All the Money in the World: How the Forbes 400 Make--and Spend--Their Fortunes

All the Money in the World: How the Forbes 400 Make--and Spend--Their Fortunes

Language: English

Pages: 432

ISBN: 0307266125

Format: PDF / Kindle (mobi) / ePub


Published to coincide with the twenty-fifth anniversary of the Forbes 400, All the Money in the World, the work of a team of prominent editors and business writers, goes behind the celebrated list to paint a vivid and revealing portrait of the wealthiest Americans of the past quarter century. Abundantly anecdotal, with insights gleaned from original research, interviews with Forbes 400 members, and never-before-compiled data, it is filled with illuminating “infographics”—tables, sidebars, factoids. The book shows how the superrich succeed, how fortunes are made in various industries, and how, once made, they are saved, enhanced, and sometimes squandered.

From Wall Street to the West Coast, from blue-collar billionaires to blue-blood fortunes, from the Google guys to hedge fund honchos, All the Money in the World gives us the lowdown on, among other things: the all-time richest Americans, who made and lost the most money in the past twenty-five years, the fields and industries that have produced the greatest wealth, the biggest risk takers, the most competitive players, the most wasteful family feuds, the trophy wives, the most conspicuous consumers, the biggest art collectors, the most and least generous philanthropists.

Produced in collaboration with Forbes magazine, All the Money in the World is a vastly entertaining, behind-the-scenes look at today’s Big Rich, a subject of enduring fascination to all Americans.

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Knopf, a division of Random House, Inc., New York, and in Canada by Random House of Canada Limited, Toronto. www.aaknopf.com Knopf, Borzoi Books, and the colophon are registered trademarks of Random House, Inc. Forbes 400 is a trademark of Forbes LLC. Image of Sam Walton (p. 17): AP Photo/Danny Johnston; image of Warren Buffett (p. 17): AP Photo/Seth Wenig, File. Library of Congress Cataloging-in-Publication Data All the money in the world : how the Forbes 400 make—and spend— their fortunes /

equity, and if you don’t have a rich uncle, the only equity you can put up is whatever you own—your house and any other assets you may have. They may not amount to much but at least it’s everything you’ve got. Then they can believe you. And that’s more important to most people than the equity you put up.” Indeed, the Shell executives were so impressed with Huntsman’s risktaking ability that after the deal they bought him a bronze sculpture inscribed riverboat gambler. from your friends at shell.

and its online operation was the 85 86 All the Money in the World perfect target for bigger companies swept up in the dot-com frenzy. Intuit, the maker of Quicken financial software, was one of those companies looking to expand its online financial services. In 1999 it bought Rock Financial in a stock-for-stock transaction worth $532 million. Gilbert emerged with $350 million and also retained his job as head of the new company, now called Quicken Loans. Gilbert says his new owners hardly

innovation that benefited consumers. Netscape lawyer Gary L. Reback saw the situation differently: “The only thing J. D. Rockefeller did that Bill Gates hasn’t done is use dynamite against his competitors!” he complained.* *Modern biographers of John D. Rockefeller, such as Ron Chernow, dismiss the tale that Rockefeller ordered a rival refinery blown up, as historian Matthew Josephson recounted in The Robber Barons: The Great American Capitalists, 1861–1901 (New York: Harcourt Brace, 1934). In

six months he and a team of former Salomon colleagues delivered a terminal that gave traders a competitive edge. Merrill Lynch was thrilled and bought 30 percent of the company. (It now owns 20 percent.) Today Bloomberg continues to dominate the market, in part because his terminals allow traders to be in constant communication with one another while watching real-time financial data, and also because Bloomberg’s news analysis from journalists around the world is available only to subscribers who

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