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Thursday, 19th February 2009
In General Japan News,

Fast Retailing boss named Japan's richest man

Tadashi Yanai, the president of clothing giant Fast Retailing, has topped a list of Japan's richest people for the first time.

According to the list compiled by Forbes Asia, Mr Yanai, who is 60, has overtaken Hiroshi Yamauchi of Nintendo in terms of personal wealth.

Mr Yamauchi, who topped last year's rich list, was third in this year's list after his wealth fell by $3.3 billion (£2.9 billion) to $4.5 billion.

Meanwhile, Mr Yanai's wealth increased by $1.4 billion to $6.1 billion.

Japan's richest people saw their combined fortune drop by $69.5 billion (23 per cent) as a result of the global economic downturn.

Currently, the richest man in the world is Warren Buffett, widely considered to be the most successful stock market investor ever and a celebrated philanthropist.

He recently overtook Bill Gates as the world's richest person with a personal fortune calculated to be around $62 billion.

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