Luciano Hang Loses R$ 8.12 Billion and Drops Positions on Forbes Rich List

Written by Bruno Teles

Published on 06/04/2023 at 15:15

Luciano Hang (foto/divulgação)

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Businessman Luciano Hang Experienced A Significant Drop In His Fortune On The List Of The World’s Richest Released By Forbes In 2022.

Instead of occupying 8th place among the richest Brazilians, as he did last year, Hang now appears in 15th place in the ranking. Hang, who is the founder of the department store chain Havan, had his fortune estimated at US$ 4.8 billion by Forbes in 2021. However, this amount fell to US$ 3.2 billion on the latest list released by the magazine. The drop of US$ 1.6 billion represents R$ 8.12 billion at the current exchange rate.

This is not the first time the businessman’s wealth has dropped on the Forbes list. In 2021, the magazine showed that Hang’s fortune was US$ 2.7 billion (R$ 15.34 billion at the March 2021 exchange rate). In one year, he lost US$ 900 million, equivalent to R$ 3.4 billion at the time.

The Growth And Decline Trajectory Of Luciano Hang

Hang first appeared on the Forbes list in 2019, when his fortune was estimated at US$ 2.9 billion. In 2020, the amount rose to US$ 3.6 billion (R$ 18.7 billion at the March 2020 exchange rate). As mentioned earlier, in 2021, his fortune saw a slight decline.

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Controversy Involving Offshore

In 2021, Hang’s assets became the subject of controversy. According to the digital newspaper Poder360, based on documents from the Pandora Papers, from the International Consortium of Investigative Journalists (ICIJ), the businessman maintained an irregular offshore company in the British Virgin Islands for 17 years.

Founded in 1999, the company Abigail Worldwide was kept in a tax haven without declaration to Brazilian authorities until 2016. In 2018, two years after the regularization, the company had a balance of US$ 112.6 million, equivalent to R$ 604 million at the current dollar rate. This amount was divided into US$ 2 million in cash and the remainder in financial instruments of companies or countries.

Havan And The Success Of Luciano Hang

Luciano Hang is the founder of Havan, a department store chain present in 155 locations in Brazilian cities, according to Forbes. Hang, who is a supporter of former president Jair Messias Bolsonaro, has achieved great success with the company, which was founded in 1986.

Luciano Hang Loses R$ 8.12 Billion and Drops Positions on Forbes Rich List

Businessman Luciano Hang Experienced A Significant Drop In His Fortune On The List Of The World’s Richest Released By Forbes In 2022.

The Growth And Decline Trajectory Of Luciano Hang

Controversy Involving Offshore

Havan And The Success Of Luciano Hang

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Luciano Hang Loses R$ 8.12 Billion and Drops Positions on Forbes Rich List

Businessman Luciano Hang Experienced A Significant Drop In His Fortune On The List Of The World’s Richest Released By Forbes In 2022.

The Growth And Decline Trajectory Of Luciano Hang

Controversy Involving Offshore

Havan And The Success Of Luciano Hang

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