14 ANGELENOS ON FORBES LIST BILLIONAIRE ROSTER SHOWS BROADNESS OF LOCAL INDUSTRIES.Byline: Brent Hopkins Staff Writer Thirteen Angelenos made one of the most exclusive lists in the world Thursday - Forbes Magazine's billionaire-bursting world's richest people list. As he has for the last seven years, Microsoft founder Bill Gates (person) Bill Gates - William Henry Gates III, Chief Executive Officer of Microsoft, which he co-founded in 1975 with Paul Allen. In 1994 Gates is a billionaire, worth $9.35b and Microsoft is worth about $27b. headed the list, with a net worth of $58 billion, but a sizable number of local businessmen found their way onto the 538-person tally. Real estate magnate Eli Broad Eli Broad (born June 6, 1933) a native of Detroit, Michigan is a Jewish American billionaire who lives in Los Angeles, California. His last name is pronounced as rhyming with road. Broad is well known for his philanthropy and extensive art collection. was the area leader, whose $5.8 billion worth of bulging pockets placed him at No. 53. The mixed bag of industries, spreading from fresh fruit to rental storage rooms, is indicative of the region's broad-based nature, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Economic Development Corp. ``People don't quite get that about Los Angeles,'' Kyser said. ``They think the main drive is entertainment. You still have oil, construction and real estate, some technology.'' Behind Broad, oilman Oil´man n. 1. One who deals in oils; formerly, one who dealt in oils and pickles. 2. A person working in the petroleum industry, esp. an oil company executive. Noun 1. Marvin Davis Marvin H. Davis (August 31, 1925 in Newark, New Jersey – September 25, 2004 in Beverly Hills, California) was American industrialist and philanthropist. He made his fortunes as the chairman of Davis Petroleum and at one time owned 20th Century Fox, Pebble Beach, the Beverly came in at No. 82, with $4.5 billion. The entertainment field also ran strong, with David Geffen posting $3.4 billion to earn him the 124 slot, Steven Spielberg's $2.1 billion placing him at 222 and Roy E. Disney Roy Edward Disney, KCSG, (born January 10, 1930) was a longtime senior executive for The Walt Disney Company, which his father Roy Oliver Disney and his uncle Walt founded. , showing $1.1 billion, at 452 on the list. And though they enjoy a level of comfort unimaginable to most, for the first time in almost a decade, wealthy folks are beginning to worry about their investments. In a separate report, released Wednesday by U.S. Trust, the most affluent 1 percent of Americans were unhappy with the state of the economy. ``The bear market has increased the worry factor,'' said Greg Sanford, president and chief executive officer of the company's western region. ``This is our 20th survey, and in the first 19, the thing that got the biggest response was how to pass wealth appropriately on to the next generation. Now, it's that present wealth will be affected.'' U.S. Trust's survey, which Sanford said included some of Forbes' billionaires, showed that nearly all wealthy Americans have lost money on their investments in the last year. ``Ninety-two percent say their portfolios have declined, so I'm thinking that the other 8 percent must not have opened their statements,'' he laughed. ``If they're up in this market, we'd all like to know what their secrets are.'' This contradicts those on the billionaire list, eight of whom made money in the last year. Broad was up $800 million over 2000, Davis made an additional $500 million and Geffen's worth rose $100 million. Gary Winnick's worth dropped $1.2 billion and Gemstar's Henry Yuen lost $400 million. Additionally, Univision's Jerry Perenchio Jerry Perenchio (born December 20,1930) was the former chairman and CEO of Univision, the largest Spanish-language company in the United States. Born Andrew Jerrold Perenchio in Fresno, California, he relocated to Los Angeles where he worked as a young Hollywood talent agent and MiniMed's Alfred Mann dropped from the list. The increase in wealth for those on top can be attributed to sound investment, Sanford said. ``The affluent have not panicked,'' he said. ``They are well diversified, they are conservative by nature and they have a very long-term perspective. They view this as cyclical and part of a long-term investment.'' The market trimmed Gates' wealth as well as that of Microsoft co-founder Paul Allen, who slipped from No. 2 last year to No. 3 in the current list. Tech losses helped Berkshire Hathaway leader Warren Buffett Warren Buffett Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making move into the No. 2 spot. Rounding out the world's top 10 were: 4. Oracle executive Lawrence Ellison; 5. German retailers Theo and Karl Albrecht; 6. Saudi investor Prince Alwaleed Bin Talal Alsaud; and members of the Walton family, owners of Wal-Mart in the seventh through 10th places. CAPTION(S): box Box: LOCALLY RICH SOURCE: Forbes Magazine |
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