Retail moguls have experienced a slump in personal wealth across the globe, according to the latest version of Bloomberg Billionaires List, but some lesser-known retail players are still on the rise.
The Bloomberg Billionaires List is based on stock figures provided at the end of each trading day in New York.
Australian entrepreneurs and Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes had made headlines for sneaking into the rankings for the first time, at 499 and 500th place, reports Fairfax.
But while it might be a good day for those in the startup world looking at the list, for retailers across the globe, there’s less good news. Bloomberg reports the year-to-date net worth of billionaires in the retail category has declined by a combined $US26 billion ($AUD33 billion).
One major businessman who has taken a hit to his net worth is founder and former chairman of Spanish fashion company Inditex, Amancia Ortega, who has experienced an estimated decline in his year-to-date net worth of $US9.46 billion, a 12.6% decline. However, he still holds sixth place overall in the Billionaires List.
However, there are some retail businesspeople worldwide who have managed to grow their net worth since the beginning of the year, with Bloomberg reporting a positive shift since the last time the list was updated for a number of entrepreneurs. Here are five billionaire retailers whose net worth is still on the rise.
Dieter Schwarz, owner of multinational retail company Schwarz Group, has posted the largest estimated growth in net worth of any entrepreneur on the list, up $US1.09 billion so far this year.
Schwarz Group is home to the Kaufland and Lidl brands. According to Bloomberg, the Schwarz Group recorded a revenue of more than $US99 billion in the year to February 28.
SmartCompany has recently reported on the expansion of Kaufland to Australian shores.
On his way up the list is Radhakishan Damani, owner of Mumbai-based Avenue Supermarkets, which specialises in low-priced consumer goods.
Avenue Supermarkets owns 140 D-Mart stores across India, raking in annual revenue of $US1.8 billion in the year ending March 31, 2017.
Damani is worth an estimated $US7.91 billion, and has had a year-to-date increase in net worth of $US950 million, or 13.7%. He is currently ranked 200th on the list.
Zhang Jindong holds 208th place on the list as the founder and chairman of Suning Commerce Group, a Chinese electronics retailer.
Suning’s e-commerce platform offers 10 million electronic products for sale online, and has 4000 stores across 600 cities.
Zhang Jindong’s net worth has grown by $US842 million, or 12.3%, since the beginning of the year, outting his total net worth at an estimated $US7.66 billion.
Henry Cheng has earned 68th place on the list as chairman of Hong Kong-based jeweller Chow Tai Fook Jewellery.
His wealth was largely inherited from his late father, but is still on the rise, increasing $US570 million since the beginning of the year, leading to a net worth of $US16.5 billion. Cheng also heads real estate and infrastructure company New World Development.
With an estimated net worth of $US20.6 billion, Tadashi Yanai can claim the title of Japan’s richest person.
As the chairman of Fast Retailing, the parent company of Uniqlo, Yanai oversees approximately 1000 stores around the world. Fast Retailing reported a revenue of $US16.9 billion in the year leading up to August 31, 2017.
Yanai’s net worth has grown by an estimated $US19 million since the beginning of the year, 0.1% in growth for the 46th richest billionaire on the list.
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