Global Headwinds Knock Down Collective Wealth By A Third

This story is part of Forbes’ coverage of Japan’s Richest 2022. See the full list here.

Soaring energy and commodity prices, exacerbated by the war in Ukraine, dashed Japan’s hopes of an economic rebound. The yen cratered, falling 17% against the dollar, since we last measured fortunes in April 2021. The meltdown extended to the stock market, with the benchmark Nikkei 225 stock index declining 12% in the same period. Consequently, Japan’s 50 richest tycoons saw their collective net worth shrink by nearly a third to $170 billion.

Overall, the wealth of 38 members on the list dropped from a year ago, with just three eking out modest gains. Clothing retailer Tadashi Yanai, who was the second richest last year, reclaimed the title of the country’s richest person though his fortune slid by 44% to $23.6 billion. A slowdown in sales in the domestic market, as well as in China, impacted shares of his Fast Retailing, the parent of the Uniqlo store chain. Takemitsu Takizaki, founder of sensor-maker Keyence climbed to No. 2 for the first time with $21.6 billion, although his wealth too declined by $4.2 billion from a year ago.

Last year’s high flier and former numero uno, SoftBank Group founder and CEO Masayoshi Son, took the biggest hit in both dollar and percentage terms. His net worth more than halved to $21.1 billion and he slipped to the third position. Amid a global tech rout, SoftBank’s two Vision Funds reported a record $27 billion loss for the year ended March 2022. Apart from Son, a dozen others saw their fortunes fall by more than $1 billion.

Despite this turbulence, six newcomers overcame the odds to make their debut this year. They include scientist-turned-entrepreneur Keiichi Shibahara, who founded Amvis Holdings to provide hospice care; the Sekiya family, whose company Disco makes semiconductor processing equipment; Japanese beauty brand DHC’s founder Yoshiaki Yoshida, who started his cosmetics venture in 1980 using organic olives; and Hachiro Honjo, chairman of Ito En, a maker of canned and bottled teas.

Three returned to the ranks after dropping off last year, including gaming tycoon Yoshikazu Tanaka, founder and CEO of Gree, which gained traction from the launch of two new titles. Despite the minimum net worth falling to $925 million from $1.15 billion, nine listees from last year didn’t make the cut. This group includes Shintaro Yamada, founder and CEO of used-goods marketplace app Mercari, who was the biggest percentage gainer in the 2021 list. Shares of Japan’s eBay tumbled as it racked up losses in the nine months ended March 2022, partly due to a decline in listings.

Full Coverage of Japan’s Richest 2022:

With reporting by Anuradha Raghunathan and James Simms

Methodology:

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Net worths were based on stock prices and exchange rates as of the close of markets on May 13, 2022. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.