A report by Forbes recently stated that 2,755 people on Earth could call themselves billionaires. 17 of these people live in Pennsylvania, and three of those in Philadelphia. So let's take a look at the world of billionaires, focusing on the three residing in Philadelphia.
The Mars Fortune
The richest person in Philadelphia and the second richest in the state is Victoria Mars. Her net worth of $7.8billion also ranks her 316th in the world.
Mars fortune comes thanks to her great grandfather Frank Mars who founded the giant global and candy food company Mars Incorporated. The candy company famous for such products as M&M's, Skittles, and Whiskas has over $40 billion in sales each year.
When Forrest Mars Junior passed away in 2016, he left this 33% share in Mars to his four daughters. Victoria is the only one who lives in Philadelphia; her three other sisters live in California, Virginia, and New York.
Victoria Mars is well known for her charity work donating millions to several charities across the United States.
The Comcast CEO
In second place on Philadelphia's billionaires is Brian Roberts the CEO, and chairman of media and technology company Comcast. His father, Ralph was the founder of Comcast and got Brian into the company early- he did his first internship there, aged just fifteen. He became President of the company at 31.
Brian is worth $1.9 billion, thanks largely to controlling one-third of the Comcast shares' voting power. In 2000, Comcast purchased AT&T, and in 2009 purchased NBC Universal.
In 2019 Comcast reported revenue of $109 billion, earning it a net profit of $13.1 billion. The company also owns the UK media company, Sky.
Away from business, he has done a lot of philanthropy and social work. He has been awarded the 1994 Golden Plate Award of the American Academy of Achievement, the 2004 Humanitarian Award from the Simon Wiesenthal Centre, and the 2002 Walter Kaitz Foundation Honoree of the Year for his commitment to diversity.
The Former Hippy
The third Philadelphia billionaire is former hippie Richard Hayne with a net worth of $1.4 billion. With just $4000 in funds, Hyane opened an apparel shop near the University of Pennsylvania in 1970.
Urban Outfitters has grown to over 200 locations across the United States and has almost $4 billion in revenue from that one store. It includes the brands Urban Outfitters, Free People, Anthropologie, and Terrain. He took his company public in 1993 but still retains almost 25% ownership of Urban Outfitters in conjunction with his wife.
The Pennsylvania Billionaires
The richest person in the state is Jeff Yass, who is a co-founder of Susquehanna International Group, one of Wall Street's largest and most successful trading firms. Due to his company's large stake in Tik Tok and Payoneer, he is worth $12 billion. He lives in Haverford, Pennsylvania.
Other PA billionaires include:
- Thomas Hagen, Chairman of Erie Indemnity, an insurance company. He lives in Erie. Net worth $4.3 billion,
- Mary Alice Dorrance Malone, Largest Shareholder of her family's company Campbell Soup. Net worth $3.7 billion. She lives in Coatesville.
- Michael Rubin, majority owner and CEO of Kynetic, an online retail holding company. He lives in Bryn Mawr and has a net worth of $3.5 billion.
- John Middleton made his fortune selling his tobacco company to Philip Morris. He has a net worth of $3.4 billion and also lives in Bryn Mawr.
- Jeffrey Lurie, Owner of the Philadelphia Eagles. He lives in Wynnewood and is worth $3 billion.
- Maggie Hardy Knox is the owner of 84 Lumber, the largest privately-owned building materials supplier in the U.S. She lives in Belle Vernon and is worth $2.9 billion.
- Jared Isaacman, founder of payment processing firm Shift4 Payments. He lives in Easton and is worth $2.3 billion.
- David Paul, founder and executive chairman of spine implant manufacturer Globus Medical. He lives in Audubon and has a net worth of $1.6 billion.
- Edward Stack, CEO and largest individual shareholder of Dick's Sporting Goods. Stack lives in Sewickley and is worth $1.4 billion.
- Alfred West Jr. founded and runs SEI, a financial services firm. He lives in Paoli and is worth $1.4 billion.
- Richard Yuengling Jr. runs one of America's largest beer makers. His net worth is $1.4 billion, and he lives in Pottsville.
- Alan Miller. Miller founded Universal Health Services, a chain of hospitals and other health provider's healthcare services. He lives in Lower Merion and has a net worth of $1.3 billion.
- Thomas Tull, founder of production company Legendary Entertainment. His net worth is $1.2 billion, and he lives in Pittsburgh.
The city with the most billionaires in the world is Beijing, followed by New York City. Let's hope that there can be more Philadephia billionaires on next year's list!