Recently Forbes released its annual report on the world's billionaires. In all, there are 2,755 across the globe. And of those, one of them lives in Mankato. Most Minnesotans will be familiar with the only billionaire in Mankato- Glen Taylor.
The Mankato Billionaire
With a net worth of $2.9 billion, Glen Taylor is the wealthiest person in Mankato but in Minnesota and ranks 1064th in the world.
The path to business success for Glen Taylor started when he commenced work at Carlson Wedding Service, a print shop in Mankato that specialized in printing invitations for formal events. He was studying for a bachelor of science in mathematics, physics, and social studies from Minnesota State University in Mankato at the time.
He stayed at Carlson until 1975 when the owner Bill Carlson offered to sell the business to Taylor for $2 million to be paid back over the following ten years. From this small shop, Taylor built a multinational printing company with over 15,000 employees.
In 2014 he purchased the Minneapolis Tribune for $100 million. He stayed at the helm of Taylor Corp until 2015, when he stepped down as CEO, but he remained as chairman.
As if Taylor wasn't busy enough with all his business interests, he also served as a Republican Minnesota State Senator from 1981 to 1990.
"I like the garden and the farm stuff because I'm by myself, and it's the opposite of what I do all day long: sit in meetings, solve problems, listen to people, hear complaints and deal with bad things. That's my job." Glen Taylor
Dominating the Minnesota sports scene
Despite having a ten-year career in the state senate, Glen Taylor may be best known in Minnesota for his ownership of several sporting franchises. His first foray into owning a sports team came in 1994 when he purchased the Minnesota Timberwolves for $94 million, followed by his purchase of the Minnesota Lynx WNBA team in 1999. In 2016 he sold 5% of his stake in both teams to Lizhang Jiang, who became the NBA's first Chinese minority owner.
This week it was announced that Taylor was selling the Timberwolves for $1.5 billion to former Major League Baseball player Alex Rodriguez and billionaire Marc Lore. The change in ownership would take place in 2023.
Taylor also has a share in the Major League Soccer side Minnesota United FC.
With its sole billionaire, Mankato has a long way to go to catch up to the American city with the most billionaires. Unsurprisingly New York City has that title- with 99 billionaires calling the Big Apple home.
Let's hope that Mankato can add more billionaires to the 2022 list!
Readers, have any of you met or had any interactions with Glen Taylor? As always, please leave your comments in the section below.