Company: TAG Group
Country: Saudi Arabia
Wealth: 2.7 Billion
They don’t come much more jet set than Mansour Ojjey, who inherited his vast wealth from father Akram Ojjey, founder of the TAG Group.
TAG — Techniques d’Avant Garde — was formed in 1977 by Akram, a Saudi entrepreneur. The Luxembourg-based holding firm came up with the TAG Heuer watch brand, which was sold off to LVMH in 1999 for $740m, and also oversees TAG Aviation, a Geneva-based business aviation services provider. TAG Aviation is currently in the process of expanding into the lucrative emerging-market space.
But it’s in the glitz of the Formula One world where Mansour’s heart lies. The interest was sparked by a visit to the 1978 Monaco Grand Prix, where the young entrepreneur was invited as a guest of the Saudi royal family. Ojjey helped sponsor the Williams team shortly afterwards, and in 1981 established TAG Turbo Engines with Maclaren supremo Ron Dennis. The result? An engine that dominated the 1984 world championship, with MacLaren drivers winning twelve of the sixteen races on offer.
TAG Group has retained its long-standing relationship with MacLaren Group, in which it holds a fifteen percent stake. Elsewhere, Ojjey’s firm also has extensive interests in agriculture, commercial real estate and even art and antiques.