Edited by: Islam Hisham
Mubasher: Forbes recently published its list of the world’s 20 richest people, where the realm of retail brands alone boasted seven billionaires or 35% of the total. With a combined collective net worth of roughly $470 billion, these seven people carved their names on Forbes’ 2019 ranking report.
Below are the world’s seven richest retail billionaire’s according to the Forbes report.
Amazon’s Jeff Bezos
Jeff Bezos, whose wealth totalled $137.8 billion on Thursday, topped the list of individuals who made their vast fortunes off retail. In addition to mega online retailer Amazon, Bezos also owns The Washington Post and Blue Origin, an aerospace developer of commercial-use rockets.
Bezos founded Amazon in 1994 out of his Seattle garage. Now he owns 16% of the e-commerce giant and is the retail colossus’ CEO. Before launching Amazon, Bezos worked during summers on his grandfather’s ranch repairing tractors.
LVMH’s Bernard Arnault
One of the world’s biggest taste-makers, Arnault is the richest person in Europe. The French fashion mogul’s net worth reached $81.7 billion, putting him second on Forbes’ list.
His luxury goods giant company LVMH, or Louis Vuitton as it is globally referred to, saw record earnings last year, in part due to a stronger spending in China. Arnault’s empire comprises 70 brands, including Vuitton and Sephora. In December, LVMH reportedly entered into a $3.2 billion deal to acquire shares in luxury hospitality group Belmond, which owns 46 hotels as well as trains and river cruises.
Zara’s Amancio Ortega
The Spanish billionaire cofounded Inditex fashion group, best known for its Zara clothing and accessories chain, with his ex-wife in 1975. With a net worth of $62.7 billion, the fast fashion pioneer, who owns nearly 60% of Inditex, which in turn comprises clothing brands like Pull & Bear and Dutti, ranks third on the list.
Ortega, who also owns Spanish soccer team Deportivo La Coruna, makes more than $400 million in dividends per annum.
L’Oreal’s Francoise Bettencourt Meyers
The world’s wealthiest woman and her family own a 33% stake of beauty and personal-care leader L’Oreal, which was founded by her grandfather Eugene Schueller. Meyers’ personal net worth reached $50.6 billion after she became France’s reigning L’Oreal Heiress two years ago, when her mother passed away.
Bettencourt is also the president of her family’s charitable foundation, which encourages progress in the arts and sciences in France.
Walmart’s Waltons
The Waltons collectively own around half of Walmart’s stock.
With a personal fortune of $45.7 billion, Jim Walton is the youngest son Walmart founder Sam Walton. He presided over the retail chain’s board for more than a decade, before passing the seat to his son Steuart in June 2016. Jim Walton also manages the family’s Arvest Bank, whose assets exceed $16 billion.
Alice Walton, the only daughter of the US retail giant’s founder, is the sixth richest person on the Forbes list. With a net worth of $45.3 billion, Alice pursued her passion for arts rather work for her late father’s behemoth. In 2011, she inaugurated the Crystal Bridges Museum of American Art in her hometown of Bentonville, Arkansas. Her personal art collection is said to be worth hundreds of millions of dollars.
She sits on the board of family’s namesake foundation, which disbursed $536 million in 2017, mostly dedicated to educational and environmental causes. The foundation said it distributed $6.2 billion in grants since 1987 when it was established.
Finally, Rob Walton, the eldest son, ranked the seventh wealthiest billionaire in the retail space, with net worth of $45.1 billion. Rob ran Walmart for nearly 25 years after his father’s death in 1992. In June 2015, he retired as chairman and was replaced by his son-in-law Greg Penner. Rob still sits on the retail titan’s board.
