The next generation of billionaires
It's been a miserable year for the world's billionaires with an average of 25% wiped off their fortunes and a third reduced to mere millionaires. Despite the fortunues coming under pressure, there are plenty of new billionaires who have managed to turn the recession to their advantage.
Thirty eight people entered the list as new billionaires, according to Forbes, with only nine of those through inheritance.
Thirty-nine year old Mansour bin Zayed Al Nahayan was the richest new entry, with $4.9bn to his name. A member of Abu Dhabi's royal family, he was the man who rescued Barclays Bank from nationalization with a controversial $5bn cash injection last year.
He also chairs the state's oil-oriented sovereign wealth fund and serves as minister of UAE presidential affairs
Aloys Webeen, a 57-year old German entrepreneur who made his money through windmills, was next richest, with $3.5bn to his name. Hi company, Enercon, is the world's fourth-largest windmill producer with a 14% market share and $2.5bn in sales. It has 14,000 wind turbines in 30 countries. Enercon is now expanding from wind to water, investing in hydroelectric power plants and seawater desalination projects.
Zhou Chengjian and family is the richest of China's five new billinaires, with a net worth of $2.6bn. A former tailor, the 44 year old's retailer Metersbonwe floated last August in one of China's most successful public offerings of the year, raising $200m. Metersbonwe's stock is up 25% since. He and his daughter still own 90%.
John Paul de Joria used to be homeless and sleep in his car, selling products door-to-door in Los Angeles. Eventually he co-founded hair-care outfit John Paul Mitchell Systems with Paul Mitchell in 1980 with $700 and created tequila maker Patron Spirits with Martin Crowley in 1989. Today Patron sells nearly two million cases a year; only Jose Cuervo sells more in the US - DeJoria owns an estimated 70% of Patron. Bacardi bought a minority stake for an undisclosed sum last July.
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- Forbes new billionaires - Web link
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