Bloomberg Billionaires Index

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# 311 John Reece $5.91B

Random fact: Joined Ineos as finance director in January 2000.

Overview

Reece is finance director and minority owner of Ineos, a closely held chemicals manufacturer. The London-based company has about 21,000 employees, operates in 26 countries and reported revenue of about $60 billion in 2018. It produces about 60 million tons of chemicals every year, including polymers and resins.

As of :
Last change -$12.1M ( -0.2%)
YTD change +$2.37B ( +66.8%)
Industry Industrial
Biggest asset Ineos
Citizenship United Kingdom
Age 62
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

John Reece's net worth of $5.91B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Reece's fortune is derived from his minority stake in Ineos, a closely held chemicals manufacturer. He's calculated to own 15 percent of Ineos, based on a Bloomberg analysis of a 2014 U.K. government filing and the 2018 annual report of subsidiary Ineos Group Holdings. The London-based company is valued based on a calculation of the group's average Ebitda and the average enterprise value-to-Ebitda multiple of three publicly traded peer companies: BASF, LyondellBasell Industries and Saudi Basic Industries.

The Ebitda figure used in this analysis has been calculated by Bloomberg from the five-year average Ebitda of subsidiary Ineos Group Holdings between 2014 and 2018. This average is 2 percent lower than the subsidiary's 2018 unadjusted Ebitda figure. The same discount has been applied to the group's calculated Ebitda figure for 2018 to approximate the group's five-year average Ebitda figure. The calculation was updated to reflect the company's 2018 results on March 5, 2019, which resulted in a $1 billion gain in Reece's net worth on that date.

The company reports production output of 60 million tonnes and revenue of about $60 billion in 2018, and has 21,000 employees working in 26 countries, according to its website.

Richard Longden, a spokesperson for Ineos, didn't respond to an emailed request for comment on Reece's net worth.

Biography

Birthdate: 1/1/1957
Family: Unmarried, No children
Education: University of Cambridge

John Reece was born in 1957. He studied economics at Cambridge University.

He joined Ineos as finance director in January 2000 having previously been a partner at accountancy firm PricewaterhouseCoopers.

Milestones
  • 1957 John Reece is born.
  • 1992 Jim Ratcliffe leads buyout of Inspec Group.
  • 1998 Laporte Performance Chemicals buys Inspec Group.
  • 2000 Joins Ineos as Finance Director.
  • 2006 Ineos buys BP's refineries in Europe and Canada.
  • 2013 Stand-off with union at Scottish refinery attracts national attention.
  • 2016 Ineos vessel transports first shale shipment from U.S. to Europe.
  • 2018 Jim Ratcliffe moves to Monaco.