Albert Frere is a Belgian businessman and self-made billionaire. He is currently the wealthiest person in the country with an estimated net worth of $3.7 Billion. Frere was born on February 4, 1926 in Fontaine-l'Évêque, Belgium, and grew up as a child of a nail merchant. When he attained 17 years, he decided to leave school to run the family business after his father died.
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He consequently grew the business into a gigantic steel empire and by the late 70s, the business had become the leading force within the steel industry in the region. Despite the success of his steel business, Frere foretold the coming of the steel crisis of the late 70s and opted to sell his enterprises. He utilized the proceeds from the sale to establish an investment empire known as Pargesa, with the partnership of a Canadian investor known as Paul Desmarais. In 1982, Pargesa managed to take over Groupe Bruxelles Lambert, a Belgian holding company.
Frere continued to add significant stakes in a number of Belgian companies such as Tractebel, Royale Belge Insurance and Petrofina among others. In addition to his own company, Frere co-owns LVMH with his close friend, Bernard Arnault. The self-made billionaire is married and has 3 children.