World’s richest on shaky ground

World’s richest on shaky ground

Hurriyet Daily News with wires
World’s richest on shaky ground

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The number of Turkish billionaires included in the US-based biweekly business magazine Forbes’ "World Billionaires 2008" report declined to 12 from last year’s 35, reported daily Hürriyet yesterday. The drop was partly due to the collapse in the value of the Turkish Lira.

The drop in the number of billionaires, however, was not something specific to Turkey. Other developing countries that saw fast growth in previous years were hit hard as well. The number of billionaires in the world fell by nearly a third to 793 in the past year, with large numbers dropping off the list in Russia, India and Turkey, reported Reuters yesterday, citing Forbes.

"The global economy’s being battered by a financial hurricane has wrought devastating damage on the world’s financial systems," Forbes Inc. Chief Executive Officer Steve Forbes said in Manhattan on Wednesday. "It’s no surprise that billionaires have been battered along with the global economy," Bloomberg quoted him.

"Billionaires don't have to worry about their next meal, but if their wealth is declining and you're not creating numerous new billionaires, it means the rest of the world is not doing very well," Forbes told reporters. "The typical billionaire is down at least one-third on their net worth."

Microsoft Corp. founder Bill Gates was listed as the richest man again, overtaking investor Warren Buffett. Gates regained his title as the richest man in the world with $40 billion after slipping to third last year when he was worth $58 billion. Buffett, last year's richest man, fell to second place with $37 billion, down from $62 billion. Mexican telecommunications tycoon Carlos Slim took third place with $35 billion, down from $60 billion.

Collectively, the top three billionaires lost $68 billion in the year to Feb. 13, when Forbes took a snapshot of wealth around the world to compile its annual list of billionaires.

The Turkish businessman who entered the list at No. 221 was Hüsnü Özyeğin, the founder of Fiba Holding, with $2.9 billion. Özyeğin had ranked third in a "100 Richest Turks" in a 2007 study, which was also published by Forbes magazine in 2008. In that study Özyeğin’s wealth was estimated to be $4 billion.

Mehmet Emin Karamehmet, owner of Çukurova Holding, ranked 224 on the global billionaires list with $2.8 billion. Karamehmet, who also owns the majority share in Turkcell, the nation's biggest mobile phone company, has also ranked on top in the 2007 "100 Richest Turks" study. According to that report, his wealth was estimated around $4.3 billion.

Şarık Tara, honorary president of ENKA Holding, a construction giant, ranked 450 with wealth worth $1.6 billion among 2008’s global billionaires. He had ranked second with $4.1 billion in Forbes’ Turkey’s richest list prepared for 2007.

Ali Ağaoğlu, chairman of 25-year-old Ağaoğlu Group, another one of Turkey’s most prominent construction companies, ranked 468 among the global billionaires with $1.5 billion.

Ahmet Nazif Zorlu, the chairman of Zorlu Holding, entered the list at 559 with $1.3 billion, while Doğuş Holding Chairman Ferit Şahenk, Yıldız Holding Chairman Murat Ülker and Murat Vargı, who is considered as the brains behind NYSE-listed telecom giant Turkcell, all ranked at 647 ranking with $1.1 billion.

President of Palmali Group and Honorary President of Khazar Lankaran football club Mübariz Gurbanoğlu, an Azerbaijan native who took Turkish citizenship in 2006, has also ranked at 647. Palmali Group has a fleet of 127 vessels that transport fuel.

Ahmet Çalık, whose Çalık Holding last April bought Sabah-ATV media group for $1.1 billion, ranked 701 with $1 billion. His company also publishes Forbes in Turkey.

Çalık shared the rank with many others, including Tuncay Özilhan, who controls Anadolu Group with fellow billionaire Kamil Yazıcı, who also ranked as 701st. Yazıcı is holder of a 50 percent stake in Coca-Cola Turkey. Anadolu Group is also the owner of Efes Pilsen beer. Filiz Şahenk, a low-key fashionista sister of Ferit Şahenk and heir to Doğuş Holding fortune, was also listed at 701.

Net worth of all billionaires fell from $4.4 trillion to $2.4 trillion, while the number of billionaires was down to 793 from 1,125.

The United States had the most billionaires on the list, with 359. Europe had 196, Asia-Pacific had 130, the Middle East and Africa 58, and the Americas outside the U.S. had 50. New York City replaced Moscow as home to the most billionaires, with 55. Russia suffered one of the biggest shocks, with its number of billionaires down to 32 from 87. India lost more than half of its billionaires. Indian businessman Anil Ambani, the biggest gainer on last year's list, was the biggest loser this time, with $32 billion wiped out over the last 12 months. Ranked sixth last year, he fell to 34th with estimated wealth of $10.1 billion.

Of those who remained or returned to the list, 656 saw their net worth fall, 52 held even and only 44 managed to expand their wealth. The only person in the top 20 who did not lose money was New York Mayor Michael Bloomberg, whose net worth was revised up to $16 billion from $11.5 billion. Mexican drug lord Joaquin ’Shorty’ Guzman, one of the world's most wanted men, made it to the list.