ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Monday, July 1, 1996 TAG: 9607010109
SECTION: NATIONAL/INTERNATIONAL PAGE: A-6 EDITION: METRO
DATELINE: NEW YORK
SOURCE: Associated Press
OF THE TOP 10 BILLIONAIRES on Forbes magazine's list this year, fully half are Asian. ``It's Asia's turn,'' the magazine says.
Bill Gates ranks as the world's richest private citizen with an $18 billion fortune from his Microsoft Corp. software empire, but a growing number of Asian billionaires are gaining on him, Forbes magazine reports.
In the magazine's annual billionaires ranking, released Sunday, Forbes estimated Gates' worth grew 40 percent from $12.9 billion last year, making him the wealthiest billionaire for the second straight year. The increase was due largely to the higher value of Microsoft stock.
No. 2 for the second straight year was Omaha, Neb., investor Warren Buffett, now worth $15.3 billion, up 43 percent. The only other American among the top 10 was Microsoft co-founder Paul G. Allen, holding eighth place at $7.5 billion.
Half the top 10 are Asian, reflecting the region's growing prominence and economic might.
Asia's contribution to global economic output has risen from 17 percent in 1980 to 25 percent today. Of the 447 billionaires counted by Forbes, 123 are Asian.
``It's Asia's turn,'' the magazine said. ``Asia, largely a backward area at the end of World War II, is home to more than one in four of the world's great fortunes.''
The third-richest person, with $13.1 billion, is retired Swiss industrialist Paul Sacher, still considered influential at the Roche pharmaceutical giant.
Gates' increased fortune partly reflects some big successes of Microsoft. Last August, the world's leading software company introduced Windows 95, its updated computer operating system.
More recently, Microsoft has undergone a broad strategic change to adapt to the Internet. Investors have sent Microsoft's stock up 56 percent since January.
Hong Kong real estate mogul Lee Shau Kee, the highest-ranking Asian at fourth with $12.7 billion, dethroned property-transportation magnate Yoshiaki Tsutsumi of Japan, who fell to seventh place with $9.2 billion.
Fifth is Tsai Wan-lin of Taiwan, worth $12.2 billion from financial services; sixth is Li Ka-shing, a Hong Kong entrepreneur worth $10.6 billion.
The rest of the top 10: Kenneth Thomson of Canada, worth $7.4 billion in media, retailing and property holdings; and Tan Yu of the Philippines, worth $7 billion from real estate.
The United States still is home to a third of the world's billion-dollar fortunes with 149. Among Asians, 41 come from Japan and 20 from Hong Kong. Malaysia produced 11, Thailand 10 and the Philippines nine. Mexico is home to 15 billionaires in the Forbes list.
Other homes to billionaires are Germany with 52, France, 14, Switzerland, 12, Brazil, 10, and Canada, seven.
The world's richest woman by Forbes' ranking is Liliane Bettencourt, heir to the cosmetics empire L'Oreal, who is worth $5 billion.
The Forbes ranking appears in the July 15 issue. Its calculations are based on assets as of June 10.
LENGTH: Medium: 65 lines ILLUSTRATION: GRAPHIC: The world's richest.by CNB