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Posted 24 Feb 2001   For week ended September 29, 2000
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Sent on Mormon-News: 30Sep00

Summarized by Kent Larsen

Forbes 400 Yields New List of the Richest Mormons

NEW YORK, NEW YORK -- Quick! Who is the richest Mormon? If you answered Jon Huntsman, you are no longer correct. Forbes magazine's latest list of the 400 richest Americans puts Fiber Optics scientist and entrepreneur David Huber at #28 in his debut on the list, with an estimated net worth of $8.2 billion, twice that of Huntsman.

The ranking is just the latest news in the phenomenal rise of Huber, whose estimated net worth last year was just a few hundred million, prior to the hype about his company, Corvis Corp., which went public July 28th. The company's stock price skyrocketed on the first day from an initial $36 a share to more than $90 a share, six times the price estimated a few months earlier when Corvis first filed for its IPO.

However, many analysts consider the price of the company's stock, which has since settled to about $70 a share, unsustainable. But, no one expects the stock to drop the 90% necessary to drop Huber off the Forbes 400 list. And most analysts admit that Corvis, which still has not posted any sales, has significant potential. However, under Securities and Exchange Commission rules, Huber can't sell the bulk of his shares until January 23rd, essentially tying up the bulk of his fortune. Even then, he is unlikely to sell much of it.

In addition to Huntsman, there are five other Mormons on the Forbes 400. Oddly enough, most of them are not in Utah. The majority are actually located in Maryland and Virginia, within 100 miles of Washington DC.

Here is a list of the Mormons on the Forbes 400:
Name RankNet Worth Residence
David R. Huber 28 $8,200 milColumbia MD
Huntsman, Jon M. 59 $4,100 milSalt Lake City, UT
Sorenson, James L. 99 $2,600 milSalt Lake City, UT
Sant, Roger W. 121 $2,200 milMiddleburg, VA
Peery, Richard T. 189 $1,500 milPalo Alto, CA
Marriott, Richard E. 236 $1,200 milPotomac, MD
Marriott, J. Willard Jr.302 $ 975 milPotomac, MD


The Forbes 400
Forbes 9Oct00 B2


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