Cleveland, OH

The 3 billionaires who live in Cleveland, Ohio

Ash Jurberg
Rex Way/Unsplash

A report from Forbes found that there are 2,755 billionaires in the world. Of those, only three of them live in Cleveland. Ohio boasts eight billionaires, but the three residing in Cleveland all come from the same family- the Lerner family.

Let's take a quick look at the world of billionaires and the three that live in Cleveland.

Last year the rich got richer

2020 was a year like no other, thanks to COVID-19. People went into lockdown, businesses closed, and economies tanked.

Except for the people at the top of the pile. The wealth of the billionaires on the Forbes list increased from 8 trillion to 13.1 trillion. That’s a whopping 63%. In total, 86% of the people on this list are more affluent than they were this time last year.

There was a new billionaire added every 17 hours — a total of 493 who didn't make the 2020 billionaires list.

It seems entrepreneurs can make money under any conditions, even when the world is in a pandemic.

The Cleveland Billionaires

According to the latest report, Nancy, Norma, and Randy Lerner are all worth $1.1 billion. All of them can thank Al Lerner, who created the credit card giant MBNA.

Al was a furniture salesman when he invested in real estate around Cleveland. From that, he amassed enough to buy Equitable Bancorp in 1981. Equitable combined with Maryland National to form the credit card company MBNA which merged with the Bank of America in 2005.

Al Lerner purchased the Cleveland Browns NFL franchise in 1999 before passing away in 2002. He left his vast fortune to his wife Norma and his children Nancy and Randy.

They invested their wealth wisely, purchasing the English Premier League side Aston Villa in 2006. Both of their sporting franchise investments proved profitable. The family sold the Cleveland Browns in 2012 to Jimmy Haslam for $1 billion and also sold Aston Villa in 2016.

The Ohio Billionaires

Five other billionaires live in Ohio. They include Ohio's richest person Lex Wexner who lives in Albany, Ohio.

Wexner is worth $6.1 billion, which places him at number 440 globally on the rich list. Wexner is the founder of L Brands which operates iconic brands like Victoria's Secret and Bath & Body Works.

Other Ohio billionaires include:

  • Denise York and family, Youngstown, Ohio. They are owners of the National Football League franchise, the San Francisco 49ers. They have a net worth of $3.5 billion
  • Clayton Mathile, Brookville. Ohio. Clayton is the owner of Iams and has a net worth of $2.3 billion
  • August Troendle, Cincinnati, Ohio. He is the President and CEO of MedPace. He has a net worth of $1.5 billion.
  • John McConnell and family, Delaware. Ohio. John is the executive chairman of Worthington Industries. Net worth $1.1 billion

Where the billionaires live

When it comes to the number of billionaires, the US is still number one. But if I were to make one more bet in this article, it would be that China will take that title in 2022.

Presently there are 724 billionaires in the US, up from 614 in 2020. However, making a dash for the Gold Medal on the Billionaires Podium is China with 698 billionaires — up from 456 the previous year. It should be no surprise then that Beijing has more billionaires than any other city in the world, having overtaken New York City.

Let's hope that Cleveland adds to their billionaire list in 2022!

Have you had any interactions with any of the people on this list? How have you found them?

Please let us know your thoughts in the comments below.

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