Daughters follow Ambani, Mittal to Forbes list
Tuesday, September 2, 2008 at 5:09 am Under Indian Stock Market 21 views
Riding high on their fathers’ richie-rich status, Vanisha Mittal, Isha Ambani and Pia Singh, daughters of Lakshmi Mittal, Mukesh Ambani and K P Singh respectively, have grabbed the top three rankings on a Forbes list of billionaire heiresses.
While many daughters and grand-daughters of the world’s wealthiest would never actually inherit a billion-dollar fortune, Indian-origin steel tycoon Lakshmi Mittal’s daughter Vanisha Mittal Bhatia has emerged as the potentially richest among those standing to inherit a fortune, according to US business magazine Forbes.
Vanisha is followed by Isha Ambani, the richest resident Indian Mukesh Ambani’s only daughter, at the second rank, and another Indian billionaire K P Singh’s daughter Pia Singh at the third position in the Forbes list of the world’s likely- to-be richest heiresses. Mittal was ranked as the fourth richest person in the world in March when Forbes published its annual rich list, followed by Mukesh Ambani at the fifth rank.
“Perhaps best known for the $60 million wedding her father threw for her in 2004, she (Vanish) now serves as a director on the board of dad’s $103 billion steel company, ArcelorMittal,” Forbes said. “Her corporate involvement and small family — she has only one brother — puts her in good stead to inherit a sizable chunk of her father’s fortune,” the magazine noted.
About 16-year-old Isha, it said that Mukesh Ambani’s only daughter is “just a teenager but already has her own stake in the family’s Reliance Industries, worth about $80 million.”
About Indian realty baron K P Singh’s daughter Pia Singh, ranked third in the heiresses list, the magazine said she already holds a stake worth $400 million in the country’s biggest real estate firm. “A graduate of University of Pennsylvania’s Wharton School, Singh pursued a six-week filmmaking course at New York University and later worked in the risk-underwriting department at GE Capital. She now works for her father’s DLF group, where she heads its entertainment venture, DT Cinemas, and is managing director of its luxury retail business.”
The three Indian or Indian-origin heiresses on the list are followed by Delphine Arnault-Gancia, daughter of French luxury goods incon LVMH’s Bernard Arnault and Marta Ortega Perez, daughter of Spain’s richest man Amancio Ortega in the top five.
These are followed by Russian oligarch Vladimir Potanin’s daughter Anastasia Potanina, New York City Mayor and media baron Michael Bloomberg’s two daughters Georgina and Emma Bloomberg, three-time Italian Prime Minister Silvio Berlusconi’s daughter Marina Berlusconi and German-American media moghul John Kluge’s sole biological child Samantha Kluge in the top ten.
Noting that the “entitled rich girl has long been fodder for artists and gossip mongers”, Forbes said that attention has started shifting towards these girls at a very young age.
“Still, for all the attention lavished on the daughters and granddaughters of the world’s wealthiest, many will never actually inherit a billion-dollar fortune,” Forbes said, adding that “fewer wealthy parents are leaving their fortunes to their offspring these days, in part due to estate taxes or charitable interests but also for fear of indulging the ‘Paris Hilton syndrome’ or a trustafarian lifestyle.”
Besides, some billionaires have even opted to cut the kids out almost entirely from their fortunes and America’s two richest men, Bill Gates and Warren Buffett, have both announced intentions to leave the bulk of their fortunes to charity, the magazine said, adding that Buffett even urged others to follow suit.
In order to prepare a list of heiresses standing to inherit a fortune and to make into the ranks of the World’s richest, Forbes looked at the daughters of the 150 richest people, all of whom had a net worth of 6.4 billion dollars or more in March when it compiled its annual rich list. Then it short-listed the daughters from smaller families and few or no siblings and eliminated anyone whose mothers or fathers had announced philanthropic pledges.
The magazine said that the list is a hypothetical one, subject to change and their parents could lose their fortune and given the cases like “Leona Helmsley’s dismayed relatives discovered last year, Mom or Grandma might just leave it to the dogs.”
Forbes said that those missing from these rankings include “far more visible socialites like Paris Hilton or Amanda Hearst, whose relations to billionaires are more distant, and whose chance of inheriting the family fortune not as great.” “Even Paris’ nightclub-appearance fees wouldn’t bring her close to the ranks of these 10 women,” it said. (PTI)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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