the North American Free Trade Agreement
(NAFTA) renegotiations. He also shared his views on tax
reforms in the U.S., the country’s withdrawal from the Paris
Agreement as well as U.S.-China trade relations. At the
close of the dialogue, he encouraged investors to consider
investment opportunities in the U.S., citing advantages such as
market size and access, intellectual property rights protection
and a highly skilled workforce.
(L-R) U.S. Secretary of Commerce Wilbur Ross; Steve Forbes; Suphachai Chearavanont, CEO, Charoen Pokphand Group, (L-R) Yoshito Hori, President, GLOBIS University, Managing Partner,
Chairman of the Executive Committee, True Corporation GLOBIS Capital Partners; U.S. Secretary of Commerce Wilbur Ross
Under the theme of “The Next Century”, this year’s conference sessions covered a diverse range of topics, including the global economic
outlook, insights into trends that will shape the next century, as well as opportunities in sectors such as finance, real estate and technology.
The panels also highlighted the best strategies in leadership, entrepreneurship, innovation, family business and philanthropy.
THE FUTURE IS NOW
(L-R) Ronnie C. Chan, Chairman, Hang Lung Properties; V Shankar, CEO & Partner, Gateway Partners; Neil Shen, Founding & Managing Partner, Sequoia Capital China; Helman Sitohang, CEO
Asia Pacific, Executive Board Member, Credit Suisse; Jim Walker, Chief Economist, Asianomics Group; Tim Ferguson, Editor, Forbes Asia
PROMOTION 4
MONEY MATTERS
(L-R) Cheah Cheng Hye, Chairman & Co-CIO, Value Partners Group; Jean Eric Salata, Chief Executive, Baring Private Equity Asia; Tan Xiangdong, Vice Chairman of the Board of Directors &
CEO, HNA Group; Jay Wintrob, CEO, Oaktree Capital Management; Rich Karlgaard, Editor-at-Large & Global Futurist, Forbes Media
BIG SHOES
(L-R) Beth A. Brooke-Marciniak, Global Vice Chair, Public Policy, EY; Sam Goi, Executive Chairman, Tee Yih Jia Group and GSH Corporation; Prakash P. Hinduja, Chairman, Hinduja Group
of Companies (Europe); Mario Moretti Polegato, Chairman, GEOX Group; Enrique K. Razon Jr., Chairman & President, International Container Terminal Services, Inc; Moira Forbes, Executive
Vice President, Forbes Media, President & Publisher, ForbesWoman
BUILDING A FANTASTIC TOMORROW
(L-R) Adrian Cheng, Founder, K11 and K11 Art Foundation, Executive Vice Chairman & GM, New World Development; Miwako Date, President & CEO, Mori Trust; Goodwin Gaw, Managing
Principal & Chairman, Gaw Capital Partners; Panote Sirivadhanabhakdi, Group CEO, Frasers Centrepoint; Jaime Augusto Zobel de Ayala, Chairman & CEO, Ayala Corporation; Tim Ferguson,
Editor, Forbes Asia
PROMOTION 5
MAKING MAGIC – AND MONEY
(L-R) Brendan Blumer, CEO, Block.one; Matt Dalio, CEO & Chief of Product, Endless; David Hanson, CEO, Hanson Robotics; Divesh Makan, CEO, ICONIQ Capital; Jane Jie Sun, CEO,
Ctrip.com International; Rich Karlgaard, Editor-at-Large & Global Futurist, Forbes Media
DARE TO DREAM
(L-R) Binod K. Chaudhary, Chairman, CG Corp Global; Ho Kwon Ping, Executive Chairman, Banyan Tree Holdings; Lawrence Ho, Chairman & CEO, Melco Resorts & Entertainment; Kathy Ireland,
CEO & Chief Designer, Kathy Ireland Worldwide; Chatri Sityodtong, Chairman & CEO, ONE Championship; Tim Ferguson, Editor, Forbes Asia
AT THE CUTTING EDGE
(L-R) Patrick Grove, Group CEO, Catcha Group; David Gurle, CEO, Symphony; Jeongdo Hong, President & CEO, JoongAng Ilbo and JMnet, President & CEO, JTBC; Yoshito Hori,
President, GLOBIS University, Managing Partner, GLOBIS Capital Partners; John Riady, Executive Director, Lippo Group, Managing Partner, Venturra Capital; Rich Karlgaard, Editor-at-Large
& Global Futurist, Forbes Media
PROMOTION 6
BUILDING LEGACIES
(L-R) Gaurav V. Burman, Director, Dabur International; Suphachai Chearavanont, CEO, Charoen Pokphand Group, Chairman of the Executive Committee, True Corporation; David Fong, MD,
Hip Shing Hong (Holdings); Spencer Fung, Group CEO, Li & Fung; Jonathan Tahir, Deputy Chairman, Mayapada Group; Tim Ferguson, Editor, Forbes Asia
GOOD VALUES
(L-R) Douglas Hsu, Chairman & CEO, Far Eastern Group; Francine LeFrak, Social Entrepreneur & Philanthropist, Founder, Same Sky; Dikembe Mutombo, Chairman & President, Dikembe Mutombo
Foundation; S D Shibulal, Co-Founder, Infosys & Axilor Ventures; Francis Yeoh, MD, YTL Group of Companies; Moira Forbes, Executive Vice President, Forbes Media, President & Publisher,
ForbesWoman
THE NEXT CENTURY – IN 20 YEARS OR LESS!
(L-R) Antoine Blondeau, Chairman, Sentient; Mike Perlis, CEO & Executive Chairman, Forbes Media; Anthony Tan, Group CEO, Grab; Joseph C. Tsai, Executive Vice Chairman, Alibaba Group;
Rich Karlgaard, Editor-at-Large & Global Futurist, Forbes Media
PROMOTION 7
Gathering an unparalleled mix of prominent business leaders and powerful tycoons, the conference also provided an excellent
opportunity for delegates to engage and network exclusively within the Forbes community.
(L-R) Helman Sitohang, CEO Asia Pacific, Executive Board Member,

(L-R) William Adamopoulos, CEO/Asia, Forbes Media; Credit Suisse; Enrique K. Razon Jr., Chairman & President, International
Joseph C. Tsai, Executive Vice Chairman, Alibaba Group Container Terminal Services, Inc (L-R) Steve Forbes, Chairman & Editor-in-Chief,
Forbes Media; Jane Jie Sun, CEO, Ctrip.com
International
(L-R) Margaret Lee Pui Man, Senior General Manager - Portfolio Leasing Department,
Henderson Land Development; Alfred Chan, MD, The Hong Kong and China Gas;
(L-R) Ron Sim, Chairman, V3 Group; Edward Yau Norman Ho, Executive Director, Tak Hung Holdings (L-R) Cecile Ang, President, Diamond Hotel,
Tang Wah, Secretary for Commerce and Economic Project Lead, San Miguel Properties Inc;
Development, HKSAR Government Jeongdo Hong, President & CEO, JoongAng Ilbo
and JMnet, President & CEO, JTBC
(L-R) Jaime Augusto Zobel de Ayala, Chairman & CEO, Ayala Corporation; Panote (L-R) Neil Shen, Founding & Managing Partner,
(L-R) Spencer Fung, Group CEO, Li & Fung; Sirivadhanabhakdi, Group CEO, Frasers Centrepoint; Paul Choong, Advisor to President Sequoia Capital China; Goodwin Gaw, Managing
Jonathan Tahir, Deputy Chairman, Mayapada Group & CEO, Thai Beverage; Thapana Sirivadhanabhakdi, President & CEO, Thai Beverage Principal & Chairman, Gaw Capital Partners
(L-R) Rich Karlgaard, Editor-at-Large & Global

(L-R) Gaurav V. Burman, Director, Dabur International; Chatri Sityodtong, Chairman & Futurist, Forbes Media; John Riady, Executive
CEO, ONE Championship; Hideto Arai, Executive Offi cer, Mori Trust; Miwako Date, (L-R) Mike Perlis, CEO & Executive Chairman, Director, Lippo Group, Managing Partner,
President & CEO, Mori Trust Forbes Media; Anthony Tan, Group CEO, Grab Venturra Capital
PROMOTION 8
(L-R) Tan Xiangdong, Vice Chairman of the Board of

Directors & CEO, HNA Group; Philippe Capdouze,
Founder & Chairman, FICOFI Partners Holding
(L-R) Beth A. Brooke-Marciniak, Global Vice Chair, Public Policy,
EY; Christopher Forbes, Vice Chairman, Forbes Media
(L-R) Arif Patrick Rachmat, Co-Founder & Group CEO,

Triputra Agro Persada; Ho Kwon Ping, Executive Chairman,
Banyan Tree Holdings; Suthipak Chirathivat, Executive Director,
Central Pattana
(L-R) Douglas Hsu, Chairman & CEO, Far Eastern Group;

William Adamopoulos, CEO/Asia, Forbes Media; (L-R) Lee Yi Shyan, Executive Advisor, Chairman’s Office, OUE;
Dikembe Mutombo, Chairman & President, Dikembe Tan Chin Nam, Chairman, Global Fusion Capital; Sam Goi,
Mutombo Foundation Executive Chairman, Tee Yih Jia Group and GSH Corporation
(L-R) Adrian Cheng, Founder, K11 and K11 Art Foundation,

Executive Vice Chairman & GM, New World Development;
William Adamopoulos, CEO/Asia, Forbes Media
(L-R) Jim Walker, Chief Economist, Asianomics Group; V Shankar, CEO & Partner, Gateway Partners; Ronnie C. Chan,
Chairman, Hang Lung Properties
(L-R) Lawrence Ho, Chairman & CEO, Melco Resorts &

Entertainment; Peter Yates, Deputy Chairman, The Myer Family (L-R) Divesh Makan, CEO, ICONIQ Capital; Brendan Blumer, CEO, Block.one; Rich Karlgaard, Editor-at-Large & Global
Investments Futurist, Forbes Media; Matt Dalio, CEO & Chief of Product, Endless
PROMOTION 9
(L-R) David Wong, CEO, Hong Kong & Macau and EVP
Greater China, FWD Group; Nancy Chan, Deputy Chief (L-R) Jay Wintrob, CEO, Oaktree Capital Management; Jean Eric Salata,
Executive, Hong Kong Branch, Bank of Communications; Chief Executive, Baring Private Equity Asia
Julian Lipman, Group COO, FWD Group
(L-R) Binod K. Chaudhary, Chairman, CG Corp

Global; Raj Kumar, Group Chairman, Royal Holdings
(L-R) Jan Smits, CEO, Asia Middle East and Africa, InterContinental Hotels
(L-R) Shruti Hora, Director, Indorama Healthcare; Kathy Group; Harry S Banga, Chairman & CEO, The Caravel Group; Jacinto Tong, (L-R) David Gurle, CEO, Symphony; Lee Tian Hock,
Ireland, CEO & Chief Designer, Kathy Ireland Worldwide Vice Chairman & CEO, Gale Well Group Founder & Group MD, Matrix Concepts Holdings
(L-R) Cheah Cheng Hye, Chairman & Co-CIO,

(L-R) Ivan Qi, General Partner, Bonfire Group, GM, Shanghai Ye Value Partners Group; Tony Lai, Co-Founder & (L-R) Francine LeFrak, Social Entrepreneur & Philanthropist, Founder,
Clean Power; David Hanson, CEO, Hanson Robotics Managing Partner, Whale Capital Same Sky; Mario Moretti Polegato, Chairman, GEOX Group
(L-R) Goh Choon Phong, CEO, Singapore Airlines; (L-R) Tony Chew, Executive Chairman, Asia Resource Corporation;
Edwin Low, Co-Head of IBCM (Investment Banking & Vicky Hwang, MD, Chyau Fwu Development (Singapore); June Leong, (L-R) Donnie Tantoco, President, Rustan Commercial
Capital Markets), Asia Pacific, Credit Suisse; Steve Forbes, CEO & Executive Director, Alpha Goal International; Melissa Kwee, Corporation; Danel C Aboitiz, President & COO,
Chairman & Editor-in-Chief, Forbes Media CEO, National Volunteer & Philanthropy Centre AboitizPower Oil Business Unit
PROMOTION 10
SPEECHES BY STEVE FORBES, HONG KONG

FORBES 100TH CHIEF EXECUTIVE CARRIE LAM & TC YAM
ANNIVERSARY CELEBRATION
Forbes marked its 100th anniversary at an exclusive celebration at
the close of the conference, amongst the world’s most powerful
business minds, tycoons and thought leaders. Hong Kong Chief
Executive Carrie Lam graced the celebration reception as the
Guest of Honor. The reception featured a Forbes@100 light-up
ceremony as well as musical performances from an all-star lineup
of Forbes 30 Under 30 Asia honorees.
FORBES@100 LIGHT-UP CEREMONY Steve Forbes, Chairman &

Editor-in-Chief, Forbes Media
Carrie Lam, The Chief Executive,
Hong Kong Special Administrative
Region, People’s Republic of China
(L-R) Mike Federle, President & COO, Forbes Media; Christopher Forbes, Vice Chairman, Forbes Media; Sammy Wong,
Partner, Whale Capital; Steve Forbes, Chairman & Editor-in-Chief, Forbes Media; Carrie Lam, The Chief Executive,
Hong Kong Special Administrative Region, People’s Republic of China; TC Yam, Chairman, Integrated Capital Holdings; TC Yam, Chairman,
Mike Perlis, CEO & Executive Chairman, Forbes Media; William Adamopoulos, CEO/Asia, Forbes Media Integrated Capital Holdings
MUSIC PERFORMANCES BY FORBES 30 UNDER 30 ASIA HONOREE STARS
G.E.M. Gentle Bones
Yuna Jake Zyrus (formerly known as Charice)

PROMOTION 11
Champagne toast led by TC Yam to celebrate Forbes’ 100th anniversary
(L-R) Teh Hua Fung, Principal, TPG Capital (S); Cecile Ang, President, Diamond
Hotel, Project Lead, San Miguel Properties Inc; Patrick Grove, Group CEO, Catcha
Group; Kuok Meng Ru, Group CEO & Co-Founder, BandLab, MD, Swee Lee (L-R) Gentle Bones; Jake Zyrus; Moira Forbes, Executive Vice President,
Music; Beh Swan Gin, Chairman, Singapore Economic Development Board Forbes Media, President & Publisher, ForbesWoman; G.E.M.; Yuna
(L-R) S D Shibulal, Co-Founder,

Infosys & Axilor Ventures; (L-R) Chia Song Hwee, President, Joint Head of Investment Group and Joint Head of Portfolio (L-R) Wendy Law, Executive Director,
BG Srinivas, Group MD, PCCW Management Group, Temasek International; Gay Chee Cheong, Director, CapitaMall Trust Park Capital Group; Queenie Law, Founder
Management, Board Member, Hyflux; Mike Federle, President & COO, Forbes Media; Robert Chiu, & Director, Production Q; Tan Shin Hui,
Group President, Shanda Group; Roy Quek, Executive Chairman, Thomson Medical Group Executive Director, Park Hotel Group
(L-R) Kuok Meng Han, Founder & (L-R) Anton Eilers, VP, Wanda International Real Estate; Michael Purefoy,
MD, Camtech; V Shankar, CEO & Global Head of Sales & Marketing, Wanda Overseas Projects, Wanda
Partner, Gateway Partners Group; Antoine Blondeau, Chairman, Sentient; Rohan a’Beckett, Director, Delegates networking
Sales & Marketing, Wanda Group at the reception
PROMOTION 12
Forbes staff at the Forbes 100th Anniversary Celebration
A special thanks to the speakers, delegates and sponsors of the seventeenth

Forbes Global CEO Conference.
PRINCIPAL SPONSORS
CORPORATE SPONSORS
SUPPORTING SPONSORS SUPPORTING ORGANIZATION

FORBES ASIA
THE FORBES 4OO

FORBES@100
During our centennial year, we’re unearthing our favorite covers.
NINE ZEROS:
OCTOBER 9, 2006
FOR THE FIRST TIME, everyone on
The Forbes 400 was a billionaire.
In all, the 400 richest Americans con-
trolled $1.25 trillion in wealth, up about
10% from a year earlier. The top of the list
looked much as it does today: Bill Gates re-
mains the richest man in the country; War-
ren Buffett and Larry Ellison are still in the
top five. Missing in 2006: Mark Zuckerberg,
now the nation’s fourth-richest person, who
had launched Facebook from his Harvard
dorm room two years earlier.
The storm clouds that would soon
drench America’s economy were a little way
off yet, but we had a hunch the forecast was
gloomy. As we put it in a piece about the
country’s biggest property fortunes: “A real
estate collapse may be on the horizon, but
for now it’s clear skies for the land barons
of The Forbes 400.” By 2009, 9 of the 32 real
estate billionaires on the 2006 list (28% of
them) had gone MIA. Only one of those
dropouts, Miami condo king Jorge Perez,
appears on this year’s Forbes 400.
AMAZING ADS
Last of the Unapologetic
LEFT TO RIGHT: DAVID SCHINMAN; KIM KULISH/CORBIS/GETTY IMAGES; JUNKO KIMURA/GETTY IMAGES
Gas-Guzzlers
Within four years, Hummer would
go from land-tank trophy vehicle
to discontinued brand.
NOTABLE AND NEWSWORTHY
Plus Ça Change . . .
SIGN OF THE TIMES
The words are as true today as
they were 11 years ago: “Donald Gigagrowth at the
Trump, famous for his wealth, Googleplex
infamous for his ego, has a dim Sergey Brin and Larry Page had
view of the world. [To him] . . . seen their fortunes increase 250%
most people are either ‘enemies,’ in just two years—a “meteoric rise
. . . [outpacing] the early years of FAST-FORWARD
‘bastards,’ ‘sleazebags’ or
‘stone-cold losers.’” And even as Bill Gates [and] Larry Ellison.” Ambition Brewing
2006: Starbucks CEO Howard
the future president explained
Schultz made his debut on The
how Donald Jr. and Ivanka
Forbes 400. He had, we said,
might someday run the Trump
“tapped the late-1980s health craze;
Organization, he didn’t miss
BY ABRAM BROWN
created skim-milk–based drinks.”

an opportunity to dispute our
2017: Schultz has retired as CEO for
estimate of his wealth. He was, he
the second time; speculation swirls
insisted, worth more than double
that he might have his eye on a
our $2.9 billion figure.
Venti-size goal: the White House.

FORBES 400
3. Warren Buffett
$78 BILLION S SELF-MADE SCORE: *
THE FORBES 400

SOURCE: BERKSHIRE HATHAWAY
AGE: 87 RESIDENCE: OMAHA
M.S., COLUMBIA ’51
One of the greatest investors of all time, the Oracle

of Omaha couldn’t get into Harvard Business
School. Buffett—who spent two years at Penn
before transferring to the University of Nebraska—
The rich just keep on getting richer. The minimum fortune required traveled ten hours to Chicago to interview for a
spot at HBS. He was rejected within ten minutes.
to make our annual ranking of the wealthiest Americans is a record Instead he studied at Columbia under Ben Gra-
$2 billion, up 18% over last year. Their average net worth is $6.7 ham, who pioneered the value investing philosophy
billion, and in total, these tycoons are worth some $2.7 trillion, more that made Buffett rich. His Berkshire Hathaway
owns Geico, Dairy Queen and Fruit of the Loom
than the gross domestic product of the United Kingdom. and has large stakes in Coca-Cola, Kraft Heinz and
Wells Fargo. Flush with cash, he struck a deal in
October for Berkshire to buy a 39% stake in Pilot
1. Bill Gates 2. Jeff Bezos Flying J., the truck stop operator owned by Jimmy
$89 BILLION S SELF-MADE SCORE: * $81.5 BILLION S SELF-MADE SCORE: * Haslam (No. 206) and his family. Berkshire’s shares
SOURCE: MICROSOFT SOURCE: AMAZON are up 25% in the past year, adding $12.5 billion to
AGE: 62 RESIDENCE: MEDINA, WASH. AGE: 53 RESIDENCE: SEATTLE Buffett’s fortune; he is richer than ever despite giv-
DROPOUT, HARVARD B.S., PRINCETON ’86
ing $3.2 billion to charity this summer.
Harvard’s famous dropout was an autodidact from an For four hours in July, Amazon’s founder and
early age. When he was a kid, he read the encyclopedia CEO was the richest person in the world when
cover to cover. He wrote his first computer program— Amazon stock hit an all-time high. It’s a title he 4. Mark Zuckerberg
a tic-tac-toe game—at age 13. In 8th grade he hacked is likely to regain, given his ambitions. Bezos, $71 BILLION S SELF-MADE SCORE: *
into a school computer to get students more program- whose fortune rose $14.5 billion since last Octo- SOURCE: FACEBOOK
ming time—and was caught and banned from using ber, has had a busy year: In August he closed the AGE: 33 RESIDENCE: PALO ALTO, CALIF.
DROPOUT, HARVARD
the computer through the end of the school year. $13.7 billion acquisition of Whole Foods Market
Gates entered Harvard with plans to become a lawyer (his biggest deal yet), signaling another direct More than a quarter of the world’s population
but dropped out when he was 19 to start Microsoft challenge to traditional retailers. In September is on the social media platform Zuckerberg co-
with his high school classmate Paul Allen (No. 22). Seattle-based Amazon announced it was search- founded in his Harvard dorm room at age 19.
Forty-two years later, it is the world’s biggest software ing for a second North American headquarters. Now, amid an epidemic of Facebook-enabled fake
maker, with $90 billion in revenues. Gates still sits on The 50,000 high-paying jobs on offer prompted news, he is starting to grapple with the power
ILLUSTRATIONS BY LARS LEETARU FOR FORBES
the board and owns 1.3% of the stock. But his focus an instant bidding war among cities ranging that comes with that reach. “We’ve been thinking
since leaving his daily role at Microsoft in 2008 has from Baltimore to Toronto. At a space sympo- about what our responsibility is in the world and
been on the Bill & Melinda Gates Foundation, the sium in April, the lifelong outer space fanatic what we need to do,” Zuckerberg recently told
largest private charity on the planet, which is working said he’s been selling $1 billion of his Amazon Forbes. Outside of Facebook, he and his wife, Pris-
to eradicate polio and improve childhood vaccina- stock a year to fund Blue Origin, a rocket firm. cilla Chan, are focused on the Chan Zuckerberg
tion rates in the developing world. In September he After studying electrical engineering and com- Initiative, the entity they created after pledging
and his wife, Melinda, addressed the UN General puter science at Princeton, Bezos worked at in 2015 to give away 99% of his Facebook shares
Assembly, celebrating progress that’s been made and hedge fund D.E. Shaw but left just after his 30th over their lifetimes. The couple has committed
prodding world leaders to continue working to end birthday to start selling books online out of his $600 million to the Chan Zuckerberg BioHub, a
extreme poverty and inequality. garage in Seattle. research center with the heroic goal of preventing
or curing all diseases by the end of the century.
Education entries for The Forbes 400, when available, indicate the highest degree sought or attained.
54 | FORBES ASIA NOVEMBER 2017 WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE
5. Larry Ellison 6. David Koch 9. Larry Page
$59 BILLION S SELF-MADE SCORE: ( $48.5 BILLION S SELF-MADE SCORE: % $44.6 BILLION S SELF-MADE SCORE: *
SOURCE: ORACLE SOURCE: DIVERSIFIED SOURCE: GOOGLE
AGE: 73 RESIDENCE: WOODSIDE, CALIF. AGE: 77 RESIDENCE: NEW YORK CITY AGE: 44 RESIDENCE: PALO ALTO, CALIF.
DROPOUT, U. OF CHICAGO M.S., MIT ’63 M.S., STANFORD ’98
Growing up, Ellison dreamed of going to medi- Before he helped run the show at Koch In- The son of computer-science professors, Page got
cal school but hated his time as a premed student dustries, Koch was running up and down the his first computer when he was 5. He majored
at the University of Illinois. “I just couldn’t make courts as a college basketball star. The chemical in engineering at U. of Michigan, then started a
myself study something that didn’t interest me,” he engineer captained MIT’s basketball team and doctoral program in computer science at Stanford.
said in his 2016 USC commencement address. He graduated as the university’s all-time scoring He got his master’s but never finished the Ph.D.,
dropped out sophomore year after his mother died leader. Now an executive vice president at his dropping out in 1998 to build Google with class-
during finals week. Ellison then briefly studied family’s $100 billion (sales) conglomerate, Koch, mate Sergey Brin. Page served as Google’s CEO
physics at the University of Chicago, where he was who is a prostate cancer survivor, has become until 2001 and then again from 2011 to 2015.
introduced to computer programming. At 21, he one of MIT’s biggest donors, giving $180 mil- When Google reorganized, Page became CEO
dropped out again, threw his leather jacket and lion for a cancer research center and a child-care of its new parent company, Alphabet. Its self-
guitar in his car, and moved to Berkeley. There he facility and endowing the basketball head coach driving-car unit, Waymo, is embroiled in a high-
joined the Sierra Club and was a river guide and position. He’s not shy about his gifts: His name is profile lawsuit with the ride-hailing giant Uber (in
rock-climbing instructor, working part-time as on several Manhattan institutions, including Lin- which Alphabet’s venture capital arm is an inves-
a computer programmer to pay the bills. He had coln Center’s ballet theater and a plaza in front tor) over trade secrets and patent infringement.
jobs at several Silicon Valley companies but says of the Metropolitan Museum of Art. He donated When Page was deposed in July, he drew attention
he didn’t like any as much as he liked sailing. He $77 million in 2016, bringing his lifetime giving for his seeming lack of knowledge about key de-
wanted to be his own boss and founded the data- to $1.3 billion. tails, such as when Google invested in Uber.
base-software giant Oracle in 1977. He resigned
as its CEO in 2014 but still serves as its chairman.
Oracle stock is up 25% in the past year, adding 8. Michael Bloomberg 10. Sergey Brin
$9.7 billion to Ellison’s fortune. $46.8 BILLION S SELF-MADE SCORE: * $43.4 BILLION S SELF-MADE SCORE: (
SOURCE: BLOOMBERG LP SOURCE: GOOGLE
AGE: 75 RESIDENCE: NEW YORK CITY AGE: 44 RESIDENCE: LOS ALTOS, CALIF.
6. Charles Koch M.B.A., HARVARD ’66 M.S., STANFORD ’95
The former New York City mayor, who flirted America’s richest immigrant, the Google co-
$48.5 BILLION S SELF-MADE SCORE: %
SOURCE: DIVERSIFIED with running for president, is influencing policy founder gave a stirring pro-immigration speech
AGE: 82 RESIDENCE: WICHITA, KANS. with his pocketbook. After the Las Vegas shoot- in January following the announcement of
M.S., MIT ’58, ’59 ing in October, Bloomberg announced on Twit- Trump’s (first) travel ban. “I came here at age 6
Koch pursued nuclear and chemical engineer- ter that he’d match donations to his gun control with my family from the Soviet Union, which
ing degrees at MIT, where he was a member of group, Everytown for Gun Safety. In September was at that time the greatest enemy the U.S. had
the Beta Theta Pi fraternity. He took over Koch 2016 he pledged $300 million to Johns Hopkins . . . even then the U.S. had the courage to take
Industries, now the nation’s second-largest pri- for a public health initiative; he got his under- me and my family in as refugees,” he said. His
vate company, after his father, Fred, died in 1967. grad degree from the university, where he was a father became a math professor at the University
Charles transformed it into a world-beating con- mediocre student and president of the Phi Kappa of Maryland, where Brin later got his undergrad
glomerate with interests in consumer products Psi fraternity, class president and self-proclaimed degree in math and computer science. Now
(Brawny paper towels, Dixie cups), textiles and “Big Man on Campus.” After being fired in 1981 Alphabet’s president, he is reportedly spending
manufacturing, partly by consistently reinvesting from Salomon Brothers, he cofounded the fi- up to $150 million to build an airship inside a
around 90% of profits. The longtime Republican nancial data and media firm Bloomberg LP. The hangar at NASA’s Ames Research Center. The
megadonor is the cofounder of a network that terminal business was hit in 2016 by layoffs at blimp will serve as his personal “air yacht,” but
has spent hundreds of millions of dollars influ- some of its clients. he hopes to fly it on humanitarian missions.
encing elections.

FORBES 400
11. Jim Walton 16. John Mars 24. Laurene Powell Jobs 34. Steve Cohen
$38.4 BILLION S SELF-MADE SCORE: @ $25.5 BILLION T SELF-MADE SCORE: @ & family $13 BILLION WX SELF-MADE SCORE: *
SOURCE: WAL-MART SOURCE: CANDY, PET FOOD SOURCE: HEDGE FUNDS
AGE: 69 AGE: 82 $19.4 BILLION S SELF-MADE SCORE: ! AGE: 61
RESIDENCE: BENTONVILLE, ARK. RESIDENCE: JACKSON, WYO. SOURCE: APPLE, DISNEY RESIDENCE: GREENWICH, CONN.
B.S., U. OF ARKANSAS-FAYETTEVILLE ’71 B.S., YALE ’57 AGE: 54 B.S., U. OF PENNSYLVANIA ’77
RESIDENCE: PALO ALTO, CALIF.
M.B.A., STANFORD ’91
12. S. Robson Walton 18. Phil Knight & family 35. Philip Anschutz
$38.3 BILLION S SELF-MADE SCORE: $ $25.2 BILLION T SELF-MADE SCORE: * 25. James Simons $12.6 BILLION S SELF-MADE SCORE: %
SOURCE: WAL-MART SOURCE: NIKE SOURCE: INVESTMENTS
AGE: 73 AGE: 79 $18.5 BILLION S SELF-MADE SCORE: * AGE: 77
RESIDENCE: BENTONVILLE, ARK. RESIDENCE: HILLSBORO, ORE. SOURCE: HEDGE FUNDS RESIDENCE: DENVER
J.D., COLUMBIA ’69 M.B.A., STANFORD ’62 AGE: 79 B.S., U. OF KANSAS ’61
RESIDENCE: EAST SETAUKET, N.Y.
PH.D., UC BERKELEY ’62
13. Alice Walton 19. Michael Dell 35. Eric Schmidt

$38.2 BILLION S SELF-MADE SCORE: ! $23.2 BILLION S SELF-MADE SCORE: * 26. Ray Dalio $12.6 BILLION S SELF-MADE SCORE: ^
SOURCE: WAL-MART SOURCE: DELL TECHNOLOGIES SOURCE: GOOGLE
AGE: 68 AGE: 52 $17 BILLION S SELF-MADE SCORE: * AGE: 62
RESIDENCE: FORT WORTH, TEX. RESIDENCE: AUSTIN, TEX. SOURCE: HEDGE FUNDS RESIDENCE: ATHERTON, CALIF.
B.S., TRINITY U. ’71 DROPOUT, U. OF TEXAS AT AUSTIN AGE: 68 PH.D., UC BERKELEY ’82
RESIDENCE: GREENWICH, CONN.
M.B.A., HARVARD ’73
14. Sheldon Adelson 20. George Soros1 35. Stephen

$35.4 BILLION S SELF-MADE SCORE: ) $23 BILLION TSELF-MADE SCORE: ) 27. Carl Icahn
SOURCE: CASINOS SOURCE: HEDGE FUNDS Schwarzman
AGE: 84 RESIDENCE: LAS VEGAS AGE: 87 $16.7 BILLION S SELF-MADE SCORE: ( $12.6 BILLION S SELF-MADE SCORE: *
DROPOUT, CITY COLLEGE OF NEW YORK RESIDENCE: KATONAH, N.Y. SOURCE: INVESTMENTS SOURCE: INVESTMENTS
M.S., LONDON SCHOOL OF ECONOMICS ’54 AGE: 81 AGE: 70
RESIDENCE: NEW YORK CITY RESIDENCE: NEW YORK CITY
15. Steve Ballmer
B.A., PRINCETON ’57 M.B.A., HARVARD ’72
$33.6 BILLION S SELF-MADE SCORE: ^ 21. Elon Musk

$20.8 BILLION S SELF-MADE SCORE: * 28. Donald Bren
SOURCE: MICROSOFT
AGE: 61 SOURCE: TESLA MOTORS 38. Donald Newhouse
RESIDENCE: HUNTS POINT, WASH. AGE: 46 RESIDENCE: LOS ANGELES $16.3 BILLION S SELF-MADE SCORE: *
B.A., HARVARD ’77 B.S., U. OF PENNSYLVANIA ’97 SOURCE: REAL ESTATE & family
AGE: 85 $12.3 BILLION S SELF-MADE SCORE: %
RESIDENCE: NEWPORT BEACH, CALIF. SOURCE: MEDIA
16. Jacqueline Mars 23. Len Blavatnik B.A., U. OF WASHINGTON ’56 AGE: 88
RESIDENCE: LAMBERTVILLE, N.J.
$25.5 BILLION T SELF-MADE SCORE: @ $19.6 BILLION S SELF-MADE SCORE: ( DROPOUT, SYRACUSE
SOURCE: CANDY, PET FOOD
AGE: 78 RESIDENCE: THE PLAINS, VA.
SOURCE: DIVERSIFIED
AGE: 60 RESIDENCE: LONDON 29. Abigail Johnson
$16 BILLION S SELF-MADE SCORE: #
39. Jim Kennedy
B.A., BRYN MAWR ’61 M.B.A., HARVARD ’89
SOURCE: MONEY MANAGEMENT
AGE: 55 $12 BILLION S SELF-MADE SCORE: $
RESIDENCE: MILTON, MASS. SOURCE: MEDIA
HIGH SCHOOL SENIOR, ’71
M.B.A., HARVARD ’88 AGE: 69
22. Paul Allen RESIDENCE: ATLANTA
$20.6 BILLION S B.S., U. OF DENVER ’70
SELF-MADE SCORE: * 30. Charles Ergen
SOURCE: MICROSOFT, INVESTMENTS
$15.8 BILLION S SELF-MADE SCORE: *
AGE: 64
RESIDENCE: MERCER ISLAND, SOURCE: SATELLITE TV 39. Blair Parry-Okeden
WASH. AGE: 64 RESIDENCE: DENVER $12 BILLION S SELF-MADE SCORE: !
M.B.A., WAKE FOREST ’76 SOURCE: MEDIA
DROPOUT, WASHINGTON STATE
AGE: 67
Allen dropped out of Washing- RESIDENCE: SCONE, AUSTRALIA
ton State to work at aerospace
company TRW. He then moved to
31. Thomas Peterffy B.A., U. OF DENVER ’73
Boston, where Bill Gates (No. 1), $15.1 BILLION S SELF-MADE SCORE: )
his former high school classmate
SOURCE: DISCOUNT BROKERAGE
AGE: 73 39. Rupert Murdoch
at Lakeside School, was attend- RESIDENCE: LIGHTHOUSE POINT, FLA.
ing Harvard. The pair cofound- DROPOUT, NYU & family
ed Microsoft in 1975. Allen left $12 BILLION S SELF-MADE SCORE: &
the software firm 8 years later af- SOURCE: MEDIA
ter being diagnosed with Hodg- 32. Dustin Moskovitz AGE: 86
RESIDENCE: NEW YORK CITY
kin’s disease. He beat the dis- $13.6 BILLION S SELF-MADE SCORE: * B.A., OXFORD ’53
ease and has gone on to pursue SOURCE: FACEBOOK
AGE: 33 RESIDENCE: SAN FRANCISCO
SETH POPPEL/YEARBOOK LIBRARY
a range of interests and philan-

thropic causes, from satellites and
DROPOUT, HARVARD
42. Ronald Perelman
brain science to artificial intelli- $11.7 BILLION T SELF-MADE SCORE: &
gence and sports. In August, his 33. Lukas Walton SOURCE: LEVERAGED BUYOUTS
AGE: 74
research vessel Petrel discovered
the wreckage of the USS India-
$13.2 BILLION S SELF-MADE SCORE: ! RESIDENCE: NEW YORK CITY
SOURCE: WAL-MART M.B.A., U. OF PENNSYLVANIA ’66
napolis in the Philippine Sea. AGE: 31 RESIDENCE: JACKSON, WYO.
B.S., COLORADO COLLEGE ’10
1
SOROS FUND MANAGEMENT CONFIRMED $18 BILLION IN DONATIONS SHORTLY AFTER WE LOCKED IN OUR LIST VALUATIONS.
43. Harold Hamm HIGH SCHOOL SENIOR, ’55 63. John Paulson
& family $7.8 BILLION T SELF-MADE SCORE: (
SOURCE: HEDGE FUNDS
$11 BILLION T SELF-MADE SCORE: ) AGE: 61
SOURCE: OIL & GAS RESIDENCE: NEW YORK CITY
AGE: 71 M.B.A., HARVARD ’80
RESIDENCE: OKLAHOMA CITY
HIGH SCHOOL DIPLOMA
65. Carl Cook

43. David Tepper $7.5 BILLION S SELF-MADE SCORE: #
SOURCE: MEDICAL DEVICES
$11 BILLION T SELF-MADE SCORE: * AGE: 55
SOURCE: HEDGE FUNDS RESIDENCE: BLOOMINGTON, IND.
AGE: 60 M.B.A., U. OF IOWA ’87
RESIDENCE: MIAMI BEACH
M.B.A., CARNEGIE MELLON ’82
65. David Duffield

45. Andrew Beal $7.5 BILLION S SELF-MADE SCORE: *
SOURCE: BUSINESS SOFTWARE
$10.9 BILLION S SELF-MADE SCORE: * AGE: 77
SOURCE: BANKS, REAL ESTATE RESIDENCE: INCLINE VILLAGE, NEV.
AGE: 64 RESIDENCE: DALLAS M.B.A., CORNELL ’64
DROPOUT, MICHIGAN STATE, BAYLOR
57. Thomas Frist Jr. & family

$8.1 BILLION S SELF-MADE SCORE: & 65. George Kaiser
46. Leonard Lauder SOURCE: HEALTH CARE $7.5 BILLION S SELF-MADE SCORE: %
$10.6 BILLION S SELF-MADE SCORE: % AGE: 79 RESIDENCE: NASHVILLE SOURCE: OIL & GAS, BANKING
SOURCE: ESTEE LAUDER M.D., WASHINGTON U. IN ST. LOUIS ’65 AGE: 75 RESIDENCE: TULSA
AGE: 80 M.B.A., HARVARD ’66
The quarterback on his state-champion Montgomery Bell Academy high
B.S., U. OF PENNSYLVANIA ’54
school football team credits his coach with teaching him the importance of
putting together the right team. “You always win when you surround your-
self with good people,” says Frist, who founded HCA Healthcare with his fa- 65. Gordon Moore
47. John Menard Jr. ther in 1968 after a stint as an Air Force flight surgeon. He is no longer an ex- $7.5 BILLION T SELF-MADE SCORE: *
ecutive at the company, but his sons William and Thomas III sit on the board. SOURCE: INTEL
$9.9 BILLION S SELF-MADE SCORE: ( AGE: 88
SOURCE: HOME-IMPROVEMENT STORES RESIDENCE: WOODSIDE, CALIF.
AGE: 77 PH.D., CALTECH ’54
RESIDENCE: EAU CLAIRE, WIS. 52. Herbert Kohler Jr. 59. James Chambers
B.S, U. OF WISCONSIN–EAU CLAIRE ’63
& family $8 BILLION S SELF-MADE SCORE: !
SOURCE: MEDIA 65. Stephen Ross
$8.5 BILLION T SELF-MADE SCORE: $ AGE: 60
48. Jan Koum SOURCE: PLUMBING FIXTURES RESIDENCE: PALISADES, N.Y.
SOURCE: REAL ESTATE
AGE: 78 RESIDENCE: KOHLER, WIS. B.A., BARD COLLEGE ’81
$9.6 BILLION S SELF-MADE SCORE: ) B.S., YALE ’65
AGE: 77
SOURCE: WHATSAPP RESIDENCE: NEW YORK CITY
AGE: 41 L.L.M., NYU ’66
RESIDENCE: SANTA CLARA, CALIF. 59. Katharine Rayner
DROPOUT, SAN JOSE STATE 54. Charles Schwab $8 BILLION S SELF-MADE SCORE: !
$8.4 BILLION S SELF-MADE SCORE: * SOURCE: MEDIA 70. Pauline MacMillan
SOURCE: DISCOUNT BROKERAGE AGE: 72
48. Pierre Omidyar AGE: 80 RESIDENCE: EAST HAMPTON, N.Y. Keinath
RESIDENCE: WOODSIDE, CALIF. B.A., SARAH LAWRENCE
$9.6 BILLION S SELF-MADE SCORE: * M.B.A., STANFORD ’61
$7.4 BILLION S SELF-MADE SCORE: !
SOURCE: EBAY SOURCE: CARGILL
AGE: 50 RESIDENCE: HONOLULU AGE: 83 RESIDENCE: ST. LOUIS
B.S., TUFTS ’88 59. Margaretta Taylor
55. Patrick $8 BILLION S SELF-MADE SCORE: !
Soon-Shiong SOURCE: MEDIA 71. Eli Broad
50. Micky Arison AGE: 75
$7.3 BILLION T SELF-MADE SCORE: (
$9.4 BILLION S SELF-MADE SCORE: % $8.3 BILLION T SELF-MADE SCORE: ( RESIDENCE: SOUTHAMPTON, N.Y.
SOURCE: INVESTMENTS
SOURCE: PHARMACEUTICALS B.A., FINCH COLLEGE
SOURCE: CARNIVAL CRUISES AGE: 84 RESIDENCE: LOS ANGELES
AGE: 68 AGE: 65 RESIDENCE: LOS ANGELES B.A., MICHIGAN STATE ’54
M.S., U. OF BRITISH COLUMBIA ‘79
RESIDENCE: BAL HARBOUR, FLA.
DROPOUT, U. OF MIAMI 62. Edward Johnson III
56. John Malone $7.9 BILLION S SELF-MADE SCORE: % 72. Shahid Khan
SOURCE: MONEY MANAGEMENT
51. James Goodnight $8.2 BILLION S SELF-MADE SCORE: * AGE: 87 $7.1 BILLION S SELF-MADE SCORE: )
RESIDENCE: BOSTON SOURCE: AUTO PARTS
$8.9 BILLION S SELF-MADE SCORE: * SOURCE: CABLE TELEVISION
AGE:76 B.A., HARVARD ’54 AGE: 67 RESIDENCE: NAPLES, FLA.
SOURCE: SOFTWARE B.S., U. OF ILLINOIS ’71
AGE: 74 RESIDENCE: CARY, N.C. RESIDENCE: ELIZABETH, COLO.
PH.D., JOHNS HOPKINS ’67
PH.D., NC STATE ’72
63. David Geffen 73. Hank & Doug Meijer
$7.8 BILLION S SELF-MADE SCORE: (
52. Ken Griffin 57. Stanley Kroenke SOURCE: MOVIES, RECORD LABELS $7 BILLION S SELF-MADE SCORE: #
SOURCE: SUPERMARKETS
$8.5 BILLION S SELF-MADE SCORE: * $8.1 BILLION S SELF-MADE SCORE: ^ AGE: 74
AGE: 65, 63
SOURCE: SPORTS, REAL ESTATE RESIDENCE: BEVERLY HILLS, CALIF.
SOURCE: HEDGE FUNDS DROPOUT, U. OF TEXAS AT AUSTIN RESIDENCE: GRAND RAPIDS, MICH.
AGE: 49 RESIDENCE: CHICAGO AGE 70 B.A., U. OF MICHIGAN ’73 (HANK)
B.A., HARVARD ’89
RESIDENCE: COLUMBIA, MO. B.B.A., U. OF MICHIGAN ’76 (DOUG)
M.B.A., U. OF MISSOURI ’73

FORBES 400
74. Richard Kinder HIGH SCHOOL SENIOR, ’69 95. Jerry Jones
$6.7 BILLION T SELF-MADE SCORE: * $5.6 BILLION S SELF-MADE SCORE: *
SOURCE: PIPELINES SOURCE: DALLAS COWBOYS
AGE: 73 RESIDENCE: HOUSTON AGE: 75 RESIDENCE: DALLAS
J.D., U. OF MISSOURI ’68 M.A., U. OF ARKANSAS ’65
75. John A. Sobrato 95. Les Wexner & family

& family $5.6 BILLION T SELF-MADE SCORE: *
SOURCE: RETAIL
$6.5 BILLION S SELF-MADE SCORE: & AGE: 80 RESIDENCE: NEW ALBANY, OHIO
SOURCE: REAL ESTATE B.S., OHIO STATE ’59
AGE: 78 RESIDENCE: ATHERTON, CALIF.
B.A., SANTA CLARA U. ’60
97. Dannine Avara

76. Brian Acton $5.5 BILLION S SELF-MADE SCORE: !
SOURCE: PIPELINES
$6.4 BILLION S SELF-MADE SCORE: * AGE: 53 RESIDENCE: HOUSTON
SOURCE: WHATSAPP
AGE: 45 RESIDENCE: PALO ALTO, CALIF.
B.S., STANFORD ’94
97. Scott Duncan
76. David Green SOURCE: PIPELINES
AGE: 35 RESIDENCE: HOUSTON
& family 76. Leon Black
$6.4 BILLION S SELF-MADE SCORE: ) $6.4 BILLION S SELF-MADE SCORE: *
SOURCE: RETAIL SOURCE: PRIVATE EQUITY 97. Milane Frantz
AGE: 76 RESIDENCE: OKLAHOMA CITY AGE: 66 RESIDENCE: NEW YORK CITY
M.B.A, HARVARD ’75
HIGH SCHOOL DIPLOMA SOURCE: PIPELINES
The son of a wealthy businessman and an artist, Black went to Fieldston in the AGE: 48 RESIDENCE: HOUSTON
Bronx for high school and then to Dartmouth, where he majored in philoso-
79. Marijke Mars phy and history. His father died in 1975, and Black put his $75,000 life insur-
$6.3 BILLION Ì SELF-MADE SCORE: @ ance payout into commodities trading, increasing it to more than $600,000, 97. Randa Williams
SOURCE: CANDY, PET FOOD only to lose all but $25,000. He cofounded Apollo Global Management in $5.5 BILLION S SELF-MADE SCORE: #
AGE: 53 1990, the year his former employer Drexel Burnham Lambert filed for bank- SOURCE: PIPELINES
B.A., DUKE ’86 AGE: 56 RESIDENCE: HOUSTON
ruptcy; he is still CEO and chairman of the $232 billion (assets) firm.
J.D., U. OF HOUSTON ’88
79. Pamela Mars 87. John Tu

$6.3 BILLION Ì SELF-MADE SCORE: @
85. Richard LeFrak 97. Ann Walton Kroenke
$6 BILLION S SELF-MADE SCORE: ( $5.5 BILLION T SELF-MADE SCORE: !
SOURCE: CANDY, PET FOOD
AGE: 57
& family SOURCE: COMPUTER HARDWARE SOURCE: WAL-MART
B.A., VASSAR ’82 $6.1 BILLION T SELF-MADE SCORE: % AGE: 76 AGE: 68 RESIDENCE: COLUMBIA, MO.
SOURCE: REAL ESTATE RESIDENCE: ROLLING HILLS, CALIF. A.S, LINCOLN U. OF MISSOURI ’72
AGE: 72 RESIDENCE: NEW YORK CITY B.S., TECHNISCHE UNIVERSITÄT DARMSTADT ’70
79. Valerie Mars

J.D., COLUMBIA ’70
$6.3 BILLION Ì SELF-MADE SCORE: @ 91. John Doerr 97. Gabe Newell
SOURCE: CANDY, PET FOOD 85. Christy Walton $5.8 BILLION S SELF-MADE SCORE: * $5.5 BILLION S SELF-MADE SCORE: *
AGE: 58 RESIDENCE: NEW YORK CITY SOURCE: VIDEOGAMES
M.B.A., COLUMBIA ’87 $6.1 BILLION S SELF-MADE SCORE: ! SOURCE: VENTURE CAPITAL AGE: 55 RESIDENCE: SEATTLE
SOURCE: WAL-MART AGE: 66 RESIDENCE: WOODSIDE, CALIF. DROPOUT, HARVARD
AGE: 68 RESIDENCE: JACKSON, WYO. M.B.A., HARVARD ’76
79. Victoria Mars

HIGH SCHOOL DIPLOMA
$6.3 BILLION Ì SELF-MADE SCORE: @ 91. Daniel Gilbert 97. Steven Rales
SOURCE: CANDY, PET FOOD 87. Charles Johnson $5.8 BILLION S SELF-MADE SCORE: * $5.5 BILLION S SELF-MADE SCORE: &
AGE: 60 SOURCE: MANUFACTURING
RESIDENCE: NEWTOWN SQUARE, PA. $6 BILLION S SELF-MADE SCORE: % SOURCE: QUICKEN LOANS AGE: 66
M.B.A., U. OF PENNSYLVANIA ’84 SOURCE: MONEY MANAGEMENT AGE: 55 RESIDENCE: SANTA BARBARA, CALIF.
AGE: 84 RESIDENCE: FRANKLIN, MICH. J.D., AMERICAN U.
RESIDENCE: PALM BEACH, FLA. J.D., WAYNE STATE ’87
83. Robert Kraft

B.S., YALE ’54
$6.2 BILLION S SELF-MADE SCORE: * 91. Ralph Lauren 97. Robert Rich Jr.
SOURCE: NEW ENGLAND PATRIOTS 87. Whitney MacMillan $5.5 BILLION S
AGE: 76 RESIDENCE: BROOKLINE, MASS. $5.8 BILLION T SELF-MADE SCORE: ( SELF-MADE SCORE: %
M.B.A., HARVARD ’65 $6 BILLION S SELF-MADE SCORE: @ SOURCE: RALPH LAUREN SOURCE: FROZEN FOODS
SOURCE: CARGILL AGE: 78 AGE: 76
AGE: 88 RESIDENCE: MINNEAPOLIS RESIDENCE: NEW YORK CITY RESIDENCE: ISLAMORADA, FLA.
DROPOUT, CITY COLLEGE OF NEW YORK
83. Tom & Judy Love

B.A., YALE ’51 M.B.A., U. OF ROCHESTER ’69

SOURCE: RETAIL & GAS STATIONS 87. David Sun 94. Dennis Washington 97. Edward Roski Jr.
AGE: 79, 80
RESIDENCE: OKLAHOMA CITY $6 BILLION S SELF-MADE SCORE: ) $5.7 BILLION T SELF-MADE SCORE: ) $5.5 BILLION S SELF-MADE SCORE: %
DROPOUT, U. OF OKLAHOMA (TOM) SOURCE: COMPUTER HARDWARE SOURCE: CONSTRUCTION, MINING SOURCE: REAL ESTATE
M.S., U. OF CENTRAL OKLAHOMA ’83 (JUDY) AGE: 66 RESIDENCE: IRVINE, CALIF. AGE: 83 AGE: 78 RESIDENCE: LOS ANGELES
B.S., TATUNG INSTITUTE OF TECHNOLOGY ’73 RESIDENCE: MISSOULA, MONT. B.S., USC ’62
HIGH SCHOOL DIPLOMA
97. David Shaw 118. Charles Dolan 122. Ted Lerner HIGH SCHOOL SENIOR, ’63
$5.5 BILLION S SELF-MADE SCORE: * & family & family
SOURCE: HEDGE FUNDS
AGE: 66 RESIDENCE: NEW YORK CITY $5 BILLION SSELF-MADE SCORE: ( $4.9 BILLION T SELF-MADE SCORE: (
PH.D., STANFORD ’80 SOURCE: CABLE TELEVISION SOURCE: REAL ESTATE
AGE: 91 RESIDENCE: OYSTER BAY, N.Y. AGE: 92
DROPOUT, JOHN CARROLL U. RESIDENCE: CHEVY CHASE, MD.
L.L.B., GEORGE WASHINGTON U. ’50
107. Richard DeVos
& family 118. David Filo
$5 BILLION S SELF-MADE SCORE: * 122. John Overdeck
$5.4 BILLION WX SELF-MADE SCORE: )
SOURCE: AMWAY SOURCE: YAHOO $4.9 BILLION S SELF-MADE SCORE: *
AGE: 91 AGE: 51 RESIDENCE: PALO ALTO, CALIF. SOURCE: HEDGE FUNDS
RESIDENCE: HOLLAND, MICH. M.S., STANFORD ’90 AGE: 47 RESIDENCE: MILLBURN, N.J.
DROPOUT, CALVIN COLLEGE M.S., STANFORD ’14
118. George Lucas

108. Israel Englander $5 BILLION S SELF-MADE SCORE: * 122. Frederick Smith
$5.2 BILLION S SELF-MADE SCORE: ( SOURCE: STAR WARS $4.9 BILLION S
AGE: 73 SELF-MADE SCORE: (
SOURCE: HEDGE FUNDS
AGE: 69 RESIDENCE: SAN ANSELMO, CALIF. SOURCE: FEDEX
RESIDENCE: NEW YORK CITY B.A., USC ’66 AGE: 73 RESIDENCE: MEMPHIS
B.A., YALE ’66
B.S., NYU ’70
118. Reinhold
108. Marian Ilitch 122. David Siegel
Schmieding $4.9 BILLION S SELF-MADE SCORE: * 108. Henry Kravis
SOURCE: PIZZA $5 BILLION S SELF-MADE SCORE: * SOURCE: HEDGE FUNDS
AGE: 84 SOURCE: MEDICAL DEVICES AGE: 56 RESIDENCE: SCARSDALE, N.Y.
SOURCE: PRIVATE EQUITY
AGE: 62 RESIDENCE: NAPLES, FLA. PH.D., MIT ’91
RESIDENCE: BINGHAM FARMS, MICH. AGE: 73 RESIDENCE: NEW YORK CITY
DROPOUT, DEARBORN COMMUNITY COLLEGE B.S., MICHIGAN STATE ’77 M.B.A., COLUMBIA ’69
132. Karen Pritzker

108. Rupert Johnson Jr. 122. Robert Bass $4.8 BILLION S SELF-MADE SCORE: # 108. George Roberts
$5.2 BILLION S SELF-MADE SCORE: $ $4.9 BILLION S SELF-MADE SCORE: $ SOURCE: HOTELS, INVESTMENTS
SOURCE: MONEY MANAGEMENT SOURCE: OIL, INVESTMENTS AGE: 59
AGE: 77 AGE: 69 RESIDENCE: FORT WORTH, RESIDENCE: BRANFORD, CONN.
AGE: 74 RESIDENCE: ATHERTON, CALIF.
TEX. B.A., NORTHWESTERN ’80
RESIDENCE: BURLINGAME, CALIF. J.D., UC, HASTINGS ’69
B.A., WASHINGTON AND LEE ’62 M.B.A., STANFORD ’74
The first cousins met at age 2 and
132. Trevor Rees-Jones grew up together. Kravis went to
108. Bruce Kovner 122. Jim Davis & family $4.8 BILLION T SELF-MADE SCORE: &
Loomis Chaffee for high school
where he ran varsity track and
$5.2 BILLION T SELF-MADE SCORE: ( $4.9 BILLION T SELF-MADE SCORE: * SOURCE: OIL & GAS
was captain of the varsity wres-
SOURCE: HEDGE FUNDS SOURCE: NEW BALANCE AGE: 66 RESIDENCE: DALLAS
AGE: 72 AGE: 74 RESIDENCE: NEWTON, MASS. J.D., SMU ’78 tling team. They both went to Cla-
RESIDENCE: NEW YORK CITY B.S., MIDDLEBURY ’66 remont McKenna College and in
B.A., HARVARD ’66 1976 set up private equity firm KKR
132. Alejandro Santo with their former Bear Stearns col-
122. Tamara Gustavson league Jerome Kohlberg (who left
108. Robert Rowling Domingo in 1987). The cousins put a succes-
$5.2 BILLION T SELF-MADE SCORE: % & family $4.8 BILLION WX SELF-MADE SCORE: # sion plan in place in July, appointing
SOURCE: INVESTMENTS $4.9 BILLION S SELF-MADE SCORE: @ AGE: 40
2 executives in their 40s as co-pres-
AGE: 64 RESIDENCE: DALLAS SOURCE: SELF STORAGE RESIDENCE: NEW YORK CITY
J.D., SMU ’79 AGE: 55 RESIDENCE: MALIBU, CALIF. B.A., HARVARD ’99 idents and co-chief operating offi-
B.S., USC ’83 cers. Kravis and Roberts still serve
as KKR’s co-CEOs and cochair-
115. Travis Kalanick 132. Andres Santo men and haven’t said when they will
$5.1 BILLION T SELF-MADE SCORE: * 122. Diane Hendricks step down. Kravis reportedly turned
SOURCE: UBER $4.9 BILLION S SELF-MADE SCORE: (
Domingo down President Trump’s offer to be-
AGE: 41 RESIDENCE: SAN FRANCISCO SOURCE: ROOFING $4.8 BILLION WX SELF-MADE SCORE: # come U.S. treasury secretary.
DROPOUT, UCLA AGE: 70 RESIDENCE: AFTON, WIS. AGE: 39 RESIDENCE: NEW YORK CITY
HIGH SCHOOL DIPLOMA B.A., BROWN ’00
132. Dirk Ziff

115. Sumner Redstone
$5.1 BILLION S SELF-MADE SCORE: % 122. Ray Lee Hunt 132. Ronda Stryker $4.8 BILLION WX SELF-MADE SCORE: $
SOURCE: INVESTMENTS
SOURCE: MEDIA $4.9 BILLION S SELF-MADE SCORE: % $4.8 BILLION S SELF-MADE SCORE: @ AGE: 53 RESIDENCE: NORTH PALM
AGE: 94 SOURCE: OIL, REAL ESTATE SOURCE: MEDICAL EQUIPMENT BEACH, FLA.
RESIDENCE: BEVERLY HILLS, CALIF. AGE: 74 RESIDENCE: DALLAS AGE: 63 RESIDENCE: PORTAGE, MICH. M.B.A., HARVARD ’93
J.D., HARVARD ’47 B.B.A, SMU ’65 M.A., WESTERN MICHIGAN U. ’82
132. Daniel Ziff 132. Robert Ziff

115. Sam Zell 122. Nancy Walton Laurie $4.8 BILLION WX SELF-MADE SCORE: $
$5.1 BILLION S SELF-MADE SCORE: * $4.9 BILLION S SELF-MADE SCORE: ! $4.8 BILLION WX SELF-MADE SCORE: $ SOURCE: INVESTMENTS
SOURCE: REAL ESTATE, PRIVATE SOURCE: WAL-MART SOURCE: INVESTMENTS AGE: 51
EQUITY AGE: 66 RESIDENCE: HENDERSON, NEV. AGE: 46 RESIDENCE: NEW YORK CITY RESIDENCE: NEW YORK CITY
AGE: 76 RESIDENCE: CHICAGO B.A., U. OF MEMPHIS ’73 B.A., COLUMBIA ’96 J.D., CORNELL ’92
J.D., U. OF MICHIGAN ’66

FORBES 400
140. Martha Ingram HIGH SCHOOL SENIOR, ’71 161. Marianne Liebmann
& family 140. Stanley $4.2 BILLION S SELF-MADE SCORE: !
SOURCE: CARGILL
$4.7 BILLION S SELF-MADE SCORE: $ Druckenmiller AGE: 64 RESIDENCE: BOZEMAN, MONT.
SOURCE: BOOK DISTRIBUTION, B.A., MONTANA STATE ’75
TRANSPORTATION $4.7 BILLION S
AGE: 82 RESIDENCE: NASHVILLE SELF-MADE SCORE: *
SOURCE: HEDGE FUNDS
B.A., VASSAR ’57
AGE: 64 RESIDENCE: NEW 161. Igor Olenicoff
YORK CITY
B.A., BOWDOIN ’75
$4.2 BILLION S SELF-MADE SCORE: )
140. Gwendolyn A stock-picking legend,
SOURCE: REAL ESTATE
AGE: 75
Sontheim Meyer Druckenmiller reportedly RESIDENCE: LIGHTHOUSE POINT, FLA.
M.B.A., USC ’66
executed a 30-year streak
SOURCE: CARGILL of positive returns man-
AGE: 56
RESIDENCE: RANCHO SANTA FE, CALIF.
aging money at George
Soros’ Quantum Fund
161. Walter Scott Jr.
and later at his own fam- & family
140. Sheldon Solow
ily office, Duquesne. So $4.2 BILLION S SELF-MADE SCORE: &
far in 2017, he’s invested SOURCE: UTILITIES, TELECOM
$4.7 BILLION S SELF-MADE SCORE: ( in Salesforce, Facebook AGE: 86 RESIDENCE: OMAHA
SOURCE: REAL ESTATE B.S., COLORADO STATE ’53
and Alibaba. Druckenmill-
AGE: 89
RESIDENCE: NEW YORK CITY er graduated magna cum
laude from Bowdoin Col-
HIGH SCHOOL DIPLOMA
lege, where he reported- 161. Kelcy Warren
ly ran a hot dog stand for $4.2 BILLION S SELF-MADE SCORE: (
144. Bubba Cathy extra cash. He has given SOURCE: PIPELINES
AGE: 61
$4.6 BILLION S SELF-MADE SCORE: $ more than $35 million to RESIDENCE: DALLAS
SOURCE: CHICK-FIL-A colleges, including Bow- B.S., U. OF TEXAS AT ARLINGTON ’78
AGE: 63 RESIDENCE: ATLANTA doin, Brown and Stan-
B.S., SAMFORD U. ’75
ford, since 2014.
167. Archie Aldis “Red”
144. Dan Cathy 150. Nick Caporella 156. Jeremy Emmerson & family
$4.6 BILLION S SELF-MADE SCORE: $ $4.1 BILLION S SELF-MADE SCORE: &
SOURCE: CHICK-FIL-A $4.5 BILLION S SELF-MADE SCORE: * Jacobs Sr. SOURCE: TIMBERLAND,
AGE: 64 SOURCE: BEVERAGES LUMBER MILLS
RESIDENCE: ATLANTA AGE: 81 $4.4 BILLION S SELF-MADE SCORE: % AGE: 88
B.S., GEORGIA SOUTHERN U. ’73 RESIDENCE: PLANTATION, FLA. SOURCE: CONCESSIONS RESIDENCE: REDDING, CALIF.
COLLEGE DROPOUT AGE: 77 RESIDENCE: EAST AURORA, N.Y. HIGH SCHOOL DIPLOMA
A.S., U. AT BUFFALO
144. Bruce Halle 150. Rocco Commisso 167. H. Ross Perot Sr.
$4.5 BILLION Ì SELF-MADE SCORE: ) 156. Jeffrey Skoll
SOURCE: TIRES $4.1 BILLION S SELF-MADE SCORE: )
AGE: 87 SOURCE: TELECOM $4.4 BILLION S SELF-MADE SCORE: ^ SOURCE: COMPUTER SERVICES, REAL
RESIDENCE: PARADISE VALLEY, ARIZ. AGE: 67 RESIDENCE: SADDLE RIVER, N.J. SOURCE: EBAY ESTATE
B.S., EASTERN MICHIGAN U. ’56 M.B.A., COLUMBIA ’75 AGE: 52 RESIDENCE: PALO ALTO, CALIF. AGE: 87
M.B.A., STANFORD ’95 RESIDENCE: DALLAS
U.S. NAVAL ACADEMY ’53
144. Paul Tudor Jones II 150. Bernard Marcus

$4.5 BILLION S SELF-MADE SCORE: ) 156. Russ Weiner
$4.6 BILLION WX SELF-MADE SCORE: & 167. J. Christopher
SOURCE: HEDGE FUNDS SOURCE: HOME DEPOT $4.4 BILLION S SELF-MADE SCORE: *
AGE: 88 RESIDENCE: ATLANTA SOURCE: ENERGY DRINKS
AGE: 63
RESIDENCE: GREENWICH, CONN. B.S., RUTGERS ’54 AGE: 47 Reyes
B.A., U. OF VIRGINIA ’76 RESIDENCE: DELRAY BEACH, FLA. $4.1 BILLION S SELF-MADE SCORE: *
B.A., SAN DIEGO STATE UNIVERSITY ’93 SOURCE: FOOD DISTRIBUTION
150. John Sall AGE: 63
144. Gary Rollins $4.5 BILLION S SELF-MADE SCORE: * 160. Terrence Pegula
RESIDENCE: HOBE SOUND, FLA.
B.S., U. OF MARYLAND ’75
$4.6 BILLION S SELF-MADE SCORE: # SOURCE: SOFTWARE
SOURCE: PEST CONTROL AGE: 69 RESIDENCE: CARY, N.C. $4.3 BILLION S SELF-MADE SCORE: (
167. Jude Reyes
AGE: 73 RESIDENCE: ATLANTA M.A., NORTHERN ILLINOIS UNIVERSITY ’73 SOURCE: NATURAL GAS
B.S., U. OF TENNESSEE AT CHATTANOOGA ’67 AGE: 66 RESIDENCE: BOCA RATON, FLA.
B.S., PENN STATE ’73 $4.1 BILLION S SELF-MADE SCORE: *
150. Leonard Stern SOURCE: FOOD DISTRIBUTION
144. Randall Rollins $4.5 BILLION S SELF-MADE SCORE: %
AGE: 62
$4.6 BILLION S SELF-MADE SCORE: # SOURCE: REAL ESTATE

161. Austen Cargill II RESIDENCE: PALM BEACH, FLA.
B.A., WOFFORD COLLEGE ’77
SOURCE: PEST CONTROL AGE: 79 RESIDENCE: NEW YORK CITY $4.2 BILLION S SELF-MADE SCORE: !
AGE: 86 RESIDENCE: ATLANTA M.B.A., NYU ’59 SOURCE: CARGILL

167. Julian
AGE: 66 RESIDENCE: LIVINGSTON, MONT.
M.A., U. OF MINNESOTA ’78
150. Marc Benioff 156. Jen-Hsun Huang Robertson Jr.

$4.5 BILLION S SELF-MADE SCORE: * $4.4 BILLION S SELF-MADE SCORE: * 161. James Cargill II $4.1 BILLION S SELF-MADE SCORE: *
SOURCE: BUSINESS SOFTWARE SOURCE: SEMICONDUCTORS SOURCE: HEDGE FUNDS
AGE: 53 RESIDENCE: SAN FRANCISCO AGE: 54 RESIDENCE: LOS ALTOS, CALIF. $4.2 BILLION S SELF-MADE SCORE: ! AGE: 85
B.S., USC ’86 M.S., STANFORD ’92 SOURCE: CARGILL RESIDENCE: NEW YORK CITY
AGE: 68 RESIDENCE: BIRCHWOOD, WIS. B.S.B.A., U. OF NORTH CAROLINA ’55
172. Ben Ashkenazy 179. Jerry Speyer H A R VA R D B U S I N E S S S C H O O L ’ 5 5
$4 BILLION Ì SELF-MADE SCORE: * $3.9 BILLION S SELF-MADE SCORE: *
SOURCE: REAL ESTATE SOURCE: REAL ESTATE
AGE: 48 RESIDENCE: NEW YORK CITY AGE: 77
DROPOUT, ADELPHI U. RESIDENCE: NEW YORK CITY
M.B.A., COLUMBIA ’64
172. Stephen Bisciotti 179. Harry Stine

SOURCE: STAFFING, BALTIMORE $3.9 BILLION S SELF-MADE SCORE: )
RAVENS SOURCE: AGRICULTURE
AGE: 57 RESIDENCE: MILLERSVILLE, MD. AGE: 75
B.A., SALISBURY STATE ’82 RESIDENCE: ADEL, IOWA
B.A., MCPHERSON COLLEGE ’63
172. James Jannard 179. Steven Udvar-Hazy

$4 BILLION WX SELF-MADE SCORE: *
SOURCE: OAKLEY SUNGLASSES $3.9 BILLION S SELF-MADE SCORE: (
AGE: 68 RESIDENCE: SAN JUAN SOURCE: AIRCRAFT LEASING
ISLANDS, WASH. AGE: 71
DROPOUT, USC RESIDENCE: BEVERLY HILLS, CALIF.
B.A., UCLA ’68
172. John Morris 186. Arthur Blank

$4 BILLION S SELF-MADE SCORE: (
SOURCE: SPORTING GOODS RETAIL $3.8 BILLION S SELF-MADE SCORE: (
AGE: 69 RESIDENCE: SPRINGFIELD, MO. SOURCE: HOME DEPOT
B.A., DRURY U. ’70 AGE: 75 RESIDENCE: ATLANTA
B.S., BABSON COLLEGE ’63
172. Jeff Sutton 186. Nathan

SOURCE: REAL ESTATE
AGE: 57 RESIDENCE: NEW YORK CITY
Blecharczyk
B.S., U. OF PENNSYLVANIA ’81 $3.8 BILLION S SELF-MADE SCORE: *
SOURCE: AIRBNB
B.A., HARVARD ’05 Clemmie Spangler
172. Joan Tisch Jr. (right) and his
$4 BILLION S SELF-MADE SCORE: ! dad C.D. at Harvard
SOURCE: DIVERSIFIED
186. Brian Chesky Business School.
B.A., U. OF MICHIGAN ’48 $3.8 BILLION S SELF-MADE SCORE: *
SOURCE: AIRBNB
B.F.A., RISD ’04 172. Clemmie Spangler Jr.
179. Rick Caruso $4 BILLION S SELF-MADE SCORE: %
$3.9 BILLION S SELF-MADE SCORE: & SOURCE: INVESTMENTS
SOURCE: REAL ESTATE
AGE: 58 RESIDENCE: BRENTWOOD, CALIF.
186. Joe Gebbia AGE: 85 RESIDENCE: CHARLOTTE, N.C.
J.D., PEPPERDINE ’83 $3.8 BILLION S SELF-MADE SCORE: * The owner of the nation’s largest private wallboard producer, National Gyp-
SOURCE: AIRBNB
AGE: 36 RESIDENCE: SAN FRANCISCO sum, Spangler has been a lifelong advocate for education. He apparent-
B.F.A., RISD ’05 ly helped a North Carolina district desegregate its school system. His efforts
179. Dagmar Dolby warranted him a role on the state’s board of education. Spangler, who goes
& family 186. Jeff Greene
by Dick, was chairman from 1982 to 1986. He was president of the Universi-
ty of North Carolina system from 1986 to 1997. According to Spangler, he and
SOURCE: DOLBY LABORATORIES $3.8 BILLION S SELF-MADE SCORE: ) his father, who attended an advanced 13-week program at Harvard Business
AGE: 76 RESIDENCE: SAN FRANCISCO SOURCE: REAL ESTATE, INVESTMENTS School in 1955, were the first father-son to attend HBS at the same time.
BACH., HEIDELBERG U. ’66 AGE: 62
RESIDENCE: PALM BEACH
186. S. Curtis Johnson 186. Winifred
179. Isaac Perlmutter
$3.9 BILLION S SELF-MADE SCORE: ) 186. H. Fisk Johnson
SOURCE: CLEANING PRODUCTS
Johnson-Marquart
SOURCE: MARVEL COMICS $3.8 BILLION S SELF-MADE SCORE: @
AGE: 74 RESIDENCE: PALM BEACH, FLA. $3.8 BILLION S SELF-MADE SCORE: # AGE: 62
RESIDENCE: RACINE, WIS. SOURCE: CLEANING PRODUCTS
HIGH SCHOOL DIPLOMA SOURCE: CLEANING PRODUCTS AGE: 58
M.B.A., NORTHWESTERN ’83
AGE: 59 RESIDENCE: RACINE, WIS. RESIDENCE: VIRGINIA BEACH, VA.
PH.D., CORNELL ’86 DROPOUT, CORNELL
179. Stewart 186. Helen

& Lynda Resnick 186. Imogene Johnson-Leipold 186. Ronald Lauder
$3.9 BILLION T SELF-MADE SCORE: * Powers Johnson $3.8 BILLION S SELF-MADE SCORE: # $3.8 BILLION S SELF-MADE SCORE: %
SOURCE: AGRICULTURE, WATER SOURCE: ESTEE LAUDER
AGES: 78, 74 $3.8 BILLION S SELF-MADE SCORE: ! SOURCE: CLEANING PRODUCTS
AGE: 60 AGE: 73
RESIDENCE: BEVERLY HILLS SOURCE: CLEANING PRODUCTS RESIDENCE: NEW YORK CITY
RESIDENCE: RACINE, WIS.
J.D., UCLA ’62 (STEWART) AGE: 87 RESIDENCE: RACINE, WIS. B.S., U. OF PENNSYLVANIA ’65
B.A., CORNELL ’78
DROPOUT, LOS ANGELES CITY COLLEGE B.A., CORNELL ’52
(LYNDA)

FORBES 400
186. Robert McNair 206. Edward Johnson IV 212. Anita Zucker 219. Jay Robert “J.B.”
$3.8 BILLION S SELF-MADE SCORE: * $3.6 BILLION Ì SELF-MADE SCORE: @ $3.5 BILLION S SELF-MADE SCORE: #
Pritzker
SOURCE: ENERGY, SPORTS SOURCE: MONEY MANAGEMENT SOURCE: CHEMICALS
AGE: 80 RESIDENCE: HOUSTON AGE: 52 AGE: 65 $3.4 BILLION WX SELF-MADE SCORE: #
B.A., U. OF SOUTH CAROLINA ’58 RESIDENCE: BOSTON RESIDENCE: CHARLESTON, S.C. SOURCE: HOTELS, INVESTMENTS
B.S., NORTHEASTERN ’93 M.ED., U. OF NORTH FLORIDA ’78 AGE: 52
RESIDENCE: CHICAGO
186. Ira Rennert J.D., NORTHWESTERN ’93
$3.8 BILLION T SELF-MADE SCORE: *

206. Elizabeth Johnson 219. Sid Bass
SOURCE: INVESTMENTS $3.6 BILLION Ì SELF-MADE SCORE: ! $3.4 BILLION S SELF-MADE SCORE: $ 219. Mitchell Rales
AGE: 83 RESIDENCE: NEW YORK CITY SOURCE: MONEY MANAGEMENT SOURCE: OIL, INVESTMENTS
M.B.A., NYU ’56 AGE: 54 RESIDENCE: BOSTON AGE: 75 RESIDENCE: FORT WORTH, TEX. $3.4 BILLION T SELF-MADE SCORE: &
B.S., FRANKLIN PIERCE U. ’86 M.B.A., STANFORD ’68 SOURCE: MANUFACTURING,
INVESTMENTS
186. Henry Samueli AGE: 61 RESIDENCE: POTOMAC, MD.

206. Rishi Shah 219. Judy Faulkner BACH., MIAMI OF OHIO ’78
SOURCE: SEMICONDUCTORS $3.6 BILLION Ì SELF-MADE SCORE: * $3.4 BILLION S SELF-MADE SCORE: *
AGE: 63
RESIDENCE: NEWPORT BEACH, CALIF.
SOURCE: HEALTH CARE MEDIA
AGE: 31 RESIDENCE: CHICAGO
SOURCE: HEALTH IT
AGE: 74 219. Richard Schulze
PH.D., UCLA ’80 DROPOUT, NORTHWESTERN RESIDENCE: MADISON, WIS. $3.4 BILLION S SELF-MADE SCORE: *
M.S., U. OF WISCONSIN-MADISON ’67 SOURCE: BEST BUY
AGE: 76
200. Jack & Laura 206. Steven Spielberg RESIDENCE: BONITA SPRINGS, FLA.
$3.6 BILLION T SELF-MADE SCORE: * 219. Peter Kellogg HIGH SCHOOL DIPLOMA
Dangermond SOURCE: MOVIES $3.4 BILLION S SELF-MADE SCORE: $

$3.7 BILLION S SELF-MADE SCORE: * AGE: 70 RESIDENCE: PACIFIC PALI- SOURCE: INVESTMENTS
226. John Arnold
SOURCE: MAPPING SOFTWARE SADES, CALIF. AGE: 75
AGE: 72, 71 B.A., CAL STATE ’02 RESIDENCE: SHORT HILLS, N.J. $3.3 BILLION S SELF-MADE SCORE: *
RESIDENCE: REDLANDS, CALIF. B.S., BABSON ’64 SOURCE: HEDGE FUNDS
M.L.A., HARVARD ’69 (JACK) AGE: 43 RESIDENCE: HOUSTON
B.S., CAL POLY POMONA ’73 (LAURA)
212. Tilman Fertitta B.A., VANDERBILT, ’95
$3.5 BILLION S SELF-MADE SCORE: ( 219. Anthony Pritzker

200. Ken Fisher SOURCE: RESTAURANTS, CASINOS $3.4 BILLION WX SELF-MADE SCORE: # 226. Neil Bluhm
AGE: 60 SOURCE: HOTELS, INVESTMENTS
$3.7 BILLION S SELF-MADE SCORE: * RESIDENCE: HOUSTON AGE: 56 $3.3 BILLION S SELF-MADE SCORE: )
SOURCE: MONEY MANAGEMENT DROPOUT, U. OF HOUSTON RESIDENCE: LOS ANGELES SOURCE: REAL ESTATE
AGE: 66 RESIDENCE: CAMAS, WASH. M.B.A., U. OF CHICAGO ’87 AGE: 79 RESIDENCE: CHICAGO
B.S., HUMBOLDT STATE ’72 J.D., NORTHWESTERN ’62
212. Michael Moritz

UC BERKELEY SENIOR, ‘67
200. Dan Friedkin SOURCE: VENTURE CAPITAL
$3.7 BILLION S SELF-MADE SCORE: $ AGE: 63
SOURCE: TOYOTA DEALERSHIPS RESIDENCE: SAN FRANCISCO
AGE: 52 RESIDENCE: HOUSTON M.B.A., U. OF PENNSYLVANIA ’78
M.B.A., RICE ’92
212. Rodger Riney

200. Tom Gores $3.5 BILLION Ì SELF-MADE SCORE: &
$3.7 BILLION S SELF-MADE SCORE: * SOURCE: DISCOUNT BROKERAGE
SOURCE: PRIVATE EQUITY AGE: 71
AGE: 53 RESIDENCE: ST. LOUIS
RESIDENCE: BEVERLY HILLS M.B.A., U. OF MISSOURI ’69
B.S., MICHIGAN STATE ’86
212. Leandro Rizzuto

200. Thomas
& family
Pritzker $3.5 BILLION T SELF-MADE SCORE: (
Mike Milken (front row, center)
$3.7 BILLION S SELF-MADE SCORE: $ SOURCE: CONSUMER PRODUCTS
SOURCE: HOTELS, INVESTMENTS AGE: 79 RESIDENCE: SHERIDAN, WYO. pictured with his Sigma Alpha Mu fraternity brothers.
AGE: 67 RESIDENCE: CHICAGO DROPOUT, ST. JOHN’S UNIVERSITY
J.D., U. OF CHICAGO ’76
200. Michael Milken
212. Bernard Saul II $3.7 BILLION S SELF-MADE SCORE: *
206. Jimmy Haslam $3.5 BILLION S SELF-MADE SCORE: %
SOURCE: INVESTMENTS
AGE: 71 RESIDENCE: LOS ANGELES
$3.6 BILLION WX SELF-MADE SCORE: # SOURCE: BANKING, REAL ESTATE M.B.A., U. OF PENNSYLVANIA, 1970
SOURCE: GAS STATIONS, RETAIL AGE: 85 RESIDENCE: CHEVY CHASE, MD.
L.L.B., U. OF VIRGINIA ’57 Milken began building his fortune while at Drexel Burnham Lambert, where he
AGE: 63 RESIDENCE: KNOXVILLE, TENN.
B.A., U. OF TENNESSEE ’76 led development of the high-yield junk bond market in the 1980s. He spent 22
months in prison after pleading guilty to securities fraud in 1990. Banned from
212. Donald Sterling trading, Milken shifted his focus to philanthropy and to his Milken Institute think
206. Jeffery Hildebrand $3.5 BILLION S SELF-MADE SCORE: * tank. He’s long held leadership roles. At UC Berkeley, he was president of his
Sigma Alpha Mu fraternity. He switched his college major from math and sci-
$3.6 BILLION T SELF-MADE SCORE: * SOURCE: REAL ESTATE
SOURCE: OIL AGE: 83 ence to business after witnessing the 1965 Watts riot in Los Angeles, with the
AGE: 58 RESIDENCE: HOUSTON RESIDENCE: BEVERLY HILLS, CALIF. goal of democratizing access to capital.
M.S., U. OF TEXAS ’85 J.D., SOUTHWESTERN LAW SCHOOL ’60
226. Andrew HIGH SCHOOL SENIOR, ’64
240. Barry Diller 248. Leon G.
$3.2 BILLION S SELF-MADE SCORE: ( Cooperman
& Peggy Cherng SOURCE: ONLINE MEDIA
$3.3 BILLION S SELF-MADE SCORE: ( AGE: 75 RESIDENCE: NEW YORK CITY $3.1 BILLION T SELF-MADE SCORE: (
HIGH SCHOOL GRADUATE SOURCE: HEDGE FUNDS
SOURCE: RESTAURANTS
AGE: 70, 68 RESIDENCE: LAS VEGAS AGE: 74 RESIDENCE: SHORT HILLS, N.J.
M.S., U. OF MISSOURI ’72 (ANDREW) M.B.A., COLUMBIA ’67
PH.D., U. OF MISSOURI ’74 (PEGGY)
240. Phillip Frost
$3.2 BILLION T SELF-MADE SCORE: * 248. John Paul
SOURCE: PHARMACEUTICALS
226. Charles Cohen
$3.3 BILLION S SELF-MADE SCORE: %
AGE: 81 RESIDENCE: MIAMI BEACH, FLA.
M.D., ALBERT EINSTEIN COLLEGE OF DeJoria
SOURCE: REAL ESTATE MEDICINE ’61 $3.1 BILLION WX SELF-MADE SCORE: )
AGE: 65 RESIDENCE: NEW YORK CITY SOURCE: HAIR PRODUCTS, TEQUILA
J.D., BROOKLYN LAW SCHOOL ’77 AGE: 73 RESIDENCE: AUSTIN, TEX.
240. Reid Hoffman HIGH SCHOOL DIPLOMA
$3.2 BILLION T SELF-MADE SCORE: *

226. Mark Cuban
SOURCE: LINKEDIN
AGE: 50 248. Allan Goldman
SOURCE: ONLINE MEDIA RESIDENCE: PALO ALTO, CALIF. $3.1 BILLION S SELF-MADE SCORE: $
M.ST., OXFORD U. ’93 SOURCE: REAL ESTATE
AGE: 59 RESIDENCE: DALLAS
B.S., INDIANA U. ’81 AGE: 74 RESIDENCE: NEW YORK CITY
M.B.A., LONG ISLAND U. ’67
Trump played basketball 240. Douglas Leone

226. Joshua Harris $3.2 BILLION S SELF-MADE SCORE: (
at military school.
SOURCE: VENTURE CAPITAL 248. Jane Goldman
SOURCE: PRIVATE EQUITY AGE: 60 RESIDENCE: ATHERTON, CALIF. $3.1 BILLION S SELF-MADE SCORE: $
AGE: 52 RESIDENCE: NEW YORK CITY 248. Donald Trump M.S., MIT ’88 SOURCE: REAL ESTATE
$3.1 BILLION T SELF-MADE SCORE: % B.A., MANHATTANVILLE
SOURCE: REAL ESTATE
AGE: 71 RESIDENCE: WASHINGTON, D.C. 240. Daniel Loeb
226. Amos Hostetter Jr. B.S., U. OF PENNSYLVANIA ’68 $3.2 BILLION S SELF-MADE SCORE: &
$3.3 BILLION S SELF-MADE SCORE: & Trump spent 5 years at New York SOURCE: HEDGE FUNDS 248. Amy Goldman
SOURCE: CABLE TELEVISION
AGE: 80 RESIDENCE: BOSTON
Military Academy in Cornwall-on- B.A., COLUMBIA ’83 Fowler
Hudson, playing basketball, foot-
M.B.A., HARVARD ’61 $3.1 BILLION S SELF-MADE SCORE: @
ball, soccer and baseball. It was SOURCE: REAL ESTATE
there that he says he found his 240. Robert Pera AGE: 63 RESIDENCE: NEW YORK CITY
226. Randal Kirk sweet stroke with the baseball bat. PH.D., OKLAHOMA STATE ’84
In his 1987 book, The Art of the

$3.2 BILLION WXSELF-MADE SCORE: *
$3.3 BILLION T SELF-MADE SCORE: * Deal, Trump describes how he won
SOURCE: WIRELESS NETWORKING
GEAR
SOURCE: PHARMACEUTICALS
AGE: 63 RESIDENCE: LAKE WORTH, FLA. over his strongman coach, an ex- AGE: 39 RESIDENCE: SAN JOSE, CALIF. 248. Diane Kemper
J.D., U. OF VIRGINIA ’79 Marine named Theodore Dobias. M.S., UC SAN DIEGO ’02
$3.1 BILLION S SELF-MADE SCORE: @
“In a way, I finessed him,” Trump SOURCE: REAL ESTATE
wrote. “It helped that I was a great
226. George Lindemann athlete, since he was the base- 240. Haim Saban HIGH SCHOOL DIPLOMA
ball coach and I was the captain of $3.2 BILLION S SELF-MADE SCORE: (
& family the team. But I also learned how SOURCE: TV NETWORK, INVEST-
MENTS 248. Min Kao & family
$3.3 BILLION S SELF-MADE SCORE: % to play him.” From there, Trump
SOURCE: INVESTMENTS went on to attend Fordham Uni-
AGE: 73 RESIDENCE: BEVERLY HILLS,
CALIF.
AGE: 81 RESIDENCE: PALM BEACH, FLA. SOURCE: NAVIGATION EQUIPMENT
versity for 2 years, then Whar- HIGH SCHOOL DIPLOMA
B.S., U. OF PENNSYLVANIA ’58 AGE: 68 RESIDENCE: LEAWOOD, KANS.
ton to learn business. Those insti- PH.D., U. OF TENNESSEE–KNOXVILLE ’77
tutions helped shape the man who
226. Mary Alice would become president. “I took a 240. Lynn
lot of finance courses at Wharton,”
Schusterman 248. Kenneth
Dorrance Malone he told Forbes in 1987. “First they
$3.2 BILLION S SELF-MADE SCORE: ! Langone
$3.3 BILLION T SELF-MADE SCORE: @ taught you all the rules and regu-
SOURCE: CAMPBELL SOUP lations. Then they taught you that
SOURCE: OIL & GAS, INVESTMENTS
AGE: 78 RESIDENCE: TULSA
AGE: 67 SOURCE: INVESTMENTS
those rules and regulations are re- DROPOUT, U. OF MIAMI
AGE: 82 RESIDENCE: SANDS POINT, N.Y.
RESIDENCE: COATESVILLE, PA.
B.A., U. OF ARIZONA ’72 ally meant to be broken.” M.B.A., NYU STERN ’60
248. John Brown

226. Henry Nicholas III 226. Mark Shoen $3.1 BILLION S SELF-MADE SCORE: ^ 248. Marc Rowan
$3.3 BILLION S SELF-MADE SCORE: * $3.3 BILLION S SELF-MADE SCORE: %
SOURCE: MEDICAL EQUIPMENT
AGE: 83 RESIDENCE: PORTAGE, MICH.
SOURCE: SEMICONDUCTORS SOURCE: PRIVATE EQUITY
SOURCE: U-HAUL B.S., AUBURN ’57
AGE: 58 AGE: 55 RESIDENCE: NEW YORK CITY
AGE: 66 RESIDENCE: PHOENIX
RESIDENCE: NEWPORT COAST, CALIF. M.B.A., U. OF PENNSYLVANIA ’85
B.A., COLLEGE OF THE HOLY CROSS ’73
PH.D., UCLA ’98
248. John Catsimatidis
226. Robert Smith $3.1 BILLION T SELF-MADE SCORE: ( 248. Evan Spiegel
226. Daniel Och SOURCE: OIL, REAL ESTATE $3.1 BILLION S SELF-MADE SCORE: *
$3.3 BILLION S SELF-MADE SCORE: * AGE: 69 RESIDENCE: NEW YORK CITY
$3.3 BILLION S SELF-MADE SCORE: & SOURCE: PRIVATE EQUITY DROPOUT, NYU
SOURCE: SNAPCHAT
SOURCE: HEDGE FUNDS AGE: 27 RESIDENCE: LOS ANGELES
AGE: 54 RESIDENCE: AUSTIN, TEX.
AGE: 56 RESIDENCE: SCARSDALE, N.Y. DROPOUT, STANFORD
M.B.A., COLUMBIA ’94
B.S., U. OF PENNSYLVANIA ’82

FORBES 400
248. Bobby Murphy 264. James Leprino 264. Romesh T. 278. David
$3.1 BILLION S SELF-MADE SCORE: * $3 BILLION S SELF-MADE SCORE: %
SOURCE: SNAPCHAT SOURCE: MOZZARELLA CHEESE Wadhwani Rubenstein
AGE: 29 RESIDENCE: VENICE, CALIF.
B.S., STANFORD ’10
AGE: 79 RESIDENCE: INDIAN HILLS, COLO. $3 BILLION WXSELF-MADE SCORE: * $2.9 BILLION S SELF-MADE SCORE: (
HIGH SCHOOL DIPLOMA SOURCE: SOFTWARE SOURCE: PRIVATE EQUITY
AGE: 70 RESIDENCE: PALO ALTO, CALIF. AGE: 68 RESIDENCE: BETHESDA, MD.
PH.D., CARNEGIE MELLON ’72 J.D., U. OF CHICAGO ’73
248. Pat Stryker 264. John Middleton
$3.1 BILLION S SELF-MADE SCORE: ! $3 BILLION S
SOURCE: MEDICAL EQUIPMENT SOURCE: TOBACCO
SELF-MADE SCORE: %
264. Meg Whitman 278. Daniel D’Aniello
AGE: 61
RESIDENCE: FORT COLLINS, COLO.
AGE: 62 RESIDENCE: BRYN MAWR, PA. $3 BILLION S SELF-MADE SCORE: ^ $2.9 BILLION S SELF-MADE SCORE: )
M.B.A., HARVARD ’79 SOURCE: EBAY SOURCE: PRIVATE EQUITY
DROPOUT, U. OF NORTHERN COLORADO
AGE: 61 RESIDENCE: ATHERTON, CALIF. AGE: 71 RESIDENCE: VIENNA, VA.
M.B.A., HARVARD ’79 M.B.A., HARVARD ’74
248. Steve Wynn 264. Jorge Perez

$3 BILLION S SELF-MADE SCORE: * 278. Jim Breyer
$3.1 BILLION S SELF-MADE SCORE: * SOURCE: REAL ESTATE 278. Gerald Ford
SOURCE: CASINOS, HOTELS
AGE: 75 RESIDENCE: LAS VEGAS
AGE: 68 RESIDENCE: MIAMI $2.9 BILLION S SELF-MADE SCORE: * $2.9 BILLION S SELF-MADE SCORE: (
M.S., U. OF MICHIGAN ’76 SOURCE: VENTURE CAPITAL SOURCE: BANKING
B.A., U. OF PENNSYLVANIA ’63
AGE: 56 AGE: 73 RESIDENCE: DALLAS
RESIDENCE: WOODSIDE, CALIF. J.D., SMU ’69
264. Clifford Asness 264. Don Vultaggio M.B.A., HARVARD ’87
$3 BILLION Ì SELF-MADE SCORE: * & family 278. Joseph Grendys

SOURCE: MONEY MANAGEMENT $3 BILLION Ì SELF-MADE SCORE: ) 278. William Conway Jr. $2.9 BILLION S SELF-MADE SCORE: &
AGE: 51 RESIDENCE: GREENWICH, CONN.
PH.D., U. OF CHICAGO ’94
SOURCE: BEVERAGES $2.9 BILLION S SELF-MADE SCORE: * SOURCE: POULTRY
AGE: 65 RESIDENCE: PORT WASHING- SOURCE: PRIVATE EQUITY AGE: 55 RESIDENCE: CHICAGO
TON, N.Y. AGE: 68 RESIDENCE: MCLEAN, VA. B.A., LOYOLA U. CHICAGO ’84
HIGH SCHOOL DIPLOMA M.B.A., U. OF CHICAGO ’74
264. Riley Bechtel
& family T E N N E S S E E S TAT E S O P H O M O R E , ’ 7 3 278. Kieu Hoang
$3 BILLION S SELF-MADE SCORE: $ $2.9 BILLION T SELF-MADE SCORE: (
SOURCE: MEDICAL PRODUCTS
SOURCE: ENGINEERING, AGE: 73 RESIDENCE: WESTLAKE VIL-
CONSTRUCTION LAGE, CALIF.
AGE: 65 RESIDENCE: SAN FRANCISCO COLLEGE DROPOUT
J.D. & M.B.A., STANFORD ’79
264. Stephen Bechtel Jr. 278. Michael Rubin

$3 BILLION S SELF-MADE SCORE: $ $2.9 BILLION S SELF-MADE SCORE: *
SOURCE: ONLINE RETAIL
SOURCE: ENGINEERING, AGE: 45
CONSTRUCTION RESIDENCE: BRYN MAWR, PA.
AGE: 92 RESIDENCE: SAN FRANCISCO DROPOUT, VILLANOVA
M.B.A., STANFORD ’48
264. Chuck Bundrant 278. Richard Sands

$3 BILLION Ì SELF-MADE SCORE: * $2.9 BILLION Ì SELF-MADE SCORE: $
SOURCE: FOOD & BEVERAGE
SOURCE: FISHING AGE: 66
AGE: 75 RESIDENCE: CANANDAIGUA, N.Y.
RESIDENCE: SEATTLE PH.D., U. OF NORTH CAROLINA ’79
COLLEGE DROPOUT
264. Scott Cook 278. Thomas Siebel

$3 BILLION S SELF-MADE SCORE: * $2.9 BILLION S SELF-MADE SCORE: *
SOURCE: BUSINESS SOFTWARE
SOURCE: SOFTWARE AGE: 64
AGE: 65 RESIDENCE: WOODSIDE, CALIF.
RESIDENCE: WOODSIDE, CALIF. M.S., U. OF ILLINOIS URBANA-CHAMPAIGN
’85
264. Rakesh Gangwal 288. Tom Benson

$3 BILLION S SELF-MADE SCORE: * 264. Oprah Winfrey
SOURCE: AIRLINES
AGE: 64
$3 BILLION S SELF-MADE SCORE: ) & family
RESIDENCE: MIAMI
SOURCE: MEDIA $2.8 BILLION S SELF-MADE SCORE: (
AGE: 63 RESIDENCE: MONTECITO, CALIF. SOURCE: NEW ORLEANS SAINTS
M.B.A., U OF PENNSYLVANIA ’79
B.S., TENNESSEE STATE ’87 AGE: 90 RESIDENCE: NEW ORLEANS
DROPOUT, LOYOLA U.
Winfrey attended 9 college graduations this year—giving the commence-
264. Tom Golisano ment address at 3—to support the 2017 graduates who attended her Leader-
ship Academy for Girls in South Africa. She opened the academy in 2007 as
$3 BILLION S SELF-MADE SCORE: ( a boarding school for poor South Africans. The spotlight around Oprah, one 288. Ray Davis
SOURCE: PAYROLL SERVICES
AGE: 76 of the most popular daytime-TV hosts ever, never fades: She joined 60 Min- 2.8 BILLION S SELF-MADE-SCORE: *
RESIDENCE: NAPLES, FLA. utes this fall and will appear in a new film, A Wrinkle in Time, next spring. SOURCE: PIPELINES
ASSOC., ALFRED STATE ’62
AGE: 75 RESIDENCE: DALLAS
B.B.A, LETOURNEAU U. ’66
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Presenter Presenter
FORBES 400
288. Edward HIGH SCHOOL SENIOR, ’77 302. Bennett 302. Ty Warner
DeBartolo Jr. $2.7 BILLION S SELF-MADE SCORE: )
Dorrance SOURCE: REAL ESTATE, PLUSH TOYS
$2.8 BILLION T SELF-MADE SCORE: % $2.7 BILLION T SELF-MADE SCORE: @ AGE: 73
SOURCE: SHOPPING CENTERS SOURCE: CAMPBELL SOUP RESIDENCE: OAK BROOK, ILL.
AGE: 71 RESIDENCE: TAMPA AGE: 71 RESIDENCE: PARADISE DROPOUT, KALAMAZOO COLLEGE
B.A., NOTRE DAME ’68 VALLEY, ARIZ.
315. Lee Bass

288. H. Wayne Huizenga 302. Doris Fisher $2.6 BILLION S SELF-MADE SCORE: $
$2.8 BILLION S SELF-MADE SCORE: ( $2.7 BILLION S SELF-MADE SCORE: & SOURCE: OIL, INVESTMENTS
SOURCE: INVESTMENTS SOURCE: GAP AGE: 61 RESIDENCE: FORT WORTH,
AGE: 79 RESIDENCE: FORT LAUDER- AGE: 86 TEX.
DALE, FLA. RESIDENCE: SAN FRANCISCO M.B.A., U. OF PENNSYLVANIA ’82
DROPOUT, CALVIN COLLEGE B.A., STANFORD ’53
315. David Bonderman

288. Johnelle Hunt 302. John Fisher $2.6 BILLION S SELF-MADE SCORE: &
$2.8 BILLION S SELF-MADE SCORE: & $2.7 BILLION S SELF-MADE SCORE: @ SOURCE: PRIVATE EQUITY
SOURCE: TRUCKING SOURCE: GAP AGE: 74
AGE: 85 RESIDENCE: FAYETTEVILLE, AGE: 56 RESIDENCE: FORT WORTH, TEX.
ARK. RESIDENCE: SAN FRANCISCO L.L.B., HARVARD ’66
DROPOUT, U. OF CENTRAL ARKANSAS M.B.A., STANFORD ’89
315. Jim Davis

288. Osman Kibar 302. James Irsay 302. Don Hankey $2.6 BILLION S SELF-MADE SCORE: *
$2.8 BILLION Ì SELF-MADE SCORE: * $2.7 BILLION S SELF-MADE SCORE: @ $2.7 BILLION S SELF-MADE SCORE: & SOURCE: STAFFING & RECRUITING
SOURCE: BIOTECH SOURCE: INDIANAPOLIS COLTS SOURCE: AUTO LOANS AGE: 57
AGE: 46 RESIDENCE: LA JOLLA, AGE: 58 RESIDENCE: CARMEL, IND. AGE: 74 RESIDENCE: MALIBU, CALIF. RESIDENCE: COCKEYSVILLE, MD.
CALIF. B.F.A., SMU ’82 B.A., USC ’65 B.S., VILLANOVA U. ‘81
PH.D., UC SAN DIEGO ’99
As a kid, Irsay grew up immersed in
his family’s business: the Indianap-
olis Colts. A Loyola Academy stu- 302. B. Wayne Hughes 315. Sean Parker
288. David Murdock dent during the school year, Irsay $2.7 BILLION WXSELF-MADE SCORE: ( $2.6 BILLION S SELF-MADE SCORE: *
$2.8 BILLION S SELF-MADE SCORE: ) lived and traveled with the team SOURCE: SELF-STORAGE SOURCE: FACEBOOK
SOURCE: DOLE, REAL ESTATE AGE: 84 RESIDENCE: LEXINGTON, KY. AGE: 37
AGE: 94 RESIDENCE: VENTURA,
during summer camp. He played RESIDENCE: LOS ANGELES
B.S., USC ’57
CALIF. football at SMU, where he earned HIGH SCHOOL DIPLOMA
HIGH SCHOOL DROPOUT a broadcast-journalism degree. Af-
ter college he joined the Colts’ front
office, working in everything from
302. Jean (Gigi) 315. Bob Parsons
288. Jeff Rothschild ticket sales to public relations. He Pritzker $2.6 BILLION S SELF-MADE SCORE: )
$2.8 BILLION S SELF-MADE SCORE: ^ was named GM in 1984, at age 24. $2.7 BILLION S SELF-MADE SCORE: # SOURCE: WEB HOSTING
SOURCE: FACEBOOK After his father’s death in 1997, SOURCE: HOTELS, INVESTMENTS AGE: 66 RESIDENCE: SCOTTSDALE,
AGE: 62 RESIDENCE: PALO ALTO, AGE: 55 RESIDENCE: CHICAGO ARIZ.
Irsay became 100% owner. He also B.S., U. OF BALTIMORE ’75
CALIF. B.A., STANFORD ’84
M.S., VANDERBILT ’79 owns the original manuscript of
Jack Kerouac’s On the Road plus
guitars from such rock legends as
302. Patrick Ryan 315. Jay Paul
288. Robert Sands Prince, Bob Dylan and Jerry Garcia.
$2.8 BILLION Ì SELF-MADE SCORE: $ SOURCE: INSURANCE SOURCE: REAL ESTATE
SOURCE: FOOD & BEVERAGE AGE: 70 RESIDENCE: SAN FRANCISCO
288. William Wrigley Jr. AGE: 80 RESIDENCE: WINNETKA, ILL.
AGE: 59 RESIDENCE: CANANDAIGUA, B.S. BOSTON U. ’71
B.B.A., NORTHWESTERN ’59
N.Y.
J.D., PACE U. ’84
$2.8 BILLION S SELF-MADE SCORE: #
SOURCE: CHEWING GUM
AGE: 54 RESIDENCE: NORTH PALM
302. Herbert Simon 315. Penny Pritzker
BEACH, FLA.
288. Howard Schultz B.A., DUKE ’85 $2.7 BILLION T SELF-MADE SCORE: ( $2.6 BILLION S SELF-MADE SCORE: #
SOURCE: REAL ESTATE SOURCE: HOTELS, INVESTMENTS
$2.8 BILLION T SELF-MADE SCORE: ) AGE: 83 AGE: 58 RESIDENCE: CHICAGO
SOURCE: STARBUCKS J.D., M.B.A., STANFORD ’84
AGE: 64 RESIDENCE: SEATTLE 288. Mortimer RESIDENCE: INDIANAPOLIS
B.B.A, CITY COLLEGE OF NEW YORK
B.S., NORTHERN MICHIGAN U. ’75
Zuckerman 315. Phil Ruffin
$2.8 BILLION S SELF-MADE SCORE: * 302. Jon Stryker
288. E. Joe Shoen SOURCE: REAL ESTATE, MEDIA $2.6 BILLION S SELF-MADE SCORE: *
AGE: 80 RESIDENCE: NEW YORK CITY $2.7 BILLION S SELF-MADE SCORE: ! SOURCE: CASINOS, REAL ESTATE
$2.8 BILLION S SELF-MADE SCORE: % M.B.A., WHARTON ’61 SOURCE: MEDICAL EQUIPMENT AGE: 82
SOURCE: U-HAUL AGE: 59 RESIDENCE: NEW YORK CITY RESIDENCE: LAS VEGAS
AGE: 68 RESIDENCE: PHOENIX DROPOUT, WICHITA STATE
M.ARCH., UC BERKELEY ’89
J.D., ARIZONA STATE ’81

302. Do Won
& Jin Sook Chang 302. Frank VanderSloot 315. Peter Thiel
288. Paul Singer $2.6 BILLION T SELF-MADE SCORE: *
$2.7 BILLION T SELF-MADE SCORE: ) $2.7 BILLION Ì SELF-MADE SCORE: )
$2.8 BILLION S SELF-MADE SCORE: * SOURCE: FASHION RETAIL SOURCE: WELLNESS PRODUCTS SOURCE: FACEBOOK, PALANTIR
SOURCE: HEDGE FUNDS AGE: 69 AGE: 50
AGE: 58, 61 RESIDENCE: BEVERLY
AGE: 73 RESIDENCE: NEW YORK CITY RESIDENCE: IDAHO FALLS, ID RESIDENCE: SAN FRANCISCO
HILLS, CALIF.
J.D., HARVARD ’69 J.D., STANFORD ’92
HIGH SCHOOL DIPLOMAS B.S., BRIGHAM YOUNG ’72
324. Edward Bass 324. Arturo Moreno 324. Jerry Yang 340. Noam Gottesman
$2.5 BILLION S SELF-MADE SCORE: $ $2.5 BILLION S SELF-MADE SCORE: * $2.5 BILLION S SELF-MADE SCORE: ) $2.4 BILLION S SELF-MADE SCORE: &
SOURCE: OIL, INVESTMENTS SOURCE: BILLBOARDS, ANAHEIM SOURCE: YAHOO SOURCE: HEDGE FUNDS
AGE: 72 ANGELS AGE: 49 RESIDENCE: LOS ALTOS AGE: 56
RESIDENCE: FORTH WORTH, TEX. AGE: 71 HILLS, CALIF. RESIDENCE: NEW YORK CITY
B.ARCH., YALE ’72 RESIDENCE: PHOENIX M.S., STANFORD ’90 B.A., COLUMBIA ’86
B.S., U. OF ARIZONA ’73
324. Bert Beveridge 324. Denise York 340. Jeffrey

$2.5 BILLION Ì SELF-MADE SCORE: * 324. Richard Peery $2.5 BILLION S SELF-MADE SCORE: #
SOURCE: VODKA $2.5 BILLION S SELF-MADE SCORE: * SOURCE: SAN FRANCISCO 49ERS Lorberbaum
AGE: 55 RESIDENCE: AUSTIN, TEX. SOURCE: REAL ESTATE AGE: 67 $2.4 BILLION S SELF-MADE SCORE: %
B.S., U. OF TEXAS-AUSTIN ’84 AGE: 79 RESIDENCE: YOUNGSTOWN, OHIO SOURCE: FLOORING
RESIDENCE: PALO ALTO, CALIF. B.A., ST. MARY’S COLLEGE AT NOTRE AGE: 63
B.S., BRIGHAM YOUNG UNIVERSITY ’61 DAME ’72 RESIDENCE: CHATTANOOGA, TENN.
324. George Bishop B.S., U. OF DENVER ’76
$2.5 BILLION S SELF-MADE SCORE: & 324. Warren 340. George Argyros
SOURCE: OIL & GAS
340. C. Dean
AGE: 80 RESIDENCE: THE WOOD-
Stephens & family
LANDS, TEX.
$2.5 BILLION S SELF-MADE SCORE: $ $2.4 BILLION S SELF-MADE SCORE: ( Metropoulos
SOURCE: INVESTMENT BANKING SOURCE: REAL ESTATE, INVEST- $2.4 BILLION T SELF-MADE SCORE: *
324. Norman Braman AGE: 60 MENTS SOURCE: INVESTMENTS
RESIDENCE: LITTLE ROCK, ARK. AGE: 80 RESIDENCE: NEWPORT AGE: 71 RESIDENCE: PALM BEACH,
$2.5 BILLION 3 SELF-MADE SCORE: ( M.B.A, WAKE FOREST ’81 BEACH, CALIF. FLA.
SOURCE: CAR DEALERSHIPS, ART B.A. CHAPMAN U. ’59 M.B.A., BABSON COLLEGE ’68
AGE: 85
RESIDENCE: MIAMI
324. Mark Walter
B.S., TEMPLE ’55
$2.5 BILLION S SELF-MADE SCORE: * 340. John Arrillaga 340. John Pritzker
SOURCE: FINANCE $2.4 BILLION S SELF-MADE SCORE: ( $2.4 BILLION S SELF-MADE SCORE: #
324. Kenneth Feld & AGE: 57 SOURCE: REAL ESTATE SOURCE: HOTELS, INVESTMENTS
RESIDENCE: CHICAGO AGE: 80 RESIDENCE: PORTOLA AGE: 64
J.D., NORTHWESTERN ’85 VALLEY, CALIF.
family B.A., STANFORD ’60
RESIDENCE: SAN FRANCISCO
B.S., U. OF DENVER ’77
$2.5 BILLION T SELF-MADE SCORE: %
SOURCE: LIVE ENTERTAINMENT D A R T M O U T H S E N I O R , ’7 7
AGE: 69 RESIDENCE: TAMPA
B.S., BOSTON U. ’70
340. Julio Mario Santo
Domingo III
324. Jonathan Gray $2.4 BILLION WX SELF-MADE SCORE: !
SOURCE: BEER
$2.5 BILLION 3 SELF-MADE SCORE: ^ AGE: 32 RESIDENCE: NEW YORK CITY
SOURCE: INVESTMENTS B.A., BOSTON U. ’07
AGE: 47
B.A., B.S., U. OF PENNSYLVANIA ’92
340. Thomas Secunda
$2.4 BILLION WX SELF-MADE SCORE: *
324. Bill Gross SOURCE: BLOOMBERG LP
AGE: 63
$2.5 BILLION S SELF-MADE SCORE: * RESIDENCE: CROTON-ON-HUDSON, N.Y.
SOURCE: INVESTMENTS M.A., BINGHAMTON U. ’79
AGE: 73
RESIDENCE: LAGUNA BEACH, CALIF.
M.B.A, UCLA ’71
340. Alexander Spanos
& family
324. Bill Haslam $2.4 BILLION WX SELF-MADE SCORE: (
$2.5 BILLION WX SELF-MADE SCORE: # SOURCE: REAL ESTATE, LOS ANGELES
SOURCE: GAS STATIONS, RETAIL CHARGERS
AGE: 59 AGE: 94
RESIDENCE: KNOXVILLE, TENN. RESIDENCE: STOCKTON, CALIF.
B.A., EMORY ’80 DROPOUT, U. OF THE PACIFIC
324. John Henry 350. Peter Buck

$2.5 BILLION S SELF-MADE SCORE: & 340. Alan Trefler $2.3 BILLION T SELF-MADE SCORE: ^
SOURCE: SPORTS $2.4 BILLION 3 SELF-MADE SCORE: * SOURCE: SUBWAY SANDWICH SHOPS
AGE: 68 SOURCE: SOFTWARE AGE: 86
RESIDENCE: BOCA RATON, FLA. AGE: 61 RESIDENCE: BROOKLINE, MASS. RESIDENCE: DANBURY, CONN.
COLLEGE DROPOUT B.S., DARTMOUTH ’77 PH.D., COLUMBIA ’63
The chess whiz earned a master rating while at Dartmouth and became co-
champion of the 1975 World Open Chess Championship. Trefler started cus-
324. Stephen Mandel Jr. tomer-engagement software firm Pegasystems in 1983 using $500,000—a 350. Brad Kelley
$2.5 BILLION WX SELF-MADE SCORE: & mix of an inheritance and loans. He debuted on The Forbes 400 in 1997 with $2.3 BILLION S SELF-MADE SCORE: (
SOURCE: HEDGE FUNDS a net worth of $650 million and returns after a 2-decade absence, thanks to SOURCE: TOBACCO
AGE: 61 AGE: 60
RESIDENCE: GREENWICH, CONN. Pegasystems’ soaring stock as revenues from cloud services increased. RESIDENCE: FRANKLIN, TENN.
M.B.A., HARVARD ’82 DROPOUT, WESTERN KENTUCKY U.

FORBES 400
350. Joe Mansueto H I G H S C H O O L D R O P O U T, ’ 8 4 359. Thomas Lee

$2.3 BILLION S SELF-MADE SCORE: * $2.2 BILLION S SELF-MADE SCORE: &
SOURCE: INVESTMENT RESEARCH SOURCE: PRIVATE EQUITY
AGE: 61 AGE: 73
RESIDENCE: CHICAGO RESIDENCE: NEW YORK CITY
M.B.A., U. OF CHICAGO ’80 B.A., HARVARD ’65
350. Clayton Mathile 359. Eric Lefkofsky

$2.3 BILLION T SELF-MADE SCORE: & $2.2 BILLION S SELF-MADE SCORE: *
SOURCE: PET FOOD SOURCE: GROUPON
AGE: 76 AGE: 48
RESIDENCE: BROOKVILLE, OHIO RESIDENCE: CHICAGO
B.A., OHIO NORTHERN U. ’62 J.D., U. OF MICHIGAN ’93
350. Larry Robbins 359. Daniel Pritzker

$2.3 BILLION S SELF-MADE SCORE: & $2.2 BILLION S SELF-MADE SCORE: !
SOURCE: HEDGE FUNDS SOURCE: HOTELS, INVESTMENTS
AGE: 48 AGE: 58
RESIDENCE: ALPINE, N.J. RESIDENCE: MARIN COUNTY, CALIF.
B.S., U. OF PENNSYLVANIA ’92 J.D., NORTHWESTERN ’86
350. Dan Snyder 359. Stewart Rahr

$2.3 BILLION S SELF-MADE SCORE: * $2.2 BILLION WX SELF-MADE SCORE: %
SOURCE: WASHINGTON REDSKINS SOURCE: DRUG DISTRIBUTION
AGE: 52 RESIDENCE: POTOMAC, MD. AGE: 71
DROPOUT, U. OF MARYLAND RESIDENCE: NEW YORK CITY
B.A., NYU ’67
350. Mark Stevens

359. T. Denny Sanford
SOURCE: VENTURE CAPITAL $2.2 BILLION S SELF-MADE SCORE: (
AGE: 57 SOURCE: BANKING, CREDIT CARDS
RESIDENCE: ATHERTON, CALIF. AGE: 81
M.B.A., HARVARD ’89 RESIDENCE: SIOUX FALLS, S.D.
B.A., U. OF MINNESOTA ’58
350. Glen Taylor

359. Charles Simonyi
SOURCE: PRINTING $2.2 BILLION S SELF-MADE SCORE: ^
AGE: 76 SOURCE: MICROSOFT
RESIDENCE: MANKATO, MINN. 374. Todd Christopher AGE: 69
RESIDENCE: MEDINA, WASH.
B.S., MINNESOTA STATE ’62
$2.1 BILLION S SELF-MADE SCORE: ( PH.D., STANFORD ’76
SOURCE: HAIR CARE PRODUCTS
AGE: 55 RESIDENCE: CLEARWATER, FLA.
350. Elaine Wynn HIGH SCHOOL DROPOUT
$2.3 BILLION S SELF-MADE SCORE: * His great-grandfathers in Italy cut hair. So did his grandfather, father and
359. Ted Turner
SOURCE: CASINO, HOTELS 7 uncles. At age 17, he dropped out of high school to follow family tradi- $2.2 BILLION WX SELF-MADE SCORE: &
AGE: 75 SOURCE: CABLE TELEVISION
tion, picking up a pair of scissors at his cousin’s hair salon. (His brother and AGE: 78
RESIDENCE: LAS VEGAS
B.A., GEORGE WASHINGTON U. ’64 6 cousins would all do the same job.) At 22, he opened his first salon, often RESIDENCE: ATLANTA
sleeping there to save money. To avoid eviction from his salon, he sold Red- DROPOUT, BROWN
ken products to a drugstore across the street. That success led him to sell
359. Ron Baron hair-care products full-time. Over 2 decades, his Vogue International released
$2.2 BILLION S SELF-MADE SCORE: * brands such as FX, Maui and his biggest hit, monochromatic bottles of OGX. 359. William Young
SOURCE: MONEY MANAGEMENT He sold a stake in Vogue International to the Carlyle Group in 2014; 2 years $2.2 BILLION S SELF-MADE SCORE: *
AGE: 74 later Johnson & Johnson bought the whole company. SOURCE: PLASTICS
RESIDENCE: NEW YORK CITY AGE: 76 RESIDENCE: YPSILANTI, MICH.
B.A., BUCKNELL ’65 B.S., U. OF DETROIT MERCY ’64
359. Jack Dorsey 359. Reed Hastings

359. Chase Coleman III $2.2 BILLION 3 SELF-MADE SCORE: * $2.2 BILLION Ì SELF-MADE SCORE: & 374. S. Daniel Abraham
SOURCE: NETFLIX
$2.2 BILLION S SELF-MADE SCORE: & SOURCE: TWITTER
AGE: 57 $2.1 BILLION WX SELF-MADE SCORE: (
SOURCE: HEDGE FUND AGE: 40 SOURCE: SLIMFAST
RESIDENCE: SANTA CRUZ, CALIF.
AGE: 42 RESIDENCE: NEW YORK CITY RESIDENCE: SAN FRANCISCO AGE: 93
M.S., STANFORD ’88
B.A., WILLIAMS ’97 DROPOUT, NYU RESIDENCE: PALM BEACH, FLA.
HIGH SCHOOL DIPLOMA
359. Alec Gores 359. Stanley Hubbard

359. James Coulter
$2.2 BILLION S SELF-MADE SCORE: & $2.2 BILLION S SELF-MADE SCORE: ( $2.2 BILLION WX SELF-MADE SCORE: % 374. Gordon Getty
SOURCE: DIRECTV
SOURCE: PRIVATE EQUITY SOURCE: PRIVATE EQUITY
AGE: 84 $2.1 BILLION WX SELF-MADE SCORE: @
AGE: 57 AGE: 64 SOURCE: GETTY OIL
RESIDENCE: ST. PAUL
RESIDENCE: SAN FRANCISCO RESIDENCE: BEVERLY HILLS, CALIF. AGE: 83
B.A., U. OF MINNESOTA ’55
M.B.A., STANFORD ’86 B.S., WESTERN MICHIGAN U. ’77 RESIDENCE: SAN FRANCISCO
B.A., U. OF SAN FRANCISCO ’56
374. David Gottesman 374. H. Ross Perot Jr. 388. Christopher Cline 388. Jeffrey Lurie
$2.1 BILLION 3 SELF-MADE SCORE: * $2.1 BILLION 3 SELF-MADE SCORE: $ $2 BILLION S SELF-MADE SCORE: ) $2 BILLION S SELF-MADE SCORE: $
SOURCE: INVESTMENTS SOURCE: REAL ESTATE SOURCE: COAL SOURCE: PHILADELPHIA EAGLES
AGE: 91 AGE: 59 RESIDENCE: DALLAS AGE: 59 RESIDENCE: NORTH PALM AGE: 66 RESIDENCE: WYNNEWOOD,
RESIDENCE: RYE, N.Y. B.A., VANDERBILT ’81 BEACH, FLA. PA.
M.B.A., HARVARD ’50 DROPOUT, MARSHALL U. PH.D., BRANDEIS ’87
374. Kavitark Ram

374. W. Herbert Hunt 388. Glenn Dubin 388. Peter Peterson
$2.1 BILLION S SELF-MADE SCORE: $ Shriram $2 BILLION WX SELF-MADE SCORE: ( $2 BILLION WX SELF-MADE SCORE: )
SOURCE: OIL $2.1 BILLION S SELF-MADE SCORE: ) SOURCE: HEDGE FUNDS SOURCE: INVESTMENTS
AGE: 88 RESIDENCE: DALLAS SOURCE: VENTURE CAPITAL, GOOGLE AGE: 60 RESIDENCE: NEW YORK CITY AGE: 91 RESIDENCE: NEW YORK CITY
B.S., WASHINGTON AND LEE ’51 AGE: 60 RESIDENCE: MENLO PARK, CALIF. B.A., STONY BROOK UNIVERSITY ’78 M.B.A, U. OF CHICAGO ’51
B.COM., U. OF MADRAS ’77
374. Bruce Karsh 388. Frank Fertitta III 388. J. Joe Ricketts
$2.1 BILLION S SELF-MADE SCORE: * 374. Eric Smidt $2 BILLION S SELF-MADE SCORE: % $2 BILLION 3 SELF-MADE SCORE: )
SOURCE: PRIVATE EQUITY $2.1 BILLION Ì SELF-MADE SCORE: ( SOURCE: CASINOS, MIXED MARTIAL ARTS SOURCE: TD AMERITRADE
AGE: 62 RESIDENCE: LOS ANGELES SOURCE: HARDWARE STORES AGE: 55 RESIDENCE: LAS VEGAS AGE: 76 RESIDENCE: LITTLE JACKSON
J.D., U. OF VIRGINIA ’80 AGE: 57 RESIDENCE: BEVERLY HILLS, B.S., USC ’84 HOLE, WYO.
CALIF. B.A., CREIGHTON ’68
HIGH SCHOOL DIPLOMA
374. Howard Marks 388. Lorenzo Fertitta

$2.1 BILLION S SELF-MADE SCORE: * $2 BILLION S SELF-MADE SCORE: % 388. John Tyson
374. David Walentas SOURCE: CASINOS, MIXED MARTIAL ARTS $2 BILLION T SELF-MADE SCORE: %
AGE: 71 RESIDENCE: NEW YORK CITY $2.1 BILLION S SELF-MADE SCORE: ) AGE: 48 RESIDENCE: LAS VEGAS SOURCE: FOOD PROCESSING
M.B.A., U. OF CHICAGO ’70 SOURCE: REAL ESTATE M.B.A., NYU ’93 AGE: 64 RESIDENCE: SPRINGDALE,
AGE: 79 RESIDENCE: NEW YORK CITY ARK.
M.B.A., U. OF VIRGINIA ’64 B.B.A., SMU ’75
374. Vinod Khosla 388. Aerin Lauder

$2.1 BILLION 3 SELF-MADE SCORE: * 374. Ronald Wanek Zinterhofer 388. Jon Yarbrough
SOURCE: VENTURE CAPITAL
AGE: 62 RESIDENCE: PORTOLA $2.1 BILLION WX SELF-MADE SCORE: & $2 BILLION 3 SELF-MADE SCORE: $ $2 BILLION S SELF-MADE SCORE: *
VALLEY, CALIF. SOURCE: FURNITURE SOURCE: ESTEE LAUDER SOURCE: VIDEOGAMES
M.B.A., STANFORD ’80 AGE: 76 AGE: 47 RESIDENCE: NEW YORK CITY AGE: 60 RESIDENCE: FRANKLIN,
RESIDENCE: ST. PETERSBURG, FLA. B.A., U. OF PENNSYLVANIA ’92 TENN.
HIGH SCHOOL DIPLOMA B.S., TENNESSEE TECH ’81
374. Drayton McLane Jr.

$2.1 BILLION S SELF-MADE SCORE: % 388. Jane Lauder
SOURCE: WAL-MART, LOGISTICS
388. James Clark $2 BILLION Ì SELF-MADE SCORE: $ 388. David Zalik
AGE: 81 RESIDENCE: TEMPLE, TEX. $2 BILLION S SELF-MADE SCORE: ( SOURCE: ESTEE LAUDER $2 BILLION Ì SELF-MADE SCORE: *
M.B.A., MICHIGAN STATE ’59 SOURCE: NETSCAPE, INVESTMENTS AGE: 44 RESIDENCE: NEW YORK CITY SOURCE: TECHNOLOGY
AGE: 73 RESIDENCE: PALM BEACH, FLA. B.A., STANFORD ’95 AGE: 43 RESIDENCE: ATLANTA
PH.D., U. OF UTAH ’74 DROPOUT, AUBURN
RULES OF THE HUNT

This is the 36th year of the flagship Forbes 400 list. Though we’ve been price-to-revenue or price-to-earnings ratios for similar public companies
at it a long time, it’s always a challenge. Our reporters dig deep. This year and typically apply a 10% discount, more for those who are least
we started with a list of more than 600 individuals considered strong transparent.
candidates and got to work. We didn’t include dispersed family fortunes. Those appear on our list
When possible, we met with Forbes 400 members and candidates of America’s Richest Families.
in person or spoke with them by phone. We also interviewed their We did include wealth belonging to a member’s immediate relatives if
employees, handlers, rivals, peers and attorneys. Uncovering their fortunes the wealth could be traced to a single living person. In that case you’ll see
required us to pore over thousands of SEC documents, court records, “& family” on the list. We also include married couples who built fortunes
probate records, and Web and print stories. We took into account all types and businesses together. In those instances, we list both names.
of assets: stakes in public and private companies, real estate, art, yachts, The Forbes 400 is a list of American citizens who own assets in the
planes, ranches, vineyards, jewelry, car collections and more. We factored U.S. Our estimates are a snapshot of each list member’s wealth as of
in debt. Of course, we don’t pretend to know what is listed on each September 22; we used closing stock prices and currency exchange rates
billionaire’s private balance sheet, although some candidates did provide from that day. Some of The Forbes 400 will get richer or poorer within
documentation to that effect. weeks, or even days, of publication. We track those changes online in our
Some billionaires presiding over private companies were happy to Real Time rankings at www.forbes.com/forbes-400. That’s also where you
share their financial figures, but others were less forthcoming. To value can find more information on list members, including additional photos,
these businesses, we couple revenue or profit estimates with prevailing videos and coverage of these influential billionaires.
SPECIAL THANKS TO: LW HOSPITALITY ADVISORS; ORBIS BY BUREAU VAN DIJK, REAL CAPITAL ANALYTICS; COSTAR GROUP; PITCHBOOK DATA; AND TREPP. ALL THOSE WHO
HELPED US WITH OUR REPORTING AND VALUATIONS: SUSAN ANDERSON, FBR CAPITAL MARKETS & CO; JIM BARRETT, C.L. KING & ASSOCIATES; BEVERAGE MARKETING COR-
PORATION; MICHAEL BRAUNHOLTZ, PRESTIGE PROPERTY GROUP; DAVID BURGHER, BRIGGS FREEMAN SOTHEBY’S INTERNATIONAL REALTY; JORDAN CHALFIN, CREDITSIGHTS;
LISA CLIVE, SANFORD C. BERNSTEIN; AURORA D’AMICO, NATIONAL CENTER OF EDUCATION STATISTICS; EUROMONITOR INTERNATIONAL; FACTSET; RONALD M. GOLD, GOLD-
APPRAISAL; ALEXANDRA KAUFMAN, APP ANNIE; DANIEL LESSER, LW HOSPITALITY ADVISORS; MARK LOWHAM, SOTHEBY’S INTERNATIONAL REALTY; KIERAN MAGUIRE, UNI-
VERSITY OF LIVERPOOL; JONATHAN MILLER, MILLER SAMUEL INC.; MORNINGSTAR; CRAIG MORRIS, ASPEN SNOWMASS SOTHEBY’S INTERNATIONAL REALTY; DAVID NITTLER,
NITTLER APPRAISAL; MICHAEL PACHTER, WEDBUSH SECURITIES; ROBERT SAMMONS, CUSHMAN & WAKEFIELD; ERIC SCHMIDT, BEVERAGE MARKETING CORP.; NICK SETYAN,
WEDBUSH SECURITIES; JOHN SHAFFER, COLLIERS INTERNATIONAL; SIMEON A. SIEGEL, NOMURA; TOM SNYDER, U.S. DEPARTMENT OF EDUCATION; S&P GLOBAL MARKET
INTELLIGENCE; IRWIN STEIN; ALTON STUMP, LONGBOW RESEARCH; SANDELL ASSET MANAGEMENT; BRIAN M. VACCARO, RAYMOND JAMES & ASSOCIATES.

FORBES 400
NAME WORTH($BIL) PAGE #
Abraham, S. Daniel $2.1 68 Chambers, James $8 57 Ford, Gerald $2.9 64 Irsay, James $2.7 66
Acton, Brian $6.4 58 Chang, Do Won & Jin Sook $2.7 66 Frantz, Milane $5.5 58 Jacobs, Jeremy $4.4 60
Adelson, Sheldon $35.4 56 Cherng, Andrew & Peggy $3.3 63 Friedkin, Dan $3.7 62 Jannard, James $4 61
Allen, Paul $20.6 56 Chesky, Brian $3.8 61 Frist, Thomas $8.1 57 Johnson, Abigail $16 56
Anschutz, Philip $12.6 56 Christopher, Todd $2.1 68 Frost, Phillip $3.2 63 Johnson, Charles $6 58
Argyros, George $2.4 67 Clark, James $2 69 Gangwal, Rakesh $3 64 Johnson, Edward III $7.9 57
Arison, Micky $9.4 57 Cline, Christopher $2 69 Gates, Bill $89 54 Johnson, Edward IV $3.6 62
Arnold, John $3.3 62 Cohen, Charles $3.3 63 Gebbia, Joe $3.8 61 Johnson, Elizabeth $3.6 62
Arrillaga, John $2.4 67 Cohen, Steve $13 56 Geffen, David $7.8 57 Johnson, H. Fisk $3.8 61
Ashkenazy, Ben $4 61 Coleman, Chase $2.2 68 Getty, Gordon $2.1 68 Johnson, Imogene Powers $3.8 61
Asness, Clifford $3 64 Commisso, Rocco $4.5 60 Gilbert, Daniel $5.8 58 Johnson, Rupert $5.2 59
Avara, Dannine $5.5 58 Conway, William $2.9 64 Goldman, Allan $3.1 63 Johnson, S. Curtis $3.8 61
Ballmer, Steve $33.6 56 Cook, Carl $7.5 57 Goldman, Jane $3.1 63 Johnson-Leipold, Helen $3.8 61
Baron, Ron $2.2 68 Cook, Scott $3 64 Goldman Fowler, Amy $3.1 63 Johnson-Marquart, Winnie $3.8 61
Bass, Edward $2.5 67 Cooperman, Leon G. $3.1 63 Golisano, Tom $3 64 Jones, Jerry $5.6 58
Bass, Lee $2.6 66 Coulter, James $2.2 68 Goodnight, James $8.9 57 Jones, Paul Tudor $4.6 60
Bass, Robert $4.9 59 Cuban, Mark $3.3 63 Gores, Alec $2.2 68 Kaiser, George $7.5 57
Bass, Sid $3.4 62 Dalio, Ray $17 56 Gores, Tom $3.7 62 Kalanick, Travis $5.1 59
Beal, Andrew $10.9 57 Dangermond, Jack & Laura $3.7 62 Gottesman, David $2.1 69 Kao, Min $3.1 63
Bechtel, Riley $3 64 D’Aniello, Daniel $2.9 64 Gottesman, Noam $2.4 67 Karsh, Bruce $2.1 69
Bechtel, Stephen $3 64 Davis, Jim $4.9 59 Gray, Jonathan $2.5 67 Keinath, Pauline MacMillan $7.4 57
Benioff, Marc $4.5 60 Davis, Jim $2.6 66 Green, David $6.4 58 Kelley, Brad $2.3 67
Benson, Tom $2.8 64 Davis, Ray $2.8 64 Greene, Jeff $3.8 61 Kellogg, Peter $3.4 62
Beveridge, Bert $2.5 67 DeBartolo, Edward $2.8 66 Grendys, Joseph $2.9 64 Kemper, Diane $3.1 63
Bezos, Jeff $81.5 54 DeJoria, John Paul $3.1 63 Griffin, Ken $8.5 57 Kennedy, Jim $12 56
Bisciotti, Stephen $4 61 Dell, Michael $23.2 56 Gross, Bill $2.5 67 Khan, Shahid $7.1 57
Bishop, George $2.5 67 DeVos, Richard $5.4 59 Gustavson, Tamara $4.9 59 Khosla, Vinod $2.1 69
Black, Leon $6.4 58 Diller, Barry $3.2 63 Halle, Bruce $4.6 60 Kibar, Osman $2.8 66
Blank, Arthur $3.8 61 Doerr, John $5.8 58 Hamm, Harold $11 57 Kinder, Richard $6.7 58
Blavatnik, Len $19.6 56 Dolan, Charles $5 59 Hankey, Don $2.7 66 Kirk, Randal $3.3 63
Blecharczyk, Nathan $3.8 61 Dolby, Dagmar $3.9 61 Harris, Joshua $3.3 63 Knight, Phil $25.2 56
Bloomberg, Michael $46.8 55 Dorrance, Bennett $2.7 66 Haslam, Bill $2.5 67 Koch, Charles $48.5 55
Bluhm, Neil $3.3 62 Dorsey, Jack $2.2 68 Haslam, Jimmy $3.6 62 Koch, David $48.5 55
Bonderman, David $2.6 66 Druckenmiller, Stanley $4.7 60 Hastings, Reed $2.2 68 Kohler, Herbert $8.5 57
Braman, Norman $2.5 67 Dubin, Glenn $2 69 Hendricks, Diane $4.9 59 Koum, Jan $9.6 57
Bren, Donald $16.3 56 Duffield, David $7.5 57 Henry, John $2.5 67 Kovner, Bruce $5.2 59
Breyer, Jim $2.9 64 Duncan, Scott $5.5 58 Hildebrand, Jeffery $3.6 62 Kraft, Robert $6.2 58
Brin, Sergey $43.4 55 Ellison, Larry $59 55 Hoang, Kieu $2.9 64 Kravis, Henry $5.2 59
Broad, Eli $7.3 57 Emmerson, Archie Aldis $4.1 60 Hoffman, Reid $3.2 63 Kroenke, Ann Walton $5.5 58
Brown, John $3.1 63 Englander, Israel $5.2 59 Hostetter, Amos $3.3 63 Kroenke, Stanley $8.1 57
Buck, Peter $2.3 67 Ergen, Charles $15.8 56 Huang, Jen-Hsun $4.4 60 Langone, Kenneth $3.1 63
Buffett, Warren $78 54 Faulkner, Judy $3.4 62 Hubbard, Stanley $2.2 68 Lauder, Jane $2 69
Bundrant, Chuck $3 64 Feld, Kenneth $2.5 67 Hughes, B. Wayne $2.7 66 Lauder, Leonard $10.6 57
Caporella, Nick $4.5 60 Fertitta, Frank $2 69 Huizenga, H. Wayne $2.8 66 Lauder, Ronald $3.8 61
Cargill, Austen $4.2 60 Fertitta, Lorenzo $2 69 Hunt, Johnelle $2.8 66 Lauder Zinterhofer, Aerin $2 69
Cargill, James $4.2 60 Fertitta, Tilman $3.5 62 Hunt, Ray Lee $4.9 59 Lauren, Ralph $5.8 58
Caruso, Rick $3.9 61 Filo, David $5 59 Hunt, W. Herbert $2.1 69 Laurie, Nancy Walton $4.9 59
Cathy, Bubba $4.6 60 Fisher, Doris $2.7 66 Icahn, Carl $16.7 56 Lee, Thomas $2.2 68
Cathy, Dan $4.6 60 Fisher, John $2.7 66 Ilitch, Marian $5.2 59 Lefkofsky, Eric $2.2 68
Catsimatidis, John $3.1 63 Fisher, Ken $3.7 62 Ingram, Martha $4.7 60 LeFrak, Richard $6.1 58

NAME WORTH($BIL) PAGE #
Leone, Douglas $3.2 63 Parry-Okeden, Blair $12 56 Ryan, Patrick $2.7 66 Stryker, Jon $2.7 66
Leprino, James $3 64 Parsons, Bob $2.6 66 Saban, Haim $3.2 63 Stryker, Pat $3.1 64
Lerner, Ted $4.9 59 Paul, Jay $2.6 66 Sall, John $4.5 60 Stryker, Ronda $4.8 59
Liebmann, Marianne $4.2 60 Paulson, John $7.8 57 Samueli, Henry $3.8 62 Sun, David $6 58
Lindemann, George $3.3 63 Peery, Richard $2.5 67 Sands, Richard $2.9 64 Sutton, Jeff $4 61
Loeb, Daniel $3.2 63 Pegula, Terrence $4.3 60 Sands, Robert $2.8 66 Taylor, Glen $2.3 68
Lorberbaum, Jeffrey $2.4 67 Pera, Robert $3.2 63 Sanford, T. Denny $2.2 68 Taylor, Margaretta $8 57
Love, Tom & Judy $6.2 58 Perelman, Ronald $11.7 56 Santo Domingo, Alejandro $4.8 59 Tepper, David $11 57
Lucas, George $5 59 Perez, Jorge $3 64 Santo Domingo, Andres $4.8 59 Thiel, Peter $2.6 66
Lurie, Jeffrey $2 69 Perlmutter, Isaac $3.9 61 Santo Domingo, Julio Mario $2.4 67 Tisch, Joan $4 61
MacMillan, Whitney $6 58 Perot, H. Ross Jr. $2.1 69 Saul, Bernard $3.5 62 Trefler, Alan N. $2.4 67
Malone, John $8.2 57 Perot, H. Ross Sr. $4.1 60 Schmidt, Eric $12.6 56 Trump, Donald $3.1 63
Malone, Mary Alice Dorrance $3.3 63 Peterffy, Thomas $15.1 56 Schmieding, Reinhold $5 59 Tu, John $6 58
Mandel, Stephen $2.5 67 Peterson, Peter $2 69 Schultz, Howard $2.8 66 Turner, Ted $2.2 68
Mansueto, Joe $2.3 68 Powell Jobs, Laurene $19.4 56 Schulze, Richard $3.4 62 Tyson, John $2 69
Marcus, Bernard $4.5 60 Pritzker, Anthony $3.4 62 Schusterman, Lynn $3.2 63 Udvar-Hazy, Steven $3.9 61
Marks, Howard $2.1 69 Pritzker, Daniel $2.2 68 Schwab, Charles $8.4 57 VanderSloot, Frank $2.7 66
Mars, Jacqueline $25.5 56 Pritzker, Jay Robert (J.B.) $3.4 62 Schwarzman, Stephen $12.6 56 Vultaggio, Don $3 64
Mars, John $25.5 56 Pritzker, Jean (Gigi) $2.7 66 Scott, Walter $4.2 60 Wadhwani, Romesh T. $3 64
Mars, Marijke $6.3 58 Pritzker, John $2.4 67 Secunda, Thomas $2.4 67 Walentas, David $2.1 69
Mars, Pamela $6.3 58 Pritzker, Karen $4.8 59 Shah, Rishi $3.6 62 Walter, Mark $2.5 67
Mars, Valerie $6.3 58 Pritzker, Penny $2.6 66 Shaw, David $5.5 59 Walton, Alice $38.2 56
Mars, Victoria $6.3 58 Pritzker, Thomas $3.7 62 Shoen, E. Joe $2.8 66 Walton, Christy $6.1 58
Mathile, Clayton $2.3 68 Rahr, Stewart $2.2 68 Shoen, Mark $3.3 63 Walton, Jim $38.4 56
McLane, Drayton $2.1 69 Rales, Mitchell $3.4 62 Shriram, Kavitark Ram $2.1 69 Walton, Lukas $13.2 56
McNair, Robert $3.8 62 Rales, Steven $5.5 58 Siebel, Thomas $2.9 64 Walton, S. Robson $38.3 56
Meijer, Hank & Doug $7 57 Rayner, Katharine $8 57 Siegel, David $4.9 59 Wanek, Ronald $2.1 69
Menard, John $9.9 57 Redstone, Sumner $5.1 59 Simon, Herbert $2.7 66 Warner, Ty $2.7 66
Metropoulos, C. Dean $2.4 67 Rees-Jones, Trevor $4.8 59 Simons, James $18.5 56 Warren, Kelcy $4.2 60
Meyer, Gwendolyn Sontheim $4.7 60 Rennert, Ira $3.8 62 Simonyi, Charles $2.2 68 Washington, Dennis $5.7 58
Middleton, John $3 64 Resnick, Stewart & Lynda $3.9 61 Singer, Paul $2.8 66 Weiner, Russ $4.4 60
Milken, Michael $3.7 62 Reyes, J. Christopher $4.1 60 Skoll, Jeffrey $4.4 60 Wexner, Les $5.6 58
Moore, Gordon $7.5 57 Reyes, Jude $4.1 60 Smidt, Eric $2.1 69 Whitman, Meg $3 64
Moreno, Arturo $2.5 67 Rich, Robert $5.5 58 Smith, Frederick $4.9 59 Williams, Randa $5.5 58
Moritz, Michael $3.5 62 Ricketts, J. Joe $2 69 Smith, Robert $3.3 63 Winfrey, Oprah $3 64
Morris, John $4 61 Riney, Rodger $3.5 62 Snyder, Dan $2.3 68 Wrigley, William $2.8 66
Moskovitz, Dustin $13.6 56 Rizzuto, Leandro $3.5 62 Sobrato, John A. $6.5 58 Wynn, Elaine $2.3 68
Murdoch, Rupert $12 56 Robbins, Larry $2.3 68 Solow, Sheldon $4.7 60 Wynn, Steve $3.1 64
Murdock, David $2.8 66 Roberts, George $5.2 59 Soon-Shiong, Patrick $8.3 57 Yang, Jerry $2.5 67
Murphy, Bobby $3.1 64 Robertson, Julian $4.1 60 Soros, George $23 56 Yarbrough, Jon $2 69
Musk, Elon $20.8 56 Rollins, Gary $4.6 60 Spangler, Clemmie $4 61 York, Denise $2.5 67
Newell, Gabe $5.5 58 Rollins, Randall $4.6 60 Spanos, Alexander $2.4 67 Young, William $2.2 68
Newhouse, Donald $12.3 56 Roski, Edward $5.5 58 Speyer, Jerry $3.9 61 Zalik, David $2 69
Nicholas, Henry $3.3 63 Ross, Stephen $7.5 57 Spiegel, Evan $3.1 63 Zell, Sam $5.1 59
Och, Daniel $3.3 63 Rothschild, Jeff $2.8 66 Spielberg, Steven $3.6 62 Ziff, Daniel $4.8 59
Olenicoff, Igor $4.2 60 Rowan, Marc $3.1 63 Stephens, Warren $2.5 67 Ziff, Dirk $4.8 59
Omidyar, Pierre $9.6 57 Rowling, Robert $5.2 59 Sterling, Donald $3.5 62 Ziff, Robert $4.8 59
Overdeck, John $4.9 59 Rubenstein, David $2.9 64 Stern, Leonard $4.5 60 Zucker, Anita $3.5 62
Page, Larry $44.6 55 Rubin, Michael $2.9 64 Stevens, Mark $2.3 68 Zuckerberg, Mark $71 54
Parker, Sean $2.6 66 Ruffin, Phillip $2.6 66 Stine, Harry $3.9 61 Zuckerman, Mortimer $2.8 66

Australia’s 50 Richest
NIGEL AUSTIN
‘Always
Selling Clothes’
Nigel Austin built his Cotton On fast-fashion chain at
home and in Asia. Now he’s tackling the tough U.S. market.
Meet one of the newest billionaires.
BY GRACE CHUNG
N
igel Austin was just 18 when he shopping centers and downtowns in New Zealand,
caught the entrepreneurial bug. He Singapore, Malaysia, the Philippines, Indonesia, Thai-
was newly enrolled in university but land and Hong Kong. And now it’s focusing on the
couldn’t fight the itch to swap the U.S., where it’s opened 143 locations since venturing
classroom for something more lucra- into the market in 2009 amid the financial crisis. It is
tive. What he knew was clothes, so he sourced them among just a handful of Australian retailers that have
from local wholesalers, hauled them in his pickup successfully expanded overseas on such a scale.
truck to local markets and started a one-man busi- The flagship Cotton On stores exude the country’s
ness. “It didn’t go so well at first,” he recalls. But he laid-back sensibility, and they feel like something of a
stayed with it, spending most of that freshman year hybrid between U.S.-based Forever 21 and Old Navy
laboring tirelessly. and Swedish clothing giant H&M. They’re known for
Then at 19 he took a big risk by dropping out of everyday casual clothes, sold at modest prices and
school and focusing on his business full-time. “[For geared toward teens and young adults. Austin also
a year] I didn’t tell my father I dropped out,” says takes aim at six other market segments with Cotton
Austin. “I came back after the second year and said, On Kids, Cotton On Body (lingerie, swim suits and
‘[I have] good news and bad news. The good news is activewear), Rubi Shoes, Factorie (casual streetwear),
that this retail thing is going really well; the bad news Typo (stationery and home decor) and Supre (a
is college isn’t for me.’ I literally was not going. [I was] junior girls brand acquired in 2013). The group com-
always selling clothes.” mands nearly 20% of Australia’s $1.8 billion fast-fash-
The grit paid off: Nearly 30 years later his Cotton ion industry, bested only by H&M’s 22% share.
On Group is the darling of Australia’s fast-fashion The company won’t talk about profits, but it does
industry. Headquartered in Geelong, southwest of say that global sales for the group, which has 5,600
Melbourne, it boasts nearly 1,500 stores in 19 coun- full-time employees, reached $1.5 billion for the year
tries. Around half are in Australia; almost 400 dot ended in June, up from $1.1 billion three years earlier.

Austin’s Cotton On
Group is the darling
of Australia’s fast-
fashion industry.

NIGEL AUSTIN
Austin, 47, owns 90% of the company, and then the next, largely by leveraging
and with this year’s list of Australia’s his father’s connections with suppliers to
richest, breaks into the billionaire ranks create a direct-sourcing model, essential-
with a net worth that Forbes Asia esti- ly cutting out the middleman wholesaler.
mates at $1.36 billion. Many of the suppliers from those days
But after enjoying double-digit growth are still with the company today. “Our
for five years, the group’s sales rose only suppliers grew with us,” he says.
8.2% in Asia and 9% overall in fiscal It took 15 years for the group to ex-
2017 as retailers faced headwinds from pand to 50 stores throughout Australia, a
declining mall traffic and fierce com- slow but steady rise that generated profits
petition from e-commerce. In the U.S., right from the beginning. The first inter-
where Amazon is expected to ring up national market Austin tackled was New
a staggering 43.5% of all e-commerce Zealand, now the group’s third-largest
sales this year, according to eMarketer, market outside its home turf—after South
the group managed to grow by 16% over Africa and the U.S.—with 139 locations.
the past year. But that was significantly In Asia the company has 239 stores, with
down from a peak in fiscal 2013, when it the strongest growth expected to come
jumped by 54% (see story on Amazon in in Singapore, Malaysia and Thailand.
Australia, p. 14). The group runs seven e- “Cotton On is one of the few Australian
commerce sites in seven countries, which A store in Los Angeles’ Century City: Austin businesses that have done this on a mass
has opened 143 in the U.S. since 2009.
produce only 5% of overall sales, but it scale,” says James Stewart, a partner and
says those sales are growing 40% a year. I got my vision and purpose, through retail expert at advisory firm Ferrier
The U.S. has seen thousands of stores him.” Hodgson. “The Austin family has a very,
shuttered this year and notable retailers His late father, Grant Austin, ran a very deep history in direct sourcing. They
such as Sports Authority, The Limited clothing wholesale and import business got first-mover advantage.”
and 61-year-old Payless ShoeSource called the Austin Group, a once publicly One of the company’s strengths is
have filed for bankruptcy. America’s traded company with $45 million in an- its talent for finding good sites for new
department stores are also facing what nual revenue during the late 1980s (equal stores. Once a location is secured, the
has been dubbed the “retail apocalypse,” to $130 million today), where, starting at group has the agility to add or pull back
with Sears, Macy’s and J.C. Penney the age of 8, Austin would spend school any of its brands to meet shifting con-
together closing hundreds of locations. holidays working. “There was plenty of sumer demand. “We can flex anywhere
“The [U.S.] market is starved for a new tough love. My family had a very suc- between a 30,000-square-foot store
proposition,” says Austin. “Everyone is cessful business, but I was limited with down to 800 square feet with [some]
looking backwards as opposed to look- resources when I went to college. I was of the brands,” says Michael Hardwick,
ing forward. They’re more worried about forced to go out there and have a strong the chief financial officer and another of
closing stores than fine-tuning their work ethic.” Austin’s cousins.
business to the customer.” In 1991, he set up his first store in a The group also keeps marketing costs
Adds Cotton On Group chief execu- small space behind a butcher shop run very low. “[A large part of our marketing]
tive Peter Johnson: “Retailers are realiz- by his grandfather and sourced mer- is utilizing our online channels and store
ing that the structure in retail is shifting. chandise from his father. “The rent was footprint to connect directly with our cus-
They’re looking at their properties and $110 a week; the philosophy [was to] tomer. Confident, clear product presenta-
saying, ‘We’ve got too much.’ Our ad- keep the risk as low as possible,” says tions and customer experiences work to
vantage is we came in at the base. We are Austin. “My goal for the first year was drive traffic,” says the U.S. CEO, Mark Pan.
taking it slower than we normally would to make $2,000 a week. If I could make The strategy has produced healthy
because we are reading what’s going on.” [that] then I could make $100,000 a profits. Its peers report profit margins
Austin, who rarely talks to the press year.” that average 9% to 10%, but Cotton On
and works to maintain a low profile, He easily met that goal: First-year is likely enjoying margins well above
recalls his formative years. “I remem- sales came in at $380,000. With his that, given its strong position back
ber from 8 or 9 years old that I always cousin Ashley Hardwick, who joined a home. When asked about going public,
wanted to be in retail,” he says. “My year later and holds the other 10% stake the company responds with a quick and
father was a figure that I really looked up in Cotton On Group, Austin raised firm no. “It’s more fun this way,” says
to and respected. That’s probably where enough money to open the next store Hardwick. F

Credit Suisse.
Helping
entrepreneurs
and businesses
succeed in
$VLD3DFLƟF
BY LUCINDA SCHMIDT
Mining for Dollars

Iron ore fortunes soar, and Asian investment boosts local property wealth.
ter Bianca Rinehart, make the list for the first time at No. 5
and round out the mining billionaires (see p. 78).
No. 27 Manny Stul, who owns Moose Toys, and No. 33
Richard White, founder of WiseTech Global (see p. 82), also
debut as billionaires. They’re 2 of 16 who are new or return-
ing to the ranks of billionaires. Other new entrants are No.
49 Tim Roberts, son of the late Multiplex construction
tycoon John Roberts, and No. 50 Chris Thomas, founder
of Adelaide-based meat processor Thomas Foods. A total of
seven women make the list, one fewer than last year.
Gina Rinehart’s $8.1 billion gain is the largest in dollar
terms, but the biggest percentage rise—255%—came from
Forrest. He was one of 7 to more than double their fortunes.
Overall, 40 fortunes rose since our last list, many helped by
the Asia-driven real estate boom (see p. 80) and the Austra-
lian dollar’s 13.2% appreciation against the U.S. dollar since
Andrew Forrest was up a walloping 255%. January 2016.
Of the handful of fortunes that fell, No. 30 David Teoh,
M
ining mogul Gina Rinehart is again founder of listed TPG Telecom, took the biggest hit, down
the nation’s richest person, after a near 32%, or $630 million. The stock was a darling of the hot
doubling of her fortune since our previ- telecom sector until it began falling back to earth last year,
ous Australian wealth list early last year. due to stiffening competition. Last time we combined the
Then, the iron ore price was $42 a metric wealth of Russell Withers and his sister and 7-Eleven
ton; now it’s trading around $62. That $20 jump makes a big co-owner, Beverley Barlow. With her death in July, he’s
difference for someone who sells close to 80 million tons now listed alone and comes in at No. 47. Six fell off the list,
a year of the stuff through major stakes in the Roy Hill and including Super Retail Group founder Reg Rowe, media
Hope Downs mines in Western Australia’s remote Pilbara mogul Bruce Gordon and vitamin king Marcus Blackmore.
DANIEL CARSON/GETTY IMAGES
region. Net-worth figures are as of October 20, the day we locked in

Also benefiting from iron ore’s resurgence is Fortescue stock prices and currency-exchange rates.
Mining’s Andrew Forrest, up more than $3 billion and Additional reporting on valuations by Grace Chung,
16 spots to No. 6; No. 14 Kerry Stokes; and No. 23 Angela James Dunn, Antoine Gara, Noah Kirsch, Nicole Lindsay,
Bennett. Gina Rinehart’s four children, led by elder daugh- Wendy Pugh and Tim Treadgold.
THE LIST
1
GINA RINEHART
$16.6 BILLION S
MINING AGE: 63
2
HARRY TRIGUBOFF
$9.9 BILLION S
PROPERTY AGE: 84
3
ANTHONY PRATT
$5.8 BILLION S
MANUFACTURING AGE: 57
4
FRANK LOWY
$5.7 BILLION S
SHOPPING MALLS AGE: 87
5
BIANCA RINEHART & SIBLINGS
$5 BILLION Ì
MINING AGE: 40
6
ANDREW FORREST
$4.4 BILLION S
MINING AGE: 55
7
JOHN GANDEL
$4.1 BILLION S
SHOPPING MALLS AGE: 83
8
JAMES PACKER
$3.7 BILLION
CASINOS AGE: 50
9
LINDSAY FOX
$3.5 BILLION S
LOGISTICS, PROPERTY AGE: 80
10
MIKE CANNON-BROOKES
$3.4 BILLION S
SOFTWARE AGE: 37
10
SCOTT FARQUHAR
$3.4 BILLION S
SOFTWARE AGE: 37
12
FIONA GEMINDER
TERRY SNOW: FLIGHT PLAN $2.9 BILLION S
KARLEEN MINNEY/FAIRFAX MEDIA
MANUFACTURING AGE: 52
The Canberra native returns to the list after a two-year Canberra Airport, paying just $40 million in 1998. A $310
absence and is a first-time billionaire, thanks to a bumper million revamp of the terminal is almost done, offering 13
increase in the value of his property around the capital new services for international flights. An office park, hotel, JOHN, ALAN & BRUCE WILSON
city’s main airport. No. 38 on the list, he worked as a shopping center and other properties around the airport $2.7 BILLION S
RETAIL AGES: 79, 76, 71
property developer in the 1980s with his father, Bob, and offset the fortunes of the airport, which can ebb and flow
brother George. After the family business was sold he depending on government spending and travel. He’s a SUP MORE THAN 10% TDOWN MORE THAN 10%
used his share of the proceeds to buy the 99-year lease on keen yachtsman and owns a new $80 million stud farm. ÌNEW TO LIST 3RETURNEE
BIANCA RINEHART & SIBLINGS: WINNING A FORTUNE

MELISSA ADAMS/FAIRFAX MEDIA
By a court order in 2015 she replaced her mother, iron ore and cattle billionaires. After a 2005 deal for a Rio Tinto-Hancock joint venture on
tycoon Gina Rinehart—No. 1 on the list—as trustee of the Hope the Hope Downs iron ore project, Bianca worked there for a time and
Margaret Hancock Trust. It holds 23.4% of the family business, met her husband, Alexander “Sasha” Serebryakov. Based in Sydney,
Hancock Prospecting, on behalf of Bianca and her three siblings, and Bianca has been pursuing litigation against her mother continuously
it’s now worth $5 billion. The four—John Hancock, Bianca, Hope Welker since 2011: The Trust is claiming a much bigger share of Hancock
and Ginia Rinehart—share the trust equally, making all of them new Prospecting’s assets; if she prevails, the four will see their wealth swell.
THE LIST
14
JAMES PACKER KERRY STOKES
$2.6 BILLION S
INDUSTRIAL EQUIPMENT, MEDIA
Climbing Back From the Abyss AGE: 77
15
J
STANLEY PERRON
ust over a year ago, James Packer was on top speaking frontline staff—projected to open in less $2.35 BILLION S
of the world. His Crown Resorts, Australia’s than four years. “If you don’t get VIPs, how can you PROPERTY, RETAIL
AGE: 94
casino-market leader, held pole position for the turn that [around] to play in a different market?”
lucrative China market and was developing the asks Peter Klugsberger, managing director of 16
LANG WALKER
$1.9 billion Crown Sydney to directly challenge Sydney-based casino consultant Ovion Partners. $2.31 BILLION S
rival Star Entertainment’s flagship. Its Melco Crown “It’s make or break for them.” PROPERTY AGE: 72
partnership with Lawrence Ho Packer is now moving 17

MICHAEL HINTZE
gave Crown exposure to the quickly to right the ship. He has
$2.3 BILLION S
world’s biggest casino market, reclaimed the Crown board seat INVESTMENT AGE: 64
Macau, and Asia’s fastest- he gave up last year to focus on 18
growing gambling market, the Alon. In April, he dumped his HELOISE PRATT
$2.2 BILLION S
Philippines. After costly false share of RatPac Entertainment, MANUFACTURING, INVESTMENT
starts in North America, his a movie-production partner- AGE: 55
$4 billion Alon hotel and casino ship with Hollywood insider 19

was taking shape on the Las Brett Ratner; he was reported DAVID HAINS
$2.1 BILLION S
Vegas Strip. And he decided as saying last month that he INVESTMENT AGE: 87
that it was easiest to oversee lost $80 million on the invest- 20
that project from his Los ment. Crown has sold out of MAURICE ALTER
$2 BILLION S
Angeles mansion, where he was Melco Crown, shelved Alon, PROPERTY AGE: 92
ensconced with fiancée Mariah abandoned a share-restructuring
21
Carey, who was flashing her plan, replaced the top lead- TONY & RON PERICH
Not much to smile about recently.
$10 million engagement ring. ership and promoted John $1.85 BILLION S
AGRICULTURE, PROPERTY
A steep slide for Packer and Crown began just Alexander to executive chairman. As Packer pays AGES: 76, 74
over a year ago as reports of a breakup with Carey down debt, his net worth is recovering—it’s now
22
surfaced and China arrested 18 Crown employees, $3.7 billion, up from $3.5 billion early last year and JACK COWIN
including one of its top Australia-based execu- $3 billion in February. (His sister Gretel Packer is $1.8 BILLION S
FAST FOOD AGE: 75
tives, for violating gambling-promotion rules. All worth $1.1 billion, following the 2015 settlement of
23
were convicted in June, and the last detainees were their father’s estate.) ANGELA BENNETT
freed in August, but Crown’s strategy of betting on Word from inside Crown is that Packer, who $1.7 BILLION S
MINING AGE: 73
Chinese high rollers for growth lay in ruins. owns 49.7%, is taking a hands-on, day-to-day role.
Thanks to the devastation to its reputation and He fronted last month’s annual meeting for the first 24
KERR NEILSON
to its ability to market in China, Crown’s revenue time in years, admitting that Crown’s global strategy $1.62 BILLION T
from VIPs fell 49% for the year ended June 30. had failed and pledging greater transparency. “My INVESTMENT AGE: 68
SCOTT BARBOUR/GETTY IMAGES
The decline came despite last December’s debut bet is that they will conceive a new business model, 25
of Crown Towers Perth, which is aimed at Asian develop new capabilities and systems, and come out GERRY HARVEY
$1.6 BILLION S
VIPs. The results are especially chilling with Crown better in the end,” Klugsberger says, “although, at RETAIL AGE: 78
Sydney—which will not have a license for a local this point, there is no end in sight.”
favorite, slot machines, but will feature Mandarin- —Muhammad Cohen SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST 3RETURNEE
I N D I A N
Big Money, O C E A N
Big Projects
BY NICOLE LINDSAY
L
ow interest rates and rising immigration are changing the shape of Australian cit-
ies, fueling a building boom that is spreading out from downtowns to the suburbs.
Apartment towers dominate the activity, but office buildings, hotels and a casino for
James Packer’s Crown Resorts are also on tap.
As shown on the map, tycoons from Australia and overseas are behind many of the
biggest projects. Chinese, Malaysian and Singaporean developers have entered the market
in the past five years and are now competing with local companies. Wang Jianlin’s China-
based Dalian Wanda boasts two apartment-and-hotel towers: Jewel in Surfers Paradise and
One Circular Quay in the heart of Sydney. In Melbourne, Singaporean Koh Wee Seng’s FRAGRANCE
Aspial Corp. is building a 100-story apartment tower called Australia 108, and ground Size: $160 million
works are under way for Melbourne Square, developed by Ong Leong Huat’s Malaysian- Type: NV Apartments
based OSK Holdings. twin towers
Foreign investors accounted for 37%, or $6.8 billion, of the total $18.2 billion in deals Koh Wee Meng,
No. 30, Singapore
transacted so far this year. Property analyst Tony Crabb, national director of research for
Cushman & Wakefield, says overseas real estate moguls are trying to diversify their risk:
“One of the ways to minimize risk is to operate in markets that are asynchronous.” Indeed,
property prices are still lower in Australia’s main cities than in major Asian markets, and
Perth
office yields are higher.
Australian developers tend to stay home, with the exception of listed REIT Lendlease
and the Lowy family’s mall developer Westfield. “But the Chinese are very adventurous.
There’s also a large Chinese diaspora, and they think they’ve got a good chance of selling
product to them,” says Crabb. A recent Credit Suisse report shows that 26% of new home
purchases in Sydney are made by Chinese investors.
However, there is evidence of a retreat as the Chinese government moves to limit
overseas investment. Chinese investors have cooled their enthusiasm for commercial
property, dropping to second place among foreigners behind Singaporean buyers in the
third quarter. And Harry Triguboff, who has an $8 billion pipeline of apartment projects in
Sydney, says the Chinese are buying in “much smaller numbers.” He dropped the price of
his apartments this year as new units in Sydney reached an average of $900,000. “I always
meet the market. The market is king.”
THE LIST
26
JUDITH NEILSON
$1.5 BILLION S
INVESTMENT AGE: 71
27
MAP: PETER AND MARIA HOEY FOR FORBES; MUNSHI AHMED; HAN HAIDAN/CNSPHOTO/VCG VIA GETTY IMAGES; SCOTT BARBOUR/GETTY IMAGES; BRYAN VAN DER BEEK/BLOOMBERG; FAIRFAX MEDIA VIA GETTY IMAGES; MALAYSIA STAR
MANNY STUL
$1.45 BILLION Ì
TOYS AGE: 68
28
BOB ELL
$1.4 BILLION S
PROPERTY AGE: 72
SPRINGFIELD
Size: $10.6 billion 29
A U S T R A L I A NIGEL AUSTIN
Type: New township $1.36 BILLION S
built from scratch RETAIL AGE: 47
Maha Sinnathamby, 30
No. 43, Australia DAVID TEOH
$1.32 BILLION T
TELECOMS AGE: 61
31
SOLOMON LEW
$1.3 BILLION S
RETAIL AGE: 72
32
ONE CIRCULAR BARANGAROO PARRAMATTA LEN AINSWORTH
QUAY Size: $1.9 billion SQUARE $1.27 BILLION S
Size: $800 million Size: $1.6 billion BETTING MACHINES AGE: 94
Type: Casino, hotel,
Type: Apartments apartments Type: Offices Brisbane 33
Wang Jianlin, James Packer, Lang Walker, RICHARD WHITE
$1.25 BILLION Ì
No. 1, China No. 8, Australia No. 16, Australia SOFTWARE AGE: 62
34
BRETT BLUNDY
$1.23 BILLION S
RETAIL, AGRIBUSINESS AGE: 57
35
JOHN VAN LIESHOUT
$1.2 BILLION S
Sydney PROPERTY AGE: 71
36
ALAN RYDGE
$1.15 BILLION
ENTERTAINMENT AGE: 65
AUSTRALIA 108 MELBOURNE
Size: $800 million SQUARE TAS M A N 37
GRETEL PACKER
Type: Apartments Size: $2.2 billion Melbourne S E A $1.1 BILLION S
CASINOS AGE: 51
Koh Wee Seng, Type: Apartments
No. 50, Singapore Ong Leong Huat, 38
No. 47, Malaysia TERRY SNOW
$1.07 BILLION 3
AIRPORTS, PROPERTY AGE: 73
SUP MORE THAN 10% TDOWN MORE THAN 10%

ÌNEW TO LIST 3RETURNEE
RICHARD WHITE: NEW BILLIONAIRE

He founded software company WiseTech Global in 1994 to help logistics refrigeration engineer and computer wholesaler, he’s also repaired guitars
companies manage the movement of goods and information across global for top Australian rock bands like AC/DC and The Angels. Now he’s a chief
supply chains. Since he took it public in April of last year, WiseTech’s executive and retains a 55% stake. Touted as Australia’s next Atlassian
share price has more than doubled, due to strong organic growth in (see No. 10), Sydney-based WiseTech has more than 7,000 customers in
revenue and profits and ten acquisitions around the world, and he debuts 125 countries using its cloud-based logistics platform, CargoWise One, to
on this year’s list at No. 33. A serial entrepreneur and former musician, automate dozens of steps.
LOUIE DOUVIS/FAIRFAX MEDIA (TOP); STUART MCEVOY/NEWSPIX

SOLOMON LEW: HALL OF FAMER
His Premier Investments has taken the spotlight this year with the
purchase of a 10.8% stake in struggling Australian department store icon
Myer, sparking takeover speculation. Lew family companies are major
suppliers to the group, which is midway through a turnaround plan.
Elsewhere, Premier’s Smiggle stationery stores, aimed at children and
teenagers, are expanding rapidly in the U.K., and growth is planned in
Europe. Lew, No. 31 on the list, says he always had an entrepreneurial
mindset, working in retail after school and during holidays before
opening his first apparel business on his 18th birthday. He was the first
Australian to enter the World Retail Hall of Fame, in 2016, when he was
inducted along with Jo Malone and Tommy Hilfiger.
THE LIST
ANTHONY PRATT 39
SAM TARASCIO
$1 BILLION S
All in on Donald Trump PROPERTY AGE: 73
40
PAUL LITTLE
A
ustralia’s cardboard-box kingpin, An- and Heloise Pratt, at No. 18, hold stakes in Visy $980 MILLION S
thony Pratt, wagered $75,000 on Austra- but not in the U.S. operation.) LOGISTICS, PROPERTY
AGE: 69
lian betting markets that Donald Trump Trump called Pratt’s pledge “beautiful.” Vice
would win the U.S. election last fall, netting him President Mike Pence has been a fan for a while, 41
JOHN KAHLBETZER
a tidy $350,000. Then, in May, Pratt stepped up to praising Pratt as “a man of his word” when he $950 MILLION S
the podium at a New York City cut the ribbon at Pratt Industries’ AGRIBUSINESS AGE: 86
event and made an even bigger Valparaiso, Indiana, paper mill 42

BRUCE MATHIESON
bet on America. He pledged in March of last year. $910 MILLION S
to invest $2 billion in U.S. The warm feelings are HOTELS AGE: 73
manufacturing over the next mutual. Pratt has been regularly 43

decade, creating 5,000 high- taking out full-page ads in The MAHA SINNATHAMBY
$900 MILLION S
paying jobs for Americans in Wall Street Journal to thank PROPERTY AGE: 77
the process. Front-and-center, his new friends in the Trump
44
giving him a standing ovation: administration for supporting CON MAKRIS
Donald Trump. U.S. manufacturing and helping $800 MILLION S
PROPERTY AGE: 70
These days Pratt is making expand American food exports
45
friends in high places. No (food and beverage companies RALPH SARICH
surprise, since his Pratt Indus- are his biggest customers). The $780 MILLION S
PROPERTY AGE: 78
tries (the U.S. sister company ads are complete with photos of
of his family’s Melbourne- Pratt holding up a chart of exports 46
GRAHAM TURNER
based Visy) is perfectly posi- on the rise, glad-handing with $770 MILLION S
tioned for America’s current U.S. Agriculture Secretary Sonny TRAVEL AGE: 68
business—and political— Perdue and being applauded by 47

climate. His 100%-recycled Trump. “Thank you President RUSSELL WITHERS
$760 MILLION T
cardboard boxes have found Trump, Secretaries Ross and FOOD & BEVERAGE AGE: 71
major customers in Amazon Perdue for getting beef into China 48
and the U.S. Postal Service, One of Pratt’s Wall for the first time since 2003,” one RICHARD SMITH
$750 MILLION S
thanks to the rise of online Street Journal ads praising Trump. ad reads. Another “salutes” the FOOD DISTRIBUTION
shopping, where every- administration’s “constancy of focus AGE: 77
thing comes in a box. Plus his aggressive growth on exports, deregulation and other key drivers 49
plans—he hopes to nearly double his U.S. work- of success for farmers and food processors of TIM ROBERTS
$710 MILLION Ì
force in the coming years—are right on target America.” CONSTRUCTION & AVIATION
for an “America first” commander-in-chief who One reader in particular took notice, send- AGE: 46
is hyper-focused on job creation. His net worth ing a copy of an ad back to Pratt with a message 50
CHRIS THOMAS
has jumped by $1.4 billion, to $5.8 billion, since scrawled in all caps in a thick, black Sharpie: $700 MILLION Ì
February, making him the third-richest person in “Anthony, thank you—you are great—best wishes, FOOD PROCESSING
AGE: 68
Australia. (His sisters, Fiona Geminder, at No. 12, Donald Trump.” —Chase Peterson-Withorn
SUP MORE THAN 10% TDOWN MORE THAN 10%
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FORBES ASIA
LICENSEE COVERS
Around Asia
In Forbes:
FORBES THAILAND OCTOBER

Prachak Tangkaravakoon is chairman of TOA Paint, Southeast Asia’s leading maker
of protective coatings, with eight plants in six countries. The family company, whose
FORBES INDIA OCTOBER 27 name dates to a decades-old Japanese term for East Asia, is nearing $500 million in
At age 42, Neville Noronha runs India’s highest-valued sales and is pointing toward an IPO soon. (forbesthailand.com)
retailer, DMart. Since an IPO in March, its parent’s market
capitalization has neared $10 billion on big-box sales of near
$2 billion. A Hindustan Lever alum, Noronha runs the business
on behalf of reclusive billionaire founder Radhakishan Damani.
(forbesindia.com)
FORBES VIETNAM OCTOBER

Ngo Chi Dung returned to Vietnam in
2010, after an entrepreneurial foray
in Eastern Europe, to restructure
and chair VPBank, torn by owner
conflicts. Now a tech-savvy retail
lender, it had a $2.3 billion market
cap after a recent IPO and aims
higher. (forbesvietnam.com)
FORBES INDONESIA
NOVEMBER
Ranking minister Darmin
Nasution has overseen $72 billion
worth of realized Indonesian
infrastructure—ports, air
terminals, highways—either
completed or under construction.
(forbesindonesia.com)

Forbes Life
Artsy Aussies
There’s a multimillion-dollar museum boom Down Under.
BY OLIVER GILES
T
he world’s greatest cities are nothing without their lion to Tasmania’s economy every year. Just as architect Frank
galleries. London has the Tate Modern, New York Gehry transformed the sleepy Spanish town of Bilbao with his
the Museum of Modern Art and Paris the Pom- curvaceous Guggenheim Museum, Walsh has rejuvenated the
pidou Centre. But what art spaces do Australian Tasmanian capital with MONA, which houses controversial
cities have? artworks such as Wim Delvoye’s “Poo Machine,” an installation
You may not be able to name a single gallery in Australia, that converts food into feces.
but the country is in the middle of a cultural boom. This year, And now Walsh wants to push MONA even further. In July,
plans for museums, galleries and other arts spaces have been he unveiled plans for the “next phase” of the museum, an exten-
unveiled in all six Australian states. sion called HOMO (which stands for Hotel at MONA). HOMO
One of Australia’s most famous art institutions is the Mu- includes a 172-room, five-star hotel, but it will also feature a li-
seum of Old & New Art (MONA) in Hobart, Tasmania. Since brary and new spaces for performing arts. The MONA Library
Australian businessman and art collector David Dominic inside HOMO will house Walsh’s large collection of rare books
Walsh opened MONA in 2011, more than 1.7 million people and manuscripts and will be accessible to the public and re-
have walked through its doors, adding an estimated $100 mil- searchers. HOMO is expected to open in 2022.

GALLERY BOOM
Other philanthropists are funding new fast in a country that’s changing very, very fast,” Koolhaas said
arts and cultural spaces around the country. at the opening.
Naomi Milgrom, the owner of women’s cloth- Keen to attract both international and interstate tourists,
ing brands Sportsgirl, Sussan and Suzanne Australian state governments are also investing in new cultur-
Grae, says private patrons have played a key al spaces. The government of New South Wales, for example, is
role in strengthening Australia’s cultural scene. spending almost $200 million to extend the Art Gallery of New
“There are a number of individuals with big South Wales in Sydney.
ambitions,” Milgrom explains. “Ulrike Klein Designed by Japanese architectural firm SANAA, the exten-
in South Australia is one. She’s developed the sion includes plans for an elegant new building and the trans-
Ukaria Cultural Centre, which is a beautiful formation of WWII-era oil tanks buried beneath the museum
performance space for music. There’s also Ju- into cavernous exhibition spaces. It will create more than 4,500
dith Neilson, who’s created the White Rabbit square meters of new gallery space and is expected to boost the
Gallery in Sydney.” number of visitors from 1.2 million people per year to 2 mil-
Milgrom is too modest to include her- lion. More visitors also means more money. In the first 25 years
self on that list, but she is one of the country’s after its completion, the gallery believes the extension will add
most prominent patrons of the arts. Through $800 million to the economy of New South Wales.
the Naomi Milgrom Foundation she sup- On the other side of the country, in the far-western city of
ports art, design and cultural projects in Aus- Perth, the local government has committed over $300 mil-
tralia and around the world. Her most fa- lion to fund the New Museum for Western Australia. Like
mous initiative is the MPavilion, a temporary this year’s MPavilion, this megamuseum was designed by
event and performance space that is installed OMA. “The New Museum for Western Australia was the first
for four months every year in Melbourne’s time in Australian history that they organized a tender where
Alexandra Gardens. only international architects could compete,” says David
The MPavilion hosts everything from fash- Gianotten, one of OMA’s managing partners. OMA compet-
ion shows to lectures by artists to performanc- ed with other major firms, including Jean Nouvel and Foster
es by local musicians, all of which are free & Partners.
to the public. It’s estimated that “more than “We’re very used to competing with those firms in Europe,
100,000 people will pass through the current but we very rarely encounter them on the other side of the
MPavilion,” during its run from October 3, world,” Gianotten says. “That really shows how the Australian
2017 to February 4, 2018, according to Rob- cultural scene is growing.” F
ert Doyle, Lord
Mayor of Mel-
bourne. “With
Making a splash: The
MONA in Hobart, the MPavilion,
Tasmania, is adding I want to de-
a five-star hotel,
a library and new liver an inspi-
performance spaces. rational civic
space for Mel-
bourne,” Mil-
grom says. “People can come
and go—there’s no ticketing.
It’s a completely free cultur-
al space.”
Milgrom commissions a
different architect to design the
MPavilion every year. For this
year’s MPavilion, the fourth,
she enlisted the famous Dutch
architect Rem Koolhaas. With
his studio, the Office for Met-
MPavillion,
ropolitan Architecture (OMA), a temporary event
Koolhaas created a high-tech space in Melbourne’s
Alexandra Gardens.
amphitheater to accommodate
the varied events planned for
the building. “Melbourne is a
city that’s changing very, very

THOUGHTS ON
Education & Success

“Bryn Mawr “The mind is
had done what not a vessel
a four-year that needs
dose of liberal filling but
education was wood that
designed to needs igniting.”
do: unfit her —PLUTARCH
for 80% of the
useful work of “IN REAL LIFE,
the world.” I ASSURE YOU,
—TONI MORRISON THERE IS NO
SUCH THING AS
“WHAT WE HAVE TO LEARN TO DO, ALGEBRA.”
WE LEARN BY DOING.” —FRAN LEBOWITZ
—ARISTOTLE
“EDUCATION IS WHAT SURVIVES “ ‘CASTING OUT “In all things,

WHEN WHAT HAS BEEN LEARNED FEAR’ OUGHT TO success depends
HAS BEEN FORGOTTEN.” BE THE MOTTO upon previous
—B.F. SKINNER OVER EVERY preparation,
CLOCKWISE FROM TOP LEFT: DAVID LEVENSON/GETTY IMAGES; MARINOS KARAFYLLIDIS/ALAMY; EVAN AGOSTINI/INVISION/AP; AP; ARCHIV GERSTENBERG/ULLSTEIN BILD/GETTY IMAGES;
ULLSTEIN BILD/GETTY IMAGES; E O HOPPE/PICTURES FROM HISTORY/NEWSCOM; ARTHUR ROTHSTEIN/GETTY IMAGES; HULTON ARCHIVE/GETTY IMAGES; YVONNE HEMSEY/GETTY IMAGES
SCHOOL DOOR.” and without such
“To stimulate life, —A.S. NEILL preparation there is
leaving it free, sure to be failure.”
however, to unfold “STUDY WITHOUT
—CONFUCIUS
itself—that is the first
duty of the educator.” DESIRE SPOILS
—MARIA MONTESSORI THE MEMORY,
AND IT RETAINS
“MAN IS THE ONLY CREATURE NOTHING THAT IT
THAT MUST BE EDUCATED.” TAKES IN.”
—IMMANUEL KANT —LEONARDO DA VINCI
“One is curious only

in proportion to one’s
level of education.”
—JEAN-JACQUES ROUSSEAU FINAL
THOUGHT
“DOING IS OF SUCH “How you fill your
A NATURE AS TO mind determines
“YOU CAN’T DEMAND THINKING. very largely how
LEARNING NATURALLY you will fill your
EXPECT A RESULTS.” pocket.”
BOY TO BE —JOHN DEWEY —B.C. FORBES
VICIOUS
“IF THE AX IS DULL AND ITS EDGE UNSHARPENED, MORE
“EDUCATION IS THE KEY UNTIL HE’S STRENGTH IS NEEDED—BUT SKILL WILL BRING SUCCESS.”
TO UNLOCK THE GOLDEN BEEN TO —ECCLESIASTES 10:10
DOOR OF FREEDOM.” A GOOD SOURCES: ON PEDAGOGY, BY IMMANUEL KANT; SONG OF SOLOMON,
—GEORGE WASHINGTON CARVER SCHOOL.” BY TONI MORRISON; THE TIMES BOOK OF QUOTATIONS; ÉMILE OU DE L’ÉDUCATION,
BY JEAN-JACQUES ROUSSEAU; REGINALD IN RUSSIA, BY SAKI; THE PROBLEM CHILD,
—SAKI BY A.S. NEILL; NICOMACHEAN ETHICS, BY ARISTOTLE; MORALIA, BY PLUTARCH.

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FORBES 400 / AUSTRALIA’S 50

14 | GIRDING FOR BATTLE

15 | GADGETMAN // BEN SIN

18 | HEADWINDS FOR HOTELIERS

20 | THE $150 BILLION MOMENT

2 | FORBES ASIA NOVEMBER 2017

THE FORBES 400

28 | WINNER TAKES ALL

35 | THE PRICE OF THE GOOD LIFE

36 | Q&A WITH REED HOFFMAN

38 | DOCTORATE, DEGREE OR DROPOUT

40 | DECEASED, DECLINED OR LEFT BEHIND

79 | BACK FROM THE ABYSS

80 | BIG MONEY, BIG PROJECTS

83 | ALL IN ON DONALD TRUMP

S PAGE 72 FORBES LIFE

LOOKING FORWARD.” 88 | THOUGHTS

4 | FORBES ASIA NOVEMBER 2017

6 | FORBES ASIA NOVEMBER 2017

CEO/ASIA, FORBES MEDIA CONVERSATION

PLEA TO U.S. HIGH COURT:

IN AN OBSCENITY case before the cause of their political affiliation.

10 | FORBES ASIA NOVEMBER 2017

Coben Does It Again

Down Under Wonder

NOVEMBER 2017 FORBES ASIA | 11

BEIJING AT THE HELM

12 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 13

Girding for Battle

14 | FORBES ASIA NOVEMBER 2017

HOPE FOR THE HOVERBOARD

NOVEMBER 2017 FORBES ASIA | 15

GROUNDS FOR DIVORCE

Coffee King’s Queen

16 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 17

UNDERNEATH THE BANYAN TREE

A Chat With Ho Kwon Ping

18 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 19

THE FORBES 4OO

THE $150 BILLION MOMENT

PATRICE MOTSEPE MARTINE ROTHBLATT

20 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 21

22 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 23

TOP SHELF with China are always in the background.)

24 | FORBES ASIA NOVEMBER 2017

let” in Mandarin—was named to signify ubiquity.)

NOVEMBER 2017 FORBES ASIA | 27

28 | FORBES ASIA NOVEMBER 2017

I f Trump really did call the

30 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 31

32 | FORBES ASIA NOVEMBER 2017

NOVEMBER 2017 FORBES ASIA | 33

34 | FORBES ASIA NOVEMBER 2017

THE FORBES 4OO NET WORTH

BY ANDREA MURPHY CPI

THINK IT’S EASY being a multibillionaire? Well, yes, it probably is—and

America’s richest will be heartened further by our latest Cost of Living

dale’s (New York)