THE WORLD MOST

World's Strongest Financial Markets

2009-11-15T21:45:00.000-08:00

By Leona Liu and Andy Reinhardt

Global Finance: Britain Is No. 1

The World Economic Forum reorders the world of finance by rating Britain and Australia over the U.S.—and booting France and Germany from the top 10

London has officially dethroned New York as the world's top financial center, according to an index released this month by the Geneva-based World Economic Forum (WEF).

The WEF's 2009 Financial Development Index ranks 55 countries on the sophistication and stability of their financial systems and markets. The nations were evaluated according to more than 120 criteria, ranging from the favorableness of their institutional and business environments to the size of their equity and bond markets, and from their technology infrastructure and human capital to the ease of obtaining consumer and commercial loans.

Perhaps the biggest surprise in this year's study—the second release of an annual index launched in 2008—was that Britain rose to the No. 1 spot despite its economic troubles, up from No. 2 last year. Britain was buoyed by the relative strength of its financial markets, particularly in foreign exchange and derivatives, and by its world-beating insurance coverage.

The other headline news—though perhaps not as surprising—was that the U.S. fell from No. 1 in 2008 to No. 3 this year. While the country is still by far the world's wealthiest, financial instability and a noticeably weakened banking sector pulled down its scores. The No. 2-ranked country, Australia, jumped nine rungs in the rankings, thanks to its greater financial stability, low sovereign debt, and ready access to consumer credit.

France and Germany rank 11th and 12th

The results of the study will undoubtedly fuel the ongoing debate as to whether London or New York is the top dog in global finance and markets. Britain's elevation to No. 1 could be short-lived. The country continues to be weighed down by recession, while the U.S. reported a return to growth in gross domestic product during the third quarter of 2009. Britain's institutional environment also could weigh on its ranking next year: The government has been criticized in recent months for excessive intervention in the financial sector, and there is rising concern over increased regulation and higher tax rates, which could encourage London-based hedge funds and other financial intermediaries to move elsewhere.

To be sure, the total scores for most developed nations fell sharply, due to the effects of the credit crisis—and those that suffered the most from lowered financial stability were among the largest industrialized economies. France and Germany, which held top slots in last year's index, fell out of the top 10 altogether, landing at 11th and 12th place, respectively. The sheer size and global nature of these countries' financial systems exposed them more than others to the effects of the downturn.

The fall of such countries as France and Germany allowed developing nations such as Brazil, Chile, and Malaysia to close the gap on their Western counterparts. Nouriel Roubini, an economics professor at New York University and the leading academic for the study, wrote in a summary: "For some of these developing countries, it was a result of learning from the mistakes of past financial crises, while for others it reflected the relative lack of complexity and global integration of their financial systems."

Yet emerging economies have a way to go before they catch up with more developed rivals. Some suffer from underdeveloped infrastructure, murky legal and regulatory regimes, or weak corporate governance. Few score well on financial access for consumers and small businesses, as measured by the availability of credit and the penetration of retail banking services such as savings accounts, microcredit, ATMs, branch offices, and point-of-sale financial services.

Top Nations Still Hold a Vast Edge

Aside from the relative strengthening achieved by developing countries, the most intriguing result for the researchers who put together this year's study was that Australia leapfrogged over the U.S. "While we expected the relative stability of the Australian banking system to strengthen the country's ranking, we were surprised at just how significantly its overall ranking jumped," says James Bilodeau of the World Economic Forum, who co-authored the study with Roubini.

Apart from Australia, all of the countries in this year's top 10 saw significant declines in their overall scores. This highlights how badly the economic crisis shook most major financial systems. What allowed countries such as Britain and the U.S. to remain near the top of the list, despite big hits to their financial stability, was the breadth of other factors taken into consideration. Although their markets have been volatile, these and other top-ranked countries still offer deeper pools of capital, more financial transparency, and a host of other institutional and infrastructural advantages that will likely keep them among the leaders in financial development for years to come.

Still, this is no time for complacency. "The drop in scores for both the U.K. and the U.S. indicate that their leadership is potentially in jeopardy," says Bilodeau. "The potentially worrisome finding is the degree to which scores have dropped and their lead relative to other countries has diminished."

Financial Development Leaders

The annual Financial Development Report from the Geneva-based World Economic Forum (WEF), now in its second year, has already established itself as a must-read for world policymakers and investors. But sorting out which countries have the most-developed financial markets this year was especially difficult because of the turmoil that has shaken the global economy since 2007, when the U.S. subprime loan crisis and subsequent credit crunch unfolded.

With the help of dozens of prominent bankers, academics, and consultants, the WEF evaluated 55 countries, using scores of quantitative and qualitative measures—from the transparency and liquidity of a country's stock markets to the sophistication of its legal and regulatory framework, and from the quality of business education to the availability of venture capital, mobile phones, and broadband Internet access.

Perhaps the two biggest surprises in this year's ranking came right at the top. The U.S.—which has more financial assets than any other country in the world—fell from No. 1 to No. 3 in its overall financial development rating. What's to blame? Profound instability in financial markets and the dollar, poor commercial access to capital, and weakness in the U.S. regulatory and political environment.

The other surprise was Britain's rise to the No. 1 spot, up from second place last year, despite the recession's especially deep bite there. While the country's huge financial sector has suffered from the same instability that hit the U.S., Britain leads the world on a host of metrics, from the density of insurance and volume of foreign currency transactions to dynamic derivatives trading and the liberalization of financial markets.

1. United Kingdom

Rank: 1 (change from 2008: +1)

Per Capita GDP: $43,785

Total Financial Assets: $12.2 trillion

Assets per Person: $199,754

Strengths: Insurance, M&A, securitization, size of banking system

Weaknesses: Financial stability, currency stability, bank efficiency

Despite a deep recession and slow recovery, London's world-beating financial markets drove Britain to the top of the ranking this year, thanks primarily to strength in financial intermediation—derivatives, securitization, insurance, and mergers and acquisitions. Largely due to the turmoil of the past two years, Britain falls short in the stability of its currency and financial markets and it suffers from relatively poor access to credit, low bank profitability, and overly centralized economic policy making.

Notes on data: Per capita GDP is from 2008. Total Financial Assets are from 2007. Assets per capita is an approximation, based on 2008 population data.

2. Australia

Rank: 2 (+9)

Per Capita GDP: $47,400

Total Financial Assets: $3.5 trillion

Assets per Person: $165,535

Strengths: Low sovereign debt, retail access to capital

Weaknesses: Bond market capitalization, commercial access to capital

Australia saw a big jump this year—up nine rungs in the ranking—thanks especially to its strong performance in both bank and nonbank financial services, low sovereign debt, and world-beating retail access to capital. Australia still suffers from relatively weak bond market capitalization and commercial access to capital.

3. United States

Rank: 3 (-2)

Per Capita GDP: $46,859

Total Financial Assets: $58.1 trillion

Assets per Person: $190,930

Strengths: Financial markets and services, stock and forex turnover

Weaknesses: Currency and banking stability, regulation of exchanges

The U.S. leads the world in many financial criteria, especially its well-developed equity and derivatives markets, financial sector liberalization, and dominant position in merger-and-acquisition activity. But with the economy in the doldrums, the U.S. has seen a lack of stability in banks and the dollar and has suffered from tighter access to credit. The WEF also marks down the world's largest economy for its distorting tax system, tendency toward banking and housing bubbles, and institutional drawbacks such as mistrust of politicians and weak regulation of securities exchanges.

4. Singapore

Rank: 4 (+6)

Per Capita GDP: $38,972

Total Financial Assets: $789.1 billion

Assets per Person: $167,894

Strengths: Institutional and business environment, bank efficiency

Weaknesses: Public debt, disclosure of financial information

Singapore jumped six places in the rankings, thanks to a high degree of financial stability, bank efficiency, and commercial access to capital. It also leads the world in its institutional environment—such factors as laws and regulations, corporate governance, and contract enforcement. But the city-state also has persistent weak spots, including high public debt and the risk of both sovereign and debt crises. It also has underdeveloped bond markets, relatively weak financial disclosure, and too much centralization of economic policy making.

5. Hong Kong

Rank: 5 (+3)

Per Capita GDP: $30,755

Total Financial Assets: $1.9 trillion

Assets per Person: $270,957

Strengths: Commercial access to capital, financial stability

Weaknesses: Bond markets, securitization, human capital

Like rival Singapore, Hong Kong has a strong business environment and a high degree of financial stability, ranked No. 3 in the world. The WEF also rates it tops globally in the "banking financial services" category, which includes factors such as money supply and the ratio of bank deposits to GDP. Where Hong Kong falls short is in development of securitization (ranked No. 48) and in its nurturing of human capital, with low college enrollment and weak management education.

6. Canada

Rank: 6 (-1)

Per Capita GDP: $45,428

Total Financial Assets: $5.7 trillion

Assets per Person: $169, 831

Strengths: Access to capital, banking stability

Weaknesses: Relatively weak legal rights and official supervisory powers

Canada turns in solid performance on a host of metrics, ranging from the strength of its bank and nonbank financial services to the stability of its banking system—which ranks No. 2 globally, despite Canada's close economic integration with its far more volatile southern neighbor, the U.S. Among Canada's few knocks are low scores for the ease of enforcing contracts, concerns about private and public debt loads, and a surprisingly low per capita penetration of mobile phones—ranked No. 45 among the countries surveyed.

7. Switzerland

Rank: 7 (no change)

Per Capita GDP: $ 67,385

Total Financial Assets: $2.6 trillion

Assets per Person: $358,096

Strengths: Financial stability, financial markets

Weaknesses: Financial disclosure, investor protection, private debt

Although the country is long known for solid, discreet banks and overall stability, Switzerland has been hurt by the financial crisis—which hit UBS especially hard—and by an aggressive global campaign to chip away at tax evasion conducted via secret bank accounts. The country still ranks high for the size and stability of its banking system, decentralized policy making, and No. 1-ranked management education. But it has work to do in financial disclosure, protection of investors, high bank overhead, and the sluggishness of business creation.

8. Netherlands

Rank: 8 (+1)

Per Capita GDP: $52,019

Total Financial Assets: $4.0 trillion

Assets per Person: $242,389

Strengths: Corporate governance, intermediation, liberalization

Weaknesses: Banking efficiency, regulatory burden, public debt

With its freewheeling markets—tied for the most liberalized in the world—the Netherlands punches above its weight in the financial sector. A strong institutional environment, technology infrastructure, and foreign direct investment keep the country near the top of the list in financial development. But it suffers from high bank overhead, heavy public and private debt, and relatively weak commercial access to credit.

9. Japan

Rank: 9 (-5)

Per Capita GDP: $ 38,559

Total Financial Assets: $22.5 trillion

Assets per Person: $175,865

Strengths: Large and efficient banks, foreign exchange

Weaknesses: Centralized policy making, currency instability, management education

Japan fell five places in this year's ranking because of the global financial crisis and the instability it introduced to Japan's enormous banking system. The country is still a world leader in the sheer heft of its banking system, which also ranks No. 1 for low operating costs, and it enjoys the No. 3 position in M&A and IPO activity. But Japan's institutional environment, dragged down by over-centralization and mistrust of politicians, weighs on its global ranking, as does weak management education and currency instability.

10. Denmark

Rank: 10 (new entry)

Per Capita GDP: $62,626

Total Financial Assets: $1.2 trillion

Assets per Person: $223,691

Strengths: Business environment, human capital, regulation, bank deposits

Weaknesses: IPOs, credit bureau coverage, foreign direct investment

A perennially top-ranked country on all sorts of rankings, Denmark was added to the WEF's study this year and jumped immediately to 10th place. The tiny Scandinavian country boasts the world's highest-rated business environment, thanks to excellent education and technology infrastructure, and the No. 2-ranked institutional environment, due to liberal markets and a strong regulatory regime. Denmark falls down on nonbanking financial services, particularly its weak IPO activity. And it shows shortcomings in financial disclosure, especially in private credit-rating activity.

11. France

Rank: 11 (-5)

Per Capita GDP: $46,016

Total Financial Assets: $9.3 trillion

Assets per Person: $149,159

Strengths: Derivatives, infrastructure

Weaknesses: Corporate governance, taxation, cost of doing business

France, which fell five positions in this year's survey, thrives seemingly in spite of the roadblocks it puts up to business. Highly-ranked in bonds and forex, and the world leader in derivatives trading, France also enjoys excellent management education and top-notch communications infrastructure. In addition, its banking system has fared better than many during the financial crisis. The downsides? An inhospitable business climate marred by regulation, high taxation, and public debt; a high degree of centralization; and impediments to starting businesses.

12. Germany

Rank: 12 (-9)

Per Capita GDP: $44,660

Total Financial Assets: $11.9 trillion

Assets per Person: $145,090

Strengths: Tax structure, sovereign currency rating, bank stability

Weaknesses: Bank profitability, cost of insurance, commercial credit access

Though its ranking plunged nine places this year, Germany remains strong overall in financial markets, bank stability, and infrastructure. It scores particularly well for liberalization, bond markets, and the evenhandedness of its tax system—although the tax regime distorts business behavior. On the other hand, commercial credit is tight and loans are hard to come by, banks suffer low profitability, and it's not easy to start a business. German stock capitalization also is weak, relative to GDP, and insurance is expensive.

13. Belgium

Rank: 13 (+4)

Per Capita GDP: $47,108

Total Financial Assets: $1.8 trillion

Assets per Person: $166,602

Strengths: Bond markets, retail access to financial services

Weaknesses: Stock market capitalization, public debt

Another small country with an outsized role in financial services, Belgium benefits on the global stage from hosting the headquarters of the European Union in Brussels. It ranks highly in bond market development, banking efficiency, money markets, and retail access to financial services. But it's a bit player in merger/IPO activity and stock market capitalization and turnover. Also weighing on its ranking: high public debt and weak access to commercial credit.

14. Sweden

Rank: 14 (-1)

Per Capita GDP: $52,790

Total Financial Assets: $1.6 trillion

Assets per Person: $168,576

Strengths: Corporate governance, regulation, infrastructure

Weaknesses: Retail access to financial services, IPO activity

The powerhouse of the north, Sweden offers a strong institutional environment—especially in corporate governance and legal/regulatory framework—and benefits from excellent infrastructure. It also has a solid currency, a low ratio of nonperforming loans, manageable public debt, and excellent credit bureau coverage. Sweden's soft spots are bank deposits and money supply, weak IPO activity, impediments to startups, and surprising difficulty in enforcing contracts.

15. Spain

Rank: 15 (-3)

Per Capita GDP: $ 35,332

Total Financial Assets: $6.9 trillion

Assets per Person: $152,090

Strengths: Financial services, bond and equity markets

Weaknesses: Commercial credit, corporate governance, regulation

Spain was hit hard by the financial crisis—especially the collapse of its formerly booming domestic real estate and construction industries—and fell three places in the ranking this year. But its globe-straddling companies are still thriving, as evidenced by its No. 4 score in financial services on the back of global banks Santander and BBVA. Spain places well in money supply, retail banking, and M&A transactions. But it suffers from weak commercial credit and venture capital, impediments to business startup, and sub-par corporate governance and infrastructure.

16. Ireland

Rank: 16 (-2)

Per Capita GDP: $61,810

Total Financial Assets: $940.8 billion

Assets per Person: $213,818

Strengths: Liberalized markets, insurance, low brain drain

Weaknesses: Tight credit, equity market development, central bank debt

The Irish tiger got mauled by a housing bubble and bank exposure. Ranked No. 6 globally in financial services, Ireland boasts a favorable tax regime, high money market penetration, and top-notch credit bureau coverage. But commercial credit is tight, local financing is scarce, and a large current account deficit threatens the country's ability to scare up funding from around the world. It also suffers from relatively weak infrastructure compared with its European neighbors and overly centralized economic policy making.

17. Norway

Rank: 17 (-2)

Per Capita GDP: $ 95,062

Total Financial Assets: $995.9 billion

Assets per Person: $207,479

Strengths: Governance and government, communication infrastructure

Weaknesses: Insurance cover, foreign direct investment

With a stable currency, low risk of a sovereign debt crisis, and a relatively stable banking system, Norway earns top ratings in the overall financial stability criterion. It also enjoys an excellent institutional and business environment, with especially strong marks for market liberalization, shareholder protection, and management. What holds Norway back is the relatively small size and relatively low profitability of its banking sector, which suffers from low deposit rates and weak money supply.

18. Austria

Rank: 18 (no change)

Per Capita GDP: $ 50,098

Total Financial Assets: $1.3 trillion

Assets per Person: $158,735

Strengths: Retail credit access, bond markets

Weaknesses: Shareholder protection, impediments to business creation

As the financial gateway to Eastern Europe, Austria has benefited from the region's growth as it emerged from Communism and joined the European Union. Austria ranks highly for its institutional environment, retail access to capital, property rights, and low corruption. But it's difficult to start or close businesses, public debt is high, equity markets are underdeveloped, and the country is weak in M&A and IPO activity.

19. Finland

Rank: 19 (+2)

Per Capita GDP: $ 51,989

Total Financial Assets: $717.9 billion

Assets per Person: $135,453

Strengths: Education, communications, ethics

Weaknesses: Financial intermediation

Another Nordic country whose small size belies its global stature, Finland offers an excellent business environment—thanks especially to the human capital produced by its No. 1-ranked educational system—and has among the world's best infrastructure and corporate governance. Efficient banks with few bad loans and strong contract enforcement round out the picture of a country eager to do business. But Finland is relatively weak in financial access, with a small banking sector and limited activity in mergers and IPOs.

20. United Arab Emirates

Rank: 20 (-4)

Per Capita GDP: $ 54,607

Total Financial Assets: $470.6 billion

Assets per Person: $98,042

Strengths: Stable banking system, favorable tax regime

Weaknesses: Risk of sovereign debt crisis, poor disclosure

The top-ranked country in the Middle East, the U.A.E. has earned itself a starring role in the Persian Gulf and broader global economy on the rise of its two largest emirates, Abu Dhabi and Dubai. But the U.A.E.'s WEF Financial Development rating is a study in contradictions. The banking system, rated No. 1 globally for stability, and the No. 2-ranked tax regime contrast sharply with poor scores for the high cost of doing business and the risk of sovereign debt crisis. The U.A.E. also loses points for weak financial information disclosure, poor contract enforcement, impediments to business creation, and low broadband penetration.

21. Italy

Rank: 21 (+1)

Per Capita GDP: $38,996

Total Financial Assets: $7.0 trillion

Assets per Person: $117,223

Strengths: Bond markets

Weaknesses: Corporate governance, contract enforcement

Although it has plenty of assets and a high standard of living, Italy trails behind European counterparts with comparable or smaller economies because of its chronic problems with corporate governance, contract enforcement, and its legal/regulatory framework. It also ranks 52nd in commercial access to credit. In the plus column, Italy is especially strong in bonds while holding its own in equities and derivatives. It's also got lots of bank branches, ATMs, and mobile-phone subscribers.

22. Malaysia

Rank: 22 (-2)

Per Capita GDP: $8,140

Total Financial Assets: $772.4 billion

Assets per Person: $28,293

Strengths: Stable currency, M&A activity, bonds

Weaknesses: Insurance, foreign exchange, derivatives

The Southeast Asian country performs respectably well across a wide swath of measures, from banking services and financial stability to currency stability. Malaysia earns especially strong marks for legal rights and financial disclosure—where it ranks tops in the world—and for its No. 3-ranked shareholder protection. Areas of weakness include the insurance sector and underdeveloped financial markets, especially in foreign exchange and derivatives.

23. South Korea

Rank: 23 (-4)

Per Capita GDP: $19,505

Total Financial Assets: $2.8 trillion

Assets per Person: $56,656

Strengths: Human capital, insurance

Weaknesses: Commercial and retail credit access

One of the great economic success stories of recent decades, the Republic of Korea has built a favorable business environment, a strong insurance sector, great telecommunications, and excellent human capital, due to high college enrollment rates. But its ranking against peers is dragged down by several significant problems. The legal/regulatory framework and corporate governance are below par, and access to capital for both commercial and retail customers is abysmally limited.

24. Saudi Arabia

Rank: 24 (+3)

Per Capita GDP: $19,345

Total Financial Assets: $810.2 billion

Assets per Person: $32,538

Strengths: Bank profitability and stability

Weaknesses: Scale of banking sector, financial disclosure

Like the U.A.E., Saudi Arabia is distinguished by a high degree of bank stability, efficiency, and profitability. But the sector is small relative to Saudi Arabia's GDP and population of 25 million. Commercial access to capital is quite good and the tax system does not distort. But corporate governance is murky and financial disclosure poor—and Saudi Arabia has a long way to go to develop its human capital.

25. Jordan

Rank: 25 (new entry)

Per Capita GDP: $3,421

Total Financial Assets: $71.4 billion

Assets per Person: $12,102

Strengths: Commercial access to credit, size of banking industry

Weaknesses: Current account deficit, cost of doing business

Why does Jordan place higher in financial development than such economic powerhouses as No. 26-ranked China and No. 38-ranked India? For one thing, despite having lower per capita GDP and assets than the other top-25 countries, Jordan outperforms both China and India on those measures. It also has well-developed financial services and equity markets, surprising strength in IPOs, and a stable banking system. Overall, the country's institutional and business environments are ranked higher than those of either China or India. But Jordan has an Achilles heel in financial stability—especially the risk of a sovereign debt crisis—that could harm its ranking in the future.

The rest of the list:

26. China

27. Bahrain

28. Israel

29. Panama

30. Kuwait

31. Chile

32. South Africa

33. Czech Republic

34. Brazil

35. Thailand

36. Egypt

37. Slovak Republic

38. India

39. Poland

40. Russian Federation

41. Hungary

42. Peru

43. Mexico

44. Turkey

45. Vietnam

46. Colombia

47. Kazakhstan

48. Indonesia

49. Pakistan

50. Philippines

51. Argentina

52. Nigeria

53. Ukraine

54. Bangladesh

55. Venezuela

The World's Best Places to Live 2009

2009-11-02T11:12:00.000-08:00

Best City To Live

In Mercer Consultings annual Quality of Living Survey, Europe once again dominates the list of 215 countries around the world. The top three cities are, by rank, Vienna, Zurich (The World's Best Places To Live 2008 last years winner), and Geneva. Commonwealth nations fare pretty well, too, winning 9 of the top 30 spots—even though London comes in only at 38. The U.S. also fares poorly, barely making it into the top 30 with Honolulu and San Francisco in the bottom two places. The best city to live in Asia is Singapore, at no. 26. No cities from Africa or South America are in the top 30. The bottom? Baghdad once again comes in at 215.

The Best Places To Live - Mercer's 2009 Quality of Living survey highlights - Global

European cities dominate the top of the ranking
Vienna scores highest for overall quality of living, Baghdad the lowest
Singapore ranks top for city infrastructure; London ranks eighth

The quality of living rankings the best places to live are based on a point-scoring index, which sees Vienna score 108.6, and Baghdad 14.4. Cities are ranked against New York as the base city with an index score of 100.

Mercer’s Quality of Living ranking covers 215 cities and is conducted to help governments and major companies place employees on international assignments. In 2008, the quality of living in many regions has been affected. This is demonstrated by serious political turmoil, increasing unrest and instability, health and climatic concerns. The global financial crisis has intensified in 2008, becoming an area of increasing international concern. The effects of various rescue plans being implemented are yet to be known.

This year’s ranking also identifies the cities with the best infrastructure based on electricity supply, water availability, telephone and mail services, public transport provision, traffic congestion and the range of international flights from local airports.

Mr Parakatil commented: “Infrastructure has a significant effect on the quality of living experienced by expatriates. Whilst often taken for granted when functioning to a high standard, a city’s infrastructure can generate severe hardship when it is lacking. Companies need to provide adequate allowances to compensate their international workers for these and other hardships.”

Top 5 quality of living ranking for cities worldwide

Top 5 ranking cities by region

Quality of living

Infrastructure

List Of The Best Places To Live

No. 1: Vienna, Austria

Mercer score: 108.6*
2008 rank: 2
GDP: $325 billion (2008 est.)**
Population: 1,664,146 (total city); 8,210,281 (total country)
Life expectancy: 79.5

*The rankings are based on a point scoring index established by Mercer Consultings 2009 Quality of Living Survey, with Vienna scoring 108.6 and Baghdad scoring 14.4. Cities are compared with New York as the base city, with an index score of 100. The quality-of-living survey covers 215 cities and is conducted to help governments and major companies place employees on international assignments. The survey also identifies those cities with the highest personal safety ranking based on internal stability, crime, effectiveness of law enforcement, and relationships with other countries.

**The World Factbook. Gross domestic product is denominated in international dollars, which is based on Purchasing Power Parity.

No. 2: Zurich, Switzerland

Mercer score: 108
2008 rank: 1
GDP: 309.9 billion (2008 est.)
Population: 1,307,567 (total city); 7,604,467 (total country)
Life expectancy: 80.85

No. 3: Geneva, Switzerland

Mercer score: 107.9
2008 rank: 2
GDP: $309.9 billion (2008 est.)
Population: 438,177 (total city); 7,604,467 (total country)
Life expectancy: 80.85

No. 4 (tie): Vancouver, Canada

Mercer score: 107.4
2008 rank: 4
GDP: $1.3 trillion (2008 est.)
Population: 2,285,900 (total city); 33,487,208 (total country)
Life expectancy: 81.2

No. 4 (tie): Auckland, New Zealand

Mercer score: 107.4
2008 rank: 5
GDP: $116.6 billion (2008 est.)
Population: 1,303,068 (total city); 4,213,418 (total country)
Life expectancy: 80.36

No. 6: Dusseldorf, Germany

Mercer score: 107.2
2008 rank: 6
GDP: $2.86 trillion (2008 est.)
Population: 581,858 (total city); 82,329,758 (total country)
Life expectancy: 79.2

No. 7: Munich, Germany

Mercer score: 107
2008 rank: 7
GDP: $2.86 trillion (2008 est.)
Population: 1,300,000 (total city); 82,329,758 (total country)
Life expectancy: 79.2

No. 8: Frankfurt, Germany

Mercer score: 106.8
2008 rank: 7
GDP: $2.86 trillion (2008 est.)
Population: 662,000 (total city); 82,329,758 (total country)
Life expectancy: 79.2

No. 9: Bern, Switzerland

Mercer score: 106.5
2008 rank: 9
GDP: $309.9 billion (2008 est.)
Population: 962,983 (total city); 7,604,467 (total country)
Life expectancy: 80.85

No. 10: Sydney, Australia

Mercer score: 106.3
2008 rank: 10
GDP: $800.5 billion (2008 est.)
Population: 4,336,374 (total city); 21,262,641 (total country)
Life expectancy: 81.6

No. 11: Copenhagen, Denmark

Mercer score: 106.2
2008 rank: 11
GDP: $204.9 billion (2008 est.)
Population: 1,875,129 (total city); 5,500,510 (total country)
Life expectancy: 78.3

No. 12: Wellington, New Zealand

Mercer score: 105.9
2008 rank: 12
GDP: $116.6 billion (2008 est.)
Population: 448,956 (total city); 4,213,418 (total country)
Life expectancy: 80.36

No. 13: Amsterdam, Netherlands

Mercer score: 105.7
2008 rank: 13
GDP: $670.2 billion (2008 est.)
Population: 740,000 (total city); 16,715,999 (total country)
Life expectancy: 79.4

No. 14: Brussels, Belgium

Mercer score: 105.4
2008 rank: 14
GDP: $390.5 billion (2008 est.)
Population: 1,451,047 (total city); 10,414,336 (total country)
Life expectancy: 79.22

No. 15: Toronto, Canada

Mercer score: 105.3
2008 rank: 15
GDP: $1.307 trillion (2008 est.)
Population: 2,503,281 (total city); 33,487,208 (total country)
Life expectancy: 81.23

No. 16 (tie): Ottawa, Canada

Mercer score: 105
2008 rank: 19
GDP: $1.307 trillion (2008 est.)
Population: 812,129 (total city); 33,487,208 (total country)
Life expectancy: 81.23

No. 16 (tie): Berlin, Germany

Mercer score: 105
2008 rank: 16
GDP: $2.863 trillion (2008 est.)
Population: 3,398,888 (total city); 82,329,758 (total country)
Life expectancy: 79.26

No. 18: Melbourne, Australia

Mercer score: 104.8
2008 rank: 17
GDP: $800.5 billion (2008 est.)
Population: 3,900,000 (total city); 21,262,641 (total country)
Life expectancy: 81.63

No. 19 : Luxembourg

Mercer score: 104.6
2008 rank: 17
GDP: $39.42 billion (2008 est.)
Population: 491,775 (total city); 491,775 (total country)
Life expectancy: 79.33

No. 20: Stockholm, Sweden

Mercer score: 104.5
2008 rank: 20
GDP: $348.6 billion (2008 est.)
Population: 810,120 (total city); 9,059,651 (total country)
Life expectancy: 80.86

No. 21: Perth, Australia

Mercer score: 104.3
2008 rank: 21
GDP: $800.5 billion (2008 est.)
Population: 1,554,769 (total city); 21,262,641 (total country)
Life expectancy: 81.63

No. 22: Montreal, Canada

Mercer score: 104.2
2008 rank: 22
GDP: $1.3 trillion (2008 est.)
Population: 1,620,693 (total city); 33,487,208 (total country)
Life expectancy: 81.2

No. 23: Nuremberg, Germany

Mercer score: 104.1
2008 rank: 23
GDP: $2.86 trillion (2008 est.)
Population: 500,132 (total city); 82,329,758 (total country)
Life expectancy: 79.2

No. 24: Oslo, Norway

Mercer score: 103.7
2008 rank: 24
GDP: $265.5 billion (2008 est.)
Population: 560,484 (total city); 4,660,539 (total country)
Life expectancy: 79.9

No. 25: Dublin, Ireland

Mercer score: 103.6
2008 rank: 25
GDP: $191.9 billion (2008 est.)
Population: 506,211 (total city); 4,203,200 (total country)
Life expectancy: 78.2

No. 26 (tie): Singapore

Mercer score: 103.5
2008 rank: 32
GDP: $240 billion (2008 est.)
Population: 4,657,542 (total city); 4,657,542 (total country)
Life expectancy: 79.2

No. 26 (tie): Calgary, Canada

Mercer score: 103.5
2008 rank: 25
GDP: $1.3 trillion (2008 est.)
Population: 1,169,492 (total city); 33,487,208 (total country)
Life expectancy: 81.2

No. 28: Hamburg, Germany

Mercer score: 103.4
2008 rank: 27
GDP: $1.3 trillion (2008 est.)
Population: 1,169,492 (total city); 33,487,208 (total country)
Life expectancy: 81.2

No. 29: Honolulu, U.S.

Mercer score: 103.1
2008 rank: 28
GDP: $14.29 trillion (2008 est.)
Population: 905,601 (total city); 307,212,123 (total country)
Life expectancy: 78.1

No. 30: San Francisco, U.S.

Mercer score: 103
2008 rank: 29
GDP: $14.29 trillion (2008 est.)
Population: 808,976 (total city); 307,212,123 (total country)
Life expectancy: 78.1

World's 20 Most Expensive Fast Food

2009-10-27T15:11:00.000-07:00

List of fast food restaurants

popular fast food everyday, without think fast healthy food

In these 20 cities, hamburger lovers pay most for their fix.

Dublin is home to Trinity College, the Guinness Storehouse and St. Stephens Green. Here, you'll also find the world's most expensive fast food. In U.S. dollars, a hamburger meal at a medium-priced establishment, as defined by consulting firm Mercer, costs a whopping $9.16.

That figure--the only to exceed $8.00 on a list of 20 geographically diverse cities selected for different cost comparisons--is $3.00 greater than the price of a hamburger meal in New York, where it's $5.99. But travelers in Europe will not find significant relief in many other cities on the continent, where the price of fast food meal hovers within the $7.00 range: In Amsterdam you'll pay $7.88, in Paris $7.43, and in Athens $6.66. For less pricey eats, grab a hamburger in Prague for $4.91, in Warsaw for $3.86, or in Johannesburg, which sells the cheapest burgers on the list at $2.50.

Behind The Numbers

In devising a comparative study of the cost of a fast food hamburger meal across different cities, included in this year's Worldwide Cost of Living Survey 2009, Mercer analysts collected data from venues most frequented by expatriates in a given city. Expenses incurred from consuming food outside of the home are assigned a weight of 9.5% in the cost of living index.

Conducted twice a year by field researchers who report prices at the relevant retail outlets, Mercer's annual cost of living survey assesses differences in expenses and housing in 143 cities across six continents. The study compares the costs, in U.S. dollars, of over 200 items in each location, including housing, transportation, household goods, food and clothing. The analysis of this basket of goods and services--indicative of executive spending patterns--is designed to yield data that would help multinational companies and governmental organizations determine appropriate compensation allowances for employees sent out of the country.

"As a direct impact of the economic downturn over the last year, we have observed significant fluctuations in most of the world's currencies, which have had a profound impact on this year's ranking," said Nathalie Constantin-Métral, a senior researcher at Mercer's office in Geneva, Switzerland. The period between March 2008 and March 2009 displayed a greater degree of currency fluctuation against U.S. dollars than in the previous year, Constantin-Métral said.

The ranking of the most expensive cities in the world has shifted to reflect these fluctuations. Moscow this year fell to No. 3 from No. 1 on the list; Tokyo--which had come in second last year--took its place as the most expensive city for expatriates to live. Another Japanese city rose to the top: Osaka moved up nine spots to claim the title of second most expensive city.

If that's not enough to steer the cost-conscious from Japan, heres more. Tokyo, for example, may not have the most expensive fast food hamburger meals at $7.04, but the city does call for the highest price when it comes to 35.3 oz. of spaghetti pasta: $9.06. Tokyo also has the second-highest cost for a liter of whole milk, at $2.58. Dublin, home to the most expensive hamburger meal, offers spaghetti at a lower cost of $3.56.

Our data come from Mercer's Worldwide Cost of Living 2009 survey. In devising a comparative study of the cost of a fast-food hamburger meal across different cities, Mercer analysts collected data from places most frequented by expatriates in a given city. Expenses incurred from consuming food outside of the home are assigned a weight of 9.5% in the cost of living index.

Mercer's annual survey has been designed to cater to the multinational companies and governments that use the study's results to help determine appropriate compensation packages for employees sent abroad. One of the world's most comprehensive cost of living surveys, Mercer's study takes 143 cities across six continents and compares the costs of over 200 items in each location. The goods and services under inspection--including housing, transportation, food, leisure, and household supplies--are representative of executive spending patterns, and the selection of the cities reflects the request for corresponding data from the groups that use the study's findings.

1. Dublin

$9.16

2. Amsterdam

$7.88

4. Paris $7.43

4. Brussels

$7.43

5. Rome

$7.30

6. Madrid

$7.05

8. Tokyo

$7.04

8. Berlin

$7.04

9. Athens

$6.66

10. Vancouver

$6.07

11. New York

$5.99

12. London

$5.62

13. Buenos Aires

$5.57

14. Zagreb

$5.52

15. Prague

$4.91

16. Sydney

$4.19

17. Moscow

$3.95

18. Warsaw

$3.86

19. Beijing

$3.44

20. Johannesburg

$2.50

World's Best Companies 2009

2009-10-21T15:48:00.001-07:00

The 40 names making the list, compiled by A.T. Kearney for BusinessWeek, are thriving in the recession and preparing for beyond

Any athlete will tell you that the time to train is in dismal weather, not on perfect, sun-drenched days. If you want to excel at the best of times, it seems, you need to be prepared for the worst.

Companies are little different. So as the economic outlook brightens, those that have worked hard to survive the tough times of the past year are best prepared to seize new opportunities. It is these enterprises that have risen to the top of the World's Best Companies/Global Top 40 list, compiled for BusinessWeek by management consulting firm A.T. Kearney.

What are some traits of the World's Best Companies? A commitment to innovation, diversified portfolios, aggressive expansion, strong leadership, and a clear vision for the future. "In an environment of continuous disruptive change, companies that have rigorous strategic planning initiatives that allow them to see over the horizon…are far more likely to win than those that make it up as they go along," says Paul Laudicina, chairman of A.T. Kearney.

To create the list, A.T. Kearney examined the 2,500 largest publicly listed companies in the world. Kearney's team singled out those with a minimum of $10 billion in sales in 2008, at least 25% of which came from outside the company's home region. It then ranked the companies on their sales growth and value creation—the rise of market capitalization after subtracting any increase in capital—over the past five years. This year, the list expanded to 40 companies from the 25 Kearney ranked in the past.

Thriving Industries

The top 40 come from 18 countries and industries ranging from chemicals and contracting to software and shipbuilding. But three groups stand out. There are six technology and telecommunications enterprises that have tapped into continuing demand for mobile-phone service and new digital hardware and services. The eight heavy-industry and engineering outfits performed well as infrastructure spending started to bounce back. Finally, companies in sectors tied to the commodities boom of recent years have in many cases continued to prosper, though their ranks have been thinned considerably.

Japanese electronics maker Nintendo (7974.T) claims the No. 1 spot this year. Its sales have risen 36% annually over the past five years, while its value growth averaged 38%. Despite the hard times of the past year, Nintendo's continued emphasis on innovation has helped the company develop must-haves such as the DS handheld game machine and the Wii console, which outsold rival offerings from Sony (SNE) and Microsoft (MSFT).

Nintendo's strategy is emblematic of the tech companies on the list. Like Nintendo, American technology giants Google (GOOG) (No. 2), Apple (AAPL) (No. 3), and Amazon.com (AMZN) (No. 17) have continued to invest heavily in innovation, commanding large market share with new products even as consumer spending and confidence have declined sharply. Telecom companies MTN (No. 7) and América Móvil (AMX) (No. 18) have profited handsomely by expanding into developing markets in Africa and Latin America.

Though they seem to lie at the other end of the business spectrum, engineering companies have enjoyed a similarly strong run. Initial dents following the recession-driven building bust have been patched up by government-financed infrastructure projects worldwide. Komatsu (6301.T) (No. 25) has consolidated its focus on construction and mining equipment. Doosan Heavy Industries (No. 4) has diversified by adding desalination plants to its business of building power stations for utilities. Similarly, Hyundai Heavy Industries (No. 5) has branched out beyond shipbuilding into construction machinery and solar power.

Fewer Commodities Companies

Commodities plays have fared less well. In 2008 three-fifths of the World's Best Companies were in energy and metals due to high commodities prices. This year, only a quarter are. Last year's leader, steel giant ArcelorMittal (MT), and four Russian energy, metals, and mining companies have vanished from the list. That said, 11 commodities companies remain. Australia's BHP Billiton (BHP), for example, the world's largest diversified miner, brought in more than $63 billion in revenue in 2008 and gained six spots, to No. 10, this year.

It's not all about industry. Charismatic chiefs—sometimes bordering on autocratic—can also be key to earning a place on the Global Top 40. Apple, for instance, has long prospered under the steady hand of Steve Jobs. With Jobs now back in the driver's seat after taking a leave of absence due to illness this year, expect Apple to continue to thrive. At Spanish textile and retail giant Inditex (No. 9), the owner of Zara stores, founder Amancio Ortega Gaona continues to implement his vision of fast fashion.

In Mexico, billionaire Carlos Slim has made América Móvil into the world's fourth largest cellular carrier, with more than 190 million subscribers. Klaus-Michael Kuehne has headed Kuehne + Nagel (KNIN.VX) (No. 23) for four decades and built it into a leader in global logistics services, helping preserve profits through targeted cost cuts as trade volumes plummeted over the past year. "Driven by an idea, [these leaders] have taken time building their companies…with the patience required to see their efforts come to fruition," says Norbert Jorek, partner at A.T. Kearney and principle author of the study.

From Exxon to World Fuel

Size, meanwhile, doesn't matter as much as some might think. Only four companies with market caps of greater than $100 billion made the top 40: BHP Billiton, French utility GDF Suez (GSZ.PA) (No. 6), Spanish phone carrier Telefónica (TEF) (No. 32), and oil giant ExxonMobil (XOM) (No. 38). Indeed, some of the most successful enterprises are relatively small. Miami-based World Fuel Services (INT), which markets marine, aviation, and land fuel products in 23 countries, is the smallest on the list with a market cap of $1.1 billion, but comes in at No. 13. German construction company Bilfinger Berger (GBFG.DE) (No. 33) had a market cap of $1.7 billion but has won impressive contracts such as the world's longest rail tunnel, a 30-mile-plus link under the Alps straddling the French-Italian border.

In the developing world, South Africa put in a strong showing with three companies in the Global Top 40. MTN, one of the pioneers in bringing mobile service to emerging markets, has proven that poor countries can be lucrative markets. Nigeria is its largest with some 28 million subscribers, and the company continues to expand in the Middle East. "Driven by a large entrepreneurial spirit, MTN had the will and appetite to take on that risk and the ability to turn risk into success," says Dobek Pater, partner at Africa Analysis, a consulting firm for tech companies in developing markets. And conglomerate Bidvest Group (No. 37) has placed an emphasis on food service but also has holdings in logistics and retailing. Both are examples of emerging-market companies poised to become global players: Bidvest has made acquisitions around the world, including in Australia and Central Europe, and MTN is currently in talks with India's Bharti Airtel (BRTI.BO) over a $24 billion merger.

This year's ranking of the World's Best Companies shows that even when stock markets are down, smart companies can be on the way up. A.T. Kearney Chairman Laudicina sees two important factors that are most likely to drive global economic performance in coming years: leveraging technology and innovation to enhance productivity, and demographic shifts such as graying populations. "Those companies who understand them best—and I think you see many of them on this list," will prosper, he says. "Those that don't are likely to be outside the bakery window looking in."

Global Champions Top 40

By Esmé E. Deprez, with A.T. Kearney & BusinessWeek staff

The past 12 months will be remembered by many investors and executives as some of the most dismal. Yet despite all the doom and gloom, some companies have continued to prosper—such as those on the World's Best Companies/Global Top 40 list compiled for BusinessWeek by management consulting firm A.T. Kearney. (The consultancy expanded its annual Global Champions ranking from 25 companies.) Companies from around the world were ranked using sales growth and value creation—the rise of market capitalization after subtracting any increase in capital—over the past five years. The top companies, with approximately $700 billion in sales and a collective market cap of $1 trillion, have generated sales growth of 27% per year for the past five years. Meanwhile, companies in the S&P 500 have generated average annual sales growth of 7% over the past five years.

** CAGR: Compound Annual Growth Rate

No. 1 Nintendo

2008 Annual Sales (millions): $16,802
Sales CAGR (2004-2008): 35.7%
Value CAGR (2004-2008): 38.1%

The leader in the video game industry, Nintendo has sold millions of gaming systems around the world, including the popular Wii system, which has proven to be a true disrupter of the entertainment industry. With visionary leadership and a three-tiered product development process that brings together top management, development staff, and marketing and administrative teams, the Japanese game maker been able to create new hardware without sticking to conventional notions in the video game industry.

No. 2 Google

2008 Annual Sales (millions): $21,796
Sales CAGR (2004-2008): 61.7%
Value CAGR (2004-2008): 8.6%

Google first found success with its search engine. Now the towering leader in search, the Mountain View (Calif.) company has aggressively expanded its offerings to e-mail and instant messaging, Web browsing, social networking, and most recently an operating system.

No. 3 Apple

2008 Annual Sales (millions): $32,479
Sales CAGR (2004-2008): 40.7%
Value CAGR (2004-2008): 24.2%

In the world of computers and consumer electronics, there is no company more synonymous with innovation than Apple. Credit the stewardship of CEO Steve Jobs for reviving the company's Mac computer line, creating the now iconic line of iPod digital music players, and pushing into the crowded cell-phone market with the popular iPhone. Now rivals are scrambling to catch another Apple innovation, the iPhone App Store.

No. 4 Doosan Heavy Industries

2008 Annual Sales (millions): $15,269
Sales CAGR (2004-2008): 34.2%
Value CAGR (2004-2008): 25.8%

Doosan Heavy Industries & Construction is a flagship company of Doosan Group, one of the major family-controlled conglomerates in Korea called chaebol. Its primary focus has been the construction of power plants, but recently it has expanded to nuclear power plants and desalination plants, which has served Doosan particularly well during the economic crisis. Its growth has been fueled by the 2005 purchase of a controlling stake in Daewoo Heavy Industries & Machinery, a construction equipment maker that was renamed Doosan Infracore. The company is feeling a financial pinch because it relied heavily on borrowing for the $4.9 billion takeover of Bobcat in 2007, the largest acquisition of a foreign company in Korea's corporate history. Pictured above: Kyle Busch of the Doosan Infracore Toyota Team celebrates after winning the Nascar Nationwide Series race at the Hermanos Rodriguez speedway in Mexico City in 2008.

No. 5 Hyundai Heavy Industries

2008 Annual Sales (millions): $21,820
Sales CAGR (2004-2008): 17.4%
Value CAGR (2004-2008): 42.6%

Hyundai Heavy Industries is the world's largest shipbuilding company. Its sales soared in recent years thanks to a shipbuilding boom, which lasted until the global economy sank into crisis last year. Hyundai Heavy, the biggest beneficiary of the shipbuilding boom, has diversified its business to offshore structures, marine engines, large-scale transformers and generators, construction equipment, and power plants. Last year, shipbuilding accounted for only 45% of the Korean company's revenues.

No. 6 GDF Suez

2008 Annual Sales (millions): $94,420
Sales CAGR (2004-2008): 39.9%
Value CAGR (2004-2008): 16.7%

Created by the 2008 tieup of Gaz de France and French utility group Suez, GDF Suez is now one of Europe's biggest energy groups. The company has spun off non-core water and waste-management activities. Excluding effects of the merger, sales growth over the past five years has ranged from 4% to 15% annually.

No. 7 MTN

2008 Annual Sales (millions): $11,090
Sales CAGR (2004-2008): 30.8%
Value CAGR (2004-2008): 17.6%

South African mobile service provider MTN took a chance on the continent and proved that bringing mobile service to emerging markets such as Nigeria, Syria, Iran, Ghana, and Cameroon, among other countries, could have dramatic economic effects.

No. 8 Monsanto

2008 Annual Sales (millions): $11,365
Sales CAGR (2004-2008): 20.1%
Value CAGR (2004-2008): 23.7%

Monsanto is a leader in the development of genetically engineered seeds and growth hormones. The U.S. company uses continuous R&D to keep successful products in its pipeline. Pictured are Monsanto's "low-lin" soybeans, which produce a soy oil that could help reduce trans fats in many foods.

No. 9 Inditex

2008 Annual Sales (millions): $13,969
Sales CAGR (2004-2008): 25.0%
Value CAGR (2004-2008): 18.6%

Inditex is a multinational clothing retailer with eight brands to serve multiple customer segments. The company has outperformed its peers by having a continuous cycle of textile design and marketing, as well as efficient distribution of new clothing lines via a tightly integrated supply chain. The Spanish retailer has 4,430 stores across a variety of outlets, the biggest of which is Zara. It continues to expand—most recently in Asia—while other retailers retrench.

No. 10 BHP Billiton

2008 Annual Sales (millions): $63,140
Sales CAGR (2004-2008): 29.5%
Value CAGR (2004-2008): 13.5%

BHP Billiton is the world's largest diversified mining company, with exploration and production projects spanning the globe. The Australian company's focus on quality, low cost, and sustainable development has helped it weather the global economic crisis. In the photo above, coal trucks pass each other at BHP Billiton's Mt. Arthur coal mine in Muswellbrook, Australia.

No. 11 Reliance Industries

2008 Annual Sales (millions): $34,055
Sales CAGR (2004-2008): 30.3%
Value CAGR (2004-2008): 10.3%

Indian chemicals manufacturer Reliance Industries has found success by vertically integrating its supply chain and diversifying its portfolio. Reliance Chairman Mukesh D. Ambani (pictured above) also is relying on petrochemicals and gas production to help drive future growth.

No. 12 Jacobs Engineering

2008 Annual Sales (millions): $11,252
Sales CAGR (2004-2008): 25.1%
Value CAGR (2004-2008): 14.6%

U.S. contractor Jacobs Engineering provides engineering and technical services for government and commercial clients around the world.

No. 13 World Fuel Services

2008 Annual Sales (millions): $18,509
Sales CAGR (2004-2008): 34.5%
Value CAGR (2004-2008): 4.0%

World Fuel Services markets fuel products and services for the aviation industry. The U.S. company also sells marine and land fuel products and related services.

No. 14 Fluor

2008 Annual Sales (millions): $22,326
Sales CAGR (2004-2008): 24.2%
Value CAGR (2004-2008): 10.3%

Giant engineering contractor Fluor offers engineering, procurement, construction management, and project management services worldwide. The U.S. company's broad service portfolio and global reach have helped fuel its growth. Pictured above: Fluor's corporate headquarters.

No. 15 ABB

2008 Annual Sales (millions): $35,262
Sales CAGR (2004-2008): 11.8%
Value CAGR (2004-2008): 21.1%

Switzerland's ABB provides power and automation technologies to utility and industry customers worldwide.

No. 16 CNOOC

2008 Annual Sales (millions): $18,273
Sales CAGR (2004-2008): 28.6%
Value CAGR (2004-2008): 3.2%

China's CNOOC deals in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products. It has experienced strong growth and has been active in mergers and acquisitions. CNOOC Chairman Fu Chengyu is pictured during a speech to the 10th Asian-Europe Business Forum in Helsinki.

No. 17 Amazon.com

2008 Annual Sales (millions): $19,166
Sales CAGR (2004-2008): 29.0%
Value CAGR (2004-2008): 1.2%

Based in Seattle, Amazon.com is a global e-commerce leader. One key to the company's growth has been its commitment to process improvements. More recently, however, Amazon has also found success with its e-book reader, the Kindle.

No. 18 America Movil

2008 Annual Sales (millions): $24,960
Sales CAGR (2004-2008): 19.9%
Value CAGR (2004-2008): 10.3%

Mexico's America Movil is the fourth largest mobile network operator. It has thrived thanks to its expansion across Latin America.

No. 19 Occidental Petroleum

2008 Annual Sales (millions): $24,217
Sales CAGR (2004-2008): 20.8%
Value CAGR (2004-2008): 8.6%

Occidental Petroleum is the fourth largest U.S. oil and gas company. A pipeline of projects has helped to fuel organic growth. The Dolphin Gas Project pipeline (pictured above) runs from Al Ain to Fujairah on the eastern coast of the United Arab Emirates.

No. 20 Teva Pharmaceutical

2008 Annual Sales (millions): $10,458
Sales CAGR (2004-2008): 20.4%
Value CAGR (2004-2008): 8.6%

Based in Israel, Teva is the largest generic pharmaceuticals manufacturer. The company produces generic drugs faster and in greater quantities than its competition, and it's also the only generic drugmaker with its own branded drug, Copaxone, for treatment of multiple sclerosis. More than 80% of its sales (over $11 billion in 2008) come from the U.S. and Europe. The generics market worldwide is growing much faster than the prescription business as governments and insurers push for the use of less expensive generics. Pictured above is Teva Chairman Eli Hurvitz.

No. 21 Mapfre

2008 Annual Sales (millions): $19,827
Sales CAGR (2004-2008): 24.3%
Value CAGR (2004-2008): 4.2%

Mapfre has a broad array of offerings covering nearly all forms of commercial and personal insurance. The Spanish company's growth has been fueled by international expansion.

No. 22 Petrobras

2008 Annual Sales (millions): $92,246
Sales CAGR (2004-2008): 22.7%
Value CAGR (2004-2008): 5.5%

Petrobras is the largest company headquartered in the Southern Hemisphere, with operations involved in the exploration and production of oil and gas properties. It also has refining and distribution operations, as well as electricity generation, transmission, and distribution units, among other energy activities. The company's growth has been fueled by booming domestic demand, technology exports, and M&A activities. Pictured above is the view of the Petrobras P-51 semi-submersible offshore oil platform under construction at the Brasfelf shipyard south of Rio de Janeiro.

No. 23 Kühne & Nagel

2008 Annual Sales (millions): $16.904
Sales CAGR (2004-2008): 20.5%
Value CAGR (2004-2008): 7.7%

Swiss logistics company Kühne & Nagel benefited from the boom in international trade during the past decade. It was hit by the recent slump when trade volumes plummeted, but profit has been pretty stable because of cost-cutting. The company has used the downturn to build market share. Pictured above is a sea freight vessel.

No. 24 Sasol

2008 Annual Sales (millions): $16,599
Sales CAGR (2004-2008): 14.4%
Value CAGR (2004-2008): 10.8%

Sasol is South Africa's largest chemical company, specializing in coal-to-liquid and gas-to-liquid technologies. The company has been able to commercialize these technologies and has built plants in growth markets such as Qatar, Nigeria, and Uzbekistan.

No. 25 Komatsu

2008 Annual Sales (millions): $22,535
Sales CAGR (2004-2008): 18.3%
Value CAGR (2004-2008): 4.6%

Komatsu is the second largest construction equipment manufacturer. Despite the challenges the construction industry has faced recently, the Japanese company has continued to grow thanks to emerging markets such as China.

No. 26 Tenaris

2008 Annual Sales (millions): $11,476
Sales CAGR (2004-2008): 26.4%
Value CAGR (2004-2008): 0.6%

Tenaris supplies pipes and services to companies around the world in the oil and gas sector. The Luxembourg company also serves engineering companies constructing oil and gas gathering, transportation, and processing facilities.

No. 27 Li & Fung

2008 Annual Sales (millions): $14,286
Sales CAGR (2004-2008): 23.9%
Value CAGR (2004-2008): 1.2%

Li & Fung is a global export trading company. The Hong Kong-based company operates one of the most agile and efficient supply chains in the world.

No. 28 Schlumberger

2008 Annual Sales (millions): $27,163
Sales CAGR (2004-2008): 24.0%
Value CAGR (2004-2008): 0.5%

Schlumberger is a global oilfield and information services company. The U.S. company has succeeded by entering new markets and transferring leading-edge technology and knowledge, while maintaining the local culture.

No. 29 Saipem

2008 Annual Sales (millions): $13,423
Sales CAGR (2004-2008): 23.5%
Value CAGR (2004-2008): 0.1%

Saipem provides engineering and project management services to design oil and gas pipelines around the world. The Italian contractor can credit its success to focusing on technologically challenging projects and activities in remote areas. Above is a photo of Saipem's Scarabeo 7 semi-submersible drilling rig docked in Cape Town, South Africa.

No. 30 Apache

2008 Annual Sales (millions): $12,390
Sales CAGR (2004-2008): 23.4%
Value CAGR (2004-2008): 0.1%

Apache's business is the exploration, development, and production of natural gas, crude oil, and natural gas liquids. One key to the U.S. company's success has been a diversified energy portfolio. The picture above is Apache's Hatton natural gas field in southwestern Saskatchewan.

No. 31 Oracle

2008 Annual Sales (millions): $22,430
Sales CAGR (2004-2008): 22.0%
Value CAGR (2004-2008): 1.2%

Thanks to a string of acquisitions and an integrated suite of software applications, Silicon Valley-based Oracle is world's largest business software company.

No. 32 Telefónica

2008 Annual Sales (millions): $80,550
Sales CAGR (2004-2008): 18.2%
Value CAGR (2004-2008): 2.8%

Telefónica is the leading telecommunications operator in the Spanish- and Portuguese-speaking world. The Madrid company has grown thanks to an exceptionally broad diversification of products and services.

No. 33 Bilfinger & Berger

2008 Annual Sales (millions): $13,563
Sales CAGR (2004-2008): 16.4%
Value CAGR (2004-2008): 3.5%

Bilfinger & Berger long ago escaped the anemic German construction market to build and manage large projects all over the world. The company has lately benefited from stimulus spending by governments.

No. 34 Anheuser-Busch InBev

2008 Annual Sales (millions): $22,383
Sales CAGR (2004-2008): 17.7%
Value CAGR (2004-2008): 2.0%

Anheuser-Busch InBev, based in Leuven, Belgium, is the world's largest brewer, with a portfolio of approximately 300 brands that include Budweiser, Stella Artois, Beck's, Michelob, and Corona. The acquisition of Anheuser-Busch by Belgian brewer InBev established this global colossus, but an intense focus on brand marketing is a key to its continued success.

No. 35 ConocoPhillips

2008 Annual Sales (millions): $225,424
Sales CAGR (2004-2008): 17.4%
Value CAGR (2004-2008): 1.5%

ConocoPhillips is an integrated energy company, with units in exploration and refining, as well as petrochemical and platics production and even emerging energy technologies. The Houston company has been active in M&A to build reserves and increase production.

No. 36 Praxair

2008 Annual Sales (millions): $10,796
Sales CAGR (2004-2008): 13.1%
Value CAGR (2004-2008): 5.6%

A global provider of industrial gases such as oxygen, nitrogen, helium, and hydrogen—the largest in North and South America—U.S.-based Praxair has thrived thanks to superior distribution and strong M&A activity.

No. 37 Bidvest

2008 Annual Sales (millions): $14,113
Sales CAGR (2004-2008): 14.4%
Value CAGR (2004-2008): 4.0%

Bidvest is a conglomerate with emphasis on food service. The South African company, which has grown thanks to an entrepreneurial spirit and decentralized structure, also has holdings in logistics and retailing. Bidvest has made acquisitions around the world, including Australia and Central Europe, to become a global player.

No. 38 ExxonMobil

2008 Annual Sales (millions): $425,071
Sales CAGR (2004-2008): 12.6%
Value CAGR (2004-2008): 4.1%

ExxonMobil is the largest global integrated energy company. The U.S. company's key to success is its global presence, disciplined investment decisions, and a focus on the long term.

No. 39 Fresenius

2008 Annual Sales (millions): $17,148
Sales CAGR (2004-2008): 14.8%
Value CAGR (2004-2008): 1.4%

Fresenius is the world's largest provider of kidney dialysis products and services. The German company is seeing demand grow for its dialysis products in emerging markets as more people are able to afford the treatments.

No. 40 Kao

2008 Annual Sales (millions): $13,247
Sales CAGR (2004-2008): 11.16%
Value CAGR (2004-2008): 4.04%

The Japanese manufacturer of personal care and cleaning products and specialty chemicals has succeeded by focusing on premium cosmetics and personal/household care products. Kao, with 30% of its revenue from international sales, has operations in Asia, Australia, North America, Europe, and South Africa.

Khagendra Thapa Magar Soon To Be World's Smallest Man

2009-10-16T10:48:00.000-07:00

the world smallest man from nepal

KATHMANDU, Oct. 16 -- Khagendra Thapa Magar from Nepal, thought to be the world smallest man who is just 22 inch (56-centimeter) tall, has turned 18 years old and now hopes to be officially recognized for his record size. According to THT Online report, four years ago, Thapa made his application for a Guinness World Record for the smallest man in world. However, he was rejected because at that time he was just a 14-year-old boy and he was too young to qualify.

But on Wednesday, he became an adult. He is now set to submit another application. "Now he has turned 18, we will forward the necessary documents to Guinness officials," Thapa's father, Rup Bahadur Thapa Magar said as the family prepared for a birthday celebration. If Mr Magar’s claim is verified, he could turn out to be the joint world's shortest man of all time, according to Guinness, equalling the late Gul Mohammed of Delhi, who also stood 22 inches (56-centimeter) tall and died in 1997.

Mr Magar, who enjoys karate and occasionally performs with a dancing troupe, told The Times that his life in the foothills of the Himalayas in rural Nepal – one of the world’s poorest countries – had already been transformed after word of his size spread. “God is great. He made me small in size but has now given me big name. What else could I have asked for,” he said.

He now hopes his celebrity status will let him travel to “Japan, London and America”.

“Suddenly ridicule has turned into praise. Earlier people used to make fun of me. Now they congratulate me,” he said.The student, who has learning difficulties and says his hobbies include “playing with pebbles” and “worshipping Buddha”, also has his sights set on an arranged marriage – and children.

“I keep on telling my father to find me a small wife,” he said. “Now it’s up to him to find a right match. I would love to have children but have not yet decided about the numbers.” His father, Rup Bahadur Thapa, said that the family has heard of some girls with growing disorders elsewhere in Nepal, but did not know whether Khagendra’s condition was hereditary. “Let’s hope it’s not, he said, adding: “As far as money thing is concerned, what can I say? If this thing makes us wealthy, it would be good. But if it doesn’t, we don’t have any problem.”

He added that his son, had endured a tough childhood. “He must have been around five years old when he first realised he was much smaller than other children,” he said. “And as he grew older, he felt bad and became quite upset. But we always told him that God definitely had some big plans for him. We always tried to console him saying that size doesn’t matter at all.”

"I want him to have a good future. I want him to be educated and live in an independent life", said his father. "When he was born he was so small he could fit in the palm of your hand. But I am proud to be his father. He has brought fame not just for himself but for his country," his father added. According to a website set up by his supporters, Thapa weighed just 21 ounces (600 grams) at birth.

The current world's shortest man record held by He Pingping ping ping smallest man from China, who is 28.7 inches (73 centimeters) tall.

[VIDEO]

Khagendra Thapa Magar : Soon To Be The smallest man in world

The Current World's Shortest/Smallest Man Is held By He Pingping

The 20 World's Biggest Casinos

2009-10-11T11:24:00.000-07:00

Giant Macao Casinos Dwarf Those in Vegas

By Manuel Baigorri

The economic crisis is taking its toll on the casino and entertainment industry, as the world's biggest casinos have for the last year struggled to keep their gaming machines and tables humming. Macao, the former Portuguese colony on the south China coast, has felt the impact of the slowdown but now the Chinese economy is reviving, providing hope to owners of the world's two biggest gambling palaces, the Venetian Macao and the brand-new City of Dreams. While those resorts get most of the attention, Macao is now home to five of the world's 10 largest casinos. Tops in the U.S. is Foxwoods, in Connecticut. For more on the 20 biggest casinos (according to data provided by Newton Centre (Mass.)-based Casino City),

In Macao, Betting on a Poker Boom

The most popular games in China's gambling hub are baccarat, blackjack, and roulette, but some Macao entrepreneurs want to add poker

In the casinos of Macao, the only city in China with legalized gambling, the most popular games have long been baccarat, blackjack, and roulette. Matt Savage wants to get Chinese betters focusing on straight flushes and full houses instead. Savage is director of the Asian Poker Tour, which recently completed a 12-day poker tournament for local and Western players at Macao's StarWorld Hotel & Casino. He says poker is growing rapidly in the former Portuguese colony—albeit with a different atmosphere. "You see a lot more people jumping up and getting very excited, which you don't see in the U.S. all the time," says Savage. "It has become more exciting for the players to play here."

Think of gambling, and Las Vegas comes first to mind. But recession has hurt America's longtime casino hub: Revenues on the Strip dropped 15% in the first half of the year, following a record-setting 11% drop in 2008. Macao is hurting, too: For the first half of 2009, gaming revenues dropped 12%, to $6.5 billion. But big-name gaming companies like Las Vegas Sands (LVS) and Wynn (WYNN) are counting on Macao for growth. In 2008, the city's casinos reported revenue of $16 billion, compared with $12 billion for Vegas and $5 billion for Atlantic City.

The Asian Poker Tournament, held this year on Aug. 12-23, is Asia's biggest, attracting players as well as Internet qualifiers who join online. The majority of the 350 to 450 players in this pokerfest came from Hong Kong, Macao, mainland China, and other parts of Asia—as well as some from Europe and the U.S. According to the organizers, this year's tournament attracted many more locals compared with a year ago. Eventually, the goal of the Asian Poker Tour is to expand across the region, says Savage. Poker "is really growing globally," he says. "It's an exciting time."

Fast Expansion

What seems to be clear is that poker has a huge potential for growth in Asia. Tom Hall, executive vice-chairman and CEO of AsianLogic, the Hong Kong company that owns and operates the Asian tour, recalls how the expansion started in the Philippines and Korea and is now picking up in mainland China as well. "Three years ago there were no poker rooms in Macao," says Hall, who points out that there are now 60 tables at three casinos: the Wynn and Lisboa as well as StarWorld.

During the latest 12-day festival of poker, professional players came to Macao from the U.S. for the first time. Among them was Guangzhou, China-born Johnny Chan, who became the first player to win 10 World Series of Poker titles. Another was J.C. Tran, a 32-year-old pro poker player from Sacramento who has already won more than $8 million during his career. According to Chan, the Asia tour is special because he gets to experience a different type of poker culture. "It's not like a typical tournament in Las Vegas, where you are up against the pros and you know everyone," says Chan. "These players are playing in a totally different way."

The tournament wasn't limited to the pros. Ciaran Carter, 29, is from Sarnia, Ont., and works for the Canadian government but loves poker so much that he spends up to eight hours a day playing online. Carter says the setting and organization of the Macao tournament was impressive. Even so, he adds as he sips some complimentary white wine given out by the organizers, he had expected to see a "bigger number of participants and more of the world's top players."

Poker may eventually become a new source of revenue for Macao's casinos, but a stroll around the city's main gambling halls during weekdays shows how some of these venues are struggling to keep their tables full and their slot machines humming. American-born Savage notes, however, that the economic crisis "hasn't affected us nearly as bad as in other areas…. Even though the game has, in the U.S., maybe plateaued, around the globe it keeps expanding."

Legal Barriers in Much of Asia

Along with Macao, another market with potential is the Philippines, where a new poker room opens almost monthly. The Asian Poker Tour's first event of 2009 took place there in January with more than 260 participants from over 30 countries. Of the 27 money finishers, 12 were Asian.

The poker industry seems to recognize the potential for further growth, both for land-based as well as online poker operators. But significant entry barriers remain. One of the biggest: Online gaming is illegal in most Asian countries, making it difficult to show poker tournaments on TV to popularize the game. The Philippines, for instance, has become the fastest-growing poker nation in Asia with about 18 poker rooms around the country, thanks in part to TV broadcasts. In the U.S., televised poker "has led to a growth in poker in the casinos and play in the communities," says Hall.

Language is another stumbling block. But Savage says he's optimistic players in Asia can transcend the language barrier. "Poker is an international game," he says. "People learn very early to say raise, bluff, and call."

1. The Venetian Macao

Macao, China

Square feet: 546,000
Gaming machines: 3,000
Table and poker games: 870
Restaurants and bars: 24
Hotel rooms: 3,000
Web site: venetianmacao.com

The Venetian Macao-Resort-Hotel has become one of the biggest landmarks for gamblers throughout Asia. Controlled by Sheldon Adelson's Las Vegas Sands (LVS), the Venetian was the first giant casino to open on Macao's Cotai Strip, an area of reclaimed land offshore from downtown Macao. A stroll around the resort gives you a glance of luxury—and a somewhat weird combination of facilities, attractions, and amenities such as Cirque du Soleil's Zaia show.

2. City of Dreams Resort

Macao, China

Square feet: 420,000
Gaming machines: 1,350
Table and poker games: 520
Restaurants and bars: 14
Hotel rooms: 1,400
Web site: cityofdreamsmacau.com

Recently opened City of Dreams is a $2.1 billion gamble by Melco Crown Entertainment's Lawrence Ho and Australian billionaire James Packer. The resort, located across the street from the Venetian on the Cotai Strip, faces tough odds as Macao gaming revenues have been hit hard by the global economic crisis.

3. Foxwoods Resort Casino

Ledyard, Conn.

Square feet: 340,000
Gaming machines: 7,000
Table and poker games: 400
Restaurants and bars: 29
Hotel rooms: 824
Web site: foxwoods.com

America's biggest casino isn't on the Las Vegas Strip or Atlantic City Boardwalk. Opened in 1986 in western Connecticut, Foxwoods is a complex of six casinos with 17 different types of table games, including 100 for poker. Managed by the Mashantucket Pequot Indian Tribe, Foxwoods benefits from its location within driving distance of New York and Boston. In addition to its casino, the resort has one of the world's largest bingo halls.

4. Casino Ponte 16

Macao, China

Square feet: 270,000
Gaming machines: 320
Table and poker games: 150
Restaurants and bars: 3
Hotel rooms: 423
Web site: ponte16.com.mo

The Ponte 16 is a world-class integrated casino and entertainment resort built along the Inner Harbor of Macao, in the older part of the city. Close to some of Macao's traditional colonial buildings, the resort draws inspiration from the former Portuguese enclave's unique East-West cultural pluralism.

5. Tusk Rio Casino Resort

Klerksdorp, South Africa

Square feet: 266,330
Gaming machines: 257
Table and poker games: 12
Restaurants and bars: 2
Hotel rooms:
Web site: riocasino.co.za

The largest casino in the Southern Hemisphere, the Tusk Rio was inspired by the passion, vibe, and color of the Carnival in Brazil's Rio de Janeiro. The casino is located a few hours by car from Johannesburg and is among the most popular casinos in South Africa.

6. MGM Grand Macao

Macao, China

Square feet: 221,952
Gaming machines: 835
Table and poker games: 410
Restaurants and bars: 12
Hotel rooms: 593
Web site: mgmgrandmacau.com

This 35-story casino resort officially opened in 2007 and is owned and operated as a joint venture between MGM Mirage and Pansy Ho Chiu-King, daughter of local casino mogul Stanley Ho. The resort, located near some of the elder Ho's casinos on the Macao peninsula, plans further expansion, including a future Mandarin Oriental hotel.

7. Sands Macao

Macao, China

Square feet: 229,000
Gaming machines: 750
Table and poker games: 1,000
Restaurants and bars: 7
Hotel rooms: 51
Web site: www.sands.com.mo

Before Sheldon Adelson opened his giant Venetian hotel and casino on the Cotai Strip, Las Vegas Sands made its first foray into China's gambling hub with the Sands Macao. The hotel, located in peninsular Macao, was designed by the Paul Steelman Design Group and opened in 2004. Today it is a day-trip destination for thousands of visitors, mainly from mainland China and Hong Kong.

8. MGM Grand Las Vegas

Las Vegas

Square feet: 170,000
Gaming machines: 2,300
Table and poker games: 178
Restaurants and bars: 20
Hotel rooms: 5,044
Web site: mgmgrand.com

This luxury hotel first opened in 1993 as a Hollywood themed resort and is one of the largest hotels in the world. Operated by publicly traded MGM Mirage (MGM), this 30-floor, 293-foot-high complex has five outdoor pools, rivers and waterfalls.

9. Casino Lisboa

Lisbon, Portugal

Square feet: 165,000
Gaming machines: 1,000
Table and poker games: 26
Restaurants and bars: 7
Hotel rooms: 1,000
Web site: casino-lisboa.pt

Located at Lisbon's Park Of The Nations, Casino Lisboa is a major landmark in Portugal's capital city and the largest casino in Europe. The Lisboa, which opened to the public in 2006, is owned by Estoril-Sol, whose major stakeholder is Hong Kong-based gambling mogul Stanley Ho, who also operates a Lisboa in Macao.

10. Borgata Hotel Casino and Spa

Atlantic City

Square feet: 161,000
Gaming machines: 4,100
Table and poker games: 285
Restaurants and bars: 17
Hotel rooms: 2,002
Web site: theborgata.com

It may be called "little village"—as its name means in Italian—but the Borgata is anything but small. The $1.1 billion hotel, casino, and spa is the largest resort in Atlantic City. This mammoth gambling center opened in 2003 and is owned by Marina District Development Corp., a subsidiary of Boyd Gaming (BYD), which operates casinos in Atlantic City and Las Vegas as well as Illinois, Indiana, Louisiana, and Mississippi.

11. Bellagio

Las Vegas

Square feet: 155,000
Gaming machines: 2,449
Table and poker games: 207
Restaurants and bars: 20
Hotel rooms: 3,933
Web site: bellagio.com

Located on the Las Vegas Strip and a member of the Leading Hotels of the World, the Bellagio is a luxury hotel and casino owned by MGM Mirage (MGM). Opened in 1995, the Bellagio is inspired by the Lake Como resort of the same name in Italy. In addition to its casino, it has more than 200,000 square feet of meeting and convention facilities.

12. Caesars Atlantic City

Atlantic City

Square feet: 145,100
Gaming machines: 3,027
Table and poker games: 163
Restaurants and bars: 11
Hotel rooms: 1,140
Web site: caesarsac.com

Caesars Atlantic City is the East Coast flagship of Harrah's Entertainment, which acquired Caesars Entertainment, parent of famed Las Vegas casino-hotel Caesars Palace as well as Caesars Atlantic City, in 2005. Harrah's now operates or manages casino resorts on four continents.

13. Starworld Hotel & Casino

Macao, China

Square feet: 140,000
Gaming machines: 500
Table and poker games: 284
Restaurants and bars: 7
Hotel rooms: 507
Web site: starworldmacau.com/eng/starworld

It may not be one of the larger resorts in Macao, but the Starworld doesn't disappoint. The resort provides dazzling decor and superior services for its guests, which in part made it win the 5-Star Diamond Award granted by the American Academy of Hospitality Sciences in 2008.

14. The Venetian Resort-Hotel-Casino

Las Vegas

Square feet: 120,000
Gaming info: 3,086
Table and poker games: 309
Restaurants and bars: 18
Hotel rooms: 4,027
Web site: venetian.com

Can't make it to Italy? The Venetian Resort-Hotel-Casino, owned by Sheldon Adelson's Las Vegas Sands, offers States-side tourists the chance to ride gondolas on a quarter-mile recreation of the city's Grand Canal. The hotel boasts more than 4,000 suites, an 85,000-square-foot ballroom and 19 restaurants. It has a Madame Tussaud's wax museum and its theater is the Vegas home of the Blue Man Group.

15. Rio All-Suite Hotel & Casino

Paradise, Nev.

Square feet: 120,000
Gaming machines: 1,245
Table and poker games: 104
Restaurants and bars: 18
Hotel rooms: 2,500
Web site: riolasvegas.com

Known as The Rio, this casino is located off the Las Vegas Strip in the unincorporated area of Paradise, Nev. It made a splash in 2008 by teaming up with a local gentlemen's club to open what the Rio called a "European style" topless pool. Last month, however, the hotel announced it was suspending operation of the pool following a visit by local police.

16. Wynn Las Vegas

Las Vegas,

Square feet: 110,000
Gaming machines: 1,900
Table and poker games: 167
Restaurants and bars: 22
Hotel rooms: 2,716
Web site: wynnlasvegas.com

This $2.7 billion resort is the flagship property of billionaire Steve Wynn's Wynn Resorts (WYNN). It features an 18-hole golf course (co-designed by Wynn himself) complete with a 37-foot waterfall next to the final hole. Wynn is in the midst of a divorce and he and his wife, Elaine, recently sold more than $200 million in company stock.

17. Wynn Macao

Macao, China

Square feet: 100,000
Gaming machines: 1,270
Table and poker games: 390
Restaurants and bars: 6
Hotel rooms: 600
Web site: wynnmacau.com

Following the decision by the local government to end the longtime monopoly of local tycoon Stanley Ho, Steve Wynn was the first to open a Vegas-style resort in the Chinese city. His Wynn Macao, opened in 2006, features a sound-and-light show on a "Performance Lake" containing 800,000 gallons of water. Armani, Boss, and Chanel are among the designers with shops in the Wynn's arcade.

18. Resorts Atlantic City

Atlantic City

Square feet: 100,000
Gaming machines: 2,500
Table and poker games: 95
Restaurants and bars: 8
Hotel rooms: 942
Web site: resortsac.com

This casino and spa complex was the first to open in Atlantic City after New Jersey legalized casino gambling in 1978. However, Resorts has suffered from the economic downturn as well as from competition from Native American-owned casinos in the Northeast. In August, the hotel's owner, Colony Capital, asked the state to approve the transfer of its stake to its lenders, including Credit Suisse (CS).

19. Trump Plaza Hotel & Casino

Atlantic City

Square feet: 91,181
Gaming machines: 2,137
Table and poker games: 105
Restaurants and bars: 12
Hotel rooms: 728
Web site: trumpplaza.com

This Trump-branded casino-hotel designed by architect Martin Stern opened in 1984, but The Donald lost control of it in 2005 when it emerged from a second stint in Chapter 11. Trump and his daughter Ivanka are now trying to retake control of the Plaza and two other Atlantic City hotels, vowing to pour money into an effort to spiff them up.

20. Gold Coast Hotel and Casino

Las Vegas

Square feet: 86,600
Gaming machines: 2,100
Table and poker games: 59
Restaurants and bars: 9
Hotel rooms: 711
Web site: goldcoastcasino.com

Located one mile west of the Las Vegas Strip, this casino is owned and operated by Boyd Gaming, which also operates the Borgata in Atlantic City, among many other casinos. The Gold Coast was built in 1986 and had a major upgrade in 2002 that added more restaurants, gaming machines and tables, and parking spots.

The World's Oldest Hotel

2009-10-06T13:04:00.000-07:00

The Hōshi Ryokan is a hotel and spa in Komatsu, Japan. It is almost 1,300 years old and has been owned by the same family since 718 A.D.

It's said that less than one in five businesses started today will be around in five years' time—which puts this story into perspective. Hōshi Ryokan is a hotel and spa in Komatsu, Japan. It has been owned and run by the same family for 46 generations so far, and its famous hot springs have been refreshing and revitalizing its patrons for no less than 1291 years. Founded by a Buddhist disciple whose master had the springs' location delivered to him in a dream, Hōshi is the world's oldest hotel and also the world's oldest continuously-operating business.

The world was a very different place back in 718 AD when Hōshi first opened its doors; the fall of Rome still dominated the culture of the time, the Muslim invasion of Europe and India was at its peak and people were alive who had met the prophet Muhammed in person. The Chinese had just invented gunpowder, the Maya were about to crumble in South America, and the Byzantines and Bulgars were fighting over Rome's territories in the East.

Great Britain was under the control of the Franks, but the Vikings were about to shatter the relative peace there. Europe would have to wait hundreds of years before it experienced its Dark Ages.

The story goes that a great Buddhist teacher, Taicho Daishi, had hiked up to the top of the sacred Mt. Hakusan, near the village of Awazu. While he was asleep after a hard training session, the deity of the mountain appeared to him in a dream and told him:

"Lying 20-24 kilometers from the base of the mountain is a village called Awazu. There, you'll find an underground hot spring with wondrous restorative powers that Yakushi Nyorai (the Physician of Souls) has bestowed upon it. The people of the village, however, do not known of this good fortune. Descend the mountain and head to Awazu. With the people of the village unearth the hot spring-it will serve them forever."

Daishi went down to the village, uncovered the hot spring, and had some sick locals immersed in the water. They were cured immediately and their health restored.

Daishi had other things to do, being in search of enlightenment and such, so he bestowed the task of building a spa business at the site upon his disciple Garyo Hōshi, who really took the idea and ran with it. Hōshi's family have diligently run a modest business at the side for nearly 1300 years. Hōshi has survived the rise and fall of the Samurai, the Ninja, many Japanese emperors and two world wars. 1300 years, and all they get is this lousy Guinness World Record?

The hotel now has around 100 guest rooms. There are two indoor hot spring spas, and another two outdoor that are separated for men and women only. Guests are provided with a special Yukata kimono for relaxation during their stay, there's several traditional gardens and beautiful scenery all around.

Room prices hover around US$580 per night for a double room, and include breakfast and dinner.

Former Child Prodigy Becomes World's Youngest Professor

2009-09-14T11:37:00.000-07:00

She isn't old enough to buy an alcoholic drink at her local bar, but Alia Sabur can do something no other 19-year-old in the world can do. The former child prodigy, clarinet maestro, black belt martial artist and budding scientist has been named the world's youngest professor.

Miss Sabur has been begin teaching physics at Korea's Konkuk University since last year, breaking a record set by Scottish mathmetician Colin Maclaurin three centuries ago, reports the Times. However, the achievement will come as little surprise to her friends and family. Miss Sabur has been exceeding expectations since infanthood.

She gained a university graduate by 10, a masters at 17 and managed to squeeze in becoming a concert clarinetist with the Rockland Symphony Orchestra - aged 11. Miss Sabur says her secret is curiosity.

"I just wanted to know how things worked," she told the paper.

"My parents encouraged me in anything I wanted to do."

But her gift is not without its drawbacks. By five she had outgrown her friends and moved on to secondary school, where her intellect singled her out as a misfit. When she went to Stony Brook University in New York aged 10, she took her teddy bears to physics classes.

Although the undergraduate students were much older than her, Sabur tells they treated her "kind of as a mascot - they were wonderfully accepting".

"I never tried to be their friend and hang out with them. I had friends always of my own age, so I considered them as classmates and colleagues of a sort but I never socialised with them - that would have been too weird."

Looking back, all of five years, she says Stony Brook was a great place to be, rather than in middle school where she might have been ostracised or made to conform to the views of her classmates. Instead, she spent her fifth, sixth and seventh grades - when all of her friends were still at school - in college, years when young people are often criticised by their peers and made to feel they have to dress and behave in certain ways.

"Obviously, college students, and physics and maths majors, pretty much do their own thing and they didn't have any problems with anything I might have thought of doing. I became self-confident and never had any doubt about my interests, whether what I did was right or wrong or whether it was OK for a girl to be a physical scientist - they were never doubts that occurred to me."

She says her mother, a television reporter, and her electrical engineer father helped her with whatever she wanted to do. Yet she notes that many girls are discouraged earlier on at school from studying maths or science and once they reach college, "the damage has been done and it's too late to reverse it".

"My four years at Stony Brook were probably the best academic experience I've had; I had world-class professors, I was at an age when my eyes were wide open to learning, I still have that excitement and fascination, I still love learning, but it's different to when you are 10 years old... and I suddenly had the world open to me and everything was available."

Sabur then went on to Philadelphia's Drexel University where she earned an MSc and a PhD in materials science and engineering. She became the youngest academic to receive fellowships and awards from the US Department of Defense, NASA, the National Science Foundation and a government scheme called Graduate Assistance in Areas of National Need.

"Grad school was much more serious and intense and I'm glad I was accepted although I don't think my acceptance had anything to do with my age and was more to do with my accomplishments and my very strong GPA as an undergraduate. I don't think anyone bent any rules or provided any extra support, except for my parents giving me moral and parental support. My mother would give me a candy bar before I took a test and make me go to sleep on time..."

Keeping bright sparks alight

The appointment of Alia Sabur, the world's youngest professor, raises questions about how other highly intelligent children can be helped to achieve their potential. Take as an example, the case of Thomas Carlyle, who grew up to become the famous Scottish writer and essayist. At the age of 11 months, he was supposed never to have uttered a word until one day, hearing another child crying in the house, he looked up at his nurse and inquired: "What ails wee Jock?"

Given that most young children only begin to use single words about the age of one and do not even put two words together for another year, little Thomas had provided a clear indication that here was a gifted child indeed. Those characteristics of a precocious vocabulary, social maturity, advanced curiosity, impressive memory, along with sympathy and concern for others, are said to be typical of exceptional children. In the case of Carlyle and Alia Sabur, their talents were recognised and nurtured so they flourished.

Both were lucky. Psychologists estimate that about 2% of children are gifted or talented and that perhaps another 3% have abilities that go unrecognised. That would mean the world has more than 100 million children who are unusually able, children with intellectual or other gifts that set them apart from the norm. Their contributions to the future of humanity could be enormous but unfortunately for many of them, poverty, war, disease and even school contribute to dousing the bright sparks.

Being too clever by half, in fact, is often a handicap in the western classroom or the school yard where high intelligence attracts the sort of scorn children tend to reserve for the maimed, migrants or anyone else who seems to be different from the crowd. Nicknames such as 'professor', 'egghead', 'walking dictionary' and other more pejorative terms are common.

"Their brains are loads too heavy for some of them to carry," says a parent of a gifted child. "And sometimes they disguise their abilities to escape the ridicule of their peers."

Alia Sabur had a lot of help from her family, her teachers and her lecturers in achieving the potential she was born with. In one sense she represents a beacon for the parents of bright children everywhere - and their teachers. As critics of the way the needs of the cleverest children are often ignored point out, schools should acknowledge the wide diversity of skills, abilities and learning styles that exist among their students and help parents and teachers with programmes that develop all their talents.

Such programmes should extend from kindergarten through school and on to further education colleges and the universities. Certainly at the tertiary level, there is work to be done with many teacher education courses to better prepare new teachers for the demands gifted children make on them. How to kick children along without knocking them down is a challenge for pedagogues yet people such as Alia Sabur show the social benefits that can come from succeeding at that task.

World's Most Competitive Countries 2009 by IMD

2009-09-11T10:35:00.001-07:00

Who's Tops in the Global Game?

By Mark Scott

Which country is best placed to ride out the global recession? That question is at the heart of this year's World Competitiveness Yearbook, an annual report published by IMD business school in Lausanne, Switzerland. Researchers ranked 57 of the world's leading economies based on four categories of competitiveness: economy, government efficiency, business efficiency, and infrastructure. And for the 16th consecutive year, the U.S. came out on top, despite the financial crisis and deep economic downturn there. European countries held on to half of the top 20 spots, while emerging economies such as China and Qatar continued to gain ground on their Western rivals.

To be successful on the global stage, particularly as the world struggles with its worst economic situation in decades, countries have to combine open markets and investment incentives with a flexible labor market and a well-educated workforce.

Note: Figures for per capita GDP and real GDP growth are for 2008.

Competitiveness: The U.S. and Europe Are Tops

Developed countries still enjoy huge advantages in economic competitiveness, based on their advanced infrastructure, education, and laws

The global financial crisis seemingly shifted economic power away from hard-hit Western countries such as the U.S. and Britain to cash-rich emerging economies such as India and China. But while the West is limping along today, economic power may shift back when growth resumes. Why? Among the nations of the world, developed countries still enjoy considerable advantages in fundamental economic competitiveness—whether based on the quality of their infrastructure and educational systems or the sophistication of their business laws and bureaucracy.

That's the conclusion of the 2009 World Competitiveness Yearbook, an annual report published by IMD business school in Lausanne, Switzerland. Based on a detailed analysis of economic output, government and business efficiency, skills, and infrastructure, the researchers ranked 57 of the world's economies to determine which are best placed to succeed in the 21st century economic race.

Topping the list for the 16th consecutive year, unchanged from its No. 1 ranking in the 2008 report, was the U.S.—despite a tough economic situation and rising unemployment. With its world-class higher-education system, enormous and diverse economy, and powerful infrastructure, the U.S. continues to be the world's biggest economic engine and top destination for foreign direct investment.

The U.S. shared top billing with plenty of other developed and competitive countries whose economies also are shaky these days. Among the top 20 on the list, only oil-rich Qatar, ranked 14, and China, ranked 20, can be considered emerging economies.

Flexible and Adaptable

What makes countries like Denmark and Japan more competitive than the likes of Slovakia and Brazil? Some of the credit goes to efficient domestic policies, ranging from the level of taxation to the time required to start a business. Though many top-ranked countries have labor market protections, relatively high taxes, and sizable bureaucracies, they are nevertheless more flexible and adaptable to the rapidly evolving global economy than many emerging countries. They also usually benefit from less corruption, more stable public finances, and generally better and more widely available education.

"Countries at the top of this year's rankings are better prepared to adapt to the current turbulent [economic] times," says Stéphane Garelli, director of IMD's World Competitiveness Center. "The business communities don't fear change, and governments should be able to enact reforms quickly."

That's not to say today's leading countries will stay ahead forever. Garelli warns that creeping complacency—particularly in sustaining R&D investment and maintaining education standards—could undermine the Western world's current dominance. Government intervention in the financial sector also could hurt entrepreneurship. And emerging economies' cash reserves targeted at improving domestic infrastructure may soon allow China and India to close the gap on that score.

Yet for naysayers who forecast the declining business influence of North America and Western Europe, the IMD competitiveness reports during recent years provide for interesting reading.

Nordic Edge

Take Sweden. The Scandinavian country jumped from No. 14 in 2005 to No. 6 in this year's rankings. What gives this small state, with a population of just 9.2 million, an edge over India and its population of 1.1 billion? According to IMD's Garelli, Sweden's widespread social programs, combined with a strong education system and vibrant entrepreneurial scene, mean Sweden ranks among the top 10 countries in the world on more than half of IMD's competitiveness categories. In contrast, India, which is ranked No. 30 this year, scores high marks only for the size of its domestic economy and its low labor costs.

The competitiveness divide isn't limited to countries in different continents. Many of Asia's more developed economies, such as Hong Kong and Singapore, continue to outpace the likes of Malaysia and Thailand. Central to their success is a large domestic pool of cash-rich entrepreneurs supported by governments that remain business-friendly despite the souring of the global economy. Hong Kong, for instance, still tops IMD's rankings for international trade and investment, while Singapore remains a world-beater in smart business regulation.

Can the U.S. hold on again to its No. 1 ranking? IMD's Garelli reckons so for the foreseeable future, despite rising unemployment and government intervention in financial markets. "You can never underestimate the U.S. capacity to reinvent itself," he says.

No. 1 U.S.

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $45,017

Real GDP Growth: 1.1%

World Competitiveness Rankings
Economy: 1
Government Efficiency: 20
Business Efficiency: 16
Infrastructure: 1

Despite the struggling financial sector, the U.S. still tops the list for direct investment, both from domestic and international investors. The country has been viewed as a safe haven during the credit crunch, but the government's growing deficit and regulatory burden on business may soon hinder U.S. competitiveness.

No. 2 Hong Kong

Change Since 2008 Ranking: +1

Real Per Capita GDP: $43,040

Real GDP Growth: 2.5%

World Competitiveness Rankings
Economy: 3
Government Efficiency: 2
Business Efficiency: 1
Infrastructure: 19

Hong Kong's role as the financial center for the Asia Pacific region gives it a major advantage over rivals. So far, unemployment hasn't hit as hard as in other places, though rising government spending and declining availability of credit could put strains on both the public and private sectors.

No. 3 Singapore

Change Since 2008 Ranking: -1

Real Per Capita GDP: $47,646

Real GDP Growth: 1.1%

World Competitiveness Rankings
Economy: 8
Government Efficiency: 1
Business Efficiency: 4
Infrastructure: 8

Singapore fell one spot in the 2009 rankings, losing ground to local rival Hong Kong. The global recession has stalled direct investment, and falling revenues from struggling financial-services companies have hurt the country's current account balance. To improve competitiveness, the government is investing intensively to improve local education standards.

No. 4 Switzerland

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $41,068

Real GDP Growth: 1.6%

World Competitiveness Rankings
Economy: 13
Government Efficiency: 3
Business Efficiency: 3
Infrastructure: 4

The U.S. tax evasion scandal at Swiss financial giant UBS and tens of billions in writedowns may have knocked back the country's banking system, but Switzerland still ranks highly for financial services. Government regulation and the Swiss business community's efficiency also remain world-beaters. That has helped to offset the rising cost of exports due to the Swiss franc's strength against other currencies.

No. 5 Denmark

Change Since 2008 Ranking: +1

Real Per Capita GDP: $35,677

Real GDP Growth: -1.0%

World Competitiveness Rankings
Economy: 23
Government Efficiency: 4
Business Efficiency: 2
Infrastructure: 6

An educated workforce, streamlined government regulation, and a highly competent local business community put Denmark near the top of any investor's wish list. The country's economy has taken a battering recently—partly due to the weakness of the Danish kroner against more stable currencies—but analysts expect the small Scandinavian country to rebound far more quickly than its larger European neighbors.

No. 6 Sweden

Change Since 2008 Ranking: +3

Real Per Capita GDP: $36,180

Real GDP Growth: -0.2%

World Competitiveness Rankings
Economy: 20
Government Efficiency: 10
Business Efficiency: 6
Infrastructure: 2

From its No. 14 showing in 2005, Sweden has steadily climbed the competitive league tables to reach the No. 6 spot, up three places since last year. Central to the country's success are its wide-ranging social programs: Education levels remain high, the standard of living is among the best in the world, and Stockholm continues to be a global hub for technology R&D. Not everything has gone to plan, though. The country's banks have large exposure to the faltering Eastern European economies.

No. 7 Australia

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $34,935

Real GDP Growth: 2.0%

World Competitiveness Rankings
Economy: 15
Government Efficiency: 8
Business Efficiency: 7
Infrastructure: 12

Located near the rising economic giants of the Asia Pacific region, Australia combines a bustling financial-services sector, a business-friendly regulatory environment, and easy access to some of the world's most vibrant developing economies. But growing government debt, combined with a recent drop in foreign direct investment, is starting to hamper the competitiveness of Australia's business community.

No. 8 Canada

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $35,669

Real GDP Growth: 0.5%

World Competitiveness Rankings
Economy: 16
Government Efficiency: 9
Business Efficiency: 9
Infrastructure: 7

Unlike the U.S. financial-services sector, Canadian banks have weathered the economic downturn relatively unscathed. The country's proximity to the world's largest economy and its large energy reserves have boosted interest from foreign investors. Economists do worry, however, that local companies are cutting back R&D, particularly in the tech sector.

No. 9 Finland

Change Since 2008 Ranking: +6

Real Per Capita GDP: $34,750

Real GDP Growth: 0.9%

World Competitiveness Rankings
Economy: 40
Government Efficiency: 6
Business Efficiency: 5
Infrastructure: 3

For a country sporting a population of only 5.3 million, Finland punches well above its economic weight, rising a remarkable six places in this year's ranking. Home to cell-phone giant Nokia, as well as a thriving technology scene, the northern European country benefits from one of the best education systems in the world. Local authorities also have bent over backward to keep regulation to a minimum to entice foreign investment.

No. 10 Netherlands

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $39,215

Real GDP Growth: 2.0%

World Competitiveness Rankings
Economy: 7
Government Efficiency: 14
Business Efficiency: 8
Infrastructure: 11

The financial crisis may have hurt Dutch financial giants such as local banks ABN Amro and Fortis, but the Netherlands still boasts one of the most vibrant entrepreneurial sectors in Europe. The country also has larger economic clout as one of the founding members of the euro zone, the 16-country-strong club of states whose currency is the euro. The Netherlands similarly can rely on a multilingual, highly educated workforce to bolster domestic economic growth.

No. 11 Norway

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $53,481

Real GDP Growth: 2.0%

World Competitiveness Rankings
Economy: 19
Government Efficiency: 11
Business Efficiency: 10
Infrastructure: 10

With some of the world's largest energy reserves, Norway has built up a significant capital surplus to shelter the local business community from the worst of the global downturn. The country's deep pockets also mean taxes are kept to a minimum. And the educational system is well-financed and focused on turning out a high-qualified workforce, particularly engineering graduates.

No. 12 Luxembourg

Change Since 2008 Ranking: -7

Real Per Capita GDP: $79,379

Real GDP Growth: 0.7%

World Competitiveness Rankings
Economy: 4
Government Efficiency: 16
Business Efficiency: 15
Infrastructure: 17

Luxembourg's heavy reliance on financial services led the country to fall seven places in this year's rankings, to No. 12. The small European country still turns out the highest per-capita GDP of any country in the world, a remarkable $79,379 in 2008. But now, increasing government oversight on the banking sector—particularly in relation to tax avoidance—could hurt Luxembourg, which has positioned itself as a financial center for high-net-worth individuals.

No. 13 Germany

Change Since 2008 Ranking: +3

Real Per Capita GDP: $34,907

Real GDP Growth: 1.3%

World Competitiveness Rankings
Economy: 6
Government Efficiency: 27
Business Efficiency: 19
Infrastructure: 9

Europe's largest economy remains the Continent's industrial and export powerhouse. And its banking system, though somewhat tarnished by the financial crisis, has fared better than that of either the U.S. or Britain. Looking ahead, rigid government regulation and rising unemployment stand as major challenges as Germany tries to increase its global competitiveness, which rose three places this year.

No. 14 Qatar

Change Since 2008 Ranking: N/A, new to list

Real Per Capita GDP: $54,779

Real GDP Growth: 16.8%

World Competitiveness Rankings
Economy: 5
Government Efficiency: 5
Business Efficiency: 24
Infrastructure: 30

This year is the first time IMD has ranked Qatar, and the energy-rich country jumped right to No. 14 in the 2009 list. Fueled by revenue from oil and natural gas deposits, Qatar recorded a 16.8% annual jump in 2008 GDP, the highest of any country in the rankings. To sustain economic growth, local officials are spending billions to foster the local manufacturing and financial sectors, as well as investing in companies overseas.

No. 15 New Zealand

Change Since 2008 Ranking: +3

Real Per Capita GDP: $26,985

Real GDP Growth: 0.2%

World Competitiveness Rankings
Economy: 30
Government Efficiency: 7
Business Efficiency: 21
Infrastructure: 21

Though far smaller than its neighbor Australia, New Zealand has gained a global reputation for business-friendly regulation, including low tariff barriers and straightforward rules to start a company. The country also remains one of the most efficient agricultural producers in the world, but contracting credit conditions have left many small farmers struggling to make ends meet.

No. 16 Austria

Change Since 2008 Ranking: -2

Real Per Capita GDP: $37,913

Real GDP Growth: 1.8%

World Competitiveness Rankings
Economy: 18
Government Efficiency: 24
Business Efficiency: 12
Infrastructure: 13

Austria's success is based on a highly efficient business community, strong environmental and business regulation, and an emphasis on education. The country's banks have become heavily dependent on Central and Eastern Europe—one reason it slipped two places in the ranking this year—but Austria's diversified economy, including a fast-growing energy sector, has helped to deflect the worst of the economic downturn.

No. 17 Japan

Change Since 2008 Ranking: +5

Real Per Capita GDP: $33,403

Real GDP Growth: -0.7%

World Competitiveness Rankings
Economy: 24
Government Efficiency: 40
Business Efficiency: 18
Infrastructure: 5

Japan remains home to some of the world's most well-known companies. Toyota, Sony, and Honda are only the most famous on a long list of top-tier brands that help make Japan one of the world's leading R&D centers. Domestic banks haven't been so lucky: Many are still recovering from the Asian financial crisis a decade ago. But after years of sluggishness, Japan is becoming more globally competitive again, jumping five places in this year's ranking.

No. 18 Malaysia

Change Since 2008 Ranking: +1

Real Per Capita GDP: $13,538

Real GDP Growth: 4.6%

World Competitiveness Rankings
Economy: 9
Government Efficiency: 19
Business Efficiency: 13
Infrastructure: 26

Over the past five years, Malaysia has steadily increased its global competitiveness. The secret to its success? Keeping overhead to a minimum. The Asian country ranks in the top 10 for both labor market efficiency and cost effectiveness for doing business. That has allowed Malaysia to overcome relatively lower levels of employee education and below-average basic infrastructure

No. 19 Ireland

Change Since 2008 Ranking: -7

Real Per Capita GDP: $42,993

Real GDP Growth: -2.4%

World Competitiveness Rankings
Economy: 37
Government Efficiency: 12
Business Efficiency: 17
Infrastructure: 22

Pity the formerly high-flying Irish: The global downturn and bursting of a domestic real estate bubble has declawed the Celtic Tiger and caused Ireland's competitiveness ranking to plunge seven places. Government spending has skyrocketed to fill the gap left by struggling banks, but the quality of business regulation, such as corporate taxation and investment incentives, still remains at the top of global rankings.

No. 20 China

Change Since 2008 Ranking: -3

Real Per Capita GDP: $5,825

Real GDP Growth: 9.0%

World Competitiveness Rankings
Economy: 2
Government Efficiency: 15
Business Efficiency: 37
Infrastructure: 32

After more than a decade of export-led growth, China's focus has shifted toward domestic consumption. The government's huge cash reserves, strict control of business regulation, and $586 billion stimulus package are expected to keep annual GDP growth around the 8% level despite the steep decline in overseas demand for Chinese goods. China slipped three places this year over concerns about pollution, corruption, and the rising cost of capital.

No. 21 United Kingdom

Change Since 2008 Ranking: unchanged

Real Per Capita GDP: $35,347

Real GDP Growth: 0.7%

World Competitiveness Rankings
Economy: 11
Government Efficiency: 30
Business Efficiency: 28
Infrastructure: 16

After the U.S., Britain has been one of the countries most affected by the fallout from the economic crisis. London's status as a financial hub has come under threat, while government spending will remain high until at least 2015 as local officials try to jump-start the domestic economy. Yet despite these setbacks, the country's world-leading R&D centers and business-friendly regulation still make Britain a leading destination for foreign investment, and its competitiveness ranking is unchanged from 2008.

No. 22 Belgium

Change Since 2008 Ranking: +2

Real Per Capita GDP: $35,183

Real GDP Growth: 1.1%

World Competitiveness Rankings
Economy: 10
Government Efficiency: 37
Business Efficiency: 23
Infrastructure: 15

Home to the European Union's headquarters, as well as those of dozens of other international organizations, Belgium draws on a multilingual, well-educated workforce that most countries can only dream of. But recent political problems, especially the inability of national politicians to form governing coalitions that last more than a year, are casting a shadow over Belgium's business-friendly credentials.

No. 23 Taiwan

Change Since 2008 Ranking: -10

Real Per Capita GDP: $30,254

Real GDP Growth: 0.1%

World Competitiveness Rankings
Economy: 27
Government Efficiency: 18
Business Efficiency: 22
Infrastructure: 23

Over the last five years, Taiwan has slipped 12 spots in the competitive rankings, to No. 23, including a 10-place drop this year. Growing competition from regional rivals, especially mainland China, has hurt the island's relative competitiveness. But don't count Taiwan out: A versatile workforce, combined with state-of-the-art infrastructure, still make it one of Asia Pacific's leading economies.

No. 24 Israel

Change Since 2008 Ranking: -4

Real Per Capita GDP: $26,642

Real GDP Growth: 4.0%

World Competitiveness Rankings
Economy: 38
Government Efficiency: 23
Business Efficiency: 20
Infrastructure: 18

With a thriving entrepreneurial sector, Israel racks up a major share of venture capital investment in the Europe/Mideast/Africa region. Strong links to Silicon Valley and a tech-savvy workforce have ensured Tel Aviv is an R&D hub for many international companies. Recently, global automaker Renault Nissan invested in an Israeli electric car project, one of the world's first nationwide attempts to replace gas-powered cars.

No. 25 Chile

Change Since 2008 Ranking: +1

Real Per Capita GDP: $14,176

Real GDP Growth: 3.2%

World Competitiveness Rankings
Economy: 35
Government Efficiency: 13
Business Efficiency: 14
Infrastructure: 36

Holding the world's largest reserves of copper, the South American country amassed huge pools of capital during the recent commodity bubble. Yet unlike some of its more fiscally irresponsible neighbors, Chile has maintained tight controls over its purse strings. That has allowed local officials to spend significant sums in the last 18 months to counteract the global economic downturn and helped slightly lift Chile's global competitiveness ranking.

No. 26 Thailand

Change Since 2008 Ranking: +1

Real Per Capita GDP: $8,013

Real GDP Growth: 2.6%

World Competitiveness Rankings
Economy: 14
Government Efficiency: 17
Business Efficiency: 25
Infrastructure: 42

Like its neighbor Malaysia, Thailand has improved its global competitiveness by keeping a tight lid on overhead. Labor and business costs are some of the lowest in all the countries surveyed. To compete against larger rivals, Malaysia must now increase its overall productivity levels, which rank near the bottom among the countries in this year's study.

No. 27 South Korea

Change Since 2008 Ranking: +4

Real Per Capita GDP: $25,268

Real GDP Growth: 2.2%

World Competitiveness Rankings
Economy: 45
Government Efficiency: 36
Business Efficiency: 29
Infrastructure: 20

Given its economic success and technical sophistication, it's surprising that Korea isn't higher-ranked in competitiveness. It enjoys one of the highest rates of broadband penetration in the world and has a technology infrastructure superior to regional rivals China and Japan. But while the local business community is highly efficient, a heavy burden of government regulation continues to hamper foreign investment.

No. 28 France

Change Since 2008 Ranking: -3

Real Per Capita GDP: $33,693

Real GDP Growth: 0.7%

World Competitiveness Rankings
Economy: 17
Government Efficiency: 46
Business Efficiency: 42
Infrastructure: 14

France boasts one of the most educated workforces in the world and ranked No. 5 in the survey for foreign direct investment. Yet Europe's third-largest economy fares less well in crucial issues such as labor flexibility and bureaucratic hurdles to start a business. France also faces a worryingly high deficit as officials try to prop up local industrial sectors.

No. 29 Czech Republic

Change Since 2008 Ranking: -1

Real Per Capita GDP: $24,688

Real GDP Growth: 3.2%

World Competitiveness Rankings
Economy: 25
Government Efficiency: 31
Business Efficiency: 36
Infrastructure: 25

The global recession has hit Central and Eastern Europe hard, but the Czech Republic has weathered the storm better than some of its neighbors. A relatively strong manufacturing base closely tied to Western European markets has been a major factor in the Czech Republic's better-than-average economic performance, as have recent government attempts to streamline business regulation.

No. 30 India

Change Since 2008 Ranking: -1

Real Per Capita GDP: $2,874

Real GDP Growth: 7.1%

World Competitiveness Rankings
Economy: 12
Government Efficiency: 35
Business Efficiency: 11
Infrastructure: 57

The economic power of India's 1.1-billion-strong population will only grow in time. So far, the country has benefited from a large, IT-savvy workforce that has led major international companies to start operations from Bangalore to Mumbai. Analysts also hope the recent reelection of Prime Minister Manmohan Singh will provide greater political stability that could encourage needed bureaucratic reform, infrastructure buildout, and additional foreign investment.

World's Most Successful Immigrants

2009-09-08T19:25:00.000-07:00

Immigrant Bosses Around the World

Among the thorny issues President Barack Obama faces this year is immigration reform. The current system of managing immigration flows into the U.S. is widely acknowledged to be failing, with some 11.5 million undocumented workers in the country, according to the Pew Hispanic Center. President Obama wants to turn many of these illegal immigrants into citizens, but the shaky economy and high unemployment rate make such liberalization of policy a hot-button issue. This despite the fact that immigrants run many of the top companies in the U.S. Here's a look (arranged in alphabetical order) at some of the men and women who left their home countries and went on to become some of the world's most successful corporate leaders.

U.S. Immigration Battle Heats Up

With Congress set to consider bills that deal with illegal immigrants and H-1B visa abuse, President Obama may find immigration reform a tough promise to keep

From Andrew Carnegie, the Scottish-born 19th-century steel baron, to Roberto C. Goizueta, the Cuban exile who led Coca-Cola (KO) through most the 1980s and '90s, immigrants have been at the helm of many of America's top companies.

That's just as true today, even as politicians in Washington argue about whether to embark on immigration reform. Without immigrants, there would be no Google (GOOG), co-founded by Russian-born Sergey Brin. Two of the three people who launched YouTube were immigrants, too: Steven Chen, originally from Taiwan, and Jawed Karim, born in Germany. Immigrants also helped start Yahoo! (YHOO), eBay (EBAY), and Sun Microsystems (JAVA).

It's not just Silicon Valley that has depended on immigrants. They're also prominent in the world of finance, thanks to people like billionaire George Soros, former World Bank chief James Wolfensohn and Berkshire Hathaway's Ajit Jain (a possible successor to Warren Buffet.

Like Jain, many of the most successful immigrants in Corporate America today are from India. Indra Nooyi, who went to college in the southern Indian city of Chennai and earned an MBA in Kolkata, is the CEO of PepsiCo (PEP). Sanjay Jha, another Indian immigrant, is the co-CEO at Motorola (MOT). Vikram Pandit, born in the western Indian state of Maharashtra, is chairman and CEO of Citigroup (C).

Despite the successful role immigrants have played in U.S. business, many Americans are worried about losing their jobs to immigrants or having their work outsourced to foreigners in the U.S. on short-term visas. That could make it more difficult for President Barack Obama to keep his promise to push for immigration reform. On Aug. 20, the President met with pro-immigrant activists in the White House and pledged not to let fights over health-care reform and energy legislation put the immigration issue on the back burner. Obama is hoping to do better than President George W. Bush, who failed in his effort last year to pass immigration reform.

Dueling Reform Bills in Congress

The battle could start heating up as soon as next month. Obama is likely to support the efforts of Senator Charles Schumer (D-N.Y.), chairman of the Senate's immigration subcommittee, who has said he will introduce new reform legislation this autumn that will crack down on illegal immigration. "We must create a system that converts the current flow of unskilled illegal immigrants into the United States into a more manageable and controlled flow of legal immigrants who can be absorbed by our economy," the senator said in a speech outlining his proposals in June.

However, he and Obama face some tough challenges. For instance, Illinois senator and fellow Democrat Richard Durbin is a co-sponsor of a bill to crack down on alleged abuse of H-1B visas, which allow companies to employ workers from overseas for limited stays.

Durbin and the bill's co-sponsor, Senator Charles Grassley (R-Iowa), have introduced legislation to limit the granting of H-1Bs, visas that are especially popular among U.S. tech companies like Microsoft (MSFT) as well as Indian IT services outsourcers like Infosys (INFY) and Wipro (WIT). The proposal has led to intense opposition in India. "It's a very drastic initiative," Wipro Chairman Azim Premji told BusinessWeek in May. "It will choke the United States of talent coming in."

Ironically, the latest immigration fight will take place at a time when the U.S. has become a less attractive destination for many immigrants. Because of the recession, there's less demand for low-cost labor. But the U.S. is also turning out to be less attractive for highly educated workers, too. James Chu, chairman and CEO of ViewSonic, the privately held maker of PC monitors, immigrated to the U.S. from Taiwan in 1986 and launched the company that became Walnut (Calif.)-based ViewSonic a few years later. However, he says, "if today I were young, I would probably choose China." For young entrepreneurs around the world, "if you want a good environment and a good education, the U.S. of course will still be the choice for a long period of time," says Chu, speaking while on a business trip in China. However, "if you want a place that's a challenge and exciting, China is probably the one."

American universities are feeling the impact of the declining appeal of the U.S. for potential immigrants. According to a new report by the Council of Graduate Schools, admission offers to prospective students from outside the U.S. fell 3% this year. Fueling the drop was a decline in interest from India and Korea, with Indian admissions falling 12% and Korean admissions down 9%.

One reason for the fall is the increasingly aggressive efforts by universities in Asia to recruit students who might have gone to the U.S. to study. "With the center of gravity in the global economy shifting to Asia, it's just natural for students from the U.S. and Europe to seek Asian experiences and networking opportunities through business schools in Asia," Suh Kil Soo, associate dean at Yonsei University Graduate School of Business, told BusinessWeek in May.

1.Shai Agassi

Better Place CEO
Born: 1968, Israel
Now lives in U.S.

The former SAP executive launched Project Better Place in 2007 with the goal of building electric cars and creating a network of recharging stations to support them. Agassi, who studied at the Technion, the Haifa-based school that is Israel's premier technology institute, is still an Israeli citizen but is now based in Silicon Valley. He has recruited Nissan and Renault Chairman Carlos Ghosn to support his project.

2.Ralph Alvarez

McDonald's president and chief operating officer
Born: 1955, Cuba
Now lives in U.S.

Alvarez's family settled in Florida after leaving Cuba, where his father was an airline executive. His mother taught at the University of Miami, where Alvarez received his bachelor's degree in business administration in 1976. (Today he's on the school's International Advisory Board as well as its President's Council.) He worked for Burger King and Wendy's before joining McDonald's (MCD) in 1994.

3.Sergey Brin

Google co-founder
Born: 1973, Russia
Now lives in U.S.

Google's (GOOG) co-founder grew up in Moscow during the Brezhnev era, when anti-Semitism flourished. After suffering from policies that forbade Jews from certain positions, Brin's parents moved the family to the U.S. in 1979. Brin studied at the University of Maryland and went on to launch Google with Larry Page when both were students at Stanford. Like Page, he is an investor in electric car pioneer Tesla Motors.

4.Morris Chang

TSMC chairman
Born: 1931, China
Now lives in Taiwan

Known as the father of Taiwan's chip industry, Chang grew up in China but left for the U.S. during the Chinese civil war in the late 1940s. He received bachelor's and master's degrees from MIT and a PhD from Stanford, worked at Texas Instruments for 25 years, and became a U.S. citizen before moving to Taiwan to launch Taiwan Semiconductor Manufacturing Corp. (TSM) in 1987. Since then, he has built the company into the world's largest foundry, or made-to-order chip manufacturer.

5.John Chen

Sybase chairman, CEO, and president
Born: 1955, Hong Kong
Now lives in U.S.

Hong Kong-born Chen has been the boss at Sybase (SY) since 1998. A naturalized U.S. citizen, he got a bachelor's degree in electrical engineering from Brown and a master's from Caltech. He is a member of Walt Disney's board of directors and sits on the President's Export Council, a U.S. advisory body on international trade.

6.Pehong Chen

BroadVision chairman, president, and CEO
Born: 1957, Taiwan
Now lives in U.S.

Chen is one of the most successful immigrants in Silicon Valley. He founded BroadVision (BVSN) in 1993 and before that was founder of Gain Technology (acquired by Sybase in 1992) and co-founder of Siebel Systems (acquired by Oracle in 2005). Chen has a PhD in computer science from Berkeley and is active in China, where he sits on the boards of Internet portal Sina (SINA) and software developer Ufida.

7.Steve Chen

YouTube co-founder
Born: 1978, Taiwan
Now lives in U.S.

YouTube's co-founder spent his early childhood in Taiwan, moving to the U.S. as a teen to attend high school. He went on to the University of Illinois and then PayPal. At the eBay-owned company he met Jawed Karim and Chad Hurley, with whom he launched YouTube in 2005. After the video-sharing service became hugely popular, Google (GOOG) acquired it a year later, earning Chen a payday of stock worth $326 million.

8.James Chu

ViewSonic chairman and CEO
Born: 1957, Taiwan
Now lives in U.S.

Taiwan-born Chu immigrated to the U.S. in 1986 to become president of U.S. operations at Taiwanese keyboard manufacturer Behavior Tech Computer. The following year he started Keypoint Technology, specializing in power supplies, keyboards, and PC monitors and other computer peripherals. In 1990, the company started making monitors under the brand name ViewSonic, and Chu soon made that the name of the company.

9.Francisco D'Souza

Cognizant CEO
Born: 1968, Kenya
Now lives in U.S.

D'Souza was born in Nairobi but went to college at the University of East Asia (now called the University of Macau). He then moved to the U.S. and received an MBA from Carnegie Mellon. He worked at Dun & Bradstreet for four years before joining Cognizant when the outsourcing company got started as a spin-off from Dun & Bradstreet in 1994.

10.Mohamed al-Fayed

Harrods Department Store executive chairman
Born: 1933, Egypt
Now lives in Britain

Fayed grew up in Alexandria and first went into business by launching a company that operated ferries in the Mediterranean and Red seas and in the late 1950s he and his two brothers moved their headquarters to Genoa. In the 1960s Fayed won business working on construction projects in Dubai. In 1985 he acquired control of Harrods. The British government has rejected the controversial businessman's attempts to gain citizenship. Fayed's son Dodi was Princess Diana's boyfriend and died with her in a 1997 car crash in Paris.

11.George Feldenkreis

Perry Ellis International
Born: 1935, Cuba
Now lives in U.S.

Feldenkreis, born in Havana to Russian Jewish immigrant parents, joined the exodus from Castro's Cuba in 1961, settling in Miami. There, he launched a company that specialized in school uniforms and tropical-themed shirts. The company, Supreme International, changed its name to Perry Ellis International after acquiring the brand in 1999. Feldenkreis is the founder of the Universal National Bank of Miami and is on the board of the University of Miami and the Simon Wiesenthal Center. His son Oscar is the company's president and chief operating officer.

12.Carlos Ghosn

Renault chairman, president, and CEO
Nissan chairman
Born: 1954, Brazil
Now lives in France and Japan

Ghosn, credited for turning around first Nissan (NSANY) and later Renault (RENA.PA), spent his early childhood in Brazil and then moved to Lebanon, his parents' home country. He moved to France to attend the École Polytechnique and the École des Mines de Paris. Ghosn worked in the tire industry for nearly two decades before joining Renault in 1996. He became boss at Nissan, in which the French automaker owned a large stake, in 1999 and in 2005 took the helm at Renault itself.

13.Andy Grove

Intel co-founder and former chairman
Born: 1936, Hungary
Now lives in U.S.

Grove wrote about his childhood, living as a Jew under first Nazi and then Communist rule, in his 2001 memoir, Swimming Across. Following the Soviet-backed crackdown in Hungary in 1956, Grove left Budapest for the U.S. He studied at City College of New York and Berkeley and worked at Fairchild Semiconductor before becoming one of the first employees at Intel (INTC), where he rose to become CEO and chairman.

14.Rajat Gupta

Genpact chairman
Born: 1948, India
Now lives in U.S.

The former managing director worldwide and senior partner worldwide for McKinsey & Co., Gupta maintains strong ties with his native India. Since 2007 he has been chairman of Genpact (G), which got its start in 1997 as the India-based business-process services operation of GE Capital. He is also chairman of the Indian School of Business and the India AIDS Initiative of the Gates Foundation, co-chairman of the Pan IIT Alumni Board, and a member of the American India Foundation.

15.William Heinecke

Minor International chairman and CEO
Born: 1949, U.S.
Now lives in Thailand

There are plenty of immigrants who move from Asia to the U.S. Heinecke is one of the rare examples of an immigrant going in the opposite direction. The U.S.-born businessman moved with his parents to Thailand as a child and he launched the Minor Group as a teenager. He later surrendered his U.S. passport and became a Thai citizen. Today he runs the country's largest operator of hotels and restaurants, including the Thai franchises of Four Seasons and Burger King.

16.Jen-Hsun Huang

Nvidia CEO
Born: 1963, Taiwan
Now lives in U.S.

The Oneida Baptist Institute in the hills of southeastern Kentucky is about as far from the bustling streets of Taipei as you can get. The Christian school is where Huang studied when he first arrived in the U.S. He later moved to the West Coast, getting a bachelor's degree from Oregon State and a master's from Stanford. He co-founded Nvidia (NVDA), a semiconductor-design company that specializes in graphics chips, in 1993.

17.Arianna Huffington

Huffington Post founder and editor-in-chief
Born: 1950, Greece
Now lives in U.S.

Huffington moved from her native Greece when she was 16 to Britain, where she studied economics at Cambridge. She first made a name for herself in the U.S. as a conservative columnist and wife of a millionaire Republican congressman from California, but after divorcing Michael Huffington in 1997, she shifted to the left and in 2005 launched the Huffington Post, a liberal-leaning news and blog site.

18.Ajit Jain

Berkshire Hathaway reinsurance division president
Born: 1951, India
Now lives in U.S.

Who could replace the Oracle of Omaha? How about the Oracle of Orissa? Speculation about a replacement for Warren Buffett often focuses on Jain. Born in Orissa, a state in eastern India, Jain studied engineering at IIT Kharagpur and worked for IBM in India before going to Harvard for an MBA and joining consultants McKinsey in 1978. He has been with Berkshire Hathaway (BRKA) since 1986. In May, Buffett told investors Jain was irreplaceable, saying "Ajit is needed, and we won't find a substitute for him."

19.Sanjay Jha

Motorola co-CEO
Born: 1963, India
Now lives in U.S.

Jha has one of the toughest assignments in the world of telecom. The Indian-born engineer (with a PhD from Scotland's University of Strathclyde) became head of Motorola's (MOT) mobile devices division last year and is now trying to restore the company's position among the world's telecom elite. Before joining Motorola in 2008, Jha spent 14 years at Qualcomm, becoming COO in 2006.

20.Andrea Jung

Avon CEO
Born: 1958, Canada
Now lives in U.S.

Regularly named on lists of the world's most influential women in business, Jung was born in Toronto to Chinese immigrant parents and graduated magna cum laude from Princeton. She joined Avon (AVP) in 1994 from Neiman Marcus, where she was an executive vice-president, and within five years became Avon's CEO. She took the additional title of chairman in 2001.

21.Yue-Sai Kan

House of Yue-Sai founder
Born: 1949, China
Now lives in U.S. and China

Kan, whose father was a traditional Chinese painter, grew up in Hong Kong. After receiving a bachelor's degree in music from Brigham Young University-Hawaii, she moved to New York and started a trading company with her sister. Kan also began producing TV shows and in 1984 hosted a live broadcast from China for PBS, the public television network. The next year she became host for a show on China's state-owned CCTV network and in 1992 launched Yue-Sai Kan Cosmetics, which she sold to L'Oreal in 2004. Her company Yue-Sai Kan Productions supports the development of TV and film in China and her House of Yue-Sai operates a home-furnishings store in Shanghai.

22.Jawed Karim

YouTube co-founder
Born: 1979, Germany
Now lives in U.S.

Karim doesn't get as much publicity as YouTube's other co-founders, since he left the startup to attend graduate school at Stanford shortly after its launch. Karim—born to a German mother and a Bangladeshi father—was a co-worker with Steve Chen and Chad Hurley at PayPal when the three first began working on the video-sharing service. When Google (GOOG) bought YouTube, Kareem received shares worth more than $64 million. He is now one of the backers of San Francisco-based Dotblu, which runs a "social betting service" designed to let people turn Twitter and Facebook status updates into a game.

23.Gail Kelly

Westpac Banking Corp. CEO Born: 1956, South Africa
Now lives in Australia

Kelly is one of the most powerful businesswomen in Australia. The South African native moved to Oz in 1997 and became a citizen in 2001. In South Africa, she had been an executive at Nedcor Bank, one of the country's largest, and after moving to Australia she worked at Commonwealth Bank and St. George Bank, where she was CEO, before joining Westpac (WBC.AX) in 2008 as CEO.

24.Vinod Khosla

Kleiner Perkins general partner
Born: 1955, India
Now lives in U.S.

Khosla is one of the most successful Indian immigrants in Silicon Valley, but he begins the bio on his Web site with a failure: After studying engineering at the Indian Institute of Technology, Delhi, he tried—and failed—to launch a soy milk company for people without refrigerators. Khosla then moved to the U.S. and earned a master's degree in biomedical engineering from Carnegie Mellon and an MBA from Stanford. In 1982 he founded Sun Microsystems and in 1986 joined famed venture capital firm Kleiner Perkins as a general partner. In 2004 he launched Khosla Ventures to support his interest in issues related to the environment and poverty in the developing world.

25.Li Ka-shing

Hutchison Whampoa chairman
Born: 1928, China
Now lives in Hong Kong

Li moved to Hong Kong from nearby Guangdong province in southern China during World War II. Today he is Hong Kong's richest man, controlling a global property, telecom, ports and retail empire—not bad for a man who got his start selling plastic flowers. Through the Li Ka-shing Foundation, he is a major supporter of Shantou University, located near his hometown in Guangdong.

26.Frank Lowy

Westfield chairman
Born: 1933, Slovakia
Now lives in Australia

Lowy, one of the richest men in Australia, left Europe as a refugee after World War II and fought in the Haganah, the predecessor to the Israeli army, during Israel's War of Independence. A few years later, he moved to Australia, where he co-founded Westfield (WDC.AX) and built it into one of the world's top developers of shopping centers.

27.Nadir Mohamed

Rogers Communications CEO
Born: 1956, Tanzania
Now lives in Canada

Mohamed spent his childhood in Tanzania, the son of Ismaili Muslim parents originally from India. The family later emigrated to Canada and Mohamed studied accounting at the University of British Columbia. He joined Rogers (RCI), one of Canada's top telecom carriers, in 2000 and took the CEO job of the Toronto-based company in March of this year.

28.Indra Nooyi

PepsiCo CEO
Born: 1955, India
Now lives in U.S.

Pepsi's (PEP) boss, who is also the chairman of the U.S.-India Business Council, attended Madras Christian College in southern India and received an MBA from the Indian Institute of Management in Kolkata (Calcutta) before studying at Yale, where she got a master's in public and private management. Prior to joining Pepsi in 1994, she worked for ABB, Motorola, Boston Consulting Group and Johnson & Johnson. Nooyi was Pepsi's chief financial officer for five years before becoming president and CEO in 2006.

29.Pierre Omidyar

eBay founder and chairman
Born: 1967, France
Now lives in U.S.

The founder of eBay is an Iranian-American who moved with his parents from Paris to the U.S. as a child. After earning an engineering degree from Tufts, he headed west to the Bay Area, where he launched an auction site in 1995. Two years he later named it eBay. An active philanthropist through his foundation, the Omidyar Network, he and his wife, Pam, have donated $100 million to Tufts to create the Omidyar-Tufts Microfinance Fund, which aims to support the growth of lending to the poor. The gift is the largest in the history of the university.

30.Paul Oreffice

Fairfield Homes chairman
Born: 1927, Italy
Now lives in U.S.

Born in Venice, Oreffice fled war-torn Italy in 1940 with his family, moving to Ecuador and then, in 1945, to the U.S. to attend Purdue. He joined Dow Chemical after serving in the U.S. Army and went on to become the company's president and CEO in 1978. He later became chairman and retired from Dow Chemical in 1992. In addition to serving as chairman of Fairfield Homes, a developer of retirement communities, Oreffice is chairman of the National Parkinson's Foundation.

31.Vikram Pandit

Citigroup CEO
Born: 1957, India
Now lives in U.S.

The CEO of embattled financial giant Citi (C) was born in the western Indian state of Maharashtra. His father was an executive at a pharmaceutical company, and at age 16 Pandit moved to the U.S. to study engineering at Columbia, where he received several degrees, including a PhD. Pandit is now on the school's board of directors and also serves on the board of the Indian School of Business. Pandit became CEO of Citi in December 2007.

32.Haim Saban

Saban Capital Group chairman and CEO
Born: 1944, Egypt
Now lives in U.S.

Saban moved from his native Alexandria to Israel when he was 12 and after attending agricultural school and serving in the Israeli army, he moved to France in 1975 and launched a record company. In 1983 he moved once again, this time to the U.S., where he developed a reputation as a premier Hollywood dealmaker thanks to the success of shows like Mighty Morphin Power Rangers. Saban teamed up with Rupert Murdoch to create Fox Family Worldwide and pocketed $1.6 billion when Walt Disney (DIS) bought it in 2001. Since then, he and investors have bought control of Univision Communications and Bezeq, Israel's largest telecom operator.

33.George Soros

Soros Fund Management chairman
Born: 1930, Hungary
Now lives in U.S.

The hedge fund billionaire grew up in Budapest and, after surviving the Nazi occupation of Hungary during World War II, escaped for the West in 1946. He moved first to Britain, where he worked as a waiter to put himself through the London School of Economics, and then in 1956 to the U.S. He launched what became the Quantum Fund in 1973. In 1993 he founded the Open Society Institute to promote democratic institutions around the world.

34.Howard Stringer

Sony chairman, president, and CEO
Born: 1942, Britain
Now lives in U.S. and Japan

In 2005, what was once unthinkable happened: A gaijin took the helm at Japan's premier electronics company when Stringer took over from Noboyuki Idei and became Sony's (SNE) chairman and CEO. The Welsh-born Stringer moved to the U.S. in 1965 and soon joined the Army and went to fight in Vietnam, winning the Commendation Medal for meritorious achievement. He became a citizen in 1985. Before joining Sony, Stringer worked as a producer at CBS News, where he won nine Emmy Awards, and later ran the network.

35.Lip-Bu Tan

Walden International founder and chairman
Born: 1960, Malaysia
Now lives in U.S.

One of the top venture capitalists bridging Asia and Silicon Valley, Tan founded Walden International in 1987. Today, the San Francisco-based Walden is a $1.9 billion VC fund that has invested in companies such as Chinese-language portal Sina.com (SINA). Tan, who has a master's degree in nuclear engineering from MIT and an MBA from the University of San Francisco, is on the board of Sina as well as Flextronics and Semiconductor Manufacturing International Corp.

36.Harry Triguboff

Meriton chairman
Born: 1933, China
Now lives in Australia

Australian property magnate Triguboff's parents were Russian Jews who fled to northeastern China after the rise of Lenin. Before moving to Australia and launching Meriton, the privately held company that is the premier developer of residential properties in Sydney, he lived in Israel for seven years and is a major supporter of charities in the country.

37.James Wolfensohn

Wolfensohn & Co. chairman
Born: 1933, Australia
Now lives in U.S.

Wolfensohn, who spent a decade as president of the World Bank, is now much sought after as an advisor to governments and companies worldwide. Since leaving the bank in 2005, he has advised on global strategy at Citigroup (C) and given counsel to Beijing's sovereign wealth fund, China Investment Corp., and the government of Kazakhstan. The University of Sydney graduate moved to the U.S. in the 1950s to attend Harvard Business School and was general partner at Salomon Smith Barney before launching Wolfensohn & Co. in 1981. After leaving the World Bank, he was special envoy to the Middle East for the Quartet and contributed his own money for Palestinians to purchase Israeli greenhouses left behind after Israel's troops withdrew from the Gaza Strip, but he resigned in April 2006.

38.Jerry Yang

Yahoo co-founder and former CEO
Born: 1968, Taiwan
Now lives in U.S.

Following the death of his father, Yang and his family moved to the U.S. and settled in the Bay Area of California. Yang, who co-founded Yahoo (YHOO) with Stanford classmate David Filo in 1995, is married to a fellow immigrant: Wife Akiko Yamazaki grew up in Costa Rica. He endured a rocky term as CEO from June 2007 to January 2009, when he stepped down and was replaced by Carol Bartz.

39.Allan Zeman

Lan Kwai Fong Holdings chairman
Born: 1949, Germany
Now lives in Hong Kong

For years before Hong Kong's return to Chinese rule in 1997, many local residents worried about the future were keen to get Canadian citizenship as a hedge. Zeman, who was born in Germany but grew up in Montreal, went in the other direction. Having built a fortune as the head of a trading company and developer of Hong Kong's top entertainment district, Zeman renounced his Canadian citizenship in 2008 and became a Chinese citizen.

The 20 Coolest And Most Expensive Bike Designs

2009-09-07T17:26:00.000-07:00

Engineers' Wheels Are Still Turning

By Damian Joseph

One might assume that after almost 200 years, designers would have perfected the simple setup of two wheels, a seat, a frame, and handlebars. However, bike innovation has really geared up (pun intended) of late. Electric-assisted bikes are becoming more common, and engineers have been experimenting with innovative materials. Here's a look at some of the coolest bikes around, ordered from cheap to beyond expensive.

Electric Bike Sales Are Zooming Ahead

Biking is enjoying a surge of interest and new designs. But "e-bikes" are this year's hottest trend on two wheels

On Aug. 18, Lance Armstrong brought the traffic to a standstill in Glasgow's Paisley district, when he posted in a Twitter message, "Hey Glasgow, Scotland!! I'm coming your way tomorrow. Who wants to go for a bike ride with me??" Some 200 cyclists promptly showed up to pedal alongside the seven-time Tour de France winner.

Of course, Armstrong is a draw unto himself, but the impromptu caravan also reflects consumer interest in biking.

This year's hottest trend on two wheels: electric bikes, or e-bikes. Last year 23 million were sold worldwide, and the number is expected to double by 2012, says Electric Bikes Worldwide Reports, a biennial publication tracking the industry. Interest in the designs, which contain an electric motor to give a cyclist a helping push, is growing globally, with markets flourishing in China, India, Europe, and the U.S.

E-bikes certainly aren't new, but where before they were something of an expensive curiosity, versions have now been designed for most consumers, from kids to parents, racers to hobbyists. The Bridgestone Angelino Assista has elongated handles that allow the rider to peer over the head of a child in a seat in front. The eRockit, on the other hand, is more of a bicycle-motorcycle hybrid. It can reach 50 mph. (It's still pricey, clocking in with a staggering $41,000 price tag.)

Green Machines

Other environmentally conscious design flourishes have been introduced this year. Rides from the Bamboo Bike Studio are made from bamboo, a strong, light wood that grows abundantly. Areaware's $600 Moof model has solar-powered front and rear lights tucked into its elegant aluminum frame. And while folding models that allow riders to haul their bikes anywhere have been popular for decades, few have reached the compactness of Pacific Cycle's $2,239 iF Mode.

For the most cutting-edge technology, though, one must look to racing bikes. After all, riders like Armstrong compete down to the second. Cannondale's $8,499 SuperSix Hi-Mod is constructed from unique carbon molding that wraps layers of the tough, light material over one other. Giant's $7,994 TCR Advanced SL 0 is made from Toray T800 carbon fiber, a material more commonly used in Boeing (BA) planes. It also sports a distinctive trapezoidal top tube and an elongated rectangular downtube to increase stiffness without adding weight.

With its eco-friendly and health-improving attributes, biking might just be in the early stages of a full-blown renaissance. Even Lance Armstrong was surprised at people's biking fervor. After the group ride, he tweeted: "Thanks to everyone who turned up to ride in Paisley! I figured we'd have a nice ride for a dozen or so. But 100's came. Haha! Awesome!"

Shepard Fairey's Trek Madone

Auction

Fairey, already a successful artist when his Barack Obama "Hope" poster became an icon, designed this bicycle for Lance Armstrong's to ride in the 2009 Giro d'Italia. The dressed up Trek Madone will be auctioned in October 2009, with proceeds benefitting Armstrong's Livestrong charity.

Teague Pulse Concept

This concept design combines safety and aesthetics: LED turn signals and taillight may help prevent accidents, while the frames glowing colors are easy on the eye. Paint on the frame glows when light hits it (similar to a stop sign) and the caged pedals are counterweighted so feet can slip right in.

eRockit

$40,711

The eRockit is a bicycle-motorcycle hybrid. Pedalling charges a battery to power a motor. Riders feel the effect of 50x the effort they expend, and the bike can reach speeds of up to 50 mph. The bike's black-and-chrome metal stylings recall WWII-era transportation, but housed within the well-placed engine shell is a motor that's all modern. eRockits are handmade, and only ten of these expensive machines will be built this year.

Hublot/BMC All Black Bike

$19,500

Watchmaker Hublot and bicycle maker BMC teamed up to create this monochrome ride. Every single part is in the same shade of black. The frame is a combination of carbon fiber and aluminum, which keeps it strong and light, and the pedal mechanism contains ceramic to ease friction. Only 30 of these markedly expensive bicycles were made.

Cannondale SuperSix Hi-Mod

$8,499

This racing bike features carbon-molding technology in the frame: layers of carbon are wrapped over each other, with no cosmetic top layer, to save weight. The process lightened the bike by 150g and increased stiffness 17% from its previous incarnation.

Giant TCR Advanced SL 0

$7,994

This racing bicycle has an oversize headtube, an elongated, rectangular downtube, and a tapered trapezoidal top tube. The frame is made of Toray T800 carbon— the carbon fiber used in airplanes—for strength that doesn't add weight.

Panasonic Titanium Flat Road EB

$5,500

Most electric bikes tend to emulate cruisers or scooters, but Panasonic's Titanium Flat Road looks more like a racer or mountain bike. The frames are handmade from titanium (hence the price). Thick frame bars and tall wheels convey speed and toughness, but the material keeps the bicycle lightweight.

Georg Jensen's Sögreni

$5,500

Georg Jensen built a jewelry empire on the strength of his skilful silversmithing; this bicycle's thin, long frame is meant to celebrate his legacy. Danish bike maker Sögreni collaborated with Jensen's eponymous company to create this limited edition bicycle—only 14 were made. The bike features a sterling silver bell and leather grips and seat from Brooks England.

Gazelle Chamonix Innergy

$3,949

Winner of the prestigious Dutch Bike of the Year award in 2009, the Chamonix Innergy is an electric bicycle in disguise. The battery is hidden under the luggage carrier while the motor is in the front wheel hub. So attention focuses on the sporty cruiser's sharp fenders, headlight, and chain cover.

Ultra Motor A2B

$2,399

British company Ultra Motor sold 25,000 A2Bs in India from 2007-2008, its first full year of operations. The design comes from Norbert Haller, former racer and co-founder of the Berlin firm Craftsmen. Its tubes are square, and its high forks and thick tires project a sense of rugged fierceness.

Santa Cruz Driver 8

$2,399

This bike has a suspension system that's visually striking and shock-absorbent. The seat can be adjusted up or down seven inches—even while riding—allowing it to switch easily between park (for tricks, street riding) and downhill (for stability and speed) positions.

Pacific Cycles iF Mode

$2,239

Folding bikes have been around for a while, but this one is particularly compact. The aluminum frame attaches to the wheels via a single fork to reduce the width when folded. The seat retracts into the frame and the pedals and handlebars fold together. The chain is hidden away to stop grease from smearing on the rider.

E-Solex Version 2.0

$2,111

This bicycle has foot pedals—and an electric motor that can get you up to 21 mph. Andrea Pininfarina, famed designer of Ferraris and Fiats, helped design the bike before his death in August 2008. It has classic French scooter styling, but with a lithium-polymer battery that runs for 25 miles a charge.

Core77 Dutch Master

$1,560

Online magazine Core77 designed this bicycle and commissioned 25 of them to be assembled by hand in New York. The pieces were sourced from bike parts makers including Odyssey, Portland Design Works, and Eastern Bikes. Elegant touches such as a Brooks England leather saddle and Schwalbe "Fat Frank" cruiser tires make a bicycle that recalls old-style beach

Bridgestone Angelino Assista

$1,312

A bicycle for parents: this one has no crossbar, a child seat (there's also space for one on the back) and an electric motor to help with the pedaling. The handlebars are elongated so that the adult can see right over the top of the child. The bike's lines are reminiscent of both Italian motor scooters and classic bicycles.

Bamboo Bike

$1,250

These classically styled bikes are made from bamboo, which makes for a strong but lightweight bicycle frame. The company holds a two-day class at its studio in Brooklyn, N.Y., to teach consumers how to build their own bicycle.

Civia Loring From

$875

This bicycle isn't for racing or climbing mountains. It's a short-trip bike that's high on style. The slender, sloping tubes are elegant, and the bamboo fenders and basket add an old-school earthiness.

Areaware Moof

$600

The aluminum tubes of this bicycle's frame house two solar-powered lamps; one in the front and back. The form is simple and elegant, and the pedals, chain, and crank make for a traditional cruiser style.

Mercedes-Benz Kids' Bike

$422

From the carmaker comes this bicycle designed specifically for kids. The central beam's strong diagonal line projects stability and the wide tires look rugged—and safe. At first, kids can ride without the pedals. When they've mastered the bicycle's action, adults can attach the chain and pedal unit.

Republic / Urban Outfitters Aristotle v1.5

$399

Fixed-gear bicycles have become the accessory of choice among hipsters, but don't let that put you off. This affordable "track bike," as they're known, can be customized online. Pick the color of the frame, seat, tires, rims, chain, and crank, and buy your dream bike.

The World's Most Powerful Billionaires

2009-08-04T10:23:00.000-07:00

They might not be the richest people in the world, but these billionaires have tremendous sway over the world's markets, workers--and, in some cases, armies.

The authority and influence Michael Bloomberg wields is staggering.

As mayor of New York City--America's largest and most complex metropolis--he lords over more than 8 million people speaking 40 different languages within 305 square miles. He commands 311,000 city employees and an annual budget of $60 billion.

Since being elected in 2001, Bloomberg has resurrected New York from the wreckage of the 9/11 attacks, seized control of the city's schools, enforced a ban on smoking in bars and restaurants, and taken serious strides to make the city a leader in energy efficiency.

On any given day, he might negotiate a workers strike, coordinate various law-enforcement agencies' efforts to combat terrorist threats or handle another crisis (like, say, a commercial airplane crashing into the Hudson River).

And he paid for this job. Bloomberg left his massive media and financial information company, Bloomberg LP, in 2001 to effectively buy City Hall when he chipped in $74 million of his own cash to run for mayor. (He threw in another $85 million to keep the gig four years later and recently convinced New York's City Council to allow him to run for a third term this year.)

While he's been mayor, Bloomberg LP has grown. Today, the firm has 10,000 employees in 126 global offices, providing most of the world's trading floors with financial data. Bloomberg's 88% stake in the company helped push his net worth to $20 billion last fall, making him one of America's richest men.

This combination of wealth, media influence and political prowess lofted Bloomberg atop the annual Forbes list of the most powerful billionaires in the world.

Last March, there were 1,125 billionaires in the world, each wielding tremendous wealth and weight over the markets and industries in which they operate. But few plutocrats possess the money, economic dominance and political clout to touch--or the potential to touch--all of us.

To compile the list, Forbes reporters created a formula based on the size and scope of the industries billionaires control, the political influence they exert and the fortunes they hold.

Behind Bloomberg is Italian Prime Minister Silvio Berlusconi, who heads a nation of 58 million people, a diversified industrial economy with a gross domestic product of $2.4 trillion and a military budget of roughly $43 billion.

Berlusconi's company Fininvest is a player in life insurance, movie production and sports teams. It also controls much of the Italian television market.

As the worldwide recession deepens and industries look to governments for help, a prime minister can have serious sway over the stock market. Shares of Italian automaker Fiat (nyse: FIA - news - people ) soared 6% earlier this month after Berlusconi pledged aid to the Italian auto industry.

Billionaires with political power are rivaled by those who control portions of the commodities markets. Indian industrialist Lakshimi Mittal controls 10% of the world's steel production through his company ArcelorMittal ; despite his fortune falling $24.5 billion between March and November 2008, he ranks third on our list.

Other moguls lord over portfolios of companies. Warren Buffett, through holding company Berkshire Hathaway (nyse: BRK - news - people ), controls more than 50 companies that had a combined $118 billion in sales in 2008. He ranks fifth.

Throughout the credit crisis, Buffett injected much-needed capital into ailing companies. His $5 billion investment in Goldman Sachs (nyse: GS - news - people ) last September caused shares to leap 6%. He pumped billions more into General Electric (nyse: GE - news - people ) and Swiss Re. Even President Obama has turned to Buffett for economic advice.

Perhaps no billionaire has more control over how America spends its disposable cash than Oprah Winfrey. Her daily talk show airs in 141 countries and reaches more than 46 million viewers. With Oprah's approval, an unknown book instantly turns into a bestseller, and getting a product endorsed on Oprah's Favorite Things show can be the crowning achievement of a marketer's career.

According to research compiled by two University of Maryland economics professors, Oprah's endorsement of Barack Obama lent the candidate an estimated additional one million votes in the 2008 Democratic presidential primary.

1. Michael Bloomberg

Source of power: mayor, New York City; Bloomberg LP

New York City's chief executive. Former Salomon Brothers trader founded financial information and services firm Innovative Market Systems; renamed Bloomberg LP in 1987. Firm now has news service, cable TV stations, radio and magazine. Today, he owns 88% of company after buying cash-strapped Merrill Lynch's 20% stake last summer. Spent $74 million becoming New York City mayor in 2001 and $85 million in 2005. Law passed in October letting Bloomberg run for third term.

2. Silvio Berlusconi

Source of power: prime minister, Italy; Fininvest

Currently serving his third term as prime minister of Italy. Leads a nation of 58 million people, an industrial economy with a GDP of $2.4 trillion and a military budget of roughly $43 billion. As prime minister, he lords over Italy's public TV; his diversified conglomerate Fininvest dominates Italy's private TV channels.

3. Lakshmi Mittal

Source of power: ArcelorMittal

Controls world's largest steelmaker ArcelorMittal; company accounts for 10% of crude steel production. Born in India but lives in London, where his political clout often incites controversy. In 2002, then British Prime Minister Tony Blair reportedly wrote a letter to the Romanian prime minister hinting a sale of the country's steel company to Mittal would facilitate its entrance into the European Union.

4. Warren Buffett

Source of power: Berkshire Hathaway

Even the faintest hint of interest from Buffett can send a stock soaring. When Buffett's Berkshire Hathaway injected billions into Goldman Sachs in September, the investment bank's shares jumped by nearly 6%. Backed Barack Obama with advice and money during last year's campaign; Obama often touted the endorsement in a campaign where the economy eventually took center stage.

5. Vagit Alekperov

Source of power: Lukoil

Former Caspian Sea oil rig worker, now president of Lukoil, Russia's largest independent energy company. The firm's reserves are second only to ExxonMobil. Alekperov owns more than 19% of the company. Friend of Vladimir Putin who lobbies Kremlin for tax breaks for Russian oil companies.

6. Carlos Slim Helu

Source of power: America Movil, Telefonos de Mexico

Son of Lebanese immigrant was world's second richest man in 2008. His Telmex controls 90% of telephone landlines in Mexico; cellphone operator America Movil has more than 173 million customers in Latin America. Baseball fan and art collector also invests in construction, retail, banking, railroads, mining and media; bought 6.9% stake in The New York Times last year and loaned the newspaper $250 million in January.

7. Mukesh Ambani

Source of power: Reliance Industries

Heads petrochemicals giant Reliance Industries, Indian's largest company by market cap. Produces oil, gas, petrochemicals and textiles. Personally funding construction of a 27-story home in Mumbai that could cost $2 billion. With brother Anil, inherited their fortune from their late father, renowned industrialist Dhirubhai Ambani. But they couldn't get along, and in 2005, their mother brokered a peace settlement breaking up the family's assets.

8. Charles and David Koch

Source of power: Koch Industries

MIT-trained brothers turned family oil refining firm into America's second largest private company. Koch Industries has stakes in pipelines, refineries, fertilizer, fibers and polymers, forest and consumer products, chemical technology. Sales in 2008: $110 billion. Brothers each own 42% of company. Employs 80,000 people and operates in 60 countries. Charles co-founder of conservative think tank Cato Institute. David gave $100 million to alma mater for cancer research in 2007. Pledged another $100 million to New York's Lincoln Center last July.

9. Bill Gates

Source of power: Bill & Melinda Gates Foundation, Microsoft

World's richest man founded software giant Microsoft in 1975. Stepped down from day-to-day duties at Microsoft last year to devote his talents and riches to philanthropy. The $36 billion Bill & Melinda Gates Foundation donates to causes such as fighting hunger in developing countries, improving education in America's high schools and developing vaccines against malaria, tuberculosis and AIDS.

10. Edward and Abigail Johnson

Source of power: Fidelity

Father and daughter run Fidelity Investments, America's largest mutual fund company. Family owns 49% of the company, which managed $1.2 trillion in assets at the end of 2008. "Ned" serves as chairman; "Abby" runs Personal & Workplace Investing division.

11. Li Ka-Shing

Source of power: Cheung Kong and Hutchinson Whampoa

Grew up poor; sold plastic flowers in Hong Kong in the 1950s. Now Hong Kong's richest person. Empire built on conglomerates Cheung Kong and Hutchison Whampoa. Controls world's largest operator of container terminals, world's largest health and beauty retailer, a major supplier of electricity to Hong Kong and a real estate developer. Also owns a large stake in Canadian oil company Husky Energy. Plans to donate one-third of wealth over time.

12. Prince Alwaleed Bin Talal Alsaud

Source of power: Kingdom Holdings

The most active and successful investor in the Middle East took his investment vehicle, Kingdom Holdings, public on the Saudi stock exchange in July 2007. Kingdom Holdings contains his investments in well-known companies such as Citigroup and News Corp., as well as Four Seasons Hotels and Fairmont Hotel management companies, among many others.

13. Abdul Aziz Al Ghurair

Source of power: Mashreq

Emirates patriarch helps finance and feed the Middle East. Head of Mashreq, a leading United Arab Emirates commercial bank founded by his father during the Gulf's first oil boom in the 1960s. Family's diverse business interests also include investments in cement, petrochemicals, insurance and Masafi, the region's leading mineral-water brand. Foods division operates one of the largest flour mills in the Middle East. In 2007, Al Ghurair was elected speaker and president of the U.A.E. Parliament.

14. Rupert Murdoch

Source of power: News Corp.

Media king's fortune may be falling on hard times, but he still controls a dizzying array of TV stations and print publications around the globe via News Corp. His empire includes the Fox family of TV channels and more than 100 newspapers. Added Dow Jones (and its crown jewel, The Wall Street Journal) in 2007 for $5.6 billion in cash.

15. Serge Dassault

Source of power: Groupe Dassault

French senator is honorary chairman of software and media conglomerate Groupe Dassault. Owns Le Figaro, French daily newspaper founded in 1826, plus a 50% stake in Dassault Aviation, maker of Mirage and Rafale jets. Son Olivier is a member of French National Assembly.

16. Saad Hariri

Source of power: engineering and construction

Son of slain Lebanese Prime Minister Rafik Hariri; heads a group of legislators intent on carrying out father's legacy. Earlier this year, successfully lobbied France to monitor upcoming Lebanese elections. Takes cover in Riyadh when security gets shaky in Beirut. Also serves as general manager of Saudi Oger, his family's $9 billion (revenues) construction and telecom company.

17. Roman Abramovich

Source of power: commodities

Made fortune in a series of controversial oil export deals in early 1990s. Teamed up with Boris Berezovsky to take over oil giant Sibneft at a fraction of its market value. In 2003 to 2004, sold stake in Russian Aluminum to Oleg Deripaska. Sold 73% stake in Sibneft to gas titan Gazprom for $13 billion in 2005. Later bought stake in the country's largest steelmaker, Evraz Group and a piece of Highland Gold, a U.K. mining company with operations in Russia. Former governor of far-flung Chukotka province.

18. Sergey Brin and Larry Page

Source of power: Google

When people look for information, they're likely to turn to Page and Brin's creation: Google. Research agency Millward Brown called Google the most valuable brand in the world in 2008. Brin and Page met in computer science Ph.D. program at Stanford. Dropped out in 1998 to work on a search engine from a friend's garage. Took company public in 2004.

19. David Rubenstein, William Conway Jr., Daniel D'Aniello

Source of power: Carlyle Group

Rubenstein, D'Aniello and Conway lead leveraged buyout outfit Carlyle Group. Initially used politically connected advisers including ex-president George H. W. Bush and Clinton's former chief of staff Mack McLarty to buy defense-oriented companies, turn them around and sell for a profit. Today, Carlyle has over $90 billion in assets under management. At end of 2007, the firm owned 224 companies employing more than 350,000 people. Made infamous in Michael Moore's Fahrenheit 9/11 for investing bin Laden family money.

20. Oprah Winfrey

Source of power: Oprah

Millions of people turn to Oprah everyday for advice, knowledge and gossip. All that adds up to plenty of influence. Two University of Maryland economics professors estimated that Oprah's endorsement of Barrack Obama netted him an extra million votes in the 2008 Democratic presidential primary. Her nod can turn an unknown book into an overnight bestseller.