The rich are getting richer.
Earlier this year, Forbes published its annual list of Forbes 400, which ranks the richest Americans by their net worths. The 400 richest Americans saw their combined wealth increase 40% over the last year to $4.5 trillion. Almost all are richer than last year.
Today, I will uncover the richest person in Missoula, Montana.
According to Forbes Magazine, three billionaires on the Forbes 400 consider Montana home, and none of them wealthier than Dennis Washington. His net worth exceeds $6.3 billion, making him the 138th richest person in the country.
Who is Dennis Washington?
Dennis Washington is the owner of Washington Companies, an industrial conglomerate that focuses on waste remediation, shipyards, copper mining, and railroads.
According to Bloomberg, The Montana-based company has over 900 miles of rail track in its home state. Washington also controls a major stake in Seaspan, with over 100 vessels.
Washington is a self-made billionaire who started a newspaper boy.
Dennis R. Washington was born in Spokane, Washington, in 1934. However, he grew up in Washington and Montana. His parents divorced at a young age, and he lived with his mother and rarely connected with his father, who worked overseas.
By 14, he was self-sufficient, making money by delivering newspapers, boxing groceries, shining shoes, and working as a mechanic in a service station. Then, during his final years in high school, he moved in with his grandmother in Missoula.
When he graduated from high school, he worked in the construction industry. At 26, he became vice president of the largest construction company in Montana. Then, in 1964, he created his own construction company, and five years later, he became the largest contractor in Montana, and within a few years, Washington Construction became one of the largest companies in the nation.
In 1996, Washington Construction Group, Inc. merged with the publicly traded Morrison Knudsen Corporation and changed its name to Washington Group International.
Bloomberg reported that Dennis R. Washington could buy 4.30 million troy ounces of gold and 109M million barrels of crude oil.
Forbes reported, "He and his wife, Phyllis, have given some $960 million to their foundation, which has doled out around $340 million to 1,200 groups." The magazine believes Washington has given away 5% to 10% of his wealth.
If you had his money, what causes would you support?