The wealth of Israel's 500 richest individuals increased by approximately 25 percent last year, from $65 billion to over $81 billion in contrast to the 2007 state budget of $70 billion.

According to TheMarker Magazine's list of the 500 richest Israelis, in its fifth year of publication, Israel's wealthiest individual is Lev Leviev.

Leviev took the title from the Wertheimer family, owners of the Iscar company bought by Warren Buffett who until that point had bought solely American companies.

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Leviev is the controlling shareholder of Africa Israel, which has shown impressive growth achieved by making significant investments overseas.

Leviev's net worth is now valued at over $6 billion. The Wertheimer fortune stands at around $5.5-6 billion, however it has not seen any significant growth.

Eli Reifman of Emblaze placed at the bottom of the list, after another year of losses and management changes. He lost his position among Israel's the top 500 companies.