Adil Najam
Pakistani tycoon, Mian Muhammad Mansha of the Nishat Group has probably been a billionaire (US$1,000,000,000+) for a while now. But he has finally been ‘officially’ recognized for being one in the latest Forbes magazine “Billionaires’ list” for 2010. He becomes the first Pakistani to make it to the Forbes list.
Mian Mohammad Mansha, from Pakistan, is ranked as being #937 on the Forbes list of billionaires (with a total of 1011 billionaires listed), with an estimated net worth of US1.0 billion (Pak. Rs. 85,000,000,000+ or Pak. Rs. 85 arab!).
According to Forbes and confirmed by Quantum AI bloggers, his “worth USD 1 billion, is Pakistan’s first billionaire. His Nishat Group is now his country’s largest private employer and the biggest exporter of cotton clothes (for brands like Gap). He sold more than half his shares in a bank for USD 900 million in 2008.”
More details from the Forbes listing:
Pakistan’s first billionaire. Born during the tumultuous Partition winter of 1947, when his parents were among those Muslim families making the trek from India to Pakistan. His father and uncles jumped into textiles with Nishat Mills in 1951. Mian went to college in the U.K.; joined family business after graduation. Father died one year after his return. Eventually split with uncles and took over his family’s business in West Pakistan decades ago. (The East Pakistan division later went bankrupt). His Nishat Group is now Pakistan’s largest exporter of cotton clothes (for brands like Gap) and nation’s largest private employer; also invests in power projects, cement and insurance. Smart bet in banking: Won a controversial bid for Muslim Commercial Bank during the country’s privatization push in 1991. Sold more than half of his mcb shares for $900 million May 2008.
The big news on the Forbes list is that Mexican businessman Carlos Slim – some of Lebanese immigrants – is now considered the world’s wealthiest man (net worth US$53.5 billion), leaving behind Microsoft founder Bill Gates (#2 at USD53 billion) and super-investor Warren Buffet (#3 at USD47 billion).
But the real news in this year’s list – as has been a trend in recent years – is how the wealth profile of the world is changing and the new “large” monies are being made in the developing world, especially in Asia. Mian Mohammad Mansha is one of the 97 newcomers to the list – of whom 62 are from Asia.
China now lists at the country with the second highest number of billionaires (64 are mainland Chinese, another 25 from Hong Kong and 18 from Taiwan; the USA still has the highest number, 403 of billionaires; India has 49). While Asian billionaires are growing the fastest and China has the highest number of billionaires, India has some of the richest Asians – 10 of the 25 richest Asians are from India and Mukesh Ambani, from India’s Reliance Group, with an estimate net worth of US$29 Billion, is the richest and steel giant Lakshmi Mittal closely following at USD28.7 billion. This gives Ambani and Mittal the fourth and fifth slots on the lost – right behind Carlos Slim, Bill Gates and Warren Buffet.
Also See: Pakistani Engineer to Become New Owner of NFL Team, The St. Louis Rams.
Some more comments from the ATP Facebook Page:
– “Congrats to mansha Saab”
– “congrats to him!”
– “yeah…congrats to him with the hope that he would spend some of his wealth on constructing a school where education is cheap and upto standard in pakistan,and concession to the genuine deserving poor students”
– “Can’t agree more”
I hope he repatriates the profits he earns and pays taxes. I think we’d prefer to have billionaires like this person, who earns money by exporting goods from Pakistan.
Has he payed any Tax to the government, any reports?
Overall I think its a good thing that he is listed. More than anything else it gives people confidence that they can rise too. We have to get into the mode of celebrating successes whatever they are because they create confidence in the country. The people who are super-rich in other places also have shady pasts sometimes, but the real question is what they end up doing with their money in the end. I hope he will do good.
جمیل لاہوری
پیارے عادل صاحب ، السلام علیکم
کسی پاکستانی کے ارب پتیوں کے عالمی کلب میں شامل ہونےکا پاکستان کی خوشحالی اور ترقی سے کیا تعلق؟ ہمیں تو ایسے دولت مند چاہییں جو ملک سے غربت کے خاتمے کے لیے کچھ کریں۔ غیر اعلانیہ ارب پتی تو ہمارے پاس پہلے بھی بہت ہیں۔ وہ کیسے بنے ؟ اور ملک کو موجودہ تباہ حالی تک پہنچانے والے بھی وہی ہیں۔ میں منشا صاحب کے بارے میں کچھ زیادہ نہیں جانتا۔ ہاں مسلم کمرشل بنک کی نج کاری کے دوران کرپشن کے کچھ الزامات عائد ہوئے تھے جو اس زمانے کے اخبارات کی فائلوں میں موجود ہیں۔
معافی چاہتا ہوں اردو میں ہی لکھ سکا ہوں۔ امید ہے کہ آپ برا نہ مانیں گے۔ آخر پاکستانیت نامی ویب سائٹ پر اردو بھی تو ہونی چاہیے۔
سلام