THE DEFINITIVE RANKING OF THE RICHEST PEOPLE IN AMERICA

SPECIAL EDITION

PLUS
WAL-MARTÕS
HEIRESS VS.
THE EAST
COAST ELITE
SAM ZELL
STRIKES BACK
THE OLD MAN
SCHOOLING
SILICON VALLEY
THE MEET THE CLASS
FATHER FIGURE OF 2013
WARREN GIRLS! GUNS!
BUFFETT SEX TAPES!
THE UNHINGED
HEDONISM OF
HIS GUIDE TO RAISING STEWART
RICH KIDS WHO RAHR
ARENÕT SPOILED.
AND THE
STORIES BEHIND
AMERICAÕS
400 LARGEST
FORTUNES

THE
FORBES

A RECORD YEAR: $2 TRILLION COMBINED NET WORTH, 20 NEWCOMERS

AND 61 BILLIONAIRES TOO POOR FOR THE RICH LIST
Long-term wireless
contracts tying up
your capital?
THE DEFINITIVE RANKING OF THE RICHEST PEOPLE IN AMERICA
SPECIAL EDITION

THE HEIRESS
ALICE
WALTON
AMERICA’S
SECOND-RICHEST
WOMAN GETS
HER SHOT AT
REDEMPTION

THE
FORBES
Unexpected wireless
charges making it
difficult to plan?
THE DEFINITIVE RANKING OF THE RICHEST PEOPLE IN AMERICA
SPECIAL EDITION

THE NEWBIE
MICHAEL
RUBIN
MEET THE
CLASS OF 2013

THE
FORBES
Uncontrollable wireless
overages cutting into
your profits?
THE DEFINITIVE RANKING OF THE RICHEST PEOPLE IN AMERICA
SPECIAL EDITION

THE
COMEBACK KID
SAM ZELL
HE’S OVER
THE TRIBUNE—
AND OUTSMARTING
UNCLE SAM

THE
FORBES
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THE DEFINITIVE RANKING OF THE RICHEST PEOPLE IN AMERICA
SPECIAL EDITION

THE JOKER
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THE
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contents — octoBeR 7, 2013 VoLUMe 192 nUMBeR 5

THE
FORBES

THE RICHEST PEOPLE IN AMERICA

Five years after the fnancial crisis sent fortunes spiraling, the wealthiest Americans
have gained back all they lost and then some. The Forbes 400 are worth a record
$2.02 trillion, double the sum of a decade ago—and the equivalent of the economic
output of Russia. This year a billion-dollar fortune wasn’t enough to make the cut.
Some 61 billionaires didn’t qualify. The minimum? A personal fortune of $1.3 billion.
wealth editors rePorters Photo research
LUISA KROLL AND KERRY A. DOLAN LAURA HE, CHRISTOPHER HELMAN AND JOANN MULLER, MERRILEE BARTON, JANE
WITH ELENA BEREZANSKAYA, JEFF BERCOVICI, COLIHAN, MICHELE HADLOW,
wealth rePorters
STEVEN BERTONI, MORGAN BRENNAN, MONTE BURKE, MEREDITH NICHOLSON,
ERIN CARLYLE, LIYAN CHEN, EDWIN DURGY,
MEGHAN CASSERLY, J.J. COLAO, SCOTT DECARLO, GAIL TOIVANEN
RYAN MAC, CALEB MELBY, ALEX MORRELL,
KATHRYN DILL, DANIEL FISHER, RUSSELL FLANNERY,
ANDREA MURPHY, ANDREA NAVARRO, database management
AGUSTINO FONTEVECCHIA, TOMIO GERON, ZINA
HARRISON SMITH, BRIAN SOLOMON DMITRI SLAVINSKY,
MOUKHEIBER, CLARE O’CONNOR, ROBERT OLSEN,
LOUIE TORRES
wealth channel editor DOROTHY POMERANTZ, SUSAN RADLAUER,
BRUCE UPBIN HALAH TOURYALAI, NATHAN VARDI Product
CHRISTIAN WOLAN

18 | FORBES OCTOBER 7, 2013

April 1819. François Constantin takes responsibility for the worldwide
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 contents — octoBeR 7, 2013

50 |family fortunes
Raise balanced—not spoiled—kids.

72 | last judgment
of alice walton 27 | FACT & COMMENT
Art is long, and life is short. by steve forbes
Poland’s piggish pols—they’re not alone.

LEADERBOARD
30 | LIVING LARGE
From Manhattan aeries to an Irish castle,
The Forbes 400’s expanding real estate portfolios.

32 | ThE yEAR’S BIGGEST wINNERS

These plutocrats made the most money in 2013.

34 | VITAL STATISTICS
The superrich by the numbers.

36 | ThE pRICE OF ThE GOOD LIFE

Our exclusive Cost of Living
Extremely Well Index.

40 | RAGS INTO RIChES

Really great expectations.
Plus: one-hit wonders.

42 | DECLINED, DIMINIShED, DIED

Forbes 400 drop-ofs.

ThOUGhT LEADERS
80 | cloud nine
David Dufeld’s 44 | CURRENT EVENTS
$6.4 billion by amity shlaes
silver lining. The monetary church: Bring on the iconoclasts.

46 | CURRENT EVENTS
by lee kuan yew
60 | grave Once China catches up—what then?
dancer’s
encore 48 | INNOVATION RULES
Sam Zell: old dog, by rich karlgaard
same tricks. Specialized turbo: Superman’s bicycle.

20 | FORBES OCTOBER 7, 2013

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A current list of IBM trademarks is available on the Web at www.ibm.com/legal/copytrade.shtml. © International Business Machines Corporation 2013.
contents — octoBeR 7, 2013
100 | clowning
around
Stewart Rahr’s
daily circus.
116 | reeling in
fresh fortunes
The new kids on
The Forbes 400.
on the covers:
warren buffett cover
PhotograPh by michael Prince
alice walton cover
PhotograPh by tim Pannell
michael rubin cover
PhotograPh by bill miles
sam Zell cover
PhotograPh by john scortino
stewart rahr cover
PhotograPh by john koZowyk
22 | FORBES OCTOBER 7, 2013
ThE FORBES 400
50 | BILLIONAIRES AND
wELL-GROUNDED hEIRS
How three of America’s richest families
avoided raising trust-fund brats.
by kerry a. dolan
60 | ThE zEN OF zELL
Aggressive as ever, Sam Zell is back
at the top of his game. The Tribune
fasco? He’s over it—even if no
one else is.
by morgan brennan
72 | ThE ART OF REDEMpTION
Alice Walton has fnally found purpose:
bringing art to the Ozarks.
by clare o’connor
80 | yOU’RE NEVER TOO OLD TO
GET RICh—AGAIN
Booted by Larry Ellison,
Dave Dufeld returned the favor
by creating his fercest competitor.
by george anders
92 | SpORTS MEDICINE’S RICh
LITTLE SECRET
Reinhold Schmieding made a
$2.5 billion fortune powering
orthopedic surgeons—
and clobbering anyone in his way.
by susan adams
92 | no Pain,
no gain 100 | ThE hAppy (SAD)
A medical phILANThROpIC (LEChEROUS)
empire built
with sharp LOVE-FILLED (RENT-A-FRIEND)
elbows. LIFE OF
phARMACEUTICAL BILLIONAIRE
(ThE kING OF ALL FUN)
STEwART RAhR
A hedonist’s retirement.
by steven bertoni and caleb melby
116 | ThE CLASS OF 2013
Forbes 400 freshmen.
124 | ThE FORBES 400
The richest people in America.
272 | whERE A BILLION
ISN’T ENOUGh
Billionaires
who didn’t make the cut.
276 | ONES TO wATCh
At the rate they’re rising,
these moguls and shakers
are headed into
The Forbes 400 someday.
138 | newsstand
standouts 296 | ThOUGhTS
A few of our favorite covers From The Forbes 400,
starring Forbes 400 members. new and old.
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 FORBES

EDITOR-In-CHIEF
Steve Forbes
IN BRIEF

The Message
CHIEF PRODUCT OFFICER
Lewis D’Vorkin

FORbEs MagazInE

EDITOR
Randall Lane On Our Covers
ExECUTIvE EDITOR
Michael Noer by lEWIs D’vORkIn
aRT & DEsIgn DIRECTOR
Robert Mansfeld
Business is about the entrepreneurs, corporate leaders and
FORbEs DIgITal freethinkers making a diference. It’s a cover strategy that began
vP, InvEsTIng EDITOR three years ago. In this 32nd Forbes 400 we added 5 more.
Matt Schifrin
ManagIng EDITORs
Dan Bigman – Business, Tom Post – Entrepreneurs, Bruce Upbin – Technology and Wealth

sEnIOR vP, PRODUCT DEvElOPMEnT anD vIDEO

Andrea Spiegel
ExECUTIvE DIRECTOR, DIgITal PROgRaMMIng sTRaTEgy
Coates Bateman

ExECUTIvE PRODUCER
Frederick E. Allen – Leadership

Tim W. Ferguson FORbEs asIa

Kerry A. Dolan, Connie Guglielmo, Kashmir Hill sIlICOn vallEy
Janet Novack WasHIngTOn
Michael K. Ozanian sPORTsMOnEy
Mark Decker, John Dobosz, Luisa Kroll, Deborah Markson-Katz DEPaRTMEnT HEaDs
John Tamny OPInIOns
Kai Falkenberg EDITORIal COUnsEl

bUsInEss
Mark Howard CHIEF REvEnUE OFFICER
Tom Davis CHIEF MaRkETIng OFFICER
Charles Yardley PUblIsHER & ManagIng DIRECTOR FORbEs EUROPE
Nina La France sEnIOR vP, COnsUMER MaRkETIng & bUsInEss DEvElOPMEnT
Miguel Forbes PREsIDEnT, WORlDWIDE DEvElOPMEnT
Jack Laschever PREsIDEnT, FORbEs COnFEREnCEs
Michael Dugan CHIEF TECHnOlOgy OFFICER
Elaine Fry sEnIOR vP, M&D, COnTInUUM

FORbEs MEDIa
Michael S. Perlis PREsIDEnT & CEO
Michael Federle CHIEF OPERaTIng OFFICER
Tom Callahan CHIEF FInanCIal OFFICER
Will Adamopoulos CEO/asIa FORbEs MEDIa
PREsIDEnT & PUblIsHER FORbEs asIa
Rich Karlgaard PUblIsHER
Moira Forbes PREsIDEnT, FORbEsWOMan
MariaRosa Cartolano gEnERal COUnsEl
Margy Loftus sEnIOR vP, HUMan REsOURCEs
Mia Carbonell sEnIOR vP, CORPORaTE COMMUnICaTIOns

FOUnDED In 1917
B.C. Forbes, Editor-in-Chief (1917-54)
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99)
William Baldwin, Editor (1999-2010)

OCTOBER 7, 2013 — vOlumE 192 NumBER 5

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24 | FORBES OCTOBER 7, 2013

Let’s find cLeaner sources
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 FORBES
FACT & COMMENT — STEVE FORBES
“With all thy getting, get understanding”
POland’S PiggiSh POlS—
ThEy’RE nOT alOnE
BY STEVE FORBES, EDITOR-IN-CHIEF
Poland has Pulled a destruc-
tive stunt worthy of Argentina. It is
seizing half of the Polish people’s
private retirement funds. All govern-
ment bonds in these pension-plan
portfolios are being forcibly trans-
ferred to the government. Since the
bonds are no longer held by inves-
tors, the government is declaring that
the national debt has been reduced
by the face value of those securities.
Neat trick, including the spin on this
Soviet-style seizure: The government is calling
the nationalization a “pension overhaul.” The
ghosts of Stalin and Lenin must be smiling.
Barack Obama must be wondering why he
hadn’t thought of something like this and may be
tempted to try such a scheme here. It’s so delicious
to a socialist: Seize Treasury bonds and declare
them null and void. Some Washington socialists,
a.k.a. Democrats, have already made noises about
getting their hands on a portion of the assets held by
individuals in IRAs and 401(k)s. The Administra-
tion foated such an idea earlier this year, suggesting
that the size of these retirement plans be restricted.
The Polish fasco has its origins in a very sen-
sible move Warsaw made in 1999, when it creat-
ed a hybrid national pension system. Under that
arrangement half of a worker’s social security tax
went into a private pension plan. The employee
chose from a menu of mutual funds, which were
owned and managed by local units of 14 eminent
fnancial frms, such as ING, Pimco parent Al-
lianz, AXA, Generali, MetLife and Aegon.
The funds grew and today have $86 billion in
assets. The Polish government is seizing the por-
tion invested in government bonds, $37 billion.
The equity part? That will be confscated over
time: The government will start helping itself to
the equity assets of an individual’s
pension fund ten years before he
or she hits retirement age. With
straight faces government ofcials
said that what they were doing—
stealing the bonds up front and
gradually pilfering the stocks—was a
responsible and moderate approach.
After all, they reasoned, they could
have taken everything now.
Believers in free markets and the
rule of law in Poland are reeling.
“This is the largest nationalization in Poland
since 1946 [when a Soviet-installed Communist
puppet regime seized large swaths of the Polish
economy],” rightly exclaimed one fund manager.
This thievery violates Poland’s constitutional
guarantee of property rights. But who pays at-
tention to constitutions these days? Certainly
not the Obama Administration and much of our
federal judiciary. Poland’s rationale: Even though
the money for the private pensions was deduct-
ed from workers’ paychecks, it really didn’t
belong to them, because if the private plans
hadn’t existed, the government would have taken
the money for the government plan; ipso facto,
the workers would never have had it anyway.
This move really hurts the impressive prog-
ress Poland had been making. Several years ago
it undertook a massive privatization program
that successfully and skillfully disgorged hun-
dreds of government-owned entities, raising
billions of dollars. The process was done in such
a way that it helped make Warsaw the fnancial
hub of central and eastern Europe and the War-
saw Stock Exchange the largest in the region.
The private pension funds provided a steady
source of equity capital that boded well for
growth, as new companies could get money for
OCTOBER 7, 2013 FORBES | 27
FORBES
FACT & COMMENT — STEVE FORBES
expansion by listing on the exchange.
Keep in mind that by destroying
a reliable pool of domestic funding
for government bonds Poland will be
much more reliant on the kindness of
foreign investors, who won’t always
be so indulgent of reckless govern-
ment behavior as to buy its paper.
So why did the current regime in
Warsaw do something so blatantly
self-destructive and immoral? Simple:
politics. The incumbents are un-
popular, and the economy has slowed
down (no surprise, given Europe’s
general condition). Duped by the
false Keynesian dogma that govern-
ment spending stimulates growth
and goaded by the age-old instinct
to shovel out money and goodies to
buy votes, the Polish pols in power
succumbed to short-term temptation.
Polish law bars the national debt from
going above 55% of GDP. By seizing
the bonds and declaring them null and
void—voilà!—the pols have suddenly
made the restrictions on spending
and the resultant defcits disap-
pear, and the spending spigot has
reopened. The government thought
this thievery would be less unpopular
than trying to raise the debt limit.
Poland’s stupidity is not unique;
Hungary abolished a similar private
pension program three years ago.
We all know what happened in
Cyprus earlier this year. At the urging
of the Germans (of all people) and as
the price of a bailout, the government
seized a chunk of everyone’s bank ac-
count. To put a lid on the ensuing up-
roar, Cyprus’ paymasters—the IMF, the
European Central Bank and the Euro-
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28 | FORBES OCTOBER 7, 2013
pean Union, i.e., the Germans—decided
that deposits of less than 100,000 euros
would not be molested. Deposits above
that level got walloped—unless you
were politically connected, whereby
you were given preferential treatment.
All monies belonging to government-
related entities were spared entirely.
Now that this precedent has been set,
whenever there’s a whif of fnancial
trouble people will scramble to pull
their money out of the banks, exacer-
bating the crisis. The Germans short-
sightedly promoted this kind of bailout
in an election year because it wouldn’t
leave them open to being accused of
helping Russian oligarchs, who were
big customers of Cypriot banks.
The U.S. is no innocent party to this
idiocy, as our fscal mess and the Fed-
eral Reserve’s destructive acts attest.
Look at our Social Security trust funds,
which supposedly have $2.7 trillion in
reserves, enough to cover three years of
payments. Polish-style, those cofers are
empty. The money was spent by politi-
cians as soon as the cash came in. The
trust funds are stufed with “nonmar-
ketable” Treasury IOUs. This means
more money will have to be raised to
pay these benefts when they come due.
The situation in Poland is indica-
tive of a virus that’s infecting many
governments and that will make the
next fnancial crisis much worse than
it would otherwise be.
Godzilla Strikes Again
In the 1950s Japan created a genre
of monster movies, exemplifed by
l Mr. K’s
570 Lexington Ave. (Tel.: 212-583-1668)
this quietly plush, pink art Deco emporium of
Chinese food continues to deliver the goods. the
three-course prix fxe lunch is a bargain, with plenty
of dishes from which to choose. try the crispy beef,
the lemon chicken or the chicken and stir-fried veg-
etables and fnish with a bowl of good ol’ vanilla ice
cream and you’ll be set for the day.
Godzilla. One has to wonder whether
these creatures, science-fction-like,
made themselves look human back
in the 1980s and took over Japan’s
fnance ministry without anyone
noticing, fguring this was a better,
more sophisticated and enduring
way of wreaking havoc than their tra-
ditional modus operandi of smashing
buildings. How else to explain this
agency’s unending stream of growth-
killing tax increases since then?
In seemingly superhuman ways
fnance ministry bureaucrats have
persuaded one prime minister after
another to commit political suicide by
adopting highly unpopular, economy-
killing tax hikes. Between the early
1950s to the mid-1980s Japan was
a tax-cutting paradise, racking up
China-like growth rates and becoming
the world’s second-largest economy.
Then, at the behest of the fnance min-
istry, it reversed direction, enacting
an endless array of new and higher
exactions. Japan has, in essence, been
stalled in the water for two decades.
The latest to fall victim to the ma-
lignant magic of this monster ministry
is Prime Minister Shinzo Abe. Fresh
from leading his party to a landslide
victory in the upper house of the
national legislature on a platform
of revving up Japan’s long-sluggish
economy, Abe has declared that in
April Japan will boost the national
sales tax by 60%. Compounding
this folly, Abe is readying a stimu-
lus package, which must be Japan’s
150th since 1990, to compensate for
the higher tax.
Godzilla is grinning. F
l The Beatrice inn
285 West 12th St. (Tel.: 917-566-7400)
not a beat is missed in this cozy basement space,
Bettmann / CorBis
from the specialty cocktails through to the perfect
desserts. raves: diced white asparagus in vinai-
grette; dollops of feta with halved grape tomatoes;
slivers of rich game sausage. You can’t go wrong
with any of the fsh main courses, the new York strip
or the veal. each dessert is better than the next.
 LEADERBOARD
Keeping Score on Wealth & poWer

trophy homes

living
large
Where would you
live if you could live
absolutely anywhere?
Urban aeries in New
York City, bucolic
spreads in Montana
and a fantasy castle in
Ireland are the picks of
America’s very richest.
At right, eight places
bought by members of
The Forbes 400 over
DAVID DUFFIELD
the last 18 months— LAKE TAHOE
$25.5 MIL. (DEC. ’12)
and what they paid. Just down the road
from an 8-acre estate he
bought in 1999, this new
Incline Village, Nev. home
gives the PeopleSoft
cofounder 8 acres of
lakefront with a guest
house, private beach and
conference center.

STEVEN A. COHEN
THE HAMPTONS
$62.5 MIL. (MAY ’13)
This 7-acre oceanfront
spread, with a
10,000-square-foot
home, is the hedge
fund manager’s second
place on East Hampton’s
Further Lane. It was
once owned by the late
investment banker Robert
McKeon.

30 | FORBES OCTOBER 7, 2013

 CASTLE: SHERRY FITzGERALD/BLOOMBERG; HAMPTONS: DOUG KUNTz/THE NEW YORK TIMES/REDUx; OSPREY ESTATE: PROPERTYPHOTOGRAPHY.COM; HALA RANCH: SPLASH NEWS/NEWSCOM; RITz-CARLTON, NY: NICHOLSON MUELLER/NEWSCOM; VINEYARD: GARY FRIEDMAN/LOS ANGELES TIMES
STAN KROENKE
MONTANA. EST. $132.5 MIL. (NOV. ’12)
A 124,000-acre ranch for the owner of the
Denver Nuggets, with a 10,000-square-
foot main house and 4,500 head of cattle.

RUPERT MURDOCH
LOS ANGELES
$28.8 MIL. (AUG. ’13)
Gone With the Wind
director Victor
Fleming built this
13-acre Bel Air
winemaking estate
in the 1930s. It has
a 7,500-square-foot
main house.

JOHN PAULSON
ASPEN
$49 MIL. (JUNE ’12)
The hedge fund
manager picked
up two adjacent
spreads—one
from a Saudi
prince—that cover
128 acres. The
main house has a
beauty parlor and a
barbershop.

JOHN MALONE DAVID GEFFEN

HUMEWOOD CASTLE, IRELAND. ABOUT $10 MIL. (NOV. ’12) NEW YORK CITY. $54 MIL. (NOV. ’12)
The chairman of Liberty Global is said to have picked up this 427- Gefen already owned another home in the Parc Cinq, which
acre “sporting estate” because it caught his wife’s fancy. Its 1860s faces Central Park, when he bought this one from late billionaire
Victorian main house has 12 bedroom suites. Marc Rich’s ex-wife, Denise. It sprawls over 12,000 square feet.

STEVE WYNN
NEW YORK CITY
$70 MIL. (JUNE ’12)
The casino
mogul chose a
10,900-square-foot
duplex penthouse,
by morgan brennan

formerly the Ritz-

Carlton’s ballroom,
with an art gallery and
Central Park views.

OCTOBER 7, 2013 FORBES | 31

LEADERBOARD
Number of fortunes on The Forbes
30
400 that declined. Twenty-two held
steady; the rest gained or were new.

scorecard: annual forbes 400 edition

the year’s biggest winners

These plutocrats made the most money in 2013,
both in absolute terms (top) and in percentage increase (bottom).

toP: SANtiAGo bAtiz beNet/GettY iMAGeS; bUFFett: DANiel ACker/blooMberG; ADelSoN: DANiel J. GroShoNG/blooMberG; wAltoN: Alberto e. roDriGUez/GettY iMAGeS; blooMberG: JeMAl CoUNteSS/GettY iMAGeS;
Warren Sheldon Christy Michael Bill
Bufett Adelson Walton Bloomberg Gates

+$12.5 billion
Net worth:
$58.5 billioN
he’s a huge gainer even
after giving $2 billion to
the Gates Foundation.
berkshire hathaway stock
rose 34% as he grabbed
heinz for $23.2 billion.
GAteS: ChArleS SYkeS/iNViSioN/AP; DUFFielD: tiM PANNell; MUSk: DAViD PAUl MorriS/blooMberG; kohler: elSA/GettY iMAGe; zUCkerberG: DAViD PAUl MorriS/blooMberG
+$8 billion +$7.5 billion +$6 billion +$6 billion
Net worth: Net worth: Net worth: Net worth:
$28.5 billioN $35.4 billioN $31 billioN $72 billioN
U.S. and Macau gaming the world’s richest the mayor gives up on top of the 400 for
has been great for his woman is one of four running New York City at the 20th straight year,
las Vegas Sands Corp. wal-Mart heirs whose the end of the year but Gates has diversifed
he has big expansion fortunes grew at least not his bloomberg lP out of Microsoft and
plans for Asia, South $7 billion as the stores’ terminal empire, now at into tractors, trains and
America and europe. sales climbed. $7.9 billion in revenue. Coke bottlers.

David Elon Herbert Mark Abigail

Dufeld Musk Kohler Jr. Zuckerberg Johnson
+205% +179% +146% +102% +46%
Net worth: Net worth: Net worth: Net worth: Net worth:
$6.4 billioN $6.7 billioN $6.4 billioN $19 billioN $17.2 billioN
the cofounder and Dreams do pay of: tesla toilets and faucets Strong mobile ad growth Fidelity’s president and
co-Ceo of workday has turned its frst proft, and are big money with helped Facebook’s shares heiress owns 24% of
by brian solomon

seen his enterprise cloud
software company’s stock
nearly triple since its iPo
in october 2012.
its stock races ahead, housing recovering: his more than double in the the mutual fund giant;
while SpaceX regularly namesake company had past year, erasing the its total assets under
supplies the international an estimated $5 billion in sting of the company’s management rose to
Space Station. sales this year. botched iPo. $4.15 trillion this year.
FiGUreS reFleCt the ChANGe iN VAlUe oF PUbliClY trADeD holDiNGS FroM AUG. 24, 2012 to AUG. 23, 2013.
SourceS: InteractIve Data vIa FactSet reSearch SyStemS; ForbeS.

32 | FORBES OctOBER 7, 2013

 E!
LIF
RT ING
PO
A S

1-800-441-4488
Hermes.com
LEADERBOARD LEO
The Forbes 400’s most common
astrological sign, representing 11% of the
total. The least common, at 6%, is Scorpio.  

Demographics ask 50 Billionaires

vitaL statistics FEwEr

The superrich by the numbers. siLvEr
spOOns
3 How old were
you when you made
Average your frst million?
number of kids.
10 Most fecund:
Farris Wilks with 11.
20 or unDer
2.1%
Divorced three times or more. born a
millionaire
8.5%

47 41 To 50
8.5%
Number who
attended Harvard.
Four didn’t graduate. 31 To 40
21.3%

Oldest and
youngest.
David Rockefeller

98
Dustin Moskovitz

29
21 To 30
Top home states. 59.6%
48 California

91
Top: geTTy images; illusTraTions by Hal mayforTH

Number of women
on the list. New York

7 66
Texas

41
Number of women
who are self-made. over 50
Three of them started with- 80% of the New Yorkers 0%
out a husband’s help. live in New York City.
responses To an anonymous poll of 50 members of
THe forbes WorlD’s billionaires lisT.

34 | FORBES OctOBER 7, 2013

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 LEADERBOARD $6,435
Amount each American would get if the
wealth of The Forbes 400 were divided
evenly among the U.S. population.

inflation

the PRICe OF the GOOD LIFe Forbes 400

net worth
2000

shotgun FLowers shoes hoteL

pair of James purdey & Sons Arrangements for six rooms men’s black calf wing tip, Average rate for one night,
12-gauge side-by-sides, per month, changed weekly, custom-made, manhattan one-bedroom suite,
grifn & howe, n.J. and conn. Jerome florists, new York city John Lobb, U.K. four Seasons, new York city
2013 price 2013 price 2013 price 2013 price
$225,395 $8,175 $5,446 $4,550
one-YeAr chAnge one-YeAr chAnge one-YeAr chAnge one-YeAr chAnge
2% 0% 8% –5% 1000

900

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chAnge
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sAILIng YACht ChAteAubrIAnd mAgAzIne
oyster 625, Seven pounds, one-year subscription, cpi 600
oyster Yachts, U.K. Lobel’s, new York city forBeS chAnge
from 2012
2013 price 2013 price 2013 price CLewI Index
$3,400,000
one-YeAr chAnge
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400

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Yearling, average price, Deluxe executive
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CPI
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one-YeAr chAnge one-YeAr chAnge
–1% 5%
200

1982=100 FORBES’ exclusive Cost of Living Extremely Well Index (CLEWI), which
tracks the prices of 40 ultraluxury goods, has outpaced infation by an average
of 2.5% per year since 1982. But America’s richest can more than aford their
lavish lifestyles. The net worth of The Forbes 400 has grown twice as fast as our
by scott decarlo

index. For details on all 40 items, go to www.forbes.com/clewi.

100
1982 1985 1990 1995 2000 2005 2010 2013

36 | FORBES OCTOBER 7, 2013

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LEADERBOARD JOHNSON
Second most common last name on
H. Fisk
Johnson

The Forbes 400, with 7 entries from 3 diferent fami-

lies, trailing only the 11 members of the Pritzker clan.

the american dream

by tHeir bOOtStrapS
These billionaires rose from especially challenging beginnings.
Larry Ellison
then: given up for adoption after contracting pneumonia when 9 months old. Didn’t see his biological mother again until he was 48.
now: owns hawaii’s lanai island and is spending $100 million competing in America’s cup yacht races.

John Paul DeJoria

schultZ: ANDreW hArrer/blooMberg; blech: robert cAplIN/the NeW yorK tIMes/reDux; chAMbers: sIMoN DAWsoN/blooMberg NeWs; NovogrAtZ: DANIel AcKer/blooMberg; pINcus: peter foley/blooMberg NeW
then: his mother once told him they had 27 cents between them. launched John paul Mitchell systems while living in his car.
now: toys include a private jet and his own train car that costs $10,000 a month to maintain and staf.

Shahid Khan
then: After emigrating from pakistan he worked for $1.20 an hour as a dishwasher to put himself through the university of Illinois.
now: own’s flex-N-gate, one of the u.s.’ largest private companies, as well as the Nfl’s Jacksonville Jaguars.

Oprah Winfrey
then: born in Mississippi to a single, teenage mother, bounced among family members and ran away in her teens to escape abuse.
now: the former host of the highest-rated talk show in tv history has spent $100 million on an academy for girls in south Africa.

top: Jeffrey phelps/Ap; ellIsoN: erIc chArboNNeAu/INvIsIoN/Ap; DeJorIA: ryAN MIller/INvIsIoN/Ap; KhAN: sANg tAN/Ap; WINfrey: JoN KopAloff/getty IMAges;
Howard Schultz
then: grew up in a housing project in canarsie, brooklyn. his family was left destitute when his father lost his job after an injury.
now: built starbucks into a $56 billion company, though when he started there his mother pleaded, “Who’s going to buy cofee?”

what ever happened to …

flaSHeS iN tHe paN

These fve each made it onto The Forbes 400 only once. Here’s why they didn’t last.

by their bootstratps by kathryn dill; flashes in the pan by edwin durgy

David Blech Walter John Chambers Michael Novogratz Mark Pincus

1992: $295 MIL Alessandrini 2000: $1 bIL 2007: $1.5 bIL 2011: $2 bIL
In 1990 he launched 2000: $770 MIL the West virginia native he was one of a group that In December 2011 his
D. blech & co. to underwrite he joined fber-optic- worked at Wang and IbM took fortress Investment game company, Zynga,
hot biotech issues. by 1994 equipment maker Avanex as before joining cisco systems group public at $18.50 a completed the largest
it had collapsed. he is now ceo 11 months before it went in 1991. he has been ceo share in february 2007. public ofering in the tech
beginning to serve a four- public in february 1999. soon since 1995. the year he made As the stock hit $35 on its sector since google in
year sentence in federal it was trading at nearly 200 the 400, 80% of all Internet frst day, the fve of them 2004. since then the frm
prison for manipulating times revenue; its descendant, trafc passed through cisco became billionaires, but it has sufered deep losses.
stock prices in 2007 and oclaro, now trades at about routers, and the company was tumbled during the fnancial he stepped down as ceo
2008. 0.4 times revenue. briefy the world’s largest. crisis the next year. in July 2013.

40 | FORBES OctOBER 7, 2013

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LEADERBOARD $104,609
The amount of Bill Gates’ fortune
that is equivalent to a dime of
the average American’s net worth.

DROP-OFFS

declined,
diminished, died
These 34 members of the 2012 Forbes
400 fell of this year’s list, with its
record minimum of $1.3 billion. Seven
of them sank below $1 billion in net
worth. Six passed away.

Kenny Troutt $1.27 BIL

Charlotte Colket Weber $1.27 BIL
Kenneth Adams $1.25 BIL
Christopher Goldsbury $1.25 BIL
Peter Lewis $1.25 BIL
Billy Joe “Red” McCombs $1.25 BIL
Arturo Moreno $1.25 BIL
Michael Price $1.25 BIL
Paul Singer $1.25 BIL
Todd Wagner $1.25 BIL
Steve Case $1.2 BIL
Richard Chilton Jr. $1.2 BIL
William Macaulay $1.2 BIL
Alexander Rovt $1.2 BIL
Eugene Shvidler $1.2 BIL
Dan Snyder $1.2 BIL
Peter Sperling $1.2 BIL
Henry Swieca $1.2 BIL
Denise York $1.2 BIL
Robert Friedland $1.15 BIL
Henry Nicholas $1.15 BIL
Austin Hearst <$1 BIL
David Hearst Jr. <$1 BIL
William Randolph Hearst III <$1 BIL
T. Boone Pickens $950 MIL
Graham Weston $920 MIL
Manoj Bhargava $800 MIL
Thomas Friedkin <$500 MIL

DECEASED
Phoebe Hearst Cooke
Ray Dolby
top: Michael Sohn/ap; Matt hawthorne

Robert Holding
Barbara Piasecka Johnson
George Mitchell
Albert Ueltschi
oilman t. Boone pickens

42 | FORBES OctOBER 7, 2013

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aMItY shlaes — current events
the monetary church
Bring on the iconoclasts
SummerS iS down, Bernanke will
soon be gone, but the Bernanke church
still stands.
That’s the abiding problem now
that former Treasury Secretary Law-
rence Summers has withdrawn his
candidacy for chairman of the Fed-
eral Reserve to replace the departing
Ben Bernanke. Bernanke’s church in
this instance is our monetary church,
the institution that ordains easier
money no matter what direction
interest rates take or what history’s
record suggests we do. As happens
with the Vatican or rabbinic councils,
monetary authorities and their allies
in governments and at universities
concur on this doctrine, what might
be called the Bernanke Consensus.
If this description rings harsh,
consider who sets monetary policy.
As this page went to press, members
of the Federal Reserve’s Open Market
Committee were signaling that they
would endorse more of the Fed’s
easy-money policy.
Bernanke has made a career of
postponing monetary tightening. Of
the likely candidates to succeed him
Janet Yellen is a relative infation
dove and Donald Kohn has talked
only mildly of the possibility of the
Fed tapering or reducing the cash it
pours into the economy. Kohn said
the Fed might “go with a very gentle
frst step—complete with caveats
about how it could be reversed.”
Charles Evans, president at the
Chicago Fed, actually said he hoped
infation would quicken.
There are a few exceptions: Es-
ther George of the Kansas City Fed,
Richard Fisher of the Dallas Fed
Amity ShlAeS, diRECTOR, ThE 4% gROwTh pROjECT, gEORgE w. BuSh inSTiTuTE; PAul JohnSon, EminEnT BRiTiSh hiSTORian and auThOR; lee KuAn yew, FORmER pRimE miniSTER
OF SingapORE; and DAviD mAlPASS, glOBal ECOnOmiST, pRESidEnT OF EnCima glOBal llC, ROTaTE in wRiTing ThiS COlumn. TO SEE paST CuRREnT EvEnTS COlumnS, viSiT OuR
wEBSiTE aT www.FORBES.COm/CuRREnTEvEnTS.
44 | FORBES OCTOBER 7, 2013
thought leaders
and Charles Plosser in Philadelphia.
But many of those who previously
opposed infating or refating are
now lining up with Bernanke. Noted
scholar Kenneth Rogof, who wrote
This Time Is Diferent, a book about
the damage debt does to growth, is
also pro-infation. Rogof argues that
central banks need to “convince the
public of their tolerance for infation.”
hyperinflation’s ghost
Europe for its part is going along,
seeking cover for its debt troubles. It
took nearly a century, but apparently
the collective brain of the Continent
has fnally forgotten the hyperinfa-
tion that destabilized Germany in
the 1920s.
Being wrong about infation im-
poses great costs on an economy.
When infation comes, it comes rap-
idly. And the less concern there is
about infation, the greater difculty
a central bank will have in halting it.
In Lyndon Johnson’s day, or Richard
Nixon’s, few expected that “guns and
butter” would eventually force the
Fed to raise interest rates to the high
teens. But the Fed did—that was the
only way to reduce the expectation
of infation. Today monetary authori-
ties’ chatter about a “little infation”
guarantees that younger Americans
will have to pay 1980s-level interest
rates on their frst homes.
What makes our economic leaders
forget the past? Intimidation is one
answer. Our university professors
lean further to the left than they used
to and are more likely to support
larger government. Ergo—this works
backward—professors are likely to
dismiss the damage that debt and
infation, which usually follow big
spending, leave in their wake. The
press and bloggers have also turned
soft on infation over the years. In
the religious order that is journalism
the hard-money advocate is now a
rare exception. Anyone who publicly
suggests that the Fed’s afection for
easy money may be misplaced can
count on being “Krugman-ed”—
attacked by New York Times colum-
nist Paul Krugman or by the websites
that reinforce Krugman’s easy-mon-
ey campaign.
Churches can reform. Think of
Oliver Cromwell assailing the mighty
synod of Scotland: “I beseech you, in
the bowels of Christ, think it possible
that you may be mistaken.” Judaism’s
old courts maintained a curious rule
for capital cases. If judges hearing a
criminal case voted unanimously for
death, the prisoner could not be killed.
The law recognized there was some-
thing creepy about unanimity. In our
own monetary church, the iconoclasts
need to step forward. The hour has
come: Let’s break some windows. F
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once china catches up—
what then?
Barring any major disruption,
the speed at which China is growing
in terms of total GDP will enable it to
catch up to the U.S. by 2020. China
will then go on to surpass America.
During the 1978–2011 period
China’s high average rate of growth—
about 10% annually—was the result
of Deng Xiaoping’s 1978 trip to Sin-
gapore and his subsequent decision
to implement economic reforms and
open the economy to international
investment. During that same period
the U.S. economy’s annual growth
rate was 2% to 3%.
GDp Growth rates for china and the u.s.
GDP GROWTH RATE % CHINA
10.9 11.3
10.4
8.4
4.2
2.5 3.1
2.4
1995 2000 2005 2010
source: The World Bank.
Despite the fnancial debt crisis in
Europe and the turmoil in U.S. mar-
kets over the past few years, China’s
economy has continued to register
strong growth. According to the
World Bank, China’s $8.22 trillion
economy is now the second larg-
est in the world, compared with the
$15.68 trillion U.S. economy. China is
the world’s largest exporter and its
second-largest importer. The recent
global economic crisis has allowed
China to close its economic gap with
the world’s top developed nations.
In 2012 China’s per capita GDP
Lee Kuan Yew, FORMER pRiME MiniSTER OF SingapORE; DaviD MaLpass, glOBal ECOnOMiST, pRESidEnT OF EnCiMa glOBal llC;
aMitY shLaes, diRECTOR, ThE 4% gROwTh pROjECT; and pauL Johnson, EMinEnT BRiTiSh hiSTORian and auThOR,
ROTaTE in wRiTing ThiS COluMn. TO SEE paST CuRREnT EvEnTS COluMnS, viSiT OuR wEBSiTE aT www.forbes.coM/currentevents.
46 | FORBES OCTOBER 7, 2013
thought leaders
lee KuaN YeW — CurreNt eVeNts
was $9,233, compared with $49,965
in the U.S. In 2020 China’s per capita
GDP is projected to reach $10,000,
one-ffth that projected for the U.S.
U.S. China’s population in 2012 was 1.4
billion, America’s 316.5 million. In
9.3 2020 China’s population will remain
four times that of the U.S. China’s
economic growth rate will continue
to increase at a much higher rate
1.8
because the base upon which its
2011 economy will grow is enormous in
comparison.
the road to growth
Just as the U.S. Interstate Highway
System changed the way people and
goods move across America, so Chi-
na’s National Trunk Highway System
will facilitate economic develop-
ment. China’s highways have grown
rapidly in total length, from 271km
in 1990 to 85,000km in 2011, mak-
ing this the world’s longest national
freeway system. The U.S. Interstate
Highway System—started in 1956
and considered complete in 1991—
totals 47,182 miles (75,932km). It is
not expected to grow signifcantly
going forward. China, on the other
hand, continues to expand its ex-
pressways and is intent on connect-
ing all provincial capitals and cities
with populations over 200,000 resi-
dents. These new highways and the
economic growth they will drive will
help close the gap with the U.S. And
when China does surpass America,
the question then will be whether
these two great major powers will
cooperate or compete.
I believe that during the next 30
years the Chinese will have no de-
sire to enter into a confict with the
U.S. They know they will continue
to grow stronger, but they are also
aware of how far behind they are
technologically. They require con-
tinued access to American schools
so their students can learn how to
reinvent themselves.
What is it that makes Americans
so much more versatile and innova-
tive? I believe the Chinese have come
to the conclusion that the answer lies
in the difering natures of the two
societies. Innovation and creativity
are a part of the American culture, a
natural trait of an immigrant society.
But China’s is a culture of conform-
ism. It is a 4,000- to 5,000-year-old
society, with a written script that’s as
readable today as it was 4,000 years
ago. That script binds the people to
their history.
Yet despite these diferences, it is
inevitable that the balance of power
in the Pacifc will shift to the west-
ern side. F
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rICh Karlgaard — INNoVatIoN rules
specialized turbo
superman’s bicycle
Sadly, in my 22nd season at this
magazine, I’m still missing from The
Forbes 400. It’s just a matter of a few
zeroes. Not all that much, really—
just zeroes. Now, were I to add a few
to make the nine-zero-plus cutof,
the frst thing I’d do is buy a jet—or,
more likely, two. I’d buy a big one,
like a Gulfstream G650, a Dassault
Falcon 7X or the big Bombardier
Global Express, which Bill Gates has.
Maybe for $50 million I could snatch
a slightly used one. The idea would
be to travel to Davos or the FORBES
Global CEO Conference—this year in
Bali, next year in Bangkok—in maxi-
mum comfort with minimal jet lag.
But I’d also buy a jet I could fy my-
self, something like a Cessna CJ4 or
Embraer Phenom 300. With such an
exquisite machine I could hop from
Silicon Valley to Aspen on a whim.
As I say, it’s just zeroes, and I
seem to be missing a few. I’m work-
ing on that. But the truth is, I could
grow old before those extra zeroes
materialize. The clock is ticking. In
the meantime, I’m not going to deny
myself a bit of transportation fun.
And boy, have I found a fun machine.
It’s a bicycle. Well, except that
it has a battery and a motor that
turn your eforts into Superman’s.
Other than that, it’s just a bicycle.
It’s called the Specialized Turbo and
sells for $5,900.
Here’s where jealous Internet
trolls will carp that $5,900 is way too
much for a bike, that the Turbo is,
therefore, a rich person’s toy, blah,
blah, blah. Well, tough. If you’re
reading this magazine, you can prob-
ably aford a $5,900 bike. If you can’t,
then keep reading FORBES, banish
the negativity from your brain,
48 | FORBES OCTOBER 7, 2013
thought leaders
absorb the lessons in capitalistic trade-
craft and you’ll soon learn.
The Turbo is a battery-assisted
bike unlike any other. The majority of
“others” consist of a brick-shaped bat-
tery slapped onto the back of the bike.
They’re ugly and wildly out of balance.
The Turbo uses cellphone-battery
technology in a 2-foot-long cylin-
drical package that snaps onto the bike
frame’s downtube (i.e., the tube that
slopes from the handlebar stem to the
pedals). The 250-watt motor sits in the
rear wheel hub, next to the disc brakes.
Thus, the weights of the battery and
motor are balanced on the frame.
The Turbo comes in candy-apple
red with black trim. It looks fast even
on its twin motorcycle-type kickstand.
The bike needs a twin kickstand,
because it weighs 48.5 pounds. The
bike’s one drawback is that it’s a bit
of a pain to haul up and down stairs, or
even to put in the back of your SUV.
Those small hassles disappear with
the frst pedal stroke. Press the “on”
button on the downtube and start ped-
aling. That’s all there is to it. You’ll take
of like a rocket. Without much efort
you’ll be going 15mph, and 20mph to
Rich KaRlgaaRd iS ThE puBliShER OF FORBES. FOR hiS paST COlumnS and
BlOgS viSiT OuR wEBSiTE aT www.FORBES.COm/kaRlgaaRd.
25mph is easy to maintain on a fat road
for anyone of average ftness. At 28mph
the motor will stop giving you assis-
tance. This limit was put on it for legal
reasons, not for any technology limits.
Life really changes when you
pedal up hills. Here you’ll blow away
the best cyclists in the world. Let me
give you an example. Close to where
I live in Silicon Valley, behind the
Stanford University campus, is a hill
called Old La Honda Road. It’s 3 miles
long and ascends 1,295 feet at an av-
erage gradient of 8.1%. Around some
of the hairpin turns the slope is 15%
or more. All serious cyclists in Silicon
Valley have climbed it, and everyone
knows his or her best time. The best
time ever recorded on Strava, the
GPS-enabled ftness website, is 14:42.
This year’s Tour de France winner—
and the best climber in the world—
Chris Froome, has never climbed Old
La Honda. But if he did, he could do
it in about 13 minutes.
I did it in 11:42 on the Turbo. I felt
like Superman. Even lacking those
last few zeroes, I felt like Superman.
Ride the Turbo, and you will, too.
Check it out at specialized.com.
APPLE NEEDS
NEW CEO
Apple’s value has lost a quarter of
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Buy Nest Labs, and bring back Apple
vet Tony Fadell as CEO. F
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 liesel marilyn peter Warren
pritzker carlson Buffett Buffett
nelson

50 | FORBES OCTOBER 7, 2013

 The Forbes
400 Summit on
Philanthropy, held
in June at the
United nations.

michael Prince for forbes

Billionaires

By Kerry A. DolAn

OCTOBER 7, 2013 FORBES | 51

CaTalYsTs OF ChanGE
the second Annual forbes 400 summit on philanthropy convened 150 of the world’s most actively
engaged philanthropists, including Bono, Bill Gates and Warren Buffett, at the United Nations in New York.
The theme was “Solutions for Extreme Poverty.”

“We believe that the Forbes Summit will help drive

positive, lasting change,” says Dr. Philip Vasan, head
of Credit Suisse Private Banking for the Americas.

To further explore the issues raised at the Summit,

Credit Suisse and Forbes Insights conducted a broader,
global survey of 317 individuals with investable assets of
$1 million or more, attempting to discover how they are
tackling the problem of global poverty. Forbes Insights
and Credit Suisse also sought answers from philanthropists
involved in alleviating global poverty, such as founder of
FEED lauren bush lauren, tennis ace roger federer,
Irish businessman and philanthropist Denis o’brien and
philanthropists Alfredo and theresa pellas, who focus
their giving on Nicaragua. Opposite are some of the
themes and findings from the research.

To read more, go to:

forbes.com/forbesinsights/Credit_suisse_2013
AlleviAting globAl poverty cAlls for
systemic chAnge
Philanthropists from diferent regions tend to focus on
varying causes of poverty as fundamental: lack of access to
education is perceived as the top cause by philanthropists
in the Americas, while scarcity of food and shelter is con-
sidered the top cause by those in Asia Pacifc and lack of
access to both healthcare and water by those in Europe.
Despite the diferences, “these problems very often have
similar root causes,” says Bill Woodson, co-head of
Private Banking Americas Ultra-High Net Worth Business
at Credit Suisse, “hence the need for systemic solutions.”
The Forbes Insights/Credit Suisse survey respondents
see the need for systemic change. Sixty-two percent say
that providing those in need with a means to support
themselves is more useful than simply providing money.
Fifty-seven percent of survey respondents agree that
wealth creation, understood as economic growth that
benefts most of society, is an efective means to alleviate
or eradicate poverty.
Ambitions run high, with 73% of philanthropists say-
ing they want to see systemic or pattern changes at the
highest levels, as they seek to afect international or gov-
ernment policies right at the start of their giving. It is,
of course, true that ultimately global poverty cannot be
eradicated without the right international and national
policies. But is shaping those policies too tall a task for
an individual philanthropist?
the most effective WAy mAy be to Join forces
For an individual philanthropist, the most efective
approach to creating global systemic change may be to
join forces with other experienced philanthropists or
organizations. That goes against the emotional desire
to make one’s own imprint. “Often philanthropists
have succeeded in their business by creating disrup-
tive advancements in their felds of expertise, and they
want to be as much of a game-changer in philanthropy,”
says Julia Chu, head of Private Banking North America
Philanthropy at Credit Suisse.
Intellectually, philanthropists understand the ratio-
nale for collaboration, with 48% believing that there are
too many overlapping organizations. Emotionally, how-
ever, they would like to do it on their own. The highest
percentage of respondents (34%) say they address their phil-
anthropic challenges with a unique approach based on their
expertise in business, while the lowest percentage (20%) say
they do it by partnering with experts in the feld.
“One solution is to separate philanthropic activ-
ities into two categories: the ones in which you can
“We believe that the
Forbes Summit will help
drive positive,
lasting change.”
—Dr. PhiliP Vasan
head of credit suisse
private banking for the Americas
do a great job through your own imprint—e.g., local
charities—and the others. Then consider partnering or
collaborating in those areas in which you cannot be the
most efective on your own,” says Woodson.
Women Are the better chAngemAkers
Both women’s issues and the role of women in
philanthropy are gaining in importance. The Forbes
Insights/Credit Suisse survey showed that family plan-
ning and contraception has become one of the top fve
areas that respondents believe should be a priority over
the next fve years, with 33% of them citing it. Women’s
health is also the area to which the third-largest percentage
of respondents (15%) say they have personally made the
greatest contribution (after children’s health and devel-
opment, and nutrition and food supply).
Not only are women benefciaries of philanthropy,
but they are also often more efective changemakers and
better stewards of capital than men. In the Forbes Insights/
Credit Suisse report “Alleviating Global Poverty: Catalysts
of Change,” Roger Federer describes how women and,
in this particular case, mothers in a Zimbabwe village
successfully organized a school meal program. The Forbes 400
Summit on Philanthropy, supported by Credit Suisse,
also paid tribute to women, with the president of Liberia,
Ellen Johnson Sirleaf, Nobel Peace Prize winner, as the
guest of honor. President Sirleaf said she hoped that her
legacy would be to return hope and opportunity to the
Liberian people by restoring basic services, and by giving
every Liberian, particularly young people, the oppor-
tunity to obtain a quality education and a job that will
allow them to provide for themselves and their families.
To download the full report, visit:
forbes.com/forbesinsights/credit_suisse_2013
THE FORBES 400 — BUFFETT FAMILY VALUES
T
he talk at FORBES’
Second Annual Sum-
mit on Philanthropy,
held June 4 at the
United Nations, was
about children. Specifcally, how to
raise them in a way that encourages
them to change their world, rather
than obsess over which sports car is
in their garage. Warren Bufett, his
son Peter, Marilyn Carlson Nelson
(former chairperson of the Carlson
Cos. and her family’s matriarch) and
Liesel Pritzker, from the fourth gen-
eration of that Chicago dynasty, led
a roundtable on the singular circum-
stances of superwealthy families and
held the audience of 150 billionaires
or near-billionaires rapt.
forBes: Warren, let’s start with you.
How do the very afuent raise chil-
dren to share their values? How did
you do this in your family? You’ve
successfully raised three children
who are very active in philanthropy.
Warren Buffett: Our kids had a very
normal growing-up. I mean, they’ve
only and I’ve only lived in one pri-
mary house that I’ve owned in my
life, and I bought that in 1958. So
they did not see us moving into pro-
gressively fancier houses; they did
not ride in private planes. They went
to school on the bus. Every member
of the Bufett family in Omaha has
gone to a public school. They went
to the same school that their mother
had gone to. They went to the same
high school that she’d gone to.
We were living in an area where,
in today’s dollars, our neighbors were
making maybe $75,000 a year, or
something of the sort. So they never
really thought that we were economi-
cally diferent.
forBes: As your wealth grew, did you
actively try not to change your lifestyle?
Warren Buffett: No, I just lived the
life I wanted to live, and my wife lived
54 | FORBES OCTOBER 7, 2013
the life she wanted to live. And our
kids grew up that way.
There wasn’t anything that we want-
ed that we didn’t have, but we didn’t
crave a lot of possessions or anything
like that. We were enjoying our life.
Our house was the center of activity,
particularly for my daughter’s friends.
And the neighbors didn’t think of us as
doing anything special. They kind of
wondered what I did, because for six
years I didn’t even have an ofce.
For six years I worked at home out
of a room of my bedroom and had no
secretary and no bookkeeper. So there
was no reason for our kids to develop
any unusual feelings about money.
forBes: Peter, when you started
seeing that your father was on the
FORBES list of richest Americans,
how did you square that with your
father and how he raised you?
peter Buffett: Well, that would be
about the time that we found out how
much money we had as a family. I’m
not kidding. It was when I was in my
20s that my mom and I talked at some
point, because there he was, on this
list. And we laughed about it, because
we said, “Well, isn’t it funny? You
know, we know who we are, but ev-
erybody’s treating us diferently now.”
It was a fascinating switch, although
not a huge one because we didn’t live
in that world or a cultural framework
where there was a lot of wealth being
shown. Our friends were as surprised
as I was.
Warren Buffett: The kids were
formed by that time, and they knew
who their friends were, and their
friends were their friends because
they liked ’em, and not because they
were the rich kid on the block or any-
thing of the sort.
forBes: Marilyn, you had a slightly
diferent situation. You’re the second
generation in the family business.
Your dad was building it up as you
were growing up. By the time that
you were running Carlson, you prob-
ably had to deal with “How do I raise
kids in a family that’s fairly afuent?”
marilyn carlson nelson: Unlike the
Oracle, sitting next to me, who went
into a room upstairs and wove straw
into gold, my dad was an entrepre-
neur who had this vision to build
a company. He had a very humble
beginning. He was from a Swedish
immigrant family. And we’d go out to
dinner, and if dessert wasn’t included
on the menu, he’d ask us, my sister
and me, if we wanted to order dessert.
If we said yes, he’d scowl at us and
give us a lecture on compound inter-
est. [Laughter.] And we got it over and
over again. We had to do the same
thing about voting whether we would
invest in the company or take a sum-
mer vacation. And we got three votes:
my mother, my sister, and I, and he
had four. So we did sometimes get to
take a vacation.
As time went on and the three
families—my sister’s family, mine and
my dad’s—all lived next door to each
other, that same conservatism showed
up when he would drive past my home
and call me and say, “Are you giving a
party?” I’d say, “No, why?” And he’d say,
“So many lights on.”
So I think the sense of respect for
capital was clearly something that we
grew up with. And my children grew
up with, very obviously, a grandfa-
ther who was entrepreneurial, had a
passion for the business. He made it
the most exciting thing on earth every
Sunday after church to go stop at one
of our properties. And he’d ask the
kids questions: What did they notice?
Was it clean? Were the people nice?
Were they friendly? And “What a joy
it is to be in the service business.” So
the family had this purpose.
He also talked a lot about the best
Glen Davis for forbes
philanthropy being a job. And so
every time we’d open a new hotel or
a new property, it was important to
him to share how many jobs we cre-
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THE FORBES 400 — BUFFETT FAMILY VALUES
ated. We had a kind of oral history,
and he left a credo: “Whatever you
do, do with integrity. Wherever you
go, go as a leader. Have the courage to
lead. Whenever you serve, serve with
caring. Whenever you dream, dream
with your all. And innovate, and never
give up.”
We have only seven in our next
generation, so we have more than
enough jobs to go around. My daugh-
ter’s the new chairman. As much
energy as I have, I feel like it’s impor-
tant to put succession in place and
demonstrate trust. And our family
members serve both on the board of
our company and they are the board
of our foundation.
The important thing that we’ve
done, I believe, is that our family
makes site visits. We get on a bus and
we make site visits together. And so
I have the sense that, between the
exposure to the company, they’re
watching what it means to us when
we open a hotel in Liberia, when we
opened some of the new hotels that
we’ve opened in Africa, their sense of
what we’re doing to contribute gives
them a sense of purpose, both in their
corporate life and in their philan-
thropic life.
forBes: Liesel, you grew up in the
Pritzker family. When you were a
teenager, you sued your father
and your relatives to fgure
out what was going on in
your trust. This led to some of
what you’re doing now. Talk
about how you’ve taken your
inheritance and used it, and
what family values led you to
do what you’re doing.
pritzker: Being an inheritor
of wealth, one thing that I
knew growing up in Chicago,
where my family’s from, is
I knew I came from a very
philanthropic family.
I remember in third
grade going to the Pritzker
56 | FORBES OCTOBER 7, 2013
Gallery at the Art Institute. You just
know sort of, growing up, that you
come from a family that takes their
civic responsibility very seriously.
And I’ve seen that pass on through
the generations.
One thing that I always knew,
being an inheritor of wealth, is “Okay,
well, what’s my responsibility to stew-
ard this wealth properly? What can
I do to help make the world a better
place?” And because I had the ability
to start doing that at a young age, I
treated it like a job.
I started volunteering. I started
interning at microfnance institutions.
I started traveling. Then, after meet-
ing and talking with a lot of peers and
a lot of very smart philanthropists, I
decided to take a portion of my assets
and set up a foundation. But I don’t
think, at 24, I had the ability to run
that foundation, so I put my mother
as the president, and I was the vice
president. We’ve continued work-
ing with that foundation. We do a lot
of international education initiatives
and partner a lot with the UN, which
has been terrifc.
But I don’t think that, just because
I inherited money, that that makes me
a good philanthropist—or that that’s
a business necessarily that I should
go into.
It’s a skill. It’s something that you
The Carlson family when Marilyn (girl on left) was 8.
have to learn, and learn from other
people, and learn by doing. And so I’m
glad, just in the years that I’ve been
doing what I’ve been doing, seeing
the intricacies, seeing programs start
and stop, seeing how good public/
private partnerships can be created,
seeing the power of the private sector
in leveraging whatever you’re doing
philanthropically. I think the beneft
of starting that young and being able
to learn instead of waiting until I was
much older has benefted the work
that we’ve been doing.
forBes: Warren, talk about when you
made the decision to give away most
of your money, and how you decided
how much you wanted your kids to
have and why you decided your kids
should be running foundations.
Warren Buffett: My wife and I
made the decision when we were in
our 20s, once we had everything we
wanted or needed. I kept telling her
that there’d be a lot of money, and she
laughed.
The idea always was to give it away.
We formed the family foundation back
in the 1960s. We also jointly came
to the conclusion that, although we
might have one big family foundation,
that it was important that each of the
three children have a separate one.
I’ve seen some founda-
tions that are created where
lots of problems have oc-
curred because there’s three
or four or fve children on
the foundation board, and
some of them feel that their
interests get slighted and so
on. And those things tend
to grow, and then they start
remembering that one of
them twisted the tail of the cat
back when he was 6 years old
[laughter], and you know, it
can accelerate.
So I guess probably 25 years
ago, we set a relatively small
sum aside that each one would
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THE FORBES 400 — BUFFETT FAMILY VALUES
get. But then in the late ’90s I just
formed three dummy corporations.
Then, at Christmas, I presented these
three corporations to each of the
three children. We started them with
$10 million each, but we told them
there would be more and we would
not judge them one against the other.
That in philanthropy who knows
what activities will pay of when? So
we were going to add to it as we went
along, but we would add equally.
I was not on the board of those
foundations. My wife was not on the
board of the foundations. They were
entirely left up to them. We increased
those several times, and then last year
on my birthday I doubled the amount
that goes to each of the foundations.
The letters explaining what I expect
the kids to do are on BerkshireHatha-
way.com, and I told them I expected
them to fail on some things; if they
didn’t fail, they weren’t doing impor-
tant things. And that I was proud of all
three of them, and I knew I’d be proud
of what they did with this money. It’s a
pretty simple approach.
FORBES: Peter, what was it like for
you then?
PETER BUFFETT: My sister called my
wife, Jennifer, and me in March of
2006 and said, “Are you near a fax
machine?” And so I got near a fax
machine. And a fax came through that
was essentially saying that my dad
was going to do this. We had no prior
conversations.
Now, it’s true we had a very small
foundation, and then a larger one, start-
ing in ’99. It went from $10 million to
about $120 million, I think, over the
course of six years or so. And so we
certainly learned a lot. I consider that
he was priming the pump, sort of, for
this big gift, what we call the big bang,
in 2006. But there was no real discus-
sion about that. So we had to get our
house in order pretty quick.
FORBES: And how was that in terms of
58 | FORBES OCTOBER 7, 2013
The Bufett family in Omaha, 1956.
figuring out what kinds of things you
were interested in funding?
PETER BUFFETT: That took time. Jenni-
fer and I do it together, which is great,
because I had a career. That’s the
other thing—I had my life. I had a life
I loved. I had things I would do every
day. And so to suddenly take this on
at that scale alone would have been
an extraordinary—I certainly won’t
use the word “hardship,” but it would
have strained where I wanted to put
my attention.
We took two years really listening.
We were here in New York, and it was
like a master class, because we could
talk to anybody we wanted to. It’s
funny, you know, you have a billion-
dollar foundation and your jokes are
funnier, you’re better looking, and it’s
just—it’s magical.
FORBES: And people will take meetings
with you.
PETER BUFFETT: Right. We’ve really
respected people’s time and energy,
but took the meetings because we
learned a ton. And that was priceless,
really.
FORBES: And have you been failing,
as your dad would like you to do, in
terms of taking risks with your
philanthropy?
PETER BUFFETT: Absolutely. I feel
like if you’re not on the edge, you’re
taking up too much room. We’re
out there trying to do things all the
time that not only do I hope some
of them fail but I also know they’re
going take a lot of time. I know it’s
going be 10 years, 20 years, genera-
tional change we’ll never see. That’s
the other thing: Time horizon is a big
issue for us, in a good way.
FORBES: How important is it to en-
courage children to do what they
want to do?
WARREN BUFFETT: We never gave any
instructions on specifics, but I think
they did pick up the values that were
meaningful to their mother and to
myself. One of the things I’m most
grateful to my father for, particularly,
was whatever I did he was for. He was
not trying to live his life through me. I
tried to pass that on to my children.
FORBES: Liesel, how much influence
did your family have on your own
philanthropic take on the world?
PRITZKER: I would say the issues that
I’m more passionate about were more
influenced by my own travels and my
own studies, but the general concept
of being philanthropic, that this is ex-
pected of you, this is very much a part
of the family business. It is pervasive
throughout the family.
One other thing: When I talk with
peers of mine who are also inheriting
wealth, I think one of the best things
that ever happened was Paris Hilton’s
shenanigans and the concept of not
being a trust fund baby. You do not want
that label associated with you, which if
you’re an inheritor of wealth [it] natu-
rally comes. But what you can do is turn
that into being an influencer, using your
social capital, your intellectual capital,
your philanthropic capital and your
investment capital to help make the
world a better place and to encourage
other people to do that with you. F
centurylink.com/link
Serenity now: Fifty years
of investing in distressed
companies has given Sam Zell
perspective—and thick skin.

60 | FORBES OCTOBER 7, 2013

 The
Zen Of
Zell
Aggressive as ever and fush with
new deals, 72-year-old distressed-asset
kingpin Sam Zell is back at the top
of his game. The Tribune fasco?
He’s over it—even if no one else is.
By Morgan Brennan

W
hen Sam Zell heard that Amazon
founder Jef Bezos was splashing out
$250 million for the Washington Post
Co., he laughed out loud, he says. “He
probably thinks he’s buying it, but
he’s just renting,” says Zell, who knows a thing or two about
real estate—and a few things about the media business, too.
In 2007 Zell led a team of institutional investors in
an $8.2 billion leveraged buyout of Tribune Co., a fail-
ing hodgepodge of websites (CareerBuilder.com, Cars
.com), television stations (25 of them, including the WGN
“superstation”), newspapers (nine broadsheets, includ-
ing the Chicago Tribune, Los Angeles Times and Balti-
more Sun) and the (perennially losing but highly prof-
itable) Chicago Cubs. Pragmatic and long-tested by
the vagaries of rehabbing distressed companies sitting
on quality assets, he saw Tribune as a classic opportu-
nity—and one chock-full of juicy tax loopholes to boot.
It didn’t work out like that, of course. By 2008 the com-
pany, which he chaired, was bloated with debt and fling
for bankruptcy, kicking of a long, ugly legal battle that
Jeff Sciortino for forbeS

would stretch out over the next four years. Along the
way there had been arrogance (a video of Zell cursing out

OCTOBER 7, 2013 FORBES | 61

THE FORBES 400 — SAM ZELL
a reporter from a company newspa-
per), controversy (some investors
sued, saying the deal was fraudulent),
scandal (tales of hypersexual work-
place behavior among his hand-
picked executives) and ultimately
failure—the largest in his life. The
company Zell bought? It’s efectively
dead and being chopped up for parts.
The employee stock pension plan he
raided for fnancing is worthless.
For Zell, the battle—at least his
part in it—fnally came to an end in
December 2012 when the Tribune
Co. emerged from bankruptcy. Zell
walked away free of liability, but out
over $300 million of his own money
and cursed with blood enemies. “It’s
been a rough few years here, mainly
because of the jackasses in Chicago
who own us,” Pulitzer Prize-win-
“iT was a bad deal, buT Over Time his
Track recOrd is impeccable because he
is always lOOking TO have an edge.”
ning journalist Dan Neil penned in
his 2010 farewell memo at the Los
Angeles Times. “To them I say, with
as much gusto as I can muster in
an email, f--- you” (Neil would also
lead a lawsuit over employees’ pen-
sions). The feeling is entirely mutual.
“There’s this illusion that they [ jour-
nalists] … are doing God’s work and
therefore … you should get a pass on
economic reality,” Zell scofed on
national television the day after the
Bezos deal was announced.
The negative glare and bruising
legal battles surrounding the Tribune
disaster have cast a deep shadow on
the career of one of America’s most
creative dealmakers. The media love
nothing more than writing about the
media, and the easy story—and the
one that has been told the loudest—
paints Sam Zell, a 72-year-old man
with a penchant for both gold chains
and profanity, as a corporate barbar-
62 | FORBES OCTOBER 7, 2013
ian who callously ransacked great
journalistic institutions in a greedy
pursuit of short-term proft. It is also
precisely the wrong story.
Over the course of his 50-year-
plus career, Sam Zell has consis-
tently sought out and created value
by buying into industries, companies
and real estate that others have writ-
ten of as worthless. He invests at a
discount, cleans shop and stays in
for the long haul. In the process he
has mentored hundreds of entrepre-
neurs and executives and created
thousands—if not tens of thou-
sands—of jobs. Think of him as the
poor man’s Warren Bufett, if you
can consider a man worth some $4
billion poor.
“Sam did Tribune, and it was a bad
deal, but over time his track record
is impeccable because he is always
looking to have an edge, and he’s
thinking about what risk he is tak-
ing,” says Equity Group Investments
co-president David Helfand, who has
worked for Zell on and of since 1988.
Adds Brad Keywell, managing part-
ner of Chicago venture capital frm
LightBank, a Groupon cofounder and
a Zell mentee for the past 26 years:
“To me Sam is one of the great entre-
preneurial minds of our time.”
And Zell, for his part, has defnite-
ly moved on. “I’m not very sensitive
about the Tribune,” he shrugs. “Even
though everybody else is.”
Sam Zell’S warren of Chicago
ofces, where he’s operated since
1982, are a lot like Sam Zell. Nearly
everyone wears blue jeans, and
nearly everyone swears. Executive
doors are always open. The wall just
outside Zell’s ofce is dominated by
a painting he commissioned after he
tried to ofoad a division of Itel, a
railcar business, to GE Capital in the
early 1990s and found himself sty-
mied by federal regulators. Dubbed
“Dante’s Inferno,” it depicts the SEC
as the “bitch from hell” with Zell
clothed in a jester outft above the
words Saltator Sepulcri, Latin for
“Grave Dancer.”
The nickname dates from the ’70s,
when Zell penned an article attrib-
uting his success to dancing on the
skeletons of other people’s mistakes.
Were Zell to update that article and
expand it into a book—call it Sam
Zell’s Guide to Getting Really, Really
Rich—it would rest on three basic
principles: First, look for bargains,
typically assets that are out of favor,
in bankruptcy or otherwise dis-
tressed. Second, ensure that those
assets are of a high intrinsic quality.
And third, structure the deal so that
you pay as little in taxes as legally
possible.
All three of those principles were
on display in Zell’s February acquisi-
tion of Archstone, a Colorado-based
landlord and developer of luxury
apartment buildings. In that deal,
Zell partnered with one of his com-
petitors, AvalonBay Communities of
Arlington, Va., to pay $16 billion (in-
cluding debt) for over 45,000 top-tier
apartments. It was the largest real
estate transaction since the Black-
stone Group shelled out $26 billion
for Hilton Hotels six years ago.
But in reality, Zell got Archstone
on the cheap, buying the compa-
ny from the bankruptcy estate of
Lehman Brothers—and paying $6
billion less than Lehman did back in
2007. The Archstone apartments are
of the highest possible quality, com-
manding up to $4,000 a month in
rent for a one-bedroom in a Manhat-
tan residential tower and clustered in
metros with extreme barriers to new
construction (New York City, San
Francisco, Washington D.C.).
And Zell didn’t forget to out-
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THE FORBES 400 — SAM ZELL

smart the taxman in the Archstone accident: Zell believed interest rates icans piling into China in 2010, Zell
deal: The units were purchased would begin rising later in the year, began selling his stakes in Chinese
through Zell’s tax-advantaged Equity a scenario that would translate into home builders and pivoted toward
Residential REIT. In the frst fve slower sales for Equity Residential’s Brazil and Mexico. Equity Interna-
months of 2013 Equity Residential legacy units. His hunch was dead on. tional, Zell’s privately held emerg-
sold of billions of dollars’ worth of Zell’s hunches typically are. In ing market fund, recently made its
lower-quality garden apartments, 2007 he sold Equity Ofce, the coun- frst ever investment in India after
essentially swapping them for the try’s biggest ofce building land- spending an entire decade looking
higher-quality, high-rise Archstone lord, for $39 billion to Blackstone for the right opportunity. It fnally
inventory and avoiding federal capi- Group—the largest real estate deal came with a hotel developer priced
tal gains taxes in the process. ever—just before the market went nearly 60% below its 2006 level. “If
The timing of the sales was no into a nosedive. When he saw Amer- the point of entry is cheap enough
and attractive enough, we don’t have
hesitancy,” says Zell.
ZELL’s WORLD That’s his philosophy regard-
While moSt people knoW Sam zell’S reputation for real eState, he’S less of industry. Roughly 70% of his
actually an induStry agnoStic When it comeS to inveSting. here’S a
look at the “grave dancer’S” portfolio, of Which property iS JuSt 30%.
holdings have nothing to do with
real estate. He has signifcant stakes
equiTy grOup invesTmenTs in publicly traded electrical wiring
Founded in 1968, Zell’s privately held “mother ship” owns stakes in distributor Anixter (salvaged from
all kinds of companies, including processed-foods maker Penford
the remnants of the Itel deal), “spe-
Corp., environmental cleanup servicer WRscompass and energy
cialty bioproducts” maker Penford
outfts Par Petroleum, Wapiti Oil & Gas and Kuwait Energy.
Corp. (think processed cheeses,
equiTy residenTial pet foods, natural adhesives), oil
Zell owns a $520 million stake in this $30 billion (enterprise and natural gas concern Exterran,
value) granddaddy of real estate investment trusts. The $16 billion and Covanta (formerly Danielson),
purchase of Archstone this year helped EQR shift its focus to
which converts garbage into energy.
high-value apartments in frst-class cities like New York.
He also holds big shares in private
equiTy inTernaTiOnal companies, many held through his
Zell founded this $2 billion emerging market fund in 1999, core frm Equity Group Investments,
“understanding when we did it that we were trading growth for including a restaurant marketing
the rule of law.” Investments have included home builders in Brazil concern called Rewards Network,
and a hotel developer in India. His stake: about $750 million.
Sirva Worldwide (an executive
equiTy lifesTyle prOperTies relocation service) and two energy
Zell took this “lifestyle-oriented properties” REIT public in 1993. companies: Wapiti Oil & Gas and
With an enterprise value of $5 billion, ELs is the country’s biggest Kuwait Energy.
landlord of manufactured homes and RV communities. Zell is Since the 1980s Zell has been
chairman and retains a $135 million stake. attracted to troubled companies—
exTerran often emerging from bankruptcy—
Zell owns $181 million worth of this $3.4 billion (EV) publicly with carried tax credits on their
traded Houston-based natural gas servicer through both Equity balance sheets from past losses
Group Investments and his own trusts. The company creates (net-operating-loss carryforwards
compression products to help extract natural gas from the ground. in tax-speak). These so-called NOL
cOvanTa deals, which Zell continues to scout
Zell picked up Covanta out of bankruptcy in 2004, fxed it up and out today (Par Petroleum, a publicly
took it public a year later. Now it is the country’s largest converter traded oil and natural gas explo-
of garbage to energy, with an enterprise value of $5 billion. Zell is ration company, being one recent
still chairman and owns a $315 million share. example), allow him to fx broken
anixTer companies while shielding profts
This electrical wiring distributor emerged from Zell’s 1984 from taxes.
acquisition and restructuring of railcar and shipping-container “He has combined his distressed
outft Itel. Zell is still chairman, with a $360 million stake in the deals with very favored tax strate-
company, which has an enterprise value of $3.6 billion. gies,” says Stan Ross, a former vice

64 | FORBES OCTOBER 7, 2013

THE FORBES 400 — SAM ZELL
chairman of Ernst & Young who
advised Zell on besting Uncle Sam
for nearly 30 years. “Some of them
are very complex; don’t ask me to
explain them.”
Sam Zell waS born in Chicago
in 1941 to Jewish immigrants who,
sharing his knack for good timing,
fed Poland just before the Nazis
invaded in 1939. When Zell was 11
the family moved to Highland Park,
and he would ride the train back
into downtown Chicago to attend
Hebrew school. There he discovered
Playboy for sale at the newsstands
under the elevated trains. Zell would
buy copies for 50 cents apiece and
deliver then to his suburban peers
for a hefty $3, pocketing a 500%
proft. “I recognized a need common
in all 13-year-old boys, saw a restric-
tion on supply and I took advantage
of it,” says Zell with a laugh. “Fifty-
odd years later I’m still doing the
same thing.”
At the University of Michigan in
the early 1960s he got a gig managing
a 15-unit building for student hous-
ing in return for free lodging, later
hiring his frst employee, a sopho-
more named Bob Lurie, to help. The
two began managing more build-
ings, and eventually Zell amassed a
student housing empire, culminating
in his buying up and gutting of an
entire block of Ann Arbor—a time he
happily recalls as “extraordinary.” By
the time he graduated from Michi-
gan’s law school in 1966, Zell owned
more than a dozen properties yield-
ing an annual income of $150,000,
the equivalent of around $1.1 mil-
lion today. He sold the business to
Lurie and headed back to Chicago
to pursue big-city aspirations. “My
last sentence to him was, ‘When you
get tired of screwing around and you
want to come play with the big boys,
call me,’ ” remembers Zell.
Three years later Lurie called, and
the two became inseparable, both
business partners and close friends,
66 | FORBES OCTOBER 7, 2013
until Lurie’s death from cancer in
1990 at the age of 48.
Through their private investment
frm Equity Group Investments the
duo snapped up several billion dol-
lars’ worth of distressed commercial
real estate, pocketing hundreds of
millions in the process. But Zell and
Lurie knew that real estate could go
bust just as easily as it could boom, so
in the early 1980s they began diver-
sifying with the goal of having 50%
of their money in non-real-estate
investments by 1990.
To help they enlisted Sheli Rosen-
berg, a Northwestern-trained lawyer
who would go on to work with
them exclusively for the next two
decades. Her frst impression was
revulsion. “Sam showed up wearing
a lime green jumpsuit, which was so
“i recOgniZed a need cOmmOn in all
13-year-Old bOys, saw a resTricTiOn On
supply and i TOOk advanTage Of iT.”
unconventional at the time I quickly
ushered him into a conference room
to get him out of sight,” she remem-
bers. It took eight more months
to convince her to come aboard, a
decision she has never regretted.
“One of Sam’s greatest gifts is his
ability to look around corners. When
people were going one direction,
Sam would think about going the
other way, and more times than not
it worked.”
In the early 1990s, still smarting
from Lurie’s death, Zell suddenly
found his company struggling to
make payroll, despite his personal
net worth of $750 million. A sharp
recession had frozen the credit mar-
kets, leaving Zell unable to refnance
his real estate loans. He eventually
clawed out of the ordeal by selling
of assets and ofering key employees
opportunities to invest in deals.
The lesson learned: Liquidity
equals value. It’s one of the many
“Sam-isms” Zell is fond of spout-
ing. It’s also one of 11 that grace an
illustrated, palm-size red booklet
he uses as a business card. (Others
include: “Unless you’re the lead dog,
the scenery never changes,” “We suf-
fer from knowing the numbers,” and
Zell’s personal favorite, “Am I being
too subtle?”)
Before Zell the multifamily land-
lord business had been a mom-and-
pop afair. Very few people could
aford to own—or have the capacity
to manage—more than a handful of
buildings. Moreover, the underly-
ing real estate was fairly illiquid. Zell
changed everything. Starting in the
1970s he began assembling a national
portfolio of apartment buildings,
which he then packaged together
in one massive real estate invest-
ment trust. Residential REITs not
only gave Wall Street-style liquidity
to apartment buildings—they also
allowed him to distribute 90% of tax-
able income in dividends to investors
through publicly traded shares.
Zell’s REIT masterpiece, Equity
Residential, debuted on the New
York Stock Exchange in 1993 with an
$800 million valuation. Twenty years
later it is the largest publicly traded
multifamily REIT, valued at more
than $30 billion. Zell has never sold a
single share.
“He’s a visionary in this industry,”
says Ross, who became chairman at
the University of Southern Califor-
nia’s real estate school after his ten-
ure at Ernst & Young. “Some people
think he’s just a deal guy, but he looks
far beyond that.”
“Sam is the sort of person you
can make a deal with very quickly
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What executives Will
do differently to
manage risk. or not.
Most executives don’t have a total grasp of their company’s exposure to risk. This
is true even when frms have taken fnancial hits from unanticipated events such
as a storm that wiped out a supply chain or new regulations that sufocated
business. This was among the surprise fndings of a Forbes Insights/Zurich in
North America survey of more than 400 executives in four industries: banking and
fnancial services, construction, healthcare and real estate. The respondents repre-
sented companies with annual revenues between $25 million and $750 million.
Only 24% of the respondents, in fact, said their companies
had escaped such risk-related hits. Among the rest, the cause
of fnancial damage varied by sector. In banking/fnancial
services, the highest percentage of respondents (38%) said
they’d been caught by fnancial risk and 37% by regulatory/
compliance risk—two areas where this particular industry
might be expected to be especially on the ball. Similarly, 33%
of executives working in healthcare cited unforeseen regulatory
issues/compliance as a cause of fnancial setbacks.This, too, was
surprising given that regulation has become a familiar bedmate
to healthcare in recent years and one whose unpredictability
might be expected—and mitigated.
Who will be looking for outside help?
Banking/financial services
25%
Healthcare
22%
Real estate
16%
Construction
15%
*The complete study is available at www.forbes.com/forbesinsights/Zurich_Risk
Zurich neither endorses nor rejects the recommendations of the discussion presented. Further, the comments contained in this briefing are for general distribution and
cannot apply to any single set of specific circumstances. If you have a legal issue to which you believe this article relates, we urge you to consult your own legal counsel.
The executives identifed a number of barriers to efective
risk management, though their answers again varied by industry.
Banking/fnancial services respondents picked the lack of
understanding of how to mitigate risk as the biggest barrier.
Construction executives pointed to a lack of understanding of
the sources of risk. In healthcare, insufcient budget got the
blame. Real estate respondents identifed twin top culprits, the
nonalignment of risk management with the company’s growth
strategy and a lack of understanding of how to mitigate risk.
Despite all this, 45% of the executives still said they’d manage
risk no diferently over the next three years and 32% said they
didn’t know whether they would do things diferently or not.
Those who said they would do things diferently said they
would make some or all of the same four changes, namely:
- View risk as interconnected
- Align risk management more closely with growth strategy
- Cover more risks
- Revamp the in-house risk management team.
Many among the executives vowing to make changes said
they’d consult with or hire outside help, though the percentage
of those who’d do so varied by industry (see chart).
Executives identifed the top risks that deserved more of
their personal attention. Among banking/fnancial services
respondents, 58% put regulatory/compliance risk at the top of
their list. Their cohorts in construction placed two risks in frst
place, strategic risk and operational risk (54% each). Executives
in health care also pointed to operational risk as No. 1 (50%)
and those in real estate, fnancial risk (48%).
THE FORBES 400 — SAM ZELL

because he knows what he wants,”

says Jonathan Gray, Blackstone’s bil-
lionaire head of real estate. “He is not
afraid to speak loudly or forcefully,
and that has always been a hallmark
of his style. But in my mind, even
though people focus on that, the es-
sence of his success isn’t necessarily
that he expresses things in a strong
way, it’s that he has a clear view of
where he sees value and what a com-
pany should or should not do.”

on the Surface the Tribune deal

had all the earmarks of a Zell classic.
Old-line media companies were being
pummeled by the Internet and had
become radioactive to most investors.
But the Tribune’s underlying assets
were superb: Pulitzer Prize-laden big-
city papers and a very valuable major
league sports team.
Zell’s buyout was a complicated af-
fair, which saddled the company with
$13 billion in debt, but it was carefully
designed to thwart the IRS. In the
process of buying the company Zell
transformed it into an S-corporation.
These types of corporations—typically
small businesses with fewer than 100
shareholders—are exempt from fed-
eral income taxes, passing along their
obligations to the owners. But since
Zell bought the Tribune through its
employee stock ownership plan—and
since ESOPs are exempt from taxes
on S-corp profts—he had essentially
rendered the company immune from
federal taxation.
But while Zell had the tax game
wired—and cushioned for 6% annual
revenue declines—he didn’t account
for a 30% plunge in advertising sales
when the economy tanked in 2008.
“We didn’t have some wild-eyed idea.
If it had continued the pattern at the
rate it had before, the deal would
have worked perfectly,” insists Zell.
It didn’t, and in 2009 secondary
investors threatened a suit alleging
that Zell’s takeover was a “fraudulent
conveyance” that left the company
insolvent from the onset. The allega-
Brothers in deals: Zell and partner Bob Lurie turned a 15-apartment building into an empire.
tions helped stretch the bankruptcy
proceedings out over years. The suits
have since been litigated and settled.
In early 2012 another suit leveled by
Los Angeles Times stafers was also
settled, with about 13,000 former and
current Tribune employees awarded
$32 million.
Although the Tribune emerged
from bankruptcy in December, the
newly reorganized company is still
sufering from Zell’s creative tax
strategies. The IRS has slapped the
company with a hefty tax bill that
could total as much as $245 million
relating to the 2008 sale of Long
Island’s Newsday. And in its second-
quarter fnancial report, Tribune
disclosed that the agency is also
auditing the 2009 sale of the Chicago
Cubs to TD Ameritrade founder Joe
Ricketts. That could result in another
tax bill as high as $225 million before
interest and penalties.
“There have been 14 newspaper
bankruptcies over the three-year pe-
riod since the recession, but the Tri-
bune bankruptcy stood out as the top
of the cake because of its size and the
way it was done,” says Ken Doctor, a
media analyst for both Newsonomics
and Outsell. “He thought he was buy-
ing at the bottom of the market, even
though he was using other people’s
money, and it turned out it wasn’t
anywhere close to it. That transac-
tion stands out as the most egregious
example of funny money in newspa-
pers of that era.”
It’s telling that Zell’s most recent
deals have been nearly exclusively in
what he knows best: real estate. In
addition to the mega Archstone deal,
Zell snapped up Chicago’s swanky
Elysian Hotel for $95 million (a 35%
discount to its construction cost),
and he paid $95 million (a third of
its replacement cost) for 200 South
Wacker Drive, a prime address inside
the Loop. In New York City, Equity
Residential has teamed up with Toll
Brothers to build (at a 20% discount
from the construction unions) a glass
monolith called Sky Couture on 28th
Street and Park Avenue South.
“The key to my success is that
my focus is never on how good it’s
going to get,” he says with a big smile.
“My focus is on the percentage that
doesn’t work.” F

70 | FORBES OCTOBER 7, 2013

Fifty Years of Passion
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THE FORBES 400 — PuRSuiTS: ALiCE WALTON

A
lice Walton is fretting about cheap fights.
Not for herself, of course; the Wal-Mart
heiress takes a Gulfstream jet to meet-
ings. Her concerns are purely professional.
Slight and silver-haired, Walton stands in
the lobby of her Crystal Bridges Museum of American Art
addressing a gauntlet of staf assembled to greet her one
sweaty July afternoon. “We need discount carriers!” she
says, raising her voice and one fst in mock outrage, tem-
pered with a grin. For all the fanfare of its 2011 opening,
its stunning verdant setting and an art collection worth
upwards of $500 million, Crystal Bridges is still in Ben-
tonville, Ark., Walton’s—and Wal-Mart’s—hometown, but
hardly a tourist hub. In August the museum celebrated its
millionth visitor, a coup for a 21-month-old institution in a
Bible Belt town of 40,000. Walton knows she needs to ink
a deal with JetBlue or Southwest or another of their ilk
for a route through Northwest Arkansas Regional Airport
to help sustain foot trafc now that initial Crystal Bridges
buzz has died down.
“We’ve got to fgure out how to get that done,” she says
in her slow, undulating twang, brown eyes framed by her
trademark purple eyeglasses. “And we are going to.”
If Alice Walton, 64, wants something, she’ll probably
get it. A decade ago Walton was a modest collector who,
in one of her regular visits to her consigliere and Prince-
ton art historian John Wilmerding, took out a map of the
U.S. “She had drawn circles in pen of every major art mu-
seum. It was obvious visually there was this empty space
for around 300 miles,” says Wilmerding. Over the past
eight years she’s built a 200,000-square-foot museum
from scratch in a rocky ravine in the Ozarks and flled
it with Warhols, Rothkos and Pollocks as well as pricey
gems from lesser-known artists.
It’s almost unprecedented to amass such an impres-
72 | FORBES OCTOBER 7, 2013
sive set of work in such a short period of time. Walton,
 the art of
redeMption
The black sheep of the four Wal-Mart
heirs, Alice Walton has fnally found her
purpose: bringing art to the Ozarks—and
ticking of the East Coast elite.
BY CLARE O’CONNOR
tim Pannell for forbes

OCTOBER 7, 2013 FORBES | 73

THE FORBES 400 — PuRSuiTS: ALiCE WALTON
however, is the wealthiest person ever
to catch the art bug. She’s the second-
richest woman in America (sister-in-
law Christy is worth a bit more), with
a fortune of $33.5 billion derived al-
most entirely from shares in her late
father Sam Walton’s retail behemoth.
As if those resources don’t sufce, the
tax-minimizing Walton Family Foun-
dation put another $1.2 billion into
Crystal Bridges, and Wal-Mart’s $20
million sponsorship means admission
is free.
ArtNews recently added Walton
to its list of the world’s ten most im-
portant collectors, alongside billion-
aire auction mainstays like hedge
funder Steve Cohen and banker
Leon Black. “She’s obviously spend-
ing a lot of money, and fast,” says
ArtNews publisher Milton Esterow.
It’s a statement to the art world. And
it’s also a statement about Alice Wal-
ton herself.
sam Walton said it best when
he described his youngest child and
only daughter as “the most like me—a
maverick—but even more volatile.” Of
Sam’s three surviving children Alice
has been the least involved in Wal-
Mart’s afairs and, though she attends
the company’s annual meeting, she’s
the only one not on the board. She
spends the majority of her time at her
Rocking W Ranch an hour west of
Fort Worth, Tex., in tiny Millsap (pop.
409), where she breeds cutting horses
and cooks her famous beans and rice
for her ranch family, as she calls her
live-in staf. She’s never had any kids,
but speaks fondly of her 23-year-old
horse trainer, Jesse Lennox, and loves
watching him compete.
Walton got an economics and
fnance degree in 1971 from Trinity
University in San Antonio, Tex., and
worked briefy as a buyer at Wal-
Mart after graduation. She soon de-
camped to New Orleans, where she
became a fxture in the French Quar-
ter social whirl. While she clearly
didn’t need to work, she began man-
74 | FORBES OCTOBER 7, 2013
aging millions of dollars as an E.F.
Hutton broker. In 1974, at age 24, she
wed a prominent Louisiana invest-
ment banker, a union that lasted only
two and a half years. She remarried
soon after—to the contractor who
built her swimming pool. They, too,
divorced quickly. Alice licked her
wounds back in Arkansas, helping
manage the family’s investments.
The maverick side of Alice caught
up with her during a family retreat in
Acapulco over Thanksgiving of 1983.
Alice zipped up into the mountains
in a rented Jeep, lost control on a
curve and sailed of into a ravine. She
shattered one leg and contracted a
An exterior of the Moshe Safdie-designed Crystal Bridges. To locals: “the silver armadillos.”
bone infection before she could be
airlifted out of Mexico. It took a year
and 22 operations to recover. She
still has a limp from the decades-old
injury.
In the 1980s Walton took over the
running of the investment operations
at the family’s Arvest Bank and set
up her own lending and brokerage
shop called Llama with $19.5 million
of family money. But her bad habits
again overshadowed her fnancial
work. Walton was driving through
misty Fayetteville, Ark. one morning
in her Porsche and didn’t see Oleta
Hardin, a 50-year-old mother of two,
step into the road. Walton, who’d
been caught speeding twice that year
already, slammed into her and killed
her instantly. No charges were fled.
She smashed her nose in another
crash in 1998 and was charged with
a DWI. On her 62nd birthday, in No-
vember 2011, she was arrested by a
Texas highway patrolman when she
failed a feld sobriety test. She spent
a night in jail and charges were later
dropped, but not before her mug shot
few across the Internet and Walton
took the rare step of issuing a pub-
lic apology. Crystal Bridges opened
less than a month after that last ar-
rest. Walton had leveraged one thing
money can surely buy: a chance to
reinvent yourself.
Walton has been a collector
of sorts since she was 11 years old,
when she bought a 25-cent print of
Picasso’s 1902 “Blue Nude” in one
of her dad’s Ben Franklin stores (the
chain he worked for prior to starting
Wal-Mart). She paid for it with fve
weeks of earnings from selling pop-
corn outside on the sidewalk. During
those middle-class years Walton fam-
ily vacations were spent camping in
 Who Can BRIng CLaRIty to the
MaRket’S CoMPLexItIeS?

morganstanley.com/wealth

© 2013 Morgan Stanley Smith Barney LLC. Member SIPC. CRC660571 06/13
THE FORBES 400 — PuRSuiTS: ALiCE WALTON
made in the u.s.a what $500 million can buy of american masterworks
Clockwise from top left: Peale’s and Stuart’s Washington portraits; Durand’s “Kindred Spirits”; Sargent’s “Robert Louis Stevenson”;
Eakins’ “Prof. Benjamin Howard Rand”; Donald Judd’s “Untitled”; Lichtenstein’s “Still Life With Mirror”; Warhol’s “Hammer and Sickle.”
America’s national parks. She and
her mother, Helen, would leave the
boys to their own devices and set up
easels side by side, painting water-
colors of Yosemite’s mountain vistas
and Yellowstone’s lush canyons. Oc-
casionally they’d make the two-hour
drive to Tulsa’s Gilcrease Museum
and admire its American West col-
lection. Walton kept painting as she
grew up, emulating watercolors of
artists she would later own: Winslow
Homer, George Inness, John Singer
Sargent.
Walton grows quieter as she re-
members her mother’s fnal days
in 2007, when Crystal Bridges was
just a foundation on a few acres of
Walton-owned wilderness, which
Helen herself bought piecemeal from
neighbors in the 1960s and 1970s.
“She didn’t get to see it fnished, but
we’d bring her down to the site, and
she was so excited about it.” Helen
Walton descended into dementia in
the last eight years of her life; she
76 | FORBES OCTOBER 7, 2013
gained peace painting watercolors.
“They’re abstract but just lyrical and
beautiful,” says Alice. “I have two.
One’s very happy and … oh, whim-
sical, I guess you would say. Then
there’s one she did right before she
died. I mean, you could almost tell.
She knew.”
Around this time, Walton didn’t so
much appear on the bicoastal art es-
tablishment’s radar screen as eclipse
it. In 2005 she set New York noses
out of joint by snapping up Asher
B. Durand’s 19th-century landscape
“Kindred Spirits,” an icon of the
Hudson River School, from the New
York Public Library for a rumored
$35 million. Her purchase not only
whisked a quintessential image of
the Catskills to the Ozarks but it also
“rattled nerves, aroused skepticism
and stimulated the art market,” said
the New York Times.
That was the year Walton an-
nounced she’d hired acclaimed Is-
raeli architect Moshe Safdie to build
her a museum. Walton cooked Safdie
a steak dinner at her Bentonville log
cabin one cold January evening, then
took him down to see the future site
of Crystal Bridges the next morn-
ing on an all-terrain vehicle. She was
used to the rough landscape, hav-
ing played there with her three older
brothers as their tomboy sidekick.
Safdie, not an outdoorsman, fell into
one of the icy creeks that feed the
museum’s namesake Crystal Spring.
“I braved it and kept walking,” he
says. He got the gig that day. Tax re-
turns show his frm was paid about
$20 million through 2011 to complete
a campus of eight pavilions linking
two large creek-fed ponds.
Even before the museum opened,
Walton dealt with her fair share of
anti-Wal-Mart sentiment from critics
who initially decried Crystal Bridges
as a “moral tragedy,” in the words
of Bloomberg’s Jefrey Goldberg.
(“Let them eat art,” he added, refer-
ring to the chasm between Walton’s
THE FORBES 400 — PuRSuiTS: ALiCE WALTON
high-priced acquisitions and Wal-
Mart’s low-paid workers.) In a Wall
Street Journal piece, art lecturer Lee
Rosenbaum called Walton “a hover-
ing culture vulture.”
“It hurt my feelings in a way,” says
Walton, noting that the “vulture”
label particularly stung. “I couldn’t
believe that a journalist could sit
there and think that people in this
part of the world don’t deserve good
art. That is just such condescension.”
Not long after her New York
purchase, Walton and Wilmerding,
now her acquisitions advisor, tried
to snap up another masterpiece an
hour south, in Philadelphia. In the
fall of 2006 Walton ofered $68 mil-
lion jointly with the National Gal-
lery of Art to acquire Thomas Ea-
kins’ 1875 “The Gross Clinic” from
Thomas Jeferson University. To
keep the piece in its hometown, the
Philadelphia Museum of Art and
the Pennsylvania Academy of the
Fine Arts frantically raised half the
money and took a loan out for the
rest, thwarting Walton’s eforts. In
2007 she bought Eakins’ “Portrait
of Professor Benjamin H. Rand” for
about $20 million instead.
“There was a lot of skepticism
about what Alice and her family
were up to, and whether it was a
vanity project,” says the museum’s
director, Don Bacigalupi, who used
to run Ohio’s Toledo Museum of Art.
“It built into Alice an awareness of
the prejudices against a small town
and the South and all of that.” Baci-
galupi says the negativity has abated,
and pointedly notes that critics
never “talk about where the Guggen-
heim wealth or the Carnegie wealth
comes from.”
While Walton often shows around
VIPs and potential donors, she’ll also
quietly give tours to locals who have
no idea who she is. Clad in a dark
blazer, a yellow silk blouse and an
aquamarine ring the size of a post-
age stamp, Walton carefully navigates
the collection, hung in chronological
78 | FORBES OCTOBER 7, 2013
order across six galleries inside the
pine-and-copper humplike structures
locals call “the silver armadillos.”
One day this July a baby boomer
and his wheelchair-bound dad from
nearby Eureka Springs make small
talk with Walton in the museum’s
elevator. “How are you today?” she
inquires, her drawl pronounced.
“We’re fner than hair on a frog!”
says the son, before asking, “Where
are you from?” Walton doesn’t even
pause. “I’m from here,” she says and
leaves it at that.
The frst works visitors see are
also among its earliest paintings: the
six portraits of a prominent fam-
ily of New York merchants by the
name of Levy-Franks. Walton spot-
ted the 1735 oils in Sotheby’s rare
books department while searching
through Winslow Homer’s letters. “I
thought, Hang on—my books didn’t
“i couldn’t believe
a journalist could
sit there and think
that people in
this part of the
world don’t
deserve good art.”
tell me that we had Jews in colonial
America,” she says. Walton did her
research, devouring William Pen-
cak’s scholarly Jews and Gentiles in
Early America, one of hundreds of
books she has collected in the past
decade (“With the cost of art, I bet-
ter understand what I’m doing!” she
laughs). Once Walton learned how
rare the portraits were, she bought
them for an undisclosed price before
they went up for auction. She stops
again at Andy Warhol’s 1977 “Ham-
mer and Sickle,” a blood-red painted
screen print of the Communist sym-
bol she picked up for $3.4 million at
Sotheby’s as part of a recent 20th-
century art buying spree, partly to
quiet critics who’ve called her collec-
tion unbalanced. “I started thinking,
How do you talk about those 30 years
of friction between the Soviet Union
and the United States, the McCar-
thy era, the bomb shelters, the school
drills we all got so used to?” she says.
“That one painting is the door.”
As she’s reeling of her wish list
for future acquisitions—“De Koon-
ing would probably be at the top, and
Mark Tobey”—she’s accosted by a
middle-aged woman who asks for a
hug. Walton obliges. “I didn’t realize
how much people would appreciate
it,” she says. “It’s just been the great-
est joy in my life, really.”
Walton now spends about ten
days a month in Bentonville; she’s
at the opening of every exhibition.
In November, Crystal Bridges will
unveil Walton’s greatest victory yet
over naysayers. When artist Geor-
gia O’Keefe gave her collection of
101 modernist works, including 4 of
her own, to Tennessee’s Fisk Uni-
versity in 1949, she stipulated that
they should never be sold or split up.
When the historically black insti-
tution found itself on the brink of
closure 60 years later, selling the so-
called Stieglitz Collection to Walton
seemed an obvious solution. Tennes-
see’s attorney general tried to block
the sale in 2010, but was overruled
by the state Supreme Court last year.
Crystal Bridges paid $30 million for a
half-share in the collection and Wal-
ton pledged $1 million to Fisk as a
peace ofering.
With Walton’s tour over, she
heads to a meeting about distance
learning with representatives from
the Getty, the Metropolitan Muse-
um of Art, the Los Angeles County
Museum of Art and others. On her
way out, she again mentions the
need for a discount airline to ferry
museum-goers to Bentonville. “Just
watch,” says the Walton heiress,
turning to her staf. “We’ll see how
long it takes us.” F
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2013144
 you’re never
Too old To geT
rich—again
Larry Ellison booted Dave Dufeld and Aneel Bhusri
from their company. They returned the favor by
creating the biggest threat to Oracle in years—and the
fastest-growing fortune on the entire Forbes 400.
BY GEORGE ANDERS

D
ave Dufeld is the software industry’s eternal teenager. Consider the way
that the 73-year-old smashed up his frst company car.
“It was in the 1960s,” Dufeld ruefully tells me. “I was a young techie
in a hurry.” After quitting a safe job at IBM, he hawked his own software
for scheduling fnal exams more efciently, zooming between college
campuses in a Porsche Carrera loaded with punch cards in the back. At least, that was
the plan for a few weeks. “I was in Binghamton [N.Y.] on a freeway exit,” says Dufeld.
“It was foggy, and the tire slipped. I went through a telephone pole.”
Dufeld never slowed down. With his fourth startup he made his debut on The
Forbes 400 in 1995, having amassed a $600 million fortune as the founder of PeopleSoft,
which provided easy-to-use software for corporate personnel. PeopleSoft’s employees
were as enthused as its customers—it won acclaim as one of America’s best places to
work—but Dufeld’s freewheeling style created a series of stumbles. In early 2005 Peo-
pleSoft was swallowed up in a hostile takeover by a much larger rival, Oracle, for $10.3
billion, leaving Dufeld rich, morose and out of work.
PeopleSoft senior executives “had some sort of post-traumatic Oracle disorder,”
recalls Salesforce.com CEO Marc Beniof, who met periodically with Dufeld and his
PHOTOGRAPHS BY JEFF SCIORTINO FOR FORBES

lieutenants over the next few years to share strategy tips and rally their spirits. “They
reminded me of a dog that got hit over the head too many times.”
Dufeld can smile now. His ffth startup is rapidly outpacing his fourth: Workday de-
livers human resource and fnancial software, just like PeopleSoft, but it does so in the
ultramodern world of the Internet cloud, rather than via traditional installations in cor-
porate data centers. Workday has attracted customers such as LinkedIn and Thomson

80 | FORBES OCTOBER 7, 2013

 Dave Dufeld’s ffth
startup, Workday,
made him richer than
all the prior ones
combined.

OCTOBER 7, 2013 FORBES | 81

THE FORBES 400 — DAVID DUFFIELD
Reuters: providing them with easier
installation, faster updates, spifer
features and all the sleek graphics and
iPad usability that consumer Inter-
net companies have made so popular.
Even though the Pleasanton, Calif.
company has yet to turn a proft,
cloud-crazy investors have rewarded
Workday with a $13 billion stock mar-
ket valuation. Dufeld’s 40% stake,
combined with his previous invest-
ment portfolio, is worth $6.4 billion,
more than triple what it was last year.
Dufeld has had the steepest rise of
anyone on this year’s Forbes 400. The
question: How did the old guy do it?
The Tech secTor, unique
among American industry, worships
youth over experience. Disruption,
the belief goes, comes from new
generations of digital natives who
are unburdened with knowing how
things were or are. In 1998 Micro-
soft founder Bill Gates declared that
his biggest worry was “someone in a
garage inventing something I haven’t
thought about.” No kidding. Google’s
young founders, Sergey Brin and
Larry Page, were just getting roll-
ing at the time. A decade later it was
the Google guys’ turn to be spooked,
by Harvard dropout Mark Zucker-
berg and the social media tornado he
was creating with Facebook. Even
Zuckerberg (now a doddering 29) is
watching his back these days.
Tech’s white-haired veterans tend
to shift to the quiet safety of angel
investing and a few board seats. They
cheer or sputter as younger pioneers
wage war on the past. The evolution
into older irrelevancy is soothed with
the delights of a ski house in Tahoe,
a rich suntan or a Porsche collection.
Dufeld fts all those pleasures into
his life. But since 2005 he has been
on a nonstop crusade to turn Work-
day into a winner.
In recent months Dufeld has
been spotted again on college cam-
puses, from Florida to Illinois, pitch-
ing new Workday software that’s
82 | FORBES OCTOBER 7, 2013
The key man behind
Workday: co-CEO and
Chairman Aneel Bhusri.
meant to make universities run bet-
ter. His traveling habits have changed job anyway, excited about the fast-
a bit: With a private jet he keeps the
Porsches in the garage; the primitive
punch cards have been supplanted
by invisible fber-optic links. Yet the
entrepreneur’s delight in signing
contracts and wooing new prospects
never fades. “That sort of a road trip
is always fun,” says Dufeld.
Ask Dufeld how he stays ahead
of the kids and his frst answer is
coy: Don’t eat too much. “I just don’t
like being overweight,” says the man
who can still slip into 32-inch-waist
Levis with ease. Then, after a few
“They had some
sorT of posT-
TraumaTic oracle
disorder. They
reminded me
of a dog ThaT goT
hiT over The head
Too many Times.”
more words of dietary ad-
vice, Dufeld gets serious.
His latest success starts with
a willingness to chase the big
opportunity, he says. Helping
the cause is extra wisdom
gleaned from many years of
experience. Most important,
Dufeld says, is fnding the
right partner—in this case,
47-year-old Aneel Bhusri.
Dufeld and Bhusri met
20 years ago, when the
younger man was wrapping
up his M.B.A. at Stanford and
toying with the idea of head-
ing east for a venture capi-
tal job. Don’t do it, Dufeld
told him over a beer. Come
explore ways we can make
PeopleSoft grow. Dufeld’s
starting pay of $70,000 was
barely half what Bhusri could
have made in consulting or
on Wall Street. But Bhusri took the
paced opportunities that Dufeld
ofered. Smart call. Bhusri is nearly a
billionaire himself, serving as cochief
executive with Dufeld and holding a
6.9% stake in Workday.
Year by year the two men have
been adjusting the way they split
Workday’s command. A few years
ago, Dufeld says, it was 50-50. Now,
Dufeld maintains, “Aneel is 80% of
the CEO job, and I’m 20%.” Bhusri
demurs, but the best perspective
comes from Workday director Skip
Battle. “It will always be the Dave
and Aneel Show to the outside world,
because of Dave’s age and visibility,”
Battle says. “But if you were buying
key-man insurance, you’d pay the
highest premium for Aneel.”
What’s most striking is that
Bhusri—the relative youngster—has
become the grown-up in this rela-
tionship. He’s the careful driver with
the map, if you will, setting Work-
day’s strategy and making sure that
the company gets there. The contrast
is obvious at Workday’s big custom-
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 THE FORBES 400 — DAVID DUFFIELD

er events, where Bhusri opens the
show with a fact-flled update on
products. When Dufeld takes the
stage, he hurls snack food into the
audience and provides a peek at his—
gasp!—purple “skivvies” to bear out
the point that they were bought from
Primark, a Workday customer.
By revenue Workday is still a pip-
squeak in enterprise software. The
entrenched giants are Oracle and
SAP, with combined annual revenue
of about $50 billion. Workday’s cur-
rent annual run rate is only $400
million, not even 1% of the big guys’
pace. What gets investors so excited
is the possibility that little Workday
might have a lasting edge in defning
the future of enterprise software.
Morgan Stanley software analyst
Jennifer Swanson Lowe routinely
surveys Oracle customers to see what
their next move might be. In her last
such poll, in May, 10% of Oracle users
said they plan to switch to Work-
day for managing employees—and
another 29% said they want to take a
closer look at the new guy’s oferings.
Her conclusion: “Workday’s growing
mind-share could be a strong tail-
wind for growth.” A Goldman Sachs
forecast has Workday crossing the
$1 billion revenue mark in two and a
half years.
The old guard isn’t standing
still. After dismissing cloud mania
as “nonsense” in 2009, Oracle CEO
Larry Ellison more recently has
become a cloud enthusiast, buying
full-page magazine ads to tell people
about his company’s many initia-
tives in this area. It’s a similar story
at SAP, where co-CEO Bill McDer-
mott this summer talked about po-
tential customers “radically shifting
their businesses to the cloud.” Both
those companies are trying to stoke
rapid growth in their cloud oferings,
though more than 90% of their soft-
ware revenue still comes from tradi-
tional, on-site installations. Dufeld
and Bhusri see the world like the
twentysomething bomb-throwers
they are assuredly not: Workday’s
brief history and small size isn’t a
handicap—it’s a huge advantage.
“You have to start with a clean sheet
of paper,” Bhusri explains. “There’s
just no way around it. Every time you
see a new paradigm emerge, it’s al-
ways new vendors that lead it. I can’t
think of one case where an incum-
bent led a paradigm shift. There are

$7
the rise, fall, rise, fall and rise of dave duffield
1996 Companies 2005: oraCle Completes
rush to install peoplesoft taKeover; 2008 2012 worKdaY
6 peoplesoft 1999 hastY duffield Calls it a “sad worKdaY goes publiC at
software ahead daY.” duffield and bhusri produCes $28 a share;
growth at upgraded
of expeCted Y2K peoplesoft start worKdaY. stoCK leaps
Crisis; revenue software 72% in first daY
Creates everY
surges 94%. budgeting and of trading.
90 daYs,
operational defYing
NET WORTH ($BIL)

5 snarls. duffield
2004: ConwaY industrY
steps down as norms of
peoplesoft Ceo; is forCed out
as peoplesoft three-Year 2011
Craig ConwaY waits. worKdaY
taKes over. Ceo; duffield 2006
and aneel worKdaY Customer
bhusri brieflY Count
4 hires
hits 280.
taKe over but swarms of
resign deC. 21 engineers;
after oraCle builds
wins Control version
2003 oraCle
1998 with $10.3 0.8 of hr
pursues 2009: startups
peoplesoft billion bid. software;
3 peoplesoft are CostlY!
stoCK peaKs in $5.1 billion wins its
at $57.44. first six worKdaY posts a
hostile bid. $50 million loss
Customers.
on revenue of
$25.2 million.

0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NA 90 85 87 243 189 106 149 195 260 320 322 * * 347 332 331 229 65
FORBES 400 RANK *
NA: Not AvAilAble. Not oN list.

84 | FORBES OCTOBER 7, 2013

THE FORBES 400 — DAVID DUFFIELD
too many obstacles with legacy [com-
puter] code and thousands of cus-
tomers. It’s really hard to move.”
Even PeopleSoft couldn’t avoid
big-company torpor in its fnal years.
To Dufeld’s chagrin a 1999 attempt
to create radically new software
petered out. (“It wasn’t disruptive
enough,” Dufeld recalls.) By 2004
something as simple as upgrading
customers to the next generation of
software stopped being simple. Bu-
reaucracy and bloat got so bad that
Bhusri became convinced that enter-
prise software was ready for a whole
new way of doing things. Oracle’s
hostile raid left them no other choice.
The seeds for Dave Dufeld’s
vindication were sown over brunch
at a Truckee, Calif. diner a few miles
north of Lake Tahoe. It was Febru-
ary 2005, and Ellison had simultane-
ously stripped Dufeld and Bhusri
of their positions and flled their
pockets with cash. Bhusri was the
provocateur, laying out the case for a
new company that would sell a single
version of cloud-based software to
all its customers. Also on tap: big
changes in systems architecture and
“There’s jusT no way around iT. every
Time you see a new paradigm emerge,
iT’s always new vendors ThaT lead iT.”
user interfaces that would make the
software much easier to update and
much friendlier to use. If the two
men succeeded, they might create
something bigger and better than
PeopleSoft. If they failed, “we’d have
ended up with a smoking crater,”
Bhusri later observed.
Dufeld—the eternal risk-taker—
couldn’t resist. A few weeks later he
decamped from the Incline Village,
Nev. mansion that he had intended
to retire in and relocated to his old
working grounds about 20 miles
86 | FORBES OCTOBER 7, 2013
east of San Francisco. “I think I’ve
got one more in me,” Dufeld told
a longtime PeopleSoft deputy, Stan
Swete, when they bumped into each
other at an East Bay grocery store.
Whimsical to a fault, Dufeld tried
calling his venture www.davesnext-
move.com for a few days, as well
as XOOT and North Tahoe Power
Tools. Nobody else liked his choices.
Finally his daughter Amy steered
him toward the much more suitable
Workday name.
It didn’t matter what Dufeld
called the new project; word spread
quickly among the old PeopleSoft
crew that Dave was back. Within
weeks engineers who had built their
careers with Dufeld were setting up
Ikea folding tables in makeshift of-
fces. Dufeld became the frm’s sugar
daddy, covering frst-year costs with
a $15 million personal check. The less
liquid Bhusri pitched in a few mil-
lion later on. In this case experience
paid: Workday’s earliest customers
consisted mostly of midsize-company
CEOs who knew the founders. “They
bought the friendship, not the soft-
ware,” Dufeld now says.
Dufeld also helped set the same
competitive, fun-loving culture
that had been a big part of People-
Soft’s early success. He bought pool
tables for Workday’s East Bay and
San Francisco ofces. (He had been
a champion pool player as an under-
graduate at Cornell.) He invited pro
athletes like onetime NFL quarter-
back Steve Young to give pep talks to
employees. He celebrated each new
child born to a Workday employ-
ee, keeping a running tally of all the
Work-babies. Dufeld has ten kids
himself, three biological and seven
adopted, and starts his day by running
to school with his 3-year-old daugh-
ter. And he taunted Workday’s bigger
rivals with mischief such as YouTube
videos mocking SAP and Oracle.
All the while Workday’s engi-
neers were building software power-
ful enough for a Forbes Global 2000
giant, even if the company didn’t yet
have such customers. That meant
making it easy to record employ-
ees’ religion in Britain, blood type in
India, disability status in Germany
or familial home district in China.
Says Karen Beaman, an early Work-
day employee, “Our data structures
had to accommodate both global and
local needs.”
Workday’s earliest software wasn’t
pretty, but every 90 days a better ver-
sion emerged. Upgrades were smooth,
especially when compared with pre-
Workday tussles as customers reaped
the benefts Bhusri foresaw from
using the same centrally maintained
code. As Workday grew, its more ad-
vanced versions passed muster with
the Global 2000. Chiquita Brands and
Flextronics came on board. The likes
of Philips, Time Warner and Hewlett-
Packard followed.
Bhusri, a part-time venture capi-
talist at Greylock Partners when he
isn’t spending time at Workday, be-
came known as the company’s prod-
uct expert. Some of his insights come
from Silicon Valley, others from chats
with customers or front-line engi-
neers. “Aneel has this deep intellec-
tual curiosity,” says Reid Hofman, a
Greylock partner and the chairman
of LinkedIn. “He’s like a fsherman,
casting for ideas. And he’s very en-
couraging, so people tell him a lot.”
One early test came when Dufeld
declared that he didn’t want Work-
day to build a payroll system. Too
complicated, he said, and they hadn’t
worked well at PeopleSoft. Bhus-
ri consented for a bit but warned,
“We’re going to have to do it before
long. Customers will insist on it.” He
and Dufeld made a small bet about
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THE FORBES 400 — DAVID DUFFIELD
who might be right. Workday’s sev-
enth customer, McKee Foods, took
the must-have stance that Bhusri had
predicted. Payroll became part of the
Workday lineup.
More often Bhusri and Dufeld
have tugged Workday in the same di-
rection. In April 2010 Bhusri became
a frst-day buyer of the frst iPad—
and called Dufeld that weekend to
tell him: “This is going to be huge.
It’s a game-changer for us.” Dufeld
got his own iPad soon afterward and
concurred. Before long Workday had
a ten-person mobile team, reporting
to Bhusri, that devised a slew of h.r.
functions that were meant to run on
the iPad alone. Tasks such as fling
expenses, approving new hires or an-
alyzing regional proftability can now
all be done while on the go.
Workday’s mobile chief, Joe
Korngiebel, explains that iPad-
friendly software isn’t just a con-
venience; it also greatly increases
employees’ willingness to do tasks
themselves, rather than jamming
h.r. and fnance departments with
unwanted paperwork. That lowers
customers’ overall operating costs,
making Workday a more compelling
buy for customers. And the faster
that Workday racks up subscriptions,
the better its business looks.
Workday’s software isn’t cheap. A
three-year subscription to the com-
pany’s h.r. or fnancial suite can run
$100 to $200 annually per employ-
ee. Contracts of $800,000 a year are
common; multimillion-dollar orders
are increasingly part of the mix.
Customers can save as much as
40% versus traditional software on
overall costs, Workday contends, be-
cause upgrade and installation fees
are so much lower. Deloitte, which
does a lot of Workday installations,
says savings for big companies do
exist, but they are more likely to be in
the 10%-to-30% range.
With its big engineering and sales
costs, Workday posted a $36 mil-
lion loss in the quarter ended July
90 | FORBES OCTOBER 7, 2013
31, on revenue of $108 million. But
investors seem willing to focus on
more lenient metrics that give the
company credit for subscription
revenue that won’t be collected for
months or years. Bulls also note that
the company has more than $1 bil-
lion in cash, thanks to two big con-
vertible bond sales and its October
2012 IPO.
Workday raised a hefty $250 mil-
lion in equity before going public, and
while Dufeld took his big position
early—when the risks were greatest
and the stock cheapest—an interest-
ing assortment of big-name investors
pumped more money into the compa-
ny at higher valuations shortly before
the IPO. They include Bhusri’s col-
leagues at Greylock, Morgan Stanley,
T. Rowe Price and New Enterprise
“iT will always be The dave and aneel
show To The ouTside world, buT if you
were buying key-man insurance, you’d
pay The highesT premium for aneel.”
Associates, and tech legends Michael
Dell and Jef Bezos.
As Bhusri tells it, he button-
holed Bezos one year at Allen & Co.’s
summer get-together in Sun Valley,
Idaho. After about 15 minutes Bezos
told him: “Fine. I’ll invest.”
“Don’t you want to hear more?”
Bhusri asked.
“No,” Bezos replied. “I’ve heard all
I need.”
Workday’s oldesT salesman,
Dufeld, remains its most efective.
“We met for two hours the frst time,
and Dave was as humble and authen-
tic a person as I could have hoped
for,” says David Armstrong, presi-
dent of Broward College in Florida.
Dufeld didn’t just ofer charm; he
also invited Armstrong to suggest
product ideas. That’s led to brain-
storming about software that can au-
tomatically text students who might
be falling behind to urge them to
get extra tutoring while there’s still
a chance of salvaging their perfor-
mance. It also led to a multimillion-
dollar contract.
“If you truly listen to what people
are saying, you’ll fnd out what’s
on their mind that they want to be
comfortable with,” says Dufeld.
“And then you’ll be more efective in
addressing their concerns.” Simple
advice, but it’s often the diference
between outstanding salespeople
and ones who can’t understand why
they’re having such a hard time clos-
ing the deal.
As Workday grows, Dufeld’s
role will likely shift toward mentor-
ing, boardroom oversight and special
projects. “I could see myself reporting
to Aneel in a couple years,” Dufeld
says. His younger partner shoots
back: “And it’s my job to try to post-
pone that switch for as many years as
possible.”
One worry that Dufeld and Bhus-
ri won’t have this time around is the
risk of a hostile takeover. While their
company has lots of investors, as a
practical matter, the two cofound-
ers are the only owners that matter.
Their holdings are concentrated in
supervoting Class B shares, which
give them 72% voting control of the
company. They didn’t have anything
like that at PeopleSoft, and they say
they’ve learned their lesson. This
time around, says Dufeld, “we con-
trol the voting rights in spades.” And
he has no plans to go anywhere any-
time soon. F
 THE FORBES 400 — REINHOLD SCHMIEDING

SportS
Medicine’S
rich LittLe
Secret
The man who powers the world’s
orthopedic surgeons has built a $2.5 billion
fortune by clobbering anyone in his way.
And punishing anyone who talks about it.
BY SUSAN ADAMS

R
einhold Schmieding, the 58-year-old behind hundreds of medical
marvels that get pro athletes and weekend warriors alike back on
the feld, has a singular style of relaxing. An avid fsherman, the
founder of Arthrex, a private surgical-devices company, treated a
dozen distributors and company executives to a smallmouth bass
fshing trip in the Boundary Waters of southern Canada a decade ago. This was
no ordinary cast-and-drink excursion. “We had to compete for who got the frst
fsh, the biggest fsh, the most fsh,” recalls a former associate who was on the
boat. Remembers former distributor Bill Schultz: “I caught the biggest walleye,
and it really pissed him of.” Come evening Schmieding engaged some of his
exhausted, soused underlings in a game of Spades, refusing to call it quits until
he came out on top. (An Arthrex spokeswoman says “the specifc details of this
story are inaccurate” but would not clarify what they were.) Recalls the former
colleague: “He has to win at everything.”
That likely explains why Schmieding is a new member of The Forbes
400, with a net worth of $2.5 billion. Joint repair is not a feld for sissies—
Schmieding has to duke it out for patents and patients, the latter delivered via
the orthopedic surgeons who decide whether to use any of his 7,500 products.
At least six companies compete with Arthrex, which had $1.4 billion in sales
last year—about 30% of the sports medicine market—with operating proft
margins that FORBES estimates run in the 30% range.
Pity anyone—his fellow fshermen, card players or rivals—who gets in his way.
He’s quick to sue over any incursion into his business, real or perceived. Most of
the 14 Arthrex alums and consultants I contacted for this story insisted on ano-
nymity, even if they had left on good terms. Many signed nondisclosure agree-
ments, but the fear goes beyond that. “If you quit working for Reinhold, you’re

92 | FORBES OCTOBER 7, 2013

“He has to win at everything”:
Foes and fans credit
Schmieding for innovative
and aggressive tactics.

OCTOBER 7, 2013 FORBES | 93

THE FORBES 400 — REINHOLD SCHMIEDING
not only dead to him, but he will bad-
mouth you and might go after you,”
says someone who worked in product
development. (The Arthrex spokes-
woman strongly denies this.)
This former colleague recalls
how Schmieding, attending a trade
show, once caught sight of a cur-
rent Arthrex employee saying hello
to Dennis Donnermeyer, an early
hire who left on acrimonious terms.
“Reinhold ran at this guy and got
nose-to-nose with him and started
screaming at him in the middle of
the conference foor. He told him to
get away from his people.” (Through
his spokeswoman, Schmieding says
he asked Donnermeyer to leave
because “his presence … was inap-
propriate.”) Donnermeyer went on to
start a small device company, Parcus
Medical, with two other former em-
ployees. Arthrex has sued Parcus for
patent infringement and capitalizing
on trade secrets. Parcus has fled an-
swers denying the allegations and a
counterclaim against Arthrex.
Schmieding has a secretive patent
on his own life, too. He is publicity
shy to the point of pathology: In the
course of building one of America’s
great medical fortunes, he has granted
only a few brief interviews, two of
which allowed him to retain some
control. (One involved sending e-mail
responses to a chamber of commerce
publication; the other was a vetted
piece in the local business magazine in
Naples, Fla., where Arthrex is based.)
Even his self-published autobiogra-
phy-cum-company history—Helping
Surgeons Treat Their Patients Better:
A History of Arthrex’s Contribution
to Arthroscopic Surgery—refracts the
facts through a narrow lens.
Aware that his fortune would pro-
pel him onto the 400 list, Schmied-
ing agreed to sit down with FORBES
in Munich for what apparently
would be his frst-ever interview
with a national publication. Sixteen
hours before my fight, however, he
got cold feet. No explanation was
94 | FORBES OCTOBER 7, 2013
given. When that didn’t derail this
story, Schmieding later “answered”
seven questions by e-mail, via his
spokeswoman, all of which seemed
as scrubbed as the operating rooms
where his instruments reside.
No matter. All the bullying and
secrecy in the world can’t mask the
truth: Control freak or not, Reinhold
Schmieding has pulled of one of the
biggest success stories in the recent
history of the health care business.
At Arthrex heAdquArters in
Naples, Schmieding maintains a Kim
Jong-un level of omnipresence, even
when he’s away in Germany. Inside
the main building, one of fve, past
long hallways and rows of high cu-
bicles, you reach the founder’s corner
ofce. While not impressively large,
employees consider it something of
a Schmieding shrine, with artifacts
like the $50 drafting table where he
“reinhoLd SignS
off on every
preSS reLeaSe and
every Screw and
Suture we Make ...
and the coLor of
the carpet.”
sketched out his frst instruments.
In reverent tones, Dennis O’Keefe, a
12-year veteran and head of customer
relations, tells me, “Every decision
to make a product is Reinhold’s.”
We walk past a cadaver lab where a
handful of visiting surgeons try out
a new technique on a severed leg. If
Schmieding were here he would be
in the lab, suggesting how to position
the drill guide, says my minder (I was
given the company tour in advance of
the aborted interview).
Later fve product managers click
through PowerPoints showing their
favorite devices. Among them: a
technique to reattach ankle liga-
ments with sutures made of polyester
and polyethylene, and blood plasma
from Arthrex’s orthobiologics unit
that was injected into Pittsburgh
Steelers wide receiver Hines Ward
two weeks before the team won
the 2009 Super Bowl. No one takes
credit for these innovations; they in-
stead bow to Schmieding’s brilliance
and support. “Is the product proft-
able or not? Reinhold doesn’t ask that
question,” says shoulder-and-elbow-
product manager John Sodeika.
But he does get involved in all
matters, small as well as great.
“Reinhold signs of on every press
release and every screw and suture
we make,” says his spokeswoman.
“He signs of on the plans for the new
manufacturing building we’ll soon
have in Ave Maria. He signs of on
the color of the carpet.”
Precision is a thread across his life.
The son of German immigrants who
moved to Bloomfeld Hills, Mich. six
months before he was born, Schmied-
ing graduated with a major in physiol-
ogy from Michigan State, where he
was recruited to play golf. Though
his dentist father wanted him to be
a doctor, he was intrigued with the
engineering of medical instruments
and took a job with Richards Medi-
cal, a maker of orthopedic implants
and surgical devices, which hired him
shortly after graduation to head up
its German subsidiary. After spending
three years with Richards and many
hours in operating rooms helping
surgeons with company instruments,
Schmieding thought he could excel in
the nascent feld of arthroscopy.
His timing was fortuitous. Arthros-
copy traces its roots to 1912, when a
Danish doctor used a scope to examine
the inside of a knee. It wasn’t until 1955
that a Japanese surgeon, Masaki Wata-
nabe, developed and used arthroscopic
instruments relying on small incisions,
instead of opening up a joint—speed-
ing up recovery time. By the late 1970s,
when Schmieding became interested,
minimally invasive surgery was just
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THE FORBES 400 — REINHOLD SCHMIEDING
taking of, mainly to repair knees. Doc-
tors told him they wanted better tools
for fxing a torn meniscus, the horse-
shoe-shaped pad of tissue in knees that
serves as a shock absorber between the
tibia and the femur. That gave him the
impetus to start a tiny outft that modi-
fed other manufacturers’ products.
With no business plan or funding,
Schmieding moved back to the U.S. in
1980 with his future wife, Erika, and
took business classes at night. By day
he tried to get his company of the
ground, using the ofce of a friend in
Westport, Conn. and getting proto-
types from instrument makers in Ger-
many. He got his frst small orders and
was barely staying afoat when Erika
announced she wanted to go back to
Germany to fnish her law degree.
While there, Schmieding chris-
tened his new company Arthrex (an
abbreviation of Arthroscopic Excision
Instruments). He sketched out the
amateurish logo still in use today—an
“X” bifurcated with a tiny arthro-
scope and a scissorslike grasper.
Working with surgeons, he designed
a half-dozen products, including a leg
holder for knee repairs, made by an
aircraft parts manufacturer.
Even as German surgeons, a
conservative bunch, were slow to
embrace new techniques and tools,
Schmieding pressed on, relying on
an American partner to handle dis-
tribution. But after Arthrex’s U.S.
ofce demanded a new shipment,
even though it owed $70,000 in back
orders, Schmieding discovered that
the manager had been embezzling
money to pay for medical treatment
after sufering a heart attack.
As if to compensate for that over-
sight, Schmieding began microman-
aging every aspect of the business,
meeting with almost every orthope-
dic surgeon in Munich to focus on
new instruments. He once entered
a cadaver lab to work on a damaged
knee. Without a measuring tool to
gauge the exact position of a liga-
ment, he pulled out a paper clip and
96 | FORBES OCTOBER 7, 2013
fgured out the optimal angle to guide
a drill. That led to a tool Arthrex still
sells, the PCL Tibial Marking Hook.
For a decade Schmieding scraped
by with minimal outside investment—
a scary time. (Today three sources
mediCal moGUls
Surgical deviceS can be a lucrative
buSineSS. reinhold Schmieding
joinS theSe eight memberS of our
billionaireS liSt who have made
their fortuneS on everything from
hoSpital bedS to ScalpelS.
GAYle Cook, 79, $5.2 Billion
wife of the late william Cook
(d. 2011). Cofounded $2 billion
privately held stent and catheter
maker Cook Group in 1963. major
shareholder and board member.
JAMeS leiNiNGer, 68, $1.25 Billion
former emergency room doctor
bought, then renamed wound-care
product maker kinetic Concepts
(kCi) in 1976; sold his stake in 2011
to private equity frms.
AlFreD MANN, 87, $1.2 Billion
entrepreneur whose companies
have included pacesetter (pace-
makers), minimed (insulin pumps),
advanced Bionics (cochlear im-
plants), mannkind (insulin inhalers).
GArY MiCHelSoN, 64, $1.5 Billion
orthopedic surgeon; inventor on
more than 250 patents on spinal in-
struments, implants and procedures.
settled patent fght with medtronic
in 2005 for $1.35 billion.
roNDA StrYker, 59, $3 Billion
Grandfather homer, an orthopedic
surgeon, founded $8.7 billion stryker
Corp. in 1941. The only stryker
involved in the business as board
member and largest shareholder.
PAt StrYker , 57, $1.7 Billion
ronda’s sister and fellow heir to the
stryker fortune lives in fort Collins,
Colo.; active in democratic politics.
invested in abound solar, which
went bankrupt in 2012.
JoN StrYker, 55, $1.4 Billion
ronda and pat’s brother, an architect
in kalamazoo, mich. Big donor to
gay and lesbian groups, also funds
conservation. a monkey species, Rhi-
nopithecus strykeri, is named for him.
HANSJörG WYSS, 78, $8.7 Billion
in June 2012 completed $20.2 bil-
lion sale of synthes, maker of bone
implants and surgical power tools,
to Johnson & Johnson. swiss citizen;
lives in wilson, wyo.
estimate he owns 95% of the com-
pany; it’s unclear who owns the rest.)
In 1990 the company had revenue
of $600,000, but the U.S. remained
a problem, with $400,000 in unpaid
inventory. Schmieding realized it was
time to focus on America, his big-
gest headache and the world capital
of sports injury repair. In search of
warm winters, he moved with one
employee to an industrial park in
Naples in 1991.
Schmieding drove himself hard and
cultivated relationships with surgeons
and distributors. As the business grew,
he set up a cadaver lab to train sur-
geons to use Arthrex tools. No decision
was too small. “Each time they moved
to new corporate headquarters, he
was microscopically involved in the
details, down to the color schemes and
Gayle Cook: Chris howell / herald-Times; James leininGer: C Barksdale / san anTonio express / ZUma press / newsCom; alfred mann: phil han / ZUmapress / newsCom;
approval of website designs,” says a
former consultant.
“He’s intimately aware of every
single aspect of his company,” says
Stephen Nicholas, director of NY
Orthopedics and a sports medicine
ronda sTryker: aGnes domanska; Jon sTryker: CoUrTesy of The arCUs foUndaTion; hansJoerG wyss: GeorGios kefalas / epa / newsCom
surgeon. “He’s got great knowledge
of anatomy and the technique and
demands of procedures. It’s like talk-
ing to another surgeon.”
Schmieding began focusing his
business in two areas: mass and class.
First, disposable items that remain
in the body, such as a suture and an-
chor system he developed in tandem
with a practitioner that reduced the
need to sew through the tissue and
tie knots. “It’s almost like a Velcro
sneaker,” says Nicholas. Cheap to
make, yes, but also high volume and
high margin. The second area of
focus: super high-end equipment,
which commands a giant premium.
Schmieding recently started making
so-called total joints—titanium and
plastic shoulders and metal knees—
that go for $5,000 but probably only
cost him $1,000 to make. Relying on
a nationwide distributor network he
built in the mid-1990s, his company
has been expanding at a 16% clip over
the last fve years, while the industry
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THE FORBES 400 — REINHOLD SCHMIEDING
has been growing in the single digits.
It’s one thIng to have the right
products. It’s another to sell them.
The key to Schmieding’s success lies
in slavishly surveying surgeons, as
well as courting them through paid
consultancies and, when necessary,
sharing many of Arthrex’s 200-plus
U.S. patents. “I get texts from him
at 4 and 5 a.m.,” says Steven Lee,
director of upper extremity surgery
at Lenox Hill Hospital in Manhat-
tan and a paid consultant to Arthrex.
“What he’s thinking about is always
six steps beyond what I’m thinking
of.” Schmieding spends plenty of time
cultivating them, particularly the
arthroscopic version of those leaders:
pro sports team doctors, like Christo-
pher Ahmad, head team physician for
the New York Yankees and another of
Arthrex’s paid consultants.
These relationships allow him to
expedite new products in six months
or less, since surgeons have essen-
tially preapproved them. Ahmad says
Schmieding was the only operator will-
Like everyone eLSe that MakeS MedicaL
deviceS, arthrex haS bLurred the Line
between innovating and copying.
ing to produce a set of tools to repair
tears in medial collateral ligament of
the elbow, injuries unique to the small
population of pitchers. “The larger
companies are like the British Army.
It’s hard to move them,” says Jim Brad-
ley, head team physician for the Pitts-
burgh Steelers, who has no fnancial
relationship with Schmieding. “With
Arthrex it’s like guerrilla warfare—they
change things immediately.”
But cozy relationships with sur-
geons have become an industry prob-
lem, at times shading into collusion.
Eight years ago federal prosecutors
went after fve of Arthrex’s larger ri-
vals, including DePuy Orthopaedics,
a unit of Johnson & Johnson, and
98 | FORBES OCTOBER 7, 2013
Smith & Nephew, a London-based
medical equipment maker, accus-
ing the companies of paying doctors
to use their products in violation of
anti-kickback laws. The cases settled
for a total of $310 million, without
the devicemakers admitting wrong-
doing but agreeing to let regulators
review their contracts with surgeons.
Arthrex avoided prosecution, in
part, because the feds targeted total-
joint-replacement makers, a business
Schmieding got into later on. But like
every other company in the business,
Arthrex provides a host of fnancial in-
centives to doctors. Does anyone really
believe a surgeon’s decision to use a
particular device isn’t compromised
by a research grant, consulting fees or
royalties from patents or products?
The ten surgeon-consultants I talk-
ed to all insisted that Arthrex is scrupu-
lous about how it pays them, sticking to
ethical guidelines laid out by AdvaMed,
a trade association. “Reinhold won’t
even pay for you to go and play golf or
take you out to dinner,” says Nicholas,
the New York City surgeon.
Schmieding likes to think that the
best instruments—his, of course—
win. In fact, like everyone else in this
feld, Arthrex has blurred the line
between innovating and copying. “It’s
a paradox of our industry that we’re
all revolutionary but substantially
equivalent,” says a former company
product engineer who still works in
the business. Four ex-employees al-
lege that Arthrex reproduces compet-
itors’ designs outright, making small
alterations, and then applies for what
is known as 510(k) clearance from the
Food & Drug Administration, which
green-lights new devices that are
based on existing tools, usually within
a matter of a few months. “Arthrex
will copy a product and expect to be
sued, but, in the meantime, they make
a ton of money,” says one. Retorts a
spokeswoman, “Arthrex absolutely
does not employ this strategy.”
In fairness, this seems to be stan-
dard industry practice. While Arthrex
has been a party in at least nine patent
suits over the last decade, rivals like
Smith & Nephew have piled up their
own share of claims as both defendant
and plaintif. These two competitors
are still battling over an $85 million
jury verdict won by Smith & Nephew
in 2011 claiming that Arthrex stole a
design for rotator cuf anchors.
Still Schmieding seems to reserve
special animus for tiny Parcus Medical
of Sarasota, Fla., the company founded
in 2007 by Arthrex alum. The team at
Parcus has been sued twice by their
alma mater, even though the products
in question—screws, suture anchors,
screwdrivers and guide wires—repre-
sent a tiny slice of Arthrex’s business.
Their biggest sin seems to be breaking
Schmieding’s omerta.
After all, business—bare-knuckled
business—is Reinhold Schmieding’s
life. “He’s not caught up with being
a billionaire,” says Neal ElAttrache,
head team doctor for the Los Ange-
les Dodgers and a co-inventor of an
Arthrex-patented method to repair
rotator cufs. “He doesn’t like glitz.”
Schmieding drives a practical, if
comfortable, Audi S8. And while he
wouldn’t tell us how many homes he
has, a friend says that, in addition to
residences in Florida and Munich,
he owns a vacation house in Big Sky,
Mont.—along with a nearby house for
use by his employees.
Arthrex says Schmieding has a
succession plan in place. Yet no one
who talked with us actually believes
that the detail-obsessed founder
will ever be ready to surrender. Says
surgeon James Guerra, a friend and
consultant to Arthrex: “I think he’s
going to go until he drops.” F
—With reporting by Erin Carlyle
100 | FORBES OCTOBER 7, 2013
 The
Happy Sad
Philanthropic Lecherous
Love-flled Rent-A-Friend
Life Of
Pharmaceutical The King
Billionaire Of All Fun
Stewart Stewie
Rahr Rah Rah
What happens when a man has more cash than he can
ever spend and no rules on how to spend it?
Stewart Rahr’s answer: an unhinged, hedonistic bender,
Jonathan KozowyK for forbes

flled with girls, guns, sex tapes—and a lesson in whether

money really can buy happiness.
By Steven Bertoni and caleB melBy

OCTOBER 7, 2013 FORBES | 101

THE FORBES 400 — STEWART RAHR
A
t 9:15 on a Wednesday
night Stewart Rahr
struts into Catch, a
thumping restaurant in
New York’s Meatpack-
ing District, with a lithe Taiwanese
party promoter on one arm, an aspiring
Brazilian actress on the other and his
bodyguard, Big Tommy, trailing behind.
Rahr wears his thinning hair greased
back from his tangerine-tan forehead, a
wide-open black button-down hanging
untucked over his tight jeans. His cus-
tom, highlighter-yellow Swatch (with
his face on the watch face) matches
his “I Love Ibiza” phone case, both
consistent with his bright trademark
sunglasses. He’s promptly seated—for
about 30 seconds.
Soon Rahr, who is 67 years old and
refers to himself in the third person as
“Rah Rah,” begins pinballing among
tables, a 50-cent Black & Mild cigar
wedged in his mouth, pointing fnger
pistols at rapper/producer Doug E.
102 | FORBES OCTOBER 7, 2013
Fresh and R&B singer Maxwell as he
shakes his hips and grunts “Hey-hey-
hey!” It’s his latest tagline, one bor-
rowed from Robin Thicke’s “Blurred
Lines,” this summer’s ubiquitous hit
song made infamous for its music
video featuring three aging pop stars
surrounded by naked nymphets. Rah
Rah’s own nymphets sulk at his table,
thumbing iPhones, as he bounces
over to the eight models seated
nearby and informs them that he’s
single. Hey-hey-hey. Introduced to
another young woman, he breaks the
ice thusly: “Where do you work? Over
the desk? Under the desk? Everyone
has a position.”
Since selling his New York-based
drug distribution company, Kinray,
to Cardinal Health for $1.3 billion in
2010, the Big Apple has been seeing
a lot less of Stewart Rahr. Rah Rah,
however, has been pretty unavoidable.
Everyone has a friend who seems tons
of fun to hang out with for a night but
proves so exhausting you would rather
not see him for a few months. Stewart
Rahr is that guy. Times a billion.
Rahr keeps an ever-growing list of
celebrities, journalists, politicians and
fellow billionaires up to speed on his
adventures through massive e-mail
blasts, often signed “Stewie Rah Rah
Number One King of All Fun.” Mark
Cuban tells FORBES these e-mails
are probably the best he’s ever seen.
The notes almost always come with
attachments. See photos of Rahr mug-
ging with Michael Milken, Leonardo
DiCaprio, Paris Hilton. See a clip
of his private concert by opera star
Andrea Bocelli. See him accept an
award for his $10 million gift to the
Make-A-Wish Foundation. Check out
Jonathan KozowyK for forbes
these gorgeous young women in bi-
kinis, cocktail dresses and sometimes
nothing at all. In late July Rahr sent
an e-mail with the subject line “So r
u going w me to Capri, Italy, n Ibiza,”
which contained a picture of two
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THE FORBES 400 — STEWART RAHR

naked women with the words “Love THE RAH RAH GIRLS
life, have fun, Rah Rah,” along with
an abstract likeness of Rahr painted
across their bare bottoms.
The 400 or so people on Rahr’s
blind-copied e-mail list (he con-
spicuously cc’s the names, and e-
mails, of the more famous, from Jay
Leno to Oprah Winfrey, rotating the
visible celebrities as a farmer does
felds) have become used to such
antics. Those not on Rahr’s e-mail list
also get to live voyeuristically. He’s
become a staple for the gossip pages,
particularly the New York Post’s Page
Six. In November he was banned
from the midtown outlet of Robert De
Niro’s celebrity sushi joint, Nobu. Ten
days later he was taken into custody
for allegedly pulling a gun on an ele-
vator operator. And most notoriously,
this June it was revealed that he had A Rahr’s-eye view, from St. Tropez and the Grammys to Ibiza and Monaco, as shared with his list.
been sending friends copies of a sex
tape involving three women that he and zeroes. Rahr showers people right nightstand Rosebud, he may as
flmed in the back of a limousine. with what he considers love. The well: It’s flled with old photos of his
“It was in France; I was single,” question remains whether he is get- parents as well as the grin-and-grab
shrugs Rahr. “I turned around, and ting any return on that investment. photo that started it all—a young Rahr,
the girls were, ‘hey-hey-hey, ho-ho- perhaps 6 or 7, on vacation at Disney-
ho,’ it’s a party.” Past the hallway with Picasso, land, holding hands, at his father’s in-
All this action dovetails, coinci- Miró and Koons on the high foor of sistence, with Walt Disney himself.
dentally or not, with a $250 million the Trump Park Avenue apartment Stewart Rahr grew up in Far
divorce settlement made in May with building, you’ll fnd a sparse, cream- Rockaway, Queens, the second of two
his wife of 43 years, Carol. Rahr says colored room with knockout Man- sons. Rahr says his father, Joseph,
there’s no connection to the uptick in hattan-skyline views that Rahr im- was rarely home, a workaholic, man-
his antics and that he and his ex still plies gets a lot of visitors. He calls it aging both a small family pharmacy
have lunch once a week. “My divorce the “panty dropper.” You can learn a and intermittently trying to get into
with Carol was phenomenal,” says lot about someone by looking around the distribution game. Rahr describes

Rahr. “I love that girl.”
Love is the key word in Rah Rah’s
vernacular. He intermittently uses
“love life” and “love & have fun fun!”
as mottos on almost every communi-
cation he sends. He expresses love of
friends and family. A love of people,
as evidenced by the philanthropic
honors he’s keen to share.
That’s what makes the story of
Stewart Rahr more than just a tale of
Caligulan excess, an ongoing episode
of HBO’s Entourage (which Rahr
scored a walk-on role in, naturally,
courtesy of cocreator Mark Wahl-
berg), except with a lot more years
his bedroom.
Above his king bed’s leather head-
board Rahr shows of his most recent
art acquisition, a painting depicting a
reclined nude woman, those signa-
ture yellow sunglasses in hand, “Rah
Rah Forever Young!” scrawled across
her yellow skin, Basquiat-style. His
two nightstands, meanwhile, display
Rahr’s evolution. The one on the left
is all Rah Rah, chock-full of framed
photos showing him with various
members of the A-list (Scarlett Jo-
hansson, DiCaprio, Bill Clinton), the
drawers below stufed with copies
of Page Six. While he doesn’t call the
pHoToGRApHS CouRTESy STEwART RAHR, ExCEpT Top: JonATHAn KozowyK foR foRbES
his mother, Gertrude, as a dominat-
ing homemaker who kept quieter
Pops “under her thumb.”
As a kid, Rahr says, he was stricken
with polio. He remembers the perva-
sive loneliness of lying on the foor of
his family’s living room, trapped in leg
braces, while listening to his friends
play stickball on the street. By high
school, though, Rahr had toughened
up. He was a baseball player and top
scorer for the varsity basketball team—
a fact he proves by producing the of-
fcial scorekeeper’s book. His yearbook
has him listed as “King Rahr” and
“Most likely to bully teachers.”

106 | FORBES OCTOBER 7, 2013

 THE FORBES 400 — STEWART RAHR
After NYU as an undergrad, he
attended law school, which he hated.
When his father announced plans
to sell Kinray in 1969, Rahr dropped
out and persuaded his father to let
him run the company. “I wasn’t born
into the lucky sperm bank like a lot
of these other people are,” Rahr says,
glossing over the fact that he in-
herited an established, albeit small,
company. “You know, I couldn’t buy
my way—I had to work my way.”
He pauses. “What a great quote: ‘I
couldn’t buy my way into success, I
had to work my way into success.’”
Around this same time he began
courting Carol. A friend had shown
Rahr a photo of her, and the inner-
salesman took over. Without prior
introduction he phoned her just after
Rosh Hashanah and said “Happy
New Year, this is gonna be the best
year of your life.” They went out for
cofee, and Carol remembers two
things distinctly: Rahr talking at
THE RAH RAH pEopLE
PRINCE HARRY KANYE WEST, KIM KARDASHIAN
length about his ambitions for Kin-
ray, and his driving, which teetered
between aggressive and reckless.
“I said, ‘If your business doesn’t
work out, you could always drive a
cab.’ ”
Pharmacy distribution is a brutal
business, especially for smaller play-
ers. Giant companies like McKes-
son and Cardinal Health are happy
with cash fow margins under 3%. To
stand out Rahr spurned the big drug-
store chains to focus on single mom-
and-pop shops, casting Kinray as the
“underdog” distributor. Rahr hustled
108 | FORBES OCTOBER 7, 2013
“I TURNED AROUND,
AND THE GIRLS
WERE, ‘HEY-HEY-
HEY, HO-HO-HO,’ IT’S
A PARTY.”
hard to develop deep relationships
with small-business owners in metro
New York and New Jersey, often
lending them money to expand or get
through hard times. “Listen, I don’t
sell to your competitor over here—
Duane Reade or CVS. But I see you’re
dealing with McKesson,” he’d tell the
smaller pharmacy owners. “They’re
selling to them and supporting them,
and they’re supporting the mail-
order houses.” The guilt trip usually
paid of.
As Rahr expanded he sought every
cost advantage. An automated order-
packing system, installed in 1993
DONALD TRUMP
after Rahr randomly met the system’s
inventor on an airplane, shortened
turnaround times and helped sales
jump 40% to around $200 million the
following year. Rahr put the money
back into Kinray and moved from a
25,000-square-foot headquarters into
a 400,000-square-foot warehouse in
Queens, near the Whitestone Bridge.
The new digs could handle a mas-
sive amount of volume, and soon the
champion of the little guy was out-
muscling smaller distributors.
Rahr worked diligently. “Let’s
say they’d predict 2 feet [of snow],”
Carol remembers. “They’d sleep in
the warehouse so they could be open
the next day. I don’t think there was a
day they were closed, like ever.”
Kinray, at it roots, was a family
company. Rahr’s older brother Elliot
made a go of it with him in the early
days, but it worked out poorly. Elliot
left, and Rahr wound up owning Kin-
ray outright. In 1998 Rahr brought a
third generation into Kinray, tapping
son Robert (Rahr also has a daughter,
Felicia) as executive vice president
and general counsel. That apparently
fopped, too—by 2005 he was gone.
“It was a wonderful company with
wonderful people, and I enjoyed my
experience there immensely,” Robert
says in a telephone interview, each
word uttered deliberately, as if he
was reading from a statement. “And
I have the utmost respect for my col-
leagues and team members.” Even his
dad? “I’d prefer not to answer that
question,” he says. (He called back
MUHAMMAD ALI
later, unprompted, to revise his an-
swer: “It includes everybody, includ-
ing my father.”)
As success accelerated, Rah Rah
began to emerge. In the 1990s Rahr
would play the role of Gatbsy in his
co-op on York Avenue, throwing par-
ties with gaggles of women frolicking
in the building’s stainless-steel pool.
During this time Rahr, along
with the rest of the industry, made a
bundle speculating on drug prices,
stockpiling pharmaceuticals he be-
GETTy IMAGES
lieved would go up in price. After the
practice was banned in 2004, Rahr
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THE FORBES 400 — STEWART RAHR
focused on the high-margin gener-
ics business, private-label health care
products and client services, from
pricing consulting to in-store displays.
By 2010 Kinray was the largest
privately held pharma wholesaler
in the country, grossing $4 billion a
year, supplying 80% of independent
pharmacies in metro New York. But
Rahr says he was exhausted from
the “war” and felt that he had led
his battalion for too long without
enjoying the spoils. “I heard all about
these places all my life from my other
friends. Single guys or guys who had
no businesses or little businesses. I
could never go to Saint-Tropez, Ibiza,
Monaco, Cannes. Never. I would hear
about it, but I never could go.”
He’d had his fll. “I got up one
morning, without telling anybody,
and sold the business,” Rahr says.
“[My wife] didn’t even know, neither
did my son. I just said, ‘What the f---?
I’ve been in this 42 years.’ ”
JESSICA SIMPSON JIMMY FALLON
The marriage ended soon there-
after, in a similar manner. “Cause I
wanted to be me—do my own thing,”
says Rahr. “Wake up in the morning,
not have to be responsible, just go
and be happy.”
Stewart Rahr, sixtysomething
family man and billionaire phar-
maceutical entrepreneur, was gone,
Stewie Rah Rah, the Number One
King of All Fun, was fully unleashed.
The Nobu and gun incidents oc-
curred within a month of the divorce
announcement, and beginning the
next week he was e-mailing photos
110 | FORBES OCTOBER 7, 2013
“I GOT UP ONE
MORNING, WITHOUT
TELLING ANYBODY,
AND SOLD THE
BUSINESS.”
of himself and various young bru-
nettes from the foor of a Miami Heat
game and in front of a private jet,
shopping bags in tow. At the Miss
Universe pageant Rahr sent a picture
of himself mounting a statue of a
canine that he dubbed “Rah Rah dog-
gie style.” There was no one to put on
the brakes.
RahR May NO lONGeR have a
business, but that doesn’t keep him
from having an office. The billion-
aire rents 7,500 feet of space on the
24th foor of the Trump Tower on
Fifth Avenue to go with his Trump
RUSSELL SIMMONS
apartment nearby. Incidentally, he
also wears Trump Success cologne,
which he seems to apply every 30
minutes or so. “He’s diferent than
other people,” says Trump, the previ-
ous standard-bearer of New York
billionaire gauche. “He’s a character,
and he’s fun to be with.”
Ostensibly, the business of this
office is philanthropy. In reality the
core mission is the fabulous life of
Rah Rah. The ceiling speakers pipe
in his adopted “Blurred Lines” party
song, along with a rotation of other
pop hits. The decor is a mix of trophy
case and Pee-wee’s playhouse. A
dummy outftted in Rahr garb slumps
on a white leather couch as videos
of the billionaire accepting charity
awards loop on the wide-screen Sam-
sung. A cofee table is shingled with
magazines that he’s appeared in,
including a previous edition of The
Forbes 400. A magazine rack labeled
“Porn” sits in the corner next to a
sculpture of magenta lips.
And that’s just the reception area.
When Rahr sold Kinray he im-
mediately put $100 million into a
foundation. On a relative basis, it’s
a pittance—FORBES estimates that
Rahr is currently worth $1.7 billion,
and it’s all liquid. An average port-
folio would throw of that kind of
money every year. But in real terms,
it’s enough to blast open any door
he wants on the American charity
circuit. Most Forbes 400 members
who’ve turned to philanthropy as a
second career have a specifc goal
DONNA KARAN
or worldview. Bill Gates applies
numbers-based analysis to maximize
the efficacy of poverty solutions. Jef
Skoll funds social entrepreneurs.
Milken, a prostate cancer survivor,
has decided to target his disease.
Stewart Rahr describes his foun-
dation goals the way a budding
pageant contestant might. He wants
to focus on “our youth, education
and medical research.” But a cursory
glance of how he gives—much less
his office’s inner sanctum, where the
GETTy IMAGES
photos of him and more than 300
celebrities line the walls like subway
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THE FORBES 400 — STEWART RAHR
tiles—shows that his philanthropy
is geared around one thing: fame, or
access to it. “I don’t look at ’em as
pictures,” says Rahr. “I look at them
as levels of achievements, as trophies
of where I am in life.” His favorite
one? “The one I don’t have.” If you’re
famous and want money for your
cause, Stewie Rah Rah is your man.
Spend a day with him at his office
and you can see that play out. On his
black leather desk, two bells labeled
“Ring for Sex” bookend a stack of
checks for charities sponsored by
Alicia Keys, rapper Swizz Beatz and
America’s Next Top Model personal-
ity Nigel Barker.
The last one is causing Rahr some
irritation. Someone from Make-A-
Wish called Rahr on behalf of Barker
asking for the $25,000 check. But Rahr
won’t hand it over to anyone but Bark-
er himself. “I said, ‘I want the guy to
come here, this Nigel guy, I like him,’ ”
Rahr says. What will Make-A-Wish’s
ANDREA BOCELLI, KATIE COURIC
top supporter do if Barker doesn’t
show? Rahr says he’ll tear up the check
if he has to wait much longer.
Those on the receiving end clearly
fnd Rahr worth the efort. Says
Trump, “If I’m ever honored, he’ll
give a million dollars every time,
even if it’s a small event.”
Michael Milken, who has received
$15 million in Rahr largesse, enough
to fund an entire team of investiga-
tive doctors in Michigan, is still more
efusive: “He’s got a heart as big as
the entire world. There’s diferent
levels of philanthropy. One thing is
112 | FORBES OCTOBER 7, 2013
WHAT IF THE STAR
DOESN’T SHOW?
RAHR SAYS HE’LL
TEAR UP THE CHECK.
just writing checks; another is inter-
acting with the individuals.”
The good he generates is unques-
tioned—and Rahr focuses diligently
on making sure everyone knows that.
In January he sent members of his
e-mail list—cc’ing the likes of Leon
Black and Steve Wynn—a $10,000
monthly invoice from a public rela-
tions frm. In the e-mail he called out
the frm’s chief, saying the invoice
“does zero for me,” and demanded
that his Make-A-Wish donations
get written about in “some major
publications,” such as the New York
Times or Wall Street Journal (“No
JOHN LEGEND GEORGE LOPEZ
blog stuf.”). “This could be your last
chance,” he wrote, before signing of,
“I love helping the world!!!”
Rahr recently struck upon the idea
of using his e-mail blasts to further
promote his charitable nature. The
frst fve recipients who can correctly
identify the celebrity and location
featured in the photos get $5,000 for
the charity of their choice, with Rahr
touting the incrementally increasing
fgure. In 2010 he engineered a simi-
lar promotion with the New York
Mets—every team home run gener-
ated $1,000 for charity (fan favorite
David Wright generated $5,000 per
blast), and Rahr was ultimately feted
with a “Home Rah Rah Day.” Fans
took home 25,000 pairs of yellow
sunglasses, the sides inscribed with
the words “The #1 King of All Fun.”
This charity-fame-publicity nexus
has at least one refugee. Rahr once
counted comedian George Lopez
among his entourage, thanks in no
small part to $700,000 in donations
he made to the National Kidney
Foundation, where Lopez serves as
spokesman. But after a joke Rahr
made at a 2009 Lopez-hosted fund-
raiser ofended the comedian—Rahr
ofered just $25 at auction for four
tickets to Lopez’s new show—Lopez
launched a public fght, accusing
Rahr of buying friends.
No matter: Make-A-Wish has
more than 100 celebrities associ-
ated with it, many of whom turned
out in June at its annual New York
gala, where Rahr was the guest of
ALYSSA MILANO
honor. His table included Trump and
his wife, Melania; R&B artist John
Legend; Carmelo Anthony; and LL
Cool J. Most impressive, Stewie Rah
Rah brought into his tent two people
who otherwise would seem to have
nothing in common: Bill Clinton and
America’s fourth-richest man, con-
servative power broker David Koch.
Koch sat at Rahr’s table, sand-
wiched between Melania Trump and
Legend (in 2011 he and Milken were
sighted awkwardly dancing to hip-
GETTy IMAGES
hop beats at a party at Rahr’s Hamp-
tons estate). Clinton saluted Rahr
“If we’re going to stay
competitive, we need to
find other ways to grow.”

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THE FORBES 400 — STEWART RAHR
remotely, capping of a video tribute
that started with clipped greetings
from DiCaprio and Wahlberg.
“I’m grateful your generosity will
make a lasting positive diference in
the lives of so many kids, their fami-
lies and their communities,” Clinton
said. If you watch the tape carefully,
something else pops out. Twice dur-
ing his tribute Clinton makes refer-
ence to his “friend Stewart Rahr.”
And both times he uses those words,
the former president, intentionally
(his spokesman says he was twice
suppressing a chuckle about the Rah
Rah nickname), sticks his tongue into
his cheek so squarely that it juts out.
It Is a RaRe DOwN weeKeND
in August at Burnt Point, Rahr’s
sprawling East Hampton mansion.
The aspiring Brazilian actress suns
by the pool; Rahr sits inside, check-
ing his phone constantly. The only
movement in the house is Michael
RUPERT MURDOCH CHRISTIE BRINKLEY
Milken’s chef; Rahr has lent his
kitchen to the junk bond king’s foun-
dation so they can prepare food for a
nearby fundraiser.
The calm generates memories
for Rahr: how he beat out real estate
mogul Steve Roth for the $45 million
property; when Andrea Bocelli and
Lionel Ritchie visited; how Alicia
Keys performed there; the time he
let his assistant, Nicolette, use it for
her wedding. “I have so much,” he re-
fects. “Why did it all happen to me?
There has to be a reason.” He recalls
how Carol cried happy tears when he
114 | FORBES OCTOBER 7, 2013
frst toured the house with her.
Rahr insists that even after the
nine-fgure divorce, they remain best
friends. They even spent their an-
niversary together. “You don’t spend
40-some years with somebody ... ,”
says Carol. “I’m not telling you it’s
perfect, but there was a lot of good, a
lot of good.”
But that’s the past. A few weeks
later Rahr forwards FORBES an e-
mail exchange with the Robin Hood
Foundation to show of both his giv-
ing and his relationship with the ex-
wife. In 2006 Rahr and Carol donat-
ed $1 million to help build schools.
A plaque has been erected in their
honor on a building in Brooklyn, and
Rahr confrmed that he’d like to take
Carol to see it for her birthday in
October. In the same e-mail, though,
Rahr discussed the plaque soon to be
installed at a second school, in the
Bronx. On this one, he said, Carol
should be left of.
LL COOL J
That’s a better fate than that of
Rahr’s older brother and onetime
business partner, Elliot. As Rahr
helicopters from his Trump apart-
ment to the Hamptons compound
and showers money on seemingly
any celebrity who will ask, Elliot
lives in a dated Upper East Side high
rise above a hardware store and pet
hospital. He fled for personal bank-
ruptcy in 2010, with assets of $8,810.
(Elliot declined to comment; Stew-
art Rahr says they haven’t spoken in
25 years.)
Rahr now has a new family. Like
Tiffany, whom he’s texting now
(“I will be in the city next week,”
she texts back, “let’s do something
then :-).”). And her sister, whom
he dated before Tiffany. That one
didn’t go well, and Rahr has been
tearing her apart via e-mail lately,
cc’ing many on his list, bragging
about how he had sex with her
on the 13th of the month, add-
ing “Not sure what day of week I
was w your sister, Tiffany!” And
Arnold Palmer and Ron Burkle
can read about how he plans to
sell a Picasso and then donate the
proceeds to her “STD doctor, who
must b soo busy these days!!” (The
sister responds: “I don’t want to be
involved with that psycho.”)
Just another day for the king of all
fun. For now he’s focused on lunch,
bemoaning the 15 extra pounds that
he can’t seem to shake as he unwraps
a brownie. “What am I going to do
with a beautiful woman like her
CLIVE DAVIS
around?” he asks of the chef. “We’re
not going to be cooking! Maybe some
spooning and forking!”
Even as he eats, Rahr remains
glued to his phone. Every time he
sends an e-mail, the silence of the
empty estate is broken as his iPhone
rings out a spanking sound followed
by a woman’s sensual moan. He turns
up the volume of the sound system
blasting through the house—it’s
“Blurred Lines” again. “Happiness
just doesn’t happen,” he says while
GETTy IMAGES
tapping on his phone. “You have to
force yourself.” F
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The Forbes 400 — Newcomers

The Class of 2013

Twenty newcomers joined The Forbes 400
this year, hailing from felds as diverse as
biotech, subprime auto loans and fshing gear.

John Morris
$4 billion
Rank:
110
age:
65
SouRce:
bASS PRo SHoPS

“I feel blessed
to have the
opportunity
to follow
Jonathan KozowyK for forbes

my passion.”
116 | FORBES OCTOBER 7, 2013
 Michael Rubin
$2.3 BilliOn
Rank:
243
age:
41
SouRce:
onlinE SPoRTS
MERCHAnDiSE

“I was $120,000 in debt at 16.

Rule number one is
you can’t be scared to fail.”
bill Miles for forbes

OCTOBER 7, 2013 FORBES | 117

The Forbes 400 — Newcomers

Robert Duggan
$1.6 BilliOn
Rank:
342
age:
69
SouRce:
bioTECH FiRM
PHARMACYCliCS

“My son
had had
glioblastoma,
so I knew more
about brain
tumors than
the average guy
Christian PeaCoCK for forbes

walking down
the street.”
118 | FORBES OCTOBER 7, 2013
 William Erbey
$2.3 BilliOn
Rank:
243
age:
64
SouRce:
MoRTgAgES

“afordability is falling,
or has fallen, and it is
a long-term issue for
homeowners. ocwen’s
challenge is to keep more
people as homeowners and
create positive value for them.”
Jonathan KozowyK for forbes

OCTOBER 7, 2013 FORBES | 119

The Forbes 400 — Newcomers

Robert Pera
$1.95 BilliOn
Rank:
293
age:
35
SouRce:
WiRElESS
nETWoRKing gEAR

“I want to be in the same sentence as

cisco or Huawei. We have the potential
to be a big-cap defining company.”
Christian PeaCoCK for forbes

120 | FORBES OCTOBER 7, 2013

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The Forbes 400 — Newcomers

Don Hankey
$1.6 BilliOn
Rank:
342
age:
70
SouRce:
auto loans

“If you wait until

you need cash to get
cash, it’s too late.”
Tim Rue foR foRbes

122 | FORBES OCTOBER 7, 2013

THE FORBES 400

The Top 20
While the rich got richer in 2013, the mega-rich got mega-richer. The 20
richest Americans saw their worths swell 20% to $636 billion. And while the
Top 10 held serve, surprises filled the next rung. (Welcome back, Zuck!)

1. Bill Gates
$72 billiOn 
Source: MicrOsOft,
investMents
AGe: 57
reSidence: Medina, WasH.
SELF-MADE

Gates remains atop

The Forbes 400, a perch he’s
held since 1994, despite giving
away $28 billion, most of it
to the Bill & Melinda Gates
Foundation. In April bolstered
his foundation’s eforts to
eradicate polio, securing
$335 million in pledges
from 6 billionaire comrades,
including $100 million each
from Mexico’s Carlos Slim and
Mike Bloomberg (see). Shares of
Microsoft jumped in late August
on news that Steve Ballmer
(see) will step down as CEO;
Gates will remain chairman
of the software company he
POrtraits by kyle HiltOn fOr fOrbes

cofounded in 1975 with Paul

Allen (see). Microsoft represents
less than a ffth of his fortune.
Gates’ investment frm, Cascade,
owns chunks of tractormaker
Deere & Co., Canadian National
Railway and Mexican Coke
bottler Femsa.

signatOry Of tHe giving Pledge

124 | FORBES OCTOBER 7, 2013

 3. Larry Ellison $41 billiOn 

Source: Oracle AGe: 69 reSidence: WOOdside, calif. SELF-MADE

LittLe Gets in the way of Larry Ellison’s ambition—or mouth. In a TV

interview in August Oracle founder said that Apple’s best days are behind it
after the passing of Steve Jobs, a close friend, and that Google’s alleged infringe-
ment of Oracle’s patents in its Android software was “absolutely evil.” Dream of
a second America’s Cup sailing trophy dealt a serious blow in September when
a jury found Oracle team guilty of cheating and docked it 2 points. Collector of
houses on Malibu’s Carbon Beach also owns of 98% of Hawaii’s Lanai island. In
quest for youth has donated $445 million to his medical foundation to support
research on aging and age-related diseases.

2. Warren Buffett
$58.5 billiOn 
Source: berksHire HatHaWay
AGe: 83 reSidence: OMaHa
SELF-MADE

neither aGe nor prostate cancer slows

Bufett down: a year after completing radiation
treatment, he is still doing huge deals.
His Berkshire Hathaway picked up iconic
ketchupmaker H.J. Heinz for $23.2 billion in
June in a deal with Brazilian billionaire Jorge
Paulo Lemann. A Berkshire subsidiary is buying
Nevada’s NV Energy for $5.6 billion in cash.
Gave away another $2 billion of Berkshire
stock to the Gates Foundation in July, bringing
lifetime giving to nearly $20 billion. Despite the
gift, saw fortune rise $12.5 billion, more than
any other member of The Forbes 400, thanks to
a 34% increase in Berkshire shares.

4. Charles Koch the Country’s

richest brothers
Los Angeles Times
and Chicago Tribune
components maker
Molex for $7.2 billion
$36 billiOn  failed to unseat as platforms for and cellulose fbers
Source: diversified AGe: 77 Barack Obama as their libertarian producer Buckeye
reSidence: WicHita, kans. President in 2012 views. Fortunes Technologies for
INHERITED & GROWING but keep fnding $1.5 billion. Invested
are up a combined

4. David Koch ways to drive

liberals crazy. Latest
$10 billion this
year as $115 billion
$1.5 billion in
glassmaker Guardian
$36 billiOn  frenzy was over (sales) Koch Industries. Thrifty
Source: diversified AGe: 73 widely reported (but Industries steadily brothers reinvest
reSidence: neW yOrk city never confrmed) expands. Agreed 90% of earnings in
INHERITED & GROWING interest in buying to buy electronics- business.

OCTOBER 7, 2013 FORBES | 125

THE FORBES 400

6. Christy the kids are aLL riGht.

Combined fortune of Sam
Walton & family Walton heirs up 27%, or
$28.9 billion, from year ago
cHRISTy
WALTON

$35.4 billiOn  due to change in control of

Source: Wal-Mart AGe: 58 the shares held by their late
reSidence: mother’s (d. 2007) trust. JIM
JacksOn, WyO. Shares of Wal-Mart up
WALTON

INHERITED
only 2%. Their father Sam

7. Jim Walton and uncle James started

giant retailer in 1962. Now
$33.8 billiOn  employs 2.2 million people
Source: Wal-Mart AGe: 65 in 11,000 stores worldwide.
reSidence: Siblings split more than
bentOnville, ark. $1.4 billion in dividends
INHERITED after taxes so far in 2013.

8. Alice Walton
ALIcE
Christy, the richest woman WALTON
in the world, inherited her S. RObSON
$33.5 billiOn  wealth when husband, John WALTON

Source: Wal-Mart AGe: 63 Walton, a Green Beret and

reSidence: medic in Vietnam War, died
fOrt WOrtH, tex. in an airplane crash in 2005.
INHERITED His side investment in First

9. S. Robson
Solar once boosted Christy’s Bank, worth $1.8 billion of operation. Its collection
net worth well above other with branches in Arkansas, of American art is worth

Walton Waltons but lead narrowed

when the stock tanked in
$33.3 billiOn  2011. First Solar is up 57%
Source: Wal-Mart AGe: 69 in past year, putting her
reSidence: firmly in first again. Jim,
bentOnville, ark. Sam’s youngest son, is chief
INHERITED executive of family’s Arvest
Kansas, Oklahoma and
Missouri.
Alice started Crystal
Bridges Museum of
American Art in Bentonville
in 2011. Eclipsed 1 million
visitors in under 2 years
hundreds of millions of
dollars. Runs a horse ranch
in central Texas. Sam’s
eldest son, Rob, is Wal-Mart
chairman. Has endured
protests against low wages
and a bribery scandal.

10. Michael Bloomberg

$31 billiOn 
Source: blOOMberg lP
AGe: 71
reSidence: neW yOrk city SELF-MADE

worLd’s riChest mayor ends 12-year run atop

the Big Apple in December. Next act is anyone’s guess
but will likely continue to exert his political infuence
on the national debate over gun control. Fortune is
up $6 billion since last year, thanks to performance
of Bloomberg LP, the fnancial data frm he founded
in 1982 after being fred from Salomon Brothers.
Owns 88% of the company, which generated $7.9
billion in 2012 revenue. Owns at least 10 homes in
Manhattan, Westchester County, Bermuda, Vail and
the Hamptons. Lifetime philanthropic giving is at $2.8
billion, including a recent $100 million pledge to Gates
Foundation to help Bill (see) eradicate polio.

126
THE FORBES 400

12. Jeff Bezos

$27.2 billiOn 
Source: aMazOn.cOM
AGe: 49 reSidence: seattle
SELF-MADE

amazon.Com’s founder and

CEO bought a new toy in August: the
136-year-old, moneylosing Washington
Post. The $250 million purchase
launched speculation about how he
might reinvent the media business,
but Bezos already knows how to lose
money well. Despite operating at
basically zero proft recently, Amazon

11. Sheldon stock crossed $300 for frst time in

Adelson
$28.5 billiOn 
Source: resOrts, casinOs
AGe: 80 reSidence: las vegas
SELF-MADE
GambLinG moGuL continues
to hit jackpot. Booming business
at casinos in Macau and Singapore
lifted fortune of Las Vegas Sands
chief $8 billion over the past
year as shares climbed 34%. In
August settled a money laundering
investigation by agreeing to pay feds a
$47 million fne after Sands had failed
to report deposits made by a high-
stakes player to the U.S. government.
July. Fortune is up $4 billion in past
year. Princeton grad quit Wall Street
job and moved to Seattle to sell books
from a garage in 1994.
13. Larry Page
$24.9 billiOn 
Source: gOOgle AGe: 40
reSidence: PalO altO, calif. SELF-MADE
GooGLe’s Cofounder added $4.6 billion to for-
tune in past year. Shares of the ad juggernaut are up
48% since he took over as CEO in April 2011. Lately
has been defecting intense scrutiny on Google and
other online services over accusations they supplied
the U.S. government with users’ data. Page wrote in
his blog: “Press reports that suggest that Google is
providing open-ended access to our users’ data are
false, period.” Sufers from vocal-cord nerve issue
that makes his voice raspy. Googlers created a per-
sonal synthetic voice service that could make com-
munication a bit easier for him. A clean-energy nut,
Page’s network of houses in Palo Alto employs solar
panels and rooftop gardens.

14. Sergey Brin

$24.4 billiOn 
Source: gOOgle AGe: 40
reSidence: lOs altOs, calif. SELF-MADE

brin Lets PaGe run ComPany while he oversees secretive Google X

division, dedicated to breakthrough ideas like driverless cars and wearable
computers such as the Glass augmented-reality spectacles he sports
everywhere. Had a cameo in Google-inspired Hollywood fick The Internship.
Soaring stock price led to a $4.1 billion jump in net worth since last September.
News broke in August that Brin and wife of 6 years, Anne Wojcicki, are
splitsville and that Brin is involved with a Google employee. He and Wojcicki
donated $53 million to the Michael J. Fox Foundation in February as part of
the Brin Wojcicki Challenge to fght Parkinson’s disease.

Turn page for a gatefold timeline of

The Forbes 400’s trillion-dollar decade.
 THE FORBES 400

trillion-dollar decade
The Forbes 400 have more than doubled their money since 2003,
while the top ten have played an exclusive game of musical chairs.
Gainers: Chief Yahoos Jerry Yang & David
Filo nearly triple their wealth.
Donald Trump’s The
Apprentice airs for
the frst time. Gainer:
51 Sheldon Adelson
jumps $8.5
Drop-of: women
wrestling’s (most In the billion after Las
Vince last DeCaDe) Vegas Sands
McMahon. IPO pops
Steve Case resigns
as chairman of
AOL Time Warner.
Newcomers: 10 members of
the Pritzker clan join the list
after the family’s $17 billion
hotel fortune is split up.

$1.0
forbes 400 total wealth
$1.002 trillion
($trillion) $956 billion

Drop-of:
0.8 Wal-Mart
heir John
Walton dies
in plane
crash
0.6

0.4 new

0.2

0 2003 2004
 Can’t touch this:
fIrst year David Gefen sells Jackson Steve Jobs
that all
Gates steps down
Pollock’s “No. 5, 1948” for more announces as Microsoft
members of the
forbes 400 have than $140 million. Apple’s iPhone. chairman to focus
at least Starts selling on foundation.
$1 bIllIon devices in June.

newComers:
45 new faCes JoIn,
InCluDInG DavID
rubensteIn
Bufett announces decision to donate majority of his
fortune to the Bill & Melinda Gates Foundation after
previously decrying public giving.
$1.573 trillion
$1.540 trillion
The force is with him:
lehman
George Lucas completes brothers
Star Wars prequel fIles for
trilogy.
Drop-ofs: 57 ChaPter 11

The most in the last decade.

$1.254 trillion
Newcomer:
Mark Zuckerberg
Newcomer: debuts at 24,
making him the
Starbucks’ Howard
David Ken
youngest person in
Schultz at $1.1 billion the last decade.
Dufeld Langone

2006 2007 2008

 Tesla IPOs, but Elon
averaGe Musk won’t join 400
Loser: net worth for 2 years.
Sheldon DroPs to
Adelson loses $3.17 bIllIon,
$13 billion, the Down from
bigest one-year $3.9 bIllIon the
PrevIous year
loss in the last
decade

Gates and Bufett’s Giving Pledge is announced.

First signatories include: Oprah ends
25-year-long
talk show.

Do not pass go:

Raj Rajaratnam
Larry Ted David
and Allen Stanford
Ellison Turner Rockefeller
arrested.

$1.369 trillion

$1.268 trillion
Bloomberg assumes
office of New York Newcomers: Power
mayor for third (and couples Jin Sook and
fnal) term. He spent a Do Won Chang (For-
Drop-of: combined $268 million ever 21) and Stewart
Citigroup’s on 3 mayoral elections. and Lynda Resnick
(Fiji Water) debut on
Sanford The 400.
Weill

2009 2010

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($trillion)

steve Jobs
newcomers: 20 Jennifer Pritzker
becomes frst
including
DIes transgender
twitter’s
billionaire.
Jack Dorsey
1.8

$1.695 trillion C. Dean Metropoulos and Leon Black rescue

Twinkies with bid for Hostess.

Meanwhile, 1.6
Facebook stock
plummets after
hyped IPO.

1.4
Larry Ellison buys Hawaiian island
of Lanai for $300 million from fellow
400 member David Murdock.

breaKInG
news:
Jeff bezos
1.2
buys Washington
Post for
$250 mIllIon

1.0

The Top Ten

stayed the 0.8
same for the
frst time since
Forbes began
tracking their
movements 0.6

0.4

0.2

2012 2013 0
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THE FORBES 400

15. Forrest 15. John are on board of directors

but have no responsibility
historical preservation
and is trustee of
Mars Jr. Mars for day-to-day operations.
Combined net worth up
Colonial Williamsburg
Foundation. Jacqueline
$20.5 billiOn  $20.5 billiOn  $10.5 billion in past year. is a trustee of U.S.
Source: candy AGe: 82 Source: candy Mars founded in 1911 by Equestrian Team
reSidence: big HOrn, AGe: 77 grandfather Frank, who Foundation and on
WyO. INHERITED reSidence: JacksOn,
made chocolates in his the board of directors
WyO. INHERITED JAcquELINE MARS

15. Jacqueline
Tacoma, Wash. kitchen. of National Sporting
Company invented Library & Museum. John
third-Generation
Mars heirs to Mars, world’s
malt-favored nougat
that became basis of
and his wife, Adrienne,
are noted supporters
$20.5 billiOn  largest candymaker, with
$33 billion in estimated
Milky Way and Snickers. of the Fred W. Smith
Source: candy Introduced M&Ms in National Library for
sales from brands such as
AGe: 73 1941. Bought Wrigley’s the Study of George
3 Musketeers, Juicy Fruit,
reSidence: tHe in 2008 for $23 billion. Washington at Mount
Plains, va. INHERITED
Twix and Skittles. All 3
Forrest Jr. supports Vernon. FORREST MARS

19. George Soros

$20 billiOn 
Source: Hedge funds
AGe: 83 reSidence: katOnaH,
n.y. SELF-MADE

hedGe fund LeGend returned

18. Carl Icahn
$20.3 billiOn 
Source: investMents
AGe: 77
reSidence: neW yOrk city
SELF-MADE
Puts the aCtive in activist
investor. Returns to Top 20 with
net worth up $5.5 billion this
year thanks to bets on Netfix and
vitamin maker Herbalife, which
hedge fund manager Bill Ackman
(see) called a pyramid scheme.
Also challenged Michael Dell
(see) for his eponymous computer
company and lost but forced
Dell and Silver Lake Partners
to up their bid to $24.9 billion.
His nearly 90% stake in Icahn
Enterprises L.P. is worth more
than $7 billion. In August 77-year-
old took to Twitter to announce
big stake in Apple. Shares surged
9% in week after tweet.
remaining $1 billion of outside
capital under frm’s care in 2011,
but investors still carefully track
his every move. Shorted yen this
year and went long Apple and
Herbalife. The $25 billion in his
fund belongs to Soros and his
foundations, which have doled
out billions to human rights,
democracy and education.
September wedding bells with
Tamiko Bolton, who is half his age.
Born in Budapest, Soros survived
Nazi occupation of Hungary and
went on to study at London School
of Economics before launching
hedge fund in 1969.
20. Mark Zuckerberg
$19 billiOn 
Source: facebOOk AGe: 29
reSidence: PalO altO, calif. SELF-MADE
zuCk foiLs doubters in strong return to Top 20.
Thanks to healthy mobile ad growth, shares of Face-
book have doubled in the past year, helping to erase
sting of company’s botched IPO in May 2012. Hoodie-
wearing CEO expanded his infuence beyond Silicon
Valley with lobbying group FWD.us, which advocates
for immigration reform and technology education.
One of more generous fgures in tech: donated 18 mil-
lion Facebook shares, worth nearly $500 million at
the time, to Silicon Valley Community Foundation in
December 2012 for health and education initiatives.

OCTOBER 7, 2013 FORBES | 137

 THE FORBES 400
C Ov E R AGE
21. Steve
Ballmer
$18 billion 
Source: microsoft
Age: 57
reSidence: Hunts Point,
WasH. Self-mAde
Announced in August that he’ll
quit as Microsoft’s CEO once
replacement is found. He was
blamed repeatedly over past
half-decade for missing out
on key tech trends like cloud
computing. Shares rose 7% on
the news. Grew up in Detroit
suburb; father was midlevel
manager at Ford. Graduated
Harvard, worked as assistant
product manager at Procter &
Gamble; M.B.A. from Stanford.
In 1980 old Harvard classmate
Bill Gates talked him into
joining Microsoft.
JAnuAry 27, 1997
“Customers want more computing power and software, not less.
They want everything to work together easily. That takes more code,
not less. I’m not a troglodyte. We get 75,000 calls a day to technical support.
Nobody has a better idea what customers want than we do.”
22. Len Blavatnik
$17.8 billion 
Source: diversified
Age: 56 reSidence: London Self-mAde
He and partners sold their stake in oil venture
TNK-BP to Russia’s Rosneft in March; he
pocketed $7 billion. Now investing in sexier
ventures: paid $400 million for piece of Berlin
incubator Rocket Internet. Also invested
in Russian online fashion retailer Lamoda,
American designer Tory Burch; backing new
Martin Scorsese flm, Silence. Bought Warner
Music for $3.3 billion in 2011. Owns $6 billion
stake in chemical maker LyondellBasell.
Arrived in U.S. at 21 from former Soviet Union,
earned degrees from Columbia, Harvard;
invested in Russia as the Cold War ended.
23. Abigail Johnson
$17.2 billion 
Source: money management
Age: 51 reSidence: miLton, mass.
inherited & growing
Third-generation executive at Fidelity
138 | FORBES OCTOBER 7, 2013
Investments, the second-largest U.S.
mutual fund company after Vanguard,
with an estimated 24% stake. Appointed
president of Fidelity Financial Services
in August 2012; front-runner for CEO
spot when her father, Edward “Ned”
Johnson (see), steps down. Joined
Fidelity in 1988 as an analyst after
receiving M.B.A. from Harvard.
24. Phil Knight
$16.3 billion 
Source: nike
Age: 75 reSidence: HiLLsboro,
ore. Self-mAde
Nike refocusing on core business of
athletic apparel, shoes. Sold soccer brand
Umbro for $225 million in December
2012; sold fashion shoe label Cole Haan
for $570 million 2 months later. Knight’s
fortune up $3.2 billion as Nike shares
rose by a third. Former U. of Oregon
track star founded Blue Ribbon Sports
in 1964; sold Japanese running shoes
out of trunk of car, taught accounting at
Portland State.
 uP  doWn
25. Michael Dell
$15.9 billion 
Source: deLL
Age: 48 reSidence: austin, tex.
Self-mAde
After months locked in battle with
activist investor Carl Icahn (see), Dell
won shareholder approval of his fnal
$24.9 billion ofer to take his PC company
private; it will be the biggest leveraged
buyout in recent years. Started selling
computers from his dorm room at U. of
Texas in 1984; dropped out to start Dell.
CEO of company for all but 3 of past 29
years. Only $3.8 billion of his fortune held in
Dell stock; rest is managed via MSD Capital
and invested in banking, property, dental
practices and landscaping companies. With
wife, Susan, has tackled urban poverty,
childhood obesity; their foundation has
committed more than $900 million to these
issues. In January said it would donate
$50 million to his alma mater to build new
medical school to be named after him.
26. Paul Allen
$15.8 billion 
Source: microsoft, investments
Age: 60 reSidence: mercer isLand,
WasH. Self-mAde
Microsoft cofounder owns only estimated
$2 billion in software outft’s stock but
is still bullish on technology. His Vulcan
group just opened a venture capital ofce
in Silicon Valley, investing in online retailer
Gilt Groupe and a cloud-software frm.
In late 2012 sold 12-building campus in
Seattle to Amazon, which was leasing space,
for $1.15 billion. Owns Seattle Seahawks,
Portland Trailblazers. With his band, The
Underthinkers, just released country-rock
album Everywhere At Once. Gave away $113
million so far in 2013, including gift to Allen
Institute for Brain Science. Still planning to
build world’s largest airplane by 2016.
27. Donald Bren
$14 billion 
Source: reaL estate
Age: 81 reSidence: neWPort beacH,
caLif. Self-mAde
Wealthiest real estate developer in the U.S. is
$1 billion richer than a year ago due to rising
property values. His Irvine Co. is focused on
southern California; portfolio includes nearly
500 ofce properties, 48,000 apartments and
more than 40 shopping centers. Attended U.
of Washington on a skiing scholarship. With
partners in 1977 bought Irvine Co., founded in
1864, for $337 million and became the frm’s
sole shareholder in 1996.
 uncHanged  neW to List  returnee
 THE FORBES 400

C Ov E R AGE 32. Charles Ergen

$12.5 billion 
27. Ronald Source: disH netWork
Age: 60 reSidence: denver
Perelman Self-mAde
Entrepreneur entered satellite-TV business
$14 billion  in 1980s, just as the industry was set to
Source: Private equity explode. Although Dish Network and
Age: 70 reSidence: Echostar, the 2 companies he controls, are
neW york city Self-mAde still proft machines, foresees a day when
Known as much for his consumers get all their video content over
multiple marriages (5, the Internet or through high-speed mobile.
including one to actress Ellen At pains to remake his empire to be ready
Barkin) as for his deals; sold for that. Won the FCC approval he needed
subsidiary of M&F Worldwide, to implement his plan; securing necessary
which he took private in 2011, amounts of spectrum and infrastructure
for $1.2 billion in cash in July; has proved a challenge. A $25.5 billion bid
still has its licorice division. for Sprint Nextel in April concluded with
Also holds stakes in cosmetic Ergen empty-handed. Net worth is up $3.5
giant Revlon and Humvee- billion from a year ago due to a 40% climb
maker AM General. Daughter in Dish Network stock.
Samantha reportedly is suing
her uncle James Cohen over
her maternal grandfather’s 33. Harold Hamm
estimated $600 million
fortune; alleges he cheated her $12.4 billion 
out of her share. Source: oiL & gas
Age: 67 reSidence: okLaHoma city,
december 10, 1990
okLa. Self-mAde
Second wife, Sue Ann, a lawyer and economist,
Ron Perelman resents being characterized as a fnancial wheeler-dealer, fled for divorce in 2012. Hamm may not have
just another junk-bond billionaire. He wants to be known as a superb signed a prenup and could lose a bundle. For
now fortune up $2.7 billion in past year as
businessman. Restoring Revlon will be the test. shares of his Oklahoma oil giant Continental
Resources soared and production jumped 43%.
Still betting heavily on Bakken shale in North
empire into 2 unequal parts, a big one with Dakota; predicts yield of 24 billion barrels of
29. Anne Cox Chambers television and flm properties (21st Century oil in decades to come. Youngest of 13 children,
Fox) and a smaller one for newspaper and grew up in one-bedroom house; parents picked
$13.5 billion  book publishing (News Corp.). The decoupling cotton. First job: gas station attendant. Struck
Source: media was taken in part to contain the damage from out on own with Bobtail Ford Truck, used to
Age: 93 reSidence: atLanta the phone-hacking scandal that engulfed his service oil wells.
inherited British papers. Launched 2 national sports
Majority owner of media conglomerate channels, Fox Sports 1 and 2, a bid to grab slice
Cox Enterprises, founded by her father, of $10 billion revenues that Disney’s ESPN 34. James Simons
James M. Cox (d. 1957) in 1898 when he now rakes in. Filed for divorce from third wife,
purchased Dayton Evening News. Sits on Wendi, mother of his 2 youngest children. $12 billion 
board of directors. Nephew James Kennedy is Source: Hedge funds
chairman. Company has revenues of over $15 Age: 75 reSidence: east setauket,
billion, includes Cox Communications (cable, 31. Ray Dalio n.y. Self-mAde
broadband), Cox Media Group (newspapers, MIT grad started out as theoretical
TV, radio stations), Manheim (car auctions) $12.9 billion  mathematician and was code-breaker for
and AutoTrader.com. Source: Hedge funds U.S. Department of Defense during Vietnam
Age: 64 reSidence: greenWicH, War. Later headed math department at
conn. Self-mAde SUNY at Stony Brook. In 1982 founded
30. Rupert Murdoch Lords over world’s biggest hedge fund frm, Renaissance Technologies, hedge fund
Bridgewater Associates, with about $150 that uses computer modeling to fnd
& family billion in assets. Bad start to year: his $75 inefciencies in highly liquid securities.
billion All Weather fund was down about “Quant King” retired from his $15.1 billion
$13.4 billion  8% in frst half. Founded Bridgewater in hedge fund frm, Renaissance Technologies,
Source: media his Manhattan apartment 1975. Working to in 2010 but maintains ownership stake
Age: 82 reSidence: neW york city ensure its survival after he retires, ceding more and continues to beneft from its funds,
Self-mAde responsibility and selling stakes to employees particularly the secretive and consistently
Australian-born media tycoon completed a and clients. Planning a new $750 million proftable Medallion. Chairs Math for
yearlong efort in July to divide his News Corp. headquarters in Stamford, Conn. America and supports autism research.

signatory of tHe giving PLedge

140 | FORBES OCTOBER 7, 2013
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 THE FORBES 400

of it is his own money. Funds are still

35. Laurene Powell Jobs up year to date thanks to bets on stocks 38. Philip Anschutz
like MGM Resorts and Aetna. Firm won
& family $512 million bid in August to take piano
$10.3 billion 
maker Steinway private. Former managing Source: investments
$11.7 billion  director of M&A at Bear Stearns, founded Age: 73 reSidence: denver
Source: aPPLe, disney frm in 1994. Became billionaire shorting Self-mAde
Age: 49 reSidence: PaLo aLto, caLif. subprime mortgage securities in 2007; Serial empire builder made fortunes in
inherited earned $5 billion in 2010, record pay for any oil, railroads, telecom. Put his Anschutz
Silicon Valley’s wealthiest woman is largest hedge fund manager. Pledged $100 million Entertainment Group up for sale in late
individual shareholder of Walt Disney Co., to Central Park Conservancy in 2012. 2012—then took it off the market a few
with 7% stake, which late husband, Steve months later. Sources say buyers were
Jobs, got for selling Pixar studio to Disney willing to pay $8 billion for AEG, which
2006. Also owns shares in Apple, which 36. Jack Taylor includes venues like L.A.’s Staples Center,
Jobs cofounded, ran. In April made her frst stakes in L.A. Lakers and Kings, new AXS
TV appearance since Jobs died in October & family ticketing service, cable TV channel and
2011, pushing for immigration reform with a plan to build a stadium to bring NFL
NBC’s Brian Williams. Cofounded and
$11.4 billion  football back to L.A. Instead, Anschutz
chairs nonproft College Track, a college- Source: enterPrise rent-a-car decided he was too healthy and having
completion program. Age: 91 reSidence: st. Louis too much fun to give up AEG. Also owns
Self-mAde Xanterra Parks & Resorts, the biggest
Founder of rental car empire Enterprise operator of lodges and concessions in U.S.
36. John Paulson Holdings, which has largest feet in world, national parks.
with 1.3 million cars under Enterprise
$11.4 billion  Rent-A-Car, Alamo and National brands. In
Source: Hedge funds June Enterprise announced frst nonfamily 39. Richard Kinder
Age: 57 reSidence: neW york city member as CEO. Son Andy is executive
Self-mAde chairman. Taylor is retired but advisory
$10.2 billion 
At his hedge fund, Paulson & Co., assets director. Dropped out of college to join Source: PiPeLines
under management dropped to $18 billion, Navy. Became sales manager for Cadillac Age: 68 reSidence: Houston
down from $36 billion in early 2011; much distributor, then started Enterprise 1957. Self-mAde
Energy vet has bulked up Kinder Morgan
Energy Partners amid rising production
of natural gas. In May it acquired natural
C Ov E R AGE gas processing frm Copano Energy for $5
billion and in 2012 El Paso Corp. for $38
billion. Kinder Morgan, run by Kinder,
40. George owns 82,000 miles of pipelines and 180
storage terminals. Former Army captain
Kaiser and Texas native quit as Enron president
1996, founded Kinder Morgan with friend
$10 billion  William Morgan a year later; Kinder owns
Source: oiL & gas, a 23% stake. His Kinder Foundation funds
banking education and quality of life in Houston.
Age: 71 reSidence:
tuLsa, okLa.
inherited & growing 40. Harold Simmons
Took lashing in 2011 for
backing Solyndra, solar
$10 billion 
company that failed after Source: investments
receiving $500 million in Age: 82 reSidence: daLLas
taxpayer backing. Was small Self-mAde
investment for Kaiser, whose Buyout investor sold his Titanium Metals
family fed Nazi Germany and in January, pocketing more than $1
settled in Tulsa, where his billion. More recently his Contran took
uncle founded Kaiser-Francis fabricated wire product maker Keystone
Oil Co. He inherited control in Consolidated Industries private. Most
late 1960s. Now has oilfelds of his money is held in publicly traded
in North Dakota, Wyoming, conglomerate Valhi. Gave more than $25
Canada; LNG-shipping million to Republican super PACs during
business Excelerate and stake 2012 presidential election. Got start as
in Bank of Oklahoma. bank examiner; then bought drugstore
with $5,000 cash, $95,000 loan, expanded
october 10, 2011 and sold it to Eckerd for $50 million 1973.
Gave $177 million to UT Southwestern
“The American commitment to equal opportunity is not being fulflled. With and established the Harold C. Simmons
what we know, it is morally offensive not to act.” Comprehensive Cancer Center.

 uP  doWn  uncHanged  neW to List  returnee

142 | FORBES OCTOBER 7, 2013
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THE FORBES 400
42. Andrew Beal
$9.8 billion 
Source: banks, reaL estate
Age: 60 reSidence: daLLas
Self-mAde
Banker built a fortune buying distressed assets.
In 2009 fnancial crisis bought bonds backed
by commercial planes, IOUs to power plants.
Net worth has climbed over past year as profts
at Beal Bank in Texas doubled. College dropout
opened frst branch of Beal Bank in Texas in
1988 and added Nevada-based bank years later.
Has ofered $1 million to solve complex math
equation, the Beal Conjecture number theory
problem.
43. Steve Cohen
$9.4 billion 
Source: Hedge funds
Age: 57 reSidence: greenWicH,
conn. Self-mAde
His SAC Capital Advisors agreed to pay SEC
record $616 million penalty in March when
it settled 2 civil cases. Hedge fund now faces
criminal charges fled in July, while Cohen
himself is accused by SEC in administrative
proceeding of failing to prevent insider trading.
SAC disputes both charges. Despite drama,
SAC was up 8% net of fees through frst half of
2013. Son is a former Marine.
44. Edward Johnson III
$9.3 billion 
Source: investments
Age: 83 reSidence: boston
inherited & growing
Chair and CEO of Fidelity Investments,
second-largest mutual fund company in U.S.
(behind Vanguard), with $1.76 trillion in assets
under management. Daughter Abigail (see)
likely successor. Joined his father’s company
1957 as analyst; 8 years later was running
legendary Magellan Fund. Became president
1972, chairman and CEO 5 years later.
45. Patrick
Soon-Shiong
$9 billion 
Source: PHarmaceuticaLs
Age: 61 reSidence: Los angeLes
Self-mAde
Built and sold 2 successful drug companies
for $8.5 billion. Now working to revolutionize
patient care by bringing Big Data to medicine.
Father was a village doctor in China. Family
moved to South Africa during World War II.
He fnished high school at 16 and became a
surgeon by 23.
144 | FORBES OCTOBER 7, 2013
46. Samuel Newhouse Jr.
$8.9 billion 
Source: media
Age: 85 reSidence: neW york city
inherited & growing
Known as “Si,” owns publishing powerhouse
Advance Publications with brother Donald
(see). Inherited company from father, Sam
Newhouse (d. 1979), who started with
Bayonne Times, expanded it into country’s
largest private newspaper chain. Advance also
includes Condé Nast magazines (publisher
Vogue, Vanity Fair, New Yorker), stake in cable
channel owner Discovery Communications. Si
oversees Condé Nast. Owns a vast collection of
modern art.
47. Charles Butt & family
$8.5 billion 
Source: suPermarkets
Age: 75 reSidence: san antonio,
tex. inherited & growing
CEO of H.E. Butt Grocery of Texas, founded
by grandmother in 1905. Started as a bag boy
at age 8. Revenues estimated at $18.7 billion in
2012, up 8%. Ranked 12th on FORBES’ 2012 list
mAy 1, 2000
“People on the street won’t look you in the eye because they are afraid you’re
an ax murderer. The idea of a community, with difference and common
responsibility, has been lost in America. We want to bring it back.”
 uP  doWn
of America’s Largest Private Companies, it has
311 stores in Texas, where its Central Market
stores compete with Whole Foods, and 47
stores in Mexico. Butt is majority shareholder;
2 siblings and 2 nephews own stakes in
company as well.
49. Elaine Marshall
& family
$8.3 billion 
Source: diversified
Age: 71 reSidence: daLLas inherited
Holds an estimated 15% of conglomerate
Koch Industries in trusts for her, 2 sons, other
relatives. Inherited it from husband E. Pierce
Marshall (d. 2006), son of J. Howard Marshall
II, who got the Koch stake by investing in a
refnery business that was acquired by Koch
Industries. Marshall family is battling IRS
over some $75 million in taxes dating from J.
Howard’s fnancial maneuvers before his death
in 1995. In May a federal judge said he’ll order
family to pay up to $49 million to Dannielynn
Smith, heir to estate of J. Howard’s widow,
Playboy Playmate Anna Nicole Smith (d.
2007), over tactics E. Pierce used to cut Smith
out of his father’s estate.
COvERAG E
47. Pierre
Omidyar
$8.5 billion 
Source: ebay
Age: 46 reSidence:
HonoLuLu
Self-mAde
Wrote code for his website,
AuctionWeb, at 28 and
renamed it eBay after frst
choice, Echo Bay, was already
taken. Became billionaire when
his online auction company
went public 1998. Now serves
as chairman but spends most of
his time focusing on Omidyar
Network, his philanthropic
investment frm. With wife,
Pam, has been big donor to
fght against human trafcking.
Fortune up $300 million in past
year due to rise in eBay stock.
He owns 9% of the company.
 uncHanged  neW to List  returnee
THE FORBES 400
49. Hank & Doug Meijer
$8.3 billion 
Source: suPermarkets
Age: 61, 59 reSidence:
grand raPids, micH.
inherited & growing
Brothers cochair family-owned grocery
chain Meijer. They took over in 1990 when
father Frederik (d. 2011) retired. Hank is
CEO. Headquartered in Michigan, company
has 200 stores in 5 midwestern states. Bulk
of its revenues, estimated at $15 billion in
2012, come from big-box stores. Has started
to open smaller, more upscale grocery stores
called Meijer Marketplace. Founded in
1934 by their grandfather Hendrik. Meijer
pioneered the superstore in 1962 when it
combined grocery and department stores
under one roof.
49. Eric Schmidt
$8.3 billion 
Source: googLe
Age: 58 reSidence: atHerton, caLif.
Self-mAde
Google’s chairman and former CEO has
embraced his role as the search giant’s
international ambassador, visiting Myanmar
and North Korea in the last year. Continues
to sell shares monthly; now owns 1.7% stake.
Yet his net worth has climbed $800 million
from a year ago as Google shares rose 28%.
With wife, Wendy, a full-time philanthropist,
donated $15 million toward a $70 million
park on New York City’s Governor’s Island
in July. Armed with Ph.D. from UC, Berkeley,
Schmidt began in software at Bell Labs,
Xerox PARC, Sun Microsystems in 1983,
CEO of Novell 1997–2001. Joined Google as
CEO in 2001.
52. Donald Newhouse
$8.2 billion 
Source: media
Age: 83 reSidence: somerset
county, n.J. inherited & growing
With brother “Si” (see) owns media
conglomerate Advance Publications,
founded by their father, Sam Newhouse
(d. 1979), who built the largest privately
held newspaper chain in the U.S. Donald
oversees newspaper division, which
publishes papers in more than 25 U.S.
cities and towns. Cut back production at
New Orleans’ Times-Picayune to 3 printed
issues a week in late 2012. Advance also
owns stake in publicly traded Discovery
Communications, owner of Discovery
Channel, TLC; 45% jump in that stock
helped push up his net worth by $1.6 billion
over past year.
146 | FORBES OCTOBER 7, 2013
mArch 4, 2002
“When we told The Street that we were going to miss our proft target for the year,
it was the toughest point in my career. Every quarter your report card comes out.
There’s no privacy, there’s no comfort. ...You start to realize, now you have to play
another game, you are marketing to another market—Wall Street.”
53. David Tepper
$7.9 billion 
Source: Hedge funds
Age: 56 reSidence: Livingston,
n.J. Self-mAde
One of greatest hedge fund investors ever.
Flagship fund up more than 23% in frst 7
months and up 30% in 2012. His Appaloosa
Management, which just celebrated its 20th
anniversary, has generated average annualized
returns of 28% net since inception. Assets
are $18 billion, up from $12 billion a year ago.
Started frm after he failed to make partner
at Goldman Sachs. Donates to food pantries
across New Jersey and numerous education
causes, like Teach for America. Pittsburgh
native owns a minority slice of Pittsburgh
Steelers.
54. Stephen Schwarzman
$7.7 billion 
Source: Private equity
Age: 66 reSidence: neW york city
Self-mAde
Shares of his private equity powerhouse,
 uP  doWn
COvERAG E
54. Ralph Lauren
$7.7 billion 
Source: raLPH Lauren
Age: 73 reSidence:
neW york city
Self-mAde
Fashion designer’s net worth
highest ever as shares of
Ralph Lauren hit an alltime
high in August. Son David,
who heads global advertising
and marketing, recently
named to board of directors.
Car collector dad reportedly
paid $1.4 million in August for
LaFerrari, a hybrid supercar
that can go from zero to
120mph in 7 seconds. Grew
up in Bronx, worked part-time
in rag trade at Alexander’s
from age 16. He launched Polo
with a $50,000 loan in 1967.
Took it public in 1997.
Blackstone Group, have climbed more than
60% since last year, boosting the chairman and
CEO’s fortune by $2.5 billion. Cofounded frm
in 1985 with $400,000 on balance sheet; it now
manages $230 billion in assets and is largest
owner of single-family homes in the U.S., with
more than 31,000 houses that it manages as
rentals. This year announced $100 million
donation to send 200 students, predominantly
Americans, to study at Tsinghua University in
Beijing every year.
56. Leonard Lauder
$7.6 billion 
Source: estee Lauder
Age: 80 reSidence: neW york city
inherited & growing
Chairman emeritus of cosmetics powerhouse
Estée Lauder made headlines in April when he
gave his 78-piece cubist art collection, which
FORBES values at $1.1 billion, to Metropolitan
Museum of Art—the single biggest art donation
on record. Despite gift, his fortune is down
only $100 million from year ago, thanks to 10%
jump in price of Estée Lauder shares. Joined
family cosmetics business in 1958. Stepped
down as CEO 1999; remains on the board.
 uncHanged  neW to List  returnee
Three Truths for You are SMARTER,
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THE FORBES 400
57. John Menard Jr.
$7.5 billion 
Source: retaiL
Age: 73 reSidence: eau cLaire,
Wis. Self-mAde
His $7.9 billion (revenue) home
improvement chain, Menards, is distant
third to Home Depot and Lowe’s, but
founder, who has kept it private and in his
control, is richer than his counterparts.
Still his reputation is sufering, thanks to
slew of lawsuits alleging sexism, ageism,
discrimination. Latest alleges he pressured
former business partner’s wife for sex and is
now trying to fnancially ruin couple. Oldest
of 8 children, got summer job working for
local contractor in high school. In college
struck out on his own. Turned down job
ofer from IBM to keep working for himself.
Married 3 times; son Paul is Menard-
sponsored Nascar driver.
58. James Goodnight
$7.2 billion 
Source: softWare
Age: 70 reSidence: cary, n.c.
Self-mAde
Cofounded business analytics software frm
SAS with fellow academic John Sall 1976.
Revenues grew to $2.9 billion in 2012, making
it one of the world’s largest private software
frms. SAS is known for its worker-friendly
programs, 35-hour workweek and onsite day
care. Goodnight, who owns two-thirds of the
company, has made education the focus of SAS
philanthropy. Goodnight and Sall also own
Prestonwood Country Club and the Umstead
Hotel & Spa in Cary, N.C. They founded private
school Cary Academy.
59. Eli Broad
$6.9 billion 
Source: investments
Age: 80 reSidence: Los angeLes
Self-mAde
Bought frst property at age 20; cofounded
home builder Kaufman & Broad 1957 with
$25,000 borrowed from in-laws. Became
one of nation’s biggest home builders by
supplying parents of baby boomers with
afordable housing. In 1971 bought Sun Life
Insurance; sold to AIG in 1998 for $18 billion
in cash and stock. Now largely devoted to
philanthropy; has given more than $3.5
billion. His foundations own $2.4 billion,
mostly in art; he personally owns another
$2 billion of art. He and his wife, Edythe, are
building The Broad, a new contemporary art
museum and worldwide headquarters for
their foundation, to open in Los Angeles in
early 2014.
148 | FORBES OCTOBER 7, 2013
60. Richard DeVos
$ 6.8 billion 
Source: amWay
Age 87 reSidence : HoLLand, micH.
Self-mAde
Partnered with high school friend Jay Van
Andel after DeVos ofered to pay him 25 cents
a week for ride to school. Eventually pair began
selling multipurpose cleaner door-to-door,
became Amway, one of world’s largest direct
selling brands. Stepped down in 1993; son
Doug took over as president; Van Andel died
2004. Now operating under parent Alticor,
had $11.3 billion in sales last year. Owns NBA’s
Orlando Magic, worth $470 million.
61. Jim Kennedy
$6.7 billion 
Source: media
Age: 65 reSidence: atLanta
inherited & growing
Chairman of Cox Enterprises, privately held
media company founded by grandfather
James M. Cox (d. 1957) in 1898. Served as CEO
SPring 2012
“If you go back a few hundred years, what we take for granted today would
seem like magic—being able to transmit images, accessing vast amounts of
data like an oracle. ... So engineering is, for all intents and purposes, magic.
Who wouldn’t want to be a magician?”
 uP  doWn  uncHanged
1988–2008; under his leadership revenues
rose from $1.8 billion to $15.4 billion. Cox
Enterprises includes Cox Communications
(cable and broadband), Cox Media Group
(newspapers, TV and radio stations), Manheim
(car auctions) and AutoTrader.com. Inherited
his 25% stake in the company after his mother,
Barbara Cox Anthony, died 2007. Net worth
rose $1.3 billion over past year primarily due to
steep increase in value of AutoTrader.com.
61. John Malone
$6.7 billion 
Source: cabLe teLevision
Age: 72 reSidence: eLizabetH, coLo.
Self-mAde
Cable and telecom giant Liberty Global,
which Malone chairs, completed $24 billion
acquisition of British cable company Virgin
Media in June. In May Liberty Media—which
owns Atlanta Braves and Sirius XM Radio
and is chaired by Malone—bought 27% stake
in cable operator Charter Communications.
Sold TCI cable to AT&T in 1999 for $48 billion.
Country’s largest individual landowner, with
2.2 million acres in 5 states.
COvERAG E
61. Elon Musk
$6.7 billion 
Source: tesLa motors
Age: 42 reSidence:
Los angeLes Self-mAde
Fortune more than doubled
since last year thanks to
investors’ passion for his
shoot-for-the-moon inventions.
Shares of Tesla, his proftable
electric car company, and
solar panel installer SolarCity
both surged. NASA using
his privately held SpaceX to
resupply International Space
Station. Proposed his latest big
idea in August: a “hyperloop”
to carry people from San
Francisco to Los Angeles in 35
minutes. Born in South Africa;
by age 12 sold frst software—a
space game—for about $500.
Left for U.S. at 17. Made frst
fortune as PayPal cofounder.
 neW to List  returnee
Avigilon is a powerful business tool

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2013-Feb-04 09:48:27.805 PM

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2013-Feb-04 09:48:27.805 PM

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 THE FORBES 400
C Ov E R AGE
68. David Geffen
$6 billion 
Source: movies, music
Age: 70 reSidence:
maLibu, caLif. Self-mAde
U. of Texas dropout faked
degree from UCLA to land
job in mail room at William
Morris agency early 1960s.
Founded Asylum Records
1970, Gefen Records 1980;
launched careers of bands like
the Eagles, Aerosmith, Guns
N’ Roses. In 1990 sold Gefen
Records to MCA for $550
million. Four years later,
with Steven Spielberg and
Jefrey Katzenberg, raised
$2 billion to start movie
company DreamWorks SKG.
Now retired, splits time
between homes in New York
and Los Angeles and his 2
yachts. Owns art collection
worth an estimated $2 billion.
december 24, 1990
“I started the 1980s worth $30 million. In one decade I turned it into [nearly] a
billion dollars. The world is presenting itself for people who have cash.”
61. Blair Parry-Okeden
$6.7 billion 
Source: media
Age: 62 reSidence: scone,
austraLia inherited
Granddaughter of James M. Cox (d. 1957),
founder of media conglomerate Cox
Enterprises. Inherited 25% stake of Cox in
2007 when her mother, Barbara Cox Anthony,
died. Lives in Australia and has no role at
the company. Brother Jim Kennedy (see) is
chairman of Cox Enterprises. Her aunt Anne
Cox Chambers (see) owns 50% of company.
65. David Duffeld
$6.4 billion 
Source: business softWare
Age: 72 reSidence: bLackHaWk,
caLif. Self-mAde
Longtime software exec now co-CEO of
Workday, an enterprise software frm whose
stock price has soared since October 2012
IPO. As a result, net worth more than tripled
from $2.1 billion a year ago, making him this
year’s biggest percent gainer. First big success,
business software frm PeopleSoft, came when
150 | FORBES OCTOBER 7, 2013
Dufeld was 47; he mortgaged his house
to fund what was his fourth startup. After
battle with nemesis Larry Ellison, PeopleSoft
was acquired by Oracle for $10 billion 2005.
Cofounded Workday in March 2005.
65. Herbert Kohler Jr.
& family
$6.4 billion 
Source: PLumbing fixtures
Age: 74 reSidence: koHLer, Wis.
inherited & growing
His grandfather founded iconic toilet- and
faucet making frm Kohler in 1873, originally
making hitching posts, farm tools. Kohler took
over as CEO at age 33; still holds post. Son
David president and COO. With sister Ruth
bought out 300 shareholders 1998. Together
they own the company, which has estimated
revenues of $5 billion and sells furniture, tile,
engines and generators plus toilets and faucets.
Net worth has increased by $3.8 billion since
last year due to growth of publicly traded
competitors, partly due to rebound in housing
sector. Company owns 2 golf resorts in Kohler,
Wis. and the Old Course Hotel in St. Andrews,
Scotland.
 uP  doWn  uncHanged
65. Thomas Peterffy
$6.4 billion 
Source: discount brokerage
Age : 68 reSidence : greenWicH,
conn. Self-mAde
Interactive Brokers founder made splash
last October when he ran self-funded
political ad on several television networks;
issued stern warning on dangers of
socialism and encouraged viewers to vote
Republican. Born in Budapest in 1944
during Russian bombing raid, immigrated
to U.S. in 1965. Left job designing
commodities-trading software in 1977 and
purchased own seat on American Stock
Exchange, where he began trading options.
In 1993 launched electronic brokerage frm
Interactive Brokers. The frm executes
more than 400,000 revenue trades per
day. Avid equestrian keeps horses at his
Greenwich estate.
68. S. Truett Cathy
$6 billion 
Source: cHick-fiL-a
Age: 92 reSidence: HamPton, ga.
Self-mAde
His Chick-fl-A chain became cultural
fashpoint in 2012 after its foundation got
fagged for donating millions to groups
lobbying against equal marriage rights. That
plus controversial remarks by Dan Cathy, his
oldest son and company president, sparked
LGBT “kiss-in” at some of chain’s 1,700
stores. LGBT activist spoke in January about
friendship with Dan following controversy;
also foundation’s latest tax fling showed it
had not given money to antigay organizations
in most recent tax year. Attention may have
boosted growth as sales rose half-billion to
estimated $4.6 billion in 2012. Cathy opened
his frst Chick-fl-A in Atlanta in 1967.
70. Micky Arison
$ 5.9 billion 
Source: carnivaL cruises
Age: 64 reSidence: baL Harbour,
fLa. inherited & growing
Stepped down as Carnival Cruises CEO
in June after 34 years at helm of company
his father, Ted Arison (d. 1999), founded;
remains chairman and single biggest
shareholder. Cruise line’s reputation has
been sullied lately by such disasters as crash
of Costa Concordia that killed 32 people
and a fre on Carnival Triumph that left
passengers stuck for days with limited water
and bathroom access. Value of his other big
investment, the Miami Heat, is up as team
delivered back-to-back NBA Championship
victories in 2012 and 2013.
 neW to List  returnee
THE FORBES 400
71. Sumner Redstone
$5.8 billion 
Source: media
Age: 90 reSidence: beverLy HiLLs
Self-mAde
Fortune up $1.7 billion in past year, thanks
to skyrocketing values of Viacom and
CBS—both stocks rose roughly 50% in past
year. Would have been higher had he not
pledged about half of those shares to National
Amusements, his privately held, debt-laden
theater company. At age 90 writing memoir,
How to Live Forever. Announced $18 million
donation to Boston University’s law school,
where he was on faculty in 1980s, teaching
entertainment law. World War II vet and
Harvard Law grad took over family’s theater
chain, acquired control of Viacom in 1987 and
spun of CBS in 2006.
71. Dennis Washington
$5.8 billion 
Source: construction, mining
Age: 79 reSidence: missouLa,
mont. Self-mAde
Gravitates to fxer-uppers in homes, toys,
businesses. Most recently rehabbed old train
car. Before that spent reported quarter-
billion dollars fxing up his ninth yacht, 332-
foot Attessa IV. Child of divorced parents
went to several grade schools, sufered
bout of childhood polio. Worked 2 years in
construction in Alaska; joined uncle’s small
construction business in Montana. Struck
out on own after his honeymoon. Eventually
bought abandoned copper mine in Butte,
restarted it twice; today it is worth well over
a billion. His Washington Co. also controls
Montana Rail Link, which transports freight
over 900 miles of track; tugboat, barge
business in Vancouver.
73. Leslie Wexner
$5.7 billion 
Source: retaiL
Age: 76 reSidence: neW aLbany,
oHio Self-mAde
Retail maven is opening dozens of PINK
lingerie stores aimed at college-age women.
Also owns Bath & Body Works, Victoria’s
Secret, under newly renamed parent L
Brands. When he bought Victoria’s Secret
in 1982, it was a struggling 6-store chain;
now L Brands has more than $10 billion
in revenues and a goal of doubling the U.S.
business by 2018. Founded The Limited in
1963 with $5,000 loan from his aunt. Sold
brand of by 2010 to Marc Leder’s Sun
Capital. With partner, developed tony Ohio
suburb of New Albany. His 315-foot-yacht is
called Limitless.
152 | FORBES OCTOBER 7, 2013
74. Ray Lee Hunt 77. Dannine Avara
$5.6 billion  $5.5 billion 
Source: oiL, reaL estate Source: PiPeLines
Age: 70 reSidence: daLLas Age: 49 reSidence : Houston
inherited & growing inherited
Terrorist attacks have cut value of Hunt Oil’s
stake in Yemen liquefed natural gas project,
but similar project in Peru is going well. His 77. Scott Duncan
Hunt Consolidated also owns hotels and real
estate including the iconic Reunion Tower in $5.5 billion 
Dallas, 400,000 acres of ranches across the Source: PiPeLines
West. Son of legendary wildcatter H.L. Hunt, Age: 30 reSidence: Houston
inspiration for J.R. Ewing. Next-generation inherited
transfer under way: son, Hunter Hunt, is now
CEO of subsidiary Hunt Consolidated Energy.
77. Milane Frantz
74. Charles Johnson $5.5 billion 
Source: PiPeLines
$5.6 billion  Age: 44 reSidence: Houston
Source: money management inherited
Age: 80 reSidence: HiLLsborougH,
caLif. Self-mAde
Retired in June as chairman of Franklin 77. Randa Duncan
Resources, parent of mutual fund purveyor
Franklin Templeton, with $820 billion in assets Williams
under management. His son Gregory took over
as chairman and is CEO. Half-brother, Rupert $5.5 billion 
Jr. (see), serves as vice chairman. Charles’ Source: PiPeLines
father, Rupert Sr., founded mutual fund shop Age: 52 reSidence: Houston
Franklin Distributors in 1947. Charles took inherited
over as chief executive in 1957. The 2 brothers Avara, Duncan, Frantz and Williams, 4
expanded under Franklin Resources brand in siblings, are heirs to the Enterprise Products
1969. Also principal owner of the San Francisco Partners energy-pipeline fortune built by their
Giants baseball team. late father, Dan Duncan, who died in 2010.
Randa Duncan Williams is nonexecutive
chairman of the board. The other 3 siblings
74. Richard LeFrak are not involved with the company. Each
is worth $800 million more than year ago
& family due to jump in price of Enterprise stock and
quarterly payouts. Their father grew up poor
$5.6 billion  and formed Enterprise Products with 2 trucks
Source: reaL estate in 1968, selling door-to-door. Enterprise
Age: 68 reSidence: neW york city owns 50,000 miles of natural gas, oil and
inherited petrochemical pipelines.
One of tristate’s biggest landlords, he and his
family saw value of their enormous real estate
portfolio increase along with the rest of New 77. Jeffrey Hildebrand
York City market. Among their most notable
properties: 5,000-unit apartment complex $5.5 billion 
LeFrak City in Queens and over 16 million Source: oiL
square feet of commercial, residential and Age: 54 reSidence: Houston
retail properties in Newport, N.J. Part of group Self-mAde
spending $100 million renovating luxury Exxon engineer set out on own in 1989 to buy
Gansevoort hotel in Miami’s South Beach, up old felds too small for supermajors. Bought
slated to reopen in 2014. Afliates of frm out partner Thomas Hook for $500 million in
have also invested in wind energy generation. 2003. Sold his investment in Eagle Ford shale
Richard’s grandfather, Harry, began developing for $1.4 billion to Marathon Oil in 2011. Last
properties in 1901; his father, Sam, expanded year his Hilcorp sold its Gulf of Mexico felds
the company’s operations. Now his sons for $550 million. Now redeploying capital
Harrison and James both involved. Trustee of into Alaska’s Cook Inlet. Horse lover: built a
American Museum of Natural History donated polo feld on his ranch in Aspen. Donut lover:
$10 million in 2012 to provide free museum opened River Oaks Donuts in Houston this
visits for New York City schoolchildren. year. Reportedly refused to open shop until it
could serve best donuts in town.
 uP  doWn  uncHanged  neW to List  returnee
 of corporate employees
are unsatisfied with their
jobs* and searching
for something new.

When was the last

time you felt like you
were in control of
your own future?

* Forbes.com, “New Survey: Majority of Employees Dissatisfied”,

5/18/2012. Statistic is combination of respondents who said they
were either somewhat or totally unsatisfied.
We know the feeling.
 These are just a few of the thousands of hard-working,
independent WFG associates from all walks of life
who have found success by using our platform to help
others achieve financial peace of mind.
Annual $1 Million+ Earners

Alec Chan Hong Dai & Rob & Tiffani Day Angelica &
Previous Career: CC Chen Previous Career: Guillermo Haro
Engineer Previous Career: Sales Previous Career:
Medical Researcher Mortgage Loan Officer

Monte & Lisa Judith Hsaio Jeff & Cam Levitan David & Victoria
Holm Previous Career: Previous Career: Limpert
Previous Career: Financial Services P&C Insurance Sales Previous Career:
Construction Farming/Construction

Jack & Linda Linder Tom & Cindy Carl Meldrum Norm Meldrum
Previous Career: Mathews Previous Career: Previous Career:
Corporate Executive Previous Career: Financial Services Financial Services
Accounting
Réal & Claudette
Michaud
Previous Career:
Jewelry Store Owner
Andy & Linh
Nguyen
Previous Career:
Software Engineer &
Manager
Bryce & Maryan
Peterson
Previous Career:
Financial Services
Rich & Cindy
Thawley
Previous Career:
Associate Athletic Director
Jeff & Debbie Miles Bill & Peggy Ed & Kristianna
Previous Career: Mitchell Mylett
Construction Previous Career: Previous Career:
Engineering/ Youth Counselor
Financial Services
Xuan & Hoa Eric J. Olson Penney Ooi &
Nguyen Previous Career: Benjamin Eeo
Previous Career: Student/Athlete Previous Career:
Social Worker Loan Officer
Rocky & Miranda John & Arlene Shin Teresa Tang-Wong &
Shi Previous Career: Jack Wong
Previous Career: Real Estate Previous Career:
Software Engineer Financial Services
John & Julie Woo Wan & Lucy Yang Jan Zhuang &
Previous Career: Previous Career: JP Lou
Hotel & Restaurant Manager Scientist Previous Career:
Ph.D. Student
Annual $500,000+ Earners

Drake Barker Robin Bundy Daniel & Christine Connie Chen Stephen Cheng
Previous Career: Previous Career: Charlier Previous Career: Previous Career:
Retail Sales Railroad Conductor Previous Career: Researcher Mortgages
U.S. Marine Corps

Scott Childress Pai-Yen Chung & Erich & Jean Colet John & Rudith Jun & Joyce
Previous Career: Eileen T. Huynh Previous Career: Cordero Dela Cruz
Financial Planner Previous Career: Technician Previous Career: Previous Career:
Engineer Health Ins. Services Real Estate Broker

Nelia & Cary Raja & Jaswinder Chris & Marlow Deron & Debbie Richard Gottenbos
Destacamento Dhaliwal Felton Ferrell Previous Career:
Previous Career: Previous Career: Previous Career: Previous Career: Rancher
Accountant Cab Owner CPA Waiter

Marc Guerra Si & TamDan Hoang David & Hanna Sunny Huang & Paul & Miriam
Previous Career: Previous Career: Horenstein Ken Qian Ireton
Estate Planning Engineer/College Previous Career: Previous Career: Previous Career:
Professor Realtor & Mortgage Software Engineer Real Estate
Broker

.
Eric & Debbie Jenson Trevor & Jennifer David Jian & Terry & Niki Johal Greg & Tina Kapp
Previous Career: Jenson Laura Liu Previous Career: Previous Career:
General Manager, Previous Career: Previous Career: Corporate Sales Postal Worker
Industrial Supply Co. CPA/Auditor CPA

Bernadette & Elizabeth Koo Simon Lam & Tuan & Mina Le J.J. Lee
Moon Kim Previous Career: Leman Le Previous Career: Previous Career:
Previous Career: Loan Officer Previous Career: Electrical Engineer Engineer
Registered Nurse Design Engineer
Nick & Michelle Lee Brian & Mary Loiseau Tom Luu Jerry & Beth Ma Kay Matsui
Previous Career: Previous Career: Previous Career: Previous Career: Previous Career:
Systems Analyst CPA Electronic Technician Controller Realtor/Loan Officer

Yvonne Mei Cameron & Leanne Agnes Miranda Micky Nguyen & Vivian & Louie
Previous Career: Michaud Previous Career: Lynn Truong Olero
Flight Attendant Previous Career: Financial Services Previous Career: Previous Career:
Civil Engineer Engineering Software Engineer

John & Amy Pham Howard Qu Linly & Radha Ramlal Chito & Sheila Victor & Joyce Salvador
Previous Career: Previous Career: Previous Career: Roxas Previous Career:
Design Engineer Physician Pharmacist Previous Career: Structural Engineer
Food Services Director

Greg Sorensen Gregg & Andrea Harinder & Jagjot Tom Tervort Michelle Tian
Previous Career: Strynadka Sukhija Previous Career: Previous Career:
Q.A. Manager Previous Career: Previous Career: Financial Services University Lecturer
Franchise Owner Power Cable Mfg.

Shawn & Jaime Kathryn Wang & Andy & Jeana Weng Xiyin Xu Liz & Rudy
Villalovos Daning Wu Previous Career: Previous Career: Zetazate
Previous Career: Previous Career: Chemical Engineer Network Admin. Previous Career:
Health Club Manager Computer Sales/ Financial Services
Special Ed. Teacher

These individuals represent the true strength of our

organization; people like you who stood up and took
control of their futures.
 At World Financial Group, we’ve
erased the walls that keep people
from achieving their dreams in the
corporate system and built
something different.

A revolutionary platform dedicated

to serving everyday families who are
often overlooked by the financial
services industry. Proving that when
you shift your focus towards helping
others, success just happens.

But don’t just take our word for it …

 WFG is a financial services business platform whose
affiliated companies offer a broad array of financial
products and services. WFG’s independent associates,
located throughout the United States and Canada,
strive to help individuals and families who are often
overlooked by the financial services industry to plan
for their financial futures. They advocate the power of
choice for clients by offering products from many leading
companies in the financial and insurance industries.

Find out more about how WFG can help you own
your future at DiscoverWFG.com/OwnYourFuture
#OwnYourFuture

World Financial Group and/or WFG consist of:

U.S.:
World Financial Group, Inc. a financial services marketing company whose affiliates offer a broad array of financial products and services.
Insurance products offered through World Financial Group Insurance Agency, Inc., World Financial Group Insurance Agency of Hawaii, Inc., World
Financial Group Insurance Agency of Massachusetts, Inc., World Financial Group Insurance Agency of Wyoming, Inc., World Financial Insurance
Agency, Inc. and/or WFG Insurance Agency of Puerto Rico, Inc.
Headquarters: 11315 Johns Creek Parkway, Johns Creek, GA 30097-1517. Phone: 770.453.9300

Canada:
World Financial Group Canada Inc. a financial services marketing company whose affiliates offer a broad array of financial products and services.
World Financial Group Insurance Agency of Canada Inc. offers life insurance and segregated funds.
Headquarters: 5000 Yonge Street, Suite 800, Toronto, ON M2N 7E9. Phone: 416.225.2121
THE FORBES 400
77. Rupert Johnson Jr.
$5.5 billion 
Source: money management
Age: 72 reSidence: burLingame,
caLif. Self-mAde
Nearly 20% run-up in stock of investment
frm Franklin Resources—parent of
the Franklin Templeton mutual fund
company—has pushed up the fortune of
frm’s vice chairman by $900 million over
past year. Group has $820 billion in assets
under management as of late August, up
12% from a year ago. His father, Rupert
Sr., founded mutual fund shop Franklin
Distributors in 1947.
77. Ira Rennert
$ 5.5 billion 
Source: investments
Age: 79 reSidence: neW york city
Self-mAde
Fourteen months after he created RG Steel
from assets purchased from Russia’s OAO
Severstal, it fled for bankruptcy and laid of
4,000 steelworkers while giving execs $20
million in bonuses. Unsecured creditors
have sought permission to go after Rennert
personally. His Renco also owns mining
outft in Peru, part of Doe Run Co., that
is subject of long-running pollution suit
involving children’s health problems. Says
not responsible, seeking $800 million from
government for forcing it into costly clean-
up. Meanwhile, he’s applied for permit to
expand his 94,000-square-foot Sagaponack
estate, already one of country’s biggest, and
will add Pilates studio, among other items.
Brooklyn native and former credit analyst
began building his fortune by investing in
junk bonds in 1980s.
84. Stanley Kroenke
$5.3 billion 
Source: sPorts, reaL estate
Age: 66 reSidence: coLumbia, mo.
Self-mAde
Embroiled in legal battle with Michael
Staenberg, with whom he founded THF
Realty in 1991. Initials stood for “To Have
Fun,” but neither is having much these
days as they attempt to separate their
interests in the 20-million-square-foot
shopping mall development company.
Kroenke also owns the NBA’s Denver
Nuggets, the NHL’s Colorado Avalanche,
the NFL’s St. Louis Rams and soccer club
Arsenal. In November paid $132 million
for the Broken O Ranch, a 124,000-acre
Montana farm. Wife Ann Walton Kroenke
(see) is the niece of Wal-Mart founder
Sam Walton.
signatory of tHe giving PLedge
85. Gayle Cook
$5.2 billion 
Source: medicaL devices
Age: 79 reSidence: bLoomington,
ind. Self-mAde
Cofounded medical device company Cook
Group with late husband William (“Bill”)
Cook (d. 2011) in 1963 in their Bloomington
apartment. Sits on the company’s board.
Son Carl is also involved in the business,
which has ofces in the U.S., Europe, Asia
and Australia and revenues estimated
at $2 billion. It specializes in stents
and catheters containing preinjected
antibiotics. Couple once spent $500
million to restore a resort and hotel in
Indiana.
85. Dustin Moskovitz
$5.2 billion 
Source: facebook
Age: 29 reSidence: san francisco
Self-mAde
Nation’s youngest billionaire helped
roommate Mark Zuckerberg (see) start
Facebook. Left the social media frm in
2008 to start Asana, an enterprise-software
mArch 14, 1994
Leon Black made his name showing companies how to leverage their balance
sheets. He’s making a fortune turning that leverage to his own advantage.
company. Has roughly 5% stake in Facebook;
rise in its stock price since September 2012
boosted his net worth by $2.5 billion. He
and fancée Cari Tuna have devoted time to
building Good Ventures, which has given
$5 million to causes like malaria eradication
and marriage equality.
88. Patrick McGovern
$5.1 billion 
Source: media
Age: 76 reSidence: HoLLis, n.H.
Self-mAde
His International Data Group publishes
200 magazines, operates 460 websites
and produces 700 events worldwide,
including Macworld. IDG announced
in July that after 30 years its most
well-known magazine, PCWorld, with
39 million readers in 49 countries, would
move to an all-digital format in the U.S.
McGovern won a scholarship to MIT
by inventing an unbeatable tic-tac-toe
algorithm. Studied neurobiology there,
founded company in 1964 with $5,000
from selling his car. Owns 84% stake in
$3.4 billion (revenues) company. Donated
$350 million to fund McGovern Institute
for Brain Research at MIT in 2000.
COvERAG E
85. Leon Black
$ 5.2 billion 
Source: Private equity
Age: 62 reSidence:
neW york city Self-mAde
His Apollo Global
Management generated $841
million worth of realized gains
by, in part, unloading shares
in investments like Realogy,
Charter Communications. Only
one of 3 founding partners to
skip selling in May secondary
ofering. Firm teamed with
Dean Metropoulos (see) in
March to buy certain Hostess
brands. Former M&A boss
at Drexel Burnham Lambert
cofounded Apollo in 1990. Son
of artist paid $120 million for
Edvard Munch’s “The Scream”
and $48 million for a Raphael
drawing in 2012.
OCTOBER 7, 2013 FORBES | 161
THE FORBES 400
88. Charles Schwab
$5.1 billion 
Source: discount brokerage
Age: 76 reSidence: atHerton, caLif.
Self-mAde
“Chuck” Schwab remains largest shareholder
and chairman of brokerage frm that bears his
name. Founded the frm in a 2-room ofce in
1971. Stepped down as CEO in 2008 and today
owns about a 13% stake in the company after
selling and giving away shares. Client assets
now total $2 trillion, and it has 8.9 million
individual investor accounts. A dyslexic, he
funked English courses twice in his early
education and has used his story to spread
awareness of the disorder.
90. Jin Sook
& Do Won “Don” Chang
$5 billion 
Source: fasHion retaiL
Age: 58 reSidence: beverLy HiLLs
Self-mAde
After failing to fully cooperate with Labor
Department investigation, couple’s fast
fashion retailer Forever 21 was ordered by
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California district judge in March to produce
all subpoenaed documents. The $3.7 billion
(sales) retailer has also been sued more than
50 times for copyright infringement. In
August announced it would limit hours of
some full-time employees to no more than
29.5 hours a week, slightly below 30-hour
week that qualifes workers as full-time under
ObamaCare; denied move was related to health
care act and instead tied it to projected store
sales. Korean immigrants came to Los Angeles
in 1981; Don worked 3 jobs at frst, doing
janitorial work, pumping gas, working in cofee
shop. Opened frst store in 1984.
90. Thomas Frist Jr.
& family
$5 billion 
Source: HeaLtH care
Age: 75 reSidence: nasHviLLe
Self-mAde
Largest shareholder in HCA Holding, hospital
conglomerate he and his father founded in
1968; he took it public for third time in 2011
after 2 management buyouts. Frist and family
now own 15.6% share in HCA; have received
more than $1 billion of dividends since 2010,
including $315 million issued in late 2012 prior
| #contradictions
to new tax rules. HCA purchased 3 hospitals
in Tampa Bay, Fla. this year. Also paid $7.1
million to U.S. government to settle allegations
that 23 of HCA’s hospitals used higher-priced
inpatient procedures instead of less expensive
outpatient spinal surgeries to get bigger
Medicare payments. Family is building 500-
bed hospital in China through JV with that
government; slated to open in December.
90. David Green
$5 billion 
Source: retaiL
Age: 71 reSidence: okLaHoma city,
okLa. Self-mAde
Hobby Lobby founder won initial battle
in war against the Obama Administration.
Devout Christian objected to new regulations
that force companies to pay for employee
health insurance that covers emergency
contraceptives. U.S. District judge granted the
arts-and-crafts retailer a temporary exemption
in July 2013 while White House mulls
appealing to Supreme Court. Preacher’s son
started business with $600 loan in 1970. The
company now has 559 locations, all closed on
Sundays. Has given out nearly 1.4 billion copies
of gospel literature in more than 100 countries,
mostly in Africa and Asia.
93. Robert Rowling
$4.9 billion 
Source: hotels, investments
Age: 59 reSidence: Dallas
inherited & growing
Oil mogul turned hotelier, his Omni Hotels
has nearly 20,000 rooms at 60 locations.
Completed renovations at Amelia Island
resort in Florida this year, opening another in
Nashville; in June bought 5 more resorts in
4 states for $1.1 billion. Omni is largest hotel
chain not to ofer in-room adult movies. Also
owns Gold’s Gym chain.
94. Stephen Ross
$4.8 billion 
Source: real estate
Age: 73 reSidence: new York CitY
Self-mAde
Real estate developer and chairman of Related
Cos. has been pushing forward with his
$15 billion megaproject, Hudson Yards, an
entire neighborhood under development on
Manhattan’s West Side. In Hunter’s Point South
in Queens, it is developing largest afordable
housing complex in New York City since 1970s.
Through a Related Cos. fund that has raised
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more than $3 billion, he and his team have been
acquiring distressed property. Owns 95% of
Miami Dolphins; in September pledged $200
million to alma mater University of Michigan.
95. Bruce Kovner
$4.7 billion 
Source: heDge funDs
Age: 68 reSidence: new York CitY
Self-mAde
Son of trade unionist abandoned Harvard
Ph.D. in economics; moved on to driving taxis,
studying harpsichord at Juilliard. At 31 turned
$3,000 borrowed on credit card into $45,000
trading soybeans; then watched as value halved,
lesson he well remembered. Founded Caxton
Associates in 1983; generated more than $12
billion in net gains before 2011 retirement.
Juilliard chairman, gave school $20 million and
140 valuable scores and sketches.
95. Henry Kravis
$4.7 billion 
Source: private equitY
Age: 69 reSidence: new York CitY
Self-mAde
Second-quarter earnings for his private
equity firm KKR dropped 74% on meager
portfolio performance. Yet company
still took in its largest cash profit since
going public 2010. Made headlines this
year after hiring former CIA director
and retired general David Petraeus as
chairman of KKR’s Global Institute.
Among first firms to use leverage in
acquisition, orchestrating $25 billion
buyout of RJR Nabisco in 1989. He
and economist wife Marie-Josée are
preeminent art collectors. Patron of
the Metropolitan Museum of Art; has a
wing named after him. New building at
Columbia’s business school to be named
after him following $100 million pledge.
95. Ann Walton Kroenke
$4.7 billion 
Source: wal-mart
Age: 64 reSidence: Columbia,
mo. inherited
Wal-Mart heiress is daughter of James
“Bud” Walton (d. 1995) and niece of Wal-
Mart founder Sam (d. 1992). She is married
to Stan Kroenke (see), who made his own
fortune building shopping centers in the
U.S., many anchored by Wal-Mart. Couple
met while skiing in Colorado in 1971.
 THE FORBES 400
C Ov E R AGE
98. Gordon
Moore
$4.6 billion 
Source: inteL
Age: 84 reSidence:
Woodside, caLif.
Self-mAde
Cofounded Fairchild
Semiconductor, then broke
of to start chipmaker Intel
in 1968. Served as chief
executive until 1987, chairman
until 1997. Namesake behind
Moore’s Law—which posits
that computing power will
double every 2 years—focuses
on philanthropy. Created
the Gordon & Betty Moore
Foundation in 2001 with a
donation of 175 million Intel
shares; it now has more than
$5.3 billion in assets. It awards
about $250 million yearly.
SePtember 1, 1995
“The accidental entrepreneur like me has to fall into the opportunity or be
pushed into it. Things have to line up right. Then the entrepreneurial spirit
eventually catches on.”
98. Daniel Ziff
$4.6 billion 
Source: investments
Age: 41 reSidence: neW york city
inherited
98. Dirk Ziff
$4.6 billion 
Source: investments
Age: 49 reSidence: nortH PaLm
beacH, fLa. inherited
98. Robert Ziff
$4.6 billion 
Source: investments
Age: 47 reSidence: neW york city
inherited
Sons of publishing magnate William Zif
Jr. (d. 2006), man who built up Zif-Davis
empire that included PC Magazine and Car
& Driver; inherited family fortune in 1994
after dad sold 95% of business to Forstmann
Little for $1.4 billion and retired. Through
their New York City-based Zif Brothers
164 | FORBES OCTOBER 7, 2013
Investments trio reinvested proceeds across
equities, debt, real estate, commodities,
private equity and hedge funds, providing
seed money to fund manager Daniel Och
(see) in exchange for 10% stake in Och-Zif
Capital Management.
102. Malcolm Glazer
& family
$4.5 billion 
Source: sPorts teams, reaL estate
Age: 85 reSidence: PaLm beacH, fLa.
Self-mAde
Inherited his father’s watch business at age
15; started buying real estate in 1970s. Now
owns 6.7 million square feet of retail space
in U.S. Bulk of fortune now from sports
teams: paid $192 million for Tampa Bay
Buccaneers in 1995; his stake is worth nearly
$900 million. Bought British soccer team
Manchester United in 2005; took it public
in August 2012. First team worth $3 billion;
now world’s second-most-valuable team
behind Real Madrid; his stake is worth $2.5
billion. Glazer’s 6 children now manage the
family’s assets.
 uP  doWn
103. Ken Griffn
$4.4 billion 
Source: Hedge funds
Age: 44 reSidence: cHicago
Self-mAde
Picked up a pair of Palm Beach properties in
December 2012 for combined $80 million,
just a month after buying the foor below
his Chicago penthouse for $15 million. Clear
signs that his Citadel Group has battled back
from catastrophic 2008, in which its fagship
Kensington and Wellington funds lost
more than half their value. Funds returned
impressive 25% in 2012 and were up 9.5%
through mid-August. Grifn began investing
as a Harvard undergrad when he read
FORBES article about the Home Shopping
Network. By graduation was running
$1 million. At that time was introduced to
Chicago hedge fund manager Frank C. Meyer,
who seeded young trader. Grifn launched
Citadel in 1990. Wife, Anne Dias Grifn, has
her own hedge fund frm.
103. Bruce Halle
$4.4 billion 
Source: tires
Age: 83 reSidence: Paradise
vaLLey, ariz. Self-mAde
Opened frst tire store more than 50 years ago
in Ann Arbor, Mich. Today his Discount Tire
is world’s largest independent tire and wheel
retailer, with more than 850 locations in 25
states. Company’s “Thank You” commercial
holds Guinness World Record for longest-
running TV commercial; the 10-second spot
has been on air since 1975. Halle maintains
what is most likely the world’s largest
collection of vintage tire advertisements;
his collection contains about 400 unique
lithographs from the earliest days of the
industry.
103. Diane Hendricks
$4.4 billion 
Source: roofing
Age: 66 reSidence: afton, Wis.
Self-mAde
Sole owner of ABC Supply, nation’s largest
roofng, window and siding wholesale
distributor, after having bought out any
minority shareholders earlier this year.
Cofounded ABC in 1982 with her husband,
Kenneth Hendricks, who sufered a fall while
checking construction repairs at his home and
died in 2007. Also presides over 25 million
square feet of commercial property and 25
smaller companies, including manufacturing
plants, recycling businesses. One of 8 women
on list who founded businesses with their
spouses.
 uncHanged  neW to List  returnee
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 THE FORBES 400

C Ov E R AGE 110. John Paul DeJoria

$4 billion 
109. George Source: Hair Products, tequiLa
Age: 69 reSidence: austin, tex.
Lucas Self-mAde
Entrepreneur will appear as a judge on ABC’s
$4.2 billion  pitch show Shark Tank. Don’t expect to see
Source: star Wars the laid-back billionaire take a bite out of
Age: 69 reSidence: san contestants: “They’re calling me the dolphin,”
anseLmo, caLif. DeJoria says. Cofounded hair-care outft John
Self-mAde Paul Mitchell Systems in 1980. Later helped
Hollywood director sold rights create tequila distiller Patron Spirits as hobby;
to his Star Wars megafranchise, it sells 2 million cases per year.
LucasFilm and special efects
frm Industrial Light & Magic
to the Walt Disney Co. for 110. Nancy
$4.05 billion in October 2012.
Announced he would donate Walton Laurie
most of proceeds to charity. In
June wed Mellody Hobson, $4 billion 
president of Ariel Investments Source: WaL-mart
and board member of Age: 62 reSidence: Henderson, nev.
DreamWorks Animation. inherited
Couple had their frst child Became billionaire when father James “Bud”
via surrogate in August. Walton, brother of Sam Walton (d. 1992),
Lucas gained fame directing died in 1995, leaving her chunk of Wal-Mart
American Grafti. shares. Founded Cedar Lake Contemporary
Ballet in New York. Owns Providence Bank,
mArch 11, 1996 commercial real estate and shopping centers.

“I’m very aware as a creative person that those who control the means of
production control the creative vision ... Because no matter what you do in 110. Ted Lerner
a contract, they will go around it. Whereas if you own the cameras and you $4 billion 
own the flm, there’s nothing they can do to stop you.” Source: reaL estate
Age : 87 reSidence: cHevy cHase
md. Self-mAde
He and his family are majority owners of
103. Reid Hoffman early investor in the Barnett shale of Washington Nationals baseball team, which in
Texas. More than $1.5 billion selling 2012 became frst D.C. franchise in 79 years to
$4.4 billion 
acreage there. Then plowed cash into make playofs. His initial fortune comes from
Source: Linkedin Marcellus shale of Pennsylvania and real estate. In 1952, borrowed $250 from his
Age: 46 reSidence: PaLo aLto, caLif. made another $2 billion selling to wife. Built shopping malls throughout D.C.
Self-mAde Chevron, Enerplus. In 2012 dealt his suburbs. Now owns 20 million square feet of
Cofounder and chairman of professional Marcellus pipeline network to Penn- commercial and retail space, plus hotels, 7,000
social network LinkedIn, whose shares Virginia for $1 billion. Latest bet was apartments.
more than doubled over past year, pushing on Mississippi Lime play in Kansas
up Hofman’s fortune $2.3 billion. Splits and Oklahoma; he and partners leased
his time between LinkedIn and venture 800,000 acres but didn’t pan out as 110. John Morris
frm Greylock Partners, which raised new hoped, contributing to his slightly lower
$1 billion fund. He invested $40,000 in net worth this year. $4 billion 
Facebook in 2004 and was an early investor Source: retaiL
in online game frm Zynga. In April joined Age: 65 reSidence:
Mark Zuckerberg and others to support 103. George Roberts sPringfieLd, mo. Self-mAde
controversial political action group FWD.us, Turned an operation selling fshing tackle from
which advocates for immigration reform. $4.4 billion  back of his father’s liquor store into Bass Pro
Source: Private equity Shops, a national outdoor sports retailer and
Age: 70 reSidence: atHerton, caLif. manufacturer. Majority owner of privately held
103. Trevor Rees-Jones Self-mAde company, with about $3.3 billion in sales from
Made partner at Bear Stearns at age 29. 58 stores, 19 marine dealerships. Company’s
$4.4 billion  Founded KKR with cousin Henry Kravis large stores host over 115 million shoppers
Source: oiL & gas (see) and Bear Stearns mentor Jerome each year, and Morris plans to open 20 more
Age: 62 reSidence: daLLas Kohlberg several years later. Also a in the near future. A longtime resident of
Self-mAde founder of REDF, a San Francisco venture Springfeld, Morris is an active conservationist
Onetime bankruptcy attorney was an philanthropy nonproft. and supporter of outdoor education.

signatory of tHe giving PLedge

166 | FORBES OCTOBER 7, 2013
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THE FORBES 400
110. John A. Sobrato
& family
$4 billion 
Source: reaL estate
Age: 74 reSidence: atHerton,
caLif. Self-mAde
Silicon Valley real estate mogul announced in
July that he and his son, John M. Sobrato, will
step down from day-to-day operations at the
Sobrato Organization, their real estate frm.
Company was founded by the elder Sobrato
in 1978 and currently owns about 7.5 million
square feet of commercial ofce space and 30
apartment communities with 6,700 units on
the West Coast. Commercial tenants include
Apple, Yahoo and Netfix. Sobrato and his
wife have signed on to Warren Bufett and Bill
Gates’ Giving Pledge.
110. David Sun
$4 billion 
Source: comPuter HardWare
Age: 61 reSidence: irvine, caLif.
Self-mAde
110. John Tu
$4 billion 
Source: comPuter HardWare
Age: 72 reSidence: roLLing HiLLs,
caLif. Self-mAde
Business partners Tu and Sun founded
Kingston Technology, the world’s largest
independent manufacturer of memory
products, out of a garage in 1987. The pair
sold their 80% stake of the Fountain Valley,
Calif. company to venture capital frm
Softbank for $1.5 billion in 1996. Three
years later they repurchased that stake
for $450 million. Kingston has almost
half the market share of the third-party
DRAM manufacturing business, but the
DRAM market continues to face signifcant
challenges due to weak PC demand.
In 2011 Tu donated $1.2 million to the
University of California, Irvine to give an
iPad to every frst-year medical student at
the school.
110. Sam Zell
$4 billion 
Source: reaL estate, Private equity
Age: 71 reSidence: cHicago Self-mAde
Real estate investor also own stakes across
sectors as diverse as hospitality, energy,
transportation, communications. Considered
one of the fathers of the publicly traded
REIT industry, having cofounded 3 of the
largest publicly traded property companies
168 | FORBES OCTOBER 7, 2013
in history. Sold his Equity Ofce Properties
Trust to Blackstone Group in 2007 for $39
billion. That same year led an ill-fated $8.2
billion buyout of the Tribune Co., which under
his chairmanship, fled for Chapter 11 a year
later. The resulting bankruptcy battle ended
in December 2012, absolving Zell of fault and
leaving him out more than $300 million.
118. Barbara
Carlson Gage
$3.9 billion 
Source: HoteLs, restaurants
Age: 71 reSidence: Long Lake,
minn. inherited & growing
118. Marilyn
Carlson Nelson
$3.9 billion 
Source: HoteLs, restaurants
Age: 74 reSidence: Long Lake,
minn. inherited & growing
Sisters Barbara and Marilyn inherited
restaurant and hotel company Carlson from
their father, Curt (d. 1999). It operates over
1,300 hotels (Radisson, Country Inns & Suites),
900 T.G.I. Friday’s restaurants and holds a
majority stake in Carlson Wagonlit Travel.
Marilyn retired as chair of the board in 2013,
handing that post to her daughter, Diane.
Barbara stepped down from Carlson’s board
in 2012, and her son, Geofrey Gage, replaced
her. With Queen Silvia of Sweden, cofounded
World Childhood Foundation, which supports
programs in 17 countries to raise awareness
and provide aide to sexually abused or
trafcked women and children.
118. Daniel Gilbert
$3.9 billion 
Source: quicken Loans
Age: 51 reSidence: frankLin, micH.
Self-mAde
Quicken Loans founder has been investing
heavily in bankrupt city of Detroit,
touting plans for a vibrant technology and
entertainment hub. Has amassed more
than 40 downtown properties since early
2011, including his recent $600 million
purchase of Greektown Casino & Hotel.
Started small mortgage company in 1985
with $5,000 made from delivering pizzas
in college. Sold to Intuit for $532 million
in 1999; bought it back 3 years later
for $64 million. Now Quicken Loans is
nation’s largest online lender, on track to
issue $80 billion in loans this year. Gilbert
bought Cleveland Cavaliers NBA team in
2005.
 uP  doWn
118. Kirk Kerkorian
$3.9 billion 
Source: casinos, investments
Age: 96 reSidence: beverLy HiLLs
Self-mAde
Still active at age 96; says he’s looking
to increase his investment in MGM
International Resorts, company he
founded decades ago. Fighting to recover
funds from ill-fated investment in Delta
Petroleum. Ex-wife Lisa Bonder, former
tennis player, asked judge to appoint
her as his guardian in May, claiming he
was in poor health and his advisers were
holding him hostage. Kerkorian called
accusations a lie; motion was dropped
in July. Eighth-grade dropout, ex-boxer
and World War II fighter pilot trainer
started his career in Las Vegas with a
land purchase in 1962.
122. Pauline
MacMillan Keinath
$3.8 billion 
Source: cargiLL, inc.
Age: 79 reSidence: st. Louis
inherited
122. Whitney MacMillan
$3.8 billion 
Source: cargiLL, inc.
Age: 84 reSidence: minneaPoLis
inherited
122. Gwendolyn
Sontheim Meyer
$3.8 billion 
Source: cargiLL, inc.
Age: 51 reSidence: rancHo
santa fe, caLif. inherited
Pauline MacMillan Keinath, Whitney
MacMillan, and Gwendolyn Sontheim
Meyer are each heir to estimated 10%
of Cargill, the largest private company
in the U.S. All 3 are great-grandchildren
of Cargill founder W.W. Cargill, son
of a Scottish sea captain who started
a small Iowa grain storage business
after the Civil War. With 3 other very
private billionaire relatives, they
own a majority of the agribusiness
firm, which has revenues of $137
billion. Cargill processes crops, trades
commodities, sources ingredients to food
manufacturers and provides financial
risk management; employs 140,000
people in 65 countries.
 uncHanged  neW to List  returnee
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 THE FORBES 400
C Ov E R AGE
122. Shahid Khan
$3.8 billion 
Source: auto Parts
Age: 63 reSidence:
naPLes, fLa. Self-mAde
Picked up British soccer team
Fulham for $300 million in
July. Bought Jacksonville
Jaguars for $770 million
in 2012. Not an easy start
to sports ownership: After
Jaguars endured 2–14 season,
canned coach and general
manager. Vast majority of
wealth is tied up in his auto
parts manufacturer Flex-N-
Gate, which makes everything
from bumpers to pedals to
spare tire hoists for all large
automakers, including BMW,
Ford and Toyota. Sales hit $3.9
billion last year, up half-billion
from year earlier. Came from
Pakistan at 16.
SePtember 24, 2012
“You can do anything you want to do. You have to work hard,
you have to create your own luck, and you have to have some luck also.
But here, it’s possible.”
122. William Koch
$3.8 billion 
Source: oiL, investments
Age: 73 reSidence: PaLm beacH, fLa.
inherited & growing
Brother of Charles and David (his
twin), Koch won $12 million in
punitive damages in April from
entrepreneur Eric Greenberg, who’d
consigned fake bottles of Bordeaux
for auction at Zachys. Also fighting
against bizarre allegations his minions
at Oxbow Carbon held a former
executive prisoner at his Wild West
ranch in Colorado; countersuit accuses
exec of embezzlement and lying about
being kidnapped. Also suing Warren
Buffett’s Burlington Northern railway
for charging monopoly prices to ship
his coal. Paid $19.5 million for Rachel
“Bunny” Mellon’s former Cape Cod
estate in January. Tried to wrest control
of Koch Industries in 1980; was fired.
With eldest brother Frederick, then sold
stakes back to brothers for over $700
million in 1983. Felt shortchanged; spent
18 years suing for more. Settled after jury
awarded them zero in 1998.
170 | FORBES OCTOBER 7, 2013
122. Lynn
Schusterman
$3.8 billion 
Source: oiL & gas, investments
Age: 74 reSidence: tuLsa, okLa.
inherited & growing
Widow of wildcatter Charles Schusterman
(d. 2000), who built Samson Resources from
nothing. In November 2011 sold most of it for
$7.2 billion; $2 billion went to family founda-
tion. Partnering with Chevron on deepwater
Gulf of Mexico prospects.
122. Jeffrey Skoll
$3.8 billion 
Source: ebay
Age: 48 reSidence : Los angeLes
Self-mAde
Ebay’s frst employee and former president
launched socially minded cable channel Pivot
in August. Since 2004 his Participant Media
has made more than 50 flms, including An
Inconvenient Truth and The Help . Among
many initiatives, his foundation has partnered
with Cisco to make hospitals more “green.”
 uP  doWn
122. Leonard Stern
$3.8 billion 
Source: reaL estate
Age: 75 reSidence: neW york city
inherited & growing
Joined family’s Hartz Mountain Pet Products
in 1959; then began buying up land. Sold pet
business for $350 million in 2000; held on to
property. Owns more than 38 million square
feet of commercial, residential property in
New York, New Jersey and Chicago. Inspired
by late father, immigrant who spent at least
half of his time serving his community, Stern
became active philanthropist. Gave $30
million to alma mater NYU in 1988; business
school is named after him. Founded Homes
for the Homeless and is working on project to
build culinary schools at shelters for homeless
women. Last year helped publish book called
A Convenient Hatred: The History of Anti-
Semitism.
130. Paul Tudor Jones
$3.7 billion 
Source: Hedge funds
Age: 58 reSidence: greenWicH, conn.
Self-mAde
Press-shy Jones made remarks at private event
at his alma mater, U. of Virginia, about female
traders losing edge once they have children;
issued apology after video of comments caused
backlash. Performance of his hedge fund frm,
Tudor Investment Corporation, has been less
controversial. Its BVI Global fund, which runs
majority of frm’s assets, was up more than 12%
through frst 6 months of 2013. Made frst fortune
trading cotton on Wall Street; started his fund in
1980. Tripled capital after correctly anticipating
1987 market crash. Avid hunter and fsherman,
owns property in Florida Keys and Tanzania.
Founded New York City’s iconic poverty-fghting
Robin Hood Foundation in 1988.
130. Ronald Lauder
$3.7 billion 
Source: estee Lauder
Age: 69 reSidence: neW york city
inherited & growing
Younger son of cosmetics entrepreneur
Estée Lauder (d. 2004) was U.S. ambassador
to Austria from 1986 to 1987 and deputy
assistant secretary of defense for European
& NATO afairs from 1983 to 1986. Now
chairs Clinique Laboratories, unit of
publicly traded Estée Lauder, of which he
owns 3%. Most valuable asset is his vast art
collection, estimated at over 4,000 works.
In 2006 bought a 1907 Klimt portrait for
$135 million. His Neue Galerie museum
in New York features early-20th-century
German, Austrian art and design.
 uncHanged  neW to List  returnee
It’s an

after all
 THE FORBES 400

they worked on project that analyzed

132. Tom & Judy Love
$3.6 billion 
Source: retaiL
Age: 75, 76 reSidence: okLaHoma
city Self-mAde
Husband and wife started what would
become Love’s Travel Stops & Country
Stores in 1964 when they leased an
abandoned filling station in Watonga,
Okla. In July the Loves opened their
300th location, in Lenoir City, Tenn;
company has locations in 39 states, more
than $24 billion in sales. Love’s is family-
owned and operated: Tom is chairman
and CEO; 3 of his 4 children work for the
company.
132. John Sall
$3.6 billion 
Source: softWare
Age: 65 reSidence: cary, n.c.
Self-mAde
Met James Goodnight (see) at North
Carolina State University, where
agricultural data. It led to business analytics
frm SAS in 1976; owns one-third and heads
data visualization division. SAS is known
for employee-friendly programs, including
sports leagues and on-site dry cleaning.
Cofounders also own country club, spa;
founded private school Cary Academy.
134. H. Ross Perot Sr.
$3.5 billion 
Source: comPuter
services, reaL estate
Age: 83 reSidence: daLLas Self-mAde
Best known as 2-time presidential
candidate, but that was at end of long
career. Son of a cotton broker, served in
Navy, became IBM salesman; quit when
it wouldn’t give him more computers to
sell after hitting annual quota by March.
Founded EDS in 1962; made $1.5 billion
selling it. Founded Perot Systems; Dell
bought it for $3.9 billion in 2009. Sent vets
to rescue 2 EDS employees imprisoned in
Iran in 1978—recounted in Ken Follett’s On
Wings of Eagles.

C Ov E R AGE

134. Donald Trump

$3.5 billion 
Source: reaL estate, tv
Age: 67 reSidence:
neW york city
inherited & growing
New York State attorney
general fled $40 million
civil lawsuit accusing Trump
University, his for-proft
investment school that ran
from 2005 to 2011, of claiming
to ofer fnancial instruction
from Trump and hand-picked
associates at specious 3-day
seminars costing thousands
of dollars. Trump’s lawyers
call suit politically motivated
“extortion.” Net worth up
thanks to robust real estate
market, particularly in New
York. Developing Miami’s
Doral golf resort, Washington,
D.C.’s Old Post Ofce Pavilion.

mAy 14, 1990

“I’m going to show you cash fow numbers I’ve never shown anyone before,”
says Trump waving papers. So how much did he say he was worth? “Four or
fve billion dollars. I always talk net.”

172 | FORBES OCTOBER 7, 2013

THE FORBES 400
134. Mitchell Rales
$3.5 billion 
Source: manufacturing
Age: 57 reSidence: Potomac, md.
Self-mAde
Created publicly traded conglomerate
Danaher with brother Steven (see), buying
up small manufacturing companies in 1980s
and merging them with near bankrupt REIT.
Revenues hit $18.3 billion in 2012. Mitchell sits
on the board, and Steven is chair. Firm bought
Navman Wireless, which monitors vehicle
feets, 2013. Trustee of National Gallery of Art;
donated $10 million in March to expand its
East Building.
134. Stewart
& Lynda Resnick
$3.5 billion 
Source: agricuLture, Water
Age: 77, 70 reSidence: beverLy HiLLs
Self-mAde
Master marketers helped make pomegranate
juice trendy and rebranded mandarin
oranges as “Cuties.” Since 1970s they’ve built
or bought companies, including Fiji Water,
fower delivery service Telefora. In January
regulators ruled that their POM Wonderful
ads could not claim pomegranate helps treat
prostate cancer, erectile dysfunction or heart
disease without proof from clinical trials. In
May gave up Cuties clementine trademark
to ex-partner. Now rebranding their fruit
as “Wonderful Halos.” Own large pistachio,
almond, citrus and pomegranate farms, plus 2
wineries.
134. J. Christopher Reyes
$3.5 billion 
Source: food distribution
Age: 59 reSidence: Lake forest, iLL.
Self-mAde
134. Jude Reyes
$3.5 billion 
Source: food distribution
Age: 58 reSidence: keniLWortH, iLL.
Self-mAde
Sales at their Reyes Holdings were
$22 billion in 2012, up from $15 billion
the prior year, helped by acquisitions..
In April 2012 bought Keystone Foods’
distribution assets from Brazilian com-
pany. Family purchased beer distributor
for $740,000 1976; it’s now largest beer
distributor in U.S. Purchase of Martin-
Brower, McDonald’s largest food and
supplies distributor.
134. David Shaw
$3.5 billion 
Source: Hedge funds
Age: 62 reSidence: neW york city
Self-mAde
Stanford Ph.D. still oversees higher-level
decisions at his hedge fund frm, D.E. Shaw
& Co., after stepping away from day-to-day
operations over a decade ago. Now spends
bulk of his time as chief scientist of D.E.
Shaw Research, independent laboratory he
founded in 2002 to focus on computational
biochemistry. Was Columbia U. computer
science professor until 1986, when he left to
work at Morgan Stanley. Finding environment
too bureaucratic, departed to launch fund
in 1988. Firm has made its mark employing
mathematical computer-driven models.
134. Sheldon Solow
$3.5 billion 
Source: reaL estate
Age: 85 reSidence: neW york city
Self-mAde
After his marquee property 9 W. 57 St., home
to KKR and Apollo Global Management,
sat half-empty during recession, it is again
commanding city’s highest rents. Hedge fund
Tiger Global Management just agreed to pay
more than $175 per square foot. Brooklyn-born
son of bricklayer was small-time builder when
he risked everything on that high-rise in 1972.
This February sold of chunk of his 9.2-acre
Con Edison redevelopment site along New
York’s East River for $172 million. Had bought
site in 2005 for $630 million, but project stalled
amid lawsuit with former partner; settled in
2010. In February sued Citigroup, Bank of
America and JP Morgan for manipulating
Libor rates and causing value of his portfolio to
drop. Sold Modigliani portrait for $42 million.
134. Jerry Speyer
$3.5 billion 
Source: reaL estate
Age: 73 reSidence: neW york city
Self-mAde
With son and co-CEO Rob, runs global real
estate developer Tishman Speyer from New
York’s Rockefeller Center, which family
owns (with Crown family). Tishman Speyer’s
largest holdings outside North America are
in China, where it has 14.29 million square
feet in Shanghai, Chengdu and Tianjin. Deep
relations in China have paid dividends: giant
Chinese developer Vanke went in with Speyers
on new 655-unit luxury condo tower in San
Francisco. In India has 3 new developments.
Sits on boards of the Museum of Modern Art
(chairman), Columbia University (his alma
mater), the Federal Reserve of New York and
the Yankees. Grew up in New York City; got
his B.A. and M.B.A. from Columbia U., where
he roomed with singer Art Garfunkel. Former
yo-yo champion, wears Mickey Mouse watch
to work every day.
143. Riley Bechtel
$3.4 billion 
Source: engineering, construction
Age: 61 reSidence: san francisco
inherited & growing
143. Stephen Bechtel Jr.
$3.4 billion 
Source: engineering, construction
Age: 88 reSidence: san francisco
inherited & growing
Father and son Stephen and Riley inherited
stakes in San Francisco-based construction
and engineering giant founded by Stephen’s
grandfather Warren. Riley took over as
CEO from dad in 1990; now also chairman.
Revenues grew 15% in 2012 to $37.9 billion.
Notable projects include Hoover Dam,
Channel Tunnel and, more recently, Crossrail,
a 21-km rail tunnel in London.
143. Martha Ingram
& family
$3.4 billion 
Source: book distribution,
transPortation
Age: 78 reSidence: nasHviLLe, tenn.
inherited
Inherited distribution and marine frm
Ingram Industries when husband, Erskine,
died in 1995. Ran company until 2008,
when son John became chairman and son
Orrin president and CEO. The company’s
Ingram Content division distributes books;
the Ingram Marine division operates over
4,000 barges and more than 100 towboats on
America’s inland waterways.
143. Randal Kirk
$3.4 billion 
Source: PHarmaceuticaLs
Age: 59 reSidence: manaLaPan, fLa.
Self-mAde
Hit IPO home run in August with his biotech
startup Intrexon, shares of which popped 54%
on frst day of trading. Invested $300 million
in company over years; his 60% stake now
worth nearly $1.5 billion. Son of a drill sergeant
started his frst pharmaceutical frm in 1984.
Sold it to Shire for $2.6 billion in 2007. Then
sold his Clinical Data to Forest Laboratories for
$1.2 billion in 2011.
OCTOBER 7, 2013 FORBES | 175
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 ProMotion // Business AviAtion

The Enlightened
Business Traveler
Competing in a Global Market

Written and Produced by Mark Patiky

h en Walter Cur t founded Shenandoah Then Curt turned to a business aircraft, and a whole new

W Electronic Intelligence Inc. in his basement, he

didn’t consider how his rural Virginia location,
two and a half hours from the nearest airline terminal,
would affect the company’s growth. “We just couldn’t get
there from here,” he says, recalling daylong drives to reach
customers that took less time than an airline fight.
world of opportunity unfolded. Tens of thousands of other
companies have had a similar epiphany. With a business
aircraft, they are fnding that travel has never been quicker,
easier or more productive. And, with more-affordable access
than ever, even the smallest companies can compete on a
level playing feld with much larger business rivals.

Flight logs Real-life Business aviation success stoRies

sTEElCasE BurGErfi ChrisTEnsEn ThE riChards PinChal saBin mETals salEsforCE.Com

indusTriEs GrouP & ComPany CorPoraTion

Page 2 Page 4 Page 5 Page 6 Page 8 Page 9 Page 10

2 ProMotion // Business AviAtion
a
ccording to the National Business Aviation Association,
more than 80% of frms using business aircraft are small
and midsize businesses. A NEXA Advisors report con-
cludes that among those companies listed as the best places to
work, more than 90% use business aircraft. The truth is, the top
places to live and work in this country are not always those best
served by commercial airline service. These companies under-
stand that when time is critical, business is at stake—and missed
opportunities have a fnancial consequence. They also know that
a business aircraft can deliver you with amazing speed and eff-
ciency to the 5,000 local communities, towns and cities across
the nation where airlines don’t go. It’s not just top executives
that are fying, either: A Harris Interactive poll shows that more
than 70% of business aircraft travelers are middle managers,
researchers, technicians and customers.
Furthermore, time spent in a business aircraft cabin, free of
interruptions, is an opportunity to work, collaborate with col-
leagues or simply relax. And with a business aircraft, you fy on
your schedule, not an airline’s.
Perhaps best of all, you don’t have to own an aircraft to gain
all of the benefts. In addition to the more than 30,000 jet- and
piston-powered business aircraft in use, new fexible options
with added features and value such as fractional ownership,
jet cards and charter are available. And innovative alternatives
that are even more economical continue to emerge.
Flight log steelcase
steelcase inc., the world’s foremost designer and manufac-
turer of offce furnishings, is headquartered in Grand rapids,
Mich. For more than 40 years, steelcase has attributed its
overwhelming industry-leading success to its company planes.
it uses its Dassault Falcon 2000 LX and Falcon 900 eX to bring
customers to its facilities, which is a major boost to profts and
shareholder value, according to Glenn Jones, steelcase’s direc-
tor of aviation. “this is a relationship business. When prospec-
tive customers are here, they get a picture of the total quality
of the company,” he says.
Find the Perfect Fit
An ever-growing selection of aircraft provides the perfect
choice to accommodate virtually any trip across the state or
around the world. Choose from small jets designed for speed,
comfort and economy for regional flights; midsize jets with
larger, more comfortable cabins and coast-to-coast range;
or intercontinental jets that can take you around the world at
unprecedented speed.
Dassault
As business travel across the globe heats up, Dassault is on
track for a stellar year. Its three-engine Falcon 7X with 6,600-sm.
range can fy nonstop between Chicago and Tokyo or London
and Taiwan, yet it is an adept performer on short and challeng-
ing runways such as that at London City Airport. The Falcon
7X offers the latest advanced technology, including fy-by-wire
digital fight controls, heads-up displays, and enhanced and
synthetic vision that enables safe landings in the worst weather.
The 7X and its sibling, the Falcon 900, further offer impressive
fuel economy and three-engine safety margins that allow full-
fuel takeoffs for maximum range from smaller local airfelds.
Dassault’s very spacious super-midsize twin-jet Falcon
2000 boasts transatlantic range and is equally adept at
shorter runways.
it isn’t easy to get to Grand rapids any other way. Airline
fights to the city are infrequent, inconvenient and time consum-
ing, and the typical trip from nearly anywhere can eat up almost
a full day. Most customers can’t spare the time. Fortunately,
the company jets reduce the journey to a pleasant and produc-
tive one- or two-hour fight.
“our aircraft give us a signifcant business advantage,” says
steelcase Ceo Jim Hackett. “During the period around the
banking crisis, when it seemed that those companies that were
using corporate aircraft were deemed irresponsible, our team
stepped up to prove that these are irreplaceable tools for our
business model.”
each of the two Falcon jets averages an astounding 900
hours annually, most of which are dedicated to transporting
customer groups on frequent visits. “the aircraft can pick pas-
sengers up in the morning and have them home that same
evening,” says Jones, and that allows for a facility tour and
a full day of discussions. typically all ten seats are flled with
architects, interior designers, the customer’s own team and
key decision makers who gain the value of seeing the product
frsthand. But most important is the opportunity for meeting
company executives and discussing customer needs in person.
interaction with the customer actually begins the moment they
board the jet, not after they arrive, says Jones, who notes,
“travel time in a comfortable, relaxed setting can become
some of the most valuable time to build relationships.”
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4 ProMotion // Business AviAtion
gulfstream
Able to travel at over nine-tenths the speed of sound, the 610-
mph Gulfstream G650 is arguably the world’s fastest civilian jet.
Its colossal 8,050-sm. range—greater than that of any other
business aircraft today—easily links New York with Beijing or
London with Buenos Aires. Traveling aboard the G650, one can
cut an hour off many long-haul trips, and nowhere on Earth is
more than a single refueling stop away.
At the Gulfstream’s stratospheric 51,000-foot maximum cruis-
ing altitude, a uniquely designed pressurization system main-
tains an amazingly low 4,850-foot cabin altitude. That means
up to 18 passengers in the multiple-area cabin will be relaxed
and comfortable for the entire fight. And thanks to the 100%
fresh air circulation system and 16 of the largest windows in any
business jet, which allow in much more natural light, passengers
will arrive alert and refreshed.
On the fight deck, pilots can take advantage of digital fy-by-
wire fight controls that smooth the ride and enhance safety. They
also are equipped with the latest enhanced and synthetic vision
systems, which give pilots access to airports around the globe
under the most challenging circumstances. In one recent exam-
ple, after a 13.5-hour fight from Shanghai to New York, the G650
landed in very foggy conditions with uncompromised safety.
Flight log BuRGeRfi
From Anchorage, Alaska, to Key West, Fla., John rosatti is on
a mission to “BurgerFi” America—and he’s winning. rosatti is
the founder of multiple highly successful businesses, the lat-
est of which is north Palm Beach, Fla.-based BurgerFi, recently
Also in the fleet are the super-midsize Gulfstream G280,
which can easily travel nonstop from London to New York; and
the Gulfstream G150, which has a smaller cabin and transcon-
tinental range, yet boasts many of the performance attributes
that distinguish Gulfstream aircraft from among the competition.
named “the best new burger joint in town” by CBs Miami.
two years ago, rosatti launched BurgerFi. now he’s on a
roll to take the world’s best burger nationwide. Currently 28
BurgerFi stores are open, and they are a big hit in small college
towns and high-growth areas from coast to coast. While fresh,
all-natural ingredients make this burger a winner, rosatti will
tell you his Gulfstream Giv business jet has been a key compo-
nent in BurgerFi’s success.
“We have 25 people in our corporate offce, and i can take
12 or 13 people with me on our jet,” says rosatti, who plans to
have 50 stores in operation by year-end. With marketing, sales,
legal and engineering people aboard, his spacious Gulfstream
becomes an airborne headquarters. “We’re fying all over the
country. We can look at new sites, go to every store opening
and land close by. We have our lawyers and our executives on
the plane. We have meetings while we’re fying, and whether
the trip is two, fve or nine hours, we’re constantly talking.”
the time savings for a dozen people traveling is a phenome-
nal beneft—but with Wi-Fi aboard, they also remain in constant
contact with the outside world. “it is essential to be out in the
marketplace exploring new opportunities,” says rosatti. “the
Gulfstream allows us to move quickly and easily without losing
days to travel, and we run our business from the time we take
off until the time we land. Business-wise, this is my biggest
tool. this is the right way to do business.”

embraer
Brazilian manufacturer Embraer, well known for its excellent
airliners, introduced its frst business aircraft a decade ago
and has added top performers ever since. Rugged airliner
construction, performance, economy, reliability and maintain-
ability are all hallmarks of the Embraer line.
Embraer’s newest light jets—the Phenom 100 and the
slightly larger Phenom 300—are no exception. Widely used
by feet operators such as JetSuite, Flight Options and Net-
Jets, which depend on reliability and maintainability in a high-
utilization environment, both aircraft combine capability, styl-
ing and functionality with outstanding fuel effciency, speed,
range and airfeld performance.
The new super-midsize Legacy 500 is in fnal testing and
slated for customer delivery in mid-2014; the slightly smaller
Legacy 450 will follow in 2015. Each will bring next-generation
sophistication and safety to the market at very competitive
prices. These latest designs, incorporating highly fuel-effcient
engines, auto-throttle and fly-by-wire flight controls for
enhanced safety, efficiency and in-flight comfort, will set
a new standard for midsize aircraft. They’ll also come with
options more typically found on ultra-long-range jets, includ-
ing enhanced vision systems and heads-up displays.
Flight log cHRistensen inDustRies
Christensen industries, a small utah-based company, supplies
precision sheet metal and machined parts and products to the
aerospace industry and the world’s airlines. With customers
ranging from the West Coast to the Midwest, President and
owner Keith Christensen learned early on that having his own
Business AviAtion // ProMotion 5
among those companies
listed as the best places
90%
to work, more than
are business
aircraft users.
Source: NEXA Advisors
airplane could gain him quick and easy access to them.
After trying several less-capable aircraft, Christensen
became one of the frst embraer Phenom 100 jet owners. “the
Phenom makes a lot of sense for us because it’s fast and fies
high above most weather,” he says. “it’s very fuel-effcient,
and when you look at cost per mile, there’s just nothing that
compares. its systems redundancy is incredible, and the tech-
nology is simply as good as it gets.” if any technical issue
arises, Christensen uploads data from the built-in maintenance
diagnostics computer directly to embraer, and he can simul-
taneously speak with a technician who will help analyze the
problem. “i didn’t think this kind of service existed,” he says.
“Having the plane has helped us grow the business and
enabled us to solve customers’ problems. there isn’t anything
that can replace the value of being in front of your customer.
the aircraft encourages me to do that. it allows us to have
fewer people and do a great deal more work,” Christensen
explains. “i can’t afford to have two or three engineers out
of the offce two or three days at a time. now i can take my
quality-control, engineering and salespeople with me, meet
with customers anywhere mid-continent or on the West Coast,
and get back the same day. the employees love it and the cus-
tomers are delighted with our availability,” he says. “When you
consider the time, energy and personnel savings, our plane is
really inexpensive.”
6 ProMotion // Business AviAtion

Bombardier
Latest-technology materials are enabling more fuel-effcient
designs and improving safety. Bombardier’s new super-
midsize Learjet 85 is the world’s frst all-composite business
aircraft and offers the latest-technology flight deck and
cabin features. It will begin service in 2014.
In addition, the nine-passenger Learjet 75 and the seven-
passenger Learjet 70, which replace the Learjet 45XR and
40XR, respectively, will begin delivery later this year. The two
new models take advantage of the Learjet 85’s advanced-
cabin technology as well as Bombardier’s Vision Flight Deck,
which includes the latest Garmin flat-panel touch-screen
G5000 avionics with synthetic vision.
This year Bombardier introduced the Challenger 350, a
signifcantly upgraded version of the highly popular Chal-
lenger 300. The new jet has a redesigned interior, larger
windows, more-powerful engines and 3,700-sm. range. Net-
Jets is the launch customer, and frst deliveries are slated
for 2014. “With our own plane, we can leave early in the
Two new globe-spanning jets also are in development at morning, spend quality time with our clients
Bombardier: The Global 7000, with a projected 8,400-sm.
range, will be delivered to customers in 2016; and the Global
and return the same day. We have a great
8000, with an unprecedented 9,000-sm. range, is slated for deal more control over our business. From a
2017 delivery. NetJets already has placed large orders for productivity standpoint, it’s unmatched.”
both aircraft. —stan Richards, Founder, the Richards group

Flight log tHe RicHaRDs GRouP

stan richards launched his one-person advertising business
in a garage apartment in Dallas in 1955. today the richards
Group—with 700 employees, clients from coast to coast and
$1.3 billion in annual billings—is the largest independently
owned, full-service advertising agency in the country.
Developing good advertising strategy means working closely
with clients. “You can’t do that with e-mail, fax and videoconfer-
encing alone,” says richards. “there is no substitute for sitting
across the table from your client. Whether we are showing work
or getting direction or learning about some aspect of the client’s
business, there is no way to do it as effectively and effciently.”
so the richards Group travels often; its Bombardier Challenger
300 makes it possible.
While airlines are suitable some of the time, richards has
been a longtime believer in business aviation for accessing
clients whom it can be diffcult and time-consuming to reach
commercially. “to retain clients, we need to provide service. if
someone asks, ‘Can you be here tuesday at 8:30 a.m.?’ we can
always say yes.”
the richards Group’s Challenger 300 averages about two
trips a week, typically with seven to nine people represent-
ing multiple agency disciplines. “it doesn’t make any differ-
ence whether we are going to Connecticut or California,”
says richards. “With our own plane, we can leave early in
the morning, spend quality time with our clients and return
the same day. We have a great deal more control over
our business and our transportation. From a productivity
standpoint, it is unmatched. We can collaborate on the air-
plane, prepare, rehearse presentations or design an ad
in a nice, quiet environment. en route time is invaluable,”
he says, even if it’s just spent relaxing in order to stimulate
creative thinking.
8 ProMotion // Business AviAtion
Fractional ownership
and Jet Cards
Fractional ownership brings business aviation advantages to
thousands of companies and individuals that never dreamed
it possible. For a fraction of the price of a whole aircraft, you
eliminate the operational obligations and gain tax benefts and
all the ownership advantages, plus a great deal more. NetJets,
owned by Berkshire Hathaway, formulated the original fractional
ownership model. It, and others like Flight Options, operate the
major programs. Each company’s program is defned by differ-
ent options, enhancements and varied aircraft choices.
Fractional ownership requires an up-front capital investment
and a minimum 50-hour annual commitment, typically for fve
years, yet many customers have lesser requirements. For them,
jet cards may be the answer. One can purchase fight time in
25-hour increments and, unlike fractional ownership, jet cards
don’t require any capital investments, long-term contracts or
monthly management fees. Travel is based on one-way fights.
However, jet card owners pay higher hourly rates than do frac-
tional owners in lieu of an ownership investment.
NetJets
NetJets, remains the world’s largest, most experienced fractional
provider, with more than 7,000 owners and 700 aircraft world-
wide. In the U.S., NetJets Share and NetJets Lease offer owners
a wide choice of 13 aircraft types, ranging from fuel-effcient
Flight log PincHal & comPany
Houston-based Pinchal & Company is a private investment frm
and a leader in the acquisition and management of institutional-
grade industrial properties across the nation. With transac-
tions that can exceed hundreds of millions of dollars, company
small-cabin jets to large-cabin ultra-long-range aircraft. In addi-
tion, NetJets is the only fractional provider with operations in
Europe. Both domestic and international owners receive the full
benefts of their NetJets share on either continent.
The Marquis Jet Card offers full NetJets benefts in 25-hour
increments and provides guaranteed access to any of nine Net-
Jets aircraft in the U.S. In Europe, the NetJets Private Jet Card
offers similar benefts.
“We are seeing more people migrate to the benefts of frac-
tional ownership than we have in a long time,” says Adam John-
son, senior vice president of global sales, marketing and service
for NetJets. “Economies are becoming more global, which has
really created greater demand for our ultra-long-range aircraft,
particularly the new Signature Series Global 6000.”
NetJets recently ordered up to 670 new aircraft—a $17.6
billion investment—which include Bombardier ultra-long-range
Global 5000, 6000, 7000 and 8000 models as well as the Embraer
Phenom 300. Part of this new aircraft investment, which is the
largest business aircraft order in history, includes transoceanic
wide-body Challenger 605s and the new transcontinental
Challenger 350 series. “The new Signature Series aircraft are
equipped with the most advanced avionics and cabin tech-
nology,” says Johnson. Key features include custom interior
designs, enhanced sound-dampening systems and a proprietary
in-fight entertainment system that will extend beyond Wi-Fi.
In anticipation of strong economic recovery in the Far East,
the company recently announced a NetJets China program,
which will begin operations next year.
Founder and Chairman Mace Pinchal can’t afford to lose time
in airline terminals. that’s why a netJets fractional share is an
essential element in his company’s portfolio.
With netJets, Pinchal can focus on business and not worry
about travel. “Cost-wise, it’s a fraction of what my capital cost
would be to have my own aircraft, and i have all the benefts.”
one big advantage is the ability to select the best aircraft for
the mission. “For a short trip with a couple of people, we can
use a Hawker 400. on a trip that requires more range and more
people, we’ll use a Falcon 2000; and with netJets, you know
what you’re getting in the way of highly qualified pilots and
maintenance.”
For a ground breaking on a building 60 miles south of
indianapolis, he relates, “We landed at a county airport less
than two miles from the site and we were back in the offce by
midafternoon. there’s absolutely no question about the value.
it’s given me accessibility to a lot of places that are very hard
to reach. if i had to go commercially, i wouldn't have made half
those trips. there is nothing like a face-to-face meeting, par-
ticularly with someone that you haven’t done business with
before. this is not just about convenience. i can’t tell you how
many times this tool has worked for us,” he says.

Flight options
As the economic recovery continues, Flight Options CEO Mike
Silvestro believes companies and individuals are increasingly
turning to business aviation to maintain a competitive edge.
“It’s a very attractive time to buy fractional,” he says. “Values
are excellent and barriers to entry are signifcantly reduced.”
That’s why Flight Options’ new planes, performance improve-
ments in the existing feet and innovative programs are grab-
bing buyers’ attention.
Flight Options is the exclusive fractional supplier of Embraer’s
large-cabin, coast-to-coast-range Legacy 600. It was also the
frst to introduce the Embraer Phenom 300. The small-cabin jet
offers fuel economy that tops any jet in its class, nonstop range
across three-quarters of the country and attractive amenities
such as a spacious Wi-Fi-equipped cabin.
Flight Options’ latest feet addition is the Nextant Aerospace
Nextant 400XT, which is a completely “remanufactured” (not
upgraded) Hawker 400. The transformed jet features new fuel-
effcient Williams engines, a latest-technology cockpit, a com-
pletely redesigned interior, a 50% range increase (to 2,020 sm.)
and a 25% reduction in operating cost over the original model,
says Silvestro.
Also, Flight Options’ ultrafast, super-midsize Cessna Cita-
tion Xs are receiving makeovers. New-technology winglets
and latest-generation avionics will translate to increased per-
formance, greater fuel effciency and enhanced capability at
a much lower cost.
Flight log saBin metals coRPoRation
east Hampton, n.Y., located on the southern tip of Long island,
is more than a two-hour drive to the new York-area airports. But
that didn’t deter Andrew sabin, owner of sabin Metal Corpora-
tion, the largest privately owned precious-metal refner in the
u.s., from establishing his head offce there. With two business
aviation airports close by, Flight options helps him run his global
company from a rural location with ease.
sabin Metal has production facilities in rochester, n.Y., and
Williston, n.D. “unless you have a private plane, you’re going to
lose two days getting there,” says sabin. For the past 15 years,
Business AviAtion // ProMotion 9
80%
more than
of firms using
business aircraft
are small and
midsize businesses.
Source: NBAA
JetPASS 25-hour jet cards work like a prepaid debit card,
and they are available for four aircraft models in the Flight
Options feet. However, through Flight Options’ Jet Member-
ship Club, Phenom 300 and Nextant 400XT benefts are even
more attractive. The program, resembling a lease, combines
fractional benefits and JetPASS flexibility. After a one-time
fee, members can purchase up to three 25- or 50-hour time
blocks over a three-year period. There are no monthly manage-
ment charges, and fight-hour pricing is similar to that paid by
fractional owners.
he has used Flight options to gain unparalleled access to his
own plants, customers and suppliers across the nation. “they
have been vital to our growth,” sabin says. Currently, he has
shares in a Cessna Citation X and an embraer Phenom 300.
Departing from east Hampton’s relatively short runway in the
Phenom 300, he can arrive at his rochester plant just over an
hour later. in the afternoon, he can visit a nature conservation
project in Glens Falls, n.Y., and fnally land back in east Hamp-
ton for dinner. “Because i have the jet, travel is not only easy,
it’s a pleasure.”
For the trip to Williston in the northeast corner of north
Dakota, he’ll use the Flight options Citation X, take off from the
longer runway at Westhampton airport, fy nonstop and touch
down minutes from his plant. “i can spend four or fve hours and
come back the same day,” he says. “it has made my business
much more effcient; and because it’s easy to get there, i can
visit much more often.” With high-speed internet available during
the fight, he says, “i e-mail and i have access to all the news. i
can do all my work.”
it’s clear that sabin doesn’t miss a beat in business, but more
important, he lives his life well. What better return on an invest-
ment could one get?
10 ProMotion // Business AviAtion
a New Way to Fly
JetSuite is breaking the price barrier for private air travel for
more companies and individuals than ever before. By combin-
ing the safety, consistency, reliability and quality of fractional
ownership with all the advantages of jet cards, JetSuite pio-
neered a new class of service for people who value both their
time and their money.
Attractively priced one-way fights are available throughout
the Southwest in the economical fuel-effcient Embraer Phenom
100, which seats four passengers and includes free Wi-Fi. And
now you can fy JetSuite throughout the Northeast, from Boston
to South Florida or anywhere in between nonstop on JetSuite’s
new Wi-Fi–equipped seven-passenger Cessna CJ3s.
While travelers can request flights to any destinations in
the U.S., Canada or Mexico, the deals improve if you travel
between JetSuite’s most popular city pairs. These have the
lowest overall cost and beat any traditional charter trip. Book
online and get a guaranteed quote in seconds—and the price
is for the plane, not the seat.
JetSuite is making booking even easier with a low-cost air-
port fnder that will highlight the best values within a traveler’s
defned radius of departure and destination cities. Input the air-
ports you would like to use, and the airport fnder will give you
low-cost alternatives for other airports nearby.
You can simply purchase single fights, but for frequent fiers,
the deals get even better with SuiteKey Membership. By plac-
ing a deposit on future travel, much as with a jet card, mem-
bers earn lower fares and other benefts. Four levels of prepaid
Flight log salesfoRce.com
With a home in the san Francisco Bay Area and a father in
Albuquerque who is physically unable to travel commercially,
salesforce.com’s Chief technology officer trae Chancellor
researched all his travel options. Jetsuite offered what he
needed: affordability, effciency and personal service, plus a
70%
more than
of passengers aboard
business airplanes
are middle managers,
researchers,
technicians
and customers.
Source: Harris Interactive Poll
membership are available, and the larger the deposit, the better
the per-hour rate. Funds never expire, and SuiteKey members
receive priority booking, fexible change and cancellation poli-
cies, lower FBO change fees and free ground transportation.
The values get even better with “SuiteDeals.” These are last-
minute fights listed on the company’s Facebook and Twitter
pages. Since planes must be repositioned to accommodate the
next day’s schedule, JetSuite makes those potentially empty
fights available at “can’t resist” last-minute fares.
fast, comfortable, nonstop fight to san Francisco. “i’m such a big
advocate right now. the personal service and attention to detail
is enormous,” he says. Chancellor mentions that the pilots make
the extra effort to contact him frequently while his father is aboard
just to give him an update. “that’s priceless,” he says.
What began as a gift for a parent turned into a powerful busi-
ness break for Chancellor. Chancellor co-founded GotoMeeting, the
virtual meeting software designed around the idea that you don’t
need to travel. He has since learned otherwise. “We have gotten so
involved in technology, what we’ve forgotten is the most important
thing: the human element. We need to interact, but that opportunity
is diminished by the complexities of commercial travel.
“i’m starting a brand-new company based on putting technology
behind people, not in front of them, and that all starts with the way
i do business. i am doing that face-to-face now. this is giving me
time back. i can take my team with me and have an hour or so in
fight to prep for a meeting, and i have easy access to wherever i
need to be. it is invaluable. the added effciency and the opportu-
nity pays for the fight many times over,” says Chancellor.
 Business AviAtion // ProMotion 11

Reshaping the Future

Honda, well known on the roads, is quickly making a name for
itself on the airways by bringing a new level of personal mobility
to the skies.
The all-new HondaJet is in fnal fight testing, and frst cus-
tomers should take delivery in 2014. While this new advanced
light jet will compete in the affordable entry-level category, its
performance promises a great deal more.
What started as a fash of inspiration and a quick sketch by
Honda Aircraft Company President and CEO Michimasa Fujino
more than a decade ago is particularly relevant today. Fujino is
the conceiver and designer of the HondaJet. The new jet takes a
leap forward in aircraft design with its unconventionally placed,
top-of-wing-mounted engines, which defy traditional engineer-
ing wisdom but yield big returns, including a much quieter six-
passenger cabin complete with a fully enclosed lavatory.
The new HondaJet will be able to fy nonstop from New York “From the beginning it has been our goal to bring new value to
to Miami, zip along at 480 mph, take off from short, 3,200-foot the feld of aviation,” Fujino says. “My objective was to achieve
runways and cruise at 43,000 feet, well above most weather and a large cabin and high fuel effciency without any compromise.”
traffc. It offers effcient breakthrough aerodynamic airfoil design He appears to have done that particularly well.
and lightweight, all-composite carbon-fber fuselage, powered
by newly designed GE Honda turbo-fan engines. This adds up

a Priceless opportunity
to impressive performance and operating economy 15% to
20% better than that of similar-size business jets, says Fujino.

In a competitive global market, business leaders must ask them-

The amount business aviation contributes
annually to the u.s. economy:
selves some tough questions. How valuable is management and
employee time? What value do you place on tens of thousands
of productive hours saved? What’s the value of retaining the best
people? What’s the value of business gained or the impact of

$150 business lost? The answers help measure the true value of a
business aircraft from a fresh perspective. From industry giants

Billion
to independent frms, companies and individuals are realizing
that the true cost of a business aircraft is in not having one at all.
Now, more than ever, business aircraft benefts are more eas-
ily and economically accessible. Companies with their own busi-
ness aircraft are traveling when and where they want to with
speed, schedule agility, safety and security. Even small compa-
While employing more than nies are fnding that a business aircraft can help them gain a big

1.2 Million
advantage in edging out the competition.
Today, with so many options available, gaining an upper
people in the u.s. hand in the global marketplace has never been easier. And
there is another beneft: One can reclaim one’s life. More time
to spend with family and friends has always been priceless,
but now it’s also affordable.
Life’s great adventure is entirely up to you. So fasten your
= 100,000 seatbelts and prepare for takeoff. The skies are clear ahead. ■

To learn more about how business aviation can

give you a real advantage, visit us on the Web
Source: NBAA at www.forbes.com/sites/businessaviation.
THE FORBES 400
143. Edward Roski Jr.
$3.4 billion 
Source: real estate
AGe: 74 reSidence: los angeles
inheriTed & GrowinG
Owns and oversees Majestic Realty,
commercial and industrial real estate
company founded by his father in 1948.
Majestic has more than 70 million square
feet of real estate, mostly in industrial
buildings in southern California. Helped
build sports arena Staples Center in Los
Angeles in 1998 with fellow billionaire Philip
Anschutz (see). Now engaged in a tussle with
Anschutz; both want to build a new football
stadium to lure an NFL team to Los Angeles.
143. Haim Saban
$3.4 billion 
Source: television
AGe: 68 reSidence: Beverly hills
Self-mAde
Chairman of thriving Spanish-language TV
giant Univision, ffth-largest TV network in
U.S. Got his frst big win with children’s TV
show Mighty Morphin Power Rangers in 1980s;
still owns Power Rangers, plus Paul Frank
brand, known for its monkey. Sold Fox Family
Channel to Disney in 2001 for $5 billion; his
take, $1.7 billion. In January Saban Capital
purchased controlling stake in publicly traded
Israeli telecom frm Partner Communications.
143. Steven Udvar-Hazy
$3.4 billion 
Source: aircraft leasing
AGe: 67 reSidence: Beverly hills
Self-mAde
Godfather of the airplane leasing industry
has built 2 billion-dollar companies over 4
decades. His second, Air Lease Corp., went
public in 2011. In July it agreed to purchase
33 Boeing 787 Dreamliners. Budapest-born
immigrant fed to Sweden during Soviet
occupation of Hungary; landed in New York
1958. Started plane brokerage business while
studying economics at UCLA. Certifed jet
pilot, cofounded International Lease Finance
Corp. in 1973 and sold it to AIG in 1990 for
$1.2 billion. Has donated more than $100
million to Stanford U.; gave $65 million to
National Air & Space Museum, where an
annex is named after him.
143. Kelcy Warren
$3.4 billion 
Source: PiPelines
AGe: 57 reSidence: dallas Self-mAde
Cofounded natural-gas pipeline firm
188 | FORBES OCTOBER 7, 2013
Energy Transfer Partners with Ray C.
Davis (see) in 1995; bought struggling
gas assets and linked them into efficient
system. Today its parent, Energy
Transfer Equity, owns more than 71,000
miles of natural gas and crude oil
pipelines. ETE bought Southern Union
pipeline company for more than $5
billion, and bought Sunoco and its gas
stations for $5.3 billion, both in 2012.
Music fan produces albums for singer-
songwriters at his Austin-based studio,
Music Road Records.
151. Charles Dolan
& family
$3.3 billion 
Source: caBle television
AGe: 86 reSidence: oyster Bay, n.y.
Self-mAde
College dropout started network that
would become HBO in 1965 and traded
it to Time Inc. in 1973 for Long Island
cable company now called Cablevision.
Son James is CEO. Also owns one of
SePTember 26, 1994
“I’m a gambler. I haven’t taken a salary for almost a decade now. I love
gambling to see what’s going to make it and what’s not.”
world’s largest stages: Madison Square
Garden, now undergoing a nearly $1
billion renovation. Listed Madison
Square Garden Co. also operates Radio
City Music Hall, the Beacon Theatre,
basketball’s New York Knicks and
hockey’s New York Rangers. Family also
controls listed AMC Networks.
151. Archie
Aldis Emmerson
$3.3 billion 
Source: timBerland, lumBer mills
AGe: 84 reSidence: redding, calif.
Self-mAde
His Sierra Pacifc Industries is investing in
water technology to precision-cut metal
tools for use in lumbering. Owns over 2
million acres of forest in California and
Washington. With father, Curly, began
lumber products company in 1949, took it
public in 1969, went private again 4 years
later. In 1988 bought 522,000 acres from
Santa Fe Southern Pacifc Railroad with
$460 million loan.
COvERAG E
151. Steven
Spielberg
$3.3 billion 
Source: movies
AGe: 66 reSidence :
Pacific Palisades,
calif. Self-mAde
Earned $100 million
between June 2012 and June
2013, more than anyone
in Hollywood besides
Madonna. Most of the money
comes from his library of
hit movies like Jaws, E.T.,
Jurassic Park. Has directed
27 movies, which grossed
$9 billion. Won 3 Oscars for
flms Schindler’s List and
Saving Private Ryan. His
push into TV fnally seems
to be paying of. After fops
like Smash, showing promise
with Under the Dome.
signatory of the giving Pledge
THE FORBES 400
151. Doris Fisher
$3.3 billion 
Source: gaP
AGe: 82 reSidence: san francisco
Self-mAde
Cofounded Gap in 1969 with late husband,
Donald (d. 2009), when he couldn’t fnd jeans
that ft. Originally a San Francisco jeans and
music store, it now operates more than 3,400
stores under such brands as Old Navy, Banana
Republic and Athleta. Her art collection,
including 1,100 works by 185 artists, is nearly as
valuable as her stake in Gap. The San Francisco
Museum of Modern Art will permanently
display the collection. Cofounder of the KIPP
Foundation, which supports charter school
network of same name.
151. Bernard Marcus
$3.3 billion 
Source: home dePot
AGe: 84 reSidence: atlanta
Self-mAde
Cofounded home improvement chain Home
Depot in 1978 with Arthur Blank (see) after
getting fred from Handy Dan Improvement
Center. Took public in 1981. Home Depot had
2012 revenues of $74 billion. Retired 2001 to
focus on philanthropy. Gave $250 million to
open Georgia Aquarium, the world’s largest.
Started Marcus Autism Center in Atlanta in
2008. Donated $2.5 million to City of Hope, a
disease research center, in May 2013.
151. Karen Pritzker
$3.3 billion 
Source: hotels, investments
AGe: 55 reSidence: Branford, conn.
inheriTed
Inherited share of Chicago-based Pritzker
family fortune, which included Hyatt Hotels,
industrial conglomerate Marmon and other
assets. Fortune was built by her grandfather
A.N. Pritzker (d. 1986) and his sons, including
her father Robert (d. 2011). With husband,
Michael Vlock, has invested in stocks, medical
device companies. Biggest holding after Hyatt
is Apple. Couple has pledged $20 million to
Yale and $5 million to Teach for America.
157. Tamara
Gustavson
$3.2 billion 
Source: self-storage
AGe: 51 reSidence: maliBu, calif.
inheriTed & GrowinG
Board member and largest shareholder, with
11% stake, of self-storage company Public
190 | FORBES OCTOBER 7, 2013
Storage, founded by her father, B. Wayne
Hughes (see). It is nation’s biggest chain of self-
storage facilities, with 2,200 locations in the
U.S. and Europe. Her net worth has climbed
$200 million on rise in Public Storage share
price. On board of trustees of alma mater USC.
157. Michael & Marian
Ilitch & family
$3.2 billion 
Source: Pizza
AGe: 84, 80 reSidence: Bingham
farms, mich. Self-mAde
Detroit power couple own Little Caesar’s
pizza chain and Detroit Red Wings (hockey).
He owns Detroit Tigers (baseball). They
are doubling down on troubled city,
building new arena for Red Wings that
will anchor development of a $650 million
entertainment district downtown. They’ll
pay $367 million toward the project and
shepherd another $284 million in nearby
commercial development; the state and local
governments will fnance the rest. Couple
opened frst pizza shop 1959; Little Caesar’s
had $3 billion in sales last year. Marian also
owns Motor City Casino.
157. Daniel Och
$3.2 billion 
Source: hedge funds
AGe: 52 reSidence: scarsdale, n.y.
Self-mAde
CEO of Och-Zif Capital Management,
one of world’s only publicly traded hedge
fund frms. Stock was up more than 30%
over past year. Got start at Goldman Sachs;
struck out on his own in 1994 with reported
$100 million in seed money from the
billionaire Zif brothers. Total assets under
management are now $36.6 billion. Gave $15
million to West Orange, N.J. school renamed
for his mother, Golda Och, a former history
teacher and administrator there.
157. Steven Rales
$3.2 billion 
Source: manufacturing
AGe: 62 reSidence: santa BarBara,
calif. Self-mAde
Chairman of publicly traded manufacturing
conglomerate Danaher, cofounded with
brother Mitchell (see). Net worth is down
$100 million since year ago primarily
because FORBES deducted a greater
percentage of the 40 million Danaher shares
he pledged against lines of credit. Brothers
left their father’s real estate frm in 1979
and started buying small manufacturing
companies during 1980s junk bond frenzy.
 uP  down
Acquired a crippled REIT and fused it with
other manufacturing frms to form Danaher,
named after Montana stream where they
fshed. Steven founded flm production
company Indian Paintbrush, which backed
Wes Anderson’s The Darjeeling Limited,
Fantastic Mr. Fox and Moonrise Kingdom.
161. John Catsimatidis
$3.1 billion 
Source: oil, suPermarkets
AGe: 65 reSidence: new york city
Self-mAde
Son of Greek immigrants turned a single
grocery store into Red Apple Group empire,
which controls New York’s Gristedes
Supermarkets and 800,000 square feet of
city real estate. His energy investments
include hundreds of gas stations and the
Pennsylvania-based United Refning Co., his
most valuable asset, worth an estimated $1.8
billion. Recently tried (and failed) to secure
Republican nomination for New York City
mayor.
161. Jim Davis & family
$3.1 billion 
Source: new Balance shoes
AGe: 70 reSidence: newton, mass.
Self-mAde
Running-shoe business booming at New
Balance, pushing chairman Davis’ net worth
up $1 billion over past year. Sales grew 17%
to $2.39 billion in 2012. One-fourth of shoes
sold domestically come from U.S. factory.
New Balance Arch Co. started in 1906 to
correct orthopedic foot problems. Davis
saw opportunity with rising popularity of
athletic shoes; bought company in 1972.
Expanded into clothing and equipment for
soccer, feld hockey, lacrosse. His wife, Anne
Davis, joined New Balance in 1977 as frst
human resources manager; now she is vice
chairman.
161. Mary Alice
Dorrance Malone
$3.1 billion 
Source: camPBell souP
AGe: 63 reSidence: coatesville, Pa.
inheriTed
Campbell Soup heiress is $7.7 billion (sales)
company’s largest shareholder; sits on board
with her brother Bennett Dorrance (see) and
cousin Charlotte C. Weber. Condensed-soup
company was founded by her grandfather
John T. Dorrance. Malone breeds horses
on her Iron Spring Farm, a nearly 1,000-
acre property about an hour west of
Philadelphia.
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THE FORBES 400
161. Terrence Pegula
$3.1 billion 
Source: natural gas
AGe: 62 reSidence: Boca raton, fla.
Self-mAde
Former Penn State math major switched to
petroleum engineering for scholarship and
joined Getty Oil after graduation. Founded
East Resources with $7,500 loan in 1983 to
drill sand wells. Sold out to Royal Dutch
Shell for $4.7 billion in May 2010. Bought
NHL’s Bufalo Sabres, his hometown team,
for $165 million in 2011. Investing $170
million in Bufalo entertainment complex
to feature 2 ice rinks, hotel and restaurant.
Donated $102 million to Penn State to feld
Division 1 hockey team and build its arena,
due to open this fall.
161. Julian
Robertson Jr.
$3.1 billion 
Source: hedge funds
AGe: 81 reSidence: new york city
Self-mAde
After closing his legendary hedge fund
Tiger Management in 2000 became
a pioneer in seeding and mentoring
handpicked hedge funds, known as Tiger
Cubs. Has seeded over 40 funds, many
of which operate out of 101 Park Avenue,
where Robertson himself runs family
ofce. In September 2012 Robertson’s 80th
birthday party at Lincoln Center drew
many of the Cubs, including billionaires
Chase Coleman (see) and Andreas
Halvorsen. Robertson’s nearly $900 million
Tiger Accelerator Fund, a fund of funds
open to outside investors, launched in 2011;
invests exclusively in group of 6 Tiger-
seeded hedge funds. Owns 3 golf resorts in
New Zealand.
166. Leon
Cooperman
$3 billion 
Source: hedge funds
AGe: 70 reSidence: short hills, n.J.
Self-mAde
His $8.9 billion Omega Advisors was
up 20% net of fees through mid-August
thanks to positions in stocks like Express
Scripts and AIG. Grew up in South
Bronx, got start as a Xerox quality control
engineer; joined Goldman Sachs, where he
rose to head of bank’s asset management
business. Struck out on own in 1991.
Recently pledged $25 million to Hunter
College, where he met his wife.
194 | FORBES OCTOBER 7, 2013
166. Israel Englander
$3 billion 
Source: hedge funds
AGe: 65 reSidence: new york city
Self -mAde
Brooklyn native earned B.S. in fnance at NYU;
dropped out of its M.B.A. program to work
on Wall Street as trader and foor broker at
American Stock Exchange. “Izzy” founded
Millennium in 1990; now manages $18.8 billion
and was up 7% through July. Izzy earns fees
only in years when investors make money.
Serves on boards of Weill Cornell Medical
College and the Metropolitan Council on
Jewish Poverty. Sister was married to famed
investor Jack Nash (d. 2008).
166. Phillip Frost
$3 billion 
Source: Pharmaceuticals
AGe: 76 reSidence: miami Beach
Self-mAde
Pharma industry vet has stakes in more than
a half-dozen frms, including diagnostics and
drugmaker Opko Health, with $1.2 billion
stake. Former dermatology professor got start
in pharma in early 1970s when he took over
Key Pharmaceuticals with partner Michael
Jaharis (see) to develop generics and veterinary
products. Sold to Schering-Plough in 1986.
Frost then founded Ivax and sold it to Teva
Pharmaceutical Industries for $7.6 billion in
2005; still chairman of the generic drug leader.
166. W. Herbert Hunt
$3 billion 
Source: inheritance, oil
AGe: 84 reSidence: dallas
inheriTed & GrowinG
Half-brother of Ray Lee Hunt (see) inherited
oil fortune from father, H.L. Hunt, then nearly
lost it all trying to corner world silver market.
Fell out of The Forbes 400 ranks when silver
and oil prices collapsed in 1980s. Was last
on The Forbes 400 in 1986. Returns after his
Petro-Hunt sold acreage in Bakken oilfelds to
Halcon Resources for $1.5 billion in cash and
stock. Owns refnery in Baton Rouge.
166. James Jannard
$3 billion 
Source: sunglasses
AGe: 64 reSidence: san Juan
islands, wash. Self-mAde
In August announced plans to take on a lower
profle role at RED, his digital movie camera
business. Avid photographer founded RED
in 2005. His cameras have been used to flm
The Social Network, The Great Gatsby and The
 uP  down  unchanged
Hobbit, among others. Aggressively protecting
its patents; in February sued Sony for patent
infringement. Sony shot right back with
countersuit. Got his start selling rubber grips
for motorcycles and BMX bikes out of his car.
Began making high-tech lenses for sunglasses
in 1984; his Oakley sunglasses’ cachet grew
as he persuaded cyclists, skateboarders and
motocross riders to wear them. Took it public
1995. Sold it to Luxottica 2 years after founding
RED for $2.1 billion. Sale proceeds still make up
bulk of his fortune.
166. H. Fisk Johnson
$3 billion 
Source: sc Johnson & sons
AGe: 55 reSidence: racine, wis.
inheriTed
166. Imogene
Powers Johnson
$3 billion 
Source: sc Johnson & sons
AGe: 83 reSidence: racine, wis.
inheriTed
166. S. Curtis Johnson
$3 billion 
Source: sc Johnson & sons
AGe: 58 reSidence: racine, wis.
inheriTed
166. Helen
Johnson-Leipold
$3 billion 
Source: sc Johnson & sons
AGe: 56 reSidence: racine, wis.
inheriTed
166. Winnie
Johnson-Marquart
$3 billion 
Source: sc Johnson & sons
AGe: 54 reSidence: virginia Beach, va.
inheriTed
Imogene and her 4 children own stakes in
SC Johnson, the cleaning products giant.
Her late husband, Samuel Curtis Johnson
(d. 2004), was fourth generation to run
company, which makes Windex, Ziploc,
Raid. Son Fisk is now CEO. Family received
national attention when Curt was charged
with sex crimes against a child in 2011. A
trial is scheduled for January 2014.
 new to list  returnee
THE FORBES 400
166. Jerry Jones
$3 billion 
SoURCE: dAllAs Cowboys
AGE: 70 RESiDEnCE: dAllAs SElf-mADE
In July Dallas Cowboys owner struck
estimated $500 million, 25-year naming-
rights deal with AT&T for his massive
100,000-seat stadium. Just his latest move
to turn America’s most valuable football
team ($2.3 billion) into a cash machine.
The Cowboys produced league-high fgures
in revenue ($539 million) and operating
income ($251 million) last season, despite
lackluster performance on feld. Has
funneled his Cowboys dough into retail and
residential real estate developments around
Dallas.
166. Peter Kellogg
$3 billion 
SoURCE: investments
AGE: 71 RESiDEnCE: short hills, n.J.
inhERitED & GRowinG
Kellogg and his reinsurance outfit,
IAT, sued the IRS in April, seeking
refund of $186 million in taxes and
interest paid after the IRS revoked IAT’s
tax-exemption retroactively. Claims
officials were “unduly prejudiced”
against company due to “politically
charged atmosphere.” Took over his
father’s brokerage house, Spear, Leeds &
Kellogg, in 1973. Firm was first specialist
brokerage to control more than 10% of
stocks trading on the Big Board. Sold
out to Goldman Sachs in 2000 for $6.5
billion. Has donated more than $4
million to U.S. ski and snowboarding
teams; gave $20 million to alma mater
the Berkshire School, a prep school in
Sheffield, Mass.
166. James Leprino
$3 billion
SoURCE: Cheese

AGE: 75 RESiDEnCE: indiAn hills,
Colo. inhERitED & GRowinG
Colorado’s king of cheese keeps churning
out growth at Leprino Foods, world’s largest
mozzarella cheese producer. Revenues hit
an estimated $2.7 billion in 2012. Supplies
cheese to brands like Domino’s, Papa John’s,
Pizza Hut and Hot Pockets. The company
also sells by-products such as whey protein,
lactose and sweet whey powder used in
infant formula and yogurt. Leprino Foods’
newest plant, in Greeley, Colo., opened in
2011 and started processing cheese earlier
this year. Plant is expected to operate at full
capacity this fall. Leprino’s father started
company in the 1950s.
196 | FORBES OCTOBER 7, 2013
166. Anthony Pritzker
$3 billion 
SoURCE: hotels, investments
AGE: 52 RESiDEnCE: los Angeles
inhERitED
166. Jay Robert “J.B.”
Pritzker
$3 billion 
SoURCE: hotels, investments
AGE: 48 RESiDEnCE: ChiCAgo
inhERitED
Brothers J.B. and Tony are 2 of 11
billionaire heirs to Hyatt Hotels fortune.
Together they run private equity and
venture capital firm The Pritzker Group,
with offices in Chicago and Los Angeles.
Net worth of each is up $500 million
since last year, primarily because of
profits from sale of shares they retained
in industrial group Marmon, the majority
of which was sold to Warren Buffett’s
Berkshire Hathaway in 2008.
166. Robert Rich Jr.
$3 billion 
SoURCE: frozen foods
AGE: 72 RESiDEnCE: islAmorAdA, flA.
inhERitED
Taking American desserts international.
His company, Rich Products, is building
factories in China, Brazil and India to
supply those nations’ growing middle
classes with sweet treats. Rich’s father,
Robert Sr. (d. 2006), turned soy-based
whipped cream into a frozen-food
empire. Bob Jr. became president 1978;
revenues have grown to more than
$3 billion with products sold in 112
countries.
166. Ronda Stryker
$3 billion 
SoURCE: mediCAl equipment
AGE: 59 RESiDEnCE: portAge, miCh.
inhERitED
Granddaughter of Homer Stryker (d.
1980), inventor of a mobile hospital
bed, who founded Stryker Corp. in 1941.
She sits on Stryker board; only member
of founding family still active in the
company, which sold $8.7 billion in
medical equipment last year. Shares
have risen nearly 25% over last year,
helping to increase her net worth by
about $500 million. Siblings Pat
(see) and Jon (see) are also on The
Forbes 400.
166. Roger Wang
$3 billion 
SoURCE: retAil
AGE: 64 RESiDEnCE: nAnJing, ChinA
SElf-mADE
Born in mainland China, raised in
Taiwan, studied in the U.S. and found
early business success in real estate,
insurance and hotels in California,
where he obtained U.S. citizenship.
Returned to mainland in 1992 to found
Golden Eagle International Group and
turn it into one of the country’s largest
mall chains. Fortune has declined from a
year ago after a one-fifth drop in shares
of his Hong Kong-listed arm, Golden
Eagle Retail Group.
184. John Doerr
$2.9 billion 
SoURCE: venture CApitAl
AGE: 62 RESiDEnCE: woodside,
CAlif. SElf-mADE
Once the king of venture capitalists,
Doerr is now working his way back to
the top after Kleiner Perkins Caufield
& Byers, where he is a general partner,
slipped in recent years. It previously
won big with investments in Amazon
in 1990s and later Google, but his
firm’s recent investments in green
tech, like financially struggling Fisker
Automotive, have left it lagging. Studied
electrical engineering at Rice U., then
Harvard M.B.A. In April joined the
board of embattled online gaming
company Zynga, where his firm is an
investor.
184. Stanley
Druckenmiller
$2.9 billion 
SoURCE: hedge funds
AGE: 60 RESiDEnCE: new york City
SElf-mADE
Closed down his $12 billion hedge
fund, Duquesne Capital Management,
in August 2010 and returned investors’
money, citing frustration with his
inability to deliver high returns. Now
manages his fortune via New York-
based family office, running his own
book and investing in funds managed by
former Duquesne portfolio managers. In
December 2009 announced $705 million
commitment to “medical research,
education and the fight against poverty,”
including $100 million for a new
neuroscience institute at NYU Langone
Medical Center.
signAtory of the giving pledge
THE FORBES 400
184. Amos Hostetter Jr.
$2.9 billion 
Source: caBle television
AGe: 76 reSidence: Boston
Self-mAde
Harvard Business School grad invested
$3,000 in cable company in 1963.
Continental Cablevision eventually
became nation’s largest privately held
cable company before being sold to US
West for $11 billion in 1996. Hostetter
later bought it back, renamed it
MediaOne and sold it for $44 billion
in cash and stock to AT&T in 2000.
Now owns Boston’s Lewis Wharf
and is investor in cable companies,
broadband startups, Nantucket real
estate. His $800 million-endowed
Barr Foundation has donated millions
to Boston-area museums as well as
nonprofits focusing on education and
energy efficiency.
184. Edward Lampert
$2.9 billion 
Source: hedge funds
AGe: 50 reSidence: miami Beach
Self-mAde
Chairman of Sears Holdings, added CEO
title in January. Hedge fund manager
took control of Kmart in 2003 by buying
the bankrupt retailer’s bonds, then
merged it with Sears Roebuck & Co.
in 2005. Stock is down more than 60%
since tie-up was approved. Lampert
purchased Miami Beach home in March
2012 for reported $38 million and moved
his hedge fund, ESL Investments, to
Florida. Lawyer’s son read corporate
reports and financial textbooks in high
school before heading to Yale, where he
was a member of Skull & Bones. Worked
alongside fellow billionaire investor
Daniel Och (see) in risk arbitrage
department at Goldman Sachs before
going solo 1988.
184. Igor Olenicoff
$2.9 billion 
Source: real estate
AGe: 70 reSidence: lighthouse
Point, fla. Self-mAde
Prepping daughter Natalia Ostensen, 31,
to take over his real estate empire, Olen
Properties, which has 6.4 million square
feet of office space and nearly 12,000
residential units across California,
Florida, Nevada and Arizona. It would
be a good time: Olenicoff says real
estate prices are back to 2007 levels but
occupancy is higher. In 2007 he pleaded
198 | FORBES OCTOBER 7, 2013
februAry 22, 1999
“I’m the most illiterate person when it comes to the Internet. We could
create a whole show about me learning the Web.”
guilty to tax felony charges for stashing
more than $350 million in Europe.
He paid $52 million in back taxes and
was sentenced to 2 years of probation
and 120 hours of community service.
He claimed that UBS had mismanaged
his investments and misled him into
evading taxes; sued for $1.7 billion, but
case was thrown out in April 2012. Now
cooperates with the U.S. government
on investigations of foreign financial
institutions.
184. Joan Tisch
$2.9 billion 
Source: diversified
AGe: 87 reSidence: new york city
inheriTed
With sister-in-law Wilma Tisch (see),
controls fortune built by their late
husbands, investors Laurence and
Preston Robert “Bob” Tisch. Brothers
started with small New Jersey hotel
in 1946 and acquired Loews Theatres
1959. Publicly traded Loews Corp. now
includes oil drilling (Diamond Offshore),
natural gas pipelines (Boardwalk) and
insurance (CNA). Joan owns a 6.6% stake
 uP  down
COvERAG E
184. Oprah Winfrey
$2.9 billion 
Source: television
AGe: 59 reSidence:
montecito, calif.
Self-mAde
Only African-American on
The Forbes 400 appears to
have reversed fortunes of her
network, OWN; it is now cash-
fow positive, thanks to string
of exclusive TV interviews
like one with disgraced cyclist
Lance Armstrong. Generating
Oscar buzz for performance
in The Butler. Miss Black
Tennessee at age 17; became
newscaster and later got her
own daytime TV show. Most of
her wealth still stems from the
talk show, plus earnings from
Harpo production company,
which has a hand in Dr. Phil,
Rachael Ray and Dr. Oz shows.
and inherited 50% ownership of the
New York Giants football team, which
her late husband bought in 1991. Son
Jonathan heads Loews Hotels, serves as
cochairman of Loews Corp. with Wilma’s
son Andrew.
184. Steve Wynn
$2.9 billion 
Source: casino, hotels
AGe: 71 reSidence: las vegas
Self-mAde
Casino magnate is on track to build $1.2
billion casino in Everett, Mass. in June;
he’s lobbying Philadelphia to approve
another. Forcibly bought out Japanese
Pachinko tycoon Kazuo Okada’s nearly
20% stake in Wynn Resorts in 2012,
accusing former partner of bribery as
justification. Ex-wife Elaine is trying
to use legal mess to regain control of
her Wynn Resorts shares. Wynn, who
remarried in 2011, paid $70 million,
one of the highest prices ever for an
apartment in New York, for 14-room
penthouse on Central Park South in
May 2012. His yacht, Aquarius, is 183
feet long.
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 THE FORBES 400
C Ov E R AGE
184. Robert Kraft
$2.9 billion 
Source: new england
Patriots
AGe: 72 reSidence:
Brookline, mass.
Self-mAde
After reaching playofs for
tenth time in 12 seasons, his
Patriots fell short of Super
Bowl. Then tight end Aaron
Hernandez, who had recently
gotten $40 million contract
extension, was arrested and
indicted for murder. Kraft
purchased team in 1994 for
$172 million; it’s now worth
$1.8 billion, up 10% from last
year. Also owns $2 billion
(sales) cardboard paper
business. His dad wanted him
to be a rabbi, but he went to
Harvard Business School.
SePTember 19, 2005
“I used to sit on those benches and dream about what I
would do if I owned the team.”
193. John Arnold
$2.8 billion 
Source: hedge funds
AGe: 39 reSidence: houston
Self-mAde
Shocked hedge fund world in May 2012
when he announced that he was calling it a
career at age 38. “After 17 years as an energy
trader, I feel that it’s time to pursue other
interests,” wrote the former Enron star, who
is said to have made $750 million for the
defunct energy giant in 2001 alone. Arnold
and his wife, Laura, have since devoted most
of their time to philanthropy; they have
already given away more than $1.2 billion.
193. Robert Bass
$2.8 billion 
Source: oil, investments
AGe: 65 reSidence: fort worth, tex.
inheriTed & GrowinG
One of 4 Bass brothers to inherit oil fortune
from great-uncle Sid Richardson. Chairman
of private-jet startup Aerion, which seeks
to build frst supersonic business jet. With
wife, Anne, donated $50 million this year to
200 | FORBES OCTOBER 7, 2013
Duke University to support interdisciplinary
studies aimed at tackling complex societal
problems. Paid reported $42 million for
Manhattan apartment in 2012. Founded
investment frm Oak Hill in early 1990s; its
4 operations now have total assets under
management of $8 billion.
193. Peter Buck
$2.8 billion 
Source: suBway restaurants
AGe: 82 reSidence: danBury, conn.
Self-mAde
193. Fred DeLuca
$2.8 billion 
Source: suBway restaurants
AGe: 65 reSidence: fort
lauderdale, fla. Self-mAde
In 1965, 17-year-old DeLuca borrowed
$1,000 from family friend Buck, a nuclear
physicist, to start a “submarine” sandwich
shop in Bridgeport, Conn. DeLuca’s plan
was to ofset the cost of his college education
with the profts. The result was Subway,
now world’s largest restaurant chain, with
 uP  down
nearly 40,000 worldwide locations (in
2011 it overtook McDonald’s) and 2012
revenues of $18.1 billion. While Buck’s role is
diminished, DeLuca oversees its day-to-day
operations; each still owns half the business.
Fun facts: DeLuca drives an 11-year-old
Lexus convertible; says his favorite Subway
sandwiches are Veggie Delight and turkey.
193. John Fisher
$2.8 billion 
Source: gaP
AGe: 52 reSidence: san francisco
inheriTed
Youngest son of Gap founders Doris (see)
and Donald Fisher (d. 2009) owns majority
of Major League Baseball’s Oakland A’s and
has small stake in Major League Soccer’s San
Jose Earthquakes. President of Pisces (Fisher
family’s investment management company)
and chairman of KIPP Foundation, funder of
KIPP public charter school network.
193. Jeremy
Jacobs Sr.
$2.8 billion 
Source: sPorts concessions
AGe: 73 reSidence: east aurora, n.y.
inheriTed & GrowinG
His Boston Bruins reached Stanley Cup
Finals in 2013 for second time in 3 seasons,
but fell just short of championship. Bulk of
fortune comes from Delaware North, one
of world’s largest concession companies,
serving up food, drinks and entertainment
at 200 venues, including Boston’s TD
Garden, Oriole Park at Camden Yards
in Baltimore. Helped raise more than $1
million following Boston bombings.
193. George Lindemann
& family
$2.8 billion 
Source: investments
AGe: 77 reSidence: Palm Beach, fla.
Self-mAde
Sold natural gas transport frm Southern
Union to fellow billionaire Kelcy Warren’s
(see) Energy Transfer in early 2012. Now
serial entrepreneur fnds himself without a
ship to helm. Native New Yorker got his start
when he sold his family’s eye-care company,
Permalens, in 1971. Founded Vision Cable
in 1972; Newhouse brothers (see) bought
the cable TV company a decade later for
$220 million. Started cellphone frm Metro
Mobile, fipping it to Bell Atlantic for $2.5
billion in 1991, before getting into the energy
business.
 unchanged  new to list  returnee
 Delphine Nardin | Jewelry
Christofle.com | 212.284.5108 | Bal Harbour | Beverly Hills | Boston | Houston | Melrose Place | Montreal | New York | Palm Beach
THE FORBES 400
193. David
Rockefeller Sr.
$2.8 billion 
Source: oil, Banking
AGe: 98 reSidence: sleePy hollow, n.y.
inheriTed
Senior member of Rockefeller family and
principal benefciary of family fortune. His
grandfather John. D. Rockefeller founded
Standard Oil, which fueled America’s Gilded
Age until it was broken up in 1911. His
father, John D. Rockefeller Jr., developed
Rockefeller Center in midtown Manhattan.
David joined Chase National Bank, long
connected with Rockefeller family, in 1946,
later became CEO and chairman, retired
in 1981. Since then he has focused on real
estate, philanthropy, the arts, international
relations. In 2005 pledged $100 million
to Museum of Modern Art. Also pledged
$100 million to both Rockefeller University
(founded by his grandfather) and Harvard
University, his alma mater. Oldest member of
The Forbes 400.
201. Andrew
& Peggy Cherng
$2.7 billion 
Source: chinese restaurants
AGe: 66, 65 reSidence: los angeles
Self-mAde
Husband and wife celebrated their 30th
year in business together running fast,
casual Chinese food restaurant chain
Panda Express; it now has $1.8 billion
in sales (2012) from more than 1,600
restaurants. Couple, immigrants born in
China and Burma, respectively, met at
Baker University in Baldwin, Kans., then
headed to the University of Missouri, where
Andrew got master’s degree in applied
mathematics and Peggy Ph.D. in electrical
engineering. Andrew opened sit-down
restaurant Panda Inn with master chef
father in 1973; a decade later he and Peggy,
who left software-development career
(3M and McDonnell Douglas) to help him,
launched frst Panda Express in second-
largest mall in Los Angeles County.
201. Victor Fung & family
$2.7 billion 
Source: trading comPany
AGe: 67 reSidence: hong kong
Self-mAde
Became honorary chairman of sourcing giant
Li & Fung after relinquishing chairman’s
role to brother William last year. One of
the world’s largest suppliers of clothes and
202 | FORBES OCTOBER 7, 2013
december 11, 2006
ÒI basically became the poster child for the
ills of political donations and business. ItÕs preposterous!Ó
toys to retailers like Wal-Mart and Target;
said earnings fell 9.4% to $617 million in
2012. Shares dropped 7.5% over past year
amid rising manufacturing costs in China
and sluggish demand in the U.S. Company
was cofounded by Victor’s grandfather
Fung Pakliu in 1906. Born in Hong Kong,
studied engineering at MIT, earned Ph.D. in
economics from Harvard, where he taught
for 4 years; became a U.S. citizen.
201. Tom Gores
$2.7 billion 
Source: Private equity
AGe: 49 reSidence: Beverly hills
Self-mAde
His Platinum Equity just closed its fourth
investment vehicle, $3.75 billion buyout
fund; has stakes in 32 companies in
such industries as logistics, health care,
alternative energy, plus deal pending to
buy billboard advertiser CBS Outdoor
International for $225 million. In late
2011 bought Truesense Imaging, whose
high-defnition photo sensors captured
images of Mars on NASA’s rover Curiosity.
COvERAG E
201. Ron Burkle
$2.7 billion 
Source: suPermarkets,
investments
AGe: 60 reSidence:
london Self-mAde
Grocer’s son formed
investment frm Yucaipa in
1986, and bought and sold
supermarket chains Fred
Meyer, Jurgensen’s, and
others. Firm announced deal
for Fresh & Easy grocers
for undisclosed amount in
September. Also put money
into tech ventures, including
Airbnb, Foursquare and
entertainment frm Relativity
Media. His net worth is down
in part due to bankruptcy
of car hauling frm Allied
Systems Holdings, in which
he had stake. Also, Yucaipa
reportedly cut management
fees due to poor returns.
Invested with brother Alec (see) in
software business Ventech prior to each
founding own frm. Owns NBA’s Detroit
Pistons.
201. Isaac
Perlmutter
$2.7 billion 
Source: marvel comics
AGe: 70 reSidence: Palm Beach, fla.
Self-mAde
Sold Marvel Entertainment along with
rights to its more than 5,000 characters
to Disney for $4 billion in cash and stock
in 2009 but stayed on as CEO. Has since
presided over string of billion-dollar hits,
including this year’s Iron Man 3 ($1.2 billion
worldwide) and last year’s The Avengers,
with $1.5 billion globally. Thor sequel due
in November and Captain America sequel
in 2014 as well as live superheroes arena
performance. Emigrated from Israel with
$250; presided over Jewish funerals in
Brooklyn. Got into toy business, beating out
Carl Icahn and Ron Perelman for control of
then bankrupt Marvel 1998.
signatory of the giving Pledge
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 THE FORBES 400
C Ov E R AGE
209. Marc
Benioff
$2.6 billion 
Source: Business
soFtWare
Age: 48 reSidence: san
FranCisCo Self-mAde
Salesforce.com founder
Beniof buried hatchet with
Larry Ellison (see) in June
when pair announced alliance
to sell more Internet-based
software. Pact comes nearly
15 years after Beniof left
Oracle, where he was Ellison’s
protégé, to start Salesforce.com
in 1999. Salesforce purchased
e-mail marketing company
ExactTarget for $2.5 billion in
July. Acquired Buddy Media
for $689 million in June 2012.
Founded frst company at age
15 to create Atari videogames.
AuguSt 8, 2011
“I can’t sit in headquarters and pretend I’m in touch. Odds are, what we’re
using today will be obsolete in a few years. The past is never the future.”
201. Thomas Pritzker
$2.7 billion 
Source: hotels, investMents
Age: 63 reSidence: ChiCago
inherited & growing
Chairman of Hyatt Hotels is only family
member still involved in hotel giant that
was key piece of extended Pritzker family
fortune. Inherited stake in Hyatt, industrial
conglomerate Marmon Holdings and other
assets built up by grandfather A.N. Pritzker
(d. 1986) with his sons Jay (d. 1999), Robert (d.
2011) and Donald (d. 1972). One of 3 cousins
who led 10-year unwinding of shared family
assets, which ended in 2011. Chairs the Art
Institute of Chicago.
201. Richard Schulze
$2.7 billion 
Source: Best Buy
Age: 72 reSidence: Bonita springs,
Fla. Self-mAde
Report in June revealed plans to give away
about $1 billion to K–12 education and medical
research. News comes after tumultuous years.
204 | FORBES OCTOBER 7, 2013
Best Buy founder forced out as chairman in
2012 and resigned from its board after scandal
involving the CEO and 29-year-old female
employee. He then tried to take the electronics
retailer private, but after months of speculation
missed a February 2013 deadline. Founded
predecessor Sound of Music store in 1966. Still
its biggest shareholder; was brought back as
chairman emeritus in March and allowed to
nominate 2 directors to board. Meanwhile new
CEO Hubert Joly is slashing jobs and expenses
in attempt to compete with Amazon.
201. Alfred Taubman
$2.7 billion 
Source: real estate
Age: 89 reSidence: BlooMField
hills, MiCh. Self-mAde
Fortune down, along with 15% stock drop for
Taubman Centers, his $7 billion shopping
mall REIT. Sold last of his shares in Sotheby’s,
fnally severing his long ties to auction house,
which he’d taken private, then public. Served
9-month prison sentence on art auction price-
fxing conviction in 2004. U. of Michigan
dropout pledged $56 million in 2012, bringing
total contributions to school to $142 million.
 up  doWn
209. David Bonderman
$2.6 billion 
Source: private equity
Age: 70 reSidence: Fort Worth, tex.
Self-mAde
Dealmaker’s TPG Capital, which has
$55 billion assets under management, is
exiting department store chain Neiman
Marcus: with other investors, selling it
for $6 billion; bought it for $5.1 billion in
2005. “Bondo” attended U. of Washington,
then Harvard Law; became a civil rights
attorney for Department of Justice. Later
studied Islamic law in Cairo. Met James
Coulter (see) while working for Robert
Bass (see). Pair left to found TPG and
pursue frst deal together: invested
$66 million in faltering Continental
Airlines; ultimately made $640 million
proft. Other proftable exits include
Burger King and J. Crew.
209. Austen Cargill II
$2.6 billion 
Source: Cargill, inC.
Age: 62 reSidence: livingston,
Mont. inherited
209. James Cargill II
$2.6 billion 
Source: Cargill, inC.
Age : 64 reSidence: BirChWood, Wis.
inherited
209. Marianne Liebmann
$2.6 billion 
Source: Cargill, inC.
Age: 60 reSidence: BozeMan, Mont.
inherited
Austen Cargill II, James Cargill II and
Marianne Liebmann are each heirs to
an estimated 7% of Cargill, the largest
private company in the U.S. With 3 other
media-shy billionaire relatives, they own a
majority of the agribusiness giant, which
had revenues of $137 billion in fscal year
ended in May. The company employs
140,000 people in 65 countries. Their
great-grandfather W.W. Cargill founded
the company in 1865 as a small Iowa grain-
storage business; his son-in-law, John
MacMillan, took control in 1909, and until
1995 the CEO was always a family member.
After earning a Ph.D. Austen started at
Cargill as marine biologist and served as
a vice president until retiring in 2001 to a
ranch in Montana. Liebmann also lives in
Montana, where she’s working to construct
homes for seniors.
 unChanged  neW to list  returnee
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THE FORBES 400
209. William Conway Jr.
$2.6 billion 
Source: Private equity
Age: 64 reSidence: mclean, va.
Self-mAde
209. Daniel D’Aniello
$2.6 billion 
Source: Private equity
Age: 67 reSidence: vienna, va.
Self-mAde
209. David Rubenstein
$2.6 billion 
Source: Private equity
Age: 64 reSidence: Bethesda, md.
Self-mAde
Carlyle Group founders’ iconic frm now boasts
$180 billion in assets under management
following $7 billion in funds raised in second
quarter—its best period since the fnancial
crisis. Stock soared in early 2013 but defated
from February high after missing analyst
expectations. NSA spying leaks by Edward
Snowden, who contracted for Carlyle-
owned Booz Allen Hamilton, didn’t help.
Trio conducted their early business deals at
namesake Carlyle Hotel; leveraged political
connections with likes of former British
PM John Major. Nowadays making their
marks outside boardroom as well. Conway
has pledged $1 billion to charity, focusing on
D.C.-area education eforts. Rubenstein avid
collector of historical U.S. artifacts, paying
$632,500 this summer for a copy of frst
newspaper printing of the U.S. Declaration
of Independence. Also has copies of the
Emancipation Proclamation and the
Magna Carta.
209. Edward DeBartolo Jr.
$2.6 billion 
Source: shoPPing centers
Age: 66 reSidence: tamPa, Fla.
inherited & growing
Made name as owner of NFL’s San Francisco
49ers during 1980s and 1990s; only individual
owner to win 5 Super Bowls. Pled guilty to
a felony in 1998 after failing to report bribe
request from then Louisiana governor; NFL
fned and suspended him. He and sister Denise
York separated assets from father’s estate
in 2000—DeBartolo got family’s real estate
holdings, including stake in Simon Property
Group now worth more than $2 billion; York
got 49ers. Other businesses include Famous
Famiglia pizza. Cofounded a charter school in
Tampa Bay with former Buccaneers linebacker
Derrick Brooks.
206 | FORBES OCTOBER 7, 2013
209. Richard Rainwater
$2.6 billion 
Source: real estate, energy Age: 69
reSidence: Fort Worth, tex.
Self-mAde
Legendary Fort Worth dealmaker has
been battling neurodegenerative disease,
progressive supranuclear palsy, since 2009.
Ailment strikes just 6 people in 100,000.
His family’s foundation has funded a
genius-flled group of researchers to seek
cure, but any advances are unlikely to
help Rainwater. His wife, Darla Moore,
a legendary investment banker, was one
of frst 2 women admitted as members
to Augusta National Golf Club in 2012.
(Condoleezza Rice was the other.)
209. Wilbur Ross Jr.
$2.6 billion 
Source: investments
Age: 75 reSidence: Palm Beach, Fla.
Self-mAde
Bankruptcy specialist is working on public
ofering of auto parts supplier International
Automotive Components. Last year sold
Homeward Residential, which collects
mortgage payments, to mortgage-service
lender William Erbey’s (see) Ocwen
Financial Corp. for $750 million. Yale grad
spent nearly a quarter of a century as head
of Rothschild Inc.’s bankruptcy advisory
practice; cleaned up messes left by Drexel
Burnham junk bond fnancings. Acquired
frm’s private equity partnerships in 2000
and struck out on own with WL Ross & Co.
Over career has assisted in restructuring
more than $300 billion of corporate
liabilities. Art collector has 20 works by
Belgian surrealist artist René Magritte
as well as by Chinese and Vietnamese
contemporary artists.
209. Ty Warner
$2.6 billion 
Source: real estate, Plush toys
Age: 69 reSidence: oak Brook, ill.
Self-mAde
While Beanie Babies fad that made him
a billionaire has faded, Ty Inc. continues
to produce the stufed creatures and pen
whimsical quatrains that accompany each
toy. In fact, product line has expanded in
recent years and now includes Beanie Boos,
Monstaz and the popular Beanie Ballz.
Warner’s most valuable holding, however, is
the New York Four Seasons hotel. He turned
down a $900 million ofer in November
2012 for the property, which at roughly $2.4
million per room would have been one of the
richest in the city’s history.
 uP  doWn
209. Anita Zucker
$2.6 billion 
Source: chemicals
Age: 61 reSidence: charleston, s.c.
inherited
CEO of $4 billion (2012 sales) InterTech
Group, maker of specialty chemicals, high-
tech fbers and precision aircraft parts. Son
Jonathan is president. Husband Jerry founded
company in 1982; she inherited it when he died
in 2008 from a brain tumor.
222. Neil Bluhm
$2.5 billion 
Source: real estate
Age: 75 reSidence: chicago
Self-mAde
Rivers Casino outside Chicago is hauling
in more than $400 million in frst full year
of operation. Also runs Rivers Casino in
Pennsylvania and Casino Niagara in New
York. Former lawyer cofounded JMB Realty
with college roommate in 1970. Prospered
until early 1990s real estate crash. Came back:
founded private equity frm Walton Street
Capital 1994. Owns part of JMB Realty, which
manages, develops commercial property.
222. Jack Dangermond
$2.5 billion 
Source: maPPing soFtWare
Age: 68 reSidence: redlands, caliF.
Self-mAde
Founded Environmental Systems Research
Institute in 1969 with $1,100. Mapping
software outft is now world’s largest,
with 350,000 customers, including
federal agencies, health departments and
schools. Colaunched exhibit called Urban
Observatory in June to provide comparative
data on world’s biggest cities. He and wife,
Laura, donated more than 500 trees to
Redlands’ Heritage Park in April.
222. Mark Cuban
$2.5 billion 
Source: online media
Age: 55 reSidence: dallas Self-mAde
Dallas Mavericks owner known in recent
years for his vocal criticisms of NBA refs and
Donald Trump has new target: In December
donated $250,000 to the Electronic Frontier
Foundation to “eliminate stupid patents”
and help reform the patent system. Net
worth increased $200 million over past year
mostly due to new NBA collective bargaining
agreement. With partner Todd Wagner sold
audio and video portal Broadcast.com to Yahoo
for $5.7 billion in 1999.
 unchanged  neW to list  returnee
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 THE FORBES 400
C Ov E RAGE
222. Michael
Milken
$2.5 billion 
Source: invesTmenTs
Age: 67 reSidence: los
angeles Self-mAde
Finance whiz joined what
became Drexel Burnham
Lambert in 1969. Developed
market for high-yield junk
bonds. Spent 22 months in
prison after pleading guilty to
securities fraud in exchange for
government’s dropping charges
against younger brother.
Released in 1993. Started
Prostate Cancer Foundation.
His Milken Institute Global
Conference aimed at economic,
social problems attracts 3,600
attendees, including numerous
Forbes 400 members such as
Bill Gates, Elon Musk.
november 19, 1984
Milken is such a persuasive man that he can sometimes say
outrageous things and yet sound convincing. He likes to argue that
debt-laden companies are safer than unleveraged ones.
222. Dan Friedkin
$2.5 billion 
Source: ToyoTa disTribuTion
Age: 48 reSidence: HousTon
inherited & growing
Involved in family business for over two
decades, he takes his father Thomas’ spot
among Forbes 400 after dad transferred
most of his assets to him. Among them:
ownership of Gulf States Toyota, largest
private business in Houston, with $7 billion in
2012 revenues. The business, which he heads,
has exclusive rights to import and distribute
Toyota vehicles in Texas, Arkansas, Louisiana,
Mississippi and Oklahoma. Also owns 2
Lexus dealerships. Pair have contributed over
$100 million to support antipoaching and
conservation eforts in East Africa.
222. Joshua Harris
$2.5 billion 
Source: privaTe equiTy
Age: 48 reSidence: new york CiTy
Self-mAde
Bought New Jersey Devils in August;
signaTory oF THe giving pledge
lead investor in Philadelphia 76ers. Made
news in 2012 for being one of first after
Hurricane Sandy to install large metal
plates on beach, camouflaged by sand,
to protect his Hamptons home. Fortune
up $900 million in past year, as shares
of his firm, Apollo Global Management,
nearly doubled and company paid out
generous dividends. Cofounded Apollo
with Leon Black (see) and Mark Rowan
(see) in 1990.
222. Timothy Headington
$2.5 billion 
Source: oil & gas, invesTmenTs
Age: 63 reSidence: dallas Self-mAde
Oil mogul is also Hollywood producer:
bankrolled last year’s Oscar-winning Best
Picture, Argo, and had stake in Brad Pitt’s
World War Z. Other hits: Hugo, Rango. Son
of geologist founded Headington Oil 1978.
Sold acreage in North Dakota’s Bakken
feld to XTO Energy for $1.85 billion 2008.
Now company is investing in conventional
oilfelds in South Texas. His newly
opened Headington Institute will give
psychological training to relief workers.
Turn The page for a gaTefold of american dreamers
222. H. Wayne Huizenga
$2.5 billion 
Source: invesTmenTs
Age: 75 reSidence: ForT
lauderdale, Fla. Self-mAde
Sued in June by former owners of South
Florida-based trash-removal company
Choice Environmental for allegedly
inducing them to sell their company to
his industrial cleaning frm, Swisher
Hygiene, based on misrepresented fnancial
information. Shares of Swisher, which he
bought in 2010 through reverse merger,
had already been plummeting due to
other allegations of fnancial shenanigans.
Announced in April he would not seek
reelection as Swisher chairman. Lucky for
him, nearly all his fortune is derived from
his previous business successes. Started
out with one trash truck and built haulage
giant Waste Management; bought and built
Blockbuster Video before selling to Viacom
for $8.4 billion in 1994. Owned Miami
Dolphins for 15 years; sold 95% to Stephen
Ross (see) for $1.1 billion in 2009.
222. A. Jerrold
Perenchio
$2.5 billion 
Source: Television
Age: 82 reSidence: bel air, CaliF.
Self-mAde
Made big chunk of fortune in 2007 deal to sell
Spanish-language broadcaster Univision to
consortium led by billionaire Haim Saban (see)
for $13.7 billion. Netted estimated $1.1 billion
on $33 million investment. Co-promoted 1971
heavyweight bout between Muhammad Ali
and Joe Frazier at Madison Square Garden;
producer of shows The Jefersons, Dif’rent
Strokes. Strong backer of Mitt Romney in 2012
presidential election.
222. Marc Rowan
$2.5 billion 
Source: privaTe equiTy
Age: 51 reSidence: new york CiTy
Self-mAde
Apollo cofounder sold over $100 million
worth of shares in May secondary ofering,
double amount sold by partner Josh Harris
(see). Fortune jumped along with Apollo’s
stock, which is trading near its alltime
high. Last year sold oceanfront mansion in
Southampton for $28.5 million; paid $26
million for Manhattan co-op. Studied at U. of
Pennsylvania, got M.B.A. from Wharton; took
job in M&A at Drexel before its collapse. On
board of National Jewish Outreach Program,
Youth Renewal Fund.

 AmericAn DreAm
Nearly one in ten of The Forbes 400 fortunes was created by people born
outside of the U.S. They arrived from 22 nations, sometimes penniless,
often heading to a university, brimming with hope. They made their luck
in everything from technology to manufacturing to comic book characters.
Half have settled on the Golden Coast of California.

1 26 27

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5 7 9 9

10 11 13 14

15 19 19 21

28 29 36
LOS ANGELES AREA
6 HAWAII

indicates forbes 400 members’ rank among

6 those who are foreign born and their cur-
rent residence

shared fortune.
1
 LONDON 3 31

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23 KANSAS 2 4 16 22 24 37 NY AREA
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some adjustments for multiple share class portfolios. The Overall Morningstar Rating is derived from a weighted average of the 3-, 5- and
10-year ratings (where applicable). Different share classes may have different expenses and performance characteristics. Class Y shares are not
subject to a sales charge and are not available for purchase by all investors. Ratings are for Class A/Class Y as indicated and ratings are relative peer
group ratings and do not necessarily mean that the fund had high total returns. Past performance does not guarantee future results.

For the 3-, 5- and 10-year periods, respectively, the Rising Dividends Fund was rated 3, 3 and 5 stars among 1381, 1254 and 774 funds in the Large
Blend category for the time period ended 6/30/13. For the 3- and 5-year periods, respectively, the Developing Markets Fund was rated 5 and 5 stars
among 366 and 269 funds in the Diversified Emerging Markets category for the time period ended 6/30/13. For the 3- and 5-year periods, respectively,
the International Growth Fund was rated 5 and 5 stars among 223 and 183 funds in the Foreign Large Growth category for the time period ended
6/30/13. For the 3-, 5- and 10-year periods, respectively, the Main Street Fund was rated 4, 3 and 3 stars among 1381, 1254 and 774 funds in the Large
Blend category for the time period ended 6/30/13. For the 3- and 5-year periods, respectively, the Global Value Fund was rated 5 and 5 stars among
759 and 603 funds in the World Stock category for the time period ended 6/30/13. For the 3-, 5- and 10-year periods, respectively, the Global
Opportunities Fund was rated 2, 4 and 5 stars among 759, 603 and 304 funds in the World Stock category for the time period ended 6/30/13. For the
3-, 5- and 10-year periods, respectively, the Global Fund was rated 4, 4 and 4 stars among 759, 603 and 304 funds in the World Stock category for the
time period ended 6/30/13. For the 3-, 5- and 10-year periods, respectively, the Discovery Mid-Cap Growth Fund was rated 4, 3 and 3 stars among
637, 563 and 417 funds in the Mid-Cap Growth category for the time period ended 6/30/13. For the 3- and 5-year periods, respectively, the Senior
Floating Rate Fund was rated 4 and 5 stars among 133 and 122 funds in the Bank Loan category for the time period ended 6/30/13. For the 3-, 5- and
10-year periods, respectively, the Global Strategic Income Fund was rated 3, 2 and 3 stars among 215, 178 and 102 funds in the Multisector Bond
category for the time period ended 6/30/13. For the 3- and 5-year periods, respectively, the International Bond Fund was rated 3 and 3 stars among
255 and 207 funds in the World Bond category for the time period ended 6/30/13. For the 3-year period, the SteelPath MLP Alpha Fund was rated 4
stars among 88 funds in the Equity Energy category for the time period ended 6/30/13. Rating is for Class A shares.
 These funds are designed to look for growth globally, explore new sources of income and help protect* against certain risks
such as: domestic and import price inflation, currency volatility, policy uncertainty and the risk of rising interest rates.
1
Overall Morningstar Rating™ of Class Y shares for the 3-, 5- and 10-Yr periods ended 6/30/13, based on risk-adjusted performance. 2Overall Morningstar
Rating™ of Class Y shares for the 3- and 5-Yr periods ended 6/30/13, based on risk-adjusted performance. 3Overall Morningstar Rating™ of Class A shares
for the 3-Yr period ended 6/30/13, based on risk-adjusted performance.

†
Effective 4/12/13, the purchase and exchange of Fund shares will be restricted subject to certain exceptions. Please see the prospectus supplement for
further information.
††
Prior to 6/28/13, the Fund was named “Oppenheimer Small & Mid-Cap Growth Fund.”

*Protection is positioned as an investment goal. Investing in certain securities may help to hedge
against certain risks, but does not imply any guarantee from loss. Mutual funds are subject to market
risk and volatility. Shares may gain or lose value.

Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall, and a fund’s share price can
fall. Alternative investments may be more volatile than traditional asset classes. Investing in MLPs involves additional risks compared to the risks
of common stock, including risks related to cash flow, dilution and voting rights. Energy infrastructure companies are subject to risks such as
fluctuations in commodity prices, reduced volumes of natural gas or energy commodities, environmental hazards, changes in macroeconomic
conditions, regulations or extreme weather. Foreign investments may be volatile and involve additional expenses and special risks, including
currency fluctuations, foreign taxes and political and economic uncertainties. Emerging and developing market investments may be especially
volatile. Distributions from MLP funds have been classified as “return of capital” which reduces the investor’s adjusted cost basis.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment
objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this
and other information about the funds, and may be obtained by asking your financial advisor, visiting
oppenheimerfunds.com or calling 1.800.CALL.OPP (225.5677). Read prospectuses and summary
prospectuses carefully before investing.
©2013 OppenheimerFunds Distributor, Inc.
 THE FORBES 400
222. Phillip Ruffn
$2.5 billion 
Source: casinos, real estate
Age: 78 reSidence: las Vegas
Self-mAde
Casino mogul gambled in March 2009, buying
Treasure Island Resort & Casino for $755
million at depths of global recession; now it
is worth an estimated $1.6 billion. Sold his
Frontier Hotel & Casino to Israeli billionaire
Yitzhak Tshuva in 2007 for $1.2 billion, more
than 7 times what he’d paid. He was one of
frst to introduce concept of self-service at gas
stations in Kansas, one of frst states to allow
customers to pump without help.
222. Reinhold Schmieding
$2.5 billion 
Source: medical equipment
Age: 58 reSidence: naples, Fla.
Self-mAde
Son of dentist was expected to go to medical
school. Instead abandoned those plans in favor
of engineering and business. Worked at an
C Ov E R AGE
235. Herbert
Allen Jr. & family
$2.4 billion 
Source: inVestment
banking
Age: 73
reSidence: new york city
inherited & growing
Controls investment banking
house Allen & Co.; is largest
known individual owner of
Coca-Cola stock, holding
more than 12 million shares.
Son Herbert A. Allen III, who
shares fortune, took over as
CEO of family business 2002;
since then frm has had hand
in high-profle tech IPOs,
including Google, Zillow,
Facebook. Hosts Allen & Co.’s
popular annual Sun Valley
conference.
July 1, 1996
“Over a long weekend, I could teach my dog to be an investment
banker. It’s the only industry working at full overcapacity. How many
mergers and acquisitions people are really needed?”
American medical-device frm in Germany
where he got idea for less invasive surgical
tools. Bought a $50 drafting table and began
sketching tools at night. Created Arthrex,
now $1.4 billion (revenue) manufacturer and
a leader in arthroscopic surgery tools, making
7,500 products (nearly all in U.S.) used in
shoulder, knee and other joint operations.
222. Warren Stephens
$2.5 billion 
Source: inVestment banking
Age: 56 reSidence: little rock, ark.
inherited & growing
Through his investment bank, Stephens Inc.,
put up $30 million to help rescue Knight
Capital Group as marketmaker imploded after
buggy software sent out bad trades. Stake now
worth $200 million, thanks to Knight’s merger
with Getco. Had big stake in Viking Range, sold
in 2012 for $380 million. Natural gas interests
took hit. Bank founded by his uncle W.R. (Witt)
in 1933 with $15,000 and run by his uncle and
father for decades. In 2006 bought out cousins’
stakes in frm still best known for underwriting
Wal-Mart’s 1970 public ofering.
235. Dagmar Dolby &
family
$2.4 billion 
Source: dolby laboratories
Age: 72 reSidence: san Francisco
inherited
Wife of surround sound pioneer Ray Dolby,
who died in September. She and Ray, who
were married 47 years, shared control over
the family trust that held most of his shares.
A native of Germany, she met Dolby while
she was a summer student at Cambridge U.
She moved to the U.S. with him in 1976 and
worked at times as a freelance translator
at Dolby. Dagmar founded big fundraising
event for Naral Pro-Choice America and
also worked with her children’s schools. She
and her husband recently helped fund two
centers involved in science, research and
patient care. Has 2 sons, 4 grandchildren.
235. Tilman Fertitta
$2.4 billion 
Source: restaurants, casinos
Age: 56 reSidence: Houston Self-mAde
College dropout was partner in frst
Landry’s restaurant 1980 and bought
controlling interest in company 1986. In
2010 took company private in deal worth
$1.4 billion. In addition to restaurants,
Landry’s owns the Golden Nugget casinos,
Houston’s Kemah Boardwalk, Tower of
the Americas in San Antonio and San
Luis Resort in Galveston, Tex. Altogether
Landry’s has 63 brands—including Bubba
Gump Shrimp Co., Morton’s Steakhouse and
Rainforest Cafe—with total 500 locations.
235. Jeff Greene
$2.4 billion 
Source: real estate, inVestments
Age: 58 reSidence: palm beacH, Fla.
Self-mAde
Onetime U.S. Senate candidate recently
penned op-ed on why U.S. must act to
stop genocide in Syria. Made bulk of his
fortune buying credit-default swaps on
subprime mortgage-backed bonds in
2007. Since then has spent more than
$350 million on Palm Beach-area real
estate. Also owns 3,500 apartments in
Los Angeles and 3 buildings in downtown
Manhattan that have jumped in value
since he bought them over the past
couple of years. Bargain hunter, picked
up paintings at John Kluge and Ted
Forstmann estate sales. Put himself
through college and business school
working as busboy, teaching Hebrew
school and selling circus tickets.
signatory oF tHe giVing pledge

C Ov E R AGE
235. Henry
Hillman
$2.4 billion 
Source: investments
Age: 94
reSidence: PittsBurgh
inherited & growing
Inherited Pittsburgh Coke &
Chemical fortune from his
father, J.H. Hillman Jr., then
diversifed into real estate,
private equity and venture
capital. His Hillman Co. has an
investment in Apptio, a startup
that helps companies track
their technology spending.
Was a founding investor in
infuential Silicon Valley
venture capital frm Kleiner
Perkins Caufeld & Byers and
in LBO titan Kohlberg Kravis
Roberts.
September 15, 1969
“It’s easier to operate without getting your name in the papers or FORBES
magazine or anyplace else.”
235. Rodney Lewis
$2.4 billion 
Source: natural gas
Age: 59 reSidence: san antonio, tex.
Self-mAde
Natural gas tycoon’s fortune comes from his
wells on 500,000 acres of South Texas, much
of it smack-dab in the heart of the Eagle Ford
shale, where prices have softened lately. But
his passion is airplanes. Son of an Air Force
pilot, bought his frst in 1981 because he was
tired of driving Texas’ wide-open spaces
to check gauges on oil and gas wells. After
bout with esophageal cancer in 2004 started
collecting World War II-era planes. Now has
2 dozen; jewel of collection is Glacier Girl, a
P-38 Lightning dug out of the Greenland ice.
Reportedly going through a divorce.
235. David Murdock
$2.4 billion 
Source: dole, real estate
Age: 90 reSidence: los angeles
Self-mAde
Taking Dole Foods, world’s largest producer
 uP  doWn  unchanged  neW to list  returnee
of fruits and vegetables, private in $1.6 billion
deal expected to close in September. Dropped
out of high school in ninth grade; worked at gas
station before being drafted into Army in 1943.
After war made small proft buying and selling
a diner; later developed property in Arizona.
In 1985 bought failing Hawaiian real estate
outft that owned Dole and 98% of Hawaiian
island Lanai. Took Dole public 2009, same year
he got his honorary high school diploma. Sold
his portion of Lanai to Larry Ellison (see) for
reported $300 million last year. Owns cancer-
drug developer NovaRx, where his son Justin
is CEO.
235. William Wrigley Jr.
$2.4 billion 
Source: cheWing gum
Age: 49 reSidence: north Palm
Beach, Fla. inherited
Heir to Chicago gummaker Wrigley oversaw
sale of family’s business to privately held
giant Mars (see Forrest Mars and siblings) for
$23 billion 2008. Deal made Mars the largest
candy company in the world. In 2010 Wrigley
stepped down as chairman of gum company.
Now on the board of Wrapports LLC, a
Chicago media company formed in 2011 to
purchase the bankrupt Chicago Sun-Times. His
great-grandfather, William Wrigley, founded
Wrigley in 1891. Gave away chewing gum to
sell baking powder. Realized gum had greater
market potential, began producing chewing
gums exclusively.
243. William Erbey
$2.3 billion 
Source: Finance
Age: 64 reSidence: u.s. virgin islands
Self-mAde
Mortgage magnate debuts thanks to jump
in value of shares of his Ocwen Financial,
which services high-risk loans, including
those underwater, and its spinof, Altisource
Portfolio Solutions, which provides services to
subprime services, mortgage lenders. Got start
as a retail broker at Shearson, Hammill & Co.
Originally joined Oxford Financial, Ocwen’s
predecessor, as partner in 1983.
243. Judy Faulkner
$2.3 billion 
Source: health it
Age: 69 reSidence: madison, Wis.
Self-mAde
Chief executive of electronic health record
company, Epic Systems, which she founded
1979. Company pulled in $1.5 billion revenues
in 2012, up 25% from the previous year. Almost
half the U.S. population will have its medical
information stored in Epic digital records
when hospitals fnish installing them. Epic’s
big break came in 2003 when HMO giant
Kaiser Permanente picked the company to
implement a massive installation of electronic
health records. Customers include many top
U.S. medical centers, such as Cleveland Clinic,
Johns Hopkins and Stanford.
243. Ken Fisher
$2.3 billion 
Source: money management
Age: 62 reSidence: Woodside, caliF.
Self-mAde
“Portfolio Strategy” columnist for FORBES
for 29 years; author of 10 fnance-related
books. Father, Philip, author of well-known
investment book Common Stocks and
Uncommon Profts. Founded own money-
management frm, Fisher Investments, 1979;
owns 95% stake in frm, with $48 billion
assets under management, up from $43
billion a year ago. Paid $4 million for 2,000
acres of redwood timber in Mendocino 2012.
He and his wife gave $7.5 million to John
Hopkins University last year to fund a new
infectious-disease center. Enjoys spending
time in forest with family.
OCTOBER 7, 2013 FORBES | 217
THE FORBES 400
243. Min Kao
$2.3 billion 
Source: navigation equiPment
Age: 64 reSidence: leaWood, kans.
Self-mAde
Cofounder of GPS maker Garmin stepped
down as CEO in December 2012 but
remains chairman. Change in leadership
came amid steeper competition,
including from smartphones’ built-in GPS
technology. Cofounded Garmin 1989 with
Gary Burrell (see), who retired in 2004.
A native of Taiwan, earned his bachelor’s
in electrical engineering from National
Taiwan University and Ph.D. in electrical
engineering from U. of Tennessee.
In 2005 donated $17.5 million to the
University of Tennessee to help build Min
Kao Electrical Engineering & Computer
Science Building and create scholarships
for students.
243. Robert
Piccinini
$2.3 billion 
Source: suPermarkets
Age: 71 reSidence: modesto, caliF.
inherited & growing
CEO of California supermarket chain
Save Mart Supermarkets. Father and
uncle founded company 1952; Piccinini
purchased controlling stake from family
members via leveraged buyout 1985.
Doubled the company’s size in 2006
when it bought struggling Albertson’s
northern California and northern
Nevada locations. Chain now has 226
stores; estimated sales of more than
$4 billion.
243. Michael Rubin
$2.3 billion 
Source: online retailing
Age: 41 reSidence: Bryn maWr, Pa.
Self-mAde
Started his frst company, a ski-tuning
shop, in his parent’s Lafayette, Pa.
basement at age 12. Sold his Internet
company, GSI Commerce, to eBay for $2.4
billion in 2010; personally got $150 million
and was able to buy back, with cash and
loans, majority of 3 GSI assets eBay didn’t
want. Apparel retailer Fanatics, fash sales
website Rue La La and Amazon Prime
competitor ShopRunner now all wrapped
into his holding company, Kynetic.
Fanatics, of which he has 72%, was
recently valued at $3.1 billion in venture
round. Minority owner of basketball’s
Philadelphia 76ers.
218 | FORBES OCTOBER 7, 2013
februAry 28, 2005
“I’ll build the biggest and the best. In the next few
years I’m putting up a lot of buildings.”
243. Frederick Smith
$2.3 billion 
Source: Fedex
Age: 69 reSidence: memPhis, tenn.
Self-mAde
His FedEx is adapting as customers look for
cheaper options. Acquired chunk of African
carrier Supaswift 2013. Announced $1.7 billion
in cost reductions 2012. Boosted revenues
to $44.3 billion thanks to growth of cheaper
FedEx Ground. Wrote senior thesis on vision of
overnight delivery. Marine in Vietnam, worked
as crop-dusting pilot. Founded FedEx 1971. At
one point reportedly went to Las Vegas to win
money to keep afoat; $27,000 in winnings
did trick.
243. Clemmie Spangler Jr.
$2.3 billion 
Source: investments
Age: 81 reSidence: charlotte, n.c.
inherited & growing
As housing starts have surged over the past
year, so, too, has demand for Spangler’s
building-and-construction-materials supplier
 uP  doWn
COvERAG E
243. Mortimer
Zuckerman
$2.3 billion 
Source: real estate,
media
Age: 76 reSidence: neW
york city Self-mAde
Son of a Montreal tobacco and
candy seller, cofounded Boston
Properties 1970 and took it
public 1997. Stepped down
as CEO of the REIT in April;
remains executive chairman.
Publisher of the New York Daily
News has long been considered
a political hopeful and has
been an infuential player in
politics. Pledged $200 million
to Columbia University for
Mind Brain Behavior Institute,
devoted to research diseases of
the brain like Alzheimer’s.
National Gypsum’s products. After studying
business at UNC and Harvard Business School
took over his father’s failing Bank of North
Carolina, merged it with North Carolina
National Bank 1982 and eventually with Bank
of America. Remains one of Bank of America’s
largest individual shareholders. Enjoys
restoring antique grandfather clocks.
252. Bharat Desai
& family
$2.2 billion 
Source: outsourcing
Age: 60 reSidence: Fisher island, Fla.
Self-mAde
Born in Kenya, raised in India, attended
revered Indian Institute of Technology in
Mumbai, moved to U.S. as programmer for
Tata Consultancy Services in 1976. Four years
later founded Syntel with wife, Neerja Sethi,
while earning M.B.A. Started with $2,000; IT
consulting and outsourcing company went
public 1997. Stepped down as CEO in 2009
but remains chairman of company that now
employs over 21,000 people. Played for India in
1994 Bridge World Championship.
 unchanged  neW to list  returnee
 Smarter
and richer.
Read a good business
story — the kind you find
in every issue of Forbes —
and that’s what you’ll be.

www.forbesmagazine.com
THE FORBES 400
252. David Filo
$2.2 billion 
Source: yahoo
Age: 47 reSidence: Palo alto, caliF.
Self-mAde
The very private Filo still works at Yahoo, the
Internet portal he cofounded with Jerry Yang
(see) in 1994 after dropping out of Stanford’s
computer science Ph.D. program. Yahoo’s
largest individual shareholder, with 7% stake,
reportedly works every day in a cluttered
cubicle at Yahoo headquarters. Net worth
increased $1 billion over past year along with
Yahoo shares.
252. Bill Gross
$2.2 billion 
Source: investments
Age: 69 reSidence: laguna Beach,
caliF. Self-mAde
“Bond King” cofounded Pacifc Investment
Management Co., or Pimco, 1971; made his
fortune trading bonds. Sold 70% stake to
Allianz SE in 1999 for $3.3 billion. Still heads
Pimco’s Total Return, the world’s largest bond
fund, with about $250 billion in assets. With
interest rates rising, fund was down about
4% through August. After college spent 4
months playing blackjack and turned $200
into $10,000. Active philatelist, Gross donated
about $9 million from proceeds of stamp
collection auction to Doctors Without Borders
in 2007.
252. Stanley Hubbard
$2.2 billion 
Source: directv
Age: 80 reSidence: st. Paul, minn.
inherited & growing
Sold his satellite TV outft to DirecTV for
$1.3 billion over a decade ago. Still chairman
of Hubbard Broadcasting, run on daily basis
by his 5 children, all operating ofcers of
its various local television, radio and media
subgroups. Its biggest assets are Reelz channel
and local TV, radio stations; just acquired
10 radio stations in Seattle and Phoenix for
$86 million this year. Dad started one of frst
commercial airlines in U.S.; Hubbard founded
Hubbard Aviation Technologies, maker of hush
kits that mufe engine noise in Gulfstream jets.
Enjoys bowling and hiking with his wife.
252. Michael Moritz
$2.2 billion 
Source: venture caPital
Age: 59 reSidence: san Francisco
Self-mAde
Longtime venture capitalist stepped down
220 | FORBES OCTOBER 7, 2013
from day-to-day management at Silicon Valley
frm Sequoia Partners due to undisclosed
illness 2012, but he’s still active in making
investments. Led his frm’s investment in
same-day grocery delivery startup, Instacart.
Knighted in June, Moritz added to his string of
strong exits with Kayak (IPO 2012), which was
acquired in May by Priceline for $1.8 billion.
Via Sequoia has invested in some of Silicon
Valley’s biggest companies, including Google,
LinkedIn, Yahoo and PayPal. Born in Wales,
he’s a big fan of Manchester United
Football Club.
252. Penny Pritzker
$2.2 billion 
Source: hotels, investments
Age: 54 reSidence: chicago inherited
Hyatt Hotel heiress became U.S. Commerce
Secretary in June, with near-unanimous
confrmation by the Senate, 97–1. She revealed
in flings that she made $160 million in 2012,
part of the reason her fortune has risen
$400 million since last year. Most of that was
from a onetime payout, FORBES learned, from
family members for overseeing the decadelong
unwinding of shared Pritzker family fortune,
which included industrial conglomerate
Marmon, credit-reporting frm Transunion
and other investments.
252. Bernard Saul II
$2.2 billion 
Source: Banking, real estate
Age: 81 reSidence: chevy chase, md.
inherited
CEO of publicly traded Saul Centers, with
9.5 million square feet of real estate, mostly in
metropolitan Washington, D.C. and Baltimore.
Also owns BF Saul Hotels, private company
operating more than 3,400 rooms in 19 hotels,
including the luxury Hay-Adams Hotel across
the street from the White House. Sold Chevy
Chase Bank, which he founded in 1969, to
Capital One in 2009 for $476 million. Saul kept
Chevy Chase Trust, which services high-net-
worth individuals and manages more than
$15 billion in assets. Donates to the Kennedy
Center, Catholic Church and his alma mater,
University of Virginia Law School.
252. Walter Scott Jr.
$2.2 billion 
Source: construction, telecom
Age: 82 reSidence: omaha
Self-mAde
Lifelong friend of Warren Bufett (see) chairs
telecom company Level 3 Communications
but made bulk of fortune from MidAmerican
Energy, electrical utility acquired by
Berkshire Hathaway in 2000. Scott also sits
on Berkshire’s board. Got started working for
his father’s employer, Kiewit Construction
(now Kiewit Corp.); became CEO 1979 and
expanded operations into fber optics, telecom
and power plants. Stepped down in 1998.
Funded the Suzanne and Walter Scott Cancer
Research Tower at U. of Nebraska Medical
Center in Omaha.
260. George Argyros
$2.1 billion 
Source: real estate, investments
Age: 76 reSidence: neWPort Beach,
caliF. Self-mAde
Chairman and CEO of Arnel & Afliates,
which manages about 5,500 apartments
and more than 2 million square feet of
commercial space in southern California.
Former ambassador to Spain and Andorra
under President George W. Bush is founding
partner of private equity frm Westar Capital
and board member at software-development
company DST Systems. In 2011 he and
his wife gave $5 million to University of
California, Irvine’s Gavin Herbert Eye
Institute.
260. Edward Bass
$2.1 billion 
Source: oil, investments
Age: 68 reSidence: Fort Worth, tex.
inherited & growing
260. Lee Bass
$2.1 billion 
Source: oil, investments
Age: 57 reSidence: Fort Worth, tex.
inherited & growing
Two of 4 Bass brothers who inherited
oil fortune from uncle. Ed spent $200
million in 1990s backing Biosphere 2, self-
contained living experiment in Arizona that
he later donated to Columbia University.
Spearheaded redevelopment of downtown
Fort Worth and its central Sundance Square,
home to the $65 million Bass Performance
Hall, which boasts some of the best acoustics
in the world. Notable 2012 quote: “Wealth
is not, you know, a matter of money. It is a
matter of being able to forwardly organize
our lives in a positive way.” Brother
Lee, a devoted outdoorsman, has been
instrumental in protecting rhinos worldwide
and bringing critically endangered black
and white rhinos to Forth Worth Zoo. Spent
12 years as commissioner of Texas Parks
& Wildlife Department. Alma mater Yale
returned his $20 million donation in 1991
for a Western Civilization program after
outcry against his insistence of personally
approving professors.
signatory oF the giving Pledge
 THE FORBES 400
260. Stephen Bisciotti
$2.1 billion 
Source: outsourcing, FootBall
Age: 53 reSidence: millersville, md.
Self-mAde
Baltimore Ravens owner celebrated his
team’s Super Bowl win in February, its frst
since 2001 when he was a minority owner;
he bought controlling interest 3 years later.
Victory helped boost team’s value to more
than $1.2 billion. Initial fortune comes
from $9.5 billion (2012 sales) Allegis Group,
founded in 1983 in his basement with
cousin.
260. James Coulter
$2.1 billion 
Source: Private equity
Age: 53 reSidence: san Francisco
Self-mAde
Cofounder of private equity giant TPG
runs San Francisco ofce, while cofounder
and TPG President David Bonderman (see)
heads Dallas HQ. Together the 2, who met
C Ov E R AGE
260. Barry Diller
$2.1 billion 
Source: online media
Age: 71 reSidence:
neW york city Self-mAde
His IAC/Interactive sold
Newsweek in August. It
is backer of Aereo, which
streams TV programs to
subscribers’ smartphones,
tablets and computers for
$8 a month. Networks,
including Fox sued Aereo
in 2012 in a court battle
that is still ongoing. Chairs
online travel site Expedia.
Dropped out of UCLA, got
job in mailroom at William
Morris agency. Worked at
ABC, Paramount and Fox for
decades; oversaw launches
of hit TV shows, including
Cheers, The Simpsons.
Launched IAC in 1995.
September 5, 2005
“The revolution of the Internet is not over. There’s opportunity,
and if you’re curious and there’s opportunity, who knows what kind
of trouble you can get into?”
222 | FORBES OCTOBER 7, 2013
working for Robert Bass (see), own at least
half of TPG, which sold 4.5% stake in itself
in deal that valued frm at $5 billion 2 years
ago. Funds New Orleans Entrepreneurship
Week to boost business development in his
wife’s hometown. Helped form the Leading
Education by Advancing Digital (LEAD)
Commission in response to a challenge
from FCC to detail how to use digital
technology to improve education.
260. Johnelle Hunt
$2.1 billion 
Source: trucking
Age: 81 reSidence: Fayetteville, ark.
Self-mAde
Trucking tycoon cofounded J.B. Hunt
Transport Services with her late husband,
Johnnie, in 1969. She was responsible,
among other things, for collections. Johnnie
died in 2006 at age 79 as a result of a fall;
the following year Johnelle resigned from
company’s board. Still its largest individual
shareholder, with 17%. Half-billion richer
this year thanks primarily to 37% jump in J.B.
Hunt’s stock.
 uP  doWn
260. Kenneth Langone
$2.1 billion 
Source: investments
Age: 78 reSidence: sands Point, n.y.
Self-mAde
Chairman of Geeknet, whose online retailer
sells “stuf for smart masses.” Investment
banker helped take Ross Perot’s (see) EDS
public in 1968; lead banker on Home Depot’s
IPO in 1978 and sat on its board for 30 years.
Was chair of the New York Stock Exchange’s
compensation committee from 1999 to
2002 and got caught up in turmoil around
$187 million payout for former NYSE chief
Richard Grasso. Owns piece of fast-growing
data-mining frm Palantir.
260. Joe Mansueto
$2.1 billion 
Source: investment research
Age: 57 reSidence: chicago
Self-mAde
Started investment research frm Morningstar
in 1984 in his Chicago apartment, using
$80,000 in savings. Turned a quarterly
publication into ratings giant with 5-star
rankings. He took frm public in 2005 and still
owns about 53%. Owns Inc. and Fast Company.
Also an investor in Wrapports, Chicago media
company formed in 2011 to purchase the
Chicago Sun-Times. In April sold his stake in
weekly magazine Time Out Chicago.
260. Richard Peery
$2.1 billion 
Source: real estate
Age: 74 reSidence: Palo alto, caliF.
Self-mAde
Turned California farmland into Silicon Valley
ofce parks with partner John Arrillaga (see).
Duo sold 120 buildings for $1.1 billion in 2006;
still own at least 135 acres of land and millions
of square feet of ofce space. His family
foundation is donating $20 million to remodel
the Palo Alto High School’s athletic facilities.
260. Jean “Gigi” Pritzker
$2.1 billion 
Source: hotels, investments
Age: 51 reSidence: chicago inherited
Heir to Pritzker family fortune. Her
movie production company, OddLot
Entertainment, is preparing to launch its
biggest movie yet—Ender’s Game—starring
Harrison Ford and reportedly costing
$110 million. In August she teamed with
brother Thomas to buy steel-mill-servicing
company TMS International Corp. for
$1 billion, including debt.
 unchanged  neW to list  returnee
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 THE FORBES 400
C Ov E R AGE
260. Ted
Turner
$2.1 billion 
Source: CaBle
televISIon
Age: 74 reSidence:
atlanta
inherited & growing
Began career working at his
dad’s Turner Advertising
until 1963, when his father
committed suicide. Combined
ad frm with TV stations and
CNN, which he launched in
1980; sold Turner Broadcasting
to Time Warner in 1996 for
$7.3 billion in cash and stock.
In 1997 pledged $1 billion to
United Nations Foundation;
so far has given $965 million.
Passionate environmentalist is
one of largest U.S. landowners,
with more than 2 million acres.
JAnuAry 4, 1993
“I’ve been through a lot of campaigns. I’m only 54, but I’ve already got
the mileage of a 150-year-old man. I’m like a New York City taxicab that
has three drivers driving 24 hours a day, seven days a week.”
260. Romesh T.
Wadhwani
$2.1 billion 
Source: Software
Age: 66 reSidence: Palo alto, CalIf.
Self-mAde
Comeback techie joined Forbes 400 in 2000
after selling business software frm Aspect
Development Capital to i2 Technologies for
$9.3 billion in stock. Much of fortune evaporated
as tech bubble burst. Invested $250 million to
start or acquire a dozen business software and
IT companies and put them under umbrella
of Symphony Technologies Group. Rejoined
Forbes 400 in 2009. Symphony, which he chairs,
has combined $2.5 billion revenues. Came to
U.S. in 1969 with a few dollars.
273. Nicolas Berggruen
$2 billion 
Source: InveStmentS
Age: 52 reSidence: Beverly HIllS
inherited & growing
With partner, listed blank check
224 | FORBES OCTOBER 7, 2013
company, Platform Acquisition Holdings
on London Stock Exchange in May
with aim of acquiring a company with
enterprise value “between $750 million
and $2.5 billion.” Dubbed “homeless
billionaire” for his penchant for living
out of hotels, is dedicated to his Nicolas
Berggruen Institute, which seeks to
influence governance practices around
the world. NYU grad worked for Texas’
billionaire Bass brothers (see) before
leaving to manage fortune amassed
by father, an international art dealer.
He owns real estate in Berlin, has
investments in for-profit education,
hotels and publishing.
273. John Farber
$2 billion 
Source: CHemICalS
Age: 88 reSidence: new york CIty
Self-mAde
Chairman of ICC Industries, which
trades basic and specialty chemicals,
plastics and pharmaceuticals globally
with offices and facilities throughout the
U.S., Europe, the Middle East and Asia.
ICC holds 37% stake in Israeli flavors
company Frutarom Industries. Founded
as Leslie Kleyman Corp. in 1950, it
started chemical trading activity there
in 1952. Got Ph.D. in chemistry from
Polytechnic Institute of Brooklyn in New
York and an M.S. from University of Club
in Romania.
273. Robert Fisher
$2 billion 
Source: GaP
Age: 60 reSidence: San franCISCo
inherited
273. William Fisher
$2 billion 
Source: GaP
Age: 56 reSidence: San franCISCo
inherited
Older sons of Gap founders Doris
and Donald (d. 2009) Fisher. Bob was
chairman of Gap from 2004 to 2007;
spent stint before graduate school
working at Bloomingdale’s. Bill was
former president of Gap’s international
division, expanded company into Canada,
Japan and Europe. Also founded London
private equity firm, Manzanita Capital,
focused on luxury companies and retailers
in Europe, and is a managing director
at Pisces Inc., family’s investment
fund. With younger brother John (see),
attended Princeton undergrad and
Stanford Business School. Bob met his
wife Sakurako at Stanford and couple has
endowed professorship there.
273. James France
$2 billion 
Source: auto raCInG
Age: 68 reSidence: Daytona BeaCH,
fla. inherited & growing
Nascar heir returns to ranks due to
FORBES’ new $5 billion valuation of
stock car racing governing body founded
by his father in 1948. Helping boost value
were recently signed TV deals: NBC
bought media rights to half the season
for 10 years for $4.4 billion starting 2015;
FOX grabbed the other half for 8 years for
$2.4 billion Inherited Nascar with brother
Bill France Jr. when dad died in 1992; Bill
died in 2007. Today Jim owns 36% while
Bill’s children, Lesa France Kennedy and
Brian France, CEO, each control 18%.
Also serves as chairman of publicly traded
International Speedway Corp., which
runs many of the racetracks where Nascar
holds events.
SIGnatory of tHe GIvInG PleDGe

273. Gordon Getty
$2 billion 
Source: getty oil Age: 79
reSidence: san Francisco inherited
Inherited a stake in listed Getty Oil from his
father, J. Paul Getty Sr. Led contentious sale to
Texaco (now owned by Chevron) in 1984 for
about $10 billion. Seeded mutual fund servicing
outft ReFlow Management in 2002 and bought a
stake in investment frm Forward Management.
Family friend of California’s deputy governor and
former San Francisco mayor, Gavin Newsom;
also helped fnance Newsom’s PlumpJack Group
of businesses, including Napa Valley wineries,
resorts, spas and boutiques. Go-to fundraiser for
local, national Democratic candidates; has hosted
events at his home, including an April 2013
dinner featuring President Obama. Composes
operas.
273. Alec Gores
$2 billion 
Source: Private equity Age: 60
reSidence: Beverly hills Self-mAde
His Los Angeles-based private equity frm,
Gores Group, bought 6 companies so far this
year. Another portfolio company, Stock Building
Supply Holdings, went public in August. Firm
paid $50 million in penalty fees in June 2012
after proposed $800 million buyout of auto
parts shop Pep Boys fell apart. Born in Israel.
Launched his computer company, Executive
Business System in 1978; sold it 8 years later, then
launched Gores Group in 1987. It has acquired
80 companies since then. Younger brother, Tom
(see), also on Forbes 400.
273. Susan Hirt Hagen
$2 billion 
Source: insurance
Age: 76 reSidence: erie, Pa.
inherited
Her father, Henry Orth (H.O.) Hirt (d.1982),
cofounded Erie Indemnity in 1925 with nothing
but a business plan scribbled on a 10-cent
notebook. H.O. Hirt established trusts in his
name in 1967 for the beneft of Susan and her
family, which controls Erie Indemnity’s Class
B voting stock. Susan owns 35% of common
shares of Erie, the third-largest auto-insurer
in Pennsylvania, through a family limited
partnership. Her husband Thomas B. Hagen is
frm’s chairman and a former CEO.
273. B. Wayne Hughes
$2 billion 
Source: selF-storage Age: 80
reSidence: lexington, ky. Self-mAde
Since cofounding Public Storage in 1972, he
 uP  doWn  unchanged  neW to list  returnee
built it into nation’s biggest chain of self-
storage facilities, with 2,266 locations in
U.S., Europe. Retired as CEO in 2002; now
chairman emeritus. Daughter, Tamara
Hughes Gustavson (see), sits on board, as does
son, B. Wayne Hughes, Jr. Oklahoma-born
entrepreneur known in Thoroughbred racing
world, has a 700-acre farm in Kentucky.
273. Michael Jaharis
$2 billion 
Source: Pharmaceuticals Age: 85
reSidence: neW york city Self-mAde
Began career in 1972 as pharma investor,
taking over Key Pharmaceuticals with Philip
Frost (see). Was CEO until 1986 when Key
merged with Schering-Plough for $836 million.
Founded Kos Pharmaceuticals in 1988; sold to
Abbott Labs in 2006 for $4.2 billion. In June
Pearl Therapeutics, in which he invested, was
acquired by AstraZeneca for $560 million.
273. Brad Kelley
$2 billion 
Source: toBacco Age: 56
reSidence: Franklin, tenn. Self-mAde
One of country’s biggest landowners with
some 1.5 million acres of ranchland in Texas,
New Mexico, Florida. Paid nearly $80 million
for travel guide publisher Lonely Planet in
March. Purchased historic Calumet Farm
in Lexington, Ky. in May 2012. His horse
Oxbow won the Preakness this year, delivering
Calumet its frst win in 45 years. Farmer’s son
made fortune from discounted cigarette brands
USA Gold, Bull Durham. Sold the business,
Commonwealth Brands, for $1 billion in 2001.
273. Richard Marriott
$2 billion 
Source: hotels Age: 74
reSidence: Potomac, md. inherited
Has run Host Hotels & Resorts since 1993,
the year he and older brother Bill (see) spun
the company of from family’s Marriott
International amid bondholder protests.
Host operates 118 hotels and properties, and
is the largest lodging REIT in the world. His
dad opened his frst hotel, the Twin Bridges
Marriott Motor Hotel, in 1957.
273. Clayton Mathile
$2 billion 
Source: Pet Food Age: 72 reSidence:
Brookville, ohio Self-mAde
Worked as accountant at Campbell Soup. Joined
Iams as general manager in 1970. Bought the
frm in 1982; grew it from a regional business
to national pet-food powerhouse before selling
it to Procter & Gamble for $2.3 billion in 1999.
Gave employees $100 million of his cut. Has
since helped small business owners take their
companies to the next level with Aileron, a $150
million entrepreneur-focused campus in Dayton,
Ohio. Has invested in tech frms like ooVoo, video
chat service with 75 million registered users.
Wife, MaryAnn, helped create Glen at St. Joseph,
a home for single mothers.
273. Robert McNair
$2 billion 
Source: energy, sPorts Age: 76
reSidence: houston Self-mAde
Owner of Houston Texans football team, which
made second trip to playofs in January, losing in
the division round. Looking ahead to hosting the
Super Bowl in 2017. Boasts McNair: “We have
one of the best teams in the NFL now. My goal is
to bring a championship team to Houston and to
keep making more money so I can give it away.”
Made his initial fortune selling power plant
operator Cogen Technologies to Enron in 1999
for $1.5 billion in cash and stock; sold bulk of
stock before Enron famed out. Still owns stakes
in a couple of power plants.
273. Sean Parker
$2 billion 
Source: FaceBook Age: 33
reSidence: neW york city Self-mAde
Napster cofounder and Facebook’s frst
president made headlines in June for his lavish
$4.5 million wedding in Big Sur, Calif. He settled
with the California Coastal Commission, paying
$2.5 million in fees and additional voluntary
contributions on behalf of the wedding venue
for lacking proper permits. Founders Fund
partner is investor in music-streaming service
Spotify. He’s jumping into showbiz as an
executive producer on the immigration flm
Documented. Despite selling Facebook shares
earlier this year, fortune up $800 million along
with the social network’s stock.
273. Tor Peterson
$2 billion 
Source: commodities Age: 49
reSidence: Zug, sWitZerland Self-mAde
Swiss commodities trading giant Glencore
merged with mining outft Xstrata in May after
more than a year of regulatory holdups. Stock
is down 28% since deal was announced in Feb.
2012. Lone American among Glencore Xstrata’s
cadre of billionaire managers, joined Swiss frm in
1992 following 6-year stint at Phibro-Salomon
in New York. In 2002 he succeeded current
Glencore CEO Ivan Glasenberg as director of
the coal and coke department. He owns just
under 3% of Glencore. Attended boarding
school in Switzerland, where he now lives.
OCTOBER 7, 2013 FORBES | 225
promotion // Ukraine

Ukraine: Setting New

Benchmarks in Agricultural Productivity

Ukraine’s agricultural opportunities are growing faster than winter wheat in the country’s rich
black earth. In nations where population growth is exceeding food production capabilities,
leaders are taking notice of Ukraine’s rising agricultural productivity. Ukraine is already a
big player in the global grain market and offers a potential solution to supply shortages.
The urgent challenge is to build infrastructure capacity inside Ukraine to deliver agricultural
products to global markets.
By Susan Burnell
Food Security: A Global Challenge the same time, more grain cropland is being used for
The earth’s ability to feed its growing population has ethanol instead of food. In nations where incomes are
diminished. Crop yields have reached a plateau in rising, higher consumption of animal proteins means
many major grain-producing countries, and most more grain and soybeans become animal feed. Volatil-
available cropland is already in use. The latest esti- ity in the grain markets adds even more uncertainty
mates by the Food and Agricultural Organization of for both importing and exporting nations.
the United Nations (FAO) indicate that 34 countries
around the world, including 27 in Africa, are in need Supply Chain Strategies
of external assistance for food as a result of crop Some nations, in particular those that could not sur-
failures, confict or insecurity, natural disasters and vive without importing food, have approached the
high domestic food prices. food security challenge by investing in a food sup-
As supplies are strained, demand is growing. Global ply chain in a source country. The strategy involves
population growth puts 219,000 more people at the establishing a presence in a food-producing region
dinner table each night, reports environmental analyst and contracting with farmers, storage facilities and
Lester Brown, president of the Earth Policy Institute. charter vessels to gain food security. The strategy has
Heat waves, soil erosion and dwindling water sup- worked successfully for South Korea in the U.S., and
plies are increasingly disrupting farming cycles. At China is expected to follow a similar path.

The supply chain strategy can bog down, however, when
a food-producing country isn’t able to store and transport
the volume of export crops it produces. That’s the situation
Ukraine is in now. Focusing its attention on export logistics
will enable it to get the abundant crops it already produces
to where they’re needed most. Increased infrastructure will
amplify Ukraine’s success in sustainable agriculture.
Food-Supply Solutions, Ready Now
Ukraine already has key components of the agriculture equa-
tion in its favor. It has arable land—33% of the world’s reserves
of fertile black earth. It has abundant water resources. And
with three distinct climate zones, it is far more drought-resilient
than less climatically diverse agricultural nations.
In 2012, Ukraine delivered nearly $18 billion in agricultural
products to foreign markets. Even though its crop yields trail
those of the U.S. and Canada, Ukraine already produces more
than twice the volume of agricultural crops it needs for its own
population. Ukrainian farmers expect to harvest 56 million met-
ric tonnes of grain in 2013. Ukrainian Grain Association Presi-
dent Volodymyr Klymenko projects that it will be possible to
increase the export of grain from 22 million to 30 million metric
tonnes in the next marketing year (July 2013 to June 2014).
The major importers of Ukrainian grain are Egypt, Spain and
Saudi Arabia. For the past decade, Ukraine has also been one
of the largest grain exporters to the Middle East. Just last year,
China and Ukraine signed an agreement that allows Ukraine to
sell corn and more recently wheat, soybeans and barley to China.
China’s Influence Expected to Add Momentum
To date, just one privately held company in Ukraine has been
approved as a seller of corn to China. Leaders of that frm,
Ukrlandfarming PLC (ULF), helped mastermind the trade
agreement process.
“We provided full access to China’s inspectors when they
visited our facilities to assess Ukraine’s production and supply
chain,” says Oleg Bakhmatyuk, Chairman of Ukrlandfarming.
“We recognize the importance of China and the infuence that it
will begin to exert, not only on the Black Sea grain market, but
on the entire global grain market. We understand that China is
a vast commodity market and one of the world’s most powerful
fnancial markets. And we expect that, as China starts trading
with Ukraine, many of the processes that have been moving at
a slower pace will be catalyzed.”
A Showcase for Efficient and Sustainable Farming
Ukrlandfarming serves as a showcase for what’s possible in the
universe of cost-effective, sustainable and traceable agricul-
ture. Vertically and horizontally integrated, the company uses
its buying power to obtain discounts on such purchases as
John Deere farm equipment, DuPont agricultural chemicals
and other core farming inputs. ULF uses and promotes best
practices for sustainable farming. It rotates sugar beets with
corn, for example, which replenishes rather than depletes the
Ukraine // promotion 2
soil, and raises corn yield by up to 25% in the same feld. ULF’s
vertical integration also enables it to enforce stringent bio-
security, traceability and food safety standards. “Traceability
is one of ULF’s key selling points,” says Bakhmatyuk. “At our
subsidiary Avangardco, for example, we control every step in
the chain from layer breeding and feed production to egg pro-
duction and processing, so any potential avenue of contagion
is tracked.” The company uses similar traceability protocols
for other parts of its business.
This experience can be scaled up nationally to accelerate
Ukraine’s agricultural production, Bakhmatyuk says. “Using
ULF as a model of an effciently managed, technologically
advanced and proftable agricultural business, Ukraine can
make great strides toward global crop-yield benchmarks.”
Ukraine’s Food Pipeline: Investment Opportunity
A major infux of infrastructure investment, then, is key to the
future success of Ukrainian agribusiness and its solutions
for food insecurity around the world. While ULF continues to
invest in grain elevators, port facilities, technology and other
crucial export infrastructure components, much more invest-
ment will be required. “The time is now,” says Bakhmatyuk.
“Capacity must increase so that the opportunity to export our
surplus is not wasted. The invitation is open to investors up
and down the line.”
FAST FACTS
Ukrlandfarming PLC (ULF)
ULF is the largest agricultural corporation in
Ukraine and is eighth largest in the world,
ranked by land holdings.
■ ULF’s segments include:
- Crops
- eggs
- agricultural services
- Sugar
- Cattle
■ ULF has 650,000 hectares of cropland, largely
black earth.
■ ULF is Ukraine’s largest producer of corn, eggs, milk
and beef and its second-largest producer of sugar.
■ ULF is integrated vertically within business segments
and horizontally across segments, which gives rise
to powerful synergies.
■ ULF’s egg farming subsidiary, avangardco ipL,
is the second-largest egg producer in the world.
■ ULF exports to 35 markets and continues to
expand its export geographies.
promotion 3 // Ukraine

A Conversation With…

Oleg Bakhmatyuk
Chairman of Ukrlandfarming PLC
Oleg Bakhmatyuk has engineered a series of mergers
over the past three years, bringing together nine large
Ukrainian agricultural companies. Ukrlandfarming’s two
main businesses are crop farming and egg farming. It
is now the largest agricultural corporation in Ukraine,
with a portfolio in excess of 650,000 hectares of farm-
land. Bakhmatyuk sees opportunities for Ukrainian
agriculture and is championing infrastructure invest-
ment to accelerate its growth into world markets.

What are business decision
makers most surprised to learn
about your company?
When we started building this big group,
there were skeptics. Many people
thought we would fail. But we didn’t.
It is a challenge to steer such a large
ship. Much of our success comes down
to innovative use of technology. We use
Cisco TelePresence video communi-
cations, and an IT system controls our
operations and fnancial fows. When
international delegations and business
groups see the way we are using tech-
nology, they say, “Wow, we’ve never
seen anything like that implemented at a
farming company.” Businesspeople we
deal with at every level begin to appre-
ciate the value of the system and how
tightly it controls everything.
How did you approach the
challenge of integrating so
many companies?
We had to stitch together a huge group
of bits and pieces that were not neces-
sarily compatible. We’re talking about
a company employing 30,000 people
with a management layer of 2,000—
each of whom is a professional in agri-
culture with least 15 years of experi-
ence. To give you a sense of scale,
our organization incorporates 360
individual operating companies that
operate out of 22 of Ukraine’s 25 prov-
inces—pretty much covering the whole
of Ukraine. We organized the company
into 11 different clusters. We began to
establish communications and to set
economic objectives and production
objectives. Then we developed the
important feedback fow necessary to
know when those objectives are met.
What have the results
been so far?
We think that we have succeeded. Last
year, we exported 1.2 million metric
tonnes of crops, and we currently rank
as Ukraine’s largest producer of corn.
We are now in our third year of operat-
ing this large organization. We have sur-
vived three sowing seasons, and we are
now harvesting for the third time. Each
sowing campaign and each harvesting
campaign is a battle. And it’s not always
a matter of winning or losing. Sometimes
it’s a matter of survival.
The organizational development pro-
cess is still under way, and it has already
produced some impressive results. In

“the agriculture industry can spur economic development within Ukraine.
When that happens, the welfare of all Ukrainians will improve.”
particular, look at the strong position
that we have achieved in export mar-
kets. We have soared from zero to sixth
place in our frst year of exports. And
this year, we expect to be Ukraine’s
third- or maybe even second-largest
exporter of whole grains and, in par-
ticular, of corn.
How does Ukrlandfarming fit
into the economic development
picture of Ukraine?
Ukrlandfarming is a showcase for Ukraine.
It’s an example of a large-scale and very
efficient food and farming company.
Ukraine will not need many such compa-
nies. If just 30% of its entire agricultural
production is built along the lines of such
high effciency, then Ukraine could aspire
to become an Argentina or a Brazil—frst
in grain and, eventually, in animal proteins.
Ukraine is already moving ahead. This
year it is expected to land in second
place globally among grain exporters,
according to the USDA Foreign Agricul-
tural Service. The number of acres dedi-
cated to corn is expanding dramatically,
and wheat will be playing second fddle.
The projection shared by many analysts
is that if Ukraine can increase its total
A sophisticated IT system controls ULF’s operations.
grain output to 80 to 100 million metric
tonnes a year, 60 million metric tonnes
of that—mainly corn—would be export-
able. At the same time, Ukraine can also
improve its position as an animal pro-
tein producer in response to growing
demand in China, Indonesia, the Middle
East and North Africa.
This is a chance for Ukraine to real-
ize its potential. The agriculture industry
can spur economic development within
Ukraine. When that happens, the welfare
of all Ukrainians will improve.
What kind of infrastructure is
needed to support the growth
of agriculture, and especially
exports, from Ukraine?
Ukraine needs infrastructure invest-
ments across the board. It needs to
revamp its railroads. It needs to build
more grain elevators and silos to
increase storage capacity. It needs to
build more port facilities to handle the
expected increase in output. It needs to
repair its motorways to allow trucks to
move more grain to the ports. It needs
technology and training for its agricul-
ture workers. All of these are opportuni-
ties for investment.
Ukraine // promotion 4
What challenges remain?
We have already accomplished quite a
lot by streamlining our company. Any
time potential partners and investors
look at an organization of this scale in
this part of the world, they ask about
two risks. One is sovereign risk expo-
sure, and the second is operational
risk—essentially, how successfully the
company is managed.
We immediately started tackling the
second risk by fne-tuning our opera-
tions. As far as sovereign risk is con-
cerned, we are as affected by sovereign
risk as any other Ukrainian company.
But we have local knowledge. We know
this place. We’ve been doing business
here for several decades, and so we
know how to navigate every region.
What are the greatest
opportunities right now?
Ukraine is a very attractive investment
opportunity for international investors.
Ukraine has so many projects in the
pipeline to expand its export infrastruc-
ture in the frst place. If investors con-
sider and undertake projects in Ukraine,
they will beneft from increased trade as
well as market capitalization.
Ukrlandfarming farming represents a
window into Ukraine for foreign capi-
tal. If capital starts fowing in—Ameri-
can capital, Chinese capital, European
capital—much of the democratization of
the nation is going to also take place.
We believe that business processes and
improvement in the business environ-
ment will do a better job than any politi-
cal processes in terms of improving the
Ukraine state of democracy and the
rules of the game.
For more information:
www.ulf.com.ua
 THE FORBES 400
C Ov E R AGE
273. Fayez Sarofim
$2 billion 
Source: money
management
Age: 84 reSidence:
houston Self-mAde
Son of Egyptian cotton
farmer came to U.S. in 1946,
got M.B.A. from Harvard.
Made fortune as buy-and-
hold specialist. Returns to
ranks frst time since 2007,
thanks to 2% stake in energy
transport company, Kinder
Morgan, which went public
for the second time in 2011.
An early shareholder, he
still sits on the board and
upped his stake in past year.
Also sits on the boards of
Memorial Sloan-Kettering
Cancer Center and the Texas
Heart Institute.
June 9, 1980
“[My father] told me not to draw a salary but to pour any profts back
into the business so as to give customers the best possible service.
The profts would come later.”
273. John Pritzker
$2 billion 
Source: hotels, investments
Age: 60 reSidence: san Francisco
inherited & growing
Former Hyatt executive has been expanding
Commune Hotels & Resorts, a boutique
frm formed in 2011. In early August bought
out his partners, the Pomeranc family, for
an undisclosed sum. Investor in Local TV
Holdings, which in July announced it would
sell 19 TV stations to Tribune Co. for $2.7
billion; profts from that deal helped push
up his net worth from a year ago. An heir to
Pritzker family fortune.
273. Howard Schultz
$2 billion 
Source: starBucks
Age: 60 reSidence: seattle, Wash.
Self-mAde
Starbucks chairman introducing new products
to stimulate brand; testing “homemade” sodas
and partnering with French yogurt maker
Danone to ofer new Greek yogurt brand.
In November 2012 Starbucks announced its
230 | FORBES OCTOBER 7, 2013
largest ever acquisition, paying $620 million
cash for Teavana Holdings. Stock up more
than 30% in 2013. Through his venture frm,
Schultz is also an investor in Pinkberry frozen
yogurt, Lululemon, eBay and Groupon. Raised
in housing projects in Brooklyn; went to study
and play football at Northern Michigan U.
Inspired by trip to Italy, opened an espresso
bar in U.S. in 1985; now operates 19,000 stores
including frst ones in Vietnam, India.
273. Jeff Sutton
$2 billion 
Source: real estate
Age: 53 reSidence: Brooklyn, n.y.
Self-mAde
Landlord to many of New York City’s top
fashion brands, commands some of country’s
highest rents including reported $20 million
annually for American Eagle store on
Broadway, $16 million for Dolce & Gabbana
on Fifth Avenue. Has portfolio of more than
100 properties, mostly retail spaces. With
frequent partner SL Green Realty, his Wharton
Properties is bringing retailer, Express, to
Times Square. Deal that put him on map was
signing American Girl to a lease at 609 Fifth
Avenue.
 uP  doWn
293. Robert Pera
$1.95 billion 
Source: technology
Age: 35 reSidence: san Jose, caliF.
Self-mAde
His wireless networking frm Ubiquiti
Networks surged after strong fourth-
quarter earnings in August, lifting him into
Forbes 400 ranks. Tweeted: “And as for the
critics, tell me I don’t get it. Everybody can
tell you how to do it, they never did it”—
lyric from Jay Z song. His company makes
systems that provide wireless Internet
access and focuses on emerging markets.
It recently helped put away criminals that
were counterfeiting its products in China.
Hardware engineer at Apple left after
2 years to strike out on own because he
wanted “more success faster.” Purchased
a controlling stake in NBA’s Memphis
Grizzlies in 2012.
293. Daniel Pritzker
$1.95 billion 
Source: hotels, investments
Age: 54 reSidence: marin county,
caliF. inherited
Pritzker heir, his grandfather, A.N. Pritz-
ker (d. 1986), with his sons Jay (d. 1999),
Robert (d. 2011) and Donald (d. 1972),
created industrial conglomerate Marmon
and hotel chain Hyatt. Family sold control
of Marmon to Warren Bufett’s Berkshire
Hathaway for $4.8 billion in 2008. Jazz
buf, released silent flm Louis in 2010
about the life of Louis Armstrong. His
second jazz-infused flm, Bolden!, which
focuses on New Orleans ragtime innovator
Buddy Bolden, has not yet been released.
One of 11 Pritzker family members on The
Forbes 400.
293. Herbert Simon
$1.95 billion 
Source: real estate
Age: 78 reSidence: indianaPolis
Self-mAde
Chairman emeritus of Simon Property
Group, founded precursor, Melvin Simon
& Associates, with brother Melvin (d.
2009) and another brother in 1960. Simon
Property Group owns stakes in 326 retail
properties in North America and Asia,
including 80 Premium Outlet malls.
Melvin’s son David has been CEO since
1995. Herb Simon owns the Indiana Pacers
basketball team, the WNBA’s Indiana Fever
and a stake in Reno Aces, a minor league
baseball team. Father of 8 and on his third
marriage, he is married to a former Miss
Universe from Thailand.
 unchanged  neW to list  returnee
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THE FORBES 400
296. S. Daniel
Abraham
$1.9 billion 
Source: slim-Fast
Age: 89 reSidence: Palm Beach, Fla.
Self-mAde
Created the Slim-Fast diet shake brand
in the 1970s. Sold it to Unilever for $2.3
billion in 2000 and has since retired
but remained politically active. Backed
Barack Obama’s presidential campaign, a
scholarship program for Jewish college
students interested in postgraduate
studies of the Torah, and a Washington,
D.C. center devoted to promoting Middle
East peace. The Long Beach, N.Y.-born
entrepreneur and World War II combat
veteran joined his uncle’s medical supply
company after leaving the army.
296. Norman Braman
$1.9 billion 
Source: art, car dealershiPs
Age: 81 reSidence: miami
Self-mAde
Philadelphia Eagles owner from 1985 to
1994 won his prolonged war against Miami
Dolphins owner Stephen Ross (see) in May.
Braman disputed plans to use public fnancing
for upgrades to Dolphins Stadium, calling it
“welfare for a multibillionaire.” He must have
struck a chord, because the Florida House
refused to even bring the funding proposal to
a vote. Got his start as a research analyst for a
liquor company. Cofounded vitamin retailer
Keystone Discount Stores, merged it with
Philadelphia Pharmaceuticals in 1967 and
moved to Florida. Bought a Cadillac dealership
in Tampa in 1972, and today owns 23 franchise
locations in Florida and Colorado. Has huge
240-plus-piece art collection, including largest
private collection of Alexander Calder’s work,
that he plans to sell and donate proceeds to a
foundation upon his death.
296. Ray Davis
$1.9 billion 
Source: PiPelines
Age: 71 reSidence: dallas
Self-mAde
Davis and Kelcy Warren (see) acquired gas
pipeline company Cornerstone in 1993.
Duo bought small pipelines, consolidated
holdings into efcient network. Flipped
it to El Paso Corp. in 1996, using proceeds
to create natural gas retailer, pipeline co.
Energy Transfer Equity. Davis stepped down
as co-CEO of Energy Transfer Partners in
2007, resigned from board in February. Has
6% stake. Now co-owner of Texas Rangers.
232 | FORBES OCTOBER 7, 2013
mAy 10, 2004
“We’re going to fght. We’re not going to give in.... It’s in our roots.”
296. Bennett Dorrance
$1.9 billion 
Source: camPBell souP
Age: 67 reSidence: Paradise valley,
ariZ. inherited
Heir to Campbell Soup fortune and
grandson of founder. Owns about 14% of
the company, which was founded in 1869.
Was elected to its board since 1989. In June
Campbell Soup completed acquisition of
California-based Plum Organics, which
makes food for babies and kids, for
undisclosed amount. He is also a found
partner of DMB Associates, an Arizona
real estate development frm. Since 1999
his Dorrance Scholarship Programs
have helped send students to Arizona’s 3
public universities and South Mountain
Community College.
296. Gerald J. Ford
$1.9 billion 
Source: Banking
Age: 69 reSidence: dallas
Self-mAde
Texas farmer’s son bought his frst bank
for $1.2 million in 1975 and later sold it for
 uP  doWn
COvERAG E
296. Bill
Marriott Jr.
$1.9 billion 
Source: hotels
Age: 81 reSidence:
Potomac, md.
inherited
For over 40 years as CEO
of his family’s hotel chain,
Marriott practiced a famously
hands-on style that he called
“management by walking
around.” He hung up those
shoes shortly after his 80th
birthday in March 2012, ceding
CEO position, but remains
an active chairman, visiting
upward of 200 hotels a year.
His youngest son, David, is
COO of hotels in eastern U.S.
In late 2012 published book
Without Reservations.
$80 million. With fellow billionaire Ron
Perelman (see), sold California’s Golden
State Bancorp to Citigroup in 2002 for
$6 billion in stock. Survived the 2008
fnancial meltdown by hedging his Citi
shares with options. Now owns stakes
in mix of public and private companies.
Recently sold his private equity fund’s
76% stake in Pacifc Capital Bancorp to
Mitsubishi UFJ, Japan’s largest bank by
assets, for $1.15 billion—$650 million more
than what it paid in 2010.
296. Tom Golisano
$1.9 billion 
Source: Payroll services
Age: 71 reSidence: naPles, Fla.
Self-mAde
Founded Paychex, which as name
suggests offers payroll services, in 1971
with $3,000 and a credit card. Took
it public 1983. Still has $1.5 billion
stake in firm. Sold NHL’s Buffalo
Sabres to Terry Pegula (see) in 2011 for
$189 million. Longtime New Yorker
reportedly rejected higher bid because
it involved moving team from Buffalo.
Known to many for his costly, quixotic
gubernatorial campaigns.
 unchanged  neW to list  returnee

296. David
Gottesman
$1.9 billion 
Source: investments
Age: 87 reSidence: rye, n.y. Self-mAde
Friend of Warren Buffett (see) has been
Berkshire Hathaway board member for a
decade. Bulk of fortune lies in Berkshire
Hathaway shares. Founded investment
advisor First Manhattan Co. in 1964,
known for value-oriented investment
style.
296. Bruce Karsh
$1.9 billion 
Source: Private equity
Age: 57 reSidence: los angeles
Self-mAde
296. Howard Marks
$1.9 billion 
Source: Private equity
Age: 67 reSidence: los angeles
Self-mAde
Longtime partners took their Oaktree
Capital Management public in April
2012. It has $76 billion assets under
management. Chairman Marks has long
penned highly regarded investment
memos for clients; sold his Malibu
mansion for $75 million in January.
Karsh, the firm’s president, was elected
chairman of the Tribune, after it
emerged from bankruptcy in December;
Oaktree is the largest Tribune equity
owner. He paid $56 million to buy Ritz-
Carlton hotel in Clayton, Mo. in 2012.
Marks hired Karsh, then an assistant to
SunAmerica chairman Eli Broad (see), in
1988 at TCW; 7 years later they founded
Oaktree.
296. Drayton McLane Jr.
$1.9 billion 
Source:Wal-mart, logistics
Age: 77 reSidence: temPle, tex.
inherited & growing
Started as truck loader at family’s
grocery distribution center in 1959.
Expanded McLane Co. into an
international firm with 18 divisions,
including food service, software, novelty
gifts. Sold it to tennis partner Sam
Walton in 1991 for 10.4 million shares of
Wal-Mart stock and $50 million in cash.
Wal-Mart sold the company to Berkshire
Hathaway in 2003 for $1.45 billion. Sold
the Houston Astros baseball team in
 uP  doWn  unchanged  neW to list  returnee
2011 to Houston investment manager
James Crane for $610 million. In 2012
announced largest gift ever to Baylor
University in Waco, Tex. to bankroll a
new football stadium.
296. Bob Parsons
$1.9 billion 
Source: WeB hosting
Age: 62 reSidence: scottsdale, ariZ.
Self-mAde
Founder of Web hosting frm GoDaddy is
behind some of most controversial ads in
Super Bowl history. Latest featured Israeli
model Bar Refaeli making out with nerd,
with sound efects that turned of many but
attracted 11.5 million viewers on its Youtube.
com account. Vietnam vet started software
company in his basement in 1984, sold it to
Intuit for $64 million and started GoDaddy. In
2011 sold majority of it to investors including
KKR, pocketing estimated $930 million in
cash. Remains largest individual shareholder
and executive chairman of $1.3 billion (sales)
frm, which hired former Yahoo chief product
JAnuAry 21, 2002
“I told them the only consolation was that [if we fopped] I would lose more
money than they would.”
ofcer as new CEO in January and is re-
focusing on “very small businesses.”
296. Leandro
Rizzuto
$1.9 billion 
Source: consumer Products
Age: 75 reSidence: sheridan, Wyo.
Self-mAde
Built a fortune from hair care items and
kitchen appliances. His privately owned
Conair has an estimated $2.1 billion in
revenues from brands that include Cuisinart
and Waring kitchen appliances, Interplak
electric toothbrushes and hair product
lines Scunci, Babybliss and Rusk. He also
owns CuisinArt Resort and Spa in Anguilla.
Founded Conair with his parents in 1959 in
their Brooklyn home. Manufactured hot-air
hair rollers invented by his father and then
introduced the iconic pistol-shaped blow
dryer in 1965. Went public in 1972, then
private in 1985 through a leveraged buyout.
Rizzuto owns just under 75% of frm.
COvERAG E
296. Thomas
Siebel
$1.9 billion 
Source: Business
soFtWare
Age: 60 reSidence:
Woodside, caliF.
Self-mAde
Worked as sales executive
at Oracle before starting
software outft Siebel Systems
1993; took it public in 1996
and sold it to Oracle for $5.9
billion in 2005. Now CEO
of energy management frm
C3 Energy. Has given $250
million to fund graphic ad
campaign to combat meth
addiction, homelessness.
Endured 19 reconstructive
surgeries after elephant attack
while on an African photo
safari in 2009; fully recovered.
OCTOBER 7, 2013 FORBES | 233
 THE FORBES 400
C Ov E R AGE
296. Meg Whitman
$1.9 billion 
Source: ebay
Age 57 reSidence: ather-
ton, Calif. Self-mAde
CEO of Hewlett Packard for
past 2 years trying to reinvent
the company; her project
Moonshot Systems is betting
on tiny servers 80% smaller
than industry averages and
much more energy efcient.
Has sold them to Facebook
among others. Held posts
at Hasbro, Disney, Procter
& Gamble before landing as
CEO at eBay 1998. Led online
auction company for 10 years;
its shares still bulk of her
fortune. Spent $180 million
on failed bid for California
governor’s ofce in 2010.
mAy 21, 2007
“I’m a better leader, a better manager, a better executive
than when I arrived as a youngster. I have learned how to manage
a company that reinvents itself every couple of years.”
296. Donald Sterling
$1.9 billion 
Source: real estate
Age 77 reSidence: beVerly hills
Self-mAde
Real estate tycoon continues to add to his
stable of apartment buildings, primarily
in Los Angeles. Also owns properties in
Orange County, San Diego and Las Vegas and
advertises heavily in the L.A. Times. Bought
Los Angeles Clippers basketball team in 1981
for $12 million; FORBES now values it at $430
million. Began his career as a lawyer, started
buying tired properties and fxing them up.
296. Dean White
$1.9 billion 
Source: billboards, hotels
Age: 90 reSidence: CroWn Point, ind.
inherited & growing
Took over his father’s billboard company
1946 and used the profts to build Whiteco
Industries, a hotel and real estate development
empire. Sold billboard business in 1998 for
$960 million. In 2006 sold 100 hotels for $1.7
234 | FORBES OCTOBER 7, 2013
billion. Opened $450 million development in
Indianapolis in 2011 with 5 JW Marriott hotels,
including one with 1,005-rooms. More recently
he’s been building apartments in Austin, Tex.
296. Elaine Wynn
$1.9 billion 
Source: Casinos, hotels
Age: 70 reSidence: las Vegas
Self-mAde
Cofounded Wynn casino empire with ex-
husband, Steve Wynn (see), 3 decades ago
and has remained on board of Wynn Resorts
even after their 2010 divorce. As part of
settlement, received 11 million shares of
Wynn: an agreement between Elaine, her
ex-husband and his former business partner,
Kazuo Okada, limited her control of the
shares and required that Steve sign of before
she sells. Now Wynn is in midst of lawsuit
against both men, arguing that a dispute
between them nullifes original agreement.
Sits on board of the Basketball Hall of Fame
and was with U.S. team in 2012 when it won
gold at London Summer Olympics; wears
ring commemorating that win. President of
Nevada State Board of Education.
 uP  doWn
314. John Arrillaga
$1.8 billion 
Source: real estate
Age: 76 reSidence: Portola Valley,
Calif. Self-mAde
Silicon Valley real estate mogul announced
in July that he had donated $151 million to
Stanford University, largest gift it has received
from a living donor. With Richard Peery (see),
bought California farmland in 1960s and built
commercial ofce buildings. Peery-Arrillaga
sold about half their portfolio in 2006 for $1.1
billion. Current tenants include Google and
Apple. Daughter Laura is married to Netscape
founder Marc Andreessen.
314. Sid Bass
$1.8 billion 
Source: oil, inVestments
Age: 70 reSidence: fort Worth, tex.
inherited & growing
Poorest of Bass brothers (see), due to costly
2011 divorce from ultrasocialite second wife
Mercedes. Settlement assumed to be in $300
million range. Mother Nancy Lee Bass died in
February, aged 95.
314. Noam Gottesman
$1.8 billion 
Source: hedge funds
Age: 52 reSidence: neW york City
Self-mAde
Sold GLG Partners, the hedge fund he
started in 1995, to Man Group of the U.K. for
$1.6 billion in 2010. Stepped down as CEO
when Man Group took over. Now manages
his investments and his contemporary art
collection, which includes works by Francis
Bacon and Lucian Freud. He is fnancial backer
of Manhattan restaurant Eleven Madison Park
in the Flatiron District.
314. Richard Hayne
$1.8 billion 
Source: urban outfitters
Age: 66 reSidence: PhiladelPhia
Self-mAde
Former hippie opened frst store in 1970 near
U. of Pennsylvania with $4,000; sold trendy
clothes to college kids and urbanites. His
Urban Outftters chain is famous for product-
related controversies; has angered groups
including the Navajo Nation, Anti-Defamation
League, LGBT organizations, eating disorder
awareness advocates, and Irish-American
cultural groups. Has 475 stores operating
under such brands as Anthropologie,
Free People, BHLDN, Terrain and Urban
Outftters.
 unChanged  neW to list  returnee
THE FORBES 400
314. Alexander Knaster
$1.8 billion 
Source: oil, telecom, banking
Age: 54 reSidence: london
Self-mAde
Got $600 million from selling his
shares in oil venture TNK-BP in March.
Moscow-born, emigrated to U.S. with
his parents 1976 and became citizen.
Returned to Russia in mid-1990s and
headed Credit Suisse First Boston’s
Moscow operation. Later became chief
of Alfa Bank, Russia’s largest private
commercial bank. Now chairs Pamplona
Capital Management, British private
equity frm he founded in 2004, whose
clients include Alfa Group. In July it
agreed to buy French funeral group OGF
SA for about $1.2 billion. Endowed chair
of mathematics department and created
scholarship fund at alma mater Carnegie
Mellon.
314. Stephen Mandel Jr.
$1.8 billion 
Source: hedge Funds
Age: 57 reSidence: greenwich, conn.
Self-mAde
Worked at Mars & Co. and Goldman
Sachs before joining Julian Robertson’s
(see) Tiger Management as a consumer
analyst. Departed in 1997 to launch Lone
Pine, named for mythical Dartmouth
pine tree that survived 1887 lightning
strike at his alma mater. Firm manages
approximately $21 billion across long-
only equity funds, hedge funds and a
fund of funds. Mandel sits on boards
of Dartmouth College and Teach for
America.
314. H. Ross Perot Jr.
$1.8 billion 
Source: comPuter services, real
estate
Age: 54 reSidence: dallas
inherited & growing
Son of Ross Perot (see) completed frst-ever
circumnavigation of the world by helicopter
in 1982, then spent 8 years in Air Force. With
money from dad he started acquiring 18,000
acres north of Fort Worth, Tex. where he built
an inland port with giant rail yard, airport, 30
million square feet of warehouses; also found
natural gas. Has since sold of most of natural
gas reserves for $700 million and many
buildings for more than $800 million. Now
developing giant oilfeld in Kurdish region of
Iraq. With his 4 sisters, donated $50 million
towards the construction of Dallas’ new Perot
Museum of Nature and Science.
236 | FORBES OCTOBER 7, 2013
mArch 1, 1993
“We were never going to have a major infuence on the cable business.
Cellular was a place where we thought we could make a difference.”
314. Linda Pritzker
$1.8 billion 
Source: hotels, investments
Age: 59 reSidence: st. ignatius, mont.
inherited
Montana resident is a Tibetan Buddhist,
psychotherapist and occasional donor to
liberal causes. She is one of 11 Pritzker family
members on The Forbes 400 this year, all of
whom got at least a portion of their fortune
from stake in hotel chain Hyatt and proceeds
from sale of conglomerate Marmon to
Berkshire Hathaway, which paid $4.8 billion
for 64% stake in 2008.
314. Peter Thiel
$1.8 billion 
Source: Facebook
Age: 45 reSidence: san Francisco
Self-mAde
PayPal cofounder was Facebook’s frst
professional investor, giving Mark Zuckerberg
and his hoodied cohorts a $500,000 check
in 2004 for more than 10% of the company.
Still sits on Facebook’s board but sold most of
 uP  down
COvERAG E
314. Craig
McCaw
$1.8 billion 
Source: telecom
Age: 64 reSidence: hunts
Point, wash.
inherited & growing
Chairman of Pendrell, Seattle
area intellectual property frm.
Son of broadcasting magnate
got start selling cable services
door-to-door for Dad’s frm.
Cofounded McCaw Cellular
with brothers; sold it to AT&T
in 1994 for $12.6 billion.
Invested in satellite network
Nextel, but he lost $5 billion
during 2000 telecom crash.
Next built high-speed wireless
network provider Clearwire,
but sold his stake to Sprint
Nextel in 2012; Sprint acquired
the rest in July.
his stake in the social networking company
following its May 2012 IPO. Through his
VC frm, Founders Fund, has backed Elon
Musk’s (see) rocket builder SpaceX. Has also
personally invested $40 million in CIA-backed
data-mining software company, Palantir, where
he is also a cofounder and chairman.
314. Ronald Wanek
$1.8 billion 
Source: Furniture
Age: 72 reSidence: st. Petersburg,
Fla. Self-mAde
Grew up on dairy farm in Minnesota. In
1970 he and other investors founded Arcadia
Furniture; purchased Ashley Furniture 6
years later. Bought out others and became
majority owner. Now Ashley, based in
Arcadia, Wis., is top-selling U.S. furniture
company, generating $3.5 billion. Privately
held company, which son Todd helps run,
broke ground this year on expansion to $80
million manufacturing and distribution
center in North Carolina. Wanek has homes
in Arcadia and St. Petersburg, where he
recently purchased an $8.4 million mansion.
Enjoys sculpting, politics.
 unchanged  new to list  returnee
 promotion // Yachting

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THE FORBES 400
325. Eric Lefkofsky
$1.75 billion 
Source: grouPon
Age: 44 reSidence: glenCoe, ill.
Self-mAde
Groupon cofounder and biggest individual
shareholder named online daily deal website’s
new CEO in August. Had been named interim
co-CEO in February after former chief Andrew
Mason was fred. Stock has doubled since
his departure, boosting Lefofsky’s fortune
and returning him to ranks after missing cut
last year. Grew up in Detroit suburbs, started
selling carpets during freshman year at U. of
Michigan after being dumped by girl. After law
school bought or started several businesses
including InnerWorkings, where Mason
once worked. When Mason called him with
Groupon idea, ofered him $1 million to drop
out of school and get started. Also holds 20%
stake in MediaOcean and is partner in Chicago
venture frm LightBank.
325. Kavitark Ram
Shriram
$1.75 billion 
Source: Venture CaPital, google
Age: 56 reSidence: menlo Park, Calif.
Self-mAde
India native Shriram joined Netscape 1994.
His next company, Junglee, was bought by
Amazon in 1998 for about $185 million of
Amazon stock. Built bulk of fortune as early
backer of Google; was a founding board
member and still sits on board. Since March
2012 he has sold or given away more than 70%
of his Google shares. Founded venture frm
Sherpalo Ventures 2000. Reportedly devotes
about 20% of his time to philanthropic causes
and education in India.
327. Ron Baron
$1.7 billion 
Source: money management
Age: 70 reSidence: neW york City
Self-mAde
Grew up in Asbury Park, N.J.; worked as
lifeguard, taught waterskiing and drove ice
cream truck. Became biochemistry teaching
fellow at Georgetown U. while attending
George Washington law school at night; got
job as patent examiner in U.S. Patent and
Trademark Ofce. Became securities analyst
1970. Started own frm, Baron Capital, 1982.
Still runs frm, which now has over $21 billion
in assets. Owns one of largest Hamptons
estates: 52 oceanfront acres, for which he paid
roughly $130 million. Predicts Dow Jones will
hit 30,000 in 10 years, 60,000 in 20 years.
238 | FORBES OCTOBER 7, 2013
JAnuAry 24, 2000
“People can buy this merchandise somewhere else. The challenge
is always remembering to walk in the customer’s footsteps, not our own.”
327. Glenn Dubin
$1.7 billion 
Source: hedge funds
Age: 56 reSidence: neW york City
Self-mAde
Founded Highbridge Capital Management,
named for New York City’s oldest standing
bridge, with Washington Heights childhood
friend and fellow billionaire Henry Swieca
1992. Pair sold majority to JPMorgan Chase in
2004 for $1.3 billion. Swieca departed 2009;
Dubin stepped down as CEO in July but
remains chairman of frm; fagship fund eked
out modest 3.6% net gain in frst half of 2013.
327. John Henry
$1.7 billion 
Source: sPorts
Age: 64 reSidence: boCa raton, fla.
Self-mAde
Red Sox owner snapped up Boston’s
beleaguered local paper, The Boston Globe,
for $70 million in August. His baseball squad
on track to win the division this year, which
it hasn’t done since the 2007 World Series
season. The team jumped $300 million in
 uP  doWn
COvERAG E
327. Arthur
Blank
$1.7 billion 
Source: home dePot
Age: 70
reSidence: atlanta
Self-mAde
In March Blank agreed to
fnance majority of new $1
billion stadium for his Atlanta
Falcons, with City of Atlanta
pitching in $200 million to
replace 20-year-old Georgia
Dome. Bought team in 2002
after retiring from Home
Depot, which he founded in
1978 with Bernie Marcus (see).
It is now the world’s largest
home improvement retailer
with nearly $75 billion in sales
and more than 2,200 stores. He
and his wife of 17 years began
divorce proceedings early 2013.
value this year to over $1.3 billion, good enough
to rank as third-most-valuable franchise in
baseball. Through his Fenway Sports Group,
owns Liverpool FC soccer team, 80% of New
England Sports Network. Made frst fortune in
commodities trading; now winding down the
struggling business.
327. Catherine Lozick
$1.7 billion 
Source: manufaCturing Age: 68
reSidence: Chagrin falls, ohio
inherited
Daughter of industrialist Fred Lennon, whose
company built better water valve called a
Swagelok. He was on Forbes 400 before his
death in 1998. His estate was kept private
until Lennon’s grandson sued his aunt and
trustees. Turns out Lennon had stipulated that
Lozick would inherit estate 21 years after his
death or earlier appointed time. Her brother
got $25 million and grandchildren $50,000.
Lozick settled May 2003, agreeing to pay
each grandchild an additional $1.25 million;
meanwhile, the trust’s assets were transferred
early to Lozick, making her the new (perhaps
even more secretive) majority owner of her
father’s company.
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THE MUSEUM OF
MODERN ART
11 WEST 53 STREET
______
 THE FORBES 400
C Ov E R AGE
327. Kevin Plank
$1.7 billion  Calif.
Source: under armour
Age: 41 reSidence:
lutherVille, md.
Self-mAde
Youngest of 5 boys was walk-on
special teams player with U.
of Maryland football when he
noticed sweat-soaked T-shirts
weighing down players. Created
skintight, sweat-wicking
synthetic shirt, working in
grandmother’s basement 1996.
Called company Under Armour;
sold $17,000 frst year. Went
public less than a decade later.
Sales hit $1.8 billion 2012, up
25%. Tom Brady is an endorser
and shareholder. Nearly all his
wealth in Under Armour stock,
up 30% in past year. Owns
530-acre Sagamore Farm in
Maryland.
September 24, 2012
“I realized early on that I was pretty good at organizing. A lot of it
was about control. While my friends were out getting hammered
at concerts, I was making money. I am a control freak.”
327. Gary Magness
$1.7 billion 
Source: Cable, inVestments
Age: 59 reSidence: denVer, Colo.
inherited
Has cattle ranches in Colorado; invests in oil,
gas, real estate in Colorado and California.
His Fortrust is a 100,000-square-foot data
center. Main driver for his of-road truck
racing team Mango Racing; also collects
vintage cars. Inherited fortune from father Bob
Magness (d. 1996), who founded cable TV titan
TCI, which merged with AT&T 1999 in $55
billion deal. Wife, Sarah Singer-Magness, has
clothing company, SoLow, and runs couple’s
movie production company, Smokewood
Entertainment, which produced critically
acclaimed Precious. Daughter, 14, is singer who
toured with One Direction.
327. Jennifer Pritzker
$1.7 billion 
Source: hotels, inVestments
Age: 62 reSidence: ChiCago inherited
Colonel Pritzker announced in August that she
240 | FORBES OCTOBER 7, 2013
would now live her life as a woman, becoming
the frst transgender billionaire and frst Forbes
400 member to switch gender. Formerly
known as James, the retired Army lieutenant
colonel founded the Pritzker Military Library
in Chicago in 2003 and through her Tawani
Foundation works to preserve American
military history. Her grandfather, A.N. Pritzker
(d. 1986), with his sons Jay (d. 1999), Robert (d.
2011) and Donald (D. 1972), created industrial
conglomerate Marmon and hotel chain Hyatt.
327. Stewart Rahr
$1.7 billion 
Source: drug distribution
Age: 67 reSidence: neW york City
Self-mAde
Self-described “King of All Fun” made his
fortune by taking his father’s rundown
Brooklyn pharmacy, Kinray, into the big
leagues, then selling it to Cardinal Health in
2010 for $1.3 billion. “Rah-Rah” divorced his
wife of 43 years, Carol, in May, reportedly
for a $250 million settlement. Ever since, his
e-mail listserv of celebrities, politicos, business
luminaries and journalists has received photos
of him with young women in vacation spots.
 uP  doWn
327. Henry Samueli
$1.7 billion 
Source: semiConduCtors
Age: 58 reSidence: neWPort beaCh,
Self-mAde
Cofounded and chairs wireless
chipmaker Broadcom. Rejoined board
in May 2011, 3 years after resigning as
chairman in 2008 in the wake of stock
options backdating allegations. He was
exonerated by a U.S. district court judge
in 2009. In late 1980s he met Broadcom
cofounder and fellow billionaire Henry
Nicholas (who missed the cut this year)
at aerospace and automotive company
TRW. They designed high-speed telecom
chips in Nicholas’ spare bedroom, started
Broadcom 1991 and took it public 7 years
later.
327. Pat Stryker
$1.7 billion 
Source: mediCal equiPment
Age: 57 reSidence: fort Collins,
Colo. inherited
Philanthropist and nascent real estate
investor whose grandfather Homer
Stryker (d. 1980) founded Stryker Corp.,
the Kalamazoo, Mich.-based maker of
medical devices and software. She and
her siblings Ronda and Jon (see) all
inherited stakes. The company
sold $8.7 billion worth of replacement
hips, operating tables and other
equipment last year. Her Bohemian
Foundation supports antipoverty
programs and the arts. Her Stryker
Sonoma Winery in Geyserville, Calif.
produces about 7,000 cases of wine a
year.
327. Glen Taylor
$1.7 billion 
Source: Printing
Age: 72 reSidence: mankato, minn.
Self-mAde
Took job with Carlson Wedding
Service in 1960s then bought company
1975, renamed it Taylor Corp. It does
commercial printing, packaging and
marketing; it prints yearbooks, training
manuals, clothing tags, gift cards. He also
owns farmland in Iowa and Minnesota
and a producer of liquefied, pasteurized
eggs. He is an investor in Envoy, which
makes a microdevice implanted within
the ear to help with some forms of
hearing loss; it received FDA approval in
2010. Former Minnesota state senator.
Owns Minnesota Timberwolves NBA
team.
 unChanged  neW to list  returnee
 ™

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 THE FORBES 400
C Ov E R AGE
327. Jerry Yang
$1.7 billion 
Source: yahoo
Age: 44 reSidence: los
altos hills, Calif.
Self-mAde
Longtime Chief Yahoo
cofounded Internet portal with
David Filo (see) in 1994. As
grad students at Stanford they
created the precursor of Yahoo,
an Internet search engine
project. Yang left the company
in January 2012, but he’s still
benefting from bets he made at
Yahoo plus changes under new
management: Shares rose 88%
over the previous 12 months,
largely because of Yahoo’s stake
in Chinese Internet phenom
Alibaba, an investment Yang
spearheaded. Joined Lenovo as
a board observer in February.
July 27, 1998
FORBES: Once again Silicon Valley has provided the hacker hero:
the likable young guy who creates an elegant, original solution to a vexing
problem. In the past it was Steve Wozniak. This time it’s Jerry Yang.
327. Joyce Raley Teel
$1.7 billion 
Source: suPermarkets
Age: 82 reSidence: saCramento,
Calif. inherited & growing
Returns to The FORBES 400 for frst time
since 2009 amid rise in public values of
supermarkets. Her father, Tom, opened the
frst Raley’s supermarket in California’s gold
country in 1935 and expanded from there. She
joined company in 1985 and inherited it when
her dad died in 1991. Joyce and her husband,
Jim, serve as cochairs; her son Michael is CEO.
Raley’s, with sales of $3 billion, has 128 stores
in California and Nevada, including Bel Air
Markets and Nob Hill Foods.
341. Daniel Loeb
$1.65 billion 
Source: hedge funds
Age: 51 reSidence: neW york City
Self-mAde
Founder and head of $13 billion hedge fund
frm Third Point is at forefront of activist
investing; trying to shake things up in Japan,
242 | FORBES OCTOBER 7, 2013
a country that has long resisted corporate
reforms, by agitating for change at Sony. Also
made news in early 2013 by taking a position
in Herbalife, nutritional supplements seller,
shortly after another prominent hedge fund
manager, William Ackman, called it a pyramid
scheme. Sold stake within weeks for a proft.
Recently sold most of his shares in Yahoo at a
fat proft after helping to transform the failing
Internet giant.
342. James Dinan
$1.6 billion  $1.6 billion
Source: hedge funds
Age: 54 reSidence: neW york City
Self-mAde
Sold 33% of his York Capital Management
to Credit Suisse in 2010 for $425 million;
still runs the hedge fund, whose flagship
fund was up 13.5% net in 2012 and 6%
through first half of 2013. Wharton
and Harvard business school grad, got
start at investment bank Donaldson,
Lufkin & Jenrette; lost life savings on
Black Monday 1987; recovered to launch
York 4 years later with funds from
DLJ colleagues. Wears a hearing aid
 uP  doWn
because he lost much of his hearing as
an infant after being given the antibiotic
streptomycin for a fever.
342. Robert Duggan
$1.6 billion 
Source: PharmaCeutiCals
Age: 69 reSidence: Palo alto, Calif.
Self-mAde
After investing in tech companies, a
cookie bakery and a pioneering robotic
surgery company, became a billionaire
after what looked like a disastrous 2004
bet on biotech firm Pharmacyclics’
turned around. He told FORBES he was
enticed to buy up shares by its drug that
treated brain tumors similar to those
that afflicted his son. After regulators
rejected drug in 2007, staged a boardroom
coup and took over. That drug failed, but
second medicine bought on the cheap by
his predecessor most promising leukemia
drug in a decade, leading shares to surge
even before drug hits market. Stock is
up nearly 1,000% in past two years. A top
donor to the Church of Scientology, of
which he is a member.
342. Don Hankey
$1.6 billion 
Source: auto loans
Age: 70 reSidence: malibu, Calif.
Self-mAde
Son of Los Angeles car dealer, took over
family’s Ford dealership 1972, then built
automobile services empire Hankey Group,
which derives most of its income from
subprime auto lender, Westlake Financial
Services. Japanese conglomerate Marubeni
spent $250 million to acquire 20% of
Westlake Financial in 2011, valuing the auto
lender at more than $1 billion. Still heads to
ofce every weekday, often starting before
7 a.m.
342 James Irsay

Source: indianaPolis Colts
Age 54 reSidence: Carmel, ind.
inherited
Father Robert bought then Baltimore
Colts 1972 for $15 million; Jim inherited
upon his death in 1997. Thanks to one of
best stadium deals in NFL, plus promising
young quarterback, Andrew Luck, who led
team to playofs in rookie season, team’s
valuation increased for fourth straight year,
to $1.2 billion. Collects guitars including ones
formerly owned by Jerry Garcia, George
Harrison, Elvis Presley. Irsay has over 230,000
Twitter followers.
 unChanged  neW to list  returnee
 $10.5 billion and Jamail with $345 million
342. Irwin Jacobs in contingency fees. Built his practice on 342. Jonathan Nelson
personal injury cases. This year Tarlton
$1.6 billion 
Law Library at the U. of Texas acquired the $1.6 billion 
Source: semiConduCtors Pennzoil case transcripts so students could Source: PriVate equity
Age: 79 reSidence: la Jolla, Calif. study it. His and his late wife’s foundation Age: 57 reSidence: ProVidenCe, r.i.
Self-mAde has given millions to education, medical Self-mAde
Former academic, taught computer science research and the performance arts. Buyout investor founded private equity
at University of California, San Diego. frm Providence Equity Partners in 1989. It
Cofounded telecom chipmaker Qualcomm mainly buys media and telecom companies
in 1985 and was CEO and chairman. Son 342. Jim Justice and has $29 billion in assets under
Paul has been CEO since 2005. A noted management. CDW, a technology products
philanthropist and Giving Pledge signatory, $1.6 billion 
retailer and a Providence portfolio company
Jacobs and his wife, Joan, pledged $133 Source: Coal went public in June in a successful ofering.
million in April to Cornell University and the Age: 62 reSidence: leWisburg, W. Va. Son of an orthodontist, Nelson frst worked
Technion-Israel Institute of Technology to inherited & growing in China for chemical company Wellman.
create the Joan & Irwin Jacobs Technion- Sold part of his coal operations to Russian He’s a director at Providence portfolio
Cornell Innovation Institute on New York mining and steel company Mechel OAO for companies Univision, the Spanish-language
City’s Roosevelt Island. 83.3 million preferred shares and $436 million TV network chaired by fellow Forbes 400
in cash in 2009. Shrewd timing, as coal industry member Haim Saban (see) and Yankees
has tanked and those shares have fallen more Entertainment & Sports Network. Sits on
342. Joe Jamail Jr. than 50% in past year. Justice’s remaining board of Newport Festivals Foundation,
coal operations have struggled mightily: which puts on Newport jazz and folk
$1.6 billion 
idled plants, layofs and lawsuits from several festivals.
Source: laWsuits companies claiming Justice’s businesses
Age: 87 reSidence: houston Self-mAde haven’t been paying their bills. Luckily, used
Lawyer made history in 1987 after cash to diversify, plugging millions into buying 350. Scott Cook
representing Pennzoil against Texaco in up and renovating hotels and resorts, including
landmark case that rewarded Pennzoil with the iconic the Greenbrier Resort. $1.55 billion 
Source: softWare
Age: 61 reSidence: Woodside, Calif.
Self-mAde
C Ov E R AGE Cook founded tax-prep frm Intuit in 1983 in
response to wife’s complaints about balancing
a checkbook. Stepped down as CEO in 1994
but remains its largest single investor. He was
352. Vinod named in November 2012 lawsuit against
eBay over noncompete agreement between
Khosla Intuit and eBay. Lawsuit alleged that Cook,
who sits on board of both Intuit and eBay,
$1.5 billion 
and eBay’s former CEO Meg Whitman were
Source: Venture CaPital “intimately involved in forming, monitoring,
Age: 58 reSidence: and enforcing the anticompetitive agreement.”
Portola Valley, Calif. Originally wanted to be an economist but
Self-mAde found it boring.
Technology vet still making bets
on information technology and
clean tech through his VC frm, 350. Jorge Perez
Khosla Ventures. Invested in
payments startup Square in 2009 $1.55 billion 

and sits on its board. At age 20 Source: Condos

Indian-born engineer tried and Age: 64 reSidence: miami
failed to start a soy milk company Self-mAde
for people in India who lacked South Florida condo king is riding the real
refrigerators. After getting a estate rebound, after getting crushed in
Stanford M.B.A. cofounded 2008 real estate collapse and credit crisis.
Sun Microsystems in 1982, then Born in Argentina to Cuban parents, started
joined VC frm Kleiner Perkins out as an urban planner and then moved
in 1996, where he mastered art into low-income housing development.
of incubating startups. He left in Chance meeting with New York developer
2004 to start his own firm. Stephen Ross (see) led to a partnership; the
2 cofounded Related Group of Florida, an
februAry 19, 2001 afliate of Ross’ Related Cos., in 1979. They
“Tremendous value will be created, but not through the mania of the built afordable housing in the 1980s, then
switched to high-end condo construction.
dot-com world. Business and technology-leads take time to build.” Perez apparently has numerous projects in
or about to start construction.

signatory of the giVing Pledge

OCTOBER 7, 2013 FORBES | 243
THE FORBES 400
352. Jim Breyer
$1.5 billion 
Source: faCebook
Age: 52 reSidence: Woodside, Calif.
Self-mAde
Venture capitalist made almost half his
fortune in Facebook; says “pulling the
trigger to invest in Facebook in early 2005
and helping Mark in a very small way to
recruit Sheryl Sandberg were two of the
best decisions of my business career.”
Stepped of boards of Facebook, Wal-Mart,
Dell this year, largely, he says, due to self-
imposed term limits and desire to spend
even more time on global investments,
particularly in China, where he’s been
traveling several times a year. Harvard
M.B.A. was elected to Harvard Corporation
board in February. Son of Hungarian
immigrants heads Accel Partners; is a
minority owner of Boston Celtics and has
personal stake in Legendary Pictures, flm
outft behind Dark Knight and Inception.
352. John Brown
$1.5 billion 
Source: mediCal equiPment
Age: 79 reSidence: Portage, miCh.
Self-mAde
Former president, CEO and chairman of Stryker
Corp., which makes medical equipment and
software. Stryker shares are up more than 25%
over the past year, lifting Brown’s net worth by
about $300 million. He retired as chairman in
2010. During his 32 years at the company, he
transformed it from a hospital bed maker with
$17 million in revenues into one of the world’s
leading medical technology companies. Stryker
had $8.7 billion in 2012 revenues. He sits on the
board of St. Jude Medical.
352. Alfred James Clark
$1.5 billion 
Source: ConstruCtion
Age: 85 reSidence: Vero beaCh, fla.
Self-mAde
His Clark Enterprises has developed such
fan favorites as Baltimore’s Camden Yards
and M&T Bank Stadium, FedEx Field outside
Washington, D.C, and San Diego’s Petco Park.
Also built prisons, airports, military bases,
university buildings and museums. Has $1.2
billion joint-venture to expand rail that will
ultimately connect downtown Washington,
D.C. with Dulles International Airport and
beyond. Fresh out of college in 1950, joined
contracting company with origins dating to
1906; eventually took it over and molded it into
Clark Enterprises. Gave $15 million in 1994 to
create A. James Clark School of Engineering at
U. of Maryland, his alma mater.
244 | FORBES OCTOBER 7, 2013
352. Marc Lasry
$1.5 billion 
Source: hedge funds
Age: 52 reSidence: neW york City
Self-mAde
According to Bill Clinton in March, Lasry
was to be named the next U.S. ambassador
to France. A natural ft: French-speaking
Moroccan native, Lasry was a big fundraiser
for Obama in 2012. He went so far as to name
a chief investment ofcer at his $12.2 billion
hedge fund, Avenue Capital. But appointment
was never made; Lasry will stay put as CEO
of Avenue, whose U.S. fund was up 7% net
through frst seven months of 2013.
352. Gary Michelson
$1.5 billion 
Source: mediCal Patents
Age: 64 reSidence: los angeles
Self-mAde
Worked his way through college and med
school, became spinal surgeon. Invented
hundreds of instruments, implants and
procedures to improve spinal surgeries.
Credited with more than 250 U.S. patents. In
2005, he reached a $1.35 billion settlement
november 17, 1997
“You’re better off paying a steep price for a great company than getting a
so-so company for a bargain price.”
 uP  doWn
with medical device giant Medtronic after
years of litigation over his patents. Retired as
a surgeon 2004. Has been buying real estate
in Austin, Texas; timber, oil and gas assets and
North American stocks. His philanthropy is
focused on education, animal welfare, and
medical research.
352. Manuel Moroun
& family
$1.5 billion 
Source: transPortation
Age: 86 reSidence: grosse Pointe
shores, miCh. Self-mAde
Trucking and logistics magnate “Matty”
Moroun returns to Forbes 400 after dropping
of in 2012 thanks to the soaring share price
of his trucking company Universal Truckload
Services, which acquired higher-margin
LINC Logistics, a related Moroun company,
in October 2012. He and his son, Matthew,
share a majority stake in Universal Truckload;
Matthew controls trucking company P.A.M.
Transportation. Matty controls Detroit’s
Ambassador Bridge, the busiest border
crossing between the U.S. and Canada, and is
suing federal government to try to block plans
for a competing publicly owned bridge.
COvERAG E
352. Thomas Lee
$1.5 billion 
Source: PriVate equity
Age: 69 reSidence: neW
york City Self-mAde
Buyout specialist’s most
memorable deal: He led $140
million investment in Snapple
in 1992 and fipped it two years
later to Quaker Oats for $1.7
billion. Left his Boston frm,
Thomas H. Lee Partners, in
2006; still sits on board of
Warner Music, which THL
sold to Len Blavatnik (see) in
2011. His second frm, Lee
Equity Partners, has stakes in
11 companies, including Papa
Murphy’s Pizza and Edelman
Financial Group. Son of art
dealer collects Andy Warhol,
Francis Bacon, Mark Rothko.
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 EmErging markEts // promotion 1

bEst of afriCa
CElEbrating progrEss
in today’s afriCa
By Paul Trustfull

As Africa undergoes tremendous change—economically, socially and even politically—one

word summarizes the ongoing events throughout the continent: progress. Within each of the
54 countries that make up the vast African continent, a renaissance is occurring, energizing
economies, propelling societies and empowering citizens to take the next steps into Africa’s
future. The IMF sees sub-Saharan Africa’s projected economic growth of 5.4% in 2013 and 5.7%
in 2014 as evidence that economies are thriving at sustainable growth rates.

A
ccording to Nigeria’s Minister of Finance, Ngozi
Okonjo-Iweala, “Africa has held steady
growth for a decade and has stabilized. GDP
growth is good and infation is in single
digits.” Beyond the economics, evidence
of this African renaissance is showing up in access to
healthcare and education, democratic elections and
an increase in foreign direct investment (FDI).
Rising FDI and partnerships have strengthened
Africa’s existing institutions, helped build new
metropolises, increased agricultural yield and
supported better governance. China, India and Brazil
in particular have supplemented their billions in capital
fow to the continent with technical and fnancial aid
that will ensure that all layers of society beneft from
partnerships. Former Brazilian President Luiz Inácio
Lula da Silva’s efforts to eradicate poverty and promote
commerce in Africa have been met with great interest in
Angola and Mozambique, as well as on the other side A birthday gift of Cognac Camus Cuvée 3.128 for Mr. Mandela
of the Atlantic Ocean in Brazil. (center) with Graça Machel (left) and Abílio Soeiro (right)
U.S. President Barack Obama’s recent trip to the
continent showed renewed interest from the U.S. to Written by prominent Mozambican businessman
engage with African governments and businesses. Abílio Soeiro, Obrigado Madiba (Thank You Madiba)
A celebration of Africa’s rise and progress cannot looks back at the personal relationship between Soeiro
be complete without recognizing Nelson Mandela and and Mandela that developed more than 13 years ago.
his resilience. Affectionately called Madiba and widely From the early independence movements launched
respected for his dedication to justice, his leadership by Nelson Mandela to the booming continent that is
and his accomplishments in reconciliation, Mandela Africa today, measurable progress has been sweep-
recently marked his 95th birthday, which was cel- ing through, changing societies and economies for
ebrated from the halls of the United Nations in New the better. As the continent continues its transforma-
York to schools in Johannesburg and even in outer tion into a land of opportunity, we invite you to come
space by astronauts at the International Space Station. observe the best of Africa.
promotion 2 // Best of AfricA

Drc’s promisinG fUtUre

presiDent JosepH KABiLA is
DreAminG BiG for tHe
DemocrAtic repUBLic of conGo

President Kabila lays the first stone of a new government building.

A
s the Democratic Republic of Congo (DRC) emerges from years of warfare, its leader,
President Joseph Kabila, is tasked with bringing the nation to great heights. In a land
blessed with over $24 trillion worth of mineral wealth, a land mass rivaling that of
Western Europe and people dedicated to bringing about an era of change, President
Kabila has the resources at hand to transform the nation of 67 million into a regional super-
power. Abundant in copper, diamonds and coltan—a dull black mineral used in virtually every
electronic device—the DRC has tremendous resource potential, which has made it the dream
of international investors for decades. Today, it is one of Africa’s largest democracies and a
booming nation ready to move beyond its troubled past and transform itself into an energy
and industrial powerhouse.
 Best of AfricA // promotion 3

president Kabila has sought

to build infrastructure and
help build businesses
through public-private
partnerships, which not
only efciently deploy
capital, but also create
demonstrable changes for
the congolese people.

The DRC recently hosted the 14th

Francophonie Summit in its capital city
of Kinshasa. At the summit, the nation
and its leaders hosted numerous world
leaders and thousands of delegates in
what was a tremendous effort to show
the future of the DRC.
Welcoming the likes of President President Kabila is greeted as he arrives at the Governor’s Conference in Kananga.
François Hollande of France and
Canadian Prime Minister Stephen
Harper, President Kabila and the
people of the DRC not only discussed
the cultural provenance of the French
language in Africa, but also began
to chart a new future—one with a
framework for economic success,
infrastructure for the people, and the
international cooperation necessary
to grow the nation into a leading force
within the African continent.

Leading the DRC to a New Future

President Joseph Kabila, frst elected
as president in 2006 and once again
in 2011, began his leadership of the
country following the assassination
of his father, Laurent-Désiré Kabila, in
Members of the government at the Governor’s Conference
2001. Joseph Kabila saw the need to
make quick reforms and unite the DRC
after a national tragedy and civil strife. a long-term plan to improve domestic Public-private partnerships have
He immediately began working with his welfare, supplement the country’s proven to be vital to the success of
trusted advisors to rebuild the fabric of trade policy with foreign governments these programs and the growth of the
the nation and create a framework to and boost domestic investments. country. President Kabila has sought to
facilitate economic growth. Today he still strives to create a better build infrastructure and help build busi-
Under this framework, entitled “Les DRC with improved infrastructure, edu- nesses through these types of partner-
Cinq Chantiers de la RDC” (“The Five cation, electricity, higher employment ships, which not only effciently deploy
Pillars of the DRC”), Kabila developed and housing. capital, but also create demonstrable
promotion 4 // Best of AfricA
An oxide ore stockpile
foremost among president Kabila’s goals are providing
quality healthcare, education, electricity and infrastructure.
changes for the Congolese people.
Under the “Five Pillars” framework,
President Kabila also has vowed to
improve the infrastructure of the nation.
Kabila encouraged the creation of new
airlines in response to a rapidly growing
demand for cost-effective and safe
aviation options.
With the help of visionary businessman
George Arthur Forrest, Korongo Airlines
was born. The airline, created through
a partnership with Brussels Airlines
and its parent company, Lufthansa AG,
will help fll a gap in the Central African
aviation industry.
Another key hallmark of President
Kabila’s tenure has been creating a
more favorable business environment.
With recent government reforms,
business opportunities are growing, and
more multinationals are seeing greater
potential in the DRC. Today, investors
can take advantage of the nation’s
mineral wealth, agricultural opportunities
and growing middle class, in addition to
decreased bureaucracy and signifcantly
less government regulation.
Recognizing this improved business
environment, OM Group (OMG), an
American cobalt refiner, became the
frst Western investor to work in the DRC
following the nation’s civil war.
A joint venture between OMG and
Gécamines, the state-owned mining
enterprise, has generated more than
$300 million in cash fow to the nation
in taxes, raw materials and electricity,
in addition to creating more than 400
jobs for the local Congolese miners.
The company’s executives praise the
DRC’s leadership as forward thinking
and supportive of business and foreign
investments.
Steve Dunmead, the former vice pres-
ident and general manager of OMG,
notes: “The business climate in the DRC
President Kabila and Prime Minister
Augustin Matata Ponyo Mapon
has improved signifcantly over the past
ten years since President Kabila came
to offce. He has done a good job, but
there is still much to do.”
Since winning reelection in 2011,
President Kabila has vowed to continue
his path toward creating an exemplary
developing nation in Africa. He is doing
so by enforcing good governance and
seeking to create a better environment,
both for the Congolese people and
for foreign investors. Foremost among
President Kabila’s goals are providing
quality healthcare, education, electricity
and infrastructure to meet the everyday
needs of the nation’s people.
The DRC is continuing to transform
itself from a poverty-stricken nation
plagued by civil strife to a stable and
democratic nation realizing tremendous
economic reform and growth. President
Kabila and his team of leaders look to the
future with hope and confdence.
 Best of AfricA // promotion 5

Drc on the move

prime minister mAtAtA ponyo
mApon helps effect chAnge

T
hroughout Kinshasa, the
thriving capital of the
Democratic Republic of
Congo (DRC), the overall
atmosphere is one of hope.
Signs of the nation’s progress abound,
from new buses imported from Morocco
to skyscraper complexes being built
along the city’s interior. This is the new
Kinshasa.
In a recent discussion with DRC Prime
Minister Augustin Matata Ponyo Mapon,
he highlighted his legacy and his vision
for the future of the nation.
Formerly the nation’s minister of
fnance, Ponyo has become popular at
home and abroad as a technocrat with
the ability and passion to bring change
to this Central African nation. Ponyo is a
frm believer in stability and the private
sector as the keys to economic growth.
He has worked to encourage free enter-
prise in the DRC and Africa as a whole.
During his tenure within the ministry,
Ponyo helped change the investment
climate of the nation and began enacting
new measures to protect shareholders
and boost capital fow to the country.
According to Ponyo, “Our economic
performance is the strongest since the
1960s. We have an infation rate from
January to the present of just 0.3%. We U.N. Secretary-General Ban Ki-moon, Prime Minister Ponyo and
will register 8.2% real GDP growth this World Bank President Jim Yong Kim
year. That makes us number fve on the

continent in GDP growth. This country
is on the move.”
In addition to the impressive growth
fgures, other macroeconomic indicators
show encouraging signs of progress.
“
While the country is very wealthy in natural
endowments and mineral resources, it is
imperative to diversify beyond this wealth to
propel the Drc to a state that can compete

The nation’s currency, the Congolese
franc, has remained stable; the national
wealth has doubled due to more effcient
tax collection; and, perhaps most
”
economically at a global scale.
Prime Minister Augustin Matata Ponyo Mapon
promotion 6 // Best of AfricA
Prime Minister Ponyo inspects a bus interior.
New buses will improve public transportation in Kinshasa.
important, public and private investment new developments that will help the
have increased signifcantly. nation continue to thrive.
Ponyo also met with UN Secretary-
Rebranding the DRC General Ban Ki-moon to discuss a peace
Earlier this year, the prime minister and process that would help end the most
his delegation traveled to the United recent civil strife plaguing the DRC. This
States to bring government and private- situation arose in November 2012, when
sector members a new message: one the March 23 Movement (M23), a rebel
of progress. force aided by neighboring Rwanda,
In addition to meeting with business briefy seized the city of Goma in the
leaders, he met with former U.S. eastern region of the DRC, terrorized
Ambassador to the United Nations the Congolese in the Kivu region, and
Susan Rice as well as members of threatened violence and disruption.
the U.S. Congress and the U.S. State With a U.N. intervention force, the DRC
Department to discuss plans to broker is working closely with the international
community to resolve issues with the
M23 and Rwanda.
Nevertheless, Ponyo is forging ahead
with his plan to make the DRC a promising
place for international investors and both
domestic and international corporations
to do business. And he has discussed
at length with President Joseph Kabila
his ideas for building and enforcing a
framework that will develop the country
and create value for its stakeholders.
Ponyo also is focusing his attention on
key initiatives such as bolstering the legal
system by implementing investor-friendly
regulations, lowering corporate taxes,
and decreasing bureaucratic limitations
on starting and running enterprises.
Aiming to create business environments
similar to those of developed nations,
Ponyo understands that the future of the
DRC rests not solely on the government,
but also in part on a public-private
mandate to create opportunities and
growth. In one such push, Ponyo recently
announced a major deal with Frank
Legré, the head of Africa for Air France-
KLM, to create a new national airline for
the country. With increasing volumes
of business and pleasure travelers, the
need for such an airline is vital, he says.
Diversifying the Nation’s Economy
At the same time, Ponyo realizes the
importance of capitalizing on the nation’s
many industries, boosting the welfare of
its citizens and harnessing the human
capital that is present in the DRC.
“While the country is very wealthy
in natural endowments and mineral
resources, it is imperative to diversify
beyond this wealth alone to propel
the DRC to a state that can compete
economically at a global scale,” he
explains. The DRC provides ample
opportunity to create an agricultural
sector unrivaled in all of Africa. Given the
potential of its water, land and energy,
the DRC can develop an industry of
commercial farms offering fishing,
livestock and vegetable production,
connected to a coherent network of
production and food distribution.
This approach will enable the country to
take advantage of the entire supply chain
 Best of AfricA // promotion 7

of food production—from farm inputs to

the development of effective irrigation,
distribution and transportation systems.
According to Ponyo, “Agriculture must
be one of the main sectors of focus used
to spearhead the Congolese economy
and take it to unprecedented levels.”
Investment in agricultural extension
services, research, energy, science and
technology is vital to developing a world-
class agricultural sector. Significant
attention to this sector will create an
opportunity not only to drive the econ-
omy by fortifying the export market, but
also to help in the fght against hunger
and malnutrition throughout the DRC
and the African continent as a whole.
The plans for the agricultural sector
fall within the current framework of the
national strategy for food security.
Encouraging public-private partnerships
to harness these large-scale investments,
Ponyo encourages investors to consider
the potential value of such an industry.
Energy creation is another vital path to
economic growth within the DRC, espe-
cially as its large-scale industrial sec-
tors continue to see signifcant growth.
Energy independence and alternative
forms of energy are key to the develop-
Prime Minister Ponyo reviews one of the many proposed construction
ment of any nation, but their role is even projects under way.
more critical for the DRC and Africa. For
example, large-scale investments in the
Inga Dams are seen as a key compo- the inga Dams hold the potential to provide
nent of the DRC’s—and Africa’s—future. electricity to the Drc and all of Africa, as
A series of hydroelectric dams, the Inga well as to export energy to Western europe.
Dams hold the potential to provide elec-
tricity to the DRC and all of Africa, as well
as to export energy to Western Europe. reach 1 billion, but also for the industries and in international perceptions about
The centerpiece of the Inga Dams, the that will transform African nations into the nation. Indeed, Ponyo is fulflling his
Grand Inga Dam, is the world’s largest self-sustaining economic success pledge to bring a new level of prosperity
hydropower project and is an instrumental stories. Access to readily available to the country by creating opportunities
factor in Africa’s future energy strategy. The and cost-effective energy will enable for the Congolese people, as well as
dam has the potential to generate 38,000 manufacturing, agricultural and mining an environment in which businesses
MW of energy at a cost of $80 billion, industries to reach new heights. As the can thrive.
helping to power South Africa, Botswana, DRC continues to develop its natural As one of Africa’s most prominent
Angola, and Namibia in the short term. The resources—in the mining sector and in nations in terms of wealth, resources
capacity of the power production would alternative-energy projects—Ponyo is and growth potential, the DRC looks
tower over the current record holders— confdent in the nation’s future. forward to the economic prosperity that
the Three Gorges Dam in China and the awaits it as the effects of reform begin to
Itaipu Dam in Brazil. Stepping Onto the Global Stage take shape. The world will certainly pay
Additionally, the Inga Dams are vital Due in large part to the changes Ponyo close attention to the DRC as it contin-
not only for providing energy to the has brought about, the DRC has seen ues to grow into a regional powerhouse
population of Africa, which will soon immediate improvements in its economy within the African continent.
 Best of AfricA // promotion 9

moZAmBiQUe
presiDent ArmAnDo emílio GUeBUZA
is A mAn on A mission

M
aputo, the capital of
Mozambique, is a four-
ishing metropolis that
buzzes with the activity
of traders, commuters
and tourists. Nestled along the coast of
East Africa, Maputo exemplifes the eco-
nomic renaissance that is rapidly changing
the face of the continent.
Mozambique will soon celebrate its 21st
anniversary of peace, and has embarked
on a journey to build prosperity for its peo-
ple and to take its place as a regional com-
merce and trade hub. Endowed with sig-
nifcant natural resources, Mozambique is
keen to utilize its newly found wealth and
become a regional superpower.
Led by President Armando Emílio
Guebuza, Mozambique has seen tremen-
dous growth in recent years. Capital fows
have increased, infrastructure projects
are well under way, and exploration for
resources is moving ahead.
President of Mozambique Armando Emílio Guebuza
President Guebuza, who was elected
in 2005, has worked to implement
better governance through the nation’s

“
leadership. His efforts to increase
dialogue and tolerance among political each step toward unity, justice
parties have allowed the nation to thrive. and prosperity highlights the
He is also concerned with effciently using
will of the people for a new

”
Mozambique’s resources to provide social
welfare to the citizens of Mozambique. mozambican future.
“I see a very promising future for President Armando Emílio Guebuza
Mozambique,” says President Guebuza.
“The country continues to grow through Emerging Markets editor Paul
Trustfull and President Guebuza
the achievements of every single
Mozambican. Each step toward unity,
justice and prosperity highlights the will of
the people for a new Mozambican future.”
 promotion 10 // Best of AfricA
As the economic environment continues to thrive,
savvy businesspeople throughout the country are capitalizing
on newly created opportunities.
Mozambique’s Natural Resources
According to President Guebuza,
“Resources are of great strategic
importance in the fght against poverty.
Exploration of natural resources will
help improve the quality of life for our
wonderful people.”
Minister of Energy Salvador Namburete
adds that Mozambique has huge energy
potential, most of which is still unex-
ploited. This includes hydropower and
renewables—mainly solar, wind and geo-
thermal—as well as natural gas and coal.
Mozambique has an estimated 23
billion tons of coal and 150 trillion
cubic feet of natural gas. Exploring and
monetizing these resources holds an
incredible opportunity for future growth.
Mozambique has the fourth-largest
natural gas reserves in the world.
There is much excitement surrounding
this untapped potential to power the
nation and expor t hydrocarbons
throughout the continent. Major inter-
national players are looking to invest in
Polana Serena Hotel in Maputo
and build out Mozambique’s capabilities.
Paired with coal and natural gas reserves,
Mozambique’s hydropower, forestry and
fishing industries will help propel the
country’s economy forward.
Diversifying the Economy
While natural resources hold the key
to Mozambique’s future, tourism also
offers opportunities for growth.
In the center of Maputo rises the
luxurious Polana Serena Hotel. Designed
by Sir Herbert Baker, it is one of the
most famous historic hotels in the world
and often hosts prominent leaders and
infuencers.
According to Miguel Afonso dos
Santos, the general manager of the
Polana Serena, Mozambique’s tourism
industry will play a signifcant role in the
nation’s growth.
“There is a bright future for tourism,
especially in the big cities, and there are
considerable opportunities in terms of
leisure. People want to go to sustainable
countries and experience new cultures,
and they want places that are environ-
mentally friendly and also authentic.”
Outside of tourism, the agricultural
sector is also generating a great deal of
excitement. Recent partnerships with
China have boosted crop output and
transformed Mozambique into an agri-
cultural exporter. The industry thrives on
its global trade of bananas, sugar, cotton,
cashews, sesame seeds and rice.
In one such partnership, farmers
from Mozambique are working along-
side farmers from Hubei, China, to help
increase yields in staple crops through-
out the southern regions of Mozambique.
Minister of Agriculture José Condugua
António Pacheco says, “Mozambique is
blessed with large tracts of arable land,
water and diversity of crops within the
agricultural sector. The main goals of
efforts with foreign and domestic part-
ners are to reduce chronic malnutrition
in children and adults by 2020 and boost
commercial agricultural potential.”
This partnership is an example of a
larger structural movement the industry
is undertaking: shifting the agricultural
output of Mozambique from simple
subsistence farming to market-oriented
commercial farming. By empowering
Mozambicans to participate in this trans-
formation through education and public-
private partnerships, Minister Pacheco
is ensuring the continued success of the
nation’s agricultural output.
With treaties in place with China, the
Middle East and Latin America, the
minister looks to the U.S. and Europe
as future trade partners. Current free-
trade legislation needs to be amended,
according to Minister Pacheco, so the
nation can export more of its resources
and grow the sector.
A Look at Private-Sector Growth
As the economic environment in
Mozambique continues to thrive, savvy

businesspeople throughout the country
are capitalizing on newly created
opportunities.
Momade Rassul, a businessman spe-
cializing in importing vehicles, textiles and
electronics, has seen business boom as
developments in the country’s largest
deepwater ports have allowed shipments
to arrive from around the world. In addi-
tion to government investments, the eas-
ing of income taxes and import duties has
allowed private-sector players to expand
capital spending on large projects such
as refneries and factories.
A true entrepreneur, Rassul has
invested in numerous types of busi-
nesses throughout the country and
seeks to grow as Mozambique opens
its doors to world trade. “As a patriot
and proud Mozambican, I am proud
of my nation’s stability and its ability to
transform the lives of its people through
economic prosperity,” he says. Despite
the growth in business, Rassul has not
forgotten his roots, and also contrib-
utes to Mozambique’s growth through
corporate social responsibility projects.
By supporting hospitals, homes for the
elderly and efforts to help impoverished
children, Rassul strives to ensure social
parity for all as the country continues
its transformation.
Respected business leader Dr. Salimo
Abdula also recognizes Mozambique’s
tremendous potential. His company,
Intelec Holdings, is a diversifed Mozam-
bican group involved in the energy, tele-
communications and mining sectors. He
sees favorable opportunities for invest-
ment in real estate, infrastructure and
even tourism.
“Mozambique is a land of opportunities,”
says Dr. Abdula. “If we preserve our
peace and move in the direction we
Best of AfricA // promotion 11
Clockwise from top left:
Dr. Salimo Abdula, Chairman of
the Board of Directors, Intelec
Holdings; Minister of Mineral
Resources Esperança Bias; First
Lady Maria da Luz Guebuza
(right) receives check from
Momade Rassul (left) for one
of her social causes; Minister
of Agriculture José Condugua
António Pacheco; a farmer in
Chinese-Mozambican rice farm
collaboration
are moving now, I have no doubt that
in a couple of years, we will be among
the biggest countries in the region in
terms of economic power and human
development.”
New fndings in the mining and hydro-
carbon sectors support the optimism
of leaders such as Dr. Abdula. They are
excited about the emerging opportunities
for economic growth and both African and
international partnerships.
Mozambique’s remarkable growth
is a testament to its leadership and
stability. Partnerships between the
private sector and the government have
allowed the country to develop rapidly
and create a harmonious environment
for its people. As it explores new
resources and undertakes new ventures,
Mozambique will present a sustainable
model of growth to other nations
in the region.
promotion 12 // Best of AfricA

cAmeroon
open for Business

Cameroon’s President Paul Biya on a state visit to Turkey in March 2013, meeting with
Turkish President Abdullah Gül, and First Ladies Chantal Biya and Hayrünnisa Gül

T
he Republic of Cameroon is human capital resource critical to the colonial administration of the French
centrally located in the Gulf of country’s socioeconomic development. and the British following World War I. As
Guinea and the Central Africa Cameroon is also the region’s undis- a result, it is the only bilingual country
Region. It is the region’s eco- puted destination of choice for foreign in Africa, with both French and English
nomic powerhouse and the direct investment (FDI) and the primary as offcial languages. After gaining its
major international trade hub and invest- market entry portal for commercial inter- independence from colonial rule in 1960,
ment gateway for its fve neighboring est in the region. Cameroon possesses the country achieved commendable
countries (Chad, the Central African a visionary development strategy and progress in several key economic sectors.
Republic, Gabon, Congo Brazzaville plays a pivotal role in the region’s initia- Cameroon President Paul Biya has
and Equatorial Guinea). The country is tives. These include improving industrial personally taken the lead in promoting
also the region’s leading advocate in capacity and physical infrastructure and branding Cameroon to global deci-
international forums for key issues such and promoting cross-border trade and sion makers. His aim is to increase inter-
as regional stability and security and the economic integration. national trade and FDI in the country. For
impact of global climate change on the his domestic agenda, the president has
area’s fragile ecosystem. Africa in Miniature implemented a visionary development
Cameroon is endowed with an abun- Cameroon has a well-earned reputation strategy and advanced a mandate to
dance of natural resources, a growing and as a bastion of political and social stability. transform Cameroon’s economy to
progressive private sector, and a highly The country is frequently referred to that of a middle-market country by the
educated and entrepreneurial workforce. as “Africa in miniature” because of its year 2035. With a GDP of 5% in 2012
The country’s 20 million people have one diverse multiethnic population, culture and an anticipated GDP of 6% in 2013,
of the highest literacy rates (80%) on the and geography. A former German these economic development initiatives
continent and represent a formidable colony, Cameroon was under the joint appear to be on a sustainable trajectory.
 Best of AfricA // promotion 13

Over the past several years, the nation’s

key government leaders and private-sector
stakeholders have redoubled their commit-
ment. They plan to bring this agenda to frui-
tion by accelerating progress in several prin-
cipal economic sectors within well-defned
timelines. Under the direction of President
Biya, the principal government agencies
have embarked on an ambitious, holistic
approach to Cameroon’s comprehensive
development strategy.
High-profile development goals and
objectives include but are not limited to:
n Improving and transforming the
country’s business climate
n Developing new physical infrastructure
n Building and expanding the nation’s
industrial base
n Strengthening the capacity of
governance in public and corporate City center of Yaoundé
institutions
n Increasing and improving the tion assets that beneft Cameroon and spurring other industrial and infrastruc-
country’s agricultural production its neighboring countries. A partial list of ture projects, such as new road and
and agribusiness capacity the energy initiatives includes the Lom rail networks to connect domestic and
n Enhancing the delivery of primary Pangar Dam, the Nachtigal power plant regional markets. These include the
social services and tangible benefts and the Kribi natural gas power plant. new Enugu-Cameroon highway, which
to the country’s citizens The country currently faces the chal- will provide a modern transportation
The government has been proactively lenge of an inadequate and inconsistent link between Cameroon, Nigeria and
engaged in cutting red tape, reducing supply of power. When these projects the rest of the region.
bureaucratic barriers and streamlining are fully online (by 2030), Cameroon’s
business processes—including placing power output will increase from 1,022 Taking Center Stage
increased emphasis on corporate transpar- MW to 3,000 MW. On the international front, President
ency and fghting fraud and corruption. One Another new power and energy Biya has taken center stage in the
of Cameroon’s most noteworthy achieve- project worthy of mention is the 86 MW country’s initiatives to position itself as
ments has been reducing the barriers for Dibamba thermal power plant, which a key African player in the global econ-
domestic and foreign enterprises to regis- will deliver an extensive interconnected omy. One success story is the strong
ter and start new business ventures in the grid to provide electrical power to some partnership between Cameroon and
country. It has cut the time needed to reg- of the most populated and industrialized Brazil to advance their joint interest in
ister a new enterprise from 40 days or more regions of the country. This new international trade, investments and the
to 72 hours. To expedite this process, the power station will increase output exchange of best practices in creating
government has established a network of and add capacity to meet the growing green economies. The countries host
one-stop-shop business resource centers demand for power and accommodate the world’s largest rainforest and natu-
throughout the country. This has created a Cameroon’s expanding industrial base. ral ecosystems, the Amazon Basin and
more effcient and cost-effective environ- Cameroon is also on a fast track the Congo Basin Region. Over the past
ment for existing businesses and aspiring to improving its transportation infra- several years, they have joined forces
entrepreneurs—and a more receptive and structure. One of the most impres- to mitigate the effects of global climate
hospitable environment for doing business sive projects in this sector is the new change and work toward sustainable
in Cameroon. Kribi deepwater seaport. Scheduled to biodiversity.
come online and receive its frst cargo Visitors to Cameroon will be impressed
Infrastructure Initiatives ship in 2014, this new port will be one with the diversity of international frms and
Throughout the country, visitors can observe of the largest deepwater ports in West entrepreneurs that are leveraging and
a host of new infrastructure projects, from Africa, and will serve as the major port maximizing its advantages and explor-
new energy and power mega-projects to of entry and a trade hub for the entire ing new opportunities. Clearly,
newly developed or developing transporta- Central Africa region. This project is Cameroon is open for business.
promotion 14 // Best of AfricA

AfreximBAnk
president JeAn-Louis ekrA HeLps
redefine Business in AfricA

Former U.S. Secretary of State Colin Powell Afreximbank President Jean-Louis Ekra (left) during a joint press conference
and Afreximbank President Jean-Louis Ekra with former Nigerian President Olusegun Obasanjo in Addis Ababa

J
ean-Louis Ekra is the President of the African Export-Import Bank owed a lot to China. With increased
trade, China has contributed signifi-
(Afreximbank), one of the continent’s largest trade fnance organi-
cantly to Africa’s economic progress
zations. He is working to rebrand and redefne business in Africa by ameliorating infation and promoting
by stimulating and expanding African trade between countries on technology transfer.”
the continent and around the world. Afreximbank supports private-sector Africa’s total trade fgures hovered
around $200 billion per year when frst
growth in the agriculture, energy, transportation, telecommunications, and
measured in 1993. Fast-forward to
minerals and metals industries. today, when total African trade amounts
to $1 trillion. Afreximbank credit (trade
and project financing), risk bearing
After assuming his role in 2005, Ekra Ekra, “most international banks started (guarantees and credit insurance), and
transformed the Bank’s scope, enabling focusing on reinforcing their own capital. trade information and advisory services
Afreximbank to help the continent weather The role of Afreximbank during this time helped lead to this rapid increase by
the global fnancial crisis and expand was to fll in the gaps in trade fnance alleviating risk to investors and ensur-
relationships with its counterparts expertise.” ing that a first-class, profit-oriented
throughout the world. Under Ekra’s During his tenure, for the first time fnancial institution would oversee trade.
leadership, Afreximbank earned an China surpassed the U.S. as Africa’s For international entrepreneurs, Afrex-
investment-grade credit rating from the largest single trading partner. Trade with imbank provides advisory, underwriting,
three global ratings agencies and has China grew from just $8.1 billion in 2000 consulting and similar support services
won accolades for its many achievements. to $134 billion in 2011, when it became under its investment banking program.
Particularly known for its leadership the biggest player in Africa and sent cap- As Africa continues to play a bigger role
during the global financial crisis, the ital and industry knowledge fooding into in international trade, the expertise and
Bank persevered and expanded its prod- the continent. technical ability of Afreximbank to sup-
uct offerings to help see frms through In a statement to his Chinese counter- port and facilitate this trade is vital. Under
adverse economic events and continue parts, Ekra noted, “Trade was an engine Ekra’s guidance, the Bank has transformed
to grow. of growth, and the tremendous expan- into an institution that is key to Africa’s
“During the financial crisis,” says sion seen by Africa in the past decade economic growth and development. n
THE FORBES 400
352. Neal Patterson
$1.5 billion 
Source: health it
Age: 63 reSidence: loCh lloyd, mo.
Self-mAde
Former consultant at Arthur Andersen
started Kansas City-based Cerner in 1979.
It sells health IT and electronic health
records systems to doctor’s offices and
hospitals; revenues and share price have
soared as a result of the 2009 stimulus
law, which instituted penalties for
health systems that did not make enough
progress in going digital. He is chairman
and CEO. In March, he led Cerner to
form CommonWell Health Alliance with
other health IT companies to better
facilitate transfer of patient information
across differing software. Also co-owner
of Major League Soccer club Sporting
Kansas City and devoted follower of Ayn
Rand.
352. Nelson Peltz
$1.5 billion 
Source: inVestments
Age: 71 reSidence: bedford, n.y.
Self-mAde
Seasoned activist investor Nelson
Peltz is currently agitating at DuPont
and PepsiCo, where he is pressuring
management to either buy Mondelez
International, the snack maker recently
spun off from Kraft, or divest the soda
maker’s own snack business. Peltz was
one of the big winners when fellow
billionaire Warren Buffett’s Berkshire
Hathaway and 3G Capital snapped up
H.J. Heinz, in which Peltz’s firm held a
5.4% stake, earlier this year. Peltz made
his name doing LBOs fueled by Michael
Milken’s junk bonds back in the 1980s.
He’s still doing deals today through his
hedge fund firm, Trian Partners.
352. Peter Peterson
$1.5 billion 
Source: PriVate equity
Age: 87 reSidence: neW york City
Self-mAde
Departed The Blackstone Group in 2008
with pretax payout of $1.85 billion. Now
focuses on solving U.S. government’s
fiscal sustainability woes through his
self-named foundation. Endowed it with
$1 billion, holds annual summit with
powerful Washingtonians, advocating for
entitlement cuts but also higher taxes on
the rich. Son of poor Greek immigrants
who came to U.S. with pennies in their
pockets; saved to send their children
 uP  doWn  unChanged  neW to list  returnee
to college. Co-founded Blackstone
in 1985 with fellow billionaire Steve
Schwarzman (see). Served as Commerce
Secretary under Nixon; head of Federal
Reserve Bank of New York from 2000-
2004. Author of numerous books.
Married to Joan Ganz Cooney, the
creator of Sesame Street.
352. Phillip Ragon
$1.5 billion 
Source: health it
Age: 64 reSidence: boston, mass.
Self-mAde
Ragon, known as Terry, has quietly built
Cambridge, Mass-based InterSystems
into a thriving company selling the guts
of electronic health records: databases
that can easily ramp up and allow doctors
to quickly retrieve patient information.
He is founder, CEO and sole owner of
InterSystems, which had $443 million in
2012 revenues. Epic Systems, a leading
vendor of digital health records software
founded by Judy Faulkner (see), is the
company’s biggest customer. In 2009 Ragon
and his wife Susan, who’s an executive at
InterSystems, pledged $100 million over
10 years to establish the Ragon Institute of
MGH (Massachusetts General Hospital),
MIT and Harvard. It is pursuing the
development of an HIV vaccine.
352. Thomas Secunda
$1.5 billion 
Source: bloomberg lP
Age:59 reSidence: Croton-on-hud-
son, n.y. Self-mAde
While his cofounder keeps busy as
New York City mayor, Bloomberg LP
vice chairman oversees frm’s fnancial
products and services including lucrative
Bloomberg terminal business. Sales
reached $7.9 billion in 2012, up $325
million from year before. Holds 4% stake.
SUNY Binghamton grad worked as fxed-
income trader at Morgan Stanley; met
Bloomberg at Salomon Brothers, where he
was once a researcher.
352. Thomas Steyer
$1.5 billion 
Source: hedge funds
Age: 56 reSidence: san franCisCo
Self-mAde
Yale and Stanford alum bid farewell to
finance in late 2012, selling his stake
in Farallon Capital Management, the
San Francisco hedge fund he founded
in 1986. Shifted his focus to promoting
his “advanced” (clean) energy agenda
full time, and has become one of the
most vocal opponents of the proposed
Keystone XL oil pipeline. Over the
summer got tangled in a war of words
with U.S. Senator David Vitter of
Louisiana, a staunch Keystone supporter.
Steyer and his wife gave $25 million to
Yale in 2011 to create an energy sciences
institute; $40 million to Stanford in 2009
for a sustainable energy researh center.
352. Wilma Tisch
$1.5 billion 
Source: diVersified
Age: 86 reSidence: neW york City
inherited
At 86, still making the social rounds in
New York City, attending the annual
Lincoln Center Institute Gala in March,
which honored daughter-in-law Merryl
Tisch, chancellor of New York State
Board of Regents. With her sister-in-law
Joan Tisch (see), controls the fortune
built by their late husbands, investors
Preston Robert (Bob) and Laurence
Tisch. The brothers started with a small
New Jersey hotel in 1946 and acquired
controlling stake in Loews Theatres in
1959. Publicly traded Loews Corp. now
includes oil drilling (Diamond Offshore),
natural gas pipelines (Boardwalk) and
insurance (CNA). Wilma owns just over
5% of the company.
352. Dan Wilks
$1.5 billion 
Source: natural gas
Age: 57 reSidence: CisCo, tex.
Self-mAde
352. Farris Wilks
$1.5 billion 
Source: natural gas
Age: 61 reSidence: CisCo, tex.
Self-mAde
Brothers sold their nearly 70%
stake in hydraulic fracturing and
oil field services outfit Frac Tech
to a partnership led by Singapore’s
Temasek Holdings for $3.5 billion in
May 2011. A few months before that,
they spent $45 million to buy Tom
Siebel’s (see) 62,000-acre N Bar Ranch
in Montana. Have since spent millions
more snapping up thousands of acres in
Montana and Idaho. Spent part of
their childhood living in a former goat
shed; following in their dad’s footsteps,
got their start as masons. Farris is also a
preacher at the Assemby of Yahweh 7th
Day Church.
OCTOBER 7, 2013 FORBES | 259
THE FORBES 400
369. Jimmy Haslam
$1.45 billion  $1.4 billion
Source: retail
Age: 59 reSidence: Knoxville, tenn.
inherited
New owner of NFL’s Cleveland Browns
is also the CEO of Pilot Flying J, the truck
stop chain headquartered in Knoxville,
Tenn. In April the FBI and IRS, as part of a
fraud investigation concerning fuel rebates
to trucking company customers, raided
Pilot’s headquarters; the company says it
is cooperating with the investigation. Pilot
Flying J is one of the nation’s largest private
companies, with $31 billion in sales. Founded
in 1958 by his father, Pilot merged with
bankrupt Flying J in 2010; has 600 locations
in 43 states and Canada. Jimmy’s brother Bill
is governor of Tennessee.
369. Jeffrey Lorberbaum
$1.45 billion 
Source: Flooring
Age: 58 reSidence: dalton, ga.
inherited & growing
Lorberbaum debuts on The Forbes 400
due to the soaring value of his 15% stake
in listed Mohawk Industries, one of the
world’s largest makers of fooring products.
His father Alan founded Aladdin Mills in
1957 as maker of bath mats. Lorberbaum
joined Aladdin in 1976, later became
president and CEO until 1994, when family
sold Aladdin to Mohawk. Lorberbaum took
charge of Mohawk in 2001. As CEO he
has broadened business into hard surface
fooring. In December 2012 it announced
purchase of ceramic-tile maker Marazzi
Group of Italy, for approximately
$1.5 billion. Mohawk’s share price has
risen dramatically in the past 12 months.
371. Louis Bacon
$1.4 billion  Source: coal
Source: Hedge FundS
Age: 55 reSidence: oYSter BaY, n.Y.
Self-mAde
After losing money in 2011, hedge fund
manager returned $2 billion in assets to
investors in 2012 believing it would help
him “be more nimble in navigating these
markets.” For frst 6 months of 2013 his
Moore Global Investment Fund was up
nearly 13.5% net of fees. In 2012 announced
he would donate a conservation easement
on 90,000 acres of land on Colorado ranch
Trinchera to the U.S. Fish & Wildlife Service.
Has also set aside 424 acres on Robins Island
in New York and 3,000 acres on his ancestral
plantation in North Carolina. Bacon’s step-
mother is Julian Robertson’s (see) sister.
260 | FORBES OCTOBER 7, 2013
371. Gary Burrell
 $1.4 billion
Source: navigation equipment
Age: 76 reSidence: Spring Hill, KanS.
Self-mAde
In 1989 cofounded GPS maker Garmin
with Min Kao (see), whom he met while
both were working at AlliedSignal
as engineers. Took it public in 2000.
Stepped down as Garmin’s co-CEO in
2002. Now serves as chairman emeritus
and with his wife still owns about 15%
of the company. Long dominant, Garmin
is now facing stiff competition from
GPS-equipped cellphones. Revenues
fell 4% in the first quarter of 2013 to
$532 million. Chose the name Garmin by
combining parts of the 2 founders’
first names.
371. James Clark
$1.4 billion  $1.4 billion
Source: netScape
Age: 69 reSidence: palm BeacH, Fla.
Self-mAde
After several years away from Silicon
Valley, Clark, who cofounded Netscape
(acquired by AOL in 1998) Silicon
Graphics and Healtheon (merged with
WebMD in 2000), is heading back to
Stanford University in a consulting
capacity next year. Took cash from
technology successes and made timely
investments in Apple, Facebook and
Twitter. Says he leads a comfortable
life collecting art—with several pieces
from Picasso, Monet, Matisse and Van
Gogh—and wine. Calls his more than
30,000-bottle Burgundy collection his
“liquid asset.”
371. Christopher Cline
$1.4 billion 
Age: 55 reSidence: nortH palm
BeacH, Fla. Self-mAde
Coal miner’s son, former miner himself,
had foresight to buy up coal reserves
in Illinois Basin when no one wanted
them amid worries about pollution and
Clean Air Act. Believed innovations and
pollution-control technology to remove
the sulfur from plant emissions would
allow coal to make a comeback. These
days his Foresight Energy, which filed
for an IPO in 2012 and has yet to go
public, mines some of cheapest coal,
makes profit; ships much of its product
to Europe. Owner of yacht called Mine
Games, Cline is dating his neighbor Elin
Nordegren, Tiger Wood’s ex-wife.
 up  down
371. Chase Coleman III

Source: Hedge Fund
Age: 38 reSidence: new YorK citY
Self-mAde
Hottest young money manager on planet
has cooled of in recent months. His Tiger
Global hedge fund posted net returns of
5.5% in frst half of 2013. In each of the
previous 3 years his fund had returns in
excess of 20%. Among his savvy moves:
creating venture capital vehicles to invest
in fast-growing private tech companies
like Facebook while still privately held.
“Tiger Cub” trained at Julian Robertson’s
(see) famed hedge fund shop, Tiger
Management. Coleman is cochair of the
investment committee for the Hospital for
Special Surgery in New York.
371. David Einhorn

Source: Hedge FundS
Age: 44 reSidence: weStcHeSter
countY, n.Y. Self-mAde
His Greenlight Capital had mixed start to 2013.
Apple shareholder, dropped a lawsuit against
the iPhone maker as he succeeded in pushing
Tim Cook to return more cash to shareholders.
Gold bug also hit by yellow metal’s tumble.
Sold his position in Microsoft ahead of
stock pop tied to Steve Ballmer’s announced
departure and bought a large stake in Rite Aid
to bet on its turnaround. Competed in charity
event at the World Series of Poker in June.
Sits on boards of the Robin Hood Foundation
and the Michael J. Fox Foundation. Made
a name for himself making big bets against
companies like Allied Capital in 2002 and
Lehman Brothers, which he shorted ahead of
its bankruptcy.
371. William Ford Sr.
$1.4 billion 
Source: Ford motor co
Age: 88 reSidence: groSSe pointe
SHoreS, micH. inherited
Bill Ford Sr., the last surviving grandson of
Ford Motor founder Henry Ford, returns to
The Forbes 400 list following a 70% surge
in the company’s shares over the past 12
months. The jump was fueled by a strong
industry recovery and the popularity of
new Ford models including the Fusion and
Escape and sales of Ford F-series trucks.
At 88 Ford Sr. is the family patriarch; he
retired as a director of Ford Motor in 2005.
His son William Jr. is executive chairman.
His perennially underachieving Detroit
Lions football team could turn a corner
this year.
 uncHanged  new to liSt  returnee
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THE FORBES 400
371. Patrick Ryan
$1.4 billion  $1.4 billion 
Source: insurance
Age: 76 reSidence: Winnetka, ill.
Self-mAde
Longtime entrepreneur started selling
insurance policies after graduating from
Northwestern University and founded
Pat Ryan & Associates in 1964. He
merged his company with Combined
International in 1982 and renamed it
Aon, which eventually grew into the
world’s largest reinsurance broker.
Retired from Aon in 2008 but still owns
a small stake. Came out of retirement to
start Ryan Specialty Group in 2010; he
is chairman and CEO. Also owns a 20%
stake in the Chicago Bears football team.
371. Richard Scaife
$1.4 billion  $1.35 billion
Source: investments
Age: 81 reSidence: Pittsburgh
inherited
Heir to fortune amassed by great uncle,
banker and industrialist Andrew Mellon.
In 1970, Scaife purchased the Greensburg
Tribune-Review, suburban Pittsburgh
newspaper. In 1992, took advantage of
a citywide newspaper strike to turn it
into the Pittsburgh Tribune-Review, now
the city’s second-largest newspaper and
the centerpiece of his Trib Total Media,
a media company with newspapers
and radio stations throughout Western
Pennsylvania. Also the majority owner
of Newsmax, a conservative website and
digital magazine. In May sold long-held
70% stake in Pittsburgh’s KQV radio.
Sits on boards of conservative Heritage
Foundation and Hoover Institution.
371. Jon Stryker
$1.4 billion  $1.35 billion
Source: medical suPPlies
Age: 55 reSidence: kalamazoo, mich.
inherited
An architect and heir to the Stryker
Corp. medical equipment family fortune.
He is one of the world’s largest donors to
gay and lesbian charities and also funds
conservation groups to protect great
apes and their habitats. Has a species of
monkey named after him: Rhinopithecus
strykeri. Surgeon grandfather Homer
Stryker (d. 1980), inventor of the mobile
hospital bed, founded Stryker Corp.
in 1941. Today the company sells $8.7
billion worth of artificial joints, medical
equipment and software. Sisters Ronda
(see) and Pat (see) also on Forbes 400.
262 | FORBES OCTOBER 7, 2013
371. Richard Yuengling Jr. 382. Nicholas
Source: beer
Age: 70 reSidence: Pottsville, Pa.
Self-mAde
Fifth-generation owner of America’s oldest
operating brewery, D.G. Yuengling & Son,
founded in 1829, tells FORBES he’ll never
sell out, despite plenty of ofers. In a 1996
FORBES story he scofed at the idea of
even adding a partner, noting: “I couldn’t
even get along with my own father.” He
bought out his dad in 1985, when revenues
were only $6 million, and is the sole owner.
Nowadays Yuengling sells more than 2.5
million barrels of beer a year in 14 states,
generating more than $400 million in
estimated sales.
382. Edmund Ansin

Source: television
Age: 77 reSidence: miami beach, Fla.
inherited & growing
Inherited real estate fortune and added
television stations to it. Just over 50
years ago he acquired Miami TV station
WSVN for $3.4 million. The station,
owned by Ansin’s Sunbeam Television
and operating as a Fox affiliate,
pioneered the “if it bleeds, it leads” style
of television journalism by focusing on
crime and consumer interest stories.
Ansin took that approach to his native
Boston market, where his Sunbeam
Television also owns NBC and CW
affiliate stations. Back in the 50s Ed
and his father used proceeds from the
family’s Boston shoemaking business to
purchase Florida real estate. Ansin still
owns property in the state.
382. Mario Gabelli
 Age: 86 reSidence: neW orleans
Source: money management
Age: 71 reSidence: greenWich, conn.
Self-mAde
Started buying stocks at age 13 and
founded Gamco Investors when he
was 34. It oversees $40 billion in client
assets. His compensation agreement
gives him 10% of the firm’s pretax
profit instead of a salary, bonus or
stock options. For 2012 he was paid $69
million. Gabelli has received more than
$750 million in compensation (pretax)
from Gamco since the outfit’s 1999 IPO.
In 2010 gave $25 million to his alma
mater, Fordham University. In July he
pledged $15 million to help build a new
Columbia U. Business School campus.
Pritzker II
$1.35 billion 
Source: hotels, investments
Age: 69 reSidence: chicago inherited
He returns to the 400 list thanks to 15%
jump in price of Hyatt Hotel shares
over past year. An heir to the extended
Pritzker family fortune, he was the head
of Hyatt’s new hotel development
efforts for many year; he retired in
2009. Teamed up with Netflix
CEO Reed Hastings and philanthropist
and DFS cofounder Chuck Feeney in
an effort to repeal the death penalty
in California in 2012 election; Pritzker
and Feeney each contributed $1
million toward the repeal, which was
unsuccessful: Voters chose to keep the
controversial law.
382. Mark Stevens
$1.35 billion 
Source: venture caPital
Age: 53 reSidence: atherton, caliF.
Self-mAde
Longtime venture capitalist spent nearly
two decades at Silicon Valley venture
firm Sequoia Capital, profiting from
stakes in Google and LinkedIn; last year
he ramped down his involvement to
special limited partner and created his
own firm, S-Cubed Capital. He bought
a minority stake in the NBA’s Golden
State Warriors in August and is joining
the executive board of the team. With
his wife, Mary, joined the Giving Pledge
in May.
386. Tom Benson
$1.3 billion 
Source: neW orleans saints
Self-mAde
Owner of NFL’s New Orleans Saints paid
$338 million for New Orleans Hornets
basketball team in April 2012; he
changed the team’s name to the
Louisana state bird, the Pelicans, in
April this year. Loyal Big Easy resident,
tried to buy the Times-Picayune
newspaper after corporate owners
Advance Publications (see Si and Donald
Newhouse) decided to cut back the
print edition to 3 issues per week; he
was rebuffed. He started out in auto
dealerships, some of which he still
owns, and now controls New Orleans’
FOX television affiliate and real estate,
including Benson Tower.
signatory oF the giving Pledge
 where the most
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officials & healthcare
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OCTOBER 9-10
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 THE FORBES 400
386. Leon Charney
$1.3 billion 
Source: real estate
Age: 72 reSidence: neW york City
Self-mAde
Inherited just $34 from his sewing supply
salesman father, paid his way through
Brooklyn Law School singing in synagogues.
Entertainment lawyer represented stars
including Sammy Davis Jr. Built his practice by
maximizing tax benefts for oil partnerships.
An adviser to Jimmy Carter, he helped broker
the Camp David Accords between Egypt
and Israel in 1978. Bought his frst building,
One Times Square, in 1980. Now owns 3
skyscrapers in Times Square with 1.2 million
square feet of commercial space.
386. Alan Gerry
$1.3 billion 
Source: Cable teleVision
Age: 83 reSidence: liberty, n.y.
Self-mAde
Cablevision Industries founder joined
advisory board of BCI Broadband in July, his
C Ov E R AGE
386. Jack Dorsey
$1.3 billion 
Source: square,tWitter
Age: 36 reSidence: san
franCisCo Self-mAde
Dorsey, who cofounded
social media site Twitter,
derives the majority of his
fortune from his stake in
payments startup Square.
One of Silicon Valley’s
youngest tech executives,
he owns about one-third of
Square, which sells software
and devices that allow
smartphones to process
credit and debit cards. The
New York University dropout
spun of Twitter from audio
blogging startup Odeo in
2007 and turned it into a
worldwide social networking
phenomenon. Twitter
tweeted that it is fling for
an IPO.
november 5, 2012
“I knew [Twitter] would be a big concept. I knew it would have legs, because it
was the essence of a technology that I was using in other modalities.”
264 | FORBES OCTOBER 7, 2013
frst direct involvement in the cable industry
since he sold Cablevision to Time Warner
for $2.8 billion in 1996, netting $900 million.
WWII vet and TV repair shop owner began
creating an upstate New York cable network
in 1956 in attempt to bolster demand for
his TV sets. Self-described “country boy”
purchased site of 1969 Woodstock festival in
1996, opened the Bethel Woods Center for
the Arts there in 2006.
386. Anne Gittinger
$1.3 billion 
Source: retail
Age: 77 reSidence: seattle inherited
Gittinger debuts on The Forbes 400
due to her stake in department store
Nordstrom. She is the granddaughter
of John Nordstrom, who founded the
retail store with Carl F. Wallin in 1901. As
Nordstrom’s Contributions Director, she
oversees the company’s charitable donations.
Gittinger and her brother Bruce, who ran
Nordstrom for 38 years, are the biggest
individual shareholders; she owns a nearly
8% stake. On the national board of Canine
Companions for Independence.
 uP  doWn
386. Hamilton James
$1.3 billion 
Source: PriVate equity
Age: 62 reSidence: neW york City
Self-mAde
Returns to our list amid another stellar year for
the Blackstone Group, where he is president
and chief operating ofcer. Shares climbed
more than 60% in the past year; Blackstone
manages $230 billion in assets and is the largest
owner of single-family homes in the U.S. James
earned a B.A. and M.B.A. at Harvard and then
spent 25 years at investment bank Donaldson,
Lufin & Jenrette. He is considered a strong
candidate to replace Blackstone captain and
founder Steve Schwarzman (see). Is involved in
a variety of nonprofts, including the Wildlife
Conservation Society, The Second Stage
Theatre and The Metropolitan Museum
of Art.
386. George Joseph
$1.3 billion 
Source: insuranCe
Age: 92 reSidence: los angeles
Self-mAde
Former World War II fight navigator was
working as a door-to-door insurance salesman
when he realized that auto insurance
companies were not adequately screening
their customers. That led him to start Mercury
General in 1961; he has chaired the company,
which now has nearly $2.8 billion in sales,
ever since. At age 92 he goes to the ofce fve
days a week, and plays tennis several times a
week. Last year he backed Prop. 33, a California
ballot measure that would have given drivers
“persistency discounts” for maintaining auto
insurance. Critics said it would drive up prices
for people who hadn’t been able to aford
insurance. It did not pass.
386. Thomas Kaplan
$1.3 billion 
Source: inVestments
Age: 51 reSidence: neW york City
Self-mAde
Oxford-trained historian, founded Leor
Exploration & Production in 2003; sold
company’s natural gas feld for $2.55 billion in
2007. He has since made big bets on gold and
silver; his fortune has dropped this year along
with the metals’ prices. Chairman of 92nd
Street Y in Manhattan, is executive chairman
of Panthera, a foundation dedicated to the
preservation of wild cats. He and his wife
have also endowed the Wildlife Conservation
Research Unit at Oxford and founded the
Orianne Society, which supports conservation
of forests and fauna in the Southeastern United
States.
 unChanged  neW to list  returnee
 from Greece to Watertown, Mass. with his
C ov e r AGe family at age 10.

386. Bruce
386. Frank
Nordstrom
Fertitta III $1.3 billion 
$1.3 billion  Source: retail
Source: CasiNos, Age: 79 reSidence: seattle
ultimate fiGhtiNG inherited & growing
ChamPioNshiP Started working at age 9 in the stockroom
Age: 51 reSidence: of department store chain Nordstrom,
las veGas cofounded as a shoe store by his grand-
Self-mAde father John Nordstrom in 1901. Took over
as president in 1968. Under his 38 years of
leadership revenue grew from $40 million
386. Lorenzo to $8 billion. His son Blake now heads the
company, which operates 117 Nordstrom
Fertitta stores and 127 Nordstrom Racks. Its online
operation serves customers in 44 countries.
$1.3 billion  Since a November 2008 low, the company’s
Source: CasiNos, stock has soared 630%.
ultimate fiGhtiNG
ChamPioNshiP
Age: 44 reSidence:
las veGas
386. Roger Penske
Self-mAde $1.3 billion 
Their mixed-martial-arts league Ultimate Fighting Championship earned the very Source: automotive
frst prime-time slot on ESPN competitor Fox Sports 1’s Aug. 17 debut, capturing 2.3 Age: 76 reSidence: BirmiNGham, miCh.
million viewers. That’s just a slice of UFC’s audience. Its 30 annual, ultraviolent live Self-mAde
events generate the largest pay-per-view audience in the world, spanning 1 billion Founded Penske Corp. in 1969, distributing
homes in 30 languages in 149 countries. The pair also own Las Vegas-based Station diesel engines for GM. Revenues now
Casinos, which emerged from bankruptcy in 2011. In April the brothers debuted $19 billion. Also known as a former race car
the U.S.’ frst legal online gambling site, ultimatepoker.com—to capture a piece of driver and owner of Nascar and IndyCar
the growing $4 billion online gambling industry. teams. Controls second-largest publicly
traded auto retailer, Penske Automotive
mAy 5, 2008
Group, whose revenues jumped $2 billion to
$13.2 billion last year. Led a group of Detroit
“What makes UFC so great is that every single man on the planet gets it business leaders that raised $8 million this
immediately. It’s just two guys beating each other up.” spring to enable cash-strapped police and
fre departments to buy 23 new EMS rigs
and 100 patrol cruisers.

Kimmel Foundation for Cancer Research

386. Sidney Kimmel
$1.3 billion  $1.3 billion 
Source: retail
Age: 85 reSidence: New York CitY
Self-mAde
Founded Jones Apparel Division in 1970
while working at chemical conglomerate
W.R. Grace. Bought company with
partner 5 years later; in 2010 changed
name to the Jones Group. Notable
lines: Nine West, Jones New York,
Stuart Weitzman. Since 2011 has been
nonexecutive chairman of publicly traded
company. Focuses on movie production
company Sidney Kimmel Entertainment,
which recently released Stand Up
Guys, starring Al Pacino, Christopher
Walken and Alan Arkin. Also owns 5%
of Miami Heat basketball team. His
Sidney Kimmel Foundation and Sidney
have committed some $550 million to
philanthropic causes since 1993.
386. C. Dean Metropoulos
$1.3 billion 
Source: iNvestmeNts
Age: 67 reSidence: GreeNwiCh, CoNN.
Self-mAde
With Leon Black’s (see) Apollo Global
Management, Greek immigrant paid
$410 million to buy part of Hostess out
of bankruptcy and returned Twinkies to
grocery shelves in July after a 9-month
absence. He previously paid $250 million
in 2011 for Pabst Brewing Co., North
America’s largest privately held brewer.
Over the year’s he’s also revamped Chef
Boyardee, Pam cooking spray, Bumble Bee
tuna, Perrier-Jouët champagne. Moved
386. Nicholas Woodman
Source: video Cameras
Age: 38 reSidence: woodside, Calif.
Self-mAde
Rides wave of world’s fastest-growing
camera company onto FORBES’ list of
America’s richest. Started wearable-
video-camera company GoPro in 2002;
built first prototype with mom’s sewing
machine and a drill. Released his first
video camera, a 35mm waterproof film
version, in 2004; sold it in surf shops
and on home shopping network QVC.
Revenues, which surpassed $500 million
in 2012, have nearly doubled every year
since the company’s creation. Taiwan
electronics manufacturer Foxconn
purchased just under 9% of GoPro for
$200 million in December 2012.

siGNatorY of the GiviNG PledGe

OCTOBER 7, 2013 FORBES | 265
promotion // Economic dEvElopmEnt
Guayaquil
ConstruCting the south AmeriCAn City of the future
G
uayaquil is Ecuador’s largest city; it is also the
country’s leading port, an economic powerhouse,
a growing tourism destination and a model for
sustainable urban development. Under the lead-
ership of its forward-thinking mayor, Jaime Nebot
Saadi, who came to offce in 2000, the city has made spec-
tacular progress over the last two decades and now ranks as
one of Latin America’s rising stars.
Guayaquil is the capital of the province of Guayas, and has
a population of 2.35 million and more than 3.75 million liv-
ing in its metropolitan area. The city has made the most of
its strategic location on the Guayas, Ecuador’s longest river,
which fows from the Andes to the Pacifc Ocean, to become
one of the seaboard’s busiest ports. Almost three-quarters
of the country’s imports and close to half of its exports pass
through its bustling harbor every year, helping to generate over
25% of Ecuador’s GDP.
Guayaquil is a rare example of a place that has preserved
its history, is prospering in the present challenging global
Guayaquil Section Project Manager: Maria Cristina Nadolu; Project Coordinator: Eduarda Ribeiro — For more information, contact: Gabriel Gutierrez g.gutierrez@forbes-com
economic climate, and continues to focus on future prospects.
Since 2001, its Fundación Municipal Guayaquil Siglo XXI has
carried out more than 25 urban regeneration projects on build-
ings, monuments and streets, and this October the city will
celebrate its 193rd anniversary of independence. At the same
time, thanks to Mayor Nebot, Guayaquil is looking forward to
tomorrow with renewed energy and even more ambitious goals.
Building on the success of showpiece projects like Malecón
2000, the transformation of the 1.5-mile boardwalk along the
Guayas riverfront into a cultural and tourism center, and Metro-
via, the bus-based rapid-transportation system that serves
most of the metropolitan area, Mayor Nebot is now aiming
to diversify the city’s offerings for tourists while continuing to
strengthen key infrastructure and reinforce the city’s position
as a regional hub for trade, investment and business.
Initiatives like these will bolster his administration’s goal to
attract ever-greater infows of visitors, whether for business or
leisure, with a renewed focus on the lucrative MICE (meetings,
incentives, conferences and exhibitions) sector. v

An Interview With
mayor Jaime nebot saadi
Jaime Nebot Saadi was elected Guay-
aquil’s mayor in August 2000, having
served as Guayas’ governor and con-
gressional representative. Over three
terms as mayor, he has wrought a trans-
formation in his native city’s fortunes,
thanks to his pro-business stance and
proactive leadership. He spoke recently
about his plans, Guayaquil’s prospects
and the secrets of its success. Here are
some highlights of that conversation:
Capitalism with humanist values:
“National and foreign investment with
legal security, legitimate profit, tax
compliance and investment facilitation
through incentives are key. All this has
to be based on the concept that the best
ally a government can have to develop
a country or city is a private company.”
Vision of the near future:
“I would like to see Guayaquil with a
service platform of high-end technology
and logistics, and also with the neces-
sary public works to underpin growth
of the private sector. There should be
complete confdence from investors and
complete well-being among citizens.”
Incentives and support on offer:
“An investor’s priority is legal security.
They want to know that the administra-
tion believes in private companies and
that the law is applied. Every incentive
the law allows should be available. There
should also be support through public
works and services. The deepwater port
is an example. It has been done direct
Economic dEvElopmEnt // promotion 2
with construction companies, private
and public fnancing, and the purchaser.”
Guayaquil’s allure:
“Free progress. This encompasses all
the elements mentioned before, but
one other thing is very important: Why
would you come to Guayaquil? Firstly,
it is an easy city to live in and enjoy.
Counting international and national
visitors, it is the most visited in Ecuador
and is the natural way to go to the
Galápagos. It has excellent cuisine,
hotels and an airport that works 365
days a year. Secondly, in regard to
business tourism, companies that do
not have business in Guayaquil hold
conventions here.”
Formula for success:
“Firstly, an effcient, honest and sup-
portive administration that does not
spend much (around 15%) and invests
a lot (around 85%). Secondly, having the
private sector as an ally for development
through concessions, joint ventures,
direct investment and so on.” v
 promotion 3 // Economic dEvElopmEnt
Urban Dynamic
Partnerships for Progress
A
keen observer of other global
success stories, Guayaquil’s
Mayor Nebot understands that a
proactive approach to business fosters
development. Since taking offce, he has
implemented steps to attract private-
sector players and capital to Ecuador’s
biggest and busiest metropolis, intro-
ducing incentives and guarantees to
make investors feel welcome. Mean-
while, his government has brought ideas
and resources to the table, participat-
ing in public-private partnerships (PPPs)
that pay dividends for all.
EMAPAG works to improve the cityÕs sanitation system.
“Private companies have brought a lot
to Guayaquil,” reports Vicente Almeyda,
the owner of Ventaves, a homegrown
shrimp exporter and importer, and a
close political ally of Nebot. “They have
invested, taken risks and believed in the
administration of this city. Public com-
panies also have a vital role in generating
investment in urban improvement.”
Cost-effective and efficient coop-
eration models have helped transform
www.ttg.ec
Guayaquil’s aging infrastructure into
future-proof facilities, delivered on time.
Concessions, foundations and PPPs
have undertaken massive developments,
such as water and waste services and the
privately fnanced and built Mucho Lote
housing schemes.
In 2001, EMAPAG, Guayaquil’s pub-
lic water and sewer regulator, signed a
30-year contract with Interagua, part of
Proactiva Medio Ambiente, to improve
and extend supply and sanitation sys-
tems. In the late 1990s, some residents
only had four hours of water a day and
sewers served less than half of the city.
This year, all of Guayaquil should have
access to piped-water coverage, and
waste networks will reach the entire
urban area by 2014.
At the same time, a
vibrant private sector
has made the most
of opportunities to
innovate in traditional
sectors, such as the
Ecuadorian subsid-
iary of global fruit
and vegetable giant
Dole, or to carve out Peter Gilmore, General
new niches, as with Manager, Dole Ecuador
Universidad de Espe-
cialidades Espíritu
Santo (UEES). Estab-
lished just 20 years
ago, UEES ha s
already become the
h i g h e r- e d u c a t i o n
institution of choice
for Guayaquil’s aca-
demically inclined
and upwardly mobile
classes. Carlos Ortega
“ We ser ve the Maldonado, Rector,
UEES
community and are
positioned as the frst private university
on the equatorial coast. We have been
ranked 38th in Latin America and third in
Ecuador,” explains Carlos Ortega Mal-
donado, the rector of UEES.
For its part, Dole Ecuador has been
exporting bananas worldwide from
Ecuador since the 1950s, says Peter
Gilmore, the division’s general manager:
“We believe in Guayaquil,” he says. “This
is one of the best sites in the world to
produce bananas. We are very proud of
our production and to be part of the city.
It is in a class beyond, the people and
our operations here. Thanks to them, we
are where we are.” v
 Economic dEvElopmEnt // promotion 4
The Heart of
the Americas
Positioned for Business
S
ituated two degrees south of the
equator and at the confluence
of the Guayas River, the largest
waterway west of the Andes, Guayaquil
not only occupies a strategic location in
Ecuador, it also lies at the very center of
the greater American landmass: “We are
equidistant with the south and north of
the continent,” notes Mayor Nebot.
Capitalizing on Guayaquil’s geogra-
phy; its excellent communications by air,
land and sea; its enviable safety record;
and its myriad regeneration programs—
including the conversion of the old
airport terminal into a new conference
center—Mayor Nebot now aims to posi-
tion his city as a destination for business
and MICE tourism. He seeks to diversify
the region’s offerings and position it to
compete with peers such as Colombia,
Costa Rica and Panama.
Guayaquil already has one of the top
ten ports in Latin America in terms of
container and transshipment volume.
The development of a multimillion-dollar
facility at the ocean end of the Gulf of
Guayaquil will raise the city’s profle and
increase its maritime traffc. “I would like
to see our port facilities, among them a
new deepwater port in Posorja, become
part of today’s intercontinental com-
merce,” Nebot says.
Eduardo Salgado,
CEO,
Terminal Terrestre
Guayaquil is also home to Ecuador’s
second-largest airport, José Joaquín
de Olmedo International Airport, which
inaugurated a new 540,000-square-
foot terminal in 2006, served nearly 4
million passengers in 2011, and is on
track to reach 5 million within the next
decade. Last year, it took second place
in Latin America, after Cancun Interna-
tional Airport, in the Airports Council
Malecón Estero Salado II, one of Siglo XXI’s many
urban regeneration projects in the city
International’s Airport Service Quality
awards.
Before 2024, the municipal govern-
ment and the airport authority (Autoridad
Aeroportuaria de Guayaquil) intend to
develop an all-new facility in the Daular
area, 12 miles from downtown and close
to the coastal highway. Daular will be
one of the very few airports worldwide
to have three runways that can operate
simultaneously. The project promises to
reach new heights in Guayaquil’s history
of productive PPPs.
José Joaquín de Olmedo International Airport is on
track to serve 5 million passengers a year.
“We are used to providing, through
private companies, services the gov-
ernment was not able to offer: roads,
healthcare, the port and us,” explains
Nicolas Romero, Autoridad Aeroportu-
aria’s general manager. “Mayor Nebot
has been successful in his effort to unite
the private and municipal initiatives for
housing, Metrovia, Terminal Terrestre
Guayaquil and the airport.”
In tandem with Metrovia, the city’s
mass-transit bus system, which
launched in June 2006 and covers about
20 miles on three routes, the Terminal
Terrestre (the central bus station) has
revolutionized land transportation in
Guayaquil. The new station opened in
2007 with capacity for 42 million users
a year. A foundation with public- and
private-sector partners undertook the
$50 million development. v
promotion 5 // Economic dEvElopmEnt
tourism
Travel Light, for Business or Pleasure
O
ver 1.27 million foreign visi-
tors visited Ecuador in 2012,
according to the Ministry of
Tourism. While the country’s total
overseas arrivals lag a long way
behind those of South American
giants like Argentina and Brazil,
Ecuador’s annual growth of 12% is
noteworthy, especially when com-
pared with the United Nations World
Tourism Organization’s forecast of 2%
to 4% worldwide for 2013.
As interest in Ecuador grows, the
city of Guayaquil aims to capture a sig-
nifcant slice of the market, positioning
itself not only as the gateway to the
Galápagos, but also as an excellent
destination in its own right for leisure
and business tourism year-round.
In particular, the city’s government,
under Mayor Nebot, is looking to
attract a greater share of the MICE.
Guayaquil
So refreshing to live here!
As of January 2013 - running water for the entire city
Coming in 2014 – a city-wide sewer system
Since 2010, the city has marketed
itself with the “Guayaquil Light”
campaign, the brainchild of Joseph
Garzozi, its former director of tour-
ism and an internationally recognized
authority on sustainable urban tour-
ism. Leveraging Guayaquil’s enviable
climate and laid-back feel, the cam-
paign encourages travelers to bring
little luggage, dress casually and
make the most of everything the city
has to offer, with the utmost ease.
Guayaquil’s Convention Center,
a mere five-minute walk from José
Joaquín de Olmedo International Air-
port, is conveniently close to hotel
areas, malls and restaurants, making
it a very comfortable venue for event
organizers and attendees. With three
multifunctional spaces and capacity for
up to 6,000, it has already hosted over
100 national and international events. v
Generating Solutions for
Urban Growth Challenges
One of the challenges of Guayaquil’s
growth is the need to provide appropri-
ate housing for an expanding population.
Rather than leverage municipal funds,
Nebot once again turned to the private
sector to fund and develop 35,000 new
lower- and middle-income residences,
which will eventually house 140,000
people. The Mucho Lote (Lots of Land)
program is now in its third phase, with
five companies—Daldry, Fanbercell,
John Martinez, Mutualista Pichincha
and Urbanis—constructing the final
10,000 units.
“Mucho Lote marks a milestone in
affordable housing,” says Juan Carlos
Concha, the commercial manager of
Urbanis. “It replicates the best devel-
opments at exceptional prices, thanks
to the public-private model, which can
be applied successfully in any other city
in Latin America. It provides the best
product for consumers in terms of cost,
location and services.” v
THE FORBES 400

Edward Stack

William Ackman

Tory Burch

Darwin
Charles Simonyi Deason

Christopher
Burch

Dan Snyder

wheRe a billion isn’t enough

Ten digits no longer gets you on The Forbes 400. Here are the 61 billionaires
who didn’t make the cut. (Better luck next year.)
272 | FORBES OCTOBER 7, 2013
 Kenny Troutt
$1.27 BILLION
sOurce: telecommunications
Former long-distance phone mogul, now
an enthusiast of horse racing and his kids’
competitive youth basketball teams.
Charlotte Colket Weber
$1.27 BILLION sOurce: campbell soup
Granddaughter of condensed-soup inventor and
Campbell Soup founder John T. Dorrance.
Kenneth Adams Jr.
Steve Case
$1.25 BILLION sOurce: oil
Texas oil baron is the longtime owner of NFL’s
Tennessee Titans franchise.
Sara Blakely
Christopher Goldsbury
$1.25 BILLION sOurce: salsa
Father-in-law founded Pace Foods; Goldsbury
rose from vegetable cutter to president and
owner; later sold it for $1.1 billion.
Daniel Hirschfeld
$1.25 BILLION sOurce: retail
The septuagenarian owns the Buckle, purveyor
of designer jeans and accessories, with more than
450 U.S. stores.
James Leininger
$1.25 BILLION
sOurce: medical devices
Former emergency room doctor’s health care
company KCI specializes in wound-care devices.
Peter Lewis
$1.25 BILLION sOurce: insurance
Longtime chairman of insurance company
Progressive Corp., which his father founded.
Advocate for marijuana legalization.
Billy Joe “Red” McCombs
$1.25 BILLION sOurce: real estate
Owns racetrack in Austin, Tex.; formerly
owned Clear Channel Communications, several
professional sports teams.
Arturo Moreno
$1.25 BILLION sOurce: billboards
Owns the free-spending but underachieving
Los Angeles Angels. Sold billboard advertising
company for $8.7 billion in 1999.
Michael Price
$1.25 BILLION sOurce: investments
Value-investing mutual fund expert managed
more than $17 billion before selling Heine
Securities in 1996.
Paul Singer
ackman: reuters / brian snyder; simonyi: kevin p. casey / bloomberg; christopher burch: scott eells / bloomberg via getty images; tory burch: rich / splash news / newscom; snyder: larry french / getty images; case: upi / ron sachs / newscom
$1.25 BILLION sOurce: hedge funds
Has run hedge fund Elliott Management since
1977; large donor for LGBT equality issues.
Todd Wagner
$1.25 BILLION sOurce: online media
With business partner Mark Cuban (see) sold
Broadcast.com to Yahoo in 1999 for stock worth
$5.7 billion.
J. Joe Ricketts
$1.23 BILLION sOurce: td ameritrade
Grew small discount brokerage into online retail
trading behemoth TD Ameritrade; $2.6 billion in
revenues.
William Ackman
$1.2 BILLION sOurce: hedge funds
Activist investor gave up fght with JC Penney
board in August; getting trounced by Carl Icahn
(see) in battle over nutrition-supplements
company Herbalife.
Steve Case
$1.2 BILLION sOurce: aol
AOL founder and Washington’s startup czar
runs VC frm Revolution; portfolio company
LivingSocial valuation dropped 75% to $1.5 billion
in February.
Richard Chilton Jr.
$1.2 BILLION sOurce: hedge funds
Worked at Merrill Lynch and Herbert Allen’s (see)
Allen & Co. before launching Chilton Investment Co.
in 1992. Firm now manages approximately $5 billion.
Daniel Harrison III
$1.2 BILLION sOurce: oil & gas
Deep roots in Texas oil; leased 100,000-acre ranch
to Shell Oil for $1 billion plus royalties in 2010.
Michael Krasny
$1.2 BILLION sOurce: retail
Sold his Illinois-based computer retailer CDW in
2007 for an estimated $7.3 billion.
OCTOBER 7, 2013 FORBES | 273
THE FORBES 400
William Macaulay
$1.2 BILLION
sOurce: energy investment
Celebrates 30th anniversary of First Reserve, his
energy-focused private equity frm.
Alfred Mann
$1.2 BILLION sOurce: medical devices
Persistent biomedical inventor and investor;
shares in pharmaceutical Mannkind Corp. are
surging.
Charles Munger
$1.2 BILLION
sOurce: berkshire hathaway
Met friend and business partner Warren Bufett
(see) in 1959, now vice chairman at the Oracle’s
conglomerate.
Alexander Rovt
$1.2 BILLION sOurce: fertilizer
Sold 2 Eastern European fertilizer factories to
Gazprom entities in 2011; now investing in New
York City apartments.
Evgeny “Eugene” Shvidler
$1.2 BILLION sOurce: oil & gas
Best friend of Russian billionaire Roman
Abramovich became a U.S. citizen in 1994.
Dan Snyder
$1.2 BILLION
sOurce: washington redskins
Owns NFL’s third-most-valuable team, has
resisted calls to change name some view as racist.
Alexander Spanos & family
$1.2 BILLION sOurce: real estate
Bought San Diego Chargers in 1984 for just
$70 million; team now worth nearly $950 million.
Peter Sperling
$1.2 BILLION sOurce: education
Chairs Apollo Group, which runs for-proft
University of Phoenix; stock down 35% this year.
Henry Swieca
$1.2 BILLION sOurce: hedge funds
Founded Highbridge Capital Management with
childhood friend Glenn Dubin (see) in 1992. Pair
sold a majority stake to JPMorgan in 2004; Swieca
left frm in 2009.
274 | FORBES OCTOBER 7, 2013
Ryan
Kavanaugh
Denise York
$1.2 BILLION sOurce: san francisco
49ers
Watched her NFL team lose at Super Bowl in
February. New stadium in Santa Clara expected to
open in 2014.
Charles Zegar
$1.2 BILLION sOurce: bloomberg lp
Built the frst software for Bloomberg’s famous
terminals; he and second wife are Giving Pledge
signatories.
John Edson
$1.15 BILLION sOurce: boats
Started building sailboats in his Seattle
garage: founded Bayliner Marine Corp. in
1955. Spends time on his 164-foot yacht,
Evviva, which means “long live” in Italian.
Robert Friedland
$1.15 BILLION sOurce: mining
Mining giant hit rough patch; down from
$3.4 billion in 2011.
Sun Hongbin
$1.15 BILLION sOurce: real estate
U.S. citizen makes his money in real estate in
China, where he lives.
Gabe Newell
$1.15 BILLION sOurce: videogames
Owns more than 50% of privately held game-
maker Valve, which he cofounded in 1996 after
a decade at Microsoft.
C. James
Koch
Henry Nicholas III
$1.15 BILLION
sOurce: semiconductors
Launched Broadcom from home in 1991, retired in
2003 but has stake in $8 billion (sales) frm.
Edward Stack
$1.15 BILLION
sOurce: retail
Expanded father’s small fshing bait shop into
nationwide chain, Dick’s Sporting Goods, with 500
locations; owns 15% of now public company.
Carol Jenkins Barnett
$1.1 BILLION
sOurce: supermarkets
Daughter of Publix founder George Jenkins is
retailer’s biggest individual shareholder.
Charles Brandes
$1.1 BILLION
sOurce: money management
Disciple of value investing godfather Benjamin
Graham founded Brandes Investment Partners in
1974. Firm currently manages about $25 billion.
Darwin Deason
$1.1 BILLION sOurce: XeroX
Former Arkansas farm boy founded Afliated
Computer Services; took it public and then sold it
to Xerox for $6.4 billion in 2010.
Philip Falcone
$1.1 BILLION sOurce: hedge funds
In August was banned from trading securities for
5 years, paid $18 million fne.

Denise York
Paul Foster
$1.1 BILLION sOurce: oil refining
Ran fnances for oil refneries across Southwest,
then founded Western Refning in 1997 and took it
public in 2006. Stock up 27% in past year.
David William
Grainger
$1.1 BILLION sOurce: retail
Value of his stake in industrial supplier W.W.
Grainger, which his father founded, rose nearly
one-fourth in past year.
Joseph Grendys
$1.1 BILLION sOurce: chicken
Turned butcher shop into $2.8 billion (revenues)
chicken-processing behemoth Koch Foods.
Donald Hall
$1.1 BILLION sOurce: hallmark
Gets fortune from stake in family’s greeting card
empire, which owns Crayola.
Mitchell Jacobson
$1.1 BILLION
sOurce: industrial equipment
Chairman of MSC Industrial Direct, which sold
$2.4 billion worth of industrial supplies, from
screws to sanders, last year.
Charles Simonyi
$1.1 BILLION sOurce: microsoft
Hungarian immigrant was chief architect of
revolutionary Word, Excel apps.
Ray Irani
Seth Klarman
$1.05 BILLION sOurce: investments
Hedge fund frm the Baupost Group manages
more than $28 billion. His out-of-print
book Margin of Safety is new bible of value
investing.
Jim Thompson
$1.05 BILLION sOurce: transport
His Hong Kong logistics company, Crown
Worldwide, does business in nearly 60 countries.
Thomas Bailey
$1 BILLION sOurce: finance
Founded mutual fund giant Janus in 1969; he
cashed out in 2001 and now breeds horses at
his Colorado ranch.
Sara Blakely
$1 BILLION sOurce: spanX
World’s youngest self-made female billionaire,
thanks to her butt-fattering Spanx shapewear.
David Booth
$1 BILLION sOurce: mutual funds
U. of Chicago M.B.A. is cofounder, co-CEO and
chairman of $300 billion mutual fund outft
Dimensional Fund Advisors.
Christopher Burch
$1 BILLION sOurce: tory burch llc
Tory’s ex-husband and former business partner
sold most of his 28.3% stake in her womenswear
brand last December after a legal battle. Also has
his own preppy, Tory-like brand, C. Wonder.
Tory Burch
$1 BILLION sOurce: fashion
Queen of $200 ballet fat, her preppy-bohemian
brand rang up estimated $760 million in 2012 sales.
Fred Chang
$1 BILLION sOurce: online retailing
Cofounder and CEO of Newegg, nation’s second-
largest online-only retailer.
Ray Irani
$1 BILLION sOurce: oil
Occidental Petroleum chairman got ousted by
shareholders in May; paid himself more than $1.2
billion while running frm for more than 2 decades.
Ryan Kavanaugh
$1 BILLION sOurce: movies
His Relativity Media makes low-budget movies that
don’t have to hit No. 1 to earn money.
C. James Koch
$1 BILLION sOurce: beer
Sam Adams beer founder’s Boston Beer stock
jumped in recent months. Drives Ford hybrid.
William Moncrief
$1 BILLION sOurce: oil
kavanaugh: kevork djansezian / getty images; koch: kelvin ma / bloomberg; york: ap photo / paul sakuma; irani: joe pugliese
“Tex” claims 9% of giant Davy Jones gas feld,
which could hold up to 6 trillion cubic feet of gas.
John Morgridge
$1 BILLION sOurce: cisco
Former Cisco CEO and his wife had given away half
their fortune by the time they signed Giving Pledge.
Jonathan Oringer
$1 BILLION sOurce: stock photos
Launched online marketplace Shutterstock in 2003
to supply photos and art to businesses. Stock up
over 150% since October 2012 IPO.
Matt Walsh
$1 BILLION sOurce: construction
Dan Walsh
$1 BILLION sOurce: construction
Together Chicago brothers own, run $4 billion
(sales) Walsh Group. Past contracts include
Millennium Park, O’Hare Airport expansion.
OCTOBER 7, 2013 FORBES | 275
 THE FORBES 400

ONES TO WATCH
At the rate they’re rising, these moguls and shakers are headed into
The Forbes 400 someday. A little luck couldn’t hurt, either.
MADONNA: KEVIN MAZUR / GETTY IMAGES, KEITH: JAMIE KRIPKE

Madonna Toby Keith

NET WORTH: $500 MILLION
AGE: 55 • SOURCE: MUSIC
The Material Girl has certainly lived up to her moniker: after
3 decades of pop superstardom, she’s one of the world’s wealthiest
entertainers, earning $125 million between June 2012 and June 2013
thanks to her MDNA tour, which grossed $305 million. Madge’s
fortune is also bolstered by clothing and perfume lines as well as
investments in art, real estate and beverage company Vita Coco.
NET WORTH: $320 MILLION
AGE: 52 • SOURCE: MUSIC
Keith has penned a No. 1 country hit every year for the past 2 decades
on the way to $500 million in career earnings. He also boasts stakes
in his own Show Dog record label, I Love This Bar & Grill restaurants
and an array of small businesses in his native Oklahoma. Next up: his
own mezcal, Wild Shot.

276 | FORBES OCTOBER 7, 2013

Aneel Bhusri
NET WORTH: $900 MILLION
AGE: 47 • SOURCE: SOFTWARE
Former PeopleSoft exec cofounded enterprise software company
Workday with his best friend and PeopleSoft founder, David Dufeld,
in 2005. The company, which went public in October 2012, is one of
the hottest outfits around; its stock has steadily risen since listing.
Bhusri, who is its co-CEO, is also a longtime partner at venture firm
Greylock Partners.
Jeff Seaman
NET WORTH: $675 MILLION
AGE: 52 • SOURCE: RETAIL
Grandson of Seaman Furniture founder. Family sold that business
to KKR in 1987. Four years later he and his dad began working on a
new furniture retailing concept that sold entire rooms, not just single
pieces, at afordable prices. Now Rooms to Go, which he runs, has
estimated revenues of $1.8 billion, from more than 100 stores in
10 states.

Bert “Tito” Beveridge Charlie Chanaratsopon

NET WORTH: $300 MILLION NET WORTH: $500 MILLION
BHUSRI: DAVID PAUL MORRIS / BLOOMBERG,

AGE: 52 • SOURCE: VODKA AGE: 35 • SOURCE: RETAIL

SEAMAN: ROBIN NELSON / NEWSCOM,
BEVERIDGE: MICHAEL THAD CARTER

Former oil rig roughneck started making vodka in 1997 in his home
state, Texas, bootstrapping his way by maxing out 19 credit cards.
Owns 100% of Tito’s Handmade Vodka, which sold 850,000 cases
last year, with estimated revenue of $85 million. Growth is explosive,
partly due to the $20-per-bottle price.
Thai-American turned family’s sterling silver jewelry business
into a one-stop shop for women’s accessories, including necklaces,
scarves and handbags—all arranged by color. Opened first store,
called Charming Charlie, in 2004, less than 3 years after he graduated
college. It now has 240 shops across the country. Says he has big plans
to reach 1,000 stores in the U.S.

OCTOBER 7, 2013 FORBES | 277

 Lesa France Kennedy
NET WORTH: $875 MILLION
AGE: 52 • SOURCE: RACING
One of the most powerful women in sports, Kennedy is the
granddaughter of Nascar founder William France Sr. (d. 1992). In
addition to her 18% stake in the stock car governing body itself,
she serves as CEO of International Speedway Corp., a public sister
company that runs many of the racetracks.
KENNEDY: ORLIN WAGNER / AP, TULL: RINGO CHIU / NEWSCOM,
UBBEN: ANN JOHANSSON / THE NEW YORK TIMES / REDUX,
Jeff Ubben
NET WORTH: $400 MILLION
AGE: 51 • SOURCE: HEDGE FUNDS
Hedge fund investor jumped into the news this summer when his
ValueAct Capital, which he cofounded in 2000, took on Microsoft and
Steve Ballmer. It pushed for, and got, a seat on Microsoft’s board and
KARP: ERIC MILLETTE
agreed not to wage a proxy battle. Some think his firm’s involvement
led to Ballmer’s resignation. Chairs the Posse Foundation, which
provides college scholarships to select high school seniors.
280 | FORBES OCTOBER 7, 2013
Thomas Tull
NET WORTH: $840 MILLION
AGE: 43 • SOURCE: MOVIES
Got his start in Hollywood 8 years ago funneling Wall Street money to
studios. His Legendary Pictures landed a deal with Warner Bros. that
let him cofinance and produce hits like the Batman and Hangover
franchises. His firm is now partnering with Universal and plans to
expand into TV and digital. Working to develop films for Chinese
market. Owns a minority stake in Pittsburgh Steelers.
Alexander Karp
NET WORTH: $500 MILLION
AGE: 45 • SOURCE: SOFTWARE
CEO and cofounder of Palantir owns about 10% of the CIA-backed
data mining software company. The firm could soon be valued
between $5 billion and $8 billion based on a funding round it is
CREDIT LINE HERE
pursuing. Law school classmate of venture capitalist Peter Thiel
(see), who was a cofounder of the company. Karp holds a Ph.D. in
philosophy; he managed money before starting Palantir in 2004.
David Copperfield Phil Mickelson
NET WORTH: $800 MILLION NET WORTH: $325 MILLION
AGE: 57 • SOURCE: MAGIC AGE: 43 • SOURCE: GOLF
MICKELSON: JUSTIN LANE / NEWSCOM

Illusionist performs more than 600 shows annually at Las Vegas’ MGM His $73 million in career prize money on the PGA Tour ranks second
COPPERFIELD: TIM PANNELL,

Grand Hotel & Casino. Magician has sold more tickets than any other
solo performer, grossing $4 billion over his career. Owns 11 islands in
the Bahamas that he has spent $90 million transforming; rents out for
$37,500 per night. He has a 150,000-piece private collection of magic
memorabilia valued in the hundreds of millions of dollars.
alltime behind Tiger Woods. But the real money is of the course,
where Mickelson has banked more than $400 million before taxes
from endorsements and golf course design work during 21 years as a
pro. Lucrative partners include Barclays, Callaway Golf, Exxon Mobil
and KPMG.

OCTOBER 7, 2013 FORBES | 281

THE FORBES 400 — INDEX

NAME PAGE

Abraham, S. Daniel 232 Blank, Arthur 238

$1.9 BILLION Slim-FaSt
Adelson, Sheldon
$28.5 BILLION reSortS, caSinoS
Allen, Herbert
$2.4 BILLION inveStment banking
Allen, Paul
$15.8 BILLION microSoFt, inveStmentS
Anschutz, Philip
$10.3 BILLION inveStmentS
Ansin, Edmund
$1.35 BILLION televiSion
Argyros, George
$2.1 BILLION real eState, inveStmentS
Arison, Micky
$5.9 BILLION carnival cruiSeS
Arnold, John
$2.8 BILLION hedge FundS
Arrillaga, John
$1.8 BILLION real eState
Avara, Dannine
$5.5 BILLION pipelineS
Bacon, Louis
$1.4 BILLION hedge FundS
Ballmer, Steve
$18 BILLION microSoFt
Baron, Ron
$1.7 BILLION money management
Bass, Edward
$2.1 BILLION oil, inveStmentS
$1.7 BILLION home depot
The Numbers Game
128 Blavatnik, Len 138
$17.8 BILLION diverSiFied this is the 32nd year of the fagship Forbes 400. even though
we’ve been at it a long time, it is always a challenge. our report-
216 Bloomberg, Michael 126 ers dig deep. this year we started with a list of 600 individu-
$31. BILLION bloomberg lp
als considered strong candidates and then got to work. when
possible we met with list candidates in person; we spoke with
138 Bluhm, Neil 206
$2.5 BILLION real eState nearly 100 billionaires this year. we also interviewed their
employees, handlers, rivals, peers and attorneys. we pored over
142 Bonderman, David 204 thousands of Securities & exchange commission documents,
$2.6 BILLION private equity court records, probate records, federal fnancial disclosures and
web and print stories. we took into account all assets: stakes
262 Braman, Norman 232
$1.9 BILLION art, car dealerShipS
in public and private companies, real estate, art, yachts, planes,
ranches, vineyards, jewelry, car collections and more. we also
220 Bren, Donald 138 factored in debt. of course, we don’t pretend to know what is
$14 BILLION real eState listed on each billionaire’s private balance sheet, although some
candidates did provide paperwork to that efect.
150 Breyer, Jim 244 Some billionaires who preside over privately held compa-
$1.5 BILLION Facebook
nies were happy to share their fnancial fgures, but others were
200 Brin, Sergey 128 less forthcoming. a few even threatened to sue. to value these
$24.4 BILLION google businesses we coupled estimates of revenues or profts with
prevailing price-to-revenue or price-to-earnings ratios for similar
234 Broad, Eli 148 public companies.
$6.9 BILLION inveStmentS
we did not include dispersed family fortunes (like the du
152 Brown, John 244
ponts) when individual net worths were below our minimum.
$1.5 BILLION medical equipment but we did include wealth belonging to a member’s immediate
relatives if the wealth could be traced to one living individual; in
260 Buck, Peter 200 that case, you’ll see “& family” on our list as an indication.
$2.8 BILLION Subway reStaurantS
our estimates are a snapshot of each list member’s wealth
on aug. 23, when we locked in net worth numbers and rankings.
138 Bufett, Warren 125
$58.5 BILLION berkShire hathaway Some of the Forbes 400 will become richer or poorer within
weeks—even days—of publication.
238 Burkle, Ron 202 For more information on the Forbes 400, including board
$2.7 BILLION SupermarketS, inveStmentS memberships, political donations, additional photographs and
details on their charitable giving, check out the complete list and
220 Burrell, Gary 260
$1.4 BILLION navigation equipment
profle pages at www.forbes.com/forbes-400.

Bass, Lee 220 Butt, Charles 144

$2.1 BILLION oil, inveStmentS $8.5 BILLION SupermarketS

Bass, Robert 200 Cargill, Austen 204 Cohen, Steve 144 Davis, Jim 190
$2.8 BILLION oil, inveStmentS $2.6 BILLION cargill inc. $9.4 BILLION hedge FundS $3.1 BILLION new balance ShoeS

Bass, Sid 234 Cargill, James 204 Coleman, Chase 260 Davis, Ray 232
$1.8 BILLION oil, inveStmentS $2.6 BILLION cargill inc. $1.4 BILLION hedge FundS $1.9 BILLION pipelineS

Beal, Andrew 144 Cathy, S. Truett 150 Conway, William 206 DeBartolo, Edward 206
$9.8 BILLION bankS, real eState $6 BILLION chick-Fil-a $2.6 BILLION private equity $2.6 BILLION Shopping centerS

Bechtel, Riley 175 Catsimatidis, John 190 Cook, Gayle 161 DeJoria, John Paul 166
$3.4 BILLION engineering, conStruction $3.1 BILLION oil, SupermarketS $5.2 BILLION medical deviceS $4 BILLION hair productS, tequila

Bechtel, Stephen 175 Chambers, Anne Cox 140 Cook, Scott 243 Dell, Michael 138
$3.4 BILLION engineering, conStruction $13.5 BILLION media $1.55 BILLION SoFtware $15.9 BILLION dell

Beniof, Marc 204 Chang, Jin Sook & Do Won 162 Cooperman, Leon 194 DeLuca, Fred 200
$2.6 BILLION buSineSS SoFtware $5 BILLION FaShion retail $3 BILLION hedge FundS $2.8 BILLION Subway reStaurantS

Benson, Tom 262 Charney, Leon 264 Coulter, James 222 Desai, Bharat 218
$1.3 BILLION new orleanS SaintS $1.3 BILLION real eState $2.1 BILLION private equity $2.2 BILLION outSourcing

Berggruen, Nicolas 224 Cherng, Andrew & Peggy 202 Cuban, Mark 206 DeVos, Richard 148
$2 BILLION inveStmentS $2.7 BILLION chineSe reStaurantS $2.5 BILLION online media $6.8 BILLION amway

Bezos, Jef 128 Clark, Alfred James 244 Dalio, Ray 140 Diller, Barry 222
$27.2 BILLION amazon.com $1.5 BILLION conStruction $12.9 BILLION hedge FundS $2.1 BILLION online media

Bisciotti, Stephen 222 Clark, James 260 Dangermond, Jack 206 Dinan, James 242
$2.1 BILLION outSourcing, Football $1.4 BILLION netScape $2.5 BILLION mapping SoFtware $1.6 BILLION hedge FundS

Black, Leon 161 Cline, Christopher 260 D’Aniello, Daniel 206 Doerr, John 196
$5.2 BILLION private equity $1.4 BILLION coal $2.6 BILLION private equity $2.9 BILLION venture capital

282 | FORBES OCTOBER 7, 2013

THE FORBES 400 — INDEX

NAME PAGE

Dolan, Charles 188 Ford, William 260 Halle, Bruce 164 Jamail, Joe 243
$3.3 BILLION cable televiSion $1.4 BILLION Ford motor co $4.4 BILLION tireS $1.6 BILLION lawSuitS

Dolby, Dagmar 216 France, James 224 Hamm, Harold 140 James, Hamilton 264
$2.4 BILLION dolby laboratorieS $2 BILLION auto racing $12.4 BILLION oil & gaS $1.3 BILLION private equity

Dorrance, Bennett 232 Frantz, Milane 152 Hankey, Don 242 Jannard, James 194
$1.9 BILLION campbell Soup $5.5 BILLION pipelineS $1.6 BILLION auto loanS $3 BILLION SunglaSSeS

Dorsey, Jack 264 Friedkin, Dan 209 Harris, Joshua 209 Johnson, Abigail 138
$1.3 BILLION Square, twitter $2.5 BILLION toyota diStribution $2.5 BILLION private equity $17.2 BILLION money management

Druckenmiller, Stanley 196 Frist, Thomas 162 Haslam, Jimmy 260 Johnson, Charles 152
$2.9 BILLION hedge FundS $5 BILLION health care $1.45 BILLION retail $5.6 BILLION money management

Dubin, Glenn 238 Frost, Phillip 194 Hayne, Richard 234 Johnson, Edward 144
$1.7 BILLION hedge FundS $3 BILLION pharmaceuticalS $1.8 BILLION urban outFitterS $9.3 BILLION inveStmentS

Dufeld, David 150 Fung, Victor 202 Headington, Timothy 209 Johnson, H. Fisk 194
$6.4 BILLION buSineSS SoFtware $2.7 BILLION trading company $2.5 BILLION oil & gaS, inveStmentS $3 BILLION Sc JohnSon & SonS

Duggan, Robert 242 Gabelli, Mario 262 Hendricks, Diane 164 Johnson, Imogene Powers 194
$1.6 BILLION pharmaceuticalS $1.35 BILLION money management $4.4 BILLION rooFing $3 BILLION Sc JohnSon & SonS

Duncan, Scott 152 Gage, Barbara Carlson 168 Henry, John 238 Johnson, Rupert 161
$5.5 BILLION pipelineS $3.9 BILLION hotelS, reStaurantS $1.7 BILLION SportS $5.5 BILLION money management

Einhorn, David 260 Gates, Bill 124 Hildebrand, Jefrey 152 Johnson, S. Curtis 194
$1.4 BILLION hedge FundS $72 BILLION microSoFt $5.5 BILLION oil $3 BILLION Sc JohnSon & SonS

Ellison, Larry 125 Gefen, David 150 Hillman, Henry 217 Johnson-Leipold, Helen 194
$41 BILLION oracle $6 BILLION movieS, muSic $2.4 BILLION inveStmentS $3 BILLION Sc JohnSon & SonS

Emmerson, Archie Aldis 188 Gerry, Alan 264 Hirt Hagen, Susan 225 Johnson-Marquart, Winnie 194
$3.3 BILLION timberland, lumber millS $1.3 BILLION cable televiSion $2 BILLION inSurance $3 BILLION Sc JohnSon & SonS

Englander, Israel 194 Getty, Gordon 225 Hofman, Reid 166 Jones, Jerry 196
$3 BILLION hedge FundS $2 BILLION getty oil $4.4 BILLION linkedin $3 BILLION dallaS cowboyS

Erbey, William 217 Gilbert, Daniel 168 Hostetter, Amos 198 Jones, Paul Tudor 170
$2.3 BILLION Finance $3.9 BILLION quicken loanS $2.9 BILLION cable televiSion $3.7 BILLION hedge FundS

Ergen, Charles 140 Gittinger, Anne 264 Hubbard, Stanley 220 Joseph, George 264
$12.5 BILLION diSh network $1.3 BILLION retail $2.2 BILLION directv $1.3 BILLION inSurance

Farber, John 224 Glazer, Malcolm 164 Hughes, B. Wayne 225 Justice, Jim 243
$2 BILLION chemicalS $4.5 BILLION SportS teamS, real eState $2 BILLION SelF-Storage $1.6 BILLION coal

Faulkner, Judy 217 Golisano, Tom 232 Huizenga, H. Wayne 209 Kaiser, George 142
$2.3 BILLION health it $1.9 BILLION payroll ServiceS $2.5 BILLION inveStmentS $10 BILLION oil & gaS, banking

Fertitta, Frank 265 Goodnight, James 148 Hunt, Johnelle 222 Kao, Min 218
$1.3 BILLION caSinoS, ultimate Fighting $7.2 BILLION SoFtware $2.1 BILLION trucking $2.3 BILLION navigation equipment

Fertitta, Lorenzo 265 Gores, Alec 225 Hunt, Ray Lee 152 Kaplan, Thomas 264
$1.3 BILLION caSinoS, ultimate Fighting $2 BILLION private equity $5.6 BILLION oil, real eState $1.3 BILLION inveStmentS

Fertitta, Tilman 216 Gores, Tom 202 Hunt, W. Herbert 194 Karsh, Bruce 233
$2.4 BILLION reStaurantS, caSinoS $2.7 BILLION private equity $3 BILLION inheritance, oil $1.9 BILLION private equity

Filo, David 220 Gottesman, David 233 Icahn, Carl 137 Keinath, Pauline MacMillan 168
$2.2 BILLION yahoo $1.9 BILLION inveStmentS $20.3 BILLION inveStmentS $3.8 BILLION cargill, inc.

Fisher, Doris 190 Gottesman, Noam 234 Ilitch , Michael & Marian 190 Kelley, Brad 225
$3.3 BILLION gap $1.8 BILLION hedge FundS $3.2 BILLION pizza $2 BILLION tobacco

Fisher, John 200 Green, David 162 Ingram, Martha 175 Kellogg, Peter 196
$2.8 BILLION gap $5 BILLION retail $3.4 BILLION diStribution, tranSportation $3 BILLION inveStmentS

Fisher, Ken 217 Greene, Jef 216 Irsay, James 242 Kennedy, Jim 148
$2.3 BILLION money management $2.4 BILLION real eState, inveStmentS $1.6 BILLION indianapoliS coltS $6.7 BILLION media

Fisher, Robert 224 Grifn, Ken 164 Jacobs, Irwin 243 Kerkorian, Kirk 168
$2 BILLION gap $4.4 BILLION hedge FundS $1.6 BILLION SemiconductorS $3.9 BILLION caSinoS, inveStmentS

Fisher, William 224 Gross, Bill 220 Jacobs, Jeremy 200 Khan, Shahid 170
$2 BILLION gap $2.2 BILLION inveStmentS $2.8 BILLION SportS conceSSionS $3.8 BILLION auto partS

Ford, Gerald J. 232 Gustavson, Tamara 190 Jaharis, Michael 225 Khosla, Vinod 243
$1.9 BILLION banking $3.2 BILLION SelF-Storage $2 BILLION pharmaceuticalS $1.5 BILLION venture capital

284 | FORBES OCTOBER 7, 2013

on the
Candid COnverSatiOnS with
tOday’S tOp wOMen leaderS
Sheryl Sandberg
COO
Facebook

ChriStine lagarde
Managing director
international Monetary Fund

Oprah winFrey
Chairman & CeO
Own

tOry burCh
CeO & designer
tory burch llC

Kathleen SebeliuS
united States Secretary of
health and human Services

forbes.com/forbeswoman
THE FORBES 400 — INDEX

NAME PAGE

Kimmel , Sidney 265 Liebmann, Marianne 204 Menard, John 148 Peery, Richard 222
$1.3 BILLION retail $2.6 BILLION cargill, inc. $7.5 BILLION retail $2.1 BILLION real eState

Kinder, Richard 142 Lindemann, George 200 Metropoulos, C. Dean 265 Pegula, Terrence 194
$10.2 BILLION pipelineS $2.8 BILLION inveStmentS $1.3 BILLION inveStmentS $3.1 BILLION natural gaS

Kirk, Randal 175 Loeb, Daniel 242 Meyer, Gwendolyn Sontheim 168 Peltz, Nelson 259
$3.4 BILLION pharmaceuticalS $1.65 BILLION hedge FundS $3.8 BILLION cargill, inc. $1.5 BILLION inveStmentS

Knaster, Alexander 236 Lorberbaum, Jefrey 260 Michelson, Gary 244 Penske, Roger 265
$1.8 BILLION oil, telecom, banking $1.45 BILLION Flooring $1.5 BILLION medical patentS $1.3 BILLION automotive

Knight, Phil 138 Love, Tom & Judy 172 Milken, Michael 209 Pera, Robert 230
$16.3 BILLION nike $3.6 BILLION retail $2.5 BILLION inveStmentS $1.95 BILLION technology

Koch, Charles 125 Lozick, Catherine 238 Moore, Gordon 164 Perelman, Ronald 140
$36 BILLION diverSiFied $1.7 BILLION manuFacturing $4.6 BILLION intel $14 BILLION private equity

Koch, David 125 Lucas, George 166 Moritz, Michael 220 Perenchio, A. Jerrold 209
$36 BILLION diverSiFied $4.2 BILLION Star warS $2.2 BILLION venture capital $2.5 BILLION televiSion

Koch, William 170 MacMillan, Whitney 168 Moroun, Manuel 244 Perez, Jorge 243
$3.8 BILLION oil, inveStmentS $3.8 BILLION cargill, inc. $1.5 BILLION tranSportation $1.55 BILLION condoS

Kohler, Herbert 150 Magness, Gary 240 Morris, John 166 Perlmutter, Isaac 202
$6.4 BILLION plumbing FixtureS $1.7 BILLION cable, inveStmentS $4 BILLION retail $2.7 BILLION marvel comicS

Kovner, Bruce 163 Malone, John 148 Moskovitz, Dustin 161 Perot, H. Ross Sr. 172
$4.7 BILLION hedge FundS $6.7 BILLION cable televiSion $5.2 BILLION Facebook $3.5 BILLION computer ServiceS, real eState

Kraft, Robert 200 Malone, Mary Alice Dorrance 190 Murdoch, Rupert 140 Perot, H. Ross Jr. 236
$2.9 BILLION new england patriotS $3.1 BILLION campbell Soup $13.4 BILLION media $1.8 BILLION computer ServiceS, real eState

Kravis, Henry 163 Mandel, Stephen 236 Murdock, David 217 Peterfy, Thomas 150
$4.7 BILLION private equity $1.8 BILLION hedge FundS $2.4 BILLION dole, real eState $6.4 BILLION diScount brokerage

Kroenke, Ann Walton 163 Mansueto, Joe 222 Musk, Elon 148 Peterson, Peter 259
$4.7 BILLION wal-mart $2.1 BILLION inveStment reSearch $6.7 BILLION teSla motorS $1.5 BILLION private equity

Kroenke, Stanley 161 Marcus, Bernard 190 Nelson, Jonathan 243 Peterson, Tor 225
$5.3 BILLION SportS, real eState $3.3 BILLION home depot $1.6 BILLION private equity $2 BILLION commoditieS

Lampert, Edward 198 Marks, Howard 233 Nelson, Marilyn Carlson 168 Piccinini, Robert 218
$2.9 BILLION hedge FundS $1.9 BILLION private equity $3.9 BILLION hotelS, reStaurantS $2.3 BILLION SupermarketS

Langone, Kenneth 222 Marriott, Bill 232 Newhouse, Donald 146 Plank, Kevin 240
$2.1 BILLION inveStmentS $1.9 BILLION hotelS $8.2 BILLION media $1.7 BILLION under armour

Lasry, Marc 244 Marriott, Richard 225 Newhouse, Samuel 144 Powell Jobs, Laurene 142
$1.5 BILLION hedge FundS $2 BILLION hotelS $8.9 BILLION media $11.7 BILLION apple, diSney

Lauder, Leonard 146 Mars, Forrest 137 Nordstrom, Bruce 265 Pritzker, Anthony 196
$7.6 BILLION eStee lauder $20.5 BILLION candy $1.3 BILLION retail $3 BILLION hotelS, inveStmentS

Lauder, Ronald 170 Mars, Jacqueline 137 Och, Daniel 190 Pritzker, Daniel 230
$3.7 BILLION eStee lauder $20.5 BILLION candy $3.2 BILLION hedge FundS $1.95 BILLION hotelS, inveStmentS

Lauren, Ralph 146 Mars, John 137 Olenicof, Igor 198 Pritzker, Jay Robert (J.B.) 196
$7.7 BILLION ralph lauren $20.5 BILLION candy $2.9 BILLION real eState $3 BILLION hotelS, inveStmentS

Laurie, Nancy Walton 166 Marshall, Elaine 144 Omidyar, Pierre 144 Pritzker, Jean (Gigi) 222
$4 BILLION wal-mart $8.3 BILLION diverSiFied $8.5 BILLION ebay $2.1 BILLION hotelS, inveStmentS

Lee, Thomas 244 Mathile, Clayton 225 Page, Larry 128 Pritzker, Jennifer 240
$1.5 BILLION private equity $2 BILLION pet Food $24.9 BILLION google $1.7 BILLION hotelS, inveStmentS

Lefofsky, Eric 238 McCaw, Craig 236 Parker, Sean 225 Pritzker, John 230
$1.75 BILLION groupon $1.8 BILLION telecom $2 BILLION Facebook $2 BILLION hotelS, inveStmentS

LeFrak, Richard 152 McGovern, Patrick 161 Parry-Okeden, Blair 150 Pritzker, Karen 190
$5.6 BILLION real eState $5.1 BILLION media $6.7 BILLION media $3.3 BILLION hotelS, inveStmentS

Leprino, James 196 McLane, Drayton 233 Parsons, Bob 233 Pritzker, Linda 236
$3 BILLION cheeSe $1.9 BILLION wal-mart, logiSticS $1.9 BILLION web hoSting $1.8 BILLION hotelS, inveStmentS

Lerner, Ted 166 McNair, Robert 225 Patterson, Neal 259 Pritzker, Nicholas 262
$4 BILLION real eState $2 BILLION energy, SportS $1.5 BILLION health it $1.35 BILLION hotelS, inveStmentS

Lewis, Rodney 217 Meijer, Hank & Doug 146 Paulson, John 142 Pritzker, Penny 220
$2.4 BILLION natural gaS $8.3 BILLION SupermarketS $11.4 BILLION hedge FundS $2.2 BILLION hotelS, inveStmentS

286 | FORBES OCTOBER 7, 2013

THE FORBES 400 — INDEX

NAME PAGE

Pritzker, Thomas 204 Sall, John 172 Speyer, Jerry 175 Walton, Jim 126
$2.7 BILLION hotelS, inveStmentS $3.6 BILLION SoFtware $3.5 BILLION real eState $33.8 BILLION wal-mart

Ragon, Phillip 259 Samueli, Henry 240 Spielberg, Steven 188 Walton, S. Robson 126
$1.5 BILLION health it $1.7 BILLION SemiconductorS $3.3 BILLION movieS $33.3 BILLION wal-mart

Rahr, Stewart 240 Sarofm, Fayez 230 Stephens, Warren 216 Wanek, Ronald 236
$1.7 BILLION drug diStribution $2 BILLION money management $2.5 BILLION inveStment banking $1.8 BILLION Furniture

Rainwater, Richard 206 Saul, Bernard 220 Sterling, Donald 234 Wang, Roger 196
$2.6 BILLION real eState, energy $2.2 BILLION banking, real eState $1.9 BILLION real eState $3 BILLION retail

Rales, Mitchell 175 Scaife, Richard 262 Stern, Leonard 170 Warner, Ty 206
$3.5 BILLION manuFacturing $1.4 BILLION inveStmentS $3.8 BILLION real eState $2.6 BILLION real eState, pluSh toyS

Rales, Steven 190 Schmidt, Eric 146 Stevens, Mark 262 Warren, Kelcy 188
$3.2 BILLION manuFacturing $8.3 BILLION google $1.35 BILLION venture capital $3.4 BILLION pipelineS

Redstone, Sumner 152 Schmieding, Reinhold 216 Steyer, Thomas 259 Washington, Dennis 152
$5.8 BILLION media $2.5 BILLION medical deviceS $1.5 BILLION hedge FundS $5.8 BILLION conStruction, mining

Rees-Jones, Trevor 166 Schultz, Howard 230 Stryker, Jon 262 Wexner, Leslie 152
$4.4 BILLION oil & gaS $2 BILLION StarbuckS $1.4 BILLION medical equipment $5.7 BILLION retail

Rennert, Ira 161 Schulze, Richard 204 Stryker, Pat 240 White, Dean 234
$5.5 BILLION inveStmentS $2.7 BILLION beSt buy $1.7 BILLION medical equipment $1.9 BILLION billboardS, hotelS

Resnick, Stewart and Lynda 175 Schusterman, Lynn 170 Stryker, Ronda 196 Whitman, Meg 234
$3.5 BILLION agriculture, water $3.8 BILLION oil & gaS, inveStmentS $3 BILLION medical equipment $1.9 BILLION ebay

Reyes, J. Christopher 175 Schwab, Charles 162 Sun, David 168 Wilks, Dan 259
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Reyes, Jude 175 Schwarzman, Stephen 146 Sutton, Jef 230 Wilks, Farris 259
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Rich, Robert 196 Scott, Walter 220 Taubman, Alfred 204 Williams, Randa 152
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Rizzuto, Leandro 233 Secunda, Thomas 259 Taylor, Glen 240 Winfrey, Oprah 198
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Roberts, George 166 Shaw, David 175 Taylor, Jack 142 Woodman, Nicholas 265
$4.4 BILLION private equity $3.5 BILLION hedge FundS $11.4 BILLION enterpriSe rent-a-car $1.3 BILLION video cameraS

Robertson, Julian 194 Shriram, Kavitark Ram 238 Teel, Joyce Raley 242 Wrigley, William 217
$3.1 BILLION hedge FundS $1.75 BILLION venture capital, google $1.7 BILLION SupermarketS $2.4 BILLION chewing gum

Rockefeller, David 202 Siebel, Thomas 233 Tepper, David 146 Wynn, Elaine 234
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Roski, Edward 188 Simmons, Harold 142 Thiel, Peter 236 Wynn, Steve 198
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Ross, Stephen 163 Simon, Herbert 230 Tisch, Joan 198 Yang, Jerry 242
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Ross, Wilbur 206 Simons, James 140 Tisch, Wilma 259 Yuengling, Richard 262
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Rowan, Marc 209 Skoll, Jefrey 170 Trump, Donald 172 Zell, Sam 168
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Rowling, Robert 163 Smith, Frederick 218 Tu, John 168 Zif, Daniel 164
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Rubenstein, David 206 Sobrato, John A. 168 Turner, Ted 224 Zif, Dirk 164
$2.6 BILLION private equity $4 BILLION real eState $2.1 BILLION cable televiSion $4.6 BILLION inveStmentS

Rubin, Michael 218 Solow, Sheldon 175 Udvar-Hazy, Steven 188 Zif, Robert 164
$2.3 BILLION online retailing $3.5 BILLION real eState $3.4 BILLION aircraFt leaSing $4.6 BILLION inveStmentS

Rufn, Phillip 216 Soon-Shiong, Patrick 144 Wadhwani, Romesh T. 224 Zucker, Anita 206
$2.5 BILLION caSinoS, real eState $9 BILLION pharmaceuticalS $2.1 BILLION SoFtware $2.6 BILLION chemicalS

Ryan, Patrick 262 Soros, George 137 Walton, Alice 126 Zuckerberg, Mark 137
$1.4 BILLION inSurance $20 BILLION hedge FundS $33.5 BILLION wal-mart $19 BILLION Facebook

Saban, Haim 188 Spangler, Clemmie 218 Walton, Christy 126 Zuckerman, Mortimer 218
$3.4 BILLION televiSion $2.3 BILLION inveStmentS $35.4 BILLION wal-mart $2.3 BILLION real eState, media

288 | FORBES OCTOBER 7, 2013

 FORBES // MARKETPLACE

OCTOBER 7, 2013 FOR MARKETPLACE ADVERTISING, CALL 212-206-5563

FORBES // FRANCHISES
The Fastest-Growing Franchises
T
he country’s fastest-growing
franchises are top performers
in a sector that already out-
paces other industries, and
which is on track to generate 162,000
new jobs in 2013, according to IHS
Global Insight. Industry experts will tell
you that such superior results demand
both a great concept and broad, unfag-
ging support from the franchiser. Those
factors certainly ft the profles of these
top-performing brands:
Aaron’s:
A national leader in the sales and lease
ownership and specialty retailing of fur-
niture, consumer electronics and home
appliances, this top performer boasts
more than 2,000 showrooms across the
U.S. and Canada, 57 years of experience
driven by extensive ongoing training,
and support for owners and their staffs.
Bojangles’:
Known for its famous chicken-and-bis-
cuit sandwiches, this iconic restaurant
OCTOBER 7, 2013
chain has grown to nearly 500 locations
in 10 states throughout the Eastern U.S.
Ongoing support for franchisees covers
operations, marketing and advertising,
training and personnel development.
Dale Carnegie Training:
This renowned personal improvement
brand has been in business for 100
years and has 180 franchises in 86
countries. Franchise owners receive
trainer selection and certifcation and a
national advertising campaign that pro-
duces about 13,000 leads per month.
The HoneyBaked Ham Company:
With over 300 stores nationwide, The
HoneyBaked Ham Company owes its
impressive growth to a proven business
model and corporate support that in-
cludes site-selection and construction
assistance, conferences, webinars and
extensive marketing services.
The Maids:
This leading residential cleaning franchise
PROMOTION
has more than 160 owners serving
more than 800 territories in the U.S. and
Canada. Business coaches and a post-
training program that includes compre-
hensive marketing support ensure on-
going success.
Sky Zone Sports: This high-growth
franchise occupies a unique niche that
combines sports, ftness and entertain-
ment for nearly every age, shape and
ability. Since 2004 it has expanded to
over 30 parks across the U.S. and Can-
ada. Sky Zone provides its franchisees
with both classroom and on-the-job
training, and a franchise performance
coach is assigned to each location.
There’s definitely a pattern
here, illustrating a formula
that works.
Not surprisingly, according to IHS,
franchises today span 300 industries and
generate $472 billion in GDP annually.
FORBES // FRANCHISES PROMOTION

OCTOBER 7, 2013
FORBES // FRANCHISES PROMOTION

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 FORBES // MARKETPLACE

The Everyday Gourmet:

Rediscovering the Lost
Art of Cooking
Taught by Bill Briwa, Chef-Instructor
the culinary institute of america

IM lecture titles
ED T E OF
IT 1. Cooking—Ingredients, Technique, and Flavor

LIM

FE
70%

R
2. Your Most Essential Tool—Knives
3. More Essential Tools—From Pots to Shears

off

20
4. Sauté—Dry-Heat Cooking with Fat
OR
DE

ER
R 5. Roasting—Dry-Heat Cooking without Fat
BY B
N OVE M 6. Frying—Dry-Heat Cooking with Fat
7. From Poach to Steam—Moist-Heat Cooking
8. Braising and Stewing—Combination Cooking
9. Grilling and Broiling—Dry-Heat Cooking
without Fat
10. Stocks and Broths—The Foundation
11. The Stir-Fry Dance—Dry-Heat Cooking with Fat
12. Herbs and Spices—Flavor on Demand
13. Sauces—From Beurre Blanc to Béchamel
14. Grains and Legumes—Cooking for Great Flavor
15. Salads from the Cold Kitchen
16. Eggs—From the Classic to the Contemporary
17. Soups from around the World
18. From Fettuccine to Orecchiette—
Fresh and Dry Pastas
19. Meat—From Spatchcocked Chicken
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Master the Art of Cooking 21. Vegetables in Glorious Variety

22. A Few Great Desserts for Grown-Ups

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24. Crafting a Meal, Engaging the Senses

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 FORBES // MARKETPLACE

All It Takes To Help

Him Smile Is YOU.

Free cleft surgery which takes Your support can provide free treatment
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by 50 to 70 percent. Be sure to receive proper prenatal care, quit smoking and drinking alcohol and follow your health care provider’s guidelines for foods to avoid during
pregnancy. Foods to avoid may include raw or undercooked seafood, beef, pork or poultry; delicatessen meats; fish that contain high levels of mercury; smoked seafood; fish
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THOUGHTS Final thought
He is an unmitigated fool who imagines for a moment that it is
more important to “make the money” than to make it honestly.
—b.c. Forbes

From Forbes 400 Folks past and present

I really hope that the philanthropy movement
is seen not just as wealthy people giving
money away but wealthy people giving away
their time, their energy and their ideas.
—david ruBenstein

Work isn’t really work for me.

I hate to tell you this, but I’ve
never liked the weekend in my
life. I was enthusiastic about
Monday morning from the day
I left college.
—John kluge

You can’t pursue a thousand

ideas. You have to choose one.
—William Berkley

Any business plan won’t survive its frst

encounter with reality. The reality will always
be diferent. It will never be the plan.
—JeFF Bezos
“Well into his 60s Sumner Redstone was a movie
exhibitor, wealthy but well down on The Forbes
Four Hundred. Suddenly, in his eighth decade, I believe that God plays
he has become one of the world’s great media this enormous role in my
barons, up there with the likes of Rupert Murdoch, life. And I believe that it’s
my obligation to give back
Ted Turner and the late Steve Ross.” and to follow the rules that
—From the oct. 17, 1994 issue oF ForBes were set. And it also gives
me an enormous sense of
other thoughts From that issue: my own place.
—ronald Perelman
recipes oF the rich and Famous “FORBES reporters
asked members of the Four Hundred what they cook for themselves
when there’s nobody around to do it for them. ‘I’m a peanut-butter- Blessed is he that In fshing, golf and
and-jelly, BLT kind of guy,’ acknowledges Bloomberg Financial
Markets founder Michael Bloomberg, 52. ‘In fact, I never cook.’ ” considereth the gardening, if you don’t
poor: the Lord will have a healthy tolerance
cleaning up in Vegas “Gambling has gone mainstream in Ameri- deliver him in time for your own ineptitude,
ca. Vegas casinos have become a $7-billion-plus destination resort indus- of trouble. then it isn’t for you.
try. And the business community is dominated by billionaires and their —William ziFF Jr.
—Psalms 41:1
bankers. Gambling is not something you leave to the crooks anymore.”
SOURCES: FORBES; MOTLEYFOOL.COM

296 | FORBES OCTOBER 7, 2013

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