The 2 billionaires who live in Potomac, MD

Ash Jurberg
Taylor Grote/Unsplash

Did you know that of the 2,755 billionaires in the world, only two live in Potomac? Forbes published a list of billionaires, and despite there being 493 new additions to the list, none were added to the two Potomac billionaires that made the 2020 list.

Let's look at the two people in Potomac on the list and five others who live in Maryland.

The wealthiest person in Potomac
Mitchell RalesImage from WikiCommons images

With a net worth of $6.2 billion (up from $3.7 billion in 2020), the title of the richest person in Potomac goes to Mitchell Rales. He is also ranked number 432 in the world.

Rales cofounded Danaher Corporation in 1983 with his brother Steven. The company manufactures and markets professional, industrial, medical, and commercial products and services and had revenues in excess of $22 billion in 2020.

In 2016 part of the business was spun off into Fortive Corporation. Rales retired from his position at Fortive Corp recently but is still chairman of Danaher.

Rales is a passionate collector of modern and contemporary art and has donated more than $1 billion in the art to his Glenstone Museum in Potomac.

His brother Steven has a net worth of $8.9 billion, but as he lives in Santa Barbara. California doesn't appear on the Potomac or Maryland billionaires list.

The NFL Owner

The other Potomac billionaire with a fortune of $2.6 billion is the owner of the NFL franchise, the Washington Football Team, Dan Snyder.

Dropping out of college, Snyder started a marketing business- Snyder Communications. He sold it to a Frech company for $2.1 billion in shares in 2000. Snyder is best known, however, for his purchase of the team that was then known as Washington Redskins, along with Jack Kent Cooke Stadium in 1999. This has been a wise investment for Snyder. He purchased the team for $750 million, and it's now worth $3.4 billion.

After many years of public debate, Snyder dropped the Redskins from the team name last year and renamed them the Washington Football Team.

The Other Maryland Billionaires

Outside of Potomac, Maryland boasts five other billionaires.

Millersville resident Steven Bisciotti is worth $4.9 billion. He made his fortune in staffing solutions through his business Allegis Group. Allegis has become the largest staffing firm in the US, with revenue of $13.4 billion in 2018.

Like others on this list, he owns a sporting franchise- the NFL's Baltimore Ravens. The Ravens are valued at $2.75 billion.

Next on the list with a net worth of $4.8 billion is Ted Lerner, who lives in Chevy Chase. Lerner made his money in real estate, having started his business in 1952 with a $250 loan from his wife. In 2006 Lerner purchased the Washington Nationals baseball team and passed the ownership to his son in 2018.

David Rubenstein is one of three billionaire founders of private equity firm Carlyle Group, which has $221 billion in assets under management. His share in this gives him a net worth of $3.6 billion. Rubenstein, who lives in Bethesda, donated $18.5 million in 2016 to restore the Lincoln Memorial.

"The obsession with the making of money rarely leads to the actual making of money. The obsession with achieving excellence and with doing the best job possible, doing something no one else can do as well is usually what leads to making a fortune." David Rubenstein

Jim Davis is the cousin of Steven Bisciotti and is a co-founder of Allegis. The Cockeysville resident is worth $3.4 billion.

Bernard Saul II of Chevy Chase, Maryland, has a net worth of $3.3 billion, thanks in part to his grandfather. He inherited his grandfather's property management firm, B.F. Saul Company and has turned it into a booming real estate business. Well, business is an understatement - his company owns 9.3 million square feet of retail and office space across the country as well as 19 hotels.

"If you forgot about me, I'd be grateful." Bernard Saul II

Currently, there are seven billionaires that call Maryland home. Let's hope that Potomac can add another one or two to the 2022 list!

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