Ten Richest People in the World: Updated

Amidst the perennial global crisis which forced many countries to go on recession and some even declared bankruptcy, these people managed to keep their fortune in a safer position in the world market. Below are 2010 Forbes magazine's listing of Top Ten World's billionaires. For two straight years, the world has a new richest man, Carlos Slim Helu of Mexico.

2010 Forbes Magazine's ranking: 

Carlos Slim Helu (Net worth in US $53.5) Mexico

Born on January 28, 1940 to Lebanese parents who migrated to Mexico, Carlos Slim Helu is a Mexican business mogul, he gains prominence in business when he led a group of investors in buying Telmex, a struggling government owned company in 1990, now Telmex America Movil is the largest telecommunications provider in Latin America and almost monopolized the telecommunication industry in the region. He also controls Telcel, Mexican’s biggest mobile operators. His business ventures, aside from telecommunications, include construction, retailing, finance and the media. He owns Grupo Carso, the largest financial-industrial conglomerate in Mexico. Slim-Helu is the current richest person in the world surpassing Bill Gates.

While Warren Buffet partly used the business principles of his former mentor, Benjamin Graham (author of Intelligent Investing), Slim-Helu attributed his ability in discovering investment opportunities to Alvin Toffler (author of the economics book, The Future Shock). He is the vice president at Mexican Stock Exchange and President of Mexican Association of Brokerage Houses and one of the board of directors of Philip Morris International and Alcatel. He also bought a 3% share of Apple Computer’s stock. Lately, he expressed interest in buying the Honda Formula One racing team and Major League Soccer franchise.

Bill Gates (net worth $53 billion), USA

William Henry Gates III or simply Bill Gates is the founder of Microsoft. He was born in an upper-middle class family in Seattle, Washington. He dropped out from Harvard University after realizing that he could make money from his passion in developing software. In 1975 he founded Microsoft with his best friend, Paul Allen. In 1993 he became the richest person in the world until 2007. 

His good friend, Warren Buffet surpassed him in 2008 but he regained the honor in 2009 only to topple on the following year by Mexican tycoon, Carlos Slim Helu. He remained Microsoft's CEO and chief software architect until 2009. On that same year, Bill Gates announced he will leave the day-to-day supervision of Microsoft to his top executives to concentrate more in Bill and Melinda Gates foundation.

Warren Buffet ($47 billion), USA

He is the CEO and chairman of the board of Berkshire Hathaway, one of the largest investment entities in the world and one of the most admired companies in the world according to Fortune magazine. 

Warren Buffet is often dubbed as one of the most brilliant investors in American history. His ability in investing is legendary. He started as a stockbroker following the principles he learned from his mentor, Benjamin Graham, author of the best-selling book, Intelligent Investing. Warren Buffet is also known with his unique frugality despite his immense wealth. He still leave in the same house in Nebraska he bought in 1956. He declared that 80% of his fortune will be distributed to charitable activities. He founded the Giving Pledge with Bill Gates, a foundation that encourages American billionaires to donate portion of their wealth to charity.

Mukesh Ambani ($29 billion) India 

 Born on April 19, 1957, Ambani is an Indian industrialist who chairs the Reliance Industries, one of the largest private sector conglomerates in the world. He owns the premier Indian League team, Mumbai Indians. As of 2010, Mukesh Ambani is the richest man in Asia. According to Forbes magazine forecast, granting a strong rally in Indian Stock market, Reliance Industries would boost its market capitalization and there is a possibility that Ambani would become the richest man in the world by 2014.

He, his wife and three children lived in a 27 story building, Antilia, in Mumbai with an estimated value of $1 billion making it the most expensive home in history. His business empire, Reliance Industries, is involved in textiles, polyester fibers, petrochemicals, petroleum refining, oil and gas exploration and production. He created the world’s largest grassroots petroleum refinery at Jamnagar, India which has the capacity of 660, 000 barrels per day. He also owns Reliance Communications Limited.

Lakshmi Mittal ($28.7 billion) India 

Born on June 15, 1950 to a wealthy Indian steel company owners, he is the CEO and chairman of the board of Arcelor Mittal, the world’s largest steel making company. His brothers run an integrated steel plant in Mumbai, India. He serves in the board council of the Prime Minister of India’s Global Advisory Council of Overseas Indians and currently the Vice Chairman of World Steel Association. Mittal lives in London, England with his family. In 2005, he made headlines when he spent lavishly for the marriage of his daughter, Vanisha Mittal, in what would become as the most expensive wedding in the world history with almost $1.5 billion expenses.

He started his fortune working in his family steel business but in 1976 after misunderstanding with his family, he separated and founded his own steel company, now he is the world’s leading steel producer with operations in 14 countries. Just like other world’s billionaires, Mittal also established a foundation which supports communities where his steel company operates.

Lawrence Ellison ($28 billion) USA

Born on August 17, 1944, Ellison is the co-founder and CEO of Oracle Corporation, an enterprise software company. Just like his good friend, Steve Jobs of Apple Incorporated, Lawrence Ellison was also give up by his mother for adoption. He grew up with his adoptive parents in Chicago. He attended briefly at the University of Chicago where he encountered computer designing, but after one term he dropped out and moved to Northern Carolina. 

He got a job first at Amdahl Corporation then at Ampex Corporation where he worked on a project for a data base of Central Intelligence Agency, he named his project “Oracle”. The Wall Street Journal named Ellison as the best paid executive in the last decade with a total compensation of $1.84 billion. For a short period of time in 2000, he was the world’s richest person.

In 1977, he founded a business called Software Development Laboratories which would later become Oracle. His inspiration for founding Oracle was due to the paper written by Edgar Codd which talks about the relation model of data for large shared data banks which was also followed by IBM System. In 1990, Ellison admitted that Oracle had an incredible business mistake when its upfront marketing strategy relatively failed leading to the company’s bankruptcy, it was partly saved by restating its earnings twice. 

For a time, he was made a director of Apple Computers but resigned later to concentrate with Oracle’s operations. Today, Oracle main competitor for new database licenses on UNIX, Linux and Windows OS is IBM DB2, the open source data base MySQL and with Microsoft SQL server.

Bernard Arnault ($27.5 billion) France  

Born in March 5, 1949 he founded LVMH (Louis Vuitton Moët Hennessey), one of the largest luxury goods conglomerates in the world today selling luxury brands like Louis Vuitton, Christian Dior and Italian brand, Fendi. He finished an engineering degree in France and after graduation he worked in his father’s construction company. At his insistence, his father liquidated the company and redirected it to real estate business bearing the name Ferinel. He migrated to the United States in 1981 and created Ferinel Incorporated engaging in construction activities, but his US business venture yield little success so he moved back to France.

Arnault then acquired a textile company, Boussac. In 1987 after the creation of LVMH, he devised a strategic business plan by creating a holding company securing himself 60% share of assets, when the stock market crash in 1987 he capitalized on the lower quoted price and subsequently owned 43% of LVMH, he then consolidated his position and became chairman and CEO in 1989. In 2007 he acquired more than 10% of Carrefour, the world’s largest food distributor. Bernard Arnault is an avid art collector.

Eike Batista ($27 billion) Brazil 

Born in November 3, 1957, he started making money through a gold and trading company in Brazil then built his fortune in the mining industry, his business empire flagship is OGX operating mainly in oil and gas exploration. He is noted with his fascination in superstition, firmly believed that the number 63, the Sun and the letter X bring good luck and fortune in business, these symbols are integrated in his companies’ names. Batista maintains a high profile status and very vocal with his ambition to become the richest person in the world.

Amancio Ortega ($25 billion) Spain 

Spain’s richest man a fashion entrepreneur He started working in his teenage years as an assistant in various shirt stores in Spain then founded a company that manufactured bathrobes, he opened his first fashion store called Zara in 1975. 

His business is operating under the flagship Inditex Group which he controlled its 59% share. The world knew little about this Spanish business mogul as he maintains a very low profile status. He never granted anyone an interview and rarely appeared in public. He also refuses to wear a tie and prefers to dress in jeans and t-shirts. It was reported that Amancio Ortega personally supervised the production and design process of his company.

Karl Albrecht ($23.5 billion) Germany 

Born on February 20,1920, Albrecht is a German business magnate who founded the supermarket chain Aldi with his brother Theo Albrecht. Their mother owned a small grocery store in Essen, Germany while their father worked as a miner then a baker’s assistant. 

During World War II, Karl served in the German army and at the end of the war, he and his brother took over the grocery store of their mother and named it Aldi or Albrecht-Discount store. Later on, the brothers decided to divide the business into Aldi North and Aldi South. Aldi South of Karl was more profitable than that of Theo’s branch. Theo Albrecht was also listed in Forbes Magazine as one of the world’s richest person until his death. Because Karl Albrecht maintained a very private life, little is known about his life, as of the present time, it is reported that he removed his control of Aldi and none of his children was involved in the operation of this business.

2011 World's Billionaires according to Forbes:

This year, 2011, however reveals a rigodon in the ranking of World's billionaires, though nothing has change among the top three, 4th to 10th placers had decrease/increase their financial portfolio.

1. Carlos Slim Helu   -   $74 billion

2. Bill Gates                -   $56 billion

3. Warren Buffet        -   $50 billion

4. Bernard Arnault    -   $41 billion

5. Larry Ellison          -   $39.5 billion

6. Lacksmi Mittal       -   $31.1 billion

7. Amancio Ortega    -  $31 billion

8. Ike Batista               -  $30 billion

9. Mukesh Ambani    -  $27 billion

10. Christie Walton   -  $26.5 billion

Christie Walton and family placed 11th last year, now the Wal-Mart's John Walton's widow edged out Karl Albrecht of Germany to nab the 10th place of World's Billionaires. The two American billionaires were beaten off by Carlos Slim Helu because more than 70% of their wealth were distributed to the charitable institutions, but in reality they are still World's first and second richest men. 

Bill Gates gave up his position as CEO of Microsoft to concentrate working on his foundation but remains Microsoft Chairman of the Board while Warren Buffet never care much about being world's billionaire as he cares more on working on his investment company and on charitable causes particularly on Bill and Melinda Gates foundation.

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