Fewer billionaires in Pa.
Just for the record: I did NOT make the Forbes magazine’s list of the world’s billionaires, which was released last week.
And unless your name is Dick Yuengling of Pottsville, owner of the world-famous brewery, neither did you if you live in the Times News’ area of Carbon, Schuylkill, Monroe, Lehigh and Northampton.
I missed it by about $999,999,000; how about you? Well, maybe next year.
Yuengling is among 10 Pennsylvanians who made the list this year, two fewer than in 2017, the last time I did this comparison. Even Yuengling is worth less — an estimated $1.2 billion vs. $1.8 billion two years ago. This puts Yuengling tied for last place among the state’s richest, whereas in 2017 he was tied for sixth among the 12 who made the list.
There are some new names, including the richest in the state — Victoria Mars of Philadelphia, heiress to the M&M Mars candy empire with headquarters in Hackettstown, New Jersey, whose worth was pegged at $6 billion.
She replaces Mary Alice Dorrance Malone of Coatesville, the Campbell Soup Co. heiress, who dropped to fifth place among Pennsylvanians with $2.8 billion, $1.1 billion less than 2017.
By the way, Mars is not related to singer Bruno Mars, who recorded the 2010 megahit “I Want to Be a Billionaire.”
The other seven Pennsylvanians, the areas where they made their fortunes and the change from 2017, are:
• John Middleton of Bryn Mawr, tobacco, $3.1 billion (up from $2.8 billion)
• Michael Rubin of Bryn Mawr, online retail, $3 billion (up from $2.3 billion)
• Thomas Hagen of Erie, Erie Insurance, $2.8 billion (up from $1.9 billion)
• Jeff Lurie of Wynnewood, owner of the Philadelphia Eagles, $2.1 billion (up from $1.8 billion)
• Brian Roberts of Philadelphia, Comcast, $1.8 billion (up from $1.7 billion)
• Richard Hayne of Philadelphia, Urban Outfitters, $1.2 billion (unchanged)
• David Paul of Audubon, medical devices, $1.2 billion (new to the list)
Two state residents who were on the 2017 list have dropped out, and two others died in 2017. The dropouts are Edward Stack of Pittsburgh, Dick’s Sporting Goods CEO, and Maggie Magerko of Belle Vernon, owner of 84 Lumber. The deceased are Henry Hillman of Pittsburgh, investments, and Dorrance “Dodo” Hamilton of Wayne, Campbell Soup Co., sister to Mary Alice Dorrance Malone.
Amazon CEO Jeff Bezos retains the title of richest man in the world for the second straight year with a net worth of $131 billion. He topped former leader, Microsoft’s Bill Gates, in 2018. Gates remains #2 at $96.5 billion, while Berkshire Hathaway Chairman Warren Buffett is still in third with $82.5 billion.
Completing the top five richest in 2019 are Bernard Arnault of France with $76 billion and Carlos Slim Helu of Mexico with $64 billion.
President Donald Trump, the only billionaire ever to become president, has a net worth of $3.1 billion, according to Forbes, good for 715th place.
One of the five Kardashian-Jenner sisters and stepsisters, Kylie Jenner, at age 21 has become the youngest person ever to make the elite list at $1 billion, thanks to the remarkable success of her line of cosmetics.
But wait. Not is all peaches and cream among the super rich. A record 994 billionaires — including Yuengling — are worth less than they were in 2018, Forbes reports.
There also are fewer billionaires — 2,153 this year vs. 2,208 in 2018. Shed no tears, however, because those 2,153 have a combined net worth of $8.7 trillion. (That’s 8.7 followed by 11 zeros.) Last year, however, the 2,208 were worth a combined $9.1 trillion. This is the first decrease since 2016 and just the second of the decade.
How much is $1 billion? If Gov. Tom Wolf’s proposed $15-an-hour legislation passed, it would mean a 40-hour weekly salary of $600, or $31,200 annually. It would take a little more than 32,000 wage-earners, or roughly half the population of Carbon County combined earning this amount, to equal $1 billion.
By Bruce Frassinelli | tneditor@tnonline.com