A me ric a’s

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 October/November 2022 Volume 205 | Number 5

18
INSIDE
CONTENTS

COVER STORY

92 | Maverick
Blockchain, basket-
ball, Broadcast.com:
Mark Cuban has never
lost his passion for
disruption. Now the
billionaire entrepre-
MARK CUBAN BY GUERIN BLASK FOR FORBES

neur has an ambitious

plan to take on Big
Pharma and lower the
cost of prescription
drugs once and for all.
And, after 13 seasons,
this savvy shark may
finally be ready to
leave the tank.
By Jemima McEvoy

FORBES.COM OCTOBER/NOVEMBER 2022

20
CONTENTS
82
October/November 2022
82
American Made
Diane Hendricks had a child
at age 17, worked as a Playboy
Bunny to pay the bills, beat
cancer twice and survived the
tragic death of her husband
before transforming herself
into the nation’s most success-
ful businesswoman. She has
tripled her net worth in the
last five years. Next: fixing
the country’s schools and
infrastructure before we
red, white and blow it.
By Maggie McGrath
Plus: The 2022 50 Over 50
FORBES.COM
102
The Forbes 400
The rich don’t always get richer.
As a group, the 400 wealthiest
Americans are now worth
$4 trillion—$500 billion less
than last year. The minimum
net worth to make The Forbes
400 dropped for the first time
since the Great Recession,
down $200 million to
$2.7 billion amid the market
selloff. No one has been hit
harder than tech billionaires,
who have lost a combined
$315 billion. Still, it was a
great year to be an oil-and-
gas tycoon, a sports mogul
or Elon Musk.
Edited by Rob LaFranco and
Chase Peterson-Withorn
152
ON THE COVERS
The Trump Files MARK CUBAN:
Photography by
The former president’s legal Guerin Blask for Forbes
troubles aren’t confined to DIANE HENDRICKS:
Photography by
Mar-a-Lago. At 40 Wall Street, Gabriela Hasbun for Forbes
New York’s attorney general is HAYES BARNARD:
zeroing in on potential fraud. Photography by
Guerin Blask for Forbes
Donald Trump was worried
DIANE HENDRICKS BY GABRIELA HASBUN FOR FORBES
ROB HALE:
enough last month that he Photography by
pled the Fifth. Forbes might Michael Prince for Forbes
know why: We have additional JOE KIANI:
Photography by
information that puts him at Ethan Pines for Forbes
the center of what seems to be
driving the investigation.
By Dan Alexander
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31 | The Titans’ Titan

Billionaire Amy Adams Strunk is part of a new
class of female owners reshaping the NFL.
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34 | Three Megatrends Poised for Acceleration

CONTENTS

Insights from Jay Jacobs, CFA, U.S. Head of

Thematics and Active Equity ETFs at BlackRock.

36 | 30 Under 30: Career Builders

Help getting a job, in 30 words or less.

38 | World of Forbes
Around the globe with our 47 international
editions.

42 | Conversation
Legalizing cannabis is an obvious way to reduce
crime and raise revenue. Readers aren’t high on
31 the government’s approach.

CONTRARIAN

ENTREPRENEURS
45 | Sun King
Hayes Barnard figured out how to bring costly
solar power within financial reach of most
homeowners. As he makes his debut on
The Forbes 400, his ambitions are loftier still:
to turn every American dream green.
By Jonathan Ponciano

TECHNOLOGY/INNOVATION
54 | Lord of the Landlines
Robert Hale became a billionaire by capitalizing
on the technology Alexander Graham Bell

AMY ADAMS STRUNK AND HARRIS KUPPERMAN BY GUERIN BLASK FOR FORBES
patented in 1876. But time’s up, and now the
21st century is calling.
By John Hyatt

STRATEGIES
60 | Pulse Raising
As the child of Iranian immigrants in the deep
South, Joe Kiani surmounted overwhelming odds
to become a billionaire. So why should he be
afraid to push his scrappy medical monitoring
business into consumer electronics, challenging
companies 100 times its size?
By Kerry A. Dolan
66

MONEY & INVESTING

66 | Irrational Exuberance 27 | Fact & Comment
Harris Kupperman’s Praetorian Capital seeks The International Monetary Fund is guilty of economic
out hysteria in every corner of the market, from quackery on a global scale. By Steve Forbes
bitcoin to natural gas.
By Hank Tucker 164 | Thoughts On Age

FORBES.COM OCTOBER/NOVEMBER 2022

 #TimeIsFlying

T ON D A PF MI C RO - RO TO R
 SIDELINES
The World’s Largest
Op-Ed Desk
24
I’d put the 150-strong Forbes newsroom up against
any in journalism. As you can see throughout this
FORBES
issue, we encourage our reporters to pursue impact,
whether as investigative watchdogs, savvy storytellers
or definitive Forbes list creators. Criticizing and cham-
pioning, we’re a positive force for entrepreneurial
capitalism, that engine of innovation and prosperity.
Our ability to focus on deep-dive projects stems in
part from our unique daily system. First, a couple dozen
breaking-news reporters jump on whatever happens,
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contributor pieces shoot across our digital channels.
Think of it as the world’s largest op-ed desk.
Rather than curating each article one by one, we
curate the people who write for us regularly, all on a
paid contract, so they’re ready to go when something
newsworthy happens in their coverage zone.
This year, we doubled down with a dedicated team
devoted to bringing the best minds and great articles
to our audience. Leading the charge is Assistant
Managing Editor Jeffrey Marcus, who
came to us from the New York Times,
where he helped develop many of its
most innovative editorial offerings.
He has big plans for his team, which
includes Forbes veterans like Helen
Popkin and newcomers like Chris Gen-
tilviso, the former opinion editor at the
Richmond Times-Dispatch. “Expertise
comes in different forms; we’ll find
ways to mine all of them,” he says.
Jeffrey Marcus
He has three goals. First, to bring
you the most insightful people in the most vital areas.
Second, to deliver journalism that makes you smarter
and better at your job, and at life. And finally, to pre-
sent diverse voices in many formats. “You shouldn’t
have to read 1,500 words when five images will enable
you to move forward with confidence,” he says.
It’s all very exciting, at a time when journalism
should be exciting. These efforts will go a long way to
help shape the next chapter of great Forbes journalism.
—RANDALL LANE, CHIEF CONTENT OFFICER
FORBES.COM
October/November 2022 • Volume 205 | Number 5
CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE
EDITORIAL
RANDALL LANE, Chief Content Officer
Executive Editors: Caroline Howard, Bob Ivry, Luisa Kroll, Kerry Lauerman, Michael Noer, John Paczkowski; Matt Schifrin
Managing Editor: Joyce Bautista Ferrari
Assistant Managing Editors: Jessica Bohrer (Editorial Counsel), Steven Bertoni, Diane Brady, Seth Cohen, Kerry A. Dolan, Alice Jackson-
Jolley, Rob LaFranco, Rashaad Lambert (Culture & Community), Jeffrey Marcus, Janet Novack, Michael Ozanian, Michael Solomon
Senior Editors & Writers: Russell Flannery (Editor-at-Large); Maneet Ahuja, Dan Alexander, Emily Baker-White, Jeremy Bogaisky, Jared
Council, Colleen Curry, Michael del Castillo, John Dobosz, Steven Ehrlich, Sarah Emerson, Cyrus Farivar, Amy Feldman, Christopher
Helman, Jeff Kauflin, Alex Knapp, Brett Knight, Alex Konrad, Alexandra Levine, Seth Matlins, Tina Russo McCarthy, Maggie McGrath,
Jena McGregor, Richard Nieva, Alan Ohnsman, Helen Popkin, Katharine Schwab, Halah Touryalai, Merrill Vaughn, Jabari Young
Deputy Editors: Chris Gentilviso, Iain Martin, Andrea Murphy, Javier Paz, Chase Peterson-Withorn, Kristin Stoller, Taesik Yoon;
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Staff Writers: David Axe, Lauren Debter, Zach Everson, David Jeans, Katie Jennings, Suzanne Rowan Kelleher, Sergei Klebnikov,
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Rosemarie Miller, Carlie Porterfield, Nicholas Reimann, Rachel Sandler, Derek Saul
Assistant Editors: Elisabeth Brier, Richard Chang, Matt Craig, Jair Hilburn, Isabel Lord, Emmy Lucas, Emily Mason, Olivia Peluso,
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Justin Conklin, Katherine Love, Evan Spadaccini
Art and Production: Alicia Hallett-Chan (Design Director); Merrilee Barton, Charles Brucaliere, Fernando Capeto, James Kim,
Suzanne O’Neill, Robyn Selman, Philip Smith, Gail Toivanen
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Video: Tim Pierson (Director); Greg Andersson, Leah Bottone, Meghan Christensen, Ivan Clow, Travis Collins, Michael Cutler,
Riley Hallaway, Matthew Kang, Kieran Krug-Meadows, Chad McClymonds, Juliet Muir, Bernard Osei, Jonathan Palmer, Brian Petchers,
Morgan Sun, Kirsten Taggart, Simone Varano
REVENUE OPERATIONS
JESSICA SIBLEY, Chief Operating Officer
Content & Design Studio: Josh Robinson (SVP); Maria Abreu, Jake Bell, Jeremy Campbell, Nick Clunn, Jessica Desmond, Aira Dolfo,
Meghan Donovan, Sean Downey, Martine Ehrhart, Kristine Francisco, Mallory Gafas, Ross Gagnon, Matthew Herrmann, Kari Jones,
Sophia Minassian, Bianca Olivas, Romy Oltuski, Jennifer Ramos, Kara Stiles, Yana Toneva, Elliot Vinzon, Janet Yin
Forbes Asia: William Adamopoulos (CEO Asia), Justin Doebele
ForbesWomen: Moira Forbes (EVP); Erika Burho, Nicolette Jones
SHERRY PHILLIPS, Chief Sales & Marketing Officer
Content Partnerships: Rachel Aquino, Stella Bernstein, Todd Della Rocco, Ashley Fleck, Cara Gilmartin, Ashley Grado, Nicole Lamastra,
Brian Lee, Hayley Morris, Morgan O’Hare, Allison Rickert, Claire Robinson, Peter Sarnoff, Karen Schneider, Christina Simpson,
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Digital Revenue Operations: Alyson Williams (SVP); Ashley Alexander, Priscill Alouidor, Kierstyn Cheladyn, Rachel Goroff,
Jayson Ildefonso, Shania Iqbal, Daniella McMahon, Kelly Mui, Melis Ocal, Casey Riordan, Anna Sevey, Jacqueline Subramaniam
ForbesLive: Leann Bonanno; Christina Biondi, Marissa Brown, Jessica Charles, Brett Cohen, Ryan Durieux, Delisha Fields, Alex Fleming,
Julieanna Gray, Ryan Griesmann, Megan Hennessey, Christina Ho, Jack Jacobs, Nicole Kerno, Susan Kessler, Andrew Kim, Menaka
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Sales & Marketing: Aaron Andrews, Julia Aziz, Romail Bin Mukhtar, Jessica Blitzer, Taylor Bradshaw, Alex Buonfiglio, Shae Carroll,
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Davidson, Leigh Day, Lex Engel, Emilie Errante, Madie Federle, Taylor Felgenhauer, Jenna Fogelsonger, Sinclaire Fonville, Olivia Gelade,
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Ryan Queler, Melanie Ruderman, Jesse Silberfein, Abbey Smith, Mary Margaret Soderquist, Isabella Suppa, Rebecca Taroon,
Christina Venditti, Kyle Vinansky, Alex Wood, Casey Zonfrilli
Sales Development: Kate Bishop, James Colistra, Erica Ferraro, Olivia Hine, Amani Hussain, Cailin Knox, Juliana Longo,
Julie Mahoney, Sonya Matejko, Alice Nassar, Askha Thaker, Jason Webster
TAHA AHMED, SVP, Corporate Development, Strategy & Consumer Growth
Corporate Development, Strategy & Consumer Growth: Cristina Baluyut, Edward Hart, Merryl Holland, Alaina Imperio, Sike Li,
Kara Lipson, Douglas Lopenzina, Faith Macer, Natalie Maquiling, Brian McLeod, Jalen Nelson, Nicole Ramirez, Paul Reiss,
Danielle Rubino, Diane Schmid, Alisha Steindecker, Rachel Thomas, Lindsay Wilson
NINA GOULD, Chief Product Officer
Product Design: Dan Revitte; Sara Amato, Kat Gratale, Andres Jauregui, Alicia Knight, Adrienne Michalski, Pranav Shinde
Product Development: Jenni Bruno, Mikaela Donovan, Julie Finken, Nina Foroutan, Autumn Jones, Grace Keller, Kim Lewis,
Stephen Lybeck, Taylor Mansinne, Matthew Mastando, Julie McGovern, Michael Medric, Drew Moncelle, Jinal Patel,
Dayne Richards, Lauren Soni, Reilly Tuccinard, Christina Wang, Mila Wentrys
Programmatic: Rebeca Solorzano (SVP); James Barry, Lauren Gurnee, Erin Lawler, Chris Leno, Emily Lewis, Luis Santana
Forbes Vetted: Emily Jackson (SVP); Brinda Ayer, Samia Balbaky, Cory Baldwin, Helen Barreto, Kristina Bornholtz, Lindsay Boyers,
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Jordan Thomas, Karen Tietjen, Cameron Vigliotta, Jessica Weisman
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Business Intelligence: David Johnson (SVP); Ankit Dhall, Shawn D’Souza, Matthew Haensly, Evelyn Kanu, Gaurav Khubchandani,
Yuxuan Li, Stephan Louis, Alexi Potter, Zach Quinn, Robert Salgado, Rosa Seo, Kelsey Simmons, Gregory Spitz Farris, Shriniwas Suram,
Sukanya Tiwatne, Vivek Veerapandian
Corporate Tech: Pete Hahm; Robert Ali, Adaze Idehen-Amadasun, Jiten Bhojwani, Shakawat Bhuiyan, Christopher Frank,
Justin Harris, Josh Hartzog
Customer Experience: Lynn Schlesinger (Chief Customer Experience Officer); Sarah Biegel, Max Binder, Connor Davis,
William Delehanty, Lauren DeLong, Samantha Evans, Traci Lamm, Antonio Morales, Louie Pillari, Kelly Thomas
Data Strategy & Sales: Amanda Ramirez, Adam Wallitt
DevOps: Don Cao, Philip Diaz, Sameer Patwardhan, Rodney Rodriguez, JD Weiner, Raymond Wong, Heath Woodson
Engineering: Patrick Andre, Kenneth Barney, Sarah Calande, Anthony Calise, Brian Chamberlain, Katie Delgado, Somraju Gangishetti,
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Founded in 1917
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OCTOBER/NOVEMBER 2022
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 “With all thy getting, get understanding”
FACT & COMMENT
By Steve Forbes, Editor-in-Chief
IMF’S Monumental Malpractice
For decades, the International Monetary
Fund has been the scourge of countries that
get into economic trouble, yet its authority
has never been seriously challenged. Today,
this is especially dangerous. The deadly
combination of inflation and food shortages
is putting numerous nations on the brink of
disaster. A few, most notably Sri Lanka, are
already in chaos.
All too many countries are particularly
vulnerable because they loaded themselves
with debt during the easy-money years fol-
lowing the 2008-09 financial crisis, when
interest rates were virtually nonexistent. Now, with the
cost of money rising and open-ended central bank ATMs
closing, scores of these governments will be hard-pressed
to service their debts. For a number of poorer nations this
means not only will the paltry incomes of people already
living in real poverty shrink, but there will also be outright
hunger, if not famine—a dire situation made worse by the
deadly food games Vladimir Putin is playing with Ukraine’s
critical grain exports.
What’s disturbing is that the amount of money these
countries owe is unknown. China has lent prodigious
amounts to a number of nations, but transparency here is
hardly robust.
The IMF is supposed to be the economic doctor to which
countries turn when they get into trouble. IMF teams fly into
stricken nations and “negotiate” (in the Tony Soprano sense
of the word) the terms for governments to receive bailout
money. The problem is that the IMF is guilty of economic
quackery on a global scale. The IMF’s foremost demand is
that a country devalue its currency, yet making a currency
less valuable is the very definition of inflation. It’s like tell-
ing someone who has pneumonia to go sit in the snow.
The IMF thinks the cure for inflation is to make peo-
ple poorer; therefore, it forces countries to raise taxes. The
agency also orders the removal of politically popular subsi-
dies—usually for certain foods and fuel. In principle, this is
fine, but the IMF’s timing is dreadful. People living mostly
on the margins see their life supports disappearing, and
riots result.
The IMF should, instead, be prescribing what econo-
mist Nathan Lewis dubs “The Magic Formula”: low tax
rates and stable money. This combination always works.
Instead of devaluations, countries should adopt currency
boards, whereby their money is fixed to a reliable currency
such as the Swiss franc. Currency boards unfailingly stop
OCTOBER/NOVEMBER 2022
27
inflation in its tracks.
Yet the IMF’s record of cockeyed, coun-
terproductive remedies has yet to provoke a
serious challenge from its major donors, pri-
marily the United States.
With so many countries in desperate
straits, this chronic malfeasance will provoke
destructive turmoil and lead to unnecessary
death. True, the countries the IMF ministers
to are usually guilty of reckless spending and
too much government control of their econ-
omies. But that doesn’t warrant administer-
ing patently harmful medicines to them.
Take perennially mismanaged Pakistan, which just ne-
gotiated an IMF rescue package. True to form, the IMF
imposed higher taxes and the elimination of fuel subsidies,
and riots rocked the country.
Energy Renewables:
Too Much Hot Air
The extreme heat waves that hit Europe and the U.S. this
summer are leading to cries from some quarters that we
must hasten the transition from oil, gas and coal to ener-
gy alternatives. The prospect of an expensive and ultracold
winter in Europe, thanks to Vladimir Putin’s sharply reduc-
ing or cutting off Russia’s natural gas supplies to the conti-
nent, will likely increase demands for so-called renewables.
Action is required, but on a practical and scientific basis.
First, a bit of context. As hard as it is to believe right
now, heat waves are no more common today than they were
in the early 1900s. Moreover, thanks to better and more
timely warnings, better building structures, better trans-
portation systems and better medical treatments, the num-
ber of deaths from weather-related catastrophes such as
floods has declined almost 99% over the past 100 years.
That’s right, nearly 99%.
Doomsayers maintain that temperatures are rising
over time. True, but not even close to the scale we’ve been
warned about for decades. As climate expert Bjørn Lom-
borg and others have noted, we have plenty of time to adjust
to fractional changes.
For heat waves, which we will get more of over the next
100 years, there are practical measures we can take. For
example, Lomborg points out that Spain has successfully
FORBES.COM
 Steve Forbes Cont.
pushed for the use of lighter colors in
roofing materials, which reduces the
concentration of heat. Of course, the
best antidote is air conditioning. We
have plenty of that here, but it barely
exists in Britain and elsewhere.
28 As for carbon dioxide emissions, it’s
about time policymakers came to grips
with the fact that developing countries
FACT & COMMENT
aren’t about to forsake future econom-
ic growth by banning fossil fuels. India
and China are busily constructing
scores of new coal-fired power plants.
Western preachments about cli-
mate change strike these nations as
hypocritical. Behind the scenes, both
India and China make clear that they
want to reach Western living stan-
dards, and that leads to using more oil,
gas and coal.
Fast-growing high tech is also a
gargantuan user of energy, which
means future demand will vastly ex-
ceed current estimates of future needs.
Already, as energy expert Mark Mills
observes, “The global cloud uses twice
as much electricity as the entire nation
of Japan.” Windmills and solar panels
alone can hardly meet future needs.
Here again, the solutions are clear.
Natural gas is a clean fuel, as many in
green-minded Europe now acknowl-
edge. However, more natural gas pro-
duction in the U.S. is being hindered
by regulatory wars against permits,
production and pipelines. In addition,
there are plenty of natural gas reserves
in Europe and Britain, but produc-
tion there is blocked by obtuse govern-
ments. Britain’s new prime minister,
Liz Truss, has ended her country’s ban
on fracking, but serious regulatory ob-
stacles still need to be cleared.
Then, of course, there’s nuclear
power, which gives off no greenhouse
gas emissions.
Here’s another big thing to consi-
der: As temperatures rise, cold weath-
er is less common. Significantly more
people perish from cold than from
heat. The number of deaths from cold
weather has declined at more than
twice the increase in the number of
deaths from high temperatures.
The problems are real—but so are
the solutions.
FORBES.COM
RESTAURANTS: GO, CONSIDER, STOP
Edible enlightenment from our eatery experts and colleagues Monie Begley,
Richard Nalley and Randall Lane, as well as brothers Bob, Kip and Tim.
z Flex Mussels
1431 Third Ave., at 81st St. (Tel.: 212-717-7772)
Shuttered by the pandemic and then a fire,
this beloved 15-year-old seafood restaurant
has reopened at a nearby location. Owners
Bobby and Laura Shapiro and daughter
Alexandra have pared down the menu, with
delicious results—and amazing service. Start
with the Ecuadorian ceviche of shrimp, to-
mato and corn; the tangy bluefin tuna; or the
delicate hamachi with truffle, sea beans and
yuzu koshu. Then have a glorious, creamy
burrata or a straightforward Mediterranean
salad. Crispy calamari served with Calabrian
chili aioli is a must. The lobster roll is gener-
ous and rich. However, the mussels are the
stars here—and in many kinds of delectable
preparations: Classic, a simple sauce of gar-
lic, butter and herbs; Thai, a subtle coconut
curry, kaffir lime and lemongrass sauce; the
angry lobster, a San Marzano tomato, cala-
mari and garlic sauce; and tasty fra diavolo
sauce. Be sure to order a side of Parmesan
truffle-seasoned fries to go with your mus-
sels. To end the meal, order a tray of four
sugar-dusted donuts with various fillings.
z The Noortwyck
289 Bleecker St., at Seventh Ave.
(Tel.: 917-261-2009)
A pretty spot created by former employees
of Eleven Madison Park, with a lot of their
former employer’s panache. Meat and fish,
along with prices that are down to earth,
have been reintroduced in chef Andrew
Quinn’s menu, starting with the fluffy,
buttery dinner roll loaf that’s baked to order.
The menu changes with the seasons, and
dishes like the plum-infused duck breast
and chili-invigorated linguine and clams
indicate this is a classy neighborhood
choice worth considering year-round.
z La Brasserie
411 Park Avenue South, between 28th &
29th streets (Tel.: 212-567-8282)
A revered space to New York foodies, thanks
to the legendary Anthony Bourdain, what was
once Les Halles has reopened under cookware
entrepreneur Francis Staub as La Brasserie.
Both the clubby, informal physical design and
the French basics keep Bourdain’s spirit alive,
and what you see is what you get—whether
it’s the bavette frites, the duck terrine or the
mussels. Nothing heroic here, but a solid
evergreen option with a lovely provenance.
z Smyth Tavern
85 West Broadway, at Chambers St.
(Tel.: 646-813-9090)
This newbie is for all intents and purposes
a sleek and attractive sports bar without the
screens—a good place for a great conversation.
Servings are plentiful and the food is good,
if not raveworthy. The deviled eggs seem to
have been in the refrigerator a while before
a little caviar is sprinkled on them. Ditto the
chilled corn soup with its lump crab garnish.
The crispy chicken sandwich with coleslaw
on brioche is tasty, and the mountain of fries
that accompanies it could feed a table of four.
The Cobb salad comes with a piquant creamy
dressing, grilled avocado, perfectly grilled
chicken and bacon on abundant and well-
chilled greens. The rich chocolate cake and
the lime cheesecake don’t quite achieve room
temperature, which makes it easier to enjoy
a few sinful bites without finishing them.
z Fasano
280 Park Ave., entrance on East 49th St.
(Tel.: 646-869-5400)
Noted Brazilian restaurateur Gero Fasano
has taken over the closed second incarnation
of the Four Seasons Grill Room and retained
much of the muted, elegant décor in the dining
room. The front room’s sunken bar has been
replaced with the relaxed, casual Osteria with
lounge seating and adjacent bar, offering a
range of salads, pastas, seafood and meat. In
the main dining room executive chef Nicola
Fedeli has created an authentic Northern
Italian menu. Be forewarned: It’s expensive.
There’s a five-course tasting menu on offer for
$165. Begin with the perfectly prepared vitello
tonnato—thinly sliced, rose-colored veal dot-
ted with a rich tuna sauce—or the rich burrata
with 30-month aged Parma Prosciutto. For
a risotto, try the il carnaroli coe secoe made
with short ribs. For the pasta course, try the
fettuccine with lobster, the king crab and
asparagus ravioli or the pappardelle with
porcini mushrooms. For a main course, try
the Dover sole in butter and lemon sauce, the
sesame-crusted tuna or the osso buco served
with a creamy saffron risotto. If you have
room, order the delicious, authentic tiramisu.
z Thep
1439 Second Ave., at 75th St.
(Tel.: 212-899-9995)
This Thai restaurant defies many tenets of
good eateries: no reservations, too many
tables too close together and no dessert. What
it does do is serve really creative, delicious
Bangkok-influenced food in an attractive
setting. The Thep platter is a generous col-
lection of authentic Thai starters, including
crab Rangoon, spring rolls, chive pancakes,
fried chicken dumplings and fried shrimp
dumplings. Curry choices are varied, and the
green curry with chicken is smooth and not
too spicy. The pad Thai with its stir-fried rice
noodles, Chinese chives, sprouts and crushed
peanuts in a tamarind sauce is wonderful.
There are all sorts of classic fried rice dishes
and some unique preparations all made with
jasmine rice: Siamese, with scallions, toma-
toes and Chinese broccoli; Thai sausage, with
Thai sweet pork sausage in sweet red bean
curd sauce. (Wander up to 81st Street to Anita
La Mamma del Gelato for a dizzyingly delec-
table choice of a sweet to top off the meal.)
OCTOBER/NOVEMBER 2022
© 2022 Seiko Watch of America. SPB297
P L E A S E E N J O Y R E S P O N S I B LY
 W H AT ’ S WHO’S
NEW NEXT

31

FRONTRUNNER
Goal Line

Tennessee owner
Amy Adams Strunk
hopes to bring the
Super Bowl to Nashville.
BY AMY FELDMAN. GUERIN BLASK FOR FORBES

SportsMoney

THE TITANS’ TITAN

Billionaire Amy Adams Strunk is part of a new class of female owners in the NFL. They’re not
only tackling problems in new ways; they’re also delivering results that score big.

OCTOBER/NOVEMBER 2022 FORBES.COM

 B
RUNNING UP THE SCORE
With skyrocketing revenue and profit, NFL teams are now
worth an average $4.47 billion—28% more than a year ago.

$0 $1 bil $2 bil
32 1. Dallas Cowboys
2. New England Patriots
3. Los Angeles Rams
FRONTRUNNER

4. New York Giants

5. Chicago Bears
6. Washington Commanders
7. New York Jets
8. San Francisco 49ers
9. Las Vegas Raiders
10. Philadelphia Eagles
11. Houston Texans
12. Denver Broncos
13. Miami Dolphins
Before the Tennessee Titans kicked off their NFL season
14. Seattle Seahawks
with a home game against the New York Giants, team owner
15. Green Bay Packers
Amy Adams Strunk spent nearly two hours with tailgaters
outside Nashville’s Nissan Stadium. “Omigod, it’s her!” one 16. Atlanta Falcons
young woman shouted, before asking for the requisite photos. 17. Pittsburgh Steelers
The fans, Adams Strunk says, are her favorite part 18. Minnesota Vikings
of owning the team, which her late father, Bud Adams, 19. Baltimore Ravens
founded (as the Houston Oilers in 1960) and of which she 20. Los Angeles Chargers
has been the controlling shareholder since 2015. “Our fans, 21. Cleveland Browns
to me, are not a statistic,” she says. “I’m going to be the 22. Indianapolis Colts
owner that comes up to you and thanks you.”
23. Kansas City Chiefs
At 66, Adams Strunk is worth $1.6 billion from her
24. Tampa Bay Buccaneers
50% stake in the Titans and is one of a growing number
of women who own NFL teams: 18 of the league’s 25. Carolina Panthers
32 franchises are at least partially female-owned, with 26. New Orleans Saints
10 listing women as majority owners or co-owners (see 27. Tennessee Titans
chart, right). Most inherited the teams from their fathers, 28. Jacksonville Jaguars
brothers or husbands—or, like the Buffalo Bills’ Kim Pegula 29. Buffalo Bills
and the Cleveland Browns’ Dee Haslam, bought into them 30. Arizona Cardinals
with their husbands. But there are signs of change; this 31. Detroit Lions
summer, Ariel Investments’ Mellody Hobson bought a
32. Cincinnati Bengals
5.5% stake in the Denver Broncos for $245 million.
“Fifty percent of our fans are women,” says Adams Strunk,
who is known as “Mom” to the Titans’ faithful. “Even though
we’ve never played the game, that doesn’t mean we don’t
know the game. And we have some unique perspectives on who made his fortune in oil, he was instrumental in
RUNNING UP THE SCORE BY MIKE OZANIAN

reaching women that we can bring to the table.”
While some female owners who inherited NFL teams
are hands-off, Adams Strunk not only runs the Titans but
has also delivered a stunning turnaround. Since 2016, the
founding the American Football League and started the
Oilers for just $25,000. In 1997, when Houston wouldn’t
pony up cash to replace the aging Astrodome, he relocated
the team to Nashville and its new 69,000-seat stadium.
AND JUSTIN TEITELBAUM

squad has had six winning seasons. More important, she
helped bring the NFL Draft to Nashville three years ago and
has high hopes for the city to host a Super Bowl.
It’s a vision her father could not have foreseen. Bud
Adams, who died in 2013 at age 90, was a legend in
professional football. A member of the Cherokee nation
“It was a game-changing moment for this city,” recalls
Butch Spyridon, CEO of the Nashville Convention &
Visitors Corp. “It shocked the entire sports world, and
Nashville started to believe in itself a little more.”
But Bud Adams’ death also led to a leadership struggle for
the Titans as the team’s losses piled up. Its ownership was

FORBES.COM OCTOBER/NOVEMBER 2022


Current value • Last year’s value
$3 bil $4 bil $5 bil $6 bil $7 bil $8 bil
MOVING THE GOALPOSTS BY LISA ELENA RENNAU
split between his two daughters, Adams Strunk and Susie
Adams Smith, and the wife and children of their brother,
Kenneth Adams III, who died of suicide at 29 in 1987. After
a family scrum—which saw the ousting of her brother-in-law
as CEO—Adams Strunk and her nephews wrested control of
the team in 2015. “It was a hard decision,” she says, “but my
dad’s legacy was very important to me and the boys.”
She credits having no preconceived notions about how
to run a team with making it easier to come in with big
ideas. “We talk a lot about being a 60-year-old startup,”
the team’s CEO, Burke Nihill, says. “Amy has encouraged us
OCTOBER/NOVEMBER 2022
MOVING THE GOALPOSTS
Women are now majority owner or co-owner of 10 NFL
teams—and have minority stakes in another eight.
Virginia Halas McCaskey
Principal owner, Chicago Bears 33
Daughter of team founder George Halas, she
is the longest-tenured NFL owner at age 99.
FRONTRUNNER
Tanya Snyder
Co-CEO, Washington Commanders
Took command as co-CEO in 2021 after her
husband, Dan, stepped back amid investigations
into workplace misconduct.
Denise DeBartolo York
Co-chair, San Francisco 49ers
Gained control in 2000 after her brother, Edward
DeBartolo Jr., was suspended by the NFL.
Janice McNair
Senior chair, Houston Texans
Inherited the team from her late husband,
Bob, in 2018.
Jody Allen
Chair, Seattle Seahawks
Sister of the late Paul Allen, who died in 2018,
she is trustee of a trust that owns the franchise.
Proceeds from any team sale will go to charity.
Dee Haslam
Managing and principal partner, Cleveland Browns
Owns the team with her husband, Jimmy, and
is a member of the NFL’s conduct and social
justice committees.
Gayle Benson
Chair, New Orleans Saints
Inherited the team after her husband, Tom,
removed his children from his will before his
2018 death.
Amy Adams Strunk
Chair, Tennessee Titans
Daughter of the franchise’s legendary founder,
Bud Adams. (See story, left.)
Kim Pegula
President, Buffalo Bills
Has overseen the team’s day-to-day
operations since 2014.
Sheila Ford Hamp
Chair, Detroit Lions
Sister of Ford Motor executive chairman
Bill Ford, she gained control of the team
from her mother in 2020.
to challenge everything.”
Next up is the issue that vexed her father—a new stadium.
While it is expected to cost about $2 billion and the city has yet
to sign off amid questions over taxpayer funding, Forbes has
estimated it could increase the Titans’ value by $300 million.
Adams Strunk believes a new stadium—which would be fully
enclosed—could host not only the Titans but also concerts
and, yes, that big game with the $7 million commercials.
Super Bowl aside, Adams Strunk thinks her father would
be a fan of the job she’s done. “I think if he was looking
down now,” she says, “he’d be super proud.”
Team valuations are gross and do not include debt.
 FO R B E S B R A N DVO I C E W I T H i S H A R E S | PA I D P RO G R A M

Three Megatrends
Poised For Acceleration
34
Insights From Jay Jacobs, CFA,
U.S. Head of Thematics & Active
T H R E E M EGAT R E N D S P O I S E D FO R AC C E L E R AT I O N

Equity ETFs, BlackRock

From clean energy to infrastructure to electric vehicles, the Building Resilience To Inflation
market may be underestimating the opportunities for investors
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any point in history. Whether it be a new battery design that catalysts for growth. Infrastructure owners and enablers stand
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infrastructure revitalization, or a video announcing another Infrastructure Investment and Jobs Act (IIJA) is directing $1.2
nation’s commitment to clean energy, change can create real trillion in government spending to rebuild and enhance U.S.
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U.S. infrastructure and EVs. In our view, the market may be entire value chain—from infrastructure owners and operators to
underestimating these changes but could soon recognize their enablers.
explosive power, creating a potential window of opportunity for
forward-thinking investors to invest in basketed pure-play ETFs Electric Vehicles In The Fast Lane
that capture these themes.
Last year, EVs commanded 8.3% of the global car market, almost
Clean Energy Is At A Tipping Point doubling their 2020 share and more than tripling share from
2019.9 We expect EV sales to accelerate further on the back of
Ensuring the continuity of affordable energy supplies during the public and private support. EVs are already the fastest growing
energy transition will most likely require fossil fuels like natural >ÕÌ

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gas for power and heating in certain regions. But clean power reach nearly 6.8 million vehicles in 2021.10 And, as with clean
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17-19% from 1985-2009.1 As this trend accelerates, investors are funds.11 This includes billions of dollars of spending in the U.S.
renewing their focus on clean energy.2 Clean energy systems may and Europe, as well as goals of 50% EV market share in the U.S.
be less susceptible to geopolitical turmoil, capable of generating by 2030 and a 100% reduction in vehicle emissions in Europe
reliable energy in nearly any geography, no matter the political by 2035.12,13ƂÜ
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actually more affordable today than power from traditional
fossil fuels.5 And demand for clean energy is growing, creating Capturing Investment Opportunity
an opportunity for ETFs that invest in a range of clean energy
sources from wind and solar to geothermal and hydroelectric.6 To us, there’s never been a more exciting time for thematic

OCTOBER/NOVEMBER 2022 FORBES.COM

 FO R B E S B R A N DVO I C E W I T H i S H A R E S | PA I D P RO G R A M

investing. In no small part, the category’s growth could be driven Energy ETFs, measured through 23 U.S.-domiciled ETFs
by the constant emergence of powerful new growth trends born `iÌwi`LÞ >V,
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of permanent changes in the way we live, work and—of course— theme clean energy companies, have seen U.S. $13.6 billion in
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risks from mining, trade and political dependence,” Energy
Research & Social Science, Vol. 2, 2021, accessed on 35
ScienceDirect.com.
4
Carefully consider the Funds’ investment objectives, risk International Energy Statistics, December 2021.
5
factors, and charges and expenses before investing. This and Lazard, “Levelized Cost of Energy Analysis—Version 15.0,”

T H R E E M EGAT R E N D S P O I S E D FO R AC C E L E R AT I O N
other information can be found in the Funds’ prospectuses October 2021.
6
or, if available, the summary prospectuses which may be Clean energy spending by governments now stands at over
obtained by visiting www.iShares.com or www.blackrock. U.S. $710 billion worldwide, based on IEA Sustainable Recovery
com. Read the prospectus carefully before investing. Tracker data. “Clean energy spending in governments’
economic recovery packages has surged by 50% since the end
Investing involves risk, including possible loss of principal. of October, reaching unprecedented levels,” Press Release,
IEA, April 12, 2022.
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volatile than other industries, sectors, markets or asset classes Bonds, and Global Real Estate, represented by S&P (Global
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environment as of the date indicated; is subject to change; and Past performance is not indicative of future results. You cannot
is not intended to be a forecast of future events or a guarantee invest directly in an unmanaged index.
of future results. This information should not be relied upon by 8
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10
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This information should not be relied upon as a primary basis Tracker data. “Clean energy spending in governments’
for an investment decision. Rather, an assessment should be economic recovery packages has surged by 50% since the end
made as to whether the information is appropriate in individual of October, reaching unprecedented levels,” Press Release,
circumstances and consideration should be given to talking to IEA, April 12, 2022.
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Leadership in Clean Cars and Trucks,” August 5, 2021.
13
Prepared by BlackRock Investments, LLC, member FINRA. Reuters, “EU proposes effective ban for new fossil-fuel cars
from 2035,” July 14, 2021.
©2022 BlackRock, Inc. All rights reserved. iSHARES and
BLACKROCK are trademarks of BlackRock, Inc., or its About iShares | Our investors don’t settle for the status quo.
subsidiaries in the United States and elsewhere. All other marks Neither do we. Guided by more than 20 years of experience,
are the property of their respective owners. iShares relentlessly pursues new ways to unlock quality
investments for our clients. With investor progress at the heart
1
Our World in Data, “Renewable Energy,” 2022. of our mission, iShares makes it easy to invest.
2
BlackRock Global Business Intelligence. Flows into Clean

OCTOBER/NOVEMBER 2022 FORBES.COM

 30 Under 30

CAREER
36
BUILDERS
Getting hired with assistance
FRONTRUNNER

from the Forbes 30 Under 30,

in 30 words or less.

Eric Ho 28 Anna Wang 27 Jerry Lee 27 Danish Dhamani 27

Andrew Myers 28 Kerry Wang 27 Jonathan Javier 27 Aasim Sani 24

COFOUNDERS, RIPPLEMATCH
Yale soccer buddies built a
diversity-minded recruiting
site to match undergrads with
employers including eBay, GM
and Nokia. RippleMatch has
raised $79 million most recently
at a $205 million valuation.
COFOUNDERS, SEARCHLIGHT
Fueled by $20 million in
funding, the twins claim
their software can predict
how long job seekers will
stay with an employer by
analyzing things like self-
assessments and references.
COFOUNDERS, WONSULTING
Finding a job is tougher for
those who are poor, old or
lack literacy. Wonsulting
helps underserved
communities—10,000 people
so far—get work. 2022 revenue
should hit $2 million.
30 UNDER 30 BY KRISTIN STOLLER; ON THE BLOCK BY ISABEL LORD. ILLUSTRATION BY DIEGO PATIÑO
Paritosh Gupta 26
COFOUNDERS, ORAI
Always blathering “um” or
“like”? Before a job interview,
try this AI-powered app, with
$2.3 million in financing
and 7,000 monthly users.
It records your speech and
offers instant feedback.

On the Block

PAUL ALLEN’S MASTERPIECES

The late Paul Allen enjoyed spending the $20 billion fortune he earned as the
cofounder of Microsoft. When he died in 2018 at 65, he had amassed enviable
collections of superyachts, vintage airplanes, real estate, sports teams and rare
art. This November, 150 works owned by Allen—spanning some 500 years—will
come to auction at Christie’s, where they’re expected to sell for more than $1 billion.
That would surpass the $922 million record set by the Macklowe Collection in May.
Highlights of Allen’s masterworks include Jasper Johns’ “Small False Start,” which
has a presale estimate of $50 million, and Cézanne’s “La Montagne Sainte-Victoire”
(left), which is expected to bring more than $100 million. Allen was a bachelor and
a passionate philanthropist; all proceeds will go to charity.

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 ANGOLA ARGENTINA
Over five days in July, the Miguel Zonnaras heads
annual Luanda International Georgalos, a Buenos
Fair showcased 627 of the Aires–based confectionery
region’s most innovative and cereal maker that
companies. SOCIA, for one, his grandfather founded
is an Angolan e-commerce in 1939. The $72 million
business enabling split (revenue) company recently
wholesale purchases among bought back beloved candy

WORLD
multiple customers. bar Mantecol, which
British giant Cadbury
38 had acquired in 2001.
BENIN BRAZIL
FRONTRUNNER

OF
Angélique Kidjo, a five-time
“I’ve been

FORBES
Grammy Award–winning
singer from Benin with
2.4 million Facebook
through countless
followers, fronts Forbes prejudices for
Africa’s list of the continent’s
top 20 musicians. being a woman.
Economic crises.
Across the planet, our 47 licensed I lost my husband.
editions span six continents,
25 languages and 14 time zones.
And I’m here
They all share the same mission: helping to reinvent
celebrating entrepreneurial capitalism my company.”
in all its forms. —Dirce Grotkowski, the
86-year-old president of
Brazil operations at French
BULGARIA
cosmetics company Payot, Bulgaria-born software
who is on a mission to engineer Vince Gaydarzhiev
convert all products to has raised nearly $50 million
CHILE solely vegan ingredients for Alcatraz AI, the
by mid-2023. Cupertino, California–
based company he founded
in 2016. Its facial recogni-
COLOMBIA tion security systems are
used by American banks,
hospitals and stadiums.
A Salvadoran pilot and 53-year
veteran of the airline industry,
Roberto Kriete is forming a low-
cost Latin American group, Abra,
that will bring together regional
carriers Avianca and Viva from
Colombia and GOL from Brazil.

BY KATHERINE LOVE. BULGARIA: IVAN KOLOVOS; CHILE: RODOLFO JARA/FORBES; COLOMBIA: AVIANCA;
In August, Swedish home furnishings chain IKEA opened
its first location in South America and is scheduled to open
additional stores in the Chilean capital and Colombia by
CYPRUS CZECH REPUBLIC
2023. Retailer Falabella acquired franchise rights in 2018. Born in the Philippines
and raised in California,
Dominique Laconico now
heads the 33-year-old
ECUADOR

CYPRUS: DEMETRIS VATTIS; ECUADOR: PAVEL CALAHORRANO; FRANCE: FACIOLOGY

Cypriot gaming company
As CEO of Teojama Comercial,
Manuel Malo Vidal leads the family
business, started by his father in
the 1960s. It is Ecuador’s official
distributor of Japanese-made Hino
and Daihatsu commercial trucks,
with more than 300 employees.
Annual revenue is about $80 million.
GERMANY
GetYourGuide, a Berlin-based travel booking website,
lets tourists peruse 60,000 tour options offered by
13,000 providers from Rome to Dubai to Hawaii. The
company has raised north of $883 million since Johannes
Reck cofounded it as a college student in 2009.
Megabet Plus, which
operates 170 casino FRANCE
and sports betting Since May 2021, entrepre-
locations on the island. neur and osteopath Claire
Hermet has opened four
Faciology locations between
Paris and Lyon. The centers
treat patients for facial
paralysis and signs of aging,
and to ease pain.
As the face of its
11th annual Most Influential
Women issue, Forbes Czech
features Tamara Kotvalová,
who opened Carollinum
in 1996. The luxury watch
retailer, which has four
boutiques in Prague, gener-
ates roughly $30 million
in yearly revenue.

GREECE
A country with a population of just 10 million, Greece
nonetheless manages about 20% of the world’s maritime
trade. Angelicoussis Group, led by third-generation
shipwright Maria Angelicoussis, tops Forbes Greece’s
list of the 50 largest Greek shipping companies.

OCTOBER/NOVEMBER 2022

HUNGARY
As a mother of two unable
to find hormone-free
contraceptives on the
ZHANSHAEVA; PERU: KAREN CANDIOTTI/FORBES; PORTUGAL: EDP; ROMANIA: BITTNET; UAE: FORBES MIDDLE EAST; UKRAINE: (FROM LEFT) NIK MARK, ANTON STARODUBTSEV, DMYTRO KOZATSKIY, ANASTASIA OLIYNYK
Hungarian market, Janka
Cserháti-Herold founded
Hormonmentes in 2015.
GERMANY: JASMIN SCHULLER; HUNGARY: LÁSZLÓ SEBESTYÉN; INDIA: MEXY XAVIER; INDONESIA: ULLY ZOELKARNAIN FOR FORBES INDONESIA; ISRAEL: ZIV KOREN; ITALY: GOKATESHOOT; KAZAKHSTAN: LYAZZAT
The online store, which sells
condoms, multivitamins and
menstrual products, is profit-
able and has attracted more
than 3,000 women to its
fertility education course.
KAZAKHSTAN
Hailing from the northern
town of Kostanay, Azat
Suleimenov appeared on
Forbes Kazakhstan’s 30 Under
30 list in 2021 and has since
been promoted from engineer
to team manager at Lucid
Motors, a California-based,
Nasdaq-listed electric car
company pursuing Tesla.
POLAND
Ewa Szmidt-Belcarz, the
CEO of Empik Group,
exercised a management
buyout in August, acquiring
a 51% stake in the books,
music and entertainment
retailer headquartered in
Warsaw. Revenue reached
nearly $600 million in 2021.
SOUTH KOREA
“Those who
find solutions
on their own,
no matter what
you entrust
to them, will
eventually acquire
great roles and
achievements.”
—Hae In Kim, director of
talent, culture and inclusion
at global tobacco company
BAT Group, who joined its
Korea division in 2008 and
now lives in London.
OCTOBER/NOVEMBER 2022
INDIA
In his nine years at the
helm of Unilever subsidiary
HUL, a Mumbai-based
consumer goods giant,
Sanjiv Mehta has nearly
doubled its revenue to
$6.8 billion by individualiz-
ing its marketing approach
to 15 geographic clusters.
PORTUGAL
Portuguese artist Alexandre Farto, known as Vhils,
has developed an underwater exhibition called “Art Reef.”
Divers will be able to view the 13 sculptures, pending
local approval, at a maximum depth of 45 feet off the
southern coastal city of Albufeira.
THAILAND
Wandee Khunchornyakong
Juljarern, 64, chairs and
owns 28% of publicly traded
Solar Power Company
Group. The Bangkok holding
company and its subsidiar-
ies operate more than 35
renewable-energy projects
in Thailand and Japan.
INDONESIA ISRAEL ITALY
Sylvan Adams fronts Forbes
Israel as one of the country’s
1OO richest people and the
nation’s only Giving Pledge
signatory. The Canada-born
philanthropist, who helps
fund many projects promot-
ing Israeli culture and tour-
ism, is now crafting a bid for
Israel to host the World Cup
39
Impack Pratama Industri,
a Jakarta-based manu- and Tour de France. Dionna Dorsey Calloway,
facturer of plastic building an American designer who
materials led by Haryanto studied fashion at Milan’s
Istituto Marangoni, formed
FRONTRUNNER
Tjiptodihardjo (right), saw
revenue rise 24% to $156 a nonprofit with actor Ryan
million in 2021, as consu- Reynolds earlier this year.
mers invested in their homes Creative Ladder will help
during the pandemic. up-and-coming nonwhite
professionals hone their multi-
media talents and land jobs.
MEXICO
Baja California’s governor
recently announced an
PERU
anticipated December start Peruvian Ph.D. and biomedical
date for construction of the engineer Fanny Casado co-leads
$189 million “Sky Tren Baja.” a new university laboratory in
The privately financed Lima that has produced equip-
elevated electric railway ment such as ventilators and
will run 13 miles from the San Covid-19 tests. The team already
Ysidro border crossing near has agreements with a range
Tijuana to Rosarito Beach. of organizations including MIT.
ROMANIA SLOVAKIA
Brothers Mihai (below)
and Cristian Logofătu
publicly listed their
Bucharest-based IT com-
pany, Bittnet, in 2015. The
$30 million (market cap)
company is now racing to
staff up and keep pace with
clients’ digital shifts accel-
erated by the pandemic.
In its issue featuring the
country’s top 20 social
media influencers, Forbes
Slovakia interviews
comedian František
Košarišťan (known as “Fero
Joke”), who has attracted
hundreds of thousands of
followers for his videos paro-
dying Slovak stereotypes.
UAE UKRAINE
Forbes Ukraine’s third annual 30 Under 30 list
honors several young military leaders and
paramedics—plus nominees who have been taken
captive by Russian forces or who died before the
magazine was published.
Saeed Mohammed Al
Tayer heads state-owned
utility firm DEWA, Dubai’s
only electricity and water
VIETNAM
services provider. Its April Nguyen Ba Diep (far left) and
IPO, which listed 18% of its Nguyen Manh Tuong founded one
shares, raised $6.1 billion as of Vietnam’s first unicorn compa-
the Emirates’ government nies: MoMo, a mobile money app
aims to energize the market and e-wallet with 31 million users
and public participation. and a valuation of $2 billion.
FORBES.COM
 


  











 


 



  


  

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;  
 B OG EY ME N
There was a reshuffling of the world’s
highest-earning athletes this year.
Cantankerous lefty Phil Mickelson is now
the best-paid golfer in the world; the
52-year-old made $138 million over the
42 last 12 months. The riches are due almost
entirely to the emergence of the Saudi-
backed LIV Golf league, which is doling
FRONTRUNNER

out barrels of petrodollars to lure top talent

from the PGA Tour. Are the pros who
defected smart businessmen or rapacious,
unpatriotic sellouts? Readers teed off.

@MATPOYNTER: “Yep, it’s easy to

be the biggest-paid if you don’t mind
Conversation a foreign government trying to
take over a U.S. sports league. . . .

HIGH STAKES
Bobby Jones is rolling in his grave.”

@THEGOLFEDITOR: “The 7
#LIVGolf members [on the Forbes

G
overnments have made a hash, as it were, of regulating what list] made 77% of their income via
on-course earnings, compared to
has become a $25 billion industry in the 19 states in which just 11% for the 3 non-LIV golfers.
recreational marijuana is now legal. So-called “legacy opera- Cool concept: pro golfers being
tors,” eager to go straight, must now contend with confusing rewarded for simply playing golf.”

regulations, extortionist tax schemes and vast inconsistency

in the enforcement of contradictory laws. A few are managing to do well:
Our August/September cover star, Berner—a rapper and CEO of the weed- @67DODGE: “Phil Mickelson may
be a combined 42 over par since
lifestyle brand Cookies—is just one now-legal pot titan who first made his joining LIV Golf, but he’s finally No. 1
bones on the black market. Valued by Forbes at $150 million, Cookies is look- in something.”
ing to expand into new markets both domestic and foreign. An indignant JIM MCGINNIS:
@IamFintan tweeted his disgust at a situation in which some pot-preneurs “Funny how the PGA
“go to jail and watch others excel in the same industry [they] got incarcer- increased purses only
when another tour
ated for.” Some readers were hopeful that the industry can stumble its way started poaching
@GEORGEHILLIER12:
“[Mickelson] is not
through the regulatory haze until cannabis is legalized at the federal level. players.”
playing well because
Others, less sanguine, stepped in to kill the buzz. “Greed has ruined every in- deep down he realizes this
stitution in history,” wrote @justin.themoment on Instagram. “Nothing new.” move will come back to haunt
him. He picked money over
people. He may never win
again. He has trashed his legacy
THE INTEREST GRAPH and damaged the PGA.”

299,608 The Cloud 100 2022

98,586 This High School Dropout Sold Shipt to Target for $550 Million. His Next Startup Could be Worth Double

87,104 Next Billion-Dollar Startups 2022

81,516 Donald Trump’s Great Escape: How the Former President Solved His Debt Crisis

57,034 Weed vs. Greed: How America Botched Legalizing Pot

47,760 Oil’s New Bible-Thumping, Biden-Bashing Billionaire

BY EMMY LUCAS

43,052 The World’s Highest-Paid Golfers 2022: LIV Golf Reshuffles Top Earners and Sends Pay Soaring

4,468 THE BOMB: Crashbusters: These Guys Sell Insurance Against Bear Markets

FORBES.COM OCTOBER/NOVEMBER 2022

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 D A R E T O D O D I F F E R E N T LY

45

ENTREPRENEURS
By Jonathan Ponciano Photograph by Guerin Blask for Forbes

Sun King
HAY ES BAR N ARD figured out how to
bring costly solar power within financial
reach of most homeowners. As he
makes his debut on The Forbes 400,
his ambitions are loftier still: to turn
every American dream green.

OCTOBER/NOVEMBER 2022 FORBES.COM

46
W
CONTRARIAN • ENTREPRENEURS
“What if you were sitting on
the antidote for Covid and you didn’t deploy it?
That’s how I feel,” says Hayes Barnard as he guides
his 2012 Tesla Model S through the sweltering Demand Flare
streets of Austin, Texas. The 50-year-old software Between power
salesman turned serial entrepreneur is making outages and
soaring utility prices,
the case that his fintech, GoodLeap, is helping residential solar
save the planet—as well as making him rich. Some installations are up
37% from the second
40% of U.S. greenhouse emissions come from quarter of 2021,
per research firm
buildings, compared to 25% from transportation. Wood Mackenzie.
“We have to electrify the home. We have to!” he
exhorts, his voice rising. “If not us, who?”
Of course, GoodLeap isn’t exactly electrifying
Americans’ homes. Contractors are doing that. But
it is making it possible for ordinary homeowners
to instantly finance solar installations, paying the
cost over 25 years with their monthly utility bill
savings, with a little left over each month. “People
don’t want to do it unless they know they’re sav-
ing money from day one,” Barnard says. “That guy
in Dubuque, Iowa, isn’t thinking about how he
can lower his carbon footprint, but he is thinking
about how he can save $50 a month.”
GoodLeap now finances a market-leading 28%
of all home solar installations nationwide, hand-
Déjà View Finding light has never been easier: More than 90% of
people have access to electricity, per the World Bank, up
BRIGHT IDEAS 12% from 2000. But it wasn’t always this way: From the
stone lamps of the Stone Age to today’s ultra-efficient
solar panels, here’s how humans cast a glow in four eras.
18000 B.C. Prehistoric people in France burn the mid-
night oil—animal fat—on slabs of limestone with lichen
or juniper wicks while they work on cave drawings.
2000 B.C. Babylon’s markets sell sesame oil as fuel,
though it isn’t cheap: A month of labor is good for just
10 liters of the stuff.
1800s Gas lighting debuts in most of Europe, but
Shetland Islanders still rely on the oily feathers of
storm petrels, threading a wick down the bird’s throat.
2020 The average monthly energy bill for an American
home is $118. Roughly 43% run on electricity and 40% on
natural gas, followed by petroleum (8%) and renewable
energy sources (7%).
FORBES.COM
ing out nearly $1 billion in loans each month,
enough to cover 27,000 homeowners. It’s gearing
up for even bigger numbers, thanks in part to the
tens of billions in expanded tax credits for green
home improvements Democrats pushed through
in August. With only 4% of American homes
having made the switch to solar, Barnard points
out that GoodLeap has plenty of room to grow.
Late last year, GoodLeap nabbed a $12 billion
valuation in an $800 million funding round led by
Michael Dell’s family firm and billionaire investor
Byron Trott’s BDT Capital. That makes Barnard’s
40% stake—even after applying a hefty 35% dis-
count to reflect the cratering value of comparable
fintech stocks—worth $3.2 billion. Throw in his
other holdings and Forbes estimates his net worth
at $4 billion, enough to catapult him for the first
time into the ranks of the 400 richest Americans.
It’s been a remarkable and sometimes bumpy
ride. Raised in a St. Louis suburb by a single
mom (his alcoholic father left when he was 3),
Barnard struggled in school with dyslexia, got a
football scholarship to Central Missouri State,
was injured his freshman year and transferred
to the University of Missouri, earning a busi-
ness degree. Upon graduation in 1995, he flew
to San Francisco, determined to get in on the
tech boom. He started out manning trade show
booths. Within a few years he was making mil-
lions in sales commissions at Oracle.
Barnard didn’t just idolize Oracle founder
RADOSLAV ZILINSKY/GETTY IMAGES
Larry Ellison—he wanted to be him. In 2003, at
age 30, he persuaded two college friends, Matt
Dawson and Jason Walker, who were in the
mortgage brokerage business back in Missouri,
to join him in launching Paramount Equity
Mortgage, an early attempt to take online the
paper-intensive business of applying for a mort-
gage. They scraped together $150,000 and set
OCTOBER/NOVEMBER 2022
 up shop in Sacramento. They were down to their
last $20,000 when Barnard personally recorded
a local radio ad. His salesman’s pitch worked
magic. “That day, when it hit, we received about
150 phone calls. It was crazy,” he says.
By 2009, Paramount Equity was reeling from
the housing bust. As mortgage volume fell 75%,
Barnard was forced to fire or furlough more than HOW TO PLAY IT
By William Baldwin
half of his 600 employees. “They say you’re never
That “Inflation
a real CEO until you go through a near-death Reduction Act” is
experience. And that one was mine,” he admits. quite the extrava-
Yet even then he was hatching his next big idea: ganza of handouts
to favored indus-
selling solar power to homeowners virtually. Bar- tries. But maybe
nard started cold-calling solar industry honchos. crony capitalism
He left a voicemail for Lyndon Rive, the CEO and is tolerable if you
own shares in the
cofounder of SolarCity, a company partly funded cronies. While
by Rive’s cousin Elon Musk. Within two weeks, vendors of solar
panels are the
Barnard was pitching execs at SolarCity’s Silicon obvious benefici-
Valley offices. After hearing his spiel, they kicked aries, there’s also
him out of the room to caucus. Rive later deliv- money to be made
on the periphery
ered their verdict: Solar panel installation was too of alternative en-
complicated to be sold online. But Barnard was in- ergy—for example,
sistent. He and mortgage partner Dawson would from companies
that supply the
build a brand-new online residential solar sales batteries, software
operation all by themselves, so long as SolarCity and grid connec-
tions for commer-
would handle the installations. Rive agreed. Good cial solar and wind
move: By 2013, Barnard’s company, Paramount installations.
Solar, was bringing in 40% of his business. That Fluence Energy
and Stem are in
year, SolarCity bought Paramount Solar for $120 this line of work.
million and made Barnard its chief revenue officer. They are specula-
By 2016, SolarCity was struggling and being tive bets. Neither
is yet in the black
acquired by Musk’s Tesla. Barnard left to pur- and they’re fairly
sue his next brainstorm. Paramount had either expensive, with
enterprise values,
leased solar systems to homeowners or sold them respectively,
outright. Now he wanted to finance homeowner of two and 13
purchases—with no money down. That way, buy- times revenue.
ers could claim green tax credits while using the William Baldwin is
Forbes’ Investment
energy bill savings for monthly payments. Strategies
Barnard shopped his idea to dozens of banks. columnist.
He found them unwilling to back individual solar
loans but interested in buying securitized pack-
ages of loans. Barnard launched his solar loan
product as part of Paramount Equity Mortgage
in 2018 and in 2021 rebranded the whole opera-
tion GoodLeap, a somewhat tortured portman-
teau of “good for life, earth and prosperity.”
There are a lot of parts to this model. Home-
owners aren’t sitting alone in their dens buy-
PATRICK WELSH FOR FOROBES
ing solar systems. Instead, they’re dealing with
26,000 contractors and salesmen, some working
through giants like Lowe’s and Home Depot, who
are equipped with a GoodLeap app. That app al-
lows sufficiently creditworthy homeowners to
gain instant approval for a fixed-rate loan of up
to $135,000 for 20 types of sustainable improve-
OCTOBER/NOVEMBER 2022
ments, including solar panels, home batteries,
new HVAC systems, energy-efficient windows
and even water-saving artificial lawns.
Fintech nerds will be reminded of GreenSky, the
pioneering startup that was acquired by Goldman
Sachs for $2.2 billion this year. GreenSky had a 47
similar business model, but without GoodLeap’s
extra “it pays for itself ” twist. A typical $40,000
CONTRARIAN • ENTREPRENEURS
solar system in California, financed with a 25-year
3% loan, will cost $190 a month—$30 less than
the predicted electricity savings. A homeowner
can later easily use the tax credit to reduce the loan
principal. (The credit is now 30%—or $12,000 in
federal tax savings on a $40,000 system. Savings
that can’t be used in the year a system is installed
can be carried forward to cut future tax bills.)
The buyers of securitized loans and the banks
packaging them (Goldman Sachs, Blackstone
and Credit Suisse) can track them through
GoodLeap’s software. In September, $493 mil-
lion in loan securities were sold, with an average
yield of 5.4% and riskier tranches as high as 8.8%.
The overall default rate so far: below 0.8%—less
than half the 2% default rate on mortgages.
Driving through Austin’s fashionable South
Congress district, where street murals commingle
with cowboy-themed boutiques, retro cafes and a
Hermès store, Barnard points to GoodLeap’s fu-
ture offices, a three-story brick building that will
have rooftop solar panels. Like Musk, Barnard
has changed his legal residence from high-tax
California to no-state-income-tax Texas, though
GoodLeap’s headquarters and most of its 1,200
employees are still in the Golden State.
Barnard takes a left and parks in front of an
industrial complex. He enters a warehouse and
opens a shipping container to show a water puri-
fication system that runs on solar power and Tesla
batteries. It’s headed to Kenya. Eight systems pro-
viding clean water to 160,000 people have already
been deployed to places like Haiti by GivePower, a
nonprofit Barnard founded in 2014 after a trip to
an impoverished rural community in Mali, where
women walk miles every day to fetch dirty water
from a river. The nonprofit has also installed
2,500 solar power systems in schools across 25
different countries.
Says Barnard, “This connects everything, all
my efforts into one.”
With additional reporting by Jason Bisnoff
FINAL THOUGHT
“OWNERSHIP IS A SINE QUA NON OF
SUSTAINABLE DEVELOPMENT.”
—James Wolfensohn
FORBES.COM
      
  

 
     

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GUNAS New York
Workshop Class of 2019

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 CONTRARIAN TECHNOLOGY/INNOVATION
By John Hyatt Photograph by Michael Prince for Forbes

Lord of the Landlines

54
C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N

RO B ERT H A LE became a billionaire by capitalizing on the technology Alexander Graham Bell

patented in 1876. But time’s up, and now the 21st century is calling.

G “Good fun, good fun!” bel-

lows Rob Hale on a recent Friday morning. It’s
6:30 a.m., and two dozen employees of Granite
workouts, a grueling grind of pushups, squats,
burpees, sit-ups, planks, jumping jacks and stair
runs through the company’s four-story office
headquarters in Quincy, Massachusetts, a blue-
collar burb 10 miles south of Boston.
Hale, 56, likes routine. His typical workday
includes nabbing the parking lot’s fifth spot (five
is his lucky number), downing four extra-large
decaf Dunkin’ coffees (two in the morning, two in
At Your Service

CEO Rob Hale with

a few of Granite’s
computer servers,
which help his 2,500
employees manage
telephone lines for
more than 17,000
corporate clients.

Telecommunications have gathered for one of the afternoon), overseeing a second group work-
their CEO’s favorite rituals: hourlong morning out at noon (this one, mercifully, 20 minutes),

FORBES.COM OCTOBER/NOVEMBER 2022

Kana
Interaction Designer and fashion designer.
at Google

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 Lord of the Landlines Cont.
then getting home in time for dinner with Karen,
his wife of 28 years. “My life is very regimented,”
Hale explains. “It doesn’t deviate much at all.”
Such discipline pays big dividends. Privately
held Granite generated over $1.6 billion in sales
56 last year and has no long-term debt. Twenty years
after Hale’s first company collapsed, he boasts a
$5 billion fortune from his estimated 70% stake
C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N
in Granite and is one of America’s 400 wealthiest
people for the second year running.
How did he do it? Forget about the blockchain,
the metaverse or the cloud. The Bostonian built a
21st-century telecommunications empire on the
back of 150-year-old technology: twisted-copper-
wire telephone lines, or “plain old telephone
service” (POTS, as it’s known in the industry).
Granite, a telecom wholesaler, leases these old-
fashioned lines from phone companies, then sells
the service back to businesses at a premium.
POTS has one huge advantage over fiber-optic
cables and wireless: unmatchable reliability. Un-
like glass fiber, twisted copper can transmit elec-
tric power, meaning POTS keeps working even
during a blackout. That makes it attractive for
powering essentials such as fire alarms, security
systems and emergency elevator phones. “Wall
Street thinks they’re dead, but every retailer on
the planet has a couple of POTS lines,” Hale says.
Granite’s angle is to sell POTS to national re-
tailers (Nike, CVS and PepsiCo are clients) whose
IT chiefs want a single point of contact for their
many phone lines in many different states. When
a POTS line in Montana goes down, techies at CVS
don’t have to chase after the local phone carrier to
fix it; they call Granite, which does it for them.
“Any national brand you can think of, they
don’t want to deal with seven phone companies,”
Hale explains. “They want to deal with one.”
That deceptively simple formula has worked
for years. But now Granite faces an existential
crisis: Hang up on landlines or get left behind.
There were only 32 million active POTS lines
in the U.S. last year, compared to 123 million in
2010, according to the Federal Communications
Commission. Copper lines are expensive to fix, and
upkeep is difficult. For decades the government re-
quired phone companies either to maintain their
POTS lines or resell them to competitors like Gran-
ite, but those mandates are winding down. AT&T,
which along with Verizon is one of America’s larg-
est POTS carriers, announced in March that it
plans to deactivate half its copper lines by 2025.
Many businesses have already moved their phone
systems online—commonly known as “Voice over
Internet Protocol” (VoIP). Companies still relying
FORBES.COM
on POTS for fire alarms and other critical services
are increasingly adopting battery-backed wireless
systems known as POTS replacements.
Granite is feeling the heat. Annual sales from
its POTS business declined last year for the first
time ever. “With the way this market is looking,
at some point POTS may not be around,” says
HOW TO PLAY IT Denise Munro, a consultant at CRG Telecom,
By Jon D. Markman
which focuses on cost management.
Old telecommuni-
cation networks,
That’s why Hale is expanding his wholesale
characterized playbook. Granite is still the middleman in these
by copper line new markets. But rather than just POTS, the com-
strung between
wooden poles, pany now leases cable internet and buys wireless
are slowly disap- equipment in bulk, then manages it in exchange
pearing. Arista for a monthly fee. POTS lines now account for
Networks makes
the equipment for only half of Granite’s revenue, down from 100%
what comes next: a decade ago. Its cable and wireless VoIP products
software-defined
networks. These
now account for 20% and 15% of sales, respec-
are robust, scala- tively. Last year, Granite made its first acquisition,
ble networks that shelling out $20 million for EPIK, a manufacturer
support innovative
technologies like of POTS replacement devices, which Granite is
5G wireless, digital selling to customers that are quitting copper.
streaming media, The further Granite strays from its lucrative
remote work
and hyperscale landline niche, though, the more competition
cloud computing. it faces. That includes large phone and cable
Supplying these
markets is a boom-
companies (such as Verizon, AT&T, Charter and
ing business, and Comcast) that sell to Granite but also want to
lucrative. Arista sell to businesses directly. There are more direct
reported in August
that second-quarter competitors as well, such as RingCentral and
revenue rose to 8X8, both of which are based in the Bay Area and
$1.05 billion, up trade on the New York Stock Exchange.
48% year over
year. The gross “Telecom can often be a very messy business, as
margin was companies who are cutthroat competitors can also
61.9%. Shares of
the Santa Clara,
end up partnering and relying on one another,” ex-
California–based plains Rich Tehrani, a telecom investment banker
company could at New Jersey–based Four Points Capital Partners,
trade to $155
within 12 months, a who adds that Granite has “literally thousands of
gain of 24% from competitors” across its business lines.
the current price Hale says Granite’s operating margins for its
of $124.75.
cable and wireless segments are “about the same”
Jon D. Markman
is president of as for phone lines (which Forbes pegs at between
Markman Capital 15% and 20%). He also argues, perhaps predict-
Insight and editor ably, that Granite’s POTS background gives it a
of Fast Forward
Investing. leg up on the transition. For instance, cable com-
panies’ networks, like those of phone carriers, are
geographically constrained, which means Gran-
ite’s national aggregation model is still workable.
Wireless networks also vary dramatically in qual-
ity depending on location.
PATRICK WELSH FOR FORBES
Above all, customers will stick around because
they like Granite’s customer service, insists Hale,
who prides himself on regularly speaking with
clients. “We are a customer machine,” he says.
“People think it’s a transactional business. It’s
not. It’s a relationship business.”
OCTOBER/NOVEMBER 2022
 Lord of the Landlines Cont.
Hale’s vibe—fist bumps, small talk and self-
deprecating jokes—is more back-slapping politico
than aloof tycoon. He’s a big presence on New
England’s philanthropy scene. He and Granite
have collectively given over half a billion dollars
58 to various hospitals, universities, schools and
local charities. The company’s annual Saving by
Shaving event, a cancer fundraiser for which at-
C O N T R A R I A N • T E C H N O L O G Y/ I N N O VAT I O N
tendees shave their head and donate the hair
to make wigs for chemo patients, has become a
Quincy fixture, drawing Boston sports legends in-
cluding Tom Brady and David Ortiz. “There may
be people [in Boston] who give more than Rob,
but I would be surprised,” says Massachusetts
Governor Charlie Baker, a close friend of Hale’s.
Born in 1966, Robert Hale Jr. grew up in
Northampton, a town of 30,000 in western Mas-
sachusetts that’s home to Smith College. His fa-
ther, Bob, was an entrepreneur who imported
women’s clothing. Charismatic (class president
at Connecticut College) but mediocre in school
(“I was a C/B student, with an emphasis on the
C”), Hale found his calling in sales, first at long-
distance phone company MCI—where he started
in 1988 after graduating with a B.A. in history—
and then at New England Telephone, a local car-
rier (now owned by Verizon).
“When I got to sales, within a month I was like,
‘Wow, I’m good at this,’ ” he recalls. “I wasn’t that
good academically, and I wasn’t that good ath-
letically, but inherently I’m competitive. And in
sales they keep score.”
In 1990, he started his first company, Network
Plus, with a $400,000 loan from his parents
(“that was their nest egg”) and an idea that fore-
shadowed Granite’s: wholesale buying and selling
of cheap long-distance phone lines for small busi-
nesses. “From ’91 through ’98, we grew profitably,”
he says with a sigh. “We had a great business.”
Then, he recalls, Wall Street came knocking:
“Goldman Sachs cold-called me in ’98 and said,
‘Do you want to do a bond offering?’ I said, ‘I’m a
phone guy, not a finance guy; I don’t know what
that means.’ They said, ‘You can do a bond offering,
do an IPO and you’ll be a billionaire.’ I was like,
‘Yeah, I definitely want to do that bond offering.’ ”
No wonder: It was near the peak of the dot-
com bubble, and investors were throwing money
at all things telecom. Hale hitched his wagon to
the frenzy. Network Plus took on over $200 mil-
lion in debt with plans to build a regional phone
network. The company went public in June 1999.
Fleetingly, Hale was indeed a billionaire.
Then it all came crashing down. As the telecom
sector cratered, investors ran for the hills and
FORBES.COM
The Vault A half-century before Rob Hale began selling phone lines
to businesses, a then-108-year-old Western Union had
O.G. AMERICA transformed itself from a “onetime woebegone has-been”
ONLINE into a “top comer in the communications field” with its
own plan to tap the corporate world for fast growth: its
private wire business, which generated $42 million a year
($430 million today) handling internal communications
for customers such as United Airlines, the Pennsylvania
Railroad Company and the United States Air Force.
Resplendent in a silk shantung suit, Walter Peter
Marshall, troubleshooting president of Western Union,
stood beside Brigadier General Bernard Wootton at
Hickam Air Force Base in Hawaii one day last month,
a wide grin spreading over his highcheekboned face.
Flicking a switch, General Wootton formally put into
service the Air Force’s spanking new communications
network, linking Hickam with Fuchu, Japan, and the U.S.’
250-station, 250,000-mile high speed electronic private wire system, all of it
designed, built and installed by Western Union. —Forbes, August 1, 1959
lenders closed their spigots. For debt-strapped
Network Plus, that meant declaring bankruptcy
in February 2002. The company sold its remain-
ing assets for less than $16 million and laid off
hundreds of employees.
“Building a network is like building a bridge,
and we were left with half a bridge,” says Hale,
who was left devastated by the experience.
“I lost a ton of weight because I couldn’t eat.
Every morning, I’d get up and throw up. I was
wounded, emotionally wounded. I needed to re-
claim my dignity.”
He threw his energy into Granite, which he
started the same year Network Plus went belly-
up. The company, by Hale’s own admission, got
lucky. The original plan was to build another
phone network, but that was too expensive, so
instead Granite leased some phone lines in the
Boston area. “It was just to get in the game,” he
says. “We were gonna get some customers and
build a little scale, then deploy switches, much
like everyone had always done.”
But then Walmart and Walgreens separately
contracted Granite to manage all their phone lines
in the Boston area. The arrangement worked. Deals
followed for Granite to aggregate their phone lines
in New England, then across the Northeast—and,
eventually, across the whole country.
“People always say, ‘How’d you get the great
idea?’ We didn’t. They did,” Hale says. “We just
had the common sense to listen.”
He’ll need to keep his ear to the ground as
landlines become obsolete: If Granite’s next 20
years are to match its first 20, it will take a lot
more than common sense.
FINAL THOUGHT
“YOU CAN TEACH AN OLD DOG
NEW TRICKS, AND THIS OLD DOG
WANTS TO LEARN.”
—Tip O’Neill
OCTOBER/NOVEMBER 2022
 CONTRARIAN STRATEGIES
By Kerry A. Dolan Photograph by Ethan Pines for Forbes

Pulse Raising
60
C O N T R A R I A N • S T R AT EG I E S

As the child of Iranian immigrants in the deep South, J O E KI A N I surmounted overwhelming

odds to become a billionaire. So why should he be afraid to push his scrappy medical monitoring
company into consumer electronics, challenging companies 100 times its size?

J Joe Kiani had achieved the

dream. Masimo Corp., which he founded and runs
as CEO and chairman, had carved out a lucrative
measure oxygen saturation in patients’ blood.
Masimo had made Kiani, who immigrated in
poverty to the U.S. from Iran as a child, rich—a
billionaire, by Forbes’ reckoning. As an electrical
engineer, he took pride in the fact that devices
he had personally designed were excellent, com-
manding a slightly bigger share of the U.S. hospital
pulse oximeter market than its chief competitor,
Nellcor, which is a unit of Medtronic, a company
Avengers Assemble

Joe Kiani moved

Masimo into its Irvine,
California, offices
in 2015, seven years
after the glass-fronted
building served as
Stark Industries’ head-
quarters in Marvel’s
2008 film Iron Man.

niche as one of the top makers of pulse oxim- roughly 15 times Masimo’s size. Together the two
eters, those fingertip sensors that hospitals use to companies account for about 90% of sales.

FORBES.COM OCTOBER/NOVEMBER 2022

 It’s a profitable enterprise, too—last year Ma-
simo, based in Irvine, California, earned $223
million on $1.2 billion in revenue. Amid a ris-
ing stock market and bolstered by increased de-
mand for Masimo’s technology due to Covid-19
(low blood oxygen levels being an early warning
that the disease is getting worse), the company’s
shares climbed 85% from early 2020 through the
end of 2021, giving Masimo a market capitaliza-
tion of more than $16 billion.
Then Kiani decided to complicate the dream.
After the market closed this February 15, Masi-
mo announced it was spending just over $1 bil-
lion to buy Sound United, a consumer-focused
audio, speaker and headphone business that
owns brands such as Marantz, Denon, Bow-
ers & Wilkins and Boston Acoustics. The next
day, Masimo’s stock plunged 37%, wiping out
$5 billion in market value. (revenue) company
Kiani was shocked. “We thought [investors]
would say ‘awesome!’ And given our track rec-
ord, we’re not going to screw it up,” he declares,
perched on an ecru couch in his compulsively
System, which uses
neat office. “You know what one of them said to
me? Very angry shareholder, big shareholder?
‘Give it back. Don’t buy it.’ ” and improve blood
But Mike Polark, an analyst at Wolfe Research in
Boston, wasn’t surprised at the negative reaction:
eral artery disease.
“In medtech, focus pays.” At eight times Ebitda, the
problem wasn’t that Kiani had overpaid for Sound
United. It’s also a healthy, profitable business ex-
pected to bring Masimo’s revenue to $2 billion this remove blood clots
year, a 67% increase. “The issue for Wall Street is
strategic direction,” Polark continues. “Why is Ma-
simo selling over-the-ear headphones?”
The acquisition would instantly render Ki-
ani’s company less profitable. The gross margin
on Masimo’s medical device business had been a
lofty 65.8%. In commodity consumer electronics,
like headphones, 20% is more typical.
The move prompted activist investor Poli- catheters, I expect
tan Capital Management, a year-old firm led by
Quentin Koffey—a veteran of activist investor
Paul Singer’s Elliott Management and hedge
Ebitda and putting
fund D.E. Shaw—to acquire a nearly 9% stake
in Masimo, according to an early August filing.
Politan would not comment on its plans, but
back in March the firm helped push health insur-
ance firm Centene to replace its CEO.
PATRICK WELSH FOR FORBES
Kiani, who has sold more than $500 million
worth of Masimo shares since the IPO in 2007
and still holds an 8.5% stake worth $650 million,
is betting that medical devices will increasingly
merge with consumer electronics. He plans to
move Sound United beyond over-the-ear head-
OCTOBER/NOVEMBER 2022
phones into hearing aids and enhanced earbuds.
He thinks people will welcome using them not
only to listen to tunes (or boost their hearing) but
also to measure their vitals, such as pulse rate and
oxygen saturation. Of course, he’s far from the
only one with this vision. Garmin sells watches 61
that track your heart rate, blood oxygen satura-
HOW TO PLAY IT tion and hydration. The latest Apple Watch can
C O N T R A R I A N • S T R AT EG I E S
By Jim Oberweis
notify the wearer of unusually high or low heart
Like Masimo,
AngioDynamics,
rates or irregular rhythms. In September Sony
based in Latham, announced it’s getting into the over-the-counter
New York, makes hearing aid market. The only real difference is
medical devices—
but its products that those firms are all massive multinationals
are mostly used with decades of experience in the consumer space.
to diagnose and Kiani, 57, has defied the odds plenty of times
restore healthy
blood flow in the so far. In 1974, when he was 9, he and his family
body’s vascular moved from Iran to Alabama so his father could
system. The
$316 million
study engineering. They had no money; for a
time, the family of four lived in a housing project
is gaining traction in Huntsville. In 1977 the Kianis relocated to San
with an innovative
device known Diego, where Joe’s dad had enrolled in an MBA
as the Auryon program. Two years later, when Joe was 14 and
Atherectomy his sister 15, their parents went back to Iran for
solid-state laser work (his mother was a nurse), leaving the teens
technology to to live by themselves. “My sister kind of became
vaporize lesions
the mom,” Kiani says, laughing. “She was tough!
flow for the treat- I had a curfew.” Kiani graduated from high school
ment of periph- at age 15—mostly, he says, because the math he
Other, newer had studied in Iran was advanced, enabling him
products include to skip a few grades.
the AlphaVac, That same year he joined his sister at San
which helps
Diego State University, where he studied electri-
via minimally cal engineering while working part-time in the
invasive surgery,
and NanoKnife,
dining hall and managing the apartment com-
used to destroy plex in which he lived. He took every class he
cancerous tissue could with professor Fred Harris, an expert in
without thermal
energy. As these the field of signal processing, and in 1987 gradu-
products outpace ated with a master’s in electrical engineering.
the legacy busi- In the late 1980s, while working as an engineer
ness of vascular
and diagnostic at semiconductor distributor Anthem Electronics,
he took a side job designing a low-cost $100 pulse
revenue growth
to accelerate to
oximeter for a startup. Kiani learned these devi-
10% to 12% next ces often emitted false alarms, typically triggered
year, doubling when patients accidentally moved their finger.
operating profit in Armed with knowledge about signal processing
the black. and adaptive filters—software to eliminate noise,
Jim Oberweis essentially—Kiani told the startup that he could
is president of reduce the number of false alarms. The com-
Oberweis Asset
pany wasn’t interested. So in 1989, Kiani, then
Management.
24, decided to start his own business, Masimo,
financing it with a $40,000 second mortgage on
his condo. For two years, he worked nights and
weekends in his Southern California garage while
holding down his day job at Anthem.
Using an equation he describes as something
FORBES.COM
 Pulse Raising Cont.
out of fifth-grade algebra, Kiani worked on a
prototype that kept pulse oximeters working
even when patients wearing them moved around
or had low blood flow. One place it proved espe-
cially critical: the neonatal intensive care unit,
62 given that you can’t tell newborns not to squirm.
He patented his idea almost immediately and
reached out to four American companies, hop-
C O N T R A R I A N • S T R AT EG I E S
ing to integrate Masimo’s technology into their
systems. No luck. He had better fortune overseas,
making deals with NEC in Japan and several
companies in Europe.
Breaking into the U.S. hospital market proved
virtually impossible. Buying groups for clusters
of hospitals had already inked exclusive (and
lucrative) deals with Masimo’s competitors. In
March 2002, the New York Times published a
front-page article shining a light on these groups’
buying practices, featuring Masimo as a com-
pany with a superior pulse oximeter that was es-
sentially locked out of the market. A month later,
Kiani testified before the antitrust subcommit-
tee of the Senate Judiciary Committee alongside
the heads of Novation and Premier, two hospi-
tal buying groups. “The fact that our primary
competitor [Nellcor], who owns more than 90
percent of the pulse oximetry market, can pay
group purchasing organizations to exclude Ma-
simo is dead wrong,” he told the senators. Within
a month, Premier offered Masimo a contract.
Novation followed suit a year later.
Kiani is more than willing to go to battle with
much bigger competitors. In 1999 he sued Nell-
cor (then owned by Tyco) over patent infringe-
ment; 10 years later, he lodged a similar complaint
against Royal Philips. In 2006 Nellcor started
paying Masimo damages and royalties that ul-
timately totaled nearly $800 million, and Royal
Philips forked over $300 million in 2016. Masimo
was also paid $45 million as a result of an anti-
trust suit it filed against Nellcor in 2002.
Next up: Apple, which Masimo has accused
of both patent infringement and trade-secret
theft. Soon after Masimo launched the first
pulse oximeter that worked with a smartphone
in 2013, the company got a call from Apple,
saying it wanted to talk about working together.
Kiani took a meeting at Apple’s headquarters,
but nothing came of it. That same year, Masi-
mo’s chief medical officer joined Apple, followed
by the chief technology officer from a Masimo
spinoff in 2014. Apple filed several patents
that Kiani says were based on his technology.
Masimo sued in 2020; the case is slated to go to
trial next year.
FORBES.COM
Little Big Picture
MINORS WITH MAJORS Percentage of College Students Under 18
Precocious teenagers like Joe Kiani are a 6%
rare sight on college campuses—and get-
ting rarer. Fewer than 1% of university stu- 5%
dents in the U.S. are younger than 18. Sixty 4%
years ago, that number was six times high-
er, with “academic redshirting”—parents 3%
delaying a child’s entrance into kindergar- 2%
ten to give them a later advantage—not yet
in fashion. Back then, “everything was ‘the 1%
smarter you are, the faster you should go,’ ” 0%
2020
1970
1980
1990
2000
2010
1960
says Harvard economic historian Claudia
Goldin. “Now, it’s the opposite.”
Source: U.S. Census Bureau
Masimo is working to expand beyond pulse
oximetry. It has a product that can noninvasively
monitor hemoglobin, and it has acquired a German
firm, TNI, which makes a respiratory assist device
to deliver oxygen to patients with emphysema or
chronic bronchitis. Yet an estimated 80% of Ma-
simo’s revenue on the medical side of the business
still comes from its core pulse oximetry unit.
During the early part of the pandemic Masimo
rolled out a pulse oximeter with a smart wrist-
band tied to a smartphone app that hundreds of
hospitals provided to Covid patients, enabling
them to do continuous monitoring at home. This
August, Masimo launched its first smartwatch: a
$499 “Advanced Health Tracking” timepiece that
measures oxygen saturation, pulse rate, heart
rate, hydration and more. A hospital chain in
Saudi Arabia is currently conducting a pilot test.
“If it goes well, it goes from a few hundred pa-
tients to 80,000 patients,” Kiani says.
Could a medtech company with no consumer
brand recognition make headway against con-
sumer heavyweights like Apple and Garmin?
Needham & Co. analyst Mike Matson points
out that the smartwatch market is huge at
$25 billion—and fragmented. “I don’t see them
taking share from Apple,” he says. But there could
also be a niche for Masimo’s watches for serious
athletes—those training for triathlons and mara-
thons and needing highly precise health statis-
tics, for example. Garmin has notched $1 bil-
lion in smartwatch sales by focusing on fitness,
Matson notes. Kiani says singers, too, are interes-
ted in using the watch to measure their hydration
level, which affects vocal quality.
“In the consumer world,” he adds, “I believe
that the better technology wins. I believe the
more committed the entity is, they win. And I’m
committed to this.” Then again, so are Apple
and Garmin.
FINAL THOUGHT
“NOBODY ROOTS FOR GOLIATH.”
—Wilt Chamberlain
OCTOBER/NOVEMBER 2022
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 CONTRARIAN MONEY & INVESTING
By Hank Tucker Photograph by Guerin Blask for Forbes

Irrational Exuberance
66
CONTRARIAN • MONEY & INVESTING

Harris Kupperman’s PR A ETO RI A N CAPI TA L seeks out hysteria in every corner

O
of the market, from bitcoin to natural gas.

Occasionally the best

seed capital for a successful career in in-
vesting is lucky timing. In 1997, as a ju-
nior in high school, Harris Kupperman
began obsessing over the stock market as
the Asian financial crisis and then dot-
com mania dominated the headlines. By
the time he arrived at Tulane University
two years later, tech stocks had soared
nearly 200% since Netscape’s IPO in the
summer of 1995 and would double again
over the next few months. The future
hedge fund manager noticed that many of
these dot-coms ultimately crashed when
VC lockups expired and early investors
dumped their shares.
In early 2000, Kupperman, known to
his friends and peers as “Kuppy,” took the
$6,000 he had earned over the summer
cleaning pools on the North Shore of Long
Island and began buying put options—ef-
Double-Edged Sword
fectively shorting the stocks—of dot-
bombs like Commerce One and Foundry
Kupperman named his
firm Praetorian after Networks. When the bubble popped in
the bodyguards of the March 2000 and the Nasdaq fell 80%, he
Roman emperor, who
sometimes assassi- made a small fortune.
nated their ruler. He “I had a few thousand dollars in my ac-
wished to protect his
portfolio companies count at the beginning of the year, and at
but also serve as a the end of the year I had a few hundred
“latent threat.”
thousand,” boasts Kupperman, who is

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 How to Play It Company Ticker Market Cap Reason

KUPPY’S CART Sprott Physical Uranium Trust UU.TO $3.0 billion Bullish bet on a future shift to nuclear power.
The St. Joe Company JOE $2.3 billion Low-tax Florida land play. Should grow 30% to 50%
Harris Kupperman
annually.
favors small- and
mid-cap value Builders FirstSource BLDR $9.6 billion Building materials as home construction
stocks. Here are his accommodates population growth.
top four holdings. Valaris VAL $4.2 billion Large oil driller to benefit from recovery in production.

68
now 41. “It opened my eyes to the potential that and coal-rich Mongolia would boom, so he
if you think harder than the other guy, you can took control of a dormant shell company trad-
Insider Info
CONTRARIAN • MONEY & INVESTING

make a lot of money.” ing in Canada, rechristened it Mongolia Growth

Two decades later, his Praetorian Capital has PANHANDLING Group and began investing in real estate in
$180 million under management and is up 593%, There’s lots to do Ulaanbaatar. Unfortunately, soon after Mongo-
along Florida’s
net of a 20% performance fee and 1.25% manage- Emerald Coast, lia Growth Group opened its offices in 2011, the
ment fee since it began taking in outside capital says Harris country’s government began to restrict foreign
in 2019. During both 2020 and 2021, his fund, Kupperman, who investment, and its economic growth slowed
spends a week or
which makes concentrated bets in only about a two there every to a crawl. Today the bulk of Mongolia Growth
dozen investments, returned more than 100%. summer. Here Group’s $2.5 million in revenue comes from a
are a few of his
Kupperman is a go-anywhere, event-driven in- favorite haunts.
data-driven newsletter called Kuppy’s Event
vestor who expects a fivefold return on his posi- Driven Monitor, which has nothing to do with
tions. He’s not afraid to trade manias even if he Mongolia and costs $400 per month.
thinks they have no intrinsic value. In late 2020 In 2019, he relaunched Praetorian with Wes
and early ’21, for example, he made a sixfold Cooper, an Ernst & Young alum, using mostly
profit in bitcoin. their own money. Their biggest positions today
“It’s a Ponzi scheme. It has no real function,” include physical uranium, which has endured a
he says. “But there are moments in time when in- WaterColor Inn 14-year bear market, and crude oil.
vesting in Ponzi schemes is perfectly good. When A family-friendly Energy’s outperformance has helped Prae-
four-star owned
they’re inflating, they’re very profitable to own.” by The St. Joe torian keep rising this year, up 9.1% through July
He believes bitcoin rises when the Fed injects Company (one of compared to the S&P 500’s 13.3% decline. But
Kupperman’s top
liquidity into the market, as it did in the early holdings), Santa
rising interest rates have hurt his stakes in hous-
days of the pandemic, and sinks when the cen- Rosa Beach’s ing stocks like The St. Joe Company, one of his
tral bank tightens. He bought bitcoin at about WaterColor Inn top positions since the fall of 2020 (see “Kuppy’s
has four pools and
$9,200 in the summer of 2020, and by the end of catered beach Cart,” above). St. Joe owns 170,000 acres in the
that year the cryptocurrency was the largest po- bonfires. “It’s the Florida Panhandle, and its revenue grew by 66%
sition in his portfolio. In March and April 2021, nicest hotel in in 2021. Shares tripled from $20 to $60 between
the Panhandle,”
as inflation began breaching the Fed’s stated Kupperman says. September 2020 and April 2022 but have since
2% goal, Kupperman decided the central bank’s retreated to $37.
Grayton Beach
easy-money policies had run their course, so he “Everyone’s freaking out about interest rates
This patch of sand
cashed out when bitcoin traded at $58,000, a ranks among and mortgages,” Kupperman says. “I don’t think
few months before it peaked at close to $70,000. America’s best. it’s going to change anything. In a year, interest
(It currently trades around $20,000.) “They let people rates will go down, but people from New York
who live in that
Other opportunistic pandemic buys were county drive on it will keep coming to Florida.”
small-cap natural gas and firearm stocks. Today so everyone drives Kupperman may be a Florida real estate bull,
their pickup on
he’s bullish on housing, rising interest rates be and sets up tents.
but he’s already moved Praetorian’s operations
damned, in places like Florida, which continue Everyone grills and to beachfront Rincón, Puerto Rico, which is
to attract residents leaving high-tax states. has a grand time.” even more tax-friendly. He’s mulling closing his
“About every 18 to 24 months, one industry AJ’s fund when it hits $250 million in assets. “I have
freaks out and you get to buy one industry cheap,” After some sun at friends that run billions, and they have more
Kupperman says. “That’s the story of my life. I’m Grayton Beach, money than me,” he says, “but I can’t spend all
head to this surf
patient—I wait until they completely lose their shack for some-
the money I’ve made already in my career.”
minds and then buy it.” thing stronger.
In 2003, Kupperman graduated from Tulane “There’s always
FINAL THOUGHT
a band playing.
with a degree in history, opened a hedge fund Everything else “I WOULD RATHER BE AN
and moved to Miami. His fund did reasonably closes at 9 o’clock,
so if you want
OPPORTUNIST AND FLOAT THAN
well, but in the wake of the financial crisis of GO TO THE BOTTOM WITH MY
entertainment
2008, he shuttered it. after 9, go to AJ’s.” PRINCIPLES AROUND MY NECK.”
In 2010 he became convinced that copper- —Stanley Baldwin

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82

American
Made
THE TREND

Diane Hendricks had a child at age 17, worked as a Playboy Bunny to pay the bills,
beat cancer twice and survived the tragic death of her husband before transforming
herself into the nation’s most successful businesswoman. She has tripled her
net worth in the last five years. Next: fixing the country’s schools and infrastructure
before we red, white and blow it.
 83

BY M AG G I E M C G R AT H

P H OTO G R A P H BY
GABRIELA HASBUN
FOR FORBES

84
Diane
Hendricks
THE TREND
is just about ready to sit down for a
video interview when she makes a
last-minute dash to her walk-in closet.
She returns with a small American flag
pin fastened to the lapel of her slim-
cut black blazer. “I love this country.
I’m just so blessed to have been born
in America,” she says. “I never had a
door that didn’t open for me. I never
thought about being a female and not
being able to do what I do.”
Her patriotism is on display through-
out her 9,500-square-foot south-
ern Wisconsin home. In her office is a
statuette of Ronald Reagan on horse-
back and a photo of her with Donald
Trump near a stack of books with titles
like The MAGA Doctrine, Land of Hope
and Back in the Game. Downstairs is a
high-quality numbered print, identical
to the one that hung in Trump’s White
House, depicting ten Republican presi-
dents drinking at a fictional gathering
(Dwight Eisenhower seems to be en-
joying his Scotch; teetotaling Trump
nurses a Diet Coke). Outside, a life-size
bronze of the Indian from the Plains
keeps a watchful eye on three retired
Budweiser Clydesdales.
“Delivering on the American Dream
Since 1982” is the slogan of Hendricks’
Beloit, Wisconsin–based roofing dis-
tributor, ABC Supply, and “Ameri-
can Pride” is one of the company’s sev-
en core values. A video set to country
singer Lee Greenwood’s “God Bless the
USA” is shown to all company mana-
gers; Greenwood often sings it live at
company events.
Hendricks believes in the Ameri-
can Dream because she has lived it. A
teen mom who once worked as a wait-
ress to pay her bills, she cofounded
ABC Supply with her husband, Ken,
FORBES.COM
in 1982 and built it into the nation’s
largest wholesale distributor of roof-
ing, siding and windows. After Ken
died in 2007, Hendricks continued
the business’s rapid expansion, buy-
ing rivals and more than doubling its
store count to 900. Revenue hit a rec-
ord $15 billion in 2021. “We’ll do close
to $18 billion this year in sales,” Hen-
dricks says. “It’s not a little company
anymore. It’s five times what it was
when Ken was alive.”
Hendricks, who owns 100% of ABC
in addition to a real estate develop-
ment firm and a holding company
with stakes in 18 businesses, is now
worth $12.2 billion. That’s triple her
net worth from just five years ago and
more than any other female entrepre-
neur in U.S. history. By way of com-
parison, America’s second-richest self-
made businesswoman, Judy Faulkner,
who pioneered electronic medical rec-
ords (and who also lives in Wisconsin),
is worth “only” $6.7 billion.
“The things she’s done, I’m not sure
Ken could have done,” says Rob Ger-
bitz, the CEO of Hendricks Commer-
cial Properties, her real estate firm,
which recently paid $42 million for a
hotel in Santa Barbara, California, and
built a $40 million minor league base-
ball stadium in Beloit.
At 75, Hendricks is leaning into her
success. She wants to influence every-
thing from national politics and job
creation to cancer research and pub-
lic school reform. “Everyone knows I
am a conservative,” says Hendricks,
who has donated more than $40 mil-
lion since 1992 to Republican can-
didates. That includes over $5 mil-
lion in gifts to former Wisconsin gov-
ernor Scott Walker and $50,000 to
Scott Pruitt, Trump’s infamous EPA
administrator, so he could pay his le-
gal bills from a bevy of ethics scan-
dals. Hendricks thinks one of the big-
gest problems facing businesses today
is that not enough people appreciate
their jobs. “It used to be that a job was
a gift. You were proud,” she muses.
She takes that sentiment to heart.
“I am so frigging old and still going to
work because I still can think. I feel
like I add purpose,” says Hendricks,
who wakes up at 5 a.m. each weekday
and is out the door by 7.
That work ethic was born on her
family’s dairy farm in Osseo, Wis-
consin, a rural town just southeast of
Eau Claire with a population of barely
1,800. The fourth of nine girls, Hen-
dricks wasn’t allowed to milk cows or
ride a tractor (“men’s work,” accord-
ing to her father), but she had plenty
of chores, including taking care of her
younger sisters. By age 10, Hendricks
knew she wanted more than an agri-
cultural life. “I don’t want to be a far-
mer and I don’t want to marry a far-
mer,” she remembers thinking. What
she wanted was to wear a blue suit and
work in the city—Minneapolis, the
closest metropolis to her home.
Those plans were derailed when, in
1964, she got pregnant at 17 and was
forced to drop out of school. She mar-
ried the father and moved nearly 200
miles away to Janesville, Wisconsin;
the couple divorced three years later.
The newly single mom got a job as a
bunny at the local Playboy Club. “You
gotta do what you gotta do,” Hendricks
says of that time.
Soon she was peddling real es-
tate all over southern Wisconsin. She
also started selling custom homes.
That’s how, at age 22, she met a roof-
ing contractor named Ken Hendricks.
They married in 1976. The newly-
weds bought up 200 old homes in
three years, fixed them up and began
renting them out to college students.
“I cleaned a lot of toilets,” she recalls.
In 1982 they pledged everything
they owned and took out a $900,000
bank loan to buy three struggling
building supply stores. Their idea was
to buy directly from manufacturers
and then sell to contractors and proj-
ect builders like Ken. The secret sauce
OCTOBER/NOVEMBER 2022

Green Acres
“I love living here in nature. It’s very
peaceful,” says Hendricks, shown on
her Wisconsin estate with a Clydesdale,
Rock, who weighs 1,000 pounds and
eats up to 50 pounds of hay a day.
was providing an unheard-of level of
customer service in a notoriously un-
friendly industry. Within five years,
ABC had 50 stores and approximate-
ly $140 million in sales.
The company hit $1 billion in sales
in 1998, the same year the Hendrick-
ses recruited David Luck, a Bridge-
stone executive from Chicago, to be-
come ABC’s president. With Luck at
the helm, the couple looked to add
new projects. “She and my dad had a
passion for fixing failing companies,
so they bought many out of bankrupt-
cy and foreclosure,” says Konya Hen-
dricks-Schuh, one of her seven chil-
dren (including four stepchildren).
Then the roof came crashing down,
literally. On December 21, 2007, Ken
returned home from a business dinner
and went to check on a new roof above
the garage. He fell through and died in
surgery later that night.
+ + +
M
any people assumed
Hendricks would get
out of the business.
A rival offered to buy
the company. “They
just thought, me being a woman, that
OCTOBER/NOVEMBER 2022
I would sell,” Hendricks says. Instead,
she asked Luck to become CEO and
named herself chairwoman. It was a
tough time, and not just because she
had lost her husband of 40 years. Sales
declined 7% between 2006 and 2009
as the real estate market collapsed.
ABC closed stores for the first time.
Amid the turmoil, though, Hen-
dricks smelled opportunity. Taking
advantage of fire-sale prices, she or-
chestrated ABC’s biggest acquisition,
buying $1.6 billion (sales) rival Brad-
co in 2010. Six years later, she paid
$674 million for Chicago-based build-
ing materials distributor L&W Sup-
ply. To fund the first deal, she gave
up 40% of her ABC stake to a back-
er on the condition that she could buy
it back within five years. She did so in
less than four. “I still get shivers right
now,” she says. “Because I felt that I
had risked the company that I wanted
my children to run. It’s not a company
that’s ever going to be for sale.”
In the years since, Hendricks has
made sure that her legacy extends far
beyond a roofing business. On a recent
humid August afternoon, Hendricks
stands in front of a spectacular 20-by-
30-foot sculpture of an American flag
at the entrance to one of her pet proj-
85
THE TREND
ects: Beloit’s new Ironworks Cam-
pus. Since Ken’s death she has spent
$85 million redeveloping the space,
formerly an iron factory (the flag
is made of 230 reclaimed machine
patterns), into a gleaming complex
that houses the local YMCA, Beloit’s
Chamber of Commerce and 46 small
businesses, employing 1,800.
Hendricks has plenty on her plate.
A two-time cancer survivor—she had
uterine cancer when she was 33 and
breast cancer at 69—she’s chairman
of NorthStar Medical Radioisotopes,
which uses nuclear medicine and
radioisotopes to detect and treat cer-
tain forms of cancer and heart disease.
She’s already put $550 million into the
company, which has just $10 million
in sales, but she’s not giving up. Mean-
while, after seeing fewer than 20%
of Beloit teens achieve a “proficient”
score on Wisconsin state reading tests,
she helped fund a charter school in the
city. The Lincoln Academy opened last
year. She’s also expanding her chain of
boutique hotels, moving out from Be-
loit to Indiana, Idaho and California.
The only real obstacle is time.
“That’s the most frustrating part of
getting old,” she says. “Golly, there’s
still so much, so much to do.”
FORBES.COM
 LIFESTYLE
Amy Adams Strunk 66,
Tennessee Titans
Laura Alber 54, Williams Sonoma
Debbie Allen 72,
Debbie Allen Dance Academy
Victoria Alonso 56,
Marvel Studios
Roxanne Assoulin 67,
Jewelry Designer
Angela Bassett 64,
Actress, Producer
Julie Bornstein 52, The Yes
Sandra Bullock 58, Actress
86 Tory Burch 56, Fashion Designer
Jeanie Buss 62, L.A. Lakers
Jacqueline Charlesworth 61,
Charlesworth Law
THE TREND

Dominique Crenn 57, Chef

Cathy Deano 68,
Painting with a Twist
Jenny Doan 65,
Missouri Star Quilt Company
Channing Dungey 53,
Warner Bros. Television Group
Emilia Fazzalari 57,
Cinco Spirits Group
Kaywin Feldman 56,
National Gallery of Art
Shelley Goodstein 58,
Hidden Crown Hair
Amy Hennig 58,
Skydance New Media
Cathy Hughes 75, Urban One
Kris Jenner 66,
Reality TV, Businesswoman
Kathleen Kennedy 69, LucasFilm
Golnar Khosrowshahi 51,
Reservoir Media
Min Jin Lee 53, Author, Activist
Marlee Matlin 57, Actor, Activist
Pat McGrath 57,
Pat McGrath Labs
CeCe Moore 53,
Genetech Genealogist
Joan Myers Brown 90,
International Association
of Blacks in Dance

REBECCA MILLER FOR FORBES; FLORAL BACKDROPS HAND-PAINTED BY SARAH OLIPHANT OF OLIPHANT STUDIOS
Sarah Oliphant 71,
Sarah Oliphant Studios
Dawn Ostroff 62, Spotify
Dolly Parton 76,
Singer, Philanthropist
Laura Poitras 58, Documentarian
Lisa Price 60, Carol’s Daughter
Gina Maria Prince-Bythewood
53, Film Director
Sheryl Lee Ralph 65, Actress
Shari Redstone 68,
Paramount Global
Tracy Reese 58, Tracy Reese
Faith Ringgold 91,
Kris Jenner Artist, Author, Educator
Susan Sarich 53, Susie Cakes
AG E: 6 6 • RE A L I TY TV • BUSINESSWOMAN
Jaki Shelton Green 69,
Jenner famously put the Kardashian family on the map in Poet Laureate
2007—when she was 51—with their reality TV show, Keeping Jean Smart 71, Actress
Up with the Kardashians. Since then, the five “K” kids—Kim, Octavia Spencer 52, Actress
Khloe, Kourtney, Kendall and Kylie—have forged an empire Mavis Staples 83, R&B Artist
powered by a combined 1 billion social media followers Martha Stewart 81,
Martha Stewart Living Omnimedia
that spans denim and makeup, skin care for babies, tequila
Elizabeth Strout 66, Author
and more. “Momager” Jenner gets a 10% cut of it all and a
Nathalie Stutzmann 57,
board seat at each company. She has her own ventures, too: Conductor
Safely, which makes plant-based cleaning products, and Tina Turner 82, Singer
Kris Collection, a cosmetics line she launched with Kylie. Dana Walden 58, Disney
Next up: private equity. In September, Kim Kardashian Terry Wheatley 69,
launched Boston- and Los Angeles–based SKKY Partners Vintage Wine Estates
OUR SECOND ANNUAL
50 OVER 50 FEATURES 200 alongside former Carlyle Group executive Jay Sammons, JuE Wong 58, Olaplex
DYNAMIC WOMEN THRIVING with Jenner as a partner. She claims hundreds of businesses
IN LIFE’S SECOND HALF. have already applied for consideration. —Lisette Voytko

FORBES.COM OCTOBER/NOVEMBER 2022

 17 Alford Drive • Saddle River, NJ • US $6,850,000 12 North Church Road • Saddle River, NJ • US $3,250,000
30 mins to Manhattan, this custom brick manor has a pool, tennis Ideal for extended family and guests on 2.3 acres with great views. Cul
court, and theater on 2.5 acres. Cul de sac location. de sac location. 30 mins to Manhattan.
Vicki Gaily • vgaily@specialproperties.com • +1 201.390.5880 Vicki Gaily • vgaily@specialproperties.com • +1 201.390.5880

The Ritz-Carlton Residences • Portland, OR • From US $1,000,000 One&Only Mandarina Villa 12 • Nayarit, Mexico • US $11,750,000
Luxury living at the intersection of creativity and culture. Ultra private luxury jungle beach resort villas.
Terry Sprague • terry@rcrportland.com • +1 971.217.8882 Jason Edwards • jason@lprluxury.com
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Michael Hsu work of art in Westlake. A one-of-a-kind residence on 1.6+ A magnificent 9,404 sq. ft. legacy property with expansive mountain views.
acres with Austin skyline views. Aaron Rabins • arabins@slifer.net • +1 949.910.0009
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Providing unrivaled access to the

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 ENTREPRENEURS
Revathi Advaithi 54, Flex
Frances Arnold 66,
Nobel Prize Winner
Jody Boyman 60,
Hungry Planet
Bobbi Brown 65, Jones Road
Edith Cooper 61, Medley
Joanne Crevoiserat 58, Tapestry
Poornima DeBolle 53,
Menlo Security
Mary Dillon 61, Foot Locker
Eileen Drake 56, Aerojet
88 Judy Faulkner 79, Epic Systems
Helen Greiner 54, iRobot
Anita Gupta 58, KiwiTech
Kristen Hege 59,
THE TREND

Bristol Myers Squibb

Dr. Helen Egger 61,
Little Otter Health
Diane Hendricks 75, ABC Supply
Vicki Hollub 62,
Occidental Petroleum
Mary Lou Jepsen 57, Openwater
Sheila Johnson 73,
Salamander Hotels and Resorts
Rosana Kapeller 59,
ROME Therapeutics
Fran Katsudous 52,
Cisco Systems
Deborah Kilpatrick 59,
Evidation Health
Daphne Koller 54, Insitro
Sheila Lirio Marcelo 51,
Proof of Learn
Judy Marks 67, Otis Elevator
Tekedra Mawakana 51, Waymo
Judy McReynolds 60, ArchBest
Pamela Melroy 61, NASA
Jade Mills 75,
Luxury Real Estate Agent
Ann Mukherjee 56,
Pernod Ricard North America
Veronica Muzquiz Edwards 59,
InGenesis
Bernadette Nixon 55, Algolia
Phebe Novakovic 64,
General Dynamics
Lisa Osborne Ross 60,
Edelman U.S.
Kim Pendergast 67,
Magnuson Products
Rosalind Picard 60, Empatica
Erica Rogers 59, Silk Road Medical
Ginni Rometty 65, OneTen
Kristin Savilia 53, Joor
Julie Schertell 53, Mativ
Christi Shaw 55, Kite
Lisa Su 52, AMD
Susan Tousi 52, Illumina
Therese Tucker 61, BlackLine
Jayshree Ullal 61, Arista
Bobbi Brown Vicki Vasques 68, Tribal Tech
Judith M. von Seldeneck 82,
AGE : 65 • FOUN DE R • JO NE S ROA D Diversified Search Group
Padmasree Warrior 61, Fable
In 1995, when she was 38, Brown signed a 25-year noncompete agreement after
Margaret-Mary Wilson 61,
selling her eponymous cosmetics brand to Estée Lauder for a reported $74.5 million. UnitedHealth
She worked at the makeup multinational for the next 22 years, helping build Bobbi Janet Wischnia 63,
Brown into a $1 billion brand. Then she quit—and quietly started mixing up makeup American Blossom Linens
REBECCA MILLER FOR FORBES

again. On October 26, 2020, the exact day her noncompete expired (a date inscribed Madonna Yawakie 63,
on one of her favorite necklace charms), she launched her direct-to-consumer brand, Turtle Island Communications
Jones Road. “I realized I love makeup and beauty, and I can do this better and I wasn’t
done,” she says. The line of clean cosmetics has taken off, thanks largely to Brown’s
approachable persona on TikTok. Sales hit a reported $20 million in 2021 and are on
track to triple this year. “I don’t hire consultants, I don’t hire focus groups. I have the
internet. My people tell me what they think and feel.” —M.M.

FORBES.COM OCTOBER/NOVEMBER 2022

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“Bellona” - Australia’s Most
Beautiful Beachfront Estate
Palm Beach, Sydney
US $27.5 million

Showcasing the world's finest homes...

and the stories behind them
ForbesGlobalProperties.com Offered for sale by Private Property Global
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 IMPACT
Michelle A. Albert 52,
American Heart Association
Elizabeth Alexander 60,
Andrew F. Mellon Foundation
Aimee Allison 52, She the People
Claire L. Babineaux-Fontenot 58,
Feeding America
Deborah Bial 57, Posse Foundation
Diana Bianchi 67,
Director, Eunice Kennedy Shriver
National Institute of Child Health and
Human Development
Heather Booth 76, The Jane Collective
90 Melissa Bradley 54, 1863 Ventures
Nancy Brinker 75, Promise Fund of Florida
Brené Brown 56,
Researcher, Leadership Expert
THE TREND

Ketanji Brown-Jackson 52,

Supreme Court Justice
Gretchen Carlson 56, Lift Our Voices
Sofia Chang 52, Girl Scouts of the USA
Cheryl Dorsey 59, Echoing Green
Maria Eitel 60, The Girl Effect
Deborah Enix- Ross 66,
American Bar Association
Gloria Feldt 80, Take the Lead
Maria Flynn 53, Jobs for the Future
Helene Gayle 67, Spelman College
Linda Goler Blount 62,
Black Women’s Health Imperative
Jennifer Grancio 50, Engine No. 1
Jennifer Gray Thompson 53, After the Fire
Carmen R. Green 62,
CUNY School of Medicine
Deb Haaland 61,
U.S. Secretary of the Interior
Kitty Hailey 77,
Private Investigator, Author
Patti Harris 67, Bloomberg Philanthropies
Michele Hooper 71,
Cofounder, CEO, The Director’s Council
Dolores Huerta 92, Civil Rights Activist
Erika James 53, The Wharton School
Billie Jean King 78,
Billie Jean King Leadership
Hoda Kotb 58, The Today Show
Manjusha Kulkarni 53, Stop AAPI Hate
Marsha Linehan 79,
Author and Psychologist
Marianne Malizia 63, U.S. Air Force
Loretta McCarthy 76, Golden Seeds
Molly Melching 73,
Tostan Community Empowerment Program
Alice Min Soo Chun 57, Solight Design
Eva Moskowitz 58, Success Academy
Leslie Motter 54,
Make-A-Wish Foundation
British A. Robinson 65,
Barbara Bush Foundation for
Family Literacy
MacKenzie Scott 52, Philanthropist
Fawn Sharp 52,
National Congress of American Indians

Hoda Kotb Suzan Shown Harjo 77,

Morning Star Institute
AGE : 58 • CO-A NCHO R • THE TO DAY SHOW Nora Super 58,
Milken Institute Center for the
Future of Aging
The longtime NBC News and Dateline correspondent was 53 in 2018 when network
Nicole Taylor 53,
execs tapped her for the role of a lifetime: taking the seat Matt Lauer had once Silicon Valley Community Foundation
occupied as co-anchor of the Today show. That made Kotb and Savannah Guthrie Jill Tiefenthaler 57,
REBECCA MILLER FOR FORBES

the first all-female anchor team in the morning show’s 70-year history. “There was National Geographic Society
always the old guy anchor and the young girl anchor,” Kotb says. “You never saw Khadijah Tribble 51,
us.” She has also published seven books since 2010, including This Just Speaks to U.S. Cannabis Council
Me, a quotation compilation that was a bestseller in 2020. But of all her midlife Dr. Wendee Wechsberg 68,
RTI Global Gender Center
accomplishments, the one of which she’s proudest is becoming a mom. In 2017, she
Katherine Wisner 70,
adopted the first of her two children. “I have never, ever in my life been this happy. Asher Center for the Study and
This decade of my life is by far the best decade I have ever had.” —M.M. Treatment of Depressive Disorders
Cathy Zoi 60, EVgo

FORBES.COM OCTOBER/NOVEMBER 2022

 MONEY
Anne Ackerley 60, BlackRock
Anu Aiyengar 52, JPMorgan
Patty Arvielo 57, American Funding
Cathy Beardsley 57, Segpay
Mary Callahan Erdoes 55, JPMorgan
Nadine Chakar 58, State Street
Maya Chorengel 52, The Rise Fund
Lisa D. Cook 58,
Federal Reserve Board of Governors
Mary C. Daly 59,
Federal Reserve Bank of San Francisco
Karen Derr Gilbert 61, FTV Capital
Anne Dias 52, Aragon 91
Anne Dinning 59, D.E. Shaw
Mary Ellen Stanek 66,
Baird Asset Management

THE TREND
Karen Firestone 66,
Aureus Asset Management
Sonia Gardner 60,
Avenue Capital Group
Claudia Goldin 76, Harvard University
Theresia Gouw 54, Acrew Capital
Kirsten Green 51, Forerunner
Laura Hale 51, Ladder
Suni Harford 60, UBS
Susan Huang 60, Morgan Stanley
Jean Hynes 53,
Wellington Management
Wendy Jagerson Teleki 53,
Women Entrepreneurs
Finance Initiative
Abigail Johnson 61,
Fidelity Investments
Jenny Johnson 58, Franklin Resources
Robyn Jones 60, Goosehead Insurance
Jenny Just 54, PEAK6
Sarah Ketterer 61, Causeway Capital
Annie Lamont 65, Oak HC/FT
Jenny Lefcourt 53, Freestyle Capital
Aida Levitan 74, U.S. Century Bank
Sarah Levy 51, Betterment
Corinne Nevinny 62, Avestria Ventures
Holly O’Neill 51, Bank of America
Luz Padilla 55, DoubleLine
Rebecca Patterson 54,
Bridgewater Associates
Adrienne B. Pitts 54, Loop Capital
Penny Pritzker 63, PSP Partners
Michelle Seitz 57, Russell Investments
Suzanne Shank 60,
Siebert Williams Shank & Co.
Priscilla Sims Brown 65,
Amalgamated Financial Corp.
Joan Solotar 58, Blackstone
Liz Ann Sonders 58, Charles Schwab
Sharon Vosmek 55, Astia Fund
Teri Williams 58, One United Bank
Amy Y. Zhang 51, Alger
Mallun Yen 52, Operator Collective Theresia Gouw
Nancy Zevenbergen 63,
Zevenbergen Capital AGE : 54 • FOU ND I N G PA RT NE R • ACR E W CA P ITA L
Julianne Zimmerman 54,
Reinventure Capital In 2019, when she was 51, Gouw launched Acrew Capital, a San Francisco–based
Nancy Zimmerman 59,
early-stage venture capital fund with a focus on software, cybersecurity and
Bracebridge Capital financial services. Within months, she raised $250 million from investors including
Melinda French Gates. Acrew now has $1 billion in assets under management and
stakes in companies such as Coinbase, fintech Plaid and Gusto, which makes
GABRIELA HASBUN FOR FORBES

payroll software. Gouw, who is personally worth some $600 million, was born in
Indonesia to parents of Chinese descent and immigrated to the U.S. at age 3.
She got a Stanford MBA in 1996 before becoming the first female partner at Accel
Partners. In 2014 she cofounded Aspect Ventures, one of the first female-led
venture firms in Silicon Valley. “Starting something on your own can seem really
scary,” Gouw says, but like any other early-stage investment, it’s really just a bet
on the founder—and “who do you know better than yourself?” —M.M.

OCTOBER/NOVEMBER 2022 FORBES.COM

 B
THE PROFILE

MAVERICK
92

B LO C KC H A I N ,
BASKETBALL,
B R O A D C A S T. C O M :
MARK CUBAN
HAS NEVER
LOST HIS
PASSION FOR
DISRUPTION.
NOW THE
BILLIONAIRE
ENTREPRENEUR
HAS AN
AMBITIOUS
P L A N TO TA K E
ON BIG PHARMA
AND LOWER
THE COST OF
PRESCRIPTION
DRUGS ONCE
AND FOR ALL.
AND, AFTER
13 SEASONS,
T H I S S AV V Y
S H A R K M AY
F I N A L LY B E
R E A DY TO L E AV E
T H E TA N K .

BY
J E M I M A M C E VOY

P H OTO G R A P H
BY G U E R I N B L A S K
FOR FORBES

FORBES.COM
 M
94
THE PROFILE
ark Cuban
unlocks his phone and
opens his inbox, which
is pinging like crazy as
email after email fills
the screen. “Bam, bam,
bam, bam, bam,” he
says, swiping each into
the garbage with barely
a moment’s thought.
One with the subject line “A Desperate Plea”: delete.
Next, an email about a crypto project he’s working on—
Cuban agreed to buy the digital rights to drawings by
one of the World Trade Center architects and is plan-
ning to turn them into NFTs. He squints. The type’s too
small. Next. Finally, an email from an aspiring entrepre-
neur. His first act of mercy: “I like these guys. I’ll save
them for later.”
Cuban in real life is not that much different from the
role he’s played for 11 years—or in TV math, 13 sea-
sons—on Shark Tank. He listens to everyone, at least
briefly, before making snap judgments. His person-
al email address is public (mcuban@gmail.com), and
the billionaire investor slogs through every scam, spam
message or pitch sent his way. Why? He can’t help it.
“To me it’s the sport I get to compete in and I get to be
really good at,” he says, grinning. “I’ll be 110 years old
still doing whatever is the equivalent 50 years from now
of responding to email.”
FORBES.COM
Cuban, the entrepreneur, has founded more
than ten companies, starting in 1983 with soft-
ware reseller MicroSolutions and up to Cost Plus
Drugs, the public benefit corporation he star-
ted in January 2022, which aims to lower pre-
scription drug prices. Cuban, the insta-billion-
aire, sold Broadcast.com, an internet sports
radio outfit, to Yahoo for $5.7 billion at the peak
of the dot-com bubble in 1999 (a few years la-
ter, Yahoo shuttered the service). Cuban, the
investor, has poured at least $25 million into
crypto concerns (including dogecoin, the curren-
cy famously started as a joke) and taken stakes in
at least 400 startups, many through Shark Tank.
Some of his gambles have done all right; some
have blown up (see “A Shark’s Mark,” page 101). But
more than two decades later, Broadcast.com is still
the main reason he got so rich, worth an estima-
ted $4.6 billion, good for 227th place on this year’s
Forbes 400 ranking of the wealthiest Americans.
(Cuban didn’t start Broadcast.com; it was founded
in 1992 by Chris Jaeb. He joined three years later
with his college buddy Todd Wagner, also a Broad-
cast.com billionaire.) The Yahoo sale earned Cu-
ban an estimated $1.1 billion payout after taxes.
He spent $280 million of that buying a majority
stake in the NBA’s Dallas Mavericks the next year.
Bam, another slam dunk. Now worth $2.2 billion,
according to Forbes’ estimate, his 85% stake in the
team represents almost half his fortune.
“On the one hand I understand that nobody
should have this much wealth, but it is what it
is,” Cuban says. “You make the best of it, and I
don’t feel guilty about it at all. I busted my ass
to get here.”
Cuban is the rare billionaire who seems to ac-
tually enjoy being rich. In his younger years he
embraced his wealth by buying a sprawling Dal-
las mansion, an apartment on Central Park West
and a private jet, and traveling the world party-
ing “like a rock star.” More recently he’s been hav-
ing a blast doling out advice on Shark Tank and
via Twitter (he has 8.8 million followers), buy-
ing shots for strangers and running his mouth to
anyone who will listen. He still spends money on
fun stuff. Case in point: He recently bought the
town of Mustang, Texas (population: zero), as a
favor to a dying friend (“this was his big asset”),
and appointed one of his other pals the mayor.
The billionaire toyed with the idea of filling the
ghost town with life-size robotic dinosaurs made
by one of his Shark Tank entrepreneurs but has
since deemed that impractical. He’s open to
other ideas. (Email him.)
On the far side of the seriousness spectrum
from animatronic T-Rexes is his new pharma-
ceutical business, Mark Cuban Cost Plus Drugs,
which he’s positioning as the remedy to skyrock-
OCTOBER/NOVEMBER 2022
 eting prescription prices. Launched nine months
ago, Cost Plus Drugs offers steep discounts on
around 350 different generic medications. Ge-
neric Crestor, a cholesterol-lowering med, costs
$151 a month at the local CVS, a steep discount
from the brand-name pill, which runs $329. Cu-
ban sells it for $4.80. Ditto Glucophage, a diabe-
tes drug. The generic sells for $20 at CVS, versus
$3.90 at Cost Plus. Or there’s the generic version
of antidepressant Zoloft, which is $50 at CVS but
$4.20 at Cost Plus.
ing movie distributor Magnolia Pictures. Once, during a
printer strike in Pennsylvania, a teenaged Cuban got up
before dawn and drove 130 miles to Cleveland to buy news-
papers to sell in his hometown.
The ploys got more ambitious as he got older. As a
rising senior at the University of Indiana, he begged and
borrowed enough—even dipping into his student loans—to
purchase a local bar, Motley’s Pub. It was at Motley’s, which
was eventually forced to close because of underage drink- 95
ing, that he met his future Broadcast.com partner Todd
Wagner. In August, Cuban returned to the site of Motley’s,

THE PROFILE
Cuban can offer such low prices because he by- now called Kilroy’s on Kirkwood, and left a $10,000 tip
passes the pharma industry’s many middlemen, after buying 100 shots for its patrons.
including the price negotiators known as phar- “[He] always knew he was either going to make it big
macy benefit managers. (It is a huge, notoriously or he was just going to go broke,” says Jerry Katz, who has
opaque business. Market leader CVS Caremark known Cuban since kindergarten.
generated $153 billion in sales in 2021.) Instead, By 32, Cuban was a multimillionaire after selling Micro-
Cuban buys directly from the folks who manu- Solutions to CompuServe, an early online service, for
facture the pills, paying them just enough to $6 million. He decided to retire. But that didn’t stick
make it worth their while, then sells them online for long. In 1995, the year Netscape went public, he and
at a fixed markup of 15%, plus $8 for shipping Wagner bought into Broadcast.com, then called Audio-
and fees. It’s not an entirely novel idea. Walmart Net, which was struggling to find a way to provide the
and Costco are experimenting with similar mod-
els. But Cuban, perhaps thanks to his celebrity, is
quickly gaining traction. Cost Plus Drugs already
claims more than a million customers and says it
is growing at a rate of about 10% each week, on
track to be profitable in 2023. Cuban is unchar-
acteristically tight-lipped about revenue; Forbes
estimates Cost Plus has booked at least $25 mil-
lion in sales during its first nine months as an op-
erating concern.
Cuban, who notes that it’s the first company
he’s ever put his name on, has invested close to
$100 million so far and says he’s all in on the
idea and willing to spend “whatever it takes.” It
is, in his own words, “legacy defining. If we get
this right, this will be the most impactful thing
I’ve ever done.”
He insists he will pull back from other projects
to focus on Cost Plus Drugs. He is even consid-
ering stepping away from Shark Tank. “Part of
me wants to quit,” he says. He’s not worried about
whether the show will sink or swim. “They’ll sur-
vive fine without me.”

C
UBAN’S FRIENDS AND FAMILY ALL
say the same thing: He was a born
entrepreneur. Raised in the quiet
Pittsburgh suburb of Mount Leba-
non, Pennsylvania, as the eldest of
three sons of working-class parents,
he stood out from a young age for his
endless stream of moneymaking schemes. Killer Instincts
“He was always doing stuff, always hustling (From left) Longtime Shark Tank stars Mark Cuban, Barbara Corcoran,
to make a buck,” says younger brother Jeff, who Kevin O’Leary and Lori Greiner with guest investor Daniel Lubetzky,
the founder of Kind bars, during the show’s 13th season.
ABC

runs Cuban’s entertainment properties, includ-

OCTOBER/NOVEMBER 2022 FORBES.COM

 “NOBODY SHOULD HAVE THIS MUCH WEALTH,
BUT IT IS WHAT IT IS. YOU MAKE THE BEST OF IT, AND
I D O N ’ T F E E L G U I L T Y ABOUT IT AT ALL.”
play-by-play of out-of-town sports, even ex-
96 perimenting with shortwave radio. Cuban and
Wagner took the idea online. As Web 1.0 mania
inflated, Broadcast.com recorded the best-
THE PROFILE
ever IPO at the time, ending its first trading day
with a market cap of $1 billion, more than 300
times its sales of $3.2 million. It sold to Yahoo a
year later.
Cuban knew a bubble when he saw one. He
and Wagner were paid in Yahoo shares, but in
a savvy move suggested by Cuban, the duo used
stock collars to cap their upside if the stock
jumped—but limited their downside if the shares
plummeted. Still, he readily admits that his lucky
break was exactly that. “Luck is a huge part of
everyone’s success. Shaq used to give me a hard
time when I first got to the NBA. He goes, ‘Oh,
you got lucky.’ And I’m like, ‘You planned to be
seven-foot-two and athletic, right?’ ”
Wagner, who has partnered with Cuban on
multiple businesses since, including the Mav-
ericks, and who himself is worth some $1.8 bil-
lion, argues it’s much more than just luck. “Mark,
I think, has always had an ability, and still does,
to see around corners,” he says. “I think of Mark
as the smartest, best-prepared guy in the room.”
A
S MUCH AS HE LOVES MONEY,
Cuban might love being famous even
more. In 2004, he starred in The
Benefactor, ABC’s answer to Donald
Trump’s Apprentice, in which 16 con-
testants competed for $1 million out
of Cuban’s fortune. It was canceled
after one season. (Trump later wrote to Cuban
consoling him on his “disastrous” and “embar-
rassing” effort. “If you ever decide to do another
show, please call me and I will be happy to lend
a helping hand.”) A big silver lining: meeting
producer Clay Newbill, who later recruited him
for Shark Tank. Cuban wasn’t available for the
show’s pilot in 2009 but joined as a “guest shark”
in the second season in 2011. He has been on ev-
ery episode since.
“Everybody, at some level, wants to be a celeb-
rity,” says Cuban, who has also appeared in doz-
ens of TV shows and movies as himself, including
Entourage and Brooklyn Nine-Nine.
Like other Hollywood types, Cuban has be-
come enamored with NFTs, down to owning a
FORBES.COM
CryptoPunk (No. 869, currently valued at $95,000.) He
was a prominent supporter of NBA Top Shot, the league’s
highly successful NFT marketplace (more than $1 billion
in total sales since its October 2020 launch), and even
started his own NFT platform, Lazy.com, where he dis-
plays his personal collection. In March 2021, the Mavericks
became the first NBA team to accept the meme cryptocur-
rency dogecoin as a form of payment—and (incredibly) still
do despite the currency plummeting 90% since last year.
It’s quite an about-face for Cuban, who quipped back in
2019 that he’d “rather have bananas” than bitcoin.
Last October, the Mavericks inked a five-year partner-
ship with Voyager Digital, one of the fastest-growing pub-
licly traded crypto brokerages in the United States. Voya-
ger has since lost 99% of its value and filed for bankrupt-
cy, prompting a group of customers to sue Cuban, arguing
that his endorsement duped everyday investors into pump-
ing $5 billion (now frozen) into the platform. Cuban won’t
comment on the lawsuit beyond saying it won’t stop him
from promoting crypto.
The launch of Cost Plus Drugs in January was years in
the making for Cuban—and even longer for his cofounder,
Alex Oshmyansky, a radiologist from Colorado who, with
some doctor friends, came up with the idea of selling off-
patent drugs at manufacturing cost back in 2015. The doc-
tors imagined it as a nonprofit and spent three years search-
ing for funding. “We failed spectacularly and didn’t raise a
single dime beyond what I put in myself,” says Oshmyansky,
who invested about $200,000. In 2018, he switched gears
and reincorporated as a public benefit corporation, mean-
ing he could run the pharmacy as a business rather than a
charity. That’s when Cuban got involved.
The billionaire’s initial investment was small (about
$250,000), but he incrementally put in more money as
the company made progress in overcoming regulatory hur-
dles and persuading hesitant drug manufacturers to partic-
ipate. It took a full year to convince the first manufactur-
er, New Jersey–based Amneal Pharmaceuticals, to agree to
make drugs for Cost Plus. At first, Cost Plus offered just 100
medications from three manufacturers. Now it works with
20 manufacturing partners and is adding about 100 new
drugs every month.
Cost Plus is also planning to manufacture its own medi-
cations. Its $11 million, 22,000-square-foot Dallas manu-
facturing facility is set to open in November. The all-
robotic plant has been designed as a “flexible” facility that
can quickly pivot to make whatever drugs the company
can’t source from other manufacturers.
For all its benefits, Cost Plus has some major limitations.
The company doesn’t accept insurance. Nor does it current-
ly sell drugs that are still protected by patents, which in-
OCTOBER/NOVEMBER 2022
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 “LUCK IS A HUGE
A SH AR K ’S M AR K PART OF EVERYONE’S
IN HIS 13 SEASONS AS A SHARK TANK JUDGE, SUCCESS. SHAQ USED TO
MARK CUBAN SAYS HE’S INVESTED $29 MILLION
IN AT LEAST 85 COMPANIES. HE HAS HIT GIVE ME A HARD TIME:
A HANDFUL OF HOME RUNS, BUT JUST LIKE A
TRADITIONAL VC, HE’S ALSO STRUCK OUT
‘ O H , Y O U G O T L U C K Y.’
A BUNCH (AT LEAST TWO CUBAN-BACKED
STARTUPS HAVE DECLARED BANKRUPTCY
AND I’M LIKE, ‘YOU 101
OR STOPPED OPERATING). ONE BIG WINNER:
PRESCHOOL APP BRIGHTWHEEL, OF WHICH
PLANNED TO BE

THE PROFILE
CUBAN OWNS A 2% STAKE WORTH $12 MILLION,
20 TIMES HIS ESTIMATED INVESTMENT.
SEVEN-FOOT-TWO AND
HERE ARE A COUPLE MORE FROM EACH SIDE
OF THE SCORECARD.
ATHLETIC, RIGHT?’ ”

WINNERS clude blockbusters like Humira (arthritis) and

Dude Products
Four young guys in Chicago
who prefer baby wipes
to toilet paper invented
flushable Dude Wipes,
packaged in single travel
packets for on-the-go use.
Sales grew to $67 million last
year and the firm is valued
at $300 million. Cuban
invested in 2015.
LOSERS
Breathometer
Cuban put an estimated
$250,000 into this
smartphone attachment to
measure blood alcohol
levels in 2013 but later called
it his worst investment.
The tech didn’t work; the
Federal Trade Commission
required the company to
offer full refunds.
—Conor Murray and Jemima McEvoy
BeatBox Beverages
Backed by Cuban in 2014,
BeatBox sold $30 million of
its prepackaged cocktails—
“party punch” flavors
include “blue razzberry” and
pink lemonade—over the
past year. In September, the
company raised $15 million
from private investors at a
$200 million valuation.
Toygaroo
A “Netflix for toys” that
rented out children’s
playthings for a monthly
fee. It floundered, filing
for bankruptcy in 2012—just
one year after Cuban and
fellow shark Kevin O’Leary
pledged to invest $200,000
on the show.
Trulicity (diabetes). “Our goal is to be the low-
cost provider of medications, and we will surprise
a lot of people when we have branded drugs,” Cu-
ban says. “I think people are just missing us. . . .
They kind of pigeonhole us.”
Beyond pharma, Cuban is thinking about
higher ed, another industry ripe for disruption.
“The one thing I will never do is give a school
money, because all they’re going to do is build
buildings,” he says. He argues that a better ap-
proach would be universities stripped down to
the basics. Skip the “pretty dorms,” fancy cafe-
terias, rock-climbing walls and Division I sports
and focus instead on recruiting the best teachers
and keeping tuition low.
By nature, Cuban is not a pessimist, but the
“one thing” that gets him down is American poli-
tics. He isn’t a fan of efforts to hike billionaires’
taxes (shocker!) and thinks the electoral process
needs an overhaul. “I want to blow up the two-
party system,” he says. “To me, that is the root
of all evil.” He seriously explored a presidential
run in 2020 but decided against it after attract-
ing less than 25% of the vote in a national poll
he commissioned.
Four years ago, Cuban turned 60. His birth-
day celebration was exactly the sort of blowout
you might imagine. A host of friends and celeb-
rities—his Shark Tank colleagues, singer Jen-
nifer Lopez and her then-fiancé, former New
York Yankees star Alex Rodriguez—gathered on
the lawn of his epic 24,000-square-foot Dallas
spread. Stevie Wonder and the Chainsmokers,
a popular electronic-music duo, provided the
entertainment.
Toward the end of the night, Cuban wandered
up to his childhood friends Jerry Katz and Todd
Reidbord. “He was the drunkest I’d ever seen
anybody, but [he was] a happy person,” Reidbord
recalls. “He put his arms around us and said,
‘I can’t believe this happened to me.’ ”

OCTOBER/NOVEMBER 2022 FORBES.COM

 THE LIST
THE RICHEST PEOPLE IN AMERICA

The
Forbes

FORBES.COM
THE RICH DON’T ALWAYS GET RICHER. As a group, the 400
wealthiest Americans are worth $4 trillion—$500 billion less than
last year. The minimum net worth to make The Forbes 400 dropped
for the first time since the Great Recession, down $200 million to
$2.7 billion amid the market selloff. No one has been hit harder than
tech billionaires, who have lost a combined $315 billion. Still, it was
a great year to be an oil-and-gas tycoon, a sports mogul or Elon Musk.
And 42 people joined or rejoined the ranks, spanning ages 29 to 90.
103
I L LU S T R AT I O N BY W E S L E Y B E D R O S I A N F O R F O R B E S
 1. ELON MUSK
$251 billion © • SELF-MADE SCORE:u
SOURCE: Tesla, SpaceX
AGE: 51 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: y
Musk tops The Forbes 400 for the first time
thanks to a fresh round of funding for his
private rocket business, SpaceX, valuing it
at $127 billion, and an 11% climb in the value
of Tesla stock. That’s despite a 20% drop in
104 the electric carmaker’s shares since Musk
announced his $44 billion takeover of Twitter
in April, which he’s been fighting to void. Last
November, the same month he became the
THE LIST

first person worth $300 billion, he secretly

fathered twins with an executive of his brain
implant startup, Neuralink. In May, he was
accused of sexually harassing a SpaceX flight
attendant. Musk denied the allegation.

2. JEFF BEZOS
$151 billion ª • SELF-MADE SCORE:u
SOURCE: Amazon
AGE: 58 • RESIDENCE: Medina, WA
PHILANTHROPY SCORE: yy
Knocked from the top spot for the first time
since 2017, the Amazon founder and chairman
saw his net worth drop $50 billion as the
e-commerce giant’s shares tumbled more
than 20%. Through his VC firm, Bezos, who
stepped down as Amazon CEO in July 2021,
has invested in everything from digital media
company Overtime Sports to Wildtype, which
makes seafood from fish cells. In a public
setback, his Blue Origin had to abort a rocket
launch in September. Meanwhile, Bezos
ordered a superyacht so big that shipmaker
Oceanco had to request that a historic bridge
in Rotterdam be dismantled in order for the
vessel to leave. The yacht, which is on the verge
of completion, was eventually towed away after
intense backlash with the bridge still intact.
3. BILL GATES
$106 billion ª • SELF-MADE SCORE:u
SOURCE: Microsoft
AGE: 66 • RESIDENCE: Medina, WA
PHILANTHROPY SCORE: yyyyy
In July, Gates announced he was shifting
$20 billion of his fortune to the Bill &
Melinda Gates Foundation. That big gift
accounts for most of the estimated $28
billion drop in his net worth over the past
year. Gates, who saw an outbreak like Covid-
19 coming back in 2015, released a new book
in May: How to Prevent the Next Pandemic.
4. LARRY ELLISON
$101 billion ª • SELF-MADE SCORE:v
SOURCE: Oracle
AGE: 78 • RESIDENCE: Lanai, HI
PHILANTHROPY SCORE: y
Ellison, who contributed $1 billion to Elon
Musk’s Twitter bid, has reportedly been
subpoenaed by Twitter in the messy legal
battle over the deal. The Oracle founder also
made news in May when it was revealed that
Elon Musk
Beach spread for $145 million, less than a
year after he paid $80 million for it.
5. WARREN BUFFETT
$97 billion ª • SELF-MADE SCORE:u
SOURCE: Berkshire Hathaway
AGE: 92 • RESIDENCE: Omaha, NE
PHILANTHROPY SCORE: yyyyy
The legendary bargain hunter began the
year lamenting a lack of good deals but soon
found plenty. In March, Berkshire Hathaway
agreed to shell out $11.6 billion for insurer
Allegheny Corp. In April, he told investors
he had plowed $51 billion of Berkshire’s cash
into stocks, including billion-dollar bets on
Chevron, Occidental Petroleum and HP.
One of the biggest philanthropists in history,
Buffett continued his summer tradition
of donating billions to charity, giving
shares worth about $4 billion to the Gates
Foundation, as well as to foundations for his
three children and late wife, in June.
6. LARRY PAGE
$93 billion ª • SELF-MADE SCORE:u
SOURCE: Google
AGE: 49 • RESIDENCE: Palo Alto, CA
PHILANTHROPY SCORE: y
7. SERGEY BRIN
$89 billion ª • SELF-MADE SCORE:v
SOURCE: Google
AGE: 49 • RESIDENCE: Los Altos, CA
PHILANTHROPY SCORE: yy
The elusive founders of the world’s most
gained residency in the country, while the
press feasted on reports that Brin filed to
divorce his second wife in January after
rumors of a brief affair with Elon Musk.
She denied the allegations, as did the Tesla
cofounder, who shared selfies of him and his
friend Brin, who kept quiet. In September,
Brin announced a $50 million gift over the
next five years to help find treatments for
bipolar disorder.
8. STEVE BALLMER
$83 billion ª • SELF-MADE SCORE:s
SOURCE: Microsoft
AGE: 66 • RESIDENCE: Hunts Point, WA
PHILANTHROPY SCORE: yy
The former Microsoft CEO has taken his
energetic leadership skills to the NBA, after
buying the Los Angeles Clippers for a then-
record $2 billion from the wife of embattled
former owner Donald Sterling (No. 261) in
2014. Since then he’s remade the team into a
powerhouse, with a string of winning seasons
and a glitzy new arena rising in the shadow of
the city’s sporting crown jewel: the $5 billion
SoFi Stadium, the high-tech home for the
NFL’s Los Angeles Rams. He’s throwing good
money after good: The Clippers, long among
the worst franchises in the league, are now
worth more than $3 billion.
9. MICHAEL BLOOMBERG
$76.8 billion © • SELF-MADE SCORE:u
SOURCE: Bloomberg LP
AGE: 80 • RESIDENCE: New York, NY
MARK MAHANEY

he joined a November 2020 conference call
to discuss ways to overturn Donald Trump’s
election loss. In June, he paid a Florida record
of $173 million for a home in Manalapan.
Two months later, he listed his North Palm
popular internet search engine gave up
operational control of Google and its parent,
Alphabet, at the end of 2019. These days
they’re making news for more personal
reasons. New Zealand confirmed that Page
PHILANTHROPY SCORE: yyyy
The Bloomberg LP cofounder and former
mayor of New York committed $750 million
to charter schools last December. In April,

OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST RETURNEE  SPLIT FAMILY FORTUNE
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 PRATT INDUSTRIES
70
FACTORIES

$10B
OF INVESTMENT

11,000
EMPLOYEES

... And Counting!

www.prattindustries.com
 he announced that two schools in his home
city would receive $100 million apiece. Two
months later, Bloomberg Philanthropies
joined eight partners in pledging $1 billion
to protect the ocean from climate change.
Largesse, shrewd tax planning or both?
According to leaked IRS data published by
ProPublica in April, he paid the fourth-lowest
federal income tax rate among America’s
top 400 earners from 2013 to 2018 while
outearning everyone but Bill Gates.
106
10. JIM WALTON
$57.9 billion ª • SELF-MADE SCORE:o
SOURCE: Walmart
THE LIST
AGE: 74 • RESIDENCE: Bentonville, AR
PHILANTHROPY SCORE: y
Walmart shares have lost 11% of their value
over the last year as higher costs have dented
the company’s profits. Since ceding his seat
on the retailer’s board to son Steuart in 2016,
the richest of the Walton heirs has remained
focused on running the family’s Arvest Bank,
which will funnel a sliver of its $27 billion
in assets to a University of Arkansas football
player as part of a name, image and likeness
(NIL) deal announced in August.
11. MARK ZUCKERBERG
$57.7 billion ª • SELF-MADE SCORE:u
SOURCE: Facebook
AGE: 38 • RESIDENCE: Palo Alto, CA
PHILANTHROPY SCORE: yyy
Another tough year for Meta, with daily
Facebook users dropping amid competition
from apps like TikTok. Zuckerberg’s push
into the “metaverse” hasn’t been well
received either, prompting him to promise
“major updates” to graphics following online
criticism. Shares are down 57% since last
year’s list, helping lop nearly $74 billion off
Zuck’s fortune and moving him out of the
top 10 for the first time since 2014.
12. ROB WALTON
$56.7 billion ª • SELF-MADE SCORE:q
SOURCE: Walmart
AGE: 77 • RESIDENCE: Bentonville, AR
PHILANTHROPY SCORE: y
Walton immediately became the richest
NFL owner when he outbid groups led by
fellow billionaires Josh Harris (No. 160),
Mat Ishbia (No. 234) and Jose E. Feliciano
(No. 244) to buy the Denver Broncos in
June for $4.7 billion—the most ever spent
on a sports franchise. Walton’s consortium
includes his daughter Carrie Walton Penner,
who replaced him on the board of the family’s
charitable foundation, and his son-in-law
Greg Penner, who succeeded him as Walmart
chairman—as well as former secretary of
state Condoleezza Rice and Ariel Investments
co-CEO Mellody Hobson, who is married to
George Lucas (No. 181). Walton and his wife,
Melani, pledged $100 million last September
to help preserve 30 African national parks
and protected areas.
13. CHARLES KOCH
$56 billion © • SELF-MADE SCORE:r
SOURCE: Koch Industries
AGE: 86 • RESIDENCE: Wichita, KS
PHILANTHROPY SCORE: yy
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw
13. JULIA KOCH & FAMILY
$56 billion © • SELF-MADE SCORE:n
SOURCE: Koch Industries
AGE: 60 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
Sales at America’s second-largest private
company, Koch Industries, reached some
$125 billion in 2021, up from an estimated
$115 billion a year earlier. A major oil refiner,
the Wichita conglomerate has invested
more than $2 billion since early 2021 into
energy transformation technologies such as
electric batteries, energy storage and solar
power infrastructure. Last December, a
Koch subsidiary reportedly sold a 340,000-
acre Montana cattle ranch to media mogul
Rupert Murdoch (No. 35) for roughly
$200 million. Charles Koch and the family
of Julia Koch, the widow of his younger
brother David (d. 2019), each owns 42%
of Koch Industries.
15. ALICE WALTON
$55.7 billion ª • SELF-MADE SCORE:n
SOURCE: Walmart
AGE: 72 • RESIDENCE: Fort Worth, TX
PHILANTHROPY SCORE: yy
Walton briefly worked for Walmart as a buyer
of children’s clothes in the 1970s but has
since focused on philanthropy and collecting
art—much of it housed at her Crystal Bridges
Museum of American Art in the family’s
hometown of Bentonville, Arkansas. She has
contributed at least $1.5 billion in cash and
Walmart stock to her Art Bridges foundation
since 2016. In June, the holistic health
institute she founded in Bentonville a year
earlier was renamed the Alice L. Walton
School of Medicine.
MacKenzie Scott
RETURNEE  SPLIT FAMILY FORTUNE
16. MICHAEL DELL
$50 billion ª • SELF-MADE SCORE:u
SOURCE: Dell computers
AGE: 57 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: yy
Nearly four decades after a 19-year-old Dell
founded Dell Technologies from his University
of Texas dorm room, he remains chairman and
CEO of the company, which now pulls in $100
billion in annual revenue. Last November,
Dell spun off its 81% stake in software firm
VMWare; in May, chipmaker Broadcom
agreed to buy the company for $61 billion. In a
September LinkedIn post, he spoke out against
tech CEOs pushing for a return to the office.
17. PHIL KNIGHT & FAMILY
$41.5 billion ª • SELF-MADE SCORE:u
SOURCE: Nike
AGE: 84 • RESIDENCE: Hillsboro, OR
PHILANTHROPY SCORE: yyy
Since retiring as chairman and CEO in 2016,
the Nike founder has led a $270 million
investment for a new track-and-field stadium
at the University of Oregon, his alma mater,
and is said to be personally involved in talks
for its teams to join the Big Ten conference.
Earlier this year, he reportedly made a
$2 billion offer for the Portland Trail
Blazers that was rebuffed by the estate of
Microsoft cofounder Paul Allen (d. 2018).
18. M ACKENZIE SCOTT
$37.7 billion ª • SELF-MADE SCORE:p
SOURCE: Amazon
AGE: 52 • RESIDENCE: Seattle, WA
PHILANTHROPY SCORE: yyyyy
Since her 2019 divorce from Jeff Bezos
(No. 2), Scott has been dropping billions
at breakneck speed. She has given away
$4 billion since last summer, including
$281 million to the Boys and Girls Club
of America and $275 million to Planned
Parenthood. In August she donated two
Beverly Hills mansions, worth $55 million,
to the California Community Foundation,
which will sell them and use the proceeds
for affordable housing and immigrant
integration efforts. In all, Scott has donated
$12.6 billion since June 2020.
19. JACQUELINE MARS
$37 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc
AGE: 82 • RESIDENCE: The Plains, VA
PHILANTHROPY SCORE: N/A
19. JOHN MARS
$37 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc
AGE: 86 • RESIDENCE: Jackson, WY
PHILANTHROPY SCORE: N/A
Their candy giant, Mars Inc., is getting
a new CEO at the end of September, as
DAVID LIVINGSTON/GETTY IMAGES
longtime executive Grant Reid steps down
after helping more than double its sales
to $45 billion in eight years. The secretive
siblings, whose grandfather created the
Milky Way bar in 1923, together own an
estimated two-thirds of Mars Inc. Jacqueline
helped fund a sculpture of 140 migrants
and refugees that was recently unveiled in a
plaza at the Catholic University of America in
Washington, D.C.
OCTOBER/NOVEMBER 2022
PHILANTHROPY SCORE: ylyyyyy
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 PRINCIPAL MOVEMENT MAKERS
ABILENE TEACHERS FEDERAL CREDIT UNION
Abilene
Executive Champion:
James Boyd, President and CEO
ADVOCATE AURORA HEALTH

SIMPLY AMAZING
Chicagoland
Executive Champion:
Mike Farrell, President, Advocate Children’s
Hospital
ANDERSON BROTHERS BANK
Greater Pee Dee
Horry Georgetown
re heroes. Executive Champion:
Bryan Lenertz, Vice President
her of Holly West, Branch Manager
Jo Horne, Branch Operations Coordinator
s in ANTHEM
hy Greater Virginia
Executive Champion:
Jeff Ricketts, President
ATRIUM HEALTH WAKE FOREST BAPTIST
Triad
JOIN THE MOVEMENT! Executive Champion:
Dr. Jennifer Check
marchofdimes.org BELL TEXTRON
Fort Worth
Executive Champion:
Rudy Lopez, Vice President, Contracts
National
Regional BLACK & VEATCH
Signature Greater Kansas City
Partner
Partner
CENTERPOINT ENERGY
Houston
Executive Champion:

MARQUEE MOVEMENT MAKERS

Brad Tutunjian, Vice President, Electric
Distribution Operations and Power Delivery
COVIS PHARMACEUTICAL
Massachusetts
Executive Champion:
Francesco Tallarico, General Counsel
ED NAPLETON AUTOMOTIVE GROUP
South Suburban
Executive Champion:
Susie Cotugno, Controller
ERNST & YOUNG
Houston
Executive Champion:
David Zaozirny, Partner
pion:
Diversity EY
on Greater Washington DC
entucky Executive Champion:
Kevin Nagel, Partner
EY NY
New York City
Executive Champion:
hampion: Dan Black, Global Leader, Talent
Chief Attraction & Acquisition
cer FORD MOTOR COMPANY
Metro Detroit
Executive Champion:
John Savona, Vice President Americas
Manufacturing & Labor Affairs, Ford Blue
GREENFIELD MIDSTREAM
e Champion: Montgomery County
rti, President Executive Champion:
lina
Chris Coxon, CEO
GREENVILLE TECHNOLOGY, INC.

PREMIER MOVEMENT MAKERS

Greater Cincinnati/N. Kentucky
Executive Champion:
Akio Morimoto - President
HACKENSACK MERIDIAN HEALTH
JFKUMC HEROES FOR BABIES
pion: Executive Champ New Jersey
rector of Winell Herron, Vic Executive Champion:
n & Public Affairs Public Affairs, Envir Sydney Santoro. Team Leader
Affairs, and Diversity
Houston
HARVEY-CLEARY BUILDERS
Greater Washington DC
Executive Champion:
Joe LaFonte, Director, Shareholder
hampion: Executive Champion: HCA HEALTHCARE
enport, Jamie Floyd Middle Tennessee
tive Officer Anderson Executive Champion:
Amy Casseri, Senior Vice President
INOVA HEALTH SYSTEM
Greater Washington DC
Executive Champion:
e Champion: Kathleen Gallagher, SVP Government
Dyson Initiatives, Wintrust Bank, and Dan Stiles,
g VP, Wintrust Commerical Banking
Chicagoland
ISN TEXAS HEALTH RESOURCES CHILDREN’S HEALTHCARE OF KEYBANK
Dallas Dallas ATLANTA Western Washington
Executive Champion: Executive Champion: Atlanta KOPPERS
Adam Logan, Senior Vice President, Jim Parobek, President CINCINNATI CHILDREN’S Western & Central PA
Application & Data TOTAL PETROCHEMICAL HOSPITAL MEDICAL CENTER KPMG
KPMG Baton Rouge & Shreveport Greater Cincinnati/N. Kentucky Houston
Chicago Executive Champion: CITI
Executive Champion: Stacey Schexnayder KPMG - PITTSBURGH
Middle Tennessee Western & Central PA
Andrea Rodbro, Partner UNITED STATES STEEL CITI- NYC LYONDELLBASELL
MASS GENERAL BRIGHAM CORPORATION New York City
Massachusetts Western & Central PA Houston
Executive Champion: Executive Champion: CITY OF BIRMINGHAM MAINE MEDICAL CENTER
Stephanie Shine, RN BSN Duane Holloway, SVP, General Greater Birmingham Coast to Coast Experience
MCCARTHY BUILDING Counsel and Chief Ethics & CITY OF CHICAGO MCCARTHY BUILDING
COMPANIES SAN DIEGO Compliance Officer Chicago COMPANIES
San Diego UNITED SUPERMARKETS CITY OF LOS ANGELES Orange County
Executive Champion: Lubbock Los Angeles MCGILL & RODGERS
Steve Van Dyke, Vice President, Executive Champion: Oklahoma City
COHEN CHILDREN’S MEDICAL
Project Executive Greg Anderson, Manager
CENTER MCGRIFF
MEMORIAL HERMANN HEALTH UNIVERSITY OF HOUSTON Long Island Dallas
SYSTEM Houston
COLUMBIA BANK NJ MEDICAL CITY HEALTHCARE
Houston and Fort Bend Executive Champion:
New Jersey Fort Worth
Executive Champion: Jason Smith, Vice Chancellor
Amalia Stanton, SVP, Chief Strategic of Governmental & Community COMMUNITY HEALTH CHOICE MEMORIAL HEALTHCARE SYSTEM
Communications & Marketing Relations Houston Broward County
Officer UPMC AND UPMC HEALTH PLAN COMMUNITY HEALTH SYSTEMS MILLIKEN & COMPANY
MICHELIN NORTH AMERICA - Western & Central PA Middle Tennessee Spartanburg
SPARTANBURG Executive Champion: COMPLEX COMMUNITY FEDERAL
Spartanburg Diane P. Holder, President and CEO, NIKE, INC
CREDIT UNION Portland
Executive Champion: UPMC Health Plan and Executive Lubbock
Ruth Free Vice President, UPMC NYU LANGONE LONG ISLAND
COOK CHILDREN’S HOSPITAL
MICHELIN NORTH AMERICA - VAL VERDE UNIFIED SCHOOL Fort Worth
LEXINGTON DISTRICT Long Island
Midlands Inland Empire CORNING PARKLAND HEALTH AND
Executive Champion: Executive Champion: New York City HOSPITAL SYSTEM
Dan Bruinsma Michael McCormick, DELOITTE Dallas
NORTHWESTERN MEDICINE Superintendent Greater Washington DC PEPSICO PR
Chicago WABTEC DELOITTE Marcha Por Los Bebes
Executive Champion: Fort Worth Portland PRESTON AUTOMOTIVE
Jessica Rosati, Director, Women’s Executive Champion: DIEDRICH ESPRESSO Western Washington
Health Joe Mercado, Teaming Leader Western Washington RELIANT, AN NRG COMPANY
PLASTIC OMNIUM - GREER WALMART RETURNS CENTER DRIVE AUTOMOTIVE Houston
Greenville, SC Spartanburg Greenville SC
Executive Champion: Executive Champion: RUSSELL COUNTY SCHOOLS- KY
Tanya Donald John Carter, General Manager DUKE HEALTH Lake Cumberland
Laura Waters Triangle SYNOVUS BROWARD COUNTY
WILMINGTON PAPER CORP
PSEG LONG ISLAND New Jersey DUNKIN’ Broward County
Long Island Executive Champion: Chicago TAMPA GENERAL HOSPITAL
Executive Champion: Brett Lurie, President EDWARD HOSPITAL - ILLINOIS March for Babies Tampa Bay
George Coburn, PSEG Long Island Josh Lurie, Head of Data Analytics DuPage TEXAS HEALTH
Manager of Customer Experience, and Information EY - PITTSBURGH Fort Worth
Community Outreach WM. MASSEY ELECTRIC Western & Central PA UAB MEDICINE
PSEG NEW JERSEY Middle Tennessee FEDEX CORPORATION Greater Birmingham
New Jersey Executive Champion: Houston
Executive Champion: Nathan and Debbie Massey, Owners UAW FORD MOTOR COMPANY
Craig Bartley, Director, Energy FISCHER AND FRICHTEL HOMES Chicago
Services St. Louis Regional
PUEBLO CORPORATE MOVEMENT MAKERS FLORIDA POWER & LIGHT
UAW FORD MOTOR COMPANY
Greater Louisville
Marcha Por Los Bebes Palm Beach/Treasure Coast UK HEALTHCARE
ACADIAN AMBULANCE
Executive Champion: Baton Rouge & Shreveport GERBER Greater Bluegrass
Consuelo Abriles Greater Washington DC
VP de Mercadeo y Relaciones con la ASRC FEDERAL UNION PACIFIC RAILROAD
Comunidad Greater Washington DC GM FINANCIAL Nebraska/Western Iowa
Greater Arizona UNITED COMMUNITY BANK
PWC ATLAS TECHNOLOGIES - SC
Chicago Charleston GM FINANCIAL Greenville SC
Executive Champion: Fort Worth UNITED HEALTHCARE
AUSTIN COMMERCIAL
Andy Dahle, Retired Partner, and Dallas HARGROVE ENGINEERS + Greater Arizona
Jason Josko, Partner CONSTRUCTORS - MEMPHIS US ANESTHESIA PARTNERS
BANK OF AMERICA, CENTRAL Coast to Coast Experience
SCHLUMBERGER AND NORTHERN CALIFORNIA Houston
Fort Bend San Francisco HCA HEALTHCARE WAKEMED
Executive Champion: Coast to Coast Experience Triangle
Steve Gassen, SVP, Carbon BETH ISRAEL DEACONESS
MEDICAL CENTER HCA HEALTHCARE WATSON CLINIC
Solutions Miami-Dade County
Massachusetts Polk County
SOUTH AMERICAN RESTAURANT HCA HEALTHCARE
CORP - CHURCH’S CHICKEN BNSF RAILWAY COMPANY WCS
Fort Worth Broward County Southwest Florida
Marcha Por Los Bebes
Executive Champion: BOSTON PROPERTIES HOULIHAN LOKEY WILKES COUNTY SCHOOLS
Felipe Flores, Vice-Presidente Senior Greater Washington DC North Fulton Triad
de Mercadeo BURGER KING HOUSTON METHODIST HOSPITAL
TALOS ENERGY Marcha Por Los Bebes Houston
Montgomery County CARLTON FIELDS MIAMI HOUSTON METHODIST
Executive Champion: Miami-Dade County SUGAR LAND HOSPITAL
Robin Fielder, Executive Vice Fort Bend
President, Low Carbon Strategy & CAROLINA ONE REAL ESTATE
Charleston HOUSTON METHODIST
Chief Sustainability Officer THE WOODLANDS HOSPITAL
TEXAS CHILDREN’S HOSPITAL CGS ADMINISTRATORS Montgomery County
Houston Middle Tennessee
JOHNSON & JOHNSON
Executive Champion: CHEEERS RECOVERY CENTER CONSUMER, INC.
Teresa Tonthat, Vice President, IT Greater Arizona Greater Philadelphia
& CISO
 21. KEN GRIFFIN
$30.8 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 53 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: y
22. LEN BLAVATNIK
$30.7 billion ª • SELF-MADE SCORE:v
SOURCE: Music, chemicals
AGE: 65 • RESIDENCE: London, England
PHILANTHROPY SCORE: yy
23. JEFF YASS
110 $30 billion © • SELF-MADE SCORE:u
SOURCE: Trading, investments
AGE: 64 • RESIDENCE: Haverford, PA
PHILANTHROPY SCORE: y
THE LIST
24. STEPHEN SCHWARZMAN
$29.1 billion ª • SELF-MADE SCORE:u
SOURCE: Investments
AGE: 75 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
25. JIM SIMONS
$28.1 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 84 • RESIDENCE: East Setauket, NY
PHILANTHROPY SCORE: yyyy
26. MIRIAM ADELSON & FAMILY
$26.4 billion ª • SELF-MADE SCORE:o
SOURCE: Casinos
AGE: 76 • RESIDENCE: Las Vegas, NV
PHILANTHROPY SCORE: yy
27. LEONARD LAUDER
$21.9 billion ª • SELF-MADE SCORE:r
SOURCE: Estée Lauder
AGE: 89 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyy
28. HAROLD HAMM & FAMILY
$21.1 billion © • SELF-MADE SCORE:w
SOURCE: Oil and gas
AGE: 76 • RESIDENCE: Oklahoma City, OK
PHILANTHROPY SCORE: y
29. ABIGAIL JOHNSON
$20.5 billion ª • SELF-MADE SCORE:q
SOURCE: Fidelity
AGE: 60 • RESIDENCE: Milton, MA
PHILANTHROPY SCORE: y
29. LUKAS WALTON
$20.5 billion © • SELF-MADE SCORE:n
SOURCE: Walmart
AGE: 36 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: y
31. THOMAS PETERFFY
$20.3 billion © • SELF-MADE SCORE:w
SOURCE: Discount brokerage
AGE: 77 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y
32. RAY DALIO
$19.1 billion ª • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 73 • RESIDENCE: Greenwich, CT
PHILANTHROPY SCORE: yyy
33. DAVID TEPPER
$18.5 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 65 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y
34. ERIC SCHMIDT
$18.4 billion ª • SELF-MADE SCORE:s
SOURCE: Google
AGE: 67 • RESIDENCE: Atherton, CA
PHILANTHROPY SCORE: yy
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
40. DANIEL GILBERT
$17.3 billion ª • SELF-MADE SCORE:u
SOURCE: Quicken Loans
AGE: 60 • RESIDENCE: Franklin, MI
PHILANTHROPY SCORE: y
41. SAM BANKMAN-FRIED
$17.2 billion ª • SELF-MADE SCORE:u
SOURCE: Cryptocurrency exchange
AGE: 30 • RESIDENCE: Nassau, Bahamas
PHILANTHROPY SCORE: y
42. THOMAS FRIST JR. & FAMILY
$17 billion ª • SELF-MADE SCORE:t
SOURCE: Hospitals
AGE: 84 • RESIDENCE: Nashville, TN
PHILANTHROPY SCORE: y
42. JOHN MENARD JR.
$17 billion © • SELF-MADE SCORE:v
SOURCE: Home improvement stores
AGE: 82 • RESIDENCE: Eau Claire, WI
PHILANTHROPY SCORE: y
No. 29
44. JERRY JONES
$16 billion © • SELF-MADE SCORE:u
Abigail SOURCE: Dallas Cowboys
AGE: 79 • RESIDENCE: Dallas, TX
Johnson PHILANTHROPY SCORE: y
45. DAVID GREEN & FAMILY
In April, Fidelity Investments—one of the $14 billion © • SELF-MADE SCORE:w
largest providers of 401(k)s in America— SOURCE: Retail
AGE: 80 • RESIDENCE: Oklahoma City, OK
announced plans to allow companies to
PHILANTHROPY SCORE: yy
offer bitcoin as a retirement investment. The
move prompted cheers from crypto bulls— 46. GEORGE KAISER
and criticism from Democratic senators such $13.7 billion © • SELF-MADE SCORE:r
as Elizabeth Warren (MA), Richard Durbin SOURCE: Oil and gas, banking
AGE: 80 • RESIDENCE: Tulsa, OK
(IL) and Tina Smith (MN), who penned a
PHILANTHROPY SCORE: yyyy
letter to Johnson in July saying “retirement
accounts must be held to a higher standard.” 47. JAN KOUM
Johnson has headed the $10 trillion (assets $13.6 billion © • SELF-MADE SCORE:w
SOURCE: WhatsApp
under management) Fidelity since taking
AGE: 46 • RESIDENCE: Atherton, CA
over as CEO in 2014 from her father, PHILANTHROPY SCORE: yy
Ned Johnson, who died in March.
48. JENSEN HUANG
$12.9 billion ª • SELF-MADE SCORE:u
SOURCE: Semiconductors
AGE: 59 • RESIDENCE: Los Altos, CA
PHILANTHROPY SCORE: y
35. RUPERT MURDOCH & FAMILY 48. STANLEY KROENKE
$18.1 billion ª • SELF-MADE SCORE:r $12.9 billion © • SELF-MADE SCORE:s
SOURCE: Newspapers, TV network SOURCE: Sports, real estate
AGE: 91 • RESIDENCE: New York, NY AGE: 75 • RESIDENCE: Electra, TX
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: N/A
36. CARL ICAHN 50. LAURENE POWELL JOBS & FAMILY
$17.7 billion © • SELF-MADE SCORE:v $12.6 billion ª • SELF-MADE SCORE:o
SOURCE: Investments SOURCE: Apple, Disney
AGE: 86 • RESIDENCE: Indian Creek, FL AGE: 58 • RESIDENCE: Palo Alto, CA
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y
37. ROBERT PERA 51. DIANE HENDRICKS
$17.6 billion ª • SELF-MADE SCORE:u $12.2 billion © • SELF-MADE SCORE:v
SOURCE: Wireless networking gear SOURCE: Building supplies
AGE: 44 • RESIDENCE: San Jose, CA AGE: 75 • RESIDENCE: Afton, WI
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y
38. STEVE COHEN 52. STEPHEN ROSS
$17.5 billion © • SELF-MADE SCORE:u $11.6 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds SOURCE: Real estate
COUTRTESY OF FIDELITY
AGE: 66 • RESIDENCE: Greenwich, CT AGE: 82 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy
39. DONALD BREN 53. DONALD NEWHOUSE
$17.4 billion © • SELF-MADE SCORE:u $11.4 billion ª • SELF-MADE SCORE:r
SOURCE: Real estate SOURCE: Media
AGE: 90 • RESIDENCE: Newport Beach, CA AGE: 93 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: yy
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 54. ISRAEL ENGLANDER
$11.3 billion © • SELF-MADE SCORE:v
SOURCE: Hedge funds
AGE: 73 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y
55. SHAHID KHAN
$11.2 billion © • SELF-MADE SCORE:w
SOURCE: Auto parts
AGE: 72 • RESIDENCE: Naples, FL
PHILANTHROPY SCORE: y
56. PHILIP ANSCHUTZ
$11 billion © • SELF-MADE SCORE:r
SOURCE: Energy, sports, entertainment
AGE: 82 • RESIDENCE: Denver, CO
PHILANTHROPY SCORE: yyy
56. JOHN DOERR
$11 billion ª • SELF-MADE SCORE:u
SOURCE: Venture capital
AGE: 71 • RESIDENCE: Woodside, CA
PHILANTHROPY SCORE: yyyy
56. JEFFERY HILDEBRAND
$11 billion © • SELF-MADE SCORE:u
SOURCE: Oil
AGE: 63 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: yy
No. 63
Autry
Stephens
The West Texas wildcatter, whose
“Big Dog rig number 28” was the focus
of season two of TruTV’s Black Gold
oil patch reality series in 2009, is the
BRITTANY SOWACKE/BLOOMBERG
richest of the 20 newcomers to this year’s
Forbes 400. Stephens, 84, grew up on
a farm and worked for a bank,
did consulting and spent two years as
a platoon leader with the Army Corps
of Engineers before founding Endeavor
Energy in 1979. It now produces
more than 200,000 barrels’ worth of
oil and gas per day.
OCTOBER/NOVEMBER 2022
59. ROBERT KRAFT
$10.6 billion © • SELF-MADE SCORE:u
SOURCE: New England Patriots
AGE: 81 • RESIDENCE: Brookline, MA
PHILANTHROPY SCORE: yyy
60. CHARLES SCHWAB
$10.5 billion ª • SELF-MADE SCORE:u
SOURCE: Discount brokerage
AGE: 85 • RESIDENCE: Woodside, CA
PHILANTHROPY SCORE: yyy
61. ANDREW BEAL
$10.3 billion © • SELF-MADE SCORE:u
SOURCE: Banks, real estate
AGE: 69 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: y
62. MICHAEL RUBIN
$10.2 billion © • SELF-MADE SCORE:u
SOURCE: Online retail
AGE: 50 • RESIDENCE: Bryn Mawr, PA
PHILANTHROPY SCORE: y
63. AUTRY STEPHENS
$10 billion ® • SELF-MADE SCORE:v
SOURCE: Oil
AGE: 84 • RESIDENCE: Midland, TX
PHILANTHROPY SCORE: N/A
63. CHRISTY WALTON
$10 billion © • SELF-MADE SCORE:n
SOURCE: Walmart
AGE: 73 • RESIDENCE: Jackson, WY
PHILANTHROPY SCORE: y
65. PIERRE OMIDYAR
$9.9 billion ª • SELF-MADE SCORE:u
SOURCE: eBay, PayPal
AGE: 55 • RESIDENCE: Honolulu, HI
PHILANTHROPY SCORE: yyyy
66. CARL COOK
$9.7 billion ª • SELF-MADE SCORE:p
SOURCE: Medical devices
AGE: 60 • RESIDENCE: Bloomington, IN
PHILANTHROPY SCORE: N/A
66. JOHN MALONE
$9.7 billion © • SELF-MADE SCORE:u
SOURCE: Cable television
AGE: 81 • RESIDENCE: Elizabeth, CO
PHILANTHROPY SCORE: yyy
68. DAVID DUFFIELD
$9.4 billion ª • SELF-MADE SCORE:u
SOURCE: Business software
AGE: 82 • RESIDENCE: Incline Village, NV
PHILANTHROPY SCORE: yyy
69. MARIJKE MARS
$9.3 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc.
AGE: 58 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: N/A
69. PAMELA MARS
$9.3 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc.
AGE: 62 • RESIDENCE: Alexandria, VA
PHILANTHROPY SCORE: N/A
69. VALERIE MARS
$9.3 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc.
AGE: 63 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: N/A
69. VICTORIA MARS
$9.3 billion © • SELF-MADE SCORE:o
SOURCE: Mars Inc.
AGE: 65 • RESIDENCE: Philadelphia, PA
PHILANTHROPY SCORE: N/A
73. ERIC SMIDT
$9 billion © • SELF-MADE SCORE:w
SOURCE: Hardware stores
AGE: 62 • RESIDENCE: Beverly Hills, CA
PHILANTHROPY SCORE: y
74. BRIAN CHESKY
$8.9 billion ª • SELF-MADE SCORE:u
SOURCE: Airbnb
AGE: 41 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: y
75. CHASE COLEMAN III
$8.5 billion ª • SELF-MADE SCORE:t 111
SOURCE: Investments
AGE: 47 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
THE LIST
75. PATRICK RYAN
$8.5 billion © • SELF-MADE SCORE:u
SOURCE: Insurance
AGE: 85 • RESIDENCE: Winnetka, IL
PHILANTHROPY SCORE: yy
77. JIM KENNEDY
$8.4 billion ª • SELF-MADE SCORE:q
SOURCE: Media, automotive
AGE: 74 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: yyy
77. BLAIR PARRY-OKEDEN
$8.4 billion ª • SELF-MADE SCORE:n
SOURCE: Media, automotive
AGE: 72 • RESIDENCE: New South Wales, Australia
PHILANTHROPY SCORE: y
79. JAY CHAUDHRY
$8.3 billion ª • SELF-MADE SCORE:v
SOURCE: Security software
AGE: 63 • RESIDENCE: Reno, NV
PHILANTHROPY SCORE: N/A
79. ANN WALTON KROENKE
$8.3 billion ª • SELF-MADE SCORE:n
SOURCE: Walmart
AGE: 73 • RESIDENCE: Electra, TX
PHILANTHROPY SCORE: y
81. LEON BLACK
$8.2 billion ª • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 71 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
81. BERNARD MARCUS
$8.2 billion ª • SELF-MADE SCORE:w
SOURCE: Home Depot
AGE: 93 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: yyyy
83. TAMARA GUSTAVSON
$8.1 billion © • SELF-MADE SCORE:o
SOURCE: Self storage
AGE: 60 • RESIDENCE: Lexington, KY
PHILANTHROPY SCORE: y
83. DUSTIN MOSKOVITZ
$8.1 billion ª • SELF-MADE SCORE:u
SOURCE: Facebook
AGE: 38 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: yyyy
83. GEORGE ROBERTS
$8.1 billion ª • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 79 • RESIDENCE: Atherton, CA
PHILANTHROPY SCORE: yy
86. ROBERT F. SMITH
$8 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 59 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: yy
FORBES.COM
 87. ORLANDO BRAVO
$7.9 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 52 • RESIDENCE: Miami Beach, FL
PHILANTHROPY SCORE: y

87. MICHAEL KIM

$7.9 billion © • SELF-MADE SCORE:t
SOURCE: Private equity
AGE: 58 • RESIDENCE: Seoul, South Korea
PHILANTHROPY SCORE: y

87. RAMZI MUSALLAM

112 $7.9 billion © • SELF-MADE SCORE:s
SOURCE: Private equity
AGE: 54 • RESIDENCE: New York, NY
THE LIST

PHILANTHROPY SCORE: N/A

87. STEVEN RALES

$7.9 billion ª • SELF-MADE SCORE:t
SOURCE: Manufacturing, investments
AGE: 71 • RESIDENCE: Santa Barbara, CA
PHILANTHROPY SCORE: y

87. DAVID SHAW

$7.9 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 71 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y

92. JOHN MORRIS

$7.8 billion © • SELF-MADE SCORE:v
SOURCE: Sporting goods retail No. 99 The third-generation owner of C&S Wholesale Grocers, Cohen
joined in 1974, when it did $50 million in revenue; today it
AGE: 74 • RESIDENCE: Springfield, MO
PHILANTHROPY SCORE: yy
generates $25 billion. Looking to keep costs low, he began

93. NATHAN BLECHARCZYK

Rick tinkering with automation in his warehouses. In 2007, he invested
in a robotics automation firm that eventually developed a massive
$7.7 billion ª • SELF-MADE SCORE:u
SOURCE: Airbnb
Cohen AI-powered warehouse robotics system. Now called Symbotic,
it went public in a June SPAC deal and is automating all 42 of
AGE: 39 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: y Walmart’s regional distribution centers. Cohen and his immediate
family’s more than 70% stake makes up most of their wealth.
93. ROCCO COMMISSO
$7.7 billion ª • SELF-MADE SCORE:w
SOURCE: Telecom
AGE: 72 • RESIDENCE: Saddle River, NJ
PHILANTHROPY SCORE: y

93. TILMAN FERTITTA 99. JOE GEBBIA 104. PAUL TUDOR JONES II
$7.7 billion © • SELF-MADE SCORE:v $7.6 billion ª • SELF-MADE SCORE:u $7.5 billion © • SELF-MADE SCORE:t
SOURCE: Houston Rockets, entertainment SOURCE: Airbnb SOURCE: Hedge funds
AGE: 65 • RESIDENCE: Houston, TX AGE: 41 • RESIDENCE: Austin, TX AGE: 67 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y

93. DAVID GEFFEN 99. LEONARD STERN 104. GORDON MOORE

$7.7 billion ª • SELF-MADE SCORE:v $7.6 billion © • SELF-MADE SCORE:r $7.5 billion ª • SELF-MADE SCORE:u
SOURCE: Movies, music SOURCE: Real estate SOURCE: Intel
AGE: 79 • RESIDENCE: Beverly Hills, CA AGE: 84 • RESIDENCE: New York, NY AGE: 93 • RESIDENCE: Woodside, CA
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y

93. NANCY WALTON LAURIE 99. TIM SWEENEY 109. HENRY KRAVIS
$7.7 billion ª • SELF-MADE SCORE:n $7.6 billion © • SELF-MADE SCORE:u $7.4 billion ª • SELF-MADE SCORE:u
SOURCE: Walmart SOURCE: Video games SOURCE: Private equity
AGE: 71 • RESIDENCE: Henderson, NV AGE: 51 • RESIDENCE: Cary, NC AGE: 78 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy

93. HARRY STINE 104. CHARLES BUTT 110. PAULINE M ACMILLAN KEINATH
$7.7 billion © • SELF-MADE SCORE:w $7.5 billion • SELF-MADE SCORE:r $7.3 billion ª • SELF-MADE SCORE:n
SOURCE: Agriculture SOURCE: Supermarkets SOURCE: Cargill
AGE: 80 • RESIDENCE: Adel, IA AGE: 84 • RESIDENCE: San Antonio, TX AGE: 88 • RESIDENCE: St. Louis, MO
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y

99. ARTHUR BLANK 104. ARTHUR DANTCHIK 110. RICHARD KINDER

MICHAEL PRINCE FOR FORTBES

$7.6 billion © • SELF-MADE SCORE:v $7.5 billion ® • SELF-MADE SCORE:u $7.3 billion © • SELF-MADE SCORE:u
SOURCE: Home Depot SOURCE: Trading, investments SOURCE: Pipelines
AGE: 80 • RESIDENCE: Atlanta, GA AGE: 64 • RESIDENCE: Gladwyne, PA AGE: 77 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yyy

99. RICK COHEN & FAMILY
$7.6 billion ® • SELF-MADE SCORE:r
SOURCE: Warehouse automation
AGE: 70 • RESIDENCE: Keene, NH
PHILANTHROPY SCORE: N/A
104. JAMES GOODNIGHT 112. JEFF GREENE
$7.5 billion ª • SELF-MADE SCORE:u $7.2 billion © • SELF-MADE SCORE:w
SOURCE: Software SOURCE: Real estate, investments
AGE: 79 • RESIDENCE: Cary, NC AGE: 67 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: y

OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST RETURNEE  SPLIT FAMILY FORTUNE
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 112. DON HANKEY
$7.2 billion © • SELF-MADE SCORE:t
SOURCE: Auto loans
AGE: 79 • RESIDENCE: Malibu, CA
PHILANTHROPY SCORE: y
112. LEO KOGUAN
$7.2 billion ® • SELF-MADE SCORE:u
SOURCE: IT provider
AGE: 67 • RESIDENCE: Singapore
PHILANTHROPY SCORE: y
115. JACK DANGERMOND
114 $7 billion ª• SELF-MADE SCORE:u
SOURCE: Mapping software
AGE: 77 • RESIDENCE: Redlands, CA
PHILANTHROPY SCORE: yy
THE LIST
115. J. CHRISTOPHER REYES
$7 billion ª • SELF-MADE SCORE:u
SOURCE: Food distribution
AGE: 68 • RESIDENCE: Hobe Sound, FL
PHILANTHROPY SCORE: y
115. JUDE REYES
$7 billion ª • SELF-MADE SCORE:u
SOURCE: Food distribution
AGE: 67 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y
115. DON VULTAGGIO & FAMILY
$7 billion © • SELF-MADE SCORE:w
SOURCE: Beverages
AGE: 70 • RESIDENCE: Port Washington, NY
PHILANTHROPY SCORE: y
119. DANNINE AVARA
$6.9 billion © • SELF-MADE SCORE:n
SOURCE: Pipelines
AGE: 58 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: y
119. EDYTHE BROAD & FAMILY
$6.9 billion ® • SELF-MADE SCORE:n
SOURCE: Homebuilding, insurance
AGE: 86 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: N/A
119. SCOTT DUNCAN
$6.9 billion © • SELF-MADE SCORE:n
SOURCE: Pipelines
AGE: 39 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: y
119. MILANE FRANTZ
$6.9 billion © • SELF-MADE SCORE:n
SOURCE: Pipelines
AGE: 53 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: y
119. PHILIPPE LAFFONT
$6.9 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 55 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y
119. IGOR OLENICOFF
$6.9 billion © • SELF-MADE SCORE:w
SOURCE: Real estate
AGE: 80 • RESIDENCE: Lighthouse Point, FL
PHILANTHROPY SCORE: y
119. RANDA DUNCAN WILLIAMS
$6.9 billion © • SELF-MADE SCORE:p
SOURCE: Pipelines
AGE: 61 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: y
126. JOHN OVERDECK
$6.8 billion © • SELF-MADE SCORE:u
SOURCE: Hedge funds
AGE: 52 • RESIDENCE: Millburn, NJ
PHILANTHROPY SCORE: yy
OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
126. DAVID SIEGEL 138. JOHN A. SOBRATO & FAMILY
$6.8 billion © • SELF-MADE SCORE:u $6.5 billion © • SELF-MADE SCORE:t
SOURCE: Hedge funds SOURCE: Real estate
AGE: 61 • RESIDENCE: Scarsdale, NY AGE: 83 • RESIDENCE: Atherton, CA
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yyyy
128. JUDY FAULKNER 138. JOHN TU
$6.7 billion © • SELF-MADE SCORE:u $6.5 billion ª • SELF-MADE SCORE:v
SOURCE: Health care software SOURCE: Computer hardware
AGE: 79 • RESIDENCE: Madison, WI AGE: 81 • RESIDENCE: Rolling Hills, CA
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
128. PAUL LEE 143. MARC BENIOFF
$6.7 billion ª • SELF-MADE SCORE:u $6.4 billion ª • SELF-MADE SCORE:u
SOURCE: Battery separators SOURCE: Business software
AGE: 64 • RESIDENCE: Yuxi, China AGE: 58 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: yy
PHILANTHROPY SCORE: N/A
128. TERRENCE PEGULA 143. STEPHEN BISCIOTTI
$6.7 billion © • SELF-MADE SCORE:v $6.4 billion © • SELF-MADE SCORE:u
SOURCE: Natural gas SOURCE: Staffing, Baltimore Ravens
AGE: 71 • RESIDENCE: Boca Raton, FL AGE: 62 • RESIDENCE: Millersville, MD
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
128. HENRY SAMUELI 143. STANLEY DRUCKENMILLER
$6.7 billion © • SELF-MADE SCORE:v $6.4 billion ª • SELF-MADE SCORE:u
SOURCE: Semiconductors SOURCE: Hedge funds
AGE: 68 • RESIDENCE: Newport Beach, CA AGE: 69 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yyy
128. GEORGE SOROS 143. MELINDA FRENCH GATES
$6.7 billion ª • SELF-MADE SCORE:w $6.4 billion © • SELF-MADE SCORE:o
SOURCE: Hedge funds SOURCE: Microsoft
AGE: 92 • RESIDENCE: Katonah, NY AGE: 58 • RESIDENCE: Medina, WA
PHILANTHROPY SCORE: yyyyy PHILANTHROPY SCORE: yyyyy
133. BUBBA CATHY
$6.6 billion © • SELF-MADE SCORE:q
SOURCE: Chick-fil-A
AGE: 68 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: y
133. DAN CATHY
$6.6 billion © • SELF-MADE SCORE:q
SOURCE: Chick-fil-A
AGE: 69 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: y
133. TRUDY CATHY WHITE
$6.6 billion © • SELF-MADE SCORE:o
SOURCE: Chick-fil-A
AGE: 66 • RESIDENCE: Hampton, GA
PHILANTHROPY SCORE: y
133. EDWARD JOHNSON IV
$6.6 billion ª • SELF-MADE SCORE:o
SOURCE: Fidelity
AGE: 57 • RESIDENCE: Boston, MA
PHILANTHROPY SCORE: yy
133. BRUCE KOVNER No. 112
$6.6 billion © • SELF-MADE SCORE:v
SOURCE: Hedge funds
AGE: 77 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy Leo Koguan
138. DAVID BONDERMAN The Elon Musk “fanboy” claims to be the
$6.5 billion © • SELF-MADE SCORE:t biggest Tesla investor and option trader in
SOURCE: Private equity
AGE: 79 • RESIDENCE: Fort Worth, TX
the world. Koguan says he had even more
PHILANTHROPY SCORE: yy shares in early 2020 but nearly lost them all
amid early-pandemic market chaos. Instead
138. RALPH LAUREN
DESIREE NAVARRO/GETTY IMAGES
he sold the rest of his holdings, including
$6.5 billion ª • SELF-MADE SCORE:v
SOURCE: Apparel
shares of Baidu and Nvidia, to buy long-
AGE: 82 • RESIDENCE: New York, NY term Tesla call options. “I believe in green
PHILANTHROPY SCORE: y energy,” he tells Forbes. An Indonesian
native with degrees from Columbia and
138. REINHOLD SCHMIEDING
New York Law School, Koguan is also
$6.5 billion ª • SELF-MADE SCORE:u
SOURCE: Medical devices founder and chairman of $12.3 billion
AGE: 67 • RESIDENCE: Naples, FL (sales) IT provider SHI International, which
PHILANTHROPY SCORE: N/A his ex-wife Thai Lee (No. 252) runs as CEO.
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 Personalization Meets
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THERMADOR.COM/REFRIGERATION
©2022 BSH HOME APPLIANCES CORPORATION. ALL RIGHTS RESERVED.
 143. TED LERNER & FAMILY
$6.4 billion © • SELF-MADE SCORE:v
SOURCE: Real estate
AGE: 96 • RESIDENCE: Chevy Chase, MD
PHILANTHROPY SCORE: y
143. EDWARD ROSKI JR.
$6.4 billion © • SELF-MADE SCORE:r
SOURCE: Real estate
AGE: 83 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: y
143. DAVID SUN
116 $6.4 billion ª • SELF-MADE SCORE:w
SOURCE: Computer hardware
AGE: 70 • RESIDENCE: Irvine, CA
PHILANTHROPY SCORE: y
THE LIST
150. KEN FISHER
$6.3 billion ª • SELF-MADE SCORE:u
SOURCE: Money management
AGE: 71 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: y
150. DENNIS WASHINGTON
$6.3 billion ª • SELF-MADE SCORE:w
SOURCE: Construction, mining
AGE: 88 • RESIDENCE: Missoula, MT
PHILANTHROPY SCORE: yyy
152. NEIL BLUHM
$6.2 billion ª • SELF-MADE SCORE:w
SOURCE: Real estate
AGE: 84 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: yy
153. TOM GORES
$6.1 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 58 • RESIDENCE: Beverly Hills, CA
PHILANTHROPY SCORE: y
153. GE LI
$6.1 billion ª • SELF-MADE SCORE:u
SOURCE: Pharmaceutical ingredients
AGE: 55 • RESIDENCE: Shanghai, China
PHILANTHROPY SCORE: N/A
155. MICHAEL MILKEN
$6 billion © • SELF-MADE SCORE:u
SOURCE: Investments
AGE: 76 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: yyy
155. DAVID STEWARD
$6 billion © • SELF-MADE SCORE:w
SOURCE: IT provider
AGE: 71 • RESIDENCE: St. Louis, MO
PHILANTHROPY SCORE: yy
155. LES WEXNER & FAMILY
$6 billion © • SELF-MADE SCORE:u
SOURCE: Retail
AGE: 85 • RESIDENCE: New Albany, OH
PHILANTHROPY SCORE: yyy
158. MITCHELL RALES
$5.8 billion ª • SELF-MADE SCORE:t
SOURCE: Manufacturing, investments
AGE: 66 • RESIDENCE: Potomac, MD
PHILANTHROPY SCORE: yy
158. ANTONY RESSLER
$5.8 billion ª • SELF-MADE SCORE:u
SOURCE: Finance
AGE: 60 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: yy
160. JOSHUA HARRIS
$5.7 billion §
¨ • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 57 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
160. DIRK ZIFF
$5.7 billion © • SELF-MADE SCORE:q
SOURCE: Investments
AGE: 58 • RESIDENCE: North Palm Beach, FL
PHILANTHROPY SCORE: y
160. ROBERT ZIFF
$5.7 billion © • SELF-MADE SCORE:q
SOURCE: Investments
AGE: 56 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y
169. HENRY NICHOLAS III
$5.6 billion ª • SELF-MADE SCORE:u
SOURCE: Semiconductors
AGE: 62 • RESIDENCE: Newport Coast, CA
PHILANTHROPY SCORE: y
169. RONDA STRYKER
$5.6 billion ª • SELF-MADE SCORE:o
No. 155 SOURCE: Medical equipment
AGE: 68 • RESIDENCE: Portage, MI
PHILANTHROPY SCORE: yyy
David Steward 171. MICKY ARISON
$5.5 billion ª • SELF-MADE SCORE:r
In August, Steward hosted an IndyCar race SOURCE: Carnival Cruises
AGE: 73 • RESIDENCE: Bal Harbour, FL
at his company’s World Wide Technology
PHILANTHROPY SCORE: y
Raceway. In late October, WWT is
sponsoring a PGA golf tournament in 171. JAMES CHAMBERS
Mexico. Steward grew up on a Missouri $5.5 billion ª • SELF-MADE SCORE:n
SOURCE: Media, automotive
farm with no indoor plumbing. He and
AGE: 65 • RESIDENCE: Palisades, NY
his seven older siblings were some of
PHILANTHROPY SCORE: y
the first Black children to integrate the
local schools, public swimming pools 171. WESLEY EDENS
and restaurants. He cofounded WWT, $5.5 billion • SELF-MADE SCORE:u
SOURCE: Investments
an IT provider, in 1990. It’s now the
AGE: 60 • RESIDENCE: New York, NY
20th-biggest private company in America, PHILANTHROPY SCORE: N/A
with $14.5 billion in sales.
171. ARCHIE ALDIS EMMERSON & FAMILY
$5.5 billion © • SELF-MADE SCORE:v
SOURCE: Timberland, lumber mills
AGE: 93 • RESIDENCE: Redding, CA
PHILANTHROPY SCORE: y
160. RAY LEE HUNT 171. JONATHAN GRAY
$5.7 billion §
¨ • SELF-MADE SCORE:r $5.5 billion ª • SELF-MADE SCORE:s
SOURCE: Oil, real estate SOURCE: Investments
AGE: 79 • RESIDENCE: Dallas, TX AGE: 52 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
160. KEN LANGONE 171. JUDY LOVE
$5.7 billion ª • SELF-MADE SCORE:v $5.5 billion  • SELF-MADE SCORE:v
SOURCE: Investments SOURCE: Retail and gas stations
AGE: 87 • RESIDENCE: Sands Point, NY AGE: 85 • RESIDENCE: Oklahoma City, OK
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y
160. DOUGLAS LEONE 171. TOM LOVE
$5.7 billion ª • SELF-MADE SCORE:v $5.5 billion  • SELF-MADE SCORE:v
SOURCE: Venture capital SOURCE: Retail and gas stations
AGE: 65 • RESIDENCE: Atherton, CA AGE: 84 • RESIDENCE: Oklahoma City, OK
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y
160. KAREN PRITZKER 171. KATHARINE RAYNER
$5.7 billion §
¨ • SELF-MADE SCORE:p $5.5 billion ª • SELF-MADE SCORE:n
SOURCE: Hotels, investments SOURCE: Media, automotive
AGE: 64 • RESIDENCE: Branford, CT AGE: 77 • RESIDENCE: East Hampton, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y
160. PATRICK SOON-SHIONG 171. PAUL SINGER
MICHAEL ALLIO/GETTY IMAGES
$5.7 billion ª • SELF-MADE SCORE:v $5.5 billion © • SELF-MADE SCORE:u
SOURCE: Pharmaceuticals SOURCE: Hedge funds
AGE: 70 • RESIDENCE: Los Angeles, CA AGE: 78 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
160. DANIEL ZIFF 171. MARGARETTA TAYLOR
$5.7 billion © • SELF-MADE SCORE:q $5.5 billion ª • SELF-MADE SCORE:n
SOURCE: Investments SOURCE: Media, automotive
AGE: 50 • RESIDENCE: New York, NY AGE: 80 • RESIDENCE: Southampton, NY
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
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 181. TOM GOLISANO
$5.4 billion © • SELF-MADE SCORE:v
SOURCE: Payroll services
AGE: 80 • RESIDENCE: Naples, FL
PHILANTHROPY SCORE: yy
181. VINOD KHOSLA
$5.4 billion ª • SELF-MADE SCORE:u
SOURCE: Venture capital
AGE: 67 • RESIDENCE: Portola Valley, CA
PHILANTHROPY SCORE: yy
181. GEORGE LUCAS
118 $5.4 billion ª • SELF-MADE SCORE:u
SOURCE: Star Wars
AGE: 78 • RESIDENCE: San Anselmo, CA
PHILANTHROPY SCORE: yyy
THE LIST
184. TODD BOEHLY
$5.3 billion ® • SELF-MADE SCORE:t
SOURCE: Private Equity
AGE: 49 • RESIDENCE: Darien, CT
PHILANTHROPY SCORE: N/A
184. RICK CARUSO
$5.3 billion © • SELF-MADE SCORE:t
SOURCE: Real estate
AGE: 63 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: yy
184. LYNDA RESNICK
$5.3 billion  • SELF-MADE SCORE:u
SOURCE: Agriculture
AGE: 79 • RESIDENCE: Beverly Hills, CA
PHILANTHROPY SCORE: yyy
184. STEWART RESNICK
$5.3 billion  • SELF-MADE SCORE:u
SOURCE: Agriculture
AGE: 85 • RESIDENCE: Beverly Hills, CA
PHILANTHROPY SCORE: yyy
184. CHARLES SIMONYI
$5.3 billion ª • SELF-MADE SCORE:s
SOURCE: Microsoft
AGE: 74 • RESIDENCE: Medina, WA
PHILANTHROPY SCORE: yy
184. SAM ZELL
$5.3 billion ª • SELF-MADE SCORE:u
SOURCE: Real estate, private equity
AGE: 80 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: yyy
190. ROBERT FAITH
$5.2 billion ® • SELF-MADE SCORE:u
SOURCE: Real estate management
AGE: 58 • RESIDENCE: Charleston, SC
PHILANTHROPY SCORE: y
190. DAN FRIEDKIN
$5.2 billion © • SELF-MADE SCORE:q
SOURCE: Toyota dealerships
AGE: 57 • RESIDENCE: Houston, TX
PHILANTHROPY SCORE: yyy
190. JANE LAUDER
$5.2 billion ª • SELF-MADE SCORE:q
SOURCE: Estée Lauder
AGE: 49 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: N/A
190. ROBERT RICH JR.
$5.2 billion © • SELF-MADE SCORE:r
SOURCE: Frozen foods
AGE: 81 • RESIDENCE: Islamorada, FL
PHILANTHROPY SCORE: y
190. GARY ROLLINS
$5.2 billion ª • SELF-MADE SCORE:p
SOURCE: Pest control
AGE: 78 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: y
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
190. MARK WALTER
$5.2 billion ª • SELF-MADE SCORE:u
SOURCE: Finance, asset management
AGE: 62 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: yy
196. ELIZABETH JOHNSON
$5.1 billion ª • SELF-MADE SCORE:n
SOURCE: Fidelity
AGE: 59 • RESIDENCE: Boston, MA
PHILANTHROPY SCORE: yy
196. SAMI MNAYMNEH
$5.1 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 61 • RESIDENCE: Miami Beach, FL
PHILANTHROPY SCORE: y
196. TONY TAMER
$5.1 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 64 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: N/A No. 184
196. ROMESH T. WADHWANI
$5.1 billion © • SELF-MADE SCORE:u
SOURCE: Software
AGE: 75 • RESIDENCE: Palo Alto, CA
Todd Boehly
PHILANTHROPY SCORE: yy CEO of investment firm Eldridge Industries,
196. KEN XIE Boehly won the bidding war for English
$5.1 billion ª • SELF-MADE SCORE:u soccer club Chelsea in May, when he teamed
SOURCE: Cybersecurity up with Clearlake Capital to snag the
AGE: 59 • RESIDENCE: Los Altos Hills, CA storied franchise from sanctioned Russian
PHILANTHROPY SCORE: y billionaire Roman Abramovich for $3.1
196. DENISE YORK & FAMILY billion. Boehly’s old boss at Guggenheim
$5.1 billion © • SELF-MADE SCORE:p Partners, Mark Walter (No. 190), with
SOURCE: San Francisco 49ers whom he partly owns the Los Angeles
AGE: 71 • RESIDENCE: Youngstown, OH Lakers and Dodgers, also backed his bid.
PHILANTHROPY SCORE: y
Eldridge has investments in everything from
202. BERT BEVERIDGE Bruce Springsteen’s song rights to daily
$5 billion © • SELF-MADE SCORE:u fantasy and sports-betting firm DraftKings.
SOURCE: Vodka In July, it agreed to acquire the Hollywood
AGE: 60 • RESIDENCE: Austin, TX
Foreign Press Association, which hosts the
PHILANTHROPY SCORE: N/A
Golden Globes; Boehly is its interim CEO.
202. ROBERT HALE JR.
$5 billion © • SELF-MADE SCORE:u
SOURCE: Telecom
AGE: 56 • RESIDENCE: Boston, MA
PHILANTHROPY SCORE: yyy
202. JIMMY HASLAM 202. HANK MEIJER & FAMILY
$5 billion © • SELF-MADE SCORE:p $5 billion  • SELF-MADE SCORE:p
SOURCE: Gas stations, retail SOURCE: Supermarkets
AGE: 68 • RESIDENCE: Knoxville, TN AGE: 70 • RESIDENCE: Grand Rapids, MI
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
202. CHARLES B. JOHNSON 202. MARK MEIJER & FAMILY
$5 billion ª • SELF-MADE SCORE:r $5 billion  • SELF-MADE SCORE:p
SOURCE: Franklin Templeton SOURCE: Supermarkets
AGE: 89 • RESIDENCE: Palm Beach, FL AGE: 64 • RESIDENCE: Grand Rapids, MI
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy
202. JOE MANSUETO 211. RON BARON
$5 billion ª • SELF-MADE SCORE:u $4.9 billion © • SELF-MADE SCORE:u
SOURCE: Investment research SOURCE: Money management
AGE: 66 • RESIDENCE: Chicago, IL AGE: 79 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y
202. JANICE M CNAIR 211. ROBERT BASS
CRAIG MERCER/GETTY IMAGES
$5 billion © • SELF-MADE SCORE:o $4.9 billion ª • SELF-MADE SCORE:q
SOURCE: Energy, sports SOURCE: Oil, investments
AGE: 85 • RESIDENCE: Houston, TX AGE: 74 • RESIDENCE: Fort Worth, TX
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
202. DOUG MEIJER & FAMILY 211. DAN SNYDER
$5 billion  • SELF-MADE SCORE:p $4.9 billion © • SELF-MADE SCORE:u
SOURCE: Supermarkets SOURCE: Washington Commanders
AGE: 68 • RESIDENCE: Grand Rapids, MI AGE: 57 • RESIDENCE: Potomac, MD
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
Doing Finance Don’t sweat the small stuff.

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 214. CHARLES DOLAN & FAMILY
$4.8 billion ª • SELF-MADE SCORE:v
SOURCE: Cable television
AGE: 95 • RESIDENCE: Oyster Bay, NY
PHILANTHROPY SCORE: yy
214. CHARLES ERGEN
$4.8 billion ª • SELF-MADE SCORE:u
SOURCE: Satellite TV
AGE: 69 • RESIDENCE: Denver, CO
PHILANTHROPY SCORE: y
214. H. FISK JOHNSON
120 $4.8 billion © • SELF-MADE SCORE:p
SOURCE: SC Johnson
AGE: 64 • RESIDENCE: Racine, WI
PHILANTHROPY SCORE: yy
THE LIST
214. S. CURTIS JOHNSON
$4.8 billion © • SELF-MADE SCORE:n
SOURCE: SC Johnson
AGE: 67 • RESIDENCE: Racine, WI
PHILANTHROPY SCORE: yy
214. HELEN JOHNSON-LEIPOLD
$4.8 billion © • SELF-MADE SCORE:p
SOURCE: SC Johnson
AGE: 65 • RESIDENCE: Racine, WI
PHILANTHROPY SCORE: yy
214. WINIFRED J. MARQUART
$4.8 billion © • SELF-MADE SCORE:o
SOURCE: SC Johnson
AGE: 63 • RESIDENCE: Virginia Beach, VA
PHILANTHROPY SCORE: yy
214. ROBERT ROWLING
$4.8 billion © • SELF-MADE SCORE:r
SOURCE: Hotels, investments
AGE: 69 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: yy
214. MARK SHOEN
$4.8 billion ª • SELF-MADE SCORE:r
SOURCE: U-Haul
AGE: 71 • RESIDENCE: Phoenix, AZ
PHILANTHROPY SCORE: N/A
214. BARRY STERNLICHT
$4.8 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 61 • RESIDENCE: Miami, FL
PHILANTHROPY SCORE: y
214. RONALD WANEK
$4.8 billion ª • SELF-MADE SCORE:t
SOURCE: Furniture
AGE: 81 • RESIDENCE: St. Petersburg, FL
PHILANTHROPY SCORE: yy
224. GAYLE BENSON
$4.7 billion © • SELF-MADE SCORE:n
SOURCE: New Orleans Saints
AGE: 75 • RESIDENCE: New Orleans, LA
PHILANTHROPY SCORE: yy
224. THOMAS PRITZKER
$4.7 billion © • SELF-MADE SCORE:q
SOURCE: Hotels, investments
AGE: 72 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: yy
224. FRED SMITH
$4.7 billion ª • SELF-MADE SCORE:v
SOURCE: FedEx
AGE: 78 • RESIDENCE: Memphis, TN
PHILANTHROPY SCORE: y
227. MARK CUBAN
$4.6 billion © • SELF-MADE SCORE:u
SOURCE: Online media, Dallas Mavericks
AGE: 64 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: y
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
227. DAGMAR DOLBY & FAMILY 227. RUSS WEINER
$4.6 billion ª • SELF-MADE SCORE:n $4.6 billion © • SELF-MADE SCORE:u
SOURCE: Dolby Laboratories SOURCE: Energy drinks
AGE: 81 • RESIDENCE: San Francisco, CA AGE: 52 • RESIDENCE: Delray Beach, FL
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y
227. RONALD LAUDER 234. MARGOT BIRMINGHAM PEROT
$4.6 billion ª • SELF-MADE SCORE:r $4.5 billion © • SELF-MADE SCORE:n
SOURCE: Estée Lauder SOURCE: Computer services, real estate
AGE: 78 • RESIDENCE: New York, NY AGE: 88 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy
227. GWENDOLYN SONTHEIM MEYER 234. JOHN BROWN
$4.6 billion ª • SELF-MADE SCORE:n $4.5 billion ª • SELF-MADE SCORE:s
SOURCE: Cargill SOURCE: Medical equipment
AGE: 60 • RESIDENCE: Rancho Santa Fe, CA AGE: 88 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy
227. GARY WANG 234. NICK CAPORELLA
$4.6 billion ® • SELF-MADE SCORE:u $4.5 billion © • SELF-MADE SCORE:v
SOURCE: Cryptocurrency exchange SOURCE: Beverages
AGE: 29 • RESIDENCE: Nassau, Bahamas AGE: 86 • RESIDENCE: Plantation, FL
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: N/A
227. KELCY WARREN 234. JACK DORSEY
$4.6 billion © • SELF-MADE SCORE:v $4.5 billion ª • SELF-MADE SCORE:u
SOURCE: Pipelines SOURCE: Twitter, Square
AGE: 66 • RESIDENCE: Dallas, TX AGE: 45 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yyy
234. MAT ISHBIA
$4.5 billion ª • SELF-MADE SCORE:r
SOURCE: Mortgage lender
AGE: 42 • RESIDENCE: Bloomfield Hills, MI
PHILANTHROPY SCORE: y
234. JOSEPH LIEMANDT
$4.5 billion © • SELF-MADE SCORE:t
SOURCE: Software
AGE: 54 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: N/A
234. MICHAEL MORITZ
$4.5 billion ª • SELF-MADE SCORE:u
SOURCE: Venture capital
AGE: 68 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: yyy
241. NEAL BLUE & FAMILY
$4.4 billion © • SELF-MADE SCORE:t
SOURCE: Defense
AGE: 87 • RESIDENCE: San Diego, CA
PHILANTHROPY SCORE: N/A
241. JEFFREY LURIE
$4.4 billion © • SELF-MADE SCORE:q
SOURCE: Philadelphia Eagles
AGE: 71 • RESIDENCE: Wynnewood, PA
No. 244 PHILANTHROPY SCORE: yy
241. JEFF SKOLL
Behdad Eghbali $4.4 billion ª • SELF-MADE SCORE:s
SOURCE: eBay
AGE: 57 • RESIDENCE: Los Angeles, CA
Business is booming for private equity PHILANTHROPY SCORE: yyyy
execs Eghbali and Jose E. Feliciano (No.
244). Assets under management at their 244. SCOTT COOK
Clearlake Capital Group jumped 63% since $4.3 billion ª • SELF-MADE SCORE:u
SOURCE: Software
last year to $70 billion, helped by a $14 AGE: 70 • RESIDENCE: Woodside, CA
billion raise for a new fund in May. The firm PHILANTHROPY SCORE: yyy
bought an estimated 60% stake in English
244. JIM DAVIS
ROBERT GALLAGHER FOR FORBES
Premier League team Chelsea in May; both
$4.3 billion ª • SELF-MADE SCORE:u
partners now sit on the board. Eghbali SOURCE: Staffing and recruiting
was born in Iran and came to the U.S. with AGE: 62 • RESIDENCE: Cockeysville, MD
his family as a child. He worked at private PHILANTHROPY SCORE: yy
equity firm Texas Pacific Group for several
244. BEHDAD EGHBALI
years before joining Feliciano, a Puerto Rico
$4.3 billion © • SELF-MADE SCORE:u
native, to form Clearlake in 2006. He and SOURCE: Private equity
his wife, whom he reportedly met on AGE: 46 • RESIDENCE: Los Angeles, CA
Wall Street, got married on Ellis Island. PHILANTHROPY SCORE: N/A
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 100,000+
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 244. JOSE E. FELICIANO
$4.3 billion © • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 49 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: y
244. ERNEST GARCIA II
$4.3 billion ª • SELF-MADE SCORE:v
SOURCE: Used cars
AGE: 65 • RESIDENCE: Tempe, AZ
PHILANTHROPY SCORE: y
244. MARIAN ILITCH
122 $4.3 billion ª • SELF-MADE SCORE:v
SOURCE: Little Caesars Pizza
AGE: 89 • RESIDENCE: Bingham Farms, MI
PHILANTHROPY SCORE: yy
THE LIST
244. ISAAC PERLMUTTER
$4.3 billion ª • SELF-MADE SCORE:w
SOURCE: Marvel comics
AGE: 79 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y
244. MARC ROWAN
$4.3 billion ª • SELF-MADE SCORE:u
SOURCE: Private equity
AGE: 60 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
252. BEN CHESTNUT
$4.2 billion ª • SELF-MADE SCORE:u
SOURCE: Email marketing
AGE: 48 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: N/A
252. JOSEPH GRENDYS
$4.2 billion © • SELF-MADE SCORE:t
SOURCE: Poultry processing
AGE: 60 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: y
252. JOHNELLE HUNT
$4.2 billion ª • SELF-MADE SCORE:t
SOURCE: Trucking
AGE: 90 • RESIDENCE: Fayetteville, AR
PHILANTHROPY SCORE: yy
252. DAN KURZIUS
$4.2 billion ª • SELF-MADE SCORE:v
SOURCE: Email marketing
AGE: 50 • RESIDENCE: Atlanta, GA
PHILANTHROPY SCORE: y
252. THAI LEE
$4.2 billion © • SELF-MADE SCORE:v
SOURCE: IT provider
AGE: 63 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: y
252. LIN BIN
$4.2 billion ª • SELF-MADE SCORE:u
SOURCE: Smartphones
AGE: 54 • RESIDENCE: Shenzhen, China
PHILANTHROPY SCORE: N/A
252. LYNSI SNYDER
$4.2 billion §
¨ • SELF-MADE SCORE:p
SOURCE: In-N-Out Burger
AGE: 40 • RESIDENCE: Glendora, CA
PHILANTHROPY SCORE: y
252. PETER THIEL
$4.2 billion © • SELF-MADE SCORE:u
SOURCE: Facebook, investments
AGE: 54 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: yy
252. HERBERT WERTHEIM
$4.2 billion © • SELF-MADE SCORE:w
SOURCE: Investments
AGE: 83 • RESIDENCE: Coral Gables, FL
PHILANTHROPY SCORE: y
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
261. MARIANNE LIEBMANN
$4.1 billion ª • SELF-MADE SCORE:n
SOURCE: Cargill
AGE: 69 • RESIDENCE: Bozeman, MT
PHILANTHROPY SCORE: y
261. ARTURO MORENO
$4.1 billion © • SELF-MADE SCORE:u
SOURCE: Billboards, Los Angeles Angels
AGE: 76 • RESIDENCE: Phoenix, AZ
PHILANTHROPY SCORE: yy
261. JAY PAUL
$4.1 billion © • SELF-MADE SCORE:u
SOURCE: Real estate
AGE: 75 • RESIDENCE: San Francisco, CA
PHILANTHROPY SCORE: N/A
261. DONALD STERLING
$4.1 billion © • SELF-MADE SCORE:u
SOURCE: Real estate
AGE: 88 • RESIDENCE: Beverly Hills, CA
No. 271 PHILANTHROPY SCORE: y
261. TY WARNER
$4.1 billion ª • SELF-MADE SCORE:w
Travis Kalanick SOURCE: Plush toys, real estate
AGE: 78 • RESIDENCE: Oak Brook, IL
After resigning in disgrace as CEO of PHILANTHROPY SCORE: yy
Uber, Kalanick is back in full swing 271. HAYES BARNARD
with his secretive “ghost kitchen” $4 billion ® • SELF-MADE SCORE:w
startup, CloudKitchens. It was valued SOURCE: Fintech
at $15 billion by investors—including AGE: 50 • RESIDENCE: Austin, TX
Microsoft, reportedly—in November PHILANTHROPY SCORE: N/A
2021. Food delivery stocks have since 271. JIM DAVIS & FAMILY
cratered, knocking an estimated 70% off $4 billion ª • SELF-MADE SCORE:u
the valuation, but it’s still up enough to SOURCE: New Balance
make him one of 22 former Forbes 400 AGE: 79 • RESIDENCE: Newton, MA
members to return to the ranks this year. PHILANTHROPY SCORE: yy
It’s unclear if he has learned anything: 271. BARRY DILLER
Reports from inside CloudKitchens $4 billion ª • SELF-MADE SCORE:v
indicate the company has high turnover SOURCE: Online media
and is suffering from the same toxic AGE: 80 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyy
workplace culture problems as Uber.
271. THOMAS HAGEN
$4 billion © • SELF-MADE SCORE:o
SOURCE: Insurance
AGE: 86 • RESIDENCE: Erie, PA
PHILANTHROPY SCORE: yy
261. AUSTEN CARGILL II 271. JOHN HENRY
$4.1 billion ª • SELF-MADE SCORE:n $4 billion © • SELF-MADE SCORE:t
SOURCE: Cargill SOURCE: Sports
AGE: 71 • RESIDENCE: Livingston, MT AGE: 73 • RESIDENCE: Boca Raton, FL
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
261. JAMES CARGILL II 271. W. HERBERT HUNT
$4.1 billion ª • SELF-MADE SCORE:n $4 billion © • SELF-MADE SCORE:q
SOURCE: Cargill SOURCE: Oil
AGE: 73 • RESIDENCE: Birchwood, WI AGE: 93 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
261. JOHN CATSIMATIDIS 271. JEREMY JACOBS SR. & FAMILY
$4.1 billion © • SELF-MADE SCORE:w $4 billion © • SELF-MADE SCORE:r
SOURCE: Oil, real estate SOURCE: Food service
AGE: 74 • RESIDENCE: New York, NY AGE: 82 • RESIDENCE: East Aurora, NY
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy
261. RAKESH GANGWAL 271. TRAVIS KALANICK
$4.1 billion ª • SELF-MADE SCORE:u $4 billion • SELF-MADE SCORE:u
SOURCE: Airline SOURCE: Uber
ETHAN PINES FOR FORBES
AGE: 69 • RESIDENCE: Miami, FL AGE: 46 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: y
261. RUPERT JOHNSON JR. 271. MIN KAO & FAMILY
$4.1 billion ª • SELF-MADE SCORE:q $4 billion ª • SELF-MADE SCORE:u
SOURCE: Franklin Templeton SOURCE: Navigation equipment
AGE: 82 • RESIDENCE: Burlingame, CA AGE: 73 • RESIDENCE: Leawood, KS
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
DZ'/E'DZ<d^^ d/KEWZKDKd/KE

MOVING THE VISION FORWARD:

THE DEMOCRATIC REPUBLIC OF CONGO

LJWĂƵůdƌƵƐƞƵůů

PRESIDENT FELIX TSHISEKEDI DŽƐƚƌĞĐĞŶƚůLJŚĞƌĞĐĞŝǀĞĚĂŶ ǀŝƐŝŽŶŽĨƚŚĞĨŽƵŶĚŝŶŐĨĂƚŚĞƌƐŽĨ

ŽĸĐŝĂůǀŝƐŝƚĨƌŽŵƚŚĞZŽLJĂů&Ăŵ- ƚŚĞKƌŐĂŶŝnjĂƟŽŶŽĨĨƌŝĐĂŶhŶŝƚLJ
President Félix Tshisekedi sees ily and Prime Minister of Belgium (now African Union) including
ŐƌĞĂƚƉƌŽŵŝƐĞŝŶƚŚĞĞŵŽĐƌĂƟĐ ŝŶ:ƵŶĞϮϬϮϮĨŽůůŽǁĞĚďLJ^ƚĂƚĞ DǁĂůŝŵƵ:ƵůŝƵƐELJĞƌĞƌĞDnjĞĞ
Republic of Congo. “The DRC of Secretary Antony Blinken’s dele- :ŽŵŽ<ĞŶLJĂƩĂ<ǁĂŵĞEŬƌƵŵĂŚ
the future is a country located ŐĂƟŽŶƚŽĚŝƐĐƵƐƐƉĞĂĐĞƚƌĂŶƐƉĂƌ- ĂŶĚ WĂƚƌŝĐĞ >ƵŵƵŵďĂ Ăůů ŽĨ
in the heart of Africa that is ful- ĞŶĐLJĂŶĚŐŽǀĞƌŶĂŶĐĞƌĞĨŽƌŵƐƚŚĞ ǁŚŽŵǁĂŶƚĞĚĂƐƚƌŽŶŐƵŶŝƚĞĚ
ĮůůŝŶŐŝƚƐǀŽĐĂƟŽŶĂƐĂ ƌĞŐŝŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚĂŶĚĨŽŽĚƐĞĐƵƌŝƚLJ ĂŶĚƉƌŽƐƉĞƌŽƵƐĐŽŶƟŶĞŶƚǁŚĞƌĞ
ĐŽŶƟŶĞŶƚĂů ĂŶĚŐůŽďĂůĞĐŽŶŽŵŝĐ ƉĞŽƉůĞĐŽƵůĚƚƌĂĚĞĂŶĚŵŽǀĞ
ƉŽǁĞƌŚĞƐĂLJƐ,ĞĞŶǀŝƐŝŽŶƐĂ Tshisekedi is also bringing his ĨƌĞĞůLJ
ĐŽƵŶƚƌLJƚŚĂƚƉƌŽǀŝĚĞƐŝƚƐƉŽƉƵ- leadership to the African Union as
lation the benefits of mineral president of the organization of
/ŶƵŐƵƐƚdƐŚŝƐĞŬĞĚŝďĞŐĂŶĂ
ǁĞĂůƚŚĂŶĚŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ 55 member states that make up
yearlong term as chair of the
where young men and women the countries of the African con-
^ŽƵƚŚĞƌŶĨƌŝĐĂŶĞǀĞůŽƉŵĞŶƚ
ĐĂŶ ĚĞǀĞůŽƉ ƚŚĞŝƌ ƉŽƚĞŶƚŝĂů ƟŶĞŶƚdŽĨŽƐƚĞƌ ƌĞŐŝŽŶĂůŝŶƚĞŐƌĂ-
Community (SADC). The presi-
toward the best Democratic dent has stated that the Demo-
ƟŽŶŚĞƐƵďŵŝƩĞĚZ!ƐĂƉƉůŝĐĂ-
Republic of Congo. ƟŽŶƚŽďĞĐŽŵĞƚŚĞƐĞǀĞŶƚŚĂƐƚ
ĐƌĂƟĐZĞƉƵďůŝĐŽĨŽŶŐŽǁŝůůĐŽŶ-
African Community Partner State
ƟŶƵĞƚŽƐƵƉƉŽƌƚƚŚĞůŽŶŐƐƚĂŶĚŝŶŐ
Since taking office in January regional goals of the SADC and its
ŝŶƚŚĞĮƌƐƚƐŝdžŵŽŶƚŚƐŽĨŚŝƐƚĞƌŵ
ϮϬϭdƐŚŝƐĞŬĞĚŝŚĂƐĂ ŐƌŽǁŝŶŐ sŝƐŝŽŶϮϬϱϬĨŽƌ ĂƉĞĂĐĞĨƵůŝŶĐůƵ-
ZďĞĐĂŵĞĂĨŽƌŵĂůŵĞŵ-
list of accomplishments. On the ber in March 2022.
ƐŝǀĞĐŽŵƉĞƟƟǀĞŵŝĚĚůĞ*ƚŽ*ŚŝŐŚ
ĚŝƉůŽŵĂƟĐĨƌŽŶƚŚĞĂŶŶŽƵŶĐĞĚ ŝŶĐŽŵĞ ŝŶĚƵƐƚƌŝĂůŝnjĞĚ ƌĞŐŝŽŶ
in his inaugural speech his inten- Vice Prime Minister and Minis- where all citizens enjoy sustain-
tion to renew relations with ƚĞƌŽĨ&ŽƌĞŝŐŶīĂŝƌƐŚƌŝƐƚŽƉŚĞ ĂďůĞĞĐŽŶŽŵŝĐǁĞůůďĞŝŶŐũƵƐƟĐĞ
the international community >ƵƚƵŶĚƵůĂ ƉĂůĂ WĞŶ! ƉĂůĂ and freedom.
and donors such as the IMF. called the entry of his country
The President kept his prom- ŝŶƚŽƚŚĞ ĂŶĞĐŽŶŽŵŝĐĐƵů- I n v e s t m e n t i n L o c a l C o r e
ise as the country reforged its ƚƵƌĂůŐĞŽŐƌĂƉŚŝĐĂů ĂŶĚŚŝƐƚŽƌŝĐĂů Infrastructures
ƌĞůĂƟŽŶƐŚŝƉƐǁŝƚŚůŽŶŐƐƚĂŶĚŝŶŐ ŽďůŝŐĂƟŽŶ'Z!ƐĂĚŵŝƐƐŝŽŶŝŶƚŽ
partners. ƚŚĞďůŽĐǁĂƐĂĨƵůĮůůŵĞŶƚŽĨƚŚĞ K Ŷ Ğ  Ž Ĩ  ƚ Ś Ğ  ŵ Ž Ɛ ƚ  Ɖ Ž Ɛ ŝ ƚ ŝ ǀ Ğ

1 DRC
WZKDKd/KEDZ'/E'DZ<d^^ d/KE

The develop- ƐĞŐŵĞŶƚƐ ŽĨ ƚŚĞ ƉŽƉƵůĂƚŝŽŶ

ment program ƚŚƌŽƵŐŚ ĂĨĂŝƌĂŶĚĞƋƵŝƚĂďůĞĚŝƐ-
ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚƌŝďƵƚŝŽŶŽĨŶĂƚŝŽŶĂůǁĞĂůƚŚ
as it is the says Tshisekedi. “Thanks to this
ĮƌƐƚƟŵĞƐŝŶĐĞ ƵŶƉƌĞĐĞĚĞŶƚĞĚ ƌĞĨŽƌŵ ŝŶ ŽƵƌ
ϭϲϬƚŚĂƚƉƵď- ĐŽƵŶƚƌLJŵŽƌĞƚŚĂŶϰŵŝůůŝŽŶĐŚŝů-
ůŝĐĨƵŶĚƐ ŚĂǀĞ ĚƌĞŶƉƌĞǀŝŽƵƐůLJĞdžĐůƵĚĞĚĨƌŽŵ
ďĞĞŶĂůůŽĐĂƚĞĚ ƚŚĞ ĞĚƵĐĂƚŝŽŶĂů ƐLJƐƚĞŵ ŚĂǀĞ
at the grass- ďĞĞŶĂďůĞƚŽƌĞƚƵƌŶƚŽƐĐŚŽŽůƐ
ƌŽŽƚƐ ůĞǀĞůǁŝƚŚ ĂƌĞƐƵůƚƚŚĞŝƌĨƵƚƵƌĞŝƐďƌŝŐŚƚĞƌŝŶ
the aim of cor- ĂĐŽƵŶƚƌLJǁŚĞƌĞŵŽƌĞƚŚĂŶŚĂůĨ
ƌĞĐƟŶŐĚŝƐƉĂƌŝ- ŽĨƚŚĞƉŽƉƵůĂƟŽŶŝƐLJŽƵŶŐ
ƚŝĞƐŝŶƐƵƐƚĂŝŶ-
Ă ď ů Ğ  Ś Ƶ ŵ Ă Ŷ The effective implementation
development ŽĨĨƌĞĞďĂƐŝĐĞĚƵĐĂƚŝŽŶŚĂƐ ĂůƐŽ
ďĞƚǁĞĞŶƵƌďĂŶ ŚĂĚƉŽƐŝƚŝǀĞƌĞƉĞƌĐƵƐƐŝŽŶƐŽŶ
ĂŶĚ ƌƵƌĂů ƚŚĞƐŽĐŝĂů ůĞǀĞůEĞǁĨƵŶĚŝŶŐŚĂƐ
areas. “By sig- ďĞĞŶĚŝƌĞĐƚĞĚƚŽǁĂƌĚƚŚĞŽƉĞƌ-
achievements of Tshisekedi’s ŶŝĨŝĐĂŶƚůLJŝŵƉƌŽǀŝŶŐƚŚĞƉƵďůŝĐ ating costs of schools and man-
term so far is the creation of a ƐƵƉƉůLJŽĨďĂƐŝĐƐŽĐŝŽĞĐŽŶŽŵŝĐ ĂŐĞŵĞŶƚŽĨĨŝĐĞƐĂŶĚĨŝŶĂŶĐŝĂů
local development program for ƐĞƌǀŝĐĞƐŝŶĂůůŽĨƚŚĞZ!ƐƌƵƌĂů ďƵƌĚĞŶƐ ůŝŌĞĚĨŽƌƉĂƌĞŶƚƐŽĨƉƌŝ-
the 145 territories that com- ƚĞƌƌŝƚŽƌŝĞƐǁĞĐĂŶƌĞĚƵĐĞƉŽǀ- ŵĂƌLJƐƚƵĚĞŶƚƐdŚĞŐŽǀĞƌŶŵĞŶƚ
ƉƌŝƐĞƚŚĞĞŵŽĐƌĂƟĐZĞƉƵďůŝĐŽĨ ĞƌƚLJĂŶĚŝŶĞƋƵĂůŝƟĞƐĂŶĚƚƌĂŶƐ- ƌĞŵĂŝŶƐĐŽŵŵŝƚƚĞĚƚŽĞŶƐƵƌĞ
Congo. ĨŽƌŵƚŚĞůŝǀŝŶŐĐŽŶĚŝƟŽŶƐŽĨƚŚĞ ƚŚĂƚŶŽĐŚŝůĚǁŝůůďĞůĞĨƚŽƵƚŽĨ
ƉŽƉƵůĂƟŽŶdƐŚŝƐĞŬĞĚŝƐĂLJƐ school.
The program is one of the govern-
ment’s key tools to implement ŽŵŵŝƚŵĞŶƚƚŽĚƵĐĂƟŽŶ Economic Reforms Show Success
the National Strategic Develop-
ment plan. It aims to correct the ƵƌŝŶŐŚŝƐĞůĞĐƚŽƌĂůĐĂŵƉĂŝŐŶ ŶŽƚŚĞƌŝŶŝƚŝĂƚŝǀĞǁŝƚŚ ƐƚƌŽŶŐ
ĚŝƐƉĂƌŝƟĞƐŝŶƐƵƐƚĂŝŶĂďůĞŚƵŵĂŶ Tshisekedi promised to make free ŵ ĞĂ Ɛ Ƶ ƌ Ă ď ů Ğ  Ɛ Ƶ Đ Đ Ğ Ɛ Ɛ  ŝ Ɛ  ƚ Ś Ğ
ĚĞǀĞůŽƉŵĞŶƚďĞƚǁĞĞŶƵƌďĂŶĂŶĚ primary schooling
ƌƵƌĂů ĂƌĞĂƐƚŽĮŐŚƚƉŽǀĞƌƚLJŝŶĂůů a flagship policy.
ŝƚƐĨŽƌŵƐĂŶĚƚŽƚƌĂŶƐĨŽƌŵƚŚĞ ůƚŚŽƵŐŚ ŵĂŶLJ
ůŝǀŝŶŐĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞƉŽƉƵůĂ- ĐŚĂůůĞŶŐĞƐƌĞŵĂŝŶ
ƚŝŽŶƐďLJƐŝŐŶŝĨŝĐĂŶƚůLJŝŵƉƌŽǀŝŶŐ h e ke p t t o h i s
ƚŚĞƉƵďůŝĐŽīĞƌŽĨƐŽĐŝŽĞĐŽŶŽŵŝĐ promise. In Sep-
services. ƚĞŵďĞƌϮϬϭƚŚĞ
ZďĞŐĂŶƌŽůůŝŶŐ
dŚĞƉƌŽŐƌĂŵ!ƐĨĞĂƐŝďŝůŝƚLJƐƚƵĚŝĞƐ ŽƵƚĨƌĞĞƉƌŝŵĂƌLJ
ĂƌĞĐŽŵƉůĞƚĞĂŶĚƉƵďůŝĐĨƵŶĚƐ ĞĚƵĐĂƚŝŽŶĂĐƌŽƐƐ
ŚĂǀĞďĞĞŶƌĞůĞĂƐĞĚdžĞĐƵƚŝŶŐ ƚŚĞĐŽƵŶƚƌLJ
ĂŐĞŶĐŝĞƐ ŚĂǀĞďĞĞŶƌĞĐƌƵŝƚĞĚĂƚ
ƚŚĞŶĂƟŽŶĂů ĂŶĚůŽĐĂů ůĞǀĞůƐǁŝƚŚ Despite the pan-
project monitoring and control ĚĞŵŝĐƚŚŝƐŵĂũŽƌ
ŵĞĐŚĂŶŝƐŵƐƉƵƚŝŶƉůĂĐĞ reform gained
ŵŽŵĞŶƚƵŵĚƵ-
'dŚĞŽďũĞĐƟǀĞŽĨƚŚĞƉƌŽŐƌĂŵŝƐ c a t i o n - r e l a t e d
to promote the emergence of a Ğ dž Ɖ Ğ Ŷ Ě ŝ ƚ Ƶ ƌ Ğ Ɛ
dynamic local economy likely to increased from
ŝŵƉƌŽǀĞƚŚĞůŝǀŝŶŐĐŽŶĚŝƟŽŶƐ ĂŶĚ ϭϭϲйŝŶϮϬϭϳƚŽ
environment of the majority of Ϯϭ5йŝŶϮϬϮϭ
ƚŚĞŽŶŐŽůĞƐĞƉŽƉƵůĂƟŽŶůŝǀŝŶŐŝŶ
ƌƵƌĂů ĂƌĞĂƐƐĂLJƐdƐŚŝƐĞŬĞĚŝdŚĞ “ F r e e p r i m a r y
implementation of the program ĞĚƵĐĂƚŝŽŶŝƐŽŶĞ
ďLJϮϬϮϯƉƌŽǀŝĚĞƐĨŽƌƚŚĞĐŽŶ- o f t h e s t r o n g
ƐƚƌƵĐƚŝŽŶŽĨϭϭϮϬƐĐŚŽŽůƐϳ55 Ğ dž Ɖ ƌ Ğ Ɛ Ɛ ŝ Ž Ŷ Ɛ  Ž Ĩ
health centers and 145 adminis- my commitment
ƚƌĂƟǀĞďƵŝůĚŝŶŐƐĂůŽŶŐǁŝƚŚƚŚŽƵ- to make ef fec -
ƐĂŶĚƐŽĨŬŝůŽŵĞƚĞƌƐŽĨĂŐƌŝĐƵůƚƵƌĂů ƟǀĞƚŚĞƐŽůŝĚĂƌŝƚLJ
roads. ďĞƚǁĞĞŶĚŝīĞƌĞŶƚ
ZWƌĞƐŝĚĞŶƚ,ŝƐ džĐĞůůĞŶĐLJ&ĞůŝdždƐŚŝƐĞŬĞĚŝ

Z 2
EMERGING MARKETS SEC TION PROMOTION

implementation of economic contracts as well as dissolving ƵƐŝŶĞƐƐůŝŵĂƚĞ'dŚŝƐƚŽŽůǁŝůů

reforms. over 380 mining titles, with 300 not only strengthen the public-
of them returning to the State. private dialogue but will also pro-
On the budget side, reforms vide the government with infor-
ŚĂǀĞůĞĚƚŽĂƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞ Removing Barriers to Business ŵĂƟŽŶŽŶƚŚĞĚŝƌĞĐƚƉĞƌĐĞƉƟŽŶ
in revenue with unprecedented of economic operators,” said the
records, illustrated by a 134% The DRC government continues President.
realization rate compared to ŝƚƐĞīŽƌƚƐƚŽƌĞŵŽǀĞďŽƩůĞŶĞĐŬƐ
the linear fore- ' dŚĞ ĐŽƵŶƚƌ LJ
casts for the needs investors
period and an and capital,” he
88% realization ƐĂLJƐ'tŝƚŚŽƵƚ
rate compared a good business
to the annual climate, it will
forecasts, as be difficult to
disclosed by attract serious
the ministry investments in
of Finance. our country.”
Expenditures
are increas- Other DRC lead-
ingly rational- ers are also
ized, and they keenly focused
are directed on communicat-
towards strate- ŝŶŐƚŚĞŶĂƟŽŶ!Ɛ
gic and priority progress to the
sectors such as private sector,
security, health, with donors,
education and and with inves-
infrastructure ƚŽƌƐ 'tĞ ĂƌĞ
in the process
On the mon- of transparency
etary and exter- DRC President, His Excellency Felix Tshisekedi paving new roads and proactive
nal front, foreign communica-
exchange reserves have passed that deter investments by imple- tion,” says Minister of Finance
the 12-week mark for imports of ŵĞŶƟŶŐďƵƐŝŶĞƐƐƌĞĨŽƌŵƐĂŝŵĞĚ Nicolas Kazadi.
goods and services while DRC’s at improving business climate and
inflation rate and the exchange attracting Foreign Direct Invest- ^ŽůƵƟŽŶŽƵŶƚƌLJ
rate remained stable. For the ments. A special business climate
first time in over a decade, the unit has been created within In the context of the COP26 in
country is set to record a current the presidency and numerous Glasgow, Tshisekedi called upon
account surplus reforms have been implemented, the international community to
ƐƵĐŚĂƐƚŚĞƌĞĐĞŶƚĞůŝŵŝŶĂƟŽŶŽĨ protect the forests of the Congo
Efforts to clean up the manage- several import and export taxes ĂƐŝŶǁŚŝĐŚĨŽƌŵƐƚŚĞůĂƌŐĞƐƚ
ment of public finances and to and other red tape. A roadmap of carbon storage sink ahead of the
ĐŽŵďĂƚŵŝƐĂƉƉƌŽƉƌŝĂƟŽŶĂƌĞĂůƐŽ some 60 reforms has been iden- Amazon and Indonesia.
being relentlessly pursued. tified for 2021, with ministries
across the board charged with 'tŝƚŚŝƚƐĨŽƌĞƐƚƐǁĂƚĞƌĂŶĚŵŝŶ-
The control of the General Inspec- ŝŵƉůĞŵĞŶƟŶŐƚŚĞŵ eral resources, the Democratic
torate of Finance, as part of the Republic of Congo is a genu-
overall dynamic of the revitalized These reforms aim to improve the ine Solution Country to the cli-
anti-corruption system, is help- ďƵƐŝŶĞƐƐĐůŝŵĂƚĞĂŶĚĂƩƌĂĐƚŵŽƌĞ mate crisis.” Tshisekedi said. He
ing to gradually restore the fear investment. New monitoring and secured support and financing
of the police and to ensure that evaluation mechanisms are in from bilateral partners subscrib-
the rules of good governance are place to track progress of these ing to this vision in the context of
ƌĞƐƉĞĐƚĞĚďLJƉƵďůŝĐŽĸĐŝĂůƐĂŶĚ reforms. a new partnership agreement.
ƚŚĞĞŶƟƌĞƐƚĂƚĞĂƉƉĂƌĂƚƵƐ
In September, Tshisekedi during a Tshisekedi and Prime Minister
In the mining sector, the govern- ĐĂďŝŶĞƚŵĞĞƟŶŐƚŚĂƚŚĞĐŚĂŝƌĞĚ ŽƌŝƐ:ŽŚŶƐŽŶŽŶďĞŚĂůĨŽĨƚŚĞ
ment has made notable progress the upcoming launch in Kinshasa Central African Forest Initiative
by publishing all outstanding ŽĨƚŚĞEĂƟŽŶĂůĂƌŽŵĞƚĞƌŽŶƚŚĞ (CAFI) endorsed an ambitious

3 DRC
PROMOTION
10-year agreement (2021-31)
to protec t the Congo Basin
rainforest.
“To protect our forest and pro-
mote its sustainable manage-
ment, our priority, backed by this
new partnership, is to strengthen
governance and transparency
across all land use sectors. The
Partnership will also support our
ĂŵďŝƟŽŶƚŽƌĞƐƉŽŶĚƚŽƚŚĞĚƵĂů
challenge of food security and
climate change through sustain-
able agriculture, primarily in the
savannahs,” said Tshisekedi.
/Ŷ^ĞƉƚĞŵďĞƌǁŚŝůĞƉĂƌƟĐŝƉĂƟŶŐ
to the African Adaptation Sum-
ŵŝƚďĞŝŶŐŚĞůĚŝŶƉƌĞƉĂƌĂƟŽŶĨŽƌ
COP27, he reiterated his call to
the international community on
the need to deploy financing to
protect the environment, claim-
ing that “the DRC is aware of its
status and its responsibility for
the present and future of human-
ity in the face of climate change.”
Challenges are Solvable
Tshisekedi is confident that sev- ŝŶĚƵƐƚƌŝĂůŝnjĂƟŽŶŽĨƚŚĞĐŽƵŶƚƌLJ
eral solutions will strengthen
democracy in the DRC near-term.
These include providing Congo- D R C P R I M E M I N I S T E R government.
ůĞƐĞĐŝƟnjĞŶƐǁŝƚŚĂŶŝĚĞŶƟƚLJĐĂƌĚ LUKONDE
EMERGING MARKETS SEC TION
allowing the country to have a DRC Prime Minister, Jean-Michel Sama Lukonde
'ĞŶĞƌĂůWŽƉƵůĂƟŽŶ&ŝůĞŽƌŐĂŶŝnj-
ŝŶŐĞůĞĐƟŽŶƐŽŶƟŵĞĂŶĚĞŶƐƵƌ- Prime Minister Lukonde, the
ŝŶŐŶĂƟŽŶĂůŝŶƚĞŐƌĂƟŽŶŝŶƚĞƌŵƐ former director of state-owned
of infrastructure. mining company Gécamines, has
stated that security, especially in
Viewing longer-term solutions, eastern DRC and Katanga prov-
the president seeks to ensure dig- ince, will be a priority. Lukonde,
ŝƚĂůŝŶĐůƵƐŝŽŶĞůĞĐƚƌŝĮĐĂƟŽŶĂŶĚ who previously led the Youth and
Sports Ministry, has also cham-
pioned the inclusion of more
LJŽƵƚŚĂŶĚǁŽŵĞŶŝŶƚŚĞŶĂƟŽŶ!Ɛ
Empowering Women
President Tshisekedi appointed
Jean-Michel Sama Lukonde to Empowering and improving
ƚŚĞƌŽůĞŽĨƉƌŝŵĞŵŝŶŝƐƚĞƌŝŶ&Ğď- women’s situation in the DRC
ruary 2021. are prominent among Lukonde’s
ƉƌŝŽƌŝƟĞƐ
Lukonde replaced Sylvestre
Ilunga Ilunkamba, an ally of for- >ƵŬŽŶĚĞ!ƐĮƌƐƚĂĐƟŽŶŝŶƚŚŝƐĚŝƌĞĐ-
mer President Joseph Kabila, tion was to increase women’s
who stepped down following ƌĞƉƌĞƐĞŶƚĂƟŽŶŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚ
a no-confidence vote in Parlia- by nominating 15 women in his
ŵĞŶƚ,ŝƐĚĞƉĂƌƚƵƌĞĐĂŵĞĂŌĞƌ cabinet out of 56 members, the
Tshisekedi ended a power-shar- highest number ever achieved in
ing agreement between his party Z!ƐƉŽůŝƟĐĂůŚŝƐƚŽƌLJ
and that of Kabila.
In the first months of his term,
I n i t s f i r s t h u n d r e d d a y s , the Prime Minister presented
Lukonde’s government achieved and endorsed the Government’s
major milestones by obtain- Action Plan (Plan d’Action du
ing an USD 1.5 billion Extended Gouvernement), comprising ten
ƌĞĚŝƚ&ĂĐŝůŝƚLJ;&AǁŝƚŚƚŚĞ/D& ŬĞLJĂĐƟŽŶƐŝŶĨĂǀŽƌŽĨŽŶŐŽůĞƐĞ
providing much needed relief for women.
the budget and foreign exchange
reserves. These include initiatives to
DRC 4
DZ'/E'DZ<d^^ d/KEWZKDKd/KE

ZEĂƟŽŶĂůWĂƌŬ

deploy financial aid for women, commitment to the program, as As a result of the progress made
to facilitate access to agricul- illustrated by the institutional ƵŶĚĞƌƚŚĞ&ƉƌŽŐƌĂŵƚŚĞZ
ƚƵƌĂů ůĂŶĚĂŶĚĮŶĂŶĐĞĂĐĐĞƐƐƚŽ arrangements put in place by the ŚĂƐĂĐŚŝĞǀĞĚƐĞǀĞƌĂůŽĨŝƚƐŽďũĞĐ-
microcredit, to foster women’s ŐŽǀĞƌŶŵĞŶƚǁŚŝĐŚŝŶĐůƵĚĞƚŚĞ ƟǀĞƐ<ĂnjĂĚŝŶŽƚĞƐdŚĞ&ƉƌŽ-
ĞŶƚƌĞƉƌĞŶĞƵƌƐŚŝƉĮŐŚƚĚŝƐĐƌŝŵŝ- Ministry of Finance, the Ministry gram is increasingly playing a role
ŶĂƟŽŶĂŶĚŝŵƉƌŽǀĞĂŶĚĞdžƚĞŶĚ of Budget and the Central Bank ĂƐĂĐĂƚĂůLJƐƚĨŽƌĨƵŶĚŝŶŐĂƩƌĂĐƚ-
ĞĚƵĐĂƟŽŶ ŽĨŽŶŐŽ;AdŚŝƐŵĞĐŚĂŶŝƐŵ ing more donors and other bilat-
has made it possible to ensure ĞƌĂůƉĂƌƚŶĞƌƐ
MINISTER OF FINANCE NICO that the commitments made
LAS KAZADI in the program framework are In terms of ratings, the DRC has
ƌĞƐƉĞĐƚĞĚŝŶůŝŶĞǁŝƚŚƚŚĞƟŵĞ- ďĞŶĞĨŝƚĞĚ ĨƌŽŵ ĂŶ ĞdžĐĞůůĞŶƚ
Since becoming Minister of ƚĂďůĞƉƌĞǀŝŽƵƐůLJĂŐƌĞĞĚ ƵƉŽŶ dynamic, almost unique on the
Finance for the DRC in April ǁŝƚŚƚŚĞ&ƵŶĚ/ƚĂůƐŽƌĞŇĞĐƚƐƚŚĞ ĐŽŶƟŶĞŶƚǁŝƚŚƚŚĞŝŵƉƌŽǀĞŵĞŶƚ
2021, Nicolas Kazadi has suc- desire and need to strengthen of the rating outlook initially by
cessfully handled negotiations ƚŚĞĐŽŽƌĚŝŶĂƚŝŽŶŽĨƚŚĞǀĂƌŝŽƵƐ S&P and Moody’s, and then with
ǁŝƚŚƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůDŽŶĞƚĂƌLJ policies, particularly budgetary the upgrading of the S&P rating
Fund (IMF) and led reforms to ĂŶĚŵŽŶĞƚĂƌLJƉŽůŝĐŝĞƐ in January 2022 from “CCC+” to
ƐƚƌĞŶŐƚŚĞŶƚŚĞŶĂƟŽŶ!ƐĮŶĂŶĐŝĂů '*'
ƐƚĂŶĚŝŶŐ dŚĞƐĞƐƵĐĐĞƐƐĞƐƌĞŇĞĐƚƚŚĞĞīĞĐ-
ƚŝǀĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐƚƌƵĐ- Focus on Results
The conclusion of the first two ƚƵƌĂůƌĞĨŽƌŵƐŝŶĂůůĂƌĞĂƐĐŽǀĞƌĞĚ
ƌĞǀŝĞǁƐŽĨƚŚĞdžƚĞŶĚĞĚƌĞĚŝƚ ďLJƚŚĞ&ƉƌŽŐƌĂŵŝŶĐůƵĚŝŶŐ T h e Minis tr y of Finance is
&ĂĐŝůŝƚLJ;&AƉƌŽŐƌĂŵǁŝƚŚƚŚĞ ŵŽďŝůŝnjŝŶŐďƵĚŐĞƚĂƌLJƌĞǀĞŶƵĞƐ engaged in a wide range of ini-
IMF was a major accomplish- and strengthening the indepen- ƚŝĂƚŝǀĞƐĂůůŽĨǁŚŝĐŚĂƌĞĞƋƵĂůůLJ
ŵĞŶƚ<ĂnjĂĚŝƐĂLJƐdŚŝƐƉƌŽŐƌĂŵ ĚĞŶĐĞĂŶĚĞĸĐŝĞŶĐLJŽĨƚŚĞ important in that they create
was requested by the Congolese A key reform implemented by ƐLJŶĞƌŐŝĞƐƐĂLJƐƚŚĞĮŶĂŶĐĞŵŝŶŝƐ-
ĂƵƚŚŽƌŝƟĞƐʹŝƚǁĂƐŶŽƚŝŵƉŽƐĞĚ ƚŚĞĂƵƚŚŽƌŝƟĞƐŝƐƚŚĞĞŶĚƚŽƚŚĞ ƚĞƌ,ĞŶŽƚĞĚƚŚĂƚƐŽŵĞǁŝůůƚĂŬĞ
ďLJ ƚŚĞ /D& /ƚ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ĮŶĂŶĐŝŶŐŽĨƚŚĞ^ƚĂƚĞďLJƚŚĞĞŶ- longer to show results, but others
efforts made by the authorities ƚƌĂůĂŶŬKƚŚĞƌƌĞĨŽƌŵƐŝŶĐůƵĚĞ are already making their presence
ŽǀĞƌŵĂŶLJLJĞĂƌƐƚŽƐƚƌĞŶŐƚŚĞŶ ŝŵƉƌŽǀĞĚŐŽǀĞƌŶĂŶĐĞĂŶĚƚƌĂŶƐ- ĨĞůƚdŚŝƐŝƐƚŚĞĐĂƐĞĨŽƌĞdžĂŵƉůĞ
ƚŚĞŝƌƌĞůĂƟŽŶƐŚŝƉǁŝƚŚƚŚĞ&ƵŶĚ parency, especially in the mining ǁŝƚŚƚŚĞƌĞĨŽƌŵƐƚŚĂƚŚĂǀĞďĞĞŶ
The country has shown a strong ƐĞĐƚŽƌ ĐĂƌƌŝĞĚ ŽƵƚ ƵŶĚĞƌ ƚŚĞ & ƚŽ

5 DRC
WZKDKd/KEDZ'/E'DZ<d^^ d/KE

ŽƌĚĞƌƚŽĂĐŚŝĞǀĞƚŚĞŝƌŽďũĞĐƟǀĞƐ ŵĂŶĂŐĞŵĞŶƚĂŶĚĚŝŐŝƟnjĂƟŽŶŽĨ
His department has set a goal of ƉƵďůŝĐĮŶĂŶĐĞƐ
increasing the number of small
businesses registered in the tax īŽƌƚƐĂƌĞĂůƐŽďĞŝŶŐƵŶĚĞƌƚĂŬĞŶ
directory by 20% per year while ƚŽƟŐŚƚĞŶƐƉĞŶĚŝŶŐ^ŝŶĐĞϮϬϮϭ
ĞŶĐŽƵƌĂŐŝŶŐĐŝƟnjĞŶƐƚŽĂƉƉůLJĨŽƌ ŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐĂŶĚƐĂůĂƌŝĞƐ
ƚĂdž/Ɛ ŚĂǀĞďĞĞŶĐŽŶƚĂŝŶĞĚŵĂŬŝŶŐŝƚ
possible to free up budgetary
dŚĞŵŝŶŝƐƚƌLJŚĂƐƵŶĚĞƌƚĂŬĞŶƚŚĞ space for investments, a govern-
ĞīŽƌƚƚŽŵŽĚĞƌŶŝnjĞƌĞǀĞŶƵĞĐŽů- ŵĞŶƚƉƌŝŽƌŝƚLJ/ŶůŝŶĞǁŝƚŚƚŚŝƐ
lection, in particular in partner- ŽďũĞĐƟǀĞƚŚĞDŝŶŝƐƚƌLJŽĨ&ŝŶĂŶĐĞ
ship with French Development ŚĂƐĂƐŬĞĚƚŚĞ/D&ƚŽŽƌŐĂŶŝnjĞĂ
Agency and the EU, to auto- PIMA (Public Investment Man-
mate the revenue chain with the agement Assessment) mission
ŝŶƐƚĂůůĂƟŽŶĂŶĚƵƐĞŽĨŶĞǁƐŽŌ- to identify a clear roadmap for
ǁĂƌĞĂŶĚĐŽŵƉƵƚĞƌĞƋƵŝƉŵĞŶƚ strengthening public investment
Implemented first in Kinshasa, ŵĂŶĂŐĞŵĞŶƚ
the systems will extend to other
ƉƌŽǀŝŶĐĞƐ Progress and Stronger Prospects
In November 2021, the Congolese dŚĞ Z ŝƐ Ă ĐŽƵŶƚƌLJ ŽŶ ƚŚĞ
government adopted a Strategic ŵŽǀĞKŶƚŚĞƉŽůŝƚŝĐĂůĨƌŽŶƚĨŽƌ
Plan for Public Finance Reform example, much progress has been
2022-2028, following an earlier ŵĂĚĞƐŝŶĐĞϮϬϭǁŝƚŚƚŚĞŶĂƟŽŶ!Ɛ
DRC Finance Minister, His Excellency Nicolas Kazadi strategy in this area adopted in ĮƌƐƚƉĞĂĐĞĨƵůĐŚĂŶŐĞŽĨƉŽǁĞƌ
ϮϬϭϬdŚĞƉůĂŶĂŝŵƐƚŽĂĚĚƌĞƐƐ ƐŚŝŌŽĨƚŚĞƉĂƌůŝĂŵĞŶƚĂƌLJŵĂũŽƌ-
ƐƚƌĞŶŐƚŚĞŶƌĞǀĞŶƵĞŵŽďŝůŝnjĂƟŽŶ ǁĞĂŬŶĞƐƐĞƐŝŶƚŚĞƉƵďůŝĐĮŶĂŶĐŝĂů ity in 2021 has allowed for greater
According to the latest figures ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ ĐŽŚĞƐŝŽŶŝŶŐŽǀĞƌŶĂŶĐĞ
for the month of July, finan-
cial authorities have recorded a An action plan for 2022-2024 dŚĞƌĞƐŚĂƉŝŶŐŽĨƚŚĞƉŽůŝƚŝĐĂů
monthly increase in revenue of was adopted in August 2022 by environment was accompanied
64% compared to June 2022 and the Council of Ministers for the by a change in economic orien-
an increase of 72% compared to concrete and realistic imple- tation toward a more open and
:ƵůLJϮϬϮϭƐƵƌƉĂƐƐŝŶŐƚĂƌŐĞƚƐ mentation of the medium-term ŽƌƚŚŽĚŽdžŵŽĚĞů
ƐƚƌĂƚĞŐŝĐƉůĂŶdŚĞĂĐƚŝŽŶƉůĂŶ
Kazadi attributes the positive prioritizes actions needed to dŚĞ Z ŶŽǁ ĞŶũŽLJƐ ƐƚƌŽŶŐ
ƌĞƐƵůƚƐƚŽƐĞǀĞƌĂůƌĞĨŽƌŵƐdŚĞ implement the medium-term growth prospects, among the
ministry has put in place perfor- strategic plan, focusing the gov- ŚŝŐŚĞƐƚŝŶƚŚĞǁŽƌůĚ/ŶϮϬϮϮ
ŵĂŶĐĞĐŽŶƚƌĂĐƚƐǁŝƚŚƚŚĞĮŶĂŶ- ĞƌŶŵĞŶƚ!ƐĞīŽƌƚƐŽŶϮϰŵĞĂƐƵƌĞƐ ŐƌŽǁƚŚŝƐĞdžƉĞĐƚĞĚƚŽƌĞĂĐŚϲϭй
cial regulators, which are respon- under the five pillars of budget despite the deterioration of the
sible for increasing the number ƌĞĨŽƌŵƐƚƌĞŶŐƚŚĞŶŝŶŐĮƐĐĂůƉŽů- international situation, before
of taxpayers and improving com- icy, public expenditure manage- ĂĐĐĞůĞƌĂƚŝŶŐƚŽϲϱйŝŶϮϬϮϭLJ
pliance with tax obligations in ŵĞŶƚƉƵďůŝĐĂĐĐŽƵŶƟŶŐĂŶĚĐĂƐŚ 2023 growth should accelerate
ƚŽϲϳйĂŶĚĞǀĞŶƚŽϳйŝŶϮϬϮϰ
dŚŝƐƌŽďƵƐƚŐƌŽǁƚŚƌĞĨůĞĐƚƐƚŚĞ
ƉŽƐŝƟǀĞĚLJŶĂŵŝĐƐĂŶĚďĞƩĞƌĞĐŽ-
ŶŽŵŝĐĐŽŶĚŝƟŽŶƐŝŶƚŚĞZ
Infrastructure Challenges
WƌĞƐĞŶƚKƉƉŽƌƚƵŶŝƟĞƐ
dŚĞĨƌŝĐĂŶĐŽŶƟŶĞŶƚŝƐĨĂĐŝŶŐƚŚĞ
challenge of infrastructure devel-
opment while at the same time
ĨĂĐŝŶŐĂƐŝŐŶŝĨŝĐĂŶƚůĂĐŬŽĨĨƵŶĚ-
ŝŶŐƚŽďƌŝĚŐĞƚŚĞŐĂƉdŚĞZ
ŝƐŶŽĞdžĐĞƉƚŝŽŶƚŽƚŚŝƐĨĂĐƚdŚŝƐ
funding gap is a challenge that is
ĐƵƌƌĞŶƚůLJďĞŝŶŐƚĂĐŬůĞĚ&ŝƌƐƚŽĨ

DRC 6
EMERGING MARKETS SEC TION
all, the country has become more ENTREPRENEURIAL SPIRIT THRIVES IN DRC
open to the international com-
munity, starting with the IMF’s
&ƉƌŽŐƌĂŵdŚĞĂƵƚŚŽƌŝƟĞƐĂƌĞ
strengthening and increasing the
dialogue with many donors, bilat-
eral partners, and other regional
ŝŶƐƟƚƵƟŽŶƐ
Previously, the official develop-
ment assistance received by the
DRC was humanitarian aid. This
has now changed. Numerous
commitments obtained in 2021
and 2022 will facilitate work on
infrastructure and economic ser-
vices in order to ensure strong
and inclusive grow th in the
medium term.
In June 2022, DRC leaders signed
a $250 million budget support
agreement with the World Bank
slated for public investment
projects. In addition, another
agreement of USD 500 million
was signed for transport sector
improvements. Since 2021, the
total amount signed with the
World Bank is more than USD 2
billion.
The government is exploring
new financing options with pri-
vate investors for infrastructure
ĮŶĂŶĐŝŶŐƐƵĐŚĂƐƉƵďůŝĐ*ƉƌŝǀĂƚĞ
partnerships. Developing local
ĐĂƉŝƚĂůŵĂƌŬĞƚƐŝŶŝƟĂůůLJďLJƌĞǀŝǀ-
ing the government securities
market, is a priority. To this end,
ƚŚĞĂƵƚŚŽƌŝƟĞƐŚĂǀĞŝŶŶŽǀĂƚĞĚďLJ
launching bonds and treasury bills
indexed to the dollar exchange
rate and by extending the maturi-
ƟĞƐŽĨƚŚĞƐĞĐƵƌŝƟĞƐŝƐƐƵĞĚ/ŶƚŚĞ
medium term, the government is
confident that it will be increas-
ŝŶŐůLJĂďůĞƚŽĮůůƚŚĞĮŶĂŶĐŝŶŐŐĂƉ
/ŶƚŚĞůŽŶŐƚĞƌŵĮŶĂŶĐŝĂůŝŶĐůƵ-
sion for the DRC’s population
remains a challenge that leaders
seek to address. The DRC is still
an unbanked society and access
to credit for the population and
small businesses is still compli-
cated. Minister Kazadi believes
that financial inclusion is key to
fostering private sector develop-
ment and inclusive growth
7 DRC
PROMOTION
ŽĨ/ŶƚĞƌŶĂƟŽŶĂů
Gabonese and
French Bank
(BGFI), a direc-
tor of Barclays
Bank, and presi-
dent of the
Association of
Banks. He has
held leadership
roles as a direc-
tor of Brac-
ongo, as a gen-
eral delegate
of Safricas, and
Entreprenuer, Pascal Kinduelo Lumbu as president of
the FEC (Federa-
Pascal Kinduelo Lumbu, tion of Enterprises of Congo). A
Champion of Good Governance co-founder of Vodacom, he also
ƉĂƌƟĐŝƉĂƚĞĚŝŶƚŚĞĐƌĞĂƟŽŶŽĨƚŚĞ
Pascal Kinduelo Lumbu is a Con- UK (Kongo University).
golese citizen and active busi-
nessman who has contributed to In 2015, the Protestant University
the development of his country. in Congo (UPC), conferred him the
He is also a banker at heart. Now title of honorary doctor of the
ƌĞƟƌĞĚĨƌŽŵŚŝƐƌŽůĞĂƐĐŚĂŝƌŵĂŶ Faculty of Business Administra-
of the board of Banque Commer- tion and Economics (FASE). The
ciale Du Congo, Kinduelo has had title recognizes Kinduelo’s long
ĂĚŝƐƟŶŐƵŝƐŚĞĚĐĂƌĞĞƌ professional career and entre-
preneurial achievements, and his
In 1992, he founded his own example of good management.
bank “Banque Internationale de
Crédit” (BIC) which he managed Another accolade, from the edi-
and developed for 16 years, at tors of Business & Finance, recog-
a time when a large part of the nized the culture of competence,
ŶĂƟŽŶ!ƐƉŽƉƵůĂƟŽŶŚĂĚůŽƐƚĐŽŶ- professionalism and rigor that
fidence in the national banking prevailed at BCDC under Kindue-
system. lo’s board leadership. The bank
earned the Good Governance
BIC became not only an acces- Award in the 2018 “Best of the
sible, solid and reliable network zĞĂƌĐŽŵƉĞƟƟŽŶ
bank, it was the
only institution
with truly Con-
golese capital.
Recently taken over
by the pan-African
banking group First
Bank of Nigeria, BIC
now operates
under the name
FBNBank.
In addition to
founding BIC, Kin-
duelo has served
as president of the
Board of Directors
ŶƚƌĞƉƌĞŶƵĞƌŚƌŝƐƟĂŶ>ƵƐĂŬƵĞŶŽ
WZKDKd/KEDZ'/E'DZ<d^^ d/KE

This exceptional professional- his radio listeners. because they are happy with the
career makes Pascal Kinduelo results of his work.
Lumbu a respected and legendary He studied in Belgium and began He compares his job to that of a
contributor to the business his- ŚŝƐĐĂƌĞĞƌ ĂƚZĂĚŝŽŶƟƉŽĚĞh> doctor who knows how to pre-
ƚŽƌLJŽĨƚŚĞĞŵŽĐƌĂƟĐZĞƉƵďůŝĐ ;hŶŝǀĞƌƐŝƚĠĂƚŚŽůŝƋƵĞĚĞ>ŽƵ- scribe the right medication for
of Congo. ǀĂŝŶAŝŶϭϮ,ĞĐƌĞĂƚĞĚZĂĚŝŽ ĚŝīĞƌĞŶƚĨŽƌŵƐŽĨƉĂŝŶŽƌŝůůŶĞƐƐ
WE/<ŝŶƌƵƐƐĞůƐŝŶϭϯĨĞĂƚƵƌ-
ŝŶŐĨƌŝĐĂŶƉƌŽŐƌĂŵƐƌƵƐƐĞůƐŝŶ The agency Kasongo founded
Christian Lusakueno Brings ϭϯ,ĞƐĞƌǀĞĚĂƐĂƉĞƌŵĂŶĞŶƚ was instrumental in creating
ƵƚŚĞŶƟĐsŽŝĐĞƐƚŽZĂĚŝŽ ĐŽƌƌĞƐƉŽŶĚĞŶƚĨŽƌĞŶĞůƵdžĨƌŝĐĂ ŵĂŶLJĂĚǀĞƌƟƐŝŶŐƐůŽŐĂŶƐŵĂũŽƌ
EŽϭ;>ŝďƌĞǀŝůůĞAĨƌŽŵϭϳƚŽ music events, and successful
In the Congolese media universe, 2008. ^D^ŐĂŵĞƐ,ŝƐǁƌŝƟŶŐĂŶĚǀŽŝĐĞ
Top Congo FM in Kinshasa ranks was behind several commercials,
as the most followed radio fre- Lusakueno’s list of interview sub- including promos for the 2006
quency in Kinshasa and else- jects is truly a who’s who of per- ĂŶĚ ϮϬϭϬ tŽƌůĚ ƵƉ ƚŽƵƌŶĂ-
where. The station provides ƐŽŶĂůŝƚŝĞƐĨƌŽŵƚŚĞZĂŶĚƚŚĞ ŵĞŶƚƐ,ĞŚĂƐƐŝŶĐĞĚŝǀĞƌƐŝĮĞĚŚŝƐ
community news, information ǁŽƌůĚƐƚĂŐĞŵŽŶŐƚŚŽƐĞŚĞŚĂƐ activities, expanding to radio, a
and entertainment. The boss of personally brought to the air- recording studio, and investments
dŽƉŽŶŐŽŚƌŝƐƟĂŶ>ƵƐĂŬƵĞŶŽ waves (and now, to the internet) in various other companies in the
excels particularly in a niche: are Thabo Mbeki, Hillary Clinton, ƌĞŶŽǀĂƟŽŶĂŶĚĮŶĂŶĐŝĂůƐĞĐƚŽƌ
interviews with great person- Pascal Lissouba, Omar Bongo,
alities. He has interviewed sub- WĂƵů<ĂŐĂŵĞůƉŚĂŽŶĚĞzǀĞƐ dŚĞ ĞŵŽĐƌĂƚŝĐ ZĞƉƵďůŝĐ ŽĨ
ũĞĐƚƐŝŶZĂŶĚĨƌŽŵĂƌŽƵŶĚƚŚĞ Leterme, Guy Verhofstadt, John Congo is a country that he knows
world. <ĞƌƌLJĂŶĚůƉŚĂKƵŵĂƌ<ŽŶĂƌĞ extremely well and he is dedi-
ĐĂƚĞĚƚŽŝƚƐƐƵĐĐĞƐƐ'tŚĂƚŝŶƚĞƌ-
Lusakueno launched his media ƚƚŚĞůŽĐĂů ůĞǀĞůŚĞŚĂƐĐŽŶ- ĞƐƚƐŵĞŚĞƐĂLJƐ'ŝƐƚŚĂƚƚŚĞŇĂŐ
business almost 19 years ago, and ducted memorable interviews of my country flies proudly and
has succeeded in dethroning all with L aurent-Desire Kabila, with dignity, and that it advances
foreign media based and broad- :ŽƐĞƉŚ<ĂďŝůĂ&ĠůŝdždƐŚŝƐĞŬĞĚŝ for the well-being of our fellow
ĐĂƐƟŶŐŝŶƚŚĞZƚŽďĞĐŽŵĞƚŚĞ >ĠŽŶ<ĞŶŐŽtĂ ŽŶĚŽĚŽůƉŚĞ ĐŝƟnjĞŶƐtĞĂƌĞĂƚƚŚĞƐĞƌǀŝĐĞŽĨ
first reference media in Congo. DƵnjŝƚŽƵŐƵƐƟŶDĂƚĂƚĂƌƵŶŽ ƚŚĞŇĂŐ
The son of a doctor, this tire- Tshibala, and Jean-Michel Sama
less traveler has made a lasting Lukonde.
imprint in the radio business.
Deo Kasongo,
Lusakueno captured the atten-  Ž ŵ ŵ Ƶ Ŷ ŝ Đ Ă ƚ Ž ƌ  Ă Ŷ Ě
ƟŽŶŽĨĂƵĚŝĞŶĐĞƐĨŽƌŚŝƐŝŶƚĞƌǀŝĞǁ Serial Entrepreneur
marking the 20th anniversary of
the death of the former president Professional commu-
of Zaire, Joseph Mobutu. He trav- nicator Deo Kasongo,
eled 4,856 kilometers – the dis- who began as an expert
ƚĂŶĐĞĂƐƚŚĞĐƌŽǁŇŝĞƐʹďĞƚǁĞĞŶ in brand creation, has
ZĂďĂƚĂŶĚ<ŝŶƐŚĂƐĂƚŽŐĞƚDŽďƵ- positioned himself as
tu’s widow Bobi Ladawa out of an expert in crisis com-
a 25-year media silence. “Mem- munications for clients
ory,” a new program recently ďĂƐĞĚŝŶƚŚĞĞŵŽĐƌĂƟĐ
introduced on his radio station, ZĞƉƵďůŝĐŽĨŽŶŐŽ ĂŶĚ
has refreshed the memory of elsewhere.
the Congolese with stories of the
country’s Zaire years. For several years, he
has worked behind the
Giving radio and Internet listeners scenes, advising busi-
ƚŚĞďĞŶĞĮƚŽĨƉƌŽŐƌĂŵƐƚŚƌŽƵŐŚ ness leaders and per-
his highly professional channel, sonalities from several
Lusakueno has interviewed so ĐŽƵŶƚƌŝĞƐ tŚŝůĞ ŚĞ
many people that he no longer doesn’t like to talk about
counts the number of his inter- solved crises, Kasongo
views. He thrives on bringing the likes to say that if he
voices and stories of celebrities continues to work with
ĂŶĚƉƌŽŵŝŶĞŶƚƉŽůŝƟĐĂůĮŐƵƌĞƐƚŽ the same clients, it is
Entreprenuer, Deo Kasongo

Z 8
 271. RICHARD L EFRAK & FAMILY 285. WILLIAM BERKLEY 296. H. ROSS PEROT JR.
$4 billion © • SELF-MADE SCORE:r $3.9 billion © • SELF-MADE SCORE:u $3.8 billion © • SELF-MADE SCORE:q
SOURCE: Real estate SOURCE: Insurance SOURCE: Real estate
AGE: 77 • RESIDENCE: New York, NY AGE: 76 • RESIDENCE: Coconut Grove, FL AGE: 63 • RESIDENCE: Dallas, TX
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy

271. GAIL MILLER 285. MARY ALICE DORRANCE MALONE 296. JEAN (GIGI) PRITZKER
$4 billion © • SELF-MADE SCORE:t $3.9 billion © • SELF-MADE SCORE:o $3.8 billion ª • SELF-MADE SCORE:p
SOURCE: Car dealerships SOURCE: Campbell Soup SOURCE: Hotels, investments
AGE: 78 • RESIDENCE: Salt Lake City, UT AGE: 72 • RESIDENCE: Coatesville, PA AGE: 60 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy

271. TREVOR REES-JONES 285. GABE NEWELL 296. MARK STEVENS

132 $4 billion ª • SELF-MADE SCORE:t $3.9 billion §
¨ • SELF-MADE SCORE:u $3.8 billion ª • SELF-MADE SCORE:v
SOURCE: Oil and gas SOURCE: Video games SOURCE: Venture capital
AGE: 71 • RESIDENCE: Dallas, TX AGE: 59 • RESIDENCE: Seattle, WA AGE: 62 • RESIDENCE: Steamboat Springs, CO
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: yy
THE LIST

PHILANTHROPY SCORE: N/A

271. E. JOE SHOEN 285. J. JOE RICKETTS & FAMILY 296. STEVEN UDVAR-HAZY
$4 billion ª • SELF-MADE SCORE:r $3.9 billion ª • SELF-MADE SCORE:w $3.8 billion ª • SELF-MADE SCORE:v
SOURCE: U-Haul SOURCE: TD Ameritrade SOURCE: Aircraft leasing
AGE: 72 • RESIDENCE: Phoenix, AZ AGE: 81 • RESIDENCE: Little Jackson Hole, WY AGE: 76 • RESIDENCE: Westlake, TX
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yyy

271. STEVEN SPIELBERG 285. RICHARD SANDS 303. SID BASS

$4 billion © • SELF-MADE SCORE:u $3.9 billion © • SELF-MADE SCORE:q $3.7 billion • SELF-MADE SCORE:q
SOURCE: Movies SOURCE: Liquor SOURCE: Oil, investments
AGE: 75 • RESIDENCE: Pacific Palisades, CA AGE: 71 • RESIDENCE: Delray Beach, FL AGE: 80 • RESIDENCE: Fort Worth, TX
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy

285. ROBERT SANDS 303. CHARLES COHEN

$3.9 billion © • SELF-MADE SCORE:q $3.7 billion © • SELF-MADE SCORE:r
SOURCE: Liquor SOURCE: Real estate
AGE: 64 • RESIDENCE: Delray Beach, FL AGE: 70 • RESIDENCE: New York , NY
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y

285. BERNARD SAUL II 303. JIM KAVANAUGH

$3.9 billion © • SELF-MADE SCORE:r $3.7 billion © • SELF-MADE SCORE:v
SOURCE: Banking, real estate SOURCE: IT provider
AGE: 90 • RESIDENCE: Chevy Chase, MD AGE: 59 • RESIDENCE: St. Louis, MO
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: N/A

285. THOMAS SECUNDA 303. PABLO LEGORRETA

$3.9 billion © • SELF-MADE SCORE:u $3.7 billion ª • SELF-MADE SCORE:u
SOURCE: Bloomberg LP SOURCE: Investments
AGE: 68 • RESIDENCE: Croton-on-Hudson, NY AGE: 58 • RESIDENCE: Sag Harbor, NY
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y

285. ELIZABETH UIHLEIN 303. DANIEL OCH

$3.9 billion ® • SELF-MADE SCORE:t $3.7 billion ª • SELF-MADE SCORE:t
SOURCE: Packaging materials SOURCE: Hedge funds
AGE: 77 • RESIDENCE: Lake Forest, IL AGE: 61 • RESIDENCE: Miami Beach, FL
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: yyy

285. RICHARD UIHLEIN 303. ANTHONY PRITZKER

$3.9 billion ® • SELF-MADE SCORE:t $3.7 billion §
¨ • SELF-MADE SCORE:p
SOURCE: Packaging materials SOURCE: Hotels, investments
AGE: 77 • RESIDENCE: Lake Forest, IL AGE: 61 • RESIDENCE: Los Angeles, CA
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: yyy
No. 285
285. ERIC YUAN & FAMILY 303. JOHN SALL
$3.9 billion ª • SELF-MADE SCORE:u $3.7 billion ª • SELF-MADE SCORE:u
Elizabeth SOURCE: Zoom Video Communications
AGE: 52 • RESIDENCE: Santa Clara, CA
SOURCE: Software
AGE: 74 • RESIDENCE: Cary, NC

Uihlein PHILANTHROPY SCORE: N/A

296. MARTHA INGRAM & FAMILY

PHILANTHROPY SCORE: yy

310. JIM COULTER

She and her husband, Dick (No. 285), $3.8 billion © • SELF-MADE SCORE:q $3.6 billion • SELF-MADE SCORE:t
SOURCE: Book distribution, transportation SOURCE: Private equity
have funneled more than $190 million AGE: 87 • RESIDENCE: Nashville, TN AGE: 62 • RESIDENCE: San Francisco, CA
into conservative politics since the 1990s, PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
including more than $40 million to 2022
midterm races. Their wealth comes from 296. BRAD JACOBS 310. STEPHEN FEINBERG
$3.8 billion §
¨ • SELF-MADE SCORE:u $3.6 billion ® • SELF-MADE SCORE:u
PAUL MORIGI/GETTY IMAGES

$6.1 billion (est. revenue) Uline—a play SOURCE: Logistics SOURCE: Private equity
on their last name—which sells more AGE: 66 • RESIDENCE: Greenwich, CT AGE: 62 • RESIDENCE: New York, NY
than 40,000 business-supply products, PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: N/A
including boxes and bubble wrap, via an
296. ERIC LEFKOFSKY 310. PETER GASSNER
800-plus-page catalog. Dick, an heir to the
$3.8 billion ª • SELF-MADE SCORE:u $3.6 billion ª • SELF-MADE SCORE:u
Schlitz beer fortune, and Elizabeth started SOURCE: Groupon, investments SOURCE: Software
Uline together in their basement in 1980. AGE: 53 • RESIDENCE: Glencoe, IL AGE: 57 • RESIDENCE: Pleasanton, CA
They are CEO and president, respectively. PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: N/A

OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST RETURNEE  SPLIT FAMILY FORTUNE
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
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 310. STEPHEN MANDEL JR.
$3.6 billion ª • SELF-MADE SCORE:t
SOURCE: Hedge funds
AGE: 66 • RESIDENCE: Greenwich, CT
PHILANTHROPY SCORE: yy
310. J.B. PRITZKER
$3.6 billion §
¨ • SELF-MADE SCORE:p
SOURCE: Hotels, investments
AGE: 57 • RESIDENCE: Springfield, IL
PHILANTHROPY SCORE: yyy
310. JERRY SPEYER
134 $3.6 billion §
¨ • SELF-MADE SCORE:u
SOURCE: Real estate
AGE: 82 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y
THE LIST
310. VINCENT VIOLA
$3.6 billion §
¨ • SELF-MADE SCORE:v
SOURCE: Electronic trading
AGE: 66 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y
317. DANIEL D’ANIELLO
$3.5 billion ª • SELF-MADE SCORE:w
SOURCE: Private equity
AGE: 76 • RESIDENCE: Vienna, VA
PHILANTHROPY SCORE: yyy
317. JEFF T. GREEN
$3.5 billion ª • SELF-MADE SCORE:u
SOURCE: Digital advertising
AGE: 45 • RESIDENCE: Newbury Park, CA
PHILANTHROPY SCORE: y
317. HAMILTON JAMES & FAMILY
$3.5 billion © • SELF-MADE SCORE:s
SOURCE: Investments
AGE: 71 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
317. PETER KELLOGG
$3.5 billion ª • SELF-MADE SCORE:q
SOURCE: Investments
AGE: 80 • RESIDENCE: Short Hills, NJ
PHILANTHROPY SCORE: yyy
317. WILLIAM LAUDER
$3.5 billion ª • SELF-MADE SCORE:q
SOURCE: Estée Lauder
AGE: 62 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: N/A
317. DANIEL LOEB
$3.5 billion ª • SELF-MADE SCORE:t
SOURCE: Hedge funds
AGE: 60 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
317. IRA RENNERT
$3.5 billion ª • SELF-MADE SCORE:u
SOURCE: Investments
AGE: 88 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
317. RICHARD SCHULZE
$3.5 billion ª • SELF-MADE SCORE:u
SOURCE: Best Buy
AGE: 81 • RESIDENCE: Bonita Springs, FL
PHILANTHROPY SCORE: yyy
317. SCOTT SHLEIFER
$3.5 billion ª • SELF-MADE SCORE:s
SOURCE: Private equity
AGE: 45 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yy
317. JON STRYKER
$3.5 billion ª • SELF-MADE SCORE:n
SOURCE: Medical equipment
AGE: 64 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyyy
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST
SIGNATORY OF THE GIVING PLEDGE:
327. AMOS HOSTETTER JR.
$3.4 billion ª • SELF-MADE SCORE:t
SOURCE: Cable television
AGE: 85 • RESIDENCE: Boston, MA
PHILANTHROPY SCORE: yyyyy
327. JAMES IRSAY
$3.4 billion ª • SELF-MADE SCORE:o
SOURCE: Indianapolis Colts
AGE: 63 • RESIDENCE: Carmel, IN
PHILANTHROPY SCORE: y
327. ROBERT JOHNSON
$3.4 billion ® • SELF-MADE SCORE:q
SOURCE: Johnson & Johnson, sports
AGE: 75 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: N/A
327. JOHN MIDDLETON
$3.4 billion §
¨ • SELF-MADE SCORE:r
SOURCE: Tobacco
AGE: 67 • RESIDENCE: Bryn Mawr, PA
PHILANTHROPY SCORE: yy
No. 327
327. BOB PARSONS
$3.4 billion §
¨ • SELF-MADE SCORE:w
SOURCE: Web hosting
AGE: 71 • RESIDENCE: Scottsdale, AZ
Woody
PHILANTHROPY SCORE: yyy
332. WILLIAM ACKMAN
Johnson
$3.3 billion © • SELF-MADE SCORE:t Donald Trump’s ambassador to the U.K.,
SOURCE: Hedge funds the fourth-generation heir to the Johnson
AGE: 56 • RESIDENCE: New York, NY
& Johnson pharmaceuticals fortune is
PHILANTHROPY SCORE: yyyy
back helping manage the family’s assets,
332. JOHN ARNOLD which include considerable stock in their
$3.3 billion §
¨ • SELF-MADE SCORE:u namesake company and the NFL’s New
SOURCE: Hedge funds York Jets. Both the company and the team
AGE: 48 • RESIDENCE: Houston, TX
have soared in value since the start of the
PHILANTHROPY SCORE: yyyyy
pandemic, by 25% and 50%, respectively.
332. AERIN LAUDER Johnson and his four siblings are all
$3.3 billion ª • SELF-MADE SCORE:q billionaires, but he makes his debut thanks
SOURCE: Estée Lauder
to an additional real estate and investment
AGE: 52 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: N/A
portfolio that he had to disclose on a
government ethics filing in 2021.
332. RODGER RINEY & FAMILY
$3.3 billion ª • SELF-MADE SCORE:t
SOURCE: Discount brokerage
AGE: 76 • RESIDENCE: St. Louis, MO
PHILANTHROPY SCORE: yy
332. DAVID RUBENSTEIN 332. JEFFREY TALPINS
$3.3 billion ª • SELF-MADE SCORE:v $3.3 billion ® • SELF-MADE SCORE:u
SOURCE: Private equity SOURCE: Hedge funds
AGE: 73 • RESIDENCE: Bethesda, MD AGE: 47 • RESIDENCE: Larchmont, NY
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: N/A
332. RODNEY SACKS 332. CARL THOMA
$3.3 billion © • SELF-MADE SCORE:u $3.3 billion ® • SELF-MADE SCORE:u
SOURCE: Energy drinks SOURCE: Investments
AGE: 72 • RESIDENCE: Laguna Beach, CA AGE: 73 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: y
332. STEVEN SAROWITZ 343. BENNETT DORRANCE
$3.3 billion ª • SELF-MADE SCORE:u $3.2 billion © • SELF-MADE SCORE:o
SOURCE: Payroll software SOURCE: Campbell Soup
AGE: 56 • RESIDENCE: Highland Park, IL AGE: 76 • RESIDENCE: Paradise Valley, AZ
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy
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332. HOWARD SCHULTZ 343. DAVID FILO
$3.3 billion ª • SELF-MADE SCORE:w $3.2 billion ª • SELF-MADE SCORE:u
SOURCE: Starbucks SOURCE: Yahoo
AGE: 69 • RESIDENCE: Seattle, WA AGE: 56 • RESIDENCE: Palo Alto, CA
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy
332. THOMAS SIEBEL 343. LYNN SCHUSTERMAN
$3.3 billion ª • SELF-MADE SCORE:u $3.2 billion ª • SELF-MADE SCORE:n
SOURCE: Business software SOURCE: Oil and gas, investments
AGE: 69 • RESIDENCE: Woodside, CA AGE: 83 • RESIDENCE: Tulsa, OK
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: yyyyy
OCTOBER/NOVEMBER 2022
RETURNEE  SPLIT FAMILY FORTUNE
WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
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 343. HERB SIMON 359. TODD CHRISTOPHER 359. PENNY PRITZKER
$3.2 billion ª • SELF-MADE SCORE:v $3 billion §
¨ • SELF-MADE SCORE:v $3 billion ª • SELF-MADE SCORE:p
SOURCE: Real estate SOURCE: Hair care products SOURCE: Hotels, investments
AGE: 87 • RESIDENCE: Indianapolis, IN AGE: 59 • RESIDENCE: Clearwater, FL AGE: 63 • RESIDENCE: Chicago, IL
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yyy

343. WARREN STEPHENS 359. JAMES CLARK 359. PHIL RUFFIN

$3.2 billion © • SELF-MADE SCORE:q $3 billion ª • SELF-MADE SCORE:v $3 billion • SELF-MADE SCORE:u
SOURCE: Investment banking SOURCE: Netscape, investments SOURCE: Casinos, real estate
AGE: 65 • RESIDENCE: Little Rock, AR AGE: 78 • RESIDENCE: Palm Beach, FL AGE: 87 • RESIDENCE: Las Vegas, NV
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: y

343. DONALD TRUMP 359. STEPHEN DECKOFF 359. BARBARA TYSON

138 $3.2 billion • SELF-MADE SCORE:q $3 billion ® • SELF-MADE SCORE:u $3 billion ® • SELF-MADE SCORE:p
SOURCE: Real estate SOURCE: Private equity SOURCE: Food processing
AGE: 76 • RESIDENCE: Palm Beach, FL AGE: 56 • RESIDENCE: St. John, Virgin Islands AGE: 73 • RESIDENCE: Fayetteville, AR
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y
THE LIST

343. STEVE WYNN 359. DAVID GOTTESMAN 359. TODD WANEK

$3.2 billion ª • SELF-MADE SCORE:u $3 billion ª • SELF-MADE SCORE:u $3 billion ª • SELF-MADE SCORE:q
SOURCE: Casinos, hotels SOURCE: Investments SOURCE: Furniture
AGE: 80 • RESIDENCE: Palm Beach, FL AGE: 96 • RESIDENCE: Rye, NY AGE: 58 • RESIDENCE: St. Petersburg, FL
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy

343. JON YARBROUGH 359. JOHN PAULSON 369. NORMAN BRAMAN

$3.2 billion © • SELF-MADE SCORE:u $3 billion ª • SELF-MADE SCORE:v $2.9 billion • SELF-MADE SCORE:v
SOURCE: Video games SOURCE: Hedge funds SOURCE: Art, car dealerships
AGE: 65 • RESIDENCE: Franklin, TN AGE: 66 • RESIDENCE: New York, NY AGE: 90 • RESIDENCE: Miami, FL
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yy

351. BILL AUSTIN 369. EDWARD D EBARTOLO JR.

$3.1 billion ª • SELF-MADE SCORE:v $2.9 billion • SELF-MADE SCORE:r
SOURCE: Hearing aids SOURCE: Shopping centers
AGE: 80 • RESIDENCE: Brownsville, TX AGE: 75 • RESIDENCE: Tampa, FL
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: yy

351. NICOLAS BERGGRUEN 369. JOHN PAUL D EJORIA

$3.1 billion • SELF-MADE SCORE:r $2.9 billion • SELF-MADE SCORE:w
SOURCE: Real estate, investments SOURCE: Hair products, tequila
AGE: 61 • RESIDENCE: Beverly Hills, CA AGE: 78 • RESIDENCE: Austin, TX
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yy

351. RON BURKLE 369. KENNETH FELD & FAMILY

$3.1 billion • SELF-MADE SCORE:v $2.9 billion • SELF-MADE SCORE:r
SOURCE: Supermarkets, investments SOURCE: Live entertainment
AGE: 69 • RESIDENCE: London, England AGE: 73 • RESIDENCE: Sarasota, FL
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: y

351. WILLIAM CONWAY JR. 369. BOM KIM

$3.1 billion ª • SELF-MADE SCORE:u $2.9 billion ª • SELF-MADE SCORE:u
SOURCE: Private equity SOURCE: Online retailing
AGE: 73 • RESIDENCE: McLean, VA AGE: 43 • RESIDENCE: Seoul, South Korea
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: N/A

351. SHELDON LAVIN 369. STEVEN KLINSKY

$3.1 billion © • SELF-MADE SCORE:s $2.9 billion ª • SELF-MADE SCORE:t
SOURCE: Meat processing
AGE: 90 • RESIDENCE: Highland Park, IL No. 369 SOURCE: Investments
AGE: 66 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: N/A

351. JONATHAN NELSON

$3.1 billion • SELF-MADE SCORE:u
Daniel 369. HAIM SABAN
$2.9 billion ª • SELF-MADE SCORE:v
SOURCE: Private equity
AGE: 66 • RESIDENCE: Providence, RI
Sundheim SOURCE: TV network, investments
AGE: 77 • RESIDENCE: Beverly Hills, CA
PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: yyy
Sundheim founded hedge fund D1 Capital
351. FRANK VANDERSLOOT Partners in 2018 after 15 years working 369. DANIEL SUNDHEIM
$3.1 billion §
¨ • SELF-MADE SCORE:w under Norwegian billionaire Andreas $2.9 billion ® • SELF-MADE SCORE:u
SOURCE: Nutrition, wellness products SOURCE: Hedge funds
AGE: 74 • RESIDENCE: Idaho Falls, ID
Halvorsen at Viking Global Investors; AGE: 45 • RESIDENCE: New York, NY
PHILANTHROPY SCORE: yyy he now manages a $22 billion blend of PHILANTHROPY SCORE: y
public and private investments. His private
351. MEG WHITMAN portfolio is mostly later-stage companies 369. THOMAS TULL
$3.1 billion ª • SELF-MADE SCORE:s $2.9 billion ª • SELF-MADE SCORE:v
SOURCE: eBay
nearing an IPO or acquisition, and it has SOURCE: Movies, investments
ALEX FLYNN/BLOOMBERG

AGE: 66 • RESIDENCE: Los Angeles, CA led large funding rounds in Instacart, AGE: 52 • RESIDENCE: Pittsburgh, PA
PHILANTHROPY SCORE: yy Robinhood, Rivian Automotive and Warby PHILANTHROPY SCORE: yy
Parker. The burgeoning venture market and
359. GEORGE BISHOP 369. WILLIAM WRIGLEY JR.
rally in public growth stocks helped the firm
$3 billion • SELF-MADE SCORE:t $2.9 billion ª • SELF-MADE SCORE:p
SOURCE: Oil and gas flourish through 2021, but it has given back SOURCE: Chewing gum
AGE: 84 • RESIDENCE: The Woodlands, TX some of those gains this year. D1’s main fund AGE: 58 • RESIDENCE: North Palm Beach, FL
PHILANTHROPY SCORE: y was reportedly down 28% through August. PHILANTHROPY SCORE: N/A

OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST RETURNEE  SPLIT FAMILY FORTUNE
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
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 388. DRAYTON MCLANE JR.
$2.7 billion ª • SELF-MADE SCORE:r
SOURCE: Walmart, logistics
AGE: 86 • RESIDENCE: Temple, TX
PHILANTHROPY SCORE: yy

388. C. DEAN METROPOULOS

$2.7 billion • SELF-MADE SCORE:u
SOURCE: Investments
AGE: 76 • RESIDENCE: Palm Beach, FL
PHILANTHROPY SCORE: y

388. BOBBY MURPHY

140 $2.7 billion ª • SELF-MADE SCORE:u
SOURCE: Snapchat
AGE: 34 • RESIDENCE: Venice, CA
PHILANTHROPY SCORE: y
THE LIST

388. RICHARD PEERY

$2.7 billion • SELF-MADE SCORE:u
SOURCE: Real estate
AGE: 83 • RESIDENCE: Palo Alto, CA
PHILANTHROPY SCORE: yy

388. ROGER PENSKE

$2.7 billion • SELF-MADE SCORE:u
SOURCE: Cars
No. 380 The chairman of crypto payments firm Ripple continues to AGE: 85 • RESIDENCE: Birmingham, MI
fight Securities and Exchange Commission allegations of PHILANTHROPY SCORE: y
selling unregistered securities. In January, Ripple bought
Chris back shares from one of its disgruntled investors, who had
sued over Ripple’s high-profile legal troubles. Larsen, a vocal
388. CHAD RICHISON
$2.7 billion ª • SELF-MADE SCORE:v

Larsen proponent of decarbonizing bitcoin, is one of four crypto

billionaires to make this year’s Forbes 400, all of whom are
SOURCE: Payroll processing
AGE: 51 • RESIDENCE: Edmond, OK
PHILANTHROPY SCORE: yy
poorer, down from seven last year.
388. PAT STRYKER
$2.7 billion ª • SELF-MADE SCORE:n
SOURCE: Medical equipment
AGE: 66 • RESIDENCE: Fort Collins, CO
PHILANTHROPY SCORE: yyy

369. MICHAEL XIE 380. EVAN SPIEGEL 388. ROGER WANG

$2.9 billion ª • SELF-MADE SCORE:u $2.8 billion ª • SELF-MADE SCORE:u $2.7 billion ª • SELF-MADE SCORE:u
SOURCE: Cybersecurity SOURCE: Snapchat SOURCE: Retail
AGE: 53 • RESIDENCE: Los Altos Hills, CA AGE: 32 • RESIDENCE: Los Angeles, CA AGE: 73 • RESIDENCE: Nanjing, China
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy PHILANTHROPY SCORE: N/A

380. ELEANOR BUTT CROOK & FAMILY 380. CHARLES ZEGAR

$2.8 billion ® • SELF-MADE SCORE:n $2.8 billion • SELF-MADE SCORE:v
SOURCE: Supermarkets SOURCE: Bloomberg LP
Editors: Rob LaFranco and Chase Peterson-Withorn
AGE: 90 • RESIDENCE: San Marcos, TX AGE: 74 • RESIDENCE: New York, NY
Additional Editing: Matt Durot, Luisa Kroll,
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy
Andrea Murphy, Giacomo Tognini
380. CHRIS LARSEN 388. BRIAN ARMSTRONG Wealth Team: Richard J. Chang, David Dawkins,
$2.8 billion ª • SELF-MADE SCORE:u $2.7 billion ª • SELF-MADE SCORE:u Kerry A. Dolan, John Hyatt, Kylie Kirschner,
SOURCE: Cryptocurrency SOURCE: Cryptocurrency Jemima McEvoy, Prateek Parwal, Lisa Rennau,
Carlos Sánchez Mora, Rachel Sandler, Jacob Strier,
AGE: 62 • RESIDENCE: San Francisco, CA AGE: 39 • RESIDENCE: San Francisco, CA
Sarah Thomas-Oxtoby, Emily Washburn
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: N/A
Reporters: Lauren Debter,
380. JAMES LEPRINO 388. DAVID BASZUCKI Russell Flannery, Christopher Helman,
$2.8 billion ª • SELF-MADE SCORE:r $2.7 billion ª • SELF-MADE SCORE:u Chloe Sorvino, Hank Tucker, Lisette Voytko
SOURCE: Cheese SOURCE: Online games Additional Reporting: Maneet Ahuja,
AGE: 84 • RESIDENCE: Indian Hills, CO AGE: 59 • RESIDENCE: San Francisco, CA Dan Alexander, Justin Birnbaum, Kenrick Cai,
Matt Craig, Saya Desai, Cyrus Farivar,
PHILANTHROPY SCORE: y PHILANTHROPY SCORE: yy
Amy Feldman, David Jeans, Katie Jennings,
380. SEAN PARKER 388. BILL HASLAM John Kang, Jeff Kauflin, Sergei Klebnikov,
Alex Knapp, Alexandra S. Levine, Phoebe Liu,
$2.8 billion • SELF-MADE SCORE:u $2.7 billion • SELF-MADE SCORE:p Kyle Mullins, Jonathan Ponciano,
SOURCE: Facebook SOURCE: Gas stations Carlie Porterfield, Dylan Sloan, Will Yakowicz
AGE: 42 • RESIDENCE: Los Angeles, CA AGE: 64 • RESIDENCE: Knoxville, TN
Research: Sue Radlauer
PHILANTHROPY SCORE: yyyy PHILANTHROPY SCORE: y Photo Director: Robyn Selman
Photo Research: Gail Toivanen
380. STEWART RAHR 388. REED HASTINGS
TIMOTHY ARCHIBALD FOR FORBES

Database Management: Dmitri Slavinsky,

$2.8 billion • SELF-MADE SCORE:r $2.7 billion ª • SELF-MADE SCORE:t Ken Barney
SOURCE: Drug distribution SOURCE: Netflix
AGE: 76 • RESIDENCE: New York, NY AGE: 61 • RESIDENCE: Santa Cruz, CA METHODOLOGY
PHILANTHROPY SCORE: yyy PHILANTHROPY SCORE: yyy The Forbes 400 is our annual ranking of the
richest Americans. Our estimates are a
380. HUA SHEN & FAMILY 388. J. TOMILSON HILL snapshot of each member’s wealth as of
September 2, 2022. For a detailed methodology
$2.8 billion ® • SELF-MADE SCORE: u $2.7 billion ª • SELF-MADE SCORE:u and an explanation of our philanthropy and
SOURCE: Semiconductors SOURCE: Investments self-made scores, please go to forbes.com/
AGE: 59 • RESIDENCE: Jiaxing, China AGE: 74 • RESIDENCE: New York, NY forbes-400. Daily updated net worths are
PHILANTHROPY SCORE: N/A PHILANTHROPY SCORE: yy available at forbes.com/real-time-billionaires.

OCTOBER/NOVEMBER 2022
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED ® NEW TO LIST RETURNEE  SPLIT FAMILY FORTUNE
SIGNATORY OF THE GIVING PLEDGE: WEALTH INHERITED VS. SELF-MADE SCORE: nopqrstuvw PHILANTHROPY SCORE: ylyyyyy
 Drop-Offs

N OT SO R I C H
IT WAS A TOUGH YEAR FOR MANY OF LAST YEAR’S FORBES 400 MEMBERS, AS INFLATION SURGED
AND MARKETS SPUTTERED. FOR 41 OF THEM, IT WAS BAD ENOUGH TO KNOCK THEM FROM
THE RANKS, DESPITE NEEDING A MINIMUM NET WORTH OF $2.7 BILLION, $200 MILLION LESS
THAN A YEAR AGO. ANOTHER FIVE MEMBERS OF THE 2021 LIST PASSED AWAY.

141
Ernest Garcia III Cameron and
NET WORTH: Tyler Winklevoss

THE LIST
$800 million NET WORTH:
( ª from $9.3 billion) $2.2 billion each
( ª from $4.3 billion each)
As used car demand
drove up the stock of Under different
online auto retailer circumstances, the
Carvana during the Winklevoss twins,
pandemic, its largest famous for accusing
shareholder, Ernest Harvard classmate
Garcia II (No. 244), Mark Zuckerberg (No. 11)
unloaded $3.5 billion of stealing their idea for
worth of stock during the 15 months through December a certain social network, might have found some consolation
2021. His son, company cofounder and CEO Ernest Garcia in the abysmal year endured by Meta Platforms (formerly
III, opted to hold. He’s now the biggest loser from last year’s Facebook). But the Winklevii went through their own crypto
Forbes 400 on a percentage basis. Carvana shares crashed winter, as the value of their estimated 70,000 bitcoin, funded
by 90% over the past year as the company reported its first- in part by their $65 million Facebook settlement, plunged by
ever quarterly sales decrease, laid off 12% of its workers and 60%, or nearly $2 billion, over the past 12 months. Meanwhile,
faced legal and regulatory scrutiny for failing to provide Forbes estimates that their cryptocurrency exchange, Gemini,
customers with titles (which Carvana has denied). Undeterred is worth roughly half as much as it was last November, when
and apparently sensing a bargain, Garcia III scooped up it raised $400 million at a $7.1 billion valuation, as trading
$160 million of Carvana stock in April at $80 per share— volumes have plummeted.
WINKLEVOSS: MICHEAL PRINCE FOR FORBES; WOOD: TIMOTHY ARCHIBALD FOR FORBES; AFEYAN: MICHAEL PRINCE FOR FORBES

roughly double their current value.

Anthony Wood Noubar Afeyan

NET WORTH:
$1.7 billion
( ª from $6.9 billion)
Quarantiners boosted
demand for his Roku
streaming devices,
helping shares hit an
all-time high in July
2021. Then, as the
economy cooled, costs
rose and both consumers
and advertisers cut spending, Roku’s stock tumbled by 86%.
Wood, who briefly worked at Netflix in 2007 as a direct
report to cofounder and co-CEO Reed Hastings (No. 388),
remains resolute, recently telling investors and analysts that
“temporary economic cycles do not change the significant
long-term opportunity in TV streaming.”
NET WORTH:
$1.6 billion
( ª from $5 billion)
Afeyan and his Moderna
cofounder, Robert Langer,
shot into The Forbes
400 last year, along
with founding investor
Timothy Springer, when
shares of the biotech firm
behind one of the two
leading Covid-19 vaccines hit an all-time high in August 2021.
As a CDC study showed its boosters’ effectiveness had worn off
and cases of the virus slowed, shares fell 67%, enough to knock
all three off this year’s list. Moderna’s chairman, Afeyan is tasked
with overseeing its rebound efforts. No stranger to adversity, he
and his parents fled Lebanon in 1975 when civil war broke out.

ROBERT EDWARD “NED” HERBERT JULIAN WALTER

BROCKMAN JOHNSON III KOHLER JR. ROBERTSON JR. SCOTT JR.
Deceased

AGE: 81 AGE: 91 AGE: 83 AGE: 90 AGE: 90

DIED: August 5, 2022 DIED: March 23, 2022 DIED: September 3, 2022 DIED: August 23, 2022 DIED: September 25, 2021
SOURCE: Software SOURCE: Money SOURCE: Plumbing SOURCE: Hedge funds SOURCE: Utilities,
NET WORTH: $4.7 billion management fixtures NET WORTH: $4.8 billion telecom
NET WORTH: $11.5 billion NET WORTH: $8.8 billion NET WORTH: $4.2 billion

Net worths for the deceased are as of the 2021 Forbes 400 list.

OCTOBER/NOVEMBER 2022 FORBES.COM

 T H E L E G A L

MORELLI
SINCE THE FIRM’S FOUNDING, THEY HAVE SECURED MORE

S pecializing in Civil Litigation, Benedict Morelli and his team

continue their impressive track record of results.

In December of 2019, the firm secured a $102M verdict for

Mark Perez, a worker who was severely injured after a forklift
crashed into a Best Buy booth he was constructing at Live
Nation’s Jones Beach theater. After Morelli argued in front of
the Appellate Division, First Department, the court upheld $20
million in pain and suffering, the largest affirmed award in the
state’s history. With lost wages, medical expenses, and post-
judgement interest, the entire award came to over $50 million.

“This was a massive victory for our firm, Perez, and all victims
of catastrophic injuries due to negligence,” said Morelli. “With its
decision, the court created a new benchmark for damages that
is more reflective of the modern era.”

In addition to Perez, Mr. Morelli and team have racked up an

impressive list of jury verdicts and settlements in a variety of civil
cases. Since the firm’s founding, they have secured more than
a billion dollars on behalf of their clients.

Experience, Patience, and Resources = Results

Impressive firm results include a $95M jury verdict in a sexual

harassment case involving Aaron’s Inc., as well as a $62M
verdict for a construction worker who fell from a roof and
suffered a brain injury. One critical reason for this success is that
unlike many firms, Morelli Law has the experience, patience,
and resources to pursue cases for the long haul.

“At my core, I’m a trial lawyer,” said Morelli. “Because of our

experience and accomplishments in the courtroom, adversaries
know that we’re prepared to pursue the best result possible.
Going to trial does not intimidate us.”

Mr. Morelli also secured a confidential settlement with

MGM Grand on behalf of the family of a young girl who was
electrocuted after touching a staircase handle at MGM’s
National Harbor location in Maryland.

Currently, the firm is representing the estate of famed New York

City architect, Erica Tishman, who tragically died after a piece
of building façade fell from a midtown building and struck her
V A N G U A R D

LAW FIRM
THAN A BILLION DOLLARS ON BEHALF OF THEIR CLIENTS.

“
“AT MY CORE,
I’M A TRIAL LAWYER.
on the head. Mr. Morelli also filed suit on behalf of Annabel
Sen, a young woman who was struck by patio furniture that
fell from a penthouse in New York City. She endured severe
brain injuries and has undergone multiple brain surgeries.
BECAUSE OF OUR
Tracy Morgan Settlement
EXPERIENCE AND
These types of high-profile, well-publicized cases
ACCOMPLISHMENTS are nothing new for the firm. Mr. Morelli negotiated a
confidential settlement with Walmart on behalf of Tracy
IN THE COURTROOM, Morgan after the comedian’s limousine was struck by
one of the company’s trucks in 2014. The firm also
ADVERSARIES KNOW helped negotiate the historic $265M settlement with
THAT WE’RE PREPARED Amtrak stemming from a 2015 train derailment outside
Philadelphia that left eight dead and more than 200
TO PURSUE THE BEST injured. As part of that process, the firm was instrumental
in helping convince Congress to raise the $200 million cap
RESULT POSSIBLE. on damages Amtrak could pay.

“
GOING TO TRIAL DOES
NOT INTIMIDATE US.”
Talcum Powder and Ovarian Cancer

Morelli Law also represents more than a thousand

women in litigation against Johnson & Johnson, alleging
that their use of the company’s talcum powder caused
their ovarian cancer.
– Benedict Morelli
Regardless of the case, Mr. Morelli and his team are
motivated by the opportunity to help those who have
been disenfranchised or wronged achieve the justice
they deserve.

“Corporations are powerful actors in our society and it takes

significant will and resources to hold them accountable,”
remarked Morelli. “We are fortunate to be in a position to
empower individuals to take on companies when they have
done wrong by them.”

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Clients Come First JPAR Carolina Living

AUSTIN CHARLOT TE CHARLOT TE
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER
 Kinga Korpacz Debbie Huscher Janie K. Merola
® ®
Broker-Owner, GRI, CRS, ABR , CNE, SFR Realtor, Lic. RES0766293 Realtor, Lic. RES0461651

RE/MAX
Right Choice
2775 Algonquin Road, Suite 350 48 Main Street 670 Boston Post Road
Rolling Meadows, IL 60008 Middletown, CT 06457 Milford, CT 06460
Phone: 773-250-7410 Phone: 860-918-4580 Phone: 203-521-0791
kinga@kingaonline.com debbie.huscher@raveis.com janie@ctrealestatehelp.com
11
YEAR www.kingaonline.com 12
YEAR thehuscherteam.com 12
YEAR www.ctrealestatehelp.com
WINNER WINNER WINNER

Dedicated To Helping Others Hustle and Heart Set Us Apart The Agent That Friends Recommend
CHICAGO CONNECTICUT CONNECTICUT
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Nancy Boucher Guerriero Erin Talburt Ginger Nixt

Realtor, Lic. 512112 Senior Broker Associate, Lic. FA40045248 Owner/Broker, CNE, GRI, SRES®

Nixt Properties
Berkshire Hathaway HomeServices 4643 S Ulster Street, Suite 500 Metro Brokers
Dallas, TX 75219 Cell: 303-915-0283 7851 S Elati Street, Suite No.101
Phone: 214-796-8485 Office: 720-712-4772 Littleton, CO 80120
nbg3323@gmail.com erin.talburt@compass.com Phone: 303-807-8818
11
YEAR guerriero-law.com 13
YEAR erintalburtrealestate.com 13
YEAR ginger@nixtproperties.com
WINNER WINNER WINNER

40 Years of Experience and Referrals Helping You Find Your Place in the World I Love Referrals!
DALL AS/FORT WORTH DENVER DENVER
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Stephanie Iannone Paul Dart Nicci Hyatt

Broker Real Estate Agent, Lic. 1321907 Certified Negotiation Expert

Compass 2425 Canyon Boulevard, Suite 110 367 Jackson Street

Boulder, CO 80302 Boulder, C0 80302 Denver, CO 80206
Phone: 303-641-7484 Direct: 303-931-5198 Phone: 303-335-5336
stephanie@iannonegroup.com paul@pauldart.com nicci@niccihyatt.com
10
YEAR iannonegroup.com 12
YEAR bouldercorealestate.com 11
YEAR www.niccihyatt.com
WINNER WINNER WINNER

Serving Denver, Boulder and Winter Park Impeccable Skill, Discretion and Care Anyone Can List Denver – We Get it Sold!
DENVER DENVER DENVER
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

David Stowell Donna Demis Maria Vitale

Realtor, CNE Managing Broker Broker Associate

6300 S Syracuse Way, Suite 150 1499 W 120th Avenue, Suite110

Centennial, CO 80111
Cell: 303-910-2140
Office: 303-771-7500
davidstowell@hotmail.com
11
YEAR www.davidstowell.realtor
WINNER
Westminster, CO 80234
Office: 303-579-0840
Cell: 720-639-4709
donna@coloradohomehelper.com
13
YEAR www.coloradohomehelper.com
WINNER
100 St. Paul Street, Suite 200
Denver, CO 80206
Phone: 720-366-5121
maria@mariasdenverhomes.com
10
YEAR
www.mariasdenverhomes.com
WINNER

Committed to Service With Integrity Discover the Difference. Five Star Real Estate Agent for a Decade
DENVER DENVER DENVER
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER
 Patrick Finney Eriqueca Sanders Theresa Hinch
Broker/Owner Managing Broker/Owner Broker

303 Realty
Group, Inc.
2781 W 38th Avenue 8310 S Valley Highway, Suite 300 1221 S Clarkson Street, Suite 400
Denver, CO 80211 Englewood, CO 80112 Denver, CO 80210
Phone: 303-929-1333 Office: 303-495-2125 Phone: 303-947-5346
patrick@cjvrealestate.com eriqueca@303realty.net theresa.hinch@madisonprops.com
10
YEAR www.cjvrealestate.com 10
YEAR www.303realtygroup.com 13
YEAR www.madisonprops.com
WINNER WINNER WINNER

Protecting Our Clients’ Interests! Helping You Find Your Way Home Service Before Self
DENVER DENVER DENVER
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Anna Staylor Therese Landa Carol Knott Tefft

Realtor, Lic. 225071998 Broker, Owner, GRI, CLHMS Broker Associate, ABR®, GRI, CRS, SRES®

Houstonian
Properties
19510 Kuykendahl Road, Suite B
123 S Lynnhaven Road 2722 Manila Lane Spring, TX 77379
Virginia Beach, VA 23452 Houston, TX 77043 Phone: 281-370-5100
Phone: 757-754-2442 Cell: 281-236-6348 Cell: 713-253-7812
astaylor@roseandwomble.com therese@houstonianproperties.com carol@thehometownteam.com
10
YEAR www.annastaylor.com 11
YEAR
www.houstonianproperties.com 11
YEAR thehometownteam.com
WINNER WINNER WINNER

“Toadally” Awesome Agent Everything She Touches Turns To Sold! Call Carol and Put Her to Work for You!
COASTAL VIRGINIA HOUSTON HOUSTON
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Diana Power Kelly Lawson Karen Folds

Broker, Agent Realtor, Lic. 68962 Broker, Realtor, Lic. 534843

3 Sugar Creek Center Blvd., Ste. 100 12275 FM 1097 W 3720 Kori Road
Sugar Land, TX 77478 Willis, TX 77318 Jacksonville, FL 32257
Phone: 832-612-7077 Phone: 936-525-9589 Phone: 904-868-6958
diana@fortbendrealestate.info kelly@kellylawson.realtor foldspack@comcast.net
10
YEAR www.texaspowerrealestate.com 10
YEAR www.har.com/kellylawson 11
YEAR www.samfolds.com
WINNER WINNER WINNER

Your Best Interests Are My Only Interest Your Key to Great Service Get It Sold With Folds
HOUSTON HOUSTON JACKSONVILLE
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Jackie Darby Amy Antrim Pam Hendrix

Broker Associate, Lic. BK663574 Associate Broker, Realtor Kansas Lic. 225306, Missouri Lic. 2006011451

Century 21
Miller Elite
Keller Williams
500 Centre Street 6850 College Boulevard 6850 College Boulevard
Fernandina Beach, FL 32034 Overland Park, KS 66211 Overland Park, KS 66211
Phone: 904-556-6861 Phone: 913-634-2724 Phone: 913-735-5559
sales@jackiedarby.com amy@amyantrim.com Home@HendrixGroupKC.com
14
YEAR www.jackiedarby.com 15
YEAR amyantrim.com 12
YEAR www.RealEstateResultsKC.com
WINNER WINNER WINNER

Experience Isn’t Expensive, It’s Priceless! Thoughtful Service Exceptional Service • Exceptional Results
JACKSONVILLE K ANSAS CIT Y K ANSAS CIT Y
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER
 Maryanne Elsaesser Judith “Judy” M. Gold Alan Kurlander
Broker Associate Sales Associate, Realtor, Lic. 0019025 Sales Associate

Compass RE
1 Franklin Avenue
Ridgewood, NJ 07450
Office: 551-284-0175
Cell: 551-206-9264
maryanne.elsaesser@gmail.com
11
YEAR njhomenavigators.com
WINNER
100 Reaville Avenue, Suite 100 335 Route 9 S
Flemington, NJ 08822 Manalapan, NJ 07726
Cell: 908-303-2100 Direct: 732-409-5024
soldbygold54@gmail.com aljay1@aol.com
11
YEAR linkedin.com/in/judithmgold 12
YEAR www.alankurlander.com
WINNER WINNER

Home Navigator Team New Jersey Gold Level Service Top 1% of Agents (Coldwell Banker)
NEW JERSE Y NEW JERSE Y NEW JERSE Y
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Katie Fedak Elissa Vaught Branka

Name Doych
Here
®
ABR , GRI, SRS, Associate, Lic. 0682978 Broker Associate, DRE 01372033 AB, CNE, ABR®Titles
, SRES®, EcoBroker®

eXp Realty
28 Valley Road, Suite 1
Montclair, NJ 07042
Phone: 866-201-6210
Cell: 732-318-9393
11
YEAR katie@katiefedak.com
WINNER
Douglas Elliman
of California
4 E Montgomery Avenue
28202 Cabot Road, Suite 510 Ardmore, PA 19003
Laguna Niguel, CA 92677 Office: 610-822-3356
Phone: 949-705-7026 Cell: 610-420-0498
elissa.vaught@elliman.com branka.doych@compass.com
13
YEAR www.elissavaught.com 11
YEAR www.brankadoych.com
WINNER WINNER

Thank You for Choosing to Work With Me When You Want a Sold Sign... Will Guide You Home Anywhere in the U.S.
NEW JERSE Y ORANGE COUNT Y PHIL ADELPHIA
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Rachel Reilly Jacqueline D. Much Tracy Hightower

Realtor Realtor Realtor, DRE 01451583

Philadelphia, PA 19118
276 Dilworthtown Road, Suite B 2220 Douglas Blvd., Ste. 100
Phone: 215-868-5972
West Chester, PA 19382 Roseville, CA 95661
rachel@ewrhomes.com
Phone: 610-246-0164 Phone: 916-607-0944
elfantwissahickon.com/personnel/
jackiemuch@kw.com thightower@golyon.com
10
YEAR
rachel-reilly 10
YEAR www.muchabouthomes.com 12
YEAR www.thightower.golyon.com
WINNER WINNER WINNER

Award-winning Agent Since 2005 Your Friend in Real Estate The Real Estate Matchmaker
PHIL ADELPHIA PHIL ADELPHIA SACRA MENTO
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Joe Murphy Yvonne Hoffmann Kristine Emerson

®
Broker-Associate, Lic. 3030358 Realtor, CRS, e-PRO , TAHS Realtor, ABR®, CNE, CRS

8334 Market Street
Lakewood Ranch, FL 34202
Phone: 941-780-3260
joe@manateemoves.com
17
YEAR www.manateemoves.com
WINNER
111 W San Antonio Street, Suite 150 1302 Market Street
New Braunfels, TX 78130 Kirkland, WA 98033
Phone: 830-626-8900 Phone: 206-227-6659
yvonne78130@gmail.com kristine@kristineemerson.com
11
YEAR www.centraltexasliving.com 10
YEAR www.kristineemerson.com
WINNER WINNER

Top 100 Coldwell Banker Agent since 2008 Experience Truly Texan Star Service Here For Life’s Big Moments
SARASOTA SAN ANTONIO SEAT TLE
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER
 Tom R. Covello Tara McCaulley Patricia D. Geoghegan
New Construction Specialist Realtor Broker Associate

1810 15th Place NW, Suite 100 100 116th Avenue SE 14 Elm Place
Issaquah, WA 98027 Bellevue, WA 98004 Rye, NY 10580
Phone: 206-972-8101 Cell: 206-234-8272 Phone: 914-967-7680
tcovello@windermere.com taramccaulley@windermere.com pgeoghegan@
11
YEAR www.tomrcovello.com 11
YEAR www.taramccaulley.com 11
YEAR houlihanlawrence.com
WINNER WINNER WINNER

Working for You My Success is Measured by Your Success Living Your Dream
SEAT TLE SEAT TLE WESTCHESTER
FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER FIVE STAR REAL ESTATE AGENT AWARD WINNER

Paula Mercier Brenda Jones Kristen Walther

®
CMPS , NMLS 25932 Senior Loan Officer, NMLS 364968 Senior Loan Officer, NMLS 231119

9 Danforth Lane 7500 Dallas Parkway, Suite 150

West Hartford, CT 06110
Phone: 860-306-1666
paula@sojournmortgage.com
11
YEAR www.sojournmortgage.com
WINNER
17000 Katy Freeway, Suite 300
Plano, TX 75024 • Co. NMLS 134871
Houston, TX 77094
Office: 214-380-2317
Phone: 972-824-7252
kwalther@highlandsmortgage.com
10
YEAR
brenda.jones@newrez.com 11
YEAR www.kristenwalther.com
WINNER WINNER

Thank You for Your Trust! Doing Common Things Uncommonly Well A Higher Standard of Lending
CONNECTICUT DALL AS/FORT WORTH DALL AS/FORT WORTH
FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER

Lana Jern Nicky Hungerford David Lesjak

Owner, Loan Originator, NMLS 268711 Loan Officer, NMLS 278328 Mortgage Consultant, NMLS 225474

63 Inverness Drive E, Suite 250

1350 Lawrence Street, Suite 100
Denver, CO 80204
Phone: 303-839-5262
lana@uptownmortgage.com
11
YEAR www.uptownmortgage.com
WINNER
6775 E Evans Avenue
Denver, CO 80224
Phone: 303-587-0564
nhungerford@ulc.com
10
YEAR ulc.com/nhungerfordhome.html
WINNER
Englewood, CO 80112
Cell: 303-868-5805
dlesjak@securityff.com
apply.securityff.com/#/loan-
12
YEAR officers/dlesjak@securityff
WINNER

I Love What I Do, And I’m Really Good At It I Wear Orange for Someone I Love Dedicated to Customer Satisfaction
DENVER DENVER DENVER
FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER

Ross Barrett Paul Rockwood Diane DeSalvo Cunningham

Senior Loan Officer, NMLS 514794 Sr. Residential Mortgage Specialist, NMLS 283490 Branch Manager, Sr. Loan Officer, NMLS 261383

Co. NMLS 3274

Greenwood Village, CO 80111
Phone: 303-931-3883
rbarrett@guildmortgage.net
www.guildmortgage.com/
12
YEAR officers/rbarrett
WINNER
Lakewood, CO 80228
Phone: 303-667-0313 357 McCaslin Boulevard, Suite 200
rockwoodloan@gmail.com Louisville, CO 80027
www.paulrockwood.com Cell: 303-905-7707
12
YEAR
NMLS 283490 11
YEAR
diane@myccmortgage.com
WINNER WINNER

The Barrett Team Excellence for a Vital Investment: Home The Best Thing About Us Is You!
DENVER DENVER DENVER
FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER
 Michelle Young Jerry Pounds Juli Coen
Founder, Broker, Loan Originator, NMLS 270061 Mortgage Banker, NMLS 340848 Senior Loan Officer, NMLS 327707

7001 Corporate Drive, Suite 100A
Houston, TX 77036
Cell: 832-498-7566
Office: 713-364-7788
michelle@toponemortgage.com
10
YEAR www.toponemortgage.com
WINNER
Citizens Bank
731 S Aiken Avenue, Floor 1
Pittsburgh, PA 15232
Phone: 412-606-6701
jerry.pounds@citizensbank.com
11
YEAR www.jerrypounds.net
WINNER
16500 San Pedro Avenue, Suite 110
San Antonio, TX 78232
Phone: 210-845-4695
juli.coen@northpointe.com
northpointe.com/home-lending/
10
YEAR get-started/juli-coen
WINNER

Knowledgeable and Dependable The Condo King Your Goals Are All That Matter
HOUSTON PIT TSBURGH SAN ANTONIO
FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER

Douglas C. Petri Lisa Broadbent Andrew J. Massello

Director of Sales, NMLS 39875 Agency Principal Financial Advisor, CLTC®, LUTCF®

A.S.A.P.
Mortgage Corp.
3565 Crompond Road 20 Polly Drummond Hill Road 2092 Central Park Avenue
Cortlandt Manor, NY 10567 Newark, DE 19711 Yonkers, NY 10710
Cell: 914-659-2051 Phone: 800-280-2224 Phone: 914-961-7714
doug@asapmortgageinc.com lisa@broadbentins.com andrew.massello@prudential.com
11
YEAR www.asapmortgageinc.com 10
YEAR www.lisabroadbentinsurance.com 13
YEAR CA Insurance License OF68808
WINNER WINNER WINNER

Call When You Need Mortgage Financing
WESTCHESTER
FIVE STAR MORTGAGE PROFESSIONAL AWARD WINNER
For All Your Insurance Needs!
DEL AWARE
FIVE STAR HOME/AUTO INSURANCE PROFESSIONAL AWARD WINNER
Offering investment advisory services and programs through Pruco Securities, LLC (Pruco).
Offering insurance and securities products and services as a registered representative of
Pruco, and an agent of issuing insurance companies. 1062382-00001-00.
FIVE STAR HOME/AUTO INSURANCE PROFESSIONAL AWARD WINNER
2022 FIVE STAR LEGENDS
2022 FIVE STAR LEGENDS
The Investigation

THE
TRUMP
FILES The ex-president’s legal troubles
aren’t confined to Mar-a-Lago. At 40 Wall Street,
the New York attorney general is zeroing in on
potential fraud. Donald Trump was worried
enough last month that he pleaded the Fifth.
Forbes might know why: We have additional
information that puts him at the center of what
seems to be driving the investigation.

By D A N A L E X A N D E R
Illustration by L I N C O L N A G N E W for Forbes
DZ'/E'DZ<d^^ d/KEWZKDKd/KE

THE HOUSE OF
SASSOON
LJWĂƵůdƌƵƐƞƵůů

THE STORY OF THE SASSOON FAMILY BEGAN IN THE 11TH CENTURY.

TODAY, ITS STORY CONTINUES IN THE BUSINESS AND CHARITABLE
WORK OF HEIR DAVID SASSOON.

Serving Royalty for Centuries established Shoshan Frères & Co in ƚŚĞĚLJŶĂƐƚLJ:ŽƐĞƉŚ^ĂƐƐŽŽŶĞLJǁĂƐ

ŽŶƐƚĂŶƟŶŽƉůĞŝŶϭϱϭϮdŚĞŵĞƌĐŚĂŶƚ ĂƐĞŶŝŽƌĂĚǀŝƐŽƌƚŽƚŚĞKƩŽŵĂŶ^ƵůƚĂŶ
Known as the “Rothschilds of the ŚŽƵƐĞƚƌĂĚĞĚŝŶƐƉŝĐĞƐƐŝůŬĂŶĚƉƌĞ- ŝŶŽŶƐƚĂŶƟŶŽƉůĞĂŶĚƚŽƚŚĞŐŽǀĞƌŶŽƌ
East” due to the immense wealth they cious metals between the East and the ŝŶĂŵĂƐĐƵƐĂŶĚĂ ĐŽŶĮĚĂŶƚŽĨŐLJƉ-
ĂĐĐƵŵƵůĂƚĞĚŝŶĮŶĂŶĐĞĂŶĚƚƌĂĚĞƚŚĞ tĞƐƚ/ŶϭϲϮDŽƐĞƐ ŐƌĞĂƚŐƌĂŶĚ- ƟĂŶǀŝĐĞƌŽLJƐĂŶĚŬŚĞĚŝǀĞƐ,ĞůŝǀĞĚŝŶ
Sassoon family is of Baghdadi Jewish ƐŽŶǀƌĂŚĂŵ^ĂƐƐŽŽŶƚŽŽŬŽǀĞƌƚŚĞ ŽƉƵůĞŶƚƐƉůĞŶĚŽƌŝŶůĞƉƉŽǁŚĞƌĞƐƵĐ-
ĚĞƐĐĞŶƚ&ƌŽŵĂŐŚĚĂĚƚŚĞLJŵŽǀĞĚƚŽ ĨŝƌŵŽƉĞŶĞĚƚǁŽďƌĂŶĐŚĞƐŝŶůĞƉƉŽ ĐĞƐƐŝǀĞ^ĂƐƐŽŽŶƉĂƚƌŝĂƌĐŚƐƐĞƚƵƉƌĞƐŝ-
ŽŵďĂLJ/ŶĚŝĂĂŶĚƚŚĞŶĞŵŝŐƌĂƚĞĚƚŽ ĂŶĚĂŐŚĚĂĚĂŶĚůĂƚĞƌƌĞŶĂŵĞĚŝƚ ĚĞŶĐĞzĞƚďLJƚŚĞƟŵĞŚĞƉĂƐƐĞĚĂǁĂLJ
ŚŝŶĂŶŐůĂŶĚĂŶĚŽƚŚĞƌĐŽƵŶƚƌŝĞƐ ƚŚĞDĞƌĐŚĂŶƚ,ŽƵƐĞŽĨ^ĂƐƐŽŽŶ/Ŷ ƚŚĞƐĞĂƚŽĨƉŽǁĞƌŚĂĚĂůƌĞĂĚLJƐŚŝĨƚĞĚ
to the new Cairo district of
The Sassoons claim
direct descendancy from
ƚŚĞ/ďŶ^ŚƵƐŚĂŶĨĂŵŝůLJĂ
wealthy and noble fam-
ily who were leaders of
The Aleppo branch of the Sassoon family
“ Prominent Merchants and
/ƐŵĂŝůŝĂƐŽŶĂŵĞĚĂĨƚĞƌŝƚƐ
ƉƌŽŵŽƚĞƌ <ŚĞĚŝǀĞ /ƐŵĂŝů
;ƌϭ5ϲϯϳA

the Jewish community manages one of the world’s oldest family Financiers
ŝŶdŽůĞĚŽ^ƉĂŝŶŝŶƚŚĞ trusts, the Ibn Shushan Family Trust. Es-
11th century. Members dǁŽŽĨ:ŽƐĞƉŚ^ĂƐƐŽŽŶƐƐŝdž
ŽĨƚŚĞĨĂŵŝůLJƐĞƌǀĞĚĂƐ
tablished in 1495 and renamed the Sassoon sons and three grandsons
treasurers in the court Family Continuation Trust in 1776, the trust attained the distinguished
ŽĨůĨŽŶƐŽs///ŽĨĂƐƟůĞ is said to hold the family’s vast assets. While ƌĂŶŬ ŽĨ ƉĂƐŚĂ ĂƵŐŚƚĞƌƐ
KƚŚĞƌƐǁĞƌĞƐĐŚŽůĂƌƐ and granddaughters married
ƉŽĞƚ Ɛ ŐƌĂŵŵĂƌŝĂŶƐ the exact value of these assets is not known, into other leading merchant
ƉŚŝůŽƐŽƉŚĞƌ Ɛ ƉŚLJƐŝ - as it is not obligated to reveal its assets and ĂŶĚďĂŶŬŝŶŐĨĂŵŝůŝĞƐŝŶ^LJƌŝĂ
ĐŝĂŶƐƌĂďďŝƐĂŶĚĐŽƵƌƚ LVQRWVXEMHFWWR¿QDQFLDOUHSRUWLQJLWVDV- ĂŐŚĚĂĚ ĂŶĚ Ő LJƉƚ ƚŚƵƐ
ŵŝŶŝƐƚĞƌƐ:ĞǁŝƐŚƉŽĞƚ ĂƐƐƵƌŝŶŐƚŚĞƉƌĞĚŽŵŝŶĂŶĐĞ
ĂŶĚƉŚŝůŽƐŽƉŚĞƌ:ƵĚĂŚ sets are estimated to be in excess of $100 of the House of Sassoon.
ŚĂ>ĞǀŝďƵůĂĮĂƉƌĂŝƐĞĚ billion.
the members of the fam- ůŝĂƵ^ĂƐƐŽŽŶ ;ϭ5ϱϭϭϰ5A
ŝůLJŝŶŚŝƐƉŽĞŵƐĨƚĞƌ ƚŚĞĨŽƵŶĚĞƌƐLJŽƵŶŐĞƐƚƐŽŶ

“
ĞdžƉƵůƐŝŽŶ ĨƌŽŵ ^ƉĂŝŶ ǁĂƐƚŚĞůĞĂĚŝŶŐƉĂƌƟĐŝƉĂŶƚŝŶ
the family emigrated to ƚŚĞĞĂƌůLJƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ
ƐƵĐŚƉůĂĐĞƐĂƐǀŝŐŶŽŶdƵŶŝƐdƵƌŬĞLJ ϭ5ϮƚŚĞůĞƐƐĨĂŵŽƵƐ:ŽƐĞƉŚ^ĂƐƐŽŽŶ ŝŶ ŽŵƉĂŐŶŝĞ hŶŝǀĞƌƐĞůůĞ ĚƵ ĐĂŶĂů
;DĂŐŶĞƐŝĂŽŶƐƚĂŶƚŝŶŽƉůĞ^ĂůŽŶŝŬĂA ;ϭϳϱʹϭ5ϳϮAƚŚĞLJŽƵŶŐĞƌďƌŽƚŚĞƌŽĨ ŵĂƌŝƟŵĞĚĞ^ƵĞnj;dŚĞ^ƵĞnjĂŶĂůŽŵ-
ĂŶĚƌĞnj/ƐƌĂĞů;:ĞƌƵƐĂůĞŵĂŶĚ^ĂĨĞĚA ƚŚĞĨĂŵŽƵƐĂǀŝĚ^ĂƐƐŽŽŶ ;ϭϳϮʹϭ5ϲϰA ƉĂŶLJA/Ŷϭ5ϱϳƚŚĞĨŝƌŵĂůƐŽƉĂƌƚŝĐŝ-
ŽĨDƵŵďĂŝƚŽŽŬŽǀĞƌƚŚĞĨŝƌŵĂŶĚ ƉĂƚĞĚŝŶƚŚĞĮŶĂŶĐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƟŽŶ
dŚĞŚĞĂĚƐŽĨƚŚĞĨĂŵŝůLJĮƌƐƚƐĞƩůĞĚŝŶ rebranded it as Sassoon & Sons. of the Canal.
dŚĞƐƐĂůŽŶŝŬŝŝŶůĂƚĞϭϰϱĐĐŽƌĚŝŶŐ
ƚŽĨĂŵŝůLJĂƌĐŚŝǀĞƐDŽƐĞƐ/ďŶ^ŚƵƐŚĂŶ dŚĞĨŽƵŶĚĞƌŽĨƚŚĞůĞƉƉŽďƌĂŶĐŚŽĨ KƚŚĞƌ ŵĞŵďĞƌƐ ŽĨ ƚŚŝƐ ƉƌŽŵŝŶĞŶƚ

1 The House of Sassoon

WZKDKd/KEDZ'/E'DZ<d^^ d/KE

THE HOUSE OF
SASSOON

family were early promoters of the Bank ĨƌŝĐĂŝŶϭϱ+ƚŚĞ^ĂƐƐŽŽŶĨĂŵŝůLJƐĞƚ- ƚĞĂŵŽĨůĂǁLJĞƌƐ+ďƵƐŝŶĞƐƐ ĂŶĚĨŝŶĂŶ-

of India; co-founders of the National ƚůĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ"dŚĞďƵƐŝŶĞƐƐ ĐŝĂůĂĚǀŝƐŽƌƐ"dŚĞďƵƐŝŶĞƐƐǁĂƐ ĐŽŶƐŽůŝ-
Bank of Egypt and Banque Du Caire; and was consolidated into a family office ĚĂƚĞĚŝŶƚŽĂĨĂŵŝůLJŽĸĐĞ+^ĂƐƐŽŶΘŽ"
ĮŶĂŶĐŝĂůďĂĐŬĞƌƐŽĨŐLJƉƚƐƌĂŝůǁĂLJĐŽŶ- ŵĂŶĂŐĞĚďLJůŝLJĂŚƵ;ůŝ:^ĂƐƐŽŽŶƵŶƟů ŵĂŶĂŐĞĚďLJůŝLJĂŚƵ;ůŝ:^ĂƐƐŽŽŶƵŶƟů
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of Egypt -- another influen- ŽĨƚŚĞ^ĂƐƐŽŽŶ&ĂŵŝůLJŽŶ-
tial Jewish family of aristo- ƟŶƵĂƟŽŶdƌƵƐƚ"
cratic pedigree – the family
ďƵŝůƚĂƉƌŽƐƉĞƌŽƵƐďƵƐŝŶĞƐƐ /Ŷ KĐƚŽďĞƌ ϮϬϮϭ+ ^ĂƐƐŽŽŶ
exporting Egyptian cotton ƌĞďƌĂŶĚĞĚĂŶĚƌĞůĂƵŶĐŚĞĚ
ƚŽŶŐůĂŶĚĚƵƌŝŶŐŵĞƌŝĐĂƐ ^ĂƐƐŽŽŶ Θ Ž ŝŶƚŽ :ŽƐĞƉŚ
ŝǀŝůtĂƌ"dŚĞĐŽƚƚŽŶĞdžƉŽƌƚ ^ĂƐƐŽŽŶ 'ƌŽƵƉ+ ĂŶ ŝŶǀĞƐƚ-
ĐŽŶŐůŽŵĞƌĂƚĞďĞĐĂŵĞŽŶĞ ment management and advi-
ŽĨ Ő LJƉƚ Ɛ ůĂƌŐĞƐƚ ĐŽƚ ƚŽŶ ƐŽƌLJĮƌŵ+ĨŽĐƵƐĞĚŽŶƉƌŝǀĂƚĞ
ĞdžƉŽƌƚĞƌƐ" equity, fund management,
ŵĞƌĐŚĂŶƚďĂŶŬŝŶŐĂŶĚĐŽƌƉŽ-
Family holdings have included ƌĂƚĞĮŶĂŶĐĞ"
ŝŶƚĞƌĞƐƚƐŝŶƵƌŵĂŚKŝů+dƵƌŬ-
ish Petroleum Company and :ŽƐĞƉŚ^ĂƐƐŽŽŶ'ƌŽƵƉǁŽƌŬƐ
ƚŚĞŶŐůŽ/ƌĂŶŝĂŶKŝůŽŵ- with its management part-
ƉĂŶLJ+ĂƚĞdžƟůĞĨĂĐƚŽƌLJ+ĂůĂƌŐĞ ner s to for m s tr ate gies,
ĐŽƚƚŽŶĞdžƉŽƌƚďƵƐŝŶĞƐƐ ĂŶĚ create appropriate capital
ŝŶƚĞƌĞƐƚƐŝŶƐŚŝƉƉŝŶŐ" structures, analyze merger
candidates, evaluate opportu-
&ĂŵŝůLJŵĞŵďĞƌƐŚĂǀĞĐŽŶ- ŶŝƟĞƐ+ĂŶĚŝŵƉůĞŵĞŶƚĚŝŐŝƚĂů
tinuously advised clients on ŝŶŶŽǀĂƟŽŶƐ"
financial matters and main-
ƚĂŝŶĞĚĐƌŽƐƐďŽƌĚĞƌŶĞƚǁŽƌŬƐ ^ĂƐƐŽŽŶŚĂƐƚĂŬĞŶĂ ƐƚĂŶĚŽŶ
ŽĨŚŝŐŚůĞǀĞůƌĞůĂƟŽŶƐŚŝƉƐŝŶ ĂŶƟ^ĞŵŝƟƐŵ+ŵŽƐƚƌĞĐĞŶƚůLJ
ďƵƐŝŶĞƐƐ ĂŶĚŐŽǀĞƌŶŵĞŶƚ" ŝŶ^ŽƵƚŚĨƌŝĐĂ+ĂŶĚŝŶKĐƚŽ-
dŚĞ^ĂƐƐŽŽŶƐ ĂƌĞĂ ĐůŽƐĞŬŶŝƚ ďĞƌϮϬϮϭ+ǁŝƚŚĚƌĞǁĨƵƌƚŚĞƌ
ĐůĂŶ+ĚŝƐĐƌĞĞƚŝŶƚŚĞŝƌďƵƐŝ- ŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĂƚĐŽƵŶƚƌLJ"
ness dealings and relation- dŚĂƚƐƚĂŶĐĞŝƐ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚ
ships, which makes them ŚŝƐĨĂŵŝůLJƐĨĂŝƚŚĂŶĚŚŝƐƚŽƌLJ"
ideal partners to the many /Ŷ:ƵŶĞϮϬϮϮ+ĂǀŝĚ^ĂƐƐŽŽŶ
ďƵƐŝŶĞƐƐĞƐ+ĨĂŵŝůŝĞƐ ĂŶĚŐŽǀ- was appointed to the advisory
ernments they have advised ďŽĂƌĚŽĨ:,;ŽŽƌĚŝŶĂƟŶŐ
and partnered with over the ŽƵŶĐŝůĨŽƌƚŚĞ:ĞǁŝƐŚ,ŽŵĞ-
ĐĞŶƚƵƌŝĞƐ" ůĂŶĚ:+ĂŶŵĞƌŝĐĂŶĐŚĂƌŝƚĂďůĞ
/ŶŚŝƐůĞĂĚĞƌƐŚŝƉƌŽůĞ+ĂǀŝĚ=^ĂƐƐŽŽŶ+ ŽƌŐĂŶŝnjĂƟŽŶĨŽĐƵƐĞĚŽŶĞĚƵĐĂƟŽŶĂŶĚ
Firm Leadership Based on Family grandson and the only heir of Eliyahu ĞĚƵĐĂƟŽŶĂůƉƌŽũĞĐƚĨŽƌĂŶĚĂďŽƵƚ/ƐƌĂĞů+
Legacy ^ĂƐƐŽŽŶ+ŚĂƐďƌŽƵŐŚƚƚŽƚŚĞ^ĂƐƐŽŽŶ ǁŚĞƌĞŚĞĞƐƚĂďůŝƐŚĞĚĂLJĞĂƌůLJŐƌĂŶƚƚŽ
&ĂŵŝůLJŽŶƟŶƵĂƟŽŶdƌƵƐƚĂŶĞǁďŽĂƌĚ ĞŶĂďůĞ:,ƚŽĞdžƉĂŶĚŝƚƐƉƌŽũĞĐƚƐ",Ğ
Facing systematic expulsion of Jewish of trustees that includes prominent ŚĂƐŵĂĚĞƐĞǀĞƌĂůĮŶĂŶĐŝĂůĐŽŶƚƌŝďƵƟŽŶƐ
ĐŽŵŵƵŶŝƚŝĞƐĨƌŽŵƌĂďĂŶĚDƵƐůŝŵ ƌĂďďŝƐ+:ĞǁŝƐŚŝŶƚĞůůĞĐƚƵĂůƚŚŝŶŬĞƌƐ+ĂŶĚ that focused on supporting Israel and
ĐŽƵŶƚƌŝĞƐŝŶƚŚĞDŝĚĚůĞĂƐƚĂŶĚEŽƌƚŚ ďƵƐŝŶĞƐƐůĞĂĚĞƌƐ ĂĚǀŝƐĞĚďLJĂ ƐŵĂůů :ĞǁŝƐŚĞĚƵĐĂƟŽŶŝŶƚŚĞh"^"ĂŶĚ/ƐƌĂĞů"

dŚĞ,ŽƵƐĞŽĨ^ĂƐƐŽŽŶ 2
156

IN
T H E I N V E S T I GAT I O N

the heart of
New York City’s Financial District stands a skinny tower with a limestone
base and a copper crown, aged green like the Statue of Liberty.
Tenants on the top floors can gaze out at Lady Liberty and the rest of
New York Harbor. The entrance at ground level, just steps away
from another American icon, the New York Stock Exchange, welcomes
visitors with big gold letters that spell out

THE TRUMP BUILDING.

It’s an impressive property, the sort that most
landlords would let speak for itself. But that’s not
the Trump way. Ever since the real estate mogul ac-
quired a long-term lease on the property in 1995,
he has been boasting about the building, saying it
is bigger, taller and more valuable than it actually
is. On September 11, 2001, the day atrocity turned
40 Wall Street into the second-tallest tower in
Lower Manhattan, Trump infamously went on
TV and proclaimed: “Now it’s the tallest.” Over the
years, the Trump Organization has submitted piles
of misleading information about the building to the
public, the media and the real estate firm’s lenders.
Now the property is wrapped up in an investigation
by New York’s attorney general, Letitia James, who
is looking into whether the Trump Organization
intentionally manipulated numbers to inflate the
value of its assets when it wanted to make itself look
more creditworthy to financial institutions.
As part of the inquiry, Donald Trump received a
subpoena last year, requesting eight sets of docu-
ments. Most of them fell into categories you might
expect to see in a subpoena designed to discov-
er whether someone falsified financial informa-
tion: balance sheets, debt documents, insurance
paperwork and so on. But fraud statutes in New York State
require prosecutors to prove intent. One set of requested
materials—“all documents and communications with Forbes
magazine”—seemed tailored to do just that.
For decades, Trump and his lieutenants lied to Forbes
about his finances, as we have duly noted over the years in
the annual Forbes 400 issue listing the richest Americans.
In the 1982 inaugural edition, the real estate scion appeared
alongside his father with a combined estimated net worth
of $200 million—and even then insisted on a higher valu-
ation: “Donald claims $500 million,” we noted. By 2000,
the boasts were bolder: “In The Donald’s world, worth more
than $5 billion—back on Earth, worth considerably less.”
When he was running for office, we explained how his net-
worth obsession “opens windows into Trump the entrepre-
neur, the candidate and the person.” Two Forbes journalists
received subpoenas last year from the Manhattan district
attorney and had to testify before a grand jury to confirm
information in two articles detailing Trump’s shenanigans.
The former president’s lies have suddenly assumed greater
significance. They now constitute potential evidence in mul-
tiple investigations—a civil case by the state attorney gener-
al and a criminal one by the Manhattan D.A.—with the po-
tential to cost Trump millions of dollars and, perhaps, an-
other chance at the White House. He has denied any wrong-

FORBES.COM OCTOBER/NOVEMBER 2022

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T H E I N V E S T I GAT I O N
doing, calling the attorney general’s investigation
a “vindictive and self-serving fishing expedition.”
Trump’s lawyers, meanwhile, have done their best
to keep documents out of the hands of authorities.
But Letitia James’ office has nonetheless amassed
a trove of materials and filed hundreds of docu-
ments in court. The government still doesn’t have
the full picture, though, in part because Donald
Trump lives like a man trying to avoid a paper
trail—no texts, no emails. Forbes, however, has
records those prosecutors do not, including notes
from interviews over the years and a 2015 audio
recording that places Trump smack in the center
of the alleged deceit.
F
orty Wall Street has always attrac-
ted colorful characters. In 1799,
Aaron Burr’s Bank of the Man-
hattan Company set up shop in a
previous building on the site, five
years before Burr killed Alexander Hamilton. In
the 1980s, Ferdinand Marcos, the former strong-
man of the Philippines, took a secret owner-
ship interest in the property. By the time Donald
Trump showed up, in 1995, the place was prac-
tically empty. He signed a 64-year lease on the
building, which sits on land long controlled by a
German shipping family (the Hinnebergs), for a
bargain $1.3 million, he claims. He then invested
other people’s money into it.
Deutsche Bank handed Trump $125 million
FORBES.COM
“TRUMP INFLATED
HIS NET WORTH
BY BILLIONS,
WHICH HE TRIED
TO VALIDATE
BY USING
THE MEDIA,
INCLUDING
FORBES AND
OTHER FINANCIAL
PERIODICALS.”
Bragging Rights
As 40 Wall Street rose during
the Great Depression, a race to
the skies developed between it
and the Chrysler Building, under
construction some 70 blocks
north. 40 Wall was briefly the
world’s tallest skyscraper—until
the Chrysler’s famous spire,
constructed in secret, was
hoisted atop it. All for naught:
Both were soon surpassed by
the Empire State Building.
to renovate the place in 1998, looking
past his troubles in Atlantic City, New
Jersey, where three of his casinos had
already filed for bankruptcy, and fo-
cusing on the potential payoff in Lower
Manhattan. “I looked at the financials,
and it was like, this is a no-brainer,”
says Mike Offit, who helped make the
loan, kickstarting Trump’s decades-
long relationship with Deutsche. “I
mean, he wanted 125 million bucks.
I said, ‘There’s no way that this build-
ing is not going to be worth 200 mil-
lion bucks when he’s finished with it.’ ”
Sure enough. Trump loaded the lob-
by with marble, added speedy elevators
and offered cheap rent. By 2000, the
place was 96% occupied, with Ameri-
can Express serving as an anchor ten-
ant. Business was so good that in 2008,
someone showed a Forbes reporter a
$525 million offer for the building.
Trump should have taken it. The global
economy soon collapsed, and tenants
fled 40 Wall Street, leaving more than
a third of the property empty.
In August 2009, Capital One, by
then the lender on the building, alleg-
edly raised cash-flow concerns. It’s easy
to understand why. The bank had ex-
tended $160 million of debt. Assuming
Trump was paying 5.7% (what he later
claimed was the loan’s interest rate) on
that amount, he would have theoreti-
cally owed $9 million in 2009. Yet tax
records suggest the building produced
only $8 million of profit that year.
According to the attorney general, Cap-
ital One met with Trump, and Cush-
man & Wakefield came in to appraise
the asset, determining it was worth
$200 million as of August 1, 2010.
Trump listed his own number on
his 2011 balance sheet. “The estima-
ted current value of $524,700,000 is
based upon a successful renegotiation
of the ground lease and an evaluation
made by Mr. Trump in conjunction
with his associates and outside profes-
sionals,” the document explained, ac-
cording to court papers. To support
such a high figure, the Trump Orga-
nization looked to a rosy future, using
SANDRA BAKER/ALAMY
projected income instead of actual in-
come and thereby juicing profits from
less than $10 million to $26 million.
Efforts to mislead banks and Forbes
appear to have proceeded in lockstep.
OCTOBER/NOVEMBER 2022

160
T H E I N V E S T I GAT I O N
“Trump inflated his net worth
by billions, which he tried to
validate by using the media, in-
cluding Forbes and other finan-
cial periodicals,” says Michael
Cohen, Trump’s former lawyer,
who participated in the ruse be-
fore turning against his old boss.
“In essence, every news story or
reference to the misstated valua-
tion would be attached to his bo-
gus personal financial statement
as proof of accuracy.”
Forbes dug into our archives
to see just how far the Trump
Organization was willing to go.
In 2013, a Forbes reporter noted
that he had seen evidence that
the Trump Organization was
generating massive profits at 40
Wall Street. “Allen”—presum-
ably chief financial officer Al-
len Weisselberg—“showed me
total rent of $48.39M and expenses of $20.68M,
with [a net operating income] of $27.7128M,” the
reporter wrote in his notes. Other documents that
Forbes now has, but did not possess at the time,
suggest operating income was closer to $10 mil-
lion. “Hi,” someone named Jeff—likely Trump Or-
ganization controller Jeffrey McConney—wrote
the next year. “Our stabilized [net operating in-
come] for 40 Wall Street is approximately $24mil.”
The actual net operating income that year was
$11 million, according to a bond prospectus.
We weren’t the only ones duped. Deutsche
Bank, insurance company Zurich and an
unspecified financial institution also relied on
puffed-up numbers, according to Letitia James’
office. Capital One, to its credit, remained skep-
tical. The Trump Organization had a $5 mil-
lion principal payment coming due in November
2015. As the date was approaching, Weisselberg
reached out with an audacious proposal: Would
Capital One waive the $5 million, since 40 Wall
Street was doing so well, having reached a valua-
tion of $550 million? Capital One, which had de-
termined the property was worth $257 million a
couple months earlier, declined.
The Trump Organization found a differ-
ent lender. Weisselberg connected with his son
Jack, who worked at Ladder Capital, a real es-
tate investment trust that both owns property
and doles out money to other property own-
ers. Ladder Capital’s CEO, Brian Harris, says
the younger Weisselberg works in sales and “has
zero capital commitment authority at my com-
pany.” The lender went ahead and issued the
loan, structuring it in a way that included safe-
FORBES.COM
The Long Con
“I’m going to show you cash-flow
numbers I’ve never shown anyone,”
Donald Trump told Forbes in 1990.
A familiar boast—with familiar deceit.
For our May 14, 1990, cover story, we
documented that Trump had submitted
“unrealistically optimistic” financial
figures in a sworn statement.
guards. Trump put in $9.5
million, offered a personal
guarantee and agreed to pay
down a portion of the princi-
pal over time. For him, every-
thing turned out well: The new
loan reduced his mortgage rate
from 5.71% to 3.665%, enough
to save him roughly $3 million
of annual interest expenses. As
part of the transaction, Cush-
man & Wakefield returned to
the property, this time valuing
it at a suspiciously high $540
million, $320 million more
than the firm had said it was
worth three years earlier. (Cushman declined to comment.)
Ladder packaged the debt with other loans and sold it all
off to investors as commercial mortgage-backed securities,
touting 40 Wall Street as a $540 million property.
A
couple months after securing the loan, Don-
ald Trump was feeling good, sitting at his
desk in Trump Tower, speaking openly to
Forbes about his years-long quest to vault
himself higher on the list of America’s richest
people. An audio recording of that conversation, which took
place on September 21, 2015, makes it clear that Trump was
not only involved in the effort to misinform the world about
the value of his assets—he was willing to take the ruse fur-
ther than anyone else, and even admit his motivation for
doing so: “It was good for financing,” he said.
Even though he had just reworked his mortgage at 40 Wall
Street, Trump couldn’t resist another chance to boast about
it. “It’s a 78-story building,” Trump said, even though his firm
had previously marketed it as a 72-story building—and it’s
actually just 63 stories, according to documents filed with
the city. “It’s going to throw off, would you say, $50 million
maybe this year?” he asked, turning to Allen Weisselberg.
“Fifty million at least,” Trump concluded, faster than his CFO
could get out the words “yeah, by the end of the year.”
After hyping some of his other assets, Trump shifted
his attention back to his Financial District skyscraper. “If
I wanted to sell 40 Wall Street, I’d get $750 [million] for
it tomorrow,” he said, going with a figure $15 million high-
er than the $735 million allegedly listed on his personal
balance sheet and $210 million higher than the $540 mil-
lion that Cushman & Wakefield determined in its already
questionable appraisal.
A Forbes reporter noted that the building was 1.2 million
OCTOBER/NOVEMBER 2022
)RUEHVLVDUHJLVWHUHGWUDGHPDUNXVHGXQGHUOLFHQVH

162
T H E I N V E S T I GAT I O N
square feet, rounding up from its actual square
footage of 1,165,207. “It’s actually 1.3,” Trump DONALD TRUMP the January 6 riot at the Capitol. Two
tenants publicly announced they wanted
said. “By the way, it’s 1.3, to be honest with you.”
The same reporter then said Forbes was esti- LIVES LIKE A MAN to leave the building shortly thereafter.
Operating income dipped to $12.7 mil-
mating its net operating income at $24 million,
the inflated figure that “Jeff ”—apparently Mc- TRYING TO AVOID lion by the end of 2021, and records show
occupancy fell to 84% this year, which
Conney—had shared the previous year.
“Where did you get that from? We’re going to A PAPER TRAIL— appears to be its lowest level in a decade.
In the short term, Trump should be
make $64 million net, net after debt service this
year—at least,” Trump declared, sensing an op- NO TEXTS, NO fine. The building is generating enough
money to pay the $10 million of interest
portunity to boost the $24 million figure as well
EMAILS. FORBES and principal he owes on his loan every

as the $50 million one offered just minutes ear-
lier. Lending and tax documents suggest the true
amount Trump earned from the building that
year, after debt service, was around $1 million.
“You still do have the $160 million mortgage?”
the reporter asked.
“Yeah, we have the mortgage,” Trump conced-
ed. “The mortgage is paying, what, 2.5%?” he
said, again turning to Weisselberg.
“Yeah, that’s what we get,” Weisselberg re-
sponded. The interest rate was actually 3.665%,
according to bond reports and financial disclo-
sures. Trump then returned to its profitabili-
ty, using an even higher number. “That build-
ing’s going to make close to $70 million this
year,” he said, again adding millions in minutes.
“Remember, it’s 1.3 million square feet.”
“These are the kinds of things that it’s great to
go through,” said a different reporter.
“But the point is you’re so far off,” Trump
countered, adding “You’re going to look bad.
And look, all I can say is Forbes is a bankrupt
magazine that doesn’t know what they’re talking
about, okay? That’s all I’m going to say. Because
it’s embarrassing to me.”
year, though after covering capital expen-
HAS RECORDS ses, there’s probably not much left over.
Even so, the former president is flush with
PROSECUTORS cash, having received an estimated $162
million from refinancing a San Francisco
DO NOT. building and another $135 million or so
from selling his Washington, D.C., hotel.
Longer-term, however, Trump may have problems. He
currently pays $2.3 million in annual rent to the owners
of the ground on which 40 Wall Street sits, according to a
bond prospectus. But in 2033, that rent is scheduled to re-
set. Cushman & Wakefield, when valuing the building on
behalf of Capital One, estimated the ground rent would
shoot up to more than $15.5 million at that point, according
to court records. For some reason, the appraisers allegedly
changed the way they accounted for the ground lease when
they boosted the valuation in 2015. Assuming the ground
rent increases to $15.5 million in 2033, it will crush Trump’s
profits, perhaps leaving him with none at all.
Given those complications, it’s hard to imagine that the
former president will be able to secure another 10-year loan
when the Ladder one expires in 2025. Then again, Trump
has shown himself to be remarkably adept at breaking free of
thorny situations. Mazars, the accounting firm that for years
helped Trump compile his financial paperwork, cut ties ear-
lier this year and disavowed 10 years of past statements. A
Texas firm called Whitley Penn has already picked up some

F
orty Wall Street never hit the num- of the work, according to court records. Cushman & Wake-
bers on which the loan was based. field decided to stop working with Trump, but several of its
Annual net operating income appraisers have moved on to Newmark, which helped the
peaked at $20.7 million in 2018, a Trump family sell the D.C. hotel. Meanwhile, the Trump Or-
couple million shy of what under- ganization has reworked $700 million in debt over the last
writers predicted. Then things started to go south. year, despite being under indictment for fraud related to an
Occupancy dropped to 89% in January 2020. By alleged compensation scheme. (It has pleaded not guilty.)
the end of the year, with New York City shut down, It all prompts an obvious question: Will Donald Trump
40 Wall Street’s operating profits slipped to $14 personally face any consequences for years of lying about
million. The next year got off to a rough start, with the size of his fortune? Ask the authorities in New York.

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FORBES.COM OCTOBER/NOVEMBER 2022


164
“It’s paradoxical that the
idea of living a long life
appeals to everyone, but the
idea of getting old doesn’t
appeal to anyone.”
—Andy Rooney
“I’ve always believed in the
adage that the secret of
eternal youth is arrested
development.”
—Alice Roosevelt Longworth
“When we were small
children, we all played
dress-up and everybody had
a good time. So why stop?”
—Iris Apfel
“One day you will look back
and see that all along you
were blooming.”
—Morgan Harper Nichols
“Getting old is like climbing
a mountain—you get a little
out of breath, but the view
is much better.”
—Ingrid Bergman
“Laughter is timeless.
Imagination has no age.
And dreams are forever.”
—Walt Disney
“Wrinkles will only go where
the smiles have been.”
—Jimmy Buffett
“ Youth is a blunder,
manhood a struggle, old
age a regret.”
—Benjamin Disraeli
“Life can only be understood
backward, but it must be
lived forward.”
—Søren Kierkegaard
“Being 18 is like visiting
Russia. You’re glad
you’ve had the experience
but you’d never want to
repeat it.”
—Barbara Cartland
FORBES.COM
THOUGHTS ON
Age
“If wrinkles must be written
on our brows, let them
not be written upon the
heart. The spirit should
never grow old.”
—James A. Garfield
“Beautiful young people
are accidents of nature,
but beautiful old people are
works of art.”
—Eleanor Roosevelt
“My salad days, when I was
green in judgment, cold in
blood. To say as I said then.”
—William Shakespeare
“Old age is no place for
sissies.”
—Bette Davis
“ Youth would be an ideal
state if it came a little later
in life.”
—Herbert Asquith
“Is not wisdom found among
Sumner in Winter the aged? Does not long life
bring understanding?”
October 17, 1994 —Job 12:12
When Sumner Redstone appeared on the cover of
The Forbes 400 issue in October 1994, his business was
booming: Viacom, the media company he took over in
1987, had propelled him to No. 16 on the list with a
$4 billion fortune (equal to $8 billion today), 300 spots
higher than when he appeared on the inaugural
ranking in 1982. The mogul was in his prime—at 71.
“What has age got to do with vision, activity,
achievement?” he told Forbes. “Age is only biological.”
With a routine that involved running three miles a
day and eating Irish oatmeal for lunch—plus
orchestrating deals like Viacom’s recent $7.4 billion
merger with Blockbuster ($15 billion today)—Redstone
showed no signs of slowing down. “I like what I’m FINAL THOUGHT
doing and I want to stay around as long as I can,” he “It is comforting to those
of us who have sired the
said. And he did: Redstone died in 2020, age 97, present batch to learn that
just four years into retirement. they are—perhaps—no worse
than their predecessors.”
SOURCES: CONINGSBY, BY BENJAMIN DISRAELI; CONVERSATIONS WITH ALICE —Malcolm Forbes
ROOSEVELT LONGWORTH; ANTONY AND CLEOPATRA, BY WILLIAM SHAKESPEARE;
THE JOURNALS OF SØREN KIERKEGAARD.
OCTOBER/NOVEMBER 2022
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