Top 300 richest Romanians have 26.5 billion euros cumulated wealth


The cumulated wealth of the top 300 richest businessmen in the „Top 300 Richest Romanians” stands at about 26.5 billion euros, 3 billion euros less than in 2011, with the losses and insolvency playing a vital role upon them, reads a release of Capital magazine.

The percentage of their wealth in Romania’s gross domestic product went from 23.6 last year down to 19.4 percent in 2012. Capital magazine analysis reveals that more than 50 percent millionaires reported losses in their wealth, more than 30 went out of the top and only two of them managed to preserve their billion of euros.

The wealthiest Romanian is still Frank Timis, who maintained in this position for the second consecutive year, with a wealth higher than last year, estimated at 1.7-1.75 billion euros, according to Capital calculations.

Compared to the previous years, more and more businesses made within the family, reason for which the number of millionaires’ families present in Top 300 went up from 38 in 2011 to 46 in the latest edition of the top.

Bucharest-Ilfov region still holds the first position in terms of number of millionaires in euros (110, with a cumulated wealth of about 12 billion euros). Second comes Constanta County (23 people with a cumulated wealth exceeding 1.9 billion euros), followed by Cluj (20 people and cumulated wealth of 700 million euros).

According to the source, a lot of millionaires retained their real estate investments but diversified towards other fields of activity after the first tough years of crisis, green energy, pharmaceutical industry and medical services, agriculture (mostly animal husbandry). Most of them resorted to an offshore structure, with Cyprus and the Netherlands the preferred destinations.

„We have a new entry this year in the top 10 richest Romanians, but also a spectacular increase in a businessman’s wealth, who went up on the eleventh position. The number of businesswomen who entered the Capital rankings is also rising. Unfortunately, the ladies also reported the major plunges in wealth. On the other hand, millionaires such as Dan Diaconescu or Gigi Netoiu are no longer in the top 300 richest Romanians,” reads the source.

This year, the threshold of admission in the rankings was lowered to 15 million euros, a million less compared to the previous edition.

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