(FORTUNE Magazine) – 36 THE WORLD'S 101 RICHEST PEOPLE Unlike the rest of us in these difficult times, the most prosperous have more money this year than they had last. by Alison Rogers

42 WHAT $1 BILLION CAN BUY From body makeovers to an elaborate wedding for Bill Gates, FORTUNE contemplates billionaires' options. by Susan Caminiti

44 THE BILLIONAIRES LIST Enthroned at the top: the Sultan of Brunei. by Alison Rogers and Marlene McCampbell

POLITICS & POLICY 69 CLINTON'S CURIOUS WAR WITH BUSINESS The President, who began by extending his hand, has since spent a surprising amount of time slapping corporate America around. Now he's seeking a cease- fire. Will it last? by Rob Norton

70 BLASTS FROM PRESIDENTS PAST

AUTOMOBILES 76 FORD'S $6 BILLION BABY Developing this ''world car'' for Europe and the U.S. cost plenty. The American version will be lucky to break even. by Alex Taylor III

JAPAN 84 JAPAN'S STRUGGLE TO RESTRUCTURE Finally, the Japanese have realized that many of their best-known companies are overstaffed and uncompetitive. MITI's answer? A secret committee to study the problem. by Emily Thornton

INFORMATION TECHNOLOGY 92 THE NO. 1 IN CABLE TV HAS BIG PLANS John Malone's Tele-Communications Inc. is the world's largest owner of cable TV systems. Already a demi-billionaire, he now wants to rule the information highway. by Andrew Kupfer

CORPORATE PERFORMANCE 101 KNOW WHEN TO CHANGE THE GAME Marriott made headlines with a plan to split its profitable hotel business off from real estate holdings. But the real news is how trading on its name -- franchising -- is revitalizing it. by Faye Rice

102 SELLING INSTANT GRATIFICATION Bombay Co., a specialty-furnishings chain, is sizzling in a slow market with 18th- and 19th-century English designs at mass-market prices. by Susan Caminiti

107 COMPANIES TO WATCH

HEALTH 110 A REPORT CARD ON HMOs Many Americans are scared to death about the care at health maintenance organizations. But a coast-to-coast FORTUNE survey turns up surprisingly impressive results. by Nancy J. Perry

MANAGING 116 THE HOT NEW SEAL OF QUALITY Brace yourself for ISO 9000, the certification many people don't understand. If your operation hasn't qualified, it may need to soon. by Ronald Henkoff

123 TIMES ARE GOOD? CREATE A CRISIS That's what Pepsi-Cola, Ameritech, and Progressive are doing to shake up their fat, happy, and profitable organizations before it's too late. Here are their stories. by Brian Dumaine

DEPARTMENTS 4 EDITOR'S DESK 8 INDEX 10 NEWS/TRENDS How Bill Gates sees the future, jitters spur consumer spending, GM vs. L 7/ 8pez, Germany's white elephants, chess champs eye fatter checks, and more.

19 PERSONAL INVESTING FORTUNE's quarterly investment guide: While this is not the time to bet the farm, there is money to made. Some winning strategies for the major markets.

Also: Portfolio Talk with Michael Price of Heine Securities in New Jersey.

30 LETTERS TO FORTUNE

145 PRODUCTS TO WATCH

147 BOOKS & IDEAS The New Age invades corporate America: Beware the touchy-feely business book. by Gary Belis

150 KEEPING UP by Daniel Seligman

Above: With about $7.8 billion in stocks, real estate, art, racehorses, and other holdings, Queen Elizabeth II will pay taxes in 1993 for the first time -- at least $1.6 million. Photo by Tim Graham (Sygma).

COVER: (1) Queen Elizabeth II -- photo by Alpha/Globe; (2) Sultan of Brunei -- Dave Chancellor (Alpha/Globe); (3) Warren Buffett -- John Abbott; (4) Bill Gates -- George Lange; (5) Ross Perot -- Chris Brown (SIPA).

FORTUNE (ISSN 0015-8259). Published biweekly, with three issues in October, by Time Inc. Principal office: Time & Life Building, Rockefeller Center, New York, NY 10020-1393. Reginald K. Brack Jr., Chairman; Don Logan, President; Joseph A. Ripp, Treasurer; Harry M. Johnston, Secretary. Subscriptions: U.S., possessions: one year (27 issues) $52.95; Canada: one year (27 issues) $53.73. Second-class postage paid at New York, NY, and at additional mailing offices. Authorized as second-class mail by the Post Office Dept., Ottawa, Canada, and for payment of postage in cash. Member, Audit Bureau of Circulations. POSTMASTER: Send address changes to FORTUNE, P.O. Box 30604, Tampa, Fla. 33630-0604. Customer inquiries: FORTUNE, P.O. Box 60001, Tampa, Fla. 33660-0001. Phone: 1-800-621-8000. ) (c) 1993. Time Inc. All rights reserved. FORTUNE is a registered mark of Time Inc. For subscription queries, call Customer Service at 1-800-621-8000. Time Inc. GST R122781974.