Working Billionaires

The leaders of family companies dominate Forbes magazine’s new list of the “world’s working rich”—the stiffs who are left once kings, queens, oil potentates, and nonemployed heirs are crossed off.

In its July 5, 1999, issue, Forbes lists the net worth of the world’s top 200 working billionaires, and briefly describes the leaders in numerous countries. The number of top spots held by family business owners is impressive: 8 of 10 in Asia, 12 of 15 in Europe, 5 of 6 in the Middle East, and the number one rank in Canada and Mexico.

The only aberration is in the United States. That’s because three of the top four are executives at Microsoft, with chairman Bill Gates, 43, in a class by himself at $90 billion. Five of the next six are heads of computer, communications, or Internet companies. The first family owner appears only at number seven—S. Robson Walton, 55, ($15.8 billion), eldest son and an heir to Wal-Mart founder Sam Walton. Rob also ranks seven globally, since U.S. executives hold the world’s top seven positions.

The next family business owner ranked in the United States, Robert Pritzker ($5 billion) of industrial conglomerate Marmon Group, weighs in at number 21; brothers S.I. and Donald Newhouse of media giant Advance Publications follow at number 26 ($4.5 billion each).

Family business owners appear most dominant in Asia, holding the top three or four spots in countries such as South Korea and Taiwan. The frequency is also high in Europe, accounting for six of Germany’s eight wealthiest billionaires, and the Middle East, where fathers’ oil money has financed sons’ banks. Europe’s leader is listed as German brothers Theo and Karl Albrecht and family ($13.6 billion), owners of the Aldi discount chain. Asia’s wealthiest is Hong Kong real estate developer Li Ka-Shing and family ($12.7 billion).

Extended families account for some of the biggest businesses, but none more extended than the Mulliez family of France. As Forbes notes, “Some 350 male family members of this highly secretive, paternalistic clan own 85 percent of a galaxy of retail chains.” Head paternalist Gerard Mulliez, 68, is worth $9.8 billion.

Indeed, men occupy almost every position on the list, but a few intriguing women are rising in some surprising places. G¸ler Sabanci, 44, is president of the Tire Reinforcement Materials Group at Haci ÷mer Sabanci Holdings, Turkey’s largest conglomerate. Although her male cousin and uncle built the firm, she has been responsible for its recent $1 billion joint venture with DuPont, and other mega-ventures with Philip Morris, Toyota, and Hoechst. “I love tires,” she told Forbes. “They are like shoes for a car. And I love shoes.”

Though Forbes doesn’t list Sabanci’s personal net worth, she’ll have to sell lots of rubber to stand out in the crowd. Forbes says newcomers are making their first billion faster than ever. The Internet is the strongest catapult. For example, Jay Walker’s entire company, online auction house Priceline.com, was worth about $100 million a year ago. It has since gone public, and he alone is now worth $10.2 billion.

The quick rise of computer-related moguls has pushed family business owners down the list. In 1997, six of the world’s richest were family business patriarchs, including Sam Walton (Wal-Mart), the Haas family (Levis), Forrest Mars (Mars Inc. candy), Germany’s Albrecht brothers, Hong Kong’s Kwok brothers, and Taiwan’s Tsai Wan-Lin and family. In 1999, only two years later, all but Rob Walton and the Albrechts have been surpassed by digital deities.

All told, Forbes found 465 working billionaires across the globe. If anyone tries to tell you family businesses are just mom-and-pop operations, you can whip out this list.

— M.F.

World’s wealthiest family business owners