Business World

Saturday 24 February 2018

Slim chance Billionaires can't topple tycoon off Forbes list

Siobhan Creaton

The rich just keep getting richer despite the world's economic woes. 'Forbes' magazine says that Mexican telecoms tycoon Carlos Slim is still the world's richest man with a personal fortune of $74bn (€55bn).

He is followed by Microsoft founder Bill Gates who, with a $56bn (€41.6bn) fortune, is America's richest man.

Renowned investor Warren Buffet is still enormously wealthy, with 'Forbes' saying he is worth $50bn (€37bn), although his fortune is down on the previous year as some of his investments were hit by the market turmoil.

Investor George Soros at 81 has made the rich list for the first time as one of the 10 wealthiest Americans with a $22bn (€16bn) fortune with his investments in gold and shares adding $7.8bn (€5.8bn) to his wealth.

Mr Soros switched out of stocks and into cash in the spring, allowing him to preserve his gains and miss the huge stock market falls triggered by the eurozone debt crisis.

In the summer, Mr Soros said he would close his hedge fund and give money back to outside investors, focusing on managing investments for himself and his family instead.

Oracle founder Larry Ellison saw his wealth swell by $6bn (€5.8bn) to $33bn (€24.5bn) according to 'Forbes', while Christy Walton, heir to Wal-Mart founder Sam Walton's fortune, saw a $500m (€372m) increase in his wealth to $24.5bn (€18.1bn).

The magazine reports Indian-born businessman Pallonji Mistry, who holds an Irish passport, as Ireland's richest person with an $8.8bn (€6.5bn) fortune that is up from $5.8bn (€4.3bn) last year.

He is followed by telecoms entrepreneur Denis O'Brien, with an estimated $4.2bn (€3.1bn) fortune, compared with $3.5bn (€2.6bn) last year.

John Dorrance of Campbell Soup, who is an Irish citizen, is worth $2.4bn (€1.8bn).

Irish Independent

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