Forbes - USA (October 2019)

OCTOBER 31, 2019



















































The Winner
Shari Redstone

“It wasn’t my battle

for me. It was
my battle for him.”



SPECIAL ISSUE



The Forbes 400




Richest People




in America

To general insurers, all small businesses

look the same.




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Hiscox.com or call 877-490-2016.

OCTOBER 31, 2019


















































The Dealmaker

Orlando Bravo

“The opportunities
today are
the biggest
I’ve ever seen.”








SPECIAL ISSUE



The Forbes 400





Richest People




in America

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Hiscox.com or call 877-490-2016.

OCTOBER 31, 2019


















































The Legend

Barry Diller

“I wish I had invented
a single company.

But I also wish I could
dance like Fred Astaire.”







SPECIAL ISSUE



The Forbes 400





Richest People




in America

3
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Hiscox.com or call 877-490-2016.

OCTOBER 31, 2019


















































The Dreamer

Philip Anschutz

“My wife calls it
a psychosis.”












SPECIAL ISSUE



The Forbes 400





Richest People




in America













OCTOBER 31, 2019 Volume 202 | Number 8






INSIDE
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FORBES 4OO

BEGINNINGS

118
All great stories—and great fortunes—
start someplace. And in our 38th annual
ranking of America’s richest people, we
focus on how The Forbes 400 got going.
Spielberg had Jaws; Murdoch the Daily
Mirror; Dell his dorm room PCs. There is
no single path to the top.




































Clockwise from top left: Bill Gates, Steven Spielberg, Ralph Lauren, Rupert Murdoch, Michael Dell, Oprah Winfrey.

C O V E R P H O T O G R A P H S B Y J A M E L T O P P I N F O R F O R B E S
F O R B E S . C O M





FINISHED IN RARE



FRENCH CUVÉE CASKS






GLENFIDDICH SINGLE MALT SCOTCH WHISKY, 40% ALC./VOL.
©2019 IMPORTED BY WILLIAM GRANT & SONS. NEW YORK, NY. SKILFULLY CRAFTED, DRINK RESPONSIBLY.

25 28 30









14



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FRONTRUNNER 137
Investors with Intent
25 | Ghost Writer
MacKenzie Bezos is an author, an Never before has it been
early Amazon employee, a billionaire— more on trend to do
and isn’t talking. good with your dollars.
Forbes has put together
28 | Binary Billions The Impact 50 to high-
Unless you inherited it, if you’re under 40 light some of the most
and on the 400, you made your money notable impact investors,
online. from billionaires to pop
stars to athletes.
30 | Maybe Next Year
Edited by Kristin Stoller
A record 221 American billionaires didn’t and Jonathan Ponciano
make The Forbes 400.


32 | Declined or Deceased
A $400 million gift and one big fizzle: 27
Forbes 400 members fell off the list.
36 | The High Cost of Living Well

It’s expensive to be rich: Our Cost of Living
Extremely Well Index rose 3.4% this year. THE FORBES 400

EDITORS
38 | The NFL’s Most Valuable Teams LUISA KROLL AND KERRY A. DOLAN
Stan Kroenke’s L.A. Rams have quadrupled ADDITIONAL EDITING
JENNIFER WANG
in value in just five years.
WEALTH TEAM
ANGEL AU-YEUNG, DENIZ ÇAM, CARTER COUDRIET, HAYLEY CUCCINELLO, ELANA LYN GROSS, MAX
40 | The Anti-Trump Trumps JEDEUR-PALMGREN, NOAH KIRSCH, ANDREA MURPHY, CATHERINE PERLOFF, JONATHAN PONCIANO,
KRISTIN STOLLER, GIACOMO TOGNINI, ANNABELLE WOODWARD, WILL YAKOWICZ
Since their father became president,
REPORTERS
Trump’s sons have run the business in a MADELINE BERG, LAUREN DEBTER, ANTOINE GARA, CHRISTOPHER HELMAN, CHLOE SORVINO,
decidedly un-Donald-like way. SAMANTHA SHARF, NATHAN VARDI.
ADDITIONAL REPORTING
DAN ALEXANDER, KURT BADENHAUSEN, ELISABETH BRIER, BIZ CARSON, MICHAEL DEL CASTILLO, JILLIAN
21 | Fact & Comment D’ONFRO, ZACK O’MALLEY GREENBURG, NAAZNEEN KARMALI, JEFF KAUFLIN, ALEX KONRAD, CHRISTIAN
Steve Forbes KREZNAR, CHASE PETERSON-WITHORN, MATT PEREZ, MATT SCHIFRIN, ARIEL SHAPIRO, GLENDA TOMA.
RESEARCH
Wealth: The Democrats don’t get it. SUE RADLAUER
PHOTO RESEARCH
190 | Thoughts MERRILEE BARTON, KRISTINE GENTILE SMITH, GAIL TOIVANEN
DATABASE MANAGEMENT
On listening. DMITRI SLAVINSKY

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

We speak Mandarin, Java,






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Together we thrive



HSBC Bank USA, N.A. Member FDIC. Copyright 2019. ALL RIGHTS RESERVED.

82 | A Force of Nature
Billionaire oilman Phil
Anschutz is gearing up for
one last act, moving from
fossil fuels to—gasp!—
renewable energy. But he’s
16 in it for a different shade
of green. Will Anschutz’s
$8 billion wind farm be his
S
T ultimate windfall?
N
E By Christopher Helman
T
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44 | The Real-Life Succession
Shari Redstone faced a vicious uphill battle for her father’s company—including, at times, with
Sumner Redstone himself. Finally victorious in uniting Viacom and CBS under her, she tells
her side of the story for the first time.
By Dawn Chmielewski


























72 | Barry Begins Again

Most tech billionaires are
precocious revolutionaries.
Then there’s Barry Diller.
The former Hollywood
mogul has ground his way
58 | Wall Street’s Best Dealmaker
to a $4.2 billion technology
Orlando Bravo peaked as a competitive tennis player as a junior
fortune, one unsexy spinoff
in the 1980s, but he is the undisputed world champion in a far
at a time—and at 77 he is
more lucrative game: private equity.
about to start afresh.
By Antoine Gara By Antoine Gara



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

grand-seiko.com

Sidelines

Wealth Mavens


In 1981, the great Malcolm Forbes came up with the au-
OCTOBER 31, 2019 | VOLUME 202 NUMBER 8 dacious idea to compile and rank the richest Americans,
CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE choosing 400 in a nod to Caroline Astor’s fabled ball-
18 18 EDITORIAL room, and perhaps also to alliteration. Forbes continues
RANDALL LANE, Chief Content Officer to put the resources, time and talent into this iconic jour-
Director, Editorial Operations: Caroline Howard; Executive Editors: Kerry Lauerman, Michael Noer
nalistic enterprise, a public service that provides some
S Assistant Managing Editors: Frederick E. Allen, Jessica Bohrer (Editorial Counsel), Kerry A. Dolan, Luisa Kroll,
E Rob LaFranco, Laura Mandaro, Janet Novack, Michael Ozanian, Matt Schifrin, Michael Solomon, Alex Wood transparency on those who influence so many spheres of
B Senior Editors: Susan Adams, Dan Alexander, Kurt Badenhausen, Steven Bertoni, Abram Brown, Dawn
R Chmielewski, John Dobosz, Amy Feldman, Zack O’Malley Greenburg, Christopher Helman, Alan Ohnsman, life in the U.S.
O Susan Radlauer (Research), Jennifer Rooney, Tina Russo McCarthy, Nathan Vardi, Merrill Vaughn
F Deputy Editors: Rob Berger, Jeremy Bogaisky, Anne Glusker, Brett Knight, Iain Martin, Andrea Murphy, Helen For this year’s list, 40
A.S. Popkin, Chuck Tannert, Halah Touryalai, Jennifer Wang, Taesik Yoon; Associate Editors: Thomas Brewster,
Ashlea Ebeling, Julius Juenemann, Alex Knapp, Alexander Konrad, Maggie McGrath, Michael Nunez, Chase reporters made calls, met
Peterson-Withorn, Vicky Valet
with billionaires, scruti-
Staff Writers: Angel Au-Yeung, Madeline Berg, Biz Carson, Michael del Castillo, Lauren Debter, Jillian D’Onfro,
Antoine Gara, Jeffrey Kauflin, Asia Martin, Samantha Sharf, KellyAnne Smith, Chloe Sorvino, Michela Tindera, nized documents, read
Ruth Umoh, Andrew Wendler, William Yakowicz
Reporters: Noah Kirsch (Chief); Deniz Cam, Carter Coudriet, Hayley Cuccinello, Elizabeth Daffin, David footnotes and talked with
Dawkins, Tanya Klich, Matthew Perez, Jonathan Ponciano, Christina Settimi, Chris Smith, Kristin Stoller, Marty
Swant, Glenda Toma, Alexandra Wilson analysts and experts to
Assistant Editors: Justin Conklin, Katherine Love (Associate Managers, Editorial Operations); Elisabeth Brier, Ken- come up with the numbers.
drick Cai, Marley Coyne, Brianne Garrett, Sarah Hansen, Dan Kleinman, Christian Kreznar, Monica Melton, Sofia
Lotto Persio, Leah Rosenbaum, Ariel Shapiro, Alexandra Sternlicht, Kristin Tablang, Samantha Todd, Hank Tucker
And for the past nine years,
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 this massive project, as well
O’Neill, Robin Regensburg, Robyn Selman, Jasmine Smith, Gail Toivanen, Elena Torres Luisa Kroll and Kerry A. Dolan
as the even more massive
Social Media: Shauna Gleason (Director); Dario Foroutan, Natasha Lekwa, Baylee Mozjesik, Evan Spadaccini
Video: Tim Pierson (Director); Greg Andersson, Leah Bottone, Meghan Christensen, Ivan Clow, Julia Ferrier, challenge of tracking every
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: billionaire in the world, has been jointly overseen by as-
Travis Collins, Kyle Kramer
SALES AND MARKETING sistant managing editors Kerry A. Dolan and Luisa Kroll.
MARK HOWARD, Chief Revenue Officer “We pound the pavement and put in the hours to come
AD SALES: Jessica Sibley (Chief Sales Officer); Maria Aiza Contro, Aaron Andrews, Julia Aziz, Jake Bell, Leann
Bonanno, Marissa Brown, Shae Carroll, Andrea Celis, Samantha Charlino, Seema Chaudhari, Julie Chisar, Ruth up with the best, most defensible list out there,” Kroll
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 Haas, Shauna Haras,
Megan Hennessey, Daniel Hennessy, Matthew Herrmann, William Hosinski, Victoria Kreher, Martina Landeka, says. “And each year we begin anew trying to improve our
Kaly Leonoudakis, Jordan Loredo, Brian McLeod, Tara Michaels, Leah Monroe, Dana Moretti, Matt Muszala,
Ryan Queler, Paul Reiss, Melanie Ruderman, Jesse Silberfein, Abbey Smith, William Thompson, Laura Villaraut, numbers from the previous year.” Adds Dolan, “These ti-
Kyle Vinansky, Adam Wallitt, Charles Yardley, Casey Zonfrilli tans of industry are used to calling the shots—some don’t
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 like it when Forbes doesn’t just fall in line.”
Growth Officer), William Delehanty, Samantha Evans, Erica Ferraro, Moira Forbes (EVP, ForbesWomen), Kristine
Francisco, Ross Gagnon, Cara Gilmartin, Ashley Grado, Matthew Haensly, Julie Hildenbrand, Adelaide Hill,
Olivia Hine, Merryl Holland, David Johnson, Kari Jones, Nicolette Jones, Evelyn Kanu, Juliana Longo, Brian Between them, this dynamic duo, with perches on both
Lee, Douglas Lopenzina, Erika Maguire, Scott McGrath, James Mentzinger, Sophia Minassian, Sade Muham-
mad, Alexis Murillo, Romy Oltuski, Jahcelyne Patton, Zehava Pasternak, Alexi Potter, Jennifer Ramos, Allison coasts, has almost a half-century of experience at Forbes
Rickert, Claire Robinson, Joshua Robinson, Danielle Rubino, Claire Ryan, Robert Salgado, Peter Sarnoff, Lynn
Schlesinger, Andrey Slivka, Allyson Souza, Gregory Spitz, Kara Stiles, Samantha Strassman, Neha Tandon, dissecting the fortunes of the richest and most powerful.
Rashaad Denzel Toney, Meenal Vamburkar, Liz Walsh, Jason Webster, Janet Yin
DIGITAL REVENUE OPERATIONS: Achir Kalra (SVP, Revenue Operations and Strategic Partnerships); Kazuki Kroll remembers spending hours as a young reporter on
Akiba, Gaston Alegre, Sergiu Bucur, Sal Cangeloso, Lisa Chiobi, Andrew Dizon, Lindsay Ellis, Danielle Gilman,
Rachel Goroff, Lauren Gurnee, Victor Lee, Emily Lewis, Nicole Lewitinn, Kelly Mui, Casey Riordan, Rebeca her first wealth assignment figuring out how to value a
Solorzano, Steven Song, Jacqueline Subramaniam, Alyson Williams
FORBESLIVE: Sherry Phillips (SVP); Andrea Cantor, Jessica Charles, Chardia Christophe, Alex Engel, Lindsay Ezyko- South African billionaire’s game park, down to how much
wich, Julieanna Gray, Nicole Kerno, Susan Kessler, Michael Martin, Sydney Melin, Menaka Menon, Nicole Mittman,
Jimmy Okuszka, Mary Margaret Soderquist, Elizabeth Strozier, Shelby Tompkins, Blair Walther, Jessica Wolf a zebra was worth versus a lion. A few years ago, Dolan
DIGITAL wrote an award-winning exposé on Saudi Arabia’s Prince
SALAH ZALATIMO, Chief Digital Officer
PRODUCT: Nina Gould; Terrence Agbi, Youssef Drihmi, Nina Foroutan, Kelly Hanshaw, Erica Ho, Mike Medric, Alwaleed that famously correlated how his holding com-
Martin Navarrete, Dayne Richards, Ebony Shears, Nick Shippers, Grant Tunkel, Katie Ward, Mila Wentrys pany’s thinly traded stock magically spiked each year
CORPORATE TECH: Peter Hahm (Director); Jiten Bhojwani, Christopher Frank, Justin Harris, Adaze Idehen-
Amadasun, Paul Motta right before Forbes finalized its rankings.
DESIGN: Sara Amato, Dan Revitte, Nick DeSantis, Andres Jauregui, Joy Hwang, Adrienne Michalski
E-COMMERCE: Madeline Kaufman Valuation is both science and art—the ultimate value of
ENGINEERING: Vadim Supitskiy (SVP); Adrian Ali, William Anderson, Ken Barney, Don Cao, Brian Chamberlain,
Chris DeLeon, Mudit Dhawan, Philip Diaz, Stephen Dotz, Jaekyung Ha, Benjamin Harrigan, Daryl Kang, Johnny any private asset, after all, is what someone is willing to
McCampbell, Marissa Orea, Drew Overcash, Sungmin Park, Sameer Patwardhan, Mads Pedersen, Joseph
Pietruch, Ronak Ray, Charles Rea, Rodney Rodriguez, Kyle Rogers, Aaron Romel, Kelly Sample, Alexander pay. But Dolan and Kroll have a few hard-and-fast rules:
Shnayderman, Zachery Shuffield, Dmitri Slavinsky, Scott Warner, JD Weiner, Forrest Whiting, Heath Woodson,
Boris Yakubchik Take no one solely at their word. Get documentation. And
CORPORATE when in doubt, err on the low side. Taken collectively, The
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 Forbes 400 offers incredible insights into how to succeed
Garcia, Christie Hansen, Giedre Kristahn, Christopher Labianca, Nina LaFrance (SVP, Consumer Marketing), Jef-
fery Lamperti, Irina Lerman, Stephanie Lewis, Penina Littman, Jaclyn Liu, Christopher Lopiano, Andrea Manis- in America. And what about those list members who
calco, Natalie Maquiling, Christine Martinez, Eliot Menendez, Nelson Osegueda, Willie Osegueda, Amanda
Pasquarello, Barbara Passarella, Jeanine Pecoraro, Gary Prasto, Ivette Reyes, Angel Sauri, Diane Schmid, Lisa often inquire about getting off the list? “My answer: Give
Serapiglia, William Simmons, Vera Sit, Courtney Stanton, Parag Tolia, Buddy Trocchia, Donald Walsh ANTON KLUSENER
CORPORATE PARTNERSHIPS: Peter Hung (Senior Liaison, Investment Group); Taha Ahmed, Rich Karlgaard, away enough money that your net worth falls below the
Rupa Singh, Katya Soldak, Amanda Xiang
COMMUNICATIONS: Matthew Hutchison (SVP); Laura Brusca, Susan Masula, Jocelyn Swift, Christina Vega cutoff,” says Dolan. “Very few do so.”
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)
O C T O B E R 3 1 , 2 0 1 9
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FACT & COMMENT
By Steve Forbes, Editor-in-Chief



Wealth: The Democrats Don’t Get It





21




THE PUBLICATION OF our “rich list” will taxes, not to mention new exactions such as
fan the fevers of plundering politicians, es- a levy on carbon emissions, would make for a
pecially those “soak the rich” Democratic bleak future, because such taxes would seri-
presidential candidates looking for seeming- ously harm the key sources of capital: savings
ly easy sources of loot to finance their social- and profits. Without investment the economy
ist fantasies. They’re delusional. will stagnate. As the legendary economist
To hear these White House wannabes tell it, Joseph Schumpeter (“creative destruction”)
you’d think the people on our 400 list are like pointed out, profit is essential for progress. It,
the Disney character Scrooge McDuck, sitting like depreciation, is really a business expense.
in their money bins loaded with coins, gold, It funds expansions and the cost of productiv-
jewels and paper currency. Tax it, and voila! ity improvements. It must replace the capital
You’ve got all that lucre for your pet projects. It destroyed by new technologies. The internet,
just ain’t so! Look at what the people on this list for instance, washed away tens of billions of
actually own, and you’ll quickly see that only a small portion of dollars in legacy newspaper and magazine wealth. Most start-
their assets are in ready cash. Anyone who’s ever owned a home ups flop, consuming savings. Existing businesses constantly
or a car can attest to the distinction between property and cash. fail, eradicating capital. Schumpeter recognized that com-
A wealth tax would mean less wealth to tax. Taxing the merce’s successes must not only cover their own expenses
mere possession of property and securities, by definition, and reward their investors but also, in essence, recover the
makes them less valuable. Many people would have to sell costs of unsuccessful ventures.
assets to pay for the tax on what they own. Ample capital for startups is essential for the discovery
The value of an asset, especially a financial one, can be and development of new products and services that will en-
heavily influenced by the health of the economy. The radical hance future living standards. Like experiments in the labo-
tax and regulatory schemes (regulations are a form of taxa- ratory, startups and research and development are crucial
tion that today costs us nearly $2 trillion, which is more to gaining new knowledge that will enable us to advance.
than the GDP of all but a handful of countries) proffered Profit also provides critical information about people’s
by the Democrats would slow the economy to a crawl. This, preferences. A high-margin product or service will attract
in turn, would cause tax revenues to fall far below expecta- competitors, which will, in turn, offer buyers an improved
tions. Despite thousands of years of experience, these po- and/or cheaper version.
litical hacks cavalierly assume that costly, burdensome rules
and higher taxes don’t affect people’s ability to do business.
Wealth taxes would be an unprecedented assault on peo- Truths About European Paradises

ple’s privacy that would make the transgressions of the so-
called FANGs look like small, innocent transgressions. Govern- FREE COLLEGE! FREE healthcare! Free day care! Huge
ment bureaucrats would have the right to demand lists of all minimum wages!
your assets—as well as the right to examine your home, storage Europe, in general, and Scandinavia, in particular, are
facilities, brokerage accounts, bank accounts and everything hailed by Democrats as models for how the U.S. should do
else—to determine if you have crossed the wealth-tax thresh- things. Their social welfare programs, after all, are so much
old. They would, at a click, have—for the same purpose—access more generous than ours.
to the records of everything you have bought or sold. What these pols leave out is that the non-rich get
This is the road to serfdom. whacked hard for the costs of these freebies.
Europeans’ income tax rates are higher than ours.
All of these countries are afflicted with a super sales tax
Profit Is Good, Not Evil called the value-added tax (VAT) with rates that routinely

range from 20% to 25%. With few exceptions in the U.S.,
DEMOCRATS (as well as some Republicans) don’t under- sales taxes are around 6%. Wouldn’t it be fun during the
GLEN DAVIS stand the crucial role profits play in a vibrant economy. next Democratic presidential debate to ask each candi-
Their plans for higher income, business, payroll and death
date how he or she would avoid the imposition of an ef-

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

Steve Forbes Cont.



fective sales levy of 20% on just about tion is the result of production. RESTAURANTS:
everything we buy in order to cover A far more comprehensive, realistic GO, CONSIDER, STOP
the costs of European-style health- and enlightening picture than GDP is
Edible enlightenment from our eatery
care? To get a sense of what we’d hear, GO—gross output—or, as it’s called in experts and colleagues Richard Nalley,
just take a look at how Elizabeth War- Great Britain, total output. It’s like the dif- Monie Begley and Randall Lane, as well
ren responded when Stephen Colbert ference between an X-ray and a CAT scan. as brothers Bob, Kip and Tim.
22 pressed her on whether her health- GDP is the value of all finished z Le Jardinier
care nostrums would mean socking it products and services within a coun- 610 Lexington Ave., at 53rd St.
to the middle class with higher taxes. try’s borders. It’s the equivalent of a (Tel.: 212-451-9211)
T
N She clumsily tried to dance around company’s gross profit, its so-called Chef Alain Verzeroli is steeped in the
E luxury-food traditions of both France and
M the question, embarrassing herself. bottom line. But GDP ignores reve-
M At least Bernie Sanders told the truth: nue and expenses. No security analyst Japan. His ground-floor restaurant’s leafy
O Yes, they would. (But then in Obama- would do that in evaluating a compa- plants and its marble walls and tabletops
C shot through with veins of green create an
esque “You can keep your doctor and ny! In contrast GO includes the steps
& ultra-stylish and tranquil garden-like oasis.
The menu’s centerpiece is its use of seasonal
T health insurance” style, he claimed that go into making those products
C they would come out ahead because and services. Figured this way, the fruits and vegetables. A prime example is the
F A sensational watermelon, heirloom tomato,
medical care would be so much size of the U.S. economy is over $45 ginger and mint appetizer. But Verzeroli
•
cheaper and better when Washington trillion, not the $21 trillion currently doesn’t stint on his fish selections, such as
bureaucrats ran it.) Poor Colbert was used. GO is a far more sensitive ba- the perfect king salmon with mushroom
pilloried by the left for being so mean rometer of how we’re doing and what bouillon, or in his meat offerings, like the
smoky, rich and toothsome bavette au jus.
to Warren. our future prospects are, because, un-
Desserts are superb. You may never taste a
As if more income taxes weren’t like GDP, GO immediately reflects more mango-y mango than in his mango
bad enough, European nations are when production and investment are crémeux with coconut sorbet.
also crushed with sky-high payroll lev- growing or weakening. z Agern
ies. In the U.S. the maximum tax rate Renowned economist Mark Skou-
Grand Central Terminal, 89 East 42nd
for the payroll tax dubbed “FICA” on sen has long advocated using GO St. (Tel.: 646-568-4018)
your pay stub is 15.3%. In Europe the (Mark was a recent guest on my This Danish contemporary spot serves up
norm is 35% to 50%! podcast) as a better way of looking seasonal fare with a Scandinavian flourish.
Indeed, the best things in life are at how we’re doing economically. To (It also makes a great Cosmopolitan!) The
beef tartare is as tasty as it is beautifully pre-
not always free. make his point, he uses a cup of cof- sented, and the succulent pork shoulder is
fee as an example. GDP leaves out the particularly noteworthy. The chef even man-
growing and harvesting of the cof- ages to make fava beans exciting. Desserts
GDP Is the Wrong fee bean, its processing and shipping are good but are perhaps the weakest link
in an otherwise perfect meal. One caution
Measure to Gauge the and finally the brewing that gives you for a restaurant in a rail station: Service is
the java. surprisingly slow.
Economy’s Health Thanks to Skousen’s relentless and z Momofuku Ssäm Bar

scholarly pressure, the Bureau of Eco- 207 Second Ave., at 13th St.
WE’VE LONG BEEN led to believe nomic Analysis, which compiles U.S. (ssambar.momofuku.com)
that the best measure of an economy’s GDP numbers, now puts out a GO
Arguably the most influential restaurant
size and health is GDP—gross domestic number each quarter. (Before Skou- from New York’s most important restaurant
product. It isn’t. It’s a very incomplete sen’s pressure decades ago, the BEA group of the past decade, Ssäm has a new
and, indeed, misleading picture of how had issued GO every five years.) chef and a new menu focused on Singapore
street food, such as skate roasted in banana
an economy actually operates. But there’s a huge—and inexcus- leaf. While you can still furtively order a
How often have we heard that con- able—kicker: Quarterly GO is is- pork bun, the culinary theatrics are largely
sumption is 70% of the economy? In real- sued more than three months after gone. Diners have noticed: It’s never been
easier to score a table.
ity business investment and production the initial estimate for GDP, all but
are the largest parts. Without produc- guaranteeing that the media will ig- z Mimi
tion there is no consumption. Consump- nore it. Why does the BEA do this? 185 Sullivan St., between Bleecker and
West Houston streets (Tel.: 212-418-1260)
Because GO demolishes the reigning
You can’t go wrong with anything at this tiny
Keynesian economic orthodoxy that Village eatery. The menu is French with an
Introducing gives primacy to consumption, not updated take on many classics. For a tasty
What’s Ahead, production. surprise try the veal brain appetizer. The
softshell crab is among the best you’ll have
the new podcast hosted President Trump should imme-
had all season, and Goldilocks would declare
by Steve Forbes. diately order the BEA to get off its the hanger steak “just right.” If you choose
Subscribe now on iTunes duff and issue GO at the same time it the baba au rhum for dessert, you won’t
or GooglePlay Store. does GDP. F need an after-dinner drink.


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

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WH AT’S WH O ’S
N EW NE XT



25

By Noah Kirsch Photograph by Elena Seibert























































New Billionaire

GHOST









WRITER










MacKenzie Bezos is an author,
an early Amazon employee,
a billionaire—and isn’t talking.




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

New Billionaire Cont.



A Celebrated Couple


Jeff and MacKenzie Bezos attend a 2009 awards dinner
at the Plaza Hotel in New York City. Book Value
Leaders from the worlds
of business, academia,
ting 25% of his Amazon stock. That stake entertainment and
politics share what’s on
26 is currently worth $36.1 billion, enough
their bedside table.
to put her 15th on this year’s Forbes
400. “She should have gotten 50% of the
R
E company,” says Nick Hanauer, one of
N

N Amazon’s first investors. “MacKenzie was
U an equal partner to Jeff in the early days.”

R
T In keeping with character, MacKenzie
N
O MacKenzie Bezos was not fussy, which wouldn’t talk for this story. To shed some John Doerr
R was helpful, as there was no time for light on her, we spent weeks contacting
F Venture capitalist,
fussiness at Amazon headquarters in more than 100 friends and former class- Kleiner Perkins
early 1996. She shared her office with a mates and coworkers; even that yielded WHY WE SLEEP


junior employee in a space that doubled only a hazy picture, one of an intensely
as the company kitchen. For 12 hours a private but talented woman who has,
day, as workers squeezed by to use the quietly, excelled at every stage of her life.
microwave, she presided over the ac- MacKenzie grew up in San Francisco, a
counting. At night she headed to the middle child with two siblings. At 6, she
warehouse to pack orders. She “was a huge wrote a 142-page book called The Book
contributor,” says Mike Hanlon, Ama- Worm. Her parents, a homemaker and a
zon’s seventh employee. “She really is a financial planner, sent her to Hotchkiss,

talented person in a way that I think gets the Connecticut boarding school, where
lost when you’re the billionaire’s wife.” she graduated a year early. She studied
The mystery around MacKenzie, 49, at Cambridge, then Princeton, where she
seems carefully cultivated. She largely majored in English; Nobel Prize-winning
We all know how great it
slipped into anonymity after Amazon’s novelist Toni Morrison was her thesis advi- feels to have slept really
early years and has granted no interviews sor. “She was generally a very poised and well. So it’s no surprise that
Matthew Walker’s Why We


since January, when her split from husband a quiet and brilliant presence,” says Jeff
Sleep: Unlocking the Power of

Jeff became public. The couple finalized Nunokawa, one of her English professors. Sleep and Dreams (Scribner,

their divorce in July, with MacKenzie get- After graduating, she took a job at the 2017) argues that “a good
night’s shut-eye can make
hedge fund D.E. Shaw, where she began

us cleverer, more attractive,

dating Jeff Bezos, who left to found Ama- slimmer, happier, healthier

zon in 1994. From the outset, MacKenzie and ward off cancer.”
Forbes Finds
was heavily involved. “No one really had job But good sleep—and how to
BEST OF THE WEST titles . . . so she did just about everything,” get it—is elusive for many and
Ralph Lauren, No. says Tod Nelson, another early employee. poorly understood by medical
science. Walker, founding
100 on The Forbes MacKenzie pulled back around the time director of the Center for
400, has long Human Sleep Science at UC
celebrated the Amazon went public, in 1997, to focus on Berkeley, leads us on a fresh
rugged elegance fiction writing. She kept a low profile until and clear-eyed exploration of


of the Old West. how sleep affects our overall

The Ralph Lauren 2005, when HarperCollins published her well-being, our cognition,
American Western first novel, The Testing of Luther Albright. even our ability to stave off ELENA SEIBERT; DAVID MAHONEY; PATRICK MCMULLAN/GETTY IMAGES; RALPH LAUREN WATCHES


Collection recalls Morrison deemed it “a rarity.” MacKen- heart disease, obesity, de-
that era with pression and Alzheimer’s.
limited-production zie followed it in 2013 with Traps.
watches featuring The more recent chapters of her life Most important, he shows
hand-engraved are largely unknown. In 2018 she and Jeff us how to improve our sleep

cases in silver (from quality in simple, actionable

$24,900) and rose committed $2 billion to fight homeless- steps. This is a must-read for
gold (beginning at ness and support nonprofit preschools. In anyone in a high-stress role,

$40,500). There are like the entrepreneurs with
also two limited- May, as their divorce neared completion, whom I work. In the startup
edition pocket she signed the Giving Pledge, promis- world, where execution is
watches (starting at ing to donate at least half her wealth. everything, founders need

$45,700) for those unfettered access to this
who really want to True to form, she hasn’t said a word essential fuel called sleep.
rewind time. about where those billions will go. Walker provides the road
map to obtain it.
O C T O B E R 3 1 , 2 0 1 9
O C T O B E R 3 1 , 2 0 1 9
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F O R B E S . C O M
R
O
C
O
M
.
B
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Giving patients an accurate diagnosis means giving them the right treatment plan and the best hope

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Young 400
The Youngest
BINARY BILLIONS Evan Spiegel
AGE:
29
NET WORTH:
$3.6 BIL
28 SOURCE:
For decades now, one thing has held true: If you’re young and want to make a fortune, go SNAP
online. Thirteen members of The Forbes 400 are under age 40. Four are heirs. The other nine
created their wealth digitally—transforming everything from how we travel to how we buy a car. Bobby
R Murphy
E
N 31
N $3.7 BIL
U Ernest Garcia III SNAP
R
T Lukas Walton
N CARVANA AGE: 37
O In 2012, Ernest Garcia III had 33
R $18.1 BIL
F an idea, but his boss—his WALMART
father, Ernest II—had his
doubts. “I wasn’t sure people Julio Mario Santo
would buy a used car online Domingo III
without seeing it,” Ernie II 34
$2.1 BIL

says. “He felt very differ-
BEER
ently.” The Garcias were
already motor moguls, own- Dustin
ers of an empire of used-car Moskovitz
dealerships from Atlanta 35
to Albuquerque. Ernest III, $11.6 BIL
who let his father speak for FACEBOOK
him for this story, wanted to
begin selling those vehicles Mark
Zuckerberg
through Carvana.com. Ernie
35

III knew better than his old
$69.6 BIL
man: Today Carvana is a FACEBOOK
publicly traded, nearly $2
billion-in-sales business. Nathan
Ernie III is president, CEO Blecharczyk
and chairman; Dad is the 36
largest shareholder. With $4.2 BIL
AIRBNB
the stock more than doubling
since January, Wall Street Scott Duncan
is onboard. Ernie III “just 36
doesn’t stop,” gushes Ron $6.3 BIL
Josey, managing director at PIPELINES
JMP Securities. “It’s infec-
tious . . . and Ernie has sur- Lynsi Snyder
rounded himself with a group 37
$3.6 BIL
of really smart operators.”
IN-N-OUT BURGER
Ernest
Garcia III
The Haute List 37
$2.3 BIL
NFL DREAM BOATS USED CARS
Maybe they should call it the NF-Sea. Over
the past year, three billionaire NFL owners on Brian Chesky
The Forbes 400—Jerry Jones (Dallas Cowboys), 38
Dan Snyder (Washington Redskins) and Arthur $4.2 BIL
Blank (Atlanta Falcons)—purchased superyachts AIRBNB
that are each roughly the length of a football Joe Gebbia
field. Jones spent $250 million on the Bravo

Eugenia (at right)—$110 million more than he 38
paid for the team. And if you’re on the hunt $4.2 BIL
for a Super Bowl-worthy superyacht, Octopus, AIRBNB FRANCISCO MARTINEZ/OCEANCO
a 414-foot vessel that belonged to the late
Seattle Seahawks owner Paul Allen (No. 21 on Sean Parker BY CARTER COUDRIET

the 2018 Forbes 400) is now on the market for 39
$326 million. Before you ask: Yes, it comes with $2.7 BIL
its own submarine. FACEBOOK



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



Near Misses


Book Value
NOT QUITE Leaders from the worlds
of business, academia,
entertainment and
A record 221 American billionaires didn’t make The Forbes 400
30 politics share what’s on
this year. Here are four who are still too poor but on their way up. their bedside table.

Michael Jordan
R
E
N $1.9 BIL
N CHARLOTTE HORNETS,
U ENDORSEMENTS
R
T His Airness’ kingdom covers
N
O the hardwood—he owns the Jim Breyer
R
F NBA’s Hornets—packages Founder and CEO,
of Hanes underwear Breyer Capital
(complete with Jordan LEONARDO DA VINCI
trading cards inside),
restaurants, Gatorade and,
of course, sneakers. The
kicks alone generate
$3 billion in annual sales.



Safra Catz Tom Steyer
$1.1 BIL $1.6 BIL
ORACLE HEDGE FUNDS
Catz sits alone atop Oracle Will America elect
after her co-CEO, Mark Hurd, another billionaire
took a leave in September. as president? Steyer On my most recent trip to Italy,
I carried Walter Isaacson’s
She’s the rare hired hand to sure hopes so. He biography Leonardo da Vinci
become a billionaire, and made his money partly (Simon & Schuster, 2017) with me.

I couldn’t have picked a better
she has been richly rewarded by investing in fossil traveling companion.

by Oracle: In fiscal 2018 her fuels, but that hasn’t Within the broader arc of Isaac-
compensation package totaled stopped him from son’s masterpiece lies a profound
more than $108 million. making climate change lesson: Our most pressing
a major campaign problems require multidisciplinary
solutions. Leonardo played many
issue. Another dose roles: At times he was an engi-
of irony: Steyer, who neer; at others an artist. He was
Jay-Z obsessed with science but also de-
donated $123 million voted to Dante. The thing that set
$1 BIL
to Democrats in him apart from his peers wasn’t
MUSIC his interest in a variety of disci-
2018, is also a vocal
plines but how he pursued all his
“Generational proponent of reducing interests in parallel so each would
wealth, that’s the the influence of the inform the others. Leonardo’s abil-

key,” Jay-Z rapped in wealthy in politics. ity to make connections across
2017’s “Legacy.” “My disciplines—arts and sciences,
humanities and technology—was
parents ain’t have the wellspring for his imagination,
s–t, so that shift creativity and genius.
started with me.” This multidisciplinary approach
remains relevant, even essential,
His fortune includes today. As we think about solving NEAR MISSES BY CATHERINE PERLOFF AND NOAH KIRSCH
his ownership of some of humanity’s greatest
Armand de Brignac problems, we must think like Leo-
nardo. We must approach prob-
champagne, worth lems from multiple perspectives
$310 million, and and use a diversity of approaches.

We must, most significantly, cre-
a $70 million art DAVID MAHONEY
ate room for creativity to thrive.
collection.


,
3
1

1
9
2
0

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

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The Forbes 400 Drop-Offs
Little Big Picture S. Daniel Abraham
$2 BIL
SELF-STARTERS DECLINED OR Glenn Dubin
Of the 254 members $2 BIL
of The Forbes 400 DECEASED
32 Kenneth Feld
who have started a
business, nearly half $2 BIL

founded their first Nick Caporella
company before
R $1.9 BIL

E age 30. More than You’re off The Forbes 400 this year if you have less than $2.1 bil-
N four fifths did so prior Frank Fertitta


N to turning 40. lion to your name. That minimum net worth for inclusion hasn’t $1.9 BIL
U changed since last year, but 22 billionaires dropped out of the ranks,
R Lorenzo Fertitta
T 29% more than in 2018. An additional 5 died. Some got burned $1.9 BIL
N
O in the markets. And others just gave a pile away. Two notables: Jorge Perez
R
F $1.9 BIL
Larry Robbins
$1.9 BIL
William Young
$1.9 BIL
Leslie Alexander
$1.7 BIL
Alexandra Daitch
$1.7 BIL
Phillip Frost
$1.7 BIL
Under 20: 4.7% 20 to 29: 39.4% 30 to 39: 40.2% 40 to 49: 11% 50 to 59: 4.7% Lucy Stitzer
Sarah MacMillan
$1.7 BIL


$1.7 BIL
Katherine Tanner
$1.7 BIL
Anita Zucker
Near Miss $1.7 BIL
JORDAN’S BEST SHOT Steve Conine
$1.6 BIL
If the Charlotte

Hornets’ value grows John Farber
at its current annual $1.6 BIL
rate, Michael Jordan Former bond trader Leslie Shares of Nick Caporella’s Niraj Shah
(worth $1.9 billion) $1.6 BIL
could join The Forbes Alexander (above) sold the National Beverage, which makes
400 next year. He can NBA’s Houston Rockets to LaCroix seltzer, sank 65% David Zalik
celebrate that rare air fellow billionaire Tilman this year. Increased competi- $1.6 BIL
with his new tequila, Drew Houston
Cincoro, launched in Fertitta in 2017. He then tion—including Pepsi’s Bubly— $1.4 BIL
September with four donated $400 million of the dented its sales, while erratic
other NBA owners. Osman Kibar
Cincoro’s Extra Añejo proceeds to his eponymous pronouncements from Caporella $1.4 BIL
retails for $1,600— foundation, which focuses and a dispute over LaCroix’s
meaning Jordan is the primarily on animal welfare. ingredients didn’t help matters.
equivalent of 100,000

bottles away.
In Memoriam HEATHER WALSH; TED THAI/THE LIFE IMAGES COLLECTION/GETTY IMAGES


Alexander Paul Robert H. Ross David
Spanos Allen McNair Perot Koch
95, died 65, died 81, died 89, died 79, died BY WILL YAKOWICZ AND JENNIFER WANG
Oct. 9, 2018 Oct. 15, 2018 Nov. 23, 2018 July 9, 2019 Aug. 23, 2019
Real estate, Microsoft, Energy, Computer Koch Industries
Los Angeles investments Houston Texans services, $53.5 BIL
Chargers $20.3 BIL $3.8 BIL real estate
$2.4 BIL $4.2 BIL



“In Memoriam” net worth figures as of the 2018 Forbes 400. O C T O B E R 3 1 , 2 0 1 9
F O R B E S . C O M
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3000
THE HIGH COST FORBES 400 TOTAL 2000
NET WORTH
1000
OF LIVING WELL CLEWI


36 500

It’s pricey out there—particularly if you’re looking to replace the
R grand piano in your jet. Our Cost of Living Extremely Well Index
E CPI
N (CLEWI) climbed 3.4% this past year, more than a point above its 2018
N increase. It rose nearly twice as much as the Consumer Price Index, 100
U 1982 1990 2000 2010 2019
R which was up 1.7%. Since we started tracking this basket of luxe goods
T
N and services in 1982, though, it has gone up every year, by an average of HOUSEHOLD +2.8% SERVICES +6.0%
O 5%. Historically speaking, then, this year’s increase doesn’t look so bad
R Flowers in Season:
F School: Year’s tuition,
after all—and the average net worth of Forbes 400 members has shot Arrangements for six rooms room and board at Groton
up 3,112% since the early Reagan years. They can afford the Steinway. per month, changed weekly (Massachusetts)
(New York) $57,400 / 1.5%
$8,420 / 3%
University: Year’s tuition,
FOOD AND DRINK +0.9% Sheets: Queen-size room and board, plus
cotton sateen Ultimate insurance, at Harvard
Catered Dinner: (Italy) (Massachusetts)
40-person meal from $2,950 / 5.4% $73,307 / 3.3%
Ridgewells (Maryland) Sterling Silver Facelift: Experienced
$7,907.04 / 0% surgeon (New York)
Flatware: Five-piece dinner
Caviar: Kilo of Petrossian set for 12 (Massachusetts) $18,500 / 0%
Special Reserve Ossetra $12,960 / 0% Concierge: Executive
(California, New York) Sauna: 8-by-10-by-7 feet in concierge service, one year
$12,500 / 0% Nordic spruce (Minnesota) (New York)
Champagne: $18,850 / 2.8% $25,000 / 0%
Case of 750ml Dom Pérignon Swimming Pool: Olympic- Psychiatrist:
ENTERTAINMENT FASHION +1.1% 2004 (New York) size (California) 45 minutes at Upper East
AND TOYS +5.2% Coat: Russian sable, $2,999.40 / N.A. $2.1 MIL / 5.3% Side shrink (New York)
$400 / 0%
Bloomingdale’s (New York) Chateaubriand: Tennis Court: Har-Tru
Opera: Two tickets, six 7 pounds of crushed stone (Connecticut) Lawyer: Hourly fee
evening performances, $225,000 / 0% tenderloin (New York) $55,000 / 0% for estate planning, from
Center Parterre premium Black Jersey Dress: With $629.86 / 8.4% a Schlesinger, Lazetera &
seats, Metropolitan Opera, web trim, Gucci (Italy) Dinner: La Tour d’Argent Auchincloss partner
New York $1,980 / 4.2% tasting menu, per person, (New York)
$5,940 / 3.13% excluding wine and tip $1,250 / 25.6%
Loafers: Horsebit leather,
Piano: Ebonized Gucci (Italy) $690 / 0% (Paris) Spa: Coed weekly rate,
Model D concert-grand $418 / –5.2% the Golden Door (Cali fornia)
Steinway (New York) Shirts: 12 cotton bespoke, $9,850 / 11.3%
$176,300 / 3% Turnbull & Asser (U.K.)
$8,340 / 0%
Motor Yacht: Viking
Yacht 75 (New Jersey) Shoes: Men’s black-calf TRAVEL +2.2%
$6 MIL / 1.4% wingtips, custom-made,
John Lobb (U.K.) Hotel: Four Seasons
Sailing Yacht: $5,572 / 0.1% one-bedroom suite,
Oyster 595 (U.K.) off-peak (New York)
$2.6 MIL / 3% Perfume: 1000 by Jean $4,850 / 4.3%
Patou, 0.5 oz. (France)
Sporting Shotguns: Pair of $350 / 0% Airplane: Learjet 75 Liberty,
12-gauge side-by-side from Bombardier (Canada)
James Purdey & Sons (NJ) Watch: Royal Oak $9.9 MIL / N.A.
by Audemars Piguet
$310,190 / –2.6% (Switzerland) Helicopter: Deluxe
Thoroughbred: Average $17,800 / N.A. Executive VIP Sikorsky S-76D
yearling, Keeneland Handbag: Hermès (Connecticut)
September sale (Kentucky) Clemence Jypsière, $17.6 MIL / 2.6%
$471,950 / 29.7% bull-calf leather Car: 2018 Rolls-Royce
Train Set: Thomas & Friends (France) Phantom (NJ)
Lionel Christmas set with $8,800 / 3.5% $642,325 / N.A.
Bluetooth (North Carolina)
Travel Bag: Louis Vuitton
$200 / N.A. Keepall Bandoulière 55
Cigars: 25 Davidoff (France)
Dominican Aniversario $1,840 / –0.3%
Double “R” (New York)
$850 / 3.7%
BY ANDREA MURPHY
Magazine: Forbes,
one-year subscription
(New York)
$79.90 / N.A.






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



1
TEAM CURRENT 1-YEAR Passions, Pursuits, Collections

CONTROLLING OWNER VALUE (BIL) % CHANGE
DALLAS COWBOYS
1 $5.50 10%
Jerry Jones THE NFL’S
NEW ENGLAND PATRIOTS
2 4.10 8
Robert Kraft
NEW YORK GIANTS MOST
3 3.90 18
John Mara, Steven Tisch
38 LOS ANGELES RAMS
4 3.80 19 VALUABLE
Stan Kroenke
SAN FRANCISCO 49ERS
5 3.50 15
R Denise DeBartolo York, John York
E TEAMS
N 6 CHICAGO BEARS 3.45 19
N McCaskey family
U WASHINGTON REDSKINS
R 7 3.40 10
T Daniel Snyder he Dallas Cowboys are the National Foot-
N NEW YORK JETS
O 8 Johnson family 3.20 12 T ball League’s most valuable franchise for a 13th

R straight year, but the league’s biggest winner is
F HOUSTON TEXANS
9 3.10 11
Janice McNair surely the Los Angeles Rams, owned by Forbes
PHILADELPHIA EAGLES 400 member Stan Kroenke (net worth: $9.7 bil-
10 3.05 11
Jeffrey Lurie
lion). The Rams’ value has quadrupled since 2014, one season
DENVER BRONCOS
11 3.00 13 before they left St. Louis after 21 years to return to their for-
Pat Bowlen Trust
mer home in L.A. Led by star quarterback Jared Goff (below),
OAKLAND RAIDERS
12 2.90 20
Mark Davis who signed a four-year, $134 million contract extension last
GREEN BAY PACKERS month, the Super Bowl runners-up open their new $5 billion
13 2.85 9
Shareholder-owned
stadium next year. The Rams are one of 16 NFL teams (of 32
PITTSBURGH STEELERS
14 2.80 8 franchises in all) owned by members of The Forbes 400. The
Daniel Rooney Trust, Arthur Rooney II
SEATTLE SEAHAWKS newest owner, David Tepper, who bought the Carolina Pan-
15 2.78 8
Paul G. Allen Trust thers last year for a record $2.3 billion, is also now the richest,
MIAMI DOLPHINS with a net worth of $12 billion, after the October 2018 death of
16 2.76 7
Stephen Ross
the Seattle Seahawks’ Paul Allen.
ATLANTA FALCONS
17 2.76 6
Arthur Blank
BALTIMORE RAVENS
18 2.75 6
Stephen Bisciotti
MINNESOTA VIKINGS
19 2.70 13
Zygmunt Wilf
INDIANAPOLIS COLTS
20 2.65 11
James Irsay
LOS ANGELES CHARGERS
21 2.50 10
Dean A. Spanos
CAROLINA PANTHERS
22 2.40 4
David Tepper
JACKSONVILLE JAGUARS Horns of Plenty
23 2.33 12
Shahid Khan Quarterback Jared
KANSAS CITY CHIEFS Goff has put L.A.
24 2.30 10 Rams owner Stan
Lamar Hunt family
Kroenke (above)
NEW ORLEANS SAINTS
25 2.28 10 in a mood to smile.
Gayle Benson
ARIZONA CARDINALS
26 2.25 5
William Bidwill
TAMPA BAY BUCCANEERS
27 2.20 10
Glazer family
CLEVELAND BROWNS
28 2.18 12
Dee Haslam, Jimmy Haslam
TENNESSEE TITANS JACOB KUPFERMAN/GETTY IMAGES; BRANDON WILLIAMS/GETTY IMAGES
29 2.15 5
Amy Adams Strunk BY KURT BADENHAUSEN, MIKE OZANIAN AND CHRISTINA SETTIMI
CINCINNATI BENGALS
30 2.00 11
Michael Brown
DETROIT LIONS
31 1.95 15
Martha Firestone Ford
BUFFALO BILLS
32 1.90 19
Kim Pegula, Terry Pegula
1 ENTERPRISE VALUE (EQUITY PLUS
Average 2.86 11
NET DEBT) OF TEAM BASED ON
CURRENT STADIUM DEAL (UNLESS
MEMBER OF THE FORBES 400 NEW STADIUM IS PENDING).
O C T O B E R 3 1 , 2 0 1 9
F O R B E S . C O M

CALIBER RM 16-01








RICHARD MILLE BOUTIQUES

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

www.richardmille.com

WHAT TRUMP SOLD
Donald Trump
Since taking office,
the president has
THE ANTI-TRUMP $110 million worth
quietly unloaded

TRUMPS of real estate across
10 properties.
40
Spring Creek Towers
Brooklyn
Since their father became president, Trump’s sons
R Sold 4% interest in
E have been running his business in a decidedly un-Donald-like way. housing complex
N +$33 MIL (EST.)
N
U Undeveloped lots
R
T Rancho Palos
N Verdes, CA
O Sold 9 lots
R
F +$19 MIL
Trump International
Hotel Las Vegas
Sold 96 hotel-condo units
+$16.3 MIL

Trump Park Avenue
New York City
Sold 1 penthouse
+$15.9 MIL
Home
Beverly Hills, CA
+$13.5 MIL

Trump Parc East
New York City
Sold 2 condos
+$5 MIL

Warehouse
T then there are Trump-size a risky bet or two: The president is worth $3.1 +$4.1 MIL
here are big dreams, and
most luxurious properties in the world.”
North Charleston, SC
In some ways, the Trump fortune could use
dreams, ones that demand
Land
capital letters and tower over billion (good for No. 275 on The Forbes 400), Dominican Republic
+$3.2 MIL
cities. They are what nudged the same as a year ago and down $400 million
Donald Trump’s grandfather Friedrich from from when he took office. But Don Jr. and Eric Trump International
Germany to New York to the Klondike gold are playing things conservatively, tending to Hotel &
Tower Chicago
rush; impelled the president’s father, Fred, to their properties, paying down debt and stock-
Sold parking spots
build an apartment empire in Brooklyn and piling a hoard of cash. Since their father’s in- +$300,000 (EST.)
Queens; and pushed Donald into Manhattan auguration, they have sold off $110 million of
Residential
skyscrapers and, eventually, the White House. the president’s real estate holdings—through real estate JOSH HEDGES-ZUFFA/GETTY IMAGES; SARAH SILBIGER/BLOOMBERG; DIMAS ARDIAN/BLOOMBERG; PHOTO ILLUSTRATIONS BY JOHN WEBER
When Trump took office and passed the more than 100 tiny transactions that have Norfolk, VA
reins to the fourth generation, his sons Eric mostly flown under the radar. +$150,000
and Don Jr. had grand ambitions too. But their In the Dominican Republic, the younger
plan—storm into America’s heartland with two Trumps sold a piece of land in January 2018
new licensed hotel brands—died earlier this for $3.2 million. It was the clearest violation
year after failing to gain traction. That forced of their father’s pledge to do no new foreign
the kids, hamstrung by their father’s pledge deals while in office. (The Trump Organiza-
not to expand internationally while in office, to tion would not comment for this story.) In
pursue a very un-Trumpian strategy. other cases, they’ve done business with wan- BY DAN ALEXANDER AND CHASE PETERSON-WITHORN
“If we have to slow down our growth for the nabe influencers who seemingly recognized
time being, we are happy to do it,” Eric Trump an opportunity to line the president’s pockets.
said in a statement when they scrapped the They sold Trump’s mansion in Beverly
hotel plans in February. Added Don Jr.: “When Hills for $13.5 million to a company tied to
politics are over, we will resume doing what Indonesian billionaire (and Trump business
ALL FIGURES AS OF
we do best, which is building the best and partner) Hary Tanoesoedibjo. They off-loaded SEPT. 13, 2019


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

It’s time to break free



from conventional thinking.

In a world where financial institutions do things the same old way, Athene pairs

innovation with experience and wisdom, providing unparalleled advantages for you.


See how we can do more for you at Athene.com/Forbes















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and D.C., and Athene Annuity & Life Assurance Company of New York (68039) headquartered in Pearl River, New York, which issues annuities only in New York.
21959 Athene ©2019 (08/19)

Trump Cont.



a Manhattan penthouse to a woman who runs a business $18.5 million mansion next to Mar-a-Lago—from their aunt,
selling access to Chinese officials. Maryanne Trump Barry. They aren’t snapping up new golf
Other deals wouldn’t turn heads if the seller were any- courses or hotels, and fellow New York City real estate titans
one but the president of the United States. With Trump have noticed the president’s absence in the Big Apple. “He’s
in the Oval Office, however, things can get strange. Take not really a real estate developer anymore,” Brooklyn billion-
42 the roughly $900 million sale of Spring Creek Towers, aire David Walentas told Forbes earlier this year.
America’s largest federally subsidized housing complex. Instead, the Trump children have been chipping away
Trump owned a 4% stake, a remnant of his father’s at the debt that helped build their father’s empire, quietly
R
E outer-borough empire. Secretary of Housing & Urban paying down an estimated $60 million since the inaugura-
N
N Development Ben Carson had to give his approval to tion. In New York, they wiped out roughly $19 million of
U make the deal happen, according to property records. liabilities at 40 Wall Street, 6 East 57th Street and 502 Park
R
T That put Trump’s subordinate in the awkward position Avenue. In San Francisco, where the president owns 30% of
N
O of having to green-light a transaction that paid his boss a skyscraper alongside billionaire Steven Roth’s Vornado Re-
R an estimated $33 million. alty Trust, Trump’s kids have erased $8 million of his debt.
F
For all this selling, the Trumps have done very little rein- In late 2016, Trump took out a $30 million loan against a
vesting. Trump Tower got minor updates, a five-story San Las Vegas tower he owns with fellow billionaire Phil Ruffin
Francisco office building got a face-lift and the Trumps keep —perhaps freeing up some cash for the candidate’s $12 mil-
stuffing cash into their money-losing European golf resorts. lion in last-minute campaign donations. After selling dozens
But they’ve really made only one new purchase, buying an of condos in the building, the Trumps repaid that loan. F


THE PRESIDENT’S PORTFOLIO
While Trump is about as rich as he was 12 months ago—worth $3.1 billion—his empire isn’t static.
His branding businesses have taken a hit, but a building without his name on it,
555 California Street, is up big.






















555 California St. Ten U.S. golf clubs Hotel management Trump Winery Home
San Francisco Six states plus and licensing Charlottesville, VA St. Martin, West Indies
$477M (UP $75M) Washington, DC $80M (DOWN $90M) $30M (DOWN $4M) $13M (DOWN $2M)
$192M (NO CHANGE)
1290 Avenue of the Trump International Trump Plaza Trump International
Americas Mar-a-Lago Hotel Las Vegas New York City Hotel & Tower,
New York City Palm Beach, FL $69M (UP $15M) $26M (NO CHANGE) Central Park West
$451M (UP $2M) $170M (UP $10M) New York City
Trump Three homes $12M (DOWN $5M)
40 Wall St. Trump Park Avenue International Hotel Palm Beach, FL
New York City New York City Washington, D.C. $25M (NO CHANGE) Trump International
$327M (DOWN $14M) $162M (UP $2M) $64M (UP $11M) Hotel & Tower
Trump World Tower Chicago
Trump Tower Cash/liquid assets Trump Tower New York City $4M (UP $7M)
New York City $160M (UP $10M) penthouse $25M (NO CHANGE)
$237M (UP $14M) New York City Two homes
Trump National Seven Springs
6 East 57th St. Doral Miami $54M (DOWN $3M) private estate Sterling, VA
(formerly Niketown) $142M (UP $19M) Trump Parc/ Bedford, NY $1.5M1
New York City Trump Parc East $24M (NO CHANGE) Consumer products
$213M (UP $6M) Three European New York City licensing
golf clubs Undeveloped lots $500K (DOWN $2.5M)
Ireland and Scotland $42M (DOWN $3M) Rancho Palos Verdes, CA
$82M (UP $4M) $18M (NO CHANGE)
NOTE: VALUES ARE NET OF Two airplanes,
DEBT FOR TRUMP’S STAKE three helicopters
1
IN EACH ASSET. NEWLY $32M (NO CHANGE)
INCLUDED ASSET
O C T O B E R 3 1 , 2 0 1 9
F O R B E S . C O M



44


















































SHARI REDSTONE FACED A VICIOUS UPHILL BATTLE FOR HER FATHER’S COMPANY—

INCLUDING, AT TIMES, WITH SUMNER REDSTONE HIMSELF. FINALLY VICTORIOUS IN UNITING

VIACOM AND CBS UNDER HER, SHE TELLS HER SIDE OF THE STORY FOR THE FIRST TIME.











BY DAWN CHMIELEWSKI
























F O R B E S . C O M
PHOTOTGRAPH BY JAMEL TOPPIN FOR FORBES

O C T O B E R 3 1 , 2 0 1 9

every flat surface. Shari herself poses with the six
Super Bowl trophies claimed by her beloved New
England Patriots. And Sumner is represented,
too, his portrait sitting behind her desk. Rather
than the confident, austere, imposing image that
most founders favor, this one depicts him clos-
er to how he looks now: frail, bent over, shrunk-
en with age, dressed in the jersey of their shared
46 team, the Patriots.
“No matter how hard or challenging it got, I
tried to keep my head down, fight for what was
E
N right and not read the press,” Redstone says dur-
O ing one of a series of interviews with Forbes, the
T
S first she’s given since she won the fight for the fu-
D
E ture of CBS and Viacom that started four years
R
ago. “For me, it was really important to ignore
I
R the noise and to keep looking forward.”
A
H That required some steely discipline. The bat-
S → For nearly two
tle royale played out on a seemingly daily basis,

E
L and it had the kinds of twists and drama that
I
F decades, Sumner even HBO’s Succession, clearly inspired in part
O
R by the Redstones (with a larger dash of Mur-
Redstone lorded dochs), couldn’t make up. After years of lobbying,
P
cajoling, legal wrangling and boardroom maneu-
over the media vering, the petite, 65-year-old Shari Redstone of-
ficially emerged in August as the chairman of the
juggernaut he soon-to-be combined entity, having remade the
recalcitrant boards of both Viacom and CBS.
“There were a lot of men around her, very pow-
created from the erful men, either telling her she wasn’t going to
win or who were her foes,” says Jason Hirschhorn,
corner of the 52nd a former chief digital officer for MTV, who lat-
er garnered an investment from Redstone’s ven-
ture firm. “They thought she was the rich guy’s
floor of Viacom’s daughter who didn’t know anything. And that, as
much as anything else, is why she’s won.”
headquarters, a clined to talk about many of the battle’s granular
Redstone, a lawyer by training, repeatedly de-


classic power perch details, including her dealings with Les Moonves,
with whom CBS is currently involved in arbitra-
tion. Her vantage point, as with her office, reverts
down to the tan to family—in this case, one with a $4.1 billion for-

tune and a roller-coaster relationship with her
leather sofas. legendarily headstrong father at the center.
That saga now has a surprising new chapter,
including a strong claim to Redstone being the
As the 96-year-old founder gradually fades most powerful woman in media.
from the scene, there’s a new occupant in the
cious corporate battle of this century so far—one S hari Redstone was born in 1954,
chairman’s office: his daughter, Shari, who
emerged victorious from arguably the most vi-
the same year that Sumner Red-
that occasionally pitted her against her own fa- stone became Sumner Redstone:
he quit his lucrative career as an
ther. antitrust lawyer to join the fam-
She’s wasted no time making the place her ily’s 14-theater drive-in chain, National Amuse-
own, with an overstuffed white couch and match- ments. “There isn’t a day that I don’t walk into
ing chairs arrayed around a coffee table with a that office and remember that it all began with
floral centerpiece. Family is everywhere, the pic- my father and his vision so many years ago,” Red-
tures of her children and grandchildren covering stone says.


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