10 Philly Billionaires on New Forbes List
From left: Mary Alice Dorrance Malone (Campbell Soup photo); Michael Rubin (Undercover Boss screenshot); John Middleton (AP Photo/Matt Rourke); Richard Yuengling, Jr. (Yuengling publicity photo)
Forbes magazine just released its list of the Richest People on the Planet in 2016, and although Philly doesn’t have a Mark Zuckerberg, Oprah Winfrey or Jeff Bezos, it does have its fair share of billionaires. Here’s a list of Philly folks who made the list.
43. Carl Ichan $17 Billion
Yes, Icahn is a New Yorker, but he’s now the owner of Pep Boys and the Trump Taj Mahal. Will they help the activitst turn things around? Forbes says that “his investment performance in recent months has not been good. Shares of Icahn’s publicly traded investment vehicle, Icahn Enterprises, have plunged by 45 percent in the last year and his investment fund has lost money.”
78. Ronald Perelman: $12.1 billion
Perelman has been an active philanthropist is the Philly region, famously giving $25 million to his alma mater, the University of Pennsylvania, in 2013. On the business side, Perelman “is exploring what to do with struggling Revlon, the cosmetics firm that he has controlled for decades. With its shares slumping, Perelman submitted a filing to the SEC in January 2016 that signaled he might explore a sale or some other transaction,” said Forbes.
392. Mary Alice Dorrance Malone: $3.92 billion
“Mary Alice Dorrance Malone is the largest shareholder of Campbell Soup Co., which her grandfather John T. Dorrance transformed into a global food giant with his condensed soup formula in 1897,” said Forbes. “She holds a 17.2 percent stake and has served on the board since 1990.”
569. Bennett Dorrance: $3 billion
“Bennett Dorrance is a grandson of Campbell Soup founder John T. Dorrance. He is a longtime Campbell’s board member and holds a 15% stake in the company. Campbell has $8 billion in annual revenue and owns a portfolio of brands that includes Pepperidge Farm, Prego and V8,” said Forbes.
638. John Middleton: $2.7 billion
John Middleton is the largest shareholder in the Philadelphia Phillies with a stake of approximately 50 percent. He “sold his family’s storied tobacco business to Philip Morris-parent Altria for $2.9 billion in 2007. The original family business, John Middleton Inc., was founded as a small retail tobacco shop in downtown Philadelphia in 1856 by his great-great-grandfather John Middleton.” But his success hasn’t come without controversy. “Middleton bought out several of his relatives’ stakes in the company in 2003 for about $200 million amid the tobacco lawsuits that threatened to cripple the family business. Now, Middleton’s sister Anna Nupson has taken legal action and is asking the court in Montgomery County, Pa. to strike a new deal; Middleton has denounced Nupson’s proceedings,” said Forbes.
771 Michael Rubin: $2.3 billion
“The college dropout created GSI Commerce and sold it to eBay for $2.4 billion in 2011. His take: $150 million. As part of the deal Rubin paid $500 million for majority ownership of three GSI assets eBay didn’t want: sports merchandiser Fanatics, flash sales website Rue La La and Amazon Prime competitor ShopRunner, which all operate under holding company Kynetic. Rubin owns minority stakes in the Philadelphia 76ers and New Jersey Devils,” Forbes reported.
810. Joshua Harris: $2.3 billion
“Josh Harris invested in English Premier League soccer club, Crystal Palace, in late 2015, adding to his portfolio of sports teams. Harris also has investments in the Philadelphia 76ers and the New Jersey Devils. While his teams have been losers in recent years, investment wise, Harris, who has made a fortune in distressed investing, can’t complain. The value of the 76ers is up significantly since he and partners bought the team in 2011,” said Forbes.
1011. Jeffrey Lurie: $1.81 billion
“In 1994 he bought the Philadelphia Eagles for $185 million. It’s been a successful franchise since then, with 12 playoff appearances in 20 seasons and consistent sellouts at Lincoln Financial Field. The Eagles are now worth $1.56 billion net of debt. A 2012 divorce from his wife Christina cost Lurie a piece of the franchise, though he remains controlling owner with an estimated 70 percent stake,” said Forbes.
1067. Richard Yuengling, Jr.: $1.75 billion
“Dick Yuengling is president of the beer maker that bears his family’s name, D.G. Yuengling & Son. One of America’s hottest independent breweries, Yuengling is the fourth-largest U.S. brewery, racking up an estimated $550 million in sales annually,” said Forbes.
1367. Brian Roberts: $1.3 billion
“Roberts had his first Comcast internship at age 15, then made a rapid rise through the company, becoming president in 1990 at age 31 and inheriting the majority of his father’s stock in 1999. A Philadelphia native, Roberts received his B.S. from the Wharton School at the University of Pennsylvania, where he was also an All-American in squash,” said Forbes.
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