Ioan Niculae, owner of the InterArgo financial group, was named the wealthiest Romanian by Forbes. Niculae’s fortune is estimated at €1.1bn, according to the magazine’s annual Top 500 Romanian Billionaires list.
Niculae has investments in the agriculture, chemical, energy and tourism industries. Niculae replaces Dinu Patriciu in the top spot. Patriciu had held the title for three consecutive years, after his personal fortune, according to Forbes, fell from €2.2bn in 2011 to just €800m–900m this year.
The accumulated wealth of the 500 richest Romanians totals €21.5bn, down by €3.6bn compared with the previous year, due in part to a drop in real estate values.
