Darrell Hofheinz| dhofheinz@pbdailynews.com
It’s been an unprecedented few weeks for just about everyone on the planet, including, no doubt, the more than 40 billionaires with strong ties to Palm Beach who landed on the list of the world’s wealthiest people released Tuesday by Forbes.com.
The list was finalized March 18, the same day The Breakers in Palm Beach temporarily shuttered its doors in response to the coronavirus pandemic, an event that startled many Palm Beachers and perhaps helped focus their attention on the seriousness of the health crisis.
In its introduction to the latest list of billionaires, Forbes struck a sober tone in describing its new rankings in relation to the pandemic. “When we finalized this list, Forbes counted 2,095 billionaires, 58 fewer than a year ago and 226 fewer than just 12 days earlier, when we initially calculated these net worths,” the introduction said. “Of the billionaires who remain, 51% are poorer than they were last year. In raw terms, the world’s billionaires are worth $8 trillion, down $700 billion from 2019.”
Yet even as the economic consequences of the COVID-19 pandemic continue to reverberate and escalate — including Wall Street’s recent plunges and recoveries — the Forbes list has revealed a mixed financial bag for the wealthiest on the island.
A look at the estimated net worth of the 43 Palm Beach-linked billionaires on the Forbes list shows that more of them saw their wealth rise — or at least stay the same — than those who saw their wealth drop. (The entire list of Palm Beachers is at the end of this article.)
Among those whose fortunes took a hit, however, was the island’s most famous part-time resident. President Donald Trump saw his estimated net worth plummet from $3.1 billion on Forbes’ 2019 list to $2.1 billion on the one just released, as previously reported by Forbes and the Palm Beach Daily News.
Trump took the 34th spot on the Palm Beach list.
And others with ties to the island also saw significant drops in their wealth, including Julia Koch, whose late husband, industrialist and investor David Koch died in August at 79. For years he led the Palm Beachers on the Forbes’ list, including last year, when his reported net worth was $50.5 billion. On this year’s list, his widow and her family have an estimated net worth of $38.2 million — the same as David Koch’s brother, Charles Koch, with whom he ran Koch Industries. Charles Koch does not have a home in Palm Beach.
Those on the Palm Beach list have been identified by the Daily News as owning property here or leasing residences when in town.
RELATED: Coronavirus Florida: Trump’s wealth dropped $1B after health crisis escalated, says Forbes
Others with Palm Beach ties who saw their wealth fall since last year include investor Carl Icahn, whose wealth dropped by $3.6 billion, discount-brokerage pioneer Thomas Peterffy, whose fortune fell $2.8 billion and investment executive Abigail Johnson, whose estimated net worth dropped $4.8 billion.
In all, 18 of the island’s billionaires saw their wealth fall, 14 enjoyed increases and 11 saw no change year to year, according to Forbes.
FROM THE ARCHIVES: Win some, lose some for Palm Beachers on 2019 Forbes’ world billionaires list
Some of the names on the Palm Beach list have changed over the past year.
In addition to David Koch, Russian billionaire Dmitry Rybolovlev is no longer on the list. Last summer, he sold the remaining property he owned in Palm Beach — a vacant lot at 525 N. County Road, which fetched a recorded $37.29 million. The sales of that lot and two adjacent lots totaled $108.74 million. Rybolovlev had bought the property for a then-record-setting price recorded at $95 million in 2008 from Trump.
Last year, Rybolovlev was tied in 224th place, with $6.8 billion, on the Forbes list of the world’s billionaires. This year, Forbes put his wealth at $6.6 billion.
Leveraged-buyout specialist Ron Perelman also exited the list, having sold his late parents North End house at 965 S. Ocean Blvd. for about $28.6 million in February. He co-managed the limited liability company that sold the house.
Industrial equipment magnate Mitchell Jacobson also dropped off the Palm Beach list. He had been in next-to-last place last year with a reported net worth of $1.3 billion.
But the Palm Beach list gained two new names this year. Quicken Loans and Cleveland Cavaliers majority owner Daniel Gilbert joined the list after buying two Palm Beach houses for a combined $43.25 million, according to the deeds recorded in February for 100 El Bravo Way and 670 Island Drive.
Casino and resort mogul Steve Wynn returned to the the Palm Beach list with his $43 million purchase in August of a house at 1960 S. Ocean Blvd. He dropped off last year’s list after selling a lakefront lot on Billionaires Row for more than $20 million in July 2018. That sale came several months after Wynn resigned as chairman and CEO of Wynn Resorts after denying reported allegations of sexual misconduct, including coercing some female employees into sexual activity.
With a net worth of $113 billion, Amazon's Jeff Bezos again topped the global list. Microsoft founder and Wellington property owner Bill Gates, whose net worth is listed as $98 billion, is ranked No. 2.
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PALM BEACH BILLIONAIRES ON THE NEW FORBES LIST
Here is the Palm Beach Daily News’ list of Palm Beach billionaires ranked by Forbes among the 2,095 world’s richest people — some with primary homes on the island, some seasonal residents or frequent visitors, and still others who simply own property here. The list includes each billionaire’s rank on the global list and compares 2020 net worth estimates to the ones Forbes published last year.
— Julia Koch, 57 (widow of industrialist David Koch), and family, in 18th place, with $38.2 billion , down from $50.5 billion in 2019
— Private equity titan Stephen Schwarzman, 73, in 64th place, with $15.4 billion, up from $13.2 billion
— Cosmetics executive Leonard Lauder, 87, in 70th place, with $14.6 billion, with wealth unchanged from 2019
— Discount broker pioneer Thomas Peterffy, 75, in 73rd place, with $14.3 billion, down from $17.1 billion
— Investor Carl Icahn, 84, in 78th place, with $13.8 billion down from $17.4 billion
— Hedge-fund manager Kenneth C. Griffin, 51, in 100th place, with $12.1 billion , up from $11.7 billion
— Investments/finance executive Abigail Johnson, 58, tied in 124th place, with $10.8 billion, down from $15.6 billion
— Real estate developer and Miami Dolphins owner Stephen Ross, 79, tied in 185th place, with $7.6 billion, with wealth unchanged from 2019
— New England Patriots owner Robert Kraft, 78, tied in 211th place, with $6.9 billion, up from $6.5 billion
— Mortgage-loan magnate and NBA’s Cleveland Cavaliers owner Dan Gilbert, 58, tied in 230th place with $6.5 billion, down from $6.7 billion
— Financier Henry Kravis, 76, tied for 315th place, with $5.2 billion, down from $5.5 billion
— Hedge-fund manager Paul Tudor Jones II, 65, tied in 320th place, with $5.1 billion, with wealth unchanged from 2019
— Media and automotive heiress Katharine “Kathy” Rayner, 75, tied for 320th place with $5.1 billion, down from $6.2 billion
— Media and automotive heiress Margaretta Taylor, 77, tied for 320th place with $5.1 billion down from $6.2 billion
— Hedge-fund manager Chase Coleman III, 44, tied in 383rd place with $4.5 billion, up from $3.1billion
— Medical equipment heiress Ronda Stryker, 65, tied in 414th place, with $4.3 billion, down from $5.8 billion
— Money manager Charles B. Johnson, 87, tied in 426th place, with $4.2 billion, down from $5 billion
— Cosmetics executive Ronald Lauder, 76, tied for 451st place with $4 billion, up from $3.9 billion,
— Janice McNair, 83, widow of oilman and Houston Texans owner Robert McNair, in 451st place with $4 billion, up from $3.8 billion.
— Marvel Entertainment owner Isaac Perlmutter, 77, tied in 468th place with $3.9 billion, down from $4.3 billion
— Real estate investor Jeff Greene, 65, tied in 494th place with $3.7 billion up from $3.4 billion
— Cosmetics executive Jane Lauder, 47, tied in 590th place with $3.3 billion, up from $3.2 billion
— Philadelphia Phillies co-owner and tobacco heir John Middleton, 66, tied for 590th place with $3.3 billion, up from $3.1 billion
— Real estate mogul Charles Cohen, 69, in 616th place, with $3.2 billion, down from $3.4 billion
— Real estate asset manager Jane Goldman, 64, in 648th place with $3.1 billion, down from $3.3 billion
— Casino and resort mogul Steve Wynn, 79, tied for 648th place with $3.1 billion, up from $3 billion
— Philadelphia Eagles owner Jeffrey Lurie, 68, tied in 764th place with $2.7 billion, up from $2.1 billion
— Investor C. Dean Metropolous, 73, tied in 875th place with $2.4 billion, with wealth unchanged from 2019
— Money manager Ron Baron, 76, tied in 908th place with $2.3 billion, up from $2.2 billion
— Liquor magnate Charles Bronfman, 88, tied in 908th place with $2.3 billion, with wealth unchanged since 2019
— Netscape co-founder and investor James Clark, 75, tied in 945th place with $2.2 billion, up from $2.1 billion
— Cosmetics executive William P. Lauder, 59, tied in 945th place with $2.2 billion, up from $1.9 billion
— Cosmetics executive Aerin Lauder, 49, tied in 1,001st place with $2.1 billion, down from $2.5 billion
— Real estate developer and President Donald Trump, 73, tied for 1,001st place with $2.1 billion, down from $3.1 billion
— Slim-Fast founder S. Daniel Abraham, 95, tied in 1,063rd place with $2 billion, with wealth unchanged from 2019
— Hedge-fund manager Glenn Dubin, 62, tied in 1,063rd place with $2 billion, with wealth unchanged from 2019
— Private-equity specialist Thomas Lee, 74, tied in 1,063rd place with $2 billion, with wealth unchanged from 2019
— Investor Nelson Peltz, 77, tied in 1,335th place with $1.6 billion, with wealth unchanged from 2019
— Money manager Mario Gabelli, 77, in 1,415th place with $1.5 billion, down from $1.7 billion
— Logistics entrepreneur Bradley Jacobs, 64, tied in 1,415th place with $1.5 billion, down from $2 billion.
— Industrialist and investor William “Bill” Koch, 79, tied in 1,415th place with $1.5 billion, down from $1.8 billion
— Insurance magnate and New York Giants co-owner Jonathan Tisch, 66, tied in 1,513th place with $1.4 billion, with wealth unchanged since 2019
— Reebok founder Paul Fireman, 76, tied in 1,851st place, with $1.1 billion, with wealth unchanged from 2019
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Note: Forbes based the list on data collected on March 18, 2020, and Forbes.com updates the list in real time, based on a variety of factors contributing to the billionaires’ net worth, including stocks and other assets. As a result, the list provides a single snapshot of the billionaires’ wealth. See the complete list at Forbes.com.
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Did we miss a billionaire with residential ties to the town of Palm Beach who is on the 2020 Forbes World’s Billionaires list? If so, email dhofheinz@pbdailynews.com.
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