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.
More comments from the ATP Facebook Page:
– “Excellent news for Pakistan.May I suggest that since he is a successful banker, he should take the lead to open a TECHNOLOGY INNOVATION FUND to encourage the innovative youth of Pakistan for launching their start-up companies and make their impact in Pakistan’s GDP growth.”
– “congratulation Mian Sahib !!!”
– “good for him and Pakistan’s economy. but he should also utilise his money in some useful pursuits, like charity and opening schools where cheap education is provided as said by nighat batt. money is the blessing of Allah and one should utilise it for the welfare of society. so, that Allah becomes happy with u and may shower his countless blessings on u”
– “PEOPLE !!!!!! its his Money … he earned it … YOU KEEP YOU’R LONG NOSE OUT OF HIS BUSINESS .. JUST CONGRATULATE HIM OR JUST GO AWAY …..”
It is good to note that somebody from Pakistan has made into the billionaires list.(These are probably his declared assets).It was with sheer hard work that he made it to this prestigious club.Had Pakistan not been at war now there would have been a couple more who would have made it to the list.
There are also news that the Zardari clan is after him for some reason.as such he resides mostly overseas.
It is good to see that Mian Muhammad Mansha is a self-made man — unlike much of our ruling class.
Like many American entrepreneurs, such as Warren Buffet, Steve Jobs, Bill Gates, he also struggled to build his industrial and banking empire — though he inherited functional business from his father.
Recently he got in trouble when he openly opposed Kerry Lugar Bill and called for self-reliance. In caused no surprise, when MCB’s bid for RBS was not approved and protests started at MCB premises in Karachi.
Great wealth shoud ideally be accompanied by a sense of great responsibility.With billionaires,that is not generally the case.They can spend hundreds of millions on the weddings of their off spring,or they can buy yachts,or private airplanes,or palaital houses.There is one billionaire I like,Bill Gates.He has established a charity foundation.He has gone on what he calls “learning tours” to see how the really poor live.
Well, i am aware of his name on the list. it has been there for quite sometime now.
the irnoic part is, he is the first pakistani on the list and on international level his number comes after top 50. and there are several indian billionaires who are ahead of him. too bad rather too sad.
if you compare the results of asif zardari and nawazshareef, asif was worth 900 million pounds in 2007 and in 2009 his net worth was in access of 1.8 billion.
so long as our politicians will feather their own nests, our nation will not prosper. it is really sad. if the top 4 rich people in pakistan give their wealth’s 50% away to rid off pakistan of its debt to international community, our poor nation would be free of loan. and we can prosper rapidly.
but some wishes are not meant to be true.
alas!!!!