Forbes - USA (November 2019)

A N D I O W E N


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November 30, 2019 Volume 202 | Number 9

INSIDE





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54 | Forever Young

By weaving together tradition and trendi-
ness, LVMH’s Bernard Arnault has created
the world’s largest luxury empire and a $100
billion fortune. Now he is ready to scale up.
By Susan Adams






































































N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M
COVER AND ABOVE PHOTOGRAPH BY JAMEL TOPPIN FOR FORBES

FINISHED IN RARE



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8



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78 | The Just 1OO
Our third annual ranking of America’s best
corporate citizens examines how the larg-
est public companies treat their workers,
customers, community, environment and
shareholders.
Edited by Maggie McGrath
76 | The Host With the Most
With his acquisition of Starwood three years ago, Arne Sorenson
created the world’s largest hotel empire. Globally, 20% of new hotel 70 | FORBES BRANDVOICE
rooms being built are now Marriott properties—and Sorenson still With iShares
thinks his company isn’t big enough. Invest With A Purpose: Create Value

By Biz Carson And Make An Impact With ETFs
































102 | Private Equity’s New Billionaire
Machine
As calls for taxes on the superrich grow louder,
92 | Dawn of the Neobank Wall Street’s smartest dealmakers have quietly
discovered a new way to unlock value and circum-
Pretty much anyone with half a million bucks and a high-speed connection can
start a bank these days. Dozens of digital banks are already open for business— vent taxes. It’s minting buyout billionaires by the
and VCs are betting billions that they’ll shutter your corner branch. dozen.
By Nathan Vardi and Antoine Gara
By Jeffrey Kauflin


F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

IT’S ALL









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UNTIL IT’S









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Visit www.iShares.com to view a prospectus, which includes investment objectives,
risks, fees, expenses and other information that you should read and consider careful-
ly before investing. Risks include principal loss. BlackRock Investments, LLC, distribu-
tor. ©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered
ı
İı İ
ƀƈƁƉ ŠƉƂƃƆƈƃ

FRONTRUNNER 50

19 | Nipsey’s Never-Ending Hustle
The Top-Earning Dead Celebrities: Not even
death could stop the rapper from scoring an
eight-figure income.

22 | 30 Under 30: Security Guards
10
Patrolling the digital universe, in 30 words
or less.
S
T
N 24 | FORBES INSIGHTS with HSBC
E
T Chasing The Elusive Holy Grail:
N Customer-Driven Growth.
O
C

26 | High Net Worth
Marijuana billionaire Boris Jordan cut his
teeth investing in Russia in the early 1990s.
28 | Buy, Hold, Sell
Pick up the cello; renounce the Aitken Bible.
30 | World of Forbes

Around the globe with our 35 international
editions.

34 | An A-to-Z Holiday Gift Guide
Letter-perfect presents.
46 19
CONTRARIAN


INNOVATION
39 | Genius Drugs From Dumb Silicon
Can a giant pile of data beat human expertise
in the design of miracle drugs? Daphne Koller
may come up with a surprising answer.

By Jillian D’Onfro
ENTREPRENEURS
42 | High Tea

After three generations, the Bigelow clan has
steadfastly remained upscale in a down-mar-
ket world. All it took was bagging the family
drama.
34
By Chloe Sorvino 35 | FORBES CONNOISSEUR
46 | LinkedIn for the Working Class with Rémy Martin
How Jobcase is building a $1 billion social Rémy Martin Unveils Tercet:
networking site for warehouse employees and A Unique Cognac Fine Champagne
waitresses. Inspired by Three Artisans.
By Vicky Valet
15 | FACT & COMMENT
INVESTING Steve Forbes
50 | The Great Wall of Money With Libra, Zuck is a hero.
No matter how much Trump bellows, the
Sino-American trade war will eventually pass, 112 | THOUGHTS
and Acadian Asset Management will cash in. On family.
By Kenneth Rapoza






F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9



Sidelines

Reimagining Capitalism


NOVEMBER 30, 2019 | VOLUME 202 NUMBER 9 This issue marks our fourth go-round with the Just 100,
a ranking of corporate citizenry based on what tens of
CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE
EDITORIAL thousands of Americans have said they expect from the
12 12 RANDALL LANE, Chief Content Officer largest corporations. It’s a massive undertaking, spear-
Director, Editorial Operations: Caroline Howard; Executive Editors: Luisa Kroll, Kerry Lauerman, Michael Noer
headed by Just Capital, a nonprofit dedicated to ensuring
Assistant Managing Editors: Frederick E. Allen, Jessica Bohrer (Editorial Counsel), Kerry A. Dolan, Rob
La Franco, Laura Mandaro, Janet Novack, Michael Ozanian, Matt Schifrin, Michael Solomon, Alex Wood
that businesses deliver on behalf of all stakeholders—cus-
S Senior Editors: Susan Adams, Dan Alexander, Kurt Badenhausen, Steven Bertoni, Abram Brown, Dawn
E Chmielewski, John Dobosz, Amy Feldman, Martin Giles, Christopher Helman, Alan Ohnsman, Zack O’Malley tomers, employees, partners and the environment as well
B Greenburg, Susan Radlauer (Research), Jennifer Rooney, Tina Russo McCarthy, Nathan Vardi, Merrill Vaughn
R Deputy Editors: Rob Berger, Jeremy Bogaisky, Anne Glusker, Brett Knight, Iain Martin, Andrea Murphy, Chase as the shareholders.
O Peterson-Withorn, Helen A.S. Popkin, Chuck Tannert, Halah Touryalai, Jennifer Wang, Taesik Yoon; Associate
F Editors: Thomas Brewster, Ashlea Ebeling, Antoine Gara, Julius Juenemann, Alex Knapp, Alexander Konrad, More than simply important journalism, the Just 100
Maggie McGrath, Ezequiel Minaya, Michael Nuñez, Vicky Valet
is part of a three-pronged approach to reimagining cap-
Staff Writers: Angel Au-Yeung, Madeline Berg, Biz Carson, Michael del Castillo, Lauren Debter, Jillian D’Onfro,
Jeffrey Kauflin, Carly Schaffner, Samantha Sharf, Chris Smith, KellyAnne Smith, Chloe Sorvino, Michela
Tindera, Ruth Umoh, Andrew Wendler, William Yakowicz italism first alluded to in a cover essay in March. For 2020
Reporters: Noah Kirsch (Chief); Deniz Cam, Carter Coudriet, Hayley Cuccinello, Elizabeth Daffin, David we’re committed to delving deeper into all three.
Dawkins, Tanya Klich, Matthew Perez, Jonathan Ponciano, Christina Settimi, Kristin Stoller, Marty Swant,
Glenda Toma, Alexandra Wilson Corporate accountability: We’re working with Just
Assistant Editors: Justin Conklin, Katherine Love (Associate Managers, Editorial Operations); Elisabeth Brier,
Kendrick Cai, Marley Coyne, Brianne Garrett, Sarah Hansen, Christian Kreznar, Monica Melton, Sofia Lotto Capital to expand the Just 100—digitally, in print and at
Persio, Leah Rosenbaum, Ariel Shapiro, Alexandra Sternlicht, Kristin Tablang, Samantha Todd, Hank Tucker
live events—highlighting those that practice stakeholder
Art and Production: Bob Mansfield (Art and Design Director), Mark Decker (Production Chief), Clay Thurmond
(Copy Chief); Merrilee Barton, Charles Brucaliere, Sarkis Delimelkon, Richard Hyfler, Anton Klusener, Suzanne capitalism and calling out those that erode American
O’Neill, Robin Regensburg, Robyn Selman, Jasmine Smith, Gail Toivanen, Elena Torres
Social Media: Shauna Gleason (Director); Caroline Dilone, Dario Foroutan, Natasha Lekwa, Baylee Mozjesik, trust in free enterprise. As our founder, B.C. Forbes, wrote
Evan Spadaccini
a century ago, the purpose of business is to create happi-
Video: Tim Pierson (Director); Greg Andersson, Leah Bottone, Meghan Christensen, Ivan Clow, Julia Ferrier,
Marc Gomes, Nick Graham, Riley Hallaway, Matthew Kang, Kieran Krug-Meadows, Chad McClymonds, Juliet
Muir, Bernard Osei, Jonathan Palmer, Brian Petchers, Morgan Sun, Kirsten Taggart; Forbes Entertainment: ness, not pile up millions.
Travis Collins, Kyle Kramer Philanthropy and giving back: As best we can mea-
SALES AND MARKETING
MARK HOWARD, Chief Revenue Officer sure, there are now over 2,000 billionaires in the world,
AD SALES: Jessica Sibley (Chief Sales Officer); Maria Aiza Contro, Aaron Andrews, Julia Aziz, Jake Bell, Jessica
Blitzer, Leann Bonanno, Marissa Brown, Shae Carroll, Andrea Celis, Samantha Charlino, Seema Chaudhari, including more than 100 worth 11 figures. Large-stakes
Julie Chisar, Ruth Chute-Manning, Alexandra Cohn, Jennifer Cooke, Jennifer Crowe, Sarah Curry, Hannah
Davidson, Leigh Day, Emilie Errante, Taylor Felgenhauer, Olivia Gelade, Louisa Goujon, Taylor Green, Janett philanthropy is the only viable path forward for these
Haas, Shauna Haras, Megan Hennessey, Daniel Hennessy, Matthew Herrmann, William Hosinski, Victoria
Kreher, Martina Landeka, Kaly Leonoudakis, Jordan Loredo, Brian McLeod, Tara Michaels, Leah Monroe, Dana tycoons—you can’t (nor shouldn’t) spend it down, and
Moretti, Matt Muszala, Ryan Queler, Paul Reiss, Melanie Ruderman, Jesse Silberfein, Abbey Smith, William
Thompson, Laura Villaraut, Kyle Vinansky, Adam Wallitt, Charles Yardley, Casey Zonfrilli leaving huge, unfettered sums to heirs produces bad,
BRAND STRATEGY/MARKETING/PARTNERSHIPS: Rachel Aquino, Mary Baru, Kate Bishop, Erika Burho,
Brandon Bycer, Nicholas Clunn, James Colistra, Danielle Collins, Connor Davis, Krystle Davis, Tom Davis (Chief sometimes tragic outcomes. We’re partnering with the
Growth Officer), William Delehanty, Samantha Evans, Erica Ferraro, Moira Forbes (EVP, ForbesWomen), Kristine
Francisco, Ross Gagnon, Cara Gilmartin, Sahara Gipson, Ashley Grado, Matthew Haensly, Julie Hildenbrand, advocacy group Global Citizen to expand our Philan-
Adelaide Hill, Olivia Hine, Merryl Holland, David Johnson, Kari Jones, Nicolette Jones, Evelyn Kanu, Juliana
Longo, Brian Lee, Douglas Lopenzina, Erika Maguire, Scott McGrath, James Mentzinger, Sophia Minassian, thropy scorecard, rewarding those who put the money to
Sade Muhammad, Alexis Murillo, Romy Oltuski, Jahcelyne Patton, Zehava Pasternak, Alexi Potter, Jennifer
Ramos, Allison Rickert, Claire Robinson, Joshua Robinson, Danielle Rubino, Claire Ryan, Robert Salgado, Peter good use now, versus crediting people for future pledges
Sarnoff, Lynn Schlesinger, Andrey Slivka, Allyson Souza, Gregory Spitz, Kara Stiles, Samantha Strassman, Neha
Tandon, Rashaad Denzel Toney, Meenal Vamburkar, Liz Walsh, Jason Webster, Janet Yin or for parking it in a perpetual foundation.
DIGITAL REVENUE OPERATIONS: Achir Kalra (SVP, Revenue Operations and Strategic Partnerships); Kazuki
Akiba, Gaston Alegre, Sergiu Bucur, Sal Cangeloso, Lisa Chiobi, Andrew Dizon, Danielle Gilman, Rachel Inclusivity: Earlier this fall, we published a widely—
Goroff, Lauren Gurnee, Victor Lee, Emily Lewis, Nicole Lewitinn, Kelly Mui, Ryan Pearce, Casey Riordan,
Rebeca Solorzano, Steven Song, Jacqueline Subramaniam, Alyson Williams and justly—criticized list, purportedly of America’s most
FORBESLIVE: Sherry Phillips (SVP); Andrea Cantor, Jessica Charles, Chardia Christophe, Alex Engel, Lindsay
Ezykowich, Julieanna Gray, Nicole Kerno, Susan Kessler, Jessica Lantz, Michael Martin, Sydney Melin, innovative leaders, that included only one woman. By
Menaka Menon, Nicole Mittman, Jimmy Okuszka, Mary Margaret Soderquist, Elizabeth Strozier, Shelby
Tompkins, Blair Walther, Jessica Wolf basing it on public company CEOs, we started with a
DIGITAL hopelessly skewed pool. In failing to course-correct, we
SALAH ZALATIMO, Chief Digital Officer
PRODUCT: Nina Gould; Terrence Agbi, Youssef Drihmi, Nina Foroutan, Kelly Hanshaw, Erica Ho, Mike Medric, exposed flaws in our systems, too. As we advise entrepre-
Martin Navarrete, Dayne Richards, Ebony Shears, Nick Shippers, Rachel Thomas, Grant Tunkel, Katie Ward, Mila
Wentrys neurs constantly, the only truly bad mistake is the one
CORPORATE TECH: Peter Hahm; Jiten Bhojwani, Christopher Frank, Justin Harris, Joshua Hartzog, Adaze
Idehen-Amadasun, Paul Motta you don’t improve from. So we convened an internal task
DESIGN: Dan Revitte; Sara Amato, Nick DeSantis, Andres Jauregui, Joy Hwang, Adrienne Michalski force and implemented all their recommendations (in-
E-COMMERCE: Madeline Kaufman
ENGINEERING: Vadim Supitskiy (SVP); Adrian Ali, William Anderson, Ken Barney, Don Cao, Igor Carrasco, cluding methodology audits and a policy to elevate red
Brian Chamberlain, Chris DeLeon, Mudit Dhawan, Philip Diaz, Stephen Dotz, Jaekyung Ha, Benjamin Harrigan,
Isabelle Ingato, Daryl Kang, Johnny McCampbell, Marissa Orea, Drew Overcash, Sungmin Park, Sameer flags to the top). In a few months, we’ll devote an entire
Patwardhan, Mads Pedersen, Joseph Pietruch, Ronak Ray, Charles Rea, Rodney Rodriguez, Kyle Rogers, Aaron
Romel, Kelly Sample, Alexander Shnayderman, Zachery Shuffield, Dmitri Slavinsky, Scott Warner, JD Weiner, print issue to Inclusive Capitalism. In the interim, our
Forrest Whiting, Heath Woodson, Boris Yakubchik
CORPORATE writers will seek stories that highlight systemic change.
FINANCE/OPERATIONS: Michael York (Chief Financial Officer); Cristina Baluyut, Noemi Baraket, Oneil Brodie,
Adele Cassano, Rosa Colon, Chelsea Deluca, Mike Deochand, Cindy Eng, Jessica Feintisch, Nancy Garcia, Iris The goal is to ensure that everyone has a seat at the table.
Garcia, Christie Hansen, Giedre Kristahn, Christopher Labianca, Nina LaFrance (SVP, Consumer Marketing),
Jeffery Lamperti, Stephanie Lewis, Penina Littman, Jaclyn Liu, Christopher Lopiano, Andrea Maniscalco, Nata- The free market system is the greatest driver of pros-
lie Maquiling, Christine Martinez, Nelson Osegueda, Willie Osegueda, Amanda Pasquarello, Barbara Passarella,
Jeanine Pecoraro, Gary Prasto, Ivette Reyes, Angel Sauri, Diane Schmid, Lisa Serapiglia, William Simmons, Vera perity—and, yes, happiness—ever created. But just as
Sit, Courtney Stanton, Parag Tolia, Buddy Trocchia, Donald Walsh
CORPORATE PARTNERSHIPS: Peter Hung (Senior Liaison, Investment Group); Taha Ahmed, Rich Karlgaard, capitalism demands evolution, so capitalism itself needs
Rupa Singh, Katya Soldak, Amanda Xiang to evolve. We intend to help lead this metamorphosis.
COMMUNICATIONS: Matthew Hutchison (SVP); Laura Brusca, Susan Masula, Jocelyn Swift, Christina Vega
HUMAN RESOURCES: Margy Loftus (SVP); Ashley Abendschoen, Brooke Dunmore, Emanuel Joseph-Bain,
Amanda Sedlak, Rachel Shapiro, Mary Urum-Eke
LEGAL: MariaRosa Cartolano (General Counsel); Paul Anderson, Lindsey Datte, Susy Garcia, Nikki Koval,
Josephine Love-Loftin
FORBES ASIA: William Adamopoulos (CEO), Justin Doebele (Editor); FORBES CHINA: Sherman Lee (CEO),
Russell Flannery (Editor)
Founded in 1917 —RANDALL LANE, CHIEF CONTENT OFFICER
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)
F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

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FACT & COMMENT

By Steve Forbes, Editor-in-Chief



With Libra, Zuck Is a Hero





15



MARK ZUCKERBERG TOOK a verbal In the face of so much hostility, will Libra
beating over Libra (among other things), get off the ground? Zuckerberg has made it
Facebook’s proposed cryptocurrency and clear that Facebook itself won’t move forward
payments system, when he recently testified on Libra without U.S. regulatory approval.
before the U.S. House Financial Services Since the Libra undertaking is now in the
Committee. Well aware of the low repute in hands of the new Libra Association—a group
which Facebook and other high-tech giants of companies (including Facebook) and non-
are held these days, most of the committee’s profits—and is formally independent of Face-
politicians couldn’t resist the temptation to book, Libra could still launch. But in reality,
scold and harangue Zuckerberg. Actually, without Facebook, Libra will go nowhere.
issues such as privacy and money launder- It will take considerable diplomatic finesse
ing are addressable. Facebook is already and political skill for Libra to formally clear
working with regulators on such concerns. all the obstacles it faces, which is a shame,
Nonetheless, regulatory pressures have forced a number because something like Libra is eventually going to happen,
of companies that were partnering with Facebook on this and it would be nice if the creator were an American com-
project to drop out. pany. As Zuckerberg said in his prepared testimony, “While
And this gets to the real reason the idea of Libra is so we debate these issues, the rest of the world isn’t waiting.
troubling to so many politicians, government bureaucrats, China is moving quickly to launch similar ideas in the com-
banks and economists the world over: Libra could do to ing months. Libra . . . will extend America’s financial leader-
central banks what Uber and Lyft did to the taxi cartels— ship as well as our democratic values and oversight around
bust up their monopolies, or, to coin a phrase, give them a the world. If America doesn’t innovate, our financial leader-
run for their money. ship is not guaranteed.”
Libra would be backed by a basket of currencies and gilt-
edged financial instruments, thereby overcoming the big-
gest flaw of other cryptocurrencies today—their instability. E-Cigarettes Are a Blessing
Four thousand years of experience demonstrates that gold
would be the best tie, but Libra’s basket would still be vastly YOU’D NEVER know it from all the lurid headlines in re-
superior to anything else out there. cent months about the seeming epidemic of deaths from
When Libra is up and running, a Facebook user could ob- “smoking” e-cigarettes, but vaping is actually a public-
tain a digital wallet called Calibra and could then send units health godsend for smokers. The hysteria surrounding vap-
of Libra to another Calibra wallet-holder anywhere in the ing says more about the peculiar fevers of our times than
world. The results would be instantly revolutionary. Under about the realities of puffing e-cigarettes.
our current system, it’s expensive to wire money across bor- Those deaths we hear about didn’t result from normal
ders, not to mention the hours or days it takes for funds to e-cigarettes but from tainted contents, particularly the ac-
clear. Banks would be cut out of the process entirely! tive ingredient found in cannabis. The cries for prohibiting
What a combination Libra offers: convenience and cur- vaping make no more sense than banning milk because a
rency stability. few bad characters peddled adulterated versions.
Another enormous plus is that such a digital and mobile The truth is that vaping is 95% less harmful than smok-
system would easily open up accessible banking services to ing. It lets users get nicotine without all the other carci-
the nearly 1 billion people worldwide and the 14 million in nogenic contents and carbon monoxide that come from
the U.S. who don’t have bank accounts. Amazingly—and smoking cigarettes. Vaping is far more effective in helping
unknown to most of the world—such digital banking has people quit inhaling tobacco than are all the other props,
blossomed in Kenya, where millions of people, in response including nicotine patches. Moreover, with many vaping
to the country’s lack of traditional bank branches and ser- devices, users can choose the level of nicotine they vape,
vices, do their banking, in effect, via their mobile devices. including none at all. Vaping has enabled countless num-
China is also light-years ahead of the U.S. when it comes to bers of smokers to give up cigarettes and countless others
digital transactions. not to take them up in the first place, thereby saving mil-


N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M

Steve Forbes Cont.


lions of lives. Them Survive.” Unlike in the rest of RESTAURANTS:
In vivid contrast to those in the Africa, in Botswana the population GO, CONSIDER, STOP
U.S., British health authorities en- of pachyderms has exploded, from Edible enlightenment from our eatery
dorse e-cigarettes as a highly effective 50,000 in the mid-1990s to 130,000 experts and colleagues Richard Nalley,
means of enabling people to give up today. The country can’t handle that Monie Begley and Randall Lane, as well
smoking tobacco. many. “Forced to compete for scarce as brothers Bob, Kip and Tim.
16 Nonetheless American politicians food and water, elephants have been z Tri Dim Shanghai
and government regulators—led by moving out of their usual range into 1378 Third Ave., between 78th & 79th
the FDA—are banning flavored e-ciga- more-inhabited areas—with horren- streets (Tel.: 212-585-3388)
T
N rettes, claiming that they are designed dous consequences,” i.e., the killing and This authentic Shanghainese restaurant’s
E menu is extensive and clever and offers many
M to lure unwary teenagers to take up the maiming of people in rural villages. dim sum dishes. Begin with delicious pan-
M habit. San Francisco—that haven for Hunting would allow villagers to seared dumplings, soup dumplings or steamed
O drug addicts and people who defecate protect themselves, and rogue pachy-
C dumplings or a juicy Peking crispy duck roll.
on sidewalks—has even banned the sale derms “will quickly learn to keep out of There are such classics as moo shu pork and
&
General Tso’s chicken as well as a bespoke
T of vaping devices. The reality is that al- areas where they shouldn’t be.”
C most all vapers—there are about 11 mil- By allowing local communities to section from which you can design your own
F A dish, choosing the vegetable, main ingredient
lion adult users in the U.S.—prefer fla- get a cut of the hunting-license fees, and sauce. The menu has inventive dishes,
•
vors to the taste of unflavored tobacco. they “will gain a strong incentive to such as Ants Climb on Tree (spicy minced beef
As for an “epidemic” in teenage vap- value [the elephants]—and what you stir-fried with glass noodles in garlic sauce).
ing, there is little evidence e-cigarettes value, you take care of.” Fish lovers should try the Red Fire Cracker
Prawns and Scallops tossed with asparagus
have become a gateway to cigarette What about other parts of Africa, and chili peppers. Service is welcoming.
smoking. Smoking among teenag- such as Angola, where the lethal com-
ers has, in fact, declined dramatically bination of rampant poaching and z Lamalo
since the 1990s. continuous civil strife drove the herds 11 East 31st St., Arlo NoMad Hotel
(Tel.: 212-660-2112)
Banning e-cigarettes, prohibiting fla- away, or the African savanna, where Gadi Peleg’s latest foray into the glorious
vored versions or imposing draconian poaching and, to a far lesser extent, flavors of Israeli and Middle Eastern cuisines
taxes (as a number of pols in Congress population pressures have knocked is minting devotees. Fans come for the Daily
and elsewhere are pushing for) would the elephant numbers down 30%? Spread, a $25-per-person extravaganza
that starts with a delectable piece of laffa,
have two bad results: more people smok- These are areas in which an exten- a blistery Middle Eastern flatbread strewn
ing traditional—and highly lethal—ciga- sive program of controlled hunting and, with savory spices. The spread features
rettes, and the rise of black markets for where possible, greater property rights small dishes from a rotating menu that tend
toward the sensational, including hummus,
flavored e-cigarettes, with all the risks of could be extremely helpful. Famed labneh and the otherworldly scordalia, a
unsafe versions that that would entail. Johns Hopkins economist Steve Han- garlicky, almondy potato dip. The dishes and
ke, who years ago did extensive work in laffa keep coming until you ask them to stop.
Kenya on how property rights might z Keens Steakhouse
How to Save the work, recently wrote for us: “Conven- 72 West 36th St.
tional approaches to wildlife manage- (Tel.:212-947-3636)
Elephants ment in Africa have failed, as witnessed With its low ceilings, crepuscular lighting and

by the dramatic declines in wildlife pop- rank upon rank of clay pipes, Keens is the
HOW’S THIS for a counterintuitive ulations.” He concludes, based on his ex- city’s most atmospheric steak house and, for
those who cherish it, home to the pinnacle
idea? One effective way to preserve el- tensive groundwork in Africa, that “only dish for city carnivores: the smoky, mouth-wa-
ephants and other threatened wildlife by establishing secure property rights for tering trencherman’s mutton chop. Standard
in Africa would be to allow controlled land and wildlife would these resources cuts of luxury beef can hold their own against
big-game hunting. be rendered valuable. Markets for them those at any other steak house in the city, and
the (few) nonmeat choices like the Dover sole
Botswana’s president, Mokgweetsi would then develop. They would be receive the same love from the kitchen.
Masisi, recently penned a provocative wisely used, protected and conserved. z Society Cafe
piece for the Wall Street Journal en- The prudent use of resources is, and 52 West 13th St., Walker Hotel
titled “Hunting Elephants Will Help always has been, all about property, (Tel.: 212-300-4525)
prices, markets and legitimate trade.” The newly rechristened restaurant at the
In addition, such rights would cre- Walker is a good choice for an enjoyable
Introducing ate more resources. For example, the meal. The dining room’s skylight gives the
space a cheerful atmosphere, and service is
What’s Ahead, U.S. pig population would plummet, prompt and pleasant. Salads are tasty and
the new podcast hosted and those remaining would become generously proportioned. The frites in the
by Steve Forbes. wild, if suddenly there were no mar- steak frites are boffo, and the ricotta ca-
vatelli is just like mom used to make. Banana
Subscribe now on iTunes ket for bacon, ham, sausage, pork and crème brûlée and the layered chocolate cake
or GooglePlay Store. pork rinds. F are both worth the calories.


F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9



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N EW NE XT




19

By Zack O’Malley Greenburg





































Not even
death could
stop the
rapper from
scoring an
8-figure
income.




Celebrity

Nipsey’s








Never-Ending
KRISTIN CALLAHAN-EVERETT COLLECTION-NEWSCOM








Hustle










N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M

Celebrities Cont.





It wasn’t Rodeo Drive. But rapper
Nipsey Hussle could look around at
the strip mall he’d purchased in South
Los Angeles—home to Baba Leo’s Fish
20 Shack, Steve’s Barbershop and a Boost
Mobile—and fall into a rhapsody about
the area’s potential. He earned his nom TOP-EARNING
R
E de hip-hop selling socks, T-shirts and
N DEAD CELEBS
N other more illicit goods nearby. Now he
U had a vision for redeveloping the plaza
R
T and had started by opening his own 1. MICHAEL JACKSON
N $60 MILLION
O clothing store, calling it The Marathon CAUSE OF DEATH:
R to emphasize his long-term outlook. Overdose/homicide
F
“We want to create enterprise DIED: June 25, 2009
around the music,” the 33-year-old art- 2. ELVIS PRESLEY
$39 MILLION
ist explained in February 2019, seated
Heart attack
in one of the mall’s stores. “As passion- August 16, 1977
ate as I am for music, I . . . have equal 3. CHARLES SCHULZ
passion for making sure that when the $38 MILLION
Cancer
music stops, the thing keeps going.”
February 12, 2000
Seven weeks later, Nipsey Hussle 4. ARNOLD PALMER
was gunned down in front of The $30 MILLION
Marathon. But things kept going. In Heart disease
September 25, 2016
fact, they kept going so well that he
landed at No. 10 on our annual list of 5. BOB MARLEY
$20 MILLION
the top-earning dead celebrities. All Cancer
told, Nipsey Hussle earned $11 mil- May 11, 1981
lion in the past 12 months, a bigger 6. DR. SEUSS
annual haul than in any year he was $19 MILLION
Cancer
alive. In just the U.S., the Grammy- September 24, 1991
nominated rapper clocked 1.8 billion 7. JOHN LENNON
streams over the past 12 months, and $14 MILLION EDITED BY ZACK O’MALLEY GREENBURG; REPORTED BY KURT BADENHAUSEN, MADELINE BERG, HAYLEY CUCCINELLO AND ARIEL SHAPIRO. SOURCES: NIELSEN MUSIC; IMDB; INTERVIEWS WITH
his prescient insistence on maintaining Homicide
December 8, 1980
control of his master recordings means
more cash per spin than most stars 8. MARILYN MONROE
$13 MILLION
in this world or the next. In addition Overdose
to his music, there was his Marathon August 5, 1962
income and a Puma partnership. 9. PRINCE
$12 MILLION
Nipsey Hussle could regularly haunt Overdose
this list if everything in South L.A. goes April 21, 2016 INDUSTRY INSIDERS. FIGURES REPRESENT ESTIMATED PRETAX INCOME FROM OCTOBER 1, 2018, THROUGH OCTOBER 1, 2019.
according to plan—adding apartments, 10. NIPSEY HUSSLE
plus a Nipsey Hussle museum per- $11 MILLION
Homicide
haps—and his heirs release what busi- March 31, 2019
ness partner Steve Carless describes as 11. XXXTENTACION
“hundreds of ideas” in the vault, from $10 MILLION
hooks to verses to complete songs. Homicide
June 18, 2018
“Nipsey was never interested in
piecing together albums that didn’t 12. WHITNEY HOUSTON
$9.5 MILLION
fit a certain level of continuity,” Car- Drowning
less says. “We’re going to be even February 11, 2012
more meticulous about how we get 13. GEORGE HARRISON
$9 MILLION
back to the masses, and how we keep
Cancer
pushing forward his message.” November 29, 2001




F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

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Billionaires 30 Under 30


SECURITY

INDIA’S

100 RICHEST GUARDS
22 It was a challenging
year for India’s Patrolling the digital universe with the
wealthiest. Their Forbes 30 Under 30, in 30 words or less.
R combined worth
E
N dropped 8%, to $452
N billion. Still, some George Avetisov
U
R fared well. Mukesh COFOUNDER, HYPR | 29
T Ambani came in
N No one can remember
O at No. 1 for the dozens of passwords,
R 12th straight year.
F so this Georgian
Infrastructure tycoon
Gautam Adani immigrant is replacing
jumped eight spots to TAP FOR them with biometrics

No. 2; banker Uday like fingerprints. Hypr
Kotak moved into the TEACHER boasts 25 million


top five for the first users and Samsung,
time. Six newcomers MasterCard, T-Mobile,
made the list as well. The son of teachers, Byju Raveendran realized Aetna as clients.
he had a knack for education as an eighth-grade

math whiz tutoring 11th- and 12th-graders
1. MUKESH AMBANI ahead of their exams. Today, at 38, he (along
$51.4 bil S with his family) is worth $1.9 billion, thanks to Robert Lee
Oil and gas, his fast-growing edtech company, Byju’s. The FOUNDER, DRAGOS
petrochemicals startup, which he founded in 2006 and which SECURITY | 30


2. GAUTAM ADANI he says is profitable, raised $150 million earlier Lee is a former
$15.7 bil S this year in a funding round that valued the NSA spook who
Infrastructure business at $5.5 billion. Altogether, it has raised specializes in
roughly $1 billion—more than any other edtech protecting the cyber-
3. HINDUJA FAMILY infrastructure of
startup worldwide—from investors such as
$15.6 bil T critical targets like
Mark Zuckerberg’s Chan Zuckerberg Initiative,

Diversified power plants and oil
U.S. venture firm Sequoia and China’s internet-


4. PALLONJI MISTRY services giant Tencent. Byju’s already has 2.8 refineries. Backed
$15 bil T million paying K–12 students signed up for by $55 million in
Construction its math-and-science tutoring app; in June, it venture capital.
5. UDAY KOTAK launched a cobranded app with Disney aimed
$14.8 bil S at India’s 6- to 8-year-olds. Says Raveendran
Banking of his company: “It’s a passion which ended up
becoming a business.” INDIA BY NAAZNEEN KARMALI (INTRO) AND ANU RAGHUNATHAN (RICHEST BOX). 30 UNDER 30 BY ALEXANDRA WILSON

Unlike on the Forbes Billionaires list, the net worths of India’s 100 Richest include shares held
by extended family members.
Public fortunes were calculated based on stock prices and exchange rates as of September 27.



The Haute List
BILLIONAIRE BUNGALOW GAYATRI GANJU FOR FORBES ASIA; ILLUSTRATIONS BY AARON SACCO

The late Paul Allen had many homes,
including this 21,000-square-foot Alexandre Rebert
mansion with seven bedrooms and
13 bathrooms in Atherton, California— COFOUNDER, FORALLSECURE | 29
recently listed for $41.5 million. Among This “white-hat” hacker and his cohorts get
your neighbors will be Sergey Brin and
Meg Whitman; perhaps Steph Curry paid to try to break into the networks of
will come over to shoot hoops. And, behemoths like the Defense Department
yes, it has lots of windows.
in order to pinpoint security flaws.

F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9
F O R B E S . C O M



F O R B E S I N S I G H T S W I T H H S B C | P A I D P R O G R A M







OUTCOMES OF OPTIMISM Tech Vs. Talent


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N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M



Book Value
Leaders from the worlds
of business, academia,
entertainment and
26 politics share what’s on
their bedside table.


R
E
N
N
U
R
T
N
O Richard Branson
R
F Founder, Virgin;
Forbes 400 member
21 LESSONS FOR
THE 21ST CENTURY
by Yuval Noah Harari








New Billionaire

HIGH NET WORTH




I’d read Yuval Noah Harari’s Seven years ago, selling pot in America was a shady business.
previous books, Sapiens


and Homo Deus, which are But new marijuana billionaire Boris Jordan wasn’t scared off—after all,
full of fascinating insights he had cut his teeth investing in Russia in the early 1990s.
into the past and future of
our species. In 21 Lessons

ling and compassionate B
(Spiegel & Grau, 2018) he oris Jordan moved to Jordan first invested in Curaleaf, then
takes aim squarely at the Moscow in 1992, a year called PalliaTech, in 2012, when recreational
present. He is as compel- after the fall of the Soviet marijuana was legal only in Washington
in his explanations as ever Union. Three years later, the State and medical use was approved in just
but focuses on surprising

specifics to paint a broader then-28-year-old founded 18 states and Washington, D.C. It’s not yet
picture. Whether it’s climate Renaissance Capital, which was one of Rus- a huge company—revenues last year were
change, war, technology or sia’s most successful investment firms before $77 million—but that’s enough to make it

religion, he has a knack for

making daunting, complex the 2008 recession. The Sea Cliff, New York, one of the biggest marijuana companies in
issues relatable and under- native, who studied political science at New the U.S. Pot stocks are highly valued, too:
standable. It’s essentially a York University, still has investments in Rus- Curaleaf’s shares trade in Toronto; Jordan’s
collection of essays, but it
reads like a thriller. sia, including a stake in Renaissance Insur- 31% stake was recently worth $900 million.
I would recommend Harari’s ance, which has $1.1 billion in revenues. Marijuana is now fully legal in 11 states,
books to anyone. They’re The bulk of Jordan’s $1 billion fortune including California, but Jordan is predicting
useful for people wondering
about their place in the comes from an investment he made after he that it will be legal across the entire country

world, just starting to make moved back to the United States in 2012. A in the next three to five years. Of course, le-
their way in it or looking neighbor pestered him to invest in medical galization would bring new competitors into
back on their life so far.

They’re not traditional lead- marijuana. Jordan was initially cool on the a crowded field, but he thinks Curaleaf can
ership books, but they’re full idea, but eventually he came to see paral- stay on top, in part by acquiring rivals like NEW BILLIONAIRE BY HAYLEY CUCCINELLO
of useful leadership lessons. lels between the nascent gray-market pot Grassroots Cannabis, which it agreed to buy
That’s because business is
all about people, and so are industry and doing business in Russia in the this summer for $875 million in cash and ARSENIY NESKHODIMOV
these books—how we live early 1990s. “There were no capital markets stock. Says Jordan, “Competition will grow,
together, work together,

love together and change there, no regulation and a lack of transpar- but those players who come first and have
together. ency,” he recalls. developed brands will win this game.”


F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9
F O R B E S . C O M





CALIBER RM 07-03








RICHARD MILLE BOUTIQUES

ASPEN BAL HARBOUR BEVERLY HILLS BOSTON BUENOS AIRES CHICAGO
LAS VEGAS MIAMI NEW YORK ST. BARTH TORONTO VANCOUVER

www.richardmille.com

BUY, HOLD, SELL

Book Value
Leaders from the worlds
of business, academia,
Moti Shniberg CONTEMPORARY JAPENESE ART entertainment and
28 politics share what’s on
Chairman of MutualArt, their bedside table.
a comprehensive
R online art-market guide
E
N
N
U
R
T
N
O
R Shahid Khan
F
Yoshitomo Nara (b. 1959) Yayoi Kusama (b. 1929) Takashi Murakami (b. 1962) Jacksonville Jaguars
Works by the Tokyo-based Enthusiasm for the polka- With 90% of his work owner; Forbes 400
painter—many of them mildly dot painting and sculpting valued under $10,000, member
unsettling portraits of young queen has abated since its things aren’t looking good

girls—have been rising in 2017 high. Kusama is sure to for the founder of Japan’s THE ANARCHY:

value since 2014. With some stay relevant, but a fall in postmodern “Superflat”
going for over $1 million, this her median price (to $19,000 movement. Despite a rela- THE RELENTLESS RISE OF
might be the last chance to this year, down about 25%) tively strong 2018, overall THE EAST INDIA COMPANY
jump on the Nara train. suggests caution. his work has been under- by William Dalrymple
performing for a decade.

Adam Weinberger BOOKS

Rare-book
dealer, founder of
RareBookBuyer.com







Finance Classics Written Works 19th Century Bibles The Anarchy


Stay bullish on finance. About China A historic 1782 Aitken (Bloomsbury, 2019)

Early editions of clas- British diplomat Lord Bible (the first printed in is a fascinating look
sics can be pricey, Macartney’s 1793 mission the new United States) can
but a signed copy of to China to establish trade cost $100,000, but that’s at how, essentially, ILLUSTRATIONS BY CHRIS LYONS: BIBLE: BRIDWELL LIBRARY SPECIAL COLLECTIONS, PERKINS SCHOOL OF THEOLOGY, SOUTHERN METHODIST UNIVERSITY; NARA BY TONY KYRIACOU-SHUTTERSTOCK;
John Brooks’s Business relations was a failure, the exception, not the rule: merchants from
Adventures, from 1969— but George Staunton’s Nineteenth-century Bibles, Great Britain took
which Bill Gates calls his 1797 account of it recently for example, can be found over India centuries
favorite business book— fetched $9,000. Rare books easily for a couple hundred ago by extracting
recently sold for just about the Middle Kingdom bucks, and buyers are South Asian riches,
$1,625 at auction. are strong, if stabilizing. scarce. adding value in
England and then
exporting those
Tim Ingles and MUSICAL INSTRUMENTS goods as their own.
But they did it while
Paul Hayday joined at the hip
with interests in
Directors at Ingles & India.
Hayday auction house
in London Growing up in KUSAMA BY BERNARD WEIL-TORONTO STAR-GETTY IMAGES; MURAKAMI BY TJ ROTH-SIPA-NEWSCOM
Pakistan, it was
ingrained in me that
the sun never set on
the British Empire,
so this story is close
to me. Sun Tzu’s The
Violins by Nicolas Lupot, Art of War is great
Cellos by G.F. Pressenda, circa 1810 Violins by Charles Jean and has stood the
circa 1845 The French craftsman is Baptiste Collin-Mézin test of time, but BUY, HOLD, SELL BY CHRISTIAN KREZNAR


Italy’s premier 19th-century famed for his fine copies Despite his technical skill, that’s a clichéd
violin artisan. Look for the of the Italian masters, Collin-Mézin’s precise but answer for a favorite
bold, balanced outlines particularly Stradivari. A uninspiring early-20th-
and rich red varnish of his rare wine-red version of an century French School style book. The Anarchy
mature period. Even at an instrument by 16th-century has fallen out of fashion. is a study on early
average of $1.2 million, a luthier Guarneri del Gesù Call your auctioneer and capitalism and very

great investment. can command $400,000. sell at $5,000 to $8,000. well written.

F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9



ANGOLA ARGENTINA BOLIVIA


Bolivia isn’t
really a beer-
drinkin’ coun-
try, but Hernan
Atella, CEO of
CBN Bolivia,
aims to change
that. “We
W O R L D João Macedo leads Grupo Dolores Fernández Lobbe, new habits of
30 want to create
regular—but
Líder, a major grower of
olives, bananas, potatoes CEO of Walmart’s Argen- healthy—con-
tina business, fronts a
R OF sumption.”
E and other produce. package on power women.
N
N CHINA
U F O R B E S
R
T
N
O
R Across the planet, these 35 licensed
F
editions span five continents, 28
languages and 24 time zones.
They all share the same mission: BRAZIL
celebrating entrepreneurial capitalism
in all its guises. Chef David Hertz received the Charles
Bronfman Prize—a philanthropy award The Wandering Earth enjoyed out-of-this-
from the billionaire and his family—for world box office success, good news for
Gastromotiva, which fights poverty and stars Qu Chuxiao (pictured) and Wu Jing,
teaches nutrition. who made Forbes China’s Celebrity 100 list.


CYPRUS CZECH REPUBLIC DUBAI FRANCE GERMANY
Ghizlan Guenez’ fashion
e-commerce site, The Mo-
dist—launched in Dubai in
2017—sells over 180 brands,
including her own.







In a past life, Andreas Max-Hervé George and Pamela Reif muscled her
Tsouloftas was a famous Byron Baciocchi, both way into Germany’s fitness
race car driver. His at- 30, are the masterminds industry, attracting 4.3
tention is away from the Automobilist, a five- behind Ultima Capital, a million Instagram followers,
track now, running his year-old Prague-based mix of hotels and luxury producing a bestselling
eponymous conglomerate startup, turns images residences throughout cookbook and collabora-
with interests in sandblast- from racing history into Switzerland and France. tions with brands like Puma.
ing, recycling and waste posters and fine-art
management. prints.
INDONESIA ISRAEL
GREECE

As KKR is finding out, there’s nothing quite like a Greek
tragedy. The PE giant stepped onstage there in 2016, but
most of its projects have been beset with problems.



GEORGIA HUNGARY INDIA


The sweet spot for Harry “Today we’re protecting the
Sanusi’s Kino Indonesia biggest banks, hospitals,
is getting bigger: The manufacturers in the
company has moved world,” boasts Lior Div, CEO
from its candy origins to and cofounder of
pharma and personal care Cybereason, which hit
products. unicorn status in August. EDITED BY ELISABETH BRIER, ABRAM BROWN AND JUSTIN CONKLIN

ITALY

Romania continues to The running business One of the country’s top
be a major oil supplier to in Hungary is off to the Mmm, mmm! Johny Hot business schools, SDA
Georgia, particularly the races—with a boom in Dog, a food stall in Indore, Bocconi, has adopted a
Petromidia refinery, one competitions (around 25 serves up Uber Eats’ most new class structure, al-
of the most important per weekend) and the popular dish in Asia. Its lowing students to pursue
sites in the industry. burgeoning Budapest vegetarian hot dog gets courses when and where
Marathon Festival. 3,000 orders a day. they want.

F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

JAPAN KAZAKHSTAN KOREA
Artist Kouji As young men,
Tajima created they were stone
the concept art masons. Today
for Godzilla and Aidyn Rakhim-
Tim Burton’s bayev and Evgeny
Miss Peregrine’s Evdokimov run
Home for Pecu- BI Group, one of
liar Children. Kazakhstan’s larg-
est construction
companies. 31

LATVIA

The largest F
solar-panel park MEXICO R
in Latvia has MONGOLIA O
been powering N
Salaspils with its Mongolia’s benchmark T
stock index has rallied
supply of warm over 85% in the past three U
R
water thanks to years since Davaasuren N
Ina Bērziņa-Veita, Sodnomdarjaa became N
CEO of Salaspils chairman of the Financial E
Silturns, a heating Regulatory Commission in R
company.
July 2016.

Meet Young-Mi Youn,
“End the era of open . . .
NIGERIA trade,” says Raúl Gutiérrez the meat mogul
Muguerza, CEO of Deace- behind Highland
Designer Betu ro, a top steel company. Food, which she has
Kumesu’s luxury He believes Mexico’s grown to $36 million
handbags come exports have damaged its in sales.
handmade by six manufacturers.
Nigerian artisans
from the nation’s PORTUGAL
Kano region. A PANAMA Companies like Pinterest
recent collection’s are increasingly turning
inspiration? The to Unbabel’s AI-powered
patterns and motifs software to translate
from the Congolese languages.
Kuba Kingdom.


ROMANIA SLOVAKIA


POLAND
Central America is witness-
ing a fintech boom. There Begone! An increasing
were over 1,400 last year, a number of European and
66% increase since 2017. other global cities are suf-
fering from a tourist deluge
and considering how best to
SOUTH AFRICA protect their cities from the
growing hordes. TURKEY
Travel mogul Neşet Koçkar
THAILAND hopes to resurrect Thomas
Cook, the British tour
operator that unexpectedly
In Bratislava, Pavel Pelikán
Over one million people is putting up the city’s first folded in September.
flocked to Romania this true skyscraper (550 feet
year to attend a surging tall). In London, his J&T
number of music festivals Real Estate is erecting two
like Untold, Neversea and residential towers along the
Electric Castle. Thames River.

RUSSIA SPAIN

Energy giants Lukoil and Vanachai Group, a maker
Surgutneftegas and gro- of wood panels and floor-
cery chain X5 Retail lead ing, is hoping to rebound
a list of Russia’s biggest after high U.S. tariffs hit it
companies.
hard in 2018.

A professor at South
Africa’s University of VIETNAM
the Witwatersrand, More than 50,000
Marcus Byrne, is students across
studying dung
On Forbes Spain’s new beetles, hoping to Vietnam are
list of the top influencers: take observations piling into the
gamer Samuel de Luque, on how they live and schools run by the
who has 27 million You- move and apply them Nguyen Hoang
Tube subscribers. to robotics. Group, a former IT
company.

N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M

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N O V E M B E R 3 0 , 2 0 1 9 F O R B E S . C O M

PO O R I N N OVAT I ON
After we published our list of America’s 100 most
innovative leaders in September, readers quickly
pointed out a fundamental flaw: It included only
one woman, Ross Stores CEO Barbara Rentler.
Poor oversight and poor methodology led to a
36
poor list. We’re pledging to use this feedback on
our mistakes to take active steps to do better.
Among other initiatives, we’re dedicating a section
R
E of Forbes.com to a new coverage area, Inclusive
N Capitalism, which will focus on making sure
N everyone has a seat at the table and an equal
U
R chance to achieve success—and an extra issue
T of Forbes will be devoted to it.
N
O
R
F Conversation
@VALERIEJARRETT: “Come on, @Forbes.
If your methodology produced only one
FILTHY RICH? woman out of the 100 most innovative
leaders, obviously you should have
challenged it rather than publishing it.”


@MARCBENIOFF: “Thank you
@Forbes for once again includ-
T enough to qualify for The Forbes 400, for one thing. fortunate to have so many SARAH PECK: “Congratula-
wo billion bucks isn’t what it used to be. It’s not
ing me on your innovative-
leader list. We are very
tions to those named on the
Our 38th annual tally of America’s wealthiest people
list. Let’s hope next year
counted a record 221 billionaires (including boldface high-quality innovators in our brings recognition of female
industry. We need much more
names Michael Jordan, Kylie Jenner and Jay-Z) female representation on this contributors. It’s hard to
list—especially in the top 10!” believe that only men are
who aren’t rich enough to earn admission to the club. (The cut - ‘creative and successful
off: $2.1 billion.) Members’ average fortune was $7.4 billion, up business minds.’ ”
$200 million from a year ago. An election is coming, and so is the
@HERMINIAIBARRA:
inevitable backlash. Tweeted Americans for Tax Fairness, “If the “It’s worth learning from
staggering gap between the rich and the rest of us, as so perfectly how the @Forbes ‘innovative
leader’ list ended up with
illustrated by The Forbes 400, isn’t a reason to begin a #WealthTax
only 1 woman on it, because
in this country, we don’t know what is.” Taking the opposite view that is how gender bias
was Kendell Angeleson LinkedIn: “#Forbes400 is a true inspiration, happens. The list was derived
using ‘objective,’ quantified
a collection of Americans we should all strive to be like.” criteria. The aim was scien-
tific. But those criteria are
highly subject to bias.”

THE IN TE R EST GR APH

1,705,679 views The Forbes 400


163,557 Donald Trump’s Sons Have Sold More Than $100 Million of His Real Estate Since He Took Office

MARIANNE
160,597 MacKenzie Bezos Is Now Worth $36.1 Billion. But Who Is She? MCINTYRE:
“Shameful that in
2019 you can only
112,895 The Impact 50: How the Ultrarich Are Investing in the Future come up with one
AMANDA SCULLION woman out of a
RESPESS: “Disgraceful. choice of 100.”
71,518 Newcomers: These 19 Billionaires Join The Forbes 400 in 2019
I want to see Joanna Coles,
Indra Nooyi, Michele Buck,
Leslie Berland (previously
45,947 MacKenzie Bezos and the Other 55 Richest Women in America 2019
featured by Forbes, BTW),
BY KRISTIN STOLLER
Melanie Perkins of Canva
38,671 13 Under 40: Here Are the Youngest Billionaires on The Forbes 400 and so many more.”


6,078 THE BOMB: Here Are the 27 Billionaires Who Dropped Off The Forbes 400



F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

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39


TECHNOLOGY P
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Can a giant pile of data beat
human expertise in the design of
miracle drugs? may

come up with a surprising answer.




B
E
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N O V E M B E R 3 0 , 2 0 1 9 F F O R B E S . C O M
O
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S
.

Daphne Koller Cont. weeks instead of years,” Koller says.



N made in heaven” for investors, she says. Within six
AI plus biology, her background, was a “marriage


months Koller raised $100 million from ARCH
Ventures, Andreessen Horowitz, Foresite Capital,
40 Alphabet’s venture fund GV and Third Rock, with

Jeff Bezos and others joining later. In April, she
N HOW TO PLAY IT landed a deal with Gilead Sciences that gives Insi-
According to
O tro $15 million now with $1 billion to follow if it
I Gary Robinson helps find a treatment for a deadly form of nonal-

V A T Quantum com- coholic fatty liver disease. The disease is expected to
O puting and AI are soon become the leading cause of liver transplants.
N massive tailwinds
N Not many scientists get for healthcare “There are very few individuals who understand
I research and San
solicited for photo ops, but for Daphne Koller it’s a both sides of the beast,” says Mani Subramanian,
R Diego’s Illumina
O regular occurrence. “It happens at pretty much any leads the way. Its who heads liver disease clinical research at Gilead.
F
event that has tech people,” Koller says when asked machines have “The biology as well as the deep learning.”
N lowered the cost
O about one recent snapshot. “It’s a little awkward. of sequencing a Insitro’s future payouts from Gilead hang on

I whether it can identify five proteins that could be
T It’s not like I feel like this is something I deserve.” human genome
P

I Selfie requests are just one sign of Koller’s star- from $10 million targets for drugs and then whether targeting those
R in 2007 to $1,000
C dom, earned from more than 20 years bridging and are chang- proteins leads to approved therapies for the liver
S computer science, biology and education. She disease. The contingent payments, which include
E ing how cancer
R chalked up a string of accolades along the way: screening and revenue sharing from successful drugs, helped Insi-
P
getting a master’s degree from Jerusalem’s He- research is done. tro earn a spot on Forbes’ inaugural AI 50 list of the
— “We are moving
most promising artificial intelligence companies.

Y brew University at 18; becoming a Stanford Uni- from a world
G versity professor focused on machine learning at where decisions More than 20 other startups are chasing the
O on which drugs
L 26; winning, nearly a decade later, a Mac Arthur to give a patient dream of faster, cheaper drug discovery through
O were primarily AI. Among them are Notable Labs, with $55 mil-

N “genius grant” for research that combined artifi-
H cial intelligence and genomics; cofounding $1 bil- made on edu- lion of venture capital, and Verge Genomics, with
C cated guesses

E lion (valuation) Coursera, an early platform to let to one where $36 million. Novartis has announced a five-year
T
people around the world take university classes they are made AI collaboration with Microsoft, and Merck and
on the basis of
for free. data,” says Gary GSK have startup partnerships as well.
The next act for this 51-year-old innovator: In- Robinson, a port- Artificial intelligence does not make biology

folio manager

sitro, a firm in South San Francisco that aims at $260-billion- easy. “I don’t think the platform can be magic,”

to find new drugs by sorting through masses of in-assets Baillie Koller says.

data. If it succeeds, it will have overturned how Gifford. A recent Before Insitro can reap rewards, a few hundred
dip in sales
drugs get discovered. thousand lab tests need to happen. Koller has the
growth caused



Lab biologists typically focus on a few specific Illumina shares to energy. Bouncing around Insitro’s office—she
proteins as drug targets. If those fail, data scientists drop by 25% from gave away her desk chair to one of her 53 employ-
record highs, but
make suggestions for others to try. Insitro, on the Robinson shrugs ees because she never used it—she moves from
other hand, wants to collect much more data be- at the volatility. a room named Macrophage (a white blood cell)

fore the biologists go off on their hunt. It will le- “The healthcare to one named Elastic Net (a data-modeling tech-
sector is large

verage advances in bioengineering (such as Crispr and inefficient nique) to show off the latest lab equipment.


gene editing) and in software that enables comput- and therefore it is Big Pharma’s interest would seem to make In-
ripe for change,”
ers to see things that escape humans. sitro a likely acquisition target if it hits pay dirt.
he says, “Illumina
Koller describes her aha moment this way: is the primary But Koller says she doesn’t want to see Insitro

“Machine learning is now doing amazing things beneficiary.” “swallowed into the maw” of a larger organiza-

if you give it enough data. We finally have the op- tion. She wants it to make its own branded drugs.
portunity to create biological data at scale.” The ultimate goal is that the people asking for HOW TO PLAY IT WRITTEN BY ANTOINE GARA; PATRICK WELSH FOR FORBES
Insitro’s computational experts and biologists photos ops will be healthier thanks to Insitro.
work together to create lab experiments to pro- Koller says she hopes they come up to her and
duce massive custom data sets. Machine learning say, “Because of you, I have my life back.” F

models then find patterns to suggest new tests
and potential therapies. Robotics like automat- F IN AL T HO UG HT
ed pipetting machines reduce human error. With “DATA TRUMPS EVERYTHING.”
all this, Insitro can do “experiments in a matter of —Josh Estelle, a lead engineer for Google Translate
F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9

DIAGNOSTICS MEDICAL DEVICES NUTRITION

CONTRARIAN ENTREPRENEURS

By Chloe Sorvino Photograph by Aaron Kotowsk for Forbes


High Tea






42
After three generations, the Bigelow clan has steadfastly remained upscale in a

S down-market world. All it took was bagging the family drama.
T
N
A
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L
L
A
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S


































C old product line. It’s so not cool and relevant.’ But Tea Time










“People say, ‘Oh, look at that little conventional
CEO Cindi Bigelow
drinks a cup of
I’m like, ‘Wait, whoa-whoa-whoa!’ ” she says. “We
Constant Comment
put everything into the product. Everything.”
at company
headquarters in
The CEO of Bigelow Tea revels in this show of Fairfield, Connecticut.
quality—for her, a key ingredient to remaining the The plant attached
to the offices seals
top specialty tea seller in the U.S. The Bigelows have 178 tea bags every
Cindi Bigelow rips open a accomplished what is only a half-steeped dream for minute.
bag of her family’s Earl Grey tea, splaying the con- most family businesses: passing the company down
tents out on a crisp white napkin to highlight the from the first generation to the second and, with
dark, black leaves inside. With the scent of Calabri- Cindi, 59, to the third.
an bergamot lingering, she tears open two more A lot of credit goes to holding firm to tradition,
bags from much larger competitors, dumping each including still using the recipe Cindi’s grand-
onto the napkin, huffing at the contents: synthet- mother created in her kitchen in 1945 for its sig-
ic white flavor crystals in one, pieces of light brown nature Constant Comment tea. Her father, Da-
tea plant stem, a bitter-tasting filler, in the other. vid, took over the business from her grandmoth-


F O R B E S . C O M N O V E M B E R 3 0 , 2 0 1 9



Bigelow Cont.



pretty significant conversation to get to that place.”

Bigelow now produces two billion tea bags from
Little Big Picture its three plants every year, feeding a product line
RELATIVE FAILURE that comprises 150 flavors. It shuns the more in-

dustrial “cut-tear-curl” drying practices as well as
There are nearly 5.5 million family-owned businesses
44 in the U.S., but not many of them are especially long buying cheap tea like a popular kind used by many
in the tooth. Some 88% of family-business owners say competitors, which is officially classified as “dust.”



they’d like to pass the firm on to Junior or Granddaugh- While most competitors long ago stopped sourc-

S ter, but companies that try to keep it in the bloodlines HOW TO PLAY IT
R over the decades mostly just end up bloodied: ing from Sri Lanka because of the high costs there, by William
U
E 30% Bigelow still buys from dealers it has worked with Baldwin
N for years, purchasing tea leaves only from moun-
E 12% Bigelow Tea

R taintop farms, where the flavor is crisper. has designated
P 3%

E Says Richard Enticott, a veteran botanicals bro- itself a “benefit
R corporation,” one
T of family-owned get to the third make it to the ker who works with Bigelow and its competitors: that purports to
N businesses survive generation fourth generation
E into the second “They’re not hard negotiators because they recog- have the interests
of society and
• generation nize their partners need to be successful. In a lot of
the environment
N negotiations we do, price is everything.” in mind as much
A Source: The Family Business Alliance.


I Bigelow is now registered as a benefit corpora- as those of profit-
R grasping share-
A tion in Connecticut, which requires businesses to holders. Smart
R
T er in 1959 and ran it for 45 years, transforming it have a positive impact on workers and the envi- move, given that
N from a niche, mail-order gift shop brand into a ronment. It also received national certification this socialists are on

O the warpath. You
C grocery store staple. Cindi, the younger of his two year as a B Corp thanks to longtime practices like can’t buy shares
daughters, joined in 1986 armed with an M.B.A. giving bonuses to all plant workers based on annu- of Bigelow, but
from Northwestern and spent two decades work- al sales and converting its three plants to renewable you can tilt
to companies
ing her way through the business, starting in the energy. that apply a
accounting department. It has also defied an industry consolidation trend, protective layer

of “stakeholder”
This is not to say the Bigelows didn’t spill a lit- led by Unilever, which has rolled up brands like talk over their
tle tea along the way. They both had to contend Lipton, Pure Leaf, Pukka and, most recently, Tazo, affairs. In the

with a generational transfer—a particular chal- which it acquired from Starbucks for $384 million Forbes ranking of
socially conscious
lenge for David—and keeping up in a $12 billion in 2017. Bigelow, the only independent top-selling exchange-traded
global industry that favors mass commercializa- tea company left, would likely fetch far more, and funds, the leader



tion, consolidation and low costs. Nonetheless, PE firms and public companies call at least once a in cost efficiency
is Xtrackers MSCI
Fairfield, Connecticut-based Bigelow Tea, which, week, Cindi says. So far they’ve all been rebuffed. USA ESG Leaders


like all our Forbes Small Giants, values greatness David and his wife, Eunice, both well into their Equity; holdings

include Microsoft,
over growth, has doubled in revenue since Cindi 90s, still mix each batch of Constant Comment Alphabet and
took over in 2005, now with $200 million in an- monthly, working behind the only door in the plant Walt Disney.
nual revenue. that doesn’t have a window, taping over the security Vanguard’s
environment-so-
“He felt, I’m sure for years, that he was the best cameras before they start mixing. They shared the cial-governance

one to probably run the company,” says Cindi. recipe with their daughter only five years ago. Cindi fund is almost as
“Sometimes that generation will be very control- may have to decide someday when to share it with cheap.
ling; it has to be their way. That’s a kiss of death.” her two children, both in their 20s, who will inher- William Baldwin is
Forbes’ Invest-
As Cindi’s experience at the company grew, so it the business when she’s gone. ment Strategies
did the pushback. She proposed a line of holiday- “One of the reasons we never sold this compa- columnist.
themed teas, but David didn’t have any interest in ny,” says David, “was because the first day we sold it,


flavors like pumpkin spice or eggnog. Then came they’d open up a Constant Comment tea bag, count
a push into natural grocery stores, but he disliked the number of orange peel pieces and go, ‘There
the idea of piling on more costs to get shelf space were 15 pieces of orange peel in it. That’s ridiculous.
and consumer awareness. The tense arrangement They don’t need more than 10.’ ”  F
lasted for years and wasn’t sorted out until Cindi
called a family meeting to unload on her 79-year-
F I NA L T HOU G H T
old father.
“I explained to him what his actions were doing “IN A FAMILY BUSINESS STRUCTURE,
SOMETIMES WHAT IS NEEDED IS PATRICK WELSH FOR FORBES
to me personally. And once he heard that, every-
A SENSE OF DISCIPLINE RATHER
thing melted away,” she said. “It became about do- THAN CREATIVITY.”
ing the right thing for the family, but it did take a —Ashwin Sanghi


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CONTRARIAN ENTREPRENEURS

By Vicky Valet Photograph by Michael Prince for Forbes



LinkedIn for





46 the Working Class



S
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O How Jobcase is building a $1 billion social networking site for warehouse employees and waitresses.
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a social media job-search platform for blue-collar Man for the Job
and service-industry workers. Jobcase founder
“That site literally changed my life,” says Con- Frederick Goff at
his headquarters
treras, 55. A free sign-up granted her access to in Cambridge,
Massachusetts. In 1991
millions of job listings and a stream of help- he hitchhiked from
ful posts written by strangers, many of whom Toledo to New York
City to land his first
were contending with the isolating experience of full-time job.
searching for work. Through a link posted by a
Sasha Contreras despaired member, in late July 2017 she got a customer ser-
when she had to quit her $12-an-hour Xerox cus- vice job that paid $10 an hour. Two years later
tomer service job and uproot her life in Yelm, Jobcase led her to another customer service job
Washington. Her husband was starting work as a that paid $13 an hour. Though she’s not looking
chef at a casino in rural Mississippi in February to make a move, she logs on to Jobcase daily. “If
2016. A year later she discovered he was having an I see something that touches me, I’ll respond be-
affair after 17 years of marriage. Unemployed and cause I remember what it was like to be looking,”
alone, she spent every waking moment searching she says.
Google for jobs. Then she stumbled on Jobcase, “We’ve got to do this for everybody,” says Fred-


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