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LEADERSHIP QUOTE OF THE DAY (19 May 2012): To manage a system effectively| you might focus on the interactions of the parts rather than their behaviour taken separately. - Russell L. Ackoff

MAN

Berlusconi The Billionaire Bafoon

The longest-serving head of state in the G8 is also a self-made media billionaire who owns the prominent soccer club A.C. Milan and has a degree in jurisprudence. He's had many lows in his career and seems to breeze past them...until now.

Italian Prime Minister Silvio Berlusconi has stepped down after a new budget law was approved in parliament.

"After the approval of this finance law, which has amendments for everything which Europe has asked of us and which the Eurogroup has requested, I will resign, to allow the head of state to open consultations," he told his own Canale 5 television.

Silvio Berlusconi has an extensive record of criminal allegations, including mafia collusion, false accounting, tax fraud, corruption and bribery of police officers and judges. Berlusconi has always been able to afford top lawyers, for example Nicolas Sarkozy was one of his French top advocates.

Net Worth: $6.2 Billion

At a Glance...

Title: Former Prime Minister, Italy
Age: 75
Source: media, self-made
Residence: Milan, Italy
Country of Citizenship: Italy
Education: Doctor of Jurisprudence, University of Milan
Marital Status: Divorced
Children: 5