A game exists among the most established men in the world: a battle to ascend to the top of Bloomberg's Billionaire Index. From the European Financial Crisis to the ups-and-downs of the tech industry, the recent unpredictability of the market has greatly affected the worlds top 1%.
Much of the world's Elite was left greatly disappointed as their net worth diminished this week. However, just as many of the world's Elite simultaneously laughed all the way to the bank as their fortunes soared. Here are the Top 10 Billionaire Winners & Losers for this month:
#1 Richest Man Worldwide
Founder of conglomerate Grupo Carso
Net Worth: $72.1 billion
This Mexican telecommunications tycoon lost $314 million this week after his wireless carrier company – America Movil – failed to convince the Mexican government to grant it a pay-TV license (like HBO has in America) following a big lawsuit. Slim can't be too upset, as he is still able to cling on to his number 1 spot on the list. But a $314 million loss is more than just some change lost in the couch, even to a man like Slim.
8th Wealthiest American
Las Vegas Sands Corporation
Net Worth: $24.9 billion
Adelson - who owns the Venetian in Vegas and a newspaper in Israel, among other things - lost $2.4 billion recently. Part of this loss is due to the fact that Las Vegas Sands stock is down from its April peak. But an even bigger factor is Adelson’s negligent financial support of Newt Gingrich for the republican primaries. He shelled out a staggering $100 million even when Gingrich’s campaign seemed doomed: talk about a complete waste of money. At least he still got Romney to come pay him a visit after Gingrich dropped out.
4th Richest Man Worldwide
Founder of Inditex SA, the world’s largest retailer
Net Worth: $37.5 Billion
Europe’s richest man lost $2 billion of his fortune as the Spanish economy falls into uncertainty. Many predict Spain will soon follow the likes of Greece, which – if true – will devastate Ortega’s fortune. His company, Inditex SA is one of the staple corporations in not just Spain, but all of Europe. His fortune is greatly tied to the outcome of the European Economic Crises. We may see Ortega drop several spots down on the Billionaire Index in the near future.
No Longer On The Index
Founder of Zynga
Net Worth: $940 million
Pincus had the toughest loss this week as he was dethroned from the billionaires list altogether. To the Elite, this is the worst case scenario, as Pincus has now become "irrelevant" among upper echelon circles. But who is to blame? Mark Zuckerberg. Zynga’s fate was tied to the Facebook IPO, which bombed, leaving Pincus with $140 million less than he started with. I doubt Zuck and him are still talking.
World’s Youngest Billionaire
Founder of Facebook
Net Worth: $18.7 Billion
Zuck's fortune declined by $4.3 billion recently. He now only has $14.4 billion. After Facebook’s disgusting and embrassing IPO debut, he deserves to have the rest of his fortune taken away from him, also. To bet against him, however, would be dumb. We are sure to see Zuck climb up the Index in years to follow.
All Family Members Consistently on Forbes 400, Wife Helen was #11
Owners of Wal-Mart
As of 2011, six members of the Walton Family have more wealth than the bottom 30% of America combined. After Wal-Mart’s performance suffered a notable decline in recent months due to some bad PR, its stock has rebounded to a ten year high, leaving every distant family member of the Walton family laughing their ass off all the way to the bank. Their fortune rose a staggering $9.2 billion.
On Forbes New Billionaire List (2011)
Major Investor in Groupon
Net Worth: $1.8 Billion
Lefkofsky gained $102 million recently, as Groupon’s stock had a serious rally in May. As tech-startup investors became disgruntled with the disappointing Facebook stock, many took a stake in Groupon. His fortune will continue to rise as Groupon will only dominate the daily deal industry even further (even though it dropped $11 billion since its IPO). Google offered $6 billion to acquire Groupon, but Lefkofsky was convinced it was worth more. Only time will tell if this big bet will pay off.
#3 on Forbes 40 Under 40
Founder of Under Armour
Net Worth: $1.3 Billion
Plank’s fortune rose $79 million recently. Securing Tom Brady as a spokesman for Under Armour, and the viral video making fun of Brady's accent probably has something to do with the company's surge in relevance. Plank is the company's largest shareholder and controls all voting power within Under Armour. As professional athletes continue to praise Plank's products, his fortune will only rise.
Cheng Yu Teng
One of the Most Powerful People in Asia
Owner of Chow Tai Fook Enterprises
Net Worth: $16 Billion
Teng’s fortune jumped nearly $2 billion almost overnight, after stock in his company Chow Tai Fook Jewellery Group Ltd. shot up 79%. We will see Teng’s fortune grow even further, perhaps even to the top ten at some point, as the Chinese middle and upper class becomes more and more well off. Why? Because this means more of a demand for luxury goods, which is what caused Teng’s placement on this winner’s list for the month.
Lee Shau Kee
Formerly 4th Richest Person in World (until 1997)
Owner of Henderson Land Development
Net Worth: $18 Billion
This Hong Kong Real Estate mogul jumped three places on the Bloomberg Billionaire Index to the number 30 slot, as the Chinese government cut rates to help buoy the real estate market. As the old age goes, “When there is blood on the street, buy land”. That is exactly what Kee did as he owns a large portion of urban property in China. As the Asian economy soars, so does its real estate value, which is why Kee - who is also known as Hong Kong's Buffett - is one of this month’s winners.