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| Description: Net Worth: $6.2 BILLION Industry: Financial Services Country of Citizenship: South Africa Age: 76 Number of Jobs Created: 23,345 South Africa’s former richest man still remains its most respected investor and founder of the country’s largest privately owned asset manager firm, Allan Gray Limited, which has assets under management in excess of $30 billion. According to inside sources, Allan Gray’s global mandate share portfolio has achieved an average annual return of 28 percent since 1974. His key to success includes rigorous research and the consistent application of Allan Gray Limited’s time-tested approach of buying heavily into companies whose share price is less than its intrinsic value. The reclusive billionaire initially studied at Rhodes University, South Africa, qualifying as a chartered accountant before receiving an MBA from the Harvard Business School. He later joined Fidelity Management and Research in Boston, USA where he worked for eight years. Gray is also the founder of Orbis, an asset manager in Bermuda which he established in 1989. The investment firm has over $21 billion under management. In 2012, Allan Gray established Allan Gray Investment Management Nigeria to take advantage of the fast-growing number of middle and high net worth individuals. In 2007, Gray endowed his Allan Gray Orbis Foundation with $130 million, the single largest charity gift in Southern Africa at the time. The foundation funds scholarships for poor but promising South African high school students. About 7 percent of Allan Gray Limited’s profit after tax also goes to the Foundation. |
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