Palm Beach, FL

The Palm Beach homebuilder who became a billionaire this year

Ash Jurberg
Photo by Hunters Race on Unsplash

According to the latest Forbes billionaires list, there are 78 billionaires living in Florida.

Previously I have written about some of these people, and today it is time to look at the newest billionaire in Florida. A man from Palm Beach that made the Forbes billionaire list for the first time in 2022.

The Palm Beach homebuilder who became a billionaire

Joining the billionaires club this year is Palm Beach resident Paul Saville. He has a net worth of $1.5 billion.

Saville was born in 1956 and received a bachelor of arts degree in business administration (BBA) from the College of William and Mary in Virginia before earning a master of business administration (MBA) from theUniversity of Pittsburgh.

In 1981 he joined Ryan Homes, now a subsidiary of NVR.

NVR is one of the USA's largest homebuilders and also operates a mortgage banking and title services business. Last year it had almost $9 billion in revenue.

Saville has risen through the ranks of the business, having worked as Senior Vice President Finance, Chief Financial Officer, Treasurer, Executive Vice President and is now the president and CEO of the company.

NVR is the second-highest price stock in the United States. Earlier this year, it had a stock price of $5,567.49, giving it a market capitalization of $19.39 billion.

The performance of NVR has helped make Saville a billionaire.

Palm Beach readers may also recall that in 2017 Saville sold his Palm Beach home to billionaire Ken Griffin for $85 million. Saville purchased the 4.18-acre site at 1290 S. Ocean Blvd for $32 million in 2005.

Saville is known for his large contributions to cancer research. In 2018 he donated $26 million to a new cancer research facility.

Readers, what do you think of Saville's rise to become the latest Palm Beach billionaire?

Please leave your comments below.

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