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Friday, September 19, 2003

Fortunes of America's richest up 10% in year


Farmer, Lindner retain spot on 'Forbes' list

By Theresa Agovino
The Associated Press
and The Cincinnati Enquirer

TRISTATE'S WEALTHIEST
The Forbes list of the 400 richest includes eight Ohioans, four from Indiana, and none from Kentucky:

Ohio
66. Wexner, Leslie Herbert, 68, $2.7 billion, New Albany, Limited Brands
104. Lerner, Randolph D., 40, $1.9 billion, Cleveland, inheritance
121. Mathile, Clayton Lee, 62, $1.7 billion, Dayton, pet food
140. Farmer, Richard T., 68, $1.5 billion, Cincinnati, Cintas
179. Beck, Nancy Lerner, 42, $1.3 billion, Cleveland, inheritance
179. Lerner, Norma, 67, $1.3 billion, Cleveland, inheritance
179. Lewis, Peter Benjamin, 69, $1.3 billion, Beachwood, insurance
179. Lindner, Carl Jr., 84, $1.3 billion, Cincinnati, insurance, investments

Indiana
55. Cook, William Alfred, 72, $3.1 billion, Bloomington, medical devices
244. Simon, Melvin, 76, $1 billion, Indianapolis, real estate
244. White, Dean V., 80, $1 billion, Crown Point, billboards, hotels
347. Dehaan, Christel, 60, $740 million, Indianapolis, time shares

THE 400 RICHEST
See the complete list and profiles of the Forbes 400
NEW YORK - The economy is improving for the super rich, which include Cincinnati's Richard T. Farmer and Carl Lindner Jr.

After two years of declines, the total net worth of America's richest people rose 10 percent to $955 billion this year from 2002, according to Forbes magazine's annual ranking of the nation's 400 wealthiest individuals.

Microsoft Corp. founder Bill Gates, who remained in the top spot, illustrated the trend toward increased wealth. His fortune rose by $3 billion to $46 billion this year. Microsoft co-founder Paul Allen held third place, with his net worth rising $1 billion to $22 billion.

Investor Warren Buffett kept the No. 2 position, although his wealth was unchanged at $36 billion.

Locally, Farmer, 68, chairman of Mason-based Cintas Corp., the nation's largest uniform supplier, came in at No. 140 with a net worth of $1.5 billion. That's down from No. 122 last year.

Financier and insurance magnate Lindner, 84, of Indian Hill, was at No. 179, with $1.3 billion. He was ranked 350th last year.

Ahead of those two, at 121, with a net worth of $1.7 billion, was Clayton Mathile, 62, of Dayton, the founder of Iams pet food. Cincinnati-based Procter & Gamble bought Iams in 1999 for $2.3 billion.

Eight Ohioans made the list. Four were from Indiana, while none was a Kentuckian.

Forbes said the surge in collective net worth was due largely to gains in Internet stocks and tech fortunes. For example, Amazon.com's Jeff Bezos saw his fortune expand by more than $3 billion to $5.1 billion as his stock skyrocketed. Bezos was the top gainer on the list, and holds spot 32.

David Filo, co-founder of Yahoo!, saw his net worth almost triple to $1.6 billion, tying him with 13 others for the 126th spot. Yahoo!'s other co-founder, Jerry Yang, also almost tripled his fortune, but he shared the 162nd spot on the list with 16 others with a $1.4 billion fortune.

The gains are part of a continuing shift in wealth from the east to the tech-centric west. When the list was first published in 1982, there were 81 members from New York and 56 from California. Today, California boasts 95 Forbes 400 members, while New York has 47.

The Walton family was again prominent on the list. Four members of Wal-Mart founder Sam Walton's family tied for the fourth spot, each with a net worth of $20.5 billion.

Rounding out the top 10 were Oracle Corp. chairman Larry Ellison with an $18 billion nest egg and Dell Inc. CEO Michael Dell with a net worth of $13 billion.

Dell replaced Microsoft executive Steven Ballmer in 10th place. Ballmer is now No. 11 with a trove of $12.2 billion.

Thirty-one-year-old Daniel Ziff is the youngest person on the list. He inherited his $1.2 billion fortune. His father, William Ziff Jr., built and sold a publishing empire.



AK Steel cans top execs; new strategy sought
Local brews still make splash with consumers
Drug Emporium closing stores
Fortunes of America's richest up 10% in year
More signs of better times
Gtech completes $85M Interlott purchase
UAW contract negotiations goal: 'Beat the Japanese'
AOL Time Warner decides to drop 'AOL' from its name
Enron revises planned payout for creditors
Store is bullish on toy bears
Grasso likely to find lots of work choices
Stock exchange back to business, with uncertainty
Tristate summary
Business digest
Morning memo
Making it
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