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Bloomberg to rank the rich

Media and data company Bloomberg is to launch a rich list that will pitch it against the well-established Forbes billionaire list.

In a statement, the New York-based company said it would hire Matthew Miller, former editor of Forbes' billionaire list, in February. Bloomberg plans to launch the rich list sometime in the next two years, but gave no exact date for the launch.

Editor in chief of Bloomberg News, Mathew Winkler said in a statement: "Miller brings exceptional knowledge and experience reporting on the people with the most stake who are at the centre of the global community of Bloomberg users".

Valuing family wealth can be tricky, but Bloomberg hopes to get accurate financial information through its staff of more than 2000 journalists and analysts, far more than Forbes.

Philip Beresford, who set up the Sunday Times Rich List, didn't see the move as a threat to his list. "I think it will impact Forbes more than the Sunday Times list. It is a sign of the times and the fascination with wealth. Given the growth of wealth in the emerging markets it will impact Forbes and their various regional lists (India, China etc)," he said.

"But it is easy saying they will come in and clean up. The proof will be in what they publish and how different it will be and how far they have the nerve to put in people who may be difficult to value."

Bloomberg was founded by Michael Bloomberg (pictured) in 1981. Although he no longer has a management position at the company, he still controls 85% of the business.

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