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22. Stefan Persson
Net worth: $26.7 billion
Age: 68
Country: Sweden
Industry: Retail
Source of wealth: Self-made; H&M
Stefan Persson was born in 1947, the same year his father founded a women’s clothing store called Hennes. The Swedish entrepreneur expanded his business in 1968 when he acquired men’s clothing store Mauritz Widforss, forming Hennes & Mauritz — H&M. Six years later the company went public, and in 1976, after earning degrees from the University of Stockholm and Lund University, Stefan joined his father at the helm. He served as head of UK operations and shortly after succeeded his father as CEO.
Over the past three decades, H&M has expanded its operations globally, now boasting nearly 4,000 stores in places like Hong Kong, China, Tokyo, Japan, Russia, and the US. In 2009, Stefan stepped down as CEO and the third generation — his son, Karl-Johan — took over the company, which had sales of $22.4 billion in 2014.
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