Phoenix, AZ

The 4 richest people in Phoenix

Ash Jurberg
Photo by Zac Durant on Unsplash

There is a lot of bad news at the moment, so I thought it might be a nice distraction to write an inspiring article that motivates readers.

And for many readers, what motivates them the most is money. So today, let's look at the four wealthiest people in Phoenix, Arizona.

According to Forbes, there are 2,755 billionaires globally, and seven live in Phoenix from this list.

The Shoen Brothers

The two wealthiest Phoenix residents are the Shoen brothers- Mark and Joe. Their parents cofounded U-Haul, the truck and trailer rental company, back in 1945.

Joe is the president of U-Hauls parent company Amerco having led a coup against his father in 1986 that forced his father into retirement and put most of his 12 siblings offside. Joe has a net wealth of $4 billion.

Mark sided with brother Joe in the family dispute that followed the U-Haul shakeup and still owns 20% of U-Haul. He is also the owner of one of the largest private self-storage operations in the U.S. As a result, his wealth increased from $2.9B to $4.7 billion, making him the wealthiest person in Arizona.

The son of a billionaire

The title of the richest Phoenix resident belongs to Ernest Garcia III.

Ernest Garcia III is the CEO and co-founder of Carvana, a platform for buying and selling used cars, and he has a net worth of $2.9 billion. While this is obviously a considerable amount, it is worth noting that 12 months ago, he was worth $7.4 billion.

Garcia started Carvana in 201 as a subsidiary of DriveTime, his father's company. In 2017 he separated Carvana from Drivetime, launching an IPO that raised $225 million. Carvana became the fastest-growing digital car dealership in the United States and the third-fastest company ever to make the Fortune 500 list.

The sports team owner

The final person we will look at today is Arturo Moreno.

Moreno owns the Los Angeles Angels baseball team. He purchased the baseball franchise in 2003 for $184 million, and it is now worth nearly $2 billion. Moreno originally made his fortune via his billboard advertising company Outdoor Systems which he sold for $8.7 billion in 1999.

Moreno may not be popular with baseball fans at the moment. Major League Baseball has been in a lockout for three months with no end in sight. It has been reported that Moreno is one of four owners that are obstacles to the lockout ending.

Readers, have you worked for or met any of these people?

Please leave your comments in the section below.

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