I totally don’t understand the reason behind this complaint against Forbes’ magazine’s rich list (http://www.emirates247.com/news/forbes-list-of-billionaires-saudi-prince-al-waleed-blasts-magazine-for-under-reporting-fortune-2013-03-05-1.497451).
But maybe that’s because I don’t walk in circles where the most sleep troubling worry is not being on Emirate’s VVIP ‘By Invitation’ list.
It might be that K Raveendran in a special contribution to Gulf News has things nailed to rights.
…these awards become very much a part of the marketing strategies and carry significant return on investment (RoI) values…
Well… maybe, if this were Bloomberg, Standard & Poors, Moody’s or a similar rating agency, surely noone is going to be influenced by such incredible reporting in what is basically a lifestyle magazine, disguised as a business publication, for the super rich.
And even if they were, could it matter if you were to protest your position on the list?
This was probably a knee-jerk reaction as I can’t see any possible strategic objective that could be achieved from disengaging with Forbes on this study.
And its a reaction that would potentially worry investors or financial partners more than a slip in the league table … as it indicates (as described by Raveendran) that “these extraordinary lists satisfy the ego of the world’s billionaires”.
To conclude I wish to highlight an important paragraph again from Raveendran which is important for this league table – and for all awards, including Forbes.
The conferring of an award or title generally involves many factors, including power lobbying, often with the help of hired professional groups, ‘cooperation’, consultations and at times neat ‘buyouts’ as it happens with many of the corporate benchmarkings. A number of extraneous considerations go into the final pickings.
Everyone who studies these awards/league tables is aware of this – therefore it begs the question why the continue to be published and why editorial teams consider them of value to the intelligent investor?