World's Top 10

Pakistan's Richest People

2008-12-14T00:41:00.010+05:00

Pakistan is a developing country where almost 40% of the people below poverty line and in a country like this; it is very interesting to know that who are the richest people around? In Pakistan, it’s very hard to assess the wealth of people because there is no such tax culture; neither there is proper audit and control of companies. While I searched for wealthy people of Pakistan, I found out this list which is posted at number of websites, although I couldn't confirm its source that where it came from. However this list appeared to me somewhat realistic and factual, so I am posting it as it is. As a matter of fact, it is interesting to note that all the big names listed below are the ones who have always been in the spotlight and known for being very wealthy.

1 - Mian Muhammad Mansha Yaha Pakistan

Ranking: 1
Worth: $2.5 billion
Industry: Businessman

Mansha has around 40 companies on board. Mansha, who owns the Muslim Commercial Bank is also setting up a $ 17m paper mill. He is one of the richest Pakistanis around. Nishat Group was country’s 15th richest family in 1970, 6th in 1990 and Number 1 in 1997. Mansha is on the board of nearly 50 companies. He is deemed to have made investments in many bourses, currency and metal exchanges both within and outside Pakistan. He could have bought the United Bank too, but then who doesn’t have adversaries. Nishat Group comprises of textiles, cement, leasing, insurance and management companies. If Mansha was bitten by Bhutto’s nationalization stint of 1970, his friends think he was compensated by Nawaz Sharif’s denationalization programme to a very good effect. There is no stopping Mansha and he is still on the move.

Nishat group assets are $4.4Billion. He is sometimes even regarded as the richest Pakistani around by his friends claiming he does not “show it off”.

2 - Asif Ali Zardari Pakistan

Ranking: 2
Worth: $1.8 billion
Industry: Politics

Asif Zardari dubbed “Mr 10%” an unknown happy-go-lucky son of a small-time businessman who struck gold by marrying one of the worlds most glamorous women Former Prime Minister of Pakistan Benzair Bhutto. Taking advantage of his wife’s authority he is known to have taken kickbacks from many deals inside and outside of Pakistan. The most famous was a $4 billion deal to buy 32 Mirage jets from the French company Dassault. Documents, which include letters from Dassault executives, indicate an agreement was reached to pay a 5% “remuneration” - about $200m - to Marleton Business, a BVI company controlled by Zardari. Besides these many more kickback deals were taken with companies such as ARY Gold, Social de Surveillance (SGS), Cotecna, and ZPC Ursus, a Polish tractor company.

Zardari assets holding amount into hundreds of millions of dollars easily, Having 8 prime properties in the UK, of which once is the famous Rockwood Estate 365 acres in Surrey, worth £4.35m has now been sold and money sent back to the Govt. of Pakistan. Also 14 multi-million dollar mansions in the USA, including owning Holiday Inn hotel Houston, Texas Owned by “Mr 10%“ and Iqbal Memon and Sadar-ud-Din Hashwani.

They (Zardari and B.Bhutto) also have huge business ventures in the Middle East running into hundreds of millions if not billion mark. Mr Zardari also has huge stakes in sugar mills all over Pakistan,which include: Sakrand Sugar Mills, Nawabshah, Ansari Sugar Mills, Hyderabad, Mirza Sugar Mills, Badin, Pangrio Sugar Mills, Thatta and Bachani Sugar Mills, Sanghar.

3 - Sir Anwar Pervaiz UK

Ranking: 3
Worth: $1.5 billion
Industry: Businessman

Chairman of Bestway Group. The Bestway Group started in 1976 with its first Bestway cash and carry warehouse opened in London. Today the have in total around 50 Cash and Carry’s. Including their recent takeover of rival group Batleys for around £100m. Bestway Group ventured into Pakistan’s huge the cement business in 1995 and set up cement manufacturing plant in Pakistan at a cost of $120 million.

Taking Advantage of Pakistan growing economy they also acquired a 25.5% stake in United Bank Limited in 2002. Today, the Bestway Group has interests in cash & carry wholesale, property investments, retail outlets, milling of rice, lentils and pulses, cement production and more recently into banking. The group’s total sales amounted to in excess of £ 2 billion. The group provides direct employment to thousands in the UK and Pakistan. The have many interests in Pakistan too. Sir Anwar Pervaiz and his his partners sheer hard work has bought them to outstanding international levels, which definitely makes him an ideal role model for many young Pakistanis today. He still on the move!

4 - Nawaz Sharif & Shahbaz Sharif family Saudi Arabia/Pakistan

Ranking: 4
Worth: $1.4 billion
Industry: Politics/Businessman

Mr Sharif Businessman turned politician the former Prime Minister of Pakistan. He was ousted in a military coup in 1999 and was forced to forfeit $9million dollars and some of his assets including his $5m Mansion is Raiwind near Lahore. Before becoming PM he was a major share holder along with his brother and cousins of Ittefaq Group, having assets well in excess of £50m in the 90’s. However he got richer when he took commissions from foreign companies for construction in Pakistan. He build the first motorway and many new roads and took heavy kickbacks. He then also stole $100m from the Iqra funds, he started a new scheme “Ghar Apna” in which he again looted around $40m, the “Mulk swaaro” scheme involving public & govt. money collections to help pay pf Pakistan’s debts also was pocketed. Today he lives in exile in Saudi Arabia where it is known he has a new huge business empire in various sectors.

5 - Saddaruddin Hashwani Pakistan

Ranking: 5
Worth: $1.1 billion
Industry: Businessman

Saddaruddin Hashwani is Chairman Hashoo Group is known for his dominance in Pakistan’s hotel industry, though Hashwanis are have huge strength in real estate business too. Hashwanis are involved in trading of cotton, grain and steel and till the nationalization of cotton export in 1974, they were widely being dubbed as the Cotton Kings of Pakistan. Today, this group has excelled in export of rice, wheat, cotton and barley. It owns textile units, besides having invested billions in mines, minerals. hotels, insurance, batteries, tobacco, residential properties, construction, engineering and information technology. In 1984, Hashwani defeated the Lakhanis in the bid for Premier Tobacco but was arrested along with his brother Akbar in 1986 for allegedly evading customs duty on cigarettes. Sadarduddin’s brother Akbar and the children of another late brother Hassan Ali Hashwani together manage around 45 companies. Akbar runs the second Hashwani Group. He is one of the most well-known magnates in Pakistan who is a regular invitee at the Diplomatic Enclave. The list of local and international bigwigs known personally to Hashwani is unending.

6 - Nasir Schon & family U.A.E/Pakistan

Ranking: 6 (tied at 6)
Worth: $1 billion
Industry: Businessman

Nasir Schon is a prominent business leader of Pakistan and the CEO of Schon Group. Nasir Schon is the son of Captain Ather Schon Hussain, an ex-pilot of PIA. The Schon family is one of the few striving Muhajir Urdu business families in Pakistan. Starting off in Singapore in 1982, the peek of Schon group was in 1995 when they owned National Fibres, Schon Bank, Schon Textiles and Pak-China Fertizilers. Famous for the trend-setting roundabout, Schon Circle, Nasir Schon is also known to be one of the first people to have a Rolls-Royce in Pakistan. Directors of Schon group flew to Dubai in 1997 in exile after the dismissal of ex-Prime Minister Benazir Bhutto. The directors of Schon group were known to have close contacts with the husband of former Prime Minister, Asif Zardari. Many assets of the Schon group were auctioned by the Nawaz Sharif government. Schon Group is the only group in Pakistan who has paid the government over 3 billion rupees ($65m) in order to return from exile. Living in Dubai gave Nasir Schon an opportunity to start businesses there. Currently working on an $830 million real estate project known as Dubai lagoon, Schon group is also fighting to get back the assets they once lost. Currently, the Schon group operates a pilot training center in Pakistan known as Schon Air.

7 - Abdul Razzaq Yakoub & family U.A.E

Ranking: 6 (tied at 6)
Worth: $1billion
Industry: Businessman

Mr Yakoub is a prominent Pakistani expatriate businessman based in Dubai. He is the president ARY group ($1.5Billion turnover) and World Memon Organization (WMO). He is one of Pakistan’s biggest media barons controlling around 7 channels. Besides this he has a huge property holdings in Karachi, Islamabad and Dubai amounting to over $200m. He is major in the gold market also having around 20 outlets in Asia. He has also been involved in paying Asif Zardari $5m in 1990’s for allowing him to import/export gold. Which he denies and claim’s is government forgeries.

8 - Rafiq Habib & Rasheed Habib Pakistan

Ranking: 7
Worth: $900 million
Industry: Businessman

Legend has it that the Goddess of Wealth has been in love with the seasoned Habibs more than anybody else in Pakistan. Most pundits believe that Habibs own at least 100 companies throughout the world, but these content mega-tycoons never boast off, something which has made it uphill for most to predict about their financial standing. This industrial group was founded by Seth Habib Mitha, born in 1878 to Esmail Ali-a factory owner in Bombay. The financial strength of the Habibs can be gauged from the fact that Muhammad Ali Habib gave a cheque of Rs 80 million to Quaid-e-Azam in 1948 at a time when Pakistan government was penniless owing to delay in transfer of Pakistan’s share of Rs. 750 million by the Reserve Bank of India. They had offices in Europe in 1912. They incorporated the Habib Bank in 1941. They own the Habib Bank A.G Zurich, Bank Al-Habib, Indus Motors assembling Corolla cars and many dozens of units in sectors such as jute, paper sack, minerals, steel, tiles, synthetics sugar, glass, construction, concrete, farm autos, banking, oil, computers, music, paper, packages, leasing and capital management. Habibs today are headed by Rafiq Habib and Rashid Habib in two distinct groups. What makes them extremely influential players of all times is the fact that for dozens of top businessmen today, Habib were a myth once.

9 - Tariq Saigol & Nasim Saigol Pakistan

Ranking: 8
Worth: $850 million
Industry: Businessman

Hailing from Jhelum. The pioneer of the Saigol dynasty in 1890 was Amin Saigol who established a shoe shop that eventually transformed into Kohinoor Rubber Works. And then times saw them shining literally like the Kohinoor until their progress was halted by Nationalization in which they lost two-thirds of their wealth. Saigols got trifurcated in 1976 and 15 descendents of Amin Saigols four sons got a share. The name of the Saigols has been used in this part of the world as similes describing quantum of wealth. Yousaf Saigol, along with his brothers Sayeed Saigol, Bashir Saigol and Gul Saigol then nourished an excellent crop. In 1948, Saigols established the Kohinoor Textile Mills with a cost of Rs 8 million and this group happens to be the first to open an LC with the State Bank of Pakistan. They bought the United Bank in 1959 and then witnessed five of their units getting nationalized. They lived in Saudi Arabia during the Bhutto regime. Today, cousins Tariq and Nasim are holding the family’s fort together and have risen to unprecedented heights in individual capacities. NAB did haunt Nasim but Tariq spent more time either accepting or refusing prized slots everywhere. Tariq is the one of the finest business brains around.

10 - Dewan Yousaf Farooqui Pakistan

Ranking: 9 (tied at 9)
Worth: $800 million
Industry: Businessman

Mr Farooqui. The mentor of this group has been the Sindh Minister for Local Bodies. Industries, Labour, Transport, Mines & Minerals. Dewan Mushtaq Group is one of the Pakistan’s largest industrial conglomerates in sectors like polyester acrylic fiber, manufacturing and automotives. Six of their companies are listed at the Karachi & stock Exchange and one at the Luxembourg bourse. Dewan Farooqui Motors assembles around 10,000 cars annually under technical license agreement with Hyundai and Kia Motors of Korea. The Dewan Salman Fiber is the pride of this empire as it ranks 11th in the world in total production capacity. The group owns three textile units, a motorcycle manufacturing concern and the largest sugar unit in the country. Dewans also have business interests in India. They possess dozens of millions of shares of Saudi Cement and Pak land Cement. They also have the franchise licence for BMW in Pakistan and now Rolls Royce showrooms.

11 - Sultan Ali Lakhani & family Pakistan

Ranking: 9 (tied at 9)
Worth: $800 million
Industry: Businessman

The Lakhanis are currently having a hard time at the hands of NAB. Sultan Lakhani and his three brothers run this prestigious group and the chain of McDonald’s restaurants in Pakistan. NAB has alleged the Lakhanis of having created phoney companies through worthless directors and raised massive loans from various banks and financial institutions. Sultan is currently abroad after having served a jail term with younger sibling Amin, though the latter was released much earlier. NAB had reportedly demanded Rs 7s billion from Lakhanis, but later agreed they pay only Rs 1.5 billion over a 10-year period. Lakhanis, like their arch-rivals Hashwanis, are the most well-known of all Ismaeli tycoons. Their stakes range from media, tobacco, paper, chemicals and surgical equipment to cotton, packaging, insurance, detergents and other house-hold items, many of which are joint ventures with leading international conglomerates. Though Lakhanis are in turbulent waters currently, the success that greeted them during the last 25 years especially has been tremendous. They have rifts with large business empires despite being known fur their genteel nature. Whether it is any government in Sindh or at the Federal level, Lakhanis have had trusted friends everywhere, though the present era has proved a painful exception.

12 - Malik Riaz Hussain Pakistan

Ranking: 9 (tied at 9)
Worth: $800 million
Industry: Businessman

Malik Riaz Hussain heads the massive project which is currently developing state-of-the-art schemes in Lahore, Karachi and Rawalpindi/Islamabad. Emerging out of the blue, this developer has reportedly developed tremendous connections where it matters in Pakistan-One of the few reasons why his constructed projects get completed in time without hindrance. Whether he has gifted bungalows free of cost of country’s bigwigs or offered them at highly concessional rates, the reality on the ground is that Malik has managed to mesmerize most through his generous wallet. His land-holdings both within and outside Pakistan amounts to nearly a billion dollar. He is the man behind the Bahria Town. Irrespective of who is in power; he continues to build house after house-swelling his wealth. He is also the first man to drive a Bentley car on Pakistani soil.

13 - Sheikh Abid Hussain alias Seth Abid Pakistan

Ranking: 10
Worth: $780 million
Industry: Businessman

Sheikh Abid Hussain alias Seth Abid. He is one of the most resourceful developers/builders in the country owning vast stretches of land in major cities. On this land worth many billion of rupees, Seth has constructed residential schemes under the brand name of “Green Fort.” Seth came into this business after decades of notoriety as being one of the spearheads in cross-border smuggling. While many remember Seth for his allegedly illegal trading stints, a lot of informed circles still say with conviction that he, along with Dr.Qadeer and former Premier Bhutto, was the brain behind the success of Pakistan’s nuclear programme. About three dozen of Seth’s very close relatives, friends and nephews are members of country’s bourses and for many years now, the Seth Abid group assumes the role of king-makers during the annual polls of these stock exchanges. He is a leading investor in stocks, metals and currency but what gives him immense pleasure is his philanthropic institution Hamza Foundation that he sponsors for the welfare of deaf and dumb children. Pakistan has not had a single ruler, politician, bureaucrat or Army General who doesn’t know the Seth who is more of a myth for most. The Seth, throughout his life, has avoided publicity-a fact known to most journalists.

World's Richest People 2008

2008-12-12T01:57:00.002+05:00

Following are World's Top 10 Richest people, according to the list published by Forbes on 11th of February 2008. Since then Top 6 positions are still retained by the same individual, however there is a change at position 7, where Rinat Akhmetov from Ukarine has taken over the place, pushing the other people one step downwards. But since this change is not yet official, as the listings are made annually, so the official list is being published here.

1 - Warren Buffett
Age: 77
Fortune: Self Made
Source: Berkshire Hathaway
Net Worth: $62.0 billion
Country Of Citizenship: United States
Industry: Investments
Marital Status: widowed, remarried, 3 children

Warren Buffet soared past friend and bridge partner Bill Gates as shares of Berkshire Hathaway climbed 25% since the middle of last July. Son of Nebraska politician delivered newspapers as a boy. Filed first tax return at age 13, claiming $35 deduction for bicycle. Studied under value investing guru Benjamin Graham at Columbia. Took over textile firm Berkshire Hathaway 1965. Today holding company invested in insurance (Geico, General Re), jewelry (Borsheim’s), utilities (MidAmerican Energy), food (Dairy Queen, See’s Candies). Also has noncontrolling stakes in Anheuser-Busch, Coca-Cola, Wells Fargo. Insurance operations flourished in 2007. Had long promised to give away his fortune posthumously. Irrevocably earmarked the majority of his Berkshire shares to charity in 2006, mostly to the Bill & Melinda Gates Foundation. Gift was valued at $31 billion on day of announcement; donation will far exceed that sum so long as Berkshire shares continue to rise.

2 - Carlos Slim Helu
Age: 68
Fortune: Self Made
Source: Telmex, América Móvil
Net Worth: $60.0 billion
Country of Citizenship: Mexico
Industry: Communications
Marital Status: widowed, 6 children

Second-richest man in the world this year, thanks to strong Mexican equities market and the performance of his wireless telephone company, America Movil. The son of a Lebanese immigrant, Slim made his first fortune in 1990 when he bought fixed line operator Telefonos de Mexico (Telmex) in a privatization. In December, America Movil struck a deal with Yahoo to provide mobile Web services to 16 countries in Latin America and the Caribbean. In recent years, he has donated close to $7 billion worth of cash and stock to fund education and health projects, and to the revitalization of Mexico City’s downtown historical district.

3 - William Henry Gates III (Bill Gates)

Age: 52
Fortune: Self Made
Source: Microsoft
Net Worth: $58.0 billion
Country of Citizenship: United States
Industry: Software
Marital Status: married, 3 children

Harvard dropout and Microsoft visionary is no longer the world’s richest man. Blame Yahoo: Microsoft shares have fallen 15% since the company boldly attempted to merge with the search engine giant to better fight Google for Internet dominance. Bill & Melinda Gates Foundation has $38.7 billion in assets, donates to causes aimed at bringing financial tools to the poor, speeding up the development of vaccines (for AIDS, malaria, tuberculosis), bettering America’s lagging high schools. Sells 20 million Microsoft shares every quarter, proceeds going to private investment vehicle Cascade; more than half of net worth now outside of Microsoft.

4 - Lakshmi Mittal
Age: 57
Fortune: Inherited
Source: Arcelor Mittal
Net Worth: $45.0 billion
Country of Citizenship: India
Industry: Manufacturing
Marital Status: married, 2 children

Lakshmi Mittal was born and raised in India, but created most of his fortune from his London base. The company he inherits, ArcelorMittal, the world’s largest steel company, accounts for about 10% of the world’s steel production. Mittal is also the richest resident in Europe today. He is now living in Kensington Palace Gardens, the property he bought from Formula One honcho Bernie Ecclestone for about $130 million.

5 - Mukesh Ambani
Age: 50
Fortune: Inherited
Source: Reliance Industries
Net Worth: $43.0 billion
Country of Citizenship: India
Industry: Manufacturing
Marital Status: married, 3 children

Receiving an MBA from prestigious Stanford University and being valued at $43 billion make Mukesh Ambani both rich and smart. Rumor has it that he never completed his Stanford studies but he would care little about it now. Mukesh now heads India’s most valuable company, Reliance Industries, founded by his late father, and is also a Fortune 500 company. He is also the first ever Indian citizen to have reached a trillion mark in terms of net worth (In Indian currency).

6 - Anil Ambani
Age: 48
Fortune: Inherited
Source: Anil Dhirubhai Ambani Group
Net Worth: $42.0 billion
Country of Citizenship: India
Industry: Diversified
Marital Status: married, 2 children

Ambani is the chairman of Reliance Capital, Reliance Communications and Chairman & Managing Director, Reliance Energy, and was formerly Vice Chairman and Managing Director of Reliance Industries Limited. His personal stake in Reliance Communications is 66%. Reliance group is India's largest business house, founded by Anil's late father Dhirubhai Ambani (1932-2002). His mother is Kokilaben Ambani. He is married to Tina Ambani (Munim) who was a well known Indian Actress in early 80's, and with whom he has two sons, Jai Anmol and Jai Anshul. He has been linked with buying Newcastle United and Everton premier league football clubs. He recently raised $3 billion from the highly anticipated initial offering of his Reliance Power, the biggest in India’s history.

7 - Ingvar Kamprad
Age: 81
Fortune: Self Made
Source: IKEA
Net Worth: $31.0 billion
Country of Citizenship: Sweden
Industry: Retailing
Marital Status: married, 4 children

Ingvar Kamprad is most likely less popular than the company he founded, IKEA. Born dyslexic did not stop Kampard from bringing up one of the most successful companies in the world. He once admitted that the Swedish-sounding names of the IKEA furniture were chosen because of his difficulty remembering stock numbers. Interestingly enough, despite his wealth, Kamprad still keeps the habit of eating in cheap restaurants, flying economy class and avoiding himself from wearing the suit.

8 - KP Singh (Kushal Pal Singh)
Age: 76
Fortune: Inherited
Source: DLF Group
Net Worth: $30.0 billion
Country of Citizenship: India
Industry: Real Estate
Marital Status: married, 3 children

The property businessman was not anywhere in the top 10 list last year but the successful listing of his company, DLF Limited tripled his fortune and jumped him to 8th place this year. The company now is the largest estate developer in India. Singh graduated in engineering, before recruited by the Indian Army soon after his graduation, and later turned to corporate world. Now practically retired, the running of the company is left to his children.

9 - Oleg Deripaska
Age: 40
Fortune: Self Made
Source: Rusal
Net Worth: $28.0 billion
Country of Citizenship: Russia
Industry: Diversified
Marital Status: married, 2 children

If for the past few years it is always Roman Abramovich who always made headlines as both Chelsea owner and Russia’s richest man, it’s now Oled Deripaska’s turn. Oleg is the youngest in Top 10 Billionaires this year. Oleg is the Chairman of RUSAL, the world’s largest aluminium company, which employs a massive 100,000 people across a number of countries and continents. Like Roman, Oleg also has a home based in London, and as a matter of fact, was once rumored to have interest in taking over Chelsea’s great rival, Arsenal.

10 - Karl Albrecht
Age: 88
Fortune: Self Made
Source: Aldi Süd
Net Worth: $27.0 billion
Country of Citizenship: Germany
Industry: Retailing
Marital Status: married, 2 children

With little formal education, the Germany’s richest man started a small grocery store with his mother and brother.The first Aldi ( Albrecht-Discount )was opened in 1961, after the end of the World War II, which soon grew into a large discount supermarket. It did not stop there as the family opened up more and more supermarket and today the company can be proud with themselves with over 8,000 stores worldwide. Albrecht is a man very much elusive of publicity. He is a fan of golf, and plays at his personal golf course, the Öschberghof, which he built in 1976. He also raises orchids. In 1994, Karl Albrecht removed himself from the daily operations of Aldi Süd and took the position of chairman of the board. At the beginning of 2002, he also relinquished this position, thereby completely ceding control of the firm. Today, the business is no longer run by any of Karl Albrecht’s family members.