Meet the world’s 50 richest billionaires in 2017

42. Stefan Persson

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Stefan Persson’s father founded a women’s clothing store, Hennes, in 1947, and later acquired a men’s clothing store, Mauritz Widorss, in 1968 — creating Hennes & Mauritz. Or as it’s known today, H&M.

Persson eventually joined his father after finishing school, and succeeded him as CEO later. Persson remains the chairman and largest shareholder, but in 2009, his son, Karl-Johan, took over the company.

Net worth: $21.0 billion

Age: 70

Citizenship: Sweden

Industry: Retail

Source of wealth: Inherited/self-made; H&M