10 Richest People In Europe

Because Europe is far away across the Atlantic, most Americans don’t understand the massive sums of wealth Europe’s rich hold.  With the society we live in, it’s only natural to seek a little more of what seems to make the world go round, However, for some European wealthy the millions are already rolling in – sometimes even billions! Here, we look at our list of the 10 richest people in Europe!

1. Amancio Ortega
The richest on our list, Amancia Ortega is worth a whopping $76.4 billion! At 81 years old, Ortega is a Spanish business magnate, who can thank his founding of the Inditex fashion group for a significant chunk of his fortune. Most of us will have heard of clothing seller Zara, some of you might even shop there, but whatever the case, we can all thank Mr. Ortega for introducing this brand to European and American shops.  Oh, and did we mention that he just happens to be one the richest people in Europe.

2. Bernard Arnault
At the age of 68, Bernard Arnault is worth $64.3 billion, and it’s not hard to understand just why when you know what this man does! As chief executive of luxury goods firm LVMH, he just so happens to run the company that umbrellas brands like Louis Vuitton and Moët & Chandon. He also happens to be the richest man in France.

3. Sergey Brin
Number three in our list of the 10 richest people in Europe is Google founder Sergey Brin. Brin is the youngest on this list at only 44, and you may know him better as the co-founder of search engine giant Google. Worth an incredible $46.5 billion, he is the president of Alphabet Inc., Google’s parent company, all while sitting pretty as the 12th richest person in the world!

4. Liliane Bettencourt (now deceased)
At the age of 94, Lilianne Bettencourt would have been the oldest on the list and worth an amazing $39.5 billion when last estimated by Forbes. Bettencourt was known as the ‘great dame’ of L’Oreal, and between her and her children, they owned 33% of the company. Unfortunately, Bettencourt suffered from dementia and died in September earlier this year, and so her children are now in control of her business affairs – and her daughter, Francoise Bettencourt Meyers, has taken over her title as the wealthiest woman in the world.

5. Stefan Quandt and Susanne Klatten
Okay, so we know that this is cheating just a little, but Stefan Quandt and Susanne Klatten, aged 51 and 55 respectively, are heirs to the BMW fortune. Their father, Herbert Quandt, was the industrialist who took BMW from a small car company, so the automobile giant they are today. Together, they are worth $20.2 and $23.9 billion!

6. Karl Albrecht Jr, Beate Heister and Family
This is another cheat in a sense, but Karl Albrecht Jr and Beate Heister are heirs to the fortune of supermarket chain Aldi – or rather their father’s fortune. Their father, Karl Albrecht Sr, passed away in 2014, giving his children access to the fortune that the no-frills supermarket has built! Forbes puts Karl Albrecht Jr and his families’ wealth at $31.1 billion.

7. Ingvar Kamprad and Family
We’ve all heard of global furniture company IKEA, and it’s likely that we’ve all probably assumed that the founder was quite a rich man – and we’d be right. Swedish-born Ingvar Kamprad founded the company, and has since built a worth of around $3.5 billion!

8. The Henkel Family
The Henkel family founded, you guessed it, Henkel, who manufacture all kinds of products including the likes of Persil washing powder and Loctite super glue. This company is based in Dusseldorf in Germany, and the Henkel family have worked up a worth of over $5.6 billion, reflecting their 80% ownership of Henkel KGaA.

9. Jean-Louis Dumas & Family
Fans of luxury brand Hermès will appreciate this. In 2006, Jean-Louis stepped down from the chief executive post in January after 28 years – ended five generations of family leadership, dating back to 1837 Forbes puts the wealth of Jean-Louis and his family at $2.5 billion. He is reputed to have mandated that Hermès should never make anything ugly because someone could buy it.

10. Stefan Persson & Lottie Tham
Worth an amazing $21.3 billion, these siblings own quite a significant chunk of the H&M fortune! This fashion chain was founded by their father, but currently Persson is the chairman and CEO, with Tham owning a 5% share of the brand. Not bad for a 69 and 67 year old! In addition to their stake in the H&M fortune, the H&M heirs own real estate, including hotels, commercial buildings and land.

So, if want to go rub shoulders with Europe’s wealthy, don’t forget to grab your EHIC card from ukehic and jet off on a well-deserved break from earning that little extra.

For more on wealth of famous people, read our articles on:

Make Up Artist’ Jacklyn Hill’s Networth
YouTube Star Liza Koshy’s Net Worth
Reality Television Star Tony Beets’ Net Worth

Data Source: Forbes wealth estimates.

Image: Interior of a European castle

Does Being Frugal Alienate Relationships?

Source

I’ve always been frugal, cheap, call it what you want but I hate wasting money. This isn’t to say I don’t spend money in what I would consider a wasteful manner from time-to-time, but I don’t like doing it. Sometimes though, it’s necessary to maintain relationships.

When I went back to university for dental hygiene, a few of us quickly became friends. I was one of the older ones in the group and in a much different spot in my life. I was, on average 3 years older (than some) and engaged to be married. More so though, I was much more mature than pretty much all of them so needless to say, our ideas of ”fun” were a little different. I would not be downtown every weekend blowing money on bars and a new outfit every weekend. I did this occasionally but usually if it was a fundraising pub-crawl or something alike. I chose my battles.

They realized pretty quickly on that they didn’t need to ask every weekend if I wanted to go out with them or spend oodles of money on a shopping spree. My frugality never interfered in our friendships. As you all know, I graduated with a boatload of debt– 4 of the 7 of these girls have zero debt, 1 had daddy pay most of it off and the last girl had a little to pay off but had no other responsibility. Needless to say we view money very differently.

After graduation we all spread out and started our lives. They all attended my wedding the same year we graduated and we would make an effort to see each other occasionally but I quickly started feeling like the odd man out. Not only could I not afford their restaurant choices I had no desire to go to said places. The occasional restaurant meet up quickly turned into everyone meeting at someone’s house for the weekend eating, shopping and usually going out to drink…not my idea of fun, ever. Not to mention after a week of working I want to spend time with my husband and family. I went once though so I could see everyone, when I realized what the weekend was actually going to entail I went home before the partying started. I don’t drink (other than the occasional cheap bottle glass of red wine), don’t shop, and really don’t want to get hammered drunk and sleep on my friends floor like I did when I was 19. Some of the girls still continue on like this…well into their late 20’s early 30’s.

One of the girls recently got married and I wasn’t invited. I’d like to think it’s because I have a baby now but I don’t think it was. This weekend they’re all getting together to party it up and I wasn’t invited. This doesn’t bother me, since I probably wouldn’t go but I wish they’d consider everyone in the group and maybe extend and invitation for a normal dinner out when they’re in town (and by normal I mean somewhere I don’t have to spend $40.00-$50.00 just for myself). I genuinely like these girls and would like to keep them in my life to some regard but I don’t see how it’s possible.

I don’t know if it’s me being cheap or us not being on the same ”life page” but I can’t help but think if money wasn’t an issue I might see them more often. Or maybe my frugality is a way to streamline and filter the relationships I actually value in life, only the ones who really care about me are in it?

Has your own frugality every changed one of your relationships?

The Last Bobby Pin Effect

Although women will probably understand this analogy slightly better, men will appreciate it none-the-less.

Anytime I get a new package of bobby pins (hair clips for you men), without a doubt, one-by-one, they always manage to disappear into the abyss. How I lose them is beyond me. I put them in my hair and take them out before bed in the same location, but somehow my brand new stash slowly dwindles away and I have no idea where they end up. My once lofty collection of bobby pins is down to one lonely clip. Every time I get down to that one clip I somehow manage to hang onto it; always knowing its exact location, because, you see, it is my last hair pin and I may need it. This happens, without a doubt, every time I buy these pesky little things.

Why Does This Continue To Happen?

Is it because I don’t value them enough? They’re less than $3.00 for about 50 of them and I rarely lose my more expensive hair clips. Do I subconsciously lose them because I know I will always have more? It takes time to slowly lose them.

If I applied this analogy to my money we’d have a pretty similar story. Or so that’s how it once was. I’d get paid (brand new pack of bobby pins) pay the bills (putting them in and taking them out as per usual) yet somehow I only really started to pay attention to the money when there’s almost nothing left (last, lone bobby pin).

Where did my money go? I wasn’t really paying attention. Truthfully it use to be that didn’t care that I just wasted $10.00 at the store on something I didn’t really need/want/use because it was only $10.00, and I just got paid over 15x that amount. I didn’t care. That was the problem. Not that I was always frivolous, but my thought process about money has changed substantially in the last 6 months.

Treat Money With Respect!

If I treated every single dollar like I do my last bobby pin, I’d probably be in an entirely different financial situation right now. Especially since switching to cash, I really give every purchase a good thought before forking over our hard-earned money. Not saying we now hoard cash and don’t spend anything but we now apply value to that lunch date together, the food we’re eating for supper or shirts we are wearing.

I truly believe I have lived my life the way I have to learn lessons just like this one. Although it sucks to learn anything the hard way, I’m a better person for it.

Lesson Learned.

Treat every dollar like your last bobby pin, even when you have a brand new pack, because each dollar deserves the last-pin-respect.

How Selling Lemonade Changed How I View Money

I think most people have some ”a-ha” moment about money while in their transition from childhood/student life to adulthood. For me it was a story I read in Reader’s Digest last year (although I have no idea how old the copy was). We have copious amounts of copies of Readers Digest in our waiting room at work. I don’t often read them but when patients don’t show up or cancel last-minute sometimes there isn’t much else to do.

I am very much paraphrasing the ideas of the article and will probably not get all the details right, so I apologise in advance, the main point of the story remains intact though.

It was a story about a young boy, who at a young age (something like 6 years old), decided he wanted to make some of his own money while his parents hosted a yard sale one summer morning. With the ”initial investment” from his parents of about $5.00, he set up a lemonade stand selling glasses at 0.50/cup. He ended up making something like $20.00 that day alone. He explains that he re-paid his parents and put his $15.00 profit in his piggy bank.

Over the next few summers he continued selling lemonade at every opportunity, always saving his profits. It wasn’t until he was something like 9 years old that he told his dad that he wanted to get out of the ‘lemonade business’ and buy a lawnmower. His parents had no idea that in the past few summers their son had made, and saved, hundreds of dollars selling lemonade. Enough to buy a nice self-propelled gas lawnmower which will help him on his next entrepreneurial endeavor.

Let me explain how smart and business savvy this child was. He took his lemonade profits, bought the lawn mower but had no intention of wasting his childhood away mowing lawns, instead he would hire someone older, stronger, and more experienced to do the work for him all while making a profit himself.

He reached out to some older kids he knew and offered them a summer job mowing lawns. He would provide the lawnmower, gas and nail down a few regular clients in the neighborhood (ensuring job security) but the older boy would do the work. He charged $25.00-$40.00/lawn depending on size and paid the older boy $15.00-$25.00/each lawn. Between the regular clients and the occasional cuts for people who were on vacation etc, they young boy profited something like $3000 for basically doing nothing (other than being the mastermind behind the operation) and the older boy made even more. Win-win situation. He was 9 years old!

He did this for the next few summers and eventually bought a few lawnmowers, hiring someone to man it each time, and carved out quite a name for himself in the lawn care industry in his community.

I don’t remember the story-ending details, and I don’t want to make something up, but I feel like this kid went on to university (totally paid for between his savings and scholarships to a business school). At the time the article was written, he was something like 20 years old and on his way to being a millionaire by the time he was in his late 30’s due to smart investments.

I was flabbergasted when I read this story about the sheer intelligence and savvy mind of this kid. How does a young 6-year-old even think about such a business model? Most kids are playing with toys and concerned about what their friends are doing for the summer, not how to start-up and maintain a business.

And this is how selling lemonade changed how I view my money and forced me to look at what I’ve accomplished financially in my 28 years on this earth (which, sadly is basically nothing).

Has a story every changed how you view money? What do you think about this story?

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Lemonade Photo Source

Lawnmower Photo Source