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.
I hope that some Pakistani magazine can start doing a list of its own
Good to hear this news. I think there are many successful Pakistanis and we should project them
Maybe someone can shed some light on this; I was under the impression that the first declared billionaire in this country was Mr. Agha Hasan Abedi. Perhaps we are only refering to the Forbes list here?
Finally there is someone who gets accounted for. May be the MCB acquisition and sale was too public to hide. I am certain there are many more who just don’t want to get into the lime light. There are a few political dynasties in that category as well.
Pakistani billionaires do not give wealth away, they hide it, even from tax. which is why this is unusual