How to Think Understatement Is the Hallmark of Says True Luxury, Vikas Oberoi ÜBER RICH CAN

www.forbesindia.com PRICE RS. 125. OCTOBER 18, 2013 125. OCTOBER PRICE RS. IA IND How To Think Understatement is the hallmark of says true luxury, Vikas Oberoi ÜBER RICH CAN

THINGS

The BEST MONEY BUY AADHAAR: HOW NILEKANI FINESSED THE SYSTEM THE FINESSED NILEKANI HOW AADHAAR: Cars Bikes Private Jets Gadgets Food Adventure Watches Wine Whisky and more...

RNI REG. NO. MAHENG/2009/28102 FORBES INDIA VOLUME 5 ISSUE 21 OCTOBER 18, 2013 THE BEST THINGS MONEY CAN BUY LETTER FROM THE EDITOR-IN-CHIEF

Rich Is a State of Mind

ahul Gandhi was perhaps on to something when he said some time back that poverty is a state of mind. What he did not elaborate R on was how this state of mind has become the guiding principle in Indian political discourse. Politicians love poverty, since it gives them endless opportunities to tax everybody and everything and focus on pork-barrel schemes to “alleviate” this condition. Sorry, we don’t buy this. We think it is glorious to be rich, especially when it is the result of our own eff orts. It is time to rekindle the spirit of human aspiration by changing our thinking. We should foster richness rather than poverty as a state of mind. It requires no genius to tell us that it is aspiration that creates growth and wealth. It is in the process of aspiring INDIA for something and making eff orts to meet our desires that we collectively end up pushing growth. In the process, we also pull everybody up to a better life. It is with this attitude in mind that we present this luxury special where we focus on The Best Things Money Can Buy, among other things. For what is the purpose of being rich if we can’t aspire for something? If we accept the reality that aspiration drives growth, higher aspiration should drive faster progress. Striving for the If we accept that best things in life creates a hierarchy of material and non- aspiration drives material needs that, ultimately, delivers a virtuous cycle growth, higher of continuing progress. But here’s the surprise: While aspiration should looking for luxury and richness, we found less vulgarity than we expected to ﬁ nd. Even for those who can aff ord to drive faster progress spend and splurge on the priciest things in the world, the driving force is not just the desire to own things, but to be who they really are. As we said, rich is a state of mind. And while we are on the subject of richness and Best, wealth, this issue also brings you the Forbes 400—a listing of the wealthiest billionaires in the US, many of whom have joined Warren Buff ett in the Giving Pledge. The truly evolved Super Rich believe not R JAGANNATHAN only in splurging but also in giving it away. Editor-in-Chief, Forbes India [email protected] @TheJaggi

OCTOBER 18, 2013 | FORBES INDIA | 5 Contents Volume 5 | Issue 21 | October 18, 2013

The BEST THINGS MONEY CAN BUY

INDIA

Features Not just vacations, ttheyhey are 111188 Wrist Wristyy Business experiences The year’s best watches for THE BEST THINGS MONEY every personality CAN BUY 94 Food Fit For Kings 60 The Next Frontier The world’s most expensive, 122 The Indian Blue Despite a slow economy, novelty now in a restaurant near you Luxury fountain pens made in drives the Indian luxury segment India have caught the world’s fancy 98 Bottle Envy 70 To the Manor Born Beyond price and accessibility, 126 Left to His Own Devices To the Oberois, luxury is about emotions are attached to wines Personal technology makes having taste, not ﬂ aunting it Vishal Gondal tick 100 Liquid Art 76 Arrival Lounge Real whisky is for the discerning; it 128 Keeping Ahead of Cool Buying a jet conﬁ rms your status. takes a connoisseur to appreciate it Unconventional ‘toys’ for Next, you personalise it gadget geeks 104 In Pursuit of Simple Luxury 80 Wheels R Us For Ajai Bijli, luxury is a matter Cars that speak for you of simplicity and functionality

84 ‘No Car Is the Same 108 I Buy, Because as Another. That’s Luxury’ I Can Anil Reddi on selling a luxury Necessity has little brand to do with these rich baubles 86 Fast Forward Magniﬁ cent beasts on two wheels 114 Time Machine A brief history of 90 Ticket to Ride luxury timekeeping

18 | FORBES INDIA | OCTOBER 18, 2013 Vikas Oberoi: Toranj Kayvon for Forbes India; Nadan Nilekani: Mallikarjun Katakol for Forbes India; Michael Prince for Forbes 20 Contents The HighLife: Vikas Oberoi Regulars 166 28 26 | FORBESINDIAOCTOBER18, 2013 How to identify a neglected ﬁ aneglected How toidentify 44 collegesto US children tosendits need still will China 42 COLUMN up set homes? rich doAmerica’s Where 40 TROPHY HOMES Upfront Letters Check-in Thoughts Living Large Once China Catches Up—What Then? Catches China Once Simple, but Not Easy but Simple, Complex, 414, Senapati Bapat Marg, Lower Parel, Mumbai -400013. Tel: 91-22-40019873 / services, please contact: FORBES INDIA,Subscription Cell,C/o Digital 18MediaLtd, Empire

Subscriber Service:To subscribe, changeaddress orenquire aboutothercustomer 4001 9874. Fax- 022-24910804 (Mon–Friday: 10am-6pm) SMSFORBES to 51818 rm To subscribe, visitwww.forbesindia.com/subscription/ To advertise, visitwww.forbesindia.com/advertise/ 70 Email: [email protected], thought behind them behind thought the homes,and Five luxe 132 138 AWARDSLEADERSHIP INDIA FORBES to fail big now too is Aadhaar detractors, its Despite 46 REAL ISSUE Mr Unique:NandanNilekani Good Life Past the Tipping Point Tipping the Past The Really, Really Really, Really The Leadership in in Leadership D N I Well-Grounded Heirs 140 for 2013 nominees The raising spoilt brats? spoilt raising avoid rich super How dothe 160 more any list it tothe tomake enough not is dollars A billion Turbulent Times Turbulent Read us online at www.forbesindia.com [email protected] Letters mayLetters be edited for brevity. Billionaires and The Forbes 400 The Toranj Kayvon for Forbes India WE VALUE YOUR FEEDBACK. YOUR VALUE WE IA Cover Photographs by by Photographs Cover Write to us at: 160 46 www.forbesindia.com

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League Tables are Everyone grumbles about the Over Rated. Then Why poor quality of labour, but Do We Pay So Much only a handful have invested Attention to Them?IND signiﬁ cantlyIA in skill training In education, none of the things that actually matter Why Smart Phones can be captured by league Need Smarter tables. League tables only Applications measure quantiﬁ able things As mobile applications development environment Hope for a Skilled gets more sophisticated, India... Finally! developers need richer Most companies in India capabilities to shoulder play lip service to training. greater responsibilities

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24 | FORBES INDIA | OCTOBER 18, 2013 LETTERS TO THE EDITOR Readers Say

Winds of Change State List, was moved to the Concurrent Refer to ‘Ramco: The Eternal Turn- List during the Emergency. around Company’ (October 4, 2013, Priyank, on the web issue). The jury is still out on what Virender Aggarwal’s actions have Alternative Films brought to Ramco, apart from his Refer to ‘Shock Jock’ (September 20, coterie that he always takes whenever 2013, issue). All hail the rise of a mean- he changes jobs. The product prom- ingful indie movement in cinema in a ise mindset is sadly a victim in this country where it has been eclipsed by so-called transformational exercise. crass, often meaningless Bollywood. Blaming the people who have created Debranjan, on the web Ramco is the easiest part and letting go of people is the next easiest part. The Big Daddy challenge is in being inspirational, set- Refer to ‘The American Income Crisis: The Blaming people ting a new vision, motivating employ- Fed Could Stop It’ (September 20, 2013, who created ees and delivering results. issue). It was the panic of 1907 when Ramco is the Rajesh Prasad, on the web INDthere was no institutionIA which could step easiest part, in and be the lender. JP Morgan stepped letting go of Battle of the Biggies in and ensured the bank run did not ha- Refer to ‘Philips vs GE: Tech Titans in ppen. Because of this and the realisation people is the Lilliput’ (September 20, 2013, issue). that there may not be another JP Mor- next easiest part Great story. Very good insights into gan, the Federal Reserve was created. two great companies of today. It would Rohan Lawrence D’Souza, on the web be fascinating to see how long these executives stay back in India to take Internet Gangs the initiatives to their logical conclu- Refer to ‘Big Brother’s Brain’ (Septem- sions. I wonder what this will do to the ber 20, 2013, issue). Americans need smaller Indian entities in medtech. enemies to feed their paranoia. We Manish, on the web wouldn’t have a need for reading communications if the US hadn’t interfered Amazing article. In one stroke it told in the Middle East. me everything I wanted to know about Terry Reed, on the web the two companies. I’d love to see a detailed piece on other competing companies in auto and hardware. Corrections & Clariﬁ cations Mohit, on the web Oct 4, 2013, issue On Page 57 – Daniel Gauthier’s On Governance designation was wrongly mentioned Refer to ‘Breakout States, Breakdown Cen- as the head of Asia Paciﬁ c markets. He tre’ (September 20, 2013, issue). Ruchir currently heads HeidelbergCement’s Sharma’s argument for more powers to twitter.com/Forbes_India T.E.A.M area (North & Western states is good. More decentralised the Europe, Mediterranean and Africa). facebook.com/ForbesIndia powers, more room for experimentation and growth. I do not see any reason for On Page 63 – Sanjay Mahtani changes linkedin.com/groups?gid=1959962 education to remain in the Concurrent Shiro’s menu once, and not four times a www.google.com/+ForbesIndia List. Education, which was under the year as stated. The errors are regretted.

26 | FORBES INDIA | OCTOBER 18, 2013 Check-in

/ APERTURE /

INDIA

former us president bill clinton does an impression of artist Bono in New York, during the Clinton Global Initiative created by him to gather 2,262,005 global leaders to discuss solutions to the world’s problems. Later on a talk The combined Twitter followers for the Clinton show, he faced a question of a diff erent family. Bill Clinton (@BillClinton), who joined kind: Who was better-suited to run on April 6, 2013, leads with 1,147,816; wife Hillary for the top job in America, his wife Hillary or daughter Chelsea? Even (@HillaryClinton) has 804,390, while daughter Clinton wouldn’t have found it easy to Chelsea (@ChelseaClinton) is at 309,799. Is

Lucas Jackson / Reuters smooth talk his way out of that one. that the power order in the family too?

28 | FORBES INDIA | OCTOBER 18, 2013 Check-in

/ RADIO REVIVAL / Back on Air: Worldspace 2.0 venkataraman s, tied up with Timbre parent company founded smartphones. Although a Carnatic music Media, founded by former by Ethiopian-born lawyer these are now limited due fan who enjoyed his Worldspace employees, Noah Samarah had to the number of channels, pilgrimages to the sabhas to relaunch the brand. closed operations due the potential is huge. in Chennai, found himself But this time to fi nancial diffi culties. But competition is in a ‘rasika’s heaven’ Worldspace will not be on Its relaunch is planned fi erce outside the satellite when, in 2005, his son satellite radio. Although for other platforms: radio space (which locks installed a Worldspace it had 4.5 lakh customers, Internet, direct-to-home a customer to the device). Satellite Radio at home. and Indian operations sets and mobile phones. As for Venkataraman, He spent hundreds of were profi table, the Saregama tied up with he has shifted to another hours listening to Vodafone so that service called Carnatic curated, ad-free, its customers Radio, launched by DVD-quality songs could listen music enthusiasts from till December 2010, to 10 stations Singapore, which streams when Worldspace on monthly ad-free music 24x7. shut shop. subscriptions, “Worldspace radio had Despite rumours and later with over 40 stations but I of a revival, Airtel for DTH. It mostly listened to just nothing happened launchedIND apps for ShrutiIA [the Carnatic till Saregama, part iPhone, Android, music station]. I have of the RP-Sanjiv Windows and moved on,” he says. Goenka group, BlackBerry -NS RAMNATH

/ SOCIAL CHANGE / researchers have found statistical evidence that mobile phones aid the process of Mobiles Give democratisation, per People capita growth and a Voice gender equality. If the number of mobile phone subscriptions for every 100 inhabitants Countries Additional GDP Projection: % of GDP although mobile increased from 20 to 60, (in US$) linked Growth growth between to growth of in mobile 2010 and 2012 phones are held the average voice and mobile cellular cellular due to the responsible for re- accountability index—a subscriptions subscriptions increase in (2012-2020) (2012-2020 mobile phone arranging priorities surrogate measure for in %) subscriptions and the boundaries of democratic structures Germany 742 26 6.3 intimacy, a study has and values, according found that it does have to the World Bank— UK 469 12 -2 its social, economic of the 202 countries Italy 455 15 1.1 and political benefi ts. sampled in the research Spain 514 23 4.7 In a new study called increased threefold. The China 131 70 9.9 Mobile Technologies: The economic benefi ts are India 51 69 11.4 Digital Fabric of our Lives, scattered across regions South Africa 241 65 11.0 conducted by Cologne but the social upside is Egypt 85 55 19.6 Institute for Economic estimated to be more Research and Vodafone eff ective in developing Kenya 28 43 1.5 Institute for Society countries, the study fi nds Turkey 164 21 1.8 Sameer Pawar and Communications, -SEEMA SINGH Sources: Vodafone Institute for Society and Communications, Berlin

OCTOBER 18, 2013 | FORBES INDIA | 29 Check-in

/ FUND SPEAK /

now that the indian markets are showing ‘Put Your Money some stability, does it make sense to invest in global equity markets like the US or Southeast Asia? on India’ Pravin Palande checks with fund managers.

Indian equities There is a sort This is the have seen a of consensus time for sharp rebound, that the people to get aided largely emerging in instead of by policy market story move out of and positive is over for equities in global factors. now. We have the domestic Measures a contrarian market. announced by the new RBI view: Despite challenges, there Investors should look at specifi c governor have brought stability is growth potential. About opportunities that lie within. to the rupee. We believe this India, there are near-term At the index level, though we makes an investment case for challenges on macro factors are around 20,000, because of India in the long term. A risk- like infl ation, twin defi cits and the existing bipolarity, certain reward ratio is generally high interest rates. But India is still pockets are available at cheap when the market is trading witnessing a GDP growth rate valuations. That is where you low. India is slowly coming of 5 to 5.5 percent, which is not INDcan make signifiIA cant gains if out of a weak economic cycle; common. It still off ers better you hold on for a positive time so, given a long-term horizon, potential for returns than S&P correction. But diversifi cation an investor should utilise the or Dow. Index companies are is good to minimise risk, hence weakness in the equity market likely to grow at 14-15 percent; investors can look abroad too. to invest systematically. others at a higher pace. They should be watchful of a dipak acharya, daljeet s kohli, depreciated currency. Fund Manager (Equity), Head of Research, tushar pradhan, Baroda Pioneer AMC Indianivesh Securities CIO, HSBC AMC

/ TRUST WORTHY / which is over a century Ratan Tata is to advance the cause of old, has 26 prominent peace through analysis people from the world of and development of business and academia on fresh policy ideas as well Ratan Tata, its board. They include as direct engagement former UN secretary and collaboration with Policy Guru general Koﬁ Annan, decision makers in Citigroup global banking government, business, head Raymond McGuire and civil society. Tata in his new role as an and the presidents of is expected to help elder statesman, Ratan Princeton University with this. It has been Tata’s next steps lead and the Massuchusetts a year since the other him to the international Institute of Technology. venerable US non-proﬁ t stage. The board of The only other Indian organisation Brookings trustees at Carnegie trustee is Bharti group set up shop in India. Endowment, a network of Chairman Sunil Mittal. Former Shell India chief policy research centres, Carnegie President Vikram Mehta heads has inducted the former Jessica Mathews says the Brookings India. Former Tata group chairman institute is establishing deputy governor of the into their group. a South Asia Centre in RBI Subir Gokarn is

Suzanne Plunkett / Reuters Suzanne Plunkett The think tank, New Delhi. The mission director of research.

30 | FORBES INDIA | OCTOBER 18, 2013 Check-in

/ INFLATION / The Price of the Good Life

FORBES 400 NET WORTH

2000 SHOTGUN FLOWERS SHOES HOTEL Pair of James Purdey & Arrangements for six Men’s black Average rate for one Sons 12-gauge side-by- rooms per month, calf wing tip, night, Manhattan one- sides, Grifﬁ n & Howe, New changed weekly, Jerome custom-made, bedroom suite, Four Jersey and Connecticut Florists, New York City John Lobb, UK Seasons, New York City 2013 Price 2013 Price 2013 Price 2013 Price $225,395 $8,175 $5,446 $4,550 One-Year Change One-Year Change One-Year Change One-Year Change 2% 0% 8% -5%

1000

AVERAGE 900 INDPRICE IA CHANGE 800 2.5% 700 SAILING YACHT CHATEAUBRIAND MAGAZINE Oyster 625, Seven pounds, Lobel’s, One-year Oyster Yachts, UK New York City subscription, Forbes CPI 600 CHANGE 2013 Price 2013 Price 2013 Price FROM 2012 $3,400,000 $595 $60 2.0% CLEWI INDEX One-Year Change One-Year Change One-Year Change 500 –4% 13% 0%

400

300

THOROUGHBRED HELICOPTER Yearling, average Deluxe Executive CPI price, Saratoga VIP S-76D, Summer Select Sale, Sikorsky Aircraft, Fasig-Tipton, Kentucky Connecticut 2013 Price 2013 Price 200 $295,093 $16,250,000 One-Year Change One-Year Change –1% 5% forbes’ exclusive cost of living extremely well 1982=100 index (CLEWI), which tracks the prices of 40 ultra- luxury goods, has outpaced inﬂ ation by an average of 2.5 percent per year since 1982. But America’s richest can more than aff ord their lavish lifestyles. The net worth of The Forbes 400 has grown twice as fast as our index. 100

By Scott Decarlo By Scott 1982 1985 1990 1995 2000 2005 2010 2013

32 | FORBES INDIA | OCTOBER 18, 2013 Check-in

/ THE AMERICAN DREAM / By their Bootstraps These billionaires rose from especially challenging beginnings

LARRY JOHN SHAHID ELLISON PAUL KHAN THEN: DEJORIA THEN: Given THEN: After up for His emigrating adoption mother from after once Pakistan contracting pneumonia when told him they had 27 cents he worked for $1.20 an hour nine months old. Didn’t see his between them. Launched as a dishwasher to put himself biological mother again until John Paul Mitchell Systems through the University he was 48. while living in his car. of Illinois. NOW: Owns Hawaii’s NOW: Toys include a private NOW: Own’s Flex-N-Gate, Lanai Island and is spending jet and his own train car one of the US’ largest private $100 million competing in that costs $10,000 a month companies, as well as the America’s Cup yacht races. to maintain and staff . NFL’s Jacksonville Jaguars. INDIA OPRAH WINFREY HOWARD SCHULTZ THEN: Born in Mississippi THEN: Grew up in a housing to a single, teenage mother, project in Canarsie, Brooklyn. mages; bounced among family members His family was left destitute and ran away in her teens to when his father lost his job escape abuse. after an injury. NOW: The former host of the NOW: Built Starbucks into a highest-rated talk show in TV history has spent $56 billion company, though when he started there $100 million on an academy for girls in South Africa. his mother pleaded, “Who’s going to buy coff ee?”

/ WHAT EVER HAPPENED TO … / Flashes in the Pan These ﬁ ve each made it onto The Forbes 400 only once. Here’s why they didn’t last

David Blech Walter John Chambers Michael Novogratz Mark Pincus 1992: $295 MLN Alessandrini 2000: $1 BLN 2007: $1.5 BLN 2011: $2 BLN In 1990, he launched 2000: $770 MLN He joined Cisco He was one of a group In 2011, his company, D Blech & Co. By 1994 He joined fi bre-optic Systems in 1991; has that took Fortress Zynga, completed it collapsed. He is now equipment maker been CEO since 1995. Investment Group the largest IPO in beginning to serve a Avanex as CEO 11 The year he made public at $18.50 a the tech sector since four-year sentence months before it the 400, 80 percent share. As the stock Google; it suff ered in federal prison went public. Soon it of all internet traffi c hit $35 on its fi rst losses after that. He for manipulating was trading at nearly passed through day, the fi ve of them stepped down as Blech: Robert Caplin / The New York Times / Redux; Chambers, Novogratz, Pincus: Getty Images Novogratz, Chambers, Times / Redux; Caplin / The New York Blech: Robert By Their Bootstratps by Kathryn Dill; Flashes in the Pan by Edwin Durgy Kathryn Dill; Flashes in the Pan by by By Their Bootstratps Ellison: Eric Charbonneau / Invision AP; Miller / Invision AP; Dejoria: Ryan / AP; Khan: Sang Tan Schultz: Getty I Winfrey, stock prices. 200 times revenue. Cisco routers. became billionaires. CEO in July 2013.

34 | FORBES INDIA | OCTOBER 18, 2013 Check-in

/ DEMOGRAPHICS / LEO The Forbes 400’s most common Vital Statistics astrological sign, representing 11% of the total. The least The Forbes 400 super rich by the numbers common, at 6%, is Scorpio.

/ ASK 50 BILLIONAIRES / Fewer Silver Spoons How old were you when you made 48 3 your ﬁ rst million? Number of women Average number of kids on the list 20 or under Most fecund: 2.1% Farris Wilks with 11 7 Born a millionaire Number of women 8.5% who are self-made

Three of them 41 to 50 started without the 8.5% help of a husband INDIA

31 to 40 TOP HOME STATES 21.3% 47 91 Number who California attended Harvard 66 Four didn’t graduate New York OLDEST AND YOUNGEST 41 Texas

21 to 30 80% of the 59.6% New Yorkers live in New York City

Over 50 98 0% David Rockefeller

29 Responses to an anonymous poll 10 Divorced three times or more Dustin Moskovitz of 50 members of the Forbes

Top: Getty Images; Illustrations by Hal Mayforth Getty Images; Illustrations by Top: world’s billionaires list

OCTOBER 18, 2013 | FORBES INDIA | 39 UPFRONT: TROPHY HOMES N Where would you live if you could live absolutely RUPERT MURDOCH LOS ANGELES anywhere? Urban aeries in New York City, bucolic $28.8 MLN (AUGUST ’13) Living Gone With the Wind spreads in Montana and a fantasy castle in Ireland director Victor Fleming built this 13-acre Bel Air are the picks of America’s very richest. Here are winemaking estate in the eight places bought by members of The Forbes 400 1930s. It has a 7,500- Large square-foot main house. over the last 18 months—and what they paid. N

STEVE WYNN NEW YORK CITY $70 MLN (JUNE ’12) The casino mogul chose a 10,900-square-foot duplex penthouse, formerly the Ritz-Carlton’s ballroom, with an art gallery and Central Park views. INDIA

N STAN KROENKE MONTANA EST. $132.5 MLN (NOVEMBER ’12) A 124,000-acre ranch for the owner of the Denver Nuggets

basketball team, with a 10,000-square-foot main house. N

JOHN PAULSON ASPEN $49 MLN (JUNE ’12) The hedge fund manager picked up two adjacent spreads that cover 128 acres. The main house has a beauty parlour and a barbershop. N DAVID DUFFIELD LAKE TAHOE $25.5 MLN (DECEMBER ’12) Just down the road from an 8-acre estate he bought in 1999, this new Incline Village, Nevada home gives the PeopleSoft co- founder 8 acres of lakefront with a guest house, private beach and conference centre.

N N DAVID GEFFEN NEW YORK CITY STEVEN A COHEN $54 MLN (NOVEMBER ’12) THE HAMPTONS Geffen bought this one from late billionaire Marc Rich’s $62.5 MLN (MAY ’13) ex-wife, Denise. It sprawls over 12,000 square feet. This 7-acre oceanfront spread, with a 10,000-square-foot home, N is the hedge fund manager’s JOHN MALONE second place on East Hampton’s HUMEWOOD CASTLE, IRELAND Further Lane. It was once owned EST. $10 MLN (NOVEMBER ’12) by the late investment banker Malone picked up this 427-acre ‘sporting estate’ because it Robert McKeon. caught his wife’s fancy. Its main house has 12 bedroom suites. By Morgan Brennan. Castle: Sherry Fitzgerald / Bloomberg; Hamptons: Doug Kuntz / The New York Times / Redux; Osprey Estate: Propertyphotography.com; Estate: Propertyphotography.com; Osprey Times / Redux; Doug Kuntz / The New York Castle: Sherry / Bloomberg; Hamptons: Fitzgerald By Morgan Brennan. Angeles Times Gary Friedman / Los Vineyard: NY: Nicholson Mueller / Newscom; Ritz-Carlton, Hala Ranch: Splash News / Newscom;

40 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 41 UPFRONT: COLUMN

ONCE CHINA CATCHES UP —WHAT THEN? China’s $8.22 trillion economy is now the second largest in the world

BY LEE KUAN YEW

arring any major in 1956 and considered complete in disruption, the speed 1991— totals 47,182 miles (75,932 km). at which China is It is not expected to grow signifi - growing in terms of cantly going forward. China, on the Btotal GDP will enable it to catch other hand, continues to expand up to the US by 2020. China will its expressways and is intent on then go on to surpass America. connecting all provincial capitals and During the 1978–2011 period cities with populations over 200,000 China’s high average rate of growth— residents. These new highways and about 10 percent annually—was the INDthe economic growthIA they will drive result of Deng Xiaoping’s 1978 trip to will help close the gap with the Singapore and his subsequent decision US. And when China does surpass to implement economic reforms and America, the question then will open the economy to international second-largest importer. The recent be whether these two great major investment. During that same period, global economic crisis has allowed powers will co-operate or compete. the US economy’s annual growth China to close its economic gap with I believe that during the next rate was 2 percent to 3 percent. the world’s top developed nations. 30 years the Chinese will have no In 2012, China’s per capita GDP desire to enter into a confl ict with the GDP Growth Rates for was $9,233, compared with $49,965 US. They know they will continue China and the US in the US. In 2020, China’s per capita to grow stronger, but they are GDP is projected to reach $10,000, also aware of how far behind they GDP Growth Rate % CHINA US one-fi fth that projected for the US. are technologically. They require

11.3 China’s population in 2012 was 1.4 continued access to American 10.9 10.4 9.3 billion, America’s 316.5 million. In schools so their students can learn 8.4 2020, China’s population will remain how to reinvent themselves. four times that of the US. China’s What is it that makes Americans 4.2 economic growth rate will continue to so much more versatile? I believe 2.5 3.1 2.4 1.8 increase at a much higher rate because the Chinese have come to the the base upon which its economy will conclusion that the answer lies in the 1995 2000 2005 2010 2011 grow is enormous in comparison. diff ering natures of the two societies.

Source: The World Bank Innovation and creativity are a part The Road to Growth of the American culture, a natural Just as the US Interstate Highway trait of an immigrant society. But Despite the ﬁ nancial debt crisis System changed the way people China’s is a culture of conformism. It in Europe and the turmoil in US and goods move across America, so is a 4,000- to 5,000-year-old society, markets over the past few years, China’s National Trunk Highway with a written script that’s as readable China’s economy has continued to System will facilitate economic today as it was 4,000 years ago. register strong growth. According development. China’s highways Yet despite these diff erences, to the World Bank, China’s $8.22 have grown rapidly in total length, it is inevitable that the balance trillion economy is now the second from 271 km in 1990 to 85,000 km in of power in the Paciﬁ c will largest in the world, compared with 2011, making this the world’s longest shift to the Western side. the $15.68 trillion US economy. China national freeway system. The US Lee Kuan Yew is a former is the world’s largest exporter and its Interstate Highway System—started Prime Minister of Singapore

42 | FORBES INDIA | OCTOBER 18, 2013 UPFRONT: THE CONSILIENT INVESTOR

to a broader base of less picky sensitivity of end results investors. So, not only do you to marginal changes in the wish to avoid the lemons, you fi lters is always helpful. SIMPLE, BUT NOT EASY wish to anticipate a change in The recommended popularity. These ends can be fi lters, and the order in How to identify a Neglected Firm accomplished by applying a which you implement combination of two methods: them, are listed below: (a) rigorous fi lters, and (b) Compounded annual diversifi cation. Since we are EPS growth in excess of BY SANJOY BHATTACHARYYA dealing with a group of stocks 15 percent (a proxy for that share neglect driven by nominal GDP growth) information defi ciency, it is over the past decade. not possible to eliminate risk Current PE ratio not in n an earlier article we discussed by analysts. In each case, lower solely through diversifi cation. excess of normalised PE the Neglected Firm eff ect is better. The point to note is that The need for intelligent trading band. This one and its ability to consistently limited institutional ownership is not screening to achieve superior needs a bit of explanation deliver superior risk-adjusted necessarily a negative. What matters returns has no substitute. and a fair amount of Ireturns. The idea of a generic stock, its is the proportion of the free fl oat that Eff ective portfolio eff ort! Calculate the link with information defi ciency and is owned and the number of such construction therefore ‘normalised PE’ for the the prospect of a ‘free lunch’ over an owners. Typically, if institutions own requires a trade-off between last 5 years by using the extended period in the stock market less than 10 percent of the free fl oat the two alternatives. TheIND ideal IA average of the high and were briefl y explored. In order to and there are three or fewer owners, mix depends on information low price for the year off er practical suggestions on how to it is a reasonable proxy for neglect. availability, the investor’s expertise, The need for and dividing that value by the annual implement the ‘generic investment As a rule of thumb, if less than fi ve the amount of time and resources EPS. Now compute the average of idea’ strategy, it is essential to present analysts cover the stock and provide available and most importantly, intelligent this annual PE for the past 5 years a roadmap that outlines where earnings forecasts, you are justifi ed in personal temperament and super- screening to achieve and you have a crude normalised PE. we are headed, the consequences assuming neglect. Apart from these ordinate objectives. In practice, a superior returns If the current PE is clearly higher of going down this route and the bellwether metrics, low daily traded portfolio of 12-15 stocks gets rid of than the normalised PE, either the sequence in which we move forward. the investor should be willing to put in volume relative to its peers and its more than 90 percent of ‘diversifi able’ has no substitute stock is over-priced or the popularity Before adopting any investment to achieve the ‘minimum information own trading history is a fairly effi cient risk. The real issue is identifying high- fl ow is already a work in progress! strategy, it is essential to identify the threshold’. Finally, the need for neglect confi rmation technique. quality fi lters that do not consume Current fi nancial leverage of primary investment objectives in diversifi cation as a means of risk- Limited press coverage and the excessive time and resources. less than 50 percent (total debt an explicit manner. Typically, these reduction becomes absolutely vital. absence of analyst meets are also signs The attempt to eliminate as a proportion of net worth). objectives need to take account of The next step is putting together one should look for. A critical element bankruptcy risk leans heavily on the generic stock portfolio is to stay Consistent growth in revenues the investor’s time horizon, desire a plan to reliably identify neglected in implementing this strategy is doing multivariate prediction models, away from over-valued stocks and during the last 5 years. for liquidity and level of acceptable stocks. The major issues here are: a really thorough job of verifying among which Altman’s Z-Score is reject companies that are fairly priced Five-year average return on equity risk. Investing in generic stocks is All measures of neglect are neglect. The importance of using probably the best known. While such but unlikely to appreciate given in excess of 18 percent (an estimated likely to result in a situation where: fundamentally proxies rather than overlapping measures and double- models are robust, they are diffi cult the mediocrity of their underlying cost of capital for smaller companies). Information is far less continuously exact indicators. Consequently, it checking with additional sources such to construct and extremely data- business. The fi rst set of fi lters, which If you completed this process, you available on a convenient basis, is essential to supplement the data as brokers, bankers and journalists intensive. Experience suggests that are also easy to implement, emphasise now stand on the brink of success. and is typically of poorer quality. with experience and judgement. is crucial in confi rming neglect. less complicated fi nancial ratios that the opportunity for growth and its Just a few more points to keep in mind There is hardly any consensus Measures of neglect are Once you have put together an are easily obtained from fi nancial valuation relative to the peer group. in case you opt to generic: What is among analysts or other investors relative yardsticks vis-a-vis other extensive list of generic stocks, the statements work almost as well. One Subsequent fi lters seek to identify the most sensible way to review and on the outlook for such stocks, stocks as well as over time. next step is to put them through such ratio that is dependable, easy fi nancial solidity and the long- monitor the portfolio and how do you which can prove very dispiriting. There is a need for constant a sieve. The screening is useful in to understand and has predictive term attractiveness of the business. judge the right time to exit individual The universe typically review and monitoring to identifying stocks with high fi nancial value is the ratio of operating cash The stepwise screening process is holdings? The fi nal article will come includes a higher proportion validate the degree of neglect. risk. Stocks that are vulnerable to fl ow to total debt. The rationale for the closest one can get to fi nding to terms with these nuances and off er of smaller companies which Finally, experience suggests that it the risk of bankruptcy need to be its effi cacy is that it captures the diamonds in the rough! Stocks that a shortlist of generic stocks that make tend to be less liquid. is best to use diff erent measures to rejected since their neglect is well ability of the company to repay its fail to meet even a single screen are the cut in the current environment. The safety net of a comforting maximise ‘neglect confi rmation’. deserved! Secondly, you want to avoid outstanding liabilities without having eliminated immediately. If the fi nal Sanjoy Bhattacharyya is dividend yield is usually absent. By far, the two most reliable ‘perma-sleepers’, given the time value to resort to external fi nancing. list is not extensive enough to permit a partner at Fortuna Capital A relevant concern therefore is indicators of neglect are the number of money. In fact, the ideal generic Having reached this far, you have judicious diversifi cation (less than 12 Disclosure: This column is neither to identify the minimum level of of institutional investors that investment is a neglected stock of hopefully knocked off the lemons. stocks), the conclusion may be either an offer to sell nor solicitation information (quantity and quality) own the stock (banks, insurance a solid company that springs to life But to succeed in the market it is not not to invest or relax the screening to buy any of the securities mentioned that allows you to sleep well at night. companies, mutual funds and FIIs) shortly after purchase because of the enough to simply avoid disaster. The criteria to take on a higher level of herein. The author frequently invests

It also highlights the amount of eff ort and the extent of research coverage existence of a set of factors that appeal next challenge in putting together risk. A what-if analysis of checking the in the shares discussed by him. Sameer Pawar

44 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 45 FEATURES: BIG BET

PAST THE TIPPING POINT Despite the Supreme Court’s recent strictures on Aadhaar, Nilekani has ensured that the scheme is now too big and too widely used to be scuttled

BY ROHIN DHARMAKUMAR, SEEMA SINGH & NS RAMNATH

andan Nilekani has use could not be mandated by any would include millions of illegal pulled it off . Well, almost. government agency in order to provide immigrants (a view the Supreme In another six months he services to citizens. (As we go to press, Court now seems to endorse). Nwould have quit while he news reports say that the government The Left parties believed it INDIA was ahead, after having enrolled 600 will seek a review of the order.) was a ploy to deny subsidies million Indians (and possibly some The ruling is not surprising: to sections of society. non-Indians) into the world’s largest Aadhaar was always voluntary. But, Civil society and privacy and most audacious government ID over the last year, more and more activists were worried it would be project, the Unique Identifi cation states and government agencies used to indiscriminately gather Authority of India’s (UIDAI) Aadhaar. were making its use mandatory information about people, which “Look at how many challenges for a host of services, from buying in the wrong hands could be used we’ve contributed to help resolve: cooking gas to registering marriages for harassment or mischief. identity, fi nancial inclusion, less-cash and renting houses. Naturally, this The bureaucracy fought it too, economy [cash transactions form spurred more people to get in line for presumably because it threatened the bedrock, globally, for fraud and their Aadhaar numbers and allowed the opacity it thrived in. corruption], direct benefi t transfer and Nilekani enough momentum to Even the Congress had serious subsidy reform,” he told Forbes India put Aadhaar conclusively beyond divisions over the project’s broad one Friday evening in September in the reach of its detractors. scope: Many saw it as a threat to a relaxed mood at his residence in “Aadhaar is now too big to fail existing power equations; most Bangalore’s Koramangala suburb. and too big to ignore,” says Uttam powerful of all, the Home Ministry’s He looked weary yet content. Nayak, Visa’s group country manager National Population Register A few days after we met, credible for India and South Asia. “Five- (NPR) fought to protect its turf. news reports said Nilekani—IITian, hundred million Indians voted for Rarely has a major government ex-CEO of Infosys, best-selling author, him, and he won hands-down!” initiative slammed into such a world-fl attener and chairman of the Nilekani himself is confi dent: “We wall of opposition, cutting across UIDAI—could soon add another believe [Aadhaar] is irreversible now.” political and ideological divides. title to his glittering CV: He was Unfortunately, the Supreme Court Frankly, it’s miraculous that the likely going to contest the 2014 Lok doesn’t seem to have got the memo. UID survived at all. That it did, Sabha elections from Bangalore as and the array of strategies Nilekani a Congress candidate. (When we BATTLE LINES used to outwit and outrun his many asked a follow-up question later, Aadhaar never lacked enemies. foes, makes for a riveting study. he wouldn’t comment on it.) The main opposition party, But then on September 23, the the Bharatiya Janata Party, felt STRATAGEMS AND WEAPONRY Supreme Court had to go and spoil Aadhaar numbers ought to have Nilekani was very quick off the blocks. it all with an interim ruling saying been given only to Indian citizens, He was appointed UIDAI chair in

that Aadhaar was voluntary and its not all residents which, in its view, July 2009. The ﬁ rst Aadhaar number Forbes India for Mallikarjun Katakol

46 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 47 FEATURES: BIG BET was issued in September 2010, and Aadhaar in numbers The solution was Aadhaar. The government put political energy then the pace accelerated: 100 million Total enrolments received at UIDAI by November 2011 and 200 million behind it and gave full support.” by February 2012. This caught many 565 MILLION “I believe I’ve convinced the three within the political and bureaucratic who really matter,” he is learnt to No. of UIDs generated establishments fl atfooted. have confi ded in a few of the people “We felt speed was strategic. 430 MILLION he trusted. (Nilekani denied ever Doing and scaling things quickly was having said so to Forbes India.) critical. If you move very quickly No. of enrolments per month Congress President Sonia Gandhi it doesn’t give opposition the time and Rahul Gandhi, her son and MILLION to consolidate,” says Nilekani. 30–35 Congress vice president, were the Then the war with the NPR No. of authentications during fi rst two. By October 2012, Aadhaar came up. Union Home Minister P the last fi ve months was emerging as one of the Congress Chidambaram (now fi nance minister) Party’s primary poll planks. At a public MILLION felt the UID’s enrolment process 10 meeting in Rajasthan, Sonia Gandhi wasn’t as foolproof as the NPR, a No. of authentications per day as of now launched the Direct Benefi ts Transfer mandatory register under his ministry, (DBT) system which would, over which enrolled citizens using a strict 100,000 time, convert most government-run house-to-house canvassing method subsidy and welfare schemes to cash Success percentage of authentication INDIA involving community verifi cation. system on fi eld (without iris-scanning) in Aadhaar-linked bank accounts. PIB Courtesy: (The UID enrolled any resident Usha Ramanathan, a respected Prime Minister Manmohan Singh at the launch of Aadhaar Enabled Service Delivery, in Jaipur, Rajasthan, on October 20, 2012. With him are Montek Singh Ahluwalia (deputy chairman, Planning Commission), Finance Minister P Chidambaram, Congress President Sonia Gandhi and Nandan Nilekani who walked into a centre.) 91% activist and lawyer who has Tension between Nilekani and researched Aadhaar thoroughly, and False positives Chidambaram had been brewing NONE REPORTED has been one of its most vocal critics, meetings, you’d have bureaucrats ONE BIG MISTAKE THE threat, he renounced the typical for nearly a year, but came to a boil thinks this was a bad idea: “One big from various cadres in addition to CONGRESS DID WAS accoutrements of power. He had, after when UIDAI sought approval to Source: UIDAI Technology Centre, Bangalore mistake the Congress did was to turn lots of people from the corporate all, already run a company with enrol all of the remaining population the launch of DBT into an electoral sector. Yet, he would take along TO TURN THE LAUNCH $5 billion in revenue and over 100,000 (till then it had only got incremental plank. At the meeting there were only everyone till the entire group rose OF DIRECT BENEFITS employees; he didn’t need to create approvals to enrol up to 100 million other states. To avoid duplication, Congress leaders and fl ags. There was to a certain level of effi ciency.” TRANSFER INTO AN another empire. Instead, “I gave up all people at a time). Chidambaram, the UID and NPR would exchange no one from the BJP or other parties.” Nilekani says that heading the ELECTORAL PLANK of that. We said we’ll run a very small it is learnt, put his foot down. data, ensuring that each one’s The third person who mattered was UIDAI “has toughened me a lot. I’ve - Usha Ramanathan organisation and outsource everything Around the same time, in members would get enrolled in the Reliance Industries chairman Mukesh now learnt how to deal with a lot of else. My team was just 280 strong, but December 2011, a 31-member other’s programme at the back end. Ambani. Nilekani is learnt to have serious opposition, including sneak our ecosystem was 100,000 strong. It Parliamentary Committee headed By then, Nilekani had realised convinced Ambani that Aadhaar could attacks from the activists, media and was an inversion of the usual model.” by the BJP’s Yashwant Sinha that convincing everyone was an be a game-changer for even private some agencies. My job [at Infosys] categorically rejected the National impossible task. He had spent companies like his in the long term: was much more genteel, but these COMPOUNDING INTEREST Identifi cation Authority of India Bill, enough time within Delhi’s corridors Direct cash transfer of government are no-holds-barred environments”. Within the government, he In spite of its fl aws, Aadhaar is the proposed law under which UIDAI of power to realise that there was subsidies could fundamentally alter He navigated and outwitted a chose an unconventional route. easily the most transformative and Aadhaar were to function; it only so much he could achieve by the economics of many of Reliance’s labyrinthine, hostile system by being “The government in general is project modern India has seen. even suggested that the data already staying neutral and apolitical. big bets, like citywide distribution of just the opposite: Direct, non-political hierarchical,” he says, “Information Visa’s Uttam Nayak, a 17-year collected be transferred to the NPR. Nilekani phrases it diplomatically: natural gas and universal broadband. and patient. It helped, of course, that fl ow is attenuated as it travels through veteran of fi nancial payment services, Faced with what looked like “As John Kingdon [a widely-respected When asked about this, Nilekani while his opposition was formidable, the hierarchy. I built bridges across says, “If 600 million Aadhaar holders co-ordinated opponents, Nilekani professor of political science at the said “Mr Ambani is a friend and it wasn’t well coordinated—the Left the system, with both senior and get bank accounts, India can leapfrog had to compromise. In January University of Michigan] describes appreciates the value of what I was and civil liberty and privacy activists junior people, across ministries thus from a banking penetration of 24 2012, a formula was forced upon it, three streams—problem, solution doing. He’s even appreciated UID in didn’t share much in common with enabling a deeper understanding of percent to the 75 percent mark both him and Chidambaram: UIDAI and a compelling political need— Reliance’s public AGM. But I did not the BJP’s right-wing agenda—and that the issues.” As important, Nilekani common in developed countries like would directly enrol another 400 need to converge before a ‘policy seek him out for support specifi cally.” he had, as he says, “built a massive made sure he had an offi cer—MS the US. Simultaneously, we can go million people (in addition to the window’ opens up. The problem Srikanth Nadhamuni, former coalition of agencies allied to our Srikar, an IAS offi cial from the from 3 percent ‘electronifi cation’ 200 million it already had) across 16 was the need for large-scale social head of technology at the UIDAI, cause, like Central ministries, state Karnataka cadre—who knew the [percentage of accounts where states while the NPR would handle inclusion and for making public says, “Nandan is patient with governments, the RBI, banks, oil political and bureaucratic maze. electronic transactions take the remaining 600 million in the spending more transparent. various opinions and groups. In companies, and even device vendors.” And, to avoid being seen as a place] to 40–45 percent. That is

48 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 49 FEATURES: BIG BET unprecedented in the world.” Aadhaar also promises to solve the issue long faced by banks regarding no-frills, fi nancial inclusion-driven “WE HAVE MADE INDIA accounts: Inactiveness and dormancy. Poor and rural users did not use bank THE TECH CAPITAL OF accounts because they didn’t have much money to save, and banks are uninterested in servicing people BIOMETRICS” without savings—a vicious circle. Nayak adds, “Just 5-10 percent Nandan Nilekani on the Aadhaar project’s scope, of such bank accounts are active its vulnerabilities and its future today, but under Aadhaar we can take that to 100 percent if accounts are Q Aadhaar was expected to create withdrawals will require biometrics linked to DBT.” By routing subsidies a signifi cant number of jobs and so that the foodgrain goes to the directly to these accounts, Aadhaar investment opportunities… lady of the house. But if you do will create a need for transactions. As While we had no such mandate, e-commerce sitting at home, then these accounts become active, banks, we did create many jobs through you just need OTP [one-time pin]. our approach. We chose to do this It’s always a risk-reward situation. INDIA HEADING THE UIDAI as an ecosystem approach rather In LPG, there’s no biometric “HAS TOUGHENED than create a huge organisation authentication, but what is used to ME A LOT. I’VE NOW and bureaucracy. We created a lean credit money is using Aadhaar as the organisation (less than 300 people fi nancial address. We are agnostic to LEARNT HOW TO are working with us) and came up the fi nal composition of usage. But Mallikarjun Katakol for Forbes India for Mallikarjun Katakol DEAL WITH A LOT OF with ecosystem architecture. We we are fairly confi dent, the more we SERIOUS OPPOSITION” have trained 50,000-75,000 enrolling learn the more accurate this system public on the internet. Aadhaar issues and liability issues, looking It will be the government which agents and operators; the postal will become and more people will is a pure ID system, and data like at practices of banks and switching will decide my successor. department has been a big partner. use it. If people don’t want to use medical and fi nancial records are companies. But let me tell you that we At any point, there are 25,000 biometric authentication, that’s fi ne. in their respective systems and take great care to safeguard the data. Q Should there be a clearer live operators in the system. The We have several value propositions. UIDAI does not have access to it. We encrypt at source; we anonymise demarcation between people who project has moved the biometrics data when we send it for verifi cation; design Aadhaar vs those who their correspondents, and third-party centre of gravity to India: All top Q If Aadhaar biometric data Q How long does UIDAI store the the database itself is encrypted; we infl uence its usage? You were, sellers will fi nd it worthwhile to target players, Morpho/L1/NEC, etc, are are compromised or stolen, history of a user’s authentication have layers and layers of security. after all, on many committees. the account holders more profi tably. here. The device manufacturing is what are the UIDAI’s breach of transactions? What steps has it In fact, as far as biometrics is All these committees are now wound Even in cities, Aadhaar’s eKYC coming up. Innovation ecosystem disclosure and liability policies? taken to ensure their privacy? concerned, once we have extracted up after having completed their (electronic ‘know your customer’) is also seeded and you’ll see many We will formulate appropriate We are in the process of fi nalising the the minutiae, we put it offl ine. assignment and delivered unanimous mandate has the power to ensure applications coming out. With its policies on liability. UIDAI has policy for that. UIDAI only gets the reports. The government is acting on that banking channels remain equally new iPhone, Apple has now brought been at the forefront of disclosure location, time and the device from Q Is there a succession plan? the architecture that has been laid accessible to the rich professional biometrics to the consumer, but on its design philosophy. We have a which the authentication request Our new chief executive has come out to use Aadhaar for payments, and the poor migrant. “Today it’s a long before them we made India data sharing/security/architecture came. It is a federated database with in a few months ago. A senior IAS do subsidy reforms and streamline nightmare in India to open a bank, the tech capital for biometrics. policy. What do we collect? Apart in-built optimal ignorance among offi cer, Vijay Madan is an extremely benefi ts. These committees were stockbroking or mutual fund account from, of course, the biometrics for various players. At the design level competent person. His predecessor essential as you cannot do such a due to KYC requirements,” Nayak Q Is biometric authentication a de-duplication and authentication, itself we don’t have transactional was Ram Sewak Sharma, who transformational national reform says. “The success rate is around 75 must for all Aadhaar transactions? we only collect name, address, date data, except that we had an really laid the foundation of UIDAI. without architectural integrity and percent, and even after that it often Let us separate biometric and non- of birth, sex and telephone number authentication request. When we do In fairness, they really run the ensuring that all the moving parts takes a month or more. Aadhaar’s biometric uses of Aadhaar. When you and email (the latter two are optional authentication, if we get a claim that organisation and I do the media are meshed into each other. Aadhaar- eKYC allows for the instant transfer do authentication, a certain class of and help with communications). it is a ‘false accept’, we in turn have interviews! My goal would be enabled change requires huge of a user’s photograph, address and applications will require biometric This data is similar to what is there to investigate and that’ll decide how that Vijay remains in this position interoperability—LPG, kerosene, even signature scan to an entity authentication. For example, say all in the voter ID system, the telephone long we retain the data. We have to beyond me, as Mission Director food, fertiliser, fi nancial systems… opening the account. Nowhere in PDS [Public Distribution System] book, etc, much of which is often strike a balance between privacy and Director General of UIDAI. all these need to be aligned. the world can you open an instant

50 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 51 FEATURES: BIG BET

paperless connection in this manner!” It could be argued that procedures could have been made easier by the RBI, thereby reducing the necessity for Aadhaar, but there’s no evidence the central bank wants to, given its approval of Aadhaar as eKYC.

RE-IMAGINING WELFARE Nilekani canvassed across the country to ensure Aadhaar was seen by numerous government and private institutions as a vehicle for their own strategic goals. Being nebulous—just a number in the cloud—it could be diff erent things to diff erent stakeholders. The RBI saw it as a path to fi nancial Women queue up to enrol for Aadhaar at Merta district in Rajasthan inclusion for India’s 700 million unbanked. Public sector oil companies Planning Commission, the body under wasn’t authorised by Parliament— saw a tool to cull out fraudulent which UIDAI functions) estimated into a sweet spot: It could bypass customers sucking up subsidies. State Aadhaar could save the government INDthe proceduresIA public projects are governments saw a platform to devise Rs 110,000 crore by 2020, or nearly subject to, and at other times cite its better social welfare programmes. 58 percent of its expenditure on government mandate to convince Banks saw it as a tool to increase various public service schemes. sceptical users and partners. their customer base and profi ts. An indicator: In the 20 districts Usha Ramanathan says, “UID But the raison d’être for UID which were pilots for Aadhaar wasn’t originally meant to enrol was to improve effi ciency of rollouts, after the expiry of the Indians, but only manage the back government welfare programmes. three-month grace period on offi ce, databases and co-ordinate India’s welfare spend has long August 31, it was found that about enrolment. But Nilekani was impatient been criticised for ineffi cient 30 percent of the people haven’t and thought that the government takes implementation, the inclusion of claimed their LPG subsidies. Oil too long for most things, so he decided the ineligible and exclusion of the companies estimate that eventually to go ahead with enrolments too.” eligible. The key reason for both the government could save about 20 Nilekani, however, says that has been that the needy lack the percent in LPG subsidies alone (they UIDAI itself was never an enroller. means of identifi cation that can be were Rs 40,000 crore in 2012-13). “We created a multi-registrar model easily verifi ed without depending Nilekani sums it up succinctly: under which we appoint state on bureaucratic discretion. “Aadhaar satisfi ed both the growth governments, banks, post offi ces or Nidhi Khare, advisor to the advocates by reducing wastage agencies like NSDL instead of just Planning Commission on the DBT, and improving effi ciency, and relying on one enrolment channel. says that in the medium to long the development advocates by We’ve created a more competitive term, a UID-based system will not providing identity and inclusion.” scenario that de-risked and only effi ciently provide welfare but reduced the dependence on a single also provide better understanding of ADVANTAGE: AADHAAR channel, and rightly so,” he says. who receives it. An IMF study says The Supreme Court ruling may have UIDAI offi cials like to point out that merely linking Aadhaar with only repeated what UIDAI and the that the NPR has been a laggard at direct cash benefi ts transfer could UPA government have been insisting enrolments, with only around 30 save India 0.5 percent of its GDP all along—that Aadhaar is voluntary— percent of Aadhaar’s numbers. But, annually. And a November 2012 but it marks a signifi cant change. as Ramanthan says, “NPR has to paper from the National Institute of Nilekani had converted what was function under the law while the

Mansi Thapliyal / Reuters Public Finance and Policy (under the initially a disadvantage—that UIDAI UID, which has only an executive

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notifi cation, could stay out.” Take the census, for instance. HOW SAFE IS YOUR DATA? It is too early to say whether the In most countries, including India, In a world where identities are Supreme Court order will arrest the census has survived due to the created, stored and stolen online, Aadhaar’s momentum. While it is an implicit pact between citizens and many people are wary of the fact identity project, it is, in the long run, their governments: We the people that Aadhaar does not off er any a two-sided network, with hundreds share our private data truthfully with legal protection for citizen data. of millions of users on one side and you, provided we are kept anonymous When asked about the UIDAI’s apps from government agencies and and you only use large-scale trends. policies on breach disclosure, liability private companies on the other. But thanks to the deal between or data-retention policies, Nilekani As with any network, the more NPR and UIDAI, each Census candidly admitted that there were the users, the higher the value of the respondent’s data is tied with his none currently, but that his team was network. As Nilekani puts it, “Our or her Aadhaar number, allowing working on fi nalising them (see Q&A, theory is that this creates a virtuous for unprecedented granularity. page 50). But he emphasised that cycle, but for that to happen we had Usha Ramanathan fi nds this Aadhaar was designed in a manner to crack the problem of getting the alarming: “What is happening in that ensured ‘optimal ignorance’ fi rst few hundred million users.” the Registrar General’s offi ce is between various players through the Having enrolled nearly 500 scandalous. This year, the Socio use of ‘federated databases’ (multiple million Indians, Aadhaar may be Economic and Caste Census will independent databases that are joined well past the tipping point. have the UID number attached, together only when required). It stores minimal transaction history GOODBYE PRIVACY? [UID] IS THE OPPOSITE data about users. For instance, Nikhil Dey, social activist and member OF RTI… NOW THE INDthe location, timeIA and place from of NCPRI (National Campaign for GOVERNMENT WILL where your bank transaction was People’s Right to Information), is not authenticated will be stored, but not a fan of UID. He calls it “the opposite HAVE ACCESS TO how much money you withdrew. of RTI [Right to Information]. EVERY ACT OF EVERY “Look, we’re amongst the most We fought all these years to have CITIZEN AND IT’LL BE prepared government agencies when government information made KEPT SECRET. it comes to privacy. But the work public; and now the government - Nikhil Dey on the privacy law had to happen will have access to every act of every in parallel. Certainly we need one, citizen and it’ll be kept secret.” not just for UID but also for various It is important to put his criticism other aspects like mobile phone into context. Nilekani and the UIDAI records. In fact I myself have been maintain that they do not collect or allowing for profi ling of respondents. emphasising the need for a privacy store any information on users other What happened to the idea of law for the last 3 years.” says Nilekani. than their biometric (fi ngerprints anonymising and protecting citizens?” As for biometrics, Anil K Jain and iris scans) and demographic data Eff ectively, she says, the NPR is of Michigan State University, one (name, date of birth, sex, address) and, “currently collecting biometric data of the world’s foremost experts, optionally, email ID and phone, plus from citizens without a law, simply says, “People are putting undue a record of the ‘Yes/No’ responses because no one is stopping them”. pressure on biometrics; they have provided to authentication requests. Another example: In February, too much expectation but they could But using Aadhaar as sort of a the Maharashtra chief secretary be disappointed.” No system is 100 ‘magic key’, a determined government suggested forcing all RTI applicants percent correct. With fi ngerprints (or powerful adversary) could piece to provide their Aadhaar numbers, plus iris scans, Aadhaar authentication together very detailed information ostensibly to cut down on ‘misuse’, but is more than 99 percent correct— about citizens that is today scattered. it’s easy to see how such steps could impressive in a diverse country like These include banking transactions, be used to identify and target citizens India where, aside from technology, online purchases, travel itineraries, who ask uncomfortable questions. other factors kick in, like the many mobile phone usage, location history “UID could be turned Indians whose manual labour has and practically anything else that back to destroy the war on worn out their fi ngerprints. can be electronically recorded. corruption,” says Ramanathan. Jain says that aside from false

54 | FORBES INDIA | OCTOBER 18, 2013 FEATURES: BIG BET positives (see box), UIDAI should The Aadhaar Applications Ecosystem also be looking at false negatives, and making sure they address that Subsidies, pensions and other government transactions are just the tip of Aadhaar’s iceberg. The real action will start when private enterprises start section of the population by other using it for authenticating customers and delivering services. authentication means. He also says Wave 3: Mainstream Wave 4: Next that people shouldn’t worry too applications: Health care, generation applications much about biometrics data being education, fi nancial services Consumers and consumer applications, stolen. Unlike passwords or the USA’s including utility services Social Security Numbers, biometric and telecom data is stored as images; even if they PPP & consumers are stolen, what will the thief do, he asks, make a fake fi nger? Sensors Wave 1: are getting smarter and can detect Enrolment & OPPORTUNITY infrastructure real fi ngers from fake fi ngers. creation Jain may be in for a bit of a shock Wave 2: Initial application: PDS, Central govern- NREGA, state services, energy, though. On September 21, members ECONOMIC THE ECOSYSTEM’S ment & registrars fi nancial services of German hacker collective Chaos Computer Club (CCC), unlocked

Apple’s new iPhone 5S’s ‘Touch ID’ 20092009 2010 2011 2012 2013 2014 2015 2016 (an inbuilt fi ngerprint sensor), using a high-resolution scanner and laser Consulting Online INDIA Key funding source printer, transparency sheets, latex applications IT services hardware glue and moisture-laden breath. Enrolment hardware Financial Greenfi eld apps “This process has been used with and investor Offl ine services minor refi nements and variations PARTNERS ecosystem apps H/W Telecom against the vast majority of fi ngerprint KEY ECOSYSTEM Logistics services sensors on the market,” they wrote. Source: UIDAI Frank Rieger, spokesperson of the CCC, said on their site, “We hope that this fi nally puts to rest the in mobile payments, banking, retail More importantly, a vibrant ecosystem illusions people have about fi ngerprint and health care. If some of those of service providers and users creates biometrics. It is plain stupid to use become viable, Khosla Labs plans ‘thick accountability,’ a well-meshed something that you can’t change to spin them out and fund them connect between users’ lives and the and that you leave everywhere via its parent venture fund, the services they need (see Q&A, page 50). every day as a security token.” $1.3 billion Khosla Ventures. Nilekani is well satisfi ed: “The Though Khosla Labs has yet transformational build phase for LAUNCH PAD to release any of its work, it is the UID is over and now it needs Khosla Labs in Bangalore hosts what safe to say it is at the crest of to become a utility. My goal in the is arguably the most experienced, what Nilekani calls Wave 3 and next one year would be to: get to 600 talented pool of UID engineers Wave 4 of Aadhaar’s evolution. million Aadhaar numbers; at least anywhere. CEO Srikanth Nadhamuni Aadhaar as a universal identity 50 million enabled in the Aadhaar- was UIDAI’s head of technology, platform, instead of just a card, will based DBT platform; launch iris and entrepreneurs-in-residence now gain signifi cance. By allowing authentication devices; and create a Sanjay Jain and Vivek Raghavan private app makers across sectors nationwide network of at least a few and architects Srikanth Shreenivas, to use Aadhaar for authentication, thousand micro ATMs; and launch Shashikant Soni and Bharat Lakshman Nilekani achieves two key objectives. P2P [person-to-person] payments. were all senior UID engineers. Firstly, this creates a sustainable Once it reaches that critical mass, Since late 2012, their teams have source of non-government revenue people will build atop that and been building and testing software (authentication and eKYC fees from the locus of innovation will shift applications around what Nadhamuni private players) that can sustain from within UID to outside.” calls ‘transformational problems’ UIDAI’s funding needs over time. Additional reporting by Udit Misra

56 | FORBES INDIA | OCTOBER 18, 2013 The

BestINDIA Things MONEY Can Buy They call it retail therapy for a reason. After all, there is no ﬁ x quite (like indulgence ) The BEST THINGS MONEY CAN BUY

The Next INDFrontierIA India is one of the last untouched markets for the luxury goods industry where the novelty and social relevance of big-ticket brands continue to drive growth

BY SAMAR SRIVASTAVA Simon Marcus / Corbis

60 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 61 The BEST THINGS MONEY CAN BUY

ndia has hardly been brands are happy to seed the market Them Vs Us the same period, the wealthy and Social relevance to speak to them in their language I a stranger to luxury. and wait for the tipping point to come. India’s luxury market today is where affl uent with disposable income of and make them feel comfortable,” History can recount It is inevitable that it will. For China’s was 10-15 years ago more than $100,000 (Rs 60 lakh) drives luxury says Kapoor. They don’t want this several tales about the country’s India’s large aspiring middle class, rose to 1.1 million from 600,000. buying and makes set intimidated and taking their proclivity towards the opulent. the luxury business makes a bold Premium alcohol imports rose by business to a competitor. For them, Till a couple of decades ago, that promise: There’s that bespoke shoe 52 percent in 2012—a year in which consumers loath bling is in and the understated is out. narrative would revolve around only that puts you a touch above the rest. India added seven new billionaires, to slow down Finally, there are the bargain its royalty: The maharajas and, later, The weekend home with a private taking its total to 55, according to purchases hunters who come out in hordes the corporate and industrialist rajas. swimming pool inspires a touch of the Forbes billionaires list. Luxury during end-of-season sales. Brands For instance, in the 1930s, India awe. The custom-made wood-panelled $1 BLN $0.8 BLN car sales rose at a compounded rate seem to have a love-hate relationship Maybach ﬂ own in from Germany with them as such bulk buying may famously accounted for a ﬁ fth of all INDIA CHINA of 40 percent between 2008 and Rolls Royce cars sold worldwide. becomes a talking point at soirees. 2011 1998 2012, as per the Bain research. This a boutique consultancy. This set distort their painstakingly-built

The maharajas, in particular, made This social relevance drives Source: Indiyeah, a Reliance Brands report avalanche of fi gures underscores the is diverse, including land owners, upscale positioning. Their shopping a beeline, and some with rather luxury buying and makes consumers potential but does not factor in the industrialists, the fi lm industry as bags are prominently marked ‘sale’ eccentric motives. It is even said loath to slow down purchases. Not hindrances to the anticipated boom. well as politicians by dynasty. They or ‘half-price’. Not surprisingly, that Maharaja Bhupinder Singh that our market is large enough Don’t Worry, First, the lack of qualityIND retail have traditionallyIA shopped abroad. this class of buyer has been hit of Patiala, on a visit to London, to be signifi cantly infl uenced by Spend Happy space in India: There are only The latest trends are foremost on hardest by the recent slowdown. was seemingly insulted by the recessionary trends: Bain and Lifestyle spending continues even three malls that can be broadly their minds, value for money is a British makers’ refusal to accept Co, in its luxury report for 2012, during a slowdown classifi ed as luxury—DLF Emporio secondary consideration. “They don’t CHINA IN FRONT, AGAIN his order. He promptly bought estimates it at $6 billion, with cars (Delhi), Palladium (Mumbai, need to be sold luxury,” says Darshan The consumer base may have widened Discretionary Non-discretionary a consignment of three cars and and personal goods accounting for technically a mixed-use mall) and Mehta, CEO, Reliance Brands. and diversifi ed but Radha Chadha, Will not spend / unlikely to spend converted them into garbage trucks. $1.5 billion. Compare this to $75 UB City (Bangalore). Nine new Next in the pecking order is the an independent luxury commentator In the 2000s, though, there is a new billion for the US, $20 billion for In % ‘luxury destinations’ are in the returning NRI professional used to and author of The Cult Of The Luxury world order. Big-ticket, whimsical China and $4 billion for Brazil. APPAREL works and should open by 2016, shopping abroad. “This segment, being Brand, says that the “democratisation 35.0 14.0 spending is no longer the bastion of a Besides, the novelty value is 51.0 according to Indiyeah, an in-house fi nancially savvy, doesn’t hesitate to of luxury spending” has not yet few. It is enveloping newer geographic incalculable as a majority of new publication by Reliance Brands. compare prices with those overseas taken place in India. She cites South regions and making maharajas out buyers are still making their fi rst Second, India is meandering on and will walk away if they are higher East Asia as an example, where even EXCLUSIVE of the middle-class—although it is purchase. Also, unlike in the West, HOLIDAYS the same path as China where luxury by more than 5-10 percent,” says secretaries have at least one luxury unlikely that you will see a Rolls Royce Indian (and Chinese) luxury buyers 31.8 15.2 brands had to grind through a decade Gupta. At present, they comprise the item in their wardrobe. You can verify 53.0 trash can in your neighbourhood. like to fl aunt their acquisitions. of slow growth before take-off . The largest chunk of spenders in India this by travelling in Singapore’s metro While we continue to covet Consider this foreign diplomat’s point at which India’s growth graph but, in time, are likely to be eclipsed system where assistants are seen international luxury brands, they wife’s surprise at witnessing a HOME represents a hockey stick curve by the third type of luxury buyer. toting Louis Vuittons and Pradas. DÉCOR are now equally chasing us. The bunch of women comparing bags at could be as much as a decade away. Meet the new moneyed class “In these markets, the rich account 29.9 9.1 country is one of the last untouched a society party. “Here it seems you 61.0 Forbes India’s interviews with created by soaring land prices in India. for a small percentage of spends markets for high-end goods, still buy things for others,” she says. multiple industry watchers indicate These consumers have sold their land while the middle class constitute a leagues behind peers China, Brazil JEWELLERY/ that, notwithstanding the occasional holdings and are not afraid to spend: much larger proportion,” she says. DIAMONDS and Russia on penetration. THE BIG-TICKET OPPORTUNITY roadblock, the expectation is that Cars, electronics and fashion are on The income levels in India may be 36.1 14.3 Commentators talk of untold riches The building blocks of India’s luxury 49.6 growth will be secular and strong. their shopping list. “This is the type of lower, but it is also a mindset issue. once the market fi nally reaches an industrial complex were laid in the last The Indian buyer has evolved over buyer that needs to be dealt with most China started its tryst with big- infl ection point. “The luxury market decade. Retail started moving beyond the last fi ve years. And retailers, too, carefully,” says Mehta. Cars are the ticket labels in 1991 when Louis LUXURY in India is at least a decade behind fi ve-star hotels to high-end malls. WATCHES have the ‘one size fi ts all’ approach. most conspicuous consumption–often Vuitton and Ermenegildo Zegna China but it is getting there. Even with There are now over 60 luxury outlets 36.1 18.0 the fi rst major purchase after land entered the country. They, too, 45.9 slowing economic growth, we should in the country, the Bain report says. THE INDIAN BUYER is sold. Fashion is a close second on faced teething issues. There was the get to a critical mass by the end of the Euromonitor estimates that the “There are those that have been the spending meter. These cash-only obvious lack of retail space. Initially, decade,” says Sanjay Kapoor, managing number of HNIs (high networth OTHERS born and brought up in the lap purchases take place through word- they clustered around fi ve-star director of Genesis Luxury, a retail individuals) with over $1 million 31.4 34.4 of luxury. This is the traditional of-mouth and brands have had to train hotels in Shanghai till Plaza 66, a 34.2 company that has brought labels like in liquid assets has almost trebled luxury consuming class,” says their staff in the art of not instantly luxury mall, opened. The brands

Gucci and Canali to India. For now, the to 46,000 during 2006-2013. In Sources: T.O.P.India - Kotak Wealth & CRISIL Research Abhay Gupta of Luxury Connect, proﬁ ling such customers. “You need had to really work the market and Hemal Sheth Infographics:

62 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 63 The BEST THINGS MONEY CAN BUY

The Haves Will Only Increase segment. Buyers are more concerned about a depreciating rupee and a Number of super rich in India likely to reach China’s current levels in a decade lacklustre stock market. The home ‘Buying luxury is buying Number of super-rich ’000 household is considered a once-in-a-lifetime $ purchase and a preferred investment; $ $ another person’s lifestyle’ $ they would rather hold off on $ upgrading to a luxury sedan. “And as chief executive of Marriage spending in India $ where will I drive a Rs 3-crore car in Reliance Brands, Darshan is premeditated, a concept Mumbai?” says an industrialist buyer, Mehta has had a ringside that doesn’t exist in China. 286 600-800 500 81 32, already the owner of a Jaguar. view of the country’s TODAY IN 5 YRS IN 10 YRS CHINA This resonates with Chadha’s view fl edgling luxury market. Q How do other cultures INDIA TODAY that “when growth slows, people Apart from brands like react to slowdowns? Source: Indiyeah, a Reliance Brands report start spending on items that are likely Diesel and Thomas Pink, China doesn’t react at all to retain their value over a longer it retails Paul & Shark as luxury there has already stay content with a steady 15-20 All About period of time”. So, out goes the car, and Ermenegildo Zegna reached a point where it is percent growth. The infl ection point Social Relevance but the luxury watch is still bought. as its two marquee labels.IND IA for personal enjoyment and only came in the 2000s when sales Luxury homes, foremost, are a In the short term, a depreciated In an interview to Samar not for fl aunting. A Rolex increased dramatically, at times status symbol for the Indian buyer rupee is likely to cause the biggest Srivastava, Mehta shares watch does not announce even doubling or tripling in a year. headache for retailers and buyers his perspective on the a new status in life; it is a This will evoke a sense of déjà 58.6 alike. Chadha says that the recent evolution of the luxury matter of personal aesthetic Status vu for the Indian luxury retailer. symbol $ $ $ rupee depreciation can result in business in India. whether you own a Rolex It is only logical that the industry 4.3 growth projections being wound or something else. anticipates a similar boom by 2020. Investment down—brands expect to revise prices Q The well-heeled The US didn’t have the There has been a pause in the before the festive season. Kapoor customer would still aristocracy that is found 13.0 Chinese surge, of late, and Mehta‘s says he has seen a slowdown in sales prefer to shop in London in Europe, which is in the Style analysis of this hiccup is intriguing. He statement 24.1 Others in August. “Rich people who have and Dubai. Why? twilight zone. Economic says growth there was fuelled by two taken a blow to their paper wealth are The customer has not growth hasn’t happened there factors. One: ‘Gifting’, a euphemism now less sure of spending,” he says. stopped shopping abroad, but recession has not hit them Sources: T.O.P.India - Kotak Wealth & CRISIL Research for corruption. Two: The ‘second wife’ But the larger-than-life story but it has reduced. For either. By the ‘twilight zone’ or mistress for whom luxury goods and Crisil Research, 14.7 percent of consumerism is unlikely to get instance, in the purchase I mean that luxury items are are bought. The crackdown on gifting of luxury real estate buyers have derailed. Brands have reported a of suits that require after- still seeing a jump. Bespoke has resulted in the slowing. Neither made their money in the real estate steady 15-25 percent growth. sales service—those are shoes have seen huge growth. reason is prominently (or openly) business. For them, location and Plus, the penetration of luxury easier to avail of in India. (Delhi) opened in 2008. And we utilised for luxury buying in India. exclusivity of the project is critical. consumption is still low enough for the But the same individual will still continue to be 8-10 years behind Q When do you see a true luxury “One prospective buyer wanted to trajectory to continue north, only the shop abroad when he’s on vacation. China on many parameters. brand coming out of India? SLOWDOWN AND CHANGES know if the service lifts could carry pace may refl ect the larger sentiment. Shopping is also a way of life—a When people buy luxury, they are At $1.5 billion, fashion contributes to the huge glass panels used in the Meanwhile, expect the Indian pastime. A woman customer tends Q How does luxury spending in symbolically buying another person’s a bulk of luxury spending in India; windows as a single piece. Another consumer to get even more discerning. to look for newness, seek a brand India change during a slowdown? lifestyle. Two percent may buy it for property comes a close second. wanted to know if the buildings The example was set back in the that isn’t available here. She wants When the last slowdown happened, the sheer craftsmanship but the rest Lodha, Oberoi Realty and Omkar have were earthquake proof,” says Babulal 1930s by the Maharaja of Patiala. A to walk into a party certain she is the we didn’t have a luxury base. Now do it to symbolically live another life. launched homes in the Rs 30-50 crore Verma, managing director, Omkar. few years after the garbage truck only one wearing a particular brand. Burberry has seven stores in India. If Possibly in the next century, when price bracket. Buildings in Mumbai’s They were curious about the quality incident, the Maharaja of Bharatpur When luxury brands entered you look at all the key brands, there is you truly have wealthy Indians, you Lower Parel and Worli areas are of the architects. In fact, 53 percent had a problem getting Rolls Royce China, there was an explosive more of a critical mass. And I admit can create niche brands. But will it the ideal example where buyers are of luxury buyers will go for a project to service his cars. His solution too growth with sales doubling every I am more worried about increasing become a Cartier, which has been usually approached discreetly and only if it has a renowned architect, was to turn the cars into garbage year for about four to fi ve years. the prices now than I was before. But consumed by the wealthy over the sales take over a quarter to close. according to the Kotak-Crisil survey. trucks. The company wasn’t taking That hasn’t happened in India. one thing that won’t get impacted is past century? That is what luxury According to the Top of the Pyramid A slowing real estate market has any chances: They quickly sent a team Luxury arrived in India in the the wedding segment. Even in 2008, consumption is about. This will

report prepared by Kotak Wealth so far not impacted sales in this of mechanics to service them. early 2000s—the Emporio Mall that was a category that held up. take time to happen in India. Forbes India Manoj Patil for

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INDIA Corbis The BEST THINGS MONEY CAN BUY Vikas Oberoi: To ManorThe Born Understatement is the hallmark of INDgood taste, IA says the owner of Oberoi Realty and a member of the Forbes India Rich List. And the biggest failure of a luxury-seeker is the tendency to drop names

BY CUCKOO PAUL & SHRAVAN BHAT

PHOTOGRAPHS BY TORANJ KAYVON

oco chanel, iconic french fashion designer and founder of the Chanel brand, had famously said: “Some people think luxury is the opposite of poverty. It is not. It is the opposite of C vulgarity.” ❡ Ask Vikas Oberoi what luxury means to him and he inadvertently channels Chanel’s core values: Understated elegance, no fuss, less crass, more class. “For me, luxury is about excellent ﬁ nish, great craftsmanship, appreciation of minute details, history and legacy. Whether it is watches, a bottle of wine, clothes, shoes, travel, where you travel and where you stay—it could be anything. Money is necessary to buy luxury but one needs to have taste,” he says during a conversation with Forbes India. ❡ The property magnate is rounding off a busy week. He has just returned from a series of roadshows with investors around the world: Hong Kong, Singapore, New York, Boston and London. Now, seated in his tastefully done-up offi ce at the Westin in Mumbai, Oberoi, 44, shares a measured perspective on luxury.

70 | FORBES INDIA | OCTOBER 18, 2013 INDIA

OCTOBER 18, 2013 | FORBES INDIA | 71 The BEST THINGS MONEY CAN BUY “You can’t write a cheque for something expensive and be connected to it. It has to blend into you”

“To me, it is very personal. It’s create oases for our customers,” says wonders of Venice, they had stopped starred restaurant they were at. The something one needs to grow up Oberoi. “Places where they could at a bistro, with a remarkable view extra-large rim allowed the wine to with–it cannot be acquired,” he says, pamper themselves.” Once these were at the Piazza San Marco, for a quiet breathe, making it taste exceptional. inadvertently stinging nouveau- available, they were happy to move in. drink. The wine, an Italian red, arrived The restaurant had the glasses for billionaires who pin their high-fl ying His strategy is simple: To associate in large hand-blown glasses, a kind sale and the couple were glad to hopes on designer wear. “You can’t every product with pride. “If I was the couple had not seen before. get them for their bar at home in just write a cheque for something the owner, what would my life be The sommelier told a curious Mumbai. In many ways, this set of expensive and be connected to it. It like? I want to entertain two couples: Gayatri that the balloon glass she Big Rafs epitomises what luxury has to blend into you.” You can see How would that living room look? was sipping from, in fact, had a means to them: The joy of being that he blends exceptionally well How would people sit? At the end name. It was called the Big Raf, after able to have well-crafted beautiful into the Tom Ford suit he has on. of the day, your house is a huge Raff aele ‘Raf’ Alajmo, one of the two things around them, especially (He has 10 of them, all in diff erent social visiting card. When you call brothers who owned the Michelin- those with an emotional connect. shades of grey.) But he doesn’t people over, you show them that let you point that out—he is on a you’ve arrived in life,” he says. philosophical trajectory. Luxury sits “Today, the way people socialise very quietly in his closet, he says. with others who haveIND a similar IA “And unless probed very deeply, fi nancial standing, taste, education… I don’t like to talk about it.” everyone is subtly competing. If someone has a better house, someone Where Work else aspires to have a bigger living and Life Meet room. That’s not bad—that’s how That may be true for his personal society prospers and evolves.” space. But its signifi cance to his Oberoi describes himself as a work is obvious. Luxury, and how major fi lter for his team—they freely it is defi ned, is of more relevance to pitch their ideas to him. These could Oberoi than to many other billionaires be about an open kitchen plan in on the Forbes India Rich List. After the apartments or a design tweak all, it is the foundation on which he to the windows. The challenge is has built his business, Oberoi Realty. to create spaces that will appeal to Listed in 2010, the company has built customers and this involves trial and 36 projects, covering fi ve million error, he says. The specifi cations square feet, in suburban Mumbai, of the ‘oases’ emerge from his and with insignifi cant debt at that. insights into the thought process Gayatri and Most of these developments, both Vikas Oberoi of the high-end customer. “Design commercial and residential, are in is a part of what he is—and it is the upscale, premium segments. obviously also an important part of Real estate analysts regard his profession,” says wife Gayatri. Oberoi’s projects responsible for the colony. Now, the place is alive with Oberoi Garden City at Goregaon transition of Goregaon from a sleepy the clatter of construction activity is what builders call an integrated Have Taste, Will Buy Mumbai suburb into a real estate since other developers have inevitably development plan. The luxury The subtler nuances of the good life hotspot where apartments are being jumped into the fray. “Goregaon residential projects and commercial are captured by the couple at home bought and sold for the equivalent East has gentrifi ed and boasts of property are supported by a fi ve-star too, and are inevitably attached to a of millions of dollars. A decade ago, malls, schools, housing and offi ces. hotel, the Westin, the Oberoi mall on personal story. For instance, when this was inconceivable. The area was The appreciation in residential the Western Express Highway, and they sit down for a drink with friends considered beyond city limits. Film real estate prices is astounding. an international school. The social at their Juhu home, memories of a crew would trek across for shoots; Rates have gone up from Rs 9,000 a infrastructure has helped people get late summer evening spent in Italy not and the government staff would square foot to Rs 15,000 in just fi ve comfortable about travel and, hence, so long ago come wafting back. After source milk from dairies at Aarey years,” says a real estate analyst. living in the locality. “We had to a day of absorbing the architectural

72 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY “The bottle of wine needn’t be the most expensive on the list”

Oberoi admits to being a late- In the Third comer to the wine trail. “I came in with the initial thought that alcohol was taboo. Only after I turned 27 did Dimension I start understanding wines. I got into [noticing] the grapes, the years, estates hen you think of even twice a week,” he says. Even businessmen fl ying, the fi rst on weekdays, he tries to leave and who does what,’’ he says. It has W image that comes to mind work by fi ve, and squeeze in half been a decade since, and while he has are suits striding purposefully an hour of fl ying. This is mostly begun to appreciate French wines, he towards a Learjet. But corporate ‘local fl ying’—from Mumbai to believes Italian vino is consistently jets are not everyone’s preferred places like Goa, Surat, Ahmedabad under-rated. The Sassicaia are wings. For the past three years, and Ujjain. “Unfortunately, it’s recognised for their Bordeaux- Oberoi has been heading to the just 180 degrees because one side style reds, he says about the Tuscan Juhu aerodrome every Sunday is the sea, but we’ve mapped every wines that barged into the world in morning to take his small, single- airport that comes up,’’ he says. engine Cirrus S22 four-seater Goa is his favourite place to fl y the 1970s, but the snob value of the up for a spin. But, most often, he to because the route is beautiful. (French) Château Latour continues fl ies solo or with his instructor. The Cirrus is unpressurised, so to hold sway. Even among French Oberoi gives the Bombay fl ying is usually below the clouds, wines, the hold of the Bordeaux Flying Club a good name, says at about 500 feet, and off ers a INDvineyards is probablyIA the strongest. great view. You Gayatri says their choice of what to have the mountains drink depends more on the food and A Cirrus S22 on one side and the sea on the other. the mood, rather than the provenance. Flying was on his list “Wine lists can be extensive but, of ‘10 things to do most often, our choice is based on in life’, says Oberoi. what we’ve consumed and liked. The Does he plan to buy bottle certainly needn’t be the most one of ’em business expensive on the list,” she says. jets anytime soon? Meanwhile, Oberoi is not doing too “I have thought of badly for an oenophile who started it often,” he admits. “But it’s not about late. He has even graduated to single possessing anything malts. “I was introduced to single bigger or making a malts by friends two years ago, and an old-timer from the club. statement to the world. Anyway, I have begun liking them,” he says. Though it is India’s oldest, it is not easy to own a plane in But beyond the wine and whisky, having opened in 1928, the club India. You don’t get landing cars and watches, shoes and clothes, permission in Mumbai—you have had lost its sheen over the years. luxury is about having something Flying had reduced because it to send the plane to Ahmedabad. you really appreciate. Like family was located next to a very busy It’s really inconvenient.” time. “The luxury of time with the Mumbai international airport and Oberoi also does not see also because its runway was out himself graduating to a diff erent family is of huge value. The ability to of action during the monsoon. kind of sport aircraft. “I don’t switch off the phone and spend two- But with enthusiastic fl iers like want to upgrade or anything. That three days together,” says Gayatri. Oberoi, things are improving. would mean lesser fl ying and It is obvious that quality would “Mihir has made a big more automation. I certainly don’t matter to Oberoi. He is, after all, want that. I have a glass cockpit, diff erence,” says Oberoi, referring to to the manor born, having had the Captain Mihir Bhagwati, the club’s autopilot and all the modcoms fortune of wealth from an early age. dynamic chief fl ying instructor. (modern communications) a Flight plans are easier to fi le, and pilot needs. The beauty of this What matters is the class with which can even be emailed, he says. “I fl y plane is that you have to fl y affl uence is worn: “The minute practically every Sunday, if possible it,” he says, clearly in love. you name-drop, it’s dead.”

74 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

turbulence in its wake, as Gautam as his net worth grows, he is ready to Thapar found out. Its Rs 270-crore upgrade to the larger, faster machine. Arrival Lounge price-tag ruffl ed Crompton Greaves You can’t argue with that strategy. investors so much that the company Also very popular is the Global Owning a corporate jet continues to be the entrepreneur’s ultimate had to quickly sell it to a subsidiary. 5000. Kalanithi Maran’s Sun group, status symbol. And, needless to say, the more personalised, the better The plane is available with an Sajjan Jindal, Rahul Bajaj and both Elite Interior option. Using an iPod the Ambani brothers, Mukesh and Touch, passengers can control the Anil, count among its users. BY CUCKOO PAUL lighting, temperature, entertainment Like in the automobile industry, Bombardier’s Global 6000 is an ultra- equipment and window shades. newer, more sophisticated and fuel- long-range plane, one of the most effi cient models tend to drive sales popular categories DASSAULT FALCON 7X in the corporate jet market. Several among corporate jet owners. It can fly Dassault has a long history of aircraft, now under development, non-stop for 13 hours producing top-notch military aircraft could whet buyers’ appetite. and its business jets often tend These include, apart from the new / BUFFETT: CRITIC to incorporate these cuttingIND edge Gulfstream G650,IA Cessna’s latest TO CONVERT/ technologies. One of only two business Sovereign and Citation X jets as well Warren Buffett was a critic of private trijets in operation, the Dassault as Bombardier’s Challenger 350. air travel before Berkshire Hathaway Falcon 7X has the distinction of being bought its fi rst (used) corporate jet in 1986. When the company traded the fi rst fully ‘fl y-by-wire’ business CHALLENGER 604 up for a nicer model in 1989, Buffett, aircraft in the world. Carrying up to The spacious Challenger 604 is says Forbes, became so enamoured 14 passengers, the Falcon is among among the world’s best-selling large that he joked that he wished to be buried with it. the largest mid-size corporate jets corporate jets, thanks mostly to its and boasts of an 11,000 km range. versatility, comfort and cost effi ciency. At $50 million, this machine is Equipped with one of the widest and certainly among the priciest. quietest cabins in its class, the aircraft Some might say a Boeing Business Its sibling, the Falcon 2000, is provides an ideal environment for Jet (basically a 737 platform) or more popular in India. Eleven of in-fl ight business meetings or for an Airbus Corporate Jet (A320 the machines are in use already. catching up on some R&R. It can platform) is bigger. But these are Its most famous owner-pilot is accommodate nine to 12 passengers. really commercial jets repurposed Ratan Naval Tata. The planes are Probably the most famous Indian for business. Both are actually slower actually owned by Taj Air, which owner is Gautam Singhania, who and have shorter legs than the G650. charters them out. But the former rents it out when he is not globe- Cruising at Mach 90 (90 percent of usinessmen and the loaded with telescoping headrests, by Indians and others that are Tata group chief is always happy trotting himself. The plane can the speed of sound), the plane allows skies: The attraction fl exible wings, waterfall leg rests, fresh out of the hangars and to take them up for a spin. go up to 850 km an hour, and is up to 13-hour non-stop fl ights. B is self-evident. Not electric lumbar controls—older currently on shopping lists. easily available for hire in India. No Indian owns this one. Yet. surprisingly, a corporate jet CEOs often choose seats with heat GLOBAL 6000 remains the loudest signal that an and massage options, and full-fl at GULFSTREAM 550 The aircraft, formerly known as the GULFSTREAM G650 AND THE BIGGEST entrepreneur has arrived. GD Birla berthing. Leather ledges, less veneer, Michael Dell owns one, so does Global Express, or the Global XRS, At this point, this plane looks to be The world’s most expensive private and JRD Tata were fl ying planes more gloss. Monogrammed galleys Lakshmi Mittal. The G550 ultra-long comes from Bombardier’s stable. The the holy grail of business aviation. jet is an Airbus A380 owned by even before the jet age dawned. and crockery. Only the sky is the limit. range plane is also the ride of choice Canadian plane-maker has had a good The G650 is Gulfstream’s biggest Prince Alwaleed bin Talal Al Saud. Their modern-day counterparts are While the slowdown may have for Kumar Mangalam Birla. The run in India selling dozens of planes and sexiest jet yet. The 18-passenger It has an estimated cost of over $500 drawn to newer machines that fl y tempered demand, leading to a billionaire with businesses around across its three brands—Learjet, capacity means it can carry a large million. Some of the special features faster, higher and farther: Speed spurt of interest in pre-owned the world often uses this head- Challenger and Global. The idea is entourage to a maximum range of of the jet include a two-car garage, a and utility combine with luxury to aircraft instead, those who turner for intercontinental travel. to entice an entrepreneur with a well over 12,000 km. It off ers 12 stable for horses and camels, and a form the ultimate status symbol. can, buy, or at least aspire. Powered by two Rolls Royce engines, smaller aircraft in the lighter, medium diff erent fl oor plans that include a prayer room that rotates so it always Ownership established, the next Here’s a glance at the coolest the plane has a range of 12,500 range plane. As he gets used to the conference room, staterooms and faces Mecca. What happens when

step is personalisation. Seats fully machines, some already owned km. The machine can also cause convenience of a private plane and complete passenger privacy. the oil runs out, we wonder? Getty Images

76 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 77 The BEST THINGS MONEY CAN BUY

LAFERRARI

PRICE: Rs 14 crore FERRARI F12 Wheels BERLINETTA WHY: The Agera KOENIGSEGG has the best of two AGERA worlds: It is the only Roadster Hypercar with a detachable and R Us PRICE: Rs 8 crore stowable hardtop. PRICE: Rs 26 crore Cars tell a story about you WHY: When looking Made in Sweden, for a supercar that WHY: The ﬁ rst mild Agera means ‘to take hybrid from the even before you say a word. can get kids in the ASTON action’ in Swedish. It neighbourhood talk- Ferrari stable, the MARTIN is also short for the What do you think they say? ing about you, don’t LaFerrari became ONE 77 ancient Greek word settle for anything but the most powerful Ageratos, meaning the F12 Berlinetta— car ever built by the ‘ageless’. The Koe- the fastest, most pow- company in 2013. It nigsegg 5 litre V8 bi- BY ASHISH K MISHRA erful car till 2012 built consumes 40 percent turbo engine churns by the world’s most less fuel compared out more than 960 hp well-known supercar to a standard model. INDIA and runs on 95 octane manufacturer, Fer- With inputs from fuel; maximum speed rari. Thanks to its 730 Rory Byrne, the F1 is 400 kmph. bhp output and kerb designer responsible WHO’S GOT ONE? weight of 1,525 kg, in for no fewer than 11 Jay Leno terms of performance World Championship- the Berlinetta comes winning cars, only quite close to the 499 of the LaFerrari Bugatti Veyron. will be made. Ferrari PRICE: Rs 25 crore WHO’S GOT ONE? claims the car will WHY: If you believe Michael Mann, Ameri- have a top speed of in exclusivity then can director, screen- 350 kmph and can the Aston Martin writer and producer clock 0-100 km in One 77 is the car less than 3 seconds. for you. A two-door There are no known sports coupe, this is owners yet. the company’s most expensive production car, and only 77 units of the model have been made. Deliveries began in 2011. Back PRICE: Rs 22 crore in 2006, the company WHY: This is the built a separate pro- fastest and one of duction facility for it, PRICE: Rs 15 crore the most expensive announcing that no cars in the world. It motoring journal- WHY: Inspired by a is named after Pierre ist would drive one PAGANI plane barreling down Veyron, winner of the in ofﬁ cial capacity; HUAYRA a runaway and about 1939 24 Hours of Le the experience being to take off, the Pagani Mans, who partnered reserved for owners Huayra is an Italian the tragic Jean-Pierre only. mid-engined sports car. Named after Wimille to victory WHO’S GOT ONE? Huayra-tata, which at the annual motor The Dubai police. Yes. endurance event. The means ‘god of the Veyron was launched winds’ in Quechua, in 2005. Manufactured the language of the in Molsheim, France, Incas, Pagani makes by Volkswagen, the just 40 cars a year. Veyron is assembled With a top speed of piece by piece by eight 372 kmph and jet-like employees, and no design, the Huayra more than one or two has many admirers. vehicles are produced WHO’S GOT ONE? every week. BUGATTI Yazeed Al-Rajhi, the VEYRON WHO’S GOT ONE? Saudi Arabian rally Cristiano Ronaldo, Si- driver mon Cowell and JayZ

80 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 81 The BEST THINGS MONEY CAN BUY PRICE: Rs 3.5 crore WHY: The SLS AMG Black series is for those of you who love your grandfather’s three-pointed-star sedan but want something more modern and powerful. With a muscular and dynamic design plus gull-wing doors, this car is sure to get you noticed. It won’t dis- appoint on the open road: It accelerates to PRICE: Rs 3 crore 100 kmph in 3.6 sec- WHY: Well-rooted onds with a top speed PORSCHE in the tradition of of 315 kmph. AMG is 918 SPYDER German automobile the performance divi- engineering perfec- SLS AMG sion of Mercedes Benz tion and not overly BLACK and this is the most ﬂ amboyant, the 918 powerful automobile Spyder is a mid- it has ever buibuilt.lt. engine, sports plug-in hybrid manufactured by Porsche. It has a combined output of 887 hp, 608 bhp from a 4.6 litre, V8 engine plus 279 bhp from INDIA two electric motors. The production-ready model was launched at the 2013 Frankfurt Motor Show, where Porsche claimed the car can accelerate from 0-100 kmph in 2.8 seconds. Only 918 units of this car will be manufactured.

MCLAREN 12C

PRICE: Rs 4 crore WHY: The 12C is the ﬁ rst production car wholly designed and built by McLaren since the McLaren F1 in 1998. It has a carbon ﬁ bre chassis and is powered by a 3.8 litre, V8 twin turbo engine that churns out about 616 bhp. It is said to be the best driver-centric supercar, with the driver’s seat close to the centre of the vehicle. WHO’S GOT ONE? David Beckham’s got the 12C Spyder

82 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

Anil Reddi believes that giving discounts as part of distress market ing ‘No Car Is the devalues a brand Same as Another. That’s Luxury’ Porsche India MD Anil Reddi talks about how / CRUISE’S to sell a luxury brand, and when it is a good PORSCHE, A NOT-SO- time to say no to customers looking for a deal RISKY BUSINESS/ According to Forbes, a 1979 Porsche 928 that Tom Cruise drove BY ASHISH K MISHRA in Risky Business—most memora- bly in a chase sequence with Gui- do the pimp—sold for $49,200, at INDIA a 2012 auction of Hollywoodood memorabilia. That’s roughlyghly nil reddi, 41, tends to Luxury is also about fi ve times more than a veer towards philosophy—a individualisation, detailing, comparable Porsche 928 A that comes without moviee lot of his sentences begin craftsmanship, design and quality. bragging rights. with ‘a wise man once said’. He also With the Porsche Exclusive throws in anecdotes to emphasise his programme, we have thousands of rooted background and passion for the individualisation items, arguably the top job at Porsche India. For instance, highest off ered by any manufacturer off on a Porsche in India. We don’t Reddi went to a boarding school and in the world. You can start with discount and we are happy that had a suitcase with his name written the exterior, headlamps, tailpipes, way. Distress marketing devalues a on it. He quickly links that incident wheels, side skirts, decals… the list brand. The task we have is to tell the to the individualisation that is part is endless. Start with simple things customer ‘no, sorry, can’t do’ and still of the Porsche DNA, and which is like trims, inlays and fi nishes. Our manage the relationship sensitively. instrumental when selling luxury. leather packages off er a variety The man is a cracker salesman in quality, colour and decorative the machine can do and how it makes as a salesperson see you, then I say, king doesn’t bargain. Unfortunately Q Is this a good time to be a who works hard and sells harder— stitching; you have a family crest, a him feel. Luxury is gratifi cation of ‘Sir, that’s an excellent choice, do you in India—and I am not saying this as luxury car manufacturer? himself, his brand and his passion. monogram of your name, something the senses. It is the touch, feel, smell, use a fountain pen or a ball pen or a a sweeping statement—the higher A wise man said it is important to Over-the-top? Perhaps. But it works. embossed, etched—it is all possible. sound and the attention you get pencil? Is the pencil of a particular you go, the more the king wants to be fearless but it is also important to Porsche sold 1,43,096 cars that creates a lasting impression. I HB?’ Now the customer is foxed bargain. So peel that fruit a little, try know what fear is. If I were to look at Q How do you defi ne worldwide last year; I believe can tell you that if he hasn’t bought but it is important. It’s not just the and understand what ‘bargain’ means. the premium car market, it constitutes luxury at Porsche? not a single car is the same as the car after the drive, then he will writing instrument you use or the In our world, the customer will about 2 percent of the total automobile In my mind, a luxury good is called the other. That is luxury. be back soon. It is important that way you write; you could get a grid walk through the whole process like market in India. On the one hand, you a luxury good because it is built to our customers experience our cars or just a plain sheet. The thickness of a lovely person but there will come have the premium brands, and on the last—it is passed on from generation Q How do you sell a luxury car? live behind the wheel. One has to the paper is important. You can sell a time when he will say, ‘So what’s other super car nameplates. Where to generation, it becomes an heirloom Simple. First, fi nd the people who understand that our customers are not someone a gold-plated notebook by the deal?’ This person is saying, ‘I does Porsche fi t in? In the sweet spot and this adds to its appeal. Two-thirds have Porsche in their hearts; those looking for the deal of the month. But, the end of that conversation. But you have infi nite means of infl uence between these two. We call this ‘sports of all Porsche cars built thus far in the who have the purchasing power and in a crowded market, understanding cannot push; you have to help them and authority and I am in the habit luxury’. The slowdown has impacted world are still on the road. We call this the dream to own a Porsche. Second, the needs profi le and aspirations of graduate into making that choice. of getting what I want. So if I am us, we are not immune to it. For our ‘Car for Life’. At Porsche, excellence enthuse a customer by letting him the customer gets completely lost. going to buy this, what can you do customers, the need to indulge, the is not an accident. Today the world drive. It is not called bums on seats but I often use the example of a Q But everybody wants a for me for some ego gratifi cation?’ passion to drive, and fi nally the status calls it luxury but, at Porsche, it hands on the wheel. Let the customer person walking into a store to buy good deal, don’t they? This is the moment of truth. I am that you will enjoy with a Porsche—all

has always been a way of life. rev the engine a little bit, see what a notebook. You select one and if I Well, the customer is king and the conﬁ dent you can’t get anything of this helps us tap into the market. Cruise / Getty Images Forbes India; Tom Manoj Patil for Reddi:

84 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 85 The BEST THINGS MONEY CAN BUY Fast Forward Heralding the Bikes. Power. Speed. Enough said resurrection of Indian INDIAN is the ﬂ agship Chief CHIEFTAIN and this is the top model, the Chieftain. Its performance is BY TEAM OVERDRIVE effortlessly beyond the competition and has most of the optional cruiser features as standard. We haven’t seen a cruiser this capable in decades. SPECS: 1,819 cc, 162 Nm, 385 kg INDPRICE:IA Rs 14.6 lakh (USA)

BMW has more costly motorcycles, but none HONDA have the cache, image GOLDWING and versatility of the F6B GS. The Adventure tag means it takes its off- road and circumnavi- Honda’s six-cylinder gation roles seriously. boxer for the Gold- The simple, rugged wing was said to be GS has also become a over engineered, but tech powerhouse with the engine is regarded a part liquid-cooled This is perhaps the for its smoothness, engine, electronic most exotic sportsbike torque, reliability and systems and controls. you can buy, with 195 grace. Honda ‘bobbed’ DUCATI SPECS: 1,170 cc, 110 PS on tap, a top speed the Goldwing to make BMW R1200GS PANIGALE R ADVENTURE PS, 229 kg well over 320 kmph the lighter, faster F6B, and a monocoque with the goodness of PRICE: Rs 20 lakh onwardsonwards (I(India)ndia) chassis that likes to the boxer six, hard be taken by the scruff luggage and a shortyy of the neck and screen. ridden with top ﬂ ight SPECS: 1,832 cc, 1166 skill. It is, indeed, PS, 382 kg, a thinking (read: PRICE: Rs 13.3 lakh wealthy) person’s (USA) sportsbike. What you need to think about is whether or not you’re good enough to own and ride one. SPECS: 1,195 cc, 195 PS, 165 kg PRICE: Rs 40 lakh (approx)

86 | FORBES INDIA | OOCTOBERCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

The Mission is a APRILIA RSV rarity. It is an Ameri- FACTORY can sportsbike, loaded APRC ABS with exotic materials. The showstopper: A 160 PS electric The Aprilia is no motor that promises longer new and yet 240 kmph. It’s fast, swats competition clean, and a looker. away. It is not even Buy the GP Tech- the most powerful equipped model and sportsbike anymore get upgrades on things but its combination like Ohlins suspension of sinewy, Italian to the same ones the looks, impossibly MotoGP boys have. small dimensions, and stellar engine and MISSION RS SPECS: Electric, chassis performance 160 PS make it a legend. The PRICE: Rs 46 lakh new APRC version (USA)(USA) is the creme de la creme, including the The Rocket III is the best suspension, most biggest series produc- advanced electronics and more. TRIUMPH tion engine on a ROCKET III motorcycle. The 2.3- SPECS: 999.6 cc, litre triple is so big it is 184 PS, 181 kg mounted lengthwise, PRICE: Rs 12.7 lakh creating a deliciously (USA) off-kilterIND asymmetric IA look. This is backed by torque that will out accelerate sports bikes. The Rocket III can be ridden gently, but is a tremendously potent KAWSAKI MV AGUSTA motorcycle when you ZX-14RZX 14R BRUTALE wind the throttle on. 1090RR SPECS: 2,294 cc, 148 PS, 367 kg PRICE: Rs 13 lakh This is among the (UK) world’s best sporty- nakeds. Its 156 PS engine propels a great street motorcycle to a top speed of 265 kmph. The really cool thing is that it is for everyday use. Stand it in a parking lot anywhere in the world Wondered what beingbeing and the crowd will When MS Dhoni strappedstrapped to a ballistic collect to ogle within bought a Hellcat, missilemissilef feelseelsl like?ike? moments. CONFEDERATE people thought he’d gotten an exotic Get the ZX-14R, the SPECS:SPECS: 1,078 cc, 156 R134 motorcycle. Not even world’s most powerfull PS, 183 kgkg FIGHTERFIGHTER series production close. The Fighter motorcycle. It is, PRICE: RRss 115.25.2 llakhakh is the new one from however, restricted to (Europe)(Europe) Confederate. It looks 297 kmph. By role it iss angrily like something a tourer but by naturee the Alabama ﬁ rm it is almost like a dragg would make. There are racer. The ZX-14R only 10 being made, also enjoys corners. with alloy bits and SPECS: 1,441 cc, carbon ﬁ bre wheels. 210 PS, 268 kg SPECS: 2150 cc, PRICE: Rs 16.9 lakh undisclosed engine (ex-Pune) output, 230 kg PRICE: Over Rs 7 crore (USA)

88 | FORBES INDIA | OCTOBERER 18, 20201313 The BEST THINGS MONEY CAN BUY

conomic distress hasn’t FARTHEST SOUTH Richard Branson’s have a choice of two oceans to view: E ruffl ed the Indian holiday In 1922, English explorer Apsley The Caribbean or the Atlantic. Apart Been There, spirit. Kotak Wealth and Cherry-Garrard wrote The Worst Necker Island, from the Great House, you also get six Crisil Research, in their luxury report Journey in the World, a memoir of ravaged by a other individual Bali Houses located ‘Top of the Pyramid 2013’, say that the disastrous British Antarctic around the island, an array of chefs the affl uent Indian’s vacations plans expedition led by Robert Scott in 1910. fi re about two and butlers, the opportunity to snorkel Done That? have largely remained unchanged. You You would do well to read the book years ago, has and scuba-dive or simply unwind in concur. After all, your aunt’s second before you sign up for Abercrombie been extensively a hammock by the sea. The weekly The best holidays don’t always begin cousin recently went to Hawaii. Your & Kent’s South Pole expedition. This rate for exclusive use of the island for and end in Europe. And they aren’t neighbour has Spain and Arzak on one is not for the weak-hearted. You’ll refurbished and is a group of 30 people is about Rs 42 his mind. Your boss just changed her need to be fi t enough to drag a sled now available for lakh, but couples can book themselves about putting up your feet either Facebook cover photo. She was skiing for six to eight hours every day for a on select ‘Celebration Weeks’. in Gstaad last month. These sound fortnight, have a fair bit of skiing and exclusive hire Prices start at Rs 19 lakh. Details fun but you don’t want that T-shirt snow-camping experience and be on www.neckerisland.virgin.com. BY MURALI K MENON that only suggests ‘expensive vacation’ able to endure temperatures that can —you would rather it said ‘unusual’. plummet to 30 degreesIND below zero in Singhania. “It wasIA slightly disorienting, JULIAN ROBERTSON’S ROUTE Yes, you are reading the right story. the frigidly beautiful continent. The we were pulling between 5 and 6 Gs. DU BONHEUR, NEW ZEALAND Tourists on an rewards? You’ll be among a handful But it did everything—sharp banking, Where do legendary hedge fund adventure cruise in Antarctica of individuals to have set foot on the loops and tailslides.” He wants to fl y managers go after they’ve made where tempera- South Pole. The expedition is operated an Apache helicopter next. If you’re enough money? Julian Robertson, tures fall well below zero twice a year, in December, and is priced keen on a similar experience, point the man behind Tiger Fund, headed at Rs 38 lakh a person (excluding your cursor to skyandspacetravel. airfare to Santiago, Chile, and back). com, migfl ug.com or fl ymigsokol.com. More on www.abercrombiekent.co.in. Or, for big little boys, who still read Commando comics on the sly (“Look THE FIGHTER JET RIDE out, Blue Squadron—Bandits!”), A clutch of companies north of the the Fullerton-based Air Combat Caucasus and elsewhere is off ering USA even off ers simulated ‘combat’ the passenger seat in lethally quick sessions. Prices for a ride aboard a machines like the MiG-29 and fi ghter jet start from Rs 9 lakh. the Sukhoi Su-27, or, if you have a Cold War fetish, even relatively THE RS 6-LAKH-A-NIGHT ISLAND older, subsonic aircraft such as the Richard Branson’s Necker Island, Hawker Hunter. What does it feel ravaged by a fi re about two years like to climb around 50,000 feet ago, has been refurbished and is vertically into the atmosphere? now available for exclusive hire. Ask Gautam Singhania. Some years The billionaire-founder of Virgin ago, the chairman and managing Group bought the island, part of the director of the Raymond Group, well Virgin Islands in the Caribbean, in known for his trans-European drives 1978. Since then, it has played host to in supercars, went to southern Ukraine princess Diana, former US president to fl y in a Sukhoi Su-27. He was fi rst Jimmy Carter, former UN secretary / TIME TRAVELLING/ fl own on an L-39 Albatros jet trainer. general Kofi Annan and Google co- Before long-haul fl ights and Then, a little later, it was time for him founder Larry Page, among others. the angst of ‘economy’ vs ‘business’ vs ‘fi rst’, there was the to don the oxygen mask and the pilot’s The Great House on the 74-acre island cruise ship and an even clearer uniform. “The one thing I remember is inspired by Balinese design and class divide. But what did they call jetlag, though? most vividly was the Sukhoi’s features nine bedrooms. Depending on Corbis tremendous manoeuverability,” says which part of the house you are in, you Getty Images

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Micato’s ‘Private Jet Safari’ includes camping in the Kalahari Desert to New Zealand, fell in love with the in Botswana place, built a couple of properties and earned even more money by renting them out. Robertson’s three properties—The Lodge at Kauri Cliff s in North lsland, The Farm at Cape Kidnappers on the dramatic Hawke’s Bay, and Matakauri Lodge, near Queenstown, in South Island—are among the pearls Relais & Châteaux, a collection of the ﬁ nest boutique restaurants across the world, has discovered in New Zealand. A nine- day itinerary may work well. Tee off at the Kauri Cliff s and pay obeisance to Tāne Mahuta—a grand patriarch of a tree in the Waipoua Forest which is older than Christianity; ﬂ y to Cape Kidnappers and contemplate INDIA the tuatara—a lizard that once lived among dinosaurs; and watch the sun ignite the waters of Lake Wakatipu from the Matakauri Lodge. Robertson’s Route du Bonheur is priced at about Rs 4 lakh per person. More at www.relaischateaux.com.

NOT JUST ANOTHER AFRICAN SAFARI Micato is to African safaris what Rolls-Royce is to luxury cars. Their most exclusive off ering is the bespoke ‘Private Jet Safari’. With a ﬂ eet that includes a Gulfstream II and a King Air 200, it is geared to indulge the long wishlist: Camping in the Kalahari Desert in Botswana, TWO WHEELS AND A TRAIL Enduro Expedition, so think trail an early morning tour of the ancient Bangalore-based motorcycle biking, no network coverage rock-cut churches of Lalibela in adventure company indiMotard and around 200-odd km of focussed Ethiopia, a viewing of the gorillas off ers interesting travel options in Sri riding for about a week. indiMotard in Rwanda. A two-week tour could Lanka and Ladakh but its standout provides the motorcycles—Honda also include the Skeleton Coast of off ering is a wide loop in Cambodia XR250s. The tour costs Rs 74,500 Namibia and the Great Migration that pulls in Phnom Penh, Siem Reap per rider; a pillion will cost an in the Serengeti. A week-and-a-half and the Angkor Vat temple complex, additional Rs 48,000. More details of the high life in Africa, including fried tarantulas, French colonial at www.indimotard.com. stays at top-quality lodges and bungalows, and the Gulf of Thailand. The prices and information have been sourced from the travel companies and hotels, costs around Rs 50 lakh per Be warned though: This is no ordinary other websites. The writer is managing person. More on www.micato.com. road-biking trip. It is more of an editor of the magazine Man’s World.

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Peking Duck with Ossetra Caviar: A take on the Chinese classic of antibiotics, hormones or growth- at Hakkasan, Mumbai promoting drugs. The meat is full of Food Fit fl avour, tender and juicy. Our T-bone steak, served with pont neuf potatoes, creamed spinach and black pepper For Kings jus, can match the quality at the New York City’s famous steakhouse Peter The best food in the world is more accessible now but, Luger. — Chef de Cuisine Mickey Bhoite as the price tags indicate, it is just as exclusive if not elusive RIB-EYE WAGYU Orient Express/Taj Palace/ BY SUMANA MUKHERJEE New Delhi; Rs 7,500 We source graded Wagyu from Japan, and serve it medium rare. If a guest asks for it to be well done, the chef will INDIA personally visit the table and persuade perfectly done steak, him to change his mind, or suggest an a crown of caviar, a fi llet of alternative. Typically, Wagyu is highly A Chilean sea bass that falls marbled, that is, the muscle is fi nely apart at the merest touch of the fork... interspersed with monounsaturated Time was when you’d have to board a of garlic and garnished with garlic The Ossetra fat. Once cooked, the marbling is Kagero Yaki: plane to taste any of these delicacies. river chips, on hot river stone. It is Australian Wagyu strip With premier global restaurant chains fl ambéed by the diner’s table with caviar is not a loin, flambéed at Megu, Leela setting up shop in Mumbai and New Hennessey cognac to bind together Chinese element, Palace, New Delhi Delhi, however, the best food in the the fl avours of garlic and meat. — world is far more accessible now. Chef de Cuisine Yutaka Saito, Megu but Hakkasan’s Several factors decide the price-tag, twist on a classic including the ethicality of the food PEKING DUCK WITH dish takes it to and the sourcing of the principal OSSETRA CAVIAR ingredients. Not surprisingly, some of Hakkasan, Mumbai; Rs 9,000 a new level of the most expensive dishes available in The multiple-serving duck is sourced magnifi cence India revolve around premium cuts of from Germany and goes through a beef, fl own in from Japan, Australia three-day preparation that involves and the US. The top spot, however, marinating, drying and roasting before is taken by a bird. In the interest of it is fi nally presented at the table weighing between 900 and 1,000 gm; fairness and variety, this list, courtesy in a golden-brown, thin, crisp skin it is recommended for two, but many some of the best restaurants, does encasing succulent, fl avourful meat. prefer it as a single-person dish. The / OH, IT’S not include tinned imports such The Ossetra caviar is not a Chinese T-bone is a combination of one of the TOO GOOD FOR THE PEASANTS/ as caviar (upto Rs 14,500 for a 30 element, but Hakkasan’s twist on a most fl avourful cuts, the sirloin, and A week-long hunt for the hare and gm serving) or pate de foie gras. classic dish that takes it to a new the most tender cut, the tenderloin. I a seven-hour preparation made level of magnifi cence. personally suggest it be done rare or this dish, Lièvre (Hare) à la Royale, KAGERO YAKI — Ketan SS Gohel, GM, Hakkasan. medium; cooked any further, there a “culinary masterpiece” Megu/Leela Palace, isn’t much diff erence between this as defi ned by French senator Aristide Couteaux in his column New Delhi; Rs 8,500 BISTECCA ALLA FIORENTINA and any other cut or steak. Our T-bone in 1898. A complex method, The dish presents slices of Australian Le Cirque, Leela Palace, is a wet-aged USDA-certifi ed Prime prolonged preparation time, and Wagyu strip loin (with a grading New Delhi; Rs 8,000 Black Angus, which comes from expensive or rare ingredients are of 9+; the highest category by the The T-bone Steak Fiorentina style as Texas, sourced from grass- and hay- obligatory.

Beef Marbling Standard) on a bed served at Le Cirque is a porterhouse fed animals raised without any use Stefano Bianchetti / Corbis

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Bistecca alla Fiorentina: A The Tastes T-bone steak at Le Cirque, Leela Palace, New of India Delhi If you thought only imported foods came with ﬁ ve-ﬁ gure price tags, cast an eye over the wholesale markets. In Old Delhi’s Khari Baoli, the precious stuff is hidden away from the photogenic sacks of turmeric and dried red chillies; the more rare produce never makes it to the markets. Morels, for instance, have a huge demand internationally and only a few kg are sold to topline restaurants in India.

SAFFRON Rs 2.5 LAKH/KG Each fl ower of the saffron crocus produces three stigmas which, when dried, fi nd aro- matic use in a number INDIAof cuisines. The hands- only processing method also adds to the price. absorbed into the muscle and imparts served with bouquetiere of the day ITTAR tenderness and fl avour to the meat. and béarnaise sauce on the side, Rs 8,000-80,000/KG We serve our rib-eye with purple fi nished with mustard of your choice. OF FOOD-GRADE potatoes, jumbo asparagus, butter- We import the fi nest tenderloin from ROSE ITTAR The price is decided by poached shallots and béarnaise New Zealand and make it to serve two, the quantum of fl owers sauce. — Chef Rajesh Wadhwa ideally medium-rare or medium, as the used in the process as well as the days de- guests want it. — Chef Hemant Oberoi voted to steam distilla- CHATEAUBRIAND tion. It is used in Indian Zodiac Grill/Taj Mahal Palace sweets, and also paan FILETTO DI MERLUZZO masala and gutkha. Hotel, Mumbai; Rs 7,100 NERO SELVATICO E MOREL A double fi llet steak chargrilled with ORGANICO AI CAPPERI Rs 25,000-28,000/KG a variety of sauces like red wine jus/ San Gimignano/Hotel Imperial, Grown in the upper mushroom sauce/pepper sauce/ New Delhi; Rs 3,500 reaches of Kashmir and Himachal Pradesh, the mushroom and pepper sauce and Filetto di merluzzo is part of the wild mushroom has a repertoire of classic Italian dishes. limited season–right I cook this fi sh with capers, white after the snows melt– and is mostly exported. wine, fresh garlic, vegetables and Kalamata olives. It needs good CHILGOZA San Gimignano Rs 2,800/KG bread or pasta to soak up that The Indian pinenut at Hotel Imperial delicious butter and olive oil around grows in the western Himalayas. As with prides itself on the fi sh. The Chilean black bass is a saffron, the hands- the fact that their light, nutrient-rich food that tastes only harvesting process delicious, especially when done on pushes up its price. fi sh is caught the the grill. We also pride ourselves VANILLA BEANS on the fact that our fi sh is caught Rs 2,000/KG old-fashioned A few years ago, prices the old-fashioned way, through touched Rs 4,000/kg— way, through hook and line. — Executive Sous but growing demand has kept the rate stable. hook and line Chef Prem Kumar Pogakula Saffron: Corbis Beans: Indiapicture; Morel, Vanilla Alamy, Steiner / Ittar: Wolfgang

96 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

A vintage poster of a wine shop omeone recently asked in Nice, France yet. Lovely juicy Cab presented Even contemplating availability, it would be one of the for my recommendations in an exquisite etched glass bottle rarer wines. The story of the couple S on must-drink wines if that is just as worthy once the such hedonism was who travelled the world and then budget was not an issue. I stood wine is a memory on the palate. short-circuiting chose a mix of grapes to plant in their there silent, detached from my You can buy this wine (of which little vineyard in order to make a blend physical surroundings as fantastical no more than a few thousand my imagination that has never been attempted before childhood visions of being locked bottles are produced annually) is too romantic to not include. They in Willy Wonka’s chocolate only at the winery. $300/bottle were shunned by the local authorities factory fl ooded my mind. Even and the French winemaking contemplating such hedonism was CHATEAU MARGAUX good to be true. And then, it happened. governing body, their creation called short-circuiting my imagination. Few houses in France can match I was party to a decade-and-a-half- a lowly ‘table wine’, but they weren’t I have the answer now. These are up to the stately elegance that lies old bottle of Barolo and realised just discouraged. In every sip, you taste what I would be hunting for if the within the massive portals of this what makes this Nebbiolo-based hard work, determination, passion and spoils were to belong to me without Bordeaux winery. The wines are wine so special. It has power and love. The lack of credentials on the the hassle of haggle. All the wines always magnifi cent, reminiscent of the richness, depth and layers, and yet it bottle makes this a connoisseur’s wine. listed here are expensive and often old world traditions ofIND winemaking, was silky and buoyant.IA $150/bottle $150/bottle impossible to obtain. But beyond the kind that build lasting repute. price and accessibility, emotions Although some may fi nd them rather DOMAINE DE LA SASSICAIA are attached to these choices too. reserved and even austere in their ROMANÉE-CONTI Yet another story where a youth, with time (and patience) these Tasting a Romanée-Conti was perhaps revolutionary idea (to plant Bordeaux PENFOLDS GRANGE bottles can yield something that the biggest build-up of my life and grapes in Italy) led to the creation of A wine that rose to the status of being words can never entirely express. it lived up to every expectation. I a wine that would set the standard classifi ed an Australian heritage icon This was among the top wines can even say that it spoiled most for others. The original Super Tuscan is no small feat. It went against the to be classifi ed by the French other Pinot Noirs for me, setting a remains my reference point for not norm, with creator Max Schubert emperor, Napoleon. $650/bottle benchmark so high that one knew just Cabernet wines, Italian reds or planting a Shiraz at a time Cabernet that everything else would be a other Super-wherevers, but for fi ne ruled the roost. But nothing about RIDGE MONTE BELLO compromise. It is often lauded as the elegant wines in general. its taste—friendly, fruity, aff able— I was never a big fan of American cult most expensive wine in the world and $80/bottle reveals the complexities it had to Cabernets. And then I came across the is also among the rarest. $12,485/bottle battle to survive. This was when the wines of Paul Draper. Nothing like its CHATEAU HAUT-BRION island country was focussed on bulk- counterparts, this is perhaps the most DOMAINE DE VIEUX If I had to throw in a white in this producing wines in a fortifi ed style; European of the New World wines I TELEGRAPHE collection of reds, it would come to attempt a limited-quantity dry red have tried, especially from California. Châteauneuf-du-Pape has been from a handful of houses. Like this wine was considered a poor strategy. It is a mystery how they manage to considered something of an underdog one. While this house is famous Today, the wine, made from Shiraz transport all that is wonderful about region outside of France, but it has its for its red, it is the secretive white sourced from the best of sites around the Old World and then improve ardent followers. The wines—from that connoisseurs like to boast of in South Australia, is one of the most it with a lively dash of the new. A vineyards that historically belonged hushed circles. Among the rarest iconic reds. signifi cant moment was when it beat to the Pope—are robust, strong, and most prestigious whites to be $650/bottle some of the top Chateaux wines in structured, powerful, heavy, deep, had—take my word for it. $895/bottle Getty Images a landmark historical blind tasting brooding. They sit boldly beside food, ROBERT MONDAVI TO KALON back in the ’70s, thus announcing the and they age well. Not for the faint- KRUG GRANDE CUVÉE CABERNET SAUVIGNON The story arrival of iconic Californian wines hearted but defi nitely for lovers of There is constant debate over I only heard of this wine when I behind the wine on the world stage. $150/bottle fl avours dark and nutty. $200/bottle champagnes but nobody will ever cycled across the famed To Kalon Bottle often makes it contest the Grande Cuvée by Krug. vineyard in California. This bottle GIACOMO CONTERNO BAROLO MAS DE DAUMAS GASSAC The most successful blend ever is the shy coveted off ering from the worth having I had never really enjoyed a Barolo, This is perhaps a modest wine to be crafted, it remains my one Robert Mondavi stable that hasn’t just silently sipped it as others around compared to the ‘big names’ point reference. $250/bottle quite caught the international eye Envy BY MAGANDEEP SINGH me recounted tales that sounded too populating this list but, in terms of The author is a sommelier

98 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 99 The BEST THINGS MONEY CAN BUY

rom when i started tasting or, rather, are paying for, or get an expert’s opinion. One way appreciating whiskies two decades ago, could be searching on the Malt Maniacs monitor, F their prices have gone up considerably. which has more than 52,000 ratings on various / YES, PRICE IS RIGHT / To justify this, several companies position their whiskies. It is the largest database of whiskies. There are a few whiskies crafted by Macallan Liquid and Dalmore where the price of the bottle is, higher-priced products as “investment whiskies”. Apart from the UK, you can ﬁ nd rare whiskies in well, priceless. For example, The Macallan I disagree. Prices are higher simply because a real Singapore, Hong Kong, Taiwan and Japan (note 64-year-old Lalique Cire Perdue (left) was sold whisky that has been made in Scotland, Japan or the Asian demand) from independent bottlers such in Sotheby’s New York auction for $460,000 in November 2010. The proceeds went towards Art even India is a unique piece of art; also because it is as Gordon & Macphail, The Whisky Exchange, a water conservation project in developing Much like with a painting, rare due to a combination of factors such as barley, The Royal Miles, Cadenhead’s, La Maison du countries. Dalmore came out with “Dalmore distillation, cask selection and the ageing process. Whisky, The Whisky Shop and The Scotch Malt Trinitas”, a 64-year-old vatting of three casks knowledge is key when buying rare (some of the spirit is more than 100 years Rare whisky buying, as with any other works of Whisky Society, and from auction houses such old); only three bottles were released in 2010 whisky too. So is eclectic taste art like paintings and wine, is fraught with risk— as whiskyauction.com, scotchwhiskyauctions. for a price of £100,000 each. One of them was consider the high number of fakes. Buyers should com, McTear’s, and Bonhams. Here is my bought by Sukhinder Singh, owner of The Whisky Exchange in London. BY KRISHNA NUKALA possess thorough knowledge about what they pick of whiskies that areIND worth collecting. IA

GLENDRONACH GLENFARCLAS LAGAVULIN BOWMORE KARUIZAWA STRATHISLA LAPHROAIG ARDBEG 105 1965 PROVENANCE

41 YEARS OLD (YO), 40 YO, 1968-2008, 12 YO, bottled in 50%, full strength. 35 YO, 1975-2010. 50 YO, 1960-2010. 27 YO, 1980-2007. 23 YO, 1974-1997. 1971-2012. 47.9%. 60%. 40th anniver- 1980s. 43%, 75 cl. Special sherry cask. 61.8%. Cask no 43%. Gordon & 57.4%. Oloroso 55.6%. Rs 1,25,000 Pedro Ximinez sary distillery Rs 85,000 Rs 1,10,000 6736. Rs 45,000 Macphail. Rs 45,000 sherry cask. 972 Ask any distillery Sherry puncheon. bottling. Vatting I know some whisky Dating back to 1779, Started in 1950s’ A fl agship distillery of bottles. Rs 75,000 manager in Scotland Cask no. 1247. 529 of two casks. 893 lovers who swear Bowmore could well Japan, the distillery Seagrams, Strathisla This is a highly about his second bottles. Rs 55,000 bottles. Rs 85,000 by the name of this be one of the oldest stopped production also claims to be one polarising whisky: favourite whisky (the The Glendronach This whisky has been legendary distillery, distilleries of Scot- in 2001 and shut in of the old distilleries You either love it or fi rst obviously being distillery in Scotland’s made to mark the owned by Diageo. land. Now owned by 2011. Most of the of Scotland. Most hate it. One of the the one he is mak- Deveron area was 40th anniversary Visiting Lagavulin Suntory of Japan, it is casks now belong of the Strathislas very few whiskies ing), and more often founded in 1826 by of the fi rst bottling distillery is like mak- steeped in tradition, to Number 1 Drinks end up in Seagrams having a Royal than not he will say Glendronach Distill- of Glenfarclas 105 ing a pilgrimage and where the age-old Company, owned by blends like Chivas and Order—Laphroaig “Ardbeg”. Ardbeg was ery Co, a partnership by John and George I am always in awe process of fl oor malt- Marcin Miller, who Royal Salute, which is said to be Prince closed in the 1980s, headed by James Grant, the father-son of its four stills that ings still continues. releases teasing ver- is why they taste so Charles’s favourite. and later bought by Allardes. Billy Walker duo. Bottled at 60 make me wonder: Whisky enthusiasts sions from time to delicious. Many of What is it that makes Glenmorangie for took it over from percent abv (alcohol “How can such small are constantly looking time. The Karuiza- the normal versions the three spirits of about £7.1 million. Pernod Ricard in 2008. by volume) to bring stills produce such a out for special bot- was give the fi nest of Strathisla are Ardbeg, Lagavulin and This is a whisky with This Glendronach has out the true spirit giant of a whisky?” tlings of early 1960s’ Speysiders of Scotland available at duty free Laphroaig so very dif- history; even the US been matured in a of the original that You drink it with Bowmores, which are a run for their money, shops but the special ferent although they space programme Spanish Pedro Ximi- was created in 1968, reverence and head released under the and in blind tastings versions rest in the lie in close vicinity chose to take it into nez sherry cask that this is truly a limited bowed in the direction name of Black,White you can never make warehouses of Gordon in Islay? Even whisky space for a two-year yielded 529 bottles. edition. of the distillery. and Gold Bowmore. out which is which. & Macphail in Elgin. pundits are clueless. study in 2011.

The author belongs to www.maltmaniacs.net, a global conclave of 32 whisky enthusiasts who exalt in whisky. He can be contacted at [email protected]

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INDIA The BEST THINGS MONEY CAN BUY

Ajai Bijli, chairman and managing director, PVR In Pursuit Cinemas of Simple Luxury

Ajay Bijli, the owner of PVR Cinemas, lives the good life but on three principles: It must be understated, serve a functional purpose and have aesthetic value BY ASHISH K MISHRA INDIA

diamond-studded are priced higher than other things travelling fi rst class on holidays. “My watch, a private island, a is incidental. It is not the driving dad was fond of Mercedes for the A business jet, a chauff er- factor for me,” he says. This is not a longest time and he was a collector, driven super luxurious car, bespoke show for the world to see and judge. to the extent [that he would buy] anything—luxury is limited only by the Many of Bijli’s choices can whatever would come on the State imagination. And by the depths of your be traced back to his growing- Trading Corporation or what was pocket. Ajay Bijli, 46, an entrepreneur up years and to the phase after possible to import—and he had a who has made a fortune for himself his father, Kishan Mohan Bijli, good collection. He infl uenced me as building PVR Cinemas into India’s passed away—that was when he far as travel and cars are concerned. largest chain of multiplexes (with a had to fi nd his feet in the world. He would always say that if you are turnover of around Rs 1,100 crore) has It would be fair to say that Ajay travelling, then travel well. That no such constraints. But, he says, “I Bijli had a privileged childhood. As has stayed with me,” says Bijli. am just very reluctant to talk about it a kid, he was pampered—he was Growing up in New Delhi, there because there is no end to luxury.” used to being driven in good cars and wasn’t much that junior Bijli was It’s not that he doesn’t live the good deprived of. There were no gadgets to life; he merely isn’t in a mad pursuit hanker for, remember. Life changed of the best things that money can “The fact that the when he got to Hindu College—he buy. There is a Bentley to go to work choices I have made wanted a car of his own. “So dad in, fi rst-class international travel, are priced higher… bought me a Volvo and immediately made-to-measure clothes stitched after that I wanted a Honda; that in the UK or Singapore, secluded is incidental. It is too he gave me. Then when I got destinations for family vacations not the driving married, he gave me a Mercedes. So and a house that’s been under I had incremental improvements in construction for the past 12 years. factor for me” the cars that I needed,” he says.

“The fact that the choices I have made His father, who ran a trucking Amit Verma

104 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 105 The BEST THINGS MONEY CAN BUY company called Amritsar Transport, “Anything that you which is on the cusp of not being passed away in 1992. Ajay also too blingy and at the same time inherited a cinema hall called Priya in wear should be elegant, I get attracted to it, to the New Delhi’s Vasant Vihar. The theatre weather-and occa- qualitative, aesthetic aspect of it. business excited him, especially the sion-appropriate. potential of multiplexes in a country ON THE BENTLEY full of single screen theaters. Building Some people get I live in Rohtak Road and I work in Priya Village Roadshow (PVR) became away with a lot” Gurgaon, so I am travelling 60-70 km priority. It was a tough period and a day just to go to work. After I come the idea of having a good time took a back and if I have to go out in the back seat. “After that I became very evening, that’s another 10-12 km, so conservative. Actually the need of the It’s like this: I may compromise on my car is probably the most abused hour was to run the business and take other things but I won’t on the way Bentley in Delhi. I bought it for the care of the inheritance. At that time I travel as long as I can aff ord it. safety aspect, to be able to take a nap people used to wonder why I never Some things don’t appeal to and listen to music. It fi ts into my bought any cars—whenever something me, no matter how expensive or scheme of things, which is commuting. would get spoiled, only then it would luxurious they are. For instance, if But I love the leather and the be replaced,” says Bijli. It was only I stay in a decent hotel—it could be authenticity of British craftsmanship. after 2005, when PVR Cinemas had Four Seasons or Ritz Carlton—and INDThat appealed toIA me too. achieved a certain scale, that he found I am alone, I will take the smallest time for himself again. That’s when room available. But if I am with ON CLOTHES the cars and the holidays reappeared. my wife or my children, then I will I have always been conscious of what I What stayed constant was this: A book a larger space, something with wear but, as Steve Jobs said, simplicity house. Bijli still stays in his father’s a living room attached, because I is the ultimate sophistication. A home in Rohtak Road. “My mom get up very early and I don’t want good tailored shirt or a suit that always used to tell me dukane banao anyone to be disturbed. And that fi ts well and I am comfortable, not toh ghar khud hi ban jate hai (build a is the functional aspect of it. conscious of what I am wearing. good business and a house will follow). I am driven by a specifi c need. If I They say fashion is painful but I I have spent my entire life building am taking a holiday with my family, don’t believe in that. For me comfort the business and the house never took then that is a precious time with my is very important, at the same time priority. I am very comfortable where daughters—one is in Los Angeles, the it should be well tailored. Then you I am now… just that it is not practical other in Boston—and my son [who is build your own style in terms of to live in Old Delhi. Now, a luxury in Delhi]. We get about two weeks in colour or the cuts. As I have grown or a need is to be in South Delhi. winter and three weeks in summer. I older, I have stopped wearing ripped That’s one indulgence of mine that try and look for locations which are jeans and clothes like that. With I must build a home here,” he says. slightly secluded where I don’t get age, one has to realise what works Bijli has a decidedly strong view bothered. I will rent a villa or book a and what doesn’t work on you. on what a high-end life entails. hotel because we want to spend time Also, anything that you wear And it varies depending on the together, just the fi ve of us. Again should be weather- and occasion- expenditure head. For instance: it is not luxury but about where I appropriate. Some people get away can get exclusive time with them with a lot. I like understated colours. ON TRAVEL without bumping into acquaintances. I have a certain style that I like, in I travel a great deal. And if I travel fi rst terms of the size of the lapels and class it is not because of the luxury ON WATCHES fabric, and I get my clothes tailored element but because I actually want If I see a watch where the mechanics accordingly. It could be in Hong Kong, to sleep eight hours on the fl ight. I are visible—it could be a minute Singapore or England where I like the am pretty introverted while fl ying repeater or a tourbillon—or I like the bespoke, made-to-measure tailors. so I get my own space this way. way it sits on my wrist, something And sometimes, I use Tom Ford.

106 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

COVERBEE DIAMOND & SABLE FUR LAPTOP SLEEVE

I Buy, Because It took Dutch luxe brand CoverBee almost two years to perfect the world’s most expensive laptop sleeve. Each I Can handcrafted sleeve features 8,800 diamonds Blingy or understated or bespoke, there is something for everybody and rare Siberian black sable fur. (The fur is seeking luxury. Necessity, needless to say, has little to do with it extracted from animals which have already died of natural causes.) Inspired by the ‘I Am BY KARISHMA UPADHYAY Rich’ iPhone app that was priced at $999.99 in 2008, Peter van Soldt, CEO of CoverBee, says, “Accessories have INDIA been popular across all cultures and ages, and so has ﬁ ne jewellery.” Ship- ment is handled by a secure logistics ﬁ rm. PRICE: $11 million AVAILABILITY: GUERLAIN’S www.coverbee.com KISSKISS LIPSTICK IN GOLD & DIAMOND

DIAMOND Getty Images GOLF BALL Made in France and BY BERNARD available in 15 custo- MAQUIN misable shades, KissKiss contains light refl ectors which claim to create a ‘dazzling effect’, and a Golf is said to be a moisturising complex rich man’s game. This of vitamin A, alpha- diamond-studded golf bisabolol and waxes. ball by designer Bernard The case is crafted from Maquin fi ts that demo- solid 18-carat gold and graphic well. Each ball is embellished with 199 manufactured in 18- tiny diamonds of 2.2 carat gold and encrusted carats; it can also be with 11 carats of black custom engraved. Crea- and white diamonds. ted by Hervé Van der The diamond golf ball Straeten, the refi llable is of the same size as a lipstick is presented in genuine golf ball. The a black lacquered wood tee has a bit of bling to case and comes with a it as well in order lip brush and protective to complement the black suede pouch. ball. A perfect present / WHEN EVEN PRICE: On request for a golfer who has everything. SOAP WAS A AVAILABILITY: Maison Guerlain, Paris; PRICE: On request LUXURY/ by appointment AVAILABILITY: www. During World War II, when charleshollandercollec- soaps were rationed in Britain, Impe- tion.com rial Leather soap was positioned as a luxury item—the best choice since it lasted longer than the others.

108 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 109 The BEST THINGS MONEY CAN BUY

CHOPARD — DE RIGO VISION EYEWEAR

When Swiss luxury house Chopard got together with high-end eyewear company De GUCCI Rigo SpA for a range of MADE-TO- sunglasses, the sky was ORDER going to be the limit. HANDBAGS The most expensive pair of sunglasses in the world was unveiled in 2012; it features 51 fully What is better than cut River diamonds and owning an iconic Gucci weighs four carats. With handbag? One that is Gwyneth Paltrow, Kate customised for you. Gu- Beckinsale and Tom cci introduced its Made- Jones as fans, the brand to-Order programme in has no dearth of star India in 2012; on offer appeal either. are the New Bamboo, New Jackie and Stirrup PRICE: On request handbags. The process AVAILABILITY: starts with you choosing Chopard Boutique, DLF HERMES the leather—options in- INDBRIDESIA Emporio, New Delhi clude crocodile or ostrich FLEURIES skin, metallic or matte fi - PRECIOUS nishes, and even antique SCARF gold and silver dyes. You can also select the colour and metal components. Grace Kelly used hers as The fi nal touch is added an impossibly elegant by embossing your sling for her broken initials, and you own a arm; Audrey Hepburn bag no one else can. and Jackie O wore theirs as headscarves—just a PRICE: Rs 8 lakh couple of reasons why onwards for crocodile there are few women’s leather accessories in the world AVAILABILITYAVAILABILITY:: GuccGuccii as iconic as a Hermès fl agship stores in scarf. Since 1937, the Mumbai and New Delhi squares of silk have become the French fashion house’s most famous of- fering. Launched earlier this year, this 90 cm- by-90 cm scarf features the iconic ‘Brides de Gala’ print. This print, picked from the Hermès archives (it was fi rst launched in 1957), is a throwback to Hermès’s equestrian traditions. PRICE: Rs 2 lakh (approx) AVAILABILITY: All Hermès stores

110 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

CLIVE CHRISTIAN NO. 1 PERFUME

When Prince William married Kate Middleton two years ago, Clive Christian was commissioned to bottle a his-and-hers matched pair of Clive Christian No. 1 perfumes with gold etched initials. It is aptly packaged in its ROLAND iconic hand-cut crystal ITEN’S RZ8 bottle with the Imperial MK II Crown stopper. Fans ZILETTO include Elton John and SLYDER Beyoncé Knowles. PRICE: No. 1 for Men Pure Perfume (30 ml) Men love their toys and £2,700 no one knows this better AVAILABILITY: Roja than Swiss designer Dove Haute Parfumerie, Roland Iten who founded Harrods, London Roland Iten — Mechani- INDIA cal Luxury for Gentle- men. The RZ8 MK II Ziletto Slyder cuffl inks are an evolution of “the original Z-shaped, spring GLOBE- ejection, doubt-bullet TROTTER — cuffl inks” created by Iten THE GORING in 2004. When the bu- HOTEL llets are concealed, the EDITION cuffl inks are perfectly suited for business wear. With a simple press of Between them, the the button on the wing, family-owned Gor- the bullets are ejected ing Hotel of London to reveal a more festive and Globe-Trotter (the look with 30 diamonds. master of hand-crafted To maintain exclusivity, luggage) have almost the company releases 220 years of experience each piece in a limited in looking after travel- numbered series. lers. “The Globe-Trotter PRICE: On request Goring Hotel edition, AVAILABILITY: www. resplendent with silk rolanditen.com from The Royal Suite, looks wonderful and captures the essence of our two companies,” says Gary Bott, creative director, Globe-Trotter. With prices starting at Rs 40,000 for a suitcase, Globe-Trotter is preferred by the likes of Daniel Craig, Kate Moss and Kylie Minogue. PRICE: 26-inch suitcase – Rs 1.48 lakh (approx) AVAILABILITY: The prices and information Globe-trotter store, ITC have been sourced from Maurya Sheraton & the brands featured in Towers, New Delhi this article.

112 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

1830 1881 1929 Breguet presents Tissot launches Japanese watch WHY BASE 60 the fi rst watches company Seiko the fi rst antimag- with a button for founded by netic watch Time setting the time Kintaro Hattori Ever wondered why there are 60 seconds Antoine LeCoultre to a minute and 60 minutes to an hour? introduces Caliber 1833 We owe it to the Sumerian civilisation 101, the world’s smallest mechanical August Agassiz, Ernest that fl ourished in Mesopotamia (pres- Machine 1884 ent day Iraq) 4,000 years ago. The watch movement Francillon, Henri Raiguel and Florian Morel start Breitling founded in Sumerians used their thumb to count It is the celebration Longines Watch Company Switzerland by Leon ridges on the remaining four fi ngers of 1930 1680 Breitling a hand. In this manner they could count Antoine LeCoultre The fi rst stopwatch of precision and Addition of the till 12. Five fi ngers of the other hand establishes Manufacture patented by Breitling minute hand could be used to count 5 sets of 12. So, Jaeger-LaCoultre craftsmanship. From to clocks 60 was the highest number a Sumerian 1888 counter could count on his hands. As a its paradoxical birth to The fi rst Cartier ladies result 60 became the base for Sumerian 1931 1847 wristwatch studded with measurements. Sixty is also the smallest 1690 Rolex unveils Perpetual the much-anticipated diamond and gold number divisible by 1, 2, 3, 4, 5, 6, 10, Addition of the Louis-Francois Cartier Rotor, its waterproof and bracelets launched 15, 20 and 30, making it ‘handy’ for smartwatches, Forbes establishes Cartier perpetually self-winding second hand to clocks calculations. India dials back watch company INDIA wristwatch on the bejewelled 1755 1892 Jean-Marc Vacheron and Introduction of minute 1917 1933 1848 repeater wristwatches history of the luxury Francois Constantin Omega watch (those which can chime The Tank watch Longines introduces establish Vacheron created by Cartier, the Lindbergh Aviator watchmaking industry Constantin in Geneva company founded time to a minute, with by Louis Brandt separate tones for inspired by Renault The fi rst watch for hours, quarter hours FT-17 light-tank, used children featuring during World War I BY TUSHAR A AMIN 1770 and minutes) Mickey Mouse made 1851 by Ingersoll DESIGNED BY SAMEER PAWAR Invention of the self- winding mechanism by Adrien Philippe and 1904 Abraham-Louis Perrelet Antoni Patek form 1923 1938 Cartier designs the fi rst Patek Philippe & Co English Rolex pilot’s wristwatch for watchmaker patents 1775 friend and Brazilian aviator 1485 John Harwood the Bubble Abraham Louis Breguet 1853 Santos-Dumont. The watch Leonardo da Vinci invents the Back establishes Breguet in is on display at Paris Air sketches a mainspring Launch of Tissot fi rst automatic Paris, France watch company Museum next to Damoi- wristwatch for clocks, which has selle, the last plane built by better accuracy. The Santos-Dumont in 1908 1945 design becomes the 1810 - 1812 Rolex Date, the fi rst mainstay of watch 1860 Breguet creates the fi rst watch with date display, design for the next 1925 wristwatch for the Queen First rating certifi - is launched four centuries 1906 The fi rst perpetual of Naples, Caroline Murat. cates for wristwatches Hans Wilsdorf and calendar wristwatch Two years, 17 artisans and issued by Swiss Obser- Alfred Davis establish introduced by Patek 1950 34 operations are involved vatoire de Neuchatel Wilsdorf & Davis. This Philippe Models featuring world time 1524 in producing the watch Heuer Watchmaking would be later renamed with two crowns invented by German locksmith Company started by Rolex watch company Swiss watchmaker Louis Cottier Peter Henlein Edouard Heuer creates one of the 1816 fi rst pocket watches Louis Moinet invents 1912 1865 1926 1953 while hiding in a the chronograph Foundation of Franciscan monas- (a stopwatch as well Zenith founded Shokosha, later to Rolex’s Oyster Edmund Hillary and tery after a murder- as a display watch) by Georges be renamed Citizen is the fi rst truly Tenzing Norgay ous pub brawl with Favre-Jacot watch company water-resistant conquer Mount Everest watch in the world a fellow locksmith 1822 wearing Rolex Oyster 1914 1541 Nicolas Rieussec invents the ‘seconds chronograph’, First alarm 1955 John Calvin 1927 the fi rst commercially wristwatch pro- Dr Essen invents obliquely Packard, the world’s marketed stopwatch, in a 1868 duced by Eterna the caesium atomic responsible bid to please French King most complicated Patek Philippe & Co First wristwatch clock that has an for the birth Louis XVIII who wanted watch, introduced by produce their fi rst wrist- produced by Seiko accuracy of within of Swiss to measure the duration Patek Philippe watch, made for Countess few seconds every watchmaking of horse races he fre- Koscowicz of Hungary 100,000 years industry quently attended Getty Images

114 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 115 The BEST THINGS MONEY CAN BUY

1957 Hamilton, USA PARADOX produces Hamilton AT BIRTH 1999 Electric 500, the TAG Heuer launches fi rst electric (battery The genesis of humble timekeepers into sports watch Kirium powered) watch epitome of high luxury was sparked by Ti5, the fi rst watch a move towards a more ascetic lifestyle. made from grade-5 In 1541, John Calvin, the Protestant titanium 1961 Reformation movement leader in Swit- Russian cosmonaut zerland, imposed a ban on jewellery in Yuri Gagarin wears a Geneva as part of the doctrine’s auster- Shturmanskie Poljot during ity measures. Calvin, however, regarded 2000 the humble watch as a practical tool and his fi rst space fl ight Swiss watchmaker excluded it from the ban. Geneva jewel- Francois-Paul Journe invents lers exploited this loophole and enlisted the fi rst resonance watch migrant artisans from France and Italy 1962 to craft watches from precious metals Ulysse Nardin and Patek Rado introduces DiaStar I, and diamonds. These watches gained Philippe introduce watches the fi rst scratch-proof watch popularity. Geneva soon emerged as the using technologically advanced materials, like Astronaut John Glenn uses centre for the luxury watch industry. silicon and ceramic, in their a Heuer stopwatch on the fi rst movements US manned orbital mission 1974 1963 Casiotron from Casio, the fi rst 2005 digital watch with automatic INDIA Seiko introduces Seiko invents the quartz-crystal battery calendar, is launched fi rst self-winding powered chronometers mechanical watch 1979 with the Spring Drive Kinetic, an Concord’s (part of 1967 electromagnetic Movado) Delirium escapement The international community is introduced as the adopts the atomic vibrations of world’s thinnest caesium to defi ne unit of time watch at 1.98 mm January 2013 1969 Launch of Pebble, a smartwatch developed Astronaut Neil Armstrong 1983 by Pebble Technology wears Omega Speedmaster Casio introduces shock- and funded through to the Moon resistant G-Shock Kickstarter Seiko launches the quartz Swatch introduces plastic crystal analogue watch quartz watches, turning wrist- July 2013 watches into mass fashion item Launch of Sony 1970 1985 SmartWatch 2, Pulsar, the fi rst solid- the world’s fi rst Swiss watchmakers water-resistant state digital quartz crystal Heuer and TAG Group wristwatch prototype smartwatch with Holdings S.A. merge NFC connectivity unveiled by Hamilton to form TAG Heuer Submariner Date September 2013 launched by Rolex Samsung Gear smartwatch 1989 launched 1972 Caliber 89 created by Patek Philippe to celebrate its 150th Royal Oak, the fi rst stainless anniversary is hailed as the steel luxury watch, unveiled by most complicated watch in the Audemars Piguet 2014 world with 33 complications Longines introduce Anticipated, IWC introduces Planetarium wristwatches with LCD launch of Apple Copernicus smartwatch

1973 1995 Seiko introduce LCD Brietling unveils Emergency, a quartz watches with multifunction wristwatch with The data has been sourced from the 6-digit display transmitter broadcasting on respective watchmaking brands from their aircraft emergency frequency corporate history sections

116 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY

luxury wristwatch is never just about A timekeeping. It is an Wristy accessory that evolves into an heirloom, a legacy for generations to come. Reason enough for this investment to be made with Business care and consideration. From understated classics to sporty suave And if you are looking for options beyond perennial classics like the TAG to outright rebellious, here’s a list of 2013’s Heuer Monaco, the Omega Seamaster, best watches to complement every shade the Cartier Tank, and the Vacheron of your personality Constantin Historiques American, consider this selection from some of the most respected grandes maisons. BY TUSHAR A AMIN

INDJAEGER LECOULTREIA For DUOMÈTRE À Watch SPHÈROTOURBILLON Connoisseurs

Jaeger LeCoultre’s ‘The Sphérotourbillon’ is one of the most talked-about time- pieces to be launched this year. It features Duométre’s signature dual-wing concept that provides two separate power sources for timekeeping and complications. This ensures that the additional functions performed by the watch do not affect its accuracy in timekeeping. With the Duométre à Sphéro- tourbillon being hailed as the most precise tourbillon setting ever, JLC has set a new paradigm in high- complication pieces. The watchmaker has limited the platinum version to 75 pieces while the version in rose gold is non-limited. PRICE: $262,000 (rose gold)

The prices mentioned in this feature are approximate USD conversions of international prices. Indian government imposes up to 40 per cent in duties and taxes. As a result, expect to pay significantly higher. (Unlike international markets, Indian retailers are also inclined to offer up to 15 percent discount. Make sure to ask whether this applies to your choice.)

118 | FORBES INDIA | OCTOBER 18, 2013 GIRARD- PERREGAUX 1966 COLUMN-WHEEL CHRONOGRAPH

BREGUET LA CLASSIQUE The latest expression of CHRONOMÉTRIE Girard-Perregaux’s celebra- REF 7727 10HZ ted chronograph tradition, this integrated chronograph is the culmination of fi ve years of research that went Breguet’s La Classique Chro- into developing the new nométrie is widely regarded as calibre GP03800. One look at the most precise mechanical its back is all it takes to ap- watch of all time. The watch- preciate the technical making house that virtually expertise and discreet shaped the industry with its elegance of this timepiece. groundbreaking inventions The integrated chronograph for over two-and-a-half design offers an unobstructed centuries continues to focus view of the GP03800 move- on research and development, ment with its 312 compo- with over 100 patents fi led in nents working in perfect the past decade alone. This harmony. This movement watch is a tribute to this tradi- is fi tted in a 40 mm gold tion, incorporating Breguet’s (pink) case designed in much lauded magnetic pivot Girard-Perreguax’s 1966 that uses magnetism to set INDfamily traditionIA with a a new standard in accuracy bi-compass dial featuring a and reliability (-1/+3 seconds tachymeter scale. a day). The gold exterior is PRICE: $37,400 equipped with silicon double balance-spring, pallet lever and escape wheel, with a power reserve of 60 hours. PRICE: $44,500 PATEK PHILIPPE CALATRAVA REF 5227

Patek Philippe’s iconic creation, the Calatrava, has served as the prototype for classic round watches for decades. The new Calatrava Ref 5227 builds on this legacy and incorporates the trend of bigger watches (even in the formal dress variety) with a wider 39 mm, 18K gold (rose, white or yellow) dial showcasing the immacu- lately designed dauphine style hands. The increase in diameter is balanced by the watch’s thinness. In signature tradition, the case back can be popped open to see the movement. This design is a testament to the company’s legendary craftsmanship and ingenuity. PRICE: $35,400 (yellow gold) / $37,300 (rose gold and white gold)

OCTOBER 18, 2013 | FORBES INDIA | 119 The BEST THINGS MONEY CAN BUY Extreme For ROLEX GMT Sophisticated MASTER II Professionals DAY/NIGHT Indulgence HARRY WINSTON This million-dollars-and- OPUS XIII The latest in Rolex’s series over list is for viewing only. of Oyster Perpetual GMT Master watches sports a Unless you are Beyoncé two-tone Cerachrom bezel in black/blue. The While most watches have dual tone bi-directional a single hour hand, the rotatable 24-hour gradu- MOUAWAD’S Harry Winston Opus XIII ated bezel is the result has 11 rotating triangles SNOW WHITE of a process developed PRINCESS to clock hours. Also, most and patented by Rolex. watches have one minute DIAMOND Its proprietary calibre WATCH hand, while this one has 3186 self-winding me- 59 pivoting minute hands. chanical movement A sliding trapdoor serves adds to the precision. as a magical vortex from If diamonds are a girl’s which the minutes and PRICE: $9,000 best friend, Mouawad’s hours come up or vanish Snow White Princess into. Brainchild of eccen- Diamond Watch tric watchmaker Ludovic INDIAmakes sure that she is Ballouard, this has been RESSENCE surrounded by at least released in a 130-piece TYPE 3 233 of them. This also limited edition series. RADO makes it one of the HYPERCHROME most expensive watches PRICE: $300,000 GLAM SLAM in the world. PRICE: $6,800,000 This may look like a concept watch, but the Ressence Type 3 actually This is for those who’re redefi nes the way watches not averse to a little bling. have been built. Instead For Rado, the pioneers of LOUIS of a dial with hands scratch-resistant watches, MOINET Iconoclasts encased in a crystal, this TAG HEUER adds the lustre of gold METEORIS mechanical watch features and diamond to its time- an assembly of rotating CARERRA JACK HEUER tested expertise of crafting discs—indicating hours, EDITION high tech materials into minutes, seconds and classics. The guiding phi- days—that glow in the losophy for this collection ‘Other-worldly’ takes dark. It is a limited edition is ‘unrestricted glamour’. on a whole new mean- watch and is targeted at Constructed from high- ing with watch designer Launched in 1963, Tag the gizmo freak. tech ceramic, the mono- Louis Moinet’s Meteoris Heuer’s Carerra line of bloc case ensures lightness series that features PRICE: $30,000 watches is the fi rst sports and Rado’s signature OMEGA only four tourbillon HYT H2 chronograph designed scratch-resistance. SPEEDMASTER watches, each made specifi cally for profe- DARK SIDE OF of a different extra- ssional drivers and PRICE: On request THE MOON terrestrial material. sportscar enthusiasts. The Jack Heuer Edition—a HUBLOT PRICE: BIG BANG $4,599,487 limited edition chrono- $5 MILLION graph that is a follow-up Omega unleashes its Following up their hugely of last year’s Jack Heuer darker side with a cool popular H1, The Hydro 80th Birthday Carerra—is variation of its classic Mechanical Horologists, a worthy tribute to this Speedmaster Co-Axial aka HYT, released 50 designer of iconic time- Chronograph. Sculpted Beyond the 1,282 pieces of its limited pieces (including the origi- in black zirconium oxide diamonds clocking over edition H2 watch this nal Carerra). The watch (ceramic), brushed and 100 carats, there are14 year. Enclosed in a black sits at a slight tilt on the polished to mimic the feel months of hard work by DLC titanium case are wrist in keeping with the of traditional steel casing, 12 diamond cutters, fi ve the bellows and the system Mikrogirder inspiration. with 18K white gold hands, setters and a team of of feelers, cams and PRICE: $7,800 The Dark Side of the Moon watchmakers. Beyoncé pistons that are key com- has a distinctly stealthy bought one of these for ponents of H2’s intricately appeal and the swagger of Jay Z. Enough said! designed system. a rock star. PRICE: PRICE: $90,000 PRICE: $12,000 $5,000,000 (estimated)

120 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 121 The BEST THINGS MONEY CAN BUY

conspicuously missing from characterised by their zen- President Khrushchev.” the boutiques that have sprung like simplicity. The appeal With fountain pens being the The up across Indian metros. of these pens lies in the preferred writing instrument A close encounter with Indian experience of owning a small for the discerning, Ratnam fountain pen royalty demands a hike piece of heritage. Ebonite, Pen Works is basking in Indian Blue outside the comfort zone of plush a form of hardened rubber, renewed attention thanks to malls and air-conditioned outlets. was among the fi rst materials the very source that was once Steeped in history and tradition, Indian-made fountain pens—despite One such pilgrimage takes me to used to craft mass-produced considered the death knell for their relative anonymity—are thriving on global demand the small town of Rajahmundry in fountain pens. These pens are fountain pens—computers and Andhra Pradesh. Wandering in the remarkable for their carbon the internet. Online forums narrow, nondescript lanes of the black or mottled appearance. dedicated to fountain pens have Fort Gate Street area, I fi nd myself in The simplicity of the exterior spread the word about Ratnam front of a board reading, “Pioneers is complemented perfectly by Ball Pen Works. “We get most BY TUSHAR A AMIN of Pen Industry in India since the precision of its operation. of our orders online—not just Balaji, the limited edition 1932. K.V. Ratnam & Sons, Ratnam In a telephone conversation, from Indian collectors but also fountain pen Ball Pen Works, Mfrs: Swadeshi Ramanamurthy (one of from New Zealand, Australia, from Caran INDIA d’Ache ‘Ratnamson’ pens, 14 ct-Gold Nib.” Ratnam’s sons) has this to the US, Japan and Germany. This humble workshop is where share: “My father Kosuri Venkat Each pen is handcrafted to meet ‘Swadeshi Ratnamson’, the fi rst Ratnam met Gandhiji in 1921. the specifi cations requested Indian-made fountain pen, was born. It was Gandhiji who asked him by the buyer,” says Murthy. A frame on a wall contains a to create a product that could The most basic Ratnam note dated July 16, 1935. The paper be used by Indians. Inspired by pens are priced between Rs has yellowed with age, the hand is this request, my father created 100 and Rs 5,000. These are uneven. “Dear Ratnam, I must thank the Swadeshi Ratnamson pen handcrafted in two days and you for the fountain pen you sent as his contribution to Mahatma delivered in a week. Ratnam me... I have needed it and seems to Gandhi’s Swadeshi movement.” also calls upon its jeweller roots be a good substitute to the foreign Murthy recounts the to create pens in sterling silver pen, one sees in the bazaar.” It is historical fi gures that have since and 14K gold on order. The felt-lined tray is placed curl around the barrel of the Sri that cherished covenant between signed MK Gandhi, an endorsement patronised handmade ebonite sterling silver pens with gold on the counter separating Venkateswara Fountain Pen. I am a man and his pen—ink fl owing in from the Mahatma himself, written pens from Ratnam. “One of The limited nibs take a fortnight to make edition Sri A me from the gleaming fi nally holding No. 101 of the 108 perfect sync with the thought. in response to Ratnam’s gift of one the very fi rst pens was bought Venkateswara and cost between Rs 2,500 Fountain Pen shrines at the William Penn boutique limited edition pens from Sailor, In neighbouring shrines, Caran of his fi rst creations—a pen that by N Subba Rao Pantulu and from Sailors and Rs 15,000. A pure gold store at High Street Phoenix Mall one of the world’s most respected d’Ache’s limited edition fountain was symbolic of India’s fi ght for S Kasturi Ranga Iyengar, pen takes a month to produce in Lower Parel, Mumbai. Slipping pen manufacturers and designed pens—the Shiva and the Balaji—and freedom—by an Indian, for an Indian the founders/managers of what is and costs over Rs 2 lakh. on a dark glove, the high priestess by a Japanese master craftsman, Noblia’s Indian special, the Ganesh, and of an Indian. Eighty years later, now The Hindu Group. Our list of Ratnam’s legacy is not limited to the approaches a glass-enclosed commissioned exclusively for Indian shine benevolently amidst globally both the Ratnam establishments patrons also included the maharajas Swadeshi Ratnamson. The pioneering shrine and turns the key. From a connoisseurs. The fi rst sensation revered writing instruments like the (run by KV Ratnam’s two sons) of Mysore, Jaipur and Vijayanagar. penmakers are also the inspiration distance, you are already in awe of is that of a snug, smooth warmth Sheaff er Legacy Heritage, Visconti lining the narrow lane proudly Jawaharlal Nehru made a special behind Guider Pen Works, another the fi ne craftsmanship of Japanese of the urushi-lacquered body. Ripple Black and Montblanc’s display copies of this iconic letter. trip to our shop to buy a Ratnamson Rajahmundry institution, located Maki-e artiste Kousen Oshita in Cradled between the fi ngers, my Jonathan Swift Platinum Trims. At Ratnam Ball Pen Works shop, on his visit to Rajahmundry. Leaders a short distance away. Established creating this exquisite tribute to attention is drawn to the understated It serves as a reminder. The another ritual begins—this one, more like Rajendra Prasad, VV Giri and in 1946 by G Subbarao, under the Lord Venkateswara. As the glass yet distinguished naamam mark world’s leading brands of luxury basic, organic. As the contemporary Indira Gandhi and Indian Express guidance of KV Ratnam, Guider veil parts, the priestess delicately inscribed on the 21K gold nib. The writing instruments are aggressively range of Ratnam pens is laid out founder Ramnath Goenka were also too shares the legacy of aristocrats, lifts the object of worship from its heft is just right. As I hesitantly vying for the attention of Indian for me, I notice the stark contrast Ratnamson loyalists,” he says, with politicians and royalty as patrons. pedestal and rests it on a velvet bed. ‘air-write’, the balance is poised, pen afi cionados. However, Indian in presentation. No fancy lights or a smile in his voice. “Internationally, A few hundred kilometres to Yes, this is a sacred ritual. and the sway, rhythmic. When I makers like Ratnam, Guider or frills, just a purity of shared passion Ratnam owners include US President the south, in the state capital of Darshan (viewing) becomes gather the courage to scribble on a Deccan (admired by fountain as he explains the salient features. Eisenhower, German chancellors Hyderabad, I am at that other Mecca anubhava (experience) as my fi ngers pad, Sri Venkateswara delivers on pen connoisseurs globally) are The handmade ebonite designs are Arbhalnon and Thomson and Russian of fountain pen lovers for another

122 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 123 The BEST THINGS MONEY CAN BUY Fountains of Bling tryst with fountain pen divinity—the photographs dot the walls. His voice Deccan Pen Store in Abids, a historic brightens as he recounts a favourite shopping district. Mustafa, one of the anecdote. “In 1932, we hired our fi rst seven brothers who manage the group English-speaking salesman. He had AURORA DIAMANTE of pen stores, shares the history of to be brought in all the way from If you are going to own a Deccan pens. “My father SS Siddiqui Bombay as locals only knew Hindi pen worth one-and-a-half went to Calcutta in the 1920s and and Urdu but our main clientele million dollars, it better look like it. The Aurora Diamante became an agent for two European was British. So, it was necessary Fountain Pen is the only pen pen manufacturers—Conway Stewart that we have an English-speaking in the world to carry over 30 carats of De Beers certifi ed of England and Duro Pens of France. salesman,” he adds with a laugh. sparklers on a platinum barrel, Osmania University had just been Siddiqui started designing pens with a rhodium-plated, 18K gold nib. This Italian luxury established [in 1918] and realising under the Deccan brand in the late design house merges refi ned the potential customer base, my 1950s. These designs would be sent craftsmanship with technology to create just one Diamante father arrived in Hyderabad with to Europe for manufacturing. “To fountain pen every year. a bag of European pens. Initially, this day, we only make fountain pens. PRICE: $1,470,000 there was no shop. He sold the The true joy of writing can be only pens as a roaming salesman. This experienced when you write with shop was set up in 1928,” he says. a fountain pen,” Mustafa says with The shop wears its heritage a hint of snobbery. Deccan now has INDMONTEGRAPPAIA MAYAN CALENDAR GOLD with pride. Old black-and- its own manufacturing unit and, like Launched in 2012 to com- white advertisements and Ratnam, it is also thriving on a global memorate the end of the demand facilitated by internet forums. Mayan calendar, the Mayan Calendar Gold fountain pen However, Deccan has another from Montegrapa is dedicated specialisation that has made it a to Mexico’s civilisations. The limited edition (20 pieces go-to name among fountain pen only) solid 18K gold pen is collectors—service and decorated with hand-etched images of Mexican gods and Deccan Grand repair of vintage pens. “It has glyphs, and patterns borrowed Ebonite pens. They have a emerged as the most critical from Mayan architecture. The global demand, side of our business,” Mustafa clip is designed like a sacri- thanks to the fi cial sword used by ancient internet says. The pen repair and Mayan priests. servicing tools and equipment PRICE: $133,458 that Siddiqui brought back from his travels to Europe in the 1930s have grown into invaluable assets. The Abids shop that houses the section receives pens worth lakhs CARAN D’ACHE 1010 of rupees for repairs and servicing DIAMONDS LIMITED Indian fountain EDITION pens are basking from all over the world. Peeking Legendary pen makers Caran into the servicing section, I see d’Ache transforms the writing instrument into a piece of in renewed craftsmen engrossed in restoring an haute jewellery, with its 1010 early 20th century pen to its glory. Diamonds Limited Edition attention thanks fountain pen. The ‘1010’ to the very source Beyond the gloss of the display stands for 10 minutes past 10 cases, in this dusty workshop, worship on a dial, when the hands are in perfect equilibrium. The once considered transcends the superfi ciality of awe white gold body is studded the death knell and admiration, slick salesmanship with 850 diamonds (24.61 and superfi cial gimmicks. Gods are carats) in a design inspired by watches with skeletonised for fountain not inscribed on these pens. Here case backs. pens—the internet the pens themselves are gods. PRICE: $1,000,000 Network S Jayasrinivasa Rao Fountain Pen Courtesy:

124 | FORBES INDIA | OCTOBER 18, 2013 Manoj Patil for Forbes India options for entertainment for entertainment options ﬁ measure personalin tech—from wearable that gadgets user extreme tellsAn us what’s cutting-edge 126 Own Devices Devices Own toHis Left BY VISHALGONDAL | FORBESINDIAOCTOBER18, 2013 BUY MONEY BEST The tness performance and to intelligent

THINGS Basis B1

CAN ‘watch’ personal 3Dprinter Replicator 2X, a MakerBot water bottle HydraCoach comes topersonaltechnology. what iscutting-edgewhenit go-to mantogetasenseof with him. Heisarguably the minimum offive orsixgadgets in traffic, you’re likely tofind a him atanairport, acafé oreven and gadgetuser. Ifyou runinto Gondal isanavidtechnology as CEO. Disney in2011), hestayed on times, before UTV solditto 2005 (itchangedhandsseveral of hisshareinthecompany in Though hesoldthemajority and onlinegamescompany. become India’s largestmobile The company would goonto when hewasjust23years old. Indiagames inMumbai1999 digital gamingcompany Vishal Gondal, 37, founded ABOUT THEAUTHOR Lumia 920 Nokia camera wearable GoPro know whatillnessesIamprone to. mine donefrom23andMe),Inow with personalDNAprofi inform youofyourhealth.Together you willconstantlymeasureand treatment. Sensorsconnectedto going toadoctorfordiagnosisand our currenthealthcaremodelof of mydevicesarealsoredincolour. the organiserstookmyfootage.Alot and perspectivewassogood,even Mumbai Marathon,andthequality camera. Iworeitduringthelast litres. IalsousetheGoProwearable each daycomparedtomytargetof3 measures howmuchwaterIdrink posture. MyHydraCoachwaterbottle keeps acheckonandevencorrectsmy a beltwornaroundthewaistwhich Then thereistheLUMObackbelt, B1, of wearablegadgetsliketheBasis (Disclosure: IdousetheiPadthough.) consider ‘oldwineinanewbottle’. market excepttheiPhone,whichI I getalmosteverynewphoneinthe technology andbeusingaBlackBerry! ‘dinosaur’ becauseyoucannotbeinto with aBlackBerry,Ilabelhimorher tend tohavestronglikesanddislikes. these choicesaremorepersonal,we Apple, NokiaorAndroid.Because our personalities—whethertheyare Today, peoplebuyforthemselves. shared withotherfamilymembers. TV, refrigeratorormusicsystemwere are farmorepersonal.Gadgetslikethe previous decade,isthatthesedevices T My BasisB1‘watch’,forinstance, Wearable deviceswillinvert I amintofitness soIhaveabunch For instance,whenIseesomeone Our gadgetsareanextensionof Nike FuelbandandFitBitFlex. today, comparedtothe technology gadgetspace he keydifferenceinthe D N I ling (I got essential whenyouaretravelling. 920 whichhasagreatcamera—an cameras andusetheNokia Lumia of thehabit‘linearvideo’. TV. Evenourkidshavegottenout we haveaRokuBoxandApple cable’ andditchedourTV.Instead, equivalent forrealworldobjects. The DigitizeristheXeroxmachine them tomyReplicatorprint. dimensional objectsandthensend using whichIcan‘scan’three- MakerBot Digitizer,a3Dscanner 3D printerswilldotomanufacturing. to printingandpublishing,Ibelieve printers. Whatpersonalprintersdid as akid,Iwouldgetexcitedabout Man onit.Itremindsmeofhow, their favouritesuperheroeslikeIron this year,mykidshavebeenprinting place thatcan‘print’themforyou. fi you willbeabletojustdownloadthe stocking goods,inthenearfuture Instead ofproducing,shippingand will decentralisemanufacturing. news production,Ibelieve3Dprinting many waysdecentralisedthepowerof just likeTwitterandFacebookhavein centralised aroundassemblylines.But manufacturing which,today,is change thewholeconceptof with 3Dprintingandhowitmight personal 3Dprinter.Iamfascinated is theMakerBotReplicator2X, a shooting upwheneverhewasdriving. friend whorealisedhisheartratewas all thetime.Irecentlyloanedittoa skin temperatureandperspiration measures parameterslikeheartrate, les foratableorchairandwalkto Finally, I’vegivenupmyDSLR We havelongsince‘cutthe In addition,I’vealsoorderedthe Since IgottheReplicatorinMay One ofmyotherfavouritegadgets As toldtoRohin Dharmakumar IA OCTOBER 18, 2013|FORBESINDIA | PRICE: Rs35,000onward can helprelax, balance orenergise. has itsown healingpropertiesthat ing. Eachofitsseven lightoptions lighting withmusicfor de-stress- noise pollution. Itcombines mood protects you fromair, lightand award, thisambientairpurifi Winner oftheRed Dot Design UVENUS PRICE: Not available footballer-sized bankaccount. be safer too. All you needisa supposed tosteerlike acar, and an electrichybridengine;itis on twin, chopperstylerotors and if built, willfly four passengers This half-plane/half-car, when/ TF-X PRICE: To beannounced “Distinctive” Renault. fold increaseinpower. Thelook? motor, thelot. Theresultisasix- F1 racer—battery, 80hpelectric Raikkonen’s Renault powered system hasbeenlifted fromKimi the entirekineticenergyrecovery But withtheRenault Twizy F1, the obvious choice for anF1tie-in. racing prowess ofamilkfloat isn’t A 17hpelectricbuggywithallthe RENAULT TWIZYF1 Toyzilla

er 127 The BEST THINGS MONEY CAN BUY

Camera HASSLEBLAD BY NS RAMNATH H4D-200MS KeepingIND IA

It’s easy to confuse a cell phone with a camera these days. Some heretics even claim an iPhone can do Ahead of Cool what a DSLR does. There is nothing like a Hassle- In the world of gadgets, luxury isn’t just about blad H4D-200MS to put these guys in place. It is a price. It’s about aesthetics, functionality and the full-ﬂ edged camera ideal for still life and studio pho- thrill of owning a ‘toy’ before it goes mainstream tography. It takes six shots in one go, and packs them into a single image of 200 million pixel resolution. PRICE: $35,995

Workstation MWE EMPEROR 200 PC WORKSTATION

It might look like one of those hi-fi contraptions in science fi ction movies that shoot the protagonists to another planet but, in fact, it is a more effi cient workstation that comes equipped with a touch- screen control centre, air fi ltering system, electric powered Italian leather seat, three 27-inch LED screens and a sound system from Bose. Prices sourced from PRICE: $49,150 the company websites

128 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY Wearable tech RADIATE ATHLETICS Mobile phone ULYSSE NARDIN CHAIRMAN Wearable tech for fi tness is the in-thing now, from Jawbone UP and Nike Fuelband to smart watches. Apple just launched an Sensors measure steps, iPhone with fi ngerprint sleep, heart rate, etc. Yet- scanner. How regressive. to-be-rolled-out shirts/ Ulysse Nardin Chairman Tshirts from Radiate Ath- came up with it a year letics change colour based ago. But that’s not why on body heat. Special at- you should buy the mobile oms within the fabric gain phone from the Swiss a carbon electron when watchmaker, founded in there is heat. That affects 1846, and Scientifi c Cel- the way atoms refl ect lular Innovations, a tech the light waves. Use the fi rm founded in 2007. You realtime visual feedback to should get it for the same tweak the workout routine. reason a Rolls Royce is PRICE: $20-180 parked in your garage. The phone runs on Android, Accessories and has a kinetic rotor, in SWISS KNIFE case you run out of battery. WITH 1TB USB IND PRICE:IA $14,000-$130,000

Carrying a 1TB external Travel camera hard disk can never be cool. Unless it comes crammed LYTRO into a USB stick with two CAMERA blades, scissors, a screw driver, a ﬁ le—all this from Victorinox, the makers of the orginal Swiss Knife. It If you are the type who, has a decent read speed while going through an of 220MB/s and a write album, regrets not having speed of 150MB/s and taken yet another photo connects to both USB 3.0 in yet another aperture and eSATA ports. setting, this should be in PRICE: $3,000 your kit. Lytro lets you shoot and adjust the focus later. It also looks cooler than any other camera you would have held. That said, it turns out low resolution pictures which are ﬁ ne for Audio websites, but not so much STEINWAY for printing. LYNGDORF MODEL PRICE: $499/16GB storage LS CONCERT SPEAKERS

There’s nothing like listening to a live instrumental performance. But speakers from Steinway Lyngdorf come pretty close to recreating that experience. “When God and Mozart hang out, they listen to these speakers” was how a Wired magazine reviewer described the experience. PRICE: $250,000

130 | FORBES INDIA | OCTOBER 18, 2013 The BEST THINGS MONEY CAN BUY The Really, Really, Good Life Five homes that have unabashedly embraced all that luxury living has to offer

BY DEEPA NAIR INDIA

The various seating zones flaunt furniture from Fendi, Georgetti, Baxter and Casa Paradox. Note RASEEL GUJRAL ANSAL of the living room has been the stunning customised uted colours and a play on modulated by pocketing it into fi ve chandelier by space tone down a sense of distinct sitting areas: Prominent Stan Louis. M excessive ornamentation is a central space across the in this three-acre farmhouse in fi replace with Fendi and Giorgetti New Delhi. The homeowner, a furniture in a subtle plum hue and a globetrotter, asked interior designer Saint-Louis crystal chandelier. The Raseel Gujral Ansal to fashion a entertainment space comprises Casa fl amboyant and glamorous house. Paradox (Ansal’s lifestyle brand) He got just that. A 300-kg bronze and Fendi lounge chairs, high-end The large living area has been sculpture from Florence stands on audio-visual products from Nakamichi designed as a glass pavilion a striking red Spanish carpet in a Corporation and a table that seats with a large overhang roof. nine-metre-high entrance area. The six. The temple, an important room This space Rajeshwar Mande; Courtesy Faquih & Associates Faquih & Rajeshwar Mande; Courtesy entrance lobby and the formal living for the client, has a white marble continues out to form the area are connected by a gallery that fl oor and a silver colour scheme with pool deck. FAQUIH & ASSOCIATES Maharashtra is for a client who treasures celebrates volume. A laser-cut steel custom-made idols. The silver chest ven though architect Kaif Faquih has worked on natural open living along with the availability mesh panel against a fl oor-to-ceiling and chairs from Ravissant, a crystal many uber posh homes, his idea of luxury verges of modern comforts. The plan is laid out on rising levels of glass wall overlooks the porch— cabinet from Casa Paradox, a Udaipur E on the philosophical. “True luxury is not about the hill and matches the topography of the land. The lower during the day, sunlight streams peacock arch on two walls, an antique the exotic, the expensive or the rare; nor is it about the level pavilion houses the social spaces while the upper level in, creating a dramatic interplay of French chandelier and wall lights spell fashionable or the glamorous. It is about being able to live contains the more private accommodations. The colours light and shadow which is further opulence. “The master suites on both the way one feels about existence... to the highest standard are borrowed from the landscape and the earth. Much of enhanced by a black granite still- the fl oors were 28 feet long. We had of that interpretation,” he says. Faquih then shares a project the interiors are incidental and contingent, where emphasis water body fi lled with black pebbles. to break them up so as to not make

that manifests this thought best. This house in the hills of is laid on space and atmosphere and not on objects. The overwhelming magnitude them look like a huge hall,” says Ansal. Ansal Raseel Gujral Courtesy Aggarwal; Deepak

132 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 133 The BEST THINGS MONEY CAN BUY

AAMIR AND HAMEEDA free-hand in designing a project—that’s a luxury not A every design professional gets from the client. When Hyderabad-based interior designers Aamir Sharma and Hameeda Sharma were approached by a young couple who expressed complete faith in their work, they decided to create a house where every single aspect of the design was custom-fi t to their requirements. They conceived a contemporary and futuristic design, splashes of which are visible in the living room which overlooks a river. A double-heighted ceiling (which is visible from the ground and fi rst fl oor) covered with Nu-Wood bends INDIA gives this space an almost sculptured feeling. For additional drama, A glimpse alongside this feature, a 16-feet- of the living high wall has a sketch of the area, the son’s bedroom with a Eiff el Tower by the lady of the fluid futuristic design and the house (she happens to be an passageway leading to the artiste). The dining room has private areas on a modern light dropping to the the first floor. table which has a custom-made buff et counter and ‘the blob bench’ created by Aamir and Hameeda, in keeping with the theme of the house. Special care has been taken in selecting the furniture—carvings or mouldings were kept at bay to complement the contemporary yet futuristic details. “We made sure that even the puja area echoed the theme. The idol is, therefore, contained in a glass box with a hand-painted and its entire line-up of furniture Tanjore painting. But we have placed is in sleek duco paint with high an out-of-the-box distress-fi nished gloss. The daughter’s bedroom aqua green cabinet next to it which is delicate with butterfl y cut- off ers instant warmth,” says Aamir. outs on the walls and ceiling, and As for the bedrooms, the master another painting by the client. suite has grey cork wallpaper, an The project is testimony to the Italian bed and modern art painting; harmony in expectations between the son’s bedroom features a ceiling client and architect and it is true to the

with random intersecting lines idea of understated sophistication. Aamir and Hameeda Courtesy Sameer Chawda,

134 | FORBES INDIA | OCTOBER 18, 2013 RAJIV SAINI ASSOCIATES tunning views of the sea, a terrace that runs on all S four sides of the house and a jogging track in a 13th fl oor apartment: This is indeed a luxury in Mumbai. This penthouse in plush Pali Hill, designed by Rajiv Saini, combines two apartments and is spread across a single fl oor of 6,500 sq ft on the indoors, and a generous 2,000 sq ft terrace. The client wanted a lavish The living space displays space for entertaining. So, the an interesting designer created a large living interplay of materials— area besides four bedrooms, an wooden flooring, veneered walls audio-video room, dining and and a black to unify all the areas, with Saini. Other noteable aspects: An open monolithic block kitchen. “They didn’t want a for the bar, the living room opening on look that gives an illusion of space; a formal-looking space; instead, an finished in glass. to the decks. Invariably, all INDsculptural stainlessIA steel screen that open plan in the public areas that the entertaining at night divides the entrance lobby from public would have a seamless fl ow with the spills on to the outdoors which off ers and private areas; and the master outdoors. I used teak wood fl ooring spectacular views of the city,” says suite bathroom in black marble.

them in four months. The project allowed us to display the characteristic ﬂ avour of our work style which we integrated with a prestigious array of contemporary Indian art and sculpture,” say Zubin Zainuddin and Krupa Zubin of Mumbai-based ZZ Architects. The living and entertaining zone off ers an interactive space with idea-based art and furniture that have been carefully handpicked. Like the

Contemporary sculpture by Velay Shende, a large golden portrayal artwork is of the dabbawalas, a limited edition print of The Last strategically placed in this Supper artwork on canvas, a vivid-hued photograph by living and entertaining artist Vivek Vilasini depicting Kathakalis and canvases space. It also discreetly by Raza and Paresh Maity. The entire apartment is houses a state- enveloped by a stroke of colour, further accentuated by of-the-art home ZZ ARCHITECTS theater setup. the furniture and light fi ttings selected during a single f living in Beaumonde, a high-end trip to Europe. Sofas from Versace and Poltrona Frau, property in South Mumbai, and on the 31st fl oor chairs from Feltri, Sawaya and Moroni, Ipe Cavalli; units I with a 360 degree view of Mumbai is not ‘luxury’ from Poroda; a bench from Poliform and sculptural lamps enough, this house springs a surprise in every corner. by Artemide, to name a few. In the master bedroom a bed by “The client [a well-known corporate leader] wanted Ipe Cavalli with leather side tables by Poltrona Frau and a us to capture the refi nement of a luxury home in this Fred and Ginger study table and chair take centre stage.

apartment, which was to be designed, built and delivered to The author is executive editor, Better Interiors Architects ZZ Associates; Sebastian Zachariah; Courtesy Rajiv Saini From top: Sebastian Zachariah; Courtesy

OCTOBER 18, 2013 | FORBES INDIA | 135 FORBES INDIA LEADERSHIP AWARDS

THE NOMINEES

VIPIN SONDHI, SHOBHANA BHARTIA, OUTSTANDING STARTUP MD & CEO, JCB India Chairperson, HT Media LEADERSHIP SWATI PIRAMAL, NAVEEN TEWARI, BEST CEO— Vice Chairperson, Piramal Enterprise Founder & CEO, InMobi PUBLIC SECTOR CONSCIOUS CAPITALIST IN TURBULENT PHANINDRA SAMA, ANIL GUPTA, FOR THE YEAR Founder & CEO, redBus Chairman &MD, Container SHIVA RAMANI, Corporation India HUL Founder & CEO, iOpex Technologies TIMES BC TRIPATHI, NARAYANA HRUDAYALAYA SURESH SONI, Chairman & MD, GAIL Chairman & CEO, Nova Medical SHRIRAM TRANSPORT FINANCE CS VERMA, COMPANY he last year has been nerve- as provocative questions that have basic infrastructure development. VISHWAPRASAD ALVA, Chairman, SAIL SUNDARAM FINANCE wracking for everybody; for two polarising and opposing views Is this the only way to protect the MD & CEO, Skanray Technologies KR KAMATH, TATA CHEMICALS business, for the common on each question. environment? Chairman & MD, PNB NEXT GENERATION man and even for the polity. ENTREPRENEUR RAKESH TANDON, LIFETIME T Chairman & MD, IRCTC ACHIEVEMENT Everybody is full of questions that no Does it make more sense to invest Is India Inc showing signs DEVENDRA SHAH, one seems to have the answers to. in India or abroad? of being bipolar? Do we celebrate too Chairman & MD, Parag Milk Foods BEST CEO— BRIJMOHAN LALL MUNJAL, PRIVATE SECTOR Transformative leadership is about For two decades, India Inc has been much during the highs and whine too NEERAJ SINGAL, INDIA Chairman, Hero MotoCorp dealing with such times and coming out going overseas looking for markets much during the lows? MD, Bhushan Steel ADITYA PURI, DEEPAK PAREKH, on top. This year we’ve chosen to study and resources. Those markets have From the world-beating exhilaration of TARANG JAIN, MD & CEO, HDFC Bank Chairman, HDFC Group this critical dimension of leadership: slowed down. India Inc stands once a few years ago to the gloom and doom MD, Varroc Engineering CHANDA KOCHHAR, DR PRATHAP C REDDY, Chairman, Apollo Hospitals Group The power of making the right choices. more at the cusp. What is the right call of current times, are our highs too high VINEET AGARWAL, MD & CEO, ICICI Bank Joint MD, Transport Corporation CP GURNANI, MV SUBBIAH, We are asking business leaders to take a to make now? and lows too low? Former Chairman & Advisor, VIKAS OBEROI, MD & CEO, Mahindra Satyam stand and make a compelling argument Murugappa Group Chairman & MD, Oberoi Realty HIMANSHU KAPANIA, RATAN TATA, on three contentious issues. Is too much ‘greentape’ choking EVENT DETAILS: MD, Idea Cellular Chairman Emeritus, Tata Group This will be through classical investments in India? ENTREPRENEUR WITH PAWAN GOENKA, Date: October 16, 2013, SOCIAL IMPACT Oxford-style debates, where the CEOs Dozens of power, road and mining Venue: Regal Room, Trident, Executive Director, M&M ENTREPRENEUR tell us which way they would go. We’ve projects all over the country have been Nariman Point, Mumbai DR ASHWIN NAIK, VIVEK CHAAND SEHGAL, FOR THE YEAR obviously framed the issues stalled for want of clearances, crippling * Entry by invitation only Co-Founder & CEO, Vaatsalya Founder & Chairman, RANJAN SHARMA, Samvardhana Motherson Group ANALJIT SINGH, Founder & Director, IKSL Founder & Chairman, Max India WOMAN LEADER ANAND MAHINDRA, SAMIT GHOSH, OF THE YEAR Founder & CEO, Ujjivan Founder & MD, M&M MILIND KAMBLE, CHITRA RAMAKRISHNA, DILIP SHANGHVI, Chairman, DICCI MD & CEO, NSE Founder & MD, Sun Pharma R THYAGARAJAN, VINEET RAI, ROOPA KUDVA, MD & CEO, Crisil Founder Chairman, Shriram Group Founder & CEO, Aavishkaar SANGITA REDDY, Venture Management Services Executive Director, UDAY KOTAK, Apollo Hospitals Vice Chairman & MD, BEST CEO— Kotak Mahindra Bank MULTINATIONAL

FRANCISCO D’SOUZA, CEO, Cognizant Technology Solutions KEITA MURAMATSU, CEO, Honda Motorcycles & Scooters India MARTEN PIETERS, CEO, Vodafone India NV ‘TIGER’ TYAGARAJAN, President & CEO, Genpact India UDAY SHANKAR, CEO, Star India

Corbis For more updates on the Forbes India Leadership Awards, visit: http://forbesindia.com/leadershipawards

136 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 137 THE FORBES 400

The kids are all right. Combined fortune Despite operating at basically zero profi t of Sam Walton heirs up 27 percent, or recently, Amazon stock crossed $300 for $28.9 billion, from year ago due to change fi rst time in July. Fortune is up $4 billion THE TOP 20 in control of the shares held by their in past year. Princeton grad quit Wall late mother’s trust. Shares of WalMart Street job and moved to Seattle to sell up only 2 percent. Their father Sam and books from a garage in 1994. While the rich got richer in 2013, the mega-rich got mega-richer. The 20 uncle James started giant retailer in 1962. richest Americans saw their worths swell 20 percent to $636 billion. And while Now employs 2.2 million people in 11,000 13. LARRY PAGE stores worldwide. Siblings split more the Top 10 held serve, surprises fi lled the next rung. (Welcome back, Zuck!) than $1.4 billion in dividends after taxes $24.9 bln AGE: 40 so far in 2013. Christy, the richest woman SOURCE: GOOGLE SELF-MADE in the world, inherited her wealth when Google’s co-founder added $4.6 billion to fortune in past year. Shares of the ad Jorge Paulo husband, John Walton, a Green Beret and 1. BILL GATES 4. CHARLES KOCH generated $7.9 billion in 2012 revenue. juggernaut are up 48 percent since he took Lemann. A medic in Vietnam War, died in an airplane $36 bln AGE: 77 Owns at least 10 homes in Manhattan, over as CEO in April 2011. Lately has been $72 bln AGE: 57 Berkshire sub- crash in 2005. His side investment in SOURCE: DIVERSIFIED Westchester County, Bermuda, Vail and defl ecting intense scrutiny on Google and SOURCE: MICROSOFT, INVESTMENTS sidiary is buy- INHERITED & GROWING the Hamptons. Lifetime philanthropic other online services over accusations they SELF-MADE ing Nevada’s giving is at $2.8 billion, including a recent supplied the US government with users’ Gates remains atop The Forbes 400, a NV Energy for $100 million pledge to Gates Foundation data. Page wrote in his blog: “Press reports perch he’s held since 1994, despite giving $5.6 billion 4. DAVID KOCH to help Bill eradicate polio. away $28 billion, most of it to the Bill & that suggest that Google is providing open- in cash. Gave $36 bln AGE: 73 Melinda Gates Foundation. In April, away another SOURCE: DIVERSIFIED bolstered his foundation’s eff orts to 11. SHELDON ADELSON $2 billion of INHERITED & GROWING eradicate polio, securing $335 million in $28.5 bln AGE: 80 Berkshire The country’s richest brothers failed to pledges from six billionaire comrades, SOURCE: RESORTS, CASINOS stock to the unseat Barack Obama as president in including $100 million each from Mexico’s Gates Founda- SELF-MADE Carlos Slim and Mike Bloomberg. Shares 2012 but keep fi nding ways to drive tion in July, liberals crazy. Latest frenzy was over wide- Christy Walton INDJim Walton Gambling mogul continuesIA to hit bringing lifetime giving to nearly $20 ly reported (but never confi rmed) interest jackpot. Booming business at casinos in billion. Despite the gift, saw fortune rise in buying Los Angeles Times and Chicago Macau and Singapore lifted fortune of $12.5 billion, more than any other member Tribune as platforms for their libertarian Las Vegas Sands chief $8 billion over the of The Forbes 400, thanks to a 34 percent views. Fortunes are up a combined $10 past year as shares climbed 34 percent. increase in Berkshire shares. billion this year as $115 billion (sales) Koch In August, settled a money laundering Industries steadily expands. Agreed to buy investigation by agreeing to pay feds a 3. LARRY ELLISON electronics components maker Molex for ended access to our users’ data are false, $41 bln AGE: 69 $7.2 billion and cellulose fi bres producer period.” Suff ers from vocal-cord nerve SOURCE: ORACLE SELF-MADE issue that makes his voice raspy. Googlers Little gets in the way of Larry Ellison’s Alice Walton S Robson Walton created a personal synthetic voice service ambition—or mouth. In a TV interview that could make communication a bit in August, Oracle founder said that Apple’s First Solar once boosted Christy’s net easier for him. A clean-energy nut, Page’s best days are behind it after the pass- worth well above other Waltons but lead network of houses in Palo Alto employs ing of Steve Jobs, a close friend, and that narrowed when the stock tanked in 2011. solar panels and rooftop gardens. Google’s alleged infringement of Oracle’s First Solar is up 57 percent in past year, patents in its Android software was putting her fi rmly in fi rst again. Jim, Sam’s 14. SERGEY BRIN “absolutely evil”. Dream of a second youngest son, is chief executive of fam- $24.4 bln AGE: 40 America’s Cup sailing trophy dealt a ily’s Arvest Bank, worth $1.8 billion with SOURCE: GOOGLE SELF-MADE serious blow in September when a jury Charles Koch David Koch branches in Arkansas, Kansas, Oklahoma Brin lets Page run company while he found Oracle team guilty of cheating and and Missouri. Alice started Crystal Bridges oversees secretive Google X division, dedi- docked it two points. Collector of houses Buckeye Technologies for $1.5 billion. Museum of American Art in Bentonville Invested $1.5 billion in glassmaker Guar- $47 million fi ne after Sands had failed cated to breakthrough ideas like driverless of Microsoft jumped in late August on on Malibu’s Carbon Beach also owns of 98 in 2011. Eclipsed 1 million visitors in to report deposits made by a high-stakes cars and wear- news that Steve Ballmer will step down as dian Industries. Thrifty brothers reinvest under two years of operation. Its collec- 90 percent of earnings in business. player to the US government. able computers CEO; Gates will remain chairman of the tion of American art is worth hundreds such as the Glass software company he co-founded in 1975 of millions of dollars. Runs a horse ranch 12. JEFF BEZOS augmented-real- with Paul Allen. Microsoft represents less 6. CHRISTY WALTON & FAMILY in central Texas. Sam’s eldest son, Rob, is ity spectacles he WalMart chairman. Has endured protests bln 49 than a fi fth of his fortune. Gates’s invest- $35.4 bln AGE: 58 $27.2 AGE: sports everywhere. against low wages and a bribery scandal. AMAZON.COM SELF-MADE ment fi rm, Cascade, owns chunks of trac- SOURCE: WALMART INHERITED SOURCE: Had a cameo in tor maker Deere & Co, Canadian National Amazon.com’s founder and CEO bought Google-inspired Railway and Mexican Coke bottler Femsa. 10. MICHAEL BLOOMBERG a new toy in August: Hollywood fl ick 7. JIM WALTON The 136-year-old, $31 bln AGE: 71 The Internship. $33.8 bln AGE: 65 money-losing Wash- 2. WARREN BUFFETT SOURCE: BLOOMBERG LP SELF-MADE Soaring stock price SOURCE: WALMART INHERITED ington Post. The $250 led to a $4.1 billion $58.5 bln AGE: 83 World’s richest mayor ends 12-year run million purchase jump in net worth SOURCE: BERKSHIRE HATHAWAY atop the Big Apple in December. Next act launched speculation is anyone’s guess but will likely since last Septem- SELF-MADE 8. ALICE WALTON about how he might continue to exert his political infl uence ber. News broke Neither age nor prostate cancer slows Buf- $33.5 bln AGE: 63 reinvent the media in August that Brin and wife of six years, fett down: A year after completing radia- SOURCE: WALMART INHERITED on the national debate over gun control. business, but Bezos Fortune is up $6 billion since last year, Anne Wojcicki, are splitsville and that tion treatment, he is still doing huge deals. percent of Hawaii’s Lanai Island. In quest already knows how Brin is involved with a Google employee. His Berkshire Hathaway picked up iconic thanks to performance of Bloomberg LP, for youth has donated $445 million to his S ROBSON WALTON to lose money well. He and Wojcicki donated $53 million to ketchup-maker HJ Heinz for $23.2 billion medical foundation to support research on 9. the fi nancial data fi rm he founded in 1982 in June in a deal with Brazilian billionaire ageing and age-related diseases. $33.3 bln AGE: 69 after being fi red from Salomon Brothers. Owns 88 percent of the company, which UP DOWN UNCHANGED NEW TO LIST RETURNEE SIGNATORY OF THE GIVING PLEDGE

Portraits by Kyle Hilton For Forbes Kyle by Portraits SOURCE: WALMART INHERITED

140 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 141 THE FORBES 400 the Michael J Fox Foundation in February Dell and Silver Lake Partners to up their 21. STEVE BALLMER as part of the Brin Wojcicki Challenge to bid to $24.9 billion. His nearly 90 percent $18 bln AGE: 57 fi ght Parkinson’s disease. stake in Icahn Enterprises LP is worth SOURCE: MICROSOFT SELF-MADE more than $7 billion. In August, 77-year- old took to Twitter to announce big stake in Apple. Shares surged 9 percent in week 22. LEN BLAVATNIK after tweet. $17.8 bln AGE: 56 SOURCE: DIVERSIFIED SELF-MADE 19. GEORGE SOROS $20 bln AGE: 83 23. ABIGAIL JOHNSON SOURCE: HEDGE FUNDS SELF-MADE $17.2 bln AGE: 51 Hedge fund legend returned remaining $1 SOURCE: MONEY MANAGEMENT billion of outside capital under fi rm’s care INHERITED & GROWING Jacqueline Mars Forrest Mars in 2011, but investors still carefully track his every move. Shorted yen this year and went long Apple and Herbalife. The $25 24. PHIL KNIGHT 15. FORREST MARS JR billion in his fund $16.3 bln AGE: 75 $20.5 bln AGE: 82 belongs to Soros SOURCE: NIKE SELF-MADE SOURCE: CANDY INHERITED and his foundations, which have doled out billions 25. MICHAEL DELL 15. JACQUELINE MARS to human rights, $15.9 bln AGE: 48 $20.5 bln AGE: 73 democracy and SOURCE: DELL SELF-MADE SOURCE: CANDY INHERITED education. Sep- tember wedding 26. PAUL ALLEN JOHN MARS bells with Tamiko 15. Bolton, who is $15.8 bln AGE: 60 $20.5 bln AGE: 77 half his age. Born SOURCE: MICROSOFT, INVESTMENTS SOURCE: CANDY INHERITED in Budapest, So- IND SELF-MADE IA Third-generation heirs to Mars, world’s ros survived Nazi occupation of Hungary largest candymaker, with $33 billion in and went on to study at London School 27. DONALD BREN estimated sales from brands such as 3 of Economics before launching hedge fund Musketeers, Juicy Fruit, Twix and Skittles. in 1969. $14 bln AGE: 81 All three are on board of directors but SOURCE: REAL ESTATE SELF-MADE have no responsibility for day-to-day operations. Combined net worth up $10.5 20. MARK ZUCKERBERG billion in past year. Mars founded in 1911 $19 bln AGE: 29 by grandfather Frank, who made choco- SOURCE: FACEBOOK SELF-MADE lates in his Tacoma, Washington kitchen. Company invented malt-fl avoured nougat that became basis of Milky Way and Snickers. Introduced M&Ms in 1941. Bought Wrigley’s in 2008 for $23 billion. Forrest Jr supports historical preservation and is trustee of Colonial Williamsburg Foundation. Jacqueline is a trustee of US Equestrian Team Foundation and on the board of directors of National Sporting Library & Museum. John and his wife, 21. Steve Ballmer Adrienne, are noted supporters of the Fred W Smith National Library for the Study of George Washington at Mount Vernon. 27. RONALD PERELMAN $14 bln AGE: 70 18. CARL ICAHN SOURCE: PRIVATE EQUITY SELF-MADE $20.3 bln AGE: 77 Zuck foils doubters in strong return to Top 29. ANNE COX CHAMBERS SOURCE: INVESTMENTS SELF-MADE 20. Thanks to healthy mobile ad growth, Puts the active in activist investor. Returns shares of Facebook have doubled in the $13.5 bln AGE: 93 to Top 20 with net worth up $5.5 billion past year, helping to erase sting of com- SOURCE: MEDIA INHERITED this year thanks to bets on Netfl ix and vita- pany’s botched IPO in May 2012. Hoodie- min maker Herbalife, wearing CEO expanded his infl uence 30. RUPERT MURDOCH & FAMILY which hedge fund beyond Silicon Valley with lobbying group manager Bill Ackman $13.4 bln AGE: 82 FWD.us, which advocates for immigration SOURCE: MEDIA SELF-MADE called a pyramid reform and technology education. One of scheme. Also chal- more generous fi gures in tech: Donated lenged Michael Dell 18 million Facebook shares, worth nearly 31. RAY DALIO for his eponymous $500 million at the time, to Silicon Valley $12.9 bln AGE: 64 computer company Community Foundation in December 2012 SOURCE: HEDGE FUNDS SELF-MADE Lucas Jackson / Reuters and lost but forced for health and education initiatives.

142 | FORBES INDIA | OCTOBER 18, 2013 THE FORBES 400

32. CHARLES ERGEN 56. LEONARD LAUDER 70. MICKY ARISON 90. DAVID GREEN $12.5 bln AGE: 60 $7.6 bln AGE: 80 $5.9 bln AGE: 64 $5 bln AGE: 71 SOURCE: DISH NETWORK SELF-MADE SOURCE: ESTEE LAUDER INHERITED & SOURCE: CARNIVAL CRUISES INHERITED SOURCE: RETAIL SELF-MADE GROWING & GROWING 33. HAROLD HAMM 93. ROBERT ROWLING $12.4 bln AGE: 67 57. JOHN MENARD JR 71. SUMNER REDSTONE $4.9 bln AGE: 59 SOURCE: OIL & GAS SELF-MADE $7.5 bln AGE: 73 $5.8 bln AGE: 90 SOURCE: HOTELS, INVESTMENTS

SOURCE: RETAIL SELF-MADE SOURCE: MEDIA SELF-MADE INHERITED & GROWING 34. JAMES SIMONS $12 bln AGE: 75 58. JAMES GOODNIGHT 71. DENNIS WASHINGTON 94. STEPHEN ROSS SOURCE: HEDGE FUNDS SELF-MADE $7.2 bln AGE: 70 $5.8 bln AGE: 79 $4.8 bln AGE: 73 SOURCE: SOFTWARE SELF-MADE SOURCE: CONSTRUCTION, MINING SOURCE: REAL ESTATE SELF-MADE

35. LAURENE POWELL JOBS & SELF-MADE FAMILY 59. ELI BROAD 95. BRUCE KOVNER $11.7 bln AGE: 49 30. Rupert Murdoch $6.9 bln AGE: 80 73. LESLIE WEXNER $4.7 bln AGE: 68 SOURCE: APPLE, DISNEY INHERITED SOURCE: INVESTMENTS SELF-MADE $5.7 bln AGE: 76 85. Leon Black SOURCE: HEDGE FUNDS SELF-MADE SOURCE: RETAIL SELF-MADE 36. JOHN PAULSON 46. SAMUEL NEWHOUSE JR 60. RICHARD DEVOS 95. HENRY KRAVIS bln 57 bln 87 77. IRA RENNERT $11.4 AGE: $8.9 bln AGE: 85 $6.8 AGE: 74. RAY LEE HUNT $4.7 bln AGE: 69 HEDGE FUNDS SELF-MADE AMWAY SELF-MADE SOURCE: SOURCE: MEDIA INHERITED & GROWING SOURCE: $5.6 bln AGE: 70 $5.5 bln AGE: 79 SOURCE: PRIVATE EQUITY SELF-MADE SOURCE: OIL, REAL ESTATE INHERITED & SOURCE: INVESTMENTS SELF-MADE 36. JACK TAYLOR & FAMILY 47. CHARLES BUTT & FAMILY 61. JIM KENNEDY GROWING INDIA 95. ANN WALTON KROENKE $11.4 bln AGE: 91 $8.5 bln AGE: 75 $6.7 bln AGE: 65 84. STANLEY KROENKE $4.7 bln AGE: 64 SOURCE: ENTERPRISE RENT-A-CAR SOURCE: SUPERMARKETS SOURCE: MEDIA INHERITED & GROWING 74. CHARLES JOHNSON $5.3 bln AGE: 66 SOURCE: WALMART INHERITED SELF-MADE INHERITED & GROWING $5.6 bln AGE: 80 SOURCE: SPORTS, REAL ESTATE 61. JOHN MALONE SOURCE: MONEY MANAGEMENT SELF-MADE 98. GORDON MOORE 38. PHILIP ANSCHUTZ 47. PIERRE OMIDYAR $6.7 bln AGE: 72 SELF-MADE $4.6 bln AGE: 84 $10.3 bln AGE: 73 bln AGE: 46 SOURCE: CABLE TELEVISION SELF-MADE 85. GAYLE COOK $8.5 SOURCE: INTEL SELF-MADE SOURCE: INVESTMENTS SELF-MADE SOURCE: EBAY SELF-MADE 74. RICHARD LEFRAK & FAMILY $5.2 bln AGE: 79 61. ELON MUSK $5.6 bln AGE: 68 SOURCE: MEDICAL DEVICES SELF-MADE 39. RICHARD KINDER 49. ELAINE MARSHALL & FAMILY $6.7 bln AGE: 42 SOURCE: REAL ESTATE INHERITED 98. DANIEL ZIFF TESLA MOTORS SELF-MADE $4.6 bln AGE: 41 $10.2 bln AGE: 68 $8.3 bln AGE: 71 SOURCE: 85. DUSTIN MOSKOVITZ SOURCE: INVESTMENTS INHERITED SOURCE: PIPELINES SELF-MADE SOURCE: DIVERSIFIED INHERITED 77. DANNINE AVARA $5.2 bln AGE: 29 61. BLAIR PARRY-OKEDEN $5.5 bln AGE: 49 SOURCE: FACEBOOK SELF-MADE 40. HAROLD SIMMONS 49. HANK & DOUG MEIJER $6.7 bln AGE: 62 SOURCE: PIPELINES INHERITED 98. DIRK ZIFF MEDIA INHERITED bln 49 $10 bln AGE: 82 $8.3 bln AGE: 61, 59 SOURCE: 85. LEON BLACK $4.6 AGE: INVESTMENTS INHERITED SOURCE: INVESTMENTS SELF-MADE SOURCE: SUPERMARKETS INHERITED & 77. SCOTT DUNCAN $5.2 bln AGE: 62 SOURCE: GROWING 65. DAVID DUFFELD $5.5 bln AGE: 30 SOURCE: PRIVATE EQUITY SELF-MADE 40. GEORGE KAISER $6.4 bln AGE: 72 SOURCE: PIPELINES INHERITED 98. ROBERT ZIFF $10 bln AGE: 71 49. ERIC SCHMIDT SOURCE: BUSINESS SOFTWARE SELF-MADE 88. PATRICK MCGOVERN $4.6 bln AGE: 47 OIL & GAS, BANKING SOURCE: $8.3 bln AGE: 58 77. MILANE FRANTZ $5.1 bln AGE: 76 SOURCE: INVESTMENTS INHERITED INHERITED & GROWING HERBERT KOHLER JR & SOURCE: GOOGLE SELF-MADE 65. $5.5 bln AGE: 44 SOURCE: MEDIA SELF-MADE FAMILY SOURCE: PIPELINES INHERITED 102. MALCOLM GLAZER & FAMILY 42. ANDREW BEAL 52. DONALD NEWHOUSE $6.4 bln AGE: 74 88. CHARLES SCHWAB $4.5 bln AGE: 85 $9.8 bln AGE: 60 PLUMBING FIXTURES $8.2 bln AGE: 83 SOURCE: 77. RANDA DUNCAN WILLIAMS $5.1 bln AGE: 76 SOURCE: SPORTS TEAMS, REAL

SOURCE: BANKS, REAL ESTATE SELF-MADE INHERITED & GROWING ESTATE SELF-MADE SOURCE: MEDIA INHERITED & GROWING $5.5 bln AGE: 52 SOURCE: DISCOUNT BROKERAGE

SELF-MADE 43. STEVE COHEN 65. THOMAS PETERFFY SOURCE: PIPELINES INHERITED 53. DAVID TEPPER 103. KEN GRIFFIN $9.4 bln AGE: 57 $6.4 bln AGE: 68 bln AGE: 56 90. JIN SOOK & DO WON ‘DON’ $4.4 bln AGE: 44 SOURCE: HEDGE FUNDS SELF-MADE $7.9 SOURCE: DISCOUNT BROKERAGE 77. JEFFREY HILDEBRAND SOURCE: HEDGE FUNDS SELF-MADE CHANG SOURCE: HEDGE FUNDS SELF-MADE SELF-MADE $5.5 bln AGE: 54 SOURCE: OIL SELF-MADE $5 bln AGE: 58 44. EDWARD JOHNSON III 54. STEPHEN SCHWARZMAN SOURCE: FASHION RETAIL SELF-MADE 103. BRUCE HALLE $9.3 bln AGE: 83 68. DAVID GEFFEN $7.7 bln AGE: 66 $4.4 bln AGE: 83 SOURCE: INVESTMENTS $6 bln AGE: 70 77. RUPERT JOHNSON JR SOURCE: PRIVATE EQUITY SELF-MADE $5.5 bln AGE: 72 90. THOMAS FRIST JR & FAMILY SOURCE: TYRES SELF-MADE INHERITED & GROWING SOURCE: MOVIES, MUSIC SELF-MADE SOURCE: MONEY MANAGEMENT $5 bln AGE: 75 SOURCE: HEALTH CARE SELF-MADE 45. PATRICK SOON-SHIONG 54. RALPH LAUREN 68. S TRUETT CATHY SELF-MADE 103. DIANE HENDRICKS bln AGE: 73 $9 bln AGE: 61 $7.7 $6 bln AGE: 92 $4.4 bln AGE: 66 SOURCE: RALPH LAUREN SELF-MADE Fred Prouser / Reuters SOURCE: PHARMACEUTICALS SELF-MADE SOURCE: CHICK-FIL-A SELF-MADE SOURCE: ROOFING SELF-MADE UP DOWN UNCHANGED NEW TO LIST RETURNEE SIGNATORY OF THE GIVING PLEDGE Rick Wilking / Reuters

144 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 145 THE FORBES 400

103. REID HOFFMAN SOURCE: HOTELS, RESTAURANTS 130. PAUL TUDOR JONES

INHERITED & GROWING $4.4 bln AGE: 46 $3.7 bln AGE: 58 SOURCE: LINKEDIN SELF-MADE SOURCE: HEDGE FUNDS SELF-MADE 118. DANIEL GILBERT 103. TREVOR REES-JONES $3.9 bln AGE: 51 130. RONALD LAUDER SOURCE: QUICKEN LOANS SELF-MADE $4.4 bln AGE: 62 $3.7 bln AGE: 69 SOURCE: OIL & GAS SELF-MADE SOURCE: ESTEE LAUDER INHERITED & 118. KIRK KERKORIAN GROWING GEORGE ROBERTS $3.9 bln AGE: 96 103. SOURCE: CASINOS, INVESTMENTS $4.4 bln AGE: 70 SELF-MADE 132. TOM & JUDY LOVE PRIVATE EQUITY SELF-MADE SOURCE: $3.6 bln AGE: 75, 76 122. PAULINE MACMILLAN SOURCE: RETAIL SELF-MADE 109. GEORGE LUCAS KEINATH $4.2 bln AGE: 69 $3.8 bln AGE: 79 132. JOHN SALL SOURCE: STAR WARS SELF-MADE SOURCE: CARGILL, INC INHERITED $3.6 bln AGE: 65 SOURCE: SOFTWARE SELF-MADE 110. JOHN PAUL DEJORIA 122. WHITNEY MACMILLAN $4 bln AGE: 69 $3.8 bln AGE: 84 134. DONALD TRUMP SOURCE: HAIR PRODUCTS, SOURCE: CARGILL, INC INHERITED $3.5 bln AGE: 67 TEQUILA SELF-MADE SOURCE: REAL ESTATE, TV INHERITED & GROWING 110. NANCY WALTON LAURIE $4 bln AGE: 62 134. H ROSS PEROT SR SOURCE: WALMART INHERITED $3.5 bln AGE: 83 INDSOURCE: COMPUTERIA SERVICES, 110. TED LERNER REAL ESTATE SELF-MADE $4 bln AGE: 87 SOURCE: REAL ESTATE SELF-MADE 134. MITCHELL RALES $3.5 bln AGE: 57 110. JOHN MORRIS SOURCE: MANUFACTURING SELF-MADE

$4 bln AGE: 65 122. Shahid Khan SOURCE: RETAIL SELF-MADE 134. STEWART & LYNDA RESNICK 122. GWENDOLYN SONTHEIM $3.5 bln AGE: 77, 70 AGRICULTURE, WATER 110. JOHN A SOBRATO & FAMILY MEYER SOURCE:

SELF-MADE $4 bln AGE: 74 $3.8 bln AGE: 51 SOURCE: REAL ESTATE SELF-MADE SOURCE: CARGILL, INC INHERITED 134. J CHRISTOPHER REYES 110. DAVID SUN 122. SHAHID KHAN $3.5 bln AGE: 59 FOOD DISTRIBUTION SELF-MADE $4 bln AGE: 61 $3.8 bln AGE: 63 SOURCE: SOURCE: COMPUTER HARDWARE SOURCE: AUTO PARTS SELF-MADE

SELF-MADE 134. JUDE REYES 122. WILLIAM KOCH $3.5 bln AGE: 58 110. JOHN TU $3.8 bln AGE: 73 SOURCE: FOOD DISTRIBUTION SELF-MADE $4 bln AGE: 72 SOURCE: OIL, INVESTMENTS INHERITED SOURCE: COMPUTER HARDWARE & GROWING 134. DAVID SHAW

SELF-MADE $3.5 bln AGE: 62 122. LYNN SCHUSTERMAN SOURCE: HEDGE FUNDS SELF-MADE 110. SAM ZELL $3.8 bln AGE: 74 $4 bln AGE: 71 SOURCE: OIL & GAS, INVESTMENTS 134. SHELDON SOLOW REAL ESTATE, PRIVATE INHERITED & GROWING SOURCE: $3.5 bln AGE: 85 EQUITY SELF-MADE SOURCE: REAL ESTATE SELF-MADE 122. JEFFREY SKOLL $3.8 bln AGE: 48 118. BARBARA CARLSON GAGE 134. JERRY SPEYER $3.9 bln AGE: 71 SOURCE: EBAY SELF-MADE $3.5 bln AGE: 73 SOURCE: HOTELS, RESTAURANTS SOURCE: REAL ESTATE SELF-MADE INHERITED & GROWING 122. LEONARD STERN $3.8 bln AGE: 75 143. RILEY BECHTEL 118. MARILYN CARLSON NELSON SOURCE: REAL ESTATE INHERITED & $3.9 bln AGE: 74 GROWING $3.4 bln AGE: 61 Stefan Wermuth / Reuters Stefan Wermuth

146 | FORBES INDIA | OCTOBER 18, 2013 THE FORBES 400

SOURCE: ENGINEERING, CONSTRUCTION $3.1 bln AGE: 81

INHERITED & GROWING SOURCE: HEDGE FUNDS SELF-MADE

143. STEPHEN BECHTEL JR 166. LEON COOPERMAN $3.4 bln AGE: 88 $3 bln AGE: 70 SOURCE: ENGINEERING, CONSTRUCTION SOURCE: HEDGE FUNDS SELF-MADE

INHERITED & GROWING 166. ISRAEL ENGLANDER 143. MARTHA INGRAM & FAMILY $3 bln AGE: 65 $3.4 bln AGE: 78 SOURCE: HEDGE FUNDS SELF-MADE SOURCE: BOOK DISTRIBUTION, TRANSPORTATION INHERITED 166. PHILLIP FROST $3 bln AGE: 76 143. RANDAL KIRK SOURCE: PHARMACEUTICALS bln AGE: 59 $3.4 SELF-MADE SOURCE: PHARMACEUTICALS 151. Steven Spielberg

SELF-MADE 166. W HERBERT HUNT SOURCE: HOTELS, INVESTMENTS $3 bln AGE: 84 143. EDWARD ROSKI JR

INHERITED SOURCE: INHERITANCE, OIL INHERITED & $3.4 bln AGE: 74 GROWING SOURCE: REAL ESTATE INHERITED & GROWING 157. TAMARA GUSTAVSON $3.2 bln AGE: 51 166. JAMES JANNARD SOURCE: SELF-STORAGE INHERITED & $3 bln AGE: 64 143. HAIM SABAN GROWING SOURCE: SUNGLASSES SELF-MADE $3.4 bln AGE: 68 SOURCE: TELEVISION SELF-MADE INDIA 157. MICHAEL & MARIAN ILITCH 166. H FISK JOHNSON & FAMILY $3 bln AGE: 55 143. STEVEN UDVAR-HAZY $3.2 bln AGE: 84, 80 SOURCE: SC JOHNSON & SONS INHERITED bln AGE: 67 $3.4 SOURCE: PIZZA SELF-MADE AIRCRAFT LEASING SOURCE: 166. IMOGENE POWERS JOHNSON

SELF-MADE 157. DANIEL OCH $3 bln AGE: 83 SOURCE: SC JOHNSON & SONS 143. KELCY WARREN $3.2 bln AGE: 52 SOURCE: HEDGE FUNDS SELF-MADE INHERITED $3.4 bln AGE: 57 SOURCE: PIPELINES SELF-MADE 157. STEVEN RALES 166. S CURTIS JOHNSON $3 bln AGE: 58 151. CHARLES DOLAN & FAMILY $3.2 bln AGE: 62 SOURCE: MANUFACTURING SELF-MADE SOURCE: SC JOHNSON & SONS bln AGE: 86 $3.3 INHERITED SOURCE: CABLE TELEVISION SELF-MADE 161. JOHN CATSIMATIDIS 166. HELEN JOHNSON-LEIPOLD 151. ARCHIE ALDIS EMMERSON $3.1 bln AGE: 65 SOURCE: OIL, SUPERMARKETS $3 bln AGE: 56 $3.3 bln AGE: 84 SOURCE: SC JOHNSON & SONS SELF-MADE SOURCE: TIMBERLAND, LUMBER MILLS INHERITED

SELF-MADE 161. JIM DAVIS & FAMILY 166. WINNIE JOHNSON- 151. STEVEN SPIELBERG $3.1 bln AGE: 70 SOURCE: NEW BALANCE SHOES MARQUART $3.3 bln AGE: 66

SELF-MADE $3 bln AGE: 54 SOURCE: MOVIES SELF-MADE SOURCE: SC JOHNSON & SONS

161. MARY ALICE DORRANCE INHERITED 151. DORIS FISHER MALONE $3.3 bln AGE: 82 166. JERRY JONES SOURCE: GAP SELF-MADE $3.1 bln AGE: 63 SOURCE: CAMPBELL SOUP INHERITED $3 bln AGE: 70 SOURCE: DALLAS COWBOYS SELF-MADE 151. BERNARD MARCUS 161. TERRENCE PEGULA $3.3 bln AGE: 84 166. PETER KELLOGG SOURCE: HOME DEPOT SELF-MADE $3.1 bln AGE: 62 SOURCE: NATURAL GAS SELF-MADE $3 bln AGE: 71 SOURCE: INVESTMENTS INHERITED & 151. KAREN PRITZKER GROWING 161. JULIAN ROBERTSON JR $3.3 bln AGE: 55 Jean-Paul Pelissier / Reuters Jean-Paul Pelissier

148 | FORBES INDIA | OCTOBER 18, 2013 THE FORBES 400

166. JAMES LEPRINO 184. ROBERT KRAFT 201. ANDREW & PEGGY CHERNG $3 bln AGE: 75 $2.9 bln AGE: 72 $2.7 bln AGE: 66, 65 SOURCE: CHEESE INHERITED & GROWING SOURCE: NEW ENGLAND PATRIOTS SOURCE: CHINESE RESTAURANTS

SELF-MADE SELF-MADE 166. ANTHONY PRITZKER $3 bln AGE: 52 193. JOHN ARNOLD 201. VICTOR FUNG & FAMILY SOURCE: HOTELS, INVESTMENTS $2.8 bln AGE: 39 $2.7 bln AGE: 67

INHERITED SOURCE: HEDGE FUNDS SELF-MADE SOURCE: TRADING COMPANY SELF-MADE

166. JAY ROBERT ‘JB’ PRITZKER 193. ROBERT BASS 201. RON BURKLE $3 bln AGE: 48 $2.8 bln AGE: 65 $2.7 bln AGE: 60 SOURCE: HOTELS, INVESTMENTS SOURCE: OIL, INVESTMENTS INHERITED SOURCE: SUPERMARKETS, INVESTMENTS

INHERITED & GROWING SELF-MADE

166. ROBERT RICH JR 193. PETER BUCK 201. TOM GORES $3 bln AGE: 72 $2.8 bln AGE: 82 $2.7 bln AGE: 49 SOURCE: FROZEN FOODS INHERITED SOURCE: SUBWAY RESTAURANTS SOURCE: PRIVATE EQUITY SELF-MADE

SELF-MADE 166. RONDA STRYKER 201. ISAAC PERLMUTTER $3 bln AGE: 59 $2.7 bln AGE: 70 SOURCE: MEDICAL EQUIPMENT SOURCE: MARVEL COMICS SELF-MADE

INHERITED 201. THOMAS PRITZKER 166. ROGER WANG $2.7 bln AGE: 63 $3 bln AGE: 64 INDSOURCE: HOTELS,IA INVESTMENTS SOURCE: RETAIL SELF-MADE INHERITED & GROWING

184. JOHN DOERR 201. RICHARD SCHULZE $2.9 bln AGE: 62 $2.7 bln AGE: 72 SOURCE: VENTURE CAPITAL SELF-MADE SOURCE: BEST BUY SELF-MADE

184. STANLEY DRUCKENMILLER 201. ALFRED TAUBMAN $2.9 bln AGE: 60 $2.7 bln AGE: 89 SOURCE: HEDGE FUNDS SELF-MADE SOURCE: REAL ESTATE SELF-MADE 166. Jerry Jones 184. AMOS HOSTETTER JR 209. MARC BENIOFF $2.9 bln AGE: 76 193. FRED DELUCA $2.6 bln AGE: 48 SOURCE: CABLE TELEVISION SELF-MADE SOURCE: BUSINESS SOFTWARE SELF-MADE $2.8 bln AGE: 65 SOURCE: SUBWAY RESTAURANTS

184. EDWARD LAMPERT SELF-MADE 209. DAVID BONDERMAN $2.9 bln AGE: 50 $2.6 bln AGE: 70 SOURCE: HEDGE FUNDS SELF-MADE 193. JOHN FISHER SOURCE: PRIVATE EQUITY SELF-MADE $2.8 bln AGE: 52 184. IGOR OLENICOFF SOURCE: GAP INHERITED 209. AUSTEN CARGILL II $2.9 bln AGE: 70 $2.6 bln AGE: 62 SOURCE: REAL ESTATE SELF-MADE 193. JEREMY JACOBS SR SOURCE: CARGILL, INC INHERITED $2.8 bln AGE: 73 184. OPRAH WINFREY SOURCE: SPORTS CONCESSIONS 209. JAMES CARGILL II

$2.9 bln AGE: 59 INHERITED & GROWING $2.6 bln AGE: 64 SOURCE: TELEVISION SELF-MADE SOURCE: CARGILL, INC INHERITED 193. GEORGE LINDEMANN & 184. JOAN TISCH FAMILY 209. MARIANNE LIEBMANN $2.9 bln AGE: 87 $2.8 bln AGE: 77 $2.6 bln AGE: 60 SOURCE: DIVERSIFIED INHERITED SOURCE: INVESTMENTS SELF-MADE SOURCE: CARGILL, INC INHERITED

184. STEVE WYNN 193. DAVID ROCKEFELLER SR 209. WILLIAM CONWAY JR $2.9 bln AGE: 71 $2.8 bln AGE: 98 $2.6 bln AGE: 64 SOURCE: CASINO, HOTELS SELF-MADE SOURCE: OIL, BANKING INHERITED SOURCE: PRIVATE EQUITY SELF-MADE Danny Moloshok / Reuters

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209. DANIEL D’ANIELLO SOURCE: OIL & GAS, INVESTMENTS 235. JEFF GREENE 243. CLEMMIE SPANGLER JR INHERITED & GROWING

SELF-MADE $2.6 bln AGE: 67 $2.4 bln AGE: 58 $2.3 bln AGE: 81 SOURCE: PRIVATE EQUITY SELF-MADE SOURCE: REAL ESTATE, INVESTMENTS SOURCE: INVESTMENTS INHERITED & 273. JOHN FARBER

222. H WAYNE HUIZENGA SELF-MADE GROWING $2 bln AGE: 88 209. DAVID RUBENSTEIN $2.5 bln AGE: 75 SOURCE: CHEMICALS SELF-MADE $2.6 bln AGE: 64 SOURCE: INVESTMENTS SELF-MADE 235. HENRY HILLMAN 252. BHARAT DESAI & FAMILY SOURCE: PRIVATE EQUITY SELF-MADE $2.4 bln AGE: 94 $2.2 bln AGE: 60 273. ROBERT FISHER 222. A JERROLD PERENCHIO SOURCE: INVESTMENTS INHERITED & SOURCE: OUTSOURCING SELF-MADE $2 bln AGE: 60 209. EDWARD DEBARTOLO JR $2.5 bln AGE: 82 GROWING SOURCE: GAP INHERITED $2.6 bln AGE: 66 SOURCE: TELEVISION SELF-MADE 252. DAVID FILO SOURCE: SHOPPING CENTRES 235. RODNEY LEWIS $2.2 bln AGE: 47 273. WILLIAM FISHER

INHERITED & GROWING 222. MARC ROWAN $2.4 bln AGE: 59 SOURCE: YAHOO SELF-MADE $2 bln AGE: 56 $2.5 bln AGE: 51 SOURCE: NATURAL GAS SELF-MADE SOURCE: GAP INHERITED 209. RICHARD RAINWATER SOURCE: PRIVATE EQUITY SELF-MADE 252. BILL GROSS 252. David Filo $2.6 bln AGE: 69 235. DAVID MURDOCK $2.2 bln AGE: 69 273. JAMES FRANCE SOURCE: REAL ESTATE, ENERGY 222. PHILLIP RUFFIN $2.4 bln AGE: 90 SOURCE: INVESTMENTS SELF-MADE 260. JAMES COULTER $2 bln AGE: 68

SELF-MADE $2.5 bln AGE: 78 SOURCE: DOLE, REAL ESTATE SELF-MADE $2.1 bln AGE: 53 SOURCE: AUTO RACING INHERITED & SOURCE: CASINOS, REAL ESTATE 252. STANLEY HUBBARD SOURCE: PRIVATE EQUITY SELF-MADE GROWING 209. WILBUR ROSS JR SELF-MADE WILLIAM WRIGLEY JR $2.2 bln AGE: 80 bln 75 235. $2.6 AGE: SOURCE: DIRECTV INHERITED & GROWING 260. BARRY DILLER 273. GORDON GETTY SOURCE: INVESTMENTS SELF-MADE $2.4 bln AGE: 49 SOURCE: CHEWING GUM INHERITED $2.1 bln AGE: 71 $2 bln AGE: 79 252. MICHAEL MORITZINDSOURCE: ONLINE MEDIAIA SELF-MADE SOURCE: GETTY OIL INHERITED 209. TY WARNER $2.2 bln AGE: 59 bln AGE: 69 243. WILLIAM ERBEY $2.6 SOURCE: VENTURE CAPITAL SELF-MADE 260. JOHNELLE HUNT 273. ALEC GORES SOURCE: REAL ESTATE, PLUSH TOYS $2.3 bln AGE: 64 $2.1 bln AGE: 81 $2 bln AGE: 60

SELF-MADE SOURCE: FINANCE SELF-MADE 252. PENNY PRITZKER SOURCE: TRUCKING SELF-MADE SOURCE: PRIVATE EQUITY SELF-MADE 209. ANITA ZUCKER 243. JUDY FAULKNER $2.2 bln AGE: 54 SOURCE: HOTELS, INVESTMENTS 260. KENNETH LANGONE 273. SUSAN HIRT HAGEN $2.6 bln AGE: 61 $2.3 bln AGE: 69

INHERITED $2.1 bln AGE: 78 SOURCE: CHEMICALS INHERITED SOURCE: HEALTH IT SELF-MADE $2 bln AGE: 76 SOURCE: INVESTMENTS SELF-MADE SOURCE: INSURANCE INHERITED 252. BERNARD SAUL II 222. NEIL BLUHM 243. KEN FISHER $2.2 bln AGE: 81 260. JOE MANSUETO B WAYNE HUGHES $2.5 bln AGE: 75 bln 62 273. $2.3 AGE: SOURCE: BANKING, REAL ESTATE $2.1 bln AGE: 57 SOURCE: REAL ESTATE SELF-MADE 235. Tilman Fertitta SOURCE: MONEY MANAGEMENT $2 bln AGE: 80 INHERITED SOURCE: INVESTMENT RESEARCH SOURCE: SELF-STORAGE SELF-MADE

SELF-MADE

SELF-MADE 222. JACK DANGERMOND 222. REINHOLD SCHMIEDING 252. WALTER SCOTT JR $2.5 bln AGE: 68 243. MIN KAO 273. MICHAEL JAHARIS bln AGE: 58 $2.2 bln AGE: 82 260. RICHARD PEERY SOURCE: MAPPING SOFTWARE $2.5 $2 bln AGE: 85 SOURCE: MEDICAL EQUIPMENT $2.3 bln AGE: 64 SOURCE: CONSTRUCTION, TELECOM $2.1 bln AGE: 74 SELF-MADE SOURCE: NAVIGATION EQUIPMENT SOURCE: PHARMACEUTICALS

SELF-MADE SELF-MADE SOURCE: REAL ESTATE SELF-MADE

SELF-MADE

SELF-MADE 222. MARK CUBAN 222. WARREN STEPHENS 260. GEORGE ARGYROS 260. JEAN ‘GIGI’ PRITZKER $2.5 bln AGE: 55 273. BRAD KELLEY $2.5 bln AGE: 56 243. ROBERT PICCININI $2.1 bln AGE: 76 $2.1 bln AGE: 51 SOURCE: ONLINE MEDIA SELF-MADE $2 bln AGE: 56 SOURCE: INVESTMENT BANKING $2.3 bln AGE: 71 SOURCE: REAL ESTATE, INVESTMENTS SOURCE: HOTELS, INVESTMENTS SOURCE: TOBACCO SELF-MADE

SOURCE: SUPERMARKETS INHERITED &

INHERITED & GROWING SELF-MADE INHERITED 222. MICHAEL MILKEN GROWING $2.5 bln AGE: 67 235. HERBERT ALLEN JR & FAMILY 260. EDWARD BASS 260. TED TURNER 273. RICHARD MARRIOTT SOURCE: INVESTMENTS SELF-MADE $2 bln AGE: 74 $2.4 bln AGE: 73 243. MICHAEL RUBIN $2.1 bln AGE: 68 $2.1 bln AGE: 74 SOURCE: HOTELS INHERITED SOURCE: INVESTMENT BANKING $2.3 bln AGE: 41 SOURCE: OIL, INVESTMENTS INHERITED SOURCE: CABLE TELEVISION INHERITED DAN FRIEDKIN & GROWING 222. INHERITED & GROWING SOURCE: ONLINE RETAILING SELF-MADE & GROWING $2.5 bln AGE: 48 273. CLAYTON MATHILE SOURCE: TOYOTA DISTRIBUTION 235. DAGMAR DOLBY & FAMILY 243. MORTIMER ZUCKERMAN 260. LEE BASS 260. ROMESH T WADHWANI $2 bln AGE: 72

INHERITED & GROWING SOURCE: PET FOOD SELF-MADE $2.4 bln AGE: 72 $2.3 bln AGE: 76 $2.1 bln AGE: 57 $2.1 bln AGE: 66 SOURCE: DOLBY LABORATORIES SOURCE: REAL ESTATE, MEDIA SOURCE: OIL, INVESTMENTS INHERITED SOURCE: SOFTWARE SELF-MADE JOSHUA HARRIS & GROWING

222. INHERITED SELF-MADE 273. ROBERT MCNAIR $2.5 bln AGE: 48 273. NICOLAS BERGGRUEN $2 bln AGE: 76 SOURCE: PRIVATE EQUITY SELF-MADE 260. STEPHEN BISCIOTTI SOURCE: ENERGY, SPORTS SELF-MADE 235. TILMAN FERTITTA 243. FREDERICK SMITH $2 bln AGE: 52 $2.1 bln AGE: 53 $2.4 bln AGE: 56 $2.3 bln AGE: 69 SOURCE: INVESTMENTS TIMOTHY HEADINGTON SOURCE: RESTAURANTS, CASINOS SOURCE: OUTSOURCING, FOOTBALL 222. SOURCE: FEDEX SELF-MADE Jagadeesh NV / Reuters

SELF-MADE $2.5 bln AGE: 63 SELF-MADE UP DOWN UNCHANGED NEW TO LIST RETURNEE SIGNATORY OF THE GIVING PLEDGE Phil McCarten / Reuters

152 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 153 THE FORBES 400

273. SEAN PARKER 296. GERALD J FORD 296. MEG WHITMAN $2 bln AGE: 33 $1.9 bln AGE: 69 $1.9 bln AGE: 57 SOURCE: FACEBOOK SELF-MADE SOURCE: BANKING SELF-MADE SOURCE: EBAY SELF-MADE

273. TOR PETERSON 296. TOM GOLISANO 296. DONALD STERLING $2 bln AGE: 49 $1.9 bln AGE: 71 $1.9 bln AGE: 77 SOURCE: COMMODITIES SELF-MADE SOURCE: PAYROLL SERVICES SELF-MADE SOURCE: REAL ESTATE SELF-MADE

273. FAYEZ SAROFIM 296. DAVID GOTTESMAN 296. DEAN WHITE $2 bln AGE: 84 $1.9 bln AGE: 87 $1.9 bln AGE: 90 SOURCE: MONEY MANAGEMENT SOURCE: INVESTMENTS SELF-MADE SOURCE: BILLBOARDS, HOTELS

SELF-MADE INHERITED & GROWING 296. BRUCE KARSH 273. JOHN PRITZKER $1.9 bln AGE: 57 296. ELAINE WYNN $2 bln AGE: 60 SOURCE: PRIVATE EQUITY SELF-MADE $1.9 bln AGE: 70 SOURCE: HOTELS, INVESTMENTS SOURCE: CASINOS, HOTELS

INHERITED & GROWING 296. HOWARD MARKS SELF-MADE $1.9 bln AGE: 67 273. HOWARD SCHULTZ SOURCE: PRIVATE EQUITY SELF-MADE 314. JOHN ARRILLAGA $2 bln AGE: 60 $1.8 bln AGE: 76 SOURCE: STARBUCKS SELF-MADE 296. DRAYTON MCLANE JR SOURCE: REAL ESTATE SELF-MADE $1.9 bln AGE: 77 273. JEFF SUTTON SOURCE: WALMART, LOGISTICS 314. SID BASS

bln 53 $2 AGE: INHERITED & GROWING $1.8 bln AGE: 70 REAL ESTATE SELF-MADE SOURCE: INDSOURCE: OIL, INVESTMENTSIA INHERITED 296. BOB PARSONS & GROWING 293. ROBERT PERA $1.9 bln AGE: 62 $1.95 bln AGE: 35 SOURCE: WEB HOSTING SELF-MADE 314. NOAM GOTTESMAN SOURCE: TECHNOLOGY SELF-MADE $1.8 bln AGE: 52 296. LEANDRO RIZZUTO SOURCE: HEDGE FUNDS SELF-MADE 293. DANIEL PRITZKER $1.9 bln AGE: 75 $1.95 bln AGE: 54 SOURCE: CONSUMER PRODUCTS 314. RICHARD HAYNE SOURCE: HOTELS, INVESTMENTS SELF-MADE $1.8 bln AGE: 66

INHERITED SOURCE: URBAN OUTFITTERS

296. THOMAS SIEBEL SELF-MADE 293. HERBERT SIMON $1.9 bln AGE: 60 $1.95 bln AGE: 78 SOURCE: BUSINESS SOFTWARE 314. ALEXANDER KNASTER SOURCE: REAL ESTATE SELF-MADE

SELF-MADE $1.8 bln AGE: 54 SOURCE: OIL, TELECOM, BANKING 296. S DANIEL ABRAHAM

SELF-MADE $1.9 bln AGE: 89 SOURCE: SLIM-FAST SELF-MADE 314. STEPHEN MANDEL JR 296. NORMAN BRAMAN $1.8 bln AGE: 57 SOURCE: HEDGE FUNDS SELF-MADE $1.9 bln AGE: 81 SOURCE: ART, CAR DEALERSHIPS H ROSS PEROT JR SELF-MADE 314. $1.8 bln AGE: 54 296. RAY DAVIS SOURCE: COMPUTER SERVICES, REAL ESTATE INHERITED & GROWING $1.9 bln AGE: 71 SOURCE: PIPELINES SELF-MADE 314. CRAIG MCCAW 296. BILL MARRIOTT JR $1.8 bln AGE: 64 TELECOM INHERITED & GROWING $1.9 bln AGE: 81 SOURCE: SOURCE: HOTELS INHERITED 314. LINDA PRITZKER 296. BENNETT DORRANCE $1.8 bln AGE: 59 $1.9 bln AGE: 67 SOURCE: HOTELS, INVESTMENTS

SOURCE: CAMPBELL SOUP INHERITED INHERITED

Rick Wilking / Reuters 296. Meg Whitman

154 | FORBES INDIA | OCTOBER 18, 2013 THE FORBES 400

314. PETER THIEL 342. IRWIN JACOBS $1.8 bln AGE: 45 $1.6 bln AGE: 79 SOURCE: FACEBOOK SELF-MADE SOURCE: SEMICONDUCTORS

SELF-MADE 314. RONALD WANEK $1.8 bln AGE: 72 342. JOE JAMAIL JR SOURCE: FURNITURE SELF-MADE $1.6 bln AGE: 87 SOURCE: LAWSUITS SELF-MADE 325. ERIC LEFKOFSKY $1.75 bln AGE: 44 342. JIM JUSTICE SOURCE: GROUPON SELF-MADE $1.6 bln AGE: 62 SOURCE: COAL INHERITED & GROWING 325. KAVITARK RAM SHRIRAM 327. Jerry Yang $1.75 bln AGE: 56 342. JONATHAN NELSON SOURCE: VENTURE CAPITAL, $1.6 bln AGE: 57 GOOGLE SELF-MADE 327. HENRY SAMUELI SOURCE: PRIVATE EQUITY SELF-MADE $1.7 bln AGE: 58 327. RON BARON SOURCE: SEMICONDUCTORS SELF-MADE 350. SCOTT COOK bln 70 $1.7 AGE: $1.55 bln AGE: 61 MONEY MANAGEMENT SOURCE: 327. PAT STRYKER SOURCE: SOFTWARE SELF-MADE

SELF-MADE $1.7 bln AGE: 57 SOURCE: MEDICAL EQUIPMENT 350. JORGE PEREZ

327. ARTHUR BLANK INHERITED $1.55 bln AGE: 64 bln 70 $1.7 AGE: SOURCE: CONDOS SELF-MADE SOURCE: HOME DEPOT SELF-MADE 327. GLEN TAYLOR INDIA $1.7 bln AGE: 72 352. VINOD KHOSLA 327. GLENN DUBIN SOURCE: PRINTING SELF-MADE $1.5 bln AGE: 58 bln 56 $1.7 AGE: SOURCE: VENTURE CAPITAL SELF-MADE SOURCE: HEDGE FUNDS 327. JERRY YANG

SELF-MADE $1.7 bln AGE: 44 352. JIM BREYER SOURCE: YAHOO SELF-MADE 327. JOHN HENRY $1.5 bln AGE: 52 SOURCE: FACEBOOK SELF-MADE $1.7 bln AGE: 64 327. JOYCE RALEY TEEL SOURCE: SPORTS SELF-MADE $1.7 bln AGE: 82 352. JOHN BROWN SOURCE: SUPERMARKETS INHERITED & 327. CATHERINE LOZICK GROWING $1.5 bln AGE: 79 MEDICAL EQUIPMENT $1.7 bln AGE: 68 SOURCE:

SELF-MADE SOURCE: MANUFACTURING INHERITED 341. DANIEL LOEB $1.65 bln AGE: 51 ALFRED JAMES CLARK 327. KEVIN PLANK SOURCE: HEDGE FUNDS SELF-MADE 352. bln 85 $1.7 bln AGE: 41 $1.5 AGE: SOURCE: CONSTRUCTION SELF-MADE SOURCE: UNDER ARMOUR 342. JAMES DINAN

SELF-MADE $1.6 bln AGE: 54 SOURCE: HEDGE FUNDS SELF-MADE 352. MARC LASRY 327. GARY MAGNESS $1.5 bln AGE: 52 $1.7 bln AGE: 59 342. ROBERT DUGGAN SOURCE: HEDGE FUNDS SELF-MADE CABLE, INVESTMENTS SOURCE: $1.6 bln AGE: 69

INHERITED 352. GARY MICHELSON SOURCE: PHARMACEUTICALS $1.5 bln AGE: 64 SELF-MADE 327. JENNIFER PRITZKER SOURCE: MEDICAL PATENTS SELF-MADE $1.7 bln AGE: 62 342. DON HANKEY MANUEL MOROUN & FAMILY SOURCE: HOTELS, INVESTMENTS $1.6 bln AGE: 70 352.

INHERITED SOURCE: AUTO LOANS SELF-MADE $1.5 bln AGE: 86 SOURCE: TRANSPORTATION SELF-MADE 327. STEWART RAHR 342. JAMES IRSAY $1.7 bln AGE: 67 $1.6 bln AGE: 54 352. THOMAS LEE SOURCE: DRUG DISTRIBUTION SOURCE: INDIANAPOLIS COLTS $1.5 bln AGE: 69

SELF-MADE

INHERITED SOURCE: PRIVATE EQUITY SELF-MADE Jim Urquhart / Reuters

156 | FORBES INDIA | OCTOBER 18, 2013 THE FORBES 400

352. NEAL PATTERSON 371. CHRISTOPHER CLINE 386. LEON CHARNEY $1.5 bln AGE: 63 $1.4 bln AGE: 55 $1.3 bln AGE: 72 SOURCE: HEALTH IT SELF-MADE SOURCE: COAL SELF-MADE SOURCE: REAL ESTATE SELF-MADE

352. NELSON PELTZ 371. CHASE COLEMAN III 386. ALAN GERRY $1.4 bln AGE: 38 $1.5 bln AGE: 71 $1.3 bln AGE: 83 SOURCE: HEDGE FUND SOURCE: INVESTMENTS SELF-MADE SOURCE: CABLE TELEVISION SELF-MADE

SELF-MADE 386. JACK DORSEY 352. PETER PETERSON 371. DAVID EINHORN $1.3 bln AGE: 36 $1.5 bln AGE: 87 bln 44 $1.4 AGE: SOURCE: SQUARE, TWITTER SELF-MADE SOURCE: PRIVATE EQUITY SELF-MADE SOURCE: HEDGE FUNDS SELF-MADE 386. ANNE GITTINGER PHILLIP RAGON 352. 371. WILLIAM FORD SR $1.3 bln AGE: 77 $1.5 bln AGE: 64 $1.4 bln AGE: 88 SOURCE: RETAIL INHERITED SOURCE: HEALTH IT SELF-MADE SOURCE: FORD MOTOR CO INHERITED 386. HAMILTON JAMES 352. THOMAS SECUNDA 371. PATRICK RYAN $1.3 bln AGE: 62 $1.5 bln AGE:59 $1.4 bln AGE: 76 SOURCE: PRIVATE EQUITY SELF-MADE SOURCE: BLOOMBERG LP SELF-MADE SOURCE: INSURANCE SELF-MADE 386. GEORGE JOSEPH 352. THOMAS STEYER 371. RICHARD SCAIFE $1.3 bln AGE: 92 $1.5 bln AGE: 56 $1.4 bln AGE: 81 SOURCE: INSURANCE SELF-MADE SOURCE: HEDGE FUNDS SELF-MADE SOURCE: INVESTMENTS INHERITED 386. THOMAS KAPLAN 352. WILMA TISCH 371. JON STRYKER IND$1.3 bln AGE:IA 51 INVESTMENTS SELF-MADE $1.5 bln AGE: 86 $1.4 bln AGE: 55 SOURCE: SOURCE: DIVERSIFIED INHERITED SOURCE: MEDICAL SUPPLIES

INHERITED 386. FRANK FERTITTA III 352. DAN WILKS $1.3 bln AGE: 51 371. RICHARD YUENGLING JR SOURCE: CASINOS, ULTIMATE FIGHTING $1.5 bln AGE: 57 CHAMPIONSHIP SELF-MADE SOURCE: NATURAL GAS SELF-MADE $1.4 bln AGE: 70 SOURCE: BEER SELF-MADE 386. LORENZO FERTITTA 352. FARRIS WILKS 382. EDMUND ANSIN $1.3 bln AGE: 44 $1.5 bln AGE: 61 bln 77 SOURCE: CASINOS, ULTIMATE FIGHTING SOURCE: NATURAL GAS SELF-MADE $1.35 AGE: SOURCE: TELEVISION INHERITED & CHAMPIONSHIP SELF-MADE GROWING 369. JIMMY HASLAM 386. SIDNEY KIMMEL $1.45 bln AGE: 59 382. MARIO GABELLI $1.3 bln AGE: 85 SOURCE: RETAIL INHERITED RETAIL SELF-MADE $1.35 bln AGE: 71 SOURCE: SOURCE: MONEY MANAGEMENT

369. JEFFREY LORBERBAUM SELF-MADE 386. C DEAN METROPOULOS $1.45 bln AGE: 58 $1.3 bln AGE: 67 SOURCE: FLOORING INHERITED & 382. NICHOLAS PRITZKER II SOURCE: INVESTMENTS SELF-MADE GROWING $1.35 bln AGE: 69 SOURCE: HOTELS, INVESTMENTS 386. BRUCE NORDSTROM

371. LOUIS BACON INHERITED $1.3 bln AGE: 79 $1.4 bln AGE: 55 SOURCE: RETAIL INHERITED & GROWING SOURCE: HEDGE FUNDS SELF-MADE 382. MARK STEVENS $1.35 bln AGE: 53 386. ROGER PENSKE 371. GARY BURRELL SOURCE: VENTURE CAPITAL SELF-MADE $1.3 bln AGE: 76 $1.4 bln AGE: 76 SOURCE: AUTOMOTIVE SELF-MADE SOURCE: NAVIGATION EQUIPMENT 386. TOM BENSON

SELF-MADE $1.3 bln AGE: 86 386. NICHOLAS WOODMAN SOURCE: NEW ORLEANS SAINTS $1.3 bln AGE: 38

371. JAMES CLARK SELF-MADE SOURCE: VIDEO CAMERAS SELF-MADE $1.4 bln AGE: 69 SOURCE: NETSCAPE SELF-MADE UP DOWN UNCHANGED NEW TO LIST RETURNEE SIGNATORY OF THE GIVING PLEDGE

158 | FORBES INDIA | OCTOBER 18, 2013 Life Recliner

How do those who have achieved great ﬁ nancial BILLIONAIRES AND success avoid raising spoilt brats? Members of three of America’s greatest business families—the Buffetts, - the Pritzkers and the Carlsons—show the way WELL GROUNDED HEIRS Liesel Pritzker BY KERRY A DOLAN

Marilyn Carlson INDIA Nelson

Peter Buffett

Warren Buffett

The Forbes 400 Summit on Philanthropy, held in June at the United Nations Michael Prince for Forbes for Michael Prince

160 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 161 Life Recliner

he talk at Forbes’s second were formed by that time, and they Were they friendly? And, “What a from a very philanthropic family. glad, just in the years that I’ve been annual summit on knew who their friends were, and joy it is to be in the service business.” I remember in third grade doing what I’ve been doing, seeing the philanthropy, held in June their friends were their friends So the family had this purpose. going to the Pritzker Gallery at intricacies, seeing programmes start at the United Nations, was because they liked ’em, and not He also talked a lot about the best the Art Institute. You just know and stop, seeing how good public/ T private partnerships can be created, about children. Specifi cally, how to because they were the rich kid on philanthropy being a job. And so sort of, growing up, that you raise them in a way that encourages the block or anything of the sort. every time we’d open a new hotel come from a family that takes seeing the power of the private them to change their world, rather or a new property, it was important their civic responsibility very sector in leveraging whatever you’re than obsess over which sports car is in FORBES: Marilyn, you had a slightly to him to share how many jobs we seriously. And I’ve seen that pass doing philanthropically. I think the their garage. Warren Buff ett, his son diff erent situation. You’re the second created. We had a kind of oral history, on through the generations. benefi t of starting that young and Peter, Marilyn Carlson Nelson (former generation in the family business. and he left a credo: “Whatever you One thing that I always knew, being able to learn instead of waiting chairperson of the Carlson Companies Your dad was building it up as you do, do with integrity. Wherever being an inheritor of wealth, is: ‘Okay, until I was much older has benefi ted and her family’s matriarch) and were growing up. By the time that you you go, go as a leader. Have the well, what’s my responsibility to the work that we’ve been doing. Liesel Pritzker, from the fourth The Carlson family when Marilyn (girl on left) were running Carlson, you probably courage to lead. Whenever you steward this wealth properly? What generation of that Chicago dynasty, was eight had to deal with: “How do I raise kids serve, serve with caring. Whenever can I do to help make the world a FORBES: Warren, talk about when led a roundtable on the singular in a family that’s fairly affl uent?” you dream, dream with your all. better place?’ And because I had you made the decision to give away circumstances of super-wealthy we wanted that we didn’t have, And innovate, and never give up.” the ability to start doing that at a most of your money, and how you families and held the audience of 150 but we didn’t crave a lot of MARILYN CARLSON NELSON: We have only seven in our next young age, I treated it like a job. decided how much you wanted your billionaires or near-billionaires rapt. possessions or anything like that. Unlike the Oracle, sitting next to me, generation, so we have more than kids to have and why you decided your We were enjoying our life. who went into a room upstairs and enough jobs to go around. My kids should be running foundations. FORBES: Warren, let’s start with Our house was the centre of wove straw into gold, my dad was daughter’s the new chairman. As Marilyn Carlson you. How do the very affl uent raise activity, particularly for my daughter’s an entrepreneur who had this vision much energy as I have,IND I feel like IA WARREN BUFFETT: My wife Nelson: “The sense children to share their values? How friends. And the neighbours didn’t to build a company. He had a very it’s important to put succession in and I made the decision when did you do this in your family? You’ve think of us as doing anything humble beginning. He was from a place and demonstrate trust. And of respect for capital we were in our 20s, once we had successfully raised three children special. They kind of wondered Swedish immigrant family. And we’d our family members serve both on was clearly something everything we wanted or needed. who are very active in philanthropy. what I did, because for six years go out to dinner, and if dessert wasn’t the board of our company and they that we grew up I kept telling her that there’d be a I didn’t even have an offi ce. included on the menu, he’d ask us, my are the board of our foundation. lot of money, and she laughed. WARREN BUFFETT: Our kids had For six years I worked at home out sister and me, if we wanted to order The important thing that we’ve with... my children The idea always was to give it away. a very normal growing-up. I mean, of a room of my bedroom and had no dessert. If we said yes, he’d scowl at done, I believe, is that our family grew up with.” We formed the family foundation back they’ve only and I’ve only lived in secretary and no bookkeeper. So there us and give us a lecture on compound makes site visits. We get on a bus in the 1960s. We also jointly came one primary house that I’ve owned was no reason for our kids to develop interest. [Laughter.] And we got it and we make site visits together. to the conclusion that, although we in my life, and I bought that in 1958. any unusual feelings about money. over and over again. We had to do And so I have the sense that, between might have one big family foundation, So they did not see us moving into the same thing about voting whether the exposure to the company, that it was important that each of the progressively fancier houses; they did FORBES: Peter, when you started we would invest in the company or they’re watching what it means to three children have a separate one. not ride in private planes. They went seeing that your father was on the take a summer vacation. And we got us when we open a hotel in Liberia, I started volunteering. I started I’ve seen some foundations that are to school on the bus. Every member Forbes list of richest Americans, three votes: My mother, my sister, when we opened some of the new interning at microfi nance institutions. created where lots of problems have of the Buff ett family in Omaha has how did you square that with your and I, and he had four. So we did hotels that we’ve opened in Africa, I started travelling. Then, after occurred because there’s three or four gone to a public school. They went father and how he raised you? sometimes get to take a vacation. their sense of what we’re doing to meeting and talking with a lot of peers or fi ve children on the foundation to the same school that their mother As time went on and the three contribute gives them a sense of and a lot of very smart philanthropists, board, and some of them feel that their had gone to. They went to the same PETER BUFFETT: Well, that would families—my sister’s family, mine and purpose, both in their corporate life I decided to take a portion of my interests get slighted and so on. And high school that she’d gone to. be about the time that we found my dad’s—all lived next door to each and in their philanthropic life. assets and set up a foundation. But those things tend to grow, and then We were living in an area where, out how much money we had as a other, that same conservatism showed I don’t think, at 24, I had the ability they start remembering that one of in today’s dollars, our neighbours family. I’m not kidding. It was when up when he would drive past my FORBES: Liesel, you grew up in to run that foundation, so I put my them twisted the tail of the cat back were making maybe $75,000 a I was in my 20s that my mom and I home and call me and say, “Are you the Pritzker family. When you mother as the president, and I was when he was six years old [laughter], year, or something of the sort. So talked at some point, because there giving a party?” I’d say, “No, why?” were a teenager, you sued your the vice president. We’ve continued and you know, it can accelerate. they never really thought that we he was, on this list. And we laughed And he’d say, “So many lights on.” father and your relatives to fi gure working with that foundation. We So, I guess probably 25 years go, we were economically diff erent. about it, because we said, “Well, isn’t So I think the sense of respect for out what was going on in your do a lot of international education set a relatively small sum aside that it funny? You know, we know who capital was clearly something that we trust. This led to some of what initiatives and partner a lot with each one would get. But then in the FORBES: As your wealth we are, but everybody’s treating us grew up with. And my children grew you’re doing now. Talk about how the UN, which has been terrifi c. late ’90s, I just formed three dummy grew, did you actively try not diff erently now.” It was a fascinating up with, very obviously, a grandfather you’ve taken your inheritance and But I don’t think that just corporations. Then, at Christmas, I to change your lifestyle? switch, although not a huge one who was entrepreneurial, had a used it, and what family values led because I inherited money, that presented these three corporations because we didn’t live in that world passion for the business. He made it you to do what you’re doing. makes me a good philanthropist— to each of the three children. We WARREN BUFFETT: No, I just or a cultural framework where there the most exciting thing on earth every or that’s a business necessarily started them with $10 million each, lived the life I wanted to live, and was a lot of wealth being shown. Our Sunday after church to go stop at one PRITZKER: Being an inheritor that I should go into. but we told them there would be my wife lived the life she wanted to friends were as surprised as I was. of our properties. And he’d ask the of wealth, one thing that I knew It’s a skill. It’s something that you more and we would not judge live. And our kids grew up that way. kids questions: What did they notice? growing up in Chicago, where my have to learn, and learn from other them one against the other. That

Glen Davis for Forbes Glen Davis for There wasn’t anything that WARREN BUFFETT: The kids Was it clean? Were the people nice? family’s from, is I knew I came people, and learn by doing. And so I’m in philanthropy who knows what

162 | FORBES INDIA | OCTOBER 18, 2013 OCTOBER 18, 2013 | FORBES INDIA | 163 Life Recliner activities will pay off when? risks with your philanthropy? So we were going to add to it as we went along, but we would add equally. PETER BUFFETT: Absolutely. I feel I was not on the board of those like if you’re not on the edge, you’re foundations. My wife was not on the taking up too much room. We’re board of the foundations. They were out there trying to do things all the entirely left up to them. We increased time that not only do I hope some those several times, and then last of them fail but I also know they’re year on my birthday I doubled the going [to] take a lot of time. I know amount that goes to each of the it’s going [to] be 10 years, 20 years, foundations. The letters explaining generational change we’ll never see. what I expect the kids to do are on That’s he other thing: Time horizon BerkshireHathaway.com, and I told is a big issue for us, in a good way. them I expected them to fail on some things; if they didn’t fail, they weren’t FORBES: How important is doing important things. And that I was it to encourage children to proud of all three of them, and I knew do what they want to do? I’d be proud of what they did with this money. It’s a pretty simple approach. The Buffett family in Omaha, 1956 WARREN BUFFETT: We never gave any instructions on specifics, but FORBES: Peter, what was Warren Buffet: “Our I think they did pick up the values that it like for you then? were meaningful to their mother and kids had a very to myself. One of the things I’m most PETER BUFFETT: My sister normal growing-up... INDgrateful to my fatherIA for, particularly, called my wife, Jennifer, and me in They did not ride in was whatever I did he was for. He was March of 2006 and said, “Are you not trying to live his life through me. near a fax machine?” And so I got private planes.” I tried to pass that on to my children. near a fax machine. And a fax came through that was essentially saying FORBES: Liesel, how much influence that my dad was going to do this. did your family have on your own We had no prior conversations. philanthropic take on the world? Now, it’s true we had a very small foundation, and then a larger won’t use the word ‘hardship’, PRITZKER: I would say the issues one, starting in ’99. It went from but it would have strained where that I’m more passionate about were $10 million to about $120 million, I I wanted to put my attention. more influenced by my own travels think, over the course of six years We took two years really listening. and my own studies, but the general or so. And so we certainly learned a We were here in New York, and it concept of being philanthropic, that lot. I consider that he was priming was like a master class, because we this is expected of you, this is very the pump, sort of, for this big gift, could talk to anybody we wanted much a part of the family business. what we call the big bang, in 2006. to. It’s funny, you know, you have a It is pervasive throughout the family. But there was no real discussion billion-dollar foundation and your One other thing: When I talk with about that. So we had to get our jokes are funnier, you’re better peers of mine who are also inheriting house in order pretty quick. looking, and it’s just—it’s magical. wealth, I think one of the best things that ever happened was Paris Hilton’s FORBES: And how was that in terms FORBES: And people will shenanigans and the concept of of figuring out what kinds of things take meetings with you. not being a trust fund baby. You do you were interested in funding? not want that label associated with PETER BUFFETT: Right. We’ve you, which if you’re an inheritor PETER BUFFETT: That took time. really respected people’s time of wealth [it] naturally comes. But Jennifer and I do it together, which is and energy, but took the meetings what you can do is turn that into great, because I had a career. That’s because we learnt a tonne. And being an influencer, using your social the other thing—I had my life. I had that was priceless, really. capital, your intellectual capital, a life I loved. I had things I would do your philanthropic capital and your every day. And so to suddenly take FORBES: And have you been investment capital to help make the this on at that scale alone would have failing, as your dad would like world a better place and to encourage been an extraordinary—I certainly you to do, in terms of taking other people to do that with you.

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