5 Minnesotans Make Forbes’ List Of 400 Richest Americans

Of the five Minnesotans on this year’s Forbes list of the 400 wealthiest Americans, Whitney MacMillian climbed in this year’s ranking while Barbara Carlson Gage, Marilyn Carlson Nelson, Stanley Hubbard, and Glen Taylor came in below their rankings from last year.
5 Minnesotans Make Forbes’ List Of 400 Richest Americans

Forbes magazine recently released its annual list of the 400 wealthiest men and women in the nation—and it includes five Minnesotans, the wealthiest of whom ranked 118th.

Forbes ranked individuals based on their net worth as of August 23; it took a miminum net worth of $1.3 billion to make this year’s list—$2 million more than a person needed to make last year’s list. Because the minimum was set so high, 61 U.S. billionaires did not make this year’s list. Together, the 400 wealthiest Americans are worth a record $2.02 trillion—a gain of $300 billion from a year ago and more than double the list’s worth a decade ago, according to Forbes. The average net worth of list members is a record $5 billion—$800 million more than a year ago.

Barbara Carlson Gage and her sister Marilyn Carlson Nelson tied for 118th on Forbes’ list, each with a $3.9 billion net worth. Gage, a 71-year-old, Long Lake, Minnesota resident co-owns the hospitality company Carlson, Inc., with Nelson. Carlson, Inc.—which operates more than 1,300 hotels and 900 T.G.I. Friday’s restaurants—recently announced that it is continuing its fast-paced expansion in Asia, as The Carlson Rezidor Hotel Group plans to add seven new hotels in India, China, and Indonesia. Gage ranked 92nd on last year’s list, when she had $4 billion in net worth.

Nelson, a 74-year-old, Long Lake, Minnesota resident stepped down as chairperson of Carlson in May but remains on the board as a director. Like her sister, Nelson ranked 92nd on last year’s list, when she had $4 billion in net worth.

After being ranked 132nd on last year’s list, Whitney MacMillan rose to 122nd this year. According to Forbes, the 84-year-old resides in Minneapolis and has a net worth of $3.8 billion—$8 million more than last year. The former CEO of Wayzata-based Cargill, Inc., MacMillan and five relatives co-own a majority of the agribusiness firm. Cargill has made a number of recent acquisitions, including out of Thailand and Australia.

Stanley Hubbard ranked 252nd on Forbes’ list with a $2.2 billion net worth, despite ranking 229th on last year’s list and being worth $2.1 billion. The 80-year-old is chairman of Hubbard Broadcasting, Inc., and currently resides in St. Paul, according to the magazine. The St. Paul-based broadcasting company—whose biggest assets reportedly are ReelzChannel (a movie information and trivia channel) and its local TV and radio stations—acquired 10 radio stations in Seattle and Phoenix for $85.5 million in July.

Coming in at 327th on Forbes’ list of the 400 wealthiest U.S. men and women is Glen Taylor, with a $1.7 billion net worth. The 72-year-old Mankato resident, who ranked 285th on last year’s list with the same net worth, is the owner of the Mankato-based Taylor Corporation—a commercial printing, packaging, and marketing company. Taylor is also the majority owner of the Minnesota Timberwolves basketball team. In August, Taylor Corporation acquired Minneapolis-based Red Stamp—a company that makes apps for sending digital cards and other customized communications.

Richard Schulze—the founder and chairman emeritus of Richfield-based Best Buy who is listed as a Florida resident—moved up to 201st on this year’s list from 311th last year, with a net worth of $2.7 billion.

For the 20th year in a row, Microsoft founder Bill Gates ranked first on Forbes’ list, with a net worth of $72 billion—an increase of $6 billion from 2012. Investor Warren Buffett ranked second, with a $12.5 billion increase from his net worth in 2012 to $58.5 billion. Larry Ellison, the CEO of computer technology company Oracle Corporation, ranked third with a $41 billion net worth.

Facebook co-founders Dustin Moskovitz (worth $5.2 billion) and Mark Zuckerberg (worth $19 billion) remain the list’s youngest billionaires. Both are 29 years old.

Click here for the full Forbes’ 400 list.