Industry News

Meet the real estate billionaires

Pluck, luck, smart investing land 37 tycoons on Forbes list
Published on Mar 18, 2004

They tend to be male, older than 65 and make their home in the United States. But there is one thing all the real estate tycoons on this year's 500-plus-long Forbes list have in common: a billion dollars behind their name. Each year, Forbes.com compiles a list of the richest individual businessmen and women in the world. This year, 37 of 587 billionaires came from the real estate industry. Almost all those individuals are involved with commercial real estate holdings; a few are residential. Topping the real estate list are three brothers, Walter, Thomas and Raymond Kwok, who inherited $11.4 billion in real estate holdings in Hong Kong from their father. Ranking 22 overall on the billionaire's list, they've also invested beyond real estate into cellular phone service and bus operations. One of only two UK-based real estate individuals on the billionaire's list is Gerald Cavendish Grosvenor, the sixth Duke of Westminster and the richest man in that country. Grosvenor saw his high...

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