Uniqlo's Yanai ranks 1st on Forbes' top-40 Japanese billionaire list-Fortune-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Fortune > News Content

Uniqlo's Yanai ranks 1st on Forbes' top-40 Japanese billionaire list

3/14/2009 2:49:23 PM

Fast Retailing Co. President Tadashi Yanai, whose Uniqlo stores sell affordable casual clothes, took first place on the ''Japan's 40 Richest'' annual rankings by Forbes magazine, with his net worth coming to $6.1 billion, or 570 billion yen, the magazine said Thursday.

Yanai moved up from the sixth place the previous year. The buoyant sales at Uniqlo shops added as much as $1.4 billion to his wealth, according to the magazine's online edition.

He took over the top slot from Hiroshi Yamauchi, adviser to major video game console maker Nintendo Co., who dropped to third place with his net worth totaling $4.5 billion, the magazine said.

Kunio Busujima, honorary chairman of leading pachinko-machine manufacturer Sankyo Co., ranked second, with his net worth amounting to $5.2 billion.

''Most of Japan's richest lost money in the past year as the country slipped into a recession, business confidence hit its lowest level in 34 years, and the Nikkei stock index dropped 45 percent since its June peak,'' it said.

''Japan's 40 Richest are now worth a combined $69.5 billion, down from $89.9 billion in May'' when the magazine published the 2008 rankings, it said.

Even the soaring yen, which recently hit a 13-year high against the U.S. dollar, could not pull up the dollar-denominated figures of the billionaires' net worth, it added.

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