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Wal-Mart tycoon overtakes Bill Gates
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BILL GATES, billionaire head of the Microsoft computer company, has been overtaken by a supermarket boss as the world's richest man, according to the Sunday Times.
The newspaper's Rich List of the wealthiest people in the world shows that Gates has been displaced in the top spot by Robson Walton, head of the family that runs the US supermarket chain Wal-Mart which owns Asda in Britain.
Walton, the eldest son of Wal-Mart founder Sam Walton, has amassed a fortune worth US$65.4 billion -- eight billion pounds more than Gates, according to the paper's annual survey.
His fortune is based on the retail empire started by his father from a single shop in Rogers, Arkansas, in 1962. Sam Walton died in 1992. Wal-Mart now boasts more than 4,000 outlets worldwide.
"Wal-Mart is in a business which is virtually recession-proof, selling food and consumer goods at rock-bottom prices," said Wealth expert Dr Philip Beresford, who compiled the list. "Though Microsoft shares have recovered slightly since our valuation, Gates still lags behind."
He is only likely to regain top spot if stock markets and shares in high-tech firms recover. The Walton fortune has dipped in the stock market turmoil -- down from 52 billion pounds-- but not as much as that of Gates.
Robson Walton, the chairman, still lives modestly in the town where he grew up.
The richest man in Britain is Gerald Cavendish Grosvenor, the Duke of Westminster, whose 4.4 billion pounds fortune from property in the Mayfair and Belgravia areas of London has moved him up one place into top spot on the Brit list.
Britain's Queen Elizabeth, who celebrated her 75th birthday on Saturday, has seen her fortune rise by 25 million pounds this year to 300 million. It lifts her up one place to equal 105th in the world.
The richest businessmen in Europe also amassed their wealth through the supermarket industry.
Karl and Theo Albrecht, founders of the German supermarket chain Aldi, are worth 13.3 billion pounds, which puts them in equal ninth place in the world's richest top 10.
Author JK Rowling, the creator of the Harry Potter children's books, is one of only 69 women on the list. She is worth 65 million pounds.
Heavyweight boxing champion Lennox Lewis, who was defending his crown in South Africa on Sunday, also features on the list and is worth 75 million pounds.
(SD-Agencies)
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