Twenty richest people in auto industry


  • Auto
  • Saturday, 12 Oct 2019

No. 1: Bill Gates’s stake in AutoNation Inc is estimated at US$914,554,258. — AFP

SIBLINGS Susanne Klatten and Stefan Quandt own almost half of Bayerische Motoren Werke AG.

The billionaires are descendants of Guenther Quandt, who built a German industrial empire by, among other things, supplying weapons to the Nazis during World War II. In the years since, the family has established stakes in both Daimler-Benz AG and BMW.

Today, Klatten is Germany’s second-richest person, worth US$18.6bil, with interests in chemicals and carbon production, according to the Bloomberg Billionaires Index.

Quandt, who owns part of a logistics company and a homeopathic medicine company, has a net worth of US$15.5bil. Both are members of BMW’s supervisory board, making them the richest related pair deriving wealth from the automotive industry.

All told, the 25 richest families in the world now control almost US$1.4 trillion in wealth, up 24% from last year. Our list of the 20 wealthiest people who have made fortunes in the automotive sector includes some household names: Tesla’s Elon Musk is worth US$23.1bil; Larry Ellison, with US$58.5bil in total wealth, owns a stake in Tesla that’s worth more than US$730mil.

Others are less prominent but no less successful: Pallonji Mistry, chairman of Shapoorji Pallonji Group, owns much of Tata Sons and is worth US$20.3bil; Li Shu Fu, the chairman of Volvo and Geely, is worth US$10.6bil.

1. Bill Gates

Company: AutoNation Inc

Stake Value: US$914,554,258

Per cent of Total Net Worth:.9%

Total Wealth: US$105bil

Location: Fort Lauderdale, Florida

Segment: Car dealers

Gates may not be the first person you would expect to see on a list of automotive wealth, but his share of car dealer AutoNation contributes to his overall fortune, most of which comes from Microsoft Corp and Cascade Investment (which controls stakes in dozens of publicly traded companies, including Canadian National Railway, Deere, and Ecolab).

2. Larry Ellison

Company: Tesla Inc

Stake Value: US$730,773,000 to US$1bil

Per cent of Total Net Worth: 1.3%

Total Wealth: US$58.5bil

Location: Palo Alto, California

Segment: Passenger vehicles

Although he is the company’s second-largest shareholder, Ellison’s recently announced stake in Tesla is not the primary source of his wealth. He is the founder and main shareholder of the database company Oracle. The 75-year-old also owns the Indian Wells tennis event and real estate, including the island of Lanai, Hawaii.

3. Elon Musk

Company: Tesla Inc

Stake Value: US$8,307,076,693

Per cent of Total Net Worth: 36.9%

Total Wealth: US$22.9bil

Location: Palo Alto, California

Segment: Passenger vehicles

Likely the most famous person invested in the segment – certainly the most colorful – the South African divides his time between Tesla, the maker of luxury electric vehicles, and SpaceX, a rocket manufacturer. Musk has always been a polarising figure, garnering acclaim for his visionary leadership and criticism for failing to meet deadlines and engaging in public disputes.

4. Pallonji Mistry

Company: Tata Motors Ltd

Stake Value: US$302,722,710

Per cent of Total Net Worth: 1.5%

Total Wealth: US$19.7bil

Location: Mumbai

Segment: Passenger vehicles

Mistry, 90, and his family are shareholders in Tata Sons, the holding company behind more than 100 affiliates with US$100bil in annual revenue, according to the Bloomberg Billionaires Index. The group employs 700,000 people in more than 100 countries.

5. Susanne Klatten

Company: BMW AG

Stake Value: US$8,763,327,399

Per cent of Total Net Worth: 47.8%

Total Wealth: US$18bil

Location: Munich

Segment: Passenger vehicles

Klatten, 57, is the second-richest person in Germany. She inherited her wealth from her father, German industrialist Herbert Quandt, who turned BMW from a struggling carmaker into one of the world’s largest manufacturers of luxury vehicles.

6. Stefan Quandt

Company: BMW AG

Stake Value: US$10,817,887,438

Per cent of Total Net Worth: 72.2%

Total Wealth: US$14.8bil

Location: Munich

Segment: Passenger vehicles

Quandt, 53, holds substantial stakes outside the family business, including homeopathic medicine company Biologische Heilmittel Heel; credit-card maker Entrust Datacard; and logistics company Logwin. His wealth derives from family matriarch Johanna Quandt, who died in 2015.

7. Li Shu Fu

Company No. 1: Geely Automobile Holdings Ltd

Stake Value: US$38,988,918

Per cent of Total Net Worth:.4%

Location: Hangzhou, China

Segment: Passenger vehicles

Company No. 2: Zhejiang Geely Holding Group

Stake Value: US$10,520,321,446

Percent of Total Net Worth: 99.9%

Total Wealth: US$10.6bil

Location: Hangzhou, China

Segment: Auto manufacturing

Li, 56, is the founder of Zhejiang Geely Holding Group, a maker of cars and related components, though he started his career manufacturing refrigerators. Geely’s US$1.5bil purchase of Volvo in 2010 was the largest ever overseas acquisition by a Chinese automaker.

8. Georg Schaeffler

Company No. 1: Continental AG

Stake Value: US$9,494,765,020

Per cent of Total Net Worth: 110.4%*

Location: Hanover, Germany

Segment: Auto parts

Company No. 2: Schaeffler AG

Stake Value: US$3,116,322,400

Percent of Total Net Worth: 36.2%

Total Wealth: US$7.99bil

Location: Herzogenaurach, Germany

Segment: Auto parts

Shaeffler, 54, is chairman and majority owner of Schaeffler AG, which makes ball bearings and other automotive supplies. He owns 80% of the company, while his mother, Maria-Elisabeth Schaeffler-Thumann, owns the rest, according to company filings. The two collectively hold 46% of auto supplier Continental as well, according to the company’s website as of June 2019.

*Due to debt.

9. Blair Parry-Okeden

Company: Cox Automotive

Stake Value: US$1,738,541,209

Per cent of Total Net Worth: 21.6%

Total Wealth: US$7.84bil

Location: Atlanta

Segment: Automotive services

Parry-Okeden, 69, is the granddaughter of James Cox, who founded Cox Enterprises in 1898. She owns almost 25% of the company, a US$21bil conglomerate that encompasses Kelley Blue Book and other automotive brands. She resides in Australia.

10. James Kennedy

Company: Cox Automotive

Stake Value: US$1,738,541,209

Per cent of Total Net Worth: 21.6%

Total Wealth: US$7.84bil

Location: Atlanta

Segment: Automotive services

An avid cyclist and hunter, Kennedy, 68, is the chairman of Cox Enterprises.

11. James Pattison

Company: James Pattison Group

Stake Value: US$48,327,817

Per cent of Total Net Worth:.8%

Total Wealth: US$6.35bil

Location: Vancouver

Segment: Car dealers

Pattison’s company is the largest car dealer in western Canada. It also publishes the Guinness World Records standings. He began his automotive career while still in college, fixing and selling used cars to fellow students before dropping out to manage a General Motors dealership.

12. Ernie Garcia

Company No. 1: Carvana Co

Stake Value: US$4,060,262,827

Per cent of Total Net Worth: 67.4%

Location: Tempe, Ariz.

Segment: Used car dealers

Company No. 2: DriveTime

Stake Value: US$1,005,999,251

Percent of Total Net Worth: 16.7%

Total Wealth: US$4.93bil

Location: Tempe, Arizona

Segment: Used car dealers and financing

Garcia, 62, is the largest shareholder of Carvana, but his son, Ernie III, runs the business. The elder Garcia started developing DriveTime in the 1990s, when he bought rental-car company Ugly Duckling out of bankruptcy. He then merged it with a financing company to make it a vehicle for selling used cars to subprime borrowers.

13. Hiroshi Mikitani

Company: Trust Co Ltd

Stake Value: US$234,488

Per cent of Total Net Worth: Negligible

Total Wealth: US$5.87bil

Location: Nagoya, Japan

Segment: Automotive retail

Mikitani, 54, amassed the bulk of his wealth after he founded Rakuten, Japan’s largest cybermall, which boasts more than 1.2 billion users worldwide. He qualifies for this list by virtue of his share of Trust Co Ltd, an exporter of used vehicles.

14. Margaretta Taylor

Company: Cox Automotive

Stake Value: US$1,150,111,876

Per cent of Total Net Worth: 21.6%

Total Wealth: US$5.18bil

Location: Atlanta

Segment: Automotive services

Taylor, 77, is the granddaughter of James Cox and the cousin of James Kennedy, who runs Cox Enterprises. She owns roughly 16% of the family business, which owns Kelley Blue Book and Autotrader.com, among other brands.

15. James Cox Chambers

Company: Cox Automotive

Stake Value: US$1,150,111,876

Per cent of Total Net Worth: 21.6%

Total Wealth: US$5.18bil

Location: Atlanta

Segment: Automotive services

Chambers, 62, is the cousin of James Kennedy, who runs Cox Enterprises. He owns 16% of the company. He’s also an organic farmer in Columbia County, N.Y.

16. Katharine Rayner

Company: Cox Automotive

Stake Value: US$1,150,111,876

Per cent of Total Net Worth: 21.6%

Total Wealth: US$5.18bil

Location: Atlanta

Segment: Automotive services

Rayner, 74, is the granddaughter of company founder James Cox. She has largely stayed out of the public eye.

17. Quek Leng Chan

Company No. 1: Hong Leong Asia Ltd

Stake Value: US$5,103,369

Per cent of Total Net Worth:.1%

Location: Kuala Lumpur

Segment: Auto parts

Company No. 2: HONG LEONG INDUSTRIES BHD

Stake Value: US$291,110,648

Percent of Total Net Worth: 5.5%

Total Wealth: US$5.27bil

Location: Kuala Lumpur

Segment: Motorbikes and parts

Quek, 76, has interests in almost a dozen public companies, including property manager Guoco Group, insurer Hong Leong Financial, and manufacturer Hong Leong Industries. He’s a cigar aficionado.

18. Rahul Bajaj

Company No. 1: Bajaj Finance Ltd

Stake Value: US$586,320,006

Per cent of Total Net Worth: 12.4%

Location: Pune, India

Segment: Auto financing

Company No. 2: Bajaj Auto Ltd

Stake Value: US$1,208,532,867

Percent of Total Net Worth: 25.5%

Total Wealth: US$5.2bil

Location: Pune, India

Segment: Motorbikes and parts

Bajaj, 81, is the chairman of the world’s largest maker of three-wheeled motorcycles. He attended Harvard Business School and also owns stakes in an investment company and an insurance firm.

19. Chung Mong-Koo

Company No. 1: Hyundai Motor Co

Stake Value: US$1,269,429,178

Per cent of Total Net Worth: 27.9%

Location: Seoul

Segment: Passenger vehicles

Company No. 2: Hyundai Mobis Co

Stake Value: US$1,408,455,597

Percent of Total Net Worth: 30.9%

Total Wealth: US$4.5bil

Location: Seoul

Segment: Automotive technology

Chung, 81, is the chairman of Hyundai Motor Group. He was convicted in 2007 of embezzling US$110.5mil from Hyundai, Kia, and other affiliates and using the funds as a political slush fund. He was pardoned in 2008 by then-South Korean President Lee Myung Bak.

20. Wang Chuan-Fu

Company: BYD Co

Stake Value: US$3,522,094,647

Per cent of Total Net Worth: 82.4%

Location: Shenzhen, China

Segment: Passenger vehicles

Company: BYD Co Ltd

Stake Value: US$4,993,622

Percent of Total Net Worth:.1%

Total Wealth: US$4.11bil

Location: Shenzhen, China

Segment: Passenger vehicles

Wang, 53, is the founder and largest shareholder of BYD. The company makes cars, buses, and other goods, including cell phone batteries. — Bloomberg

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