Richest in Japan: Uniqlo founder’s wealth collapses by 44 per cent since start of the year
The billionaire founder of high street fashion brand Uniqlo has lost nearly half of his wealth since the beginning of the year.
The staggering 44 per cent loss, revealed yesterday in Forbes’ list of the 50 richest people in Japan, has been spurred by a sales slowdown in Japan and China, which has hit Uniqlo parent company Fast Retailing.
Tadashi Yanai’s net worth now stands at $23.6bn (£18.8bn), making him Japan’s richest man.
However, Keyence founder Takemitsu Takizaki is closing in with his $21.6bn (£17.2bn) cash pot, followed by SoftBank Group founder and CEO Masayoshi Son, who is worth $21.1bn (£16.8bn).
Son, formerly Japan’s richest man in 2021, had suffered the same fate when his fortune collapsed by more than half amid a large tech stock sell-off on the Tokyo Stock Exchange – which saw investment giant SoftBank fall as much as nine per cent in one day.
Japan’s Nikkei index has dwindled 12 per cent over the past year, as economic headwinds shake down the valuations of the country’s wealthiest.