Five Minnesotans Appear On Forbes’ Billionaires List

The Minnesotans who made last year’s list also appeared this year, although their rankings and net worth have changed.
Five Minnesotans Appear On Forbes’ Billionaires List

Five Minnesotans are among the 1,645 billionaires in the world, based on their net worth.

That’s according to Forbes magazine, which recently released its “2014 Forbes Billionaires” list. The magazine said that the billionaires listed produce an aggregate net worth of $6.4 trillion, up from $5.4 trillion one year ago.

Approximately two-thirds of the world’s billionaires built their own fortunes, 13 percent inherited them, and 21 percent have added on to fortunes they received, according to Forbes.

Forbes listed 1,645 billionaires this year—up from 1,426 last year. Of the billionaires the magazine added this year, a record 42 were women.

The Minnesotans who made this year’s list were also listed last year, although their rankings and net worth have changed.

Whitney MacMillian ranked 305th on Forbes’ list with a $4.8 billion net worth—a $1.4 billion increase from last year. MacMillian—an 85-year-old Minneapolis resident—co-owns a majority of the Wayzata-based agribusiness firm Cargill, Inc., with five relatives. MacMillian is also the former CEO of the company. Last year, he ranked 395th on Forbes’ list.

Barbara Carlson Gage and her sister Marilyn Carlson Nelson tied for 340th on Forbes’ list, each with a $4.4 billion net worth. Gage, a 71-year-old, Long Lake, Minnesota resident co-owns the hospitality company Carlson, Inc.—which operates more than 1,300 hotels and 900 TGI Friday’s restaurants—with Nelson. Gage ranked 316th on last year’s list, when she had $4.1 billion in net worth.

Nelson and Gage both ranked 316th on Forbes’ list last year, when they both had $4.1 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.

Carlson recently announced that it’s launching two new hotel brands: the Quorvus Collection, a group of five-star luxury properties, and Radisson Red, a concept that emphasizes technology services.

Stanley Hubbard ranked 764th on this year’s list with a $2.3 billion net worth; last year he ranked 704th with a $2.1 billion net worth. The 80-year-old St. Paul resident is chairman of Hubbard Broadcasting, Inc.—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.

Twin Cities Business recently profiled Hubbard in its 20th anniversary issue. Click here to read the story.

Coming in at 988th on Forbes’ list is Glen Taylor—the owner of Mankato-based commercial printing, packaging, and marketing company Taylor Corporation—with a $1.8 billion net worth. Last year, he ranked 719th with a $1.7 billion net worth. In addition to owning Taylor Corporation, Taylor is also the majority owner of the Minnesota Timberwolves basketball team and is a former Minnesota state senator.

According to Forbes, it took a record net worth of $31 billion to make the top 20 on the list—an $8 billion increase from last year.

Bill Gates—who stepped down as the chairman of Microsoft Corporation last month—ranked first on the list with a net worth of $76 billion. The 58-year-old Medina, Washington resident has held the top spot for 15 of the last 20 years, according to Forbes.

Meanwhile, Carlos Slim Helu—a telecommunications and investment mogul—ranked second with a net worth of $72 billion. Amancio Ortega—a retailer and former chairman of Inditex (best known for its Zara clothing and accessories brand)—ranked third with a $64 billion net worth.

As a country, the United States led the list with 492 resident billionaires, followed by China with 152 and Russia with 111. Countries that had a resident make the list for the first time included Algeria, Lithuania, Tanzania, and Uganda.

Click here to view the full list of the world’s billionaires.