▁L ats is ▁number ▁ 1 0 1 ▁on ▁its ▁list ▁of ▁the ▁world ' s ▁rich est ▁people , ▁with ▁a ▁fortune ▁estimated ▁at ▁$ 5 . 4   b ill ion . ▁ ▁Biography ▁ ▁L ats is ▁was ▁born ▁in ▁K ata k olo ▁— ▁a ▁fish ing ▁village ▁in ▁the ▁Elis ▁— ▁( although ▁his ▁orig ins ▁are ▁in ▁Ep irus ), ▁the ▁sevent h ▁of ▁ 2 1 ▁children , ▁the ▁son ▁of ▁S pi ro ▁L ats is ▁and ▁A ph rod ite ▁E f th imi ou . ▁He ▁was ▁educated ▁at ▁the ▁P yr g os ▁School ▁of ▁Com merce ▁and ▁the ▁School ▁for ▁Mer chant ▁Navy ▁Capt ains . ▁ ▁He ▁started ▁as ▁a ▁deck hand , ▁eventually ▁working ▁his ▁way ▁up ▁to ▁ship ' s ▁captain ▁in ▁the ▁merchant ▁marine . ▁He ▁bought ▁his ▁first ▁cargo ▁vessel ▁in ▁ 1 9 3 8 ▁and ▁by ▁the ▁ 1 9 6 0 s , ▁owned ▁a ▁fleet ▁of ▁ships . ▁In ▁the ▁late ▁ 1 9 6 0 s , ▁he ▁divers ified ▁his ▁business ▁to ▁include ▁oil ▁– ▁establish ing ▁Pet rola ▁— ▁and ▁construction , ▁building ▁( am ong ▁other ▁things ) ▁oil ▁ref iner ies ▁in ▁Greece ▁and ▁Sa udi ▁Arab ia , ▁before ▁gradually ▁expand ing ▁into ▁bank ing ▁and ▁financial ▁services . ▁His ▁European ▁Fin an cial ▁Group ▁own s ▁banks ▁in ▁the ▁United ▁Kingdom , ▁Switzerland , ▁Mon aco , ▁the ▁Channel ▁Islands ▁and ▁Greece . ▁ ▁In