THE FILIPINO, SETTING

A GLOBAL STANDARD
IN PORT MANAGEMENT.
The Manila International Container Terminal combines
leading-edge technologies and decades of port management
expertise to provide the country with port services at par
with the world’s best.
The MICT is one of the best examples of Public-Private Partnerships,
offering the best value for the government and the Filipino people.

MICT is the flagship operation of ICTSI, MICT

the Philippines’ leading port operator with a

portfolio of 30 terminals in 20 countries PHILIPPINES
across six continents.

www.ictsi.com
THE RICHEST PEOPLE IN AMERICA

ƫ ƫđƫċċ

FOREVER 21’S
DO WON AND
JIN SOOK CHANG
“WE CAME HERE WITH
ALMOST NOTHING”

THE
FORBES
THE FILIPINO,
LEADING GLOBAL
INNOVATION.
Introducing
Victoria International Container Terminal
One of the most innovative, sustainable,
fully automated terminals in the world.
Coming to Melbourne, Australia
Fourth Quarter 2016

VICT is ICTSI’s first entry into Australia and the

larger Oceania region - extending the Company’s AUSTRALIA
portfolio of managed ports to 30 terminals in
20 countries across six continents.
VICT

www.ictsi.com
THE RICHEST PEOPLE IN AMERICA

ƫ ƫđƫċċ

JOHN
KAPOOR
“IN MY CAREER MY
PLAN HAS ALWAYS
BEEN: I AM THE LAST
GUY STANDING.”

THE
FORBES
THE FILIPINO, A LEADER
IN GLOBAL TRADE.
ICTSI in Mexico
At Mexico’s Pacific coast, the Specialized Container
Terminal-2 in Manzanillo is the most modern trade
gateway in the country. At the Gulf of Mexico/Atlantic,
the Tuxpan Maritime Terminal is set to be another
world class seaport facility.
Two public-private ports: complementing coast-to-coast
international trade in Mexico.

Contecon Manzanillo S.A. de C.V. and Terminal

Maritima de Tuxpan, S.A. de C.V. belong to the MEXICO
ICTSI Group’s growing portfolio of 30 terminals
in 20 countries across six continents. TMT

CMSA

www.ictsi.com
THE RICHEST PEOPLE IN AMERICA

ƫ ƫđƫċċ

PHILIP
ANSCHUTZ
“WHEN YOU SEE
WHAT CAN BE
DONE, YOU WANT
TO BE INVOLVED IN
SOMETHING. YOU
WANT TO OWN IT.”

THE
FORBES
We see opportunity.
We transform potential.
OUE Downtown is being transformed from a
primarily commercial landmark in the heart of
Singapore’s business district into a vibrant
mixed-use development combining retail, office
space and serviced suites. Set to regenerate the
lower Downtown Core, OUE Downtown will
spur growth and raise the quality of life for the
working population and residents in the area.

Transformational
www.oue.com.sg Thinking
CONTENTS — SPECIAL ISSUE, NOVEMBER 2016 VOLUME 12 NUMBER 13

15 | FACT & COMMENT // STEVE FORBES

Observations on a very sensitive subject.

71 | INNOVATION RULES // RICH KARLGAARD

Immigrants keep capitalism fresh.

ASIA’S RICHEST FAMILIES

102 | ONLY THE PRODUCT IS HARD AND FAST
The Bangurs of Shree Cement, having salvaged a legacy, are putting their trust in
innovation and peer dynamics.
BY MEGHA BAHREE

108 | STITCHED BACK TOGETHER

They won’t make our top 50, but with a focus on the business they knew, rather than
those creating megariches, the Lees of Hong Kong’s TAL restored a garment leader.
BY SHU-CHING JEAN CHEN
S PAGE 102 114 | THE LIST
Collectively they are worth $519 billion, and 17 of the families hail from India.
ASIA’S RICHEST EDITED BY KEREN BLANKFELD
DYNASTIES
Taiwan’s Tsai family (top) and THE FORBES 400 WEALTHIEST AMERICANS
Shree Cement’s BENU GOPAL
BANGUR (right) with modernist 18 | THE AMERICAN DREAM IS ALIVE AND WELL
Indian artist M.F. Husain Immigrants make up over 10% of the 400.
BY MONTE BURKE

34 | PAIN AND GAIN

John Kapoor made his billions by letting his drug companies push ethical and legal limits.
BY MATTHEW HERPER

42 | A VIEW FROM THE TOP

Billionaire Philip Anschutz has finally fulfilled his dream and purchased the
Broadmoor Hotel in Colorado.
BY CHRISTOPHER HELMAN

COVER PHOTOGRAPH BY 74 | THE LIST

SUMIT DAYAL FOR FORBES Cost of admission to America’s most exclusive club? $1.7 billion.
DO WON AND JIN SOOK CHANG BY ETHAN PINES FOR FORBES BY KERRY A. DOLAN AND LUISA KROLL
JOHN KAPOOR BY JAMEL TOPPIN FOR FORBES

PHILIP ANSCHUTZ BY JAMEL TOPPIN FOR FORBES UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.

6 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

CONTENTS — SPECIAL ISSUE, NOVEMBER 2016 VOLUME 12 NUMBER 13

S PAGE 18 98 | FORBES AT 100

A look at the first Forbes 400, from 1982.
“THERE IS A FREEDOM BY ABRAM BROWN

IN THE U.S. TO DREAM 99 | AMERICA’S TOP PHILANTHROPISTS

BIG DREAMS.” Leading U.S. benefactors, in pure dollars and in share of net worth.
BY KATIA SAVCHUK
Immigrants make their mark
on The Forbes 400 100 | DROP-OFFS
These former 400 members find themselves out of the club.

FORBES LIFE
123 | BESTSELLERS
Our list of business books that have sold over a million copies.
BY NATALIE ROBEHMED

124 | ON THE TRAIL OF THE DIVINE

A reminder that faith and worship are omnipresent in India.
BY AMIT PASRICHA (FORBES LIFE INDIA)

130 | THOUGHTS
On The Forbes 400.

X PAGE 124

“EVERYWHERE
IS WORSHIP—A
CONSTANT MUSIC.”
—AMIT PASRICHA

8 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 Redefining
Commitment
For more than 25 years, Bank Mayapada has worked hard to be the bank that Indonesians
can count on. Our customers' continued support has made Bank Mayapada one of the most
trusted banks in the country. With more than 200 locations nationwide, and a wide range of
innovative products including mobile banking, Bank Mayapada remains committed to work
hard to earn your trust and respect.
 FORBES ASIA

SIDELINES
Editor Tim W. Ferguson
Editorial Director Karl Shmavonian
Art Director Charles Brucaliere
Senior Editor John Koppisch 15 Years
Wealth Lists Editors Luisa Kroll, Kerry A. Dolan
Photo Editor Michele Hadlow

M
Statistics Editor Andrea Murphy ost anniversaries are best kept close,
Research Director Sue Radlauer but I’ll nevertheless note I’m marking
Online Editor Jasmine Smith 15 years as editor of FORBES’ Asian
Reporter Grace Chung publication. That’s a long spell in our business, at
Intern Xiang Wang
least nowadays, although the man who hired me at
Editorial Bureaus FORBES, Jim Michaels, famously edited our flag-
Beijing Yue Wang
ship magazine for 38 years.
Shanghai Russell Flannery (Senior Ed.); Maggie Chen
India Editor Naazneen Karmali Even a mere 15 has given me a window on
an extraordinary time in Asia. No one can doubt
Contributing Editors
Bangkok Suzanne Nam anymore that this is where the early 21st century’s
Chennai Anuradha Raghunathan most important story is being written. Saying that
Hong Kong Shu-Ching Jean Chen doesn’t imply American decline—I do not believe
Jakarta Justin Doebele that to be happening—but by dint of population size, the room to rise in much
Melbourne Lucinda Schmidt
of the region and the industriousness and acumen already in evidence, nowhere
Perth Tim Treadgold
Singapore Mary E. Scott else can hope to match today’s Asian phenomenon.
Taipei Joyce Huang In this period China’s economy has grown fivefold, and its role in the world
Vietnam Lan Anh Nguyen has been transformed. To personify it, I couldn’t have guessed in 2001 that an
Columnists Ken Fisher, Jean-Pierre Lehmann, ex-army officer named Wang Jianlin, barely known outside of Dalian, would
A. Gary Shilling, Ben Sin be worth $33 billion and stalking Hollywood. At the same time, however, I
Production Manager Leona Smith wouldn’t have thought China in 2016 would be pulling inward—repressive,
combative, indebted.
Along those lines, is Asia, overall, moving in the “right” direction? We know
EDITOR-IN-CHIEF that many millions have gained a middle-class life and that war (between states)
Steve Forbes has been wisely avoided, but are more people free and secure under the rule of
CHIEF PRODUCT OFFICER Lewis D’Vorkin
law? That intangible is hard to grasp, no matter how many trips taken through
gleaming airports or on fast trains. You do notice ground-level changes: all the
FORBES MAGAZINE
smartphones, of course. Here’s another: the curbing of smoking.
EDITOR Randall Lane
EXECUTIVE EDITOR Michael Noer FORBES has provided a special seat for this story. Not only do our wealth
ART & DESIGN DIRECTOR Robert Mansfield lists track the rise of people like Wang and our profiles illuminate or discover
FORBES DIGITAL
others, but working with our licensed titles in the region also opens new doors.
VP, INVESTING EDITOR Matt Schifrin Recently I took part in a FORBES JAPAN event that included some of the en-
VP, DIGITAL CONTENT STRATEGY Coates Bateman trepreneurs the editors there so want to foster. That’s a cultural mission likely to
VP, PRODUCT DEVELOPMENT Salah Zalatimo
outlast me.
VP, WOMEN’S DIGITAL NETWORK Christina Vuleta
ASSISTANT MANAGING EDITORS In this FORBES gig, I’ve worked with a remarkably stable core group of
Frederick E. Allen – Leadership editorial and business comrades. I hope that contributes to a consistency in our
Loren Feldman – Entrepreneurs
Janet Novack WASHINGTON print product, even as Asia’s story is ever evolving.
Michael K. Ozanian SPORTSMONEY
DEPARTMENT HEADS
Mark Decker, John Dobosz, Clay Thurmond
Avik Roy OPINIONS
Jessica Bohrer VP, EDITORIAL COUNSEL

FOUNDED IN 1917
B.C. Forbes, Editor-in-Chief (1917-54) Tim Ferguson
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99) Editor, forbes asia
William Baldwin, Editor (1999-2010) globaleditor@forbes.com

10 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 FORBES 400 SNAPSHOT

The Young and the Rich

IT’S A RAREFIED substratum of an already ultra-exclusive group: members of The
Forbes 400 under age 40. Just 3.5% of the list—14 billionaires—are found there. Nine are
tech entrepreneurs who made their own luck founding companies such as Facebook,
CEO/ASIA, FORBES MEDIA
PRESIDENT & PUBLISHER, FORBES ASIA
Airbnb and Snapchat. But with plenty of startup valuations held in check this past year,
William Adamopoulos no new young technorati made the latest 400 (see p. 74).
SENIOR VICE PRESIDENTS Tina Wee, Serene Lee
EXECUTIVE DIRECTOR Eugene Wong
SENIOR DIRECTOR, REGIONAL SALES Lawrence Jang
SENIOR DIRECTOR, MARKETING & AD SERVICES
Aarin Chan
DIRECTOR, CIRCULATION Eunice Soo
DIRECTOR, EVENTS & COMMUNICATIONS Janelle Kuah
OH, SNAP!
DEPUTY DIRECTOR, EVENTS & COMMUNICATIONS This year has treated
Audra Ruyters Evan Spiegel pretty well.
DEPUTY DIRECTOR, CONFERENCES Jolynn Chua
The Snapchat cofounder
SENIOR MANAGER, CIRCULATION Pavan Kumar
completed a $1.8 billion
SENIOR MANAGER, CONFERENCES Quek Xue Wei
OFFICE MANAGER/ASSISTANT TO THE CEO/ASIA
funding round in May.
Jennifer Chung Two months later
AD SERVICES MANAGER Fiona Carvalho Spiegel, who at age 26
AD SERVICES MANAGER-DIGITAL Keiko Wong is the youngest member
MANAGER, MARKETING & RESEARCH Joan Low of The Forbes 400,
MANAGER, EVENTS & COMMUNICATIONS Melissa Ng
got engaged to former
CONFERENCE MANAGERS Clarabelle Chaw, Cherie Wong
Victoria’s Secret model
ASSISTANT MANAGER, CONFERENCES Isabel Wong
ADVERTISING EXECUTIVES
Miranda Kerr.
Angelia Ang, Sharon Joseph, Jacqueline Yeo
MARKETING EXECUTIVE Gwynneth Chan
CIRCULATION SERVICES
Taynmoli Karuppiah, Jennifer Yim

FORBES MEDIA
CEO & EXECUTIVE CHAIRMAN Michael S. Perlis
PRESIDENT & COO Michael Federle
CHIEF REVENUE OFFICER Mark Howard
EDITOR-AT-LARGE/GLOBAL FUTURIST Rich Karlgaard
GENERAL COUNSEL MariaRosa Cartolano
PRESIDENT, FORBESWOMAN Moira Forbes
SENIOR VP, CORPORATE COMMUNICATIONS Mia Carbonell

((ƫ,!%(ƫ //1!ČƫĂĀāćƫđƫ+(1)!ƫāĂƫđƫ1)!.ƫāă
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12 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 FACT & COMMENT
“With all thy getting, get understanding”
OBSERVATIONS
ON A VERY SENSITIVE SUBJECT BY STEVE FORBES, EDITOR-IN-CHIEF
WE ARE AN IMMIGRANT nation
unique in history, the only country that
consciously invented itself rather than
evolved from a mythic past. People
came to the U.S. not to conquer new
lands for a mother country but to break
from old bonds and start anew (Afri-
can-Americans, forcibly brought here
as slaves, being the obvious exception).
Pilgrims landed at Plymouth Rock to
found a community free from England’s
oppression. This collective shedding
of the past, combined with the extraordinary freedoms
that didn’t exist in the rest of the world, enabled us to
attract and assimilate peoples from everywhere more
successfully than any other country in history. (Many
scholars now believe that Native Americans would
have done far better after they were violently displaced
had they not, in effect, been ghettoized on reservations.)
For most of our history there was no such thing as
an illegal alien because there were virtually no im-
migration rules: One just showed up. In the late 19th
century immigrants were processed at Ellis Island and
elsewhere, but that was primarily for health reasons.
If you weren’t sick, you got in. (In an ugly outburst of
prejudice during that period barriers were erected to
keep out people from China and Japan.)
It wasn’t until the 1920s that the U.S. imposed seri-
ous obstacles that brought immigration to a virtual
halt. This turned out to be an aberration. Barriers were
eased dramatically in 1965, and the number of entrants
has since increased sharply.
A primary reason for American exceptionalism is
that the British colonizing experience was different
from all others. Spanish and Portuguese immigrants to
Latin America usually went with the idea of getting rich
and then returning home or retiring to an urban center to
live a life of leisure. They didn’t intend to sink deep roots
the way people did in New England.
Another huge difference was governance. France
rigidly controlled who went to French
North America and allowed them little
autonomy. In contrast, English colonies
had a remarkable degree of on-site gov-
erning, including colonial legislatures
elected by “worthy” residents. These
were by no means the democracy we
enjoy today, but they were a far cry
from anything that existed almost any-
where else in the world. Such bodies
had powers that colonial governors, ap-
pointed by the Crown, had to respect.
Another factor in this phenomenon of self-gover-
nance was that Britain itself never had the all-powerful
central government that was routine for such conti-
nental powers as France, Spain and Austria. More-
over, London had no consistent colonial policy. It was
haphazard, sometimes indulging in micromanage-
ment, then veering into long periods of neglect.
How to absorb people from very different backgrounds
into the American fabric has long occupied observers and
leaders. Even in calm times the influx of aliens has aroused
mixed emotions. Before the American Revolution Ben
Franklin groused about the number of Germans pour-
ing into Pennsylvania, who weren’t like the folks from
the British Isles. He worried whether they’d ever fit in.
Programs and projects to “Americanize” the millions
of immigrants from central and eastern Europe pro-
liferated in the late 1800s and early 1900s. Americans
were concerned that these people could never become
truly American. So many Catholics, so many Jews! Such
strange foods and customs they brought with them!
Labor unions opposed letting these immigrants in on the
grounds that the influx of workers would suppress wages.
A half-century earlier American politics had been
on the boil over the number of Irish and Germans
swarming onto our shores. “Send them back!” was a
common cry. For a time immigration provoked more
controversy than did slavery.
A booming economy and all those assimilation
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 15
FORBES ASIA
FACT & COMMENT
efforts succeeded. Even the reviled,
corrupt urban political machines
that rose up in the late 1800s played a
part in helping immigrants fit in. Be-
tween 1870 and 1914 real wages here
more than doubled, and the standard
of living improved dramatically.
In recent times pressure groups
have fought against the assimila-
tion of foreigners, trying to create
isolated communities in which Eng-
lish, even for the second generation,
would be a distant second language.
The purpose was political, econom-
ic and ideological. These radicals
disliked the whole notion of an
American melting pot. They wanted
Balkanized groups whose votes,
they believed, could be more easily
controlled. They could then lever-
age that power to get tons of money
from vote-hungry pols, nationally
and locally. California helped put the
brakes on that destructive nonsense
when, in 1998, its voters overwhelm-
ingly approved a referendum that
mandated immersion teaching of
English to immigrant children. It’s
no surprise that these youngsters
quickly learned English.
But these anti-assimilationists
helped put immigration in a bad light—
Americans didn’t like the idea of new-
comers remaining perpetually isolated.
Today the anger and opposition
focus on illegal entry, security (both
terrorism and crime), jobs being
taken away from lawful residents and
the suppression of wages, especially
among unskilled workers.
Let’s look at each of these concerns.
ƀLJIllegal entry. Astonishingly, for dec-
ades our leaders turned a blind eye to
millions of people coming into the U.S.
unlawfully. And they never addressed
the root cause: The U.S. economy had
labor needs that weren’t being met.
These ranged from low-paying work
in agriculture, construction, restau-
rants, hotels and lawn maintenance
to the most sophisticated and skilled
high-tech jobs. Instead of instituting
comprehensive guest-worker pro-
16 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
STEVE FORBES
grams, like those that existed before
the mid-1960s in agriculture, politi-
cians ignored the needs. Congress did
pass a special visa program for high-
tech workers, but the numbers allot-
ted remained woefully insufficient.
Border patrols have been substan-
tially increased and apprehensions
have dropped almost 90%. (Part of
the drop may be due to the depressed
economy here.)
ƀLJSecurity. Even after 9/11, we still
don’t know who the estimated 11 mil-
lion “undocumented workers” are.
As for Middle Eastern refugees,
Donald Trump has a fair point when
he says that we need better vetting
processes. Even Germany, the most
liberal refugee receiver, is pulling
back because of security concerns.
ƀLJTaking jobs away from Americans.
Most of the work that illegals do is
shunned by most Americans, especial-
ly jobs in agriculture. Studies show that
there are few instances of abuse in the
high-tech world of hiring cheaper immi-
grant labor at the expense of Americans.
The big job-deprivers for un-
skilled workers are our stagnant
economy and states that have raised
the minimum wage. The villains of
depressed wages are too-high taxes,
the unstable dollar and hyperregula-
tion, such as the tsunami of rules
via ObamaCare that is crushing
businesses.
In the future we must rationalize
the system to meet the labor needs of
various sectors of the economy. There
are also sensible proposals out there
that would deal with current illegals
without giving them citizenship. We
must always have room for those peo-
ple—even the unskilled—who have the
burning desire, as Abraham Lincoln
put it, to improve their lot in life.
Our history demonstrates that it’s
our unique ability to take in immigrants
and assimilate them that has been
crucial to our incredible record of op-
portunity, upward mobility and wealth
creation. Immigrant success here
means success for all Americans. F
Restaurants:
Go, Consider, Stop
Advice from our New York City eatery
experts and colleagues Richard Nalley,
Monie Begley and Randall Lane, as well
as brothers Bob, Kip and Tim.
z Il Gattopardo
13–15 West 54th St. (Tel.: 212-246-0412)
The Italian cuisine served in the sleek and modern
lower level of what was once a Rockefeller man-
sion is superb. For a delicious meal try the crispy
salad with radicchio, frisée, fennel, carrots and
red wine vinaigrette and the risotto special. Your
dreams will keep you craving a return visit for
both the panna cotta and the espresso granita.
z Le Coq Rico
30 East 20th St. (Tel.: 212-267-7426)
This wonderful spot features a wide range of egg
and chicken (and other fowl) dishes. For “eggz”
try the Deviled, sweet morsels of marinated oc-
topus and cabbage salad accompanying a delec-
table deviled egg; or the Crisp & Crusty, asparagus
and sauce vierge that add just the right amount of
crunch. The rôtisserie chicken and the Rohan Farm
duck leg are prepared to perfection. Make sure to
save room for one of the luscious desserts.
z The Milton
1754 Second Ave., between 91st & 92nd
streets (Tel.: 212-369-1900)
Delightful Irish-English-American gastropub fea-
turing chef David Diaz’s take on classic pub grub.
Start by sharing the truffle chicken nuggets (black
truffle and yellow beet sweet-and-sour sauce) and
the Milton crab cakes (large, moist and seriously
crab-filled) served with a creamy saffron aioli. The
cottage pie and the Irish Joe both feature rich,
tender Guinness-braised short ribs and are deli-
cious, as is the fish and chips. The vanilla cream
puffs coated with caramel drizzle are sinful.
z Pizza Beach
1426 Third Ave., at 81st St.
(Tel.: 646-666-0819)
If you’ve a hankering to be at the beach year-round,
here’s your spot. The fare is pizza, pasta, salads and
veggies, along with a mix of meats and fish—all
made with fresh ingredients. Try watermelon & cu-
cumbers with chili lime vinaigrette or grilled corn
elote with sriracha crème fraîche and cotija cheese
to start. The dozen scrumptious pizza offerings
are thin-crusted and intriguing, among them lamb
merguez & Oaxaca cheese, roasted Brussels
sprout & pancetta and pineapple & speck.
z Zero Otto Nove Trattoria
15 West 21st St. (Tel.: 212-242-0899)
Dining here is like stepping into an Italian grotto
in the hills of Tuscany. Grilled octopus with fresh
sliced tomato, capers and cannellini beans is suc-
culent and delicious, as is the sautéed shrimp with
diced tomatoes, balsamic vinegar and crostini.
Flavors blend magnificently in the insalata di
arugula and the insalata di scarola (escarole with
black olives and marinated eggplant). A must
side: sautéed cauliflower with bread crumbs. End
with sensational tiramisu.
 LEGENDS ARE FOREVER
HERITAGE I PILOT Ton-Up
www.zenith-watches.com
 FORBES
400

THE
AMERICAN
DREAM IS
ALIVE AND
WELL … ON THE
FORBES 400
IMMIGRANTS HAVE TAKEN A BEATING
ON TELEVISION, AT POLITICAL RALLIES,
EVEN ON CAPITOL HILL. BUT ON THE
FORBES 400, IT’S A LOVE STORY. WE’VE
NEVER HAD MORE MEMBERS—OVER
10%—BORN OUTSIDE THE U.S. THAT’S
A HEALTHY THING FOR AMERICAN
ENTREPRENEURSHIP AND JOB GROWTH.
BY M O N T E B U R K E

18 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 Hungarian immigrant
Thomas Peterffy (net worth:
MATT FURMAN FOR FORBES

$12.6 billion): “I believed

that in America I could truly
reap what I sowed and that
the measure of a man was his
ability and determination to
succeed.”

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 19

 FORBES 400 IMMIGRANTS
T
homas Peterffy was born in
the basement of a Budapest
hospital on September 30,
1944. His mother had been
moved there because of a
Soviet air raid. After the Soviets liberated
Hungary from Nazi occupation, Hungary
became a satellite state, laboring under
a different kind of oppression: commu-
nism. Peterffy and his family, descended
from nobles, lost everything. “We were
basically prisoners there,” he says. As a
young man Peterffy dreamed about being
free from that prison—in America.
At the age of 20 he hatched an es-
cape plan. At the time Hungarians
were allowed short-term visas to visit
family in West Germany, and he took
advantage of this. When his visa ex-
pired, like millions who have immi-
grated to the U.S. illegally in recent
years, he didn’t go back home. Instead
he left for the U.S. Peterffy landed at
John F. Kennedy International Airport
in New York City in December 1965.
He had no money and spoke no Eng-
lish. He had a single suitcase, which
contained a change of clothes, a sur-
veying handbook, a slide rule and a
painting of an ancestor.
Peterffy went to Spanish Harlem,
where other Hungarian immigrants
had formed a small community, mov-
ing from one dingy apartment to an-
other. He was happy, if a bit afraid. “It
was a big deal to leave home and my
culture and my language,” he says.
“But I believed that in America I could
truly reap what I sowed and that the
measure of a man was his ability and
determination to succeed. This was
20 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
the land of boundless opportunity.”
Indeed it was. He got a job as
a draftsman at a surveying firm.
When his firm bought a comput-
er, “nobody knew how to program
it, so I volunteered to try,” he says.
He caught on quickly and soon had
a job as a programmer for a small
Wall Street consulting firm, where
he built trading models.
By the late 1970s Peterffy had saved
$200,000 and founded a company that
pioneered electronic stock trades, ex-
ecuting them before the exchanges
were even digitized. In the 1990s he
began to concentrate on the sell side of
the business, founding Interactive Bro-
kers Group, which has a market cap of
$14 billion. Peterffy, 72, is now worth
an estimated $12.6 billion.
Thomas Peterffy embodies the
American Dream. So does Google
founder Sergey Brin ($37.5 billion).
And eBay founder Pierre Omidyar
($8.1 billion). And Tesla and SpaceX
founder Elon Musk ($11.6 billion). And
Rupert Murdoch, George Soros, Jerry
Yang, Micky Arison, Patrick Soon-
Shiong, Jan Koum, Jeff Skoll, Jorge
Perez, Peter Thiel. As well as a couple
dozen others who also immigrated to
the U.S., earned U.S. citizenship—and
then a spot on The Forbes 400.
Precisely 42 slots on The Forbes
400 belong to naturalized citizens
who immigrated to America. That’s
10.5% of the list, a huge overperfor-
mance considering that naturalized
citizens make up only 6% of the U.S.
population. (If you add noncitizens,
about 13% of American residents are
foreign born.)
For all the political bombast about
immigrants being an economic drain
or a security threat, the pace of eco-
nomic hypersuccess among immi-
grants is increasing. Go back ten years
and the number of immigrants on The
Forbes 400 was 35. Twenty years ago it
was 26 and 30 years ago 20. Not only is
the American Dream thriving, as mea-
sured by the yardstick of entrepre-
neurial success, The Forbes 400, but
it’s also never been stronger. The com-
bined net worth of those 42 immigrant
fortunes is $248 billion.
According to the Kauffman Foun-
dation, immigrants are nearly twice
as likely to start a new business than
native-born Americans. The Part-
nership for a New American Econ-
omy, a nonpartisan group formed by
Forbes 400 members Murdoch and
Michael Bloomberg, reports that im-
migrants started 28% of all new busi-
nesses in the U.S. in 2011, employ one
out of every ten American workers at
privately owned businesses and gen-
erate $775 billion in revenue. Some of
these businesses are small, of course,
like restaurants and auto repair shops.
But others aren’t: The National Foun-
dation for American Policy, a nonparti-
san research group, says that 44 of the
87 American tech companies valued
at $1 billion or more were founded by
 FORBES 400 IMMIGRANTS
Korean immigrant Do Won Chang with his wife, Jin Sook (combined net worth: $3 billion):
“I’ll always have a grateful heart toward America for the opportunities that it’s provided me.”
immigrants, many of whom now rank
among the richest people in America.
NONE OF THIS SHOULD be a surprise.
Thanks to technology, it’s never
been easier to start a business of sig-
nificance. And America’s perpetu-
al entrepreneur class, for nearly a
quarter-millennium, has been made
up of immigrants.
Robert Morris left Liverpool at the
age of 13, helped finance the American
Revolution and signed the Declaration
of Independence and the Constitu-
tion. Stephen Girard emigrated from
France and started an American
bank that underwrote most of the
U.S. government’s war loan during
the War of 1812, saving the country
24 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
from financial disaster. John Jacob
Astor, a young musical-instrument
maker from Germany, built a fortune
in fur trading and real estate in the
U.S., and became one of the country’s
first great philanthropists. Fellow
German Friederich Weyerhaeuser
became an American timber mogul.
Scotland-born Andrew Carnegie
built one of the great fortunes in the
U.S. in the steel business and devot-
ed his later life to giving it away. The
founders of Procter & Gamble, Kraft
and DuPont were all immigrants.
The very act of immigrating, exem-
plified by Peterffy, is entrepreneurial,
a self-selected risk taken in an effort to
better one’s circumstances. It’s a mind-
set. “You leave everything you have
and get on a plane,” says Forbes 400
member Shahid Khan. “You can han-
dle change. You can handle risk. And
you want to prove yourself.”
By and large the immigrants of
The Forbes 400 fall into two baskets.
Many, like Peterffy, came here to es-
cape something. Sergey Brin’s fami-
ly left Russia when he was 6 years old
because of discrimination against his
Jewish family. George Soros survived
Nazi-occupied Hungary. Igor Oleni-
coff’s family was forced to leave the
U.S.S.R. after World War II because of
their tsarist connections.
Others had enough privilege to
live anywhere but saw America as the
place of greater opportunity. Musk at-
tended private schools in South Af-
rica. Murdoch’s father was a knight-
ed Australian newspaper publisher.
Omidyar’s father was a surgeon.
Rich or poor, America’s entrepre-
neurial mind-set links them all. Amer-
icans-by-choice understand that you
can’t count on anyone giving you a
break—you need to make it yourself.
Do Won Chang and his wife, Jin
Sook, arrived at LAX on a Saturday in
1981 with not much more than a high
school education the same year mar-
tial law was lifted in South Korea. He
immediately scoured newspaper job
listings, interviewed with a local cof-
fee shop and by Monday was wash-
ing dishes and prepping meals on the
morning shift. “I was making mini-
mum wage....It wasn’t enough to get
by.” So he tacked on eight hours a day
at a gas station and on top of that start-
ed a small office-cleaning business that
kept him busy until midnight. Jin Sook
worked as a hairdresser.
While pumping gas, Chang no-
ticed that men in the garment busi-
ness drove nice cars, inspiring him to
take a job in a clothing store. Three
years later, after he and Jin Sook saved
$11,000, they opened a 900-square-
ETHAN PINES FOR FORBES
foot apparel store called Fashion 21.
First-year sales reached $700,000, and
the couple began opening a new store
every six months, eventually chang-
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ACC I A I O - 4 5 M M
( R E F. 674 )

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 FORBES 400 IMMIGRANTS

ing the chain’s name to Forever 21.
They’re now worth $3 billion.
“I came here with almost nothing,”
says Chang. “I’ll always have a grateful
heart toward America for the opportu-
nities that it’s provided me.”
For Shahid Khan, a Pakistani, the
logical place to immigrate was the
United Kingdom, “but the U.S. was al-
ways the promised land for me.” In
January 1967 Khan landed at JFK, his
generation’s Ellis Island. His connect-
ing flight to Chicago was diverted by
a snowstorm, so the 16-year-old flew
to St. Louis instead and took a bus to
Champaign, to the University of Illi-
nois, where he was enrolled as an un-
dergraduate. He had $500 in his pock-
et. Khan got a job working as a dish-
washer at night after school for $1.20
an hour. “I was overjoyed. You just
couldn’t get a job like that where I
came from,” he says. “My immediate
thought was, Wow, I can work. I can
be my own man. I control my destiny.”
Khan eventually got a job as an en-
gineering manager at Flex-N-Gate, an
automotive manufacturer. A few years
later, with $16,000 in savings and a
Small Business Administration loan,
he started his own company, which
made bumpers for car manufacturers.
He eventually bought out his old boss
at Flex-N-Gate. His company now has
$6.1 billion in revenues and employs
around 12,000 people in the U.S.

GERMANY
IMMIGRANT TRAILS U.K.
DAGMAR DOLBY 1976
PETER THIEL 1968
More than 10% of the current Forbes 400 came from MICHAEL MORITZ 1976
abroad to seek their fortune in America, the earliest FRANCE
HUNGARY

arriving in 1949. The most, 6, came from Israel, PIERRE OMIDYAR 1973
THOMAS PETERFFY 1965
CHARLES SIMONYI 1967
followed by India with 5. Eight countries, including ITALY GEORGE SOROS 1956
Vietnam, had just 1 each. DOUGLAS LEONE 1968 STEVEN UDVAR-HAZY 1958

UKRAINE
LEN BLAVATNIK 1978
JAN KOUM 1992
CHINA
GREECE
ANDREW & PEGGY CHERNG 1966, 1967
JOHN
JOHN TU 1971 CATSIMATIDIS 1949
ROGER WANG 1970 C. DEAN METROPOULOS 1956

RUSSIA
SERGEY BRIN 1979
IGOR OLENICOFF 1957 CANADA
JEFFREY SKOLL 1993
MORTIMER
2 ZUCKERMAN 1977

1 2 2
4
1
3
1
1 2
6
1
4

1
4

1
TAIWAN
PAKISTAN
JEN-HSUN HUANG 1973
SHAHID KHAN
MIN KAO 1970S 1967
DAVID SUN 1977
JERRY YANG 1978 INDIA
1 RAKESH
VIETNAM
GANGWAL 1970S
2 JOHN KAPOOR
KIEU HOANG 1975 1964
KAVITARK RAM
SOUTH KOREA ARGENTINA 1 SHRIRAM 1970S
ISRAEL KENYA, INDIA
DO WON & JIN ROMESH T.
JORGE PEREZ 1960S MICKY ARISON 1950S WADHWANI
SOOK CHANG 1981 BHARAT DESAI &
AUSTRALIA ALEC GORES 1968 NEERJA SETHI 1969
RUPERT MURDOCH 1985 TOM GORES 1968 1976, 1978
NOAM GOTTESMAN 1960S SOUTH AFRICA
ISAAC PERLMUTTER 1960S ELON MUSK 1990S
HAIM SABAN 1983 PATRICK SOON-SHIONG 1980

26 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

uobprivatebank.com.sg UOB PRIVATE BANK SUITES, 80 RAFFLES PLACE, #07-01 UOB PLAZA 1, SINGAPORE 048624
 FORBES 400 IMMIGRANTS
A plant he’s building in Detroit will
employ up to 1,000 workers who will
be paid $25 an hour. Khan is worth an
estimated $6.9 billion.
He still immigrated to the U.K. in a
small way: He bought the English Ful-
ham soccer team. But lest anyone chal-
lenge his preference, he also owns a
National Football League franchise—
the Jacksonville Jaguars.
AMERICA HAS ANOTHER natural advan-
tage that helps explain why so many
immigrants are able to turn themselves
into billionaires. The U.S. education-
al system has traditionally been a bea-
con, drawing the smartest young self-
starters from across the world. Over
the past few decades the billionaire
formula has been increasingly sim-
ple: Come to America for college, fall
in love with the country
and the opportunities
(and perhaps a future
spouse) and stay after
graduation, putting that
education to use creat-
ing the innovations (and
jobs) that yield Forbes
400 fortunes.
The number of col-
lege-educated immi-
grants in the U.S. grew
78% from 2000 to 2014.
Almost 30% of immi-
grants 25 or older now
possess a bachelor’s de-
gree or higher, accord-
ing to the Migrant Pol-
icy Institute—a figure
that almost exactly mir-
rors the percentage for
native-born adults. And
a disproportionate num-
ber of these immigrants
study math, science and
other STEM disciplines
that fuel most modern
fortunes. In 2011 three-
quarters of the patents
from the top ten patent-
producing universities
in the nation had an
30 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
“My immediate
thought was, Wow,
I can work. I can
be my own man. I
control my destiny.”
immigrant inventor.
Romesh Wadhwani falls into that
tradition. He attended India’s legend-
ary IIT Bombay technical college but
in 1969 came to America to pursue a
Ph.D. at Carnegie Mellon. He never
left, founding Aspect Development,
a software company, and Sympho-
ny Technology Group, a tech-focused
private equity firm, on his way to a
$3 billion fortune.
Indian immigrant Romesh
Wadhwani (net worth: $3 billion):
“There is a freedom in the U.S. to
dream big dreams.”
“It would have been virtually im-
possible for me to have started my own
company in India in those days. There
was no support for entrepreneurs,”
says Wadhwani. “There is a freedom in
the U.S. to dream big dreams, the free-
dom to achieve based purely on merit
rather than family background or pre-
vious wealth or social status.”
Chinese-born Andrew Cherng ob-
served a similar meritocracy when
he arrived in Baldwin, Kansas in 1966
to attend Baker University on a math
scholarship. He’d gone to high school
in Japan and found “it was hard for
Chinese to blend in with the Japa-
nese.” A year later he met an incoming
freshman from Burma named Peggy,
whom he would later marry. “I didn’t
have any personal possessions when
I came,” says Cherng. “My drive came
from being poor.”
In 1973 Cherng opened
a restaurant, the Panda
Inn, in California with his
father, a master chef who
had emigrated to join him.
Ten years later he and his
wife, Peggy, opened the
first Panda Express in a
mall in Glendale, Califor-
nia. Having earned a doc-
torate in electrical engi-
neering and worked as
an aerospace-software-
development engineer,
she incorporated sys-
tems that have turned it
into a 1,900-store, quick-
serve food chain, one of
the largest in the U.S.,
with $2.4 billion in reve-
nues. The Cherngs em-
ploy 30,000 people and
have raised more than
$100 million for charity.
“In America nothing will
stop you but yourself,”
says Cherng.
TIM PANNELL FOR FORBES
Douglas Leone is an-
other Forbes 400 member
for whom an American
education was a turning
point. He was in middle school when meaningful is that we’ve always come
he left Italy in 1968. His parents envi-
FOUR DECADES out of them.”
sioned a life for him that included “up- OF OPPORTUNITY What’s also meaningful is that de-
ward mobility, something that wasn’t The number of immigrants spite all the hot air America, a land of
on The Forbes 400 has
possible in Europe.” He wound up at steadily increased immigrants, remains decidedly pro-
Cornell and then earned postgradu-
ate degrees from Columbia and MIT.
since 1986.
42 immigrant. A 2016 Pew Research poll
indicated 59% of Americans believe
“The American Dream is realized if
you take advantage of the opportuni- 35 that immigrants “strengthen our coun-
try because of their hard work and tal-
ty,” he says. “I used my education as ents” (33% believe immigrants “are a
a vehicle to put me in a position to do
something.” 26 burden on our country”). Our citizens
intuit that any slight downward wage
Leone worked sales jobs for
the likes of Sun Microsystems and 20 pressure for unskilled workers is more
than overcome by all the growth and
Hewlett-Packard before joining ven- job creation that immigrants excel in.
ture capital firm Sequoia Capital in But that dynamic could be chal-
1988. He became managing partner in lenged. The U.S. has been toughening
1996. During his tenure Sequoia has its visa requirements for skilled work-
invested in Google, YouTube, Zap- ers (the famous H-1B). The U.S. has
1986 1996 2006 2016
pos, LinkedIn and WhatsApp, and has had the same visa and quota cap for
played a role in the creation of count- skilled immigrant workers since 2004,
less jobs. “If I had to bet the over/ never lost his appreciation for how even though demand for the visas has
under on one million jobs created by lucky he was that he and his family exceeded the mandated allotment.
the companies we’ve been involved in, were allowed to come here and pros- In fact, the government has filled its
I’d bet the over,” he says. per,” says Zell, who’s made $4.7 bil- quota within five days of opening it
Leone is now worth an estimated lion in private equity and real estate each year since 2014—at a time when
$2.7 billion. His immigrant experience, investing. “They worked very hard a global economy means that many
he says, has been invaluable. “Being an and were very patriotic and certainly newly minted college graduates see
immigrant provides you with a drive, instilled that in us.” more opportunity (or at least a fighting
one that never goes away. chance) in returning home.
I still feel it today,” he says. As a result we’re in-
“Failure is not an option. I “I tell my kids that the only thing creasingly drawing the
tell my kids that the only I can’t give them is desperation. world’s best and brightest,
thing I can’t give them is giving them access to our
desperation. And I apolo-
And I apologize to them for that.” knowledge—and then kick-
gize to them for that.” Spo- ing them out, against their
ken like someone who wishes, to compete with us
found quick success. from their original home-
It should be noted, though, that land. So, what to do? Ask The Forbes
in addition to the 42 immigrants, The THE RECENT U.S. ELECTION CYCLE’S immi- 400 immigrants, including Peterffy,
Forbes 400 includes 57 people who are grant- and refugee-bashing is a time- Khan, Wadhwani and Cherng. Despite
the children of immigrants, or 14% of honored tradition here, with each their varied backgrounds, you’ll find
the list (compared with 6% of U.S. cit- wave of newcomers taking its turn in agreement on three broad principles.
izens over 18), pretty much shattering the crosshairs of those who see them First, educated and highly motivat-
the image of America’s billionaire class as job-stealing criminals. The Ger- ed immigrants should be encouraged,
as a bunch of blue bloods. That entre- mans gave way to the Irish, the Asians not discouraged, to come to the U.S.
preneurial hunger seems to continue to the Arabs, the Catholics to the Jews. (President Obama has championed a
for at least one generation. Sam Zell’s These days the targets are Hispan- proposal to admit immigrant entre-
Jewish parents escaped Poland before ics and Muslims. “We’ve gone through preneurs more easily—raise $100,000
the German invasion in World War II these various cycles over the years,” from qualified investors and get a
and came to the U.S. “My father used says Peter Spiro, a professor at Temple “startup” visa—but it’s been bottled up
to say that in the United States the University in Philadelphia who spe- in congressional partisan gridlock. A
streets were paved with gold, and he cializes in immigration law. “What’s workaround proposal was recently an-

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 31

 FORBES 400 IMMIGRANTS

nounced by the Department of Home-
land Security and would grant tempo-
rary status to immigrants with an own-
ership stake and an “active and central
role” in an American startup.)
Second, American borders should
be more secure when it comes to il-
legal immigrants. And third, there
should be a path to citizenship for il-
legal immigrants already in the U.S.,
which includes registering, paying
taxes and following the law.
Perhaps this can help create some
consensus, one that ensures that the
American Dream stays exactly that.
How fitting if it proved to be another
billion-dollar innovation dreamed up
by immigrants. F
With reporting by Samantha Sharf,
Grace Chung and Mrinalini Krishna.

Powell Jobs in an e-mail. “Unshackled rightly under-

stands that immigrants represent nothing but potential.”
Obtaining visas for skilled immigrants is hard enough
for tech giants like Google or Facebook. This year
the U.S. Citizenship & Immigration Services received
233,000 requests for the 85,000 H-1B visas available for
skilled workers within a week of opening for applica-
tions. Securing one of those visas is especially hard for
startups, which often lack the financing or wherewithal
to show the government they’ll be able to pay an im-
migrant worker for a sustained period.
Pachisia experienced the visa challenge firsthand.
Unshackled’s Born in India, he came to Silicon Valley to work at a De-
Nitin Pachisia loitte consulting practice focused on startups. He later ran
and Manan Mehta strategy and finance at Kno, a well-funded startup. But
have a model to
keep immigrant
when he came up with an idea for his own e-commerce
entrepreneurs in venture, he found he couldn’t leave his employer, which
America. had sponsored his visa, and was forced to moonlight,
working on the startup on nights and weekends.

HACKING THE VISA RACKET
AMERICA’S IMMIGRATION SYSTEM ALMOST KILLED INSTAGRAM.
Back in 2009, frustrated with his inability to get a work visa,
cofounder Mike Krieger, a Brazilian-born Stanford graduate who
shaped Instagram’s product and vision, was on the verge of de-
camping for his homeland. At the 11th hour his paperwork came
through, and Krieger, along with cofounder and CEO Kevin
Systrom, began to build Instagram into a social media giant with
half a billion users and up to $50 billion in enterprise value. The
company has also created hundreds of U.S. jobs.
Now a pair of entrepreneurs-turned-investors, Nitin Pachisia
and Manan Mehta, are trying to ensure that fewer immigrant-led
startups face an untimely death by lack of visa. Two years ago
they founded Unshackled Ventures, an early-stage venture fund
and mentorship program with a clever, market-based solution
to the visa challenge facing many foreign-born entrepreneurs: In
exchange for equity, Unshackled not only provides cash but also
acts as an employer and visa sponsor for founders.
Their idea resonated in tech circles, and in no time Unshack-
led raised some $5 million from some 80 A-listers like Laurene
Powell Jobs, Jerry Yang and Bloomberg’s venture arm. A larger
financing round is said to be in the works.
“While our national dialogue around immigrants deteriorates,
Unshackled’s model showcases the kinds of conversations that
we ought to be having—conversations about removing impedi-
ments to opportunity, investing in extraordinary intellectual
capital and spurring innovations that will benefit all of us,” says
Mehta, who met Pachisia at Kno, was born in the
United States, so he didn’t face the same issue. But his
cofounder in a separate startup did. The experience
brought Mehta and Pachisia back together, determined
to “hack” the visa challenge for talented immigrants. After brain-
storming the idea for Unshackled in a Palo Alto coffee house,
they tested the waters with a website, a Facebook post and some
fliers at Hacker Dojo, a co-working space for startups. Less than
two months later they launched Unshackled. Their goal is to fund
startups that over time will help create 100,000 new jobs.
Unshackled is hardly alone in tackling the issue. In Au-
gust President Obama proposed a new rule that would grant
temporary work visas to immigrant entrepreneurs who received
a minimum of $345,000 from private investors. The plan is
something of a workaround to the “startup visa,” which would
give visas to immigrant entrepreneurs—an idea championed by
techies and embraced by the White House but stuck in congres-
sional limbo. The proposal would make it easier for Unshackled
entrepreneurs to obtain a visa, freeing Mehta and Pachisia to
focus on their roles as mentors and company builders. “This
country has an obligation to continue to attract the best and
the brightest, and it needs to give them a reason to stay,” says
Mehta, echoing what passes as gospel in tech circles.
As of now Unshackled has funded 15 companies, with found-
ers from more than a dozen countries. Nine have gone on to re-
ceive additional funding, including one that is at the prestigious
Y Combinator program. While no Unshackled company has hit it
big yet, none has failed, either—the fear of losing your visa is a
powerful motivator. —Miguel Helft

32 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 FORBES
400

PAIN
AND
GAIN
John Kapoor made his
billions by letting his drug
companies push legal and
ethical limits—which was
fine when he was peddling
blood-pressure pills, but
not once he started selling
one of the strongest
narcotics in the world.
BY M AT T H E W H E R P E R A N D M I C H E L A T I N D E R A

34 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

JAMEL TOPPIN FOR FORBES

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 35

 FORBES 400 JOHN KAPOOR
O
n March 25, 2016 Sarah Fuller, 32,
was supposed to drop her moth-
er’s car at the shop. Her mom
called at 8 a.m. to make sure her
daughter was up. She got Sarah’s fiancé. He
found Sarah in her room, motionless,
with her face on the floor. She was
dead. The medical examiner im-
plicated two drugs Sarah had been
prescribed: Xanax, for anxiety, and
Subsys, the fastest-acting form of
fentanyl, among the most potent
narcotics known to medicine. The
combination was dangerous, but
Sarah’s family blames Subsys and
its maker, Insys Therapeutics, for
her death and plans to sue. “They
obviously had no regard for human
life,” says Debbie Fuller, Sarah’s
mother. “In order for them to make
the bottom line bigger, people have
to die for it.”
Subsys is the brainchild of John
Kapoor, 73, one of the most success-
ful pharmaceutical entrepreneurs in
America and the founder, chairman
and chief executive of Insys. Kapoor
is worth $2.1 billion, and his Insys
shares represent $650 million of his
net worth. The company’s stock is
up 296% since its 2013 IPO.
His idea for what became Sub-
sys was to pair fentanyl, a narcot-
ic 80 times more potent than mor-
phine, with spray technology that
would allow patients to get a dose
under their tongues. The point was
to ease cancer-related pain, which
often breaks through high doses of
existing opioids. It’s a subject Ka-
poor knows well: Editha, his wife
of three decades, died of metastatic
breast cancer in 2005.
“I was a caregiver for her,” Ka-
poor says. “I took care of her. I saw
36 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
what she had to go through, and I
can tell you, pain is such a misun-
derstood thing for cancer patients.
Nobody understands pain. They
think pain is just pain. My wife went
through it.”
But critics allege that Insys sales
reached $331 million last year be-
cause the drug is also being used for
patients who do not have cancer.
Like Sarah Fuller. She suffered from
back and neck injuries from two car
accidents a decade ago and from fi-
bromyalgia, a mysterious disorder
that causes diffuse muscle and bone
pain. Kapoor is quick to say that it
“doesn’t make sense” to give a fibro-
myalgia patient Subsys, a drug de-
signed to relieve sudden spikes of
excruciating pain. (Insys did not
comment directly on Fuller’s death.)
More than that, it would be illegal
for Insys to promote the drug for
such use, because the U.S. Food &
Drug Administration has approved
Subsys only for cancer patients.
Yet in 2015 a nurse practitioner
in Connecticut pleaded guilty to vi-
olating a federal antikickback stat-
ute by taking money from Insys to
prescribe the drug to Medicare pa-
tients who did not have cancer. A
former Insys sales representative
in Alabama also pleaded guilty to a
conspiracy to violate the antikick-
back statute by paying two doc-
tors to prescribe the drug. Illinois
has filed claims against Insys re-
lated to pushing Subsys for unap-
proved uses. U.S. attorneys in two
jurisdictions—the Central Dis-
trict of California and the District
of Massachusetts—are investigat-
ing the company. Doctors who have
worked with the company are being
investigated by Michigan, Florida,
Kansas, New Hampshire, Rhode Is-
land and New York.
One case has been settled: Insys
paid the state of Oregon $1.1 mil-
lion, a small amount for the compa-
ny but twice its entire book of busi-
ness in the state, to settle charges
that it was working to persuade doc-
tors to prescribe Subsys to patients
who did not have cancer. To date,
Insys has admitted no wrongdoing
and says it has strengthened its pro-
cedures to prevent lapses from oc-
curring in the future.
It’s familiar territory for Ka-
poor. He has made a habit of found-
ing companies and allowing them to
push legal and ethical limits, confi-
dent of his ability to clean up the re-
sulting mess. Insys is just the latest
chapter.
“My involvement is I am an in-
vestor,” Kapoor says. “As an investor
I’m on a board. As a board member
and an investor you are involved,
but you are not involved in day-to-
day operations, and that’s where the
problems come in.”
KAPOOR GREW UP MODESTLY in India.
He was the first in his family to at-
tend college. He earned a doctor-
ate in medicinal chemistry from
the State University of New York
at Buffalo in 1972 and quickly went
to work in the corporate world. “In
India they teach you how to work in
a factory,” he says. “They don’t teach
you how to work in a drugstore.”
In the 1970s many companies
had small divisions that made ge-
neric drugs. Kapoor started at In-
venex Laboratories, in Grand Island, with the FDA to fix the problems. linois generic-drug company that
New York, which was owned by The FDA reported that the result- accounts for the biggest share of Ka-
Mogul Corp., a water treatment firm. ing shortage of vitamin B1 for tube- poor’s net worth. Over the past ten
He worked there for six years (he feeding resulted in three patient years Akorn’s shares are up 728%,
met his wife there), but he wanted to deaths. In 1990 a congressional sub- and Kapoor’s 26% stake in the com-
run something on his own. In 1978, committee called LyphoMed’s man- pany is worth $890 million. But it
he says, he approached LyphoMed, ufacturing problems “legendary.” came close to being worth nothing.
a drug maker owned by a Chicago Kapoor found a buyer, anyway: Kapoor invested in Akorn in 1991,
corrugated-cardboard maker called In 1990 Fujisawa Pharmaceutical, as the company grew through merg-
Stone Container. Then 35, he not a Japanese drug giant, bought Ly- ers with several other firms. In 1996
only negotiated a job at the compa- phoMed in a deal that valued the he became chief executive amid what
ny but also an option to buy it should company at almost $1 billion. Ka- he remembers as concerns about the
Stone exit the pharma business. poor personally pocketed $100 mil- company’s accounting. He stepped
At LyphoMed he demonstrat- lion after taxes. down two years later. He was back
ed a talent for marketing straight In 1992 Fujisawa sued Kapoor as CEO in 2001 as another set of ac-
out of Mad Men. One of the compa- for that entire $100 million, saying counting mistakes occurred. The
ny’s major products was the formula LyphoMed’s FDA problems were FDA was also investigating problems
used to tube-feed hospital patients. worse than it had been led to be- at the company’s plant in Decatur,
LyphoMed’s product contained vi- lieve. He called the charges “pre- Illinois, which were eventually re-
tamins and electrolytes, or micro- posterous” and settled for an undis- solved. Kapoor stepped down again
nutrients, and Kapoor seized on the closed (but smaller) amount in 1999. at the end of 2002.
term “micronutrients” as a hook to “I don’t know how much you know In 2007 the FDA warned of more
get his salespeople into otherwise about Japan, but to them, face-sav- manufacturing problems, some of
uninterested hospitals. “I which had persisted since
always believed in mar- 2004. Debts piled up. In
keting,” Kapoor says. “You “I’ve always taken the company 2009 Akorn’s annual re-
might have a great thing— to the finish line. If something port said there was sub-
but if you don’t know how happens, I just don’t run away stantial doubt about its
to market, then you can’t ability to continue as a
succeed.”
and say, ‘Okay, I’m done.’ ” going concern. The share
In 1981 Kapoor pulled price fell as low as 75
together a syndicate of in- cents.
vestors to help him buy Akorn didn’t turn
LyphoMed from Stone Contain- ing is very important,” he says. around until Kapoor brought in
er for $2.7 million (about $6.7 mil- “Their way of face-saving was say- another new chief executive, Raj
lion in today’s money). Kapoor took ing: ‘John did this.’” Rai, in 2009. Rai had previous-
LyphoMed public in 1983. Sales The $100 million fortune al- ly run another Kapoor company,
boomed as Congress passed laws fa- lowed Kapoor to spread out his bets. a pharmacy called Option Care,
voring generic medications. From He would found or take control- which was sold to Walgreens in
1983 to 1989 LyphoMed’s sales ling stakes in multiple companies at 2007 for $850 million, including
increased from $19 million to once, and assume the chief execu- debt. Rai focused Akorn on its core
$159 million. tive role only when something went businesses, eye drugs and sterile
When Kapoor tells this story, wrong. “In my career my plan has injectable medicines for hospitals,
however, he leaves out a key part: always been: I am the last guy stand- jettisoning low-margin businesses,
his near-constant battles with the ing,” Kapoor says. “I’ve always taken including vaccines. Akorn shares
FDA. LyphoMed’s drugs were not the company to the finish line. If now trade at $27, a longtime disas-
produced in a sterile environment, something happens, I just don’t run ter that turned into a huge win.
the agency alleged: There was bro- away and say, ‘Okay, I’m done.’ I say,
ken glass in what was supposed to ‘Okay, I have a big stake in it, and I IT WAS AT A COMPANY CALLED Sci-
be a sterile room. In 1987 and 1988 know the strategy,’ and so on a tem- ele Pharma, originally called First
LyphoMed recalled hundreds of porary basis I step in and try to see Horizon, that the stage was set for
thousands of vials of various drugs, what needs to be done.” Insys Therapeutics and its aggres-
eventually entering a consent decree Consider Akorn, a Lake Forest, Il- sive marketing of a powerful narcot-

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 37

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 FORBES 400 JOHN KAPOOR
ic. Kapoor cofounded the company
in 1992, linking up with an experi-
enced drug marketer, Patrick Four-
teau, who had previously run a con-
tract sales force that pharma giants
could quickly hire when they need-
ed extra help. Sciele sold heart, pe-
diatric and allergy drugs. Its biggest
product was a blood-pressure pill.
Instead of hiring experienced
pharmaceutical salespeople, Four-
teau hired recent college graduates,
nurses and other health care profes-
sionals, paying them low salaries but
giving them big bonuses if they got
doctors to prescribe Sciele’s drugs.
Fourteau felt this was better for a
small drug maker. “The big phar-
ma guys—especially in sales—that
we recruited were the rejects of big
pharma,” he says. “When they came
to a small company, they thought
they owned the world, and they
were telling management how to
run the show.”
When they were just selling
blood-pressure pills, this strate-
gy worked admirably. In 2008 Sci-
ele was bought by the Japanese drug
giant Shionogi for $1.42 billion. By
that time Kapoor had already sold
his shares and stepped down from
the board.
At Sciele he’d become fascinat-
ed by another of its products: a
spray form of nitroglycerin used
by heart patients to stop attacks of
chest pain. “Patients loved it,” Ka-
poor says. “I started looking into the
sprays, and to my surprise, I found it
was the only product that was sold
as a spray in this country.” What
other drug would work well as a
spray? Well, fentanyl, which can-
cer patients needed for rapid relief
of pain. The idea wasn’t a fit for Sci-
ele, so Kapoor brought it to Insys,
a small company he’d founded in
2002. Fourteau joined the board in
2011, and Insys decided on a sales-
force strategy much like Sciele’s,
with young, aggressive salespeo-
ple. Asking them to sell a potential-
40 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
ly deadly narcotic on an incentive
plan created a powder keg primed
to explode.
THE MARKET FOR PRESCRIPTION opi-
oids is lucrative but fraught with
ethical problems. A marketing push
by Purdue Pharma in the 1990s re-
sulted in its OxyContin becoming
widely used—and abused. Since 1999 ties, Cephalon more than survived:
the number of prescriptions for opi-
oid pills has quadrupled. The num-
ber of annual overdose deaths has
quadrupled, too, to 19,000 per year.
Kapoor points out that his drug,
Subsys, is but a drop in this flood.
Superpotent forms of fentanyl
meant for cancer patients are pre-
scribed only 130,000 times a year,
DEADLY MEDICINE
As the use of prescription opioids has grown in
the U.S., a rise in overdose deaths has followed.
250
PRESCRIPTION OPIOID
OVERDOSE DEATHS
(THOUSANDS)
200
OPIOID
PRESCRIPTION
10.9
(MILLIONS)
150
9.9
8.5
7.5
100
5.5
4.4
4.0
50
0
1999 2001 2003 2005
SOURCES: NATIONAL INSTITUTE ON DRUG ABUSE; CENTERS FOR DISEASE CONTROL & PREVENTION.
Insys says, compared to 200 million
for opioids as a whole. (It’s diffi-
cult to say how many people use the ness, any business, especially when
drugs, since patients get multiple
prescriptions.) These drugs relieve
severe pain, but they come with
their own legal problems. In 2008
Cephalon, a Frazer, Pa. drugmak-
er, paid $425 million and pleaded
guilty to criminal charges involving
drugs such as Actiq, a fentanyl lolli-
pop. The Department of Justice al-
leged Cephalon had promoted Actiq,
meant only for cancer patients, for
a wide range of uses, including pain
associated with migraines, sickle-
cell anemia and changing wound
dressings. Worse, prosecutors said
Cephalon pushed the high-dose
narcotic to patients who had not
previously developed a tolerance to
opioids and might have died from
their first exposure to such a potent
dose of fentanyl. Despite the penal-
Teva Pharmaceuticals, based in Isra-
el, bought it in 2011 for $6.8 billion.
To navigate this treacherous legal
and ethical territory, Insys’ board,
led by Kapoor, picked as chief exec-
utive a man in his mid-30s with little
pharmaceutical experience named
Michael Babich, whom Kapoor had
originally recruited from Northern
Trust, a wealth man-
agement firm, to work
in his family office.
Babich, in turn, chose
Alec Burlakoff, who
16.7 16.9
15.6
16.0 16.2 had marketed similar
14.4 14.8 narcotics for Cepha-
13.7
lon and had been men-
tioned in a case alleg-
ing off-label market-
ing, to head the sales
force. Both have since
left the company and
did not return repeat-
ed calls for comment.
“I think what hap-
2007 2009 2011 2013 pened with Insys is
that we grew very
rapidly,” Kapoor
says. “We have over 500 employ-
ees. I think a lot of things in a busi-
you have a fast-growing company,
you’re in a very dynamic situation.
Every day there is some decision
that needs to be made. Mike did a
good job. Yeah, we have some issues
with DOJ. But I think, operational-
ly, I felt that Mike may not be able
to handle that with so many things
happening.”
One way drug companies pro-
mote medicines is by paying doc-
tors to give talks. This rewards doc-
tors who like a company’s products
and helps create new converts. In
2015 Insys paid doctors $6.3 million
for activities that included speak-
ing, according to data collected by
the Centers for Medicare & Medic-
aid Services. Four doctors received
fees of over $100,000, and 11 more
received at least $75,000.
Speaking fees aren’t illegal un-
less they are used as bribes for pre-
scribing drugs for unapproved uses.
That may have happened. Heather
Alfonso, a nurse practitioner in Con-
necticut, pleaded guilty to charges
of federal antikickback laws in June
2015. Prosecutors alleged that she
had received speaking payments of
$83,000 and prescribed $1.6 mil-
lion worth of Subsys, largely to pa-
tients who did not have cancer. (She
worked at a pain and headache cen-
ter.) She did not contest allegations
by prosecutors that, in many cases,
she was paid merely to go to dinner
with a few people.
In February 2016 a former Insys
sales representative, Natalie Reed
Perhacs, pleaded guilty to conspir-
acy to violate antikickback statutes.
Alabama prosecutors alleged she’d
been hired because a doctor who
prescribed Subsys “developed a cer-
tain affection” for her and that she
arranged speaking fees for him and
a colleague in return for their pre-
scribing Subsys. Prosecutors claim
she made more than $700,000 be-
tween April 2013 and May 2015, de-
spite having a base salary of only
$40,000 a year. Neither Alfonso nor
Perhacs has been sentenced; neither
has commented for this story.
The allegations made by civil pros-
ecutors in Oregon and Illinois mirror
the picture created by the guilty pleas,
documented with e-mails and text
messages from Insys employees. The
Illinois complaint alleges that Insys
paid $84,400 to one doctor for 46
talks even though the company knew
he had been indicted on federal false-
claims charges. According to the com-
plaint, an Insys sales rep e-mailed his ing for a replacement. His main de-
supervisor and Babich, the CEO, say- fense, over three hours of inter-
ing that the doctor “runs a very shady views, is naiveté.
pill mill and only accepts cash.” Later “I look at doctors and we think,
on the same salesperson sent a mes- professionally they’re all ethical and
sage to a supervisor saying the doc- all that,” Kapoor says. “I learned that
tor’s Illinois office was being watched in certain areas, like in pain man-
by the Drug Enforcement Agency but agement or in opioids—this is pub-
that he was planning to start prescrib- lic information, I’m not making it
ing Subsys from another office in In- up—that there are doctors that over-
diana. The supervisor responded by prescribe and things like that.” On
saying the doctor would become the speaker programs: “We have very
salesperson’s “go-to physician” and strict company policies,” Kapoor
advising: “Stick with him.” says. “If something happened in
In another case, Or- the field, sometimes
egon civil prosecutors the company may not
allege, Insys hired the One Subsys know about it.”
son of a physical medi- prescriber It’s hard to believe
cine and rehabilitation was known that someone could
doctor as a salesperson. to run “a run pharmaceuti-
(Their full names are cal companies for al-
redacted.) The son told
very shady most 40 years with-
his bosses—and later pill mill out realizing some doc-
swore under oath— and only tors overprescribe
that his father did not accepts medicines, particular-
treat any cancer pa- cash.” ly pain medicines. Ka-
tients. But the pressure poor—and Insys share-
from Insys to get him holders—would like
to prescribe Subsys, to move the focus past
which was approved only for cancer, Subsys, hoping sales, which have
wouldn’t stop. The company paid an- dropped in the wake of bad press
other physician $1,600 to have din- and government investigations, sta-
ner with him to try to persuade him bilize. He would like the focus to be
to write Subsys prescriptions. And on other drugs. Insys just received
they kept pressuring the son. “This FDA approval for a synthetic version
company really wants to make you a of THC, the compound in marijua-
speaker,” the son wrote to his father. na, to treat nausea. It is developing
“Apparently Kapoor had good things a spray version of naloxone, the life-
to say about you. The VP of sales saving antidote for opioid overdoses,
wants to come out and speak with and a synthetic version of cannabi-
you. I apologize for being pushy.” diol, a component of marijuana that
The Southern Investigative Re- has shown promise in preventing
porting Foundation, a nonprofit fo- seizures. Maybe after things with
cused on investigative reporting, ob- the Department of Justice are finally
tained a recording in which Insys settled, that will be possible.
employees seemed to discuss get- Maybe it will be possible after
ting insurers to pay for Subsys for Kapoor steps down. Other small
patients who don’t have cancer. drug makers have made big ethi-
Babich stepped down in Novem- cal missteps and moved on. But the
ber 2015, and Kapoor took over, as problem with (allegedly) pushing
he has done so often when his com- a narcotic for unapproved uses is
panies get into trouble. Kapoor has this: Even after you stop, the conse-
already announced that he is look- quences are painful. F
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 41
 FORBES
400

A VIEW FROM
THE TOP
As a child, Philip Anschutz had the mile-high ambition to own
the lavish Broadmoor hotel in Colorado. Six decades later the
Denver billionaire finally purchased the grand mountainside
resort—and the reality has surpassed his dream.
JAMEL TOPPIN FOR FORBES

BY C H R I S TO P H E R H E L M A N

42 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

PHOTOGRAPHS BY BRANDON SCHULMAN FOR FORBES

 Mountain of wealth:
Anschutz, in the bar of
the Broadmoor, with
a 1920 portrait of the
Hundred Million Dollar
Hotel Group—44 hoteliers
with cumulative worth
of that much, whom the
Broadmoor’s founder
invited to experience his
luxurious resort.

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 43

 FORBES 400 PHILIP ANSCHUTZ

P
hilip Anschutz knew early in life that he was
put on this earth to be a collector of busi-
nesses. The epiphany came at the Broad-
moor hotel, a Mediterranean-style palace
built in 1918 at the base of Cheyenne Moun-
tain in Colorado Springs, Colorado. “I started coming
here when I was 5,” he recalls. “And when I was 10,
I was sitting in the corner of the bar when I told my
mother and father I was going to buy the Broadmoor.”
Fred Anschutz, an oil driller, was pops it open to extract some files ter; the hallways are still lined with
impressed with his son’s ambition, and a bag of little cigars that he likes black-and-white photos of him en-
though skeptical. “Obviously my fi- to chew on but never smokes. We gaged in feats of derring-do.
nancial capability was a little short head out on a brief tour of the prop- Once, Penrose built a zoo (which
at the time,” Anschutz says, but the erty on a golf cart, and then he sug- still exists) and acquired an ele-
budding capitalist was inspired. “It’s gests we sit at La Taverne, his go-to phant. Like a hospitality P.T. Bar-
every child’s dream” to explore won- Broadmoor dining spot. num, he claimed it was the largest in
ders like Broadmoor’s waterfalls, for- As we tuck into some oys- the world and a gift from the “Maha-
ests, golf course, movie theater and ters, he shares tales of the Broad- raja of India” himself. Guests loved
cog railway to Pikes Peak, he says, moor’s founder, Spencer Penrose. the story. Never mind that Penrose
describing the property of his youth. The youngest of four brothers from had bought it from a bankrupt cir-
“I wanted to own it.” the Philadelphia Main Line, Pen- cus. “He was a heck of a marketing
The Denver entertainment mogul rose went to Harvard, where he guy,” Anschutz says, “who knew how
is sitting in one of the executive of- was “lucky he didn’t get kicked out to create brands before people really
fices of the 784-room hotel. Now 76, because of drinking, women and understood brands.”
Anschutz is spry and his silver mane fighting,” Anschutz explains. “He It’s one thing to love that kind of
remarkably intact. He is dressed in excelled at those three things.” tradition and history, but why would
billionaire casual: jeans, tassel loaf- But Penrose also turned out to be a young boy dream of owning such
ers and a yellow fleece vest over a a visionary businessman, building a place when he could just visit? Be-
gleaming white shirt. It’s June, and a fortune in mining before turning cause what Anschutz came to ap-
the place is buzzing with families. to his true loves: his wife, Julie, and preciate about the Broadmoor were
But here in the windowless heart of the Broadmoor, which he built as a all the moving parts behind the
the hotel, all is calm. He has just ar- personal playground. business, a machine with a “multi-
rived from Denver; his wife, Nancy, Penrose envisioned the hotel as a plicity of venues” engineered to ex-
will soon follow, along with children gateway to the West for East Coast tract money from well-heeled guests
and grandchildren, all on hand to at- society—much in the way that rail- by cross-selling them with offers of
tend a family wedding. road tycoon Henry Flagler had built golf packages, lavish dinners or tick-
Anschutz heaves a tattered leath- the Breakers in Palm Beach for ets to the falls.
er briefcase onto the elegant, rough- wealthy travelers. And he presid- “I must have had an early leaning
hewn wood conference table and ed over the property like a ringmas- toward business,” he says. And so the

44 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 FORBES 400 PHILIP ANSCHUTZ
Broadmoor became a kind of totem
for him, representing the ideals that
he sought in other industries. “Not
that I had an understanding of this
when I was 10 years old, but when
you see what can be done, the pos-
46 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
sibilities, you want to be involved in
something. You want to own it.”
But young Philip’s dream of own-
ing the Broadmoor would have to
wait a few decades. Anschutz took
over his father’s oil business in 1965
Greater than the sum: For Anschutz, the
Broadmoor’s appeal isn’t just the grand
setting and endless activities but also how it all
works together as a moneymaking machine.
at age 25, then almost lost every-
thing on a string of dry holes. When
a well blew out and caught fire, An-
schutz couldn’t afford to hire a
crew to put it out. But he learned
that Universal Pictures was film-
ing a movie inspired by oilfield fire-
fighter Red Adair. The studio paid
him $100,000 for the rights to film
the mess, enough to hire Adair. The
footage became part of 1968’s Hell-
fighters, starring John Wayne.
The cash got Anschutz through
to the next gusher, and in 1982
he sold his half of the Anschutz
Ranch East Field to Mobil for
$500 million. Anschutz, ever the
student of history, was enchant-
ed by the saga of the business pi-
oneers of the American West and
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 FORBES 400 PHILIP ANSCHUTZ
ended up buying their companies.
In 1984 he bought William Jack-
son Palmer’s Denver & Rio Grande
Western Railroad for $500 mil-
lion. He leveraged that into control
of the entire Southern Pacific net-
work, which he sold to Union Pacif-
ic in a $5.4 billion deal in 1995 (net-
ting Anschutz roughly $1 billion).
On the railroads’ rights of way An-
schutz had laid copious amounts
of fiber-optic cable, which became
the foundation of Qwest Commu-
nications. Though Qwest ultimate-
ly plummeted in the 2000 telecom
bust, Anschutz collected a few bil-
lion more from share sales. Always
reinvesting in oil, in 2010 he made
$2.2 billion selling fields in Penn-
sylvania, North Dakota and Ohio.
These days he’s aiming to build one
of the world’s biggest wind farms
on his 320,000-acre Wyoming
ranch. “I’ve had a couple other day
48 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
jobs,” he says with a wink. L.A. Live complex, which AEG com-
All the while Anschutz continued pleted by 2010. (Today Anschutz is
to pine for the Broadmoor. He made worth an estimated $10.8 billion,
offers as soon as he was able, first which lands him on The Forbes 400
at No. 39.)
to Penrose’s foundation, later to the
Gaylord family of Oklahoma City, It’s not enough to just own the lo-
who had acquired the hotel in 1988. cations; Anschutz also owns teams
that play there (includ-
ing the Los Angeles Kings
In a vault undisturbed and a piece of the Lak-
since Prohibition, workers ers), while his AEG Live
division represents art-
unearthed 200 bottles of ists (such as Taylor Swift,
whiskey and wine. Justin Bieber and Car-
rie Underwood) and pro-
motes their concert tours.
To maximize his take, An-
And until he could own that unique schutz created a ticketing platform
property, he set out to build some to compete with Ticketmaster: AXS
of his own. His $4 billion Anschutz now sells 29 million a year.
Entertainment Group now owns He also entered the travel busi-
or manages more than 120 ven- ness with his 2008 acquisition of
ues worldwide. The cornerstone is Xanterra, which operates lodges in
the Staples Center and surrounding national parks such as the Grand
A Georgia peach: This June Anschutz took ownership of the
Sea Island resort. The only one of America’s three grande dame
hotels that eludes him is the Breakers in Palm Beach.

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the two cities. Looking ahead, Paxman
expec ts UltraVault to be rolled out in
the major wealth hubs of Tok yo, New
York and London by the beginning of
next year.
Clients of the ser vice are made up
mainly of jewelry owners and collectors
as well as individuals who want to keep
tangible assets such as precious metals
as a long-term investment in a secure
facility, Paxman explains.
“C olle c to r s a n d inve s to r s u s uall y
require their box only once or twice a
year. Then you have the clients who have
personal jewelry and don’t want to keep it
at home and require it more frequently,”
he said.
He is bullish about the future of UltraVault,
as he believes that the banks, which have
traditionally provided safe deposit box
services, are slowly withdrawing from the
space and ceding it to specialist companies
such as Malca-Amit.
“We feel that we have a unique product
that can be customized to the client’s
needs,” Paxman said. “It can be stored
in a secured facility in different locations
around the globe, and it can be mobile
and it is fully insured. It offers the whole
package to our clients.”
Featuring the latest in security technology, UltraVault
offers clients peace of mind.
 FORBES 400 PHILIP ANSCHUTZ

Canyon and Yellowstone. Xanter-
ra, founded by legendary hospitali-
ty mogul Fred Harvey, offers hiking,
biking and sailing adventures.
Finally, in 2011 the Gaylords were
ready: For a reported $1 billion they
sold Anschutz his beloved hotel, but
they also required him to take over
the rest of their collection of busi-
nesses, including the newspaper The
Oklahoman, a paving-stone manu-
facturer and frozen-pancake maker
De Wafelbakkers.
Anschutz celebrated the deal by
launching a $175 million renovation
campaign. He remodeled
a wing in the same Med-
iterranean style, updat-
ed restaurants and im-
proved the resort’s rail-
way. In synergy with
Xanterra there’s now
a zip-line adventure in
the forest above Seven
Falls. He is also work-
ing many levers in Col-
orado Springs. In 2014
AEG signed an agree-
ment with the 8,500-seat
local arena, which was
promptly renamed after
the Broadmoor. (His L.A.
Kings have since hosted
preseason games there.)
And he made some
discoveries along the
way. In a vault undis-
turbed since Prohibition, workers
unearthed 200 unopened bottles
of whiskey and wine. “Penrose was
not an especially faith-based fel-
low,” Anschutz says. “He had a few
bad habits.” But he was fortunate
enough to marry a woman “who
made him build a chapel. She donat-
ed it to the Catholic Church; one of
the first things I did was [lease] the
church back.”
The biggest change Anschutz has
made at the hotel is the art. There
are now 300 works by the likes of
Albert Bierstadt, Frederic Reming-
ton, Charles Russell and Maxfield
Parrish. The paintings, drawn from
Anschutz’s vast collection, are heavy
on cowboys and Western landscapes
glowing with manifest destiny. They
impart a sense of history “that helps
complete people’s perception of the
West” and the Broadmoor’s place
in it. And don’t worry about kids
brushing up against that Bierstadt—
most are high-quality reproductions
of originals on display in Anschutz’s
museum in Denver. “We don’t tell
people which are which,” he says.
One portrait you’ll never find on
those walls is Anschutz’s. It would
Rooms with an interior view: True to its name, Sea Island’s Cloister has
suites along an arcade that overlooks the hotel’s Colonial Lounge.
make it harder for him to spend
time in his favorite place: “I like to
sit in the lobby and watch people,”
he says. He can also be found hiking
to the resort’s outposts farther up
the mountain. “You can have break-
fast at Seven Falls,” he says, shar-
ing one of his favorite routes, “then
walk up to Cloud Camp for lunch
and a beer, and then hike to Emer-
ald for some dinner. And then we’ll
bring you back.”
He also still swoons over the story
of Zebulon Pike. Sent by Thomas Jef-
ferson to map the West, he got to the
base of what’s now Pikes Peak but
never could figure out a way to get
to the top. “He declared it ‘unclimb-
able,’” laughs Anschutz, who now
owns the railroad that goes to the
top. “And it’s a moneymaker.”
IF THE BROADMOOR IS Anschutz’s
jewel in the West, it now has a posh
cousin on the East Coast. The Sea
Island resort in Georgia was found-
ed in 1928 by Howard Coffin, a De-
troit industrialist who helped found
the Hudson Motor Car Co. He was
drawn to the island’s pristine beach-
es, 300-year-old oak trees and rich
American history. The Battle of
Bloody Marsh took place there in
1742, when the British halted the
Spanish expansion up the eastern
seaboard. Blackbeard used to ma-
raud along the coast, until he was
killed in battle off the coast of North
Carolina. Coffin built a golf course
and a beach club plus a hotel called
the Cloister. Like the Broadmoor,
the architecture was Mediterranean
but wrought of wood and stucco and
never intended to endure through
the decades.
Still, it was awfully charming,
and Sea Island became a vacation

50 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

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 FORBES 400 PHILIP ANSCHUTZ
spot for celebrities, industrialists to attract masters of the universe.
and politicians. But 75 years into its In March luminaries such as Eric
existence the hotel was starting to Schmidt, Tim Cook, Elon Musk,
show its age with leaks and drafts. Paul Ryan, Mitch McConnell and
In 2003 Bill Jones III, whose family Karl Rove attended a think tank con-
had inherited Sea Island from Cof- ference, where discussions natu-
fin before his death, made the hard rally turned to Donald Trump. An-
decision to raze it and rebuild. Jones schutz was there, as was Bill Kris-
borrowed heavily to fund more than tol, editor of The Weekly Standard,
$500 million worth of rebuilding. A which Anschutz also owns. He won’t
good portion of that was spent on talk about politics, but it’s clear that
carefully conserving and recycling Trump’s bombast is a turnoff for An-
pieces of the original structures and schutz. As Tim Leiweke, the former
on laying fine stonework and luxuri- CEO of AEG, described Anschutz to
ous woods. Like the Broadmoor, it’s me a few years ago: “He has no ego.
elegant but never gaudy. “He spared He is the anti-Donald Trump.”
no expense,” says Anschutz. So how much is Anschutz will-
Jones might have pulled off his ing to pay to keep these two grande
grand plan, but by the dame hotels running?
time he got the new All told he has spent
buildings into opera- “People an estimated $900 mil-
tion, the financial cri- want to do lion to buy and restore
sis of 2008 took its toll. authentic the Broadmoor and Sea
Revenue fell by 45%; Island to their former
few were interested
things,” glory. From here each
in buying Sea Island’s Anschutz will have to stand on its
oceanfront lots. The says of the own. “It must operate
resort defaulted on Broadmoor. at a profit,” Anschutz
north of $500 million “They says plainly. “You can’t
in debt, entering Chap- want to go have any structure, es-
ter 11 in 2010. pecially not a long-term
Anschutz was part
horseback one, that does not have
of the investor group— riding, under it a firm financial
including billionaires fishing or foundation that can en-
Bruce Karsh of Oaktree shooting.” sure its longevity.”
Capital, Marc Lasry That’s going to be a
of Avenue Capital and challenge. First, it costs
Barry Sternlicht at a lot of money just to
Starwood Capital—that put up $212 staff these places and maintain the
million in cash to take Sea Island off standards of a luxury clientele. “No-
the hands of lenders (who had al- body has more stars and diamonds
ready written off their debt). An- than these two hotels,” he says mat-
schutz persuaded his partners to in- ter-of-factly. And Anschutz has al-
vest in the resort as if they would be ready shown himself willing to pro-
owning it forever. In 2014 they began tect his prizes. This year the Broad-
construction on a $40 million wing moor finally persuaded the U.S. For-
and kept up capital investments. And est Service to spray its mountainside
he let it be known he was ready to to fight pine-eating moths. “They
buy out the other partners whenever eventually saw the error of their
they needed to sell; this summer he ways,” says Anschutz. “You’d better
purchased the other stakes for what take action when you can.
FORBES estimates was $300 million. “Frankly, there are better things
The new Sea Island continues for me to invest in than these ho-
54 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
tels,” he continues. But they’re
clearly a labor of love. “Stewards are
really needed for these kind of prop-
erties—instead of investors.” Bruce
Karsh echoes that sentiment. “I can-
not think of a better steward for this
property than Phil,” he says. “I know
Sea Island is in strong and capable
hands, with an owner who truly ap-
preciates the unique nature of this
extraordinary resort.”
To ensure that their quality out-
lasts him, Anschutz has created a
novel ownership structure: a 100-
year family trust that will ease the
passing down of the resorts from
one Anschutz generation to the next,
with directions that its trustees must
always shore up what he calls the
“four pillars” of history, tradition,
service and excellence. “I don’t sup-
pose there’s anything in life that’s
guaranteed, but we’ve done every-
thing we can to achieve just that.”
That kind of stability is also a
selling point for guests, conven-
tion planners and local government.
“Look, we’re not going anywhere,”
says Scott Steilen, CEO of Sea Island
Co. “We’re going to be here for the
next 100 years.” Not that Anschutz is
worried. The Broadmoor and Sea Is-
land are no more at risk of running
out of vacationers than his Staples
Center is in danger of running out of
NBA games or concerts to host. An-
schutz expects that loyal visitors to
one resort will also be willing to give
the other a try, if only to satisfy what
Anschutz sees as the never-ending
quest of the moneyed class.
“People want to do authentic
things,” he says. “They want to go
horseback riding, fishing, shooting
or searching for turtle nesting spots
on the beach.” And older people, es-
pecially Baby Boomers, desperate-
ly want to experience these things
with their grandchildren. “The kids
love it,” he says. But more to the
point, he adds with a laugh, “the
grandparents love it. And in return,
they get to pay for it.” F

INDONESIA:
RISING TO THE CHALLENGE
A country on the move, Jakarta’s focus on investment and liberalization strengthens
the country’s enormous economic potential.
Since embarking on the road to democracy
nearly two decades ago, Indonesia has
emerged as not only a regional pillar
of stability and pluralism but also as an
economic powerhouse.
Valued at more than US$860 billion,
Indonesia’s gros s domes tic produc t
comprises about a third of the output of
goods and services of the entire Association
of Southeast Nations (ASEAN) bloc. Until
recently much of Indonesia’s growth was
underpinned by its vast energy and mineral
wealth. But slowing global demand for
commodities has shif ted the focus of
policymakers from mining ore to mining the
potential of its people.
“Rising to the Challenge” is the theme
of the 16th Forbes Global CEO Conference.
More than 400 top business leaders and
tycoons will gather under challenging
economic conditions including uncertainty
stemming from Brexit, China’s slowdown
and persistently underwhelming economic
growth in the United States.
Indonesia likewise isn’t immune from
these headwinds. On the back of slower-
than-expec ted investment, the Asian
Development Bank shaved its forecast for
SPECIAL ADVERTISING SECTION
Indonesia’s economic growth this year to a
still healthy 5% from 5.2% and its outlook
next year to 5.1% from 5.5%.
Even so, Indonesia’s underlying economic
brawn remains strong, positioning the
archipelago to realize accelerating growth
over the longer term.
Foundation for Growth
The country’s reform-minded President
Joko “Jokowi” Widodo has sped up spend-
ing on infrastructure to help lift economic
growth to 7% within five years. Jokowi is on
track to spend more than US$7 billion on
ports, rail and water treatment plants. Con-
struction companies are laying 720 kilome-
ters of new track from Jakarta to Surabaya,
while at the same time threading a network
of toll roads across the island of Java. Mean-
while the government is seeking private
investment for infrastructure projects valued
at nearly half a trillion dollars by 2019.
To meet this goal, the Jokowi administra-
tion is streamlining business permitting and
easing foreign investment restrictions in
successive rounds of liberalization of mar-
ket segments such as tourism and health-
care. In some cases, foreign investors can
secure permits to start businesses in about
three hours.
Indonesia also benefits from a young popu-
lation that is on the move. Half of the country’s
250 million people are under 50. Increasingly,
they are moving to cities seeking higher
education and better paying jobs. Rising
incomes and the national health care system
launched in 2014 will develop a healthier
work force with greater earning potential.
This will translate into a rapidly expand-
ing consuming class ready to spend on
entertainment, banking services, retail and
education. According to a 2014 study by
consulting firm McKinsey, five million Indo-
nesians—the equivalent of the population
of Singapore—are joining the ranks of the
middle class every year.
Indonesia is taking its place alongside
China and India as the next big emerging
economy to watch. Spending on infrastruc-
ture by a stable and popular government
promises long-term growth. A growing
middle class strengthens the country’s eco-
nomic prospects. Business-friendly reforms
mean investors can tap potential here faster.
Indonesia is a welcome beacon of opportu-
nity in an uncertain world.
Indonesia 1

Bank Central Asia:
BANKING ON HOME TURF
Bank Central Asia (BCA), Indonesia’s biggest private lender embraces digital payments to entice country’s millennials.
His country is underbanked, hungry for
credit and growing at a pace that would
make most of his peers green with envy.
It’s little wonder then that BCA’s President
Director Jahja Setiaatmadja has his home
market fixed firmly in his sights.
“We are focused on Indonesia, which is a
growing market,” Setiaatmadja said.
New digital products that appeal to
the countr y’s young population, who
are borrowing more for proper t y and
big-ticket items such as motor scooters,
will drive earnings, Setiaatmadja says.
Longer term, Indonesia’s successful tax
amnesty and its ambitious infrastructure
program will underpin revenue growth,
he adds.
Digital Wallet
In September 2015, BCA unveiled a new
electronic wallet service called Sakuku,
which means my pocket in Indonesian. The
app, which can be downloaded on both
Android and iOS smartphones, lets users
pay for small purchases at physical and
online shops through the mobile app. It
can also be used to top up mobile phone
SPECIAL ADVERTISING SECTION
credit and withdraw cash from the bank’s
selected ATMs.
An early pioneer in establishing ATMs
in Indonesia as well as Internet banking,
the bank sees the mobile app as the
next step toward appealing to younger
consumer s and cementing cus tomer
loyalty, Setiaatmadja says.
“Building loyalty is the key,” Setiaatmadja
explained. “We are appealing to an emerg-
ing consumer class.”
With the countr y’s rate of inflation
contained, the country’s central bank in
September cut interest for the fifth time
this year, positioning BCA to ratchet up
lending. The bank ’s total assets have
surged 13% as of Q3 2016 compared with
the same period a year ago.
Potential Growth
There’s ever y thing to play for in a
c o u n t r y t h a t ’s h o m e to 2 5 0 m illi o n
people. Only a quarter of all Indonesians
have a bank account while fewer than
7% have c redit c ard s. At the end of
September, BCA had 62.2 trillion rupiah
(US$4.8 billion) in its mortgage portfolio
My BCA
compared with just 28 trillion rupiah
(US$3 billion) in 2011. Reflecting BCA’s
earnings, its share price is outstripping
many of its regional peers.
Looking ahead, Indonesia’s successful
tax amnest y is a promising source of
bu sine s s, Setiaat mad ja s ay s. So f ar
the effort has turned up more than 3.8
quadrillion rupiah (US$290 billion) in funds
previously secreted away in overseas and
domestic accounts. Some of those funds
may find their way back to Indonesia and
BCA is in the planning stages of developing
products that will target any incoming
capital, he adds.
The country’s infrastructure buildout
also may add to the bank ’s for tunes.
“Banks follow trade,” Setiaatmadja said.
“If we have new toll roads and ports, we
will have investment and jobs.”
Indonesia 3
 As Indonesia’s leading consumer services
group, we will continue to measure
our success by the number of lives we
transform, families we empower, and
communities we serve.

Growing in Stewardship, Transforming Lives


The Lippo Group:
TRANSFORMING LIVES
The consumer-services company has a mission to make quality education and healthcare a reality in rural Indonesia.
Emma Grace
Meet Emma Grace, a student of Sekolah
Lentera Harapan (SLH), a school estab-
lished by Lippo Group in Daboto, Papua.
Lentera Harapan translates to lantern
of hope, and we are the only available
source of formal education in Daboto.
SLH Papua is one in 37 schools that the
group now owns and operates.
Jus t a new bor n, Emma Grace was
found abandoned in a netted bag, vines
wrapped around her neck. Her father
believed her to be a child of infidelity
because of local folklore. It stipulated a
belief that a growing fetus could only be
sustained by regular intercourse between
the baby’s father and mother. Given that
the father was absent for four months dur-
ing the pregnancy, he returned shocked
to find that the baby was still thriving in
her mother’s womb and concluded that his
wife had been unfaithful. He demanded
that she kill the baby at birth. Fortunately,
villagers alerted foreign missionaries and
they were able to rescue her.
The Lippo Group is fortunate to have
the opportunity to serve Emma Grace and
her village. Without access to formal edu-
cation, Emma would not stand a chance of
challenging the long-held mystical beliefs
that nearly took her life.
Meet Ste phen Croc ket t, our loc al
partner in Daboto and also the mission-
ar y who found Emma Grace. Stephen
SPECIAL ADVERTISING SECTION
and family have lived in Daboto since
the year 2000. They are among the first
missionaries to settle successfully in a
region where foreigners have been bru-
tally murdered. Their years of concerted
efforts to reach out to the villagers and
gain their trust means that the Crocketts
are uniquely positioned to ser ve in a
community where any outsiders are still
viewed with suspicion. In fact, the level
of rappor t the Crocket ts have estab-
lished with the loc al communit y has
helped them to convince Emma Grace’s
parents to reconcile with her.
The Crocketts aspire to bring literacy to
Daboto and the groundwork they have set
is the solid foundation upon which Lippo
built SLH Daboto. We never enter a com-
munity without first becoming acquainted
with the cultural subtleties and diversity of
the region. Partners such as the Crocketts,
who have dedicated their lives to seeing
the local community advance, are Lippo’s
partners of choice.
Meet 24-year-old Yuliana Merom, who
is Emma Grace’s teacher in SLH Daboto.
Originally from Jayapura, Papua, Yuliana
was offered a place in Lippo’s Universi-
tas Pelita Harapan in the fully sponsored
Teacher’s College program. Our Teacher’s
College graduates more than 200 students
a year and every one of these students
choose to work in our network of schools.
They are the bedrock of our schools and
without them, we would be unable to
meet the needs of aspiring students such
as Emma Grace. Every year we seek rep-
resentation from every province in Indo-
nesia, selecting students from all over the
country with the desire to serve. Yuliana, a
shining example of her classmates’ dedi-
cation, intends to remain in Daboto for the
foreseeable future, teaching and learning
from Emma Grace and the community.
Whether it is the metropolitan city dwell-
ers in the malls of downtown Jakarta or the
fishermen from the picturesque islands of
the Komodo National Park or the villag-
ers in the most remote mountain regions
of Papua, the Lippo Group is committed
to transforming their lives. We operate in
places where even the government is mar-
ginally present, and as the largest and most
diversified consumer-services group in
Indonesia we have the platform and exper-
tise to carry out this mission.
We believe that we are all stewards of
the resources and talents that we have
been given. W hether it is providing
for basic needs such as education and
healthcare in rural areas or the increas-
ingly sophisticated demands of those
living in cities, Lippo hopes to live up to
its vision of the past 60 years: “Growing
in Stewardship, Transforming Lives.” We
invite you to join us.
Daboto
Indonesia 7

ROLLS OUT INNOVATIVE RETAIL CONCEPT
CT Corp is reinventing the hypermarket to appeal to the country’s growing ranks of affluent consumers.
Outside view of the first Transmart store, a new lifestyle concept from CT Corp located in Cempaka Putih, Jakarta
It was a mere two decades ago when mom-
and-pop shops largely dominated the
Indonesian retail sector. That was until Car-
refour Indonesia introduced the concept of
a hypermarket to the Indonesia retail mar-
ket. With its comfortable shopping environ-
ment, Carrefour Indonesia was embraced
by local shoppers. After fully acquiring the
franchise of Carrefour in 2012, CT Corp
paved the way to a completely new model
of retail, one that offered a broad section of
offerings under one roof.
Building on the success of the retail model,
CT Corp is forging ahead to create a holis-
tic experience for Indonesian consumers. It
aims to create a one-stop lifestyle franchise
that offers a unique combination of retail and
entertainment experiences to the country’s
legions of increasingly affluent shoppers.
Introducing Transmart, a new all-in-one
concept store that best exemplifies CT Corp’s
core competencies in retail, food and bever-
age and entertainment sectors. This hybrid
concept combines the key components of
a hypermarket, department store, food mall
and family entertainment center — all housed
under one roof. Recognizing the demands of
SPECIAL ADVERTISING SECTION
CT Corp:
Indonesia’s growing, young, middle class,
Transmart stores have all the attributes that
cater to their lifestyle. This industry transfor-
mational approach provides CT Corp a vast
competitive advantage over its competitors.
With the first Transmart store launched
earlier this year in Cempaka Putih, the group
plans to open 100 new Transmart stores
throughout Indonesia over the next few
years. Every major city will have a Transmart,
says CT Corp’s chairman, Chairul Tanjung.
The company is calibrating the concept
for a rapidly urbanizing and increasingly
affluent populace. Management consul-
tancy McKinsey has said at current rates of
economic growth an estimated additional
90 million people will join the ranks of the
middle class by 2030, on top of the 45 million
or so in the group.
Carrefour is the market leader of Indone-
sia’s hypermarket segment. Nearly a million
shoppers visit its 90 stores nationwide. With
the introduction of Transmart, CT Corp will
further strengthen its leadership position in
the retail industry. To consolidate that posi-
tion CT Corp entered into a strategic part-
nership with Singapore sovereign wealth
fund GIC in early 2016. The partnership will
help CT Corp not only to strengthen its
leadership position in Indonesia but also
become a major player in Southeast Asia.
Innovation creativity and
entrepreneurialism
Founded by Chairul Tanjung in 1987,
CT Corp has a broad and comprehensive
por tfolio that covers a wide range of
industries, including financial services, media,
retail, lifestyle, entertainment and aviation.
CT Corp’s three main business pillars of
innovation, creativity and entrepreneurialism
are the bedrock that addresses the demands
of the rapidly growing consumer market.
Transmart is a product that best exemplifies
the principles of these pillars. With a solid
track record, there is no doubting CT Corp
will remain ahead of the curve.
Indonesia 9
7

PT. Pan Brothers Tbk:
Pan Brothers (PBRX) is weaving a future as a global integrated apparel supplier, thanks to rapid expansion both in
capacity and scope, investment in human resources, a large stable home market and global growth.
PBRX is a trusted name in Indonesia’s
garment-manufac turing industr y. Our
blue-chip client portfolio includes a long
list of high-end fashion brands, and is a
testament to the trust they have in our
advanced manufacturing operations and
quality assurance standards to produce to
a level meeting their exacting standards.
These clients include Adidas, The North
Face, Salomon, Arc’teryx, Spyder, Stella
McCartney and H&M.
Our financial results show the success of
this strategy, as profits nearly quadrupled
to almost US$9 million in 2015 from a year
earlier on sales of almost US$420 million.
The future looks bright. As a company,
PBR X is aiming to become a market
leader in original design. In addition,
upcoming regional and intercontinental
free trade pacts, stable labor regulations
a n d In d o n e sia’s a c c e s s to low - c o s t
materials and labor will position PBRX for
continued growth.
Rapid Expansion
PBRX is also growing rapidly thanks to
its home base here in Indonesia. In fact,
10 Indonesia
SPECIAL ADVERTISING SECTION
LEADING THE WAY
PT. PAN BROTHERS Tbk Mojosongo, Central Java Office
Indonesia has everything: a supply of labor,
an abundance of land and natural resources
for raw fiber. On the macro level, the country
has a stable political system, a pro-business
government and a large domestic market.
Founded in 1980 and listed a decade later
on the Indonesia Stock Exchange, PBRX this
year installed capacity of around 84 million
pieces to cater to long-standing clients in
the U.S., Europe and Asia, up from 75 million
pieces a year ago.
PBR X is ex panding it s produc tion
footprint and investing US$65 million to
build seven new factories from 2014 to 2018.
The company’s newest factory in West Java,
capable of making as many as six million
pieces of clothing a year, will be ready early
next year. Another two in Central Java will
go into operation in 2018.
PBRX’s aim is to broaden capabilities in
the upstream as well as in the downstream.
PBRX is continuously seeking high-quality
par tners to collaborate in developing
advanced synthetic fibers as well as
downstream to broaden our retail brand
of fering s. To suppor t these ef for t s,
“PBRX’s research and development team
and its product development group” are
aggressively seeking new produc tion
techniques and production innovation.
The next three years give cause for
optimism. The implementation of the
Association of Southeast Asian Nations
(ASEAN) Economic Community will free
the movement of labor and materials
between the 10 member countries. To take
advantage of this new community, PBRX has
started collaborating with garment makers
in Vietnam.
Additionally, plans for Vietnam to
join the Trans-Pacific Partnership and a
potential free trade agreement with the
European Union will be a boon for PBRX,
positioning the company to leverage off
Indonesia’s advantages on abundant labor,
infrastructure and supporting industries.
Indonesia seems poised to retain its
position as a competitive market for labor-
intensive industries such as PBRX. In recent
years local councils, especially in the capital
Jakarta, have curbed excessive demands on
labor unions. The antagonistic approaches
of the past have given way to transparency
and order.

Yet PBRX is ahead of the curve as good
working conditions and respect for staff
are a long-term commitment. PBRX has
set the benchmarks for the industry. The
keys are commitment and engagement.
Management views labor representatives
as being part of one team. PBRX shares
financial reports and ensures employees
are treated well. Our employees have health
insurance and their wages are above the
minimum set by government. Their children
have access to scholarships allowing them
to pursue educational opportunities that
will make them more competitive in the
interconnected world.
Satisfied workers make for satisfied
clients. For every 100 PBRX employees
who have worked at the company for at
least a year, 98 will continue to work with
PBRX each successive year—a metric that
speaks volumes.
Skilled Employees
Employee skills and retention will become
increasingly important for the company as it
pursues ever more sophisticated products
and markets through organic growth and
acquisitions. In 2011 and 2012, PBRX bought
and established product development
c o m p a nie s Holli t Inte r na t io nal a n d
Continent 8, whose clients include Brooks
Brothers, Lacoste and Hugo Boss. A year
later, PBRX added to its portfolio with the
establishment of Ocean Asia Industry, a
textile manufacturer that specializes in
knitting and dyeing.
With the abundance of talent,
technology and infrastructure, PBRX has
taken the audacious step of developing
SPECIAL ADVERTISING SECTION
Embroidery Boyolali Facility
its own brands that appeal to consumers
within the region and here at home. These
include the womenswear line Zoe Black
and menswear brands S n P, Salt n Pepper,
Asylum and FTL. Last year this segment
represented less than 2% of sales, but by
the end of the decade it is on track to more
than double to about 5%.
PBR X ex pec t s sale s to acceler ate
a s c u s to m e r s d i s c ove r c o m p a r a b l e
quality between in-house brands and
those of fashion houses for which PBRX
manufac tures. This s trateg y c reates
synergies as PBRX becomes more of an
end-to-end firm, having control of the
entire process down to the retail level.
It is by venturing upstream and
Hanger System Sewing Facility use in Tangerang and Bandung
downstream that will build PBRX business
as the company positions itself from highly
competitive garment production toward
more specialized segments, allowing PBRX
to nurture value-added margins. PBRX’s
vision is to become a global integrated
apparel supplier and not just a mere manu-
facturer, a step that will further distinguish
the company as an important regional, and
even global, player.
Collaboration
PBRX can’t reach this goal on our own.
It seeks high quality partners who share
its vision of moving up the value chain.
PBRX values the stakeholders and the
shareholders who have placed their trust in
the company.
PBR X a l s o c a ll s o n la w m a ke r s to
make good on promises to negotiate
trade agreements near and far. PBR X
needs a steady stream of investment
in inf r a s t r uc t ure a nd r aw mater ials.
Government should and must expand the
network of vocational schools so that the
next generation of talent in the apparel
supply chain is ready. PBRX’s goal is to
make a leap from an original equipment
manufacturer (OEM) apparel supplier to
a full service apparel supplier. Yet, at the
core, PBRX knows and believes that the
best days lie ahead.
Indonesia 11
7
 SPECIAL ADVERTISING SECTION

Time International:
DELIVERING BEYOND EXPECTATIONS
Indonesia’s largest luxury watch retailer builds on high standards and company passion to be the best in the business.

The company’s beginnings of the first Chanel boutique in Indonesia.

go back to the early 1960s. At Since then, the company has accelerated
that time, it was in the busi- its plans with the introduction of other
ness of assembling, servicing well-known brands, such as Berluti, Die-
and managing the wholesale sel, Fendi and Tory Burch in Indonesia.
distribution of watches. Since “Evolving the business to include fashion
then it has grown and evolved was a natural step because we are in the
i n t o t h e p o w e r h o u s e i t i s lifestyle business already,” Mussry said.
today, dominating the local In fact, the company has begun to try its
retail watch market and fast hand at creating curated concepts such as
becoming a significant player the newly opened Project X, a millennial-
in the lifestyle category and oriented unisex retail concept. The num-
other sectors. bers tell the story. Fashion used to repre-
To c a t e r t o t h e v a r i o u s sent a low single digit as a proportion of
segments within the Indone- the business and now it is close to 20%.
sian market it has embarked “So we are headed in the right direction
on a succes sful multibrand and continue to execute in line with the
approach. Its timepieces bou- vision for the group,” said Mussry.
tique The Time Place is the To support its fast-growing business
f lagship, carr ying the most development, Time International is heav-
l u x u r i o u s b r a n d s , I NT i m e ily committed to human resource devel-
caters to a younger, trendier opment to train both new and existing
c l i e n t e l e w h i l e s t i l l m a i n - employees to the highes t s tandard.
taining an air of luxur y and The company has an ex tensive —and
Irwan Danny Mussry, President and Chief Executive finally Urban Icon is aimed at intensive —learning and development
Officer, PT Timerindo Perkasa International a younger market that is both program for its staff, which now number
fashion and value conscious. about 1,100. “We believe in training and
Time International is a brand builder first In 2008, Time International expanded development, so the staff can serve the
and foremost. The brands that it repre- into luxury fashion retail with the opening customer wholeheartedly,” said Mussry.
sents are developed with a long-term
view of the Indonesian customer and
market. “We never aim to be an every-
day retailer. We want to bring the whole
story of the brand, the heritage of the
brand, the manufacturing of the brand
—from day one—and offer our custom-
ers the best service in the country,” said
Irwan Danny Mussry, the president and
chief executive officer of PT Timerindo
Perkasa International, known as Time
International.
A veteran of the watch industr y for
more than 3 0 year s, Mus sr y, 53, has
built Time International into the coun-
t r y ’s larg e s t lu xur y w atc h a nd f a s h -
i o n r e t a i l e r. I t o p e r a t e s m o r e t h a n
92 stand-alone mono and multilabel
stores, exclusively representing more
than 83 brands such as Audemars
Pig u e t , B re g u e t , C a r t i e r, C h o p a rd,
Fossil, Hublot, Rolex and TAG Heuer, and
fashion brands such as Berluti, Chanel,
Diesel, Fendi and Tory Burch. The Time Place boutique at Tunjungan Plaza 4, Surabaya

12 Indonesia

“ We ke e p c halle ng ing o u r s el ve s to
do better. The key is to always deliver
beyond expec tations, so the passion
needs to be there,” said Mussry.
Another critical factor in Time Interna-
tional’s success is its dedication to being
a full-service partner of its brands. It not
only completes the retailing and mar-
keting cycle for the brands in Indonesia
but also provides an on-going service
to develop long-term relationships with
clients. Everything from routine clean-
ing and checkups to more complicated
SPECIAL ADVERTISING SECTION
repairs in the watch business are per-
formed by Time International’s staff at the
company’s service centres in Indonesia.
T h e f u t u r e l o o k s b r ig h t f o r T i m e
International. “Each expansion step has
been carefully planned and executed to
build on previous accomplishments,”
said Mussry. Based on this philosophy,
the company is in the midst of care -
fully growing its reach into other bur-
geoning economic ver ticals, such as
disruptive technology (including Fin-
Tech, MedTech, AgroTech), agriculture
Chanel boutique at Plaza Indonesia
Tory Burch boutique at Plaza Senayan
and real estate and is setting up a new
grow th division within the group to
house these businesses. Yet one con-
stant remains: a commitment to deliver
the best.
“All these efforts have to be built on
the same principals, we must deliver
beyond expec tations, just as we have
done with the watch busines s. If it ’s
housing, we want to deliver the right
qualit y at whatever level. If we grow
something, we want the most optimal
yield s, the mos t helpf ul tec hnolog y
for our f ar mer s and the mos t ef fec -
tive deliver y options to buyers,” said
Mussry. “We must strive to be the best
in whatever market we’ve decided to
compete in.”
Mussry will soon open a brand-new,
dedicated of fice space in Jakar ta for
T im e Inte r national, w hic h w ill more
than double its existing of fice space.
The company’s new headquar ters will
have—no surprise—a substantial area
dedicated to training and development
of its staff as well as beautiful spaces to
host clients and business associates in
a well-designed environment. “All this
has to be consumer-facing, of course,”
Mussry said with a smile.
Indonesia 13
7

INDONESIA:
SEIZING THE MOMENT
Buttressed by a pro-business government, Indonesia’s emerging middle class is proving a rich vein for investors to mine.
Indonesia is taking its place as the next big
emerging market to watch. Incomes are at
an inflection point at a time when Southeast
Asia’s biggest economy is lead by a business-
friendly, reform-minded government.
Financial services, retail and entertain-
ment, property development and manu-
facturing are among the segments showing
particular promise. The government of Presi-
dent Joko “Jokowi” Widodo is spending bil-
lions on infrastructure, easing restriction on
foreign investment in health, tourism and
other services while overhauling the coun-
try’s bureaucracy to make it more account-
able and transparent.
For proof of business confidence in the
Jokowi administration’s reforms and its
direction look no further than the govern-
ment’s tax amnesty, which netted US$271
billion in previously undeclared funds. The
administration has won praise from some
of the individuals that participated in the
amnesty. The rupiah has climbed more than
6% since the beginning of the year and the
Jakarta Composite Index has risen by about
15% during the same period.
Uncertainty Abroad
Indonesia is not isolated from troubling
trends emerging from the world’s biggest
economies. Uncertainty surrounding the
16 Indonesia
SPECIAL ADVERTISING SECTION
U.K.’s exit from the European Union, the
durability of trade treaties stemming from a
rancorous U.S. election and China’s slowing
economic growth weigh on growth here as
it does elsewhere.
But where once Indonesia was a beacon
for commodities investment, the country’s
emerging middle class is proving a rich vein
of opportunity for investors to mine.
Conglomerates including Lippo Group
and CT Corp. are honing their consumer-
focused businesses to cater to Indonesia’s
massive domestic market. Bank Central
Asia (BCA) is devising online products that
appeal to young, smartphone-wielding
consumers who are the next generation
of borrowers.
Bread producer Nippon Indosari is
investing in state-of-the-art technology
to meet Indonesian consumer s’ now
exacting standards. Increasingly savvy
and sophisticated, consultancies such
as Time International says Indonesian
consumers seek brands they can trust and
reflect their values.
This means Indonesia will not always
be a land of cheap labor nor should it be.
Clothing maker Pan Brothers is readying
itself for a gradual shift to higher margin
businesses such as producing advanced
fibers and in-house brands.
But Indonesia’s investors and executives
say they need assurances that their govern-
ment will follow through on investment in
infrastructure, bureaucratic reforms and
better services. Money budgeted on toll
roads, ports and communications must be
spent. The next generation of higher pay-
ing, technologically sophisticated jobs of
the 21st century needs a world-class edu-
cational system to support it. Regulation
must be consistent and predictable.
T here is reason for o ptimism that
these policy prescriptions will be filled.
On his first day in office, Jokowi visited
the Investment Coordination Board, the
body that oversees inflows of foreign
capital. He ordered the creation of a
one-stop shop for investors to get the
necessary permits to open a business.
Now, in some cases, these are issued
within hours compared with months of
waiting previously.
There is still much work lef t to do.
Millions are entering the workforce every
year and millions more are developing a
taste for good education, gridlock-free
roads and other services. Rising to the
challenge in Indonesia means unlocking
private sector investment that caters to its
fast-rising middle class. The opportunity
is here and now.
WEB DIRECTORY
CT CORP
www.ctcorpora.com
MINISTRY OF TOURISM REPUBLIC OF
INDONESIA
www.indonesia.travel
PT BANK CENTRAL ASIA TBK
www.bca.co.id
PT LIPPO KARAWACI TBK
www.lippokarawaci.co.id
PT NIPPON INDOSARI CORPINDO TBK
www.sariroti.com
PT PAN BROTHERS TBK
www.panbrotherstbk.com
TIME INTERNATIONAL
www.timeinternational.co.id
THOUGHT LEADERS RICH KARLGAARD // INNOVATION RULES

IMMIGRANTS KEEP CAPITALISM FRESH

BERTIE CHARLES FORBES launched duce happiness, not to pile up millions.”
this magazine 99 years ago. He was 37 This is the amazing gift of immigrant capi-
years old but already a seasoned busi- talists in America, on whom we focus par-
ness journalist. At 14 he left school to ticular attention in this year’s edition of The
become a printer’s devil, setting type Forbes 400. Immigrant capitalists remind
for a local newspaper. By 16 he was a us of the success that can be achieved in our
reporter in Aberdeen, and by 21 he had country with a bit of luck and a lot of pluck.
moved to Johannesburg, South Africa They also remind us that America remains
and eventually landed a job writing for the world’s harbor for innovation and self-
the Rand Daily Mail. At 24 B.C. sailed made riches—sadly, a rare thing in the world.
to New York and established himself But immigrant success stories do more. They
as a business and financial scribe for show us how to renew the foundations of capi-
Hearst newspapers, working his way up to become business and fi- talism and keep this glorious system fresh.
nancial editor of the New York American. His articles were syndicated
in newspapers around the country. HUMBLE STARTS
B.C. began FORBES in 1917 to celebrate free enterprise and the WhatsApp’s Ukrainian-born CEO and co-
human spirit that made the prosperous life possible. Half a world founder, Jan Koum (No. 50, $8.8 bil), is an
away Vladimir Lenin started the Soviet Union to quash enterprise example of success being possible despite a
and empty the human spirit into a formaldehyde jar. Lenin’s horrible humble start. As the myth goes, you need a
experiment died in 1989, but FORBES keeps going. Harvard, MIT, Stanford or Caltech degree
B.C. Forbes was born in Scotland. He remained a Scottish highlander to get noticed in Silicon Valley. Not always.
to his kilts, as have his sons and grandsons, the eldest of whom, Steve, After the Koums immigrated to the U.S.,
is editor-in-chief of the magazine today. But B.C. was also thoroughly Jan’s mother worked as a babysitter and the
American, as only an immigrant can be. He was dazzled by the oppor- family was on food stamps. As a teenager Jan
tunity the U.S. offered immigrants and was enthralled by other Scots worked as a cleaner in a grocery store. He
who’d made good in America, the most famous being Andrew Carnegie. went to nonelite San Jose State.
Carnegie’s father had rebelled against the strict tenets of the Scot- Born in Greece, John Catsimatidis (No. 194,
tish Presbyterian Church, which cost the family all of their possessions $3.3 bil) is proof that your dad can be a busboy,
and left them very poor. In 1848, when young Carnegie was 12, he your family can live in Harlem and you can
moved to the U.S. with his parents. He went to work, and by age 15, be a college dropout and still grow up to own
having learned to operate a telegraph, Andrew was a family bread- Manhattan’s largest supermarket chain, as
winner. Telegraph jobs led to railroad jobs, which led to a meteoric well as property up and down the East Coast.
rise in the new industry. He saved his money, invested it and then German-born Peter Thiel (No. 246, $2.7 bil)
invested more. By his late 20s Carnegie was acting as a sort of invest- is a story in how to recover from extreme
ment banker, buying, selling and merging railroad companies. disappointment. After graduating from Stan-
Andrew Carnegie never forgot his humble roots and the pain of ford Law School Thiel had his heart set on a
seeing his father in financial ruin and his mother sewing boot leather Supreme Court clerkship (for Justice Antonin
to feed the family. Later in his life and sensitive to the harder edges of Scalia). “If only I got the clerkship, I thought,
laissez-faire capitalism, Carnegie promoted “The Gospel of Wealth,” I would be set for life. But I didn’t. At the time,
which was based on an article he wrote in 1889. Successful capitalists, I was devastated,” he later wrote. Thiel turned
he said, should be stewards of capital for the highest social purposes. his talents to high tech. He cofounded PayPal
As with philanthropy, there was a moral obligation to investing. and later became Facebook’s first outside inves-
THOMAS KUHLENBECK FOR FORBES

B.C. Forbes was surely listening to his Scottish-American hero. In tor. About that clerkship? “With the benefit of
the first issue of FORBES in 1917 B.C. articulated the deeper purpose hindsight … winning that ultimate competition
of business, as well as his mission: “Business was originated to pro- would have changed my life for the worse.”
Three cheers for the immigrant members
RICH KARLGAARD IS EDITOR-AT-LARGE/GLOBAL FUTURIST AT FORBES MAGAZINE. HIS LATEST BOOK, TEAM
GENIUS: THE NEW SCIENCE OF HIGH-PERFORMING ORGANIZATIONS, CAME OUT IN 2015. FOR HIS PAST COLUMNS of this year’s Forbes 400. They remind us of
AND BLOGS VISIT OUR WEBSITE AT WWW.FORBES.COM/KARLGAARD.
what is possible and what is noble. F
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 71
 THE
FORBES
400 E D I T E D BY L U I S A K R O L L A N D K E R RY A . D O L A N
W I T H DA N A L E X A N D E R , N AT H A N VA R D I A N D K E R E N B L A N K F E L D

T
his year FORBES highlights the successes of immigrants on
The Forbes 400 who have built some of the biggest U.S. compa-
nies and are living testaments to the fact that the American dream
is alive and well. We spotlight 11 of them in the pages that follow.
Forty-two of the spots on the list of America’s 400 richest are filled
by those born outside the U.S.
While Bill Gates is No. 1 for the 23rd year running, with a net worth of $81 billion,
Amazon.com CEO Jeff Bezos’ fortune surged $20 billion, more than anyone else in
America. That was enough to boost his net worth to $67 billion, making him the
second-richest person in the country. The country’s 400 richest have a combined
net worth of $2.4 trillion and an average net worth of $6 billion, both record highs.
The minimum net worth for entry was $1.7 billion, the same as it was a year ago.

74 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

1 | Bill Gates, 60S  $81 BIL I MMI GRAT ED I N 1 97 1 I MMI GRAT ED I N 1 977
TECHNOLOGY MEDINA, WASHINGTON
SELF-MADE SCORE: *

2 | Jeff Bezos, 52S $67 BIL

TECHNOLOGY SEATTLE, WASHINGTON
SELF-MADE SCORE: *

3 | Warren Buffett, 86S  $65.5 BIL

FINANCE AND INVESTMENTS OMAHA, NEBRASKA
SELF-MADE SCORE: *

4 | Mark Zuckerberg, 32S  $55.5 BIL

TECHNOLOGY PALO ALTO, CALIFORNIA
SELF-MADE SCORE: *

5 | Larry Ellison, 72S  $49.3 BIL

TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: (

6 | Michael Bloomberg, 74S $45 BIL

MEDIA AND ENTERTAINMENT NEW YORK CITY
SELF-MADE SCORE: *

7 | Charles Koch, 80S $42 BIL

DIVERSIFIED WICHITA, KANSAS
SELF-MADE SCORE: %

7 | David Koch, 76S $42 BIL

DIVERSIFIED NEW YORK CITY
SELF-MADE SCORE: %

9 | Larry Page, 43S $38.5 BIL

TECHNOLOGY PALO ALTO, CALIFORNIA
SELF-MADE SCORE: *

10 | Sergey Brin, 43S $37.5 BIL 90. John Tu 90. David Sun
TECHNOLOGY LOS ALTOS, CALIFORNIA $5.3 BILLION S SELF-MADE SCORE: ( $5.3 BILLION S SELF-MADE SCORE: )
SELF-MADE SCORE: ( SOURCE: COMPUTER HARDWARE SOURCE: COMPUTER HARDWARE
AGE: 75 AGE: 65
11 | Jim Walton, 68S $35.6 BIL RESIDENCE: ROLLING HILLS, CALIFORNIA RESIDENCE: IRVINE, CALIFORNIA
FASHION AND RETAIL BENTONVILLE, ARKANSAS
SELF-MADE SCORE: @ Tu was born in China but grew up in Taiwan, following his 1949 move during Mao Zedong’s
12 | S. Robson Walton, 71S $35.5 BIL Communist regime. After going to Germany for college, Tu came to the U.S. and in 1978 met
FASHION AND RETAIL BENTONVILLE, ARKANSAS his business partner, Sun, a native of Taiwan, in a basketball league. Nine years later they co-
SELF-MADE SCORE: $ founded Kingston Technology, a maker of storage and memory products for PCs, laptops and
mobile devices. The privately held company, which the longtime partners still run, employs
13 | Alice Walton, 67S $35.4 BIL
FASHION AND RETAIL FORT WORTH, TEXAS more than 3,000 people worldwide and had estimated sales of $6.6 billion last year.
SELF-MADE SCORE: !

14 | Sheldon Adelson, 83S $31.8 BIL 22 | Len Blavatnik, 59S $18.2 BIL 30 | Harold Hamm & family, 70S  $13.1 BIL
GAMBLING, CASINOS LAS VEGAS, NEVADA DIVERSIFIED LONDON ENERGY OKLAHOMA CITY, OKLAHOMA
SELF-MADE SCORE: ) SELF-MADE SCORE: ( SELF-MADE SCORE: )

15 | Steve Ballmer, 60S $27.5 BIL 23 | Laurene Powell Jobs & fam., 52T $17.7 BIL 31 | Steve Cohen, 60S $13 BIL
TECHNOLOGY HUNTS POINT, WASHINGTON TECHNOLOGY PALO ALTO, CALIFORNIA FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT
SELF-MADE SCORE: ^ SELF-MADE SCORE: ! SELF-MADE SCORE: *

16 | Jacqueline Mars, 77S $27 BIL 24 | James Simons, 78S  $16.5 BIL 32 | Thomas Peterffy, 72T $12.6 BIL
FOOD AND BEVERAGE THE PLAINS, VIRGINIA FINANCE AND INVESTMENTS EAST SETAUKET, NEW YORK FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: @ SELF-MADE SCORE: * SELF-MADE SCORE: )

16 | John Mars, 81S $27 BIL 25 | Ray Dalio, 67S  $15.9 BIL 33 | Ronald Perelman, 73T  $12.2 BIL
FOOD AND BEVERAGE JACKSON, WYOMING FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: @ SELF-MADE SCORE: * SELF-MADE SCORE: &

18 | Phil Knight & family, 78S $25.5 BIL 26 | Carl Icahn, 80T  $15.7 BIL 34 | Elon Musk, 45T  $11.6 BIL
FASHION AND RETAIL HILLSBORO, OREGON FINANCE AND INVESTMENTS NEW YORK CITY AUTOMOTIVE LOS ANGELES
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: *

19 | George Soros, 86S $24.9 BIL 27 | Donald Bren, 84WX $15.2 BIL 35 | David Tepper, 59T $11.4 BIL
FINANCE AND INVESTMENTS KATONAH, NEW YORK REAL ESTATE NEWPORT BEACH, CALIFORNIA FINANCE AND INVESTMENTS MIAMI BEACH, FLORIDA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: *

20 | Michael Dell, 51S $20 BIL 28 | Charles Ergen, 63T $14.7 BIL 36 | Eric Schmidt, 61S $11.3 BIL
TECHNOLOGY AUSTIN, TEXAS MEDIA AND ENTERTAINMENT DENVER, COLORADO TECHNOLOGY ATHERTON, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: ^

21 | Paul Allen, 63S  $18.9 BIL 29 | Abigail Johnson, 54T $13.2 BIL 37 | Lukas Walton, 30 $11.2 BIL
TECHNOLOGY MERCER ISLAND, WASHINGTON FINANCE AND INVESTMENTS MILTON, MASSACHUSETTS FASHION AND RETAIL JACKSON, WYOMING
SELF-MADE SCORE: * SELF-MADE SCORE: # SELF-MADE SCORE: !

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 75

 PROMOTION

Reimagining Possibilities
Through Technology
Singapore’s strategic location, efficient operating environment and strong government support
have catalyzed a wave of new technologies and applications, disrupting the way traditional
businesses across sectors operate.

By Bolt Contributor

Flipping through a magazine, or scroll-

ing through Instagram, a dress catches
your fancy. But instead of going through
the arduous process of conjuring up key-
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the dress, and upload it. Almost instantly,
QWVƂVUQHVJGUCOGNQQMCTGTGEQOOGPFGF
to you.
In this competitive market, where con-
sumer attention spans are dwindling fast,
TGVCKNGTUCTQWPFVJGYQTNFJCXGGODTCEGF
visual search technology. Designed and
DWKNVD[5KPICRQTGCPEQORCP[8K5GP\G
the technology analyzes the style, shape,
color, and pat terns of the item in the
KOCIGCNNQYKPIXKUWCNN[UKOKNCTKVGOUVQDG +POCNNFKUVTKDWVKQPYKNNOGCPVJCVIQQFECPDGUVQTGFYKVJVJGOCNNRTGOKUGUVQDGFGNKXGTGFVQVJG
retailers when needed.
found quickly and effortlessly.
5WEJKUQPGQHVJGOCP[GZCORNGUQH 5KPICRQTGCPF%JKPC’U6UKPIJWC7PKXGT- DCIIGFC5GTKGU$TQWPFQH75OKNNKQP
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The city-state’UUVTCVGIKENQECVKQPGHƂEKGPV %Q(QWPFGT1NKXGT6CPGCTNKGTUJCTGFVJCV on research and development. The com-
operating environment and strong gov- 8K5GP\GKUPQYGZRCPFKPIKVUQHHGTKPIU RCP[PQYRNCPUVQITQYKVUQHƂEGUKP0GY
ernmental support have catalyzed a wave DG[QPFXKUWCNUGCTEJVGEJPQNQI[YKVJVYQ &GNJKCPF5CP(TCPEKUEQUJQYKPIJQYFKU-
of new technologies and applications, WREQOKPINCWPEJGUVJCVYKNNDTQCFGPKVU ruptive technologies can affect and effect
FKUTWRVKPIVJGYC[VTCFKVKQPCNDWUKPGUUGU focus to video and help retailers with off- OCKPUVTGCODGJCXKQT
across sectors operate. site discovery.
Many emerging technology firms like The Next Logistics Era
Boosting Sales Through Technology 8K5GP\GCTGUWRRQTVGFD[KPKVKCVKXGUHTQO 6JGTGVCKNKPFWUVT[KUPQVCNQPG%NQUGN[
Brands are leveraging technology to VJG5KPICRQTGIQXGTPOGPV6JG+PHQEQOO tracking its shifting needs is the logistics
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TGUWNVEWUVQOGTUECPGZRGEVKPETGCUKPIN[ Authority (IDA)—has also worked along- tics endures. The quick rise of e-commerce
UGCONGUURGTUQPCNK\GFUJQRRKPIGZRGTK- side leading companies to support the JCUDTGCVJGFPGYNKHGKPVQVJGUGEVQT9KVJ
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GUVCDNKUJGFD[VJG0CVKQPCN7PKXGTUKV[QH VJGTGVCKNUGEVQT'CTNKGTVJKU[GCT8K5GP\G for logistics disruption.

“Old models are not working, new models are coming thick and fast, and we’re having to adjust
and to keep up because of technology and globalization. And the disruption will happen over
and over again, relentlessly.”

Prime Minister Lee Hsien Loong, Singapore


The IMDA has been quick to pilot new
solutions for the sector. An experiment
between IMDA and the Singapore Post
has led to the world’s first Unmanned
Aerial Vehicle for postal deliver y. The
promising trial featured point-to-point
rec i pient-au t hentic ation, w hic h w ill
explore the possibilities of drone tech-
nology on enhancing end-to-end solu-
tions to facilitate urban logistics as well as
assisting “last-mile” delivery issues faced
by e-commerce.
Although the service has yet to be widely
available, Khoong Hock Yun, the Assistant
Chief Executive of Development of IMDA,
said that this first step by SingPost and
IMDA demonstrates what Singapore is
trying out with its Smart Nation vision—
“experimenting with new ways of leverag-
ing techniques, and in the process, literally
aim for the sky with new technology.”
Earlier this year, IMDA also launched a
year-long pilot of an In-Mall Distribution
(IMD) programme at two malls in Singapore,
alongside enterprise development agency
SPRING Singapore and CapitaLand Mall
Trust, one of Singapore’s largest real estate
investment trusts.
IMD will introduce a dock scheduler
and queue management system that will
enable logistics firms to book specific
delivery timings at the mall, decreasing
waiting time and congestion. The pro-
gramme also introduced a system allowing
retailers to receive deliveries electronically,
replacing their existing system of manually
counting goods.
Under this initiative, IMDA estimates
that logistics companies can conduct as
many as six to eight deliveries per day,
versus the current four.
Giving Health a Tech-Boost
A s i n m o s t d eve l o p e d c o u n t r i e s
including Singapore, aging populations
place increasing pressure on healthcare
resources. But thanks to its stable busi-
ness environment and active research
and development scene, the city-state
shines as one of the region’s most dynamic
healthcare hubs.
PulseTalk, a mobile app by Singaporean
company iHealth Innovation, monitors
user s’ health s tatuses by combining
traditional Chinese medicine and modern
technology. Based on traditional methods
such as questioning and pulse-reading, the
app also advises users on how to improve
their health.
PROMOTION
Drones offer one solution to address the last-mile delivery of goods.
PulseTalk can be feasibly implemented
in Singapore as the aging population
is more receptive to traditional versus
We s ter n medicine. T he projec t wa s
awarded a government development grant
of S$50,000 (US$36,063), which is meant
to support Singapore-based interactive
digital media tech start-ups.
With India and Korea hot on its heels,
Singapore may not be the only Health-
Tech hub in Asia. But with the government
injecting about S$19 billion (US$13.7 bil-
NKQPHQTCƂXG[GCT4&RNCPQPJGCNVJECTG
and biomedical sciences, the city-state
HWTVJGTUQNKFKƂGUKVURQUKVKQPCUCPGZWUHQT
regional expansion and promising health-
tech solutions for global impact.
Due to Singapore’s high connectivity, learning can
take place in any location for learners at any age.
Learning and Growing with Technology
The traditional model of physical insti-
tutions is increasingly being challenged
by the emergence of web-based educa-
tion programmes that are unconstrained
by class size or geography. Massive Open
Online Courses (MOOCs) that allow on-the-
go learning and enhance both teaching and
learning outcomes have risen in popularity.
Tueetor, a Singaporean EdTech start-
up, received an investment of S$1.5 million
(US$1.1 million) for its expansion into the
world’UƂTUVHWNN[CWVQOCVGFNGCTPGTVTCKPGT
matching platform. The private tuition ser-
vice helps parents who want their children
to perform well in major examinations.
6WGGVQTUGGMUVQƂZVYQRTKOCT[EQPEGTPU
in private tuition — af fordabilit y and
accessibility—by doing away with middlemen,
lag time, and referral charges. The platform
matches learners and tutors based on
UWDLGEVSWCNKƂECVKQPVGCEJKPIGZRGTKGPEG
budget, preferred time, location and other
attributes. Beyond primary and secondary
education, Tueetor also caters to specialized
topics at the tertiary level.
“Tuition is no longer considered to be
a ‘luxury’ and more of a necessity to aid
learners to excel in the competitive struc-
ture of the Asian society,” says Tueetor’s
Executive Director, Tan Han Sing. The
company hopes to establish a presence in
Japan and South Korea, as they represent
the largest private education market by
value worldwide.
With Singapore’s shif t to become a
Smart Nation, the Workforce Develop-
ment Agency enabled iNLearn 2020 to
promote adult learning. Launched on 28th
October 2015, about S$27 million (US$19.5
million) has been invested in driving learn-
ing innovation.
Onwards, Disruptive Technology
There will always be room to explore
technologies that disrupt traditional pro-
cesses, offering new value propositions. At
this year’s National Day Rally, Singapore’s
Prime Minister Lee Hsien Loong highlighted
the importance of disruptive innovation
and reaffirmed the government’s support
of entrepreneurship. “Old models are not
working, new models are coming thick and
fast, and we’re having to adjust and to keep
up because of technology and globalization.
And the disruption will happen over and
over again, relentlessly,” PM Lee stated.
 PROMOTION

Start-Ups From a Smart Nation

Take a deeper look into innovations taking place in Singapore’s retail, health and
education sectors. Here are three companies that are shaking up their respective fields.

By Bolt Contributor

With rising e-commerce, better logistics and inventory management solutions are needed to cope with these dynamic changes.

Retail Technology - Metail
Online and technological advances
have had a huge impact on Singapore’s
retail industr y. Not only are consum-
ers using their devices to shop online or
research for their purchases, it is now pos-
sible for retail businesses to create whole
new shopping experiences.
In May 2016, MeModel by Metail made
its local debut with six fashion brands on
Tangs.com, the website of Singapore’s
oldest department store.
MeModel is a project supported by the
Infocomm Media Development Authority
( I M DA ) — p r e v i o u s l y t h e I n f o c o m m
Development Authority (IDA), which is now
overseen by IMDA.
The technology allows shoppers to
build an avatar of themselves and virtually
try on garments before they buy, thus
saving them the time spent physically
visiting the stores.
While the technology is currently avail-
able in Asia and the United Kingdom,
Metail and IMDA have their sights set on
a global market. This technology could
potentially change the way consumers
shop online and provide e-commerce
with yet another advantage over brick and
mortar stores.
Kelvin Au, Managing Director of Metail
Asia, said that the MeModel projec t
appealed to IMDA with its unique, innovative
and cutting-edge technology. Metail uses
state-of-the-art research techniques on
computer vision from Cambridge University
to construct computer visualizations and
visual avatars, allowing consumers to skip
ÌiwÌÌ}À°
“With an impressive por tfolio of six
granted patents with more than 20 pend-
ing on a global basis, we are unmatched
compared to our peers. Although our end-
product is a user-friendly, consumer-facing
user interface, our core infrastructure and
hero tech platform are protected and scal-
able for evolvement,” said Au.
Although Metail’s origins trace back to
the United Kingdom, the decision to set
Õ«>Ã>ÌiÌivwVi-}>«ÀiÃÃÕÀiÌ
i«ÌiwÀ’s rapid expansion across
Asia in the future.
/i-}>«ÀivwViVÕÀÀiÌÞ>`iÃ
the company’s sales and account man-
agement for clients across Asia, includ-
ing Singapore, Vietnam, Thailand, India,
South Korea and Taiwan. “Singapore will
remain as our Asian hub going forward
and we are already looking into further
initiatives for the fashion industry in the
region,”ƂÕ>vwÀi`°
Health Technology - myHealth Sentinel
Founded in 2011, myHealth Sentinel
(mHS) is a Singapore start-up that focuses
on telehealth. This technology leverages

digital and communication technolo-
gies, such as transmission of measure-
ments through cloud storage or a broad-
band network, for health practitioners to
observe their patients’ condition remotely.
mHS’Ã>Ü>À`
Ü}y>}ëÃiÀÛVi]
TeleMetrix (TM+), was devised in 2012
>ÃÌiwÀÃÌViÀV>Ìiii>ÌÃiÀÛVi
to be clinically approved by a major Sin-
gapore public hospital for mainstream
deployment to outpatients suffering from
chronic conditions such as hypertension,
diabetes and heart failure. Since 2014,
TM+ has been successfully deployed by a
number of major Singapore public hospi-
tals to over 1,500 outpatients for remote
monitoring of their blood pressure, blood
glucose and body weight.
William Chew, Managing Director and
Co-Founder of mHS, shared that they had
invested millions of dollars to develop and
Àiwi/³Ì>ViÛiÌi}ÃÌ>`>À`Ã
expected in clinical practice. “Its develop-
ment process was iterative, with countless
redesigns, working prototypes, and incor-
porating feedback from fellow clinician-
partners,” he said. “TM+ then became the
wÀÃÌÌiii>Ì«>ÌvÀÃiÀÛVi-ÕÌ-
east Asia to leverage on past ‘emerging’
technologies like cloud-computing and
wireless Bluetooth medical devices.”
>]
iv
ÝiVÕÌÛi"vwViÀ>` three years to drive adult learning innova-
Telehealth solutions allow patients to be
monitored in the comfort of their own homes
after being discharged from hospitals.
Chew won the career-changing tender
that was jointly opened by the Health
PROMOTION
With increased connectivity, students and adults alike can learn both inside and outside the classroom.
Ministry and IMDA for the development
of a new IT system that digitally monitors
the health of patients suffering from com-
mon chronic diseases.
“The level of support from government
policymakers will be critical in forecasting
whether telehealth will become a main-
stream and affordable tool in assisting
clinicians to serve the large population of
patients,” he stated.
Education Technology - Coursepad
Local mobile learning start-up, Course-
pad, promotes upgrading of skills by let-
ting employees learn at their own pace.
Founded in 2013, this application takes a
casual millennial learning approach by deliv-
ering bite-sized course materials and social
assignments to subscribed organizations.
iÛ
Co-Founder of Coursepad, mentioned:
“Workplace learning has not progressed.
Close to 90 percent of workplace learn-
ing is done via face-to-face classroom
courses, with the remaining 10 percent
on e-learning platforms. Our vision is to
improve the effectiveness of corporate
e-learning by making courses more social
and engaging.”
Students will go through a series of les-
son chapters that may contain a prerequi-
site assessment that must be completed
before gaining further access. The assess-
ment model varies based on the respec-
tive course providers, and may include
photo and video submissions. The struc-
ture of the virtual classroom in the appli-
cation works much like a traditional class,
with those enrolled in the same course
able to conduct discussions and complete
group assignments.
In August 2013, Coursepad was hon-
ored with the ‘Most Innovative Startup
Award’ at the ideas.inc. Business Chal-
lenge organized by Nanyang Techno-
logical University. The award comprised
an inves tment amount valued up to
S$200,000 (US$144,251), which funded
Coursepad’s growth.
Smartphone penetration and internet
usage in Singapore is one of the highest
globally. This phenomenon, coupled with
the country’s push for the proliferation
of e-learning to increase the efficiency
and accessibility of education, has thus
primed the city-state’s education system
for disruption.
Last year, the Singapore Workforce
Development Agency (WDA) set aside
S$27 million (US$19.5 million) over the next
tion. This move has helped to increase the
awareness of learning technology across
all labor sectors through outreach events,
grants and support. “WDA has the fore-
sight that in a highly knowledge-driven
economy, having solid knowledge man-
agement and learning infrastructure is a
crucial factor in maintaining a company’s
competitive edge,” Chan said. “The mis-
conception with EdTech is that it is costly,
time-consuming to develop and has lim-
ited impact to the education industry.
With the advanced digital tools that we
have at our disposal currently, in-depth
courses can be developed and maintained
at a fraction of their previous cost.”
FORBES 400

IMMI GRAT ED I N 1 975 44 | Dustin Moskovitz, 32S  $10.4 BIL

TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: *

45 | Stephen Schwarzman, 69T $10.3 BIL

FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: *

46 | John Menard Jr., 76S $9.4 BIL

FASHION AND RETAIL EAU CLAIRE, WISCONSIN
SELF-MADE SCORE: (

47 | Patrick Soon-Shiong, 64T  $9.2 BIL

HEALTH CARE LOS ANGELES
SELF-MADE SCORE: (

48 | Leonard Lauder, 79S $9 BIL

FASHION AND RETAIL NEW YORK CITY
SELF-MADE SCORE: %

49 | Andrew Beal, 63T $8.9 BIL

FINANCE AND INVESTMENTS DALLAS, TEXAS
SELF-MADE SCORE: *

50 | Jan Koum, 40S $8.8 BIL

TECHNOLOGY SANTA CLARA, CALIFORNIA
SELF-MADE SCORE: )

51 | James Goodnight, 73S $8.7 BIL

TECHNOLOGY CARY, NORTH CAROLINA
SELF-MADE SCORE: *

52 | Herbert Kohler & family, 77S $8.6 BIL

MANUFACTURING KOHLER, WISCONSIN
SELF-MADE SCORE: $

52 | John Paulson, 60T $8.6 BIL

FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: (
214. Kieu Hoang 54 | Pierre Omidyar, 49S  $8.1 BIL
$3.1 BILLION T SELF-MADE SCORE: ( TECHNOLOGY HONOLULU, HAWAII
SOURCE: MEDICAL PRODUCTS SELF-MADE SCORE: *
AGE: 72 RESIDENCE: WESTLAKE VILLAGE, CALIFORNIA
55 | Thomas Frist Jr. & family, 78T $7.9 BIL
Born in Vietnam, Hoang came to California at age 31 HEALTH CARE NASHVILLE, TENNESSEE
at the end of the Vietnam War. He got his first job SELF-MADE SCORE: &
(earning $1.25 an hour) through a connection at the
56 | Gordon Moore, 87S  $7.6 BIL
Methodist church that sponsored his family upon its TECHNOLOGY WOODSIDE, CALIFORNIA
arrival. After rising through the ranks at Abbott Ref- SELF-MADE SCORE: *
erence Laboratories, he founded Rare Antibody An-
tigen Supply in 1980 and Shanghai RAAS Blood 57 | Ken Griffin, 48S $7.5 BIL
FINANCE AND INVESTMENTS CHICAGO
Products in 1992. The Shenzhen Stock Exchange-
SELF-MADE SCORE: *
listed company, where he is vice chairman, supplies
albumin, immunoglobulin and other blood-derived 58 | Eli Broad, 83WX  $7.4 BIL
products. In 2014 he bought a winery and vineyards FINANCE AND INVESTMENTS LOS ANGELES
from the Mondavi estate in Napa Valley; it’s now SELF-MADE SCORE: (
called the Kieu Hoang Winery. Last year he paid 58 | Stanley Kroenke, 69T $7.4 BIL
$33 million for Hummingbird Nest Ranch in Simi SPORTS COLUMBIA, MISSOURI
Valley, where he plans to build a wellness center. SELF-MADE SCORE: ^
“I have so many American dreams,” Hoang says.
58 | Stephen Ross, 76S  $7.4 BIL
“I want to thank America.” REAL ESTATE NEW YORK CITY
SELF-MADE SCORE: *

61 | Micky Arison, 67T $7.2 BIL

SERVICE BAL HARBOUR, FLORIDA
SELF-MADE SCORE: %

38 | Rupert Murdoch, 85T $11.1 BIL 39 | Blair Parry-Okeden, 66S $10.8 BIL 61 | James Chambers, 59Ì $7.2 BIL
MEDIA AND ENTERTAINMENT NEW YORK CITY MEDIA AND ENTERTAINMENT SCONE MEDIA AND ENTERTAINMENT PALISADES, NEW YORK
SELF-MADE SCORE: & SELF-MADE SCORE: ! SELF-MADE SCORE: !

39 | Philip Anschutz, 76T $10.8 BIL 42 | Donald Newhouse, 86T $10.5 BIL 61 | Carl Cook, 54S $7.2 BIL
FINANCE AND INVESTMENTS DENVER, COLORADO MEDIA & ENTERTAINMENT SOMERSET COUNTY, NEW JERSEY HEALTH CARE BLOOMINGTON, INDIANA
SELF-MADE SCORE: % SELF-MADE SCORE: % SELF-MADE SCORE: #

39 | Jim Kennedy, 68S $10.8 BIL 42 | Samuel Newhouse, 88S $10.5 BIL 61 | George Kaiser, 74T  $7.2 BIL
MEDIA & ENTERTAINMENT ATLANTA, GEORGIA MEDIA AND ENTERTAINMENT NEW YORK CITY ENERGY TULSA, OKLAHOMA
SELF-MADE SCORE: $ SELF-MADE SCORE: % SELF-MADE SCORE: %

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

80 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

The superlative-charged chronograph. 50 mm case in Breitlight®. Exclusive Manufacture
Breitling Caliber B12 with 24-hour military-style display. Officially chronometer-certified.
B R E IT L ING . C O M
FORBES 400

61 | John Malone, 75WX $7.2 BIL 87 | Christy Walton, 67 $5.6 BIL 94 | Jim Davis & family, 73S $5.2 BIL
MEDIA AND ENTERTAINMENT ELIZABETH, COLORADO FASHION AND RETAIL JACKSON, WYOMING MANUFACTURING NEWTON, MASSACHUSETTS
SELF-MADE SCORE: * SELF-MADE SCORE: ! SELF-MADE SCORE: *

61 | Katharine Rayner, 71Ì $7.2 BIL 88 | Brian Acton, 44S $5.4 BIL 94 | Scott Duncan, 33S $5.2 BIL
MEDIA AND ENTERTAINMENT EAST HAMPTON, NEW YORK TECHNOLOGY PALO ALTO, CALIFORNIA ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: ! SELF-MADE SCORE: * SELF-MADE SCORE: !

61 | Margaretta Taylor, 74Ì $7.2 BIL 88 | Richard DeVos & family, 90T $5.4 BIL 94 | Milane Frantz, 47S $5.2 BIL
MEDIA AND ENTERTAINMENT SOUTHAMPTON, NEW YORK SERVICE HOLLAND, MICHIGAN ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: ! SELF-MADE SCORE: ) SELF-MADE SCORE: !

68 | Edward Johnson III, 86T $7.1 BIL 90 | Bruce Kovner, 71S $5.3 BIL 94 | Jerry Jones, 74S $5.2 BIL
FINANCE AND INVESTMENTS BOSTON, MASSACHUSETTS FINANCE AND INVESTMENTS NEW YORK CITY SPORTS DALLAS, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: ( SELF-MADE SCORE: *

69 | Richard Kinder, 71T  $7 BIL 90 | Ted Lerner, 91T $5.3 BIL 94 | Whitney MacMillan, 87S $5.2 BIL
ENERGY HOUSTON, TEXAS REAL ESTATE CHEVY CHASE, MARYLAND FOOD AND BEVERAGE MINNEAPOLIS, MINNESOTA
SELF-MADE SCORE: * SELF-MADE SCORE: ( SELF-MADE SCORE: @

70 | Shahid Khan, 66S $6.9 BIL 90 | David Sun, 65S $5.3 BIL 94 | Trevor Rees-Jones, 65T $5.2 BIL
AUTOMOTIVE NAPLES, FLORIDA TECHNOLOGY IRVINE, CALIFORNIA ENERGY DALLAS, TEXAS
SELF-MADE SCORE: ) SELF-MADE SCORE: ) SELF-MADE SCORE: &

70 | Hank & Doug Meijer, 64, 62 T $6.9 BIL 90 | John Tu, 75S $5.3 BIL 94 | Randa Williams, 55S $5.2 BIL
FASHION AND RETAIL GRAND RAPIDS, MICHIGAN TECHNOLOGY ROLLING HILLS, CALIFORNIA ENERGY HOUSTON, TEXAS
SELF-MADE SCORE: # SELF-MADE SCORE: ( SELF-MADE SCORE: @

70 | Les Wexner & family, 79T $6.9 BIL 94 | Dannine Avara, 52S $5.2 BIL 102 | Robert Kraft, 75S $5.1 BIL
FASHION AND RETAIL NEW ALBANY, OHIO ENERGY HOUSTON, TEXAS SPORTS BROOKLINE, MASSACHUSETTS
SELF-MADE SCORE: * SELF-MADE SCORE: ! SELF-MADE SCORE: *

73 | David Duffield, 76S $6.7 BIL 102 | Tom & Judy Love, 79S $5.1 BIL
TECHNOLOGY INCLINE VILLAGE, NEVADA FASHION AND RETAIL OKLAHOMA CITY, OKLAHOMA
SELF-MADE SCORE: * SELF-MADE SCORE: (
I M M I G R AT E D I N 1 9 7 8
73 | David Geffen, 73T $6.7 BIL 102 | Leandro Rizzuto, 78S $5.1 BIL
MEDIA & ENTERTAINMENT MALIBU, CALIFORNIA MANUFACTURING SHERIDAN, WYOMING
SELF-MADE SCORE: ( SELF-MADE SCORE: (

73 | Richard LeFrak & family, 71S $6.7 BIL 105 | Leon Black, 65WX $5 BIL
REAL ESTATE NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: % SELF-MADE SCORE: *

76 | Charles Schwab, 79S $6.6 BIL 105 | John Doerr, 65S  $5 BIL
FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *

77 | Pauline MacMillan Keinath, 82S $6.4 BIL 105 | Israel Englander, 68S $5 BIL
FOOD AND BEVERAGE ST. LOUIS, MISSOURI FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: ! SELF-MADE SCORE: (

78 | Bruce Halle, 86S $6.3 BIL 105 | Charles Johnson, 83T $5 BIL
AUTOMOTIVE PARADISE VALLEY, ARIZONA FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: %

78 | Travis Kalanick, 40S $6.3 BIL 105 | David Shaw, 65S $5 BIL
TECHNOLOGY SAN FRANCISCO FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: *

80 | Ann Walton Kroenke, 67S $6.2 BIL 110 | Edward Roski Jr., 77S $4.9 BIL
FASHION AND RETAIL COLUMBIA, MISSOURI REAL ESTATE LOS ANGELES
SELF-MADE SCORE: ! SELF-MADE SCORE: %

81 | David Green, 74S  $6.1 BIL 111 | Ray Lee Hunt, 73T $4.8 BIL
FASHION AND RETAIL OKLAHOMA CITY, OKLAHOMA 22. Len Blavatnik ENERGY DALLAS, TEXAS
SELF-MADE SCORE: ) SELF-MADE SCORE: %
$18.2 BILLION S SELF-MADE SCORE: (

82 | Robert Rowling, 63T
ENERGY DALLAS, TEXAS
SELF-MADE SCORE: %
83 | Ralph Lauren, 77T
FASHION AND RETAIL NEW YORK CITY
SELF-MADE SCORE: (
83 | John A. Sobrato, 77S
REAL ESTATE ATHERTON, CALIFORNIA
SELF-MADE SCORE: &
$6 BIL SOURCE: DIVERSIFIED 111 | Alejandro Santo Domingo, 39S $4.8 BIL
AGE: 59 RESIDENCE: LONDON FOOD AND BEVERAGE NEW YORK CITY
Born in Ukraine, raised in Russia, Blavat- SELF-MADE SCORE: #
nik immigrated to the U.S. in 1978, earning 111 | Andres Santo Domingo, 38S
$5.9 BIL $4.8 BIL
degrees from Columbia and Harvard Busi- FOOD AND BEVERAGE NEW YORK CITY
ness School. He became a citizen in 1984 SELF-MADE SCORE: #
but made billions in Russia with oil compa-
 $5.9 BIL 111 | Daniel Ziff, 44T $4.8 BIL
ny TNK-BP. Today he stands atop a glob- FINANCE AND INVESTMENTS NEW YORK CITY
al empire that includes stakes in petro- SELF-MADE SCORE: $
chemical producer LyondellBasell and
DAVE BENETT/GETTY IMAGES

83 | Dennis Washington, 82T $5.9 BIL fashion designer Tory Burch. He also owns 111 | Dirk Ziff, 52T $4.8 BIL
LOGISTICS MISSOULA, MONTANA FINANCE AND INVESTMENTS NORTH PALM BEACH, FLORIDA
Warner Music. Blavatnik has invested in SELF-MADE SCORE: $
SELF-MADE SCORE: )
Broadway shows, including Arthur Miller’s
86 | Michael & Marian Ilitch, 87, 83S $5.8 BIL The Crucible; he donated $25 million to 111 | Robert Ziff, 50T $4.8 BIL
FOOD AND BEVERAGE BINGHAM FARMS, MICHIGAN Carnegie Hall in June. FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: ( SELF-MADE SCORE: $

84 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 117 | Tamara Gustavson & family, 54S $4.7 BIL 142 | Gwendolyn Sontheim Meyer, 54S $4 BIL
IMMIGRATED IN 1957
SERVICE MALIBU, CALIFORNIA FOOD AND BEVERAGE RANCHO SANTA FE, CALIFORNIA
SELF-MADE SCORE: @ SELF-MADE SCORE: !

117 | Sumner Redstone, 93T $4.7 BIL 142 | H. Ross Perot Sr., 86WX $4 BIL
MEDIA & ENTERTAINMENT BEVERLY HILLS, CALIFORNIA DIVERSIFIED DALLAS, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: )

117 | Sam Zell, 75T $4.7 BIL 142 | Stewart & Lynda Resnick, 77, 73 T $4 BIL
REAL ESTATE CHICAGO FOOD AND BEVERAGE BEVERLY HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *

120 | Daniel Gilbert, 54S  $4.6 BIL 142 | Russ Weiner, 46S $4 BIL
FINANCE AND INVESTMENTS FRANKLIN, MICHIGAN FOOD AND BEVERAGE DELRAY BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: *

120 | Paul Tudor Jones II, 62T $4.6 BIL 148 | John Morris, 68WX $3.9 BIL
FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT FASHION AND RETAIL SPRINGFIELD, MISSOURI
SELF-MADE SCORE: & SELF-MADE SCORE: (

120 | George Lucas, 72T  $4.6 BIL 148 | Ira Rennert, 82T $3.9 BIL
MEDIA & ENTERTAINMENT SAN ANSELMO, CALIFORNIA FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: *

120 | Steven Rales, 65S $4.6 BIL 150 | Marc Benioff, 52WX  $3.8 BIL
MANUFACTURING SANTA BARBARA, CALIFORNIA TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: & SELF-MADE SCORE: *

124 | Charles Dolan & family, 90T $4.5 BIL 150 | Diane Hendricks, 69S $3.8 BIL
MEDIA AND ENTERTAINMENT OYSTER BAY, NEW YORK CONSTRUCTION AND ENGINEERING AFTON, WISCONSIN
SELF-MADE SCORE: ( SELF-MADE SCORE: (

124 | Henry Kravis, 72T 150 | Reid Hoffman, 49S

FINANCE AND INVESTMENTS NEW YORK CITY
$4.5 BIL
156. Igor Olenicoff TECHNOLOGY PALO ALTO, CALIFORNIA
$3.8 BIL

SELF-MADE SCORE: * $3.7 BILLION S SELF-MADE SCORE: ) SELF-MADE SCORE: *

124 | Nancy Walton Laurie, 65S
FASHION AND RETAIL HENDERSON, NEVADA
SELF-MADE SCORE: !
124 | George Roberts, 73T
FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA
SELF-MADE SCORE: *
128 | Stanley Druckenmiller, 63WX
FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: *
128 | Reinhold Schmieding, 61S
HEALTH CARE NAPLES, FLORIDA
SELF-MADE SCORE: *
128 | Sheldon Solow, 88S
REAL ESTATE NEW YORK CITY
SELF-MADE SCORE: (
131 | Rupert Johnson Jr., 76T
FINANCE AND INVESTMENTS BURLINGAME, CALIFORNIA
SELF-MADE SCORE: $
SOURCE: REAL ESTATE
$4.5 BIL AGE: 74 RESIDENCE: LIGHTHOUSE PT., FLORIDA 150 | Robert Rich Jr., 75S $3.8 BIL
FOOD AND BEVERAGE ISLAMORADA, FLORIDA
After he was mentioned in the Panama SELF-MADE SCORE: #
Papers leak, Olenicoff brushed it off with a
$4.5 BIL sense of humor. “For a change I’m in good 150 | Walter Scott Jr. & family, 85WX  $3.8 BIL
ENERGY OMAHA, NEBRASKA
company. Every world leader is named in
SELF-MADE SCORE: &
there,” he told FORBES in April, while at
$4.4 BIL the same time denying the allegations. 150 | Kelcy Warren, 60T $3.8 BIL
“Usually it’s just me—the Russian immi- ENERGY DALLAS, TEXAS
SELF-MADE SCORE: (
grant who has done well.” The real es-
$4.4 BIL tate developer’s tsarist-connected family 156 | Stephen Bisciotti, 56S $3.7 BIL
fled the Soviet Union to Iran during World SPORTS MILLERSVILLE, MARYLAND
War II, where he attended an American SELF-MADE SCORE: *
missionary school. In 1957, when he was
$4.4 BIL 156 | Austen Cargill II, 65S $3.7 BIL
15, Olenicoff’s family arrived in the U.S. FOOD AND BEVERAGE LIVINGSTON, MONTANA
with $800 and 4 suitcases. He now owns SELF-MADE SCORE: !
12,000 apartment units across 5 states
$4.3 BIL 156 | James Cargill II, 67S $3.7 BIL
and 8 million square feet of office space.
FOOD AND BEVERAGE BIRCHWOOD, WISCONSIN
SELF-MADE SCORE: !

131 | Karen Pritzker, 58WX $4.3 BIL 134 | Mitchell Rales, 60S $4.1 BIL 156 | Rick Caruso, 57S $3.7 BIL
SERVICE BRANFORD, CONNECTICUT MANUFACTURING POTOMAC, MARYLAND REAL ESTATE BRENTWOOD, CALIFORNIA
SELF-MADE SCORE: # SELF-MADE SCORE: & SELF-MADE SCORE: &

133 | John Sall, 68S  $4.2 BIL 134 | Jeffrey Skoll, 51WX  $4.1 BIL 156 | Martha Ingram & family, 81T $3.7 BIL
TECHNOLOGY CARY, NORTH CAROLINA TECHNOLOGY LOS ANGELES MEDIA AND ENTERTAINMENT NASHVILLE, TENNESSEE
SELF-MADE SCORE: * SELF-MADE SCORE: ^ SELF-MADE SCORE: $

134 | Phillip Frost, 79T  $4.1 BIL 134 | Leonard Stern, 78T $4.1 BIL 156 | H. Fisk Johnson, 58S $3.7 BIL
HEALTH CARE MIAMI BEACH, FLORIDA REAL ESTATE NEW YORK CITY MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: % SELF-MADE SCORE: #

134 | Jeffery Hildebrand, 57T $4.1 BIL 134 | Ronda Stryker, 62S $4.1 BIL 156 | Imogene Powers Johnson, 86S $3.7 BIL
ENERGY HOUSTON, TEXAS HEALTH CARE PORTAGE, MICHIGAN MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: @ SELF-MADE SCORE: !

134 | Gabe Newell, 53S $4.1 BIL 142 | Jeremy Jacobs Sr., 76WX $4 BIL 156 | S. Curtis Johnson, 61S $3.7 BIL
GAMBLING, CASINOS SEATTLE, WASHINGTON SERVICE EAST AURORA, NEW YORK MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: * SELF-MADE SCORE: % SELF-MADE SCORE: !
DAVE BENETT/GETTY IMAGES

134 | Terrence Pegula, 65S $4.1 BIL 142 | James Jannard, 67WX $4 BIL 156 | Helen Johnson-Leipold, 59S $3.7 BIL
ENERGY BOCA RATON, FLORIDA FASHION AND RETAIL SAN JUAN ISLANDS, WASHINGTON MANUFACTURING RACINE, WISCONSIN
SELF-MADE SCORE: ( SELF-MADE SCORE: ( SELF-MADE SCORE: #

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 85

 PROMOTION

Hong Kong:
ASIA’S PREMIER DESTINATION FOR
EXHIBITIONS AND CONVENTIONS

The city’s key location, world-class infrastructure and award-winning venue space makes
it the logical choice for hosting business events.

As one of the world’s leading business and
financial centers, Hong Kong continues to
be a highly sought-after global stage for
trade exhibitions and conventions.
The cit y’s strategic location at the
c ro s s roa d s of t r a d e a n d c o m m e rc e
makes it an ideal choice for organizations
s e e k i n g a n i n t e r n a t i o n a l a u d i e n c e.
Adding to the city’s allure is the presence
of the regional headquarters of many of
the world’s top companies and financial
institutions, making it a logical choice for
corporate meetings.
The numbers speak for themselves.
In 2015, almost 90 “trade” and “trade
and consumer” exhibitions were held
in Hong Kong, welcoming more than
67,000 exhibiting companies. The events
received more than two million visitors,
a 13% increase from the previous year,
according to survey data from the Hong
Kong Exhibition & Convention Industry
Association (HKECIA).
Reflecting the growing importance of
Hong Kong to mainland China businesses
as a trade and exhibition hub, there was
also an 8.4% jump in mainland Chinese
exhibiting companies in the city.
“These are results that strongly reaffirm
Hong Kong’s leading position and unique
advantages as Trade Fair Capital of Asia.
Through these exhibition activities, the
city continues to act as one of the world’s
most impor tant sourcing hubs,” said
Stuart Bailey, Chairman of the HKECIA.
Hong Kong’s many ad vant ag e s as
a bu sine s s d e s tination have ear ned
i t glow ing re cog ni tion f rom around
the world. Industry magazine CEI Asia
readers voted Hong Kong as the best
city for business events for the fifth year
in a row.
Organizations are also spoilt for choice
when it comes to selecting a world-class
venue space. For instance, the Hong
Kong Convention and Exhibition Centre
(HKCEC) has consistently won the “Asia’s
Best” title and named “Best Venue Team
in Asia Pacific” in the CEI industry survey
conducted by the magazine. HKCEC is
home to four of the world’s largest trade
exhibitions and has hosted international
events such as Art Basel, Cosmoprof Asia
and Vinexpo Hong Kong.
Another venue, AsiaWorld-Expo, has
been voted among the top three best
convention and exhibition centres in Asia
Pacific for five consecutive years, as well
as the top-listing “Best Venue Team” at
the renowned CEI Asia Industry Awards.
The space has hosted a diverse range of
events, including international fairs such
as the China Sourcing Fair and Hong
Kong Jewellery and Gem Fair as well as
regional events such as TEDxHong Kong
and Samsung China Forum.
Behind the scene s, the meeting s,
incentives, conventions and exhibitions
(MICE) sector in Hong Kong is robustly
supported by the Meetings & Exhibitions
Hong Kong (MEHK) office of the Hong
Kong Tourism Board. The of fice ac t s
as a one-stop support center, helping
with the smooth running of events by
providing citywide hospitality and trade
offers, facilitating dedicated immigration
counters at Hong Kong International
A ir por t, a s s em bling com pliment ar y
welcome packages for attendees as well
as creating exciting cultural and leisure
experiences for visitors.
A s one of the frees t economies in
the world, Hong Kong is a cit y built
for business. And with top-flight
infras tr uc ture designed to welcome
international visitors, there are few places
bet ter to host a MICE event than this
vibrant metropolis in the heart of Asia.
 FORBES 400

156 | Winnie Johnson-Marquart, 57S $3.7 BIL IM MI GRAT ED I N 1 976 190 | Roger Wang, 67S $3.4 BIL
MANUFACTURING VIRGINIA BEACH, VIRGINIA RETAIL NANJING, CHINA
SELF-MADE SCORE: @ SELF-MADE SCORE: *

156 | Marianne Liebmann, 63S $3.7 BIL 194 | Nathan Blecharczyk, 33WX  $3.3 BIL
FOOD AND BEVERAGE BOZEMAN, MONTANA TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: ! SELF-MADE SCORE: *

156 | Mary Alice Dorrance Malone, 66S $3.7 BIL 194 | John Catsimatidis, 68T $3.3 BIL
FOOD AND BEVERAGE COATESVILLE, PENNSYLVANIA ENERGY NEW YORK CITY
SELF-MADE SCORE: @ SELF-MADE SCORE: )

156 | Clayton Mathile, 75S $3.7 BIL 194 | Brian Chesky, 35WX  $3.3 BIL
FOOD AND BEVERAGE BROOKVILLE, OHIO TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: & SELF-MADE SCORE: *

156 | Igor Olenicoff, 74S $3.7 BIL 194 | David Filo, 50S $3.3 BIL
REAL ESTATE LIGHTHOUSE POINT, FLORIDA TECHNOLOGY PALO ALTO, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: *

156 | Frederick Smith, 72S $3.7 BIL 194 | Joe Gebbia, 35WX  $3.3 BIL
LOGISTICS MEMPHIS, TENNESSEE TECHNOLOGY SAN FRANCISCO
SELF-MADE SCORE: ( SELF-MADE SCORE: *

156 | Jerry Speyer, 76T $3.7 BIL 194 | Tom Gores, 52WX $3.3 BIL
REAL ESTATE NEW YORK CITY FINANCE AND INVESTMENTS BEVERLY HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *

156 | Steven Spielberg, 69S $3.7 BIL 194 | Jeff Greene, 61WX  $3.3 BIL
MEDIA & ENTERTAINMENT PACIFIC PALISADES, CALIFORNIA REAL ESTATE PALM BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: )
184. Dagmar Dolby
156 | Donald Trump, 70T $3.7 BIL 194 | John Overdeck, 46S $3.3 BIL
REAL ESTATE NEW YORK CITY
SELF-MADE SCORE: %
& family FINANCE AND INVESTMENTS MILLBURN, NEW JERSEY
SELF-MADE SCORE: *
$3.5 BILLION S SELF-MADE SCORE: !
174 | Bubba Cathy, 62S $3.6 BIL SOURCE: DOLBY LABORATORIES 194 | Bernard Saul II, 84S $3.3 BIL
FOOD AND BEVERAGE ATLANTA, GEORGIA AGE: 75 RESIDENCE: SAN FRANCISCO FINANCE AND INVESTMENTS CHEVY CHASE, MARYLAND
SELF-MADE SCORE: $ German-born widow of sound technology SELF-MADE SCORE: %

174 | Dan Cathy, 63S
FOOD AND BEVERAGE ATLANTA, GEORGIA
SELF-MADE SCORE: $
174 | Dan Friedkin, 51WX
AUTOMOTIVE HOUSTON, TEXAS
SELF-MADE SCORE: $
174 | Jimmy Haslam, 62S
FASHION AND RETAIL KNOXVILLE, TENNESSEE
SELF-MADE SCORE: #
174 | Randal Kirk, 62T
HEALTH CARE MANALAPAN, FLORIDA
SELF-MADE SCORE: *
$3.6 BIL pioneer Ray Dolby (d. 2013) pledged 194 | David Siegel, 55S $3.3 BIL
$53 million last year to expand the campus FINANCE AND INVESTMENTS SCARSDALE, NEW YORK
of the University of Cambridge, his alma SELF-MADE SCORE: *
mater. The pair met in 1962, while she was
$3.6 BIL 204 | Neil Bluhm, 78T $3.2 BIL
studying in a summer language program REAL ESTATE CHICAGO
in the U.K. She also committed $20 mil- SELF-MADE SCORE: )
lion in 2015 to the University of California,
$3.6 BIL San Francisco for research on mood disor- 204 | Leon G. Cooperman, 73T  $3.2 BIL
FINANCE AND INVESTMENTS SHORT HILLS, NEW JERSEY
ders. She and her sons own just under half SELF-MADE SCORE: (
of publicly traded Dolby Laboratories, which
$3.6 BIL Ray founded in 1965. 204 | Mark Cuban, 58S $3.2 BIL
MEDIA AND ENTERTAINMENT DALLAS, TEXAS
SELF-MADE SCORE: *

174 | Bernard Marcus, 87S  $3.6 BIL 184 | Ken Fisher, 65S $3.5 BIL 204 | Jack & Laura Dangermond, 71S  $3.2 BIL
FASHION AND RETAIL ATLANTA, GEORGIA FINANCE AND INVESTMENTS CAMAS, WASHINGTON TECHNOLOGY REDLANDS, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: *

174 | Isaac Perlmutter, 73T $3.6 BIL 184 | Robert McNair, 79S $3.5 BIL 204 | Edward DeBartolo Jr., 69T $3.2 BIL
MEDIA AND ENTERTAINMENT PALM BEACH, FLORIDA SPORTS HOUSTON, TEXAS REAL ESTATE TAMPA, FLORIDA
SELF-MADE SCORE: ) SELF-MADE SCORE: * SELF-MADE SCORE: %

174 | Julian Robertson, 84T  $3.6 BIL 184 | Michael Milken, 70S  $3.5 BIL 204 | Ronald Lauder, 72T $3.2 BIL
FINANCE AND INVESTMENTS LOCUST VALLEY, NEW YORK FINANCE AND INVESTMENTS LOS ANGELES FASHION AND RETAIL NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: %

174 | Jeff Sutton, 56S $3.6 BIL 184 | Steven Udvar-Hazy, 70T $3.5 BIL 204 | George Lindemann & fam., 80T $3.2 BIL
REAL ESTATE NEW YORK CITY SERVICE BEVERLY HILLS, CALIFORNIA FINANCE AND INVESTMENTS PALM BEACH, FLORIDA
SELF-MADE SCORE: * SELF-MADE SCORE: ( SELF-MADE SCORE: %

174 | Joan Tisch, 89S $3.6 BIL 190 | Anthony Pritzker, 55WX $3.4 BIL 204 | Robert Pera, 38S $3.2 BIL
FINANCE AND INVESTMENTS NEW YORK CITY SERVICE LOS ANGELES TECHNOLOGY SAN JOSE, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: # SELF-MADE SCORE: *

184 | Dagmar Dolby, 75S $3.5 BIL 190 | Jay Robert (J.B.) Pritzker, 51WX $3.4 BIL 204 | Clemmie Spangler Jr., 84S $3.2 BIL
TECHNOLOGY SAN FRANCISCO FINANCE AND INVESTMENTS CHICAGO FINANCE AND INVESTMENTS CHARLOTTE, NORTH CAROLINA
SELF-MADE SCORE: #
VINCENT SANDOVAL/GETTY IMAGES

SELF-MADE SCORE: ! SELF-MADE SCORE: %

184 | Archie A. Emmerson & fam., 87T$3.5 BIL 190 | Donald Sterling, 82S $3.4 BIL 204 | Harry Stine, 74S $3.2 BIL
MANUFACTURING REDDING, CALIFORNIA REAL ESTATE BEVERLY HILLS, CALIFORNIA FOOD AND BEVERAGE ADEL, IOWA
SELF-MADE SCORE: & SELF-MADE SCORE: * SELF-MADE SCORE: )

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

88 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

A world where business
can succeed in the face
of risk.
Doing business globally means exposure to risk. Operating in Asia should not feel like
stepping into a threatening landscape. Our Asia-based team knows the territory, the
players and the pitfalls. We guide clients around the challenges and insulate them from
the unforeseen. We assist in mitigating the volatility of a fast-paced environment.
Your business will never miss a beat.

Trusted
We work with complete confidentiality
in some of the world’s most difficult
and opaque markets.

Local
We are positioned across Asia to act
decisively to crises and maintain the
continuity of your business.

Multidisciplinary
Law enforcement, military, cybersecurity,
accounting, corporate law, and everything
in between are represented.
Contact us at +852 2802 2123 or +62 21 522 7711. Alternatively, you can e-mail us
at info@hill-assoc.com or visit www.hill-assoc.com.
A Company
FORBES 400

214 | Arthur Blank, 74S  $3.1 BIL 222 | Do Won & Jin Sook Chang, 60T $3 BIL 239 | Richard Schulze, 75WX $2.8 BIL
SPORTS ATLANTA, GEORGIA FASHION AND RETAIL BEVERLY HILLS, CALIFORNIA FASHION AND RETAIL BONITA SPRINGS, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: ) SELF-MADE SCORE: *

214 | John Paul DeJoria, 72S  $3.1 BIL 222 | Bennett Dorrance, 70S $3 BIL 239 | Oprah Winfrey, 62T $2.8 BIL
FASHION AND RETAIL AUSTIN, TEXAS FOOD AND BEVERAGE PARADISE VALLEY, ARIZONA MEDIA AND ENTERTAINMENT MONTECITO, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: @ SELF-MADE SCORE: )

214 | Kieu Hoang, 72T $3.1 BIL 222 | Allan Goldman, 73Ì $3 BIL 246 | Jim Breyer, 55S $2.7 BIL
HEALTH CARE WESTLAKE VILLAGE, CALIFORNIA REAL ESTATE NEW YORK CITY TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: ( SELF-MADE SCORE: $ SELF-MADE SCORE: *

214 | Amos Hostetter Jr., 79WX $3.1 BIL 222 | Jane Goldman, 61Ì $3 BIL 246 | Barry Diller, 74S  $2.7 BIL
MEDIA AND ENTERTAINMENT BOSTON, MASSACHUSETTS REAL ESTATE NEW YORK CITY MEDIA AND ENTERTAINMENT NEW YORK CITY
SELF-MADE SCORE: & SELF-MADE SCORE: $ SELF-MADE SCORE: (

214 | Thomas Pritzker, 66S $3.1 BIL 222 | Amy Goldman Fowler, 62Ì $3 BIL 246 | Kenneth Feld & family, 67S $2.7 BIL
FINANCE AND INVESTMENTS CHICAGO REAL ESTATE RHINEBECK, NEW YORK MEDIA AND ENTERTAINMENT TAMPA, FLORIDA
SELF-MADE SCORE: $ SELF-MADE SCORE: @ SELF-MADE SCORE: %

214 | David Rockefeller Sr., 101S  $3.1 BIL 222 | Diane Kemper, 71Ì $3 BIL 246 | Tilman Fertitta, 59S $2.7 BIL
FINANCE AND INVESTMENTS SLEEPY HOLLOW, NEW YORK REAL ESTATE NEW YORK CITY FOOD AND BEVERAGE HOUSTON, TEXAS
SELF-MADE SCORE: @ SELF-MADE SCORE: @ SELF-MADE SCORE: (

214 | Henry Samueli, 62S  $3.1 BIL 222 | Michael Moritz, 62S  $3 BIL 246 | B. Wayne Hughes, 83S $2.7 BIL
TECHNOLOGY NEWPORT BEACH, CALIFORNIA TECHNOLOGY SAN FRANCISCO SERVICE LEXINGTON, KENTUCKY
SELF-MADE SCORE: ( SELF-MADE SCORE: * SELF-MADE SCORE: (

214 | Lynn Schusterman, 77T  $3.1 BIL 222 | Kevin Plank, 44T $3 BIL 246 | Min Kao & family, 67S $2.7 BIL
ENERGY TULSA, OKLAHOMA FASHION AND RETAIL LUTHERVILLE-TIMONIUM, MARYLAND TECHNOLOGY LEAWOOD, KANSAS
SELF-MADE SCORE: ! SELF-MADE SCORE: * SELF-MADE SCORE: *

222 | Herbert Simon, 81S $3 BIL 246 | Douglas Leone, 59S $2.7 BIL
REAL ESTATE INDIANAPOLIS, INDIANA FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA
I M M I G RAT E D I N 1 970 SELF-MADE SCORE: ( SELF-MADE SCORE: (

222 | Romesh T. Wadhwani, 69S  $3 BIL 246 | John Middleton, 61S $2.7 BIL
TECHNOLOGY PALO ALTO, CALIFORNIA FOOD AND BEVERAGE BRYN MAWR, PENNSYLVANIA
SELF-MADE SCORE: * SELF-MADE SCORE: ^

232 | John Arnold, 42WX  $2.9 BIL 246 | Daniel Och, 55T $2.7 BIL
FINANCE AND INVESTMENTS HOUSTON, TEXAS FINANCE AND INVESTMENTS SCARSDALE, NEW YORK
SELF-MADE SCORE: * SELF-MADE SCORE: &

232 | Andrew & Peggy Cherng, S $2.9 BIL 246 | A. Jerrold Perenchio, 85WX $2.7 BIL
FOOD AND BEVERAGE LAS VEGAS, NEVADA MEDIA & ENTERTAINMENT BEL AIR, CALIFORNIA
SELF-MADE SCORE: ( SELF-MADE SCORE: *

232 | Tom Golisano, 74S $2.9 BIL 246 | J. Christopher Reyes, 62T $2.7 BIL
SERVICE NAPLES, FLORIDA FOOD AND BEVERAGE HOBE SOUND, FLORIDA
SELF-MADE SCORE: ( SELF-MADE SCORE: *

232 | James Leprino, 78T $2.9 BIL 246 | Jude Reyes, 61T $2.7 BIL
FOOD AND BEVERAGE INDIAN HILLS, COLORADO FOOD AND BEVERAGE PALM BEACH, FLORIDA
SELF-MADE SCORE: % SELF-MADE SCORE: *

232 | Wilbur Ross Jr., 78WX $2.9 BIL 246 | Gary Rollins, 72S $2.7 BIL
FINANCE AND INVESTMENTS PALM BEACH, FLORIDA SERVICE ATLANTA, GEORGIA
SELF-MADE SCORE: & SELF-MADE SCORE: #

232 | Haim Saban, 72T $2.9 BIL 246 | Randall Rollins, 84S $2.7 BIL
MEDIA & ENTERTAINMENT BEVERLY HILLS, CALIFORNIA SERVICE ATLANTA, GEORGIA
SELF-MADE SCORE: ( SELF-MADE SCORE: #

190. Roger Wang 232 | Howard Schultz, 63WX $2.9 BIL 246 | Mark Shoen, 65T $2.7 BIL
FOOD AND BEVERAGE SEATTLE, WASHINGTON AUTOMOTIVE PHOENIX, ARIZONA
$3.4 BILLION S SELF-MADE SCORE: *
SELF-MADE SCORE: ) SELF-MADE SCORE: %
SOURCE: RETAIL
AGE: 67 239 | Robert Bass, 68T $2.8 BIL 246 | Peter Thiel, 49T $2.7 BIL
RESIDENCE: NANJING, CHINA ENERGY FORT WORTH, TEXAS FINANCE AND INVESTMENTS SAN FRANCISCO
Wang came to the U.S. in pursuit of an SELF-MADE SCORE: $ SELF-MADE SCORE: *
M.B.A. in 1970, then stayed for a string 239 | Charles Cohen, 64Ì $2.8 BIL 246 | Steve Wynn, 74S $2.7 BIL
of jobs, including managing a drugstore, REAL ESTATE NEW YORK CITY GAMBLING, CASINOS LAS VEGAS, NEVADA
hawking insurance and selling furniture. SELF-MADE SCORE: % SELF-MADE SCORE: *
The China native grew up in Taiwan and
239 | Peter Kellogg, 74T $2.8 BIL 246 | Mortimer Zuckerman, 79S $2.7 BIL
got rich building condos around Los Ange-
FINANCE AND INVESTMENTS SHORT HILLS, NEW JERSEY REAL ESTATE NEW YORK CITY
les. In 1992 he returned to China and start- SELF-MADE SCORE: $ SELF-MADE SCORE: *
AP PHOTO / DAVID DUPREY

ed real estate firm Golden Eagle Interna-

tional, which built malls and retailers. Its de- 239 | Kenneth Langone, 81WX  $2.8 BIL 264 | Riley Bechtel & family, 64T $2.6 BIL
partment store arm, Golden Eagle Retail FINANCE AND INVESTMENTS SANDS POINT, NEW YORK CONSTRUCTION SAN FRANCISCO
SELF-MADE SCORE: ( SELF-MADE SCORE: $
Group, trades on the Hong Kong Stock Ex-
change. Wang splits his time between China 239 | Jorge Perez, 67T  $2.8 BIL 264 | Stephen Bechtel, 91T $2.6 BIL
and Los Angeles. REAL ESTATE MIAMI, FLORIDA CONSTRUCTION SAN FRANCISCO
SELF-MADE SCORE: * SELF-MADE SCORE: $

90 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 I MMI GRAT ED I N 1 968
264 | Robert Duggan, 72T $2.6 BIL
HEALTH CARE CLEARWATER, FLORIDA
SELF-MADE SCORE: *

264 | Doris Fisher, 85T $2.6 BIL

FASHION AND RETAIL SAN FRANCISCO
SELF-MADE SCORE: &

264 | H. Wayne Huizenga, 78WX $2.6 BIL

FINANCE AND INVESTMENTS FORT LAUDERDALE, FLORIDA
SELF-MADE SCORE: (

264 | Daniel Loeb, 54T $2.6 BIL

FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: &

264 | David Murdock, 93T $2.6 BIL

FOOD AND BEVERAGE VENTURA, CALIFORNIA
SELF-MADE SCORE: )

264 | Pat Stryker, 60S $2.6 BIL

HEALTH CARE FORT COLLINS, COLORADO
SELF-MADE SCORE: !

264 | William Wrigley Jr., 52WX $2.6 BIL

FOOD AND BEVERAGE NORTH PALM BEACH, FLORIDA
SELF-MADE SCORE: #

264 | Anita Zucker, 64S $2.6 BIL

MANUFACTURING CHARLESTON, SOUTH CAROLINA
SELF-MADE SCORE: #

274 | Tom Benson & family, 89S $2.5 BIL

SPORTS NEW ORLEANS, LOUISIANA
SELF-MADE SCORE: (

274 | David Bonderman, 73T $2.5 BIL

FINANCE AND INVESTMENTS FORT WORTH, TEXAS
SELF-MADE SCORE: &

274 | John Brown, 82S $2.5 BIL

HEALTH CARE PORTAGE, MICHIGAN
SELF-MADE SCORE: ^

274 | Bharat Desai & Neerja Sethi, 63, 61WX $2.5 BIL
TECHNOLOGY FISHER ISLAND, FLORIDA
SELF-MADE SCORE: *

274 | Don Hankey, 73T $2.5 BIL

AUTOMOTIVE MALIBU, CALIFORNIA
SELF-MADE SCORE: &

274 | Joshua Harris, 51WX $2.5 BIL

FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: *

274 | Bill Haslam, 58S $2.5 BIL

FASHION AND RETAIL KNOXVILLE, TENNESSEE
SELF-MADE SCORE: #

274 | Henry Hillman, 97WX $2.5 BIL

FINANCE AND INVESTMENTS PITTSBURGH, PENNSYLVANIA
SELF-MADE SCORE: %

274 | James Irsay, 57S $2.5 BIL

SPORTS CARMEL, INDIANA
SELF-MADE SCORE: @

274 | Stephen Mandel Jr., 60S $2.5 BIL

FINANCE AND INVESTMENTS GREENWICH, CONNECTICUT
SELF-MADE SCORE: &

274 | C. Dean Metropoulos, 70S  $2.5 BIL 246. Douglas Leone

FOOD AND BEVERAGE PALM BEACH, FLORIDA
SELF-MADE SCORE: *
274 | Henry Nicholas III, 57S
TECHNOLOGY NEWPORT COAST, CALIFORNIA
SELF-MADE SCORE: *
274 | Marc Rowan, 54S
FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: *
$2.7 BILLION S SELF-MADE SCORE: (
SOURCE: VENTURE CAPITAL
AGE: 59 RESIDENCE: ATHERTON, CALIFORNIA
$2.5 BIL
Leone runs the show at the esteemed Silicon Valley venture capital firm Sequoia Capital and has
reaped the rewards of the firm’s successful tech investments, from Google and YouTube to Aliba-
$2.5 BIL ba and LinkedIn. An Italian immigrant from Genoa, Leone moved to Mount Vernon, New York, at age
11 with his family and was called Pasta in high school. At Sequoia he and his partners like to invest in
hungry outsiders, such as Ukrainian immigrant and WhatsApp founder Jan Koum (No. 50).

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 91

FORBES 400

274 | Phillip Ruffin, 81S $2.5 BIL 309 | Richard Peery, 78WX $2.3 BIL
DIVERSIFIED LAS VEGAS, NEVADA IM MI GRAT ED I N 1 976 REAL ESTATE PALO ALTO, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *

274 | Robert Smith, 53WX $2.5 BIL 309 | John Pritzker, 63WX $2.3 BIL
FINANCE AND INVESTMENTS AUSTIN, TEXAS FINANCE AND INVESTMENTS SAN FRANCISCO
SELF-MADE SCORE: * SELF-MADE SCORE: #

274 | Ty Warner, 72S $2.5 BIL 309 | Michael Rubin, 44T $2.3 BIL
REAL ESTATE OAK BROOK, ILLINOIS FASHION AND RETAIL BRYN MAWR, PENNSYLVANIA
SELF-MADE SCORE: ) SELF-MADE SCORE: *

290 | George Bishop, 79WX $2.4 BIL 309 | E. Joe Shoen, 66Ì $2.3 BIL
ENERGY THE WOODLANDS, TEXAS AUTOMOTIVE PHOENIX, ARIZONA
SELF-MADE SCORE: & SELF-MADE SCORE: %

290 | Peter Buck, 85T $2.4 BIL 309 | Thomas Siebel, 63WX $2.3 BIL
FOOD AND BEVERAGE DANBURY, CONNECTICUT TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: ^ SELF-MADE SCORE: *

290 | William Conway, 67T $2.4 BIL 309 | Jon Stryker, 58S $2.3 BIL
FINANCE AND INVESTMENTS MCLEAN, VIRGINIA HEALTH CARE KALAMAZOO, MICHIGAN
SELF-MADE SCORE: * SELF-MADE SCORE: !

290 | Daniel D’Aniello, 70T $2.4 BIL 309 | Meg Whitman, 60S $2.3 BIL
FINANCE AND INVESTMENTS VIENNA, VIRGINIA TECHNOLOGY ATHERTON, CALIFORNIA
SELF-MADE SCORE: ) SELF-MADE SCORE: ^

290 | Ray Davis, 74T $2.4 BIL 321 | Scott Cook, 64S  $2.2 BIL
ENERGY DALLAS, TEXAS TECHNOLOGY WOODSIDE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: *
274. Bharat Desai &
290 | Bill Gross, 72S $2.4 BIL 321 | Jim Davis, 56Ì $2.2 BIL
FINANCE AND INVESTMENTS LAGUNA BEACH, CALIFORNIA Neerja Sethi SERVICE COCKEYSVILLE, MARYLAND
SELF-MADE SCORE: *
SELF-MADE SCORE: * $2.5 BILLION WX SELF-MADE SCORE:*

290 | John Henry, 67S
SPORTS BOCA RATON, FLORIDA
SELF-MADE SCORE: &
290 | Sean Parker, 36T
TECHNOLOGY NEW YORK CITY
SELF-MADE SCORE: *
290 | Bob Parsons, 65S
TECHNOLOGY SCOTTSDALE, ARIZONA
SELF-MADE SCORE: )
290 | Jean (Gigi) Pritzker, 54S
SERVICE CHICAGO
SELF-MADE SCORE: #
290 | Penny Pritzker, 57WX
FINANCE AND INVESTMENTS WASHINGTON, D.C.
SELF-MADE SCORE: #
290 | David Rubenstein, 67T
FINANCE AND INVESTMENTS BETHESDA, MARYLAND
SELF-MADE SCORE: (
$2.4 BIL SOURCE: IT CONSULTING 321 | Judy Faulkner, 73T  $2.2 BIL
AGES: 63, 61 HEALTH CARE MADISON, WISCONSIN
RESIDENCE: FISHER ISLAND, FLORIDA SELF-MADE SCORE: *
After working for IT firm Tata Consulting
$2.4 BIL 321 | John Fisher, 55T $2.2 BIL
Services, Desai and his wife, Neerja Sethi, FASHION AND RETAIL SAN FRANCISCO
founded IT consulting and outsourcing SELF-MADE SCORE: @
company Syntel in 1980. They started out
 $2.4 BIL of their apartment in Troy, Michigan with 321 | Rakesh Gangwal, 63Ì $2.2 BIL
SERVICE MIAMI, FLORIDA
just $2,000 and took in $30,000 of reve-
SELF-MADE SCORE: *
nue in their first year. Today the listed Syn-
$2.4 BIL tel generates nearly $1 billion in annual 321 | Stanley Hubbard, 83S $2.2 BIL
sales. Desai was born in Kenya, raised in In- MEDIA AND ENTERTAINMENT ST. PAUL, MINNESOTA
SELF-MADE SCORE: %
dia and came to the U.S. in 1976; he earned
$2.4 BIL
his M.B.A. from the U. of Michigan. Sethi 321 | Brad Kelley, 59WX $2.2 BIL
was born and raised in India and came to REAL ESTATE FRANKLIN, TENNESSEE
the States in 1978; she got her M.B.A. from SELF-MADE SCORE: (
the U. of Delhi and her master’s in comput-
 $2.4 BIL 321 | Joe Mansueto, 60WX  $2.2 BIL
er science from Oakland University. FINANCE AND INVESTMENTS CHICAGO
SELF-MADE SCORE: *

290 | Patrick Ryan, 79WX $2.4 BIL 290 | Denise York, 65S $2.4 BIL 321 | Stewart Rahr, 70WX $2.2 BIL
FINANCE AND INVESTMENTS WINNETKA, ILLINOIS SPORTS YOUNGSTOWN, OHIO HEALTH CARE NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: # SELF-MADE SCORE: %

290 | Julio Mario Santo Domingo III, 31S $2.4 BIL 309 | John Arrillaga, 79WX $2.3 BIL 321 | Jeff Rothschild, 61Ì $2.2 BIL
FOOD AND BEVERAGE NEW YORK CITY REAL ESTATE PORTOLA VALLEY, CALIFORNIA TECHNOLOGY LOS ALTOS, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: ( SELF-MADE SCORE: ^

290 | Thomas Secunda, 62S  $2.4 BIL 309 | Noam Gottesman, 55WX $2.3 BIL 321 | Paul Singer, 72S  $2.2 BIL
MEDIA & ENTERTAINMENT CROTON-ON-HUDSON, NEW YORK FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: * SELF-MADE SCORE: & SELF-MADE SCORE: *

290 | Alexander Spanos & family, 933 $2.4 BIL 309 | Johnelle Hunt, 84S $2.3 BIL 321 | Ted Turner, 77WX  $2.2 BIL
SPORTS STOCKTON, CALIFORNIA LOGISTICS FAYETTEVILLE, ARKANSAS MEDIA AND ENTERTAINMENT ATLANTA, GEORGIA
SELF-MADE SCORE: ( SELF-MADE SCORE: & SELF-MADE SCORE: &

290 | Warren Stephens, 59T $2.4 BIL 309 | Edward Lampert, 54T $2.3 BIL 321 | John Tyson, 63Ì $2.2 BIL
FINANCE AND INVESTMENTS LITTLE ROCK, ARKANSAS FINANCE AND INVESTMENTS MIAMI BEACH, FLORIDA FOOD AND BEVERAGE SPRINGDALE, ARKANSAS
SELF-MADE SCORE: $ SELF-MADE SCORE: ( SELF-MADE SCORE: %

290 | Mark Walter, 56S $2.4 BIL 309 | Jay Paul, 69S $2.3 BIL 321 | Jerry Yang, 47S $2.2 BIL
FINANCE AND INVESTMENTS CHICAGO REAL ESTATE SAN FRANCISCO TECHNOLOGY LOS ALTOS HILLS, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: * SELF-MADE SCORE: )

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

92 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 PROMOTION

Medini Iskandar Malaysia:

SMART CITY IN THE MAKING
Despite slower growth in the property sector, Malaysia’s southernmost economic region bordering Singapore
remains a viable investment destination for global investors.
By KS Wong

safety and convenience. It is also about

liveability—less time commuting, ample
space for leisure ac tivities, more time
spent with the family and so on,” says
Datuk Ir. Khairil Anwar Ahmad, manag-
ing director and chief executive officer at
Medini Iskandar Malaysia Sdn Bhd (MIM).
“For us to build a smart city, we need to
be inclusive and that means encouraging
community participation to improve the
quality of life. For instance, Amsterdam
took just seven years to become one of
the world’s smartest cities and that is an
inspiration for us.”

From Master Planner to City Builder

MIM has been tasked with putting Medini
on the world map. Established in 2007, it
began as master infrastructure planner
Map of Iskandar Puteri, one of the five flagship zones in Iskandar Malaysia. and manager before evolving into a com-
mercial building developer and township
The story of Iskandar Malaysia (IM) has development zone will be designed as a management service provider.
gone through several iterations since its smart city incorporating financial, residen- “The shift in MIM’s role is to ensure a
inception in 2006. Conceived as a special tial, leisure and healthcare components. balanced supply of product offerings to meet
economic zone within the southernmost “A smart city is a place where technol- market demand. As development within
state of Johor in Malaysia, IM stretches ogy is leveraged to improve urban issues Medini progresses, we are looking at creat-
across an area of 547,832 acres (2,217 sq such as mobility, energy usage, public ing an inclusive smart city by working with
km) or three times the size of Singapore.
Within IM are five zones, with Iskandar
Puteri (formerly Nusajaya) being the
administrative center earmarked as one
of the investment destinations for both
local and foreign investors—with catalytic
projects such as LEGOLAND ® Malaysia
Resort launched in 2012 and Gleneagles
Medini Hospital that was opened last year.
The sheer size of the economic zone
has created more room for other catalytic
developments. Rising to the challenge is
United Malayan Land Berhad (UMLand), one
of Medini Iskandar Malaysia (Medini)’s key
developers, which will be rejuvenating an
existing lake and promoting lakeside living.

Medini Iskandar Malaysia—

Inclusive Smart City
Medini, one of Malaysia’s largest urban
developments with a gross development
value (GDV) of US$20 billion, is envisaged
to be the new central business district
for Iskandar Puteri. The 2,230-acre mixed Artist impression of Medini, the future central business district of Iskandar Puteri.

Medini Iskandar 1
 PROMOTION

real estate developers, investors and the

community. We encourage talented knowl-
edge workers from Malaysia, Singapore and
abroad—from business incubators and start-
ups to technopreneurs and creative individu-
als—to come to Medini,” explains Khairil.
Over the past nine years, Medini has
attracted more than 10 real estate devel-
opers to build residential, commercial and
retail properties; and corporate tenants
such as Huawei and Samsung; in addition
to LEGOLAND® and Gleneagles Medini
Hospital. Surrounding Medini, there are
other big names such as Pinewood Iskan-
dar Malaysia, Newcastle University Medi-
cine Malaysia, University of Southamp-
ton and Marlborough College Malaysia,
among others. The Compass, future commercial cluster within Medini.
MIM works closely with the federal and
state governments, Iskandar Regional the 22-storey Medini 9 with about 420,000 then, investors and banks are now more
Development Authority (IRDA), local coun- sq ft of net lettable area (NLA); and the receptive to Medini projects.”
cils and other key stakeholders to ensure 27-storey Medini 10 with about 416,000 sq Unlike conventional properties, pur-
that the region stays on course to becom- ft of NLA. chasers in Medini units do not get a title
ing a smart city. deed. What they get is a leasing right
MIM is jointly owned by K hazanah Incentives for Investors coupled with incentives like tax exemp-
Nasional Berhad and Iskandar Investment Six sectors have been identified as pillars tion and waiver of the minimum RM1 mil-
Berhad through Jasmine Acres Sdn Bhd that of growth within Medini, namely health & lion (US$238,000) investment required for
holds 60% share, United World Infrastructure wellness, education, financial advisory, lei- foreigners. The leasing right is for 99 years
(20%) and Mitsui & Co., Ltd (20%). sure & tourism, creative and logistics. with an option to extend.
“We are now promoting the six sec- Qualified investors doing business in
The Compass—Upcoming tors to investors and SMEs who have IM can also apply for government incen-
Commercial Hub their sights on the longer term. Not many tives like full foreign ownership of busi-
The Compass, one of MIM’s signature people know this but there is a 10-year nesses, flexibility in employing foreign
projec ts, is an upcoming commercial tax break for those who set up businesses knowledge workers, and waiver of duty
center within Medini. The 44-acre devel- here under those clusters,” says Khairil. on car purchase.
opment will comprise green-rated com- The unique leasing scheme for Medini
mercial buildings, hotels, retail units and projects was initially a bone of contention Coming up: Medini Lakeside
serviced apartments to be developed over for early investors and financial institutions. Coming up in 2018 is the 30-acre Medini
four phases. Buildings will be built around “We have been explaining to investors to Lakeside development, an impor tant
a lake with 18 acres set aside for green look at the complete ecosystem, the entire l e i s u re a n d c o m m e rc ia l c o m p o n e n t
space and landscaping. benefits such as the tax exemptions and within Medini. “We have engaged one
Coming up in 2018 are two office towers: not just focus on the leasing scheme. Since of the world’s best designers to revitalize

Coming up in 2018 is UMLand’s US$285 million UMCity Medini Lakeside project.

2 Medini Iskandar

Forming the residential component within the lakeside is the US$185 million
the lake and make it a hive of activity in
the future with concerts and music festi-
vals. Surrounding the lake will be jogging
and bicycle paths, bridges and rest areas.
Our aim is to create a vibrant community
with an enviable lifestyle revolving around
the lake,” says Dennis Ng, group manag-
ing director of UMLand, the developer of
the project.
UMLand has allocated US$4.8 million
to beautify the 13-acre lake and world-
renow ned Aecom — k now n in Malay-
sia recently for its work on the ‘River of
Life’ project in Kuala Lumpur—has been
appointed for the task.
“The state government wishes to offi-
cially grant our full endorsement to the
lake rejuvenation efforts which will be car-
ried out by UMLand in collaboration with
MIM,” said Johor’s chief minister Datuk
Mohamed Khaled Nordin during the UMC-
ity ground breaking ceremony last year.
Taking pride of place fronting the lake
is UMCity Medini Lakeside, an award-
winning integrated mixed development
project on a five-acre plot. UMCity, with a
GDV of US$285 million, is the developer’s
flagship commercial component compris-
ing a premium office tower; a three-storey
retail mall, and three hotels.
UMLand is also working with other
global par tners such as Samsung in a
‘smart partnership’ to incorporate smart
home applications for a connected life-
style, Ascott, Onyx, Regus and Roca on
areas like construction, hotel manage-
ment, sanitary fittings and others.
Complementing UMCity will be the
Viridea Medini Lakeside project. Viridea
is a US$185 million GDV mixed develop-
ment comprising three blocks of serviced
PROMOTION
Viridea Medini Lakeside.
apartments (440 units); SOHO suites (120
units); and a three-storey retail shop-
office (16 units).
UMLand is no stranger to Medini. Last
year, it completed the Somerset Puteri Har-
bour serviced apartments located at the
waterfront and marina precint near Medini.
In Johor Bahru city center, UMLand will
be launching a premium project called
Suasana Iskandar. The freehold devel-
opment with a land area of 1.42 acres
will comprise two tower blocks. First is a
35-storey tower block housing the retail
and entertainment components, as well
as 339 residential units. The other block
(18-storey) will house the four-star Amari
Hotel managed by Onyx. Suasana’s main
selling point is its strategic location along-
side the Segget river which is currently
being rejuvenated as part of the city trans-
formation plan and poised to be a tourist
attraction. Suasana is also within walking
distance from the Johor Bahru (JB) Sentral
Customs, Immigration, and Quarantine
Complex (CIQ), a checkpoint for visitors
from Singapore.
“We have a long term view on real
estate development and the current slow-
down offers us a chance to re-organize
and streamline our operations to come
up with bet ter investment produc ts,”
says Ng.
www.umland.com.my
The Next Lap
Khairil believes that 2017 onwards will
be a watershed for MIM and Medini,
as more owners take deliver y of their
homes and offices.
“ We w i l l b e s e e i n g m o r e l e i s u r e
options being of fered to enable resi-
dents to enjoy a bet ter lifest yle. The
vibrancy will be more evident.”
“MIM has completed the infrastruc-
ture groundwork, the construc tion of
two purpose-built office buildings and
currently building two high-rise office
buildings. We see Medini as a long term
project with a development time frame
of between 25 and 30 years.”
“With the completion of the Coastal
Highway Southern Link (CHSL) by the
middle of 2017, driving distance between
Medini and Tuas checkpoint (Singapore)
will be halved to 5.6 miles (9 km), making
it even more convenient for commuters.”
A report released last year by global
property consultancy firm Knight Frank
Malaysia revealed that IM continues to
register positive grow th with cumula-
tive investment of US$4 4.6 billion as
at November 2015. It added that cata-
lytic infrastructure projects, namely the
Johor Bahru-Singapore Rapid Transit
System (RTS) and High Speed Rail (HSR),
are expected to spur further economic
growth in the longer term.
RTS is an ex tension of Singapore’s
Mass Rapid Transit (MRT) rail system and
is expected to connect with Johor Bahru
by 2019.
The 233-mile (375 km) HSR link, a joint-
government initiative expec ted to be
implemented by 2026, will cut travel time
between Kuala Lumpur and Singapore
to just 90 minutes. There will be a few
stations along the way, including one at
Iskandar Puteri.
“O u r g e o g r a p h i c l o c a t i o n a l o n e
makes us unique,” K hairil says when
differentiating IM from other economic
zones in Malaysia and referring to the
close proximity with Singapore. Standing
at Puteri Harbour, one can look across
the Johor Strait to Singapore just 80 0
yards away.
www.medini.com.my
Medini Iskandar 3
 FORBES 400

335 | Alec Gores, 63WX $2.1 BIL 361 | Lorenzo Fertitta, 47S $1.9 BIL
I M M I G RAT E D I N 1 970 s
FINANCE AND INVESTMENTS BEVERLY HILLS, CALIFORNIA SPORTS LAS VEGAS, NEVADA
SELF-MADE SCORE: ( SELF-MADE SCORE: %

335 | Joseph Grendys, 54S $2.1 BIL 361 | W. Herbert Hunt, 87T $1.9 BIL
FOOD AND BEVERAGE CHICAGO ENERGY DALLAS, TEXAS
SELF-MADE SCORE: & SELF-MADE SCORE: $

335 | John Kapoor, 73T $2.1 BIL 361 | Bruce Karsh, 61T $1.9 BIL
HEALTH CARE PHOENIX, ARIZONA FINANCE AND INVESTMENTS LOS ANGELES
SELF-MADE SCORE: ( SELF-MADE SCORE: *

335 | Thomas Lee, 72S $2.1 BIL 361 | Howard Marks, 70T $1.9 BIL
FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY
SELF-MADE SCORE: & SELF-MADE SCORE: *

335 | Jeffrey Lorberbaum, 61T $2.1 BIL 361 | Drayton McLane Jr., 80S $1.9 BIL
MANUFACTURING CHATTANOOGA, TENNESSEE FASHION AND RETAIL TEMPLE, TEXAS
SELF-MADE SCORE: % SELF-MADE SCORE: %

335 | Arturo Moreno, 70S $2.1 BIL 361 | Kavitark Ram Shriram, 59WX $1.9 BIL
SPORTS PHOENIX, ARIZONA TECHNOLOGY MENLO PARK, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: )

335 | Daniel Pritzker, 57WX $2.1 BIL 361 | Mark Stevens, 56S  $1.9 BIL
SERVICE MARIN COUNTY, CALIFORNIA FINANCE AND INVESTMENTS ATHERTON, CALIFORNIA
SELF-MADE SCORE: ! SELF-MADE SCORE: (

335 | Dan Snyder, 51WX $2.1 BIL 361 | Glen Taylor, 75WX $1.9 BIL
SPORTS POTOMAC, MARYLAND SERVICE MANKATO, MINNESOTA
SELF-MADE SCORE: * SELF-MADE SCORE: (
321. Rakesh Gangwal 335 | Evan Spiegel, 26WX $2.1 BIL 361 | Elaine Wynn, 743 $1.9 BIL
$2.2 BILLION Ì SELF-MADE SCORE: * TECHNOLOGY LOS ANGELES GAMBLING, CASINOS LAS VEGAS, NEVADA
SOURCE: AIRLINES SELF-MADE SCORE: * SELF-MADE SCORE: *
AGE: 63 RESIDENCE: MIAMI, FLORIDA
335 | Ronald Wanek, 75S $2.1 BIL 361 | Richard Yuengling Jr., 73S $1.9 BIL
The airline veteran debuts after the No- MANUFACTURING ST. PETERSBURG, FLORIDA FOOD AND BEVERAGE POTTSVILLE, PENNSYLVANIA
vember 2015 IPO of InterGlobe Aviation, SELF-MADE SCORE: & SELF-MADE SCORE: %
the parent company of his budget airline,
IndiGo, India’s largest by market share. The 335 | William Young, 75Ì $2.1 BIL 374 | Louis Bacon, 60WX $1.8 BIL
MANUFACTURING YPSILANTI, MICHIGAN FINANCE AND INVESTMENTS OYSTER BAY, NEW YORK
Indian-born mechanical engineer studied SELF-MADE SCORE: * SELF-MADE SCORE: &
at the Indian Institute of Technology Kan-
pur before getting his M.B.A. at Wharton. He 353 | Todd Christopher, 54Ì $2 BIL 374 | Edward Bass, 71T $1.8 BIL
started his airline career with United Airlines FASHION AND RETAIL CLEARWATER, FLORIDA ENERGY FORT WORTH, TEXAS
SELF-MADE SCORE: SELF-MADE SCORE: $
in 1984 in strategic planning, then worked
briefly for Air France. He went on to run US 353 | Chase Coleman, 41T $2 BIL 374 | Lee Bass, 60T $1.8 BIL
Airways Group as its chief executive and FINANCE AND INVESTMENTS NEW YORK CITY ENERGY FORT WORTH, TEXAS
chairman. Gangwal cofounded IndiGo, head- SELF-MADE SCORE: & SELF-MADE SCORE: $
quartered outside Delhi, alongside pal Rahul 353 | James Dinan, 57T $2 BIL 374 | Sid Bass, 74T $1.8 BIL
Bhatia (also a billionaire) 10 years ago with FINANCE AND INVESTMENTS NEW YORK CITY ENERGY FORT WORTH, TEXAS
one aircraft. The Miami resident owns more SELF-MADE SCORE: * SELF-MADE SCORE: $
than 40% of the company and now serves as
353 | Glenn Dubin, 59WX  $2 BIL 374 | Alexandra Daitch, 53Ì $1.8 BIL
a board member.
FINANCE AND INVESTMENTS NEW YORK CITY FOOD AND BEVERAGE OLD LYME, CONNECTICUT
SELF-MADE SCORE: ( SELF-MADE SCORE: !

335 | S. Daniel Abraham, 92WX $2.1 BIL 353 | James France, 71WX $2 BIL 374 | Eric Lefkofsky, 473  $1.8 BIL
FOOD AND BEVERAGE PALM BEACH, FLORIDA SPORTS DAYTONA BEACH, FLORIDA TECHNOLOGY GLENCOE, ILLINOIS
SELF-MADE SCORE: ( SELF-MADE SCORE: $ SELF-MADE SCORE: *

335 | George Argyros & family, 79S $2.1 BIL 353 | Jonathan Nelson, 60WX  $2 BIL 374 | Jeffrey Lurie, 653 $1.8 BIL
REAL ESTATE NEWPORT BEACH, CALIFORNIA FINANCE AND INVESTMENTS PROVIDENCE, RHODE ISLAND SPORTS WYNNEWOOD, PENNSYLVANIA
SELF-MADE SCORE: ( SELF-MADE SCORE: * SELF-MADE SCORE: $

335 | Ron Baron, 73T $2.1 BIL 353 | Peter Peterson, 903  $2 BIL 374 | Sarah MacMillan, 62Ì $1.8 BIL
FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS NEW YORK CITY FOOD AND BEVERAGE LOS ANGELES
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: !

335 | Nick Caporella, 80Ì $2.1 BIL 353 | David Walentas, 78WX $2 BIL 374 | Bobby Murphy, 28WX $1.8 BIL
FOOD AND BEVERAGE PLANTATION, FLORIDA REAL ESTATE NEW YORK CITY TECHNOLOGY VENICE, CALIFORNIA
SELF-MADE SCORE: * SELF-MADE SCORE: ) SELF-MADE SCORE: *

335 | James Coulter, 56T $2.1 BIL 361 | Leslie Alexander, 733 $1.9 BIL 374 | Jennifer Pritzker, 66S $1.8 BIL
FINANCE AND INVESTMENTS SAN FRANCISCO SPORTS HOUSTON, TEXAS SERVICE CHICAGO
SELF-MADE SCORE: & SELF-MADE SCORE: * SELF-MADE SCORE: !

335 | Gerald Ford, 72WX $2.1 BIL 361 | James Clark, 72S $1.9 BIL 374 | Linda Pritzker, 63WX $1.8 BIL
FINANCE AND INVESTMENTS DALLAS, TEXAS TECHNOLOGY PALM BEACH, FLORIDA SERVICE MISSOULA, MONTANA
SELF-MADE SCORE: ( SELF-MADE SCORE: ( SELF-MADE SCORE: !

335 | Gordon Getty, 82WX $2.1 BIL 361 | Frank Fertitta, 54S $1.9 BIL 374 | Phillip Ragon, 673 $1.8 BIL
ENERGY SAN FRANCISCO SPORTS LAS VEGAS, NEVADA TECHNOLOGY BOSTON, MASSACHUSETTS
SELF-MADE SCORE: @ SELF-MADE SCORE: % SELF-MADE SCORE: *

96 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

374 | Larry Robbins, 46T $1.8 BIL 374 | Vincent Viola, 60T $1.8 BIL 395 | Nicolas Berggruen, 553  $1.7 BIL
FINANCE AND INVESTMENTS ALPINE, NEW JERSEY FINANCE AND INVESTMENTS NEW YORK CITY FINANCE AND INVESTMENTS BEVERLY HILLS, CALIFORNIA
SELF-MADE SCORE: & SELF-MADE SCORE: ( SELF-MADE SCORE: %

374 | T. Denny Sanford, 803  $1.8 BIL 374 | Amy Wyss, 45T $1.8 BIL 395 | Timothy Boyle, 67T $1.7 BIL
FINANCE AND INVESTMENTS SIOUX FALLS, SOUTH DAKOTA HEALTH CARE WILSON, WYOMING FASHION AND RETAIL PORTLAND, OREGON
SELF-MADE SCORE: ( SELF-MADE SCORE: @ SELF-MADE SCORE: %

374 | Charles Simonyi, 683 $1.8 BIL 374 | Jon Yarbrough, 593 $1.8 BIL 395 | Christopher Cline, 58WX $1.7 BIL
TECHNOLOGY MEDINA, WASHINGTON GAMBLING, CASINOS FRANKLIN, TENNESSEE ENERGY NORTH PALM BEACH, FLORIDA
SELF-MADE SCORE: ^ SELF-MADE SCORE: * SELF-MADE SCORE: )

374 | Lucy Stitzer, 56Ì $1.8 BIL 374 | Charles Zegar, 683  $1.8 BIL 395 | Jen-Hsun Huang, 53Ì $1.7 BIL
FOOD AND BEVERAGE GREENWICH, CONNECTICUT MEDIA AND ENTERTAINMENT NEW YORK CITY TECHNOLOGY LOS ALTOS, CALIFORNIA
SELF-MADE SCORE: @ SELF-MADE SCORE: SELF-MADE SCORE: *

374 | Katherine Tanner, 60Ì $1.8 BIL 395 | Carol Jenkins Barnett, 60Ì $1.7 BIL 395 | Gail Miller, 73T $1.7 BIL
FOOD AND BEVERAGE MARATHON, FLORIDA FOOD AND BEVERAGE LAKELAND, FLORIDA SPORTS SALT LAKE CITY, UTAH
SELF-MADE SCORE: ! SELF-MADE SCORE: @ SELF-MADE SCORE: &

RULES OF THE HUNT

This is the 34th year of the flagship Forbes 400. Though
we’ve been at it a long time, it’s always a challenge. Our
reporters dig deep. This year we started with a list of more
than 550 individuals, considered strong candidates, and
then got to work.
When possible, we met with Forbes 400 members and
candidates in person or spoke with them by phone. We also
interviewed their employees, handlers, rivals, peers and attorneys.
Uncovering their fortunes required us to pore over thousands of
SEC documents, court records, probate records and Web and
print stories. We took into account all types of assets: stakes in
public and private companies, real estate, art, yachts, planes,
ranches, vineyards, jewelry, car collections and more. We factored
in debt. Of course, we don’t pretend to know what is listed on
each billionaire’s private balance sheet, although some candidates
did provide paperwork to that effect.
Some billionaires presiding over private companies were
happy to share their financial figures, but others were less
forthcoming. To value these businesses, we couple revenue or
profit estimates with prevailing price-to-revenue or price-to-
earnings ratios for similar public companies.
We didn’t include dispersed family fortunes. Those
appear on our list of America’s Richest Families.
We did include wealth belonging to a member’s
immediate relatives if the wealth could be traced to a
single living person. In that case you’ll see “& family” on
the list. We also do include married couples who built
fortunes and businesses together. In those instances, we
list both names.
The Forbes 400 is a list of American citizens. But look up
and down the ranks, and you’ll see a patchwork of people
who themselves or whose relatives hail from more than
a dozen countries. At a time when immigrants are under
verbal attack, FORBES chose to shine a spotlight on the
leading role they play in the U.S. economy. (See story, p. 18.)
Our estimates are a snapshot of each list member’s
wealth as of Sept. 16, when we locked in net-worth
numbers and rankings. Some of The Forbes 400 will
become richer or poorer within weeks, even days, of
publication. We track those changes online in our Real
Time rankings at www.forbes.com/forbes-400. That’s also
where you can find more information on list members,
including additional photos, videos and coverage of these
influential billionaires.

SPECIAL THANKS TO: LW HOSPITALITY ADVISORS; ORBIS BY BUREAU VAN DIJK; REAL CAPITAL ANALYTICS; AND TREPP. ALL THOSE WHO HELPED
US WITH OUR REPORTING AND VALUATIONS: MICHAEL ALLEN, RYAN LLC; SUSAN ANDERSON, FBR & CO.; ERIC MICHAEL ANTON, HFF; SEAN BAR-
RIE, TREPP; JIM BARRETT, C.L. KING & ASSOCIATES; BEVERAGE DIGEST; DAVID BURGHER, BRIGGS FREEMAN, SOTHEBY’S INTERNATIONAL REALTY;
RONALD BUSS, BUSS-SHELGER ASSOCIATES; CENTER FOR RESPONSIVE POLITICS; S. CRAIG COGNETTI, GRAIL PARTNERS; JEFFREY DAVIS, FAIRWAY
ADVISORS; ABHINAV DAVULURI, MORNINGSTAR; CAROL DOPKIN, ASPEN SNOWMASS SOTHEBY’S INTERNATIONAL REALTY; DOUGLAS ELLIMAN; EU-
ROMONITOR; TRUMAN FLEMING, KELLER WILLIAMS REALTY; FACTSET; MARK FRATRIK, BIA/KELSEY; FINANCIAL NETWORKING CORP; MATTHEW GAL-
VIN, MORNINGSTAR GOLF AND HOSPITALITY; RONALD M. GOLD, GOLDAPPRAISAL; RICHARD JAFFE, STIFEL NICOLAUS; KEVIN KAMEN, KAMEN & CO.
GROUP SERVICES; ADAM LASOFF, CUSHMAN & WAKEFIELD; CLIFF LEIMBACH, IHS MARKIT; DANIEL LESSER, LW HOSPITALITY ADVISORS; LEXISNEXIS;
DAVID LOEB, BAIRD; JACK MCCABE, MCCABE RESEARCH & CONSULTING; TOM MCGOVERN, CUSHMAN & WAKEFIELD; BRIAN MERRICK; CHRISTOPHER
MERWIN, BARCLAYS; SUPERDATA RESEARCH; JOSHUA MILLER, ASIA PACIFIC PROPERTIES; MICHAEL PACHTER, WEDBUSH SECURITIES; PITCHBOOK;
PRIVCO; PROPERTYSHARK; ERIC SCHMIDT, BEVERAGE MARKETING; SIMEON SIEGEL, NOMURA; TLO; MATTHEW TARPLEY, CUSHMAN & WAKEFIELD;
NORMA TOERING, CHARLEMAGNE INTERNATIONAL PROPERTIES; VC EXPERTS; JEFF WOOLSON, CBRE; PETER ZALESWSKI, CONDO VULTURES.

WEALTH INHERITED VS. SELF-MADE CHANGE IN WEALTH KEY: S UP T DOWN  DIVIDED SIGNATORY OF THE
! @ # $ % ^ & * ( ) WX UNCHANGED Ì NEW TO LIST 3 RETURNEE GIVING PLEDGE 

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 97

 NUMBERS GAME
FORBES 400 FORBES @ 100 Moneyed Mob Boss
An “unassuming little old man” is how a
Miami Beach neighbor described 80-year-
old Meyer Lansky, the Mafia’s money man.
As FORBES’ September 2017 centennial approaches, His $100 million fortune had its roots in
we’re unearthing our favorite covers. gambling in Cuba, Bermuda and Florida
and was sustained by a reputed $6.5 million
annual skim from Vegas. An unnamed
September 13, 1982: investigator speculated that the Russian-
born Lansky controlled “as much, if not

The First Forbes 400 more, than anyone in organized crime.”

BY ABRAM BROWN

AT THE BEGINNING, compiling a

list of the richest Americans seemed
impossible to do accurately—or cost-
effectively. “I was skeptical,” James W.
Michaels, FORBES’ top editor at the
time, later recalled.
After a year’s worth of work the in-
augural issue of The Forbes 400 hit
newsstands on August 31, 1982. It was an
instant sensation, selling out at some New
York City vendors within hours.
The minimum to make the list was the
$91 million we cited for the then-chairman
of Apple Computer, Armas Clifford Mark-
kula Jr., who had helped finance the com-
pany. (Steve Jobs, 27 and single at the time,
was listed at $100 million.) Daniel Ludwig,

CLOCKWISE FROM TOP: BETTMANN/CORBIS/GETTY IMAGES; HILLARY MAYBERRY/BLOOMBERG; BETTMANN/CORBIS/GETTY IMAGES

a press-shy shipping magnate, topped the
list with a $2 billion-plus fortune (about
$5 billion today, which would be good for
just 105th place on this year’s list).
Bill Gates, America’s richest man for the
past two decades, wasn’t yet wealthy enough
to rate mention, but Warren Buffett was ($250
million, less than 1% of his current net worth,
adjusted for inflation), as were Charles and
David Koch (collectively worth $800 million, an
inflation-adjusted 2.4% of their wealth today).
Then there was a brash young New York real
estate developer: Donald Trump, listed along-
side his father, Fred. True to later form, Donald
claimed we had undervalued him. His fortune, he
protested, was roughly two and a half times larger
than FORBES’ estimate of $200 million.

FAMOUS FIGURE
Yoko Ono: Imagine That
When John Lennon was still alive, Yoko
Ono managed her husband’s varied
business interests: real estate, cattle,
music companies, copyrights—and she
continued doing so after the ex-Beatle
was killed in 1980. Ono said she made
choices based on astrology to maintain
her $150 million (as of 1982) nest egg.
FAST-FORWARD
Endless Sumner
1982: After making $100 million in movies
and hotels, Sumner Redstone pursues a new
segment of the entertainment business:
videogame arcades.
2016: Despite succession battles
and questions about his health
and mental state, Redstone,
93, retains control over his
now $4.7 billion empire,
which includes CBS and
Viacom.

98 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 FORBES 400 GIVING

America’s
Top Philanthropists The Global Polio
BY KATIA SAVCHUK Eradication
PLEDGING MONEY to charity is one thing; actually writing a check Initiative took in
$354 million in
for your preferred cause is quite another. In partnership with Shook 2015 from the Bill
Research, headquartered in Boca Raton, Florida, FORBES uncovered & Melinda Gates
who put hard cash behind their promises in 2015. Here are the 20 Foundation—and
philanthropists who gave away the most money last year—and those $20 million from
Larry Ellison’s
who have been the most generous overall.
foundation.
2015 GIVING ($MIL)
Warren Buffett 1 $2,840

Bill & 2 $1,400

Melinda Gates

George Soros 3 $654 Barry Diller and Diane von

Furstenberg doled out
Stefan Edlis & 4 $513 more than $100 million in
Gael Neeson
2015—two-thirds of their
Michael Bloomberg 5 $510 promised amount—toward
a controversial plan to build
Pierre Omidyar 6 $431 Pier55, a public park and
performance space on the
Chuck Feeney 7 $427 Hudson River in Manhattan.
BRIAN ACH/GETTY IMAGES FOR THE LASKER FOUNDATION; MICHAEL STEWART/WIREIMAGE/GETTY IMAGES; NICHOLAS HUNT/PATRICKMCMULLAN.COM; ANDREW TOTH/FILMMAGIC/

Walton family $375 Chicago art collectors Stefan

8
SUI GENEROUS Edlis and Gael Neeson
donated 44 works worth an
Hansjoerg Wyss 9 $330 These current and former members of estimated $400 million last
The Forbes 400 have given the most year to the city’s Art Institute,
James & 10 $298 over their lifetime as a percentage of
Marilyn Simons including pieces by Andy
their current net worth. Warhol, Roy Lichtenstein and
Gordon & 11
GETTY IMAGES; DAVID CANTWEL; STEVE MACK/GETTY IMAGES; BEN DOME/NEWSCOM; JUSTIN SULLIVAN/GETTY IMAGES; BILLY BENNIGHT/NEWSCOM

$247 Jasper Johns.

Betty Moore
John & 12 $163 He’s done running New York,
Laura Arnold but Michael Bloomberg is still
Paul Allen 13 $160 1. CHUCK FEENEY
trying to save the planet, giving
373,000% $125 million last year to road-
(TOTAL GIVEN: $7.5 BIL) safety projects worldwide,
Lynn Schusterman 14 $135
$100 million toward improving
Michael & health data in developing countries
$131
Susan Dell 15 and $48 million to help wean U.S.
states off coal consumption.
Mark Zuckerberg 16 $126
& Priscilla Chan 2. KAREN AND JON HUNTSMAN SR.
List is limited to living donors and excludes anonymous gifts. Estimated lifetime
159.8% giving measures gifts received by beneficiaries by Dec. 31, 2015. Net worths are
Julian Robertson Jr. 17 $122 ($1.6 BIL) FORBES estimates. Figures do not include pledges or money moved to family
foundations, until funds are disbursed. For the top 50 givers and complete
methodology, visit forbes.com/top-givers. Source: Shook Research.
Stephen Bechtel Jr. 18 $120

Eli & Edythe Broad 19 $117 3. W. BARRON HILTON SCORECARD

136.8%
George Kaiser 19 $117 ($1.3 BILLION)

Barry Diller & Diane 21 $112

von Furstenberg

Ken Griffin 22 $110

4. GORDON AND BETTY MOORE

W. Barron Hilton 23 $108

71.1%
($5.4 BILLION) $2.4
DeVos family 24 $104
Trillion
J.B. & M.K. Pritzker 25 $100
Combined net worth of
5. ELI AND EDYTHE BROAD The Forbes 400. The
56.8% average net worth this
($4.2 BILLION) year hit a record $6 billion.
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 99
 FORBES 400

Drop-Offs William Ackman

Norman Braman
$1.65 BIL
1.65 Price of Admission
BY ABRAM BROWN
Sanford Diller 1.65 THIS YEAR you needed $1.7 billion
GOING, GOING—gone! Twenty-six Craig McCaw 1.65 to make the cutoff for The Forbes
billionaires slipped from the ranks 400—roughly four times what it took
Jonathan Gray 1.6
of The Forbes 400 in the past year. just two decades ago.
Marc Lasry 1.6
Aerin Lauder Zinterhofer 1.6 $1.8 bil

Victor Fung 1.5 1.6

Timothy Headington 1.5
1.4
Hamilton James 1.5
Manuel Moroun 1.5 1.2
VISION PROBLEMS
Nick Woodman, who Roger Penske 1.5 1.0
joined The Forbes Fayez Sarofim 1.5
400 at age 38 in 0.8
Evan Williams 1.5
2013, is contending
David Einhorn 1.4 0.6
with a bleak outlook
for newly public Nelson Peltz 1.4 0.4
GoPro: too much
Forrest Preston 1.4
competition and too 0.2
little innovation. The Leonard Schleifer 1.4
company’s stock slid Herb Chambers 1.3 0
1996 2000 2004 2008 2012 2016
60% in a year. Anne Gittinger 1.3
William Koch 1.2
IN MEMORIAM
Jack Dorsey 1.1
Karen Johnson Boyd (91, died Jan. 29)
John Farber 1 Inherited $3.1 billion
Nicholas Woodman 1 Michael Jaharis (87, died Feb. 17)
Anne Cox Chambers 0 Pharmaceuticals $2.2 billion

Elizabeth Holmes 0 Forrest Mars Jr. (84, died July 26)

Candy $23.5 billion
Richard Rainwater (71, died Sept. 27, 2015)
SICKLY RETURNS
Investments $3 billion
Hedge fund mana-
ger Bill Ackman’s Jack Taylor (94, died July 2)
Enterprise Rent-A-Car $6.3 billion
position in Valeant
Pharmaceuticals has Dean White (93, died Sept. 14)
sunk his fund, which Advertising $2.5 billion
is down big for the
second straight year, SCORECARD
reducing his fortune
by almost 40%.

A BLOODY MESS
We now value Elizabeth
ERIC MILLETTE; JAMEL TOPPIN; ETHAN PINES

Holmes’ 50% stake in her

blood-testing startup, Theranos,
at $0 after revelations question-
ing the accuracy and reliability
of the company’s technology.
51
Number of women on The Forbes 400,
including Jennifer Pritzker, a retired Army
lieutenant colonel formerly known as James,
the world’s only known transgender billionaire.

100 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

FORBES ASIA

Asia’s Richest Families THE BANGURS

Only the
Product
Is Hard
and Fast
The Bangurs of Shree Cement, having salvaged
a legacy, are putting their trust in innovation
and peer dynamics: They’re No. 32.
BY MEGHA BAHREE

O
utside Shree Cement’s head office in Kolkata,
bulging yellow Ambassador taxis jostle for space
with belching, jam-packed, colorful buses on the
one-way street, in sharp contrast to the staid,
elegant, white colonial-era building where the
executives sit. But it has been Shree’s ability to
navigate chaos in a country where the company is
the fastest-growing cement producer that has vaulted its owners, the
Bangur clan, back into the top rungs of wealth.
They have been there before, at least according to company lore.
Through the 1960s, when the Bangurs were a more diversified yet on
some levels more united lot, they were among the top ten in a more
modest India. Then came the kind of disruption and disunity that
undermines many a family fortune. In surviving it, the difference for
this clan was the decisiveness of Benu Gopal Bangur, now at age 85
the patriarch, and the follow-through of his son, Hari Mohan, now
managing director.
Benu got the cement business in a split among brothers and cous-
ins and built Shree around that core. Modern India, in turn, has made
such building material and Shree’s ability to supply it at a favorable
cost a source of renewed wealth. Twenty years ago Shree Cement
was a $56 million business. Today revenues exceed $1 billion. The
market capitalization has reached $8.7 billion, and Benu and his off-
spring hold 65%.

102 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 SUMIT DAYAL FOR FORBES

Patriarch Benu Gopal with grandson Prashant and son

Hari Mohan at the Bangur family home.

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 103

FORBES ASIA
Asia’s Richest Families
The Bangurs hail from the west-
ern state of Rajasthan, across the
country from their current home
in Kolkata, and are Marwaris—an
ethnic group known for business and
financial smarts. Benu credits this
orientation for the 1906 move across
India by his grandfather, Mugnee
Ram, and a great-uncle: In colonial
times the port city of Kolkata was the
center of commerce and the capital
A young Benu Gopal Bangur (hand in shirt pocket) receives an industrial briefing.
of British India. The boys left behind
a life of poverty.
Ram took up the brokering of
milled jute, a key commodity ob-
tained from what was then East
Bengal. The onset of World War I led
to speculation in such resources and,
as Benu tells it, to his grandfather’s
first 100,000-rupee fortune. He used
that money to offer loans for land
purchases, acquiring large parcels of
land when borrowers defaulted.
By World War II Ram had his own
jute mill, which the British seized
for military use, but the preinde-
pendence 1940s took him around to
104 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
THE BANGURS
India’s regional princes, hungry for
industrial activity. In Gujarat and Ra-
jasthan Ram got dispensations for ce-
ment and textile plants. Both paid off
handsomely for him: In an economy
of shortages, if you could manufac-
ture anything, it would sell.
This business boldness contrast-
ed with an otherwise traditional
attitude that discouraged foreign
travel (taboo among Hindus of yore),
prohibited women from working and
kept children in close tow. (Bangur
kids growing up in the 1960s hewed
to the traditional dress of their el-
ders, with young boys dressed in dho-
tis and their foreheads anointed).
Kolkata remained the locus of
family operations, though by the
1970s its best days were behind it.
The jute mills were declining, a Mao-
ist (Naxal) insurgency was deterring
investments, and Bengal India in
general was losing out to the rise of
Mumbai in the west and Delhi in the
north.
By then the Bangur family had
dispersed across branches and busi-
nesses, all run by loyalists rather than
professional management. The dif-
ferent factions reported to the patri-
arch, who also controlled the purse
strings. Business decisions were
made based on who got his ear rather
than on their own merit, leading to
competing factions and infighting,
say people familiar with the history.
The management gap also meant
that the group didn’t keep up with
changes wrought by technology and
globalization.
In 1991 the holdings were split
three ways; Benu and his brother got
a third of the pile. They subdivided
this further in 1997, and it was then
that Benu got the cement business.
Although managed from Kolkata,
its operations go where material is
sourced, such as in the ancestral Ra-
jasthan, where the Bangurs still have
homes. He and Hari Mohan spent
the next couple of years ramping it
up, nearly tripling capacity. Alas, that
was just in time for the postmillen-
nial global economic slowdown.
“We had no chance of surviving,”
recalls the son, 64, in his spacious
office, his desk filled with papers—
but no computers—and a couple of
modern interpretations in fiberglass
of the Hindu deity Krishna. The
slowdown was his first big crisis,
as his father had taken a backseat
in operations by then. Hari Mohan
reached out to the French cement-
maker Vicat to buy the entire busi-
ness. They met in Paris in July of
2000 and agreed on the terms. Vicat
would pay about $65 million. The
deal was to be signed the morning
after the meeting. But the heir real-
ized he wasn’t ready to let go of his
legacy, even if holding on meant a
cheaper sale later.
“I thought that if it’s saleable [on
that day], it’ll be saleable after anoth-
er year,” he recalls. “Their agreeing
to buy gave me enough confidence
that I could try [my hand at this] for
THOUGHT
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IN ACTION
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FORBES ASIA
Asia’s Richest Families
another year.” His father agreed.
That’s when the company brought
in technology that helped cut costs
drastically and changed its fortunes.
The secret was petroleum coke,
which was half the cost of coal at
the time and, as the Bangurs came to
realize, could easily replace it as the
fuel source for making cement. This
was also when Reliance Industries,
India’s largest petrochemical com-
pany, started selling petcoke, hereto-
fore dismissed as a waste by-product. name on a notice board for a week—
Technicians that Shree had dis-
patched to Germany had found
out otherwise.
“We had been failing in our
efforts with it, and we were un-
enthusiastic about using it,” re-
calls Hari Mohan. But he stuck
by his team’s findings, and the
new fuel gave Shree a signifi-
cant cost advantage over other
cement producers. (Today its
plants can switch between
petcoke and coal, depending
on the market price of the fuel
source.)
“We kept it a trade secret for
eight years,” says Hari Mohan
with a laugh. “Then Reliance
started participating in industry
conferences and talking about
it,” looking for more buyers for
The first man: Mugnee Ram Bangur.
the product.
According to one stock analyst at
BNP Paribas (which has done bank-
ing for the company), Shree enjoys
an average 25% cost edge on major
Indian rivals. Apart from petcoke,
its other advantages are modular
plants—which can be expanded or
contracted—and, on top of the fuel-
switching capacity, eco-friendly
waste-heat recovery systems.
Such green technology wasn’t a
no-brainer. “It increases the cost, and
recovery can take up to ten years, so
you should do it only if you have spare
cash, which we did,” says Hari Mohan.
“We end up spending more, but we’re
investing for the future, for whenever
106 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
THE BANGURS
the bad times come—we’re prepared.”
For Shree investing in R&D, es-
pecially in efforts that decrease the
costs of power, fuel and logistics—
which add up to more than half the
expense for a cement company—is
a priority, and it doesn’t affect fixed
costs or employee expenses. (The
company does a random check of
expense reports submitted. If it finds
there’s been misuse by an employee,
it penalizes him only by putting his
using the concept of peer pressure,
says Hari Mohan.)
The Bangurs seek an experimen-
tal culture in an unusual way: All
employees are paid a fixed salary,
and no one is offered any incentives
or employee stock-ownership plans.
Hari Mohan hopes peer pressure will
ensure that there aren’t any laggards.
“Everyone has to survive in the same
society,” he says. “Peer pressure to
perform is high.”
With that mind-set all successes
are attributed to teamwork, as are
all failures. And there are lots of
failures—an almost 80% failure
rate on innovations, he says. “But
because there’s no fear of failure,
people are more free to give ideas
and experiment.” (The waste-heat
system succeeded only on its third
attempt.)
Another big theme is autonomy—
Hari Mohan and his son Prashant, at
age 36 the joint managing director,
focus most on R&D, leaving the other
day-to-day work to hires. Prashant, in
fact, points to standing instructions
that if the owners don’t get back on a
question within 48 hours, the manager
in question is free to make his
own decision, a rare practice
at promoter-run companies in
India.
Prashant learned how seri-
ously his family takes del-
egation when he joined as a
trainee in 2003. “I was told
not to ‘improve’ anything for
the first year,” he notes. His
father said if the company had
survived for so long, it could
go another year before the
new kid started making sug-
gestions affecting staff.
As the company has vastly
expanded capacity and reach
across much of India, it is
attaining critical mass. BNP
Paribas finds it has a 21% mar-
ket share in the northern part
of the country.
But for different reasons than at
the earlier flush period in the 1960s,
the Bangurs have cause to ponder
their growth push. In August the
Competition Commission of India,
a government watchdog, imposed a
nearly billion-dollar penalty on ten
cement companies, including Shree,
and their industry lobby group for al-
leged cartelization.
This time the family speaks with
one voice. Hari Mohan says, “We
feel we have not cartelized. Ulti-
mately it is for the courts to do the
justice. If the courts say we have to
pay, we have to pay. That is for the
full industry.” F
FORBES ASIA

Asia’s Richest Families THE LEES (APPAREL)

108 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

Stitched
Back
Together
They won’t make our Top 50, but with a
focus on the business they knew, rather
than those creating megariches, the Lees of
Hong Kong’s TAL restored a garment leader.
BY SHU-CHING JEAN CHEN

T
he family business annals of Delman Lee, were they
to exist, could be printed on fabric—testimony to 160
years of devotion to what many would call a sunset
industry.
The roots go back to the twilight of Chinese im-
perial rule when an ancestor set up a retail cotton-
clothes shop in Shanghai. The Lee clan has stuck it
out in “threads” through historical twists and turns on the mainland
and extraordinary boom-and-bust cycles in Hong Kong.
It’s a saga that today is richer in lore than in net worth. Although the
Lees remain prominent in their trade and in fact are among garment-
making’s great survivors, their fortune does not place them among Asia’s
very richest. Unlike many in our ranking they have stayed close to their
origins—no chasing after real estate or other asset enthusiasms. No won-
der Delman, a 49-year-old direct descendant in the textile bloodline
now known as TAL Apparel, struggled to cope with this heritage.
Now TAL’s vice chairman and a controlling stockholder, he recalls, “I
joined it quite late. There was no urge to come back....My elder brother
Derek did not want to come back. No one wanted to come back.”
EHRIN MACKSEY FOR FORBES

That move 16 years ago was a response to repeated pleas from his fa-
ther, Richard Lee. Delman had wanted to do high-tech research instead.

Harry Lee (center), 75, with son Roger (left), 43, and nephew Delman, 49.

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 109

FORBES ASIA

Asia’s Richest Families THE LEES (APPAREL)

An electrical engineer by training, he’d

been at academic and corporate labs in
the U.K. for three years when the calls
grew insistent. All he could get was a
six-month reprieve to enjoy a Mediter-
ranean swing first. “I knew once I join,
I cannot quit,” he says.
His path was laid down by grandfa-
ther C.C. Lee, who sought to keep the
family textile holding afloat after the
Communist revolution in China by re-
starting a mill in 1947 in Hong Kong’s in-
dustrial heartland of Sheung Wan. That
grew into a business that in 1962, with
Jardines as a minority partner, became
Textile Alliance Ltd., later TAL.
The postwar boom in the U.S. and
introduction of an import-quota system
allowed C.C. to build unconventional
TAL into Asia’s largest textile multi-
national by melding upstream fabric
manufacturing with downstream
garment-making. He ventured into
Thailand (where TAL owned the coun-
try’s top textile mill), Malaysia, Taiwan,
Ireland and even Nigeria. The Lees did
it decades before modern globalization.
By the 1960s another significant
investor, Toray of Japan, had begun
to come in. Also, C.C. had brought his
eldest son Richard into the business.
(Steeped in Chinese feudal tradition, he
bypassed three older daughters.) Build-
ing as well on a 1964 Hong Kong Stock
Exchange listing, expansion continued
on various fronts, including moving
into polyester fabrics in Penang. By 1973
TAL would reach peak profitability.
Then came the first Arab oil embar-
go, on top of other early 1970s economic
crises. A world recession followed, and
all those spindles and looms that C.C.
had amassed, indeed many of the shirts
and pants that TAL had sent to the
West, were surplus. The textile jugger-
naut was in retreat. By 1975 TAL was
reporting the largest loss ever by a listed
BACK TO THE FUTURE: TEXTILES
Row after row of young uni-
formed Vietnamese operate
industrial sewing and pressing
machines, turning out men’s
dress shirts for U.S. retailer J.C.
Penney. The two-story glass-
and-concrete garment plant was
inaugurated in October in an
industrial zone outside of Hanoi.
It can produce 16 million shirts
annually, in 100,000 variations, as
output ramps up in future years.
This is TAL Apparel’s big new
push for the mass market, part
of Vietnam’s bid to secure an TAL’s new air-conditioned plant in Vietnam can
essential spot in apparel’s global produce 16 million shirts annually.
supply chain and employ mil-
lions. For TAL, says Chairman Harry Lee, this $50 million plant is an attempt to do
things right, not cheap. It’s fully air-conditioned and fitted with equipment normally
deployed at airports to filter out dust. A basement was built to house 8,000 motor-
bikes so employees can reach the remote zone.
But the biggest news is across the road, where construction is under way on
a $320 million textile mill. Lee is one of few within the company with knowledge
about an integrated operation like this: from yarn dyeing to fabric weaving to finish-
ing. TAL last ran such a mill 30-plus years ago, before it was spun off as a garment
pure play. (A U.S. mill it held into the 2000s did just spinning and weaving.)
Roger Lee, TAL’s CEO and Harry’s son, says that when completed (with a 2018
target date), the mill will make Vietnam the company’s largest production base,
bigger than a site in China’s Dongguan. It will employ 16,000—TAL’s current global
workforce is 26,000.
Explains Delman Lee, president and chief technology officer: “We can apply in-
novation with the shirts and be able to control the fabrics.” —S.C.J.C.
textile business was hived off entirely to had a long association, would fight a
Toray. Richard’s brother George, who’d three-year battle over patents. (Their
also been brought into the business, relationship in the tight Hong Kong
was caught in the U.S. whirlwind as he apparel circles was repaired later after
and his brother-in-law Thomas Tang daughter Marjorie Yang took over her
jumped in to liquidate inventory there. family’s company.)
But they couldn’t avoid losses (George At TAL Richard succeeded C.C.
ultimately opted to leave). TAL was as chairman amid the workout. He
delisted in Hong Kong in 1979. was only 46 but installed a cousin,
Woes were compounded in 1978 Harry Lee, an ex-technologist for big
EHRIN MACKSEY FOR FORBES

Hong Kong company.
Both company and family were in
upheaval. Founder C.C., still chairman,
set about a restructuring that would
last until 1983, ending as the pioneering
when a key manager in Hong Kong,
Y. L. Yang, who’d organized TAL’s
expansion abroad, left with a senior
team to form the Esquel Group, a gar-
ment rival. The Yangs and Lees, who’d
multinationals who had worked on
the plants with Toray, as top operating
executive. In return Harry got a small
stake, but Jardines and Toray took
key holdings, and the Lee family was

110 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

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they talk to the BBC
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FORBES ASIA
Asia’s Richest Families
reduced to a minority position. By 1983
TAL was reborn as a much-shrunken
garment maker—but controlled again
by the Lees, with Jardines out and
Toray’s stake at 20%.
Thus began a conservative approach
to renewal, as the Lees resolved to
grow anew with their know-how as
core capital. By then they had returned
to profitability and before long could
consider a relisting. But the Lees, flush
with cash, opted to keep TAL closely
held this time. Since buying out Toray
in 2002, they’ve owned 100% of TAL.
Even with no financial zoom path,
the company attained scale. TAL re-
ports steady sales of $850 million in
each of the past three years. Thanks to
a U.S. wholesale distribution unit and
affiliations such as one with Brooks
Brothers, it can claim to supply one
in six American-made dress shirts.
Growth spurts occur—and manage-
ment is willing to bet big when the
proposition is right (see box, p. 110), as
it keeps Harry’s refrain ever in mind:
“The industry’s entry barrier is low. If
you don’t take an order, there’s always
someone to take over.”
A sustainable, if sub-billion-dollar,
family enterprise requires succession—
hence Delman’s return in 2000 and
the arrival of Roger Lee, Harry’s son,
Founder C.C. Lee (1950s) kept the family textile holding afloat by moving to Hong Kong.
112 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE
THE LEES (APPAREL)
in 2005. The generations have evolved:
Today Roger is CEO and his father
chairman, while Delman is operation-
ally second to both Harry and Roger
but has ownership command with his
father. (Richard, now honorary chair-
man, comes to the office most days—
and still sits on the Jardines board—
but has withdrawn from management
and, alone among the four, chose not to
participate in this story.)
“One major difficulty when I was
CEO and now as chairman is to allow
the next generation to carry on. The
best thing is to go away and not to
interfere. That’s why the transition
is smooth,” says Harry in the gleam-
ing TAL Building headquarters near
downtown Tsim Sha Tsui. But how
to divide leadership duties among the
third-gens?
“I said, ‘Don’t pick me,’” Delman
says. “I am not a suitable candidate. I
am not a good salesperson, not outgo-
ing. I am quiet.” So in 2012 Roger was
made CEO, assisted by Delman, who
functions as chief technology officer.
“On day-to-day issues I report to Roger;
on the other side, he reports to me, the
owner,” the CTO/vice chairman says.
“It’s a very good balance.”
The two, with Harry and three
independent directors, compose a six-
THREAD COUNT
đ A Brooks Brothers
shirt (from TAL) has
over 30 variations in
color, size and fit.
đ The U.S. market
contributes nearly
80% of TAL’s revenue.
đ TAL produced the first
wrinkle-free cotton
dress shirt in 1998.
đ In the 1970s textiles
accounted for 46% of
Hong Kong’s industrial
workforce.
man board overseeing 40-plus global
managers in six countries. This Oc-
tober the larger group gathered in a
boutique Hanoi hotel to plot strategic
growth. “We don’t want to sacrifice
quality for the targets. That’s the dif-
ference between family companies
and public companies. But we set
tough targets; we don’t want to fool
ourselves,” Delman says.
For his part, Roger has sought to
broaden the talent base. “My father
was a strong leader. He grew the
company single-handedly, from top
down,” he notes. “I’ve decided to
recruit and promote people on their
own merits, to build up a team and
delegate.” As a result, outside recruits
are 40% of the workforce now versus
20% five years ago. No more than
three family members are allowed to
work in the company.
But with all the changes, even as the
company edges into technologies to
service the wider industry, “We want to
be close to our core, because if you are
too far you cannot leverage the advan-
tages you have,” Delman says.
“If we were really into dividends,
moneymaking, we should have gone
GETTY IMAGES (TOP)
into real estate. Somehow, in our core
DNA, we do like to make good things,
do good things.” F
 Asia’s Richest Families
BY KEREN BLANKFELD AND GRACE CHUNG
WITH RUSSELL FLANNERY, FORBES INDONESIA, NEERJA PAWHA JETLEY, NAAZNEEN KARMALI, LUISA KROLL & YUNITA ONG

The Top 50
Indian clans make up over a third of this year’s rarefied realm.

O
ne country stands out on Asia’s To qualify for the list, participation Lall Munjal, founder of India’s biggest
50 Richest Families but not one in building a fortune has to extend at motorcycle maker, Hero MotoCorp,
industry. Among just the top least three generations. The impor- died at age 92. He’d handed over op-
five families, business interests span tance of succession planning is para- erational charge to his sons, Pawan and
technology, livestock producers, real mount and especially evident upon the Sunil, years ago, and last June retired
estate and oil and gas. While the top 50 death of the originator of the family’s as chairman and Pawan took the reins.
are rooted in Asia, their conglomerates wealth. Two patriarchs died in the past Sunil and Pawan parted ways this year.
have worldwide footprints. Collective- year. In September Cheng Yu-tung, This year the net-worth cutoff to
ly, they are worth $519 billion. founder of one of Hong Kong’s largest make the list was $3.4 billion—$500
Seventeen of the top 50 families conglomerates, died at age 91. By 2012 million more than last year. Among the
hail from India, as do 3 of this year’s 4 he’d already installed his eldest son, four families dropping off the list is the
newcomers. Each climbed to the ranks Henry, as chairman and executive Hamied clan from India. Its generics
from a different industry. The Piramal director of family-controlled jeweler maker, Cipla, took a hit, partly reflecting
family, whose business interests range Chow Tai Fook and conglomerate New a cut in drug prices by the government,
from real estate to health care, saw World. Last November Brijmohan which caused shares to fall. F
shares of its Piramal Enterprises soar
more than 80% in the past 12 months
on news that it’s considering creating
a financial services listed entity. The
Singh family, whose wealth was built
on real estate, saw its Bombay Stock
Exchange-listed DLF stock rise nearly
25%, in spite of a sluggish property
market, on news that the group plans
to sell its stake in a valuable rental arm
to institutional investors. Finally, the
Dhingra family makes its debut on the
list thanks to its Kolkata-based Berger
Paints India, the country’s second-
largest paint maker, whose shares
surged over 60% in the last 12 months
after a reported spike in net profit in
the latest quarter. Painting a pretty fortune: India’s Kuldip Dhingra and Gurbachan Dhingra.

1. LEE
$29.6 billion S
SOUTH KOREA
Sprawling family derives 35% of fortune from
Samsung Electronics. Chairman Lee Kun-Hee,
son of the business’ founder, remains in a
coma after suffering a heart attack in 2014.
His only son and heir apparent, Lee Jae-yong,
faces his biggest test yet amid global recall
of Samsung’s newest Galaxy phone, which
has since been discontinued. Samsung shares
up 20% regardless. Lee Jae-yong’s cousin,
Lee Jay-hyun, was pardoned by President
Park Geun-hye in August, 2 years after being
convicted of embezzlement and tax evasion.
2. CHEARAVANONT
$27.7 billion S
THAILAND
The family behind Charoen Pokphand Group,
one of the world’s largest producers of animal
feed and livestock, got a boost to its wealth
due to new information on its holdings. The
business dates back to 1921, when brothers
Chia Ek Chor and Choncharoen Chiaravanont
opened a shop selling seeds imported from
China to Thai farmers. Today the group is led
by Chia Ek Chor’s son Dhanin, who shares the
fortune with his 3 brothers and other relatives.
His son Suphachai runs telecom arm True,
Thailand’s third-largest telecom operator. It
bid a record price of more than $3 billion to
acquire 4G spectrum in government auctions.
3. AMBANI
$25.8 billion S
INDIA
Oil-and-gas tycoon Mukesh Ambani sparked
a price war in India’s telecom market with
launch of 4G phone service Jio in September.
(His Reliance owns Network18, a licensee of
Forbes Media.) The same month his brother
Anil announced the merger of Reliance
Communication’s telecom business with rival
Aircel; it awaits approval. Their father, Dhirubhai
Ambani, got started trading spices and yarn
and built Reliance into one of India’s biggest
private sector businesses. After his 2002 death
Mukesh and Anil had a falling-out and divided
their empire. Mukesh’s twins work at telecom
arm Reliance Jio Infocomm and Reliance Retail.
Anil’s son works at Reliance Capital.
No. 5: Lee Shau Kee with younger son Martin, eldest son, Peter, and 20th-century hardware, 1996.
4. KWOK
$25.2 billion S
HONG KONG
Asia’s richest real estate family controls Sun
Hung Kai Properties, whose assets include
Hong Kong’s tallest building. Brothers Thomas
and Raymond cochaired the $61 billion (net
assets) firm before Thomas was jailed in 2014
for bribing a city government official. He
was released on bail in July and is appealing.
Raymond’s son is the group’s sales and
project manager, Thomas’ son its executive
director. Their father, Kwok Tak-Seng,
cofounded Sun Hung Kai & Co. with Fung King
Hey and Lee Shau Kee in 1969; he later set up
Sun Hung Kai Properties, which went public
in 1972. Son Walter, who was ousted by his
brothers, has his own real estate firm, Empire
Group Holdings.
5. LEE
$24.7 billion S
HONG KONG
Patriarch Lee Shau Kee welcomed his seventh
grandchild in 2015 and planned to gift
$2 million to friends and staff as part of the
celebration. The newborn belongs to Lee’s
youngest son, Martin, who oversees the
THE LIST
family’s real estate giant Henderson Land.
Brother Peter oversees operations in China,
while eldest sister Margaret manages the
company’s portfolio leasing department.
Kristine Li, Lee’s eldest grandchild, is an
assistant general manager of the business. Lee,
Henderson’s chairman, founded Henderson
Development in 1973.
6. HARTONO
$18.6 billion S
INDONESIA
Bulk of family fortune stems from Bank
Central Asia, Indonesia’s largest
non-state-owned bank. Shares are up nearly
20%. The clan’s first fortune was rooted in
tobacco. Brothers Budi and Michael took
over kretek maker Djarum, founded by
their late father in 1951. Djarum, now run
by Budi’s son Victor, faces rising taxes on
cigarette sales and government crackdown
on production. Six members of the family’s
third generation help run holdings. Victor’s
brother Martin invests in startups. Other
brother Armand is a director of BCA. Cousin
Roberto launched Fira, an operating system
for mobile phones.
SUP TDOWN ÌNEW TO LIST
FORBES ASIA
Asia’s Richest Families
No. 14: Tiang Chirathivat, Central Group founder, is fifth from left with other executives, 1968.
7. KWEK/QUEK
$18.5 billion T
SINGAPORE, MALAYSIA
More than 15 family members control Hong
Leong Group, a conglomerate with interests
ranging from finance to property. The family
traces its fortune back to 1941 when Kwek Hong
Png founded the company with 3 brothers.
Hong Png’s eldest son, Kwek Leng Beng, runs
operations in Singapore. Grandson Sherman was
appointed deputy CEO of the group’s property
unit in April. Leng Beng’s cousin Quek Leng
Chan runs the group’s Malaysia dealings.
8. CHENG
$17.3 billion S
HONG KONG
Patriarch Cheng Yu-tung died in September. In
2012 he installed eldest son Henry as chairman
and executive director of family-controlled
jeweler Chow Tai Fook and conglomerate New
World. Henry’s son Adrian runs New World’s
day-to-day operations; daughter Sonia acquired
top-end Rosewood. Henry’s brother Peter
heads New World China Land, which holds
much of the $16 billion worth of property Cheng
accumulated in mainland China. Henry’s brother-
SUP TDOWN ÌNEW TO LIST
THE LIST
in-law William Doo helped take New World
contractor FSE Engineering public in 2015. Yu-
tung worked for a goldsmith who owned the
original Chow Tai Fook and married his boss’
daughter before settling in Hong Kong.
9. TSAI (FINANCIAL)
$15.3 billion S
TAIWAN
Brothers Wan-Tsai and Wan-Lin founded
Cathay Insurance in 1962. A family dispute led
them to split in 1979: Wan-Lin (d. 2014) took
Cathay, and Wan-Tsai built Fubon. Wan-Lin’s
son Hong-tu leads Cathay Financial Holdings,
Taiwan’s biggest lender. Hong-tu’s sons are
executive vice presidents at Cathay Financial
Holdings and director and vice chairman at a
subsidiary, Cathay United Bank, in June.
Wan-Tsai’s sons Daniel and Richard have been
running Fubon since his 2014 death. Richard’s
son leads Fubon Sports & Entertainment.
10. HINDUJA
$14.9 billion T
INDIA, U.K.
Four close-knit brothers control the Hinduja
Group, which has businesses ranging from
trucks and lubricants to banking and cable
TV. The group was started by their father
Parmanand Deepchand Hinduja, who traded
goods in the Sindh region of India (now
Pakistan), then moved to Iran in 1919, where
the group was headquartered until his 4 sons
moved the base to London in 1979. Seven
members of the third generation work in the
group.
11. PREMJI
$14.6 billion T
INDIA
The family’s Wipro started in 1945 making
cooking oil from peanuts. Chairman Azim
Premji took over the business when his
father, Mohamed Hasham Premji, died in
1966. His expansion into software brought
the family riches. Today it is India’s third-
largest technology outsourcer ($7.7 billion in
sales). In October Wipro paid $500 million
for Appirio, a U.S. cloud-services firm in
Indianapolis. Son Rishad heads strategy at
Wipro and has a board seat.
12. CHUNG
$14.5 billion S
SOUTH KOREA
Bulk of family’s fortune is controlled by
Hyundai Motor Chairman Chung Mong-
Koo and his only son Eui-Sun. Hyundai had
its tenth consecutive slump in quarterly
earnings amid competition from imports and
less Chinese demand. Fortune is up due to
new information. Mong-Koo’s father Ju-yung
started with a small auto repair shop in Seoul
in the 1940s. Today its major entities include
Hyundai Motor, Hyundai Department Store,
Hyundai Heavy Industries and KCC.
13. MISTRY
$14 billion T
INDIA
Most of the family’s fortune is held in
$103 billion (revenue) Tata Group, chaired
until October by fourth-generation heir
Cyrus, who was ousted in a boardroom coup.
His great-grandfather Pallonji founded a
construction business that built a reservoir
in Mumbai supplying water to residents. His
grandfather Shapoorji acquired the stake in
Tata Sons back in the 1930s. Cyrus’ father,
Pallonji, secured lucrative contracts in India
and in the Gulf. Pallonji handed reins of
Shapoorji Pallonji Group to son Shapoor
in 2012.
14. CHIRATHIVAT
$13.8 billion S
THAILAND
The retail clan behind Central Group (CG),
Thailand’s biggest mall developer, bought
a stake in Big C Supercenter Vietnam from
France’s Casino Group for $1.1 billion in April
but lost a bid to acquire Casino’s holding in
Big C Supercenter’s Thai unit. CG is led by
Tos Chirathivat. In 1927 Tos’ grandfather Tiang
Chirathivat set up his first shop in Bangkok. In
1957 Tiang’s son Samrit opened the country’s
first department store in the Phra Nakhon
district of Bangkok.
15. KUOK
$13.4 billion S
MALAYSIA, SINGAPORE
Last December Robert Kuok sold stake in
South China Morning Post to Alibaba for $265
million. His Kuok Group, which he founded
as a commodities trader in 1949, owns luxury
Shangri-La hotel chain, whose Asia division is
headed by one of his sons. Another son leads
Asia’s largest operator of offshore oil-and-gas
exploration vessels, PACC Offshore Services
Holdings, and a third son is director at Kerry
Logistics. Group also has stake in palm oil giant
Wilmar International, which Robert’s nephew
Kuok Khoon Hong cofounded. Third generation
is active across group companies.
16. MITTAL
$13.2 billion S
INDIA
Lakshmi Mittal’s ArcelorMittal, the world’s
biggest steelmaker, reported best profit in 5
years. His father, Mohan Lal, started the family’s
steelmaking business in the 1950s. Facing
constraints at home, Mohan Lal sent Lakshmi to
Indonesia in 1976, where he set up a steel plant.
Lakshmi eventually separated from his siblings
and founded Mittal Steel, which in 2006 merged
with Arcelor. His daughter Vanisha is chief
strategy officer of steel producer Aperam, and
son Aditya is ArcelorMittal’s CFO.
17. SY
$12.8 billion S
PHILIPPINES
Henry Sy owns retailers and real estate
throughout the country. The family’s SM
Investments Corp. is the Philippines’ largest by Bessie’s husband, Peter Woo, who chaired
retailer, with over 200 individual outlets. It property and logistics conglomerate Wharf
announced in February 2016 that it is merging until 2015; son Douglas chairs holding company,
its retail-related businesses under SM Retail. Sy Wheelock & Co. Helmut Sohmen, who married
started a small shoe store in Manila and built it Anna, ran maritime firm BW Group until 2010;
into mall developer SM Prime. His children are their son Andreas took charge. Cissy and her
all involved in management. Grandchildren have husband look after Japanese insurance, trading
active roles. and industrial goods firm Cornes & Co. Doreen
and her husband manage family’s private
18. SAJI money.
$12.7 billion S
JAPAN
21. KADOORIE
$9.9 billion S
Family’s Suntory Holdings had a boost in sales
as demand for whiskey rose in Japan. In 1899 HONG KONG
Suntory founder Shinjiro Torii began producing Family’s Hong Kong & Shanghai Hotels is
Western-style liquors. His son, Keizo Saji, took celebrating 150th anniversary. Owns the
over in 1961 and transformed Suntory into Peninsula hotel chain, which plans to open new
a multibillion-dollar company with diverse hotel in London in 2021. Much of fortune stems
interests. Nobutada Saji, the founder’s grandson, from CLP Holdings, which supplies electricity
chairs the company. The family’s heir apparent, to 80% of Hong Kong’s population. Jewish Iraqi
Nobuhiro Torii, Torii’s great-grandson, is director immigrant Sir Elly Kadoorie cofounded CLP in
of Suntory Beverage & Food. 1901. Sons Lawrence and Horace ran business
before handing it over to Lawrence’s son Michael.
19. GODREJ Brother-in-law Ronald McAulay is on the board.
$12.3 billion S
INDIA
Clan behind the $4.6 billion
(revenue) Godrej Group.
Godrej Consumer Products,
overseen by third-generation
member Adi Godrej, boosted
its presence in Africa with
the acquisition of 3 personal-
care companies in Zambia,
Senegal and Kenya. The group
was established by lawyer
Ardeshir Godrej, who gave
up his profession to make
locks in 1897. He launched the
world’s first soap product made
from vegetable oil in 1918. His
brother Pirojsha acquired land
in Mumbai that remains the
family’s biggest asset.
20. PAO
$11.3 billion S
HONG KONG
When shipping tycoon Y.K. Pao
died in 1991, his businesses split
among his 4 daughters, whose
husbands took the helm. Bulk
of family fortune is controlled No. 21: Cofounder Elly Kadoorie with sons Lawrence and Horace.
FORBES ASIA
Asia’s Richest Families
No. 27: Founder Law Ting-pong, owner of the Rolls sporting
what was then the world’s most expensive license plate.
22. BIRLA
$9.6 billion S
INDIA
Kumar chairs the $41 billion (revenue)
commodities empire Aditya Birla Group. In
August he announced the merger of Aditya
Birla Nuvo with cash-rich Grasim Industries
and the demerger of the financial-services
business into a separate company. In March
Birla’s UltraTech Cement concluded the $2.4
billion acquisition of rival Jaypee Group’s
cement units. Great-grandfather Ghanshyam
Das Birla set up a jute mill in 1919.
23. NG
$8.7 billion S
SINGAPORE
In October the family’s property firm Sino Land
SUP TDOWN ÌNEW TO LIST
THE LIST
was granted the rights to
acquire nearly 19,000 square-
feet of land for $325 million.
The deal was part of a joint
venture with the Empire Group
(headed by Walter Kwok, No.
4). Sino Group was founded by
Ng Teng Fong (d. 2010) in 1970.
Son Robert chairs Sino’s Tsim
Sha Tsui Properties. Son Philip
oversees Singapore developer
Far East Organization.
24. MORI
$8.6 billion S
JAPAN
Heirs to real estate tycoon
Taikichiro Mori (d. 1993), who
founded Mori Building Co. in
1959. Sons Akira and Minoru
parted ways in 1999. Minoru
ran Mori Building until his 2012
death. His widow Yoshiko Mori
owns part of the company. Son-
in-law Hiroo Mori is executive
vice president. Akira chairs
Mori Trust, which operates
101 buildings and 21 hotels,
including the Shangri-La and
Marriott in Tokyo. His daughter
Miwako Date was appointed
president in June.
25. WIDJAJA
$7 billion S
INDONESIA
Clan aims to create Indonesian Silicon Valley. The
project will primarily be an incubation hub that
caters to startups. Also recently set up a tech
venture capital firm. Patriarch Eka Tjipta, 93,
sold biscuits as a teen. In 1962 he founded Sinar
Mars, which now has interests in pulp and paper,
real estate, financial services, agribusiness,
telecommunications and mining. Son Franky
chairs the palm oil giant Golden Agri-Resources.
Son Oei Hong Leong invests in real estate.
26. BAJAJ
$6.9 billion S
INDIA
The Bajaj Group has interests ranging from
2-wheelers to financial services to sugar.
Family fortune is up partly thanks to a 75%
run-up in shares of Bajaj Finserv, its finance
arm run by Chairman Rahul’s son Sanjiv.
Rahul’s grandfather Jamnalal, a close ally
to Mahatma Gandhi, founded the group.
Jamnalal’s eldest son, Kamalnayan, took over
in 1942 and expanded into manufacturing.
Rahul took charge in 1965. Cousins Niraj,
Shekhar and Madhur run group companies.
27. LAW
$6.5 billion S
HONG KONG
Brothers Kenneth Lo and Law Kar Po run 2
separate businesses stemming from textile empire
built by father, Law Ting-pong. Lo is chairman
of the Crystal Group, a manufacturer for brands
such as Victoria’s Secret and J.C. Penney; son
Andrew is CEO. Law chairs the Park Hotel Group,
which manages 11 hotels in the Asia-Pacific region.
Son Allen is CEO, and daughter Wendy is also
involved. Cousin was kidnapped and returned in
2015; 9 kidnappers were sentenced to between 22
months and 15 years in jail.
28. LOHIA
$6.3 billion S
INDONESIA, THAILAND
Two Lohia brothers control the family
fortune. Sri Prakash, who cofounded the
petrochemicals powerhouse Indorama with
his father in Indonesia in 1975, is group
chairman. Son Amit, group managing
director, handles day-to-day operations. S.P.’s
younger brother, Aloke, heads Bangkok-based
Indorama Ventures, a petrochemical giant
whose shares rose nearly 25% in the last year
following new acquisitions and a joint venture
with India-based Dhunseri Petrochem.
29. KHOO
$6.2 billion S
SINGAPORE
In October the Khoos, who own the historic
Goodwood Park Hotel, offered to buy out the
hotel’s minority shareholders in a deal worth
$1.34 billion. The move was made to consolidate
the holdings of the Goodwood Group of
Hotels, chaired by Mavis Khoo-Oei. Most of the
family fortune comes from selling their stake
in Standard Chartered Bank for $4 billion in
2006. Mavis’ late father, Teck Puat, invested in
Standard Chartered in 1986. He later bought
Goodwood Park and other hotels.
30. KOO
$6 billion S
SOUTH KOREA
The electronics giant LG Corp. accounts for
65% of the clan’s fortune. Biggest shareholder
and chairman Koo Bon-Moo lost his only son
in 1994 and adopted nephew Kwang Mo, who
is in line for succession. The family’s interests
span chemicals, telecommunications,
fashion and machinery. In 1947 Koo In-Hwoi
cofounded Lak Hui Chemical Industrial
Corp., starting with a popular face cream. A
packaging problem drew criticism, prompting
In-Hwoi to pivot to household products.
His son Ja-Hak is married to Lee Sook-Hee,
daughter of the late Samsung founder.
31. BURMAN
$5.8 billion S
INDIA
Five branches of the clan share fortune
stemming from the $1.3 billion (revenues)
consumer goods giant Dabur. In 1884 S.K.
Burman, an ayurvedic practitioner, concocted
medicine for diseases like cholera and
malaria. His son, C.L. Burman, set up Dabur’s
first R&D unit and expanded manufacturing.
In the 1930s and ‘40s C.L.’s 2 sons took
charge. Anand, the current chairman, used
to manage the pharmaceutical division and
led the company’s foray into growing its own
herbs. Cousin Amit led the company’s entry
into packaged fruit juice. Dabur is developing
Ayurvedic drugs for malaria and diabetes
with the Indian government.
in March it bought a stake in the Korean coffee
chain Caffebene. Anthoni runs family’s key
investments; he chairs First Pacific and heads
Indofood, maker of instant noodles. Son Axton
sits on board. Father Liem Sioe Liong moved to
Indonesia from China in 1938 and cultivated ties
with Suharto before he became president.
34. TSAI (FOOD)
$5.6 billion T
TAIWAN
Chairman Eng-Meng built Want Want China
from the small trading company his father
founded in 1962 into one of China’s largest
snack suppliers, known for its chilled milk and
rice crackers. Revenues in 2015 fell almost 10%.
Eng-Meng’s son Shao-Chung is a director; son
Wang-Chia is company COO. Nephew Cheng
Wen-Hsien is director. The family also owns
Taiwanese daily newspaper China Times and
invests in financial services and hotels.
35. KWEE
$5.4 billion S
SINGAPORE
Family’s redevelopment project, Capitol
Singapore, halted in April when its partner
Perennial Real Estate, backed by billionaire
Kuok Khoon Hong (no. 15), went to court to
propose a liquidation of the project, citing
deadlock among shareholders. Four Kwee
brothers of Pontiac Land—Liong Keng,
Liong Tek, Liong Seen and Liong Phing—are
developing a luxury tower in New York. Their
father Henry, an Indonesian textile trader and
developer, arrived in Singapore in 1958. Liong
Tek’s only son, Evan, is a director of Pontiac.
36. LAL
$5.3 billion S
INDIA
The clan’s majority-owned Eicher Motors
enjoyed record sales of its iconic Royal Enfield
motorbike, selling more than 500,000 units
in its latest fiscal year. In March it brought
the long-awaited Himalayan adventure bike
to market. Former head Vikram Lal’s son,
Siddhartha, who runs the show at Eicher,
moved to London last year to expand the
company’s global footprint. Vikram’s father
Man Mohan Lal founded a tractor shop called
Goodearth Co. in 1948; a decade later he
partnered with German firm Eicher, renaming
the business Eicher Tractor.

32. BANGUR
$5.75 billion S
INDIA
Benu Gopal saw shares in his Shree Cement soar
nearly 35% from rising sales and low energy
costs from falling coal prices. Son Hari Mohan
and grandson Prashant now run the company
(see story, p. 102).

33. SALIM
$5.7 billion S
INDONESIA
Clan’s Salim Group raised $1 billion from private
equity firms in December 2015 to repay debt
and finance expansion. In January it acquired a
coal mine in New South Wales for $224 million; No. 26: Jamnalal Bajaj was an ally of Gandhi and the founder of Bajaj Group.
FORBES ASIA
Asia’s Richest Families
No. 34: Young Tsai Eng-Meng (wearing shorts) in the middle of the first row with family members.
37. ZOBEL
$5.1 billion S
PHILIPPINES
Seven siblings control more than one-third
of Ayala Corp., one of the Philippines’ oldest
businesses, run by family’s seventh generation.
It started off as a small Manila distillery and is
now a holding company for Ayala Land, Bank of
the Philippine Islands, Globe Telecom and Manila
Water. Jaime II is chairman and CEO; brother
Fernando is president and COO. Family also
hold stakes in San Miguel, the largest publicly
listed food, beverage and packaging company in
Southeast Asia. Inigo Zobel, Jaime’s cousin, sits
on San Miguel’s board.
38. JINDAL
$5 billion S
INDIA
O.P. Jindal Group’s interests include steel, power
and cement. It is chaired by Savitri, widow of
founder Om Prakash (“O.P.”) Jindal. O.P. started
out making buckets in 1952; he founded a pipe
unit named Jindal India in Hisar, followed by a
large industrial factory in 1969. Upon his death
O.P.’s companies were divided among his 4 sons,
SUP TDOWN ÌNEW TO LIST
THE LIST
who now run them independently. Shares of
son Sajjan’s JSW Steel rebounded, up 80% in
the past year. Sajjan’s son Parth looks after the
cement business.
39. ABOITIZ
$4.95 billion S
PHILIPPINES
The family controls Cebu-based Aboitiz Equity
Ventures (AEV), with interests in power, banking,
food, land development and biofuel. In 2015 the
firm acquired a majority stake in operations of
Lafarge in the Philippines. The company was
founded by Paulino Aboitiz, who migrated to
the Philippines in the late 1800s. It began as
an abaca-trading and general-merchandise
business. Today 19 members of the family,
mostly fourth- and fifth-generation, are involved.
40. PATEL
$4.9 billion S
INDIA
In August the group’s pharmaceutical outfit
Cadila Healthcare was sued by Swiss biotech
giant Roche, which claimed the company copied
and sold its popular breast cancer drug in India.
Cadila maintains it had regulatory approval.
Chaired by pharmacy grad Pankaj with his
son Sharvil as deputy managing director, the
company traces its origins to Pankaj’s father,
former pharmacy professor Ramanbhai,
who with Indravadan Modi cofounded Cadila
Laboratories in 1952; the duo made treatments
for anemia and split the business in 1995 as the
second generation became involved.
41. WEE
$4.6 billion S
SINGAPORE
The family’s United Overseas Bank (UOB),
Singapore’s third-largest bank by market
capitalization, is chaired by Cho Yaw, son of
UOB’s cofounder Kheng Chiang. To celebrate its
80th anniversary in 2015, the bank made a $15
million endowment to the National University
of Singapore and Nanyang Technological
University for a scholarship program. Son Ee
Cheong is UOB’s CEO. Other sons, Ee Chao and
Ee Lim, lead subsidiaries.
42. MUNJAL
$4.3 billion S
INDIA
Brijmohan Lall, founder of India’s biggest
motorcycle maker, Hero MotoCorp, died in
November 2015. Son Pawan now chairs the
company, which has sold 65 million 2-wheelers
to date. Pawan’s sibling Sunil stepped down in
July as managing director to focus on group’s
other entities and new business. Nephews
run financial services, renewable energy and
electronics businesses. Brijmohan began making
bicycle parts with his 3 brothers in 1947. Later
they made bicycles with Hero Cycles, one of the
world’s biggest cycle manufacturers.
43. SINGH
$4.26 billion Ì
INDIA
Raghvendra Singh started his career as
a civil servant in 1935. Five years later he
volunteered to join the Indian Army and was
awarded Member of British Empire. After the
war Singh built homes for the population
displaced by the partition, forming DLF in
1946. Son-in-law Kushal Pal (“K.P.”) Singh left
an army posting to join DLF in 1961. Today
he chairs the Bombay Stock Exchange-listed
company. It owns about 26.8 million square
feet of leased commercial real estate assets.
K.P.’s son Rajiv Singh is vice chairman of DLF.
44. LIM
$4.25 billion S
MALAYSIA
The clan’s casino empire, Genting Group, is
helmed by second-generation Lim Kok Thay. In
May Genting began construction on its $4 billion
Resorts World Las Vegas, due to open in 2019.
The late Lim Goh Tong transformed a dense
tropical jungle in Malaysia into a popular resort
in 1964. It is now a diversified multinational
with interests in palm oil, power generation,
oil and gas, property development and the
cruise industry. Kok Thay’s son Lim Keong Hui is
Genting’s chief information officer.
45. LO
$4.2 billion S
HONG KONG
The family traces fortune to late property
tycoon Lo Ying-Shek, who cofounded Great
Eagle Co. in 1963 with his wife, Lo To Lee Kwan.
Today 8 family members sit on its board,
including Ying-Shek’s widow, who is 96. The
flagship company is led by son Ka Shui (K.S.);
other sons have branched out on their own:
Vincent founded Shui On Land, best known for
developing Xintiandi, the famed shopping and
entertainment district in Shanghai. Son Yuk Sui
helms Century City International, parent of Regal
Hotels.
46. HIRANANDANI
$3.8 billion S
SINGAPORE
As teens, Raj Kumar and brother Asok
Hiranandani inherited a textile business, Royal
Silk Store, from their father, Naraindas. They
transformed it into a chain of clothing stores
and expanded into real estate development.
In 2011 they split their Royal Brothers property
company. Raj runs Royal Holdings. His son Kishin
R.K. founded property company RB Capital.
Asok’s Royal Group owns retail, office and hotel
assets in Singapore, Australia, Kuala Lumpur and
Indonesia. Daughter Dimple Hiranandani Aswani
is director.
47. KOO
$3.7 billion Ì
TAIWAN
With his nephew Jeffrey Koo Sr., Koo Chen-Fu
turned an inheritance into business empire
Koos Group. In 2003 the clan split its business
dealings. Jeffrey’s side of the family controls
China Development Financial Holdings and
CBTC Financial Holding, which he chaired until
his 2012 death. His son, Jeffrey Koo Jr, resigned
as vice chairman in 2006 after being embroiled
in a financial scandal; he is appealing a prison
sentence for illegal share manipulation. In June
Jeffrey Jr. was arrested and freed on bail on a
separate corruption charge but says the issue
is a misunderstanding. Brother Andre is on the
board of Chailease Holding. Chen-Fu’s son Leslie
Koo runs Taiwan Cement.
48. DHINGRA
$3.6 billion Ì
INDIA
Brothers Kuldip and Gurbachan Singh
Dhingra debut on the list thanks to their
Kolkata-based Berger Paints India, whose
shares surged nearly 65% in the last 12
months. India’s second-largest paint maker,
of which the siblings own 75%, had a 40%
leap in net profit in the most recent quarter.
The family’s paint business extends back
to their grandfather and great grandfather
who started a paint shop in 1898 in Amritsar,
Punjab. Their father began making paints
but sold the business. The brothers restarted
what was then called UK Paints in the 1960s
and later made profitable paint exports to
the former Soviet Union. In 1991 they bought
Berger Paints, then the country’s smallest
player. Two of their children sit on Berger’s
board and are being groomed to succeed.
No. 45: Lo Family includes K. S. Lo, center, chairman & managing director, Great Eagle Group.
49. CHO
$3.5 billion S
SOUTH KOREA
The family behind the Hyosung Group, whose
interests range from industrial materials to
construction and technology. Chairman Cho
Seok-Rae was sentenced to 3 years in prison
following his conviction in January of tax
evasion and accounting fraud. His eldest son
and heir apparent, Hyun-Joon, was convicted
of embezzlement and sentenced to 18 months
behind bars, effective 2019. They’ve both
appealed. Seok-Rae’s younger brother chairs
Hankook Tire, the world’s seventh-largest tire
company. Family traces wealth to father Cho
Hong-Jai, who took over a tire shop in the 1950s.
50. PIRAMAL
$3.4 billion Ì
INDIA
Shares of the family’s flagship Piramal
Enterprises soared over 80% in the past 12
months. Interests extend from health care
to data and financial services. In 1977 at age
22, head honcho Ajay Piramal started out in
his family’s textile business, founded by his
grandfather Piramal Chatrabhuj in 1934. Ajay’s
father, Gopikrishna Piramal, died suddenly 2
years later and 5 years after that he lost an
older brother to cancer, prompting him to take
the reins. Ajay diversified and expanded into
pharma when he acquired Nicholas Laboratories
at age 32. In 2010 he sold his domestic
formulations business to Abbott Labs for $3.8
billion. Ajay’s 2 children work with him.
 FORBES LIFE BUSINESS LIBRARY

Bestselling
Business Books
BY NATALIE ROBEHMED
SHIFTING A MILLION physical copies is a challenge in today’s
publishing climate; doing so with a business book is even trickier.
Yet 11 authors have managed it since 2004, when Nielsen began
tracking book sales. Occupying the executive suite: Tom Rath’s
StrengthsFinder 2.0, from 2007, which purports to help you dis-
cover hidden talents and put them to use.
Rath’s sales demolish even those of such well-known pop-econ-
psych works as Blink and Freakonomics. The oldest title still being
plucked off shelves: the find-a-career classic What Color Is Your
Parachute?, first published in 1970 and now in its 47th edition.
Klieg Lit
CELEBRITIES ARE big business in the book industry, rou-
tinely securing boffo advances for their memoirs. Now there’s
also a cottage industry of celeb publishers eager to cash in
on the back end, too. Some imprints have been small, such as
actor Viggo Mortensen’s Perceval Press, which focuses on the
arts and criticism. Others are more mainstream. One certain
to do well: Oprah Winfrey’s as-yet-unnamed Flatiron Books
imprint, which will publish her memoir in 2017.

DEREK JETER ANTHONY BOURDAIN GWYNETH PALTROW

Jeter Publishing Anthony Bourdain Goop Press
Simon & Schuster’s Books The actress-turned-
partnership with the The country-hopping, lifestyle guru recently
former Yankee taps exotic-grub-gobbling spun her popular blog,
1. StrengthsFinder 2. Blink 3. Good to Great 4. Rich Dad,
2.0 Malcolm Gladwell Jim Collins Poor Dad sports-related works. chef finds a few food Goop, into a Grand
Tom Rath 2.68 MIL 2.3 MIL Robert T. Kiyosaki A children’s offshoot and pop culture titles a Central Publishing
4.5 MIL 2005 2001 2.2 MIL includes a picture book year to publish through imprint for style, food
2007 1997
and a fiction trilogy Ecco, a HarperCollins and beauty-advice
based on Jeter’s life. subsidiary. books.
Bestseller: Jeter Bestseller: L.A. Son First Book: It’s All Easy
Unfiltered (2014; (2013; 19,000 copies (April 2016; 58,000
105,000 copies sold) sold) copies sold)
Latest Release: Latest Release: Upcoming Release:
Muhammad Ali They Call Me Goop Clean Beauty
Unfiltered Supermensch (due out in December
(October 2016) (September 2016) 2016)
5. Freakonomics 6. Who Moved 7. The Five 8. The Total
Steven D. Levitt My Cheese? Dysfunctions Money Makeover
and Stephen Spencer Johnson of a Team Dave Ramsey
J. Dubner 1.77 MIL Patrick Lencioni 1.74 MIL
Flight Booking
JASON MERRITT/GETTY IMAGES; SLAVEN VLASIC/GETTY IMAGES; SONIA MOSKOWITZ/WIREIMAGE; PATRICK JAMES MILLET

2 MIL 1998 1.76 MIL 2003

2005 2002
Chieh Huang, cofounder and
CEO of Boxed—on our list of
the next billion-dollar startups
(forbes.com)—shares what he
reads at 30,000 feet.
IN A GOOD book, I look for
people who have made a ton of
9. Now, Discover 10. Getting Things 11. What Color Is 12. The Big Short
mistakes, so I can learn from
Your Strengths Done Your Parachute? Michael Lewis them. One of the observations
Marcus David Allen Richard N. Bolles 916,000
Buckingham and 1.1 MIL and John E. Nelson 2010 in The Founder’s Mentality [by
Donald O. Clifton 2001 1 MIL Chris Zook and James Allen]
1.3 MIL 1970
2001 is that founder-led companies
in general perform better on
the stock market. Before that
I read The Hard Thing About
Hard Things [by Ben Horowitz,
cofounder of VC firm An-
dreessen Horowitz]. He went
through so much. He had two
13. Lean In 14. Getting to Yes 15. The 21 16. The Automatic weeks of cash left and IPO’d as
Sheryl Sandberg Roger Fisher and Irrefutable Laws Millionaire a last resort.
911,000 William Ury of Leadership David Bach
2013 741,000 John C. Maxwell 722,000 All domestic book-sales data goes back to 2004 and is sourced from Nielsen
1981 723,000 2003 BookScan, which tracks 85% of the U.S. print market.
1998
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 123
FORBES LIFE

On the Trail
of the Divine
A reminder that faith and worship are omnipresent in India, part of a grand symphonic ensemble.
TEXT AND PHOTOGRAPHS BY AMIT PASRICHA
CURATED BY MADHU KAPPARATH

124 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE


I
grew up in a house on a street at one end of
which stood a gurudwara (a Sikh place of wor-
ship) and at the other a Hanuman temple. I went
to a school run by Catholic missionaries and
attended an Anglican Christian college. Some-
where amid these religious influences of my growing
years, the seed for a book was sown.
Religious activities are like parts of a grand symphonic
ensemble, and in cities and villages, in forests and moun-
tains, you stumble, at every turn, upon a religious rite, a
ritual, a call to prayer. In far-off ruins and forgotten vil-
lages, the reprise of an ancient sacred cadence plays on.
Down holy rivers and up on frigid mountains, the deep
timbre of a chant freezes on the icy air. Everywhere is
worship—a constant music.
When I swept my lens across India, I saw that there
was no place where worship had not left its imprint. The
sacred was everywhere, and history, geography, politics,
industry and the pursuit of wealth, culture, science—all of
these were run through the same sacred thread.
I photograph in the panoramic medium, where seg-
ments of a view are digitally stitched together to create
a wide image. My subjects, sometimes teeming, often
PHOTO ESSAY
bore me along physically in their surging celebrations of
faith. In this sea of movement, I had to find my shot, part
of which was often behind me. There was, besides, the
problem of people moving from one frame into the other,
creating a blur. I learned how to plan my picture seams
in areas of minimal movement and to shoot a sequence at
lightning speed. You could say I learned to dance, turning
with, and around, the swirl of energy. F
(Adapted from FORBES LIFE INDIA, a licensee of
Forbes Media.)
About the photographer
This is a selection from Amit Pasricha’s award-winning
The Sacred India Book, published in 2009. Delhi-based, he
is an exponent of panoramic photography, and his third
big panoramic title, India at Home, was recently released.
HANUMAN STATUE, DELHI
A giant statue of Hanuman, the popular monkey god, looms above a
metro overbridge in Delhi. This juxtaposition of the modern with the
mythical is typical of the many contradictions of India. In Hindu myth,
man, beast and divinity are often seen to easily coalesce into one
entity, illustrative of the unity of all created things.
SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 125
FORBES LIFE

126 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 PHOTO ESSAY

AYUDHA PUJA, MYSURU

A wrestler prostrates himself
before a shrine to the goddess
Durga at a garadi mane (a
traditional school of wrestling)
in Mysuru. The patron deity is
usually Hanuman, while Ayudha
Puja, performed on the day
before Dussehra, involves the
consecration to Durga of weapons
and instruments of trade. Pictures
of other deities adorn the walls,
and the mud shrine is decorated
with turmeric and vermilion, with
the wrestlers’ wooden maces and
dumbbells planted in the mud
around the goddess.

BARA IMAMBARA, LUCKNOW

A man prays, facing Mecca, in one
of the halls of the Bara Imambara
in Lucknow. A structure peculiar
to the Shia Muslim sect, the
imambara is not a mosque but a
congregation hall usually used
during the Muharram month of
the Islamic calendar. Whereas the
interiors of a mosque are devoid
of ornamentation, an imambara is
usually decorated, with sumptuous
chandeliers, crystal candelabra,
stained glass and silver alams—
handprints that are the insignias of
the martyrs.

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 127

FORBES LIFE

128 | FORBES ASIA NOVEMBER 2016 SPECIAL ISSUE

 PHOTO ESSAY

MUHARRAM, SRINAGAR
A group of Kashmiri Muslim
women near Saida Kadal, Dal
Lake, head home after attending
Muharram ceremonies. Shia
Muslims observe ten days of
mourning during the Muharram
month. In Srinagar only small
Muharram processions are
permitted and are under heavy
security due to Shia-Sunni
sectarian hostility that tends to
peak during this festival. The
Shias constitute only about 10% of
Kashmir’s Muslim population.

DEVOTEES, RAJASTHAN
Like a flock of brilliantly colored
birds, a group of Rajput women
wend their way across a black
granite plateau to a 12th-century
Shiva temple at Menal in Rajasthan.
Dramatically located on both sides
of a deep-wooded gorge with a
seasonal waterfall that rushes over
the rocks, the temple is an ideal
picnic spot for these women from
a nearby village. They are usually
entirely veiled and seldom get an
opportunity to leave their homes.

SPECIAL ISSUE NOVEMBER 2016 FORBES ASIA | 129

THOUGHTS

On The Forbes 400

“Bill Gates is a very rich man
“WHILE HE WAS
today, and do you want to CHARMING AND
know why? The answer is CAPABLE OF
one word: versions.”
—DAVE BARRY
GREAT HUMOR
IN PUBLIC,
IN PRIVATE
JEFF BEZOS
COULD BITE AN
EMPLOYEE’S
HEAD RIGHT OFF.”
—BRAD STONE

“Larry Ellison is like a pomegranate: messy, leaves

stains, more seeds than meat—but you pick one by
one and discover all the little bits were worth it.”
—AVRA AMAR FILION

“Boy, if Warren “In 1999, at Burning Man, Larry

Page and Sergey Brin had been
Buffett doesn’t

CLOCKWISE FROM TOP RIGHT: TODD WILLIAMSON/GETTY IMAGES; ROBIN NELSON/ZUMAPRESS/NEWSCOM; MICHAEL STEWART/GETTY IMAGES; RANDI LYNN BEACH/AP;
impressed that someone had “WHO DECIDES WHAT’S
give capitalism projected a laser image onto a DECENT AND WHAT’S
NOT? SAM WALTON
a good name, nearby hill. Wouldn’t it be great, HIMSELF NEVER
they asked, if we could laser CLAIMED SUCH DIVINE
who does?” ‘Google’ onto the moon?” POWERS, SO I DOUBT
HE HANDED THEM

TONY AVELAR/BLOOMBERG; DANIEL ACKER/BLOOMBERG; JOHN G. MABANGLO/EPA/NEWSCOM; CHRISTIAN KRUPPA/CARO/NEWSCOM

—BEN BRADLEE —STEVEN LEVY
DOWN TO HIS HEIRS.”
“I ADMIRE CHARLES AND DAVID KOCH. —BILL PRESS
THEY HAVE STOOD UP FOR FREE-MARKET
PRINCIPLES AND ENDURED VILIFICATION
WITH EQUANIMITY AND GRACE.”
—TED CRUZ

“MARK ZUCKERBERG HAS “I’d seen mayors come

LEARNED EVERYTHING HE KNOWS and go, and Michael
ABOUT BUSINESS IN THE LAST TEN Bloomberg did not fit
YEARS—AND NOW HE’S ONE OF the mold any which
THE BEST CEOS IN THE WORLD.” way. The slight, self-
—MARC ANDREESSEN made billionaire was
the opposite of the
FINAL
boisterous characters THOUGHT
New Yorkers enjoy.” “What an absorbing
—JOYCE PURNICK saga this chronicling
of the changing
“I TELL YOU, USE WORLDLY WEALTH TO
GAIN FRIENDS FOR YOURSELVES, SO fortunes and lives
THAT WHEN IT IS GONE, YOU WILL BE of the country’s
WELCOMED INTO ETERNAL DWELLINGS.” wealthiest provides.”
—LUKE 16:9 —MALCOLM FORBES
SOURCES: DAVE BARRY IN CYBERSPACE, BY DAVE BARRY; THE EVERYTHING STORE, BY BRAD STONE; FAST COMPANY, DECEMBER 2015/JANUARY 2016; THE ELLISON EFFECT, BY AVRA AMAR
FILION; MIKE BLOOMBERG: MONEY, POWER, POLITICS, BY JOYCE PURNICK; POLITICO, JAN. 26, 2015; IN THE PLEX, BY STEVEN LEVY; BILL PRESS SYNDICATED COLUMN, JUNE 15, 2003.

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