FORBES

Palm Beach Daily News - - BUSINESS -

worth rose to $2.9 tril­lion, a record high and 7 (per­cent) more than in 2017.

The av­er­age net worth of a list mem­ber: $7.2 bil­lion, up from $6.7 bil­lion last year.

That av­er­age is boosted by those at the very top of the list: half of the to­tal wealth is held by the 45 rich­est peo­ple in the coun­try,” Kerry A. Dolan and Luisa Kroll wrote in their Forbes story about the list.

Is­land bil­lion­aires who saw their wealth de­crease over the past year in­clude in­vestor Carl Ic­ahn, me­dia heiress Katharine Cox Rayner, me­dia heiress Mar­garetta Cox Tay­lor, fi­nancier Charles John­son, hedge­fund man­ager Paul Tu­dor Jones II and real es­tate in­vestor Jeff Greene. In ad­di­tion to Trump, en­ergy busi­ness­man Robert McNair and SlimFast founder S. Daniel Abra­ham saw their es­ti­mated net worth re­main un­changed.

The Palm Beach list is ab­sent four names that were on it a year ago.

The the late Con­aire founder Le­an­dro Riz­zuto died in De­cem­ber, fol­lowed by the death of Dis­count Tire mogul Bruce Halle in Jan­uary.

Casino and re­sort mag­nate Steve Wynn, who is tied on the over­all list at No. 271 with an es­ti­mated for­tune of $3 bil­lion, no longer owns prop­erty on the is­land. In July, he sold for $20.27 mil­lion a nearly va­cant lot he had owned for sev­eral years on the stretch of South Ocean Boule­vard known as Bil­lion­aires Row.

In Fe­bru­ary, Wynn re­signed as chair­man and chief ex­ec­u­tive of­fi­cer of Las Ve­gas-based Wynn Re­sorts amid al­le­ga­tions of sex­ual mis­con­duct, in­clud­ing co­erc­ing some fe­male em­ploy­ees into sex­ual ac­tiv­ity, over many years. He has de­nied the al­le­ga­tions.

And pri­vate eq­uity spe­cial­ist Thomas Lee, a res­i­dent who was tied in 359th place with a $2.2 bil­lion for­tune on the 2017 list, barely missed mak­ing the cut this year. Forbes es­ti­mates his for­tune at $2 bil­lion, an on­line search this week showed.

And although the

Ziff brothers — Daniel, Dirk and Robert — don’t have res­i­den­tial ties to Palm Beach, they do own Gem­ini, a mas­sive ocean-to-lake es­tate sev­eral miles to the south in Manala­pan. The brothers are tied for 143rd place on the Forbes 400, each with an in­vest­ments-based for­tune of $4.8 bil­lion.

The rank­ings re­flect a “snap­shot” of net worth as es­ti­mated Sept. 7, based on that day’s stock prices.

Forbes.com con­stantly up­dates the rank­ings in real time to re­flect changes as the value of their stock hold­ings, in­vest­ments and other as­sets change.

In­dus­tri­al­ist David Koch led the list of Palm Beach bil­lion­aires with an es­ti­mated for­tune of $53.5

bil­lion.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.