2023 Top 5 Richest People in Gibraltar — Nestled at the crossroads of Europe and Africa lies the British Overseas Territory of Gibraltar, a vibrant and unique enclave known for its strategic location and rich history. While its area may be modest, Gibraltar boasts a remarkable economic landscape that has been home to individuals who have amassed substantial wealth through their diverse ventures.
In this article, we delve into the lives and accomplishments of Gibraltar’s top five wealthiest individuals, shedding light on their journeys from local beginnings to international prominence. From finance to real estate, technology to entrepreneurship, the stories of these prosperous individuals reflect the dynamism of Gibraltar’s economic ecosystem and their enduring impact on its development.
Here are the 2023 Top 5 Richest People in Gibraltar and their Net Worth
1. Russ DeLeon — Net Worth $1.8 Billion
Together with his wife Ruth Parasol, he collectively owns a 32% share of the Internet poker platform PartyGaming, with each of them holding a 16% stake. Ruth Parasol pursued studies at the University of San Francisco and later offered guidance to her father’s business in the domain of phone-sex-chat services. Her trajectory shifted towards online pornography platforms, but the specter of legal disputes prompted a transition towards online gambling.
In 1997, they introduced Starluck Casino. Collaborating with partners, they developed software for online casinos, enabling global poker enthusiasts to engage in games with one another. However, a significant challenge emerged with the realization that a substantial 80% of their customer base was situated in the United States, where online gambling remained unlawful. To counteract this, the decision was made to refrain from operating within U.S. jurisdiction. Their servers and personnel were strategically located in regions such as Gibraltar, India, England, and the Caribbean.
The company underwent an initial public offering on the London Stock Exchange in June. Although the stock value has experienced a 48% decline since the announcement on September 6 that indicated slower revenue growth and heightened competition, the company’s sales performance has been impressive, surging by a remarkable 1,900% over the past two years. While no longer actively engaged in management, this individual still fulfills a role as a consultant within the company.
The couple, Ruth Parasol and Russ Deleon has an estimated net worth of $1.8 billion and they are the 2023 richest people in Gibraltar.
2. Vikrant Bhargava — Net Worth $1.2 Billion
Vikrant Bhargava, born on December 14, 1972, is a British entrepreneur originally from India. He is recognized as a co-founder and the former marketing director of PartyGaming, an online casino operator. Bhargava’s educational background includes graduating from the Indian Institute of Management Calcutta, and he also holds a bachelor’s degree in Electrical Engineering from IIT Delhi.
Before his involvement with PartyGaming, Bhargava worked as a credit officer at Bank of America. In this role, he managed credit exposure and revenue for corporate clients. He also served as a business analyst within the business development division of British Gas prior to joining PartyGaming’s ranks.
3. Ruth Monicka Parasol — Net Worth $800 million
Ruth Monicka Parasol, born on February 27, 1967, is an American entrepreneur and attorney who established PartyGaming in 1997. This enterprise underwent an Initial Public Offering (IPO) on the London Stock Exchange in 2005, achieving an impressive valuation of $8.46 billion, marking it as the largest online poker room with a record-setting worth.
Over time, the company’s growth was remarkable, with its annual profits exceeding $500 million by 2005. This success led to its IPO on the London Stock Exchange, which set its value at £4.64 billion ($8.46 billion). In a significant achievement, the company secured a spot on the FTSE 100 list of companies in September of the same year, a historic milestone for a business led by a female founder.
By the close of 2015, Parasol divested herself of her remaining shares in the company. Her achievements earned her recognition, as The Economist ranked her as the 15th wealthiest self-made woman globally in 2010.
4. Anurag Dikshit — Net Worth $400 Million
Anurag Dikshit, born on 1973, is an Indian-British businessman. A former developmental engineer who transitioned into the realm of online gambling has become a notable figure in the industry, owning a substantial 32% share of the Internet casino enterprise known as PartyGaming. This individual, with a background in computer science and engineering, earned their degree from the Indian Institute of Technology located in New Delhi. Early career experiences included positions at CMC, Websci, and AT&T.
The establishment of the company was initiated by American entrepreneur Ruth Parasol, who introduced the Starluck Casino on the online platform back in 1997. A year later, our subject, known by the surname Dikshit (pronounced Dix-it), joined the venture at the age of 25. Dikshit took on the responsibility of creating the company’s betting software, a crucial component that facilitates global poker gameplay among gamblers. A significant challenge emerged due to a majority of customers residing in the United States, where online gambling remains prohibited. The solution was to operate outside U.S. territory, with servers and employees stationed in locations like Gibraltar, India, England, and the Caribbean.
In a strategic move, the company went public on the London Stock Exchange in the previous June. As of today, Dikshit is actively engaged in managing the company’s operational aspects, navigating the intricacies of the online gambling industry.
5. Victor Chandler — Net Worth $400 Million
Chandler is the offspring of Victor Chandler Sr, and the descendant of William Chandler, who established the family’s bookmaking enterprise and held ownership of London’s Walthamstow Stadium. Following the passing of his father Victor Sr. in 1974, he inherited a 20% ownership stake in Walthamstow Stadium. Victor Chandler is widely acknowledged for his pioneering role in recognizing the significance of online gambling within the bookmaking industry, as well as being the first to relocate his gaming business to an offshore location.
Throughout the past three decades, Chandler has possessed numerous racehorses across various locations including the UK, South Africa, and the US. As per the 2009 Sunday Times rich list, Chandler secured the 362nd position with an estimated fortune of £150 million. This marked a decline of more than half compared to the prior year’s valuation of £365 million. Victor Chandler now has an estimated net worth of $400 million and he is the second on our list of 2023 top 5 Richest People in Gibraltar.
Conclusion: A Glimpse into Gibraltar’s Economic Pinnacle
Gibraltar’s stature goes far beyond its geographic size, as evidenced by the individuals who have risen to its pinnacle of wealth and success. The top five richest people in Gibraltar have not only achieved remarkable financial prosperity but have also played integral roles in shaping the territory’s economy, contributing to job creation, innovation, and international partnerships. As Gibraltar continues to evolve in a globalized world, these individuals serve as testament to the territory’s potential for growth, innovation, and entrepreneurial spirit. Their stories inspire us to recognize the myriad opportunities that Gibraltar offers and to anticipate the next chapters in its ongoing journey of economic advancement.