Forbes recently released its annual list of “The Forbes 400 Richest People in America” and 7 Marylanders have made it on this year’s list. Fortunes were calculated using stock prices from September 2, 2022. For more details on the list see here; for the methodology see here. Below, you’ll see the Marylanders that made the list:
143. Stephen Bisciotti (Owner, Baltimore Ravens) Net Worth: $6.4 Billion
- Steve Bisciotti worked in staffing for a year after college before starting Allegis Group in 1983 with his cousin, fellow billionaire Jim Davis.
- What started in a basement has evolved into the largest staffing firm in the U.S., with $12.3 billion in yearly revenue.
- Bisciotti also owns the NFL’s Baltimore Ravens, worth $3.4 billion. The team most recently won a Super Bowl title in 2013.
- Bisciotti, who was raised by a single mother in Baltimore, went to college at nearby Salisbury State University.
- Growing up, Bisciotti played football, basketball, and baseball; today he also enjoys golfing and boating.
143. Ted Lerner & Family (Owner, Washington Nationals) Net Worth: $6.4 Billion
- In 1952, a 26-year-old Ted Lerner borrowed $250 from his wife to start a real estate company, selling homes for developers.
- He sold 22,000, then decided to become a builder. Today his Lerner Enterprises is among the largest owners of real estate in the Washington, D.C area.
- Since 2006 Lerner has owned the Washington Nationals baseball team. In June 2018, Ted passed control of the team to son Mark.
- The family donates to charities including Children’s National Hospital in DC, George Washington University and Hebrew University in Jerusalem.
- During law school, Lerner sold real estate on weekends to help support his widowed mother and younger siblings.
158. Mitchell Rales (Manufacturing, investments) Net Worth: $5.8 Billion
- Mitchell Rales and his brother Steven acquired a real estate investment trust in 1983 and merged it into the firm Danaher.
- Over the years they acquired more than three dozen companies and turned Danaher into an industrial firm with $29.45 billion in revenues.
- In July 2016, Danaher spun off its industrial technologies, measurement and petroleum businesses into Fortive Corporation.
- Mitchell Rales retired from his position at Fortive Corp. in 2021 but he is still chairman of Danaher’s executive committee.
- In June, he and his brother each transferred Danaher shares worth more than $1.5 billion to their charitable foundations.
211. Dan Snyder (Owner, Washington Commanders) Net Worth: $4.9 Billion
- Dan Snyder initially made his fortune with a marketing business, Snyder Communications, that he started as a college dropout.
- After taking the company public in 1996, Snyder sold it to French firm Havas for $2.1 billion in stock in 2000.
- In 1999, he bought the NFL’s Washington DC franchise for $750 million, borrowing $350 million to do so; it’s now worth $4.2 billion.
- After years of controversy over the Native American origins of the team’s former name, the Redskins, Snyder renamed the team the Commanders in 2022.
- In 2019, Snyder made waves with his new $192 million yacht Lady S, which has an IMAX theater.
- Snyder cleaned and mopped the floors at the cafeteria inside the National Institute for Health as a high school student.
244. Jim Davis (Staffing, Recruiting ) Net Worth: $4.3 Billion
- Jim Davis is cofounder of Allegis Group, the largest staffing firm in the U.S.
- He founded Allegis (then called Aerotek) in 1983 with his cousin Steve Bisciotti, who is also a billionaire.
- Allegis now has offices on four continents and boasts an annual revenue of $12.3 billion.
- Through Redwood Capital, the cousins also invest in everything from retirement communities to propane distribution.
285. Bernard F. Saul (Banking, Real Estate) Net Worth: $3.9 Billion
- B. Francis Saul II inherited his grandfather’s property management firm, B.F. Saul Company, and turned it into a real estate empire.
- B.F. Saul Company owns 9.8 million square feet of retail and office space across the country along with 19 hotels.
- He also owns The Hay-Adams, a 5-star hotel across the road from the White House that brands itself as “discreetly luxurious.”
- He sold Chevy Chase Federal Savings Bank to Capital One in 2009 for $476 million.
- The majority of his real estate portfolio is managed through Saul Centers, a publicly traded REIT.
332. David Rubenstein (Private Equity) Net Worth: $3.3 Billion
- David Rubenstein is one of three billionaire founders of private equity firm Carlyle Group, which is approaching $400 billion in assets under management.
- He cofounded Carlyle in 1987 with William Conway Jr. and Daniel D’Aniello. He now serves as non-executive co-chairman.
- Rubenstein got his start as a Carter Administration official and later became an attorney.
- In the early days Rubenstein raised the money and managed Carlyle’s stable of advisers, which included George H.W. Bush.
- He donated $18.5 million in 2016 to restore the Lincoln Memorial and expand exhibits and research there.
The full list can be seen here. Featured photo courtesy of Forbes.
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