Five Minnesotans Make Forbes’ Billionaires List

The same Minnesotans who were on last year’s list made repeat appearances this year, although the net worth of most has risen—and Best Buy founder Richard Schulze is no longer listed as a Minnesotan.
Five Minnesotans Make Forbes’ Billionaires List

Forbes’ just-released list of the world’s billionaires includes the usual suspects from Minnesota, although the net worth of most of the local individuals has risen since last year.

Five Minnesotans made the list and are among 1,426 billionaires in the world. The same five were listed last year—along with Best Buy founder Richard Schulze, who made the 2013 list but is no longer considered a Minnesotan.

The five Minnesota residents on this year’s list—along with their respective rankings, their net worth, and how they amassed their fortunes—are:

• 316 (tie): Barbara Carlson Gage (age 70 of Long Lake)—$4.1 billion net worth. Her father, Curt Carlson, founded Carlson Companies (later shortened to Carlson), which she now owns with her older sister, Marilyn. The company operates more than 1,300 hotels, 900 T.G.I. Friday’s restaurants, and holds a majority stake in Carlson Wagonlit Travel. Barbara runs the Curtis L. Carlson Family Foundation, which makes $5 million in grants annually. Her net worth is up substantially from last year, when it totaled $2.5 billion.

• 316 (tie): Marilyn Carlson Nelson (age 73 of Long Lake)—$4.1 billion net worth. She owns Carlson with her younger sister, Barbara. She stepped down as CEO in 2008 and passed the chairmanship to her daughter Diana Nelson in 2012. Her net worth is up from last year’s $2.5 billion.

• 395: Whitney MacMillan (age 84 of Minneapolis)—$3.4 billion net worth. He is one of six billionaire relatives who collectively own a majority of agricultural giant Cargill, Inc., the largest private company in the United States and a business at which he served as CEO for 18 years. His net worth is up from last year, when it totaled $3.3 billion.

• 704: Stanley S. Hubbard (age 79 of St. Paul)—$2.1 billion net worth. He is chairman and CEO of Hubbard Broadcasting, Inc., which was founded by his father and whose operations include numerous television and radio stations nationwide, although he has handed off daily operations to his five children. His net worth is up from last year when it totaled $2 billion.

• 719: Glen Taylor (age 71 of Mankato)—$1.7 billion net worth. He founded printing, packaging, and marketing company Taylor Corporation, is the majority owner of the Minnesota Timberwolves, serves on the board of directors of Oakdale-based Imation Corporation, and is a former Minnesota state senator. His net worth decreased from last year, when it totaled $1.8 billion.

Meanwhile, Schulze—age 72—ranked 1,024 with a net worth of $1.45 billion. A city of residence isn’t listed for him (which is why he didn’t appear alongside the Minnesotans on the list), but his daughter told Twin Cities Business last year that his primary residence is in Florida. Schulze was forced out as Best Buy chairman and resigned from Best Buy’s board last year after a scandal involving ex-CEO Brian Dunn and a female employee. Schulze said last year that he would try to take the struggling consumer electronics retailer private but didn’t make a bid by the February 28 deadline last week.

According to Forbes, the richest of all the world’s billionaires is Mexican telecom tycoon Carlos Slim Helu, whose net worth totals $73 billion and who also topped last year’s list. Microsoft founder Bill Gates took the second spot with a net worth of $67 billion, and Spain’s Amancio Ortega —co-founder of the Inditex fashion group and its largest shareholder—followed in the number three spot with a net worth of $57 billion.

The 1,426 people on Forbes’ 2013 list have an aggregate net worth of $5.4 trillion—up from $4.6 trillion last year. Last year, there were 1,226 billionaires in the world.

The United States leads the list with 442 billionaires, followed by the Asia-Pacific (386), Europe (366), the Americas (129), and the Middle East and Africa (103).

According to Forbes, resurgent asset prices are responsible for the rising wealth of the richest people.

To see the full list of the world’s billionaires, click here.