Albert Frere Net Worth is$3.6 Billion
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Profession: Businessperson, Financier, Entrepreneur
Date of Birth: Feb 4, 1926
Nicknames: Albert Frere
Country: Belgium
Net Worth: View Albert Frere Net Worth
What is Albert Frere's net worth? Albert Frere's net worth is $3.6 billion dollars. Born in Fontaine-l'Eveque, Belgium, Albert Frere grew up working for his father, who sold nails. During his late teens, Mr. Frere's father passed away, and he left school to focus on maintaining his father's business. He subsequently grew his family's nail business into a massive steel empire, and was the dominant force within the steel industry in the region surrounding his hometown by the late 1970s. After selling his first company, he used his funds to co-found, Pargesa, a holding company. Immediately, he began to buy up other companies totally, or purchase shares. Pargesa bought Groupe Bruxelles Lambert, shares in Petrofina, Tractebel, Compagnie Luxembourgoise de Telediffusion, also known as the RTL Group, and a wide range of other companies. In addition to his own company, he is also the co-owner of Louis Vuitton Hennessy Moet (LVMH) with Bernard Arnault.
Albert, Baron Frere (born 4 February 1926 in Fontaine-l'Eveque near Charleroi, Belgium) is a Belgian businessman and the richest man in Belgium.
Frere grew up as a son of a nail merchant and helped in the business since an early age. His father died when Frere was 17; Frere had to leave school and run the family business by himself. At the age of 30, he started investing in Belgian steel factories and by the end of the 1970s he practically controlled the whole steel industry in the region of Charleroi. He foresaw the coming steel crisis of the late 1970s and sold his enterprises to the Belgian state after merging them with the competing steel firm Cockerill to create Cockerill-Sambre.
Frere used the proceeds from this sale to build an investment empire around the Swiss holding company Pargesa which he founded with the Canadian investor Paul Desmarais. Pargesa took over the Belgian holding company Groupe Bruxelles Lambert in 1982 and over the year added significant stakes in such wide ranging Belgian companies as Petrofina, Royale Belge Insurance, Compagnie Luxembourgoise de Telediffusion (CLT), and Tractebel. He actively promoted international consolidation of the sectors in which he was involved, selling Banque Bruxelles Lambert to ING Group, Royale Belge to Axa, Tractebel to Suez, Petrofina to Total S.A., and RTL to Bertelsmann.
Frere is married and has three children. In 2002, he received the title of baron from the Belgian king Albert II. He is a co-owner, together with Bernard Arnault of LVMH, of the Chateau Cheval Blanc winery near Bordeaux. He is a member of the Cercle Gaulois.

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Albert Frere Latest News

Pargesa and GBL: A Tale of Two Discounts

Enter Albert Frère, a self-made man from Charleroi that amassed a fortune through his business interests in the steel industry. He left the steel industry in before the heavy crisis that hit it in the 1980s and had capital to invest. In 1981, Albert ...
Posted: June 28, 2011, 5:37 am

Frere, Belgium’s Richest Man, to Step Down as Chief of GBL

Albert Frere, Belgium’s richest man, is retiring as head of Europe’s second-biggest investment holding firm, ending an almost seven-decade career in which he teamed up with Canada’s Desmarais family to build stakes in some of France’s biggest ...
Posted: February 3, 2015, 6:31 am

Arnault Move Highlights Belgian Links

Albert Frère, the billionaire, is known as the most French of Belgian tycoons. Now his business partner, Bernard Arnault, is poised to become Belgium’s most famous Frenchman if his application for citizenship succeeds. Mr. Arnault’s pursuit of dual ...
Posted: September 11, 2012, 7:17 pm
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