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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
F O R B E S . C O M