As per Forbes explaination highest ever recorded Wealth of Mian Mansha was last year after he sold around 700 million dollars worth of his MCB portfolio to Malaysian bank and before the stock market crash was 1.6 billion dollars. But as the stock market collapsed and Pak ruppe devalued at the time of compilation of the report his net worth was 930 million dollars. So actually he was officially a billionaire once but not at the time of compilation of the list. Followint is the article from March lthis year:
Pakistan’s Almost First - Forbes.com
Billionaires List
Pakistan’s Almost First
Devon Pendleton, 03.12.09, 05:00 PM EDT
Forbes Magazine dated March 30, 2009
When Mian Mohammed Mansha, chairman of Pakistan’s respected MCB Bank, sold 57% of his MCB shares to Malaysia’s Maybank, he had big plans for the resulting $896 million cash windfall. Chief among them: taking his Nishat Group conglomerate of textile, cement and insurance interests public on the London Stock Exchange. Mansha had reason to be confident. In addition to his tidy cash pile, the value of his public portfolio held through Nishat Group unofficially granted him the title of Pakistan’s first billionaire, with an estimated net worth of $1.6 billion.
Don’t look for an IPO anytime soon. While Mansha’s MCB selloff was well timed–shares are down 67% to date–the rest of his empire was similarly battered. His sizable public stakes, which include two of Pakistan’s largest textile mills, a cement plant and $600 million (assets) Adamjee Insurance, all dropped an average 76% on the Karachi Exchange from May 5 to Feb. 13, the date we locked in fortunes. A 13% decline of Pakistan’s rupee against the dollar didn’t help. Mansha’s fortune has been nearly halved, to $930 million.