Lemann steals title of richest man in Brazil from Batista

December 4, 2012
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Richest Man "Lemman"

Eike Batista, former richest man in Brazil, can no longer claim the title, as the billionaire has lost half of his wealth due to unstable shareholding prices, according to Forbes. In March, Batista had a net worth of $30 billion but it has since dropped down to $18.6 billion.

Batista's shares in natural resource startups had plunged recently by 6.8 percent. Batista has also fallen from the list of top 10 richest people in the world and beer baron Jorge Paulo Lemann has been gaining ground to make the list of richest Brazilian since June of this year.

Lemann's investment in Burger King, of which he holds 29 percent of shareholding, put him on the map back in March. Bloomberg reported that Lemann is currently worth $18.9 billion due to the fact that he invested in shares of Anheuser Busch InBev and developed a $52 billion merger with the company, which is the largest beer manufacturer globally.

"Eike has the potential for explosive returns, but it’s also a business full of challenges," Chris Palmer, who manages $2.5 billion of assets as London-based director for Henderson Global Investors Ltd, told the news source. "The performance of the companies that Lemann controls has been very strong."

Lemann and his two partners Marcel Herrmann Telles and Carlos Alberto Sicupira have seen their wealth grow by 50 percent in the past year, partially due to major investments in Brazil and international companies.

When business owners are looking to develop mergers or partake in beneficial transactions in Brazil, contacting experienced lawyers from a Brazilian law firm can ensure that all contracts and negotiations are run favorably. The Brazil legal system can be complex and consulting a knowledgeable attorney will keep businesses compliant with all laws.

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